Full text of Federal Reserve Bulletin : September 1957
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FEDERAL RESERVE B U LLETIN September 1957 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM E D I T O R I A L Elliott Thurston C O M M I T T E E Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Labor Market Developments 1005 Credit Extended by Banks to Real Estate Mortgage Lenders 1013 Law Department 1014 Current Events and Announcements 1036 National Summary of Business Conditions 1037 Financial and Business Statistics, U. S. (Contents on p. 1039) 1041 International Financial Statistics (Contents on p. 1095) 1096 Board of Governors and Staff 1111 Open Market Committee and Staff; Federal Advisory Council 1112 Federal Reserve Banks and Branches 1112 Federal Reserve Board Publications 1119 Index to Statistical Tables 1121 Map of Federal Reserve System Inside back cover Volume 43 * Number 9 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Labor Market Developments this year has reflected an economy operating at advanced levels but with some divergent trends. Employment increased to midyear and has since continued at or near record levels. Additions to the labor force have been readily absorbed into productive activity, and unemployment has remained at the low rate which has prevailed since early 1955. Wage rates have increased further, influenced by continued strong demands for many types of labor and by rising consumer prices, and total wages and salaries reached a new high in August. The rise in employment this year, however, has not been so large as in 1955 or 1956 when economic expansion was more rapid and general. In agriculture, employment declines have apparently resumed after a period of stability. In nonfarm activities in recent months employment, seasonally adjusted, has been relatively steady; expansion beyond previous record levels in some activities has offset contraction in others. Demands for labor have been strongest in nonmanufacturing activities, as can be seen in the chart. Employment in trade, services, and State and local governments has risen sharply and without interruption since mid1954. Construction employment has stabilized this year following a rapid rise. In manufacturing, employment changed little last year, and so far this year the number of workers and average hours of work have drifted downward. Lower levels of employment reflect mainly small declines among the different manufacturT H E LABOR MARKET NONAGRICUITURAI EMPLOYMENT Millions of persons NONMANUFACTURING >• - 34 1 1 30 1 MANUFACTURING DURABLE _. - NCNDUSABU •WV 1 1 1952 1 I 19S4 i 1 1956 NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Latest figures are for August 1957 (preliminary). ing industries. Recent curtailment in the defense program has reduced employment somewhat in aircraft and related activities where it had expanded in the last half of 1956 and early 1957. Declines this year have occurred entirely among production workers; the number of professional, managerial, and clerical workers on manufacturing payrolls has continued to increase. In most major labor market areas, supply and demand for workers appear to be well balanced currently. There are relatively few major areas with substantial labor surpluses—about the same number as a year ago—and these include mainly textile and coal-mining towns where the unemployment 1005 1006 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 problem has prevailed over a long period. Shortages of professional, technical, and skilled workers persist despite some easing from the influx of recent graduates into the labor market and from curtailments in some activities. CONSUMER PRICES AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING Percentage increase, or decrease (—) Period Consumer price index Average weekly earnings Average hourly earnings 23.3 -1.3 10.9 1.0 1.6 24.4 9.7 11.2 7.7 10.8 24.8 7.4 13.0 9.1 8.9 5.3 4.3 6.2 WAGES Wages have risen further this spring and summer, and in August weekly earnings in manufacturing were 3.5 per cent larger than a year earlier. As in most of the postwar period, rising wages accompanied advanced levels of economic activity, expanding employment, and low unemployment. The sustained rise in consumer prices since early 1956 has been an additional important factor in wage determination. The number of labor-management contracts containing cost-of-living escalator clauses has increased sharply. Relatively large wage increases negotiated in recent months in the rubber, petroleum, construction, and other major industries were also influenced by higher living costs. Moreover, in activities largely outside the sphere of direct union bargaining, wages have advanced to new highs under the pressure of rising living costs as well as expanding demand for labor. Although in some industries wages have increased more sharply than prices since early 1956, the rise in average earnings for the economy as a whole, as well as for production workers in manufacturing, has been largely matched by the increase in consumer prices. Money earnings in manufacturing have increased substantially in the postwar period, but increases in real earnings have been significant only in those periods when consumer prices were relatively steady, as may be seen in the table. During periods of 24 months ending: July July July July 1948 1950 1952 1954 July 1956 16 months ending: July 1957 NOTE.—Bureau of Labor Statistics data. rapid price increase, money wages have about kept pace with the cost of living, and any gains in real earnings have been very small or confined to those industries where employees have relatively strong bargaining power. In nonmanufacturing activities, also, advances in money earnings have been fairly steady and widespread, but gains in real earnings have occurred only during periods of stable consumer prices. In most of these lines, however, money wages have not adjusted to rising prices as promptly as they have in manufacturing. Collective bargaining. Long-term agreements, effective for two, three, or even five years and generally providing for fixed annual wage increases, have spread rapidly and have become an outstanding feature of collective bargaining. In 1956 such agreements were negotiated for the first time in the steel, meatpacking, and railroad industries. This year, their use has been extended further in the construction and transportation industries. More than 5.5 million workers will receive automatic wage increases in 1957, compared with 2 million in 1956. 1007 LABOR MARKET DEVELOPMENTS Long-term agreements with fixed annual wage increases also frequently contain escalator clauses providing for quarterly or semiannual wage adjustments for changes in consumer prices. This year cost-of-living adjustments will be given to a record number of more than 4 million workers who will also receive automatic wage increases. In addition, at least 300,000 unorganized workers, mainly office workers in establishments where plant workers are under collective agreements, are covered by such clauses. Supplementary benefits—for the most part not reflected in the statistics on earnings— have continued to expand. Extension of pension and insurance programs has been a feature of collective bargaining contracts in 1956 and 1957, as in immediately preceding years. The amount of paid leisure time provided in contracts has also increased: vacation periods for employees have lengthened and, in addition, seven or eight paid holidays a year are now more frequent. Also important, although outside the scope of collective bargaining, is liberalization of the Federal Social Security program. In late 1956 women became eligible for retirement benefits at age 62 rather than 65. Coverage was extended to additional professional persons and self-employed farmers. Separate legislation extended contributory coverage to members of the armed forces. Effective January 1, 1957, contribution rates for old age and survivors insurance were increased in order to finance disability pensions. Recent wage changes. Hourly earnings in manufacturing increased at about the same rate in the past 12 months as during each of the preceding two years. In August average hourly earnings, at $2.07, were 9 cents or 4.5 per cent higher than a year earlier. Much of this increase occurred in the latter part of 1956. In general, wage gains tend to be concentrated in the second half of the year, in part reflecting the cluster of many major renegotiations around the middle of the year and the timing of wage increases provided by long-term contracts. So far this year, however, average factory hourly earnings have risen somewhat less than in the comparable months of 1956. Some slackening in industrial activity and in requirements for labor has been accompanied by further curtailment of overtime work, so that rising wage rates have been offset in part by declines in premium pay. In March 1956, moreover, an increase in minimum wages from $.75 to $1.00 affected many workers in low-paying industries. Wage increases have been widespread but have varied considerably among industries, as can be seen in the chart. Workers emAVERAGE HOURLY EARNINGS SELECTED INDUSTRIES INDUSTRY IM.«i...,.«.l Hourly Earnin Percentage increase, mid-1956 to mid-1957 $3.08 2.53 Fobrkoled meioL 220 Food 191 („„,,„,„„, 2.87 Chemicoli 2.25 H.lo.l 167 Irorf. Teihle-mill 1 51 Petroleum 2.66 Rubber 227 Telephone 194 toundrr 109 Fort,,lute 175 Apporel 1 51 leoiher 153 Lumbei 183 10 NOTE.—Bureau of Labor Statistics data for earnings in selected industries. For manufacturing industries hourly earnings shown are for August 1957 (preliminary) and the annual increase is from August 1956. For the bituminous-coal, construction, trade, telephone, and laundry industries, hourly earnings are for July 1957 and the annual increase is from July 1956. 1008 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 ployed in manufacturing industries covered by contracts containing cost-of-living provisions, such as metals, meatpacking, transportation equipment, and machinery, or employed in industries where demands have remained relatively strong, have in many instances obtained large increases in the 12-month period. However, increases have been small in industries, such as lumber, in which demands have continued to lag or in low-paying nondurable goods industries, such as apparel and leather. Weekly earnings have increased less than hourly earnings in manufacturing since the fall of 1955, because of the gradual decline in the length of the work week. At $82.59 in August, weekly earnings were $2.80 or 3.5 per cent higher than a year earlier. Changes over the year in weekly earnings varied somewhat more than those in hourly earnings, reflecting diverse movements among industries in the length of the work week as well as in rates of pay. The largest increases, more than $5 per week, were in the primary and fabricated metals, rubber, and chemicals industries. Increases in earnings have also been widespread in nonmanufacturing industries. Here, too, the work week has been reduced in many lines, and weekly earnings have advanced somewhat less than hourly earnings. The largest gains in hourly earnings in nonmanufacturing have been in coal mining and construction. Coal miners received an hourly increase of 15 cents on October 1, 1956 and 10 cents more on April 1, 1957. Increases have been widespread in the building trades and average hourly earnings rose more than 6 per cent, a larger gain than in the preceding 12 months. Railroad workers, under the terms of a three-year contract, received an increase of 12.5 cents an hour in November 1956, with additional increases of 7 cents an hour scheduled for November 1957 and for November 1958. This contract also provides for semiannual cost-ofliving wage adjustments. In a number of the service industries percentage gains in wages were generally smaller than the average for nonmanufacturing activities. Salaries of State and local government employees rose further but basic salary rates for Federal government classified employees have remained unchanged this year. LABOR FORCE The labor force has grown much less in 1957 than in the two preceding years. In the second quarter the labor force, seasonally adjusted, averaged 71 million persons, about 300,000 higher than the year before. After increasing through July the labor force was reduced somewhat in August, mainly because of a sharp decline in farm employment. Demands for additional labor in 1955 and 1956 greatly exceeded the growth in the population of working age. In these circumstances an unusually large number of women, teenage youths, and older men found employment and the labor force increased more than had been expected. These groups ordinarily are in the labor force in relatively small proportions. In 1957 labor force participation among men 25-55 years of age, almost all of whom are in the labor force and employed, continued to be very steady, as in past years. However, the labor force participation rates of the more marginal groups, which expanded earlier, have tended to stabilize and in some instances have declined. This development has been associated with larger school enrollments and increased coverage of private and government pension programs, as well as some reduction in job op- 1009 LABOR MARKET DEVELOPMENTS portunities for workers in the more marginal groups. The proportion of women aged 35-64 years in the labor force is now 42 per cent, which is about the same proportion as a year ago and compares with 35 per cent in 1950. Among married women in this age group, who accounted for a large part of the 1955-56 expansion in the labor force, the labor force rate has also changed little this year. For teenage youths and older men, the downward trend in participation rates appears to have been resumed, following earlier increases. UNEMPLOYMENT AND EMPLOYMENT Unemployment has remained low in 1957, reflecting the advanced level of economic activity. In August, unemployment numbered 2.6 million persons, or 3.8 per cent of the labor force. After allowance for seasonal influences, the unemployment rate since early 1955 has fluctuated in a narrow range close to 4 per cent of the civilian labor force, as the chart shows. Over the same period, with persistent pressures for expansion, the labor force and employment increased more than 3 million. In general, turnover among the unemployed has been rapid and duration of unemployment short, as might be expected when demands for labor are strong. In August, as in most recent months, about onehalf of the unemployed had been looking for work less than 5 weeks. Relatively few persons had been unemployed for long periods; the number unemployed 15 weeks or longer, at around 500,000, was less than one per cent of the civilian labor force. Unemployment has also changed little among major population groups except for seasonal fluctuations. For each age group over 24 years, the unemployment rate in recent years has been consistently below the average. The rate for married men living with their families has remained very low, amounting to about 2.3 per cent in August. Unemployment rates have been highest among youths starting their working careers or students looking for part-time work; this is normal for a high-employment period. UNEMPLOYMENT RATE Per cen! - 1953 1954 1955 1956 6 1957 NOTE.—Bureau of Census data adjusted for seasonal variation. The unemployment rate is the percentage of the civilian labor force unemployed. Beginning 1957 persons waiting to start new wage and salary jobs and those on temporary layoff, previously considered as employed, are classified as unemployed. Data for January 1957 are shown on the old and new basis, and on the new basis thereafter. Latest figure is for August 1957. Slower growth of employment this year is in part attributable to a sharp drop in employment on farms. Nonfarm employment has continued to rise, although not so rapidly as in the two preceding years. Farm employment in 1957 has averaged 400,000 below the comparable months of 1956. The decline appears to be in part a resumption of the long-term downward trend, following relative stability from mid1953 to mid-1956. Extension of old-age benefits to farmers after mid-1956 also reduced the number of older farmers in the labor force. 1010 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 NONAGRICULTURAL EMPLOYMENT Employment in nonfarm establishments, seasonally adjusted, as reported by the Bureau of Labor Statistics, was at a record level of 52.8 million in July and August, about 250,000 more than in late 1956, as can be seen in the table. Employment was 3 million more than in May 1953, prior to the 1954 recession, and about the same number above May 1955, when recovery from the recession was well under way. Following relative stability early this year, employment rose during the spring. Since June continued gains in many nonmanufacturing industries have about offset declines in manufacturing employment, and the total has changed little. Manufacturing. In August 16.8 million persons were engaged in manufacturing acEMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS [In thousands of persons] Increase, or decrease ( —) August 1957 from: Industry division Aug. 1957 Dec. 1956 May 1955 May 1953 Total 52,788 247 2,964 2,962 Manufacturing . . Durable Nondurable... . 16,828 9,847 6,981 -278 -188 -90 298 324 -26 -643 -434 -209 Nonmanufacturing... 35,960 Mining 846 Contract construction. . . . 3,027 Transportation. . . 2,771 Public utilities.... 1,421 11,675 Trade 2,358 Finance 6,474 Service Government 7,388 525 13 2,666 68 3,605 -12 -47 2 21 267 38 115 116 214 63 121 927 161 617 495 414 -136 98 1,154 333 958 796 32 84 68 427 -77 873 Federal State and local . 2,249 5,139 NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Self-employed and domestic servants are excluded. August 1957 figures are preliminary. tivities, slightly fewer than a year earlier. Reductions in employment this year have been related to small declines in output but may also reflect increasing productivity. Employment declines in manufacturing industries have been achieved in part by not replacing workers who quit or retired. The number of layoffs has been small and has not added appreciably to unemployment since most of the affected workers have been absorbed into other activities or have left the labor force. About two-thirds of the employment decline since late 1956 has been in the durable goods industries, chiefly in lumber, nonelectrical machinery, primary metals, and transportation equipment. Reductions in aircraft employment reflect curtailment of defense activity, which was expanding in late 1956 and early 1957. Following earlier declines, employment in the electrical machinery industry rose during the summer. Within manufacturing industries, employment trends continue to diverge sharply for production workers and for professional, managerial, and clerical workers. The latter group increased further this year and in August the number of salaried workers was 1.5 million or 60 per cent higher than in 1947. Meanwhile, the number of factory workers declined and in August was about the same as in 1947 but one million below the postwar record reached in 1953. In mid-1957 salaried workers accounted for 23 per cent of all manufacturing employees as compared with only 16 per cent in 1947. Nonmanufacturing. Employment in nonmanufacturing activities was at record levels in August, more than one-half million above the end of 1956 and 2.7 million higher than in early 1955. Large gains continued this year in services, trade, and State and local governments. Employment in construction, LABOR MARKET DEVELOPMENTS which also expanded sharply during 1955 and 1956, appears to have stabilized in 1957 at a level a little above 3 million. In other nonmanuf acturing activities employment has shown little change this year. Nonmanufacturing activities have added over 7.5 million employees since 1947 and now account for almost 7 out of 10 nonfarm jobs. Growth in the 10-year period, as can be seen on the chart, has been greatest in construction, services, and State and local governments. Trade employment has risen about 25 per cent, a higher rate than nonfarm employment. Federal government employment has remained fairly stable since 1954 following a decline from the postwar high reached during the Korean conflict. Including State and local activities, more persons are now employed in government jobs than ever before. Coal mining and railroads are the exceptions to the postwar trend for nonmanufacturing activities and have fewer workers than at the end of World War II. Hours of work. Average weekly hours in nonfarm industries were relatively stable during the summer at levels below last year. The major factor in the decline was a substantial cut in overtime hours, in part an attempt to reduce costs by eliminating premium payments. The number of nonfarm workers reporting hours in excess of the standard 40-hour week this August was 17.2 million, 1.5 million smaller than a year ago. In manufacturing the average work week was 39.9 hours in August, nearly one-half hour shorter than a year earlier. Average weekly hours have shown little change in recent months following a fairly steady decline, in both durable and nondurable goods industries, from the high level of over 41 hours reached in late 1955. Recent reduc- 1011 EMPLOYMENT IN NONMANUFACTURING INDUSTRIES 1947 - 4 9 - 1 0 0 80 16O I 1 I I 80 160 STATE AND LOCAL GOVERNMENT FEDERAL GOVERNMENT TRANSPORTATION J L NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Transportation includes public utilities. Latest data shgwn are for August 1957 (preliminary). 1012 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 tions have mainly centered in the hard goods industries, and the work week has shortened an hour or more over the past year in the lumber, machinery, transportation equipment, and food industries. CHANGES IN EMPLOYMENT, 1947 TO 1957 OCCUPATION PROFESSIONAL S. TECHNICAL OCCUPATIONAL TRENDS SALES Record investment in machines and equipment, substantial defense requirements, and the changed pattern of consumer demand growing out of high incomes and increased leisure have been important factors sharply altering the occupational composition of the nation's work force during the postwar period. As can be seen in the chart, the number of professional and technical personnel has risen 75 per cent over the past decade, and currently about 10 per cent of all jobs are in this category, roughly the same proportion as in agriculture. As might be expected, the managerial, clerical, and sales occupations have also increased in relative importance. These so-called white collar groups are now two-fifths of all employed workers, as compared with a little over one-third in 1947. In contrast, the proportion of workers who are operatives or non- WORKERS MANAGERS CRAFTSMEN NONFARM & 4 PROPRIETORS FOREMEN LABORERS OPERATIVES -40 -20 NOTE.—Bureau of Census data. are from July 1947 to July 1957. 0 20 40 Per cent 60 80 Percentage increases shown farm laborers has fallen significantly. Over the past 10 years farm employment has declined more than 2 million. The 10 per cent of the labor force now employed in farming compares with 12 per cent in 1950 and 14 per cent in 1947. Since 1947 an increasing number of farmers have taken available second jobs outside of agriculture. Credit Extended by Banks to Real Estate Mortgage Lenders CREDIT EXTENDED to real estate mortgage lenders by weekly reporting member banks as of August 14, 1957, amounted to $1,117 million, $38 million more than reported at the previous survey on May 15, 1957. Commitments to extend additional credit to these lenders increased $37 million to $791 million. During the current reporting period real estate mortgage loans purchased from real estate mortgage lenders under resale agreement declined $23 million to $201 million, but this was more than offset by a $61 million rise in other credit extended to real estate mortgage lenders. The foregoing information was obtained by a special survey of all types of credit extended by commercial banks to real estate mortgage lenders. Results of earlier surveys have been published quarterly in the June 1957 and earlier Federal Reserve BULLETINS. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, AUGUST 14, 1957 AND SELECTED PRIOR DATES [In millions of dollars] Increase (or decrease —) Outstanding on Aug. 14, 1957 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total Insurance companies Mortgage companies Other i ... . Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total Insurance companies Mortgage companies Other 1 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers, total Insurance companies Mortgage companies Other* ... . . . . ... Total loans to real estate mortgage lenders Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total Insurance companies Mortgage companies Otheri . r 1 ... ... ... Revised. Savings and loan associations, mutual savings banks, builders and other organizations (other than banks) that make or hold substantial amounts of real estate loans. NOTE.—Banks reporting less than $1 million of these loans and May 15, 1957 Aug. 8, 1956 Aug. 10, 1955 May 15 to Aug. 14, 1957 Aug. 8, 1956 to Aug. 14, 1957 201 '224 276 338 -23 -75 33 88 79 47 235 90 12 -14 -4 -6 -71 85 104 103 70 803 757 1,051 982 46 -249 3 715 85 4 690 63 9 974 68 11 911 59 -1 25 22 -259 17 114 99 137 88 15 -23 11 38 65 3 37 58 8 60 70 4 24 60 8 1 7 3 -22 -5 -15 10 -6 1,117 1,079 1,465 1,408 38 -347 791 754 1,064 1,295 37 -273 66 64 110 183 2 -44 -16 51 -229 562 164 578 112 791 163 894 219 commitments at Aug. 8, 1956 were not asked to report at May 15, 1957, but their figures for the latter date include previously reported figures for comparative purposes. Details may not add to totals because of rounding. 1013 Law Department Administrative interpretations, new regulations, and similar material APPLICATION OF TRANSAMERICA CORPORATION RELATING TO OCCIDENTAL LIFE INSURANCE COMPANY OF CALIFORNIA The Board of Governors of the Federal Reserve System, on August 20, 1957, issued an Order denying the application of Transamerica Corporation for an exemption of Occidental Life Insurance Company of California under Section 4(c)(6) of the Bank Holding Company Act of 1956. There is published below a copy of the Board's Decision and Order (Docket No. BHC-28) with the attached Report of the Hearing Examiner. DECISION AND ORDER Statement of the Case This is a proceeding under the Bank Holding Company Act of 1956 (70 Stat. 133; 12 U.S.C. 1841 et seq.), which is entitled "An Act to define bank holding companies, control their future expansion, and require divestment of their nonbanking interests." As indicated by its title, one of the major purposes of the Act is to require bank holding companies to divest themselves of their nonbanking interests. That purpose is implemented by Section 4 of the Act, which provides that no bank holding company shall acquire any voting shares of nonbanking organizations, and that after a specified period: ". . . no bank holding company shall . . . retain direct or indirect ownership or control of any voting shares of any company which is not a bank or a bank holding company. . . . " To this general prohibition against acquisition or retention of nonbanking shares, however, Congress has provided a number of exceptions, enumerated in Section 4(c) of the Act. The exception involved in this proceeding is that prescribed by Section 4(c)(6), which excludes from the prohibition: ". . . shares of any company all the activities of which are of afinancial,fiduciary,or insurance nature and which the Board after due notice and hearing, and on the basis of the record made at such hearing, by order has determined to be so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of this section to apply in order to carry out the purposes of this Act;" . . Transamerica Corporation, a corporation organized under the laws of Delaware, is a bank holding company as defined in the Act. In addition to its ownership of a majority of the shares of a number of banks in the western States of the United States, Transamerica owns all or a majority of the shares of a number of nonbanking organizations. The largest of these is Occidental Life Insurance Company of California, all of the shares of which are owned directly by Transamerica. Transamerica applied to this Board for a determination which would exempt Occidental pursuant to Section 4(c)(6). As required by that section, a hearing was held on this matter after due notice, before a duly appointed and qualified Hearing Examiner, at which opportunity was provided for presentation of evidence by the applicant and others. Thereafter Transamerica submitted to the Hearing Examiner proposed Findings of Fact and a brief in support thereof. On May 21, 1957 the Hearing Examiner submitted his Report and Recommended Decision, which is appended hereto. On the basis of his Findings of Fact and upon the entire record in the case, he reached the conclusion of law that: "Occidental is not—within the meaning of Section 4(c)(6) of the Act—so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4(a)(2) of the Act to apply in order to carry out the purposes of the Act." 1014 LAW DEPARTMENT In accordance with this conclusion of law, the Hearing Examiner recommended that the Board: "Deny the request of Transamerica Corporation for an order under Section 4(c)(6) of the Act exempting Occidental Life Insurance Company of California from application of the prohibitions of Section 4(a)(2) of the Act." On July 9, 1957 counsel for Transamerica presented before the Board an oral argument with respect to the pending application and the Hearing Examiner's Report and Recommended Decision. Findings of Fact The relevant facts in this matter, as developed in the record, are presented in the Findings of Fact of the Hearing Examiner, which are not disputed by Transamerica, and therefore they need not be fully restated here. Occidental is engaged in the business of writing life, accident and health insurance, both ordinary and group. The general character of its business does not differ significantly from that of other leading life insurance companies engaged in writing the same classes of insurance. In terms of insurance in force, Occidental ranks twelfth in the United States and is by far the largest life insurance company domiciled in the western States. At the end of 1956, Occidental had $6,707,322,930 life insurance in force, of which individual policies accounted for $3,755,056,058 and group coverage amounted to $2,952,266,872. Only a relatively insignificant part of Occidental's business has a direct relationship to the business of Transamerica's subsidiary banks. For example, at the end of 1956 Occidental's credit life insurance in force for Transamerica banks was only about six-tenths of one per cent of Occidental's total outstanding life insurance. Other relationships between Occidental and Transamerica's banks are likewise of relatively slight significance as compared with either Occidental's total business or that of Transamerica's subsidiary banks. Relationships of Occidental with nonaffiliated banks are also a relatively small part of Occidental's total business. The Statutory Provision Under Section 4(c)(6) the ownership by a bank holding company of shares of a nonbanking organization is exempted from the provisions of the Act only if it meets the following requirements: 1015 (1) All of the activities of the organization must be of a financial, fiduciary, or insurance nature; and (2) The company must be determined by the Board to be so closely related to the business of banking or of managing or controlling banks (a) as to be a proper incident thereto and (b) as to make it unnecessary for the prohibitions of Section 4 of the Act to apply in order to carry out the purposes of the Act. There is no question in the present case but that all of the activities of Occidental are of an insurance nature. Consequently, the only question is whether Occidental is so closely related to the business of banking or of managing or of controlling banks as to meet both the additional requirements that Congress has specified with respect to the kind of closeness that will qualify a company for exemption under Section 4(c)(6). As the Hearing Examiner stated in his Report: "Section 4(c)(6) itself circumscribes the area of the Board's allowable discretion. Thus, it superimposes upon the requirement that afinancial,fiduciary or insurance company, to be qualified for exemption, must be 'closely related to the business of banking or of managing or controlling banks', two additional requirements. One is that the Board must find that the close relationship is such as to make the nonbanking subsidiary a 'proper incident' to the business of banking or managing or controlling banks. The other is that the Board must find that the relationship is such as to make it unnecessary for the divestiture provisions of the Act to apply in order to carry out the purposes of the Act. Both of these additional requirements serve, in my view, to qualify and restrict the sense in which 'closely related' may be considered." The two additional requirements are somewhat similar in character and tend to reinforce each other. It is helpful to analyze each separately as well as to consider their relationship to each other. "Proper incident". As the Hearing Examiner has pointed out in his Report, both legal and nonlegal dictionaries show that the term "incident" is used to describe something that "usually" or "naturally" "depends upon", "appertains to", or "follows" another more important thing. It is clear that Section 4(c)(6) is intended to exempt only those nonbanking businesses that "usually" or "naturally" "depend upon" or "appertain to" the business of banking or of managing or controlling banks. The section requires that a nonbanking business, in order to be exempted under the provision, must be not merely an "incident" 1016 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 but a "proper incident" to banking or managing or controlling banks. "Purposes of this Act". In the absence of more specific enumeration in the Act itself of "the purposes of this Act" as they relate to Section 4(c)(6), it is appropriate to resort to the history of the legislation prior to its enactment. The Report of the Hearing Examiner includes a careful description of relevant portions of the legislative history, which need not be repeated here. The Act and its history demonstrate that Congress recognized that whenever a holding company controls both banks and nonbanking organizations the nonbanking organizations may thereby occupy a preferred position over that of their competitors in obtaining bank credit and that, in critical times, the holding company which controls nonbanking organizations may be subjected to strong temptation to cause the banks which it controls to make loans to its nonbanking affiliates even though such loans may not at that time be in accord with current banking standards (for example, see H. Rep. No. 609, 84th Cong., 1st Sess. 16 [1955]). Thus it seems evident that Congress was of the view that, in general and subject to only limited exceptions, bank holding company systems should be restricted to banking activities and should not engage in other types of business for the reason that common control of banks and nonbanking organizations could give rise to evils of several kinds. For example, Congress apparently considered the possibility that a bank holding company might enter into transactions with a nonbanking affiliate of risky character that would not be entered into if the other party were an unrelated company, and that this might involve undue hazard to the bank, its depositors, and the public interest generally. Although Section 6 of the Act prohibits some such dealings, it would not necessarily reach all such practices. The legislative history of the Act also indicates that Congress considered that, in order to help its nonbanking affiliates, a holding company bank might deny justified credit to competitors or prospective competitors of such affiliates, thereby restricting the vigor of competition and denying deserved credit accommodation to legitimate businesses; or that a holding company, in extending credit, might exert pressure on borrowers to do business with the lending bank's affiliated corporations rather than with their com- petitors, thus denying those borrowers an appropriate freedom of choice. To put the matter another way, Congress has recognized that banking is a unique business, with unique economic power and responsibilities. Banks hold the current funds of the economy and the demand deposits that serve as the nation's principal medium of exchange. The public interest requires that decisions as to whether or not a bank extends credit in a particular case should be based, as far as possible, solely on credit worthiness. Congress apparently felt that this objective could be furthered by laying down a general rule, subject to only limited exceptions, that no company should own or control both banks and nonbanking enterprises. "Potential sources of evil". It is noteworthy that Congress, in ordering this separation of functions, did not make the requirement depend upon whether or not a particular nonbanking business of a particular bank holding company had resulted in actual abuses. The language and history of the Act make it clear that Congress intended to eliminate potential evils by correcting what it considered to be unsound corporate structures in bank holding company systems, and that it did not wish to require proof of the existence of actual evil in each particular situation. In other words, as the United States Supreme Court stated in North American Co. vs. S.E.C. (1946), 327 U. S. 686, 711, with respect to the Congressional intent in enacting a somewhat similar provision in the Public Utility Holding Company Act of 1935: ". . . [the provision was] not designed to punish past offenders but to remove what Congress considered to be potential if not actual sources of evil." This clear purpose of Section 4, namely, "to remove . . . potential . . . sources of evil", provides a helpful guide in applying the requirements of Section 4(c)(6). If a nonbanking business is a "proper incident" to banking or to managing or controlling banks, that is, if it properly and "naturally appertains" thereto, it is less likely to cause a bank to be influenced by the "unnatural" or extraneous considerations or temptations that are "potential sources of evil". Hence, it is more likely to accord with the "purposes of this Act." In other words, when Section 4(c)(6) refers to "proper incident" and to the "purposes of this Act" it uses the terms jointly to limit the exemp- LAW DEPARTMENT tion in the section to situations which substantially escape the "potential sources of evil" against which the general prohibition was directed. Section 5(b) of the Board's Regulation Y, issued pursuant to the Bank Holding Company Act, provides in part as follows: "Any bank holding company which is of the opinion that a company all of the activities of which are of a financial,fiduciary,or insurance nature is so closely related to the business of banking or of managing or controlling banks, as conducted by such bank holding company or its banking subsidiaries, as to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4 of the Act to apply in order to carry out the purposes of the Act, may request the Board for such a determination pursuant to Section 4(c)(6) of the Act." (Emphasis supplied.) In view of the discussion above, it will be seen that the italicized words merely explain and implement the general purpose of Section 4(c)(6). Further considerations. As part of the analysis of Section 4(c)(6) it is proper to consider two other contentions of Transamerica. Among other things, Transamerica contends that the exemption provided by Section 4(c)(6) should not be so narrowly construed as to make it in effect indistinguishable from the "servicing" exemption provided by Section 4(c)(l) of the statute. That exemption covers companies engaged solely in the business of furnishing services to, or performing services for, the bank holding company and its subsidiary banks. Its legislative history clearly indicates that this exemption was intended to cover companies engaged in furnishing such services as appraising, investment counsel, advertising, public relations, etc. It may be conceded that the 4(c)(6) exemption was intended, as argued by Transamerica, to go beyond such ordinary servicing activities. Considering this point, it cannot alter the fact that an organization can qualify for exemption under Section 4(c)(6) only if it is able to meet the requirements of 4(c)(6) as heretofore discussed. Transamerica also contends that the Act and its legislative history show that Congress intended to grant to the Board, under Section 4(c)(6), a discretion that is qualified only by the requirement that all the activities of the subsidiary company must be of a "financial, fiduciary, or insurance nature". The section does require that an organization be of the nature indicated, and it also requires the Board to exercise a certain degree of judgment. However, as shown above 1017 in considering the references in 4(c)(6) to "proper incident" and to "the purposes of this Act", the section prescribes limits, bounds and guides which the Board must follow in exercising its judgment under the provision. Occidental's Relationships To Banking and Managing of Banks Having reviewed the general facts of this case and the applicable statute, it is necessary to consider more specifically whether or not these facts bring Occidental reasonably within the scope of the exemption. As previously indicated, Occidental's business does not differ significantly from that of other leading life insurance companies. Only a relatively insignificant part of Occidental's business has a direct relationship to the business of Transamerica's subsidiary banks or of other banks. Similarities between banking and insurance. Transamerica cites various elements common to the business of life insurance and the business of banking or of managing banks, such as the receipt of deposits in connection with insurance policies, similarities in investments, similarities of management skills and experience, and similarities in the extent to which insurance companies and banks are subject to Government supervision. It may be conceded that a number of such similarities exist. However, it should also be noted that banks and insurance companies differ in certain important respects. For example, the so-called deposits that insurance companies receive are limited to those connected with annuity or insurance policies they issue. Commercial banks receive general deposits, including demand deposits subject to check, while insurance companies do not. Insurance companies are primarily interested in long-term loans and investments, while the typical commercial bank is primarily interested in short-term loans because of the need for liquidity. Furthermore, insurance companies have a specific product to sell— annuity and insurance policies—which banks, except in a few limited situations, are not in a position to offer. Although Transamerica does not expressly state the point, its contentions seem to be directed toward the conclusion that life insurance companies generally possess characteristics of such nature that ownership of their shares by bank 1018 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 holding companies would not be adverse to the public interest and should be permitted. Needless to say, even if we were satisfied as to the validity of such arguments, they could not affect our decision in this matter except to the extent that they accord with the requirements of Section 4(c)(6). Beyond that point they are arguments to be addressed to Congress rather than this Board. Whatever its reasons, it is clear that Congress, in Section 4(c)(6), did not provide a general exemption for shares of insurance companies owned by bank holding companies. All the activities of the company must be of an "insurance nature" (or "financial" or "fiduciary"), but that is simply a prerequisite to eligibility for exemption under Section 4(c)(6). The company must also meet the further requirements that have been discussed above. In view of those further requirements, it is clear that the mere fact that some of Occidental's operations resemble or are kindred to some of the operations of banks is not enough to "warrant the kind of determination intended by Section 4 (c)(6). Functions may be similar to banking or to managing or controlling banks without necessarily being a "proper incident thereto", that is, without "naturally appertaining thereto". Stated differently, mere similarity of some functions is not enough to eliminate the "potential sources of evil" against which the general prohibition of Section 4 was aimed. This is especially the case when, as here, there are also substantial differences in functions which could give rise to such "potential sources of evil". Occidental's direct relations with banks. Since the similarities of functions shown in this case are not enough to justify exemption of Occidental under Section 4(c)(6), it is necessary to consider the arguments offered as to Occidental's direct relations with Transamerica's banks and other banks. As explained more fully in the attached Report of the Hearing Examiner, Occidental has several different relationships with affiliated and unafnliated banks. These include insurance (credit life and employee group) and investment and lending activities. However, they are a relatively insignificant part of Occidental's business and of the business of Transamerica's banks. These direct relations are not sufficient to justify an exemption under Section 4(c)(6), either in their own right or when considered in connection with the general similarities between banking and insurance which were discussed above. Conclusions For the reasons discussed above, the Board concludes as follows: 1. All the activities of Occidental are of a financial, fiduciary or insurance nature. 2. Occidental is not—within the meaning of Section 4(c)(6) of the Act—so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4(a)(2) of the Act to apply in order to carry out the purposes of the Act. 3. The issue in this proceeding and Transamerica's exceptions and proposed findings and conclusions shall be, and hereby are, determined in accordance with the above findings and conclusions, and 4. The request of Transamerica Corporation under Section 4(c)(6) of the Act for an Order exempting shares of Occidental Life Insurance Company of California from application of the prohibitions of Section 4(a)(2) of the Act shall be, and hereby is, denied. Separate Statement by Governor Vardaman Study of the Hearing Examiner's record in this case, and of his able Report and Recommended Decision, raises in my mind some interesting and pertinent questions relative to the Bank Holding Company Act of 1956, the regulations promulgated by this Board under the Act, and the record and history of operations of the companies under inquiry. For instance, the record indicates that control and management of the companies is and has been in the hands of men of integrity, excellent reputation and successful business experience; and that the combined operations of the companies have certainly not been contrary to the public interest. Although the association and operation between the two companies has existed for more than 20 years, the record does not disclose that such association or operation has been in any 1019 LAW DEPARTMENT way unsatisfactory to the law enforcement officers of the United States Government, or of the State of California; or in any way contrary to law, public policy or established custom. Nowhere in the testimony or in the Examiner's Report is there any evidence or accusation, direct or inferential, that these operations have been anything less than entirely proper, ethical, profitable to the shareholders of both corporations, and beneficial to their customers; and nowhere is there evidence, direct or inferential, that these operations have been in any way detrimental to the public good. Again, it is interesting to note that the statute requires a bank holding company which is not a bank to divest itself of nonbanking organizations, even though such ownership has been satisfactorily in force for many years prior to the passage of the Act; yet, at the same time, the law makes a special exception in the case of a bank holding company which is a bank, so that it can retain stock in nonbanking companies acquired at any time prior to the date of the Act, even though a bank holding company that is a. bank has many fiduciary and trust responsibilities, such as custody of demand and savings deposits and trust funds, the creation of credit and of demand deposits (equivalent of money) and many other obligations of trusteeship, which do not accrue to the bank holding company that is not a bank. However, I do not believe it to be my right or duty as a member of the Board to question either the apparent inconsistencies, propriety or constitutionality of an Act of the Congress; but, on the contrary, I believe myself to be bound as an officer of the United States Government, and as a member of this Board, to enforce the laws enacted by the Congress, and the rules and regulations adopted by the Board of Governors of the Federal Reserve System. Therefore, under the circumstances, I feel constrained to vote to sustain the Recommended Decision of the Hearing Examiner. ORDER DENYING APPLICATION In the matter of the application of Transamerica Corporation, San Francisco, California, a bank holding company, for a determination by the Board of Governors of the Federal Reserve System that Occidental Life Insurance Company of California and its activities are of the kind described in Section 4(c)(6) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843), and Section 5(b) of the Board's Regulation Y (12 CFR 222.5(b)), so as to make it unnecessary for the prohibitions of Section 4 of the Act with respect to retention of shares in nonbanking organizations to apply in order to carry out the purposes of the Act. A hearing having been held pursuant to Section 4(c)(6) of the Bank Holding Company Act of 1956 and in accordance with Sections 5(b) and 7(a) of the Board's Regulation Y (12 CFR 222.5(b), 222.7(a)); the recommended decision of the Hearing Examiner having been filed with the Board; exceptions to the recommended decision of the Hearing Examiner, together with a brief, having been filed with the Board by Applicant; counsel for Applicant having made oral argument before the Board; the Board having given due consideration to all relevant aspects of the matter; and all such steps having been in accordance with the Board's Rules of Practice for Formal Hearings (12 CFR Part 263) and applicable law: IT IS HEREBY ORDERED that the request of Transamerica Corporation under Section 4(c)(6) of the Bank Holding Company Act of 1956 for an Order exempting shares of Occidental Life Insurance Company of California from application of the prohibitions of Section 4(a)(2) of the said Act shall be, and hereby is, denied. This 20th day of August 1957. By order of the Board of Governors. (Signed) S. R. CARPENTER Secretary. (SEAL) REPORT AND RECOMMENDED DECISION Statement of the Case On December 26, 1956, Transamerica Corporation, a duly registered bank holding company, herein called Transamerica, and at times the Applicant, filed with the Board of Governors of the Federal Reserve System, herein called the Board, a request that the Board determine, pursuant to Section 4(c)(6) of the Bank Holding Company Act of 1956, 70 Stat. 133, herein called the Act, that the shares held by Transamerica in its wholly owned subsidiary, Occidental Life Insurance Company of California, herein called Occidental, are exempt from the provisions of the Act 1020 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 prohibiting the retention by a bank holding company of any voting shares of a nonbanking company.1 On January 22, 1957, the Board ordered that a hearing be held on the aforesaid request in accordance with the provisions of Section 4(c)(6) of the Act and Sections 5(b) and 7(a) of the Board's Regulation Y [12 CFR 222.5(b), 222.7(a)] promulgated under the Act. Notice of Transamerica's request for such determination and of the order directing a hearing thereon was published in the Federal Register on January 26, 1957 [22 Federal Register 527]. The notice as published provided, inter alia, that any person desiring to give testimony in this proceeding might file a request for that purpose with the Board. Pursuant to the aforesaid order and notice, a hearing was held at San Francisco, California, on March 4 to 6, inclusive, and at Washington, D. C , on March 25, 1957, before the undersigned, Arthur Left, a hearing examiner duly selected by the Civil Service Commission in accordance with the provisions of Section 11 of the Administrative Procedure Act (5 U. S. C. 1010) and thereafter duly designated by the Board to conduct the hearing in this proceeding. Transamerica and the Board—the latter in a nonadversary capacity—were represented at the hearing by Counsel, and were afforded full opportunity to be heard, to examine and cross-examine witnesses, to introduce evidence bearing on the issues, and to file briefs and proposed findings. Prior to the hearing, a request for leave to appear as a witness to oppose Transamerica's application for exemption was filed by Harry J. Harding, representing the Independent Bankers Association of the Twelfth Federal Reserve District. The request was granted. At the hearing, the aforesaid witness read a prepared statement in opposition to Transamerica's application. The submission of the statement was objected to by counsel for Transamerica upon the ground that the matter contained therein consisted entirely of argument and presented no competent evidence bearing on the factual issues of this proceeding. While agreeing that the statement submitted might not be regarded as having any probative value on the factual issues, the undersigned nevertheless ruled that the statement should be allowed to remain in the record as a brief amicus curiae so that the Board might have the benefit of the arguments therein presented. An order correcting errors in the transcript was entered on April 9, 1957. On April 10, 1957, Transamerica submitted proposed findings of fact, along with a brief in support thereof. All of such proposed findings and the arguments contained in the brief have been considered.2 x The particular sections of the Act here applicable are: Sec. 4(a) Except as otherwise provided in this Act, no bank holding company shall. . . . (2) after two years from the date of enactment of this Act . . . retain direct or indirect ownership or control of any voting shares of any company which is not a bank or a bank holding company. . . . (c) The prohibitions of this section shall not apply. . . . (6) to shares of any company all the activities of which are of a financial, fiduciary, or insurance nature and which the Board after due notice and hearing, and on the basis of the record made at such hearing, by order has determined to be so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of this section to apply in order to carry out the purposes of 2 this Act; . . . . The proposed findings are adopted to the extent that their terms or substance are included in or are consistent with the findings made below, and to the extent not so adopted are rejected. Upon the entire record in the case and from my observation of the witnesses, I make the following: Findings of Fact I. INTRODUCTION A. The Business of Transamerica and Its Banking Subsidiaries 1. Transamerica, a Delaware corporation with its principal office and place of business at San Francisco, California, is engaged in business primarily as a holding company. It has an authorized capital stock of 25 million shares of a par value of $2 each, of which 11,372,022 were issued and outstanding at the end of 1956. Transamerica's total assets at the year end were carried on its statement at $240,158,153. Its book net worth (capital stock and surplus) came to $231,316,030. 2. Transamerica is a bank holding company within the meaning of Section 2(a) of the Act, and has duly registered as such with the Board. 3. Transamerica owns or controls more than 50 per cent of the stock of 25 separate banks located in 11 Western and Rocky Mountain States. Among them, the 25 banks operate 288 banking offices. Their total assets at the end of 1956 amounted to $3,053,150,124; deposits aggregated $2,781,258,290; and loans, $1,460,982,254. The capital funds of the banks totaled $216,862,961, not including reserves for possible future loan losses in the aggregate amount of $16,195,908. Attached hereto as Appendix A is a list of the 25 majority controlled banks, showing with respect to each bank the location of its principal office, the number of branch offices it maintains, the percentage of its voting shares that Transamerica owns, and its total assets as reflected by its balance sheet as of December 31, 1956.3 4. In addition to its shareholdings in the banks listed in Appendix A, Transamerica directly and indirectly owns 28.5 per cent of the voting shares of Citizens National Trust and Savings Bank of Los Angeles, the total resources of which at the end of 1956 were $487,265,946. It does not own more than 5 per cent of the voting stock of any domestic bank other than those already referred to.4 5. All but seven of the subsidiary domestic banks of Transamerica are members of the Federal Reserve System. The exceptions are First Western Bank and Trust Company, the Bank of Nevada, the Bank of New Mexico, the First Bank at Gallup (New Mexico), the Lea County State Bank (New Mexico), the Bank of Eastern Idaho and the Bank of Glacier County. 6. All of Transamerica's banking subsidiaries are engaged in a general commercial banking business. Their banking practices and policies do not differ significantly from those of other commercial banks located in their States of domicile. They perform the 8 Of the 25 banks listed in Appendix A, only 5 are longtime subsidiaries of Transamerica—the First National Bank of Portland, the National Bank of Washington, the First National Bank of Nevada, the Bank of Nevada, and the First National Bank of Arizona. Transamerica acquired First Western Bank and Trust Company (San Francisco) in June 1954, and Southern Arizona Bank and Trust Company in 1955. The remaining banks listed in Schedule A were all acquired in 1956 before the effective date of the Act. *At one time Transamerica also owned 99 per cent of the voting shares of Bank of America National Trust and Savings Association, but such shareholdings were reduced to 48 per cent in 1937, to 11 per cent in 1949, and all shares were disposed of by October 1952. 1021 LAW DEPARTMENT functions normally associated with that type of business, including, principally, the receipt of demand deposits subject to withdrawal or transfer orders of depositors, the transfer of money and credit through the check collection and clearance procedures of the commercial banking system, and the extension of short-term business credit to provide or supplement working capital for industrial, commercial and other business enterprises. They also engage in other activities commonly engaged in by commercial banks, including, inter alia, the purchase of Government and other obligations and the making of noncommercial and nonindustrial loans, such as real estate loans, farm loans, loans for purchasing and carrying securities, and personal and consumer credit loans. Each of the banks has a savings department, and five—the First National Bank of Portland, the National Bank of Washington, the First Western Bank and Trust Company, the First National Bank of Arizona and the First National Bank of Nevada—have trust departments. B. Transamerica's Nonbanking Subsidiaries 1. Apart from its bank holdings referred to above, Transamerica owns directly or indirectly all or a majority of the shares of a number of nonbanking corporations operating in one or more of the States in which it has controlling banking interests. Its principal nonbanking subsidiaries are a legal reserve life insurance company (Occidental); six fire, casualty and automobile physical damage insurance companies,5 which, considered as a group, conduct a multiple line insurance business; two industrial companies, one (General Metals Corporation) engaged in manufacturing forgings, castings and other metal products, and the other (Columbia River Packers Association, Inc.) engaged in packing seafood products; a real estate development company (Capital Company); and a company (Allied Building Credits, Inc.) engaged principally in financing home construction and improvements. The total assets of such nonbanking subsidiaries at the end of 1956 amounted to $784,193,830 and their total capital and surplus accounts aggregated $139,949,013. In addition, Transamerica has a majority owned foreign subsidiary—-Banca d'America e d'ltalia—which conducts a banking business in Italy.6 The assets of Banca d'America e d'ltalia at the end of 1956 totaled $269,444,279 and its capital funds amounted to $6,951,955. 2. Occidental—Transamerica's largest single asset —is the only nonbanking company for which Transamerica has requested exemption from the divestment provisions of the Act. As Transamerica's other nonbanking subsidiaries are not involved in this proceeding, their activities are not of importance here. C. The Business of Occidental 1. Occidental, a California corporation, organized in 1906, maintains its principal office and place of business at Los Angeles, California. At present, it has authorized and outstanding 1,000,000 shares of 5 Pacific Fire Insurance Company and its subsidiary, Premier Insurance Company; Manufacturers Casualty Insurance Company and its subsidiary, Manufacturers Fire Insurance Company; Paramount Fire Insurance Company; and Automotive Insurance Company. 6 As a foreign banking company, it is excluded from the definition of "bank" contained in Section 2(c) of the Act, and is also specifically exempted from the divestment provisions of the Act relating to nonbanking companies by the provisions of Section 4(c)(8). See S. Rep. 1095, Pt. 2, p. 4, 84th Cong. $12.50 par value stock, all of which is directly owned by Transamerica. Two of its 11 directors, including Frank N. Belgrano, Transamerica's president and Board chairman, are also directors of Transamerica. 2. Occidental is engaged in the business of writing life, accident and health insurance, both ordinary and group. It is licensed to do a general life insurance business in 47 states (all but New York) as well as in the District of Columbia, the 7 provinces of Canada, Alaska, Hawaii, Japan and Hong Kong. It does business through both branch offices and general agencies which confine their activities to the sale of insurance. On December 31, 1956, it had 50 branch offices and 143 general agents. 