Federal Reserve Bulletin, 1956-10
FEDERAL RESERVE October BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
E D I T O R I AL C O M M I T T EE Elliott 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 editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents World Trade and Payments in 1955-56 1023 Revision of Consumer Credit Statistics 1031 Index of Electricity and Gas Output 1055 | 1 Current Events and Announcements 1070 j ; Law Department 1070 | j: National Summary of Business Conditions 1071 ij i Financial and Business Statistics, U. S. (Contents on p. 1073) 1075 International Financial Statistics (Contents on p. 1129) 1130 Federal Reserve Board Publications 1145 j Board of Governors and Staff 1147 1 Open Market Committee and Staff; Federal Advisory Council 1148 ,j ij Federal Reserve Banks and Branches 1148 'j *: Index to Statistical Tables 1155 jj | Map of Federal Reserve Districts Insideback cover j Volume 42 * Number 10 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
World Trade and Payments in 1955-56 WORLD PRODUCTION AND TRADE continued to expand in the second half of 1955 INDUSTRIAL PRODUCTION 1953-55=100, seasonally adjusted Ratio scale and the first half of 1956. The advance in 130 industrial production in Western Europe and some other areas abroad was at a more mod- WESTERN EUROPE erate rate than in the preceding year as output approached the limits of plant capacity 100 and of labor supply. The volume of international trade expanded as rapidly as before, UNITED STATES 90 and more rapidly than production. Demand for new plant and equipment was extraordinarily strong. By mid-1955, pressures of buoyant de- 1952 1954 mand upon resources in a number of countries were reflected in rising prices and more NOTE.—Organization for European Economic Cooperation (OEEC) index for Western Europe; latest figure shown is rapid growth of imports than of exports. for July. Federal Reserve index for United States; latest figure shown is for August (preliminary). These symptoms of demand pressures have since become evident in other countries. ance has been placed mainly upon general Meanwhile, measures adopted earlier to re- monetary and fiscal restraints. Direct interstrain demand in countries first affected by ference with international trade has been the boom had by mid-1956 begun to restore avoided in most cases, and there has been balance internally and in the external ac- further relaxation of barriers to the flow of counts. This was evidenced by some mod- trade and capital. eration of price advances, closer balance World trade expanded further to new recbetween new orders and deliveries, rebuild- ord levels in 1955-56. In response to the ing of low inventories to more normal levels, worldwide investment boom, capital goods and the halting or reversal of earlier drains bulked larger in both the imports and the on gold and foreign exchange reserves. exports of industrial countries, as well as in While many countries at mid-195 6 were still the imports of other areas. Better balance concerned with holding demand in line with between supply and demand for important productive capacity, the world supply and agricultural products strengthened the paydemand position appeared on the whole ments position of many primary producing more nearly in equilibrium than it had been countries that had not so strongly felt the a year earlier. effects of world economic expansion during the previous year. Among the many countries where the authorities have taken action during the past Both United States receipts for exports two years to reduce demand pressures, reli- and total United States payments to other 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1024 FEDERAL RESERVE BULLETIN • OCTOBER 1956 countries rose rapidly throughout 1955-56. While imports leveled off early in 1956, INTERNATIONAL COMMODITY PRICES Indexei. 1953000 Ratio scale there was a marked increase in private direct 1 ! ; i investment abroad and in Government loans. RAW O M T A HE TE R RIALS MINERAL _. Military expenditures abroad also rose, while FUELS f\^ - 100 Government grants declined. RAW ^--"\ MATEIIALS ^^y-" Through transactions with the United FOODSTUFFS TEXTILE \ / FIBERS \J States, foreigners added $1.3 billion to their 1 1 \ \ 80 holdings of gold and liquid dollar assets in 160 NONFERROUS METALS * 1955-56, almost as much as in the preced- AND ORES A — ing year. The continuing and substantial 1 COFFEE. TEA, growth of international reserves abroad has 1 AND COCOA 120 been an important factor in the lowering of barriers to international trade and payments. J TOTAL BASE METALS J^* AND OIES • WORLD EXPORTS i i 1 1 80 After a pause in the spring of 1955, the up- 1956 surge of world trade was resumed in the NOTE.—OEEC indexes based on monthly average spot prices summer and continued through mid-1956. in principal markets, weighted by value of imports of these commodities into the OEEC area in 1954. Although weights World exports in the first hah* of 1956 were do not correspond to relative importance of commodities in world trade, differences are less for separate commodity groups 10 per cent greater in volume and 12 per than for aggregate indexes. "Other raw materials" are hides and skins, oil seeds and nuts, rubber, wood, wood pulp, nitrate, oils and fats. cent greater in value than a year earlier. Latest month plotted is June for raw materials except metals, July for foodstuffs and metals, and August for total Continued rapid expansion of world trade index. Latest data are preliminary, and are partly estimated by Federal Reserve for coffee, tea, and cocoa, and for all raw reflected more intensive trade among indus- materials except fuels. trial countries where demands were pressing against capacity limitations in many lines, expanded trade in agricultural products, and WORLD EXPORTS probably some net additions to stocks of im- Billio of dolla Ratio scale 100 ported goods. Also, import demands rose in primary producing areas whose exports had 90 risen earlier, and import declines ceased in VALUE al 1953 j PRICES some countries whose exports had stopped falling. 80 CURRENT VALUE World prices of primary commodities showed less net change from mid-1955 to mid-195 6 than in the previous year. For most commodity groups shown in the chart above, mid-1956 prices were within 2 per 60 cent of the year-earlier level. 1953 1954 1955 1956 Prices of nonferrous metals and rubber NOTE.—-Unadjusted for seasonal variation. Current value continued to rise in the second half of from International Monetary Fund International Financial Statistics, excluding U. S. military shipments under aid pro- 1955 but later declined to about the early grams and exports of Soviet Area countries and China Mainland. Value at 1953 prices derived by using United Nations 1955 level. On the other hand, prices of world-export unit-value index. Figures for second quarter of 1956 include Federal Reserve estimates for about 10 per cent major agricultural raw materials (wool, jute, of world exports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1025 WORLD TRADE AND PAYMENTS IN 1955-56 copra, hides) and foodstuffs (coffee, tea, gions had export increases closer to the rice, sugar), which had been falling, leveled world average than in the earlier period. off or recovered somewhat during 1955-56. Exports of the independent sterling coun- With the halting of downward price move- tries (excluding those in Europe, and pements for important agricultural products troleum exporters) rose only about 3 per and with a related increase in trade in these cent, reflecting lower prices for wool, cotcommodities, the expansion of world exports ton, rice, tea, and jute, and a high level of was more evenly distributed around the domestic activity that tended to draw reworld than in the previous year. The table sources away from production for export. shows that between the first half of 1955 and For industrial countries as a group, the the first half of 1956 exports of Latin Amer- export increase was somewhat greater than ican countries (excluding Venezuela) rose the world average. Japan, Germany, and about 9 per cent in value, after declining the United States were among those havduring the previous year. British depend- ing the largest gains; France was the main encies and most other less industrialized re- country whose exports declined. Increased trade strained the world's ship- CHANGES IN WORLD EXPORTS ping resources in 1955-56 despite a record [In billions of dollars, at annual rates] volume of shipbuilding. Tanker rates dou- \ Percentage bled during the year, tramp rates increased change from Ex- by more than one-sixth, and liner rates rose year earlier ports, Exporting country 1st about one-tenth. Further increases in the half third quarter of 1956 were only partly ac- 1956 counted for by uncertainties about Suez Canal traffic. United States* 16.7 Canada I 4.9 PAYMENTS STRAINS AND ADJUSTMENTS Subtotal j 21.6 United Kingdom I 9.4 For four years now, high and rising demand Germany j 6.9 has been associated abroad with a rapid ex- France I 4.5 Benelux j 6.0 pansion of production. Industrial output Scandinavia ! 4.2 expanded less during 1955-56 than in the Other Western Europe | 6.0 Subtotal I 37.0 previous year, however, mainly because of Japan 2.3 smaller margins of unused productive ca- Petroleum exporters 6.1 Latin America 6.3 pacity and manpower. The rate of advance U. K. dependencies 3.7 was about 5 per cent (for all countries ex- Other sterling countries. . . 6.7 All other countries 5.7 cluding the United States and the Commu- World total 89.5 nist bloc) compared with 10 per cent in the previous year. Demand and outlays for new 1 Excludes military transfers under aid programs. 2 United Kingdom exports in the first half of 1955 were re- plant and equipment rose strongly not only duced by strikes. NOTE.—Benelux: Belgium-Luxemburg and the Netherlands. in industrial countries but also in most under- Scandinavia: Denmark, Finland, Norway, and Sweden. Other Western Europe: Austria, Greece, Iceland, Ireland, Italy, Portu- developed areas of the world. gal, Spain, Switzerland, Turkey, and Yugoslavia. Petroleum exporting countries: Brunei, Iran, Iraq, Kuwait, Netherlands Where demand rose more rapidly than the Antilles, Sarawak, Saudi Arabia, Trinidad, Tobago, and Venezuela. Remaining groups exclude sterling and petroleum coun- volume of domestic output, it led to a greater tries listed above. Exports shown for groups of countries include exports to each other. For sources, see note to World rise in imports than in exports, as well as to Exports chart. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1026 FEDERAL RESERVE BULLETIN • OCTOBER 1956 upward price tendencies. In most industrial quarter of 1956. These restraints worked countries, and in many others, the monetary through only slowly to the balance of payand fiscal authorities found it necessary dur- ments, while speculation against sterling and ing 1955-56 to take steps to restrain internal a weakening in the external position of other demand. sterling countries added to the drain on re- In some countries like Britain, the Scan- serves. dinavian group, South Africa, and New Zea- In the first half of 1956 the British forland, internal pressure and foreign exchange eign trade position improved significantly. losses were being countered in early 1955 The balance on current account showed a by measures of restraint; these measures were surplus of about $380 million, compared reinforced during 1955-56, and by mid- with a $40 million deficit in the first half 1956 inflationary strains were easing. In of 1955, and gold and dollar reserves rose some other countries, including Canada, $265 million. The improvement in reserves Germany, the Benelux group, and Chile, was interrupted in the third quarter by an restrictive financial policies were adopted outflow of funds related to Suez Canal delater in 1955 or early in 1956 and tight- velopments. ened in succeeding months; in most of these In Germany too, the pressure of internal cases some improvement was evident by demand produced a large increase in imlate summer. ports in 1955, and some price increases. Still other countries, including France, There was also a heavy inflow of export Japan, and India, experienced rising in- orders, especially for capital goods. Gerternal prices and balance-of-payments de- man monetary policy, reinforced by perterioration mainly after the end of 1955. sistent budget surpluses, was tightened in Finally, a few countries, including some August 1955 and the spring of 1956. The major underdeveloped countries, faced volume of imports rose 15 per cent during chronic problems of inflation during 1955- 1955-56, but exports rose 20 per cent. The 56 of much the same dimensions as in effect of the favorable trade balance upon earlier years. gold and foreign exchange reserves was aug- Western Europe. Total trade of Western mented by a substantial capital inflow in the European countries rose in volume during spring and summer, in response partly to 1955-56 about in line with the 6 per cent rumors of possible appreciation of the Gerrise in industrial production. There were man mark and partly to tight money in Gergreat differences among countries in trade many. Internal demand pressures eased sufand production trends and in balance-of- ficiently by September to permit a small repayments developments. duction in the central bank discount rate. In the United Kingdom, strong pressures Although France had a more rapid inof demand upon fully employed resources crease in output than any other European were felt earlier than in other major coun- country during 1955-56, demand began to tries. Restrictive monetary policies adopted outrun production late in 1955. Besides early in 1955 were tightened and reinforced an investment boom of a magnitude comby fiscal measures during the second half of parable to that of Britain and Germany, the 1955, when official gold and dollar reserves French economy experienced strain from exfell $560 million, and again during the first tensive crop damage early in 1956 and mili- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PAYMENTS IN 1955-56 1027 tary activities in Algeria. The volume of of one-fifth in wholesale prices and in the imports was 19 per cent larger in the second value of imports. Exports were no higher in quarter of 1956 than a year earlier while value in the first half of 1956 than a year exports were 7 per cent less, and gold and earlier, and foreign exchange reserves began foreign exchange reserves fell by one-sixth to decline in April. Monetary policy was during the first half year. Some price and tightened in the spring. credit controls were tightened in the summer, Some other countries whose exports failed but bank credit continued to rise and re- to rise much during 1955-56 nevertheless serves declined further. added further to their reserves or halted In other Western European countries, earlier drains. Burma and Ceylon held imupward price tendencies, tight labor mar- ports down by internal financial restraints, kets, and financial policies of internal re- coupled in Burma with tighter import constraint were the general rule in 1955-56. trols. In Pakistan a currency devaluation in For most of these countries, export and other July 1955 helped to restrain imports. Philearnings rose parallel with imports, so that ippine imports were cut back sharply in early changes in reserves were small. 1956 and foreign exchange reserves stopped Other areas. For most countries outside declining, although rising prices indicated Europe, higher export incomes and accel- continued internal demand pressures. erated internal outlays for economic devel- Heavy foreign exchange drains in Austraopment led to a substantial rise in imports lia and New Zealand after mid-1954 came during 1955-56. The incidence of balance- to an end early in 1956, and reserves began of-payments strains was correlated more to rise. In New Zealand, monetary and fiscal closely with the type of policies adopted by policies were tightened at intervals from particular countries than with the trend of early 1954 through mid-1956. Australia their exports. relied on direct restrictions to curb imports In Japan, booming internal demands and until March 1956, when fiscal and monetary a 30 per cent rise in the value of exports, restraints were applied under a supplemenfrom the second quarter of 1955 to the sec- tary budget. While Australian imports ond quarter of 1956, were in large measure leveled off, prices and wages were still rising matched by an expansion of industrial pro- at midyear. More recently, rising prices duction and an increase in the value of for wool have strengthened the payments imports. After the end of 1955, however, position of both Australia and New Zealand. imports rose faster than exports, reserve Exports of coffee producing countries in gains diminished, and internal prices rose. Latin America continued to expand through- Imports continued to mount during 1955- out 1955-56 from the low reached in 1954. 56 in Indonesia and in such British depend- With imports held down by foreign exchange encies as Malaya and Singapore, Nigeria, rationing, Brazil's reserves began to increase, and the Gold Coast. Export earnings of although internal pressures remained serithese countries were reduced by price de- ous owing mainly to large government defclines for major export commodities. icits. Colombia's imports remained high In India the strain placed upon the econ- despite official attempts to reduce them, and omy during 1955-56 by an expanding devel- reserves continued to decline. Mexico, opment program was indicated by increases pursuing conservative monetary and fiscal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1028 FEDERAL RESERVE BULLETIN • OCTOBER 1956 policies, experienced rapid economic growth U. S. IALANCE OF PAYMENTS with stable prices during 1955-56, and gold Billions of dollars, quarterly, seasonally adjusted 1 ! 1 1 and foreign exchange reserves rose despite a 30 per cent rise in imports. Vigorous economic expansion in Canada during 1955-56, especially in the plant and equipment sector, was reflected in rapid expansion both of merchandise imports and of the inflow of foreign funds. A 30 per cent rise in imports, with exports up only 10 per IMPORTS OF GOODS AND SERVICES cent, brought the foreign deficit on goods and services to a record high in the second NET TRANSFERS OF GOLD AND DOLLAR ASSETS quarter of 1956. Official reserves did not lllllllllll.ll.il change appreciably during the year, and the r exchange rate strengthened as the flow of capital into Canada expanded. Business 19S2 1953 1954 1955 1956 activity and interest rates rose more rapidly in Canada than in the United States during NOTE.—Based on seasonally adjusted Department of Com- 1955-56. merce data. Excludes military transfers under aid programs. Total payments, exports of goods and services, and net transfers of gold and dollar assets correspond to main heads in subsequent table. Imports of goods and services include U. S. BALANCE OF PAYMENTS military expenditures abroad and exclude remittances, pensions, and other transfers. Latest data are preliminary for second quarter. Worldwide advances in economic activity led to a marked expansion of foreign pur- eled off, after having risen almost continuchases of United States goods and services ously since mid-1954. in 1955-56. There was an equal increase Machinery, metals, and coal accounted in total payments from the United States, as for nearly three-quarters of the increase in the chart shows. Additions to foreign hold- nonagricultural exports between the first ings of gold and dollar assets were as large half of 1955 and the first half of 1956; as in 1954-55. There were further gains this reflected the worldwide investment boom in the third quarter of 1956 as United States and tight supply conditions abroad for cerreceipts and payments continued to increase. tain materials. Exports of machinery, the Exports. The expansion of United States largest category in total exports, rose by oneexports (excluding military aid transfers) fourth in this period. The value of coal accelerated early in 1956. In the second shipments increased 60 per cent; export marquarter exports of goods and services at- kets now absorb almost 12 per cent of United tained the record seasonally adjusted annual States coal production compared with about rate of $23 billion, $4 billion higher than a 3 per cent prior to World War II. year earlier. This increase was equal to one- Cotton exports slumped early in 1955 as fifth of the expansion in gross national prod- importers delayed purchases from the United uct over the year. States in anticipation of price reductions. After February the rise in merchandise Export sales in January 1956 at lower prices exports was concentrated in agricultural led to a recovery in cotton shipments after commodities. Nonagricultural exports lev- February. Agricultural exports other than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PAYMENTS IN 1955-56 1029 cotton rose throughout 1955-56, partly as the volume of arrivals exceeded that of the a result of Government disposal programs, first half of 1955 by 25 per cent. but also because of rising foreign demand Petroleum, metals, and a wide range of for grains and fats and oils, coupled with manufactures accounted for most of the repoor crops in some producing countries. maining advance in total imports in 1955- Total agricultural exports in the second 56. Domestic petroleum production has been increasingly supplemented by foreign quarter of 1956 reached a seasonally adsupplies during the postwar period to meet justed annual rate of about $4.5 billion, the rapid rise in United States consumption two-fifths above the year-earlier rate. of petroleum products. As in previous Geographically, the rise in total exports years, imports of finished manufactures rose was widespread. Exports to Canada, confaster than total imports. In the first six tinental Western Europe, and Japan showed months of 1956, imports of textile manufacthe largest percentage gains between the first tures, nonagricultural machinery, and autohalf of 1955 and the first half of 1956; exmobiles were all at least 40 per cent higher ports to the United Kingdom alone, among in value than a year earlier. industrial countries, showed a significant de- Imports from Western Europe, major cline. South American countries, and Japan rose Imports. Larger United States payments faster than total imports. There was little for imports of goods and services were the change in imports from most Far Eastern principal means of financing the expansion and African countries, largely because of in exports and the further accumulation of lower prices for their major export commodigold and dollar assets by foreigners in 1955ties. A number of countries such as Mexico, 56. These payments were augmented in the Egypt, Rhodesia, and Malaya, whose exfirst half of 1956 by an increased outflow of ports to the United States did not rise, incapital. creased their exports to other areas. Merchandise imports advanced to a sea- Other United States payments. The outsonally adjusted annual rate of $12.6 bilflow of United States private capital reached lion in the final quarter of 1955, and rea record $1 billion during the first half of mained near that level through the first half 1956. Direct investment in Canada and of 1956 as industrial production leveled off Canadian security flotations in New York in this country. This rate of imports exwere especially heavy during this period ceeded in value the previous record set in the when exports to Canada were rising rapidly. first half of 1951 at the height of the Korean Private capital movements to other areas boom; by volume, imports were 14 per cent were also larger than a year earlier. above the 1951 peak. United States military expenditures Coffee imports rose markedly in the fourth abroad and Government grants and loans quarter of 1955 as importers and roasters totaled nearly $5 billion in 1955-56, virtusought to rebuild stocks from the postwar ally unchanged from the previous year. The low reached in September. Increased con- net outflow of Government capital was larger sumption and continued inventory accumu- by $160 million and represented principally lation helped maintain coffee imports at a the acquisition of foreign currencies from high level through the first half of 1956 when sales of agricultural commodities. Military Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1030 FEDERAL RESERVE BULLETIN • OCTOBER 1956 expenditures were $200 million higher, most eign gold and dollar assets through transof the rise being concentrated in Europe. actions with the United States totaled $1.7 Grants, on the other hand, were $320 mil- billion in both 12-month periods. Of the lion lower than in the previous year as a re- 1955-56 amount, $1.3 billion was in liquid duction in grant aid to Europe was only form—gold, short-term assets, and United partly offset by larger grants to other areas. States Government securities. Including Foreign gold and dollar assets. The ex- purchases of new gold produced abroad, forcess of United States payments over foreign eign gold reserves and liquid dollar holdings purchases here was virtually the same in rose $2 billion from mid-1955 to mid-1956, 1955-56 as in 1954-55. Increases in for- to a total of $32.6 billion. UNITED STATES BALANCE OF PAYMENTS [In billions of dollars] 1954 1955 1956 Item 1st half 2nd half 1st half 2nd half 1st half P Payments from United States: Merchandise imports * 5.30 5.06 5.58 5.94 6.41 Imports of services, and remittances, etc. (net)l 1.72 2.03 1.92 2.28 2.19 Subtotal 7.02 7.08 7.50 8.22 8.60 Government grants2 .76 .89 1.08 .79 .86 Military expenditures abroad 1.31 1.29 1.43 1.37 1.55 Government loans and short-term assets (net). -.11 .01 .24 .06 .35 Subtotal 1.96 2.19 2.75 2.22 2.76 Private U. S. direct investments (net) .39 .28 .34 .34 .62 Private U. S. short-term and portfolio capital (net). .30 .66 .12 .36 .41 Subtotal .68 .94 .46 .69 1.03 Total. 9.66 10.21 10.71 11.13 12.39 Foreign purchases of U. S. goods and services: U. S. merchandise exports2 6.34 6.47 7.03 7.24 8.33 U. S. exports of services2 2.36 2.76 2.62 3.04 2.92 Total. 8.70 9.24 9.64 10.28 11.24 Increase in foreign assets: Gold and liquid dollar assets (net) .71 .81 .57 .56 .75 Gold purchases from U. S (.06) (.23) (.06) (-.02) (-.12) Increase in foreign liquid dollar holdings3 . (.65) (.57) (.50) ( .59) ( .87) Other foreign investments in U. S. (net) .08 .16 .19 .16 .25 Total .79 .97 .76 .72 1.00 Unidentified transactions (net U. S. receipts)... .17 .01 .32 .14 .15 P Preliminary. 3 Short-term assets and U. S. Government long-term securities. 1 Excluding military expenditures abroad. NOTE.—Based on Department of Commerce data. Details 2 Excluding military transfers under aid programs. may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revision of Consumer Credit Statistics THE CONSUMER CREDIT SERIES main- CONSUMER CREDIT tained by the Federal Reserve System has REVISED AND UNREVISED SERIES Billions of dollars been revised for the period 1948 to date to adjust the data to survey and census infor- 40 mation that has become available since the major revision in 1953. In addition, the TOTAL seasonally adjusted estimates of extensions and repayments of instalment credit have - 30 been revised back through 1940.1 The conceptual framework of the series has not been changed and only minor alterations have been made in the procedures 20 used to obtain the estimates. The concepts and methods used in the series are described in two earlier articles in the Federal Reserve 10 BULLETIN.2 EFFECTS OF REVISION The revision raised the estimate of total con- 1948 1950 1952 1954 1956 sumer credit outstanding as of December 31, 1955 by about 7 per cent or $2.4 billion. lion for the end of 1955 and reflected pri- The revised and unrevised series are shown marily a reduction in the estimates of the in the accompanying chart and differences holdings of sales finance companies. by type of credit are shown on page 1032. Revised estimates for sales finance com- All major types of consumer instalment pany holdings of consumer instalment credit and noninstalment credit, except automo- reflect the results of a comprehensive surbile credit, were increased by the revision. vey of finance companies conducted by the The downward revision in the estimate for Board in the summer of 1955. This survey automobile paper amounted to $844 mil- also covered consumer finance companies and other personal finance companies, and 1 This article was prepared by Paul F. Smith. The provided the first statistical benchmark for revision of the consumer credit series was conducted by the staff of the Consumer Credit and Finances Sec- all finance companies since the Regulation tion of the Board's Division of Research and Statistics. W registration statements of September 30, Other members of the staff who contributed substan- 1950. The survey data indicated that the tially to the work are Edward R. Fry, Elsie T. Nelson, Katharyne P. Reil, and Philip M. Webster. unrevised series, based on monthly samples, 2 "Revision of Consumer Credit Statistics," April had overstated the growth of automobile 1953 issue, and "Extensions and Repayments of Consumer Instalment Credit," January 1954 issue. credit held by finance companies but had 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1032 FEDERAL RESERVE BULLETIN • OCTOBER 1956 REVISED AND UNREVISED CONSUMER CREDIT diverse lending activities of multiple-office STATISTICS, DECEMBER 31, 1955 companies into a single type-of-business [In millions of dollars] classification. These changes were made Re- Unre- Differ- as part of a review of the classification of Type of credit vised vised ence individual companies. Total instalment credit 29,020 27,895 +1,125 Revision of commercial bank data for in- Automobile paper 13,468 14,312 - 844 O Re th p e a r i r c a o n n d s u m m o e d r e g rn o i o z d a s t i p o a n p l e o r ans.. 7 1 , , 6 67 2 0 6 6 1 , , 4 64 3 1 5 + + 1,19 2 1 9 stalment credit was based on condition state- Personal loans 6,256 5,507 + 749 ments for December 1954 and June and Noninstalment credit 9,628 8,330 +1,298 Single-payment loans. 2,992 2,776 + 216 December 1955. The adjustment resulted Charge accounts 4,544 3,797 + 747 Service credit 2,092 1,757 + 335 in a net upward revision of $254 million Total short- and intermediate-term con- in outstanding instalment credit as of Desumer credit 38,648 36,225 +2,423 cember 31, 1955. Data from condition statements also provided the basis for reunderstated the growth in other consumer vision of the estimates of single-payment goods paper and personal loans held by loans at commercial banks and all conthese companies. The net effect of the re- sumer loans held by mutual savings banks. vision was to raise the estimated amount of These adjustments resulted in a $242 miltotal consumer instalment credit held by all lion increase in single-payment loans to confinance companies. sumers at commercial banks and a slight As of June 30, 1955, the date of the upward revision of short- and intermediatefinance company survey, the amount of au- term consumer loans at mutual savings tomobile paper held by finance companies banks. of all types was overstated in the unrevised Revisions also were made in the estimates estimates by $976 million, while the amount for credit unions and savings and loan asof other consumer goods paper and personal sociations. The revisions were based on loans was understated by $576 and $644 end-of-year data for State and Federal credit million respectively. These differences reunions, collected and published by the Buflected, primarily, inadequate coverage of reau of Federal Credit Unions, and on loans small- and medium-sized companies in the other than mortgage loans at savings and reporting samples used to prepare monthly loan associations, published by the Home estimates. They also resulted from changes Loan Bank Board. The revisions resulted in the previous adjustments, primarily in in increases of $100 million in the estimated other consumer goods paper, made to holdings of credit unions at the end of 1955 remove credit other than consumer credit and $13 million in the short- and intermefrom the data reported in Regulation W diate-term consumer credit holdings of savregistration statements. The 1955 finance ings and loan associations. company survey data indicated that the ear- Upward revisions of the retail compolier adjustment had been too large. Differences between the revised and un- nents of the series were based on information revised figures by type of finance company obtained by the Bureau of Census as part are not entirely attributable to the revision. of its annual survey of retail trade for the They stem in part from reclassification of years 1953 and 1955. The revisions prosome companies and consolidation of the vided the first comprehensive adjustment in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1033 the level of retail receivables since adjust- nance company is defined as any finance ment to the 1948 Census of Retail Trade. company that has more than half of its con- Two minor revisions were previously made sumer instalment receivables in loans made in the data for 1952 and 1953 to adjust the under effective State small loan laws. The monthly series to the annual changes indi- data for such companies nevertheless incated by the Census surveys of retail trade clude the consolidated lending operations of for those years. The current revision re- the parent company and all subsidiaries. sulted in additions of $547 million to the Information obtained in the 1955 survey estimate of instalment accounts receivable was used to classify the companies included and of $747 million to that of charge ac- in this series and as a basis for reviewing counts as of December 31, 1955. Most of the classifications used in the Regulation W these differences developed between the statement tabulations. 1948 benchmark and the end of 1952, when METHODS OF ESTIMATION comprehensive annual data for retail receivables became available. Methods used to adjust the regular monthly Principal changes in service credit out- estimates of outstanding credit to levels instanding occurred in figures for holdings of dicated by the new benchmark data were gas and electric utilities. These changes re- similar for all components of the series. flected new estimates provided by the Amer- Ratios of the unrevised estimates to the ican Gas Association and the Edison Elec- benchmark data were computed for both tric Institute. A small upward revision was the old and the new benchmark dates. Admade in estimates of medical debt and justment ratios for the intervening months minor adjustments were made in several were obtained by distributing the difference other components. between the two benchmark ratios evenly Revisions in instalment credit extensions over the period. The ratios thus derived and repayments were about proportional to were applied to the unrevised monthly series revisions in outstanding instalment credit. to obtain revised estimates. Estimates from Data for extensions and repayments were the latest benchmark were based on the revised for the period 1948 to date. The regular monthly samples. Collection ratios complete series from 1940 to date has been from the regular monthly sample were included in Tables 8 and 10 following this then applied to the revised estimates for article, however, to provide information by outstanding credit to obtain new repayment type of lender, which was not previously estimates. Extensions were derived by addpublished, and to furnish a convenient ing repayments to outstanding credit at the source for back data. end of the month and subtracting outstanding credit at the end of the previous month. CONSUMER FINANCE COMPANIES In some retail components based on the Separate estimates for consumer finance relationship of receivables to retail sales, recompanies from September 1950 to date vised sales estimates were incorporated in were made possible by the 1955 survey of compiling revised monthly estimates of infinance companies and the 1950 Regulation stalment and charge-account receivables. W registration statements. A consumer fi- Procedures used in obtaining these estimates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1034 FEDERAL RESERVE BULLETIN • OCTOBER 1956 have been described in a pamphlet that may some minor adjustments made to moderate be obtained upon request.3 sharp changes in the closing months of the The only important change in the method time period that resulted from the methods of estimation was that used for seasonal ad- used in the machine calculations. justments of extensions and repayments of The use of the Univac made possible the instalment credit. All seasonal factors computation of seasonal factors for all comwere computed on Univac by procedures ponents of the series instead of only the developed by the staff of the Bureau of the totals by type of credit, as in the past. The Census.4 These factors were reviewed and seasonally adjusted data for separate com- 3 Detailed Description of Sources and Methods ponents were added to obtain seasonally Used in Revision of Short- and Intermediate-Term Consumer Credit Statistics, published by the Board of adjusted totals. Seasonally adjusted data for Governors in 1953. Requests for copies should be both extensions and repayments, by type of sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Wash- credit and major type of lender, are given ington 25, D. C. in Tables 7 and 9 following this article and 4 Julius Shiskin and Harry Eisenpress, "Seasonal Adjustments by Electronic Computer Methods." Paper will be published regularly in the Federal given at joint meeting of American Statistical Associa- Reserve BULLETIN. tion and Econometric Society in New York, December 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1035 TABLE 1 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS [Amounts outstanding in millions of dollars] Instalment credit Noninstalment credit End of month Total Total m p A a o u p b t e o i r l - e * co p g O n a o s t p o h u e d e m r r s 1 er m i R l z o o a e a a d n p t n e i d a o r s i n n 2 r - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1948—January 11 434 6 813 2,007 2,159 713 1,934 4 621 1 367 2 085 \ 169 February 11,338 6,898 2,082 2,141 720 1,955 4,440 1,383 1,860 1,197 March 11,700 7,178 2,246 2,204 734 1,994 4,522 1,400 1,903 1,219 April 12,133 7,477 2,396 2,293 763 2,025 4,656 1,404 2,003 ,249 May 12,496 7,703 2,489 2,375 788 2,051 4,793 1,429 2,089 [,275 June 12,769 7,902 2,577 2,432 802 2,091 4 867 1 437 2,143 287 July 12,919 8,108 2,701 2,474 811 2,122 4,811 1,423 2,095 1,293 August . 13,128 8,326 2,820 2,539 821 2,146 4,802 ) 422 2,079 1,301 September 13,455 8,549 2,911 2,640 835 2,163 4,906 ,430 2,172 1,304 October 13,610 8,597 2,934 2,665 844 2,154 5,013 ,425 2,286 1,302 November 13,770 8,705 2,974 2,714 855 2,162 5,065 ,440 2,332 1,293 December 14,398 8,996 3,018 2,901 853 2,224 5,402 ,445 2,673 1,284 1949—January 13,949 8,892 3,010 2,834 830 2,218 5,057 ,442 2,327 [,288 February 13,649 8,855 3,038 2,801 810 2,206 4,794 ,439 2,050 [,305 March 13,744 8,974 3,179 2,773 802 2,220 4,770 ,432 2,016 1,322 April 14,141 9,205 3,358 2,808 802 2,237 4,936 ,419 2,163 1,354 May 14,537 9,509 3,560 2,883 813 2,253 5,028 436 2,220 [ 372 June . 14,832 9,786 3,719 2,942 834 2,291 5,046 ,441 2,224 1,381 July 14,938 9 996 3,881 2,974 832 2,309 4,942 438 2,118 I 386 August 15,237 10,290 4,077 3,036 854 2,323 4,947 ,447 2,115 ,385 September 15,637 10,561 4,223 3,139 863 2,336 5,076 ,462 2,220 ,394 October 16,031 10,847 4,365 3,264 879 2,339 5,184 ,479 2,314 ,391 November 16,433 11,135 4,488 3,392 895 2,360 5,298 ,519 2,395 ,384 December 17,305 11,590 4,555 3,706 898 2,431 5,715 ,532 2,795 ,388 1950—January 16,952 11,599 4,613 3,671 889 2,426 5,353 ,526 2,444 ,383 February 16,781 11,669 4,717 3,643 887 2,422 5,112 ,527 2,180 ,405 March 17,045 11,888 4,868 3,690 872 2,458 5,157 ,546 2,191 1,420 April 17,508 12,136 5,024 3,760 872 2,480 5,372 ,576 2,327 ,469 May 18,140 12,534 5,220 3,887 897 2,530 5,606 ,646 2,460 ,500 June 18,724 13,030 5,504 4,004 922 2,600 5,694 ,643 2,520 ,531 July 19,422 13,578 5,825 4,159 945 2,649 5,844 ,669 2,612 ,563 August 20,013 14,045 6,032 4,349 971 2,693 5,968 ,683 2,717 ,568 September .... 20,534 14,452 6,191 4,546 996 2,719 6,082 ,698 2,806 ,578 October 20,712 14,570 6,212 4,611 1,014 2,733 6,142 ,770 2,811 1,561 November 20,728 14 492 6,133 4,588 1,021 2,750 6,236 871 2,805 ,560 December 21,395 14,703 6,074 4,799 1,016 2,814 6,692 ,821 3,291 1,580 1951—January 21,084 14,564 5,984 A,121 1,001 2,852 6,520 ,826 3,106 1,588 February 20,745 14,409 5,910 4,639 988 2,872 6,336 ,862 2,844 1,630 March 20,781 14,382 5,875 4,591 987 2,929 6,399 ,906 2,829 ,664 April 20 745 14 321 5,873 4,502 989 2,957 6,424 923 2,804 1,697 May 20,954 14,376 5,932 4,445 1,002 2,997 6,578 1,973 2,881 [,724 June 21 010 14 437 5,996 4,393 1,003 3,045 6,573 [ 938 2,878 757 July 20,810 14,369 5,992 4,289 1,012 3,076 6,441 1,924 2,747 1,770 August 21,074 14,622 6,108 4,354 1,029 3,131 6,452 1,916 2,766 1,770 September 21 324 14 766 6,157 4,389 1,045 3,175 6,558 I 912 2,853 ,793 October 21,554 14,826 6,095 4,478 1,064 3,189 6,728 [,931 3,024 [,773 November 21,842 14,946 6,048 4,572 1,082 3,244 6,896 1,977 3,153 1,766 December 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952—January. 22,057 15,121 5,881 4,776 1,074 3,390 6,936 ,941 3,220 ,775 February 21 763 15 030 5,848 4,683 1,073 3,426 6,733 987 2,930 1,816 March 21,718 15,032 5,824 4,647 1,071 3,490 6,686 2,009 2,843 1,834 April 22,106 15,234 5,916 4,667 1,091 3,560 6,872 2,021 3,002 1,849 M!ay 22 924 15 834 6,249 4,812 1,132 3,641 7,090 2,073 3,157 [,860 June 23,702 16,588 6,662 5,001 1,174 3,751 7,114 2,073 3,167 ,874 July 24,040 17,044 6,878 5,133 1,216 3,817 6,996 2,039 3,079 1,878 August 24,339 17,329 6,946 5,252 1,254 3,877 7,010 2,040 3,087 1,883 September 24,773 17,669 7,055 5,400 1,297 3,917 7,104 2,047 3,168 1,889 October 25 467 18,216 7,293 5,626 1,345 3,952 7,251 2,045 3,338 1,868 November 25,971 18,579 7,504 5,712 1,374 3,989 7,392 2,126 3,401 1,865 December 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 For footnotes, see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1036 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 1 (cont.) REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS [Amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r s r 1 er m i R l z o o a e a a d n p t n e i d a o s r i n n 2 r - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1953—January 27,202 19,586 7,899 6,145 ,380 4,162 7,616 2,171 3,588 1,857 February.... 26,945 19,720 8,093 6,070 ,381 4,176 7,225 2,144 3,210 1,871 March 27,413 20,150 8,397 6,100 ,392 4,261 7,263 2,241 3,149 1,873 April 27,983 20,551 8,693 6,124 ,412 4,322 7,432 2,275 3,259 ,898 May 28,645 21,016 8,996 6,200 ,441 4,379 7,629 2,326 3,379 ,924 June 29,032 21,467 9,241 6,287 ,472 4,467 7,565 2,224 3,402 ,939 July 29,258 21,887 9,514 6,337 ,500 4,536 7,371 2,110 3,317 ,944 August 29,548 22,146 9,677 6,369 ,524 4,576 7,402 2,168 3,272 ,962 September 29,783 22,317 9,772 6,379 ,557 4,609 7,466 2,172 3,324 ,970 October 30,091 22,503 9,875 6,422 ,585 4,621 7,588 2,178 3.467 ,943 November 30,272 22,654 9,898 6,485 ,609 4,662 7,618 2,155 524 ,939 December 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 ,927 1954—January 30,326 22,638 9,650 6,622 ,595 4,771 7,688 2,138 3,627 ,923 February 29,648 22,365 9,497 6,490 ,581 A,191 7,283 2,108 ,239 ,936 March 29,312 22,160 9,403 6,331 ,571 4,855 152 2,126 3,102 ,924 April 29,609 22,207 9,416 6,296 ,575 4,920 402 158 3,296 ,948 May 29,901 22,268 9,459 6,256 ,594 4,959 633 285 3,377 ,971 June 30,200 22,501 9,604 6,261 ,596 5,040 699 2,306 3,405 ,988 July 30,292 22,658 9,722 6,234 ,604 5,098 634 2,280 3,347 2,007 August 30,327 22,740 9,769 6,214 ,615 5,142 587 2,290 3,290 2,007 September 30,479 22,803 9,781 6,218 ,622 5,182 7; 676 2,316 3,344 2,016 October 30,715 22,881 9,768 6,280 ,628 5,205 7,834 2,359 3,466 2,009 November 30,983 22,983 9,720 6,377 ,626 5,260 8,000 2,391 3,612 1,997 December 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955—January 31,676 23,516 9,862 6,666 1,573 5,415 8,160 2,365 3,792 2,003 February 31,428 23,614 10,029 6,563 1,549 5,473 7,814 2,430 3,365 2,019 March 31,800 24,061 10,410 6,554 ',529 5,568 7,739 2,492 3,230 2,017 April 32,638 24,612 10,798 6,595 ,532 5,687 8,026 2,515 3,459 2,052 May 33,479 25,229 11,256 6,663 ,544 5,766 8,250 2,617 3,560 2,073 June 34,395 26,001 11,796 6,769 ,562 5,874 8,394 2,721 3,588 2,085 July 34,807 26,546 12,236 6,808 ,574 5,928 8,261 2,659 3,500 2,102 August 35,526 27,195 12,719 6,884 ,599 5,993 8,331 2,725 3,506 2,100 September 36,169 27,702 13,075 6,959 ,625 6,043 8,467 2,776 3,586 2,105 October 36,573 27,968 13,246 7,025 ,648 6,049 8,605 2,804 3,715 2,086 November 37,114 28,269 13,326 7,169 ,661 6,113 8,845 2,930 3,839 2,076 December 38,648 29,020 13,468 7,626 ,670 6,256 9,628 2,992 4,544 2,092 1956—January 37,848 28,886 13,481 7,487 ,638 6,280 8,962 2,920 3,961 2,081 February 37,474 28,915 13,574 7,371 ,628 6,342 8,559 2,932 530 2,097 March 37,761 29,112 13,743 7,300 ,631 6,438 8,649 3,050 469 130 April 38,222 29,419 13,892 7,337 ,643 6,547 8,803 3,094 531 178 May 38,919 29,763 14,059 7,401 ,677 6,626 9,156 3,258 701 197 June 39,454 30,084 14,255 7,417 ,700 6,712 9,370 3,335 804 2,231 July 39,478 30,297 14,381 7,421 ,710 6,785 9,181 3,261 674 2,246 August 39,878 30,644 14,530 7,493 1,734 6,887 9,234 3,295 3,696 2,243 ^Represents all consumer instalment credit extended for the pur- that may be used in part for business. pose of purchasing automobiles and other consumer goods, whether 2 Represents repair and modernization loans held by financial held by retail outlets or financial institutions. Includes credit on institutions; holdings of retail outlets are included in other conpurchases by individuals of automobiles or other consumer goods sumer goods paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1037 TABLE 2 REVISED ESTIMATES OF INSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of month i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n l m n i e e c s - s e u C n r i e o d n i s t p f s i c C a n u o n a o m m i n n e e c - - s r e 1 Other i Total D s m t e o p e r a n e r t s t 2 - F s t t u o u r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1948—January... 6,813 5,422 2,716 1,420 237 1,049 1,391 361 453 77 105 395 February.. 6,898 5,529 2,761 1,467 242 1,059 1,369 351 448 78 109 383 March 7,178 5,769 2,873 1,562 253 1,081 1,409 364 455 82 119 389 April 7,477 6,027 3,006 1,661 266 1,094 1,450 374 464 90 128 394 May 7,703 6,212 3,090 1,733 275 1,114 1,491 382 477 98 132 402 June 7,902 6,375 3,185 1,771 287 1,132 1,527 387 490 104 136 410 July 8,108 6,562 3,279 1,833 299 1,151 1,546 389 490 109 143 415 August 8,326 6,739 3,370 1,895 310 1,164 1,587 404 503 115 150 415 September. 8,549 6,901 3,446 1,954 320 1,181 1,648 418 525 122 155 428 October... 8,597 6,929 3,466 1,959 322 1,182 1,668 426 520 123 156 443 November. 8,705 6,995 3,492 1,979 325 1,199 1,710 433 541 123 157 456 December. 8,996 7,120 3,529 2,011 334 1,246 1,876 470 604 127 159 516 1949—January... 8,892 7,109 3,536 2,001 331 ,241 1,783 437 569 121 157 499 February.. 8,855 7,088 3,507 2,014 331 ,236 1,767 464 553 117 157 476 March 8,974 7,229 3,556 2,090 339 ,244 1,745 449 544 117 165 470 April 9,205 7,437 3,639 2,192 348 ,258 1,768 451 549 118 175 475 May 9,509 7,709 3,761 2,319 360 ,269 1,800 454 560 124 187 475 June 9,786 7,959 3,875 2,423 374 ,287 1,827 454 569 131 195 478 July 9,996 8,171 3,956 2,521 385 ,309 1,825 446 569 139 204 467 August 10,290 8,435 4,066 2,648 399 ,322 1,855 453 579 145 214 464 September. 10,561 8,644 4,160 2,738 411 ,335 1,917 475 596 152 221 473 October... 10,847 8,849 4,268 2,822 418 ,341 1,998 499 625 159 228 487 November. 11,135 9,043 4,347 2,897 428 ,371 2,092 531 658 164 234 505 December. 11,590 9,257 4,439 2,944 438 ,436 2,333 596 740 178 236 583 1950—January... 11,599 9,341 4,503 2,960 441 ,437 2,258 572 713 175 237 561 February.. 11,669 9,426 4,537 3,008 447 ,434 2,243 592 699 176 240 536 March 11,888 9,636 4,652 3,073 463 ,448 2,252 591 700 181 244 536 April 12,136 9,851 4,751 3,160 475 ,465 2,285 599 709 187 249 541 May 12,534 10,197 4,940 3,265 498 ,494 2,337 615 720 195 255 552 June 13,030 10,646 5,171 3,427 525 ,523 2,384 621 728 205 264 566 July 13,578 11,116 5,393 3,618 551 ,554 2,462 642 741 219 277 583 August.... 14,045 11,494 5,607 3,733 573 ,581 2,551 665 755 243 283 605 September. 14,452 11,817 5,819 3,825 585 ,192 396 2,635 687 777 260 286 625 October... 14,570 11,897 5,869 3,819 586 ,215 408 2,673 696 780 262 290 645 November. 14,492 11,802 5,808 3,757 585 ,230 422 2,690 697 779 263 288 663 December. 14,703 11,805 5,798 3,711 590 ,286 420 2,898 746 827 267 287 771 1951—January... 14,564 11,749 5,791 3,659 584 ,296 419 2,815 717 787 262 282 767 February.. 14,409 11,628 5,720 3,597 583 ,305 423 2,781 739 768 257 277 740 March 14,382 11,628 5,724 3,555 587 ,330 432 2,754 737 750 249 275 743 April 14,321 11,617 5,720 3,534 586 ,341 436 2,704 717 734 243 275 735 May 14,376 11,696 5,736 3,555 593 ,361 451 2,680 703 723 236 278 740 June 14,437 11,782 5,747 3,597 600 ,387 451 2,655 685 712 231 283 744 July 14,369 11,778 5,705 3,597 604 ,412 460 2,591 660 692 227 284 728 August.... 14,622 11,965 5,764 3,684 614 ,433 470 2,657 721 694 228 292 722 September. 14,766 12,025 5,738 3,725 619 ,463 480 2,741 785 701 233 297 725 October... 14,826 12,009 5,753 3,695 623 ,452 486 2,817 816 717 236 294 754 November. 14,946 12,049 5,760 3,682 625 ,480 502 2,897 854 729 237 293 784 December. 15,294 12,124 5,771 3,654 635 ,555 509 3,170 924 810 243 290 903 1952—January... 15,121 12,064 5,769 3,591 634 ,563 507 3,057 776 237 285 879 February.. 15,030 12,048 5,769 3,552 640 ,571 516 2,982 867 756 228 282 849 March 15,032 12,083 5,807 3,516 651 ,589 520 2,949 873 742 222 279 833 April 15,234 12,271 5,898 3,551 667 ,624 531 2,963 878 743 220 283 839 May 15,834 12,776 6,143 3,731 696 ,652 554 3,058 906 769 225 301 857 June 16,588 13,438 6,458 3,985 729 ,698 568 3,150 931 793 241 324 861 July 17,044 13,853 6,648 4,143 752 ,731 579 3,191 936 808 253 337 857 August.... 17,329 14,089 6,793 4,180 774 ,751 591 3,240 955 824 259 341 861 September. 17,669 14,353 6,945 4,253 791 ,761 603 3,316 994 838 270 347 867 October... 18,216 14,765 7,158 4,409 808 1,776 614 3,451 1,046 863 277 362 903 November. 18,579 15,097 7,310 4,548 818 1,788 633 3,482 1,024 880 282 375 921 December. 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 For footnotes, see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1038 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 2 (cont.) REVISED ESTIMATES OF INSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of month i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n l m n i e e c s - s e u C n r i e o d n i s t p f s i C c a n u o n o a m m i n n e e c - s - r e ! Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1953—January... 19,586 15,859 7,665 4,804 846 1,895 649 3,727 1,074 911 295 400 1,047 February.. 19,720 16,095 7,797 4,897 861 1,888 652 3,625 1,013 905 296 411 1,000 March.... 20,150 16,569 8,059 5,028 896 1,916 670 3,581 970 898 299 428 986 April 20,551 16,996 8,286 5,156 927 1,942 685 3,555 921 898 310 444 982 May 21,016 17,422 8,491 5,312 955 1,957 707 3,594 929 905 320 463 977 June 21,467 17,832 8,675 5,456 994 1,992 715 3,635 934 912 333 478 978 July 21,887 18,252 8,843 5,631 1,025 2,029 724 3,635 920 918 340 496 961 August 22,146 18,497 8,931 5,739 1,051 2,042 734 3,649 928 923 348 510 940 September. 22,317 18,655 8,969 5,811 1,077 2,051 747 3,662 940 925 353 514 930 October... 22,503 18,790 9,009 5,885 1,093 2,052 751 3,713 954 932 357 524 946 November. 22,654 18,878 9,006 5,929 1,107 2,070 766 3,776 980 952 366 528 950 December. 23,005 18,963 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 1,070 1954—January... 22,638 18,758 8,914 5,839 ,108 2,125 772 3,880 1,019 968 368 514 1,011 February.. 22,365 18,518 8,755 5,750 ,122 2,113 778 3,847 1,089 943 363 501 951 March 22,160 18,420 8,714 5,664 ,147 2,111 784 3,740 1,056 921 357 489 917 April 22,207 18,483 8,722 5,666 ,173 2,126 796 3,724 1,059 913 354 485 913 May 22,268 18,566 8,729 5,697 ,196 2,126 818 3,702 1,055 911 351 482 903 June 22,501 18,784 8,783 5,799 ,233 2,144 825 3,717 1,066 910 353 486 902 July 22,658 18,951 8,789 5,918 ,258 2,158 828 3,707 ,063 906 357 488 893 August.... 22,740 19,045 8,784 5,977 ,284 2,157 843 3,695 ,066 910 356 485 878 September. 22,803 19,106 8,767 6,010 ,305 2,169 855 3,697 ,075 910 359 480 873 October... 22,881 19,140 8,759 6,030 ,312 2,171 868 3,741 ,098 919 363 473 888 November. 22,983 19,173 8,728 6,043 ,326 2,184 892 3,810 ,134 936 365 465 910 December. 23,568 19,450 8,796 6,144 ,342 2,257 911 4,118 ,242 984 377 463 1,052 1955—January... 23,516 19,510 8,829 6,180 ,332 2,254 915 4,006 ,209 953 375 460 1,009 February.. 23,614 19,705 8,883 6,274 ,352 2,265 931 3,909 ,179 937 368 461 964 March 24,061 20,163 9,057 6,480 ,389 2,291 946 3,898 ,195 926 360 471 946 April 24,612 20,680 9,248 6,716 ,424 2,332 960 3,932 ,211 921 358 483 959 May 25,229 21,265 9,472 6,995 ,464 2,352 982 3,964 ,224 929 357 497 957 June 26,001 21,995 9,773 7,317 ,507 2,398 1,000 4,006 ,235 939 359 515 958 July 26,546 22,531 9,935 7,631 ,536 2,428 ',001 4,015 ,231 944 362 527 951 August... 27,195 23,144 10,151 7,942 ,577 2,459 ,015 4,051 ,244 960 365 541 941 September 27,702 23,617 10,328 8,168 ,617 2,478 ,026 4,085 ,270 967 364 547 937 October.. 27,968 23,848 10,412 8,268 ,640 2,503 ,025 4,120 ,283 979 361 545 952 November, 28,269 24,061 10,489 8,322 ,654 2,549 ,047 4,208 ,332 1,001 366 539 970 December 29,020 24,441 10,601 8,443 ,680 2,656 ,061 4,579 ,511 1,052 381 535 1,100 1956—January.. 28,886 24,447 10,618 8,436 ,668 2,670 ,055 4,439 ,471 1,018 371 535 1,044 February. 28,915 24,587 10,668 8,460 ,697 2,701 ,061 4,328 ,436 1,001 362 538 991 March... 29,112 24,870 10,796 8,526 ,732 2,739 ,077 4,242 ,377 984 355 544 982 April 29,419 25,208 11,009 8,575 ,767 2,773 ,084 4,211 ,380 974 349 548 960 May 29,763 25,528 11,170 8,641 ,806 2,805 ,106 4,235 ,389 971 351 554 970 June 30,084 25,963 11,394 8,765 ,848 2,845 ,111 4,121 ,247 973 354 562 985 July 30,297 26,193 11,476 8,849 ,880 2,880 1,108 4,104 ,239 967 359 568 971 August... 30,644 26,475 11,548 8,953 ,933 2,920 1,121 4,169 ,286 973 365 575 970 1 Consumer finance companies included with "other" financial in- 3 Represents automobile paper only; other instalment credit held stitutions until September 1950. by automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1039 TABLE 3 REVISED ESTIMATES OF NONINSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars! Financial Retail outlets Financial Retail outlets End of month i T m n n o s o e t t n n a a - l t l - (si i n n g s l l t e o i - t a u p n t a s i y o ) m ns ent a ( c c c h o a u r n g t e s) S c e r r e v d i i c t e End of month i T m n n s o o e t t n n a a - l t l - (si i n n g s l l t e o i - t a u p n t a s i y o ) m ns ent a ( c c c h o a u r n g t e s) S c e r r e v d i i c t e credit Com- Depart- credit Com- Departmercial Other ment Other mercial Other ment Other banks stores banks stores i 1948—January... 4,621 ,219 148 416 1,669 1,169 1953—January... 7,616 1,878 293 586 3,002 1,857 February.. 4,440 ,229 154 366 1,494 1,197 February.. 7,225 1,887 257 503 2,707 1,871 March.... 4,522 ,237 163 385 1,518 1,219 March.... 7,263 1,960 281 492 2,657 1,873 April 4,656 ,242 162 387 1,616 1,249 April 7,432 1,984 291 487 2,772 1,898 May 4,793 ,252 177 390 1,699 1,275 May 7,629 1,985 341 498 2,881 1,924 June 4,867 ,261 176 390 1,753 1,287 June 7,565 1,922 302 492 2,910 1,939 July 4,811 ,255 168 339 1,756 1,293 July 7,371 1,839 271 458 2,859 1,944 August. .. 4,802 ,254 168 336 1,743 1,301 August. .. 7,402 1,888 280 454 2,818 1,962 September. 4,906 ,249 181 383 1,789 "304 September. 7,466 1,883 289 501 2,823 1,970 October. . 5,013 ,251 174 421 1,865 '302 October. . 7,588 1,901 277 525 2,942 1,943 November. 5,065 ,254 186 448 1,884 293 November. 7,618 1,839 316 580 2,944 1,939 December. 5,402 ,261 184 575 2,098 ^284 December. 8,238 1,899 288 772 3,352 1,927 1949—January... 5,057 ,265 177 450 1,877 288 1954—January... 7,688 258 627 3,000 1,923 February.. 4,794 ,260 179 383 1,667 '305 February.. 7,283 ,841 267 544 2,695 1,936 March 4,770 ,248 184 371 1,645 322 March 7,152 ,845 281 500 2,602 1,924 April 4,936 ,235 184 389 1,774 '354 April 7,402 ,883 275 519 2,777 1,948 May 5,028 ,235 201 392 1,828 '372 May 7,633 ,918 367 517 2,860 1,971 June 5,046 ,245 196 384 1,840 '381 June 7,699 ,977 329 514 2,891 1,988 July 4,942 ,254 184 336 1,782 '386 July 7,634 ,991 289 464 2,883 2,007 August. .. 4,947 ,262 185 332 1,783 '385 August. .. 7,587 ,989 301 462 2,828 2,007 September. 5,076 ,265 197 375 1,845 '394 September. 7,676 2,002 314 505 2,839 2,016 October. . 5,184 ,287 192 393 1,921 391 October. . 7,834 2,074 285 536 2,930 2,009 November. 5,298 ,308 211 438 1,957 '384 November. 8,000 2,057 334 596 3,016 1,997 December. 5,715 ,334 198 587 2,208 ,388 December. 8,724 2,096 312 793 3,515 2,008 1950—January... 5,353 ,340 186 459 1,985 ,383 1955—January... 8,160 2,064 301 648 3,144 2,003 February.. 5,112 ,346 181 394 1,786 405 February.. 7,814 2,108 322 556 2,809 2,019 March.... 5,157 1,357 189 •383 1,808 420 March 7,739 2,144 348 527 2,703 2,017 April 5,372 1,392 184 394 1,933 '469 April 8,026 2,202 313 547 2,912 2,052 May 5,606 1,422 224 403 2,057 500 May 8,250 2,244 373 554 3,006 2,073 June 5,694 1,442 201 400 2,120 531 June 8,394 2,356 365 540 3,048 2,085 July 5,844 1,445 224 380 2,232 '563 July 8,261 2,354 305 494 3,006 2,102 August. .. 5,968 1,448 235 395 2,322 568 August. .. 8,331 2,396 329 495 3,011 2,100 September. 6,082 1,471 227 434 2,372 '578 September. 8,467 2,417 359 542 3,044 2,105 October... 6,142 1,510 260 448 2,363 561 October. . 8,605 2,479 325 587 3,128 2,086 November. 6,236 1,551 320 484 2,321 ,560 November. 8,845 2,552 378 645 3,194 2,076 December. 6,692 1,576 245 650 2,641 ,580 December. 9,628 2,635 357 862 3,682 2,092 1951—January... 6,520 1,598 228 556 2,550 ,588 1956—January... 8,962 2,632 288 706 3,255 2,081 February.. 6,336 1,622 240 489 2,355 ,630 February.. 8,559 2,625 307 596 2,934 2,097 March.... 6,399 1,648 258 473 2,356 ,664 March.... 8,649 2,680 370 579 2,890 2,130 April 6,424 1,664 259 457 2,347 ,697 April 8,803 2,720 374 573 2,958 2,178 May 6,578 1,673 300 465 2,416 ,724 May 9,156 2,766 492 585 3,116 2,197 June 6,573 1,678 260 452 2,426 ,757 June 9,370 2,880 455 574 3,230 2,231 July 6,441 1,663 261 407 2,340 770 July 9,181 2,885 376 523 3,151 2,246 August. .. 6,452 1,661 255 409 2,357 ,770 August. .. 9,234 2,894 401 531 3,165 2,243 September. 6,558 1,660 252 449 2,404 ,793 October. . , 6,728 1,667 264 481 2,543 ,773 November. 6,896 1,672 305 538 2,615 ,766 December. 7,323 1,684 250 698 2,907 1,784 1952—January... 6,936 1,717 224 564 2,656 1,775 February.. 6,733 1,742 245 490 2,440 1,816 March.... 6,686 1,758 251 466 2,377 ,834 April 6,872 1,769 252 481 2,521 ,849 May 7,090 1,777 296 485 2,672 ,860 June 7,114 1,798 275 478 2,689 ,874 July 6,996 1,791 248 428 2,651 ,878 August 7,010 1,789 251 432 2,655 ,883 September. 