Federal Reserve Bulletin January 1958 - St. Louis FedFEDERAL RESERVE BULLETIN • JANUARY 1958 Last...
Transcript of Federal Reserve Bulletin January 1958 - St. Louis FedFEDERAL RESERVE BULLETIN • JANUARY 1958 Last...
FEDERAL RESERVE
BULLETINJanuary
BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM
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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
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17
26 j
31 1
86 j
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102 !
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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
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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.
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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.
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FEDERAL RESERVE BULLETIN • JANUARY 1958
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,
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PRODUCTION AND PRICES
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.
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FEDERAL RESERVE BULLETIN • JANUARY 1958
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
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PRODUCTION AND PRICES
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.
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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
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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.
OrderThe above matter having come before the
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.
OrderThe 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 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)
Dated: July 1, 1957.
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-
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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.
By order of the Board of Governors.(Signed) S. R. CARPENTER,
Secretary.(SEAL)
Dated: July 29, 1957.
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.
By order of the Board of Governors.(Signed) S. R. CARPENTER,
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.
OrderThe above matter having come before the
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.
By order of the Board of Governors.(Signed) S. R. CARPENTER,
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-
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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.
(Signed) S. R. CARPENTER,Secretary.
(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
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12 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
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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)
(Signed) S. R. CARPENTER,Secretary.
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.
OrderThe above matter having come before the Board
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)
(Signed) S. R. CARPENTER,Secretary.
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-
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14 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
OrderThe above matter having come before the Board
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
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LAW DEPARTMENT 15
is completed within three months from the datehereof.
This 10th day of December 1957.By order of the Board of Governors.
(Signed) S. R. CARPENTER,Secretary.
(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.
OrderThe above matter having come before the Board
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.
This 20th day of December 1957.By order of the Board of Governors.
Voting for this action: Chairman Martin and Gov-ernors Szymczak, Mills, Robertson, and Shepardson;absent and not voting: Vice Chairman Balderstonand Governor Vardaman.
(Signed) S. R. CARPENTER,Secretary.
(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-
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16 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
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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
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18 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
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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
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20 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
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CURRENT EVENTS AND ANNOUNCEMENTS 21
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.
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22 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
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CURRENT EVENTS AND ANNOUNCEMENTS 23
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.
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24 FEDERAL RESERVE BULLETIN • JANUARY 1958
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
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CURRENT EVENTS AND ANNOUNCEMENTS 25
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
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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
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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.
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* 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
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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
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
32 BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
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
JanFebMarAprMayJuneJulyAugSeptOctNovDec
Wednesday
1957
Oct. 2Oct. 9Oct. 16Oct. 23Oct. 30
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Dec. 4Dec. 11Dec. 18Dec. 25
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
1957—JanFebMarAprMayJuneJulyAugSeptOctNov
Week ending:Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25
Borrowings at FederalReserve Banks:
1956_Nov.Dec.
1957- -JanFebMarAprMayJuneJulyAugSeptOctNov
Week ending:Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
In effectbeginning—
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
In effectbeginning—
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
[Per cent per annum]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
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36 FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957
[In thousands of dollars]
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.
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FEDERAL RESERVE BANKS 37
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
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.
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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
337 otherreportingcenters2
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
337 otherreportingcenters2
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.
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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
1957—JanFebMarAprMayJuneJulyAugSeptOctNov
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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]
Class of bankand date
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 43
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Class of bankand date
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
44 COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
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
U. S. Government obligations
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS 45
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
U. S. Government obligations
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
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 313
New York City
1956
Dec
1957
NovDecNov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 313
OutsideNew York City
1956
Dec
1957
NovDecNov. 6Nov. 13Nov. 20Nov, 27
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 313
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
polit-icalsub-divi-sions
Certi-fiedandoffi-cers'
checksetc.
U.S.Govt.
Time deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-
pora-tions
Statesand
polit-icalsub-divi-sions
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
Nov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 312
New York City
1956
Dec
1957
NovDecNov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 312
OutsideNew York City
1956
Dec
1957
NovDecNov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 312
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1956—Jan.-JuneJuly-Dec
1957—Jan.-JuneJuly-Dec
1957 OctNovDec
Week ending:1957__Oct. 2
Oct. 9Oct. 16Oct. 23Oct. 30
Nov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 25Dec. 316
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
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES 49
MONEY MARKET RATES
[Per cent per annum]
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
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
[Per cent per annum]
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
1955 average1956 average1957 average
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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...
1955 average1956 average1957 average
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
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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]
End of year or month
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
July-Dec1957—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
July-Dec1956—Jan.-June
July-Dec1957—Jan.-June
Monthly:1956—Nov
Dec
1957—JanFebMarAprMayJuneJulyAugSeptOctNov
-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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
July-Dec1956—Jan.-June
July-Dec1957—Jan.-June
Monthly:1956—No v
Dec
1957—JanFebMarAprMayJuneJulyAugSeptOctNov
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 59
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 61
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
End of yearor quarter
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
[In millions of dollars]
End of yearor quarter
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
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
[In millions of dollars]
NONFARM MORTGAGE RECORDING OF $20,000 OR LESS
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 63
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
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
[In millions of dollars]
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
64 CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
End of year or month
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 65
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
End of yearor month
193919411945
19491950195119521953195419551956
1956—NovDec
1957 JanFebMarAprMayJune. . .JulyAug. . .SeptOctNov
Totalinstal-mentcredit
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
[Estimated amounts outstanding, in millions of dollars]
End of yearor month
193919411945
19491950195119521953195419551956
1956—Nov.Dec.
