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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
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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,
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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)
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jiH^

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