federal reserve bulletin january 1958 - st. louis fedfederal reserve bulletin • january 1958 last...

FEDERAL RESERVE

BULLETINJanuary

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I A L C O M M I T T E EElliott Thurston Woodlief Thomas Winfield W. Riefler

Ralph A. Young Susan S. Burr

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for opinions expressed, except in official state-ments and signed articles.

Contents

! Production and Prices

I Law Department

1 Current Events and Announcements

i National Summary of Business Conditions

Financial and Business Statistics, U. S. (Contents on p. 29)

International Financial Statistics (Contents on p. 85)

Board of Governors and Staff

Open Market Committee and Staff; Federal Advisory Council

I Federal Reserve Banks and Branches

I Federal Reserve Board Publications

Index to Statistical Tables1

Map of Federal Reserve System Inside

Volume 44 * Number i

8

17

26 j

31 1

86 j

101

102 !

102 |

109

111

back cover

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IN THE LATTER PART OF 1957 economicactivity declined from the advanced levelprevailing during the first three quarters ofthe year. The number of persons unem-ployed increased and personal income de-clined. In wholesale markets, prices ofsensitive industrial materials receded, butthe average of industrial commodity priceschanged little. Food prices declined in earlyautumn, then advanced. Consumer pricesreached a new high toward the year-end.

During the summer months total indus-trial production rose, after declining some-what during the spring. With activity andemployment in nonmanufacturing lines con-tinuing upward, total nonagricultural em-ployment attained a new high level in Julyand August. In this period activity in con-sumer goods industries was increasing inresponse to expanding demands. Mean-while, employment and working schedulesin industries manufacturing defense hardgoods and producers' equipment were beingreduced because of declines in military pro-grams and in new orders for capital goods.

In the autumn consumer demands be-came less active and, with demands forproducers' equipment declining further, totalproduction and employment turned down-ward. By December industrial productionhad declined to 136 per cent of the 1947-49average, which compares with the late sum-mer high of 145 and the December 1956high of 147.

Cuts in output of industrial materialswere especially marked as industrial users

PRODUCTION1947.49.100

PRODUCTION

-

— y

PRICES

-

1

AND PRICESRatio

UTILITIES^/

/ ^ NEW_/^ CONSTRUCTION

V / INDUSTRIAL^-^S^S PRODUCTION

• - ' AGRICULTURE

CONSUMER -^X^~2

WHOLESALE

I I

240

200

160

140

120

100

MO

^ J ^ 120

no1953 1955 »57

NOTE.—Industrial production and utilities: Federal Reserveindexes, seasonally adjusted. New construction: value in con-stant prices based on monthly data of the Departments of Com-merce and Labor, seasonally adjusted by Federal Reserve.Agriculture: Department of Agriculture annual index of farmoutput. Prices: Bureau of Labor Statistics indexes. Latestmonthly data are preliminary figures for December.

reduced inventories as well as current pro-duction. The total book value of manufac-turers' stocks, which had leveled off in thesummer, turned down in October.

Curtailment in output of manufacturesand minerals in the autumn months wasaccompanied by a sharp reduction in freighttraffic, especially on the railroads. Reduc-tions in industrial demands for electricityand gas, on the other hand, were largelyoffset by continued expansion in residentialand other nonindustrial uses, and total utility

1


FEDERAL RESERVE BULLETIN • JANUARY 1958

output showed only a moderate decline fromthe peak reached last summer.

Construction activity in the closingmonths of 1957 was somewhat above thelevel maintained in the first half of the year,chiefly because of a moderate pickup in newresidential building after a two-year decline.Public utility and highway construction con-tinued to expand but private industrial build-ing declined. Farm output in 1957 equaledthe record volume of 1956.

Wholesale prices of industrial commodi-ties at the end of 1957 were slightly abovethe advanced level reached at the beginningof the year. Steel prices increased in Julyand machinery and auto prices rose laterin the year. Marked declines occurred inprices of sensitive industrial materials fromlate August to November. Prices of food-stuffs rose during the summer, declined inearly autumn, and advanced toward the endof the year to the summer level.

PRODUCTION ADJUSTMENTS

The Board's seasonally adjusted index ofproduction at factories and mines declined6 per cent in the latter part of 1957. Thiswas as much decline as in the initial periodof the 1953-54 and 1948-49 downturns.

During 1956 and most of 1957 industrialproduction fluctuated within an unusuallynarrow range around the advanced level of144 reached in December 1955, as increasesin some lines were offset by downward ad-justments in others. Through early 1957,downward adjustments were occurring in in-dustries producing consumer durable goodsand residential building materials. Upwardpressures came mainly from rising invest-ment, defense, and export demands.

Last spring, after reaching a new high in

March, production in the equipment andordnance sector began to decline. At aboutthat time, however, as a result of earlier in-ventory adjustments and a brisk pickup inretail trade, production of consumer goodsadvanced. This rise, continuing from Aprilto August, carried industrial production tosomewhat higher ground.

INDUSTRIAL PRODUCTION1947 - 49 average for total index : 100

FINISHED MANUFACTURES

points60

CONSUMfiR GOODS

EQUIPMENT ANO ORDNANCE

MATERIALS AND PARTS

30

80

70

1953

NOTE.—Special breakdown of the seasonally adjusted indexof industrial production, expressed as points in the total index.Latest data are estimates for December.

In the autumn, inventories of some con-sumer goods appeared excessive and produc-tion of these goods was reduced. Capitalgoods producers were continuing to cut out-put and to reduce stocks of materials andgoods in process. As a result, sharp curtail-ments in production of steel and some otherindustrial materials developed. In Decem-ber, as the chart shows, over-all activity inindustries making materials and parts wasdown about 9 per cent from midsummer.


PRODUCTION AND PRICES

EQUIPMENT AND ORDNANCE

Activity in equipment and ordnance indus-tries, which had been increasing since late1954, continued upward in the first quarterof 1957 as defense production rose further.Production of capital equipment was gen-erally leveling off as new orders declined andunfilled orders were drawn down. In thesecond quarter activity in the aircraft andmachine tool industries turned down.

After midyear declines in equipment andordnance production were extended. Dur-ing the summer and autumn many new de-fense contracts were withheld, some projectswere canceled, and aircraft procurementwas generally stretched out. In the autumnsurveys of business plans for capital expendi-tures indicated substantial reductions in1958, especially in manufacturing and therailroads. Exports of capital goods wereshowing little change at a level higher thana year earlier. Near the end of the yearnew defense orders were rising, followingreappraisal of military programs.

In December over-all output of equipmentand ordnance was about 13 per cent belowthe March peak, with over half the declineoccurring in the last quarter. Output ofmachine tools was down about a fourth, anddeclines in most other industrial machineryindustries and in aircraft were substantial.Shipbuilding activity advanced until summerand then declined. Late in the year outputof railroad equipment, trucks, and farmmachinery also declined.

CONSUMER GOODS

From the end of 1955 to early autumn 1957,output changes in consumer goods lines weremost pronounced for autos and householddurable items. Consumer demands for non-durable goods were generally rising and out-

put of most such goods either continued atan advanced level or increased somewhatfurther. In the closing months of 1957,however, production of nondurable as wellas durable goods declined. In Decembertotal output of industries manufacturing con-sumer goods was appreciably below the highlevels reached in late 1955 and again lastsummer.

Automobiles. Production of autos fluc-tuated widely in 1956 and 1957 aroundlevels well below 1955, as the chart belowshows. For the year 1957, productiontotaled 6.1 million units, as compared with5.8 million in 1956 and 7.9 million in 1955.

Sales of domestically produced new carsover the first 10 months of 1957 wereslightly higher than in the corresponding1956 period, despite moderately lower vol-ume in the early months of the year. InNovember and December the number soldaveraged 3 per cent below the correspond-ing 1956 period and for the year as a wholesales equaled the 1956 total of 5.8 million.Imports increased steadily and for the yearexceeded 200,000—more than double the1956 volume.

CONSUMER DURABLE GOODS OUTPUT

_ AUTOS /

r V ' A* t

/ J | MAJOR; HOUSEHOLD GOODS

•! 1 1 1

'V'1

/\

1

I-".-/f

:

-

220

- 180

140

- 100

60

1953

NOTE.—Seasonally adjusted indexes. Latest data are pre-liminary figures for December.



Last spring and summer, with sales rel-atively favorable and stocks not very highat the outset, auto production was main-tained well above the corresponding 1956level and also above the current rate of sales.Dealers' stocks rose over this period and atthe end of the summer were at a new highfor that season. After a large reductionduring the fall model-changeover period,stocks expanded again in November as out-put of 1958 models increased sharply andsales rose less rapidly than anticipated.In December output was curtailed and therise in stocks slackened. At the year-endstocks were about two-fifths higher thanat the end of 1956.

Household durable goods. Production ofhousehold durable goods in 1956 and early1957 was generally declining from the highreached in the fall of 1955. Retail salesleveled off and demands from builders forappliances and heating apparatus were cur-tailed as the number of new houses builtdeclined. Output was reduced more thansales declined and by late spring of 1957large inventories accumulated earlier hadbeen worked down.

In late spring and summer of 1957 buyingof household durable goods picked up, re-flecting in part new-model stimulus and theincrease in residential building activity. Out-put increased and in September was 13 percent above the low reached in the spring.Inventories—especially of television, furni-ture, and some appliances—rose again butnot to earlier peaks. Subsequently, withretail sales lagging, production of householddurable goods was reduced and in Decem-ber was 132 per cent of the 1947-49 aver-age as compared with 140 in September and151 at the high in 1955.

MATERIALS OUTPUT

Production of industrial materials generallyedged off in the first half of 1957, picked upduring the summer, and then declinedsharply in the autumn. The summer rise,at a time when demands from equipment andordnance industries were declining, reflectedin part increased takings by consumer goodsindustries. The sharp autumn reduction re-flected lower demands from equipment and

MAJOR INDUSTRIAL MATERIALS1947-49 output.100

NOTE.—Based on monthly output and end-of-year capacitydata for pig iron, steel ingots, primary aluminum, refinedcopper, cement, cotton yarn, synthetic fibers and yarns, woodpulp, paper, paperboard, petroleum products, coke, and fiveindustrial chemicals, combined with value-added weights. Out-put index is seasonally adjusted; latest figure shown is pre-liminary estimate for December.

ordnance industries and consumer goodslines, and was attributable in part to morecautious inventory policies.

Output changes for major industrial ma-terials, including steel, aluminum, cement,and textile fibers, are summarized in thechart. Total production of these materialsin December was about an eighth belowthe high level of a year earlier.

The decline in late 1957, as well as thedownward movement to last summer, re-flected to a large extent reductions in ironand steel production. Activity at steel mills,



after receding to 86 per cent of capacityin June, dropped sharply later in the year.In early January steel ingot output was run-ning at a rate about two-fifths below therecord level of a year earlier and about 56per cent of the capacity reported for thebeginning of 1958.

Output of aluminum and copper alsodeclined in late 1957, but not so sharply assteel production. Cotton textile productiondeclined only moderately from the low levelsprevailing earlier, and output of synthetictextile fibers rose somewhat. Output ofpaper and of most industrial chemicals con-tinued near the high rates prevailing sincemid-1956. Cement production was cur-tailed sharply by a strike in July, rose to anew high in late summer, and declined nearthe end of the year.

CAPACITY

Industrial capacity for production of bothfinished goods and materials has increasedcontinuously over the postwar years. Asthe preceding chart shows, the rate of ex-pansion for major industrial materials slack-ened in 1954 when available capacity wasbeing less fully used than before. Aftersharp recovery in industrial activity anddemands for materials, capacity expansionwas again at an advanced rate in 1956 and1957.

Production of industrial materials waspressing on capacity in many lines in late1955 and early 1956. With capacity ex-panding, a similar level of materials outputin late 1956 was reflected in less active useof capacity except for steel.

In early 1957 inventory demands formaterials slackened, partly as a result of thesteady improvement in supplies made pos-sible by expanded capacity. Subsequently,

especially toward the end of the year, outputcurtailments for various finished goods andinventory reductions by industrial users ledto curtailment in output of a number ofmaterials. By the year-end utilization ofproductive capacity for these materials wasdown sharply.

WHOLESALE PRICES

The average level of wholesale commodityprices changed little in the first half of 1957,as the chart shows, but rose somewhat dur-ing the summer to a level 7 per cent abovemid-1955. The midyear rise in prices offoods and foodstuffs was due only in partto seasonal changes in supplies, and inDecember prices of these commoditiesaveraged 4 per cent above a year earlier.The average level of industrial commodity

WHOLESALE PRICES1947-49 -100

INDUSTRIALCOMMODITIES

FOODS ANDFOODSTUFFS

130

80

110

1954 1955 1956 1957

NOTE.—Bureau of Labor Statistics index for all commodities;Federal Reserve groupings of BLS indexes for foods and food-stuffs (raw and processed foods and feeds) and industrialcommodities (all other commodities in the total index). Sen-sitive industrial materials based on BLS daily index of 13 rawindustrial commodities. Latest figures are for December.



prices also increased in the summer, and atthe year-end was up 1 per cent from Decem-ber 1956 and 9 per cent from mid-1955.

Prices of basic or sensitive industrial ma-terials, some of which reflect demand andsupply conditions abroad as well as in theUnited States, turned down at the beginningof 1957. The decline then, which wasmainly a reaction to the rise that had beenstimulated by the Suez crisis the previousautumn, was followed by little change inlate spring and early summer. In late sum-mer and early fall the widely expected up-turn in buying of materials associated withan expected autumn rise in industrial activityfailed to develop, and basic industrial com-modity prices declined generally.

By November, average prices of the sen-sitive materials included in the indexshown in the chart on page 5 were 15 percent below the advanced level at the end of1956 and only slightly above the low of1954. Consequently, collections of scrapand output of various basic materials werebeing curtailed. In the final weeks of 1957prices of these commodities declined littlefurther. Abroad, the lower prices of basicmaterials were an element in the exchangeproblems of a number of raw materials pro-ducing countries.

Prices of steel mill products, building ma-terials other than lumber, and some otherfabricated materials advanced further in thespring and summer of last year. Meanwhilelumber prices continued the decline begunin early 1956, and prices of fuel oils, underpressure of heavy stocks, declined from theadvanced levels reached during the Suezcrisis. Altogether, prices of industrial ma-terials at the end of last year were downslightly from the August high and not muchabove the level at the end of 1956.

With a smaller volume of new orders fordefense and business equipment, with pro-ductive capacity enlarged, and with prices ofmaterials no longer generally advancing, in-creases in wholesale prices of finished indus-trial products last year were neither so largenor so widespread as in the 1955-56 period.Prices of machinery and equipment, whichhad risen 14 per cent from mid-1955through 1956, advanced 3 per cent in thesecond half of 1957, following the mid-year increase in prices of steel mill products.Wholesale prices of consumer goods otherthan foods changed little during the year.

CONSUMER PRICES

Prices for goods and services to consumerscontinued upward last year, rising 3 per centor about as much as in 1956. An inter-ruption in the advance in September andOctober was due mainly to seasonal de-creases in food prices.

The consumer price index, in contrast tothe wholesale commodity price index, in-cludes rent and many services, which cur-rently have a relative importance of one-third. Steadily advancing service prices inrecent months have accounted for much,though by no means all, of the rise in theconsumer index.

In 1957 as a whole, the advance in pricesof services was about 5 per cent—the high-est rate of increase since the period follow-ing the outbreak of war in Korea. As inmost other recent years, increases were smallin gas and electricity, where opportunitiesto increase productivity have been greaterthan in most lines. Increases in rates forhospital services and for house maintenanceand repair were somewhat greater than theaverage.

Rents have continued to edge up. Since



1953 they have increased less rapidly thanearlier—about 2 per cent or less per year, ascompared with an average rate of nearly 5per cent from 1946 through 1953.

Retail prices of foods advanced last year,and in December were at a record high forthis season, 3 per cent above a year earlier.Changes in food prices throughout the yearreflected to a large extent changes in pricesof meat.

Market supplies of meats, which had in-creased steadily in 1955 and early 1956,changed little during the first 10 months of1957. In November and December pro-duction was unusually low for that time ofyear. With consumer demands strong, re-tail prices of meats rose substantially lastspring and summer. Following some sea-sonal decline, meat prices were rising againtoward the year-end and in December wereabout 10 per cent above a year earlier.

Retail prices of commodities other thanfoods advanced further last autumn and inDecember averaged 2 per cent above a yearearlier. When 1958 models were intro-duced in November, prices of autos rosesharply, reflecting mainly reduction in dealer

CONSUMER PRICES1947-49.100

AIL ITEMS y * ^

1 1 1

SERVICES f

1 1 1

AfOODS , / V

OTHERCOMMODITIES

1 1 1

no

1»54 '55 '56 '57 1954 '55 '56

NOTE.—Bureau of Labor Statistics indexes. Latest figures areFederal Reserve estimates for December.

discounts from those offered on 1957 modelsbut also increases in manufacturers' listprices. Retail prices of apparel were some-what higher last autumn than they were ayear earlier. Prices of coal and fuel oils roseseasonally during this period and by theend of the year were near the record levelsreached during the Suez crisis.


Law DepartmentAdministrative interpretations, new regulations, and similar material

Margin Requirements

The Board of Governors of the Federal ReserveSystem, effective January 16, 1958, amended theSupplement to Regulation T entitled "Extensionand Maintenance of Credit by Brokers, Dealers,and Members of National Securities Exchanges,"and amended the Supplement to Regulation Uentitled "Loans by Banks for the Purpose of Pur-chasing or Carrying Stocks Registered on a Na-tional Securities Exchange" so as to decrease themargin requirements from 70 per cent to 50 percent for credit extended by brokers and banks tofinance purchases of stock exchange securities.The decreased margins also apply to short sales.The texts of the Supplements as thus amended areas follows:

SUPPLEMENT TO REGULATION T

Maximum loan value for general accounts.—

The maximum loan value of a registered security(other than an exempted security) in a general ac-count, subject to section 3 of Regulation T, shallbe 50 per cent of its current market value.

Margin required for short sales in general ac-counts.—The amount to be included in the ad-justed debit balance of a general account, pursuantto section 3(d) (3) of Regulation T, as margin re-quired for short sales of securities (other than ex-empted securities) shall be 50 per cent of the cur-rent market value of each such security.

SUPPLEMENT TO REGULATION U

For the purpose of section 1 of RegulationU, the maximum loan value of any stock, whetheror not registered on a national securities exchange,shall be 50 per cent of its current market value, asdetermined by any reasonable method.

ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT

Since enactment of the Bank Holding Com-pany Act of 1956, the Board of Governors of theFederal Reserve System has issued the followingOrders and Statements with respect to applica-tions by various bank holding companies forapproval of the acquisition of voting shares ofbanks.

FIRST BANK STOCK CORPORATION

In the Matter of the Application of First BankStock Corporation for Approval of Acquisition ofVoting Shares of First State Bank of Babbitt,Babbitt, Minnesota.

OrderThe above matter having come before the

Board on the application of First Bank StockCorporation, Minneapolis, Minnesota, datedMay 17, 1956, filed pursuant to the provisionsof section 3 (a) (2) of the Bank Holding Com-pany Act of 1956, for prior approval of acquisi-tion by First Bank Stock Corporation of directownership of 470 shares of a total of 500 votingshares of the proposed First State Bank of Bab-bitt, Babbitt, Minnesota, and it appearing after

due consideration thereof in the light of thefactors enumerated in section 3 (c) of the BankHolding Company Act of 1956 that such appli-cation should be granted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted and the acquisition byFirst Bank Stock Corporation of 470 voting sharesof the First State Bank of Babbitt is hereby ap-proved, provided that such acquisition is com-pleted within six months from the date hereof.

By order of the Board.(Signed) S. R. CARPENTER,

Secretary.(SEAL)

Dated: July 26, 1956.

MARINE MIDLAND CORPORATIONIn the Matter of the Application of Marine Mid-land Corporation for Approval of Acquisition ofVoting Shares of The Lake Shore National Bankof Dunkirk, Dunkirk, New York.

Order

The above matter having come before theBoard on the application of Marine Midland


LAW DEPARTMENT

Corporation, Buffalo, New York, dated August 6,1956, filed pursuant to the provisions of section3 (a) (2) of the Bank Holding Company Act of1956, for prior approval of acquisition by Ma-rine Midland Corporation of direct ownershipof 2,000 shares of a total of 2,000 voting sharesof The Lake Shore National Bank of Dunkirk,Dunkirk, New York, and it appearing after dueconsideration thereof in the light of the factorsenumerated in section 3(c) of the Bank HoldingCompany Act of 1956 that such application shouldbe granted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted and the acquisition byMarine Midland Corporation of 2,000 votingshares of The Lake Shore National Bank of Dun-kirk, Dunkirk, New York, is hereby approved,provided that such acquisition is completed withinthree months from the date hereof.

By order of the Board.(Signed) S. R. CARPENTER,

Secretary.(SEAL)

Dated: January 31, 1957.

NORTHWEST BANCORPORATION

In the Matter of the Application of NorthwestBancorporation for Approval of Acquisition ofVoting Shares of First National Bank of HoytLakes, Hoyt Lakes, Minnesota.


Board on the application of Northwest Bancorpo-ration, Minneapolis, Minnesota, dated February11, 1957, filed pursuant to the provisions of sec-tion 3(a)(2) of the Bank Holding Company Actof 1956, for prior approval of acquisition bvNorthwest Bancorporation of direct ownershipof 1,200 shares of a total of 1,250 voting sharesof the proposed First National Bank of HovtLakes, Hoyt Lakes, Minnesota, and it appearingafter due consideration thereof in the light ofthe factors enumerated in section 3(c) of theBank Holding Company Act of 1956 that suchapplication should be granted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted and the acquisition byNorthwest Bancorporation of 1,200 voting sharesof First National Bank of Hoyt Lakes, HoytLakes, Minnesota, is hereby approved, provided

that such acquisition is completed within threemonths from the date hereof.

By order of the Board of Governors.(Signed) S. R. CARPENTER,

Secretary.(SEAL)

Dated: May 9, 1957.

BRENTON COMPANIES

In the Matter of the Application of Brenton Com-panies for Approval of Acquisition of VotingShares of South Des Moines National Bank,Des Moines, Iowa.


Board on the application of Brenton Companies,Des Moines, Iowa, dated January 10, 1957, filedpursuant to the provisions of section 3(a)(2) ofthe Bank Holding Company Act of 1956, forprior approval of acquisition by Brenton Com-panies of direct ownership of 51 per cent to 95per cent of a total of 2,000 voting shares of theproposed South Des Moines National Bank,Des Moines, Iowa, and it appearing after dueconsideration thereof in the light of the factorsenumerated in section 3(c) of the Bank HoldingCompany Act of 1956 that such application shouldbe granted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted, and the acquisition byBrenton Companies of 51 per cent to 95 per centof 2,000 voting shares of South Des MoinesNational Bank, Des Moines, Iowa, is hereby ap-proved, provided that such acquisition is com-pleted within three months from the date hereof.

By order of the Board of Governors.(Signed) MERRITT SHERMAN,

Assistant Secretary.(SEAL)


Order Extending TimeThe above matter having come before the

Board on the application of Brenton Companies,Des Moines, Iowa, dated January 10, 1957, filedpursuant to the provisions of section 3(a)(2) ofthe Bank Holding Company Act of 1956, forprior approval of acquisition by Brenton Compa-nies of direct ownership of 51 per cent to 95 percent of a total of 2,000 voting shares of the pro-


10 FEDERAL RESERVE BULLETIN • JANUARY 1958

posed South Des Moines National Bank, DesMoines, Iowa, and it appearing after due con-sideration thereof in the light of the factorsenumerated in section 3(c) of the Bank HoldingCompany Act of 1956 that such applicationshould be granted,

And such application having been grantedpursuant to order of the Board, dated July 1,1957, provided the acquisition is completedwithin three months from the date of the Board'sorder,

IT IS HEREBY ORDERED, That the time in whichsuch acquisition may be completed is extendedto May 1, 1958.


Secretary.(SEAL)


FIRST SECURITY CORPORATIONIn the Matter of the Application of First SecurityCorporation for Approval of Acquisition of VotingShares of Union Bank and Trust Company, SaltLake City, Utah.

OrderThe above matter having come before the Board

on the application of First Security Corporation,Salt Lake City, Utah, dated May 10, 1957, filedpursuant to the provisions of section 3(a)(2) ofthe Bank Holding Company Act of 1956, forprior approval of acquisition by First SecurityCorporation of direct ownership of the 25,000outstanding shares of capital stock of Union Bankand Trust Company, Salt Lake City, Utah, and itappearing after due consideration thereof in thelight of the factors enumerated in section 3(c) ofthe Bank Holding Company Act of 1956 thatsuch application should be granted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted and the acquisition byFirst Security Corporation of the 25,000 outstand-ing shares of capital stock of Union Bank andTrust Company is hereby approved, provided thatsuch acquisition is completed within three monthsfrom the date hereof.


Secretary.(SEAL)

Dated: September 19, 1957.

WISCONSIN BANKSHARES CORPORATIONIn the Matter of the Application of WisconsinBankshares Corporation for Approval of Acqui-sition of Voting Shares of Southgate NationalBank of Milwaukee, Milwaukee, Wisconsin.


Board on the application of Wisconsin Bank-shares Corporation, Milwaukee, Wisconsin, datedFebruary 27, 1957, filed pursuant to the provi-sions of section 3(a) (2) of the Bank HoldingCompany Act of 1956, for prior approval ofacquisition by Wisconsin Bankshares Corporationof direct ownership of 2,950 shares of a totalof 3,000 voting shares of the proposed South-gate National Bank of Milwaukee, Milwaukee,Wisconsin, and it appearing after due considera-tion thereof in the light of the factors enumeratedin section 3(c) of the Bank Holding CompanyAct of 1956 that such application should begranted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted and the acquisition byWisconsin Bankshares Corporation of 2,950 vot-ing shares of Southgate National Bank of Mil-waukee is hereby approved, provided that suchacquisition is completed within three monthsfrom the date hereof.


Secretary.(SEAL)

Dated: October 9, 1957.

Order Extending Time

The above matter having come before theBoard on the application of Wisconsin Bank-shares Corporation, Milwaukee, Wisconsin, filedpursuant to the provisions of section 3 (a) (2)of the Bank Holding Company Act of 1956, forprior approval of acquisition by Wisconsin Bank-shares Corporation of direct ownership of 2,950shares of a total of 3,000 voting shares of theproposed Southgate National Bank of Milwaukee,Milwaukee, Wisconsin, and it appearing after dueconsideration thereof in the light of the factorsenumerated in section 3(c) of the Bank HoldingCompany Act of 1956 that such applicationshould be granted,

And such application having been granted pur-


LAW DEPARTMENT 11

suant to Order of the Board, dated October 9,1957, provided the acquisition be completedwithin three months from the date of the Board'sOrder,

IT IS HEREBY ORDERED, That the time withinwhich such acquisition may be completed is ex-tended to April 9, 1958.

This 10th day of January, 1958.By order of the Board of Governors.

(Signed) S. R. CARPENTER,Secretary.

(SEAL)

NORTHWEST BANCORPORATIONIn the Matter of the Application of NorthwestBancorp oration for Approval of Acquisition ofVoting Shares of Proposed Northwestern StateBank, Rochester, Minnesota.

OrderThere having come before the Board the appli-

cation of Northwest Bancorporation, Minneapolis,Minnesota, dated March 29, 1957, under section3(a)(2) of the Bank Holding Company Act of1956, for prior approval of the acquisition byit of direct ownership of 1,450 voting shares ofa total of 1,500 voting shares of NorthwesternState Bank, Rochester, Minnesota, a proposednew institution, and it appearing, after due con-sideration thereof pursuant to the requirementsof the Bank Holding Company Act of 1956, thatsuch application should be denied,

IT IS ORDERED, That the application of North-west Bancorporation, Minneapolis, Minnesota,under section 3 (a) (2) of the Bank HoldingCompany Act of 1956, for the Board's prior ap-proval of the acquisition by Northwest Bancorpo-ration of direct ownership of 1,450 voting sharesof a total of 1,500 voting shares of NorthwesternState Bank, Rochester, Minnesota, a proposed newinstitution, shall be, and the same hereby is,denied.

This 5th day of November 1957.By order of the Board of Governors.


(SEAL)

StatementThis matter comes before the Board on the

application of Northwest Bancorporation, Minne-apolis, Minnesota, dated March 29, 1957, filed

pursuant to the provisions of section 3(a)(2) ofthe Bank Holding Company Act of 1956, forprior approval of the acquisition by it of directownership of 1,450 shares of a total of 1,500 vot-ing shares of the Northwestern State Bank,Rochester, Minnesota, a proposed new institution.

After full consideration of the facts in thiscase, as set forth in the application and as out-lined herein, the Board has concluded that thefeatures favorable to the proposed acquisition areoutweighed by those which appear unfavorable,and that consequently the application should bedenied.

Factual background. The applicant, NorthwestBancorporation, is a bank holding company lo-cated in Minneapolis, Minnesota. On December31, 1956, it controlled 45 subsidiary banks inMinnesota with aggregate deposits of $980 million,and 30 subsidiary banks, with aggregate depositsof $669 million, in the States of Iowa (4 banks),Montana (7 banks), Nebraska (5 banks), NorthDakota (9 banks), South Dakota (4 banks) andWisconsin (1 bank).

The city of Rochester, Minnesota, has a popu-lation of about 35,000 and is presently served bythree banks: the First National Bank, the North-western National Bank, and the Olmsted CountyBank and Trust Company. On December 31,1956, the First National Bank had deposits of$17,876,000, Northwestern National Bank haddeposits of $14,388,000, and Olmsted CountyBank and Trust Company had deposits of$15,042,000. First National Bank is a sub-sidiary of First Bank Stock Corporation of Minne-apolis (a bank holding company), NorthwesternNational Bank is a subsidiary of the applicantbank holding company, and Olmsted County Bankand Trust Company is not a subsidiary of a bankholding company.

The proposed site of the new bank is approxi-mately IVA miles from the business center ofRochester, where the three existing banks aresituated. The new bank would be located withinthe principal area of growth in and adjacent tothe city, in which area there has been and evi-dently will be further considerable expansion inindustry, commerce, and housing.

As indicated by the foregoing, at the presenttime two of the three banks in Rochester aresubsidiaries of bank holding companies and those



two banks hold about two-thirds of the depositsof the banks in that city. If the applicant ac-quired control of the stock of the proposedNorthwestern State Bank, as it desires to do,three of the four banks in Rochester would besubsidiaries of bank holding companies, the ap-plicant would control two of those four banks,and the applicant presumably would be in astrong position to increase its relative proportionof the banking business of the community.

Statutory provision. Section 3(c) of the BankHolding Company Act (12 U.S.C. 1842(c))provides:

"In determining whether or not to approve anyacquisition . . . under this section, the Board shalltake into consideration the following factors: (1) thefinancial history and condition of the company orcompanies and the banks concerned; (2) their pros-pects; (3) the character of their management; (4) theconvenience, needs, and welfare of the communitiesand the area concerned; and (5) whether or not theeffect of such acquisition . . . would be to expandthe size or extent of the bank holding company sys-tem involved beyond limits consistent with adequateand sound banking, the public interest, and thepreservation of competition in the field of banking."

Discussion. There obviously can be no preciseformula to describe the relative weight or signifi-cance to be accorded the facts under each of thefive factors in section 3(c). Moreover, each ofthose factors will often involve a variety of con-siderations which may have widely differingstrength in different situations. Of necessity, eachcase must be determined on the basis of a care-ful judgment in the light of all the relevant cir-cumstances. The legislative history of the Actmakes it clear, however, that Congress attachedspecial importance to the fourth factor dealingwith "convenience, needs, and welfare" and thefifth factor bearing on the "size or extent" ofa bank holding company system and the relation-ship thereof to adequate, sound, and competitivebanking and the public interest.

In the present case, the information relevantto the first three factors in section 3(c) appearsto be generally favorable to the application.

On the other hand, the facts relevant to thefourth and fifth factors are partially favorable andpartially unfavorable to the application.

Any consideration of facts relevant to the fourthfactor—"the convenience, needs, and welfare ofthe communities and the area concerned"—neces-sarily raises difficult questions of degree. In

the present case it appears that a bank establishedin approximately the location of the proposedbank probably would not lead to an overbankedsituation and probably would serve a useful pur-pose. However, presently existing "needs" donot appear to be of a high order of intensity,and the "convenience" and "welfare" of the com-munity and area do not appear to be heavily de-pendent on the early establishment of a bank atabout the proposed location. Furthermore, evenif facts relating to "convenience, needs, and wel-fare" in a particular case were strongly favorableto the establishment of a proposed new bank,they would not necessarily be equally favorableto a bank holding company's acquisition of stockof the new bank. The two actions are relatedbut they are not the same; and the acquisition ofstock is the action for which the Board's priorapproval is sought under the Bank Holding Com-pany Act.

Bank holding companies often have the avail-able resources, and therefore the ability, to actmore quickly than a group of individuals in en-deavoring to establish a new bank in an areawhich gives promise of supporting a successfulbanking operation. Such early establishment ofa bank, and the acquisition of its stock by abank holding company, may benefit the com-munity in some respects. On the other hand,such an entry into an area by a bank holdingcompany bank may, in some circumstances, "ex-pand the size or extent" of the bank holding com-pany system in such a manner or to such a de-gree as to have a strong tendency to precludelater entry by a bank which is not controlled bya bank holding company. It is apparent that insuch a situation control of a bank by a bank hold-ing company would run counter to the considera-tions stated in the fifth factor and should not beapproved unless there are considerations favor-able to the application that are sufficient to off-set such adverse circumstances.

In the judgment of the Board such an adversesituation exists in the present case and outweighsthe favorable features of the proposed acquisitionof stock. Accordingly, the Board concludes thatthe application should be denied, and it so orders.

Voting for this action: Vice Chairman Balderston andGovernors Szymczak, Robertson, and Shepardson;voting against this action: Governors Vardaman andMills; absent and not voting: Chairman Martin.


LAW DEPARTMENT 13

Order Reaffirming Decision

This matter comes before the Board of Gover-nors on a petition by Northwest Bancorporation,Minneapolis, Minnesota, that the Board reconsiderthe application of Northwest Bancorporation filedpursuant to the provisions of section 3(a) of theBank Holding Company Act of 1956, for theBoard's prior approval of acquisition of directownership by Northwest Bancorporation of 1,450voting shares of the Northwestern State Bank,Rochester, Minnesota, which application was de-nied by Order of the Board, dated November 5,1957.

Upon analysis of the facts and arguments setforth in the said petition, and upon review of thereasons underlying the Board's previous Order,it appears that petitioner has failed to set forthany material facts or arguments not heretoforefully considered by the Board; and, therefore, theBoard reaffirms its original decision herein anddenies the Petition for Reconsideration of the Ap-plication and, IT is so ORDERED.

This 9th day of December 1957.By order of the Board of Governors.

(SEAL)


BAYSTATE CORPORATION

In the Matter of the Application of Bay state Cor-poration for Approval of Acquisition of VotingShares of Union Trust Company of Springfield.


on the application of Baystate Corporation, Bos-ton, Massachusetts, dated March 28, 1957, filedpursuant to the provisions of section 3(a)(2) ofthe Bank Holding Company Act of 1956, forprior approval of the acquisition of up to 60 percent of the voting shares of Union Trust Companyof Springfield, Springfield, Massachusetts, and itappearing after due consideration thereof pursuantto the requirements of the Bank Holding CompanyAct of 1956 that such application should be ap-proved,

IT IS ORDERED, That the said application of Bay-state Corporation under section 3 (a)(2) of theBank Holding Company Act of 1956 for theBoard's prior approval of the acquisition by Bay-state Corporation of up to 60 per cent of the

voting shares of Union Trust Company of Spring-field is hereby approved, provided that such ac-quisition is completed within three months fromthe date hereof.

This 7th day of November 1957.By order of the Board of Governors.

Voting for this action: Chairman Martin, Vice Chair-man Balderston, and Governors Vardaman and Mills;voting against this action: Governors Szymczak,Robertson, and Shepardson.

(SEAL)


StatementPursuant to section 3 (a) (2) of the Bank Hold-

ing Company Act of 1956 (hereinafter referred toas the Act), an application was filed with theBoard by Baystate Corporation, Boston, Massa-chusetts, a bank holding company under the Act,for prior approval by the Board of the acquisitionby Baystate of up to 60 per cent of the votingshares of Union Trust Company of Springfield,Springfield, Massachusetts. As required by section3(b) of the Act, the Board gave notice of the ap-plication to the Commissioner of Banks for theState of Massachusetts and requested his views andrecommendations, and the Commissioner of Banksresponded with a statement to the effect that inhis opinion the application should be approved.

Under section 3(c) of the Act, in determiningwhether or not to approve an application the Boardis required to take into consideration five statedfactors: "(1) the financial history and conditionof the company or companies and the banks con-cerned; (2) their prospects; (3) the character oftheir management; (4) the convenience, needs,and welfare of the communities and the area con-cerned; and (5) whether or not the effect of suchacquisition or merger or consolidation would beto expand the size or extent of the bank holdingcompany system involved beyond limits consistentwith adequate and sound banking, the public in-terest, and the preservation of competition in thefield of banking."

In the light of these statutory standards, con-sideration has been given to all the relevant factsand circumstances of the present case, includingthe fact that the proposed acquisition of stockof Union Trust Company is to be followed by amerger of that institution with Springfield Na-



tional Bank, an existing subsidiary of the appli-cant; that the resulting institution, because of itslarger size, will be in a position, in the circum-stances of this case, to furnish somewhat expandedservices to the community, particularly in makingloans of the size needed by the larger firms in thelocality; that, despite this merger, the resultinginstitution will not be dominant in the area butwill be of approximately the same size as what isnow the largest bank in the area; that mutual sav-ings banks in the Springfield area compete activelyin certain fields with commercial banks; and that,after the proposed transaction, residents of thearea would continue to have adequate freedom ofchoice among banking facilities.

On the basis of the facts of this case and in thelight of the statutory factors, it is the judgmentof the majority of the members of the Board thatthe proposed transaction would not be inconsistentwith the apparent general intent of those factorsor with the underlying purposes of the Act.

Dissenting Statement byGovernors Szymczak, Robertson,

and ShepardsonIn our judgment, the application of Baystate

Corporation to acquire shares of Union TrustCompany of Springfield should be denied.

A principal objective of the Bank Holding Com-pany Act was to prevent expansion of bank hold-ing company systems where such expansion wouldbe inimical to "the preservation of competitionin the field of banking". In this case, Baystate al-ready controls one of the four larger banks inSpringfield; it proposes to purchase a majority ofthe stock of another and to merge the two intoan institution that will be the largesi in the cityand in Western Massachusetts. Approval of theacquisition will enable this holding company (1)to terminate the existence of a successful inde-pendent bank that now competes v|ith its ownbank, and (2) to increase the size and extent ofits holding company system to a very substantialdegree. One of the two major purposes of theBank Holding Company Act is to combat thistendency of holding companies to grow constantlylarger and more powerful by buying up controlof competing banks.

In this case the applicant claims that the pro-posed acquisition and merger will permit better

service to Springfield and stronger local competi-tion between two dominant banks in the field oflarge business loans, and a determination to thiseffect has been made by the Massachusetts Boardof Bank Incorporation. But a claim of this naturecan be made with some plausibility whenever aholding company proposes to buy and absorb acompeting bank. If Congress had intended thatall acquisitions for merger purposes—short ofmonopoly—should be permitted, it would nothave directed this Board to go through the motionsof deciding such cases on the basis of the factorsenumerated in section 3(c) of the Act.

In our view, where the number of competingbanks will be substantially reduced and the exist-ence of one of the holding company bank's chiefcompetitors will be terminated by its absorptioninto the holding company system, the proposedtransacation should be approved only if there isconvincing evidence of prospective benefits thatdefinitely outweigh this patently adverse effectupon competition in the field of banking. Therecord before the Board does not add up to a con-vincing case on that point.

BRENTON COMPANIES

In the Matter of the Application of Brenton Com-panies for Approval of Acquisition of VotingShares of Palo Alto County State Bank, Emmets-burg, Iowa.


on the application of Brenton Companies, DesMoines, Iowa, filed pursuant to the provision ofsection 3(a) (2) of the Bank Holding CompanyAct of 1956, for prior approval of acquisition byBrenton Companies of direct ownership of 13 ofthe 1,500 outstanding shares of the Palo AltoCounty State Bank, and it appearing after dueconsideration thereof in the light of the factorsenumerated in section 3(c) of the Bank HoldingCompany Act of 1956 that such application shouldbe granted,

IT IS HEREBY ORDERED that the said applicationbe and hereby is granted and the acquisition byBrenton Companies of direct ownership of 13 ofthe 1,500 outstanding shares of capital stock ofPalo Alto County State Bank, Emmetsburg, Iowa,is hereby approved, provided that such acquisition


LAW DEPARTMENT 15

is completed within three months from the datehereof.



(SEAL)

StatementPursuant to section 3 of the Bank Holding Com-

pany Act of 1956 (hereafter referred to as theAct) an application was filed with the Board byBrenton Companies, Des Moines, Iowa, a bankholding company under the Act, for prior approvalby the Board of the acquisition by Brenton Com-panies of direct ownership of 13 of the 1,500 out-standing shares of Palo Alto County State Bank,Emmetsburg, Iowa. As required by section 3(b)of the Act, the Board gave notice of the applica-tion to the Superintendent of Banking of the Stateof Iowa, and requested his views and recom-mendations, and the Superintendent of Bankingresponded by stating that he knew of no reasonto object to the proposed purchase of such stockby Brenton Companies.

Under section 3(c) of the Act, in determiningwhether or not to approve an application the Boardis required to take into consideration five statedfactors: "(1) the financial history and conditionof the company or companies and the banks con-cerned; (2) their prospects; (3) the character oftheir management; (4) the convenience, needs,and welfare of the communities and the area con-cerned; and (5) whether or not the effect of suchacquisition or merger or consolidation would beto expand the size or extent of the bank holdingcompany system involved beyond limits consistentwith adequate and sound banking, the public in-terest, and the preservation of competition in thefield of banking."

The facts of this case have been considered inthe light of these statutory standards. It appearsthat the considerations with respect to the firstthree factors are favorable, and that the proposedacquisition of 13 additional shares of an existingbank, of which the applicant presently owns 501of the 1,500 outstanding shares, would in no wayaffect the convenience, needs, or welfare of thecommunities and the area concerned, and wouldnot expand the size or extent of the applicant'ssystem of banks.

On the basis of the facts of the case and in thelight of the statutory factors, it is the judgment ofthe Board that this application should be ap-proved, and IT is so ORDERED.

WISCONSIN BANKSHARES CORPORATIONIn the Matter of the Application of WisconsinBankshares Corporation for Approval of Acquisi-tion of Voting Shares of Proposed Capitol Na-tional Bank of Milwaukee, Milwaukee, Wisconsin.


on the application of Wisconsin Bankshares Cor-poration, Milwaukee, Wisconsin, filed pursuant tothe provisions of section 3(a) (2) of the BankHolding Company Act of 1956, for prior approvalof the acquisition by it of direct ownership of2,950 shares of a total of 3,000 voting shares ofthe Capitol National Bank of Milwaukee, Mil-waukee, Wisconsin, a proposed new institution,and it appearing, after due consideration thereofpursuant to the requirements of the Bank HoldingCompany Act of 1956, that such applicationshould be denied,

IT IS HEREBY ORDERED that the said applicationof Wisconsin Bankshares Corporation shall be,and the same hereby is, denied.


Voting for this action: Chairman Martin and Gov-ernors Szymczak, Mills, Robertson, and Shepardson;absent and not voting: Vice Chairman Balderstonand Governor Vardaman.


(SEAL)

StatementThis matter comes before the Board on the

application of Wisconsin Bankshares Corporation,Milwaukee, Wisconsin, dated April 22, 1957, filedpursuant to the provisions of section 3(a)(2) ofthe Bank Holding Company Act of 1956 (here-after referred to as the Act) for approval of theacquisition by it of direct ownership of 2,950shares of a total of 3,000 voting shares of theCapitol National Bank of Milwaukee, Milwaukee,Wisconsin, a proposed new institution.

As of December 31, 1956, the Applicant con-trolled six banks in the State of Wisconsin havingtwenty banking offices and aggregate deposits ofapproximately $807,000,000. The City of Mil-



waukee, with a population of approximately 700,-000, is presently served by eighteen commercialbanks having thirty-one banking offices and aggre-gate deposits of approximately $1,175,000,000 asof June 6, 1957. There are also two mutual sav-ings banks in Milwaukee with deposits of about$5,500,000. The largest bank in the city is FirstWisconsin National Bank of Milwaukee, a sub-sidiary of the Applicant, which has thirteen bank-ing offices and aggregate deposits of approximately$557,000,000.

The proposed new Capitol National Bank ofMilwaukee would be located in a large, recentlydeveloped shopping center comprising sixty-oneacres. Within a three-mile radius of the shoppingcenter there is an estimated population of 287,000,and within that area there are presently sevenbanking offices, three of which are branches ofFirst Wisconsin National Bank.

There is no banking office presently locatedwithin the shopping center or its immediate vicin-ity. However, a State bank, Milwaukee WesternBank (formerly known as Teutonia Bank), whichis now located a little more than three miles fromthe shopping center, was granted permission by theWisconsin Commissioner of Banks in April 1956to move its office to a new location just outsidethe shopping center and four-tenths of a mile fromthe site of the proposed new Capitol NationalBank. A new building to be occupied by the Mil-waukee Western Bank at its new location is underconstruction and nearing completion.

Under section 3(c) of the Act, in determiningwhether or not to approve an application theBoard is required to take into consideration fivestated factors: "(1) the financial history and con-dition of the company or companies and the banksconcerned; (2) their prospects; (3) the characterof their management; (4) the convenience, needs,and welfare of the communities and the area con-cerned; and (5) whether or not the effect of suchacquisition or merger or consolidation would beto expand the size or extent of the bank holdingcompany system involved beyond limits consistentwith adequate and sound banking, the public in-terest, and the preservation of competition in thefield of banking."

In the present case it appears that all considera-tions relative to the first three factors stated aboveare generally favorable.

With respect to the fourth factor required to beconsidered by the Board, it appears that there isclearly a need for a bank in the shopping centeror its vicinity. The imminent move of MilwaukeeWestern Bank to its new location, however, willprovide a bank just outside the shopping center;and, while a bank in the shopping center itselfwould probably contribute to the "convenience"of the businesses and shoppers in the center, itdoes not appear that "needs and welfare" of thearea call for the operation of two banks in theshopping center and its vicinity at the present time.

With respect to the fifth statutory factor, theestablishment by the Applicant of the proposednew Capitol National Bank would cause bankscontrolled by the Applicant to have four out ofnine offices within a three-mile radius of the shop-ping center, thus increasing the Applicant's com-petitive strength in that area. At the same time,the establishment of the proposed new nationalbank, with the advantage of its location within theshopping center itself, probably would have anadverse effect upon the competitive position, atits new location, of Milwaukee Western Bank, anexisting bank not controlled by a bank holdingcompany.

No precise formula can be applied in determin-ing the relative weight or significance to be ac-corded the facts of a particular case under eachof the five factors set forth in section 3(c) of theAct, and each case must necessarily be determinedon the basis of a considered judgment in the lightof all relevant circumstances. In the present case,in view of the Applicant's strong competitive posi-tion in the City of Milwaukee and the local areainvolved, the reasonable probability that the Appli-cant's establishment of the proposed new bank inthe shopping center would tend to impair the pros-pects of the independent bank moving into thevicinity of the center, and the lack of clear evi-dence of need at this time for the proposed newbank sufficient to offset these adverse circum-stances, it is believed that approval of the appli-cation here under consideration would not beconsistent with the intent and purposes of theBank Holding Company Act. Accordingly, inthe judgment of the Board, the application shouldbe denied, and IT IS SO ORDERED.


Current Events and Announcements

DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS,DEPUTY CHAIRMEN, AND DIRECTORS

The Board of Governors of the Federal Reserve System announced the following designationsof Chairmen and Federal Reserve Agents and appointments of Deputy Chairmen and directors at theFederal Reserve Banks and branches, effective January 1, 1958, with exceptions indicated. Names inCAPITALS indicate new appointments; all others are reappointments. Brief biographical data onnewly appointed directors follow the list of appointments.

CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1958

Federal ReserveBank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Robert C. Sprague, North Adams, MassachusettsJohn E. Bierwirth, New York, New YorkHENDERSON SUPPLEE, JR., Philadelphia, PennsylvaniaArthur B. Van Buskirk, Pittsburgh, PennsylvaniaJohn B. Woodward, Jr., Newport News, VirginiaWalter M. Mitchell, Atlanta, GeorgiaBert R. Prall, Winnetka, IllinoisPierre B. McBride, Louisville, KentuckyLeslie N. Perrin, Minneapolis, MinnesotaRaymond W. Hall, Kansas City, MissouriRobert J. Smith, Dallas, TexasA. H. Brawner, San Francisco, California

Federal ReserveBank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

DEPUTY CHAIRMEN FOR YEAR 1958

HARVEY P. HOOD, Boston, MassachusettsForrest F. Hill, New York, New YorkLESTER V. CHANDLER, Princeton, New JerseyJoseph H. Thompson, Cleveland, OhioAlonzo G. Decker, Jr., Towson, MarylandHarllee Branch, Jr., Atlanta, GeorgiaJ. Stuart Russell, Des Moines, IowaJ. H. LONGWELL, Columbia, MissouriO. B. Jesness, St. Paul, MinnesotaJoe W. Seacrest, Lincoln, NebraskaHal Bogle, Dexter, New MexicoY. Frank Freeman, Hollywood, California

17



Federal ReserveBank

BostonBoston

New YorkClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasDallas

San Francisco

FEDERAL RESERVE BANK DIRECTORS 1

(Three-year terms, with exceptions indicated)

Robert C. Sprague, North Adams, MassachusettsNILS Y. WESSELL, Medford, Massachusetts, effective December 17,

1957, for unexpired portion of term ending December 31, 1959Forrest F. Hill, New York, New YorkAUBREY J. BROWN, Lexington, KentuckyD. W. Colvard, Raleigh, North CarolinaHenry G. Chalkley, Jr., Lake Charles, LouisianaBert R. Prall, Winnetka, IllinoisJESSE D. WOOTEN, Memphis, TennesseeO. B. Jesness, St. Paul, MinnesotaJoe W. Seacrest, Lincoln, NebraskaRobert J. Smith, Dallas, TexasLAMAR FLEMING, JR., Houston, Texas, effective December 14, 1957,

for unexpired portion of term ending December 31, 1958Philip I. Welk, Walla Walla, Washington

FEDERAL RESERVE BANK BRANCH DIRECTORS 2

(Three-year terms unless otherwise indicated)

Federal Reserve Bankand Branch

New YorkBuffalo

ClevelandCincinnatiPittsburgh

RichmondBaltimoreCharlotte

AtlantaJacksonvilleNew Orleans

ChicagoDetroit

DANIEL M. DALRYMPLE, Appleton, New York

W. Bay Irvine, Marietta, OhioJohn C. Warner, Pittsburgh, Pennsylvania

Clarence R. Zarfoss, Baltimore, MarylandGEORGE H. AULL, Clemson, South Carolina

J. Wayne Reitz, Gainesville, FloridaFRANK A. GODCHAUX, III, Abbeville, Louisiana

John A. Hannah, East Lansing, Michigan

1 Each Federal Reserve Bank has a board of direct-ors consisting of nine members, divided into threeclasses, designated as Classes A, B, and C. The six Aand B directors are elected by the member banks, andthe three C directors are appointed by the Board ofGovernors. The terms of two of the elected directorsand one of the appointed directors expire at the end ofeach year.

2 Federal Reserve Bank branches have either five orseven directors, of whom a majority are appointedby the Board of Directors of the parent Federal Re-serve Bank, and the others are appointed by theBoard of Governors of the Federal Reserve System.One of the directors appointed by the Board of Gov-ernors at each branch is designated annually as Chair-man of the Board in such manner as the FederalReserve Bank may prescribe.


CURRENT EVENTS AND ANNOUNCEMENTS 19

St. LouisLittle RockLittle Rock

Louisville

Minneapolis (two-year term)Helena

Kansas City (two-year terms)DenverOklahoma CityOmaha

DallasHoustonSan Antonio

San Francisco (two-year terms)Los AngelesPortlandSalt Lake CitySeattle

R. H. ALEXANDER, Scott, ArkansasWALDO E. TILLER, Little Rock, Arkansas (for un-

expired portion of term ending December 31, 1958)

Philip Davidson, Louisville, Kentucky

JOHN M. OTTEN, Lewistown, Montana

Aksel Nielsen, Denver, ColoradoDavis D. Bovaird, Tulsa, OklahomaJames L. Paxton, Jr., Omaha, Nebraska

John C. Flanagan, Houston, TexasAlex R. Thomas, San Antonio, Texas

Robert J. Cannon, Los Angeles, CaliforniaWarren W. Braley, Portland, OregonJoseph Rosenblatt, Salt Lake City, UtahHENRY N. ANDERSON, Aberdeen, Washington

Federal Reserve Bank of Boston

HARVEY P. HOOD, Boston, Massachusetts,who has been serving as a Board-appointed direc-tor of the Federal Reserve Bank of Boston sinceJanuary 1956, was appointed Deputy Chairmanfor the year 1958. Mr. Hood served as a directorof the Boston Reserve Bank, elected by the mem-ber banks of that District, from January 1951 toDecember 1955. He is President of H. P. Hood &Sons, Inc., Boston. As Deputy Chairman, he suc-ceeds Dr. James R. Killian, Jr., President, Massa-chusetts Institute of Technology, Cambridge, whoresigned.

NILS Y. WESSELL, President, Tufts Univer-sity, Medford, Massachusetts, was appointed adirector of the Federal Reserve Bank of Bostonfor the unexpired portion of a term ending De-cember 31, 1959. He succeeds Dr. James R.Killian, Jr., President, Massachusetts Institute ofTechnology, Cambridge, who resigned as a directorof the Bank.

Federal Reserve Bank of New York

DANIEL M. DALRYMPLE, Appleton, NewYork, was appointed a director of the BuffaloBranch of the Federal Reserve Bank of New Yorkfor a three-year term beginning January 1, 1958.

Mr. Dalrymple is Partner and Manager of thePomona Fruit Farms, Appleton, New York. Hesucceeds Mr. Clayton G. White, Dairy Farmer,Stow, New York, whose term as a director of theBuffalo Branch expired December 31, 1957.

Federal Reserve Bank of Philadelphia

HENDERSON SUPPLEE, JR., Philadelphia,Pennsylvania, who has been serving as a Board-appointed director of the Federal Reserve Bankof Philadelphia since January 1953 and as DeputyChairman of that Bank since January 1954, wasdesignated Chairman and Federal Reserve Agentat Philadelphia for the year 1958. Mr. Suppleeis President of The Atlantic Refining Company,Philadelphia. As Chairman and Federal ReserveAgent, he succeeds Mr. William J. Meinel, Chair-man of the Board, Heintz Manufacturing Com-pany, Philadelphia, whose term expired Decem-ber 31, 1957.

LESTER V. CHANDLER, Princeton, NewJersey, who has been serving as an appointeddirector of the Federal Reserve Bank of Phila-delphia since January 1954, was appointed DeputyChairman of the Bank for the year 1958. Dr.Chandler is Professor of Economics, PrincetonUniversity, Princeton, New Jersey. As Deputy



Chairman he succeeds Mr. Henderson Supplee,Jr., President, The Atlantic Refining Company,Philadelphia, who was designated Chairman andFederal Reserve Agent.

Federal Reserve Bank of Cleveland

AUBREY J. BROWN, Lexington, Kentucky,was appointed a director of the Federal ReserveBank of Cleveland for a three-year term beginningJanuary 1, 1958. Dr. Brown is Professor ofAgricultural Economics, University of Kentucky,Lexington. He succeeds Dr. Frank J. Welch,Dean, College of Agriculture and Home Eco-nomics, University of Kentucky, whose term ex-pired December 31, 1957.

Federal Reserve Bank of Richmond

GEORGE H. AULL, Clemson, South Carolina,was appointed a director of the Charlotte Branchof the Federal Reserve Bank of Richmond for athree-year term beginning January 1, 1958. Dr.Aull is Agricultural Economist of Clemson Col-lege, Clemson, South Carolina. He succeeds Mr.Paul T. Taylor, President, Taylor WarehouseCompany, Winston-Salem, North Carolina, whoseterm expired December 31, 1957.

Federal Reserve Bank of Atlanta

FRANK A. GODCHAUX, III, Abbeville,Louisiana, was appointed a director of the NewOrleans Branch of the Federal Reserve Bank ofAtlanta for a three-year term beginning January1, 1958. Mr. Godchaux is Vice President, Louisi-ana State Rice Milling Company, Inc., Abbeville,Louisiana. He succeeds Dr. Joel L. Fletcher, Jr.,President, Southwestern Louisiana Institute, La-fayette, whose term expired December 31, 1957.

Federal Reserve Bank of St. Louis

J. H. LONGWELL, Columbia, Missouri, whohas been serving as an appointed director of theFederal Reserve Bank of St. Louis since January1957, was appointed Deputy Chairman of theBank for the year 1958. Dr. Longwell is Dean,College of Agriculture, University of Missouri,Columbia. As Deputy Chairman, he succeedsMr. Joseph H. Moore, Farmer, Charleston, Mis-souri, whose terms as Deputy Chairman and as adirector expired December 31, 1957.

JESSE D. WOOTEN, Memphis, Tennessee, wasappointed a director of the Federal Reserve Bankof St. Louis for a three-year term beginning Jan-

uary 1, 1958. Mr. Wooten is Executive VicePresident, Mid-South Chemical Corporation,Memphis, Tennessee. He succeeds Mr. JosephH. Moore, Farmer, Charleston, Missouri, whoseterm expired December 31, 1957.

R. H. ALEXANDER, Scott, Arkansas, was ap-pointed a director of the Little Rock Branch ofthe Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1958. Mr. Alex-ander is a Farmer. He succeeds Mr. Shuford R.Nichols, Farmer, of Des Arc, Arkansas, whoseterm expired December 31, 1957.

WALDO E. TILLER, Little Rock, Arkansas,was appointed a director of the Little Rock Branchof the Federal Reserve Bank of St. Louis for theunexpired portion of a term ending December 31,1958. Mr. Tiller is President of Tiller Tie andLumber Company, Little Rock, Arkansas. Hesucceeds Mr. A. Howard Stebbins, Jr., Little Rock,who resigned effective December 31, 1957.