1957—Jan..Feb.Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.
Totalinstal-mentcredit
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
[Estimated amounts outstanding, in millions of dollars]
193919411945
1949.1950.19511952.195319541955.1956
[Estimated
End of yearor month
1956—Nov
1957-
Dec
—JanFebMarApr .MayJuneJulyAugSeotOctNov
amounts outstanding, in
Totalinstal-mentcredit
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Adjusted Unad-justed
Other consumergoods paper
Adjusted Unad-justed
Repair andmodernization loans
Adjusted Unad-justed
Personal loans
Adjusted Unad-justed
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Adjusted Unad-justed
Commercial banks
Adjusted Unad-justed
Sales financecompanies
Adjusted Unad-justed
Other financialinstitutions
Adjusted Unad-justed
Retail outlets
Adjusted Unad-justed
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
70 PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 71
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry947-49pro-por-tion
Annualaverage
1955 1956
1956
Nov. Dec.
1957
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
—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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
72 PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
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
—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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 73
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1947-49pro-por-tion
Annualaverage
1955 1956
1956
Nov. Dec.
1957
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
—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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
WITHOUT SEASONAL ADJUSTMENT
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
WITHOUT SEASONAL ADJUSTMENT
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
WITHOUT SEASONAL ADJUSTMENT
1956—NovDec
1957_JanFebMarAprMayJuneJulyAugSeptOctNov
STOCKS i19491950195119521953195419551956
SEASONALLY ADJUSTED
1956—NovDec
1957_JanFebMarAprMayJuneJulyAugSeptOct ,Nov..
WITHOUT SEASONAL ADJUSTMENT
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[Department of Commerce estimates. In billions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL PRODUCT AND INCOME 83
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
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
[Department of Commerce estimates. In billions of dollars]
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
1957—JanFebMarAprMayJuneJulyAugSeptOctNov
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Week ending:Per cent
perannum
Week ending:Per cent
perannum
195311954195519561957
1953
JanFebMarAprMayJuneJulyAugSeptOctNovDec
1954
JanFebMarAprMayJuneJulyAugSept.OctNovDec
1955
JanFebMarAprMayJuneJulyAugSeptOctNovDec
1956
JanFebMarAprMayJuneJulyAugSeptOctNovDec
1957
JanFebMarAprMayJuneJulyAugSeptOctNovDec
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
Aug. 7Aug. 14Aug. 21Aug. 28
Sept. 4Sept. 11Sept. 18Sept. 25.
Oct. 2Oct. 9Oct. 16Oct. 23Oct. 20
Nov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 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
Aug. 6Aug. 13Aug. 20Aug. 27
Sept. 3Sept. 10Sept. 17Sept. 24
Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29
Nov. 5Nov. 12Nov. 19Nov. 26
Dec. 3Dec. 10Dec. 17Dec. 24Dec. 31
1956
Jan. 7Jan. 14Jan. 21Jan. 28
Feb. 4Feb. 11Feb. 18Feb. 25
Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31
Apr. 7Apr. 14Apr. 21Apr. 28
May 5May 12May 19May 26
June 2June 9June 16June 23June 30
July 7July 14July 21July 28
Aug. 4Aug. 11Aug. 18Aug. 25
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 . . . .
Apr. 6Apr. 13Apr. 20Apr. 27
May 4May 11May 18May 25
June 1 . . . .June 8June 1 5 . . . .June 22June 29. . . .
July 6July 13July 20July 27
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Net pur-chases, orsales ( - )
Foreign bonds
Pur-chases Sales
Ner pur-chases, orsales ( - )
Foreign stocks
Pur-chases Sales
Net pur-chases, orsales ( - )
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 >
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
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
1957—JanFebMarAprMayJuneJulyAugSeptOctNov
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.)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND DOLLAR HOLDINGS 93
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONALINSTITUTIONS
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Central bank, monetary unit,and item
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,and item
1957
Nov. Oct. Sept.
1956
Nov.
Central bank, monetary unit,and item
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,
OtherOther liabilities and capital
" 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,and item
1957
Nov. Oct. Sept
1956
N o v
Central bank, monetary unit,and item
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
OtherOther liabilities and capital
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
OtherOther liabilities and capital
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
OtherOther liabilities and capital
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
98 CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,and item
1957
Nov. Oct. Sept.
1956
Nov.
Central bank, monetary unit,and item
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
OtherOther liabilities and capital
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
OtherOther liabilities and capital
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. .
OtherOther liabilities and capital
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES 99
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
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
[Per cent per annum]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
102 FEDERAL RESERVE BULLETIN • JANUARY 1958
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
104 FEDERAL RESERVE BULLETIN • JANUARY 1958
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
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FEDERAL RESERVE BANKS AND BRANCHES 105
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
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106 FEDERAL RESERVE BULLETIN • JANUARY 1958
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
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FEDERAL RESERVE BANKS AND BRANCHES 107
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
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108 FEDERAL RESERVE BULLETIN • JANUARY 1958
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
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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
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110 FEDERAL RESERVE BULLETIN • JANUARY 1958
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.
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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
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112 FEDERAL RESERVE BULLETIN • JANUARY 1958
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)
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(o THE FEDERAL RESERVE SYSTEM o)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
I )Minneapolis^1)
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
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