7,104 1,789 258 471 2,697 October.. . 7,251 1,796 249 511 2,827 November. 7,392 1,814 312 549 2,852 ,865 December. 7,998 1,844 276 728 3,283 1,867 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1040 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 4 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Amounts outstanding, in millions of dollars] Automobile Repair Automobile Repair End of month i c T m n r s o e e t t d a n a i l t l t - Pur- paper s g O c u o o t m o h n d e e - s r r e m r t a n i o n o iz d d n a - - s l P o o e a n r n a - s l End of month i c T m n r o s e e t t d n a a i l t l t - Pur- paper s g O c u o t o m o h n d e e - r s r e m r t a n i o n o iz d d n a - - s l P o o e a n r n a - s l chased Direct paper loans chased Direct paper loans 1948—January 2,716 365 .561 594 442 754 1953—January 7,665 1,685 1,652 1,809 ,133 ,386 February. . 2,761 380 577 597 445 762 February. . 7,797 1,733 ',695 1,835 ,136 ,398 March 2,873 412 610 619 456 776 March 8,059 1,814 ,761 1,909 ,144 ,431 April 3,006 441 639 658 476 792 April 8,286 1,902 ,821 1,956 ,160 ,447 May 3,090 460 661 676 491 802 May 8,491 1,989 ,869 1,990 ,184 ,459 June 3,185 484 683 690 508 820 June 8,675 2,043 ,906 2,029 ,212 ,485 July 3,279 513 707 710 518 831 July 8,843 2,109 ,938 2,062 ,237 ,497 August.... 3,370 540 729 731 527 843 August.... 8,931 2,151 ,952 2,070 ,258 ,500 September. 3,446 559 738 761 542 846 September. 8,969 2,183 ,940 2,057 ,282 ,507 October. . . 3,466 569 739 768 553 837 October. .. 9,009 2,213 ,928 2,060 ,303 ,505 November. 3,492 572 747 775 564 834 November. 9,006 2,220 ,906 2,061 ,318 ,501 December.. 3,529 575 753 794 568 839 December.. 8,998 2,215 ,867 2,078 ,317 ,521 1949—January 3,536 568 752 810 565 841 1954—January.... 8,914 2,191 ,807 2,092 ,303 ,521 February.. 3,507 575 752 782 562 836 February. . 8,755 2,162 ,773 1,997 ,290 ,533 March 3,556 600 773 773 567 843 March 8,714 2,164 ,755 1,955 ,279 ,561 April 3,639 632 798 783 574 852 April 8,722 2,180 ,745 ,939 ,281 ,577 May 3,761 663 830 816 588 864 May 8,729 2,195 ,735 ,925 ,293 ,581 June 3,875 685 854 836 612 888 June 8,783 2,237 ,729 ,913 ,293 ,611 July 3,956 715 883 847 620 891 July 8,789 2,251 ,724 ,887 ,301 ,626 August.... 4,066 751 908 863 647 897 August.... 8,784 2,253 ,714 ,871 ,308 ,638 September. 4,160 776 927 889 665 903 September. 8,767 2,259 ,696 ,855 ,312 ,645 October. . . 4,268 807 940 929 688 904 October. . . 8,759 2,259 ,681 ,852 ,317 ,650 November. 4,347 831 950 958 706 902 November. 8,728 2,249 ,657 ,858 ,311 ,653 December.. 4,439 849 946 1,016 715 913 December.. 8,796 2,269 ,668 ,303 ,676 1950—January 4,503 865 955 ,058 712 913 1955—January 8,829 2,294 ,668 ,906 1,269 ,692 February. . 4,537 889 972 ,048 714 914 February.. 8,883 2,344 ,681 ,897 1,248 ,713 March 4,652 924 ,005 ,082 705 936 March 9,057 2,435 ,738 ,902 1,231 ,751 April 4,751 956 ,036 ,106 708 945 April 9,248 2,516 ,790 ,901 ,236 ,805 May 4,940 998 ,083 ,163 729 967 May 9,472 2,631 ,838 ,925 ,244 ,834 June 5,171 1,058 ,148 ,208 754 ,003 June 9,773 2,793 ,883 ,960 ,260 ,877 July 5,393 1,124 ,215 ,263 773 ,018 July 9,935 2,870 1,938 ,965 ,271 ,891 August.... 5,607 1,162 ,278 ,338 795 ,034 August.... 10,151 2,993 1,988 ,974 ,288 ,908 September. 5,819 1,202 ,317 ,429 816 ,055 September. 10,328 3,079 2,035 ,990 ,307 ,917 October.. . 5,869 1,208 ,322 ,463 830 ,046 October 10,412 3,152 2,043 ,992 ,325 ,900 November. 5,808 1,191 ,304 ,444 833 ,036 November. 10,489 3,193 2,046 2,015 ,332 ,903 December.. 5,798 1,177 ,294 ,456 834 ,037 December.. 10,601 3,243 2,062 2,042 ,338 ,916 1951—January.... 5,791 1,154 ,293 ,476 822 ,046 1956—January 10,618 3,252 2,072 2,049 ,314 ,931 February. . 5,720 1,136 1,299 ,429 812 ,044 February. . 10,668 3,294 2,089 2,040 ,305 ,940 March 5,724 1,122 1,313 ,415 811 ,063 March 10,796 3,347 2,133 2,051 ,303 ,962 April 5,720 1,118 1,326 1,394 815 ,067 April 11,009 3,403 2,167 2,118 ,313 2,008 May 5,736 1,133 1,335 1,376 823 ,069 May 11,170 3,462 2,193 2,155 ,335 2,025 June 5,747 1,144 1,335 1,365 825 ,078 June 11,394 3,521 2,207 2,265 ,356 2,045 July 5,705 1,143 1,324 1,334 831 ,073 July 11,476 3,560 2,210 2,276 ,367 2,063 August 5,764 1,158 1,341 1,329 845 1,091 August 11,548 3,598 2,218 2,266 1,384 2,082 September. 5,738 1,170 1,346 1,270 858 1,094 October. . . 5,753 1,159 1,337 ',281 874 1,102 November. 5,760 1,151 1,324 ,293 887 1,105 December.. 5,771 1,135 1,311 ,315 1,122 1952—January 5,769 1,123 1,303 ,323 882 1,138 February. . 5,769 1,128 1,306 ,301 881 1,153 March 5,807 1,132 1,317 ,291 881 1,186 April 5,898 1,161 1,342 ,289 899 1,207 May 6,143 1,251 1,398 ,331 931 1,232 June 6,458 1,356 1,465 ,394 967 1,276 July 6,648 1,407 1,500 ,444 1,004 1,293 August 6,793 1,433 1.517 ,495 1,036 1,312 September. 6,945 1,470 i;534 ,537 1,069 1,335 October... 7,158 1,524 1,569 ,609 1,109 1,347 November. 7,310 1,572 1,598 ,659 1,130 1,351 December., 7,524 1,633 1,629 ,751 1,137 1,374 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1041 TABLE 5 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Amounts outstanding, in millions of dollars] Other Repair Other Repair Total End of month credi V t " m A pa o u p b to e il r - e s g c u o o m o n d e - s r m iz o a a n d ti d e o r n n- s l P o o e a n r n a - s l End of month i c m n r s e e t d n a i l t t - m A pa o u p b t e o il r - e s g c u o o m o n d e - s r m iz o a a n d ti d e o r n n- l s P o o e a n r n a - s l paper loans paper loans 1948—January.. 1,420 843 207 233 137 1953—January... 4,804 3,705 695 58 346 February. 1,467 879 211 236 141 February.. 4,897 3,792 704 56 345 March. .. 1,562 961 218 238 145 March.... 5,028 3,916 715 54 343 April 1,661 ,037 233 245 146 April 5,156 4,032 727 54 343 May ,733 ,079 254 252 148 May 5,312 4,169 744 51 348 June ,771 ,109 264 248 150 June 5,456 4,292 760 49 355 July ,833 ,164 273 245 151 July 5,631 4,440 789 46 356 August... 1,895 ,220 280 243 152 August.... 5,739 4,527 810 43 359 September 1,954 ,271 290 239 154 September. 5,811 4,592 817 44 358 October.. ,959 ,280 289 235 155 October... 5,885 4,665 816 44 360 November ,979 ,304 286 232 157 November. 5,929 4,705 813 45 366 December 2,011 ,333 287 225 166 December. 5,927 4,688 816 46 377 1949—January.. 2,001 ,335 296 204 166 1954—January. . , 5,839 4,615 803 47 374 February. 2,014 ,354 309 186 165 February.. 5,750 4,543 790 45 372 March. .. 2,090 ,437 318 171 164 March 5,664 4,477 771 43 373 April 2,192 ,542 327 163 160 April 5,666 4,483 766 42 375 May 2,319 ,665 341 156 157 May 5,697 4,521 760 40 376 June 2,423 .761 358 150 154 June 5,799 4,617 765 39 378 July 2,521 i;85O 381 140 150 July 5,918 4,720 779 37 382 August. 2,648 1,968 404 130 146 August 5,977 4,774 784 36 383 September 2,738 2,057 422 116 143 September, 6,010 4,803 791 34 382 October.. 2,822 2,142 431 107 142 October... 6,030 4,815 798 33 384 November 2,897 2,220 438 99 140 November. 6,043 4,811 810 32 390 December 2,944 2,265 447 90 142 December. 6,144 4,870 841 31 402 1950—January.. 2,960 2,293 446 83 138 1955—January... 6,180 4,902 844 29 405 February. 3,008 2,349 446 78 135 February.. 6,274 4,991 847 28 408 March. .. 3,073 2,416 452 71 134 March 6,480 5,193 849 26 412 April 3,160 2,493 467 66 134 April 6,716 5,418 855 25 418 May 3,265 2,582 484 64 135 May 6,995 5,680 872 24 419 June 3,427 2,714 511 63 139 June 7,317 5,976 897 23 421 July 3,618 2,873 540 62 143 July 7,631 6,257 924 23 427 August... 3,733 2,964 559 63 147 August..., 7,942 6,533 954 24 431 September 3,825 3,034 576 65 150 September, 8,168 6,736 974 24 434 October.. 3,819 3,038 568 64 149 October. ., 8,268 6,817 989 24 438 November 3,757 2,995 546 63 153 November, 8,322 6,850 1,001 24 447 December 3,711 2,956 532 61 162 December. 8,443 6,919 1,034 25 465 1951—January.. 3,659 2,900 517 60 182 1956—January.. 8,436 6,919 1,024 25 468 February. 3,597 2,844 508 57 188 February., 8,460 6,940 1,024 24 472 March. .. 3,555 2,807 497 56 195 March 8,526 6,995 1,024 24 483 April 3,534 2,797 481 54 202 April 8,575 7,037 1,024 24 490 May 3,555 2,820 469 55 211 May 8,641 7,099 1,021 24 497 June 3,597 2,866 457 55 219 June 8,765 7,199 1,039 24 503 July 3,597 2,871 445 56 225 July 8,849 7,264 1,049 24 512 August. 3,684 2,941 450 57 236 August... , 8,953 7,344 1,061 24 524 September 3,725 2,968 456 58 243 October.. 3,695 2,932 454 60 249 November 3,682 2,910 452 61 259 December 3,654 2,863 452 63 276 1952—January 3,591 2,801 449 60 281 February 3,552 2,761 447 58 286 March 3,516 2,722 447 56 291 April 3,551 2,747 448 55 301 May 3,731 2,901 467 56 307 June 3,985 3,104 510 56 315 July 4,143 3,212 555 56 320 August 4,180 3,226 575 56 323 September.... 4,253 3,270 603 57 323 October 4,409 3,396 630 59 324 November 4,548 3.515 645 59 329 December i1,711 $,630 680 60 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1042 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 6 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT1 [Amounts outstanding, in millions of dollars] End of month i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a n d a p ti d n e a o s r i n r n- s l P o o e a n r n a - s l End of month i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o a e n n r a - s l 1948—January 1,286 133 72 38 1 041 1953—January 3,390 457 314 189 2,430 February . ,301 137 73 39 ,052 February 3,401 462 317 189 2,433 March 1,334 144 77 40 ,073 March 3,482 478 323 194 2,487 April. ,360 151 80 42 ,087 April 3,554 494 330 198 2,532 May 1,389 157 86 45 ,101 May 3,619 506 335 206 2,572 June ,419 165 87 46 ,121 June 3,701 522 341 211 2,627 July 1,450 174 88 48 ,140 July 3,778 531 347 217 2 683 August 1,474 181 91 51 ,151 August 3,827 537 350 223 2,717 September.. I 501 188 96 54 ,163 September 3,875 543 357 231 2,744 October 1,504 190 96 56 ,162 October 3,896 545 357 238 2,756 November I 524 194 100 59 ,171 November 3 943 539 363 246 2 795 December. . 1,580 198 103 60 ,219 December 4,038 538 370 247 2,883 1949—January 1,572 198 102 61 ,211 1954—January 4,005 523 361 245 2,876 February 1,567 200 100 62 ,205 February . .. 4,013 518 357 246 2,892 March. . I 583 204 102 64 ,213 March 4,042 518 354 249 2 921 April 1 606 211 105 65 225 April 4 095 523 352 252 2 968 May... 1 629 215 113 69 ,232 May 4,140 526 351 261 3 002 June 1,661 224 116 72 ,249 June 4,202 535 352 264 3,051 July. . 1,694 229 125 72 ,268 July 4,244 539 349 266 3,090 August.... 1 721 236 128 77 1,280 August 4,284 543 349 271 3,121 September 1 746 242 132 82 290 September 4 329 543 355 276 3 155 October 1 759 248 134 84 ,293 October 4,351 540 362 278 3 171 November.. .. 1,799 253 138 90 1,318 November 4,402 538 364 283 3,217 December 1,874 259 146 93 1,376 December 4,510 539 375 282 3,314 1950—January 1,878 263 146 94 1,375 1955—January 4,501 538 370 275 3,318 February. 1 881 267 146 95 1,373 February 4,548 552 371 273 3 352 March 1 911 279 148 96 I 388 March . 4 626 573 376 272 3 405 April.... 1 940 290 151 98 1,401 April 4,716 591 390 271 3 464 May 1 QO? 302 158 104 1 428 May 4 798 610 399 276 3 513 June.. 2 048 320 165 105 I 458 June.... 4 905 629 421 279 3 576 Julv 2 105 336 171 110 1 488 July 4 965 644 431 280 3 610 August 2 154 345 184 113 1 512 August... 5 051 664 446 287 3 654 September 2 173 352 192 115 1,514 September 5,121 678 457 294 3 692 October 2,209 354 197 120 1,538 October 5,168 689 469 299 3,711 November 2 237 355 196 125 1,561 November 5 250 698 484 305 3 763 December. . . 2 296 360 200 121 1,615 December 5,397 709 506 307 3,875 1951—January 2,299 355 201 119 1.624 1956—January 5,393 703 510 299 3,881 February 2,311 354 198 119 1,640 February. 5,459 713 517 299 3,930 March 2 349 358 200 120 1,671 March 5,548 724 527 304 3,993 April 2,363 357 198 120 1,688 April 5,624 737 532 306 4,049 May 2,405 366 198 124 1,717 May 5,717 751 544 318 4,104 June.. 2 438 368 199 123 I 748 June.. 5 804 766 554 320 4 164 Julv 2 476 370 203 125 1 778 Julv 5 868 779 560 319 4 210 August 2,517 376 210 127 1,804 August 5,974 795 572 326 4,281 September 2,562 376 219 129 1,838 October.... 2 561 373 220 130 .838 November 2,607 370 223 134 1,880 December 2,699 373 233 134 1,959 1952—January 2,704 369 232 132 1,971 February... . 2,727 371 235 134 1,987 March. .. 2,760 374 239 134 2,013 April 2,822 383 250 137 2,052 May 2,902 398 257 145 2,102 2,995 413 271 151 2,160 July 3,062 422 280 156 2,204 August 3 116 429 283 162 2,242 September 3,155 434 291 171 2,259 October.. 3 198 442 298 177 2 281 November 3,239 444 301 185 2,309 December 3,346 452 310 188 2,396 1 Includes consumer finance companies, credit unions, industrial and other lending institutions holding consumer instalment loans. loan companies, mutual savings banks, savings and loan associations, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1043 TABLE 7 ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Automobile Other consumer Repair and Personal 1 Othi paper goods paper modernization loans loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940—January... 637 552 239 184 200 187 20 19 178 162 February.. 628 558 251 189 184 189 18 17 175 163 March.... 637 561 239 190 208 192 20 20 170 159 April 653 586 245 199 205 196 25 20 178 171 May 673 588 250 204 210 194 26 21 187 169 June 700 595 248 207 239 197 27 21 186 170 July 667 608 235 211 216 200 31 23 185 174 August. . . 663 596 227 215 223 196 34 21 179 164 September. 702 629 249 221 224 203 36 24 193 181 October... 740 642 290 228 221 205 32 29 197 180 November 746 636 296 231 229 208 30 18 191 179 December. 773 657 317 233 229 214 29 22 198 188 1941—January... 784 671 348 246 202 216 27 25 207 184 February.. 817 674 348 247 238 218 26 22 205 187 March 805 717 357 280 234 223 23 27 191 187 April 874 699 379 268 260 220 26 24 209 187 May 887 722 373 273 276 230 28 26 210 193 June 848 748 362 294 262 236 28 26 196 192 July 840 748 335 294 276 240 27 25 202 189 August. . . 849 763 308 286 296 252 31 26 214 199 September. 709 767 265 308 243 251 33 27 168 181 October... 661 767 242 302 206 247 27 27 186 191 November. 662 783 237 309 216 248 18 27 191 199 December. 689 795 269 329 220 246 18 25 182 195 1942—January... 575 772 151 293 227 252 14 29 183 198 February.. 543 766 126 292 224 251 14 25 179 198 March.... 554 749 117 262 242 258 18 30 177 199 April 478 737 88 260 201 257 17 27 172 193 May 424 720 80 249 176 255 14 27 154 189 June 384 686 73 224 145 249 8 23 158 190 July 395 670 77 219 155 241 8 24 155 186 August. . . 407 680 86 228 158 240 8 22 155 190 September 391 .626 70 196 163 232 8 14 150 184 October... 374 610 57 184 164 233 10 17 143 176 November. 361 582 53 172 159 224 10 11 139 175 December. 353 560 44 159 162 218 13 14 134 169 1943—January... 362 554 50 144 174 227 8 15 130 168 February.. 372 539 56 133 175 214 7 24 134 168 March.... 369 518 61 126 153 201 7 25 148 166 April 376 502 61 111 168 206 8 23 139 162 May 366 487 62 102 160 206 9 21 135 158 June 396 470 62 95 168 200 9 20 157 155 July 372 447 60 84 167 194 9 19 136 150 August. . . 384 439 69 79 161 191 8 19 146 150 September 416 432 74 74 167 182 10 16 165 160 October... 397 423 68 68 167 185 9 16 153 154 November. 394 410 69 67 168 181 10 16 147 146 December. 383 396 70 66 157 174 8 13 148 143 1944—January... 376 409 68 70 154 172 9 13 145 154 February.. 380 393 70 64 152 166 8 11 150 152 March 400 398 72 72 156 164 9 12 163 150 April 371 397 74 73 149 165 8 12 140 147 May 410 404 83 77 161 162 9 12 157 153 June 408 395 82 70 157 160 11 11 158 154 July 422 404 86 76 160 159 10 10 166 159 August. . . 417 405 83 78 165 162 12 11 157 154 September 418 407 75 76 172 165 11 11 160 155 October... 433 420 84 80 179 171 11 12 159 157 November 426 411 77 77 176 168 11 9 162 157 December. 433 411 76 75 176 171 15 11 166 154 1945—January... 418 412 74 78 169 167 13 10 162 157 February.. 403 417 74 80 159 169 12 8 158 160 March.... 433 410 79 77 172 164 14 9 168 160 April 402 417 71 76 149 165 15 14 167 162 May 415 411 68 75 154 163 16 10 177 163 June 432 415 78 78 162 161 19 12 173 164 July 436 422 79 78 165 164 17 12 175 168 August. . . 421 416 76 77 161 162 18 13 166 164 September 452 428 86 75 165 164 18 15 183 174 October... 506 441 97 83 186 168 20 12 203 178 November. 529 452 106 83 191 176 22 14 210 179 December. 532 453 HI 81 191 176 22 14 208 182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1044 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 7 (cont.) ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1946—January... 572 473 123 93 213 185 24 12 212 183 February.. 604 486 129 98 227 189 27 13 221 186 March.... 599 505 125 102 224 194 32 17 218 192 April 658 515 144 104 241 201 32 15 241 195 May 660 531 149 111 242 204 33 17 236 199 June 662 546 145 115 245 212 34 18 238 201 July 708 571 153 118 270 221 36 17 249 215 August. . . 755 582 169 123 275 224 40 17 271 218 September 770 612 184 133 273 236 39 19 274 224 October... 804 631 200 142 281 237 42 19 281 233 November. 813 637 203 139 284 243 42 21 284 234 December. 890 696 245 165 302 257 42 15 301 259 1947—January... 918 688 255 166 321 263 43 19 299 240 February.. 945 718 271 172 326 254 45 33 303 259 March.... 964 761 272 190 352 280 46 27 294 264 April 997 789 283 211 350 275 54 23 310 280 May 1,000 785 281 205 357 286 57 30 305 264 June 1,052 852 294 221 385 308 58 29 315 294 July 1,031 862 290 239 362 305 62 30 317 288 August. .. 1,034 869 290 236 362 316 63 30 319 287 September. 1,098 942 319 260 390 337 70 36 319 309 October... 1,145 932 343 269 394 320 73 45 335 298 November 1,264 987 390 287 453 346 65 40 356 314 December. 1,265 1,005 404 293 446 355 68 49 347 308 1948—January... 1,256 995 409 286 438 348 60 55 349 306 February.. 1,233 ,012 405 297 417 361 57 41 354 313 March.... 1,308 ,032 441 305 450 356 61 44 356 327 April 1,319 ,053 436 321 464 371 70 41 349 320 May 1,302 ,104 405 335 474 392 69 46 354 331 June 1,304 ,135 422 355 467 400 55 48 360 332 July 1,336 ,124 450 349 466 393 57 48 363 334 August. . . 1.370 ,172 477 380 470 401 57 52 366 339 September ,381 ,171 475 385 478 398 58 50 370 338 October... ,208 ,144 396 351 413 405 55 50 344 338 November. ,263 ,164 438 373 417 399 61 51 347 341 December. ,305 ,178 463 386 429 401 54 53 359 338 1949—January... ,262 ,209 437 396 414 400 49 62 362 351 February.. ,321 ,207 459 396 457 403 49 59 356 349 March.... ,393 ,246 545 421 434 419 56 58 358 348 April ,466 ,247 570 424 469 416 53 52 374 355 May ,548 ,288 606 443 506 429 61 53 375 363 June ,513 ,290 571 449 507 437 65 52 370 352 July ,506 ,303 578 449 489 427 56 58 383 369 August. . . ,550 ,320 615 466 484 432 73 58 378 364 September ,532 ,292 598 461 487 411 62 59 385 361 October... ,668 ,344 668 491 541 429 67 58 392 366 November. ,692 ,388 684 520 530 429 76 61 402 378 December. ,657 1,380 636 514 547 428 67 59 407 379 1950—January... 1,674 1,443 685 536 527 465 67 61 395 381 February.. ,748 1,461 731 552 550 473 73 60 394 376 March.... ,726 1,463 708 565 564 464 53 62 401 372 April ,731 1,466 690 557 572 465 61 60 408 384 May ,788 ,477 702 572 583 464 77 58 426 383 June ,885 1,493 790 574 581 466 76 60 438 393 July >,086 1,556 847 583 715 518 89 68 435 387 August... ,948 ,575 741 594 685 518 80 62 442 401 September ,983 1,619 772 621 703 544 73 57 435 397 October... ,773 ,629 678 624 598 559 71 60 426 386 November. ,543 ,613 562 611 506 555 62 56 413 391 December. ,673 1,650 624 622 566 566 53 53 430 409 1951—January... ,853 1,739 668 670 631 577 63 63 491 429 February.. ,830 1,764 647 669 634 592 58 60 491 443 March.... ,797 ,739 643 664 597 573 63 56 494 446 April ,815 ,856 684 715 565 608 65 62 501 471 May ,819 1,858 710 729 546 604 70 64 493 461 June ,807 ,855 713 724 540 591 63 69 491 471 July ,846 ,967 724 791 535 622 70 64 517 490 August... 2,112 ,962 855 802 645 608 69 60 543 492 September. 2,144 2J019 841 796 682 674 72 63 549 486 October... 2,155 2,081 814 842 686 639 80 70 575 530 November. 2,207 2,064 827 827 715 648 81 65 584 524 December. X\, 191 >,081 830 829 709 668 87 76 565 508 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1045 TABLE 7 (cont.) ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Automobile Other consumer Repair and Personal 1 Ol paper goods i>aper modernization loans loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1952—January... 2,210 2,089 884 860 679 651 79 70 568 508 February.. 2,203 2,033 865 822 682 633 82 67 574 511 March.... 2,168 2,059 811 820 706 652 82 72 569 515 April 2,289 2,057 875 815 734 652 93 71 587 519 May 2,561 2,096 1,052 837 782 638 102 70 625 551 June 2,717 2,143 1,134 850 826 646 108 75 649 572 July 2,533 2,163 994 873 809 655 109 74 621 561 August. . . 2,315 2,100 814 793 778 675 107 80 616 552 September. 2,456 2,133 937 829 783 658 115 82 621 564 October... 2,680 2,144 1,090 824 831 666 116 81 643 573 November. 2,600 2,168 1,114 818 753 692 116 88 617 570 December. 2,782 2,220 1,194 862 823 674 108 87 657 597 1953—January... 2,716 2,177 1,164 842 792 684 115 93 645 558 February.. 2,691 2,251 1,177 865 757 687 104 84 653 615 March 2,883 2,341 1.220 903 848 721 122 96 693 621 April 2,723 2,324 1,161 916 807 727 111 91 644 590 May 2,627 2,293 ,068 882 795 717 109 91 655 603 June 2,559 2,323 998 893 795 736 115 95 651 599 July 2,610 2,302 1,049 887 758 696 116 98 687 621 August. . . 2,529 2,350 1,020 917 736 715 112 99 661 619 September. 2,541 2,382 1,034 937 726 733 111 90 670 622 October... 2,569 2,379 1,062 929 728 735 112 97 667 618 November. 2,609 2,405 1,054 947 754 733 114 91 687 634 December. 2,501 2,429 '974 961 731 738 103 94 693 636 1954—January... 2,409 2,474 897 967 725 760 99 90 688 657 February.. 2,545 2,532 899 986 843 798 109 104 694 644 March.... 2,420 2,517 902 990 709 766 107 104 702 657 April 2,497 2,469 937 975 744 727 105 103 711 664 May 2,449 2,496 905 963 724 758 113 104 707 671 June 2,568 2,546 1,001 994 738 763 98 105 731 684 July 2,578 2,516 992 971 753 766 100 102 733 677 August. . . 2,605 2,581 998 1,004 744 762 107 106 756 709 September. 2,624 2,555 999 980 748 752 109 113 768 710 October... 2,668 2,547 1,016 977 776 754 100 104 776 712 November 2,776 2,617 1,073 1,014 796 759 110 112 797 732 December. 2,912 2,638 1,188 1,012 817 780 104 108 803 738 1955—January... 3,000 2,633 1,226 999 855 773 90 110 829 751 February.. 3,078 2,642 1,300 1,006 840 774 97 104 841 758 March 3,197 2,668 1,386 1,027 875 111 104 109 832 755 April 3,230 2,719 1,357 1,046 892 789 107 105 874 779 May 3,274 2,786 1,409 1,085 891 807 115 112 859 782 June 3,257 2,788 1,409 1,084 876 808 115 107 857 789 July 3,258 2,830 1,408 1,093 887 826 111 108 852 803 August. .. 3,416 2,864 1,505 1,122 911 829 123 109 877 804 September. 3,421 2,900 1,504 1,137 900 832 123 108 894 823 October... 3,327 2,967 1,435 1,169 873 849 125 112 894 837 November. 3,355 2,961 1,415 1,173 911 843 125 113 904 832 December. 3,315 2,918 1,389 1,143 904 833 124 108 898 834 1956—January... 3,441 3,109 1,456 1,245 927 887 119 121 939 856 February.. 3,324 2,948 1,396 1,184 883 821 123 110 922 833 March 3,174 2,888 1,284 1,130 859 822 120 102 911 834 April 3,409 3,145 1,330 1,258 968 870 129 118 982 899 May 3,264 3,063 1,256 1,226 932 858 133 111 943 868 June 3,058 3,009 1,181 1,158 841 869 116 104 920 878 July 3,302 3,160 1,252 1,229 927 890 121 121 1,002 920 August. . . 3,358 3,147 1,264 1,214 952 891 122 112 1,020 930 NOTE.—Estimates of instalment credit extended and repaid are refinancing of loans, repurchases and resales of instalment paper, based on information from accounting records of retail outlets and and certain other transactions may increase the amount of both financial institutions and often include finance, insurance, and other credit extended and credit repaid without adding to the amount of charges incurred under the instalment contract. Renewals and credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1046 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 8 ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Automobile Other consumer Repair and Personal 1 Olc paper goods paper modernization loans loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940—January... 530 546 198 179 150 194 18 19 164 154 February.. 533 542 210 180 143 188 16 18 164 156 March.... 646 576 244 192 195 195 17 20 190 169 April 711 581 279 192 222 194 25 20 185 175 May 756 593 301 201 233 196 26 21 196 175 June 757 595 304 211 232 194 29 21 192 169 July 674 610 272 217 188 197 31 23 183 173 August. . . 684 608 247 220 220 199 36 21 181 168 September. 634 604 218 225 211 194 38 24 167 161 October... 724 650 265 232 237 207 34 29 188 182 November. 732 635 270 230 251 211 30 18 181 176 December. 838 668 278 233 306 212 28 21 226 202 1941—January... 648 667 280 239 156 225 23 25 189 178 February.. 664 632 274 227 184 210 22 22 184 173 March.. . . 822 736 360 284 223 226 20 27 219 199 April 943 691 418 259 283 217 28 24 214 191 May 988 731 437 270 304 236 29 26 218 199 June 919 746 431 299 254 230 30 26 204 191 July 857 751 384 302 245 235 28 26 200 188 August. . . 844 758 325 287 279 247 33 26 207 198 September. 681 768 252 324 239 247 35 27 155 170 October... 650 783 221 309 224 254 28 27 177 193 November. 631 755 203 296 234 245 18 27 176 187 December. 778 836 238 340 304 255 18 24 218 217 1942—January... 484 773 125 287 182 264 13 28 164 194 February.. 449 718 102 270 177 242 12 25 158 181 March.... 580 771 122 269 233 259 16 30 209 213 April 506 731 97 254 218 255 17 27 174 195 May 437 707 90 239 183 256 14 27 150 185 June 411 702 89 235 143 247 9 23 170 197 July 388 673 89 227 135 236 9 25 155 185 August. . . 400 674 93 230 149 232 9 22 149 190 September, 381 623 71 206 162 226 9 14 139 177 October... 389 627 55 191 187 240 11 17 136 179 November, 363 565 48 166 176 223 10 11 129 165 December. 451 594 41 164 231 230 13 14 166 186 1943—January... 292 538 41 137 134 230 7 14 110 157 February.. 302 509 46 124 136 207 6 24 114 154 March.... 410 557 66 135 155 212 6 25 183 185 April 389 501 65 109 178 206 8 24 138 162 May 364 477 66 98 160 205 9 21 129 153 June 410 476 72 99 162 197 10 20 166 160 July 356 447 68 88 143 189 9 19 136 151 August. . . 369 428 73 80 148 180 9 19 139 149 September. 403 421 75 76 164 174 11 16 153 155 October... 398 420 63 68 184 186 9 16 142 150 November. 413 417 63 67 196 189 10 16 144 145 December. 481 426 64 68 225 186 8 13 184 159 1944—January... 307 399 58 67 120 174 7 13 122 145 February.. 323 384 60 63 123 167 7 11 133 143 March.... 444 428 78 76 158 173 8 12 200 167 April 366 383 76 69 149 160 8 12 133 142 May 419 409 91 77 163 166 9 12 156 154 J A J S u u e u l n p y g e te u m st b .. e r . 4 4 4 3 2 1 0 9 0 0 4 4 4 3 3 3 0 9 9 9 6 7 0 7 9 9 7 8 1 4 6 9 7 7 7 8 2 6 8 1 1 1 1 1 4 3 6 5 9 2 6 4 1 1 1 1 5 4 5 5 6 9 8 6 1 1 1 1 2 0 3 2 1 1 1 1 1 0 1 1 1 1 1 1 6 5 5 5 8 8 0 4 1 1 1 1 5 5 5 5 5 8 0 8 N O o c v to e b m e b r e .. r . . 4 4 4 3 8 4 4 41 1 7 6 7 7 8 1 7 8 6 0 2 1 0 9 5 7 1 1 7 7 2 6 1 1 2 2 1 9 2 1 1 4 6 7 0 1 15 5 6 2 December. 525 428 68 73 241 178 14 11 202 166 1945—January... 355 415 66 78 137 174 11 10 141 153 February.. 334 391 65 75 124 163 10 8 135 145 March.... 472 441 85 80 172 174 13 9 202 178 April 393 405 73 74 146 161 15 14 159 156 May 423 414 74 75 155 165 17 10 177 164 June 445 417 87 80 155 158 20 12 183 167 July 408 407 85 78 137 153 17 12 169 164 August. . . 410 415 81 79 149 156 19 13 161 167 September 420 405 84 75 154 152 18 15 164 163 October... 525 452 97 86 210 175 22 12 196 179 November, 554 460 100 82 222 186 23 14 209 178 December. 640 471 102 79 263 182 21 14 254 196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1047 TABLE 8 (cont.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Total Aut p o a m pe o r bile O g th o e o r d c s o p n a s p u e m r er mode R rn e i p z a a i t r i o a n n d loans Pe lo rs a o n n s al Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1946—Jan uary. 495 474 112 92 175 191 20 12 188 179 February 502 456 112 92 179 183 22 13 189 168 March.. 620 518 133 103 214 197 30 16 243 202 April 672 516 156 103 242 202 33 16 241 195 May .. 679 538 161 112 247 208 34 17 237 201 June 661 534 152 114 231 205 36 17 242 198 July 696 574 166 123 239 215 37 17 254 219 August.... 744 582 178 127 256 217 43 18 267 220 September 721 584 179 132 257 223 40 18 245 m October.. 825 646 200 147 308 245 46 20 271 13A November 843 645 193 138 322 252 43 21 285 234 December 1,037 718 227 160 407 265 39 15 364 278 1947—January 806 687 232 164 266 269 36 19 272 235 February 790 673 236 159 259 248 37 33 258 233 March 981 116 290 191 329 283 43 26 319 276 April... 1,020 789 306 209 347 274 54 23 313 283 May 1 040 801 303 207 367 297 59 31 311 266 June. 1,056 842 306 220 369 305 62 28 319 289 July 1 029 870 315 247 328 298 62 30 324 295 August 1,003 842 299 235 333 297 66 30 305 280 September 1.089 940 324 270 390 332 75 36 300 302 October 167 955 341 280 424 329 80 47 322 299 November ,239 952 354 271 477 342 65 39 343 300 December . . . 493 1,063 386 296 609 371 65 49 433 347 1948—January.. 1,110 992 365 282 372 356 51 56 322 298 February ,034 949 348 273 336 354 48 41 302 281 March.. ,360 ,080 480 316 432 369 58 44 390 351 April 349 ,050 467 317 458 369 70 41 354 323 May.... 1,307 ,081 417 324 472 390 70 45 348 322 June 363 ,164 454 366 469 412 61 47 379 339 July. 1,343 137 483 359 429 387 58 49 373 342 August. . :1,360 1,142 499 380 444 379 62 52 355 331 September I 390 1,167 487 396 493 392 63 49 347 330 October. [ 182 1,134 378 355 428 403 60 51 316 325 November [ 268 1,160 408 368 452 403 62 51 346 338 December 1,519 1,228 431 387 598 411 51 53 439 377 1949—January. 1,066 1,170 372 380 330 397 39 62 325 331 February... I 097 1,134 389 361 366 399 38 58 304 316 March 1,428 1,309 580 439 409 437 51 59 388 374 April [ 480 1,249 599 420 452 417 52 52 377 360 May [ 568 1,264 634 432 501 426 62 51 371 355 June 598 1,321 622 463 506 447 73 52 397 359 July 1,484 1,274 607 445 440 408 55 57 382 364 August I 636 1.342 682 486 487 425 82 60 385 371 September 561 ,290 622 476 509 406 67 58 363 350 October... I 633 347 642 500 557 432 75 59 359 356 November 1,666 ,378 634 511 558 430 77 61 397 376 December 891 ,436 584 517 750 436 63 60 494 423 1950—January.... ,414 ,405 576 518 428 463 53 62 357 362 February [ 448 ,378 611 507 443 471 56 58 338 342 March 759 ,540 742 591 534 487 48 63 435 399 April ,668 ,420 688 532 525 455 58 58 397 375 May 906 ,508 778 582 604 All 82 57 442 392 June 2 023 527 875 591 589 All 86 61 473 403 July 2 079 ,531 901 580 652 497 90 67 436 387 August 2 077 610 829 622 705 515 91 65 452 408 September 2,030 ,623 800 641 740 543 80 55 410 384 October 1,762 ,644 661 640 630 565 80 62 391 377 November 1 528 606 524 603 534 557 63 56 407 390 December 1,864 ,653 545 604 766 555 48 53 505 441 1951 —January 1,614 ,753 582 672 523 595 51 66 458 420 February 1,508 ,663 541 615 502 590 44 57 421 401 March 1 816 ,843 662 697 560 608 57 58 537 480 April... 1,730 ,791 675 677 511 600 61 59 483 455 May 1,940 ,885 797 738 556 613 75 62 512 472 June 1 949 ,888 807 743 540 592 71 70 531 483 July 1,860 ,928 780 784 490 594 72 63 518 487 August 2,248 995 951 835 665 600 79 62 553 498 September 2,082 1,938 833 784 682 647 76 60 491 447 October 2,227 2,167 830 892 754 665 93 74 550 536 November 2 172 2,052 768 815 745 651 83 65 576 521 December... 2,430 2,082 730 806 957 649 79 76 664 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1048 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 8 (cont.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Totp1 Automobile Other consumer Repair and Personal paper goods r>.aper modernization loans loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1952—January... 1,926 2,099 767 858 567 671 62 73 530 497 February.. 1,895 1,986 754 787 559 652 64 65 518 482 March 2,111 2,109 806 830 639 675 71 73 595 531 April 2,258 2,056 895 803 686 666 89 69 588 518 May 2,719 2,119 1,177 844 790 645 109 68 643 562 June 2,844 2,090 1,251 838 806 617 116 74 671 561 July 2,644 2,188 1,108 892 779 647 116 74 641 575 August. . . 2,341 2,056 860 792 767 648 118 80 596 536 September 2,451 2,111 951 842 798 650 124 81 578 538 October... 2,764 2,217 1,107 869 910 684 133 85 614 579 November 2,435 2,072 989 778 750 664 114 85 582 545 December. 3,126 2,302 1,099 870 1,135 673 101 90 791 669 1953—January... 2,382 2,199 1,006 840 682 711 91 96 603 552 February.. 2,252 2,118 996 802 605 680 79 78 572 558 March.... 2,847 2,417 1,227 923 783 753 109 98 728 643 April 2,730 2,329 1,200 904 772 748 109 89 649 588 J J M u u l n a y y e 2 2 2, , , 7 8 7 4 1 0 6 4 6 2 2 2 , , , 2 3 3 4 6 2 1 3 6 1 1 1, , , 1 1 1 7 6 6 5 2 2 9 9 8 1 5 0 7 9 2 7 7 8 4 7 2 1 8 2 7 6 7 9 3 0 1 5 2 1 1 12 2 1 8 6 6 9 9 8 7 8 7 6 7 7 0 5 0 2 0 4 6 5 6 9 3 1 3 5 4 A Se u p g t u em st b . e . r . 2 2 , , 5 5 2 6 9 7 2 2 , , 3 3 0 5 8 8 1 1 , , 0 0 8 4 1 5 9 9 5 1 0 8 7 73 2 3 3 7 69 2 1 3 1 12 2 3 2 9 9 8 0 6 6 4 2 1 8 6 5 0 9 1 5 October... 2,643 2,457 1,078 975 796 753 129 101 640 628 November. 2,464 2,313 935 912 764 701 114 90 651 610 December. 2,878 2,527 914 977 1,028 734 98 97 838 719 1954—January... 2,035 2,402 737 922 608 765 74 89 616 626 February.. 2,115 2,388 761 914 658 790 83 97 613 587 March.... 2,502 2,707 961 1,055 674 833 101 111 766 708 April 2,514 2,467 977 964 710 745 104 100 723 658 May 2,507 2,446 979 936 709 749 120 101 699 660 June 2,827 2,594 1,169 1,024 767 762 108 106 783 702 July 2,685 2,528 1,097 979 734 761 109 101 745 687 August. . . 2,623 2,541 1,056 1,009 721 741 117 106 729 685 September 2,582 2,519 1,001 989 740 736 120 113 721 681 October... 2,607 2,529 972 985 806 744 111 105 718 695 November 2,727 2,625 979 1,027 844 747 114 116 790 735 December. 3,327 2,742 1,118 1,029 1,146 772 100 110 963 831 1955—January... 2,510 2,562 ,000 947 701 786 66 109 743 720 February.. 2,589 2,491 ,101 934 665 768 74 98 749 691 March 3,315 2,868 ,478 1,097 832 841 97 117 908 813 April 3,267 2,716 ,420 1,032 850 809 105 102 892 773 J J A M u u u l n a y g y e ust. . . 3 3 3 3 , , , , 3 6 2 5 5 1 7 7 1 3 9 6 2 2 2 2 , , , , 8 9 7 7 4 2 3 3 1 7 4 4 , , , , 6 6 5 5 5 5 1 0 6 4 2 0 1 1 1 1, , , , 1 1 0 0 7 1 6 5 1 6 0 4 9 9 8 8 1 1 6 3 3 0 9 2 7 8 8 8 9 0 0 3 3 1 7 4 1 1 1 1 2 1 2 3 1 5 6 7 1 1 1 1 0 0 1 0 3 8 2 9 9 8 8 8 1 7 4 3 8 5 9 2 7 7 8 8 7 7 1 1 8 0 0 0 September 3,361 2,854 ,500 1,144 887 812 135 109 839 789 N O o c v to e b m e b r e .. r . , 3 3, , 2 2 7 1 1 1 2 2 , , 9 9 4 7 5 0 , , 2 3 7 4 2 7 1 1 , , 1 1 9 7 2 6 9 96 0 9 5 8 82 3 5 9 1 1 3 3 0 5 1 1 1 1 2 7 9 8 0 2 0 4 8 83 1 6 8 December. 3,785 3,034 ,303 1,161 1,282 825 118 109 1,082 939 1956—January... 2,885 3,019 ,192 1,179 760 899 88 120 845 821 February.. 2,918 2,889 ,236 1,143 731 847 97 107 854 792 March.... 3,305 3,108 ,378 1,209 821 892 113 110 993 897 April 3,329 3,022 ,345 1,196 894 857 123 111 967 858 May 3,470 3,126 ,407 1,240 949 885 145 111 969 890 June 3,390 3,069 ,391 1,195 883 867 128 105 988 902 July 3,316 3,103 ,337 1,211 872 868 127 117 980 907 August. . . 3,504 3,157 ,393 1,244 952 880 137 113 1,022 920 NOTE.—Estimates of instalment credit extended and repaid are financing of loans, repurchases and resales of instalment paper, and based on information from accounting records of retail outlets and certain other transactions may increase the amount of both credit financial institutions and often include finance, insurance, and other extended and credit repaid without adding to the amount of credit charges incurred under the instalment contract. Renewals and re- outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1049 TABLE 9 ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Total Commercial Sales finance Other financial Retail banks companies institutions outlets Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940—January 637 552 165 124 170 143 127 117 175 168 February 628 558 160 131 170 140 127 118 171 169 March 637 561 159 129 174 143 125 119 179 170 April . 653 586 167 141 180 148 129 122 177 175 May 673 588 172 139 179 152 138 125 184 172 June 700 595 190 142 179 154 136 125 195 174 July ... 667 608 159 146 183 161 134 126 191 175 August 663 596 179 144 175 159 129 120 180 173 September 702 629 172 151 193 169 140 132 197 177 October 740 642 186 154 215 177 140 132 199 179 November 746 636 195 155 213 165 136 134 202 182 December 773 657 188 163 228 170 148 137 209 187 1941—January 784 671 212 166 239 178 146 137 187 190 February 817 674 222 165 249 183 144 134 202 192 March 805 717 209 187 248 194 138 137 210 199 April 874 699 229 173 264 194 157 137 224 195 May.... 887 722 227 180 269 201 156 140 235 201 June 848 748 223 191 255 210 148 139 222 208 July 840 748 230 187 235 212 153 140 222 209 August 849 763 219 193 231 211 154 143 245 216 September 709 767 201 193 184 220 128 135 196 219 October 661 767 179 199 173 214 138 140 171 214 November 662 783 180 204 164 218 140 146 178 215 December 689 795 195 214 170 224 136 144 188 213 1942—January 575 772 135 206 117 211 130 142 193 213 February 543 766 144 205 92 209 127 139 180 213 March 554 749 144 195 94 203 123 138 193 213 April... 478 737 125 198 70 192 120 134 163 213 May 424 720 111 198 60 178 111 132 142 212 June... 384 686 101 182 51 162 110 133 122 209 July 395 670 104 182 51 157 110 130 130 201 August 407 680 108 185 48 159 109 133 142 203 September 391 626 97 171 47 131 108 130 139 194 October 374 610 91 164 40 127 103 126 140 193 November . ... 361 582 83 157 38 114 102 123 138 188 December 353 560 81 145 34 108 100 124 138 183 1943—January.. 362 554 77 139 29 98 100 125 156 192 February 372 539 74 136 33 94 106 126 159 183 March.. 369 518 80 130 36 89 115 126 138 173 April 376 502 77 122 39 81 107 122 153 177 May... 366 487 77 112 39 73 103 122 147 180 June 396 470 84 113 39 66 122 120 151 171 July.. 372 447 81 102 35 56 105 116 151 173 August 384 439 83 97 43 57 109 115 149 170 September 416 432 91 97 47 52 124 119 154 164 October 397 423 87 93 42 47 116 117 152 166 November 394 410 86 87 43 48 110 110 155 165 December 383 396 86 85 41 41 114 110 142 160 H944—January. 376 409 85 89 41 46 111 118 139 156 February 380 393 81 87 45 44 115 115 139 147 March 400 398 90 oo 42 44 123 115 145 151 April... 371 397 85 88 41 44 107 114 138 151 May 410 404 93 91 50 49 120 117 147 147 June 408 395 95 87 50 46 119 116 144 146 July 422 404 98 91 53 45 124 121 147 147 August 417 405 98 91 51 48 119 118 149 148 September 418 407 96 93 49 48 118 114 155 152 October 433 420 101 95 53 51 118 117 161 157 November 426 411 101 94 51 50 117 115 157 152 December 433 411 107 94 47 48 123 113 156 156 11945—January 418 412 106 95 47 50 117 118 148 149 February ... 403 417 103 100 47 50 114 118 139 149 March 433 410 106 95 48 48 126 120 153 147 April 402 417 103 101 48 50 123 122 128 144 May 415 411 106 99 47 49 129 122 133 141 June 432 415 110 101 51 49 128 123 143 142 July 436 422 109 101 52 51 128 123 147 147 August. 421 416 111 108 52 48 120 118 138 142 September 452 428 117 100 59 55 133 129 143 144 October 506 441 134 106 63 52 150 134 159 149 November 529 452 148 110 70 56 150 133 161 153 December . 532 453 150 116 68 56 152 130 162 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1050 FEDERAL RESERVE BULLETIN • OCTOBER 1956 ' TABLE 9 (cont.) ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Total Commercial Sales finance Other financial Retail banks companies institutions outlets Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 572 473 167 120 78 60 149 134 178 159 February 604 486 186 129 78 59 154 136 186 162 March 599 505 184 133 82 67 150 139 183 166 April 658 515 205 140 91 64 166 140 196 171 May 660 531 213 151 91 65 162 141 194 174 June 662 546 208 152 94 71 164 144 196 179 July 708 571 234 167 99 73 171 151 204 180 August . 755 582 252 167 107 73 183 155 213 187 September 770 612 264 186 117 77 184 159 205 190 October 804 631 279 199 127 83 190 160 208 189 November 813 637 280 197 127 80 193 168 213 192 December 890 696 306 215 158 100 199 178 227 203 1947—January 918 688 320 222 150 99 201 167 247 200 February .... 945 718 340 235 166 103 197 176 242 204 March 964 761 340 248 170 114 199 183 255 216 997 789 350 263 178 122 210 191 259 213 May [,000 785 351 262 178 126 210 176 261 221 June 1,052 852 379 297 190 133 213 196 270 226 July . 1,031 862 372 300 188 146 212 190 259 226 August 1,034 869 371 302 192 146 214 192 257 229 September 1,098 942 397 326 202 159 216 207 283 250 October . 1,145 932 413 330 222 160 229 202 281 240 November 1,264 987 448 346 249 172 245 212 322 257 December ... 1,265 1,005 465 357 260 187 236 206 304 255 I943—January [,256 QQ5 465 359 264 173 236 209 291 254 February ,233 I 012 461 363 251 182 237 209 284 258 March . 1,308 1,032 480 379 272 186 243 212 313 255 April. . [,319 1,053 498 385 273 191 237 211 311 266 ,302 I 104 461 401 271 210 246 219 324 274 June .. .. 1,304 1,135 480 414 255 226 248 222 321 273 July ,336 1,124 489 400 269 221 248 223 330 280 August ,370 I 172 495 418 288 238 255 228 332 288 September 1,381 1,171 500 421 296 247 260 222 325 281 October 1,208 1 144 445 414 236 220 235 224 292 286 November ,263 1,164 467 425 264 232 242 225 290 282 December 1,305 1,178 473 431 278 235 251 229 303 283 1949—January ,262 I 209 464 437 264 244 247 239 287 289 February 1,321 1,207 455 434 289 247 245 237 332 289 March [,393 1,246 504 458 330 255 260 242 299 291 April 1,466 I 247 515 447 342 254 277 251 332 295 May 1,548 1,288 555 465 377 269 274 253 342 301 June ,513 I 290 549 472 356 276 269 245 339 297 July. ,506 1,303 542 466 357 285 285 260 322 292 1,550 I 320 566 484 384 290 281 253 319 293 September 1,532 1,292 561 471 366 292 280 246 325 283 October 1,668 1,344 615 490 407 303 285 258 361 293 November 1,692 1 388 615 510 428 328 298 260 351 290 December 1,657 1,380 602 499 396 320 304 267 355 294 1950—January 1,674 I 443 616 515 415 342 297 273 346 313 February. 1,748 1,461 655 539 445 344 290 269 358 309 March 1,726 1,463 635 524 433 357 301 271 357 311 April 1,731 1 466 629 534 426 346 308 276 368 310 May. . [,788 1,477 680 538 424 353 324 278 360 308 June 1,885 I 493 716 539 468 350 340 297 361 307 July 2,086 1,556 792 583 493 346 336 286 465 341 August ,948 [,575 764 587 436 363 337 291 411 334 1,983 1,619 796 593 449 374 329 300 409 352 October . 1,773 1,629 677 616 405 391 325 272 366 350 November 1,543 1,613 563 601 340 385 314 286 326 341 December 1,673 1,650 612 607 364 380 325 305 372 358 1951—January ,853 1,739 660 631 424 419 351 325 418 364 February 1,830 1,764 657 655 392 413 362 327 419 369 March ,797 1,739 638 632 387 404 374 335 398 368 April ,815 [,856 666 675 413 441 367 352 369 388 May .819 1,858 655 688 428 446 383 347 353 377 June 1,807 ,855 633 674 432 437 376 359 366 385 July 1,846 ,967 656 716 441 489 399 372 350 390 August 2,112 962 724 703 523 486 426 388 439 385 September 2,144 2,019 739 770 510 479 425 364 470 406 October 2,155 2,081 767 746 499 506 439 419 450 410 November 2 207 2,064 779 740 509 499 448 403 471 422 December 2,191 2,081 784 755 509 505 438 394 460 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1051 TABLE 9 (cont.) ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Total Com ba m n e k r s cial S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u in ti a o n n c s ial o R u e t t l a e i t l s Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1952—January 2,210 2,089 809 759 543 531 424 389 434 410 February 2,203 2,033 821 738 519 498 430 385 433 412 March 2,168 2,059 800 759 485 489 428 393 455 418 April 2,289 2,057 848 763 522 490 457 395 462 409 May 2,561 2,096 933 758 616 493 495 421 517 424 June 2 717 2 143 1 011 781 679 501 508 435 519 426 July 2,533 2,163 963 804 588 505 482 427 500 427 August 2 315 2 100 889 774 472 471 475 419 479 436 September 2,456 2,133 Q4S 791 551 487 479 430 481 425 October 2 680 2 144 014 799 649 480 500 436 517 429 November 2,600 2,168 ,017 810 651 474 478 434 454 450 December 2,782 2,220 ,073 834 707 506 503 448 499 432 1953—January.. 2,716 2,177 ,045 834 680 490 504 421 487 432 February 2,691 2 251 059 828 693 513 504 471 435 439 March 2,883 2,341 ,144 887 703 530 561 479 475 445 April 2 723 2 324 096 885 669 550 516 449 442 440 May 2,627 2,293 1,023 882 604 507 524 465 476 439 June 2 559 2 323 976 886 584 523 523 467 476 447 July 2,610 2,302 1,004 870 596 509 554 485 456 438 August.... 2,529 2,350 960 897 592 534 525 475 452 444 September 2 541 2,382 948 905 607 544 539 484 447 449 October 2,569 2,379 956 910 624 537 535 490 454 442 November 2 609 2 405 959 915 629 549 545 494 476 447 December 2,501 2,429 929 926 579 558 545 503 448 442 1954—January 2,409 2,474 910 944 539 556 525 516 435 458 February.. 2,545 2,532 907 998 542 573 539 508 557 453 March 2,420 2,517 896 948 544 589 549 520 431 460 April 2,497 2,469 903 918 568 577 564 522 462 452 May 2,449 2,496 889 936 555 575 567 528 438 457 June 2,568 2,546 929 964 614 593 578 541 447 448 July 2,578 2,516 925 942 621 586 570 533 462 455 August 2 605 2,581 950 971 611 596 599 557 445 457 September 2,624 2,555 944 951 625 593 612 560 443 451 October 2 668 2 547 955 939 635 588 612 563 466 457 November 2 776 2,617 997 976 671 608 635 581 473 452 December 2,912 2,638 1,062 982 735 609 633 582 482 465 1955—January 3,000 2,633 1,074 967 753 604 643 594 530 468 February.... 3 078 2 642 1 116 977 802 606 656 585 504 474 March 3,197 2,668 1.128 985 852 613 675 602 542 468 April 3 230 2,719 I 150 ,001 832 618 694 617 554 483 May 3,274 2,786 1,186 ,030 867 654 694 615 527 487 June 3 257 2 788 1 191 016 848 654 701 625 517 493 July 3,258 2,830 1,177 ,042 859 653 690 636 532 499 August.... 3 416 2 864 1 231 043 920 685 729 638 536 498 September 3,421 2,900 1,248 ,052 914 691 724 649 535 508 October... 3 327 2 967 1 210 080 863 713 740 660 514 514 November 3 355 2,961 1,219 ,068 850 718 742 658 544 517 December 3 315 2 918 1,179 ,043 840 692 746 668 550 515 1956—January 3,441 3,109 1,233 ,125 891 772 752 690 565 522 February 3 324 2 948 1,198 ,060 837 718 758 663 531 507 March... 3 174 2 888 1 105 007 802 698 759 673 508 510 April 3 409 3,145 1,302 ,127 790 762 780 720 537 536 May 3 264 3 063 1 181 093 774 776 776 690 533 504 June. . 3 058 3 009 1 185 078 720 700 752 699 401 532 July 3,302 3,160 1,221 ,149 756 764 812 746 513 501 August 3,358 3,147 1 177 ,147 776 747 847 751 558 502 'NOTE.—Estimates of instalment credit extended and repaid are refinancing of loans, repurchases and resales of instalment paper, based on information from accounting records of retail outlets and and certain other transactions may increase the amount of both financial institutions and often include finance, insurance, and other credit extended and credit repaid without adding to the amount of charges incurred under the instalment contract. Renewals and credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1052 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 10 ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Total Com b m a e n r k c s ial Month Extended Repaid Extended 1940—January 530 546 157 February 533 542 146 March 646 576 159 April 711 581 180 May.... 756 593 198 June 757 595 217 July 674 610 162 August 684 608 185 September 634 604 163 October 724 650 173 November 732 635 183 December 838 668 169 1941—January 648 667 196 664 632 193 March 822 736 214 April 943 691 246 May 988 731 260 June 919 746 253 July 857 751 237 August 844 758 218 September 681 768 199 October 650 783 166 November 631 755 162 December 778 836 182 1942—January 484 773 130 February 449 718 126 March 580 771 152 April 506 731 132 May. 437 707 119 June 411 702 115 July 388 673 107 August 400 674 107 September 381 623 94 October... 389 627 86 November 363 565 75 December 451 594 81 1943—January 292 538 71 302 509 March 410 557 April 389 501 May 364 477 June... 410 476 July 356 447 August 369 428 September 403 421 October 398 420 413 417 December 481 426 1944—January.. 307 399 February 323 384 March 444 428 April. 366 383 May 419 409 June... .... 420 397 July 394 390 August 410 406 September 404 397 October 434 416 November 448 417 December. 525 428 1945—January.. .... 355 415 February 334 391 March. 472 441 April 393 405 May 423 414 June 445 417 July 408 407 August 410 415 September 420 405 October 525 452 November 554 460 December 640 471 ONOoa Sales finance Other financial Retail companies institutions outlets Repaid Extended Repaid Extended Repaid Extended Repaid 123 137 137 111 109 125 177 129 144 134 113 110 130 169 132 177 144 139 126 171 174 140 205 145 133 124 193 172 141 214 153 141 126 203 173 141 213 160 140 124 187 170 147 211 166 133 126 168 171 148 189 165 131 122 179 173 146 162 170 124 119 185 169 158 200 178 135 133 216 181 154 195 160 134 135 220 186 160 212 169 175 153 282 186 166 188 171 126 129 138 201 157 197 169 124 121 150 185 191 248 197 156 145 204 203 172 291 189 161 139 245 191 183 313 202 158 141 257 205 189 299 217 154 138 213 202 1 19 9 2 0 2 ? 4 7 2 0 2 2 1 1 4 7 1 1 5 5 3 0 1 1 4 4 0 2 2 1 3 9 4 7 2 2 0 1 4 0 196 166 229 121 128 195 215 203 162 218 133 142 189 220 196 144 205 134 141 191 213 217 161 231 168 166 267 222 206 97 205 112 136 145 226 195 77 193 109 125 137 205 199 95 207 144 148 189 217 1 1 9 9 8 6 7 6 5 7 1 1 8 7 9 3 1 1 2 0 1 5 1 12 3 8 4 1 1 7 4 8 6 2 2 1 1 0 0 186 62 173 117 137 117 206 186 59 162 110 130 112 195 184 53 161 106 133 134 196 173 46 137 102 125 139 188 168 40 130 100 128 163 201 150 35 108 99 119 154 188 147 36 113 128 141 206 193 134 25 93 82 115 114 196 131 27 88 89 114 122 176 138 39 95 139 140 141 184 124 41 80 105 121 162 176 110 41 71 97 118 145 178 94 116 45 70 128 123 143 167 83 104 40 58 104 117 129 168 81 96 44 57 105 114 139 161 89 97 45 53 116 115 153 156 81 91 39 46 109 115 169 168 80 85 40 48 111 111 182 173 87 87 40 43 146 125 208 171 77 86 35 45 92 109 103 159 74 87 38 43 100 107 111 147 101 93 46 47 149 128 148 160 85 85 42 42 101 110 138 146 101 94 54 49 117 117 147 149 105 89 56 48 124 118 135 142 98 90 57 45 118 118 121 137 98 94 54 49 117 120 141 143 93 93 48 49 111 110 152 145 95 92 50 50 111 115 178 159 96 93 48 48 119 116 185 160 107 92 45 48 155 125 218 163 101 97 41 50 99 112 114 156 89 96 40 46 97 106 108 143 117 99 51 51 148 134 156 157 104 99 48 49 116 117 125 140 115 102 50 49 127 122 131 141 120 102 57 51 133 125 135 139 110 100 55 51 123 119 120 137 111 110 54 49 117 120 128 136 108 97 58 54 119 121 135 133 134 107 65 54 145 135 181 156 143 109 67 55 153 134 191 162 151 114 66 55 193 144 230 158 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 1053 TABLE 10 (cont.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Without adjustment for seasonal variation and differences in trading days. Tn millions of dollars] Total Com ba m n e k r s cial S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial o R u e t t l a e i t l s Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1946—January 495 474 161 120 70 60 128 128 136 166 February. 502 456 159 123 68 55 131 123 144 155 March 620 518 190 131 85 68 166 148 179 171 April . . . 672 516 216 143 95 62 164 139 197 172 M^ay 679 538 230 155 97 66 160 142 192 175 June. 661 534 220 149 97 72 164 142 180 171 July 696 574 243 173 106 75 172 152 175 174 August . . 744 582 255 172 75 180 155 198 180 September 721 584 246 181 115 75 165 150 195 178 October 825 646 280 203 129 86 184 160 232 197 November . . 843 645 272 195 124 79 198 170 249 201 December 1,037 718 306 211 152 99 253 196 326 212 1947—January 806 687 311 221 134 97 177 160 184 209 February. 790 673 291 223 143 95 168 159 188 196 March 981 776 347 246 176 115 212 193 246 222 April 1,020 789 366 264 187 120 210 192 257 213 May 1,040 801 379 270 190 128 211 177 260 226 June 1,056 842 399 296 195 134 213 194 249 218 July 1,029 870 388 312 201 149 216 191 224 218 August 1,003 842 368 296 195 144 205 187 235 215 September 1,089 940 393 330 209 163 202 202 285 245 October 1,167 955 415 338 225 166 220 202 307 249 November 1,239 952 414 328 230 163 242 205 353 256 December .... 1,493 1 063 475 364 260 193 306 236 452 270 1948—January 1,110 992 449 358 232 167 211 200 218 267 February 1,034 949 391 346 213 166 204 189 226 248 March. . . 1,360 1,080 499 387 291 196 261 228 309 269 April 1,349 1,050 517 384 286 187 239 213 307 266 May. ,307 1,081 476 392 278 206 242 213 311 270 June 1,363 1,164 522 427 273 235 258 228 310 274 Julv. 1,343 1,137 511 417 288 226 254 223 290 271 August 1 360 1,142 500 409 299 237 247 223 314 273 September ,390 1 \en 501 425 309 250 243 216 337 276 October 182 1,134 430 410 227 222 218 215 307 287 November ,268 1,160 445 419 250 230 245 225 328 286 December ,519 1,228 473 436 271 239 316 260 459 293 1949—January 066 T.170 428 421 220 230 215 223 203 296 February ,097 1,134 384 413 239 226 211 216 263 279 March ,428 1,309 521 472 345 269 275 259 287 309 April ,480 1,249 532 449 351 249 277 254 320 297 May 568 1 264 576 454 393 266 271 248 328 296 June.. ,598 1,321 599 485 389 285 284 252 326 299 July ,484 1,274 548 467 377 279 285 252 274 276 August ,636 1,342 604 494 429 302 283 256 320 290 September ,561 1,290 571 477 387 297 263 238 340 278 October ,633 1,347 600 492 393 309 263 250 377 296 November 666 1 378 582 503 401 326 299 259 384 290 December ,891 1,436 598 506 372 325 379 304 542 301 j 950—January ,414 1,405 564 son 340 324 261 257 249 324 February. 448 1 378 550 ' 516 363 315 250 247 285 300 March ,759 1,540 658 543 441 376 319 289 341 332 April ,668 1,420 620 521 414 327 299 270 335 302 May.... 906 508 738 549 467 362 336 284 365 313 June. 2 023 527 784 553 522 360 361 305 356 309 July 2 079 531 807 585 532 341 337 280 403 325 August. . 2 077 610 817 603 496 381 343 294 421 332 September 2.030 1,623 812 600 475 383 309 290 434 350 October 762 644 671 621 398 404 301 265 392 354 November 528 I 606 533 594 323 385 314 286 358 341 December ,864 ,653 581 591 327 373 396 337 560 352 (951—January ,614 1,753 630 637 361 413 315 312 308 391 February. 508 663 556 627 317 379 311 299 324 358 March ,816 ,843 664 660 387 429 396 358 369 396 April 730 791 654 658 396 417 I 354 340 326 376 May 940 I 885 715 699 472 451 398 356 355 379 June ,949 ,888 695 684 490 448 403 370 361 386 July.... SfiO 928 674 716 478 478 402 364 306 370 August 2,248 ,995 777 718 592 505 431 390 448 382 September 2,082 .938 722 748 509 468 381 336 470 386 October . 2 2^7 2 167 792 111 512 542 421 422 502 426 November 2'172 2.052 734 727 484 497 448 402 506 426 December ,430 >,O82 745 734 469 497 528 436 688 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1054 FEDERAL RESERVE BULLETIN • OCTOBER 1956 TABLE 10 (cont.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Total Com ba m n e k r s cial S c a o le m s p f a in n a ie n s ce Ot i h n e s r t itu fi t n i a o n n c s ial o R u e t t l a e i t l s Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1952—January. 1,926 2,099 763 765 458 521 380 375 325 438 February 1,895 1,986 726 726 438 All 388 365 343 418 March. 2 111 2 109 805 767 465 501 436 403 405 438 April 2 258 2 056 864 773 518 483 454 392 422 408 May. 2,719 2,119 1,013 768 674 494 510 430 522 427 June 2 844 2 090 1 073 758 747 493 523 430 501 409 July 2,644 2,188 1,021 831 664 506 498 431 461 420 August 2 341 2 056 905 760 508 471 460 406 468 419 September 2,451 2,111 945 793 564 491 449 410 493 417 October 2,764 2,217 1,038 825 668 512 482 439 576 441 November 2 435 2 072 915 763 594 455 460 419 466 435 December 3,126 2,302 1,055 841 684 521 619 512 768 428 1953—January 2,382 2,199 985 844 571 478 455 411 371 466 February 2 252 2 118 913 781 568 475 442 431 329 431 March 2,847 2,417 1,165 903 680 549 575 494 427 All April. 2,730 2,329 1,128 901 671 543 518 446 413 439 May 2 706 2 241 1,069 864 642 486 524 459 471 432 June 2,814 2,363 1,082 898 683 539 560 478 489 448 July 2 746 2 326 1 065 897 681 506 567 490 433 433 August 2,567 2,308 972 884 642 534 509 460 444 430 September 2 529 2 358 944 906 622 550 511 463 452 439 October 2,643 2,457 976 936 645 571 518 497 504 453 November 2 464 2 313 868 871 577 533 526 479 493 430 December 2 878 2,527 932 940 578 580 670 575 698 432 1954—January.. 2 035 2 402 832 916 428 516 456 489 319 481 February 2,115 2,388 784 943 443 532 475 467 413 446 March 2 502 2 707 968 1 009 552 638 582 553 400 507 April 2,514 2,467 938 930 570 568 571 518 435 451 May 2 507 2 446 927 920 581 550 566 521 433 455 June 2,827 2,594 1,035 981 714 612 615 553 463 448 July 2 685 2 528 971 965 695 576 578 536 441 451 August 2,623 2,541 957 962 658 599 577 537 431 443 September 2 582 2 519 930 947 632 599 581 536 439 437 October 2,607 2,529 919 927 620 600 575 553 493 449 November 2 727 2 625 941 972 634 621 637 586 515 446 December 3,327 2,742 1,065 997 733 632 770 662 759 451 1955—January 2,510 2,562 973 940 592 556 559 568 386 498 February 2 589 2 491 975 921 656 562 584 537 374 471 March 3,315 2 868 1,224 ,050 869 663 719 641 503 514 April. . 3 267 2 716 1 204 013 841 605 703 613 519 485 May.. 3 351 2*734 1 237 013 906 627 689 607 519 487 June. 3,613 2*. 841 1,337 ,036 997 675 746 639 533 491 July 3 279 2 734 1 187 025 931 617 674 614 487 478 August 3 576 2 927 J 2Q1 075 1 027 716 724 638 534 498 September 3 361 2*854 ,222 ,045 924 698 690 620 525 491 October... 3 211 2 945 146 062 828 728 696 649 541 506 November 3,271 2,970 ,142 ,065 791 737 744 662 594 506 December. . .. 3 785 3 034 171 059 838 717 906 759 870 499 1956—January 2,885 3,019 ,110 ,093 704 711 656 660 415 555 February 2 918 2 889 088 038 717 693 699 633 414 525 March. 3 305 3 108 201 073 822 756 808 719 474 560 April 3,329 3,022 ,308 ,095 769 720 766 690 486 517 May 3,470 3,126 ,279 ,118 842 776 800 707 549 525 June. . 3 390 3 069 324 ino 847 723 803 716 416 530 July 3 316 3*103 231 1,149 819 735 795 731 471 488 August 3,504 3,157 ,232 1,160 871 767 844 738 557 492 NOTE.—-Estimates of instalment credit extended and repaid are financing of loans, repurchases and resales of instalment paper, and based on information from accounting records of retail outlets and certain other transactions may increase the amount of both credit exfinancial institutions and often include finance, insurance, and other tended and credit repaid without adding to the amount of credit outcharges incurred under the instalment contract. Renewals and re- standing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index of Electricity and Gas Output A NEW MONTHLY INDEX of Output of PRODUCTION - MAJOR SECTORS tric and gas utilities has been developed and is presented in this article as part of a program to widen the scope of the Board's physical volume production indexes. These utilities have become a major source of power and fuel for business and consumer use, and their role in the total flow of production has expanded continuously in recent years. Output of electricity and gas is directly represented in indexes of industrial production in most other countries and its inclusion in such measures was recommended in 1950 by the Statistical Commission of the United Nations. The utility index for this country has been developed for regular publication beginning 1948 1950 1952 1954 1956 with the current issue of the BULLETIN and far N m O T ou E t . p — ut A , g 1 r 9 ic 5 u 6 l t e u s re ti — ma D te ep d a . rtm N e e n w t o c f o n A s g tr r u ic c u ti l o tu n r — e a v n a n lu u e a l i n in c d o ex n e s s ta o n f t prices based on Department of Commerce and Labor monthly data, for eventual combination with the Board's seasonally adjusted by Federal Reserve. Remaining series are also monthly and seasonally adjusted. Latest monthly data are estimates present indexes for manufactures and min- for September. erals. This index will facilitate industrial production comparisons between the United the accompanying chart. From 1947 to this States and other countries as well as provide autumn, utility output has expanded about an improved basis for analyzing production 145 per cent, while the physical volume of developments in this country. construction activity, derived by deflating dollar expenditures, has increased approxi- The more rapid growth in utility output of electricity and gas in recent years as com- mately 90 per cent. Total manufacturing pared with production in other major com- and mining production has increased about modity sectors of the economy is shown in 45 per cent. Agricultural production this year is indicated to be 18 per cent larger NOTE.