Federal Reserve Bank of Minneapolis

JOHN M. OTTEN, Lewistown, Montana, wasappointed a director of the Helena Branch of theFederal Reserve Bank of Minneapolis for a two-year term beginning January 1, 1958. Mr. Ottenis a Farmer. He succeeds Mr. George R. Mil-burn, Manager, N Bar Ranch, Grass Range,Montana, whose term expired December 31, 1957.

Federal Reserve Bank of DallasLAMAR FLEMING, JR., Houston, Texas, was

appointed a director of the Federal Reserve Bankof Dallas for the unexpired portion of a termending December 31, 1958. Mr. Fleming isChairman of the Board of Anderson, Clayton &Co., Inc., Houston, Texas. He succeeds Mr.Henry P. Drought, Attorney at Law, San Antonio,Texas, who died recently.

Federal Reserve Bank of San Francisco

HENRY N. ANDERSON, Aberdeen, Wash-ington, was appointed a director of the SeattleBranch of the Federal Reserve Bank of San Fran-cisco for a two-year term beginning January 1,1958. Mr. Anderson is President of Twin HarborsLumber Company, Aberdeen, Washington. Hesucceeds Mr. D. K. MacDonald, Chairman of theBoard, D. K. MacDonald & Company, Inc.,Seattle, Washington, whose term expired Decem-ber 31, 1957.



FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS 1

The Federal Reserve Banks have announced the following appointments of branch directors. Theappointments have been made for terms of three years beginning January 1, 1958, except where other-wise indicated.

Federal ReserveBank and Branch

New YorkBuffalo

ClevelandCincinnati

Pittsburgh

RichmondBaltimore

Charlotte

AtlantaBirmingham

E. PERRY SPINK, President, Liberty Bank of Buffalo,Buffalo, New York. Mr. Spink succeeds Charles H.Diefendorf, Chairman of the Executive Committee,The Marine Trust Company of Western New York,Buffalo, New York.

ROGER DRACKETT, President, The Drackett Com-pany, Cincinnati, Ohio. (Reappointed)

T. M. WOLFE, President, The Athens National Bank,Athens, Ohio. Mr. Wolfe succeeds Bernard H.Geyer, President, The Second National Bank ofHamilton, Hamilton, Ohio.

LAWRENCE O. HOTCHKISS, President, The First Na-tional Bank of Mercer, Mercer, Pennsylvania. Mr.Hotchkiss succeeds John H. Lucas, Chairman of theBoard, Peoples First National Bank & Trust Com-pany, Pittsburgh, Pennsylvania.

IRVING W. WILSON, Chairman of the Board, Alumi-num Company of America, Pittsburgh, Pennsylvania.(Reappointed)

J. N. SHUMATE, President, The Farmers NationalBank of Annapolis, Annapolis, Maryland. Mr.Shumate succeeds Charles A. Piper, President, TheLiberty Trust Company, Cumberland, Maryland.

ERNEST PATTON, Chairman of the Board, ThePeoples National Bank, Greenville, South Carolina.(Reappointed)

JOHN C. PERSONS, Chairman of the Board, The FirstNational Bank of Birmingham, Birmingham, Ala-bama. General Persons succeeds Malcolm A. Smith,First Vice President, Birmingham Trust NationalBank, Birmingham, Alabama.

1For statement concerning appointment of branch directors, see page 18.



Jacksonville

Nashville

New Orleans

ChicagoDetroit

St. LouisLittle Rock

Louisville

Memphis

Minneapolis (two-year term)Helena

C. B. MCLEOD, President, Bank of Crestview, Crest-view, Florida. Mr. McLeod succeeds James L.Niblack, President, The First National Bank of LakeCity, Lake City, Florida.

P. D. HOUSTON, JR., President, First American Na-tional Bank, Nashville, Tennessee. Mr. Houston suc-ceeds J. R. Kellam, Jr., Executive Vice President,Commerce Union Bank, Nashville, Tennessee.

D. U. MADDOX, President, The Commercial NationalBank and Trust Company of Laurel, Laurel, Mis-sissippi. (Reappointed)

WILLIAM A. MAYBERRY, President, ManufacturersNational Bank of Detroit, Detroit, Michigan. Mr.Mayberry succeeds Howard P. Parshall, President,Bank of the Commonwealth, Detroit, Michigan.

ERNEST W. POTTER, President, Citizens Commercial& Savings Bank, Flint, Michigan. (Reappointed)

J. W. BELLAMY, JR., President, National Bank ofCommerce of Pine Bluff, Pine Bluff, Arkansas. Mr.Bellamy succeeds H. C. McKinney, Jr., President,The First National Bank of El Dorado, El Dorado,Arkansas.

E. C. BENTON, President, Fordyce Bank and TrustCompany, Fordyce, Arkansas. (Reappointed)

JOHN G. RUSSELL, President, The Peoples First Na-tional Bank & Trust Company of Paducah, Paducah,Kentucky. Mr. Russell succeeds M. C. Minor, Presi-dent, The Farmers National Bank of Danville, Dan-ville, Kentucky.

W. SCOTT MCINTOSH, President, State Bank ofHardinsburg, Hardinsburg, Indiana. (Reappointed)

SIMPSON RUSSELL, President, The National Bank ofCommerce of Jackson, Jackson, Tennessee. Mr.Russell succeeds John A. McCall, President, TheFirst National Bank of Lexington, Lexington, Ten-nessee.

JOHN E. BROWN, President, Union Planters NationalBank of Memphis, Memphis, Tennessee. (Reap-pointed)

O. M. JORGENSON, Chairman, Security Trust & Sav-ings Bank, Billings, Montana. Mr. Jorgenson suc-ceeds A. W. Heidel, President, Powder River CountyBank, Broadus, Montana.



Kansas City (two-year terms)Denver STEWART COSGRIFF, President, The Denver National

Bank, Denver, Colorado. Mr. Cosgriff succeedsMerriam B. Berger, Vice President, The ColoradoNational Bank of Denver, Denver, Colorado.

Oklahoma City

Omaha

C. P. STUART, President, The Fidelity National Bankand Trust Company, Oklahoma City, Oklahoma. Mr.Stuart succeeds George R. Gear, President, The CityNational Bank of Guymon, Guymon, Oklahoma.

GEORGE J. FORBES, President, Bank of Laramie, Lar-amie, Wyoming. (Reappointed)

DallasEl Paso

C. WHEATON BATTEY, President, The ContinentalNational Bank of Lincoln, Lincoln, Nebraska. (Re-appointed)

JOHN P. BUTLER, President, The First National Bankof Midland, Midland, Texas. (Reappointed)

FLOYD CHILDRESS, Vice President, The First NationalBank of Roswell, Roswell, New Mexico. (Reap-pointed)

Houston W. B. CALLAN, President, The Victoria NationalBank, Victoria, Texas. (Reappointed)

San Antonio

L. R. BRYAN, Jr., Vice Chairman of the Board andChairman of the Executive Committee, Bank of theSouthwest National Association, Houston, Houston,Texas. (Reappointed)

DONALD D. JAMES, Vice President, The Austin Na-tional Bank, Austin, Texas. Mr. James succeeds V.S. Marett, President, The Citizens National Bank ofGonzales, Gonzales, Texas.

San Francisco (two-year terms)Los Angeles

Portland

J. W. BERETTA, President, First National Bank of SanAntonio, San Antonio, Texas. (Reappointed)

JOE D. PAXTON, Chairman of the Board, CountyNational Bank and Trust Company of Santa Barbara,Santa Barbara, California. (Reappointed)

C. B. STEPHENSON, President, The First NationalBank of Portland, Portland, Oregon. Mr. Stephensonsucceeds E. C. Sammons, President, The UnitedStates National Bank of Portland, Portland, Oregon.



Salt Lake City OSCAR HILLER, President, Butte County Bank, Arco,Idaho. Mr. Hiller succeeds Harry Eaton, President,Twin Falls Bank and Trust Company, Twin Falls,Idaho.

Seattle IOSHUA GREEN, JR., President, Peoples NationalBank of Washington, Seattle, Washington. Mr.Green succeeds Charles F. Frankland, President, ThePacific National Bank of Seattle, Seattle, Washington.

FEDERAL RESERVE MEETING

A meeting of the Federal Open Market Com-mittee was held in Washington on January 7, 1958.

REDUCTION IN MARGIN REQUIREMENTS

On January 15, 1958, the Board of Governors ofthe Federal Reserve System amended RegulationsT and U, relating respectively to margin require-ments of brokers and banks, by reducing marginrequirements from 70 per cent to 50 per cent,effective January 16, 1958. The reduced require-ments apply to both purchases and short sales.No other change was made in the regulations.

EARNINGS AND EXPENSES OF THE FEDERALRESERVE BANKS IN 1957 AND 1956

A condensed comparative statement of earningsand expenses of the Federal Reserve Banks in 1957and 1956 is shown below. A detailed statementof earnings and expenses of each Federal ReserveBank in 1957 will appear in the February FederalReserve BULLETIN.

Item

Current earningsCurrent expenses

Current net earnings

Additions to current net earningsl

Deductions from current net earnings

Net deductions

Net earnings before payments to U. S. Treasury.

Paid U. S. Treasury (interest on F. R. notes)..Dividends paidTransferred to surplus (Sec. 7)

Thousands of dollars

1957

763,348131,814

631,534

1,5808,721

7,141

624,393

542,70820,08161,604

1956

595,649121,182

474,467

359383

24

474,443

401,55518,90553,983

Ii Includes net profits of $167,000 in 1957 and $268,000 in 1956 on

sales of U. S. Government securities.

CHANGES IN THE BOARD'S STAFF

Mr. Jerome W. Shay was appointed LegislativeCounsel effective January 1, 1958. He joinedthe staff of the Legal Division in 1937 and hadbeen serving as Assistant General Counsel sinceJanuary 1, 1956.

Mr. Shay succeeded Mr. Alfred K. Cherry,who retired as Legislative Counsel on December31, 1957. Mr. Cherry became associated withthe Board of Governors in 1933 as an AssistantCounsel. He was appointed Legislative Counselin 1952.

Mr. Joseph E. Kelleher was appointed Directorof the Division of Administrative Services onJanuary 1, 1958. A member of the Board'sorganization since 1937, he had served as As-sistant Director of the Division since 1951.

Mr. Kelleher succeeded Mr. Liston P. Bethea,who retired as Director of the Division of Ad-ministrative Services on December 31, 1957.Mr. Bethea was appointed Assistant Secretaryof the Board in 1933, and had been Directorof the Division of Administrative Services since1944.

In the Division of Research and Statistics, ef-fective January 1, 1958, the titles of Mr. Albert R.Koch, Mr. Kenneth B. Williams, and MissSusan S. Burr were changed from Assistant Direc-tor to Associate Adviser; and the title of Mr.Lewis N. Dembitz was changed from AssistantDirector to Research Associate.

In the Division of International Finance, ef-fective January 1, 1958, Mr. A. B. Hersey,Mr. J. Herbert Furth, and Mr. Robert L.Sammons were appointed Associate Advisers.

Mr. Hersey joined the Board's staff in 1935.After a break in service of approximately twoand one-half years, during which time he was



employed by the Office of Strategic Services,he rejoined the Board's staff in December 1945,and has been continuously engaged in work inthe international area.

Mr. Furth joined the Board's staff in 1943,and has served in a number of capacities in theDivision of International Finance.

Mr. Sammons joined the Board's staff in 1956.Prior to his association with the Board, he hadextensive experience with the United States De-partment of Commerce and also with the PuertoRico Planning Board in San Juan.

CHANGE IN YIELD SERIES FOR UNITED STATESGOVERNMENT BONDS

Beginning with this issue of the BULLETIN, a con-solidated series of average yields on long-termUnited States Government bonds will be pub-lished regularly in the table "Bond and StockYields" (page 49). This series, which replaces theso-called "New" and "Old" series previously shown(page 1385 of the BULLETIN for December 1957),includes all bonds due or callable in 10 years ormore. Under the previous breakdown the "Old"series, after December 1957, would have con-tained only a single unrepresentative issue, the 4per cent bond of 1969.

For comparisons with earlier periods, the con-solidated yield series has been calculated backthrough April 1953, when the first postwar long-term bond (the 3V4 per cent bond of 1978-83) wasissued and the "New" series was initiated. Annual,monthly, and weekly averages for the consolidatedseries for 1953-57 are shown on page 84 of thisBULLETIN.

ERROR IN DECEMBER 1957 BULLETIN

Some copies of the December 1957 BULLETINcontained an error in the article describing therevision of the department store indexes. Theformula shown in the section on adjustment ofsales indexes, page 1327, should read as follows:

*—po-sriADMISSION OF STATE BANK TO MEMBERSHIP IN THEFEDERAL RESERVE SYSTEM

The following State bank was admitted to member-ship in the Federal Reserve System during theperiod November 16, 1957 to December 15, 1957:

Florida

Jacksonville . Florida Northside Bank ofJacksonville

TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY

Latest BULLETIN Reference

SemiannuallyBanking Offices:

Analysis of changes in number of. . .On, and not on, Federal Reserve Par

List, number of

AnnuallyEarnings and expenses:

Federal Reserve BanksMember banks:

Calendar yearFirst half of year

Insured commercial banksBanks and branches, number of, by class

and StateOperating ratios, member banksStock Exchange firms, detailed debit and

credit balancesBanking and monetary statistics, 1956..Summary flow-of-funds accounts,

1954-56

Issue

Aug.

Aug.

Feb.

JuneNov.June

Apr.June

Mar.

Oct.

1957

1957

1957

195719561957

19571957

195719571957

1957

Page

974

975

210-211

710-7181248

719

472-473720-722

336214-220582-585

1190-1194


National Summary of Business ConditionsReleased for publication January 15

Industrial production and employment con-tinued to decline in December, and unemploymentrose further. Construction activity was maintainedat an advanced level, and retail sales increasedslightly. From mid-December to mid-January,prices of industrial commodities were stable, whileboth wholesale and retail prices of foods advanced.Substantial expansion of bank credit in Decemberwas followed by contraction in early January.Yields on Government securities and corporatebonds declined further.

INDUSTRIAL PRODUCTION

Output of factories and mines in December, asmeasured by the Board's seasonally adjusted indexof industrial production, was 136 per cent of the1947-49 average, 3 points or 2 per cent belowNovember and 7 per cent below a year earlier.For the year 1957 industrial production averaged143, the same as for 1956.

Steel ingot output declined sharply further inDecember and early January, to a level about 40per cent below a year earlier and moderately belowthe 1947-49 average. Production of lumber andother construction materials also was curtailedfurther. Output of farm machinery and trucks wasreduced in December, and activity in most other

INDUSTRIAL PRODUCTION1947-49-100

Federal Reserve indexes, seasonally adjusted. Monthly figures,latest shown are for December.

equipment lines continued to fall. Auto assemblieswere down 10 per cent, and current productionschedules for January indicate little change fromDecember. Output of furniture and television sets,which had declined earfier, showed little change inDecember.

Activity in the textile, apparel, and rubber indus-tries declined somewhat further in December,while output of paper, chemical, and refinedpetroleum products apparently held steady. Pro-duction of bituminous coal and metal ores wasreduced, and output of crude petroleum roseslightly.

CONSTRUCTION

Private housing starts declined to a seasonallyadjusted annual rate of 970,000 units in December,and totaled about 990,000 units for 1957. Outlaysfor new construction continued to change little inDecember, at a seasonally adjusted annual rate of$48.6 billion.

EMPLOYMENT

Seasonally adjusted employment declined furtherin most manufacturing and nonmanufacturing in-dustries in December. At 51.9 million, total non-farm employment was down 340,000 from Novem-ber and 650,000 from a year earlier. The averagefactory workweek, which usually rises somewhatin December, was unchanged at 39.3 hours, andaverage hourly earnings continued at $2.11. Un-employment rose 200,000 further, to 3.4 million,and was about 700,000 higher than a year earlier.

DISTRIBUTION

Seasonally adjusted retail sales increased slightlyin December and, while 2 per cent below thesummer peak, were 2 per cent above December1956. For the year, sales totaled 5 per cent above1956. In December, sales declined at automotiveoutlets but they recovered further at departmentstores and rose at some other nondurable goodsoutlets. Total business inventories declined furtherin November, reflecting decreases in manufactur-ing industries.

26


NATIONAL SUMMARY OF BUSINESS CONDITIONS 27

COMMODITY PRICES

The general level of wholesale commodity pricesadvanced somewhat from mid-December to mid-January, reflecting mainly further increases in live-stock and meats. Due in part to much smaller thanusual marketings of meat animals at this time ofyear, prices are about one-fifth above a year ago.While copper prices were reduced, prices of in-dustrial materials and finished products generallycontinued to change little.

The consumer price index rose in November,reflecting mainly introduction of 1958 model autosat higher list prices and smaller dealer discounts tobuyers. Prices of services and fuels continued torise, while foods declined further. Since mid-November, retail as well as wholesale prices ofmeats have advanced.

BANK CREDIT AND RESERVES

Total loans and investments at city banks rosealmost $3 billion during December, mainly re-flecting expansion in business and security loansand in holdings of U. S. Government securities.While sales finance companies accounted for asubstantial part of the increase in business borrow-

ing, loans to public utilities, petroleum and chemi-cal concerns, and metals manufacturers also rose.In early January, total bank credit declined.

During late December and early January, mem-ber banks had free reserves for the first time sinceearly 1957, as excess reserves averaged about $50million more than average borrowings from theFederal Reserve. In late December, System pur-chases of U. S. Government securities, mainlyunder repurchase agreements, supplied a substan-tial volume of reserves. In early January, reservessupplied through currency inflows and reductionsin required reserves were offset by drains fromreductions in float and in System holdings of U. S.Government securities.

SECURITY MARKETS

Yields on U. S. Government securities and oncorporate and State and local government bondscontinued to decline from mid-December to mid-January. Long-term Treasury yields declinedmore moderately than earlier, while yields on inter-mediate and short-term issues moved sharplylower, reflecting in part seasonal easing of reservefactors around the turn of the year. Common stockprices fluctuated within a narrow range.

RETAIL TRADE1947-49-100

TOTAL RETAIL SALES

J 1 M I 1 I I I I I I I

DEPARTMENT STORES

I I I I i I I I M i I I I I i I I I I I i i I 1 I i I I I I I I l

-I.I;i i i i i n i t I t i i i i i i i i i I 1 i I i i i i i i i i i I i i i I I I I I i I i I i i i i i i i

Federal Reserve indexes, seasonally adjusted; retail salesbased on Department of Commerce data. Monthly figures;latest shown for department store stocks is November, for otherseries, December.

RESERVES AND BORROWINGS-ALL MEMBER BANKS

Billions of dollars

Federal Reserve data. Free reserves are excess reservesless borrowings. Weekly averages, latest shown are for weekending Jan. 8.


* United States *

Member bank reserves, Reserve Bank credit, and related items. 31Reserve Bank discount rates; reserve requirements; margin requirements. 34Federal Reserve Banks. . . 35Bank debits; currency in circulation. . . . 38All banks: consolidated statement of monetary system; deposits and currency 40All banks, by classes. . . 41Commercial banks, by classes. 44Weekly reporting member banks. 46

Commercial loans; commercial paper and bankers' acceptances. 48Interest rates. . . . 49Security prices; stock market credit. 50Savings institutions . 51Federal business-type activities. 52Federal finance. . 54Security issues. 58Business finance 59Real estate credit . 61Short- and intermediate-term consumer credit. 64

Selected indexes on business activity. 68Production 69Employment and earnings. 76Department stores. 78Foreign trade . . . . 79Wholesale and consumer prices . 80National product and income series. 82

Yields on long-term bonds of the United States government 84Tables published in BULLETIN, annually or semiannually—list, with references 25Index 111

Tables on the following pages include the prin- of material collected by other agencies; figurescipal statistics of current significance relating for gold stock, currency in circulation, Federalto financial and business developments in the finance, and Federal credit agencies are obtainedUnited States. The data relating to Federal from Treasury statements; the remaining dataReserve Banks, member banks of the Federal are obtained largely from other sources. BackReserve System, and department store trade, and figures for 1941 and prior years for banking andthe 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.

29


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

Weekly averages of daily figures Billions of dollars

MEMBER BANKRESERVE BALANCES

^

CURRENCY IN CIRCULATION

RESERVE BANK CREDIT

TREASURY CASH AND DEPOSITS

NONMEMBER DEPOSITS

FEDERAL RESERVE CREDIT

U. S. GOVERNMENT SECURITIES*.BOUGHT OUTRIGHT

25

20

2

0

2

0

2

0

HELD UNDER"]REPURCHASE AGREEMENTS

A A I ^

J DISCOUNTS AND ADVANCES

n • FEDERAL RESERVE FLOAT I i i

1951 1952 1953 1954 1955 1956Latest averages shown are for week ending Dec. 25. See p. 31.

30

1957


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

[In millions of dollars]

Weekending

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBoughtout-right

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

Float Total i

Goldstock

Treas-urycur-

rencyout-

stand-ing

Cur-rency

incir-

cula-tion

Treas-ury

cashhold-ings

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

501446441436

408357498635

395352293199420

534377173297

479471302353

517387478456

419504479525562

485463518477

546431455507494

498475513475

485431510759

493498506464518

461505503469

305318339483

For-eign

284321303307

344342389393

374323320324329

333366307334

329297300334

294340344390

352366366362358

357379389407

420339413385370

355363343339

340357429386

356373333317318

367329315301

291318334359

Other

OtherF. R.

ac-counts

Member bankreserves

Total R e - Jquired2

Ex-cess2

Averages ofdaily figures

1956

Nov. 7.Nov. 14.Nov. 21.Nov. 28.

Dec. 5.Dec. 12.Dec. 19.Dec. 26.

1957

Jan. 2Jan. 9Jan. 16Jan. 23Jan. 30

Feb. 6.Feb. 13.Feb. 20.Feb. 27.

Mar. 6.Mar. 13.Mar. 20.Mar. 27.

Apr. 3.Apr. 10.Apr. 17.Apr. 24.

May 1.May 8.May 15.May 22.May 29.

June 5.June 12.June 19.June 26.

July 3July 10July 17July 24July 31

Aug. 7Aug. 14Aug. 21Aug. 28

Sept. 4.Sept. 11.Sept. 18.Sept. 25.

23,82423,94024,03324,202

24,40424,65224,78524,906

24,99424,68824,29323,81123,450

23,43523,26422,96922,854

23,76623,88223,95924,110

24,28724,49324,48924,574

24,61024,60124,29323,81123,450

23,41123,19022,95822,854

22,91322,97923,17823,094

23,18923,26223,28223,237

23,16923,21323,08322,91'22,930

23,11022,97222,93022,951

23,09823,44323,31923,34223,360

23,11623,047

22,89522,93423,06423,051

23,04023,04023,14623,169

23,169

Oct. 2Oct. 9Oct. 16Oct. 23Oct. 30

Nov. 6..Nov. 13..Nov. 20..Nov. 27..

Dec. 4.Dec. 11.Dec. 18.Dec. 25.

23,03423,220

23,51123,39923,30323,178

23,34623,54523,37123,26723,195

23,44123,49823,28823,318

23,73223,88623,90723,950

23,12523,03322,91522,901

22,95022,92622,88022,888

23,03123,26023,25223,23523,084

23,07823,04723,03423,215

23,46323,36723,28623,173

23,29423,31223,28123,22223,179

23,25623,33223,28223,167

23,48023,57423,60023,617

58587492

117159296332

38487

184511443

14922213668

29

160465063

6718367107276

38

52233904516

185166

151

25:312307333

828945662631

460709555667

925535348347528

640741577713

755880783844

1,0741,2301,244947

730993975793903

9021,0591,0891,003

1,0681,2131,062739553

1,0601,161931915

8321,031950

1,106

9421,009992605710

824911752777

626676751786

1,0841,0401,5431,514

1,2681,2261,8352,208

1,5371,5391,2781,4461,078

1,040962

1,1881,217

1,179908

1,173967

877881967

1,484

1,168947948

1,341979

954936,384,320

,198,111,236

1,351998

928874

1,227977

858953

1,44:1,318

1,000991

1,0711,5171,051

943997

1,4301,209

1,0051,0201,5251,894

25,76225,95426,26626,374

26,16526,63327,22327,842

27,52426,80925,95425,63625,087

25,14624,99724,76424,813

24,87124,79125,15824,930

25,16525,40025,52025,695

25,09325,17725,03125,07024,833

24,98724,98825,42425,294

25,38725,79225,64125,45624,932

25,12425,10225,21125,133

25,22825,40825,71925,622

25,30425,56325,45125,40724,972

25,22525,42425,48925,325

25,38725,61726,21826,687

21,90921,91021,91021,910

21,95321,92421,92721,949

21,94921,94921,95021,95122,080

22,25122,25222,30322,303

22,30422,30422,30522,305

22,30622,30722,31322,317

22,31822,31822,31922,32022,406

22,62022,62122,62122,622

22,62322,62322,62522,62522,626

22,62722,62722,62522,626

22,62622,62622,62722,628

22,63422,64622,65822,66522,671

22,70722,73122,75722,76:

22,76322,76622,77022,770

5,0545,0565,0555,056

5,0605,0625,0645,066

5,0665,0665,0665,0675,068

5,0705,0705,0715,073

5,0775,0795,0805,083

5,0865,0885,0895,092

5,0945,0955,0965,0985,102

5,1045,1065,1065,106

5,1075,1085,1085,1085,110

5,1135,1145,1165,118

5,1185,1195,1215,123

5,1255,1275,1285,1315,13"

5,1355,1365,1375,139

5,1415,1425,1435,145

30,96331,14131,26931,355

31,45131,66031,83531,992

31,82931,47931,10830,82730,607

30,59630,64130,60530,544

30,56630,60930,58930,502

30,58930,65530,68130,610

30,49930,58930,65430,64530,660

30,83730,90330,90430,849

31,15031,31331,18430,99930,910

30,98331,06931,05530,998

31,14931,25631,18431,052

31,03931,12931,19131,12931,008

31,11531,28731,33631,431

31,66831,82731,97332,089

781773771772

770775776765

777783786798809

817820815815

813812811813

814808791

793795787790794

792791782776

763765770774770

767764762764

759759755769

776774776781786

792795801794

770769768764

345397292252

228264169258

335287267268258

276299226382

212201199205

314305300454

291275241273279

323276335254

296290279267278

277273270268

281279287255

253260252265251

313407386294

191186183179

847845844843

19,00418,99619,31119,375

910 19,06819,22019,535

024 19,790

1,0011,011

973899897894893

992,007,116,134

,131

19,85619,70119,30019,34218,918

18,92018,80818,89518,683

18,721129 18,654138139

19,20418,971

,167,205,203

18,86819,08819,107

202 19,201

148 19,000078 18,984

18,84518,81818,616

,075,074,073

,072,069,076,087

,077,077,073,070961

,116,113,203,203

,197,194,196,189

18,84618,83419,14819,171

18,86519,30819,20019,18918,885

18,86818,78618,80618,831

18,76018,87619,10818,963

112 19,03419,18919,06819,13718,837

,112,110,109,057

18,96318,91118,987

030 18,907

,056,057,054

19,023080 19,027

19,48319,666

1,0411,""1,0501,061

18,44318,37718,70118,754

18,68218,65318,92219,086

19,11018,97118,76518,72418,550

18,44518,26518,30918,218

18,23118,20518,57818,362

18,52518,52318,55618,639

18,62118,49518,36818,28418,264

18,37818,33018,54618,625

18,52118,73218,63618,56818,493

18,33118,19518,25418,397

18,34618,30118,48418,416

18,68518,62518,57418,57418,474

18,50918,35418,45918,461

18,58018,600

P18,849^18,957

561619610621

386567613704

746730535618368

475543586465

490449626609

343565551562

379489477534352

468504602546

344576564621392

537591552434

414575624547

349564494563363

454557528446

443427*634P709

* Preliminary. For other notes see following page.

31


32 BANK RESERVES AND RELATED ITEMS

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued


Periodor

date

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBought

out-right

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

Float Total

Goldstock

Treas-urycur-

rencyout-

stand-ing

Cur-rency

incir-

cula-tion

Treas-urycashhold-ings

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

463

335336423429521490480490547495464385

3635634867977870668389563394522

441

715458591509568498504477429552243481

448504543484458

418482541430

244333488346481

For-eign

372

323335316348361393377349378338322345

615397774862392895550490402297

322

344327311316360449364342337378283356

367337326302391

353323304283

308330344386356

Other

OtherF. R.

ac-counts

Member bankreserves

TotalRe-

quired2Ex-

cess2

Averages ofdaily figures

1956

Dec

1957

JanFebMarAprMayJuneJulyAugSeptOctNovDec

Midyear oryear-end

1929—June....1 9 3 3 _ j u n e . . . .1939—Dec1941 _ D e c1945—Dec1947—Dec1950—Dec1952—Dec1954—Dec1955—Dec1956—June....

End of month

1956

Dec.

1957


Wednesday

1957


Nov. 6Nov. 13Nov. 20Nov. 27

Dec. 4Dec. 11Dec. 18Dec. 25Dec. 313

24,765

24,09223,11123,06123,23923,04122,98923.35123,14623,32523,34823.41723,982

2161.9982.4842,25424,26222,55920,77824.69724.93224.78523,758

24,915

23,42122.88723,14923,16923,10823.03523,35523,53923.31223,33823.73324,238

23,46123,46123.31223.22823,235

23.57023,40523,23523,576

23.77823.87223,86324.02024.238

24,498

24.05623,08322,99723.12122,99622.91723.19823,12923,30223.25223.27623,615

1481,9982,4842 25424^26222.55920.72524.03424 88824.39123,712

24,610

23,42122.85423 04023J6922.95022.99423.07923.47523.31223.21823.44823,719

23,31323,31323,25923.22823,174

23,33223,33223.23523,352

23.55523,60023.60023.63623.719

267

3628641184572153172396141367

68

536634439446

305

33109

1584127664

120285519

14814853

61

23873

'224

223272263384519

706

432665859

1.036931

1.009917

1.010994818810716

1.03716473

249856715614310823

50

668595994829

1,17055842098639678981955

674684589646787

689450

1.054607

49897273179455

1,633

.343

.106,024,110.046.170,175989

.147

.143J26,443

524

9194

578535

1,368967808

1.5851,210

1,665

1,0761,196803936926

1,199896865898

1,062942

1,424

963885

1.2931,115863

651950

1.336935

1,019961

1,9231,5201,424

27,156

25.90524.91224.96825.41125.04125.18925.46625,16625.48925.32625.37326,186

1,4002,2202,5932.36125.09123,18122,21625,82525.88526,50725,219

26,699

25,19524,70424,97024.96025.22424.81624.69125,41824.62225,20625.51525,784

25,11525,04725,21125.00624,902

24,92724,82425,64325,139

25,32125,83626,55926,39425,784

21,942

21.98922,27922,30522,31322,35822,62122,62522,62622,62722,66022.74322,769

4,0374,03117.64422.73720,06522,75422,70623,18721,71321,69021,799

21,949

22,25222,30422.30622,318

620623627626635691,763

*>22,781

5,064

5.0675.0715.0815,090

5,144

2,0192,2862,9633,2474.3394.5624,6364,8124,9855,0085,032

5,066

5,0715.0765,0865,094

22,64522,65522,66522,66822,678

22,71022,73522,76122,762

22,76322,77022,77022,770^22,781

5,1115,1185,1255,1355,139

^5,146

5,1265,1275,1305,1315,134

5,1365,1365,1385,141

5,1415,1425,1445,145

^5,146

31,775

31,04030,59530,56830,61430,64530,90231,11631,03531,14331,109'31,33531,931

4.4595,4347.59811,16028,51528.86827,74130.43330,50931,15830,715

31,790

30,61430,57530,58530,51930.83631,08230,93331,13331,07331,09031.66131.815

31,05631,14531,15631,03331,020

31,18131,33431,31531,628

31.71631,87832.00232.131

1

772

794817812803792782769764763780'793769

204264

2,4092,2152,2871,3361,2931,270796767768

775

809809804791788758759752773784761

774786781786792

800800804784

773770776759^780

247

276294216339276290279273271258337186

21151256586446569565455441554313

263206304294274308296285261256196246

260253261258231

250337392178

182182175180246

998

8961,071,135.195.075,077,048,163.180,097.044.063

374346251291495563714777907925992

901

891,133,137,079,072,075942.198.111,056.000998

,111,111,110,108,056

.056

.055

.054,000

.095

.041

.063

.062998

19,535

19,29518,81618,88419,08718,82718,98219,12918,83418,95619,04018.95819,420

2,3562,29211,65312.45015,91517,89917,68119,95018,87619,00518,443

19,059

18,883

18,77318,30218,36618,58018,36218,48518,59518,30018.43418.57318,447

,882,576,629,864,049,376,630,975,399,917.274,034

18,87018,69218.82818.83318,766

18,71418.36419,13318,739

18.90719,21419,62519,44419,034

2,3331,8176,4449,36514,45716,40016,50920,52018,61818,90318,449

19,089

18,51718,29418,51218,58818,35118,54318,52018,30518,69418.54118.578

^19,034

18,78818,57218.62318,49618,524

18.44618,36118,47118,492

18.66718.737

^19,049^18,880^19,034

652

522514518507465497534534522467511

23475

5,2093,0851,4581,4991,172-570258102- 6

-30

365282117276698

-167110670

-295376696

82120205337242

2683

662247

240477^576^564

p Preliminary. r Revised.1 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.3 Tuesday.


BANK RESERVES AND RELATED ITEMS 33

RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES

[Averages of daily figures.1 In millions of dollars]

Item and period

Allmem-

berbanks

19,16919,535

19,29518,81618,88419,08718,82718,98219,12918,83418,95619,04018,958

18,98718,907

19,02319,02719,48319,666

18,57918,883

18,77318,30218,36618,58018,36218,48518,59518,30018,43418.57318,447

18,45918,461

18,58018,600

P18.849^18,957

Central reservecity banks

NewYork

4,2444,448

4,3164,2054,3414,3074,2344,3354,2944,1704,2114,2314,162

4,1334,165

4,2764,2344,3624,327

4,2314,392

4,3274,2004,3264,3084,2214,3204,2884,1524,2034,2314,147

4,1264,152

4,2444,2414,3404,311

Chi-cago

,122,149

,126,107,102,097,101,121,131,123,122,116,101

,101,107

,107,110,126,153

,119,138

,129,107,098,097,098,123,124,121,117,116

[,100

1,1001,106

1,1091,1091,1231,144

Re-servecity

banks

7,9608,078

7,9967,7817,7467,9217,7947,7747,9067,7907,8007,8367,849

7,8487,856

7,8517,8748,0098,155

7,8777,983

7,9387,7157,6867,8557,7397,7297,8407,7227,7497,7977,786

7,8087,790

7,8097,8257,9518,067

Coun-try

banksItem and period

Allmem-

ber

Central reservecity banks

NewYork

1357

- 1 05

14- 1

13156

199

16

813

32H

2316

226147

3012911629911720018630826314196

13074

34214297

-214- 9 0

- 4 0-123-101-300-104-185-181-289-254-141

- 8 0

-122- 6 1

32- 4 1

-191-281

Chi-cago

312

- 2

4— i

3- 2

725

1

11

_ 1

39

14397

3853

257210169463428

120115123

c10782

67837390

-140- 8 5

- 4 0- 5 3

-253-210-165

- 4 8- 2 8- 2 6

-115-115-123

c -106- 8 1

- 6 8- 8 2- 7 0- 8 1

Re-servecity

banks

8396

5866606556456669513963

4066

42505887

276300

229314302329422531519468485423405

360409

329322282252

-193-204

-172-249-242-263-367-486-452-400-433-389-342

-320-343

-287-272-224-165

Coun-try

banks

Total reserves held:

1956—NovDec

1957—JanFebMarAprMayJuneJulyAugSeptOctNov

Week ending:1957_Nov. 20

Nov. 27

Dec. 4Dec. 11Dec. 18Dec. 25

Required reserves:2

1956—NovDec

1957_janFebMarAprMayJuneJulyAugSeptOctNov

Week ending:1957_Nov. 20

Nov. 27


Deposits:

Gross demand deposits:Total

InterbankOther

Net demand deposits3 . .Time depositsDemand balances due

from domestic banks.

Gross demand deposits:Total

InterbankOther

Net demand deposits3 . .Time depositsDemand balances due

from domestic banks.

November 1956

November 1957

5,8435,859

5,8575,7225,6965,7625,6975,7515,7995,7505,8235,8575,847

5,9045,780

5,7895,8095,9866,032

5,3525,371

379279256320305

5,314

5,414

5,4255,413

5,4185,425

^5,435^5,435

117.91913,608

104,311100,84541,717

6,716

23,3204,289

19,03120,316

3,353

74

6,0671,2694,7995,2721,294

105

46,1986,659

39,53939,07816,860

2,016

42,3341,391

40,94236,18020,209

4,521

116,04813,001

103,04798,94345,770

6,441

23,0324,205

18,82819,8163,666

67

5,9331,1824,7525,1681,330

100

45,2066,228

38,97838,10518,533

1,947

41,8771,387

40,49035,85322,241

4,327

Excess reserves:2

1956—NovDec


Week ending:Nov. 20Nov. 27


Borrowings at FederalReserve Banks:

1956_Nov.Dec.

1957- -JanFebMarAprMayJuneJulyAugSeptOctNov

Week ending:Nov. 20Nov. 27


Free reserves:2 4

1956—NovDec

1957—JanFebMarAprMay. . . .June.. . .JulyAugSept.OctNov

Week ending:Nov. 20.Nov. 27.

Dec. 4.Dec. 11.Dec. 18.Dec. 25.

590651

523514518506465496534534522467512

528447

444428^635^710

744688

407640834

1,011909

1,005917

1,005988811804

747772

618669745781

-154-37

117-126-316-505-444-508-383-471-467-344-293

-219-325

-174-241

P-71

491

478443440443393438455444457428432

479367

371384

^598

99144

110144159173201228177201121127181

c150207

222230176142

393344

369299280269192210278244335301251

160

149154

c Corrected. v Preliminary.1 Averages of daily closing figures for reserves and borrowings and of

daily opening figures for other items, inasmuch as reserves required arebased on deposits at opening of business.

2 Weekly figures of required, excess, and free reserves of all member

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 demandbalances due from domestic banks.

4 Free reserves are excess reserves less borrowings.


34 DISCOUNT RATES

Federal Reserve Bank

FEDERAL RESERVE BANK DISCOUNT RATES

[Per cent per annum]

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of and

advances secured by eligible paper(Sees. 13 and 13a)i

Rate onDec. 31

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onDec. 31


Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onDec. 31


Previousrate

BostonNew York . . .Philadelphia..Cleveland....Richmond. . .AtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Nov.Nov.Nov.Nov.Nov.Nov.Nov.Nov.Nov.Nov.Dec.Nov.

19, 195715, 195722, 195729, 195715, 195715, 195729, 195715, 195722, 195722, 19572, 195729, 1957

Nov. 19, 1957'" 1957

1957195719571957195719571957195719571957

9,15,22,29,15,15,29,15,2222, 1

'. 22, 1Dec. 2, 1Nov. 29, ]

43*4

k4%

h4%4%

Nov. 19,Nov. 15,Aug. 9,Nov. 29,Aug. 19,Aug. 13,Aug. 9,Nov. 15,Aug. 9,Nov. 22,Aug. 13,Aug. 15,

195719571957195719571957195719571957195719571957

i Rates shown also apply to advances secured by obligations of Federalintermediate credit banks maturing within 6 months.

NOTE.—Maximum maturities. Discounts for and advances to memberbanks: 90 days for discounts and advances under Sections 13 and 13a ofthe Federal Reserve Act except that discounts of certain bankers' accept-ances and of agricultural paper may have maturities not exceeding 6

months and 9 months, respectively, and advances secured by obligationsof Federal intermediate credit banks maturing within 6 months arelimited to maximum maturities of 15 days; 4 months for advances hinderSection 10(b). Advances to individuals, partnerships, or corporationsunder the last paragraph of Section 13: 90 days.

FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i


MEMBER BANK RESERVE REQUIREMENTS

[Per cent of deposits]

Date effective

1930—Feb. 7Mar. 14May 2June 20Dec. 24

1931—May 8Oct. 9Oct. 16

1932—Feb. 26June 24

1933—Mar. 3Apr. 7May 26Oct. 20

1934_Feb. 21937—Aug. 271942—Oct. 30

Rate

h2%

1%

f2%3%

2%

1%2 %

Date effective

1946—Apr. 251948—Jan. 12

Aug. 131950—Aug. 211953—Jan. 161954_Feb. 5

Apr. 161955—Apr. 15

Aug. 5Sept. 9Nov. 18

1956—Apr. 13Aug. 24

1957—Aug. 23Nov. 15

In effect Jan. 1, 1958

Rate

1

1%s2 4

2VA

3

3

1 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, 1942-Apr. 24, 1946. The rate of 1 per cent was continued for discounts of andadvances secured by eligible paper.

NOTE. Repurchase rate on U. S. Govt. securities. In 1955, 1956, and1957 this rate was the same as the discount rate except in the followingperiods (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 i

[Per cent of market value]

Prescribed in accordance withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers and

dealers on listed securitiesFor short sales

Regulation U:For loans by banks on stocks

Jan. 4,1955-

Apr. 22,1955

6060

60

Apr. 23,1955-

Jan. 15,1958

7070

70

Effec-tive

Jan. 16,1958

5050

50

i Regulations T and U limit the amount of credit that may be extendedon a security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of extension; margin require-ments are the difference between the market value (100%) and the maxi-mum loan value. Change on Jan. 4, 1955, was effective after the closeof business on that date.

Effective dateof change

1917—June 21

1936—Aug. 161937—Mar. 1

May 1

1938—Apr. 16

1941_Nov. 11942—Aug. 20

Sept. 14Oct. 3

1948—Feb. 27June 11Sept. 16,24*. . . .

1949—May 1,5*June 30, July 1*.Aug. 1, 11*Aug. 16, 18* . . . .Aug. 25Sept. 1

1951—Jan. 11, 16* . . . .Jan. 25, Feb. 1*.

1953—July 1,9*

1954—June 16,24*. . . .July 29, Aug. 1*.

In effect Jan. 1, 1958...

Present statutory re-quirements:

MinimumMaximum

Net demand deposits1

Centralreserve

citybanks

13

19Vi22%26

2234

26242220

222426

24

2324

22

2120

20

1326

Reservecity

banks

10

15

S*17%

20

22

212019%1918%18

1920

19

18

18

1020

Coun-try

banks

7

10%12%14

12

14

16

15141312

1314

13

12

12

714

Time deposits

Centralreserve

andreserve

citybanks

P5

6

7%

765

6

5

5

36

Coun-try

banks

3

4%

I*5

6

7%

76

5

6

5

5

36

i Demand deposits subject to reserve requirements which, beginning-Aug. 23, 1935, have been total demand deposits minus cash items inprocess 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, andother dates (usually Thursdays) are at central reserve city or reserve citybanks.


FEDERAL RESERVE BANKS 35

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS

[In thousands of dollars]

Item

Wednesday

1957

Dec. 311 Dec. 25 Dec. 18 Dec. 11 Dec. 4

End of month

1957

Dec. Nov.

1956

Dec.

AssetsGold certificate accountRedemption fund for F. R. notes..

Total gold certificate reserves.

21,215,392 21,215,392 21,217,393 21,226,392 21,218,392 21,215,392 21,219,392 20,374,393869,249 869,254 867,254 860,592 860,240 869,249 863,150 894,951

F. R. notes of other BanksOther cashDiscounts and advances:

For member banksFor nonmember banks, etc

Industrial loansAcceptances—Bought outright

Held under repurchase agreementU. S. Government securities:

Bought outright:BillsCertificates—Special

OtherNotesBonds

22,084,641

443,288338,622

50,3645,000482

42,33723,351

983,573

22,084,646 22,084,647 22,086,984 22,078,632

345,109306,288

788,7095,000499

36,32723,631

900,073

351,987308,829

725,3535,500507

26,31215,519

864,273

345,344325,069

961,04310,500

49825,8574,710

864,273

334,069328,800

492,1555,500522

23,0562,616

819,273

22,084,641

443,288338,622

50,3645,000482

42,33723,351

983,573

22,082,542

310,108348,015

813,9075,500548

20,208

712,573

21,269,344

350,598306,196

25,02725,000

79433,54135,222

1,721,270

19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 10

2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750

932,699153,913801,750

Total bought outrightHeld under repurchase agreement.

23,718,935519,350

23,635,435 23.384,200

599,635263,800

23,599,635272,800

23. 554,635 23223,600

,718,935 23.519,350

Total U. S. Government securities.

Total loans and securities

24,238,285 24,019,635 23,863,435 23,872,435 23,778,235 24,238,285 23,733,435

24,359,819 24,873,801 24,636,626 24,875,043

Due from foreign banks.Uncollected cash items..Bank premisesOther assets

155,494,735

83,763223,584

125,583,515

83,895210,416

126,497,394

83,585195,036

124,677,961

83,452201,058

24,302,084

124,856,253

83,358185,664

24,359,819 24,573,598

155,494,735

83,763223,584

Total assets. 53,028,467 53,487,682 54,158,116 52,594,923 52,168,872 53,028,467 52,561,651

447,935 24,285,500

609,632305,100

24,914,732

124,891,486

83,363272,527

25,034,316

22,623,92173.361252,054

52,909,812

LiabilitiesFederal Reserve notesDeposits:

Member bank reservesU. S. Treasurer—general account..ForeignOther

27,534,791

19,033480356246

27,710,671

19,444,314

27,610,478 27,493,363 27,325,766 27,534,791

346386180;

19,625,048487,738344,069174,823

19.213,931332,774330,147182,036

18,907,393244,361307,569182,393

19,033,795480.810356,342246,284

Total deposits. 20,117,231

Deferred availability cash itemsOther liabilities and accrued dividends2 .

4,07014

20,357,061

4,063,25225,750

20,631,678

4,574,82924,692

20,058,888

,716.86924,409

19,641,71620,117,231

3,837,32324,230

4,070,84414,948

Total liabilities

Capital Accounts

51,737,814 52,156,734 52,841,677 51,293,529 50,829,035 51,737,814 51,229,788 51,700,594

Capital paid in.Surplus (Section 7). . . .Surplus (Section 13b). .Other capital accounts.

345,106809,19827,543

108,806

344,587747,59327,543

211,225

343.643747,593

27.543197,660

342,150747,593

27,543184,108

341,860747,593

27,543222,841

345,106809,19827,543

108,806

Total liabilities and capital accounts. !3,028,467 53,487,682 54,158,116 52,594,923 52,168,872 53,028,467 52,561,651

Ratio of gold certificate reserves to deposits and F. R.note liabilities combined (per cent)

Contingent liability on acceptances purchased forforeign correspondents

Industrial loan commitments

46.3

76,1141,109

45.9

68,1461,104

45.8

68,3671,095

46.4

68,6701,124

47.0

67,6121,145

46.3

76,1141,109

27,260,056 27,475,657

19,274,041243,487282,875195,946

19 ,058,790441,243322,294426,325

19,996,349

3,949,74423,639

20,248,652

,959,00617,279

341,672747,593

27,543215,055

325,602747,59327,543

108.480

52,909,812

46.7

67,0321,130

44.6

50,0552,365

Maturity Distribution of Loans and U. S. Government Securities3

Discounts and advances—totalWithin 15 days16 days to 90 days91 days to 1 year

Industrial loans—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years •.

Acceotances—totalWithin 15 days16 days to 90 days

U. S. Government securities—total.Within 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

55,36446,7008,664

4826920

260133

65,68834,37131,317

24,238,285674,850

6,335,06614,439,1121,374,400

56,6101,358,247

24

793,709785,0108,684

154996029277133

59,95832,31727,641

,019,635 23524,200267,0666

14;439;il2,374,40056,610

,358,247

730,853721,4189,409

265076029285133

41,83122,39419,437

,863,435 23,331,200

6,303,86614,439,112,374,40056,610

,358,247

971,543959,42212,095

264986920267142

30,56710,51820,049872,435 23297,800333,773

14,451,605680,635750,375,358,247

497,655484,75312,876

265226961250142

25,6727,02218,650

778,235276,360

55,36446,7008,664

6,261,01314,451,605

680,635750,375

1,358,247

4826920260133

65,68834,37131,317

24,238,285674,850

6,335,06614,439,112,374,40056,610

,358,247

819,407779,77539,632

54816169

276142

20,2083,211

16,99723,733,4358,187,8256,162,313'6,594,040

680,635750,375

1,358,247

24

50,02724,130

89725,000

7941361

460260

68,76342,23226,531

,914,732599,150

,439,220,074,612373,279

,013,614,414,857

1 Tuesday.2 No accrued dividends at end-of-December dates.

3 Holdings under repurchase agreements are classified as maturingwithin 15 days in accordance with maximum maturity of the agreements.


36 FEDERAL RESERVE BANKS

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957


Item Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Assets

Gold certificate accountRedemption fund for F. R.

notes

1,010,595

56,043

5,522,298

182,497

1,182,730

60,901

1,943,736

79,558

1,347,887

73,569

830,921

48,919

3,805,144

157,090

908,740

43,349

390,876

22,171

Total gold certificate reserves

F. R. notes of other Banks..Other cash

Discounts and advances:Secured by U. S. Govt.

securitiesOther

Industrial loansAcceptances:

Bought outrightHeld under repurchase

agreementU. S. Govt. securities:

Bought outrightHeld under repurchase

agreement

,066,638

31,70119,863

450290285

5,704,795

95,94966,417

3,2901,405

1,243,631

38,55615,056

5,140350173

2,023,294

28,48022,701

3,750450

1,421,456

45,90225,618

4,010255

879,840 3,962,234

56,40424,744

3,050225

37,73156,959

8,750710

952,089

17,58825,649

250185

413,047

23,0088,359

12024

843,470

41,597

885,067

10,162

12,492

6,909190

808,001

28,495

2,620,994

75,060

836,496

21,14812,829

14,565260

2,696,054

36,65947,935

200560

42,337

23,351

,293,773 5,931,655

519,350

1,384,545 2,083,424 1,515,474 1,228,570 4,140,164 980,896 511,855 1,018,325 929,521 2,700,733

Total loans and securities. . .

Due from foreign banksUncollected cash itemsBank premisesOther assets

Total assets.

1,294,798

1467,096

5,01011,971

6,521,388

i 41,173,568

10,66455,349

1,390,208 2,087,624

1345,4254,51412,740

490,2719,67819,340

1,519,739

1421,538

6,99614,058

1,231,845 4,149,624

1466,237

6,49711,657

2887,5376,823

40,656

2,897,078 13,628,134 3,050,131 4,681,389 3,455,308 2,677,225 9,141,566

981,331

1188,6516,1389,041

2,180,488

511,999

(2)136,1915,3074,779

1,025,424

1238,9044,9039,493

944,346 2,701,493

223,3686,2609,345

1455,94910,97325,155

1,102,690 2,186,446 2,053,793 5,974,219

Liabilities

F. R. notesDeposits:

Member bank reservesU. S. Treasurer—general

accountForeignOther

1,638,156

38,07719,7783,106

6,500,863

5,716,993

68,7343 111,163

150,963

,738,756 2,624,653

874,741

30,22123,87012,954

1,486,691

45,77830,6905,483

2,188,221

801,083

47,16117,3915,156

1,305,420

851,881

41,23115,3453,974

5,334,243

2,905,986

62,02148,42210,423

1,226,564

699,440

25,98212,6172,560

494,826

433,491

18,5158,1841,336

,077,385

804,111

41,69012,9583,436

748,184 2,657,520

996,223

30,86817,7322,167

2,685,733

30,53238,19244,726

Total deposits

Deferred availability cashitems

Other liabilities

838,383

344,347549

6,047,853

717,7665,367

941,786

279,334623

1,568,642

371,6261,484

870,791

327,773587

912,431

398,917492

3,026,852

594,0802,475

740,599

163,043439

461,526

113,263628

862,195

195,229480

1,046,990 2,799,183

190,958572

374,5081,252

Total liabilities

Capital Accounts

Capital paid inSurplus (Sec. 7)Surplus (Sec. 13 b)Other capital accounts.

2,821,435

17,74247,013

3,0117,877

13,271,849

102,215223,963

7,31922,788

2,960,499

21,19255,9234,4898,028

4,566,405

32,51471,550

1,0069,914

3,387,372 2,617,260

15,69541,236

3,3497,656

16,56236,192

7626,449

8,957,650

46,570121,504

1,42914,413

2,130,645

11,57731,586

5216,159

1,070,243

7,42619,697

1,0734,251

2,135,289

13,78130,533

1,1375,706

1,986,704 5,832,463

19,40540,871

1,3075,506

40,42789,1302,140

10,059

Total liabilities and capitalaccounts 2,897,078 13,628,134 3,050,131 4,681,389 3,455,308 2,677,225 9,141,566 2,180,488 1,102,690 2,186,446 2,053,793 5,974,219

Ratio of gold certificate re-serves to deposit and F. R.note liabilities combined(per cent) 43.1

Contingent liability on ac-ceptances purchased forforeign correspondents

Industrial loan commitments.

45.5

4 21,398

46.4

5,327

26

48.3

6,849

77

46.5

3,881

39.7

3,425

47.4

10,806

66

48.4

2,816

43.2

1,826

45.6

2,892

940

46.6

3,957

49.4

8,523

1 After deducting $11,000 participations of other Federal Reserve Banks.2 Less than $500.3 After deducting $245,179,000 participations of other Federal Reserve

Banks.

4 After deducting $54,716,000 participations of other Federal ReserveBanks.


FEDERAL RESERVE BANKS 37

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS


FEDERAL RESERVE BANKS COMBINED

Item

Wednesday

1957

Dec. 311 Dec. 25 Dec. 18 Dec. 11 Dec. 4

End of month

1957

Dec. Nov.

1956

Dec.

F. R. notes outstanding (issued to Bank).Collateral held against notes outstanding:

Gold certificate accountEligible paper.U. S. Government securities

Total collateral

28,643,286 28,609,818 28,602,757 28,493,203 28,245,563 28,643,286 28,178,234

12,273,00012,299

17,165,000

12,273,000111,084

17,165,000

12,273,000103,513

17,165,000

12,273,000141,679

17,165,000

12,028,000147,280

17,145,000

12,273,00012,299

17,165,000

12,028,000215,587

16,995,000

28,532,527

11,618,0007,722

17,605,000

29,450,299 29,549,084 29,541,513 29,579,679 29,320,280 29,450,299 29,238,587 29,230,722

EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957

Item Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago

St.Louis

Minne-apolis

KansasCity Dallas

SanFran-cisco

F. R. notes outstanding(issued to Bank)

Collateral held:Gold certificate acct..Eligible paperU. S. Govt. securities.

Total collateral....

1,702,333 6

700,000 3,

795,945

270,000

1,150,000 3,600,000

1,850,000 6,870,000

1,800,791

640,0005,140

2,700,128 2

1,130,000

',266,546

945,000

1,374,708

425,000 2

5,472,919

,500,000

1,280,689

1,200,000 1,600,000

1,845,140 2,730,000

1,350,000 1,000,000 3,100,000

450,000250

895,000 425

534,419

130,000

2,295,000 425,000 5,600,000

,000

1,345,250 555,000

,109,605 792,868 2,812,335

300,000 283,000 1,500,0006,909

820,000 525,000

1,126,909 808,000

1,500,000

3,000,000

i Tuesday.

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

LOANS GUARANTEED UNDER REGULATION V*

[Amounts in millions of dollars]

End ofyear ormonth

19511952195319541955

1956

NovDec

1957

JanFebMarAprMayJuneJulyAugSeptOctNov

Applicationsapproved

to date

Num-ber

3,7363,7533,7653,7713,778

3,7813,782

3,7823,7823,7823,7823,7823,7833,7843,7843,7853,7863,786

Amount

710,931766,492803,429818,224826,853

832,071832,550

833,045833,692834,051834,668835,264835,766836,636837.410838,714840,504840,814

provedbut notcom-

pleted i(amount)

3,5131,6381,951

520305

8015580

760

Loansout-

standing2

(amount)

4,6873,9211,900

719702

801794

822758772780774742608628620586581

Commit-mentsout-

standing(amount)

6,0363,2103,5691,1482,293

2,1752,365

2,31520141,9871,9551,794,780

1,7951,815,323,165,130

Partici-pations

of financ-ing insti-tutions

out-standing3

(amount)

11,9853,2893,4691,0271,103

1,0981,129

1,1261,0171,012

991948919812816684

1,1691,126

1 Includes applications approved conditionally by the Federal ReserveBanks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of conditionof Federal Reserve Banks.

3 Not covered by Federal Reserve Bank commitment to purchase ordiscount.

NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of advances,and applications for loans and commitments withdrawn or expired.

End ofyear ormonth

19511952195319541955

1956

NovDec

1957

JanFebMarAprMayJuneJulyAugSeptOctNov

Loansauthorized

to date

Num-ber

:

11

854,159,294,367,411

,464,468

,475,481,482,485,488,493,496,497,498,498,500

Amount

1,3952,1242,3582,5002,575

2,7562,761

2,8232,8292,8422,8502,8622,8672,8782,8802,8822,8882,906

Loansoutstanding

Totalamount

675979805472294

375389

401398408402407412412390395398394

Portionguaran-

teed

547803666368226

280289

298296304300305307307292295300298

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

473586364273170

141125

120128127133130126123146138124127

1 Loans made by private financing institutions and guaranteed by Gov-ernment procurement agencies, pursuant to the Defense Production Actof 1950. Federal Reserve Banks act as fiscal agents of the guaranteeingagencies in these transactions, and the procedure is governed by Regula-tion V of the Board of Governors.

NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and additional amounts available to borrowersunder guarantee agreements outstanding represents amounts repaid,guarantees authorized but not completed, and authorizations expired orwithdrawn.


38 BANK DEBITS

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1

[In effect December 31. Per cent per annum]

FederalReserve

Bank

BostonNew York. . .Philadelphia. .ClevelandRichmond...AtlantaChicagoSt. Lou i s . . . .Minneapolis..Kansas City..DallasSan Francisco

To industrial orcommercialbusinesses

Onloans2

4-6

UfcS*4-64-6334-63^-6

t*4-64-64-6

Oncommit-

ments

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

(3)88

a*8(3)

Re-main-

ingpor-tion

Oncommit-

ments

1 Rates on industrial loans, discounts or purchases of loans, and com-mitments under Sec. 13b of the Federal Reserve Act. Maturities notexceeding five years.