3. Since its acquisition by Transamerica in 1930, Occidental has grown from a relatively small company to one that now ranks, in terms of insurance in force, twelfth in the nation. It is by far the largest life insurance company domiciled in the West. At the end of 1956, Occidental had $6,707,322,930 life insurance in force, of which individual policies accounted for $3,755,056,058 and group coverage was responsible for $2,952,266,872.7 Total premium and annuity considerations for the year 1956 amounted to $178,290,715. As of December 31, 1956, it had admitted assets of $569,544,840. Its capital stock and surplus added up to $63,026,910. Profits for the year totaled $13,893,514, of which $4,252,406 represented profits realized on sales of investments, and the balance represented so-called underwriting earnings. 4. Occidental's activities are all generally related to the solicitation, writing and servicing of life insurance and related contracts; the receipt of premiums and other contract considerations thereon; and the investment of the accumulated funds which it holds mainly as reserves to accommodate its insurance liabilities, but also, in much smaller part, on account of deposit liabilities, as will more fully appear below. 5. The policies Occidental writes, the scope of its operations, and the general character and conduct of its other business activities are not significantly different from those of other leading life insurance companies engaged in the sale of the same classes of insurance. 6. All the activities of Occidental are of a financial, fiduciary or insurance nature. II. THE ASSERTED CLOSE RELATIONSHIP BETWEEN OCCIDENTAL'S ACTIVITIES AND THE BUSINESS OF BANKING AND MANAGING OF BANKS A. Outline of Factual Premises upon Which the Applicant Would Support Its Exemption Request The Applicant advances numerous factual considerations in support of its claim that Occidental's activities are such as to qualify it for exemption from divestiture as a "closely related" company within the purview of Section 4(c)(6) of the Act. In broad outline, the Applicant urges (1) that the business of life insurance and the business of banking contain many elements in common, and bear a close resemblance to each other in their basic nature and operations; (2) that certain of Occidental's insurance underwriting activities are functionally related to the business of banking and to the servicing of Transamerica's subsidiary banks; (3) that Occidental's lending and investment activities are similarly related; and (4) that Occidental, moreover, is 7 Of the total insurance in force 57 per cent arose from writings in the 11 Western states in which Transamerica banks are located. 1022 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 closely related to Transamerica's "business of managing and controlling banks", both because Occidental presents to Transamerica the same broad supervision and control problems as do its banks, and because Occidental as a child of the same parent is in a position to provide strength and stability to Transamerica's banks. For purposes of orderly presentation, the factual considerations the Applicant advances will be fitted where they belong into the foregoing broad contentions, to be considered below in the order indicated. B. The Asserted Common Elements in the Business of Life Insurance and the Business of Banking On this point, the Applicant submits in general (1) that Occidental's insurance policies because of their many savings and investment characteristics are comparable to bank savings accounts; (2) that Occidental performs functions identical with those of a bank's savings department by reason of its acceptance of certain deposits that are subject to withdrawal and carry a fixed interest rate; (3) that life insurance companies like banks act as guardians of the funds of others, are subject to similar close governmental supervision, and require of management comparable fiduciary obligations, attitudes and temperaments; (4) that in their lending and investment activities insurance companies and banks engage in overlapping, duplicating and competitive activities; (5) that corresponding skills and experience are required for bank and insurance company management; and (6) that, just as insurance companies perform the equivalent of banking functions in many phases of their operations, so, too, banks engage in certain phases of insurance activity. 1. Savings and investment characteristics of Occidental policies: Occidental has 50 or 55 ordinary life policy forms and approximately 12 additional group policy forms. Some of the forms, such as annuities, endowment policies and retirement income policies, are specifically and primarily designed to build cash values for the policyholder returnable in his lifetime. Moreover, all ordinary life and group life policies, except annual term insurance policies, develop during the lifetime of the policyholder a cash value which the policyholder upon surrender of the policy may withdraw, or, without surrender, provide as security for a loan in equal amount. The Applicant insists that the cash values thus created provide savings and investment characteristics comparable to those contained in a bank savings account.8 2. Deposit accounts: Though the reserve items, such 8 There is, however, a fundamental difference between the cash value of an unmatured policy and a bank savings account. An essential characteristic of a savings deposit is that the money left on deposit may, to the exact amount deposited, plus accumulated interest, be unconditionally withdrawn by the depositor. That is not true of the cash value of an unmatured life insurance policy. The value there represents not the sum of the premiums paid in, part of which has already been applied toward insurance coverage previously provided. It represents rather the accumulated amount that is being held by the company as the reserve which the company actuarially requires, along with future premium payments and interest earned on the reserve, to enable the company to meet its liabilities under the policy. As the term "cash surrender value" implies, withdrawal of the value may not be made unconditionally, but only upon forfeit of future insurance coverage, at least pro tanto to the proportion of the cash value withdrawn. That the amount paid the policyholder is simply a cancellation refund of his developed equity in future insurance is confirmed by the fact that the policyholder who would receive the cash but retain the insurance may do so only by borrowing the money at interest against the pledge of his equitable interest in the reserve. as life insurance cash values, are distinguishable from savings deposits, other funds held by Occidental for the accounts of policyholders do possess essential characteristics of bank savings accounts. Such funds, carried on Occidental's books as deposit liabilities, are classified under the following items: (a) Supplementary contracts (settlement options): Standard provisions of all Occidental policies accord a policyholder during his lifetime or his beneficiary upon his death the right to select a settlement option under which the payable proceeds of the policy may be left with the Company as an investment. A like right is accorded to the owner of a policy, such as an endowment policy, that may mature before death. Many forms of settlement options are offered. The settlement amount, for example, may be left on deposit with the company at a guaranteed interest rate, subject to withdrawal on the depositor's demand, or placed in trust with the company for distribution to designated beneficiaries during their lives or over a period of years. Deposits made subject to withdrawal are clearly like bank savings accounts. Deposits left for distribution to beneficiaries without withdrawal privileges are analogous to moneys left with the trust department of a bank for distribution under a testimentary or other trust. (b) Dividend accumulations: A policyholder under a participating policy is entitled to leave his dividends on deposit with the company at a guaranteed interest rate. Dividends thus left on deposit are subject to withdrawal on demand. (c) Coupon deposits: Occidental writes a policy form known as coupon life insurance. Under it, the policyholder pays a premium greater than is actually required to carry the insurance. The excess amounts are represented by coupons. As a coupon matures, the amount represented by it may be left with the Company at a guaranteed rate of interest, subject to withdrawal at any time, or applied toward the payment of premiums that subsequently become due. (d) Group rating refunds: Group policies often provide for premium refunds contingent upon a favorable experience under the plan. Such rating refunds, though withdrawable, may be left by the policyholder on deposit with the insurance company in an interestbearing deposit account as a cushion against future increases based upon unfavorable experience or as an advance payment upon later premiums. Balances left on deposit are withdrawable prior to their actual conversion into premium payments. (e) Advance premiums: These are amounts deposited against premiums not yet due in an interestbearing deposit account. Until actually applied toward the payment of a premium, the amounts on deposit may be withdrawn by the policyholder. (f) Discounted premiums: These are like advance premiums except that they are paid in advance at a prescribed rate of discount. (g) Deposits administration fund: These are deposits made to a fund created by an agreement, usually an employee pension fund plan, under which Occidental undertakes to credit the fund with deposits and interest earned thereon, with provisions made for withdrawals from the fund to provide retirement annuities for the fund's beneficiaries as and when individual beneficiaries become eligible for retirement. Funds thus placed on deposit are freely withdrawable by the employer unless he has divested himself of the right to do so by agreement made with third 1023 LAW DEPARTMENT parties. Where there has been an agreement to divest, the fund held by Occidental is analogous to a trust fund managed by the trust department of a bank; absent such an agreement, the fund on deposit may be likened to a savings account. The following table shows with respect to each of the aforesaid deposit accounts the total on deposit at the end of the year 1956, as well as the amounts deposited during that year: SCHEDULE OF DEPOSIT ACCOUNTS [In thousands] Account Balance, Dec. 31, 1956 Supplementary contracts not involving life contingencies Dividend accumulations Coupons Group rating refunds Advance premiums Discounted premiums Deposit administration funds $16,444 2,629 16,946 3,276 1,992 3,843 419 Total $45,549 It must be observed, however, that the deposit items shown above add up to only about 10 per cent of the total funds which Occidental is required to hold against its contract liabilities and from which it derives in the main its investment capital. The bulk of such funds is made up of reserve items, principally the reserve values of life insurance policies as discussed above. As shown by Occidental's last annual statement, its reserve liabilities at the end of 1956 were as follows: Life insurance $295,893,268 Annuities (including supplementary contracts with life contingencies) 58,573,987 Supplementary contracts with life contingencies 9,551,800 Accidental death benefits 622,655 Disability—active lives 2,375,499 Disability—disabled lives 2,243,529 Miscellaneous reserves 16,626,648 Accident and health policy reserves 12,551,264 Total $398,551,264 3. Similarity in fiduciary responsibilities and governmental controls: (a) Even though the funds from which Occidental derives its investment capital may not, except in relatively small part, be strictly equated to bank savings deposits, the fact remains that such funds—whether styled deposits or reserves—are funds in which others have an interest, similarly to the funds that are employed by a bank in its business activities. As a guardian of funds held for the benefit of others, it is undoubtedly as important for a life insurance company as for a bank to maintain public confidence in its financial stability. Moreover, a life insurance company may fairly be regarded as com- parable to a bank with respect to the standards of fiduciary responsibility and managerial attitudes and temperament that must be expected of its management. (b) Because the business of a life insurance company, like that of a bank, is affected with a public interest, it, also like a bank, is made subject by law to close governmental controls. Occidental's investment and noninvestment activities are regulated under the Insurance Code of the State of California and by the Insurance Commissioner of that State. It is also subject to tri-annual examinations by a Committee of the Convention of Insurance Examiners made up of representatives of both. California and other States in which Occidental does business. In addition, in each State in which it does business it is required to procure a license for the privilege of writing insurance, to submit its policy forms for advance approval9 and to obtain licenses for each of its selling agents. 4. Extent to which Occidental's lending and investment activities are comparable to those of banks: (a) A general idea of the character of Occidental's lending and investment activities may be gathered from a survey of its assets. Occidental's assets, as of December 31, 1956, were as follows: Mortgages $274,701,000 Bonds 183,792,000 Stocks 32,196,000 Collateral loans 264,000 Policy loans and liens 23,273,000 Investment real estate 10,102,000 Other real estate 2,673,000 Funds in escrow 434,000 Investment income due and accrued 2,944,000 Cash 11,183,000 Premiums receivable 26,179,000 Miscellaneous 553,000 Total assets $568,294,000 Of the items listed above, only the first six bear on the character of Occidental's investments.10 (b) As the foregoing table shows, mortgages predominate among Occidental's assets, constituting about 49 per cent of the total. The mortgages Occidental holds include FHA loans, VA loans and conventional type mortgages. As in the case of banks, life insurance companies are to some extent at least restricted by law with regard to the mortgage loans they may acquire although the restrictions are not precisely the same.11 It appears, however, that, unlike 9 In at least five States—California not included—banks and insurance companies are regulated by the same State offices or departments. See New Jersey Stats. Anno., Sec. 17:1-2; Pub. Laws of Rhode Island, 1939, Ch. 660, Sec. 121 (Administrative Act of 1939); Tennessee Code Anno., off. ed., 1956, Titles 4-414, 45-118; Vermont Stats. 1947, Sec. 8617; Minnesota Stats. Anno., Sec. 45.01. 10 "Other real estate" consists of Occidental's office building, property acquired for future uses and miscellaneous foreclosure properties. "Funds in escrow" are asset items in the form of moneys on deposit against the purchase of loans or other investments. The other noninvestment items are self-explanatory. 11 For example, Occidental may advance not more than 66% per cent of the appraised value of the property offered as security. In that respect the restriction is similar to that imposed on a national bank. See Section 24 of the Federal Reserve Act, as amended Aug. 11, 1955 (12 U.S.C., Sec. 371). It is, however, more liberal than the restriction California imposes on its State banks, which are prohibited from lending in excess of 60 per cent on such valuation (Deering's California Codes, Fin. Code Anno., Sec. 1227). On the other hand, life insurance 1024 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 banks which normally originate their own mortgage loans, Occidental's mortgage loans most usually are not made directly, but are acquired by Occidental from other primary lending sources, including banks, building and loan and savings and loan institutions, and private individuals engaged in the loan origination business.12 Occidental's appraisal practices, risk standards, and general administration practices with regard to mortgage loans are substantially similar to those followed by banks, except that Occidental has a much larger proportion of its mortgage loans serviced by others, including banks. (c) Occidental's bond portfolio constitutes the second largest item of its assets—approximately 32 per cent of the total. It is made up of a wide variety of bonds and debentures, ranging from Governments to industrials. Occidental's bond investments are generally similar to those of banks—at least banks governed by California law—except that its bonds may average longer in maturity. For the most part, Occidental's bond investment portfolio is composed of marketable securities acquired as a result of purchases of public offerings. The record reflects, however, that since 1940 Occidental has participated in 106 private placements, in about 30 of which banks were also participants.13 (d) The remaining asset items of a loan or investment character require little discussion. Collateral loans represent a relatively insignificant proportion of the total. Occidental does not seek such loans and rarely makes them; only two such loans were held by it at the end of 1956. Policy loans are loans to Occidental policyholders against the cash values of policies. Banks also lend on the security of the cash surrender value of policies written by life insurance companies. Common stocks are investments that banks are prohibited from carrying in their investment portfolios, although they may qualify as investment holdings by bank trust departments. There is no statutory prohibition on the proportion of Occidental's assets that it may invest in stocks, but Occidental's self-imposed policy is to restrict such holdings to a maximum of 10 per cent; the value of the stocks it held at the end of 1956 came to 6 per cent. Investment real estate represents investments made under Section 1194(8) of the California Code which allows insurance companies, but not banks, to enter into so-called "purchase and lease-back" arrangements under which the insurance company purchases property and then leases the same property back to the vendor, usually for a long term of years. (e) Except as noted above, Occidental does not engage in any other of the many forms of lending activity commonly engaged in by commercial banks. 5. Similarity of management skills and experience: To the extent that insurance companies and banks engage in comparable activities—such as the purchase and sale of bonds and the acquisition of mortgage companies domiciled in California, as distinguished from banks generally, have no statutory restrictions on the maximum term of their mortgage loans or the proportion of their assets that may be placed in mortgages. Such companies, moreover, may lend on unimproved property. As to term and proportions, however, Occidental has self-imposed restrictions not radically different from statutory limitations imposed on banks, and it only infrequently makes mortgage loans on unimproved real estate. ^ As will be shown below in another section of this Report, the mortgage loans acquired from banks constitute but a minor proportion of the total mortgage loans acquired. ^ Of this, more later. loans—similar skills are required, and there is a cross-adaptability of acquired experience. Moreover, the financial accounting required in insurance operations has many elements of similarity with the financial accounting required in banking. Five of Occidental's 11 present board members and about 30 per cent of its officers have had actual banking experience. However, as witnesses for the Applicant conceded, specific banking experience by management personnel is not indispensable to the successful operation of a life insurance company. The same skills and management attitudes can be developed in personnel who work their way up the insurance company ladder. 6. Insurance activities by banks: As evidence of its assertion that banks engage in some insurance activities, just as insurance companies engage in some functions comparable to banking, the Applicant calls attention to the following: (a) Both insurance companies and banks, the latter through their trust departments, are now engaged in the expanding field of pension plan management. Where a bank's trust department engages in such operations, it must undertake actuarial burdens and develop skills of a kind normally associated with the life insurance business. As to this asserted resemblance, it is to be observed, however, that Occidental's pension plan operations, thus far at least, constitute but a very minor part of its total operations. The record does no disclose whether any of Transamerica's five banks which have trust departments are engaged in any business of this type. (b) In three States—Connecticut, New York and Massachusetts—savings banks are permitted to write life insurance directly. But, it should be noted that this is an exception to a general prohibition against banks engaging in this type of business, a prohibition which may imply recognition of a basic dissimilarity between the business of banking and the business of insurance. Moreover, it should be observed that national banks (except in towns with a population not exceeding 5,000) u as well as most State banks are not even permitted to act as agents in the writing of life insurance.15 (c) Some banks, as a promotional feature to encourage savings accounts, have plans under which depositors receive life insurance coverage under certain circumstances.16 C. Extent of Occidental's Insurance Relationship with Affiliated and Other Banks Occidental's insurance relationships with banks are confined to the writing of two general classes of insurance—credit life and employee group insurance. "U.S.C.A. 92. 15 Of the 11 States in which Transamerica's banks are located, only California affirmatively grants its banks authority to act as an insurance agent, but even so limits such authority to banks located in towns having a population of less than 5,000. (Deering's California Codes, Fin. Code Anno., Sec. 1208.) Three other States—Arizona, Montana and New Mexico—allow corporations generally to act as such agents, without affirmatively denying the privilege to banks. 16 For example, at one California bank—not in the Transamerica family—the depositor receives life insurance coverage sufficient to guarantee a specified amount in his account if he dies before the account reaches that amount. Under another plan, developed in the East, a depositor's beneficiary receives double the amount of the deposit in his account at the time of his death. So far as appears, however, the insurance under such plans is underwritten not by the banks but by independent life insurance companies, and it seems to be stretching a point to refer to such insurance as a bank activity. LAW DEPARTMENT 1. Credit life insurance: (a) This is insurance on the life of a borrower sufficient to cancel the balance of the indebtedness should the borrower die before repayment. It serves the dual purpose of protecting the lending institution's loan and of relieving the estate of the borrower of the indebtedness in the event of death before repayment. Occidental writes two forms of credit life insurance for use by lending institutions, both with the lending institution as the policyholder. One, called the outstanding balance type, is most often used by banks to support unsecured personal loans and appliance loans. This form is applied uniformly to borrowers in designated classes, covering all in the class, with the direct cost borne by the bank. The other, known as the single premium type, is more often used in automobile lending. This form is generally extended to bank borrowers at the option of the borrower, although in some cases the bank may insist on the coverage, and the cost of the insurance is separately charged to the borrower as a financing cost. (b) Credit life insurance policies of the types described are sold by Occidental to lending institutions generally, and are not confined to Transamerica banks. Occidental applies the same rate schedules on the policies it sells to Transamerica-affiliated banks as on the policies it sells to others. Substantially similar coverage is obtainable by banks from perhaps 50 other insurance companies that compete with Occidental for the sale of such insurance. A witness for the Applicant conceded that it made no difference to Transamerica-affiliated banks whether such insurance was written by Occidental or by any other company, as long as the insurance provided the banks with adequate protection and was adaptable to the loan circumstances. According to this witness, the principal advantage to a Transamerica bank in dealing with Occidental rather than with some other company on this class of insurance was to be found in the mutual confidence and convenience of negotiation that an intra-family relationship promotes. (c) The credit life insurance aspect of Occidental's business represents but a very small part of its total insurance operations. Occidental's aggregate credit life insurance in force for all banks, including Transamerica banks, on December 31, 1956, was $145,364,000. That figure is to be compared with the figure of $6,705,248,000, representing the total life insurance of all kinds that Occidental had in force on that date. In terms of percentage, the credit life insurance in force amounted to only 2.2 per cent of the total life insurance in force. On the basis of premiums received during the year 1956, the ratio is even less. The total premiums Occidental received from all sources in 1956 amounted to $178,290,715. Premiums on credit life insurance policies of both types issued to all banks, including Transamerica banks, amounted in 1956 to $1,137,010, or approximately six-tenths of one per cent of the total premiums received. (d) As for Transamerica-affiliated banks, only 6 of the 25 are now provided with credit life insurance under Occidental policies.17 Such insurance is supplied through group policies written with the banks 17 The six include five of the six so-called "older banks"— all but the First National Bank of Arizona—and the Bank of Glacier County. 1025 individually.18 Occidental's total credit life insurance in force for Transamerica banks, as of December 31, 1956, amounted to $40,660,687. This was only sixtenths of one per cent of the $6,705,248,000 figure representing all life insurance that Occidental had in force on that date. Premiums received in 1956 from Transamerica-affiliated banks on credit life insurance totaled $299,441, or 17/100 of one per cent of the total premiums Occidental received that year from all sources. In assessing the substantiality of this relationship, another measure is to compare the volume of loans insured by this class of insurance to the total loans made by Transamerica banks. As of December 31, 1956, loans outstanding for all Transamerica banks aggregated $1,460,982,254. As of the same date loan balances covered by credit life insurance amounted to $40,660,587. It thus appears that less than 3 per cent of Transamerica's total loans was covered by Occidental credit life insurance. 2. Employee group insurance: (a) Occidental writes group life, group casualty, and group retirement insurance for the benefit of employees of employer policyholders. Such policies are available to banks as well as other employers. There is nothing about such policies that is peculiarly related to the business of banking or to the conduct of any banking activity as such. Similar employee group policies are written by nearly all life insurance companies. (b) At present, six of Transamerica's banking subsidiaries—the so-called older banks—carry employee group life, casualty and retirement policies with Occidental under an umbrella insurance plan negotiated by Transamerica in 1954 on behalf of all its then affiliated banks.19 In addition, two other banks, both located in New Mexico, carry life insurance coverage on their employees under an Occidental policy issued to New Mexico Bankers Association. Moreover, an employee group casualty policy is carried with Occidental by Citizens National Trust and Savings Bank of Los Angeles,20 in which Transamerica holds a minority interest. The total of Occidental's group life insurance in force on December 31, 1956, under employer policies written for Transamerica's subsidiary banks was $67,815,000. That figure is to be compared with the figure of $2,952,267,000, representing all group life insurance in force (approximately 2.5 per cent) and with the figure of $6,705,248,000, representing the aggregate, ordinary and group, of all life insurance that Occidental then had in force (approximately one per cent). Total premiums during 1956 on all forms of employee group life, group casualty and group retirement policies carried by Transamerica banks—including in this instance premiums paid by Citizens National— amounted to $2,996,573. That figure is to be compared with Occidental's total group life, casualty and retirement premiums for the year, amounting to $97,140,775 (approximately 3 per cent) and with its 18 According to the Applicant's witnesses, however, Transamerica was engaged at the time of the hearing in working out a master credit life insurance plan with Occidental that would cover all of Transamerica's banks, so that each could gain the cost advantage of the volume business. 19 According to testimony in the record, plans are now under consideration to extend the umbrella plan to all subsequently acquired banks. 20 Apart from the banks already adverted to, 12 additional Transamerica banks carry partial employee casualty coverage, applying only to accidents occurring in the course of travel. As appears from the premium figures, the amounts involved are relatively insignificant. 1026 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 total premiums from all sources for the year, amounting to $178,290,715 (less than 2 per cent). (c) The Applicant concedes that it is not essential for its subsidiary banks to obtain their insurance from an affiliated insurer. It contends, however, that an insurance affiliation is helpful and desirable, as it makes for more convenient contract negotiation, gives the subsidiary banks the benefit of more objective and disinterested underwriting advice, and provides the banks with a better means of checking on the fairness of the rates charged. This, it says, permits from the banks' point of view a more efficient handling of their insurance needs. D. Occidental's Relationships with Affiliated and Unaffiliated Banks in Its Investment and Lending Activities The Applicant asserts that Occidental's operations are functionally related to the business of banking, not only by virtue of its insurance activities already reviewed, but also because, on the investment and lending side of its operations, Occidental is in a position to, and does, supplement, complement and service bank lending activities. To support that assertion the Applicant adduced evidence showing that Occidental in the conduct of its business has referred loans to banks and has had loans referred to it by banks; has frequently and regularly purchased mortgage loans from banks; has participated with banks in joint lending transactions, including both mortgage transactions and private placements of bonds and debentures; and has accepted arrangements with banks for the repurchase of bank loans after the short-term payout. Additionally, the Applicant adduced evidence to show that Occidental often employs banks as mortgaging servicing agents, and, at times, as escrow agents or trustees in large loan participations. It is the purpose of this subsection of the Report to indicate the extent to which—as reflected by the record—Occidental has engaged in activities and transactions of the kinds mentioned, both in its relations with banks generally and—more specifically —in its relations with Transamerica banking subsidiaries. 1. Cross-referrals: As an insurance company, Occidental is primarily interested in long-term mortgage loans and investments. Banks, on the other hand, are primarily interested in short-term loans because of their need for greater liquidity. Occasions arise also where a bank is unable to meet the loan requirements of a valued customer, either because it has reached its legal loan limits, or because the customer's requirements involve a transaction prohibited to a bank but not to an insurance company, such as, for example, a loan on unimproved property or a purchase and lease-back of real estate. For such or other reasons, banks, both affiliated and unaffiliated, often find it desirable21 or expedient to refer loan applicants to Occidental. Conversely, occasions also arise where Occidental refers loan applications to a bank. 21 This may be done by prearrangement, with the bank acting as agent for Occidental. As an example involving Transamerica subsidiaries, the record refers to a transaction with Occidental negotiated in November 1956 by Transamerica acting on behalf of a number of its newly acquired State banks. Under it, Occidental agreed to allow these banks, which then either were at their loan limits or were unable because of the tight money market to find other mortgage loan outlets, to act as agent or broker for Occidental in making mortgage loans for Occidental up to specified amounts, totaling for all such banks $5 million. That may occur, for example, where a requested loan is of too short a maturity to satisfy Occidental's investment requirements. Witnesses for the Applicant testified that Transamerica banks have no policy requiring that referrals by them be to Occidental rather than to some competing life insurance company; similarly, that Occidental has no established policy requiring that referrals by it be to Transamerica affiliated banks rather than to others. The record reflects that unaffiliated banks make many more loan referrals to Occidental than do affiliated banks. As to the volume of referrals of the kind immediately under review, there is no precise statistical information in the record. Some of the quantitative data later set out, however, peripherally bears on this subject. 2. Mortgage loan purchases: (a) Occidental's principal contact with banks arises from its purchases from banks of mortgage loans. As was earlier observed, however, Occidental does not acquire such loans exclusively from banks—indeed the loans it acquires from bank sources represent but a minor fraction of its total acquisitions of that kind. Other sources include building and loan associations, savings and loan associations, mortgage companies, and individuals engaged in the mortgage loan origination business. (b) The following schedule in evidence, covering the years 1954, 1955, and 1956, reflects the amount of mortgage loans acquired by Occidental in those years from subsidiary and other banks, as well as from all other sources. Acquired from: Subsidiary banks Other banks 1954 $ 1955 0 $1,581,772 1956 $5,039,229 2,284,615 2,060,046 4,071,286 Totalbanks $2,284,615 $3,641,818 $9,110,515 All other sources 42,865,724 63,032,731 44,755,047 Total mortgages acquired $45,150,339 $66,674,549 $53,865,562 Reduced to terms of percentages, it appears from the foregoing that in 1954 Occidental acquired only 5 per cent of its mortgage loans from banks, none that year from affiliated banks; in 1955 Occidental acquired 2.4 per cent from subsidiary banks ^ and 3.1 per cent from unaffiliated banks, or a total of 5.5 per cent from all banks; and in 1956 Occidental acquired 9.3 per cent from subsidiary banks and 7.4 per cent from unaffiliated banks,23 or a total from all banks of 16.7 per cent of its aggregate mortgage loan acquisitions during that year. (c) The limited extent to which Occidental has dealt with Transamerica affiliated banks in the acquisition of mortgage loans is further reflected by another schedule in evidence listing the mortgage loans acquired from Transamerica affiliated banks in the 11-year period beginning in 1946 and ending in 1956. That schedule shows that Occidental acquired mortgage loans from subsidiary banks in only 6 of the 11 years, no loans at all having been acquired in 22 The mortgage loans, totaling $1,581,772, acquired by Occidental in 1955, were acquired from four separate subsidiary banks, First National Bank of Portland, First Western Bank & Trust Co., Bank of Nevada, and First National Bank of Nevada. 23 In 1956, the mortgage loans amounting to $5,039,229 were acquired entirely from one subsidiary bank—First Western Bank & Trust Co. 1027 LAW DEPARTMENT 1949 and in the 4-year period between 1950 and 1955. No more than one bank was involved in acquisitions made during any one year in the 11year period, except in 1948 when two banks were involved and in 1955 when four banks were involved. The mortgage loans acquired from all subsidiary banks during that 11-year period, according to this schedule, totaled $14,080,941. (d) The record does not contain complete comparative figures for the same 11-year period that would show the extent to which Transamerica banks disposed of mortgage loans to purchasers other than Occidental. Such comparative figures are available only with respect to the six older banks for the years 1955 and 1956. They show that during 1955 the six affiliated banks sold mortgage loans amounting to $1,852,362 to insurance companies other than Occidental and, in addition, loans amounting to $6,561,745 to other unaffiliated purchasers, making an aggregate of $8,414,107. The aggregate of $8,414,107 is to be compared with the figure of $1,581,772, representing the amount of mortgage loans sold by such Transamerica banks to Occidental in 1955. The comparative figures show that during 1956 the six Transamerica banks sold mortgage loans amounting to $1,378,164 to insurance companies other than Occidental plus loans amounting to $10,086,829 to other unaffiliated purchasers. The aggregate of $11,464,993 is to be compared with the figure $5,039,229, representing the amount of mortgage loans sold by Transamerica banking affiliates to Occidental in 1956. Thus, during 1955 approximately 16 per cent of mortgage loans sold by such Transamerica banks were sold to Occidental, and the balance to others. During 1956, a period of a tighter money market, the percentage of mortgage loans sold by such Transamerica banks to Occidental was approximately 30 per cent, with approximately 70 per cent sold to other mortgage outlets. 3. Participation with banks in joint or coordinated mortgage loan transactions: (a) Occasions not uncommonly arise when Occidental is requested by banks, both affiliated and unaffiliated, to engage with them in joint or coordinated lending transactions. Thus, for example, Occidental has often made arrangements with banks for mortgage takeout commitments. Under such an arrangement a bank will advance money to a building contractor to finance the construction of a home development project, and Occidental will simultaneously agree to take over the mortgage loans from the individual purchasers as and when homes are completed and sold. Through such cooperative activity the bank is able at once to accommodate a customer and gain the benefits of the interim financing, while maintaining a revolving fund that it may draw upon to help finance 24other transactions of the same kind in its community. (b) The record does not supply details to show the extent to which Occidental makes mortgage loans of such joint or coordinate character. There is testimony, however, that in a "high percentage" of such 24 Another and somewhat different example of a joint mortgage lending transaction to which the Applicant made specific reference involved a 10-year loan of $2,250,000 to a hotel secured by a mortgage on the real property and a chattel mortgage on the furnishings. The loan was participated in by Occidental and two Transamerica-affiliated banks. The banks between them took $750,000 of the loan to be amortized monthly over a period of three years, and Occidental took the balance with amortization payments to it beginning at the end of the third year. cooperative loans the banks involved with Occidental were unaffiliated with Transamerica. The record shows, moreover, that Transamerica banks frequently participate in such joint mortgage lending with insurance companies other than Occidental. Thus it affirmatively appears, for example, that two of Transamerica's largest banks—First Western and First National Bank of Portland—have a standing arrangement with Equitable Life Assurance Society of New York under which all their long-term farm loans are purchased by Equitable after a two-year payout. 4. Participation with banks in private placements of bonds and debentures: (a) Occidental, apart from its mortgage loans, participates at times with banks or others in the private placement of bonds and debentures. Arrangements may be made under which banks will take the earlier maturities and Occidental the later maturities. Such private placements are sometimes spearheaded by Occidental, sometimes by others. (b) In the 15-year period since 1941, Occidental has participated in 106 private placements of bonds and debentures. However, in only a minority of such private placements—34 to be exact—have banks also been participants. It is noteworthy, moreover, that, except for those instances in which the Bank of America participated while it was still an affiliate of Transamerica, no Transamerica banking subsidiary has ever joined Occidental in any such private placement participation. 5. Occidental's other relationships with banks: (a) Under private placement aggreements, provision is usually made for the appointment of a bank as a trustee or escrow agent. In situations where the placement group is developed by Occidental, it may ask that one of Transamerica's banks be appointed such trustee or escrow agent. The bank is then placed in a position to profit by the fee it receives for the performance of such agency or trust services. (b) When Occidental acquires a mortgage, it at times appoints the originating bank as its servicing agent for the mortgage loan. For such services the bank collects a fee running from Vi to % of one per cent of the amount of its remittances. Of the 75 servicing agents that Occidental now has, about 30 are banks. An analysis showing, in terms of volume, the servicing distribution of all mortgage loans held by Occidental on December 31, 1956, was introduced in evidence. It follows: Service agent Transamerica banks Other banks Home office Nonbank agents (Mortgage companies, savings and loan, etc.) Total Loan Percentage balance of total (In thousands) $15,623 5.6 32,029 11.6 49,406 17.9 25 179,663 64.9 $276,721 100.0 25 The total admitted value of mortgage loans as shown on Occidental's 1956 annual statement is $274,701,000. The discrepancy is accounted for in the record as due to certain adjustments to the borrower's balances required by the Insurance Commissioner to produce the admitted assets shown on the statement. 1028 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 E. The Asserted Close Relationship of Occidental to Transamerica's Business of "Managing or Controlling Banks" To establish that Occidental is "closely related" not only to the business of banking, but to Transamerica's business of "managing or controlling banks", the Applicant adduced testimony that was largely argumentative in character. The principal points stressed are set forth below: (1) It is asserted that Occidental, through the principle of diversification, is able to play a stabilizing role in the bank holding company structure of which it is part. To support this assertion, the Applicant points to the substantial dividends Occidental pays to Transamerica,20 dividends which provide Transamerica with a reservoir of capital reserves that may be used, and at times has been used,27 to contribute additional capital to subsidiary banks, thereby providing additional safety and protection to Transamerica's banks and their depositors. It may be observed that a like point could be made, and with equal force, as to any profitable nonbanking company that Transamerica may control. (2) It is asserted that the business of life insurance and the business of banking have a natural relationship and for that reason present to the parent bank holding company many of the same problems of management and control. To support this assertion, the Applicant points to the facts already found concerning the comparability between the business of life insurance and the business of banking with regard to trustee orientation, cross-adaptability of management skills and experience, financial accounting, and governmental regulation. As to the significance of such common facets on the particular issue in this proceeding, comment is reserved for a later section of this Report. (3) It is asserted that because Transamerica as a holding company can coordinate activities of Occidental along with those of its banks, it is better able to facilitate the investment and lending operations of each, and thereby also to serve the public interest. To support this assertion, the Applicant points to the fact that Transamerica is in a position to, and frequently does, consult with both Occidental and Its banking subsidiaries on their investment practices. It is thus able, it says, to call new investment or lending opportunities to the attention of both, and to serve as an originator and conduit for effective coordinated lending activity by Occidental and its banks. This, it adds, serves the public interest, because an insurance company and a bank acting in combination have a far broader range than either acting alone, and together can arrange for almost any type of loan that businessmen may require. The suggestion that Transamerica's retention of Occidental is required for the effective promotion of coordinated investment and lending activities must be appraised against other record facts. Thus it appears that in the field of private placement of bonds and debentures there has in fact been no coordinated activity between Occidental and Transamerica banking subsidiaries, at least since Transamerica's divesti26 The record discloses that Transamerica has received more than $30 million in dividends from Occidental since 1940. 27 In 1956, Transamerica contributed almost $7 million to the capital of subsidiary banks either by stock subscriptions or contributions to surplus. ture of its interest in the Bank of America. And notwithstanding divestiture Occidental still continues to participate with the Bank of America in private placements. Moreover, lack of affiliation has not blocked subsidiaries of Transamerica from achieving cooperative activity in private placements with other lending organizations. In the field of real estate lending, the record does reflect some degree of coordinated activity between Occidental and affiliated banks, it is true. But the record also shows a far greater volume of such coordinated lending by Occidental and unaffiliated banks. The arrangement found above, between two of Transamerica's largest banks and the Equitable Life Assurance Society for the acquisition by Equitable of the banks' farm loans after a short-term payout, provides striking proof that coexistence in a holding company is not required for coordinated lending activity by a bank and an insurance company. F. As to the Effect of Divestiture on Transamerica Banking Operations Concerning the effect that divestiture of Occidental would have on Transamerica's banking operations, Oscar H. Keller, Transamerica's vice president in charge of its Banking Division, testified as follows: Hearing Examiner: I would like to ask a very broad question. If Transamerica were required to divest itself of Occidental, how would that prejudice Transamerica in its managing or control of its subsidiary banks, or prejudice the bank subsidiaries in the conduct of their banking business? The Witness: I wouldn't know at this time how it would affect it. Hearing Examiner: Do you think it could have an effect one way or another? The Witness: I don't know. Only time will answer that question, in my opinion. Hearing Examiner: Well, can you anticipate any damaging effect to the business of Transamerica in managing or controlling the banks or any damaging effects to the banks in the operation of the banking business? The Witness: No, I can't anticipate any damaging effect. I can anticipate probably some inconvenience to the banks, their customers, that might come about. III. ANALYSIS AND CONCLUSIONS A. As to the Meaning of the Statute and the Standards to be Applied Thereunder 1. The problem of interpretation presented: Do the facts found above add up to enough to support a favorable determination of the Applicant's exemption request? At the threshold of this inquiry we are met with what are essentially questions of law, concerning the meaning of Section 4(c)(6), the allowable area of the Board's discretionary authority thereunder, and the standards, if any, that Congress intended should govern the Board's determination. 2. The position of the Applicant: The Applicant would have the Board construe the Act as imposing no finite limitations on the "closely related" concept contained in Section 4(c)(6). It contends that when Congress charged the Board with responsibility to determine "closely related" questions, it intended to grant the Board full freedom of discretionary action, qualified only by the single requirement that all the LAW DEPARTMENT activities of the nonbanking subsidiary for which divestiture exemption was sought must be of a financial, fiduciary or insurance nature. In the Applicant's view, Congress did not mean to confine the Board to the application of any specific criteria, but imposed upon the Board, rather, an obligation, in the words of its brief, "to base its determination on all evidence of record as to the character and business operations of the particular company and the similarity of, and the relationship of, these operations and characteristics to either the 'business of banking' or 'the business of managing and controlling banks'." More specifically, the Applicant argues that it would be wrong for the Board to interpret the phrase "closely related" as requiring the activities of the nonbanking company to be related in a functional, operational or servicing sense to particular banking activities engaged in by subsidiary banks of its parent company. The quoted phrase, the Applicant insists, must be read in its broadest sense, so as to include within its compass, not only that which is functionally integrated, but that also which is generally allied or kindred in character, and even that which is simply proximate in terms of normal business relations. Consequently, according to the Applicant, the Board need not, and should not, allow its determination in this proceeding to be controlled by its judgment on whether Occidental may properly be found to be an adjunct to Transamerica banking operations, or on whether Occidental's continued presence in the Transamerica family is required for the performance of banking activities by Transamerica's banking subsidiaries. In arguing for the exemption of Occidental, the Applicant, as has already been found, places some reliance upon its contention that Occidental performs servicing functions for Transamerica banks—particularly in the writing of credit life and employee group insurance. But the principal thrust of its argument appears to be that Occidental should be found "closely related", because its operations have characteristics that resemble banking and because its business contacts with banks in the lending and investment field are such as to make it a natural ally of the business of banking. 3. Construction of the statutory language: From my own reading of the statute and its legislative history, I am unable to agree that Congress intended to confer on the Board virtually complete discretion, without limiting standards, to determine what might be considered as closely related within the meaning of Section 4(c)(6). Section 4(c)(6) itself circumscribes the area of the Board's allowable discretion. Thus, it superimposes upon the requirement that a financial, fiduciary or insurance company, to be qualified for exemption, must be "closely related to the business of banking or of managing or controlling banks", two additional requirements. One is that the Board must find that the close relationship is such as to make the nonbanking subsidiary a "proper incident" to the business of banking or managing or controlling banks. The other is that the Board must find that the relationship is such as to make it unnecessary for the divestiture provisions of the Act to apply in order to carry out the purposes of the Act. Both of these additional requirements, serve, in my view, to qualify and restrict the sense in which "closely related" may be considered. Manifestly, Congress would not have required a finding that the nonbanking subsidiary must be closely 1029 related as an incident to banking had it intended that any possible kind of relation, if only substantial enough, might be viewed by the Board as qualifying the subsidiary for exemption from divestiture. The "incident" requirement operates at once to modify the scope of the words "closely related" and to point the direction of Congress' purpose. Webster's New International Dictionary, Unabridged, Second Edition, defines the legal meaning of the noun "incident" as follows: "Something appertaining to, passing with, or depending on another, called the principal." Bouvier's Law Dictionary, Unabridged, defines the same term as follows: "This term is used both substantively and adjectively as a thing which either usually, or naturally and inseparably depends upon, appertains to, or follows another that is more worthy." When the words "closely related" are read in context with the modification which follows, and interpreted in the light of the definition of "incident", I think this construction fairly emerges:—that it was Congress' purpose to have the Board exempt from divestiture only those financial, fiduciary, or insurance companies that are engaged in activities so intimately tied in with banking operations, management or control as to make them in effect a reasonably required part or adjunct of the banking business. Under that construction, it would be of little materiality to the "closely related" issue, and certainly of no controlling importance, whether or not the nonbanking subsidiary may be found to be related to banking in other ways, for example, in terms of kindred characteristics or of propinquity in business contacts. The construction just stated is fortified by the further requirement of Section 4(c)(6), that the close relationship be such "as to make it unnecessary for the prohibitions of [Section 4(a) and (b)] to apply in order to carry out the purposes of the Act." A primary purpose of the Act is to confine bank holding companies to activities connected with the management and control of banks, on the theory that it is in the public interest to keep bank ventures in a field of their own, separate and apart from nonbanking enterprises.28 It is clear that Congress regarded financial, fiduciary and insurance companies, prima facie29 at least, as enterprises outside the field of banking —and this though it was made aware that such companies in certain aspects of their operations possessed points of comparability with banking, and though it presumably also knew that such companies normally enjoyed some measure of business relations with banks. Clearly, then, Congress must have expected something more than a showing of common traits or normal business consanguinity as a predicate for a "closely related" exemption. The key to what more was expected is to be found, I think, not alone in the statute's requirement for a "proper incident" finding, but also in its requirement that a "closely related" exemption, if it is to be allowed, must be found by the Board to be in harmony with the purposes of the Act. Divestiture exemption of nonbanking companies can be reconciled with the legislative objective of keeping bank ventures in a field of their own only if the "closely related" provision is construed as limited in its appli28 H. Rep. 602, pp. 1, 11, 16, 84th Cong.; S. Rep. 1095, pp. 1, 2, 5, 84th Cong. 29 See, for example, H. Rep. 609, p. 11, 84th Cong.; Cong. Rec. Vol. 102, Pt. 5, pp. 6858, 6935. 1030 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 cation to companies whose activities are so functionally integrated with or required for banking operations as to make them in effect part and parcel of such operations. Where nonbanking activities are found to be an adjunct to banking, it is entirely reasonable to disassociate such activities from the legislative object of keeping banking and nonbanking enterprises separate and apart—but not otherwise. What has just been said also serves to suggest that Congress intended the Board to base its "closely related" determinations primarily on the nature and degree of the functional relationship between, on the one hand, the company for which exemption is sought and, on the other, the business of banking or of managing and controlling banks as specifically conducted by that company's parent holding company and the latter's banking subsidiaries. A contrary view, in my opinion, would clash with the statutory purpose to ban combination under single holding company control of both banking and nonbanking enterprises. Moreover, if such direct functional integration were not contemplated, it would make practically meaningless at least part of the "incident" requirement; for it is difficult to perceive how a company can be found "an incident" of the management or control of banks unless its own functions are tied to the company that manages or controls. In any event, this precise question can no longer be regarded as an open one, for me at least. As appears from Section 5(b) of the Board's Regulation Y, issued pursuant to the Bank Holding Company Act of 1956, the Board has already construed the "closely related" provision of Section 4(c)(6) of the Act as having the restricted reference suggested above.30 For reasons earlier indicated, I am persuaded that the Regulation Y construction comports with Congress' intent; but even if I thought otherwise, I should still be obliged to look to Section 5(b) of Regulation Y as containing an authoritative Board interpretation binding on me. 4. Legislative history: The Legislative history tends on the whole to support the statutory construction set out above. The Bank Holding Company Act was considered and enacted by the 84th Congress following31 the sequence of events set out in the marginal note. H. R. 2674, on which hearings were held by the House 30 Section 5(b) to the extent here pertinent provides: "Any bank holding company which is of the opinion that a company all the activities of which are of a financial, fiduciary, or insurance nature is so closely related to the business of banking or of managing or controlling banks, as conducted by such bank holding company or its banking subsidiaries, as to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4 of the Act to apply in order to carry out the purposes of the Act, may request the Board for such a determination pursuant to Section 4(c)(6) of the Act." (Emphasis supplied.) 