—This article and index were prepared by than in 1947. Milton Moss and Edward Manookian under the di- Combination of utility output of elecrection of Clayton Gehman, Chief of the Business Conditions Section of the Board's Division of Re- tricity and gas with the Board's index of insearch and Statistics. The Board wishes to acknowldustrial production would result in only negedge the help of the Atomic Energy Commission, the Federal Power Commission, and the statistical com- ligible changes in the early years of the inmittees of the American Gas Association and the dex, which is available back to 1919. By Edison Electric Institute in interpreting the basic data and reviewing the preliminary results. 1947-49 5 however, the comparison base 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1056 FEDERAL RESERVE BULLETIN • OCTOBER 1956 period of the industrial production index of total kilowatt hours, and for gas, in terms and the new utility index, utility output of total therms, are available on a current would add nearly 4.5 per cent to the area basis. This type of index for electric utility represented and the addition now would be output is published weekly by the Edison greater. For September, the seasonally ad- Electric Institute and monthly by the Fedjusted index of utility output is about 220 eral Reserve Bank of New York, and both per cent of the 1947-49 average, while the are also adjusted for seasonal variation. Inpreliminary index of industrial production is dexes of electric power kilowatt hours are 144 and a combination of the two indexes also available for various sections of the would be 147. country. The American Gas Association GENERAL DESCRIPTION publishes a seasonally adjusted monthly index of gas sales in therms. The new index meets a need in the United States for a monthly, seasonally adjusted, The Board's new index measures productotal measure of electricity and gas utility tion and distribution of electricity and gas output in which individual series are com- by all utility establishments whether publicly bined with value-added weights as in the in- or privately owned. Secondary activities of dustrial production index. Separate, un- these utility establishments, such as water weighted measures for electricity, in terms distribution, steam generation and distribu- UTILITY OUTPUT OF ELECTRICITY AND GAS 1947-49=100, Seas. adj. 200 ._ 150 - 100 80 - 60 40 20 I 10 200 - 150 100 80 10 10 1920 1925 1930 1935 1940 1945 1950 1955 NOTE.—Indexes are annual for Total and Gas through 1938, and for Electricity through 1928. Latest data are estimates for September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX OF ELECTRICITY AND GAS OUTPUT 1057 tion, appliance sales, and research and de- DESCRIPTION OF SERIES IN UTILITY INDEX SINCE 1947 velopmental work, are not represented. 1947_49 Electricity and gas produced by industrial Series propor- Type of customer tion and commercial establishments for their own use are also not included; to the extent that Electricity and gas—Total.. 100.00 Residential 41.34 surplus production is sold to the utility com- Nonresidential 58.66 Electricity 76.18 panies for distribution, it is included. The Residential 27.48 Urban residential and rural Industrial 23.68 present industrial production indexes reflect General industrial. 23.49 Large light and power users (mainly manufacturing and production for own use in the value-added mining establishments) weights assigned to the individual indus- Atomic energy.. . . .19 Atomic Energy Commission manufacturing establishtries. The volume of electricity and gas ments Commercial and other. 25.02 Small nonresidential light and power users (mainly purchased by these industrial establishments commercial establishments), street lighting and other is measured by the utility index rather than public authorities (except AEC), and railways by the industrial production index. Output series. The new utility index is Gas 23.82 Residential 13.86 Residential compiled on a monthly basis back to Janu- Industrial 6.16 Manufacturing and mining establishments, and electric utilities ary 1939 and annually back to 1919. The Commercial and other. 3.80 Commercial and professional establishments, public auelectricity composite is also available thorities and establishments not elsewhere classified monthly back to 1929, as shown in the chart. The index is a weighted total of SOURCES OF DATA.—Electricity data for the years 1929-44 are from Edison Electric Institute and since that time from Federal Power series based generally on a broad classifica- Commission. Gas data for the years beginning in 1929 are from American Gas Association. tion of utility sales by type of customer. Indexes for the years 1919-28 are converted by the Federal Reserve from data in Output and Productivity in the Electric and Gas Utilities, Gould, National Bureau of Economic Research, 1946. There are seven monthly series beginning in January 1947 and six series before that production measures grouped by market time. The additional series since 1947 is categories. Thus, output of electricity and for electricity sold to the Atomic Energy gas for residential use can be combined with Commission for its manufacturing activiti- output of manufactured consumer goods, ties; earlier these sales were relatively un- and output for nonresidential purposes can important and were not separated from elec- be combined with output of coal and other tricity sold to other industrial users. industrial materials and supplies produced The seven component series for the cur- mainly for business and government uses. rent period are as follows: electricity—resi- Also, availability of separate monthly dential, general industrial, atomic energy, series on industrial use, particularly of elecand commercial and other; and gas—resi- tric power, is especially helpful in analyzing dential, industrial, and commercial and general production developments in manuother. The residential series for electricity facturing industries because current changes and gas are combined into a residential sub- in their purchases of electric power are total of utility output and all the other series closely related to fluctuations in production. are combined into a nonresidential subtotal, Such comparisons are not feasible with as indicated in the accompanying table. available monthly data on coal and fuel oil Classification of the series by residential owing to wide swings in stocks. and nonresidential use makes it possible to Monthly data for electricity and gas are combine the new utility indexes with other reported by utility companies on the basis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1058 FEDERAL RESERVE BULLETIN • OCTOBER 1956 of billings to individual customers. These also been made for the electricity index to data are not identical with actual use in a benchmarks based on data published by the given month because individual customer Census Bureau for the years 1932 and 1937 billings do not cover exactly one calendar and by the Federal Power Commission for month. After adjustment for length of 1942. For the period 1919 to 1928 inmonth and seasonal influences, differences dexes calculated by Gould have been linked between total monthly billings and actual to the Board's indexes for later years.1 monthly use tend to be small. Generation Weight data. Electricity production was of electricity fluctuates identically with ac- three times as important as gas in the tual use but generation data by type of cus- 1947-49 base period of the index. This tomer are not available. Data on total relation has remained about the same since billings fluctuate very closely with genera- that time, reflecting almost parallel growth tion after seasonal adjustment. in these two major components of the index. Seasonal adjustment factors for the The weights for the index are on a basis monthly utility series were calculated ac- similar to that used in compiling the Board's cording to procedures described in the June industrial production index, in which 1941 issue of the Federal Reserve BULLE- changes in physical volume shown by com- TIN. In the case of the electricity series for ponent series are combined with valueatomic energy, no adjustment appeared nec- added weights. For the period from 1929 essary except for variations in length of to 1947, the weight years are the same in month. For gas, data by class of customer both indexes. Averages of data for the two are not reported monthly. Seasonally ad- years 1947 and 1954 are used as weights justed monthly figures are derived by means for the period from January 1947 to Deof smooth-line interpolations between sea- cember 1953. For the period from Jansonally adjusted quarterly figures. uary 1954 on, weights are based on 1954 Since there is considerable time lag in the data, as shown in the accompanying table. availability of monthly breakdowns of elec- Weight data for the utility index are based tric and gas data by type of customer, the on estimated figures for value added that preliminary total indexes for the latest are designed to include income originated month are based on the changes indicated in generation and distribution of electricity from the preceding month by the more for final sale, and in production and dispromptly reported unweighted figures. For tribution of manufactured gas, as well as electricity, the weekly Edison Electric Insti- distribution of natural gas and mixed gas. tute data are used, and for gas, the prelimi- For the weighting of individual series nary index is based on monthly total sales within the electricity and gas composites, a data published by the American Gas Asso- breakdown of the total value added has ciation. been calculated on the basis of data on rev- Annual output indexes for electricity and enues received by utility companies for magas have been calculated for the period jor categories of service (that is, residential from 1929 through 1955 in somewhat more and various nonresidential types of service). detail than the monthly series, and the latter 1 Jacob Martin Gould, Output and Productivity in are adjusted for level to the corresponding the Electric and Gas Utilities, National Bureau of annual measures. Level adjustments have Economic Research, 1946. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX OF ELECTRICITY AND GAS OUTPUT 1059 WEIGHT DATA FOR UTILITY INDEX1 World War II, as is also indicated by the [In millions of dollars] chart. Before and during the war, the Revenues 2 va E lu st e i m ad a d te e d d 3 growth trend for utility output of electricity Series was much steeper than for gas. Increased 1947 1954 1947 1954 use of electricity and gas has reflected both a rise in the number of customers Electricity and gas—Total 5,330 10,468 3,362 6,469 Residential 2,378 4,857 1,494 2,948 and a rapid expansion in consumption per Nonresident ial 2,952 5,611 1,868 3,521 customer. Electricity. 3,934 2,504 4,897 Residential 1,516 3,074 964 2,030 Industrial 1 161 2 065 738 1,363 Electricity. The number of customers General industrial 1,155 1,949 734 1,287 Atomic energy 6 116 4 76 served by electric utilities increased by about Commercial and other 1,257 2,277 802 1,504 two-fifths from 1947 to 1955. At the same Gas 1,396 3,052 858 1,572 Residential 862 1,783 530 918 time, broader and newer applications of Industrial 326 820 200 423 Commercial and other 208 449 128 231 electric power resulted in an even larger 1 Weight years are: the year 1954 for the period beginning January proportionate increase—of about three- 1954; the average of 1947 and 1954 for period January 1947-December 1953; the average of 1939 and 1947 for period January 1939-December fifths—in average use per customer for 1946; and the year 1937 for period January 1929-December 1938. 2 Electricity revenues for 1947 are Federal Power Commission household and business purposes. Total data; for 1954 they are Federal Power Commission data on total kilowatt hours sold by utilities to each class of customer multiplied utility output of electricity increased about by corresponding Edison Electric Institute data on average revenue per kilowatt hour. Gas revenues are based on data reported by the 120 per cent from 1947 to 1955—an aver- American Gas Association. 3 Estimated value added is based on Federal Power Commission age rate of 10.5 per cent compounded anand American Gas Association figures on depreciation, taxes, salaries and wages, and income covering all activities of electricity and gas nually. This is about the same rate as in utilities, adjusted by Federal Reserve to exclude activities other than electricity and gas output and distribution. the 1920's and compares with an average of 8.5 per cent for the entire period since Residential rates per kilowatt hour of electricity, or per therm of gas, are higher than ANNUAL UTILITY OUTPUT rates for industrial and commercial use, re- 1947-49=100 Ratio scale flecting in part a greater amount of distri- ELECTRICITY bution and service activity per unit of use. The use of weighted series has relatively small effects on the monthly and annual indexes during most of the postwar period. For both electricity and gas, however, some important differences are shown over the years from 1947 back to 1929, as indicated in the accompanying chart. For some special purposes such as a study of productive capacity of utilities, the use of unweighted indexes or totals of kilowatt hours of electricity or therms of gas would be more appropriate than the weighted indexes presented in this article. 40 POSTWAR OUTPUT TRENDS Electricity and gas have shown about equal 20 rates of increase in use since the end of 1930 1935 1940 1945 1950 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1060 FEDERAL RESERVE BULLETIN • OCTOBER 1956 ELECTRIC UTILITY SERIES 1947-49-100 240 80 - 80 1948 1950 1952 1954 1956 1948 1950 1952 1954 1956 NOTE.—Latest data: Total, September (estimate); remaining series, July. 1919. Growth from 1947 to 1955 reflected capacity have continued to expand. An marked increases in practically all types of additional factor of special importance has service but notably a 160 per cent rise in been the sharply increased requirements of residential use. Total electricity output for the Atomic Energy Commission for the prononresidential purposes increased about 100 duction of atomic fuel and other aspects of per cent. the atomic energy program. At the begin- Residential and commercial uses of elec- ning of this year, however, atomic energy tricity have large seasonal fluctuations, as use of electricity leveled off, as shown in the well as marked growth trends, as indicated reference table on page 1068. in the accompanying chart. The growth As indicated earlier, the new index meastrends reflect steadily expanding use of a ures only the volume of electricity sold by wide variety of electrical appliances and utility companies. While this volume curequipment. More recently the sharply in- rently accounts for nearly nine-tenths of creased number of air conditioning installa- total kilowatt hours, utilities account for a tions has greatly influenced the growth and considerably smaller proportion of the total seasonal pattern of electricity use. used by industry. Such relatively important Industrial electricity. The uptrend in electric power consuming industries as industrial purchases of electricity in re- aluminum, steel, chemicals, and paper gencent years reflects the further growth in erate a substantial amount of electricity for power demands for general manufacturing their own use. Currently, this volume of and mining purposes as output and plant self-generated electricity accounts for about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX OF ELECTRICITY AND GAS OUTPUT 1061 25 per cent of total kilowatt hour use Atomic energy. The large and rapid rise by industry, as compared with 30 per cent in use of electricity in the atomic energy in 1947. The smaller current proportion program during the postwar period necesreflects the fact that industry purchases of sitates separate treatment of the output of electricity from utilities have increased more electricity for that purpose in order to weight rapidly than generation of electricity by in- its importance more appropriately in the dustrial establishments for their own use. utility index and to show separately the vol- Exclusive of atomic energy uses, industrial ume of electricity used for general induspurchases of electricity rose by about four- trial purposes. Electricity consumption in fifths from 1947 to 1955, as compared with kilowatt hours for atomic energy manufacan increase of about one-half in electricity turing activities accounted for about onegenerated by industrial establishments for fifth of total utility sales for industrial uses their own use. at the beginning of this year and one-tenth Total electricity consumed for general of total sales for all uses, as compared with industrial use (purchases plus self-genera- less than 1 per cent in the early postwar tion) has risen more over the postwar period period. than the volume of industrial production, Electricity rates charged on Atomic Enbut generally the major short-run fluctua- ergy Commission purchases are much lower tions tend to be parallel, as the accompany- than rates charged for general industrial use, ing chart indicates. The higher rate of and consequently a smaller weight per kilogrowth in electric power consumption re- watt hour is assigned to the atomic energy flects both a general rise in electricity use series in the utility index. Even with this per unit of output in individual industries as mechanization has increased, and the in- INDUSTRIAL PRODUCTION AND USE OF ELECTRICITY creasing relative importance of industries 1947-49:100, Seas. adj. Ratio scale 200 that are heavy users of electric power per unit of output such as aluminum, pulp and paper, cement, steel, and chemicals. Dif- INDUSTRIAL USE / ferences in production fluctuations for such OF ELECTRICITY / - 160 major industrial consumers of electricity as compared with other manufacturing and - 140 V mining industries can lead at times to divergences between changes in the index J of industrial production and industrial use W \ INDUSTRIAL - 12O I > PRODUCTION of electricity, as was illustrated in 1951. At that time the sharp expansion in defense requirements led to further marked increases - 100 in activity in industries using relatively large quantities of electric power per unit of output, notably the aluminum industry, while ! I I !! 1 1 I 1 8O activity in numerous other industries de- 1948 1950 1952 1954 1956 clined from the advanced levels reached in NOTE.—Industrial use of electricity based on Federal Power Commission data on generation by industrial establishments and general 1950. industrial purchases from utilities; excludes atomic energy. Latest data are for August (preliminary). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1062 FEDERAL RESERVE BULLETIN • OCTOBER 1956 GAS UTILITY SERIES 1947-49=100 200 160 120 100 80 400 400 RESIDENTIAL COMMERCIAL AND OTHER 300 ~ 300 SEASONALLY ADJUSTED 200 160 120 100 80 I I M I j | 11 Ii * 60 40 J L J L 40 1948 1950 1952 1954 1956 1948 1950 1952 1954 1956 NOTE.—Latest data: Total, September (August and September are es;timates); remaining series, June. Unadjusted indexes are quarterly. lower weight per unit of output, the atomic fluctuations in these sales shown in the energy series contributes significantly to chart. changes in the index for recent years—espe- Gas sales for industrial purposes have cially in the industrial component of the also more than doubled from 1947 to 1955, electricity index. For example, about one- reflecting shift to use of natural gas in the third of the marked rise in the industrial faster growing basic industries such as component from early 1954 to early 1956 chemicals, petroleum products, cement, and reflected an increase in the atomic energy electricity generation. Use of gas for elecseries. This series now accounts for 3 per tricity generation in recent years has excent of the total utilities index, as compared ceeded consumption in any other industry, with 0.19 per cent shown in the weight table reflecting in part the rapid expansion in elecfor 1947-49. tric power output and in part a shift from Gas. Expansion in utility output of gas other fuels. In 1955, however, consumpsince 1947 has reflected growth in the use tion of gas for electricity generation declined of natural gas as a fuel for residential and relative to use of coal and fuel oil. business purposes. Use of gas for space PUBLICATION heating accounted in large part for a rise of 120 per cent in residential sales from The new utilities index will appear in the 1947 to 1955 and, being distinctly seasonal monthly Business Indexes press release. in nature, it has augmented the seasonal For the series to be published regularly in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX OF ELECTRICITY AND GAS OUTPUT 1063 the Federal Reserve BULLETIN, see page and Statistics, Board of Governors of the 1117 of this issue. Detailed series used in Federal Reserve System, Washington 25, compiling the index, not to be shown regu- D. C. Back data for these series and for larly in the BULLETIN, will be made avail- the total and subtotals are shown in the able on request to the Division of Research following tables. UTILITY OUTPUT OF ELECTRICITY AND GAS Annual Indexes, 1947-49 Average = 100 Electricity andlgas ElectricityT Gas Year Resi- Non- Resi- IndustriaI Com- Resi- Indus- Com- Total dential de r n e t si ia - l Total dential Total GeneralA E t n o e m r i g c y m c e i r a - l Other Total dential trial m c e i r a - l Other 1919 14 10 30 1920 15 11 31 1921 14 10 30 1922 15 12 31 1923 18 14 34 1924 19 16 35 1925 21 18 36 1926 24 21 39 1927 27 23 41 1928 29 25 42 1929 32 27 36 28 20 35 32 47 43 44 41 40 5 1930 33 29 36 29 22 33 34 48 44 46 40 40 5 1931 31 29 33 29 24 30 33 47 39 42 31 35 4 1932 29 29 29 26 23 26 29 43 38 42 26 35 4 1933 29 28 30 27 23 28 28 42 36 38 29 33 3 1934 30 29 32 28 25 31 30 44 37 38 38 32 5 1935 33 30 35 31 26 34 33 44 39 40 41 35 4 1936 37 34 41 35 29 40 38 48 43 43 47 40 23 1937 41 36 45 39 33 43 44 57 45 45 51 40 32 1938 41 39 43 40 36 36 48 57 44 45 45 40 36 1939 . ... 45 42 48 45 39 42 53 60 47 48 50 42 36 1940 50 46 54 50 44 49 58 62 52 53 54 46 24 1941 56 49 63 57 48 63 65 65 54 53 64 48 26 1942 64 55 72 64 52 73 73 77 61 61 67 58 41 1943 70 58 81 72 55 89 73 109 66 64 77 60 67 1944 75 62 86 76 60 96 76 107 70 66 83 64 86 1945 76 67 84 77 66 90 75 105 74 70 83 72 98 1946 79 75 82 79 75 83 80 96 78 77 83 76 59 1947 91 88 93 91 86 95 95 91 90 99 91 92 90 90 80 1948 101 100 102 101 100 104 104 99 101 100 102 101 102 102 108 1949 108 112 105 108 114 101 101 110 109 101 108 107 108 108 112 1950 123 126 120 122 126 116 116 107 126 109 126 126 130 119 112 1951 140 146 135 138 145 131 131 179 142 118 145 147 145 132 172 1952 152 161 145 150 163 137 136 318 155 119 157 157 159 143 217 1953 165 175 157 165 181 155 152 593 161 129 165 164 173 144 272 1954 177 196 165 176 202 158 150 1124 175 134 181 182 188 156 258 1955 198 216 186 199 224 190 174 2221 193 142 197 201 197 174 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1064 FEDERAL RESERVE BULLETIN • OCTOBER 1956 UTILITY OUTPUT OF ELECTRICITY AND GAS Seasonally Adjusted Indexes, 1947-49 Average = 100 Series and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year ELECTRICITY AND GAS—TOTAL .. . 1939 43 43 44 44 45 45 46 46 47 47 48 48 45 1940 48 49 49 49 49 50 50 51 51 52 53 53 50 1941 53 54 55 55 55 56 57 58 58 59 59 60 56 1942 61 62 62 62 62 62 64 65 65 65 66 67 64 1943 67 67 68 69 69 70 71 71 72 73 73 74 70 1944 73 74 75 76 76 75 75 75 75 74 75 75 75 1945 77 77 76 76 77 78 77 76 74 74 75 75 76 1946 75 75 76 77 77 78 79 81 82 82 83 84 79 1947 86 86 87 89 90 91 92 92 94 94 95 96 91 1948 97 98 99 99 100 100 101 102 104 105 106 106 101 1949 105 105 105 105 106 107 108 109 110 110 112 114 108 1950 115 116 118 119 122 123 124 124 126 129 130 131 123 1951 133 134 136 138 139 140 141 142 143 144 146 146 140 1952 147 148 149 148 149 149 150 154 156 157 159 160 152 1953 160 160 161 163 165 166 167 167 167 168 168 168 165 1954 170 172 173 174 175 177 178 179 181 182 185 186 177 1955 188 191 194 195 196 197 198 200 202 204 206 210 198 1956 212 213 214 215 217 219 Residential 1939 40 40 41 42 42 42 43 42 43 43 43 44 42 1940 45 45 46 45 46 47 46 47 47 47 48 48 46 1941 48 48 48 48 48 49 50 50 50 51 52 53 49 1942 54 54 54 54 54 54 55 55 56 56 56 56 55 1943 56 56 56 57 57 58 58 58 59 59 59 60 58 1944 59 60 60 62 63 63 63 64 64 63 63 64 62 1945 65 65 65 66 66 67 68 68 68 69 70 71 67 1946 71 72 72 73 74 74 76 78 79 80 80 81 75 1947 82 83 84 86 88 89 90 91 92 92 93 93 88 1948 95 97 97 98 99 99 101 102 103 105 106 106 100 1949 106 107 108 109 110 110 112 114 115 117 118 119 112 1950 120 120 122 123 126 126 127 127 128 131 133 135 126 1951 137 141 142 143 144 146 147 148 150 150 154 154 146 1952 155 156 157 156 158 160 162 164 164 166 169 171 161 1953 170 169 170 172 175 177 177 177 178 180 181 182 175 1954 186 188 190 193 194 194 197 198 200 201 205 206 196 1955 208 211 214 213 213 212 214 217 219 223 226 230 216 1956 236 236 238 239 242 244 Nonrcsi dential 1939 44 46 46 47 47 48 48 49 50 51 52 51 48 1940 51 52 51 52 52 53 53 54 54 56 57 57 54 1941 58 59 60 61 62 63 64 64 65 66 66 67 63 1942 68 69 69 69 70 70 72 73 74 74 75 76 72 1943 76 77 78 79 80 81 82 83 84 85 86 86 81 1944 86 86 88 87 87 86 86 86 85 84 85 85 86 1945 87 87 86 86 86 87 86 83 80 79 79 79 84 1946 79 78 79 80 80 81 82 84 84 85 85 86 82 1947 88 89 90 91 92 92 93 93 95 96 96 98 93 1948 99 99 101 100 100 101 102 103 105 105 105 107 102 1949 104 104 103 103 103 104 105 105 106 105 107 109 105 1950 111 113 115 117 119 120 121 123 125 127 127 127 120 1951 130 130 131 134 135 136 137 137 138 139 140 140 135 1952 142 143 142 141 141 141 141 145 149 150 151 152 145 1953 152 153 154 157 158 159 160 159 158 158 157 157 157 1954 159 160 160 161 162 164 165 166 167 168 170 172 165 1955 173 177 180 182 184 186 187 188 190 191 193 195 186 1956 196 197 197 199 199 202 ELECTRICITY- TOTAL . . . 1929 27 27 27 28 28 28 28 29 29 30 30 29 28 1930 30 30 30 30 30 29 29 29 29 29 29 29 29 1931 29 29 29 29 29 29 29 29 29 29 28 28 29 1932 28 28 28 27 26 26 25 25 26 26 26 26 26 1933 26 25 24 25 26 27 28 28 28 27 27 27 27 1934 28 28 29 29 29 29 29 29 28 28 29 29 28 1935 30 30 30 30 30 30 31 31 31 32 33 33 31 1936 33 34 33 34 34 35 36 36 37 37 37 38 35 1937 38 38 39 40 40 39 40 40 41 40 40 39 39 1938 39 39 39 39 39 38 39 41 41 41 42 43 40 1939 42 42 43 44 44 45 45 45 47 47 47 47 45 1940 47 48 48 48 49 49 50 50 51 51 53 53 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX OF ELECTRICITY AND GAS OUTPUT 1065 UTILITY OUTPUT OF ELECTRICITY AND GAS (cont.) Seasonally Adjusted Indexes, 1947-49 Average = 100 Series and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year ELECTRICITY- TOTAL—Cont. 1941 53 54 55 55 56 57 58 58 59 60 60 61 57 1942 62 62 62 63 63 63 65 66 66 66 67 68 64 1943 67 68 69 70 70 72 72 73 74 74 75 75 72 1944 75 76 77 77 77 76 76 77 76 76 76 76 76 1945 78 77 77 77 78 79 78 76 75 75 75 76 77 1946 76 75 76 77 77 78 80 81 82 82 83 83 79 1947 86 86 87 88 90 90 91 92 94 94 95 96 91 1948 97 98 99 99 100 100 101 102 104 105 106 106 101 1949 105 106 106 106 106 107 108 109 110 109 111 113 108 1950 114 115 116 118 121 121 122 123 125 128 129 130 122 1951 132 133 134 136 137 138 139 140 141 142 145 144 138 1952 146 147 147 146 148 148 148 152 154 155 157 158 150 1953 158 159 161 163 166 167 168 167 167 168 168 168 165 1954 169 170 171 173 174 175 178 178 180 180 183 185 176 1955 186 190 193 195 196 198 199 201 203 205 207 211 199 1956 214 214 215 216 217 220 Residential 1939 37 37 38 39 39 40 40 39 41 40 40 41 39 1940 41 42 42 43 43 44 44 44 44 44 46 46 44 1941 46 46 46 46 46 47 48 48 48 49 50 50 48 1942 52 51 51 51 51 51 52 53 53 53 53 54 52 1943 52 54 53 55 55 56 56 55 56 56 56 56 55 1944 56 58 58 60 60 61 60 62 62 62 62 63 60 1945 63 63 64 64 64 65 66 66 67 68 69 70 66 1946 70 71 71 72 73 74 75 76 77 78 78 79 75 1947 81 81 82 83 85 86 87 88 90 90 91 92 86 1948 94 96 96 98 98 99 101 101 103 105 107 107 100 1949 107 109 110 110 112 113 115 117 118 119 119 121 114 1950 121 111 122 122 126 124 125 125 127 131 133 135 126 1951 136 139 140 142 143 145 145 146 148 149 153 153 145 1952 154 156 158 158 161 163 164 166 166 167 171 173 163 1953 172 172 175 177 182 183 183 184 185 189 190 190 181 1954 192 194 196 199 200 201 204 205 207 208 212 213 202 1955 215 218 221 220 221 220 220 223 226 230 233 239 224 1956 246 245 247 247 250 252 Industrial 1939 38 39 40 40 40 41 41 43 44 46 48 46 42 1940 46 46 46 47 48 48 49 51 50 52 53 54 49 1941 55 57 59 61 63 64 65 66 67 66 66 68 63 1942 67 68 68 70 71 72 75 75 76 77 78 81 73 1943 81 82 84 85 86 88 90 91 93 93 95 95 89 1944 96 97 98 97 97 97 97 96 94 94 94 94 96 1945 97 97 96 96 96 95 93 87 81 80 79 78 90 1946 78 76 77 80 80 81 84 86 88 88 87 88 83 1947 91 92 92 94 94 95 96 95 98 99 98 99 95 1948 99 99 101 101 102 104 105 105 107 106 106 106 104 1949 105 104 103 102 99 99 100 101 102 97 99 103 101 1950 104 104 106 109 113 116 118 120 123 125 126 124 116 1951 126 126 126 128 131 132 132 133 133 135 136 3 34 131 1952 136 135 135 135 134 128 127 136 143 145 146 148 137 1953 148 151 154 157 159 160 161 158 157 155 151 150 155 1954 152 153 154 154 156 158 158 159 160 160 164 167 158 1955 170 175 178 183 187 191 193 194 197 199 201 204 190 1956 203 202 202 205 207 206 General industrial . 1947 91 92 92 94 94 95 96 95 98 99 98 99 95 1948 99 99 101 101 103 105 105 105 107 106 106 106 104 1949 105 104 103 102 99 99 100 101 102 96 99 103 101 1950 104 104 106 109 113 116 118 121 123 125 126 124 116 1951 126 126 126 128 131 132 132 133 132 135 135 132 131 1952 135 134 134 134 133 127 126 135 142 143 145 146 136 1953 147 149 152 155 156 157 158 155 153 151 146 145 152 1954 147 147 148 148 149 151 150 150 152 151 154 156 150 1955 158 163 166 169 172 174 176 177 179 180 181 184 174 1956 183 182 182 185 187 186 Atomic energy*.. .. i Same as series without seasonal adjustment on p. 1068. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1066 FEDERAL RESERVE BULLETIN • OCTOBER 1956 UTILITY OUTPUT OF ELECTRICITY AND GAS (cont.) Seasonally Adjusted Indexes, 1947-49 Average — 100 Series and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year ELECTRICITY—Cont. Commercial and other 1939 50 51 52 53 53 54 54 55 56 56 56 56 54 1940 56 57 57 57 58 58 58 59 60 60 62 62 59 1941 62 62 63 63 63 64 65 66 66 67 68 68 65 1942 71 72 72 72 72 72 74 74 76. 75 75 75 73 1943 76 76 76 77 78 79 80 80 81 82 83 83 79 1944 82 82 85 84 82 80 80 80 79 79 79 78 81 1945 81 80 78 78 80 83 82 82 80 80 80 81 80 1946 81 81 81 81 81 82 83 83 83 83 84 85 82 1947 87 88 88 90 91 92 92 93 94 95 95 98 92 1948 , 99 99 101 99 98 98 99 100 102 104 104 107 101 1949 102 104 104 104 104 107 108 108 109 109 112 112 107 1950 114 117 119 121 123 122 123 123 125 127 128 129 123 1951 131 132 133 136 136 136 137 138 139 140 142 143 137 1952 144 146 146 142 144 148 148 149 149 150 150 151 147 1953 151 151 151 153 153 155 155 156 156 156 157 158 155 1954 160 160 160 160 162 164 166 167 167 169 171 171 165 1955 171 174 176 178 178 180 180 182 183 183 185 187 180 1956 190 192 192 192 191 198 GAS—TOTAL 1939 46 47 47 48 48 47 48 48 48 49 49 50 47 1940 51 52 52 50 51 51 51 51 52 52 53 52 52 1941 53 53 54 54 54 54 55 55 55 56 56 59 54 1942 59 61 60 60 60 60 61 62 62 62 64 64 61 1943 65 65 65 65 66 66 66 67 67 68 68 68 66 1944 68 68 69 70 72 72 72 71 71 69 70 72 70 1945 74 74 74 74 75 75 74 74 74 73 73 74 74 1946 75 75 75 76 76 76 77 80 82 82 83 84 78 1947 85 86 88 90 92 93 94 95 95 95 95 96 91 1948 97 98 99 99 100 100 102 103 105 107 107 105 102 1949 104 103 104 105 106 107 108 108 110 112 115 116 108 1950 117 119 122 124 126 128 129 129 130 131 132 134 126 1951 137 140 142 143 145 147 149 150 150 150 150 151 145 1952 153 154 153 152 151 153 155 158 161 163 165 165 157 1953 164 162 162 163 164 166 166 166 166 167 168 170 165 1954 174 177 178 179 179 180 181 183 185 187 189 190 181 1955 192 195 196 196 195 195 197 199 200 202 204 205 197 1956 207 209 211 213 215 217 Residential 1939 47 48 48 48 48 48 48 48 49 50 49 50 48 1940 52 54 53 52 52 53 53 52 53 53 54 53 53 1941 52 52 54 53 53 53 54 54 54 54 55 58 53 1942 59 61 60 60 59 60 61 61 62 62 62 62 61 1943 62 63 63 63 64 64 64 64 64 65 66 66 64 1944 66 65 65 67 69 69 69 68 67 65 66 68 66 1945 70 69 69 70 70 71 71 72 72 72 72 73 70 1946 74 74 74 74 74 74 78 82 83 83 83 84 77 1947 85 85 88 92 94 95 97 97 98 98 96 96 92 1948 98 99 100 100 100 100 101 102 104 107 106 104 101 1949 103 103 104 105 106 106 107 108 110 112 116 116 107 1950 117 118 122 124 127 130 131 131 131 132 133 135 126 1951 139 144 145 145 146 148 150 153 153 153 154 155 147 1952 156 155 154 153 152 154 156 159 161 164 166 166 157 1953 166 162 161 161 162 165 165 165 165 165 166 168 164 1954 174 177 179 181 182 182 183 185 186 188 191 193 182 1955 195 198 200 199 197 197 202 205 206 209 212 214 201 1956 216 219 221 223 226 228 Industrial 1939 47 48 49 49 50 49 50 50 51 52 52 53 50 1940 54 54 53 53 53 53 54 54 55 55 56 58 54 1941 60 60 62 63 63 64 65 65 65 66 65 67 64 1942 64 64 65 66 66 66 66 66 66 67 71 72 67 1943 75 76 77 76 76 77 77 78 79 79 79 76 77 1944 79 80 82 82 84 85 84 84 84 84 84 85 83 1945 90 93 89 87 85 82 80 79 78 77 78 78 83 1946 79 80 81 81 81 81 82 84 86 87 87 88 83 1947 88 88 88 90 90 90 90 90 90 91 91 92 90 1948 92 94 97 100 101 102 103 104 106 107 108 108 102 1949 105 104 104 105 106 107 107 107 108 111 113 117 108 1950 122 125 126 126 126 128 130 132 135 137 137 137 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX OF ELECTRICITY AND GAS OUTPUT 1067 UTILITY OUTPUT OF ELECTRICITY AND GAS (cont.) Seasonally Adjusted Indexes, 1947-49 Average = 100 Series and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year GAS—Cont. Industrial—Cont.. . 1951 138 138 139 142 146 151 151 150 147 146 146 148 145 1952 152 154 154 154 155 155 158 162 165 166 166 167 159 1953 167 168 169 171 172 173 173 174 175 176 176 178 173 1954 182 187 186 183 182 185 187 189 192 194 195 195 188 1955 195 196 196 196 196 196 196 197 198 198 200 202 197 1956 203 204 205 207 209 211 Commercial and other 1939 40 40 42 43 43 42 42 43 43 43 43 43 42 1940 44 44 44 43 43 43 43 44 45 45 46 44 44 1941 44 44 45 46 46 46 47 47 47 48 49 52 46 1942 54 55 54 54 55 56 56 56 56 57 59 59 56 1943 60 59 59 59 60 62 62 63 64 64 64 64 61 1944 64 63 64 65 67 68 68 68 68 65 66 69 66 1945 72 72 74 16 79 80 79 78 75 73 71 72 74 1946 73 74 74 74 75 74 72 70 71 73 76 79 75 1947 83 86 86 86 86 88 89 91 93 95 97 100 89 1948 101 103 100 97 95 98 102 106 109 109 108 107 103 1949 105 104 104 104 106 109 113 113 113 113 113 113 108 1950 113 115 117 121 121 119 118 118 118 119 120 122 118 1951 126 130 134 136 138 138 138 140 141 142 142 142 136 1952 144 148 146 143 142 145 147 152 156 158 159 156 150 1953 151 151 154 157 157 157 157 158 157 160 164 163 157 1954 162 162 162 163 165 166 168 169 170 171 172 174 167 1955 176 180 182 184 183 182 181 182 182 182 182 182 182 1956 183 184 185 186 187 188 UTILITY OUTPUT OF ELECTRICITY AND GAS Indexes, without Seasonal Adjustment, 1947-49 Average — 100 Series and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year ELECTRICITY- TOTAL . 1929 28 27 27 28 28 28 28 29 29 30 30 30 28 1930 31 29 29 29 29 29 28 29 29 30 29 29 29 1931 30 28 28 29 29 29 29 29 29 29 29 29 29 1932 29 28 27 27 26 25 25 25 26 26 27 26 26 1933 26 25 24 24 26 27 28 28 28 28 27 27 27 1934 29 28 28 28 28 28 28 29 28 29 29 30 28 1935 31 30 29 30 29 29 30 32 31 32 33 34 31 1936 34 33 32 33 33 34 35 36 37 38 38 39 35 1937 39 37 38 39 38 39 40 41 41 41 40 40 39 1938 40 38 38 38 37 38 39 41 41 42 43 44 40 1939 46 43 43 42 42 43 43 45 46 47 48 49 45 1940 52 49 47 47 47 48 48 50 51 51 53 55 50 1941 59 55 54 53 53 55 56 58 59 60 61 63 57 1942 67 63 62 61 60 61 63 65 66 66 67 71 64 1943 72 69 69 68 68 70 71 72 74 74 75 78 72 1944 79 77 78 76 74 75 74 76 75 76 76 79 76 1945 83 80 78 76 76 77 75 76 73 74 75 78 77 1946 82 78 77 77 76 76 77 80 80 81 82 87 79 1947 93 90 89 88 87 87 87 89 92 92 94 99 91 1948 105 102 102 99 96 97 97 100 102 103 104 110 101 1949 114 110 109 105 102 103 104 107 108 107 109 117 108 1950 124 120 120 118 117 117 118 121 123 125 127 133 122 1951 141 137 137 136 132 134 134 138 140 139 142 147 138 1952 156 151 150 145 142 143 145 151 154 152 154 161 150 1953 169 163 164 163 159 161 165 168 168 166 164 170 165 1954 180 173 173 171 166 170 175 180 181 178 179 189 176 1955 196 195 195 191 187 189 195 207 208 202 203 216 199 1956 225 220 217 212 207 211 Residential 1939 43 39 37 37 36 38 38 39 41 40 41 43 39 1940 47 44 42 41 40 42 42 44 45 43 46 48 44 1941 52 48 45 44 43 45 46 48 48 48 51 53 48 1942 59 53 50 49 47 48 50 52 53 52 53 57 52 1943 60 56 53 52 51 53 54 54 55 56 56 59 55 1944 64 62 59 59 57 58 56 59 59 61 62 67 60 NOTE.—Since gas data by type of customer are reported only available for the total index of electricity and gas, the residential and quarterly, monthly indexes without seasonal adjustment are not nonresidential subtotals, and each of the components of the gas index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1068 FEDERAL RESERVE BULLETIN • OCTOBER 1956 UTILITY OUTPUT OF ELECTRICITY AND GAS (cont.) Indexes, without Seasonal Adjustment, 1947-49 Average •=. 100 Series and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year ELECTRICITY—Cont. Residential—Cont.. 1945 72 69 66 63 62 62 61 61 63 64 69 75 66 1946 S3 80 75 72 70 70 68 69 72 73 77 86 75 1947 95 91 86 84 81 80 79 80 83 85 90 99 86 1948 110 107 103 99 93 92 92 92 96 99 105 114 100 1949 125 122 117 112 106 105 106 106 110 112 117 128 114 1950 142 135 131 125 120 116 115 114 118 123 130 143 126 1951 159 154 150 145 136 135 134 133 139 140 150 162 145 1952 181 173 170 161 153 152 153 153 156 157 166 181 163 1953 200 190 185 180 173 170 172 173 174 177 184 199 181 1954 223 213 206 201 188 187 192 195 197 196 203 228 202 1955 245 242 232 220 203 200 207 219 221 216 224 256 224 1956 280 272 260 247 230 229 Industrial 1939 39 38 40 39 39 41 41 44 45 48 48 46 42 1940 47 44 45 46 48 48 49 52 51 54 54 54 49 1941 57 55 58 59 62 63 65 67 67 69 66 69 63 1942 67 66 68 69 70 72 74 77 77 79 79 82 73 1943 81 78 84 84 85 88 89 93 94 95 96 96 89 1944 96 93 98 96 97 97 96 99 95 95 95 94 96 1945 97 93 96 96 96 95 92 90 81 81 79 78 90 1946 78 73 77 80 80 81 83 89 88 90 87 88 83 1947 92 91 93 94 95 95 92 96 98 100 98 100 95 1948 100 98 102 101 103 105 101 106 107 107 106 107 104 1949 106 103 104 102 99 99 96 102 102 98 99 104 101 1950 105 103 107 109 113 116 113 122 123 126 126 125 116 1951 126 123 128 128 131 132 128 135 133 138 136 135 131 1952 136 132 136 135 134 128 123 137 143 148 146 149 137 1953 148 148 155 157 157 160 157 160 158 158 151 150 155 1954 152 150 155 154 154 158 154 161 162 163 164 167 158 1955 170 172 180 181 187 191 186 198 199 202 202 204 190 1956 203 198 204 203 207 206 General industrial 1947 92 91 93 94 94 95 92 96 98 100 98 100 95 1948 100 98 102 101 103 105 101 106 107 107 106 107 104 1949 106 103 104 101 99 99 96 102 102 97 99 104 101 1950 105 103 107 109 113 116 113 122 123 127 126 125 116 1951 126 123 128 128 131 132 128 134 132 137 135 134 131 1952 135 131 135 134 133 127 122 136 142 146 145 148 136 1953 147 146 153 155 155 157 154 157 155 154 147 145 152 1954 147 144 149 148 147 151 146 153 153 154 154 156 150 1955 158 160 167 167 172 174 169 180 181 183 183 184 174 1956 183 178 184 183 187 186 Atomic energy 1947 90 89 86 84 90 89 90 90 92 94 97 98 91 1948 100 98 97 97 94 94 99 100 98 106 104 105 99 1949 106 103 100 101 100 101 99 99 115 129 132 130 110 1950 109 105 104 103 103 101 100 101 103 109 117 127 107 1951 133 141 142 145 141 141 139 158 199 242 270 292 179 1952 300 308 309 309 309 312 312 317 319 326 343 354 318 1953 388 432 462 476 511 550 609 684 696 740 764 788 593 1954 821 851 883 958 1042 1068 1135 1199 1241 1321 1403 1531 1124 1955 1625 1687 1793 1933 2094 2227 2344 2440 2493 2596 2656 2710 2221 1956 2700 2700 2710 2720 2720 2720 Commercial and other 1939 56 53 52 51 50 52 52 54 55 56 57 60 54 1940 62 59 57 56 55 55 56 58 58 60 62 65 59 1941 68 64 63 61 60 61 63 65 65 67 69 72 65 1942 79 74 72 69 68 69 71 74 74 75 76 80 73 1943 80 78 76 75 75 76 78 80 81 82 84 89 79 1944 86 84 85 82 79 78 78 80 79 79 80 82 81 1945 85 81 78 76 77 80 81 83 79 80 79 83 80 1946 85 82 81 80 79 79 82 85 83 83 83 87 82 1947 90 89 88 88 88 89 91 95 96 94 94 100 92 1948 103 98 100 96 94 95 101 104 105 103 102 109 101 1949 107 103 103 101 99 103 110 114 112 108 110 115 107 1950 119 116 118 117 117 121 126 129 130 125 125 127 123 1951 134 130 130 132 129 134 141 148 147 139 138 140 137 1952 144 140 140 137 137 146 157 161 161 151 145 148 147 1953 150 144 145 147 146 153 164 170 169 159 152 154 155 1954 158 152 154 154 154 162 176 182 181 172 165 168 165 1955 167 166 169 170 169 176 189 202 201 187 179 183 180 1956 186 183 184 183 182 194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1069 INDEX OF ELECTRICITY AND GAS OUTPUT UTILITY OUTPUT OF ELECTRICITY AND GAS (cont.) Indexes, without Seasonal Adjustment, 1947-49 Average = 100 Series and Year First quarter Second quarter Third quarter Fourth quarter Year GAS—TOTAL 1939 64 44 33 49 47 1940 72 47 35 54 52 1941 73 50 38 58 54 1942 84 55 41 65 61 1943 89 61 45 70 66 1944 92 67 49 72 70 1945 102 69 50 74 74 1946 108 70 52 87 78 1947 126 85 59 93 91 1948 147 90 65 105 102 1949 153 96 68 113 108 1950 173 119 78 132 126 1951 208 132 87 152 145 1952 226 138 92 171 157 1953 238 152 98 172 165 1954 263 161 108 193 181 1955 292 170 115 212 197 1956 324 200 Residential 1939 72 44 28 49 48 1940 81 48 30 54 53 1941 79 48 30 56 53 1942 92 54 34 64 61 1943 95 58 35 67 64 1944 97 64 37 68 66 1945 107 63 39 73 70 1946 119 67 42 81 77 1947 145 84 44 93 92 1948 170 87 46 101 101 1949 177 93 48 111 107 1950 199 118 54 132 126 1951 246 129 58 156 147 1952 265 136 59 170 157 1953 278 148 63 166 164 1954 311 156 68 192 182 1955 350 162 73 222 201 1956 393 203 Industrial 1939 48 47 50 55 50 1940 54 51 54 59 54 1941 60 61 64 69 64 1942 64 64 66 72 67 1943 75 75 79 81 77 1944 79 82 85 87 83 1945 82 85 84 78 83 1946 73 81 90 88 83 1947 80 91 96 92 90 1948 86 103 110 110 102 1949 96 108 112 116 108 1950 115 129 136 140 130 1951 130 148 154 150 145 1952 146 155 166 170 159 1953 160 172 179 180 173 1954 176 184 197 197 188 1955 182 198 209 200 197 1956 200 220 Commercial and other 1939 58 37 28 45 42 1940 64 37 29 48 44 1941 63 39 31 51 46 1942 79 47 37 62 56 1943 84 52 42 67 61 1944 91 58 46 69 66 1945 109 70 48 71 74 1946 110 66 44 75 75 1947 127 77 56 96 89 1948 154 78 68 111 103 1949 152 91 74 116 108 1950 167 107 78 120 118 1951 189 122 92 142 136 1952 201 119 100 178 150 1953 209 133 102 182 157 1954 228 140 110 188 167 1955 262 155 114 197 182 1956 276 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Current Events and Announcements FEDERAL RESERVE MEETINGS cember 31, 1958. Mr. Briggs is Executive Vice Meetings of the Federal Open Market Committee President of the Consumers Power Company and were held in Washington on September 25, and succeeds Mr. Carl E. Allen, Jr., who became October 16, 1956. President of the Federal Reserve Bank of Chi- A meeting of the Presidents of the Federal Re- cago on October 1. serve Banks was held in Washington on September The Board also announced the appointment of 26, and on September 27 the Presidents met with Mr. J. Stuart Russell, of Des Moines, Iowa, as the Board of Governors. Deputy Chairman of the Federal Reserve Bank of Chicago for the unexpired portion of a term RESIGNATION OF MR. NEAL AS FIRST VICE PRESI- ending December 31, 1956. Mr. Russell is Farm DENT OF THE FEDERAL RESERVE BANK OF BOSTON AND APPOINTMENT OF MR. LATHAM AS HIS SUC- Editor of The Des Moines Register & Tribune. CESSOR He succeeds Mr. Carl E. Allen, Jr., in the latter's Mr. Alfred C. Neal, who had been serving as First capacity as Deputy Chairman. Vice President of the Federal Reserve Bank of APPOINTMENT OF BRANCH DIRECTOR Boston since March 1, 1951, resigned effective September 10, 1956. He became associated with On September 12, 1956, the Federal Reserve Bank the Reserve Bank on December 3, 1945, and had of San Francisco appointed Mr. Joe D. Paxton a been serving as an officer since January 13, 1947. director of its Los Angeles Branch for the un- Mr. E. O. Latham, who has been associated expired portion of a term ending December 31, with the Federal Reserve Bank of Boston since 1957. Mr. Paxton is Chairman of the Board of April 1, 1926, was appointed First Vice President the County National Bank and Trust Company effective October 1, 1956, to succeed Mr. Neal. of Santa Barbara, Santa Barbara, California. As Mr. Latham was appointed an officer of the Bank Branch director he succeeds Mr. Hugh C. Gruon January 1, 1945, and had been serving as Vice well, who died recently. President since May 1, 1947. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM APPOINTMENTS OF CLASS C DIRECTOR AND DEPUTY CHAIRMAN The following State bank was admitted to mem- On October 1, 1956, the Board of Governors bership in the Federal Reserve System during announced the appointment of Mr. Robert P. the period August 16, 1956 to September 15, Briggs, of Jackson, Michigan, as a Class C di- 1956: rector of the Federal Reserve Bank of Chicago Colorado for the unexpired portion of a term ending De- Fruita. . Fruita State Bank, Fruita, Colorado Law Department Administrative interpretations, new regulations, and similar material Extension of Time for time within which any bank holding company Registration by Bank Holding Companies shall register with the Board under such Act un- Pursuant to section 5(a) of the Bank Holding til not later than January 15, 1957, or 180 days Company Act of 1956 and section 3 of Regula- after a company becomes a bank holding comtion Y, the Board of Governors has extended the pany, whichever is later. 1070 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication October 16 Industrial activity in September regained the cars picked up further, and in early October, with record rate of late 1955. Employment was close industry-wide model changeovers being completed, to earlier highs, unemployment declined some- assemblies were beginning to increase. Prowhat further, and incomes continued to rise. duction of household durable goods and of build- Retail sales were below the record August volume. ing materials was maintained at advanced levels Farm crop prospects improved further during in September. September. From mid-September to mid-October, Activity in nondurable goods industries inaverage wholesale prices of industrial commodi- creased slightly, reflecting mainly gains in the ties continued to rise. Expansion in bank loans rubber products and apparel industries. Activity continued. at textile mills has strengthened somewhat re- INDUSTRIAL PRODUCTION cently, and output of other nondurable goods has continued in large volume. The seasonally adjusted index of industrial production increased further in September to 144 CONSTRUCTION per cent of the 1947-49 average, the record level Expenditures for new construction in September reached in late 1955. Most of the 2-point rise continued at the record seasonally adjusted anfrom the revised August level was attributable nual rate of $44.5 billion reached in July. Prito sharp further expansion in steel production vate dwelling units started, seasonally adjusted, and iron ore mining. declined to an annual rate of one million units Steel mill operations reached 99 per cent of after remaining relatively stable for a number capacity in September, and in early October they of months at a rate of 1.1 million. Value of were scheduled almost 3 per cent higher and construction contracts awarded declined slightly at a new record tonnage rate. Activity in metal from the high August total to about the yearfabricating industries increased slightly further, earlier level. reflecting mainly continued expansion in indus- EMPLOYMENT trial machinery and other producers' equipment Seasonally adjusted employment in nonagrilines. Auto assemblies declined considerably in cultural establishments in September, at 51.6 mil- September but output of parts for new-model lion, was somewhat below the record August level INDUSTRIAL PRODUCTION but remained more than a million higher than 1947-49=100 a year earlier. Average weekly earnings at factories rose to a new record level of $81.00 as the average workweek increased more than seasonally to 40.5 hours and average hourly earnings rose by two cents to $2.00. Unemployment declined to two million in September and was somewhat below year-ago levels. DISTRIBUTION Seasonally adjusted retail sales in September declined moderately from their record August rate to about their year-ago level. Sales at department stores continued at the advanced rate of the previous two months. Auto sales declined in September, but, with production at its model- Federal Reserve indexes, seasonally adjusted. Monthly fig- changeover low, dealer stocks of new autos were ures, latest shown are for September. 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1072 FEDERAL RESERVE BULLETIN • OCTOBER 1956 reduced one-third further to a level one-tenth trade concerns bulked largest in the business loan under a year ago. Seasonally adjusted stocks at growth, but public utilities and petroleum and department stores rose somewhat further in Au- chemicals concerns were also heavy borrowers. gust to a level 9 per cent above a year ago. Loans to sales finance companies declined. During the three weeks ending October 10, COMMODITY PRICES as in the previous three weeks, member bank Average prices of industrial commodities con- borrowings from the Federal Reserve averaged tinued to rise from mid-September to mid-October. about $800 million and exceeded excess reserves Prices of coal, fuel oil, paints, paper, chemicals, by about $200 million. Federal Reserve holdand textiles have advanced in recent weeks, and ings of U. S. Government securities showed little price increases have been announced for addi- net change from early September to early Octotional business equipment items and consumer ber, as sales in mid-September were offset by appliances, and for new model autos. Farm prod- subsequent purchases. uct prices have declined somewhat, reflecting mainly decreases in livestock as marketings have SECURITY MARKETS been expanding seasonally. Corn prices also de- From mid-September to mid-October, yields clined, as they customarily do during the harvest on long-term Treasury bonds declined moderately season. and those on intermediate-term securities declined BANK CREDIT AND RESERVES sharply. Yields on 90-day Treasury bills also declined during late September and early October Total loans and investments at city banks debut, in the second week of October, rose above clined slightly between early September and early 3 per cent for the first time since 1933. The October, as sales of U. S. Government securities latter advance was associated with the auction exceeded a further increase of $500 million in of $1.6 billion of special Treasury bills for cash loans. Business borrowing accounted for most on October 10. Yields on corporate and State of the loan expansion, although real estate and and local government bonds were relatively stable security loans also increased. Seasonal borrowduring the latter part of September and early ing by food processors, commodity dealers, and October. Common stock prices increased in early PRICES' October, after declining further in late September. 1947 -49*100 WHOLESALE LOANS AND INVESTMENTS - MEMBER BANKS IN LEADING CITIES Billions of dollars OTHER . _ t ^/^ ALL COMMODITIES FARM PRODUCTS "V*"' V\^ - : 1 ! 1 , . 1 -~ CONSUMER ALL ITEMS FOODS ** ' ' "" , 1 ! 1 ,, , 1 ^_,_ Bureau of Labor Statistics indexes. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: August for Federal Reserve data. Weekly figures, latest shown are for consumer prices, and September for wholesale prices. October 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. . 1075 Reserve Bank discount rates; reserve requirements; margin requirements 1076 Federal Reserve Banks. 1079 Bank debits; currency in circulation. . . . 1082 All banks: consolidated statement of monetary system; deposits and currency 1084 All banks by classes. 1085 Commercial banks, by classes 1088 Weekly reporting member banks. 1090 Commercial loans; commercial paper and bankers' acceptances 1092 Interest rates. . . ... 1093 Security prices; stock market credit. 1094 Savings institutions. 1095 Federal credit agencies. 1096 Federal finance. 1098 Security issues 1102 Business finance 1103 Real estate credit. 1105 Short- and intermediate-term consumer credit 1108 Selected indexes on business activity. 1112 Production 1113 Employment and earnings 1120 Department stores 1122 Foreign trade... 1123 Wholesale and consumer prices 1124 National product and income series 1126 Index to statistical tables 1155 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating to for gold stock, currency in circulation, Federal financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Wednesday figures, 1949-1950, weekly averages or daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 7r | CAEICX3C3E SKSC 3RCEKSVECR3V ES | ^ 2 0 35 30 25 20 TREASURY CASH AND DEPOSITS LNONMEMBER DEPOSITS i 0 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS !» - A . DISCOUNTS AND ADVANCES - 2 [ I | | FEDERAL RESERVE FLOAT I T ] % 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending September 26. See p. 1075. 1074 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r a u c H r e g n h i p t r e a d i u e l e s e d e r s e r - - c v D o a a a n n u i d s d c n - - e ts s Float Total' s G t o o l c d k T s r c o e t u i r a u n n u e r n r g y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s - s- Tr u w e r a i y t s h - r F es F . e e o i R r g r v . - n e B s, a O nk th s er c O F o a t . u c h R n - e . t r s Total r q e u s R i e e r r e - v d es 2c E es x s - 2 ment Averages of daily figures 1955 Aug. 3 24,044 23,982 781 802 25,638 21,682 5,003 30,237 803 638 422 412 900 18,910 18,320 590 Aug. 10 24,055 23,983 888 627 25,584 21,682 5,003 30,285 800 646 434 396 885 18,824 18,163 .661 Aug. 17 23,891 23,891 796 79425,495 21,682 5,003 30,336 797 507 474 400 910 18,757 18,155 602 Aug. 24 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 946 18,673 18,100 573 Aug. 31 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 94618,614 18,130 484 Sept. 7 23,826 23,761 65 865 68725,401 21,682 5,005 30,436 806 447 379 393 943 18,685 18,111 574 Sept. 14 23,813 23,744 69 918 882266 25,577 21,682 5,006 30,520 803 431 419 400 94218,750 18,142 608 S S e e p p t t . . 2 2 8 1 2 2 3 3 , ,5 5 9 6 8 4 2 2 3 3 , ,5 5 8 6 7 4 "ii 9 7 0 6 1 8 1, 9 26 6 3 0 2 2 5 5 , , 4 61 7 3 8 2 2 1 1 , , 6 6 8 8 3 3 5 5 , , 0 0 0 0 6 6 3 3 0 0 , ,4 3 0 2 1 3 7 7 9 8 4 7 6 5 9 7 3 9 3 37 7 0 7 3 3 8 9 6 4 9 99 9 0 0 1 1 8 8 , , 7 6 6 1 7 8 1 1 8 8 , , 1 1 9 3 1 4 4 5 8 7 4 6 Oct. 5 23,844 23,727 117 843 816 25,525 21,684 5,007 30,428 791 525 381 390 999 18,700 18,189 511 Oct. 12 23,911 23,792 119 909 874 25,714 21,684 5,007 30,552 788 514 383 429 1,011 18,728 18,175 553 Oct. 19 24,021 23,916 105 1,041 1,088 26,169 21,685 5,007 30,621 777 534 391 409 1,001100 19,119 18,494 625 Oct. 26 23,973 23,973 771 985 25,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov. 2 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9 24,024 24,024 1,144 776 25,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16 24,068 24,018 50 1,173 ,013 26,272 21,686 5,008 30,794 774 613 400 564 938 18,883 18,302 581 Nov. 23 23,888 23,888 816 486 26,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30 24,001 23,903 "98 973 019 26,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 957 26,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 989 18,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,746 27,101 21,689 5,008 31,364 772 401 469 336 010 19,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 ,012 19,487 18,804 683 1956 Jan. 4 24,785 24,391 394 584 1,539 26,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,887 577 Jan. 11 24,308 24,191 117 801 1,24226,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18 23.804 23,802 2 922 1,125 "25,872 21,692 5,008 30,632 786 360 417 321 920 19,136 18,543 593 Jan. 25 23,517 23,517 815 1,,128 25,480 21,692 5,009 30,361 793 385 388 318 919 19,017 18,494 523 Feb. 1 23,416 23,414 999 814 25,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8 23,423 23,423 822 840 25,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15 23,349 23,349 976 832 25,174 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22 23,389 23,333 56 622 1,333 25,360 21,694 5,011 30,210 794 557 362 366 1,02618,749 18,175 574 Feb. 29 23,435 23,384 51 758 880 25,089 21,695 5,012 30,181 792 542 354 306 1,02518,596 18,137 459 Mar. 7., 23,518 23,426 92 749 835 25,118 21,695 5,011 30,202 783 461 360 327 1,02318,670 18,137 533 Mar. 14. 23,505 23,410 95 975 812 25,308 21,717 5,011 30,276 779 564 360 346 1,02118,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 1,069 1199,204 18,587 617 Mar. 28., 23,508 23,495 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 1,06919,028 18,455 573 13 Apr. 4 23,634 23,587 986 1,022 25,658 21,716 5,017 30,321 784 560 347 444 1,07518,860 18,322 538 Apr. 11 23,521 23,518 47 1,119 M' 25,481 21,727 5,016 30,300 782 508 328 307 1,08218,917 18,284 633 Apr. 18 23,399 23,377 1,109 25,497 21,741 5,018 30,290 785 531 347 313 1,08118,909 18,318 591 Apr. 25 23,282 23,282 22 1,061 1,017 25,374 21,742 5,019 30,155 782 569 335 331 1,07818,884 18,344 540 May 2. 23,299 23,243 56 1,089 864 25,266 21,743 5,023 30,181 786 575 338 385 99818,767 18,359 408 May 9. 23,352 23,252 100 1,114 844 25,325 21,768 5,025 30,296 781 555 334 321 98218,848 18,295 553 May 16. 23,279 23,226 53 1,066 937 25,298 21,769 5,026 30,359 789 563 378 314 98018,710 18,241 469 May 23. 23,210 23,200 10 946 1,139 25,310 21,770 5,028 30,317 781 594 319 310 98018,809 18,275 534 May 30. 23,412 23,359 53 732 8~3~5~ 24,99521,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6 23,503 23,406 97 894 906 25,320 21,782 5,032 30,505 782 429 305 310 983 18,819 18,217 602 June 13 23,516 23,491 25 747 970 25,251 21,796 5,033 30,542 779 398 332 299 982 18,749 18,233 516 June 20 23,492 23,492 764 1,507 25,779 21,798 5,033 30,541 774 535 331 317 998 19,116 18,500 616 June 27 23,478 23,452 "26 756 1,36925,621 21,799 5,033 30,485 781 570 297 290 1,000 19,030 18,435 595 July 4 23,791 23,748 43 644 1,23125,685 21,806 5,032 30,765 773 493 298 298 993 18,902 18,430 472 July 11 23,836 23,826 10 880 169 25,903 21,826 5,031 30,923 770 437 309 290 990 19,040 18,285 755 July 18 23,490 23,487 3 849 1,412 25,769 21,827 5,031 30,808 768 595 320 278 987 18,869 18,240 629 July 25 23,408 23,408 573 1,393 25,393 21,828 5,032 30,632 773 556 288 267 994 18,744 18,187 557 Aug. 1 23,418 23,418 690 1,046 25,172 21,829 5,034 30,575 772 519 284 273 l,02l'l8,591 18,115 476 Aug. 8 23,418 23,418 917 829 25,182 21,855 5,035 30,633 769 530 319 284 949 18,588 18,018 570 Aug. 15 23,439 23,418 21 960 837 25,254 21,856 5,036 30,681 773 539 335 277 94718,593 18,014 579 Aug. 22 23,574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 944 19,117 18,464 653 Aug. 29 23,622 23,592 30 935 829 "2"5,404 21,857 5,041 30,618 776 481 318 282 944 18,883 18,375 508 Sept. 5. 