2 Including loans made in participation with financing institutions.3 Rate charged borrower less commitment rate.4 Rate charged borrower. 5 R a t e charged borrower but not to exceed

1 per cent above the discount rate.6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum

is made on undisbursed portion.7 Charge of l/* per cent per annum is made on undisbursed portion.

FEES AND RATES ON LOANS GUARANTEEDUNDER REGULATION V*

[In effect December 31]

Fees Payable to Guaranteeing Agency by FinancingInstitution on Guaranteed Portion of Loan

Percentage ofloan guaranteed

70 or less7580859095Over 95

Guarantee fee(percentage of

interest payableby borrower)

101520253035

40-50

Percentage ofany commitment

fee chargedborrower

101520253035

40-50

Maximum Rates Financing Institution May Charge Borrower[Per cent per annum]

Interest rateCommitment rate.

1 Schedule of fees and rates established by the Board of Governors onloans made by private financing institutions and guaranteed by Govern-ment procurement agencies, pursuant to the Defense Production Actof 1950. Federal Reserve Banks act as fiscal agents of the guaranteeingagencies in these transactions, and the procedure is governed by Regula-tion V of the Board of Governors.

BANK DEBITS AND DEPOSIT TURNOVER

[Debits in millions of dollars]

Year or month

19501951 .195219531954195519561957

1955 OctNovDec

1957 JanFebMarAprMayJuneJulyAugSeptOct . . .NovDec

Debits to demand deposits accounts,exceot interbank and

U. S

Total, allreportingcenters

1,380,1121 542 5541,642,8531 759 0691,887,3662,043,5482,200,6432,356,768

193,140185,223201,876

204,514177 536197,231192,701197 257193,349200,559190,539

r189,294204 168189,246220,376

>. Government accounts

NewYorkCity

509,340544 367597,815632 801738,925766,890815,856888,455

70,79466,98977,495

76,46067 03574,78672,32871 78074,51274,50968 40970,95377 43171,66788,584

6other

centersi

298,564336 885349,904385 831390,066431,651462,859489,311

40,14839,42540,912

42,59636,88642.11340,18242,12839,94241,71140,19439,09541 76139,01243,692

337 otherreportingcenters2

572,208661,302695,133740,436758,375845,007921,928979,002

82,19878,81083,469

85,45773,61580,33280,19283,34978,89584,33981,936

r79,24584,97678,56788,100

Annual rate of turnover of demand deposits exceptinterbank and U. S. Government deposits

Without seasonal

NewYorkCity

31.131.934.436.742.342.745.8

45.248.351.8

48.348.948.746.947.151.449.544.752.249.951.258.9

6other

centers*

22.624.024.125.625.827.328.8

28.431.029.9

30.030.232.030.330.530.430.628.531.429.630.5

adjustment


17.218.418.418.919.220.421.8

22.123.623.3

22.923.022.522.423.223.123.622.124 A22.723.5

Seasonally adjusted3

NewYorkCity

46.648.845.8

48.150.247.547.648.347.650.851.750.951.451.752.1

6other

centers1

29.330.528.6

30.631.029.229.431.029.831.231.131.730.530.0


22.122.422.1

22.723.122.6

'23.123.723.124.023.523.722.722.3

*23.7

P Preliminary. r Revised.1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los

Angeles.

2 338 centers prior to April 1955.3 These data are compiled by the Federal Reserve Bank of New York.NOTE.—For description see BULLETIN for April 1953, pp. 355-357.


CURRENCY 39

DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION

[On basis of compilation by United States Treasury. In millions of dollars]

End of year ormonth

Totalin cir-cula-tion1

Coin and small denomination currency

Total Coin $12 $2 $5 $10 $20

Large denomination currency

Total $50 $100 $500 $1,000 $5,000 $10,000

1939194119451947195019511952195319541955

1956—NovDec


7,59811,16028,51528,86827,74129,20630,43330,78130,50931,158

31.42431,790

30,61430,57530,58530,51930,83631,08230,93331,13331,07331,09031,661

5,5538,12020,68320,02019,30520,53021,45021,63621,37422,021

22,37422,598

21,59721,60121,63921,58821,90522,12321,98722,15522,08822,08622,582

590751

1,2741,4041,5541,6541,7501,8121,8341,927

2,0162,027

1,9901,9932,0002,0202,0292,0422,0502,0602,0692,0832,099

559695

1,0391,0481,1131,1821,2281,2491,2561,312

1,3241,369

1,2761,2691,2701,2761,3011,3021,2921,2961,3121,3301,356

36447365646771727175

7678

7675757576777778787778

1,0191,3552,3132,1102,0492,1202,1432,1192,0982,151

2,1442,196

2,0652,0582,0632,0552,0932,1022,0692,0852,0842,0892,146

1,7722,7316,7826,2755,9986,3296,5616,5656,4506,617

6,7156,734

6,4276,4506,4736,4256,5546,6156,5206,5816,5336,5336,726

1,5762,5459,2019,1198,5299,1779,6969,8199,6659,940

10,10010,194

9,7639,7569,7589,7379,8529,9859,97910,05510,0139,97510,177

2,0483,0447,8348,8508,4388,6788,9859,1469,1369,136

9,0509,192

9,0178,9748,9468,9318,9318,9588,9468,9778,9849,0039,079

460724

2,3272,5482,4222,5442,6692,7322,7202,736

9191,4334,2205,0705,0435,2075,4475,5815,6125,641

2,7132,771

2,7012,6892,6792,6742,6792,6962,6952,7012,6962,6952,725

626704

5,6135,5865,5735,5665,5645,5755,5705,5965,6115,6325,677

191261454428368355343333321307

291292

289287286285284283281280279279279

425556801782588556512486464438

409407

402400397395393391388388386385386

202475444433

33

33333334443

32462417121210111512

814

8881088998

i Outside Treasury and Federal Reserve Banks. Prior to December1955 the totals shown as in circulation were less than totals of coin and

paper currency shown by denomination by amounts of unassorted cur-rency (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]

Kind of currency

GoldGold certificates . . . .Federal Reserve notesTreasury currency—total

Standard silver dollars. .Silver bullionSilver certificates and Treasury notes of 1890Subsidiary silver coinMinor coin .United States notesFederal Reserve Bank notesNational Bank notes

Total—Nov 30 1957Oct. 31, 1957Nov. 30, 1956

Total out-standingNov. 30,

1957

22 76322 11528 178

5,139

4882 212

32,3961 405

49734712961

(j)

Held in the Treasury

As securityagainst

gold andsilver

certificates

22 115

32,396

1832 212

24,51024,42523,680

Treasurycash

2 648

6350

36

832

(4)

761784763

ForF. R.Banks

andagents

19,267

19,26719,18918,412

Held byF. R.Banks

andagents

2,8161 228

348

9

26144

924

2

4,3924,5614,479

Currency in circulation1

Nov. 30,1957

3226,887

4,742

260

2,1351,353

48632012761

31,661

Oct. 31,1957

3226,3644,693

259

2,1031,341

48331912861

31,090

Nov. 30,1956

3326,7014,690

245

2,1531,303

46831714163

31,424

1 Outside Treasury and Federal Reserve Banks. Includes any papercurrency held outside the continental limits of the United States. Totalsfor other end-of-month dates are shown in table above; totals for Wednes-day dates, in table on p. 32.

2 Includes $156,039,431 held as reserve against United States notesand Treasury notes of 1890.

3 To avoid duplication, amount of silver dollars and bullion held assecurity against silver certificates and Treasury notes of 1890 outstandingis 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 specialsignificance and is not shown. See note for explanation of duplications.

NOTE.—There are maintained in the Treasury—(1) as a reserve forUnited States notes and Treasury notes of 1890—$156,039,431 in goldbullion; (2) as security for Treasury notes of 1890—an equal dollar amountin standard silver dollars (these notes are being canceled and retired on

receipt); (3) as security for outstanding silver certificates—silver in bullionand standard silver dollars of a monetary value equal to the face amountof such silver certificates; and (4) as security for gold certificates—goldbullion of a value at the legal standard equal to the face amount ofsuch gold certificates. Federal Reserve notes are obligations of theUnited States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with FederalReserve agents of a like amount of gold certificates or of gold certificatesand such discounted or purchased paper as is eligible under the terms ofthe Federal Reserve Act, or of direct obligations of the United States.Each Federal Reserve Bank must maintain a reserve in gold certificates ofat least 25 per cent against its Federal Reserve notes in actual circula-tion. Gold certificates deposited with Federal Reserve agents as collat-eral, and those deposited with the Treasury of the United States as aredemption fund, are counted as reserve. Gold certificates, as hereinused, includes credits with the Treasurer of the United States payablein gold certificates. Federal Reserve Bank notes and national banknotes are in process of retirement.


40 ALL BANKS

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1

[Figures partly estimated except on call dates. In millions of dollars]

DateGold

Treas-urycur-

rencyout-

stand-ing

Bank credit

Total Loans,net

U. S. Government obligations

Total

Com-mercial

andsavingsbanks

FederalReserveBanks

Other

Othersecu-rities

Totalassets,n e t -Totalliabil-itiesand

capital,net

Liabilitiesand Capital

Totaldeposits

andcurrency

Capitaland

misc.ac-

counts,net

1929—June 29.1933—June 30.1939—Dec. 30.1941—Dec. 31.,1945—Dec. 31.1947—Dec. 31.1950— Dec. 30.1952—Dec. 31.,1954—Dec. 31.,1955—Dec. 31.,1956—June 30.

1956—Nov. 28.,Dec. 31.

1957—Jan. 30.Feb. 27.,Mar. 27.,Apr. 24.,May 29.,June 6.June 26*\July 3 1P,Aug. 28PSept. 25?Oct. 30^Nov. 27",

4,0374,031

17,64422,73720,06522,75422,70623,18721,71321,69021,799

21,90021,949

22,30022,30022,30022,30022,60022,62022,60022,60022,60022,60022,70022,800

2,0192,2862,9633,2474,3394,5624,6364,8124,9855,0085,032

5,1005,066

5,1005,1005,1005,1005,1005,1065,1005,1005,1005,1005,1005,100

58.64242,14854,56464,653167,381160,832171,667192,866210,988217,437216,563

220,800223,742

219,300218,100219,000221,700221,600221,454222,200222,700223,200223,600225,200224,800

41,08221,95722,15726,60530,38743,02360,36675,48485,730100,031105,420

108,200110,120

108,000108,200109,600110,400110,700110,938113,000112,200112,700113,400113,000113,000

5,74110,32823,10529,049128,417107,08696,560100,008104,81996,73690,511

92,20093,161

90,80089,40088,50090,20089,60089,11487,80089,00088,90088,40089,70089,300

5,4998,19919,41725,511101,28881,19972,89472,74077,72870,05264,917

66,20066,523

65,70064,80063,80065,40065,00064,54863,40064,10064,00063,70065,00064,400

2161,9982,4842,25424,26222,55920,77824,69724,93224,78523,758

24,30024,915

23,40022,90023,10023,20023,00023,01622,90023,40023,30023,20023,20023,600

26131

1,2041,2842,8673,3282,8882,5712,159,899,836

,700,723

,700,700,700,600,600,550,600,500,500,500,500,400

11,8199,8639,3028,9998,57710,72314,74117,37420,43920,67020,632

20,40020,461

20,40020,60020,90021,10021,40021,40221,40021,40021,60021,80022,50022,400

64,69848,46575,17190,637191,785188,148199,009220,865237,686244,135243,394

247,800250,757

246,600245,500246,400249,200249,400249,180249,900250,400250,900251,300253,000252,700

55,77642,02968,35982,811180,806175,348184,384204,220218,882224,943223,585

227,000230,510

226,400225,100225,400228,200228,200227,576229,100229,300229,000229,500231,100231,000

8,9226,4366,8127,82610,97912,80014,62416,64718,80619,19319,807

20,70020,246

20,30020,50020.90020,90021,20021,60520,90021,10021,90021,90021,90021,700

Date

Details of Deposits and Currency

For-eignbankde-

posits,net

U. S. Govt. balances

Treas-urycashhold-ings

Atcom-

mercialand

savingsbanks

AtF. R.Banks

Deposits adjusted and currency

Total

Time deposits2

TotalCom-

mercialbanks

Mutualsavingsbanks3

PostalSavingsSystem

De-mand

de-posits4

Cur-rencyout-side

banks

Seasonally adjusted series5

Totaldemanddepositsadjusted

andcurrency

De-mand

de-posits

ad-justed

Cur-rencyout-side

banks

1929—June 29.,1933_june 30.,1939—Dec. 30.,1941—Dec. 31.,1945—Dec. 31.,1947—Dec. 31.,1950—Dec. 30..1952—Dec. 31..1954—Dec. 31.,1955—Dec. 31.,1956—June 30.,

1956—Nov. 28.,Dec. 31.,

1957—Jan. 30.,Feb. 27.,Mar. 27.,Apr. 24.May 29.June 6.,June 26PJuly 31 PAug. 28PSept. 25POct. 30PNov. 27^

36550

1,2171,4982,1411,6822,5182,5013,3293,1673,115

3,4003,306

3,1003,1003,1003,2003,200

3,200

204264

2,4092,2152,2871,3361,2931,270796767768

800775

800800800800800792800800800800800800

381852846

1,89524,6081,4522,9895,2594,5104,0385,537

5,2004,038

1,9002,8003,8004,4005,3003,6254,8003,7004,4003,9003,5003,300

3635634867977870668389563394522

500441

600300500300500473500500500600500400

54,79040,82863,25476,336150,793170,008176,916194,801209,684216,577213,643

217,200221,950

219,900218,000217,200219,600218,400219,439219,700221,000220,000220,900223,000223,300

28,61121,65627,05927,72948,45256,41159,24765,79975,28278,37880,615

80,90082,224

82,90083,60084,60084,90085,70085,71586,40086,70087,10087,70088,10087,600

19,55710,84915,25815,88430,13535,24936,31440,66646,84448,35949,698

49,60050,577

51,20051,80052,60052,90053,60053,60554,00054,40054,70055,10055,50055,000

8,9059,62110,52310,53215,38517,74620,00922,58626,30228,12929,152

29.60030,000

30.10030,20030,40030,40030,60030,64730,90030,90031,00031,20031,30031,300

1491,1861,2781,3132,9323,4162,9232,5472,136,890,765

,700,647

,600,600,600,500,500,463,500,400,400,400,400

22,54014,41129,79338,99275,85187,12192,272101,508106,550109,914104,744

108.300111,391

109,500107,000105,200107,300104,800105,706105,600106,600105,100105,500107,200

,300,107,200

3,6394,7616,4019,61526,49026,47625,39827,49427,85228.28528,284

28.00028.335

27,40027,40027.40027,40027,90028,01827,80027,80027,80027,80027,80028.500

111,100114,300124,700129.700133.200134,300

134.700134.400

134,100134.500134.700135,000134,600

135,200136,000134,700133.900134,200134,000

85,200 2589.800 2497,800 26102.800 26105,800 27106,700 27

,900,500,900,900,400,600

107.000 27,700106.700 27,700

106,500 27106.900 27107.000 27107,300 27106,600 28

(5)

,600,600,700,700000

() :;107,300 27,900108,000 28,000106,800 27,900106,200 27,700106,500 27,700105.900,28,100

v Preliminary.1 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 July1957, pp. 828-829.

NOTE.—For description of statement and back figures, see BULLETINfor January 1948, pp. 24-32. The composition of a few items differsslightly from the description in the BULLETIN article; stock of FederalReserve Banks held by member banks is included in other securities andin capital and miscellaneous accounts, net, and balances of the PostalSavings 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 depositsand currency shown in the monthly Chart Book excludes foreign bank de-posits, net, and Treasury cash. Except on call dates, figures are roundedto nearest $100 million and may not add to the totals.


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]

Class of bankand date

Loans and investments

Total LoansU. S.Govt.obliga-tions

Othersecu-rities

Cashassets2

Totalassets—

Totallia-

bilitiesand

capitalac-

counts 3

Deposits

Total 2 bank 2

Other

Demand

U. S.Govt.

OtherTime

Totalcapital

ac-counts

Num-berof

banks

All banks:1939—Dec.1941_Dec.1945—Dec.1947_Dec.1950—Dec.1955—Dec.1956—June

Nov.Dec.

1957—MayJuneJuneJulyAug.Sept.Oct.Nov.

3031313H303130283129

626*31*28*25*30*27'*

All commercial banks:1939—Dec. 3 0 . . .1941—Dec. 3 1 . . .1945—Dec. 31 . . .1947—Dec. 3 H . .1950—Dec. 30 . . .1955—Dec. 31. . .1956—June 30. . .

Nov. 28. . .Dec. 31. . .

1957—May 2 9 . . .June 6 . . .June 26*. .July 3 1 * . .Aug. 28*. .Sept. 25*. .Oct. 30*. .Nov. 27*. .

All member banks:1939—Dec. 30 . .1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947_Dec. 3 1 . .1950—Dec. 30. .1955—Dec. 3 1 . .1956—June 30. .

Nov. 28. .Dec. 31 . .

1957_May 29. .June 6. .June 26*.July 31*.Aug. 28*.Sept. 25*.Oct. 30*.Nov. 27*.

All mutual savings banks:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 31 41950—Dec. 301955—Dec. 311956—June 30

Nov. 28Dec. 31

1957—May 29June 6June 26*July 31*Aug. 28*Sept. 25*Oct. ^OPNov. 27»

50,88461,126

140,227134,924148,021190,780191,074195,780197,063197,980197,465198,600198,530199,250199,820201.450200,910

980 111

40,66850,746124,019116,284126,675160,881160,008163,970165,123165,070164,515165,600165,380165,900166,320167,900167,270

33,43,107,97,107,135.134;137.1383138.137,138,138.139;139;140;139

10,21610,37916,20818,64121,34629,89831,06631,81031,94032,91032,95033,00033.15033,35033.500

33,640

22,16526,61530,36243,00260,38600,05705,52509,160110,079111,620111,515113,810112,960113,590114,260114,000114,130

17,23821,71426,08338,05752,24982,60186,88789,51090,30291,18091,02893,28092,34092,84093,40093,00093,010

13,96!18,02122,77532,62844,70570,98274,78377,29678,03478,59078,44880,52979,62180,10380,60880,15580,097

4,9274,9014,2794,9448,13717,45618,63919,65019,77720,44020,48720,53020,62020,75020,86021.00021,120

19,41725,511101,28881,19972,89470,05264,91766,18066,52365,01064,54863,36064,14064,04063,72064,96064,390

16,31621,80890,60669,22162,02761,59256,62058,20058,55:57,07056,64255,50056,28056,17055,87057,28056,840

14,32819,53978,33857,91452,36550,69746,22647,14347,57546,15945,82944,80845,49045,33445,00746,15845,823

3,1013,70410,68211,97810,8688,4608,2977,9807,9717,9407,9067,8607,8607,8707,8507 6807,550

9,3028,9998,57710,72314,74120,67020,63220,44020,46121,35021,40221,43021,43021,62021,84022,49022,390

7,1147,2257,3319,00612,39916,68816,50216,26016,26916,82016,84516,82016,76016,89017,05017,62017,420

5,6515,9616,0707,30410,35513,68013,41913,17413,15913,55813,53113,51113,46213,57313,70014,16213,962

2,1881,7741,2461,7182,3423,9824,1304,1804,1924,5304,5574,6104,6704,7304,7904 8704,970

23,29227,34435,41538,38841,08647,80343,36143,17049,64141,57040,83442,25042,84042,08042,04042,59043,600

22,47426,55134,80637,50240,28946,83842,44442,39048,72040,77039,99541,38042,04041,32041,26041,79042,800

19,78223,12329,84532,84535,52441,41637,53637,27142,90636,07435,27036,66037,13736,59436,39936,93537,86:

81879360988679796591780920800839870800760780800800

77,06890,908177,332175,091191,317242,008238,133242,990250,770243,790242,647245,050245,740245,850246,370248,660249,150

65,21679,104160,312155,377168,932210,734205,712209,930217,460209,600208,393210,710211,310211,250211,590213,840214,220

55,36168,121138,304132,060144,660179,414174,820178,043184,874177,720176,507178,816179,151179,188179,283181,109181,440

11,85:11,80417,02019,71422,38531,27432,42133,06033,31134,19034,25434,34034,43034,60034,78034,82034,930

68,24281,816165,612161,865175,296220,441215,510218,000227,546218,010216,986219,790220,640219,700220,150222,030222,380

57,71871,283150,227144,103155,265192,254186,326188,370197,515187,370186,308188,880189,710188,680188,930190,740191,050

49,34061,717129,670122,528133,089163,757158,388159,593167,906158,655157,593160,116160,65?159,76'159,759161,229161,536

10,52410,53315,38517,76320,03128,18729,18429,63030,03230,64030,67830,91030,93031,02031,22031,29031,330

9,87410,98214,06513,03314,03916,64615,24215,36017,59513,70014,42314,38014,95014,37014,80014,71014,550

9,87410,98214,06513,03214,03916,64315,23915,36017,59313,70014,42114,38014,95014,37014,80014,71014,550

9,41010,52513,64012,40313,44815,86514,50814,61716.85513,06713,73613,70414,23613,68114,09514,00813,841

32,51644,355105,935

1,3462,8093,7125,2354,9303,7365,0403,3204,4903,390

3,1803,040

94,381101,936123,239115,850118,140125,308114,770114,659115,690116,690

4,130 115,1503,580 115,160

117,100118,190

32,51344,349105,921

1,3432,8063,7095,2324,9303,7335,0403,3184,4903,3904,1303,580 115,1303,180 117,0703,040

7431,709

22,1791,1762,5233,3274,8064,4013,2924,5142,9324,0863,0903,7153,1892,7772,681

94,367101,917123,187115,824118,110125,282114,740114,633115,660116,660115,120

118,160

27,48937,13669,64080,60987,783105,40098,904100,452106,85097,77397,61298,67399,42598,18797,99799,704100,648

()(5)

25,85226,47945,61353,10556,51376,84479,18279,57080,90884,50084,58485,23085,61086,05086,61087,04086,600

15,33115,95230,24135,36036,50348,71550,03049,97050,90853,89053,93754,35054,71055,06055,42055,78055,300

11,69912,34724,21028,34029,33639,16540.17140,12340,90943,30143,31343,65343,90144,18444,47844,74044,366

10,52110,52715,37117,74520,00928,12929,15229,60030,00130,61030,64730,88030,90030,99031,19031.26031,300

8,1948,41410,54211,94813,83718,11218,81119,36019,24919,71019,87919,76020,00020,14020,21020,45020,540

6,8857,1738,95010,05911,59015,30015,92716,40016,30216,68016,83716,75016,97017,09017,14017,38017,440

5,5225,8867,5898,4649,69512,78313,29313,70613,65513,94714,05814,00414,21014,30014,34114,53914,584

1,3091,2411,5921,8892,2472,8122,8852,9602,9473,0303,0423,0103,0303,0503,0703.0703,100

15,03514,82614,55314,71414,65014,24314,20614,18614,16714,14514,14414,13814,13514,13314,12814,11314,102

14,48414,27814,01114,18114,12113,71613,67913,65913,64013,61913,61913,61313,61013,60813,60313,58813,578

6,3626,6196,8846,9236,8736,5436.4996,4766,4626,4456,4456,4386,4306,4276,4216,4116,406

551548542533529527527527527526525525525525525525524

* Preliminary.1 All banks in the United States. All banks comprise all commercial

banks and all mutual savings banks. All commercial banks comprise allnonmember commercial banks and all member banks (including (1) onebank in Alaska and one in the Virgin Islands that became members onApr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non-deposit trust company, but excluding three mutual savings banks thatbecame members in 1941). Stock savings banks and nondeposit trustcompanies are included with commercial banks. Number of banks in-cludes a few noninsured banks for which asset and liability data are not

available. Comparability of figures for classes of banks is affected some-what by changes in Federal Reserve membership, insurance status, andthe reserve classifications of cities and individual banks, and by mergers,etc.

2 Beginning June 30, 1942, excludes reciprocal balances, which onDec. 31, 1942, aggregated $513 million at all member banks and $525million at all insured commercial banks.

3 Includes other assets and liabilities not shown separately.For other notes see following two pages.


42 ALL BANKS

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued

[Figures partly estimated except on call dates. Amounts in millions of dollars]


Loans and investments

Total LoansU. S.Govt.obliga-tions

Othersecu-rities

Cashassets2

Totalassets—

Totallia-

bilitiesand

capitalac-

counts3

Deposits

Total2 Inter-bank 2

Other

Demand

U.S.Govt.

OtherTime

Totalcapital

ac-counts

Num-berof

banks

Central reserve citymember banks:

New York City:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301955—Dec. 311956—June 30

Nov. 28Dec. 31

1957—May 29June 6June 26*July 31?Aug. 28*Sept. 25?Oct. 30?Nov. 27?

Chicago:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301955—Dec. 311956—June 30

Nov. 28Dec. 31

1957—May 29June 6June 26*July 31*Aug. 28*Sept. 25?Oct. 30?Nov. 27*

Reserve city member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301955—Dec. 311956—June 30

Nov. 28Dec. 31

1957—May 29June 6June 26*July 31*Aug. 28*Sept. 25*Oct. 30*Nov. 27*

Country member banks:1939^-Dec. 301941—Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301955—Dec. 311956—June 30

Nov. 28Dec. 31

1957—May 29June 6June 26*July 31*Aug. 28*Sept. 25*Oct. 30*Nov. 27*

9,33912,89626,14320,39320,61223,58323,27023,31823,80923,27923,29323,68623,18223,25223,25823,38523,054

2,1052,7605,9315,0885,5696,5426,3366,3196,4736,2496,2666,2936,2346,2896,2616,2736,275

12,27215,34740,10836,04040,68552,45952,07153,38953,91553,40153,13753,64953,78553,83153,88154,10954,201

10,22412,51835,00236,32440,55852,77552,75254,58754,57155,37855,11255,22055,37255,63855,91556,70856,352

3,2964,0727,3347,1799,72914,64015,37316,01415,98715,90715,89516,77616,00616,19116,21616,11515,887

569954

1,3331,8012,0833,3423,5723,6333,7723,7763,7893,8933,8623,9153,9373,8293,781

5,3297,1058,51413,44917,90628,62230,12231,39131,78331,57431,43532,16832,10432,25932,57632,26132,510

4,7685,8905,59610,19914,98824,37925,71626,25826,49127,33327,33027,69227,64927,73827,87927,95027,919

A,1127,265

17,57411,9728,9936,7966,0115,5686,0575,7065,7385,2705,4765,2985,2545,4155,423

1,2031,4304,2132,8902,9112,5062,0882,0822,1131,8761,8841,8471,8251,8231,7831,8881,927

5,1946,46729,55220,19619,08418,82617,05117,15217,36816,83016,79716,52916,79816,69616,37216,75516,669

3,1594,37726,99922,85721,37722,57021,07622,34122,03721,74721,40921,16221,39121,51721,59822,10021,804

1,2721,5591,2351,2421,8902,1481,8851,7361,7651,6661,6601,6401,7001,7631,7881,8551,744

333376385397576695676604588597593553547551541556567

1,7491,7762,0422,3963,6955,0114,8984,8464,7644,9974,9054,9524,8834,8764,9335,0935,022

2,2972,2502,4083,2684,1935,8265,9595,9886,0426,2986,3736,3666,3326,3836,4386,6586,629

6,7036,6376,4397,2617,9228,9487,7537,0448,6297,3006,6927,3847,4707,7016,9847,5397,700

1,4461,5661,4891,7392,0342,1321,9591,9542,1711,9411,8211,9121,9471,9681,9391,9691,938

6,7858,51811,28613,06613,99816,99415,36115,46717,71614,80714,53215,15015,07914,68314,93014,89915,500

4,8486,40210,63210,77811,57113,34212,46312,80614,39012,02612,22412,21412,64112,24212,54612,52812,724

16,41319,86232,88727,98228,95433,22831,80131,25733,38131,55630,99332,05331,68532,14431,40332,10331,921

3,5954,3637,4596,8667,6498,7208,3498,3298,6958,2478,1478,2588,2398,3148,2578,3108,285

19,68724,43051,89849,65955,36970,47868,52470,09772,85469,51868,96570,08370,16469,80870,12870,38971,106

15,66619,46646,05947,55352,68966,98866,14768,36069,94568,39968,40468,42269,06368,92269,49570,30770,128

14,50717,93230,12125,21625,64629,37827,77526,75729,14926,91426,32227,56526,98127,07026,18227,03026,935

3,3304,0577,0466,4027,1098,0107,6317,4027,9437,2597,2847,4077,4627,4407,3197,2647,320

17,74122,31349,08546,46751,43764,73362,39263,01966,52462,29961,79662,88663,22562,52162,87062,96363,556

13,76217,41543,41844,44348,89761,63660,59162,41564,28962,18362,19262,25862,98462,73663,38863,97263,725

4,2384,2074,6574,4644,6385,6005,3275,2705,9874,9625,0335,1585,2334,9455,1085,1195,148

,035,312,217,229,296,195,224,372,081,184,153,279,185,251,183,145

3,6864,4606,4485,6496,4487,4466,6336,7437,8785,8096,2286,1386,3736,2486,4086,3676,203

598822

1,2231,0731,1331,5231,3531,3801,6181,2151,2901,2551,3511,3031,3281,3391,345

74866

6,940267451756

1,166871747

1,032688938726737535500443

80127

1,5527217422235018218419597305196275186148151

435491

8,221405976

1,2881,9181,6331,2011,7161,0511,6341,2641,4531,274918

1,017

154225

5,465432922

1,0611,3721,7151,1601,5711,0971,209904

1,2501,1941,2111,070

9,45912,05117,28719,04018,83620,71918,90218,32219,94018,08417,83618,72218,32018,69817,77818,64818,591

1,8672,4193,4624,2014,6045,1654,7814,7075,0694,6694,6914,6304,6764,6744,5734,6244,708

9,00412,55724,65528,99032,36639,83537,32438,15540,64737,15336,87437,27637,67136,82037,10337,48338,159

7,15810,10924,23528,37831,97739,68137,89739,26841,19437,86738,21138,04538,75837,99538,54338,94939,190

736807

1,2361,4451,7222,3032,3812,2942,4752,8362,7652,7472,7022,6902,7612,7632,753

495476719913

1,1031,3271,3041,2891,3191,3141,3121,3191,3111,3061,3091,3091,316

4,6164,8069,76011,42311,64716,16416,51716,48816,79717,62117,64217,83817,91718,00018,08518,19518,177

5,8526,25812,49414,56014,86519,37219,96920,05220,31721,53021,59421,74921,97122,18822,32322,47322,120

1,5921,6482,1202,2592.3512,7452,8052,8522,8732,9042,9072,9093,0613,0593,0543,1273.133

250288377426490628639654660662665663671671670679685

1,8281,9672,5662,8443,3224,6414,9025,0665,0765,1685,1825,1955,1995,2425,2605,2985,338

1,8511,9822,5252,9343,5324,7694,9475,134046213304237279328

5,3575,4355,428

3636373723181818181818181818181818

1413121413131314141414141414141414

346351359353336292291289289282282282282282281281279

5,9666,2196,4766,5196,5016,2206,1776,1556,1416,1316,1316,1246,1166,1136,1086,0986,095

4 Beginning with Dec. 31, 1947, the all-bank series was revised as an-nounced in November 1947 by the Federal bank supervisory agencies.At that time a net of 115 noninsured nonmember commercial bankswith total loans and investments of about $110 million was added, and

8 banks with total loans and investments of $34 million were transferredfrom noninsured mutual savings to nonmember commercial banks.

5 Less than $5 million.For other notes see preceding and opposite pages.


ALL BANKS 43

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued

[Amounts in millions of dollars]


All insured commercial banks:1941—Dec. 311945 Dec 311947_Dec. 311955 Dec 31 .1956—June 30

Dec 311957—June 6

National member banks:1941 Dec 311945—Dec 311947_Dec. 311955—Dec 311956—June 30

Dec 31 .1957—June 6

State member banks:1941 Dec. 311945—Dec. 311947 Dec 3 1 . .1955—Dec. 311956—June 30

Dec. 311957—June 6

Insured nonmembercommercial banks:

1941—Dec. 311945—Dec. 311947_Dec. 311955 Dec. 311956—June 30

Dec 31 . .1957—June 6

Noninsured nonmembercommercial banks:

1941—Dec. 311945 Dec 311947_Dec. 314

1955 Dec 31 . . . .1956—June 30

Dec. 311957—June 6

All nonmember commercialbanks:

1941—Dec. 311945 Dec 31.1947—Dec. 3141955 Dec. 311956—June 30

Dec. 311957 June 6

Insured mutual savings banks:1941 Dec 311945_Dec. 311947—Dec. 311955 Dec 311956 June 30

Dec. 311957 June 6

Noninsured mutual savingsbanks:

1941 Dec 311945_Dec. 311947 Dec 314

1955 Dec 311956—June 30

Dec 311957 June 6

Loans and

Total

49,290121,809114,274159,164158,344163,601163,025

27,57169,31265,28086,15285,45588,47787,910

15,95037,87132,56649,20848,97350,29149,898

5,77614,63916,44423,82923,94224,85925,243

1,4572,2112,0091,7161,6641,5211,490

7 23316,84918,45425,54625,60526,38126,733

1,69310,84612 68322,33123 16824,17025,185

8,6875,3615 9577 5677,8987 7707,765

Loans

21,25925,76537,58382,08186,37489,83190,571

11,72513,92521,42843,42845,86048,10948,415

6,2958,850

11,20027,55428,92329,92430,034

3,2412,9924,958

11,10811,60011,80812,134

455318474520513471457

3,6963,3105,432

11,62812,11412,27912,591

6423,0813 560

13,56314,51415,54216,228

4,2591,1981 3843 8934,1254 2354,259

investments

U.S.Govt.obliga-tions

21,04688,91267 94160,76555 83557,83755,973

12,03951,25038,67433,57930 55531,56830,345

7,50027 08919,24017 11815,67116*00715,483

1,50910 58410,03910,0819,621

10,27410 156

7611,6931 280

827785714669

2 27012,27711,31810,90810,40610 98910,825

6297,1608 1655,8585 6365,5185,505

3,0753 5223 8132 6012,6612 4532,401

Othersecu-rities

6,9847,1318,750

16,31816 13615,93316,481

3,8064,1375,1789,1449,0408,8009,150

2,1551,9332,1254,5364,3794 3594,381

1,0251 0631,4482,6402,7202,7772 953

241200255370365336364

1 2661,2621,7033,0103,0853 1133,317

421606958

2,9103 0183,1103,452

1,353641760

1 0721,1121 0821,105

Cashassets2

?53436464?4839

14209925932722

89

1015n1512

?445454

3445454

,788,292,9?6,480P 6

,352,713

,977,114074

,697545

,006,525

,145731

,82271999?900

,745

,668448083

,06759?

,448446

763514576357318369282

431,962659

,424,909817

,728

1514?9675785739739672

642180211180178189167

Totalassets—

Totallia-

bilitiesand

capita]ac-

counts3

76 820157,544152 733208,608203 676215,514206,567

43,43390,22088 182

113,412110 703117,345112,460

24,68848 08443,87966 00264,11767 53064,047

8,70819 25620,69129,22028,88430,66730 088

2,2832,7682 6432,1262 0361,9461,825

10 99222,02423,33431,34730,92032 61331,913

1,95811,42413 49923,45824,27125,28226,241

9,8465,5966 2157 8168,1508 0288,013

Total2

69,411147,775141,851190,512184 680195,953184,860

39,45884,93982,023

103,903100 826107,161100,989

22,25944,73040,50559 85457,56360 74456,605

7,70218 11919 34026,77926,31628,07327 292

1,8722,4522 2511,7421 6461,5621,448

9 57320,57121,59128,52227,96229 63528,740

1,78910,36312 20721,23721,95922,88623,578

8,7445,0225 5566 9507,2257 1467,100

Inter-bank2

10131?16141714

6989897

3436675

654,883670

,273869

,282,095

,786,229410

,317404

,844,963

,739.411,993549104O P

,773

1?9944?66408355427359

3?9181363370377310326

4574256?977873?737685

133?2

Deposits

Other

Demand

U.S.Govt.

123

13533

114

2?2

8

1111

1

762,740325

,697221

,717,310

,088,013795

,063929

,074,782

621166381264

,877218

,150

53560149370415425378

1,21,3

181211168

5,514,1

167382426440385

Other

41809?

122114124113

234553656?6761

13942739363935

4101?161517\6

9105

11

0401

1317161817

1223232

62

j

1

,?98,276,975,149899

,346,812

,262,473, 541,840,1?3,434,737

,874,168,068,559781416

,874

16?635

^66,749988

,497,900

,39?,03993?936821

,758,7889?0

,433,021

1?49?47326

9???

Time

1529,3448,4950,53,

8,16,19,26,r 7 J27,29,

4,7,9,

1?,1 ? J1313,

35,6,9,99,

10,

36,7,9,9,

10,10,

1,10,1?,21,91,?? ,23,

8,5,56,7,77,

69987688?393705608643

322224978683370810506

025986062489801098807

360680558252558724355

?53365478322396300294

613045036574884094649

78935119?182930857549

7380?0553947???143098

Totalcapital

ac-counts

6,8448,6719,734

14,98015 60015,98816,525

3,6404,6445,4097,9158 2328,4508,722

2,2462 9453,0554 8685,0615 2055,337

9591 0831,2712,1992,3092,3362,469

329279325320326313312

1,2881,3621,5962,5192,6362,6492,781

1641,0341,2522,0062,0612,1302,240

1,077558637806824817802

Num-berof

banks

13,42613,29713.39813,21613 20813,19513,189

5,1175,0175,0054,6924,6674,6514,647

1,5021,8671,9181,8511,8321,8111,798

6,8106,4166,4786,6776,7136,7376,748

852714783499470444429

7,6627,1307,2617,1767,1837,1817,177

52192194220220223234

496350339307307304291

For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETINfor July 1947, pp. 870-871.


44 COMMERCIAL BANKS

LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1


Class of bankand

call date

All commercialbanks:3

1947_Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec. 3 1 . . . .1 9 5 7 _ j u n e 6 . . . .

All insured com-mercial banks:1941_Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947—Dec. 311955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec. 3 1 . . . .1957—June 6 . . . .

Member banks,

total:1941_Dec. 311945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec. 3 1 . . . .1957—June 6 . . . .

New York Citv:4

1931—Dec. 311945—Dec. 311947 Dec. 311955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec. 3 1 . . . .1 9 5 7 _ j u n e 6 . . . .

Chicago:4

1941—Dec. 311945_Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1955 Dec. 311956—June 30

Dec. 3 1 . . . .1 9 5 7 _ j u n e 6

Reserve city bar>ks:1941 _ D e c . 311945—Dec. 3 1 . . . .1947—Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec . 311957—June 6 . . . .

Country banJcs:1941—Dec. 3 1 . . . .1945_Dec. 3 1 . . . .1947—Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec. 3 1 . . . .1 9 5 7 _ j u n e 6

Nonmember com-mercial banks:3

1947—Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 3 0 . . . .

Dec. 3 1 . . . .1957—June 6 . . . .

Totalloansand

invest-ments

116,284160,881160,008165,123164,515

49,290121,809114,274159,164158,344163,601163,025

43,521107,18397,846

135,360134,428138.768137,808

12,89626,14320,39323,58323,27023,80923,293

2,7605,9315,0886,5426 3 3 66,4736,266

15 34740,10836,04052,45952,07153,91553,137

12,51835,00236,32452,77552,75254,57155,112

18,45425,54625,60526,38126,733

Total 2

38,05782,60186,88790,30291,028

21,25925,76537,58382,08186,37489,83190,571

18,02122,77532,62870,98274,78378,03478,448

4,0727,3347 179

14,64015,37315,98715,895

9541,3331,8013 3423 5723,7723,789

7,1058,514

13,44928,62230,12231,78331,435

5,8905,596

10,19924,37925,71626,49127,330

5,43211,62812,11412,27912,591

Com-mer-cial,in-

elud-ing

openmar-ketpa-per

18,16733,24536,11138,72039,020

9,2149,461

18,01233,09235,94438,57138,870

8,6718,949

16,96231,01933,72536,29636,500

2,8073,0445,3619,126

10,19111,26611,344

732760

1,4182,3902 6632,7812,859

3,4563,6617,088

13,21213,97815,17014,919

1,6761,4843,0966,2906,8927,0807,378

1,2052,2262,3852,4242,519

Agri-cul-tur-al

1,6604,4754,2544,1614,077

1,4501,3141,6104,3964,1904,1014,027

972855

1,0462,7262,5522,4782,453

8

111

623

1513178

300205225566520489495

659648818

2,1272,0191,9721,949

6141,7501,7021,6831,625

Loans 2

Loans forpurchasingor carryingsecurities

Tobrok-

ersanddeal-ers

8303,2632,6952,5892,274

6143,164

8233,2292,6692,5652,251

5943,133

8113,1502,5862,4472,132

4122,453

5452,1441,6911,4091,152

48211

73275170203172

114427170542502501496

204223

189223334312

20113110143143

Tooth-ers

1,2201,7741,7381,6911,634

6623,6061,1901,7421,7041,6691,613

5983,3781,0651,5601,5221,4731,416

1691,172

267511494402389

52233

8799969796

1941,503

484696676712672

183471227255257261259

156214216218219

Reales-tate

loans

9,39320,80921,78722,50922,530

4,7734,6779,266

20,69221,67122,39422,427

3 4943,4557,130

16,39117,17217,81117,768

12380

111577609617567

223646

128133134135

1 5271,4593,1476,9627,3577,6547,481

1,8231,8813,8278,7239,0739,4079,586

2,2664,4284,6254,7084,773

Otherloans

toin-di-

vid-uals

5,72317,18518,36518,85019,508

4,<2,3615,654

17,10418,28418,76519,421

Otherloans

1,0633,1173,2863,3433,623

451,1811,0283,0913,2593,3253,599

3 69?1,9004,662

14,31315,33015,76516,229

*287"564

1,5061,5901,5581,516

51149316384439430

1 5855

1,9695,9166,3066,5126,630

1011,9796,5757,0507,2567,653

1,0612,8723,0363,0853,278

1,104952

2,9433,0873,1473,399

54298330

1,0061,0441,0491,245

954026

184187178184

12404366

1,1801,2651,2891,300

30363229573590631669

111174200196224

Investments

Total

78,22678,28073,12274,82173,487

28,03196,04376,69177,08371,97173,77072,454

25,50084,40865,21864,37759,64560,73459,360

8,82318,80913 2148^9437,8967,8227,398

1,8064,5983,2873,2002^7642,7012,477

8 24331,59422,59123,83721,94922,13221,702

6,62829,40726,12528,39727,03528,08027,782

13,02113,91813,49214,10214,141


Total

69,22161,59256,62058,55256,642

21,04688,91267,94160,76555,83557,83755,973

19, 53978', 33857,91450,69746,22647,57545,829

7,26517^57411 9726^7966,0116,0575,738

1,4304,'2132,8902 50620882,\U1,884

6 46729^55220,19618,82617,05117,36816,797

4,37726,99922,85722,57021,07622,03721,409

11,31810,90810,40610,98910,825

Bills

2,1934,2192,8175,9244,761

9882,4552,1244,1052,7515.7634,658

9712,2751,9873,2502,0134,3833,439

311477

1 002'552325724685

25613313211146

11275

2951,034

373813374

1,185758

110630480

1,7741,2672,3621,920

206970805

1,5411,323

Direct

Certifi-catesof in-debt-ed-ness

7,7892,3181,2471,9973,665

19 0717,'5522,2921,2281,9813,610

16,9855,8161,738

8401,4692,798

3,43364010070

194219

1,467235

683

4274

6,9822,358

657279441

1,179

5,1022,'583

913489792

1,326

1,973580407528867

Notes

6,03414,03412,72711,82310,070

3,15916,0455,918

13,85612,55211,7229,967

3,00714,2714,815

11,50810,3329,4937,952

1,6233,325

5581,1411,082

976781

153749248604476316223

7515,6531,9014,7084,0863,7423,038

4814,5442,1085,0564,6884,4583,910

1,2192,5272,3962,3302,119

Bonds

53,19141,01039,81538,79638,137

12,79751,32152,33440,50239,29038,35837,730

11,72944,79245,28634,19233,02932,21831,632

3,65210,3379,7715,0024,5294,1604,052

9031,8642,2741 7231,5641,6431,513

4,24815,87815,56012,64312,30811,99511,819

2,92616,71317,68114,82514,62814,42014,248

7,9166,8296,7976,5886,515

Guar-an-teed

141114139

4,1022214101313

8

3,83216109

12128

1,6791

243

119

1,173535443

861963444

42111

Obli-ga-

tionsof

Statesand

polit-icalsub-divi-sions

5,27612,69812,92912,90113,314

3,6513,8735,129

12,46512,69412,67513,095

3,0903,2544,199

10,44410,55710,49410,768

729606638

1,6091,5141,4061,311

182181213476489440460

9561,1261,3423,7783,8233,8203,888

1,2221,3422.0064,5814,7314,8275,109

1,0782,2552,3742,4092,548

Othersecu-rities

3,7293,9903,5733,3683,531

3,3333,2583,6213,8533,4423,2583,386

2,8712,8153,1053,2362,8622,6652,763

830629604539371358349

193204185219188148133

820916

1,0531,2331,076

9441,017

1,0281,0671,2621,2461,2281,2151,265

625755712704769

1 All commercial banks in the United States. These figures excludedata for banks in U. S. possessions except for one bank in Alaska andone in the Virgin Islands that became members on Apr. 15, 1954, andMay 31, 1957, respectively. During 1941 three mutual savings banksbecame members of the Federal Reserve System; these banks are in-cluded in member banks but are not included in all insured commercialbanks or all commercial banks. Comparability of figures for classes ofbanks is affected somewhat by changes in Federal Reserve membership,

insurance status, and the reserve classifications of cities and individualbanks, and by mergers, etc.

2 Beginning June 30, 1948, figures for various loan items are showngross (i. e., before deduction of valuation reserves); they do not add to thetotal and are not entirely comparable with prior figures. Total loanscontinue to be shown net.

For other notes see opposite page.


COMMERCIAL BANKS 45

RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1


Class of bankand

call date

AH commercialbanks:3

1947_Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 30

Dec. 3 1 . . . .1957—June 6 . . . .

All insured commer-cial banks:

1941_Dec. 311945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 30. . . .

Dec. 3 1 . . . .1957—June 6 . . . .

Member banks,total:

1941—Dec. 3 1 . . . .1945_Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1955—Dec. 311956—June 30. . . .

Dec. 3 1 . . . .1957_j u n e 6 . . . .

New York City:*1941—Dec. 311945_Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1955—Dec. 3 1 . . . .1956—June 30. . . .

Dec. 3 1 . . . .1957_ju n e 6 . . . .

Chicago:*1941—Dec. 311945_Dec. 311947_Dec. 311955—Dec. 3 1 . . . .1956—June 30. . . .

Dec. 3 1 . . . .1957—June 6. . . .

Reserve city banks:1941_Dec. 3 1 . . . .1945_Dec. 3 1 . . . .1947_Dec. 311955—Dec. 311956—June 30.. . .

Dec. 3 1 . . . .1957—June 6. . . .

Country banks:1941—Dec. 3 1 . . . .1945_Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1955—Dec. 311956—June 30. . . .

Dec. 3 1 . . . .1957—June 6 . . . .

Nonmember commer-cial banks:3

1947 Dec 311955—Dec. 311956 June 30

Dec. 311957_ju n e 6

serveswith

FederalRe-

serveBanks

17,79618,72118,23218,70618,500

12,39615,81017,79618,72118,23218,70618,500

12,39615,81117,79718,72218,23418,70718,501

5,1054,0154,6394,4314,3314,3754,080

1,021942

1,0701,1351,1151,1581,089

4,0606,3267,0957,7277,4717,6497,701

2,2104,5274,9935,4295,3165,5265,631

Cashin

vault

2,2162,6822,2733,2612,737

1,3581,8292,1452,6562,2513,2372,717

1,0871,4381,6722,0191,6862,4872,065

93111151127

94161143

43363032273728

425494562638542787653

526796929

1,2221,0241,5021,241

544663588774672

Bal-anceswithdo-

mesticbanks5

10,21612,05010,80212,8139,761

8,57011,0759,736

11,74410,52812,4909,515

6,2467,1176,2707,6126,7878,1245,931

1417870

111899945

298200175141124174

95

2,5902,1742,1252,5152,2012,6561,825

3,2164,6653,9004,8444,3735,1943,966

3,9474,4394,0154,6903,831

De-mand

de-posits

ad-justed6

87,123109,905104,761111,405105,713

37,84574,72285,751

108,887103,844110,487104,904

33,75464,18473,52892,43588,13993,32088,912

10 76115,06516,65316,49315,69515,97415,450

2,2153,1533,7374,3494,0924,2724,087

11,11722,37225,71433,75732,20334,04632,549

9,66123,59527,42437,83636,14939,02836,827

13,59517,47016,62118,08516,801

Demand deposits

Interbankdeposits

Do-mestics

11,36213,51212,06914,33811,247

9,82312,56611,23613,39011,96314,22611,127

9,71412,33310,97813,00211,62713,81810,799

3 5953,5353,2363,3643,0803,6222,775

,0271,2921,1961,2461,149,318,133

4,3026,3075,4976,9036,0787,2985,648

7901,1991,0491,4881,3211,5801,243

385510442521448

For-eign

1,430[,5461,5571,7941,618

6731,2481,379,516,516,755

1,581

6711,243,375,511,510,749

1,568

607,105,217,151

1,1901,4001,249

8202140364635

54110131303269286266

287

17151618

5536474550

u. s.Govt.

1,3433,7095,2323,7333,318

1,76223,740

1,3253,6975,2213,7173,310

1,70922,179

1,1763,3274,8063,2922,932

8666,940

267756

1,166747688

1271,552

72222350184

97

4918,221

4051,2881,9181,2011,051

2255,465

4321,0611,3721,1601,097

167382426440385

Statesand

politicalsubdi-visions

6,79910,27310,76810,44910,603

3,6775,0986,692

10,13810,64110,35010,500

3,0664,2405,5048,0758,4968,2118,371

319237290302396286261

233237285299399294459

1,1441,7632,2823,0483,1203,0922,911

1,3702,0042,6474,4254,5814,5384,740

1,2952,1982,2722,2382,232

Certi-fiedandoffi-cers'

checks,etc.

2,5813,9043,2443,7852,852

1,0772,5852,5593,8793,2173,7442,829

1,0092,4502,4013,6383,0043,4752,616

4501,3381,1051,4981,1101,172

914

34666385988580

286611705

1,035862

1,036787

239435528

1,020934

1,183835

180265240310236

Indi-viduals,partner-ships,

and cor-pora-tions

84,987109,011101,812111,048101,177

36,54472,59383,723

108,131101,034110,252100,483

33,06162,95072,70493,68787,40495,16386,624

11 28215,71217,64618,91917,39618,48216,660

2,1523,1603,8534,7814,2834,6904,152

11,12722,28126,00335,75233,34136,51933,177

8,50021,79725,20334,23532,38335,47332,635

12,28415,32414,40815,88514,553

Time deposits

Inter-bank

2401,5851,6131,4601,556

1587054

1,3671,3831,3011,388

1406450

1,3531,3701,2891,369

61712

1,0851,058

9651,009

1110

716

1043022

239286294314

30171718172230

190231243171187

U.S.Govt.and

postalSav-ings

111356332330331

59103111356332330331

5099

105327302301302

101259353636

26654

203845

106112114120

315245

157148146142

629302930

Statesand

polit-ical

subdi-visions

8662,3402,4932,3842,712

492496826

2,2822,4322,3292,652

418399693

1,8651,9541,8392,128

29201472604467

989

1210

243160332941

1,013935

1,089

146219337844871847962

172475539546584

Indi-viduals,partner-ships,

and cor-pora-tions

34,38346,01947,20548,19350,893

15,14629,27733,94645,75646,94147,94950,660

11,87823,71227,54236,97237,91638,76940,883

7781,2061,4182,1712,2852,3952,662

476719902

1,3131,2881,3021,298

4,5429,563

11,04515,11715,39215,74816,432

6,08212,22414,17718,37118,95019,32420,491

6,8589,0719,3149,449

10,035

Bor-row-ings

65159354

751,446

10215

61145337

561,430

4208

54137302

481,374

19530

138

2326

' " " 314

101

21

82179

21681

41123528421

267

1222522772

Capi-talac-

counts

10,05915,30015,92716,30216,837

6,8448,6719,734

14,98015,60015,98816,525

5,8867,5898,464

12,78313,29313,65514,058

1 6482,1202,2592,7452,8052,8732,907

288377426628639660665

1,9672,5662,8444,6414,9025,0765,182

1,9822,5252,9344,7694,9475,0465,304

1,5962,5192,6362,6492,781

3 Breakdowns of loan, investment, and deposit classifications are notavailable prior to 1947; summary figures for earlier dates appear in thepreceding table.

4 Central reserve city banks.5 Beginning June 30, 1942, excludes reciprocal bank balances, which on

Dec. 31, 1942, aggregated $513 million at all member banks and $525million at all insured commercial banks.

6 Demand deposits other than interbank and U. S. Govt., less cash itemsreported as in process of collection.

For other notes see opposite page.


46 WEEKLY REPORTING MEMBER BANKS

LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Month or date

Totalloansand

invest-ments

Loansand

invest-ments

ad-justed i

Loans 1

Loansad-

justed i

Com-mer-cialand

indus-trial

Agri-cul-tural

U.S.Govt.

ob-liga-tions

For purchasingor carrying securities

To brokersand dealers

Otherse-

curi-ties

U.S.Govt.

ob-liga-

To others

Other

Realestateloans

Otherloans


Total Bills

Cer-tifi-

catesof in-debt-ed-ness

Notes Bonds2

Othersecu-rities

Loansto

banks

Total—Leading Cities

1956

Dec

1957

NovDecNov. 6Nov. 13Nov. 20Nov. 27


New York City

1956

Dec

1957



OutsideNew York City

1956

Dec

1957

NovDecNov. 6Nov. 13Nov. 20Nov, 27


88,297

87,55689,316

87,57787,72587,42787,495

88,48388,70590,02889,67189,693

23,688

22,88623,634

22,92122,93022,73922,954

23,38523,43823,90323,69123,755

64,609

64,67065,682

64,65664,79564,68864,541

65,09865,26766,12565,98065,938

87,068

86,19688,060

86,27786,10386,33286,072

86,85887,39088,57888,48788,987

23,020

22,08022,976

22,10621,98122,14522,085

22,37822,85923,28323,06423,297

64,048

64,11665,084

64,17164,12264,18763,987

64,48064,53165,29565,42365,690

53,273

53,568

30,501

31,28354,254 31,609

53,53553,684 3153,726 3153,329

31,301",387,353

31,093

53,496 3153,90854,689 3154,518 3154,658

,13631,385~',872

,85331,801

15,656

15,16815,583

15,19115,20215,22515,054

15,21715,53815,81615,65415,691

37,617

38,40038,671

38,34438,48238,50138,275

11,337

11,53711,713

11,60011,61211,52211,417

11,50611,69211,87411,79411,699

19,164

19,74619,896

19,70119,77519,83119,676

38,27938,37038,87338,864 2038,967 20

19,63019,69319,998"",059

,102

466

443435

450449441434

437434433435436

465

442434

449448440433

436433432434435

2,095

1,6232,015

,554,590,737,610

,756,915

2,1902,0222,190

153

152377

15774220157

266408449384377

1,206

766807

724792770777

764753814783919

736

705831

673724747676

726754927855894

1,200

1,0951,114

1,1021,0911,0941,093

1,0941,1051,1061,1141,154

16 394

345347

347343345344

342343348346359

790

733740

737734730731

729740733738757

8,855

8,7708,771

8,7518,7768,7778,777

8,7618,7798,7808,7728,761

608

567554

563570569565

558564555546548

8,247

8,2038,217

8,1888,2068,2088,212

8,2038,2158,2258,2268,213

11,025 26,234

11,415 24,92311,390 25,953

437 24,959452 24,785387 24,938

25,010

11,11,11,385

11,379 25,61911,360 25,63011,374 26,01011,390 26,08711,448 26,423

2,188

2,1032,084

2,1012,1162,1002,096

2,0792,0772,0722,0922,101

5,614

5,2095,591

5,1975,1105,2305,296

5,4345,4995,6495,6035,770

8,837 20,620

9,312 19,7149,306 20,362

9,3369,3369,2879,289

19,76219,67519,70819,714

9,300 209,2839,302 209,298 209,347

,18520,13120,361

,48420,653

1,565

9771,411

1,011883

1,0061,007

1,0421,1241,4701,5331,888

450

264474

258191284322

307386524498654

,115

713937

753692722685

735738946

1,035,234

718

,641,726

,584,601,666,713

,697,726,730,725,752

183

225227

183213254251

211239251216220

535

1,4161,499

1,4011,3881,4121,462

1,4861,4871,4791,5091,532

5,202

4,3894,823

4,4114,3604,3944,392

4,8654,8204,8244,8294,776

929

948,063

968946939937

,084,047,062,066,058

4,273

3,4413,760

3,4433,4143,4553,455

3,7813,7733,7623,7633,718

18,749

17,91617,993

17,95317,94117,87217,898

18,01517,96017,98618,00018,007

4,052

3,7723,827

3,7883,7603,7533,786

,832,827,812,823

3,838

14,697

14,14414,166

14,16514,18114,11914,112

14,18314,13314,17414,17714,169

7,561

7,7057,853

7,7837,6347,6687,733

7,7437,8527,8797,8827,906

1,229

1,3601,256

1,3001,6221,0951,423

1,6251,3151,4501,184706

1,750 668

l,703i1,802

1,7181,6691,6901,735

1,7271,8221,8181,8071,836

5,811

6,0026,051

6,0655,9655,9785,998

6,0166,0306,0616,0756,070

806658

815949594869

1,007579620627458

561

554598

485673501554

618736830557248

\ Exclusive of loans to banks and after deduction of valuation reserves ;individual loan items are shown gross.

2 Includes guaranteed obligations.

3 Tuesday.See also NOTE on opposite page.


WEEKLY REPORTING MEMBER BANKS 47

RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Month or date

Re-serveswithF. R.Banks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed1

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand


Certi-fiedandoffi-cers'

checksetc.

U.S.Govt.