31 The House Committee on Banking and Currency, after holding hearings in February and March 1955 on H. R. 2674, reported out a revised bill, H. R. 6227 (H. Rep. 609). The House passed H. R. 6227 on June 14, 1955. The Senate Committee on Banking and Currency held hearings on H. R. 6227, along with S. 880 and S. 2350, in July 1955. On July 25, 1955, it reported out a compromise bill agreed upon in executive session—S. 2577 (S. Rep. 1095). Additional hearings were held on S. 2577 by the Senate Committee in February 1956, resulting in certain additional amendments to S. 2577 that were reported out on Mar. 6, 1956 (S. Rep. 1095, Pt. 2). After S. 2577 was debated, the Senate amended H. R. 6227 by striking all its provisions and substituting therefor the text of S. 2577, and then passed H. R. 6227, as so amended, on Apr. 25, 1956. On Apr. 26, 1956, the House without further debate passed H. R. 6227 as amended by the Senate, and sent the bill to the President who signed it on May 9, 1956. Committee, contained no provision such as the present Section 4(c)(6). It did have, however, a socalled servicing exemption which excluded from the divestiture provisions of the bill companies engaged solely in holding or operating bank properties, or in conducting a safe deposit business, or in serving a holding company and its subsidiaries in auditing, appraising, investment counsel, or liquidating banking assets. (Compare Section 4 ( c ) ( l ) of the present Act, hereinafter referred to as the "servicing exemption".) At the House hearings, Chairman Martin of the Board, commenting on the divestment provision of H. R. 2674, recommended that, "as against numerous specific exemptions, it would seem preferable to vest the administering agency with limited authority" to exempt companies "closely related to the business of32 banking or of managing or controlling banks". Chairman Martin explained that the proposed authority should extend to "exceptional" cases where exemption "may actually be necessary in the public interest".33 Testifying on the same point, Governor Robertson made plain that the Board's recommendation contemplated that exemption should be permissible only where a nonbanking business was operated as a part of or an adjunct to banking activities. In response to an inquiry from a committee member as to whether loan companies in a bank holding company group would be qualified for a "closely related" exemption, Governor Robertson stated: ** "That would be determined by the character of their business and whether or not those companies would be considered to be merely an arm of the bank itself. If not, I think they would be covered by the bill [requiring divestiture]". During the House hearings, one holding company witness—E. O. Jenkins, President of the First Bank Stock Corporation—proposed an amendment to H. R. 2674 which would have added a new exemption subsection. The wording of the proposed subsection was substantially identical to the language now contained in Section 4(c)(6) of the Act, except that it did not contain the present limitation to companies of a financial, fiduciary or insurance nature, and, moreover, unmistakably required that all the activities of the nonbanking company be closely related to the business of banking or of managing or controlling banks. In supporting the proposed amendment, Mr. Jenkins stated: ** "We also feel that reasonable discretion should be given to the Board to permit continued holdings of subsidiaries which are of service to a bank holding company group and engage in a clearly allied business". (Emphasis supplied.) The House Committee reported out H. R. 6227, without acceding to the suggestion that the Board be given discretionary authority to exempt "closely related" companies. In its Report, the Committee expressed agreement with an objection made by Comptroller Delano in 1950, on the occasion of hearings on an earlier bill when the Board had advanced a similar recommendation. Comptroller Delano had then illustrated what he considered to be the vice in giving the Board broad discretionary authority, by pointing to the competitive advantage a holding company system could gain over independent banks if the Board were to find that a finance com82 Hearings before House Committee on Banking Currency on H. R. 2674, p. 18, 84th Cong., 1st Sess. ™Ibid., p. 14. **Ibid., p. 119. & Ibid., p. 364. and LAW DEPARTMENT pany, engaged in acquiring consumer paper from other business areas and funneling such business into holding company banks, was a "proper incident" to the business of managing, operating or controlling banks.36 The Committee recommended that Congress exempt only "certain specific businesses" already spelled out in the servicing exemption and declared by the Committee to37be "obviously incidental to the business of banking". It is not, however, to be inferred from the Committee's objection to the inclusion of a "closely related" exemption that the Committee construed such exemption as extending beyond companies that were engaged in business as an "arm" of banking. Indeed, the example which the Committee used to support its objection presupposed precisely such a functional integration. What apparently lay at the heart of the Committee's objection was a fear that the Board in the exercise of its discretion to determine what was a "proper incident", might find to be "proper" that which Congress would not. The Senate Committee, as noted, held hearings on S. 880 and S. 2350, as well as on H. R. 6227 which by then had already passed the House. Only S. 2350 made reference to a "closely related" exemption. That bill in effect adopted the recommendation the Board had earlier made before the House Committee to substitute for the numerous specific exemptions in the servicing subsection of H. R. 6227 authority in the Board to determine what was an incident of banking. S. 2350 would have applied exemption "To shares of any company engaged solely in a safe deposit or fiduciary business or any company all the activities of which the Board has determined to be so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of this section to apply to carry out the purpose of this Act". At the Senate hearings, Chairman Martin expressed substantially the same position on this subject that he had taken at the House hearings.38 Other bank holding company witnesses also supported the flexible provision in S. 2350 as against the rigidly defined servicing exemption subsection in H. R. 6227. It appears to have been generally assumed, however, that even the S. 2350 provision would be applicable only to companies that serviced or were otherwise operated as an integral part or adjunct to holding company banking operations. E. O. Jenkins, arguing in support of the broader provision, indicated that he considered it applicable to situations of clear functional integration. As an example of the type of company he thought might be exempted under it, he referred to a finance company engaged in the origination of consumer paper that it sold only to banks.39 Witnesses for the Morris Plan stressed that the Plan had found it imperative, because of the personal loan and consumer credit activities in which its banking subsidiaries were heavily engaged, to establish and maintain certain nonbanking operations as an essential adjunct to its banking operations.40 They referred especially to a credit life insurance company and an automobile physical damage insurance company which, they pointed out, where intimately tied to their central banking op36 38 H. Rep. 609, pp. 16, 17, 84th Cong. & Ibid. Hearings before Subcommittee of Senate Committee on Banking and Currency on S. 880, S. 2350, and H. R. 6627, pp.39 44, 78, 84th Cons., 1st Sess. Ibid, p . 132. ^Ibid, p p . 151, 152, 169, 177, 1 7 8 . 1031 erations and41were required by them to protect their bank loans. The arguments of those who supported a "closely 42related" exemption, met with opposition, however. In an effort perhaps to make the "closely related" provision more palatable, J. Cameron Thomson, president of Northwest Bancorporation, at one point of his testimony offered a compromise proposal, which may have laid the seed for the provision the Senate ultimately adopted. Thomson suggested that the Board's discretionary authority to exempt "closely related" businesses be confined to financial, fiduciary or insurance companies.43 But Thomson also seems to have been thinking in terms of a servicing concept. Thus, his precise proposal was to amend Section 4 ( c ) ( l ) of S. 2350 (the section quoted above) by adding after the word company—at the second place where it appears—the words, "engaged in a financial, fiduciary or insurance business". It is noteworthy that under Thomson's proposed reading, Section 4 ( c ) ( l ) would have required all the activities of the financial, fiduciary, or insurance company to be "closely related" to banking as an incident thereto. Thomson's belief that Section 4 ( c ) ( l ) , even as amended, would still be restricted to companies that serviced or were adjuncts to banking operations is further revealed by the following colloquy:44 Senator Robertson: An insurance company would not be closely related to banking or would it? Mr. Thomson: Well it might be. For instance, as to banking generally, independent and bank holding company and branch have gone more into instalment credit. There has been a service built up that is very valuable, and is in general demand by borrowers. That is credit life—credit life insurance. Credit life insurance has become an adjunct of certain types of lending in banks today. That is one type of insurance company. After the hearings, the Senate met in executive session and agreed upon a compromise bill, S. 2577. This, with some minor modifications, ultimately became the law. S. 2577 separated the "closely related" exemption provision from Section 4 ( c ) ( l ) in which it had appeared in S. 2350, and placed it in a separate section, in the form in which it now appears in the Act.45 In its Report accompanying S. 2577, the Committee4 6 stated the following concerning Section 4(c)(6): "Exemption (6) has been included—as a necessary provision to enable the administering authority —to permit the retention by a bank holding company of activities found to be closely related to banking. . . . In the opinion of your committee certain activities of a financial, fiduciary, or insurance nature are obviously so closely related to banking as to 41 1 regard this testimony as particularly significant since it seems to have formed the basis for the example of the credit life insurance company later cited in the Senate Report to illustrate the kind of nonbanking operation Congress thought ought to be considered "closely related" as "an incident" to banking. 42 Ibid, p. 44. 4S Ibid, p. 330. ** Ibid, p. 328. 45 Section 4 ( c ) ( l ) in S. 2577 provided for automatic exemptions, without the necessity for a hearing, of companies engaged solely in holding or operating bank needed properties, or engaged solely in conducting a safe deposit business "or serving the holding company and banks in its system with respect to such functions as audits, appraisals, investment counsel, or the liquidation of assets. . . ." The quoted portion was later revised to its present form—"or furnishing services to or performing services for such holding company and banks with respect to which it is a bank holding company, or in liquidating assets acquired from such bank holding company and such banks". 46 S. Rep. 1095, Pt. 1, p. 13, 84th Cong. 1032 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 require no divestment by a bank holding company. For example, the operation of a credit life insurance company in connection with bank loans is clearly within the scope of banking operations as presently conducted. So is the operation of an insurance program under which the insurance proceeds retire the outstanding balance of the mortgage upon the death of the mortgagor in cases where the bank holds the mortgage. However, there are many other activities of a financial, fiduciary, or insurance nature which cannot be determined to be closely related to banking without a careful examination of the particular type of business carried on under such activity. For this reason your committee deems it advisable to provide a forum—in which decisions concerning the relationship of such activities to banking can be determined in each case on its merits". While the Report is scarcely crystal clear on the standards Congress wanted the Board to apply, I do not think it may fairly be read as conveying the thought that Congress meant to impose on the Board no limiting standards at all. Certainly, the Committee's language would seem to exclude from "related" that which is simply similar in kind, such as comparable management skills or responsibilities. The Report refers repeatedly to the relationship of "activities" to banking, thereby clearly implying that a functional test was meant. Moreover, and more important, the only specific examples cited in the Report concern situations of functional integration in which the nonbanking activities are in effect conducted as reasonably required adjuncts to the business of banking. All this, of course, is clearly consistent with the statutory construction advanced earlier in this Report. The Applicant apparently agrees that the "closely related" provision, when first proposed by the Board at the hearings, was set in the context of a servicing exemption. But the Applicant argues that when the Senate later placed that provision in a separate section, divorced from the servicing exemption, it "severed the cord that had tied the 'closely related' exemption to the servicing concept." Consequently, contends the Applicant, Section 4(c)(6) may not now be interpreted as being limited to companies which serve as an "arm of subsidiary banks" or which are otherwise an integral part or adjunct of banking as conducted by the banks within the holding company system—and this notwithstanding anything in the Board's Regulation Y to the contrary.47 I am unable to agree that Congress separated the "closely related" exemption from the servicing exemption because it intended thereby to make clear that functional integration was not to be the touchstone for exemption qualification under Section 4(c)(6). After amending the provisions of Section 4 ( c ) ( l ) , as noted above, the Senate Committee in its second Report explained its reasons for separating the servicing exemptions, which require no hearing, from thett Section 4(c)(6) exemptions, which do, as follows: "Such financial, fiduciary or insurance activities do not come within the scope of the meaning of the phrase 'furnishing services to or performing services for a bank holding company.' The servicing exemption should not be interpreted to include activities beyond the ordinary category of such services". *7As to Section 5(b) of Regulation Y, the Applicant disputes the authority of the Board to express by general regulation a limiting view of the "closely related" exemption, stating that all questions under Section 4(c) (6) must be decided on the basis of hearings held under that section. « S. Rep. 1095, Pt. 2, p. 3, 84th Cong. The ordinary category of services, as the Committee saw it, included activities such as "audits, appraisal, investment counsel49 or the liquidation of assets acquired by [banks]"; also, "advertising, public relations, developing new business, organization, operations, preparing tax returns [and] personnel".60 These are all services that banks may, and commonly do, perform with their own personnel. Bank holding company subsidiaries performing such services solely for their parent company and its subsidiary banks are clearly no more than administrative departments of the bank holding company organization. They are so apparently an incident of banking operations, management or control as to require no hearing to establish that fact. The same cannot be said of financial, fiduciary or insurance company subsidiaries in a holding company family. Such subsidiaries, even when engaged in activities that are of service to banking operations, do not perform the type of services ordinarily associated with administrative operations. Determination of whether such subsidiaries are operated as an "arm of subsidiary banks" cannot be made except on the particular facts of each case, necessitating a hearing for that purpose. There is thus a sound basis for separation of the "closely related" exemption from the servicing exemption, at variance with that suggested by the applicant. The statutory separation of the sections does not in my view negate the construction otherwise drawn from the language of the statute, and found supported generally by legislative history, that Congress intended Section 4(c)(6) to require as a condition to exemption that the nonbanking subsidiary be an integral part or adjunct of banking operations, management, or control within the holding company system of which it is part. The restricted construction stated above comports with the commonly understood interpretation of Section 4(c)(6) at the time the legislation was pending. After the Senate Committee reported out S. 2577, accompanied by its Report No. 1095, it held additional hearings on the bill. F. M. Belgrano, president of Transamerica, appearing as a witness, urged the committee to rewrite the divestiture provisions so as at least to allow bank holding companies to retain the financial, fiduciary and insurance companies they then owned. With specific reference to Section 4(c)(6), Mr. Belgrano stated: "Section 4(c)(6) of the present bill, as interpreted in the Committee report, contemplates that the Federal Reserve Board will permit a bank holding company to continue to hold a credit life-insurance company, at least if its operations are wholly or largely confined to writing insurance in connection with loans made by subsidiary banks. This is on the theory that the activities of such a company are sufficiently closely related to banking to be a proper incident thereto". (Emphasis supplied.) Mr. Belgrano went on to argue that if that was not contrary to the public interest, neither was the operation of a straight life insurance company which was "fully separated and operated in competition with all other insurance companies".51 Mr. Belgrano's interpretation of Section 4(c)(6), as requiring a direct and substantial functional integration between the nonbanking subsidiary and the banking subsidiaries 46 51 Ibid, Pt. 1, p. 12. ™Ibid, Pt. 2, p. 3. Hearings on Amendments to S. 2577 before the Senate Committee on Banking and Currency, Pt. 2, p. 83, 84th Cong., 2d Sess. LAW DEPARTMENT in the same holding company system, was not challenged. And if any doubt remained on that point, such doubt was finally laid at rest during the Senate debates on the bill. In presenting the bill which ultimately became law, Senator Robertson, the Senate manager of the bill, had this to say: B3 "Nothing is more fundamental in the Banking Act of 1933 than the principle that banks should be restricted to banking activities, and not engage in other types of business. . . . The divestment requirements of S. 2577 would correct that situation, but still would make liberal allowance for holding companies to continue to carry on functions closely related to banking which are essential for their efficient operation". (Emphasis supplied.) The emphasized portion seems to me clearly to confirm the correctness of the statutory construction that is here reached. 5. Conclusion as to meaning of Section 4(c)(6): For all the reasons set out above, I am persuaded, and conclude, that Section 4(c)(6) must be interpreted as requiring, as a condition for exemption thereunder, that the activities of the nonbanking company for which exemption is sought must be so functionally related to the business of banking, or of managing or controlling banks, as conducted by its parent bank holding company and the latter's banking subsidiaries, as to be an integral part or essential adjunct of such business.53 B. As to the Application of Section 4(c)(6) to the Facts of this Proceeding With Section 4(c)(6) thus clarified, its application to the facts of this particular proceeding presents no special difficulty. Many of the considerations the Applicant relies upon may be ruled out at once as having no significant bearing on the issue of whether Occidental meets the "closely related" standards as interpreted above. Thus, the facts set out in Section II B of this report show only that there are respects in which the business of life insurance and the business of banking possess kindred characteristics. But they are of little or no aid in establishing that Occidental's activities are an incident to Transamerica's banking operations in the functional sense that Congress had in mind. The existence of a natural kinship, if such there is, between life insurance and banking may provide a cogent argument against the wisdom of a statute that would not allow both businesses, on that basis alone, to be operated as parts of a single holding company system. That precise argument, indeed, was forcefully presented to Congress when the bank holding company legislation was being considered. But Congress rejected that argument and cast the statute in ss Cong. Rec, Vol. 102, Pt. 5, p. 6755. 53 Lest the scope of this construction be misunderstood, several caveats may be noted. First, the term "essential" as used above is to be considered in the sense of "reasonably required" rather than in the sense of "indispensable". Second, the fact that a financial, fiduciary or insurance subsidiary is found to be an integral or required part or adjunct of its holding company's banking operations is not alone enough to support an exemption determination. There would yet remain the question of whether its activities are a "proper incident", a question calling for a discretionary determination in light of all the circumstances of the case and the purposes the Act was designed to carry out. Third, the question as to whether all the activities of the financial, fiduciary or insurance company must be closely related as an incident to the holding company's banking operations is not here passed upon, since, for reasons later to be indicated, it is not essential to the determination of this case. 1033 another mold. The Board now has no choice left but to carry out the will of Congress. What has just been said applies with equal force to other assertions of the Applicant that are without direct relevancy to the issue of functional integration. Thus, it is argued earnestly that Transamerica should be permitted to retain Occidental because Occidental, as a source of additional capital, plays a stabilizing role in the bank holding company system of which it is now a member. That argument also comes too late and is made to the wrong forum. It,5 too, was urged before Congress, and by it rejected. * If Occidental is in a position to strengthen Transamerica, and through it Transamerica's banks, so also are Transamerica's other profitable nonbanking enterprises. But that does not make Occidental any more than the others an "incident" of banking. Other considerations relied upon by the Applicant require more extended discussion, as they impinge, to some extent at least, upon functional relations between Occidental and Transamerica's banking subsidiaries. They are advanced by the Applicant to support the broad contention, expressed in its brief, that "Occidental is 'closely related to the business of banking' as a company whose activities bring it into daily contact with banks and which . . . performs and supplies valuable services for banks, both affiliated and unaffiliated." More specifically, they are referable to the findings made in Section II C above, dealing with the insurance—both employee group and credit life—that Occidental writes for banks, and to the findings made in Section II D, above, dealing with Occidental's business relations with banks on the investment side of its operations. The assertion that Occidental is "closely related" to Transamerica's banks because of the employee group insurance it writes for them is one that need not detain us long. As has been observed above, it is not all business relations that fit into the statutory frame of reference, but only those that may reasonably be said to be an "incident" to "the business of banking or of managing or controlling banks". The writing of employee group insurance can scarcely be said to be incident to the business of banking, as such. Occidental's relationship to banks in the sale of this class of insurance is simply an ordinary business relationship, not different from its relationship to any other policyholder to whom it may sell insurance. Occidental does not depend on banks for the sale of such insurance, nor they on Occidental for its purchase. Moreover, the group employee insurance Occidental writes for Transamerica banks represents an insignificant part of its total writings—approximately one per cent in terms of insurance in force. The same insurance coverage may be obtained by Transamerica's banks from other carriers and at substantially the same rates. The fact that Transamerica's banking subsidiaries may find it more convenient to negotiate with a member of their own family is not a persuasive reason to support exemption. In sum, Occidental's relations with Transamerica banks with regard to employee group insurance contribute nothing of substance to buttress the Applicant's contention that Occidental is an incident to the operations, management, or control of Transamerica's banking subsidiaries. Occidental's writing of credit life insurance stands on a somewhat different footing. Such insurance, un54 Hearings before Senate Committee on Banking and Currency on S. 2577, Pt. 2, p. 83, 84 Cong. 2d Sess.; Cong. Rec, Vol 102, Pt. 5, pp. 6933-4, 6941, 6995. 1034 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 like employee group insurance, does bear a specific relationship to a banking activity. But that alone is not enough to establish that Occidental is "closely related" to Transamerica's banking operations as an "incident" thereto within the statutory purview. For purposes of determination here it is unnecessary to reach the question as to whether Congress intended, as a condition to exemption, that all activities of an insurance company must be closely related to the business of banking. For it is at least certain that Congress expected much more than a casual relationship when it phrased the statute in terms of requiring a relationship so close as to be an incident of banking, and as to make it unnecessary for the divestiture provisions to apply in order to carry out the purposes of the Act. For reasons already stated, I am satisfied that Congress, even if it did not contemplate a total servicing relationship as a predicate for exemption, at least contemplated that the over-all activities of the subsidiary insurance company would be so substantially knotted to the banking activities of affiliated banking subsidiaries as to support a finding that the insurance company's continued presence in the holding company system was reasonably required for the continued efficient conduct of their banking activities. I do not think such a finding is supported here. There is no suggestion in the record that Transamerica acquired Occidental for its holding company system, or retained it there, because it needed Occidental as an adjunct to its banking operations. On the contrary, it is conceded that Transamerica has available to it some 50 unaffiliated insurance companies that are in a position to provide it with the same insurance coverage at substantially the same terms. Moreover, as a general life insurance company, Occidental is not primarily concerned with the writing of credit life insurance for banks. The credit life insurance it writes for Transamerica's banks is peripheral to its principal operations and but a trivial part of its total business. Whether considered quantitatively or in terms of need, it is not reasonably to be concluded that Occidental's insurance operations are so substantially linked to the business of banking conducted by Transamerica's banking subsidiaries as to warrant Occidental's exemption on that account as a "closely related" insurance subsidiary within the specific contemplation of Section 4(c)(6). Nor do I think the substantial functional intergration the statute requires may be spelled out from the contacts and dealings Occidental has with Transamerica banking subsidiaries on the investment side of its operations. The business relations Occidental enjoys with Transamerica banks are no more than the normal business relations that life insurance companies as a class have with banks as a class in the usual conduct of their respective businesses. Moreover, they are for the most part no different from those which Occidental also has with various nonbanking enterprises whose activities similarly bring them into business contact with life insurance companies. This is made apparent when the principal points the Applicant stresses are put under scrutiny. Thus, since Occidental's principal investment activity consists of the acquisition of mortgage loans, it is to be expected that Occidental will at times purchase mortgage loans from Transamerica banks which operate in the area where Occidental conducts the greater part of its business. The amount that Occidental acquires from Transamerica banks, and even from banks generally, represents but a very minor part of its total acquisitions, about 80 to 90 per cent being from nonbanking sources. It is clear, moreover, that, just as Occidental does not look to Transamerica's banks as a primary source for such acquisitions, so, too, Transamerica banking subsidiaries do not depend on Occidental as an outlet for mortgage loans they would dispose of. This is illustrated by the fact that during the past 11 years, there have been only 2 years in which mortgage loans were sold to Occidental by more than one Transamerica bank, and 5 years in which no mortgage loan at all was sold to Occidental by any Transamerica bank. In contrast, it appears that even during the years when the volume of sales by Transamerica's banks to Occidental was greatest, they amounted to less than 30 per cent of the total mortgage loans sold by such banks, the balance having been disposed of to insurance companies besides Occidental as well as to other unaffiliated purchasers. Nor does the record establish that Occidental is reasonably needed by Transamerica in its bank holding company system for the effective promotion of coordinated investment and lending activities. As has been found above, in the field of private placements there has in fact been no coordinated activity between Occidental and Transamerica banking subsidiaries since Transamerica divested itself of its interest in the Bank of America. And though there has been some in the field of real estate lending, this is not necessarily attributable to affiliation. Even without affiliation, Transamerica's banks appear to have experienced no difficulty in coordinating their lending activity, where necessary, with that of other insurance companies and lending institutions. Although Occidental's widespread insurance and investment activities touch upon Transamerica's banking operations at scattered points, they cannot when viewed as a whole be said to be so closely related to Transamerica banking operations as to be an integral part or adjunct thereof. Confirmation that Occidental is not required for the efficient conduct of such banking operations is to be found in the Applicant's inability at the hearing to cite any specific respect in which Transamerica's banking operations would be damaged if divestiture of Occidental were required. It was substantially conceded by the Applicant at the hearing that Occidental's business is not significantly distinguishable in its general character and conduct from that of any other leading life insurance company engaged in the sale of the same classes of insurance. The question thus boils down to whether, absent a showing of a special functional integration, a bank holding company should be allowed to retain—or to acquire, for the controlling considerations are, or ought to be, the same—a general life insurance company such as Occidental. A proper reading of the statute, and more so its legislative history requires, I am persuaded, a negative answer.55 Upon the basis of the foregoing findings of fact, and upon the entire record in the case, I make the following: Conclusions of Law 1. All the activities of Occidental are of a financial, fiduciary or insurance nature. 2. Occidental is not—within the meaning of Sec55 See, for example, H. Rep. 609, p. 16, 84 Cong.; Cong. Rec, Vol. 102, Pt. 5, pp. 6858, 6935. 1035 LAW DEPARTMENT tion 4(c)(6) of the Act—so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4 (a) (2) of the Act to apply in order to carry out the purposes of the Act. Recommendation It is recommended that the Board of Governors of the Federal Reserve System 1. Enter an order determining the issue in this proceeding in accordance with the findings of fact and conclusions of law made above, and 2. Deny the request of Transamerica Corporation for an order under Section 4(c)(6) of the Act exempting Occidental Life Insurance Company of California from application of the prohibitions of Section 4(a)(2) of the Act. Dated at Washington, D. C , this 21st day of May, 1957. (Signed) ARTHUR LEFF Hearing Examiner. APPENDIX A LIST OF TRANSAMERICA'S MAJORITY CONTROLLED BANKS Number of offices Percentage of Ownership Resources California: First Western Bank and Trust Company, San Francisco 84 73.07 $909,639,176 Oregon: The First National Bank of Portland, Portland 74 58.82 891,728,316 90.55 175,447,106 Name and location Utah: Walker Bank & Trust Company, Salt Lake City Washington: National Bank of Washington, Tacoma 21 53.64 167,111,906 Nevada: First National Bank of Nevada, Reno Bank of Nevada, Las Vegas 18 5 96.09 73.26 220,330,076 32,986,583 40 61.23 95.53 229,753,095 96,318,552 95.04 96.22 90.08 57,277,518 12,976,932 10,949,420 91.48 90.00 66.38 53.50 76.61 27,032,112 9,612,791 20,979,933 7,985,221 22,261,710 98.17 99.36 98.00 12,273,298 19,513,001 17,102,291 , 87.00 89.31 90.98 7,728,691 17,665,532 22,238,618 , 92.67 92.00 91.82 40,001,928 16,530,070 7,706,248 Arizona: First National Bank of Arizona, Phoenix Southern Arizona Bank and Trust Company, Tucson Colorado: The American National Bank of Denver, Denver Englewood State Bank, Englewood The First National Bank in Fort Collins, Fort Collins New Mexico: Bank of New Mexico, Albuquerque First State Bank at Gallup, Gallup Lea County State Bank, Hobbs Roswell State Bank, Roswell Santa Fe National Bank, Santa Fe Idaho: Bank of Eastern Idaho, Idaho Falls Continental State Bank, Boise The First National Bank of Caldwell, Caldwell Montana: Bank of Glacier County, Cut Bank The Conrad National Bank, Kalispell Montana Bank, Great Falls Wyoming: The Casper National Bank, Casper The First National Bank of Laramie, Laramie The First National Bank of Riverton, Riverton , , , , Current Events and Announcements DEATH OF DIRECTOR FEDERAL RESERVE MEETINGS Meetings of the Federal Open Market Committee were held in Washington on August 20 and September 10, 1957. The Federal Advisory Council held a meeting in Washington on September 15-17, 1957, and met with the Board of Governors on September 17. FEDERAL ADVISORY COUNCIL The Federal Reserve Bank of Minneapolis has selected Mr. Gordon Murray, President, First National Bank of Minneapolis, as a member of the Federal Advisory Council representing the Ninth Federal Reserve District, to succeed Mr. Julian B. Baird, who resigned to become Under Secretary of the Treasury. Mr. Henry Banks, who had served as a director of the Memphis Branch of the Federal Reserve Bank of St. Louis since January 1, 1953, died on September 4, 1957. Mr. Banks was engaged in farming in Clarkedale, Arkansas. HISTORICAL SUPPLEMENT TO MONTHLY CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS The 1957 edition of the historical supplement to the monthly Federal Reserve Chart Book on Financial and Business Statistics will be available for distribution early in October, on the terms indicated on page 1119. Charts will include the latest data available on September 4, 1957. TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Latest BULLETIN Reference INCREASE IN FEDERAL RESERVE DISCOUNT RATES As announced in the August BULLETIN, by August 16, 1957 nine of the twelve Federal Reserve Banks had raised their discount rates from 3 to 3Vi per cent. By August 22 the remaining three Reserve Banks had taken similar action. The effective date of the 3V£ per cent rate was Wednesday, August 21, 1957 at the Federal Reserve Bank of St. Louis, and Friday, August 23, 1957 at the Federal Reserve Banks of New York and Cleveland. 1036 Semiannually Banking offices: Analysis of changes in number of.... On, and not on, Federal Reserve Par List, number of Annually Earnings and expenses: Federal Reserve Banks Member banks: Calendaryear First half of year Insured commercial banks Banks and branches, number of, by class and State Operating ratios, member banks Stock Exchange firms, detailed debit and credit balances Banking and monetary statistics, 1956.. Issue Page Aug. 1957 974 Aug. 1957 975 Feb. 1957 210-211 June 1957 Nov. 1956 June 1957 710-718 1248 719 Apr. 1957 June 1957 472-473 720-722 Mar. 1957 { { - g j J9,?.7, 336 National Summary of Business Conditions Released for publication September 16 Industrial production and nonagricultural employment in August remained at the June-July level. Personal incomes and retail sales, meanwhile, continued to reach new highs. From early August to early September, the general level of wholesale prices was stable. Bank loans showed some seasonal expansion. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of industrial production in August was unchanged at 144 per cent of the 1947-49 average, as activity in manufacturing industries showed the usual seasonal rise. Auto assemblies rose substantially prior to the model change-over cutbacks this month. Household goods production declined slightly as output of television edged off from the advanced July rate. There were further curtailments in the aircraft industry, but activity in most other equipment lines changed little at advanced levels. Output of building materials remained at the July rate as cement production recovered following work stoppages and lumber production declined. Steel mill operations increased to 81 per cent of capacity from INDUSTRIAL PRODUCTION 1947-49=100 79 per cent in July, a less than seasonal rise; in early September the rate was 82 per cent. Production in the nondurable goods industriesincreased slightly in August as activity in the rubber, chemical, and petroleum refining industries, increased and output of textiles and apparel continued at reduced levels. Output of minerals, changed little. CONSTRUCTION Private housing starts advanced in August toa seasonally adjusted annual rate of slightly more than one million units. Value of new construction activity increased somewhat and was at a record seasonally adjusted annual rate of $47.5" billion, about 3 per cent above a year earlier. Contract awards in July were down from the record volume of the two preceding months, reflecting declines for most types of nonresidential construction. EMPLOYMENT Employment in nonagricultural establishments, continued at a record seasonally adjusted level of 52.8 million in August. Unemployment declined: 400,000, to 2.6 million, as many students withdrew from the labor market. Average weekly earningsat factories advanced somewhat, reflecting a slight increase in average hours of work. DISTRIBUTION Seasonally adjusted dollar sales at retail roseslightly further in August and were 7 per cent above a year earlier. The sustained rise since April, amounting to about 5 per cent, has reflected? mainly increases in sales at food, apparel, and department stores. In early September department store sales remained near the new high reached in August. AGRICULTURE Federal Reserve indexes, seasonally adjusted, ures, latest shown are for August. Monthly fig- Reflecting further improvement during August, total crop output was officially forecast as of September 1 at 105 per cent of the 1947-49 aver- 1037 1038 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 age, only 1 per cent below last year's record output. Compared with last year, indications are for some decreases in wheat and cotton harvests, and a rise in feed grains. COMMODITY PRICES The general level of wholesale commodity prices was stable from early August to early September. Copper, steel scrap, rubber, wool, and fuel oils declined, but some metal products were advanced and average prices of industrial commodities remained at the new high reached in early August. Among farm products, ogg prices increased substantially while livestock and corn declined. The consumer price index rose one-half of one per cent further in July. The rise reflected mainly increases in meats and some other foods, but prices of consumer services continued to advance. BANK CREDIT AND RESERVES Total credit at city banks increased $350 million between early August and early September-, compared with a rise of $1.3 billion in the same period a year ago. This year's increase reflected principally seasonal growth in business loans. Loans to food processors, commodity dealers, sales finance companies, and public utilities increased while those to metals concerns declined. Holdings of U. S. Government securities changed little. RESERVES AND BORROWINGS A A A A BORROWINGS AT F R. BANKS f\ SECURITY MARKET During late August and early September yields on short-term U. S. Government securities continued near their midsummer highs. In the first half of September, 3-month bills held above the 3.50 per cent Federal Reserve discount rate, and yields on most 1958 maturities remained close to 4.00 per cent. Yields on intermediate and longterm issues declined from their mid-August highs, but most of the decline was erased in mid-September with the announcement of a $3 billion Treasury cash financing. The financing included three 4 per cent issues: a short-term certificate, a note maturing in 5 years but redeemable at the option of the investor in 2Vi years, and a 12-year bond. Yields on both corporate and State and local government bonds increased further in late August, but declined slightly in early September. Common stock prices declined on balance from mid-August to mid-September. INTEREST RATES ALL MEMBER BANKS - Average member bank borrowing from the Federal Reserve was about $380 million greater than excess reserves during early September, a somewhat smaller amount than a month earlier. Reserves supplied principally through Federal Reserve purchases of U. S. Government securities were absorbed only in part by currency outflows and increases in required reserves. k A V V EXCESS RESERVES 1 - | w K 1955 FREE RESERVES 1 . 1956 . . . A 1 . . . . . . . . . . . 1957 Federal Reserve data. Free reserves are excess reserves less borrowings. Weekly averages, latest shown are for week ending Sept. 8. Weekly average market yields for long-term U. S. Government V/i per cent bonds and for longest Treasury bills; latest shown are for week ending Sept. 13. Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. Reserve Bank discount rates; reserve requirements; margin requirements. Federal Reserve Banks. .. Bank debits; currency in circulation. . . .. All banks: consolidated statement of monetary system; deposits and currency. All banks, by classes. .. Commercial banks, by classes. Weekly reporting member banks. 1041 1044 1045 1048 1050 1051 1054 1056 Commercial loans; commercial paper and bankers' acceptances. Interest rates Security prices; stock market credit. . Savings institutions . Federal business-type activities. Federal finance Security issues Business finance Real estate credit. . .. Short- and intermediate-term consumer credit. 1058 1059 1060 1061 1062 1064 1068 1069 1071 1074 Selected indexes on business activity. Production . Employment and earnings. Department stores Foreign trade .. Wholesale and consumer prices. . . . National product and income series. 1078 1079 1086 1088 1089 1090 1092 Tables published in BULLETIN, annually or semiannually—list, with references Index to statistical tables. 1036 1121 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating for gold stock, currency in circulation, Federal to financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 1039 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily Billions of dollars 25 figures MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION 25: RESERVE BANK CREDIT 20 TREASURY CASH A N D DEPOSITS NONMEMBER DEPOSITS -FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES: 20 HELD UNDER ~ | REPURCHASE AGREEMENTS A A j DISCOUNTS AND ADVANCES ' 1951 FEDERAL RESERVE FLOAT ' 1952 1953 1954 1955 1956 Latest averages shown are for week ending Aug. 28. See p. 1041. 1040 i 1957 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Week ending Deposits, other than member bank Member bank reserves, reserves Treas- with F. R. Banks ury Other cash F. R. holdacings counts Treas- For- Other ReExTotal quired 2 cess2 ury eign Gold stock Treasury Curcurrency rency in outcirstand- culaing tion 21,806 21,826 21,827 21,828 5,032 5,031 5,031 5,032 30,765 30,923 30,808 30,632 773 770 768 773 493 437 595 556 298 309 320 288 298 290 278 267 18,430 18,285 18,240 18,187 472 755 629 557 690 1,046 25,172 21,829 5,034 917 829 25',182 21,855 5,035 960 837 25 ,254 21,856 5,036 878 1,171 25,642 21,856 5,037 935 829 25^,404 21,857 5,041 30,575 30,633 30,681 30,654 30,618 772 769 773 778 776 519 530 539 485 481 284 319 335 293 318 273 1,021 18,591 18,115 284 949 18,588 18,018 277 947 18,593 18,014 266 944 19,117 18,464 282 944 18,883 18,375 476 570 579 653 508 U. S. Govt. securities DisHeld count; Bought under and Float Total repur- adTotal outchase vances right agreement Averages of daily figures 1956 July 4 July 11 July 18 July 25 23,791 23,836 23,490 23,408 23,748 23,826 23,487 23,408 Aug. Aug. Aug. Aug. Aug. 1 8 15 22 29 23,418 23,418 23,439 23,574 23,622 23,418 23,418 23,418 23,446 23,592 Sept. Sept. Sept. Sept. 5 12 19 26 23,849 23,858 23,691 23,576 23,818 23,829 23,673 23,555 31 787 25,454 796 ,045 25,934 29 1,012 ,489 25,852 18 654 21 705 1,394 25,694 21,861 21,883 21,883 21,884 5,042 5,042 5,043 5,044 30,786 30,910 30,810 30,714 771 770 771 774 427 518 453 651 379 381 345 331 251 252 235 219 943 941 945 951 18,800 19,088 19,220 18,980 18,357 18,394 18,524 18,477 443 694 696 503 Oct. Oct. Oct. Oct. Oct. 3 10 17 24 31 23,697 23,840 23,860 23,736 23,708 23,602 23,766 23,846 23,736 23,668 95 74 14 40 810 857 714 564 674 067 25,593 990 25,707 ,810 ,866 062 25,466 21,884 21,906 21,910 21,909 21,909 5,046 5,046 5,047 5,048 5,051 30,769 30,880 30,953 30,864 30,795 776 770 775 777 780 551 489 388 505 539 325 405 373 293 285 214 227 429 291 292 953 958 958 956 925 18,935 18,929 18,890 19,137 18,810 18,456 18,322 18,313 18,574 18,451 479 607 577 563 359 Nov. 7 . . . . . . . Nov. 14 Nov. 2 1 . . . . . . . Nov. 28 23,824 23,940 24,033 24,202 23,766 23,882 23,959 24,110 58 58 74 92 828 945 66: 631 1,084 25 ,762 1,040 25 ,954 1,543 26 ,266 1,514 26 ,374 21,909 5,054 30,963 21,910 5,056 31,141 21,910 ,055 31,269 21,910 ,056 31,355 781 773 771 772 501 446 441 436 284 321 303 307 345 397 292 252 847 19,004 845 18,996 844 19,311 843 19,375 18,443 18,377 18,701 18,754 561 619 610 621 Dec. 5 Dec. 12 Dec. 19 Dec. 26 24,404 24,652 24,785 24,906 24,287 24,493 24,489 24,574 117 159 296 332 460 1,268 26,165 21,953 ,060 ,062 709 1,226 26,633 21,924 835 27,223 21,927 ,064 555 66' 2,208 27,842 21,949 5,066 31,451 31,660 31,835 31,992 770 775 776 765 408 357 498 635 344 342 389 393 228 910 19,068 18,682 264 1,001 19,220 18,653 169 1,011 19,535 18,922 258 1,024 19,790 19,086 386 567 613 704 Jan. 2. Jan. 9. Jan. 16. Jan. 23. Jan. 30. 24,994 24,688 24,293 23,811 23,450 24,610 24,601 24,293 23,811 23,450 384 87 925 1,537 27,524 "26,809 535 25,954 348 34' 1,446 25,636 528 1,078 25,087 Feb. 6. Feb. 13. Feb. 20. Feb. 27. 23,435 23,264 22,969 22,854 23,411 23,190 22,958 22,854 Mar. 6. Mar. 13. Mar. 20. Mar. 27. 22,913 22,979 23,178 23,094 22,895 22,934 23,064 23,051 18 45 114 43 Apr. Apr. Apr. Apr. 3. 10. 17. 24. 23,189 23,262 23,282 23,237 23,040 23,040 23,146 23,169 May 1. May 8. May 15. May 22. May 29. 23,169 23,213 23,083 22,915 22,930 23,169 23,125 23,033 22,915 22,901 June June June June 23,110 22,972 22,930 22,951 22,950 22,926 22,880 22,888 160 90: 46 1,059 50 1,089 63 1,003 3. 10. 17. 24. 31. 23,098 23,443 23,319 23,342 23,360 23,031 23,260 23,252 23,235 23,084 67 1,068 183 1,213 67 1,06: 107 739 276 553 Aug. 7. Aug. 14. Aug. 21. Aug. 28. 23,116 23,047 23,034 23,220 23,078 23,047 23,034 23,215 644 1,231 25,685 25,903 880 1,169 25 412 25,769 849 573 1,' 39325,393 21 128 30 993 18,902 990 19,040 987 18,869 994 18,744 1957 July July July July July 5. 12. 19. 26. Preliminary. r 21,949 21,949 21,950 21,951 22,080 5,066 5,066 5,066 5,067 5,068 31,829 31,479 31,108 30,827 30,607 777 783 786 798 395 352 293 199 420 374 323 320 324 329 335 287 267 268 258 19,110 18,971 18,765 18,724 18,550 746 730 535 618 368 640 1,040 25,146 22,251 741 962 24 ,997 22,252 57' ,18824;,764 22,303 713 217 24,813 22,303 5,070 5,070 5,071 5,073 30,596 30,641 30,605 30,544 817 820 815 815 534 377 173 297 333 366 307 334 276 992 18,920 18,445 299 1,007 18,808 18,265 226 1,116 18,895 18,309 382 1,134 18,683 18,218 475 543 586 465 755 1,179 24,871 880 908 24,791 783 1,173 25,158 844 967 24,930 22,304 22,304 22,305 22,305 5,077 5,079 5,080 5,083 30,566 30,609 30,589 30,502 813 812 811 813 479 471 302 353 329 297 300 334 212 201 199 205 1,131 1,129 1,138 1,139 18,721 18,654 19,204 18,971 18,231 18,205 18,578 18,362 490 449 626 609 149 1,074 877 25,165 222 1,230 25,400 136 1,244 25,520 94' 1,484 25,695 68 22,306 22,307 22,313 22,317 5,086 5,088 5,089 5,092 30,589 30,655 30,681 30,610 808 814 808 791 517 387 478 456 294 340 344 390 314 305 300 454 1,167 1,205 1,203 1,202 18,868 19,088 19,107 19,201 18,525 18,523 18,556 18,639 343 565 551 562 730 1,168 25,093 22,318 5,094 30,499 993 947 25,177 22,318 5,095 30,589 975 948 25,031 22,319 5,096 30,654 793 1,341 25,070 22,320 5,098 30,645 903 -",833 22,406 5,102 30,660 979 24 793 795 787 790 794 419 504 479 525 562 352 366 366 362 358 291 275 241 273 279 ,148 19,000 ,078 18,984 ,075 18,845 074 18,818 ,073 18,616 18,621 18,495 18,368 18,284 18,264 379 489 477 534 352 50 29 973 19,856 899 19,701 897 19,300 894 19,342 893 18,918 954 24,987 936 24,988 1,384 25,424 1,320 25,294 1,198 25,387 1,111 25,792 1,"" 236 25,641 25 1,351 25,456 998 24,93f 22,620 22,621 22,621 22,622 5,104 5,106 5,106 5,106 30,837 30,903 30,904 30,849 792 791 782 776 485 463 518 477 357 379 389 407 323 276 335 254 ,072 18,846 ,069 18,834 ,076 19,148 ,087 19,171 18,378 18,330 18,546 18,625 468 504 602 546 22,623 22,623 22,625 22,625 22,626 5,107 5,108 5,108 5,108 5,110 31,150 31,313 31,184 30,999 r 3O,91O 763 765 770 774 r 770 546 431 455 507 494 420 339 413 385 370 296 290 279 267 278 ,077 18,865 ,077 19,308 ,073 19,200 ,070 19,189 961 18,885 18,521 18,732 18,636 18,568 18,493 344 576 564 621 392 928 25,124 38 1,060 1,161 874 25,102 931 1,227 25,211 915 977 25,133 22,627 22,627 22,625 22,626 5,113 5,114 5,116 5,118 30,983 31,069 31,055 30,998 767 764 762 764 498 475 513 475 355 363 343 339 277 273 270 268 ,116 18,868 18,331 ,113 18,786 18,195 ,203 18,806 ^18,231 ,203 18,831 ^18,371 537 591 For other notes see following page. Revised. 1041 1042 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding U. S. Govt. securities Period or date Total Held under Bought repuroutchase right agreement Discounts and Float advances Gold stock Total* Treasury currency outstanding Currency in circulation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Member bank reserves Other F. R. accounts Treas- Foreign ury Other Total ReExquired 2 cess2 Averages of daily figures 1956 23,530 23,728 23,781 24,024 24,765 23,488 23,695 23,742 23,951 24,498 42 33 39 73 267 898 792 715 745 706 910 25,357 ,198 25,737 ,182 25,698 ,300 26,097 ,633 27,156 21,855 21,880 21,906 21,910 21,942 5,038 5,043 5,048 5,056 5,064 30,650 30,803 30,864 31,198 31,775 774 772 776 774 772 504 523 487 456 463 318 356 337 308 372 275 237 299 313 247 24,092 23,111 23,061 23,239 23,041 22,989 23,351 23,146 24,056 23,083 22,997 23,121 22,996 22,917 23,198 23,129 432 36 665 28 859 64 118 1,036 931 45 72 1,009 917 153 17 1,010 ,343 25,905 ,106 24,912 ,024 24,968 ,110 25,411 ,046 25,041 170 25,189 ,175 25,466 989 25,166 21,989 22,279 22,305 22,313 22,358 22,621 22,625 22,626 5,067 5,071 5,081 5,090 5,098 5,106 5,108 5,115 31,040 30,595 30,568 30,614 30,645 30,902 31,116 31,035 794 817 812 803 792 782 769 764 335 336 423 429 521 490 480 490 323 335 316 348 361 393 377 349 216 1,998 2,484 2,254 24,262 22,559 20,778 24,697 24,932 24,785 23,758 148 1,998 2,484 2,254 24,262 22,559 20,725 24,034 24,888 24,391 23,712 52 1,400 4,037 68 1,037 164 4 2,220 4,031 7 91 2,593 17,644 3 94 2,361 22,737 249 578 25,091 20,065 85 535 23,181 22,754 67 1,368 22,216 22,706 53 156 967 25,825 23,187 663 143 808 25,885 21,713 44 394 108 1,585 26,507 21,690 232 1,210 25,219 21,799 46 2,019 2,286 2,963 3,247 4,339 4,562 4,636 4,812 4,985 5,008 5,032 4,459 5,434 7,598 11,160 28,515 28,868 27,741 30,433 30,509 31,158 30,715 204 .264 2,409 2,215 2,287 1,336 1,293 1,270 796 767 768 36 35 634 867 977 870 668 389 563 394 522 23,854 23,680 23,767 24,385 24,915 23,828 23,590 23,688 24,255 24,610 26 90 79 130 305 832 771 25,480 21,858 664 1,125 25,487 21,884 538 910 25,236 21,910 518 1,330 26,267 21,910 50 1,665 26,699 21,949 5,041 5,046 5,054 5,061 5,066 30,757 30,768 30,839 31,424 31,790 768 771 778 763 775 23,421 22,887 23,149 23,169 23,108 23,035 23,355 23,539 23,421 22,854 23,040 23,169 22,950 22,994 23,079 23,475 668 1,076 25 ,195 22,252 5,071 30,614 595 1,196 24,704 22,304 5,076 30,575 994 803 24,970 22,306 5,086 30,585 829 936 24,960 22,318 5,094 30,519 926 25,224 22,620 5,104 30,836 158 1,170 558 1,199 24,816 22,623 5,107 31,082 41 420 896 24,691 22,627 5,111 30,933 276 31,123 986 865 25,418 *22,626 64 June 5 June 12 June 19 June 26 23,108 22,889 22,871 22,911 22,950 22,889 22,871 22,911 158 22,620 22,621 22,622 22,622 5,106 5,106 5,106 5,106 July July July July July 3 10 17 24 31 23,404 23,330 23,374 23,461 23,355 23,168 23,290 23,307 23,185 23,079 236 1,106 1,168 25,702 22,623 981 25,243 22,624 908 40 644 1,341 25,382 22,625 67 1,016 24 276 406 24,904 22,626 276 420 896 24,691 22,627 Aug. 7 Aug. 14 Aug. 21 Aug. 28 23,076 23,050 23,034 23,348 23,076 23,050 23,034 23,312 768 24,673 808 979 24,595 546 709 1,028 24,791 772 24,935 792 5,108 5,108 5,108 5,109 5,111 5,113 5,115 5,117 5,119 Aug.. Sept.. Oct.. Nov.. Dec. 18,783 19,024 18,939 19,169 19,535 18,224 18,446 18,419 18,579 18,883 559 578 520 590 652 276 294 216 339 276 290 279 273 896 19,295 ,071 18,816 ,135 18,884 ,195 19,087 ,075 18,827 ,077 18,982 ,048 19,129 ,163 18,834 18,773 18,302 18,366 18,580 18,362 18,485 18,595 522 514 518 507 465 497 534 6 15 397 774 862 392 895 550 490 402 297 21 151 256 586 446 569 565 455 441 554 313 374 2,356 346 2,292 251 11,653 291 12,450 495 15,915 563 17,899 714 17,681 777 19,950 907 18,876 925 19,005 992 18,443 2,333 1,817 6,444 9,365 14,457 16,400 16,509 20,520 18,618 18,903 18,449 23 475 5,209 3,085 1,458 1,499 1,172 -570 258 102 -6 422 535 495 463 441 350 334 275 356 322 252 227 297 182 426 943 18,888 950 18,831 848 18,668 843 19,208 901 19,059 18,377 18,450 18,459 18,719 19,089 511 381 209 489 -30 809 809 804 791 788 758 759 715 458 591 509 568 498 504 477 344 327 311 316 360 449 364 342 263 206 304 294 274 308 296 285 891 1,133 1,137 1,079 1,072 1,075 942 1,198 18,882 18,576 18,629 18,864 19,049 18,376 18,630 18,975 18,517 365 18,294 282 18,512 117 18,588 276 18,351 698 18,543 -167 18,520 110 '18,279 *696 30,850 30,881 30,837 30,890 796 791 784 770 380 424 602 456 360 395 370 410 269 272 283 272 ,071 ,068 ,087 ,087 18,536 19,031 19,052 18,628 18,381 18,412 18,692 18,549 155 619 360 79 31,338 31,235 31,071 30,903 30,933 768 767 778 779 759 552 408 527 469 504 414 345 454 383 364 264 279 267 277 296 ,077 19,020 ,074 18,868 ,073 18,947 ,067 18,759 942 18,630 18,484 18,711 18,682 18,536 18,520 536 157 265 223 110 31,017 31,058 31,001 31,007 772 765 764 768 341 409 480 484 367 385 342 352 271 274 257 274 114 18,531 18,270 112 18,333 18,196 18,487 ^18,233 ,202 18,594 *>18,365 261 137 946 946 950 845 998 1957 Jan.. Feb.. Mar.. Apr.. May. June. July.. Aug.. Midyear or year-end 1929—June 1933—June.... 1939—Dec 1941_Dec 1945—Dec 1947—Dec 1950—Dec 1952—Dec 1954—Dec 1955—Dec 1956—June End of month 1956 Aug.. Sept.. Oct.. Nov.. Dec. 1957 Jan.. Feb.. Mar.. Apr.. May. June. July.. Aug.. 33 109 Wednesday 1957 p 1 36 538 869 24,536 1,291 934 25,134 25 1,044 1,353 25,287 824 1,029 24,785 22,627 22,625 22,626 22,626 Preliminary. Includes industrial loans and acceptances; these items are not shown separately in this table, but are given for end-of-month and Wednesday dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. 1043 BANK RESERVES AND RELATED ITEMS RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of dailyfigures.* In millions of dollars] Item and period All member banks Central reserve city banks New York Chicago Reserve city banks Country banks Item and period All member banks Central reserve city banks New York 1956—July Aug Sept Oct Nov Dec 18,836 18,783 19,024 18,939 19,169 19,535 4,237 4,236 4,288 4,222 4,244 4,448 1,129 1,130 1,120 1,111 1,122 1,149 7,796 7,783 7,885 7,869 7,960 8,078 5,675 5,633 5,732 5,736 5,843 5,859 1956—July Aug Sept Oct Nov Dec 599 559 579 520 590 651 13 57 1957—Jan Feb Mar Apr May June July 19,295 18,816 18,884 19,087 18,827 18,982 19,129 4,316 4,205 4,341 4,307 4,234 4,335 4,294 1,126 1,107 1,102 1,097 1,101 1,121 1,131 7,996 7,781 7,746 7,921 7,794 7,774 7,906 5,857 5,722 5,696 5,762 5,697 5,751 5,799 1957—Jan Feb Mar Apr May June July 523 514 518 506 465 496 534 -10 5 14 -1 13 15 6 Week ending: 1957—July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 19,189 18,885 18,868 18,786 18,806 18,831 4,282 4,257 4,186 4,123 4,117 4,203 1,121 1,126 1,126 1,107 1,111 1,144 7,915 7,853 7,786 7,764 7,755 7,805 5,871 5,649 5,770 5,791 5,823 5,679 Week ending: 1957_j u ly 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 1956—July Aug Sept Oct Nov Dec 18,237 18,224 18,446 18,419 18,579 18,883 4,225 4,227 4,288 4,214 4,231 4,392 1,127 1,129 1,120 1,107 1,119 1,138 7,707 7,704 7,805 7,817 7,877 7,983 5,179 5,164 5,234 5,281 5,352 5,371 1957—Jan Feb Mar Apr May June July 18,773 18,302 18,366 18,580 18,362 18,485 18,595 4,327 4,200 4,326 4,308 4,221 4,320 4,288 1,129 1,107 1,098 1,097 1,098 1,123 1,124 7,938 7,715 7,686 7,855 7,739 7,729 7,840 5,379 5,279 5,256 5,320 5,305 5,314 5,344 18,568 18,493 18,331 18,195 218,231 P18,371 4,248 4,247 4,187 4,102 4,120 4,181 1,116 1,122 1,123 1,105 1,113 1,138 7,845 7,788 7,730 7,689 7,698 7,765 5,359 5,336 5,291 5,299 25,300 25,287 Required reserves:2 July 1956 114,892 13,051 101,841 98,571 41,434 23,010 4,155 18,855 20,279 3,388 6,065 1,197 4,868 5,306 1,306 45,156 6,384 38,773 38,173 16,716 40,661 1,315 39,345 34,813 20,024 6,510 68 108 2,027 4,307 July 1957 Gross demand deposits: Total Interbank Other Net demand deposits 3 ... Time deposits Demand balances due from domestic banks.. 116,304 12,973 103,331 99,728 45,057 23,340 4,232 19,108 20,527 3,650 6,062 1,178 4,884 5,287 1,331 45,593 6,193 39,400 38,502 18,185 41,309 1,370 39,938 35,412 21,891 6,422 56 103 1,981 4,281 21 Preliminary. Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Weekly figures of required, excess, and free reserves of all member 89 79 80 52 83 96 496 469 498 456 491 488 4 -1 3 -2 7 58 66 60 65 56 45 66 478 443 440 443 393 438 455 70 65 55 75 58 40 512 313 479 492 *522 2392 4 3 12 -2 622 392 536 590 2574 2461 21 -4 23 6 5 2 2 -2 6 1956—July Aug Sept Oct Nov Dec 738 898 792 715 744 688 119 168 204 200 226 147 50 74 93 118 143 97 433 461 377 299 276 300 136 195 118 98 99 144 1957—Jan Feb Mar Apr May June July 407 640 834 1,011 909 1,005 917 30 129 116 299 117 200 186 38 53 257 210 169 46 34 229 314 302 329 422 531 519 110 144 159 173 201 228 177 Week ending: 1957—July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 739 553 1,060 1,156 925 907 156 38 304 361 350 279 31 7 23 32 14 33 416 302 541 522 388 394 136 206 192 242 173 200 1956—July Aug Sept Oct Nov Dec -139 -339 -213 -195 -154 -37 -108 -158 -204 -192 -214 -90 -48 -73 -93 -114 -140 -85 -344 -382 -297 -246 -193 -204 360 274 380 358 393 344 1957_jan Feb Mar Apr May June July 117 -126 -316 -505 -444 -508 -383 -40 -123 -101 -300 -104 -185 -181 -40 -53 -253 -210 -165 -48 -28 -172 -249 -242 -263 -367 -486 -452 369 299 280 269 192 210 278 -117 -161 -524 -566 *-351 2-446 -122 -29 -304 -340 -354 -256 -25 2 -21 -30 -16 -27 -346 -237 -486 -447 -330 -354 376 107 287 250 2349 2192 Borrowings at Federal Reserve Banks: Free reserves: 2 Deposits: Gross demand deposits: Total Interbank Other Net demand deposits 3 ... Time deposits Demand balances due from domestic banks.. Country banks Excess reserves:2 Total reserves held: Week ending: 1957—July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Chicago Reserve city banks Week ending: 1957—July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 , 4 banks and of country banks are estimates. 3 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 4 Free reserves are excess reserves less borrowings. 1044 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)i Federal Reserve Bank In effect beginning— Rate on Aug. 31 Boston New York. . . Philadelphia.. Cleveland Richmond. . . Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Previous rate Aug. 13, 1957 Aug. 23, 1957 Aug. 9, 1957 Aug. 23, 1957 Aug. 19, 1957 Aug. 13, 1957 Aug. 9, 1957 Aug. 21, 1957 Aug. 9, 1957 Aug. 9, 1957 Aug. 13, 1957 Aug. 15, 1957 Other secured advances [Sec. 10(b)] Rate on Aug. 31 In effect beginning— Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Previous rate In effect beginning— Rate on Aug. 31 Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. 13,1957 23,1957 9, 1957 23,1957 19,1957 13,1957 9, 1957 21,1957 9, 1957 9, 1957 13,1957 15,1957 13,1957 23,1957 9, 1957 23,1957 19,1957 13,1957 9, 1957 21,1957 9, 1957 9, 1957 13,1957 15,1957 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] 1930—Feb. Mar. May June Dec. 1931—May Oct. Oct. 1932—Feb. June 1933—Mar. Apr. May Oct. 1934—Feb. 1937_Aug. 7 14 2 20 24 8 9 16 26 24 3 7 26 20 2 27 Rate h 21/2 3 2 2i/ 2 31/2 21/2 Date effective 1942—Oct. 1946—Apr. 1948—Jan. Aug. 1950—Aug. 1953—Jan. 1954_Feb. Apr. 1955_Apr. Aug. Sept. Nov. 1956—Apr. Aug. 1957—Aug. A k I* IV2 IVA 2VA 3 31/2 31/2 Under Sees. 13 and 13a. as described in table above. 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and advances secured by eligible paper. NOTE. Repurchase rate on U. S. Govt. securities. In 1955, 1956, and 1957 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4—6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50. MARGIN REQUIREMENTS 1 [Per cent of market value] Central reserve city banks Reserve city banks Country banks 1917—June 21 13 10 1936—Aug. 16 1937—Mar. 1 May 1 19i/i 15 IOI/2 171/2 20 1214 14 22VA 1714 12 26 24 22 20 20 1938—Apr. 16 1941—Nov. 1942—Aug. Sept. Oct. 1 20 14 3 4VA 4 4 4 Central reserve and reserve city banks Country banks 3 3 41/2 n 60 60 70 70 50 60 70 2* 14 6 5 5 6 6 ! 1948—Feb. 27 June 11 Sept. 1 6 , 2 4 * . . . . 22 24 26 22 16 71/2 71/2 1949—May June Aug. Aug. Aug. Sept. 1,5* 30, July 1*. 1,11*.... 16, 1 8 * . . . . 25 1 24 21 20 15 14 13 12 7 6 5 7 6 g* il* 1951—Jan. 11, 1 6 * . . . . Jan. 25, Feb. 1*. 23 24 19 20 13 14 6 6 1953—July 5 5 5 5 3 6 3 6 22 19 13 1954—June 1 6 , 2 4 * . . . . July 29, Aug. 1*. 1,9* 21 20 12 In effect Sept. 1, 1957.. 20 12 13 26 10 20 7 14 Present statutory quirements : 50 50 lfA 7 00 Feb. 20, Jan. 4, Effec1955tive 1953Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Effective date of change 00 1 Wi 4 4 4 4 WA 1 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks WA Time deposits 2l In effect Sept. 1, 1957 Prescribed in accordance with Securities Exchange Act of 1934 Net demand deposits l Rate 30 25 12 13 21 16 5 16 15 5 9 18 13 24 23 4 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i Date effective Previous rate Maximum 5 re- 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thursdays) are at central reserve city or reserve city banks. FEDERAL RESERVE BANKS 1045 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday Item End of month 1957 Aug. 28 Aug. 21 Aug. 14 1956 1957 Aug. 7 July 31 Aug. July Aug. Assets •Gold certificate account Redemption fund for F. R. notes.. 21,100,392 21,102,394 21,105,393 21 105,392 21 ,105,392 21 100,392 21 105,392 20,331,392 847,442 838,306 838,499 838,662 838,306 840,758 836,986 840,758 Total gold certificate reserves. 21,938,698 21,940,893 21,942,379 21,944,054 21,946,150 21,938,698 21,946,150 21,178,834 F. R. notes of other Banks Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans Acceptances—Bought outright Held under repurchase agreement. U.S. Government securities: Bought outright: Bills Certificates—Special Other.... Notes Bonds Total bought outright Held under repurchase agreement. 404,243 393,018 396,620 394,149 371,825 381,647 371,527 380,209 384,176 386,694 382,814 398,413 384,176 386,694 320,386 384,831 776,436 16,000 529 22,622 703,669 5,000 607 19,421 540,636 5,000 643 19,428 803,195 5,000 609 19,425 420,262 979,986 6,000 619 25,357 1,740 420,262 832,102 608 19,431 959 19,313 2,909 576,973 298,463 314,963 341,063 343,563 739,673 343,563 940,170 19,933,612 19,! 608 19,431 ,933,612 19,933,612 11,362,199 19,! 8,571,413 2,801,750 2,801,750 2,801,750 2,801,750 ,362,199 105 932,699 153,913 8,571,413 801,750 i750 2,801,750 23,312,335 23,033,825 23,050,325 23,076,425 23,078,925 23,475,035 23,078,925 23.828,532 25,700 35,600 . 275,800 275,800 63,900 Total U. S. Government securities. 23,347,935 23,033,825 23,050,325 23,076,425 23,354,725 23,538,935 23,354,725 23,854,232 Total loans and securities 24,163,522 23,762,522 23,616,032 23,904,654 23,795,026 24,552,637 23,795,026 24,709,515 Due from foreign banks. Uncollected cash items.. Bank premises 22 22 22 22 22 22 22 22 4,501,846 5,114,725 5,550,729 4,385,772 4,872,763 4,185,445 4,872,763 3,675,968 81,149 81,085 80,799 80,655 80,425 81,175 80,425 70,496 80,076 65,423 144,142 128,127 288,187 86,333 288,187 252,823 Other assets Total assets. 51,562,574 51,755,439 52,087,575 51,195,020 51,753,443 51,625,537 51,753,443 50,592,875 Liabilities Federal Reserve notes.... . Deposits: Member bank reserves U. S. Treasurer—general account. Foreign Other 26,765,461 26,754,627 26,778,642 26,744,593 26,671,496 26,860,818 26,671,496 26,509,778 18,594,098 18,487 483,987 480 351,989 341 273,618 256 Total deposits. 