23,849 23,818 31 796 787 25,454 21,861 5,042 30,786 771 427 379 251 943 18,800 18,357 443 Sept. 12. 23,858 23,829 29 1,012 045 25,934 21,883 5,042 30,910 770 518 381 252 941 19,088 18,394 694 Sept. 19. 23,691 23,673 18 654 489 25,852 21,883 5,043 30,810 771 453 345 235 945 19,220^18,503 Sept. 26. 23,576 23,555 21 705 394 25,694 21,884 5,044 30,714 774 651 331 219 951118,980^18,440 P717 Preliminary. For other footnotes see following page. 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1076 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B r o o o i v u g u t h t g . - t h se t cu r a u c H r e g h n i p r t e a d u i e l e s e d e r e s r - - c v D o a a a u n n d is n c d - - e ts s Float Total s G to o c ld k T r s o c t e u i r a u n u n r e n r g t c y a - - d y s- - r c C t c e u i i u i n o n l r a r c n - - y - T h c i u n o r a r e l s g d y a h s - s- Tr w e i a t s h - r F e F s e . e i o R g r r v n . - e B s, a O n t k h s er c O F o a . t u h c R n - e t r . s Total r q e u s R e ir r e e v d es 2 c E es x s - 2 ment Averages of daily figures 1955 Sept.. 23,709 23,668 41 872 924 25,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct.., 23,951 23,881 70 895 92625,792 21,685 5,008 30,532 781 509 390 403 ,00018,870 18,345 525 Nov.. 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 93718,902 18,378 524 Dec.. 24,60r 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan.. 23,897 23,824 808 1,15225,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 Feb. 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Mar 23,522 23,449 993 987 25,517 21,711 5,013 30,256 783 532 349 350 1,04818,924 18,340 584 Apr. 23,410 23,393 1,060 ,411 21,735 5,018 30,245 783 545 338 338 1,06718,847 18,320 527 May. 23,322 23,262 971 ,237 21,768 5,028 30,322 785 556 331 322 982'18,735 18,268 467 June. 23,522 23,486 770 206 25,516 21,795 5,033 30,536 778 485 315 304 99118,933 18,359 574 July. 23,580 23,573 738 25,599 21,826 5,032 30,751 771 521 300 280 99918,836 18,237 599 Aug.. 23,530 23,488 898 910 25,357 21,855 5,038 30,650 774 504 318 275 94618,783 18,224 559 Sept.. 23,728 23,695 792 1,19825,737 21,880 5,043 30,803 772 523 356 237 94619.024 Midyear or year-end 1929—June.... 216 148 68 1,037 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June ... 1,998 1,998 164 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941_Dec. ... 2,254 2,254 3 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945_Dec 24,262 24,262 249 578 25,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 ,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 93526.880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—Dec 24,932 24,888 44 143 25,885 21,713 4,985 30,509 796 563 490 441 18,876 18,618 258 1955—June.... 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 972 18,066 18,139 -73 End of month 1955 Sept 23,834 23,729 105 603 792 25,250 21,684 5,006 30,422 787 554 385 379 990 18,423 18,212 211 Oct 24,024 24,024 706 683 25,430 21,686 5,008 30,559 776 484 402 396 94118,565 18,393 172 Nov 24,256 23,991 265 618 883 25,776 21,688 5,008 30,993 778 477 408 412 93118,474 18,417 57 Dec 24,785 24,391 394 108 ,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 Jan 23,466 23,466 852 78625,122 21,693 5,009 30,228 797 428 355 349 91918,750 18,311 439 Feb 23,482 23,426 56 632 79124,920 21,695 5,012 30,163 789 554 363 305 1,02518,428 18,162 266 Mar 23,636 23,587 49 872 1,238 25,761 21,716 5,020 30,339 777 534 354 623 1,06918,799 18,276 523 Apr 23,345 23,245 100 1,204 7~4 4"25,307 21,743 5.025 30,210 783 578 330 404 98418,784 18,325 459 May 23,474 23,360 114 1,160 726 2255,377 21,772 5,030 30,513 779 515 307 309 98318,773 18,204 569 June 23,758 23,712 46 232 1,21025,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 July 23,438 23,438 452 95924,868 21,830 5,035 30,604 761 513 308 288 95018,308 18,104 204 Aug 23,854 23,828 832 77125,480 21,858 5,041 30,757 768 422 350 252 943 18,888 18,377 511 Sept 23,680 23,590 664 1,12525,487 '21,884'5,046"30,762 535 334 227 950 18,831 18,413 "418 Wednesday 1956 July 4 3,863 23,839 570 1,29325,745 21,824 5,031 30,879 773 449 291 287 990 18,930 18,382 548 July 11 13,651 23,649 653 1,150 2255,471 21,827 5,031 30,850 762i 494 326 285 988 18,623 18,268 355 July 18 13,484 23,484 452 1,47525,429 21,828 5,031 30,704 774' 477 289 274 986 18,784 18,276 508 July 25 13,367 23,367 461 1,08124,927 21,829 5,034 30,533 779 591 262 261 1,049 18,315 18,161 154 Aug. 1 3,418 23,418 422 96124,819 21,829 5,034 30,571 773 505 295 267 950 18,322 18,089 233 Aug. 8 3,418 23,418 717 679 24,832 21.855 5,035 30,647 773 561 277 273 94818,243 18,002 241 Aug. 15 :3,565 23,418 147 832 95425,369 21.856 5,036 30,654 783 552 289 277 946:18,762 18,055 707 Aug. 22 3,544 23,544 806 94025,308 21,857i 5,040 30,611 782 554 304 252 944 18,759 18,462 297 Aug. 29 3,696 23,696 470 706 24,892 21,857 5,042 30,630 781 490 362 264 944,18,320 18,364 -44 Sept. 5 13,863 23,828 35 688 85225,423 21,883 5,041 30,8*94 778 409 444 240 942*18,641 18,361 280 Sept. 12 13,829 23,829 604 [,063 25,515 21,883 5,042 30,847 781 554 376 243 940 18,700 18,425 275 Sept. 19 13,586 23,586 413 [,471 25,488 21,884 5,043 30,745 111 326 355 220 955,19,037^18,535 *502 Sept. 26 13,593 23,553 40 573 [,060 25,243 21,884 5,046 30,661 780 583 331 212 951:18,656"18,429 P227 p Preliminary. separately in this table, but are given for end-of-month and Wednesdayi Includes industrial loans and acceptances; these items are not shown dat 2 e s T h in e s s e u f b i s g e u q r u es e n a t r e t a e b s l t e i s m o a n te F d. ederal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 1077 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.* In millions of dollars] Centralreserve Central reserve Item and period b m a A b e n e l m r l ks - Ne c w ity ban C ks hi- b s R c e a i r n e t v - y k e s C ba o tr n u y k n s - Item and period b m A a b e n e l m r l k - s Ne c w ity ban C ks hi- b s c R e a i r n e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1955—Aug 18,728 4,286 1,140 7,737 5,565 1955—Aug 577 10 514 Sept 18,711 4,262 1.129 7,738 5,583 Sept 564 14 487 Oct 18,870 4,316 1,127 7,823 5,604 Oct 524 1 460 Nov 18,902 4,257 1,144 7,840 5,660 Nov 525 14 470 Dec 19,240 4,432 1,166 7,924 5,716 Dec 594 35 497 1956—Jan 19,138 4,293 1,178 7,934 5,732 1956—Jan 552 -24 505 Feb 18,709 4,196 1,138 7,753 5,623 Feb 533 11 452 Mar 18,924 4,372 ,137 7,796 5,619 Mar 585 28 470 Apr 18,847 4,287 1,105 7,814 5,641 Apr 527 -12 476 May 18,734 4,264 ,119 7,775 5,577 May 467 10 406 June 18,933 4,354 1,133 7,784 5,662 June 575 13 479 July 18,836 4,237 ,129 7,796 5,675 July 599 12 496 Aug 18,783 4,236 1,130 7,783 5,633 Aug 559 10 469 Week ending: Week ending: 1956—Aug. 22 19,117 4,349 1.145 7,851 5,773 1956_Aug. 22 654 30 64 560 Aug. 29 18,883 4,308 ,151 7,859 5,564 Aug. 29 508 20 96 383 Sept. 5 18,800 4,292 ,141 7,831 5,536 Sept. 5 443 6 77 358 Sept. 12 19,088 4,267 [,127 7,881 5,813 Sept. 12 694 7 93 592 Sept. 19 19,220 4,317 [,125 7,903 5,875 Sept. 19 11 64 P639 Sept. 26 18,980 4,305 1,097 7,874 5,705 Sept. 26 59 Required reserves:2 Borrowings at Federal Reserve Banks: 1955—Aug 18,152 4,277 1,141 7,682 5,052 Sept 18,148 4,248 1,128 7,675 5,096 1955—Aug. 765 149 60 395 161 Oct 18,345 4,316 1,127 7,759 5,144 Sept 849 141 114 472 122 Nov 18,378 4,243 1,142 7,802 5,191 Oct 884 151 137 480 116 Dec 18,646 4,397 1,164 7,865 5,220 Nov 1,016 279 70 538 129 Dec 839 197 85 398 159 1956—Jan 18,586 4,317 ,179 7,863 5,227 Feb 18,177 4,186 ,134 7,687 5,170 1956—Jan 807 174 82 425 126 Mar 18,340 4,344 ,135 7,712 5,149 Feb 799 149 106 402 142 Apr 18,320 4,299 ,106 7,750 5,165 Mar 993 202 258 382 151 May 18,268 4,254 ,117 7,726 5,171 At>r 1,060 155 261 493 151 June 18,359 4,341 ,130 7,706 5,183 May 971 98 155 517 201 July 18,237 4,225 ,127 7,707 5,179 June 769 46 115 434 174 Aug 18,224 4,227 ,129 7,704 5,164 July 738 119 50 433 136 Aug 168 74 461 195 Week ending: 1956_Aug. 22 18.464 4,319 ,145 7,787 5,213 Week ending: Aug. 29 18,375 4,288 ,142 7,764 5,181 1956—Aug. 22 878 175 99 ! 435 169 Sept. 5 18,357 4,286 ,139 7,754 5,178 Aug. 29 935 225 115 395 200 Sept. 12 18,394 4,260 ,125 7,788 5,221 Sept. 5 796 137 58 427 174 Sept. 19 ^18,503 4,306 ,123 7,839 ^5,235 Sept. 12 1,012 314 78 451 169 Sept. 26 ^18,440 4,302 ,102 7,815 ^5,221 Sept. 19 654 178 91 306 79 Sept. 26 705 168 128 328 81 August 1955 Free reserves:2 4 Deposits: 1955—Aug 188 -139 61 341 353 Sept -285 -127 114 409 365 Gross demand deposits: Oct 360 -150 137 416 344 Total 112,510 22,751 6,017 44,267 39,475 Nov -491 -265 67 500 341 Interbank 12,462 3,892 1,200 6,137 1,233 Dec 245 -162 83 - 338 338 Other 100,048 18,859 4, 818 38,130 38,242 Net demand deposits3.... 98,139 20,551 5, 379 38,169 34,040 1956—Jan -255 -198 -83 -353 379 Time deposits 40,206 3; 329 1,301 16,240 19,336 Feb 266 -138 -103 -336 310 Demand balances due Mar 408 -174 -256 -298 319 from domestic banks... 6,227 56 105 1,907 4,159 Apr -533 -167 -262 -429 325 May 504 -88 -153 -468 205 June -194 -33 -111 -356 305 August 1956 July -139 -108 -48 -344 360 Aug 339 -158 -73 -382 274 Gross demand deposits: Week ending: Total 113,540 22,746 6,014 44, 572 40,208 1956—Aug. 22 224 -145 -99 -371 391 Interbank 12,712 4,017 1,215 6, 198 1,282 Aug. 29 427 -205 -106 -299 183 Other 100,828 18,729 4,799 38, 374 38,926 Sept. 5 353 -131 -56 -350 184 Net demand deposits3.... 98,401 20,284 5,319 38, 151 34,646 Sept. 12 318 -307 -76 -358 423 Time deposits 41,565 3,398 1,301 16,744 20,122 Sept. 19 ^64 -167 -88 -242 ^560 Demand balances due Sept. 26 -166 -133 -269 ^402 from domestic banks... 6,217 62 110 1.885 4,160 9 Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. * Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1078 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning— rate Sept. 30 beginning— rate Boston Aug. 28,1956 Aug. 28,1956 WA f4 Aug. 28, 1956 New York... Aug. 24,1956 Aug. 24,1956 Aug. 24, 1956 Philadelphia.. Aug. 24,1956 Aug. 24,1956 3 Apr. 13, 1956 Cleveland Aug. 27,1956 Aug. 27,1956 3 Aug. 27, 1956 Richmond. . . Aug. 24,1956 Aug. 24,1956 3 Aug. 24, 1956 A Ch tl i a c n a t g a o A A u u g g . . 2 2 4 8 , , 1 1 9 9 5 5 6 6 A A u u g g . . 2 2 4 8 , , 1 1 9 9 5 5 6 6 f 3 4 A A u u g g . . 2 2 4 8 , , 1 19 9 5 5 6 6 St. Louis Aug. 28,1956 Aug. 28,1956 4 Aug. 28, 1956 Minneapolis.. Apr. 13,1956 Apr. 13,1956 4 Apr. 13, 1956 Kansas City.. Aug. 31,1956 Aug. 31,1956 4% Aug. 31, 1956 Dallas Aug. 28,1956 Aug. 28,1956 3 4 Aug. 28, 1956 San Francisco Apr. 13,1956 Apr. 13,1956 3 4 Apr. 13, 1956 4 1 Rates shown also apply to advances secured by obligations of Federal ances and of agricultural paper may have maturities not exceeding 6 intermediate credit banks maturing within 6 months. months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand depositsl Time deposits 1930—Feb. 7 4 1942—Oct. 30 Central J D M M u e n a a c y e r . . 2 2 1 4 0 2 4 I* 1 1 1 9 9 9 5 4 4 0 8 6 — — — A A J A a u u p n g g r . . . . 2 2 1 1 1 5 3 2 iW»A Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - 1931—May 8 % 1953—Jan. 16 banks Oct. 9 1954_Feb. 5 WA Oct. 16 |» Apr. 16 WI 1932— J F u e n b e . 2 2 4 6 1955_A A p u r g . . 15 5 WA 1917—June 21 13 10 7 1933— A M p a r r . . 7 3 2 1 1 * /2 N Se o p v t . . 1 9 8 2VA 1 1 9 93 3 6 7 — — A M u a g r . . 1 1 6 2234 15 10% P P O M c a t y . 2 2 6 0 fA 1956— A A u p g r. . 2 1 4 3 2 3 VA May 1 26 8* 1934—Feb. 2 1938—Apr. 16 2234 1937—Aug. 27 In effect Oct. 1, 1956 3 12 5 5 1941—Nov. 1 26 20 1942—Aug. 20 24 14 6 6 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 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 and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 16 7% this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; 1949—May 1,5* 24 21 15 7 7 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1*. 20 14 6 6 Aug. 1,11*.... 8* 13 5 Aug. 16, 18*.... 12 5 Aug. 25 MARGIN REQUIREMENTS 1 Sept. 1 it* [Per cent of market value] 1951— J J a a n n . . 2 1 5 1 , , F 1 e 6 b * . . 1 . * .. . 2 2 3 4 19 1 1 3 4 6 6 20 Feb. 20, Jan. 4, Effec- 1953—July 1,9* 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16,24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1 *. 20 18 12 In effect Oct. 1, 1956... 20 18 12 5 5 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements : For short sales 50 60 70 Minimum 13 10 7 3 Regulation U: Maximum 26 20 14 6 For loans by banks on stocks 50 60 70 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. covo 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). *First-of-month or midmonth dates are changes at country banks,rand other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 1079 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 Sept. 26 Sept. 19 Sept. 12 Sept. 5 Aug. 29 Sept. Aug. Sept. Assets Gold certificate account 20,343,39320,345,394 20.345,393 20.356,392 20.321, 392 2200,343,39120,331,392 2200,153,353 Redemption fund for F. R. notes.. 853,451 853,924 856,636 845,637 847,445 853,452 847,442 840,652 Total gold certificate reserves. 21,196,844 21,199,318 21,202,029 21,202,029 21,168,837 21,196,84321,178,834 20,994,005 F. R. notes of other Banks 383,897 357,990 328,597 290,689 344,123 362,938 320,386 257,594 Other cash 370,387 367,152 358,970 355,671 389,894 377,160 384,831 370,533 Discounts and advances: For member banks 573,273 413,453 603,944 688,277 469,682 663,503 832,102 589.193 For nonmember banks, etc 13,333 Industrial loans 943 906 961 954 901 938 959 700 Acceptances—Bought outright 16,953 16,946 18,460 19,151 18,615 17,287 19,313 17,216 Held under repurchase agreement. 662 2,909 4,156 U. S. Government securities: Bought outright: Bills 664,170 697,620 940,170 940,170 807,520 701,270 940,170 1,007,146 Certificates—Special Other 10,932. 10,932,69910,932,699 10,932,699 10,932,699 10,932,699 10,932,699 ,520,076 Notes 9,153! 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 ,399,536 Bonds 2,801! 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 Held T u o n ta d l e r b o re u p g u h r t c h o a u s tr e i g a h g t reement. 23,5 4 5 0 2 , , 0 5 0 3 0 2 2 . 3,585,982 23,828,53223,82 3 8 4 , , 5 6 3 0 2 0 23,695,882 23,58 9 9 0 , ,2 6 0 3 0 223,82 2 8 5 , , 5 7 3 0 2 0 23; 7 1 2 0 8 5 , , 5 2 0 0 8 0 Total U. S. Government securities. 23,592,532 23,585,982 23,828,53223,863,132 23,695,882 23,679,83223,854,23223,833,708 Total loans and securities 24,183,70124,017,287 24,451,89724,571,514 24,185,742 24,361,56024,709,51524,458,306 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,945 5,886,922 4,941,571 4,101,171 4,146,839 4,651,264 ,675,968 ,953.199 Bank premises 70 7"1',,035 70,653 70,492 70,558 70,952 70,496 59;097 Other assets 282 271, 570 273,734 262,166 249,387 288,300 252,823 150,593 Total assets. 51,433,33152,171,296 51,627,47350,853,75450,555,40251,309,03950,592,87550,243,349 Liabilities Federal Reserve notes 26,462,500 26,519,58326,592,04526,595,89926,415,19926,545,807 26,509,778 26,141,757 Deposits: Member bank reserves 18,655,860 19,036,765 18,699,95018,641,34418,319,89318,830. 18,888,23818,423,112 U. S. Treasurer—general account. 582,577 325,888 553,922 408,597 489,847 534; 421,537 553,587 Foreign 330,542 355,434 376,473 443,833 362,388 334; 349,949 385,321 Other 211,969 220,222 242,607 239,728 263,608 227; 251,608 378,805 Total deposits. 19,780,948 19,938,309 19,872,952 19,733,502 19,435,736 19,927,33219,911,332 19,740,825 Deferred availability cash items 3,885,915 4,416,293 3,878,362 3,249,269 ,440,814 3,526, 2,905,081 161,280 Other liabilities and accrued dividends. 19,686 22,248 18,692 19,856 17,951 18,324 17,249 Total liabilities 50,149,049 50,896,43350,362,05149,598,526 49,309,700 50,018,687 49,344.515 49,061,111 Capital Accounts Capital paid in. 319,553 319,289 318,867 318,207 317,979 319,575 318,153 297,682 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 693,612 693,612 660,901 Surplus (Section 13b). . 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts. 243,574 234,419 225,400 215,866 206,568 249,622 209,052 196,112 Total liabilities and capital accounts. 51,433,33152,171,296 51,627,473 50,853,754 50,555,402 51,309,039 50,592,87550,243,349 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.8 45.6 45.6 45.8 46.2 45.6 45.6 45.8 Contingent liability on acceptances purchased for foreign correspondents , 49,288 50,931 51,604 51,662 51,081 49,263 50,785 27.126 Industrial loan commitments 2,433 2,476 2,423 2,450 2,506 2,416 2,447 2,795 Maturity Distribution of Loans and U.S. Government Securities1 Discounts and advances—total 573,273 413,453 603,944 688,277 469,682 663,503 832,102 602,526 Within 15 days 564,785 407,861 599,706 681,335 462,360 654,465 808,505 578,068 16 days to 90 days 8,470 5,550 4,176 6,851 7,137 9,020 23,412 24,454 91 days to 1 year.. 18 42 62 91 185 18 185 4 943 906 961 954 901 938 959 700 Within 15 days 57 57 1 3 3 11 3 15 16 days to 90 days 5 5 60 62 385 4 64 80 572 535 582 570 91 614 572 498 Over 1 year to 5 years 309 309 318 319 422 309 320 107 Acceptances—total 16,953 16,946 18,460 19,151 19,277 17,287 22,222 21,372 Within 15 days 5,053 6,474 7,158 5,083 4,981 5,897 6,773 7,727 16 days to 90 days 11,900 10,472 11,302 14,068 14,296 11,390 15,449 13,645 ?3,592,532?,3,585,98223,828,53223,863,13223,695,88223,679,83223,854,23223,833,708 Within 15 days 151,150 69,300 121,250 141,630 165,680 211,350 113,780 277,850 16 days to 90 days 6,473,719 6,549,019 6,739,619 6,753,839 641,840 6,500,819 852,090 6,588,195 n,452,065 13,452,065 13,452,065 13,452,065 19,372,764 13,452,065 19,372,76412,452,065 Over 1 year to 5 years . .. . . t,087,127 1,087,127 1,087,127 1,087,127 1,087,127 1,087,127 1,087,127 2,087,127 Over 5 years to 10 years 1,013,614 1,013,614 1,013,614 ,013,614 1,013,614 1,013,614 1,013,614 ,013,614 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1080 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1956 [In thousands of dollars Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificate account 953,957 5,167,5221,064,9611,793,1091,287,767 879,7533,704,782 844,942 358,368 830,041 763,632 2,694,557 Redemption fund for F. R. notes 58,227 183,715 60,111 75,865 67,433 50,173 153,144 42,439 23,124 42,101 25,596 71,524 Total gold certificate reserves. 1,012,184 5,351,2371,125,0721,868,9741,355,200 929,926 3,857,926 887,381 381,492 872,142 789,2282,766,081 F. R. notes of other Banks... 40,340 64,728 50,897 18,773 20,079 49,582 23,974 11,390 17,819 9,199 20,064 36,093 Other cash 29,709 85,838 24,802 37,532 20,368 28,081 48,507 19,906 8,857 13,359 15,516 44,685 Discounts and advances: Secured by U. S. Govt. securities 8,380 138,085 24,505 72,910 67,955 67,510 138,565 25,450 39,730 58,261 19,100 900 Other 320 1,832 Industrial loans 300 592 46 Acceptances: Bought outright 17,287 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,296,628 5,936,9911,417,5252,040,3381,452,3901,212,955 4,115,730 984,867 532,8191,022,139 937,546 2,639,704 Held under repurchase agreement 90,200 Total loans and securities.... 1,305,308 6,182,563 ,442,6222,113,2481,520,665 ,280,4654,254,2951,010,317 572,5951,080,400 958,4782,640,604 Due from foreign banks 1 16 2 2 1 1 3 1 1 1 2 Uncollected cash items 382,136 829,999 293,605 444,638 352,780 326,036 766,126 191,504 118,579 227,857 238,482 479,522 Bank premises 5,352 8,825 4,849 7,534 7,102 3,975 5,909 4,151 4,573 4,198 3,482 11,001 Other assets 15,629 71,164 16,859 25,021 17,568 15,542 51,916 11,728 6,468 12,288 12,030 32,087 Total assets. 2,790,65912,594,360 2,958,708 4,515,722 3,293,763 2,633,608 9,008,656 2,136,3781,110,384 2,219,4442,037,282 6,010,075 Liabilities F. R. notes 1,572,936 6,117,8581,719,7712,475,728 2,076,6191,318,169 5,,139,263 ,177,230 496,4141,050,602 709,057 2,692,160 Deposits: Member bank reserves. 792,317 5,219,848 874,5111,487,909 810,926 927,6333,036,672 703,300 443,491 895,377 999,073 2,639,853 U. S. Treasurer—general account , 49,447 51,515 46,224 46,938 43,748 42,465 50,416 28,270 29,849 33,728 42,720 69,649 O Fo th re e i r gn , 1 4 8 , , 8 7 2 6 2 2 2106,993 22,896 28 1 , , 9 16 3 4 8 1 3 6 , , 4 2 3 18 5 13,992 44,5 8 2 8 0 9 1 7 2 , , 6 0 9 8 5 4 7 1 , , 9 15 5 3 0 12,084 16 1, , 2 2 4 1 5 8 4 3 2 3 , , 9 41 9 5 9 152,052 9,650 1,224 1,055 Total deposits 865,348 5,530,408 953,2811,564,949 874,327 985,314 3,132,497 751,349 482,443 942,244 ,059,256 2,785,916 Deferred availability cash items 274,033 585,830 193,579 356,954 273,031 269,374 546,639 156,565 98,121 174,323 205,046 392,749 Other liabilities and accrued dividends 2,351 4,811 800 2,069 1,034 981 3,024 616 577 644 600 1,797 Total liabilities 2,714,66812,238,907 2,867,4314,399,700 3,225,0112,573,8388,821,423 2,085,7601,077,555 2,167,813 ,973,959 5,872,622 Capital Accounts Capital paid in 16,391 92,089 20,478 30,384 14,630 15,037 43,315 10,931 7,098 12,872 17,559 38,791 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,012 30,841 101,894 27,649 17,586 25,960 33,847 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 14,922 60,218 16,819 22,069 15,761 13,130 40,595 11,517 7,072 11,662 10,610 25,247 Total liabilities and capital accounts , 2,790,65912,594,360 2,958,708 4,515,722 3,293,763 2,633,608 9,008,656 2,136,3781,110,384 2,219,444 2,037,282 6,010,075 Reserve ratio 41.5% 45.9% 42.1% 46.3% 45.9% 40.4% 46.6% 46.0% 39.0% 43.8% 44.6% 50.5% Contingent liability on acceptances purchased for foreign correspondents 2,920 313,920 3,564 4,504 2,525 2,178 6,930 1,881 1,237 1,881 2,525 5,198 Industrial loan commitments.. 39 145 104 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $35,343,000 participations of other Federal Reserve 2 After deducting $227,052,000 participations of other Federal Reserve Banks Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1081 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS fin thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month item 1956 1956 1955 Sept.26 Sept. 19 Sept. 12 Sept 5 Aug. 29 Sept. Aug. Sept. F. R. notes outstanding (issued to Bank) . 27,512,17327,518, 52327,491,68511,425,10727,365,86327,512,65127,380,01727,051,952 Collateral held against notes outstanding: Gold certificate account 1! 568,000 If,568, 00011,548,00011,498 00011,498,000 00011,498,000 11,363 000 Eligible paper 74,786 56,076 84,767 138,847 112,402 108,216 208.677 239,988 U S Government securities 17,135,000 17,135,000 17,135,00016,985,000 16,985,00017,135,000 16,985,' 00016,935,000 Total collateral 28,777,786 28,759, 076 28,767,767 28,621, 847 28,595,40228,811,216 28,691,67728,537,988 EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1956 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,635 1176 369,7811,799,6732,557,819 2,135,153 1,365,8285,209,746 1,234,322 549,1731,082,242746,045 2,827,752 Collateral held: Gold certificate acct.. 580 000 2 870,000 6501,,0001090,000 895,000 500,000 2,300,000 450,000 150,000 300,000 283,000 500,000 Eligible paper 24,505 25,450 58,261 U. S. Govt securities. 1,200,0003,606,666 i,200,0001,550,000 1,300,000 1,000,0003,100,000 900,000 460,000 800,000 525,000 5oo;666 Total collateral 1,780,0006,470,0001,874,5052,640,000 2,195,000 1,500,000 5,400,000 1,375,450 610,000'1,158,261808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V i [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n o t o h r f N b u A e m r a p p - t p o p l i r c d o A a a v t t m e i e o d o n u s nt (a b p p m c u r l A e o o t o t p v m e n u - e d o - n d t t i ) s ( t a a L m n o o d o u a i u t n n - n g s t 2 ) ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) s ( o i a t n p P f t a u m g a a n o f t t i r i o d u i i n t o n o i i u t a c n n - s n n n i t g s s - c i t - ) s - y E m e n a o d r n o t o h r f N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n n v u a o t d d a t e m m s r i d e e l t r r i e a a o o t n b a n i w u g o g l t d n e s u e n r i t e r a n a t s e r o g l - - 1950 3,698 651,389 4,819 2,632 3,754 3,745 1950 62 31 8 6 8 1951 3.736 710.931 3,513 4,687 6,036 V1,985 1951 854 1,395 675 547 473 1952 3.753 7on.492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953 3 765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 1955 Aug 3,777 825,161 45 586 3.416 1,392 Aug 1,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2; 795 L.230 Sept 1,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 1,224 Oct ,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 [,107 Nov 1,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 1,103 Dec ,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan 1,415 2,581 281 216 178 Feb 3,119 827,529 45 695 2,444 ,152 Feb ,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 1,132 Mar 1,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 1,128 Apr 1,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 ,288 May ,435 2,663 340 256 175 June 3,780 830,116 904 2,565 ,287 June 1,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 ,262 July ,445 2.724 364 273 176 Aug 3,781 830,995 959 2,447 ,273 Aug ,448 2,727 351 262 174 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1082 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect September 30. Per cent per annum] [In effect September 30] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta ra g n e te o e f d in ( b p t y e e r r e c b s e o t n rr t p a o a g w y e a e b r o ) l f e any f e b e c o o r c m r h o m a w r i g e t e m r d ent Bank On On On commit- Portion Re- commitloans 2 ments for which main- ments 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston 4-51/2 Over 95 40-50 40-50 New York..., 583* Philadelphia. . Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta () Chicago 3-51/2 3-51/ St. Louis 31/2-51/2 3-31/ Interest rate Minneapolis. . 3-51/2 Kansas City.. 31/2-51/2 Commitment rate. Dallas 3-51/2 San Francisco 3-51/2 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F u e re d m er e a n l t R a e g se e r n v c e i e B s, a n p k u s r s a u c a t n a t s t f o i sc t a h l e ag D e e n f t e s n o se f t P he r od g u u c a t r i a o n n t ee A in c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of l/i per cent per annum is made on undisbursed portion. 7 Charge of lA per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers 1 centers2 City centers1 centers2 City centers 1 centers2 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1955—July. 161,748 58,904 34,123 68,721 40.7 26.6 20 4 41.7 27.1 20.7 Aug. 167,343 58,980 35,863 72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept. 168,967 62,550 35,126 71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct.. 175,779 67,568 35,803 72,409 44.7 26.5 20 3 46.1 27.3 20.3 Nov. 173,190 63,406 36,876 72,908 45.4 29.0 22 0 45.9 28.6 20.9 Dec. 200,52? 8l;027 40,193 79,303 51.3 28.1 21 6 45.4 26.9 20.5 1956—Jan.. r187,364 69,675 40,718 r76,970 45.7 29.5 21.7 45.5 30.1 21.5 Feb.. r162,107 57,413 35,143 '69,551 41.1 27.5 21.0 42.2 28.2 21.1 Mar. 189,793 73,214 40,132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr.. 176,760 65,715 37,763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 May. 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 June. 186,540 70,733 38,937 76,870 47.0 28.9 21.6 43.5 28.3 21.6 July. 181,284 65,873 38,653 76,757 45.9 29.6 22.4 47.1 30.2 22.7 Aug. 183,819 67,279 38,206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sept. 167,154 61,223 34,057 71,874 44.8 ^27.5 *>22.0 43.7 *27.8 r Revised. 2 338 centers prior to April 1955. v Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENCY 1083 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1 355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20,020 1,404 1 048 65 2 110 6 275 9,119 8,850 2,548 5 070 428 782 5 17 1949 27,600 19,025 1,484 1.066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955_Aug 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept . 30,422 21,489 1,887 1,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 Nov 30,993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Jan 30,228 21 236 1,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 Feb 30,163 21,227 1,900 1,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 9 Mar 30,339 21,419 1,914 1,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr 30 210 21,320 1,922 1,241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 9 May 30,513 ,21,621 1,939 1,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 June . 30 715 21 801 1 948 I 262 74 2,090 6,589 9,838 8,914 2 676 5,505 296 421 3 13 July 30,604 21,709 1,957 1,258 74 2,065 6,514 9,840 8,895 2,674 5,500 294 415 3 8 Aug 30,757 21,838 1,967 I 267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 8 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and 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] Held in the Treasury Currency in circulation1 Held by Kind of currency T s A o ta u t 1 n g a 9 . l d 5 i o 3 6 n u 1 g t , , - A g s a o s s g l i e d a l c v i u n e a r r s n i t d ty Tr c e a a s s h ury B F F a . a n o n R d r k . s B a F g a . a e n n n R d k t . s s Au 1 g 9 . 5 3 6 1, Ju 1 ly 95 3 6 1, Au 1 g 9 . 5 3 5 1, certificates agents Gold 21,858 21,212 2646 Gold certificates 21,212 18,363 2,816 33 33 34 Federal Reserve notes 27 380 70 1 191 26 119 25 975 25 717 Treasury currency—total 5,041 12,406 52 385 4,605 4,595 4,566 Standard silver dollars 489 200 42 6 241 239 226 Silver bullion 2,206 2,206 Silver certificates and Treasury notes of 1890 32 406 289 2,117 2,116 2,144 Subsidiary silver coin 1,322 5 50 1,267 1,262 1,213 Minor coin 467 2 7 458 456 439 United States notes 347 2 31 313 313 317 Federal Reserve Bank notes 146 1 1 144 145 160 National Bank notes 64 (4) (4) 64 64 66 Total Aug 31 1956 C5) 23 618 768 18 363 4 391 30 757 July 31, 1956 (5) 23,600 761 18,336 4,477 30,604 Aug. 31 1955. (5) 23,435 804 18,177 4,288 30,317 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates in table on p. 1076. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States 4 Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasurer of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1084 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM » [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t o c r e u a i u u n n e r n r a t g c y d - - s y - Total Lo n a e n t s, Tot U aJ . S. G m o C v a e o e r n m r c d n ia - m l ent R F e e o d s b e e l r r ig v a a e l tion O s ther O s r e i t t c h i u e e - s r c l a n T i i a a p n e t o n i t b e i t e — t d t i a s a l l - l, c d u e T r a p o r n o e t d s a n i l c ts y C co m a a n u a p n i c e n s i - d t c t t a s . , l savings Banks banks 1929—June 29. 4,037 2,019 58.642 41,082 5,741 5,499 216 26 11.819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941 -Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945 -Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947 -Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950- Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31. 23.187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Dec. 31. 21,713 4,985 210.988 85,730 104,819 77,728 24,932 2,159 20.439 237,686 218.882 18,806 1955—June 30. 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236.552 217,595 18,956 1955—Aug. 31. 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28. 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26. 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30. 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25. 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29. 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28r 21,700 5,000 214,900 101,600 92,600 67,000 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25' 21,700 5,000 214,900 102,500 91,700 66,600 23,300 1,900 20,700 241,700 221,200 20,500 May 30' 21,800 5,000 214,700 103,300 91,000 65,700 23,400 1,900 20,500 241,500 221,200 20,300 June 30. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25" 21,800 5,000 214,900 104,900 89,700 64,500 23,400 1,800 20,400 241,800 221,400 20,400 Aug. 29^ 21,900 5,000 217.000 105,500 90,900 65,400 23,700 1,800 20,600 243,900 223,000 20,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o d n a i s e g e n i - n t t k s, T h c i r u n o a e r l s g a d y h s s - - s m b c a a a o A e v n n m r i t d n k c - i g s a s l B F a . A n t k R s . Total Total m T b C e i a r m o n c m k e ia - s l de M p s b a o a u v s n t i i u n k ts g a s 2 3 s l S S P a y o v s s i t n t e a g m l s m D d a e e n - - d b r C o s a e i u n u n d t c r k e - y - s c a d d u d e e T r a j m p r u o n o e t s a d a s n t n i e l c t d d s y j p m u D a o d s a d e s e t n - - i - e t d d s b r C o s e a i u n u n d c t r k e - y - s 1929—June 29. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947 -Dec. 31. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1952—Dec. 31. 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97,800 26,900 1953—Dec. 31. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99,500 27.200 1954—Dec. 31. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—June 30. 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007 103,234 27,375 131.900 104,900 27,000 1955—Aug. 31. ,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000 103,900 27,300 132,700 105,500 27,200 Sept. 28. ,200 800 4,500 500 209,700 77,700 48,100 27,700 1,900 104,900 27,200 133,300 106,200 27,100 Oct. 26. 200 800 4,900 500 211,300 77,900 48,200 27,800 1,900 106,100 27,300 132,000 104,800 27,200 Nov. 30. ,200 800 4,500 500 212,200 77,400 47,700 27,800 1,900 106,900 27,900 132,900 105,400 27,500 Dec. 31. 167 767 4,038 394 216,577 78,378 48,359 28,129 ',890 109,914 28,285 133,300 105,800 27,500 1956—Jan. 25. too 800 2,300 500 214,400 78,400 48,300 28,300 ,900 108,900 27,100 133,300 106,000 27,300 Feb. 29. 000 800 4,000 600 211,600 78,800 48,500 28,400 ,800 105,600 27.200 132,700 105,400 27,300 Mar. 28. 000 800 6,500 500 210,800 79,300 48,800 28,600 ,800 104,400 27,200 133,100 105,600 27,500 Apr. 25. 000 800 4,400 600 212,400 79,300 48,800 28,700 ,800 106,100 27,000 134,400 107,200 27,200 J M u a n y e 3 30 0 . . 000j 8 76 0 8 0 5 5, , 5 8 3 0 7 0 4 5 0 2 0 2 2 21 1 3 1 , , 6 2 4 0 3 0 7 8 9 0, , 6 6 1 0 5 0 4 49 9 , , 6 0 9 0 8 0 2 2 8 9 , , 9 15 0 2 0 , , 8 7 0 65 0 •1 1 "0 0 "4 4 , , -7 2 •4 0 "4 0 , 2 28 7 , , 2 4 8 0 4 0 * 1 1 3 33 4 , 3 2 0 00 0 1 1 0 0 6 5 , , 7 7 0 0 0 0 2 2 7 7 , 6 5 0 00 0 July 25*> 100! 800 3,600 600 213,300 80,600 49,700 29,200 ,700 105,2001 27,400i 134,400 106,900 27,500 Aug. 29*> 100, 800 5,800 500! 212,800 80,900 49,900 29,300 1,700 104,500! 27,500! 133,600 106,100 27,500 p Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, •Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 1085 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES! [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nK Total Loans o G U t b io l o . i S n v g . t s a . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c b T a i a l a l p o i i n a c t t i - - d i t a e a l s l Total 2 b I a n n te k r 2 - Dema O nd ther Time c c T a o a p o u c t i n - t a a t l s l b N a b u o n e m f r k - s counts 3 U.S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 11V0D5,,935 45,613 10,542 14,553 1947_Dec. 314 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1954_Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14,367 1955—June 30 . 184.253 91.355 71.947 20,951 42.014 229,631 208,850 15,245 5,081 113,034 75,491 17,663 14,309 Aug. 31 186,070 93,940 71,190 20,940 40,610 230,060 207,750 14,570 4^860 112,'49075,830 17,890 14,290 Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712123,239 76,844 18,112 14,243 1956—Jan. 25 189,530 99,600 69,380 20,550 41,170 234,180 211,040 14,550 2,010117,600 76,880 18,160 14,250 Feb. 29 188,700100,360 67,640 20,700 41,430 233,720 210,130 14,060 3,640115,140 77,290 18,360 14,230 Mar. 28r 190,530102,730 67,080 20,720 40,830 234,910 211,140 14,210 6,170112,930 77,830 18,410 14,229 Apr. 25' 190,810103,520 66,580 20,710 40,710 235,070 211,070 14,220 4,110114,910 77,830 18,580 14,224 May 30r 190,640104,430 65,700 20,510 40,800 235,010 210,890 13,690 5,450 113^580 78,170 18,710 14,218 June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 July 25*>r 190,860105,960 64,490 20,410 40,770 235,260 211,250 14,560 3,290114,140 79,260 18,840 14,204 Aug. 29» r 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 5^460 113^050 79,550 18,960 14,207 .411 commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1954—Dec. 31... 155,916 70,619 68,981 16,316 43,559 202.378 184,757 16,809 4,172116,567 47,209 14,576 13.840 1955—June 30 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,242 5,078112.983 48.214 14,906 13,781 Aug. 31 156,680 77,340 62,490 16,850 39,680 199,340 180,200 14,570 4,860112,440 48,330 15,100 13,763 Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48,715 15,300 13,716 1956—Jan. 25 159,410 81,980 60,900 16,530 40,260 202,730 182,720 14,550 2,010117,550 48,610 15,340 13,723 Feb. 29 158,350 82,540 59,170 16,640 40,530 202,040 181,670 14.060 3,640 115,090 48,880 15,510 13,703 Mar. 28 r 159,930 84,690 58,600 16,640 39,940 202,980 182,440 14,210 6,170 112,870 49,190 15,550 13,702 Apr. 25r 160,080 85,290 58,150 16,640 39,880 203,070 182,330 14,220 4,110 114,860 49,140 15,710 13,697 May 30' 159,690 85,960 57,310 16,420 39,970 202,780 181,980 13,690 5,450113,520 49,320 15,820 13,691 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 July 252"- 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290114,110 50,020 15,940 13,677 Aug. 29*> r 161,030 87,470 57,170 16,390 39,730 204,090 183,150 14,460 5,460113,020 50,210 16,040 13,680 411 member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6.873 1954—Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955—June 30 130,788 64.315 52.543 13,930 36.300 169,686 154,670 14,462 4,656 96,742 38,810 12.461 6,611 Aug. 31..... 131,897 66,291 51,642 13,964 35J018 169,535 153,215 13,811 4,424 96,125 38,855 12,617 6,589 Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,783 6,543 1956—Jan. 25 133,999 70,329 50,133 13,537 35,366 172,055 154,952 13,850 1,693 100,360 39,049 12,813 6,540 Feb. 29 133,008 70,812 48,571 13,625 35,697 171,491 154,064 13,384 3,278 98,136 39,266 12,966 6,525 Mar. 28 134,582 72,860 48,084 13,638 35,129 172,455 154,870 13,541 5,620 96,197 39,512 13,005 6,521 Apr. 25 134,643 73,386 47,639 13,618 35,101 172,483 154,715 13,541 3,666 98,037 39,471 13,134 6,517 May 30 134,114 73,930 46,818 13,366 35,279 172,156 154,405 13,044 4,912 96,827 39,622 13,234 6,510 June 30 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 July 25P 133,966 75,005 45,763 13,198 35,160 171,934 154,215 13,874 2,860 97,381 40,100 13,304 6,494 Aug. 29^ 135,22; 75,322 46,581 13,320 35,048 173,210 155,323 13,781 4,921 96,365 40,256 13,393 6,491 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1954—Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955—June 3Q 28.990 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 Aug. 31 29,390 16,600 8,700 4,090 930 30,720 27,550 27,500 2,790 527 Dec. 31..... 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,81 527 1956—Jan. 25 30,120 17,620 8,480 4,020 910 31,450 28,320 (5) 28,270 2,820 527 Feb. 29 30,350 17,820 8,470 4,060 900 31,680 28,460 (5) 28,410 2,850 527 Mar. 28 30,600 18,040 8,480 4,080 890 31,930 28,700 28,640 2,860 527 Apr. 25 30,730 18,230 8,430 4,070 830 32,000 28,740 28,690 2,870 527 May 30 30,950 18,470 8,390 4,090 830 32,230 28,910 28,850 2,890 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 July 25*"- 31,280 18,820 8,300 4,160 850 32,570 29,270 29,240 2,900 527 Aug. 29^ r 31,470 19,060 8,250 4,160 830 32,750 29,370 29,340 2,920 527 »Preliminary. rRevision. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual sayings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1086 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l a p i n i c a t i d i - t - e a s l Total 2 b In a t n e k r- 2 Demand Time c c a o a p u c i n - ta ts l ba b o n e f r ks counts3 U. S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1954—Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955_ A ju u ne g . 3 3 0 1 2 2 3 2 , , 0 9 9 1 9 5 1 1 3 3 , , 0 5 1 9 6 6 7 6 , , 7 95 8 9 2 2 2 , , 3 3 0 6 0 0 7 6 , , 7 9 4 9 8 3 3 3 0 1 , , 5 5 9 5 5 9 2 2 7 6 , , 7 4 9 7 1 1 5 5 , , 0 4 3 5 7 4 1,1 9 3 9 1 5 1 1 8 8 , , 9 2 2 1 6 0 2 2 , , 2 2 8 2 1 9 2 2 , , 7 7 1 4 5 6 1 1 8 8 Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956—Jan. 25 22,945 14,134 6,671 2.140 6,789 30,477 25,965 5,020 215 18,465 2,265 2,749 18 Feb. 29 22,750 14,392 6,140 2,218 7,215 30,730 26,317 4,934 690 18,402 2,291 2,794 18 Mar. 28 23,563 15,382 5,976 2,205 7,076 31,372 26,951 4,958 1,401 18,210 2,382 2,783 18 Apr. 25 23,201 15,099 6,027 2,075 6,862 30,773 26,499 4,929 805 18,456 2,309 2,793 18 May 30 22,918 15,153 5,871 1,894 6,957 30,607 26,388 4,941 1,049 18,103 2,295 2,798 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 July 25*> 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29^ 23,220 15,326 5,935 1,959 6,938 30,972 26,535 5,017 1,314 17,822 2,382 2,825 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1954—Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955_ A ju u ne g . 3 3 0 1 6 6 , , 2 2 8 3 8 5 2 2 , , 8 8 4 8 6 7 2 2 , , 7 6 4 3 2 7 6 71 9 1 9 1 1 , , 7 8 6 7 3 5 8 8 , , 1 1 0 6 2 6 7 7 , , 4 4 3 1 1 4 1 1 , , 1 2 8 2 0 2 2 3 9 4 6 3 4 4 , ,6 6 1 0 6 6 1 1 , , 3 2 0 8 3 0 6 62 1 1 2 1 1 3 3 Dec. 31., 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—Jan. 25 6,435 3,239 2,535 661 1,985 8,469 7,749 1,144 74 5,230 1,301 626 13 Feb. 29 6,237 3,097 2,472 668 1,953 8,245 7,397 1,160 216 4,731 1,290 631 13 Mar. 28 6,446 3,223 2,545 678 1,785 8,282 202 1,236 420 4,284 1,262 631 13 Apr. 25 6,325 3,383 2,242 700 1,850 8,227 7,208 1,129 228 4,572 1,279 631 13 May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 1,094 344 4,613 1,283 636 13 June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 July 25*> 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 1,296 639 13 Aug. 29*> 6,325 3,541 2,159 625 1,844 8,222 7,433 1,209 342 4,595 1,287 641 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1954—Dec. 31 50,738 23.986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 1,843 36,459 16,007 4,492 297 Aug. 31 51,293 26,630 19,476 5,187 14,195 66,535 60,415 6,332 1,754 36,345 15,984 4,543 297 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288 39,835 16,164 4,641 292 1956—Jan. 25 52,058 28,519 18,603 4,936 14,581 67,687 61,299 6,365 509 38,326 16,099 4,656 293 Feb. 29 51,600 28,719 17,989 4,892 14,657 67,358 60,756 6,042 1,335 37,208 16,171 4,722 291 Mar. 28 52,104 29,350 17,837 4,917 14,431 67,640 61,144 6,121 2,280 36,528 16,215 4,759 291 Apr. 25 52,410 29,753 17,694 4,963 14,578 68,107 61,266 6,236 1,407 37,421 16,202 4,822 290 May 30 52,057 29,886 17,280 4,891 14,629 67,829 60,959 5,852 2,017 36,803 16,287 4,875 291 June 30 52,071 30,122 17,051 4,898 15,361 68,524 62,392 6,633 1,918 37,324 16,517 4,902 291 July 25*> 52,177 30,461 16,933 4,783 14,490 67,784 60,918 6,339 1,010 37,146 16,423 4,909 290 Aug. 29^ 52,515 30,645 17,057 4,813 14,308 67,999 61,105 6,332 1,780 36,530 16,463 4,951 290 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,1 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941_Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1954—Dec. 31 50,466 21,442 23,629 ,395 13,117 64,364 59.360 1,508 1,271 37,794 18,787 4,506 6,326 1955—June 30 50,806 22,799 22,321 ,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 Aug. 31 51,454 23,178 22,570 ,706 11,955 64,239 58,915 1,220 1,379 36,954 19,362 4,707 6,261 Dec. 31 52,775 24,379 22,570 ,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956—Jan. 25 52,561 24,437 22,324 ,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29 52,421 24,604 21,970 ,847 11,872 65,158 59,594 1,248 1,037 37,795 19,514 4,819 6,203 Mar. 28 52,469 24,905 21,726 ,838 11,837 65,161 59,573 1,226 1,519 37,175 19,653 4,832 6,199 Apr. 25 52,707 25,151 21,676 ,880 11,811 65,376 59,742 1,247 1,226 37,588 19,681 4,888 6,196 May 30 52,920 25,491 21,543 5,886 11,790 65,544 59,724 1,157 1,502 37,308 19,757 4,925 6,188 June 30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37,897 19,969 4,947 6,177 July 25^ 52,831 25,792 21,130 5,909 12,054 65,759 60,125 1,264 1,194 37,624 20,043 4,947 6,173 Aug. 29^ 53,163 25,810 21,430 5,923 11,958 66,017 60,250 1,223 1,485 37,418 20,124 4,976 6,170 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal Bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $10 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 1087 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i-Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Class of bank U. S. Cash b T i l l o i i a t t i - a e l s Other c T a o p t it a a l l N b u e m r and date Total Loans o G t b io o li n v g s t a . - O s ri e t t c h ie u e s - r assets2 ca a a p n c i d - tal Total 2 b In a t n e k r - 2 Demand Time co a u c n - ts ba o n f ks counts3 U.S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,429 1945_Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947_Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955—June 30. 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1954_Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955—June 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 Dec. 31 86,152 43,428 33,579 9.144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—June 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 State member banks: 1941_Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954_Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 1,871 1955_June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59.854 6,549 1.264 39,559 12,482 4,868 1,851 1956—June 30 48,973 28,923 15,671 4,379 13,992 64,117 57,563 6,104 1,877 36,781 12,801 5,061 1,832 Insured nonraember commercial banks: 1941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945_Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—June 30 23,94: 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 6,713 Noainsured nonmember commercial banks: 1941—Dec. 31 1,45' 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 363 1,392 478 325 783 1954—Dec. 31 1,800 49: 969 339 397 2,250 1,871 433 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 990 337 327 513 Dec. 31 1,716 520 827 370 357 2,126 1,742 370 1,039 322 320 499 1956—June 30 1,664 513 785 365 318 2,036 1,646 377 932 326 326 470 All nonmember commercial banks: 1941_Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947__Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955—June 30. 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Dec. 31 25,546 11,628 10,908 3,010 5,424 31.347 28,52" 778 382 17,788 9,574 2,519 7,176 1956—June 30 25,605 12,114 10,406 3,085 4,90' 30,920 27,96: 732 426 16,920 9,884 2,636 7,183 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,78! 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1954—Dec. 31 20,830 11,651 6,117 3,06: 83: 21,981 19,885 19,831 1,920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 20,536 1,965 218 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21.182 2,006 220 1956—June 30 23,168 14,514 5,636 3,018 73' 24,271 21,959 21,930 2,061 220 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 31 * 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6,474 6,471 774 309 1955-June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 6,741 792 310 Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,94^ 806 307 1956—June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 7,22: 824 307 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1088 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [In millions of dollars] Loans 2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e a n e t n n d a s t s l t s - Total 2 C c o m m c i p k l i o p i n u n e a a a e m e g d - r r - l t n - , - - - A c tu u a g r l l r - - i- b p o L a T e s r u r n o e r o o r s d c c k c a a u - h n r r s a r i t s y o i T e i t f i e n r o o n h s g s r g - l R o t e a a e s t n - a e l s O l u v o i d t t a i n a o h i d l - n - e s - s r O lo t a h n e s r Total Total U B . i S ll . s Gover D nm ir e e N n c o t t te o s bli B ga o t n io d n s s G t a u e n a e - r d - O s r e i t t h c i e u e r s per deal- All commercial banks :3 1 19 9 5 4 4 7 _ _ D D e e c c . 3 3 1 1 . .. .. ., 1 1 5 1 5 6 , , 9 2 1 8 6 4 7 3 0 8 , , 6 0 1 5 9 7 2 1 6 8 , , 8 1 6 6 7 7 5 1 ",, , ' 6 22 6 00 0 00 2,9 8 2 3 9 01 1, , 5 2 2 2 5 0 1 9 8 , , 3 4 9 1 3 81 5 4 , , 7 7 2 50 3 2 1 , ,. 0 0 0 6 0 3 8 7 5 8, , 2 29 2 7 6 6 6 8 9 , , 9 2 8 2 1 12 5 , , 1 0 9 6 3 5 7 5, , 3 7 6 8 1 9 1 6 4 , ,6 0 —7 3 2 4 5 4 3 3 , , 1 8 9 6 1 1 1 5 2, ,, , 2 5 7 8 6 6 3 3 , , 7 7 2 2 9 9 1955—June 30... 155,26475,18328,872 4,,339911 2,859 1,61319,77916,365 2,42880,08163,2713,220 1,771100 1166,;640 41,685 12,785 4,025 Dec. 31..., 160,88182,60133,245 4,,447755 3,263 I,*774 20,80917,185 3,117 7788,28061,559922 44,219 2,31814,034 41,010 12,6983,990 1956—June 30..., 160,00886,88736,111 4' ,2"5'42,695 1,738 21,78718,3653',286 73,12256,6202,817 1,24712,72739,815 12" ",573 All insured com* mercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4,102 3,6513,333 1945_Dec. 31..., 121,80925,765 9,4611,314 3,164 3,606 4,677 2,361 1,18196,04388,9122,455 19,071 16,045 5511,321 22 3,8733,258 1947—Dec. 31..., 114,27437,58318,0121,610 8231,190 9,266 5,654 1,02876,691 6( 7.,9412,124 7,552 5,91852,334 14 5— 33,621 1954_Dec. 31..., 154,11570,12726,731 5.,108 21,9071,501 18,30214,676 1,97383,988 68,012 44,,9!01 5,27914,523 4-3,287 2112,352 33,624 1955— D Ju e n c e . 3 3 1 0 . . . . . . . . 1 1 5 5 9 3 , , 1 4 6 8 4 87 82 4 , , 0 6 8 9 1 22 3 8 3 , , 7 0 2 9 9 2 4 4 , ,3 3 9 1 6 9 3 2 , , 2 8 2 3 9 4 1 1 1, , 5 7 8 4 9 2 22 1 00 9 , ,6 6 6 9 1 211 1 7 6 7 , ,1 2 10 8 04 3 4 2 3 , , 4 0 0 9 0 1 7 7 7 8, ,0 7 8 9 3 6 6 6 00 2 ,, , 77 3 66 4 55 2 2 4 , , 9 1 9 0 6 5 2 1 , , 2 66 9 7 2 1 1 3 6 , , 8 47 5 9 6 4 4 1 0 , , 1 5 8 0 5 2 1 1 0 5 1 12 2 , , 5 4 44 6 99 5 3 3 , , 8 9 5 06 3 1956—June 30..., 158,34486,37435,,944 4,190 2,6691,704 21,67118,284 3,259 71,9715,8352,751 1,228 12,,,552 39,290 1312,6943,442 Member banks, total: 1941_Dec. 31..., 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,832 3,0902,871 1945—Dec. 31...,107,18322,775 8,949 8553,1333,378 3,455 1,9001,104 84|408 78\338 2,27516,98514,27144,792 16 3,2"5'4 22,815 1947—Dec. 31..., 97,84632,62816,9621,046 811 ,065 7,130 4,662 952 65,2—1 8 —5 7,991144 1,987 5,816 4,815 4'5",286 10 4,199 3,105 1954_Dec. 31...,131,60260,25025,007 3.,529 2,881 ,36314,43312,1271,858 71,352 809 4,0754,30712,464 36,944 2010,449 3,094 1955—June 30...,130,78864,31526,894 2,799 2,808 ,44015,59413,489 2,28566,473 543 2,377 1,28113,96934,903 1310,584 3,346 Dec. 31....135.36070,98231,019 2,726 3,150 ,56016,39114,313 2,,994433 64,377 50,6973,250 1,73811,50834,192 910,444 3,236 1956—June 30...,134,42874,78333,725 2,552 2,586 ,52217,17215,3303,08759,645 46,2262,013 84010,33233,029 1210,557 2,862 New York City:* 1941_Dec. 31..., 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31..., 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1 1 9 9 4 5 7 4 — — D D e e c c . . 3 3 1 1 . . .. . , . 2 2 0 3 , , 3 8 9 8 3 0 1 7 2 , , 1 0 7 3 9 9 5 7 , , 3 2 6 3 1 1 204 2, 5 04 4 1 5 2 4 6 3 7 2 4 1 6 1 7 1 1, 5 2 6 3 4 2 3 6 3 4 0 4 1 11 3 , , 8 2 4 1 1 41 9 1 , , 3 9 4 7 2 21, 7 0 8 0 5 2 6 5 4 9 0 7 1, 5 9 5 2 8 4 9 6 , , 7 0 7 2 1 6 **'io 1, 6 9 3 7 8 7 6 52 0 3 4 1955—June 30..., 23,099 13,016 7,928 16 2,034 466 656 1,379 75410,083 7,782 537 146 1,830 5,262 7 1,754 547 Dec. 31..., 23,583 14,640 9,126 1"7 22,144 511 577 ,506 1,006 8.943 6,796 552 100 1,141 5,002 2 1,609 539 1956—June 30..., 23,270 15,37310,191 11,691 494 609 1,5901,044 7,896 6,011 325 70 1,082 4,529 4 1,514 371 Chicago:* 1941—Dec. 31... 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1954—Dec. 31... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—June 30... 6,288 2,846 1,940 102 270 88 122 244 139 3,441 2,742 76 66 812 1,788 456 243 Dec. 31..., 6,542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30... 6,336 3,572 2,663 13 170 96 133 384 187 2,764 2,088 46 3 476 1,564 489 188 Reserve city banks 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 40431,559944 2199,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 366 2-2,591 20,196 373 2,358 1,90115,560 3 1,3421,053 1954—Dec. 31... 50,73823,98610,624 956 407 622 6,134 4,912 720 26; 752 21,7181,326 1,695 4,95413,736 7 3,7821,252 1955—June 30... 50,59625,65411,210 700 444 651 6,603 5,500 954 24,94219,697 503 481 5,77312,937 3 3,9161,330 Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,9161,180 23,83718,826 813 657 4,70812,643 5 3,7781,233 1956—June 30... 52,07130,12213,978 520 502 676 7,357 6,3061,265 21,94917,051 374 279 4,08612,308 4 3,8231,076 Country banks: 1941_Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 2"9,40726,999 630 5,102 4,54416,713 9 1,342 ,067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26;,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1954—Dec. 31... 50,46621,442 5,330066 2,229 89 220 7,742 5,760 388 29,02423,6291,893 1,774 4,73115,228 3 4,275 ,120 1955—June 30... 50,80622,799 5,815 1,980 61 234 8,214 6,366 439 28,00622,3211,261 587 5,55414,916 4,458 ,227 Dec. 31... 52,77524,379 ',290 22,127 189 255 8,723 6,575 28,39722,5701,774 913 5,05614,825 3 4,581 ,246 1956—June 30... 52,75225,716 6,892 2,019 223 257 9,073 7,050 590 27,03521,0761,267 489 4,68814,628 4 4,731 1,228 All nonmember banks: 3 1947—Dec. 31... 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31... 24,33710,378 1,859 ,671 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30... 24,49910,876 1,979 1,592 173 4,194 2,875 14313,62210,741 843 429 2,67f 6,794 2,203 679 Dec. 31... 25,54611,628 2,226 11,750 113 214 4,428 2,872 17413,91810,908 970 580 2,52' 6,829 2,255 755 1956—June 30... 25,60512,114 2,385 1,702 216 4,625 3,036 20013,492 10,406 805 40' 2,396 6,797 2,37. 712 1 All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. possessions except for one bank in Alaska that cities and individual banks, and by mergers, etc. became a member bank on Apr. 15, 1954. During 1941 three mutual 2 Beginning June 30, 1948, figures for various loan items are shown savings banks became members of the Federal Reserve 'System; these gross (i. e., before deduction of valuation reserves); they do not add to the banks are included in member banks but are not included in all total and are not entirely comparable with prior figures. Total loans insured commercial banks or all commercial banks. Comparability continue to be shown net. of figures for classes of banks is affected somewhat by changes in Federal For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS 1089 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s e w e R d a r i n v e e t - r k h e a s s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 j p u m o s a d a t d s e e n i - - t d d s 6 m D e I s o n d t - t e i e c p r 5 o b s a i F n t e s i k o g r n - G U o . v S t . . p v s S o i u a l s t i b a n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f t n e c f r c r d i d s t . k - i ' - s, a p v n a s p i I t d h d i r n o o t u i d r n p c n a a i e o s s - l - , r s r - - , I b n a t n e k r- G P U S i a o n o a . n g s v v d S t s - t a . . l v S p s i a u i i s t o c c a n i b l a o a t i d d e l i t n - i s s - p a v n s a p t I i h d i r d n o o t i u d r n c p n a a i o e s s - - l , r r s - - , • R in f(3 g r s _ c C ou ap n i t - s All commercial banks: 3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6.799 2,581 84,987 240 111 866 34,383 65 10,059 1954—Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529103,221 11,906 1,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 14,906 Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 59 15,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 :554 15,927 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 ;115 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Dec. 31.... 18.721 2 656 11.744108.887 13,390 1.516 3.697 10.138 3.879 108,131 1.367 356 ?.,282 45,756 145 14,980 1956—June 30.... 18,232 2,251 10,528 103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 :37 15,600 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 ;>08 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5.504 2,401 72,704 50 105 693 27,542 54 8,464 1954_Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 15 12,210 1955—June 30.... 17,942 2,017 6,704 87,207 11,482 1,531 4,656 8,117 2,919 85,706 1,449 338 1,968 36,504 115 12,461 Dec 31.... 18,722 2,019 7,612 92,435 13.002 1,511 1,327 3.075 3,638 93,687 1,353 327 1,865 36,972 137 12,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 :502 13,293 New York City:* 1941 Dec 31.... 5 105 93 141 10 761 3 595 607 866 319 450 11 282 29 778 .. 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2^120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1954—Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—June 30.... 4,399 138 87 15,859 3,129 1,187 1,131 374 1,252 17,300 1,137 57 110 2.114 10 2,715 Dec. 31.... 4,431 127 111 16,493 3.364 1.151 756 302 1,498 18,919 1.085 59 72 2,171 1 2,745 1956—June 30.... 4,331 94 89 15,695 3,080 1,190 1,166 396 1,110 17,396 1,058 35 60 2,285 38 2,805 Chicago:* 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 .. 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 .. 377 1947_Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 .. 426 1954—Dec. 31.... 1,177 29 162 4,400 1,264 40 251 274 80 4,622" 18 6 10 1,280 .. 600 1955—June 30.... 1,021 28 127 4,024 1,125 39 343 288 79 4,238 16 6 10 1,287 .. 612 Dec. 31.... 1.135 32 141 4,349 .246 40 222 299 85 4.781 11 6 8 1,313 3 628 1956—June 30.... 1,115 27 124 4,092 [,149 36 350 399 98 4,283 10 6 9 1,288 1 639 Reserve city banks: 1941 -Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 .. .. 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1954—Dec. 31 7,783 558 2,327 32,694 6,946 259 1,457 2,876 866 33,677 239 111 965 14,399 3 4,300 1955—June 30.... 7,359 634 2,232 32,024 5,979 289 1,843 3,021 757 32,681 277 117 1,018 14,871 50 4,492 Dec. 31.... 7,727 638 2.515 33,757 6.903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30 7,471 542 2,201 32,203 6,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Country banks: 1941— Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1954—Dec. 31.... 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—June 30.... 5,163 1,217 4,259 35,299 1,249 15 1,339 4,433 831 31,487 19 158 830 18,232 55 4,642 Dec. 31.... 5,429 t,222 4,844 37,836 1.488 17 1,061 4.425 1,020 34.235 18 157 844 18,371 52 4,769 1956—June 30.... 5,316 1,024 4,373 36,149 1,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 All nonmember banks: 3 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1954—Dec. 