Time deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand


U.S.Govt.and

PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Borrowings

FromF. R.Banks

Fromothers

Cap-italac-

counts

Total—Leading Cities

1956

Dec

1957

NovDec



New York City

1956

Dec

1957



OutsideNew York City

1956

Dec

1957



13,778

13,24613,693

13,17612,86213,60813,340

13,42113,73413,83413,80713,670

4,361

4,0644,396

4,0293,8974,1924,139

4,2484,5144,4584,2064,556

9,417

9,1829,297

9,1478,9659,4169,201

9,1739,2209,3769,6019,114

1,138

,024,126

973,087,015,023

,038,170,181,112,131

186

158180

159167148159

166202196174160

952

866946

814920867864

872968985938971

2,586 57,843 61,089

2,380 55,099 58,5502,617 56,361 59,925

2,335 54,800 57,758"455 55,025 59,215,379 55,110 58,456354 55,464 58,772

2,4552 , 3 "2,3

2,329 55,389 58,0632,346 56,710 59,8332,617 56,651 60,0402,599 56,169 59,800

,887 61,8873,193

16,162

15,09515,605

15,04914,92015,14715,265

15,33915,88315,57515,38615,842

2,535 41,681

17,830

16,82617,467

16,65816,71116,82417,110

16,87817,43217,45817,14918,420

43,259

2,321 40,004 41,7242,557 40,756 42,458

2,2682,401

39,751 -40,105 42;

41,10042,504

2,326 39,963 41,63240,199 41,6622,291

2,2512,'"2,2,3,

40,050 41,185299 40,827 42,401567 41,076 42,582545 40,783 42,651120 41,045 43,467

3,931

3,8494,013

3,9873,6773,7294,005

3,9813,8253,9174,0134,331

267

334264

468299267301

263259246274279

3,664

3,5153,749

3,5193,3783,4623,704

3,7183,5663,6713,7394,052

2,101

2,1242,304

2,0701,8732,3872,166

2,2482,1612,5132,0882,510

1,020

1,0941,165

1,151861

1,2241,141

1,1881,1121,256997

1,269

1,081

1,0301,139

9191,0121,1631,025

1,0601,0491,2571,0911,241

2,008 19,734

1,557 21,5312,276 21,692

1,400 211,1581,913 211,758 21

,65421,535"',447

,487

1,5071,619

2,332 211,418 212,374 21;6222,800 21,7622,458 21,951

620

412718

418312470446

882465691817734

1,388

1,1451,558

982846

1,4431,312

2,244

2,5862,674

2,5822,5732,5732,614

2,6002,6812,6462,6902,752

17,490

18,94519,018

19,07218,96218,87418,873

1,450953

1,6831,9831,724 19

18,90718,93818,97619,072,199

912

,056,133

,066,043,057,060

,086,1011,1341,1681,175

56

856

9841,064

982970988998

1,0161,0321,0561,1001,114

183

172167

11,124

10,54111,093

176 10,773175170169

167168167166167

37

146

143143

144143145144

144144143142143

10,94910,37810,062

10,49310,55911,25910,85112,305

3,022

2,8683,000

2,8722,9392,7902,872

2,8482,8013,0572,8173,479

8,102

7,6738,093

7,9018,0107,5887,190

7,6457,7588,2028,0348,826

1,671

,661,662

,699,666,639,639

,610,652,670,683,693

1,338

1,3591,360

1,3901,3661,3331,350

1,3141,3621,3761,3721,375

333

302302

309300306289

296290294311318

1,274

,216,214

,220,214,213,217

,218,220,211,207,213

968

904903

908902902907

910910901898897

306

312311

312312311310

308310310309316

522

539510

551266928410

38078469467122

114

44118

16

161

227190175

408

495392

535266767410

38055750449622

896

895662

8511,187593950

1,097709828676

427

397366

444527259359

472343615402

469

498296

407660334591

625366213274

9,041

9,5899,608

9,5909,5869,5779,601

9,6069,5849,5979,6169,635

2,845

3,1083,101

3,1133,1113,1053,102

3,1003,0933,0973,1023,111

6,196

6,4816,507

6,4776,4756,4726,499

6,5066,4916,5006,5146,524

1 Demand deposits other than interbank and U. S. Govt., less cashitems reported as in process of collection.

2 Tuesday.

NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE-TIN for April 1953, p. 357, and for figures on the revised basis beginningJan. 2, 1952, see BULLETIN for May 1953, pp. 550-555.


48 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]

Period2

1955—Jan.-JuneJuly-Dec



1957 OctNovDec

Week ending:1957__Oct. 2

Oct. 9Oct. 16Oct. 23Oct. 30



Manufacturing and mining

Food,liquor,

andtobacco

-540480

-302822

-456331

12563

- 1 9

303735222

152739

- 1 7

203081

- 3 1-118

Textiles,apparel,

andleather

22071

238- 6

148-159

-137- 2 5- 2 0

- 7- 1 3- 2 9- 4 2- 4 5

- 1 09A

- 2 1

- 1 0362

- 2 0

Metalsand

metalprod-ucts 3

177224

1,362- 7 1

935-496

- 5 0- 8 9

52

- 3 0- 3

7- 2 0- 3

- 4 1116

- 6 5

35183111

- 4 2

Petro-leum,coal,

chemical,and

rubber

313208

424428

291150

- 2 14989

- 1 5- 4- 7

32

135

1615

102615

37

Other

15363

36972

214-161

- 7 6- 4 2- 6 5

- 3 31

- 6- 1 9- 1 9

- 1 4- 7- 6

- 1 5

- 4- 7

- 1 9- 2 0- 1 6

Trade(whole-

saleand

retail)

146327

171178

- 1- 8

14552

-254

1724842

18

1730

- 27

- 3- 1

- 6 3- 8 2

-105

Com-moditydealers

-461469

-386739

-539420

896883

1810337

21

428

143

- 1 3295517

- 5

Salesfinancecom-

panies

589704

-32298

366-108

-410-175

569

- 2 0-168-124- 8 9- 9

- 1- 5 4- 3 6- 8 4

3773

2946897

Publicutilities(incl.trans-porta-tion)

38427

365350

513183

610

200

30- 5 7

18- 1 2

27

- 1 827

- 2 527

- 1 4972

2392

Con-struc-tion

134106

54- 6 6

- 1 2- 4 9

- 3 7- 6

- 2 1

- 2 17

- 8- 1 9

4

- 1i

A

- 1 647

- 9j

Allothertypes

ofbusiness

143370

149176

- 5 458

- 7 5- 6 6135

n124

- 5 1- 3 3

- 1 530

- 3 2- 5 0

34- 1 6

491058

Netchangesclassi-

fied

1,2573,050

2,1242,719

1,404161

-439-163

750

- 3 9-154

7-216

- 3 6

- 1 384

- 3 1-204

77256458

- 1 2- 3 0

Comm'landind'l

change—all

weeklyreport-

ingbanks4

1,07853,206

42,2432,459

1,249-296

-663-211

708

- 8 2-188- 3 4

-300- 5 9

- 386

- 3 4-260

43249487

- 1 9- 5 2

1 Data for a sample of about 210 banks reporting changes in theirlarger loans; these banks hold over 90 per cent of total commercialand industrial loans of all weekly reporting member banks and nearly70 per cent of those of all commercial banks.

2 Figures for periods other than weekly are based on weekly changes.3 Includes machinery and transportation equipment.

4 Prior to week ending Jan. 11, 1956, included changes in agriculturalloans.

5 Includes increase of $318 million resulting from errors disclosedincident to survey of credit extended to real estate mortgage lenders.

6 Tuesday.

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of year or month

Commercial and financecompany paper

TotalPlaced

throughdealers1

Placeddirect-

ly(financepaper)"

Dollar acceptances

Total

Held by:

Accepting banks

To-tal

Ownbills

Billsbought

F. R.Banks

Ownacct.

For-eigncorr.

Oth-ers

Based on:

Im-portsinto

UnitedStates

Ex-portsfrom

UnitedStates

Dollarex-

change

Goods stored in orshipped between

points in:

UnitedStates

Foreign

19511952195319541955

1956—Nov.Dec.

1957—Jan..Feb.Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.

1,3311,7451,9661,9242,020

2,6602,166

2,5752,7142,6502,4852,7752,4522,7812,8352,5582,6542.944

449552564733510

568506

548555489466483454459501501516560

8821,1931,4021,1911,510

2,0921,660

2,0272,1592,1612,0192,2921,9982,3222,3342,0572,1382,384

490492574873642

924967

1,012992

1,0191,018984979

1,0001,2271,197-1,2251,224

197183172289175

242227

230202209195188183154220214197221

119126117203126

167155

156133150135142142112152149131151

7957558649

7572

7469596046414268656670

272289378565405

598621

689708728735713711757913901942916

235232274285252

277261

291307305272227220231243234248268

133125154182210

295329

363389425471501502507524483465459

2339291717

102

22245

213566759464

55647530063

199227

19712711689735859212225226222

44324389100

143148

158167171182177178169182181192211

c Corrected.1 As reported by dealers; includes finance company paper as well as

other commercial paper sold in the open market.

2 As reported by finance companies that place their paper directly withinvestors.


INTEREST RATES 49

MONEY MARKET RATES


BANK RATES ON SHORT-TERM BUSINESS LOANS


Year,month, or

week

1955 average1956 average1957 average

1956—Dec

1957—JanFebMarAprMayJuneJulyAugSeptOctNovDec

Week ending:Nov. 30. . .Dec. 7. . .Dec. 14. . .Dec. 21 . . .Dec. 2 8 . . .

Primecom-

mercialpaper,

4- to 6-months1

2.183.313.81

3.63

3.633.633.633.633.633.793.883.984.004.104.073.81

4.003.933.813.753.75

Fi-nancecom-panypaperplaceddirect-

ly,3- to 6-months *

1.973.063.55

3.38

3.383.383.383.383.383.483.633.633.823.883.793.55

3.663.633.583.503.50

Primebank-ers'

accept-ances,

90days1

1.712.643.45

3.35

3.383.383.273.203.253.363.383.783.833.753.503.35

3.383.383.333.333.38

U. S. Governmentsecurities (taxable)2

3-month bills

Mar-ket

yield

1.732.623.23

3.21

3.113.113.083.063.063.293.163.373.533.583.293.04

3.143.073.013.123.10

Rateon newissues

1.7532.6583.267

3.230

3.2103.1653.1403.1133.0423.3163.1653.4043.5783.5913.3373.102

3.1583.1052.9913.1403.174

9-to 12-monthissues 3

1.892.833.53

3.33

3.173.233.353.413.373.553.713.934.023.943.523.09

3.383.333.123.012.96

3- to 5-year

issues4

2.503.123.62

3.65

3.403.333.383.483.603.773.893.913.933.993.633.04

3.323.183.093.002.96

Area and period

Annual averages,19 large cities:

195519561957

Quarterly:1

19 large cities:1957—Mar

JuneSeptDec

New York City:1957_Mar

JuneSeptDec

7 Northern & Easterncities:

1957_MarJuneSeptDec

11 Southern & Westerncities:

1957_MarJuneSeptDec

Allloans

3.74.24.6

4.384.404.834.85

4.234.234.694.71

4.404.394.854.86

4.604.655.015.05

Size of loan (thous. of dol.)

1-10

5.05.25.5

5.385.375.675.66

5.265.245.545.50

5.415.395.695.67

5.425.425.725.73

10-100

4.44.85.1

4.944.945.295.29

4.924.865.245.23

4.914.945.315.33

4.964.995.315.31

100-200

4.04.44.8

4.594.615.015.01

4.474.494.934.94

4.614.615.015.02

4.644.705.055.04

200andover

3.54.04.5

4.214.234.694.71

4.114.124.604.62

4.264.254.7T4.74

4.354.434.814.87

1 Average of daily prevailing rates. 2 Except for new bill issues, yields areaverages computed from daily closing bid prices.

3 Consists of certificates of indebtedness and selected note and bond issues.4 Consists of selected note and bond issues.

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 i


Year, month, or week

U. S.Govt.bonds(long-term)2

State and localgovt. bonds3

Total4

20

2.572.943.56

3.57

3.513.293.363.353.483.653.653.843.893.743.673.33

3.563.433.343.273.26

Aaa

5

2.182.513.10

3.04

2.992.792.882.883.003.193.173.373.433.313.242.92

3.163.032.942.862.84

Baa

Corporate bonds3

Total4

By selectedratings

Aaa Baa

Bygroups

Indus-trial

Rail-road

Publicutility

Stocks 5

Dividends/price ratio

Pre-ferred

Com-mon

Earnings/price ratio

Com-mon

Number of issues


1956—Dec

1957_j a nFebMarAprMayJuneJulyAugSeptOctNovDec

Week ending:Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28

4-7

2.843.083.47

3.40

3.343.223.263.323.403.583.60

.63

.663.733.573.30

3.483.373.313.293.26

3.143.504.20

4.19

4.163.963.973.954.104.324.294.434.494.384.354.00

4.254.144.033.923.92

120

3.253.574.21

3.99

4.043.993.973.964.024.154.264.374.444.464.494.33

4.474.444.364.294.26

30

3.063.363.89

3.75

3.773.673.663.673.743.913.994.104.124.104.083.81

4.023.973.843.773.73

30

3.533.884.71

4.37

4.494.474.434.444.524.634.734.824.934.995.095.03

5.105.095.065.005.00

40

3.193.504.12

3.95

4.023.943.903.893.964.144.194.294.314.324.344.11

4.304.234.154.074.01

40

3.343.654.32

4.08

4.124.064.044.064.134.264.394.494.564.574.654.53

4.674.644.574.504.48

40

3.223.544.18

3.93

3.983.973.953.943.984.064.194.334.454.484.494.34

4.464.444.364.324.28

14

4.014.254.63

4.63

4.514.474.464.474.534.694.754.834.794.804.784.49

4.674.614.544.444.42

90

4.084.094.35

4.24

4.314.544.474.364.184.043.954.174.314.544.674.64

4.554.514.614.734.71

500

7.817.407.84

7.17

7.71

7.10

8.66"

1 Monthly and weekly yields are averages of daily figures for U. S. Govt.and corporate bonds. Yields of State and local govt. general obligationsare based on Thursday figures; and of preferred stocks, on Wednesdayfigures. Figures for common stocks are as of the end of the period,except for annual averages.

2 This series, representing yields on bonds maturing or callable in 10years or more, replaces the "old" and "new" series shown previously;data beginning April 1953 appear on p. 84. For weekly and monthlyfigures for December 1957 for series shown previously, see second para-graph of Note on p. 84.

The price series shown on p. 50 has not yet been changed to the newbasis.

3 Moody's Investors Service. State and local govt. bonds include gen-eral obligations only.

4 Includes bonds rated Aa and A, data for which are not shown sepa-rately. Because of a limited number of suitable issues, the number ofcorporate bonds in some groups has varied somewhat.

5 Standard and Poor's Corporation. Preferred stock ratio is based on8 median yields in a sample of noncallable issues—12 industrial and 2public utility. For common stocks, the earnings/price ratio is now com-puted for the 500 stocks in the price index, but figures prior to June 1957are based on the 90 stocks formerly included in the daily price index.The dividend/price ratio has not yet been converted to the broader base.


50 SECURITY MARKETS

SECURITY PRICES i

Year, month,or week

Bond prices

U. S. Govt.(long-term)2

Oldse-

ries3

Newse-

ries 4

Mu-nicipal(high-grade) 5

Cor-po-rate

(high-grade)-

Common stock prices

Standard and Poor's series(index, 1941-43= 10)

TotalIn-dus-trial

Rail-road

Pub-lic

util-ity

Securities and Exchange Commission series(index, 1939= 100)

Total

Manufacturing

Total Du-rable

Non-du-

rable

Trans-porta-tion

Pub-lic

util-ity

Trade,fi-

nance,andserv-ice

Min-ing

Vol-umeof

trad-ing6

(inthou-sands

ofshares)

Number of issues...


1956—Dec

1957—JanFebMarAprMayJuneJulyAugSeptOctNovDec

Week ending:Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28

3-7

95.9793.0490.61

88.74

89.9691.5190.8890.4589.4187.1286.8886.9286.8693.1995.6399.63

97.4198.6099.29100.00100.28

1-3

103.3699.8893.78

95.19

95.1497.0896.8895.4594.2091.8891.3190.3690.8290.5692.8799.82

94.5998.7099.60100.28100.40

15

123.1116.3105.8

108.1

108.6110.9110.0109.8106.9103.5103.5101.2101.3102.9103.4107.5

104.6106.1107.4107.9108.2

17

114.4109.1101.3

102.8

102.8104.3104.5104.3103.2101.1100.098.398.198.298.3

102.7

99.1100.2101.3102.8104.6

500

40.4946.6244.38

46.44

45.4343.4744.0345.0546.7847.5548.5145.8443.9841.2440.3540.33

41.0641.4240.6539.6439.68

425

42.4049.8047.66

49.79

48.4346.1046.8648.0650.1051.3052.5449.5147.5244.4343.4143.29

44.1844.5843.6842.4942.52

25

32.9433.6528.11

31.75

31.3629.5929.3729.7830.4230.1131.2029.5227.1724.7822.6321.39

22.5522.0821.4721.1221.00

50

31.3732.2532.19

31.70

32.3232.2932.4533.0334.0333.3532.9331.8931.0930.3930.6831.79

31.3831.6931.8831.6731.80

265

305345331

344

338325328339352355362343328306302298

309305302292294

170

374439422

441

429409415431450457468441419388382376

392386381367370

98

352410391

425

406386388404419421434408386357350336

355347340325330

72

394465451

457

451431440455480489500472450417411413

426422418404408

21

320327275

315

310292288291297293302286263241228215

227217220211211

29

153156156

152

157157159160163160158155153149149152

152152153152152

31

297306277

287

285278280281286283291282277266262258

266263259255254

14

313358342

362

371346344352380390382354334297284274

299289279266264

2,5782,2162,222

2,443

2,1891,9781,6982,3002,3892,2242,1941,8821,8442,7822,5382,594

3,0772,2152,2972,6352,477

1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standardand Poor's common stock indexes, and volume of trading are averagesof daily figures; for (2) municipal and corporate bond prices are basedon Wednesday closing prices; and for (3) the Securities and ExchangeCommission series on common stock prices are based on weekly closingprices.

2 Average prices for issues included in yield series shown on precedingpage are not yet available.

3 Consists of fully taxable, marketable 2V£ 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. •

4 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3per cent bond of February 1995 and beginning Dec. 2, 1957, the 3%per cent bond of November 1974.

5 Prices derived from average yields, as computed by Standard andPoor's Corporation, on basis of a 4 per cent, 20-year bond.

6 Average daily volume of trading in stocks on the New York StockExchange for a SVi-hour trading day.

STOCK MARKET CREDIT


End of month or lastWednesday of month

Customer credit

T o t a l -securities

other thanU. S. Govt.obligations

(col.34-col. 5)

2,4453,4364,030

3,984

3,9023,8463,8323,9383,9244,0314,0043,9293,8823,6433,5773,576

Net debit b dances withNew York Stock Exchange

firms 1

Secured byU. S. Govt.obligations

314134

33

293528283931323035394268

Secured byother

securities

1,6652,3882,791

2,823

2,7612,7292,7132,7922,7942,8872,8852,8332,7892,5682,5172,482

Bank loans to others (thanbrokers and dealers) for pur-

chasing and carrying securities2

U. S. Govt.obligations

886532

41

413127282625232421313360

Othersecurities

7801,0481,239

1,161

1,1411,1171,1191,1461,1301,1441,1191,0961,0931,0751,0601,094

Broker and dealer credit 1

Money borrowed

OnU. S. Govt.obligations

886951

46

4253475352525958637256

124

Onother

securities

1,0741,5292,246

2,132

1,9642,0041,9582,0512,0632,1042,0792,0352,0461,7081,6411,706

Customernetfree

creditbalances

7131,019

894

880

866828820807817820829816838879876896

1953—Dec.1954—Dec.,1955—Dec.

1956—Dec.

1957—Jan..Feb..Mar.Apr..MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1 Ledger balances of member firms of the New York Stock Exchangecarrying margin accounts, as reported to the Exchange. Customers' debitand free credit balances exclude balances maintained with the reportingfirm by other member firms of national securities exchanges and balancesof the reporting firm and of general partners of the reporting firm. Bal-ances are net for each customer—i. e., all accounts of one customer areconsolidated. Money borrowed includes borrowings from banks andfrom other lenders except member firms of national securities exchanges.Data are as of the end of the month, except money borrowed, which is asof the last Wednesday of the month beginning June 1955.

2 Figures are for last Wednesday of month for weekly reporting meibanks, which account for about 70 per cent of all loans for this pur]

g member„ purpose.

Column 5 includes some loans for purchasing or carrying U, S. Govt.securities (such loans are reported separately only by New York andChicago banks). On June 30, 1956, reporting banks outside New Yorkand Chicago held $51 million of such loans. On the same date insuredcommercial banks not reporting weekly held loans of $28 million forpurchasing and carrying U. S. Govt. securities and of $384 million forother securities. Noninsured banks had $33 million of such loans,probably mostly for purchasing or carrying other securities.


SAVINGS INSTITUTIONS 51

LIFE INSURANCE COMPANIES1

[Institute of Life Insurance data. In millions of dollars]

Date Totalassets

Government securities

Total UnitedStates

State andlocal

(U. S.)Foreign2

Business securities

Total Bonds Stocks

Mort-gages

Real Policyloans

Otherassets

End of year: 319411945

19491950195119521953195419551956

End of month:41953—Dec....1954—Dec....1955—Dec....

1956—Nov....Dec. . . .

1957—JanFeb. . . .Mar....Apr.. . .May...June...July.. .AugSept....OctNov.. .

32,73144,797

59,63064,02068,27873,37578,53384,48690,43296,011

78,20184,06890,267

'95,287'95,844

96,31696,73897,07497,48897,86898,23999,00599,37499,812100,224100,597

9,47822,545

17,86816,11813,76012,90512,53712,26211,82911,067

12,45212,19911,757

11,207p10,989

11,06811,03810,92610,94610,89510,82410,90610,88010,83310,85610,782

6,79620,583

15,29013,45911,00910,2529,8299,0708,5767,555

9,7679,0218,545

'7,745'7,519

7,5887,5447,4277,4307,3407,2707,3067,2687,2247,2337,135

1,995722

1,0521,1521,1701,1531,2981,8462,0382,273

1,2781,8331,998

'2,228'2,234

2,2442,2442,2512,2642,2902,2902,3232,3332,3402,3522,362

6871,240

,526,507,581,500,410,346,215,239

,407,345,214

,234,236

,236,250,248,252,2651,2641,2771,2791,2691,2711,285

10,17411,059

23,12425,35128,11131,51534,43837,30039,54541,543

34,26536,69538,851

r40,744r40,976

41,17741,36541,57941,77241,96242,14642,56742,74242,93243,17043,368

9,57310,060

21,40623,24825,89029,06931,86534,03235,91238,040

31,92633,98535,930

r37,775r38,067

38,25638,43238,63838,82139,00439,19039,57439,72439,92240,14940,340

601999

1,7182,1032,2212,4462,5733,2683,6333,503

2,3392,7102,921

'2,969'2,909

2,9212,9332,9412,9512,9582,9562,9933,0183,0103,0213,028

6,4426,636

12,90616,10219,31421,25123,32225,97629,44532,989

23,27525,92829,425

r32,706r32,994

33,27933,47933,67233,84034,02234,15934,35634,54734,69734,85934,986

1,878857

1,2471,4451,6311,9032,0202,2982,5812,817

1,9942,2752,557

'2,815'2,829

2,8412,8652,8832,9072,9482,9833,0043,0323,0593,0853,113

2,9191,962

3,483'3,505

3,5233,5473,5753,6063,6333,6573,7033,7313,7643,8023,833

1,8401,738

2,2402,4132,5902,7132,9143,1273,2903,519

2,8943,0873,294

2,2452,5912,8723,0883,3023,523

C3,7434,076

3,3213,8844,383

'4,332'4,551

4,4284,4444,4394,4174,4084,4704,4694,4424,5274,4524,515

c Corrected. r Revised.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 Develop-ment.

3 These represent annual statement asset values, with bonds carried onan amortized basis and stocks at end-of-year market value.

4 These represent book value of ledger assets. Adjustments for interestdue and accrued and for differences between market and book valuesare not made on each item separately, but are included, in total, in "Otherassets."

SAVINGS AND LOAN ASSOCIATIONS i

[Federal Savings and Loan Insurance Corporation data. In millions of dollars]


Assets

Total2 Mort-U. S.Govt.

obliga-tions

Cash Other 4

Liabilities

Savingscapital

Borrowings

FHLBadvances

Reservesand

undividedprofits

19411945

19491950195119521953195419551956

1956—Nov.Dec..

1957—Jan..Feb..Mar.Apr..May.June.July.Aug.Sept.Oct..Nov.

6,0498,747

14,62216,89319,22222,66026,73331,73637,71942,875

42,35242,875

43,02043,41943,93444,43145,08545,73645,75046,18846,63947,12747,600

4,5785,376

11,61613,65715,56418,39621,96226,19431,46135,729

35,49735,729

35,92936,19536,55936,96337,42137,88638,28038,74339,10639,53239,835

1072,420

1,4621,4871,6031,7871,9202,0212,3422,782

2,7712,782

2,9243,0413,1323,1623,1803,1393,1803,2033,2293,2193,238

344450

880924

1,0661,2891,4791,9802,0672,119

1,8172,119

1,9471,9071,8841,8361,8742,0611,7411,6351,6431,6221,705

775356

566733899

1,1081,2971,4711,7912,199

2,2202,199

2,1752,2322,3162,4282,5692,6102,5102,5692,6242,7182,787

4,8787,386

12,47213,99216,10719,19522,84627,33432,19237,148

36,32637,148

37,48437,79938,15838,47138,93939,79839,73039,98240,30640,67341,072

218190

424810801860947864

1,4121,225

1,1501,225

1,035973958968990

1,0771,0371,0701,1171,1291,141

38146

759093848096146122

116122

9789838784103109115115121117

475644

1,1061,2801,4531,6581,9012,1912,5572,950

2,950

3,136

1 Figures are for all savings and loan associations in the United States.Data beginning 1950 are based on monthly reports of insured associa-tions and annual reports of noninsured associations. Data prior to1950 are based entirely on annual reports.

2 Includes gross mortgages with no deduction for mortgage pledgedshares.

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 buildingand fixtures.

NOTE.—Data for 1957 are preliminary.


52 FEDERAL BUSINESS-TYPE ACTIVITIES

SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES

[Based on compilation by Treasury Department. In millions of dollars]

Asset or liability, and activity1

End of vear

1950 19512 19522 19532 1954 1955

End of quarter

1956 1957

Loans, by purpose and agency:To aid agriculture, total

Banks for cooperativesFederal intermediate credit banks. . .Farmers Home AdministrationRural Electrification Administration.Commodity Credit CorporationOther agencies

3,884345510535

1,54389852

To aid home owners, totalFederal National Mortgage Association.Veterans AdministrationOther agencies

To industry, totalTreasury Department...Commerce Department.Other agencies

To financing institutions

To aid States, territories, etc., totalPublic Housing AdministrationOther agencies

Foreign, totalExport-Import Bank ,Treasury Department*International Cooperation Administration.Other agencies

1,5281,347

- 181

568

• 5 6 8

824

468351117

6,0782,2263,750

4,161425633539

1,74278240

2,1421,850

292

589

589

814

744589155

6,1102,2963,750

All other purposes, total ,Housing and Home Finance Agency.Other agencies

102

63

Less: Reserves for lossesTotal loans receivable (net).

Investments:U. S. Government securities, total

Federal home loan banksFederal Savings and Loan Insurance Corp..Federal Housing AdministrationFederal Deposit Insurance CorporationOther agencies

Investment in international institutionsOther securities6

Inventories, totalCommodity Credit Corporation..Defense DepartmentGeneral Services Administration.Other agencies

63

-18513,228

2,075199193244

1,307132

3,385266

1,77'41,638

64

35(5)34

-17314,422

2,226249200285

1,353140

3,385257

1,4611,174

5,070424673596

1,9201,426

31

2,6032,242

362

598

598

864

1,020894126

7,7362,4963,66771,515

58

75569

-14017,826

2,421311208316

1,437148

3,385223

1,280987

6,811377590648

2,0963,076

23

2,9302,462

200168

588174

• 413

952

645500145

8,0432,8333,6201,537

53

1192990

-20319,883

2,602387217319

1,526152

3,385219

2,5152,087

6,929367638701

2,2262,981

18

2,9072,461

38363

431353

79

870

272112160

8,0012,8063,5701,624

1

16612739

-22819,348

2,967641228327

1,624147

3,385197

3,8523,302

6,715375689681

2,3482,621

3,2052,64148084

678306261112

1,419

24590155

7,9882,7023,5191,767

25620947

-26820,238

3,236745241381

1,720149

3,385179

4,3563,747

Land, structures, and equipment, totalCommerce Department (maritime activities).Panama Canal Company9

Tennessee Valley AuthorityHousing and Home Finance AgencyNat. Advisory Committee for Aeronautics...Bonneville Power AdministrationGeneral Services AdministrationPost Office DepartmentOther agencies

136

2,945

288

3,358

203

3,213

18886

1,297

2981,0481,285

4151,2511,203

428

8,0624,834

3631,4751,041

550

8,0464,798

4211,739

727

609

7,8224,822

4211,829

450

7,377355765764

2,3793,114

(5)

3,2302,683

424124

59333019370

1,143

239106134

8,1062,6973,5191,832

58

15610848

-26320,580

3,6771,082

248390

1,793164

3,385252

14,1193,5369,827f 567[ 188

8,0564,796

4211,831

400

35,7573498983778

2,4132,319(5)

3,2992,729

433137

627323221

83

1,178

22790

137

8,1722,7123,5191,885

55

17612255

3-59219,844

3,7191,083256405

1,810166

3,385253

20,2313,8979,8146,332

188

9,6824,612400

1,723311

Bonds, notes, & debentures payable (not guar.), total...Banks for cooperativesFederal intermediate credit banksFederal home loan banksFederal National Mortgage Association

745

1,190110520560

728

1,369170674525

345

1,330181704445

350

1,182150619414

360

1,068156640272

300

2,379185665958570

607

2,425161725869670

3091,199590538

2,607152857928670

7,160395874769

2,4502,671(5)

3,3912,807447138

624216216192

1,147

244109135

8,2292,6923,5191,958

60

19313756

-65620,331

3,7201,054248422

1,812183

3,385283

20,9493,32310,9946,418215

10,0284,549

3981,712285278306

1,302590608

2,742188865918770

6,752457734724

2,4882,349(5)

3,6803,072464145

619209219191

1,233

246106140

8,2232,7013,4701,995

57

21315657

-30920,657

3,7391,018256458

1,825181

3,385284

21,3753,65111,0046,517201

9,9854,502

3981,762236276311

1,298590613

2,711257721963770

7,2614234845823

2,5442,626(5)

4,0763,433488155

629209228192

966

272120153

8,2372,6783,4702,035

54

24018456

-32721,353

3,9231,095265479

1,898186

3,385344

21,3033,36211,0946,654

193

9,8754,470

3961,751

144277317

1,226590704

2,975231803720

1,220

NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover-age and the new classification of agencies now reported in the TreasuryBulletin. The revised statement includes a larger number of agencies, andtheir activities are classified according to the type of fund they represent.Funds are combined in the table above, but are shown separately in thetable on the following page. Classifications by supervisory authoritiesare those in existence currently. Where current Treasury compilationsdo not provide a detailed breakdown of loans, these items have beenclassified by Federal Reserve on basis of information about the type oflending activity involved.

A few major activities and several minor ones, first reported for June30, 1956, are not included for later dates, because they are not reportingon a quarterly basis.

* Adjusted totals; these reflect exclusion of data for agencies reportingother than quarterly, the latest data for which are shown at the bottomof the table on the opposite page.

1 Figures for trust revolving funds include interagency items. For alltypes of funds combined, loans by purpose and agency are shown on agross basis; total loans and all other assets, on a net basis, i. e., afterreserve for losses.

2 Coverage changed from preceding period (see also NOTE).3 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 CreditAct of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operationsof the banks (including the corporations) are classified as trust revolvingtransactions.

s 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 Treasurycompilation. ? Figure derived by Federal Reserve.

8 Includes investment of the Agricultural marketing revolving fund inthe banks for cooperatives; Treasury compilations prior to 1956 classifiedthis item as an interagency asset.

9 Figures prior to 1951 are for the Panama Railroad Company. ThePanama Canal Company, established in 1951, combined the PanamaRailroad Company with the business activities of the Panama Canal(not reported prior to that time).


FEDERAL BUSINESS-TYPE ACTIVITIES 53

PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES

[Based on compilation by Treasury Department. In millions of dollars]

Date, and fund or activity

All activities

1951—Dec. 312

1952—Dec. 3121953—Dec. 3121954—Dec. 311955—Dec. 311956—Mar. 31

June 30*Sept. 30Dec. 31*

1957—Mar. 31

Classification by type of fundand activity, Mar. 31, 1957

Public Enterprise Funds—TotalFarm Credit Administration:4

Federal Farm Mortgage CorporationAgricultural Marketing Act, revolving fund. . .

Department of Agriculture:Commodity Credit CorporationDisaster loans, etc., revolving fundAll other

Housing and Home Finance Agency:Public Housing AdministrationFederal Housing AdministrationFederal National Mortgage AssociationOffice of the Administrator

Federal Savings and Loan Insurance Corporation...Small Business AdministrationExport-Import BankTennessee Valley AuthorityPanama Canal CompanyVeterans AdministrationGeneral Services AdministrationTreasury DepartmentPost Office Department—postal fundInterior DepartmentAll other

Intragovernmental Funds—TotalDefense Department:

ArmyNavyAir Force

All other

Certain Other Activities—TotalNational Advisory Committee for AeronauticsGeneral Services AdministrationBonneville Power AdministrationDepartment of Agriculture:

Farmers Home AdministrationRural Electrification Administration

International Cooperation AdministrationTreasury DepartmentDepartment of Commerce—maritime activitiesAllother

Certain Deposit Funds—TotalBanks for cooperativesFederal Deposit Insurance CorporationFederal home loan banks

Certain Trust Revolving Funds—TotalFederal National Mortgage AssociationFederal intermediate credit banksAll other

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)

Assets, other than inter agency items1 Liabilities, other thaninteragency items 1

Total

26,74429,94538,93741,40345,304

58,48566,79769,14369,65369,895

20,312

11186

6,54314037

371780

2,431747

276172

2,7332,019456731901380

1,023216160

13,022

8,2423,3421,137302

29,996408

8,049393

7652,7672,05410,2155,115232

4,530502

1,9202,109

2,0351,04796919

Cash

931944

1,1901,3711,338 20

3,7314,4575,144 20, _.4,996 20,657 214,441

20,58019,844 20

,331

1,511

139

384726

64201

175

14435

236391153865051

1,444

64941830275

1,3585966528

121103

"30276

6026231

6851115

Loansre-

ceiv-able

14,42217,82619,88319,348"",238

21,353

9,069

2,518869

119

2,402397

1262,677

488

'225

9,066

82

6232,5382,0353,505

2831

1,381419

(5)961

1,837992845

In-ven-

tories

1,4611,2802,5143,8524,356

14,11920,23120,949

,37521,303

4,112

3,362

4677

976

11,220

7,4112,881801126

5,9711

5,9295

34

Invest-ments

Publicdebtsecu-rities

2,2262,4212,6022,9673,236

3,6773,7193,7203,7393,923

775

479

265

3,03643

1,8981,095

106

1006

Othersecu-rities

3,4633,4293,4253,4323,414

3,6383,6383,6683,6693,729

149

'i47

3,563

3,563

14

Land,struc-tures,and

equip-ment

3,3583,2138,0628,0467,822

8,0569,682

10,0289,9859,875

3,294

169

32

)144

()1,751

3962

719

590129

202

105

97

6,379277

1,214317

4,470100

Other

882832

1,2612,3874,900

4,6855,2265,3035,2325,272

1,403

10

45662

1562792731

111

1911921

111530392157

156

7742343

3,65270

15842

2112716

103,1462547

371019

Bonds, notes,and deben-

tures payable

Guar-anteedby

U.S.

68

67

Other

1,3691,3301,1821,0682,379

2,4252,6072,7422,7112,975

570

570

951231

"726

1,453650805

Otherliabil-ities

23,84226,456

818 33,429183 35,610

39.583

1,1611,7213,4,2,703

730 51,635238 60,224145 62,507659 62,516713 62,364

1,842 17,831

10186

1,11223

34143317

(5>3,3224

163

364610

802

32029313356

12

133

8353

151681

42191310

U. S.Govt.inter-

est

5,43113834

337570

1.830741

262171

2,7011,986432721886377659209149

12,220

7,9213,0481,004246

192 29,804398

8,036388

7542,7662,05410,2154,982211

2,007238

1,769

502357145

Pri-vatelyownedinter-

est

329378434508596

651677693699775

73730

707

1121118119

2208,532

3,02450

1431,416

936 27

1,574

6

5,196

2,57114

77346

3542

201

137

8,331

2,88715

219

30

10 Includes $1,000 million due under the agreement with Germanysigned Feb. 27, 1953, and lend-lease and surplus property balances duethe United States in the principal amount of $2,086 million.

11 Figure represents total trust interest.For other notes, see opposite page.


54 FEDERAL FINANCE

SUMMARY OF FEDERAL FISCAL OPERATIONS

[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]

Period

Derivation of Federal Government cash transactions

Receipts from the public,other than debt

NetBudgetrects.

Plus:Trustfundrects.

Less:Intra-Govt.trans.1

Equals:Totalrects.fromthe

public 2

Payments to the public,other than debt

Budgetex-

pendi-tures

Plus:Trustfundex-

pendi-tures

Less:Adjust-ments 3

Equals:Totalpayts.to thepublic

Excessof rects.from,

orpayts

to ( - ) ,the

public

Net Federal cash borrowing orrepayt. (—) of borrowing

In-crease,or de-crease(-),in

debt(direct& agen.)

Less:

Netinr. byGovt.

agen. &tr. funds

Othernon-cashdebt 4

Equals :Netcash

borrow-ing or

fCal. year—1955.

1956.

Fiscal year—1954195519561957

Semiannually:1955—Jan.-June

July-Dec1956—Jan.-June


Monthly:1956—Nov

Dec

1957—JanFebMarAprMayJuneJulyAugSeptOctNov.?

63,35870,994

64,65560,39068,16571,029

38,11825,24042,92528,06942,960

4,8185,412

4,8096,18810,7374,2565,282

11,6883,0575,1287,2253,1314,827

10,62412,398

9,1559,53611,68514,369

5,1685,4566,2296,1698,200

1,231994

6501,4581,0681,0832,1211,820858

1,778972938

1,438

2,5113,027

2,1102,0612,7393,243

1,2221,289'1,4501,5731,670

71617

106809690117,182113115126167201

71,44880,330

71,62767,836•77,08882,106

42,05129,397r47,69132,64349,463

5,9725,785

5,3497,56411,7045,2447,280

12,3223,8016,7868,0663,8966,060

66,12967,216

67,77264,57066,54069,433

33,00433,12533,41533,80135,632

5,7265,718

6,0955,7435,5845,9875,9446,2796,3475,9305,6676,5015,806

9,33110,342

7,2048,5469,43612,961

4,9354,3965,0405,3027,657

857809

1,1121,0951,3421,4911,3441,2751,2201,0751,0861,387

964

3,2822,751

3,1172,578

'3,3582,387

2,1861,096'2,262

4851,902

227-785

1,111-250296258367122408

-1802

386566

72,17874,805

71,86070,538'72,61780,007

35,75236,426'36,19138,61841,389

6,3557,312

6,0967,0886,6307,2206,9237,4317,1607,1856,7547,5016,204

-7295,525

-232-2 ,702

4,4712,099

6,299-7 ,02811,499

-5 ,9748,073

-383-1,527

-747476

5,073-1,976

3584,891

-3,359-3991,311

-3,605-144

3,484-3,561

5,1863,986-578

-1,053

-3,5357,019

-7,5974,036

-5,089

1,661-405

-195142

-1 ,160-8131,432

-4 ,4961,9921,462

634476655

2,4762,481

2,0551,5333,1662,338

1,1451,3311,835

6461,692

292-123

-126209108

-4691,241

728-382

646-310

93

566-136

618644623

-292

197369254

-39098

37-501

367-103-126-174

257-123

40- 6 9- 3 2- 1 3

448-5 ,910

2,5121,809

-4 ,366-3 ,100

-4 ,8755,323

-9 ,6893,779

-6 ,879

1,333219

-43537

-1 ,142-170- 6 7

-5 ,1002,373

7761,014

500665

Period

Effects of operations on Treasurer's account

Operating transactions

NetBudgetsurplus,

ordeficit

Trustfund

accumu-lation,

ordeficit

Recon-ciliationto Treas.

cash

Financing transactions

Netmarketissuance(+)ofGovt.agencyobliga-tions 5

Netinv. ( - )in Fed.sec. byGovt.agency& trustfunds 5

Increase,or

decrease(-),ingrossdirectpublicdebt

Cash balances:inc., or dec. (—)

Heldoutside

Treasury

Treas-urer's

account

Account of Treasurer of UnitedStates (end of period)

Balance

Deposits in—

F. R.Banks(avail-able

funds)

Treas-ury

Tax andLoanAccts.

Othernet

Fiscal year—1954195519561957

Semiannually:1955_jan.-June



Monthly:1956—Nov

Dec


-3 ,117-4 ,180

1,6261,596

5,114-7 ,885

9,511-5 ,732

7,328

-908-307

-1 ,286446

5,153-1 ,731

-6625,409

-3 ,290-8021,559

-3 ,370-979

1,951991

2,2501,409

2341,0601,190

866543

374185

-462363

-274-408

777547

-362703

-115-449

474

- 4 6- 2 9'309

-518

66092

'217-482- 3 6

129-875

390-200

27533359

-894384

-28843

282382

- 1 4602173

1,085

754-139

3125

,090

- 7 0- 1 1

20535

2982531531471987

- 6745

- 2 3

-1,609-1,362-2,617-2,300

-950-1,217-1,400

-697-1,603

-30591

374-169-245

402-1,255

-708324

-694282

36

5,1893,115

-1 ,623-2 ,224

-4,3756,394

-8,0173,877

-6,101

1,734-389

-39940

-1,271-9911,226

-4,7071,9421,376

567-345

679

257-312-213

5

400- 2 4

-189- 5 5

60

-11945

- 1 7- 6 9112

1- 1 1

44131

- 4 0-106- 7 2- 3 3

2,096-551

331-956

1,036-1,671

2,002-2,119

1,163

1,074-1,350

-1,162584

3,824-2,142

308-250

-1,115423

2,436-3,028

558

6,7666,2166,5465,590

6,2164,5456,5464,4275,590

5,7784,427

3,2653,8497,6735,5325,8405,5904,4754,8987,3354,3074,865

875380522498

380397522441498

463441

715458591509568498504477429552243

4,8364,3654,6334,082

4,3653,0364,6332,9244,082

4,1592,924

1,1612,0275,9123,5164,3184,0822,8333,3315,8182,5723,583

,055,471,391,010

,471,112,391,062,010

,156,062

,389,364,170,507954

,010,138,090,088

1,1831,039

p Preliminary. ' Revised.1 Consists primarily of interest payments by Treasury to trust accounts

and to Treasury by Govt. agencies, transfers to trust accounts representingBudget expenditures, and payroll deductions for Federal employees re-tirement 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

and Treasury bills, (3) Budget expenditures involving issuance of Federalsecurities, (4) cash transactions between International Monetary Fundand the Treasury, (5) reconciliation items to Treasury cash, and (6) netoperating 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.


FEDERAL FINANCE 55

DETAILS OF FEDERAL FISCAL OPERATIONS

[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]

Period

Budget receipts

NetBudget

re-ceipts

Adjustments from totalBudget receipts

Transfers to—

Old-age

trustfund*

High-waytrustfund

R. R.re-

tire-mentacct.

Re-funds

ofre-

ceipts

TotalBudget

re-ceipts

Income andprofits taxes

Individual

With-held Other

Corpo-ration

Ex-cise

taxes

Em-ploy-menttaxes2

Otherre-

ceipts

Selected excise taxes(Int. Rev. Serv. repts.)

Liquor To-bacco

Mfrs.'and re-tailers'

Fiscal year—1954...1955...19561957...

Semiannually:1955—Jan.-June



Monthly:1956—No v

Dec


64,65560,39068,16571,029

38,11825,24042,92528,06942,960

4,8185,412

4,8096,18810,7374,2565,28211,6883,0575,1287,2253,1314,827

4,5375,0406,3376,634

2,7352,9273,4102,5594,075

587299

2551807632617

1,229536346919486332671

,479

643836

164144

141205120124109137174219207183203

603599634616

277318316312304

3,3773,4263,6843,917

3,087496

3,188463

3,454

62-12

73,17369,45478,82083,675

44,21528,98149,83932,04551,630

5,7055,898

52203606

1,1301,05740613812413712076

5,2797,48612,1456,1427,75912,8193,7346,4758,1093,7965,845

21,63521,25424,01226,728

11,02411,31212,70013,02013,708

3,3332,067

1,0253,8382,083819

3,6902,2531,0473,6782,1631,3333,415

10,74710,39611,32212,302

8,0732,6998,6233,0049,298

103324

2,101871785

2,827897

1,818269128

1,82320497

21,52318,26521,29921,531

14,4984,10917,1905,55315,978

3801,825

461445

7,327520502

6,722541355

2,304429367

10,0149,21110,00410,638

4,6845,0524,9525,3255,313

936815

856874931812965875955965922,088840

5,4256,2207,2967,581

3,5523,2834,0132,8764,705

662355

3161,160692633

1,314589366

1,003540363740

3,8294,1084,8874,895

2,3842,5262,3612,2672,628

291512

520298327531391561556346357379386

2,7982,7432,9212,973

1,2901,5241,3971,6481,325

325233

186197231214243257244241260323

n.a.

1,5811,5711,6131,674

805792821817857

142108

151132138133161142146157146159

n.a.

3,1273,1773,7784,098

1,6941,8901,8881,8762,222

n.a.n.a.

1,119

1,102

-1,124

n.a.n.a.

Budget expenditures 3

PeriodTotal

Major national security

TotaHDefenseDept.,

military

Mutualsecurity,program

(5)

Atomicenergy

Intl.affairs

andfinance

Inter-est

Vet-erans'serv-

ices andbene-

fits

Laborand

welfare

Agri-culture

andagri-cul-turalre-

sources

Nat-uralre-

sources

Com-merceand

housing

Gen-eral

govern-ment

Fiscal year:19531954195519561957P

Semiannually:1955—July-Dec. 61956—Jan.-June 7

July-Dec..1957—Jan.- June?

Monthly:1956—Sept

OctNovDec

1957—JanFebMarAprMayJ u n e p . . . .JulyAugSept

74,27467,77264,57066,54069,344

33,12533,41533,80135,543

4,9185,9955,7265,718

6,0955,7435,5845,9875,9446,1906,3475,9315,666

51,83047,87142,09041,82544,321

20,42121,19021,14523,252

3,2603,8513,6643,651

3,8333,6543,7884,0113,8694,0973,6283,9893,589

43,61140,33535,53335,79138,425

17,91717,87318,54719,878

2,8683,4003,2763,295

3,3353,2453,2243,5443,2793,2513,1083,5453,148

5,4214,5963,7553,7953,460

1,3832,1971,4642,025

204261201178

269214349253377563311215226

,791,895,857,651,994

797854930,064

149164160153

182150169183184196170190169

749765718662820

212664382323

50567257

296543445785779653

6,5836,4706,4386,8467,312

3,3493,4973,5873,725

574589585635

655592606611610651665635638

4,2984,2564,4574,7564,794

2,3302,4262,2912,502

353396407405

410407414419444408377382362

2,4262,4852,5522,7762,967

1,3481,4281,4211,544

219314207197

330236209285208276317272239

2,9362,5574,4114,9134,595

11111

,476,315,202,104,295

2,7752,1382,1832,561

187466319435

551312397455308538664215386

614490736560

108159175106

87948582106106129161138

2,502814

1,5022,0281,449

,137891879551

5835

213142

85268-19- 613984

241108269

1,4741,2391,2011,6291,790

940689

1,181608

117109102102

1009881101124104120100104

p Preliminary,n.a. Not available.1 Beginning February 1957, includes transfers to Federal disability

insurance trust fund.2 Represents the sum of taxes for old-age insurance, railroad retire-

ment, and unemployment insurance.3 For more details, see the 1958 Budget document, pp. 1076-1084 and

pp. 1149-1150 and the Treasury Bulletin, table 3 of section on Budgetreceipts and expenditures.

4 Includes stockpiling and defense production expansion not shownseparately.

5 Revised for transfer in the Midyear Review of the 1958 Budget ofthe defense-support portion of the Mutual security program from "Eco-nomic and technical development" to "Major National Security." Sinceall details of the revision are not available, monthly and semiannualdata may not add to totals.

6 Data are from Treasury Bulletin for June 1956 and are not fully com-parable with data in subsequent Bulletins or with other data in thistable.

7 Derived by subtracting totals for July-December 1955 from totals forfiscal year 1956.


56 FEDERAL FINANCE

End ofmonth

UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY

[On basis of daily statements of United States Treasury. In billions of dollars]

Totalgrossdebt*

Totalgrossdirectdebt 2

Public issues3

Total

Marketable

Total Bills

Certifi-cates ofindebt-edness

Notes

Bonds

Bankeligi-ble

Bankre-

stricted

Con-vert-ible

bonds

Nonmarketable

TotalsSav-ings

bonds

Taxandsav-ings

notes

Specialissues

1941—Dec.1945—Dec.1947—Dec.1950—Dec.1951—Dec.1952—Dec.1953—Dec.1954—Dec.1955—Dec.1956—Dec.

1957—Jan..Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

64.3278.7257.0256.7259.5267.4275.2278.8280.8276.7

276.3276.4275.1274.1275.3270.6272.6274.0274.5274.2274.9275.0

57.9278.1256.9256.7259.4267.4275.2278.8280.8276.6

276.2276.3275.0274.0275.2270.5272.5273.8274.4274.1274.7274.9

50.5255.7225.3220.6221.2226.1231.7233.2233.9228.6

228.4228.4227.2226.9226.9221.7224.3225.3226.5226.3227.1227.1

41.6198.8165.8152.5142.7148.6154.6157.8163.3160.4

160.5160.9159.9160.0160.3155.7158.8160.2161.8162.2163.4164.2

2.017.015.113.618.121.719.519.522.325.2

25.325.925.325.326.823.426.428.226.726.726.726.9

38.221.2

5.429.116.726.428.515.719.0

19.020.219.419.421.820.520.534.135.034.734.734.6

6.023.011.439.318.430.331.428.043.335.3

35.333.934.434.430.931.031.117.119.319.420.620.7

33.668.468.444.641.058.963.976.181.980.9

80.980.980.980.980.880.880.880.880.881.581.582.1

52.249.649.636.021.013.45.7

12.112.512.011.811.410.8

10.710.610.510.410.310.310.210.19.99.79.69.5

8.956.959.568.166.465.065.163.659.257.4

57.257.056.756.556.355.755.355.054.854.454. f53.4

6.148.252.158.057.657.957.757.757.956.3

56.055.855.655.455.254.654.354.053.853.553.252.5

2.58.25.48.67.55.86.04.5

7.020.029.033.735.939.241.242.643.945.6

45.345.545.645.246.146.846.346.746.246.146.045.8

1 Includes some debt not subject to statutory debt limitation (amountingto $439 million on Dec. 31, 1957) and fully guaranteed securities, notshown separately.

2 Includes non-interest-bearing debt, not shown separately.3 Includes amounts held by Govt. agencies and trust funds, which

aggregated $9,338 million on Nov. 30, 1957.

4 Includes Treasury bonds and minor amounts of Panama Canal andPostal Savings bonds.

5 Includes Series A investment bonds, depositary bonds, armed forcesleave bonds, and adjusted service bonds, not shown separately.

6 Less than $50 million.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED

[Par value in billions of dollars]

End ofmonth

1941—Dec1945—Dec1947—Dec1950—Dec1951—Dec1952—Dec1953—Dec1954—Dec1955—June

Dec1956—June

1956—OctNovDec

1957—JanFebMarAprMayJuneJulyAugSeptOct

Totalgrossdebt

(includ-ing guar-

anteedsecuri-

ties)

64.3278.7257.0256.7259.5267.4275.2278.8274.4280.8272.8

275.4277.1276.7

276.3276.4275.1274.1275.3270.6272.6274.0274.5274.2

Held byU. S. Govt.agencies andtrust fundsJ

Specialissues

7.020.029.033.735.939.241.242.643.343.945.1

45.545.745.6

45.345.545.645.246.146.846.346.746.246.1

Publicissues

2.67.05.45.56.46.77.17.07.37.88.4

8.48.58.4

8.68.68.68.58.78.78.89.19.29.4

Held by the public

Total

54.7251.6222.6217.5217.2221.6226.9229.2223.9229.1219.3

221.5222.9222.7

222.4222.3221.0220.4220.5215.1217.4218.2219.1218.7

Federal

Banks

2.324.322.620.823.824.725.924.923.624.823.8

23.824.424.9

23.422.923.123.223.123.023.423.523.323.3

Corn-

banks 2

21.490.868.761.861.663.463.769.263.562.057.1

58.058.659.3

58.357.758.158.057.755.856.856.658.358.1

Mutual

banks

3.710.712.010.99.89.59.28.88.78.58.4

8.18.18.0

8.18.18.18.08.07.97.97.97.97.8

Insur-ancecom-

panies

8.224.023.918.716.516.115.815.014.814.313.3

13.213.112.8

12.912.812.612.512.412.312.312.212.212.2

Other

rations

4.022.214.119.720.719.921.619.218.723.317.4

18.519.218.6

20.220.918.017.918.515.716.316.816.116.1

Stateandlocalgovts.

.76.57.38.89.6

11.112.714.414.715.115.7

16.016.116.1

16.216.316.616.816.816.916.917.117.217.2

Individuals

Savingsbonds

5.442.946.249.649.149.249.450.050.250.250.3

50.250.150.1

49.949.749.649.449.349.148.948.848.648.4

Othersecurities

8.221.219.416.715.516.015.413.715.215.417.2

17.417.417.0

17.317.818.618.618.318.318.719.219.619.5

Misc.inves-tors3

.99.18.4

10.510.611.713.213.914.415.616.2

16.316.015.9

16.216.216.316.016.416.116.316.016.016.1

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, 1956.3 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.


FEDERAL FINANCE 57

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19571

[On basis of daily statements of United States Treasury. In millions of dollars]

Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount

Treasury bills2

Jan. 2,1958Jan. 9,1958Jan. 16,1958Jan. 23,1958Jan. 30, 1958Feb. 6,1958Feb. 13, 1958Feb. 20, 1958Feb. 27, 1958Mar. 6, 1958Mar. 13, 1958Mar. 20, 1958Mar. 24, 1958Mar. 27, 1958Apr. 15, 1958

CertificatesFeb. 14, 1 58 3%

1,6001,6001,6001,6011,6991,7001,7001,8001,8011,8001,8031,7003,0021,7001,751

10,851

Certificates—Cont.Apr. 15, 1958 3ViAug. 1,1958 4Dec, 1,1958 3y4

Treasury notesApr. 1,1958 ty2June 15,1958 2%Oct. 1,1958 VhFeb. 15, 1959 V/s

Oct.Apr.

, 1959., 1959., 1960.

Apr.Oct.Apr.May 15; 1960 3\

, 1960., 1961 IV

Aug. 1, 1961Oct. 1,1961 IVFeb. 15,1962 35/Apr. 1,1962 \y

2,35111,5199,833

3834,392

1215,102

11999198

2,406278144

2,609332647551

Treasury notes—Cont.Aug. 15, 1962 4Oct. 1,1962 \ViNov. 15, 1962 3%

Treasury bondsMar. 15, 1956-583. ,2y2Sept. 15,1956-59 3. . 214Mar. 15, 1957-593..23/8June 15, 1958 23/8June 15, 1958-634..234Dec. 15, 1958 2ViJune 15, 1959-62...214Dec. 15, 1959-62...214Nov. 15, 1960 2i/8Dec. 15, 1960-654..234Sept. 15,1961 234Nov. 15,1961 2ViAug. 15, 1963 2i/i

2,000140

1,143

1,4493,818

9274,245919

2,3685,2693,4583,8061,4852,23911,1776,755

Treasury bonds—Cont.June 15, 1962-67... 2VDec. 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.Oct. 1, 1969.Nov. 15, 1974 3%June 15, 1978-83... 3»4Feb. 15, 1995 3

Panama Canal Loan . . . . 3

Convertible bondsInvestment Series BApr. 1,1975-80... 2%

2,1142,8223,7483,8224,7072,9521,8552,7163,758657653

1,6052,743

50

9,527

1 Direct public issues.2 Sold on discount basis. See table on Money Market Rates, p. 1253.

3 Not called for redemption on first call date. Callable on succeedinginterest 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}

Type of holder and date

All holders:1955—June 301956—June 30

Dec. 311957—June 30

Sept. 30Oct. 3 1 . . .

U. S. Govt. agencies and trust funds:1955_june 301956—June 30

Dec. 311957—June 30

Sept. 30Oct. 31

Federal Reserve Banks:1955_june 301956—June 30

Dec. 31 .1957—June 30

Sept. 30Oct. 31

Commercial banks:1955—June 301956—June 30

Dec. 311957—June 30

Sept. 30Oct. 31

Mutual savings banks:1955_june 301956—June 30

Dec. 311957—June 3 0 . . . . . . .