18,332,735 18,530,706 18,630,266 18,974,701 18,630,266 18,888,238 421,537 504,451 341 504 477 408. 349,949 364,113 341. 384; 366; 364; 251,608 296,158 284; 273: 270. 296. 19,703,692 19,566,117 19,400,083 19,509,469 19,794,988 20,078,963 19,794,988 19,911,332 3,730,040 4,086 18,716 14 deferred availability cash items Other liabilities and accrued dividends. Total liabilities 4,571,681 3,617,804 3,976,349 3,320,427 3,976,349 2,905,081 18,324 13,925 19,186 13,798 13,925 14,679 50,217,909.50,421,912 50,765,085 49,885,664 50,456,758 50,279,394 50,456,758 49,344,515 Capital Accounts 338,125 747,593 27,543 231,404 Capital paid in. Surplus (Section 7) Surplus (Section 13b). . Other capital accounts. Total liabilities and capital accounts. Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments. 338,046 747,593 27,543 220,345 337,967 747,593 27,543 209,387 337,908 747,593 27,543 196,312 337,634 747,593 27,543 183,915 338,138 747,593 27,543 232,869 337,634 747,593 27,543 183,915 318,153 693,612 27,543 209,052 51,562,574 51,755,439 52,087,575 51,195,020 51,753,443 51,625,537 51,753,443 50,592,875 47.2 47.4 47.5 47.4 47.2 46.7 47.2 45.6 68,468 1,918 71,771 1,839 75,533 1,814 73,778 1,793 70,148 1,795 67,705 1,815 70,148 1,795 50,785 2,447 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total Within 15 days 16 days to 90 d a y s . . . . . . 91 days to 1 year Industrial loans—total Within 15 d a y s . . . . 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Acceptances—total. Within 15 days 16 days to 90 days U. S. Government securities—total Within 15 days.... 16 days to 90 days.. 91 days to 1 year. Over 1 year to 5 years. Over 5 years to 10 years. Over 10 years 792, 436 782; 799 480 157 529 60 22 4 18 23,347 145 453 19,959 680 750 ,358 73 225 171 622 597 025 935 123 950 420,262 420,262 985,986 708,669 808,195 545,636 962,674 409,852 795,403 409,852 699,957 536,209 23,155 10,410 8,652 7,703 10,410 9,345 5,089 157 60 82 608 607 643 609 608 619 61 69 60 69 69 69 64 63 64 70 73 64 294 303 296 294 317 329 181 171 181 181 171 181 19,431 19,421 19,425 19,431 27,097 19,428 7,848 5,147 7,848 5,630 6,219 5,091 11,583 14,274 11,583 13,206 21,467 14,337 23 033,825 23 050,325 23 ,076,425 23 354,725 23 ,538,935 23 354,725 23 159,063 135,160 " 188,965 164,963 142,100 " 188,965 869,510 139,400 869,510 150,000 198,963 654,913 506,993 19 959,605 5,506,993 19,946,105 19,946,105 19 ,946,105 680,635 680,635 680,635 680,635 680,635 680,635 750,375 750,375 750,375 750,375 750,375 750,375 ,358,247 1,358,247 ,358,247 ,358,247 1,358,247 1,358,247 ifHoldings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 832,102 808,505 23,412 185 959 3 64 572 320 22,222 6,773 15,449 ,854,232 113,780 852,090 ,372,764 ,087,127 013,614 ,414,857 1046 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1957 [In thousands of dollars] Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Assets Gold certificate account Redemption fund for F. R. notes 991,960 5,757,066 ,093,763 1,871,165 ,310,602 55,619 169,432 57,444 75,295 71,847 Total gold certificate reserves, 1,047,579 5,926,498 1,151,207 1,946,460 1,382,449 F. R. notes of other Banks.., Other cash 41,030 26,150 57,130 90,554 59,104 28,576 23,275 36,879 25,473 22,710 784,135 3,818,369 824,621 2,565,215 832,028 387,977 863,491 149,934 42,144 22,411 42,208 832,355 3,968,303 874,172 410,388 905,699 9,470 21,248 19,458 8,516 10,056 13,233 15,450 15,919 27,277 46,822 48,550 222 22,283 144 29 72,050 228 30,875 514 49,200 672 48,220 72,570 31,508 22,521 56,298 Discounts and advances: Secured by U. S. Govt. 76,665 51,575 81,680 163,500 50,125 255,490 74,091 securities 420 540 506 852 348 3,770 1,686 Other 272 318 Industrial loans Acceptances: 25,357 Bought outright Held under repurchase 1,740 agreement U. S. Govt. securities: 1,280,469 5,870,660 1,370,308 2,062,000 1,499,891 1,215,937 4,097,591 Bought outright Held under repurchase 63,900 agreement 27,070 76,682 851,691 2,641,897 970,810 506,591 1,007,854 919,963 2,672,961 Total loans and securities.... 1,331,260 6,218,833 1,447,665 2,136,631 1,551,972 1,301,387 4,261,943 1,019,582 529,047 1,080,132 951,352 2,722,833 Due from foreign banks Uncollected cash items Bank premises Other assets Total assets. 1 304,803 5,119 4,600 2 16 756,913 254,575 10,471 4,603 20,117 4,771 1 2 1 3 386,441 325,348 319,949 741,866 5,789 9,328 7,165 6,559 4,517 7,761 5,348 16,768 161,006 5,638 3,419 1 117,225 5,136 1,944 1 2 198,223 205,203 413,893 4,791 5,621 10,955 3,677 3,958 9,453 2,760,542 13,080,522 2,950,503 4,546,777 3,320,466 2,568,076 9,074,261 2,094,536 1,091,715 2,215,812 2,049,195 5,873,132 Liabilities 1,591,480 6,321,877 1,693,950 2,541,965 2,137,748 1,249,464 5,225,624 1,193,245 466,327 1,066,726 709,246 2,663,166 F. R. notes Deposits: 784,353 5,413,520 894,239 1,508,594 806,861 937,641 3,000,920 677,544 459,322 867,288 1,032,337 2,592,082 Member bank reserves U. S. Treasurer—general 21,959 33,964 25,359 31,971 78,944 31,352 32,251 50,018 29,827 53,377 44,883 account 43,449 296,741 23,870 30,690 17,391 15,345 48,422 8,184 12,958 17,732 38,192 Foreign 19,778 12,617 221,445 10,126 1,995 1,887 1,188 2,396 567 1,201 2,909 39,028 Other 544 1,702 Total deposits 836,646 5,810,650 959,587 1,573,530 848,098 988,138 3,101,756 721,690 493,432 934,824 1,096,427 2,714,185 Deferred availability cash items Other liabilities and accrued dividends Total liabilities 252,953 572,198 202,724 308,695 262,368 266,903 548,837 126,972 97,629 159,937 175,268 345,943 1,257 5,193 897 2,316 911 914 3,068 664 758 748 632 1,828 2,682,336 12,709,918 2,857,158 4,426,506 3,249,125 2,505,419 8,879,285 2,042,571 1,058,146 2,162,235 1,981,573 5,725,122 Capital Accounts Capital paid in Surplus (Sec. 7) Surplus (Sec. 13b) Other capital accounts. 17,177 43,948 3,011 14,070 99,500 208,002 7,319 55,783 21,145 52,301 4,489 15,410 32,137 66,393 1,006 20,735 15,351 37,594 3,349 15,047 16,192 33,179 762 12,524 45,880 110,421 1,429 37,246 11,407 29,331 521 10,706 7,325 18,520 1,073 6,651 13,588 27,983 1,137 10,869 18,884 37,508 1,307 9,923 39,552 82,413 2,140 23,905 Total liabilities and capital 2,760,542 13,080,522 2,950,503 4,546,777 3,320,466 2,568,076 9,074,261 2,094,536 1,091,715 2,215,812 2,049,195 5,873,132 accounts Reserve ratio (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments. 43.1 48.8 43.4 47.3 46.3 37.2 47.7 45.7 42.8 45.2 47.2 49.1 3,973 318,454 4,795 6,165 3,493 3,082 9,727 2,535 1,644 2,603 3,562 7,672 18 68 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $245,179,000 participations of other Federal Reserve Banks. 81 1,648 3 After deducting $49,251,000 participations of other Federal Reserve Banks. 1047 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday Item End of month 1957 1957 Aug. 28 F. R. notes outstanding (issued to Bank). Collateral held against notes outstanding: Gold certificate account Eligible paper U. S. Government securities Aug. 21 Aug. 14 Aug. 7 July 31 1956 Aug. July Aug. 27,753,545 27,722,982 27,710,412 27,675,155 27,686,355 27,779,876 27,686,355 27,380,017 11,978,000 11,878,000 11,878,000 11,878,000 11,878,000 11,978,000 11,878,000 11,498,000 100,370 189,265 94,255 208,677 153,435 54,675 139,820 94,255 16,955,000 16,955,000 16,955,000 16,955,000 16,955,000 16,995,000 16,955,000 16,985,000 Total collateral 29,086,435 28,933,370 28,887,675 28,972,820 28,927,255 29,162,265 28,927,255 28,691,677 EACH FEDERAL RESERVE BANK ON AUGUST 31, 1957 Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco F. R. notes outstanding (issued to Bank) 1,663,681 6,526,168 1,767,241 2,610,218 2:, 189,5201,310,972 5,309,914 1,234,611 523,249 1,096,913 759,019 2,788,370 Collateral held: Gold certificate acct.. 580,000 3 ,170,000 640,000 1,130,000 895,000 400,000 2 ,500,000 450,000 130,000 300,000 283,000 1,500,000 68,665 Eligible paper 48,550 72,050 U. S. Govt. securities. 1,150,000 3i600i666 1,200,000 1,550,000 1,350,000 1,000,000 3,000,000 875,-~~ 000 425 ^ 666 820,000 525,000 1,500,000 Total collateral 1,730,000 6,770,000 1,908,665 2,680,000 2,245,000 1,400,000 5,500,000 1,373,550 555,000 ,192,050 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION VI [Amounts in thousands of dollars] [Amounts in millions of dollars] Applications approved to date End of year or month 1951.. 1952.. 1953.. 1954.. 1955.. ParticiApCommit- ofpations proved financLoans ments but not ing instioutoutcom- 1 standing 2 standing tutions pleted (amount) (amount) out(amount) standing 3 (amount) End of year or month Number Amount 3,736 3,753 3,765 3,771 3,778 710,931 766,492 803,429 818,224 826,853 3,513 1,638 1,951 520 305 4,687 3,921 1,900 719 702 6,036 3,210 3,569 1,148 2,293 11,985 3,289 3,469 1,027 1,103 1951 1952 1953 1954 1955 3,781 3,781 3,781 3,781 3,781 3,782 830,630 830,995 831,409 831,882 832,071 832,550 75 954 959 938 867 801 794 2,427 2,447 2,416 2,236 2,175 2,365 1,262 1,273 1,262 1,179 1,098 1,129 July Aug Sept Oct Nov Dec 3,782 3,782 3,782 3,782 3,782 3,783 3,784 833,045 833,692 834,051 834,668 835,264 835,766 836,636 822 758 772 780 774 742 608 2,315 2,014 1,987 1,955 1,794 1,780 1,795 1,126 1,017 1,012 991 948 919 812 Jan Feb Mar Apr May June July 1956 July.. Aug.. Sept.. Oct... Nov.. Dec... Portion guaranteed Additional amount available to borrowers under guarantee agreements outstanding 675 979 805 472 294 547 803 666 368 226 473 586 364 273 170 2,724 2,727 2,737 2,743 2,756 2,761 364 351 369 364 375 389 273 262 276 272 280 289 176 174 145 145 141 125 2,823 2,829 2,842 2,850 2,862 2,867 2,878 401 398 408 402 407 412 410 298 296 304 300 305 307 306 120 128 127 133 130 126 126 Number Amount 854 ,159 ,294 ,367 1,411 1,395 2,124 2,358 2,500 2,575 [,445 1,448 1,456 1,459 1,464 [,468 1,475 1,481 1,482 1,485 1,488 1,493 1,496 Loans outstanding Total amount 1956 1957 195-3 Jan Feb... Mar.. Apr... May.. June.. July.. Loans authorized to date 80 155 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of 3Federal Reserve Banks. Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 1048 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect Aug. 31. Per cent per annum] [In effect Aug. 31] To industrial or commercial businesses To financing institutions On discounts or purchases Federal Reserve Bank On loans 2 Boston New Y o r k . . . Philadelphia. . Cleveland Richmond... Atlanta Chicago St. Louis Minneapolis. . Kansas City.. Dallas San Francisco Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan On commit- Portion ments for which institution is obligated 4-6 414-6 Remaining portion Percentage of loan guaranteed On commitments () it 6 4-6 8 8 3*4-6 3^-6 4-6 4-6 4-6 4-6 4-6 3 Percentage of any commitment fee charged borrower 10 15 20 25 30 35 40-50 10 15 20 25 30 35 40-50 70 or less 75 80 85 90 95 Over 95 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] 8 3V1-6 Guarantee fee (percentage of interest payable by borrower) 31/4-6 Interest rate Commitment rate. fc* l A 1 1 Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not exceeding five years. 23 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. * Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. « Twenty-five per cent of loan rate. Charge of l/2 per cent per annum is made on undisbursed portion. 1 Charge of 1/A per cent per annum is made on undisbursed portion. Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposits accounts, exceDt interbank and U. S>. Government accounts Year or month 1949 1950 1951 1952 I953 1954 1955 1956 1956 . . . June July Au2 Sept Oct Nov Dec I957 Jan Feb Mar Apr June July Aug . 6 other centers1 337 other reporting centers 2 21.6 22.4 21.3 22.0 22.1 23.6 23.3 43.5 47.1 51.3 43.7 46.6 48.8 45.8 28.3 30.2 29.9 27.7 29.3 30.5 28.6 21.6 22.7 22.7 21.7 22.1 22.4 22.1 22.9 22.9 22.5 22.3 23.2 23.1 23.5 ^22.0 48.1 50.2 47.5 47.6 48.3 47.6 50.8 51.7 30.6 31.0 29.2 29.4 31.0 29.8 31.2 *31.3 '22.7 '23.0 22.6 23.0 23.7 23.1 23.9 6 other centers1 337 other reporting centers 2 260 897 298,564 336 885 349,904 385 831 390,066 431 651 462 859 499,172 572,208 661,302 695,133 740,436 758,375 845,007 921,928 27.9 31.1 31.9 34.4 36.7 42.3 42.7 45.8 20.9 22.6 24.0 24.1 25.6 25.8 27.3 28.8 15.9 17.2 18.4 18.4 18.9 19.2 20.4 21.8 70 733 65,873 67 279 61,223 70,794 66 989 77,495 38 937 38,653 38 206 34,057 40,148 39 425 40,912 76,870 76,757 78,333 71,874 82,198 78,810 83,469 47.0 45.9 44.4 44.8 45.2 48.3 51.8 28.9 29.6 27.4 27.4 28.4 31.0 29.9 76,460 67,035 74,786 72,328 71,780 74,512 74,509 68,409 42,596 36,886 42,113 40,182 42,128 39,942 41,711 40,194 '85,408 '73,571 '80,285 '80,144 '83,298 78,849 '84,352 81,936 48.3 48.9 48.7 46.9 47.1 51.4 49.5 44.7 30.0 30.2 32.0 30.3 30.5 30.4 30.6 *28.6 1 206 293 1 380 112 1 542 554 1 642,853 1 759 069 1,887,366 2 043 548 2 200 643 446 224 509,340 544 367 597,815 632 801 738,925 766 890 815 856 186 540 181,284 183 819 167,154 193,140 185 223 201 876 r 204,464 r 177,492 r 197 185 r 2 Seasonally adjusted3 New York City New York City New York City r Revised. » Preliminary. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. Without seasonal adjustment 337 other 6 reporting other centers * centers 2 Total, all reporting centers 192,653 '197,206 193,303 '200,572 190,539 Annual rate of turnover of demand deposits except interbank and U. S. Government deposits *23.4 338 centers prior to April 1955. These data are compiled by the Federal Reserve Bank of New York. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. 3 1049 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Large denomination currency Total in circulation 1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 1939 1941 1945 1947 1950 1951 1952 1953 1954 1955 7,598 11,160 28,515 28,868 27,741 29,206 30,433 30,781 30,509 31,158 5,553 8,120 20,683 20,020 19,305 20,530 21,450 21,636 21,374 22,021 590 751 1,274 1,404 1,554 1 654 1,750 1,812 1 834 1,927 559 695 1,039 1,048 1,113 I 182 1,228 1,249 I 256 1,312 36 44 73 65 64 67 71 72 71 75 1 019 1,355 2,313 2,110 2,049 2 120 2,143 2,119 2 098 2,151 1,772 2,731 6,782 6,275 5,998 6 329 6,561 6,565 6 450 6,617 1,576 2,545 9,201 9,119 8,529 9 177 9,696 9,819 9 665 9,940 2,048 3,044 7,834 8,850 8,438 8 678 8,985 9,146 9 136 9,136 460 724 2,327 2,548 2,422 2,544 2,669 2,732 2,720 2,736 919 1,433 4,220 5,070 5,043 5 207 5,447 5,581 5 612 5,641 191 261 454 428 368 355 343 333 321 307 425 556 801 782 588 556 512 486 464 438 20 24 7 5 4 4 4 4 3 3 32 46 24 17 12 12 10 11 15 12 1956—July Aug Sent Oct Nov Dec 30,604 30,757 30,768 30,839 31,424 31,790 21,709 21,838 21,834 21,877 22,374 22,598 1,957 1,967 1,977 1,995 2,016 2,027 ,258 1,267 1,283 1,296 1,324 1,369 74 74 74 74 76 78 2,065 2,077 2,085 2,080 2,144 2,196 6,514 9,840 6,559 9,895 6,549 9,866 6,538 9,893 6,715 10,100 6,734 10,194 8,895 8,919 8,934 8,962 9,050 9,192 2,674 2,676 2,673 2,679 2,713 2,771 5,500 5,527 5,541 5,572 5,626 5,704 294 293 293 291 291 292 415 413 411 409 409 407 3 3 3 3 3 3 8 8 13 8 8 14 1957—Jan Feb Mar Apr May June July 30,614 30,575 30,585 30,519 30,836 31,082 30,933 21,597 21,601 21,639 21,588 21,905 22,123 21,987 1,990 1 993 2,000 2 020 2,029 2,042 2,050 1,276 I 269 1,270 I 276 1,301 1,302 1,292 76 75 75 75 76 77 77 2,065 2 058 2,063 2 055 2,093 2,102 2,069 6,427 6,450 6,473 6 425 6,554 6,615 6,520 9,017 8 974 8,946 8 931 8,931 8,958 8,946 2,701 2 689 2,679 2 674 2,679 2,696 2,695 5,613 5 586 5,573 5 566 5,564 5,575 5,570 289 287 286 285 284 283 281 402 400 397 395 393 391 388 3 3 3 3 3 3 3 8 8 8 8 8 10 8 End of year or month Coin and small denomination currency i Outside Treasury and Federal Reserve Banks. Prior to December 1955 the totals shown as in circulation were less than totals of coin and 9,763 9 756 9,758 9 737 9,852 9,985 9,979 $1,000 $5,000 $10,000 paper currency shown by denomination by amounts of unassorted currency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Currency in circulation l Held in the Treasury Kind of currency Gold Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890.. . Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes National Bank notes. Total—July 31, 1957 June 30 1957 July 31 1956 1 Total outstanding As security July 31, against Treasury 1957 gold and cash silver certificates 22,627 21,979 27 686 5,111 21,979 2648 32,407 49 488 2 209 2 407 1 386 198 2 ?09 30 3 62* 19,131 347 133 2,816 1 399 387 13 2 3 1 486 24 386 24,389 23,600 759 758 761 June 30, 1957 July 31, 1956 32 26,225 4,676 33 26,329 4,720 33 25,975 4,595 6 255 253 239 2,114 1,319 476 318 131 2,163 1,315 474 321 133 2,116 1,262 456 313 145 61 62 64 54 8 26 1 19 131 19,129 18,336 July 31, 1957 293 62 (5) Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 1042. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Less than $500,000. 5 Because some of the types of currency shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of duplications. NOTE.—There are maintained in the Treasury—(1) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on For F. R. Banks and agents Held by F. R. Banks and agents 4 601 4,394 4,477 30 933 31,082 30,604 receipt); (3) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (4) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. Gold certificates, as herein used, includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 1050 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Assets Other securities Total assets, net— Total liabilities and capital, net Total deposits and currency Capital and misc. accounts, net Bank credit Date Gold Treasury currency outstanding U. S. Government obligations Total Commercial and savings banks Federal Reserve Banks Other 5,741 10,328 23,105 29,049 128,417 107,086 96,560 100,008 104,819 96,736 90,511 5,499 8,199 19,417 25,511 101,288 81,199 72,894 72,740 77,728 70,052 64,917 216 1,998 2,484 2,254 24,262 22,559 20,778 24,697 24,932 24,785 23,758 26 131 1,204 1,284 2,867 3,328 2,888 2,571 2,159 ,899 ,836 11,819 9,863 9,302 8,999 8,577 10,723 14,741 17,374 20,439 20,670 20,632 64,698 48,465 75,171 90,637 191,785 188,148 199,009 220,865 237,686 244,135 243,394 55,776 42,029 68,359 82,811 180,806 175,348 184,384 204,220 218,882 224,943 223,585 8,922 6,436 6,812 7,826 10,979 12,800 14,624 16,647 18,806 19,193 19,807 Loans, net Total 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1952—Dec. 1954_Dec. 1955_Dec. 1956—June 29.. 30.. 30.. 31.. 31.. 31.. 30.. 31.. 31.. 31.. 30.. 4,037 4,031 17,644 22,737 20,065 22,754 22,706 23,187 21,713 21,690 21,799 2,019 2,286 2,963 3,247 4,339 4,562 4,636 4,812 4,985 5,008 5,032 58,642 41,082 42,148 21,957 54,564 22,157 64,653 26,605 167,381 30,387 160,832 43,023 171,667 60,366 192,866 75,484 210,988 85,730 217,437 100,031 216,563 105,420 1956—July Aug. Sept. Oct. Nov. Dec. 25., 29., 26., 31., 28., 31. 21,800 21,900 21,900 21,900 21,900 21,949 214,900 217,000 218,000 218,900 220,800 223,742 104,900 105,500 106,700 107,300 108,200 110,120 89,700 90,900 90,500 91,000 92,200 93,161 64,500 65,400 65,200 65,500 66,200 66,523 23,400 23,700 23,600 23,800 24,300 24,915 ,800 ,800 ,800 ,800 ,700 ,723 20,400 20,600 20,800 20,500 20,400 20,461 241,800 243,900 244,900 245,800 247,800 250,757 221,400 223,000 224,000 224,800 227,000 230,510 20,400 20,900 20,900 21,000 20,700 20,246 1957_jan. 30*>, Feb. 27*, Mar. 27* Apr. 24? May 29* June 26*. July 31P, 22,300 22,300 22,300 22,300 22,600 22,600 22,600 5,000 5,000 5,000 5,100 5,100 5,066 5,100 5,100 5,100 5,100 5,100 5,100 5,100 219,300 218,100 219,000 221,600 221,400 221,900 222,400 108,000 108,200 109,600 110,400 110,700 112,900 112,200 90,800 89,400 88,500 90,000 89,400 87,600 88,800 65,700 64,800 63,800 65,300 64,900 63,100 63,900 23,400 22,900 23,100 23,200 23,000 22,900 23,400 ,700 ,700 ,700 ,600 ,600 ,600 ,500 20,400 20,600 20,900 21,100 21,300 21,400 21,400 246,600 245,500 246,400 249,000 249,100 249,600 250,100 226,400 225,100 225,400 228,100 228,200 229,100 229,300 20,300 20,500 20,900 20,900 21,000 20,600 20,800 Details of Deposits and Currency Date 1929—June 1933—June 1939—Dec. 1941—Dec. 1945_Dec. 1947_Dec. 1950—Dec. 1952—Dec. 1954—Dec. 1955—Dec. 1956—June 29.. 30.. 30.. 31.. 31.. 31.. 30.. 31.. 31.. 31.. 30.. 365 50 1,217 1,498 2,141 1,682 2,518 2,501 3,329 3,167 3,115 1956—July Aug. Sept. Oct. Nov. Dec. 25.. 29.. 26.. 31.. 28.. 31.. 3,100 3,100 3,200 3,100 3,400 3,306 1957—Jan. 30*, Feb. 27*. Mar. 27*. Apr. 24* May 29*. June 26*. July 31*. 3,100 3,100 3,100 3,200 3,200 3,400 3,300 At Treascomury At mercial cash F. R. and holdBanks savings banks Time deposits2 Demand Com- Mutual Postal demercial savings Savings posits* banks banks3 System Total Total Currency outside banks Total demand deposits adjusted and currency Demand deposits adjusted Currency outside banks 22,540 14,411 29,793 38,992 75,851 87,121 92,272 101,508 106,550 109,914 104,744 3,639 4,761 6,401 9,615 26,490 26,476 25,398 27,494 27,852 28,285 28,284 111,100 85,200 25,900 114,300 89,800 24,500 124,700 97,800 26,900 129,700 102,800 26,900 133,200 105,800 27,400 134,300 106,700 27,600 29,200 29,300 29,500 29,600 29,600 30,000 ,700 105,200 700 104,500 ,700 105,400 ,700 107,400 ,700 108,300 ,647 111,391 27,400 27,500 27,400 27,700 28,000 28,335 134,100 133,700 133,500 134,200 134,700 134,400 106,600 106,200 106,100 106,700 107,000 106,700 27,500 27,500 27,400 27,500 27,700 27,700 30,100 30,200 30,400 30,400 30,600 30,900 30,900 ,600 109,500 ,600 107,000 ,600 105,200 ,500 107,300 500 104,800 105,500 ,400 106,600 27,400 27,400 27,400 27,400 27,900 27,800 27,800 134,100 134,500 134,700 135,000 134,600 135,100 136,000 106,500 106,900 107,000 107,300 106,600 107,200 108,000 27,600 27,600 27,700 27,700 28,000 27,900 28,000 204 381 264 852 2,409 846 2,215 1,895 2,287 24,608 1,336 1,452 1,293 2,989 1,270 5,259 796 4,510 767 4,038 768 5,537 36 35 634 867 977 870 668 389 563 394 522 54,790 40,828 63,254 76,336 150,793 170,008 176,916 194,801 209,684 216,577 213,643 28,611 21,656 27,059 27,729 48,452 56,411 59,247 65,799 75,282 78,378 80,615 19,557 10,849 15,258 15,884 30,135 35,249 36,314 40,666 46,844 48,359 49,698 8,905 9,621 10,523 10,532 15,385 17,746 20,009 22,586 26,302 28,129 29,152 800 800 800 800 800 775 3,600 5,800 5,400 3,800 5,200 4,038 600 500 600 500 500 441 213,300 212,800 214,100 216,600 217,200 221,950 80,700 80,900 81,300 81,500 80,900 82,224 49,700 49,900 50,100 50,200 49,600 50,577 800 800 800 800 800 800 800 1,900 2,800 3,800 4,400 5,300 4,800 3,700 600 300 500 300 500 500 500 219,900 218,000 217,200 219,500 218,300 219,700 221,000 82,900 83,600 84,600 84,900 85,600 86,300 86,700 51,200 51,800 52,600 52,900 53,500 54,000 54,300 * Preliminary. * Represents all commercial and savings banks, Federal Reserve Banks, Postal Savings System, and Treasury currency funds (the gold account, Treasury currency account, and Exchange Stabilization Fund). 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3 Prior to June 30, 1947, includes a small amount of demand deposits. * Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. 5 Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For back figures, see BULLETIN for July 1957, pp. 828-829. Seasonally adjusted series5 Deposits adjusted and currency U. S. Govt. balances Foreign bank deposits, net 149 1,186 1,278 1,313 2,932 3,416 2,923 2,547 2,136 ,890 ,765 NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24^32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in other securities and in capital and miscellaneous accounts, net, and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against capital and miscellaneous accounts, net, instead of against U. S. Govt. deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded to nearest $100 million and may not add to the totals. 1051 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] nvestments Loans and i Class of bank and date Total All banks: 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1954—Dec. 1955—Dec. 1956—June July Dec. 1957—Jan. Feb. Mar. Apr. May June July 30 31 31 314 30 31 31 30 25 31 30? 27* 27P 24* 29 P 26* 31* All commercial banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31* 1950—Dec. 30 1954—Dec. 31 1955—Dec. 31 1956—June 30 July 25 Dec. 31 1957_jan. 30* Feb. 27* Mar. 27* Apr. 24* M a y 29* June 26* July 31* All member bank s: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1954—Dec. 31 1955—Dec. 31 1956—June 30 July 25 Dec. 31 1957—Jan. 30* Feb. 27* Mar. 27* Apr. 24* M a y 29* June 26* July 3 1 P All mutual saving;s banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 314 1950—Dec. 30 1954—Dec. 31 1955—Dec. 31 1956—June 30 July 25 Dec. 31 1957_jan. 30* Feb. 27* Mar 27* Apr. 24* May 29* June 26* July 31* Lo*ins U. S. Govt. obligations Deposits Other secu- Total assets— Total liaCaish bilities ass2ts2 and capital accounts 3 Totell2 Interbank 2 Total capital accounts :Demand Other 37 J 516 44, 355 105 935 1,346 94, 381 7 809 101 936 4 ,176 116, 617 3,712 123,239 5 ,7^5 115 850 718 283 ?77 103 ?65 757 254 326 980 515 930 940 440 340 240 740 570 9,874 10,982 14 f065 13 ,032 14 039 16,809 16 ,643 15 ,239 14,560 17 ,593 14,180 14 780 14,480 14,430 13 ,670 14,310 14,880 37 ] 513 44, 349 105, 971 1,343 94, 367 7 806 101 917 4 ,172 116, 567 3 ,709 123, 187 5 ,232 115, 824 3 ,290 114, 110 3 733 175 787 1,620 118,570 7 510 117 040 3,510 114,520 4,050 116,630 5,040 114,680 4 ,490 115,620 3,390 116,640 340 717 670 528 089 252 757 388 215 906 485 ?9? 157 6? 3 949 157 ?70 777 159 677 720 158 655 816 160 116 151 160 ,652 9 ,410 10,525 13 ,640 12,403 13 ,448 15,983 15,865 14,508 13 ,874 16,855 13 559 13,674 40 50 124 116 126 155 160 160 159 165 162 162 162 164 164 165 165 668 746 019 284 675 916 881 008 580 1?3 810 490 860 960 860 290 100 17 21 ?6 38 5? 70 82 86 87 90 88 89 90 90 91 93 92 ?38 714 083 057 749 619 601 887 140 30^ 930 340 630 990 180 280 360 16 316 21 808 90 606 69,221 62 027 68 981 61 592 56 620 56 190 58 557 57 710 56 830 55 740 57 320 56 910 55 250 56 050 33 43 107 9? 107 131 135 134 133 138 136 941 521 183 846 474 602 360 428 966 768 579 13 18 ?? 32 44 60 70 74 75 78 76 962 021 775 628 705 250 987 783 005 034 74? 14 19 78 57 52 57 50 46 45 47 46 328 539 338 914 365 809 697 226 763 575 767 114 225 331 006 399 316 688 502 250 ?69 170 3?0 490 650 770 760 690 ?7 ,474 26 ,551 34 806 37 ,502 40 789 43 ,559 46 ,838 42 ,444 39 ,920 48 770 40 ,800 41 510 40 ,700 41 ,280 40 ,840 41 ,550 42,200 65 79 160 155 168 202 210 205 202 217 207 207 207 210 209 210 211 ?16 104 31? 377 937 378 734 712 690 460 290 680 230 020 460 570 180 5 651 5 961 6 070 7 304 10 355 13 543 13 680 13 419 13 ,198 13 159 13 070 19 ,782 23 ,123 79 845 32 ,845 35 574 38 ,076 41 416 37 ,536 35 ,160 42 ,906 35 909 36 ,634 35 823 36 360 36 ,074 36 ,660 37 ,137 55 68 138 132 144 172 179 174 171 184 175 361 121 304 060 660 242 414 820 934 874 767 818 793 609 886 797 1 076 965 11 11 17 19 22 7 7 7 9 1? 16 16 16 16 16 16 16 16 16 16 16 16 136 3*7 77 08? 136 869 78 318 138 56? 78 558 46 097 13 ?08 45 705 13 346 46,536 13 468 138 307 78 ,590 138 848 80 ,529 138 573 79 ,621 46 ,159 13 ,558 44 ,808 13 ,511 45 ,490 13 ,462 4 977 4 901 4 ?79 4 ,944 8 137 27 868 14 998 3 101 3 ,704 10 68? 11 ,978 10 868 8,748 ? 188 1,774 ?46 1 ,718 ? 34? 4 ,1?3 29 898 17 456 31 066 18 639 8 460 8,?97 3 98? 4 130 10 10 16 18 21 ?16 379 ?08 641 346 31 ,280 18 ,820 31 ,940 19 ,777 32 140 19,900 3? 3?0 32 580 32 690 32 910 33 000 33,150 ?0 010 70 ,170 ?0 ?70 70 440 ?0 530 20,620 8 ,300 7 ,971 7 ,970 7 ,990 8 010 7,950 7 940 7 ,860 7,860 4 ,160 4 ,19? 4 ,?70 4 3?0 4 ,400 4,470 4 ,530 4 610 4,670 176 175 178 177 178 179 857 804 0?0 714 385 917 29 ?76 31 ?74 32 4?1 850 970 32 ,570 33 311 840 840 850 790 800 870 800 33 440 33 630 33 900 33 9S0 34 190 34 340 34,430 Number of banks Time U.S. Govt. 50,884 T* >165 19 417 9,30? 73 ?9? 77,068 68,74? 9 874 61, 126 26, 615 25, 511 8,999 27 344 90,908 81, 816 10 ,982 140, ??7 30, 36? 101 788 8,577 35 415 177 337 165 61? 14 065 134,924 43, 002 81, 199 10,723 38 ,388 175, 091 161, 865 13 ,033 148, 0?l 60, 386 77 894 14 741 41 086 191, 317 175, 796 14 039 183, 784 85, 617 77, 728 20 439 44 ,585 231, 654 211, 115 16 ,811 190,780 100,057 70,052 20 670 47 ,803 242, 008 220, 441 16 ,646 191,074 105 5?5 64 917 ?0 63? 43 361 238, 133 215, 510 15 ,?4? 190, 860 105 960 64 490 70 410 40,770 235 760 211 750 14 560 197,063 110, 079 66 573 ?0 461 49 641 250, 770 227.546 17 595 194,950 108, 830 65 680 20 440 41 ,640 240, 730 216, 040 14 ,180 194, 810 109, 350 64 870 ?0 640 47 350 241 310 216 170 14 780 195,440 110, 800 63 750 20 890 41 ,550 241, 130 215, 900 14 ,480 197,650 111,260 65 270 21 120 42 ,070 243, 970 218, 810 14 ,430 197,770 111, 620 64 850 21 300 41 ,640 243, 650 217, 880 13 ,670 198 290 113, 810 63 110 21 370 42 ,420 244, 910 219, 650 14 ,310 198 250 112 980 63 910 21 360 43 ,000 245, 610 220 500 14 ,880 * Preliminary. 1 All banks in the United States. All banks comprise all commercial banks and all mutual savings banks. All commercial banks comprise all nonmember commercial banks and all member banks (including (1) one bank in Alaska and one in the Virgin Islands that became members on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured nondeposit trust company, but excluding three mutual savings banks that became members in 1941). Stock savings banks and nondeposit trust companies are included with commercial banks. Number of banks includes a few noninsured banks for which asset and liability data are not Other 57 71 150 144 155 184 192 186 181 197 185 185 185 188 187 188 189 49 61 1?9 122 133 157 163 158 154 167 157 13 859 13,803 13 ,067 13 ,704 14 ,236 574 533 385 763 031 26 359 10 10 15 17 20 30 ?30 30.460 30,470 30,640 30 910 30,930 3 ,510 4 ,050 5 ,040 4 ,490 3 ,390 114, 550 116, 660 114,710 115,650 116, 670 743 1,709 77 179 1,176 ? 573 3,715 3 377 4 ,806 2 ,860 3 ,292 1 408 1 3 69 640 80,609 87 783 99, 604 105 400 98, 904 97, 381 106 850 101 084 ?44 99 838 3 183 97 671 3 582 99 511 4 ,514 97 773 4 ,086 98 673 3 ,090 99 425 1^ 3 3 () 4 4 3 (5) (5) (5) (55) () <5\ (5) (5) h)5 () h)5 () 3 5 8 194 15 035 8 10 11 13 17 18 18 414 542 948 837 270 112 811 19 ,340 19 480 19 ,520 19 ,570 19 ,690 19 ,740 19 ,980 14,826 14 553 14,714 14 650 14,367 14,243 14 206 14 204 14 167 14,163 14 158 14,160 14,154 14,145 14,138 14,135 6 885 7 ,173 8 950 10 ,059 11 590 14 ,576 15 ,300 15 ,927 15 ,940 16 302 16 ,380 16 500 16 ,520 16 ,560 16 ,660 16 ,730 16 ,950 14 484 14,278 14 011 14,181 14 121 13,840 13,716 13,679 13,677 13 640 13,636 13 631 13,633 13,628 13,619 13,613 13,610 5 ,522 5 ,886 7 589 8 ,464 9 695 12,210 P 783 13,293 13,304 13,655 13 713 41 867 13,813 41 557 13 825 47 781 13 863 43 ,301 13,947 43 ,653 14,004 43 ,901 14,210 6,362 6,619 6 884 6,923 6 873 6,660 6 543 6,499 6,494 6,462 6 459 6 456 6 454 6 450 6,445 6,438 6,430 1 309 10 571 10 527 1,241 1 592 15 371 17,745 1,889 70 009 7 747 76 307 7 694 78 , 1?9 ?,8P 79 157 7 885 29 ,240 2,900 30 001 7 947 30 080 7 960 30 700 7 980 30 430 3 000 30 440 3 010 30 610 030 30 880 3 010 30,900 3,030 551 548 542 533 529 15 331 15 952 30 741 35 360 36 503 47,209 48,715 50,030 50,020 50 90S 51 560 57 110 52 930 53 230 53 850 54 320 54 660 18 840 19 249 27,489 11 699 37, 136 12 347 e ?8 187 29 184 29 ,270 30 ,037 30 110 3 290 114 140 3,736 P5 308 1,620 118, 600 7 510 117 070 75 857 26,479 45 613 53 105 56 513 73, 510 76 844 79 187 79 760 80 908 81 640 R7 310 83 360 83 670 84 460 85 200 85 560 14 19 50 51 76 30 75 30 30 30 30 30 30 30 74 28 79 37 39 40 40 40 41 ?10 340 336 950 165 171 100 909 434 527 527 527 527 527 527 527 527 526 526 525 525 available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 2 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated $513 million at all member banks and $525 million at all insured commercial banks. 3 Includes other assets and liabilities not shown separately. For other notes see following two pages. 1052 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Class of bank and date Total Central reserve city member banks: New York City: 1939—Dec. 30. . 1941—Dec. 31 . . 1945—Dec. 31 . . 1957—Dec. 3 1 . . 1950—Dec. 30. . 1954—Dec. 31 . . 1955—Dec. 3 1 . . 1956—June 3 0 . . July 25. . Dec. 31 . . 1957—Jan. 30?\ Feb. 27^. Mar. 27^. Apr. 24*. May 2 9 P . June 26*\ July 31*\ Chicago: 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1954—Dec. 1955—Dec. 1956—June July Dec. 1957—Jan. Feb. Mar. Apr. May June July 9,339 12,896 26,143 20,393 20,612 23,880 23,583 23,270 22,771 23,809 23,101 23,134 23,592 23,562 23,279 23,686 23,182 Loans U. S. Govt. obligations 3,296 4,772 4,072 7,265 7,334 17,574 7,179 11,972 9,729 8,993 12,039 9,342 14,640 6,796 15,373 6,011 15,252 5,643 15,987 6,057 15,665 5,645 15,762 5,506 16,366 5,357 16,176 5,586 15,907 5,706 16,776 5,270 16,006 5,476 Other securities Total assets— Total liabilities and capital accounts 3 Cash assets2 Deposits Other Total 2 Interbank 2 Demand Total capital accounts Number of banks Time U. S. Govt. Other 1,272 1,559 1,235 1,242 1,890 2,499 2,148 1,885 1,876 1,765 1,791 1,866 1,869 1,800 1,666 1,640 1,700 6,703 6,637 6,439 7,261 7,922 7,581 8,948 7,753 6,817 8,629 7,046 7,260 7,207 7,137 7,300 7,384 7,470 16,413 19,862 32,887 27,982 28,954 32,193 33,228 31,801 30,356 33,381 31,151 31,383 31,772 31,701 31,556 32,053 31,685 14,507 17,932 30,121 25,216 25,646 28,252 29,378 27,775 25,929 29,149 26,497 26,605 27,056 26,907 26,914 27,565 26,981 4,238 4,207 4,657 4,464 638 709 600 327 127 987 4,927 059 5,013 5,001 4,962 5,158 5,233 74 866 6,940 267 451 736 756 1,166 514 747 188 394 755 686 1,032 938 726 9,459 12,051 17,287 19,040 18,836 19,414 20,719 18,902 17,950 19,940 18,905 18,636 18,520 18,467 18,084 18,722 18,320 736 807 1,236 1,445 1,722 2,392 2,303 2,381 2,338 2,475 2,477 2,516 2,768 2,753 2,836 2,747 2,702 1,592 1,648 2,120 2,259 ,351 ,803 2,745 805 809 873 878 892 2; 886 2,902 2,904 2,909 3,061 36 36 37 37 23 21 18 18 18 18 18 18 18 18 18 18 18 333 376 385 397 576 614 695 676 630 588 552 584 594 612 597 553 547 1,446 1,566 1,489 1,739 2,034 1,954 2,132 1,959 1,799 2,171 1,905 2,029 1,706 1,893 1,941 1,912 1,947 3,595 4,363 7,459 6,866 7,649 8,520 8,720 8,349 8,035 8,695 8,077 8,254 8,203 8,251 8,247 8,258 8,239 3,330 4,057 7,046 6,402 7,109 7,845 8,010 7,631 7,243 7,943 7,280 7,315 7,127 7,313 ,259 ,407 7,462 1,035 1,312 1,217 1,229 1,321 1,296 1,195 1,144 1,372 1,125 1,140 1,212 1,182 1,081 1,153 1,279 80 127 1,552 72 174 251 222 350 142 184 68 139 185 175 195 305 196 1,867 2,419 3,462 4,201 4,604 4,977 5,165 4,781 4,661 5,069 4,784 A,121 4,432 4,653 4,669 4,630 4,676 495 476 719 913 1,103 1,295 1,327 1,304 1,296 1,319 1,303 1,309 1,298 1,303 1,314 1,319 1,311 250 288 377 426 490 600 628 639 639 660 660 658 651 655 662 663 671 14 13 12 14 13 13 13 13 13 14 14 14 14 14 14 14 14 346 351 359 353 336 300 292 291 290 289 290 290 285 283 282 282 282 2,105 2,760 5,931 5088 ,088 5,569 6,518 6,542 6,336 6,187 6,473 6,120 6,171 6,444 6,303 6,249 6,293 6,234 569 954 1,333 1,801 2,083 2,784 3,342 3,572 3,500 3,772 3,494 3,776 3,893 3,862 1,203 1,430 4,213 2,890 2,911 3,120 2,506 2,088 2,057 2,113 2,074 2,073 2,165 1,933 1,876 1,847 1,825 Reserve city member banks: 1939—Dec. 30 1941_Dec. 31 1945—Dec. 31 1947_Dec. 31 1950—Dec. 30 1954—Dec. 31 1955—Dec. 31 1956—June 30 July 25 Dec. 31 1957—Jan. 30? Feb. 27? Mar. 2JP Apr. 24*> May 29^ June 26^ July 31* 12,272 15,347 40,108 36,040 40,685 50,738 52,459 52,071 52,177 53,915 52,978 52,897 52,677 53,672 53,401 53,649 53,785 5,329 7,105 8,514 13,449 17,906 23,986 28,622 30,122 30,461 31,783 31,234 31,308 31,548 31,644 31,574 32,168 32,104 5,194 6,467 29,552 20,196 19,084 21,718 18,826 17,051 16,933 17,368 17,056 16,898 16,416 17,207 16,830 16,529 16,798 1,749 1,776 2,042 2,396 3,695 5,034 5,011 4,898 4,783 4,764 4,688 4,691 4,713 4,821 4,997 4,952 4,883 6,785 8,518 11,286 13,066 13,998 15,424 16,994 15,361 14,490 17,716 14,802 15,161 14,744 15,029 14,807 15,150 15,079 19,687 24,430 51,898 49,659 55,369 67,165 70,478 68,524 67,784 72,854 69,034 69,310 68,674 70,001 69,518 70,083 70,164 17,741 22,313 49,085 46,467 51,437 61,796 64,733 62,392 60,918 66,524 62,111 62,253 61,808 63,070 62,299 62,886 63,225 3,686 4,460 6,448 5,649 6,448 7,444 7,446 6,633 6,339 7,878 6,224 6,223 6,361 6,307 5,809 6,138 6,373 435 491 8,221 405 976 1,457 1,288 1,918 1,010 1,201 474 865 1,199 1,312 1,716 1,634 1,264 9,004 12,557 24,655 28,990 32,366 37,418 39,835 37,324 37,146 40,647 38,393 37,979 36,922 38,029 37,153 37,276 37,671 4,616 4,806 9,760 11,423 11,647 15,476 16,164 16,517 16,423 16,79^ 17,020 17,186 17,326 17,422 17,621 17,838 17,917 1,828 1,967 2,566 2,844 3,322 4,300 4,641 4,902 4,909 5,076 5,082 5,124 5.121 120 168 195 5,199 Country member banks: 1939—Dec. 30 1941 _Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1954—Dec. 31 1955—Dec. 31 1956—June 30 July 25 Dec. 31 1957—Jan. Feb. 27* Mar. 27* Apr. 24* May 29* June 26* July 31* 10,224 12,518 35,002 36,324 40,558 50,466 52,775 52,752 52,831 54,571 54,380 54,185 54,156 55,025 55,378 55,220 55.372 4,768 5,890 5,596 10,199 14,988 21,442 24,379 25,716 25,792 26,491 26,349 26,498 26,719 26,980 27,333 27,692 27,649 3,159 4,377 26,999 22,857 21,377 23,629 22,570 21,076 21,130 22,037 21,992 21,620 21,267 21,810 21,747 21,162 21,391 2,297 2,250 2,408 3,268 4,193 5,395 5,826 5,959 5,909 6,042 6,039 6,067 6,170 6,235 6,298 6,366 6,332 4,848 6,402 10,632 10,778 11,571 13,11" 13,342 12,463 12,054 14,390 12,156 12,184 12,166 12,30 12,026 12,214 12,64 15,666 19,466 46,059 47,553 52,689 64,364 66,988 66,147 65,759 69,945 67,500 67,345 67,300 68,324 68,399 68,422 69,063 13,762 17,415 43,418 44,443 48,897 59,360 61,636 60,591 60,125 64,289 61,597 61,450 61,279 62,387 62,183 62,258 62,984 598 822 1,223 1,073 1,133 1,508 1,523 1,353 1,264 1,618 1,283 1,252 1,273 1,313 1,215 1,255 1,351 154 225 5,465 432 922 1,271 1,061 1,372 1,194 1,160 678 846 1,044 1,409 1,571 1,209 904 7,158 10,109 24,235 28,378 31,977 37,794 39,681 37,897 37,6241,194 39,002 38,496 37,79^ 38,362 37,867 38,045 38,758 5,852 6,258 12,494 14,560 14,865 18,787 19,372 19,969 20,043 20,3r 20,6320,85^ 21,165 21,303 21,530 21,74S 21,97' 1,851 5,966 1,982 6,219 2,525 6,476 2,934 6,519 3,532 6,501 4,506 6,326 4,769 6,220 4,947 6,177 4,947 6,173 5,046 6,141 5,093 6,137 139 6,134 ,167 6,137 5,186 6,135 5,213 6,131 5,237 6,124 5,279 6,116 30 31 31 31 30 31 31 30 25 31 30*> 27^ 27P 24» 29P 26P 31* 4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of about $110 million was added, and 8 banks with total loans and investments of $34 million were transferred from noninsured mutual savings to nonmember commercial banks. 5 Less than $5 million. For other notes see preceding and opposite pages. 1053 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Class of bank and date All insured commercial banks: 1941_Dec. 31 1945_Dec. 31 1947—Dec. 31 1954_Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 Total Loans U. S. Govt. obligations Other securities Total assets— Total liabilities and capital accounts 3 Cash assets2 Deposits Other Total 2 Interbank 2 Demand U. S. Govt. 49,290 121,809 114,274 154,115 159,164 158,344 163,601 21,259 25,765 37,583 70,127 82,081 86,374 89,831 21,046 88,912 67,941 68,012 60,765 55,835 57,837 6,984 7,131 8,750 15,976 16,318 16,136 15,933 25,788 34,292 36,926 43,161 46,480 42,126 48,352 76.820 157,544 152,733 200,127 208,608 203,676 215,514 69,411 147,775 141,851 182,886 190,512 184,680 195,953 National member banks: 1941—Dec. 31 1945_Dec. 31 1947_Dec. 31 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 27,571 69,312 65,280 88,509 86,152 85,455 88,477 11,725 13,925 21,428 39,712 43,428 45,860 48,109 12,039 51,250 38,674 39,392 33,579 30,555 31,568 3,806 4,137 5,178 9,405 9,144 9,040 8,800 14,977 20,114 22,024 25,662 25,697 23,545 27,006 43,433 90,220 88,182 115,835 113,412 110,703 117,345 39,458 6,786 1,088 84,939 9,229 14,013 82,023 8,410 795 105,851 10,714 2,508 103,903 9,317 2,063 100,826 8,404 2,929 107,161 9,844 2,074 State member banks: 1941_Dec. 31 1945—Dec. 31 1947_Dec. 31 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 15,950 37,871 32,566 43,093 49,208 48,973 50,291 6,295 8,850 11,200 20,538 27,554 28,923 29,924 7,500 27,089 19,240 18,417 17,118 15,671 16,007 2,155 1,933 2,125 4,138 4,536 4,379 4,359 8,145 9,731 10,822 12,414 15,719 13,992 15,900 24,688 48,084 43,879 56,407 66,002 64,117 67,530 22,259 44,730 40,505 51,401 59,854 57,563 60,744 3,739 4,411 3,993 5,269 6,549 6,104 7,012 Insured nonmember commercial banks: 1941_Dec. 31 1945—Dec. 31 1947_Dec. 31 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 5,776 3,241 1,509 14,639 2,992 10,584 16,444 4,958 10,039 22,536 9,886 10,215 23,829 11,108 10,081 23,942 11,600 9,621 24,859 11,808 10,274 1,025 1,063 1,448 2,436 2,640 2,720 2,777 2,668 4,448 4,083 5,088 5,067 4,592 5,448 8,708 19,256 20,691 27,911 29,220 28,884 30,667 7,702 18,119 19,340 25,657 26,779 26,316 28,073 129 244 266 393 408 355 427 Noninsured nonmember commercial banks: 1941—Dec. 31 1945_Dec. 31 1947_Dec. 314 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 455 318 474 492 520 513 471 761 1,693 1,280 969 827 785 714 241 200 255 339 370 365 336 763 514 576 397 357 318 369 2,283 2,768 2,643 2,250 2,126 2,036 1,946 1,872 2,452 2,251 1,871 1,742 1,646 1,562 329 181 363 433 370 377 310 AH nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 1947_Dec. 3H 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 7,233 16,849 18,454 24,337 25,546 25,605 26,381 3,696 3,310 5,432 10,378 11,628 12,114 12,279 2,270 12,277 11,318 11,184 10,908 10,406 10,989 1,266 1,262 1,703 2,775 3,010 3,085 3,113 3,431 4,962 4,659 5,485 5,424 4,909 5,817 10,992 22,024 23,334 30,161 31,347 30,920 32,613 9,573 20,571 21,591 27,528 28,522 27,962 29,635 457 425 629 825 778 732 737 Insured mutual savings banks: 1941_Dec. 31 1945_Dec. 31 1947_Dec. 31 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 1,693 10,846 12,683 20,830 22,331 23,168 24,170 642 3,081 3,560 11,651 13,563 14,514 15,542 629 7,160 8,165 6,117 5,858 5,636 5,518 421 606 958 3,062 2,910 3,018 3,110 151 429 675 832 785 739 739 1,958 11,424 13,499 21,981 23,458 24,271 25,28; 1,789 10,363 12,207 19,885 21,237 21,959 22,886 8,687 5,361 5,957 7,038 7,567 7,898 7,770 4,259 1,198 1,384 3,346 3,893 4,125 4 235 3,075 3,522 3,813 2,630 2,601 2,661 2,453 1,353 641 760 1,061 1,072 1,112 1,082 642 180 211 194 180 178 182 9.846 5,596 6,215 7,295 7,816 8,150 8,028 8,744 5,022 5,556 6,474 6,950 7,225 7,146 For other notes see preceding two pages. Number of banks Time Other 10,654 1,762 41,298 15,699 6,844 13.426 13,883 23,740 80,276 29,876 8,671 13,297 12,670 1,325 92,975 34,882 9,734 13,398 16,376 4,154 115,482 46,874 14,252 13,303 16,273 3,697 122,149 48,393 14,980 13,216 14,862 5,221 114,892 49,705 15,600 13,208 17,282 3,717 124,346 50,608 15,988 13,195 1,457 2,211 2,009 1,800 1,716 1,664 1,521 Noninsured mutual savings banks: 1941_Dec. 31 1945—Dec. 31 1947_Dec. 3H 1954—Dec. 31 1955—Dec. 31 1956—June 30 Dec. 31 Total capital accounts 23,262 45,473 53,541 66,426 65,840 62,123 67,434 8,322 16,224 19,278 26,202 26,683 27,370 27,810 3,640 4,644 5,409 8,085 7.915 8,232 8,450 5,117 5,017 5,005 4,789 4,692 4,667 4,651 621 8,166 381 1,207 1,264 1,877 1,218 13,874 24,168 27,068 33,177 39,559 36,781 39,416 4,025 7,986 9,062 11,748 12,482 12,801 13,098 2,246 2,945 3,055 4,125 4,868 5,061 5,205 1,502 1,867 1,918 1,871 1,851 1,832 1,811 53 ,560 149 439 370 415 425 4,162 10,635 12,366 15,879 16,749 15,988 17,497 3,360 5,680 6,558 8,947 9,252 9,558 9,724 959 1,083 1,271 2,044 2,199 2,309 2,336 6,810 6,416 6,478 6,647 6,677 6,713 6,737 1,291 1,905 1,392 18 1,085 18 1,039 12 932 11 936 16 253 365 478 335 322 326 300 329 279 325 324 320 326 313 852 714 783 536 499 470 444 5,504 3,613 14,101 6,045 167 13,758 7,036 457 16,964 9,282 382 17,788 9,574 16,920 9,884 426 440 18,433 10,024 1,362 1,596 2,368 2,519 2,636 2,649 7,662 7,130 7,261 7,183 7,176 7,183 7,181 1,789 10,351 12,192 19,831 21,182 21,930 22,857 164 1,034 1.252 1,920 2,006 2,061 2,130 52 192 194 218 220 220 223 8,738 5,020 5,553 6,471 6,947 7,22! 7,143 1,077 558 637 774 806 824 817 496 350 339 309 307 307 304 12 1,2: NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. 1054 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [In millions of dollars] Loans 2 Class of bank and call date Total loans and invest- Total* ments Agricultural Investments Loans for purchasing or carrying securities U. S. Government obligations Other Real loans to esin- Other tate loans Total diTotal To loans viduals others Obligations Direct of States Other and CertifiGuar- polit- securities cates anical inteed subBills of debt- Notes Bonds diviedsions ness All commercial banks: 3 1947_Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 30.... Dec. 3 1 . . . . 1957_Mar. 14 «... 116,284 38,057 18,167 1,660 830 .220 9.393 5,723 1,063 78,226 69.221 160,881 82,601 33,245 4;475 3,263 ,774 20,809 17,185 3,117 78,280 ,592 36 160,008 86,887 ",111 4,254 2,695 1,738 21,787 18,365 3,286 73,122 56,620 165,123 90,302 38^720 4 ,161 2,589 ' "' 22,509 18,850 3 343 74,821 58,552 1,691 163,602 90,020 38,524 4 ,155 2,363 1,623 22,442 18,713 3 809 73,582 56,905 AH insured commercial banks: 1941—Dec. 3 1 . . . , 1945_Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 30.... Dec. 3 1 . . . . 49,290 21,259 9,214 1,450 614 121,809 25,765 9,461 1,314 3,164 114,274 37,583 18,012 1,610 823 159,164 82,081 33,092 4;396 3,229 158,344 86,374 35,944 4 ,190 2,669 163,601 89,831 38,571 4,101 2,565 28,031 662 4,773 4 , .545 3,606 4,677 2,361 1,181 96,043 ,190 9,266 5,654 654 1,028 76,691 , ;742 20,692 17,104 3,091 77,083 1,704 21,671 18,284 259 71,971 1,669 22,394 18,765 325 73,770 Member banks, total: 1941—Dec. 3 1 . . . , 1945_Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 30.... Dec. 3 1 . . . . 1957_Mar. 14.... 43,521 18,021 8,671 972 594 107,183 22,775 8,949 855 3,133 16,962 . 1,046 . 97,846 32,628 : 811 135,360 70,982 31,019 2,726 3,150 134,428 74,783 33,725 2,552 138,768 78,034 36,296 2,478 2,447 36,107 2 -' 2,216 137,492 77,760 :' 3,007 11,729 3,832 598 3,494 25,500 19,539 971 3,692 090 2 ,871 3,378 3,455 1,900 1, 104 84,408 78,338 2,275 16,985 14,271 44,792 16 254 2 ,815 ,218 57.914 1,987 5,816 4,815 45 '-,286 1,065 7,130 4,662 10 199 3.105 1,560 16,391 14,313 2,943 64,377 50,697 3,250 1,738 11,508 34,192 9 ,236 840 10,,332 33,029 1,522 17,172 15,330 3,087 59,645 46,226 2,013 12 10,557 2,862 1,473 17,811 15,765 3,147 60,734 47,575 4,383 1,469 9,493 32,218 12 10,494 2,665 32090 1,402 17,753 15,633 3,613 59,732 46,235 3,540 1,679 12 10,780 2,716 New York City:* 1941—Dec. 3 1 . . . . 1945_Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 30.... Dec. 3 1 . . . . 1957_Mar. 14.... Chicago:4 1941_Dec. 1945—Dec. 1947_Dec. 1955—Dec. 1956—June Dec. 1957—Mar. 31.... 31.... 31.... 31.... 30.... 31.... 14.... Reserve city 1941_Dec. 1945_Dec. 1947—Dec. 1955—Dec. 1956—June Dec. 1957_Mar. banks, 31.... 31.... 31.... 31.... 30.... 31.... 14.... Country banks: 1941—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 30.... Dec. 3 1 . . . , 1957—Mar. 14... All nonmember banks: 3 1947—Dec. 3 1 . . . 1955—Dec 3 1 . . . 1956—June 3 0 . . . Dec. 3 1 . . . 12,896 4,072 2,807 26,143 7,334 3,044 20,393 7,179 5,361 23,583 14,640 9,126 23,270 15,373 10,191 23,809 15,987 11,266 23,793 16,213 11,465 2,760 5,931 5,088 6,542 6,336 6,473 6,434 954 1,333 1.801 3,342 3,572 3,772 3,621 123 80 111 577 609 617 599 52 233 87 99 96 97 95 22 36 46 128 133 134 135 114 194 427 1,503 170 484 542 696 502 676 501 712 443 679 1,527 1,459 3,147 6,962 7,357 7,654 7,569 1,512 855 404 1,969 5,916 1, 180 6,306 " ,265 6,512 1,289 61446,1,468 48 211 73 275 170 203 160 6,034 53,191 14,034 41,010 12,727 39,815 11,823 38,796 11,125 ~~,659 38 51 149 316 384 439 348 95 40 26 184 187 178 180 1,806 4,598 3,287 3,200 2,764 2,701 2,813 1,430 4,213 2,890 2,506 2,088 2,113 2,209 256 133 1,467 132 235 111 68 46 3 112 42 314 26 153 749 248 604 476 316 271 903 1,864 2,274 1,723 1,564 1,643 1,598 300 205 225 566 520 489 463 1,676 1,484 3,096 6,290 6, 7,080 7,055 659 648 818 2 ,127 ,019 1,972 2",003 20 42 23 189 223 334 321 183 471 227 255 257 261 256 1,823 1,881 3,827 8,723 9,073 9,407 9,451 481 2,926 6,628 4,377 110 1,530 707 363 29,407 26,999 630 5,102 4,544 16,713 ,125 22,857 480 2,583 2,108 17.681 1,979 ,397 22,570 1,774 913 5,056 14,825 6,575 489 4,688 14,628 7,050 590 27,035 21,076 1,267 792 4,458 14,420 7,256 28,080 22,037 2,362 929 4,246 14,444 7,330 27,777 21,537 1,914 1,205 614 2,226 1,750 2,385 1,702 2,424 1,683 20 113 110 143 156 214 216 218 2,266 4,428 4,625 4,708 1.061 2,872 3,036 3,085 12,518 5,890 35,002 5,596 36,324 10,199 52,775 24,379 52,752 25,716 54,571 26,491 54,396 26,619 18,454 25,546 25,605 26,381 5,432 11,628 12,114 12,279 5.276 3.729 12,698 3,990 12,929 929 3,573 3 12,901 3,368 13,242 3,435 3,159 12,797 4,102 3,651 3,333 19,071 16,045 51 ",321 22 3,873 3,258 7,552 5,918 52 ,334 14 5,129 3,621 2,292 13,856 40 ,502 10 12 ,465 3,853 1,228 12,552 39,290 13 12,694 ",442 1,981 1 1,722 38 13 12,675 3 ,258 , " " "',358 15,347 7,105 3,456 40,108 8,514 3,661 36,040 13,449 7,088 52,459 28,622 13,212 52,071 30,122 13,978 53,915 31,783 15,170 52,869 31,307 14,798 e Estimated. 1 All commercial banks in the United States. These figures exclude data for banks in U. S. possessions except for one bank in Alaska that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in member banks but are not included in all insured commercial banks or all commercial banks. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve 21,046 988 88,912 2,455 67.941 2,124 60,765 4,105 55,835 2,751 57,837 5,763 7.789 2,318 1,247 1,997 2,266 1,623 3,652 1,679 8,823 7,265 311 729 554 287 298 18,809 17,574 477 3,433 3,325 10,337 606 1 558 9,771 640 564 330 13,214 11,972 1,002 638 100 1,141 5,002 1,506 1,006 8,943 6,796 552 1,609 70 1,082 4,529 1,590 1,044 7,896 6,011 325 1,514 194 976 4,160 1,558 """ 1,049 7,822 6,057 724 1,406 176 895 4,142 1,509 1,292 7,580 5,661 444 1,578 412 169 . 2,453 ,172 . 545 267 17 2,144 511 1,691 494 1,409 402 1,292 373 732 760 1,418 2,390 2,663 2,781 2,789 2.193 4,219 2,817 5,924 4,842 111 174 200 196 119 182 181 213 476 489 440 465 830 629 604 539 371 358 341 193 204 185 219 188 148 139 751 4,248 1,173 8,243 6,467 295 956 820 31,594 29,552 1,034 6,982 5,653 15,878 1,126 916 :,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 657 4,708 12,643 23,837 18,826 813 3,778 1,233 279 4,086 12,308 21,949 17,051 374 4 3,823 1,076 441 3,742 11,995 22,132 17,368 ,185 4 3,820 944 548 3,502 11,907 21,561 16,828 868 4 3,770 963 13,021 11.318 206 1,973 1,219 7,916 580 2,527 6,829 13,918 10,908 970 13,492 10,406 805 407 2,396 6,797 14,102 10,989 1,541 528 2,330 6,588 861 9 6 3 4 4 4 1,222 1,028 1,342 1,067 2,006 1.262 4,581 1,246 4,731 1,228 4,827 1,215 4,968 1,272 1,078 2.255 2,374 2,409 625 755 712 704 membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 2 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other notes see opposite page. 1055 COMMERCIAL BANKS RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Re- Class of bank and call date DeBalserves mand Cash ances with with dein Federal doposits vault mestic Read- 6 5 serve banks justed Banks Interbank deposits Time deposits Domestic5 Foreign CertiIndiIndi- Bor- CapiU. S. States viduals, States fied viduals, Govt. and partnerrow- tal and and partnerU.S. and polit- ships, ings acoffiships, Intercounts Govt. political Postal bank ical subdi- cers' and corcorSav- subdi- and visions checks, poraporaings visions etc. tions tions AH commercial banks: 3 1947—Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 3 0 . . . . Dec. 3 1 . . . . 1957—Mar. 14"... 17.796 18,721 18,232 18,706 18,627 2,216 2,682 2,273 3,261 2,875 10,216 12,050 10,802 12,813 10,345 87,123 109,905 104,761 111,405 108,290 11,362 13,512 12,069 14,338 11,453 1,430 1,546 1,557 1,794 1,582 1,343 6,799 3,709 10,273 5,232 10,768 3,733 10,449 2,040 9,998 AH insured commercial banks: 1941—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 3 0 . . . . Dec. 3 1 . . . . 12,396 15,810 17,796 18,721 18,232 18,706 1,358 1,829 2,145 2,656 2,251 3,237 8,570 11,075 9,736 11,744 10,528 12,490 37,845 74,722 85,751 108,887 103,844 110,487 9,823 12,566 11,236 13,390 11,963 14,226 673 1,248 1,379 1,516 1,516 1,755 1,762 3,677 23,740 5,098 1,325 6,692 3,697 10,138 5,221 10,641 3,717 10,350 158 1,077 36,544 2,585 72,593 70 2,559 83,723 54 3,879 108,131 1,367 3,217 101,034 1,383 3,744 110,252 1,301 Member banks, total: 1941—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 30 Dec. 3 1 . . . . 1957—Mar. 1 4 . . . . 12,396 15,811 17,797 18,722 18,234 18,707 18,628 1,087 1,438 1,672 2,019 1,686 2,487 2,196 6,246 7,117 6,270 7,612 6,787 8,124 6,287 33,754 64,184 73,528 92,435 88,139 93,320 91,311 9,714 12,333 10,978 13,002 11,627 13,818 11,059 1,243 1,375 1,511 1,510 1,749 1,546 1,709 22,179 1,176 3,327 4,806 3,292 1,789 3,066 4,240 5,504 8,075 8,496 8,211 7,778 1,009 2,450 2,401 3,638 3,004 3,475 2,807 New York City:* 1941_Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1955—Dec. 31.... 1956—June 3 0 . . . . Dec. 3 1 . . . . 1957_Mar. 1 4 . . . . 5,105 4,015 4,639 4,431 4,331 4,375 4,458 93 111 151 127 94 161 151 141 78 70 111 89 99 51 10,761 15,065 16,653 16,493 15,695 15,974 16,763 3,595 3,535 3,236 3,364 3,080 3,622 2,833 607 866 1,105 6,940 1,217 267 1,151 756 1,190 1,166 747 1,400 286 1,216 319 237 290 302 396 286 261 1,338 1,105 1,498 1,110 1,172 1,107 Chicago:* 1941 Dec. 1945—Dec. 1947_Dec. 1955—Dec. 1956—June Dec. 1957—Mar. 31 31.... 31 31.... 30.... 31.... 14.... 1 021 942 1,070 1,135 1,115 1,158 1,004 43 36 30 32 27 37 29 298 200 175 141 124 174 103 2,215 3*153 3 737 4,349 4,092 4,272 4,088 1 027 1,292 1,196 1,246 1,149 1,318 1,100 Reserve city 1941—Dec. 1945—Dec. 1947—Dec. 1955—Dec. 1956—June Dec. 1957—Mar. banks: 31 31.... 31.... 31.... 30 31.... 14.... 4,060 6,326 7,095 7,727 7,471 7,649 7,624 425 494 562 638 542 787 697 2,590 2,174 2,125 2,515 2,201 2,656 2,033 11,117 22,372 25,714 33,757 32,203 34,046 33,173 Country banks: 1941_Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1955—Dec. 3 1 . . . . 1956—June 3 0 . . . . Dec. 3 1 . . . . 1957—Mar. 1 4 . . . . 2,210 4,527 4,993 5,429 5,316 5,526 5,542 526 796 929 3,216 4,665 3,900 4,844 4,373 5,194 4,099 9,661 23,595 27,424 37,836 36,149 39,028 37,287 1,199 1,049 1,488 1,321 1,580 1,275 3,947 4,439 4 015 4,690 13,595 17,470 16 621 18,085 385 510 442 521 All nonmember banks:3 1947 Dec 31 1955—Dec. 31 1956—June 30 Dec. 31 1,222 1,024 1,502 1,319 544 663 588 774 671 8 20 21 40 36 46 38 127 1,552 72 237 450 84,987 109,011 101,812 111,048 105,731 33,061 62,950 72,704 93,687 87,404 95,163 91,017 1,353 1,370 1,289 1,308 418 11,878 399 23,712 693 27,542 4 208 54 137 302 48 50 99 105 327 302 301 296 59 35 36 34 9 8 9 12 12 286 611 705 11,127 22,281 26,003 35,752 33,341 36,519 34,683 104 30 22 239 286 294 294 20 38 45 106 112 114 114 30 17 17 18 17 22 31 31 52 45 157 148 146 143 190 231 243 171 6 29 30 29 790 2 225 8 5,465 7 432 17 1,061 15 1,372 16 1,160 14 711 1,370 2,004 2,647 4,425 4,581 4,538 4,533 1,020 860 8,500 21,797 25.203 34,235 32,383 35,473 33,381 55 36 47 1 295 2,198 2,272 2,238 180 265 240 310 12,284 15,324 14,408 15,885 1,035 862 1,036 768 239 435 528 934 1,183 1,865 1,954 1,839 1,965 29 20 14 72 60 44 46 10 12 11 10 7 7 1,144 1,763 2,282 3,048 3,120 3,092 2,667 34,383 65 46,019 159 47,205 354 75 48,193 49,748 1,708 10 215 61 145 337 56 2 6 6 5 4 54 491 110 8,221 131 405 303 1,288 269 1,918 286 1,201 277 704 866 2,340 2,493 2,384 2,522 492 15,146 59 496 29,277 103 826 33,946 111 356 2,282 45,756 332 2,432 46,941 330 2,329 47,949 2,152 3,160 3,853 4,781 4,283 4,690 4,397 4,302 6,307 5,497 6,903 6,078 7,298 5,851 45 140 64 50 111 356 332 330 328 34 66 63 85 98 85 72 222 350 184 88 167 382 426 440 240 1,585 1,613 1,460 1,486 6 11,282 17 15,712 12 17,646 18,919 1,085 17,396 1,058 965 18,482 977 18,556 285 299 399 294 316 3 Breakdowns of loan, investment, and deposit classifications are not available prior to 1947; summary figures for earlier dates appear in the preceding table. 4 Central reserve city banks. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on 233 2,581 3,904 3,244 3,785 3,093 10,059 15,300 15,927 16,302 16,483 6,844 8,671 9,734 14,980 15.600 15,988 5,886 7,589 8,464 36,972 12,783 37,916 13,293 38,769 13,655 40,028 1,564 13,796 195 30 1 38 2 430 1,648 2,120 2,259 2,745 2,805 2,873 2,880 1,313 ' " * 3 1 1,288 4 1,302 1,296 255 288 377 426 628 639 660 654 778 1,206 1,418 2,171 2,285 2,395 2,612 476 719 902 4,542 9,563 11,045 15,117 1,013 15,392 935 15,748 995 16,139 2 1 82 179 21 592 1,967 2,566 2,844 4,641 4,902 5,076 5,101 146 219 337 844 871 847 912 6,082 12,224 14.177 18,371 18,950 19,324 19,981 4 11 23 52 84 21 287 1,982 2,525 2,934 4,769 4,947 5,046 5,162 172 475 539 546 6 858 9,071 9,314 9,449 12 22 52 27 1.596 2,519 2,636 2,649 243 160 332 941 Dec. 31, 1942, aggregated $513 million at all member banks and $525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. For other notes see opposite page. 1056 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] U. S. Government obligations Loans * Month or date Total Loans and loans investComand Loans merinvest- ments cial Agriadculadments justed and tural i justed * industrial For purchasing or carrying securities To brokers and dealers U.S. Govt. obligations Other securities CerOther Loans tifisecuto Real Other cates estate loans Total Bills ofin- Notes Bonds2 rities banks loans debtedU.S. ness Govt. Other seob- curiliga- ties tions To others TotalLeading Cities 1956 Aug 86,563 85,292 51,043 28,517 451 2,116 1,243 8,708 10,873 26,487 88,287 87,097 53,834 31,587 87,570 86,316 53,797 31,558 430 426 ,710 ,689 1,157 1,132 8,658 11,348 25,687 8,682 11,368 24,921 8,649 8,645 8,657 8,666 8,675 565 900 5,817 19,205 7,762 1,271 1957 July Aug July July July July July 3 10 17 24 31 Aug. 7 Aug. 14 Aug. 213 Aug. 28 89,303 88,670 88,260 87,605 87,597 88,204 87,581 87,090 86,244 86,365 54,282 31,877 53,972 31,755 53,852 31,641 53,496 31,355 53,568 31,310 433 431 429 428 428 ,892 ,710 ,679 ,610 ,660 1,184 1,162 1,157 1,143 1,142 87,048 87,276 88,241 87,718 85,955 85,868 86,973 86,470 53,541 53,650 54,064 53,935 31,322 31,537 31,790 31,583 420 428 427 429 ,644 ,548 ,755 ,810 1,140 1,136 1,132 1,120 ,811 1,402 4,239 18,235 7,576 1,190 ,501 1,628 3,647 18,145 7,598 1,254 11,303 , 266,310 2,334 11,,324 26,020 2,013 11,,345 25,642 1,725 11,,350 25,223 1,481 11,412 25,241 1,504 8,665 11,408 24,821 1,286 8,685 11,375 24,646 1,177 8,682 11,337 25,303 1,918 8,696 11,355 24,914 1,623 1,475 1,455 1,409 1,327 1,342 4,229 4,236 4,319 4,203 4,207 18,272 18,316 18,189 18,212 18,188 7,612 7,589 7,596 7,525 7,556 ,099 ,089 ,170 ,361 ,232 1,714 1,655 1,582 1,562 3,654 3,658 3,655 3,622 18,167 18,156 18,148 18,107 7,593 7,572 7,606 7,621 ,093 ,408 ,268 ,248 New York City 1956 450 600 2,208 5,726 157 270 1,003 4,296 ,902 735 950 874 388 373 548 555 2,157 5,4Z 2,144 5,17! 453 341 180 199 851 735 3,938 3,904 ,673 ,728 732 618 72 1,357 23,040 22,305 14,677 10,219 Aug 19 1957 23,378 22,646 15,551 11,750 23,064 22,446 15,539 11,789 68 115 July Aug July July July July July 3 10 17 24 31 23,946 23,412 23,354 23,122 23,058 23,231 22,774 22,571 22,273 22,383 15,924 15,673 15,519 15,274 15,368 11,949 11,846 11,761 11,580 11,616 82 1,085 68 961 44 938 42 894 107 874 402 389 385 383 379 542 548 546 550 553 2,175 2,171 2,156 2,137 2,150 5,644 5,429 5,379 5,336 5,32f 659 432 422 382 368 188 164 180 181 186 834 868 814 868 871 3,963 3,965 3,963 3,905 3,897 ,663 ,672 ,673 ,663 ,693 715 638 783 849 675 Aug. Aug. Aug. Aug. 7 14 213 28 22,853 22,938 23,311 23,156 22,291 22,258 22,699 22,536 15,395 15,472 15,688 15,601 11,637 11,781 11,944 11,794 86 63 153 157 904 853 837 903 378 375 373 367 551 558 557 552 2,150 2,153 2,135 2,139 5,173 5,083 5,282 5,178 310 235 454 364 229 198 187 183 726 740 742 731 3,908 3,910 3,899 3,900 ,723 ,703 ,729 ,757 562 680 612 620 408 630 4,814 14,909 5,860 536 Outside New York City 1956 Aug 63,523 62,987 36,366 18,298 450 687 774 8,108 8,665 20,761 64,909 64,451 38,283 19,837 64,506 63,870 38,258 19,769 429 425 692 700 759 750 8,110 9,191 20,265 1,358 1,222 3,388 14,297 8,127 9,224 19,742 1,160 1,429 2,912 14,241 5,903 5,870 458 636 1957 July Aug July July July July July 3 10 17 24 31 65,357 65,258 64,906 64,483 64,539 64,973 64,807 64,519 63,971 63,98f 38,358 38,299 38,333 38,222 38,200 19,928 19,909 19,880 19,775 19,694 43: 430 428 427 427 725 681 697 674 679 772 762 762 751 754 8,107 8,097 8,111 8,116 8,122 9,128 20 ,666 9,153 20,591 9,189 20 ,263 9,213 19,887 9,262 19,919 1,675 1,581 1,303 1,099 1,136 1,287 1,291 1,229 1,146 1,156 3,395 3,368 3,505 3,335 3,336 14,309 14,351 14,226 14,307 14,291 5,949 5,917 5,923 5,862 5,863 384 451 387 512 557 Aug. Aug. Aug. Aug. 7 14 213 28 64,195 64,338 64,930 64,562 63,664 63,610 64,274 63,934 38,146 38,178 38,376 38,334 19,685 19,756 19,846 19,789 419 427 426 428 654 632 765 750 753 752 750 744 8,114 8,127 8,125 8,144 9,258 19,648 976 9,222 19,563 942 9,202 20 20,021 1,464 9,216 19,736 1,259 1,485 1,457 1,395 1,379 2,928 2,918 2,913 2,891 14,259 14,246 14,249 14,207 5,870 5,869 5,877 5,864 531 728 656 628 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. 3 Beginning Aug. 21, 1957, banks were requested to report holdings of securities acquired under resale agreements as loans, rather than as securities owned as heretofore. Published figures for prior dates have not been revised, but the effect of the new reporting on prior dates would be to decrease holdings of securities and to increase loans to banks and loans to brokers and dealers. See also NOTE on opposite page. 1057 WEEKLY REPORTING MEMBER BANKS RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] BalReserves Cash ances with with in doF. R. vault mestic Banks banks Month or date Demand deposits adjusted i Interbank deposits Time deposits, except interbank Demand deposits, except interbank IndiIndiDemand vidvid- States Certiuals, States uals, and U.S. fied and part- polit- and part- polit- Govt. and nernerical offi- U.S. ships, ical ships, subGovt. sub- Postal Docers* Forand and divi- Sav- mes- eign divichecks, cor- sions etc. cor- sions ings tic poraporations tions Borrowings Capital acFrom From counts Time F. R. others Banks TotalLeading Cities 1956 Aug 13,206 951 2,404 55,213 57,318 3,971 1,964 3,033 19,626 1,008 178 10,418 1,591 1,288 512 992 8,858 13,387 13,031 975 2,440 55,069 57,982 4,059 991 2,355 54,808 57,399 3,916 1,971 3,324 21,202 1,124 1,909 2,126 21,279 1,131 187 10,557 186 10,436 ,665 ,733 ,254 ,209 573 557 667 9,269 816 9,419 1957 July Aug July July July July July 3 10 17 24 31 13,576 899 2,463 54,307 57,306 13,351 1,026 2,359 2i359 54,750 57,438 13,400 988 2,513 55,167 , 58,972 13,334 995 2,404 "" 55,5 570 57,915 13,275 966 2,463 55,5 550 58,276 4,238 4,109 3,836 3,945 4,169 2,141 1,892 2,011 1,908 1,903 5,004 21,171 3,820 21,174 3,060 21,221 2,349 21,227 2,381 21,219 1,125 1,116 1,132 1,125 1,123 188 187 186 186 187 10,576 10,664 10,814 10,286 10,447 ,641 ,662 ,660 ,697 ,667 ,261 ,274 ,252 ,243 ,238 970 792 564 270 271 618 544 664 826 682 9,246 9,244 9,227 9,232 9,396 Aug. 7 Aug. 14 Aug. 21 13,047 930 2,320 55,096 56 ,832 12,818 1,017 2,478 54,683 58,233 13,017 973 2,356 54,482 57 "",159 13,242 1,043 2,265 54,973 57 ,374 4,108 3,839 3,838 3,878 1,626 1,664 1,844 2,503 1,313 21,275 1,423 21,265 3,124 21 21,285 2,647 21 ,292 1,119 1,136 1,133 1,135 186 187 185 185 10,568 10,902 10,301 9,972 ,729 ,754 ,786 ,661 ,236 ,209 ,189 ,203 645 395 582 605 611 988 808 857 9,420 9,407 9,409 9,440 74 35 2,841 1,261 1,004 53 420 2,793 Aug. 28 New York City 1956 Aug 4,134 133 58 15,216 16,499 266 972 1,087 2,185 4,150 4,039 138 139 15,241 16,788 15,131 16,536 284 245 978 1,041 2,533 964 598 2,508 2,916 2,768 ,362 ,425 935 901 71 112 259 2,918 406 3,030 4,117 4,204 4,068 4,079 4,281 132 150 138 138 130 15,156 15,101 15,270 15,372 15,306 16,766 16,536 16,955 16,711 16,973 272 1,062 1,678 2,538 278 923 1,211 2,531 275 1,008 908 2,539 297 679 2,526 958 299 940 726 2,529 2,934 2,909 2,926 2,874 2,935 ,346 ,341 ,356 ,394 ,372 941 952 931 927 926 125 152 78 225 289 276 185 318 2,892 2,892 2,887 2,891 3,029 3,988 4,032 4,028 4,107 136 139 136 146 15,213 14,983 15,012 15,316 16,319 16,564 16,450 16,811 257 695 239 678 198 916 288 1,568 2,521 2,498 2,502 2,510 2,755 2,855 2,772 2,688 ,429 ,438 ,464 ,369 925 901 892 73 101 213 62 304 552 348 418 3,035 3,029 3,031 3,027 9,072 818 2,346 39,997 40,819 3,705 992 1,946 17,441 934 143 7,577 330 284 459 572 6,065 9,237 8,992 837 2,391 39,828 41,194 3,775 852 2,312 39,677 40,863 3,671 993 2,283 18,669 1,052 945 1,528 18,771 1,057 152 7,641 151 7,668 303 308 319 308 502 445 408 6,351 410 6,389 9,459 9,147 9,332 9,255 8,994 767 876 850 857 836 2,409 39,151 40,540 2,322 39,649 39i649 40 ,902 2,461 39,897 42 ,017 2,357 40; 198 41,204 2,414 40,244 41,303 3,966 1,079 3,326 18,633 3,831 969 2,609 18,643 3,561 1,003 2,152 18,682 3,648 950 1,670 18,701 3,870 963 1,655 18,690 ,052 ,044 ,059 ,053 ,052 153 151 151 151 152 7,642 7,755 7,888 7,412 7,512 295 321 304 303 295 320 322 321 316 312 845 640 486 270 271 393 255 388 641 364 6,354 6,352 6,340 6,341 6,367 9,059 8,786 8,989 9,135 794 878 837 897 2,282 39,883 40 513 2,436 39,700 41 669 2,308 39,470 40.709 2,221 39,657 " 40,563 3,851 3,600 3,640 3,590 ,047 931 907 18,754 ,063 986 1,043 18,767 ,058 928 2,257 18,783 935 1,907 18,782 1,057 151 152 151 151 7,813 8,047 7,529 7,284 300 316 322 292 311 308 297 315 572 294 369 543 307 436 460 439 6,385 6,378 6,378 6,413 1957 July Aug July July July July July 3 10 17 24 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 , , 406 380 867 740 Outside New York City 1956 Aug , 1957 July Aug July July July July July 3 10 17 24 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 , i Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. 