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 1955—June 30 664 3,825 16,014 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9,071 22 2,519 1956—June 30 588 4,015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2,636 3 Breakdown of loan, investment, and deposit classifications is not Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 6 Demand deposits other than interbank and U. S. Govt., less cash items 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1090 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a o s a v e n t d a e n e d - n s d t t s s - i j L u o s a t d a e n - d s 1 C i m n t a c r o d i n i e a m a u d r l l - s - - A t c u u g r l r a - i l - G t a T U l i o i n o o o g . b d n S v a - b . s - t d . r e o O c a k t s u l t i e e e h e r - r r s e i s s - rG t U l T i o i o o g b . o S n v a - . s - t. ot O h c t s u e t i e h e r r - s s i e - r e l R o s e t a a a n t l s e O l t o h a e n r s Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total- Leading Cities 1955 Sept 85,432 84,473 45,072 24 427 2,398 1,197 8,199 9,588 30,656 ,011 564 8,212 20,869 8,745 959 1956 Aug 86,563 85,292 51,04328,517 451 2,116 1,243 8,70810,873 26,487 565 900 5,817 19,205 7,762 1,271 87,151 85,768 51,52029,111 471 1,928 1,219 8,78210,87926,381 601 1,064 5,662 19,054 7,867 1,383 Sept 1956 85,976 84,609 50,92528,291 443 2,269 1,255 8,671 10,86425,978 498 350 5,1 19,242 7,706 1,367 Aug. 1 85,726 84,402 50,814 2288,282 445 2,142 1,247 8,678 886 25,824 435 321 5,863 19,205 7,764 1,324 Aug. 8 87,256 86,051 51,13128,577 452 2,150 1,238 8,716 10,8622 2277,199 716 ,383 5,843 19,257 7,721 1,205 Aug. 15 87,131 85,857 51,,222277 2288,724 458 2,069 1,243 8,737 10,86126,859 626 ,260 5,775 19,198 7,771 1,274 Aug. 22 86,725 85,541 51,12028,711 457 1,948 1,235 8,738 10,89526,576 548 ,187 5,718 19,123 7,845 1,184 Aug. 29 Sept. 5 87,010 85,684 51,29528,894 461 1,905 1,233 8,74710,925 26,501 463 ,117 5,768 19,153 7,888 1,326 Sept. 12 87,337 85,868 51,445577 2299,084 470 1,864 1,223 8,77510,913 26,545 575 ,114 5,689 19,167 7,866 1,469 Sept. 19 87,291 85,843 51,59929,220 474 1,925 1,210 8,79810,843 26,383 760 ,056 5,614 18,953 7,861 1,448 86,965 85,677 51,7"2"9 -2,9246 478 2,019 1,210 8,81010,835 26,096 605 970 5,576 18,945 7,852 1,288 Sept. 26 New York City 1955 22,765 22,166 13,083 484 1491,538 441 69! 1,978 6,731 294 1,523 4,840 2,352 599 Sept 1956 23,040 22,305 14,67' 10,219 72 1,357 450 600 2,208 5,726 15 270 1,003 4,296 1,90: 735 Aug 23,456 22,631 14,97110,714 74 1,177 426 61! 2,188 5,695 154 350 97f 4,219 1,965 825 Sept 1956 22,807 22,067 14,69910,092 55 ,520 458 589 2,214 5,50: 138 58 999 4,307 1,866 740 22,670 21,913 14,55110,062 27 ,428 454 595 2,214 5,445 10' 44 99' 4,297 1,917 757 Aug. 1 23,285 22,574 14,70710,222 100 ,359 450 604 2,202 5,980 185 465 996 4,334 711 Aug. 8 23,293 22,523 14,74110,329 109 ,276 448 607 2,203 5,891 184 40: 1,003 4,30." 1^891 770 Aug. 15 23,145 22,449 14,68910,389 70 ,205 440 605 2,207 5,813 168 381 1,02" 4,24: 1,947 696 Aug. 22 Aug. 29 23,309 22,554 14,84510,584 50 ,180 43 607 2,215 5,743 108 37: 1,026 4,23' 1,966 755 Sept. 5 23,563 22,667 14,89110,692 49 ,136 431 61 2,194 5,809 170 374 i,or 4,253 1,967 896 Sept. 12 23,594 22,671 15,00410,761 74 ,174 420 629 2,174 5,698 223 351 4,186 1,969 923 Sept. 19 23,357 22,63" 15,14310,819 123 ,220 418 623 2,168 5,53." 11 303 938 4,20: 1,957 725 Sept. 26 91 Outside New York City 1955 Sept 62,667 62,30' 31,989 15,943 711 743 7,500 7,61023,925 490 6,689 16,029 6,393 360 1956 Aug 63,523 62,98' 36,36618,298 450 687 774 8,108 8,665 20,761 408 630 4,81 14,909 5,860 536 63,695 63,137 36,54918,397 470 677 773 8,163 8,691 20,686 447 714 4,690 14,835 5,902 558 Sept 1956 63,169 62,54: 36,22618,199 442 694 778 ,08: 8,65020,476 360 292 4, 14,935 5,840 627 Aug. 1 63,056 62,489 36,26318,220 444 687 774 ;,083 8,67220,379 328 27 4,866 14,908 5,847 567 Aug. 8 63,971 63,477 36,42'18,355 451 691 770 ;, 1128,660 21,219 531 918 4,84^ 14,923 5,834 494 Aug. 15 63,838 63,334 36,48618,395 457 684 778 :,130 8,658 20,968 44: 858 4,77: 14,896 5,880 504 Aug. 22 63,580 63,092 36,43118,322 456 673 774 :,133 8,68820,763 380 806 4,696 14,881 5,898 488 Aug. 29 Sept. 5 63,701 63,130 36,45018,310 460 675 776 8,140 8,710 20,758 355 745 4,742 14,916 5,922 571 Sept. 12 63,774 63,201 36,56618,392 469 679 772 8,158 8,719 20,736 405 740 4,677 14,91- 5,899 573 Sept. 19 63,697 63,172 36,59518,459 473 677 770 8,169 669 20,685 537 705 4,676 14,76' 5,892 525 Sept. 26 63,608 63,045 36,58618,427 47' 676 773 8,187 8,667 20,564 490 667 4,66- 14,743 5,895 563 l Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 1091 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Re- Bal- De- Indi- Month or date s B F w e . a r i v n t R h e k . s s C va i a n u s l h t b m a w a d n e n i o c s t e k - h t s i s c j p m u o d a s a t s d e n e i - - t d d s 1 s p p u n v c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t d n i e i l t - - s - s c C h c o f a e e e e i f n t e c f r r c d i d t s k . - i ' s - , G U o . v t S . . S p d s a i t o u c i a n v l a b t i d i e l t - - - s G P U S i a o n o . a n s g v v d S t s - t a . . l m D t D i e o c s - e - ma F n ei d o g r n - Time F B F. r a o n R m k . s F ot r h o e m rs c C o i a a u t c p n a - t - l s tions Total- Leading Cities 1955 Sept 13,262 1,000 2,48056,05858,567 3,696 1,856 2,36919,176 1,015 203 10,695 1,441 1,416 537 575 8,348 1956 Aug 13,206 951 2,40455,21357,318 3,971 1,964 3,03319,626 1,008 17810,418 1,591 1,288 512 992 ,858 '3,370 1,002 2,534 55,49558,468 3,799 1,901 19,709 983 18310,951 1,590 1,311 471 1,100 ,892 Sept 1956 3,048 915 2,427 55,55657,492 4,168 2,125 2,08519,596 1,004 18010,465 1,594 1,300 315 1,079 ,854 Aug. 1 2,960 936 2,287 55,442288 5"6',968 3,948 1,784 1,37119,616 1,011 18010,481 1,617 1,282 570 1,096 ,855 Aug. 8 3,456 934 2,52354,697 58,167 3,922 2,035 4,00619,613 1,009 17810,945 1,605 1,272 669 928 ,848 Aug. 15 3,448 953 2,368 55,00756,939 3,891 ,973 4,05319,645 1,009 17810,147 1,589 1,282 685 1,002 ,857 Aug. 22 3,120 1,017 2,41355,381 57,026 3,928 ,901 3,64819,661 1,005 17810,052 1,552 1,305 322 852 ,875 Aug. 29 Sept. 5 3,290 931 2,462 920 57,327 3,949 ,760 3,20519,657 998 18010,843 1,594 1,288 574 1,114 ,887 Sept. 12 3,251 1,059 2,561 485 3,777 ,811 2,29419,727 992 18111,307 1,566 1,324 487 1,200 ,887 Sept. 19 3,529 994 2,581 908 59,098 3,640 ,993 2,68919,713 976 18511,112 1,610 1,316 344 1,158 ,881 3,412 1,024 2,533 374 57,961 3,831 2,039 3,40419,739 966 18310,543 1,590 1,317 479 929 ,913 Sept. 26 New York City 1955 4,085 148 56 15,75817,035 269 883 654 2,030 95 56 2,894 1,105 1,097 21 281 2,693 Sept 1956 4,134 133 15,21616,499 266 972 1,087 2,185 2,841 1,261 1,004 53 420 2,793 Aug 4,130 143 15,55316,907 292 906 906 2,235 2,925 1,274 993 118 479 2,788 Sept 1956 4,057 129 15,30716,642 283 1,084 606 2,168 2,921 1,260 1,024 4 494 2,791 4,054 136 15,38416,378 289 830 463 2,169 2,761 1,281 1,013 7 521 2,796 Aug. 1 4,173 126 14,91816,571 274 934 1,550 2,175 3,018 1,267 1,002 62 368 2,796 Aug. 8 4,266 131 15,16516,349 231 1,025 1,501 2,197 2,737 1,249 997 190 408 2,791 Aug. 15 4,118 145 15,30516,553 254 986 1,316 2,218 2,769 1,248 986 310 2,791 Aug. 22 Aug. 29 4,17: 134 15,28216,582 259 813 1,148 2,195 2,905 1,281 971 75 534 2,791 Sept. 5 4,057 152 15,60117,054 264 836 773 2,256 2,944 1,250 1,007 174 521 2,792 Sept. 12 4,169 139 15,88217,261 268 877 705 2,235 3,041 1,295 999 496 2,783 Sept. 19 4,120 148 15,44816,733 377 1,097 999 2,253 2,810 1,271 997 363 2,785 Sept. 26 Outside New York City 1955 Sept.. 9,177 85: 2,424 40,300 41,53: 3,427 973 1,715 17,146 920 147 7,801 336 319 516 294 5,655 1956 Aug.. 9,072 818 2,346 39,997 40,819 3,705 992 1,94617,441 934 143 7,577 330 284 459 572 6,065 Sept.. 9,240 85< 2,469 39,94:41,561 3,50^ 995 1,99:17,474 915 148 8,026 316 318 353 621 6,104 1956 Aug. 1. 8,991 786 2,364 40,249 40,850 3,885 1,041 1,47917,428 93: 144 7,544 334 276 311 585 6,063 Aug. 8. 8,906 800 2,23140,044 40,590 3,659 954 90817,447 936 144 7,720 336 269 563 575 6,059 Aug. 15. 9,283 808 2,463 39,779 41,596 3,648 1,101 2,45617,438 936 14: 7,927 338 270 607 560 6,052 Aug. 22. 9,182 82: 2,311 39,84: 40,590 3,660 948 2,55f17,448 935 144 7,410 340 285 495 594 6,066 Aug. 29. 9,002 87: 2,35740,0""76 40,473 3,67-' 915 2,33:17,443 931 144 7,283 304 319 32 54: 6,084 Sept. 5. 9,118 79' 2,39: 39,63840,745 3,690 94' 2,05' 17,46: 924 146 7,938 313 317 499 580 6,096 Sept. 12. 9,194 90' 2,50040,176 4422,431 3,513 975 1,521 17,471 91 14' 8,363 316 317 313 67( 6,095 Sept. 19. 9,360 855 2,51440,02641,837 3,37f 1,116 1,984 17,478 915 149 8,071 315 317 344 66: 6,098 Sept. 26. 9,292 876 2,469 39,92641,228 3,454 942 2,405 17,486 904 147 7,733 319 320 256 566 6,128 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1092 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY I [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and Period 2 t l o F i b q a o n a u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r e c e n o t t t d a d s a l - 3 . s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u p t ( t t r o i i i a l n o r i n c t n t i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i h p n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i e n i p n a n e d o l g g k l ' r e l l t — y rubber banks4 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955_jan.-June -5 4 4 8 0 0 22 7 0 1 177 2 3 0 1 8 3 1 6 5 3 3 3 1 2 4 7 6 -4 4 6 6 1 9 5 7 8 0 9 4 3 2 8 7 4 1 1 3 0 4 6 3 1 7 4 0 3 3 1, , 2 0 5 5 7 0 5 1 3 , , 0 2 7 0 8 6 July-Dec 224 -302 238 424 369 171 -386 -322 365 54 149 2,124 42,243 1956—Jan.-June 1,362 -100 29 64 75 -4 142 -204 -28 -16 24 -139 -229 1956-July 115 48 -121 54 60 2 108 137 52 19 86 541 551 Aug 196 16 -139 227 20 57 81 -107 57 -15 27 575 535 Sept 16 Week ending: -25 16 -28 21 4 10 27 23 1956—July 4 -46 18 -39 8 70 1 2 -100 -16 12 -89 -106 July 11 -14 -4 -37 15 10 -4 42 -46 -9 -4 -5 -56 -80 J J u u l l y y 2 1 5 8 -15 -17 20 -6 c -67 -3 -10 -17 -35 Aug. 1 19 -15 -20 -11 56 66 5 25 129 131 Aug. 8 2 19 -35 -9 -5 42 -42 -10 10 16 -12 -9 Aug. 15 22 19 -9 32 16 17 3 76 44 -1 45 264 295 Aug. 22 34 4 -57 84 28 -12 7 27 20 13 148 147 Aug. 29 38 -3 -23 -32 10 13 10 -7 6 12 -13 Sept. 5 30 9 -36 175 -2 10 14 -18 16 -9 181 183 Sept. 12 55 12 15 13 19 14 19 -17 16 43 188 190 Sept. 19 44 7 43 19 9 28 25 7 -14 -4 6 170 136 Sept. 26 67 -12 -5 21 5 23 -79 39 -1 15 36 26 * Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r r n - . U S n ta i t t e e s d U S n ta it te e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1950 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 Aug 2,359 580 1,779 655 186 142 44 14 27 427 220 182 41 111 101 Sept 2,245 564 1,681 671 190 147 43 21 27 433 253 189 33 108 87 Oct 2,255 547 1,708 662 189 144 45 16 26 430 258 201 33 82 87 Nov 2,283 542 1,741 642 187 134 52 17 27 410 259 205 20 73 86 Dec 2,008 510 1,498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb 2 618 588 2,030 667 184 135 49 14 37 431 263 234 20 43 106 Mar 2,545 560 1,985 660 170 130 40 14 39 436 263 236 18 49 94 Apr 2,514 508 2,006 628 146 108 39 13 42 427 235 240 10 43 100 May 2,607 515 2,092 643 157 113 44 16 45 424 245 252 9 33 104 June 2,427 476 1,951 684 180 109 71 18 45 441 264 251 9 34 125 July 2,600 509 2,091 723 175 111 64 18 48 483 270 237 13 74 129 Aug 2,514 548 1,966 772 189 120 70 22 51 510 271 259 21 97 124 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES 1093 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) nance securities (taxable) 2 Prime com- Prime All mo Y w n e e t a h e r k , , or m 4 m p c - o a e o t p r o n m c e t i h r 6 - a , s - l 1 3 p d p - p l i a a r a l t y e p o c n c . e e y t 6 r d - - a a b d c n e a a c 9 c r n y e 0 s e k p s ' s 1 - t , - M 3 k - e a m t r- ont o h R n b a n i t l e e l w s 9 i m s - s t o o u n e 1 t s h 2 3 - 3 is - y s e t u o a e r s 5 4 - Annu A al r e a a v e a ra n g d e s p , eriod loans 1 1 - 0 1 10 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3.5 1954 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 1.87 1.90 1.931 2.07 2.56 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 Quarterly:1 19 large cities: 1955—Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 1955—Dec 3.93 5.01 4.52 4.14 3.75 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 1956 Mar 3 93 5.05 4.55 4.13 3.74 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 June 4.14 5.18 4.69 4.34 3.97 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 Sept 4.35 5.30 4.86 A.52 4.19 New York City: 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 1955—Dec 3.76 4.86 4.48 4.00 3.64 Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 1956 Mar . 3 75 4.92 4.49 4.05 3.62 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 June 3.97 5.00 4.61 4.23 3.86 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 Sept 4.20 5.26 4.84 4.46 4.09 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 7 Northern & Eastern June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 cities: July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 1955—Dec 3 95 5.08 4.52 4.16 3.79 Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 1956 Mar 3.93 5.11 4.55 4.10 3.78 Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 June 4.15 5.26 4.74 4.32 4.01 Sept 4.39 5.36 4.88 4.53 4.26 Week ending: 11 Southern & Western Sept. 1... 3.38 3.13 2.85 2.72 2.832 3.10 3.46 cities: Sept. 8... 3.50 3.13 2.88 2.68 2.736 3.14 3.49 1955 Dec 4.17 5.06 4.54 4.22 3.91 Sept. 15... 3.50 3.13 9 88 2.79 2.770 3.19 3.48 1956—Mar 4.19 5.09 4.58 4.20 3.94 Sept. 22... 3.50 3.13 2.88 2.91 2.908 3.16 3.36 June 4 38 5 23 4.71 4.42 4.15 Sept. 29... 3.50 3.15 2.88 2.94 2.985 3.18 3.39 Sept 4.53 5.29 4.85 4.54 4.32 1 Averages of daily prevailing rates. 2 Except for new bill issues, yields are * Based on figures for first 15 days of month, averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 4 C C o o n n s s i i s s t t s s o o f f s c e e l r e t c if t i e c d a t n e o s te o f a n in d d e b b o t n e d d n is e s s u s e a s n . d selected note and bond issues. pp 228-237 BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds (Corporate bonds4 Industrial stocks U.S. Govt. bonds Ye o a r r , w m e o ek nth, (long-term) ob G lig e a n t e io ra n l s»4 Rev- By r a s t e i l n e g c s ted gr B ou y ps D pr i i v c i e d e r n a d ti s o / p E r a ic rn e i r n a g t s io / enue Totals se O ri l e d s 2 se N r e ie w s 3 Totals Aaa Baa bonds6 Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 m Co o m n4 - C m o o m n8 - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1955—Sept 2.88 3.00 2.70 2.31 3.24 2.92 3.31 3.13 3.59 3.25 3.40 3.29 4.06 3.76 7.19 Oct 2.82 2 96 2.64 2.25 3.22 2.89 3 30 3 10 3 59 3 23 3 38 3.27 4.04 3.96 Nov 2.85 2.96 2.60 2.20 3.20 2.87 3.29 3.10 3.58 3.22 3.38 3.28 4.01 3.96 Dec 2.88 2.97 2.70 2.29 3.25 2.97 3.33 3.15 3.62 3.26 3.42 3.31 4.05 3.92 7.96 1956—Jan 2.86 2.94 2.69 2.27 3.24 2.91 3.30 3.11 3.60 3.23 3.40 3.28 4.03 4.08 Feb 2.82 2.93 2.63 2.19 3.21 2.89 3 28 3 08 3.58 3.20 3 37 3.26 3.99 3.93 Mar 2.90 2.98 2.67 2.24 3.24 2.95 3.30 3.10 3.60 3.24 3.37 3.27 4.01 3.68 6.99 Apr 3 05 3 10 2 84 2 43 3 38 3 07 3 41 3 24 3 68 3.37 3 47 3.38 4.15 3.69 May 2 93 3 03 2 83 2 46 3 37 3 06 3 46 3 28 3 73 3 40 3 53 3 44 4.22 3.97 2.89 2.98 2.71 2.34 3.26 3.02 3.46 3.27 3.75 3.39 3.55 3.44 4.17 3.82 7.15 July 2.97 3.05 2.79 2.40 3.34 3.07 3.50 3.28 3.80 3.42 3.59 3.48 4.16 3.68 3.15 3.19 2.94 2.53 3.52 3.32 3.62 3 43 3 93 3.55 3.72 3.60 4.24 3.83 Sept 3.19 3.24 3.06 2.63 3.60 3.50 3.75 3.56 4.07 3.68 3.83 3.73 4.39 4.04 Week ending: Sept. 1 3.21 3.23 3.04 2.62 3.60 3.51 3.68 3.49 3.97 3.61 3.78 3.64 4.32 3.83 Sept 8 3 22 3 25 3 07 2 62 3 60 3 51 3 71 3 53 4 01 3 66 3 80 3 67 4 36 3 80 Sept. 15. .. . 3.21 3.26 3." 06 2.63 3.60 3.50 3.74 3.55 4.05 3.68 3.81 3.72 4.41 3.86 Sept. 22 3.15 3 24 3 06 2 63 3 61 3 48 3 76 3 56 4 09 3.69 3.84 3.76 4.39 3.91 Sept 29. 3 17 3.23 3.06 2.62 3.60 3.49 3.78 3.58 4.12 3.70 3.87 3.78 4.38 4.04 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2l/t per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 8 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct, 1, 1955. » Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. 1955, the 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1094 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume U. S. Govt. Standard and Poor's series Securities and Exchange Commission series of (long-term) (index, 1935-39= 100) (index, 1939= 100) trad- Year, month, Cor- ing^ or week r O i s e e l s d - 2 r N i s e e e s w - 3 g n ( i r M h c a i i g d u p h e - a - ) l 4 g ( r h r p a a i o d g t - e h e) - l Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N r g a d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f n c a n r i- e v d d c - e e , , M in i g n- s s t h h a ( a o n o i r n f d u e s s - ) Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 29 14 1953 average 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,319 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97 103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297 313 2,578 1955—Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40 103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94.88 102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,874 Apr 92.86 100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2,420 June 95.03 102.22 119.2 110.5 341 397 257 154 341 434 393 471 328 155 300 352 1,771 July 93.94 100.98 118.6 110.3 357 417 260 157 359 460 421 495 335 159 315 369 2,177 Aug 91.81 98.38 115.8 108.4 357 418 254 159 359 460 432 484 329 160 313 373 1,936 Sept 91.43 97.39 113.8 105.8 344 402 240 155 345 440 422 457 313 155 302 349 1,959 Week ending: Sept. 1 91.06 97.59 114.3 107.2 349 408 245 157 351 448 426 469 319 158 307 359 1,606 Sept. 8 91.01 97.30 114.1 106.3 353 414 246 158 353 452 430 472 317 158 309 360 1,789 Sept. 15 91.10 97.08 113.3 105.6 346 405 240 155 349 445 428 462 317 156 306 353 1,967 Sept. 22 91.84 97.59 113.6 105.8 340 397 238 154 344 438 422 454 314 155 300 349 2,090 Sept. 29 91.67 97.57 114.1 105.4 335 391 237 152 334 425 408 441 303 152 291 336 1,958 1 Monthly and weekly data for U. S. Govt. bond prices and volume 1, 1955, those due or callable in 10-20 years. of trading are averages of daily figures; for other series monthly and 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3 weekly data are based on figures for one day each week—weekly closing per cent bond of February 1995. prices for common stocks (Securities and Exchange Commission) and 4 Prices derived from average yields, as computed by Standard and Wednesday closing prices for all others. Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Series composed of fully taxable, marketable 7S/i per cent bonds due 5 Average daily volume of trading in stocks on the Nsw York Stock or first callable after 12 years through Sept. 30, 1955, and, beginning Oct. Exchange for a five and one-half hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit * W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h i l e - a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k i n c E e x s c w ha it n h ge ch b B a ro a si n k n k e g r s l a o n a a d n n d s c a t d o r e r a y o l i t e n h r g e s ) r s s e f o c ( r u ta r h p it a u ie n r s - 2 Money borrowed Cus n to et mer U. S. Govt. free o ( b c c l o i o g l. l a . 3 t 5 i o ) + ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1952—Dec. 1,980 33 1,332 149 648 30 877 727 1953—Dec. 2,445 31 1,665 88 780 88 1,074 713 1954—Dec. 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Aug. 3,865 43 2,710 29 1,155 71 1,994 887 Sept. 3,966 43 2,805 33 1,616 68 2,056 977 Oct.. 3,944 40 2,749 29 1,195 71 2,088 920 Nov. 3,980 38 2,759 27 1,221 75 2,185 876 Dec. 4,030 34 2,791 32 1,239 51 2,246 894 1956—Jan.. 4,040 36 2,786 37 1,254 41 2,129 905 Feb.. 3,991 34 2,740 36 1,251 52 2,137 913 Mar. 4,038 31 2,786 40 1,252 50 2,127 960 Apr. 4,043 33 2,788 40 1,255 44 2,145 896 May 4,047 38 2,810 40 1,237 42 2,186 870 June, 4,009 34 2,786 48 1,223 39 2,195 836 July. 4,026 31 2,812 45 1,214 31 2,211 858 Aug., 3,979 33 2,785 41 1,194 38 2,048 872 1 Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SAVINGS INSTITUTIONS 1095 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d St U a l t o e . c S a a . n l dForeign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16 IAS 872 1,517 20,272 18,844 1,428 10,833 1 055 2 057 2,160 1949 59,630 17,868 15,290 1,052 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2 914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25.976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month: 4 1952—Dec 73,034 12,814 10,195 1,126 1,493 31,286 29,095 2,191 21,245 1,868 2,699 3,122 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2.710 25,928 2,275 3,087 3,884 1955_july r87,638 12,292 9 096 1,979 1,217 37,927 35,058 2,869 27,748 2 453 3 230 r3 988 Aug 88,087 12,368 9,179 1,979 1,210 37,921 35,046 2,875 28,001 2,471 3,245 4,081 Sept 88,529 12,325 9,129 1,983 1,213 38,123 35,253 2,870 28,250 2,492 3,260 4,079 Oct 89,016 12,236 9 027 1,990 1,219 38,385 35,506 2,879 28,563 2,506 3 271 4,055 Nov 89,491 12,096 8,891 ,987 1,218 38,546 35,647 2,899 28,868 2,523 3,283 4,175 Dec 90,219 11,758 8,546 .998 1,214 38,855 35,932 2,923 29,433 2,557 3,293 4,323 1956_jan 90,842 11,751 8,393 2,125 1,233 39,146 36,216 2,930 29,800 2,568 3,307 4,270 Feb 91,240 11,608 8,236 2,144 1,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar 91,543 11,415 8,045 2,153 1,217 39,570 36,593 2,977 30,383 2,609 3,345 4,221 Apr 92,025 11,439 8,085 2,153 1,201 39,705 36,725 2,980 30,651 2,624 3 365 4,241 92,478 11,332 7,986 2,140 1,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 June.... 92,876 11,280 7,921 2,148 1,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July 93,580 11,292 7,886 2,191 1,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 r Revised. an amortized basis and stocks at end-of-year market value. 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included, in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars Assets Assets End of year Total* g M ag o e r s t- 3 G U ob o . l v S i t - . . Cash Other* S c a a v p i i n ta g l s q E u n a d r t o e f r Total* g M ag o e rt s - 3 G U ob o . l v S i t - . . Cash Other* S c a a v p i i n ta g l s gations gations 1941 6,049 4,578 107 344 775 4,682 1954_2 29,094 23,836 1,959 1.794 1.432 25,170 1945 8,747 5,376 2,420 450 356 7,365 3 30,165 25,065 1,969 1,681 [,379 25,903 4 31,736 26,193 2,021 1,980 1,472 27,334 1948 13,028 10,305 1,455 663 501 10,964 1949 14,622 11,616 1,462 880 566 12,471 1955— 1* 33,075 27,373 2,203 1,928 1,502 28,482 1950 16,893 13,657 1,487 924 733 13,992 2v 35,080 29,107 2,287 1,973 1,645 29,963 1951 19,222 15,564 1,603 1,066 899 16,107 3* 36,343 30,687 2,340 [.612 1,639 30,636 1952 .... 22,660 18,396 1,787 1,289 1,108 19,195 4* 37,880 31,584 2,381 2,087 .763 32,305 1953 26,733 21,962 1,920 1,479 1,297 22,846 1954 31,736 26,193 2,021 1,980 1,472 27,334 1956—1P 39,049 32,529 2,615 1,999 1,842 33,446 1955* 37,880 31,584 2,381 2,087 1,763 32,305 2P 40,770 33,866 2,680 2,064 2,096 35,055 *> Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged 1 Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1096 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency1 1955 1948 1949 1950 1951 1952 1953 1954 Loans, by purpose and agency: To aid agriculture, total 3,632 4,362 3,884 4,161 5,070 6,811 6,929 7,466 6,362 5,853 6,715 Banks for cooperatives 305 302 345 425 424 377 367 340 322 359 375 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 689 Federal Farm Mortgage Corporation. 80 60 45 34 25 18 13 12 Farmers Home Administration 2 525 523 535 539 596 648 701 774 770 755 681 Rural Electrification Administration. . 999 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 2,316 2,348 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 2,621 Other agencies 5 9 7 6 6 5 4 4 1 1 To aid home owners, total 768 1,251 1,528 2,142 2,603 2,930 2,907 3,013 3,095 3,122 3,205 Federal National Mortgage Assn 199 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 2,641 Home Owners' Loan Corporation3. .. 369 231 10 Reconstruction Finance Corporation4. 177 168 137 123 115 108 V O e th te e r r a n a s g e A n d ci m es inistration 22 24 35 169 246 3 6 00 0 3 6 8 3 3 40 6 8 7 43 7 0 2 4 7 5 6 6 48 8 0 4 To railroads, total 140 114 110 101 82 79 12 13 11 Reconstruction Finance Corporation4. 138 112 108 99 80 77 ..... Other agencies 3 3 2 2 2 2 12 To other industry, total 310 462 458 488 516 509 420 426 426 706 667 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D Ot e h p e a r r t a m ge e n n c t ie o s f the Treasury • 38 38 58 74 58 1 4 7 0 4 3 6 5 7 3 3 7 5 3 3 3 7 4 8 8 3 37 2 8 8 3 3 6 0 2 6 To financing institutions, total. 525 445 824 814 864 952 870 704 1,019 1,277 1,419 Federal home loan banks... 515 433 816 806 864 952 868 702 1,017 1,275 1,417 Other agencies 10 12 8 8 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 8,001 7,968 8,032 8,025 7,988 Export-Import Bank 2,145 2,187 2,226 2,296 2,496 2,833 2,806 2,768 2,774 2,735 2,702 Reconstruction Finance Corporation4 206 154 101 64 58 52 Department of the Treasury <s , 3,750 3,750 3,750 3,750 3,667 3,620" 3,570 3,570 3,567 3,567 3,519 International Cooperation Administration. 71,515 1,537 1,624 1,630 1,692 1,722 1,767 All other purposes, total 584 484 531 779 1,095 763 438 451 474 477 501 Reconstruction Finance Corporation4 190 88 59 61 50 57 Public Housing Administration 294 297 366 609 919 535 113 119 100 96 93 Other agencies 100 99 105 109 126 171 325 332 374 381 408 Less: Reserve for losses 368 476 755 173 140 203 228 259 494 411 268 Total loans receivable (net). 11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 20,238 Investments: U. S. Government securities, total 1,854 2,047 2,075 2,226 2,421 2,602 2,967 3,187 3,108 2,909 3,236 Banks for cooperatives 43 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 44 74 46 51 60 63 61 60 60 72 63 Production credit corporations 66 39 42 43 43 45 42 42 42 42 42 Federal home loan banks 274 275 199 249 311 387 641 771 661 443 745 Federal Savings and Loan Insurance Corp., 199 214 193 200 208 217 228 234 241 234 241 Federal Housing Administration 144 188 244 285 316 319 327 344 354 370 381 Federal Deposit Insurance Corporation. .. 1,064 1,205 1,307 1,353 1,437 1,526 1,624 1,692 I 1,706 1,705 1,720 Other agencies 21 9 1 2 1 1 2 2 1 2 1 Investment in international institutions. 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 133 107 88 78 44 40 44 45 Reconstruction Finance Corporation4. 98 83 71 66 36 35 47 29 29 Production credit corporations 29 22 16 11 8 5 3 3 3 3 2 D O e th p e a r r t a m ge e n n c t ie o s f the Treasury 6 42 2 38 3 4 2 0 23 3 2 4 3 Commodities, supplies, and materials, total. 627 1,549 1,774 1,461 1,280 2,514 3,852 3,612 3,476 4,129 4,356 Commodity Credit Corporation 437 1,376 1,638 1,174 978 2,086 3,302 2,983 2,910 3,518 3,747 Reconstruction Finance Corporation4... 157 142 108 129 172 156 D O e th p e a r r t a m ge e n n c t ie o s f the Treasury 32 30 28 159 131 Cm 47 8 0 0 5 6 6 5 4 54 1 7 9 59 1 4 7 5 2 8 0 9 Land, structures, and equipment, total 3,060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 7,822 P R u e b c l o i n c s H tru o c u t s i i o n n g F A i d n m an i c n e i s C tra o t r i p o o n ration4 1,4 6 4 3 8 0 1,3 6 5 1 2 1 1,2 6 4 0 8 5 1,2 5 5 9 1 4 1,1 1 7 9 3 9 1,0 1 1 7 8 5 8 96 80 64 64 64 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 Federal Maritime Board and Maritime Adm3. 4,834 4,798 4,749 4,807 4,812 4,822 Other agencies* 189 168 206 465 590 561 1,412 1,372 1,137 1,100 1,107 Bonds, notes, and debentures payable (not guaranteed), total , 965 772 1,190 1,369 1,330 1,182 1,068 1,561 1,840 2,086 2,379 Banks for cooperatives 70 78 110 170 181 150 156 139 123 160 185 Federal intermediate credit banks 480 490 520 674 704 619 640 713 811 821 665 Federal home loan banks 415 204 560 525 445 414 272 139 336 534 958 Federal National Mortgage Assn 570 570 570 570 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL CREDIT AGENCIES 1097 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Lia in b t i e li r t a ie g s e , n o c t y h e i r te t m h s an Date, and corporation or agency Loans m C ti o o e m d s, i - - I m nv e e n s t t s - L st a ru n c d - , Other B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , Other G i U n o . t e v S r t - . . o v in w P a t t r n e e i- r e ly - d Total Cash c a e b i l v e - m p r a l i a n i a e t d l e s s - , G U s ri e o t . c i S v e u . s t - . O s ri e t t c h ie u e s - r e m a q n e u d n ip t - s a e s t - s a U G n b . u t e y a S e r . d - Other l i a ti b e i s l- est est All agencies 1948—Dec 31 21,718 630 11,692 627 1,854 3,518 3,060 337 38 965 1 66318 886 166 1949_Dec. 31 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 1,72021,030 183 1950 Dec 31 24 635 642 13 228 1,774 2 075 3,473 2,945 499 23 ,190 1 19321 995 234 1951—Dec. 3P 26,744 931 14,422 1,461 2,226 3,463 3,358 882 43 ,369 1 16123,842 329 1952— Dec. 31 3 29,945 944 17,826 1,280 2,421 3,429 3,213 832 53 ,330 1,72826,456 378 1953—Dec 31 3 38 937 ,190 19,883 2,514 2 602 3,425 8,062 1 261 75 1,182 3 81833 429 434 1954—Dec. 31 41,403 ,371 19,348 3,852 2 967 3,432 8,046 2,387 33 ,068 4 18335 610 508 1955—Mar. 31 41,996 ,375 19.782 3,612 3,187 3,429 7,982 2 629 31 1,561 4 01335 848 543 June 30 40,639 ,244 18,927 3,476 3,108 3,430 7,821 2,634 41 840 3,019 35,171 568 Sept. 30 41,183 ,456 19 061 4,129 2 909 3,414 7,799 2 415 43 2 086 2 01336 460 583 Dec. 31 45,304 .33820,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,703 39 583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: Banks for cooperatives 450 30 372 43 (5) 5 185 2 231 31 Federal intermediate credit banks .. 783 21 689 63 9 665 8 110 45 (5) 42 2 (5) (5) 45 Federal Farm Mortgage Corp 13 12 (5) (5) 12 Department ot Agriculture: Rural Electrification Administration 2,469 9 2 345 115 1 2 469 Commodity Credit Corporation.... 7,329 24 2,544 3,747 149 865 1,280 6,049 Farmers Home Administration ... 668 54 587 (5) (5) 26 667 Federal Crop Insurance Corp 17 15 2 5 13 Federal Home Loan Bank Board: Federal home loan banks 2,231 62 1,417 745 2 (5) 5 958 712 562 250 1 (5) 241 8 11 239 Housing and Home Finance Agency: Public Housing Administration 313 26 92 64 131 27 285 Federal Housing Administration 629 31 65 381 1 150 44 185 4Q0 Federal National Mortgage Association 2,741 81 2,638 (5) 22 570 33 2,135 3 Office of the Administrator 756 73 261 386 36 8 748 57 4 51 (5) 2 (5) 56 Export-Import Bank 2,761 9 2,725 (5) 1 (5) 26 71 2,691 1,734 4 (5) (5) 1,720 (5) 10 94 1,640 Tennessee Valley Authority 2,006 140 26 1,829 12 41 1,965 Federal Maritime Board and Maritime Adm 5,507 356 *26i 44 (5) 4,822 24 147 5,360 464 25 12 421 6 13 451 Veterans Administration 673 154 481 3 2 32 9 664 Department of the Treasury 10,685 100 3,825 20 3,408 20 3,312 810,676 International Cooperation Administration 1,774 2 1,767 5 1 774 All other 950 115 106 504 127 98 46 904 1 Loans by purpose and agency are shown on a gross basis; total loans the Export-Import Bank, and the Treasury assumed responsibility for and all other assets are shown on a net basis, i.e., after reserve for losses. completing liquidation of other activities. 2 Includes figures for the Regional Agricultural Credit Corporation, the 5 Less than $500,000. assets and liabilities of which have been administered by this agency 6 Figures represent largely the Treasury loan to United Kingdom and since dissolution of the RACC in 1949. through 1952 are based in part on information not shown in Treasury 3 Changes in coverage over the period for which data are shown are as compilation. follows: exclusion of the Home Owners' Loan Corporation after June 7 Figure not published in Treasury compilation, but derived by Federal 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual Reserve. See also footnote 3. Security Agency (superseded by the Foreign Operations Administration 8 Effective July 1, 1954, the public war housing program of the PHA and later by the International Cooperation Administration) beginning (represented largely by land, structures, and equipment) and several June 1952 and of the Federal Maritime Board and Maritime Administra- small housing programs managed by the Office of the Administrator, tion beginning June 1953. Housing and Home Finance Agency, were designated to be liquidated by 4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) the Office of the Administrator, shown under other agencies. terminated the RFC's lending authority, effective Sept. 28, 1953. Its 9 Beginning 1951, includes figures for Panama Canal Company, a new lending activities under the Federal Civil Defense Act of 1950 and the corporation combining the Panama Railroad Company (included in Defense Production Act of 1950 were transferred to the Treasury on that earlier Treasury compilations) and the business activities of the Panama date. When the Corporation went out of existence on June 30, 1954 Canal (not reported prior to that time). See also footnote 8. certain loans, securities, and other assets were transferred to the Federal NOTE.—Statement includes certain business-type activities of the U. S. National Mortgage Association, the Small Business Administration, and Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1098 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt (—) of borrowing Excess of rects. Period B r u N ec d e t g t s e . t T r P f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t . : - . * E p T r f q u e r t o u b o h c t a m l t e a s i l c l . s 2 : B p t u e u e n d r x d e g - s i e - t p T P t f e u u e r l n u r x u n e d - s d s s i : t - A m L d e e j n s u s t s : s t- 3 E p p t T o q u a o u y b t t a h l t a i s l e l c s . : t p p f o r u a t o h o ( y b m r e - t l s i ) , c . , & c ( c ( o r - d d r r I a e ) e i e n g a r a , d b e - s e i s e e c n t n e - , t .) t a i r G n g . N v e f o n . u e v . n b t t & d y . L s ess: O d n c e a t o h b s n e h t - * r b E r i o e n q c ( N r p g - a u r a ) e s o a y h o t w l t r s . : - Cal. year—1954. 61,171 9,570 2,101 68,580 64,854 7,598 2,786 69,667 -1,087 3,511 1,583 752 1,173 1955. 63,358 10,624 2,511 71,448 66,129 9,331 3,272 72,188 -739 3,494 2,476 566 458 Fiscal year—1953... 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 6,940 3,300 722 2,919 1954.. 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955.. 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956*\ 68,141 11,685 2,735 77,067 66,386 9,389 3,183 72,593 4,475 -578 3,235 623 -4,436 Semiannual totals: 1954—Jan.-June. 38,898 5,202 1,262 42,795 33,288 3,987 2,394 34,881 7,914 -4,010 1,195 305 -5,511 July-Dec.. 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,521 388 447 6,684 1955—Jan.-June. 38,118 5,168 1,222 42,051 33,004 4,935 2,176 35,762 6,289 -3,535 1,145 197 -4,875 July-Dec.. 25,240 5,456 1,289 29,397 33,125 4,398 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan-June^. 42,901 6,229 1,446 47,670 33,261 4,991 2,087 36,167 11,503 -7,597 1,904 254 -9,759 Monthly: 1955—Aug 4,734 1,502 158 6,076 6,225 727 42 6,910 -834 845 945 31 -130 Sept 5,498 721 77 6,141 5,340 688 -88 6,117 25 -774 -359 40 -454 Oct 2,692 505 151 3,044 5,355 900 436 5,819 -2,775 2,621 -109 14 2,717 Nov 4,662 1,142 62 5,741 5,172 668 40 5,800 -59 490 605 40 -154 Dec 4,889 841 447 5,282 5,651 663 95 6,218 -936 599 130 130 340 1956—Jan 4,684 371 90 4,964 5,274 904 608 5,570 -606 -722 -87 83 -111 Feb 6,195 1,009 62 7,140 4,950 870 142 5,679 1,462 238 210 3 25 Mar 11,313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4,082 871 96 4,854 5,387 1,006 386 6,008 -1,154 -545 -364 15 -197 May 5,050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 Junep 11,576 1,616 1,040 12,150 6,783 783 522 7,044 5,107 -3,889 987 57 -4,934 July 3,485 1,112 631 3,964 5,542 1,029 676 5,895 -1,931 -93 312 33 -439 Aug.p 4,954 1,419 78 6,290 5,902 801 13 6,690 -400 2,982 645 -35 2,372 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (ecd of period) Period s B d u N u e r o f d p e i r c g l t u i e t s t ac T l f a c u r o t u u i n r m o s d n t u- t c o R i l c e T i a a c r s t o e i h n o a - n s. i m s a ( G s g + N a u e o r ) a e n k v o n t c e t c f y . t e i i s a n n G e g N v c e o F . . n e v e ( c b t t d - y y . ) . I d n ( e d g c - c i r r ) o r r o e e . e r a s i c a n s s s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a . v D n a R k i e l . p s - os T it T a s x u r i e r n a a y s n - d a O s n t s h e e t e ts r () de () ficit o ti b o l n ig s a 5 - & fu n t d ru s s 5 t p d u e b b li t c fu a n b d le s) A L c o c a t n s. Fiscal yr.—1953. -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954. -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955. -4,180 990 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956. 1,754 2,296 149 173 -2,687 -1,623 -269 331 6,546 522 4,633 ,391 Semiannual totals: 1954—Jan.-June. 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 ,055 July-Dec.. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec.. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June.. 9,639 1,236 57 312 -1,470 -8,017 -245 2,002 6,546 522 4,633 ,391 Monthly: 1955—Aug -1,491 775 21 1 -994 725 95 -1,058 5,753 393 4,188 ,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 ,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 ,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 ,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 ,112 1956—Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 ,350 Feb 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 ,288 Mar 5,914 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 ,193 Apr -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 ,353 May -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 ,151 June 4,793 833 -520 51 -1,004 -3,978 -112 287 6,546 522 4,633 ,391 July -2,057 83 -34 22 -277 -105 1 -2,369 4,178 513 2,451 ,214 Aug -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 ,131 P Preliminary. n.a. Not available. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consist primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in footnote 1, (2) net accruals over payments of interest on savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 1099 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t t O T a ru g l r d e s a - t nsfe r r e s R r t o ' a t m a o i d l e : - nt f c u R e r o n i e e p f - d - t s s B c T u e o d ip t g a t e s l t W he I i l n t d h d - i ivid O ua th l er i C ra o ti r o p n o - i ta c E x i x s e e - si t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s / - ' fund acct. Fiscal yr.—1953 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 5Q9 3.426 69,454 21,254 10,396 18,265 | 9,211 6,220 4,108 2.743 1,571 3,175 1956*\... 68,141 6,337 634 3,684 78,796 24,015 11,322 21,297 10,004 7,296 4,862 2,921 1,613 3,778 Semiannual totals: 1953—July-Dec... 25,757 1,722 321 395 28,195 11,078 2,593 5,375 5,405 2,083 1,661 1,512 804 ,476 *y54—Jan.-June.., 38,898 2,815 282 2,982 44,978 10,557 8,154 16,148 4,609 3,342 2,168 1,271 777 ,651 July-Dec... 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 ,480 1955—Jan.-June... 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 ,694 July-Dec..., 25,240 2,927 318 496 28.981 11,312 2.699 4.109 5.0*2 3.283 2.526 1,524 792 ,890 1956—Jan.-JuneP. 42,901 3,410 316 3,188 49,815 12,703 8,623 17,188 4,952 4,013 2,336 1,397 821 Monthly: 1955_4 S u ep g t 4 5 , , 7 4 3 9 4 8 9 5 1 1 2 9 6 8 0 5 1 1 1 0 8 3 6 5 , , 1 8 8 4 0 8 3 1 , ,6 0 0 0 4 4 1,6 1 8 1 5 5 1,1 3 0 2 0 8 8 88 6 1 7 1,0 5 1 7 2 9 5 33 2 1 2 2 2 4 5 5 6 1 1 5 3 4 5 977 Oct 2,692 268 18 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 21! 113 1956—Jan 4,684 163 17 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 85 231 7,158 3,732 795 460 846 972 353 212 128 1,005 Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 246 137 Apr 4,082 567 15 897 5,562 810 2,555 509 750 586 352 239 126 May 5,050 973 91 993 7,107 3,356 865 492 877 1,067 450 256 149 883 Junep 11,576 549 54 395 12,574 1,972 1,487 7,193 854 604 464 264 143 July 3,485 295 23 124 3,927 988 457 837 827 320 498 n.a. n.a. n.a. Aug 4,954 799 81 115 5,959 3,415 125 352 910 881 276 n.a. n.a. n.a. Budget expenditures 3 Major national security Agri- Vet- culture Period Total Total 4 D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l , A en t e o r m gy ic fi a n I f a f a n n a n t i d l c r . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s - n - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l a d - i - l - so N u r u r e a a r - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year: 1953 74,274 50,363 43,611 3 954 1,791 2,216 6,583 4,298 2,426 2,936 1 364 2,612 1,474 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1955 64,570 40,626 35,533 2,291 1,857 2,181 6,438 4.457 2,552 4,411 1 081 1,622 1,201 1956^5 66,386 40,495 36,371 1,885 1,652 1,819 6,851 4,755 2,775 4,943 992 2,131 1,633 Semiannual totals:5 1955—July-Dec 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 5 1955—July 5,382 3,046 2,648 168 138 55 596 361 294 336 79 251 365 Aug .... 6,225 3,583 3,258 137 138 95 525 428 223 919 106 229 117 Sept 5,340 3,512 3,252 93 121 59 533 353 191 295 120 165 111 Oct 5,355 3,293 2,837 280 129 152 548 359 283 362 103 145 109 Nov 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956—Jan 5,274 3,005 2,811 g 135 245 631 401 297 340 83 168 104 Feb 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 Mar 5,399 3 284 2 805 299 146 167 566 400 168 438 85 184 106 Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 June*5 6,783 4,332 4,114 27 139 183 612 402 310 466 96 259 134 n.a. Not available. p Preliminary. 3 For a description of components, see the 1957 Budget of the United 1 Corporation and estate and gift taxes are from Internal Revenue States, pp. 1093-1102 and 1164-1165. Service reports prior to July 1953. Excise taxes and nonwithheld indi- 4 Includes stockpiling and defense production expansion not shown vidual taxes for that period are obtained by subtracting Internal Revenue separately. Service data from appropriate monthly Treasury statement totals. 5 Monthly figures prior to May 1956 are not fully comparable to the 2 Represents the sum of taxes for old-age insurance, railroad retire- May and June figures and the fiscal year totals. Hence the monthly ment, and unemployment insurance. figures for fiscal year 1956 do not add exactly to the totals for that fiscal year. (For description see Treasury Bulletin, Table 3 of section on budget receipts and expenditures). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1100 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] End of month 1941_Dec 1945_Dec 1947 Dec 1950__Dec 1951 Dec 1952—Dec . . 1953—Dec 1Q*4—Dec 1955—June 1955;—Aug Sept Oct . Nov Dec 1956 Jan . . Feb Mar Apr May June . July Aus Sept Mi Public issues 3 Marketable Nonmarketable Total d d g i e r r o b e s t c s 2 t Total Total Bills c C i e a n d e t d e n r e t s e i b f s o i t s - - f Notes B el a ig n i k - Bond B s r a e n - k b C v o ib e o n r l n d e t- - s Totals b S i o n a n g v d s - s n s T i a o n a n a t g v d e x s - s S i p ss e u c e ia s l ble 4 stricted 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 256 7 256.7 220 6 152.5 13.6 5 4 39 3 44 6 49.6 68.1 58.0 8.6 33.7 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 278 8 278 8 233 2 157 8 19.5 28 5 28 0 76 1 5 7 11.8 63 6 57.7 4 5 42.6 274.4 274.4 228.5 155.2 19.5 13.8 40.7 81.1 11.7 61.6 58.4 1.9 43.3 278 4 278.3 231.5 158.9 20.3 9 0 47 6 81 9 11.6 61 0 58.5 44.2 277 5 277.5 231.0 159.5 20.8 9.0 47.7 81.9 11.5 60.0 58.3 .4 43.9 279.9 279.8 233.6 162.5 20.8 12.0 47.8 81.9 11.4 59.6 58.3 43.7 280 2 280 1 233.6 162.6 20.8 12.0 47.8 81.9 11.4 59.6 58.3 !l 44.0 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 («) 43.9 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 (6) 43.6 280 2 280.1 233.6 163.4 22.3 15.7 43.4 81 9 11.3 59.0 57.7 43.7 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59.0 57.7 ( ( 6 6 ) ) 43.7 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 276 8 276.7 229.6 159 6 20.8 20 8 36 1 81 9 11 1 58.9 57.7 44.3 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 45.1 272.7 272.6 224.6 155.0 20.8 16.3 36.0 81.9 11.1 58.6 57.4 45.4 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80.9 11.0 58.5 57.3 45.8 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $461 million on Aug. 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,351 million on Aug. 31, 1956. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n ti c c t e g e u l s u u e r ) d a i d - r - - S i p s t s e r u u c e i s a s t l fun P i d s u s s b u l l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t ts e l . S b a o v n i I n n d g d s s ivid se u O c a u l t s h ri e ti r es i M t n o v i r e s s c s 3 - . 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.0 12.7 49.4 16.0 13.2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.4 13.9 49.5 15.5 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.3 14.4 50.0 13.6 13.9 1955—June 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 18.8 14.7 50.2 15.1 14.4 July 277.6 43.3 7.3 227.0 24.1 63.8 8.8 14.9 19.8 14.9 50.2 15.5 15.0 Aug 278.4 44.2 7.3 226.8 23.8 62.7 8.8 15.0 20.8 14.9 50.3 15.6 15.0 Sept 277.5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 20.6 14.9 50.2 15.9 15.1 Oct 279.9 43.7 7.4 228.8 24.0 62.7 8.6 14.9 22.3 15.0 50.2 15.8 15.3 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 23.2 15.0 50.2 15.5 15.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.4 15.1 50.2 15.3 15.6 1956—Jan 280.1 43.6 8.1 228.4 23.5 60.5 8.5 14.2 23.7 15.5 50.3 16.1 16.0 Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 23.8 15.7 50.4 16.6 16.4 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 20.5 15.9 50.4 17.1 16.5 Apr 275.8 43.4 8.2 224.3 23.3 58.4 8.5 13.6 20.7 15.9 50.4 17.0 16.5 May 276.8 44.3 8.2 224.3 23.5 57.7 8.4 13.5 21.1 16.0 50.4 17.0 16.6 June 272.8 45.1 8.4 219.3 23.8 56.9 8.4 13.3 17.8 15.9 50.3 16.8 16.2 July 272.7 45.4 8.4 218.9 23.4 56.3 8.4 13.3 18.1 16.0 50.3 16.9 16.2 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to $250 million on Dec. 31, 1955. 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 101 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, SEPTEMBER 30, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury notes Treasury bonds Treasury bonds—Cont. Oct. 4, 1956 1,600 Oct. 1 1956 1 22 Mar. 15, 1956-58...21/2 1,449 June 15, 1964-69... 2V* 3,751 O O c c t t . . 1 18 1 , , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 1 0 A M p a r r . . 15 1 ; 1 1 9 9 5 5 7 7 2 1 2,9 5 9 3 7 1 S M e a p r t . . 1 15 5 , , 1 1 9 9 5 5 7 6 - - 5 5 9 9 . . . .• .2 2 5 y /8 4 3,8 9 2 2 0 7 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 . . . . . . 2 2 % i/2 4 3 , , 7 8 1 2 3 6 Oct. 25, 1956 1,600 May 15! 1957 1 4,155 June 15, 1958 .2% 4,245 Mar. 15, 1966-71.. .21/2 2,958 N N N o o o v v v . . . 1 8 1 5 , , , 1 1 1 9 9 9 5 5 5 6 6 6 1 1 1 , , , 6 6 6 0 0 0 1 0 0 A A O u c u t g g . . . 15 1 1 , 1 1 1 9 9 9 5 5 5 7 7 7 .... 2 1 3 2 , , 7 0 8 9 5 2 6 2 4 J D J u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 8 9 - - 6 6 3 2 5 .. . 2V VA 2 5 , , 9 3 2 1 6 7 9 8 4 J D S u e e n p c e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 . . . . . . . . . 2 2 2 i V i / / 2 2 2 2 3 1 , , , 7 7 87 9 1 3 1 6 Nov. 23, 1956 1,600 Apr. 1 1958 1 383 Dec. 15, 1959-62...21/4 3,462 June 15, 1978-83...314 1,606 Nov. 29, 1956 1,601 June 15 1958.... 4,392 Nov. 15, 1960 21/ 3,806 Feb. 15, 1995 3 2,745 Dec. 6,1956 1,601 Oct. 1 1958.... 121 Dec. 15, 1960-65 5. 1,485 Dec. 13, 1956 1,600 Feb. 15 1959.... 5,102 Sept. 15, 1961 2,239 Panama Canal Loan.... 3 50 Dec. 20, 1956 1,600 Apr. 1 1959.... 119 Nov. 15, 1961 11,177 Dec. 27, 1956 1,601 Oct. 1 1959 1 99 Aug. 15, 1963 6,755 Convertible bonds Apr. 1 I960.... 198 June 15, 1962-67.. 2,115 Investment Series B Certificates Oct. 1 I960.... 278 Dec. 15 1963-68.. 2,824 Apr. 1, 1975-80.... 234 10,951 Dec. 1, 1956 2% 9,083 Apr. 1 1961.... 100 Feb. 15, 1957 2% 7,219 Mar. 22, 19573 2% 3,221 1 Direct public issues. 4 Called for redemption; partially tax-exempt. 2 Sold on discount basis See table on Money Market Rates, p. 1093. 5 Partially tax-exempt. 3 Tax anticipation series. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Note: M bo a a n b rk l d e e s t 2 - v b e C o r o t n i n d b - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1953—June 30 159,675 19,707 15,854 30,425 81,349 12,340 147,335 64,589 32,330 18,677 31,739 i954—June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38.188 33,687 33,628 Dec 31 174,639 22,313 15,741 43,285 81,912 11,387 163,251 60,631 38,307 31,365 32,949 1956—June 30 166,050 20,808 16,303 35,952 81,840 11,098 154,953 58.714 31.997 31,312 32,930 July 31 166,023 20,807 16,303 35,963 81,881 11,070 154,953 46,660 44,059 31,311 32,922 U. S. Govt. agencies and trust funds: 1953—June 30 6,899 106 30 23 3,300 3,439 3,460 163 152 422 2.723 1954 -June 30 6.985 46 41 64 3,395 3,439 3,546 107 205 494 2,740 I955—June 30 7,162 40 8 119 3,556 3,439 3.723 74 199 506 2,944 Dec. 31 . 7,676 338 47 304 3,548 3,439 4,237 422 373 426 3,016 1956—June 30. 8,236 273 355 688 3,575 3.345 4,891 927 500 434 3,030 July 31 . 8,293 237 325 807 3,597 3,328 4,966 773 718 440 3,034 Federal Reserve Banks: 1953—June 30 24,746 1,455 4,996 13,774 4,522 24,746 15,505 6,452 1,374 1,415 1954_june 30 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6.307 1,035 1,415 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,40D 3,773 1.014 1,415 Dec. 31 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 K0I4 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20.242 1.087 1,014 1,415 July 31 23,438 550 10,933 9,154 2,802 23,438 11,982 9.027 1.014 1,415 Commercial banks: 1953—June 30. . 51,365 4,411 4,351 10,355 32,066 182 51,183 19,580 18,344 8,772 4,488 1954-June 30.. 56,199 4,187 4,942 11,423 35,481 165 56,034 17,684 14,624 18,741 4,985 1955_june 30. . 55,667 2,721 1,455 15,385 35,942 164 55,503 7.187 21,712 21,110 5,494 Dec. 31... 53,956 3,562 1,95! 12,853 35,431 157 53,798 7,733 22,003 19,483 4,579 1956—June 30. . 49.673 2.181 1,004 11,620 34,712 155 49,517 7,433 18.234 19.132 4,719 July 31. . 49,081 1,924 1,007 11,480 34,515 155 48,926 6,230 18,843 19,104 4,749 Mutual savings banks: 1953—June 30 8,816 120 87 62 7,232 1,314 7,502 476 464 1,395 5,167 1954—June 30 8,353 98 101 221 6.669 1,265 7,089 294 476 1,389 4,930 ]955_june 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 Dec. 31 7,856 128 47 322 6,170 1,189 6,667 208 570 1,335 4,554 1956—Tune 30 7,735 107 37 356 6.074 1,161 6.574 247 540 1,319 4,468 July 31 7,730 126 42 361 6,040 1,161 6,569 245 563 1,314 4,447 nsurance companies: 1953—June 30 14,155 460 337 534 9,339 3,486 10,669 1,472 1,023 1,849 6,325 1 1 9 95 5 5 4 — _j J U u n n e e 3 3 0 0 1 1 3 3 , , 5 11 2 7 0 6 6 2 3 2 0 2 7 0 4 9 6 7 9 8 1 9 8 8 , , 8 4 0 7 5 9 3 3, , 1 1 4 9 5 3 1 9 0 . , 9 3 7 2 2 7 1, 8 1 1 9 0 0 1 1 , , 3 0 3 4 9 5 2 2, , 0 1 2 7 7 1 5 5 , , 9 7 2 9 1 6 Dec. 31 12,667 515 83 842 8,286 2,941 9,726 694 1,502 1,840 5,689 1956—June 30 11,702 318 44 760 7.789 2,791 8.911 632 1,192 1.802 5,285 July 31 11,706 369 44 768 7,747 2,778 8,928 650 1,230 1,800 5,248 Other investors: 1953—June 30. 53,694 13,155 6,052 5,678 24,890 3,919 49,775 27,393 5,895 4,865 11,621 1954—June 30. 52,121 12.248 6,511 6.531 23.032 3,800 48,322 24,568 5,308 6,711 11,734 1955—June 30. 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 Dec. 31. 67.700 16,047 7.612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13,696 1956—June 30. 64,947 17,074 3,919 13,371 26.896 3.646 61,301 29,233 10,443 7,612 14,013 July 31. 65,773 17,602 3,951 13,393 27,179 3,647 62,126 26,780 13,677 7,640 14,029 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1102 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars Gross proceeds, all issuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n i e ss t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Bonds Mis- Re- tire- Total G U o . v S t. . 3 ag F e e r e n a d c l - y * S n m a t i n a c u d t i - - e Others Total Total P li u cl b y - v P at r e i l - y f s e P t r o r r c e e k - d C s m t o o o m c n k - Total m N on e e w y 7 l p a c o u e n u l r e s - - - m b ti a o r e n f e n k - t m s r e i o t e c i f n u e t s pal offered placed poses d et e c b .» t, 1939 5.687 ? 33? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,'157 11466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47 353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 11,080 133 134 4,555 1948 20.250 10 3?7 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 >,929 234 488 307 1949 21.110 11 804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 t(,606 315 637 401 1950 19.893 9 687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 1,006 364 620 1,271 1951 2 .265 9 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 (5,531 226 363 486 1952 26,929 1? 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 i$,180 537 664 1953 28,824 13 957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 1? 53? 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 5,780 709 1,875 1955 26.772 9 6?8 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1955 Aug I 638 509 259 (9) 870 655 491 163 15 200 644 614 30 208 Sept 1,627 481 407 3 736 560 301 82 94 670 559 111 52 Oct I 646 461 926 9 1,250 1,046 858 188 43 161 1,162 1,074 88 71 Nov 1,840 438 661 33 708 431 155 275 85 193 632 590 42 62 Dec 1,913 466 415 51 980 835 336 499 39 107 900 793 108 63 1956 Jan. .. . I 710 645 407 38 621 529 141 388 19 73 579 496 83 32 Feb 1,998 544 709 744 478 149 329 128 139 704 664 40 26 Mar I 787 518 401 9 861 675 393 42 143 790 762 28 56 Apr ... [ 876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 J M u a n y e .. \2 I ,1 1 2 6 8 1 4 4 3 5 7 1 4 7 9 3 1 6 99 1,1 8 8 8 5 9 9 66 8 1 3 2 6 7 8 0 6 2 3 9 9 7 1 6 5 5 0 1 1 3 7 7 9 1,1 8 4 3 4 0 1,1 7 1 6 6 8 2 6 8 1 2 4 1 3 July rI 936 484 1 1 073 859 588 271 14 200 1,026 965 60 30 Aug 1,479 436 109 198 36 698 555 250 305 51 92 654 571 83 30 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate Year or miscellaneous and financial month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 1 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 8) 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 « 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 \ 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 6C 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 11 1,812 56 1955 Aug 115 55 37 4 45 141 84 6 91 272 2 Sept 166 19 68 4 50 4 208 13 19 1C> 158 3 Oct 85 1 56 14 54 52 166 694 107 3 Nov 149 32 70 6 17 4 268 12 40 88 8 Dec 287 54 79 4 130 1 269 2 35 3 100 (9) 1956 Jan . .. 180 26 45 2 26 1 63 2 3 263 2 Feb 197 23 41 39 1 196 37 (9] 194 Mar 249 48 3 71 10 187 1 103 rf 132 3 Apr 258 78 27 51 1 294 1 15 170 1 May 465 14 67 4 86 2 335 80 C)9 109 2 June 276 26 76 2 54 5 231 5 11 182 6 July 352 14 84 15 33 184 260 113 (9) Aug 192 28 84 1 46 153 85 95 r Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 Less than $500,000. eleemosynary and other nonprofit. i ° Represents all issues other than those for retirement of securities. 6 Estimated net proceeds are equal to estimated gross proceeds less cost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 1103 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annua totals Quarterly totals Industry 1954 1955 1956 1950 1951 1952 1953 1954 1955 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 45,78752,94054,51763,34358 11069,443 15 22216,599 17 92916 88718 028 18 15018 471 Profits before taxes 8,176 8,869 7,308 8,375 7,244 10,226 1,919 2,452 2,767 2 388 2 619 2 601 2,512 Profits after taxes 4,222 3,548 3,192 3,649 3,825 5,221 1,106 1,215 1,392 1,206 1,408 1,286 1,298 2,339 2,075 2,073 2,154 2,384 2,827 788 575 577 659 1 015 703 715 Nondurable goods industries (94 corps.): 1 Sales 16,25218,91619,26620,69420 62023,065 5 426 5,509 5 742 5 776 6 037 6 095 6 150 2,947 3,447 2,853 3,028 2,753 3,408 682 801 849 869 889 901 877 Profits after taxes 1,661 1,533 1,392 1,526 1,581 1,916 422 442 471 483 520 497 491 977 925 946 972 1,064 1,202 348 256 260 283 402 290 300 Durable goods industries (106 corps.):2 Sales 29,53534,02435,25142,64937,49046,378 9,796 11,090 12,18711 11111,990 12 05512,321 Profits before taxes 5,229 5,422 4,455 5,346 4,491 6,818 1,237 1,651 1,919 1,518 1 730 1,701 1,635 Profits after taxes 2,560 2,015 1,800 2,123 2,244 3,305 684 773 920 723 888 789 807 1,362 1,149 1,127 1,182 1,320 1,625 440 319 317 376 613 413 415 Selected industries: Foods and kindred products (28 corps.): Sales 4,402 4,909 5,042 5,411 5,476 5,813 1,435 1,358 1,462 1 491 1,502 1 535 1,569 Profits before taxes 532 473 453 465 462 499 110 99 131 139 129 123 150 289 227 203 212 224 245 57 46 63 68 68 55 71 161 159 154 154 156 160 46 36 36 39 50 37 44 Chemicals and allied products (26 corps.): Sales 4,817 5,882 5,965 6,373 6,182 7,222 1,623 1,721 1,811 1,799 1,891 1,879 1,958 1,178 1,490 1,259 1,308 1,153 1,535 313 366 381 390 399 385 380 Profits after taxes 597 521 486 520 593 782 174 182 193 198 209 195 196 467 381 396 417 499 597 194 114 115 134 234 138 141 Petroleum refining (14 corps.): Sales 4,359 5 078 5 411 5,883 6 015 6,556 1,562 1,566 1 613 1 632 1 745 1 764 1 742 Profits before taxes 712 911 728 841 751 854 152 210 200 218 226 248 223 492 560 524 603 567 624 132 150 147 156 172 176 162 236 262 283 290 294 317 77 77 77 80 83 82 82 Primary metals and products (39 corps.): Sales 10,44812,50711,56413,75011,52214,927 2,874 3,300 3 858 3 746 4 024 4 212 4 414 Profits before taxes 1,706 2,098 1,147 1,817 1,357 2,375 400 487 633 582 674 693 712 857 778 564 790 705 1,194 231 241 313 290 350 344 360 378 382 369 377 407 522 125 114 108 118 182 141 137 Machinery (27 corps.): Sales 5,049 6,168 7 077 8,005 7,745 8,110 2,024 1,953 2,045 1 977 2 135 2 167 2 463 Profits before taxes 847 1,000 971 1,011 914 894 222 229 251 208 206 200 268 Profits after taxes 424 365 375 402 465 458 138 110 120 103 124 75 139 208 192 199 237 263 281 76 67 66 67 81 78 82 Automobiles and equipment (15 corps.): Sales . 11,969 12,70713,03816,61114,137 18,825 3,850 4,791 5,101 4,246 4,688 4,578 4,195 2,332 1,950 1,982 2,078 1,789 3,023 510 825 894 589 715 690 511 Profits after taxes 1,101 717 709 758 863 1,394 261 369 418 261 346 313 237 Dividends... 679 486 469 469 536 693 198 109 114 161 309 162 164 Public Utility Railroad: Operating revenue.. .. . . .. . 9,473 10,391 10,58110,664 9,371 10,106 2,395 2,305 2,524 2,634 2,643 2,535 2,704 Profits before taxes . . 1,385 1,260 1,451 1,404 900 1,342 319 259 358 370 355 252 343 784 693 832 871 674 925 277 175 242 243 265 164 237 Dividends . 312 328 338 412 379 421 136 101 90 74 156 111 116 Electric power: 5,528 6,058 6,549 7,136 7,610 8,395 1,976 2,169 1,999 2,034 2,193 2,412 2,190 Profits before taxes 1,313 1,482 1,740 1,895 2,049 2,304 513 636 539 535 594 710 592 822 814 947 1,030 1,140 1,247 288 341 296 284 326 374 321 Dividends • 619 651 725 780 857 930 224 225 229 229 247 247 256 Telephone: Operating revenue . 3,342 3,729 4,136 4,525 4,902 5,425 1,285 1,298 1,340 1,368 1,419 1,439 1,480 580 691 787 925 1,050 1,282 284 306 315 325 336 339 352 Profits after taxes . .... . . 331 341 384 452 525 638 143 152 156 161 169 169 176 276 318 355 412 448 496 116 118 122 126 130 132 136 quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Sales data are obtained from the Long Lines and General departments of American Telephone and the Securities and Exchange Commission; other data from published Telegraph Company) and for two affiliated telephone companies, which company reports. together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1104 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1948 32.8 12.5 20.3 7.2 13.0 1949 26 2 10 4 15 8 7.5 8.3 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1950 . 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19 8 16.1 9.0 7.1 1951. . 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1953 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 33.2 16.8 16.4 10.0 6.4 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 42.7 21.5 21.1 11.2 <9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955 12,595 5,372 7,223 7,712 3,199 4,513 4,883 2,173 2,710 1955__1 39.7 20.0 19.7 10.4 9.3 2 41.1 20.7 20.3 10.7 9.6 1955_2 2,891 1,484 1,407 1,802 767 1,034 1,089 717 373 3 43.5 22.0 21.5 11.0 10.5 3, , 2,895 1,427 1,468 1,838 923 915 1,057 504 553 4 46 4 23 4 23 0 12 1 10 9 4 3,795 1,165 2,630 2,391 806 1,585 1,404 359 1,046 1956—1 43.7 22.1 21.6 11.8 9.8 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 811 2 42.9 21.7 21.3 12.2 9.1 2 3,367 1,488 1,880 2,245 817 1,428 1,122 671 452 c Corrected. 1 Reflects cash transactions only. As contrasted with data shown on p. 1102, new issues NOTE.—Quarterly data are at seasonally adjusted exclude foreign and include offerings of open-end investment companies, sales of securities annual rates. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1102. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w ca o N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d a b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other ties G U o . v S t . .2 Other G U o . v S t. . 2 Other bi l l i i a ti - es 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 3J.3 11.5 13 5 1949 72.4 133.1 26.5 16.8 41 0 45.3 1.4 60.7 37 5 9.3 14 0 1950 81 6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 ,4 47.9 16 7 14.9 1951 86.5 179.1 30 0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53 6 21 3 16.5 1Q52 90 1 186 2 30 8 19.9 2 8 64 6 65 8 2.4 96 1 2 3 S" 0 18 1 18 7 1953 r 91.8 190.9 31.2 21.6 2.6 65.9 67.2 2.4 99.0 2.2 57.3 18.7 20.7 1954r.. . . 95 0 188.5 32.0 19.8 2.4 67.3 64.4 2.6 93 5 2.4 54.9 15.3 20 8 1955 lr 97 3 189.1 30 6 19 5 2 2 68.8 65 1 2 8 91 8 2 5 55.1 13 1 21 1 2r 99.7 191.4 31.1 19.3 2.1 71.2 64.9 2.8 91.7 2.3 55.8 11.9 21.7 3r 101 5 200.2 31.6 21.2 2 2 75.6 66.6 3.0 98 7 2 2 58.9 15 1 22 6 4r 102.9 208.1 32.6 24.0 2.3 77.3 69.1 2.9 105.2 2.3 62.6 18.1 22.3 1956 1r. 104 8 206.8 29.9 21 1 2 3 78.2 72.1 3 2 102 0 2 3 62.0 15 0 22.8 9 106.4 207.9 30.7 18.0 2.3 79.9 73.9 3.1 101.5 2.5 63.9 12.1 22.9 r Revised. 2 Receivables from, and payables to, the U. S. Government exclude 1 bxcludes banks and insurance companies. amounts 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] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n t i u n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 road Other ing 1948 22.1 9.1 .9 1.3 1.3 2.5 .7 5.2 1955—1 5.8 2.4 .5 .8 2.0 1949 19.3 7.1 .8 1.4 .9 3.1 .3 4.7 2 7.0 3 0 .6 2.3 1950 20.6 7.5 .7 1.1 1.2 3.3 .1 5.7 3 74 3 1 .6 12 2.5 1951 25.6 10.9 .9 1.5 1.5 3.7 .3 5 9 4 8.4 3.8 .7 1.2 2.6 1952 26.5 11.6 1.0 1.4 1.5 3.9 .5 5.6 1953 28.3 11.9 1.0 1.3 1.6 4.6 .7 6.3 1956—1 7.5 3.2 .7 .9 2.6 1954 26.8 11.0 1.0 .9 1.5 4.2 7 6.5 2 8.9 4.1 .7 1.2 2.9 1955 • 28.7 11.4 1.0 .9 1.6 4.3 . 0 7 5 34 9.6 4.6 .8 1.5 2.7 19564 35.3 15.2 1.2 1.3 1.8 5.0 2 10.7 44 9.4 4.6 .9 1.4 2.5 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 1105 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]^onfarm Farm E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e c l g d e i e e e c h n r s t O e a o - d l l t d h e e v o r r I i s t a d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t f F u a i i n c m t n i i s o a a i t l l i n n y - s - ho O h u o e t s h r l e s d e s - r c T o o m t M a m l u e lt r i c t - F u i f i a i n a c t n l i m i s o a a t p i l n i n - l r s - y o p a e O n h r d o e t t i h r l e s d e s - r l h e A o r l s l d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.8 4.8 1 3 3 4 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1 9 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 51.7 1.4 19.8 66.8 45,2 35.4 9.8 21.6 14.0 7.6 6 1 2 3 3 7 1951 82.2 59.5 2.0 20.7 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.6 2.6 4 0 1952 91.2 66.9 2.4 21.9 84.1 58.5 46.8 11.7 25.6 17.2 8.3 7.2 2.8 4.3 1953 101.1 75.1 2.8 23.3 93.5 66.1 53.6 12.5 27.4 18.5 8.9 7.7 3 0 4 6 1954 113.6 85.7 2.8 25.0 105.4 75.7 62.5 13.2 29.7 20.0 9.7 8 2 3.3 4.9 1955P 129.8 99.5 3.1 27.3 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9 0 3 6 5 3 1954—Dec 113.6 85.7 2.8 25.0 105.4 75.7 62.5 13.2 29.7 20.0 9.7 8.2 3.3 4.9 1955 Mar* 117.2 88.8 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 8.4 3.4 5.1 June# ,. 121.9 92.7 3.0 26.2 113.2 82.2 68.4 13.8 31.0 20.8 10.2 8 7 3 5 5 2 Sept. P 126.1 96.3 3.0 26.7 117.3 85.6 71.4 14.1 31.7 21.3 10.4 8.8 3.6 5.2 Dec.P 129.8 99.5 3.1 27.3 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9.0 3.6 5.3 1956 Mar » 133.5 102.5 3.2 27.9 124.3 91.1 76.5 14.6 33.2 22.3 10.9 9.2 3.7 5.5 Junep 137.6 105.9 3.2 28.5 128.2 94.2 79.3 14.9 34.0 22.8 11.2 9.4 3.8 5.7 P Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions include commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h n m e - r Farm sured an teed tional sured anteed tional 1941 4 906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1948 10 897 8,066 1,957 874 5,806 4,758 1,015 34 1949 11 644 8 676 2,060 909 6,705 5,569 1 099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1954 Dec 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 Mar 19,125 14,535 4,205 3,450 6,880 3,385 1,205 15,560 13.745 3,895 4,600 5,250 1,758 57 19,940 15,128 4,361 3,601 7,166 3,549 1,263 16,173 14,339 4,000 4,976 5,362 1,775 59 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 1,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 Mar v 21,500 16,240 4,648 3,760 7,832 3,950 1,310 18.045 16,132 4,210 6,155 5,767 1,855 58 22,135 16,700 4,767 3,833 8,100 4,110 1,325 18,620 16,690 4,255 6,550 5,885 1,872 58 P Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1106 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 . 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23 928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1955 Aug 537 504 77 140 287 33 28,030 25,809 6,241 5,461 14,107 2,221 Sept 512 484 80 126 278 28 28,277 26,044 6,258 5,565 14,221 2,233 Oct 579 535 76 160 299 44 28,587 26,336 6,287 5,682 14,367 2,251 Nov 543 512 85 154 273 31 28,890 26,627 6,326 5,797 14,504 2,263 Dec 858 812 151 295 366 46 29,445 27,172 6,395 6 074 14,703 2,273 1956 Jan 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2 274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28,301 6,535 6,571 15,195 2,350 Miay .. 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 546 507 58 136 313 39 31,284 28,884 6,584 6,764 15,536 2,400 July 567 533 84 138 311 34 31,612 29,188 c6,608 6,872 15,708 2,424 Aug 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 c Corrected. values, and because data for year-end adjustments are more complete. NOTE.—For loans acquired, the monthly figures may not add to annual Source.—Institute of Life Insurance; end-of-year figures are from totals, .and for loans outstanding, the end-of-December figures may differ Life Insurance Fact Book, and end-of-month figures from the Tally of from end-of-year figures, because monthly figures represent book value of Life Insurance Statistics and Life Insurance News Data. ledger assets whereas year-end figures represent annual statement asset MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r th or Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g V n u t A a e r e - - d ti C v o e o n n n a - - l2 Y m e o a n r th or N b u e m r - Total i i a n S l s o g a s a s n v n - s & . p I c a n a o n s n m u c ie r e - s - C b m c a o i n e a m r k l - - s M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941., 1,628 4,732 1,490 404 1,166 218 1945.... 1,913 181 1,358 5,376 1945., 1,639 5,650 2,017 250 1,097 217 1948.... 3,607 1,046 1,710 10,305 563 2,397 7,345 1948. 2,535 11,882 3,629 1,016 2,664 745 1949.... 3,636 1,083 1,559 11,616 717 2,586 8,313 1949., 2,488 11,828 3,646 1,046 2,446 750 1950.... 5,237 1,767 2,246 13,657 848 2,973 9,836 1950. 3,032 16,179 5,060 1,618 3,365 1,064 1951.... 5,250 1,657 2,357 15,564 866 3,133 11,565 1951. 2,878 16,405 5,295 1,615 3,370 1,013 1952.... 6,617 2,105 2,955 18,396 904 3,394 14,098 1952. 3,028 18,018 6,452 1,420 3,600 1,137 1953.... 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1953. 3,164 19,747 7,365 1,480 3,680 1,327 1954 8,969 3,076 3,846 26,193 1,172 4,721 20,300 1954. 3,458 22,974 8,312 1,768 4,239 1,501 11,432 4,041 5,241 31,584 1,409 5,912 24,263 1955. 3,913 28,484 10,452 1,932 5,617 1,858 1955.... 1955 1955 1,171 416 553 Aug.. 366 2,697 1,060 163 521 179 Aug 1,012 342 503 30,687 1,356 5,653 23,678 Sept.. 342 2,522 946 155 505 168 Sept 880 303 426 Oct... 326 2,387 835 153 505 167 Oct 782 261 385 Nov.. 314 2,316 765 152 499 171 Nov 746 253 351 31,584 1,409 5,912 24,263 Dec... 293 2,188 700 156 457 166 Dec 1956 1956 Jan 712 251 316 Jan., 275 2,059 665 148 435 131 Feb 778 284 333 Feb.. 278 2,050 700 136 421 127 Mar 908 331 386 32,5 1,456 6,136 24,937 Mar.. 309 2,271 816 152 468 128 Apr 932 359 388 Apr.. 303 2,269 827 148 470 128 May.... 986 356 434 May.. 324 2,434 872 158 508 152 June.... 976 349 449 3,866 1,465 6,351 26,050 June.. 319 2,417 877 165 494 162 July 949 341 439' July.. 312 2,374 851 159 464 168 Aug 1,037 358 483! Aug.. 336 2,544 921 163 508 181 1 Includes loans for other purposes (for repair, additions and alterations, i Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Federal Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 1107 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Year or month mo H r o tg m ag e es P e r c o t j - - P e i r m r o ty p - - mo H r o tg m ag e es G un o d v e e r r w nm rit e t n en t- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total su in re - d a g n u t a e r e - d 1948 3,341 1,434 684 609 614 1,881 1 1 9 94 5 9 0 4 3 , , 3 82 4 6 3 1 1 , , 3 6 1 3 9 7 8 8 9 5 2 6 1 1 , , 0 1 2 5 1 7 5 6 9 9 4 4 3 1 , ,4 0 2 7 6 2 1,8 7 6 9 5 3 1,2 6 0 2 2 9 1945 18.6 4.3 4.1 2 14.3 1 1 1 9 9 9 5 5 5 1 3 2 3 3 3 , , , 1 2 8 1 2 8 3 0 2 1 1 , , 2 2 9 5 1 6 9 6 9 1,0 9 7 3 7 1 0 3 4 2 5 3 5 8 2 9 2 2 1,3 7 8 3 0 4 4 8 8 2 3 3 , , , 7 0 6 1 6 1 9 4 4 2 2 1 , , 0 8 6 4 2 6 5 3 7 1,0 9 8 1 4 9 4 2 0 1 1 1 9 9 9 4 4 5 8 9 0 4 3 33 5 7 . . 2 6 3 1 1 1 2 8 5 . . .0 9 5 5 6 8 9 3 6 1 7 8 0 # . 1 9 3 2 2 2 0 2 6 . . . 6 8 3 1 1 9 9 5 5 4 5 3 3, , 8 0 0 6 7 6 1 1, , 2 0 6 3 9 5 1,8 9 1 0 6 7 2 7 3 6 2 6 8 4 9 6 1 4 7, , 1 2 5 5 6 7 2 4 , , 6 5 8 8 6 2 2 1 , , 5 5 6 6 4 6 1 1 9 9 5 5 1 2 5 5 1 8 . . 7 5 2 2 2 5 . . 9 4 1 9 0 7 8 1 1 3 4. 2 6 2 3 8 3 . . g 1 1953 66 1 28 1 12o 16.1 38. 1955_Aug 350 113 166 4 67 617 386 230 1954 75.7 32.1 128 19.3 43.6 S O e c p t t 3 3 4 3 7 8 1 1 1 1 3 3 1 1 6 6 2 0 9 6 6 4 3 5 71 9 7 0 4 3 6 7 1 8 2 2 1 5 1 5 1955* 88.4 38.9 143 24.5 49.5 Nov 345 122 154 11 59 755 511 243 1954_Dec 75.7 32.1 128 19.3 43.6 Dec 326 118 144 10 55 620 413 206 1956—Jan 335 133 148 1 53 570 403 166 1955— J M un a e r * .».... 7 82 8 . . 2 5 3 3 3 5 . . 5 3 1 1 3 3 2 5 2 2 0 1. .3 8 4 4 5 6 . . 0 9 Feb 287 114 127 5 41 535 372 162 Sept.».... 85.6 37.0 139 23.1 48.6 A M p a r r 2 2 5 9 3 8 1 8 0 7 5 1 1 2 1 7 6 1 4 8 4 4 6 8 4 49 6 3 8 3 3 3 3 1 3 1 1 3 5 6 9 Dec.* 88.4 38.9 143 24.6 49.5 J J M u u l a n y y e 2 2 27 7 8 9 0 0 8 8 8 7 6 3 1 1 1 2 2 2 1 3 5 1 1 2 0 0 6 6 5 2 1 9 4 4 4 2 6 6 1 9 5 2 2 3 6 9 0 5 1 7 1 1 1 7 6 5 4 2 5 1956— J M un ar e . 2 P 3 . . . . . . . . 9 9 4 1 . . 2 1 4 4 1 0 . . 0 2 1 1 5 4 0 7 2 25 6.0 5 5 5 3 0 . .9 2 Aug . . 312 97 141 8 67 505 320 184 * Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Housing Administration, Veterans Administration, loans, gross amount of loans closed. Figures do not take account of principal repayments and Federal Reserve. on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Year or month Ad- Repay- 12nd of year period) ments vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1948. 199 188 11 198 227 1948 360 280 515 257 258 1949. 828 403 425 672 20 824 1949 256 337 433 231 202 1950. 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951. 1,850 204 1,646 677 in 239 1951 423 433 806 508 298 1952. 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953. 2,462 621 1,841 542 22 f 638 1953 728 640 952 634 317 1954. 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955. 2,615 901 1,714 411 62 76 1955 1,251 702 J.417 991 426 1955—Sent 2,564 871 1,694 11 1 105 1955_Sept 115 27 ,275 885 390 Oct 2,587 891 1,695 42 1 83 Oct 90 21 1,344 932 412 Nov 2,596 896 1,700 27 1 80 Nov 60 40 1,364 875 489 rw .. 2,615 901 1,714 30 76 Dec 109 56 ,417 991 426 1956 TQM 2,623 900 1,722 22 1 75 1956—Jan 42 213 1,246 833 413 Feb 2,642 907 1,736 35 66 Feb 13 78 ,181 770 411 Mar 2,657 909 1,748 28 62 Mar 24 67 1,138 730 408 Apr 2,665 907 1,758 23 1 68 Apr 42 53 1,127 709 418 May 2,677 907 1,769 25 1 81 May . ... 44 48 1,123 697 427 June 2 704 915 1,789 40 92 June 99 49 1,173 730 443 July 2,729 915 1,814 43 91 July 93 159 1,108 700 408 Aug 2,758 919 1,839 43 1 92 Aus 66 57 ,116 713 403 Sept 2 ,781 920 1,861 40 1 130 Sept 72 46 1,142 741 401 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1108 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e 1 co p g O n a o s t p o h u e d e m r s r i er e a r n R l n d o i e z a p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9 172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 *• 14,398 8,996 3,018 2,901 853 2,224 5,402 1,445 2,673 1,284 1949r 17,305 11,590 4,555 3,706 898 2,431 5,715 1,532 2,795 1,388 1950r 21,395 14,703 6,074 4,799 ,016 2,814 6,692 1,821 3,291 1,580 1951 *- 22,617 15,294 5,972 4,880 ,085 3,357 7,323 1,934 3,605 1,784 1952 r 27,401 19,403 7,733 6,174 385 4,111 7,998 2,120 4,011 1,867 1953r 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1,927 1954 r 32 292 23,568 9,809 6,751 616 5,392 8,724 2,408 4,308 2,008 1955r 38,648 29,020 13,468 7,626 ,670 6,256 9,628 2,992 4,544 2,092 1955 Aug r 35,526 27,195 12,719 6,884 ,599 5,993 8,331 2,725 3,506 2,100 Sept. r 36,169 27,702 13,075 6,959 ,625 6,043 8,467 2,776 3,586 2,105 Oct ' 36,573 27,968 13,246 7,025 ,648 6,049 8,605 2,804 3,715 2,086 Nov. r 37,114 28,269 13,326 7,169 ,661 6,113 8,845 2,930 3,839 2,076 Dec r 38,648 29,020 13,468 7,626 670 6,256 9,628 2,992 4,544 2,092 1956 Jan r . .. 37,848 28,886 13,481 7,487 ,638 6,280 8,962 2,920 3,961 2,081 Feb.r 37,474 28,915 13,574 7,371 ,628 6,342 8,559 2,932 3,530 2,097 Mar r 37,761 29,112 13,743 7,300 631 6,438 8,649 3,050 3,469 2,130 Apr.r 38,222 29,419 13,892 7,337 ,643 6,547 8,803 3,094 3,531 2,178 Mayr 38 919 29,763 14,059 7,401 677 6,626 9 156 3 258 3 701 2,197 Juner 39,454 30,084 14,255 7,417 ,700 6,712 9,370 3,335 3,804 2,231 July7" 39,478 30,297 14,381 7,421 ,710 6,785 9,181 3,261 3,674 2,246 Aug r . .. 39,878 30,644 14,530 7,493 ,734 6,887 9,234 3,295 3,696 2,243 r Figures beginning January 1948 have been revised and are shown, 2 Represents repair and modernization loans held by financial institutogether with a description of the revision, on pp. 1031-1054, of this tions ; holdings of retail outlets are included in other consumer goods paper. BULLETIN. NOTE.—Monthly figures for the period December 1939 through 1947 1 Represents all consumer instalment credit extended for the purpose and a general description of the series are shown on pp. 336-354 of the of purchasing automobiles and other consumer goods, whether held by BULLETIN for April 1953. A detailed description of the methods used to retail outlets or financial institutions. Includes credit on purchases by derive the estimates may be obtained from Division of Research and individuals of automobiles or other consumer goods that may be used Statistics. in part for business. INSTALMENT CREDIT, BY HOLDER [Estimated amounts oustanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a n a m l n i e e c s - s e u C n r i e o d n i s t p f s i c C a u n o n m o a m i n n e e s c - - r e 1 Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - e s3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1948 r 8 996 7,120 3,529 2,011 334 1,246 1,876 470 604 127 159 516 1949 r 11,590 9,257 4,439 2,944 438 1,436 2,333 596 740 178 236 583 1950r 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 r 15 294 12 124 5,771 3,654 635 1 555 509 3,170 924 810 243 290 903 1952*- 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 r 23 005 18 963 8,998 5,927 124 2 137 111 4,042 1 064 1 004 377 527 1 070 1954 r 23,568 19,450 8,796 6,144 ,342 2,257 911 4,118 1,242 984 111 463 1 052 1955r 29,020 24,441 10,601 8,443 ,680 2,656 1.061 4,579 1,511 1,052 381 535 1,100 1955—Aug.r 27,195 23,144 10,151 7,942 ,577 2,459 ,015 4,051 1,244 960 365 541 941 Sept. r 27,702 23,617 10,328 8,168 ,617 2,478 [,026 4,085 1,270 967 364 547 937 Oct.r 27,968 23,848 10,412 8,268 ,640 2,503 1,025 4,120 1,283 979 361 545 952 Nov. r 28,269 24,061 10,489 8,322 ,654 2,549 1,047 4,208 1,332 1,001 366 539 970 Dec/ 29,020 24,441 10,601 8,443 ,680 2,656 1,061 4,579 1,511 1,052 381 535 1,100 1956—Jan. r 28,886 24,447 10,618 8,436 ,668 2,670 [,055 4,439 1,471 1,018 371 535 1,044 Feb r 28,915 24,587 10,668 8,460 ,697 2,701 1,061 4,328 1,436 1 001 362 538 991 Mar.r 29,112 24,870 10,796 8,526 ,732 2,739 ,077 4,242 1,377 984 355 544 982 Apr r. 29,419 25,208 11,009 8,575 ,767 2,773 1,084 4,211 1,380 974 349 548 960 May r 29,763 25,528 11,170 8,641 ,806 2,805 [,106 4,235 1,389 971 351 554 970 June r 30,084 25,963 11,394 8,765 ,848 2,845 [,111 4,121 1,247 973 354 562 985 July r 30,297 26,193 11,476 8,849 ,880 2,880 ,108 4,104 1,239 967 359 568 971 Aug.r 30,644 26,475 11,548 8,953 ,933 2,920 1,121 4,169 1,286 973 365 575 970 r Revised. See footnote to table above. 2 Includes mail-order houses. 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 1109 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollarsj E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u u s r e t p - d o a m pe o D r b i i r l e e ct s g p O c u o a o t m o p h n d e e e - r r s r e R m l r o t a e n i a n p o o i n z d a d n a s i - r - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m R iz lo o a a e a d n p ti n e a d o r s i n r n- s l P o o a e n r n a - s l 1939 1,197 878 115 148 56 1939. 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941. 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945. 745 66 143 114 110 312 1948' 2,011 1,333 287 225 166 1948 3,529 575 753 794 568 839 1949' 2,944 ,265 447 90 142 1949 4,439 849 946 1,016 715 913 1950' 3,711 ,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951' 3,654 ,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952' 4,711 ,630 680 60 341 1952 7.524 1,633 1,629 1,751 ,137 1,374 1953' 5,927 ,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954' 6,144 4,870 841 31 402 1954'.... 8,796 2,269 1.668 1,880 ,303 1,676 1955' 8,443 6,919 1,034 25 465 1955^ 10,601 3,243 2,062 2,042 ,338 1,916 1955-—Aug. 7,942 6,533 954 24 431 1955—Aug. ' 10,151 2,993 1,988 1,974 ,288 1,908 Sept. 8,168 6,736 974 24 434 Sept.' 10,328 3,079 2,035 1,990 ,307 1.917 Oct.' 8,268 6,817 989 24 438 Oct.r. 10,412 3,152 2,043 1,992 ,325 1,900 Nov. 8,322 6,850 1,001 24 447 Nov. ' 10,489 3,193 2,046 2,015 ,332 1,903 Dec. 8,443 6,919 1,034 25 465 Dec. ', 10,601 3,243 2,062 2,042 ,338 1,916 1956—Jan.' 8,436 6,919 1,024 25 468 1956—Jan. 10,618 3,252 2,072 2,049 ,314 1,931 Feb.1 8,460 6,940 1,024 24 472 Feb. 10,668 3,294 2,089 2,040 ,305 1,940 Mar, 8,526 6,995 1,024 24 483 Mar. 10,796 3,347 2,133 2,051 ,303 1,962 Apr. 8,575 7,037 1,024 24 490 Apr. 11,009 3,403 2,167 2,118 ,313 2,008 May 8,641 7,099 1,021 24 497 May 11,170 3,462 2,193 2,155 ,335 2,025 June 8,765 7,199 1,039 24 503 June 11,394 3,521 2,207 2,265 ,356 2,045 July' 8,849 7,264 1,049 24 512 July 11,476 3,560 2,210 2,276 ,367 2,063 Aug. 8,953 7,344 1,061 24 524 Aug. 11,548 3,598 2,218 2,266 ,384 2,082 r Revised. See footnote to left-hand table below. r Revised. See footnote to table below. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z lo o a a e a d n p ti n e a d o r s i n r n- s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n n r s o o e e t t n d n a a - i l t l t - C m c m ( o i s e a m i e r n l n - - g t l e l - o p O a a n t y h s - e ) r m p D a e a e r n ( c - t c - t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1948' 1,580 198 103 60 1,219 1945 3,203 674 72 290 1,322 845 1949' 1,874 259 146 93 1,376 1950' 2,296 360 200 121 1,615 1948' 5,402 1,261 184 575 2,098 ,284 1951 ' 2 699 373 233 134 1,959 1949' 5,715 1,334 198 587 2,208 ,388 1952' 3,346 452 310 188 2,396 1950' 6,692 1,576 245 650 2,641 ,580 1953 ' 4,038 538 370 247 2,883 1951' 7,323 1,684 250 698 2,907 ,784 1954r % 4,510 539 375 282 3,314 1952' . 7,998 1,844 276 728 3,283 ,867 1955' 5,397 709 506 307 3,875 1953' 8,238 1,899 288 772 3,352 927 1954' 8,724 2,096 312 793 3,515 2,008 1955—Aug ' .. 5,051 664 446 287 3,654 1955' 9,628 2,635 357 862 3,682 2,092 Sept ' 5 121 678 457 294 3,692 Oct.' 5,168 689 469 299 3,711 1955_Aug.' 8,331 2,396 329 495 3,011 2,100 Nov.' .. 5,250 698 484 305 3,763 Sept.' 8,467 2,417 359 542 3,044 2,105 Dec.' 5,397 709 506 307 3,875 Oct.' 8,605 2,479 325 587 3,128 2,086 Nov.' 8,845 2,552 378 645 3,194 •2,076 1956 Jan ' 5,393 703 510 299 3,881 Dec.' 9,628 2,635 357 862 3,682 2,092 Feb.' 5,459 713 517 299 3,930 Mar. r 5,548 724 527 304 3,993 1956—Jan.' 8,962 2,632 288 706 3,255 2,081 Apr ' 5,624 737 532 306 4,049 Feb.' 8,559 2,625 307 596 2,934 2,097 M^ay ' . . 5,717 751 544 318 4,104 Mar.' 8,649 2,680 370 579 2,890 2,130 June' 5,804 766 554 320 4,164 Apr.' 8,803 2,720 374 573 2,958 2,178 July ' 5 868 779 560 319 4,210 May ' 9,156 2,766 492 585 3,116 2,197 Aug ' 5,974 795 572 326 4,281 June' 9,370 2,880 455 574 3,230 2,231 July r 9,181 2,885 376 523 3,151 2,246 Aug.' 9,234 2,894 401 531 3,165 2,243 ' Revised. Figures for all series beginning January 1948, together with a description of the revision, are shown on pp. 1031-1054 of this BULLETIN. ' Revised. See footnote to opposite table. NOTE.—Institutions included are consumer finance companies, credit 1 Includes mail-order houses. unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1110 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT* [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1948 15 585 5 217 5,383 714 4,271 1949 18,108 6 967 5,865 734 4,542 1950 21,558 8,530 7,150 835 5,043 1951 23 576 8 956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31 558 12 981 9,227 1 344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,128 16,743 10,615 1,359 10,411 1955—Aug 3,416 3,576 1.505 1.654 911 910 123 137 877 875 Sept 3,421 3,361 1,504 1,500 900 887 123 135 894 839 Oct 3,327 3,211 1 435 1,347 873 905 125 135 894 824 Nov 3,355 3,271 ,415 1,272 911 969 125 130 904 900 Dec 3 315 3,785 389 1,303 904 1,282 124 118 898 1,082 1956 Jan 3 441 2,885 456 1,192 927 760 119 88 939 845 Feb 3,324 2,918 ,396 1,236 883 731 123 97 922 854 MLar 3 174 3 305 284 I 378 859 821 120 113 911 993 Apr ... . . 3,409 3,329 ,330 1,345 968 894 129 123 982 967 May 3,264 3,470 ,256 1,407 932 949 133 145 943 969 June 3 058 3,390 181 1,391 841 883 116 128 920 988 July 3,302 3,316 ,252 1,337 927 872 121 127 1,002 980 Aug 3,358 3,504 ,264 1,393 952 952 122 137 1,020 1,022 Repayments 1948 13,284 4,123 4,625 579 3,957 1949 15,514 5 430 5,060 689 4,335 1950 18,445 7,011 6,057 717 4,660 1951 22,985 9,058 7,404 772 5,751 1952 . . .. 25,405 10,003 7,892 917 6,593 1953 27 956 10 879 8,622 1,119 7 336 1954.. 30,488 11,833 9,145 1,255 8,255 1955 33,676 13,084 9,740 1,305 9,547 1955_Aug 2,864 2,927 1.122 1.171 829 834 109 112 804 810 Sept . 2,900 2,854 ,137 1,144 832 812 108 109 823 789 Oct 2,967 2,945 ,169 1.176 849 839 112 112 837 818 Nov 2 961 2,970 173 1,192 843 825 113 117 832 836 Dec 2,918 3,034 ,143 1,161 833 825 108 109 834 939 1956—Jan 3,109 3,019 ,245 1,179 887 899 121 120 856 821 Feb 2 948 2 889 184 I 143 821 847 110 107 833 792 Mar r 2,888 3,108 ,130 1,209 822 892 102 110 834 897 Apr r 3 145 3 022 258 196 870 857 118 111 899 858 May 3,063 3,126 ,226 ,240 858 885 111 111 868 890 June 3,009 3,069 ,158 ,195 869 867 104 105 878 902 July 3,160 3,103 ,229 ,211 890 868 121 117 920 907 3,147 3,157 .214 .244 891 880 112 113 930 920 Change in outstanding credit1 1948. +2,301 + 1,094 + 758 + 135 + 314 1 1 9 9 5 4 0 9 + + 2 3 , 5 1 9 1 4 3 + + 1 1 , , 5 5 1 3 9 7 + + 1, 8 0 0 9 5 3 + + 1 4 1 5 8 + + 2 3 0 8 7 3 1951 . + 591 -102 + 81 +69 +543 1952 +4,109 + 1,761 + 1,294 + 300 +754 1953 + 3,602 +2,102 + 605 +225 + 670 1954 + 563 -26 -28 + 6 + 611 1955 + 5,452 + 3,659 + 875 + 54 + 864 1955 Aug +552 +649 + 383 +483 + 82 + 76 + 14 +25 + 73 + 65 Sept .... + 521 + 507 + 367 + 356 + 68 +75 + 15 +26 + 71 +50 Oct + 360 +266 +266 + 171 +24 + 66 + 13 +23 + 57 +6 'Nov . + 394 + 301 +242 + 80 + 68 + 144 + 12 + 13 +72 +64 Dec + 397 +751 +246 + 142 + 71 +457 + 16 +9 + 64 + 143 1956—Jan + 332 -134 +211 + 13 +40 -139 -2 -32 + 83 +24 Feb + 376 +29 +212 +93 + 62 -116 + 13 -10 + 89 +62 Mar .... +286 + 197 + 154 + 169 + 37 -71 + 18 + 3 +77 +96 Apr +264 + 307 +72 + 149 +98 + 37 + 11 + 12 + 83 + 109 May +201 + 344 + 30 + 167 + 74 +64 +22 + 34 +75 +79 June +49 + 321 +23 + 196 -28 + 16 + 12 +23 +42 + 86 July + 142 +213 + 23 + 126 + 37 +4 0 + 10 + 82 +73 Aug . . +211 + 347 + 50 + 149 +61 +72 + 10 +24 +90 + 102 * Revised series. Adjusted figures have been revised beginning Jan- and a description of the methods used to derive the estimates are shown uary 1940; unadjusted figures, beginning January 1948. Figures for both in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment series beginning January 1940, together with a description of the revision, credit extended and repaid are based on information from accounting are shown on pp. 1031-1054 of this BULLETIN. records of retail outlets and financial institutions and often include charges i Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended. loans, repurchases and resales of instalment paper, and certain other NOTE.—A discussion of the composition and characteristics of the data transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 1111 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER* [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1948 15 585 5,714 3 217 2,938 3,716 1949 18,108 6,543 4,296 3,305 3 964 1950 21 558 8 135 5 098 3 826 4 499 1951. 23 576 8,358 5 467 4 788 4 963 1952 29,514 11,123 6,982 5,659 5 750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5 541 1955 39,128 14,109 10,200 8,434 6 385 1955—Aug 3,416 3,576 ,231 1,291 920 1,027 729 724 536 534 Sept 3 421 3 361 ,248 1,222 914 924 724 690 535 525 Oct 3,327 3,211 ,210 1,146 863 828 740 696 514 541 Nov 3,355 3,271 ,219 1,142 850 791 742 744 544 594 Dec.. . 3,315 3,785 ,179 1,171 840 838 746 906 550 870 1956_Jan... 3,441 2,885 ,233 1,110 891 704 752 656 565 415 Feb 3,324 2,918 ,198 1,088 837 717 758 699 531 414 Mar . 3 174 3 305 ,105 1,201 802 822 759 808 508 474 Apr 3,409 3,329 ,302 1,308 790 769 780 766 537 486 May 3 264 3 470 ,181 1,279 774 842 776 800 533 549 June 3,058 3,390 ,185 1,324 720 847 752 803 401 416 July 3 302 3 316 ,221 1,231 756 819 812 795 513 471 Aug 3,358 3,504 .177 1,232 776 871 847 844 558 557 Repayments 1948 13,284 4,810 2,561 2,633 3,280 1949 15,514 5,633 3,363 3,011 3,507 1950 18 445 6 776 4 331 3,404 3,934 1951.. . 22,985 8,385 5,524 4,385 4 691 1952 25,405 9,370 5,925 5,012 5,098 1953 27 956 10,625 6,344 5,683 5 304 1954 30,488 11,469 7,043 6,511 5,465 1955 33 676 12,304 7 901 7 547 5 924 1955—Aug 2 864 2,927 1.043 1.075 685 716 638 638 498 498 Sept.. 2,900 2,854 ,052 1,045 691 698 649 620 508 491 Oct 2,967 2,945 1,080 1,062 713 728 660 649 514 506 Nov 2 961 2,970 1,068 1,065 718 737 658 662 517 506 Dec 2,918 3,034 ,043 ,059 692 717 668 759 515 499 1956—Jan.. 3,109 3,019 ,125 1,093 772 711 690 660 522 555 Feb 2,948 2,889 1,060 ,038 718 693 663 633 507 525 Mar 2 888 3,108 1,007 1,073 698 756 673 719 510 560 Aor 3,145 3,022 ,127 1,095 762 720 720 690 536 517 3 063 3 126 ,093 1,118 776 776 690 707 504 525 June 3,009 3,069 ,078 1,100 700 723 699 716 532 530 July 3,160 3,103 ,149 1,149 764 735 746 731 501 488 Aug.. . . .. 3,147 3,157 .147 1.160 747 767 751 738 502 492 Change in outstanding credit1 1948.. +2 301 +904 + 656 + 305 +436 1949 + 2,594 +910 +933 + 294 +457 1950 + 3,113 + 1,359 +767 +422 + 565 1951 + 591 -27 -57 +403 + 272 1952 +4,109 + 1,753 + 1,057 + 647 +652 1953 + 3 602 +1,474 + 1 216 +692 +220 1954 +563 -202 + 217 +472 + 76 1955 + 5 452 + 1,805 + 2,299 + 887 :::::::::: +461 1955—Aug + 552 + 649 + 188 +216 + 235 + 311 +91 + 86 + 38 4-36 Sept + 521 + 507 + 196 + 177 +223 +226 +75 +70 +27 ! +34 Oct + 360 +266 + 130 + 84 + 150 + 100 + 80 +47 0 + 35 Nov + 394 + 301 + 151 + 77 + 132 + 54 + 84 + 82 + 27 4-88 Dec + 397 +751 + 136 + 112 + 148 + 121 +78 + 147 + 35 + 371 1956—Jan + 332 -134 + 108 + 17 + 119 -7 +62 -4 +43 -140 Feb + 376 + 29 + 138 + 50 + 119 +24 +95 + 66 + 24 -111 Mar +286 + 197 +98 + 128 + 104 + 66 + 86 + 89 -2 -86 Apr . +264 + 307 + 175 +213 + 28 +49 + 60 + 76 + 1 -31 May +201 + 344 + 88 + 161 + 66 + 86 +93 + 29 +24 June +49 + 321 + 107 + 224 + 20 + 124 + 53 + 87 -13! -114 July + 142 + 213 + 72 + 82 -8 + 84 +66 + 64 + 12 -17 Aug + 211 + 347 + 30 + 72 + 29 + 104 +96 + 106 + 56 + 65 * Revised series. See footnote to table on opposite page. credit extended and repaid are based on information from accounting i Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended. incurred under the instalment contract. Renewals and refinancing of NOTE.—A discussion of the composition and characteristics of the data loans, repurchases and resales of instalment paper, and certain other transand a description of the methods used to derive the estimates are shown actions may increase the amount of both credit extended and credit in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1112 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms 'adjusted" and"unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls 2 awarded (value) * or Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s d a o b u n l - e - M era in ls - Total R d t e e ia s n l i - - o A th l e l r N p m t a c e u l g u m o o e r r l n a n y - i - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r l s s - F i l n c r o e a g a i r s d g - * - ht D v s ( m s e r a a t e p l l o e t e u a n r a s e r e i t * ) l t- p s C r u i m o ce n e s - r 2 m p W c r s o o i h a c d m l o e e i l t - s e y 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62 0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58 5 58.4 25.7 92 30 71 6 1923., . 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63 5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65 2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.6 65.5 33.0 115 37 75.6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62 0 1928 53 52 53 51 63 73 76 70 68 0 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66 7 59.5 28.3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47.4 1932. 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42 1 1933 37 36 24 48 48 14 7 18 53 7 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52 5 1937 61 60 55 64 71 32 25 36 70 3 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66 1 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50 1 1940 67 66 63 69 76 44 43 44 73 3 71.2 34.0 83 37 59 9 51 1 1941 . 87 88 91 84 81 66 54 74 82 8 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90 9 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91 5 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94 4 97.9 81.2 100 90 83.4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96 4 1948 104 103 104 102 106 102 98 105 101 6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99 2 1950 112 113 116 111 105 159 185 142 102 3 99.6 111.7 97 105 102 8 103 1 1951 120 121 128 114 115 171 170 172 108 2 106.4 129.8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 19*53 134 136 153 118 116 192 178 201 113 6 111 8 151.4 96 112 114 4 110 1 1954 125 127 137 116 HI 215 232 204 110 7 101 8 137 7 86 111 114 8 110 1 1955 139 140 155 126 122 261 280 248 114 2 105.5 152.5 f*95 119 114 5 110 7 1955 July 139 130 141 155 126 120 257 296 231 114.7 106.1 104.6 150.9 95 125 114 7 110.5 Aue 140 139 142 158 125 121 259 278 246 115.0 106.2 107.2 154.6 96 '119 114.5 110.9 Sept 142 142 144 160 128 123 250 256 246 115.3 106.2 108.1 158.6 96 121 114.9 111.7 Oct 143 147 145 161 129 123 260 252 266 115.7 107.1 108.7 161.1 98 122 114 9 111 6 Nov 143 145 145 161 130 125 270 252 282 116.0 108.2 109.0 163.8 99 122 115.0 111.2 Dec 144 142 146 161 130 129 301 273 319 116.5 108.3 108.7 163.7 101 123 114.7 111.3 1956 Jan 143 143 145 160 129 131 300 290 306 116.8 108.0 107.2 159.1 103 124 114 6 111 9 Feb 143 144 144 158 130 131 306 318 298 116.9 107.2 106.8 157.7 100 118 114.6 112.4 Mar 141 143 142 156 '128 130 287 317 267 116.7 106.4 106.1 157.9 100 122 114.7 112.8 Apr 143 144 144 159 129 130 277 315 252 117.3 107.1 106.0 158.2 99 122i 114 9 113 6 May 141 141 143 157 128 129 257 286 237 117.6 106.9 105.4 157.3 98 122 115.4 114.4 June 141 141 143 157 128 130 256 269 248 118.0 106.3 105.7 158.2 95 124 116.2 114.2 July 136 128 137 '147 127 122 255 265 249 116.6r102.6 r101.2 151.0 81 128 117.0 114.0 Aus.. ... 142 142 143 159 128 128 260 264 257 118.2 106.1 107.1 161.1 93 P128 116.8 114.7 Sept P144 2*146 ^163 ^129 v\\i 9H05A noi.3 e164.2 428 115.3 • Estimated. J» Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor St atistics * Average per working day. N on agricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim 2 The indexes of employment and payrolls, wholesale commodity prices adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1113 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 9 p 4 r 7 o- ^9 a A v n e n ra u g a e l 1955 1956 Industry portion 1954 1955 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL... 100.00 125 139 140 142 143 143 144 143 143 141 143 141 141 136 142 MANUFACTURES—TOTAL 90.02 127 140 142 144 145 145 146 145 144 142 144 143 143 137 143 45.17 137 155 158 160 161 161 161 160 158 156 159 157 157 r147 159 6.70 108 140 139 146 148 149 150 148 148 145 r146 141 M38 r68 124 28.52 150 165 168 770 173 172 172 770 168 166 171 167 168 r169 173 Fabricated metal products ...» 5.73 123 134 137 141 142 139 138 136 134 132 135 130 132 M29 133 13.68 142 155 159 161 164 162 163 164 162 162 171 168 168 172 175 Nonelectrical machinery 9.04 125 135 140 141 143 143 144 146 147 147 151 149 149 M52 157 Electrical machinery 4.64 177 194 196 199 205 198 199 197 192 191 208 206 205 '210 211 7.54 175 203 203 205 208 212 212 205 202 197 '193 186 190 190 195 Instruments and related products 1 29 140 149 153 155 156 158 159 160 161 160 163 164 164 167 171 flnv elais and lutnb&f woducts 5.91 123 138 140 141 141 139 139 140 739 757 739 141 141 r142 144 Stone clav and sla^s products............ 2.82 131 149 155 155 153 156 154 154 155 156 158 162 161 160 161 3.09 115 127 127 127 130 124 126 128 124 121 122 121 123 M25 128 4.04 121 132 137 137 136 136 137 135 134 732 134 735 735 735 138 1.64 106 119 124 125 124 123 123 122 120 120 121 121 123 M24 124 Miscellaneous manufactures 2 40 131 141 145 145 145 145 146 144 143 141 142 145 145 145 148 Nondurable Manufactures—Total 44.85 116 126 125 128 129 130 130 129 130 r128 129 128 128 127 128 11.87 100 109 109 111 112 113 112 111 112 107 108 107 106 106 107 6.32 95 107 107 107 109 110 109 108 109 106 106 103 101 100 102 Annarel and allied products 5.55 105 113 112 116 116 117 116 113 114 108 109 111 112 112 112 7?uhhpr and leathet woducts • 3.20 104 122 119 121 124 122 125 126 125 779 720 116 777 770 774 Rubber products 1.47 115 143 138 142 147 147 144 147 140 135 137 131 122 117 130 1.73 95 105 102 104 105 101 108 108 112 105 106 104 102 104 100 8.93 125 137 138 140 141 141 140 74/ 140 140 143 142 743 144 145 Paner and allied products 3.46 134 152 153 157 156 157 159 159 157 157 160 160 161 162 163 Printine and publishinfi 5 47 120 127 128 130 131 130 128 130 130 129 131 13° 132 133 134 tChptniral and netroleutn woducts 9.34 142 159 160 163 162 164 166 755 166 166 167 169 H69 r167 755 Chemicals and allied products , 6.84 148 167 168 173 171 173 175 173 174 174 178 179 178 M79 176 2.50 125 135 135 135 137 139 141 142 143 144 139 140 142 M32 140 Foods bsveTQgev and tobacco 11.51 106 709 107 107 111 111 113 777 772 r777 rll3 rlll mo mo 709 Pood and beverage manufactures ... 10.73 106 109 108 i08 111 112 113 111 112 111 M14 Mil 111 110 110 Tobacco manufactures .78 103 105 100 100 105 104 107 109 107 107 107 110 108 105 MTNFRALS TOTAL 9.98 111 122 121 123 123 125 129 131 131 130 130 129 130 122 128 8.35 113 123 122 122 123 125 130 132 131 737 130 130 r130 '725 730 Coal 2.68 67 80 82 80 80 80 87 87 88 86 86 89 90 77 87 .36 52 48 41 50 42 47 58 62 55 50 55 41 55 54 61 Bituminous coal . 2.32 70 85 89 84 86 85 92 91 94 92 91 96 95 81 91 Crude oil and natural 2as 5 67 134 143 141 M42 143 147 151 153 151 151 151 149 148 M49 1.63 106 120 117 126 126 124 123 729 130 730 729 725 730 r100 775 .82 90 110 105 119 120 114 112 121 121 120 118 118 117 '60 100 .81 123 130 130 133 131 134 135 137 138 139 139 138 143 142 138 WITHOUT SEASONAL ADJUSTMENT (Major divisions only) 100.00 125 139 139 142 147 145 142 143 144 143 144 141 141 128 142 IVTanufactures Total 90.02 127 140 140 144 150 148 143 144 146 145 146 142 142 129 143 l~)urable manufactures 45.17 137 155 153 157 164 163 161 160 161 161 162 157 156 139 155 Nondurable manufactures 44 85 116 126 128 130 135 132 125 128 131 130 129 127 127 M19 131 ^Minerals Total 9.98 111 122 124 126 127 127 127 129 127 127 130 130 131 119 130 Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1114 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1955 1956 Industry portion 1954 1955 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar Apr. May June July WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL.... 100.00 125 139 139 142 147 145 142 143 144 143 144 141 141 128 142 MANUFACTURES—TOTAL 90.02 127 140 140 144 150 148 143 144 146 145 146 142 142 129 143 Durable Manufactures—Total 45.17 137 155 153 157 164 163 161 160 161 161 162 157 156 139 155 Primary metals 6.70 108 140 132 143 149 149 147 151 152 152 152 144 140 '62 118 Ferrous metals 5.03 105 138 132 142 148 147 145 149 149 149 149 143 138 '41 114 Pig iron and steel 3.51 108 144 140 149 153 154 153 158 158 159 158 152 145 24 117 Pig iron .37 101 134 134 140 141 140 141 143 143 145 145 140 135 22 104 Steel 3.05 109 146 141 150 154 156 154 159 159 160 159 154 146 24 119 Carbon steel 2.62 108 141 136 144 149 150 149 153 153 155 155 149 144 23 116 Alloy steel .43 115 171 168 186 18* 189 182 197 199 192 181 182 157 34 135 Ferrous castings and forgings 1.52 97 124 114 125 137 131 128 128 130 128 129 120 123 79 106 Iron and steel castings 1.29 95 123 114 123 135 129 126 125 128 126 127 119 121 78 106 Steel forgings .23 106 133 115 133 148 141 141 143 142 142 141 129 134 88 105 Nonferrous metals 1.67 120 146 132 147 153 154 153 159 161 '160 160 149 145 124 131 Primary nonferrous metals .38 147 164 150 173 171 173 175 '173 '177 182 185 181 179 172 143 Copper smelting .09 101 122 95 139 136 130 128 134 '136 142 143 147 142 117 124 Copper refining .06 109 123 97 142 126 136 143 122 134 141 146 143 139 123 120 Lead .04 105 103 82 116 119 121 112 114 117 120 121 106 109 107 107 Zinc .10 101 120 116 117 122 123 127 124 126 125 125 111 111 114 123 Aluminum .09 244 261 263 265 265 272 277 276 279 287 294 296 296 298 182 Secondary nonferrous metals .13 105 123 118 130 135 130 125 131 134 124 135 121 110 93 Nonferrous shapes and castings 1.16 113 142 127 141 149 150 148 158 159 157 154 141 137 112 130 Copper mill shapes .63 100 114 91 110 114 118 120 134 132 127 123 116 112 79 109 Aluminum mill shapes .20 154 208 215 218 222 219 210 226 225 241 242 228 215 222 187 Nonferrous castings .33 114 156 144 154 173 169 164 163 170 166 160 140 137 111 Metal Fabricating 28.52 150 165 162 165 173 174 173 172 172 r171 174 167 166 r160 168 Fabricated metal products 5.73 123 134 139 142 145 139 137 135 134 134 136 130 132 124 135 Structural metal parts 2.68 126 136 137 141 144 145 144 140 138 138 140 138 138 129 136 Stampings and misc. metal products 2.12 117 130 126 129 134 138 137 131 129 126 125 121 119 111 117 Tin cans .30 131 142 203 192 197 95 102 109 116 127 189 121 159 168 214 Furnaces, gas ranges, and heaters .63 90 111 128 142 134 117 92 109 110 115 106 105 112 94 Machinery 13.68 142 155 153 161 169 164 164 167 168 168 172 167 165 157 168 Nonelectrical machinery 9.04 125 135 131 137 141 141 147 149 152 154 154 151 150 146 147 Farm and industrial machinery 8.13 121 130 129 131 136 138 143 144 145 146 148 147 147 144 145 Farm machinery 1.02 79 91 87 69 92 94 97 98 95 94 92 88 87 '82 80 Industrial and commercial machinery.... 7.11 127 135 135 140 142 144 150 150 153 154 156 155 155 153 155 Machine tools and presses .68 160 163 165 168 170 178 190 190 195 196 197 197 194 194 194 Laundry and refrigeration appliances...... .69 114 144 113 147 141 130 141 164 173 183 175 146 143 129 124 Electrical machinery 4.64 177 194 194 207 223 208 197 201 200 196 206 198 195 178 209 Electrical apparatus and parts 3.23 160 174 170 175 188 180 184 184 184 184 202 200 199 193 197 Radio and television sets .74 214 242 254 289 315 280 225 240 233 218 209 185 174 130 238 Transportation equipment 7.54 175 203 192 185 200 216 214 206 205 '202 201 190 189 187 188 Autos, trucks, and parts 4.80 109 153 137 122 144 167 159 147 143 139 136 116 111 107 104 Autos 1.50 131 190 166 130 153 212 193 173 164 163 162 127 127 127 109 Trucks .66 92 115 106 102 106 122 122 113 125 130 133 117 123 100 101 Light trucks .22 95 114 93 106 121 128 106 101 109 104 102 89 89 76 81 Medium trucks .19 59 69 65 53 50 73 67 67 71 68 69 58 68 56 53 Heavy trucks .14 133 172 167 138 138 172 216 194 227 258 265 237 246 199 192 Truck trailers .07 130 183 192 199 202 199 192 173 187 191 '208 191 203 145 160 Auto and truck parts 2.58 101 141 129 122 149 153 150 141 135 128 122 109 98 97 102 Aircraft and parts.... 1.30 474 481 469 '485 490 500 516 517 521 513 516 522 536 '543 562 Shipbuilding and repair .81 112 115 117 117 115 109 111 111 119 121 119 120 121 121 US Railroad equipment .53 39 42 45 45 50 48 51 54 60 66 68 69 66 62 58 Railroad cars .35 29 30 32 30 38 33 36 40 49 57 60 61 56 51 49 Instruments and related products 1.29 140 149 150 155 158 159 161 160 161 161 164 164 164 162 167 Clay, Glass, and Lumber Products 5.91 123 138 145 147 149 140 132 132 135 135 142 143 145 r136 149 Stone, clay, and glass products 2.82 131 149 158 158 161 157 153 150 150 153 158 162 163 156 164 Glass and pottery products 1.09 118 134 138 137 144 143 141 141 141 140 143 142 140 130 143 F H G l l o a F a m t s l a s g e t l c a g a o s l n n s a d s t a a s n o i w n d t a h e r r e v e s r i t a r g e n l o a d s u s p s o p t r te o r d y ucts . . . . 4 6 2 2 7 0 3 6 1 1 1 3 8 3 1 1 5 3 7 1 1 1 9 5 5 2 1 5 6 6 1 1 1 9 5 5 4 5 3 2 3 1 1 1 6 8 6 2 1 6 3 7 1 1 1 1 3 6 0 6 3 4 2 7 1 1 1 10 6 7 1 1 9 2 9 1 1 1 9 1 7 7 6 1 2 4 1 1 1 9 7 2 6 1 1 1 8 1 1 1 9 6 6 3 6 3 7 0 1 1 1 9 6 6 3 3 3 3 0 1 1 1 9 6 6 3 2 6 5 5 1 1 1 9 6 6 3 3 4 3 6 1 1 1 8 6 5 4 6 0 8 2 1 1 1 5 4 7 3 0 6 5 3 1 1 1 9 6 6 4 1 1 1 5 Cement .32 135 148 164 164 164 151 136 126 123 137 159 174 175 173 Structural clay products .35 111 127 138 140 138 137 130 129 132 137 138 140 146 140 145 Brick .12 113 131 146 151 142 141 122 122 124 132 140 145 144 140 148 Clay firebrick, pipe, and tile .20 111 127 134 134 137 136 137 136 139 142 138 139 148 141 145 Concrete and plaster products .48 161 180 195 196 192 186 181 175 177 181 192 202 208 204 210 Misc. stone and earth manufactures .58 140 166 174 175 177 176 176 171 171 171 172 172 171 167 171 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1115 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1955 1956 Industry portion 1954 1955 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 115 127 133 136 138 124 113 116 121 119 126 125 129 116 135 2.05 106 112 119 121 122 106 98 100 104 105 112 111 118 104 115 Niillwork and plywood .60 161 197 198 209 213 201 173 189 201 193 199 187 181 161 216 Millwork .39 123 144 148 155 160 143 110 114 128 118 123 124 133 107 152 .12 222 284 279 295 299 295 278 313 321 316 324 290 260 248 320 .29 88 90 86 90 93 92 94 90 91 91 92 93 92 r90 89 Furniture and Misc. Manufacturing ... 4.04 121 132 134 140 144 142 140 133 136 134 132 131 131 127 136 Furniture and fixtures 1.64 106 119 123 127 128 128 128 111 123 111 119 116 118 llS 111 1.10 106 120 124 129 131 131 130 124 125 123 118 115 116 r 121 .54 107 115 121 123 123 121 122 119 119 120 120 119 122 r116 126 2.40 131 141 142 149 154 152 149 141 145 142 141 140 141 135 145 Nondurable Manufactures—Total 44.85 116 126 128 130 135 132 125 128 131 130 129 127 127 119 131 11.87 100 109 112 109 114 114 106 113 119 114 111 107 104 90 110 Textile mill products 6.32 95 107 108 106 112 111 105 111 115 110 108 106 100 86 103 3.72 100 113 115 111 117 118 110 119 123 115 112 109 99 87 104 2.30 97 103 106 103 109 109 101 110 112 108 107 105 96 81 101 .97 108 137 134 132 133 135 131 135 141 132 119 108 103 101 102 .45 93 100 106 87 109 110 92 111 118 98 103 108 90 71 104 Wool textiles .97 66 79 79 80 85 83 80 83 84 85 89 90 90 76 92 .16 76 85 90 80 90 86 78 94 97 89 97 98 85 83 94 Wool fabrics .75 64 78 77 80 84 83 82 80 81 84 87 89 92 75 92 Knit goods • ... 1.15 106 110 113 114 119 116 107 107 114 110 110 108 110 95 108 .65 108 106 104 106 113 108 99 106 114 105 105 99 102 77 96 Full-fashioned hosiery .45 113 110 107 107 114 109 100 107 117 110 112 102 104 77 97 Seamless hosiery .20 97 99 99 101 110 106 96 102 108 93 90 91 97 75 94 .50 103 115 123 125 126 125 118 110 115 116 116 119 121 ^119 124 .48 .31 71 79 72 85 89 77 84 83 93 91 89 80 78 86 Apparel and allied products. 5.55 105 113 116 111 117 117 107 117 124 120 114 109 108 95 116 1.78 103 111 120 109 117 116 102 119 124 118 119 121 104 79 120 Men's suits and coats .73 83 92 110 91 95 94 84 99 99 99 103 107 91 59 109 Mien's suits .50 82 90 102 84 93 95 86 103 103 101 99 100 85 54 103 .13 67 77 115 99 82 69 55 55 59 67 92 110 93 63 110 .99 116 123 126 119 130 131 113 132 141 130 129 129 111 90 126 1.85 109 116 117 r107 113 113 98 118 132 127 115 104 111 100 116 .76 129 134 145 129 139 143 119 145 155 135 95 90 122 132 152 1.92 103 111 112 117 122 122 119 113 117 114 108 104 107 105 113 3.20 104 122 119 124 130 122 119 127 132 125 122 113 HI 96 115 Rubber products 1.47 115 143 133 144 155 150 r138 149 146 140 140 129 123 103 125 Tires and tubes ... . .70 105 131 116 128 140 138 120 129 134 130 133 125 122 99 110 Auto tires . .40 110 140 125 135 143 140 121 131 135 131 135 125 115 97 113 .30 99 120 104 119 136 134 118 126 132 130 130 125 130 103 106 Miscellaneous rubber products. .77 124 154 K8 158 170 161 156 167 157 149 146 133 124 M07 139 1.73 95 105 108 107 109 99 102 109 120 112 106 99 100 r90 106 Leather .44 87 92 90 90 97 95 95 93 103 95 ''96 95 91 73 .29 92 99 96 98 105 102 103 100 r110 r103 103 103 99 79 .15 75 79 77 74 82 81 80 80 90 80 82 80 76 61 .90 Miscellaneous leather products .39 90 99 104 icw 106 105 104 98 103 98 91 89 96 96 99 8.93 125 137 135 141 147 144 137 138 141 144 146 143 143 132 142 3 1 . . 4 7 6 6 1 1 3 3 4 2 1 1 5 4 2 9 1 1 5 5 5 1 1 1 5 5 7 0 1 1 6 5 7 8 1 1 5 5 9 6 1 1 4 4 6 4 1 1 5 5 7 8 1 1 6 6 2 3 1 1 6 6 3 1 1 1 6 6 5 3 1 1 6 6 0 2 1 1 6 6 3 1 1 1 4 4 4 3 1 1 6 6 3 0 .51 148 169 173 169 179 178 164 181 185 183 184 187 184 165 182 1.25 125 140 141 143 150 147 136 149 154 153 154 152 152 134 150 Printing paper .22 118 127 127 130 132 133 127 137 144 141 142 142 143 130 142 .14 120 133 122 134 140 136 129 144 142 152 153 148 148 129 143 .20 119 129 126 128 137 132 125 137 145 140 142 139 141 121 Miscellaneous paper .18 137 158 156 156 176 167 154 172 169 170 177 168 169 160 171 .41 130 149 155 153 160 161 144 159 163 159 161 162 159 135 157 Building paper and board .10 124 137 151 145 142 137 124 127 139 148 141 141 141 127 139 1.70 136 156 159 165 177 161 149 156 162 165 168 157 165 146 166 Shipping containers .51 133 155 160 167 175 160 149 147 157 165 162 154 165 140 167 .11 145 158 152 156 180 163 148 179 173 163 184 163 163 162 163 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1116 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1955 1956 Industry portion 1954 1955 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 120 127 123 131 135 135 130 126 128 132 134 133 130 125 128 Newsprint consumption 1.85 119 128 116 132 142 143 126 119 127 134 141 140 131 115 121 3.62 121 127 127 131 131 131 133 129 129 131 130 129 130 130 132 Chemical and Petroleum Products .....9.34 142 159 157 162 166 168 167 168 170 169 168 166 164 156 163 Chemicals and allied Droducts • 6.84 148 167 163 111 176 178 177 111 179 179 179 176 173 165 170 2.54 153 184 182 190 192 197 197 199 201 201 200 197 192 181 184 Basic inorganic chemicals .57 157 180 166 179 188 195 194 197 203 204 201 195 185 158 170 1.97 152 186 187 194 192 198 198 200 201 200 200 197 194 187 188 .24 184 242 234 264 261 268 253 261 264 264 266 263 r253 213 Synthetic rubber .11 136 213 217 222 230 243 233 241 249 243 244 242 227 227 223 Synthetic fibers .59 152 186 184 191 r189 197 196 195 194 191 183 176 169 163 165 Miscellaneous organic chemicals 1.03 146 169 175 176 175 178 183 183 185 187 189 190 192 191 192 .64 118 124 103 122 156 165 148 152 157 141 133 123 107 93 100 Vesetable oils .48 113 117 90 115 157 162 144 147 150 134 123 110 91 75 84 Grease and tallow , .16 133 145 145 144 154 174 159 168 175 162 163 163 155 145 150 Soap and allied products .71 108 110 104 126 130 118 115 104 109 108 111 106 109 88 118 Paints .66 116 125 130 126 127 126 126 123 125 125 124 125 126 126 129 Fertilizers .23 122 125 90 115 118 114 118 122 131 168 188 163 118 104 101 Petroleum and coal products 2.50 125 135 138 136 138 140 141 143 143 142 135 137 142 132 ^143 Petroleum refining 1.97 133 142 143 141 143 148 152 154 151 148 142 144 149 148 "150 Gasoline 1.04 141 152 157 155 157 158 161 158 155 155 150 155 162 162 *>163 Automotive gasoline .98 136 147 151 149 151 153 156 153 151 150 144 149 156 156 .06 221 233 252 247 252 236 247 242 231 242 254 258 '267 257 Fuel oil .56 128 138 133 132 134 141 149 160 158 149 140 138 141 141 "14? Distillate fuel oil .30 158 175 172 172 171 178 187 204 203 192 182 177 186 187 Residual fuel oil .26 93 94 89 87 92 99 105 110 105 99 92 94 90 87 Kerosene .10 110 107 95 91 101 112 129 126 126 112 98 96 95 97 Lubricatins oil .17 108 114 116 111 111 126 112 119 115 119 126 123 123 113 Coke .26 84 104 104 107 108 110 111 111 111 111 110 108 104 37 Asphalt roofing and siding .15 103 110 142 131 131 97 57 66 100 127 86 109 125 120 123 Foods9 Beveragps9 and Tobacco . . 11.51 106 109 117 121 123 114 104 rW3 102 r104 no6 r108 114 112 122 Pood and beverage manufactures 10.73 106 109 117 111 124 114 105 102 102 104 106 107 114 113 122 Food manufactures 8.49 107 109 118 125 125 118 109 106 104 102 103 105 110 111 122 1.48 117 128 118 129 143 150 152 153 140 136 131 121 122 118 116 Beef .46 135 142 151 155 154 146 140 158 145 142 150 147 154 154 148 Pork .83 103 116 96 111 133 148 154 146 133 129 117 103 100 95 95 .69 106 107 120 101 88 83 84 91 99 109 121 136 150 134 120 Butter .14 110 105 90 84 88 83 94 104 107 114 128 131 138 118 97 Natural cheese .07 116 116 113 102 90 87 92 96 103 116 132 153 163 133 116 Concentrated milk . . .19 94 97 94 82 75 71 79 85 94 106 123 140 146 118 98 Ice cream .28 104 109 151 118 93 86 76 84 93 102 109 125 149 147 144 Canned and frozen foods 1.13 112 118 198 201 161 114 95 85 83 82 85 96 115 149 229 Grain-mill products 1.16 107 105 106 108 111 102 100 100 98 99 97 99 103 103 104 Wheat flour .46 81 83 77 83 96 86 84 85 81 84 79 77 80 77 85 Cereals and feeds .70 124 119 125 124 122 112 110 111 109 109 109 112 119 121 117 Eakery products . 1.64 97 97 98 99 100 99 99 95 95 94 95 97 99 r99 98 Sugar .27 117 115 81 111 247 r2(2 182 87 57 59 68 70 81 75 Cane sugar .11 106 113 128 129 130 103 112 109 102 109 123 114 124 133 .13 121 111 36 90 340 393 236 63 14 11 16 27 38 15 .71 99 101 79 140 134 129 91 112 115 97 98 90 84 73 98 Miscellaneous food preparations 1.41 105 106 111 109 108 104 ioi 99 102 103 102 107 112 107 107 Beverages 2.24 103 107 114 111 118 102 91 '88 r9? 108 117 119 128 123 Bottled soft drinks .54 1.70 98 102 104 102 i 17 105 88 84 94 105 111 108 119 107 B L e i e q r uo a r n d d i s a t l il e ling 1. . 0 1 2 7 9 6 9 8 1 7 0 7 1 1 4 1 6 8 9 8 7 3 18587 1 7 2 7 9 9 8 5 1 7 8 5 6 9 7 2 5 1 8 0 2 3 1 8 1 0 1 1 7 1 6 2 1 6 2 9 8 1 3 2 5 8 .37 102 109 94 118 154 146 96 79 102 113 122 108 118 88 .78 103 105 112 107 114 107 88 107 105 105 103 110 115 96 Cigarettes .46 106 109 117 109 117 108 91 112 107 109 106 116 122 104 Cigars .17 105 104 110 111 118 113 87 103 109 104 105 103 108 83 p Preliminary. For other footnotes see end of table. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1117 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- average por- Industry tion 1954 1955 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 111 122 124 126 127 r127 127 129 127 127 130 130 131 119 130 MINERALS—TOTAL Mineral Fuels . 8.35 113 123 122 123 125 128 131 133 131 130 130 128 128 r121 130 Coal 2.68 67 80 82 83 88 87 91 91 88 86 86 85 84 62 87 Anthracite .36 52 48 39 53 51 51 54 61 55 46 53 42 58 42 59 2.32 70 85 89 88 93 93 97 95 94 92 91 91 89 65 91 Crude oil and natural gas 5.67 134 143 141 142 143 147 151 153 151 151 151 149 148 149 P\50 Oil and gas extraction ... 4.82 128 137 133 135 r138 142 146 147 147 148 r145 142 143 142 ^143 Crude oil 4.12 122 131 128 129 131 134 137 138 138 139 137 135 136 136 ^136 Natural gas ... ... .34 172 185 167 176 181 196 209 219 214 210 198 185 190 Natural gas liquids .36 160 169 163 170 174 183 186 186 187 186 178 176 176 17.2 Oil and gas well drilling .85 167 175 187 180 175 173 177 185 173 171 188 187 180 191 Metal, Stone, and Earth Minerals 1 63 106 120 132 141 137 120 106 106 108 109 129 141 145 no9 133 ftlctftl mining . .82 90 110 126 141 136 105 83 87 91 91 119 139 142 HI 120 Iro C n o p o p r e e. r . m . i n . ing .. ... . . . 4 3 2 9 3 4 1 9 8 0 4 4 3 1 1 1 1 2 0 3 3 8 1 9 9 7 0 6 9 1 1 1 8 1 3 1 4 4 1 1 1 6 1 3 5 6 7 1 1 9 3 1 2 5 4 1 1 4 0 2 4 8 7 1 1 4 1 4 2 8 0 1 1 4 1 3 9 9 8 1 1 4 2 4 6 2 0 1 1 1 4 2 0 8 7 8 1 1 1 4 2 6 2 2 4 ' 1 1 1 2 7 4 1 3 1 1 1 0 2 1 7 0 9 1 1 1 32 5 .09 80 84 78 82 84 79 82 81 oo 91 94 88 r89 85 86 Zinc mining ... . ...... .06 75 81 79 81 80 77 74 80 86 90 91 89 -88 84 87 .81 123 130 139 141 139 135 129 124 126 128 138 142 149 147 147 v Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures see BULLETIN for December 1953, group 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] Annual 1947_49 average 1955 1956 Series proportion 1954 1955 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. May June July Aug. ELECTRICITY AND GAS—TOTAL. 100.00 177 198 200 202 204 206 210 212 213 214 215 217 219 Residential 41.34 196 216 217 219 223 226 230 236 236 238 239 242 244 Non residential 58.66 165 186 189 190 191 193 195 196 197 197 199 199 202 Electricity 76.18 176 199 201 203 205 207 211 214 214 215 216 217 220 219 *>220 Residential 27.48 202 224 223 226 230 233 239 246 245 247 247 250 252 253 Industrial 23.68 158 190 194 197 199 201 204 203 202 202 205 207 206 202 General industrial 23.49 150 174 177 179 180 181 184 183 182 182 185 187 186 182 Atomic energy .19 1124 2221 2440 2493 2596 2656 2710 2700 2700 2710 2720 2720 2720 2700 Commercial and other 25.02 165 180 182 183 183 185 187 190 192 192 192 191 198 199 Gas 23.82 181 197 199 200 202 204 205 207 209 211 213 215 217 P217 Residential 13.86 182 201 205 206 209 212 214 216 219 221 223 226 228 Industrial 6.16 188 197 197 198 198 200 202 203 204 205 207 209 211 Commercial and other. 3.80 167 182 182 182 182 182 182 183 184 185 186 187 188 ^Preliminary. LETIN. Indexes without seasonal adjustment may be obtained from the NOTE.—For description and back figures see pp. 1055-1069 of this BUL- Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1118 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annu.J 1947-49 average 1955 1956 Product proportion 1954 1955 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 151 154 152 151 149 143 137 133 132 124 124 129 129 Major Durables 69.72 125 164 169 172 168 167 163 156 148 143 142 130 130 137 136 Autos 32.10 131 190 189 195 194 196 187 171 158 148 142 119 120 122 125 Major household goods 36.13 122 144 155 156 148 143 144 146 141 141 144 142 141 153 147 Furniture and floor coverings. 15.32 101 116 121 123 121 121 121 120 119 117 116 117 115 118 121 Household furniture 11.31 106 120 125 127 126 126 125 124 123 121 121 120 120 122 122 Floor coveringsJ 4.01 Appliances and heaters 15.60 111 138 143 147 137 134 143 150 146 150 149 141 138 r161 Major appliances 11.88 115 142 150 153 147 141 152 155 150 153 158 147 143 172 Ranges 2.60 79 100 98 98 95 90 104 113 110 111 110 107 117 125 Refrigeration appliances. , 4.98 124 151 160 166 162 146 151 140 145 153 160 153 148 167 152 Laundry appliances 2.51 148 193 206 205 187 200 227 242 221 215 211 185 171 247 Heating apparatus 3.72 97 120 119 126 108 111 115 134 133 139 122 125 124 125 Radio and television sets 5.21 214 242 r247 '250 259 235 216 207 194 186 207 218 220 233 232' Radio sets 3.42 52 77 70 72 95 103 101 72 66 62 55 61 55 56 69 Television sets 1.79 522 558 r584 r592 572 486 436 465 439 423 496 517 536 569 542 Other Consumer Durables 30.28 95 106 107 111 114 114 114 113 111 109 110 110 110 110 113 Auto parts and tires 14.00 91 102 101 107 108 108 112 113 106 104 105 104 100 100 Misc. home and personal goods. 16.28 99 109 112 115 118 119 117 114 115 112 114 115 118 119 120* WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 139 136 146 159 148 144 143 143 141 124 124 117 122 Major Durables 69.72 125 164 152 145 157 177 165 159 157 157 154 131 130 121 124 Autos 32.10 131 190 166 130 153 212 193 173 164 163 162 127 127 127 109 Major household goods 36.13 122 144 141 159 162 150 142 150 153 155 150 136 134 140 Furniture and floor coverings. 15.32 101 116 117 124 127 124 125 120 123 121 117 113 112 105 117 Household furniture 11.31 106 120 124 129 131 131 130 124 125 123 118 115 116 114 121 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 127 151 145 131 130 148 156 168 162 143 143 125 Major appliances 11.88 115 142 122 149 144 133 140 161 169 183 178 152 150 131 Ranges 2.60 79 100 91 107 105 97 99 115 118 125 115 102 112 r80 83 Refrigeration appliances.. 4.98 124 151 116 143 131 113 130 157 165 194 197 173 174 149 109 Laundry appliances 2.51 148 193 181 219 218 220 222 235 252 237 222 176 162 163 Heating apparatus 3.72 97 120 142 159 148 125 97 109 113 121 113 113 121 106 Radio and television sets 5.21 214 242 254 289 315 279 224 239 233 218 209 184 174 130 238 Radio sets 3.42 52 77 62 68 99 105 96 72 72 70 63 67 54 37 61 Television sets 1.79 522 558 619 710 726 612 470 559 540 499 486 409 402 307 575 Other Consumer Durables 30.28 95 106 110 115 120 117 111 109 110 108 109 109 109 106 116 A M u is to c. p h a o r m ts e a a n n d d ti p re e s rsonal goods. 1 16 4 . . 2 0 8 0 9 9 1 9 1 1 0 0 9 2 1 1 1 0 2 7 1 1 1 1 6 3 1 1 1 2 5 4 1 1 0 2 8 4 1 11 0 8 4 1 11 0 1 7 1 1 0 1 1 6 1 1 0 1 1 5 1 1 0 1 3 4 1 1 0 1 4 3 1 1 0 1 3 5 1 1 1 0 0 1 iio' r Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN' for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en es ti i a - l Total In tr d i u B a s l u - sine m C s e s o r m ci - al P u u ti b li l t i y c O n d r t e t o e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A t l h l er 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952. 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6,097 1954 37,782 25,853 13,496 8,583 2,030 2,212 4,341 3,774 11,929 1,030 3,870 704 6 325 1955 42,991 30,572 16,595 10,046 2,399 3,043 4,604 3,931 12,419 1,297 4,520 593 6,009 1955—Sept.. 3,623 2,629 ,422 883 209 290 384 324 994 114 345 43 492 Oct... 3,598 2,594 ,375 896 213 292 391 323 ,004 118 363 43 480 Nov.. 3,601 2,551 ,342 879 217 273 389 330 ,050 111 403 43 493 Dec.. 3,580 2,519 ,322 870 219 262 389 327 ,061 108 432 46 475 1956-Jan... 3,618 2,506 ,286 899 217 266 416 321 ,112 100 467 48 497 Feb... 3,625 2,522 ,279 920 220 282 418 323 ,103 103 443 48 509 Mar.. 3,585 2,531 ,268 938 228 291 419 325 ,054 96 411 51 496 Apr... 3,658 2,563 ,276 954 242 293 419 333 ,095 104 438 53 500 May., 3,686 2,559 ,257 964 261 280 423 338 ,127 118 443 60 506 June*, 3,678 2,555 ,250 969 272 274 423 336 ,123 123 425 58 517 July*. 3,708 2,605 ,288 975 276 275 424 342 1,103 122 408 57 516 Aug.* 3,707 2,598 ,281 981 276 279 426 336 1,109 121 403 56 529 Sept.P 3,707 2,593 ,287 969 268 276 425 337 1,114 123 397 55 539 » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1119 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] B ow y n ty er p s e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1948 9,430 3,107 6,323 3,608 840 975 725 1.127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 ,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 ,651 2,578 1951 15,751 6,122 9 629 6,205 2,883 915 1,335 ,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 ,686 3,412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 ,695 4,008 1954 19,770 6,558 13 212 8,518 1,274 1,815 2,063 .958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1955—Sept 2,035 621 1 414 733 201 197 163 148 593 Oct 1,863 551 1,312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec 1,921 730 1,190 711 148 197 237 144 483 1956—Jan 1,858 675 ,183 694 158 161 190 153 503 Feb 1,860 598 ,262 799 171 183 145 131 430 Mar 2,382 638 [,744 1,105 267 206 226 183 395 Apr 2,421 745 1,677 1,144 196 210 203 213 456 May 2,480 714 1,766 1,129 159 217 202 242 531 June 2,198 732 466 826 144 224 192 234 577 July 2 149 736 1,412 758 152 242 196 258 543 Aug . . . .. 2,069 620 1,449 874 138 184 193 232 448 Sept CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars1 Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1955—June 2 255 116 337 140 249 221 253 467 121 88 129 133 July 2,272 116 398 145 262 210 223 398 115 94 133 178 Aug 1,895 110 310 111 233 151 206 357 87 \ 64 125 139 1956 June 2 198 173 391 119 247 221 213 349 166 87 99 133 July 2,149 136 341 143 237 226 270 358 117 101 91 128 Aug 2,069 125 284 131 276 191 263 386 101 75 78 159 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwrittenl Metro- Year or month Total po a l r i e t a a s n p a o r l e it a a s n Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1948.... 932 n a. n.a. 914 763 46 104 18 393 291 102 1949 1,025 n.a. n.a. 989 792 35 162 36 466 361 105 1950 1,396 n.a. n.a. 1,352 1,151 42 159 44 686 486 200 1951 1,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 1,127 n.a. n.a. 1,069 939 46 84 58 420 279 141 1953 1,104 n.a. n.a. 1,068 933 42 94 36 407 252 155 1954 1,221 897 324 1,202 1,077 34 90 19 585 277 308 1955 1.329 976 353 1,310 1,190 33 87 20 670 277 393 1955 Aug 125 92 33 122 112 3 8 2 68 27 41 Sept 115 84 31 114 104 7 1 59 25 34 Oct 106 77 29 105 95 2 7 1 54 19 35 Nov 89 65 25 88 80 2 6 1 45 17 28 Dec 76 55 21 74 66 2 5 3 38 16 22 1956—Jan 75 54 21 74 66 2 5 1 36 13 23 Feb 78 56 22 77 69 2 6 1 30 13 17 Mar 99 72 27 94 84 3 7 2 38 17 21 Apr 111 76 35 110 100 3 8 1 46 20 26 May 114 78 36 111 101 3 7 3 47 20 27 107 75 33 105 95 3 7 3 45 19 26 July ^101 71 30 P99 n.a. n.a. n.a. v2 43 18 25 AUH *>101 69 32 P\Q\ n.a. n.a. n.a. n 44 19 r24 Sept . . .. *93 62 31 n.a. n.a. n.a. *>3 39 15 24 p Preliminary. n.a. Not available. r Revised. figures are based on field office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1120 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons) Civilian labor force Total non- Total Employed! Not in the Year or month institutional labor Unem- labor force population force Total ployed In n on agricul- In Total tural industries agriculture 1948 108 482 62 748 61 442 59,378 51,405 7,973 2,064 45.733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115 095 67 362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1955—Sept 117,634 69,853 66,882 64,733 56,858 7,875 2,149 47,781 Oct 117,749 70,250 67,292 65,161 57,256 7,905 2,131 47,499 Nov 117,864 70 164 67,206 64,807 57,887 6,920 2,398 47,701 Dec 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48,457 1956—Jan 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 Feb 118,180 68,396 65,490 62,576 57,107 5,469 2,914 49,784 Mar 118 293 68 806 65 913 63,078 57 400 5 678 2,834 49,488 Apr 118,367 69,434 66,555 63,990 57,603 6,387 2,564 48,933 May. 118,537 70,711 67,846 65,238 58,092 7,146 2,608 47,826 June 118,632 72,274 69,430 66,503 58,627 7,876 2,927 46,357 July 118 762 72 325 69 489 66,655 58,955 7 700 2,833 46,437 Aust 118,891 71,787 68,947 66,752 59,487 7,265 2,195 47,105 Sept.. 119,047 70,896 68,069 66,071 58,683 7.388 1,998 48,151 1 Includes self-employed, unpaid family, and domestic service workers. views of households on a sample basis. Monthly data through June "1955 NOTE.—Information on the labor force status of the population, relate to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day; relating to persons 14 years of age and over, is obtained through inter- annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureav of Labor Statistics. In thousands of persons] I Transporta- Federal, Manufac- Contract tion and State and Year or month Total turing Mining construction public Trade Finance Service local utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6.645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6;751 1955 49,950 16,557 770 2,780 4,056 10,803 2,215 5,854 6,915 SEASONALLY ADJUSTED 1955—Sept 50,448 16,683 780 2,852 4,117 10,902 2,248 5,883 6,983 Oct 50,594 16,810 778 2,833 4,110 10,921 2,252 5,886 7,004 Nov 50,745 16,941 779 2,822 4,128 10,953 2,249 5,913 6,960 Dec 50,948 16,975 779 2,827 4,136 11,020 2,254 5,942 7,015 1956—Jan 51,080 16,944 777 2,876 4,145 11,083 2,261 5,952 042 Feb 51,127 16,879 780 2,924 4,131 11,105 2,273 5,967 068 Mar 51,057 16,804 783 2,966 4,127 11,027 2,276 5,979 095 Apr 51,327 16,918 798 3,003 4,128 11,120 " 278 5,979 103 May 51,454 16,909 794 3,055 4,141 11,110 289 5,981 175 June 51,600 16,877 808 3,132 4,164 11,162 2,297 5,999 161 July '51,003 '16,460 '750 '3,056 '4,117 '11,152 '2,296 '6,017 7,155 Aug 51,707 16,895 813 3,077 4,148 11,206 2,315 6,017 7,236 Sept 51,555 16,809 814 3,042 4,158 11,144 2,314 6,014 7,260 WITHOUT SEASONAL ADJUSTMENT 1955—Sept 50,992 16,919 784 3,094 4,148 10,902 2,248 5,971 6,926 Oct 51,125 17,006 778 3,031 4,121 10,990 2,241 5,915 7,043 Nov 51,262 17,052 783 2,921 4,139 11,213 2,238 5,883 7,033 Dec 51,996 17,027 783 2,756 4,161 11,849 2,243 5,853 7,324 1956—Jan 50,284 16,842 777 2,588 4,083 10,920 2,238 5,803 7,033 Feb 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 7; 084 Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Apr 50,848 16,769 790 2,853 4,121 10,928 2,278 5,979 7,130 May 51,197 16,715 786 3,040 4,138 10,985 2,289 6,041 7,203 June 51,709 16,809 812 3,257 4,181 11,091 2,320 6,089 7,150 July '50,896 '16,291 '746 '3,270 '4,148 11,015 '2,342 '6,137 '6,947 Aug 51,884 17,037 821 3,354 4,179 11,042 2.350 6,137 6,964 Sept 52,131 17,061 818 3,301 4,188 11,144 2,314 6,104 7,201 r Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for September 1956 are preliminary. Back data may be obtained from the during, or received pay for, the pay period ending nearest the 15th of the Bureau of Labor Statistics. month. Proprietors, self-employed perons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT AND EARNINGS 1121 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1955 1956 1955 1956 Sept. July Aug. Sept, Sept. July Aug. Sept. Total. 13,132 -12,693 13,123 13,032 13,365 12,514 13,250 13,276 Durable goods 7,598 '7,197 7,600 7,541 7,612 '7,081 7,555 7,548 Ordnance and accessories 91 82 79 80 91 79 80 Lumber and wood products 691 ••675 670 664 715 697 687 Furniture and fixtures 321 317 319 317 323 304 314 319 Stone, clay, and glass products 475 478 480 471 482 473 485 478 Primary metal products 1,118 ••751 1,109 1,112 1,118 '743 1,103 1,112 Fabricated metal products 912 '851 873 873 912 '825 864 873 Machinery except electrical 1,192 1,273 1,291 1,303 1,162 1,254 1,259 1,270 Electrical machinery 845 885 893 885 845 854 875 885 Transportation equipment 1,324 1,250 1,245 1,200 1,324 1,250 1,245 1,200 Instruments and related products.. 227 '234 237 235 227 '229 233 235 Misc. manufacturing industries 402 '401 404 401 412 '381 402 411 Nondurable goods 5,534 '5,496 5,523 5,491 5,753 '5,433 5,695 5,728 Food and kindred products 1,086 i, 104 1,115 1,112 1,255 1,158 1,270 1,301 Tobacco manufactures 98 89 91 90 118 77 101 109 Textile-mill products 994 '951 955 947 989 '922 945 942 Apparel and other finished textiles 1,078 1,068 1,064 1,057 1,100 1,020 1,085 1,078 Paper and allied products 456 '466 468 462 463 '461 470 469 Printing, publishing and allied products. 537 '549 556 555 537 '544 550 555 Chemical and allied products 548 '555 559 550 551 '544 551 553 Products of petroleum and coal 173 167 173 173 175 170 176 175 Rubber products 220 '214 212 214 221 '208 210 215 Leather and leather products 344 '333 330 331 344 '330 337 331 ' Revised. nearest the 15th of the month. Figures for September 1956 are pre- NOTE.—Data cover production and related workers only (full- and part- liminary. Back data may be obtained from the Bureau of Labor Statistics. time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1955 1956 1955 1956 1955 1956 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Total 77.71 '79.00 79.60 81.00 40.9 '40.1 40.2 40.5 1.90 1.97 1.98 2.00 Durable goods 84.66 '84.25 85.47 87.54 41.5 '40.7 40.7 41.1 2.04 2.07 2.10 2.13 Ordnance and accessories 85.28 '91.74 91.05 92.32 41.0 '41.7 41.2 41.4 2.08 2.20 2.21 2.23 Lumber and wood products 70.93 '72.54 74.75 73.67 41.0 '40.3 41.3 40.7 1.73 1.80 1.81 1.81 Furniture and fixtures 69.80 67.13 70.21 71.90 42.3 40.2 41.3 41.8 1.65 1.67 1.70 1.72 Stone, clay, and glass products 79.19 80.36 80.95 81.16 41.9 41.0 41.3 41.2 1.89 1.96 1.96 1.97 Primary metal industries 97.81 '91.48 92.75 97.85 41.8 '40.3 39.3 40.6 2.34 2.27 2.36 2.41 Fabricated metal products 84.02 '83.64 84.04 85.90 41.8 40.8 40.6 41.1 2.01 '2.05 2.07 2.09 Machinery except electrical 88.83 '91.74 91.94 94.30 42.1 '41.7 41.6 42.1 2.11 2.20 2.21 2.24 Electrical machinery 76.55 '79.40 80.60 82.61 40.5 '40.1 40.5 41.1 1.89 1.98 1.99 2.01 Transportation and equipment 93.11 '93.84 94.66 96.76 41.2 '40.8 40.8 41.0 2.26 '2.30 2.32 2.36 Instruments and related products 79.52 '81.41 82.01 83.64 41.2 '40.5 40.6 41.2 1.93 2.01 2.02 2.03 Miscellaneous manufacturing industries. 68.30 '68.90 69.77 71.46 40.9 39.6 40.1 40.6 1.67 1.74 1.74 1.76 Nondurable goods 68.97 '71.71 71.50 72.25 40.1 '39.4 39 39.7 1.72 1.82 1.81 1.82 Food and kindred products 72.80 '76.22 75.17 76.54 41.6 '41.2 41 41.6 1.75 1.85 1.82 1.84 Tobacco manufactures 50.34 '58.59 55.52 55.60 40.6 '38.8 39 40.0 1.24 1.51 1.42 1.39 Textile-mill products 56.70 55.73 56.45 57.13 40.5 38.7 39 39.4 1.40 1.44 1.44 1.45 Apparel and other finished products 50.05 51.91 53.29 53.07 36.8 35.8 36 36.1 1.36 1.45 1.46 1.47 Paper and allied products 81.10 '84.28 84.12 85.14 43.6 '43.0 42 43.0 1.86 1.96 1.97 1.98 Printing, publishing and allied products. . 93.14 '93.80 94.04 95.06 39.3 38.6 38.7 38.8 2.37 '2.43 2.43 2.45 Chemicals and allied products 84.25 87.54 87.33 88.40 41.5 41.1 41.0 41.5 2.03 2.13 2.13 2.13 Products of petroleum and coal 100.36 r107.01 103.48 105.83 41.3 '41.8 40.9 41.5 2.43 2.56 2.53 2.55 Rubber products 87.15 '86.15 87.85 89.73 41.5 '39.7 40.3 40.6 2.10 2.17 2.18 2.21 Leather and leather products 52.45 '57.00 56.25 55.57 37.2 '38.0 37.5 36.8 1.41 1.50 1.50 1.51 ' Revised. September 1956 are preliminary. Back data are available from the NOTE.—Data are for production and related worker. Figures for Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1122 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average^ 100] Federal Reserve district Year or month United States Boston Y N o e r w k a p P d h h e i i l l a - - C l l a e n ve d - R m i o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 119 112 107 117 115 130 142 118 121 108 123 138 122 SEASONALLY ADJUSTED 1955 Aug '119 107 106 114 114 134 143 '114 120 107 124 '141 '123 Sept 121 112 108 120 116 134 140 118 119 112 127 131 126 Oct 122 114 109 120 120 132 148 120 122 109 125 138 126 Nov 122 116 110 121 118 134 142 121 124 110 124 136 125 Dec 123 114 110 122 119 132 147 121 125 110 124 147 123 1956—Jan 124 111 114 120 117 138 147 120 126 116 123 144 129 Feb 118 111 105 118 116 129 143 112 122 108 117 139 124 Mar 122 102 107 116 116 137 143 124 128 112 126 144 128 Apr 122 111 104 121 120 131 144 117 123 112 124 144 131 May 122 112 110 121 118 135 146 120 129 112 125 145 122 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 Aug 118 117 124 121 126 129 116 131 148 131 WITHOUT SEASONAL ADJUSTMENT 1955—Aug 105 86 82 92 104 '113 '128 103 109 102 117 '132 '119 Sept 123 120 111 124 116 138 136 123 122 119 127 131 123 Oct 128 115 116 125 125 140 154 126 135 126 131 146 126 Nov 148 141 139 159 147 164 165 147 149 126 142 155 145 Dec 212 206 194 213 205 237 255 204 208 180 211 247 217 1956—Jan 95 87 90 90 91 95 113 91 95 83 93 114 100 Feb 92 84 85 91 90 96 114 87 95 84 92 111 97 Mar 111 91 98 111 106 125 146 109 115 95 112 134 110 Apr 113 106 97 109 109 122 136 110 115 109 117 132 117 May 121 112 108 120 114 136 143 119 129 113 124 143 120 119 114 111 117 113 128 131 121 117 105 119 130 120 July 101 84 83 88 98 111 128 97 104 91 107 129 115 Aug .... 95 90 100 110 113 117 110 124 138 126 STOCKS i 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 127 122 115 122 117 146 152 121 124 121 136 143 133 SEASONALLY ADJUSTED 1955—Aug 129 122 117 122 118 r146 154 '124 126 123 '135 r149 '139 Sept * 129 124 116 126 118 150 156 121 123 122 135 146 137 Oct 129 123 117 126 119 152 156 120 129 125 141 147 134 Nov 131 123 119 128 119 154 159 123 130 128 142 149 137 Dec 134 126 121 131 124 157 156 127 133 132 143 159 141 1956—Jan 137 124 122 132 123 161 158 131 138 133 148 158 149 Feb 138 128 124 131 124 163 164 131 137 132 148 158 146 Mar 135 127 122 130 122 159 162 128 132 130 148 156 142 Apr 136 128 124 131 123 157 165 131 136 128 145 154 143 May 134 128 123 129 121 156 160 130 135 126 143 154 138 137 132 126 132 124 162 162 131 138 128 144 155 142 July 138 '132 127 132 125 159 161 132 139 127 144 157 143 Aug 132 127 136 127 133 136 129 P149 WITHOUT SEASONAL ADJUSTMENT 1955—Aug '127 118 114 117 114 '149 150 '121 126 120 134 '147 '134 Sept 135 127 123 132 123 155 163 127 133 128 140 155 142 Oct 145 139 132 144 133 168 170 137 145 136 152 162 153 Nov 148 144 136 147 135 167 180 142 147 142 157 165 151 Dec 119 117 110 116 110 131 137 115 120 118 129 143 US 1956—Jan 123 113 108 115 110 144 146 118 120 122 133 140 131 Feb 131 120 116 126 119 152 162 124 130 127 143 153 136 Mar 139 129 125 134 126 164 169 130 140 134 153 162 142 Apr 142 133 130 140 129 168 172 134 143 133 151 162 149 May 139 132 127 134 126 165 161 131 135 128 145 155 148 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 '116 119 115 155 151 124 128 124 138 149 142 Aug 128 124 131 123 129 136 125 * Preliminary. ' Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORES; FOREIGN TRADE 1123 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales* Period S (t a f o o l t e r a s l i St ( o e o c n f k d s i o s O t r i a d n u n e g t d r - s - 1 c ( e t R f o i o e p t r - a ts l 2 o ( r N t f d o o e e t r w r a s l 3 Stocks s O t i a n u n g t- d- S s o t p t a o u l n u c t d k - s - s ce R i e p - ts month) month) (end of month) month) orders ing month) orders Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 925 373 358 358 2.7 L.I 3.8 0 1950 376 1,012 495 391 401 2.8 1.4 4.2 1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 1.1 4.1 0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 435 1,189 445 441 446 2.9 l.l 4.0 0 Month: 1955_Aug r385 [ 167 r548 r460 r456 3.0 [.4 4.5 Sept 426 1,244 576 513 539 2.9 1.4 4.3 .2 Oct 473 1,350 581 579 584 2.9 1.2 4.1 Nov 546 1,415 487 611 517 2.6 3.5 1 Dec 817 1,139 357 541 411 1.4 ().4 1.8 1956 Jan 348 1,133 435 342 420 3.3 .3 4.5 .0 Feb 332 1,205 450 404 419 3.6 .4 5.0 Mar 429 1,271 401 495 446 3.0 0.9 3.9 .2 Apr 385 I 314 336 428 363 3.4 0.9 4.3 1 May 438 ,275 338 399 401 2.9 0.8 3.7 ) 9 June 417 187 501 329 492 2.8 1.2 4.0 ).8 July 337 1,173 587 323 409 3.5 1.7 5.2 0 Aug ^ 411 1,254 573 492 478 3.1 1.4 4.4 o p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the month States. They are the actual dollar amounts reported by a group of de- to sales during the month. The final ratio is based on totals of sales and partment stores located in various cities throughout the country. In 1955, receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports * Mer m ch i a li n ta d r i y se -a e id x p s o h r i t p s m e e x n cl t u s d 2 ing Merchandise imports3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1.093 1.168 1,280 923 1.083 1,198 833 871 1,074 Feb 1,183 1,238 1,358 999 ,143 1,269 809 850 1,051 Mar . 1,126 I 344 1 580 923 1,252 1 476 865 1,019 1,102 Apr 1,426 1,264 1,259 ,170 1,399 957 871 990 May ,402 1,325 rl,716 1,137 ,194 1,531 829 959 1,091 1,475 1,319 rl,689 1,115 ,191 1,490 947 937 '1,032 July ,290 1,270 rl,614 1,023 1,142 1,283 822 885 1,051 1,156 1,236 ^1,516 956 ,108 825 960 Sept . .. 115 I 256 962 157 780 946 Oct I 270 I 396 1 166 1 277 767 1 011 Nov . 1*252 I 322 1,167 1 249 840 1,065 Dec 4ns 1 222 1 321 943 1,008 Jan.-Aug 10,151 10,164 2>12,264 8,335 9,283 a.lt.010 6,887 7,352 *8,440 » Preliminary. 2 Department of Defense shipments of grant-aid military equipment ' Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 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
1124 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62 9 52 2 88.4 55 6 1945 . .. 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129 7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955 Aug 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111.2 125.2 103.6 119.8 104.6 125.3 128.2 116.6 106.7 120.6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128 5 129.8 117.5 106.8 120.6 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 1956—Jan 114.6 109.2 120.6 131.4 111.7 129.5 102.0 121.2 104.1 126.8 130.7 118.5 107.3 120.8 Feb 114.6 108.8 120.7 131.5 111.7 130.0 102.5 121.4 104.6 126.9 130.9 118.9 107.5 120.9 Mar 114.7 109.0 120.7 131.6 111.7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108.2 121.4 May 115.4 111.0 120.9 132.2 111.8 127 9 102.6 122.4 104.8 127 1 131 9 119.6 108.2 121.5 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122.1 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947^49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e n c o p l r x t e d d - e s - l - l H s p e u k a a r i c n o i t d n h t d d e s s e s - , r ,p t F l o i e m a i g u n w r n h i a e g d a e t l - l - r , s ,C p a i u a l c h r l n c o a e ie t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p P p a u a l a r u l n c o p i l e t d d p e s d r , - ,M m p u a r e e n c o t t t d a d a s l - l s p c M m u a t e r h i n c o r v o i a y t n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d n e s a e d s e r i - - -e s N t r t m t m a u a r o l l u r i e s l n a n i c - — c - l - - b b e m o b a T a r t e a n f c o t r v g l c d - s e e - o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108 6 105 3 106.9 102 4 96 6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112 0 113.6 110.6 108 3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115 4 120.9 120.6 102 5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1955 Aug 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121.7 89 8 Sept 111.7 89.3 101.5 118.5 95.4 94.0 108.0 106.0 151.7 125.7 120.5 141.9 130.0 116.4 126.4 121.7 90.3 Oct 111.6 86.8 100.2 119.0 95.4 95.3 108.0 106.5 147.8 125.4 122.8 142.4 131.4 116 9 126 8 121.7 91 5 Nov. 111.2 84.1 98.8 119.4 95.6 96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7 88.0 Dec 111.3 82.9 98.2 119.8 95.6 96.7 109.3 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7 88.8 1956 Jan 111.9 84.1 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118 0 127 0 121 7 89 6 Feb 112.4 86.0 99.0 120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127 1 121.7 88.7 Mar. 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 146.5 134.7 118.1 127.9 121.7 88.2 Apr. 113 6 88 0 100 4 121 6 95 1 100 6 110 6 106 9 145 0 128 5 127 4 147 7 135 7 118 0 128 6 121 7 92 1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 June 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127 4 145 8 136 8 118 1 128 9 121 6 92 9 July 114.0 r90.0 102.2'121.4 94.9 r100.1r110.7 107.3 143.3 126.6 Ml .1r144.9 136.9r118 3 130 6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 91.1 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 1125 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Aug. June July Aug Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 99.5 120.2 111.8 94.8 Grains 78.6 86.9 88.4 88.8 Paperboard 128.0 136.5 136.5 136.4 Livestock and poultry 75.5 74.8 72.9 76.0 Converted paper and paperboard 113.2 123.2 123.2 123.7 Plant and animal fibers 102.9 106.1 104.3 98.2 Building paper and board 132.7 138.1 138.1 138.1 Fluid milk 91.8 92.7 94.4 95.1 Eggs , 95.4 78.7 '82.1 77.7 Metals and Metal Products: Hay and seeds , 81.6 87.5 80.6 80.1 Other farm products , 138.6 147.1 149.2 151.1 Iron and steel 144.9 149.5 149.9 159.4 Nonferrous metals 145.0 158.0 152.5 155.4 Processed Foods: Metal containers 132.8 141.2 141.2 141.9 Hardware 146.1 154.7 155.2 158.2 Cereal and bakery products 115.1 115.3 114.8 114.5 Plumbing equipment 128.1 134.1 134.1 134.1 Meats, poultry, and fish 86.3 83.1 83.7 85.1 Heating equipment 116.0 117.4 117.9 119.1 Dairy products and ice cream 107.8 108.0 107.9 108.9 Fabricated structural metal products. 126.5 129.4 129.7 134.2 Canned, frozen fruits, and vegetables 105.0 109.7 109.3 107.3 Fabricated nonstructural metal Sugar and confectionery , 110.1 109.5 110.0 109.8 products 129.3 132.5 132.5 133.5 Packaged beverage materials , 173.7 191.0 196.1 196.1 Other processed foods , 99.5 97.4 97.1 96.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.4 126.6 126.8 126.9 Cotton products 91.7 92.7 92.3 91.9 Construction machinery and equip- Wool products 103.9 102.9 103.1 103.4 ment 138.2 146.8 147.8 149.4 Synthetic textiles 86.7 80.2 '80.4 80.3 Metal working machinery 146.7 155.2 155.2 157.1 Silk products 128.7 124.7 122.0 121.0 General purpose machinery and Apparel 98.6 99.7 '99.8 99.7 equipment 134.8 145.6 146.4 149.1 Other textile products 72.9 70.0 70.5 72.2 Miscellaneous machinery 130.2 135.5 •136.6 137.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 127.7 137.6 137.4 138.0 Motor vehicles 122.0 129.1 129.1 129.1 Hides and skins 58.9 61.2 '60.4 60.4 Leather 85.0 91.7 91.6 90.9 Furniture and Other Household Dura- Footwear 111.4 120.5 120.5 120.5 bles: Other leather products 96.3 99.1 '98.8 99.0 Household furniture 114.3 118.1 119.2 119.5 Fuel, Power, and Lighting Materials: Commercial furniture 134.3 138.5 138.8 145.9 Floor covering 126.8 130.5 131.4 131.6 Coal 102.2 112.3 112.9 113.8 Household appliances 106.6 105.1 "104.4 105.0 Coke 137.4 145.4 145.4 152.9 Radio 89.2 89.7 '90.7 91.0 Gas 106.8 111.3 '109.7 109.4 Television 68.9 69.1 '69.3 69.3 Electricity 96.6 93.8 93.8 94.9 Other household durable goods 134.1 139.3 139.3 139.7 Petroleum and products 113.0 118.3 118.8 118.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 131.8 "135.0 135.7 Industrial chemicals 118.1 121.1 122.1 122.1 Concrete ingredients 125.3 130.4 "130.6 130.7 Prepared paint 114.8 119.1 119.1 119.1 Concrete products 118.6 121.9 '123.0 123.4 Paint materials 97.6 99.4 98.6 98.3 Structural clay products 142.9 146.5 149.3 150.1 Drugs, Pharmaceuticals, cosmetics.. 92.4 92.1 92.2 92.2 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils, inedible 54.6 55.1 53.7 53.8 Prepared asphalt roofing , 114.5 111.9 '117.9 117.5 Mixed fertilizers 108.9 107.9 108.5 109.7 Other nonmetallic minerals 122.5 123.1 123.8 123.8 Fertilizer materials 112.1 108.7 105.7 106.0 Other chemicals and products 104.0 103.8 103.8 103.8 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 170.3 137.5 r143.9 149.9 Cigars 103.9 104.2 104.2 104.2 Tires and tubes 147.2 151.8 '149.3 153.4 Other tobacco products 122.5 122.5 122.5 122.5 Other rubber products 137.1 136.0 136.0 138.0 Alcoholic beverages , 114.7 114.6 114.6 116.2 Nonalcoholic beverages , 148.1 148.1 148.4 148.4 Lumber and Wood Products: Miscellaneous: Lumber 126.4 129.6 •128.5 127,1 Millwork 128.3 129.5 129.7 129.5 Toys, sporting goods, small arms 113.4 115.8 115.7 116.3 Plywood 105.7 101.0 103.3 99.2 Manufactured animal feeds , 71.7 75.9 72.8 72.1 Pulp, Paper, and Allied Products: J N e o w t e io lr n y s , w an a d tc a h c e c s e , s p s h o o ri to es . e . q • u:ipment.., 1 9 0 1 4 . . 0 3 1 9 0 5 4 . . 7 8 1 9 0 5 4 . . 7 8 1 9 0 5 4 . . 8 8 Other miscellaneous , 121.5 123.2 r124.4 124.7 Woodpulp 113.8 118.0 118.0 118.0 Wastepaper 129.1 114.3 112.4 112.1 Paper 130.5 137.0 r138.2 138.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1126 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 Gross national product 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3 Less: Capital consumption allowances 8 6 7.2 9.0 20.5 23.5 23.9 26.5 28.8 31.3 31. 31.7 32.2 32.9 33.6 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28. 30.2 30.2 32.5 32.4 32.8 33.4 33.7 34.1 Business transfer payments .6 .7 ,5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Statistical discrepancy .3 .9 .4 .2 1.3 2.0 2.6 1.8 1.2 2.7 1.1 1.1 Plus: Subsidies less current surplus of gov- .6 ernment enterprises -.1 .0 .1 .2 .2 -.1 -.4 -.2 .3 .7 .1 .7 .7 .2 Equals: National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3 334.9 338.7 334.4 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 40.2 41.6 43.4 40.9 39.8 Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.7 11.1 10.9 11.3 11.4 12.1 12.3 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 -.1 .0 .0 .5 -.6 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.9 15.0 16.1 16.2 16.0 16.3 16.9 17.3 Net interest paid by government 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.2 5.2 5.2 5.3 5.4 5.5 Dividends 5.8 2.1 4.5 9.2 9.1 9.0 9.3 10.0 11.2 10.7 11.0 12.1 11.8 12.2 Business transfer payments .6 .7 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 r1.4 Equals: Personal income 85.8 96.3 227.1 255.3 271.8 286.0 287.3 306.1 303.8 309.6 314.6 317.5 322.9 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 29.3 34.4 35.8 32.9 35.5 35.3 35.9 36.3 37.3 38.1 Federal 1.3 1.5 2.0 18.2 26.3 31.2 32.4 29.1 31.3 31.2 31.7 32.0 32.9 33.6 State and local 1.4 .5 1.3 2.7 3.2 3.4 4.2 4.1 4.2 4.3 4 4 4.4 3.0 3.8 Equals: Disposable personal income 83.1 1.0 93.0 206.1 237.4 250.2 270.6 268.5 273.8 278.4 280.2 284.9 226.1 254.4 Less: Personal consumption expenditures 79.0 45.7 81.9 194.0 218.3 230.5 254.0 251.8 257.8 259.5 261.7 263.7 208.3 236.5 Equals: Personal saving 4.2 46.4 11.1 12.1 19.0 19.7 17.9 16.6 16.7 15.9 18.8 18.6 21.2 17.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3 334.4 334.9 338.7 Compensation of employees 51.1 29.5 64.8 154.3 180.4 195.1 208.1 206.9 223.2 221.6 226.8 230.3 233.0 237.2 Wages and salaries * 50.4 29.0 62.1 146.5 170.9 184.9 197.3 195.5 210.4 209.0 213.6 217.0 219.4 223.5 Private 45.5 23.9 51.9 124.3 142.1 152.0 163.5 161.2 174.5 172.9 177.5 180.5 182.5 186.2 Military .3 .3 1.9 5.0 8.7 10.5 10.3 10.0 9.8 10.0 9.8 9.7 9.6 9.5 Government civilian 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.1 26. 26.4 26.8 27.3 27.8 Supplements to wages and salaries .7 .5 2.7 7.8 9.5 10.2 10.8 11.4 12.8 12.6 13.2 13.3 13.6 13.8 Proprietors' and rental income2 20.2 7.6 20.9 44.6 49.9 50.8 49.3 48.9 49.1 49.5 49.0 49.3 49.5 49.9 Business and professional 8.8 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 27.1 27.7 28.0 28.2 28.9 Farm 6.0 2.4 6.5 13.3 16.0 15.1 13.3 12.5 11.7 12.2 11.3 11.4 11.5 11.3 Rental income of persons 5.4 2.0 3.5 8.5 9.1 9.9 10.2 10.5 10.1 10.2 10.0 9.8 9.8 9.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 40.2 41.6 43.4 40.9 39.8 Corporate profits before tax 9.6 .2 17.0 40.0 41.2 35.9 37.0 33.2 42.7 41.1 43.5 46.4 43.7 42.9 Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 20.3 16.8 21.5 20.7 22.0 23.4 22.1 21.7 Corporate profits after tax 8.3 -.4 9.4 22.1 18.7 16.1 16.7 16.4 21.1 20.3 21.5 23.0 21.6 21.3 Inventory valuation adjustment .5 2 -2.5 -4.9 -1.3 1.0 -1.0 -.3 -1.7 -.9 -1.9 -3.0 -2.8 -3.1 Net interest 6.4 5.0 4.5 5.9 6.8 7.4 8.7 9.7 10.8 10.6 11.0 11.3 11.5 11.7 i i i ! L_ 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL PRODUCT AND INCOME 1127 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annualrates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 2 3 4 1 2 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3 79.0 46.4 81.9 194.0 208.3 218.3 230.5 236.5 254.0 251.8 257.8 259.5 261.7 263.7 Durable goods 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.4 35.7 35.3 37.2 35.4 34.8 33.4 37.7 22.3 43.2 100.4 111.1 116.1 119.1 120.9 126.2 125.3 127.6 129.2 130.5 132.3 Services 32.1 20.7 29.0 65.0 70.1 75.6 81.7 86.3 92.1 91.2 92.9 94.9 96.4 98.0 16.2 1.4 18.1 51.2 56.9 49.8 50.3 48.0 60.6 60.2 62.3 65.1 63.1 64.2 New constructionl 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.9 32.7 32.9 33.5 33.0 32.6 33.1 Residential, nonfarm 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 16.9 17.2 16.2 15.3 15.1 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.4 16.1 16.0 16.4 16.8 17.3 18.0 5.9 1.6 6.9 21.1 23.2 23.1 24.3 22.4 23.7 22.4 25.0 25.9 26.4 27.5 Change in business inventories 1.7 — 1.6 4.5 7.4 10.4 3.0 .3 -2.3 4.2 4.9 3.7 6.1 4.1 3.5 1.8 -1.4 4.0 6.4 9.0 2.1 .9 -2.7 3.8 4.5 3.4 5.9 4.2 3.9 .8 .2 1.1 -2.2 .2 -.2 -2.0 -.4 -.5 -.9 .2 -.8 .1 1.7 Goyernment purchases of goods and 8.5 8.0 24.8 42.0 62.8 77.5 84.4 76.5 76.8 76.2 76.5 78.1 78.5 78.7 Federal 1.3 2 0 16,9 22.1 41.0 54.3 59.5 48.9 46.7 46.3 46.6 47.2 46.4 46.1 1 13.8 18.5 37.3 48.8 51.5 43.0 41.2 41.3 41.3 40.6 40.5 40.7 Other \ 1 -5 2.0{ 3.2 3.9 4.2 5.8 8.4 6.3 5.9 5.5 5.8 7.1 6.3 5.8 .0 .3 .4 .4 .4 .4 .4 .4 .4 .5 .4 .4 State and local 7.2 6.0 7.8 19.9 21.8 23.2 24.9 27.6 30.1 29.9 29.9 30.9 32.1 32,6 1 Includes expenditures for crude petrolum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month * in s P o c e o n r m a - l e Total W p d a m i C g n u ro o e s g o d t d a m r u i i i n n t e c - y d - s - sa D i l u n a t i r s r t d i i t y e u v r i s s e d b - i - sbu S i r n e t s r d r e i v e m u i s s c e - e nts m G er o e n n v - t - in O l c a o t b h m o e r r e2 i p n r r c P e a i o n e r n o m t t d o a - l e rs 3 ' i i n n d s D p a c t o e e e n o i n n v r r m d a d e i - s l - s e t m T p r e f a a e n y n r t - s s - 4 p b c e i s a u n o r L o n f s t s n o c e c i o u o t i s e r n r a r s n * i a - l - s l i a n g N t c u r o o i r c m n a u - l e l- * 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.3 195.5 83.6 51.8 25.8 34.3 6.3 48.9 24.9 16.4 4.6 271.4 1955 306.1 210.4 90.9 55.4 28.2 35.9 7.0 49.1 27.3 17.6 5.2 290.9 1955—Aug 308.7 213.4 92.1 56.5 28.7 36.1 7.1 49.0 27.1 17.4 5.3 293.8 Sept 311.0 214.7 92.8 56.9 28.7 36.3 7.2 49.4 27.6 17.4 5.3 295,9 Oct 311 6 215.3 93.3 56.7 28.9 36.4 7 2 49.1 27.9 17.4 5.3 296.9 Nov 314.5 217.2 94.2 57.3 29.3 36.4 7.2 49.6 28.1 17.7 5.3 299.4 Dec 317.5 218.2 94.5 57.6 29.4 36.7 7.3 49.2 30.2 18.0 5.4 302.8 1956—Jan 316.7 219.0 94.8 57.9 29.5 36.8 7.3 49.4 28.5 18.2 5.7 301.6 Feb 317 1 218.9 94.7 57.9 29.5 36 8 7.2 49.7 28.7 18.3 5.7 301.5 Mar 318.6 220.3 95.1 58.4 29.6 37.2 7.2 49.5 28.8 18.5 5.7 304.0 321.7 222.9 96.8 59.1 29.8 37.2 7.2 49.7 29.1 18.6 5.8 306.8 May 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 June 324 9 225.2 97.5 59.9 30.2 37.6 7.3 50.0 29.6 18.6 5.8 310.3 July 324.3 224.0 95.9 59.9 30.4 37.8 7.3 50.5 29.7 18.6 5.8 309.4 Aug p 328.2 227.1 98.3 60.3 30.6 37.9 7.3 51.0 29.9 18.8 5.9 312.9 v Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * International capital transactions of the United States. . 1130 Gold production. . 1134 Net gold purchases and gold stock of the United States. . 1135 Reported gold reserves of central banks and governments. . 1136 Estimated foreign gold reserves and dollar holdings. . . 1137 International Bank and Monetary Fund. . 1138 Central banks. . 1138 Money rates in foreign countries. . 1143 Foreign exchange rates. . . 1144 Index to statistical tables. . 1155 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and foreign central banks. Figures ments and official statistical bulletins. Back figon international capital transactions of the ures for 1941 and prior years, together with de- United States are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 1129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1130 TNTl 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] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d . y . , Italy S l w a er n i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e ti r n ica Asia o A th l e l r tutions2 and Official 3 ' of private 1952—Dec. 31.... 1,585 8,961 4,654 343 551 309 642 818 1,093 3,755 1.421 1.613 1,837 336 1953—-Dec. 31 ,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954_Dec. 31.... ,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955—Aug. 31.... ,859 11,189 6,552 915 1,420 702 679 561 1,567 5,844 ,180 1,854 1,994 316 Sept. 30 1,844 11,496 6,806 980 1,425 759 684 575 1,562 5,986 1,179 [,916 2,085 329 Oct. 31.... ,825 11,748 6,890 1,017 1,424 813 709 645 1,557 6,166 1,138 ,948 2,157 340 Nov. 30.... ,823 11,823 6,964 ,069 1,431 810 747 645 1,489 6,190 ,125 ,946 2,217 344 Dec. 31.... ,881 11,719 6,953 1,081 1,454 785 757 548 1,516 6,141 1,032 2;ooo 2,186 360 1956—Jan. 31.... ,867 11,870 6,986 ,066 1,458 785 741 657 1,561 6,268 ,084 1,952 2,213 353 Feb. 29.... ,876 11,993 7,048 ,035 1,467 798 739 679 1,596 6,314 ,089 2,001 2,238 353 Mar. 31.... ,894 12,452 7,389 ,123 1,487 806 733 766 1,624 6,539 ,178 2,103 2,277 355 Apr. 30.... ,978 12,501 '7.328 '867 1,524 812 742 111 1,822 6,545 ,207 2,162 2,268 319 May 31.... 2,001 12,530 7,440 907 1,580 831 709 753 1,676 6,456 ,269 2,178 2,302 325 June 30*... 2,007 12,632 7,437 878 1,636 860 736 746 1,617 6,473 i;285 2,179 2,348 347 July 31*... 2,016 12,832 7,458 813 1,686 878 759 837 1,633 6,606 1,354 2,195 2,360 318 Aug. 31*... 2,004 13,014 47,780 111 1,759 913 797 654 1,711 6,606 1,436 2,266 2,391 315 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u e r y - Y sla u v g i o a - o A th l e l r 1952—Dec. 31 1.093 91 124 70 29 47 203 110 57 6 19 91 8 12 224 1953—Dec. 31 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 [,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Aug. 31 1,567 283 104 60 42 126 190 66 106 8 119 141 10 10 303 Sept. 30 1,562 280 104 64 41 134 199 68 112 8 120 147 9 9 267 Oct. 31 I 557 279 105 54 46 141 183 72 120 8 111 149 9 11 263 Nov. 30 1,489 270 98 64 44 159 173 68 125 8 112 149 9 9 200 Dec. 31... 1,516 261 108 , 60 49 176 164 79 132 8 104 153 9 13 201 1956—Jan. 31... . . . .. [ 561 254 113 64 45 200 183 63 127 8 102 154 12 11 226 Feb. 29., 1,596 253 115 69 46 188 183 49 , 128 8 103 160 13 9 273 Mar 31 I 624 252 126 71 45 183 193 51 1 133 8 99 171 10 13 270 Apr. 30 1,822 246 123 71 49 184 223 52 134 7 102 167 10 5 447 May 31 1,676 242 107 67 49 182 227 51 135 7 96 162 8 8 334 June 30*. 1,617 247 105 70 47 165 206 52 124 7 90 169 7 9 319 July 31* ,633 251 108 69 50 160 200 54 124 6 85 188 7 10 321 Aug. 31* ,711 266 110 68 58 141 180 54 125 6 75 182 8 9 431 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p i D R c l u i i a o e n b c - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u n d n r e r d i - d s i e - s t s l a P p i R c m u a e b n o a - - - f , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1952—Dec. 31 1.613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953 Dec. 31.... I 768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31. 1,906 160 29 120 i 70 222 237 60 35 329 49 74 S3 30 90 i 194 124 1955—Aug. 31 [,854 174 25 126 75 106 231 71 47 321 43 j 85 86 39 60 234 132 Sept. 30 1,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct. 31 [ 948 153 25 162 77 106 249 69 38 362 42 82 | 95 27 60 270 131 Nov. 30 .946 153 24 149 75 120 255 66 41 379 42 , 87 92 22 63 261 117 Dec 31 2 000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 111 1956—Jan. 31 1,952 138 28 156 79 133 227 65 51 399 49 i 81 90 34 69 239 113 Feb. 29 2 001 143 28 192 80 133 223 65 58 407 49 78 93 43 74 213 124 Mar. 31 2,103 140 27 215 98 136 236 66 64 419 51 82 92 46 73 224 134 Apr 30. .. 2 162 128 27 193 87 147 255 64 67 414 53 89 87 46 74 298 133 May 31 2,178 120 25 198 91 139 261 65 68 384 56 94 83 44 66 349 136 June 30* 2,179 125 25 217 101 138 263 67 66 358 68 93 74 45 67 331 141 July 31* 2,195 138 28 238 89 133 267 66 64 355 67 98 70 39 71 341 131 Aug. 31* 2,266 136 30 228 93 125 263 66 i 60 376 68 101 83 ! 31 82 399 125 Preliminary. r Revised. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TSTL CAPITAL TRANSACTIONS OF THE U. S. 1131 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 AH Other Asia AH other For- Ko- Egypt Date Total m M C a h o n a i s d i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s T la h n a d i- Other Total t A ra u l s i - aC g B o i n e a l g n - o A E t a n g i n a g y d n l p o - - U S A n o f o r i u f o i t c h n a Other land ofs Sudan 1952—Dec. 31 1,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955_Aug. 31 1,994 72 60 73 110 42 55 808 102 261 122 290 316 75 46 47 37 112 Sept. 30..... 2,085 72 58 92 120 36 46 865 100 253 123 321 329 72 44 60 37 116 Oct. 31 2,157 75 57 90 127 42 46 914 95 247 125 339 340 74 45 70 34 116 Nov. 30 2,217 76 57 89 145 37 49 952 91 254 129 339 344 75 44 71 35 120 Dec. 31 2,186 75 55 73 174 37 53 901 88 252 138 340 360 75 42 72 53 119 1953—Jan. 31 2,213 77 55 70 159 33 57 926 85 261 144 344 353 75 42 71 43 121 Feb. 29 2,238 77 56 69 164 23 61 944 83 262 149 349 353 78 42 70 35 128 Mar. 31 2,277 76 57 83 155 28 55 964 89 268 151 350 355 76 43 68 43 124 Apr. 30 2,268 75 58 75 129 25 48 999 92 274 146 347 319 58 43 65 32 121 May 31..... 2,302 76 55 64 120 32 49 1,014 92 277 143 380 325 58 40 62 37 127 June 30P 2,348 79 54 82 113 31 55 1,047 95 282 136 374 347 79 41 62 30 135 July 31» 2,360 79 55 81 101 38 56 1,063 96 275 136 380 318 73 42 54 34 115 Aug. 3t*\ .. 2,391 83 i 59 81 154 32 51 1,054 98 275 142 361 I 315 69 47 50 33 116 Table 1<1. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: .2 .2 .2 n.a. Afghanistan 4.0 2.7 5.1 n.a. Azores .3 .4 .2 n.a. British dependencies ... 25.5 19.8 21.1 13.8 British dependencies .4 .4 .6 .4 Burma 16.9 23.0 29.7 19.1 Bulgaria 6 6 6 7 Cambodia n a n.a. .2 13.1 Czechoslovakia7 .6 .6 .7 .7 Ceylon 13 9 17.1 18.8 n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10.0 14.7 Estonia ... 1.9 1.9 1.9 n.a. 6 .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. n.a. .1 n.a. Iceland.. 3.7 7.5 8.9 4.8 Lebanon .. . . . 19.3 23.9 16.5 18.0 Ireland, Republic of 12.6 14.1 14.3 n.a. Pakistan 14.4 9.7 3.8 5.7 Latvia . 1 3 1 3 1 0 1 0 Palestine 1 .1 .1 n.a. Lithuania. .. .. .6 .4 .5 .3 Portuguese dependencies............... 2 8 5.3 1.8 2.0 Luxembourg 5.0 4.0 4.5 3.1 Saudi Arabia. 15.9 18.5 61.5 79.5 Monaco. . . .. . . 2 6 3.0 5.3 5.6 Syria 11 4 20.5 21.5 13.1 Poland? 3.4 2.2 2.1 2.5 Viet-Nam n.a. n.a. 8.1 62.3 Trieste 4.1 2.5 2.2 1.4 U. S. S. R.7 1.7 2.0 1.8 .7 All other: British dependencies 1.6 1.6 1.4 2.4 Otfiwr Latin America t Ethiopia and Eritrea . 3 5 9.1 18.0 23.7 British dependencies 14.6 18.0 19.0 16.6 French dependencies 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland 1.1 .3 .3 n.a. Ecuador. ; 23.7 17.7 21.2 14.9 Liberia....... . , 10.3 11.8 5.6 13.1 French West Indies and French Guiana... 2.2 .6 .4 .6 Libya 2.3 3.0 1.7 n.a. Haiti 11.6 9.3 12 7 12.1 New Zealand 3.5 2.1 2.3 1.9 Honduras 15 4 18 7 17 3 9 7 Portuguese dependencies 6 3 5.0 8.3 5.3 Nicaragua 13.4 16.0 10.3 12.8 Spanish dependencies .2 .2 .5 .7 Paraguay 5.0 6.0 3.6 3.6 Tangier 26.7 36.1 35.7 33.5 » Preliminary, 4 Includes for the first time certain accounts previously classified as n.a. Not available. "private." 1 Short-term liabilities reported in these statistics represent principally 5 Through 1952, reported by banks in the Second (New York) Federal deposits aad U. S. Govt. obligations maturing m not more than one year Reserve District only. from their date of issue, held by banking institutions in the United States; 6 Except where noted, these data are based on reports by banks in the small amounts of bankers' acceptances and commercial paper and of Second (New York) Federal Reserve District only and represent a partial liabilities payable in foreign currencies are also included. breakdown of the amounts shown in the "other" categories in Tables 2 Includes International Bank for Reconstruction and Development, la-lc. For each date the Second District reported at least 90 per cent of International Monetary Fund, and United Nations and o-ther international the total amount in the "other*' categories. organizations. Excludes Bank for International Settlements, reported 7 Based on reports by banks in all Federal Reserve districts. under Other Europe. NOTE.—Statistics on international capital transactions of the United y Represents funds held with banks and bankers in the United States States are based on reports by banks, bankers, brokers, and dealers. (and in accounts with the U. S. Treasury) by foreign central banks and by Beginning with the BULLETIN for June 1954 (as explained on p. 591 of foreign central governments and their agencies (including official pur- that issue), tables reflect changes in reporting forms and instructions made chasing missions, trade and skipping missions, diplomatic and consular as of Mar. 31, 1954, as well as changes in content, selection, and arrangeestablishments, etc.). ment of material published. For discontinued tables and data reported under previous instruetkms, see BULLETIN for May 1954, pp. 540-545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1132 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France R m e G F p a e e . n d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o h p er e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1952—Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1953—Dec. 31 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955_july 31 1,416 12 80 26 19 91 143 374 122 672 239 43 Aug. 31 1,429 10 74 30 20 74 151 359 112 683 236 39 Sept. 30 1.406 11 69 27 21 76 152 356 115 642 252 42 Oct. 31 ,428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30 ,473 12 81 30 24 74 163 383 131 670 239 49 Dec. 31 ,549 12 88 30 26 109 158 423 144 706 233 43 1956—Jan. 31 ,503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29 ,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31 ,510 14 92 36 28 69 162 400 132 701 232 44 Apr. 30 1,527 14 100 32 28 69 164 407 124 718 231 47 May 31 1,604 16 118 33 28 83 171 449 112 734 264 45 June 30* 635 17 122 32 24 82 167 444 120 757 269 46 July 31* , t,626 15 118 32 28 78 165 437 121 762 265 40 Table 2a. Other Europe Date E O ur th o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - 1952—Dec. 31 98 1 16 2 6 (*) 4 2 1953—Dec. 31 88 1 13 6 2 9 1 1954_Dec. 31 109 (2) 20 10 3 3 16 2 1955—-July 31 . . 154 14 7 3 3 12 2 Aug. 31 151 12 9 3 3 12 3 Sept. 30 152 11 8 2 3 13 4 Oct. 31 159 13 9 2 3 13 4 Nov. 30 163 15 9 4 4 11 5 Dec. 31 158 2 16 13 3 4 11 0 1956—Jan. 31 158 2 18 13 3 3 12 Feb. 29 157 2 18 11 2 4 13 Mar. 31 162 3 20 10 2 4 15 Apr. 30 164 4 24 7 3 4 17 May 31 171 6 22 10 4 4 15 June 30* 167 6 20 9 4 3 16 July 31* 165 7 17 8 4 3 14 ONONO" Por- Swe- Tur- Yugo- All tugal Spain den key slavia other 11 3 39 9 5 24 3 16 5 7 (2) 4 4 41 1 8 5 89 2 8 6 6 88 (2) 7 6 6 92 5 7 5 93 (2) 6 7 5 7 7 9 7 2 8 (1}2 7 6 5 7 74 4 7 8 7 69 6 7 6 7 70 6 8 10 6 7 68 5 7 11 7 8 71 6 6 11 9 7 71 5 12 11 8 74 1 6 Table 2b. Latin America Neth- Ditto A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d e r r d d - i s i e s - t s l a P p i R c m u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—July 31 655 6 3 137 17 125 60 4 4 133 4 15 18 6 5 86 32 Aug. 31 683 6 3 133 15 132 71 4 4 141 1 15 21 6 10 91 32 Sept. 30 642 6 3 107 7 127 71 4 4 146 1 13 20 6 5 90 32 Oct. 31 656 6 3 91 8 122 87 4 4 151 2 14 22 6 12 91 34 Nov. 30 670 8 4 64 20 128 90 4 5 160 2 14 27 9 12 91 34 Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Jan. 31 696 7 4 63 11 150 82 5 5 157 1 16 32 6 20 101 34 Feb. 29 718 10 3 66 19 151 81 5 5 163 2 20 31 7 20 102 34 Mar. 31 701 12 4 60 6 160 81 4 6 152 3 20 30 7 13 108 35 Apr. 30 718 11 3 62 7 165 87 4 7 154 2 18 30 6 12 113 36 May 31 734 11 3 61 7 168 85 4 6 157 3 19 29 6 7 133 35 June 30* 757 10 5 66 10 160 90 5 6 162 8 13 29 7 15 130 42 July 31*...... 762 12 6 64 10 155 89 4 6 171 6 12 28 6 22 130 41 P Preliminary. (excluded from these statistics) amounted to $732 million on July 31, i Short-term claims reported in these statistics represent principally the 1956. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions. maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EVFL CAPITAL TRANSACTIONS OF THE U. S. 1133 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Egypt Date Total C m M a h n o i a n d s i a n a - H K o on n g g India I n n e d s o ia - Iran Israel Japan ip P p h in il e - s T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n g - o A E t a n g i n g a y d n l p o - - A U S f o n r o u i i f c o t a h n Other land Sudan 1952—Dec. 31 90 10 1 4 10 15 13 8 3 25 22 10 6 2 4 1953—Dec. 31 115 8 3 4 1 14 23 26 6 6 25 25 8 6 2 8 1954—Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—July 31 240 8 4 4 1 21 8 105 17 13 61 42 10 5 i 7 19 Aug. 31 236 8 4 4 1 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 1 20 9 110 17 8 71 42 11 5 1 6 18 Oct. 31 243 8 4 5 1 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30 239 8 4 5 1 18 9 107 19 8 62 49 13 5 2 10 19 Dec. 31 233 8 3 5 1 18 10 103 19 8 57 43 11 5 1 8 17 1956—Jan. 31 246 9 4 6 3 17 11 97 20 8 71 41 13 5 2 8 13 Feb. 29 236 8 5 5 1 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31 232 8 5 7 1 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30 231 8 5 6 1 20 10 100 9 9 63 47 12 6 2 8 20 May 31 264 8 6 6 1 22 10 113 11 9 78 45 12 6 2 7 18 June 30" 269 8 5 6 1 22 11 121 8 10 77 46 12 8 3 7 16 July 31* 265 8 5 8 1 21 12 112 9 8 83 40 11 8 3 7 10 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U.S. Govt. bonds& notes U.S. corporate securities Foreign bonds Foreign stocks Year or month ch P a u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) r - 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1 264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1955—July 48 24 24 167 139 28 60 36 23 55 75 -20 Aus 184 24 159 135 116 19 40 26 14 54 73 -19 Sept 45 36 9 180 154 26 37 41 -4 71 82 -11 Oct 21 30 -8 154 141 13 46 34 12 58 61 -3 Nov 35 38 -4 121 141 -20 38 37 1 57 55 2 Dec 132 86 46 148 145 3 42 57 -15 58 63 -5 1956 Jan 34 34 -1 188 135 53 60 139 -79 61 53 8 Feb 30 44 — 14 136 123 13 35 42 -8 56 64 -7 Mar 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr . 48 13 34 179 161 18 40 27 13 74 95 -20 May 32 18 13 196 137 59 40 115 -75 90 118 -28 June' . . .. 28 12 16 131 108 23 41 72 -32 64 70 —6 July* 311 284 27 178 140 38 48 108 -61 72 93 -21 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Year or month n t I a u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u e t ig n a s n l - "; France F R m l e G e i d c a p e n e u o r r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p rW e E T u o ro ta p l e Canada A L m i a c t a e in r- A»ia o A th l e l r 1952 15 300 5 51 70 -16 111 192 5 -9 2 1953 23 -34 -42 57 71 -24 62 -121 25 -1 1954 78 72 17 -l 73 70 -20 139 -187 113 3 1955 -21 706 -2 9 -7 147 96 85 329 265 16 29 7 1955 July 3 49 (2) (2) 26 13 9 48 -2 1 1 Aus .... 3 176 28 -1 7 36 132 7 1 Sept 33 2 1 j 19 -9 10 23 -10 13 1 O N c o t v 1 -24 4 2 (2 3 ) ( ( 2 2 ) ) -7 8 -4 2 -7 3 -7 8 - - 2 5 0 <>> 1 /2\ Dec 2 47 -14 1 (2) 8 -3 4 -5 41 7 1 1956—Jan 52 (2) 18 6 12 35 10 5 2 1 Feb _} -1 (2) 1 -1 -5 -9 13 6 -7 -1 Mar -264 -139 1 1 25 -27 -30 -168 -86 3 -1 Apr (2) 52 3 1 44 7 -2 52 -5 3 2 1 May 72 3 (2) 47 14 5 69 -2 2 1 1 Junep 40 2 (2) 14 19 2 37 1 -1 1 2 July*1 4 61 1 24 19 16 61 -2 1 1 1 P Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1134 INT'L CAPITAL TRANSACTIONS OF THE U, S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U s . e c S u . ri G ti o es v 2 t. la M n i e s o ce u l s - 3 1952 . — 118 — 100 20 — 141 25 -10 6 1954—Dec. 31 490 2,908 105 1953. -61 -11 96 -138 35 -30 26 1954 -164 -137 -9 -133 33 -34 7 1955—Sept. 30 385 3,463 142 1955 —27 —4 -46 74 24 -49 -7 Oct. 31 402 3,506 138 Nov. 30 408 3,558 137 1955—July.... -10 13 -8 26 2 -3 -5 Dec. 31 402 3,543 126 A Se u p g t . . . . . . . . -12 1 - - 6 3 - - 1 7 -6 3 2 3 - - 4 3 2 3 1956—Jan. 31 355 3,724 122 N Oc o t v.... - - 2 3 1 5 1 9 8 6 3 2 1 -1 -3 1 0) F M e a b r . . 2 3 9 1 3 3 5 6 4 3 3 3, , 7 7 9 9 1 3 1 13 3 6 2 Dec.... -2 -18 17 -7 4 -8 -Q Apr. 30 330 3,717 153 May 31 307 3 751 155 1956—Jan.... -5 -66 12 -75 1 -5 June 30 297 3,629 158 July 31 308 3,663 164 F M e a b r . . . . . . . . - - 1 3 2 - -1 1 8 2 - - 7 5 - - 1 7 0 2 3 - - 2 3 1 1 A Se u p g t . . 3 3 0 1 3 3 5 3 0 4 3 3 , , 6 7 3 2 0 3 1 1 6 6 8 7 Apr.... -5 -2 -6 5 1 -3 1 J M un a e y * .. . . . -2 1 - - 1 3 0 9 1 -5 - - 9 9 0 2 - - 6 7 -2 1956—Sept. 5 444 3,694 169 July*... -2 -80 -20 -70 2 -2 11 Sept. 12 376 3,691 170 Sept. 19 355 3,677 170 Sept. 26 331 3,715 167 • Preliminary. * Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported mortthlj Estimated world Africa North and South America Other Year of production raontb U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - B A W r f i r e t i i c s s t a h B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia tra- India $1= 15Y2i grainsof gold %ofine: i.e.t an ounee of firw gold=$35. 194* 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950*. 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 873.8 510.7 18.4 23.8 r13.0 65.7 159.1 13.4 13.3 4.3 r8.1 36.7 7.4 1955 July 72.8 43.7 1.6 2.2 1.0 4.1 13.5 1.0 .8 .3 .8 3.1 .6 74.7 44.4 .6 2.2 .9 5.9 13.5 .6 1.1 .4 .7 2.8 .6 Sent 76.2 43.6 2.2 1.1 7.0 13.8 1.0 1.3 .3 .7 3.1 .5 Oct 75.7 43.8 5 2.0 1.0 6.8 13.8 1.0 1.2 .3 .7 3.1 .6 Nov • • 74.9 43.3 5 1.9 .8 6.3 13.6 1.3 1.1 .4 .6 3 3 6 Dec 70.5 42.9 S (2) 1.1 5.0 13.3 1.0 .8 .2 .6 3.4 .6 1956 jan, 43 4 6 .1 1.2 4 8 13 0 1 9 2 7 2 9 5 Feb 42.9 5 .1 1.1 4.6 12.4 1 2 .3 7 2 7 5 Mar 45.4 5 1.8 1.2 5.0 13.5 1.2 .2 7 2 8 6 45.2 6 2.1 1.0 4.7 12.9 1.3 .6 2.7 6 M!ay 47.3 6 2.2 1.0 5.4 13.1 1.2 6 3 0 47.4 2.1 1.1 5.1 13.2 r1.3 .7 5 July 47.9 2.2 1.1 5.9 12.1 .6 .6 r Revised. British West Africa, Belgian Congo, and India, data for which are from * Gold exports, representing about 90 per cent of total production. American Bureau of Metal Statistics. For the United States, annual 2 Less than $50,000. figures are from the U. S. Bureau of the Mint and monthly figures are Sources.—World production: estimates of U. S. Bureau of Mines. from American Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U. S. GOLD 1135 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] Quarterly totals Annual totals Area and country 1955 1956 1948 1949 1950 1951 1952 1953 1954 1955 Apr- July- Oct- Jan.- Apr.- June Sept Dec. Mar. June Continental Western Europe: Belgium 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 ....... ....... 15.8 -84.8 -20.0 "_l45*6 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands "'4617 "-23'.5 '"-79.*8 -100.0 -65.0 Portugal 63.0 14.0 — 15.0 -34!9 —5.0 —59.9 Sweden 3.0 -22.9 -32.0 -20.0 -15.0 Switzerland "-4o!6 -38.0 -15.0 "'2215 -65.0 -15.5 Bank for Intl. Settlements.... — 34.3 -65.3 -30.4 (2) —94.3 —20.0 Other 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 3.5 1.5 1.0 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -41.5 1.5 -32.8 Sterling Area: United Kingdom ..... 734.3 446.3-1,020.0 469.9 440.0 -480.0 —50.0 Union of South Africa..... 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 -.5 — 5 -.1 (2) Total 1,232.9 645.2-1,003.4 525.6 451.2 -480.5 -50.5 — .1 (2) (2) 3.4 -100.0 -10.0 7.2 Latin America: A Co rg lo e m nt b in ia a ............... 1 1 1 5 4. . 1 5 -49 7 . . 9 0 —iolo -4 1 9 7 . . 9 5 - - 2 2 0 2 . . 0 8 -8 -3 4 . . 5 8 ....... ....... ...... ....... 20.1 Cuba -10.0 -10.0 28.2 -20.0 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay 10.7 -14.4 —64.8 22.2 14.9 -15.0 -5.0 ii .6 11.0 -108.0 -50.0 -.9 -30.0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 -.1 -.1 -.1 -.2 -.2 Total 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 — .1 10.9 — .1 — .2 19 9 -4.1 «-55.4 3-53.7 -6.7 -5.7 -9.9 -4.9 -2.2 1.0 -6.2 13.7 13.1 All other 6.9 .4 «-44.2 «-76.0 -.4 (2) '25.0 775.0 Grand total 1,510.0 193.3-1,725.2 75.2 393.6-1,164.3 -326.6 -68.5 -41.7 8.7 1.4 5.2 94.9 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million: $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. * Includes sales of gold to Egypt as follows: 1950, $44.8 million: and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. * Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c t a k a r l ) i I i n n s g c t o o r t e o l c d a t k a s l e i T m g N o o p e r l T o d t rt, g m c o c o r E l r a ( r e d e - r a a a : k ) i r s n s - e d e e - d , e- D p ti r c o t o i m g d o o u n e l c s d - - Month ( T e r u n G e r d a y o s o l - d f s m T to o o c n t k a t l h i ) I i n n s g c to r o t e o c ld a t k a s l e i e m g x ( N - o o p p ) e r l o o d t r r t t, g m c o c o r E ( l r a r e d - e r a a ) a : k i r s n s - e d e e - d , e- p D ti r c o t o i g m d o o n u e l c a d - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—Sept 21,684 21,745 12.7 4.4 10.6 7 0 1944 20,619 20,631 -1,349.8 -845.4 —459.8 35.8 Oct 21,686 21.747 2.0 10.4 -7.1 6 8 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Nov 21,688 21,751 3.9 31.9 -27.0 6.3 1946 20,529 20,706 623.1 311.5 465.4 5K2 Dec 21,690 21,753 1.9 26.7 -23.8 5 0 1947 .... 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1948 24 244 24 399 1,530.41,680.4 — 159.2 70.9 1956—-Jan 21,693 21,755 2.5 11.4 -8.2 4 8 1949 24,427 24,563 164.6 686.5 —495.7 67.3 Feb 21,695 21,757 2.1 18.6 -15.7 4 6 Mar...... 21,716 21,765 7.7 11.5 -2.9 5.0 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Apr 21,743 21,792 27.4 9.9 16.9 4.7 1951 22,695 22,873 52.7 -549.0 617.6 66.3 May 21,772 21,821 28.3 25.3 1.8 5.4 1952 23,187 23,252 379.8 684.3 -304.8 67.4 June 21,799 21,868 47.6 18.4 29.9 5.1 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 July 21,830 21,918 49.4 4.8 43.9 5 9 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Aug 21,858 21,965 47.1 4.7 43.2 6 3 1955 21,690 21,753. -40.9 97.6 -132.4 65.7 Sept ^21,884*22,032 *67.1 (3) 486.9 (3) P Preliminary. * Not yet available. I See footnote 2 on following page 4 Gold held under earmark at the Federal Reserve Banks for foreign * Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,745.4 million on Sept. 30,1956. •criptiott to the International Monetary Fund. 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
1136 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tot ( a e l x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)i Treasury Total2 1949 Dec 35,380 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950 Dec 35,810 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952 Dec 36 260 23 187 23 252 706 21 317 896 42 214 31 23 1953 Dec . ... 36 680 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954—Dec 37,340 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955 Aug 21 682 21 732 371 850 (3) 322 J 114 42 186 31 23 Sept 37 870 21 684 21,745 371 877 (3) 322 141 42 186 31 23 Oct 21,686 21,747 371 920 322 ,150 42 181 31 23 Nov 21,688 21,751 371 922 323 ,147 42 141 31 23 Dec . ... 37,990 21,690 21,753 371 929 (3) 323 ,141 44 136 31 23 1956 Jan 21 693 21,755 371 942 323 136 44 136 31 23 Feb 21,695 21,757 371 955 323 ,129 42 136 31 23 Mar 38,180 21,716 21,765 371 953 323 ,127 43 136 31 23 Apr 21 743 21,792 371 970 323 113 43 136 31 23 May 21 772 21 821 371 958 323 107 46 136 31 23 June . .. *>38 350 21 799 21,868 952 323 109 46 136 31 23 July 21 830 21 918 965 323 114 46 136 31 23 AUE 21,858 21,965 964 323 114 46 136 31 22 Germany, End of Egypt France4 R F e e p d u e b r l a i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1949 Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952 Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954 Dec 174 576 626 27 247 81 138 346 62 796 45 38 35 1955 Aug . .. 174 576 802 27 247 81 138 346 130 804 45 48 35 Sept 174 576 825 27 247 81 138 346 141 804 45 48 35 Oct 174 576 849 27 247 81 138 352 142 836 45 48 35 Nov 174 576 868 27 247 81 138 356 142 856 45 48 35 Dec 174 861 920 27 247 81 138 352 142 865 45 48 35 1956 Jan 174 861 950 27 247 81 138 352 163 865 45 48 35 Feb 174 861 989 27 247 81 138 352 163 872 45 48 35 Mar 174 861 1 000 27 247 81 138 352 164 875 45 48 35 174 861 1,033 27 247 81 138 352 164 877 45 48 35 May 174 861 1,053 27 247 81 138 352 164 864 45 48 35 174 861 1 101 27 247 r54 138 853 45 49 35 July 174 861 1 186 27 247 r54 138 852 45 49 35 Aug 174 861 1,272 247 46 138 852 46 49 35 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 - d g U u r a u y - V zu e e n l e a - M I t n a o r t n y l. e- B S a I e n n t k t t l l e . f - or Fund ments 1949—Dec 178 17 128 85 70 1.504 118 154 1,688 178 373 1,451 68 1950 Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 1 494 167 1951—Dec 265 26 190 51 152 ,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 ,411 113 143 1,846 207 373 1,692 196 1953 Dec 361 29 176 54 218 .459 113 143 2,518 227 373 1 702 193 1954—Dec 429 29 199 56 265 ,513 113 144 2,762 227 403 1,740 196 1955—Aug 425 29 212 56 264 ,501 112 144 2,457 227 403 1,751 226 Sept 427 28 214 56 264 ,513 112 144 2 345 216 403 1 751 215 Oct . .. 428 28 211 56 270 ,535 112 144 2,297 216 403 1 751 208 Nov 428 28 213 56 278 ,560 112 144 2,283 216 403 1,756 234 Dec 428 28 212 56 276 ,597 112 144 2,120 216 403 1,808 217 1956—Jan 431 28 211 56 278 ,593 112 144 2,149 216 403 1,811 193 Feb 431 28 216 56 272 ,592 112 144 2,210 216 403 1 811 183 Mar 431 28 212 56 273 ,608 112 144 2,277 216 403 1,786 197 Apr 436 28 210 56 269 ,606 112 144 2,328 216 403 1,761 190 435 28 217 56 266 ,579 112 144 2,369 216 403 1,741 216 436 28 215 56 257 ,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 ,598 112 144 2,405 216 403 1 718 207 Aug 442 28 216 56 262 ,622 144 2,276 403 212 p Preliminary. rRevised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of g©ld and of United received. States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Stabilization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND DOLLAR HOLDINGS 1137 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1954 June 30, 1955 Sept. 30, 1955 Dec. 3 , 1955 Mar. 31, 1956 June 30, 1956* Area and country Gold& U.S. Gold& U.S. Gold& U. S. Gold& U. S. Gold & U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 329 12 325 12 341 12 322 10 313 10 308 10 Belgium-Luxembourg (and Belgian Congo).. 1,044 10 1,111 10 1,149 10 1,201 10 1,244 12 1,221 12 Denmark 102 7 85 6 95 7 91 7 102 6 101 6 Finland 72 3 69 5 73 5 84 5 80 5 82 5 France (and dependencies) 1 1,328 161 1,397 160 1,593 161 21,986 151 2,028 6 1,783 7 Germany (Federal Republic of) 1,999 2,155 3 2,250 5 2,374 8 2,487 10 2,737 11 Greece 124 138 145 187 194 176 Italy 925 10 992 2 1 105 2 1 137 2 1 158 2 1 213 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,072 41 1,074 41 1,100 44 1,143 22 1,151 23 Norway 148 6 116 36 113 53 124 53 96 69 97 79 Portugal (and dependencies) ... 560 571 581 601 606 602 188 3 225 3 237 3 221 216 3 206 3 Sweden . 406 1 383 411 429 444 426 Switzerland 2,185 38 2,170 42 2,197 44 2 354 44 2 341 70 2 307 117 Turkey 152 156 153 153 154 151 Other* 947 4 1,242 4 1,273 2 876 6 1,015 7 1,111 10 Total 11,627 260 12,207 324 12.790 345 13,240 343 13,621 222 13,672 285 Sterling Area: United Kingdom 3,190 216 3,139 280 2,800 286 2 598 282 2 816 241 2 871 253 United Kingdom dependencies 103 4 102 4 100 11 88 91 11 87 10 Australia 186 204 210 (3) 219 230 238 (3) India 334 1 344 1 339 1 320 1 330 1 329 Union of South Africa 232 1 242 1 251 1 265 1 255 1 245 1 Other 178 3 184 3 194 3 202 198 195 (3) Total 4,223 225 4,215 289 3,894 302 3,692 295 3 920 254 3 965 265 Canada 2,616 93 2,381 262 2,320 397 2,173 437 2,305 369 2 394 362 Latin America: Argentina ... 531 528 536 509 511 476 (3) Bolivia 32 28 26 26 27 25 (3) Brazil 442 2 442 2 469 2 466 2 538 2 540 2 Chile 112 1 136 129 139 141 1 147 1 Colombia 308 188 184 (3) 217 (3) 222 224 (3) Cuba . . 423 124 431 149 423 169 389 169 372 167 399 167 Dominican Republic 72 83 82 (3) 77 79 80 (3) G M u e a x t i e c m o ala ... 39 6 1 2 4 41 7 9 8 4 48 7 1 0 5 7 5 2 6 (3 4 ) 5 9 8 1 3 4 55 9 2 3 2 (3) Panama Republic of. . . . 74 1 84 2 85 1 86 1 82 93 1 P E e l r S u alvador 1 5 1 9 8 1 7 1 9 8 1 6 2 1 4 (3) 1 5 2 2 7 (3) 1 7 2 4 7 10 7 9 3 ( ( 3 3 ) ) Uruguay 317 1 291 1 277 1 281 1 289 283 1 Venezuela 597 3 664 3 662 3 668 3 627 3 734 3 Other 135 10 138 12 140 14 124 15 147 14 155 14 Total 3,673 146 3,707 174 3,749 194 3,789 195 3,910 192 3,953 193 Asia: Indonesia 181 196 15 201 15 255 15 236 167 (3) Iran .. 169 190 174 175 (3) 166 169 (3) Japan 851 3 884 3 992 3 1,029 4 1,092 4 1,175 4 Philippines .. 266 6 263 6 266 6 268 6 285 6 300 6 Thailand 236 243 1 235 1 250 1 263 1 248 1 Other 521 7 602 3 621 3 644 4 658 5 690 6 Total 2,224 16 2,378 28 2 489 28 2 621 30 2 700 16 2 749 17 Eastern Europe ** 309 6 311 7 307 7 308 7 294 6 294 6 All other: Egypt 221 224 234 246 242 236 Other 68 84 1 87 1 79 1 91 104 (3) Total 289 308 1 321 1 325 1 333 (3) 340 0) Total foreign countries 24,961 746 25,507 1,085 25,870 1,274 26,148 1,308 27,083 1,059 27,367 1,128 3,510 354 3,599 317 3.595 320 3,689 321 3,681 319 3,750 317 Grand total 28,471 1,100 29,106 1,402 29,465 1,594 29,837 1,629 30,764 1,378 31,117 1,445 P Preliminary. 7 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. official gold reserves, and total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by 4 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 5 Includes latest available figure (May 31) for Mexican gold reserves. tions. For back figures see BULLETIN for March 1956, pp. 304-305. • Excludes gold reserves of the U. S. S. R. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1138 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATONAL MONETARY FUND [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1956 1955 1956 1955 Item Item June Mar. Dec Sept. June July Apr. Jan. Oct. July Dollar deposits and U. S. securities 407 425 428 440 464 Gold 1,718 1,761 1,811 1,751 1,747 Other currencies and securities *... 938 947 966 977 996 Investments 8 125 50 Effective loans2 2,002 1,959 1,936 1,837 1,796 Currencies: * Other assets* 29 40 37 36 52 United States 1,759 1,777 1,708 1,633 1,643 Other . 4,319 4,333 4,403 4,539 4,656 IBRD bonds outstanding 850 850 849 849! 852 Unpaid member subscriptions 815 815 815 815 805 Undisbursed loans 477) 485 494 429! 456 Other assets 1 1 1 1 Other liabilities 11, 10 9 9 10 Reserves 228 216 205 193 184 Member subscriptions 8,751 8,751 8,750 8,751 98,863 Capital 3 ,810 1,810 I.810J 1,810 1,806 Accumulated net income -14 -14 -14 -12 -11 Loans by country, Aug. 31, 1956 Quota Cumulative net drawings on the Fund Outstanding Area and member country* Prin- Dis- Re- Country i Paid 1956 1955 cipal bursed paid Sold Total in Total to gold July June July others* Brazil 150 38 66 66 66 Continental W. Europe, total 1,019 894 172 722 78 Burma 15 1 15 15 Belgium and Luxembourg. 118 111 6 105 25 Chile 50 9 13 13 13 France 268 263 12 252 20 Colombia 50 13 25 25 25 Italy 88 43 43 6 Iran 35 9 21 9 9 Netherlands 221 221 137 84 19 Philippines... 15 4 15 15 10 Other 324 255 18 237 6 Turkey 43 11 15 15 20 United States 2,750 688 H-358 H-346 H-448 Sterling area, total 868 577 47 530 79 Australia 259 253 3 250 22 India 200 80 20 60 10 Footnotes to tables on international institutions: Union of S. Africa 135 114 11 103 15 1 Currencies include demand obligations held in lieu of deposits. United Kingdom 146 66 1 65 27 2 Represents principal of authorized loans, less loans not yet effective, Other 128 65 12 52 5 repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. Latin America, total 653 460 39 421 28 3 Excludes uncalled portions of capital subscriptions. Brazil 194 158 9 149 3 * Loans to dependencies are included with member. Colombia 111 67 11 57 4 5 Includes also effective loans agreed to be sold but not yet disbursed. Mexico 141 116 7 109 10 6 Includes $114 million in loans not yet effective, Other 207 119 13 106 11 7 Includes $168 million not guaranteed by the Bank. 8 U. S. Treasury bills purchased with proceeds of sales of gold. Asia (excl. Sterling area).... 116 68 67 10 9 Includes $125 million subscription of withdrawing member (Czechoslovakia). Africa (excl. Sterling area).. 9 10 Countries shown are those with cumulative net drawings of $10 million or more on the latest date. Total 62,665 2,007 261 ,747 7194 1! Represents sales of U. S. dollars by Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note circula- Gold (fi O a i d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n o D a d n u i c s n a - e t d s s - Se t c ie u s ri- tion1 Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 1948 Dec 29 .2 1,325.0 3.9 32.2 16.7 401.1 1.293.1 314.5 11.7 17.4 92.1 18.1 foio nee 28 . . .4 1 350 0 5 3 28 4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950 Dec 27 .4 1,375.0 1.5 17.7 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18.1 1951 Dec 26 4 1 450 0 1 7 12 5 18 2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec 31 .4 1,575.0 1 4 49 9 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954 Dec 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955 Sent 28 .4 1,800.0 2.4 33.9 11.1 295.8 ,766.4 239.3 14.5 2.6 68.2 18.6 Oct 26 .4 1 800 0 2 4 34 9 20.2 301.2 ,765.5 250.6 21.9 2.6 65.7 17.8 Nov 30 .4 1,850.0 2 4 54.7 20.8 287.4 ,795.7 263.1 10.1 3.0 71.2 18.0 Dec 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956 Tan 25 4 1 8*25 0 2 3 53 7 32 8 251.9 1,771.7 236.9 11.9 3.3 70.2 18.3 Feb 29 .4 1,825 0 2 3 37 5 20.6 300.8 [,787.9 258.1 10.6 3.1 70.9 18.5 Mar 28 .4 1,875.0 2.2 34 1 22.1 294.2 1,841.3 243.3 11.1 3.2 76.5 18.5 Apr 25 .. .4 1 875 0 2 0 33 4 30 3 270.4 1,842.0 225.9 12.8 3.1 76.4 17.8 May 30 .4 1,900 0 2 0 29 1 15.3 294.6 1,871.3 231.6 11.4 3.1 77.0 18.0 June 27 .4 1,950.0 2.0 57.0 15.6 271.0 1,893.4 238.2 10.5 .2 78.5 18.1 July 25 .4 2 000 0 2 0 37 4 23 8 254.1 1.963.0 215.6 11.9 .2 71.3 18.3 Aug 29 .4 1,950.0 2.0 42.9 26.6 254.6 1,907.5 222.4 13.0 72.1 18.5 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS 1139 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets* Liabilities Date Sterling Do ci m al i n g io o n v t. a s n e d c u p r r it o i v es in- Deposits U d S o a n ta l n i l t t d a e e r s d s S t h e o rm rt- Other O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other li c a O a b a p t i n h l i i d t e t a i r l es 1948_Dec. 31 .4 1.233/7 779.1 45.4 1.289.1 547. 98 1 81.0 43 1 1949 Dec 31 74 1 1,781.4 , 227.8 42.5 1,307.4 541. 7 30 7 126 9 119 2 1950—Dec. 30 111.4 ,229,. 712.5 297.1 1,367.4 578. 24 7 207.1 172 6 1951—Dec. 31 117.8 L.141.J 1,049.3 135.2 1,464.2 619. 0 94 9 66.1 200 0 1952—Dec 31 77.1 ,459.i 767.2 77.3 1,561.2 626.6 16 7 44 5 132 9 1953—Dec. 31 54.9 ,376.< 893.7 112.0 1,599.1 623. 9 51 5 29.5 133 1 1954_Dec. 31 54.2 ,361..5 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 l955_Sept. 30 60.6 1,103..> 1,196.5 156.6 i 1,665.8 565. 7 634 29.1 192 8 Oct. 31 56.6 [.318.1 991.2 158.3 1,674.2 580. 7 62 4 34.5 173 0 Nov 30 52 9 1 326.; 1,060.2 141.3 1,684.0 562. 6 128 45 2 160 4 Dec. 31. 57.4 [t283A 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207 5 1956—Jan 31 . .. 54 4 1,091.S 1,146.0 119.2 1,648.7 528. 4 76 1 42.1 115 7 Feb. 29 56.5 1,065. < 1,143.3 108.2 1,641.1 493. 6 60 8 35.0 143 0 Mar 31 58 8 965. < 1,285.0 95.0 1,677.2 506. 1 48 1 31 4 141 9 Apr. 30 52.3 764. 1,538.1 121.4 1,686.3 564. 9 54 1 30.6 140 0 May 31 67.2 1,065.6 1,190.2 131.3 1,706.1 542. 8 30 2 29.9 145.3 June 30 60.1 I,041. 1,289.8 192.7 1,734.9 574. 7 51 1 32.2 191 0 July 31 59 9 1,029. 1,316.7 104.9 1,762.3 500. 0 49 8 39 6 159 4 Aug. 31 62.1 1,019. 1,351.3 180.7 1,764.6 580. 6 65.4 35.6 167.2 Bank of France (billions of francs) Assets Liabilities Date Advances to Foreign Domestic bills Government Other Note Deposits l O ia t b h i e l r - Gold ex- assets circula- ities change m O a p r e k n et Special Other Current Other tion G m ov en er t n- Other* ca a p n i d tal 1948 Dec 30 65 2 (4) 97.4 8 6 238.6 150.9 558.0 57.6 <?87.6 .8 171.8 16 2 1949—Dec 29 62.3 61.9 137.7 78 335.7 157.9 561.0 112.7 1 ,278.2 1.2 159.0 19 4 1950 Dec 28 182 8 162 0 136.9 1 393.1 158.9 481.0 212.8 I 560.6 .1 176.8 24 2 1951 Dec 27 . . .. 191 4 28.3 234.9 32 0 741.3 160.0 481.0 190.8 1 341.6 176.8 41.3 1952—Dea 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2, 23.5 (4) 138.6 49.3 1953 Dec 31 201 3 15.4 292.5 61 1 891.6 200.0 679.8 170.0 7 310.5 (4) 144.9 56 3 1954—Dec. 30 201.3 57.3 236.8 48 9 1,130.2 195.0 617.6 277.2 2 538.5 .1 157.8 67.9 1955—Sept 29 201.3 200.2 235.8 14 9 1,076.6 190.0 557.9 409.8 7,<592.5 .1 138.2 55.7 Oct 27 201 3 200.2 245.4 0 1,060.8 190.0 545.2 429.9 7 I591.4 139.0 72 4 Nov 24. 201.3 200.2 209.0 43 1,037.8 190.0 536.4 417.8 7 547.6 (4) 120.6 67.5 Dec. 29 301.2 200.2 226.7 45 2 1,194.7 190.0 539.8 336.8 2,J320.0 (4) 142.9 71.8 3956—Jan 26. 301.2 197.9 184.5 34 1,198.1 183.0 533.3 325.9 7 741.1 (4) 143.5 73.6 Feb 23 301 2 178.5 197.5 77 7 1,189.2 183.0 539.5 302.7 7 741.5 .1 116.8 60.9 Mar. 29 301.2 178.6 237.7 19 5 1,334.5 183.0 519.6 316.1 2, 376.7 156.3 57.2 Apr 26 301.2 162.6 269.4 14 6 1,274.0 183.0 518.1 331.4 7 334.4 (4) 148.1 71.8 May 31 301 2 152 0 214.7 7 9 1,314.4 183.0 518.8 368.4 7 361.9 .1 135.9 62 5 June 28 301.2 144.1 301.6 2 1,374.8 183.0 490.2 324.2 2, 390.5 .1 162.8 70.9 July 26 301 2 128.0 292.4 2 8 1,489.6 179.0 496.5 297.0 7 ?32.2 161.7 92.6 Aug. 30 301.2 116.5 290.7 2 4 1,556.7 179.0 499.3 5265.3 2, 579.0 (4) 162.0 70.0 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Aug. July June Aug. Aug July June Aug. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reoorted seoaratelv 1 328 1,412 1,458 1,623 Gold and foreign exchange 28S 273 Other gold and foreign exchange.. -568 -684 -1 ,013 678 Checks and bills of other banks 7 6 Govt securities 4 633 5.236 374 4,056 Securities (incl. Govt. and Treas- Rediscounts and loans to banks... 97,631 92,433 94,059 77,008 ury bills) 49* 502 500 366 455 503 362 Other assets 8£ 104 59 Currency circulation 37 86137,618 V 32,042 Note circulation 37: 373 368 Deposits—Nationalized.. 58,046 54.057 52,749 45,385 Deposits of Trading Banks: Other sight obligations 642 642 3,695 812 Special 25! 255 265 6 841 6 534 e 447 5 489 Other 38 33 34 Other liabilities and capital.. 2UI 225 229 Footnotes to central bank table on this and opposite page: 5 Includes advance of 131.0 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (February 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1140 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Aug. July June Aug. Aug. July June Aug. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,745 1,744 1,744 557 Fund) 219 214 242 200 Foreign exchange (net) , 8,281 7,780 7,143 038 Net claim on Intl. Fund1 13 13 13 13 Loans and discounts 5,962 6,076 6,181 437 Loans and discounts 34 33 31 46 Claim against Government 1,605 1,703 1,994 857 Credits to Government 111 100 100 60 Other assets 560 575 868 498 Other assets 77 76 76 79 Note circulation 13,644 13,630 13,442 660 Note circulation 424 426 427 415 Deposits—Banks 1,064 845 1,191 535 Deposits 306 294 290 259 Other 604 501 451 567 Other liabilities and capital 25 24 23 20 Blocked 1,350 1,416 1,388 62\i6 National Bank of Czechoslovakia2 Other liabilities and capital 1,491 1,486 1,457 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 48,223 48,239 47,605 42, Foreign exchange 689 694 716 658 Foreign claims and balances (net).. 11,555 10,875 11,476 10. Loans and discounts 124 189 178 179 Loans and discounts 4,315 6,890 4,745 8, Securities 490 489 490 477 Consolidated Govt. debt 34,660 34,660 34,660 34, Govt. compensation account 3,072 3,073 3,073 3,125 Govt. securities 9,824 7,158 8,441 8, Other assets 845 662 704 919 Other assets 5,736 5,752 5,611 5, Note circulation 2,079 2,096 2,171 1,926 Note circulation 108,676108,470106,612 104, Deposits—Government 1,395 1,353 1,337 1,429 Deposits—Demand 1,658 1,224 1,745 1, Other 1,561 1,478 1,478 1,816 ECA 40 40 40 Other liabilities and capital 253 251 243 256 Other liabilities and capital 3,941 3,839 4,141 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (Jan.)* Gold 12,526 12,526 12,526 12,076 Gold at home and abroad 502 498 Foreign exchange (net) 14,638 14,995 13,720 12,134 Foreign exchange (net) 328 627 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 54,922 4: Loans and discounts 2,972 2,973 3,473 3,274 Govt. securities 2,505 505 Govt. securities 8,360 8,360 8,360 8,890 Other assets 1,203 909 Other assets 18,258 17,907 17,997 14,783 Note circulation 43,506 826 Note circulation 47,275 45,931 45,951 41,582 Deposits 12,056 985 Demand deposits 7,958 9,379 8,569 8,179 Other liabilities and capital 3i" 155 Other liabilities and capital 2,770 2,700 2,805 2,646 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 721 719 729 638 Gold 325 344 344 343 Govt. securities 22 11 17 19 Foreign exchange (net) -45 -113 -115 30 Other assets 8 13 8 Net claim on Intl. Fund1 38 19 19 19 Currency in circulation 438 439 4431 394 Credits—Government 549 535 563 411 Deposits—Government 125 125 126 103 Other 356 301 275 252 Banks 104 97 107 Other assets 270 232 232 265 Other liabilities and capital 85 82 79 Note circulation 745 661 638 680 Central Bank of Chile (millions of Demand deposits—Private banks. 239 191 208 203 pesos): Other 160 151 158 163 Gold 9,573 9,784 8,968 Other liabilities and capital 350 315 313 274 Foreign exchange (net) 1,077 794 272 National Bank of Egypt (millions of Discounts for member banks 5,257 5,943 3,933 5 pounds): Loans to Government 15,987 15,987 16,153 16 Gold 61 61 61 61 Other loans and discounts 23,527 24,079 24.300 14, Foreign assets 111 111 117 171 Other assets 31.969 26,489 22,875 Egyptian Govt. securities 125 110 105 74 Note circulation 57,533 53,394 53,747 36; Clearing and other accounts (net). -7 -5 -5 -19 Deposits—Bank 9,571 6,599 7,078 4 Loans and discounts 17 15 20 16 Other 2,613 7,196 3,003 2 Other assets 2 2 2 3 Other liabilities and capital 17,674 15,887 12,673 5 Note circulation 170 166 171 157 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 17 4 10 r16 lions of pesos): Other3 105 106 100 r110 Gold and foreign exchange 269 324 272 268 Other liabilities and capital 17 19 19 22 Net claim on Intl. Fundl 52 31 24 24 OCentral Reserve Bank of El Salvador Loans and discounts 480 467 540 610 (thousands of colones): Govt. loans and securities 603 564 514 461 Gold 70,518 70,583 70,638 71,280 Other assets 143 128 118 100 Foreign exchange (net) 36,034 49,670 58,245 47,013 Note circulation 715 714 741 628 Net claim on Intl. Fundx 1,573 1,573 1,573 1,569 Deposits 565 528 529 664 Loans and discounts 64,994 58,705 52,146 49,876 Other liabilities and capital 267 272 198 172 Govt. debt and securities 15,718 12,669 14,766 7,366 Central Bank of Costa Rica (millions Other assets 7,117 7,145 7,233 7,373 of colones): Note circulation 92,087 92,940 93,539 87,953 Gold 12 12 12 12 Deposits 92,567 96,323100,211 86,803 Foreign exchange 60 79 90 125 Other liabilities and capital 11,300 11,083 10,850 9,719 Net claim on Intl. Fundl 7 7 7 7Blank of Finland (millions of markkaa): Loans and discounts 107 91 98 68 Gold 7,849 7,849 7,849 6,882 Securities 9 9 6 3 Foreign assets and liabilities (net). 21,401 19,181 17,402 26,846 Other assets 24 24 24 24 Loans and discounts 41,155 46,287 47,718 18,864 Note circulation 142 146 148 146 Securities—Government 18,750 18,750 18,750 20,000 Demand deposits 41 41 55 60 Other 2,011 2,013 2,039 2,064 Other liabilities and capital 35 34 34 32 Other assets 13,648 14,035 14,421 9,160 National Bank of Cuba (millions of Note circulation 58,927 58,281 57,911 50,376 pesos): Deposits 4,109 5,833 7,460 16,866 Gold 136 136 136 186 Other liabilities and capital 41,778 44,000 42,808 16,573 Foreign exchange (net) 166 172 144 111 r Revised. *Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fu 2 n d F o l r e s l s a s t t h a e v a b i a l n ab k l 's e r lo ep ca o l r t c s u f r o r r e n C c z y e c li h a o b s i l l o it v y a k to ia t h a e n d F H un u d n . gary (March and f o r f o m th e o f m fic o i n al t h r . eports of individual banks and are as of the last report date February 1950, respectively) see BULLETIN for September 1950, pp. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS 1141 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Aug. July June Aug. Aug. July June Aug. Bank of German States4 (millions of Sank of Israel (thousands of pounds): German marks): Gold 2,114 2,112 2 107 2,026 Gold 4 983 4,676 3 370 Foreign exchange 100 859106 150131 147 101 004 Foreign exchange 10 868 10 883 10,570 8,95? Clearing accounts (net) 1 095 2 455 7 805 6*006 757 3,48? 4, 183 961 Loans and discounts 22*350 22 789 309 10 074 Loans to Government 4 ?94 4 4 011 4 ?46 Advances to Government 65 423 51 666 30 497 25 100 1064 984 869 0?0 Other Govt. accounts. . . 61 56752 045 39 800 17 228 Note circulation 14 14 194 14 169 1? 920 Govt. securities 146 220146*228 139 125096 4 674 4 588 4,6?9 ,7?7 Other assets 15002 16 233 17 K55 15 371 Banks 3,501 3,795 3,550 2,985 Notes and coin in circulation 218,591211,393 208 938 179,586 Other 994 99^ ?37 Deposits—Government 37 22428 980 3? 79? 8 015 Other liabilities and capital 1 773 1,658 1,673 j,700 Other 141 475143 021 13? 841 100*124 Bank of Greece (millions of drachmae): Other liabilities and capital 17,341 16,284 15 177 14,179 Gold and foreign exchange (net). . 6,075 5,933 5,811 5,544Bank of Italy (billions of lire): Loans and discounts . . 184 17? 157 168 Gold 4 4 4 4 Advances—Government 6 840 6 959 6 641 9 489 Foreign exchange 71 70 70 76 Other 4 935 698 4 716 4 970 Advances to Treasury 567 567 567 567 Other assets 2,060 1 1J804 1,564 Loans and discounts 474 443 436 381 5 33? 5,?66 5,346 4,130 Govt. securities 377 384 387 366 Deposits—Government . . 1,034 981 948 1 197 Other assets... 926 917 S46 859 Reconstruction and Note circulation 1,600 1,609 554 1 481 relief accts 7 403 7,408 7,377 7,611 Deposits—Government 50 16 33 35 Other 947 831 736 4 054 Demand 93 93 98 83 Other liabilities and capital 7 379 ,700 1,77? 4,74? Other 518 511 476 510 Bank of Guatemala (thousands of Other liabilities and capital 158 157 148 143 quetzales): Bank of Japan (billions of yen): Gold ?7,739 ?7 ?40 97 77 997 Bullion (6) (6) Foreign exchange (net) 31 053 36,981 40,071 71,480 Advances to Government Gold contribution to Intl. Fund.. • 1 750 1,750 1 750 ,750 Loans and discounts 99 70 71 182 Rediscounts and advances 7,694 5 494 3 708 6 098 Govt. securities 429 464 455 413 Other assets 36,866 36 566 34 844 36 913 Other assets 224 222 165 Circulation—Notes , 5?,544 51 804 5?, 383 47,647 Note circulation 592 598 597 541 Coin 94? 893 3 910 3 674 Deposits—Government 49 47 4? 69 Deposits—Government 4,149 7 411 4 990 7 096 Other 33 36 31 68 Banks ?0 559 9QQ 374 16,787 Other liabilities 78 77 77 84 Other liabilities and capital 22,908 23,124 22,957 18,264Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve7 1,801 1,783 1765 1 582 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,968 4,963 4,981 4 457 Issue department: Bills and discounts 757 715 593 474 Gold at home and abroad 400 400 400 400 Other assets 427 419 446 504 Foreign securities 6,067 6 167 6,466 6 Note circulation 4 859 4 817 4 777 4 374 Indian Govt. securities 6 937 7,086 7,087 5,437 Demand liabilities 2 347 2 314 1 953 Rupee coin 1,167 1,120 077 1,101 Other liabilities and capital 748 748 726 690 14,?45 14,443 14,'747 1?,851Netherlands Bank (millions of Banking department: guilders): 3?6 330 ?83 307 Gold 3 226 3 226 ?31 3 046 Balances abroad 249 428 350 955 Silver (including subsidiary coin).. 4 4 ' 30 Bills discounted 39 33 84 Foreign assets (net) 1 074 1 176 | 176 1 423 81 59 74 8 Loans and discounts.. 72 93 63 ' 30 Other assets 1,141 1 994 1 318 10?7 Govt. debt and securities 660 660 540 623 Deposits .. ... 1 375 1 486 1 376 2 087 Other assets 376 361 393 400 Other liabilities and capital.... 461 580 681 333 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New.. 3 998 4 141 3,9?5 3 770 Gold and foreign exchange (net). 408 628 881 1,266 Deposits—Government 127 29 58 345 1,17? 899 864 4? 3 ECA 419 419 466 514 8 905 8,635 8,406 9,581 Other 656 721 758 693 Other assets 447 425 405 379 Other liabilities and capital 213 209 199 203 Note circulation ,. 7,860 7,822 7,796 8,210Reserve Bank of New Zealand (thou- Deposits ECA 327 327 356 495 sands of pounds): Other J,751 j 505 459 ,077 Gold 6 162 6 162 6 16? 6 161 Other liabilities and capital 945 933 944 868 Foreign exchange reserve 52,635 52,056 5?,178 55,117 Bank Melli Iran5 (millions of rials): Loans and discounts 16 904 33,682 31,680 27,948 Gold 4,242 4,242 4 242 4,242 Advances to State or State un- Foreign exchange ... .... 944 244 ?44 244 dertakings. . 31 280 32 409 37 04? 18 946 Gold contribution to Intl. Fund. . 78? 78? 78? 78? Investments 38,173 38,173 38 173 33,257 Govt -secured debt 7,187 7 187 7 187 7 187 Other assets .. 1 765 1 597 1 47? 1 276 \\ ,850 11440 11 688 11 073 Note circulation 69 186 69,332 69,431 68,344 Other loans and discounts 5 818 5,687 5,486 4,476 Demand deposits 68,600 85,931 88 641 65,826 Securities .. .. 469 469 469 411 Other liabilities and capital 9,134 8,816 8,585 8,534 Other assets 3,809 2,705 3,439 2,905Bank of Norway (millions of kroner): Note circulation 10415 10274 10437 9 912 Gold 210 208 203 5,775 4 ?84 4 796 5,114 Foreign assets (net) 4 -49 -63 -96 ,741 923 1 068 262 Clearing accounts (net) — 26 39 -50 — 50 Other 13 833 13 679 13 534 11 317 Loans and discounts 117 122 137 77 Other liabilities and capital 3,136 3,097 3,70? 3,715 Securities 75 75 81 76 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5 546 5,546 pounds): Other assets 120 104 1?? 56 Gold 2 646 9 646 2 646 2 646 Note circulation 3 127 3 220 3 3,168 Sterling funds .. 68,046 68,155 67 994 67,274 DeDOsits Government 1,459 1,291 1,384 1,278 Note circulation 70 692 70 801 70 640 69 920 Banks 530 537 406 491 FOA 23 23 90 103 Other liabilities and capital 907 897 882 771 * Includes figures for the nine Land Central Banks. 7 Includes gold, silver, and foreign exchange forming required reserve 5 Items for issue and banking departments consolidated. (25 per cent) against notes and other demand liabilities. <* Holdings in each month were 448 million yen. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1142 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Aug. July June Aug. Aug. July June Aug. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 578 57' 566 582 Issue department: Foreign assets 892 921 92: 1,047 Gold at home and abroad 115 115 115 11 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 1,010 1,010 1,014 594 Swedish Govt. securities and ad- Pakistan GovL securities., 1,126 1,156 1,154 ,02 vances to National Debt Office3 3,944 3,971 3,78 2,866 Govt. of India securities 177 177 176 275 Other domestic bills and advances 20 21 207 68 India currency 430 430 430 431 Other assets 989 989 978 1,015 Rupee coin 69 69 71 46 Note circulation 5,047 4,949 5,108 4,775 Notes in circulation 2,802 2,811 2,835 ,380 Demand deposits—Government. 105 210 207 106 Banking department: Other 25: 289 116 131 N Bi o ll t s e s d i o s f c o is u s n u t e e d department 12 1 6 1 14 6 8 125 104 Swiss O th N e a r ti l o ia n b a i l l itie B s a n a k n d ( c m ap il i l t i a o l ns of 1,149 1,158 1,157 695 Loans to Government 30 francs): Other assets 660 653 728 601 Gold 6,870 6,763 6,649 6,268 Deposits 661 629 706 643 Foreign exchange.... 617 611 633 561 Other liabilities and capital.... 136 178 147 9: Loans and discounts. 135 150 180 149 Central Bank of Paraguay (millions of Other assets 104 102 101 guaranies): Note circulation 5,290 5,264 5,251 5,131 Gold* 11 11 4 Sight liabilities 2,215 2,145 2,094 1,743 Foreign exchange (net) 329 296 84 Other liabilities and capital. 220 218 218 204 Net claim on Int. Fund2 53 53 Central Bank of the Republic of Turkey Loans and discounts 1,509 1,499 1,12' (millions of pounds): Govt. loans and securities 480 476 496 Gold 402 402 402 402 Other assets 154 123 '31 Foreign exchange and foreign Note and coin, issue 1,119 1,081 845 clearings 225 180 188 188 Deposits—Government 264 244 204 Loans and discounts 3,613 3,650 3,654 ,235 Other 187 185 158 Securities 29 29 29 30 Other liabilities and capital 966 947 825 Other assets 242 228 203 131 Central Reserve Bank of Peru (millions Note circulation 2,135 2,126 2,108 ,759 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 562 485 511 548 Other 1,609 1,573 1,549 ,551 Net claim on Intl. Fund2 67 67 67 6 Other liabilities and capital 612 635 663 521 Loans and discounts to banks 860 855 784 648 Bank of the Republic of Uruguay (mil- Loans to Government 1,297 1,293 1,182 .129 lions of pesos): Other assets 183 176 186 174 Gold 327 344 Note circulation 2,136 2,187 2,061 ,842 Silver 10 11 Deposits 555 420 394 469 Advances to State and Govt. Other liabilities and capital 279 269 276 256 bodies 258 165 Central Bank of the Philippines Other loans and discounts 494 469 (millions of pesos): Other assets 569 885 Gold 39 38 36 25 Note circulation 499 464 Foreign exchange 401 388 396 346 Deposits—Government 217 149 Net claim on Intl. Fund2 10 Other 349 328 Loans 140 143 142 76 Other liabilities and capital 594 933 Domestic securities 368 372 385 304Central Bank of Venezuela (millions Other assets 146 136 134 166 of bolivares): Circulation—Notes 635 627 633 583 Gold 1,234 1,234 1,234 1,234 Coin 86 86 86 87 Foreign exchange (net) 793 634 633 321 Demand deposits 298 289 306 208 Other assets 173 182 166 164 Other liabilities and capital 75 74 67 49 Note circulation 1,071 1,077 1,062 1.022 Bank of Portugal (millions of escudos): Deposits 315 342 292 297 Gold 5,695 5,706 ,496 Other liabilities and capital 813 631 677 399 Foreign exchange (net) 13,514 13,593 ,175National Bank of Federal People's Re- Loans and discounts 1,071 1,021 912 public of Yugoslavia (billions of Advances to Government 1,374 1,383 ,383 dinars): Other assets 1,441 1,437 ,353 Gold 5 Note circulation 10,621 10.605 ,484 Gold contribution to Intl. Fund. . 2 2 Demand deposits—Government. . 1,790 1,661 ,732 Foreign assets 67 62 58 ECA 88 88 101 Loans (short-term) 892 855 716 Other 8,013 8,204 ,424 Govt. debt (net) 17 20 27 Other liabilities and capital 2,583 2,583 ,579 Other assets 66 62 51 South African Reserve Bank (millions Notes and coin in circulation 82 81 87 of pounds): Demand deposits 177 155 194 Gold. 77 75 76 75 Foreign liabilities 120 123 102 Foreign bills 35 32 38 39 Long-term liabilities (net) 489 477 368 Other bills and loans 24 22 13 22 Other liabilities and capital 181 171 108 Other assets 47 48 50 54 Bank for International Settlements Note circulation 110 110 109 107 (millions of Swiss gold francs): Deposits 54 52 53 65 Gold in bars 648 633 610 692 Other liabilities and capital 18 17 15 17 Cash on hand and with banks.... 46 57 60 67 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 615 ances (at cost) 606 556 549 287 Silver 322 322 322 323 Time funds at interest 102 120 115 151 Govt. loans and securities 16,183 15,829 15,806 ,940 Sundry bills and investments 588 529 477 398 Other loans and discounts 41,972 42,943 37,486 ,233 Funds invested in Germany 297 297 297 297 Other assets 52,551 54,894 47,875 ,235 Other assets 2 1 2 1 Note circulation 49,060 48,599 46,495 ,948 Demand deposits—Gold 761 692 666 456 Deposits—Government 6,150 6,667 4,000 ,992 Other 1,001 977 919 '922 Other 9,918 11,011 9,429 ,490 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 46,518 48,329 42,184 ,916 Other liabilities and capital 298 295 298 286 r Revised. J Includes small amount of nongovernment bonds. i On Mar. 1, 1956, gold revalued from 0.0423177 to 0.0148112 grams of NOTE.—All figures, including gold and foreign exchange, are compiled fine 2 T g h ol i d s f p ig e u r r g e u r a e r p a r n e i s . ents the amount of the country's subscription to the o fr f o t m h e o m ffi o ci n a t l h . reports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES 1143 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum} Central banks with new rates since June 1954 Month effective A tr u ia s- g B iu e m l- m De a n rk - France m G a e n r- y Greece N la e e n r t - d h s - N w o a r y - Spain S d w en e- T k u e r y - U K d n i o i n m t g ed - C ad a a n- N Z la e e n a w d - U S A o n fr u . i t c o h a f d I i n a - 2 Japan 2 In effect June 30, 1954 3.5 2.75 5.0 3.25 3.0 10.0 2.5 2.5 4.0 2.75 3.0 3.0 2.0 3.5 4.0 3.0 6.57 1954—juiy 3 75 Nov 4.0 Dec 3.0 1955—Jan 9.0 3.5 Feb 3 5 4.5 1.5 Apr 3.75 May 4.5 5.5 June 4.5 July 5.6 Aug 3 0 3 5 2.0 8.03 Sept 6.6 4.5 Oct 2 25 7.0 Nov 5 0 2.75 1956—Feb 3 0 5.5 Mar 4.5 3.25 Apr 3.0 May 5 5 10 0 June 6.0 Aug ... 3 25 3.25 Sept 5 0 4 25 In effect Sept. 30, 1956 5.0 3.0 5.5 3.0 5.0 10.0 3.25 3.5 4.25 3.75 6.0 5.5 3.25 7.0 4.5 3.25 8.03 Other selected central banks—Rates in effect on Sept. 30, 1956 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Philippines... 1.5 Feb. 1954 El Salvador 2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 Ceylon 2.5 June 1954 Thailand 7.0 Feb. 1945 Mexico 4.5 June 1942 Switzerland... 1.5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Latin America: Peru2 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa Rica2.. 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either is for advances on commercial paper); Japan—various rates dependent discounts or makes advances against eligible commercial paper and/or on type of paper or transaction and extent of borrowing from central bank, government securities for commercial banks or brokers. For countries including 7.3 per cent for discount of paper related to domestic commercial with more than one rate applicable to such discounts or advances, the transactions (rate shown is for advances on commercial paper and misrate shown is the one at which the largest proportion of central bank cellaneous collateral); Indonesia—various rates dependent on type of credit operations is understood to be transacted. In certain cases other paper, collateral, commodity involved, etc.; Costa Rica—5 per cent for rates for these countries are given in the following footnote. paper related to commercial transactions (rate shown is for agricultural 2 Discounts or advances at other rates include: India—3.5 per cent and industrial paper); El Salvador—2 per cent for agricultural paper; and for discounts and for advances on government securities (rate shown Peru—4 per cent for agricultural, industrial, and mining paper. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il s n l u s th ry sl m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L m u o p o a n t n o t s hs d P is r r c i a v o t a e u t n e t 1953—Dec. 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 1.50 1954—Dec.. 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 1.50 1955—Aug.. 1.62 1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 .50 Sept. 1.79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 .50 Oct... 2.07 1.95 4.16 4.07 3.32 2.50 3.02 .94 .57 .50 Nov.. 2.38 2.19 4.21 4.10 3.28 2.50 3.06 .75 .50 .50 Dec... 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 .50 1956—Jan... 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 .15 .50 Feb... 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 .00 .50 Mar.. 2.62 2.57 5.34 5.18 4.17 3.06 1.32 .00 .50 Apr.. 2.83 2.65 5.27 5.11 4.05 r3.08 1.59 .23 .50 May. 2.84 2.66 5.14 4.95 4.13 '3.10 1.76 .25 .50 June. 2.63 2.68 5.20 5.09 4.16 r3.02 2.38 .43 .50 July.. 2.53 2.52 5.10 5.01 3.96 3.21 2.74 .50 .50 Aug.. 2.94 2.63 5.08 5.03 4.14 3.50 3.00 .50 1.50 p Revised. 2 Based on weekly averages of daily closing rates. 1 Based on average yield of weekly tenders during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1144 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] Argentina Canada (peso) Aus- British (dollar) Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a si l l a l a a y r - ) Official Free 1950 26 571 13 333 8.289 223.15 t QQftft 32 788 90 909 91.474 1951 . ... 20.000 13 333 7.067 223.07 1.9859 32.849 94.939 1952 20 000 13 333 7 163 222 63 1 9878 32 601 102 149 1953 20 000 13 333 7.198 224.12 3.8580 2.0009 32 595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 1955 . 120.000 113.333 17.183 222.41 3.8580 [.9905 32.624 101.401 1955 Sept 20 000 13 333 7.175 221.98 3.8580 [ 9874 32 568 101 228 Oct 25.556 33.226 222.47 3.8580 1.9911 32.639 100.474 Nov 5.556 3.095 223 22 3.8580 [ 9955 32 753 100 047 Dec 5.556 2.806 223.32 3.8580 .9986 32.764 100.048 1956 Jan 5.556 2.587 223.63 3.8580 2.0001 32,819 100.122 Feb 5.556 2.386 223.62 3.8580 2.0000 32 816 100.080 Mar . 5.556 2 ASA 223.50 3.8580 2.0023 32.798 100.122 Apr 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 May .. 5.556 2.657 223.71 3.8580 2 0029 32 700 100 803 June 5.556 2.872 223.28 3.8580 2.0032 32.608 101.476 July 5 556 3 090 222 58 3 8580 2 0074 32 510 101 835 A.U2 5.556 3.249 221.76 3.8580 2 0049 32 368 101.907 Sept 5.556 3.190 221.76 3.8580 2.0064 32.373 102.21'4 Year or month C (r e u y p l e o e n ) (k m D r e a o n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c n ) h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) M (p e e x s i o c ) o 1950 20 850 14 494 .2858 23 838 20 870 11 570 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953 21.046 .4354 .2856 21.049 281.27 11.607 1954 . 21.017 .4354 .2856 23 838 21 020 280 87 9.052 1955 20.894 .4354 .2856 23 765 20 894 279 13 8.006 1955 Sept 20.852 .4354 .2856 23.726 20.852 278.58 8.006 Oct 20.907 .4354 .2855 23 724 20 907 279 21 8 006 Nov 20.979 .4354 .2855 23.721 20.979 280 15 8.006 Dec 20.988 .4354 .2854 23.719 20.988 280.26 8.006 1956—Jan 21.019 4354 .2854 23.719 21.019 280.66 8.006 Feb 21.017 .4354 .2855 23.717 21.017 280.64 8.006 Mar 21.004 .4354 .2855 23.716 21.004 280.49 8.006 Apr 21.024 .4354 .2855 23.716 21.024 280.77 8.006 May 21.022 .4354 .2855 23.729 21.022 280.76 8.006 20.977 .4354 .2855 23.797 20.977 280.22 8.006 July 20 917 .4354 .2855 23.839 20.911 279.33 8.006 20.858 .4354 .2855 23.853 20.830 278 31 8.006 Sept 20.873 .4354 .2855 23.853 20.840 278.31 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n l u s i e o b p ) l - ic (e P s g c o a u r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n tz c d - ) ( U p K d o n i o u n i m t n g e d - d ) 1950 26.252 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 1951 26.264 277.19 14.015 49.639 3.4739 278 33 19.327 23 060 279 96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23 316 281 27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955_Sept 26.148 275.82 14.008 49.677 3.4900 277.54 19.333 23 334 278 58 Oct 26.213 276.44 14.008 49.677 3.4900 278.16 19.333 23 332 279 20 Nov 26.211 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 Dec 26.128 277.49 14.008 49.677 3.4900 279.21 19.333 23.335 280.26 1956 Jan 26.125 277.88 14.008 49.677 3.4900 279.61 19.333 23.335 280.66 Feb 26.123 277.87 14.008 49.677 3.4900 279.60 19.333 23.335 280.64 Mar . 26.107 277.72 14.008 49.677 3.4900 279.45 19.333 23.355 280.49 Apr. 26.125 277.99 14.008 49.677 3.4900 279 72 19 333 23 335 280 77 May 26.110 277.98 14.008 49.677 3.4900 279.71 19 333 23 332 280 76 June . 26.106 277.44 14.008 49.677 3.4900 279.17 19.333 23.334 280.22 July 26.106 276.57 14.008 49.677 3.4900 278.29 19.333 23.335 279.33 26.111 275.55 14.008 49.677 3.4900 277 27 19 333 23 335 278 31 Sept . 26.110 275.55 14.008 49.677 3.4900 277.26 19.333 23.335 278.30 i Annual averages based on quotations through Oct. 27,1955; monthly 2 Official rate. The basic and preferential rates were discontinued and averages for October for these rates were the same as those for Sep- the new official rate of 18 pesos per U. S. dollar became effective Oct. tember. 28, 1955. 3 New free market rate, based on quotations beginning Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Board Publications The material listed below may be obtained from States and countries listed under Federal Rethe Division of Administrative Services, Board of serve Bulletin on this page, single copies 60 cents Governors of the Federal Reserve System, Wash- each or in quantities of 10 or more for single ington 25, D. C. Where a charge is indicated, shipment 50 cents each; elsewhere 70 cents per remittance should be made payable to the order copy. of the Board of Governors of the Federal Reserve FLOW OF FUNDS IN THE UNITED STATES, 1939-53. System, A new accounting record designed to picture the flow of funds through the major sectors of THE FEDERAL RESERVE SYSTEM—PURPOSES AND the national economy. December 1955. 390 FUNCTIONS. November 1955. 208 pages. pages. $2.75 per copy. ANNUAL REPORT of the BOARD OF GOVERNORS OF THE DEVELOPMENT OF BANK DEBITS AND CLEAR- THE FEDERAL RESERVE SYSTEM. Issued each INGS AND THEIR USE IN ECONOMIC ANALYSIS. year. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE BULLETIN. Issued monthly. shipment, 15 cents each. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, A STATISTICAL STUDY OF REGULATION V LOANS. Costa Rica, Cuba, Dominican Republic, Ecua- September 1950. 74 pages. 25 cents per copy; dor, Guatemala, Haiti, Republic of Honduras, in quantities of 10 or more copies for single Mexico, Nicaragua, Panama, Paraguay, Peru, shipment, 15 cents each. El Salvador, Uruguay, and Venezuela is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum or 60 cents per copy; elsewhere banking, monetary, and other financial develop- $7.00 per annum or 70 cents per copy. Group ments. November 1943. 979 pages. $1.50 subscriptions in the United States for 10 or per copy. No charge for individual sections more copies to one address, 50 cents per copy (unbound). per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended to No- FEDERAL RESERVE CHARTS ON BANK CREDIT, vember 1, 1946, with an Appendix containing MONEY RATES, AND BUSINESS. Issued monthly. provisions of certain other statutes affecting the Annual subscription includes one issue of His- Federal Reserve System. 372 pages. $1.00 per torical Supplement listed on this page. Sub- copy. scription price in the United States and the RULES OF ORGANIZATION AND RULES OF PROCEcountries listed above is $6.00 per annum, 60 DURE—Board of Governors of the Federal Recents per copy, or 50 cents each in quantities serve System (with Amendments). September of 10 or more of a particular issue for single 1946. 31 pages. shipment; elsewhere $7.00 per annum or 70 cents per copy. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements HISTORICAL SUPPLEMENT TO FEDERAL RESERVE thereto. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- ADMINISTRATIVE INTERPRETATIONS OF REGULAnual subscription to monthly chart book in- TION F—SECTION 17—COMMON TRUST FUNDS. cludes one issue of Supplement. In the United 9 pages. 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1146 FEDERAL RESERVE BULLETIN • OCTOBER 1956 REPRINTS A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- (From Federal Reserve Bulletin unless preceded by COUNTS, ANNUAL ESTIMATES, 1939-54. Octoan asterisk) ber 1955. 40 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. BALANCE OF INTERNATIONAL PAYMENTS IN 1954- 55. October 1955. 8 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 MONETARY POLICY AND THE REAL ESTATE MAR- KETS. December 1955. 6 pages. pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC BANKING AND MONETARY STATISTICS, 1955. (Selected series of banking and monetary statistics STABILITY. May 1953. 7 pages, for 1955 only) February and May 1956. 12 * DETAILED DESCRIPTION OF SOURCES AND METHpages. (Similar reprint of 1954 data, Febru- ODS USED IN REVISION OF SHORT- AND INTERary and May 1955 BULLETINS). MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. THE 1957 BUDGET. February 1956. 11 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May INTERNATIONAL GOLD AND DOLLAR FLOWS. March 1953. 5 pages. 1956. 11 pages. (Also, similar reprint from UNITED STATES POSTWAR INVESTMENT IN LATIN March 1955 BULLETIN) AMERICA. May 1953. 6 pages. 1956 SURVEY OF CONSUMER FINANCES. Prelimi- DEPARTMENT STORE SALES AND STOCKS, BY nary Findings. March 1956. 3 pages. The MAJOR DEPARTMENTS (Revised Indexes) No- Financial Position of Consumers. June 1956. vember 1953. 65 pages. 14 pages. Consumer Indebtedness. July 1956. 17 pages. Durable Goods and Housing. August FEDERAL RESERVE MONTHLY INDEX OF INDUS- 1956. 17 pages. Similar Surveys are avail- TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. able for earlier years from 1952, 1953, 1954, and 1955 BULLETINS. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND NEW INDEXES OF OUTPUT OF CONSUMER DUR- INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit ABLE GOODS. May 1954. 15 pages. Lines and Minimum Balance Requirements. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- June 1956. 7 pages. (Other articles on this tember 1954. 10 pages. Survey will appear in later issues of the BUL- RECENT FINANCIAL CHANGES IN WESTERN GER- LETIN.) Reprints on a similar Survey are avail- MANY. October 1954. 10 pages. able from March, May, June, July, and August WORLD TRADE AND PRODUCTION IN 1953-54. Oc- 1947 BULLETINS. tober 1954. 10 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. USE OF MONETARY INSTRUMENTS SINCE MID- June 1956. 9 pages. (Also similar reprint 1952. December 1954. 8 pages. from June 1955 BULLETIN.) DIRECTLY PLACED FINANCE COMPANY PAPER. De- BANK CREDIT AND MONEY. July 1956. 7 pages. cember 1954. 8 pages. SURVEY OF COMMON TRUST FUNDS. August 1956. SEASONAL ADJUSTMENT FACTORS FOR DEMAND 6 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. THE BALANCE SHEET OF AGRICULTURE, 1956. August 1956. 10 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, 1929-1939. June 1955. INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- 8 pages. tober 1956. 15 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS of the Federal Reserve System WM. MCC, MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. 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 ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE B. VEST, General Counsel GEORGE S. SLOAN, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director HOWARD H.HACKLEY, Assist ant General Counsel FRED A. NELSON, Assistant Director DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve G. HOWLAND CHASE, Assistant General Counsel Examiner JEROME W. SHAY, Assistant General Counsel ROBERT C. MASTERS, Assistant Director THOMAS J. O'CONNELL, Assistant General GLENN M. GOODMAN, Assistant Director Counsel HENRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser DIVISION OF ADMINISTRATIVE SERVICES ROLAND I. ROBINSON, Adviser LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director ALBERT R. KOCH, Assistant Director OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1148 FEDERAL RESERVE BULLETIN • OCTOBER 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. CHAS. N. SHEPARDSON J. A. ERICKSON O. S. POWELL M. S. SZYMCZAK DELOS C. JOHNS J. L. ROBERTSON JAMES K. VARDAMAN, JR. WINFIELD W. RIEFLER, Secretary FRANKLIN L. PARSONS, Associate Economist ELLIOTT THURSTON, Assistant Secretary H. V. ROELSE, Associate Economist GEORGE B. VEST, General Counsel PARKER B. WILLIS, Associate Economist FREDERIC SOLOMON, Assistant General Counsel RALPH A. YOUNG, Associate Economist WOODLIEF THOMAS, Economist ROBERT G. ROUSE, Manager of System Open WM. J. ABBOTT, JR., Associate Economist Market Account Federal Advisory Council WILLIAM D. IRELAND, BOSTON COMER J. KIMBALL, ATLANTA ADRIAN M. MASSIE, NEW YORK HOMER J. LIVINGSTON, CHICAGO WILLIAM R. K. MITCHELL, PHILADELPHIA LEE P. MILLER, ST. LOUIS FRANK R. DENTON, CLEVELAND, JULIAN B. BAIRD, MINNEAPOLIS Vice President R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND, GEO. G. MATKIN, DALLAS President FRANK L. KING, SAN FRANCISCO WILLIAM J. KORSVIK, Acting Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killiam, Jr., Deputy Chairman Frederick S. Blackall, jr. Harold I. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrey Milton P. Higgjins J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Carl B. Pitman O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth John R. Evans Howard C. Sheperd Ferd I. Collins Clarence Francis Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1149 District 2—FEDERAL RESERVE BANK OF NEW YORK-Contiimed Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert G. Rouse V. Willis H. H. Kimball I. B. Smith, in charge R. B. Wiltse A. Phelan of Buffalo Branch BUFFALO BRANCH—BOARD OF DIRECTORS Leland B. Bryan Ralph F. Peo Robert C. Tait, Robert L. Davis John W. Remington Chairman Charles H. Diefendorf Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurff Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Charles Z. Hardwick Alexander E. Walker Joseph B. Hall Edison Hobstetter Frank J. Welch J. Brenner Root W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen J. W. Kossin, in charge of Martin Morrison Roger R. Clouse Pittsburgh Branch H. E. J. Smith R. G. Johnson, in charge of A. H. Laning Paul C. Stetzelberger Cincinnati Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Leonard M. Campbell Bernard H. Geyer Ivan Jett Roger Drackett Anthony Haswell, Chairman William A. Mitchell W. Bay Irvine PITTSBURGH BRANCH—BOARD OF DIRECTORS John H. Lucas Sumner E. Nichols John C. Warner Douglas M. Moorhead Albert L. Rasmussen Irving W. Wilson Henry A. Roemer, Jr., Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1150 FEDERAL RESERVE BULLETIN • OCTOBER 1956 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 Daniel W. Bell Joseph E. Healy J. K. Palmer D. W. Colvard L. Vinton Hershey W. A. L. Sibley Robert O. Huffman Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of James M. Slay R. L. Cherry, in charge of Baltimore Branch C. B. Strathy Charlotte Branch Aubrey N. Heflin Chas. W. Williams Upton S. Martin BALTIMORE BRANCH—BOARD OF DIRECTORS Theodore E. Fletcher Charles A. Piper Stanley B. Trott Wm. Purnell Hall John W. Stout Clarence R. Zarfoss, Charles W. Hoff Chairman CHARLOTTE BRANCH—BOARD OF DIRECTORS Archie K. Davis Ernest Patton Paul T. Taylor William H. Grier, I. W. Stewart G. G. Watts Chairman T. 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 A. B. Freeman W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher E. W. McLeod John E. Urquhart Robert M. Cleckler Malcolm A. Smith Adolf Weil, Sr., John Will Gay Chairman JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James L. Niblack Harry M. Smitb W. E. Ellis J. Wayne Reitz McGregor Smith, James G. Garner Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1151 District 6—FEDERAL RESERVE BANK OF ATXANTA-Contimwd NASHVILLE BRANCH—BOARD OF DIRECTORS Stewart Campbell A. Carter Myers Frank B. Ward, J. R. Kellam, Jr. W. E. Tornlinson Chairman Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer D. U. Maddox H. A. Pharr Joel L. Fletcher, Jr. Leon J. Minvielle E. E. Wild, G. H. King, Jr. Chairman District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent J. Stuart Russell, Deputy Chairman Robert P. Briggs William J. Grede Vivian W. Johnson Walter J. Cummings William A. Hanley Nugent R. Oberwortmann Walter E. Hawkinson Carl E. Allen, Jr., President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes C. T. Laibly R. A. Swaney, in charge W. R. Diercks George W. Mitchell of Detroit Branch A. M. Gustavson H. J. Newman W. W. Turner A. L. Olson DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah, Howard P. Parshall Raymond T. Perring Chairman C. V. Patterson Ernest W. Potter Ira A. Moore J. Thomas Smith District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS M. Moss Alexander, Chairman and Federal Reserve Agent Caffey Robertson, Deputy Chairman S. J. Beauchamp, Jr. J. E. Etherton Louis Ruthenburg Phil E. Chappell William A. McDonnell Leo J. Wieck Joseph H. Moore Delos C. Johns, President Frederick L. Deming, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Victor M. Longstreet, in charge Fred Burton, in charge of of Memphis Branch of Louisville Branch Little Rock Branch Geo. E. Kroner H. H. Weigel Dale M. Lewis J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS Donald Barger H. C. McKinney, Jr. J. V. Satterfield, Jr. T. Winfred Bell Shuford R. Nichols, A. Howard Stebbins, Jr. E. C Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1152 FEDERAL RESERVE BULLETIN • OCTOBER 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Contumed LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Pierre B. McBride, M. C. Minor Magnus J. Kreisle Chairman J. D. Monin, Jr. W. Scott Mclntosh Noel Rush MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks John A. McCall John D. Williams, J. H. Harris William B. Pollard Chairman A. E. Hohenberg John K. Wilson District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Joseph F. Ringland F. Albee Flodin Ray C. Lange Harold N. Thomson Harold C. Refling O. S. Powell, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge C. W. Groth M. H. Strothman, Jr. of Helena Branch E. B. Larson Sigurd Ueland H. G. McConnell HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund George R. Milbum, J. Willard Johnson Carl McFarland Chairman District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear F. M. Overstreet Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1153 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Contimied OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr, o George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E. J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of J. A Randall, in charge of Los Angeles Branch Seattle Branch Portland Branch O. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1154 FEDERAL RESERVE BULLETIN • OCTOBER 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Charles Detoy Joe D. Paxton Shannon Crandall, Jr., Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., J. H. McNally E. C. Sammons Chairman SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, George S. Eccles Chairman Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan S. B. Lafromboise Ralph Sundquist, Charles F. Frankland D. K. MacDonald Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 1092, 1093 Demand deposits—Continued Agricultural loans of commercial banks, 1088 Banks, by classes, 1085, 1091 Agriculture, Govt. agency loans, 1096, 1097 Type of holder, at commercial banks, 1089 Assets and liabilities {See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 1123 Banks and the monetary system, consoli- Sales and stocks, 1112, 1122 dated, 1084 Deposits {See also specific types of deposits): Corporate, current, 1104 Adjusted, and currency, 1084 Domestic banks, by classes, 1085, 1088, 1090 Banks, by classes, 1085, 1089, 1091 Federal Reserve Banks, 1079, 1080 Federal Reserve Banks, 1079, 1080, 1134 Foreign central banks, 1138 Postal savings, 1084 Govt. corporations and credit agencies, by type Turnover of, 1082 and agency, 1096, 1097 Deposits, reserves, and borrowings, by class of mem- Automobiles: ber bank, 1077 Consumer instalment credit, 1108, 1109, 1110 Discount rates, 1078, 1143 Production index, 1114, 1118 Discounts and advances by Federal Reserve Banks, 1075, 1079 Bankers'balances, 1089, 1091 Dividends, corporate, 1103, 1104 {See also Foreign liabilities and claims reported by Dollar assets, foreign, 1134, 1137 banks) Dwelling units started, 1119 Banks and the monetary system, consolidated statement, 1084 Earnings and hours, manufacturing industries, 1112, Bonds {See also U. S. Govt. securities): 1121 New issues, 1102, 1104 Prices and yields, 1093, 1094 Employment, 1112, 1121 Brokers and dealers in securities, bank loans to, 1088, Export-Import Bank, loans, etc., 1096, 1097 1090 Farm mortgage loans, 1096, 1105, 1106 Business expenditures on new plant and equipment, 1104 Federal credit agencies {See Govt. agencies) Business indexes, 1112 Federal Deposit Insurance Corporation, Business loans {See Commercial and industrial loans) assets, etc., 1096, 1097 Federal finance: Capital accounts: Cash transactions, 1098 Banks, by classes, 1085, 1089, 1091 Receipts and expenditures, 1099 Federal Reserve Banks, 1079, 1080 Treasurer's balance, 1098 Carloadings, 1112 Federal home loan banks, loans, etc., 1096, 1097, 1107 Central banks, foreign, 1136, 1138, 1143 Federal Housing Administration, loans, etc., 1096, Coins, circulation of, 1083 1097, 1105, 1106, 1107 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 1085, 1088 loans, etc., 1096, 1097, 1107 Consumer loans held, by type, 1109 Federal Reserve Banks: Number, by classes, 1085 Condition statement, 1079, 1080 Real estate mortgages held, by type, 1105 U. S. Govt. securities held by, 1075, 1079, 1080, Commercial and industrial loans: Commercial banks, 1088 1100, 1101 Weekly reporting member banks, 1090, 1092 Federal Reserve credit, 1075, 1079, 1080 Commercial paper, 1092, 1093 Federal Reserve notes, 1079, 1080, 1081, 1083 Commodity Credit Corporation, loans, etc., 1096, Finance company paper, 1092, 1093 1097 Foreign central banks, 1136, 1138, 1143 Condition statements {See Assets and liabilities) Foreign deposits in U. S. banks, 1075, 1079, 1080, Construction, 1112, 1118, 1119 1084, 1089, 1091 Consumer credit: Foreign exchange rates, 1144 Instalment credit, 1108, 1109, 1110, 1111 Foreign liabilities and claims reported by Major parts, 1108, 1110 banks, 1130, 1132, 1134 Noninstalment credit, by holder, 1109 Foreign trade, 1123 Consumer durable goods output indexes, 1118 Consumer price indexes, 1112, 1124 Gold: Consumption expenditures, 1126, 1127 Earmarked, 1135 Corporate sales, profits, taxes, and dividends, 1103, Net purchases by U. S., 1135 1104 Production, 1134, 1135 Corporate security issues, 1102, 1104 Reserves of central banks and governments, 1136 Corporate security prices and yields, 1093, 1094 Reserves of foreign countries and international Cost of living {See Consumer price indexes) institutions, 1137 Currency in circulation, 1075, 1083 Stock, 1075, 1084, 1135 Customer credit, stock market, 1094 Gold certificates, 1079, 1080, 1081, 1083 Debits to deposit accounts, 1082 Govt. agencies, assets and liabilities, by type and Demand deposits: agency, 1096, 1097 Adjusted, banks and the monetary system, 1084 Govt. debt {See U. S. Govt. securities) Adjusted, commercial banks, by classes, 1089 Gross national product, 1126, 1127 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1156 FEDERAL RESERVE BULLETIN • OCTOBER 1956 Home owners, Govt. agency loans, 1096, 1097 Real estate loans: Hours and earnings, manufacturing indus- Commercial banks, 1088, 1090, 1105 tries, 1112, 1121 Type of mortgage holder, 1105, 1106, 1107 Type of property mortgaged, 1105, 1106, 1107 Industrial advances by Federal Reserve Banks, 1079, Regulation V, loan guarantees, 1081, 1082 1080, 1081, 1082 Reserve requirements, member banks, 1078 Industrial production indexes, 1112, 1113, 1118 Reserves: Instalment loans, 1108, 1109, 1110, 1111 Commercial banks, 1089 Insurance companies, 1095, 1100, 1101, 1106 Federal Reserve Banks, 1079, 1080 Insured commercial banks, 1087, 1088 Foreign central banks and governments, 1136 Interbank deposits, 1085, 1089, 1091 Foreign countries and international institu- Interest rates: tions, 1137 Bond yields, 1093 Member banks, 1075, 1077, 1079, 1080, 1089, Business loans by banks, 1093 1091 Federal Reserve rates, 1078, 1082 Residential mortgage loans, 1105, 1106, 1107 Foreign countries, 1143 Open market, 1093, 1143 Sales finance companies, consumer loans of, 1108, Regulation V loans, 1082 1109,1111 Stock yields, 1093 Savings, 1126 International capital transactions of the U. S., 1130 Savings deposits (See Time deposits) International financial institutions, 1136, 1137, 1138 Savings institutions, principal assets, 1095 Inventories, 1127 Savings and loan associations, 1095, 1106 Investments (See also specific types of investments): Securities, international transactions, 1133, 1134 Banks, by classes, 1085, 1088, 1090 Security issues, 1102, 1104 Federal Reserve Banks, 1079, 1080 Silver coin and silver certificates, 1083 Govt. agencies, etc., 1096, 1097 State member banks, 1087 Life insurance companies, 1095 State and municipal securities: Savings and loan associations, 1095 New issues, 1102 Prices and yields, 1093, 1094 Labor force, 1120 States and political subdivisions: Loans (See also specific types of loans): Deposits of, 1089, 1091 Banks, by classes, 1085, 1088, 1090 Holdings of U. S. Govt. securities, 1100 Federal Reserve Banks, 1075, 1077, 1079, 1080, Ownership of obligations of, 1088, 1095 1081, 1082 Stock market credit, 1094 Govt. agencies, etc., 1096, 1097 Stocks: Insurance companies, 1095, 1106 New issues, 1102 Savings and loan associations, 1095, 1106 Prices and yields, 1093, 1094 Loans insured or guaranteed, 1081, 1105, 1106, 1107 Tax receipts, Federal, 1099 Manufacturers, production indexes, 1112, 1113, 1118 Margin requirements, 1078 Time deposits, 1077, 1084, 1085, 1089, 1091 Member banks: Treasurer's account balance, 1098 Assets and liabilities, by classes, 1085, 1088 Treasury cash, 1075, 1084 Borrowings at Federal Reserve Banks, 1075, 1077 Treasury currency, 1075, 1083, 1084 Deposits and reserves, by classes, 1077 Treasury deposits, 1075, 1079, 1080, 1098 Number, by classes, 1085 Reserve requirements, by classes, 1078 Unemployment, 1120 Reserves and related items, 1075 U. S. Govt. balances: Weekly reporting series, 1090 Commercial bank holdings, by classes, 1089, 1091 Minerals, production indexes, 1112, 1113 Consolidated monetary statement, 1084 Money rates (See Interest rates) Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 1075, 1079, 1080, 1098 Mutual savings banks, 1084, 1085, 1087, 1100, 1101, U. S. Govt. securities: 1105 Bank holdings, 1084, 1085, 1088, 1090, 1100, 1101 National banks, 1087 Federal Reserve Bank holdings, 1075, 1079, 1080, National income, 1126 1100, 1101 National security expenditures, 1099, 1127 Foreign and international holdings, 1137 Nonmember banks, 1079, 1087, 1088 International transactions, 1133 New issues, gross proceeds, 1102 Payrolls, manufacturing, index, 1112 Outstanding, by type of security, 1100, 1101 Personal income, 1127 Ownership of, 1100, 1101 Postal Savings System, 1084 Prices and yields, 1093, 1094 Prices: United States notes, outstanding and in circula- Consumer, 1112, 1124 tion, 1083 Security, 1094 Wholesale commodity, 1112, 1124 Veterans Administration, loans, etc., 1096, 1097, 1105, Production, 1112, 1113, 1117, 1118 1106 Profits, corporate, 1103, 1104 Public utility output index, 1117 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
(o THE FEDERAL RESERVE SYSTEM °) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1956, September 30). Federal Reserve Bulletin, 1956-10. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195610
@misc{wtfs_bulletin_195610,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1956-10},
year = {1956},
month = {Sep},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_195610},
note = {Retrieved via When the Fed Speaks corpus}
}