Sept. 30Oct. 31

Insurance companies:1955—June 301956—June 30

Dec. 311957—June 30

Sept. 30Oct. 31

Other investors:1955—June 301956—June 30

Dec. 311957_jUne 30

Sept. 30Oct. 31

Marketable and convertible securities, by 1

Total

166,882166,050171,137165,985171,669171,939

7 1628,2368 2428,5549,0509,198

23 60723 75824^91523 03523,31223,338

55,66749 67351,46648 73450,84850 663

8,0697,7357 4317,3977,4267,331

13,11711 70211,33110,93610,95211,044

59 26064,94767,75267 32970,08170,367

Bills

19,51420,80825,17923,42026,65826,659

40273142130147211

886855

1,918287577574

2,7212 1814,9342,8533,8923,880

84107131163225178

630318349326421479

15,15317,07417,70519,66121,39621,337

Certifi-cates

13,83616,30319,02320,47335,01034,692

8355353416699681

8,27410 94410,97511,36719,93419,956

1,4551 0041,6002,9134,2634,013

533724

114181157

744466

136232240

3 9733,9196,0045,5279,7009,645

Notes

40,72935,95235,29430,97319,31719,412

119688842

1,2821,5021,513

11 6469 1579,2198 579

4

15,38511 62010,7148,9849,1329,073

289356312367433476

789760781648635660

12,50213,37113,42611,1137,6157,687

Market-able

bonds2

81,12881,89080,87880,83980,82381,474

3 5563,5753 6693,6643,6983,805

2 8022 8022,8022,8022,8022,805

35,94234,71234,07133,83933,41933,556

6,4226,0745,8495,6555,5215,497

8,4797,7897,4647,2777,2497,274

23,92726,89627,02427,60228,13428,537

ype

Con-vertiblebonds

11,67611,09810,76310,2809,8619,702

3 4393,3453 2363,0633,0032,988

164155147144142141

1,2221,1611,1151,0981,0661,023

3,1452 7912,6712,5492,4142,390

3,7063,6463,5933,4263,2363,161

Marketable securities, by maturity class

Total

155,206154,953160,374155,705161,808162,237

3 7234,8915 0065,4916,0476,210

23 60723 75824^91523,03523,31223,338

55,50349 51751,31948,59050,70650,522

6,8486,5746,3166,2996,3606,308

9,9728,9118,6608,3878,5388,654

55,55461,30164,15963,90466,84567,206

Within1 year

49,70358,71468,55771,03372,18571,940

74927928

1,1381,2671,314

17,40520 24222,11320,24620,52320,549

7,1877 433

11,63512,26812,18911,863

164247241576593503

810632726955

1,0311,090

24,06229,23332,91435,85036,58236,621

1-5years

38,18831,99741,02139,18444,15044,172

199500708

1.2101,6261,638

3 7731 087

'373681681681

21,71218 23424,52823,50025,72525,640

533S40

1,0571,0821,1821,208

,339,192

1,749[,7751,848.869

10,63310,44312,60510,93613,08713,135

5-10years

33,68731,31217,89314,73214,73114,731

506434317295302301

1 0141 014

'750750750

21,11019 13210,2428,6008,5798,669

1,4051,319

659601595595

2,0271,8021,1361,0221,0321,028

7,6267,6124,5253,4643,4733,387

Over 10years

33,62832,93032,90430.75630;74231,394

2 9443,0303 0532,8482,8522,957

1 4151 4151,4151 3581,3581,358

5,4944 7194,9144.2224,2134,350

4,7464,4684,3584.0403,9914,001

5,7965,2855,0494.6344! 6264,665

13,23314,01314,11413.65413,70314,062

1 Direct public issues.2 Includes minor amounts of Panama Canal and Postal Savings bonds.NOTE.—Commercial banks, mutual savings banks, and insurance com-

panies included in the survey account for over 90 per cent of total holdingsby these institutions. Data are complete for U. S. Govt agencies andtrust funds and Federal Reserve Banks.


58 SECURITY ISSUES

NEW SECURITY ISSUES 1

[Securities and Exchange Commission estimates. In millions of dollars]

Year ormonth

Gross proceeds, all issuers2

Total

Noncorporate

U.S .Govt.s

Fed-eral

igency'

Stateandmu-nici-pal

Others

Corporate

Total

Bonds

TotalPub-licly

offered

Pri-vatelyplaced

Pre-ferredstock

Com-monstock

Proposed uses of net proceedall corporate issuers6

New capital

Total

4201,0411,347

5,5584,9907,1208,7168,4957,4908,82110,384

1,0891,088

1,0631,0711,344924771

1,489991914973

1,014831

Newmoney 7

325868

1,080

4,6064,0066,5318,1807,9606,7807,9579,663

1,0481,049

1,026927

1,271864707

1,419930905949976793

Mis-cel-

lane-ouspur-poses

Re-tire-ment

ofbankdebt,etc. *

Re-tire-ment

ofsecu-rities

193919411945

19491950195119521953195419551956

1956—Nov.Dec.

1957—Jan..Feb..Mar.Apr.,May.June,July.Aug.Sept.Oct..Nov.

5,68715,15754,712

21,11019,89321,26526,92928,82429,76526,77222,405

1,8291,955

2,4322,1233,2482,3621,7852,4011,9771,9343,980

r2,6243,015

2,33211,46647,353

11,8049,6879,77812,57713,95712,5329,6285,517

389390

496386

1,327390394362400392

2,263894

1,374

1338506

21630110459106458746169

72

125

"60"

215

"ioo"

1,128956795

2,9073,5323,1894,1215,5586,9695,9775,446

311427

685569503763539388516595437'683615

503047

132282446237306289182334

523

8453321285144381037859

2,1642,6676,011

6,0526,3617,7419,5348,8989,516

10,24010,939

1,1231,114

1,0941,1161,386956802

1,5471,022937

1,0281,039867

1,9802,3904,855

1,2761,5783,851

4,8904,9205,6917,6017,0837,4887,4208,002

2,4372,3602,3643,6453,8564,0034,1194,225

451915

916761

1,072647691

1,074770830913872693

179401

641514643385437633459540587608480

703811

1,004

2,4532,5603,3263,9573,2283,4843,3013,777

272514

276248429262254441311290327264213

98167758

425631838564489816635636

4516

3426384625662231196824

87110397

736811

1,2121,3691,3261,2132,1852,301

627183

144329276264854072307696100150

2628133

315364226

537535709864721

4139

3814473616469609243838

69144134

637620363

1,6951,5834,555

4011,271

486664260

1,8751,227

364

2111

112221131531159

401219

Year ormonth

Proposed uses of net proceeds, major groups of corporate issuers

Manufacturing

Newcapital* o

Retire-ment of

secu-rities

Commercial andmiscellaneous

NewRetire-ment of

secu-rities

Transportation

Newcapital10

Retire-ment of

secu-rities

Newcapital1(

Public utility

Retire-ment of

secu-rities

Communication

Newapital™

Retire-ment of

secu-rities

Newcapital™

Real estateand financial

Retire-ment of

secu-rities

19491950195119521953193419551956

1956—Nov.Dec.

1957_jan..Feb..Mar.Apr..May,June.July.Aug.Sept.Oct..Nov.

1,3471,0262,8463,7122,1282,0442,3973,336

147526

381543366314135626234242331126243

4414922126190190533243

195

2434215

310474462512502831769682

11033

4294325355297150365738

2863562440935151

23

14(9)31

106523

784609437758553501544694

45148

10131856580514530521238

11196532253627033820

2,0431,9272,3262,5392,9052,6752,2542,474

153157

247247490351348436244251418302297

233682858867

990174

14

()141658

(9)

8

517314600747871651

1,0451,384

59673

10546

2814782

13754

12665

36391

4981563

607721

11

558639449448

1,536788

1,8121,815

37151

187108919372

21034321547

154123

35100666024

2735617

130

r Revised.1 Estimates of new issues sold for cash in the United States.2 Gross proceeds are derived by multiplying principal amounts or num-

ber of units by offering price.3 Includes guaranteed issues.4 Issues not guaranteed.5 Represents foreign governments, International Bank for Reconstruc-

tion and Development, and domestic eleemosynary and other nonprofitorganizations.

6 Estimated net proceeds are equal to estimated gross proceeds less costof flotation, i.e., compensation to underwriters, agents, etc., and expenses.

7 Represents proceeds for plant and equipment and working capital.8 Represents proceeds for the retirement of mortgages and bank debt

with original maturities of more than one year. Proceeds for retirement ofshort-term bank debt are included under the uses for which the bankdebt was incurred.

• Less than $500,000.1 ° Represents all issues other than those for retirement of securities.


BUSINESS FINANCE 59

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS


Industry

Manufacturing

Total (200 corps.):SalesProfits before taxesProfits after taxesDividends

Nondurable goods industries (94 corps.): *SalesProfits before taxesProfits after taxes

Durable goods industries (106 corps.):2SalesProfits before taxesProfits after taxesDividends

Selected industries:Foods and kindred products (28 corps.):

SalesProfits before taxesProfits after taxes

Chemicals and allied products (26 corps.):Sales

Profits after taxesDividends

Petroleum refining (14 corps.):SalesProfits before taxesProfits after taxesDividends

Primary metals and products (39 corps.):SalesProfits before taxesProfits after taxesDividends

Machinery (27 corps.):SalesProfits before taxesProfits after taxesDividends

Automobiles and equipment (15 corps.):SalesProfits before taxesProfits after taxesDividends

Public Utility

Railroad:Operating revenueProfits before taxesProfits after taxesDividends

Electric power:Operating revenueProfits before taxesProfits after taxesDividends . . . .

Telephone:Operating revenueProfits before taxesProfits after taxesDividends

Annual totals

1951

52,9408,8693,5482,075

18,9163,4471,533

925

34,0245,4222,0151,149

4,909473227159

5,8821,490

521381

5,078911560262

12,5072,098

778382

6,1681,000

365192

12,7071,950

717486

10,3911,260

693328

6,0581,482

814651

3,729691341318

1952

54,5177,3083,1922,073

19,2662,8531,392

946

35,2514,4551,8001,127

5,042453203154

5,9651,259

486396

5,411728524283

11,5641,147

564369

7,077971375199

13,0381,982

709469

10,5811,438

825338

6,5491,740

947725

4,136787384355

1953

63,3438,3753,6492,154

20,6943,0281,526

972

42,6495,3462,1231,182

5,411465212154

6,3731,308

520417

5,883841603290

13,7501,817

790377

8,0051,011

402237

16,6112,078

758469

10,6641,436

903412

7,1361,8951,030

780

4,525925452All

1954

58,1107,2443,8252,384

20,6202,7531,5811,064

37,4904,4912,2441,320

5,476462224156

6,1821,153

593499

6,015751567294

11 5221,357

705407

7,745914465263

14,1371,789

863536

9,371908682379

7,5882,0491 134

868

4,9021,050

525448

1955

69,87610,2505,2312,827

23,1063,4131,9181,202

46,7706,8363,3131,625

5,833499244160

7,2221,535

782597

6,556854624317

14 9522,3771,195

522

8,477912465281

18,8263,0231,394

693

10,1061,341

927448

8,3602,3041,244

942

5,4251,282

638496

1956

71,9019,2534,8422,972

24,7623,4681,9851,249

47,1395,7842,8571,724

6,300561275166

7,7261,500

776602

7,185916688346

16,0622,3661,233

606

9,798943460321

16,3361,940

898656

10,5511,267

874445

9,0592,4571,3291,013

5,9661,430

715552

Quarterly totals

1956

1

18,1312,6031,302

703

6,079907503290

12,0521,696

799413

1 5301265837

1,879388196138

1,76424817782

4 209690346141

2,1672007678

4,578689320162

2,535252163110

2,398710374247

1,439339169132

2

18,4572 5091,305

706

6 135876491295

12,3221 633

815411

1 5691497138

1 957380195141

1,74222316382

4 415712363137

2,46326713978

4,195509242164

2,704343237116

2,185592321256

1,480352176136

3

16,1191,700

914723

6,084808466305

10,036892448418

1 5611417141

1,889342178143

1,77021816389

3 098267145140

2,42223312579

3,347272118164

2,59029820870

2,175568302248

1,495359180137

4

19,1932,4411,321

841

6,464877526359

12,7301,564

794482

1,6401457450

2,001389207181

1,90922618493

4,340697378188

2,74624312087

4,215470214166

2,722375266148

2,302586331262

1,552380190147

1957

1

19,7542,7511,420

752

6,604941537315

13,1501,810

883437

1 6181336339

2,045395197150

2,04829822091

4 272678344157

2,62429614279

4,993713337167

2,575247161124

2,549731393269

1,560387195148

2

19,4242 5751,339

757

6 510873503318

12,9141,702

836439

1 6421547540

2,047394202152

1,94121917291

4,270652327157

2,75030514881

4,522603292166

2,660264182111

2,318596327270

1,611388195150

3

17,9942 0531,107

757

6 522844487319

11,4721 209

620438

I 6631587741

2,065397201150

1,92019316195

3 830515267158

2,66927313682

3,689293152164

2,67628619183

2,344600326265

1,623387195155

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 fromthe Securities and Exchange Commission; other data from publishedcompany reports.

Railroads. Figures are for Class I line-haul railroads (which accountfor 95 per cent of all railroad operations) and are obtained from reportsof the Interstate Commerce Commission.

Electric power. Figures are for Class A and B electric utilities (whichaccount for about 95 per cent of all electric power operations) and areobtained from reports of the Federal Power Commission, except thatquarterly figures on operating revenue and profits before taxes are partly

estimated by the Federal Reserve to include affiliated nonelectric opera-tions.

Telephone. Revenues and profits are for telephone operations of theBell System Consolidated (including the 20 operating subsidiaries andthe Long Lines and General departments of American Telephone andTelegraph Company) and for two affiliated telephone companies, whieftitogether represent about 85 per cent of all telephone operations. Divi^dends are for the 20 operating subsidiaries and the two affiliates.. I>ata«are obtained from the Federal Communications Commission.

All series. Profits before taxes refer to income after all charges andlbefore Federal income taxes and dividends. For detailed description ofseries, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing);pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908of the BULLETIN for September 1944 (electric power).


60 BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

[Department of Commerce estimates. la billionsof dollars]

Year orquarter

19491950195119521953195419551956

1956—1234

1957—12

3

Profitsbeforetaxes

26.240.041.235.937.033.542.543.0

43.342.440.845.6

43.942.0

41.8

In-cometaxes

10.417.822.519.820.317.421.522.0

22.121.620.823.3

22.421.4

21.3

Profitsaftertaxes

15.822.118.716.116.716.021 021.0

21.220.719.922.3

21.520.5

20.4

Cashdivi-dends

7.59.29.19.09.39.9

11.011.9

11.712.012.111.5

12.412.5

12.6

Undis-tributedprofits

8.312.99.67.17.46.19.99.2

9.58.77.8

10.8

9.18.0

7.8

NOTE.—Quarterly data are at seasonally adjustedannual rates.

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

[Securities and Exchange Commission estimates. In millions of dollars]

Year orquarter

19491950195119521953195419551956

1956—34

1957—123

All types

Newissues

6,7317 2249,048

10 6799,550

11 69412.47413,007

3 3363,477

3,6663,7393,474

Retire-ments

1.8753.5012,7722,7512,4295 6295,5994,519

991998

783867802

Netchange

4.8563 7246,2777 9277,1216 0656,8758,488

2 3452,479

2,8842,8732,672

Bonds and notes

Newissues

4,8674 8065.6827 3446.6517 8327,5717,937

2 1821,833

2,3772,3672,554

Retire-ments

1,5832,8022,1052 4031,8964 0333,3832,768

650593

553626554

Netchange

3,2842,0043.5774 9404,7553 7994,1885,170

1,5311,240

1,8241,7412,000

Stocks

Newissues

1,8652,4183,3663,3352,8983 8624,9035,070

1,1541,644

1,2891,373

920

Retire-ments

292698667348533

1 5962,2161,751

340404

230241248

Netchange

1,5721 7202,7002 9872,3662 2652,6873,319

8141,239

1,0591,132

672

1 Reflects cash transactions only. As contrasted with data shown on p. 58, new issuesexclude foreign and include offerings of open-end investment companies, sales of securitiesheld by affiliated companies or RFC, special offerings to employees, and also new stockissues and cash proceeds connected with conversions of bonds into stocks. Retirementsinclude the same types of issues, and also securities retired with internal funds or withproceeds of issues for that purpose shown on p. 58.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i

[Securities and Exchange Commission estimates. In billions of dollars]

End of yearor quarter

1949195019511952195319541955

1956—2...34

1957_123

Networkingcapital

72.481.686.590.191.891.898.9

102 7103.4104.4

106 0107.0107.7

Current assets

Total

133.1161.5179.1186.2190.6194.6214.6

214.7220.4225.7

224.9224.5228.9

Cash

26.528.130.030.831.133.434.0

32.132.634.7

31.932.533.2

U. S.Govt.securi-

ties

16.819.720.719.921.519.223.3

17.417.518.6

18.015.716.1

Notes and aects.receivable

U.S.Govt.2

43

2 .72 .82 . 62 . 42.3

2.32.42.6

2 .52 .52 . 4

Other

.055.758.864.665.971.281.6

84.388.188.8

89.490.592.9

Inven-tories

45.355.164.965.867.265.370.0

74.876.077.3

79.179.380.0

Other

1.41.72.12 . 42 . 43.13.5

3.83.83.6

4 . 04 . 04 . 2

Current liabilities

Total

60.779.892.696.198.9

102.8115.7

112.1117.0121.3

118.9117.6121.2

Notes and accts.payable

U.S.Govt. 2

37.4

1.32.32.22.42.3

2.52.52.4

2.52.62.6

Other

.547.953.657.057.361.469.9

71 .473.074.9

74.174.475.2

Federalincome

taxlia-

bilities

9 316.721.318.118.715.518.4

12.314.416 8

14.412.213.8

Other

14.014.916.518.720.723.525.1

25.827.127.2

28.028.329.6

1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government excludeamounts offset against each other on corporations' books.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i

[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

Year

1949195019511952195319541955195619574

Total

19.320.625.626 528.326.828.735.137.0

Manu-factur-

ing

7.17.5

10.911.611.911.011.415.016.0

Min-ing

.8

.7

.91.01.01.01.01.21.3

Transportation

Rail-road

1.4.1.5.4

1.3.9.9

1.21.4

Other

.91.2

1.56

1.67

1.8

Publicutili-ties

3.13.33.73.94.64.24.34.96.3

Com-muni-cations

1.3

1.31.51.71.72.02.7

10

Other2

4.75.75.95.66.36.57.58.4

.3

Quarter

1956—3. . .4

1957—1

344

1958—14

Total

8.99.8

8.39.69.49.8

8.2

Manu-factur-

ingandmin-ing

4.14.8

3.84.54.34.7

3.7

Trans-porta-tion

.7

.8

.7

.8

.8

.8

.7

Publicutili-ties

1.31.5

1.21.51.7

.8

1.4

Allother 3

2.72 8

2 62.72.52 5

2.3

1 Corporate and noncorporate business, excluding agriculture.2 Includes trade, service, finance, and construction.

3 Includes communications and other.4 Anticipated by business.


REAL ESTATE CREDIT 61

MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]


1941 . .1945

19491950 .195119521953195419551956

1956—MarJuneSeptDec

1957—Mar.PJunep

Sept v

All properties

Allhold-

ers

37.635.5

62.772.882.391.4

101.3113.8130.0

r144.7r133.6H37.6141.4

'144.7

147.4150.3153.5

Finan-cial

insti-tutions

20.721.0

42.951.759.566.975.185.899.4

111.2

102.3105.5108.7111.2

113.0115.3117.7

Otherholders

SelectedFederal

agen-cies

2.0.9

1 11.42.02.42 82.83.13.6

3.23.23.33.6

4.04.24.5

Indi-viduals

andothers

14.913.7

18.719.820.822.123.525.227.529.9

r28.228.829.429.9

30.430.831.3

Allhold-

ers

31.230.8

57.166.775.684.293.6

105.5120.9

r134.8

124 2128.0131.6

r134.8

137.3140.1143.1

1Nonfarm

1- to 4-family houses

Total

18.418.6

37.645.251.758.566.175.788.299.0

90.8r93.7r96.699.0

101.0103.3105.6

Finan*cial

insti-tutions

11.212.2

28.535.441.146.853.662.573.883.4

76.278.881.483.4

84.986.888.7

Otherhold-

ers

7.26.4

9.19.8

10.711.712.513.214.415.6

14.614.9

r15.215.6

16.216.516.9

Multi-family andcommercial properties1

Total

12.912.2

19.521.623.925.727.529.832.735.8

33.434.335.135.8

36.336.837.5

Finan-cial

insti-tutions

8.17.4

12 314.015.917.218 520.021.923.9

22.422.923.423.9

24.224.625.1

Otherhold-

ers

4.84.7

7.27.68.08.49.09.8

10.811.9

11.011.311.611.9

12.012.212.4

Farm

Allhold-

ers

6.44.8

5 66.16.77.37 88.39.19 9

9.49.69 89.9

10.110 310.4

Finan-cial

insti-tutions

1.51.3

2 12.32.62.83 03.33.63 9

3.73.83 93.9

3.94 04.0

Otherholders*

4.93.4

3 53.74.14.44 85.05.46 0

5.75.85 96.0

6.26 46.4

P Preliminary. r Revised.1 Derived figures, which include negligible amount of farm loans held

by savings and loan associations.2 Derived figures, which include debt held by Federal land banks and

Farmers Home Administration.NOTE.—Figures for first three quarters of each year are Federal Reserve

estimates. Financial institutions represent commercial banks (includingnondeposit trust companies but not trust departments), mutual sayingsbanks, life insurance companies, and savings and loan associations

Federal agencies represent HOLC, FNMA, and VA (the bulk of theamounts through 1948 held by HOLC, since then by FNMA). OtherFederal agencies (amounts small and separate data not readily availablecurrently) are included with individuals and others.

Sources.—Federal Deposit Insurance Corporation, Federal Home LoanBank Board, Institute of Life Insurance, Departments of Agricultureand Commerce, Federal National Mortgage Association, Veterans Ad-ministration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS i



19411945

19491950 .195119521953195419551956

1956—MarJune .SeptDec

1957—MarJuneSept.p

Total

4,9064,772

11,64413 66414,73215,86716,85018,57321,00422,719

21,45021 99022,50022,719

22,67022 76023,105

Commercial bank holdings 2

Residential

Total

3,2923,395

8 67610 43111,27012 18812,92514,15215,88817,004

16,18016 50016,86017,004

16,88016 89017,070

FHA-in-

sured

3,4213,6753,9124,1064,5604,803

4,6104 6684,7604,803

4,7704 7304,760

VA-guar-

anteed

2,9213,0123,0613,3503,7113,902

3,7703 8373,8903,902

3,8103,7203,660

Con-ven-

tional

4,9295,5015,9516,6957,6178,300

7,8007,9958,2108.300

8,3008,4408,650

Othernon-farm

1,048856

2,0602,2642,4582,6212,8433,2633,8194,379

3,9504,1374,2824,379

4,4404,5004,660

Farm

566521

909968

1,0041,0581,0821,1591,2971,336

1,3201,3531,3581,336

1,3501,3701,375

Mutual savings bank holdings3

Total

4,8124,208

6,7058,2619,916

11,37912,94315,00717,45719,745

18,04518,61019,22519,745

20,10520,47520,812

Residential

Total

3,8843,387

5,5697,0548,5959,883

11,33413,21115,56817,703

16,12316,64417,21817,703

18,03518,38418,697

FHA-in-

sured

2,5673,1683,4893,8004,1504,409

4,2104,2744,3504,409

4,4554,5004,550

VA-guar-

anteed

1,7262,2373,0534,2625,7737,139

6,1556,5066,8407,139

7,3307,5207,677

Con-ven-

tional

4,3034,4774,7925,1495,6456,155

5,7585 8646,0286,155

6,2506 3646,470

Othernon-farm

900797

1.0991,1641,2741,4441,5561,740,831

1,984

1,8601 8981,9441.984

2,0102 0332,058

Farm

2824

3744475353565859

62686359

605857

p Preliminary1 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 Septem-ber figures are Federal Reserve estimates based on data from MemberBank Call Report and from weekly reporting member banks.

3 Figures for 1941 and 1945, except for the grand total, are estimates

based on Federal Reserve preliminary tabulation of a revised series ofbanking statistics. March and September figures are Federal Reserveestimates based in part on data from National Association of MutualSavings Banks.

Sources.—All-bank series prepared by Federal Deposit InsuranceCorporation from data supplied by Federal and State bank supervisoryagencies, Comptroller of the Currency, and Federal Reserve.


62 REAL ESTATE CREDIT

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES


Year or month

Loans acquired

Total

Nonfarm

Total FHA-insured

Va-guar-

anteedOther

Farm

Loans outstanding (end of period)

Total

Nonfarm

Total FHA-insured

VA-guar-anteed

OtherFarm

1941.1945.

1949.1950.1951.1952.1953.1954.1955.1956.

1956—Nov..Dec..

1957—Jan...Feb..Mar..Apr..May.June.July..Aug..Sept..Oct..Nov..

976

3,4304,8945,1343,9784,3455,3446,6236,715

562554

553402429454426367432435408435362

3,1234,5324,7233,6063,9254,9316,1086,201

529517

512356376419391338404412383404335

1,3501,4861,058864817672971842

6055

5143434944485350826760

131938

1,294429455

1,3781,8391,652

120133

14198739394536458435138

1,6422,1082,3712,3132,6532,8813,2983,707

349329

320215260277253237287304258286237

307362411372420413515514

3337

4146533535292823253127

6,4426,636

12,90616,10219,31421,25123,32225,97629,44532,989

32,70933,017

33,27933,47933,67233,84034,02234,15934,35634,54734,69734,85934,986

5,5295,860

11,76814,77517,78719,54621,43623,92827,17230,508

30,24330,546

30,81031,00131,17931,33431,49831,62031,79431,97832,12232,27432,396

8151,394

3,4544,5735,2575,6816,0126,1166,3956,627

6,6496,654

6,6586,6716,6666,6716,6736,6706,6716,6776,6906,7066,720

1,2242,0263,1313,3473,5604,6436,0747,304

7,2147,318

7,4207,4937,5567,6037,6567,6777,7027,7257,7367,7537,758

4,7144,466

7,0908,1769,39910,51811,86413,16914,70316,577

16,38016,574

16,73216,83716,95717,06017,16917,27317,42117,57617,69617,81517,918

913776

1,1381,3271,5271,7051,8862,0482,2732,481

2,4662,471

2,4692,4782,4932,5062,5242,5392,5622,5692,5752,5852,590

NOTE.—For loans acquired, the monthly figures may not add to annualtotals, and for loans outstanding, the end-of-December figures may differfrom end-of-year figures, because monthly figures represent book value ofedger 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 ofLife Insurance Statistics and Life Insurance News Data.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS


NONFARM MORTGAGE RECORDING OF $20,000 OR LESS


Year ormonth

19411945

19491950195119521953195419551956

1956

NovDec

1957

JanFebMarAprMayJuneJuly . .AugSentOctNov

Tot

11,

5,5,67.

11J10

1

Loans made

aU

379913

636237?5061776796943?545

784710

71470984?8999689?5969001891980768

Newcon-

struc-tion

437181

1 0831,7671 6572 1052,4753 0764,0413 771

277250

245243298317360319318331292341250

Homepur-chase

1

2??3354

581,358

,559,246,357,955,488,846,?41,7?7

3603?0

3?631836639141?41546?4704?3443358

Loans outstanding (end of period)

Total 2

45

11131518?1?63135

3535

3536363637373838393939

,578,376

,616,657,564,39696?

,194,461,7?9

497,7?9

,9?9,195,559.963,4?1,886,?80,743,106,53?,835

FHA-in-

sured

717848866904

1,0481,172,405

1,486

48?1,486

1,4881,4931,4991,5081,5201 5301,5451 5601,5731,5911,597

VA-guar-

anteed

? .2,3,3 ,3,4 ,5,6,

66,

6,6,6 j6,6,66,6666

5869731333949797?1891643

603643

65968?7?47748338899049?0933946963

Con-ven-

tional2

8,3139,836

11,56514,09816,93520,30124,16527,600

27,41227,600

27,78228,02028,33628,68129,06829,46729,83130,26330,60030,99531,275

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.

Year ormonth

19411945

19491950195119521953195419551956

1956

NovDec

1957

JanFebM a rAprMayJune .JulyAugSept .OctNov .

Total

Season-allyad-

justed i

2,1192,094

2,0562,0502 0112 0422,0312 0462,0472,0562 0321,983

Withoutseasonal

adjust-ment2

4 7325,650

11 82816,17916 40518,01819,74722 97428,48427,088

2,1081,951

1,9421,7491 9372,0442,1442 0282,2112,2082,0262,2261,877

By type of lender(without seasonal adjustment)

Sav-ings &loan

assns.

1 4902,017

3 6465,0605 2956,4527,3658 312

10,4529,532

717660

659644744798840795852883796855686

Insur-ancecom-

panies

404250

1,0461,6181,6151,4201,4801,7681,9321,799

136138

134105115116125119130132124132117

Com-mer-cial

banks

1 1651,097

2,4463,3653,3703,6003,6804,2395,6175,458

408366

353308334357374363390378354395333

Mutualsav-ings

banks

218217

7501,0641,0131,1371,3271,5011,8581,824

152148

1179699

110121126142137121131117

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.


REAL ESTATE CREDIT 63

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE


Year or month

1945

19491950195119521953195419551956

1956—NovDec

1957 JanFebMarAprMayJuneJulyAUESeptOctNov

FHA-insured loans

Total

665

3,8264,3433,2203,1133,8823,0663,8073,461

279249

300266317264292247333340273422329

Homemortgages

Newprop-erties

257

1,3191,6371,216

9691,2591,0351,2691,133

8976

8774756860606763578786

Ex-istingprop-erties

217

892856713974

1,030907

1,8161,505

12498

10785869094

104124122116145145

Proj-

typemort-gages i

20

1,0211,157

58232225923276

130

427

2950964180187667147933

Prop-ertyim-

prove-ment

loans2

171

594694708848

1,334891646692

6248

775660665865658885

11165

VA-guaranteed loans

TotaP

192

1,4263,0723,6142,7193,0644,2577,1565,868

462472

555431380350286276268251295280213

Homemortgages

Newprop-erties

7931,8652,6671,8232,0442,6864,5823,910

315321

393316285271218213206193228229182

Ex-istingprop-erties

6281,202

942890

1,0141,5662,5641,948

146150

162113947868626258665030

MORTGAGE DEBT OUTSTANDING ONNONFARM 1- TO 4-FAMILY PROPERTIES

[In billions of dollars]

1 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 repaymentson previously insured or guaranteed loans. For VA-guaranteed loans, amounts by typeare derived from data on number and average amount of loans closed.

Sources.—Federal Housing Administration and Veterans Administration.

End ofyear orquarter

1945

19491950195119521953195419551956

1956—MarJune . . .SeptDec

1957—Mar.*..June*..Sept.*..

Total

18.6

37.645 251.758 566.175.788 299.0

90.8'93.7'96.699.0

101.0103.3105.6

Government-underwritten

Total

4.3

15.018 922.925 428.132.138 943.9

40.241.342.543.9

45.145.946.5

FHA-in-

sured

4.1

6.98 69.7

10.812.012.814 315.5

14.715.015.215.5

15.715.916.1

VA-guar-anteed

.2

8.110.3X'i.l14.616.119.324 628^4

25.526.327.328.4

29.430.030.4

Con-ven-

tional

14.3

22.626.328^833.138.043.649 355.1

50.6r52.4'"54.155.1

55.957.459.1

P Preliminary. 'RevisedNOTE.—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, FederalHousing Administration, Veterans Administration, andFederal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i


FEDERAL HOME LOAN BANK LENDING


End of yearor month

19501951195219531954195519561957

t956 Dec

1957 JanFebMar . .AprMayJuneJulyAug . . . . . . . .SeptOctNovDec

Mortgage holdings

Total

1,3471,8502,2422,4622,4342,6153,0473,974

3,047

3,1823,2953,4093,4913,5513,6053,6543,7183,7833,8493,9093,974

FHA-in-

sured

169204320621802901978

1,237

978

1.009,026,053,074,087

1,100,112,132,152.170

1,1971,237

VA-guar-

anteed

1,1771,6461,9221,8411,6321,7142,0692,737

2,069

2,1732,2692,3562,4172,4642,5052,5412,5862,6312,6792,7122,737

Mortgagetransactions

(duringperiod)

Pur-chases

1,044677538542614411609

1,119

109

147129127957569837882797580

Sales

46911156

22152562

52

11

Com-mit-

mentsun-dis-

bursed

485239323638476

76360764

360

411436483493518525626680712726717764

1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's newcharter, under which it maintains three separate programs: secondarymarket, special assistance, and management and liquidation.

Source.—Federal National Mortgage Association.

Year or month

1945

19501951195219531954195519561957

1956—Dec.

1957—Jan..Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

Ad-vances

278

675423586728734

1,251745

1,119

121

773068737313513183968374196

Repay-ments

213

292433528640818702934

1,079

47

26791836252481715049706274

Advances outstanding(end of period)

Total

195

816806864952867

1,4171,2281,265

1,228

1,038976961971993

1,0791,0401,0721,1191,1311,1431,265

Short-term1

176

547508565634612991798731

798

660601563544559614638663688686689731

Long-term2

19

269298299317255426430534

430

378375398427434465402409431445454534

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.


64 CONSUMER CREDIT

CONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]


I93919411945

19491950195119521953195419551956

1956 NovDec

1957 JanFebMarAprMav .JuneJulyAusSeptOctNov

Total

7,2229,1725,665

17,30521,39522,61727,40131,24332,29238,67042,097

40,83142,097

41,13840,73840,73541,24741,93742,49142,59243,13343,27043,27443,530

Instalment credit

Total

4,5036,0852,462

11,59014,70315,29419,40323,00523,56828,95831,827

31,24031,827

31,56831,48831,52431,78632,15832,60832,96833,30333,41533,50433,596

Auto-mobilepaper i

1,4972,458

455

4,5556,0745,9727,7339,8359,809

13,47214,459

14,46914,459

14,41014,43214,52814,69114,88315,12715,32915,49015,55615,57915,542

Otherconsumer

goodspaper i

1 6201,929

816

3,7064,7994,8806,1746,7796,7517,6348,510

8,0668,510

8,3058,1608 0438,0178 0818,1658,1898,2298,2288,2368,300

Repairand mod-ernization

loans2

298376182

8981 0161,0851,3851,6101.616

,689,895

,890,895

[ 872,859856

,862886

,905,921

1 954,969

1 9881,996

Personalloans

1,0881,3221,009

2,4312,8143,3574,1114,7815,3926,1636,963

6,8156,963

6,9817,0377,0977,2167 3087,4117,5297,6307,6627,7017,758

Noninstalment credit

Total

2,7193,0873,203

5,7156 6927,3237,9988,2388,7249,712

10,270

9,59110,270

9,5709,2509 2119,4619 7799,8839,6249,8309,8559.7709,934

Single-payment

loans

787845746

1,5321,8211,9342,1202,1872,4083 0023,253

3,2583,253

3 1993,2733 3703,3743 5823,5303,4063 4583,4933,4053,458

Chargeaccounts

1 4141 6451,612

2,7953 2913 6054,0114 1244,3084 5794 735

4,0724,735

4 1113 6903 5343,7353 8343 9483,8103 9573,9423,9914,135

Servicecredit

518597845

1,3881 5801 7841,8671 9272,0082 1312,282

2,2612,282

2 2602 2872 3072,3522 3632 4052,4082 4152,4202,3742,341

1 Represents all consumer instalment credit extended for the purposeof purchasing automobiles and other consumer goods, whether held byretail outlets or financial institutions. Includes credit on purchases byindividuals of automobiles or other consumer goods that may be usedin part for business.

2 Represents repair and modernization loans held by financial institu-tions; holdings of retail outlets are included in other consumer goodspaper.

NOTE.—Monthly figures for the period December 1939 through 1947and a general description of the series are shown on pp. 336-354 of theBULLETIN for April 1953; monthly figures for 1948-1956, in the BULLETINSfor October 1956, pp. 1035-1042, and December 1957, pp. 1420-1422.A detailed description of the methods used to derive the estimates maybe obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER

[Estimated amounts outstanding, in millions of dollars]

End of yearor month

193919411945

19491950195119521953195419551956

1956—NovDec

1957 JanFebMarAprMayJuneJulyAugSeptOctNov

Totalinstal-mentcredit

4,5036,0852,462

11 59014,70315,29419,40323,00523,56828,95831,827

31,24031,827

31,56831 48831,52431,78632,15832,60832.96833,30333,41533,50433,596

Total

3,0654,4801,776

9,25711,80512,12415,58118,96319,45024,45027,084

26,87727,084

26,97427,00827,14827,54427,86428,26328,72629,01429,12829,24129,239

Financial institutions

Com-mercialbanks

1,0791,726

745

4,4395,7985,7717,5248,9988,796

10.60111,707

11,64811,707

11,63811 66211.73611.98112,14312,32312,50812,60712,65612,74912,717

Salesfinancecom-panies

1,1971,797

300

2,9443,7113,6544,7115,9276,1448,4439,100

9,0759,100

9,0779 0359,0489,1049,1769,3009,4769,5659,5989,5859,564

Creditunions

132198102

438590635837

1,1241,3421,6782,014

1,9862,014

2,0112.0392.0762,1272,1672,2272,2842.3442,3772,4152,439

Con-sumerfinancecom-

panies1

1,2861,5551,8662,1372,2572,6563,056

2,9693,056

3,0483 0583,0633.1053,1233,1553,2093,2343,2313.2293,248

Other i

657759629

1,436420509643111911

.072,207

,199,207

,200,214,225,227

1,255,258

1,2491,2641,2661,2631,271

Retail outlets

Total

1,4381,605

686

2,3332,8983,1703,8224,0424,1184,5084,743

4,3634,743

4,5944,4804,3764,2424,2944,3454.2424,2894,2874,2634,357

Depart-ment

stores 2

354320131

596746924

,107,064,242,511,408

,231,408

,387351

,304,176,229,249

1,1441,1611,1671,1341,199

Furni-ture

stores

439496240

740827810943

1,004984

,044,187

,136,187

.139115

,090,075,077,077,072

1.0831,077,080

1,092

House-holdappli-ance

stores

183206

17

178267243301377377365377

371377

364362356354355359361360363365365

Auto-mobile

dealers 3

12318828

236287290389527463487502

504502

499499501505510518525530533533531

Other

339395270

583771QOT

,082070

,052,101,?69

,121269

205153125

,132,123142

,140,155

1 147.151

1 170

i Consumer finance companies included with "other" financial institu-tions until September 1950.

2 Includes mail-order houses.3 Represents automobile paper only; other instalment credit held by

automobile dealers is included with "other" retail outlets.


CONSUMER CREDIT 65

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT


End of yearor month

193919411945

19491950195119521953195419551956

1956—NovDec

1957 JanFebMarAprMayJune. . .JulyAug. . .SeptOctNov


1,0791,726

745

4 4395,7985 7717,5248,9988,796

10,60111,707

11,64811,707

11,63811,66211 73611,98112,14312,32312,50812 60712,65612 74912,717

Automobilepaper

Pur-chased

237447

66

8491,1771,1351,6332,2152,2693,2433,651

3,6403,651

3,6533,6803 7233,7893,8513,9213,9764,0264,0504,0824,067

Direct

178338143

9461,2941,3111,6291,8671,6682,0622,075

2,0822,075

2,0922,1092 1492,2002,2462,2822,3102,3302,3342,3342,333

Othercon-

goodspaper

166309114

1,0161,4561,3151,7512,0781,8802,0422,394

2,3632,394

2,3132,2952 2802,3632,3682,3952,4562,4342,4372,4712,448

Repairand

mod-erniza-

tionloans

135161110

715834888

1,1371,3171,3031,338,469

1,4661,469

1,4521,4381,4321,436.450

1,4661,4801,5031,5141,5311,537

Per-

loans

363All312

9131,0371,1221,3741,5121,6761,9162,118

2,0972,118

2,1282,1402,1522,1932,2282,2592,2862,3142,3212,3312,332

INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT


End of yearor month

193919411945

19491950195119521953195419551956

1956—Nov.Dec.

1957—Jan..Feb.Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.


1,1971,797

300

2,9443,7113,6544,7115,9276,1448,4439,100

9,0759,100

9,0779,0359,0489,1049,1769,3009,4769,5659,5989,5859,564

Auto-mobilepaper

8781,363

164

2,2652,9562,8633,6304,6884,8706,9197,283

7,3057,283

7,2227,1907,1907,2127,2727,3767,4667,5327,5577,5377,510

Othercon-

sumergoodspaper

11516724

447532452680816841

1,0341,227

,202,227

,261,247,255,279,285,296,369,384,389,390

1,388

Repairand

modern-izationloans

14820158

9061636046312523

2423

2323222222222222222321

Per-sonalloans

566654

142162276341377402465567

544567

571575581591597606619627630635645

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONSOTHER THAN COMMERCIAL BANKS AND SALES

FINANCE COMPANIES, BY TYPE OF CREDIT

NONINSTALMENT CREDIT, BY HOLDER


193919411945

1949.1950.19511952.195319541955.1956

[Estimated

End of yearor month

1956—Nov

1957-

Dec

—JanFebMarApr .MayJuneJulyAugSeotOctNov

amounts outstanding, in


789957731

1,8742,2962,6993,3464,0384 5105,4066,277

6,1546 277

6,2596,3116,3646,4596,5456 6406,7426 8426,8746,9076,958

Auto-mobilepaper

81122

54

259360373452538539761948

938948

944954965985

1,0041,0301,0521,0721,0821,0931,101

millions of dollars

Othercon-

sumergoodspaper

243620

146200233310370375537648

642648

636637633638644647647652648645638

Repairand

modern-izationloans

151414

93121134188247282326403

400403

397398402404414417419429433434438

Per-sonalloans

669785643

1,3761,6151,9592,3962,8833,3143,7824,278

4,1744,278

4,2824,3224,3644,4324,4834,5464,6244,6894,7114,7354,781

NOTE.—Institutions represented are consumer finance companies, creditunions, industrial loan companies, mutual savings banks, savings andloan associations, and other lending institutions holding consumerinstalment loans.

End of yearor month

193919411945

19491950195119521953195419551956

1956—Nov.Dec.

1957—Jan..Feb..Mar.Apr..May.June.July.Aug.Sept.Oct..Nov.

Totalnon-instal-mentcredit

2,7193,0873,203

5,7156,6927,3237,9988,2388,7249,712

10,270

9,59110,270

9,5709,2509,2119,4619,7799,8839,6249,8309,8559,7709,934

Financialinstitutions(single-pay-ment loans)

Com-mer-cial

banks

625693674

1,3341,5761,6841,8441,8992,0962,6352,843

2,7742,843

2,8292,8512,8742,9202,9963,0292,9963,0023,0233,0223,028

Other

16215272

198245250276288312367410

484410

370422496454586501410456470383430

Retailoutlets(charge

accounts)

De-part-ment

stores i

236275290

587650698728772793862893

670893

723611566592593579533535588612658

Other

1,1781,3701,322

2,2082,6412,9073,2833,3523,5153,7173,842

3,4023,842

3,3883,0792,9683,1433,2413,3693,2773,4223,3543,3793,477

Servicecredit

518597845

1,3881,5801,7841,8671,9272,0082,1312,282

2,2612,282

2,2602,2872,3072,3522,3632,4052,4082,4152,4202,3742,341

1 Includes mail-order houses.


66 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 adjustmentof monthly figures for seasonal variation and differences in trading days]

Year or month

Total

Adjusted Unad-justed

Automobile paper


Other consumergoods paper


Repair andmodernization loans


Personal loans


1956—Nov..Dec .

1957—Jan...Feb..Mar..Apr..May.June.July. .Aug..Sept..Oct..Nov..

1957_j a n . . .Feb..Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..

Extensions

19491950195119521953195419551956

1956—NovDec

1957_j a nFebMarAprMayJuneJulyAugSeptOctNov

19491950195119521953195419551956

3,5123,451

3,4753,5063,4233,4693,5333,5463,5983,5903,5443,5413,558

18,10821,55823,57629,51431,55831,05139,03940,063

3,4493,824

3,0902,9763,3473,5943,7483,6743,8373,7043,3883,5453,439

1,3531,334

1,4221,4081,3751,3721,3641,3591,3851,3571,3951,4391,407

6,9678,5308,95611,76412,98111,80716,74515,563

1,2271,200

1,2581,2151,3801,4681,5131,4941,5631,4671,3641,4041,250

1,0471,003

931960928935993

1,004995

1,025970909961

5,8657,1507,4859,1869,2279,11710,63411,590

1,1101,359

802763846901

1,016998995

1,022927976

1,020

Repayments

3,1913,241

3,2953,2573,2563,2843,3143,3393,3833,3423,4203,3583,395

15,51418,44522,98525,40527,95630,48833,64937,194

3,1943,237

3,3493,0563,3113,3323,3763,2243,4773,3693,2763,4563,347

,238,251

,314,284,272,295,306,289,318,276,319,317,292

5,4307,0119,05810,00310,87911,83313,08214,576

1,2561,210

1,3071,1931,2841,3051,3211,2501,3611,3061,2981,3811,287

935953

943933936908920952964977990946982

5,0606,0577,4047,8928,6229,1459,75110,714

916915

1,007908963927952914971982928968956

109111

117121113117122120125117124118113

689717772917

1,1191,2551,3151,362

113110

119114114117123114127117123122115

Change in outstanding credit1

19491950195119521953195419551956

1956—Nov..Dec.

+ 321+210

+ 180+249+ 167+ 185+219+207+215+248+ 124+ 183+ 163

+2,594+ 3,113

+591+4,109+ 3,602

+563+ 5,390+2,869

+255+587

-259- 8 0+ 36

+262+ 372+450+ 360+ 335+ 112+ 89+92

+ 115+83

+ 108+ 124+ 103+77+58+70+67+ 81+76

+ 122+ 115

+ 1,537+ 1,519

-102761

+2,102-26

+3,663+987

-29-10

-49+22+96

+ 163+ 192+244+202+ 161+66+23-37

+ 112+ 50

- 1 2+27

- 8+27+73+ 52+ 31+48- 2 0- 3 7-21

+805+ 1,093

+81+ 1,294

+605-28

+883+876

+ 194+444-205-145-117

- 2 6+64+84+24+40

- 1+ 8

+64

+24+ 12

+7+8

+ 10+6

+ 13+8

+13+ 3+8+7

+45+ 118+69

+300+225

+6+73

+206

+25+5

- 2 3- 1 3- 3+6

+24+ 19+ 16+33+ 15+ 19+8

133123

124129123123135128130137127126120

11111

734835841,217,344,261,388568

138115

96101111123147133143150138141123

1

11111111

979991

998,009997,039,041,055,088,071,052,067,070

«i\\

1,5425,043),294f,3475,0065,866

10.27211,342

974,150

934897,010,1021,0721,0491,1361,065959

1,0241,046

909926

921919935964966978976972987977

1,008

+70+65

+77+90+62+75+75+77

+ 112+99+65+90+62

4,3354,6605,7516,5937,3368,2559,50110,542

9091,002

916841950983980946

1,018964927985989

+207+ 383+ 543+754+670+611+771+ 800

+ 65+ 148

+ 18+ 56+60

+ 119+92

+ 103+ 118+ 101+ 32+ 39+ 57

1 Obtained by subtracting instalment credit repaid from instalmentcredit extended.

NOTE.—Monthly figures for 1940-1954 are shown on pp. 1043-1054of the BULLETIN for October 1956; for 1955-1956, in the BULLETIN forDecember 1957, pp. 1420-1422.

A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shown

in the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain othertransactions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.


CONSUMER CREDIT 67

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 adjustmentof monthly figures for seasonal variation and differences in trading days]

Year or month

19491950195119521953195419551956

1956—NovDec

1957 Jan iFebMarApr. iMayJuneJuly1

AUK . . . .SeptOct iNov

19491950195119521953195419551956

1956—NovDec

1957—Jan.1FebMarApr 1

MayJuneJulyiAugSept . . . .Oct.1

Nov

19491950195119521953195419551956

1956—NovDec

1957_jan.iFebMar . . .Apr. .1M ay . . . . . . .JuneJuly1

AUKSeptOct 1

Nov

Total


Commercial banks


Sales financecompanies


Other financialinstitutions


Retail outlets


Extensions

3,5123,451

3,4753,5063,4233,4693,5333,5463,5983,5903,5443,5413,558

18,10821,55823,57629,51431,55831,05139,03940,063

3,4493,824

3,0902,9763,3473,5943,7483,6743,8373,7043,3883,5453,439

] 229,248

,278,263,209,239,249,270,292285

1,2901,3271,253

6,5438,1358,358

11,12312,09911,26714,10914,387

1,1561,203

1,2041,1081,2121,3481,3621,3331,3821,3201,2391,3021,150

923813

907831853845831831891819835858835

4,2965,0985,4676,9827,5607,260

10,2009,600

881785

785691821855886904

1,022903829860779

837812

817840835865875870905908868871893

3,3053 8264,7885,6596,3756,9838,4499,474

837949

740749843901904871946906797850877

523578

473572526520578575510578551485577

3,9644,4994,9635,7505,5245,5416,2816,602

575887

361428471490596566487575523533633

Repayments

3,1913,241

3,2953,2573,2563,2843,3143,3393,3833 3423,4203,3583,395

15,51418,44522,98525,40527,95630,48833,64937,194

3,1943,237

3,3493,0563,3113,3323,3763,2243,4773,3693,2763,4563,347

1,1201,168

1.177I 1631,141I 1551,170I 1961,189

1971,2301,2001,208

5,6336,7768,3859,370

10,62511,46912,30413 320

1,1161,144

1,1981 0841,1381,1871,2001 1531,2421 2211,1901,2261,182

760769

823793791801817805832796808820795

3,3634,3315,5245,9256,3447,0437,9018,943

779760

808733808799814780846814796873800

754758

767756778792804799817817815809838

3,0113,4044,3855,0125,6836,5117,5538 603

756826

758697790806818776844806765817826

557546

528545546536523539545532567529554

3,5073,9344,6915,0985,3045,4655,8916 328

543507

585542575540544515545528525540539

Change in outstanding credit2

+321+210

+ 180+249+ 167+ 185+219+207+215+248+ 124+ 183+ 163

+2 594+ 3,113

+591+ 4,109+ 3,602

+563+ 5,390+ 2 869

+255+ 587

-259- 8 0+ 36

+262+ 372+450+ 360+ 335+ 112+89+92

+ 109+80

+26+ 100

+68+ 168+79+74

+ 148+ 88+60

+ 144+45

+910+ 1,359

— 27+ 1,753+ 1,474

— 202+ 1,805+ 1,106

+40+ 59

- 6 9+24+74

+245+ 162+ 180+ 185+99+49+93- 3 2

+ 163+44

+ 84+ 38+62+44+ 14+26+ 59+23+27+ 38+40

+933+767

— 57+ 1,057+ 1,216

+217+2,299

+657

+ 102+25

- 2 3- 4 2+ 13+56+72

+ 124+ 176

+89

±K- 2 1

+ 83+ 54

+ 50+84+57+73+71+71+ 88+91+53+62+55

+294+422+403+647+692+472+896+871

+ 81+ 123

- 1 8+ 52+ 53+95+86+95

+ 102+ 100+ 32+ 33+51

- 3 4+ 32

+20+27- 2 0

-100+55+36- 8 0+46- 1 6- 6 1+23

+457+565+272+652+220+76

+ 390+235

+ 32+ 380

-149- 1 1 4- 1 0 4- 1 3 4+52+51

-103+47

- 2 4+94

1 Data on extensions and repayments for commercial banks and retailoutlets have been adjusted to avoid duplications resulting from largetransfers of other consumer goods paper. As a result, the differencesbetween extensions and repayments for these institutions do not equal thechanges in outstanding credit.

2 Obtained by subtracting instalment credit repaid from instalmentcredit extended, except as indicated in note 1.

NOTE.—Monthly figures for 1940-1954 are shown on pp. 1043-1054of the BULLETIN for October 1956; for 1955-1956, in the BULLETIN forDecember 1957, pp. 1420-1422.

A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shownin the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain other trans-actions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.


68 BUSINESS ACTIVITY

SELECTED BUSINESS INDEXES

[Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Yearor month

Industrial production(physical volume)*

Total

Ad-justed

Unad-justed

Manufactures

Total

Ad-justed

Du-rable

Ad-justed

Non-du-

rable

Ad-justed

Min-erals

Ad-justed

Constructioncontracts

awarded (value)1

Total

Ad-justed

Resi-den-tial

Ad-justed

Allother

Ad-justed

Employment and payrolls2

Non-agri-cul-turalem-

ploy-ment

Ad-justed

Manufacturingproduction workers

Employ-ment

Ad-justed

Unad-justed

Pay-rolls

Unad-justed

Freightcar-

load-ings*

Ad-justed

Departmentstoresales*(retailvalue)

Ad-justed

Con-sumerprices2

Unad-justed

Whole-salescom-

modityprices2

Unad-justed

1919.1920.1921.1922.1923.1924.1925.

1926.1927.1928.1929.1930.

1931.1932.1933.1934.1935.

1936.1937.1938.1939.1940.

1941.1942.1943.1944.1945.

1946.1947.1948.1949.1950.

1951.1952.1953.1954.1955.1956.1957.

39413139474449

5151535949

4031374047

5661485867

87106127125107

9010010497112

120124134125139143

^143

110133130110

9010010397113

121125136127140144

P144

38422437474349

5249536045

3119243038

4955354963

91126162159123

8610110495116

128136153137155159

37363440444246

4850515651

4842484955

6164576669

84931039996

959910299111

114114118116126129

45534245625759

6364636859

5142485155

6371626876

8184879392

9110010694105

115114116111122129

2*128

34343043455166

6969736349

3415141720

3032353944

6689372236

8284102113159

171183192215261268

2618241495775

7371765230

2287713

2225273743

5449241016

878698116185

170183178232280271

39453243424659

6768707062

4120182425

3536404044

74116453050

7983105111142

172183201204248266

6161.955.258646365.2

67.567.967.971.066.6

60.353.453.658.861.3

65.870.266.169.373.3

82.890.996.395.091.5

94.499.4101.699.0102.3

108.2110.4113.6110.7114.4118.6

1956

Dec..

1957

Jan...Feb..Mar..Apr..May.June.July..Aug..Sept..Oct..Nov..Dec.

147

146146145143143144144145144141139

144

145148148144143145135145145145141

^134

149

147148147145145146146147146142140

167

164164162160159162161162159154153

130

131131131129130130130131132130128

P127

130

131133133130130127127129129'128123

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

311

297323281286259267252246251262

n.a.n.a.

120.1

120.0120.2120.1120.2120.5120.6120.7120.8120.4120.0119.4

^118.6

107.5

107.0106.4106.0105.9105.7105.3104.9104.4103.3102.8102.0100.5

68.769.052.858.466.962.64.2

65.564.164.268.359.5

50.242.647.255.158.8

63.970.59.666.271.2

87.9103.9121.4118.1104.0

97.9103.4102.893.899.6

106.4106.3111.8101.8105.6106.7

^104.5

107.9

106.3106.0105.8104.8104.2104.7103.4105.3105.0104.2102.8

31.137.124.025.732.630.432.1

33.032.432.835.028.3

21.514.815.920.423.5

27.232.625.329.934.0

49.372.299.0

102.887.8

81.297.7

105.197.2

111.7

129.8136.6151.4137.7152.9161.4

!162.7

171.4

165.5165.0164.3161.5161.0163.8160.5164.7164.7162.6161.1158.1

90988392107105110

11511111211599

7959626769

8184677683

98104104106102

1001081048897

101959686959790

100

27323030343436

3737373835

3224242729

3235323537

4449566270

909810499107

112114118118128135

137

133136137131135138138144136129

*>134e139

74.085.776.471.672.973.175.0

75.674.273.373.371.4

65.058.455.357.258.7

59.361.460.359.459.9

62.969.774.075.276.9

83.495.5

102.8101.8102.8

111.0113.5114.4114.8114.5116.2

118.0

118.2118.7118.9119.3119.6120.2120.8121.0121.1121.1121.6121.6

65.062.062.961.956.1

47.442.142.848.752.0

52.556.151.150.151.1

56.864.267.067.668.8

78.796.4

104.499.2

103.1

114.8111.6110.1110.3110.7114.3

116.3

116.9117.0116.9117.2117.1117.4118.2118.4118.0117.8118.1

P118.4

• Estimated. *» Preliminary. r Revised,n.a. Not available.* Average per working day.l Three-month moving average, based on F. W. Dodge Corporation

data. A description of the index may be obtained from the Division ofResearch and Statistics.

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 person-nel in the armed forces. The consumer price index is the revised series,reflecting, beginning January 1953, the inclusion of some new series andrevised weights; prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes converted to the base 1947-49= 100.


PRODUCTION 69

INDUSTRIAL PRODUCTION

[Federal Reserve indexes, 1947-49 average= 100]

Industry

1947-49pro-por-tion

100.00

90.02

45.17

6.70

28.525.7313.689.044.647.544.802.741.29

5.912.823.09

4.041.642.40

44.85

11.876.325.55

3.201.471.73

8.933.465.471.853.62

9.346.842.542.50

11.5110.738.492.24.78

9.98

8.352.68.36

2.325.674.12.70

1.63.82.81

Annualaverage

1955

139

140

155

140

165134155135194203153272149

138149127

132119141

126

109107113

122143105

137152127128127

159167184135

109109109107105

122

123804885143131177

120110130

1956

143

144

159

138

172135171153207199125310166

140158123

135122144

129

108104112

117133104

145159136132138

167177196141

112113113112107

129

129855590150137191

127114141

1956

Nov.

146

147

165

146

180139175155214216137336172

138157119

134119144

129

105103108

114126104

147160139132142

168177195143

113114113115109

130

129875791149137191

135128142

Dec.

147

149

167

145

183141177157216223143344173

136158117

134120144

130

106103110

118137102

147157140133144

170179199145

113114113117107

130

130805784153141189

134127141

1957

Jan.

146

147

164

-143

180137173154208-•222

139'348173

133155114

131118140

131

104100109

122145102

148159141135145

174184205147

111111111113112

131

131825786154142196

131120142

Feb.

146

148

164

143

180138172155204••225140

r353174

133155113

129118136

131

105101110

124145106

147157141132146

172183205143

113113113111116

133

133875293154144198

132122142

Mar.

145

147

762

137

179137172155204222135355173

132155111

130118137

131

105101111

123142107

147157141132145

171182202141

113113113115111

133

133924899152144198

132121143

Apr.

143

145

760

134

176140166151196217126356172

133155113

132121140

729

10499109

118131106

147156141128147

172183204142

110110111108109

130

130874993151139202

129118140

May

143

145

759

132

175136168152199213124349171

136158115

132121139

130

10598113

115130M03

148158142132147

174185206142

HI111111111110

130

130824988153141204

127113142

June

144

146

762

132

777139171151209215127350171

140157125

133121142

730

106100113

116129106

148159141132146

170182198138

112112112115111

127

127866090146136194

130119142

July

144

146

767

132

777141173152214210123'342173

134155114

134124141

730

10497113

777133103

146156140129146

775185205139

774114115!08114

127

727833790147134195

127112143

Aug.