1058 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Other Commodity dealers Sales finance companies utilities (incl. transportation) -10 88 -1 -62 -41 120 -363 539 -175 32 126 -225 71 82 106 132 -1,314 630 -1,496 539 177 224 313 208 153 63 146 327 -461 469 589 704 384 27 134 106 143 370 1,257 3,050 1,078 53,206 238 -6 1,362 -71 424 428 369 72 171 178 -386 739 -322 98 365 350 54 -66 149 176 2,124 2,719 42,243 2,459 -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 19 -83 71 40 21 50 295 -229 -138 201 -27 97 9 11 48 -42 29 -66 42 156 315 -280 4 351 -83 17 29 9 5 85 -3 46 1,414 -665 249 1,436 -787 273 -10 -4 45 -13 1 12 11 17 74 186 33 30 66 72 34 7 38 44 9 -1 15 31 3 -23 -22 7 -28 76 47 279 -87 -6 48 223 86 7 10 3 9 17 40 5 23 100 324 905 86 89 344 945 58 -31 1 -32 -28 6 3 7 4 -6 13 -32 -33 -15 -86 -63 -32 8 14 -14 -4 -12 8 8 2 3 -10 - 5A 9 4 15 14 43 -130 -96 -109 12 -121 9 22 20 -2 -8 15 7 -13 7 28 -4 -17 -11 2 -162 -130 -94 -253 -28 -220 -122 -114 -286 -45 18 19 6 28 12 24 19 -6 -50 -14 -22 -53 25 31 14 -71 4 13 1 -6 9 10 15 -5 2 38 125 -9 -20 24 93 -94 -16 18 -5 20 1 6 c 3 14 35 11 -14 -1 203 253 -206 12 215 253 -207 Textiles, apparel, and leather 1954—Jan.-June July-Dec -505 498 55 -26 -577 -548 1955_jan._june July-Dec -540 480 220 71 1956—Jan.-June July-Dec -302 822 1957—Jan -June 1957 June July Aug Week ending: 1957 June 5 June 12 June 19 June 26 July July July July July 3 . . . . 10 17 24 30 Aug 7 Aug. 14 Aug. 21 Aug 28 All other types of business Trade (wholesale and retail) PetroMetals leum, and coal, metal prod- chemical, and 3 ucts rubber Food, liquor, and tobacco Period 2 Comm'l and ind'l Net change— changes all classiweekly fied reporting banks* -21 -2 1 Data for a sample of about 210 banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2 Figures for periods other than weekly are based on weekly changes. Construction 3 Includes machinery and transportation equipment. Prior to week ending Jan. 11, 1956, included changes in agricultural loans. 5 Includes increase of $318 million resulting from errors disclosed incident to survey of credit extended to real estate mortgage lenders. 4 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Accepting banks End of year or month 1956 Julv AUK Sept Oct Nov Dec 1957 Jan Feb . Mar Apr May July Pith Total Own Bills ForOwn bills bought acct. eign corr. 1,331 1,745 1,966 1,924 2,020 449 552 564 733 510 882 [,193 1,402 1,191 ,510 490 492 574 873 642 197 183 172 289 175 119 126 117 203 126 79 57 55 86 49 2,626 2,539 2,490 2,618 2,660 2,166 509 548 549 573 568 506 :2,117 1,991 1.941 2,045 2,092 1,660 723 772 805 843 924 967 175 189 209 203 242 227 111 120 127 135 167 155 64 70 82 69 75 72 2,575 2,714 2,650 2,485 2,775 2,452 2,781 548 555 489 466 483 454 459 2,027 2,159 2,161 2,019 2,292 1,998 2,322 1,012 992 1,019 1,018 984 979 1,000 230 202 209 195 188 183 154 156 133 150 135 142 142 112 74 69 59 60 46 41 42 i As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. Goods stored in or ImExshipped between ports ports Dollar points in: into from exUnited United change States States United Foreign States countries 21 20 24 19 33 272 289 378 565 405 235 232 274 285 252 133 125 154 182 210 23 39 29 17 17 55 64 75 300 63 44 32 43 89 100 17 20 33 69 48 51 49 53 52 50 483 510 529 567 598 621 270 271 294 277 277 261 237 259 258 281 295 329 13 21 17 19 10 2 74 97 113 133 199 227 129 124 123 133 143 148 30 24 23 24 21 23 19 62 58 58 64 63 62 70 689 708 728 735 713 711 757 291 307 305 272 227 220 231 363 389 425 471 501 502 507 2 2 2 4 5 21 35 197 127 116 89 73 58 59 158 167 171 182 177 178 169 to oo 1951 1952 1953 1954 1955 F. R. Banks oo Total Placed Total Placed directly through dealers* (finance paper) 2 Based on: 2 As reported by finance companies that place their paper directly with investors. 1059 INTEREST RATES Year, month, or week MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Finance comPrime pany commercial paper paper, placed 4 - t o e - directmonths * ly, 3-toemonths * Size of loan (thous. of dol.) U. S. Government 2 securities (taxable) Prime bankers' acceptances, 90 days1 All loans Area and period 3-month bills 9-to 12- 3- to 5month year Mar- Rate issues 3 issues4 ket on new yield issues 1954 average 1955 average 1956 average 1.58 2.18 3.31 1.42 1.97 3.06 1.35 1.71 2.64 .94 1.73 2.62 .953 1.753 2.658 .92 1.89 2.83 1.82 2.50 3.12 1956—Aug Sept Oct Nov Dec 3.28 3.50 3.63 3.63 3.63 3.01 3.13 3.37 3.38 3.38 2.65 2.88 2.88 3.05 3.35 2.60 2.84 2.90 2.99 3.21 2.606 2.850 2.961 3.000 3.230 3.01 3.17 3.07 3.15 3.33 3.36 3.43 3.29 3.49 3.65 1957—Jan Feb Mar Apr May June July Aug 3.63 3.63 3.63 3.63 3.63 3.79 3 88 3.98 3.38 3.38 3.38 3.38 3.38 3.48 3.63 3.63 3.38 3.38 3.27 3.20 3.25 3.36 3.38 3.78 3.11 3.11 3.08 3.06 3.06 3.29 3.16 3.37 3.210 3.165 3.140 3.113 3.042 3.316 3.165 3.404 3.17 3.23 3.35 3.41 3.37 3.55 3.71 3.93 3.40 3.33 3.38 3.48 3.60 3.77 3.89 3.91 Week ending: Aug. 3 . . . Aug. 10.. . Aug. 1 7 . . . Aug. 2 4 . . . Aug. 31 . . . 3 88 3.95 4.00 4.00 4.00 3.63 3.63 3.63 3.63 3.63 3.38 3.53 3.90 3.98 3.88 3.34 3.29 3.40 3.32 3.47 3.363 3.308 3.498 3.354 3.497 3.79 3.83 3.98 3.96 3.99 3.91 3.91 3.97 3.91 3.87 Annual averages, 19 large cities: 1954 1955 1956 Quarterly:1 19 large cities: 1956—Sept Dec 1957—Mar June New York City: 1956—Sept Dec 1957—Mar June 7 Northern & Eastern cities: 1956—Sept Dec 1957—Mar June 11 Southern & Western cities: 1956—Sept Dec 1957—Mar June 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are averages computed from daily closing bid prices. 3 Consists of certificates of indebtedness and selected note and bond issues. * Consists of selected note and bond issues. 110 10100 100200 200 and over 3.6 3.7 5.0 5.0 4.3 4.4 3.9 4.0 3.4 3.5 4.35 4.38 4.38 4.40 5.30 5.32 5.38 5.37 4.86 4.90 4.94 4.94 4.52 4.63 4.59 4.61 4.19 4.20 4.21 4.23 4.20 4.22 4.23 4.23 5.26 5.18 5.26 5.24 4.84 4.88 4.92 4.86 4.46 4.57 4.47 4.49 4.09 4.10 4.11 4.12 4.39 4.40 4.40 4.39 5.36 5.41 5.41 5.39 4.88 4.94 4.91 4.94 4.53 4.63 4.61 4.61 4.26 4.25 4.26 4.25 4.53 4.58 4.60 4.65 5.29 5.35 5.42 5.42 4.85 4.90 4.96 4.99 4.54 4.66 4.64 4.70 4.32 4.35 4.35 4.43 1 Based on figures for first 15 days of month. NOTE.—For description see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Year, month, or week Corporate bonds 4 U. S. Govt. bonds (long-term) State and local govt. bonds'* By selected ratings Industrial stocks Dividends / price ratio By groups Earnings / price ratio Totals New Totals Old series2 series 3 Aaa Baa Aaa Baa Indus- Railroad Com-4 Public Preutility ferred 6 mon Number of issues. 3-7 1-2 20 120 30 30 40 40 40 14 125 1954 average. 1955 average. 1956 average. 2.53 2.80 3.05 2.70 2.94 3.11 2.46 2.57 2.94 2.04 2.18 2.51 3.09 3.14 3.50 3.16 3.25 3.57 2.90 3.06 3.36 3.51 3.53 3.88 3.09 3.19 3.50 3.25 3.34 3.65 3.15 3.22 3.54 4.02 4.01 4.25 4.70 3.93 3.89 1596—Aug.., Sept.. Oct... Nov.. Dec... 3.15 3.19 3.18 3.30 3.43 2.94 3.06 3.12 3.39 3.57 2.53 2.63 2.66 2.87 3.04 3.52 3.60 3.67 3.98 4.19 3.62 3.75 3.82 3.90 3.99 3.43 3.56 3.59 3.69 3.75 3.93 4.07 4.17 4.24 4.37 3.55 3.68 3.75 3.82 3.95 3.72 3.83 3.89 4.01 4.08 3.60 3.73 4.24 4.39 4.42 4.56 4.63 3.83 4.04 4.03 4.05 3.90 1957—Jan.. Feb.. Mar.. Apr.. May. June. July.. Aug.. 3.33 3.20 3.25 3.30 3.39 3.61 3.63 3.62 3.37 3.26 3.27 3.35 3.42 3.54 3.58 3.64 3.51 3.29 3.36 3.35 3.48 3.65 3.65 3.84 2.99 2.79 2.88 2.88 3.00 3.19 3.17 3.37 4.16 3.96 3.97 3.95 4.10 4.32 4.29 4.43 4.04 3.99 3.97 3.96 4.02 4.15 4.26 4.37 3.77 .67 3.66 3.67 3.74 3.91 3.99 4.10 4.49 4.47 4.47 4.44 4.52 4.63 4.73 4.82 4.02 3.94 3.90 3.89 3.96 4.14 4.19 4.29 4.12 4.06 4.06 4.06 4.13 4.26 4.39 4.49 3.98 3.97 3.95 3.94 3.98 4.06 4.19 4.33 4.51 4.47 4.46 4.47 4.53 4.69 4.75 4.83 4.13 4.27 4.16 3.60 3.62 3.63 3.66 3.63 3.63 3.71 3.81 3.84 3.90 3.92 3.25 3.34 3.37 3.44 3.45 4.30 4.41 4.43 4.51 4.51 4.31 4.34 4.36 4.38 4.41 4.05 4.07 4.09 4.11 4.12 4.76 4.78 4.82 4.84 4.87 4.26 4.26 4.29 4.29 4.30 4.42 4.45 4.49 4.51 4.53 4.26 4.32 4.31 4.34 4.37 4.80 4.81 4.83 4.84 4.82 3.76 3.84 3.95 4.02 3.98 Week ending: Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 5 r Revised. 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. and corporate bonds. Yields of State and local govt. general obligations are based on Thursday figures; and of preferred stocks, on Wednesday figures. Figures for common stocks are as of the end of the period, except for annual averages. 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first callable after 12 years, through Sept. 30, 1955, and those due or callable in 10-20 years, beginning Oct. 1, 1955. 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, Com-7 mon 125 8.75 8.04 6.93 6.00 7.60 -7.82 6.99 1955, the 3 per cent bond of February 1995. 4 Moody's Investors Service. State and local govt. bonds include general5 obligations only. Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of corporate bonds in some groups has varied somewhat. 6 Standard and Poor's Corporation. Ratio is based on 8 median yields in 7a sample of noncallable issues—12 industrial and 2 public utility. Computed by Federal Reserve from data published by Moody's Investors Service. 1060 SECURITY MARKETS SECURITY PRICES i Bond prices U. S. Govt. (long-term) Year, month, or week Number of issues... Old series2 New series 3 3-7 1-2 Common stock prices CorpoMunicipal rate (high-4 (highgrade) grade)' 15 17 Standard and Poor's series (index, 1941-43= 10) Total Industrial Railroad Public utility 500 425 25 50 Volume of trad-5 ing (in Manufacturing Trade, thoufiTrans- Pubsands lic nance, MinTotal porta- utilof and ing shares) Du- Non- tion servTotal rable duity rable ice Securities and Exchange Commission series (index, 1939= 100) 265 170 98 72 21 29 31 14 230 305 345 271 374 439 245 352 410 295 394 465 233 320 327 136 153 156 236 297 306 267 313 358 2,270 2,578 2,216 33.39 32.29 31.67 31.82 31.70 359 345 342 338 344 460 440 437 431 441 432 422 422 417 425 484 457 451 445 457 329 313 318 311 315 160 155 152 153 152 313 302 299 296 287 373 349 337 355 362 1,936 1,959 1,754 2,178 2,443 31.36 29.59 29.37 29.78 30.42 30.11 31.20 29.52 32.32 32.29 32.45 33.03 34.03 33.35 32.93 31.89 338 325 328 339 352 355 362 343 429 409 415 431 450 457 468 441 406 386 388 404 419 421 434 408 451 431 440 455 480 489 500 472 310 292 288 291 297 293 302 286 157 157 159 160 163 160 158 155 285 278 280 281 286 283 291 282 371 346 344 352 380 390 382 354 2,189 1,978 1,698 2,300 2,389 2,224 2,194 1,882 30.92 30.49 29.65 29.12 28.26 32.52 32.38 31.99 31.62 31.30 355 350 342 333 337 458 451 439 425 433 422 418 406 394 400 491 481 469 455 463 300 290 286 276 276 156 156 155 154 155 288 286 283 275 276 372 359 351 340 348 1,775 1,884 1,760 1,984 2,000 1954 average. 1955 average. 1956 average. 99.51 109.60 125.8 95.97 103.36 123.1 93.04 99.88 116.3 117.2 114.4 109.1 29.69 30.25 23.96 27.57 40.49 42.40 32.94 31.37 46.62 49.80 33.65 32.25 1956—Aug.. Sept.. Oct.., Nov.. Dec. 91.81 91.43 91.53 90.22 88.74 98.38 97.39 97.50 96.35 95.19 115.8 113.8 112.8 109.1 108.1 108.4 105.8 105.2 103.7 102.8 48.49 46.84 46.24 45.76 46.44 51.89 50.15 49.52 48.92 49.79 33.72 31.98 32.22 31.73 31.75 I957__j a n ... Feb.. Mar.. Apr.. May. June. July.. Aug.. 89.96 91.51 90.88 90.45 89.41 87.12 86.88 86.92 95.14 97.08 96.88 95.45 94.20 91.88 91.31 90.36 108.6 110.9 110.0 109.8 106.9 103.5 103.5 101.2 102.8 104.3 104.5 104.3 103.2 101.1 100.0 98.3 45.43 43.47 44.03 45.05 46.78 47.55 48.51 45.84 48.43 46.10 46.86 48.06 50.10 51.30 52.54 49.51 Week ending: Aug. 3 . . . Aug. 1 0 . . . Aug. 17. . . Aug. 2 4 . . . Aug. 3 1 . . . 86.91 86.96 86.59 86.96 90.67 90.46 89.95 90.48 87.21 90.39 102.8 102.1 101.1 100.5 101.1 99.4 98.8 98.5 97.9 98.1 47.84 46.96 45.99 45.07 44.56 51.80 50.75 49.67 48.64 48. 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard and Poor's common stock indexes, and volume of trading are averages of daily figures; for (2) municipal and corporate bond prices are based on Wednesday closing prices; and for (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices. 2 Series composed of fully taxable, marketable 2l/i per cent bonds due or first callable after 12 years through Sept. 30, 1955, and, beginning Oct. 1, 1955, those due or callable in 10-20 years. 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3 per4 cent bond of February 1995. Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent, 20-year bond. 5 Average daily volume of trading in stocks on the New York Stock Exchange for a 5*6-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Broker and dealer credit 1 Customer credit End of month or last Wednesday of month Totalsecurities other than U. S. Govt. obligations (col. 3 + col. 5) Bank loans to others (than Net debit balances with New York Stock Exchange brokers and dealers) for pur- 2 1 chasing and carrying securities firms Money borrowed Secured by U. S. Govt. obligations Secured by other securities U. S. Govt. obligations Other securities On U. S. Govt. obligations On other securities Customer net free credit balances 1953—Dec 1954—Dec 1955—Dec 2,445 3,436 4,030 31 41 34 1,665 2,388 2,791 88 65 32 780 1,048 1,239 88 69 51 1,074 1,529 2,246 713 1,019 894 1956—Aug Sept Oct Nov Dec 3,979 3,950 3,914 3,946 3,984 33 33 36 32 33 2,785 2,782 2,748 2,784 2,823 41 42 42 43 41 1.194 1,168 1,166 1,162 1,161 38 42 45 43 46 2,048 2,071 2,086 2,071 2,132 872 866 835 822 880 1957—Jan Feb Mar Apr May June July Aug 3,902 3,846 3,832 3,938 3 924 4 031 4,004 3,929 29 35 28 28 39 31 32 29 2,761 2,729 2,713 2,792 2,794 2,887 2,885 2,833 41 31 27 28 26 25 23 24 1,141 1,117 1,119 1,146 1,130 L144 1,119 1,096 42 53 47 53 52 52 59 58 1,964 2,004 1,958 2,051 2 063 2,104 c 2,079 2,035 866 828 820 807 817 820 829 816 c 1 Corrected. Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Data are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955. 2 Figures are for last Wednesday of month for weekly reporting member banks, which account for about 70 per cent of all loans for this purpose. Column 5 includes some loans for purchasing or carrying U. S. Govt. securities (such loans are reported separately only by New York and Chicago banks). On June 30, 1956, reporting banks outside New York and Chicago held $51 million of such loans. On the same date insured commercial banks not reporting weekly held loans of $28 million for purchasing and carrying U. S. Govt. securities and of $384 million for other securities. Noninsured banks had $33 million of such loans, probably mostly for purchasing or carrying other securities. SAVINGS INSTITUTIONS 1061 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Date Total assets Total End of year: 3 1941 1945 T Trtltorf united States Business securities State and local Foreign 2 (U. S.) Total Bonds Stocks Mortgages Real estate Policy loans Other assets 32,731 44,797 9,478 22,545 6,796 20,583 1,995 722 687 1,240 10,174 11,059 9,573 10,060 601 999 6,442 6,636 1,878 857 2,919 1,962 1,840 1,738 59,630 64,020 68,278 73,375 78,533 84,486 90,432 96,011 17,868 16,118 13,760 12,905 12,537 12,262 11,829 11,067 15,290 13,459 11,009 10,252 9,829 9,070 8,576 7,555 1,052 1,152 1,170 1,153 1,298 1,846 2,038 2,273 1,526 1,507 1,581 1,500 1,410 1,346 1,215 1,239 23,124 25,351 28,111 31,515 34,438 37,300 39,545 41,543 21,406 23,248 25,890 29,069 31,865 34,032 35,912 38,040 1,718 2,103 2,221 2,446 2,573 3,268 3,633 3,503 12,906 16,102 19,314 21,251 23,322 25,976 29,445 32,989 1,247 1,445 1,631 1,903 2,020 2,298 2,581 2,817 2,240 2,413 2,590 2,713 2,914 3,127 3,290 3,519 2,245 2,591 2,872 3,088 3,302 3,523 3,742 4,076 End of month: 4 1953—Dec 1954—Dec... 1955—Dec... 78,201 84,068 90,267 12,452 12,199 11,757 9,767 9,021 8,545 1,278 1,833 1,998 1,407 1,345 1,214 34,265 36,695 38,851 31,926 33,985 35,930 2,339 2,710 2,921 23,275 25,928 29,425 1,994 2,275 2,557 2,894 3,087 3,294 3,321 3,884 4,383 1956—July... Aug.... Sept.... Oct Nov.... Dec... 93,580 93,992 94,411 94,869 95,274 95,819 11,292 11,210 11,253 11,306 11,218 11,005 7,886 7,778 7,805 7,850 7,749 7,532 2,191 2,206 2,213 2,218 2,229 2,237 1,215 1,226 1,235 1,238 1,240 1,236 40,297 40,453 40,514 40,626 40,735 40,959 37,302 37,455 37,546 37,664 37,765 38,053 2,995 2,998 2,968 2,962 2,970 2,906 31,612 31,897 32,111 32,399 32,709 33,017 2,711 2,727 2,748 2,778 2,813 2,809 3,400 3,420 3,440 3,461 3,483 3,503 4,268 4,285 4,345 4,299 4,316 4,526 1957_jan Feb.... Mar.... Apr.... May... June... July. . . 96,316 96,738 97,074 97,488 97,868 98,239 99,005 11,068 10,890 10,926 10,946 10,895 10,824 10,906 7,588 7,544 7,427 7,430 7,340 7,270 7,306 2,244 2,244 2,251 2,264 2,290 2,290 2,323 1,236 1,102 1,248 1,252 1,265 1,264 1,277 41,177 41,513 41,579 41,772 41,962 42,146 42,567 38,256 38,580 38,638 38,821 39,004 39,190 39,574 2,921 2,933 2,941 2,951 2,958 2,956 2,993 33,279 33,479 33,672 33,840 34,022 34,159 34,356 2,841 2,865 2,883 2,907 2,948 2,983 3,004 3,523 3,547 3,575 3,606 3,633 3,657 3,703 4,428 4,444 4,439 4,417 4,408 4,470 4,469 1949 1950 1951 1952 1953 1954 1955 1956 1 Figures are for all life insurance companies in the United States. 2 Represents issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development. 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 4 These represent book value of ledger assets. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets End of year or month Total 2 Mortgages 3 U.S. Govt. obligations Liabilities Borrowings Cash Other 4 Savings capital FHLB advances Other Reserves and undivided profits 1941 1945 6,049 8,747 4,578 5,376 107 2,420 344 450 775 356 4,878 7,386 218 190 38 146 475 644 1949 1950 1951 1952 1953 1954 1955 1956 14,622 16,893 19,222 22,660 26,733 31,736 37,719 43,098 11,616 13,657 15,564 18,396 21,962 26,194 31,461 35,870 1,462 1,487 1,603 1,787 1,920 2,021 2,342 2,798 880 924 1,066 1,289 1,479 1,980 2,067 2,142 566 733 899 1,108 1,297 1,471 1,791 2,236 12,472 13,992 16,107 19,195 22,846 27,334 32,192 37,302 424 810 801 860 947 864 ,412 ,225 75 90 93 84 80 96 146 130 1,106 1,280 1,453 1,658 1,901 2,191 2,557 2,970 1956—July. Aug. Sept. Oct.. Nov. Dec 40,797 41,197 41,574 42,059 42,520 43,098 34,134 34,586 34,939 35,305 35,596 35,870 2,687 2,726 2,739 2,753 2,781 2,798 1,878 1,788 1,745 1,782 1,840 2,142 2,044 2,043 2,098 2,166 2,251 2,236 35,079 35,366 35,633 36,044 36,438 37,302 ,105 ,113 ,139 ,145 ,150 ,225 124 132 138 128 123 130 2,970 1957—Jan.. Feb., Mar. Apr. May, June July. 43,285 43,684 44,200 44,696 45,352 45,998 46,012 36,102 36,371 36,734 37,136 37,595 38,048 38,442 2,946 3,061 3,153 3,181 3,196 3,161 3,202 1,974 1,935 1,911 1,863 1,901 2,075 1,755 2,211 2,265 2,351 2,466 2,611 2,665 2,565 37,638 37,953 38,312 38,625 39,093 39,950 39,882 1,035 973 958 968 990 1,077 1,037 107 99 93 96 95 108 114 1 Figures are for all savings and loan associations in the United States. Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to 1950 are based entirely on annual reports. 2 Includes gross mortgages with no deduction for mortgage pledged shares. 3,154 3 Net of mortgage pledged shares. 4 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. NOTE.—Data for 1956 and for all months are preliminary. 1062 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of quarter End of year Asset or liability, and activity* 1956 1950 19512 19522 3,884 345 510 535 1,543 898 52 4,161 425 633 539 1,742 782 40 5,070 6,811 377 424 590 673 648 596 1,920- 2,096 1,426 3,076 23 31 7,525 1,347 > 181 2,142 1,850 292 2,603 2,242 362 2,930 2,462 300 168 k 2,907 2,461 383 63 568 589 598 568 589 598 588 174 \ 413 To financing institutions 824 814 864 To aid States, territories, etc., total., Public Housing Administration... Other agencies. 468 351 117 744 589 155 6,078 2,226 3,750 6,110 2,296 3,750 Loans, by purpose and agency: To aid agriculture, total Banks for cooperatives Federal intermediate credit b a n k s . . . Farmers Home Administration Rural Electrification Administration. Commodity Credit Corporation Other agencies To aid home owners, total Federal National Mortgage Association. Veterans Administration Other agencies To industry, total Treasury Department... Commerce Department. Other agencies Foreign, total Export-Import Bank Treasury Department 6 , International Cooperation Administration. Other agencies All other purposes, total Housing and Home Finance Agency . Other agencies Less: Reserves for losses Total loans receivable (net). Investments: U. S. Government securities, total Federal home loan banks Federal Savings and Loan Insurance Corp.. Federal Housing Administration Federal Deposit Insurance Corporation.... Other agencies Investment in international institutions Other securities* 102 63 1,020 894 126 7,736 2,496 3,667 71,515 64 58 35 ""63 75 5 69 19532 1954 7,377 16,757 355 349 765 898 764 3778 2,379 2,413 3,114 2,319 7,750 395 874 769 2,450 2,671 6,752 457 734 724 2,488 2,349 7,257 423 4845 823 2,544 2,626 3,205 2,641 480 84 3,230 2,683 424 124 3,299 2,729 433 137 3,391 2,807 447 138 3,680 3,072 464 145 4,076 3,433 488 155 431 353 79 678 306 f 261 { 112 593 330 193 70 627 323 221 83 624 216 216 192 579 209 219 191 629 209 22g 192 1,147 6,929 5,775 375 367 689 638 681 701 2,226 2,348 2,981 2,621 1 18 952 870 7,479 1,143 1,178 7,233 966 645 500 145 272 112 160 245 90 155 239 106 134 227 90 137 244 109 135 246 106 140 272 120 153 8,043 2,833 3,620 1,537 53 8,001 2,806 3,570 1,624 1 7,988 5,705 2,702 2,697 3,519 3,519 1,767 1,832 58 8,172 2,712 3,519 1,885 55 8,229 2,692 3,519 1,958 60 8,223 2,701 3,470 1,995 57 8,237 2,678 3,470 2,035 54 755 127 39 755 108 48 176 122 55 793 137 56 213 156 57 240 184 56 119 29 90 256 209 47 -656 -309 -327 -173 -185 -268 -263 3-592 -203 -228 -140 13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 21,353 2,075 2,226 199 193 244 249 200 285 3,923 1,095 265 479 1,898 186 3,385 344 4,356 14,119 20,231 20,949 21,375 21,303 3,897 3,323 3,651 3,362 3,747 3,536 9,827 9,814 10,994 11,004 11,094 ' 567 6,332 6,418 6,517 6,654 609 193 188 215 201 188 266 257 Inventories, total Commodity Credit Corporation.. Defense Department General Services Administration. Other agencies 1,774 1,638 1,461 1,174 1,280 987 2,515 2,087 136 288 203 428 550 Land, structures, and equipment, total Commerce Department (maritime activities). Panama Canal Company 9 Tennessee Valley Authority Housing and Home Finance Agency Nat. Advisory Committee for Aeronautics. . Bonneville Power Administration General Services Administration Post Office Department Other agencies 2,945 3,358 3,213 18 886 1,297 298 1,048 1,285 415 1,251 1,203 8,062 4,834 363 1,475 1,041 8,046 4,798 421 1,739 727 7,822 4,822 421 1,829 450 8,056 4,796 421 1,831 400 9,682 10,028 4,612 4,549 400 398 1,712 1,723 285 311 745 728 345 350 360 300 607 309 1,199 590 538 Bonds, notes, & debentures payable (not guar.), total... 1,190 Banks for cooperatives 110 Federal intermediate credit banks 520 Federal home loan banks 560 Federal National Mortgage Association 1,369 170 674 525 1,330 181 704 445 1,182 150 619 414 1,068 156 640 272 2,379 185 665 958 570 2,425 161 725 869 670 2,607 152 857 928 670 2 3 3,739 1,018 256 458 1,825 181 3,385 284 3,852 3,302 140 3,385 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury Bulletin. The revised statement includes a larger number of agencies, and their activities are classified according to the type of fund they represent. Funds are combined in the table above, but are shown separately in the table on the following page. Classifications by supervisory authorities are those in existence currently. Where current Treasury compilations do not provide a detailed breakdown of loans, these items have been classified by Federal Reserve on basis of information about the type of lending activity involved. A few major activities and several minor ones, first reported for June 30, 1956, are not included for later dates, because they are not reporting on a quarterly basis. •Adjusted totals; these reflect exclusion of data for agencies reporting other than quarterly, the latest data for which are shown at the bottom of the table on the opposite page. * Figures for trust revolving funds include interagency items. For all types of funds combined, loans by purpose and agency are shown on a gross basis; total loans and all other assets, on a net basis, i. e., after reserve for losses. 3,720 1,054 248 422 1,812 183 3,385 283 3,236 745 241 381 1,720 149 3,385 179 132 1,353 3,719 1,083 256 405 1,810 166 3,385 253 2,967 641 228 327 1,624 147 3,385 197 3,385 1,307 3,677 1,082 248 390 1,793 164 3,385 252 2,602 387 217 319 1,526 152 3,385 219 2,421 311 208 316 1,437 148 3,385 223 1957 1955 278 306 1,302 590 608 9,985 4,502 398 1,762 236 276 311 1,298 590 613 2,742 188 865 918 770 2,711 257 721 963 770 9,875 4,470 396 1,751 144 277 317 1,226 590 704 2,975 231 803 720 1,220 Coverage changed from preceding period (see also NOTE). Adjusted figures; for amounts reported for this date but excluded from this figure, see BULLETIN for May 1957, p. 550, note 3. 4 Effective Jan. 1, 1957, the production credit corporations were merged in the Federal intermediate credit banks, pursuant to the Farm Credit Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations of the banks (including the corporations) are classified as trust revolving transactions. 5 Less than $500,000. 6 Figures represent largely the Treasury loan to the United Kingdom, and through 1952 are based in part on information not shown in Treasury compilation. ? Figure derived by Federal Reserve. 8 Includes investment of the Agricultural marketing revolving fund in the banks for cooperatives; Treasury compilations prior to 1956 classified this item as an interagency asset. 9 Figures prior to 1951 are for the Panama Railroad Company. The Panama Canal Company, established in 1951, combined the Panama Railroad Company with the business activities of the Panama Canal (not reported prior to that time). FEDERAL BUSINESS-TYPE ACTIVITIES 1063 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than interagency items1 Assets, other than interagency items! Date, and fund or activity Total Cash Investments Loans Inrevenceiv- tories Public Other able debt secu- securities rities PriBonds, notes, U. S. vately and debenGovt. owned Land, tures payable interstrucOther est intertures, Other est liabiland Guarities equipanteed Other ment by U.S. All activities 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 1955—Dec. 312 312 312 31 31 1956—Mar. 31 June 30* Sept. 30 Dec. 31* 1957—Mar. 31 26,744 931 14,422 1,461 29,945 944 17,826 1,280 38,937 1,190 19,883 19 2,514 41,403 1,371 19,348 3,852 45,304 1,338 20 20,238 4,356 2,226 2,421 2,602 2,967 3,236 58,485 66,797 69,143 69,653 69,895 3,677 3,719 3,720 3,739 3,923 3,729 3,731 20,580 14, ,119 4,457 19,844 20,: ,231 5,144 20 ",331 20,949 4,996 20,657 21,375 4,441 21; 353 21,303 3,463 3,429 3,425 3,432 3,414 882 3,358 3,213 832 8,062 1,261 8,046 2,387 7,822 4,900 8,056 9,682 10,028 9,985 9,875 4,685 5,226 5,303 5,232 5,272 1,369 1,330 1,182 1,068 2,379 1,161 23,842 728 26,456 1,728 3, 818 33,429 4,183 35,610 2,703 39,583 329 378 434 508 596 2,425 2,607 2,742 2,711 2,975 3,730 51,635 3,238 60 ,224 3,145 62 ,507 3,659 62 ,516 3,713 62 ,364 651 677 693 699 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total Farm Credit Administration: 4 Federal Farm Mortgage Corporation Agricultural Marketing Act, revolving fund. . . Department of Agriculture: Commodity Credit Corporation Disaster loans, etc., revolving fund Allother Housing and Home Finance Agency: Public Housing Administration Federal Housing Administration Federal National Mortgage Association Office of the Administrator 20,312 1,511 9,069 4,112 11 186 6,543 140 37 149 3,294 1,403 38 2,518 3,362 47 86 26 9 64 119 20 1 2,402 175 397 Federal Savings and Loan Insurance Corporation... 276 Small Business Administration 172 Export-Import Bank 2,733 Tennessee Valley Authority 2,019 Panama Canal Company 456 Veterans Administration 731 General Services Administration 901 Treasury Department 380 Post Office Department—postal fund 1,023 Interior Department 216 All other 160 1 44 126 35 2,677 110 32 236 488 39 115 225 386 50 51 Intragovernmental Funds—Total Defense Department: Army Navy Air Force All other 13,022 1,444 11,220 649 418 302 75 7,411 2,881 801 126 Certain Other Activities—Total National Advisory Committee for Aeronautics General Services Administration Bonneville Power Administration Department of Agriculture: Farmers Home Administration Rural Electrification Administration International Cooperation Administration Treasury Department Department of Commerce—maritime activities All other 29,996 1,358 9,066 5,971 408 59 1 8,049 665 82 5,929 393 28 5 765 121 623 2,767 103 2,538 2,054 3 2,035 10,215 3,505 5,115 "302 283 1 232 76 Certain Deposit Funds—Total Banks for cooperatives Federal Deposit Insurance Corporation Federal home loan banks 4,530 502 1,920 2,109 60 1,381 26 419 2 31 961 Certain Trust Revolving Funds—Total Federal National Mortgage Association Federal intermediate credit banks All other 2,035 1,047 969 19 68 1,837 51 992 845 11 5 479 169 456 6 2 32 1 156 279 27 31 144 265 7 4 677 1 9 7 6 10 186 1,112 5,431 138 2 34 3 67 570 337 34 570 143 1,830 31 741 7 202 156 802 12,220 105 77 42 34 3 320 7,921 293 3,048 133 1,004 246 56 3,563 6,379 3,652 70 277 158 (5) 1,214 42 317 192 29,804 398 8,036 388 (5) 754 2,766 2,054 10,215 133 4,982 211 21 (5) 3,563 106 (5) 262 14 171 (5) 31 2,701 1,986 32 432 24 721 11 886 16 377 3 659 364 209 6 149 10 (5) (5) 570 1,842 17,831 11 1 19 119 21 1 115 30 39 21 57 (5) (5) 3,036 43 1,898 1,095 68 10 (5) 147 371 780 2,431 747 8,242 3,342 1,137 302 775 1 39 396 2 71 9 590 129 97 21 127 16 103,146 25 47 100 14 (5) 100 6 37 10 19 8 951 231 24 5 13 7 1,453 650 805 720 835 2,007 238 3 151 1,769 681 737 30 502 357 145 H38 H21 42 19 13 10 707 119 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956) Atomic Energy Commission (June 30, 1956) Department of Interior—Bureau of Reclamation (June 30, 1956) All other—excluding OAP—(June 30, 1956) 220 143 8,532 1,416 3,024 50 93 6 27 io Includes $1,000 million due under the agreement with Germany signed Feb. 27, 1953, and lend-lease and surplus property balances due the United States in the principaramount of $2,086 million. 1,574 5,196 77 346 1 201 8,331 6 1 2,571 14 354 2 137 2,887 5 15 li Figure represents total trust interest. For other notes, see opposite page. 219 30 1064 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, other than debt Period Net Federal cash borrowing or repayt. (—) of borrowing Excess of rects. Infrom, Less: Equals: crease, or Net Equals: payts. or decash Total to ( - ) , crease Less: Net borrowOther Adjust- payts. the ( - ) , in inv. by ing or ments 3 to the nonGovt. public debt cash public (direct agen. & debt* & agen.) tr. funds Payments to the public, other than debt Net Budget rects. Plus: Trust fund rects. Less: IntraGovt. trans. * Equals: Total rects. from the public2 Budget expenditures Plus: Trust fund expenditures Cal. year—1955. 1956. 63,358 70,994 10,624 12,398 2,511 3,027 71,448 80,330 66,129 67,216 9,331 10,342 3,282 2,751 72,178 74,805 Fiscal year—1954 1955 1956 1957^ 64,655 60,390 68,165 70,989 9,155 9,536 11,685 14,365 2,110 2,061 2,743 3,233 71,627 67,836 77,084 82,072 67,772 64,570 66,540 69,344 7,204 8,546 9,436 12,970 3,117 2,578 3,362 2,364 71,860 70,538 72,613 79,949 Semiannually: 1955—Jan.-June.... July-Dec 1956—Jan.-June July-Dec 1957—Jan.-JuneP... 38,118 25,240 42,925 28,069 42,920 5,168 5,456 6,229 6,169 8,196 1,222 1,289 1,454 1,573 1,660 42,051 29,397 47,687 32,643 49,429 33,004 33,125 33,415 33,801 35,543 4,935 4,396 5,040 5,302 7,668 2,186 1,096 2,266 485 1,879 35,752 36,426 36,187 38,618 41,331 3,485 4,954 6,218 3,184 4,818 5,412 1,112 1,419 753 660 1,231 994 631 83 78 93 71 617 3,964 6,286 6,889 3,747 5,972 5,785 5,542 5,902 4,918 5,995 5,726 5,718 1,029 801 846 959 857 809 676 17 65 285 227 -785 4,809 6,188 10,737 4,256 5,282 11,648 3,057 650 1,458 1,068 1,083 2,121 1,816 858 106 80 96 90 117 1,173 181 5,349 7,564 11,704 5,244 7,280 12,288 3,732 6,095 5,743 5,584 5,987 5,944 6,190 6,347 1,112 1,095 1,342 1,491 1,344 1,283 1,220 1,111 -250 296 258 367 100 476 Monthly: 1956—July Aug Sept Oct Nov Dec 1957—Jan Feb Mar Apr May 7 June* July* 3,484 -729 5,525 - 3 , 5 6 1 -232 5,186 -2,702 3,986 4,471 -578 2,123 - 1 , 0 5 3 2,476 2,481 566 -136 448 -5,910 2,055 1,533 3,166 2,338 618 644 623 -292 2,512 1,809 -4,366 -3,099 6,299 -7,028 11,499 -5,974 8,097 -3,535 7,019 -7,597 4,036 -5,089 1,145 1,331 1,835 646 1,692 197 369 254 -390 98 -4,875 5,323 -9,689 3,779 -6,878 5,895 6,686 5,699 6,671 6,355 7,312 -1,931 -400 1,191 -2,924 -383 -1,527 -93 2,982 -1,126 1,017 1,661 -405 312 645 -214 -266 292 -123 33 -35 33 43 37 -501 -439 2,372 -946 1,240 1,333 219 6,096 7,088 6,630 7,220 6,923 7,374 7,091 -747 476 5,073 -1,976 358 4,914 -3,359 -195 142 -1,160 -813 1,432 -4,496 1,992 -126 209 108 -469 1,241 727 -382 367 -103 -126 -174 257 -123 -435 37 -1,142 -170 -67 -5,100 2,374 Effects of operations on Treasurer's account Financing transactions Operating transactions Period -46 -29 320 -529 -14 602 173 1,085 -1,609 -1,362 -2,617 -2,299 5,189 3,115 -1,623 -2,224 234 1,060 1,190 866 529 660 92 228 -482 -47 754 -139 312 -5 1,090 -950 -1,217 -1,400 -697 -1,602 -2,057 -948 1,300 -2,812 -908 -307 83 617 -94 -299 374 185 -34 -21 145 129 -875 22 111 -14 -45 -70 -11 -1,286 446 5,153 -1,731 -662 5,458 -3,290 -462 363 -274 -408 777 533 -362 390 -200 275 333 59 -905 384 205 35 298 253 153 147 19 Reconciliation to Treas. cash Fiscal year—1954... 1955... 1956... 1957*.. -3,117 -4,180 1,626 1,645 1,951 991 2,250 1,395 Semiannually: 1955—Jan.-June.. July-Dec... 1956—Jan.-June.. July-Dec... 1957—Jan.-JuneP. 5,114 -7,885 9,511 -5,732 7,377 Monthly: 1956— July Aug Sept Oct Nov Dec 173 (+)of Account of Treasurer of United States (end of period) Deposits in— Treasurer's account Balance 257 -312 -202 29 2,096 -551 331 -956 -4,375 6,394 -8,017 3,877 -6,101 400 -24 -178 -55 84 -277 -703 214 282 -305 91 -105 2,919 -1,304 1,022 1,734 -389 374 -169 -245 402 -1,255 -708 324 -399 40 -1,271 -991 1,226 -4,707 1,942 r 9 Preliminary. Revised. 1 Consist primarily of interest payments by Treasury to trust accounts and to Treasury by Govt. agencies, transfers to trust accounts representing Budget expenditures, and payroll deductions for Federal employees retirement funds. 2 Small adjustments to arrive at this total are not shown separately. 3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings bonds Increase, or decrease Held ( - ) , in outside gross Treasury direct public debt Govt. agency obligations5 Trust fund accumulation, or deficit 1957_Jan Feb Mar Apr May33 June July Net market issuance Net inv. ( - ) m Fed. sec. by Govt. agency & trust funds 5 Net Budget surplus, or deficit Cash balances: inc., or dec. (—) F. R. Banks (available funds) Treasury Tax and Loan Accts. Other net assets 6,766 6,216 6,546 5,590 875 380 522 498 4,836 4,365 4,633 4,082 1,055 1,471 1,391 1,010 1,036 -1,671 2,002 -2,119 1,163 6,216 4,545 6,546 4,427 5,590 380 397 522 441 498 4,365 3,036 4,633 2,924 4,082 1,471 1,112 1,391 \062 ,010 1 -44 -1 62 -119 45 -2,369 2,019 249 -1,741 1,074 -1,350 4,178 6,197 6,445 4,704 5,778 4,427 513 422 535 495 463 441 2,451 4,644 4,628 2,937 4,159 2,924 ,214 ,131 ,282 ,272 ,156 ,062 -17 -1,162 584 3,824 3,265 3,849 7,673 5,532 5,840 5,590 4,475 715 458 591 509 568 498 504 1,161 2,027 5,912 3,516 4,318 4,082 2,833 ,389 ,364 ,170 ,507 954 ,010 ,138 -69 112 1 -11 68 131 -2,142 308 -250 -1,115 and Treasury bills, (3) Budget expenditures involving issuance of Federal securities, (4) cash transactions between International Monetary Fund and the Treasury, (5) reconciliation items to Treasury cash, and (6) net operating transactions of Govt. sponsored enterprises. 4 Primarily adjustments 2, 3, and 4, described in note 3. 5 Excludes net transactions of Govt. sponsored enterprises, which are included in the corresponding columns above. 1065 FEDERAL FINANCE DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes (Int. Rev. Serv. repts.) Budget receipts Income and profits taxes Adjustments from tota Budget receipts Period Net Budget receipts Transfers t o Old- High- R.re-R. age way trust trust tirefund 2 fund ment acct. Refunds of receipts Total Budget receipts Individual Withheld Othe r 10,747 10,396 11,322 12,302 Fiscal year—1954 1955 1956 64,655 60,390 68,165 70,989 4,537 5,040 6,337 6,634 1,479 603 599 634 616 3,377 3,426 3,684 3,917 73,173 69,454 78,820 83,635 21,635 21,254 24,012 26,710 Semiannually: 1955—Jan.-June July-Dec 1956—Jan.-June July-Dec 1957—Jan.-June? 38,118 25,240 42,925 28,069 42,920 2,735 2,927 3,410 2,559 "643* 4,075 836 277 318 316 312 304 3,087 496 3,188 463 3,454 44,215 28,981 49,839 32,045 51,590 11,024 11,312 12,700 13,020 13,690 124 115 79 95 62 -12 3,927 5,959 6,897 3,660 5,705 5,898 52 5,279 203 7,486 606 12,145 1,130 6,142 1,057 7,759 406 12,779 138 3,734 Monthly: 1956—July Aug Sept Oct Nov Dec 1957__jan Feb Mar Apr May June p July 3,485 4,954 6,218 3,184 4,818 5,412 295 799 397 182 587 299 150 175 164 144 23 81 53 25 74 55 4,809 6,188 10,737 4,256 5 282 11,648 3,057 255 2807 632 617 1,229 536 346 141 205 120 124 109 137 174 83 50 15 83 52 19 10 Excise taxes Corporation Employment1 taxes Other receipts Liquor Mfrs.' Torebacco and tailers' 21,523 10,014 18,265 9,211 21,299 10,004 21,531 10,655 5,425 6,220 7,296 7,581 3,829 4,108 4,887 4,857 2,798 2,743 2,921 n.a. 1,581 1,571 1,613 n.a. 3,127 3,177 3,778 n.a. 1,694 1,890 1,888 1,876 8,073 14,498 2,699 4,109 8,623 17,190 3,004 5 553 9,298 15,978 4,684 5,052 4,952 5,325 5,330 3,552 3,283 4,013 2,876 4,705 2,384 2,526 2,361 2,267 2,590 1,290 1,524 1,397 1,648 n.a. 805 792 821 817 n.a. 988 3,415 1,935 1,282 3,333 2,067 457 125 1,752 244 103 324 837 352 1,709 451 380 1,825 827 910 805 1,033 936 815 498 276 245 443 291 512 236 245 255 354 325 233 127 157 128 155 142 108 1,025 3,838 2 083 819 3,690 2,235 1,047 2,101 871 785 2,827 897 1,818 269 461 445 7 327 520 502 6,722 541 856 874 931 812 965 892 955 320 881 451 207 662 355 316 1,160 692 633 1,314 589 366 520 298 327 531 391 523 556 186 197 231 214 243 n.a. n.a. n.a 890 986 151 ] 132 1,119 138 133 | 161 I n.a. n.a. j n.a. n.a. Budget expenditures3 Major national security Period Total Total* Intl. affairs Defense Mutual Atomic and finance Dept., security, military military energy Fiscal year: 1953 1954 1955 19565... 74,274 67,772 64,570 66,540 50,363 46,904 40,626 40,641 43, 611 40, 335 Semiannually: 5 1955—July-Dec 1956—Jan.-June July-Dec 33,125 33,415 33,801 Monthly: 5 1956—May June July Aug Sept Oct Nov Dec 1957—Jan. . Feb Mar Apr May 1,791 1,895 1 ,857 1 ,651 2,216 1,732 2,181 1,846 6,583 6,470 6,438 6,846 4,298 4,256 4,457 4,756 2,426 2,485 2,552 2,776 2,936 2,557 4 411 4,913 1 ,476 35, 791 3,954 3 629 2 292 2,611 ,315 ,202 ,104 2,502 814 1,502 2,028 1,474 1 239 1 201 1,629 19,994 20,647 20,595 17, 917 17. 873 18, 547 956 1,654 914 797 854 930 639 1,107 933 3,349 3,497 3,587 2,330 2,438 2,291 1,348 1,380 1,421 2,775 2,234 2,183 614 502 736 1,137 924 879 940 691 1,181 5,467 6,937 5,542 5,902 4,918 5,995 5,726 5,718 3,434 4,478 2,945 3,608 3,152 3 750 3,564 3,576 ? J 9?? 3 , 534 473 3 , 235 868 306 754 298 156 96 152 138 140 164 149 202 195 121 193 158 565 607 631 573 574 197 311 221 263 219 288 452 222 554 187 87 96 78 110 108 164 160 153 157 172 132 589 585 635 396 407 405 314 207 197 466 319 435 159 175 106 145 263 302 129 58 120 136 652 99 117 160 101 103 431 403 361 369 353 35 213 142 109 102 102 6,095 5,743 5,584 5,987 5,944 3,741 3,576 3,700 3,913 3,750 3, 335 3, ?45 3, 224 3, 544 177 136 261 155 182 150 169 183 121 143 131 142 655 592 606 611 410 407 414 419 551 312 397 455 87 94 85 82 85 268 -19 -6 100 98 81 101 184 176 610 444 330 236 209 285 308 106 139 124 3 5 , 533 \ 400 r3, ?76 ?95 3 , 279 258 P Preliminary, n.a. Not available. 1 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance. 2 Beginning February 1957, includes transfers to Federal disability insurance trust fund. AgriVetculture Comerans' and NatGenmerce Interserv- Labor agriural eral and culreest ices and and governbene- welfare tural sources housing ment fits resources 208 3 For more details, see the 1958 Budget document, pp. 1076-1084 and pp.4 1149-1150. Includes stockpiling and defense production expansion not shown separately. 5 Monthly figures prior to May 1956 are not fully comparable with subsequent months nor with the fiscal year totals. (For description see Treasury Bulletin, table 3 of section on Budget receipts and expenditures). 1066 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Nonmarketable Marketable End of month Total gross debt* Total gross direct debts Bonds Total Total Bills Certificates of indebtedness Notes Bank eligible* Bank restricted 52.2 49.6 49.6 36.0 21.0 13.4 5.7 Convertible bonds Totals Savings bonds 12.1 12.5 12.0 11.8 11.4 8.9 56.9 59.5 68.1 66.4 65.0 65.1 63.6 59.2 6.1 48.2 52.1 58.0 57.6 57.9 57 57 57.9 Tax and savings notes Special issues 7.0 20.0 29.0 33.7 35.9 39.2 41.2 42.6 43.9 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 1955—Dec. 64.3 278.7 257.0 256.7 259.5 267.4 275.2 278.8 280.8 57.9 278.1 256.9 256.7 259.4 267.4 275.2 278.8 280.8 50.5 255.7 225.3 220.6 221.2 226.1 231.7 233.2 233.9 41.6 198.8 165.8 152.5 142.7 148.6 154.6 157.8 163.3 2.0 17.0 15.1 13.6 18.1 21.7 19.5 19.5 22.3 38.2 21.2 5.4 29.1 16.7 26.4 28.5 15.7 6.0 23.0 11.4 39.3 18.4 30.3 31.4 28.0 43.3 33.6 68.4 68.4 44.6 41.0 58.9 63.9 76.1 81.9 1956—Aug. Sept. Oct.. Nov. Dec. 275.6 274.3 275.4 277.1 276.7 275.6 274.3 275.3 277.0 276.6 226.9 225.8 227.2 228.7 228.6 157.3 156.4 158.0 159.8 160.4 20.8 20.8 22.4 24.2 25.2 19.5 19.5 19.5 19.5 19.0 35.1 35.2 35.2 35.2 35.3 81.9 80.9 80.9 80.9 80.9 11.0 11.0 10.9 10.9 10.8 58.6 58.5 58.3 58.1 57.4 57.3 57.3 57.1 56.9 56.3 46.1 45.8 45.5 45.7 45.6 1957—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. 276.3 276.4 275.1 274.1 275.3 270.6 272.6 274.0 276.2 276.3 275.0 274.0 275.2 270.5 272.5 273.8 228.4 228.4 227.2 226.9 226.9 221.7 224.3 225.3 160.5 160.9 159.9 160.0 160.3 155.7 158.8 160.2 25.3 25.9 25.3 25.3 26.8 23.4 26.4 28.2 19.0 20.2 19.4 19.4 21.8 20.5 20.5 34.1 35.3 33.9 34.4 34.4 30.9 31.0 31.1 17.1 80.9 80.9 80.9 80.9 80.8 80.8 80.8 80.8 10.7 10.6 10.5 10.4 10.3 10.3 10.2 10.1 57.2 57.0 56.7 56.5 56.3 55.7 55.3 55.0 56.0 55.8 55.6 55.4 55.2 54.6 54.3 54.0 45.3 45.5 45.6 45.2 46.1 46.8 46.3 46.7 2.5 8.2 5.4 8.6 7.5 5.8 6.0 4.5 (6) 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 55 includes Includes Series A investment bonds, depositary bonds, arr armed forces leave bonds, and adjusted service bonds, not shown separately. 6 Less than $50 million. i Includes some debt not subject to statutory debt limitation (amounting to $443 million on Aug. 31, 1957) and fully guaranteed securities, not shown own separately. 2 Includes non-interest-bearing debt, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which Sgregated $8,842 million on July 31, 1957. lira t-\/-^n <4n *•» *-t s-\ n^InC^A/^ c *-»*•* ri •"*** l*rt«/^P »-i y~*+ cV» AlTTM POr\Ot-n+ii1l7 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total gross debt (including guaranteed securities) Special issues Public issues 1941—Dec 1945—Dec 1947—Dec 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954—June Dec 1955—June Dec 64.3 278.7 257.0 256.7 259.5 267.4 275.2 271.3 278.8 274.4 280.8 7.0 20.0 29.0 33.7 35.9 39.2 41.2 42.2 42.6 43.3 43.9 2.6 7.0 5.4 5.5 6.4 6.7 7.1 7.1 7.0 7.3 7.8 1956—June July Aug Sept Oct Nov Dec 272.8 272.7 275.6 274.3 275.4 277.1 276.7 45.1 45.4 46.1 45.8 45.5 45.7 45.6 1957—Jan Feb Mar Apr May June 276.3 276.4 275.1 274.1 275.3 270.6 45.3 45.5 45.6 45.2 46.1 46.8 End of month Held by U. S. Govt. agencies and trust funds1 Held by the public Federal Reserve Banks Commercial banks2 Mutual savings banks Insurance companies Other corporations State and local govts. 54.7 251.6 222.6 217.5 217.2 221.6 226.9 222.0 229.2 223.9 229.1 2.3 24.3 22.6 20.8 23.8 24.7 25.9 25.0 24.9 23.6 24.8 21.4 90.8 68.7 61.8 61.6 63.4 63.7 63.6 69.2 63.5 62.0 3.7 10.7 12.0 10.9 9.8 9.5 9.2 9.1 8.8 8.7 8.5 8.2 24.0 23.9 18.7 16.5 16.1 15.8 15.3 15.0 14.8 14.3 4.0 22.2 14.1 19.7 20.7 19.9 21.6 16.6 19.2 18.7 23.3 8.4 8.4 8.4 8.3 8.4 8.5 8.4 219.3 218.9 221.2 220.2 221.5 222.9 222.7 23.8 23.4 23.9 23.7 23.8 24.4 24.9 57.1 56.5 57.6 57.6 58.0 '58.6 '59.3 8.4 8.4 8.3 8.3 8.1 8.1 8.0 13.3 13.3 13.1 13.1 13.2 13.1 12.8 8.6 8.6 8.6 8.5 8.7 8.7 222.4 222.3 221.0 220.4 220.5 215.1 23.4 22.9 23.1 23.2 23.1 23.0 '58.3 '57.7 '58.1 '58.0 '57.6 55.8 8.1 8.1 8.1 8.0 8.0 7.9 12.9 12.8 12.6 12.5 12.4 12.3 Total r Revised. 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to about $250 million on Dec. 31, 1956. Individuals Misc. investor Savings bonds Other securities .7 6.5 7.3 8.8 9.6 11.1 12.7 13.9 14.4 14.7 15.1 5.4 42.9 46.2 49.6 49.1 49.2 49.4 49.5 50.0 50.2 50.2 8.2 21.2 19.4 16.7 15.5 16.0 15.4 15.3 13.7 15.2 15.4 .9 9.1 8.4 10.5 10.6 11.7 13.2 13.7 13.9 14.4 15.6 17.4 17.7 '18.6 17.5 18.5 '19.2 '18.6 15.7 15.8 15.8 15.8 15.8 15.8 15.7 50.3 50.3 50.3 50.2 50.2 50.1 50.1 17.2 17.4 17.4 17.7 17.6 '17.6 '17.2 16.2 16.2 16.3 16.3 16.3 16.2 16.0 '20.2 '20.9 '18.0 '17.9 '18.3 15.4 15.8 15.8 16.0 16.2 16.1 16.2 49.9 49.7 49.6 49.4 49.3 49.1 '17.6 '18.3 '19.2 '19.3 '19.5 19.6 16.3 16.2 16.3 16.0 16.2 15.8 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. 1067 FEDERAL FINANCE UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 31, 19571 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Treasury bills2 Sept. 5, 1957 Sept. 12, 1957 Sept. 19, 1957 Sept. 23, 1957 Sept. 26, 1957 Oct. 3, 1957 Oct. 10, 1957 Oct. 17, 1957 Oct. 24, 1957 Oct. 31, 1957 Nov. 7, 1957 Nov. 14, 1957 Nov. 21, 1957 Nov. 29, 1957 Mar. 24, 1958 Apr. 15, 1958 Amount Issue and coupon rate Certificates 1,800 Oct. 1,1957 31/4 1,800 Dec. 1, 1957 3% 1,600 Feb. 14. 1958 3% 1,501 Apr. 15, 1958 3i/2 1,602 Aug. 1,1958 4 1,599 1,600 Treasury notes 1,601 Oct. 1,1957 lVi 1,601 Apr. 1,1958 iy 2 1,700 June 15, 1958 2% 1,700 Oct. 1,195811/ 1,700 Feb. 15, 1959 1,800 Apr. 1,1959 1,801 Oct. 1, 1959 3,002 Apr. 1,1960 1,751 May 15, 1960 3 Oct. 1, 1960 P Apr. 1,1961 \ Amount 318 9,971 10,851 2,351 10,586 49 383 4,392 121 5,102 119 99 198 2,406 278 144 1 Direct public issues. 2 Sold on discount basis. See table on Money Market Rates, p. 1059. Issue and coupon rate Amount Treasury notes—Cont, Aug. 1, 1961 4 Oct. 1,1961 lVi Feb. 15, 1962 3% Apr. 1,1962 li/i 2,608 332 647 271 Treasury bonds Mar. 15, 1956-58 3.. 2% Sept. 15, 1956-593..214 Mar. 15, 1957-593. .2 3 / 8 June 15, 1958 2*A June 15, 1958-63 4.. 224 Dec. 15,1958 2i/2 June 15, 1959-62... 2yA Dec. 15, 1959-62... 214 Nov. 15, 1960 21/s Dec. 15, 1960-65 4.. 234 Sept. 15, 1961 2V4 Nov. 15, 1961 2^ Issue and coupon rate Treasury bonds—Cont. Aug. 15, 1963 21/ June 15, 1962-67... 21/ Dec. 15, 1963-68.. June 15, 1964-69.. Dec. 15, 1964-69.. Mar. 15, 1965-70. Mar. 15, 1966-71. June 15, 1967-72. Sept. 15, 1967-72. Dec. 15, 1967-72. June 15, 1978-83. Feb. 15, 1995 .3 1,449 3,819 927 4,245 919 2,368 5,270 3,459 Panama Canal Loan 3 3,806 1,485 Convertible bonds 2,239 Investment Series B Apr. 1, 1975-80... 23^ 11,177 Amount 6,755 2,114 2,822 3,748 3,823 4,708 2,953 1,859 2,716 3,768 1,605 2,743 50 10,052 3 Not called for redemption on first call date. Callable on succeeding interest payment dates. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Total Bills Certificates Notes Market- Conable vertible bonds 2 bonds 162,216 166,882 166,050 171 137 170,678 165,985 19,515 19,514 20,808 25,179 26,777 18,405 13,836 16,303 19,023 21,785 20,473 31,960 40,729 35,952 35,294 30,924 30,973 80,474 81,128 81,890 80,878 80,845 80,839 6,985 7,162 8,236 8.242 8,563 8,554 46 40 273 142 41 64 8 355 353 125 130 422 416 119 688 842 1,273 1,282 3,395 3,556 3,575 3,669 3,664 3,664 Federal Reserve Banks: 1954 June 30 1955—June 30 1956 June 30 Dec 31 1957_May 31 . . June 30 25 037 23,607 23 758 24,915 23,108 23,035 2,316 287 6,600 8,274 10,944 10,975 11,373 11,367 13,029 11,646 9,157 9,219 8,571 8,579 3 093 2,802 2 802 2,802 2,810 2,802 Commercial banks: 1954—jUne 30 1955—June 30 1956 June 30 . Dec 31 1957 May 31 June 30 56,199 55,667 49,673 51,466 50,188 48,734 4,187 2,721 2,181 4,934 3,975 2,853 4,942 1,455 1,004 1,600 3,214 2,913 11,423 15,385 11,620 35,481 35,942 34,712 34,071 33,830 33,839 165 164 Mutual savings banks: 1954—June 30 1955—June 30 1956 June 30 Dec. 31 1957 May 31 June 30 8,353 8,069 7,735 7,431 7,454 7,397 98 101 221 84 107 131 170 163 53 37 24 110 114 289 356 312 366 367 Insurance companies: 1954 June 30 1955—June 30 1956—June 30 Dec 31 1957 May 31 June 30 13,520 13,117 11,702 11 331 11,039 10,936 622 630 318 349 354 326 209 74 Other investors: 1954 June 3 0 . . . 1955—June 30 1956—June 30 Dec 31 1957—May 31 June 30 52 121 59 260 64,947 67 752 70,326 67,329 12,248 15,153 17,074 17,705 21,800 19,661 Type of holder and date All holders: 1954_june 1955—June 1956—June Dec 1957—May June 30 30 30 31 31 30 . . . U. S. Govt. agencies and trust funds: 1954—June 30 . . 1955—June 30 , 1956 June 30 Dec 31 1957—May 31 June 30 886 855 1,918 353 Within 1 year 1-5 years 5-10 years Over 10 years 11,861 11,676 11,098 10,763 10,347 10,280 150,354 155,206 154,953 160 374 160,331 155,705 60,123 49,703 58,714 68 557 67,065 71,033 27,965 38 188 31,997 41 021 42,501 39,184 30,542 33,687 31,312 17,893 17,890 14,732 31,725 33,628 32.930 32,904 32,875 30,756 3,439 3,439 3,345 3,236 3,080 3,063 3,546 3,723 4,891 5,006 5,483 5,491 107 205 494 74 927 928 733 1,138 199 500 708 506 434 317 1,370 1,210 319 295 2,740 2,944 3 030 3.053 3,062 2,848 25 037 23,607 23 758 24,915 23,108 23,035 16,280 17,405 20 242 22 113 20,318 20,246 6 307 3 773 1 087 '373 681 1 035 1.014 1 014 1 014 1,014 750 1 415 1 415 1 415 1 415 1,415 1,358 155 147 144 144 56,034 55,503 49,517 51,319 50 044 48,590 17,684 7 187 7,433 11,635 10 180 12,268 14,624 21 712 18,234 24 528 24 612 23,500 18,741 21 110 19,132 10 242 10 300 8,600 4,985 5 494 4,719 4,914 4 952 4,'222 6,669 6,422 6,074 5,849 5,705 5,655 1,265 1,222 1 161 1,115 1,103 1,098 7,089 6,848 6,574 6,316 6,351 6,299 294 476 164 247 241 351 576 533 540 1,389 1 405 1 319 659 636 601 4 930 4 746 4 468 4*358 4 305 4 040 361 ,057 I 059 I 082 44 66 148 136 691 789 8,805 8,479 7,789 7,464 7,342 7,277 3,193 3,145 2.791 2,671 2,553 2,549 10,327 9,972 8,911 8 660 8,485 8,387 1,190 810 760 781 642 648 632 726 650 955 1,045 I 339 1,192 I 749 [ 736 .775 2,171 2 027 1,802 1 136 1 104 1,022 5,921 5 796 5 285 5 049 4 995 4 634 6,511 3,973 3,919 6,004 6,518 5,527 6,531 12.502 13,371 13,426 11,047 11,113 23,032 3,800 3,706 3,646 3,593 3,467 3,426 48,322 24 568 24,062 29.233 32 914 34,833 35,850 5 308 10 633 10,443 12 605 13,362 10,936 6 711 7 626 7,612 4 525 4,517 3,464 11 734 13 233 14 013 14 114 14 147 13,654 1 Direct public issues. 2 Includes minor amounts of Panama Canal and Postal Savings bonds. NOTE.—Commercial banks, mutual savings banks, and insurance com- 9,025 8,984 Total 23.927 26,896 27,024 27,494 27,602 55,554 61,301 64,159 66,859 63,904 panies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. 1068 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds, all corporate issuers6 Gross proceeds , all issuers2 Noncorporate Year or month Total 5 ,687 15 ,157 54 ,712 ?1 ,110 19 ,893 ?1 ,265 26 ,929 ?8 ,824 79 ,765 ? 6 772 ?? ,405 1939. 1941. 1945. 1949. 1950. 1951. 1952. 1953 1954. 1955 1956. 1956—Julv Aus Sept Oct Nov . . . . Dec 1957-—Jan Feb . . Mar Apr May June July U.S. Govt. 3 ? State and Federal mu- Others Total agency4 nicipal 332 466 353 13 38 506 804 687 778 577 957 532 Q 628 517 216 30 110 459 106 458 746 169 11 47 11 9 9 12 13 1? 1 ,972 1,493 1,581 1 892 1 ,829 1,955 484 436 355 414 389 390 2 ,432 ? 123 3 ,248 2 ,362 ,785 ,401 1,877 496 386 1 327 390 394 362 400 1 1?8 956 795 ? 907 3 532 3 189 4 121 S 5S8 6 969 977 5 446 379 213 336 109 646 311 4?7 685 569 72 503 763 539 '388 465 125 60 New capital Corporate 50 30 47 132 282 446 237 306 289 182 334 3 40 (9) 58 r 5 23 84 53 32 128 51 44 29 Bonds Preferred stock Total Publicly offered Privately placed ? 164 t 980 667 2 ,390 6 011 4 ,855 1,276 1,578 3,851 703 811 1,004 98 167 758 2,453 2,560 3,326 3,957 425 631 838 564 489 816 635 636 05? 361 741 534 898 516 ?40 939 4 ,890 4 ,920 5 ,691 7 ,601 7 ,083 7 ,488 7 420 8 ,002 2,437 2,360 2,364 3,645 3,856 4,003 4,119 4,225 1 106 693 890 773 1 1?3 1 114 901 551 681 485 451 915 588 250 514 315 179 401 094 916 1 116 761 1 386 1 ,072 956 647 80^ 691 1 547 ,074 1 983 732 641 514 643 385 437 633 456 6 6 7 9 8 9 10 10 3,484 3 301 3,777 302 167 170 514 ComNew 7 mon Total money stock 3?5 87 420 110 1,041 868 397 1 347 1 ,080 736 811 1,212 1,369 1,326 1,213 2,185 2,301 16 50 33 139 45 16 34 26 38 46 25 66 22 276 429 262 441 276 5 558 4,990 7 120 8,716 8 495 7,490 8 821 10,384 4 ,606 Retirement of bank debt, etc. 8 26 28 133 69 144 134 315 637 364 620 363 226 537 535 709 864 721 4 ,006 6 ,531 8 ,180 7 960 6 ,780 7 957 9 Miscellaneous purposes ,663 Retirement of securities 1,695 1,583 4 555 401 1,271 - 486 664 260 1,875 1 227 364 189 1,063 1,003 92 654 550 176 816 838 150 660 745 627 1,089 1,048 183 1,088 1,049 60 104 23 84 41 39 26 25 35 11 21 11 144 329 276 264 85 407 228 38 144 73 61 64 69 70 11 22 21 13 15 31 7 1,063 1 ,026 1 071 927 1,344 1 ,271 924 864 707 771 1,489 1 ,419 959 889 Proposed uses of ne proceeds , major groups of corporate issuers Manufacturing Year or month Retire- New ment of secucapital . 0 rities 1949. 1950. 1951. 1952. 1953. 1954. 1955. 1956. 1,347 1,026 2,846 3,712 2,128 2,044 2 397 3,336 1956--July Dec 333 196 206 314 147 526 1957-—Jan . . . . Feb Mar Apr May June July . . . 381 543 366 314 135 626 278 Aus Sept Oct . . . Nov 44 149 221 261 90 190 533 243 8 16 10 7 19 5 8 4 3 4 5 Commercial and miscellaneous Retire- ment of New capital10 securities 310 474 462 512 502 831 769 682 ?8 63 56 ?4 40 Q3 51 51 Public utility RetireNew ment of :apital 10 securities RetireNew ment of capital10 securities 784 609 437 758 553 501 544 694 95 83 36 31 110 33 ?1 4 2 3 36 37 63 37 45 148 42 94 32 53 55 29 30 4 (9) 4 3 1 2 101 31 85 65 80 51 48 16 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes guaranteed issues. 4 Issues not guaranteed. 5 Represents foreign governments. International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit organizations. Transportation 11 196 53 225 36 270 338 20 8 2,043 1,927 2,326 2,539 2,905 2,675 2,254 2,474 233 682 85 88 67 990 174 14 237 154 242 227 153 157 (9) 247 247 490 351 348 436 244 « 16 5 4 8 Communication Real estate and financial RetireRetireNew ment of New ment of capital 10 secu- capital 10 securities rities 517 314 600 747 871 651 1 045 1,384 261 82 56 68 596 73 105 46 281 47 82 137 50 49 81 5 6 3 60 77 21 (9) 1 1 1 1 (9) (9) 558 639 449 448 1,536 788 1 812 1,815 102 102 236 68 37 151 187 108 91 93 72 210 309 35 100 66 60 24 273 56 17 2 7 (9) (') 2 (9) 6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Represents proceeds for plant and equipment and working capital. * Represents proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retiremen t of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Less than $500,000. 1 o Represents all issues other than those for retirement of securities. 1069 BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annua 1 totals Quarterly totals Industry 1955 1951 1952 1953 1954 1955 1956 1957 1956 4 1 2 3 1 4 2 Manufacturing Total (200 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (94 corps.): l Sales Profits before taxes Profits after taxes Dividends Durable goods industries (106 corps.):i Sales Profits before taxes Profits after taxes Dividends .. . Selected industries: Foods and kindred products (28 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (26 corps.): Sales . . . Profits before taxes Profits after taxes Dividends Petroleum refining (14 corps.): Sales Profits before taxes Profits after taxes Dividends . . . Primary metals and products (39 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (27 corps.) : Sales Profits before taxes Profits after taxes Dividends . Automobiles and equipment (15 corps.): Sales Profits before taxes . Profits after taxes Dividends . . . . 52,940 54,517 63,343 58,110 69,876 71 901 18 139 18 131 18 457 16 119 19 193 r 19 754 8,869 7,308 8,375 7,244 10,250 9,253 2 612 2 603 2 509 1,700 2 441 '2,751 3,548 3,192 3,649 3,825 5,231 4,842 1,399 1,302 1,305 914 1,321 '1,420 2,075 2,073 2,154 2,384 2,827 2 972 1 015 841 703 706 723 '752 18,916 19,266 20,694 20,620 23,106 3,447 2,853 3,028 2,753 3,413 1,533 1,392 1,526 1,581 1,918 925 946 972 1,064 1,202 24 762 6 043 6 079 6 135 6 084 6 464 3,468 877 895 907 808 876 1,985 523 503 466 526 491 1 249 402 305 290 359 295 19 370 2,573 1,340 757 '6 604 '941 '•537 6 509 869 503 318 34.024 35,251 42,649 37,490 46,770 47 139 12 096 1? 052 12 322 10 036 12 730 '13 150 5,422 4,455 5,346 4,491 6,836 5,784 1,717 1,696 1,633 892 1,564 '1,810 2,015 1,800 2,123 2,244 3,313 2,857 794 '883 448 876 799 815 1,149 1,127 1,182 1,320 1,625 1 724 482 437 418 613 413 411 12 861 1,705 837 439 4,909 5,042 5,411 5,476 5 833 473 453 465 462 499 227 203 212 224 244 159 154 154 156 160 6 300 561 275 166 5,882 5,965 6,373 6,182 7 222 1,490 1,259 1,308 1,153 1,535 521 486 520 593 782 381 396 417 499 597 7 726 1 891 1 879 1 957 1 889 "> 001 1 500 342 389 400 388 '^80 776 207 178 210 196 195 602 143 181 138 141 234 5,078 5,411 5,883 6,015 6 556 841 911 728 751 854 560 524 603 567 624 283 290 294 317 262 7 185 916 688 346 1 618 '133 '63 39 1 640 154 75 40 2 045 395 197 150 2 045 393 201 152 1 745 1 764 1 742 1 770 1 909 218 226 248 '223 184 163 173 163 177 93 83 89 82 82 2 048 298 '220 91 1 941 217 172 91 12,507 11,564 13,750 11,522 14,952 2,098 1,147 1,817 1,357 2 377 564 778 790 705 1,195 382 369 377 407 522 16,062 4,030 4,209 4,415 3,098 4,340 697 2 366 674 690 267 712 145 378 1 233 348 346 363 182 140 188 606 141 137 '4.272 '678 344 157 4,217 652 327 157 6,168 7,077 8,005 7,745 8,477 1,000 971 1,011 914 912 365 375 402 465 465 192 199 237 263 281 9,798 2,237 2,167 2,463 2,422 2,746 243 233 943 194 200 267 125 120 460 114 139 '76 87 321 79 81 78 78 2,624 '296 '142 79 2,751 309 151 81 12,707 13,038 16,611 14,137 18,826 16,336 4,688 4,578 4,195 3.347 4.215 1,950 1,982 2,078 1,789 3 023 272 470 1 940 714 689 509 709 758 717 863 1,394 214 898 118 346 320 242 469 486 469 536 164 693 656 166 309 162 164 4,993 '713 '337 167 4,522 603 292 166 10.391 10,581 10,664 9,371 10,106 10,551 2,640 2,535 2,704 2,590 2,722 1,260 1,438 1,436 908 1 341 298 375 343 1 267 252 353 825 693 903 682 208 266 927 874 264 163 237 338 412 328 379 448 70 148 445 176 no 116 2,575 247 161 124 2,660 264 182 2.549 '731 '393 269 2,324 596 327 270 1 560 '387 '195 148 1 611 388 195 150 1 495 1 530 1 569 1 561 141 128 126 ' 149 66 58 71 71 41 50 37 38 1 640 74 50 r Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes. . . Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends 6,058 6,549 7,136 7,588 8,360 1,482 1,740 1,895 2,049 2,304 814 947 1,030 1,134 1 244 651 725 780 868 942 9,059 2,185 2,398 2,185 2,175 2 302 568 586 595 592 2,457 710 302 331 321 1 329 325 374 262 248 1,013 253 247 256 3,729 4,136 4,525 4,902 5 425 925 1,050 1,282 691 787 341 384 638 452 525 355 412 318 448 496 5 966 1 419 1 439 1 480 1 495 1 552 380 '352 359 1,430 '336 339 180 190 176 715 169 169 137 147 132 552 130 136 ' Revised. 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Sales data are obtained from the Securities and Exchange Commission; other data from published company reports. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that r quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For detailed description of series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). 1070 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions of dollars] [Securities and Exchange Commission estimates. In millions of dollars] Year or quarter All types InProfits Cash UndisProfits before come after divi- tributed taxes taxes taxes dends profits 1949.... 1950... 1951..., 1952... 1953... 1954... 1955... 1956... 26.2 40.0 41.2 35.9 37.0 33.5 42.5 43.0 10.4 17.8 22.5 19.8 20.3 17.4 21.5 22.0 15.8 22.1 18.7 16.1 16.7 16.0 21.0 21.0 7.5 9.2 9.1 9.0 9.3 9.9 11.0 11.9 8.3 12.9 9.6 7.1 7.4 6.1 9.9 9.2 1955—4 46.1 23.4 22.7 12.0 10.7 1956—1 2 3 4 43.3 42.4 40.8 45.6 22.1 21.6 20.8 23.3 21.2 20.7 19.9 22.3 11.7 12.0 12.1 11.5 9.5 8.7 7.8 10.8 1957—1 43.9 22.4 21.5 12.4 9.1 NOTE.—Quarterly data are at seasonally annual rates. Year or quarter Bonds and notes Stocks New RetireNew RetireNew RetireNet Net Net issues ments change issues ments change issues ments change 1949. 1950 1951 1952. 