145

147

762

136

777140173152213209127333175

139160120

135122144

737

70599111

123144105

149163141129146

174186204141

113113113112110

129

r128

845489

M49134198

132118145

Sept.

144

146

759

131

174140170151207205123329174

135159114

136121146

732

707101113

779137103

149161142131147

174185207143

113113113112113

129

129824788151136196

757119144

Oct.

141

142

754

'128

r!68136162146194

r200M18324170

757153110

757119'139

730

70597110

777136101

149M61142130

r148

r173M85206139

'777111111111109

'128

r128804485151136

P199

128'114142

SEASONALLY ADJUSTED

INDUSTRIAL PRODUCTION—TOTAL.

MANUFACTURES—TOTAL

Durable Manufactures—Total

Primary metals

Metal fabricatingFabricated metal productsMachinery

Nonelectrical machineryElectrical machinery

Transportation equipmentAutos, trucks, and partsOther transportation equipment

Instruments and related products

Clay, glass, and lumber productsStone, clay, and glass productsLumber and products

Furniture and misc. manufacturesFurniture and fixturesMiscellaneous manufactures

Nondurable Manufactures—Total....

Textiles and apparelTextile mill productsApparel and allied products

Rubber and leather productsRubber productsLeather and products

Paper and printingPaper and allied productsPrinting and publishing

Newsprint consumptionJob printing and periodicals

Chemical and petroleum productsChemicals and allied products. •

Industrial chemicalsPetroleum and coal products

Foods, beverages, and tobaccoFood and beverage m a n u f a c t u r e s . . . . . . .

Food manufacturesBeverages

Tobacco manufactures

M I N E R A L S — T O T A L

Mineral fuelsCoal

AnthraciteBituminous coal

Crude oil and natural gasCrude oilNatural gas and gas liquids

Metal, stone, and earth minerals ,Metal miningStone and earth minerals

139

140

753

121

169139161142199201130305171

128150108

128115137

128

9994104

777132

148162140128146

777184203

^135

777

110

123

725774482

124

i39*

Preliminary. ••Revised. For other notes see end of table.


70 PRODUCTION

INDUSTRIAL PRODUCTION—Continued


Industry1947-49

pro-por-tion

Annualaverage

1955 1956

1956

Nov. Dec

1957

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTION—TOTAL.

MANUFACTURES—TOTAL....

Durable Manufactures—Total

Primary metalsFerrous metals

Pig iron and steel.Pig ironSteel

Carbon steel..Alloy steel. . .

Ferrous castings and forgings.Iron and steel castingsSteel forgings

Nonferrous metalsPrimary nonferrous metals.

Copper smeltingCopper refining

Zinc.Aluminum.

Secondary nonferrous metals. . .Nonferrous shapes and castings.

Copper mill shapesAluminum mill shapesNonferrous castings

Metal Fabricating.

Fabricated metal productsStr uctural metal partsStampings and misc. metal products.Tin cansFurnaces, gas ranges, and heaters. . .

Machinery.

Nonelectrical machineryFarm and industrial machinery

Farm machineryIndustrial and commercial machinery.

Machine tools and pressesLaundry and refrigeration appliances. . .

Electrical machineryElectrical apparatus and parts.Radio and television sets

Transportation equipment. .Autos, trucks, and parts.

AutosTrucks

Light trucksMedium trucksHeavy trucksTruck trailers

Auto and truck parts..

Other transportation equipment.Aircraft and partsShipbuilding and repairRailroad equipment

Railroad cars

Instruments and related products

Clay, Glass, and Lumber Products.

Stone, clay, and glass productsGlass and pottery products

Flat glass and vitreous productsFlat and other glass

Glass containersHome glassware and pottery

CementStructural clay products

BrickClay firebrick, pipe, and tile.

Concrete and plaster productsMisc. stone and earth manufactures.

100.00

90.02

45.17

6.705.033.51

.373.052.62

.43

1.521.29

.23

1.67.38.09.06.04.10.09

.131.16

.63

.20

.33

28.52

5.732.682.12

.30

.63

13.68

9.048.131.027.11

.68

.69

4.643.23

.74

7.544.801.50

.66

.22

.19

.14

.072.58

2.741.30.81.53.35

1.29

5.91

2.821.09

.60

.47

.26

.23

.32

.35

.12

.20

.48

.58

139

140

155

140138144134146141171

124123133

143153122123103120261

123142114208156

165

134136130142111

155

13513091135163144

194174242

20315319011511469172183141

27248111542

30

149

138

14913415515612691148127131127

180166

143

144

159

138135142131143139167

119117126

144164133132115123280

118140115215146

172

135141125151110

171

15314786156197168

207198224

1991251381129258

218167121

31054811863

54

166

14015814016416513287

157137134142

194173

147

149

166

146146158147159156181

118118120

143169127135116130295

116138116196146

181

13814913210098

178

15215077160201137

227211271

21813916410210043195133135

33660111868

64

174

138

16114717417713592157136131141

192177

144

146

166

142145157149158156170

118117121

133170129128120134292

10812398175141

183

13915213410582

178

15815582165209155

217214218

2251441771019245207121136

3486191267573

175

129

15614317317711496

126106142

187180

145

146

164

146147159148160157178

118117126

143170135137113128289

116138111203150

181

13614813011384

175

15815386163203152

208210188

141174989742182134134

351624-1287877

173

125

14814316717112798

11312094140

173174

148

149

167

148149159149160159167

124122133

148167139146118133259

125144121200156

185

138149130116103

177

16015489164204175

210210201

23114817811311057

200156140

35663013084

86

174

131

15114516616813410211612096139

177177

148

150

166

144144154147154152163

122119137

142'167132141116132267

120137105206157

184

138149129127101

177

16115492163202190

208208196

22814217110910552193162134

35963313288

98

174

132

153144164166138100133121101138

181177

144

146

163

140138148144147146151

115113124

145175140146129137283

118138113213141

179

14014812619098

169

15715290161198164

194204159

22213515512010769

224154127

356630'13281

86

174

135

155141160163132100145129119138

185176

143

144

159

135133143141142141149

109108116

139171131148115133285

110132107215131

174

13614912412295

166

15414987158193158

189200153

21312714411310060

215148121

34560813476

81

171

137

15814115916113797161130122138

194177

145

146

162

136134141139140141136

119117126

142167134136110128280

108138114211140

176

139152124149104

168

15314885157188160

197200180

21613015611910862

228156118

34760613684

171

144

15913915716014485

161133123143

200177

135

136

150

118118130136128129123

909089

117157114125104118279

8610772

214109

r166

13414911816381

158

14614382152179129

182194143

2031141341039452

208109106

r339597r13173

71

168

127

15013214915113778119134122145

198173

145

146

159

128127135137134133137

106107103

132160122126107115282

106125105192125

173

141152121205105

166

14314179149176119

211194256

2061231481039548195146113

33358812869

84

172

143

16314215615915491185137129145

201175

145

147

159

128126136139134134132

105104110

134153120119116110263

114130108200131

172

144155122195122

171

14814282151176159

217197269

19010084846729184136114

32957412683

85

174

141

16214116316713890187134123144

198175

145

147

157

129126135132134132143

106105107

138156126128115113263

118134111199140

141154124146116

168

P14413881

147165149

217192282

194

no88'92934616112212732156412374

76

172

139

161144165170143r 9 2

177134126143

193173

141

143

155

121118126121126125132

98

127158124130112113274

11898170

138154125114

163

13913476142157142

211192260

2071401719911547157116

30553611971

72

173

128153140163168128

130

i38

181167

Revised. For other notes see end of table.


PRODUCTION 71



Industry947-49pro-por-tion

Annualaverage

1955 1956

1956

Nov. Dec.

1957



—Continued

Lumber and productsLumber ,Millwork and plywood.

MillworkSoftwood plywood...

Wood containers

Furniture and Misc. Manufacturing.

Furniture and fixturesHousehold furnitureFixtures and office furniture.

Miscellaneous manufactures

Nondurable Manufactures—Total.

Textiles and Apparel

Textile mill productsCotton and synthetic fabrics.

Cotton consumptionSynthetic fabricsFabric finishing

Wool textilesWool apparel yarns.Wool fabrics

Knit goodsHosiery

Full-fashioned hosiery.Seamless hosiery

Knit garments

Floor coverings i.Woven carpets.

Apparel and allied products...Men's outerwear

Men's suits and coats. . . .Men's suitsMen's outercoats

Shirts and work clothing.

Women's outerwearWomen's suits and coats.

Misc. apparel and allied mfrs . . . .

Rubber and Leather Products .

Rubber productsTires and tubes

Auto tiresTruck and bus tires

Miscellaneous rubber products.

Leather and products. . .Leather

Cattlehide leathers.Skin leathers

Shoes and slippers *Miscellaneous leather products.

Paper and Printing.

Paper and allied productsPulp and paper

Wood pulpPaper and board

Printing paperFine paperCoarse paperMiscellaneous paperPaperboardBuilding paper and board.

3.092.05.60.39.12.29

4.04

1.641.10.54

2.40

44.85

11.87

6.323.722.30.97.45

.97

.16

.75

1.15.65.45.20.50

12711219714428490

132

119120115

141

126

109

107113103137100

798578

11010611099115

12310718912130191

135

122121122

144

129

108

10410810211898

868886

10810010296119

117101181103310

138

111123122

150

132

106

10510910411990

867690

10910198107119

104911558227790

137

125125126

145

125

100

991049312399

787779

99909090110

1048916790295

128

118116121

136

128

106

1011089912987

748072

100989897102

1129818110530686

130

119118121

137

131

112

105111101129102

818580

105103104101108

11210017010228286

131

119119121

139

133

115

106111102123110

798578

10910610997113

11710019110733087

129

117117118

137

128

104

991039511787

788277

102929193116

11899196110339

128

115114118

137

129

106

10010699110107

818979

102898795118

131110219146339

130

118117119

139

130

104

10010396110100

87

1069287103124

1058816810127783

125

116115118

131

122

89

83857510962

677167

96766990122

12510620914431483

136

124124123

144

133

107

1001049811191

828681

1099588111127

12110320513232783

140

125125124

150

135

105

1011059711991

797980

1099587113127

1199820712434482

138

124125120

148

136

r103

991049711882

716674

1089688118123

.48

.31

5.551.78.73.50.13.99

1.85.76

1.92

3.20

1.47.70.40.30.77

1.73.44.29.15

79

113111929077123

116134

111

122

143131140120154

105929979

83

112110959378118

112128

113

117

133121123119144

104919976

78

10898909257101

107128

119

113

129108113101147

1009010070

79

1019689935398

89101

117

112

132122130110

86

11311910711451126

108131

112

123

141126136111166

102899872

92

1191119510050121

130

157

117

130148136150117159

11599108

91

12611310110463120

148169

118

130

148134151111161

1159510381

85

11099889060104

119102

111

119

135121135103147

106899676

69

11211010210085113

11596

110

114

133125137108140

98889475

64

109102918878108

111

127

112

117132123136105141

1059710777

101130

112

101

11210912291114

92748258

68

115108979390113

118148

119

123

135120131105150

1129210372

75

11097787765109

109

133

121

121139124135110153

105879769

r59

10996737351111

108134

121

123

145129139117160

1049110171

.90

.39

Converted paper products..Shipping containersSanitary paper products.

8.93

3.461.76.51

1.25.22.14.20.18.41.10

1.70.51.11

99

137

152149169140127133129158149137

156155158

97

145

159157179148140145136170155131

162159170

97

151

162159183149146146138174155118

165161173

95

143

14514216013513513812315913994

148144158

90

144

157158182149140140139184154118

156148179

96

147

161160181151139147139189155128

163156183

96

151

163159181150137152131186158120

167163177

90

150

161159182150136147131192155126

163155184

87

149

158157182147136143125182157124

160155174

92

148

161155175147136142123184154127

166160183

92

136

139132152124121107102160128118

147141163

100

147

165157181147132139127175158134

173172175

98

151

163153172146125145124171160134

173170178

156

170163187154135143135185166141

177168r204

1068917810030778

133

119121114

142

131

101

971049711691

656665

1039288104116

10694727639107

102

123

119

116135119124112149

152

164156182146132139130173157122

171167184

r Revised. For other notes see end of table.


72 PRODUCTION



Industry1947-49

pro-por-tion

Annualaverage

1955 1956

1956

Nov. Dec.

1957



—Continued

Printing and publishingNewsprint consumptionJob printing and periodicals.

Chemical and Petroleum Products.

Chemicals and allied productsIndustrial chemicals

Basic inorganic chemicalsIndustrial organic chemicals

Plastics materialsSynthetic rubberSynthetic fibersMiscellaneous organic chemicals.

Vegetable and animal oils.Vegetable oilsGrease and tallow

Soap and allied products.PaintsFertilizers

Petroleum and coal products.Petroleum refining

GasolineAutomotive gasoline..Aviation gasoline. . . .

Fuel oilDistillate fuel oil.Residual fuel oil.

KeroseneLubricating oil. . .

CokeAsphalt roofing and siding.

Foods, Beverages, and Tobacco.

Food and beverage manufactures.Food manufactures

Meat productsBeefPork

Dairy productsButterNatural cheeseConcentrated milk.Ice cream

Canned and frozen foods.Grain-mill products

Wheat flourCereals and feeds

Bakery products.Sugar

Cane sugarBeet sugar

ConfectioneryMiscellaneous food preparations.

BeveragesBottled soft drinks. .Alcoholic beverages.

Beer and aleLiquor distilling. .Liquor bottling...

Tobacco manufactures.CigarettesCigars

5.471.853.62

9.34

6.842.54

.571.97

.24

.11

.591.03

.64

.48

.16

.71

.66

.23

2.501.971.04

.98

.06

.56

.30

.26

.10

.17

.26

.15

11.51

10.738.491.48

.46

.83

.69

.14

.07

.19

.28

1.131.16

.46

.70

1.64.27.11.13

.711.41

2.24.54

1.701.02

.17

.37

.78

.46

.17

127128127

159

167184180186242213186169

124117145

110125125

135142152147233

13817594

107114

104110

109

109109128142116

10710511697109

11810583119

97115113111

101106

107

136132138

167

111196189197256236181189

132124158

111124129

141150159153254

14719395

111119

102104

112

113113133151119

110107117101112

13310184113

98122116121

107105

112

144145144

171

181199191201274222189189

157154167

108123112

143152160155251

14919597

126122

109

84

116

1111191481541408583937190

1169987107

100296100459

130105

110

142131147

171

181199193200247242187193

143139157

110123120

145158165159260

161210105

124116

11049

106108138149127

8696967780

989988107

99222102320

91102

98

136123143

175

184205198208263243205193

147143159

120122125

148160164158263

170225108

120118

110

77

102

101104139163121911021008582

8710092105

958510265

113101

90

139128144

175

186207208207277238202191

152143181

117121135

145154157153242

164216104

116114

11094

103104133151117

1021091079697

8410092106

96579620

123103

97

144137147

174

186206206206280242196190

134129150

128120166

139149156150254

15119799

109116

73

705

105104131144117

109117115105101

829990106

9654107

119103

110

143137146

172

184206210205275219203188

121113146

113122181

137145154149247

14318793

93126

10792

104

104102123139108

122122135128109

899582104

986011013

96102

110

142140144

172

184206209205278245198188

116103155

115122172

139148161155255

14319090

89122

10880

108

107104124148104

140139161151122

919781108

996811721

84106

119

140132144

168

179200197201266225189191

10994154

104125119

139147162156258

14218890

83

107104

116

11611112014897

151145165142149

1119887105

1028814038

95

137

134112144

165

174194189196240209191188

10795142

126104

139146161155260

141185

111

106107

115

11511411615091

134113137114151

1639778110

1047412227

81113

121

136116146

171

181200196201269241197184

113100153

115125108

144152168163265

14419189

112

106

122

12212311815094

1209711997141

21210588116

1038012338

103113

119

144133150

174

185205203206283252203184

120110151

115122119

144152170166233

14218890

90108

106119

127

128131130154109

1018710578117

23010794116

102117125105

155113

116

146140150

176

190208209208300274208'179

150148159

119'122

139145162157242

13718186

87107

103121

124126140156124

91881007796

'15710492113

101262108390

147'111

119

10210177109

105109104

10510178119

107111104

1098092175

111114113

938480115

879283

86887981

110117101

938685105

114119112

10510486111

111115110

1021088195

104109102

1071168097

113121104

12212965127

121129111

1041263384

10211481

10010946101

120126115

10695106125

118123116

11587135158

119122121

145140147

174

188207205208

282*206181

149147156

110115115

H58

2*136

114116133140122

8587927384

10810089107

101

132109

Preliminary. r Revised. For other notes see end of table.


PRODUCTION 73


[Federal Reserve indexes, 1947-49 average = 100]

Industry

1947-49pro-por-tion

Annualaverage

1955 1956

1956

Nov. Dec.

1957



—Continued

MINERALS—TOTAL

Mineral Fuels

CoalAnthraciteBituminous coal

Crude oil and natural gasOil and gas extraction

Crude oilNatural gas and gas liquids

Natural gasNatural gas liquids

Oil and gas well drilling

Metal, Stone, and Earth Minerals

Metal miningIron oreNonferrous metal mining

Copper miningLead miningZinc mining

Stone and earth minerals

9.98

8.35

2.68.36

2.32

5.674.824.12.70.34.36.85

1.63

.82

.33

.49

.24

.09

.06

.81

122

123

4885

143137131177185169175

120

1101131081238481

130

129

129

855590

150145137191199182180

127

1141041201368887

141

130

130

905995

149146137197209186170

129

11410911813287

144

129

132

835587

155150141202214191181

116

94621151298386

138

130

135

855790

158154143214240190182

109

91491201338992

128

131

135

875293

157157147214235194160

113

98501301459696

129

131

134

884395

156156148206225189151

114

95481271419498

133

131

132

834689

155153145200214188168

124

111871261409499

137

132

130

825087

153150143194202186168

140

1351591181338886

145

130

127

886492

145143136184192177156

149

1501931221398590

148

123

119

653271

145139132181196167179

143

1371811081217978

149

130

r126

865292

145138130186194179185

146

1391821101248177

154

130

r127

865291

147140132188196180185

144

1371721131327968

152

129

127

874993

146140131

182177

137

1241431101258372

151

123

124

804685

P144

120

141

P Preliminary. ' Revised.1 Publication suspended pending revision.NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271.

are included in major group totals but not in individual indexes for autos,farm machinery, and some other products, as discussed in the BULLETINf D b 1953 12691271

gp gpnot published separately, and metal fabricating contains the ordnance

i ddii th h C i f b i l

r Decembe 1953, pp. 1 6 7 1 .For description and back figures, see BULLETIN for December 1953

12471293 d 12981328 i lgroup in addition to the groups shown. Certain types of combat materiel 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

Nonresidential . . .

ElectricityResidentialIndustrial .

General industrial .Atomic energy

Commercial and other

GasResidentialIndustrialCommercial and other

1947_49pro-

tion

100.0041.3458.66

76.1827.4823 6823.49

.1925.02

23.8213.866.163.80

Annualaverage

1955

199217187

199224190

1742221

180

200203201185

1956

218241201

218250206186

2697194

218223218197

1956

Nov.

222244206

223257212192

2670197

218220229194

Dec.

223246207

224258211191

2720199

219221228197

Jan.

225248210

227260213193

2740204

220223225203

Feb.

227252209

229266211191

2720205

221224222205

Mar.

226252207

227266209188

2750202

221

to to

toO

to to

Apr.

'227'252209

228263214193

2790203

'222'229215209

May

229'255211

231267215194

2880207

'224'231'215210

1957

June

232'259'213

234274214193

2790210

'225'231'221212

July

236262217

239280217198

2560215

225228228212

Aug.

236265217

240284217198

2530214

225226231213

Sept.

234261214

237280215196

2580210

224225229214

Oct.

^230

233274213194

2610206

^223

Nov.

vTV

Preliminary. r Revised.

NOTE.—For description and back figures see BULLETIN for October

1956 pp. 1055-1069. Indexes without seasonal adjustment may be ob-tained from the Division of Research and Statistics.


74 PRODUCTION

OUTPUT OF CONSUMER DURABLE GOODS[Federal Reserve indexes, 1947-49 average= 100]

Product

1947-49pro-por-tion

Annualaverage

1955 1956

1956

Nov. Dec.

1957

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov,

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL.Major Durables

AutosMajor household goods

Furniture and floor coverings.Household furnitureFloor coverings1

Appliances and heatersMajor appliances

RangesRefrigeration appliances. .Laundry appliances

Heating apparatusRadio and television sets

Radio setsTelevision sets

Other Consumer DurablesAuto parts and tiresMisc. home and personal goods.


CONSUMER DURABLES—TOTAL.Major Durables

AutosMajor household goods

Furniture and floor coverings.Household furnitureFloor coveringsi

Appliances and heatersMajor appliances

RangesRefrigeration appliances.Laundry appliances

Heating apparatusRadio and television sets

Radio setsTelevision sets

Other Consumer DurablesAuto parts and tiresMisc. home and personal goods.

100.00

69.7232.1036.1315.3211.314.01

147

164190144116120

131

140138144117121

132

143152136114118

141

154168143115121

137

147169130114119

138

149167134113117

134

144159132113118

124

131141124114120

124

131139126112118

129

137144133113121

129

137134142118123

133

141145138116124

129

134129140115122

121

125118134'110••119

15.6011.882.604.982.513.725.213.421.79

30.2814.0016.28

100.00

69.7232.1036.1315.3211.314.01

13814410015119312024277558

106102109

147

164190144116120

14315110315021611822470519

111105116

131

140138144117121

1301388513621110221874493

109102115

139

151164141117123

14415610415123310821875491

113109117

141

154177137118125

1281369512820910518171392

114112116

137

149174129113116

13714410315318311418981395

114114113

143

157178140116118

13314010015117711118580388

111112110

142

155171143116119

1191218813613311016775343

109104113

130

140155128113117

1191248513815210418667413

108103112

124

131144122108114

1231278513516710822669524

108104112

131

140156129110117

1261327714018210925965628

111110112

116

121134110105115

123133841401829224868591

114111117

132

139148133115124

1341448514621210223788521

116112119

119

11884150119125

1291398514320310021583

468

112109114

119

11988

147'116'125

15.6011.882.604.982.513.725.213.421.79

30.2814.0016.28

13814410015119312024277558

106102109

14315110315021611822470519

111105116

1221278210323010427091611

112101121

128141941282298521792456

110103117

125137941312078818873408

110109111

14415811616220810020183

427

112110114

15116611418819510419684

411

111107114

13114092

17314010315972

326

107101112

12513382

16314499

15367

318

106103109

13113688

16415011418057

414

108107108

10510859

13012694

14340

339

106109104

10910977

102164109256

62627

116114117

14114493

133229134268

81625

121120121

13313690

119229122282101627

120118122

133

143154134111116

189

209*88

441

111

141

153171138113121

206

259*108547

114

iio*

r Revised1 Publication suspended pending revision.NOTE.—For a description of these indexes, see BULLETIN for May 1954,

pp. 438-447.

Individual indexes without seasonal adjustment for woven carpets,appliances, heating apparatus, radio sets, and television sets may beobtained 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]

Year or month Total

Private

Total Resi-dential

Business

Total Indus-trial

Com-mercial

Publicutility

Othernon-resi-den-tial

Public

Total Mili-tary

High-way

Con-serva-tion

Allother

19501951195219531954195519561957*

1956—Dec..

1957__jan...Feb.. .Mar..Apr..May.June.July..Aug..Sept..Oct.p.Nov.*

29,95532,73934,75037,11839,60144,58146,06047,255

3,904

3,9223,8613,9123,9063,9053,9003,8333,9423,9794,0644,0434,051

22,95423,32023,84925,72427,67932,62033,24233,313

2,799

2,7362,7402,7522,7542,7512,7422,7392,7872,7902,8332,8432,854

14,10012,52912,84213,77715,37918,70517,63216,571

1,460

1,4111,3911,3831,3611,3211,3241,3491,3771,3881,4141,4341,444

5,6807,2177,4608,4368,52610,16011,82812,562

1,009

9911,0091,0251,0441,0791,0651,0501,0561,0501,0691,0551,054

1,0622,1172,3202,2292,0302,3993,0843,162

269

264270274277278273265266257251246243

1,2881,3711,1371,7912,2123,2183,6313,570

305

292283292295304303293297298308306303

3,3303,7294,0034,4164,2844,5435,1135,830

435

435456459472497489492493495510503508

3,1743,5743,5473,5113,7743,7553,7824,180

330

334340344349351353340354352350354356

7,0019,41910,90111,39411,92211,96112,81813,942

1,105

1,1861,1211,1601,1521,1541,1581,0941,1551,1891,2311,2001,197

177887

1,3881,3071,0301,3131,3951,275

111

1151051049810599104117111111103100

2,2722,5182,8203,1603,8704,0504,4704,840

369

441406434407401406366374392429427423

942912900892773701826975

72

707371767879809092948579

3,6105,1025,7936,0356,2495,8976,1276,852

553

560537551571570574544574594597585595

Preliminary.


PRODUCTION 75

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]

Year or month

194919501951. . .19521953195419551956

1956 NovDec

1957_j a nFebMarAprMay

JulyAugSeptOctNov

Total

10 35914,50115,75116,77517,44319,77023,745

124,628

1,7571,659

1 7781,7182 4482,1512,6742,4242,3012 2752,1251 9741,876

By type ofownership

Public

3 7184 4096,1226 7116,3346 5587,4758,036

582737

679664757652

1,029930791619673587

Private

6 64110,0929,629

10,06411,10913,21216,270

116,592

1,175922

1 099J .053

690,499,645

1,494,510

1,6561,452

187

By type of construction

Resi-dential

building

4 2396,7416,2056,6686,4798,518

10,185H0,042

693533

612676861966

1,020887

1,0671 035

918913737

Nonresidential building

Fac-tories

5591,1422,8832,5582,0511,2741,8781,918

130104

197167182118129221115159123145124

Com-mercial

8851,208

915979

1,4891,8152,359

12,581

226170

211175303180246279236267262200229

Educa-tional

8241,1801,3351,4721,7202,0632,1342,314

199200

184178222165244232173206192214202

Other

1,3761,6511,6891,6861,6951,9582,126

12,193

174149

170167208162247268221191220177175

Publicworksand

publicutilities

2,4762,5782,7233,4124,0084,1425,0635,580

335502

405354670559788537487417409325409

i Figure not comparable with earlier years.

CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS

[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]

Month

1956—SeptOctNov

1957_SeptOct . .Nov

Alldis-

tricts

2,5752,4432,377

2,6252,6142,371

Federal Reserve district

Boston

142115113

119136105

NewYork

303328329

364307383

Phila-delphia

1139490

14210383

Cleve-land

258196182

240201226

Rich-mond

176179148

201204183

Atlanta

226224196

254266209

Chicago

424374348

392356339

St.Louis

11710086

10610384

Minne-apolis

1088990

1128967

KansasCity

164149184

166128132

Dallas

152141130

160148133

SanFran-cisco

393454481

370574426

PERMANENT NONFARM DWELLING UNITS STARTED

[Bureau of Labor Statistics estimates. In thousands of units]

Year or month

Totalprivate

(seasonallyadjusted

annual rate)

TotalMetro-politan

Non-metro-politanareas

Private

Total 1-family

2-family

Multi-family

Public

Government-underwritten!

Total F H A VA

1949.1950.1951.1952.1953.1954.1955.1956.1957.

1956—Dec..

1957—Jan...Feb..,Mar..Apr...May.June.July..Aug..Sept..Oct..,Nov..Dec..

1,020

962935933962994995

1,0151,0561,012

*l,000*l010

,025,396,091,127,104,220,329,118

64

6366879410310010010092

n.a.,022777795804897976780699

45

444759646869636862625342

n.a.374315332300324353338340

19

191929303531373230332520

9891,3521,0201,0691,0681,2021,3101,094P990

63

606379919795949790

7921,151892939933

1,0771,190981

3542404642343331

162159888494908782

53

505368798280818277

n.a.n.a.n.a.

223333333

n.a.n.a.n.a.

89101311101210

n.a.n.a.n.a.

3644715936192024

338265632PSP2P\

466686412421409583670463305

26

201924262729293029292420

360486264280252276277192177

11

81012121516171917201715

105200149141157307393271128

15

1210111312131212121065

9 Preliminary. n.a. Not available.1 Represents units started under commitments of FHA or VA to in-

sure or guarantee the mortgage. VA figures after June 1950 and all FHA

figures are based on filed office reports of first compliance inspections;earlier VA figures are estimates based on loans-closed information.


76 EMPLOYMENT

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

[Bureau of the Census estimates, without seasonal adjustment. In thousands of persons]

Year or month

1950 .1951195219531954195519561957 . .

1956—Dec

1957 Jan.2

FebMarAprMayJuneJulyAusSeptOctNovDec

Total non-institutionalpopulation

110,780111,924113,119115,095116,220117,388118,734120,445

119,481

119,614119,745119,899120,057120,199120,383120,579120,713120,842120,983121,109121,221

Totallaborforce

64,59965,83266,41067,36267,81868,89670,38770,746

69,855

68,63869,12869,56269,77170,71472,66173,05171,83371,04471,29970,79070,458

Civilian labor force

Total

63,09962,88462,96663,81564,46865,84867.53067 946

67,029

65,82166,31166,74666,95167,89369,84270,22868,99468,22568,51368,06167,770

Employed *

Total

59,95761,00561,29362,21361,23863,19364,97965,011

64,550

62,57863,19063,86564,26165,17866,50467,22166,38565,67466,00564,87364,396

In nonagricul-tural industries

52,45053,95154,48855,65154,73456,46458.39458,789

59,440

57,64357,99658,43158,50658,51958,97059,44959,56259,15659,16859,05759,012

Inagriculture

7,5077,0546,8056,5626,5046,7306,5856,222

5,110

4,9355,1955,4345,7556,6597,5347,7726,8236,5186,8375,8175,385

Unem-ployed

3,1421,8791,6731,6023,2302,6542,5512 936

2,479

3,2443,1212,8822,6902,7153,3373,0072,6092,5522,5083,1883,374

Not in thelabor force

46 18146,09246,71047,73248,40248,49248,34849 699

49,626

50,97350,61750,33750,28649,48547,72247,52848,88049,79749,68450,31850,763

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 jobbut not at work), are classified as unemployed, and a small group in schooland waiting to start new jobs (previously included as employed) are classi-fied as not in the labor force. December 1957 data comparable to Decem-

ber 1956 shown above are: Labor force, 70,480; employment—total 64,652;nonagricultural, 59,262; agricultural, 5,391; and unemployment, 3,140.

NOTE.—Information relating to persons 14 years of age and over isobtained through interviews of households on a sample basis. Monthlydata relate to the calendar week that contains the 12th day; annualdata are averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION

[Bureau of Labor Statistics. In thousands of persons]

Year or month

1950195119521953 . . . . .1954195519561957

SEASONALLY ADJUSTED

1956—Dec

1957_JanFebMarAprMay

July

SeptOct .NovDec


1956—Dec

1957_ JanFebMar

May

JulyAugSeptOctNovDec

Total

44,73847,34748,30349,68148,43150,05651.87852,539

52,54i

52,49352,57752,54752,59352,69852,77352,81552,84452,66252,46952,23751,895

53,639

51,71651,70451,91952,27052,48252,88152,60552,89153,15253,04352,80752,992

Manufac-turing

14,96716,10416,33417,23815,99516,56316,90516,795

17,106

17,05316,99516,96216,96516,94616,92416,88016,83616,68116,60416,47416,281

17,159

16,95916,94516,93316,82216,76216,85216,71016,95516,90516,78316,58116,333

Mining

889916885852777777816840

833

832833831841843854861853849837825816

837

832833831833835858857862853837829820

Contractconstruction

2,3332,6032,6342,6222,5932,7592,9933,025

3,074

2,9633,0203,0623,0593,0973,1083,0613,0323,0283,0132,9562,906

2,997

2,6672,6732,7562,9063,0823,2323,2753,3053,2853,2243,0592,833

Transporta-tion andpublic

utilities

3,9774,1664,1854,2214,0094,0624.1574,157

4,169

4,1884,1684,1684,1604,1594,1644,1684,1844,1754,1484,1124,076

4,194

4,1264,1204,1474,1534,1564,1814,1994,2154,2064,1594,1234,100

Trade

9,64510,01210,28110,52710,52010,84611,29211,548

11,408

11,46511,51911,49011,50111,54211,57911,63611,66911,62011,59011,57111,471

12,260

11,29811,22511,26511,42811,41111,50511,49311,49911,62011,66411,84512,324

Finance

1,8241,8921,9672,0382,1222,2192,3062,343

2,320

2,3162,3242,3222,3202,3292,3362,3432,3542,3612,3682,3682,365

2,308

2,2932,3012,3102,3202,3292,3592,3902,3892,3612,3562,3562,353

Service

5,0775,2645,4115,5385,6645,9166,2316,454

6,359

6,3666,4016,3816,4006,4246,4546,4926,4776,5086,4826,5156,545

6,295

6,2396,2736,3176,4326,5206,5516,5246,5096,5416,5476,5156,480

FederalState and

localgovernment

6,0266,3896,6096,6456,7516 9147,1787,377

7,272

7,3107,3177,3317,3477,3587,3547.3747,4397,4407,4277 4167,435

7 589

7 3027,3347 3607 3767,3877,3437.1577,1577 3817 4737,4997,749

NOTE.—Data include all full- and part-time employees who workedduring, or received pay for, the pay period ending nearest the 15th of themonth. Proprietors, self-employed persons, domestic servants, unpaid

family workers, and members of the armed forces are excluded. Figuresfor November and December 1957 and annual averages for 1957 are pre-liminary. Back data may be obtained from the Bureau of Labor Statistics.


EMPLOYMENT AND EARNINGS 77

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In thousands of persons]

Industry group

Seasonally adjusted

1956

Dec.

1957

Oct. Nov. Dec.

Without seasonal adjustment

1956

Dec.

1957

Oct. Nov. Dec.

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries.

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industries,Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products.

13,297

7,79083

641314465

1,129899

1.271882

1,478231397

5,5071,110

88934

1,077470558544176212338

12,717

7,35070

605311449

1,049885

1,190860

1,321222388

5,3671,054

78906

1,059465561527173208336

12,614

7,27268

589304444

1,028879

1,156840

1,364222378

5,3421,049

79884

1,067463560526173206335

12,431

7,12768

587301438999865

1,117809

1,362215366

5,3041,062

77873

1,047463557524170200331

13,350

7,82783

628320465

1,135908

1,277900

1,478233401

5,5231,076

93948

1,093472566547174216338

12,893

7,38970

623317456

1,049889

1,166869

1,321223405

5,5041,143

94906

1,075470567532173210334

12,719

7,31868

598312448

1,028888

1,144853

1,364223393

5,4011,074

86893

1,072468566529172209333

12,482

7,16068

575307438

1,004874

1,123825

1,362217370

5,3221,031

82886

1,063465565527168204331

NOTE.—Data covering production and related workers only (full- andpart-time) who worked during, or received pay for, the pay period endingnearest the 15th of the month. Figures for November and December 1957

are preliminary. Back data may be obtained from the Bureau of LaborStatistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In unit indicated]

Industry group

Average weekly earnings(dollars per week)

1956

Dec.

1957

Oct. Nov. Dec.

Average hours worked(per week)

1956

Dec.

1957

Oct. Nov. Dec.

Average hourly earnings(dollars per hour)

1956

Dec.

1957

Oct. Nov. Dec.

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries..

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industries..Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

84.05

91.3496.7069.2571.4582.81

100.9490.0996.7084.46

105.9584.8772.67

73.8477.7158.9060.3054.4585.5796.1989.86

105.3792.7457.30

82.56

88.7594.9673.9772.0484.8598.1890.3593.6781.9597.5785.3972.40

74.1077.9956.3059.0453.4988.1997.1591.84

110.0393.0357.04

82.92

88.9395.6071.5569.3084.2197.1690.3292.6682.95

101.7585.8172.25

74.3079.3856.9858.1453.1086.9495.8992.66

110.5792.9757.31

82.92

88.7095.9170.4170.7583.1695.6388.8094.7783.16

100.3085.7973.23

74.6979.9859.6658.2052.9587.1598.4393.52

110.5793.7358.19

41.0

41.942.639.841.341.241.242.142.641.243.641.040.6

39.740.939.840.236.343.039.141.641.041.437.7

39.5

39.839.940.240.740.638.540.740.239.439.539.940.0

39.040.238.339.135.942.438.441.040.640.136.8

39.3

39.740.039.139.640.138.140.539.639.540.740.139.7

38.740.537.038.535.441.837.941.040.539.936.5

39.3

39.640.338.940.239.637.840.040.539.639.839.939.8

38.940.638.038.835.341.938.641.240.540.437.3

2.05

2.182.271.741.732.012.452.142.272.052.432.071.79

1.861.901.481.501.501.992.462.162.572.241.52

2.09

2.232.381.841.772.092.552.222.332.082.472.141.81

1.901.941.471.511.492.082.532.242.712.321.55

2.11

2.242.391.831.752.102.552.232.342.102.502.141.82

1.921.961.541.511.502.082.532.262.732.331.57

2.11

2.242.381.811.762.102.532.222.342.102.522.151.84

1.921.971.571.501.502.082.552.272.732.321.56

NOTE.—Data are for production and related workers. Figures forNovember and December 1957 are preliminary. Back data are availablefrom the Bureau of Labor Statistics.


78 DEPARTMENT STORES

DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS

[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]

Year or month

SALESi1949 ,195019511952 ,1953 ,195419551956

SEASONALLY ADJUSTED

1956—NovDec

1957_janFebMarAprMay

JulyAugSeptOctNoV


1956—NovDec

1957_JanFebMarAprMayJuneJulyAugSeptOctNov

STOCKS i19491950195119521953195419551956

SEASONALLY ADJUSTED

1956—NovDec

1957_JanFebMarAprMayJuneJulyAugSeptOct ,Nov..


1956—NovDec

1957—JanFebMarAprMay

July

SeptOctNov

UnitedStates

99107112114118118128135

139137

133136137131135138138144136129

^134

'170240

102104114131132131111127139134

100110131121131128136148

152151

150149150152152153154153154'155

137

135142155159155146144150160172

Federal Reserve district

Boston

100105109110114117123126

130129

120129122117123122125130114116118

158234

95979912112312290102122117144

101112129117124126132141

142141

140140140138140138139136138138

P138

166131

126131142144143130125132144156

NewYork

98102107104105108113120

125123

123124124118124125126135122119123

160218

999810411612012192104126126158

97106127115120117119130

139

138135137137137137137138138138138

'157128

123127141143140129124134145155159

Phil-adel-phia

100107112113117116125131

133132

130129133130133139131138128129128

177234

979811512913113096110134132170

100110132120129127135148

151151

149149150149153156154157159'156157

174136

131143155159156145138151167'180181

Cleve-land

99107114115119112122128

131128

125131130122126128132139134121129

161224

98101105126122120107123134125159

100108132115125122124133

137134

138135135136135136136137139139138

155123

121129139142139129125131144154156

Rich-mond

100107115122127129140146

150149

147149152148148152147158144141

188272

104107126149146140118135150148

^178

102109129127141138159175

181181

175174176181182184184180181174

Pi 74

206165

156167187190183170168175187198

At-lanta

101111117127131135149164

'175168

165165164162172175175179172159

'203290

128136151165165153145161165167

P193

102123145143155152170194

'206194

202200202203198198204203201208

'233169

183198212213200188190199209227

Chi-cago

98105110109114112122128

135131

125129131125128129131139130121125

165223

9597109124126126104124136127153

97108125112122120127138

141140

139139139140142146149145144147141

160123

127131141149147142143139150161161

St.Louis

99106111116120121132138

'145140

133137139136137139139147145126

175237

101105117134138129114132143138

101108130120131125135148

150148

149149148147151151153149151151151

168134

133145154156151141142148158169169

Minne-apolis

99107107109110113117126

132132

123129131123126126130138130119125

152220

9096103124127116104130139138145

100106121113123124130142

145144

144144145150148145141145145148150

165134

133138149153147136134142151164170

KansasCity

100112117121123129140143

'146144

135145144137141142145147147136

'170249

102106118134139137128141149142

101114137130146141152164

'162162

161162159161161159160158159163

'180147

145155165169163153152156164177

"181

Dallas

102115120129132136149158

163161

157161161151158168170170163152

'186279

124126138148156153151158157158

^183

102114135129143140153168

'172169

172170167172175176178176173176

^176

'189157

151165176179173164169176184193

SanFran-cisco

98106112120122122132141

143143

137141146137141148141144141'134140

'166255

109108115133134139125139141'135162

100112137131140135142156

'157155

153151155161160159159159'162'163^161

'176142

137142156164159153154160

r168'183

* Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginningi Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-1352. Figures prior to

are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics.


DEPARTMENT STORES; FOREIGN TRADE 79

DEPARTMENT STORE MERCHANDISING DATA

[Based on retail value figures]

Period

Amounts (In millions of dollars)

Sales i(totalfor

month)

381361376391397406409437453

577821

362336394441449409356432438481548

Stocks i(endof

month)

979925

1,0121,2021,0971,1631,1401,1951,282

1,5281,214

1,1971,252,356

1,381,353,257,245

1,300,400

1,5181,544

Out-stand-

ingorders i(end ofmonth)

494373495460435421388446469

'476340

430461414346355519600569

'567529424

Re-ceipts2

(totalfor

month)

386358391390397408410444459

627510

345391498466421313344487538599574

Neworders 3

(totalfr»ri or

month)

363358401379401401412449457

'516377

435422451398430All425456

'536561469

Ratios to sales'*

Stocks

2 .72 .72 . 83 . 22 . 93 . 03 . 02 .93 .0

2 . 61.5

3 .33 .73 . 43.13 . 03.13 .53 . 03 . 23 . 22 .8

Out-stand-

ingorders

1.41.11.41.31.2I i1.01.11.1

0 .80 . 4

1.21.41.10 .80 .81.31.71.31.31.1

Stocksplusout-

stand-ing

orders

4.13 .84 . 24 . 44 .14 .14 . 04 . 04.1

3 .51.9

4 .55.14 . 53 .93 .84 . 35 . 24 . 34 . 54 . 33 .6

Re-ceipts

1.01.0[ 111.0'.o1.0

1.01.01.0

1.10.6

:

i

1.01.21.3l . l1 9

1.0l . l1.21.2l . l

Annual average:

194819491950195119521953195419551956

Month:

1956—Nov..Dec...

1957—Jan...Feb...Mar..Apr...May..June..July..Aug..Sept..Oct...Nov.*

P Preliminary. r Revised.1 These figures are not estimates for all department stores in the United

States. They are the actual dollar amounts reported by a group of de-partment stores located in various cities throughout the country. In 1956,sales by these stores accounted for about 50 per cent of estimated totaldepartment store sales.

2 Derived from the reported figures on sales and stocks.

3 Derived from receipts and reported figures on outstanding orders.4 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 ofsales and receipts for the month.

NOTE.—For description and monthly figures for back years, see BUL-LETIN for October 1952, pp. 1098-1102.

MERCHANDISE EXPORTS AND IMPORTS

[Bureau of the Census. In millions of dollars]

Period

j a nFebMarAprMayJune .July

SeptOct...:NovDec

Jan.-Nov

Merchandise exports1

1955

J . 1 6 R1,238,344

1,2641,3231,3211,2701,239,255,399,322.407

14,143

1956

1.2R41,3621,5831,5121,7171,6971,6391,5361,5341,672.544

2,004

17,080

1957

1,6801,6112,1511,8631,814

rl,7861,692

rl,6771,5401,6741,681

19,169

Merchandise exports excludingmilitary-aid shipments2

1955

1.0831,143,252,170,192,193,142,112,156,279,249.323

12,971

1956

1.2021,2721,4791.4001*5221,4921,2891,3781,4271,5611,4241.881

15,446

1957

1,5831,4902.022

r

,779,711,652,505,536,437,600.594

17,909

Merchandise imports3

1955

871850

1,019871959937885961947

1,0111,0651,008

10,376

1956

1.0731,051,102991

,0951,0341,052.055995

1,121987

1,059

11,556

1957

1,113993

p

1,1311,118,104983

1,1471,0421,007,145

1.032

*11,815

P Preliminary. r Revised.1 Exports of domestic and foreign merchandise.2 Department of Defense shipments of grant-aid military equipment

and supplies under the Mutual Security Program.3 General imports including imports for immediate consumption plus

entries into bonded warehouses.


80 PRICES

CONSUMER PRICES

[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]

Year or month

1929193319411945

19491950195119521953195419551956

1956—NovDec

1957 JanFebMarAprMayJuneJulyAugSeptOctNov

Allitems

73.355.362 976.9

101.8102.8111.0113.5114.4114.8114.5116.2

117.8118.0

118.2118.7118.9119.3119.6120.2120.8121.0121.1121.1121.6

Foods

65.641.652 268.9

100.0101.2112.6114.6112.8112.6110.9111.7

112.9112.9

112.8113.6113.2113.8114.6116.2117.4117.9117.0116.4116.0

Housing

Total

103.3106.1112.4114.6117 7119.1120.0121.7

123.0123.5

123.8124.5124.9125.2125.3125.5125.5125.7126.3126.6126.8

Rent

117.483.688.490.9

105.0108.8113.1117.9124.1128.5130.3132.7

133.8134.2

134.2134.2134.4134.5134.7135.0135.2135.4135.7136.0136.3

Gasandelec-

tricity

102.5102.7103.1104.5106.6107.9110.7111.8

111.8112.0

112.3112.4112.4112.4112.3112.3112.3113.3113.7113.8114.3

Solidfuelsand

fuel oil

106.8110.5116.4118.7123.9123.5125.2130.7

134.3136.1

138.9139.3139.2138.1135.4135.3135.9135.7136.8137.6138.0

House-fur-

nish-ings

99.6100.3111.2108.5107.9106.1104.1103.0

103.8104.1

104.0105.0104.9105.1104.2104.6104.1103.9104.8104.8104.5

House-hold

opera-tion

100.1101.2109.0111.8115.3117.4119.1122.9

124.5124.8

125.4125.6126.2126.4127.3127.6127.9128.0128.3128.7129.4

Ap-parel

60.345.955.676.3

99.498.1

106.9105.8104.8104.3103.7105.5

107.0107.0

106.4106.1106.8106.5106.5106.6106.5106.6107.3107.7107.9

Trans-porta-tion

108.5111.3118.4126.2129.7128.0126.4128.7

133.2133.1

133.6134.4135.1135.5135.3135.3135.8135.9135.9135.8140.0

Med-icalcare

104.1106.0111.1117.3121.3125.2128.0132.6

134.5134.7

135.3135.5136.4136.9137.3137.9138.4138.6139.0139.7140.3

Per-sonalcare

101.1101.1110.5111.8112.8113.4115.3120.0

121.4121.8

122.1122.6122.9123.3123.4124.2124.7124.9125.1126.2126.7

Read-ingand

recrea-tion

104.1103.4106.5107.0108.0107.1106.6108.1

109.0109.3

109.9110.0110.5111.8111.4111.8112.4112.6113.3113.4114.4

Othergoodandserv-ices

103.4105.2109.7115.4118.2120.2120.2122.0

123.2123.3

123 8124.0124.2124.2124.3124.6126.6126.7126.7126.8126.8

NOTE.—Revised index, reflecting, beginning January 1953, the in-clusion of new series (i.e. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes, converted to the base 1947-49= 100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES

[Bureau of Labor Statistics index. 1947-49= 100]

Year ormonth

194919501951195219531954 .19551956

1956NovDec

1957JanFebMarAprMayJuneJulyAUK . . .SeptOct . .Nov

Allcom-modi-

ties

99.2103.1114.8111.6110.1110.3110.7114.3

115.9116.3

116.9117.0116.9117.2117.1117.4118.2118.4118.0

'117.8118.0

Farmprod-ucts

92.897.5

113.4107.097.095.689.688.4

87.988.9

89.388.888.890.689.590.992.893.091.091.591.9

Proc-essedfoods

95.799.8

111.4108.8104.6105.3101.7101.7

103.6103.1

104.3103.9103.7104.3104.9106.1107.2106.8106.5105.5106.5

Total

101.3105.0115.9113.2114.0lli.5117.0122.2

124.2124.7

125.2125.5125.4125.4125.2125.2125.7126.0126.0

'125.8125.7

Tex-tile

prod-uctsandap-

parel

95.599.2

110.699.897.395.295.395.3

95.495.6

95.895.795.495.395.495.595.495.495.495.195.0

Hides,skins,and

leatherprod-ucts

96.9104.6120.397.298.594.293.899.3

99.899.2

98.498.098.498.899.099.9

100.7100.5100.3100.4100.2

Fuel,power,

andlight-ingma-

terials

101.9103.0106.7106.6109.5108.1107.9111.2

111.2114.0

116.3119.6119.2119.5118.5117.2116.4116.3116.1

'115.8115.3

Chem-icalsand

alliedprod-ucts

94.896.3

110.0104.5105.7107.0106.6107.2

108.2108.3

108.7108.8108.8109.1109.1109.3109.5109.8110.2110.4110.3

Other commodities

Rub-berand

prod-ucts

98.9120.5148.0134.0125.0126.9143.8145.8

146.9147.9

145.0143.9144.3144.5144.7145.1144.9146.9146.5146.2144.7

Lum-berand

woodprod-ucts

99.2113.9123.9120.3120.2118.0123.6125.4

121.5121.0

121.3120.7120.1120.2119.7119.7119.3118.6117.8

'117.3117.0

Pulp,paper,and

alliedprod-ucts

98.5100.9119.6116.5116.1116.3119.3127.2

127.8128.0

128.6128.5128.7128.6128.9128.9129.5129.9130.1130.9130.9

Metalsand

metalprod-ucts

104.8110.3122.8123.0126.9128.0136.6148.4

152.1152.3

152.2151.4151.0150.1150.0150.6152.4153.2152.2150.8150.4

Ma-chin-eryandmo-tive

prod-ucts

106.6108.6119.0121.5123 0124.6128.4137.8

143.4143.6

143.9144.5144.8145.0145.1145.2145.8146.2146.9

'147.7148.5

Furni-tureand

otherhouse-holddura-bles

103.105.114.112.114115.115.119.

121.121.

121121.121.121.121.121.122.122.122.

r122.122.

1

10?491

12

99956746

66

Non-me-tallicmin-

erals—struc-tural

104.4106.9113.6113.6118 2120.9124.2129.6

131.2131.3

132 0132.7133.2134.6135.0135.1135.2135.3135 2135.3135.3

To-baccomfrs.and

bottledbev-erages

101.6102.4108.1110.6115 7120.6121.6122.3

123.5123.6

124 0124.1124.1124 5124.5124.7127.7127.7127 7127.7127.8

Mis-cella-neous

96.196 6

104.9108.397 8

102.592.091.0

91.291.7

93 292.492.091 489.487.388.890.189 4

'87.786.8

r Revised.


PRICES 81

WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued

[Bureau of Labor Statistics index, 1947-49= 100]

Subgroup

1956

Nov.

1957

Sept. Oct. Nov.Subgroup

1956

Nov.

1957

Sept. Oct. Nov.

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggsHay and seedsOther farm products

Processed Foods:

Cereal and bakery productsMeats, poultry, and fishDairy products and ice creamCanned, frozen fruits, and vegetablesSugar and confectioneryPackaged beverage materialsOther processed foods

Textile Products and Apparel:

Cotton productsWool productsSynthetic textilesSilk productsApparelOther textile products

Hides, Skins, and Leather Products:

Hides and skinsLeatherFootwearOther leather products

Fuel, Power, and Lighting Materials:

CoalCokeGasElectricityPetroleum and products

Chemicals and Allied Products:

Industrial chemicalsPrepared paintPaint materialsDrugs, Pharmaceuticals, cosmetics..Fats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and products:

Crude rubberTires and tubesOther rubber products...

Lumber and Wood Products:

LumberMillworkPlywood

Pulp, Paper, and Allied Products:

WoodpulpWastepaperPaper

'Revised.

104.387.968.6

100.898.879.384.0

147.4

115.882.7

113.6106.4111.8201.695.7

92.8106.180.3

122.799.776.2

59.090.6

120.898.6

122.0156.3111.194.3

117.5

122.5123.699.492.357.8

109.6105.7104.2

147.0153.4139.5

123.1128.594.8

118.077.3

139.2

98.981.281.5

102.996.991.278.0

143.2

116.795.7

112.4102.5113.9178.396.0

90.0110.382.3

121.199.777.2

58.291.6

121.698.4

124.8161.9112.295.5

125.6

123.5128.1101.593.564.5

112.0106.4106.7

140.3153.5142.2

118.3128.394.7

118.088.5

143.2

107.780.678.4

103.3'98.8103.577.3

141.5

117.391.6

113.7103.6113.8172.996.0

89.9108.382.3

120.0r99.677.2

56.891.2

122.4r98.4

125.6161.9112.2r96A124.6

123.6128.1102.293.4r64.8

'112.1107.6106.8

138.1153.5142.5

r117.5128.396.9

121.288.5

143.2

106.380.979.3

104.799.4

100.177.6

144.1

117.693.6

114.5103.8114.4172.996.6

89.8107.482.3

119.699.676.7

53.491.2

122.698.6

125.8161.9112.296.1

123.5

123.6128.1101.693.465.1

112.3107.7106.6

131.6153.5142.3

117.3128.096.4

121.288.5

143.3

Pulp, Paper, and Allied Products(Cont.):

PaperboardConverted paper and paperboardBuilding paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containersHardware ,Plumbing equipmentHeating equipmentFabricated structural metal products.Fabricated nonstructural metal

products

Machinery and Motive Products:

Agricultural machinery and equip-ment

Construction machinery and equip-ment

Metal working machineryGeneral purpose machinery and

equipmentMiscellaneous machineryElectrical machinery and equip-

mentMotor vehicles

Furniture and Other Household Dura-bles:

Household furnitureCommercial furnitureFloor coveringHousehold appliancesRadioTelevisionOther household durable goods

Nonmetallic Minerals—Structural:

Flat glassConcrete ingredientsConcrete products ,Structural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small a rms . . .Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment..Other miscellaneous

136.2124.3138.1

162.5149.7147.5160.1133.9122.0137.5

141.2

130.8

155.5163.0

154.0142.0

145.2134.2

121.2146.9131.9106.591.169.9

145.0

135.7131.6125.3150.3127.1114.4124.3

124.0104.2122.5118.1148.7

116.871.996.5

105.2125.1

136.2126.5141.7

170.2131.7153.1167.2128.9122.3134.9

147.1

133.4162.7168.9

158.5147.3

150.8134.8

122.5153.6132.5104.693.471.4

148.3

135.7136.7126.3155.0127.1124.6128.6

134.8105.1143.8119.6149.3

118.266.497.4

107.6130.1

136.6127.0141.7

167.8129.9153.1167.4128.5122.3134.6

147.1

136.2164.9170.8

159.5147.7150.7135.5

122.6153.6132.5105.493.471.4148.8

135.7136.9126.5155.1127.1124.6128.5

134.8105.1144.3119.6149.3

r117.963.297.4

107.6130.7

136.6127.0141.7

166.5130.8153.1167.4128.5122.4134.6

146.9

136.9165.2171.4

160.4148.0

150.7137.1

122.8153.8132.5104.993.271.4

149.0

135.7136.9126.5155.1127.1124.6128.5

134.8105.1144.3119.8149.3

117.961.497.4

107.6130.8


82 NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING

[Department of Commerce estimates. In billions of dollars]

Item

Gross national Droduct

Less * Capital consumption allowancesindirect business tax and related lia-

bilitiesBusiness transfer paymentsStatistical discrepancy .

Plus: Subsidies less current surplus of gov-ernment enterprises

Eouals * National income

Less: Corporate profits and inventory valua-

Contributions for social insuranceExcess of wage accruals over disburse-

Plus* Government transfer paymentsNet interest paid by government

Business transfer payments

Eauals: Personal income

Less: Personal tax and related payments

FederalState and local

Eouals* Disoosable Dersonal income

Less: Personal consumption expenditures....

Eauals * Personal savins

Annual totals

1929

104.4

8.6

7.0.6.3

- . 1

87.8

10.1.2

.0

.91.05.8

.6

85.8

2.6

1.31.4

83.1

79.0

4.2

1933

56.0

7.2

7.1.7.9

.0

40.2

- 2 . 0.3

.01.51.22.1

.7

47.2

1.5

.51.0

45.7

46.4

- . 6

1941

125.8

9.0

11.3.5.4

.1

104.7

14.52.8

.02.61.34.5

.5

96.3

3.3

2.01.3

93.0

81.9

11.1

1950

285.1

20.5

23.7.8.2

.2

240.0

35.16.9

.014.34.79.2

.8

227.1

20.9

18.22.7

206.1

194.0

12.1

1952

345.4

23.9

28.11.22.0

— .1

290.2

36.98.6

.012.04.99.01.2

271.8

34.4

31.23.2

237.4

218.3

19.0

1953

363.2

26.5

30.21.42.6

— .4

302.1

36.08.7

- . 112.95.09.31.4

286.0

35.8

32.43.4

250.2

230.5

19.7

1954

361.2

28.9

30.11.31.7

— .2

299.0

33.19.7

.015.05.29.91.3

287.4

33.0

29.23.8

254.5

236.6

17.9

1955

391.7

31.6

32.91.32.1

.2

324.1

40.711.0

.016.15.2

11.01.3

305.9

35.8

31.54.2

270.2

254.4

15.8

1956

414.7

34.3

35.01.31.6

1.1

343.6

40.412.4

.017.25.7

11.91.3

326.9

39.7

35.14.6

287.2

267.2

20.0

Seasonally adjusted annualby quarters

1956

3

416.7

34.6

35.11 32.3

1 1

344.5

39 812.5

.017.45.8

12.11 3

328.7

39.8

35 24.6

288.8

268.6

20.3

4

426.0

35.3

36.11.31.6

1 6

353.3

42.412.8

.017.75.9

11.51.3

334.5

40.5

35 84.7

294.0

272.3

21.7

rates

1957

1

429.1

36.1

36.41.31.6

1 4

355.1

41.214.2

.018.46.0

12.41.3

337.7

42.2

37.44.9

295.5

276.7

18.9

2

434.3

36.6

36.61.33.3

1 6

358.1

40.714.3

.020.0

6.012.51.3

342.8

42.9

38.04.9

299.9

278.9

21.0

3

439.0

37.4

37.11.3n.a.

1 7

n.a.

n. a.14.6

.020.0

6.012.61.3

346.5

43.6

38.65.0

302.9

283.6

19.3

Item

NATIONAL INCOME, BY DISTRIBUTIVE SHARES


Annual totals

1929 1933 1941 1950 1952 1953 1954 1955 1956

Seasonally adjusted annual ratesby quarters

1956 1957

National income.

Compensation of employeesWages and salaries1

PrivateMilitaryGovernment civilian

Supplements to wages and salaries.

Proprietors' and rental income2

Business and professionalFarmRental income of persons

Corporate profits and inventory valuationadjustment

Corporate profits before tax.Corporate profits tax liability ,Corporate profits after tax

Inventory valuation adjustment

Net interest.

87.8

51.150.445.5

.34.6

.7

20.28.86.05.4

10.19.61.48.3

.5

6.4

40.2

29.529.023.9

.34.9

.5

7.63.22.42.0

- 2 . 0.2.5

- . 4- 2 . 1

5.0

104.7

64.862.151.9

1.98.32.7

20.910.96.53.5

14.577.07.69.4

- 2 . 5

4.5

240.0

154.3146.5124.3

5.017.27.8

44.622.913.38.5

35.140.017.822.1

- 4 . 9

5.9

290.2

195.1184.9152.010.522.510.2

50.825.715.9.9

36.935.919.816.11.0

7.4

302.1

208.1197.3163.510.323.510.8

49.325.913.310.2

36.037.020.316.7

- 1 . 0

8.7

299.0

206.8195.5161.210.024.411.3

49.125.912.710.6

33.133.517.416.0- . 3

9.8

324.1

223.1210.3174.4

9.826.112.7

49.427.311.910.2

40.742.521.521,0

- 1 . 7

10.9

343.6

241.4227.2189.4

9.728.214.1

49.928.011.610.3

40.443.022.021.0

- 2 . 6

11.9

344.5

242.7228.3190.

9.728.514.4

50.028.211.510.4

39.840.820.819.9

- 1 . 0

12.0

353.3

247.9233.3194.7

9.728.914.6

50.728.312.010.4

42.445.623.322.3

- 3 . 2

12.3

355.1

251.1235.9196.8

9.629.415.3

50.328.411.510.4

41.243.922.421.5

- 2 . 7

12.5

358.1

254.0238.6199.1

9.729.715.4

50.728.711.710.4

40.742.021.420.5

- 1 . 3

12.7

n.a.257.0241.3200.9

9.830.615.7

51.329.111.810.4

n.a.n.a.n.a.n.a.

- . 9

13.0

n. a. Not available* Includes employee contributions to social insurance funds.

3 Includes noncorporate inventory valuation adjustment


NATIONAL PRODUCT AND INCOME 83

GROSS NATIONAL PRODUCT OR EXPENDITURE


Gross national product

Personal consumption expendituresDurable goodsNondurable goodsServices

Gross private domestic investment

Residential, nonfarm.Other

Producers' durable equipment. . .Change in business inventories

Nonfarm only

Net foreign investment

Government purchases of goods andservices

FederalNational securityOtherLess* Government sales2

State and local

Annual totals

1929

104.4

79.09.2

37.732.1

16.28.73.65.15.91.71 8

.8

8.51.3

} , .30

7 .2

1933

56.0

46.43.5

22.320.7

1.41.4

.51.01.6

- 1 . 6— 1 4

.2

8.02.0

2.0

06.0

1941

125.8

81.99.7

43.229.0

18.16.63.53.16.94.54 . 0

1.1

24.816.9

/ 13.8

7 .8

1950

285.1

194.028.6

100.465.0

51.222.712.610.121.1

7.46 4

- 2 . 2

42.022.118.53.9

319.9

1952

345.4

218.326.6

116.175.6

49.823.711.112.623.1

3.02 1

- . 2

77.554.348.8

5.84

23.2

1953

363.2

230.529.8

119.181.7

50.325.811.913.824.3

.39

- 2 . 0

84.459.551.5

8.44

24.9

1954

361.2

236.629.4

120.686.6

48.427.813.514.322.5

- 1 . 9- 2 4

- . 4

76.648.943.1

6.24

27.7

1955

391.7

254.435.6

126.092.8

60.632.716.616.123.74.24 0

- . 4

77.146.841.3

5.94

30.3

1956

414.7

267.233.9

133.399.9

65.933.315.318.028.14.65 0

1.4

80.247.242.4

5.24

33.0

Seasonally adjusted annual ratesby quarters

1956

3

416.7

268.633.0

134.4101.1

65.533.215.118 129.0

3 33 9

2.0

80.647.342.7

4.94

33.3

4

426.0

272.334.8

135.3102.2

68.533.415.118 429.9

5.15 7

2.4

82.849.044.2

5.14

33.9

1957

1

429.1

276.735.9

137.3103.4

62.732.814.418.530.7- . 8— 3

4.1

85.650.345.5

5.24

35.3

2

434.3

278.935.0

139.1104.9

65.032.713.918.930.5

1.72 . 2

3.5

86.951.146.3

5.24

35.8

3

439.0

283.635.0

142.5106.1

65.533.014.019.030.52.02 . 3

3.2

86.750.645.8

5.24

36.1

1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumptiongoods and materials.

PERSONAL INCOME


Year or month *Per-sonal

income

Wage and salary disbursements

Total

Com-modityproduc-ing in-dustries

Distrib-utive

indus-tries

Serviceindus-tries

Gov-ern-ment

Otherlabor

income2

Pro-prietors'

andrental

Divi-dendsandper-

sonalinterestincome

Trans-fer-pay-

ments4

Lesspersonal

contri-butions

forsocialinsur-ance5

Non-agricul-

turalincome6

192919331941

195219531954195519561957

1956—Dec


85.847.296.3

271.8286.0287.4305.9326.9342.8

334.8

335.9337.9339.5340.6342.9344.8346.2346.8346.6345.9345.4342.8

50.429.062.1

184.9197.4195.5210.3227.2238.8

235.3

234.5235.9237.2237.1238.3240.1240.9241.7241.5240.1239.5238.8

21.59.8

27.5

80.487.783.690.998.3

102.0

102.7

101.4102.0102.3102.4102.4103.3103.0102.8102.2101.3100.9100.0

15.68.8

16.3

48.751.351.955.460.163.7

61.6

62.062.463.062.763.463.864.564.764.864.364.264.3

8.45.2

23.024.525.828.231.133.3

32.2

32.232.432.632.933.033.233.433.733.934.034.134.2

4.95.1

10.2

32.933.934.335.937.939.8

38.8

38.939.139.339.139.539.840.040.540.640.540.340.3

.6

.4

.7

5.36.06.26.97.57.9

7.7

7.77.87.87.87.87.97.98.08.08.08.08.0

20.27.6

20.9

50.849.349.149.449.950.7

50.2

50.250.450.450.650.850.951.651.251.150.850.450.4

13.28.3

10.3

21.323.024.927.129.531.0

28.5

30.730.830.931.031.231.231.431.631.631.731.729.7

1.52.13.1

13.214.316.217.418.521.2

19.0

19.519.720.020.821.6

22.122.622.7

.1

.2

3.83.94.65.25.76.8

5.9

6.76.76.86.76.86.86.96.96.86.86.86.8

77.743.688.0

253.1269.2271.3290.6311.7327.5

319.6

320.7322.7324.325.327.329.330.331.331.3331.0330.3327.3

P 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 inventoryvaluation adjustment.

4 Represents government social insurance benefits, direct relief, mus-tering-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' insuranceprogram of the self-employed to whom coverage was extended under theSocial Security Act Amendments of 1950. Personal contributions arenot included in personal income.

6 Represents personal income exclusive of net income of unincorporatedfarm enterprise, farm wages, agricultural net interest, and net dividendspaid by agricultural corporations.


84 INTEREST RATES

YIELDS ON LONG-TERM BONDS OF THE UNITED STATES GOVERNMENT

[Averages of daily figures calculated from closing bid prices]

Year or monthPer cent

perannum

Wesk ending:Per cent

perannum

Week ending:Per cent

perannum


perannum


perannum

195311954195519561957

1953


1954

JanFebMarAprMayJuneJulyAugSept.OctNovDec

1955


1956


1957


2.942.552.843.083.47

22.8022.8322.892.973.123.133.043.053.012.872.862.79

2.692.622.532.482.542.552.472.482.522.542.572.59

2.682.772.782.822.812.822.912.952.922.872.892.91

2.882.852.933.072.972.933.003.173.213.203.303.40

3.343.223.263.323.40

1953

.583.603.633.663.733.573.30

Apr. 4 .Apr. 11 .Apr. 18.Apr. 25.

May 2May 9May 16May 23May 30

June 6.June 13.June 20.June 27.

July 4July 11July 18July 25

1 .Aug.Aug.Aug. 15Aug. 22Aug. 29

Sept. 5.Sept. 12.Sept. 19.Sept. 26.

Oct. 3.Oct. 10.Oct. 17.Oct. 24.Oct. 31.

Nov. 7.Nov. 14.Nov. 21 .Nov. 28.

Dec. 5Dec. 12....Dec. 19Dec. 26

1954

Jan. 2.Jan. 9.Jan. 16.Jan. 23.Jan. 30.

Feb. 6Feb. 13Feb. 20Feb. 27

Mar. 6.Mar. 13.Mar. 20.Mar. 27.

Apr. 3Apr. 10Apr. 17Apr. 24

May 1.May 8.May 15.May 22.May 29.

2.912.912.973.00

3.053.103.103.11

.3.15

3.193.143.133.09

3.043.033.023.01

3.033.013.023.013.02

3.043.033.012.93

2.872.832.842.832.82

2.832.862.862.88

2.852.792.782.78

2.742.742.722.672.64

2.642.612.622.58

2.552.542.522.52

2.512.482.492.48

2.472.492.532.562.58

1954

June 5June 12June 19June 26

July 3July 10July 17July 24July 31


Sept. 4Sept. 11Sept. 18Sept. 25.




1955

Jan. 1Jan. 8Jan. 15Jan. 22Jan. 29

Feb. 5Feb. 12Feb. 19 ••Feb. 26

Mar. 5 ••Mar. 12 ••Mar. 19Mar. 26 ••

Apr. 2Apr. 9Apr. 16 ••Apr. 23Apr. 30 ••

May 7May 14May 21May 28

June 4June 11 ••June 18June 25

July 2July 9July 16 ••July 23 ••July 30

2.592.572.542.52

2.522.492.462.462.46

2.452.482.492.50

2.512.522.522.53

2.532.522.522.552.56

2.562.572.572.58

2.582.572.592.60

2.602.642.672.682.70

2.732.752.782.82

2.802.782.762.76

2.802.822.822.822.82

2.822.812.802.80

2.792.802.812.83

2.862.862.882.922.96

1955


Sept. 3Sept. 10Sept. 17Sept. 24




1956

Jan. 7Jan. 14Jan. 21Jan. 28

Feb. 4Feb. 11Feb. 18Feb. 25

Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31



June 2June 9June 16June 23June 30



Spet. 1Sept. 8Sept. 15Sept. 22Sept. 29

2.972.942.942.95

2.952.922.932.92

2.902.882.862.862.86

2.842.872.892.91

2.912.902.912.912.92

2.922.902.872.87

2.852.852.842.87

2.872.892.922.952.98

3.043.073.103.09

3.033.002.982.94

2.922.922.912.922.95

2.942.973.013.05

3.093.113.163.22

3.223.243.233.193.20

1956

Oct. 6Oct. 13Oct. 2 0 . . . .Oct. 27

Nov. 3 . . . .Nov. 10Nov. 17Nov. 24

Dec. 1. . . .Dec. 8Dec. 15Dec. 22 . . . .Dec. 29

1957

Jan. 5Jan. 12Jan. 19Jan. 26

Feb. 2Feb. 9Feb. 16Feb. 23 . . . .

Mar. 2 . . . .Mar. 9Mar. 1 6 . . . .Mar. 23Mar. 3 0 . . . .



June 1 . . . .June 8June 1 5 . . . .June 22June 29. . . .


Aug. 3Aug. 10Aug. 17Aug. 24Aug. 31

Sept. 7Sept. 14Sept. 21Sept. 28. . . .

Oct. 5Oct. 1 2 . . . .Oct. 19Oct. 2 6 . . . .

Nov. 2 . . . .Nov. 9Nov. 16Nov. 23Nov. 30

Dec. 7 . . . .Dec. 14. . . .Dec. 21Dec. 28 . . . .

3.173.183.193.24

3.27.28.28.30

3.353.353.373.453.44

3.503.453.333.26

3.243.183.193.26

3.273.283.263.263.24

3.253.283.343.38

3.383.373.403.41

3.473.493.523.663.64

3.593.563.593.65

3.633.633.66

3.593.603.713.72

3.723.713.763.74

3.743.683.623.493.48

3.373.313.293.26

1 Figures for January-March included in this average are for bondsdue or callable in 12 years or more (old series).

2 Based on bonds due or callable in 12 years or more (old series).NOTE.—This series, representing yields on bonds due or callable in 10

years or more, replaces those shown in earlier BULLETINS (p. 1385 of theDecember 1957 issue). Average prices for the issues included in thisyield series have not yet been compiled.

Average yields for the "old" and "new" series shown in previous issuesof the BULLETIN were (in per cent): Week ending Dec. 7, 1957—3.32,3.41; Dec. 14—3.25, 3.35; Dec. 21—3.18, 3.29; Dec. 28—3.15, 3.28,respectively. The December 1957 averages for these series were 3.22and 3.33, respectively.


Financial Statistics

* International *

International capital transactions of the United States. 86

Gold production.

Net gold purchases and gold stock of the United States

Reported gold reserves of central banks and governments

Estimated foreign gold reserves and dollar holdings.

90

91

92

93

International Bank and Monetary Fund.

Central banks

Money rates in foreign countries

Foreign exchange rates

94

94

99

100

Index

Tables on the following pages include the prin-cipal available statistics of current significancerelating to international capital transactions ofthe United States, foreign gold reserves and dol-lar holdings, and foreign central banks. Figureson international capital transactions of theUnited States are collected by the Federal Re-serve Banks from banks, bankers, brokers, and

dealers in the United States in accordance withthe Treasury Regulation of November 12, 1934.Other data are compiled largely from regularlypublished sources such as central bank state-ments and official statistical bulletins. Back fig-ures for 1941 and prior years, together with de-scriptive text, may be obtained from the Board'spublication, Banking and Monetary Statistics.

85


86 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]

Date

1953—Dec. 3 1 . . . .1954—Dec. 3 1 . . . .1955—Dec. 3 1 . . . .

1956—Nov. 3 0 . . . .Dec. 3 1 . . . .

1957—Jan. 3 1 . . . .Feb. 2 8 . . . .Mar. 3 1 . . . .Apr. 3 0 . . . .May 3 1 . . . .June 30July 3 1 . . . .Aug. 31»...Sept. 30*>...Oct. 31 * \ . .Nov. 30*\ . .

In-terna-tionalinsti-

tutions 2

1,6291,7701,881

2,0081,452

1,8091,6811,5581,3581,7001,5731,5451,6351,5121,5171,538

Total i'oreigncountries

Officialand

private

10,01911,14911,720

13,10313,487

13,20713,09013,00213,09013,11413,27013,26613,24813,31513,74713,610

Officials

5,6676,7706,953

7,8408,045

7,7617,5517,550

47,8087,8107,9427,8037,6067,6337,9107,795

France

429715

1,081

640626

538490423420367403514449405394352

Ger-many,Fed.Rep.

of

8991,3731,454

1,8501,835

1,7901,764

,764,728,732,690,559,573,664,573,567

Italy

466579785

927930

905885886909937959979

1,0071,0291,0571,032

Switz-er-

land

674672757

797836

800775774742775804778774797857865

UnitedKing-dom

709640550

6421,012

867869929903926969

1,008947808

1,1611,200

OtherEurope

1,5581,6421,519

1,6531,627

1,6761,7351,7541,8041,7641,7931,7251,7451,8511,9461,964

TotalEurope

4,7345,6216,147

6,5086,865

6,5756,5186,5306,5076,5026,6186,5636,4956,5546,9876,980

Canada

1,2961,5361,032

1,4531,516

1,5311,5641,4961,5211,6191,5911,6591,7241,6551,7391,735

LatinAmerica

1,7681,9062,000

2,4152,346

2,3822,3092,3452,5052,5432,6802,6742,6712,7142,6712,596

Asia

1,8961,8212,181

2,3922,415

2,3822,3232,2432,1602,0531,9901,9861,9802,0191,9751,937

Allother

326265360

335346

337375388396398391384377372374362

Date

1953—Dec. 311954—Dec. 311955—Dec. 31

1956—Nov. 30Dec 31

1957_j a n . 31Feb. 28Mar. 31Apr 30May 31June 30July 31Aug 31p

Sept. 30*>Oct. 31 PNov 30^

OtherEurope

1,558L 6421,519

1,653,627

,676,735,754804

,764,793725

,745,851,946964

Aus-tria

191273261

297296

294297296298298302315327337345347

Bel-gium

130100108

125117

125135141142120119120123132137131

Table

Den-mark

967160

6865

64767671656197

10110297

100

la. Other Europe

Fin-land

384149

5353

5461596059596155626866

Greece

101113176

166177

181184178181175166156143139144146

Neth-er-

lands

243249164

131134

11712212011011111098

115172186215

Nor-way

11910382

5967

6967767375878587949795

Por-tugal

7291

132

133137

138134123117120120115116124129127

Ru-mania

688

11

Spain

3671

104

5043

4240322825252524243026

Swe-den

117141153

199217

230229228245253268278272273255265

Tur-key

1489

1420

1622142012141216121916

Yugo-slavia

79

13

1617

1417141112119

11129

11

Allother

388363201

341281

332350396446439449351353367429418

Table lb. Latin America

Date

1953—Dec. 311954—Dec. 311955—Dec 31

1956—Nov 30Dec. 31

1957—Jan. 31#< _Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31PSept. 30^Oct. 31»Nov. 30?

LatinAmer-

ica

1 7681,9062,000

2 4152,346

2 3822,3092 3452 5052,5432,6802,6742,6712,7142,6712,596

Argen-tina

130160138

150146

140142138211185164142135147160151

Bo-livia

192926

2729

2727252625242728292424

Brazil

102120143

249225

241240232216184143127133133145149

Chile

797095

8591

8686918679887378777676

Co-lom-bia

150222131

140153

186175193203206205213194186202175

Cuba

341237253

228211

217220218226241257274284280235235

Do-min-icanRe-

pub-lic

396065

6968

6776788582879467595758

Guate-mala

383545

5564

6669747772706765606062

Mex-ico

183329414

422433

421413409393375339352393371367360

Neth-er-

landsWestIndies

, andSuri-n a m

524947

6769

6667666562587473757572

Pan-ama,Re-

pub-lic of

907486

101109

109112117116118135129130129140133

Peru

688392

8284

8182827577757372616462

ElSal-

vador

273024

2125

3739413943504639342622

Uru-guay

1109065

7073

7676747066656056605555

Vene-zuela

222194265

536455

448363374479588781789788886858835

OtherLatin

Amer-ica

119124112

113111

114120133139139138133136129126127

p Preliminary. For other notes see following page.


INT'L CAPITAL TRANSACTIONS OF THE U. S. 87

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

Date

1953—Dec. 311954_Dec. 311955—Dec. 31

1956—Nov. 30Dec. 31

1957—Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31*Sept. 30*>Oct. 3 1 P . . . .Nov. 30*>. . . .

Asia

Total

1,8961,8212,181

2,3922,415

2,3822,3232,2432,1602,0531,9901,9861,9802,0191,9751,937

HongKong

686155

6266

6461565856596566727271

India

998773

6976

7576777778767978838889

Indo-nesia

39100174

185186

179166145129126128139167179190187

Iran

443137

2220

2131403329353130494342

Israel

184153

3645

3738353040364641534746

Japan

828721893

1,0271,017

994937875835728626605586572564555

Ko-rea,Re-

pub-licof

929688

10099

101102104106106107106106106110112

Phil-ip-

pines

295257252

274272

269254244227218217206217215195174

Tai-wan

373439

5961

6365687575797978768385

Thai-land

168123138

144148

158161167165166167167170163162159

Other

208270380

414425

421432433425432461463442451420417

All other

Total

326265360

335346

337375388396398391384377372374362

Aus-tralia

594875

8284

6468808588758078818584

Bel-gian

Congo

904442

4544

4244424241404241394142

Egypt

434772

4650

5269606159585753545045

Unionof

SouthAfrica

383353

4253

5863605658605149474539

Other

9694

119

119114

121132147152153158153156151153151

Table Id. Supplementary Areas and Countries5

Area or country

End of year

1953 1954 1955 1956Area or country

End of year

1953 1954 1955 1956

Other Europe:AlbaniaBritish dependenciesBulgariaCzechoslovakia6

Eastern GermanyEstoniaHungaryIcelandIreland, Republic ofLatviaLithuaniaLuxembourgMonacoPoland6

TriesteU. S. S. R.6

.4

.6

.6n.a.1.9

Other Latin America:British dependenciesCosta RicaEcuadorFrench West Indies and French Guiana.. .HaitiHondurasNicaraguaParaguay

Other Asia:Afghanistan....Bahrein Islands.

1.07.5

14.11.3.4

4.03.02.22.52.0

18.013.417.7

.69.3

18.716.06.0

2.7.6

.2

.6

.6

.71.21.9

.4

.4

.7

.71.3

1.08.9

14.31.0

.54.55.32.12.21.8

19.015.321.2

.412.717.310.33.6

5.1.6

1.04.8

13.71.0

.33.15.62.51.4

.7

16.617.614.9

.612.19.7

12.83.6

4.1.5

n.a..4.2.5

1.2n.a.

Other Asia (Cont.):British dependencies.BurmaCambodiaCeylonChina Mainland6 . . . .Ira

3.19.1

.6

.413.24.33.31.4

24.114.618.01.08.9

10.211.84.0

5.3n.a.

JordanKuwaitLaosLebanonPakistanPortuguese dependencies.Ryukyu IslandsSaudi ArabiaSyriaViet-Nam

9.123.0n.a.

17.136.413.8

.910.1n.a.

23.99.75.3n.a.

18.520.5n.a.

All other:British dependenciesEthiopia and EritreaFrench dependenciesLiberiaLibyaMoroccoNew ZealandPortuguese dependenciesSpanish dependenciesSudanTangierTunisia

1.6

36

9.829.7

.218.835.710.0

.810.7

.116.53.81.8

26.961.521.58.1

1.418.08.75.61.77.62.38.3

.5n.a.

35.7.4

9.819.113.132.936.214.71.23.5

23.118.05.72.0

34.079.513.162.3

2.423.78.0

13.19.9

14.81.95.3

.7n.a.

33.5.7

8.87.0

17.241.235.516.92.05.3n.a.

22.320.22.7n.a.n.a.17.150.1

3.824.210.523.73.7

13.62.22.8

.3

.422.4

.5

p Preliminary. 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 yearfrom their date of issue, held by banking institutions in the United States;small amounts of bankers' acceptances and commercial paper and ofliabilities payable in foreign currencies are also included.

2 Includes International Bank for Reconstruction and Development,International Monetary Fund, and United Nations and other internationalorganizations. Excludes Bank for International Settlements, reportedunder 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 byforeign central governments and their agencies (including official pur-chasing missions, trade and shipping missions, diplomatic and consularestablishments, etc.).

4 Beginning Apr. 30, data include certain accounts previously classifiedas "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 theU. S. Treasury. They represent a partial breakdown of the amountsshown in the "other" categories 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 ofthat issue), tables reflect changes in reporting forms and instructions madeas of Mar. 31, 1954, as well as changes in content, selection, and arrange-ment of material published. For discontinued tables and data reportedunder previous instructions, see BULLETIN for May 1954, pp. 540-545.


88 INFL 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

9051,3871,549

1,8281,7871,946

2,0382,0602,1502,1412,1742,2022,1352,1862,1592,254

France

111412

671918

23182660728296

113113106

Ger-many,Fed.

Rep. of

317088

127134157

168176177177174159150149151139

Italy

192030

293243

50555958616059555454

Switz-er-

land

181626

283029

30332627272831333236

UnitedKing-dom

71173109

8694

104

109127160151176159123115110124

OtherEurope

88109158

177174216

213211219208188197189192209203

TotalEurope

236402423

514483568

593621667680699686646657669663

Can-ada

5676

144

186170157

171157161108114125125130111111

LatinAmer-

ica

473728706

799797840

867861898919889894896950947959

Asia

115143233

282292337

360375375392426451421397379407

Allother

253743

464543

48464941464646525348

1953—Dec. 31..1954—Dec. 31.,1955—Dec. 31..

1956—Oct. 31.,Nov. 30.,Dec. 31..

1957—Jan. 31. .Feb. 28.,Mar. 31.,Apr. 30.,May 31.,June 30.,July 31.,Aug. 31*.Sept. 30*Oct. 31*.

Table 2a. Other Europe

Date OtherEurope

Aus-tria

Bel-gium

Den-mark

Fin-land Greece

Neth-er-

landsNor-way

Por-tugal Spain Swe-

denTur-key

Yugo-slavia

Allother

1953—Dec. 31..1954—Dec. 31.,1955—Dec. 31..

1956—Oct. 31..Nov. 30.,Dec. 31.,

1957_jan. 31..Feb. 28.,Mar. 31.,Apr. 30.,May 31.June 30.July 31.Aug. 31*Sept. 30*Oct. 31*

109158

177174216

213211219208188197189192209203

132016

182228

30293429282523252524

61013

101012

1310119

91611

161321

20212023192327212422

29

161723

23171817161617171816

2445

658

971110111212192410

347

121113

13141414141413999

164178

7372

85868379677563687281

1

757

667

6889

10999

1113

Table 2b. Latin America

Date

1953—Dec. 311954—Dec. 311955—Dec. 31

1956—Oct. 31Nov. 30Dec. 31

1957—Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31 ,Aug. 31 vSept. 30*Oct. 31*

LatinAmer-

ica

473728706

799797840

867861898919889894896950947959

Argen-tina

767

1315

15253742434847352927

Bo-livia

1134

444

5455554559

Brazil

125273

69

656572

77727678737794

116123108

Chile

231414

141516

22202225263533402836

Co-lom-bia

57107143

150145145

1451481581511441239891

101126

Cuba

517192

838490

99908992939391

1039073

Do-min-icanRe-pub-

lic

235

777

131310

99

15191720

Guate-mala

445

777

8788778888

Mex-ico

93116154

194201213

216219216213207208212246246246

Neth-er-

landsWest

IndiesandSuri-nam

313

655

4334332334

Pan-ama,Re-pub-lic of

59

17

111212

13101315131213131616

Peru

201629

323235

34323736353236343334

ElSal-

vador

8108

111411

8889888768

Uru-guay

47

18

181415

12111212131824313938

Vene-zuela

4263

105

139132144

145144152163154159158151152154

OtherLatinAmer-

ica

192734

464749

52545156585653505052

* Preliminary.1 Short-term claims reported in these statistics represent principally the

following items payable on demand or with a contractual maturity ofnot more than one year: loans made to and acceptances made for for-eigners; drafts drawn against foreigners that are being collected by bank-ing institutions on behalf of their customers in the United States; andforeign currency balances held abroad by banking institutions and theircustomers in the United States. Claims on foreigners with a contractualmaturity of more than one year reported by U. S. banking institutions

(excluded from these statistics) amounted to $1,051 million on Oct. 31,1957. The term foreigner is used to designate foreign governments,central banks, and other official institutions as well as banks, organiza-tions, and individuals domiciled outside the United States, includingU. S. citizens domiciled abroad and the foreign subsidiaries and officesof U. S. banks and commercial firms.

2 Less than $500,000.3 Includes transactions of international institutions.


INT'L CAPITAL TRANSACTIONS OF THE U. S. 89

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

Date

1953—Dec. 311954—Dec. 311955—Dec. 31...

1956—Oct. 31Nov. 30Dec. 31...

1957__jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31*>Sept. 30*1

Oct. 3\P

Asia

Total

115143233

282292337

360375375392426451423397379407

HongKong

333

444

5667777997

India

455

666

77910111111998

Indo-nesia

1

(2)C2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)(2)

Iran

141618

222020

22222324232224242024

Israel

231110

131316

23242422252422242326

Japan

2650103

127143170

186192193210244258250215188174

Phil-ippines

6719

121316

17181819243028404551

Tai-wan

556

666

5655556666

Thai-land

668

989

1010101013121114811

Other

273959

847991

83898686748163587199

All other

Total

253743

464543

48464941464646525348

Aus-tralia

81411

121111

11111310131212111111

Bel-gianCongo

665

776

5555656654

Egypt

(2)

>

>>*

Unionof

SouthAfrica

268

768

877881112121212

Other

81017

171917

21221117181715212420

TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3[In millions of dollars]

Year or month

U. S. Govt. bonds & notes

Pur-chases Sales

Net pur-chases, orsales ( - )

U. S. corporate securities

Pur-chases Sales


Foreign bonds

Pur-chases Sales

Ner pur-chases, orsales ( - )

Foreign stocks

Pur-chases Sales


1953195419551956

1956—OctNovDec

1957—JanFebMarAorMayJuneJulyAug.PSept."O t P

646801

1,341883

372113

4413468

r531025729301433

728793812

1,018

186739

2842478

157141221571019

-828

529-135

20-46-26

169122r44

r-5543

-93-128

415

8021,4051,8861,907

143144145

16314611713417917016113692108

7311,2641,7301,615

108140108

10791104113160135153122102142

70141156291

35437

575513211935814

-11-34

543792693607

1744925

4934436957451302251123

622841509992

14510177

17213367

'215193491914280106

-79-49184

-385

29-53-52

-123-99-24M46-136- 4-61-20-2918

310393664749

524345

54434454597669443743

303645878875

474438

53425159819060434242

7252214126

5— 1

7

«

- 7- 5

- 2 1- 1 4

91

- 61

TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES[Net sales, ( —). In millions of dollars]

Year or monthInter-

nationalinsti-

tutions

Totalforeigncoun-tries

France

Ger-many,

FederalRepub-lic of

Italy Switzer-land

UnitedKing-dom

OtherEurope

TotalEurope Canada

LatinAmer-ica

Asia Allother

1953195419551956

1956—Oct...Nov..Dec.

1957—Jan...Feb..Mar..Apr..May.June.July..Aug.p

Sept.pOct.*'.

2378

-2182

2

1

- 2 51(2)

-13711

- 3 472

70675

53-4210

7014534'65

r-U77

-8523-7

-21

-4217-2

-121

2i

21

-1

()97

11

(2)

(i

-7

()C2)(2)

C2)

5773147234

23-219

272411975717-2

-21

717096

11-40-14

7412121754

-78-1-52

-24-208533

-3

19174101171324410

62139329161

46-39

3

568637422768

-59422

-9

-121-187265

-124

-1-11-3

454-4'21

'-345

-27-22-7

-14

251137634

76

651

i?412

()

29-1

111

3

(2)

(2)

l2

- 1374

8(2)

p Preliminary. r Revised. For other notes see opposite page.


90 INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERMFOREIGN SECURITIES OWNED IN THE UNITED STATES,

BY AREAS

Year ormonth

19531954.19551956

1956—OctNov....Dec... .

1957—JanFeb. . . .Mar...Apr...May.. .June...July....Aug.*..Sept.*>..Oct. P..

[Net sales, ( - ) .

Inter-national

insti-tutions

- 6 1— 164

- 2 7— 33

2- 3

- 7 19

- 1- 5

- 8 1

- 1 0 1- 6

2- 7 7

Totalforeigncoun-tries

- 1 1— 137

- 4—478

33- 5 5- 4 1

- 5 2- 1 0 7- 3 1

' - 1 4 6- 7 6- 1 8- 4 9- 1 3- 3 7

96

In millions of dollars]

Europe

96_ 9

- 4 6g

221713

16- 7

110

1- 1 2117

15- 985

Can-ada

- 1 3 8— 133

74—447

8- 5 3- 4 7

- 7 2r_97

- 1 4' - 1 5 3

- 8 4- 1 8- 7 0- 2 9- 2 9

13

LatinAmer-

ica

35332417

- 13

0)22

C1)- 11022221

Asia

- 3 0— 34- 4 9—40

- 8- 8

- 9- 6- 2- 2- 4- 3

1- 2— 1- 4

Allother

267

— 7— 16

3- 1 3

0)11

1- 1 6

0)1411

- 10)

Preliminary. r Revised,i Less than $500,000.

TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD ATFEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS >


Date

1955—Dec. 31

1956—Dec. 31

1957_Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 3!Nov. 30Dec. 31

1957—Dec. 4Dec. 11Dec. 18Dec. 25

Deposits

402

322

344327311316360449364342337378283356

308330344386

Assets in custody

U. S. Govtsecurities2

3,543

3,856

3,7073,6713,7443,7273,6003,6853,7303,5233,4213,7743,7873,729

3,8053,8083,7613,776

Miscel-laneous*

126

139

164156158165164164278280278349344353

345277346346

* Excludes assets held for Intl. Bank and Monetary Fund and earmarkedgold. See note 4 at bottom of following page for total gold under ear-mark 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]

Year ormonth

1949195019511952.1953195419551956

1956—OctNovDec

1957__JanFebMarAprMay

JulyAugSeptOct

Estimatedworld

production(excl.

U.S.S.R.)

840.0864.5840.0868.0864.5913.5959.0994.0

Total

753.2777.1758.3780.9776.5826.2873.8

r910.6

78.7HI.973.6

276.5272.9278.3

Production reported monthl)

Africa

SouthAfrica

409.7408.2403.1413.7417.9462.4510.7556.2

47.847.345.8

48.346.349.249.150.650 151.451.150.350.9

Rho-desia

18.517.917.017.417.518.818.418.8

1 61.51.5

1 61.51.51.61.51 61.51.5

Ghana

23.124.122.923.825.427.523.821.9

2.22.22.2

2 32.32.22.22.22 22.32.42.4

BelgianCongo

12.912.012.312.913.012.813.013.1

1.11.51.0

91.11.51.11.0

.91.21.11.21.1

North and South America

UnitedStates

67.380.166.367.469.065.165.765.3

6.25.64.6

5 04.45.14.75.04 95.85.85.76.5

Can-ada

144.2155.4153.7156.5142 A152.8159.1

rl53.4

12 912.9

12.7

12 612.013.212 913.112 612 812.613.113.9

Mex-ico

14.214.313.816.116.913.513.412.3

1.21.0

.7

Colom-bia

12.613.315.114.815.313.213.315.3

1.21.2

.7

1 51.21.0

.7

.9

.7

.989

Chile

6.36.76.16.24.64.44.33.3

.4

.2

.3

.4

.2

.3

Nica-ragua1

7.78.08.88.99.18.28.17.6

.6

.6

.6

.6

.5

.6

.6

.6

.6

.66

.6

.6

Other

Austra-lia

31.330.431.334.337.739.136.736.1

3.03.42.9

3.02.83.13.23.13.43.7

India

5.76.77.98.97.88.47.47.3

.6

.6

.6

.5

.5

.5

.6

.5

.5

.5

r Revised.1 Gold exports, representing about 90 per cent of total production.2 Excluding Mexico.Sources.—World production: estimates of U. S. Bureau of Mines.

Production reported monthly: reports from individual countries except

Ghana and Belgian Congo, data for which are from American Bureau ofMetal Statistics. For the United States, annual figures are from theU. S. Bureau of the Mint and monthly figures are from American Bureauof Metal Statistics.


U. S. GOLD 91

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]

Area and country

Continental Western Europe:BelgiumFranceGermany (Fed. Rep. o f ) . . . .NetherlandsPortugalSwedenSwitzerlandBank for Intl. Settlements....Other

Total

Sterling Area:United KingdomUnion of South AfricaOther

Total

Canada . . . .

Latin America:ArgentinaColombiaCubaMexicoUruguayVenezuelaOther

Total

Asia . . . .

Eastern Europe

All other

Grand total

Annual totals

1949

1-43.0

-23 .514.0

- 4 0 0-34 .3

3-123.4

-250.2

446.3195 7

3.2

645.2

3.4

-49 .97.0

-10 .0-16 .1-14 .4-50 .0-10 .5

-143.9

4-55.4

- 6 . 2

.4

193.3

1950

1-58.0-84 .8

-79 .8-15 .0-22 .9-38 .0-65 .3-16 .4

-380.2

-1,020.013 13.5

-1,003.4

-100.0

" -io!628.2

-118.2-64.8

""-Y.2

-172.0

5-38.9

13.7

6-44.2

-1,725.2

1951

1-18.3-20.0

-4.5-34.9-32.0-15.0-30.4-29.7

-184.8

469.952 1

3.6

525.6

-10.0

-49.917.5

-20.0-60.2

22.2- . 9

-34.7

-126.0

5-53.7

6-76.0

75.2

1952

1-5.8

- 1 0 . 0-100 .0

- 5 . 0

22.5

-115 .6

440.011 5- . 3

451.2

7.2

- 2 0 . 0- 2 2 . 8

87.714.9

- 2 . 4

57.5

- 6 . 7

393.6

1953

1-94.8

-130 .0- 6 5 . 0— 59 9- 2 0 . 0— 65 0- 9 4 . 3- 1 7 . 5

-546 .4

-480 0

c

-480 .5

- 8 4 . 8- 3 5

- 2 8 1- 1 5 0

- . 3

-131 .8

- 5 . 7

<*)

-1 ,164 .3

1954

-225 .6

— 54.9- 1 5 . 0— 15 5- 2 0 . 0

2 . 6

-328 .3

- 5 0 . 0

- . 5

- 5 0 . 5

80 3- 5 . 0

- 3 0 . 017.2

62.5

- 9 . 9

- . 4

-326 .6

1955

- 6 7 5- 1 0 . 0

- 5 . 0

5.0

- 7 7 . 5

- . 1

- 1

11.0

""3.6

14.0

- 4 . 9

- 6 8 . 5

1956

3.4— 33 8

15.2— 8 0

4 . 0

- 1 9 . 2

100.3

100.3

14.6

115.328 1

29.1-200 .0

— 7

- 2 8 . 3

- . 2

13.1

7200.0

280.2

Quarterly totals

1956

July-Sept.

— 8 0

3.0

- 5 . 0

55.128 1

2 0

' ' - . 2

85.0

775.0

155.0

Oct.-Dec.

3 4

15 2

18.6

100 3

100 3

14.6

40.1

27 1-200.0

- . 2

-133.0

- . 2

725.0

25.2

1957

Jan.-Mar.

3 4

20 0

7 .0

30.4

5.2

10.0

6.5

- . 4

7300.0

341.5

Apr.-June

5.0

1.0

6 .0

10.1

• • " 2 : 8

12.9

- . 5

7300.0

318.4

July-Sept.

15.0

15.0

4.0

- . 1

18.9

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.

5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million;and 1951, $45.0 million.

6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and1951, $76.0 million.

7 Represents purchase of gold from International Monetary Fund.

ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES


Year

194419451946194719481949

195019511952 . . . . .1953195419551956

Gold stock(end of year)

Treas-ury

20,61920,06520,52922,75424,24424,427

22,70622,69523,18722,03021,71321,69021,949

Total 1

20,63120,08320,70622,86824,39924,563

22,82022,87323,25222,09121,79321,75322,058

Increasein total

goldstock

-1 ,349 .8- 547.8

623.122,162.11,530.4

164.6

-1 ,743 .352.7

379.8-1 ,161 .9

-297 .2- 4 0 . 9305.9

Netgold

import,or

export

- 845.4-106 .3

311.51,866.31,680.4

686.5

-371 .3-549 .0

684.12.0

16.197.3

106.1

Ear-marked

gold: de-crease,or in-crease

-459 .8-356 .7

465.4210.0

-159 .2-495 .7

-1 ,352 .4617.6

-304 .8-1 ,170 .8

-325 .2-132 .4

318.5

Domes-tic goldproduc-

tion

35.832.051.275.870.967.3

80.166.367.469.065.165.765.3

Month

1956—Dec

1957—Jan . . .FebMarAprMayJuneJulyAugSeptOctNovDec

Gold stock(end of month)

Treas-ury

21,949

22.25222,30422,30622,31822,62022,62322,62722,62622,63522,69122,763

*>22,781

Total1

22,058

22,37722 39622,40622,42422,72622,73222 73522,73522,75922,83522,837

^22,857

Increasein total

goldstock

- 4 7 . 7

319.018.610.217.4

302.65.53 8

- . 524.175 4

2 .4^19.9

Netgold

import,or

export

2 7

- 5 3 . 9— 29 8- 8 . 820.820.010.02 7

28 618.942 826.7

Ear-marked

gold: de-crease,or in-crease

51 2

295.928 016 0

- 5 . 8285.4- 6 . 0— 8

— 11 4- 9 . 036 9

- 3 1 242.0

Domes-tic goldproduc-

tion

4 6

5.04 45 14.75.04 95 85 85.76 55 1

P Preliminary.1 See note 2 on following page.2 Net after payment of $687.5 million in gold as United States gold sub-

scription to the International Monetary Fund.

3 Not yet available.4 Gold held under earmark at the Federal Reserve Banks for foreign

and international accounts amounted to $6,022.6 million on Dec. 31, 1957.Gold under earmark is not included in the gold stock of the United States.


92 GOLD RESERVES

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End ofmonth

Estimatedtotal world

(excl.U.S.S.R.)i

United States

Treasury Total2

Argen-tina

Aus-tralia

Bel-gium Brazil Canada Chile Co-

lombia Cuba Den-mark Egypt

1950—Dec1951—Dec1952—Dec1953—Dec1954—Dec1955—Dec

35,81035,96036,26036,68037.34038;000

1956—NovDec


38,490

38^796

39,000

22,70622,69523.18722,03021,71321,690

21,91021,949

22,25222,30422,30622,31822,62022,62322,62722,62622,63522,69122,763

22,82022,87323,25222,09121,79321,753

22,10622,058

22,37722,39622,40622,42422,72622,73222,73522,73522,75922,83522,837

216268

371371371

182181181181181166127126

88112112117138144

106107

109113113113116116

587621706776778929

941928

877864848849849842846882874876875

317317317321322323

323324

324324324324324324324324324324324

590850896996,080,141

,124,113

,116,110,112,114,116,121,120,135,136,136

1,127

404542424244

4546

4346464646434340404040

271311214186186136

136136

136136136136136136136136136136

97174174174174174

181

188188188174183188188188188188188

End ofmonth

Fin-land France3

Ger-many,

FederalRepublic

of

Guate-mala India Indo-

nesia Iran Italy Mexico Nether-lands

Nor-way

Paki-stan Peru

1950—Dec.1951—Dec.1952—Dec.1953—Dec.1954—Dec.1955—Dec.

1956—Nov.Dec.

1957—Jan..Feb..Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.

523548573576576861

861861

861861861861861575575575575575575

28140326626920

1,3761,494

1,5661,6611,7561,8341,9232,0292,1242,2612,3992,5482,556

272727272727

2727

27272727272727272727

247247247247247247

247247

247247247247247247247247247247

2092802351458181

4545

44444342414040414141

140138138137138138

138138

138138138138138138138138138138138

256333346346346352

370338

325350364359359364390422

20820814415862142

167167

167167166166165165164163

311316544737796865

854844

834819814809806806793747700700700

505050524545

4750

4545454847464545454546

272738383848

4949

4949494949494949494949

314646363535

3535

3535353535353535352828

End ofmonth

Portu-gal

El Sal-vador

SouthAfrica Spain Sweden Switzer-

landThai-land Turkey

UnitedKing-dom 4

Uru-guay

Vene-zuela

Intl.Mone-

taryFund

Bank forIntl.

Settle-ments

1950—Dec1951—Dec1952—Dec1953—Dec1954—Dec1955—Dec

1956—Nov.. . .Dec

1957—JanFeb.. . .Mar. . . .Apr.. . .M a y . . .June . . .July. . . .Aug... .Sept....OctNov....

192265286361429428

448448

452461461461463458461466467464469

197190170176199212

220224

226227233230235234226226215215218

615151545656

5656

5656565656565656565656

90152184218265276

265266

256256252249231231233241235226227

1,4701,4521,4111,4591,5131,597

1,6581,676

1,667,652,636,621,615,633,674,694,725,733,718

118113113113113112

112112

112112112112112112112112112

150151143143144144

144144

144144144144144144144144144144144

3,3002,3351,8462,5182,7622,120

1,9652,133

2,0842,147209320

2,3452,3812,3672,1421,8502,0932,185

236221207227227216

186186

186186183183183183183183183183

373373373373403403

503603

603669669669669669719719719719719

,494,530,692,702,740

,692,692

,420,433,438,439,141,147,148,157,167,177

167115196193196217

175179

202197168160148205165184138130143

P Preliminary.1 Represents reported gold holdings of central banks and governments

and international institutions, unpublished holdings of various centralbanks and governments, estimated holdings of British Exchange Equaliza-tion Account based on figures shown below under United Kingdom,and estimated official holdings of countries from which no reports arereceived.

2 Includes gold in Exchange Stabilization Fund. Gold in active portionof this Fund is not included in regular statistics on gold stock (Treasurygold) used in the Federal Reserve statement "Member Bank Reserves,

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 ExchangeStabilization Fund are not included).

4 Exchange Equalization Account holdings of gold and of UnitedStates and Canadian dollars, as reported by British Government. (Goldreserves of Bank of England have remained unchanged at $1 millionsince 1939, when Bank's holdings were transferred to Exchange Equaliza-tion Account.)


GOLD RESERVES AND DOLLAR HOLDINGS 93

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONALINSTITUTIONS


Area and country

Continental Western Europe:AustriaBelgium-Luxembourg (and Belgian Congo)..Denmark...FinlandFrance (and dependencies) 1Germany (Federal Republic of). . . .GreeceItalyNetherlands (and Netherlands West Indies

and Surinam).NorwayPortugal (and dependencies)Spain (and dependencies) . . .Sweden. . .SwitzerlandTurkeyOthers

Total

Sterling Area:United KingdomUnited Kingdom dependenciesAustraliaIndiaUnion of South AfricaOther

T o t a l . . . .

Canada

Latin America:ArgentinaBolivia . .BrazilChileColombiaCubaDominican RepublicGuatemalaMexico .Panama, Republic of

•PeruEl Salvador . . .UruguayVenezuela . .Other

Total

Asia:IndonesiaIran .JapanPhi l ippines . . . .ThailandOther

Total

Eastern Europe

All other:EgyptOther

Total

Total foreign countries

International ^ . . . . .

Grand total

Dec. 31

Gold&short-term

dollars

3261,201

9184

1,9572,374

1871,137

1 100127601221429

2,354153872

13,214

2,60084

219320265214

3,702

2,173

50926

4661392173897772

55686

12752

281668124

3,789

255175

1,021268250647

2,616

308

246116

362

26,164

3,689

29,853

, 1955

U. S.Govt.bonds

& notes

101075

1518

2

4453

3

44

6

343

2824

(3)

J7

295

437

169

1

13

15

195

15

4614

30

7

1

1

1,308

321

1,629

Sept. 30, 1956

Gold&short-term

dollars

3421,265

9590

1,6313,099

1611,286

1,113109617185453

2,446158

1,057

14,107

2,82090

177328248211

3,874

2,547

39925

582151180407

7780

56110411753

290808133

3,967

204174

1,186298254677

2,793

288

222126

348

27,924

3,717

31,641

U. S.Govt.bonds

& notes

1012657

13

2

2379(3)

(3)126

14

300

2664

11

14

286

352

(3)

11

167

(3)

13

14

191

(3)(3)

4616

17

8

(3)

1,154

392

1,546

Dec. 3

Gold&short-term

dollars

3611,227

9688

1,5053,329

1871,268

1,071117628160483

2,512164917

14,113

2,812103191323277228

3,934

2,629

36029

5491372103477991

60010911953

2591,058

113

4,113

231158

1,145294260707

2,795

287

238118

356

28,227

3,144

31,371

, 1956

U. S.Govt.bonds

& notes

1012657

14

2

987

3(3)

131

12

298

2034

11

14

223

367

(3)

1(3)

167(3)

1(3)

13

12

190

8616

17

8

(3)

1,103

391

1,494

Mar. 3

Gold&short-term

dollars

3681,170

10794

1,3023,520

1891,250

1,024121628148480

2,410158898

13,867

2,85493

193324293226

3,983

2,608

33225

55613725035489

10157511711773

2571,043

134

4,160

188178

1,003267279730

2,645

288

248151

399

27,950

2,996

30,946

, 1957

U. S.Govt.bonds

& notes

911658

14

1095

(3)14

309

2384

(3)

125

269

438

(?11

167(3)(3)

4

22

12

190

4616

17

8

(3)(3)

(3)

1,231

391

1,622

June 3C

Gold&short-term

dollars

3761,133

9294

29963,719

1771,323

998133622142499

2 437158

1,188

14,087

2,89496

191323294226

4,024

2,712

34524

4671312633939897

50413511081

2481 450

140

4,486

168173754243279767

2,384

288

246162

408

28,389

2,720

31,109

, 1957

U. S.Govt.bonds

& notes

811659

14

10105

3(3)

132

317

2684

(3)11

28

302

M57

1

167(3)

41

(3)(3)

12

11

188

(3)

2617

16

8

(3)

(3)

rl,288

366

'1,654

Sept. 30

Gold&short-term

dollars

4181,165

13397

9984,063

15241,451

971139636140508

2 522156868

14,417

2,508109

4197330262226

3,632

2,791

31329

457117244416

7087

45341299665

2431 605

147

4,552

220187700235275770

2,387

286

242155

397

28,462

2,679

31,141

, 1957*

U. S.Govt.bonds

& notes

8865

1014

2

12118

3

134(3)12

332

1914

11

30

227

441

(3)11

167(3)

(3)

j

213

189

(3)

*• 2

617

16

7

8(3)

1,212

227

1,439

P Preliminary. r Revised.1 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 reported figures for gold reserves, as follows: Italy

(Aug. 31); Australia (June 30); and Mexico (Aug. 31).5 Includes Yugoslavia, Bank for International Settlements (both for

its own and European Payments Union account), gold to be distributedby the Tripartite Commission for Restitution of Monetary Gold, andunpublished gold reserves of certain Western European countries.

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 inter-national organizations.

NOTE.—Gold and short-term dollars include reported and estimatedofficial gold reserves, and total dollar holdings as shown in Short-termLiabilities to Foreigners Reported by Banks in the United States, byCountries (tables 1 and la-Id of the preceding section). U. S. Govt.bonds and notes represent estimated holdings of such securities with origi-nal maturities of more than one year; these estimates are based on asurvey of selected U. S. banks and on monthly reports of security transac-tions. For back figures see BULLETIN for March 1956, pp. 304-305.


94 INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION ANDDEVELOPMENT

[End-of-month figures. In millions of dollars]

Item

Dollar deposits and U. S. securitiesOther currencies and securities1...Effective Ioans2Other assets3

IBRD bonds outstandingUndisbursed loansOther liabilitiesReservesCapital

1957

Sept.

524858

2,54976

1,14167620

3031,867

June

484873

2,43772

1,034670

19289

1,854

Mar.

430901

2,37854

94867620

2661,853

1956

Dec.

365931

2,23841

848609

11254

1,853

Sept.

386960

2,09442

849530

10240

1,853

Area and member country +

Continental W. Europe, totalBelgium and Luxembourg.FranceItalyNetherlandsOther

Sterling area, totalAustraliaIndiaPakistanUnion of S. AfricaUnited KingdomOther

Latin America, totalBrazilColombiaMexicoOther

Asia (excl. Sterling area) . . . .Thailand

Other

Africa (excl. Sterling area). .

Total

Loans by country, Nov. 30, 1957

Prin-cipal

1,197173267163236358

1,13731835610816014649

720169111141298

313107206

24

63,391

Dis-bursed

1,02811926799

233309

753278183541357924

56516689

135175

14637

110

2,501

Re-paid

1961218

14323

821225

926

37

6315191019

54

1

347

Outstanding

Total

8311072499891

286

67126615845

1097617

50215270

125156

14133

108

Soldto

others5

7324147

216

8625144

2024

26

39

13

152

13

INTERNATIONAL MONETARY FUND

[End-of-month figures. In millions of dollars]

Item

GoldInvestments 8Currencies: United Sts

Other i . . .ites1

Unpaid member subscriptions.Other assets

Member subscriptionsAccumulated net incorReserves and liabilities

Country9

ArgentinaBelgiumBrazilChileColombia . . .DenmarkEgyptFranceIndia .Indonesia

JapanNetherlandsUnited Kingdom. . . .United S t a t e s . . . .

ne

1957

Oct.

1,177200811

5,948874

8

9,016

2

Quota

Total

15022515050506860

52540011035

250275

1,3002,750

Paidin

gold

3856389

136

1010828169

6369

236688

July

1,148200992

5,777818

6

8,941- 2

2

Apr.

1,439200977

5,489817

5

8,932- 6

2

Jan.

1,420200

1,4235,051

8243

8,929- 1 0

2

1956

Oct.

1,687200

1,6974,387

9422

8,929- 1 4

Cumulative net drawingson the Fund

1957

Oct.

1 0 -

75507525253430

263200

5525

12569

562-1.901

Sept.

75503825253430

2632005525

12569

56210-1.861

1956

Oct.

661325

15

5526

10-418

7200

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 besold 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 $260 million in loans not yet effective.7 Includes $179 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 $25

million or more on the latest date.1 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

1953—Dec. 301954—Dec. 291955—Dec. 28

1956—Dec. 26

1957—Jan. 30Feb. 27Mar. 27Apr. 24May 29June 26July 31Aug. 28Sept. 25Oct. 30Nov. 27

Bank of England (millions of pounds sterling)

Assets of issuedepartment

Gold

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

Otherassets

(fiduciaryissue)

,675.0,775.0,900.0

>,025.0

,925.0,925.0,925.0.975.0.975.0

>,000.01.075.0>.025.0>,000.0>.000.0>,050.0

Assets of banking department

Coin

2.42.42.3

1.9

2.02.02.32 42.42.42 42 42 52.52.4

Notes

55.423.710.7

27.7

63.752.022.523.121.714.915.929 932.933.448.9

Dis-countsand ad-vances

4.98.9

37.7

11.0

34.915.818.621.540.532.629.917.615 In 719.8

Securi-ties

338.1350.7299.6

267.7

240.3261.0290.3259.2243.2268.4262.4253.5271 .0288 7260.3

Notecircula-tion1

,619.9,751.7,889.6

,997.7

,861.6.873.4.902.8.952.2.953.7.985.5

>.059.5.995.5967.5967.0

>,001.4

Liabilities of banking department

Deposits

Bankers'

290.2276.1245.2

203.6

232.1225.2228.9202.4204.4216.3205 0199.3216.8?14.6226.9

Public

14.915.412.0

11.6

14.413.513.711.510.112.213.411.613.010.110.1

ECA

7.29.63.2

Other

70.466 371.7

74.9

76.073.772.574 575.371 873 974 273. 175.776.4

Capitaland

surplus

18.218.118.1

18.1

18.318 518 517.818.018 118.318.518 517 918.0

For notes see opposite page.


CENTRAL BANKS 95

PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued

Bank of Canada (millions of Canadian dollars)

Assets 2

Sterlingand

UnitedStatesdollars

Dominion and provin-cial govt. securities

Short-term Other

Otherassets

Liabilities

Notecirculation

Deposits

Charteredbanks

Dominiongovt. Other

Otherliabilities

andcapital

1953—Dec. 311954_Dec. 311955—Dec. 31

1956—Dec. 31

1957—Jan. 31Feb. 28Mar. 30Apr. 30May 31June 29July 31Aug. 31Sept. 30Oct. 31Nov. 30

54.954.257.4

60.8

53.560.853.750.352.357.363.162.455.356.656.2

1,376.61,361.51,283.8

1,025.0

1,091.71.052.71,105.21,158.01,165.91,213.31,197.71,251.81,208.41,297.51,321.5

893.7871.1

1,093.7

1,392.0

1,202.21,1-9.41,176.31,190.21,185.11,194.31,202.31,208.41,204.21,192.11,152.0

112.0114.1185.2

69.9

113.5118.6213.5119.2188.7210.3100.7203.9110.9161.5252.8

1,599.11,623.51,738.5

1,868.7

1,738.91,717.91,724.61,756.31,751.51,784.31,817.71,815.51,819.11,824.01,828.0

623.9529.6551.0

511.5

524.0497.5519.5546.9526.3545.5490.5542.8480.8623.7543.4

51.556.389.2

38.8

57.852.778.362.943.944.454.264.066.940.164.3

29.530.534.0

31.2

34.327.225.122.532.028.926.933.328.725.830.7

133.1161.0207.5

97.5

105.8126.3201.2129.2238.3272.1174.5270.9183.3196.0316.1

Date

Bank of France (billions of francs)

Assets

GoldForeign

ex-change

Domestic bills

Openmarket Special Other

Advances toGovernment

Current Other

Otherassets

Liabilities

Notecircula-

tion

Deposits

Govern-ment Other 4

Otherliabil-itiesand

capital

1953—Dec. 311954_Dec. 301955—Dec. 29

1956—Dec. 27

1957—Jan. 31Feb. 28Mar. 28Apr. 25May 29,June 27July 25Aug. 29,Sept. 26Oct. 31,Nov. 28

201.3201.3301.2

301.2

301.2301.2303.2301.2301.2201.2201.2201.2201.2201.2201.2

15.457.3

200.2

49.6

33.032.923.112.212.012.011.911.911.912.012.0

292.5236.8226.7

289.2

270.3317.4310.3325.2322.9274.9273.6307.2322.7^15.2282.0

61.148.945.2

30.5

26.825.027.624.920.216.17.36.2

18.344.044.6

891.61,130.21,194.7

1,753.7

1,759.51,735.71,836.81,871.91,948.12,014.12,027.11,931.41,886.71.914.91,893.9

200.0195.0190.0

179.0

175.0171.3175.0158.3175.0175.0175.0175.0175.017* 0175.0

679.8617.6539.8

479.8

479.8479.8479.8479.8479.8594.1752.1789.8804.8829.8820.1

170.0277.2336.8

236.4

233.8245.7192.6196.9192.4267.0306.6271.1266.2341.1

3296.2

2,310.52,538.52,820.0

3,046.9

3,045.03,065.83,051.63,044.13,106.93,130.03,238.33,219.73,214.43,292 53,139.9 (5)

144.9157.8142.9

173.8

149.4161.1214.3222.7263.1330.9397.7376 6359.5417 0467.1

56.367.971.8

98.8

84.982.280.6

103.681.693.6

118.997.4

112.9

118.0

Central bank, monetary unit,and item

1957

Nov. Oct. Sept.