1953 1954 1955 1956 6,731 7,224 9,048 10,679 9,550 11,694 12,474 13,007 1,875 3,501 2,772 2,751 2,429 5,629 5,599 4,519 4,856 3.724 6,277 7,927 7,121 6,065 6,875 8,488 4,867 4,806 5,682 7,344 6.651 7,832 7,571 7,937 1,583 2,802 2,105 2,403 1,896 4,033 3,383 2,768 1956—2 3 4 3,367 3,336 3,477 1,487 991 998 1,880 2,245 2,345 2,182 2,479 1,833 1957—1 2 3,666 3,739 783 867 2,884 2,337 2,873 2,367 3,284 2,004 3,577 4,940 4,755 3,799 4,188 5,170 1,865 2,418 3,366 3,335 2,898 3,862 4,903 5,070 292 698 667 348 533 1,596 2,216 1,751 1,572 1,720 2,700 2,987 2,366 2,265 2,687 3,319 817 650 593 1,428 1,122 1,531 1,154 1,240 1,644 671 340 404 452 814 1,239 553 626 1,824 1,289 1,741 1,373 230 241 1,059 1,132 1 Reflects cash transactions only. As contrasted with data shown on p. 1068, new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1068. adjusted CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current liabilities Current assets End of year or quarter 1949 1950 1951 1952 1953 1954 1955 Net working capital Total Cash U.S. Govt. securities 72.4 81.6 86 5 90.1 91 8 91.8 98.9 133.1 161.5 179.1 186.2 190.6 194.6 214.6 26.5 28.1 30.0 30.8 31.1 33.4 34.0 16.8 19.7 20.7 19.9 21 5 19.2 23.3 4 101.0 102.7 103 4 104.4 213.4 214.7 220.4 225.7 30.9 32.1 32.6 34.7 1957—1 106.0 224.9 31.9 1956 1 2 3 Notes and accts. receivable U.S. Govt. 2 Inventories U. S. Govt. 2 16.7 21 3 18.1 18 7 15.5 18.4 14.0 14.9 16.5 18.7 20.7 23.5 25.1 15.3 12.3 14 4 16.8 25.6 25.8 27.1 27.2 14.4 28.0 73.1 74.8 76 0 77.3 3.9 3.8 3 8 3.6 112.4 112.1 117.0 121.3 2.3 2.5 2.4 69.2 71.4 73.0 74.9 79.1 4.0 118.9 2.5 74.1 20.8 17.4 17 5 18.6 2.3 2 3 2 4 2.6 82.4 84.3 88 1 88.8 18.0 2.5 89.4 2.4 47.9 53.6 57.0 57.3 61.4 69.9 Total 3.5 2.3 2.8 Other Federal income tax liabilities 60.7 79.8 92.6 96.1 98.9 102.8 115.7 45.3 55.1 64 9 65.8 67 2 65.3 70.0 2 6 Other Other 55.7 58.8 64.6 65.9 71.2 81.6 43 . 0 1.1 2 7 Notes and accts. payable 1.4 1.7 2 1 2.4 2 4 3.1 37 .5 .4 1.3 2.3 2 2 2.4 2.3 2.5 9.3 Other 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. i Excludes banks and insurance companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. Year 1949 1950 1951 . . . 1952 1953 1954 1955 1956 19574r Total 19.3 20.6 25.6 26.5 28.3 26.8 28.7 35.1 37.0 Manufacturing 7.1 7.5 10.9 11.6 11.9 11.0 11.4 15.0 16.2 Transportation Mining .8 .7 .9 1.0 1.0 1.0 1.0 1.2 1.2 Railroad Other 1.4 1.1 1.5 1.4 1.3 .9 .9 1.2 1.5 .9 1.2 1.5 1.5 1.6 1.5 1.6 1.7 1.8 r Revised. 1 Corporate and noncorporate business, excluding agriculture. Includes trade, service, finance, and construction. 2 Public Comutilimuni- Other 2 ties cations 3.1 3.3 3.7 3.9 4.6 4.2 4.3 4.9 6.3 1.3 1.1 1.3 1.5 1.7 1.7 2.0 2 7 4.7 5.7 5.9 5.6 6.3 6.5 7.5 8 4 10 3 4 In billions of dollars] Quarter 1956—1 2 3 4 1957—1 2' 34'.... 44 Total Manufactur- Transing portaand tion mining Public All utiliother3 ties 7.5 8.9 8.9 9.8 3.2 4.1 4.1 4.8 .7 .7 .7 .8 .9 1.2 1.3 1.5 2.6 2.9 2.7 2.8 8.3 9.6 10.0 9.2 3.8 4.5 4.7 4.4 .7 .8 .9 .8 1.2 1.5 1.8 1.7 2.6 2.7 2.5 2.3 Includes communications and other. Anticipated by business. 1071 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties End of year or quarter All holders Nonfarm Other holders Financial insti- Selected Inditutions Federal viduals and agenothers cies Farm 1- to 4-family houses Multi-family and commercial properties 1 Total Financial institutions Other holders Total Financial institutions Other holders All holders All holders Financial Other insti- holders2 tutions 20.7 21.0 2.0 .9 14.9 13.7 31.2 30.8 18.4 18.6 11.2 12.2 7.2 6.4 12.9 12.2 8.1 7.4 4.8 4.7 6.4 4.8 1.5 1.3 4.9 3.4 42.9 51.7 59.5 66.9 75.1 85.8 99.4 111.3 1.1 1.4 2.0 2.4 2.8 2.8 3.1 3.6 18.7 19.8 20.8 22.1 23.5 25.2 27.5 29.9 57.1 66.7 75.6 84.2 93.6 105.5 120.9 134.9 37.6 45.2 51.7 58.5 66.1 75.7 88.2 99.1 28.5 35.4 41.1 46.8 53.6 62.5 73.8 83.5 9.1 9.8 10.7 11.7 12.5 13.2 14.4 15.6 19.5 21.6 23.9 25.7 27.5 29.8 32.7 35.8 12.3 14.0 15.9 17.2 18.5 20.0 21.9 23.9 7.2 7.6 8.0 8.4 9.0 9.8 10.8 11.9 5.6 6.1 6.7 7.3 7.8 8.3 9.1 9.9 2.1 2.3 2.6 2.8 3.0 3.3 3.6 3.9 3.5 3.7 4.1 4.4 4.8 5.0 5.4 6.0 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 133.6 137.6 141.4 144.8 102.3 105.6 108.8 111.3 3.2 3.2 3.3 3.6 28.1 28.8 29.4 29.9 124.2 128.0 131.6 134.9 76.2 78.9 81.4 83.5 14.6 14.9 15.1 15.6 33.4 34.3 35.1 35.8 22.4 23.0 23.5 23.9 11.0 11.3 11.6 11.9 9.4 9.6 9.8 9.9 3.7 3.8 3.9 3.9 5.7 5.8 5.9 6.0 147.5 150.4 113.2 115.4 4.0 4.2 30.3 30.8 137.4 140.1 85.1 86.9 16.0 16.4 36.3 36.8 24.2 24.6 12.0 12.2 10.1 10.3 3.9 3.9 6.2 6.4 1941 1945 1949 1950 1951 1952 1953 1954 1955 1956^ 37.6 35.5 62.7 72.8 82.3 91.4 101.3 113.8 130.0 144.8 1955—Dec... 1956—Mar.p? June . Sept.^ Dec.*5. 1957—Mar. *> June*". v 1 Preliminary. Derived figures, which include negligible amount of farm loans held by2savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. 101.1 103.3 Federal agencies represent HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with individuals and others. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commerc ial bank holdings2 Residential Residential End of vear or quarter Total Total FHAinsured VAguaranteed Total Total FHAinsured 4,812 4,208 3,884 3,387 2,060 2,264 2,458 2,621 2,843 3,263 3 819 4,379 909 968 4,929 5,501 5,951 6,695 7 617 8,300 ,004 058 ,082 ,159 ,297 ,336 6,705 8,261 9,916 11,379 12,943 15,007 17,457 19,745 5,569 7,054 8,595 9,883 11,334 13,211 15,568 17,703 2,567 3,168 3,489 3,800 4,150 4,409 3,711 7,617 3,819 ,297 17,457 15,568 3,770 3,837 3,890 3,902 7,800 7,995 8,210 8,300 3,950 4,137 4,282 4,379 ,320 18,045 353 18,610 ,358 19,225 ,336 19,745 16,123 16,644 17,218 17,703 3,825 3,725 8,305 8,435 4,430 4,500 ,335 20,105 18,035 ,345 20,475 18,380 3,292 3 395 1949 1950 1951 1952 1953 1954 1955 1956 11,644 13 664 14,732 15,867 16,850 18,573 21 004 22,719 8,676 10 431 11,270 12,188 12,925 14,152 15 888 17,004 3,421 3,675 3,912 4,106 4 560 4,803 2,921 3,012 3,061 3,350 3 711 3,902 1955 Dec 21,004 15,888 4,560 1956—Mar June Sept Dec 21 450 21,990 22,500 22,719 16 180 16,500 16,860 17 004 4 610 4,668 4,760 4 803 22 670 16 905 22,740 16,895 4 775 4,735 P Preliminary. 1 Represents all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Figures for 1941 and 1945, except for the grand total, are estimates Farm 566 521 4,906 4 772 . Conventional Other nonfarm 1,048 856 1941 1945 1957—Mar.? .. June33 Mutual savings bank holdings 3 VAguaranteed Conventional Other nonfarm Farm 1,726 2,237 3,053 4,262 5 773 7,139 4,303 4,477 4,792 5,149 5 645 6,155 900 797 1,099 1,164 1,274 1,444 1,556 1,740 1,831 1,984 28 24 4,150 5,773 5,645 1,831 58 4,210 4,274 4,350 4,409 6,155 6,506 6,840 7,139 5,758 5,864 6,028 6,155 1,860 1,898 1,944 1,984 62 4,455 4,505 7,330 7,525 6,250 6,350 2,010 2,035 60 60 37 44 47 53 53 56 58 59 68 63 59 based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All-bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. 1072 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHAinsured Total VAguaranteed 1941 1945 976 1949 1950 1951 1952 1953 1954 1955 1956 3,430 4,894 5,134 3,978 4,345 5,344 6,623 6,715 3,123 4,532 4,723 3,606 3,925 4,931 6,108 6,201 1,350 1,486 1,058 971 842 1,378 1,839 1,652 567 546 454 557 562 554 533 508 430 527 529 517 84 64 51 69 60 138 131 102 136 120 55 553 402 512 356 51 43 429 454 376 419 43 49 391 338 404 44 48 53 94 53 64 1956 July Sept Oct Nov Dec 1957 Jan Feb Mar . . . . . Apr May June July 426 367 432 864 817 672 Farm Total Total Other FHAinsured 6,442 6,636 5,529 5,860 815 1,394 11,768 14,775 17,787 19,546 21,436 23,928 27,172 30,508 3,454 4,573 5,257 5,681 6,012 6,116 6,395 6,627 VAguaranteed Farm Other 4,714 4 466 913 776 1,224 2,026 3,131 3,347 3,560 4,643 6,074 7,304 7,090 8,176 9,399 10,518 11,864 13,169 14,703 16,577 1,138 1,327 1,527 1,705 1,886 2,048 2,273 2,481 1,642 2,108 2,371 2 313 2,653 2,881 3,298 3,707 307 362 411 372 420 413 515 514 12,906 16,102 19,314 21,251 23,322 25,976 29,445 32,989 311 313 133 277 322 349 329 34 38 24 30 33 37 31,612 31,897 32,111 32,399 32,709 33,017 29,188 29,454 29,656 29,938 30,243 30 546 6,608 6,621 6,614 6,632 6,649 6,654 6,872 6,957 7,044 7,131 7,214 7,318 15,708 15,876 15,998 16,175 16,380 16,574 2,424 2,443 2,455 2,461 2,466 2,471 141 98 320 215 41 46 73 93 260 277 53 35 33,279 33,479 33,672 33,840 34,022 34,159 34,356 30,810 31,001 31,179 31,334 31,498 31,620 31,794 6,658 6,671 6,666 6,671 6,673 6,670 6,671 7,420 7,493 7,556 7,603 7,656 7,677 7,702 16,732 16,837 16,957 17,060 17,169 17,273 17.421 2,469 2,478 2,493 2,506 2,524 2,539 2,562 131 938 1,294 429 455 253 237 287 35 29 28 NOTE.—For loans acquired, the monthly figures may not add to annual totals, and for loans outstanding, the end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because data for year-end adjustments are more complete. Source.—Institute of Life Insurance; end-of-year figures are from Life Insurance Fact Book, and end-of-month figures from the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans outstanding (end of period) Loans made Year or month 1941 1945 1949 1950 1951 1952 1953 . . 1954 1955 1956 Total i New construction Home purchase Total 2 1,379 1,913 437 181 1,358 4 578 5,376 3,636 5,237 5,250 6,617 7,767 8,969 11,432 10,545 1,083 1,767 1,657 2,105 2,475 3,076 4,041 3,771 1,559 2,246 2,357 2,955 3,488 3,846 5,241 4,727 11,616 13,657 15,564 18,396 21,962 26,194 31,461 35,870 581 FHAinsured 717 848 866 904 1,048 1,172 1,405 1,492 VAConvenguaranteed tional* 2,586 2,973 3,133 3,394 3,979 4,721 5,891 6,664 8,313 9,836 11,565 14,098 16,935 20,301 24,165 27,714 By type of lender (without seasonal adjustment) Total Year or month Seasonally adjusted l Without Savseasonal ings & adjust-2 loan ment assns. Aus Sept Oct Nov Dec . . . . 323 277 250 439 34,134 483 34,586 397 34,939 422 35,305 360 35,596 320 35,870 [,463 1,470 1,476 ,481 [,487 1,492 6,377 6,464 6,530 6,567 6 622 6,664 26,294 26,652 26,933 27,257 27 487 27,714 714 709 842 899 968 245 243 298 317 360 326 318 366 391 412 1,496 1,501 925 969 319 318 36,102 36,371 36,734 37,136 37,595 415 38,048 462 38,442 6,699 6,739 6,786 6,828 6,872 6,913 6,968 27,907 28,131 28,439 28,789 29,193 29,596 29,927 949 1,037 850 341 358 292 922 784 710 Commercial banks Mutual savings banks 1941., 1945., 4,732 5,650 1,490 2,017 404 250 1,165 1,097 218 217 1949., 1950., 1951. 1952., 1953., 1954. 1955., 1956. 11,828 16,179 16,405 18,018 19,747 22,974 28,484 27,088 3,646 5,060 5,295 6,452 7,365 8,312 10,452 [,046 1,618 1,615 1,420 1,480 1,768 1,932 1,799 2,446 3,365 3,370 3,600 3,680 4,239 5,617 5,458 750 1,064 1,013 1,137 1,327 1,501 1,858 1,824 2,329 2,266 2,250 2,174 2,119 2,094 2,374 2,544 2,185 2,425 2,108 1,951 851 921 779 848 717 660 159 163 139 154 136 138 464 508 441 475 408 366 168 181 163 183 152 148 2,056 2,050 2,011 2,042 2,031 2,046 1,942 1,749 1,937 2,044 2,144 2,028 2,211 659 644 744 798 840 795 852 134 105 115 116 125 119 130 353 308 334 357 374 363 390 117 96 99 110 121 126 142 1956 July Insurance companies 9,532 1956 July. Aug.. Sept.. Oct.. Nov.. Dec.. 1957 Jan Feb Mar Apr May June July . 509 1,519 1,530 1,539 1,547 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. 1957 Jan.., Feb... Mar.. Apr.. May. June. July., 1 Three-month moving average, seasonally adjusted by Federal Reserve. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. 1073 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [In millions of dollars] [In billions of dollars] FHA-insured loans Home mortgages Year or month Total New prop- Existing properties VA-guaranteed loans Home mortgages Projecttype mortgages i Property improvement loans 2 Total 3 New properties Governmentunderwritten End of year or quarter Existing properties Conventional Total Total 1945 665 257 217 20 171 192 1949 1950 1951 1952 1953 1954 1955 1956 3,826 4,343 3,220 3,113 3,882 3,066 3,807 3,461 1,319 1,637 1,216 969 1,259 1,035 1,269 1,133 892 856 713 974 1,030 907 1,816 1,505 1,021 1,157 582 322 259 232 76 130 594 694 708 848 1,334 891 646 692 1,426 3,072 3,614 2,719 3,064 4,257 7,156 5,868 793 1,865 2,667 1,823 2,044 2,686 4,582 3,910 628 1,202 942 890 1,014 1,566 2,564 1,948 1956—July Aug Sept.. Oct Nov.. Dec 279 312 278 341 279 249 83 97 82 96 89 76 125 141 122 134 124 10 8 15 26 4 27 61 67 59 86 62 48 465 505 508 501 462 472 291 320 321 331 315 321 174 184 186 169 146 150 1957—Jan ' Feb Mar Apr May June July 300 266 317 264 292 247 333 87 74 75 68 60 60 67 107 85 86 90 94 104 124 29 50 96 41 80 18 76 77 56 60 66 58 65 65 555 431 380 350 286 276 268 393 316 285 271 218 213 206 162 113 94 78 68 62 62 FHA- VAinguarsured anteed 1945 18.6 4.3 4.1 .2 1949 1950 1951 1952.. 1953 1954 . 1955 1956?5 37 6 45.2 51 7 58 5 66.1 75 7 88.2 99.1 15 0 18.9 22 9 25 4 6 9 8 6 9 7 10 8 12.0 12 8 14 3 15.5 8 1 10 3 13 2 14 6 16.1 19 3 24 6 28.4 22 26 28 33 38 43 49 55 32 1 38.9 43.9 Monthly figures do not reflect mortgage amendments included in annual totals. 2 These loans are not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. 1955—Dec 88.2 38.9 14 3 24.6 49 3 1956—Mar.P. . . . June^ Sept.*3 Dec.P 90.8 93.7 96.5 99.1 40.2 41.3 42.4 43.9 14.7 15.0 15.2 15.5 25.5 26.3 27.2 28.4 50.6 52.4 54.1 55.2 1957—Mar.p. . . . 101.1 J u n e ? . . . . 103.3 45.1 45.9 15.7 15.9 29.4 30.0 56.0 57.4 Preliminary. NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. For conventional, figures are derived. Sources.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] End of year or month FHAinsured VAguaranteed 828 1,347 1,850 2,242 2,462 2.434 2^615 3,047 403 169 204 320 621 802 901 978 Total 1949 1950 1951 1952 1953 1954 1955 1956 Mortgage transactions (during period) Advances outstanding (end of period) Commitments undisbursed Year or month Advances Repayments Short- Longterm 2 Purchases Sales 1945 278 213 195 176 19 425 1,177 1,646 1,922 1,841 1,632 1,714 2,069 672 1,044 677 538 542 614 411 609 20 469 111 56 221 525 62 5 824 485 239 323 638 476 76 360 1949 1950 1951 1952 1953 1954 1955 1956 256 675 423 586 728 734 1,251 745 337 292 433 528 640 818 702 934 433 816 806 864 952 867 ,417 ,228 231 547 508 565 634 612 991 798 202 269 298 299 317 255 426 430 1 1 1 92 130 232 317 360 1956—Aug. Sept. Oct.. Nov. Dec. 66 72 67 59 121 57 46 61 54 47 ,116 ,142 ,148 ,153 ,228 713 741 752 756 798 403 401 397 397 430 411 436 483 493 518 525 626 1957—Jan.. Feb. Mar. Apr. May June July. Aug. 77 30 68 73 73 135 131 83 267 91 83 62 52 48 171 50 1,038 976 961 971 993 1,079 1,040 1,072 660 601 563 544 559 614 638 663 378 375 398 427 434 465 402 409 1956 Aug Sept Oct Nov Dec 2,758 2,781 2,838 2.953 3,047 919 920 934 957 978 1,839 1,861 1,904 1,996 2,069 46 40 69 129 109 1957 Jan Feb Mar Apr May June Tuly 3,182 3.295 3 409 3,491 3,551 3,605 3.654 1.009 ,026 ,053 ,074 ,087 ,100 ,112 2,173 2,269 2 356 2,417 2,464 2,505 2,541 147 129 127 95 75 69 83 1 1 1 Operations beginning Nov. I, 1954, are on the basis of FNMA's new charter, under which it mainta ins three separate programs: secondary market, special assistance, and management and liquidation. Source.—Federal National Mortgage Association. 6 3 8 1 0 6 3 2 v 1 Mortgage holdings 14.3 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Federal Home Loan Bank Board. 1074 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Noninstalment credit Instalment credit End of year or month Total Total Automobile paper i Other consumer goods paper * Repair and modernization loans 2 Personal loans Total Singlepayment loans Charge accounts Service credit 1939 1941 1945 7,222 9 172 5,665 4,503 6,085 2,462 1,497 2,458 1,620 1 929 455 816 298 376 182 1,088 1 322 1,009 2,719 3,087 3,203 787 845 746 1,414 1 645 1 612 518 597 845 1949 1950 1951 1952 1953 1954 1955 1956 17,305 21,395 22 617 27,401 31,243 32 292 38,648 41,863 11,590 14,703 15,294 19,403 23,005 23,568 29.020 31,552 4,555 6,074 5,972 7,733 9,835 9,809 13,468 14,436 3,706 4,799 4 880 6,174 6,779 6,751 7,626 8,139 898 1,016 [ 085 [,385 ,610 [ 616 1,670 1,793 2,431 2,814 3 357 4,111 4,781 5 392 6,256 7.184 5,715 6,692 7,323 7,998 8,238 8,724 9,628 10,311 1,532 1,821 1,934 2,120 2,187 2,408 2,992 3,421 2 795 3,291 3 605 4 011 4,124 4 308 4 544 4,702 1 388 1,580 1 784 1 867 1,927 2 008 2 092 2,188 1956—July Aug Sept Oct Nov 39,478 39 878 40,074 40,196 40,631 41,863 30,297 30,644 30,707 30,811 31,024 31,552 14,381 14,530 14,533 14,478 14,449 14,436 7,421 7 493 7,497 7,601 7 752 8,139 1,710 I 734 1,758 1,781 I 797 793 6,785 6 887 6,919 6,951 7 026 7,184 9,181 9,234 9,367 9,385 9,607 10,311 3,261 3,295 3,361 3,310 3,401 3,421 3,674 3 696 3 780 3,875 4 029 4,702 2,246 2 243 2 226 2,200 2 177 2,188 40,916 40 513 40,503 41,015 41,707 42,245 42,365 31,298 31,233 31,273 31,532 31,901 32,344 32,699 14,389 14,410 14,501 14,659 14,852 15,092 15,295 7,938 7 805 7,698 7,671 7,731 7,806 7,818 1,772 1 759 1,754 1,760 1,783 1,801 1,816 7,199 7 259 7,320 7,442 7,535 7,645 7,770 9,618 9,280 9,230 9,483 9,806 9,901 9,666 3,360 3,433 3,527 3,536 3,741 3,702 3,580 4,085 3 662 3,500 3,687 3,785 3,903 3,767 2,173 2 185 2,203 2,260 2,280 2,296 2,319 Dec 1957 j a n Feb Mar Apr May July 1 Represents all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in 2part for business. Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods paper^ NOTE.—Monthly figures for the period December 1939 through 1947 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for the period January 1948-August 1956, together with a description of the revision, are shown on pp. 1031-1042 of the BULLETIN for October 1956. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Total instalment credit End of year or month 1939 1941 1945 Total Commercial banks Sales finance companies Credit unions 4,503 6 085 2,462 3,065 4 480 1,776 1,079 1,726 745 1,197 1,797 300 132 198 102 11 590 14,703 15 294 19,403 23 005 23,568 29,020 31,552 9 257 11,805 12,124 15,581 18,963 19,450 24,441 27,038 4 439 5,798 5,771 7,524 8,998 8,796 10,601 11,682 2,944 3,711 3,654 4,711 5,927 6,144 8,443 9,100 438 590 635 837 1,124 1,342 1,680 2,048 1956 July Aug Sept Oct Nov Dec 30,297 30,644 30,707 30 811 31,024 31,552 26,193 26,475 26,551 26 635 26,846 27,038 11,476 11,548 11,548 11,606 11,634 11,682 8,849 8,953 8,989 8,973 9,075 9,100 1957__jan Feb Mar Apr May 31,298 31,233 31,273 31,532 31,901 32,344 32,699 26,931 26,967 27,101 27,493 27,810 28,205 28,675 11,616 11,641 11,711 11,960 12,123 12,300 12,492 9,077 9,035 9,048 9,104 9,176 9,300 9,476 .. . 1949 1950 1951 1952 1953 1954 1955 1956 .. . July Consumer finance companies 1 Other i Total Department stores 2 Furniture stores Household appliance stores Automobile dealers 3 Other 657 759 629 1,438 1 605 686 354 320 131 439 496 240 183 206 17 123 188 28 339 395 270 1,286 1 555 1,866 2,137 2,257 2,656 3,049 1 436 420 509 643 777 911 1,061 1,159 2 333 2,898 3 170 3,822 4 042 4,118 4,579 4,514 596 746 924 1,107 1,064 1,242 1,511 1,407 740 827 810 943 1 004 984 1,052 1,020 178 267 243 301 377 377 381 378 236 287 290 389 527 463 535 572 583 771 903 1 082 1 070 1 052 1,880 1,933 1,960 1,994 2,021 2,048 2,880 2,920 2.924 2 938 2,961 3,049 1,108 1,121 1,130 I 124 1,155 1,159 4,104 4 169 4,156 4 176 4 178 4,514 1 239 ,286 ,269 I 269 1,230 1,407 967 973 970 974 988 1,020 359 365 368 368 373 378 568 575 576 574 573 572 971 970 973 991 1 014 1 137 2,045 2,074 2,108 2,154 2,194 2,255 2,311 3,041 3,051 3,056 3,095 3,110 3,142 3,194 1,152 1,166 1,178 1,180 1,207 1,208 1 202 4,367 4 266 4,172 4,039 4 091 4,139 4,024 [,380 [,345 1,298 1,170 1,222 1,243 1 137 975 957 936 922 923 923 917 364 362 357 354 356 360 362 568 568 570 575 581 590 598 1 080 1 034 1011 1*018 1009 1023 1,010 1 Consumer finance companies included with "other" financial institutions until September 1950. 2 Includes mail-order houses. Retail outlets 1 137 3 Represents automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. 1075 CONSUMER CREDIT INSTALMENT CREDIT HELD BY COMMERICAL BANKS, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Automobile paper Total instalment credit Other con- Purchased Direct goods paper Repair and modernization loans Other Auto- | conmobile paper goods paper 1939 1941 1945 1,197 1,797 300 878 1,363 164 115 167 24 148 201 58 56 66 54 1949 1950 1951 1952 1953 1954 1955 1956 2,944 3,711 3.654 4,711 5,927 6,144 8,443 9,100 2,265 2,956 2,863 3,630 4,688 4,870 6,919 7,283 447 532 452 680 816 841 .034 ,227 90 61 63 60 46 31 25 23 142 162 276 341 377 402 465 567 1956—July Aug Sept Oct Nov Dec 8,849 8,953 8,989 8,973 9,075 9,100 7,264 7.344 7,366 7,333 7,305 7,283 .049 .061 ,071 ,083 .202 ,227 24 24 23 24 24 23 512 524 529 533 544 567 1957—Jan Feb Mar Apr May June July 9,077 9,035 9,048 9,104 9,176 9,300 9,476 7,222 7,190 7,190 7,212 7,272 7.376 7,466 ,261 ,247 .255 ,279 .285 .296 .369 23 23 571 575 581 591 597 606 619 End of year or month oans 1939 1941 1945 1,079 1,726 745 237 447 66 178 338 143 166 309 114 135 161 110 363 471 312 1949 1950 1951 195"> 1953 1954 1955 1956 4 439 5,798 5,771 7 524 8,998 8,796 10 601 11,682 849 1,177 1,135 1 633 2,215 2,269 3,243 3,579 946 1,294 1,311 1,629 1,867 1,668 2,062 2,181 1 016 1 456 1,315 1 751 2,078 1,880 2 042 2,388 715 834 888 137 ,317 ,303 338 ,429 913 1,037 1,122 1 374 1,521 1,676 1,916 2,105 1956—July Aug Sept Oct Nov Dec 11,476 11 548 11,548 11 606 11 634 11,682 3,560 3 598 3,591 3 584 3 578 3,579 2,210 2 218 2,199 2 180 2,177 2,181 2,276 2 266 2,271 *> 335 2 364 2,388 ,367 384 ,403 421 430 ,429 2,063 2 082 2,084 2 086 2 085 2,105 19S7—Jan Feb Mar Apr May June July 11,616 11 641 11,711 11 960 12 123 12.300 12,492 3,584 3 611 3,649 3 713 3'775 3,843 3,899 2,198 2 216 2,258 2 313 2,361 2,399 2,431 2.306 2 290 2.275 2 359 2 364 2,388 2,451 ,413 399 1,392 I 397 410 ,426 ,440 2,115 2 125 2,137 2 178 2,213 2,244 2,271 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERICAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT Total instalment credit Automobile paper Other consumer goods paper Repair and modernization loans NONINSTALMENT CREDIT, BY HOLDER Personal loans 1939 1941 1945 789 957 731 81 122 54 24 36 20 15 14 14 669 785 643 1949 1950 1951 195"> 1953 1954 1955 1956 1 874 2.296 2 699 3 346 4 038 4 510 5.397 6 256 259 360 373 452 538 539 709 821 146 200 233 310 370 375 506 582 93 121 134 188 247 282 307 341 1,376 1,615 1,959 2,396 2 883 3 314 3.875 4,512 5.868 5 974 6,014 6 056 6,137 6 256 779 795 801 807 816 821 560 572 575 581 581 582 319 326 332 336 343 341 4,210 4,281 4,306 4,332 4,397 4,512 6,238 6 291 6,342 6 429 6.511 6 605 6,707 817 825 834 846 863 884 901 572 570 566 569 572 573 572 336 337 340 341 351 353 354 4,513 4,559 4,602 4,673 4,725 4,795 4,880 . 1956—July Aug Sept Oct Nov Dec . 1957—j an Feb . Mar Apr . May June July . . . NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. Personal loans [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Repair and modernization loans Total instalment credit Per- End of year or month Total noninstalment credit Financial institutions (single-payment loans) Retail outlets (charge accounts) Service credit Commercial banks Other Department stores 1 Other 1939 1941 1945 2.719 3.087 3,203 625 693 674 162 152 72 236 275 290 1,178 1.370 1,322 518 597 845 1949 1950 1951 1952 1953 1954 1955 1956 5 715 6,692 7.323 7,998 8,238 8,724 9.628 10,311 334 1,576 1,684 1,844 t 899 2,096 2.635 2,975 198 245 250 276 288 312 357 446 ^87 650 698 728 772 793 862 895 2 208 2.641 2.907 3.283 3 352 3.515 3.682 3,807 1,388 1,580 1,784 1,867 1,927 2.008 2,092 2,188 9,181 9,234 9,367 9,385 9,607 10,311 2.885 2.894 2,926 2,897 2,894 2,975 376 401 435 413 507 446 523 531 588 612 672 895 3.151 3.165 3.192 3.263 3.357 3.807 2,246 2,243 2,226 2,200 2,177 2,188 9,618 9,280 9,230 9,483 9,806 9,901 9.666 2,960 2,983 3,007 3,055 3,135 3,176 3,141 400 450 520 481 606 526 439 728 617 571 597 599 585 538 3.357 3,045 2.929 3,090 3.186 3:318 3.229 2.173 2,185 2,203 2,260 2,280 2,296 2,319 .... 1956—July Aug Sept Oct Nov Dec 1957—Jan. Feb Mar Apr May June July 1 . .. Includes mail-order houses. 1076 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Other consumer goods paper Repair and modernization loans Person*il loans Year or month Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Extensions 18,108 21 558 23,576 29,514 31,558 31,051 39,128 39,602 1949 1950 1951 1952 1953 1954 1955 1956 1956 July Au° Sept Oct Nov Dec . .. 1957—Jan Feb Mar Apr May June July .. 6,967 8 530 8,956 11,764 12,981 11 807 16,743 15,533 5,865 7 150 7,485 9,186 9,227 9,117 10,615 11,015 4,542 5,043 6,294 7,347 8,006 8,866 10,411 11,606 734 835 841 1 217 1,344 1,261 1,359 1,448 3,293 3,350 3,153 3,363 3,453 3,368 3 316 3,504 2,981 3,382 3,387 3,735 1.246 1,258 1,191 L,3O8 1,354 1,311 1 337 1,393 1,150 1,284 1,225 1,195 925 872 121 127 951 883 942 973 939 952 840 1,010 1,037 1,266 122 117 125 120 108 137 125 140 125 100 1,001 1,019 962 988 1,006 1,010 1,022 866 948 1,000 1,174 3,512 3,496 3,299 3,505 3,485 3,412 3,539 3,079 2,954 3,319 3,558 3,709 3,638 3,797 1,477 1,426 1,324 1,389 ,349 ,314 ,373 1,258 1,214 1,374 1,460 1,511 1,490 1,558 899 914 878 896 948 939 111 727 809 856 966 946 119 120 115 118 127 118 91 93 105 116 139 126 924 938 124 136 1,017 1,036 982 1,102 1,061 1,041 1,118 953 920 1,031 1,126 1,093 1,076 1,165 980 Repayments 1949 1950 1951 1952 1953 1954 1955 1956 1956 15,514 18 445 22,985 25,405 27,956 30,488 33,676 37,070 July Aug Sept Oct Nov Dec 1957—Jan Feb 3,158 3,145 3,085 3,182 3,160 3,185 3,103 3,157 2,918 3,278 3,174 3,207 1,227 1,212 1,184 1,283 1,231 1,236 1,211 1,244 1,147 1,339 1,254 1,208 3,311 3,333 3,019 3,279 3,299 3,340 3,195 3,442 1,326 1,286 1,244 1,317 1,303 1,258 1,315 1,305 1,193 1,283 1,302 1,318 1,250 1,355 3,214 3,160 3,301 3,274 3,251 3,350 Mar Apr May June July 5,430 7 011 9,058 10,003 10,879 11,833 13,084 14,565 5,060 6 057 7,404 7,892 8,622 9,145 9,740 10,502 4,335 4,660 5,751 6,593 7,336 8,255 9,547 10,678 689 717 772 917 1,119 1,255 1,305 1,325 890 868 121 117 920 907 891 892 880 836 112 104 113 101 930 905 920 834 882 904 906 886 113 105 117 109 904 920 916 925 918 879 104 104 927 1,016 935 874 875 860 880 905 908 978 860 916 883 906 871 926 110 112 106 114 116 110 120 112 106 110 110 116 108 121 940 942 935 1,010 975 978 1,007 938 860 970 1,004 1,000 966 1,040 + 81 + 89 + 57 + 84 + 86 + 83 +207 + 383 + 543 + 754 + 670 + 611 + 864 +928 +73 + 102 + 32 + 32 +75 + 158 + 15 +60 +61 + 122 +93 + 110 + 125 Change in outstanding credit 1 1949 1950 1951 1952 1953 1954 1955 1956 1956—July Aug Sept . Oct Nov Dec 1957—Jan Feb Mar Apr.. May June July . . . . + 135 +205 + 68 + 181 +293 + 183 +201 +282 + 139 +204 +211 + 161 + 189 + 2,594 + 3,113 + 591 +4,109 + 3,602 +563 + 5 452 + 2,532 +213 + 347 + 63 + 104 +213 + 528 -254 -65 +40 +259 + 369 +443 + 355 + 19 +46 +7 + 25 + 123 +75 + 151 + 140 +80 +72 +46 +56 + 58 + 1,537 + 1,519 -102 + 1,761 +2,102 -26 + 3 659 +968 + 126 + 149 +3 -55 -29 -13 -47 +21 +91 + 158 + 193 +240 +203 i Obtained by subtracting instalment credit repaid from instalment credit extended. NOTE.—Monthly figures for the period January 1940-August 1956 are shown on pp. 1043-1054 of the BULLETIN for October 1956. A discussion of the composition and characteristics of the data and a" description of the methods used to derive the estimates are shown in^the BULLETIN for January 1954, pp. 9-17. Estimates of instalment + 35 + 60 -9 +60 + 69 + 21 -36 +40 +3 + 36 + 68 +34 + 16 + 805 + 1,093 + 81 + 1,294 +605 -28 + 875 + 513 +4 +72 +4 + 104 + 151 + 387 -201 -133 -107 -27 +60 +75 + 12 +45 + 118 + 69 + 300 +225 +6 + 54 + 123 0 + 10 + 13 + 12 + 15 +4 +9 +8 +9 +4 + 11 +8 +4 + 10 +24 +24 +23 + 16 -4 -21 -13 ^ +6 +23 + 18 + 15 +77 +94 +47 +92 + 86 +63 + 111 credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and often include charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. 1077 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Sales finance companies Commercial banks Other financial institutions Retail outlets Year or month Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Extensions 18 108 21,558 23,576 29,514 31,558 31,051 39,128 39,602 1949 1950 1951 1952 1953 1954 1955 1956 1956—July Aug Sept Oct Nov Dec.. 1957—Jan.* Feb Mar Apr. i May June Julyi 6 543 8,135 8,358 11,123 12,099 11,267 14,109 14,428 4,296 5,098 5,467 6,982 7 560 7,260 10,200 9,600 3,305 3,826 4,788 5,659 6 375 6,983 8,434 9,426 3,964 4,499 4 963 5,750 5 524 5,541 6,385 6 148 3,293 3,350 3,153 3,363 3 453 3,368 3,316 3,504 2,981 3,382 3,387 3,735 1.218 ,174 ,135 1,259 [ 221 1,235 1,231 1,232 1,070 1,244 1,148 1,193 752 772 740 817 929 798 819 871 722 821 881 785 811 846 770 793 835 796 795 844 707 774 835 939 512 558 508 494 468 539 471 557 482 543 523 818 3,512 3,496 3,299 3,505 3,485 3,412 3,539 3,079 2,954 3,319 3,558 3,709 3,638 3,797 1,285 ,265 1,150 1,286 1,253 [,235 1,288 1,204 1,105 1,208 1,347 1,361 1,332 1,384 955 840 834 785 691 821 818 845 817 742 750 842 454 546 498 348 408 448 855 878 894 491 817 800 866 842 462 886 904 1,022 897 870 549 515 850 886 910 944 455 565 532 447 Repayments 1949 1950 1951 1952 1953 1954 1955 1956 15,514 18,445 22,985 25,405 27 956 30,488 33,676 37,070 ... 1956—July Aug Sept. . . . Oct Nov. Dec . . . 1957—Jan. i Feb Mar Apr. i May June Julyi 5,633 6,776 8,385 9,370 10 625 11,469 12,304 13,347 3,363 4,331 5,524 5,925 6 344 7,043 7,901 8 943 3,011 3,404 4,385 5,012 5 683 6,511 7,547 8 567 3,158 3,145 3,085 3,182 3,160 3,185 3,103 3,157 2,918 3,278 3,174 3,207 1,148 1.146 1.122 1.162 1,122 1.163 1.149 ,160 ,070 ,186 ,120 1,145 763 746 706 789 756 735 767 686 837 779 746 751 723 718 748 763 760 738 3,311 3,214 3,160 3,301 3,274 3,251 3,350 3,333 3,019 3,279 3,299 3,340 3,195 3,442 1,183 1,153 1,107 1,166 1,172 1,177 1,181 [,195 [,080 1,138 1,182 1,198 1,155 1.237 846 808 766 790 773 814 815 783 840 733 808 799 814 780 846 758 767 811 794 786 822 697 791 807 815 776 842 731 738 667 732 754 3,507 3,934 4,691 5,098 5 304 5 465 5,924 6 213 501 502 534 513 534 488 492 495 523 521 820 521 482 760 516 570 513 513 510 493 505 507 509 542 511 513 484 517 Change in outstanding credit2 1949 1950 1951 1952 1953 1954 1955 1956 + 2,594 + 3,113 + 591 +4,109 + 3,602 + 563 + 5,452 +2,532 ... +910 + 1,359 -27 + 1,753 + 1,474 -202 + 1,805 + 1,081 1956—July Aug. Sept. Oct Nov Dec + 135 +205 +68 + 181 +293 + 183 +213 + 347 + 63 + 104 +213 + 528 +70 + 28 + 13 +97 +99 +72 + 82 +72 0 + 58 +28 +48 1957—Jan. i Feb Mar Apr. i +201 +282 + 139 +204 +211 + 161 + 189 -254 -65 +40 +259 + 369 +443 + 355 +28 + 112 +43 +204 + 81 + 58 + 152 -66 +25 +70 + 249 + 163 + 177 + 192 May June Julyi . 1 Data on extensions and repayments for retail outlets and commercial banks have been adjusted to avoid duplications resulting from large transfers of other consumer goods paper. As a result, the differences between extensions and repayments for these institutions do not equal the changes in outstanding credit. 2 Obtained by subtracting instalment credit repaid from instalment credit extended, except as indicated in note 1. NOTE.—Monthly figures for the period January 1940-August 1956 are shown on pp. 1043-1054 of the BULLETIN for October 1956. +294 +422 +403 +647 +692 +472 + 887 + 859 +933 +767 -57 + 1,057 + 1,216 +217 +2,299 + 657 -11 +26 + 34 +28 + 173 + 35 + 109 + 50 +61 + 36 ++2 17 +46 +457 +565 +272 + 652 +220 +76 +461 -65 + 84 + 104 + 36 -16 + 102 +25 + 65 +95 +47 + 75 + 87 +58 + 64 + 106 +40 +42 + 81 + 119 + 11 + 56 -26 -19 -66 + 18 -23 -42 + 13 +56 +72 + 124 + 176 + 52 + 87 + 50 +67 +72 + 56 + 88 -18 +53 + 51 +87 + 82 +94 + 102 + 12 + 33 -15 -103 + 56 + 30 -97 -17 + 65 -13 +20 +2 + 336 -147 -101 -94 -133 + 52 +48 -115 A discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates are shown in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and often include charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. 1078 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)1 Industrial production (physical volume)* Employment and payrolls2 Manufactures Year or month A/Tir» Total Total Durable Nondurable erals Total Residential All other Nonagricultural employment Manufacturing production workers Employment DepartFreight ment Con- Wholesale store sumer car2 comload- sales* ings* (retail prices modity value) prices2 Payrolls AdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed Adjusted 37 47 43 49 37 36 34 40 44 42 46 45 53 42 45 62 57 59 34 34 30 43 45 51 66 26 18 27 41 49 57 75 45 32 43 42 46 59 61 3 61.9 55.2 58 5 64.3 63 5 65.2 68.7 69.0 52.8 58.4 66.9 62.1 64.2 31.1 37.1 24.0 25.7 32.6 30.4 32.1 90 98 83 92 107 105 110 27 32 30 30 34 34 36 50 50 52 58 48 52 49 53 60 45 48 50 51 56 51 63 64 63 68 59 69 69 73 73 71 76 52 30 67 68 70 70 62 67.5 67.9 67.9 71 0 66.6 65.5 64.1 64.2 68.3 59.5 33.0 32.4 32.8 35.0 28.3 115 111 112 115 99 37 37 37 38 35 40 31 37 40 47 39 30 36 39 46 31 19 24 30 51 42 48 51 55 34 15 14 17 20 22 38 48 42 48 49 55 7s 7 13 41 20 18 24 25 60.3 53 4 53.6 58 8 61.3 50.2 42.6 47.2 55.1 58.8 21.5 14.8 15.9 20.4 23.5 79 59 62 67 69 32 24 24 27 29 1936 1937 1938 1939 1940 56 61 48 58 67 55 60 46 57 66 49 55 35 49 63 61 64 57 66 69 63 71 62 68 76 30 32 35 39 22 25 27 37 43 35 36 40 40 44 65 8 70.2 66 1 69.3 73 3 63.9 70.1 59.6 66.2 27.2 32.6 25.3 29.9 34 0 81 84 67 76 83 33 35 32 35 1941 1942 1943 1944 1945 87 106 127 125 107 88 110 133 130 110 91 126 162 159 123 84 93 103 99 96 81 84 87 93 92 66 89 37 22 36 54 49 24 10 16 74 116 45 30 50 82.8 90.9 96.3 95 0 91.5 87.9 49.3 103.9 72.2 121.4 99.0 118.1 102.8 104.0 87.8 98 104 104 106 102 44 50 56 62 70 1946 1947 1948 1949 1950 90 100 104 97 112 90 100 103 97 113 86 101 104 95 116 95 99 102 99 111 91 100 106 94 105 82 84 102 113 159 87 86 98 116 185 79 94.4 83 99 4 105 101.6 111 99 0 142 102.3 97.9 81.2 103.4 97.7 102.8 105.1 93.8 97 2 99.6 111.7 100 108 104 88 97 90 98 104 98 105 1951 1952 1953 1954 1955 1956 120 124 134 125 139 143 121 125 136 127 140 144 128 136 153 137 155 159 114 114 118 116 126 129 115 114 116 111 122 129 171 183 192 215 261 268 170 183 178 232 280 271 172 183 201 204 248 266 106.4 106.3 111.8 101.8 105.6 106 7 129.8 136.6 151 4 137.7 152.9 161 4 101 95 96 86 95 97 109 110 112 111 120 125 128 142 146 151 147 138 144 146 147 147 148 158 162 163 165 128 130 130 131 129 123 130 131 131 130 255 260 251 248 242 265 264 250 230 197 249 257 251 260 272 101.4 107.2 107.9 108.9 108.3 107.9 150.5 161.5 166.7 169.0 168.2 171.4 81 93 96 96 97 129 128 129 122 131 297 120.0 107.0 106.3 323 120.2 106.4 106.0 282 120.1 106.0 105.8 287 r 120.2 105.9 104.8 260 120.5 105.7 104.2 267 120.6 105.3 104.7 120.7 104.8 103.3 n.a. n.a. ^120.7 2>104.5 H05A 165.5 165.0 164.3 161.5 161.0 163.8 160.4 164.4 39 41 31 39 47 44 49 38 39 30 39 45 43 48 38 42 24 1926 1927 1928 1929 1930 51 51 53 59 49 1931 1932 1933 1934 1935 1919 1920 1921 1922 1923 1924 1925 . .. 63 49 44 39 71.2 108.2 110.4 113 6 110.7 114.4 118 6 37 Unadjusted 74.0 85.7 76.4 71.6 72.9 73.1 75.0 75.6 74.2 73.3 73.3 71.4 65.0 58.4 55.3 57.2 Unadjusted 65 0 62.0 62.9 61 9 56.1 58.7 47.4 42 1 42 8 48 7 52 0 59.3 61.4 60.3 59.4 59.9 52 56 51 50 51 5 1 1 1 1 62.9 69.7 74.0 56 64 67 67 68 8 2 0 6 8 102.8 78 96 104 99 103 7 4 4 2 1 111.0 113.5 114 4 114.8 114.5 116 2 114 8 111.6 110 1 110 3 110 7 114 3 117.0 116.8 117.1 117.7 117.8 118.0 114 0 114 7 115 5 115 6 115 9 116.3 118 2 118.7 118.9 119.3 119 6 120.2 120.8 116 9 117 0 116 9 117.2 117 1 117.4 118.2 118.3 75.2 76.9 83.4 95.5 102.8 101.8 1956 July 136 143 144 146 146 Sent Oct Nov Dec 147 144 149 167 147 148 147 145 145 146 146 P146 164 164 162 160 159 162 162 PI 62 130 130 n.a. n.a. 131 131 n.a. rl33 n.a. n.a. 130 n.a. 130 n.a. '128 n.a. 127 n.a. *128 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 117.6 119.3 119.2 119.7 119.9 311 120.1 102.8 106.2 106.0 107.3 107.4 107.5 100 129 1957 Jan Feb Mar Apr June July 146 145 146 145 148 148 143 143 144 144 ?144 144 143 145 135 P144 131 131 129 130 130 130 *>131 133 r • Estimated. P Preliminary. Revised, n.a. Not available. • Average per working day. i Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. 98 96 98 91 90 90 85 92 125 125 127 122 125 127 *132 133 2 The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer price index is the revised series, reflecting, beginning January 1953, the inclusion of some new series and revised weights; prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. 1079 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual average proportion 1955 1956 July Industry 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 139 143 136 143 144 146 146 147 146 146 145 143 143 144 144 90.02 140 144 138 144 146 147 147 149 147 148 147 145 145 146 146 45.17 155 159 148 158 162 163 165 167 164 164 162 160 159 162 162 6.70 140 138 69 125 148 147 146 145 144 143 137 134 132 132 134 28.52 5.73 13.68 9.04 4.64 7.54 4.80 2.74 1.29 165 134 155 135 194 203 153 272 149 172 135 171 153 207 199 125 310 166 169 130 173 154 210 189 110 308 167 172 134 175 157 211 191 112 311 171 174 139 175 158 210 193 112 317 171 176 140 175 156 211 203 121 328 172 180 139 175 155 214 216 137 336 172 183 141 177 157 216 223 143 344 173 180 137 173 154 208 221 139 347 173 180 138 172 155 204 224 140 352 174 179 137 172 155 204 222 135 355 173 176 140 166 151 196 217 126 356 172 175 177 136 139 168 171 152 151 199 210 213 '215 124 '127 349 350 171 171 777 141 173 152 214 210 124 343 174 Clay, glass, and lumber products Stone, clay, and glass products Lumber and products 5.91 2.82 3.09 138 149 127 140 158 123 143 161 127 145 160 130 139 154 126 138 157 120 138 157 119 136 158 117 133 155 114 133 155 113 132 155 111 133 155 113 136 '140 737 158 157 154 115 125 121 Furniture and misc. manufactures Furniture and fixtures Miscellaneous manufactures 4.04 1.64 2.40 132 119 141 135 122 144 136 123 145 136 122 145 136 122 146 136 122 146 134 119 144 134 120 144 131 118 140 129 118 136 130 118 137 132 121 140 132 '133 134 121 121 123 139 142 141 Nondurable Manufactures—Total 44.85 126 129 128 130 130 131 129 130 131 131 131 129 130 130 130 Textiles and apparel Textile mill products Apparel and allied products 11.87 6.32 5.55 109 107 113 108 104 112 106 100 112 107 102 112 108 103 113 111 105 117 105 103 108 106 103 110 104 100 109 105 101 110 105 101 111 104 99 109 105 98 113 106 100 113 105 98 113 Rubber and leather products Rubber products Leather and products 3.20 1.47 1.73 122 143 105 117 133 104 112 125 102 117 135 102 116 132 102 117 134 101 114 126 104 118 137 102 122 145 102 124 145 106 123 142 107 118 131 106 115 130 129 102 106 777 132 104 Paper and printing Paper and allied products Printing and publishing Newsprint consumption Job printing and periodicals 8.93 3.46 5.47 1.85 3.62 137 152 127 128 127 145 159 136 132 138 146 162 136 132 138 147 161 138 134 140 145 159 137 131 140 148 160 140 133 144 147 160 139 132 142 147 157 140 133 144 148 159 141 135 145 147 157 141 132 146 147 157 141 132 145 147 156 141 128 147 148 158 142 132 147 148 159 141 132 146 747 157 140 129 146 Chemical and petroleum products Chemicals and allied products Industrial chemicals Petroleum and coal products 9.34 6.84 2.54 2.50 159 167 184 135 167 177 196 141 164 176 191 132 167 176 192 139 168 111 194 143 167 177 196 140 168 177 195 143 170 179 199 145 174 184 205 147 172 183 205 143 171 182 202 141 172 183 204 142 174 '170 775 185 182 186 206 198 208 142 138 136 11.51 10.73 8.49 2.24 .78 109 109 109 107 105 112 113 113 112 107 111 112 112 110 106 113 114 115 112 105 113 114 115 112 106 113 113 114 111 106 113 114 113 115 109 113 114 113 117 107 111 111 111 113 112 113 113 113 111 116 113 113 113 115 111 110 111 772 110 111 112 111 111 112 108 111 115 109 110 111 775 113 114 MINERALS—TOTAL 9.98 122 129 123 130 131 131 130 130 131 133 133 130 127 Mineral fuels Coal Anthracite Bituminous coal Crude oil and natural gas Crude oil Natural gas and gas liquids 8.35 2.68 .36 2.32 5.67 4.12 .70 123 80 48 85 143 131 177 129 85 55 90 150 137 191 127 75 48 79 152 139 190 132 85 61 88 154 142 193 86 56 91 151 139 193 85 56 90 151 138 192 87 57 91 149 137 191 130 r131 "133 '133 80 r82 87 '92 87 57 r57 52 49 48 93 84 86 '93 r 9 9 153 154 154 152 150 '153 141 142 144 144 139 141 189 196 198 198 P197 Metal, stone, and earth minerals Metal mining Stone and earth minerals 1.63 .82 .81 120 110 130 127 114 141 100 60 142 122 103 140 133 123 143 136 132 141 135 128 142 134 121 141 MANUFACTURES—TOTAL Durable Manufactures—Total Primary metals Metal fabricating Fabricated metal products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Autos, trucks, and parts Other transportation equipment Instruments and related products Foods, beverages, and tobacco Food and beverage manufactures Food manufactures Beverages Tobacco manufactures Preliminary. r Revised. 100.00 131 120 142 For other notes see end of table. 132 122 142 132 121 143 129 118 140 130 128 '87 60 r91 i 14* 126 83 37 91 147 1 4 7 136 2135 127 '130 128 113 119 112 142 142 144 1080 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 19Al-49 average proportion 1955 1956 July Industry 1956 Aug. Sept. Oct. 1957 Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL... 100.00 90.02 MANUFACTURES TOTAL 139 143 128 142 146 151 147 144 145 148 148 144 143 145 135 140 144 129 143 148 153 149 146 146 149 150 146 144 146 136 45.17 155 159 139 155 161 168 166 166 164 167 166 163 159 '162 151 6.70 5.03 3.51 .37 3.05 2.62 .43 140 138 144 134 146 141 171 138 135 142 131 143 139 167 62 41 24 22 24 23 34 118 114 117 104 119 116 135 145 146 156 145 158 153 183 149 149 160 148 162 157 191 146 146 158 147 159 156 181 142 145 157 149 158 156 170 146 147 159 148 160 157 178 149 149 159 149 160 159 167 144 144 154 147 154 152 163 140 '134 138 133 148 143 144 141 147 142 146 141 151 149 136 134 141 139 140 141 136 119 120 130 136 128 129 123 1.52 1.29 .23 124 123 133 119 117 126 79 78 88 106 106 105 122 122 120 123 122 127 118 118 120 118 117 121 118 117 126 124 122 133 122 119 137 115 113 124 1.67 .38 .09 .06 .04 .10 .09 143 153 122 123 103 120 261 144 164 133 132 115 123 280 121 156 117 123 107 114 298 128 135 124 120 107 123 182 142 159 122 114 123 128 269 146 170 133 134 122 127 293 143 169 127 135 116 130 295 133 170 129 128 120 134 292 143 170 135 137 113 128 289 148 167 139 146 118 133 259 142 166 132 141 116 132 267 145 '139 142 175 171 167 140 131 '134 146 148 136 129 115 110 137 133 '128 283 285 280 115 156 114 125 104 118 279 .13 1.16 .63 .20 .33 123 142 114 208 156 118 140 115 215 146 93 112 79 222 111 108 128 109 187 129 115 139 120 202 141 124 140 111 218 149 116 138 116 196 146 108 123 98 175 141 116 138 111 203 150 125 144 121 200 156 120 137 105 206 157 118 138 113 213 141 110 109 132 138 107 114 215 211 131 '140 104 72 214 99 28.52 165 172 160 167 172 180 181 183 181 185 184 179 174 r 176 167 5.73 2.68 2.12 .30 .63 134 136 130 142 111 135 141 125 151 110 124 129 111 168 94 135 137 117 214 123 144 144 123 220 143 145 150 130 186 128 138 149 132 100 98 139 152 134 105 82 136 148 130 113 84 138 149 130 116 103 138 149 129 127 101 140 148 126 190 98 136 149 124 122 95 139 152 '124 149 104 134 149 119 163 81 13.68 155 171 158 168 177 182 178 178 175 177 177 169 166 168 158 9.04 8.13 1.02 7.11 .68 .69 135 130 91 135 163 144 153 147 86 156 197 168 148 144 82 153 194 152 147 145 79 155 193 127 155 148 79 158 199 174 153 149 73 160 201 150 152 150 77 160 201 137 158 155 82 165 209 155 158 153 86 163 203 152 160 154 89 164 204 175 161 154 92 163 202 190 157 152 90 161 198 164 154 153 149 148 87 '85 158 157 193 '188 158 160 146 143 82 152 180 129 4.64 3.23 .74 194 174 242 207 198 224 178 193 130 209 198 238 220 203 266 237 209 312 227 211 271 217 214 218 208 210 188 210 210 201 208 208 196 194 204 159 189 197 200 '200 180 153 182 194 143 7.54 4.80 1.50 .66 .22 .19 .14 .07 2.58 203 153 190 115 114 69 172 183 141 199 125 138 112 92 58 218 167 121 185 107 127 99 76 56 198 145 97 186 104 109 101 81 53 192 160 102 181 92 59 98 75 51 201 148 109 202 121 105 103 92 52 195 146 135 218 139 164 102 100 43 195 133 135 225 144 177 101 92 45 207 121 136 224 141 174 98 97 42 182 134 134 231 148 178 113 110 57 200 156 140 228 142 171 109 105 52 193 162 134 222 213 135 127 155 144 120 113 107 100 69 '60 224 '215 154 148 127 121 2.74 1.30 .81 .53 .35 272 481 115 42 30 310 548 118 63 54 305 536 119 62 51 311 555 114 58 49 317 570 114 51 36 325 582 116 60 52 336 601 118 68 64 348 619 126 75 73 351 624 127 78 77 356 630 129 84 86 359 633 132 88 98 356 630 131 81 86 Steel Alloy steel Ferrous castings and forgings. Iron and steel castings Steel foreines . Copper smelting Lead Secondary nonferrous metals Nonferrous shapes and castings Aluminum mill shapes Metal Fabricating Structural metal parts .. Stampings and misc metal products Furnaces gas ranges and heaters Farm and industrial machinery Industrial and commercial machinery.... Electri cal apparatus and parts.......... Radio and television sets Transportation equipment Trucks . Medium trucks Truck trailers Auto and truck parts . . . . Other transportation equipment Railroad equipment 1.29 149 166 162 167 171 173 174 175 173 174 174 174 Clay* Glass* and Lumber Products ....5.91 138 140 135 149 145 146 138 129 125 131 132 135 2.82 1.09 .60 .47 .26 .23 149 134 155 156 126 91 158 140 164 165 132 87 156 130 150 146 133 72 164 142 161 160 145 90 157 127 159 158 113 61 165 149 173 177 147 86 161 147 174 177 135 92 156 143 173 177 114 96 Cement . . Structural clay products B r i c k . . . . . : : . . . : : : : . . . : : : : : : .32 .35 .12 .20 148 127 131 127 157 137 134 142 173 140 140 141 177 144 148 144 174 140 135 147 171 142 139 147 157 136 131 141 Misc stone and earth manufactures .48 .58 180 166 194 173 204 167 208 171 204 176 199 177 192 177 Stone, clay, and glass products Flat and other glass H o m e glassware and pottery .. 9 Preliminary r Revised. 109 108 116 '119 '117 126 '216 '130 156 '119 108 '62 '228 156 118 205 118 134 103 94 52 208 108 345 '347 608 '606 134 '136 84 76 88 81 340 598 134 73 71 171 '171 169 137 r 144 129 148 143 167 171 127 98 151 153 155 '158 159 141 145 '144 141 'H9 166 '164 '160 '157 168 '166 '163 '161 '160 134 138 132 137 144 102 100 100 '85 97 150 131 148 149 137 77 144 126 106 142 113 120 94 140 116 120 96 139 133 121 101 138 145 129 119 138 161 130 122 138 161 133 123 '143 132 187 180 173 174 177 177 181 177 185 176 194 177 r For other notes see end of table r 200 177 145 197 173 1081 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average proportion 1955 1956 July Industry 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products. Lumber Millwork and plywood Millwork Softwood plywood Furniture and Misc. . Manufacturing... Furniture and fixtures Fixtures and office furniture 3.09 2.05 .60 .39 .12 144 284 123 107 189 121 301 .29 90 91 127 112 197 116 104 161 216 135 115 152 320 200 133 118 139 299 206 90 90 90 93 107 248 130 111 130 332 117 101 181 103 310 104 91 155 82 277 88 90 104 89 167 90 295 112 98 181 105 306 88 86 112 100 170 102 282 86 117 100 191 107 330 118 99 196 110 339 87 88 131 111 no 168 146 339 101 277 219 88 r 83 4.04 132 135 127 136 140 143 138 137 128 130 131 129 128 130 125 1.64 1.10 .54 119 111 123 125 127 111 125 118 119 119 117 115 118 115 120 115 121 114 121 123 125 116 118 119 114 117 115 121 117 121 119 117 2.40 141 137 139 139 131 115 125 127 117 127 126 127 144 135 150 154 122 122 126 121 118 118 137 137 Nondurable Manufactures—Total 44.85 126 129 119 145 131 134 137 132 125 128 131 133 128 129 130 1?? Textiles and Apparel 11.87 109 108 90 109 105 114 106 100 106 112 115 104 106 704 90 6.32 3.72 2.30 .97 .45 107 113 103 137 100 104 108 102 118 98 86 87 81 101 71 103 104 101 102 103 102 101 97 109 113 108 118 105 105 109 104 119 90 99 104 93 123 99 101 108 99 129 87 105 111 101 129 102 106 111 102 123 100 106 99 100 103 96 84 85 75 109 62 79 99 103 95 117 87 78 85 82 80 78 77 89 81 Miscellaneous manufactures Textile mill products Cotton and svnthetic fabrics Cotton consumption Synthetic fabrics Fabric finishing ... Wool textiles Wool apparel yarns Wool fabrics . . Knit goods Hosiery . ... Seamless hosiery Knit garments .97 79 86 76 92 .16 85 78 83 94 .75 88 1.15 .65 .45 .20 .50 Floor coverings * ^Voven carpets . no 82 150 145 136 94 86 78 74 81 79 87 93 77 80 90 96 76 85 86 75 92 110 106 108 100 95 76 109 96 114 105 111 100 110 99 115 102 96 119 77 75 120 97 94 126 106 103 125 100 101 125 no 79 72 109 101 99 90 100 98 105 103 109 106 102 92 98 107 119 90 90 110 98 97 102 104 101 108 109 97 113 91 93 116 90 no no 100 87 107 88 67 71 88 67 102 89 106 92 96 76 87 95 118 87 103 124 69 90 122 79 .48 .31 79 83 50 86 97 87 78 79 86 92 91 85 69 64 55 Apparel and allied products Men's outerwear Men's suits and coats Men's suits... Men's outercoats Shirts and work clothing 5.55 113 112 95 116 108 118 108 101 113 119 126 110 112 109 96 111 92 90 77 79 59 54 63 90 120 109 103 110 126 101 91 85 90 106 116 103 100 91 124 98 90 92 57 101 96 89 93 53 98 119 107 114 51 126 111 95 100 50 121 113 101 104 63 120 99 88 90 60 104 no 102 123 110 95 93 78 118 100 85 113 102 91 88 78 108 72 56 54 46 80 Women's outerwear Women's suits and coats 1.85 .76 116 112 100 116 108 117 107 89 108 130 148 119 115 111 101 Misc apparel and allied mfrs 1.92 111 113 Rubber and Leather Products 3.20 122 117 1.78 .73 .50 .13 .99 134 128 152 138 105 113 116 97 117 132 146 Leather and products Leather Cattlehide leathers Skin leathers 1.73 105 104 90 108 104 104 92 91 73 90 90 90 .90 Paper and Printing Paper and allied products .. Pulp and paper Wood pulp Paper and board .... Fine paper. Coarse paper Miscellaneous paper Paperboard.. Building paper and board Converted paper products Sanitary paper products » Preliminary. r Revised. . 130 130 119 114 117 101 129 108 113 101 147 132 122 130 no 141 147 126 136 111 166 148 136 150 117 159 148 134 151 111 161 135 121 135 103 147 133 132 125 123 137 136 108 105 140 141 111 109 122 91 112 100 95 102 115 115 106 98 105 OO 93 103 81 96 76 144 121 124 117 165 113 142 106 Miscellaneous leather products 123 113 127 97 76 112 111 123 105 99 97 103 110 79 61 no 113 118 133 121 123 119 144 99 76 111 117 143 131 140 120 154 99 79 117 118 119 1.47 .70 .40 .30 .77 .29 .15 112 121 Rubber products . . . Tires and tubes Auto tires Truck and bus tires Miscellaneous rubber products .44 169 101 135 120 121 118 148 no 157 128 99 73 99 74 90 100 70 85 95 65 131 89 98 72 99 108 82 95 102 89 96 127 94 75 r 130 96 106 77 .39 99 97 96 102 99 101 97 95 90 96 96 90 87 92 92 8.93 137 145 135 145 147 154 151 143 144 147 151 150 149 148 136 3.46 1.76 .51 1.25 .22 .14 .20 .18 .41 .10 152 149 169 140 127 133 129 158 149 137 159 157 179 148 140 145 136 170 155 131 UA 143 165 134 130 129 121 160 135 127 163 160 182 151 143 143 139 172 157 139 160 152 171 145 139 148 131 169 148 128 169 162 185 152 145 149 135 183 159 131 162 159 183 149 146 146 138 174 155 118 145 142 160 135 135 138 123 159 139 94 157 158 182 149 140 140 139 184 154 118 161 160 181 151 139 147 139 189 155 128 163 159 181 150 137 152 131 186 158 120 161 159 182 150 136 147 131 192 155 126 158 157 182 147 136 143 125 182 157 124 139 133 153 124 120 109 102 160 130 119 1.70 .51 156 155 162 159 146 140 166 167 168 168 177 172 165 161 148 144 156 148 163 156 167 163 163 155 161 155 175 147 136 142 123 184 154 127 160 166 155 160 .11 158 170 162 163 166 189 173 158 179 183 177 184 174 163 For other notes see end of table. 183 147 141 1082 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 1947-49 Annual average proportion 1955 1956 July 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing Newsprint consumption Job printing and periodicals. 5.47 1.85 3.62 127 128 127 136 132 138 129 115 136 133 121 140 139 133 143 145 143 145 144 145 144 142 131 147 136 123 143 139 128 144 144 137 147 143 137 146 142 140 144 Chemical and Petroleum Products. 9.34 159 167 157 164 168 171 171 171 175 175 174 172 172 Chemicals and allied products Industrial chemicals Basic inorganic chemicals Industrial organic chemicals Plastics materials Synthetic rubber Synthetic fibers Miscellaneous organic chemicals. 6.84 2.54 .57 1.97 .24 .11 .59 1.03 167 184 180 186 242 213 186 169 177 196 189 197 256 236 181 189 166 182 158 188 213 227 167 191 111 188 171 193 247 223 171 189 111 192 186 194 254 241 169 189 182 198 191 200 272 227 185 188 181 199 191 201 274 222 189 189 181 199 193 200 247 242 187 193 184 205 198 208 263 243 205 193 186 207 208 207 277 238 202 191 186 206 206 206 280 242 196 190 184 206 210 205 275 219 203 188 Vegetable and animal oils. Vegetable oils Grease and tallow .64 .48 .16 124 117 145 132 124 158 93 75 145 100 84 150 122 115 144 159 161 151 157 154 167 143 139 157 147 143 159 152 143 181 134 129 150 Soap and allied products. Paints Fertilizers .71 .66 .23 110 125 135 111 124 129 91 125 104 121 127 95 124 125 109 119 124 119 108 123 112 110 123 120 120 122 125 117 121 135 2.50 1.97 1.04 .98 .06 135 142 152 147 233 141 150 159 153 254 132 148 162 156 257 142 151 164 158 264 145 151 164 158 261 140 146 155 149 256 143 152 160 155 251 145 158 165 159 260 148 160 164 158 263 .56 .30 .26 138 175 94 147 193 95 141 187 87 146 195 89 145 196 87 142 188 149 195 97 161 210 105 .10 .17 107 114 111 119 97 113 103 119 108 116 117 122 126 122 .26 .15 104 110 102 104 38 120 92 123 109 131 109 123 109 84 Petroleum and coal products. Petroleum refining Gasoline Automotive gasoline.. Aviation gasoline.... Fuel oil Distillate fuel oil. Residual fuel oil. Kerosene Lubricating oil. Coke Asphalt roofing and siding. 140 132 144 133 112 144 r 168 165 184 206 209 205 278 245 198 188 179 '200 '197 '201 266 225 189 '191 175 197 189 200 121 113 146 116 103 155 109 94 154 105 94 138 128 120 166 113 122 181 115 122 172 104 125 119 80 127 105 145 154 157 153 242 139 149 156 150 254 137 145 154 149 247 139 148 161 155 255 139 147 P144 162 P151 156 258 170 225 108 164 216 104 151 197 99 143 187 93 143 190 90 142 2*141 188 90 124 116 120 118 116 114 109 116 93 126 89 122 83 104 110 49 110 110 94 111 107 92 108 80 107 104 106 107 104 108 116 114 104 102 123 139 108 107 104 124 148 104 120 148 97 115 113 116 150 91 122 122 135 128 109 140 139 161 151 122 151 145 165 142 149 134 113 137 114 151 151 98 78 110 77 Foods, Beverages, and Tobacco. 11.51 Food and beverage manufactures. Food manufactures Meat products Beef Pork 10.73 8.49 1.48 .46 .83 109 109 128 142 116 113 113 133 151 119 114 111 118 154 95 122 123 116 148 95 130 134 129 151 113 121 129 142 160 128 111 119 148 154 140 106 108 138 149 127 .69 .14 .07 .19 .28 107 105 116 97 109 110 107 117 101 112 134 118 133 118 147 120 97 116 98 144 103 91 105 83 118 91 82 97 73 102 85 83 93 71 90 86 96 96 77 80 101 104 139 163 121 91 102 100 85 82 Canned and frozen foods. Grain-mill products Wheat flour Cereals and feeds 1.13 1.16 .46 .70 118 105 83 119 133 101 84 113 149 103 77 121 234 105 85 118 264 109 95 118 188 106 91 116 116 99 87 107 98 99 88 107 Bakery products. Sugar Cane sugar.... Beet sugar 1.64 .27 .11 .13 97 115 113 111 98 122 116 121 100 73 133 15 99 67 127 100 110 130 86 101 271 123 393 100 296 100 459 Confectionery Miscellaneous food preparations. .71 1.41 101 106 107 105 73 107 98 107 152 106 141 105 2.24 .54 1.70 1.02 .17 .37 107 112 123 118 116 102 101 77 109 105 101 78 119 107 128 35 101 112 50 94 106 93 93 135 .78 .46 .17 105 109 104 107 111 104 96 104 83 115 120 110 111 115 109 Dairy products Butter Natural cheese Concentrated milk. Ice cream Beverages Bottled soft drinks.. Alcoholic beverages. Beer and ale Liquor distilling... Liquor bottling... Tobacco manufactures. Cigarettes Cigars Preliminary. ' Revised. 112 109 121 129 126 116 105 73 103 102 r 105 103 104 133 151 117 102 109 107 96 97 105 104 131 144 117 109 117 115 105 101 87 100 92 105 84 100 92 106 82 99 90 106 89 95 82 104 91 97 81 108 111 98 87 105 99 222 102 320 95 85 102 65 96 57 96 20 96 54 107 98 60 110 99 68 117 21 140 38 130 105 91 102 113 101 123 103 119 103 96 102 84 106 95 114 120 110 98 90 97 110 110 119 137 118 83 133 179 109 80 92 175 93 84 80 115 86 88 79 81 93 86 85 105 105 104 86 111 102 108 81 95 107 116 80 97 122 129 65 127 115 119 116 111 114 113 87 92 83 110 117 101 114 119 112 111 115 110 104 109 102 113 121 104 121 129 For other notes see end of table. 209' 189 190 104 81 114 102 114 81 1083 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 1947-49 Annual average proportion 1955 1956 July 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued MINERALS—TOTAL Mineral Fuels Coal.... Anthracite Bituminous coal Crude oil and natural gas Oil and gas extraction Crude oil Natural gas and liquids Natural gas Natural gas liquids Oil and gas well drilling. Metal, Stone, and Earth Minerals 9.98 122 8.35 123 2.68 80 .36 48 2.32 85 129 119 131 132 132 130 129 130 131 129 121 130 129 130 130 132 135 135 85 55 90 62 42 65 87 59 91 93 64 98 90 59 95 83 55 87 85 57 '90 87 52 '93 88 43 '95 147 141 134 187 194 180 177 149 146 137 197 209 186 170 155 150 141 202 214 191 181 158 '154 143 r 214 r 240 190 182 157 '157 147 '214 '235 194 160 5.67 4.82 4.12 .70 .34 .36 .85 143 137 131 177 185 169 175 150 145 137 191 199 182 180 149 142 136 177 182 172 191 150 144 138 182 184 180 183 90 62 95 147 143 135 186 189 182 173 131 131 123 130 127 119 '83 46 '89 '82 50 '87 64 92 '156 '156 148 '206 '225 189 151 154 152 145 153 150 131 130 188 168 66 32 71 146 144 ^140 143 136 2132 2*193 ^190 186 168 177 156 1.63 120 127 110 135 147 146 129 116 109 1/3 114 124 Metal mining Iron ore Nonferrous metal mining Copper mining Lead mining Zinc mining .82 .33 .49 .24 .09 .06 110 113 108 123 84 81 114 104 120 136 88 87 73 19 109 111 126 118 132 90 86 142 179 117 132 87 86 142 175 120 134 92 91 114 109 118 132 87 94 62 115 129 83 86 91 49 120 133 89 92 98 50 130 145 96 96 95 48 127 141 94 98 111 87 126 140 94 99 135 159 118 133 88 86 150 193 122 139 '85 '90 137 Stone and earth minerals .81 130 141 147 149 151 150 144 138 128 129 133 137 145 148 149 120 85 r » Preliminary. Revised. i Publication suspended pending revision. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel 143 122 79 78 are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953 pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] Series ELECTRICITY AND GAS—TOTAL Residential Nonresidential. 1947-49 proportion 100.00 41.34 58.66 76.18 Electricity Residential Industrial General industrial Atomic energy Commercial and other 27.48 23.68 23.49 .19 25.02 Gas Residential Industrial Commercial and other 23.82 13.86 6.16 3.80 Annual average 1955 1956 July Aug. Sept. Oct. Nov. Dec, Jan. 199 217 187 218 241 201 219 245 201 219 244 202 220 244 202 221 243 205 222 244 206 223 246 207 225 248 210 Feb. Mar. Apr. May June July 227 252 209 226 P227 P229 252 207 '231 ^233 199 218 219 219 219 221 223 224 227 229 227 228 231 234 ^236 224 250 253 253 254 253 257 258 260 266 266 263 267 274 190 206 202 203 205 211 212 211 213 211 209 214 215 214 194 193 173 186 182 183 186 192 192 191 193 191 188 2221 2697 2700 2680 2650 2660 2670 2720 2740 2720 2750 2790 2880 2790 180 194 197 196 194 196 197 199 204 205 202 203 207 210 200 203 201 185 218 223 218 197 222 229 219 201 r 9 Preliminary* Revised. NOTE.—For description and back figures see BULLETIN for October 1957 1956 221 227 221 203 220 224 224 199 219 222 226 196 218 220 229 194 219 221 228 19' 220 223 225 203 221 224 222 205 221 225 220 207 5 223 ^224 1956 pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics. 1084 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual average proportion 1955 1956 July Product 1956 1957 Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar.i Apr. Mayj June July SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 127 127 123 123 132 141 137 138 134 124 124 129 129 Major Durables Autos Major household goods Furniture and floor covering? Household furniture Floor coverings * Appliances and heaters Major appliances Ranges Refrigeration appliances Laundry appliances Heating apparatus Radio and television sets Radio sets Television sets 69.72 32.10 36.13 15.32 11.31 4.01 164 190 144 116 120 140 138 144 117 121 135 122 148 117 122 132 124 141 117 121 127 106 148 118 122 129 117 142 115 121 143 152 136 114 118 154 168 143 115 121 147 169 130 114 119 149 167 134 113 117 144 159 132 113 118 131 141 124 114 120 131 139 126 112 118 137 144 133 113 121 137 134 142 119 122 15.60 11.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 138 144 100 151 193 120 242 77 558 143 151 103 150 216 118 224 70 519 152 161 105 160 236 123 227 59 549 136 142 91 146 200 115 231 68 542 149 158 98 159 233 120 232 71 538 136 144 96 132 231 112 237 72 551 130 138 85 136 211 102 218 74 493 144 156 104 151 233 108 218 75 491 136 95 128 209 105 181 71 392 137 144 103 153 183 114 189 81 395 133 140 100 151 177 111 185 80 388 119 121 88 136 133 110 167 75 343 119 124 85 138 152 104 186 67 413 123 127 85 135 167 108 226 69 524 126 131 73 140 182 109 259 65 628 Other Consumer Durables Auto parts and tires Misc. home and personal goods. 30.28 14.00 16.28 106 102 109 111 105 116 111 102 118 114 106 121 113 108 117 110 102 117 109 102 115 113 109 117 114 112 116 114 114 113 111 112 110 109 104 113 108 103 112 108 104 112 111 110 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 147 131 116 120 113 128 139 141 137 143 142 130 124 131 116 Major Durables Autos Major household goods Furniture and floor coverings Household furniture Floor coveringsl Appliances and heaters Major appliances Ranges Refrigeration appliances Laundry appliances Heating apparatus Radio and television sets Radio sets Television sets 69.72 32.10 36.13 15.32 11.31 4.01 15.60 11.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 164 190 144 116 120 140 138 144 117 121 121 127 117 104 114 122 109 136 116 121 111 59 158 122 125 132 105 158 122 127 151 164 141 117 123 154 177 137 118 125 149 174 129 113 116 157 178 140 116 118 155 171 143 116 119 140 155 128 113 117 131 144 122 108 114 140 156 129 110 117 121 134 111 106 115 138 142 100 151 193 120 242 77 558 143 151 103 150 216 118 224 70 519 125 131 80 149 162 106 130 37 307 121 117 83 107 180 135 238 61 575 158 158 106 145 251 157 265 66 645 142 143 102 109 261 137 312 88 738 122 127 82 103 230 104 270 91 611 128 141 94 128 229 85 217 92 456 125 137 94 131 207 88 188 73 408 144 158 116 162 208 100 201 83 427 151 ! 131 114 92 188 173 195 140 104 ; 103 196 159 84 72 411 326 125' 131 133 136 82 88 163 164 144 150 99 114 153 180 67 57 318 414 104 107 56 130 126 94 143 40 339 Other Consumer Durables Auto parts and tires Misc. home and personal goods 30.28 14.00 16.28 106 102 109 111 105 116 106 101 110 115 109 121 118 116 119 118 110 125 112 101 121 110 103 117 110 109 111 112 110 114 111 107 106 | 108 106 107 i 101 103 K107 109 114 ! 112 109 ! 108 104 r Revised. Publication suspended pending revision. N O T E . — F o r a description of these indexes, see B U L L E T I N for M a y 1954, pp. 438-447. 1 Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Public Private Year or month Total Business Total Residential Total 24,163 29 955 32,739 34,750 37,118 39,601 44,581 46,060 1949 1950 1951 1952 1953 1954 1955 1956 1956 Aug Sept . Oct Nov Dec 1957 Jan Feb Mar Apr JUYIQP . . . . . . . . . July? Aug ^ Preliminary. 3,861 3,857 3,890 3,894 3,904 17,759 22,954 23,320 23,849 25,724 27,679 32,620 33,242 2,780 2,768 2,778 2,822 2,799 3,904 3,851 3,895 3,888 3,911 3,930 3,857 3,958 2,721 2,728 2,737 2,726 2,750 2,768 2,732 2,768 9,642 5,322 14,100 5 680 12,529 7,217 12,842 7,460 13,777 8 436 15,379 8,526 18,705 10,160 17,632 11,828 Indus- Com- Public trial mercial utility Other nonresidential Total Military Highway Conservation All other 972 1,062 2,117 2,320 2,229 2,030 2,399 3,084 1,027 1,288 1,371 1,137 1,791 2,212 3,218 3,631 3,323 3,330 3,729 4,003 4,416 4,284 4,543 5,113 2,795 3,174 3,574 3,547 3 511 3,774 3,755 3,782 6,404 7 001 9,419 10,901 11,394 11,922 11,961 12,818 137 111 887 1,388 1,307 1,030 1,313 1,395 2,131 2,272 2,518 2,820 3,160 3,870 4,050 4,470 852 942 912 900 892 773 701 826 3,284 3,610 5,102 5,793 6,035 6,249 5,897 6,127 1,466 1,459 1,451 1,468 1,460 995 987 1,001 1,025 1,009 276 276 273 269 269 292 288 296 304 305 427 423 432 452 435 319 322 326 329 330 1,081 1,089 1,112 1,072 1,105 122 121 118 113 111 360 368 381 341 369 77 74 72 73 72 522 526 541 545 553 1,411 1,397 1,388 1,360 1,335 1,354 1,357 1,361 983 999 1,013 1,027 1,070 1,064 1,037 1,054 264 270 274 277 278 273 265 266 292 283 292 295 304 303 289 297 427 446 447 455 488 488 483 491 327 332 336 339 345 350 338 353 1,183 1,123 1,158 1,162 1,161 1,162 1,125 1,190 115 108 104 104 102 99 104 106 441 406 434 414 410 418 395 422 70 70 70 74 74 73 77 83 557 539 550 570 575 572 549 579 1085 PRODUCTION CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership Year or month Total Private Public 1949 1950 1951 1952 1953 1954 1955 1956 1956—July Aug Sept Oct .. Nov Dec 1957_j an Feb Mar Apr M^ay June JUly c . Correction. Residential building Factories Commercial Educational Other Public works and public utilities 885 1,208 915 979 1,489 1,815 2,359 2,355 824 1,180 1,335 1,472 1,720 2,063 2,134 2,314 1,376 1,651 1,689 1,686 1,695 1,958 2,126 2,419 2,476 2,578 2,723 3,412 4,008 4,142 5,063 5,580 Nonresidential building 10,359 14,501 15,751 16,775 17 443 19,770 23 745 24,413 3,718 4,409 6,122 6,711 6,334 6,558 7 475 8,036 6,641 10,092 9,629 10,064 11 109 13,212 16 270 16,377 4,239 6,741 6,205 6,668 6,479 8,518 10,185 9,826 559 1,142 2,883 2,558 2,051 1,274 1,878 1,918 2,149 2,069 2 025 1,706 1,689 1 576 736 620 671 589 582 737 1,412 1,449 1,354 1,117 1,107 839 758 874 764 656 625 451 152 138 171 126 130 104 679 11,099 664 11,053 757 U 690 11,499 652 1,029 11,645 930 C1J494 1612 1676 1861 1966 il,020 !887 1 1,067 197 167 182 118 129 221 115 11,778 11,718 12 448 12,151 12,674 p i2 424 !2 301 .. r By type of construction r r 237 232 225 196 189 164 543 448 485 375 335 502 184 178 222 165 244 232 173 170 167 208 162 247 268 221 405 354 670 559 788 537 487 Minneapolis Kansas City Dallas San Francisco 263 184 195 168 212 155 196 193 185 185 199 200 211 175 303 180 246 279 236 i Figure not comparable with earlier months. Revised. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Month All districts Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 1956—May June July 2,980 2,947 3,013 135 177 136 342 404 331 133 130 145 232 255 249 212 238 252 320 236 298 488 407 416 125 165 121 137 96 126 159 147 202 215 136 176 482 557 561 1957—May June July 3,398 3,243 2,901 192 138 170 403 401 346 171 146 141 278 276 261 175 218 189 317 271 294 568 465 430 157 113 127 136 140 114 147 237 179 224 157 163 632 683 486 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month Total private (seasonally adjusted annual rate) 1949. 1950. 1951. 1952. 1953. 1954. 1955. 1956. Private Government-underwritten i Metropolitan areas Nonmetropolitan areas Total 1family 2family ,025 ,396 ,091 ,127 ,104 ,220 ,329 ,118 n.a. 1,022 777 795 804 897 976 780 n.a. 374 315 332 300 324 353 338 989 1,352 1,020 1,069 1,068 1,202 1,310 1,094 792 1,151 892 939 933 1,077 1,190 981 35 42 40 46 42 34 33 31 Total 1956— Aug.. Sept.. Oct.. Nov.. Dec. 1,136 1,008 1,052 1,027 1,020 104 94 94 77 64 71 62 65 55 45 33 32 29 23 19 103 91 91 77 63 93 81 81 68 53 3 2 3 3 2 1957—Jan... Feb.. Mar. Apr.. May. June. July. Aug.. 962 935 933 962 994 *970 P9S0 *>l,010 63 66 87 94 103 44 47 59 64 68 68 63 66 19 19 29 30 35 29 33 29 60 63 79 91 97 P92 *90 P93 50 53 68 79 82 n.a. n.a. n.a. 2 2 3 3 3 n.a. n.a. n.a. z>95 »1 Preliminary. n.a. Not available. Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA Multifamily 162 159 88 84 94 90 87 82 9 10 13 n.a. n.a. n.a. Public Total FHA VA 36 44 71 59 36 19 20 24 466 686 412 421 409 583 670 463 360 486 264 280 252 276 277 192 105 200 149 141 157 307 393 271 1 3 2 0 1 43 39 40 30 26 19 15 16 12 11 24 24 24 18 15 3 3 8 2 20 19 24 26 27 29 29 31 10 12 12 15 16 17 19 12 10 11 13 12 13 12 12 P6 figures are based on field office reports of first compliance inspections; earlier VA figures are estimates based on loans-closed information. 1086 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total noninstitutional population Year or month Total labor force Employed1 Total Total In nonagricultural industries In agriculture Unemployed Not in the labor force 1949 1950 1951 1952 1953 1954 1955 1956 109 623 110,780 111,924 113,119 115,095 116,220 117,388 118,734 63 571 64,599 65,832 66 410 67,362 67,818 68,896 70,387 62 105 63,099 62,884 62 966 63,815 64,468 65,848 67,530 58,710 59,957 61,005 61,293 62,213 61,238 63,193 64,979 50,684 52,450 53,951 54,488 55,651 54,734 56,464 58,394 8 026 7,507 7,054 6,805 6,562 6,504 6,730 6,585 3,395 3,142 1,879 1,673 1,602 3,230 2,654 2,551 46,051 46,181 46,092 46,710 47,732 48,402 48,492 48,348 1956—Aug Sept Oct Nov 118,891 119,047 119,198 119,344 119,481 71,787 70,896 70 905 70,560 69,855 68,947 68,069 68,082 67,732 67,029 66,752 66,071 66,174 65,269 64,550 59,487 58,683 59,000 59,076 59,440 7,265 7,388 7,173 6,192 5,110 2,195 1,998 1,909 2,463 2,479 47,105 48,151 48,293 48,783 49,626 119,614 119,745 119,899 120 057 120,199 120,383 120,579 120,713 68,638 69,128 69,562 69 771 70 714 72,661 73,051 71,833 65,821 66,311 66,746 66 951 67,893 69,842 70,228 68,994 62,578 63,190 63,865 64 261 65,178 66,504 67,221 66,385 57,643 57,996 58,431 58 506 58,519 58,970 59,449 59,562 4,935 5,195 5,434 5 755 6,659 7,534 7,772 6,823 3,244 3,121 2,882 2,690 2,715 3,337 3,007 2,609 50,973 50,617 50,337 50,286 49,485 47,722 47,528 48,880 Dec 1957 Jan 2 Feb Mar Apr . May June Julv . . . Aug 1 Includes self-employed, unpaid family, and domestic service workers. 2 Beginning 1957 persons waiting to start new wage and salary jobs and those on temporary layoff, previously considered as employed (with a job but not at work), are classified as unemployed, and a small group in school and waiting to start new jobs (previously included as employed) are classified as not in the labor force. August 1957 data comparable to August 1956 shown above are: Labor force, 71,838; employment—total, 66,619; nonagricultural, 59,792; agricultural, 6,827; and unemployment, 2,380. NOTE.—Information relating to persons 14 years of age and over is obtained through interviews of households on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. Transportation and public utilities Trade Finance Service Federal State and local government 816 2,165 2,333 2,603 2 634 2 622 2,593 2 759 2,993 3,949 3,977 4,166 4 185 4 221 4,009 4 062 4,157 9,513 9,645 10,012 10,281 10,527 10,520 10,846 11,292 1,765 1,824 1,892 1,967 2,038 2,122 2,219 2,306 4,972 5,077 5,264 5,411 5,538 5,664 5,916 6,231 5,856 6,026 6,389 6,609 6,645 6,751 6,914 7,178 16,901 16,874 17,045 17,072 17,106 831 838 836 833 833 3 083 3,080 3,080 3,067 3,074 4 159 4,160 4,178 4,173 4,169 11,364 11,319 11,372 11,388 11,408 2,326 2,325 2,327 2,326 2,320 6,262 6,291 6,280 6,327 6,359 7,254 7,261 7,249 7,255 7,272 52,493 52 577 '52,547 '52,593 '52 698 52,773 52,809 52,788 17,053 16 995 16,962 16,965 16,946 16,924 16,869 16,828 832 833 831 841 843 854 860 846 2,963 3 020 3,062 3,059 3 097 3,108 3,065 3,027 4,188 4 168 4,168 4,160 4 159 4,164 4,171 4,192 11,465 11,519 11,490 11,501 11,542 11,579 11,653 11,675 2,316 2,324 2,322 2,320 2,329 2,336 2,345 2,358 6,366 6,401 6,381 6,400 6,424 6,454 6,492 6,474 7,310 7,317 '7,331 '7,347 '7,358 7,354 7,354 7,388 52,258 52 663 52,952 53,007 53,639 17,035 17,119 17,238 17,180 17,159 839 842 836 837 837 3,361 3 342 3,296 3,174 2,997 4,190 4 191 4,189 4,184 4,194 11,198 11,319 11,445 11,657 12,260 2,361 2,325 2,315 2,314 2,308 6,293 6,322 6,343 6,327 6,295 6,981 7,203 7,290 7,334 7,589 51 716 51,704 '51,919 '52,270 '52 482 52,881 52,600 52,838 16,959 16,945 16,933 16,822 16,762 16,852 16,698 16,949 832 833 831 833 835 858 856 854 2 667 2,673 2,756 2,906 3,082 3,232 3,280 3,299 4 126 4,120 4,147 4,153 4,156 4,181 4,202 4,223 11,298 11,225 11,265 11,428 11,411 11,505 11,510 11,505 2,293 2,301 2,310 2,320 2,329 2,359 2,392 2,393 6,239 6,273 6,317 6,432 6,520 6,551 6,524 6,506 7,302 7,334 '7,360 '7,376 '7,387 7,343 7,138 7,109 Total Manufacturing Mining 43,315 44,738 47,347 48 303 49 681 48,431 50 056 51,878 14,178 14,967 16,104 16 334 17 238 15,995 16 563 16,905 918 889 916 1956—Aug Sept . Oct Nov . . . Dec 52 180 52,148 52 367 52,441 52,541 1957—Jan . . . Feb Mar . Apr May June . July Aug Year or month 1949 1950 1951 1952 . . . 1953.. . 1954 1955 1956 . . . In thousands of persons] Contract construction 885 852 111 111 SEASONALLY ADJUSTED WITHOUT SEASONAL ADJUSTMENT 1956—Aug Sept Oct . Nov Dec 1957_jan Feb . Mar . . . Apr June . . July Aug r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures for July and August 1957 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. 1087 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Industry group 1956 Without seasonal adjustment 1957 1956 1957 Aug. June July Aug. Aug. June July Aug. 13,137 13,026 12,966 12,929 13,256 12,955 12,783 13,031 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries. 7,616 80 690 323 470 1,096 873 1,282 891 1,266 235 410 7,598 76 637 321 457 1,093 891 1,227 864 1,415 225 392 7,543 73 632 1,085 897 1,224 881 1,369 226 388 7,525 72 619 320 455 1,075 896 1,223 889 1,363 227 386 7,572 80 718 318 475 1,091 864 1,250 873 1,266 231 408 7,603 76 659 311 459 1,093 887 1,239 855 1,415 224 386 7,427 73 645 308 443 1,074 870 1,206 850 1,369 221 369 7,481 72 644 315 460 1,070 887 1,192 871 1,363 224 384 Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied industries Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 5,521 1,100 89 966 1,068 468 556 553 175 208 338 5,428 1,071 83 913 1,089 469 556 543 172 197 335 5,423 1,065 82 923 1,073 464 559 542 174 206 335 5,404 1,059 85 923 1,059 464 558 541 174 206 335 5,684 1,246 98 956 1,089 470 550 545 179 206 345 5,352 1,056 73 913 1,045 469 556 535 175 197 333 5,356 1,114 71 895 1,025 459 553 531 177 200 332 5,550 1,190 94 914 1,080 466 552 533 Total NOTE.—Data covering production and related workers only (full- and part-time) who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for July and August 1957 are pre- 321 447 177 204 342 liminary. Back data may be obtained from the Bureau of Labor Statistics, HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings (dollars per week) Industry group 1956 1957 Average hours worked (per week) 1956 Average hourly earnings (dollars per hour) 1957 1956 Aug. June July Aug. Aug. June Total 79.79 82.80 82.18 82.59 40.3 40.0 39.7 39.9 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries. . 85.68 90.64 75.12 69.87 81.36 93.69 84.25 92.16 80.16 94.25 82.21 69.95 88.70 88.00 88.44 94.83 93.60 95.58 74.89 71.89 73.20 69.08 68.03 71.05 83.44 82.62 84.46 99.70 100.55 100.69 89.40 88.94 89.98 94.53 93.61 92.97 83.02 81.18 82.19 96.24 95.68 96.32 85.46 84.61 84.42 71.82 71.31 72.40 40.8 41.2 41.5 41.1 41.3 39.7 40.7 41.7 40.5 40.8 40.7 40.2 40.5 40.7 40.7 39.7 40.9 40.2 41.2 41.1 40.3 40.1 40.5 39.9 40.0 40.0 39.5 39.1 40.3 39.9 40.8 40.7 39.6 39.7 40.1 39.4 40.2 40.5 40.0 40.6 41.0 39.8 40.9 40.6 39.9 39.8 40.2 40.0 71.68 74.09 74.86 74.47 74.16 78.94 79.30 76.78 55.52 60.99 63.76 57.37 56.45 58.35 57.90 59.19 54.17 53.34 54.30 55.57 83.50 85.67 87.14 87.55 94.28 96.38 95.88 97.52 87.74 91.88 92.25 92.70 103.89 108.79 111.90 108.00 87.23 91.21 93.11 93.75 56.40 58.21 58.29 59.06 39.6 41.2 39.1 39.2 36.6 42.6 38.8 41.0 40.9 40.2 37.6 39.2 40.9 38.6 38.9 35.8 42.2 38.4 41.2 40.9 40.9 37.8 39.4 41.3 39.6 38.6 36.2 42.3 38.2 41.0 41.6 41.2 38.1 39.4 40.2 38.5 39.2 36.8 42.5 38.7 41.2 40.6 41.3 38.6 1.81 1.80 1.42 1.44 1.48 1.96 2.43 2.14 2.54 2.17 1.50 Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied industries.. Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products NOTE.—Data are for production and related workers. Figures for July and Augut 1957 are preliminary. Back data are available from the Bureau of Labor Statistics. July Aug. 1957 June July Aug. 1.98 2.07 2.07 2.07 2.10 2.20 1.81 1.70 1.97 2.36 2.07 2.21 1.98 2.31 2.02 1.74 2.19 2.33 1.84 1.74 2.04 2.48 2.17 2.30 2.06 2.40 2 11 K80 2.20 2.34 1.82 1.74 2.05 2.52 2.18 2.30 2.05 2.41 2.11 1.81 2.20 2.36 1.83 1.75 2.06 2.53 2.20 2.29 2.06 2.42 2.10 1.81 1.89 1.93 1.58 1.50 1.49 2.03 2.51 2.23 2.66 2.23 1.54 1.90 1.92 1.61 1.50 1.50 2.06 2.51 2.25 2.69 2.26 1.53 1.89 1.91 1.49 1.51 1.51 2.06 2.52 2.25 2.66 2.27 1.53 Aug. 1088 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 averages 100] Federal Reserve district United States Year or month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 98 105 109 110 112 111 120 125 99 103 105 104 105 107 112 114 98 101 105 101 102 104 107 113 100 106 109 109 111 109 117 122 98 105 110 110 113 105 115 120 100 105 113 118 121 121 131 138 101 109 115 124 126 129 142 150 97 104 108 106 111 109 117 123 98 104 107 110 112 112 121 127 98 105 104 104 104 105 109 116 129 116 118 117 114 119 116 116 117 120 112 120 116 119 124 127 118 126 125 128 121 127 118 123 122 140 145 140 136 146 139 162 128 129 122 131 129 156 157 144 157 154 123 126 127 117 130 128 135 129 127 119 134 130 113 116 129 103 123 124 125 125 127 122 125 127 109 117 110 107 112 110 113 119 115 115 109 115 117 121 121 119 124 121 124 130 122 118 123 120 117 118 117 130 144 136 146 136 139 136 P144 151 153 149 146 153 155 120 121 126 120 123 123 126 125 125 125 125 127 119 135 118 114 118 113 116 117 120 113 131 128 158 222 84 95 125 115 143 210 83 90 122 120 151 204 88 100 131 124 165 220 98 110 127 122 152 212 111 122 144 144 179 251 140 152 150 182 267 97 113 132 123 159 215 104 118 130 131 161 216 91 111 137 119 141 202 95 97 106 122 124 121 94 93 98 109 113 113 87 91 91 107 121 123 122 90 92 95 99 118 114 113 100 99 101 117 143 140 131 116 122 137 149 150 138 "104 86 88 89 110 112 110 81 "114 "132 91 93 105 119 121 121 100 94 98 107 123 127 116 104 84 90 95 114 118 108 97 "114 145 101 100 104 123 124 125 115 99 109 128 118 126 122 128 100 109 124 111 116 117 122 97 105 124 113 116 114 116 99 108 127 113 119 116 123 100 106 128 111 118 114 117 101 113 133 130 143 139 147 102 120 140 136 146 141 152 97 108 125 112 122 120 122 100 106 125 114 124 116 124 99 104 116 107 115 115 121 100 111 130 121 133 126 136 101 112 132 126 138 132 147 100 110 131 126 134 125 134 139 129 126 133 125 165 165 132 137 132 146 157 145 138 141 139 142 132 132 132 131 127 127 123 129 132 135 135 135 125 127 126 129 159 164 170 175 161 166 167 174 132 133 131 134 139 136 134 137 127 132 128 139 144 149 148 150 '160 159 156 158 142 130 131 136 129 143 154 148 147 176 173 135 137 137 147 156 149 142 129 131 138 130 176 169 137 136 140 145 160 144 141 139 141 127 128 129 131 129 131 136 134 136 128 127 127 169 171 173 162 165 170 137 134 135 141 141 133 134 134 133 144 142 143 156 156 156 144 141 145 Minne- Kansas Dallas apolis City San Francisco SALES i 1949 1950 1951 1952 1953 1954 1955 1956 102 113 117 124 125 127 140 144 98 105 109 114 115 114 123 129 158 99 108 111 113 112 115 123 126 SEASONALLY ADJUSTED r 1956—July Aug Sept Oct Nov Dec . 1957 Jan Feb . Mar Apr May June July . . . "132 r "165 r r 131 128 123 131 128 148 139 134 146 150 132 131 131 130 132 131 122 121 122 121 124 125 140 141 143 135 151 161 171 131 127 113 127 126 131 132 135 115 126 128 131 153 231 131 "139 WITHOUT SEASONAL ADJUSTMENT r 1956—July . Aug Sept Oct Nov Dec 102 1957_jan Feb Mar Apr May June July . .. r 130 r 108 r 124 128 129 150 218 138 139 142 166 252 90 94 104 120 123 120 111 113 124 132 150 r 146 STOCKS 1 1949 1950 1951 1952 1953 1954 1955 1956.. SEASONALLY ADJUSTED 1956—July Aug SeDt . Oct Nov Dec . 1957_jan Feb . Mar Apr May... June July 141 127 131 135 127 168 173 136 136 136 144 157 140 143 "143 127 128 127 131 134 136 '136 r 140 139 125 128 127 167 175 "171 168 169 171 137 139 138 138 139 141 134 134 130 142 142 "141 165 169 "170 142 147 "148 130 138 145 159 161 126 118 128 136 148 152 120 116 124 130 145 150 120 119 130 142 156 157 122 115 123 132 144 146 116 155 167 175 193 190 147 151 163 174 190 195 149 124 129 138 153 157 123 128 136 145 153 154 123 124 128 134 151 153 125 138 148 153 162 163 131 '152 158 166 174 174 144 142 148 154 167 164 121 126 132 144 147 145 137 "135 116 121 132 132 131 119 116 121 134 138 136 126 118 129 140 144 141 130 114 122 131 133 130 121 149 163 179 180 169 159 123 128 138 139 138 130 123 134 141 143 138 128 123 129 137 142 136 127 115 124 125 117 151 159 178 180 177 170 "167 160 130 129 126 129 138 147 149 145 136 "135 139 152 162 165 166 157 "161 127 130 145 152 153 148 "147 146 WITHOUT SEASONAL ADJUSTMENT 1956—July Sent .. Oct Nov Dec 1957_j a n Feb Mar Apr May . June July r "1 Preliminary. Revised. Figures for sales are the average per trading day, while those for stocks are as of the end of the month or averages of monthly data. NOTE.—For description and monthly indexes for back years BULLETIN for December 1951, pp. 1463-1515. see 1089 DEPARTMENT STORES; FOREIGN TRADE DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Ratios to sales 4 Amounts (In millions of dollars) Sales i (total for month) Period Stocksi (end of month) OutRestandceipts 2 ing orders * (total for (end of month) month) New orders 3 (total for month) Stocks Outstanding orders Stocks plus outstand- Receipts ing orders Annual average: 381 361 376 391 397 406 409 437 453 979 925 1,012 1,202 1,097 1,163 1,140 1,195 1,282 494 373 495 460 435 421 388 446 469 386 358 391 390 397 408 410 444 459 363 358 401 379 401 401 412 449 457 2.7 2.7 2.8 3.2 2.9 3.0 3.0 2.9 3.0 1.4 .1 .4 .3 .2 .1 .0 .1 4.1 3.8 4.2 4.4 4.1 4.1 4.0 4.0 4.1 1956—July. Aug., Sept. Oct.. Nov. Dec. '340 412 444 485 577 821 '1,181 1,253 1,335 1,475 1,525 1,214 '592 573 598 588 473 340 '325 492 526 625 627 510 '413 478 551 615 512 377 3.5 3.0 3.0 3.0 2.6 1.5 1.7 1.4 1.3 1.2 0.8 0.4 5.2 4.4 4.4 4.3 3.5 1.9 1957—Jan.. Feb.. Mar. Apr.. May. June. July? 362 336 394 441 449 409 356 1,197 1,252 1,356 1,381 1,353 1,257 1,246 430 461 414 346 355 519 587 345 391 498 466 421 313 345 435 422 451 398 430 477 413 3.3 3.7 3.4 3.1 3.0 3.1 3.5 1.2 1.4 1.1 0.8 0.8 1.3 1.6 4.5 5.1 4.5 3.9 3.8 4.3 5.1 1948 1949 1950 1951 1952.. 1953 1954 1955 1956 Month: p 1 Preliminary. ' Revised. These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1956, sales by these stores accounted for about 50 per cent of estimated total department store sales. 2 Derived from the reported figures on sales and stocks. .1 0.6 .0 .1 0.9 0.8 1.0 3 4 Derived from receipts and reported figures on outstanding orders. The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exportsi Merchandise exports excluding military-aid shipments 2 Merchandise imports 3 Period Jan Feb Mar . Apr May June July Aug Sept Oct Nov ... . . . ... . Dec Jan -July e 1 2 .. .. 1955 1956 1957 1955 1956 1957 1,168 1,238 1 344 1 264 1,323 1 321 1 269 1,239 1 254 1,398 1 321 1,407 1,284 1,362 1 582 1 512 1,716 1 696 1 639 1 535 1 533 1,671 1 543 2,002 1.680 1,609 >, 151 r ,862 1,813 1,786 1.083 ,143 ,252 ,170 ,192 ,193 ,142 ,111 ,155 ,279 ,248 ,323 1,202 1,271 1,478 1 399 1,521 1,491 1 288 1,377 1 426 1,560 1 423 1,879 1,583 '1,488 '2,022 '1,779 1,711 '1,652 1 504 8,927 10,791 12,592 5,175 9,650 11,739 Estimated. ' Revised. Exports of domestic and foreign merchandise. Department of Defense shipments of grant-aid military equipment 691 1955 1956 871 850 1.073 .051 1,102 1,019 871 959 937 885 961 947 1957 1,113 993 1,132 1,118 1,104 991 1,095 1.034 ,052 [.055 e 983 l,137 995 1,011 1,065 1,008 1,121 6,392 7,398 987 1,059 e 7,58O and3 supplies under the Mutual Security Program. General imports including imports for immediate consumption plus entries into bonded warehouses. 1090 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing All items Year or month Foods Total Rent Gas and electricity ApSolid House- House- parel hold fuels furand nish- operation fuel oil ings Transportation Medical care Personal care Reading and recreation Other goods and services 1929 1933 1941 1945 73.3 55.3 62.9 76.9 65.6 41.6 52.2 68.9 1949 1950 1951 1952 1953 1954 1955 1956 101.8 102.8 111.0 113.5 114.4 114.8 114.5 116.2 100.0 101.2 112.6 114.6 112.8 112.6 110.9 111.7 103.3 106.1 112.4 114.6 117.7 119.1 120.0 121.7 105.0 108.8 113.1 117.9 124.1 128.5 130.3 132.7 102.5 102.7 103.1 104.5 106.6 107.9 110.7 111.8 106.8 110.5 116.4 118.7 123.9 123.5 125.2 130.7 99.6 100.3 111.2 108.5 107.9 106.1 104.1 103.0 100.1 101.2 109.0 111.8 115.3 117.4 119.1 122.9 99.4 98.1 106.9 105.8 104.8 104.3 103.7 105.5 108.5 111.3 118.4 126.2 129.7 128.0 126.4 128.7 104.1 106.0 111.1 117.3 121.3 125.2 128.0 132.6 101.1 101.1 110.5 111.8 112.8 113.4 115.3 120.0 104.1 103.4 106.5 107.0 108.0 107.1 106.6 108.1 103.4 105.2 109.7 115.4 118.2 120.2 120.2 122.0 117.0 116.8 117.1 117.7 117.8 118.0 114.8 113.1 113.1 113.1 112.9 112.9 121.8 122.2 122.5 122.8 123.0 123.5 133.2 133.2 133.4 133.4 133.8 134.2 111.7 112.1 112.2 112.0 111.8 112.0 128.7 129.5 130.5 132.9 134.3 136.1 102.8 102.6 103.3 103.6 103.8 104.1 123.0 123.4 123.7 124.2 124.5 124.8 105.3 105.5 106.5 106.8 107.0 107.0 127.7 128.5 128.6 132.6 133.2 133.1 132 7 133.3 134 0 134.1 134.5 134.7 120.1 120.3 120.5 120.8 121.4 121.8 107.7 107.9 108.4 108.5 109.0 109.3 122.2 122.1 122.7 123.0 123.2 123.3 118.2 118.7 118.9 119.3 119.6 120.2 120.8 112.8 113.6 113.2 113.8 114.6 116.2 117.4 123.8 124.5 124.9 125.2 125.3 125.5 125.5 134.2 134.2 134.4 134.5 134.7 135.0 135.2 112.3 112.4 112.4 112.4 112.3 112.3 112.3 138.9 139.3 139.2 138.1 135.4 135.3 135.9 104.0 105.0 104.9 105.1 104.2 104.6 104.1 125.4 125.6 126.2 126.4 127.3 127.6 127.9 106.4 106.1 106.8 106.5 106.5 106.6 106.5 133.6 134.4 135.1 135.5 135.3 135.3 135.8 135.3 135.5 136.4 136.9 137.3 137.9 138.4 122.1 122.6 122.9 123.3 123.4 124.2 124.7 109.9 110.0 110.5 111.8 111.4 111.8 112.4 123.8 124.0 124.2 124.2 124.3 124.6 126.6 1956 July Sept . . Oct Nov Dec 1957 Jan Feb Mar Apr May June July , 60.3 45.9 55.6 76.3 117.4 83.6 88.4 90.9 NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re- vised weights. Prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Year or month Textile products and apparel Hides, skins, and leather products Fuel, power, and lighting materials Ma- FurniToChem- Rub- Lum- Pulp, Metals chin- ture Nonme- bacco and ber paper, and ery icals mfrs. tallic Misber and and and other min- and cellaand mo- house- erals— allied and wood allied metal prodbottled neous prodhold prod- prod- ucts tive prodbevucts ucts ucts prod- dura- strucucts bles tural erages ucts 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 1949 1950 1951 1952 1953 1954 1955 1956 1956 July Aug Sept Oct Nov Dec 1957 Jan Feb Mar Apr May June July r All com- Farm Processed modi- products foods ties Total Revised. 114.0 114.7 115.5 115.6 115.9 116.3 90.0 89.1 90.1 88.4 87.9 88.9 102.2 102.6 104.0 103.6 103.6 103. 121.4 122.5 116.9 117.0 116.9 117.2 117.1 117.4 118.1 89.3 104.3 103.9 103.7 90.6 104.3 89.5 104.9 90.9 106.1 92.7 107.2 106.6 108.6 119.0 121.5 123.0 124.6 128.4 137.8 103. 105.3 114.1 112.0 114.2 115.4 115.9 119.1 104.4 106.9 113.6 113.6 118.2 120.9 124.2 129.6 101.6 102.4 110.6 115.7 120.6 121.6 122.3 96.1 96.6 104.9 108.3 97.8 102.5 92.0 91.0 108. 123.6 124.2 124.7 94.9 100.1 110.7 107.3 143.3 126.6 127.7 94.8 100.0 110.9 107.3 146.9 125.2 127.9 94.8 100.2 111.1 107.1 145.7 123.6 127.9 95.3 99.7 111.7 107.7 145.8 122.0 128.1 95.4 99.8 111.2 108.2 146.9 121.5 127.8 95.6 99.2 114.0 108.3 147.9 121.0 128.0 144.9 150.2 151.9 152.2 152.1 152.3 136.9 137.7 139.7 141.1 143.4 143.6 118.3 119.1 119.7 121.0 121.1 121.2 130.6 130.8 131.1 131.5 131.2 131.3 121.7 122.5 122.8 123.1 123.5 123.6 91.3 91.1 89.9 89.2 91.2 91.7 125.2 125.5 125.4 125.4 125.2 125.2 125.6 95.8 98.4 95.7 98.0 95.4 98.4 95.3 98.8 95.4 99.0 95.5 '99.9 95.4 100.6 152.2 151.4 151.0 150.1 150.0 150.6 152.4 143.9 144.5 144.8 145.0 145.1 145.2 145.5 121.9 121.9 121.9 121.5 121.6 121.7 122.1 132.0 132.7 133.2 134.6 135.0 135.1 135.2 124.0 124.1 124.1 124.5 124.5 124.7 127.7 93.2 92.4 92.0 91.4 89.4 87.3 123. 116.3 119.6 119.2 119.5 118.5 r 117.2 116.2 108.7 108.8 108.8 109.1 109.1 109.3 109.4 145.0 143.9 144.3 144.5 144.7 145. 144.9 121.3 120.7 120.1 120.2 119.7 119.7 119.3 128.6 128.5 128.7 128.6 128.9 128.9 129.1 1091 PRICES WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 Subgroup 1957 July May June 111.8 88.4 72.9 104.3 94.4 82.1 80.6 149.2 109.0 85.4 78.7 104.3 92.2 57.5 84.4 144.1 105.4 83.9 83.5 104.8 92.0 61.0 83.3 145.7 114.8 83.7 107.9 109.3 110.0 196.1 97.1 116.5 91.5 110.7 103.5 112.8 183.7 95.3 117.0 96.6 108.1 '101.9 113.5 183.7 95.4 92.3 103.1 80.4 122.0 99.8 70.5 90.7 110.9 81.8 124.7 99.5 76.9 90.6 111.5 81.9 122.4 99.5 76.8 Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Eggs Hay and seeds Other farm products Processed Foods: Cereal and bakery products Meats, poultry, and fish Dairy products and ice cream Canned, frozen fruits, and vegetables Sugar and confectionery Packaged beverage materials Other processed foods 1956 July Pulp, Paper, and Allied Products {Cont.): 106.7 82.7 Paperboard 86.5 Converted paper and paperboard 105.0 Building paper and board 93.1 76.2 Metals and Metal Products: 82.4 Iron and steel 142.9 Nonferrous metals Metal containers Hardware 117.7 Plumbing equipment 99.2 Heating equipment 108.1 Fabricated structural metal products. 102.3 Fabricated nonstructural metal 114.3 products 90.5 111.3 82.0 121.5 99.5 75.8 Hides, Skins, and Leather Products: Hides and skins Leather Footwear Other leather products 121.1 97.5 59.4 91.1 121.2 '97.3 112.9 145.4 109.7 93.8 118.8 123.3 161.9 116.5 94.9 129.8 123.3 161.9 -113.0 '94.3 128.4 122.1 119.1 98.6 92.2 53.7 108.5 105.7 103.8 123.6 124.7 99.8 93.3 59.2 108.4 107.2 105.2 124.0 125.5 99.7 r 93.4 '60.2 r 108.3 106.3 r 105.0 Flat glass 123.5 Concrete ingredients 127.8 Concrete products 99.9 Structural clay products 93.4 Gypsum products 61.0 Prepared asphalt roofing 108.3 Other nonmetallic minerals 106.3 105.3 Tobacco Manufacture and Bottled Beverages: 143.9 149.3 136.0 144.0 149.0 139.9 145.9 149.0 139.9 145.0 149.0 140.0 128.5 129.7 103.3 120.6 128.3 96.8 '120.4 128.5 97.7 120.0 128.5 96.9 118.0 112.4 138.2 118.0 66.1 142.4 118.0 66.1 118.0 68.0 142.7 Fuel, Power, and Lighting Materials: Coal Coke Gas Electricity Petroleum and products Chemicals and Allied Products: Industrial chemicals Prepared paint Paint materials Drugs, Pharmaceuticals, cosmetics. . Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products Rubber and products: Crude rubber Tires and tubes Other rubber products 62.1 92.2 Furniture and Other Household Dura121.2 bles: 98.0 Household furniture Commercial furniture Floor covering 124.0 Household appliances 161.9 Radio 113.0 Television 94.3 Other household durable goods 126.4 Nonmetallic Minerals—Structural: Lumber and Wood Products: Lumber Millwork Plywood Pulp, Paper, and Allied Products: Woodpulp Wastepaper Paper r Revised. Agricultural machinery and equipment Construction machinery and equipment Metal working machinery General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles 60.4 91.6 120.5 98.8 55.8 r 142.4 1957 July May June July 136.5 123.2 138.1 136.2 125.3 141.7 136.2 125.3 141.7 136.2 125.4 141.7 149.9 152.5 141.2 155.2 134.1 117.9 129.7 162.9 139.9 152.5 164.3 130.1 121.4 132.2 165.4 138.1 152.5 164.3 129.1 121.9 131.7 170.3 134.2 152.8 164.5 129.1 122.4 134.5 132.5 143.3 143.1 145.3 126.8 132.3 132.3 132.3 147.8 155.2 157.6 165.6 157.6 165.6 157.7 166.0 146.4 136.6 156.0 143.8 156.5 143.9 157.2 144.4 137.4 129.1 148.2 134.7 r 148.2 134.7 148.9 134.7 119.2 138.8 131.4 104.4 90.7 69.3 139.3 122.4 147.3 133.8 105.1 91.1 69.5 147.7 122.4 147.3 133.8 105.2 91.5 69.7 r 147.9 122.6 153.6 132.9 105.0 92.4 70.2 147.9 135.0 130.6 123.0 149.3 127.1 117.9 123.8 135.7 135.7 126.7 155.0 127.1 125.8 128.3 135.7 135.8 126.7 155.1 127.1 125.8 128.3 135.7 136.1 126.5 155.1 127.1 125.8 128.4 124.0 104.2 122.5 114.6 148.4 124.0 105.1 127.7 119.6 149.3 124.0 105.1 134.9 119.6 149.3 134.8 105.1 144.1 119.6 149.3 115.7 72.8 95.7 104.8 124.4 117.5 67.2 97.4 107.6 126.8 117.5 63.4 97.4 106.8 '127.2 117.6 66.0 97.4 106.8 128.8 183.7 94.8 Machinery and Motive Products: Textile Products and Apparel: Cotton products Wool products Synthetic textiles Silk products Apparel Other textile products Subgroup Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages , r Miscellaneous: Toys, sporting goods, small arms Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment... Other miscellaneous 1092 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates by quarters Annual totals Item 1957 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 2 104.4 Gross national product 3 4 2 1 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 410.8 416.7 426.0 429.1 434.3 8.6 7.2 9.0 20.5 23.9 26.5 28.9 31.6 34.3 33.9 34.6 35.3 36.1 36.6 7.0 .6 .3 7.1 .7 .9 11.3 .5 .4 23.7 .8 .2 28.1 1.2 2.0 30.2 1.4 2.6 32.9 1.3 2.1 35.0 1.3 1.6 34.7 1.3 1.3 35.1 1.3 2.3 36.1 1.3 1.6 36.4 1.3 1.6 36.6 1.3 n.a. .0 .1 .2 30.1 1.3 1.7 2 .2 1.1 1.0 1.1 1.6 1.4 Less: Capital consumption allowances Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises -.1 Equals: National income 87.8 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments 10.1 - 2 . 0 .3 .2 .0 .0 .9 1.5 1.0 1.2 5.8 2.1 .6 .7 14.5 2.8 35.1 6.9 36.9 8.6 36.0 8.7 33.1 9.7 40.7 11.0 40.4 12.4 39.1 12.2 39.8 12.5 42.4 12.8 41.2 14.2 n.a. 14.3 .0 2.6 1.3 4.5 .5 .0 14.3 4.7 9.2 .8 .0 12.0 4.9 9.0 1.2 -.1 12.9 5.0 9.3 1.4 .0 15.0 5.2 9.9 1.3 .0 16.1 5.2 11.0 1.3 .0 17.2 5.7 11.9 1.3 .0 17.1 5.7 12.0 1.3 .0 17.4 5.8 12.1 1.3 .0 17.7 5.9 11.5 1.3 .0 18.4 6.0 12.4 1.3 .0 20.0 6.0 12.5 1.3 Equals: Personal income 85.8 47.2 96.3 227.1 271.8 286.0 287.4 305.9 326.9 325.3 328.7 334.5 337.7 342.4 2.6 1.3 1.4 7.5 .5 1.0 83.1 45.7 93.0 206.1 237.4 250.2 254.5 270.2 287.2 285.8 288.8 294.0 295.5 299.5 79.0 46.4 81.9 194.0 218.3 230.5 236.6 254.4 267.2 265.0 268.6 272.3 276.7 278.9 4.2 -.6 11.1 Less: Personal tax and related payments Federal State and local Equals: Disposable personal income Less: Personal consumption expenditures.... — .1 4 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 340.6 344.5 353.3 355.1 3.3 2.0 1.3 20.9 18.2 2.7 12.1 34.4 31.2 3.2 19.0 35.8 32.4 3.4 19.7 33.0 29.2 3.8 17.9 35.8 31.5 4.2 15.8 39.7 35.1 4.6 20.0 39.5 35.0 4.5 20.8 39.8 35.2 4.6 20.3 40.5 35.8 4.7 21.7 42.2 37.4 4.9 18.9 1.6 n.a. 42.9 38.0 4.9 20.6 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates by quarters Annual totals Item 1956 1929 1933 1941 1950 1952 1953 1954 1955 1957 1956 National income 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 340.6 344.5 353.3 355.1 Compensation of employees Wages and salaries1 Private Military Government civilian Supplements to wages and salaries 51.1 50.4 45.5 .3 4.6 .7 29.5 29.0 23.9 .3 4.9 .5 Proprietors' and rental income2 Business and professional Farm Rental income of persons 20.2 8.8 6.0 5.4 7.6 3.2 2.4 2.0 Corporate profits and inventory valuation adjustment Corporate profits before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment 10.1 - 2 . 0 14.5 35.1 9.6 .2 77.0 40.0 1.4 .5 7.6 17.8 8.3 - . 4 9.4 22.1 .5 - 2 . 1 - 2 . 5 - 4 . 9 Net interest 6.4 5.0 n.a. Not available. 1 Includes employee contributions to social insurance funds. n.a. 64.8 154.3 195.1 208.1 206.8 223.1 241.4 240.0 242.7 247.9 251.1 253.6 62 A 146.5 184.9 197.3 195.5 210.3 227.2 226.1 228.3 233.3 235.9 238.2 51.9 124.3 152.0 163.5 161.2 174.4 189.4 188.4 190.1 194.7 196.8 198.8 1.9 5.0 10.5 10.3 10.0 9.7 9.7 9.7 9.7 9.6 9.8 9.7 8.3 17.2 22.5 23.5 24.4 26.1 28.2 27.9 28.5 28.9 29.4 29.7 7.8 10.2 10.8 11.3 12.7 14.1 13.9 14.4 14.6 15.3 15.4 2.7 20.9 10.9 6.5 3.5 4.5 44.6 22.9 13.3 8.5 5.9 50.8 25.7 15.1 9.9 49.3 25.9 13.3 10.2 36.9 36.0 35.9 37.0 19.8 20.3 16.1 16.7 1.0 - 1 . 0 7.4 2 8.7 49.1 25.9 12.7 10.6 49.4 27.3 11.9 10.2 49.9 28.0 11.6 10.3 49.7 28.0 11.5 10.3 50.0 28.2 11.5 10.4 50.7 28.3 12.0 10.4 50.3 28.4 11.5 10.4 50.7 28.7 11.7 10.4 33.1 40.7 40.4 39.1 39.8 42.4 41.2 n.a. 33.5 42.5 43.0 42.4 40.8 45.6 43.9 n.a. 17.4 21.5 22.0 21.6 20.8 23.3 22.4 n.a. 16.0 21.0 21.0 20.7 19.9 22.3 21.5 n.a. - . 3 -1.7 -2.6 -3.2 -1.0 -3.2 -2.7 -1.3 9.8 10.9 11.9 11.7 12.0 12.3 Includes noncorporate inventory valuation adjustment. 12.5 12.7 1093 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates by quarters Annual totals Item 1956 1929 Gross national product 1933 104.4 79.0 9.2 37.7 32.1 Gross private domestic investment New construction * Residential, nonfarm Other Producers' durable equipment Change in business inventories Nonfarm only 16.2 1.4 8.7 1.4 3.6 .5 5.1 1.0 5.9 1.6 1.7 - 1 . 6 1.8 - 1 . 4 46 4 3.5 22.3 20.7 .8 Government purchases of goods services Federal National security Other Less: Government sales2 State and local and 8.5 1.3 1.3 .0 7.2 1950 1952 1953 1954 1955 1957 1956 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 410.8 416.7 426.0 429.1 434.3 Personal consumption expenditures Durable goods Nondurable goods Services Net foreign investment 1941 8.0 2.0 2.0 .0 6.0 81.9 194.0 218.3 230.5 236.6 254.4 267.2 265.0 268.6 272.3 276.7 278.9 9.7 28.6 26.6 29.8 29.4 35.6 33.9 33.3 33.0 34.8 35.9 35.0 43.2 100.4 116.1 119.1 120.6 126.0 133.3 132.7 134.4 135.3 137.3 139.1 29.0 65.0 75.6 81.7 86.6 92.8 99.9 99.0 101.1 102.2 103.4 104.9 18.1 6.6 3.5 3.1 6.9 4.5 4.0 51.2 22.7 12.6 10.1 21.1 7.4 6.4 49.8 23.7 11.1 12.6 23.1 3.0 2.1 50.3 25.8 11.9 13.8 24.3 .3 .9 48.4 27.8 13.5 14.3 22.5 1.1 -2.2 -.2 -2.0 24.8 16.9 13.8 3.2 .0 7.8 42.0 22.1 18.5 3.9 .3 19.9 77.5 54.3 48.8 5.8 .4 23.2 84.4 59.5 51.5 8.4 .4 24.9 i Includes expenditures for crude petroleum and natural gas drilling. 60.6 32.7 16.6 16.1 23.7 4.2 4.0 65.9 33.3 15.3 18.0 28.1 4.6 5.0 65.3 33.6 15.5 18.1 27.2 4.6 5.0 65.5 33.2 15.1 18.1 29.0 3.3 3.9 68.5 33.4 15.1 18.4 29.9 5.1 5.7 62.7 32.8 14.4 18.5 30.7 -.8 -.3 65.0 32.7 13.9 18.9 30.5 1.7 2.2 -.4 -.4 1.4 1.2 2.0 2.4 4.1 3.5 76.6 48.9 43 6.2 .4 27.7 77.1 46.8 41.3 5.9 .4 30.3 80.2 47.2 42.4 5.2 .4 33.0 79.3 46.4 41.6 5.2 .4 32.9 80.6 47.3 42.7 4.9 .4 33.3 82.8 49.0 44.2 5. .4 33.9 85.6 50.3 45.5 5.2 .4 35.3 86.9 51.1 46.3 5.2 .4 35.8 I Q 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Year or month 1 Personal income Total Commodity Distributive produc- indusing intries dustries Service industries Government Other labor income 2 DiviProdends prietors' and and personal rental income 3 interest income Transferpayments 4 Less personal contriNonbutions agriculfor tural social income * insurance 5 1929 1933 1941 85.8 47.2 96.3 50.4 29.0 62.1 21.5 9.8 27.5 15.6 8.8 16.3 8.4 5.2 8.1 4.9 5.1 10.2 .6 .4 .7 20.2 7.6 20.9 13.2 8.3 10.3 1.5 2.1 3.1 .1 .2 77.7 43.6 88.0 1951 1952 1953 1954 1955 1956 255.3 271.8 286.0 287.4 305.9 326.9 170.8 184.9 197.4 195.5 210.3 227.2 74.9 80.4 87.7 83.6 90.9 98.3 45.8 48.7 51.3 51.9 55.4 60.1 21.3 23.0 24.5 25.8 28.2 31.1 28.8 32.9 33.9 34.3 35.9 37.9 4.8 5.3 6.0 6.2 6.9 7.5 49.9 50.8 49.3 49.1 49.4 49.9 20.7 21.3 23.0 24.9 27.1 29.5 12.6 13.2 14.3 16.2 17.4 18.5 3.4 3.8 3.9 4.6 5.2 5.7 235.7 253.1 269.2 271.3 290.6 311.7 1956—Aug... Sept., Oct.. . Nov.., Dec... 329.3 331.1 334.1 334.9 334.8 228.8 230.4 231.8 233.1 235.3 98.6 99.6 100.8 101.2 102.7 60.5 60.9 60.8 61.4 61.6 31.5 31.5 31.8 31.9 32.2 38.2 38.4 38.4 38.6 38.8 7.6 7.6 7.7 7.7 7.7 50.1 49.9 51.3 50.7 50.2 29.9 30.1 30.2 30.4 28.5 18.7 18.8 18.9 18.9 19.0 5.8 5.7 5.8 5.9 5.9 314.1 316.1 317.7 319.3 319.6 1957—Jan.. . Feb... Mar.., Apr... 335.9 337.9 339.5 340.6 342.9 344.8 346.2 347.3 234.5 235.9 237.2 237.1 238.3 240.1 240.9 241.5 101.4 102.0 102.3 102.4 102.4 103.3 103.0 102.7 62.0 62.4 63.0 62.7 63.4 63.8 64.5 65.0 32.2 32.4 32.6 32.9 33.0 33.2 33.4 33.6 38.9 39.1 39.3 39.1 39.5 39.8 40.0 40.2 7.7 7.8 7.8 7.8 7.8 7.9 7.9 8.0 50.2 50.4 50.4 50.6 50.8 50.9 51.6 52.0 30.7 30.8 30.9 31.0 31. 31.2 31.4 31.5 19.5 19.7 20.0 20.8 21.6 21.5 21.3 21.2 6.7 6.7 6.8 6.7 6.8 6.8 6.9 6.9 320.7 322.7 324.5 325.3 327.5 329.3 330.5 331.3 May.. June.. July.. 3 Aug.* , v Preliminary. 1 Monthly data are seasonally adjusted totals at annual rates. 2 Represents compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 3 Represents business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 4 Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 5 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not6 included in personal income. Represents personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. Financial Statistics * International * International capital transactions of the United States. 1096 Gold production 1100 Net gold purchases and gold stock of the United States. 1101 Reported gold reserves of central banks and governments. 1102 Estimated foreign gold reserves and dollar holdings. 1103 International Bank and Monetary Fund. 1104 Central banks 1104 Money rates in foreign countries. 1109 Foreign exchange rates. 1110 Index to statistical tables. 1121 Tables on the following pages include the principal available statistics of current significance relating to international capital transactions of the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Other data are compiled largely from regularly published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. 1095 1096 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- ternational institutions2 Date Total foreign countries France Official Officials and Germany, Fed. Rep. Italy Switz- United Other erKing- Europe dom land Total Europe Latin Canada America Asia All other 1,896 1,821 2,181 326 265 360 2,358 2,374 2,404 2,402 2,392 '2,415 319 315 322 316 335 346 '2,382 2,323 2,243 2,148 2,045 1,986 1,985 '337 of private 31.... 31.... 1,629 1,770 1,881 10,019 11,149 11,720 5,667 6,770 6,953 1,081 1,373 1,454 466 579 785 674 672 757 709 640 550 1,558 [,642 1,519 4,734 5,621 6,147 1,296 1,536 1,032 1956—July 31.... Aug. 3 1 . . . . Sept. 3 0 . . . . Oct. 31.... Nov. 3 0 . . . . Dec. 3 1 . . . . 2,016 1,998 2,005 2,015 2,008 1,452 12,811 12,986 13,223 13,124 13,103 '13,487 7,445 47,778 7,934 7,952 7,840 '8,045 813 770 755 735 640 626 1,686 1,759 1,805 1,855 1,850 1,835 864 904 926 939 927 930 758 792 812 795 797 836 837 664 745 645 642 1,631 1,708 ,701 ,721 ,653 1,627 6,588 6,597 6,745 6,690 6,508 6,865 1,352 1,435 1,435 1,441 1,453 1,516 1957—Jan. Feb. 1,809 1,681 1,558 1,358 1,700 1,573 1,547 '13,202 13,084 13,202 13,095 13,091 13,260 13,247 '7,759 '7,549 7,550 47,794 7,803 7,929 7,803 538 490 423 416 367 403 514 1,790 ,764 ,764 1,727 1,735 1,690 ,558 905 885 886 909 937 966 979 801 111 114 753 775 814 778 1,674 1,733 1,754 1,800 1,753 1,782 1,719 6,575 6,518 6,530 6,506 6,492 6,620 6,552 1,526 ,559 ,497 1,522 1,613 1,583 1,656 1953—Dec. 3 1 . . . . 1954—Dec. 1955—Dec. 31.... 28.... Mar. 3 1 . . . . Apr. 30P... May 31*... June 30*... July 31*... 429 715 899 1,012 867 869 929 901 925 965 1,005 1,768 1,906 2,000 2,194 2,265 2,318 2,276 2,415 2,346 '2,382 '2,309 2,345 2,506 2,545 2,680 2,670 375 388 412 395 391 384 Table la. Other Europe Other Europe Austria Belgium Denmark 1953—Dec. 31 1954—Dec. 31 1955—Dec 31 J. 558 ,642 1,519 191 273 130 100 96 71 261 108 60 1956—July Aug. Sept. Oct Nov. Dec 31 31 30 31.. 30 31 1,631 [,708 1,701 251 266 108 110 69 68 277 300 297 117 118 125 296 117 64 70 68 1957—Jan. Feb. Mar. Apr. May June July 31 28 31. 30* 31* 30* 31* ,674 1,733 ,754 1,800 1,753 [,782 1,719 294 125 297 135 Date 721 1,653 1,627 296 298 298 302 315 Neth- NorFinerway land Greece lands 38 41 49 119 103 Portugal 72 91 101 113 243 249 176 164 82 132 Rumania Spain Sweden Turkey Yugo- All slavia other 6 8 36 71 117 141 14 8 8 104 153 9 13 7 9 201 314 424 388 363 160 141 201 182 57 58 124 125 6 6 85 75 188 181 7 7 10 9 55 56 53 150 158 166 168 162 131 63 57 59 132 133 133 2 11 11 16 134 137 43 190 202 199 14 14 14 67 68 55 50 217 20 17 64 54 181 117 69 138 42 230 16 14 330 76 61 184 122 40 229 22 17 228 245 14 20 14 11 348 396 442 25 25 25 251 268 278 12 14 12 12 11 9 430 439 346 65 141 142 76 71 120 119 120 65 61 97 50 57 53 177 59 60 178 181 59 59 61 175 166 156 67 134 120 110 76 73 123 117 111 110 99 75 87 85 120 120 114 32 28 1 391 385 341 281 Table lb. Latin America Date Latin BoAmer- Argenlivia tina ica Brazil Chile Colombia Cuba NethDoerminlands Panican Guate- Mex- West ama, ReReIndies pubico mala puband lic of lic Suri- Peru El Sal- Uruvador guay Other Vene- Latin zuela America nam 1953—Dec. 31 1954_Dec. 31 1955—Dec. 31 1,768 1,906 2,000 130 160 138 19 29 26 102 120 143 79 70 95 150 222 131 341 237 253 39 60 65 38 35 45 183 329 414 52 49 47 90 74 86 68 83 92 27 30 24 110 90 65 222 194 265 119 124 112 1956—July Aug. Sept. Oct. Nov. Dec. 31 . 31 30 31 30 31 2,194 2,265 2,318 2,276 2,415 2,346 138 136 141 148 150 146 28 27 25 24 27 29 238 231 259 242 249 225 89 92 106 95 85 91 133 125 123 126 140 153 267 263 271 250 228 211 66 66 64 71 69 68 63 59 53 52 55 64 355 376 395 408 422 433 62 68 67 67 67 69 98 101 104 105 101 109 75 83 82 84 82 84 39 31 25 19 21 25 71 81 76 72 70 73 341 399 405 397 536 455 131 125 121 115 113 111 1957—Jan. Feb. Mar. Apr. May June July 31 28 31 30* 31* 30* 31* '2,382 '2,309 2,345 2,506 2,545 2,680 2,670 140 142 138 211 185 166 142 27 27 25 26 25 24 27 241 240 232 216 184 143 127 86 86 91 86 79 87 73 '186 '175 193 200 206 205 216 217 220 218 226 241 257 274 67 76 78 85 82 87 94 66 69 74 77 72 70 67 421 413 409 393 375 339 352 66 67 66 65 62 58 67 109 112 117 116 118 135 129 81 82 82 78 79 75 74 37 39 41 39 . 43 50 46 76 76 74 71 66 65 60 448 363 374 479 588 778 789 114 120 133 139 139 141 133 * Preliminary. r Revised. For other notes see following page. 1097 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other All other Asia Date Total Korea, PhilHong IndoReipTaiKong India nesia Iran Israel Japan pub- pines wan lic of Union BelThaiAus- gian of land Other' Total tralia Congo Egypt South Other Africa 1953—Dec. 31 1954_Dec. 31 1955—Dec. 31 1,896 1,821 2,181 68 61 55 99 87 73 39 100 174 44 31 37 18 41 53 92 96 88 295 257 252 37 34 39 168 123 138 208 270 380 326 265 360 59 48 75 90 44 42 43 47 72 38 33 53 96 94 119 1956—July Aug. Sept. Oct. Nov. Dec. 2,358 2,374 2,404 2,402 2,392 '2,415 55 59 60 59 62 66 81 81 81 68 69 76 102 154 158 180 185 186 38 32 36 31 22 20 56 1,051 96 51 1,037 98 43 1,058 98 38 1,054 98 36 1,027 100 45 '1,017 99 275 275 278 281 274 272 42 46 49 53 59 61 141 142 142 140 144 148 420 398 401 400 414 425 319 315 322 316 335 346 72 69 71 74 82 84 42 47 48 45 45 44 54 50 48 46 46 50 34 33 34 34 42 53 116 116 122 116 119 114 '2,382 2,323 2,243 3 0 P . . . . 2,148 3 1 * \ . . . 2,045 30^ 1,986 3 1 ^ . . . . 1,985 64 61 56 58 56 59 65 75 76 77 79 78 76 79 179 166 145 129 126 128 139 21 31 40 33 29 35 31 37 38 35 30 40 36 46 269 254 244 224 216 217 206 63 65 68 74 75 79 79 158 161 167 165 166 167 167 421 432 433 426 434 457 463 '337 375 388 412 395 391 384 '64 68 80 101 87 75 80 42 44 42 42 41 40 42 52 69 60 61 59 58 57 58 63 60 56 58 60 51 121 132 147 152 151 158 153 31 31 30 31 30 31 1 9 5 7 _ j a n . 31 Feb. 28 Mar. 31 Apr. May June July 828 721 893 '994 937 875 823 719 626 605 101 102 104 106 106 107 106 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1953 1954 1955 Other Asia (Cont.): British dependencies Burma Cambodia Ceylon China Mainland 6 Iraq Jordan Kuwait Laos Lebanon Pakistan Portuguese dependencies Ryukyu Islands Saudi Arabia Syria Viet-Nam 9.1 23.0 n.a. 17.1 36.4 13.8 .9 10.1 n.a. 23.9 9.7 5.3 n.a. 18.5 20.5 n.a. 9.8 29.7 .2 18.8 35.7 10.0 .8 10.7 9.8 19.1 13.1 32.9 36.2 14.7 1.2 All other: British dependencies Ethiopia and Eritrea French dependencies Liberia Libya Morocco New Zealand Portuguese dependencies Spanish dependencies Sudan Tangier 5.3 Tunisia n.a. 1.6 9.1 5.7 11.8 3.0 15.9 2.1 5.0 .2 n.a. 36.1 .6 1953 1954 1955 1956 .2 .4 .6 .6 n.a. 1.9 1.0 7.5 14.1 1.3 .4 4.0 3.0 2.2 .2 .6 .6 .7 1.2 1.9 1.0 2.5 2.0 1.0 .5 4.5 5.3 2.1 2.2 1.8 .4 .4 .7 .7 1.3 1.8 1.0 4.8 13.7 1.0 .3 3.1 5.6 2.5 1.4 .7 n.a. .4 .2 .5 1.2 n.a. .8 3.1 9.1 .6 .4 13.2 4.3 3.3 1.4 .8 Other Latin America: British dependencies 18.0 Costa Rica 13.4 Ecuador 17.7 French West Indies and French Guiana... .6 Haiti 9.3 Honduras 18.7 Nicaragua 16.0 Paraguay 6.0 19.0 15.3 21.2 .4 12.7 17.3 10.3 3.6 16.6 17.6 14.9 .6 12.1 9.7 12.8 3.6 24.1 14.6 18.0 1.0 8.9 10.2 11.8 4.0 5.1 .6 4.1 .5 Other Europe: Albania British dependencies Bulgaria Czechoslovakia 6 Eastern Germany Estonia Hungary Iceland Ireland, Republic of Latvia Lithuania Luxembourg Monaco Poland* Trieste U. S. S. R.6 Other Asia: Afghanistan Bahrein Islands p 2.7 .6 8.9 14.3 Preliminary. ' Revised. n.a. Not available. 1 Short-term liabilities reported in these statistics represent principally deposits and U. S. Govt. obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2 Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under Other Europe. 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 1956 3.8 1.8 26.9 61.5 21.5 8.1 18.0 5.7 2.0 34.0 79.5 13.1 62.3 7.0 17.2 41.2 35.5 16.9 2.0 5.3 n.a. 22.3 20.2 2.7 n.a. n.a. 17.1 50.1 18.0 8.7 5.6 1.7 7.6 2.3 8.3 .5 n.a. 35.7 .4 2.4 23.7 8.0 13.1 9.9 14.8 1.9 5.3 .7 n.a. 33.5 .7 3.8 24.2 10.5 23.7 3.7 13.6 2.2 2.8 .3 .4 22.4 .5 3.5 23.1 4 Beginning Aug. 31, 1956, and Apr. 30, 1957, respectively, data include certain accounts previously classified as "private." 5 These data are based on reports by banks in the Second (New York) Federal Reserve District and include funds held in an account with the U. S. Treasury. They represent a partial breakdown of the amounts shown in the "other" catagories in tables la-lc. 6 Based on reports by banks in all Federal Reserve districts. NOTE.—Statistics on international capital transactions of the United States are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of that issue), tables reflect changes in reporting forms and instructions made as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. 1098 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total France Germany, Fed. Rep. of Switz- United Other Total King- Europe Europe erdom land Italy Canada Latin America Asia All other 1953—Dec. 31 1954—Dec. 31 1955—Dec. 31 90S ,387 ,549 11 14 31 70 19 20 18 16 71 173 88 109 236 402 56 76 473 728 115 143 25 37 12 88 30 26 109 158 423 144 706 233 43 1956—June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 ,639 631 ,698 ,729 828 ,787 r Q4fi l 17 15 122 118 32 32 24 28 82 78 167 168 444 439 127 128 755 758 268 262 46 43 65 120 33 27 78 163 486 132 772 266 42 66 67 125 127 35 29 28 28 81 86 169 177 504 514 131 186 776 799 272 282 46 46 19 134 32 30 94 174 483 170 797 292 45 18 157 43 29 104 216 '568 157 840 '337 43 1957_j a n . Feb. Mar. Apr. May June r 23 168 50 30 109 213 593 171 867 '360 48 18 26 60 72 82 176 177 177 174 159 55 59 58 61 60 33 26 27 27 28 127 160 151 176 159 211 219 208 188 197 621 667 680 699 686 157 161 113 114 122 861 898 918 888 895 375 375 391 425 452 46 49 41 46 46 Norway Portugal Spain Sweden Turkey Yugoslavia All other 3i 28 31 30* 31* 30* 2 038 2,060 2 150 2 144 2,172 2,201 r Table 2a. Other Europe Other Europe Date Austria 109 158 1956—June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Finland Greece Netherlands 13 6 2 1 9 1 24 3 16 5 7 "I 20 16 10 13 3 3 3 4 16 11 2 9 4 5 4 7 41 78 1 2 5 7 6 20 9 4 3 16 11 71 5 5 7 17 8 4 3 16 12 1 1 7 168 11 8 74 1 6 163 169 177 174 7 7 9 7 17 19 18 22 7 6 10 10 5 5 4 3 4 5 5 5 16 15 16 17 1 1 1 1 63 70 73 72 8 6 6 6 6 12 4 21 23 2 8 8 6 5 10 10 12 11 4 19 16 16 13 8 13 88 4 20 23 2 9 13 85 167 1957—Jan. 31 Feb. 28 Mar. 31 Apr. 30? M a y 31* June 30*. Denmark 1 88 1953—Dec. 31 1954—Dec. 31 1955—Dec. 31 Belgium 9 216 7 28 213 6 30 13 4 211 219 7 8 29 34 10 11 3 3 4 5 21 20 17 18 1 2 7 11 14 14 86 83 208 188 197 8 6 5 29 28 25 9 8 8 3 4 3 5 4 4 23 19 23 17 16 16 2 1 2 10 11 12 14 14 14 79 67 75 Dominican Guate- MexRe- mala ico pub- Netherlands West Indies and Surinam a(2) 2 2 (22) () 1 7 6 8 8 9 10 9 Table 2b. Latin America Date Latin Amer- Argen- Botina livia ica Brazil Chile Colom- Cuba bia lic Panama, Peru Republic of El Salvador Uruguay Other Vene- Latin zuela America 1953—Dec. 31 1954—Dec. 31 1955—Dec. 31 473 728 706 7 6 7 11 3 4 125 273 69 23 14 14 57 107 143 51 71 92 2 3 5 4 4 5 93 116 154 3 1 3 5 9 17 20 16 29 8 10 8 4 7 18 42 63 105 19 27 34 1956-June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 755 758 772 776 799 797 840 10 12 12 11 11 13 15 5 6 4 4 4 4 4 66 64 65 63 65 65 72 10 10 12 15 14 15 16 162 155 147 145 150 145 145 90 89 86 81 83 84 90 5 4 4 4 7 7 7 6 6 6 7 7 7 7 161 170 178 184 194 201 213 8 6 6 6 6 5 5 13 12 11 11 11 12 12 29 28 32 32 32 32 35 7 6 6 8 11 14 11 15 22 29 26 18 14 15 130 130 131 133 139 132 144 39 38 44 46 46 47 49 1957—Jan. Feb. Mar. Apr. May June 867 861 898 918 888 895 15 25 37 42 43 48 5 4 5 5 5 5 77 72 76 78 73 76 22 20 22 25 26 35 145 148 158 151 144 126 99 90 89 92 93 91 13 13 10 11 9 9 8 7 8 8 7 7 216 219 216 213 211 208 4 3 3 4 3 3 13 10 13 15 8 14 34 32 37 36 35 32 8 8 8 9 8 8 12 11 12 12 13 18 145 144 152 163 154 159 52 54 51 55 57 55 31 28 31 30* 31* 30* r * Preliminary. Revised. * Short-term claims reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions (excluded from these statistics) amounted to $949 million on June 30, 1957. The term foreigner is used to designate foreign governments, central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2 Less than $500,000. 3 Includes transactions of international institutions. 1099 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other All other Asia Date Hong IndoTotal Kong India nesia 1953—Dec. 31 1954—Dec. 31 1955—Dec. 31 115 143 233 3 3 3 4 5 5 1956—June July Aug. Sept. Oct. Nov. Dec. 30 31 31 30 31 30 31 268 262 266 272 282 292 '337 5 5 5 5 4 4 4 6 6 5 7 6 6 6 1957_jan. Feb. Mar. Apr. May June 31 28 31 30* 31* 30* '360 375 375 391 425 452 5 6 6 7 7 7 7 7 9 10 11 11 (2) (22) () (2) ( 2} PhilIsrael Japan ippines Iran Taiwan Thailand Other r Total Australia Union of Belgian Egypt South Other Africa Congo 14 16 18 23 11 10 26 50 103 6 7 19 5 5 6 6 6 8 27 39 59 25 37 43 8 14 11 6 6 5 1 2 6 8 8 10 17 22 21 22 23 22 20 20 11 12 12 12 13 13 16 121 108 118 123 127 143 170 7 9 13 11 12 13 16 6 6 6 6 6 6 6 10 9 8 8 9 8 9 80 85 76 78 84 79 91 46 43 42 46 46 45 43 12 11 11 11 12 11 11 8 8 8 8 7 7 6 3 3 2 3 3 3 2 7 7 7 7 7 6 8 16 14 14 17 17 19 17 22 22 23 24 23 22 23 24 24 22 25 24 '186 192 193 206 243 259 17 18 18 19 24 30 5 6 5 5 5 5 10 10 10 12 13 12 83 89 86 86 74 81 48 46 49 41 46 46 11 11 13 10 13 12 5 5 5 5 6 5 2 2 8 7 7 8 8 11 21 22 22 17 18 17 1 1 1 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U. S. Govt. bonds & notes Year or month 1953 1954 1955 1956 1956 June July Aug Sept Oct Nov Dec 1957—Jan Feb Mar Apr * May* June* .. . U. S. corporate securities Net purchases, or Pursales ( - ) chases Foreign bonds Net purchases.or Pursales (—) chases Foreign stocks Net purchases, or Pursales ( - ) chases Sales Net purchases, or sales (—) 310 393 664 749 303 645 878 875 7 -252 -214 -126 -34 -82 -29 -9 29 -53 -52 64 76 65 49 52 43 45 70 97 87 54 47 44 38 -6 -21 -23 -5 5 -123 -98 -24 -142 -147 4 54 43 44 53 59 75 53 42 51 55 76 91 Purchases Sales 646 801 1,341 883 728 793 812 1,018 -82 8 529 -135 802 1,405 1,886 1,907 731 1,264 1,730 1,615 70 141 156 291 543 792 693 607 622 841 509 992 -79 -49 184 -385 28 324 87 21 37 21 13 16 298 14 12 18 67 39 12 26 73 9 20 -46 -26 130 178 160 131 143 144 145 108 140 155 96 108 140 108 22 38 5 35 35 4 37 41 48 31 32 174 49 25 75 129 60 41 145 101 77 '44 134 68 26 105 58 '28 42 47 10 148 16 '16 91 22 16 -43 43 163 146 117 134 179 169 107 91 104 113 160 133 57 55 13 21 19 36 49 34 43 67 42 45 172 132 67 209 189 49 Sales Sales TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY [Net sales, ( —). In millions of dollars] Year or month 1953 1954 1955 1956 1956—June July AUH Sept Oct Nov Dec 1957—Jan Feb Mar Apr.* May* June* * Preliminary. Germany, Federal Republic of International institutions Total foreign countries France 23 78 -21 82 -34 72 706 75 -42 17 -2 -121 (2) (2) (2) 35 61 4 43 53 -42 10 2 1 3 3 1 2 2 (2) 2 2 1 (2) (2) (2) (2) (2) 4 74 1 1 1 2 1 -25 1 ' Revised. r 70 145 34 36 1 78 2 2 9 7 Italy (2) -1 -7 (2) (2) 1 1 (2) (2) 2 n\ ( ) (2) 1 (2) (2) Switzerland United Kingdom Canada -121 -187 265 -124 25 113 76 34 -7 -18 -8 1 1 6 7 6 8 -24 -20 85 33 62 139 329 161 12 24 6 21 23 -2 19 19 20 11 10 11 -40 -14 -1 19 2 8 9 1 32 65 22 43 46 -39 3 n 19 17 4 10 11 5 r 27 24 11 9 7 5 41 21 21 9 55 Latin America Total Europe 71 70 96 8 o r 56 86 37 42 29 68 For other notes see opposite page. — 11 -3 r 4 54 —4 -9 —24 6 1 -7 —2 -16 -16 COUNTRIES Other Europe 57 73 147 234 7 6 5 1 2 -5 5 Asia All other 3 29 -1 —1 3 7 4 1 2 1 3 (2) 1 1 n\ (2) 1 1 3 1 (2) 8 (2) (2) 1 1100 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY AREAS TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CO RRESPONDENTS i [In millions of dollars] [Net sales, ( - ) . I n millions of dollars] Assets in custody Year or month 1953. 1954 1955 1956 InterTotal national foreign couninstitutions tries — 61 -164 — 27 — 33 Europe Canada America — 11 -137 —4 — 478 96 -9 —46 8 -138 -133 74 -447 35 33 24 17 -4 -18 -6 -4 22 17 13 -9 -94 -47 -15 8 -53 -47 2 2 1 1 -1 3 16 -7 1 9 1 -12 -72 -96 -14 -147 -81 -18 2 2 1956—June... July.... Aug.... Sept.... Oct Nov.... Dec.... -2 -3 -38 -101 -49 -15 33 -55 -41 1957—Jan Feb.. . . Mar.... Apr.**.. May^.. June^.. -71 9 -1 ^ -81 -1 -52 -106 -31 -139 -82 -18 2 -2 2 0) 0) 0) 1 2 1 Asia -30 26 7 -34 — 49 — 7 -40 -16 -6 -2 -1 4 1 -8 -8 -22 11 3 —1 3 -13 - 11 1 -16 9 6 2 2 4 3 Date All other 0) 0) 14 Preliminary, i Less t h a n $500,000. Deposits U. S. Govt. securities2 Miscellaneous 3 1955—Dec. 31 402 3,543 126 1956—Aug. Sept. Oct. Nov. Dec. 31 30 31 30 31 350 334 275 356 322 3,630 3,723 3,782 3,553 3,856 168 167 178 177 139 1957_Jan. Feb. Mar. Apr. May June July Aug. 31 28 31 30 31 30 31 31 344 327 311 316 360 449 364 342 3,707 3,671 3,744 3,727 3,600 3,685 3,730 3,523 164 156 158 165 164 164 278 280 1957—Aug. Aug. Aug. Aug. 7 14 21 28 367 385 342 352 3,756 3,668 3,604 3,536 282 285 284 281 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Year or month 1949 1950 1951 1952 1953 1954 1955 1956 . Estimated world production (excl. U.S.S.R.) 840.0 864.5 840.0 868.0 864.5 913.5 959.0 1956—June July. . Aus Sept Oct Nov Dec 1957_j an Feb Mar Apr Mi ay June North and South America Africa United Ghana Belgian Congo States Canada Mexico 23.1 24.1 22.9 23.8 25.4 27.5 23.8 21.9 12.9 12.0 12.3 12.9 13.0 12.8 13.0 13.1 67.3 80.1 66.3 67.4 69.0 65.1 65.7 64.3 144.2 155.4 153.7 156.5 142.4 152.8 159.1 153.9 14.2 14.3 13.8 16.1 16.9 13.5 13.4 12.6 13.3 15.1 14.8 15.3 13.2 13.3 15.3 6.3 6.7 6.1 6.2 4.6 4.4 4.3 3.3 8.0 8.8 8.9 9.1 8.2 8.1 1.6 6 2.1 2.2 5.1 5.9 1.3 6 1.4 .3 .2 2.3 2 3 2.2 2.2 .7 6 .6 5 2.2 13.4 12.3 12.3 12 4 12.9 12 9 12.8 1.1 L.6 6 1.6 5 1.1 1.1 6 5 2.3 .9 5.0 2 3 2.2 2.2 1 l 1.5 1.1 2.2 2.2 1.0 .9 4 4 5.1 4.7 South Africa Rhodesia 753.2 777.1 758.3 780.9 776.5 826.2 873.8 409.7 408.2 403.1 413.7 417.9 462.4 510.7 556.2 18.5 17.9 17.0 17.4 17.5 18.8 18.4 18.8 77.7 47.4 47.9 48.5 47 3 47.8 47.3 45.8 48.3 46 3 49.2 49.1 50 6 50.1 .5 6 1 Gold exports, representing about 90 per cent of total production. Sources.—World production: estimates of U. S. Bureau of Mines. Production reported monthly: reports from individual countries except Other Total 1.0 1 0 1.1 1.5 1.0 6.3 6 0 6.2 5.6 4.6 5.0 4.9 12.6 12 0 13.2 12.9 13 1 12.6 Colom- Chile bia 1.2 ") 7 5 0 .7 9 .3 5 .4 .2 .3 .4 Nica- Austra- India ragua 1 lia 7 7 7 6 .6 6 6 6 5 .6 .6 6 6 31 3 30.4 31.3 34.3 37 7 39.1 36.7 36 1 5 7 6.7 7.9 8.9 7.8 8.4 7.4 7 2 3 2 3 3 3.0 3 2 3.0 3 4 2 9 .6 7 .7 3 0 2 8 3.1 3 2 5 5 .5 .6 55 Ghana and Belgian Congo, data for which are from American Bureau of Metal Statistics. For the United States, annual figures through 1955 are from the U. S. Bureau of the Mint and figures for 1956 and 1957 are from American Bureau of Metal Statistics. 1101 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Q u arterly totals Annual totals 1956 Area and country 1949 1950 Continental Western Europe: 1-43 0 Belgium France Germany (Fed. Rep. of) "-23! 5 Netherlands 14.0 Portugal Sweden -40.0 Switzerland Bank for Intl. Settlements.... - 3 4 . 3 3-123.4 Other -250.2 Total Sterling Area: United Kingdom Union of South Africa Other Latin America: Argentina Colombia Cuba Mexico . Uruguay Venezuela Other 1-94.8 -380.2 -184.8 -115.6 - 5 4 6 . 4 -328.3 Asia 15.2 -8.0 15.2 451.2 -480.5 -50.5 -.1 7.2 -143.9 -172.0 -126.0 57.5 -131.8 62.5 5-38.9 5-53.7 -6.7 -5.7 -9.9 1.0 6.0 100 3 14.6 14 6 5.2 40.1 10.0 55.1 28 1 2 6 29. i -200.0 -.7 ""-'.2 14.0 - 2 8 . 3 19.9 2 10.1 27 1 -200.0 -.2 "-3.6 ""2:8 85.0 -133.0 2 -.2 13.7 7.0 100.3 20.1 5 0 30.4 100.3 11.0 -4.9 18.6 100.3 115.3 28.1 -84.8 -3.5 4-55.4 —8 0 AprJune 34 20 6 30 525.6 .4 34 -5.0 -10.0 Jan, Mar. 34 -33.8 4.6 -100.0 -'.3 Oct, Dec. -19.2 645.2 -1,003.4 80.3 -5.0 -30.0 17.2 JulySept. -77.5 -.1 -28.1 -15.0 Apr, June 5.0 -.5 -49.9 - 2 0 . 0 17.5 - 2 2 . 8 -20.0 -60.2 87.7 14.9 22.2 -.9 -34.7 "-2A 1956 -5.0 -50.0 6.5 12.9 -.4 -.5 13.1 6-44.2 6-76.0 193.3 -1,725.2 Grand total -67.5 -10.0 -.5 -6.2 All other 469.9 52.1 -130.0 -225.6 -65.0 -59.9 -54.9 -20.0 -15.0 -65.0 -15.5 -94.3 -20.0 -17.5 2.6 1955 -480.0 3.5 -49.9 7.0 '" —io!6 28.2 -10.0 -118.2 -16.1 -14.4 -64.8 -50.0 - 1 0 . 5 '""-Y.2 Total 1954 440.0 11.5 3 3.4 .. 1953 3.6 3.2 Total 1952 1-58 0 1-18.3 1-5.8 - 8 4 . 8 -20.0 -10.0 - 7 9 . 8 " - 4 . 5 — 100.0 - 1 5 . 0 -34.9 - 5 . 0 - 2 2 . 9 -32.0 - 3 8 . 0 -15.0 (2) - 6 5 . 3 -30.4 - 1 6 . 4 -29.7 - 1 7 . 3 446.3 -1,020.0 195.7 13.1 Canada 1951 1957 75.2 -.4 7200.0 775.0 775.0 393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6 280.2 94.9 155.0 <*> 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 2 Less than $50,000. 3 Includes sale of $114.3 million of gold to Italy. 4 Includes sale of $43.1 million of gold to Thailand. -68.5 725.0 7300.0 7300.0 25.2 341.5 318.4 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; and6 1951, $45.0 million. Includes sales of gold to Egypt as follows: 1950, $44.8 million: and 1951, $76.0 million. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock (end of year) Year Increase in total gold Treas- Total 1 stock ury EarNet marked Domesgold gold: de- tic gold import, crease, producor or intion export crease 1944 1945 1946 1947 1948 1949 20,619 20,065 20 529 22,754 24,244 24,427 20,631 -1,349.8 20,083 -547.8 623.1 20 706 22,868 22,162.1 24,399 1,530.4 24,563 164.6 -459.8 -356.7 465.4 210.0 -159.2 -495.7 35.8 32.0 51.2 75.8 70.9 67.3 1950 1951 1952 1953 1954 1955 1956 22 706 22,695 23,187 22 030 21,713 21,690 21,949 22,820 -1,743.3 - 3 7 1 . 3 -1,352.4 617.6 22,873 52.7 -549.0 23,252 379.8 684.1 -304.8 22,091 -1,161.9 2 . 0 -1,170.8 16.1 -325.2 21,793 -297.2 21,753 -40.9 97.3 - 1 3 2 . 4 318.5 22,058 305.9 106.1 80.1 66.3 67.4 69.0 65.1 65.7 64.3 -845.4 -106.3 311.5 1,866.3 1,680.4 686.5 » Preliminary. 1 See note 2 on following page. 2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund. Gold stock (end of month) Month 1956—Aug Sept Oct Nov Dec 1957__Jan Feb Mar Apr May June July Aug Increase in total gold stock Treas- Total 1 ury EarNet marked Domesgold de- tic gold import, gold: crease, producor inexport or tion crease 21,965 22,032 21,999 22,106 22,058 47.1 4.7 67.6 - 1 8 . 0 -33.6 4.6 107.6 12.5 -47.7 2.7 43.2 86.9 — 34 3 105.7 51.2 22,252 22,377 22,304 22,396 22,306 22,406 22,318 22,424 22,620 22,726 22,623 22,732 22,627 22,735 ^22,626 ^22,735 319.0 - 5 3 . 9 18.6 - 2 9 . 8 10.2 - 8 . 8 17.4 20.8 302.6 20.0 5.5 10.0 295.9 28.0 16.0 -5.8 285.4 -6.0 21,858 : 21,884 21,910 21,910 21,949 3.8 2.7 -.8 6.3 6.0 6 2 5.6 4.6 5.0 4.4 5.1 4.7 5a 4.9* 5.8 4-11.4 3 Not yet available. 4 Gold held under earmark at the Federal Reserve Banks for foreign and international accounts amounted to $6,021.5 million on Aug. 31, 1957. Gold under earmark is not included in the gold stock of the United States. 1102 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month 1950 Dec 1951—Dec 1952 Dec 1953—Dec 1954—Dec 1955 Dec United States Estimated total world (excl. 3 U.S.S.R.) 1 Treasury Total 35 810 35,960 36 260 36,680 37,340 38,000 22,706 22,695 23,187 22,030 21,713 21,690 22,820 22,873 23,252 22,091 21,793 21,753 38,440 21,830 21,858 21,884 21,910 21,910 21,949 21,918 21,965 22,032 21,999 22,106 22,058 22,252 22,304 22 306 22,318 22 620 22,623 22,627 22,377 22,396 22 406 22,424 22 726 22,732 22,735 1956 July AUB Sept Oct Nov Dec 1957 Jan Feb Mar Apr May June July End of month 38 490 38 780 *>38 980 Finland France 3 Argentina 216 268 371 371 371 258 Germany, Federal GuateRepublic mala of Australia Belgium Brazil Canada Chile Colombia Cuba Denmark Egypt 88 112 112 117 138 144 587 621 706 776 778 929 317 317 317 321 322 323 590 850 896 996 1,080 1,141 40 45 42 42 42 44 74 48 76 86 86 86 271 311 214 186 186 136 31 31 31 31 31 31 97 174 174 174 174 174 165 162 106 106 106 107 965 964 972 949 941 928 323 323 323 323 323 324 ,114 1,114 1,112 1,119 1,124 1,113 46 46 45 45 45 46 85 78 57 57 136 136 136 136 136 136 31 31 31 31 31 31 174 174 174 181 181 188 109 113 113 877 864 848 849 849 842 846 324 324 324 324 324 324 324 ,116 ,110 112 ,114 116 ,121 ,120 43 46 46 46 46 43 43 136 136 136 136 136 136 31 31 31 31 31 31 31 188 188 188 174 183 188 188 India Indonesia Iran Italy Mexico Netherlands Norway Pakistan Peru 1950—Dec 1951 Dec 1952—Dec 1953—Dec 1954—Dec 1955—Dec 12 26 26 26 31 35 523 548 573 576 576 861 28 140 326 626 920 27 27 27 27 27 27 247 247 247 247 247 247 209 280 235 145 81 81 140 138 138 137 138 138 256 333 346 346 346 352 208 208 144 158 62 142 311 316 544 737 796 865 50 50 50 52 45 45 27 27 38 38 38 48 31 46 46 36 35 35 1956—July Auc Sent Oct Nov Dec 35 35 35 35 35 35 861 861 861 861 861 861 1,189 1,274 1,294 1,329 1,376 1,494 27 27 27 27 27 27 247 247 247 247 247 247 54 46 46 45 45 45 138 138 138 138 138 138 353 360 360 362 370 338 165 166 166 166 167 167 853 853 854 854 854 844 45 46 46 47 47 50 49 49 49 49 49 49 35 35 35 35 35 35 1957 Jan Feb Mar Apr . May June July 35 35 35 35 35 35 35 861 861 861 861 861 575 575 1,566 1,661 1,756 1,834 r l 923 2,029 2,124 27 27 27 27 27 27 247 247 247 247 247 247 247 44 44 43 42 41 40 40 138 138 138 138 138 138 325 350 364 167 167 166 166 834 819 814 809 806 806 45 45 45 48 47 46 45 49 49 49 49 49 49 49 35 35 35 35 35 35 End of month Portugal El Salvador Turkey United Kingdom* Venezuela Intl. Monetary Fund 1950—Dec 1951 D e c . 1952—Dec 1953—Dec 1954 Dec 1955—Dec 192 265 286 361 429 428 23 26 29 29 29 28 197 190 170 176 199 212 61 51 51 54 56 56 90 152 184 218 265 276 1,470 1,452 1,411 1,459 1,513 1,597 118 113 113 113 113 112 150 151 143 143 144 144 3,300 2,335 1,846 2,518 2,762 2,120 236 221 207 227 227 216 373 373 373 373 403 403 ] 4Q4 I 530 I'692 I 702 I 740 I 808 167 115 196 193 196 217 1956—July Aug Sept Oct Nov . Dec 436 442 442 442 448 448 28 28 28 28 28 28 212 216 214 214 220 224 56 56 56 56 56 56 260 262 263 265 265 266 1,598 1,622 1,634 1,635 1,658 1,676 112 112 112 112 112 112 144 144 144 144 144 144 2,405 2,276 2,328 2,244 1,965 2,133 216 214 214 192 186 186 403 403 403 503 503 603 1 718 695 I 711 I 687 I 692 I 692 207 212 199 214 175 179 1957—Jan Feb Mar Apr May June July 452 461 461 461 463 458 461 28 32 32 32 31 31 31 226 227 233 230 235 234 226 56 56 56 56 56 56 56 256 256 252 249 231 231 233 1,667 1,652 1,636 1,621 1,615 1,633 1,674 112 112 112 112 112 112 144 144 144 144 144 144 144 2,084 2 147 2 209 2,320 2 345 2,381 2,367 186 186 183 183 183 183 603 669 669 669 669 669 719 I 420 [ 433 438 439 141 147 202 197 168 160 148 205 165 South Africa Spain Sweden Switzerland r P Preliminary. Revised. Represents reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, 1 Thailand Uruguay Bank for Intl. Settlements Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Exchange Equalization Account holdings of gold and of United States and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at $1 million since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) 1103 GOLD RESERVES AND DOLLAR HOLDINGS ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31 , 1955 Area and country Continental Western Europe: Austria Belgium-Luxembourg (and Belgian Congo).. Denmark. Finland France (and dependencies) 1 Germany (Federal Republic of) Greece Italy . Netherlands (and Netherlands West Indies and Surinam) Norway Portugal (and dependencies) Spain (and dependencies). Sweden ... Switzerland Turkey .. .. Others Total Sterling Area: United Kingdom United Kingdom dependencies Australia India Union of South Africa Other Total Canada Latin America: Argentina Bolivia Brazil Chile Colombia Cuba Dominican Republic Guatemala Mexico Panama, Republic of Peru. El Salvador Uruguay Venezuela Other Total Asia: Indonesia Iran Japan Philippines Thailand Other Gold& shortterm dollars 326 June 30, 1956 10 312 10 361 10 368 9 376 8 5 82 5 90 5 88 5 94 5 7 11 1,631 3,099 161 1,286 7 13 1,505 3,329 187 1,268 7 14 1,302 3,520 189 1,250 94 5 1,753 2,742 176 1,214 8 14 2996 3,719 177 41,330 9 14 1,100 127 601 221 429 2,354 153 44 53 23 73 23 79 1,071 117 628 160 483 2,512 164 9 87 1,024 121 628 148 480 2,410 158 10 95 11 105 2 12 6 1,265 95 12 6 1,227 96 12 6 1,170 107 11 6 1,133 92 11 6 2 872 6 1,145 100 602 206 426 2,307 151 1,108 10 1,113 109 617 185 453 2,446 158 1,055 14 915 12 890 14 998 133 622 142 499 2,447 158 1,164 13,214 343 13,644 279 14,105 300 14,111 298 13,859 309 14 080 319 2,600 84 219 320 265 282 4 2,875 83 243 329 245 253 3 2,812 103 191 323 277 203 4 2,854 93 193 324 293 238 4 2,890 96 4188 323 294 271 4 1 1 2,820 90 177 328 248 266 4 214 (3) 1 1 7 208 7 211 14 3 (3) 44 3 (3) 117 (3) 126 (3) 1 131 (3) 228 1 14 (3) 132 (3) 226 1 25 226 (3) 132 13 (3) 1 27 3,702 295 3,983 265 3,874 286 3,934 223 3,983 269 4,017 304 2,173 437 2,394 362 2,547 352 2,629 367 2,609 438 2,704 437 509 26 466 139 <i 476 25 540 147 (3) 399 25 582 151 (3) 360 29 549 137 (3) 332 25 556 137 (3) 347 24 467 130 4262 393 98 0) (3) 1 217 (3) (3) 389 77 169 (3) 224 (3) 180 399 81 167 (3) 1 3 15 93 523 94 115 73 283 734 154 407 77 3,789 195 255 175 (3) 72 556 86 127 52 281 668 124 (3) 4 1 (3) 15 (3) 3 14 1,058 3,961 193 3,967 191 171 169 (3) 204 174 (3) 4,113 190 231 158 4 1 (3) 1,447 134 2 2 12 141 1 2 11 4,160 190 4,485 188 188 178 (3) 17 2,381 15 8 288 8 238 '118 (3) 248 (3) 246 162 (3) (3) '356 (3) (3) 408 (3) 27,922 1,154 '28,225 288 8 287 236 (3) 222 (3) *1» Preliminary. ' Revised. Excludes gold holdings of French Exchange Stabilization Fund. 2 Does not include $286 million of gold loaned by Bank of France to the French Exchange Stabilization Fund on June 26, 1957. 