1956

Nov.


1957

Nov. Oct. Sept.

1956

Nov.

Central Bank of the Argentine Republic(millions of pesos):

Gold reported separatelyOther gold and foreign exchange..Gold contribution to Intl. Fund...Govt. securitiesRediscounts and loans to banks...Other assetsCurrency circulationDeposits—NationalizedOther sight obligationsOther liabilities and capital

5301,089

1575,001

118,6711,582

46,84369,0603,0658,063

5331,216

1574,825

118,0421.697

45,21170,3262,9657,970

6971,649

1574,822

115,3161.782

44,98769,5662,0257,846

983275157

5.666100J41

87239,23861,593

1.3266,537

Commonwealth Bank of Australia (mil-lions of pounds):

Gold and foreign exchangeChecks and bills of other banks..Securities (incl. Govt. and Treas-

ury bills)Other assetsNote circulationDeposits of Trading Banks:

SpecialOther

Other liabilities and capital

4693

49722

389

4683

50325

387

340 34025| 32

2^71 240j

473|3!

48625,

388

34031

227,

3105

55643

384

27035

225

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 July1940, pp. 677-678).

3 Other assets include 100.0 billion francs of gold loaned to Stabiliza-tion Fund.

4 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 dateof the month. For details relating to individual items, see BULLETIN forApril 1955, p. 443. For last available report from the Reichsbank(February 1945), see BULLETIN for December 1946, p. 1424.


96 CENTRAL BANKS



1957

Nov. Oct. Sept.

1956

Nov.


Nov. Oct. Sept.

1956

Nov.

Austrian National Bank (millions ofschillings):

GoldForeign exchange (net)Loans and discountsClaim against GovernmentOther assetsNote circulationDeposits—Banks

OtherBlocked

Other liabilities and capitalNational Bank of Belgium (millions of

francs):GoldForeign claims and balances (net).Loans and discountsConsolidated Govt. debtGovt. securitiesOther assetsNote circulationDeposits—Demand

ECAOther liabilities and capital

Central Bank of Bolivia—Monetarydept. (millions of bolivianos):

Gold at home and abroadForeign exchange (net)Loans and discountsGovt. securitiesOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of Ceylon (millions ofrupees):

Foreign exchangeAdvances to GovtGovt. securitiesOther assetsCurrency in circulationDeposits—Government

BanksOther liabilities and capital

Central Bank of Chile (millions ofpesos):

GoldForeign exchange (net)Net claim on Intl. Fund1

Discounts for member banksLoans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities and capital

Bank of the Republic of Colombia (mil-lions of pesos):

Gold and foreign exchangeNet claim on Intl. Fund1

Loans and discountsGovt. loans and securitiesOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of Costa Rica (millionsof colones):

GoldForeign exchangeNet claim on Intl. Fund l

Loans and discountsSecuritiesOther assetsNote circulationDemand depositsOther liabilities and capital

National Bank of Cuba (millions ofpesos):Gold

2,66010,4095,8791,342823

15,0312,0601,0441,0401,938

43,7589,19211,82034,4569,4307,738

109,3881,970

205,016

2,12910,9635,8521,342619

14,8352,1831,066898

1,923

43,8208,18413,13034,4569,0238,728

110,8621,584

204,875

591564813

4638

116120

4,371765

-1,35615,91426,07755,74124,68270,5326,4813,070

46,110

31952

,399626299983905806

12477

15515331634858

6052750224724

110118

4,846717

-1,35617,38526,07754,16626,46270,6146,3206,14945,213

28652

1,312620281927830793

12537

13516311574156

136

2,23110,3965,8911,342615

14,4772,265974906

1,854

43,7097,87913,94834,4569,4066,005

109,4831,200

204,700

(July)*7,71428,176287,8037,92022,497175,98216,523161,605

625964916

47332166115

5,258815

-1,35615,79826,07752,96227,15072,5946,4715,35042,287

31252

1,116622256921

1,193243

12707

11916301554553

136

1,7458,6106,2261,559780

13,7741,349785

1,415,598N:

47,04512,3087,40634,6607,4975,775

108,9181,597

404,137

668-636

155,7212,5053,043

142,49720,044-1,240

National Bank of Cuba—Cont.Foreign exchange (net)Foreign exchange (Stabilization

Fund)Net claim on Intl. Fund1

Loans and discountsCredits to GovernmentOther assets ,Note circulationDepositsOther liabilities and capital

ational Bank of Czechoslovakia2

National Bank of Denmark (millionsof kroner):

GoldForeign exchangeLoans and discounts ,SecuritiesGovt. compensation accountOther assets ,Note circulationDeposits—Government

Other ,Other liabilities and capital

Central Bank of the Dominican Re-public (thousands of pesos):

Gold.

737 Central

118

43376

15393

7,3941,677

8,37915,98730,30424,56855,0245,5931,938

25,772

277

19 National

542615146778559294

1261727

1455338

136

7 Bank

Foreign exchange (net)Net claim on Intl. Fund2

Loans and discounts ,Govt. securitiesOther assets ,Note circulation ,Demand depositsOther liabilities and capital

Bank of Ecuador (millions ofsucres):

GoldForeign exchange (net)Net claim on Intl. Fund1

Credits—GovernmentOther

Other assetsNote circulation ,Demand deposits—Private banks.

OtherOther liabilities and capitalonal Bank of Egypt (millions of

pounds):GoldForeign assets ,Egyptian Govt. securities ,Clearing and other accounts (net).Loans and discounts ,Other assets ,Note circulationDeposits—Egyptian Government,


" Reserve Bank of El Salvador(thousands of colones):

GoldForeign exchange (net)Net claim on Intl. Fundx

Loans and discountsGovt. debt and securitiesOther assetsNote circulation ,Deposits ,Other liabilities and capital ,<. of Finland (millions of markkaa):GoldForeign assets and liabilities (net),Loans and discountsSecurities—Government

OtherOther assetsNote circulationDepositsOther liabilities and capital

52 Central

68828156485

3,002827

2,2761,4731,346

271

11,40513,8312,5004,9217,830

25,75950,41211,9193,914

32582

-37466349269745222170317

6689190-48423

21310

10020

78,57818,1414,68892,2769,3239,08799,58799,35813,148

7,85030,09831,68316,2501,45116,69751 AH7,06939,481

141

18613601457843428836

68796211499

3,022774

2,2421,4791,384266

11,40514,7462,5004,7797,83025,80548,77614,4493,839

32575

-37470354281755219172322

6690184-49413

21249920

78,60226,2634,68786,20210,5388,01295,718105,70712,879

7,85027,91328,40316,2501,47416,61954,0945,41439,000

162

200135412074

43928435

68884197501

3,022613

2,1351,4941,397260

11,40513,6002,5004,3007,83025,73548,73212,9213,717

32556

-37479329328771240168301

6693176-42302

1938

10221

78,61342,6161,562

81,7269,1747,68497,201111,58812,587

7,85021,28537,98716,2501,51417,01455,8286,77639,297

182

16213421317741829827

68727125505

3,071960

2,2381,4501,501266

11,27612,4272,5004,0508,36019,93147,2257,9293,389

3255538

477310258743233147340

63114144-8443

22010

311219

70,3435,068

-4,67793,65718,6157,64796,01982,50312,132

7,84922,36841,66617,5001,98911,28058,4686,02538,159

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.

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 dateof the month.


CENTRAL BANKS



1957

Nov. Oct. Sept

1956

N o v


1957

Nov. Oct. Sept.

1956

Nov.

12,03783,729

-7,96128,92683,74586,125

151,64914,615

246,99137,085

148,71620,073

471

567475398974

1,6207

111581170

()75

484231626423687

1,863

5,261730383

5,1282,325

784

3,2304

784174660366

3,923157368552218

6,16232,27027,255

53,66538,173

1,96674,72674,73010,035

218106

- 3 911174

5,546138

3,2041,542

42526

957

German Federal Bank4 (millions ofGerman marks):

GoldForeign exchangeLoans and discountsLoans to GovernmentOther assetsNote circulationDeposits—Government

BanksOther

Other liabilities and capitalBank of Greece (millions of drachmae):

Gold and foreign exchange (net)..Loans and discountsAdvances—Government

OtherOther assetsNote circulationDeposits—Government

Reconstruction andrelief accts


Bank of Guatemala (thousands ofquetzales):

GoldForeign exchange (net)Gold contribution to Intl. Fund. .Rediscounts and advances.. . .Other assetsCirculation—Notes

CoinDeposits—Government

BanksOther liabilities and capital

National Bank of Hungary 2Reserve Bank of India (millions of

rupees):Issue department:

Gold at home and abroadForeign securitiesIndian Govt. securitiesRupee coinNote circulation

Banking department:Notes of issue departmentBalances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital

Bank Indonesia (millions of rupiahs):Gold and foreign exchange (net)..Loans and discountsAdvances to GovernmentOther assetsNote circulationDeposits—ECA


Bank Melli Iran (millions of rials):GoldForeign exchangeGold contribution to Intl. Fund. .Govt.-secured debtGovt. loans and discountsOther loans and discountsOther assets5Note circulationDeposits—Government

BanksOther

Special Account—Profits of reval-uation

Other liabilities and capitalCentral Bank of Ireland (thousands of

pounds):GoldSterling fundsNote circulation

10,69113,436

8393,4751,07016,4024,4285,397526

2,757

27,27637,4381,25016,90842,25262,0824,4349,70423,40125,502

1,1782,8029,8231,351

14,787

36729311

2903,2812,8161,426

532792

17,2171,20912,876

1853,7352,954

4,5331,115663

7,92312,5157,40916,21312,4166,5621,61318,842

7,1103,827

2,64675,11577,761

10,65513,6341,0353,4321,17616,0745,2185,341681

2,617

5,330192

5,3665,5682,5556,7231,112

3,6765,6321,866

27,27734,9071,25017,59241,08361,0704,36310,09021,84124,745

1,1783,1179,5081,33714,862

27815438

4993,2822,8221,428

875844

17,1411,02212,588

2203,9173,157

4,533500663

7,92311,4897,13717,38112,0638,0971,61216,841

7,1103,902

2,64674,21576,861

10,03314,3281,2973,7651,16715,9285,4725,623812

2,755

5,358175

5,5655,3852,4746,6111,061

3,6765,6281,981

27,27734,4291,25015,07341,67358,9364,2759,54822,38924,554

1,1783,2669,3591,352

14,711

4432596

4182,9252,6971,353

761791

16,561853

12,343220

3,9262,478

4,533

6637,92312,5376,72014,52711,7835,8941,69116,578

7,1103,848

2,64674,41377,059

,763919014203327631083480245787

,663180

,011058,016,450080

286,067045

,178.572,655,253,385

272793

7130

,547,304,409

739960

,846R (

478,288320

,129,288

,242534282,623,227 „,403 Ba,039,066,041,259,776

3,208

Bank of Israel (thousands of pounds):GoldForeign exchangeClearing accounts (net)Loans and discountsAdvances to GovernmentOther Govt. accountsGovt. securitiesOther assetsNotes and coin in circulationDeposits—Government


Bank of Italy (billions of lire):GoldForeign exchangeAdvances to TreasuryLoans and discountsGovt. securitiesOther assetsNote circulationDeposits—Government

DemandOther

Other liabilities and capitalBank of Japan (billions of yen):

BullionLoans and discountsGovt. securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities

Bank of Mexico (millions of pesos):Monetary reserve7

"Authorized" holdings of secu-rities, etc

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities and capital

N e t h e r l a n d s B a n k (millions ofguilders):

GoldSilver (including subsidiary coin)..Foreign assets (net)Loans and discountsGovt. debt and securitiesOther assetsNote circulationDeposits—Government

ECAOther

Other liabilities and capitalReserve Bank of New Zealand (thou-sands of pounds):

GoldForeign exchange reserveLoans and discountsAdvances to State or State un-

dertakingsInvestmentsOther assetsNote circulation ,Demand deposits ,Other liabilities and capital

ink of Norway (millions of kroner):GoldForeign assets (net)Clearing accounts (net)Loans and discountsSecuritiesOccupation account (net)Other assetsNote circulationDeposits—Government

BanksFOA

Other liabilities and capital

6,27488,158

-11,78747,87171,566

136,214148,699

13,056

6,26695,760

-10.37:70;483

133,935149,045

13,306249,550 247,30129,433189.14231,925

471567455415

1,1881,716

10140652181

()5372571466844883127

1,874

4,958856555

5,4032,092748

!,64911

949178660387

1,994145

17462216

6,16220,12635, C "

56,13938,1241,384

78,27768,8279,919

210203-1484104

5,545134

3,2731,4513271

1,215

35,492183,16630,449

471567472405

1,0981,701

10136594177

()5342511386654186132

1,851

4,5831,039685

5,3252,078755

2,64911

915322660356

4,0609617

529211

6,265109,611-5,26235,62567,812130,354149,69812,151

250,30340,861186,38228,709

471567473415

1,1131,729

9150579176

()5632051406546184108

1,878

4,4241,090874

5,1712,342754

2,64912

735425660346

4,11810117

381210

6,16232,12731,986

47,16038,1241,436

74,14173,0969,758

208215482104

5,545137

3,2761,383493

11,142

6,16246,65023,930

39,69238,1241,631

73,22173,4539,517

2092051374105

5,545127

3,2381,5573401

1,144

4 On Aug. 1, 1957, the Land Central Banks and the Berlin CentralBank were merged with the Bank of German States (Bank deutscherLander) and the latter became the German Federal Bank (DeutscheBundesbank).

5 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.6 Holdings in each month were 448 million yen.7 Includes gold, silver, and foreign exchange forming required reserve

(25 per cent) against notes and other demand liabilities.For other notes see opposite page.


98 CENTRAL BANKS



1957

Nov. Oct. Sept.

1956

Nov.


Nov. Oct. Sept.

1956

Nov.

State Bank of Pakistan (millions ofrupees):

Issue department:Gold at home and abroadForeign exchange—Approved..

OtherPakistan Govt. securitiesIndia currencyRupee coinNotes in circulation

Banking department:Notes of issue departmentBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capi ta l . . . .

Central Bank of Paraguay (millions ofguaranies):

GoldForeign exchange (net)Net claim on Int. Fund1

Loans and discounts ,Govt. loans and securitiesOther assetsNote and coin issueDeposits—Government


Central Reserve Bank of Peru (millionsof soles):

Gold and foreign exchangeNet claim on Intl. Fund*Loans and discounts to banks. . .Loans to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of the Philippines(millions of pesos):

GoldForeign exchangeLoansDomestic securitiesOther assetsCirculation—Notes

CoinDemand depositsOther liabilities and capital

Bank of Portugal (millions of escudos):GoldForeign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDemand deposits—Government..

ECAOther

Other liabilities and capitalSouth African Reserve Bank (millions

of pounds):GoldForeign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities and capital

Bank of Spain (millions of pesetas):GoldSilverGovt. loans and securitiesOther loans and discountsOther assets..Note circulationDeposits—Government


11566357

2,04643049

3,248

1131

61998

1,032141

401736475416871187

228173

5,99313,5001,7851,3652,38411,7851,922

197,7493,55f

72530541165318

618323

14,57:59,4365,58662,5704,10714,61159,248

11565857

1,90243053

3,128

21,0551,016130

19167

1,2031,708107

2,456607214

402206171316370387242165

5,99913,5171,8511,3632,32711,8401,945

197,7413,51"

763025551165516

618323

16,19160,94665,91862,8264,66015,58060,929

11565857

1,87243054

3,076

110

1,0461,038118

15655113

1,669719517

1,227507270

1,684

40067

1,1391,647127

2,477672230

392497664716569186232166

5,99513,5701,7441,3652,30911,6401,986

197,8503,488

76313:481165515

618323

15,83059,54165,51462,4674,47914,57660,305

11599357

,527430'58

,077

10430

661627168

1146353

,572535368,169290311,231

784713471135617

61732112414980325465035074

Bank of Sweden (millions of kronor):GoldForeign assetsNet claim on Intl. Fund1

Swedish Govt. securities and ad-vances to National Debt Office2.

Other domestic bills and advances.Other assetsNote circulationDemand deposits—Government. .


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationSight liabilitiesOther liabilities and capital

Central Bank of the Republic of Turkey(millions of pounds):

GoldForeign exchange and foreign

clearingsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold

OtherOther liabilities and capital{ of the Republic of Uruguay (mil-

lions of pesos):GoldSilverAdvances to State and Govt.

bodiesOther loans and discountsOther assetsNote circulationDeposits—Government

OtherOther liabilities and capitaltral Bank of Venezuela (millions

of bolivares):GoldForeign exchange (net)Other assetsNote circulationDepositsOther liabilities and capital

rational Bank of Federal People's Re-public of Yugoslavia (billions ofdinars):

GoldGold contribution to Intl. Fund . .Foreign assetsLoans (short-term)Govt. debt (net)Other assetsNotes and coin in circulationDemand depositsForeign liabilitiesLong-term liabilities (net)Other liabilities and capital

Bank for International Settlements(millions of Swiss gold francs):

Gold in barsCash on hand and with banks . . . .Rediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investmentsFunds invested in GermanyOther assetsDemand deposits—Gold

OtherLong-term deposits: SpecialOther liabilities and capital

71967

786 Bank,306148

,176601249

41401

84436153 Central661

8628485

,846,735,259Ni,375,883,136,739

891,064,071

5001,184

129

4,477172921

5,5424964

1,727

7,28356118094

5,7092,169

240

402

4615,153

33264

3,345156

2,027786

1,9992,055

1801,484

4502,300

43852

637151601297

1547

,084229316

49711,258

129

4,56116

9175,504

7456

1,745

,348546159103

,616,302238

402

4755,107

33273

3,323155

2,016797

1,9992,150

1931,382

559,4022

42

4077612863

117401

84274138

39958

711117789297

4492

1,34222931

5171,180

129

4,474112974

5,362128156

1,742

7,31355615597

5,6052,281

236

402

4674,823

33265

3,105155

1,983747

(July)278

264615797559203371829

2,0992,165

2201,333

5852,567

62

3979011353

11138085

283143

42473

54011481429

452

1,199229310

5841,038

129

4,01027

1,0235,316

199119

1,178

7,025587254121

5,4832,277

227

402

2193,891

31234

2,433155

1,586604

28310

288540843509198354903

1,4381,297

2191,170

4131,372

52

62,036

565994

252107578190

53667

658100572297

2720982229302

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 Includes small amount of nongovernment bonds.

NOTE.—All figures, including gold and foreign exchange, are compiledfrom official reports of individual banks and are as of the last report dateof the month.


MONEY RATES 99

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1


Month effective

In effect June 30, 1956

1956 AugSeptOctNovDec

1957 JanFebMarApr .MayJuneJuly\ u gSeptOctNovDec

In effect Dec. 31, 1957

Central banks with new rates since June 1956

Bel-gium

3.0

3 5

4 .5

4 . 5

France

3.0

4 0

5 0

5.0

Ger-many

5.5

5.6

4 5

4.6

4 . 0

Neth-er-

lands

3.00

3.25

3.75

4.255 00

5.00

Spain

3.75

4.25

5.00

5.00

Swe-den

3.75

4.00

5.00

5.00

Switz-er-

land

1.5

2 5

2 .5

UnitedKing-dom

5.5

5.0

7 .0

7 .0

Can-ada

3.00

3.25

3 5033.773 92

3 954.013 954 004.014 064.054 284.054.053.833.87

3.87

In-dia

3.25

3.50

44.00

4.00

Ja-pan2

8.03

8.40

9.13

9.13

Philip-pines

1.5

2 0

4 5

4 . 5

Chile2

4 .5

6 0

6.0

ElSal-

vador2

3.0

4 . 0

4 . 0

Other selected central banks—rates in effect on Dec. 31, 1957

Area andcountry

Europe:AustriaDenmarkGreeceItalyNorwayPortugal

Rate

5.05.5

10.04.03.52.5

Montheffective

Nov. 1955Mav 1955May 1956Apr. 1950Feb. 1955Jan. 1944

Area andcountry

Europe—Cont. :Turkey

AsiaBurmaCeylonIndonesia2...Pakistan

Rate

6.0

3.02.53.03.0

Montheffective

June 1956

Feb. 1948June 1954Apr. 1946July 1948

Area andcountry

Asia—Cont. :T h a i l a n d . . . .

Latin America:Costa Rica2.MexicoPeru2

Rate

7.0

3.04.56.0

Montheffective

Feb. 1945

Apr. 1939June 1942Nov. 1947

Area andcountry

Latin America—Cont. :

Venezuela. . .All other:

New Zealand.South Africa.

Rate

2.0

7.04.5

Montheffective

May 1947

Oct. 1955Sept. 1955

1 Rates shown represent mainly those at which the Central bank eitherdiscounts or makes advances against eligible commercial paper and/orgovernment securities for commercial banks or brokers. For countrieswith more than one rate applicable to such discounts or advances, therate shown is the one at which the largest proportion of central bankcredit operations is understood to be transacted. In certain cases otherrates for these countries are given in the following note.

2 Discounts or advances at other rates include: Japan—various ratesdepending on type of paper or transaction and extent of borrowing fromcentral bank, including 8.40 per cent for discount of paper related to do-mestic commercial transactions (rate shown is for advances on commercialpaper and miscellaneous collateral); Chile—rates in excess of 6 per cent

are applied to rediscounts in excess of 50 per cent of the rediscountingbank's capital and reserves; El Salvador—3 per cent for agricultural andindustrial paper; Indonesia—various rates depending on type of paper,collateral, commodity involved, etc.; Costa Rica—5 per cent for paperrelated to commercial transactions (rate shown is for agricultural andindustrial paper); and Peru—4 per cent for industrial paper and miningpaper, and 3 per cent for most agricultural paper.

3 Since Nov. 1, the discount rate is set each week at l/x per cent above thelatest average tender rate for Treasury bills.

4 Since May 16, this rate applies to advances against commercial paperas well as against government securities and other eligible paper.

OPEN MARKET RATES


Month

1955 Dec1956 Dec

1957 JanFeb

Apr

JuneJUly

SeptOctNov

Canada

Treasurybills

3 months1

2.593.61

3.703.763.713.723.773.803.814.023.943.843.66

Day-to-day

money2

2.423.18

3.273.483.653.693.713.803.723.882.963.573.52

United Kingdom

Bankers'accept-ances

3 months

4.225.07

4.854.444.254.184.044.084.064.175.406.816.78

Treasurybills

3 months

4.084.94

4.694.304.074.013.843.873.853.975.426.606.54

Day-to-day

money

3.104.15

4.063.663.553.593.483.453.453.604.335.535.63

Bankers'allowance

ondeposits

2.503.50

3.503.103.003.003.003.003.003.003.805.005.00

France

Day-to-day

money3

2.993.55

3.923.524.104.615.195.787.827.945.774.94

Netherlands

Treasurybills

3 months

1.063.48

3.583.473.613.633.593.603.814 454 864 874.66

Day-to-day

money

.623.23

3.382.853.503.502.882.703.083.513.643.753.35

Sweden

Loansup to

3 months

414-61/2

4%-6y41/_£3/4L£_63441// 63 /41^—6344ix_6345*4-8

5*4-85*2-85*4-8

Switzer-land

Privatediscount

rate

1.50.50

691.75

75I 75.75

2.502 502.502.502.502.50

1 Based on average yield of weekly tenders during the month.2 Based on weekly averages of daily closing rates.

3 Beginning January 1957, rate shown is on private securities. Previousfigures are averages of rates on government and private securities.


100 FOREIGN EXCHANGE RATES

FOREIGN EXCHANGE RATES

[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

195219531954 .19551956 . .1957

1956—Dec

1957 JanFeb .MarAprMayJuneJulyAufiSeptOctNov . . . .Dec

Year or month

195219531954 . . . .195519561957 .

1956 Dec

1957 JanFebMarApr . .May . .JuneJulyAugSeptOct . . . .NovDec

Year or month

19521953 .1954195519561957

1956 Dec

1957 JanFebMarAprMayJuneJulyAugSeptOct . .NovDec

Argentina(peso)

Basic

20.00020.00020.00020.000

Prefer-ential

13.33313.33313.33313.333

15.5565,556

5.556

5.5565.5565.5565.5565.5565.5565.5565.5565.5565.5565 5565.556

Finland(markka)

.4354

.4354

.43544354

.43543.3995

4354

4354.4354.4354.4354.43544354

.4354

.43543.3674

.3118

.3118

.3118

Neth-erlands

(guilder)

26.31526.34026.38126.23026.11326.170

26.101

26.10626.11126.11926.13726.13426.10626.12126.10326.10226.28726.36326.367

Free

7.1637.1987.1987.183

22.8352,506

2.806

2.6422.6812.5862.4782.5642.4772.3652.3032.2162.4872 5952.707

France(franc)

.2856

.2856

.2856

.2856

.28554.2856

2855

2855.2855.2855.2855.2856.2855.2856

4.2857.2858.2858.2858.2858

NewZealand(pound)

276.49278.48278.09276.36276.80276.56

275.75

276.80277.04276.54276.12276.33276.26276.02275.52275.75277.21277.49277.80

4.2376

4.2376.2375.2375.2375.2376

Norway(krone)

14.01514.01514.00814.00814.00814.008

14.008

14.00814.00814.00814.00814.00814.00814.00814.00814.00814.00814.00814.008

Aus-tralia

(pound)

222.63224.12223.80222.41222.76222.57

221.92

222.77222.96222.55222.22222.39222.33222.14221.73221.92223.09223.32223.57

Germany(deutsche

mark)

23.838

23.83823.76523.78623.798

23.823

23.80823.79723.79323.79023.79623.79823.80023.80023.80023.80023.80023.799

Philip-pine

Republic(peso)

49.67549.67649.67749.67749.67645.693

49.674

49.67749.68749.69549.69549.69549.69549.69549.69549.69549.69549.69549.695

Austria(schilling)

3.85803.85803.85803.85803.8539

3.8580

3.85703.85363.85363.85363.85363.85363.85363.85363.85363.85363.85363.8536

India(rupee)

20.92221.04921.02020.89420.93420.910

20.861

20 93920.94720.91320.89020.89620.89620.88420.84420.85820.94020.95120.975

Portu-gal

(escudo)

3.48533.48873.49003.49003.49003.4900

3.4900

3.49003.49003.49003.49003.49003.49003.49003.49003.49003.49003.49003.4900

Belgium(franc)

1.98782.00091.99751.99052.00301.9906

1.9945

1.99121.99001.99001.98871.98621.98751.99081.98651 98741.99291 99831.9991

Ireland(pound)

279.68281 27280.87279 13279 57279.32

278 50

279 57279.81279.30278 89279.10279 02278.78278.27278 51279 98280.26280.58

SouthAfrica

(pound)

278.20280.21279 82278.09278.52278.28

277.46

278.53278.76278.26277.84278.05277 98211.1A277.23277 47278.94279.21279.53

Canada(dollar)

102.149101.650102.724101.401101.600104.291

104.095

104.085104.334104.577104.184104.638104.891105.150105.470104 241103.636103 921102.304

Japan(yen)

.2779

.2779

2779

2779.2779.2779.2779.27792779

.2779

.2779

.2779

.2779

.2779

.2779

Sweden(krona)

19.32619.32319 33319.33319.33319.331

19.333

19.33319.33319.33319.33319.33319 33319.33319.32919.32819.32819.32819.328

Ceylon(rupee)

20 90321.04621 01720.89420 94620 913

20 881

20.94820 96020 92120.89020 89520.89820 89020.86220 86720 92820 93520.969

Malay-sia

(dollar)

32.60132 59532 64132 62432 58232 527

32 475

32 52932 56132.53232 51232 52632 52332 49532.43132 44832 55632.58032.527

Swit-zerland(franc)

23.14823.31623 32223 33123.33423.330

23.335

23 32923 30823.31823 32923 33523 33523 33223 33523 33523 33523.33523.335

Den-mark

(krone)

14.492

Mexico(peso)

11.58811 6079.0528 0068 0068 006

8 006

8 0068 0068.0068 0068.0068 0068 0068.0068 0068 0068.0068.006

UnitedKing-dom

(pound)

279.26281 27280 87279 13279 57279.32

278.50

279 57279 81279.30278 89279 10279 02278 78278 27278 51279 98280 26280.58

1 Official rate. The basic and preferential rates were discontinued andthe new official rate of 18 pesos per U. S. dollar became effective Oct.28, 1955.

2 New free market rate became effective Oct. 28, 1955.3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230

to 320 markkaa per U. S. dollar.

4 On Aug. 12, 1957, the French authorities established an effective rateof 420 francs per U. S. dollar applicable to most foreign exchange transac-tions. The rate of 350 francs per U. S. dollar will remain in effect forall other transactions.


BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice ChairmanM. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON

JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON

ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman

WOODLIEF THOMAS, Economic Adviser to the Board JEROME W. SHAY, Legislative Counsel

CHARLES MOLONY, Special Assistant to the Board

OFFICE OF THE SECRETARY

S. R. CARPENTER, Secretary

MERRITT SHERMAN, Assistant SecretaryKENNETH A. KENYON, Assistant SecretaryCLARKE L. FAUVER, Assistant Secretary

LEGAL DIVISION

HOWARD H. HACKLEY, General CounselFREDERIC SOLOMON, Assistant General CounselDAVID B. HEXTER, Assistant General CounselG. HOWLAND CHASE, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

Counsel

DIVISION OF RESEARCH AND STATISTICS

RALPH A. YOUNG, Director

FRANK R. GARFIELD, AdviserGUY E. NOYES, AdviserROLAND I. ROBINSON, AdviserSUSAN S. BURR, Associate Adviser

ALBERT R. KOCH, Associate AdviserKENNETH B. WILLIAMS, Associate AdviserLEWIS N. DEMBITZ, Research Associate

DIVISION OF INTERNATIONAL FINANCE

ARTHUR W. MARGET, Director

J. HERBERT FURTH, Associate AdviserA. B. HERSEY, Associate AdviserROBERT L. SAMMONS, Associate Adviser

DIVISION OF BANK OPERATIONS

ROBERT F. LEONARD, Director

J. E. HORBETT, Associate DirectorGERALD M. CONKLING, Assistant DirectorJOHN R. FARRELL, Assistant Director

DIVISION OF EXAMINATIONS

ROBERT C. MASTERS, Director

C. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorARTHUR H. LANG, Chief Federal Reserve

ExaminerGLENN M. GOODMAN, Assistant DirectorHENRY BENNER, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

OFFICE OF DEFENSE LOANS

GARDNER L. BOOTHE, II, Administrator

OFFICE OF THE CONTROLLER

M. B. DANIELS, Assistant Controller

101



Federal Open Market CommitteeW M . M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman

CARL E. ALLEN H. G. LEEDY M. S. SZYMCZAKC. CANBY BALDERSTON A. L. MILLS, JR. JAMES K. VARDAMAN, JR.MALCOLM BRYAN J. L. ROBERTSON ALFRED H. WILLIAMS

CHAS. N. SHEPARDSON

WINFIELD W. RIEFLER, Secretary KARL R. BOPP, Associate EconomistELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate EconomistMERRITT SHERMAN, Assistant Secretary GEORGE W. MITCHELL, Associate EconomistHOWARD H. HACKLEY, General Counsel H. V. ROELSE, Associate EconomistFREDERIC SOLOMON, Assistant General Counsel CLARENCE W. TOW, Associate EconomistWOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate EconomistTHOMAS R. ATKINSON, Associate Economist ROBERT G. ROUSE, Manager of System Open

Market Account

Federal Advisory CouncilLLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO

ADRIAN M. MASSIE, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS

CASIMIR A . SlNKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS

FRANK R. DENTON, CLEVELAND R. CROSBY KEMPER, KANSAS CITY

JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS

JOHN A. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO

HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary

Federal Reserve Banks and BranchesDistrict 1—FEDERAL RESERVE BANK OF BOSTON

BOARD OF DIRECTORS

Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy ChairmanStanley M. Cooper Milton P. Higgins Harry E. UmphreyOliver B. Ellsworth William D. Ireland Nils Y. Wessell

Arthur F. Maxwell

J. A. Erickson, President E. O. Latham, First Vice President

Vice PresidentsD. H. Angney Benjamin F. GrootAnsgar R. Berge Dana D. SawyerGeorge H. Ellis O. A. Schlaikjer

District 2—FEDERAL RESERVE BANK OF NEW YORK

BOARD OF DIRECTORS

John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman

Charles W. Bitzer Cyrus M. Higley Howard C. SheperdClarence Francis Augustus C. Long Lansing P. Shield

Franz Schneider


FEDERAL RESERVE BANKS AND BRANCHES 103

District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued

Alfred Hayes, President William F. Treiber, First Vice President

Vice Presidents

H. A. Bilby Robert V. Roosa I. B. Smith, in chargeJohn Exter Robert G. Rouse of Buffalo BranchM. A. Harris Walter H. Rozell, Jr. T. G. TieboutH. H. Kimball V. WillisH. V. Roelse R. B. Wiltse

BUFFALO BRANCH—BOARD OF DIRECTORS

Vernon Alexander Daniel M. Dalrymple John W. RemingtonLeland B. Bryan Raymond E. Olson E. Perry Spink

Ralph F. Peo, Chairman

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA

BOARD OF DIRECTORSHenderson Supplee, Jr., Chairman and Federal Reserve Agent Lester V. Chandler, Deputy Chairman

William B. Brosius Walter E. Hoadley, Jr. R. Russell PippinBayard L. England Lindley S. Hurff Geoffrey S. Smith

Charles E. Oakes

Alfred H. Williams, President W. J. Davis, First Vice President

Vice Presidents

Karl R. Bopp E. C. Hill P. M. PoormanRobert N. Hilkert Wm. G. McCreedy J. V. Vergari

District 4—FEDERAL RESERVE BANK OF CLEVELAND

BOARD OF DIRECTORSArthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman

Aubrey J. Brown King E. Fauver George P. MacNichol, Jr.John A. Byerly Joseph B. Hall Paul A. Warner

Charles Z. Hardwick

W. D. Fulton, President Donald S. Thompson, First Vice President

Vice PresidentsDwight L. Allen L. Merle Hostetler Martin MorrisonRoger R. Clouse R. G. Johnson, in charge of H. E. J. SmithC. Harrell Cincinnati Branch Paul C. Stetzelberger

J. W. Kossin, in charge ofPittsburgh Branch

CINCINNATI BRANCH—BOARD OF DIRECTORSRoger Drackett W. Bay Irvine William A. MitchellAnthony Haswell, Chairman Ivan Jett T. M. Wolfe

Franklin A. McCracken

PITTSBURGH BRANCH—BOARD OF DIRECTORSLawrence O. Hotchkiss Ben Moreell John C. Warner,Frank C. Irvine Sumner E. Nichols ChairmanDouglas M. Moorhead Irving W. Wilson



District 5—FEDERAL RESERVE BANK OF RICHMOND

BOARD OF DIRECTORS

John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman

D. W. ColvardRobert Gage

Joseph E. HealyL. Vinton HersheyRobert O. Huffman

Denver L. MorganW. A. L. Sibley

Hugh Leach, President Edw. A. Wayne, First Vice President

Vice Presidents

N. L. ArmisteadR. L. Cherry, in charge of

Charlotte BranchJ. Dewey Daane

D. F. Hagner, in charge ofBaltimore Branch

Aubrey N. HeflinUpton S. Martin

Gordon M. CairnsWm. Purnell Hall

George H. AullWilliam H. Grier

BALTIMORE BRANCH—BOARD OF DIRECTORSJames W. McElroyJ. N. ShumateJohn W. Stout

CHARLOTTE BRANCH—BOARD OF DIRECTORSCharles D. ParkerErnest PattonI. W. Stewart

J. M. NowlanJames M. SlayThomas I. StorrsC. B. Strathy

Stanley B. TrottClarence R. Zarfoss

G. G. WattsT. Henry Wilson

District 6—FEDERAL RESERVE BANK OF ATLANTA

BOARD OF DIRECTORS

Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman

Roland L. Adams William C. Carter Joseph T. LykesW. C. Bowman Henry G. Chalkley, Jr.

Donald ComerPollard Turman

Malcolm Bryan, President Lewis M. Clark, First Vice President

Vice PresidentsJ. E. Denmark J. E. McCorvey L. B. RaistyH. C. Frazer, in charge of R. E. Moody, Jr., in charge Earle L. Rauber

Birmingham Branch of Nashville Branch S. P. SchuesslerT. A. Lanford, in charge of Harold T. Patterson M. L. Shaw, in charge

Jacksonville Branch of New OrleansJohn L. Liles, Jr. Branch

Robert M. ClecklerJohn R. Downing

Linton E. AllenW. E. Ellis

BIRMINGHAM BRANCH—BOARD OF DIRECTORSE. W. McLeodJohn C. PersonsSelden Sheffield

JACKSONVILLE BRANCH—BOARD OF DIRECTORSJames G. GarnerC. B. McLeodJ. Wayne Reitz

John E. Urquhart, ChairnAdolph Weil, Sr.

Harry M. Smith, ChairmaMcGregor Smith



District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued

NASHVILLE BRANCH—BOARD OF DIRECTORS

Jo H. AndersonStewart Campbell

P. D. Houston, Jr.V. S. Johnson, Jr.W. N. Krauth

NEW ORLEANS BRANCH—BOARD OF DIRECTORS

William J. FischerFrank A. Godchaux, III

J. Spencer JonesG. H. King, Jr., ChairmanD. U. Maddox

Frank B. Ward, ChairmanC. L. Wilson

H. A. PharrE. E. Wild

District 7—FEDERAL RESERVE BANK OF CHICAGO

BOARD OF DIRECTORS

J. Stuart Russell, Deputy ChairmanG. F. LangenohlNugent R. Oberwortmann

Bert R. Prall, Chairman and Federal Reserve AgentRobert P. Briggs William J. GredeWalter J. Cummings William A. Hanley

Vivian W. Johnson

Carl E. Allen, President E. C. Harris, First Vice President

Neil B. DawesW. R. DiercksA. M. GustavsonPaul C. Hodge

John A. HannahWilliam A. Mayberry

Vice PresidentsC. T. LaiblyGeorge W. MitchellH. J. Newman

DETROIT BRANCH—BOARD OF DIRECTORS

Ira A. MooreC. V. PattersonRaymond T. Perring

A. L. OlsonR. A. Swaney, in charge

of Detroit BranchW. W. Turner

Ernest W. PotterJ. Thomas Smith

District 8—FEDERAL RESERVE BANK OF ST. LOUIS

BOARD OF DIRECTORS

Pierre B. McBride, Chairman and Federal Reserve AgentS. J. Beauchamp, Jr. Kenton R. CravensH. Lee Cooper J. E. Etherton

Harold O. McCutchan

J. H. Long well, Deputy ChairmanLeo J. WieckJesse D. Wooten

Delos C. Johns, President Guy S. Freutel, First Vice President

Wm. J. Abbott, Jr.Fred Burton, in charge of

Little Rock Branch

Vice Presidents

Darryl R. Francis, in chargeof Memphis Branch

Donald L. Henry, in chargeof Louisville Branch

R. H. AlexanderDonald Barger

LITTLE ROCK BRANCH—BOARD OF DIRECTORST. Winfred BellJ. W. Bellamy, Jr.E. C. Benton

Geo. E. KronerDale M. LewisH. H. WeigelJ. C. Wotawa

J. V. Satterfield, Jr.Waldo E. Tiller



District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued

LOUISVILLE BRANCH—BOARD OF DIRECTORS

David F. Cocks, ChairmanPhilip Davidson

John E. BrownJ. H. Harris

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS

BOARD OF DIRECTORS

Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy ChairmanJohn E. Corette Thomas G. Harrison Harold C. ReflingF. Albee Flodin Ray C. Lange Harold N. Thomson

(Vacancy)

Magnus J. KreisleW. Scott MclntoshJ. D. Monin, Jr.

MEMPHIS BRANCH—BOARD OF DIRECTORS

Simpson RussellFrank Lee Wesson

(Vacancy)

MerleJohn

JohnJohn

5 E.G.

D.K.

Roberts<Russell

WilliamsWilson

Frederick L. Deming, President A. W. Mills, First Vice PresidentVice Presidents

Kyle K. Fossum, in charge M. B. Holmgren H. G. McConnellof Helena Branch A. W. Johnson M. H. Strothman, Jr.

C. W. Groth Sigurd Ueland

HELENA BRANCH—BOARD OF DIRECTORS

J. Willard Johnson Geo. N. Lund Carl McFarland

O. M. Jorgenson John M. Otten

District 10—FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORSRaymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy ChairmanK. S. Adams E. M. Dodds Max A. MillerW. L. Bunten W. S. Kennedy Oliver S. Willham

Harold Kountze

H. G. Leedy, President Henry O. Koppang, First Vice PresidentVice Presidents

John T. Boysen R. L. Mathes, in charge Cecil Puckett, in chargeP. A. Debus, in charge of Oklahoma City Branch of Denver Branch

of Omaha Branch Clarence W. TowJoseph S. Handford D. W. Woolley

DENVER BRANCH—BOARD OF DIRECTORS

Stewart Cosgriff Ralph S. Newcomer Aksel Nielsen, ChairmanArthur Johnson Ray Reynolds

OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS

Davis D. Bovaird, Chairman R. Otis McClintock C. L. PriddyPhil H. Lowery C. P. Stuart



District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued

OMAHA BRANCH—BOARD OF DIRECTORSC. Wheaton BatteyGeorge J. Forbes

Manville KendrickWilliam N. Mitten

James L. Paxton, Jr.,Chairman

District 11—FEDERAL RESERVE BANK OF DALLAS

BOARD OF DIRECTORSRobert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy ChairmanJohn R. AlfordLamar Fleming, Jr.

John M. GriffithD. A. HulcyJ. Edd McLaughlin

J. B. ThomasSam D. Young

Watrous H. Irons, President

E. B. AustinHoward Carrithers, in charge

of El Paso BranchJ. L. Cook, in charge of

Houston Branch

W. D. Gentry, First Vice PresidentVice PresidentsW. E. Eagle, in charge of T. W. Plant

San Antonio Branch L. G. PondromT. A. Hardin Morgan H. RiceW. H. Holloway Harry A. Shuford

C. E. Walker

F. W. BartonJohn P. Butler

I. F. BettsL. R. Bryan, Jr.

Clarence E. AyresJ. W. Beretta

EL PASO BRANCH—BOARD OF DIRECTORSFloyd ChildressWilliam R. MathewsThomas C. Patterson

HOUSTON BRANCH—BOARD OF DIRECTORSW. B. CallanA. E. CudlippJohn C Flanagan, Chairman

SAN ANTONIO BRANCH—BOARD OF DIRECTORSE. C. BreedloveBurton DunnDonald D. James

D. F. StahmannE. J. Workman,

Chairman

S. Marcus GreerTyrus R. Timm

Alex R. Thomas,Chairman

Harold Vagtborg

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO

BOARD OF DIRECTORSA. H. Brawner, Chairman and Federal Reserve AgentCarroll F. Byrd Walter S. JohnsonM. Vilas Hubbard N. Loyall McLaren

John A. Schoonover

Y. Frank Freeman, Deputy ChairmanReese H. TaylorPhilip I. Welk

H. N. Mangels, President

E. R. Barglebaugh, in charge ofSalt Lake City Branch

J. M. Leisner, in charge ofSeattle Branch

E. R. Millard

Eliot J. Swan, First Vice PresidentVice PresidentsR. H. MorrillJohn A. O'KaneJ. A. Randall, in charge of

Portland Branch

H. F. SladeW. F. Volberg,

in charge ofLos Angeles Branch

O. P. Wheeler



District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued

Anderson BorthwickRobert J. Cannon

Warren W. BraleyJ. H. McNally

George S. EcclesRussell S. Hanson

Henry N. AndersonJames Brennan

LOS ANGELES BRANCH—BOARD OF DIRECTORS

Leonard K. Firestone,Chairman

Joe D. PaxtonJames E. Shelton

PORTLAND BRANCH—BOARD OF DIRECTORS

John B. Rogers William H. Steiwer, Sr., ChairmanC. B. Stephenson

SALT LAKE CITY BRANCH—BOARD OF DIRECTORS

Oscar Hiller Joseph Rosenblatt, ChairmanGeo. W. Watkins

SEATTLE BRANCH—BOARD OF DIRECTORS

Joshua Green, Jr.S. B. Lafromboise

Lyman J. Bunting,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 accompany order and be made payable to the order of the Board of Governors ofthe Federal Reserve System. A more complete list, including periodic releases and additional reprints,appeared on pages 1447-50 of the December 1957 Bulletin.

THE FEDERAL RESERVE SYSTEM—PURPOSES ANDFUNCTIONS. April 1954. 208 pages.

ANNUAL REPORT OF THE BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM.

FEDERAL RESERVE BULLETIN. Monthly. Sub-scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia,Costa Rica, Cuba, Dominican Republic, Ecua-dor, Guatemala, Haiti, Republic of Honduras,Mexico, Nicaragua, Panama, Paraguay, Peru,El Salvador, Uruguay, and Venezuela is $6.00per annum or 60 cents per copy; elsewhere$7.00 per annum or 70 cents per copy. Groupsubscriptions in the United States for 10 ormore copies to one address, 50 cents per copyper month, or $5.00 for 12 months.

FEDERAL RESERVE CHART BOOK ON FINANCIALAND BUSINESS STATISTICS. Monthly. Annualsubscription includes one issue of HistoricalSupplement. Subscription price in the UnitedStates and the countries listed above is $6.00per annum, 60 cents per copy, or 50 cents eachin quantities of 10 or more of a particularissue for single shipment; elsewhere $7.00 perannum or 70 cents each.

HISTORICAL SUPPLEMENT TO FEDERAL RESERVECHART BOOK. Issued annually in September. An-nual subscription to monthly chart book in-cludes one issue of Supplement. In the UnitedStates and countries listed above under FederalReserve Bulletin, single copies 60 cents each orin quantities of 10 or more for single shipment50 cents each; elsewhere 70 cents each.

THE FEDERAL RESERVE ACT, as amended throughDecember 31, 1956, with an Appendix con-taining provisions of certain other statutes af-fecting the Federal Reserve System. 385 pages.$1.00.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.A new accounting record designed to picturethe flow of funds through the major sectors ofthe national economy. December 1955. 390pages. $2.75.

THE DEVELOPMENT OF BANK DEBITS AND CLEAR-INGS AND THEIR USE IN ECONOMIC ANALYSIS.January 1952. 175 pages. 25 cents per copy;in quantities of 10 or more copies for singleshipment, 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 singleshipment, 15 cents each.

BANKING AND MONETARY STATISTICS. Statistics ofbanking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50.

RULES OF ORGANIZATION AND RULES OF PROCE-DURE—Board of Governors of the Federal Re-serve System. 1946. 31 pages.

REGULATIONS OF THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.

ADMINISTRATIVE INTERPRETATIONS OF REGULA-TION F—SECTION 17—COMMON TRUST FUNDS.9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study ofconsumer instalment credit, undertaken by the Board on request of the Council of Economic Advisersby direction of the President, are being distributed through the Superintendent of Documents.

Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60Part III—Views on Regulation, $1.00Part 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.

109



REPRINTS

(From Federal Reserve Bulletin unless precededby an asterisk)

THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.INFLUENCE OF CREDIT AND MONETARY MEASURES

ON ECONOMIC STABILITY. March 1953. 16pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY. May 1953. 7 pages.* DETAILED DESCRIPTION OF SOURCES AND METH-

ODS USED IN REVISION OF SHORT- AND INTER-MEDIATE-TERM CONSUMER CREDIT STATISTICS.April 1953. 25 pages.

DEPARTMENT STORE SALES AND STOCKS, BYMAJOR DEPARTMENTS (Revised Indexes). No-vember 1953. 65 pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUS-

TRIAL PRODUCTION, 1953 Revision. December1953. 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 AC-COUNTS, ANNUAL ESTIMATES, 1939-54. Octo-ber 1955. 40 pages.

SURVEY OF BANK LOANS FOR COMMERCIAL ANDINDUSTRIAL PURPOSES. Business Loans ofMember Banks. April 1956. 14 pages. CreditLines and Minimum Balance Requirements.June 1956. 7 pages. (Reprints on a similarSurvey are available from March, May, June,July, and August 1947 BULLETINS.)

FINANCING OF LARGE CORPORATIONS, 1951-55.June 1956. 9 pages.

REVISION OF CONSUMER CREDIT STATISTICS. Oc-tober 1956. 24 pages. (Also similar reprintfrom April 1953 BULLETIN.)

INDEX OF ELECTRICITY AND GAS OUTPUT. Octo-ber 1956. 15 pages.

AGRICULTURAL LOAN SURVEY. November 1956and January, February, and March 1957 BUL-LETINS. 52 pages.

UNITED STATES BANKING ORGANIZATION ABROAD.

December 1956. 16 pages.

BANKING AND MONETARY STATISTICS, 1956. (Se-lected series of banking and monetary statisticsfor 1956 only) February and May 1957. 12pages. (Similar reprints of 1954 and 1955data, February and May 1955 and Februaryand May 1956 BULLETINS.)

INTERNATIONAL GOLD AND DOLLAR FLOWS.March 1957. 7 pages.

1957 SURVEY OF CONSUMER FINANCES. March,June, and August 1957. 54 pages. (SimilarSurveys are available for earlier years from1952, 1953, 1954, 1955, and 1956 BULLETINS.)

SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.

April 1957. 20 pages.

SURVEY OF FINANCE COMPANIES, MID-1955.

April 1957. 17 pages.

OWNERSHIP OF DEMAND DEPOSITS. May 1957.

6 pages.

SURVEY OF COMMON TRUST FUNDS. June 1957.6 pages. (Also, similar reprint from August1956 BULLETIN.)

BANK CREDIT AND MONEY. July 1957. 6 pages.

INTEREST RATES IN LEADING COUNTRIES. August1957. 7 pages.

WINNING THE BATTLE AGAINST INFLATION. Au-

gust 1957. 12 pages.

WORLD PAYMENTS STRESSES IN 1956-57. October1957. 8 pages.

REVISION OF MONTHLY DEPARTMENT STORE IN-DEXES. December 1957. 30 pages.


Index to Statistical TablesAcceptances, bankers', 48, 49Agricultural loans of commercial banks, 44, 46Agriculture, Goyt. agency loans, 52 53Assets and liabilities (See also Foreign liabilities and

claims reported by banks):Banks and the monetary system, consoli-

dated, 40Corporate, current, 60Domestic banks, by classes, 41, 44, 46Federal business-type activities, by fund or

activity, 52, 53Federal Reserve Banks, 35, 36Foreign central banks, 94

Automobiles:Consumer instalment credit, 64, 65, 66Production index, 70, 74

Bankers' balances, 45, 47(See also Foreign liabilities and claims reported

by banks)Banks and the monetary system, consolidated state-

ment, 40Bonds (See also U. S. Govt. securities):

New issues, 58, 60Prices and yields, 49, 50, 84

Brokers and dealers in securities, bank loans to, 44, 46Business expenditures on new plant and equip-

ment, 60Business indexes, 68Business loans (See Commercial and industrial loans)

Capital accounts:Banks, by classes, 41, 45, 47Federal Reserve Banks, 35, 36

Carloadings, 68Central banks, foreign, 92, 94, 99Coins, circulation of, 39Commercial banks:

Assets and liabilities, 41, 44Consumer loans held, by type, 65Number, by classes, 41Real estate mortgages held, by type, 61

Commercial and industrial loans:Commercial banks, 44Weekly reporting member banks, 46, 48

Commercial paper, 48, 49Commodity Credit Corporation, loans, etc., 52, 53Condition statements (See Assets and liabilities)Construction, 68, 74, 75Consumer credit:

Instalment credit, 64, 65, 66, 67Major parts, 64, 66Noninstalment credit, by holder, 65

Consumer durable goods output indexes, 74Consumer price indexes, 68, 80Consumption expenditures, 82, 83Corporate sales, profits, taxes, and dividends, 59, 60Corporate security issues, 58, 60Corporate security prices and yields, 49, 50Cost of living (See Consumer price indexes)Currency in circulation, 31, 39Customer credit, stock market, 50

Debits to deposit accounts, 38Demand deposits:

Adjusted, banks and the monetary system, 40Adjusted, commercial banks, by classes, 45Banks, by classes, 41, 47Type of holder, at commercial banks, 45

Department stores:Merchandising data, 79Sales and stocks, 68, 78

Deposits (See also specific types of deposits):Adjusted and currency, 40Banks, by classes, 41, 45, 47Federal Reserve Banks, 35, 36, 90Postal savings, 40Turnover of, 38

Deposits, reserves, and borrowings, by class of mem-ber bank, 33

Discount rates, 34, 99Discounts and advances by Federal Reserve

Banks, 31, 35Dividends, corporate, 59, 60Dollar assets, foreign, 90, 91Dwelling units started, 75

Earnings and hours, manufacturing indus-tries, 68, 77

Employment, 68, 76, 77Export-Import Bank, loans, etc., 52, 53

Farm mortgage loans, 52, 61, 62Federal business-type activities, assets and liabilities,

by fund or activity, 52, 53Federal Deposit Insurance Corporation,

assets, etc., 52, 53Federal finance:

Cash transactions, 54Receipts and expenditures, 47Treasurer's balance, 54

Federal home loan banks, loans, etc., 52, 53, 63Federal Housing Administration, loans, etc., 52, 53,

61, 62, 63Federal National Mortgage Association,

loans, etc., 52, 53, 63Federal Reserve Banks:

Condition statement, 35, 36U. S. Govt. securities held by, 31, 35, 36,

56, 57Federal Reserve credit, 31, 35, 36Federal Reserve notes, 35, 36, 37, 39Finance company paper, 48, 49Foreign central banks, 92, 94, 99Foreign deposits in U. S. banks, 31, 35, 36, 40,

45, 47Foreign exchange rates, 100Foreign liabilities and claims reported by

banks, 86, 88, 90Foreign trade, 79

Gold:Earmarked, 91Net purchases by U. S., 91Production, 90, 91Reserves of central banks and governments, 92Reserves of foreign countries and international

institutions, 93Stock, 31, 40, 91

Gold certificates, 35, 36, 37, 39Govt. debt (See U. S. Govt. securities)Gross national product, 82, 83

Home owners, Govt. agency loans, 52, 53Hours and earnings, manufacturing indus-

tries, 68, 77

Industrial advances by Federal Reserve Banks, 35,36, 37, 38

Industrial production indexes, 68, 69, 74Instalment loans, 64, 65, 66, 67Insurance companies, 51, 56, 57, 62

i n



Insured commercial banks, 43, 44Interbank deposits, 41, 45, 47Interest rates:

Bond yields, 49, 84Business loans by banks, 49Federal Reserve rates, 34, 38Foreign countries, 99Open market, 49, 99Regulation V loans, 38Stock yields, 49

International capital transactions of the U. S., 86International financial institutions, 92, 93, 94Inventories, 83Investments {See also specific types of investments):

Banks, by classes, 41, 44, 46Federal Reserve Banks, 35, 36Govt. agencies, etc., 52, 53Life insurance companies, 51Savings and loan associations, 51

Labor force, 76Loans {See also specific types of loans):

Banks, by classes, 41, 44, 46Federal Reserve Banks, 31, 33, 35, 36, 37, 38Govt. agencies, etc., 52, 53Insurance companies, 51, 62Savings and loan associations, 51, 62

Loans insured or guaranteed, 37, 61, 62, 63

Manufacturers, production indexes, 68, 69, 74Margin requirements, 34Member banks:

Assets and liabilities, by classes, 41, 44Borrowings at Federal Reserve Banks, 31, 33Deposits and reserves, by classes, 33Number, by classes, 41Reserve requirements, by classes, 34Reserves and related items, 31Weekly reporting series, 46

Minerals, production indexes, 68, 69Money rates {See Interest rates)Mortgages {See Real estate loans)Mutual savings banks, 40, 41, 43, 56, 57, 61

National banks, 43National income, 82National security expenditures, 55, 83Nonmember banks, 35, 43, 44

Payrolls, manufacturing, index, 68Personal income, 83Postal Savings System, 40Prices:

Consumer, 68, 80Security, 50Wholesale commodity, 68, 80

Production, 68, 69, 73, 74Profits, corporate, 59, 60

Real estate loans:Commercial banks, 44, 46, 61Type of mortgage holder, 61, 62, 63Type of property mortgaged, 61, 62, 63

Regulation V, loan guarantees, 37, 38Reserve requirements, member banks, 34Reserves:

Commercial banks, 45Federal Reserve Banks, 35, 36Foreign central banks and governments, 92Foreign countries and international institu-

tions, 93Member banks, 31, 33, 35, 36, 45, 47

Residential mortgage loans, 61, 62, 63

Sales finance companies, consumer loans of, 64,65, 67

Savings, 82Savings deposits {See Time deposits)Savings institutions, principal assets, 51Savings and loan associations, 51, 62Securities, international transactions, 89, 90Security issues, 58, 60Silver coin and silver certificates, 39State member banks, 43State and municipal securities:

New issues, 58Prices and yields, 49, 50

States and political subdivisions:Deposits of, 45, 47Holdings of U. S. Govt. securities, 56Ownership of obligations of, 44, 51

Stock market credit, 50Stocks:

New issues, 58Prices and yields, 49, 50

Tax receipts, Federal, 55Time deposits, 33, 40, 41, 45, 47Treasurer's account balance, 54Treasury cash, 31, 40Treasury currency, 31, 39, 40Treasury deposits, 31, 35, 36, 54

Unemployment, 76U. S. Govt. balances:

Commercial bank holdings, by classes, 45, 47Consolidated monetary statement, 40Treasury deposits at Federal Reserve

Banks, 31, 35, 36, 54U. S. Govt. securities:

Bank holdings, 40, 41, 44, 46, 56, 57Federal Reserve Bank holdings, 31, 35, 36,

56, 57Foreign and international holdings, 93International transactions, 89New issues, gross proceeds, 58Outstanding, by type of security, 56, 57Ownership of, 56, 57Prices and yields, 49, 50, 84

United States notes, outstanding and in circula-tion, 39

Utility output index, 73

Veterans Administration, loans, etc., 52, 53, 61, 62, 63

Yields {See Interest rates)


(o THE FEDERAL RESERVE SYSTEM o)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

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LegendBoundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System

® Federal Reserve Bank Cities • Federal Reserve Branch Cities