3 Less than $500,000. 4 Includes latest available figures for gold reserves, as follows: Italy (Mar. 31); Australia (Mar. 31); Colombia (Oct. 31, 1956); and Mexico <Apr. 30). 5 Includes Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. (3) 288 6 126 317 135 110 81 248 (3) 2,645 294 3,750 (3) 4505 8 '2,795 31,156 1,438 4 1 167 17 '707 17 27,406 1,121 97 267 279 730 246 321 113 2,793 (3) 101 575 117 117 73 257 1,043 16 376 167 (3) 1 3 12 298 254 677 140 (3) 354 89 168 173 754 243 279 764 7 3 689 (3) 1 250 4 6 1 6 308 29,853 1,629 4 1 (3) 4 6 1 6 2,754 26,164 1,308 (3) '1,145 30 1 j 91 600 109 119 53 259 (3) 167 4 6 1 6 300 253 694 362 (3) 4 347 79 1 3 14 (3) 1,186 116 210 (3) (3) 4 1 4 6 1 5 1 021 1 167 80 561 104 117 53 290 808 133 All other: Esvot Other 342 151 8 84 Eastern Europe 6 Grand total 10 1,957 2,374 187 1,137 2,616 International 7 June 30 , 1957" 1,221 99 268 250 647 Total foreign countries Mar. 3 I, 1957 10 7 1,201 91 1,167 Total Dec. 3 , 1956 U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U . S . Gold& U. S. Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds bonds term bonds term bonds term bonds term bonds & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes 4 6 1 4 Total Sept. 30, 1956 348 3,717 294 260 392 '3,144 31,639 1,546 '31,369 1 003 150 398 1,103 27,942 1,231 391 2,996 391 1,494 30,938 1,622 (3) 2 6 1 6 28,363 1,271 2,720 366 31,083 1,637 6 Excludes gold reserves of the U. S. S. R. 7 Represents International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Gold and short-term dollars include reported and estimated official gold reserves, and total dollar holdings as shown in Short-term Liabilities to Foreigners Reported by Banks in the United States, by Countries (tables 1 and la-Id of the preceding section). U. S. Govt. bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305. 1104 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1957 1957 1956 June Mar. Dec. Sept. Apr. June Dollar deposits and U. S. securities. 484 430 365 386 407 Other currencies and securities1 873 901 931 960 938 Effective loans 2 2,437 2,378 2,238 2,094 2,002 Other assets^ 72 54 41 42 29 IBRD bonds outstanding Undisbursed loans Other liabilities Reserves Capital 948 848 849 850 670 676 609 530 477 20 19 11 10 11 266 289 254 240 228 1,854 1,853 1,853 1,853 1,810 1,034 Gold Investments 8 Disbursed Repaid 188 10 16 Continental W. Europe, total Belgium and Luxembourg. France Italy Netherlands Other 1,144 123 267 163 236 355 999 Sterling area, total Australia India Union of S. Africa United Kingdom Other 1,051 Latin America, total Brazil Colombia Mexico Other Asia (excl. Sterling area) Africa (excl. Sterling area). . 141 20 251 83 88 281 76 25 16 7 21 7 318 324 135 146 128 666 261 132 124 74 75 69 9 23 21 2 14 597 252 108 103 72 61 88 25 14 20 25 4 700 169 111 141 279 542 166 83 134 158 55 14 16 9 17 487 152 68 125 141 28 2 3 10 13 219 117 5 112 15 1 7 317 2,015 118 267 84 229 302 24 2,332 63,137 Total 811 108 7207 Apr. Member subscriptions Accumulated net incoine Reserves and liabilities 8, 932 8,929 8,929 8,751 8,751 -6 -10 -14 -14 -14 2 2 .... Cumulative net drawings on the Fund Quota Sold to Total others5 July Other i Unpaid member subscriptions. Other assets Total Outstanding Principal Oct. 1,687 1,718 1,761 200 200 200 125 50 977 1 423 1 697 1 759 1 777 5, 489 5,051 4,387 4,319 4,333 817 815 824 942 815 5 1 3 2 1 Country 9 Area and member country Jan. 1, 439 1,420 Loans by country, July 31, 1957 4 1956 Item Item Argentina 150 Belgium. 225 Brazil 150 Burma 15 Colombia 50 Egypt 60 525 France . 400 India Indonesia 110 Iran 35 Philippines 15 United K i n g d o m . . . . 1,300 United States 2,750 38 56 38 1 13 10 108 28 16 9 4 236 688 1956 1957 Paid m gold June ,0- 75 50 38 15 25 30 263 200 55 25 15 562 June May 75 50 38 15 25 30 220 P8 55 05 15 562 i o - l , 497 66 15 25 9 15 1C - 3 4 6 Notes to tables on international institutions: 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $150 million in loans not yet effective. 7 Includes $184 million not guaranteed by the Bank. 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Countries shown are those with cumulative net drawings of $15 million or more on the latest date. i o Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Date Assets of issue department Gold Assets of banking department Other assets (fiduciary issue) Coin Notes Discounts and advances Securities Liabilities of banking department Note circulation 1 Deposits Bankers' Public ECA Other Capital and surplus 97.9 .4 .6 24.3 7.2 9.6 3.2 111.2 85.0 89.8 78.5 70.4 66.3 71.7 18. 18. 18. 18. 18.; 18. 18. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 1955—Dec. 28 27 26 31 30 29 28 .4 .4 .4 .4 .4 .4 .4 1,350.0 1,375.0 ,450.0 1,575.0 1,675.0 1,775.0 1,900.0 5.3 1.5 1.7 1.4 2.4 2.4 2.3 28.4 17.7 12.5 49.9 55.4 23.7 10.7 14.8 29.2 18.2 11.2 4.9 8.9 37.7 489.6 384.0 389.2 371.2 338.1 350.7 299.6 1,321.9 ,357.7 ,437.9 ,525.5 ,619.9 ,751.7 ,889.6 299.2 313.5 299.8 302.8 290.2 276.1 245.2 11.6 15.4 13.4 10.0 14.9 15.4 12.0 1956—Aug. Sept. Oct. Nov. Dec. 29 26 31 28 26 .4 .4 .4 .4 .4 1,950.0 1,925.0 1,925.0 [,925.0 2,025.0 2.0 2.0 2.0 2.0 1.9 42.9 44.7 47.5 19.0 27.7 26.6 18.3 28.2 26.8 11.0 254.6 269.7 285.1 279.9 267.7 ,907.5 ,880.6 ,877.8 ,906.3 1,997.7 222.4 230.9 256.6 220.0 203.6 13.0 12.9 15.1 13.8 11.6 72.1 72.4 73.3 75.8 74.9 18.. 18.!> 17. i 18.() 18. 1957—Jan. Feb. Mar. Apr. May June July 30 27 27 24 29 26 31 .4 .4 .4 .4 .4 .4 .4 1,925.0 1,925.0 1,925.0 1,975.0 1,975.0 2,000.0 2,075.0 2.0 2.0 2.3 2.4 2.4 2.4 2.4 63.7 52.0 22.5 23.1 21.7 14.9 15.9 34.9 15.8 18.6 21.5 40.5 32.6 29.9 240.3 261.0 290.3 259.2 243.2 268.4 262.4 [,861.6 1,873.4 ,902.8 1,952.2 ,953.7 [,985.5 2,059.5 232.1 225.2 228.9 202.4 204.4 216.3 205.0 14.4 13.5 13.7 11.5 10.1 12.2 13.4 76.0 73.7 72.5 74.5 75.3 71.8 73.9 18. ? 18..5 18. 5 17. 18.() 18. I 18. 3 For notes see opposite page. 1105 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets Sterling and United States dollars 2 Liabilities Dominion and provincial govt. securities Deposits Other assets Shortterm Note circulation Other Chartered banks Dominion govt. Other Other liabilities and capital 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—Dec. 31. 1953—Dec. 31. 1954_Dec. 31. 1955—Dec. 31. 74.1 111.4 117.8 77.1 54.9 54.2 57.4 ,781.4 ,229.3 ,141.8 ,459.8 ,376.6 ,361.5 ,283.8 227.8 712.5 1,049.3 767.2 893.7 871.1 1,093.7 42.5 297.1 135.2 77.3 112.0 114.1 185.2 1,307.4 1,367.4 1,464.2 1,561.2 1,599.1 1,623.5 1,738.5 541.7 578.6 619.0 626.6 623.9 529.6 551.0 30.7 24.7 94.9 16.2 51.5 56.3 89.2 126.9 207.1 66.1 44.5 29.5 30.5 34.0 119.2 172.6 200.0 132.9 133.1 161.0 207.5 1956—Aug. 31. Sept. 29. Oct. 31. Nov. 30. Dec. 31. 62.1 57.7 51.4 61.1 60.8 ,019.3 ,041.3 ,031.3 1,021.2 1,025.0 ,351.3 ,353.0 ,360.4 ,380.3 ,392.0 180.7 150.1 128.0 158.7 69.9 1,764.6 1,769.5 1,780.9 1,793.5 1,868.7 580.6 564.0 575.3 624.9 511.5 65.4 46.0 55.0 7.4 38.8 35.6 45.2 30.7 31.7 31.2 167.2 177.3 129.3 163.9 97.5 1957—Jan. 31. Feb. 28. Mar. 30. Apr. 30. May 31. June 29. July 31. 53.5 60.8 53.7 50.3 52.3 57.3 63.1 1,091.7 1,052.7 1,105.2 1,158.0 1,165.9 1,213.3 1,197.7 ,202.2 ,189.4 ,176.3 ,190.2 ,185.1 ,194.3 ,202.3 113.5 118.6 213.5 119.2 188.7 210.3 100.7 1,738.9 1,717.9 1,724.6 1,756.3 1,751.5 1,784.3 1,817.7 524.0 497.5 519.5 546.9 526.3 545.5 490.5 57.8 52.7 78.3 62.9 43.9 44.4 54.2 34.3 27.2 25.1 22.5 32.0 28.9 26.9 105.8 126.3 201.2 129.2 238.3 272.1 174.5 Bank of France (billions of francs) Liabilities Assets Date Gold 1949_Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954_Dec. 1955—Dec. 29 28 27 31 31 30 29 1956—Aug. 30 Sept. 27 Oct. 31 Nov. 29 Dec. 27 1957_jan. Feb. Mar. Apr. May June July 31 28 28 25 29 27 25 Foreign exchange Open market Special Other Other assets 561.0 481.0 481.0 480.0 679.8 617.6 539.8 112.7 212.8 190.8 159.7 170.0 277.2 336.8 1,278.2 1,560.6 1,841.6 2,123.5 2,310.5 2,538.5 2,820.0 137.7 136.9 234.9 274.0 292.5 236.8 226.7 28.5 34.1 32.0 57.0 61.1 48.9 45.2 1,194.7 157.9 158.9 160.0 172.0 200.0 195.0 190.0 301.2 301.2 301.2 301.2 301.2 116.5 106.7 91.7 68.4 49.6 290.7 277.1 293.7 270.7 289.2 2.4 8.7 21.4 30.5 30.5 1,556.7 1,611.6 1,546.6 1,638.1 1,753.7 179.0 171.5 158.8 178.9 179.0 499.3 479.8 479.8 479.8 479.8 265.3 271.7 342.2 251.5 236.4 301.2 301.2 301 301 301 201 3201.2 33.0 32.9 23.1 12.2 12.0 12.0 11.9 270.3 317.4 310.3 325.2 322.9 274.9 273.6 26.8 25.0 27.6 24.9 20.2 16.1 7.3 1,759.5 1,735.7 1,836.8 1,871.9 1,948.1 2,014.1 2,027.1 175.0 171.3 175.0 158.3 175.0 175.0 175.0 479.8 479.8 479.8 479.8 479.8 594.1 752.1 233.8 245.7 192.6 196.9 192.4 267.0 ? 306.6 1957 July June 1956 May Central Bank of the Argentine Republic (millions of pesos): 760 760 760 Gold reported separately Other gold and foreign exchange.. 2,246 2,277 2,797 157 157 157 Gold contribution to Intl. F u n d . . . 4,817 4,841 4,860 Govt. securities Rediscounts and loans to banks. . . 113,411 112,869 111,870 1,739 1,785 1,681 Other assets 44,748 44,849 44,800 Currency circulation 61,61A 68,721 Deposits—Nationalized 2,810 2,562 Other sight obligations 6,843 7,100 Other liabilities and capital 1,412 -684 5,236 92,433 455 37,618 54,057 642 6,534 Notes to central bank table on this and opposite page: 1 Notes issued, less amounts held in banking department. 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control Board in return for short-term Govt. securities (see BULLETIN for July 1940, pp. 677-678). 3 Other assets include 100.0 billion francs of gold loaned to Stabilization Fund. 19.4 24.2 41.3 49.3 56.3 67.9 71.8 2,979.0 2,982.0 2,988.4 2,964.6 3,046.9 162.0 164.6 158.7 169.4 173.8 70.0 81.8 88.3 85.1 98.8 3,045.0 3,065.8 3,051.6 3,044.1 3,106.9 3,130.0 3,238.3 149.4 161.1 214.3 222.7 263.1 330.9 397.7 84.9 82.2 80.6 103.6 81.6 93.6 118.9 Commonwealth Bank of Australia (millions of pounds): Gold and foreign exchange Checks and bills of other banks.. Securities (incl. Govt. and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities and capital 4 1.2 .1 Other liabilities and capital 159.0 176.8 176.8 138.6 144.9 157.8 142.9 Central bank, monetary unit, and item July Govern- Other 4 Other 61.9 162.0 28.3 31.1 15.4 57.3 200.2 335.7 393.1 741.3 937.5 891.6 130.2 Deposits Note circulation Current 62.3 182.8 191.4 200.2 201.3 201.3 301.2 Central bank, monetary unit, and item Advances to Government Domestic bills 1957 July June 1956 May July 471 3 467 454 3 465 47 383 454 52 381 456 55 378 289 5 498 88 373 340 32 231 340 28 231 340 25 224 255 38 214 Beginning 1950, includes Economic Cooperation Administration. 5 Less than 50 million francs. NOTE.—All figures, including gold and foreign exchange, are compiled from official reports of individual banks and are as of the last report date of the month. For details relating to individual items, see BULLETIN for April 1955, p. 443. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 1106 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 Central bank, monetary unit, and item July Austrian National Bank (millions of schillings): Gold Foreign exchange (net) Loans and discounts Claim against Government Other assets.. Note circulation Deposits—Banks Other... Blocked Other liabilities and capital National Bank of Belgium (millions of francs): Gold Foreign claims and balances (net). Loans and discounts Consolidated Govt. debt Govt. securities Other assets Note circulation Deposits—Demand ECA Other liabilities and capital Central Bank of Bolivia—Monetary dept. (millions of bolivianos): Gold at home and abroad Foreign exchange (net) Loans and discounts Govt. securities Other assets Note circulation Deposits Other liabilities and capital Central Bank of Ceylon (millions of rupees): Foreign exchange Advances to Govt Govt. securities Other assets Currency in circulation Deposits—Government Banks Other liabilities and capital Central Bank of Chile (millions of pesos): Gold Foreign exchange (net) Net claims on Intl. Fund 1 Discounts for member banks Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities and capital Bank of the Republic of Colombia (millions of pesos): Gold and foreign exchange Net claim on Intl. Fund* Loans and discounts Govt. loans and securities Other assets Note circulation Deposits Other liabilities and capital Central Bank of Costa Rica (millions of colones): Gold Foreign exchange Net claim on Intl. Fund * Loans and discounts Securities Other assets Note circulation Demand deposits Other liabilities and capital National Bank of Cuba (millions of pesos): Gold June 1956 May 2,169 2,066 2,005 9,793 9,046 8,632 6,286 6,601 6,515 i;343 1,343 1,343 612 599 614 14,773 14,635 14,239 1,342 1,101 1,731 988 1,126 986 823 1,058 902 1,729 1,725 1,807 42,298 9,305 15,140 34,456 9,525 5,802 110,801 1,154 20 4,551 42,108 10,770 13,596 34,456 8,743 5,700 109,625 1,383 20 4,345 42,435 11,056 13,969 34,456 7,755 5,844 109,343 1,895 20 4,256 (Apr.) 668 33,246 257,805 7,951 5,483 175,161 18,095 111,895 598 31 34 11 459 7 97 112 588 27 46 8 459 4 97 109 609 21 27 8 463 6 90 106 4,254 1,081 19 13,099 26,077 51,738 22,877 69,329 7,428 2,355 40,033 4,774 1,056 19 12,047 26,245 54,724 26,952 71,976 7,241 5,089 41,510 5,598 1,030 19 11,112 26,245 51,542 26,427 70,937 7,098 2,357 41,580 409 52 898 699 606 931 1,274 460 382 52 799 695 436 954 1,086 323 327 52 624 696 397 864 910 321 12 88 7 98 16 22 153 53 37 12 94 7 95 17 19 155 52 36 12 94 7 91 18 22 154 50 39 136 136 July July National Bank of Cuba—Cont. Foreign exchange (net) 1,744 Foreign exchange (Stabilization 7,780 Fund) , 6,076 Net claim on Intl. Fund l , 1,703 Loans and discounts , 575 Credits to Government , 13,630 Other assets 845 Note circulation , 501 Deposits 1,416 Other liabilities and capital 1,486 N: lational Bank of Czechoslovakia2 National Bank of Denmark (millions of kroner): 48,239 Gold 10,875 Foreign exchange 6,890 Loans and discounts 34,660 Securities 7,158 Govt. compensation account 5,752 Other assets 108,470 Note circulation , 1,224 Deposits—Government 40 Other 3,839 Other liabilities and capital 820 145 493 3,023 755 2,151 1,519 1,382 252 June 1956 May July 206 201 172 185 45 112 76 448 279 32 177 -10 41 100 75 451 243 28 214 13 33 100 76 426 294 24 68 773 228 492 3,023 712 2,203 1,527 1,319 248 68 501 176 491 3,047 1,150 2,195 1,550 1,433 256 68 694 189 489 3,073 662 2,096 1,353 1,478 251 Central Bank of the Dominican Republic (thousands of pesos): 11.405 11,405 11,405 Gold Foreign exchange (net) 15,758 14,897 11,732 Net claim on Intl. Fund l 2,500 2,500 2,500 Loans and discounts 2,973 2,973 4,973 Govt. securities , 7,830 7,830 7,830 Other assets , 22,682 22,099 22,131 Note circulation 48,120 48,509 47,567 Demand deposits 11,558 9,685 9,571 Other liabilities and capital , 3,472 3,510 3,434 719 OCentral Bank of Ecuador (millions of sucres): 11 325 325 325 Gold , 13 46 38 -19 Foreign exchange (net) , 439 -3' -37 38 Net claim on Intl. Fund * , 530 521 525 125 Credits—Government 302 247 212 Other 97 246 241 250 Other assets 82 714 690 664 Note circulation 234 203 200 Demand deposits—Private banks, 171 151 155 9,784 Other 293 290 311 794 Other liabilities and capital National Bank of Egypt (millions of 5,943 pounds): 15,987 Gold 66 66 64 24,079 99 98 Foreign assets , 98 16 164 26,489 Egyptian Govt. securities 162 -26 -6 53,394 Clearing and other accounts (net), -161 6,599 22 Loans and discounts , 23 21! 7,196 2 2 Other assets 15,887 188 197 207 Note circulation 8 8 Deposits—Egyptian Government, 5 114 111 Other 112| 324 20 18 Other liabilities and capital 19 31 Central Reserve Bank of El Salvador 467 (thousands of colones): 564 78.663 78,706 78,740 Gold 128 70,563 71,846 51,856 Foreign exchange (net) 714 1,562 1,562 1,562 Net claim on Intl. Fund* 528 65,296 66,036 80,280 Loans and discounts 272 12,145 12,068 12,204 Govt. debt and securities 7,462 7,949 7,793 Other assets 100.806 101,650 101,428 Note circulation .23;042 124,228 118,990 Deposits 11,844 12,288 12,017 Other liabilities and capital 7Biank of Finland (millions of markkaa): 91 7.849 7,849 7,849 Gold 9 Foreign assets and liabilities (net) 15,241 11,105 11,990 24 37,679 50,760 44,069 Loans and discounts 146 16,250 16,250 16,250 Securities—Government 41 1.510 1,547 Other 1,556 34 13.656 13,610 12,166 Other assets 53,471 56,Ml 56,311 Note circulation 5,132 11,476 5,180 Deposits 136 33,582 33,469 32,389 Other liabilities and capital '668 488 99,400 2,505 '955 84,443 14.429 5,142 r Revised. * Latest month available. 1 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 For last available reports for Czechoslovakia and Hungary (March and February 1950, respectively), see BULLETIN for September 1950, pp. 1262-1263. 1957 Central bank, monetary unit, and item 12,526 14,995 1,250 2,973 8,360 17,907 45,931 9,379 2,700 344 -113 19 535 301 232 661 191 151 315 61 111 110 -5 15 2 166 4 3106 19 70,583 49,670 1,573 58,705 12,669 7,145 92,940 96,323 11,083 7,849 19,181 46,287 18,750 2,013 14,035 58,281 5,833 44,000 3 Includes figure for Sudan Government. NOTE.—All figures, including gold and foreign exchange, are compiled from official reports of individual banks and are as of the last report date of the month. 1107 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued July 4 1956 1957 Central bank, monetary unit, and item June May Bank of German States (millions of German marks): 8,887 8,478 8,035 Gold 12,571 12,127 12,063 Foreign exchange 1,962 2,964 2,086 Loans and discounts 4,229 3,911 4,103 Loans to Government 1,029 1,049 1,054 Other assets 15,545 15,437 15,333 Note circulation 5,781 5,316 5,513 Deposits—Government 4,861 5,233 4,289 Banks 187 208 225 Other 2,304 2,335 1,981 Other liabilities and capital Bank of Greece (millions of drachmae): 5,945 6,456 Gold and foreign exchange (net).. 169 175 Loans and discounts 7,532 7,505 Advances—Government 5,093 4,967 Other 2,214 2,175 Other assets 5,824 5,899 Note circulation 1,069 1,104 Deposits—Government Reconstruction and 7,112 7,11 relief accts 5,515 5,203 Other 1,435 Other liabilities and capital , 1,961 Bank of Guatemala (thousands of quetzales): 27,254 27,243 Gold 45,171 47,119 Foreign exchange (net) 1,250 1,250 Gold contribution to Intl. Fund. . 7,256 6,878 Rediscounts and advances 40,077 41,277 Other assets 57,190 56,868 Circulation—Notes Coin 4,16' 4,146 Deposits—Government 8,571 7,471 25,074 26,265 Banks 26,005 29,016 Other liabilities and capital 2 National Bank of Hungary Reserve Bank of India (millions of rupees): Issue department: 1,178 1,178 1,178 Gold at home and abroad 5 . . . . 4,005 4.125 4,125 Foreign securities 8,868 9,248 9,399 Indian Govt. securities 1,302 1,266 1,258 Rupee coin , 14,988 15,422 15,700 Note circulation Banking department: 364 395 Notes of issue department.... 260 197 408 Balances abroad 426 31 1 23 Bills discounted 262 239 Loans to Government 190 3,549 3,226 2,84' Other assets 3,090 2,620 2,149 Deposits 1,313 1,650 1,59' Other liabilities and capital Bank Indonesia (millions of rupiahs): 448 27< Gold and foreign exchange (net). 139 826 998 972 Loans and discounts 15,787 14,336 14,26 Advances to Government 685 550 466 Other assets 11,396 10,539 10,20 Note circulation 282 282 282 Deposits—ECA 4,221 3,553 3,582 Other 1,84' 1,781,773 Other liabilities and capital Bank Melli Iran (millions of rials): 4,533 4,533 4,533 Gold Foreign exchange 663 663 663 Gold contribution to Intl. Fund. 7,923 7,923 7,923 Govt.-secured debt 12,312 11,57. 11,324 Govt. loans and discounts 6,560 6,498 6,835 Other loans 6and discounts 15,930 13,070 14,233 Other assets 11.249 11,273 11,215 Note circulation 7', 12" 4,651 5,11 Deposits—Government 1,65' 1,500 1,520 Banks 17,153 16,060 17,119 Other Special Account—Profits of reval7,110 7,110 7,11C uation 3,624 3,66^ 3,42S Other liabilities and capital Central Bank of Ireland (thousands of pounds): 2,646 2,64i 2,646 Gold 70,76' 70,44 70,284 Sterling funds 73,413 73,08' 72,93i Note circulation July Bank of Israel (thousands of pounds): Gold Foreign exchange Clearing accounts (net) Loans and discounts Advances to Government Other Govt. accounts Govt. securities Other assets Notes and coin in circulation Deposits—Government.... Other Other liabilities and capital 933 Bank of Italy (billions of lire): 172 Gold ,959 Foreign exchange Advances to Treasury 925 Loans and discounts 266 Govt. securities 981 Other assets Note circulation 408 Deposits—Government.... 831 Demand 200 Other Other liabilities and capital Bank of Japan (billions of yen): 240 Bullion 981 Loans and discounts 250 Govt. securities 494 Other assets 566 Note circulation 804 Deposits—Government Other Other liabilities 411 299 Bank of Mexico (millions of pesos): Monetary reserve8 124 "Authorized" holdings of securities, etc Bills and discounts Other assets 400 Note circulation 5,16' Demand liabilities 7,086 Other liabilities and capital 1,120 N e t h e r l a n d s B a n k (millions of 4,443 guilders) : Gold Silver (including subsidiary coin).. 330 428 Foreign assets (net) Loans and discounts 33 Govt. debt and securities 52 Other assets 1,22Note circulation , 1,486 580 Deposits—Government , ECA Other 628 899 Other liabilities and capital 8,635 Reserve Bank of New Zealand (thou425 sands of pounds): 7,822 Gold 327 Foreign exchange reserve 1,505 Loans and discounts 933 Advances to State or State undertakings 4,242 Investments 244 Other assets 28: Note circulation ,18' Demand deposits ,440 Other liabilities and capital ,687 Bank of Norway (millions of kroner): Gold |27Foreign assets (net) ,28. Clearing accounts (net) 923 Loans and discounts ,679 Securities Occupation account (net) Other assets 3,09' Note circulation Deposits—Government Banks ,64i FOA ,155 Other liabilities and capital ,983 ,883 ,482 127 984 194 588 795 223 658 4 Includes figures for the nine Land Central Banks. 5 In October 1956, gold held by bank was revalued from 8.47512 to 2.88 grains of fine gold per rupee. 6 Includes (1) gold and foreign exchange in banking department and (2) in May 1957, the profit resulting from revaluation of gold from .0275557 to .0117316 grams of fine gold per rial. Central bank, monetary unit, and item 7 1957 July 8,954 02,349 -1,560 24,499 65,150 20,390 49,878 12,175 !41,111 35,001 79,214 26,509 June 1956 May 8,944 8,941 93,934 100,767 2,006 4,088 27,395 32,045 67,668 36,792 13,425 110,080 50,172 150,424 10,895 31,775 141,855 239,620 27,339 31,014 79,875 179,230 25,371 25,049 July 2,112 106,150 2,455 22,789 51,666 52,045 146,228 16,233 211,393 28,980 143,021 16,284 4 71 567 440 418 1,111 1,712 4 147 576 173 4 71 567 471 423 994 1,667 3 149 543 168 4 71 567 447 423 977 1,644 5 122 555 163 4 70 567 443 384 917 1,609 16 93 511 157 () 484 243 137 664 44 () 476 218 161 677 53 37 87 () 325 300 192 639 54 35 1,794 1,899 1,934 () 70 464 222 598 47 36 77 1,783 4,217 1,061 853 5,140 2,037 748 4,549 1,041 831 5,101 2,496 723 1,019 508 5,039 2,696 713 4,963 715 419 4,817 2,314 748 3,020 9 641 200 73: 369 4,166 3,050 3,050 8| 8 697 731 153 56 660 759 403 414 3,968 4,041 97 230 230 479 550 197 196 3,226 3 1,176 93 660 361 4,141 29 419 721 209 6,162 6.162 6,16: 57,478 55;307 46,39: 32,151 34,691 37,84: 6,162 52,056 33,682 26,398 38,124 1,502 72,030 80,679 9,107 30,407 38,124 1,581 72,712 81,297 12,263 26,333 43,123 1,979 72,711 77,341 11,786 32,409 38,173 1,597 69,332 85,931 8,816 205 220 10 8 11 5,546 213 223 -1 85 107 5,546 121 3,284 1,688 310 26 221 279 -26 105 107 5,546 87 3,161 1,708 40' 26 1,020 208 -49 -39 122 75 5,546 104 3,220 1,291 537 23 897 1 575 214 3,2! 1,482 465 26 1,008 Holdings in each month were 448 million yen. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. For other notes see opposite page. 1108 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1957 Central bank, monetary unit, and item State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad Foreign exchange—Approved.. Other Pakistan Govt. securities Rupee coin Notes in circulation Banking department: Notes of issue department Bills discounted Loans to Government . . Other assets Deposits Other liabilities and c a p i t a l . . . . Central Bank of Paraguay (millions of guaranies): Gold Foreign exchange (net) 1 . Net claim on Int. Fund Loans and discounts Govt loans and securities July 115 861 57 1 ,799 430 56 3 ,202 115 ,038 57 1 ,692 430 53 3 ,250 149 117 1 136 1 1 143 1 172 1 01? 927 202 918 858 197 1 ,362 7?? 67 795 1 ,617 114 2 411 696 208 Note circulation 57 237 137 5?4 164 681 51 241 137 511 163 688 86 86 Coin Demand deposits ?24 105 Other liabilities and capital Bank of Portugal (millions of escudos): 5 94? 866 Gold 13 ,566 13 ,626 Foreign exchange (net) 1,609 1 ,297 Loans and discounts 1,370 1 ,376 Advances to Government 918 1 890 1 Other assets 496 ?00 Note circulation 2 ,140 1 ,835 Demand deposits—Government.. 18 40 ECA 7 ,675 7 ,931 Other Other liabilities and capital 3 076 3 049 South African Reserve Bank (millions of pounds): 80 83 Gold 36 43 Foreign bills 16 Other bills and loans. ?5 43 41 Other assets 114 114 Note circulation 55 55 Deposits 15 13 Other liabilities and capital Bank of Spain (millions of pesetas): 618 618 Gold 323 323 Silver 16 365 16 100 Govt. loans and securities 56 ,959 52 ,841 Other loans and discounts 66 ,551 62 ,716 Other assets 60 ?80 57 684 Note circulation r July Bank of Sweden (millions of kronor): Gold Foreign assets 115 Net claim on Intl Fund 1 1,133 Swedish Govt. securities and ad-2 57 vances to National Debt Office . Other domestic bills and advances. 1 ,156 430 Other assets '67 Note circulation 2 ,811 Demand deposits—Government.. Other 148 Other liabilities and capital 6 Swiss National Bank (millions of francs) : 653 Gold 6?9 Foreign exchange 178 Other assets Note circulation 10 589 53 1 ,746 706 254 1 ,246 508 Loans and discounts to banks... Loans to Government Other Other liabilities and capital May 115 739 57 1 ,820 430 58 3 ,071 Note and coin issue Deposits—Government Other Other liabilities and capital Central Reserve Bank of Peru (millions of soles): Other liabilities and capital Central Bank of the Philippines (millions of pesos): Gold Foreign exchange Loans .. Domestic securities Other assets June 696 67 857 1 ,584 166 ? 385 731 253 50 271 118 540 160 703 86 246 103 5 889 13 ,665 1 ,275 1 ,374 1 910 11 1 ,775 90 8 ,074 3 046 83 44 73 4? 113 68 12 618 323 14 571 51 ,734 64 ,054 56 694 2 745 1 861 1 500 17.282 r7 147 16 ,633 61 ,009 55 ,906 56 ,474 11 Sight liabilities 329 Other liabilities and capital 53 Central Bank of the Republic of Turkey 1 ,509 (millions of pounds): 480 Gold 154 Foreign exchange and foreign 1,119 clearings ?64 Loans and discounts 187 Securities 966 Other assets Note circulation Deposits—Gold . . . 485 Other 67 Other liabilities and capital 855 Bank of the Republic of Uruguay (mil1,293 lions of pesos): 176 Gold.. 2 187 Silver 420 Advances to State and Govt. 269 bodies Other loans and discounts Other assets 38 Note circulation 388 Deposits—Government 143 Other 37? Other liabilities and capital 136 Central Bank of Venezuela (millions of bolivares): 677 86 Gold 289 Foreign exchange (net) 74 Other assets Note circulation 5 695 Deposits . 13 ,514 Other liabilities and capital ,071 National Bank of Federal People's Re1 ,374 public of Yugoslavia (billions of 1 441 dinars): 10 Gold 1 ,790 Gold contribution to Intl Fund Foreign assets 88 8 ,013 Loans (short-term) Govt. debt (net) 2 583 Other assets Notes and coin in circulation 75 Demand deposits 32 Foreign liabilities . . 7? Long-term liabilities (net) 48 Other liabilities and capital . 110 Bank for International Settlements 52 (millions of Swiss gold francs): 17 Gold in bars Cash on hand and with b a n k s . . . . 617 Rediscountable bills and accept322 ances (at cost) 15 8?9 Time funds at interest 42 ,943 Sundry bills and investments 54 ,894 Funds invested in Germany 48 599 Other assets 6 667 11 011 48 ,329 Revised. 1 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Includes small amount of nongovernment bonds. Central bank, monetary unit, and item 1957 July July May 513 509 1,300 129 1,272 129 509 1 ,214 129 574 921 129 4,616 15 932 5,246 241 279 1,739 4 ,493 16 931 5 ,461 103 127 ,660 4 ,411 124 933 5 ,299 213 143 1 ,665 3 ,971 21 989 4 ,949 210 289 1 ,158 7,095 6 ,917 676 229 6 837 611 161 105 5 ,538 1 95^? 223 6 ,763 611 150 10? 5 ,264 ,145 218 402 40? 40? 40? 486 4,405 33 265 2,801 155 1,916 415 4 434 33 254 2 ,816 155 1 841 726 273 4 730 33 244 2 ,703 155 1 614 711 527 176 98 5,531 2,135 229 719 199 95 5 ,635 7 0?4 ?78 2,099 2,020 203 1,295 499 2,527 1 947 ,015 227 1 ,277 579 2 ,332 180 3 ,650 29 228 2 ,126 155 1 573 635 3?7 9 10 261 590 784 561 204 373 784 256 497 589 49? 201 357 1 947 1 ,406 181 1 .272 514 I ,748 1 ?34 634 182 1 ,077 34? 6?9 631 5 2 39 779 94 32 93 363 81 796 118 2 67 892 17 66 82 177 120 489 181 5 504 48 627 54 453 56 633 57 508 410 649 297 1 611 185 754 297 1 703 1 286 229 310 775 151 708 297 556 780 Other Long-term deposits: Special Other liabilities and capital June 1956 1 099 229 308 547 1 358 229 308 529 297 1 69? 977 229 295 NOTE.—All figures, including gold and foreign exchange, are compiled from official reports of individual banks and are as of the last report date of the month. 1109 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1955 Month effective NethBelGerer- Spain gium France many Greece lands In effect Dec. 31, 1955 3.0 3.0 1956—Feb Mar Apr May June 3.5 2.50 9.0 Swe- Switzerden land 3.75 3.75 1.5 Tur- United Cankey Kingada dom 4.5 3.00 5.5 3.00 10 0 6.0 3 25 Aus Sept Oct Nov Dec 5.0 3.75 5 0 4 0 May June July Aug 2 5 4.5 5.0 In effect Aug. 31, 1957 4.5 5.0 4.5 10.0 4.25 5.00 5 00 5 00 5.00 5.00 5.00 4.5 3.0 3.25 3.50 33.77 3.50 3.92 4 00 4.5 Apr 1.5 3 25 4.25 3.5 1957_jan Feb Mar El Ja- PhilipSalpan 2 pines Chile 2 vador 2 2.75 3.00 8.03 4.5 4.5 5 5 India 2.5 6.0 5.0 3.95 4 01 3.95 8.40 4 00 4 4.01 4.00 9.i3 4.06 4 05 4.28 2 0 4.28 4.00 9.13 2.0 6 6 4.0 6.0 4.0 Other selected central banks—rates in effect on Aug. 31, 1957 Area and country Europe: Austria Denmark Italy Norway Portugal Rate Month effective 5.0 5.5 4.0 3.5 2.5 Nov. 1955 May 1955 Apr. 1950 Feb. 1955 Jan. 1944 Area and country Month effective Rate Asia: Burma Ceylon Indonesia2... Pakistan 3.0 2.5 3.0 3.0 Feb. June Apr. July 1948 1954 1946 1948 1 Rates shown represent mainly those at which the Central bank either discounts or makes advances against eligible commercial paper and/or government securities for commercial banks or brokers. For countries with more than one rate applicable to such discounts or advances, the rate shown is the one at which the largest proportion of central bank credit operations is understood to be transacted. In certain cases other rates for these countries are given in the following note. 2 Discounts or advances at other rates include: Japan—various rates depending on type of paper or transaction and extent of borrowing from central bank, including 8.40 per cent for discount of paper related to domestic commercial transactions (rate shown is for advances on commercial paper and miscellaneous collateral); Chile—rates in excess of 6 per cent Area and country Rate Month effective Asia—Cont.: Thailand Latin America: 2 7.0 Feb. 1945 Costa Rica .. 3.0 Mexico 4.5 Peru 2 6.0 Apr. 1939 June 1942 Nov. 1947 Area and country Rate Latin America— Cont: Venezuela 2.0 All other: New Zealand. 7.0 South Africa. 4.5 Month effective May 1947 Oct. 1955 Sept. 1955 are applied to rediscounts in excess of 50 per cent of the rediscounting bank's capital and reserves; El Salvador—3 per cent for agricultural and industrial paper; Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper); and Peru—4 per cent for industrial paper and mining paper, and 3 per cent for most agricultural paper. 3 Since Nov. 1, the discount rate is set each week at l/4 per cent above the latest average tender rate for Treasury bills. 4 Since May 16, this rate applies to advances against commercial paper as well as against government securities and other eligible paper. OPEN MARKET RATES [Per cent per annum] Canada France United Kingdom Month Treasury Day-tobills day 3 months 1 money 2 Bankers' Treasury acceptbills ances 3 months 3 months Day-today money Bankers' allowance Day-today on money deposits Netherlands Treasury Day-tobills day 3 months money Sweden Switzerland Loans Private up to discount 3 months rate 1954 Dec 1955 Dec 1.08 2.59 .78 2.42 1.78 4.22 1.78 4.08 1.45 3.10 1.25 2.50 3.29 2.99 .77 1.06 .57 .62 31/&-51/2 414-61/2 1.50 1.50 1956 Aug Sept 2.94 3.06 3.30 3.40 3.61 2.63 2.67 2.83 2.89 3.18 5.08 5.18 5.14 5.08 5.07 5.03 5.11 5.04 3.50 3.50 3 50 3.50 3.50 3.02 3.00 3.47 3.71 3.55 3.00 3.00 3.18 3.25 3.48 1.50 1.50 1 50 1.50 1.50 4y4-6y2 5.01 4.94 4.14 4.26 4.21 4.24 4.15 1.50 1.50 I 50 .50 1.50 3.70 3 76 3.71 3.72 3.77 3.80 3.81 3.27 3.48 3.65 3.69 3.71 3.80 3.72 4.85 4 44 4.25 4.18 4.04 4.08 4.06 4.69 4.30 4.07 4.01 3.84 3.87 3.85 4.06 3.66 3.55 3.59 3.48 3.45 3.45 3.50 3 10 3.00 3.00 3.00 3.00 3.00 3.54 3.36 3.71 3.97 4.11 5.78 3.58 3.47 3.61 3.63 3.59 3.60 3.81 1.50 1.50 1.50 1.50 1.50 1.50 1.50 41/4-634 41/2-634 41/2-634 41/2-634 4%-6% 4i/ 2 -6 3 4 Oct Nov Dec 1957 Jan Feb M^ar Apr May June July 1 Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. 414-61/2 4i4_6i/ 2 4y2-6y4 41/2-634 5 3 4-8 [.69 L 75 L .75 1.75 1.75 >.5O 2.50 1110 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. Argentina (peso) Year or month Preferential Basic In cents per unit of foreign currency] Australia (pound) Austria (schilling) Belgium (franc) British Malaysia (dollar) Canada (dollar) Ceylon (rupee) Free 20.000 13.333 20.000 13.333 20.000 13.333 20.000 13.333 120.000 113.333 25.556 7.067 7.163 7.198 7.198 17.183 32.835 223.07 222.63 224.12 223.80 222.41 222.76 3.8580 3.8580 3.8580 3.8580 1.9859 1.9878 2.0009 1.9975 1.9905 2.0030 32.849 32.601 32.595 32.641 32.624 32.582 94.939 102.149 101.650 102.1'24 101.401 101.600 20.849 20.903 21.046 21.017 20.894 20.946 1956—Aug. Sept. Oct.. Nov. Dec. 5.556 5.556 5.556 5.556 5.556 3.249 3.190 3.177 2.987 2.806 221.76 221.76 221.88 221.71 221.92 3.8580 3.8580 8580 8580 8580 2.0049 2.0064 2.0084 2.0022 1.9945 32.368 32.373 32.384 32.360 32.475 101.907 102.274 102.732 103.725 104.095 20.858 20.873 20.878 20.871 20.881 1957—Jan.. Feb., Mar. Apr. May, June July. Aug. 5.556 5.556 556 556 556 5.556 5.556 5.556 2.642 2.681 2.586 2.478 2.564 2.477 2.365 2.303 222.17 222.96 222.55 222.22 222.39 222.33 222.14 221.73 3.8570 3.8536 3.8536 8536 8536 8536 8536 3.8536 1.9912 1.9900 1.9900 1.9887 1.9862 1.9875 1.9908 1.9865 32.529 32.561 32.532 32.512 32.526 32.523 32.495 32.431 104.085 104.334 104.577 104.184 104.638 104.891 105.150 105.470 20.948 20.960 20.921 20.890 20.895 20.898 20.890 20.862 Germany (deutsche mark) India (rupee) Ireland (pound) Japan (yen) Mexico (peso) 280.38 279 68 281.27 280.87 279.13 279.57 1951 1952 1953 1954 1955 1956 Year or month 1951. 1952. 1953. 1954. 1955. 1956. Denmark (krone) 14.491 14.492 Finland (markka) France (franc) .4354 .4354 .4354 .4354 .4354 .4354 .2856 .2856 .2856 .2856 .2856 .2855 23.838 23.838 23.838 23.765 23.786 20.869 20.922 21.049 21.020 20.894 20.934 5.2779 11.564 11.588 11.607 9.052 8.006 8.006 1956—Aug.. Sept.. Oct.. . Nov.. Dec. .4354 .4354 .4354 .4354 .4354 .2855 .2855 .2855 .2855 .2855 23.853 23.853 23.843 23.832 23.823 20.830 20.840 20.856 20.840 20.861 278.31 278.31 278.46 278.25 278.50 5.2779 .2779 8.006 8.006 8.006 8.006 8.006 1957_Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .2855 .2855 .2855 .2855 .2856 .2855 .2856 4.2857 23.808 23.797 23.793 23.790 23.796 23.798 23.800 23.800 20.939 20.947 20.913 20.890 20.896 20.896 20.884 20.844 279.57 279.81 279.30 278.89 279.10 279.02 278.78 278.27 .2779 .2779 .2779 .2779 .2779 .2779 .2779 .2779 8.006 8.006 8.006 8.006 8.006 8.006 8.006 8.006 Netherlands (guilder) New Zealand (pound) Norway (krone) Philippine Republic (peso) Portugal (escudo) South Africa (pound) Sweden (krona) Switzerland (franc) United Kingdom (pound) 1951 1952 1953 1954 1955 1956 26.264 26.315 26.340 26.381 26.230 26.113 277.19 276.49 278.48 278.09 276.36 276.80 14.015 14.015 14.015 14.008 14.008 14.008 49.639 49.675 49.676 49.677 49.677 49.676 3.4739 3.4853 3.4887 3.4900 3.4900 3.4900 278.33 278.20 280.21 279.82 278.09 278.52 19.327 19.326 19.323 19.333 19.333 19.333 23.060 23.148 23.316 23.322 23.331 23.334 279.96 279.26 281.27 280.87 279.13 279.57 1956—Aug. Sept. Oct.. Nov. Dec. 26.111 26.110 26.124 26.105 26.101 275.55 275.55 275.70 275.49 275.75 14.008 14.008 14.008 14.008 14.008 49.677 49.677 49.677 49.677 49.674 3.4900 3.4900 3.4900 3.4900 3.4900 277.27 277.26 277.42 277.21 277.46 19.333 19.333 19.333 19.333 19.333 23.335 23.335 23.331 23.335 23.335 278.31 278.30 278.46 278.25 278.50 1957—Jan.. Feb.. Mar. Apr. May June July. Aug. 26.106 26.111 26.119 26.137 26.134 26.106 26.121 26.103 276.80 277.04 276.54 276.12 276.33 276.26 276.02 275.52 14.008 14.008 14.008 14.008 14.008 14.008 14.008 14.008 49.677 49.687 49.695 49.695 49.695 49.695 49.695 49.695 3.4900 3.4900 3.4900 3.4900 3.4900 3.4900 3.4900 3.4900 278.53 278.76 278.26 277.84 278.05 277.98 277.74 211.23 19.333 19.333 19.333 19.333 19.333 19.333 19.333 19.329 23.329 23.308 23.318 23.329 23.335 23.335 23.332 23.335 279.57 279.81 279.30 278.89 279.10 279.02 278.78 278.27 Year or month 1 Annual averages based on quotations through Oct. 27, 1955. 2 Official rate. The basic and preferential rates were discontinued and the new official rate of 18 pesos per U. S. dollar became effective Oct. 28, 1955. 3 New free market rate became effective Oct. 28, 1955. 4.2376 4 On Aug. 12, 1957, the French authorities established an effective rate of 420 francs per U. S. dollar applicable to most foreign exchange transactions. The rate of 350 francs per U. S. dollar will remain in effect for all other transactions. 5 Based on quotations beginning Nov. 26, 1956. BOARD OF GOVERNORS of the Federal Reserve System W M . M C C . MARTIN, JR., Chairman M. S. SZYMCZAK C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board DIVISION OF BANK OPERATIONS OFFICE OF THE SECRETARY ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KENYON, Assistant CLARKE L. FAUVER, Assistant J. E. HORBETT, Associate Director GERALD M. CONKLINO, Assistant Secretary JOHN R. FARRELL, Assistant Secretary Director Director DIVISION OF EXAMINATIONS LEGAL DIVISION ROBERT C. MASTERS, Director HOWARD H. HACKLEY, General Counsel C. C. HOSTRUP, Assistant FREDERIC SOLOMON, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner THOMAS J. O'CONNELL, Assistant HENRY BENNER, Assistant Director FRED A. NELSON, Assistant Director GLENN M. GOODMAN, Assistant General Director Director Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser Director DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser LISTON P. BETHEA, ROLAND I. ROBINSON, Adviser KENNETH B. WILLIAMS, Assistant SUSAN S. BURR, Assistant ALBERT R. KOCH, Assistant Director Director Director JOSEPH E. KELLEHER, Assistant Director OFFICE OF DEFENSE LOANS Director LEWIS N. DEMBITZ, Assistant GARDNER L. BOOTHE, II, Director Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, M. B. DANIELS, Assistant ARTHUR W. MARGET, Director Controller 1111 Controller 1112 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 Federal Open Market Committee W M . M C C . MARTIN, JR., CARL E. ALLEN C. CANBY BALDERSTON MALCOLM BRYAN Chairman ALFRED HAYES, H. G. LEEDY A. L. MILLS, JR. J. L. ROBERTSON CHAS. N. SHEPARDSON Vice Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS WINFIELD W. RIEFLER, Secretary KARL R. BOPP, Associate Economist ELLIOTT THURSTON, Assistant Secretary MERRITT SHERMAN, Assistant Secretary HOWARD H. HACKLEY, General Counsel FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist THOMAS R. ATKINSON, Associate Economist ARTHUR W. MARGET, Associate Economist GEORGE W. MITCHELL, Associate Economist H. V. ROELSE, Associate Economist CLARENCE W. TOW, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON ADRIAN M. MASSIE, NEW YORK WILLIAM R. K. MITCHELL, PHILADELPHIA FRANK R. DENTON, CLEVELAND, Vice President ROBERT V. FLEMING, RICHMOND, President HERBERT V. PROCHNOW, Secretary COMER J. KIMBALL, ATLANTA HOMER J. LIVINGSTON, CHICAGO LEE P. MILLER, ST. LOUIS GORDON MURRAY, MINNEAPOLIS R. CROSBY KEMPER, KANSAS CITY WALTER B. JACOBS, DALLAS FRANK L. KING, SAN FRANCISCO WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killian, Jr., Deputy Chairman Frederick S. Blackall, jr. Oliver B. Ellsworth William D. Ireland Harold I. Chandler Milton P. Higgins Harry E. Umphrey Harvey P. Hood J. A. Erickson, President D. H. Angney Ansgar R. Berge George H. Ellis E. O. Latham, First Vice President Vice Presidents Benjamin F. Groot Dana D. Sawyer O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Charles W. Bitzer Ferd I. Collins Clarence Francis Augustus C. Long Franz Schneider Forrest F. Hill, Deputy Chairman Howard C. Sheperd Lansing P. Shield FEDERAL RESERVE BANKS AND BRANCHES 1113 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents Robert V. Roosa Robert G. Rouse Walter H. Rozell, Jr. H. A. Bilby John Exter M. A. Harris H. H. Kimball H. V. Roelse Vernon Alexander Leland B. Bryan Charles H. Diefendorf BUFFALO BRANCH—BOARD OF DIRECTORS Raymond E. Olson Ralph F. Peo I. B. Smith, in charge of Buffalo Branch T. G. Tiebout V. Willis R. B. Wiltse John W. Remington Clayton G. White, Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England R. Russell Pippin Lester V. Chandler Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents E. C. Hill Wm. G. McCreedy Karl R. Bopp Robert N. Hilkert P. M. Poorman J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman John A. Byerly Joseph B. Hall George P. MacNichol, Jr, King E. Fauver Charles Z. Hardwick Frank J. Welch Edison Hobstetter W. D. Fulton, President Dwight L. Allen Roger R. Clouse C. Harrell L. Merle Hostetler Roger Drackett Bernard H. Geyer Frank C. Irvine John H. Lucas Douglas M. Moorhead Donald S. Thompson, First Vice President Vice Presidents R. G. Johnson, in charge of A. H. Laning Cincinnati Branch Martin Morrison J. W. Kossin, in charge of H. E. J. Smith Pittsburgh Branch Paul C. Stetzelberger CINCINNATI BRANCH—BOARD OF DIRECTORS Anthony Haswell, Chairman W. Bay Irvine Ivan Jett PITTSBURGH BRANCH—BOARD OF DIRECTORS Ben Moreell Sumner E. Nichols Franklin A. McCracken William A. Mitchell John C. Warner, Chairman Irving W. Wilson 1114 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Daniel W. Bell D. W. Colvard Robert Gage Joseph E. Healy L. Vinton Hershey Hugh Leach, President Chairman Robert O. Huffman W. A. L. Sibley Edw. A. Wayne, First Vice President Vice Presidents D. F. Hagner, in charge of Baltimore Branch Aubrey N. Heflin Upton S. Martin N. L. Armistead R. L. Cherry, in charge of Charlotte Branch J. Dewey Daane J. M. Nowlan James M. Slay Thomas I. Storrs C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns Wm. Purnell Hall, Chairman Stanley B. Trott Clarence R. Zarfoss James W. McElroy Charles A. Piper John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS William H. Grier, Chairman Charles D. Parker G. G. Watts T. Henry Wilson Ernest Patton I. W. Stewart Paul T. Taylor District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Roland L. Adams W. C. Bowman Harllee Branch, Jr., Deputy William C. Carter Henry G. Chalkley, Jr. Donald Comer Malcolm Bryan, President Chairman Joseph T. Lykes Pollard Turman Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman J. E. Denmark H. C. Frazer, in charge of Birmingham Branch T. A. Lanford, in charge of Jacksonville Branch John L. Liles, Jr. R. E. Moody, Jr., in charge of Nashville Branch Harold T. Patterson L. B. Raisty Earle L. Rauber S. P. Schuessler M. L. Shaw, in charge of New Orleans Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher, Chairman Robert M. Cleckler John R. Downing E. W. McLeod Malcolm A. Smith John E. Urquhart Adolph WeU, Sr. JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen W. E. Ellis James G. Garner James L. Niblack J. Wayne Reitz, Chairman Harry M. Smith McGregor Smith 1115 FEDERAL RESERVE BANKS AND BRANCHES District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NASHVILLE BRANCH—BOARD OF DIRECTORS J. R. Kellam, Jr. Ernest J. Moench A. Carter Myers, Chairman Jo H. Anderson Stewart Campbell Frank B. Ward C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer Joel L. Fletcher, Jr. H. A. Pharr E. E. Wild, Chairman J. Spencer Jones G. H. King, Jr. D. U. Maddox District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS J. Stuart Russell, Deputy Chairman Bert R. Prall, Chairman and Federal Reserve Agent Vivian W. Johnson Robert P. Briggs William J. Grede Nugent R. Oberwortmann Walter J. Cummings William A. Hanley Walter E. Hawkinson Carl E. Allen, President Neil B. Dawes W. R. Diercks A. M. Gustavson Paul C. Hodge E. C. Harris, First Vice President Vice Presidents C. T. Laibly A. L. Olson George W. Mitchell R. A. Swaney, in charge of Detroit Branch H. J. Newman W. W. Turner DETROIT BRANCH—BOARD OF DIRECTORS Howard P. Parshall John A. Hannah, Chairman C. V. Patterson Ira A. Moore Raymond T. Perring Ernest W. Potter J. Thomas Smith District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS Pierre B. McBride, Chairman and Federal Reserve Agent S. J. Beauchamp, Jr. Kenton R. Cravens Phil E. Chappell J. E. Etherton J. H. Longwell Delos C. Johns, President Wm. J. Abbott, Jr. Fred Burton, in charge of Little Rock Branch Donald Barger T. Winfred Bell E. C. Benton Joseph H. Moore, Deputy Chairman Harold O. McCutchan Leo J. Wieck Guy S. Freutel, First Vice President Vice Presidents Darryl R. Francis, in charge Geo. E. Kroner of Memphis Branch Dale M. Lewis Donald L. Henry, in charge H. H. Weigel of Louisville Branch J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS H. C. McKinney, Jr. Shuford R. Nichols J. V. Satterfield, Jr. A. Howard Stebbins, Jr., Chairman 1116 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks, Chairman Philip Davidson Magnus J. Kreisle W. Scott Mclntosh M. C. Minor J. D. Monin, Jr. Merle E. Robertson MEMPHIS BRANCH—BOARD OF DIRECTORS J. H. Harris A. E. Hohenberg, Chairman John A. McCall (Vacancy) (Vacancy) John D. Williams John K. Wilson District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent John E. Corette Thomas G. Harrison F. Albee Flodin Ray C. Lange Harold C. Refling O. B. Jesness, Deputy Chairman Joseph F. Ringland Harold N. Thomson Frederick L. Deming, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge M. B. Holmgren H. G. McConnell of Helena Branch A. W. Johnson M. H. Strothman, Jr. C. W. Groth Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel J. Willard Johnson Geo. N. Lund Carl McFarland, Chairman George R. Milbum District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent K. S. Adams E. M. Dodds W. L. Bunten W. S. Kennedy Harold Kountze H. G. Leedy, President John T. Boysen P. A. Debus, in charge of Omaha Branch Joseph S. Handford Joe W. Seacrest, Deputy Chairman Max A. Miller Oliver S. Willham Henry O. Koppang, First Vice President Vice Presidents R. L. Mathes, in charge of Oklahoma City Branch Cecil Puckett, in charge of Denver Branch Clarence W. Tow E. D. Vanderhoof D. W. Woolley DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Arthur Johnson Ralph S. Newcomer Aksel Nielsen, Chairman Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman George R. Gear Phil H. Lowery R. Otis McClintock C. L. Priddy 1117 FEDERAL RESERVE BANKS A N D BRANCHES District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued C. Wheaton Battey George J. Forbes OMAHA BRANCH—BOARD OF DIRECTORS Manville Kendrick William N. Mitten James L. Paxton, Jr. Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent John R. Alford D. A. Hulcy John M. Griffith J. Edd McLaughlin (Vacancy) Watrous H. Irons, President E. B. Austin Howard Carrithers, in charge of El Paso Branch J. L. Cook, in charge of Houston Branch Hal Bogle, Deputy Chairman J. B. Thomas Sam D. Young W. D. Gentry, First Vice President Vice Presidents W. E. Eagle, in charge of San Antonio Branch W. H. Holloway T. W. Plant L. G. Pondrom Morgan H. Rice Harry A. Shuford EL PASO BRANCH—BOARD OF DIRECTORS Floyd Childress James A. Dick, Chairman Thomas C. Patterson F. W. Barton John P. Butler D. F. Stahmann E. J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS W. B. Callan A. E. Cudlipp John C. Flanagan, Chairman I. F. Betts L. R. Bryan, Jr. Clarence E. Ayres J. W. Beretta E. C. Breedlove SAN ANTONIO BRANCH—BOARD OF DIRECTORS Burton Dunn V. S. Marett S. Marcus Greer Tyrus R. Timm Alex R. Thomas, Chairman Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Walter S. Johnson Reese H. Taylor Carroll F. Byrd Philip I. Welk N. Loyall McLaren M. Vilas Hubbard John A. Schoonover H. N. Mangels, President E. R. Barglebaugh, in charge of Salt Lake City Branch J. M. Leisner, in charge of Seattle Branch E. R. Millard Eliot J. Swan, First Vice President Vice Presidents R. H. Morrill John A. O'Kane J. A. Randall, in charge of Portland Branch H. F. Slade W. F. Volberg, in charge of Los Angeles Branch O. P. Wheeler 1118 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone (Vacancy) Joe D. Paxton James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley, Chairman J. H. McNally John B. Rogers E. C. Sammons William H. Steiwer, Sr. SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton George S. Eccles Russell S. Hanson Joseph Rosenblatt, Chairman Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan Lyman J. Bunting Charles F. Frankland S. B. Lafromboise D. K. MacDonald, Chairman Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 739-42 of the June 1957 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. April 1957. 208 pages. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. FEDERAL RESERVE BULLETIN. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical Supplement. Subscription price in the United States and the countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00 per annum or 70 cents each. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHART BOOK. Issued annually in September. An- nual subscription to monthly chart book includes one issue of Supplement. In the United States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents each. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages. $1.00. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture the flow of funds through the major sectors of the national economy. December 1955. 390 pages. $2.75. THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1119 1120 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 REPRINTS (From Federal Reserve Bulletin unless preceded by an asterisk) THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. March 1953. 7 pages. * DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised indexes). No- vember 1953. 65 pages. 96 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo- Farm Loans at Commercial Banks. November 1956. 20 pages. Farm Loans to Finance Intermediate-Term Investments. January 1957. 9 pages. Farm Loans for Current Expenses. February 1957. 8 pages. Loans to Buy Farm Real Estate. February 1957. 9 pages. Interest Rates on Farm Loans. March 1957. 10 pages. AGRICULTURAL LOAN SURVEY. UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. BANKING AND MONETARY STATISTICS, 1956. (Se- lected series of banking and monetary statistics for 1956 only) February and May 1957. 12 pages. (Similar reprints of 1954 and 1955 data, February and May 1955 and February MONETARY POLICY AND THE REAL ESTATE MAR- KETS. December 1955. 6 pages. GOLD AND DOLLAR FLOWS. March 1957. 7 pages. 1957 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1957. 3 pages. HOUSING AND DURABLE GOODS. June 1957. 18 pages. THE FINANCIAL POSITION OF CONSUMERS. August 1957. 24 pages. (Similar Surveys are available for earlier years from 1952, 1953, 1954, 1955, and 1956 BULLETINS.) April 1957. 20 pages. SURVEY SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. June 1956. 7 pages. (Other articles on this Survey will appear in later issues of the BULLETIN.) Reprints on a similar Survey are available from March, May, June, July, and August 1947 BULLETINS. 1951-55. June 1956. 9 pages. (Also similar reprint from June 1955 BULLETIN.) WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages. FINANCING OF LARGE CORPORATIONS, REVISION OF CONSUMER CREDIT STATISTICS. INTERNATIONAL SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. ber 1955. 40 pages. Oc- tober 1956. 24 pages. (Also similar reprint from April 1953 BULLETIN.) ber 1956. 15 pages. and May 1956 BULLETINS.) FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. 'December 1953. Octo- INDEX OF ELECTRICITY AND GAS OUTPUT. OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. OWNERSHIP OF DEMAND DEPOSITS. May 1957. 6 pages. June 1957. (Also, similar reprint from August SURVEY OF COMMON TRUST FUNDS. 6 pages. 1956 BULLETIN.) July 1957. 6 pages. (Also, similar reprints from February and July BANK CREDIT AND MONEY. 1956 and February 1957 BULLETINS.) INTEREST RATES IN LEADING COUNTRIES. August 1957. 7 pages. WINNING THE BATTLE AGAINST INFLATION. Au- gust 1957. 12 pages. THE BALANCE SHEET OF AGRICULTURE, August 1957. 9 pages. 1957. Index to Statistical Tables Acceptances, bankers', 1058, 1059 Agricultural loans of commercial banks, 1054, 1056 Agriculture, Govt. agency loans, 1062, 1063 Assets and liabilities (See also Foreign liabilities and claims reported by banks): Banks and the monetary system, consolidated, 1050 Corporate, current, 1070 Domestic banks, by classes, 1051, 1054, 1056 Federal business-type activities, by fund or activity, 1062, 1063 Federal Reserve Banks, 1045, 1046 Foreign central banks, 1104 Automobiles: Consumer instalment credit, 1074, 1075, 1076 Production index, 1080, 1084 Bankers' balances, 1055, 1057 (See also Foreign liabilities and claims reported by banks) Banks and the monetary system, consolidated statement, 1050 Bonds (See also U. S. Govt. securities): New issues, 1068, 1070 Prices and yields, 1059, 1060 Brokers and dealers in securities, bank loans to, 1054, 1056 Business expenditures on new plant and equipment, 1070 Business indexes, 1078 Business loans (See Commercial and industrial loans) Capital accounts: Banks, by classes, 1051, 1055, 1057 Federal Reserve Banks, 1045, 1046 Carloadings, 1078 Central banks, foreign, 1102, 1104, 1109 Coins, circulation of, 1049 Commercial banks: Assets and liabilities, 1051, 1054 Consumer loans held, by type, 1075 Number, by classes, 1051 Real estate mortgages held, by type, 1071 Commercial and industrial loans: Commercial banks, 1054 Weekly reporting member banks, 1056, 1058 Commercial paper, 1058, 1059 Commodity Credit Corporation, loans, etc., 1062, 1063 Condition statements (See Assets and liabilities) Construction, 1078, 1084, 1085 Consumer credit: Instalment credit, 1074, 1075, 1076, 1077 Major parts, 1074, 1076 Noninstalment credit, by holder, 1075 Consumer durable goods output indexes, 1084 Consumer price indexes, 1078, 1090 Consumption expenditures, 1092, 1093 Corporate sales, profits, taxes, and dividends, 1069, 1070 Corporate security issues, 1068, 1070 Corporate security prices and yields, 1059, 1060 Cost of living (See Consumer price indexes) Currency in circulation, 1041, 1049 Customer credit, stock market, 1060 Debits to deposit accounts, 1048 Demand deposits: Adjusted, banks and the monetary system, 1050 Adjusted, commercial banks, by classes, 1055 Demand deposits—Continued Banks, by classes, 1051, 1057 Type of holder, at commercial banks, 1055 Department stores: Merchandising data, 1089 Sales and stocks, 1078, 1088 Deposits (See also specific types of deposits): Adjusted, and currency, 1050 Banks, by classes, 1051, 1055, 1057 Federal Reserve Banks, 1045, 1046, 1100 Postal savings, 1050 Turnover of, 1048 Deposits, reserves, and borrowings by class of member bank, 1043 Discount rates, 1044, 1109 Discounts and advances by Federal Reserve Banks, 1041, 1045 Dividends, corporate, 1069, 1070 Dollar assets, foreign, 1100, 1101 Dwelling units started, 1085 Earnings and hours, manufacturing industries, 1078, 1087 Employment, 1078, 1086, 1087 Export-Import Bank, loans, etc., 1062, 1063 Farm mortgage loans, 1062, 1071, 1072 Federal business-type activities, assets and liabilities, by fund or activity, 1062, 1063 Federal Deposit Insurance Corporation, assets, etc., 1062, 1063 Federal finance: Cash transactions, 1064 Receipts and expenditures, 1057 Treasurer's balance, 1064 Federal home loan banks, loans, etc., 1062, 1063, 1073 Federal Housing Administration, loans, etc., 1062 1063, 1071, 1072, 1073 Federal National Mortgage Association, loans, etc., 1062, 1063, 1073 Federal Reserve Banks: Condition statement, 1045, 1046 U. S. Govt. securities held by, 1041, 1045, 1046, 1066, 1067 Federal Reserve credit, 1041, 1045, 1046 Federal Reserve notes, 1045, 1046, 1047, 1049 Finance company paper, 1058, 1059 Foreign central banks, 1102, 1104, 1109 Foreign deposits in U. S. banks, 1041, 1045, 1046, 1050, 1055, 1057 Foreign exchange rates, 1110 Foreign liabilities and claims reported by banks, 1096, 1098, 1100 Foreign trade, 1089 Gold: Earmarked, 1101 Net purchases by U. S., 1101 Production, 1100, 1101 Reserves of central banks and governments, 1102 Reserves of foreign countries and international institutions, 1103 Stock, 1041, 1050, 1101 Gold certificates, 1045, 1046, 1047, 1049 Govt. debt (See U. S. Govt. securities) Gross national product, 1092, 1093 Home owners, Govt. agency loans, 1062, 1063 Hours and earnings, manufacturing industries, 1078, 1087 1121 1122 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 Industrial advances by Federal Reserve Banks, 1045, 1046, 1047, 1048 Industrial production indexes, 1078, 1079, 1084 Instalment loans, 1074, 1075, 1076, 1077 Insurance companies, 1061, 1066, 1067, 1072 Insured commercial banks, 1053, 1054 Interbank deposits, 1051, 1055, 1057 Interest rates: Bond yields, 1059 Business loans by banks, 1059 Federal Reserve rates, 1044, 1048 Foreign countries, 1109 Open market, 1059, 1109 Regulation V loans, 1048 Stock yields, 1059 International capital transactions of the U. S., 1096 International financial institutions, 1102, 1103, 1104 Inventories, 1093 Investments (See also specific types of investments): Banks, by classes, 1051, 1054, 1056 Federal Reserve Banks, 1045, 1046 Govt. agencies, etc., 1062, 1063 Life insurance companies, 1061 Savings and loan association, 1061 Labor force, 1086 Loans (See also specific types of loans): Banks, by classes, 1051, 1054, 1056 Federal Reserve Banks, 1041, 1043, 1045, 1046, 1047, 1048 Govt. agencies, etc., 1062, 1063 Insurance companies, 1061, 1072 Savings and loan associations, 1061, 1072 Loans insured or guaranteed, 1047, 1071, 1072, 1073 Manufacturers, production indexes, 1078, 1079, 1084 Margin requirements, 1044 Member banks: Assets and liabilities, by classes, 1051, 1054 Borrowings at Federal Reserve Banks, 1041, 1043 Deposits and reserves, by classes, 1043 Number, by classes, 1051 Reserve requirements, by classes, 1044 Reserves and related items, 1041 Weekly reporting series, 1056 Minerals, production indexes, 1078, 1079 Money rates (See Interest rates) Mortgages (See Real estate loans) Mutual savings banks, 1050, 1051, 1053, 1066, 1067, 1071 National banks, 1053 National income, 1092 National security expenditures, 1065, 1093 Nonmember banks, 1045, 1053, 1054 Payrolls, manufacturing, index, 1078 Personal income, 1093 Postal Savings System, 1050 Prices: Consumer, 1078, 1090 Security, 1060 Wholesale commodity, 1078, 1090 Production, 1078, 1079, 1083, 1084 Profits, corporate, 1069, 1070 Real estate loans: Commercial banks, 1054, 1056, 1071 Real estate loans—Continued Type of mortgage holder, 1071, 1072, 1073 Type of property mortgaged, 1071, 1072, 1073 Regulation V, loan guarantees, 1047, 1048 Reserve requirements, member banks, 1044 Reserves: Commercial banks, 1055 Federal Reserve Banks, 1045, 1046 Foreign central banks and governments, 1102 Foreign countries and international institutions, 1103 Members banks, 1041, 1043, 1045, 1046, 1055, 1057 Residential mortgage loans, 1071, 1072, 1073 Sales finance companies, consumer loans of, 1074, 1075, 1077 Savings, 1092 Savings deposits (See Time deposits) Savings institutions, principal assets, 1061 Savings and loan associations, 1061, 1072 Securities, international transactions, 1099, 1100 Security issues, 1068, 1070 Silver coin and silver certificates, 1049 State member banks, 1053 State and municipal securities: New issues, 1068 Prices and yields, 1059, 1060 States and political subdivisions: Deposits of, 1055, 1057 Holdings of U. S. Govt. securities, 1066 Ownership of obligations of, 1054, 1061 Stock market credit, 1060 Stocks: New issues, 1068 Prices and yields, 1059, 1060 Tax receipts, Federal, 1065 Time deposits, 1043, 1050, 1051, 1055, 1057 Treasurer's account balance, 1064 Treasury cash, 1041, 1050 Treasury currency, 1041, 1049, 1050 Treasury deposits, 1041, 1045, 1046, 1064 Unemployment, 1086 U. S. Govt. balances: Commercial bank holdings, by classes, 1055, 1057 Consolidated monetary statement, 1050 Treasury deposits at Federal Reserve Banks, 1041, 1045, 1046, 1064 U. S. Govt. securities: Bank holdings, 1050, 1051, 1054, 1056, 1066, 1067 Federal Reserve Bank holdings, 1041, 1045, 1046, 1066, 1067 Foreign and international holdings, 1103 International transactions, 1099 New issues, gross proceeds, 1068 Outstanding, by type of security, 1066, 1067 Ownership of, 1066, 1067 Prices and yields, 1059, 1060 United States notes, outstanding and in circulation, 1049 Utility output index, 1083 Veterans Administration, loans, etc., 1062, 1063, 1071, 1072, 1073 Yields (See Interest rates) (o THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES jiH^ Legend • Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities