Full text of Federal Reserve Bulletin : August 1958
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FEDERAL RESERVE
B U LLETIN
August
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
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
Mortgage Credit and Construction
887
The Balance Sheet of Agriculture, 1958
893
Law Department
902
Current Events and Announcements
930
National Summary of Business Conditions
931
Financial and Business Statistics, U. S. (Contents on p. 933)
935
International Financial Statistics (Contents on p. 991)
992
Board of Governors and Staff
1007
Open Market Committee and Staff; Federal Advisory Council
1008
Federal Reserve Banks and Branches
1008
Federal Reserve Board Publications
1015
Index to Statistical Tables
1017
Map of Federal Reserve System
Inside back cover
Volume 44 * Number 8
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CONSTRUCTION
IS INCREASING
AGAIN
after having declined 7 per cent in the first
five months of this year from the record annual rate of $50 billion at the end of 1957.
With prices of building materials and residential construction costs about the same as
a year ago, and credit conditions easier,
more private housing units are being placed
under construction than at any other time
since the spring of 1956.
Real estate markets have been much more
active in the past few months. Mortgage
financing has become readily available in
most metropolitan areas, and commitments
to make mortgage loans in the near future
appear to have increased. At midyear, outstanding home mortgage debt exceeded
$111 billion.
New houses appear to be selling well,
particularly if low or moderately priced,
and unsold inventories are small. Since
spring an increasing number of existing
houses have been sold, apparently with little
shading of price and little if any lengthening
of the negotiation period. The success of
owners in selling the near-record number of
such houses now coming on the market is
an important influence on the demand for
new houses, which seems to depend increasingly on the desire of present home owners
for new living accommodations.
CONSTRUCTION
Value of new construction in the first half
of 1958 was at a seasonally adjusted annual
rate of $48 billion, only slightly below the
record dollar volume of the preceding six
months. After allowance for cost increases,
PRIVATE CONSTRUCTION
Billions of dollars
14
BUSINESS
1954
W56
1958
NOTE.—Data are seasonally adjusted annual rates estimated
jointly by U. S. Departments of Commerce and Labor. Business includes commercial, industrial, and public utility construction. Latest figures shown are for July.
the physical volume of work done was about
the same as in the corresponding periods of
1956 and 1957.
The decline in construction in the early
months of this year reflected reductions in
private building for residential and business
purposes. These were offset to some extent
by increases in private and public construction of community facilities. Almost all the
increase since May has been in residential
building.
Nonresidential. Business construction has
been declining fairly steadily since the spring
of 1957, reflecting the behavior of its industrial component. Contract awards for industrial construction, which tend to lead
actual construction by several months, have
also been declining. In the first six months
887
888
FEDERAL RESERVE BULLETIN • AUGUST 1958
of this year industrial contracts were as low
as in the corresponding period of 1954.
The large additions to manufacturing
plant between 1954 and 1957 had satisfied
many demands for industrial facilities. In
the past year or so, manufacturers planned
fewer new plants and in some cases, after
reappraising the sales outlook, curtailed
building programs already approved. More
recently, some deferred plans have become
active again.
With demands continuing large for modern office and warehouse space and for improved utility services to residential areas,
construction of commercial buildings and
public utilities has remained near record
levels. Contract awards for these categories
have also been well maintained.
Construction of facilities to meet the expanding requirements of residential communities for churches, schools, hospitals,
and social and recreational buildings has
increased further this year. In 1957 private
construction of this sort rose to a level onesixth above the previous high in 1956, and
in the first half of this year has continued
to increase. State and local government
construction of community facilities has
shown similar trends, with most of the added
expenditures going for schools.
Government outlays for highways have
changed about seasonally this year. In 1957
a sharp rise in Federal outlays was partly
offset by the first decline in State and local
highway expenditures since World War II.
The Federal Aid Highway Act of 1958,
enacted in April, provided a special authorization of $600 million for the Federally
aided road system in addition to the $875
million already authorized under the regular
program for fiscal year 1959. All work under the special authorization must be under
contract by the end of this year and com-
pleted by December 1959. Since June,
awards for highway work have been well
above the previous high in 1956.
Residential. Private housing starts rose in
July for the fourth consecutive month and
reached a seasonally adjusted annual rate of
nearly 1.2 million units. This rate is onefourth above the February-March low, and
the highest since early 1956.
In recent months the number of units
started without commitments for Federally
underwritten financing—that is, with conventional mortgages or without mortgage
financing—has been very large. In the
first six months of the year, it totaled
342,000 compared with 332,000 in the
corresponding period of 1957. Government
underwritten starts in July reached a seasonally adjusted annual rate three-fourths
above the February low; in the first half they
numbered 150,000 as against 152,000 a
year earlier.
Apartment units have been a more important element in housing starts in recent
months than in the past few years. Early in
1958 they accounted for about one in six
private units started, compared with one in
eight units in the year 1957, and less than
one in ten in 1955-56.
MORTGAGE MARKET
The general strengthening of residential
markets this year has been influenced by increased availability of mortgage credit, by
relaxation of the terms on which Government underwritten mortgages are insured or
guaranteed, and by support from the Federal National Mortgage Association. So
far, increased activity has shown up more
strongly in commitments to make mortgages
than in closed loans. Applications to the
Federal Housing Administration for commitments to insure mortgages and requests
MORTGAGE CREDIT AND CONSTRUCTION
APPLICATIONS AND
REQUfSTS FOR
FINANCING
NIW HOUSES
Thouiofids ol ui its
-
K
I
1
-
400
-
200
jj
FHA
r_-
VV
i
-'
1
Per
i
1
cent
INTEREST
RATE!
FHA
r~~
5.0
I"
VA
i
1
4.5
1
889
at less than its face value—that is, by discounting.
When discounts on Federally underwritten mortgages are small, as they have been
on FHA-insured mortgages in recent
months, they provide the flexibility needed
for market adjustments. When they are
large, as they typically still were in mid1958 on VA-guaranteed mortgages in many
areas, they tend to discourage the use of this
type of credit. On the supply side, institutional investors are reluctant to buy insured
or guaranteed mortgages at prices far below
their face value. On the demand side, builders and sellers as well as buyers of houses
become unwilling to absorb the discount and
may prefer conventional mortgages with
higher rates.
Availability of mortgage credit. The ready
NOTE.—FHA data are applications for commitments to insure mortgages and VA data are requests to appraise bouses,
adjusted tor duplication and for seasonal variation by Federal
Reserve; shown as annual rates. Interest rates are maximum
contract rates. Latest figures shown are for July, except for
interest rates (August).
to the Veterans Administration for appraisals increased markedly this spring, as
may be seen in the chart.
Mortgage discounts. Contract interest rates
on new real estate mortgages, as on bonds
and other obligations, usually adjust to the
yields at which alternative investments of
similar grades are selling in the market.
Thus contract interest rates on new conventional mortgages tend to rise when market
yields rise.
Rates on Federally underwritten mortgages cannot respond freely to increases in
other yields because the maximum permissible contract interest rates are specified by
law and regulation. Investors can obtain
what they regard as equivalent yields on
Federally underwritten mortgages, and borrowers can compete with other demands for
loanable funds, only by pricing the mortgage
availability of mortgage credit this year contrasts with the situation two years ago. At
that time heavy credit demands from businesses and local governments in relation to
the funds available exerted strong upward
pressure on interest rates, as illustrated in
the chart on the following page by yields on
new issues of high-grade corporate bonds.
By the end of 1956 discounts on FHA and
VA mortgages carrying AVi per cent interest ranged from 3 to 5 percentage points.
In December 1956 the permissible interest rate on FHA-insured mortgages was
raised to 5 per cent. Market rates continued
to rise sharply in the spring of 1957, however, and discounts on 5 per cent FHA
mortgages became almost as large as they
had previously been on AVz per cent mortgages. Discounts on VA mortgages, which
continued to carry an interest rate of 4Vi
per cent, averaged 7 to 8 points. At this
level, discounts were so large that builders
and sellers as well as buyers turned to other
types of financing.
890
FEDERAL RESERVE BULLETIN • AUGUST 1958
MORTGAGE AND IOND YIELDS
Per
cent
CONVENTIONAL
MORTGAGE
1954
LOANS:
1956
1958
NOTE.—Data are average yields except for conventional
mortgages and corporate bonds, which are average interest
rates.
Conventional mortgages: computed by FHA from
typical rates. Corporate bonds: estimates of First National
City Bank of New York, adjusted to a Aaa basis (figures
reflect changes in quality, industrial composition, maturity,
and type). FHA: computed by Federal Reserve from average
prices reported by FHA (series improves in quality after July
1953). $50,000 and over: computed by Federal Reserve from
reports of The Title Guarantee and Trust Company of New
York on conventional mortgages recorded in New York City.
Dashed lines for FHA indicate periods when averages were
adjusting to changes in contract rates, that is, from 4'/2 to 5
per cent in December 1956; and to 5Vi per cent in August
1957. Latest data shown are for July, except the April figure
used to extend quarterly data for mortgages of $50,000 and
over.
That changes in contract rates are more
effective than large discounts in adjusting
yields is illustrated by the rise in FHA applications in mid-1957 in contrast with the
continued sharp drop in VA appraisal requests. In August 1957 the FHA rate was
increased to SVA per cent while the VA rate
continued at AVi per cent. FHA applications stabilized in the second half of 1957
appreciably higher than in the first half. VA
requests continued to decline.
In the closing months of 1957 yields in
most securities markets declined sharply,
and in the first half of 1958 remained below
their level a year earlier. In this situation,
smaller discounts on Federally underwritten
mortgages than were required earlier sufficed to bring the yields in line with those
available on other investments.
Since April of this year, the interest rate
on VA-guaranteed mortgages has been 4%
per cent, and downpayments on both FHA
and VA mortgages have been lower than
earlier. With discounts on FHA and VA
mortgages smaller, builders and sellers, who
are permitted to pass on to buyers directly
only a part of the cost of discounts, have
been willing to absorb their portion in order
to attract buyers by offering the favorable
terms of these types of financing.
Continuation of this situation will depend in part on whether the recent sharp increase in market yields is temporary or
whether it reflects renewal of sustained pressure on capital markets. In either case, commitments made under the relatively easy
conditions of recent months will show up in
loan closings for some time.
REGULATORY CHANGES
Increases in the maximum permissible contract interest rates on Federally underwritten
loans are not the only statutory and regulatory changes that have affected the availability of mortgage credit in the past year.
The Housing Act of 1957, which became
effective in August, reduced the downpayment required on new houses financed with
FHA-insured mortgages and made these
mortgages more attractive to borrowers.
The Act also directed the Federal Housing Administration and the Veterans Administration to regulate the portion of the
discount on mortgages that builders and
sellers might absorb. This was set at from
1 to 2Vi percentage points on FHA mortgages and from 2Vi to 5Vi percentage points
on VA mortgages. Builders were also per-
891
MORTGAGE CREDIT AND CONSTRUCTION
mitted to pay commitment fees up to one
per cent of the amount of the mortgage.
By and large, these discounts and fees
brought yields on SlA per cent FHA mortgages to levels that were competitive with
market yields. In the case of AVi per cent
VA loans, however, the regulated discounts
did not provide competitive yields. The
fact that under existing law the VA program
was to terminate in July 1958 also reduced
the volume of activity in these loans.
The Emergency Housing Act of 1958 that
became effective in April, in addition to
raising the maximum interest rate on VA
mortgages, removed the statutory requirement for control of discounts, extended
both the loan guaranty program and the
direct loan program of the Veterans Administration for two years, and provided $350
million for the latter. By administrative
action, the Veterans Administration removed the 2 per cent downpayment requirement in effect since July 1955.
The Act also gave the Federal National
Mortgage Association authority to make
commitments to purchase at par up to $1
billion of Federally underwritten mortgages
on new houses to cost no more than $ 13,500.
On April 4 the President made available
$300 million of this amount, and in May,
July, and August added $300 million, $150
million, and $100 million, respectively.
Some of the recent increase in FHA
applications and VA appraisal requests is
attributable to this commitment program. In
the four months ending July 31, the Association made commitments to purchase nearly
50,000 mortgages involving $584 million.
This represents about one-fourth of the applications and requests on new houses
received by the agencies in the four months.
HOME MORTGAGE CREDIT
In recent months the improvement of mortgage yields relative to bond yields and the
large inflow of savings to financial institutions have renewed the interest of investors
in mortgages. Preliminary information indicates that lending and the increase in
outstanding debt on 1- to 4-family properties
rose in the second quarter after allowance
for usual seasonal movements. In the first
quarter, lending and the increase in outstandings were at the lowest levels in several
years, as is shown in the chart.
Lending. The higher level of mortgage
lending in the second quarter of 1958 reflected increased lending on conventional
mortgages. The volume of FHA-insured
loans closed was slightly larger than in the
first quarter—in contrast with other recent
years when it was typically smaller—and
about half again as large as a year earlier.
HOME MORTGAGE CREDIT
Billions of dollori
LOANS MADE
LOANS REPAID
j
I
CHANGE IN OUTSTANDINGS
19S4
1956
1951
NOTE.-—Data derived or estimated, and adjusted for seasonal variation, by Federal Reserve from data for recordings
of nonfarm mortgages of $20,000 or less and mortgage debt
outstanding published by the Federal Home Loan Bank Board.
Figures for 1958 preliminary.
892
FEDERAL RESERVE BULLETIN • AUGUST 1958
VA-guaranteed lending continued to decline
through May, and rose only slightly in June.
It was lower in the second quarter than at
any other time in several years.
Commitments outstanding to make all
three kinds of loans appear to have risen
markedly since early spring. This suggests
that lending on each kind of mortgage will
rise further in the summer and autumn.
Debt. The smaller increase this year in
mortgage debt outstanding on 1- to 4-family
properties reflects the excess of repayments
over lending on VA-guaranteed loans. In
other recent years the increase in VA-guaranteed debt has been between 30 and 40
per cent of the total increase.
Both conventional and FHA-insured debt
appear to have risen by near-record amounts
in the first half of 1958. The total increase
in debt on 1- to 4-family properties was
probably about $3.9 billion, compared with
$4.3 billion in the first half of 1957 and a
record $6.5 billion in the first half of 1955.
At mid-1958, $48 billion of the $111 billion
outstanding was Federally underwritten.
Institutional holdings. Holdings of 1- to
4-family mortgage debt by private financial
institutions increased less in the first quarter
of 1958 than in the corresponding months of
recent years, as may be seen from the table.
The unattractiveness of VA-guaranteed
loans last winter, when their yields were
relatively low, is reflected in the decline in
holdings by these institutions. The decline
occurred despite the fact that institutions
were purchasing VA mortgages from the
Federal National Mortgage Association in
this period. Private institutional holdings
CHANGE IN H O M E MORTGAGES AT INSTITUTIONS
FIRST QUARTER, 1955-58
[In millions of dollars]
Type of institution
or mortgage
Total
1958
1957
1956
1955
1,267
1,468
2,346
2,600
-45
255
280
-95
490
295
305
690
490
395
570
483
111
778
861
1,152
1,034
-7
240
938
432
98
1,072
1,003
271
1,258
1,046
296
Institution
Commercial banks...
Life insurance cos....
Savings banks
Savings and loan
assns
Mortgage
Conventional
VA
FHA
NOTE.—Change in private institutional holdings of mortgages
on 1- to 4-family properties. Federal Reserve estimates based
on data from Federal and private agencies.
of conventional and FHA mortgages, in contrast, increased more in the first quarter this
year than last.
The differing capacity of institutional
investors to respond to market alternatives
is also suggested by the table. Commercial
banks, with a wide choice of investments
and the greatest need for liquidity, reduced
their mortgage holdings both this year and
last. Insurance companies and savings
banks, with more restricted alternatives than
commercial banks, increased their holdings
less this year than last.
Savings and loan associations, which are
restricted by regulation and tradition to
investing the bulk of their assets in first
mortgages, increased their mortgage holdings by about the same amount in both years.
The associations also reduced their borrowings from the Federal home loan banks and
increased their deposits with the banks.
The Balance Sheet of Agriculture, 1958
The major factual portion of the fourteenth
in a series of annual reports on the financial condition of agriculture, issued by the United States
Department of Agriculture, is given below.1 The
full report will be published as an Agriculture
Information Bulletin of the Department of Agriculture.
The study was prepared under the direction of
Norman J. Wall, Chief, Agricultural Finance
Research Branch, Farm Economics Research Division, Agricultural Research Service, by F. L.
Garlock, L. A. Jones, W. H. Scofield, F. D.
Stocker, and R. W. Bierman.
Data relating to the inventories of livestock,
crops, machinery, and household equipment were
prepared under the direction of the following
persons: Livestock—R. H. Moats; crops—C. E.
Burkhead, J. J. Morgan, George D. Harrell; machinery—Robert H. Masucci, Q. Francis Dallavalle; household equipment—Jean L. Pennock.
Data relating to farm income and expenditures
were compiled under the direction of E. W. Grove.
SUMMARY OF THE 1958 BALANCE SHEET
Farm assets rose to a new record value of $187
billion on January 1, 1958. Although farm debts
also increased in 1957, the equities of farmers and
other owners of farm properties reached a new
peak of $167 billion (Table 1).
As in other recent years, the increase during
1957 in farm values and equities resulted chiefly
from the upward trend of farm real estate values.
Nearly $7 billion of the $10 billion increase in
asset values arose from this source. But an important factor was an increase of about $3 billion
in the value of livestock on farms. This was the
result of higher prices for livestock. Most other
types of farm assets rose slightly in 1957 but the
value of crop inventories dropped enough to offset
the increases in these other assets. The decline
in value of crop inventories resulted from lower
prices of crops. Physical inventories of crops
increased (Table 2).
Farm debts rose again in 1957 as they have
each year since 1945. The increase in 1957 was
almost exclusively in farm mortgage debt: nonreal-estate farm debt as an aggregate showed little
change. However, a sharp decrease occurred in
outstanding price-support loans made or guaranteed by the Commodity Credit Corporation, and
an offsetting increase occurred in other non-realestate debt. Wet weather in the fall of 1957
brought late harvest of cotton and corn and impaired the quality so much that large quantities
x
The balance sheet as presented here brings together the assets and liabilities of agriculture as though
it were one large enterprise. It is the 14th in a series
that contains comparable estimates annually beginning in 1940. Annual changes shown in it provide one
means of appraising the effects on the financial structure of agriculture of developments in both the farm
and nonfarm sectors of the economy.
This report shows farm assets and farm debts as of
the beginning of 1958 and selected earlier years, and
it deals mainly with changes in the financial situation
of agriculture that occurred during 1957.
In using and interpreting the balance sheet, it should
be recognized that the data are aggregates and do not
show the distribution of assets and debts among owneroperators, tenants, and landlords. Nor do the data
permit full separation of the farm firm as a production
unit from the farm family as a consumption unit. Further, changes indicated in farm assets and net worth
should be used with caution as a measure of the general economic situation of farmers. Year-to-year
changes in the market value of farm assets frequently
reflect only changes in unit prices. Recent increases
in market values of some assets, particularly farm real
estate, represent "paper" gains in the sense that they
can be realized only if the assets are sold or used as
security for additional credit.
The general financial and credit position of agriculture and how it varies among regions and among some
groups of farmers is given special attention in the
893
Agricultural Finance Outlook issued in November of
each year by the Agricultural Research Service.
894
FEDERAL RESERVE BULLETIN • AUGUST 1958
TABLE 1
TABLE 2
COMPARATIVE BALANCE SHEET OF AGRICULTURE
UNITED STATES, JANUARY 1, 1940, 1957, AND 1958
PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940
PRICES, JANUARY 1, 1940, 1957, AND 1958
[In billions of dollars]
[In billions of dollars]
Item
1940
19571
1958
Net change
(Per cent)
2
Assets
1940-58
Claims
Liabilities:
Real estate debt
Non-real-estate debt
to:
Commodity Credit
Corporation6
Other reporting
institutions7
Nonreporting creditors**
53.0
6.6
176.4 186.7
+251.3
+5.7
10.5
+59.6
+6.1
9.9
.4
1.6
1.2
+ 175.5 -22.2
1.5
4.5
5.0
+ 232.0 + 11.7
+ 133.3
0.0
+ 101.6 +4.0
+286.2 +5.9
+251.3 +5.7
1.5
3.5
3.5
Total liabilities 5. 10.0
19.5
20.2
Proprietors' equities
Totals
43.0
156.9 166.5
53.0
176.4 186.7
1957
1958
1 Revised.
Computed from unrounded data.
Includes all crops held on farms for whatever purpose and crops
held off farms as security for Commodity Credit Corporation loans.
The
latter on Jan. 1, 1958 totaled $700 million.
4
Estimated valuation for 1940, plus purchases minus depreciation
since then.
5 Total of rounded data.
6 Although these are nonrecourse loans, they are included as
liabilities because borrowers must either repay in cash or deliver the
commodities on which they were based. The values of the underlying commodities are included among the assets; hence the loans
must be included as liabilities to avoid overstating the amount of
proprietors' equities.
7 Loans of all operating banks, the production credit associations,
and the Farmers Home Administration, and discounts of the Federal
intermediate credit banks for agricultural credit corporations and
livestock
loan companies.
8
Loans and credits extended by dealers, merchants, finance companies, individuals, and others. Estimates based on fragmentary
data.
2
3
Net change 1
(Per cent)
1940-58 1957-58
1957-58
Assets
Physical assets:
Real estate
33.6 109.5 116.3
+245.7 +6.2
Non-real-estate:
Livestock
5.1 11.1 14.2
+ 175.9 +27.2
M a c h i n e r y and
motor vehicles.... 3.1 17.2 17.6
+473.9 +2.1
Crops stored on and
off farms 3
7.6
+ 185.9 -8.6
2.7
8.3
Household furnishings 4 and equipment
4.3 12.4 12.8
+ 198.5 +2.5
Financial assets:
Deposits and currency. 3.2
+ 190.7 +0.7
9.3
9.4
United States savings
bonds
5.1
0.0
.2
5.1 + 1,932.9
Investments in cooperatives
+ 341.1 +5.4
.8
3.5
3.7
Totals
1940
Real estate 2
Livestock .
...
Machinery and motor vehides
Crops stored on and off
farms
Household furnishings
and
equipment 4
Totals...
33.6 337.7
5.0
5.1
37.9
4.9
3.1
7.4
7.2
2.7
3.4
3.7
4.3
36.9
7.0
48.8
360.4
60 7
+ 12.6
-3.7
+ 135.1
+ 37.2
+63.4
+24.4
+0.4
-1.1
-2.2
+7.9
+0.9
+0.5
1
2
Computed from unrounded data.
This series is based on data for Census years developed by Alvin
S. Tostlebe in cooperation with the National Bureau of Economic
Research. It takes into account changes in the area in farms, acreage
of improved land, and number and condition of farm structures.
(See Agricultural Finance Review, November 1952.) Data for interCensal years, and for 1951-58, are extensions from Census benchmarks based on net investment in farm structures (gross investment
minus depreciation).
3 Revised.
4
Purchases since 1940 are deflated by an index of prices paid by
farmers for housefurnishings.
s Total of rounded data.
for livestock loans to restock ranges and feed lots
that had been depleted during the drought.
The net income of farm operators, including
inventory gains or losses, was at about the same
level in 1957 as in 1956—$11.6 billion—despite
higher returns in 1957 from sales of livestock.
But the net income that farm operators realized
in 1957 amounted only to $10.8 billion, nearly
$1.3 billion less than the amount they realized in
1956. The increase in inventories of crops that
had not been sold or put under price-support
loan was mainly responsible for the lower net
realized income of farm operators in 1957.
In the first half of 1958, receipts from marketings picked up sharply and the realized net income
of farm operators was about 22 per cent higher
than in the corresponding months of 1957.
INFLUENCE OF GENERAL ECONOMIC SITUATION
of these crops did not qualify for price-support
loans. As farmers obtained a smaller volume of
price-support loans in the fall of 1957 than in
the preceding year, they obtained a larger volume
of other types of loans to meet their needs. Improved pastures in the Plains States and larger
crops in the western Corn Belt stimulated demand
Consumers' expenditures for food increased about
7 per cent in 1957. About half the increase in
outlays for food reflected higher prices. The costs
of processing and marketing food increased about
as much as retail prices, so that the farmer's share
of the consumer's food dollar remained at 40
cents, the same as in 1956.
895
THE BALANCE SHEET OF AGRICULTURE, 1958
In 1957, the agricultural economy drew support
also from record farm exports. The total, valued
at $4.5 billion, was 8 per cent above the previous
high of $4.2 billion in 1956. A 52 per cent
increase in the volume of cotton exports accounted
for most of the rise. Exports of other crops—
especially wheat, rice, corn, tobacco and soybeans
—also continued large.
A vigorous demand and reduced marketings led
to comparatively strong prices for livestock products in 1957. But heavy supplies of many crops
continued to act as a brake on farm product
prices and on farm income. As a net result, the
1957 index of prices for all farm products averaged about 3 per cent higher—the first year-toyear gain since 1951—and total net farm income,
after a five-year decline, held unchanged from
1956.
livestock—more than $300 million—was the largest increase in any group of expenditures. Expenditures for taxes, wages, and mortgage interest
also increased. Prices paid by farmers for items
used in production, including interest, taxes, and
wage rates, rose about 4 per cent between 1956
and 1957.
The purchasing power of realized net income
of farm operators from farming dropped about
13 per cent. This resulted partly from a decline
in current-dollar income and partly from an increase of nearly 3 per cent in the prices farmers
TABLE 3
COMPARATIVE INCOME STATEMENT FOR AGRICULTURE
UNITED STATES, 1940, 1956,
1957
[In millions of dollars]
Item
1940
19561
1957
8,382
723
1,210
723
281
30,539
554
1,779
-479
29,757
1,016
1,763
1,794
758
11,319
34,137
35,088
998
3,873
4,083
517
306
1,613
1,265
1,947
1,006
3,616
796
3,741
451
197
708
4,979
1,203
534
2,299
18,144
1,265
534
2,314
19,070
6,340
15,993
16,018
INCOME
How net income was obtained
Total gross farm income in 1957 was $35.1 billion,
about 3 per cent higher than in 1956. Although
receipts from farm marketings declined, there was
a substantial increase in income from the value of
inventory adjustments, and Government payments
to farmers totaled $1.0 billion in 1957, almost
twice as large as in the year before (Table 3).
The total volume of farm products sold or used
in the farm home declined 3 per cent; crops
declined 9 per cent and livestock less than 2 per
cent. Average prices received by farmers in 1957
were 3 per cent lower than in 1956 for crops but
8 per cent higher for livestock.
Cash receipts from farm marketings in 1957
were below 1956 in 6 of the 10 regions. The
declines were largest in the South, especially in
the Delta States and the Southeast. In these
regions, late rains damaged crops and delayed
harvesting. Moreover, total production of cotton
and other crops was down and much of the harvest
was carried over for sale in 1958. The Lake
States and Mountain regions which showed the
largest increase in receipts from farm marketings
were helped by the relatively favorable prices
received for meat animals.
Production costs were nearly $1.0 billion higher
in 1957 than in 1956. Expenditures for seed and
fertilizer remained about the same but all other
cost groups rose. The increase for purchase of
Total gross farm income:
Cash receipts from farm marketings.
Government payments to farmers. .
Home consumption of farm products
Rental value of farm dwellings
Net change in inventory2
Total
Production costs, other than wages,
rent, and interest on mortgages:
Feed bought
Livestock bought, except horses and
mules
Fertilizer and lime bought
Repairs and operation of capital
items
Depreciation and other consumption
of farm capital
Taxes on farm real estate and personal property
Seed bought
Miscellaneous
Total
Net income from agriculture.
1,744
1,277
3,735
3,915
How net income was distributed
Wages to hired labor (cash and perquisites)
Net rent and Government payments
to
landlords not living on farms 3
Interest on farm mortgage debt
Net income of farm operators
1,029
2,791
2,872
448
293
4,570
1,124
446
11,632
1,080
468
11,598
Net income from agriculture
6,340
15,993
16,018
4,570
281
11,632
-479
11,598
758
4,289
12,111
10,840
Realized net income of farm operators
Net income of farm operators
Net change in inventory
Realized net income of farm
operators
1 Revised.
2
Reflects the physical changes during the year in all livestock and
crops on farms, except crops under CCC loan, with the changes
valued
at average prices for the year.
3
After subtraction of taxes, mortgage interest, and other expenses
paid by such landlords.
896
FEDERAL RESERVE BULLETIN • AUGUST 1958
paid for items used in family living. Except for
1956 the purchasing power of realized net income
declined each year since 1951. In 1957, it was
only 7 per cent above 1940 and only about half
the level of the high year 1946.
The income that farmers received from non-
farm sources in 1957 is estimated at $6.3 billion,
down about 6 per cent from the all-time high of
$6.7 billion received in 1956. A decline in the
farm population, and less opportunity for nonfarm
employment in some areas, were mainly responsible for lower income from such sources.
THE 1958 BALANCE SHEET IN DETAIL
In the preceding paragraphs, the balance sheet
was summarized in general terms. In the sections
that follow, each item of the 1958 balance sheet
is treated in detail.
CHANGE IN DOLLAR VALUE
OF FARMLAND*
Percentages, M a r c h 1 9 5 7 to M a r c h 1958
ASSETS
Assets fall into two general classes: (1) Physical
assets, both real estate and tangible personalty;
and (2) financial assets, which include cash,
bank deposits, United States savings bonds, and
farmers' investments in cooperative associations.
Farm real estate. The total value of farm real
estate (land and buildings) was estimated at
$116.3 billion on March 1, 1958 or $100.39 per
acre. This was a new record; it was 6 per cent or
$6.8 billion above the previous high set in March
1957. The value of farm buildings was estimated
at $26.9 billion on March 1, 1958, or 23.2 per
cent of the value of farm real estate. This was a
slightly higher proportion of the total than a
year earlier.
The average value of farm real estate per acre
advanced in all States in the 12 months ended
March 1, 1958. Increases ranged from 5 to 7
per cent in more than one-half of the States;
values were up 8 per cent or more in several
Northeastern and Southeastern States, in Arizona,
and in the Northern Plains, as the map shows.
A complex of factors has contributed to the
rise in farm real estate values in the last four
years. Among these are inflationary pressures,
demand for land for nonfarm uses, Government
programs, and the reductions in cost made possible by enlargement of existing farms. Most of
these forces continued to support or to increase
market values of farm real estate the year just
past. Despite reduced employment in the durable
goods and manufacturing sectors, demand for
farm products was sustained, and prices received
by farmers in the spring of 1958 were the highest
in five years. This improvement in the agricul-
U S. INCREASE
tural situation, together with excellent prospects
for wheat in the former drought areas, added a
note of optimism to the farm real estate market in
some sections of the country this spring. In other
areas, where adverse fall weather had delayed or
damaged harvest, little change in land values
occurred.
The trend toward larger farm operating units
with its associated demand for land for farm
enlargement continues at an accelerated rate.
Sales data show that 40 per cent of the transfers
reported for the year ended March 1958 were for
additions to existing farms. A year earlier, the
proportion was 38 per cent. This type of demand
for land has contributed most to the market in
the wheat areas where the proportion of purchases
for enlargement currently makes up 65 per cent
of all transfers. The proportion was nearly 50
per cent in the Corn Belt and in western cotton
and range-livestock areas.
Continued increases in the market value of
production assets in agriculture, particularly of
real estate, without corresponding increases in
farm income have reduced sharply the rate of
return on farm capital in recent years. Net agricultural income after all expenses were paid (in-
897
THE BALANCE SHEET OF AGRICULTURE, 1958
eluding a charge for operator and family labor)
amounted only to 3.7 per cent on the inventory
value of physical assets of agriculture in 1957. If
an allowance is made for interest on the inventory
value of machinery, equipment and livestock, the
residual return to real estate was 3.0 per cent.
Although the rates for 1957 were slightly higher
than in 1956, average rates for the last three years
were the lowest since 1932-34 and about the
same as in 1910-15. The highest rates on record
occurred in 1942-48 when the return available for
all farm capital averaged 9.4 per cent and the
return for real estate averaged 10.5 per cent. This
unusually favorable rate of return to real estate
was due to the slow response of farm real estate
prices to sharply higher World War II and postwar farm earnings. To some extent, therefore,
the continued rise in market prices after farm
earnings turned downward following 1951 represented a "catching up" and a return to the prewar
relationships between land values and farm earnings.
Livestock and poultry on farms. The inventory of
livestock and poultry on farms on January 1, 1958
was valued at $14.2 billion, 27 per cent higher
than a year earlier and the highest since 1953.
The substantial rise in value occurred despite a
small decrease in numbers of livestock. Numbers
were fewer for all categories except sheep (Table
4). The aggregate decline as measured by valuations in 1940 prices was one per cent.
TABLE 4
LIVESTOCK AND POULTRY ON FARMS, UNITED STATES
JANUARY 1, 1957 AND 1958
19571
Class
The increase in livestock values resulted from
higher prices. For example, average prices per
hundredweight for beef cattle rose from $14.90
in January 1957 to $19.70 in January 1958. The
price of calves increased from $16.60 to $22.20,
hogs from $17.30 to $18.50, and sheep from
$5.71 to $7.83.
The strength in livestock prices stemmed in
part from the feed situation. Pastures were improved, especially in the Southern Plains, and
ranchers held back sales in an effort to restock.
In the Corn Belt the large corn crop, much of it
wet and subject to spoilage, resulted in strong
demand for cattle to utilize the feed. During the
fall of 1957 these factors slowed the downtrend
in livestock numbers and forced prices up but at
the beginning of 1958 numbers still were lower
than a year earlier.
Machinery and motor vehicles on farms. Following a decline to $2.8 billion in 1956, expenditures
for new farm machinery and motor vehicles increased 12 per cent to about $3.1 billion in 1957.
Purchases increased because of better growing
conditions and slightly higher prices for farm
products sold. The breaking of the drought in
the Southwestern and Great Plains areas helped
sales of machinery.
The value of farm machinery and motor vehicles on farms reached a record high of $17.6
billion on January 1, 1958. This was about 2
per cent above the previous record of $17.2
billion on January 1, 1957 (Table 5). Both the
numbers of principal farm machines and the
prices at which they were valued reached peak
levels on January 1, 1958. All of the major
1958
Number
(Millions)
Value
per
head
(Dollars)
Total
value
(Million
dollars)
Number
(Millions)
95
23
52
4
31
27
390
6
91.60
147.00
24.70
71.60
14.97
14.90
1.17
5.05
8,653
3,366
1,275
256
462
396
457
29
94
22
52
3
31
27
370
5
Value
per
head
(Dollars)
Total
value
(Million
dollars)
TABLE 5
VALUE OF FARM MACHINERY AND MOTOR VEHICLES
UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-58
[In millions of dollars]
Cattle
Milk cows 2 . . .
Hogs
Horses and mules
Allsheep3
Stock sheep4..
Chickens
Turkeys
Total
11,132
1 Revised.
Included in cattle.
Includes sheep and lambs on feed for market.
Included in all sheep.
2
3
4
120.00 11,235
176.00 3,932
30.10 1,553
83.90
281
19.21
602
19.40
530
1.26
467
4.68
25
14,163
Year
1940
19501
I9551 ..
I9571
1958
i Revised.
Total
Tractors
Automobiles
Motortrucks
Other
farm
machinery
3,060
11,314
16,200
17,192
17,560
503
2,380
3,120
3.309
3,348
958
2,324
3,827
4,026
3,948
262
1,446
1,885
2,093
2,182
1,337
5,164
7,368
7,764
8,082
898
FEDERAL RESERVE BULLETIN • AUGUST 1958
classes of farm machinery and motor vehicles on
farms, except automobiles, were up in value. Automobiles declined in value from $4.0 billion on
January 1, 1957 to $3.9 billion on January 1,
1958.
In constant prices, the value of farm machinery
and motor vehicles on January 1, 1958 was about
2 per cent lower than a year earlier. Expenditures
for new machinery, although higher in 1957 than
in 1956, were less than depreciation allowances.
Crops. Crop inventories of farmers, including
crops pledged under loan to the Commodity
Credit Corporation, were valued at $7.6 billion
on January 1, 1958, about 9 per cent less than a
year earlier. All the major crop groups listed,
except the miscellaneous feed grains of oats, barley, and grain sorghum, showed declines. The
value of stored soybeans was about the same on
each date.
The physical quantity of crop inventories, as
measured in 1940 prices, increased nearly 8 per
cent between January 1, 1957 and January 1,
1958. For crops stored on farms the quantity
increased 11 per cent. Quantities of feed grains,
hay and forage, and cotton stored on farms increased. Storage on the farm of the food grains
and oil crops showed a small decline. The quantity of crops stored off-farm under CCC loan
decreased about 22 per cent, mainly because of
less cotton and wheat.
Liquid financial assets. Bank deposits, currency,
and United States savings bonds owned by farmers
on January 1, 1958 are estimated at $14.5 billion.
A year earlier they totaled $14.4 billion (Table 6).
The amount of currency farmers had at home
or in their pockets was $2.0 billion, the same as
last year. Time deposits (savings accounts) rose
sharply to $2.9 billion—the largest since estimates
began in 1940. At the beginning of 1958, farmers' checking accounts totaled $4.5 billion. The
decline from $4.7 billion a year earlier may have
been due partly to a shift of funds to savings
accounts.
A survey made by the Federal Reserve Board
shows much variation among regions in farmers'
checking accounts. For the country as a whole,
the average size of farmers' checking accounts,
$1,358, was about the same as a year earlier and
ranged from $2,421 in the San Francisco District
to $871 in the Richmond District. Most farmers
have smaller accounts than these averages, which
TABLE 6
LIQUID FINANCIAL ASSETS OWNED BY FARMERS
JANUARY 1, SELECTED YEARS, 1940-58
[In billions of dollars]
Year
1940
1945
1950
1955
1957
1958
Total 1
3.4
11.3
13.8
14.4
14.4
14.5
Currency
0.7
2.6
2.5
2.2
12.0
2.0
Deposits
Demand
Time
U.S.
savings1
bonds
1.3
3.6
4.5
4.7
4.7
4.5
1.2
1.7
2.1
2.5
2.6
2.9
0.2
3.4
4.7
5.0
5.1
5.1
i Revised.
are influenced heavily by a relatively few persons
who have very large accounts.
The cash value of United States savings bonds
owned by farmers at the beginning of 1958 was
the same as a year earlier, $5.1 billion. This is
the first year since 1952 that holdings of bonds
did not increase. The general rise in interest rates
which made other types of bonds and savings
accounts more attractive has been the main factor
in this situation. Purchases of United States savings bonds by farmers decreased about 19 per
cent from 1956 to 1957. Purchases of Series H
bonds, which are often bought by the larger investors, declined 26 per cent. The amount of
savings bonds cashed by farmers in 1957 was
about 3 per cent larger than in 1956 and exceeded
the amount of bonds purchased by more than
$100 million. The cash value of outstanding
bonds, however, was maintained at the level of
$5.1 billion because of the interest that accrued
during 1957.
Net worth of farmers' cooperatives. The net
worth of farmers' cooperatives again in 1957
showed an increase of about $0.2 billion, and
reached $3.7 billion on January 1, 1958. Cooperatives have had a steady financial growth since
the end of World War II. On January 1, 1958
marketing associations had the largest net worth,
$1,370 million. Associations through which farmers buy feed, seed, fertilizer and other supplies
were next in importance with an aggregate net
worth of $675 million. The combined net worth
of the credit cooperatives that operate under the
Federally sponsored Farm Credit System totaled
$669 million.
899
THE BALANCE SHEET OF AGRICULTURE, 1958
Assets used in farm production. On January 1,
1958, the value of assets used in farm production
amounted to $140.6 billion, or about three-fourths
of all assets included in the balance sheet of
agriculture. All classes of production assets, except crops and checking accounts, rose in value
during 1957. These increases in value were the
TABLE 7
1940-58 x
Total
(Billions
of dollars)
E H Life ins. cos.
g§9 Banks*
>s
9
A -
I
3
38.7
67.7
95.9
121.1
132.1
140.6
01910
1920
1930
1940
1950
1960
Average (Dollars)
Per farm
worker 2
Per
farm 2
3,413
6,625
9,625
14,330
16,787
18,381
6,094
11,346
16,979
23,806
27,203
29,600
1
Includes farm real estate, less value of dwellings; livestock;
machinery and motor vehicles, less 60 per cent of the value of automobiles; crop inventories held for livestock feed; and a portion of the
demand deposits determined for each year by adjusting the deposits
of 2Jan. 1, 1942 by an index of production costs.
Number of farms and farm workers used in computing these
averages are as estimated by the U. S. Department of Agriculture.
3 Revised.
result of higher prices. Feed and forage crops
held on farms for feeding livestock were the only
assets that showed an increase in physical quantity. Most significant is the amount of production
capital handled on each farm and by each worker.
Value per farm, which was $17,000 in 1950, had
risen to $29,600 by 1958. The increase per
worker on farms was from about $9,600 to nearly
$18,400 (Table 7).
CLAIMS
Claims on agricultural assets are of two general
kinds: (1) Liabilities, which are divided into
real estate and non-real-estate debt; and (2)
equities, which represent the value of the residual
rights in agricultural assets belonging to the proprietors—owner-operators, tenants, and landlords.
Included among these proprietors are individuals,
financial institutions and other corporations, and
Federal, State, and local government agencies.
Farm real estate debt. Farm mortgage (real
estate) debt rose for the twelfth consecutive year
in 1957 to an estimated total of $10.5 billion on
January 1, 1958, as shown in the chart above.
12
£23 Joint-srock land banks
BSfl F*H \nnA hn.,1,.
Bllllfl Farmers Home Adm.
ESDFed. Farm Mort. Corp.
WB///Mm/M///MmMmmm,
All ijroduction assets
1940
1945
19503
19553
19573
1958
BIL DOLLARS |
6
VALUE OF ASSETS USED IN AGRICULTURAL PRODUCTION, UNITED STATES, JANUARY 1, SELECTED YEARS.
Year
FARM MORTGAGE DEBT HELD
BY MAJOR LENDERS
The increase for 1957 was $600 million compared
with $840 million for 1956. All regions participated in the increase in outstanding farm mortgage debt in 1957. The Delta States had the
largest increase (9.9 per cent); the smallest increases were in the Northeast (3.5 per cent) and
the Southern Plains (3.6 per cent). Among lenders, percentage increases in outstanding farm
mortgage loans ranged from 17.4 per cent for the
Farmers Home Administration to 2.3 per cent for
insured commercial banks (Table 8).
TABLE 8
FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS
UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-58
Lender
1940
Total
1950
1957
1958 1950-58 1957-58
88.3
6.0
1,897 109.4
10.1
6,586 5,579 9,908 10,507
Federal land banks 2 . 2,010
906 1,722
Federal Farm Mortgage2 3 C o r p o r a tion
59
713
0
Farmers Home
Administration4
193
32
290
Life insurance
companies2
984 1,172 2,477
Insured commercial
534
879 1,311
banks
Individuals and mis2,313 2,370 4,108
cellaneous
1
2
Percentage
change1
Amount outstanding
(In millions of dollars)
0
75.8
17.4
2,579 120.0
4.1
1,341
52.5
2.3
4,350
83.6
5.9
340
Computed from unrounded data.
Includes regular mortgages, purchase-money mortgages, and
sales
contracts.
3
Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. On
June 30, 1955, loans of the Federal Farm Mortgage Corporation
were
sold to the 12 Federal land banks.
4
For 1940 tenant-purchase loans and direct soil and water loans
to individuals only. 1945-58 includes tenant-purchase, farmenlargement, farm-development, and project-liquidation loans;
beginning July 1950, farm-housing loans; and beginning 1955,
building-improvement loans.
900
FEDERAL RESERVE BULLETIN • AUGUST 1958
U.S., 1958
CREDIT SOURCES FOR FARM PURCHASES
Other unclassified
sources
Two or more lenders
7%
Other individuals
Insurance
companies'"
Banks
In 1957, farm mortgages recorded declined in
both number and total amount. A decline in the
over-all average size of farm mortgages recorded
in 1957 reflects chiefly a shift in borrowing from
the Federal land banks and insurance companies,
which usually make larger loans, to individuals
and miscellaneous lenders, which usually make
smaller loans.
As in other recent years, farm mortgage loans
were made in 1957 chiefly for the purpose of
buying farm real estate and refinancing debts.
However, data for 12 life insurance companies
indicate that a smaller proportion of the proceeds
of their mortgage loans was used for refinancing
in 1957 than in 1956. Sellers of farm land,
chiefly individuals, accounted for the largest share
—43 per cent—of the credit used in purchasing
farm land in the year ending March 31, 1958,
as shown by the chart above. Banks provided 17
per cent of the credit, insurance companies 15
per cent, Federal land banks 9 per cent, and other
individuals 7 per cent. The proportions provided
by individuals were higher, and those from such
institutional lenders as banks, insurance companies, and the Federal land banks were lower,
than in the previous year.
Principal repayments for the Federal land banks
declined from 9.4 per cent of the amount outstanding at the beginning of the year in 1956 to
8.3 per cent in 1957. A similar decline was
noted for 16 life insurance companies where principal repayments (including payments through
refinancing) declined from 12.1 per cent of the
January 1 amount outstanding in 1956 to 10.5
per cent in 1957.
The lower volume of farm mortgage loans made
in 1957 apparently resulted largely from the tight
situation in the money markets. Rising yields of
bonds during most of the year tended to attract
funds of insurance companies and some other
lenders to the bond market. Moreover, as interest rates charged on farm mortgage loans followed
bond yields upward, farmers apparently became
less inclined to borrow. This was particularly
true of farmers who already had mortgages on
their farms and who faced the prospect of having
to refinance their old loans at higher rates in
order to obtain additional advances.
Interest rates on new farm mortgage loans rose
by one-half of one to one percentage point during
1957.
Contract rates on mortgages recorded
during the first quarter of 1957 varied from an
average of 5.86 per cent for banks and trust companies to averages of 5.21 per cent for insurance
companies and 4.40 per cent for Federal land
banks. By November 1957, nine of the Federal
land banks were charging 5.5 per cent and three
banks were charging 6 per cent. Leading life insurance companies in the farm mortgage field reported a minimum rate of 5.5 per cent in early
November 1957. In some areas this rate was as
high as 6 per cent.
Interest rates charged by the Federal land banks
and probably by other lenders turned downward
during the early months of 1958. On July 1,
1958, only four land banks were charging 5.5
per cent; seven charged 5 per cent; and the Omaha
bank charged 4.5 per cent.
Non-real-estate debt. Total non-real-estate debt
of farmers amounted to about $9.7 billion on
January 1, 1958, only slightly more than a year
earlier. But noteworthy changes occurred during
1957 in the composition of this debt. Price-support loans, made or guaranteed by the Commodity
Credit Corporation, dropped sharply from $1.6
billion at the beginning of the year to $1.2 billion
at the end of the year. Other types of loans
increased from $8.0 billion to $8.5 billion (Table
9).
These changes resulted partly from wet weather
in the fall of 1957, which delayed harvests and
impaired the quality of the cotton, corn, and other
crops. This caused smaller quantities of these
crops to be placed under price-support loans in
the fall of 1957 than in other recent years. Repay-
THE BALANCE SHEET OF AGRICULTURE, 1958
TABLE 9
FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES
JANUARY 1, SELECTED YEARS, 1940-58
[In billions of dollars]
Type of debt
1940
Price-support loans made or
guaranteed by Commodity
Credit Corporation 1
Other loans by banks and
Federally sponsored agencies...
Loans and book credits
by miscellaneous lenders2
Total, excluding CCC loans
Total, including CCC l o a n s . . . .
1950
1957
1958
1.7
1.6
1.2
2.8
4.5
5.0
1.5
2.4
3.5
3.5
3.0
3.4
5.2
6.9
8.0
9.6
8.5
9.7
0.4
1 Although these are nonrecourse loans, they are treated as debts.
Borrowers must either pay them in cash or deliver the commodities
on which they were based.
2 Estimates based on fragmentary data.
ments of other loans were slowed and, at the same
time, farmers' needs for loans to meet operating
and living expenses were increased. In the western Corn Belt, the large but wet corn crop stimulated demand for loans to buy feeder cattle.
The demand of farmers for other loans was
strengthened also by increased purchases of farm
machinery in 1957, and by improved pastures in
the Plains and Southwestern States, which increased demands for cattle to restock ranges that
had been depleted during the drought.
Under the impact of these forces, outstanding
production loans to farmers held by banks and
NON-REAL-ESTATE FARM LOANS
Held by Banks and Federally Sponsored Agencies*
F. H. A.°
|
Prod, credit ass'nst
All operating banks
1910
1920
1930
1940
1950
1960
901
Federally sponsored agencies increased by nearly
12 per cent during 1957, as shown by the accompanying chart. Increases occurred in all States
except Rhode Island and Connecticut but, with
few exceptions, the largest increases were in the
Plains and Southern States.
In 1957, the production credit associations expanded their outstanding loans by about 27 per
cent whereas banks and the Farmers Home Administration increased their outstanding production loans to farmers by only about 10 per cent
and one per cent respectively. Two factors go
far towards explaining the exceptionally large increase in loans of the production credit associations: (1) The offering of intermediate-term loans,
with maturities ranging up to five years, has attracted business to them; and (2) as their operating margins were reduced in 1957 by the rise in
money market rates, the associations were under
considerable pressure to increase their volume of
business in order to maintain their earnings.
Because of rising rates of interest in the money
markets during 1956 and 1957, most of the production credit associations increased the rates they
charge farmers on new loans. At the beginning of
1956 only slightly more than half of the associations charged rates as high as 6 per cent. By the
end of 1957, nearly all of the associations were
charging 6 per cent or more for loans. Bank rates
to farmers were not affected as strongly by rising
money market rates as were those of the production credit associations, but indications are that
they also increased during 1956 and 1957. With
the decline in money market rates since last
November, rates charged by some of the production credit associations have been lowered.
Total farm debt. Total farm debt, including
price-support loans, rose from $19.5 billion at the
beginning, to $20.2 billion at the end, of 1957.
This debt has risen each year since 1946, when it
totaled only $8.0 billion. On January 1, 1958,
farm debt amounted to 11 per cent of the value
of farm assets, compared with 8 per cent on
January 1, 1946.
Law Department
Administrative interpretations, new regulations, and similar material
National Bank Real Estate Loans
By Act of Congress approved July 18, 1958
(Public Law 85-536), the fourth paragraph of section 24 of the Federal Reserve Act was amended
so as to make the limitations and restrictions on
real estate loans by national banks inapplicable to
loans made by such banks to established industrial
or commercial businesses in which the Small Business Administration cooperates through agreements to participate on an immediate or deferred
basis. The text of the pertinent provision of the
Act reads as follows:
Sec. 3. The fourth paragraph of section 24 of the
Federal Reserve Act is amended (1) by striking out
"or the Small Business Administration" and "or of the
Small Business Act of 1953,", and (2) by adding at the
end thereof the following new sentence: "Loans in
which the Small Business Administration cooperates
through agreements to participate on an immediate
or deferred basis under the Small Business Act shall
not be subject to the restrictions or limitations of this
section imposed upon loans secured by real estate."
Margin Requirements
The Board of Governors of the Federal Reserve System, effective August 5, 1958, amended
the Supplement to Regulation T entitled "Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges," and amended the Supplement to Regulation U entitled "Loans by Banks for the Pur-
pose of Purchasing or Carrying Stocks Registered
on a National Securities Exchange" so as to increase the margin requirements from 50 per cent
to 70 per cent for credit extended by brokers and
banks to finance purchases of stock exchange securities. The increased margins also apply to short
sales. The texts of the Supplements as thus
amended are as follows:
SUPPLEMENT TO REGULATION T
Maximum loan value for general accounts.—
The maximum loan value of a registered security
(other than an exempted security) in a general
account, subject to section 3 of Regulation T, shall
be 30 per cent of its current market value.
Margin required for short sales in general accounts.—The amount to be included in the adjusted debit balance of a general account, pursuant to section 3(d) (3) of Regulation T, as margin required for short sales of securities (other
than exempted securities) shall be 70 per cent of
the current market value of each such security.
SUPPLEMENT TO REGULATION U
For the purpose of section 1 of Regulation U,
the maximum loan value of any stock, whether
or not registered on a national securities exchange,
shall be 30 per cent of its current market value,
as determined by any reasonable method.
APPLICATIONS OF FIRST NEW YORK CORPORATION ET AL. TO BECOME BANK HOLDING
COMPANIES
The Board of Governors of the Federal Reserve
System, on July 10, 1958, issued an Order denying
the applications of First New York Corporation,
The First National City Bank of New York, and
International Banking Corporation, under Section
3 of the Bank Holding Company Act of 1956, to
become bank holding companies. There are published below copies of the Board's Order (Docket
Nos. BHC 1-3), Statement by the Board, Dissenting Statement by certain members of the Board,
and Supplemental Report and Recommended
Decision of the Hearing Examiner.
ORDER DENYING APPLICATIONS
There having come before the Board of Governors, pursuant to Section 3(a)(l) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842)
and Section 4 ( a ) ( l ) of the Board's Regulation Y
(12 CFR 222.4(a)(l)), applications on behalf of
First New York Corporation, a Delaware corporation with its principal office in New York City,
The First National City Bank of New York, New
York City, and International Banking Corporation, a Connecticut corporation with its principal
902
LAW DEPARTMENT
office in New York City, for the Board's prior approval of action whereby each of such companies
would become a bank holding company under the
Act; a hearing on said applications having been
held pursuant to Section 7(a) of the Board's Regulation Y (12 CFR 222.7(a)); opportunity having
been given to all parties for the filing of proposed
findings and conclusions; the Hearing Examiner
having filed a Report and Recommended Decision
and a Supplemental Report and Recommended
Decision, in each of which he recommended that
said applications be denied; the Applicants and
The County Trust Company, White Plains, New
York (a non-applicant party to this proceeding),
having filed exceptions and briefs; oral arguments
having been presented to the Board; and all such
steps having been taken in accordance with the
Board's Rules of Practice for Formal Hearings
(12 CFR 263):
IT IS HEREBY ORDERED, for the reasons set forth
in the accompanying Statement of the Board, that
the applications of First New York Corporation,
The First National City Bank of New York, and
International Banking Corporation pursuant to
Section 3(a)(l) of the Bank Holding Company
Act of 1956, shall be, and hereby are, denied.
This 10th day of July 1958.
By order of the Board of Governors.
Voting for this action: Chairman Martin, Vice Chairman Balderston, and Governors Szymczak, Robertson,
and Shepardson; voting against this action: Governors
Vardaman and Mills.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
STATEMENT
Nature of the proposal. This case involves consideration of applications by three companies, filed
pursuant to Section 3(a) (1 )x of the Bank Holding
Company Act of 1956 (hereafter sometimes referred to as the "Act"), for prior approval by the
Board of Governors of the Federal Reserve System
of action which will cause each of such companies
to become a bank holding company under the Act.
1
Section 3(a)(l) provides: "It shall be unlawful except with
the prior approval of the Board (1) for any action to be taken
which results in a company becoming a bank holding company
under Section 2(a) of this Act; . . . ."
903
The three applications are here considered together because they represent a single proposal.
Moreover, two of them are for holding companies
that would exist only temporarily.
Broadly speaking, the general purpose of the
proposal is to create a new bank holding company,
First New York Corporation, which would control three existing banking institutions, namely,
The First National City Bank of New York, City
Bank Farmers Trust Company, New York, and
The County Trust Company, White Plains, Westchester County, New York.
The Applicants are First New York Corporation (hereafter referred to as "First"), a Delaware
corporation with its principal office in New York
City; The First National City Bank of New York
(hereafter referred to as "City Bank"), a national
banking association with its principal place of business in New York City; and International Banking Corporation (hereafter referred to as "IBC"),
a Connecticut corporation, operating under an
agreement with the Board pursuant to Section 25
of the Federal Reserve Act and engaged in international and foreign banking. IBC is a whollyowned subsidiary of City Bank.
The details of Applicants' plan are set forth in
a document entitled "Reorganization Program"
introduced in evidence as Board Exhibit 4.2 For
present purposes, the essential features of that
plan are as follows:
All of the outstanding capital stock of First
would be acquired by IBC. First would then
cause the organization of three new national banking associations to be known as The Metropolitan
National Bank, The First National City Trust
Company of New York (hereafter referred to as
"City Trust"), and County Trust National Bank
(hereafter referred to as "County National"). All
of the stock of these banks, except directors'
qualifying shares, would be acquired by First. By
such action, First would become a bank holding
company under the Act. Since First's stock would
be held by IBC and since the latter is controlled
2
Board Exhibits 1, 2, 3, and 4 were, respectively, the application of First New York Corporation, the application of
The First National City Bank, the application of International Banking Corporation, and Applicants' "Reorganization Program." Hereafter in this Statement Applicants' Exhibits are referred to as "App. Exh. —", and the Board's Exhibits are referred to as "Bd. Exh. —." References to the
hearing transcript are indicated by "T. —."
904
FEDERAL RESERVE BULLETIN • AUGUST 1958
by City Bank, both City Bank and IBC would also
become bank holding companies as a result of the
same action.
Subject to approval by the Comptroller of the
Currency, each of the three presently existing
banks previously mentioned would be consolidated
with one of the three new national banks. City
Bank would be consolidated with The Metropolitan National Bank under the charter of the latter
and the name of the former. City Bank Farmers
Trust Company, New York, New York (hereafter referred to as "Farmers"), which is presently
affiliated with City Bank by reason of the fact that
Farmers' stock except for directors' qualifying
shares is held by trustees for shareholders of City
Bank, would be consolidated with City Trust under the charter and name of the latter. The
County Trust Company, White Plains, New York
(hereafter referred to as "County Trust"), which
is not now affiliated with City Bank or Farmers,
would be consolidated with County National under
the charter and name of the latter. First would
be a party to these consolidation agreements and
would become the owner of all the stock, except
the directors' qualifying shares, of City Bank, City
Trust, and County National.
In connection with the consolidations, and following an increase in its authorized capital stock,
First would issue to the present shareholders of
City Bank and County Trust shares of First against
surrender of certificates of stock in City Bank
(which carry with them beneficial interest in
Farmers) and County Trust. Both IBC and its
parent, City Bank, would cease to be bank holding
companies. Only First would then continue as a
bank holding company, its subsidiaries being City
Bank, City Trust, and County National.
The net effect of the program, therefore, as
previously indicated, would be to bring under the
control of First, a new holding company, (1) City
Bank, (2) that bank's presently affiliated Farmers
(but under a national charter), and (3) the presently unaffiliated County Trust (also under a national charter).
History of the proceeding. The action that would
cause the Applicants to become bank holding companies, as previously noted, would be the acquisition by First of stock of the three newly organized
national banks. Accordingly, as required by Sec-
tion 3(b) of the Act,3 the Board on November 14,
1956, requested the views and recommendations
of the Comptroller of the Currency with respect
to the applications. At the same time, though not
required by the Act but because two of the banks
involved are now New York State banks, the
Board also invited an expression of views by the
New York State Superintendent of Banks. In his
reply of December 13, 1956, the Comptroller recommended approval of the applications. The
State Superintendent of Banks, in a letter dated
December 12, 1956, without recommending approval or disapproval, questioned the form of the
applications as placing a veto power in the hands
of the Comptroller of the Currency contrary to
the intent of Congress and urged that a decision
on the applications be postponed pending action
by the New York State Legislature regarding the
structure of the State's banking system.
On December 26, 1956, the Board ordered a
public hearing on the applications, to be conducted
in accordance with the Board's Rules of Practice
for Formal Hearings (12 CFR 263) by a hearing
examiner selected by the Civil Service Commission pursuant to the Administrative Procedure Act
(5 U.S.C., Sec. 1010). That hearing was commenced on January 24, 1957, and the record of
the hearing was closed on September 20, 1957.
The Applicants, the Board, County Trust, and the
New York State Banking Department were designated by the Hearing Examiner as parties to the
proceeding.
Following submission of proposed findings by
the Applicants,, a statement by Counsel for the
Board regarding the Applicants' proposed findings,
3
Section 3(b) provides: "(b) Upon receiving from a company any application for approval under this Section, the
Board shall give notice to the Comptroller of the Currency, if
the applicant company or any bank the voting shares or assets
of which are sought to be acquired is a national banking association or a District bank, or to the appropriate supervisory
authority of the interested State, if the applicant company or
any bank the voting shares or assets of which are sought to be
acquired is a State bank, and shall allow 30 days within
which the views and recommendations of the Comptroller of
the Currency or the State supervisory authority, as the case
may be, may be submitted. If the Comptroller of the Currency
or the State supervisory authority so notified by the Board disapproves the application in writing within said 30 days, the
Board shall forthwith give written notice of that fact to the
applicant. Within three days after giving such notice to the
applicant, the Board shall notify in writing the applicant
and the disapproving authority of the date for commencement
of a hearing by it on such application. Any such hearing shall
be commenced not less than 10 nor more than 30 days after
the Board has given written notice to the applicant of the
action of the disapproving authority. The length of any such
hearing shall be determined by the Board, but it shall afford
all interested parties a reasonable opportunity to testify at
such hearing. At the conclusion thereof, the Board shall by
order grant or deny the application on the basis of the record
made at such hearing."
LAW DEPARTMENT
and memoranda by the Applicants and the New
York State Banking Department regarding the
effect on these proceedings of New York legislation relating to bank holding companies, the Hearing Examiner on October 3, 1957, filed with the
Board his Report and Recommended Decision.
The Hearing Examiner recommended that the applications be denied because of the existence of
Article III-B of the New York Banking Law,
which would make unlawful consummation of the
plan here proposed. In view of this recommendation, the Hearing Examiner's Report did not discuss or pass upon the merits of the applications in
the light of the factors set forth in Section 3(c) of
the Act, hereinafter described.
Following exceptions to the Hearing Examiner's
Report and Recommended Decision, oral arguments were presented before the Board on November 26, 1957. On December 10, 1957, the
Board remanded the case to the Hearing Examiner
for a report and recommendation with respect to
the merits of the applications, apart from the legal
effect of the New York statute.
On February 20, 1958, the Hearing Examiner
filed with the Board a Supplemental Report and
Recommended Decision. It was his recommendation that the Board deny the applications for the
reasons, among others, that ". . . the prospective
and possible benefits of the program do not outweigh its prospective and possible disadvantages."
He concluded that ". . . the program is not required for the needs and welfare of the community
and area, and further, that the effect of the proposed acquisition may be to expand the size or
extent of the holding company system involved
beyond limits consistent with adequate and sound
banking, the public interest, and the preservation
of competition in the field of banking. Under
these circumstances the applicants have not sustained the burden of establishing that the public
interest will be furthered by granting approval of
the applications."
Exceptions to the Hearing Examiner's Supplemental Report and Recommended Decision were
filed on behalf of Applicants and County Trust;
and on May 21, 1958, oral arguments were presented to the Board with respect to the merits of
the applications.
On May 22, 1958, the Board accepted as a
part of the record in the proceeding a Statement
905
submitted by the Department of Justice, relating
to the applicability of Section 7 of the Clayton
Antitrust Act to the transaction here proposed.
Subsequently, Applicants filed briefs in reply to the
Department's Statement.
In reaching its decision in the present case, the
Board has given careful consideration to all relevant factual material contained in the record of
the hearing; to pertinent arguments presented at
the hearing or contained in briefs, memoranda,
and statements made a part of the record of the
proceeding; to both the initial and supplemental
reports and recommended decisions filed by the
Hearing Examiner; and to statements presented at
oral arguments before the Board.
Effect of New York statute upon Board's authority.
In view of the conclusions expressed by the Hearing Examiner in his Report and Recommended
Decision of October 3, 1957, it is necessary at the
outset to determine whether the Board is precluded, as a matter of law, from considering the
merits of the present applications by reason of the
existence of Article III-B of the New York Banking Law (hereafter referred to as the "New York
statute").
The New York statute was first enacted effective January 29, 1957, shortly after commencement of the hearing in this case. It was passed as
a temporary measure to expire by its terms on
May 1, 1957, but was subsequently extended by
Acts of April 22, 1957, and April 16, 1958. Unless further extended, the statute will expire May
1, 1959. Briefly, and insofar as it is pertinent to
the present case, the New York statute has the
effect of prohibiting, until May 1, 1959, any company from acquiring 25 per cent of the stock of
two or more banks unless the banks are located
within the same city or New York State banking
district. On its face, the statute would prohibit
consummation of the transactions for which Applicants seek Board approval under the Bank
Holding Company Act, since the three proposed
subsidiary banks would not be located in the same
city or banking district of the State.
Section 7 of the Bank Holding Company Act
provides:
"Sec. 7. The enactment by the Congress of the
Bank Holding Company Act of 1956 shall not be construed as preventing any State from exercising such
powers and jurisdiction which it now has or may here-
906
FEDERAL RESERVE BULLETIN • AUGUST 1958
after have with respect to banks, bank holding companies, and subsidiaries thereof."
Because of this provision of the Act, the Hearing Examiner concluded that the New York statute
is "an exercise of State jurisdiction authorized by
the Federal law", and that, for the period of the
duration of the New York statute, it effectively
prevents approval of the program here proposed
so that the Board is "precluded" from approving
the applications at this time.
The extent of the "power and jurisdiction" of
the States in the field of bank holding company
regulation is, of course, not a matter for this
Board's decision; nor may the Board undertake to
determine whether the New York statute represents a valid exercise of that State's power. These
are matters for determination by the courts. Unless and until a court of competent jurisdiction
holds the New York statute to be invalid, the
Board must assume its validity. Davies Warehouse Co. v. Bowles, 321 U.S. 144, 153 (1944).
The question, therefore, is not whether the New
York statute is valid but whether the Bank Holding Company Act so limits the Board's discretion,
either expressly or by implication, as to make it
necessary, as a matter of law, for the Board to
disapprove the present applications because of
the existence of the New York statute.
In connection with its consideration of proposals for bank holding company legislation over
a period of years, the Congress gave careful consideration to various suggested provisions designed
to prohibit Board approval of applications in certain circumstances, such as, for example, where
the appropriate State supervisory authority objected, or where the proposed transaction would
conflict with State branch banking laws, or where
State statute would prohibit acquisition of the
stock of State banks in the same circumstances, or
where the proposed acquisition would cross State
lines. At the time such proposals were made, the
bill under consideration also contained provisions
similar to those of Section 7 of the Act preserving
the jurisdiction of the States. Congress nevertheless rejected all such proposals to limit the Board's
discretion, with the single exception of the provision prohibiting approval of acquisitions across
State lines, the provision now contained in Section 3(d) of the Act.
That Section 7 was not intended to confer upon
the States any new authority with respect to banks,
bank holding companies, and their subsidiaries is
clearly indicated by the following statement contained in the report of the Senate Banking and
Currency Committee on March 6, 1956, with respect to the meaning of the language of Section 7:
"A great deal of concern has been expressed that
Section 7 of the bill as reported by the committee
granted new authority and powers to States over
national banks in general, and respecting the stocks
of national banks in particular. This concern apparently has arisen as a result of the language added
to this Section by the committee and certain statements which appeared in the committee report. The
language added by the committee in the bill as reported provided that States in the exercise of their
jurisdiction and powers over banks and bank holding
companies could impose 'no less onerous' restrictions
than were provided in the bill. The intent of the
committee was to make it clear that a State could not
enact legislation inconsistent with the bill and therefore nullify its effect. In view of the fact that the
meaning of the no less onerous clause has apparently
been misconstrued by some persons, the committee
agreed to strike the clause and thus return to the
language of the comparable section of H. R. 6227.
However, your committee reiterates its view that
Section 7 in no way permits States to exercise such
powers and jurisdiction in a manner inconsistent with
this proposed legislation.
"In order to clarify the legislative history of Section
7, the committee wishes to emphasize that this Section
does not grant any new authority to States over national banks. The purpose of the Section is to preserve
to the States those powers which they now have in
our dual banking system. It is always of uppermost
importance in legislation of this nature to preserve the
dual system of National and State banks, and Section
7 must be viewed in that light."
In view of its language and legislative history,
Section 7 is interpreted by the Board (1) as evidencing the intent of Congress not to occupy exclusively the field of bank holding company regulation or to deprive the States of whatever jurisdiction they may lawfully have in this field and (2)
as not conferring upon the States any new authority in this respect. It is the Board's conclusion,
therefore, that neither Section 7 nor any other
provision of the Act operates to preclude the
Board from approving the present applications
because the transactions contemplated by them
would appear to be in contravention of the State
statute. It may be noted that the New York State
Banking Department has taken the position that
the New York statute does not legally preclude
Board approval of these applications, even though
that statute would prevent consummation of the
plan.
LAW DEPARTMENT
In his Report and Recommended Decision of
October 3, 1957, the Hearing Examiner assigned
a second reason for his conclusion that Board approval of the applications is precluded by virtue
of the existence of the New York statute. Section 34a of Title 12 of the United States Code,
relating to the consolidation of a State bank with
a national bank, provides that no consolidation
shall be "in contravention of the law of the State"
under which the State bank is incorporated. Since
the proposed consolidation of County Trust with
the proposed new County Trust National Bank
would be an integral part of the program, and
since in his opinion that consolidation would violate the State statute, the Hearing Examiner concluded that Section 34a of Title 12 of the United
States Code "also precludes approval of the proposed program."
While the views of the Hearing Examiner on
this point have been considered, weight must be
given to the opinion expressed by the Comptroller
of the Currency in a letter addressed to the Board
on May 10, 1957, and made a part of the record
of the hearing in this case. In that letter, the
Comptroller stated that "with respect to Section
34a of Title 12 of the United States Code, we
see nothing in Article III-B of the New York
Banking Law which deals with the consolidation
of banks or which would in any way affect the
consolidation of a State bank with a national bank
under Section 34a. . . . " That Section of Federal
law is administered by the Comptroller of the
Currency; and a determination by an agency administering a statute is to be accepted if it has a
reasonable basis in law. NLRB v. Hearst Publications, Inc., 322 U.S. I l l (1944). In the circumstances and without expressing any opinion on the
question involved, the Board feels that it should
be guided by the Comptroller's view.
Needless to say, in view of Section 11 of the
Act,4 approval of the present applications would
not in any sense obviate the need for compliance
by the Applicants with Section 34a of Title 12 of
the United States Code or any other statute that
might be applicable to any aspects of the program
contemplated by the Applicants.
4
Section 11 provides: "Nothing herein contained shall be interpreted or construed as approving any act, action, or conduct
which is or has been or may be in violation of existing law,
nor shall anything herein contained constitute a defense to any
action, suit, or proceeding pending or hereafter instituted on
account of any prohibited antitrust or monopolistic act, action,
or conduct."
907
Whether or not the existence of the New York
statute has the effect of legally precluding approval of the applications, it has been contended
further that, in any event, such approval would
constitute a vain and futile action, inasmuch as
the transaction could not be lawfully consummated
under State law. The Hearing Examiner expressed the view that, as long as the State statute
remains in effect, "a determination that portions
of the Federal Act do not prevent approval of the
applications seems like a vain thing." The New
York State Banking Department, while not asserting that the Board is legally foreclosed from
approval, took the position that the State law
makes the applications "academic and moot."
With due regard to these views, and assuming
the validity of the State statute, the Board is unable to agree that its approval of the applications
would necessarily and in all events constitute a
futile action. The New York statute by its terms
is temporary in nature; it cannot be said with certainty that it will be further extended beyond its
present expiration date or that the New York State
Legislature will not before that date enact other
legislation on this subject. Moreover, while the
Board expresses no opinion on the question, Applicants have challenged the validity of the State
statute as applied to the transaction here proposed.
While the existence of the State statute does
not, in the Board's opinion, legally bar consideration of the merits of the applications, the question
whether and to what extent weight may be given
the State statute in such consideration of the merits
is a separate question that will be dealt with at a
later point in this Statement.
Plan as giving veto power to Comptroller of the
Currency. One further preliminary question may
be briefly mentioned. In his letter to the Board
of December 12, 1956, the New York State Superintendent of Banks expressed the view that, since
the program of the Applicants would contemplate
independent action by the Comptroller of the Currency with respect to approval of charters of the
three new national banks and approval of the three
proposed consolidations, the plan would have the
effect of placing a complete veto power in the
hands of the Comptroller and that this would not
be in accordance with the intent of Congress to
vest final decision on applications under the Act
in the Board of Governors.
908
FEDERAL RESERVE BULLETIN • AUGUST 1958
Section 11 of the Act recognizes that approval
by the Board of an application under the Act does
not relieve an applicant from compliance with
other applicable statutes. Thus, approval by the
Board under the Act of acquisition of stock of a
new State or national bank would not alone be
sufficient to enable a bank holding company to
establish a new bank; approval by the appropriate
State bank authority or the Comptroller, as the
case might be, of the charter of the proposed bank
would also be necessary. In the opinion of the
Board, therefore, the applications are not defective
in the respect suggested by the State Superintendent of Banks.
Factors to be considered by the Board.
3(c) of the Act provides:
Section
"(c) In determining whether or not to approve any
acquisition or merger or consolidation under this
Section, the Board shall take into consideration the
following factors: (1) the financial history and condition of the company or companies and the banks
concerned; (2) their prospects; (3) the character of
their management; (4) the convenience, needs, and
welfare of the communities and the area concerned;
and (5) whether or not the effect of such acquisition
or merger or consolidation would be to expand the
size or extent of the bank holding company system
involved beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking."
As stated by the Senate Banking and Currency
Committee in its report on the Act,
"It is upon the basis of these factors that the Federal Reserve Board is to measure whether each application should be granted or denied in the public
interest." (S. Rep. 1095, p. 10, 84th Cong.)
It is clear that Congress did not consider bank
holding companies as evil per se and that the Act
does not purport to forbid completely the expansion of existing such companies or the creation of
new ones. It is equally clear, however, that, in
seeking to control the expansion of bank holding
companies, Congress expected the Board in each
case to weigh all pertinent facts relevant to the
rive statutory factors. Moreover, as conceded by
Applicants in this case, considerations relating to
one of the factors may, in the circumstances of a
particular case, be such as to overshadow and
outweigh those relating to the other factors. It is
with these principles in mind that the Board has
considered whether the transaction here proposed
would be in accord with the statutory factors.
Financial history and condition, prospects, and
management. The first three of the statutory factors, as applied to the circumstances of this case,
may conveniently and appropriately be considered
together.
In a literal sense, the companies and banks
"concerned" in this case are the Applicants (First,
City Bank, and IBC), the proposed three new national banks (The Metropolitan National Bank,
City Trust, and County National). However, under the program contemplated by the Applicants,
IBC and City Bank would cease to be bank holding companies when the program is consummated;
and the proposed three new national banks would
do no business as such until after their consolidation with City Bank, Farmers, and County Trust.
Consequently, for all practical purposes, the company and the banks actually concerned are First
(the proposed new holding company) and the
three existing banks which would be brought under
the control of First, namely, City Bank, Farmers,
and County Trust.
City Bank, incorporated in 1812 and converted
into a national bank in 1865, is the second largest
bank in New York City and the third largest in
the country. As of March 31, 1957, it had deposits of $6,692 million (including deposits at foreign offices) and capital accounts of $573 million
(App. Exh. 33). It has 75 offices in New York
City and 64 foreign branches.
Farmers, originally chartered in 1822, became
affiliated with City Bank in 1929. It is one of the
leading fiduciary institutions in the United States.
As of March 31, 1957, it had deposits of $118
million and capital accounts of $33 million (App.
Exh. 33). It operates 3 offices in New York City.
County Trust, chartered as a State bank in 1903,
is the largest bank in Westchester County. As of
March 31, 1957, it had deposits of $341 million
and a capital structure of $26 million, including
reserves (App. Exh. 32). It operates 39 offices
in the County.
All evidence in the record supports the conclusion that these three banks are in sound financial condition, that their financial history has been
good, that their prospects are favorable, and that
their managements are of high quality.
First, the proposed holding company, chartered
on October 17, 1956, presently has assets of
$1,000, representing proceeds of sale of capital
LAW DEPARTMENT
stock in that amount. It has no other financial
history. It is evident that, if the program were
consummated, First's financial condition, prospects and management would, in the language of
the Comptroller of the Currency, "parallel those
of the banks it will own."
The Board concludes that the evidence relevant
to the first three statutory factors is consistent with
approval of the applications but does not provide
substantial affirmative support for such approval.
Convenience, needs, and welfare of the communities and area concerned. The fourth statutory factor requires that the Board consider how the proposed transaction will affect the convenience, the
needs, and the welfare of "the communities and
the area concerned." While each of the three elements of this factor—convenience, needs, and
welfare—is here considered separately, it must be
recognized that for practical purposes the three
elements in some respects overlap.
It is clear from the record that New York City,
in which City Bank and Farmers are located, and
Westchester County, in which County Trust is located, must be considered as the primary communities and area concerned in this case, although the
national and international business engaged in by
City Bank cannot be ignored.
There is substantial evidence to support the assertions of Applicants that, because of population
and business trends, Westchester County, which
lies immediately north of New York City, has become and will increasingly become an integral part
of the trade and population area of which New
York City is the center (T. 56). Economic integration of the County with the City has been
promoted by connecting arterial highways and well
developed systems of rail and bus transportation.
It appears also that there has been a movement
of business in significant degree from New York
City to suburban areas and this trend is expected
to continue. The trend is reflected by a proportionately greater increase of bank deposits in Westchester County than in New York City (T. 57).
It is to be expected that New York City banks,
looking toward their future growth, would naturally wish to follow these shifts in population and
business by extending their banking operations to
Westchester and other suburban areas; and this
consideration appears to have been a major factor
that prompted the Applicants' program. It must
909
be borne in mind, however, that, while benefits to
the banks involved may indirectly also benefit the
communities concerned, the prime consideration
under the fourth statutory factor is the effect of
the proposed transaction upon the convenience,
needs, and welfare of the areas concerned rather
than its effect upon the banks involved. Consideration of this factor depends, therefore, upon the
extent to which banking institutions in those areas
are now serving or failing to serve the convenience,
needs, and welfare of businesses and residents in
the areas.
There is no assertion or evidence in the record
that the proposed plan would, to any substantial
extent, increase the services rendered to their customers in New York City by City Bank and Farmers. Accordingly, the principal consideration here
is the probable effect of the plan upon the convenience, needs, and welfare of Westchester
County.
The County is now served by 12 commercial
banks. Of these, County Trust is by far the largest.
As of the end of 1956, it had deposits of $351,787,000 and 39 offices, representing 48.9 per cent
of deposits of all commercial banks in the County
and 44.8 per cent of the total offices of such
banks. The next largest commercial bank in the
County is the National Bank of Westchester with
deposits of $129,385,000 and 18 offices. The remaining 10 commercial banks had aggregate deposits of $238,697,000 and 30 offices (Bd. Exh.
39).
Applicants claim that affiliation of County Trust
with City Bank and Farmers, as contemplated by
the proposed plan, will increase materially the
banking services directly available in Westchester
County to customers and potential customers of
County Trust, and thereby serve the convenience,
needs, and welfare of the communities and area
concerned.
In particular, it is alleged that the proposed
affiliation would increase the degree to which, and
the facility with which, County Trust could provide its customers with the following services: personal loans to individuals and credit to small businesses, especially because of formalized programs
developed by City Bank; financing of large business enterprises through specialized techniques
developed by City Bank and through placement
with or through City Bank of credit lines in excess
910
FEDERAL RESERVE BULLETIN • AUGUST 1958
of County Trust's lending limits; the furnishing
through City Bank of foreign banking services not
now currently directly available in the County;
and improved trust department and investment
advisory services resulting from access to the extensive facilities and experienced personnel of
City Bank and Farmers. It is also asserted that
County Trust would further benefit through access to the personnel and training programs of
City Bank, to the research and development programs of City Bank with respect to mechanical
and electronic procedures, and to the nation-wide
credit information facilities and foreign credit files
of City Bank.
To a substantial degree, the benefits claimed
are now available to Westchester residents through
correspondent relations of Westchester banks with
various New York City banks. Nevertheless, it
appears probable that County Trust would be enabled as a result of its affiliation with City Bank
and Farmers to improve the quality and types of
services rendered to its customers; and to this
extent the plan presumably would contribute to
the "convenience" of Westchester County.
The second element of the fourth statutory factor requires consideration of the probable effect
of the proposed transaction insofar as the "needs"
of Westchester County are concerned.
As to the benefits expected to flow to residents
and small business concerns in Westchester County
in such matters as personal loans, loans to small
businesses, and commercial loans, the record reflects that County Trust in particular, and other
Westchester County commercial banks in general, have not experienced and do not anticipate
future difficulty in responding to loan applications arising in the County. As to future demands
in this regard, it may reasonably be assumed, as
Applicants and County Trust assert, that County
Trust will be required to increase its capital structure in order to meet the potential banking demands of the County. However, in view of the
investor acceptance of County Trust stock, as
evidenced by the high ratio of its market value
to its book value, there is nothing to suggest that
the proposed affiliation is necessary to enable
County Trust to meet needs for additional capital.
The record also indicates that County Trust
is presently experiencing no difficulty in furnishing adequate fiduciary services or investment ad-
visory and management services; that it has done
well in the field of small business loans; and that
it has had no trouble in training and developing
an efficient management staff. The president of
the largest bank competing with County Trust
testified at the hearing that the development of
Westchester County had not created a demand
for banking services that had not been adequately
met by the banking facilities of the County alone,
or in conjunction with correspondent banks (T.
827, 828). He further stated that his bank had
experienced no difficulty in utilizing correspondents to meet the requirements of Westchester
County applicants for loans (T. 847). Other
testimony supported the view that there is no
reasonable need for banking services in the County
that is not being met adequately by existing banks
working in conjunction with their New York City
correspondents.
As previously indicated, the statute refers to
the "needs" of the communities and area concerned, not to needs of the banks involved. To
the extent, however, that benefits to the banks
involved would indirectly benefit the public, there
is no substantial evidence that the transaction is
necessary to the normal growth and development
of County Trust. It is apparent that County Trust
has been able to keep abreast of the banking needs
of the area it serves. Its annual report for 1956
showed that, as compared with 1955, it had risen
in rank from 82d to 74th in size among the country's commercial banks. During 1956 its deposits
increased $18.6 million, as compared with a combined increase of $19.8 million for the 11 other
commercial banks in the County (Bd. Exh. 23).
In addition, during 1956, it established a foreign
department and expanded its employees' training
program, (App. Exh. 3).
In the light of the above facts and other supporting evidence contained in the record, the Board
concludes that the proposed transaction would not
in any appreciable way serve the "needs" of Westchester County either directly or through benefits
resulting to the banks concerned.
The third element of the fourth statutory factor—effect upon the "welfare" of the communities
and area concerned—has broad connotations. To
the extent that contribution to the "convenience"
of the public would result from the proposed plan,
the plan might be said also to contribute to the
LAW DEPARTMENT
welfare of the public. However, the term "welfare" is sufficiently general as to include the effect
of the transaction upon adequate and sound banking in the area, the public interest, and preservation of competition in the banking field—considerations mentioned in the fifth statutory factor
which are yet to be considered. It may be assumed, as suggested by a representative of the
Applicants (T. 1041 et seq.), that "welfare" also
comprises potential contribution to the development of an area, looking beyond existing convenience or needs. However, in the Board's opinion, based on the entire record, the proposed
affiliation would be unlikely to result in a contribution of this nature appreciably greater than that
which could be provided by the County's banks
in the absence of such affiliation.
To summarize, the Board concludes, as to the
fourth statutory factor, that the proposed transaction would probably contribute to a limited extent
to the "convenience" of the area concerned and
to that extent also to its "welfare"; but that the
transaction is not necessary in order to meet the
"needs" of the area and would not appreciably
contribute, except to the limited extent above
indicated, to present or potential "welfare".
Thefifthfactor: "size or extent." The fifth factor
stated in Section 3(c) of the Act obliges the Board
to consider whether the proposed transaction
would "expand the size or extent of the bank holding company system involved beyond limits consistent with adequate and sound banking, the
public interest, and the preservation of competition in the field of banking." In the light of the
legislative history of the Act, it is apparent that
this factor is of primary importance, though it
must be balanced against considerations relating
to the other four factors.
Before considering the probable effect of the
size or extent of the holding company system here
proposed upon adequate and sound banking, the
public interest and preservation of competition, it
is necessary to determine what would be the actual
size and extent of the proposed holding company
system. In making this determination, consideration must be given to the size of the proposed
subsidiary banks and the extent of their operations.
In terms of total deposits City Bank is the third
largest bank in the United States and the second
911
largest bank in the City and State of New York.
In fact, since the hearing on these applications
commenced, City Bank has on occasion been the
largest bank in terms of deposits in the City and
State of New York. As of December 31, 1956,
City Bank and Farmers combined had total deposits of $6,032 million, representing 19.5 per
cent of the total deposits of all commercial banks
in New York City. As of the same date, City
Bank and Farmers combined had 78 banking offices representing 13.3 per cent of the banking
offices of all commercial banks in New York City.
In terms of capital and surplus, City Bank—even
excluding the capital and surplus of its trust
affiliate—is the largest bank in the United States.
County Trust, in terms of total deposits, is 74th
in size in the nation and 4th in New York State
outside New York City. As of December 31,
1956, County Trust had deposits of over $351
million, representing 48.9 per cent of the deposits
of all commercial banks in Westchester County.
As of the same date, it had 39 offices representing 44.8 per cent of the total commercial bank
offices in the County.
In total, the three banks which would be controlled by the proposed holding company would
have 117 banking offices within the New York
City-Westchester County area, representing 17.8
per cent of the offices and 20.37 per cent of the
deposits of all commercial banks in that area.
Applicants introduced in evidence a comparison of the prospective size of First New York
Corporation with the size of the largest presently
existing bank holding companies. That comparison reveals that the holding company here
proposed would control banks having, as of June
30, 1956, 115 offices (apparently excluding the
home offices of City Bank and County Trust) with
deposits of $6,023 million, excluding foreign
branches. Further, the comparison made by Applicants shows that as of June 30, 1956, Transamerica Corporation's majority-controlled banks
had 277 offices with deposits of $2,663 million in
11 Western States; Marine Midland Corporation's
banks had 150 offices with deposits of $1,813
million in New York State; Northwest Bancorporation's banks had 98 offices with deposits of
$1,521 million in 7 States; and First Bank Stock
Corporation's banks had 88 offices with deposits
of $1,373 million in 5 States (App. Exh. 25).
912
FEDERAL RESERVE BULLETIN • AUGUST 1958
Applicants have also referred to the fact that
various existing banking organizations represent
concentrations of control of greater proportions
of banking resources in given areas than that here
involved. Of the examples cited by Applicants,
however, some are nonholding company situations,
whereas the Bank Holding Company Act was directed against undue concentration of control by
holding companies. The population, geographic
area, and aggregate banking assets involved in
the bank holding company examples cited by Applicants are of a substantially different character
from those here involved. Many communities,
among them some of those involved in the Applicants' examples, can support comparatively few
banking offices, so that any bank operating in the
community will necessarily have a relatively large
proportion of that community's total banking offices and deposits. This would not be so in Westchester County or in New York City. Control
by a holding company of 20 per cent of the total
commercial bank deposits in New York City, the
financial center of the country, or of nearly 50
per cent in Westchester County, may present a
far greater question of consistency with the public
interest than would a considerably higher concentration in another community.
As stated by Applicants, the size of the proposed holding company system would be attributable to the size of the three subsidiary banks,
particularly that of City Bank. However, the language of the fifth statutory factor refers not to
the size of the banks involved but to the size of
the bank holding company system. The Act is
not concerned with regulation of the expansion
of individual banks; it is aimed at control of
expansion of bank holding companies.
As to the "extent", the proposed holding company would operate only in New York City and
adjoining Westchester County, except that through
City Bank it would also engage in extensive banking operations on a national and international scale.
Some existing bank holding companies, as pointed
out by Applicants, cover far larger geographic
areas than the area comprised by New York City
and Westchester County. However, the effect of
a holding company's geographic extent upon adequate and sound banking, the public interest, and
preservation of competition will, of course, de-
pend in large part upon the nature of the banking structure of the geographic area involved.
Consistency with adequate and sound banking, the
public interest, and preservation of competition.
In determining whether the size or extent of the
holding company system here proposed would be
"consistent" with the three elements referred to
in the fifth factor, it must be borne in mind that
these elements, like those stated in the fourth
factor, to some extent overlap and represent different but related aspects of a single broad concept.
Thus, the question whether the size or extent
of the proposed holding company system would
be consistent with "adequate or sound banking*'
or with the "public interest" must depend largely
upon findings as to its effect upon "preservation of
competition in the field of banking." For example, it is reasonable to assume from the history of the Act that, in the mind of Congress, a
transaction that would result in an undue concentration of banking power in a holding company
system would not be in accord with the "public
interest."
Again, in a broad sense, all of the five statutory
factors require consideration of the effect of a proposed transaction upon the "public interest."
However, it must be noted that the fifth factor
is specifically concerned with the relation of size
and extent to the public interest; and in this respect the Holding Company Act, unlike the Clayton Act, expressly requires consideration of the
effect of the size and extent of a holding company system.
Preservation of competition. A determination of
whether the size or extent of the proposed holding company system would be inconsistent with
"the preservation of competition in the field of
banking" must be related to the areas primarily
concerned, New York City and Westchester
County, and within those areas, both to the banks
proposed to be affiliated and to other commercial
banks. Within that framework, inconsistency
with the preservation of competition could result
from the reduction or elimination of existing or
potential competition either among the banks involved in the plan or among all banks operating
in these areas.
As to competition between the three banks here
involved, it is clear that City Bank and Farmers
LAW DEPARTMENT
do not compete with each other, both because
they are presently owned by the same shareholders
and because they are engaged in different types
of business. As between these institutions, therefore, the transaction will eliminate no present
competition.
Applicants estimate that, on a conservative basis,
less than 6 per cent of the fiduciary accounts of
Farmers originates in West Chester County. County
Trust has an active trust department; the number
of its trust accounts increased from 395 to 681
(or 72 per cent) from July 1950 to January 1957.
Applicants concede that in the ordinary trust
field, as distinguished from specialized trusts such
as pension trusts, a "limited degree" of competition exists between the two institutions.
That a certain amount of competition presently
exists between City Bank and County Trust is apparent. Applicants stated that deposits of City
Bank originating in Westchester County were less
than 1 per cent of City Bank's domestic deposits,
and that the deposits of County Trust originating
in New York City were less than 3 per cent of
its deposits (Exh. F, pp. 5, 6). One per cent of
City Bank's deposits, excluding deposits of national concerns and deposits at foreign branches,
would be over $20 million. If only deposits of
foreign branches are excluded, 1 per cent of City
Bank's deposits would be approximately $55 million. Three per cent of County Trust's deposits
would be about $10 million. Accordingly, despite
the small percentages involved, it appears that
the actual amounts involved are substantial.
The above described overlapping of accounts of
the banks involved is merely suggestive of the extent to which alternative choices of banking facilities are being exercised by residents of New York
City and Westchester County at the present time;
it is not a measure of the extent to which alternative choices are available. For the thousands of
persons living in Westchester County and working
in New York City, banking facilities in the County
or in the City are always possible alternatives, regardless of evidence of present actual use.
Of significance in this connection are statistics
drawn from the evidence regarding the present
labor force of Westchester County. In July 1956,
it was estimated that of the total Westchester
County employed resident labor force of 310,000,
204,000 were locally employed and 160,000 were
913
employed outside the County (primarily in New
York City). Of the total employment in the
County of 227,000, 204,000 were County residents. In April 1956, there were 45,901 regular
rail commuters from Westchester to New York
City (App. Exh. 6; T. 417), and in May 1956,
there were 17,151 auto commuters (App. Exh.
9; T. 423). Thus, it is evident that a large segment of the employed Westchester residents have
a convenient choice of banking facilities as between Westchester County and New York City.
Similarly, the ready accessibility of the one area
to the other makes it convenient for business concerns in one area to find alternative sources of
banking accommodations in the other.
If, as Applicants assert, the trend toward economic integration of the two areas is increasing,
it is reasonable to assume that much greater competition between the banks involved would develop
in the course of time. In other words, with further
economic integration, such competition as exists
today would tend to become even more intensive
in the future. That potential competition would
be lessened by the plan here under consideration.
In addition to its effect upon competition between the banks concerned, the Board must consider the probable competitive effect of the proposed transaction upon all banking institutions in
the areas concerned, New York City and Westchester County.
City Bank does not presently have a dominant
position in New York City. The record reflects
that City Bank, together with Farmers, vigorously
competes with other banks of comparable size in
New York City both as to local business and that
portion of its business which is national or international in scope.
At the same time, it must be recognized that
City Bank and Farmers now have 13.3 per cent
of the offices and 19.5 per cent of the assets, deposits, and loans of all commercial banks in the
City. Considering the population and banking
resources of New York City and its importance
as the financial center of the country, the degree
of banking power that would be held by the proposed holding company system, even though not
dominant, would be considerable. Again, it must
be borne in mind that, while such concentration
now exists in City Bank and Farmers, the Act
relates to concentration of banking power, not in
914
FEDERAL RESERVE BULLETIN • AUGUST 1958
the hands of banks, but in the hands of bank holding companies.
Applicants stress the advantages that would accrue to County Trust from closer correspondent
relationships between that bank and City Bank
under Applicants' proposed plan. On the basis of
such testimony and the entire record, it is reasonable to conclude, and the Board does conclude,
that under the actual operation of the plan City
Bank and Farmers probably would have considerably greater access to the correspondent business of County Trust than they now have and than
would the other banks in New York City. The
resulting adverse effects on such other New York
City banks and on competition in New York City
for correspondent banking business are suggested
by Westchester County's importance as a thriving
and rapidly expanding area with deposits of all its
commercial banks already approximating $720
million, and by County Trust's powerful position
with almost 50 per cent of those deposits. The
danger to an existing competitive balance inherent
in a supplier acquiring all or a substantial portion
of a customer's stock has been the subject of extensive analysis by the United States Supreme
Court in the case of United States v. Du Pont &
Co., 353 U.S. 586 (1957). While relating to a
different statute (Clayton Act), nevertheless, in
the sense that City Bank would be the supplier of
services to County Trust, the reasoning of the
Court in that case is instructive.
With respect to the probable effect of the proposed plan upon banking competition in Westchester County, County Trust is presently by far
the largest commercial bank in the County, and its
affiliation with City Bank, the second largest bank
in New York City, would substantially strengthen
its competitive position in the County. The very
benefits that Applicants allege would accrue to
County Trust from the plan—such as access to
City Bank's foreign banking services, credit information files, and mechanical and procedural
development programs—would provide competitive advantages not so readily available to competing Westchester banks.
Under the proposed plan County Trust's present
banking power would be brought under the control of a holding company and would be increased
by its affiliation with City Bank and Farmers.
The record reveals that effective banking com-
petition presently exists in Westchester County,
despite the size of County Trust (Bd. Exh. 11, p.
17). Representatives of competing Westchester
County banks testified at the hearing that they
would not be affected adversely in any substantial
degree by the proposed plan (T. 797, 862). Opinions were expressed to the effect that the plan
would even sharpen and increase competition.
Nevertheless, all witnesses who commented on the
point conceded that there is a reasonable likelihood
that the plan would cause independent banks in
the County to seek associations with other New
York City banks; and the record shows that some
of the County banks have already been approached
in this respect by large banks in New York City.
Any such future affiliations of Westchester
County banks with New York City banks through
the organization of new holding companies would,
of course, require the prior approval of the Board
under the Act; and each such case would have to
be considered by the Board on the basis of the
circumstances existing at that time. Nevertheless,
approval of the present applications despite findings as to adverse competitive effect would suggest that, other things being equal, even stronger
adverse findings as to competition would be necessary to warrant disapproval of such possible future
applications under the Act. It seems clear that
sanction for the operation of two or more strong
bank holding companies in Westchester County,
while it might sharpen and intensify rivalry between a few large banking organizations, would
not tend to preserve competition in the banking
field in the sense of maintaining a relatively large
number of independent alternative sources of
banking services.
Moreover, if the increased power of County
Trust would impel independent banks in the
County to seek affiliation with New York City
banks, it is likely that it would also lead them in
some cases to seek mergers with other banks in
the County. The record indicates that both County
Trust and its largest local competitor, National
Bank of Westchester, have been active in this respect in recent years. Bank mergers within the
County could, of course, be accomplished without
prior approval by the Board under the Bank Holding Company Act.
In the light of the adverse effect of the proposed
transaction upon existing and potential competi-
LAW DEPARTMENT
tion between the banks involved and upon present
and future banking competition in the areas concerned, it is the Board's judgment that the size
and extent of the proposed holding company system would extend beyond limits consistent with
preservation of competition in the field of banking,
and for the reasons heretofore indicated, would
be inconsistent with the fifth statutory factor.
The New York statute. As previously indicated,
the Board is of the view that no legal bar to approval of the applications is presented by reason
of the existence of Article III-B of the New York
Banking Law. Question remains, however, as to
the weight, if any, that may be given to the fact
that the New York statute, assuming its validity,
would prohibit consummation of the proposed
transaction until after May 1, 1959.
While the New York statute is not directed at
the size of a bank holding company, it limits the
extent of a holding company system by prohibiting
acquisition by any corporation of the stock of two
or more banks not located in the same city or
State banking district. Accordingly, the State
statute is relevant to consideration of the fifth
statutory factor if that statute reflects a public
policy of the State and if the Board is entitled
to give weight to that policy.
Despite its temporary nature, the New York
statute, in the Board's opinion, reflects the present
policy of the State to forbid bank holding company transactions of the kind here contemplated.
As a matter of fact, it is clear from the record
that the statute was specifically prompted by the
particular proposal now under consideration.
That the policy of a State in this field was expected to be considered is suggested by Section
3(b) of the Act, which requires the Board to obtain the views of the appropriate State supervisory
authorities in cases in which stock of a State bank
is to be acquired by a bank holding company.
While the banks whose stock would be initially
acquired by the Applicants in this case would be
new national banks it is plain that two of the
three operating banks which would be brought
into the holding company system are now New
York State banks.
In the circumstances, it is the considered view
of the Board that, in considering the proposed
transaction's effect on the "public interest", it may
properly take into account the fact that the New
915
York statute and related circumstances evidence
a policy of that State adverse to approval of the
present applications. However, the Board's decision in this case is not dependent upon the existence of the State statute or the policy of the State
reflected by that statute.
Conclusions. On the basis of the findings of
fact heretofore stated, and after consideration of
all arguments contained in the record of the hearing, in briefs and memoranda submitted by the
parties, in statements made by the parties at oral
arguments before the Board, and in documents
made a part of the record in this proceeding, including the initial and supplemental Reports and
Recommended Decisions of the Hearing Examiner, the Board concludes that:
1. Facts pertinent to the first three statutory
factors, namely, financial history and condition of
the companies and banks concerned, their prospects, and the character of their management, are
consistent with approval of the applications but
do not provide substantial affirmative grounds for
such approval;
2. With respect to the fourth statutory factor,
the transaction for which the Board's approval is
requested would probably contribute in some limited measure to the convenience of the communities and the area concerned and to that extent
also to their welfare; but the banking needs of the
communities and the area concerned are being
satisfied by existing banking institutions without
the affiliations proposed by Applicants;
3. With respect to the fifth statutory factor,
the proposed transaction would "expand the size
or extent of the bank holding company system involved beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking";
and
4. Adverse considerations relating to the fifth
statutory factor outweigh the favorable considerations relating to the other factors, and, accordingly, approval of the present applications would
not be consistent with the statutory factors required by Section 3(c) of the Act to be considered
by the Board.
In reaching the above conclusions, the Board
has considered, in relation to the fifth statutory
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FEDERAL RESERVE BULLETIN • AUGUST 1958
factor, the question whether the proposed transaction would violate Section 7 of the Clayton Act,
and in this connection attention has been given
to the Statement of the Department of Justice
with respect to this question. However, since the
Board has concluded that the application should
not be approved in the light of the standards stated
in the Bank Holding Company Act, it is unnecessary to determine whether the proposed acquisitions of bank stocks would involve a violation of
the Clayton Act.
Question has been raised in this proceeding as
to the nature of the burden of proof imposed upon
the Applicants. The Hearing Examiner stated
that "Under these circumstances the Applicants
have not sustained the burden of establishing that
the public interest will be furthered by granting
approval of the applications." The Applicants
assert that they have a burden of proof to "show
that their proposal is consistent with the statutory
factors" and that, having established a prima facie
case in this respect, "it then becomes necessary
to review the record in the light of the 'preponderance of evidence', to ascertain whether there
is substantial evidence of sufficient weight to rebut
Applicants' prima facie case." Assuming that
Applicants have correctly stated the nature of
their burden of proof and that they have established a prima facie case, the Board finds on the
basis of the entire record that such prima facie
case has been rebutted.
The findings of the Hearing Examiner, contained in his supplemental Report and Recommended Decision of February 20, 1958, to the
extent that they are consistent with those contained in this Statement of the Board, are hereby
adopted. On the basis of these adopted findings,
and the findings by the Board as hereinbefore set
forth, it is the judgment of the Board that the
recommendation of the Hearing Examiner, as
contained in his Supplemental Report, should be
adopted and that the applications must be denied;
and IT is so ORDERED.
DISSENTING STATEMENT OF GOVERNORS
VARDAMAN AND MILLS
We agree with the other members of the Board
that the existence of a New York statute prohibiting the consummation of this plan does not preclude the Board from approving the pending ap-
plications, if such approval is otherwise justified
under the Bank Holding Company Act of 1956.
We also agree that there are no other legal impediments to consideration of the applications
on their merits. Accordingly, the Board is required to determine, on the basis of the record
in this case and the applicable statutory provisions,
whether or not to approve the pending applications, taking into consideration the several factors
enumerated in Section 3(c) of the Act.
A central purpose of the Act was to control the
future expansion of bank holding companies. Section 3(c) provides criteria to guide the Board of
Governors, as the agency charged with administering the Act, in determining whether to approve or
disapprove applications directed at the creation or
expansion of bank holding companies. Nothing
in the Act can be construed as forbidding creation
or expansion of holding companies as an evil in
itself, and it follows that the regulatory body—the
Board of Governors—should not block a proposed
expansion of a legitimate enterprise unless it is
clearly in conflict with the statutory criteria prescribed by Congress.
In the present case, as far as the first three factors prescribed by Section 3(c) are concerned we
agree with the majority that, with respect to each
of the organizations involved, financial history and
condition and prospects are good, as is the character of management and proposed management.
We further agree that these circumstances do not
make approval of the pending plan either appropriate or inappropriate, from the viewpoint of the
Holding Company Act.
The fourth factor enumerated in Section 3(c)
relates to the "convenience, needs, and welfare"
of the area concerned. The record demonstrates
that the proposed plan would contribute to the
convenience, needs, and welfare of Westchester
County, the area that would be principally affected. Not only witnesses on behalf of the Applicants, but also disinterested Federal bank supervisory authorities, testified that the proposed affiliation would increase the services available to the
customers of The County Trust Company over a
period of time.
Up to this point, it is conceded by all, we face
a situation presenting no factors adverse to the
proposal and one very important factor—the convenience, needs, and welfare of the area—that is
affirmatively favorable to the proposal. The
LAW DEPARTMENT
majority of the Board, however, have reached the
conclusion that the fifth factor prescribed by Section 3(c) applies so unfavorably to the facts of
this case as to require denial of the application.
We are compelled to disagree with the majority
with respect to both (1) the interpretation of the
fifth factor of Section 3(c), and (2) the application of that factor to the facts disclosed by the
record in this proceeding.
In discussions of the fifth factor, it is customary
—perhaps for the sake of brevity—to refer to it
as the "preservation of competition" factor. It
is particularly important, however, to bear in mind
that Section 3(c) does not proscribe every proposal that might have some limiting effect upon
competition in the field of banking. The statute
simply requires the Board to take into consideration
". . . whether or not the effect of such acquisition . . .
would be to expand the size or extent of the bank
holding company system involved beyond limits consistent with adequate and sound banking, the public
interest, and the preservation of competition in the
field of banking."
Our disagreement with the majority of the
Board in this case is based on a different interpretation of the Holding Company Act in this respect.
The decision of the majority appears to rest on the
idea that the Act was designed principally to preserve competition in the field of banking by preventing the expansion or creation of holding company systems unless such expansion or creation
could be justified by proof that it would affirmatively contribute to the public interest in some
manner.
In our opinion, this is not the philosophy of the
Bank Holding Company Act, and the crucial
language of Section 3(c) previously quoted, supports our interpretation. Section 3 generally evidences a Congressional conclusion that uncontrolled expansion of bank holding companies
could be inimical to "adequate and sound banking, the public interest, and the preservation of
competition in the field of banking." In other
words, Congress recognized that, unless subject to
regulation, a bank holding company system might
"expand . . . beyond limits" consistent with those
objectives. The Board of Governors of the Federal Reserve System was selected by Congress as
a body qualified to examine proposed expansions
or creations of holding company systems and to
917
determine, in each case, whether the particular
proposal would result in a holding company system whose "size or extent" would exceed those
limits.
Perhaps the difference in interpretation of the
Act can be put in another way. The majority appear to believe that, whenever a proposed holding
company acquisition might have even a limited effect upon banking competition, the fifth factor of
Section 3(c) dictates disapproval, unless this "unfavorable" factor is outweighed by favorable considerations arising under one or more of the other
four factors. For example, the majority conceivably would approve the establishment of a
new bank by a holding company in a community
that greatly needed banking facilities and had
none, on the ground that the "needs and welfare
. . . of the area concerned" were so pressing as to
outweigh any unfavorable considerations under
the fifth factor. Similarly, if an existing bank was
in weakened condition and had poor prospects, the
majority conceivably would approve its acquisition by a well-managed holding company that
gave promise of building up the weak bank into a
solid and serviceable institution. But in the absence of such countervailing considerations, the
majority appear to believe that even a slight diminution of competition, in a limited field, is a fatal
objection.
We do not regard the Holding Company Act
as susceptible of such a restrictive and negative
interpretation. Congress did not set up "the preservation of competition" to the maximum possible extent as one of the objectives of this statute.
The factor of competition was to become significant only if and when a holding company system
threatened to grow to such magnitude as to pass
"beyond limits consistent with . . . the preservation of competition in the field of banking." Short
of that point, the Board of Governors is not justified in preventing a holding company acquisition
on the ground that it might, to a minor extent,
diminish competition in the banking field.
In the instant case, it is difficult to see how the
proposed plan could reasonably be said to threaten
the continued existence of banking competition to
the extent referred to in the Act—that is, "to expand the size and extent of the bank holding company system involved beyond limits consistent
with . . . the preservation of competition." As far
918
FEDERAL RESERVE BULLETIN • AUGUST 1958
as New York City proper is concerned, it cannot
be contended that banking competition would be
adversely affected by the circumstance that the
majority of the stock of one of the many large
banks in that City was owned by a corporation that
also owned the majority stock of a bank in Westchester County. The vigor and intensity of competition in New York City would be in no significant way diminished if this plan were consummated.
The only other area directly involved in this
case is Westchester County, a prosperous suburban
county immediately north of New York City. In
that area The County Trust Company is presently
the largest bank, but there are a number of other
substantial and successful banking institutions. The
record in this case contains little on which to
base a reasonable finding that competition among
banks in Westchester County would be materially
diminished simply because the stock of The
County Trust Company was owned by a corporation that also owned the stock of a large bank in
New York City. It is not sufficient to talk in
broad generalities about the enormous economic
power that would stand behind The County Trust
Company if it were owned by the proposed First
New York Corporation. It is our obligation to
examine the record realistically, and on that basis
there is an absence of persuasive explanation of
how—in what specific ways—the competitive
situation in Westchester County would be adversely affected by consummation of Applicants'
plan.
The fact that the proposed holding company
would be considerably larger than any existing
bank holding company is not germane to any problem stemming from a concentration of banking
resources in First New York Corporation. In the
first place, a large segment of the domestic and
foreign resources controlled by First National
City Bank, the chief unit of the proposed system,
spread far beyond the area of banking competition
under scrutiny and must, therefore, be excluded
from consideration. More important, however,
is the fact that Congress has not indicated that the
magnitude of existing holding companies marks
the maximum permissible limits of size and extent.
On the contrary, the Board is obligated to examine
each situation presented to it in the light of its
own unique facts, and to decide on that basis
alone whether the proposed expansion would be
consistent with the legislative purpose reflected
by the factors enumerated in Section 3(c), by
other provisions of the Act, and by its legislative
history.
Focusing analysis on the competitive situation
in New York City and in Westchester County that
would result from the creation of the proposed
holding company system, there is no weighty evidence that competition would be unduly lessened
or that the aggregate size or extent of the banking institutions to be controlled by First New York
Corporation would be out of keeping with the
character of banking business being conducted in
the metropolitan area of New York City. To hold
otherwise would be tantamount to saying that
entry into Westchester County and comparable
suburban areas around New York City should be
denied forever to any except the smaller New
York City banks that might wish to extend the
scope of their services through the holding company device. Such position would confer preferred
status in this regard upon smaller New York City
banks merely because of their lesser size. The injustice of such reasoning and result is apparent
from the views of the New York State Banking
Department and the introduction in the New York
Legislature of bills that recognize the general desirability of revising the banking district boundaries in New York State so as to permit the regulated expansion of New York City banks into
suburban areas along lines that will preserve their
over-all competitive positions and allow an extension of their banking services to clienteles already
situated within the range of their activities.
If commercial banking is to retain its proper
place in the scheme of financial institutions serving
the American public, it is clearly appropriate that
commercial banks be permitted to follow their
trade when not in conflict with the general public
interest as a resultant of an overwhelming market
power. There is no evidence that such overwhelming market power would result from the transactions contemplated by the pending applications,
the propriety of which is supported by the opinions of such competent independent authorities
as the Comptroller of the Currency and the Federal Reserve Bank of New York. Nor is there
any doubt that the convenience and welfare of the
Westchester County area would be served by
the creation and operation of the proposed bank
holding company system.
LAW DEPARTMENT
We conclude, therefore, that there is nothing
substantial in the record to support a finding that
the plan under consideration would produce anticompetitive effects, to a degree more than negligible, either in New York City or in Westchester
County. But even if the prospective effects upon
competition, which actually are inconsequential,
were regarded as material in the aggregate, denial
of the pending applications on this ground would
not be justified. Viewed objectively, it is unreasonable to contend that ownership of the stock of
these banks by a holding company would "expand
the size or extent of the bank holding company
. . . beyond limits consistent with . . . the preservation of competition" either in metropolitan New
York City or in Westchester County, the relevant
areas of competition. An allegation that the intense banking competition in New York City
would be lessened by the fact that First New York
Corporation owned stock of The County Trust
Company of Westchester County as well as stock
of First National City Bank of New York cannot
be sustained. And similarly, the record is devoid
of credible evidence that the "preservation of
competition" among the banks of Westchester
County would be threatened by the proposed
change in ownership of the majority stock of The
County Trust Company.
The majority opinion recognizes that affiliations
of the kind here proposed might sharpen and intensify rivalry in Westchester County, but it forecloses this potential intensification of competition
on the ground that such affiliations "would not
tend to preserve competition . . . in the sense of
maintaining a large number of independent alternative sources of banking services." There is
nothing in the Holding Company Act to indicate
a Congressional intent to give statutory protection and perpetuation to a "large number of independent . . . sources of banking services." The
statute refers simply to preservation of "competition", which most reasonably refers to the vigor
and intensity of competition, rather than to the
mere number of institutions.
In this connection, the majority acknowledge
that the proposed affiliation would enable The
County Trust Company to better its services to
Westchester County because of improved access
to various facilities of First National City Bank.
Nevertheless, these benefits are being denied in
order "to preserve competition . . . in the sense of
919
maintaining a large number of independent alternative sources of banking services". In other
words, the status quo is to be maintained, regardless of the fact that the proposal that is being
rejected by the Board would serve the convenience
and welfare of the public that the banks are chartered to serve. The Board's decision will withhold
from the public, to this extent, that constant
improvement of banking and fiduciary services
which is necessary to the growth and development
of modern communities; and this action is being
taken in order to protect the vested interests of the
existing banks in the area.
In enacting the Bank Holding Company Act of
1956, Congress was dealing with an area in which
concentration of power through the holding company device had been subject theretofore to no
legal limitations, short of the sanctions of the antitrust laws as they would apply to acquisitions resulting in demonstrable violations of the Clayton
Act or the Sherman Act. The only proceeding
that has been brought against a bank holding company under the antitrust laws (Transamerica Corporation v. Board of Governors of Federal Reserve System (C.A. 3, 1953) 206 F. 2d 163)
demonstrated the difficulties of controlling bank
holding companies by this means. In these circumstances, Congress recognized the possibility
that holding company control of banks could reach
a point at which the size or extent of a holding
company system might be so great as to threaten
the public interest and the preservation of banking competition, without involving a provable
violation of the antitrust laws. Accordingly, it
subjected holding company expansion to the scrutiny of the Board of Governors, in accordance
with prescribed standards. The Board was not
directed to prohibit every expansion unless favorable considerations were found to justify it; on
the contrary, the language of Section 3(c) shows
that, with respect to competition, the Board was
not to consider a proposed acquisition as undesirable from this point of view unless it appeared
clearly that "the effect of such acquisition . . .
would be to expand the size or extent of the bank
holding company system involved beyond limits
consistent with . . . the preservation of competition in the field of banking."
The proposed affiliation would serve the convenience and welfare of the area concerned by
920
FEDERAL RESERVE BULLETIN • AUGUST 1958
expanding and improving its available banking
services. The record reveals that the aggregate
effect of the proposed plan upon banking competition would be minor, and that consummation
of the plan would fall far short of expanding the
proposed bank holding company system beyond
limits consistent with the preservation of competition. Consequently, in the admitted absence of
any other adverse consideration that would make
consummation of the plan inappropriate under the
Act, the pending applications should be approved.
SUPPLEMENTAL REPORT
AND
RECOMMENDED DECISION
Background
On 3 October 1957 the Hearing Examiner issued a
Report and Recommended Decision with respect to
the applications herein. It was there recommended
that the applications be denied on the ground that the
Board was precluded from approving them during the
effective period of Sections 140-145 of the New York
Banking Law, known as Article III-B. No determination was made as to the factors involved in Section
3(c) of the Bank Holding Company Act of 1956.
Exceptions to that Report and Recommended Decision
were filed by the Applicants, and oral argument
thereon was heard by the Board of Governors on 26
November 1957. Thereafter, on 10 December 1957
the Board remanded the case to the Hearing Examiner for determination with respect to the merits of
the applications. The Order of Remand, in part, is as
follows:
". . . Since the Hearing Examiner's Report and Recommended Decision related principally to the legal consequences
of Article III-B of the New York Banking Law and made no
recommendations on the merits of the subject applications, and
since the Board deems it desirable to have the benefit of the
views and recommendations of the Hearing Examiner with
respect to all factors and circumstances affecting the merits
of such applications,
"IT IS ORDERED, That this matter be and hereby is remanded to the Hearing Examiner for submission by him to the
Board of a further Report and Recommended Decision setting
forth, on the basis of the hearing record, his views and recommendations with respect to the merits of the subject applications in the light of all of the provisions of the Bank Holding
Company Act of 1956, including consideration of the extent,
if any. to which factual weight should be given Article III-B
of the New York Banking Law, but irrespective of the question as to the legal consequences of such Article III-B which
has already been dealt with in the Hearing Examiner's Report
and Recommended Decision of October 3, 1957; . . . ."
The Board's Order also contained provision for submission of the further Report and Recommended Decision within a specified time, subsequently extended.
Section 3(c)
Section 3(c) of the Bank Holding Company Act
of 1956 requires the Board to consider certain criteria,
specifically set out. in connection with the approval or
disapproval of applications for acquisition of the kind
here involved. Section 3(c) is as follows:
"(c) In determining whether or not to approve any acquisition or merger or consolidation under this Section, the Board
shall take into consideration the following factors: (1) the
financial history and condition of the company or companies
and the banks concerned; (2) their prospects; (3) the character of their management; (4) the convenience, needs, and
welfare of the communities and the area concerned; and (5)
whether or not the effect of such acquisiton or merger or consolidation would be to expand the size or extent of the bank
holding company system involved beyond limits consistent with
adequate and sound banking, the public interest, and the preservation of competition in the field of banking."
The Data
The record is made up of a substantial volume of
material, consisting of testimony, and various documentary matter in the nature of exhibits, proposed
findings, briefs, comments or analysis. With respect to
the merits of the program, testimony was given by
witnesses favorable to the applications (among these
representatives of the Applicants and of the Federal
Reserve Bank of New York), and of witnesses opposed (among these legislators and a representative
of independent bankers associations). In the same
regard, testimony by several witnesses prominent in
Westchester County financial activity (presidents of
two banks competitive with the County Trust Company, and the head of an accounting firm) was in
part approving, in part disapproving. The New York
State Superintendent of Banking testified in support
of Article III-B. The Comptroller of the Currency,
by communication, has stated his approval of the
program. The documentary material and the views
of all witnesses have been considered and weighed,
whether specifically referred to herein or not. The
Applicants' proposed findings are adopted
to the extent
consistent with the findings herein.1
The Banks
The Applicants' program has been described in the
original Report and Recommended Decision, to which
reference is made. In summary (with allowances for
changes in status or name), the plan calls for a holding company composed of three national banks in the
New York City-Westchester County area: The First
National City Bank of New York, City Bank Farmers
Trust Company, and The County Trust Company.
The First National City Bank of New York (FNCB)
is one of the world's great banking institutions. It is
the second largest bank in New York City and State,
and the third largest in the nation, operating 75
domestic offices in New York City. Its foreign operations are widespread, operating through 70 branches,
offices and affiliates in 24 foreign countries. As of 31
March 1957 First National City Bank reported assets
in excess of $7 billion. Comparative figures of the
three largest American banks in March 1957 are as
follows: Bank of America (San Francisco) (March
14), $9,203,860,039; Chase-Manhattan Bank (New
York City) (March 14) $7,251,575,323;
the FNCB
(March 31) $7,485,882,769.2
The relative size of the major New York City commercial banks as of 31 December 1956 is shown in
the following table.
1
In the main, the Applicants' proposed findings have been
accepted, as amplified or modified by comment thereon by
Board Counsel, and insofar as they state factual rather than
conclusionary material. Some of the conclusions stated in the
proposed findings are obviously modified by conclusions in
this Report. A number of proposed findings contain several assertions, some acceptable, some not, militating against outright
acceptance
or rejection.
2
Since a relatively recent merger, as a result of which it became the largest New York bank, Chase-Manhattan usually
reports slightly more assets than FNCB.
921
LAW DEPARTMENT
RELATIVE SIZE OF MAJOR COMMERCIAL BANKS IN N E W YORK CITY
DECEMBER 31,
1956
[Dollar figures in thousands]
Offices
Bank
First Nat'l City Bank of New York and City Bank
Farmers Trust Co. combined
Chase-Manhattan
Manufacturers Trust Co
Chemical Corn Exch. Bank
Guaranty Trust Co
Bankers Trust Company
Hanover Bank
Irving Trust Company
Marine Midland Trust Co. of New York
Remaining 47 commercial banks
Total—All commercial banks
Loans
Number
Percentage of
total
Amount
Percentage of
total
Amount
Percentage of
total
Amount
Percentage of
total
78
98
113
95
5
44
9
10
10
13.3
16.7
19.3
16.2
.8
7.5
1.5
1.7
1.7
$6,920,166
7,512,171
3,106,385
3,069,835
2,981,405
2,780,570
1,846,888
1,729,972
601,709
19.5
21.2
8.8
8.7
8.4
7.9
5.2
4.9
1.7
$6,032,469
6,388,753
2,839,603
2,759,771
,2,467,821
2,440,651
1,638,132
1,539,170
538,999
19.5
20.7
9.2
8.9
8.0
7.9
5.3
5.0
1.7
$3,339,203
3,850,409
1,280,604
1,494,558
1,556,797
1,460,190
925,712
818,394
292,500
19.5
22.5
7.5
8.7
9.1
8.6
5.4
4.8
1.7
125
21.3
4,869,974
13.7
4,285,404
13.8
2,086,105 | 12.2
587
100.0
35,419,075
100.0
30,930,773
100.0
17,104,472 I 100.0
FNCB was organized in 1812. As shown by its
Statement of Condition as of 31 December 1956, it
had deposit liabilities on that date of $6,672,390,362,
and undivided profits of $69,381,186. Its present
capital stock of $240,000,000, consisting of 12,000,000
outstanding shares $20 par value each, is widely held,
FNCB having over 63,000 shareholders at
the end of
1956. Surplus is presently $380,000,000.3 FNCB engages in all phases of domestic and foreign banking
and has for decades successfully offered a complete
range of wholesale and retail banking services to large,
medium-sized and small business enterprises, and to
individuals in low and medium as well as high economic levels. It was a pioneer and is a leader today
in retail banking.
City Bank Farmers Trust Company (Farmers), an
affiliate of FNCB, and operating three banking offices
in New York City, is perhaps the country's outstanding fiduciary institution. Originally chartered in 1822,
it became affiliated with FNCB in 1929 through
ownership by trustees of all its stock, except directors'
qualifying shares, for the benefit of the shareholders
of FNCB. As shown by its Statement of Condition,
as of 31 December 1956, Farmers had capital of $10,000,000 surplus of $10,000,000, and undivided profits
of $12,801,777. Farmers is essentially the trust department of FNCB. Such commercial banking as
Farmers engages in is carried on almost entirely for
the accommodation of its fiduciary clients.
The County Trust Company (County Trust), a
State bank, the largest bank in Westchester County,
74th in size in the nation, and a substantial and expansive banking institution, was chartered in 1903. It
operates 39 banking offices in the county. It is engaged in a general commercial banking and fiduciary
business, including large amounts of mortgages, a
field in which it acts as a wholesale dealer. It finances
home construction in many States and does a large
consumer lending business, both directly and by purchase of paper. Its volume of industrial loans is relatively not large. As shown by its 1956 Annual Report,
as of 31 December 1956 County Trust had resources
3
Capital stock was increased in 1957 from 10 million shares
to 12 million, and surplus from $300 million to its present
Deposits
Assets
of $382,464,612, deposit liabilities of $351,787,285,
outstanding debentures in the amount of $2,234,000,
capital of $6,654,115, surplus of $7,406,250, undivided profits of $4,816,898, reserves of $4,500,000,
and additional capital (proceeds of the debentures)
of $2,234,000. In 1957, County Trust increased its
capital to $6,986,825 having 1,397,365 shares, of $5.00
par value each, outstanding and held by approximately
5,500 stockholders. Its reports show a consistent increase in capital funds, deposits and net earnings in
substantially each year since 1947.
In the past several decades, and particularly since
1947, County Trust's growth has been rapid and continuous. From 1920 through 1955, The County Trust
Company absorbed 19 4banks having resources or deposits of $163 million.
In 1955, County Trust absorbed 7 banks, having
resources of $57 million. Of the $163 million resources or deposits absorbed through 1955, all but $17
million was acquired since 1945. Since 1947 County
Trust has merged with 10 banks operating 14 offices,
and opened 8 de novo branches. Growth apart from
absorption has been equally substantial. Since 1947
The County Trust Company's deposits have grown
from $70 million to $351 million. In 1956 it established a record volume of new business in the amount
of $43 million.
The County Banks
Westchester County has 12 commercial banks.
From 1950 through 1955 The County Trust Company
increased its percentage of total commercial deposits
in the county from 34 per cent to 48 per cent. Second
largest bank in the county is The National Bank of
Westchester, which on 31 December 1956 had de4
This finding is based upon the testimony of Congressman
Celler at p. 212 of the transcript of hearing; of Mr. Andrew
Wilson, the Chairman of the Board of The County Trust
Company at pp. 146-157 of the transcript; Board Exhibit 21,
Board Exhibit 22, and Applicants' Exhibit 1, M-6, Schedule II,
pp. 5-6. See also p. 20 of Board Exhibit 43, Congressman
Celler's written statement. The Congressman's list of acquisitions by The County Trust Company, totaling 18 in number
and $139 million in resources, does not include a 1952 merger
with Mount Vernon Trust Company, Mt. Vernon, an institution with $24 million in deposits.
922
FEDERAL RESERVE BULLETIN • AUGUST 1958
RELATIVE SIZE OF COMMERCIAL BANKS IN WESTCHESTER COUNTY
DECEMBER 31, 1956
[Dollar figures in thousands]
Offices
Bank
The County Trust Co White Plains
Nat'l Bank of Westchester, White Plains
First Nat'l Bank in Yonkers, Yonkers
First Westchester Nat'l Bank, New Rochelle
First Nat'l Bank Mt Vernon
Remaining 7 commercial banks1 . . . .
Total
All commercial banks
..
. . . .
Assets
Deposits
Percentage of
total
Loans
Number
Percentage of
total
39
18
9
7
3
11
44.8
20.7
10.3
8.0
3.5
12.7
$377,965
140,760
61,825
47,862
38,856
111,254
48.6
18.1
7.9
6.1
5.0
14.3
$351,787
129,385
56,289
43,424
36,338
102,646
48.9
18.0
7.8
6.0
5.0
14.3
$229,028
62,805
33,907
22,883
13,858
39,999
56.9
15.6
8.4
5.7
3.5
9.9
87
100.0
778,522
100.0
719,869
100.0
402,480
100.0
Amount
Amount
Percentage of
total
Amount
Percentage of
total
i These remaining seven banks are the following: Rye National
Bank, Rye; Scarsdale National Bank & Trust Co., Scarsdale; Mt.
Kisco National Bank & Trust Co., Mt. Kisco; Gramatan National
Bank & Trust Co., Bronxville; First National Bank & Trust Co.,
Ossining; First National Bank of North Tarrytown, N. Tarrytown;
Chappaqua National Bank, Chappaqua. Their deposits range from
$22,658,000 in the case of Rye National Bank to $7,020,000 in the
case of Chappaqua National Bank. Percentage of deposits ranges
from 3.1 per cent for Rye National to .097 per cent for Chappaqua
National.
posits of $129 million approximating 18 per cent
of total commercial deposits in the county. The
next largest bank in the county is The First National
Bank in Yonkers, with deposits of $56 million approximating 7 per cent of total commercial deposits; the
fourth, First Westchester National Bank, $43 million
and 6 per cent of deposits. The other 8 commercial
banks in the county, with 20 per cent of deposits,
range in deposit size from $7 million to $36 million.
As of 31 December 1956, these 12 banks operated
a total of 87 offices in Westchester County, County
Trust had most, 39, and 5National Bank of Westchester was second with 18.
As of 31 December 1956, County Trust Company
held 56.9 per cent of total loans by Westchester commercial banks, 48 per cent of the assets, and 44.8 per
cent of the banking offices.
The table above shows the relative size of the
Westchester County commercial banks as of 31
December 1956.
In addition to the commercial banks there are 11
savings banks in Westchester County with deposits of
$380 million as of 31 December 1955, and having 15
offices. There are also 14 savings and loan associations with 16 offices and unstated deposits.
Like County Trust, the growth of FNCB has also
been aided substantially by merger, nine in number
over a period of 40 years, involving acquisition of
resources in the amount of $1,580 million. The most
recent and the largest of these occurred in 1955 with
the acquiring of First National Bank, New York, having resources of $713 million.
In the 10-year period 1946 to 1956 FNCB and
Farmers have also grown and prospered vigorously,
as shown by the lower table based on their 1956
Report. Deposits and loan figures are in millions of dollars, total earnings and capital funds in
thousands. During the same period of time, however,
the number of their shareholders showed a decrease
from 68,918 in 1946 to 63,893 in 1956.
It seems a fair statement from the above history to
say that the instant applications involve the joinder
of two highly successful, aggressive, and expansive
banking institutions, each outstanding in its particular area, and each with a consistent and remarkable
history of growth accompanied by absorption of competitors.
As has been noted in the previous Report and Recommended Decision, New York State and National
Bank Act restrictions on branch banking prevent the
New York City banks from establishing branches, or
merging with banks, in suburban areas, such as Westchester County, which have in recent years undergone
substantial and economic growth. As we have seen,
the State, by Article III-B, has also sought to prevent,
at least for the time being, similar expansion achieved
by way of bank holding companies. The instant program thus contemplates the establishment of a banking entity having segments in both New York City
and Westchester County, contrary to present State
policy.
SELECTED YEAR-END DATA FOR FNCB AND FARMERS
Item
Deposits (in millions)
Loans (in millions)
Number on staff
Number of depositor accounts
Capital funds (in thousands)
Earnings per share
1946
1956
$4,786
$1,095
$6,793
$3,741
11,774
895,000
16,137
1,067,000
$22,788
$287,632
$ 46,891
$602,183
$3.67
i$4.69
i Actual net operating earnings in 1956 were $51,962, equal to
$5.20 per share. The above figures of $46,891 and $4.69 are net
operating earnings after deduction of $.51 for losses on sales of
securities.
5
At the time of hearing (July 1957) National Bank of Westchester had approval for 19 offices, presumably including its
head office.
The Various Factors Involved
The requirements of Section 3(c) have been set out
heretofore. There is little or no controversy concerning the facts. Essentially, any differences between
witnesses were in the area of opinion, relating to the
significance of facts and the conclusions to be drawn
therefrom. No effort will be made to summarize all
LAW DEPARTMENT
the evidence and testimony. Suffice to say that in
arriving at conclusions, as has been said, all the evidence and testimony has been considered and weighed,
and consideration given to the argument and views
expressed thereon. As stated by Mr. Howard C.
Sheperd, Chairman of the Board of FNCB in his
testimony, "it is proper to regard the public interest
as the sole issue presented by this proceeding."
Considerable stress has been laid, pro and con,
on the efficiency of the bank holding company as a
device for combining desirable centralized direction
of policy with autonomous operation of subsidiaries.
Those arguments seem largely irrelevant here. That
bank holding companies have value is implicit in the
fact that they are tolerated. That they involve an
element of public concern is evident from the fact that
they are regulated. But whether they are more efficient or less efficient, benign or malevolent, forms of
organization in the field of bank management, such
inquiries do not seem to be proper issues here.
The Financial History, Condition, Prospects, and
Management of the Institutions Concerned
History and condition. The financial history of
the companies involved, relevant parts of which have
been set out heretofore or in the previous Report, is
good. Their condition is excellent. The comment of
the Comptroller of the Currency in that regard, here
adopted, is as follows:
"The First National City Bank of New York, the City Bank
Farmers Trust Company, and The County Trust Company of
White Plains, New York, have excellent financial histories.
The First National City Bank of New York and The County
Trust Company of White Plains, New York, are outstanding
commercial banking institutions. They have, for decades, successfully emphasized the offering of complete banking services
to large, medium-sized, and small business enterprises, and to
individuals in low and medium, as well as high economic levels.
Both banks were early pioneers in retail banking and are
leaders in this field today. Their financial condition is sound.
Additional capital would benefit The County Trust Company
of White Plains. The City Bank Farmers Trust Company
has long been an outstanding institution majoring in the
fiduciary field and its financial condition is sound.
"The condition of the recently organized First New York
Corporation which would become a bank holding company
with respect to the three banks under discussion, subsequent
to their consolidations with three newly chartered national
banks, would be sound. It would commence operations with
a net worth in excess of $645 million, and no indebtedness. It would have about $4.5 million of cash resources."
Prospects. The comment of the Comptroller with
respect to the prospects of the organizations, also
adopted, is as follows:
"The prospects of the three banks are excellent. They are
established and progressive institutions operating in a large,
highly competitive banking field. Their ability to operate
profitably and to cope with banking problems as they may
arise is not open to question. Their prospects under a bank
holding company ownership would be equally good and possibly enhanced to a minor degree by virtue of administrative
economies that may be achieved.
"The prospects of the First New York Corporation parallel
those of the banks it will own."
Management. Here the Comptroller states, and it
is found:
"The managements of the three banks, in their respective
fields, are representative of the best in American banking.
This would continue, in our opinion, under holding company ownership.
"We have every reason to believe that the management of
First New York Corporation would reflect the high capacity,
ability, and principles which characterize the managements of
the three banks it would own."
It seems apparent from the above, and is concluded, that the Applicants meet all the requirements
923
stated or implicit in the first three factors of Section
3(c) of the Act. The sole question then is whether
factors 4 and 5 are equally favorable to the granting
of the applications. As the proponents of an order the
Applicants have the burden of proof.6
The communities and area. The suburban counties
surrounding New York City have in recent years,
particularly since World War II, undergone substantial population growth. Accompanying the gain in
population has been a comparable economic expansion in the way of new service, merchandising, and
industrial enterprises. From 1950 through 1955, Westchester County showed population increase of 17.4
per cent. It is estimated that from 1955 to 1975,
population increase in the county will be approximately 36 per cent. New York City population growth
in the same period is estimated at 4.3 per cent. Westchester County labor force is expected to increase by
110,000 from 1955 to 1975. In 1955, Westchester
County had a population of 735,000. Approximately
one-third of its resident labor force of 310,000 people
is employed in New York City. Transportation between Westchester and the city is good. A substantial number of national concerns have in recent years
moved their executive or administrative offices to
Westchester County; or have announced plans to do
so. Westchester County is now one of the major industrial areas of New York State, ranking fourth in
the State in the number of industrial enterprises
within its boundaries.
That growth is not peculiar to Westchester County
or the New York City area alone. Similar development, sometimes peripheral, sometimes interstitial,
often both, has occurred in other areas in the nation
in or continguous to large municipalities in the years
since World War II.
Whether that process is to be described as the unification of a trading area, or instead as the independent
urbanization of adjacent rural regions, is perhaps only
of dialectical interest. Whatever the explanation,
convenient trading opportunities attract enterprising
organizations. It was therefore perhaps inevitable that
FNCB should be attracted to Westchester County.
For with the growth of the suburbs, their banks also
grow. Thus, from 1940 through 1956, deposits in
commercial banks in Westchester County increased
from $155 million to a total of $719 million. Growth
in the number of offices has also been dynamic. From
1945 to 1955, a total of 32 de novo branches were
opened in the county, 7 by County Trust, 6 by National Bank of Westchester, and 19 by other banks.
Of the 19, County Trust subsequently acquired 5 by
merger, National Bank of Westchester 4. During the
same period of time County Trust acquired a total
of 19 branches, 13 of them by merger.
Convenience, Needs and Welfare of the Community
and Area
Granting of the applications would appear to contribute in some measure to the convenience of the
Westchester community and area. That conclusion,
however, is not dispositive.
Analysis of the Board's decisions under the Bank
Holding Company Act discloses that the Board has
drawn a distinction between the "convenience" of
6
Section 7(c) of the Administrative Procedure Act provides,
in part, as follows: "Except as statutes otherwise provide, the
pro^o^pnt of a rule or order shall have the burden of proof."
(5 U.S.C., Sec. 1006(c).)
924
FEDERAL RESERVE BULLETIN • AUGUST 1958
a community and area, and its "needs and welfare".
Establishment of the former does not overcome lack
of clear evidence of the latter. (Wisconsin Bankshares Corporation, decision dated 20 December 1957.)
Similarly, that the proposed acquisition would
"probably serve a useful purpose", does not justify its
approval if "existing 'needs' do not appear to be of
a high order of intensity", and if the convenience and
welfare of the area are not "heavily dependent" on
the establishment of the proposed bank. Furthermore, the need for the facility does not necessarily
favor ownership of it by a holding company: "The
two actions are related, but they are not the same."
(Northwest Bancorporationy decision dated 5 November 1957.)
Beyond that, however, the Board has said that it
is not enough that some or all of the facts support, or
in some respects tend to support, granting of the application. Facts which are "partially favorable", or
which "may benefit the community in some respects",
may be outweighed by other considerations when all
relevant circumstances are collated. (Northwest Bancorporation, 5 November 1957.)
The degree of weight or application of the factors
involved in each case is not mathematically assessable.
As the Board has said, "No precise formula can be
applied . . . and each case must necessarily be determined on the basis of a considered judgment in the
light of all relevant circumstances" (Wisconsin Bankshares Corporation, 20 December 1957).
We turn now to an assessment of applicable considerations under factor 4.
Initially, it will be observed that no new bank or
banking office will be created by the acquisition, either
in New York City or Westchester County. In the
cases just cited approval was denied, even though the
programs there involved the creation of new banking
offices and facilities. The benefits of the instant program are wholly potential and consequential.
The contributions which the acquisition will make
to the area are set out most cogently in the testimony
of Mr. Howard C. Sheperd, Chairman of the Board
of FNCB:
"The effect of the proposal upon the convenience, needs
and welfare of the communities and the areas concerned is
likewise covered in Exhibit F and of course throughout the
application in numerous other ways. The proposal would
connect, through common ownership, The County Trust Company with The First National City Bank of New York and its
affiliated trust company, which together supply a varied and
complete market basket of banking and trust services to individuals and to large and small businesses at home and abroad,
which have great diversity of resources and which have demonstrated sound, progressive and successful management. It
would lead to the development of stronger banking institutions,
offering of more complete and varied services and greater
capacity for growth to meet future needs. It would make
possible a beneficial exchange of management ideas, methods
and experience, to which all three institutions would contribute
substantially. It would provide additional assurance of continuing able management for The County Trust Company
because of the access provided to the personnel and the training programs of The First National City Bank of New York;
furthermore, we of National City are happy to acknowledge
that we can learn a great deal in this area from the progressive methods of The County Trust Company. As already
stated, the affiliation would facilitate the raising of additional
capital for The County Trust Company to support its present
position and future growth.
"Moreover, the association through the holding company
would make possible more economic and efficient operation.
It would make available experienced, specialized managerial
talent of high quality—in such matters, for example, as investment management, investment advisory and trust service, accounting, tax service, credit investigation, and business development—at a low unit cost because of the spread of such
talent over a larger volume of business. It would facilitate the
development and application of improved mechanical and
electronic procedures to bank operations, in which all these
institutions are engaged.
"I submit at this point a memorandum setting forth in
greater detail certain of the benefits that will accrue to customers of The County Trust Company through the proposed
move. This memorandum covers eleven pages. I shall not
read it but only ask that it be made a part of the record. In
brief, it describes numerous services provided by The First
National City Bank which can be made available to The County
Trust Company through the holding company. One is the
formalized small business loan program of The First National
City Bank, which adapts to small business a term loan facility
historically reserved for big business. Such loans, to start
new enterprises and to enlarge existing organizations, are made
available in amounts up to $25,000 repayable up to periods of
sixty months. We have made 150,000 such loans for a total
of $280 million, and we have accumulated invaluable experience and staff organization as a result. We have made
70,000 business loans to veterans, as provided for in the GI
Bill of Rights, for more than $150 million. In a rapidly growing and expanding community such facilities for small business
are of paramount public importance. I say this of course without prejudice to the fine job that County Trust does for its
small business clients. Nevertheless, there are virtues and
advantages in formalized systems and the experience derived
from them.
"The First National City Bank provides superior foreign
services all over the world, of value to the many large and
medium-sized corporations located in Westchester County. The
holding company affiliation would make available to Th°
County Trust Company The First National City's 196 000
credit files of foreign names, and the services of The First
National City Bank's 70 branches in 24 foreign countries.
"Immediately available to The County Trust Companv
and its personnel would be certain additional training and
educational procedures, including a two-year executive training program, a model bank training center, and other programs. These would augment or complement training programs
already in effect at County Trust.
"As business grows in Westchester County, the lending
capacity of its banks will become increasingly important. The
holding company can enable The County Trust Company to
enlarge its lending capacity in two ways, by facilitating placement of excess loans with the other subsidiaries and by assistance in providing additional capital funds as necessary. In
the mortgage field the holding company could combine a
large reservoir of funds available for investment with the
valuable technical experience of The County Trust Company.
"For its trust service to its community, the holding company
affiliation would give The County Trust Company the advantages of the City Bank Farmers Trust Company investment
research department and library, its fully equipped traders
desk, its large and competent tax department, its corporate
trust services, and its pension trust services.
"The economic services provided by First National City,
which are of high standard and are increasingly in demand in
business today, would be made available to The County Trust
Company's customers.
"Extension and improvement of services, greater capacity for
growth, and the other advantages above cited would all redound to the benefit of the community."
It is to be expected that benefits of such or similar
character would follow to some degree from the consolidation of organization, methods and resources of
two efficient institutions of this kind. On the other
hand, it does not appear from the evidence, as I
evaluate it, that the program is necessary to the
needs or welfare of Westchester County.
The growth and increased industrialization of Westchester County in recent years has brought a need for
various specialized services, such as foreign banking
and foreign financing, small loans, and residential
mortgage and consumer loans. These services are
presently available in adequate degree and form.
There is no present want or need for further banking
services in Westchester County in the sense that such
service is unavailable, either directly with a county
bank, or through that bank's correspondent relationship with one of the larger New York City banks. In
the matter of large loans for industrial enterprises,
and perhaps in the field of foreign banking services,
referral of some portion of such business to a correspondent bank may at times be necessary either
925
LAW DEPARTMENT
because of loan limits of the county banks, or because
of other limitations. Certain other services, now available in varying degrees, could be improved by the
adoption of specialized techniques.
The rapid growth and expansion of County Trust
since 1947 has required additional capital funds, a
need which may be expected to continue. Thus far
County Trust has experienced no difficulty in its
ability to raise capital, which has shown a consistent
increase since 1947. The market for County Trust
shares appears promising; their market price is almost double their book value, recent ratios being
roughly $14 book value to $25 market value. It is
perhaps reasonable to assume that the proposed affiliation will facilitate the raising of capital by County
Trust when and if needed, but
the affiliation does not
seem essential to that result.7
Other suggested advantages to The County Trust
Company, and indirectly to the community, from the
proposed program appear to be attributable either to
the size of the FNCB and Farmers organizations or
to their procedures and methods. I refer here to
phases of banking activity in which FNCB and
Farmers are particularly outstanding. In this category are various highly developed or specialized services or programs involving the management, knowhow, organization and machinery flowing from the
necessary to the conduct of volume transactions on an
efficient basis. Examples are Farmers' trust services,
FNCB's foreign banking, its automation program,
programs in the areas of personnel training, loans to
small business, commercial and mortgage loans, administrative planning and economics research. In
some of those areas The County Trust Company is
itself outstanding. In none does County Trust's service
seem deficient in terms of reasonable demand. No
doubt a larger organization, greater specialization,
and more plant would intensify concentration on detail, but whether at profitable cost or loss of organizational efficiency may be open to question. The
banking techniques developed out of the problems of
New York City are not necessarily transferable wholesale to Westchester County. And the attainment of
the anticipated advantages is to some extent counterbalanced by the risk that responsibility for the development of policies to meet local needs may be
shifted to an organization with more diffused interests.
County Trust and the other county banks seem to
have kept pace with the essential needs of Westchester.
Their growth in the past decade is evidence of responsiveness to and anticipation of community needs. The
1956 Annual Report of County Trust discloses the
establishment of a foreign department in that year,
the inauguration of a training school for tellers, and
the development or improvement of banking services
7
It is to be noted that until its expansion of capital in 1957
by the sale of an additional 2 million shares, FNCB may also
have been short of capital funds or resources to meet customer
needs. Thus, the 1956 combined Report to stockholders of
FNCB and Farmers (p. 5) says that "Lending capacity has
not been sufficient for all demands." Securities were sold to
obtain funds for expanding loans, but even with that, "close
control over lending policy has been necessary to assure our
continuing ability to meet our customers' short-term needs . . . ."
Foreign operations presented the same problem. The 1956
Report says of these (p. 15): "Demand for loans at many
of our overseas branches continued to exceed the available
supply of funds. We see no slackening in this demand." In
addition to indicating that FNCB has no capital funds to
spare County Trust, these facts, along with their record of
growth since 1946, would seem to suggest that the demands of
their present area and operations exceed even FNCB's and
Farmers' capacity.
and administrative programs. Contrary to some suggestion in the record, County
Trust offers a complete
range of trust services.8
The factor which makes possible the offering of
their specialized services by the New York City banks
tends also in some measure to cancel out their desirability. That is the matter of the size of FNCB and
Farmers, a point treated more fully later.
Finally, the convenience, needs and welfare of the
area are also affected by reason of Article III-B and
other State banking regulations of bearing. As will be
seen, the proposed program, in conjunction with those
measures, would have an effect upon the competitive
banking situation and the State system of banking.
Execution of the program would set aside the public
policy of the State. These results are not, of course,
dispositive. If there is conflict of policy in a field
where Federal authority is paramount, the State must
give way. However, the consequences of subordination of State policy are among the elements affecting convenience, needs and welfare of the community
and area. In that respect the effect of the proposed
acquisition would be adverse.
To sum up the considerations bearing upon the
fourth statutory factor: It appears that the proposed
program may contribute to the convenience of the
Westchester community and area; but it is not shown
by clear evidence to be necessary for the needs and
welfare thereof. It will make no contribution to the
convenience, needs and welfare of the New York City
community and area. In addition, considerations involved in factor 5 tend to diminish or cancel the
weight of the convenience factor in Westchester. As
in the case of Northwest Bancorporation: though the
proposed acquisition may serve a useful purpose in
the county, existing needs are not of a high order of
intensity and the convenience and welfare of the community and area are not heavily dependent upon its
consummation. Indeed, the needs and welfare of the
area may be adversely affected.
We turn then to the fifth factor.
Factor 5
The basic element in factor 5 is the size or extent of
the bank holding company system: It must not be
beyond limits consistent with adequate and sound
banking, the public interest, and the preservation of
competition in the field of banking. The proposed
program would provide "adequate" banking at least
in terms of fulfilling demand; whether it would be
"sound" banking may depend upon its impact on the
structure of the banking systems of New York City
and Westchester County. Whether the system would
be consistent with the public interest involves the
weighing of all relevant considerations; the provision
respecting preservation of competition seems selfexplanatory.
The size of the proposed holding company is substantial. In fact, it will be the largest bank holding
8
The evidence discloses consistent growth in the volume,
quality, and variety of The County Trust Company's trust
services. In July 1948, County Trust administered 411 trust
accounts having an estimated $8 million in assets. As of
January 1957, it administered 681 trusts of various kinds, having
assets of $51.4 million. Significantly, in addition to absolute
growth, those figures reveal a marked rise in the average value
of the trusts administered, from approximately $19,500 in 1948
to roughly $75,000 in 1957; indicating that The County Trust
Company is attracting larger trust accounts. The 1956 Report
to stockholders reveals that one group of Investment Advisory
Accounts administered averaged over $750,000 per family.
926
FEDERAL RESERVE BULLETIN • AUGUST 1958
company in the country. The accompanying table,
based on data as of 30 June 1956 shows First New
York Corporation's projected size in comparison with
the five largest existing bank holding companies.
RELATIVE SIZE OF FIRST N E W YORK
JUNE 30,
First New York Corporation (as proposed).
Transamerica Corporation, San Francisco,
Calif.
Marine Midland Corporation, Buffalo, N.Y.
Northwest Bancorporat i o n , Minneapolis,
Minn
First Bank Stock Corporation, Minneapolis,
Minn
Wisconsin Bankshares
Corporation, Milwaukee, Wis
Total
Number deposits !
of
(In
banking millions
offices
of
dollars)
-
115
6,023
11
25
277
2,663
1
13
150
1,813
75
98
1,520
85
88
1,372
6
20
734
1
i Figures are from Applicants' Exhibit 25. Comparable data in
Board Exhibit 35 are in conflict. Applicants' figures are given for
the reason that they were compiled and submitted some weeks after
Board Exhibit 35, and presumably in response thereto.
Data relating to Marine Midland Corporation as of Dec. 31, 1955;
number of banks as of Dec. 31, 1956.
Congressional concern over the concentration of
banking assets and facilities in larger institutions, reduction in the number of independent banks by absorption into other units, and the effect of those occurrences on the banking structure and on competition
were major reasons for the enactment of the Bank
Holding Company Act of 1956. It would seem that
the establishment of the proposed holding company
would profoundly affect the banking situation in
Westchester County and New York City by producing a substantial concentration of banking assets. It
would join in one organization the dominant bank
in Westchester County, the fourth largest bank in the
State outside New York City, with the second largest
bank in the City and State, the third largest in the
nation. It would introduce a financial institution with
resources of approximately $7 billion into a banking
community whose assets presently total approximately
$750 million. Based on March 1957 call figures, no
conceivable combination of a New York City bank
with a Westchester County bank could approach it in
size except a union in some fashion of Chase-Manhattan Bank and the National Bank of Westchester.
And on the present state of the law, as will be seen,
such a combination is not possible so long as ChaseManhattan remains a State bank. Indeed, if all the
commercial banks in Westchester County other than
The County Trust Company were to merge or join
with any single bank in New York State other than
FNCB or Chase-Manhattan, the resulting combination,
in terms of assets, would be less than one-half the
size of the proposed holding company.
This is expressed in the following table of assets as
of 31 December 1956, taken from data in Board
Exhibits 38 and 39. On that date Manufacturers Trust
First New York Corporation, as proposed
$7,298,131
Manufacturers Trust Company plus all Westchester
County commercial banks, excluding The County
Trust company
3,506,942
CORPORATION
1956
Number
of States Number
Bank holding company in which of banks
operating
Company was the third largest bank in New York
City. Figures are, in thousands of dollars:
Unless overborne by specific advantage to the
community in other respects, the evidence thus suggests that the proposed program would result
in an
undue concentration of banking resources,9 tend to
the reduction of the number of independent banking
companies in Westchester, and create conditions of
potential threat to the soundness of the county 10banking structure and to the competitive situation.
As
the Board said in the case of Northwest Bancorp oration (5 November 1957):
"Bank holding companies often have the available resources,
and therefore the ability, to act more quickly than a group of
individuals in endeavoring to establish a new bank in an area
which gives promise of supporting a successful banking operation. Such early establishment of a bank, and the acquisition
of its stock by a bank holding company, may benefit the community in some respects. On the other hand such an entry
into an area by a bank holding company bank may, in some
circumstances, 'expand the size or extent' of the bank holding
company system in such a manner or to such a degree as to
have a strong tendency to preclude later entry by a bank
which is not controlled by a bank holding company. It is
apparent that in such a situation control of a bank by a bank
holding company would run counter to the considerations
stated in the fifth factor and should not be approved unless
there are considerations favorable to the application that are
sufficient to offset such adverse circumstances."
The applicants' position, to the contrary, is that competition among the Westchester County banks will be
stimulated by improvement of County Trust banking
services.
That some or all of the remaining county banks
will attempt to revise their operations or services to
meet the situation presented by First New York Corporation is to be expected; but they may have difficulty in meeting the challenge on competitive terms
as they are presently organized. And if the program
is executed, Article III-B and State and Federal branch
banking laws weight the competitive situation in favor
of First New York Corporation. They do this by
preventing State banks from forming inter-district
bank holding companies, and all banks from forming
inter-district combinations by merger or by acquisition
of out-district branches. Thus, under the present
ft
The act is to be interpreted inter alia as requiring the
Board to deny approval to a proposed holding company which
"would not maintain competition among banks, or would fail
to minimize the danger inherent in concentration of economic
power through centralized control of banks." (Control &
Regulation of Bank Holding Companies, Hearings before
House Committee on Banking and Currency on H. R. 2674,
p. 95, 84th Cong. 1st Sess. (1955).)
"The factors required to be taken into consideration by the
Federal Reserve Board under this bill also require contemplation of the prevention of undue concentration of control in
the banking field to the detriment of public interest and the
encouragement of competition in banking." (S. Rep. 1095, p.
10.10 84th Cong., 1st Sess.)
Market factors of suggested relevance in determining the
competitive consequences of merger acquisitions, under Section
7 of the Clayton Act, are thus stated in the Report of the
Attorney General's Committee to Study the Antitrust Laws
(1955), p. 125 et seq.:
"(1) The character [including size, etc.] of the acquiring and
the acquired company, (2) the characteristics of the markets
affected, (3) immediate changes in the size and competitive
range of the acquiring company and in the adjustments of
other companies operating in the markets directly affected,
and (4) probable long range differences that the acquisition
may make for companies actually or potentially operating in
these markets."
LAW DEPARTMENT
927
State laws, no State bank in New York City can join
in a holding company with a State bank in Westchester County, or vice versa, and no bank in New
York City can merge with or acquire as a branch a
bank in Westchester County, or vice versa. It does
not seem likely that, in circumstances where the competitive strength of a bank might be unfavorably affected thereby, Congress could have intended to
make it possible for a holding company to direct a
banking business even though the bank could not.
So long as Article III-B and present limitations on
merger and branch banking remain in force, competitive conditions in Westchester County and New
York City may be adversely 11affected by the execution of the proposed program.
At least the problem of fashioning effective competitive combinations to meet the new holding company will be unnecessarily complex. For that the
effort will be made seems a foregone conclusion, both
because the county banks will probably consider it
necessary to survival, and because the city banks will
not likely be content to be disadvantaged vis-a-vis
FNCB. The evidence is that preliminary contacts
have already been made by city banks with county
banks with regard to such affiliation. In this respect
it seems significant that the instant proposal itself
appears to be a consequence of concern for its competitive position on the part of County Trust because
of reputed interest of the Rockefeller family in both
the National Bank of Westchester and a large New
York bank—presumably Chase-Manhattan. See testimony of Mr. Andrew Wilson, pp. 139-141.
If the program is approved, no doubt succeeding
ones along similar lines should be approved also, in
order that competitive balance in Westchester and in
New York City may be maintained. The result would
be to duplicate in Westchester substantially the banking situation which prevails in New York City. This
is not bad per se, but it presents problems affecting
the public interest. The creation of conditions which,
whether for reasons of rivalry or of survival, would
impel affiliation of the remaining Westchester banks
with larger city institutions, and perhaps adversely
affect the State system of banks and regulation in the
two areas could not, in my judgment, produce other
than undesirable banking instability for a period of
time. It is to be anticipated that this process would
hasten the reduction, by absorption, of the number of
independent banks in Westchester, though not necessarily the number of banking offices. This is not to
say that the situation must, for the sake of stability,
remain unchanged. It is merely to say that the Bank
Holding Company Act was not intended to stimulate
radical upheaval in the banking structure of a community.
With respect to the force of the competition it is
urged that personalized services of the small bank
and similar factors will tend to offset the strength of
the holding company. Personal relationship can, of
course, be a substantial competitive factor, and may
be better preserved by a small bank—though this is
by no means sure. But whatever the charm of its
staff, its desire to be of service, and the prejudice of
a certain segment of the public to large organizations,
it seems unlikely that many of the smaller county
banks could as independents compete effectively with
First New York Corporation. For the very factors
in its staff which may lure the customer to the small
bank—competence, personal following, friendlier service—will attract the staff to the larger bank with its
greater opportunities for advancement. The result of
elimination of the smaller banks, even though the
result of competition, may be to lessen competition
by reducing choice of available facilities. That result
has no necessary relation to efficiency. As one witness commented in another connection: there may be
"considerable doubt as to whether smaller competing
banks in the County will have long range opportunity
to do business profitably; whether they will have unfettered opportunity for growth and expansion;
whether new banks will be able to enter into business
without undue handicap; and whether new capital
will find such new banks an attractive investment."12
Additional considerations are urged on behalf of
the Applicants against the conclusion that the size of
the proposed holding company or the concentration of
assets militates against approval, or the conclusion
that competition will be adversely affected. Thus, in
respect to size, it is pointed out that FNCB is alone
larger than any existing bank holding company in
terms of deposits, and that the acquisition of County
Trust adds only slightly more than 5 per cent to the
resources of FNCB and Farmers. In percentage terms
First New York Corporation would have about 20
per cent of the total commercial banking deposits and
about 17 per cent of the commercial banking offices
in the combined New York City-Westchester area, and
about 16 per cent of commercial deposits or resources
in New York State. It is pointed out that other bank
holding companies have higher percentages of deposits
or cover larger geographic areas. It is not clear,
however, that the situations in such cases are comparable with First New York Corporation's in respect
to such relevant factors as character of communities,
services required, and applicable State legislation.
The power of the holding company would seem to
be accentuated, not diminished, by its concentration
in the smaller area. And the percentages have their
definitely adverse side. For the minimal per cent
addition to the resources of the city banks merely reflects their already substantial size. Thus, if FNCB
and Farmers acquired all the commercial banks in
upstate New York, their assets would be increased less
than 95 per cent. And if viewed from the standpoint
of addition to the resources of County Trust, the
program would increase those over 1,700 per cent.
For however apt comparisons, primary consideration must be given to the effect in Westchester County.
There the program increases the relative size of the
acquiring enterprise to the point where, perhaps, "its
advantage over its competitors threatens to be decisive." (Celler-Kefauver Amendment to Section 7
of the Clayton Act, H. Rep. 1191, p. 8, 81st Cong.
1st Sess.). On this score the apprehension of The
County Trust Company over the possibility of a competitive combination between another major New
York City bank and the National Bank of Westchester appears to speak with more force as to the
probable impact of the program than any amount of
argument or speculation.
Elimination of competition. Execution of the program will also tend to eliminate competition between
11
These restrictions may be revised in the near future by
the State legislature, now in session. But such developments
must remain speculative. The determination here must be
made on the basis of the law as it exists, without the comforting assurance of second sight.
12
Banks such as the National Bank of Westchester and the
First National Bank of Mt. Vernon could no doubt (as their
presidents testified they felt they could) be able to compete
with First New York Corporation, either independently or as
part of a combine. These, however, are not small banks.
928
FEDERAL RESERVE BULLETIN • AUGUST 1958
Westchester County banks and city banks. About 6
per cent of the fiduciary accounts—in dollars a substantial figure—of Farmers originates in Westchester
County. That competition may be expected to be
eliminated by the proposed program, as well as potential competition which County Trust could be expected
to provide by continued improvement of its trust services. The reduction of competition would, however,
be greater than that. As of July 1956 more than half
as many employed Westchester residents were employed outside the county, mainly in New York City,
as were employed within the county. At the same
time at least 10 per cent of the locally employed persons were nonresidents of the county. This is shown
in the following table:
County residents employed in the county
County residents employed outside the county (outcommuters)
Nonresidents employed in the county (in-commuters)
Total employment in county
204,000
106,000
23,000
227,000
It is thus seen that a majority of the county labor
force possibly has regular access to banking facilities
both in New York City and in Westchester County.
To such persons, as well as to large-scale industrial
and business establishments, the two areas offer alternative sources of banking service. Under such circumstances the banking systems of the two communities are in competition. The Applicants estimate that
the percentage of FNCB domestic depositors originating in Westchester is less than one per cent; the
deposits of County Trust originating in New York
City less than 3 per cent. One per cent of FNCB's
domestic deposits would be over $20 million: more
than 5 per cent of County Trust's total deposits.
Three per cent of County Trust's deposits would be
approximately $10 million. These are not insubstantial amounts. Statistics in evidence indicating
greater percentage of overlap in an FNCB branch
nearest Westchester appear too fragmentary to be
meaningful.
However, a minimal number of nonresident depositors would not necessarily indicate an absence of
competition. As an official of the New York Federal
Reserve Bank observed, "I look at competition as the
customer's choice of available facilities." An absence
of nonresident depositors, borrowers, or customers
probably indicates no more than that persons with a
choice find their home facilities satisfactory. This
perhaps is as accurate a gauge as any for measuring
the adequacy of Westchester banking facilities. Since
a substantial number of persons employed in Westchester County have access to either the city or the
county banks, and thus have a choice between them,
I am of the opinion that there is effective competition
between the city and county banks for the business of
such individuals. The entry of First New York
Corporation into Westchester County will tend to
eliminate the choice which such persons now have,
or may in the future have, between the banking services of FNCB and Farmers on the one hand, and the
services of The County Trust Company on the other.
In addition, the program will probably eliminate
FNCB as an actual or potential correspondent for
any of the other Westchester banks. These deprivations of choice result in a substantial lessening of
competition, and in some
respects a reduction in
available banking service.13
Marine Midland Trust Company. It is pointed out
that Marine Midland Corporation has operated as a
bank holding company in New York State for many
years. As of 30 June 1956 it had 149 or 150 u banking offices, and deposits in excess of $1,700 million.
It is urged, and rightly, that the situation should not
be frozen so as to give an undue advantage to Marine
Midland Corporation. Among other holdings, Marine
Midland operates a bank in Rockland County, across
the Hudson from, and in the same district as, Westchester, and another in New York City. The record
does not indicate that the Rockland bank is competitive with the Westchester banks, and presumably
it is not. An attempt on the part of The County
Trust Company to cross the Hudson River into Rockland County was prevented by the State Banking
Department.
Since it does not appear that Marine Midland Corporation is an effective competitor in Westchester
County, other than the generalized competition for
Westchester business in New York City which it shares
with FNCB and Farmers by reason of being a city
bank, the whole group of which makes banking
services available to Westchester out-commuters, the
establishment of First New York Corporation is not
necessary to enable FNCB and Farmers to compete
with Marine Midland in Westchester or in New York
City. Marine Midland should not, of course, because
of the accident of prior birth, have a preferred, exclusive, or advantageous position in any area in which
it operates. But denial of the applications here would
not tend to perpetuate that position, nor would granting of them tend to further competition between
existing banks and Marine Midland Corporation.
Foreign banking assets. FNCB is a large-scale
banker on a national and international level. It is
said that the portion of FNCB's deposits involved in
that phase of its operations (roughly two-thirds of
total deposits) should not be counted in determining
FNCB's size, since only the residue (about $2 billion)
is available for use in the local portion of its activities
and hence cannot be of any effect in Westchester.
Such an approach cuts two ways. If valid, it not
merely minimizes the impact of First New York
Corporation on the Westchester banking structure; it
also tends to cancel out any prospect that those resources will be available, directly or indirectly, to
support the capital position or loan capacity of The
County Trust Company. The advantages to County
Trust and, indirectly the public, from the program are
then reduced substantially to providing The County
Trust Company with the managerial know-how
and
peripheral skills of FNCB and Farmers.15
13
That, as is said, Westchester County "has become increasingly a continuous and integral part of the natural trade
and population area of Metropolitan New York", and that the
city and the outlying counties are today "parts of an integrated economic unit" trade, social and business-wise, seems
to imply an existing competitive situation. At the very least,
if the development trend continues, the city and county banks
are14 potential competitors in the ultimate competitive area.
Information in the record is in conflict as to the number
of offices. Applicants' Exhibit 25 gives it as 150, Board
Exhibit
35 as 149.
15
As one witness, favoring the program, put it, after observing that national or international deposits of First National
City were already committed, and thus not available to The
County Trust Company:
"What The County Trust Company, it seems to me, will
gain in additional resources are resources of experience and
knowledge, skill, availability to execute training programs,
college recruitment training programs, the combination of
resources which can be spent and will be spent in experimentation with electronics, and new and more efficient ways of
doing the banking business, rather than dollars and cents
resources . . . ."
929
LAW DEPARTMENT
The Applicants, in expressing the same idea, refer
to the gains as "not . . . monetary resources . . . but
. . . intangible benefits of experience, knowledge, and
skill."
See also footnote 7, p. 925, as to commitment of
resources of FNCB.
Important as those accomplishments are, they do
not appear to be a substantial enough gain to warrant
recommending approval of the program in the face
of other and adverse factors.
Conclusions
The conclusions which I draw may be summarized
as follows: Under the present circumstances approval
of the proposed program would contribute in a measure to the convenience of the community and area of
Westchester County, but the anticipated benefits are
not required for its needs and welfare. With existing relationships the Westchester banks are capable
of providing and do provide adequate and constantly
improving banking service commensurate with community needs and demand. The benefits to be derived
from the proposed program are mainly of intangible
service character flowing from management or referral factors. No new banking outlets or offices in
Westchester County will be provided; no new services
or programs are contemplated. In general the anticipated benefits result from improvement or extension
of existing services or programs; gains which, to the
extent justified, seem expectable in the normal course
of development of Westchester banking organization.
Effective competition presently exists between the
county banks. This has resulted in the growth of
county banking services as rapidly as needs and prudence justify. In these circumstances the proposed
program may result in such alteration of evolutionary
processes as not to be in the public interest, in view
of the nature and weight of the gains to be realized.
The program, by combining the dominant banking
system in Westchester County with one of the largest
banking systems in the nation, establishes in Westchester County a financial organization of such relative size as perhaps to give it decisive advantage
over competitors; may result in an undue concentration of banking assets and control; may induce unnecessary dislocation in the existing banking structure
of the county—and thus unsound banking; may
unduly and substantially lessen competition between
city and county banks; and may result in undue reduction of the number of independent banks in the
county with consequent reduction in the number of
competing banking organizations.
In addition, in the existing circumstances, approval
may tend to prejudice State regulation unduly and to
impair legislative policies governing State banks.
On balance, the prospective and possible benefits of
the program do not outweight its prospective and
possible disadvantages. It is concluded that the program is not required for the needs and welfare of the
community and area, and further, that the effect of
the proposed acquisition may be to expand the size
or extent of the holding company system involved
beyond limits consistent with adequate and sound
banking, the public interest, and the preservation of
competition in the field of banking. Under these
circumstances the Applicants have not sustained the
burden of establishing that the public interest will be
furthered by granting approval of the applications.
These conclusions being based upon the existing
situation, changes in that situation, such as in the
present banking structure in the county, or in applicable law, may warrant approval of the program
at an appropriate time in the future. As of the present moment, however, approval seems inappropriate.
It will consequently be recommended that the Board
not approve the applications.
Recommendation
In accordance with the foregoing findings and conclusions it is recommended that the Board of Governors of the Federal Reserve System enter an order
denying the applications of First New York Corporation, The First National City Bank of New York, and
International Banking Corporation for prior approval
of action to become bank holding companies under
Section 3 of the Bank Holding Company Act of 1956.
Dated at Washington, D. C , this 20th day of
February 1958.
(Signed)
CHARLES W. SCHNEIDER,
Hearing Examiner.
Current Events and Announcements
FEDERAL RESERVE MEETINGS
CHANGES IN BOARD'S STAFF
Meetings of the Federal Open Market Committee
were held in Washington on July 29 and August
19, 1958.
Mr. S. R. Carpenter, Secretary of the Board of
Governors since July 1, 1945, resigned on July
31, 1958, in order to become President of the
Central States Mission, Church of Jesus Christ of
the Latter-day Saints, in which capacity he will be
in charge of Church activities in Oklahoma, Kansas, Missouri, Arkansas, and part of Illinois. Mr.
Carpenter joined the Board's organization in 1926,
and was an Assistant Secretary of the Board for
twelve years prior to his appointment as Secretary.
The Board has appointed Mr. Merritt Sherman
to succeed Mr. Carpenter as Secretary, effective
upon his return in October from a European assignment. Mr. Sherman, who is an Assistant Secretary of the Board, was employed by the Federal
Reserve Bank of San Francisco in 1926, and was
Assistant Cashier of the Bank at the time he joined
the Board's staff as Assistant Secretary in 1946.
INCREASE IN MARGIN REQUIREMENTS
On August 4, 1958, the Board of Governors of the
Federal Reserve System amended Regulations T
and U, relating respectively to margin requirements of brokers and banks, by increasing margin
requirements from 50 per cent to 70 per cent, effective August 5, 1958. The increased requirements apply to both purchases and short sales. No
other change was made in the regulations.
INCREASE IN FEDERAL RESERVE DISCOUNT RATE
On August 14, 1958, the Board of Governors of
the Federal Reserve System approved action by
the directors of the Federal Reserve Bank of San
Francisco increasing the discount rate at that
Bank to 2 per cent, effective Friday, August 15,
1958. The rate previously in effect at that Bank
was 13A per cent.
APPOINTMENTS OF DIRECTORS
On July 11, 1958, the Federal Reserve Bank of
Atlanta appointed Mr. R. J. Murphy a director of
its Birmingham Branch for the unexpired portion
of a term ending December 31, 1959. Mr.
Murphy is Vice President of the Citizens-Farmers
& Merchants Bank, Brewton, Alabama. As
Branch director he succeeds Mr. John R. Downing, Executive Vice President, Citizens-Farmers &
Merchants Bank, Brewton, Alabama, who died
recently.
The Board of Governors on August 11, 1958,
announced the appointment of Mr. John H. Warden, of Houghton, Michigan, as a Class C director
of the Federal Reserve Bank of Minneapolis for
the unexpired portion of the term ending December 31, 1958. Mr. Warden is President of the
Upper Peninsula Power Company, Houghton,
Michigan. As a director of the Minneapolis Bank
he succeeds Mr. F. Albee Flodin, President and
General Manager of Lake Shore, Inc., Iron Mountain, Michigan, who died recently.
ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM
The following State banks were admitted to membership in the Federal Reserve System during the
period June 16, 1958 to July 15, 1958:
New Jersey
Paterson
. County Bank and Trust Company
Virginia
Danville. . Schoolfield Bank & Trust Company
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of
Aug. 1958
On, and not on, Federal Reserve Par
List, number of
Aug. 1958
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks
Insured commercial banks
Banks and branches, number of, by class
and State
Operating ratios, member banks
Stock Exchange firms, detailed debit and
credit balances
Banking and monetary statistics, 1957..
Summary flow-of-funds a c c o u n t s ,
1954-56
Bank holding companies, Dec. 31, 1957
930
Page
988
989
Feb. 1958
June 1958
June 1958
200-01
710-18
719
Apr. 1958
June 1958
492-93
720-22
Mar. 1957
{JJ^' J ^ g
336
Oct. 1957
Feb. 1958
608-1?
1190-94
211
National Summary of Business Conditions
Released for publication August 15
Recovery in industrial production continued in
July and construction activity and private housing
starts rose further. Nonfarm employment and
personal income also increased further and retail
sales were maintained. From early July to early
August, prices of industrial materials advanced
but prices of farm products declined. While loans
to business declined, total bank credit increased
further. Yields on Government securities and
corporate bonds rose while common stock prices
reached new highs for this year.
after the vacation period in early July, and in
early August were 100 per cent of the 1947-49
average, one-fourth above the April low.
Gains were general among nondurable goods
industries in July. The most pronounced recovery in recent months has occurred in textiles,
apparel, rubber and leather products. Output of
minerals picked up somewhat further in July as
crude oil production increased and coal and metal
mining changed little.
INDUSTRIAL PRODUCTION
Private housing starts rose again in July to a
seasonally adjusted annual rate of nearly 1.2 million units, 14 per cent above a year earlier.
Total construction outlays also advanced, reflecting mainly a further rise in residential construction. Expenditures for industrial plants continued
to decline, and outlays for commercial and public utility building showed little change.
CONSTRUCTION
The Board's seasonally adjusted index of industrial production rose in July to 133 per cent of the
1947-49 average, two points above the revised
June level. The July rate was 6 per cent above
the April low and 8 per cent below a year ago.
Increases were widespread among durable
goods industries in July. Activity in producers'
equipment lines—still sharply below the 1957
peaks—increased for the second month. Output
of television and furniture advanced further, and
the recovery in construction materials continued.
Auto and truck assemblies were maintained and
current schedules for August indicate little change,
after allowance for early model-changeover curtailments. Steel mill operations increased steadily
EMPLOYMENT
Seasonally adjusted nonfarm employment rose
to 50.4 million in July, 400,000 above the April
low. In manufacturing, employment increased
somewhat further and the average workweek,
which usually declines in July, remained at the
improved level of June. Average weekly earnings increased, reflecting mainly a one-cent rise in
hourly earnings to a level 3 per cent above a year
ago. On a seasonally adjusted basis the rate of
unemployment, at 7.3 per cent of the civilian
labor force, has changed little from the high
reached in April.
INDUSTRIAL PRODUCTION
1947-49-100
DISTRIBUTION
•-I 140
/V
__
J
NONDURABLE W
MANUFACTURES
j
_J
J00
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for July.
Monthly fig-
Seasonally adjusted retail sales in July remained
at the improved level of the previous three months
and were 3 per cent below the record of last
summer. Sales at department stores increased
sharply, to 140 per cent of the 1947-49 average
compared with 133 in June and the record high
of 144 last August; sales advanced further in early
August. Stocks at department stores continued to
increase in June, but were 3 per cent under a
year ago.
931
932
FEDERAL RESERVE BULLETIN • AUGUST 1958
AGRICULTURE
Gains in yield prospects during July indicate the
largest crop in history, with record harvests in
prospect for grains, already in surplus supply, and
for oil crops. The official forecast as of August
1 was for production 13 per cent above the 194749 average and 7 per cent above last year. As in
1957, 28 million acres of cropland are in the Soil
Bank and acreage for harvest is the smallest since
the drought years of the thirties.
Member bank borrowings from the Federal
Reserve averaged about $135 million and excess
reserves about $670 million over the four weeks
ending August 13. Between mid-July and midAugust reserves were supplied principally through
Federal Reserve purchases of U. S. Government
securities and currency inflows. Gold outflow
absorbed a smaller amount of reserves than in past
months. Required reserves increased substantially
in early August as deposits grew in connection
with Treasury financing.
COMMODITY PRICES
SECURITY MARKETS
The wholesale commodity price index changed
little from early July to early August. Average
prices of industrial commodities increased further,
however, as steel, copper, aluminum, scrap metals,
rubber, lumber, and petroleum products advanced.
Prices of farm products declined, reflecting mainly
decreases in livestock.
Total loans and investments at city banks increased $950 million during the four weeks ending
August 6. Holdings of U. S. Government securities rose $1.8 billion, reflecting bank purchases of
new Treasury tax anticipation certificates in early
August. Total loans declined about $1 billion,
owing mainly to reductions in business and security loans following the June expansion.
Yields on U. S. Government securities and on
corporate and State and local government bonds
showed marked advances from mid-July to midAugust. The yield on long-term Treasury bonds
rose to over 3.60 per cent, about one-half percentage point above the 1958 low, and the
Treasury bill rate rose to more than W2 per cent.
On August 14, the discount rate was raised from
13A per cent to 2 per cent at the Federal Reserve
Bank of San Francisco.
In late July the Treasury refunded over $16
billion of securities with a 15/S per cent certificate
and sold $3.5 billion of tax anticipation certificates for cash. Although the Federal Reserve
System bought $1.2 billion of the securities involved in the refunding, cash redemptions
amounted to nearly 30 per cent of public holdings.
RETAIL TRADE
PRICES
BANK CREDIT AND RESERVES
1947-49-100
1947-49=100
170
WHOLESALE
160
150
140
130
120
170
DEPARTMENT STORES
160
150
1954
1955
1956'
1957
195b
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for department store stocks is June, for other
series, July.
Bureau of Labor Statistics indexes. "Other" wholesale prices
exclude processed foods, included in total but not shown
separately. Monthly figures, latest shown: June for consumer prices, and August estimates for wholesale prices.
Financial and Business Statistics
• United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; reserve requirements; margin requirements. .
Federal Reserve Banks
Bank debits; currency in circulation.
. .
All banks: consolidated statement of monetary system; deposits and currency.
All banks, by classes
Commercial banks, by classes. .
Weekly reporting member banks. .
Commercial loans; commercial paper and bankers' acceptances.
Interest rates.
Security prices; stock market credit.
Savings institutions. .
Federal business-type activities. .
Federal finance.
Security issues. . .
Business finance. .
Real estate credit.
Short- and intermediate-term consumer credit
Selected indexes on business activity.
952
953
954
955
956
958
962
963
965
968
972
Production
Employment and earnings
Department stores. .
Foreign trade. . .
Wholesale and consumer prices. . .
National product and income series.
973
980
982
983
984
986
Changes in number of banking offices in the United States.
Number of banking offices on Federal Reserve par list and not on par list.
Tables published in BULLETIN, annually or semiannually—list, with references .
Index to statistical tables.
988
989
930
Tables on the following pages include the principal statistics of current significance relating
to financial and business developments in the
United States. The data relating to Federal
Reserve Banks, member banks of the Federal
Reserve System, and department store trade, and
the consumer credit estimates are derived from
regular reports made to the Board; production
indexes are compiled by the Board on the basis
935
938
939
942
944
945
948
950
1017
of material collected by other agencies; figures
for gold stock, currency in circulation, Federal
finance, and Federal credit agenciesare obtained
from Treasury statements; the remaining data
are obtained largely from other sources. Back
figures for 1941 and prior years forbanking and
monetary tables, together with descriptivetext.
may be obtained from the Board's publication,
Banking and Monetary Statistics.
933
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions
of
dollars
MEMBER BANK
RESERVE BALANCES
REQUIRED RESERVES
EXCESS RESERVES-
^VUvv>Aw^^W^U
35
CURRENCY IN CIRCULATION
30
25
RESERVE BANK CREDIT
20
TREASURY CASH AND DEPOSITS
l
0
NONMEMBER DEPOSITS
30
FEDERAL RESERVE CREDIT
U. S. GOVERNMENT SECURITIES
25
20
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
I
I
1952
1953
1954
1955
1956
1957
Latest averages shown are for week ending July 30. See p. 935.
934
1958
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
Dis
Held counts
Bought under and Float Total
outrepur- adTotal right
chase vances
agreement
Gold
stock
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
Other
F. R.
accounts
Treas- Forury eign
Other
Re- 2
Total quired
Ex-
Averages of
daily figures
1957
5
12
19
26
23,110
22,972
22,930
22,951
22,950
22,926
22,880
22,888
902
954 24,987
160
46 1,059
936 24,988
50 1,089 1,384 25,424
63 1,003 1,320 25,294
5,104
5,106
5,106
5,106
30,837
30,903
30,904
30,849
792
791
782
776
485
463
518
477
357
379
389
407
323 1,07: 18,846 18,378
276 ',069 18,834 18,330
335
,076 19,148 18,546
254
,087 19,171 18,625
3.
10.
17.
24.
31.
23,098
23,443
23,319
23,342
23,360
23,031
23,260
23,252
23,235
23,084
67 1,068 1,198 25,387 22,623 5,107
183 1,213 1,111 25,792 22,623 5,108
67 1,062 1,236 25,641 22,625 5,108
739 1,351 25,456 22,625 5,108
107
998 24,932 22,626 5,110
553
276
31,150
31,313
31,184
30,999
30,910
763
765
770
774
770
546
431
455
507
494
420
339
413
385
370
296
290
279
267
278
,077
,077
,073
,070
961
18,865
19,308
19,200
19,189
18,885
18,521
18,732
18,636
18,568
18,493
344
576
564
621
392
23,116
23,047
23,034
23,220
23,078
23,047
23,034
23,215
25.
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
2.
9.
16.
23.
30.
23,346
23,545
23,371
23,267
23,195
Nov. 6.
13.
20.
27.
Dec.
June
July
22,620
22,621
22,621
22,622
468
504
602
546
928 25,124
874 25,102
1,161
931 1,227 25,211
915
977 25,133
22,627
22,627
22,625
22,626
5,113
5,114
5,116
5,118
30,983
31,069
31,055
30,998
767
764
762
764
498
475
513
475
355
363
343
339
277
273
270
268
,116
,113
,203
,203
18,868
18,786
18,806
18,831
18,331
18,195
18,254
18,397
537
591
552
434
832
858 25,228
1,031
953 25,408
950 1,442 25,719
1,106 1,318 25,622
22,626
22,626
22,627
22,628
5,118
5,119
5,121
5,123
31,149
31,256
31,184
31,052
759
759
755
769
485
431
510
759
340
357
429
386
281
279
287
255
,197
,194
,196
,189
18,760
18,876
19,108
18,963
18,346
18,301
18,484
18,416
414
575
624
547
23,294
23,312
23,281
23,222
23,179
52
942 1,000 25,304 22,634
991 25,563 22,646
233 1,009
992 1,071 25,451 22,658
90
605 1,517 25,407 22,665
45
710 1,051 24,972 22,671
16
5,125
5,127
5,128
5,131
5,132
31,039
31,129
31,191
31,129
31,008
776
774
776
781
786
493
498
506
464
518
356
373
333
317
318
253
260
252
265
251
,112
,112
,110
,109
,057
19,034 18,685
19,189 18,625
19,068 18,574
19,137 18,574
18,837 18,474
349
564
494
563
363
23,441
23,498
23,288
23,318
23,256
23,332
23,282
23,167
185
166
6
151
943 25,225
824
997 25,424
911
752 1,430 25,489
777 1,209 25,325
22,707
22,731
22,757
22,762
5,135
5,136
5,137
5,139
31,115
31,287
31,336
31,431
792
795
801
794
461
505
503
469
367
329
315
301
313
407
386
294
1,057 18,911 18,354
1,054 18,987 18,459
1,030 18,907 18,461
1 , 056 18,963 18,509
454
557
528
446
4.
11.
18.
25.
23,732
23,886
23,907
23,950
23,480
23,574
23,600
23,617
252
312
307
333
626
676
751
786
1,005
1,020
1,525
1,894
25,387
25,617
26,218
26,687
22,763
22,766
22,770
22,770
5,141
5,142
5,143
5,145
31,668
31,827
31,973
32,089
770
769
768
764
305
318
339
483
291
318
334
359
191
186
183
179
1,041
1,080
1,050
1,061
18,580
18,600
18,873
19,014
443
427
610
652
1958
1....
8....
15....
22....
29....
24,344
24,011
23,720
23,315
23,372
23,735
23,645
23,581
23,266
23,335
609
366
139
49
37
661
707
580
359
295
1,550
1,328
1,039
1,230
919
26,623
26,100
25,390
24,949
24,632
22,774
22,781
22,781
22,782
22,783
5,147
5,146
5,147
5,149
5,151
31,962
31,553
31,207
30,878
30,625
773
768
771
781
789
458
529
503
511
521
397
337
306
275
275
201 1,045 19,707 19,042
996 19,658 18,982
186
994 19,348 18,769
190
992 19,216 18,624
227
992 19,089 18,509
275
665
676
579
592
580
5.
12.
19.
26.
23,364
23,422
23,373
23,380
23,321
23,292
23,285
23,380
43
130
88
803 24,397
189
286
793 24,543
361 1,054 24,830
153
952 24,527
22,783
22,784
22,785
22,714
5,157
5,159
5,161
5,165
30,581
30,675
30,642
30,542
777
734
685
695
378
296
501
508
265
284
337
284
294
325
293
276
,046
,118
,195
,193
18,997
19,054
19,122
18,909
18,498
18,483
18,427
18,426
499
571
695
483
Mar. 5.
12.
19.
26.
23,256
23,466
23,500
23,552
23,251
23,432
23,480
23,518
118
131
126
167
892 24,309
816 24,456
973 24,638
983 24,742
22,686
22,615
22,541
22,498
5,169
5,174
5,178
5,180
30,563
30,641
30,592
30,524
701
712
804
790
486
479
257
580
270
273
257
258
320
293
368
400
,151
,148
,150
,143
18,674
18,699
18,930
18,725
18,084
18,096
18,332
18,037
590
603
598
688
Apr. 2
9
16
23
30
23,625
23,628
23,633
23,712
23,626
23,625
23,628
23,611
23,704
23,612
144
90
199
112
125
776 24,586
879 24,638
829 24,701
990 24,854
777 24,566
22,394
22,294
22,199
22,081
22,024
5,184
5,187
5,192
5,193
5,194
30,637
30,744
30,733
30,617
30,520
724
729
731
721
732
523
479
457
417
601
277
269
319
242
235
368
493
381
376
397
,109
,106
,104
,102
,051
18,526
18,300
18,369
18,654
18,249
17,830
17,673
17,754
18,055
17,654
696
627
615
599
595
May 7
14
21
28
23,799
23,931
23,876
24,053
23,799
23,931
23,876
24,053
118
123
104
119
808
760
994
780
24,763
24,854
25,016
24,994
21,967
21,886
21,779
21,661
5,197
5,199
5,200
5,201
30,659
30,812
30,822
30,813
738
741
732
722
533
470
459
437
287
294
309
276
386
386
381
391
,049
,046
,043
,023
18,276
18,190
18,248
18,194
17,647
17,528
17,545
17,513
629
662
703
681
June
4.
11.
18.
25.
24,194
24,397
24,682
25,002
24,194
24,391
24,581
24,891
869 25,240
135
815 25,440
184
175 1,036 25,939
1,024
26,170
99
21,594
21,594
21,540
21,374
5,201
5,203
5,204
5,204
30,989
31,052
31,070
30,975
709
709
698
698
411
424
459
440
238
267
331
280
484
370
359
229
,057
,139
,146
,144
18,147
18,274
18,619
18,983
17,574
17,687
17,984
18,314
573
587
635
669
July
2
9
16
23
30
25.422
25,456
25,262
25,157
25,035
25,419
25,456
25,262
25,157
25,035
815 26,380
97
143
947 26,589
115
979 26,398
85 1,045 26,328
823 26,005
108
21,349
21,306
21,300
21,280
5,203
5,202
5,202
5,203
21,252 5,206
31,163
31,385
31,375
31,217
31,086
687
677
686
692
697
446
489
497
465
543
268
265
358
293
300
405
377
371
340
333
,105
,097
,095
,091
041
18,859
18,809
18,518
18,712
18,204
18.051
17,948
17,922
17,822
655
758
^570
P790
21
28
Sep, 4.
18.
Oct.
Jan.
Feb.
p
38 1,060
6
101
111
For other notes see following page.
Preliminary.
935
19,023
19,027
19,483
19,666
18,462
936
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
DisHeld counts
under
and
Float Total i
Bought repuradoutchase vances
right
agreement
Gold
stock
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
Other
F. R.
accounts
Treas- Foreign
ury
Other
Total
ReExquired 2 cess 2
Averages of
daily figures
1957
23,351
23,146
23,325
23,348
23,417
23,982
23,198
23,129
23,302
23,252
23,276
23,615
153
917 1,175 25,466
989 25,166
17 1,010
",489
994 1,147 25
23
818 1,143 25 ,326
96
810 1,126 25,373
141
716 1,443 26,186
367
23,608
23,378
23,486
23,649
23,939
24,749
25,218
23,458
23,313
23,465
23,638
23,939
24,698
25,218
150
65
21
11
216
1,998
2,484
2,254
24,262
22,559
20,778
24,932
24,785
23,758
24,915
148
1,998
2,484
2,254
24,262
22,559
20,725
24,888
24,391
23,712
24,610
23,355
23,539
23,312
23,338
23,733
24,238
23,079
23,475
23,312
23,218
23,448
23,719
23,331
23,240
23,628
23,681
24,162
25,438
24,480
23,331
23,240
23,628
23,681
24,162
25,438
24,480
217
122
137
156
144
41
94
763 24,35: 22,784
924 24,330 22,686
765 24,570 22,394
797 24,67^ 21,996
965 25,313 21,594
758 26,283 21,356
868 25,47' ^21,210
21.
28.
23,85:
23,93
23,94!
24,06:
23,85:
23,93'
23,94!
24,06!
125
116
86
172
691
749
775
64-
24,706
24,841
24,844
24,92f
4
11
18
25
24,26'
24,51'
24,786
25,000
24,267
24,509
24,664
24,956
142
173
154
128
2
9
16
23
30
25,458
25,440
25,315
25,223
24,916
25,458
25,440
25,315
25,223
24,916
July
Aug
Sept
Oct
Nov
Dec
22,625
22,626
22,627
22,660
22,743
22,769
5,108 31,116
5,115 31,035
5,121 31,143
5,129 31,109
5,137 31,335
5,144 31,932
769
764
763
780
793
768
480
490
547
495
464
385
377
349
378
338
322
345
279 1,048 19,129 18,595
273
,163 18,834 18,300
271
180 18,956 18,434
258
,097 19,040 18,573
337
,044 18,958 18,447
186
,063 19,420 18,843
534
534
522
467
511
577
31,059
30,608
30,589
30,654
30,798
31,039
31,264
777
717
750
728
731
701
687
512
421
457
494
466
442
498
297
294
265
267
286
281
302
224
993 19,296
299
,150 19,000
350
,142 18,730
410
,092.18,394
401
,036 18,223
,132 18,600
350
358 1,081 18,609
18,723
18,434
18,097
17,772
17,557
17,974
573
566
633
622
666
626
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,985
5,008
5,032
5,066
4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,509
31,158
30,715
31,790
204
264
2,409
2,215
2,287
1,336
1,293
796
767
768
775
36
35
634
867
977
870
668
563
394
522
441
6
15
397
774
862
392
895
490
402
297
322
21
151
256
586
446
569
565
441
554
313
426
374
346
251
291
495
563
714
907
925
992
901
2,356
2,292
11,653
12,450
15,915
17,899
17,681
18,876
19,005
18,443
19,059
2,333
1,817
6,444
9,365
14,457
16,400
16,509
18,618
18,903
18,449
19,089
23
475
5,209
3,085
1,458
1,499
1,172
258
102
-6
-30
896 24,691 22,627
420
25,418 22,626
986
898 24,622 22,635
396
789 1,06: 25,206 22,691
94: 25,515 22,763
819
55 1,424 25,784 22,781 5,146
30,933
31,133
31,073
31,090
31,661
31,834
759
752
773
784
761
761
504
477
429
552
243
481
364
342
337
378
283
356
296
285
261
256
196
246
942
1,198
1,111
1,056
1,000
998
18,630
18,975
18,399
18,917
19
19,274
19,034
18,520
110
18,305
670
18,694 -295
18,541
376
18,578
696
19,091
-57
5,158
5,169
5,183
5,196
5,201
r
5,203
'5,207
30,576
30,554
30,666
30,565
30,994
31,17:
^31,16:
771
695
72:
734
703
'692
469
516
474
594
382
410
617
249
265
266
257
234
269
288
279
336
378
411
624
420
329
990
1,151
1,108
1,050
994
1,096
1,039
18,958
18,667
18,532
18,254
18
18,176
18,784
18
17,764
18,543
18,186
17,857
17,686
17,543
18,158
17,792
415
481
675
568
633
626
21,94'
21,873
21,743
21,643
5,198
5,200
5,200
5,201
30,719
30,807
30,755
30,962
74:
74'
724
715
359
427
435
382
288
308
311
277
373 1,048 18,322 17,635
400 1,045 18,180 17,526
386 1,044 18,133 17,527
400
995 18,036 17,543
687
654
606
493
836 25,286
833 25,565
98. 25,967
796 25,967
21,594
21,594
21,456
21,356
5,201
5,204
5,204
5,204
30,988
31,048
30,996
30,973
716
708
703
700
416
356
334
524
272
259
289
268
365
37'
18:
385
1,140
1,138
1,158
1,110
18,184
18,478
18,964
18,568
17,654
17,796
18,279
18,264
530
682
685
304
888 26,470
80
844 26
26,455
129
li: 1,052 26,521
858 26
26,193
773' 25,81'
126
21,306
21,307
21,283
21,259
21,209
5,202
5,202
5,202
5,205
5,207
31,358
31,378
31,280
31,108
31,099
675
690
693
698
699
468
643
418
512
561
256
264
358
295
287
38
380
353
319
333
1,097
1,096
1,093
1,089
1,040
18,737 18,23:
18,513 18,031
18,811 ^17,976
18,634 ^17,884
18,211 217,807
505
482
P835
1958
Jan
Feb
Mar
Apr
May
June
July
"51
454 1,118 25,229 22,782 5,148
907 24,568 22,759 5,161
242
893 24,559 22,548 5,177
139
864 24,682 22,166 5,191
130
119
24,939 21,801 5,200
142
916 25,851 21,490 5,203
109
942 26,310 21,285 5,203
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1954—Dec
1955—Dec
1956—June....
Dec
68 1,037
164
7
53
44
394
46
305
249
85
67
143
108
232
50
1,400
2,220
2,593
2,361
>5,091
578 25
535 23,181
1,368
368 22,216
808 25,885
1,585 26,507
26
1,210 25,219
1,665 26,699
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,799
21,949
End of month
1957
July
Aug
Sept
Oct
Nov
Dec
276
64
120
285
519
1958
Jan
Feb
Mar
Apr
May
June
July
Wednesday
May
June
July
1958
7.
8
122
44
r
v Preliminary.
Revised.
i Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.
2 These figures are estimated.
937
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures.* In millions of dollars]
All
member
banks
Item and period
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Week ending:
1958—June 18
25
July
2
9
16
23
30
7,774
7,906
7,790
7,800
7,836
7,849
8,042
5,751
5,799
5,750
5,823
5,857
5,847
5,906
1957—June
July
Aug
Sept
Oct
Nov
Dec
496
534
534
522
467
512
577
19,296
19,000
18,730
18,394
18,223
18,600
4,251
4,204
4,272
4,122
4,030
4,214
1,125
1,114
1,098
1,052
1,054
1,113
8,007
7,871
7,701
7,651
7,614
7,721
5,914
5,811
5,659
5,569
5,525
5,552
1958—Jan
Feb
Mar
Apr
May
June
573
567
633
623
666
626
34
22
4
78
44
15
53
28
5
11
3
8
14
98
98
79
131
102
456
442
479
526
474
481
18,619
18,983
4,222
4,385
1,111
1,136
7,696
7,838
5,590
5,623
Week ending:
1958—June 18
25
634
668
26
34
12
10
73
104
523
520
18,859
18,809
18,518
18,712
18,462
4,377
4,191
1,142
1,100
1,093
1,083
1,083
7,824
7,777
7,776
7,801
7,813
5,515
5,741
5,539
5,711
5,481
654
758
71
27
27
48
54
22
4
7
11
12
126
101
86
133
182
435
626
200
186
308
263
141
96
139
46
34
28
120
115
123
85
531
519
468
485
428
405
314
228
177
201
121
127
181
172
29
11
222
96
36
35
42
45
119
89
71
67
74
74
5
71
26
68
72
1
2
31
48
64
50
40
65
35
42
35
66
-486
-452
-400
-433
-389
-342
-228
210
278
244
335
301
251
277
-144
337
353
408
459
399
408
4J17
4,085
4,320
4,288
4,152
4,203
4,231
4,147
4,303
1,123
,124
,121
,117
,116
,100
,127
7,729
7,840
7,722
7,749
7,797
7,786
7,956
5,314
5,344
5,306
5,366
5,429
5,414
5,457
1958—Jan
Feb
Mar
Apr
May
June
18,723
18,434
18,097
17,772
17,557
17,974
4,216
4,182
4,228
4,107
3,977
4,186
,121
,109
,087
,049
,046
,099
7,928
7,773
7,603
7,572
7,482
7,619
5,458
5,369
5,179
5,043
5,051
5,070
17,984
18,314
4,196
4,350
,098
,127
7,623
7,734
5,067
5,103
18,204
18,051
17,948
^17,922
»17,822
4,306
4,164
4,083
4,069
4,031
,120
,096
,086
,072
1,071
7,698
7,676
7,690
7,668
7,631
5,080
5,115
^5,089
^5,113
^5,089
2
9
16
23
30
115,561
12,470
103,090
99,139
44,757
23,591
4,132
19,458
20,653
3,786
6,059
1,149
4,910
5,280
1,331
44,948
5,912
39,036
37,934
18,013
40,963
1,277
39,686
35,271
21,627
6,187
55
107
1,968
4,057
June 1958
119,866
13,505
106,361
102,411
51,891
25,207
4,278
20,929
21,792
5,261
6,475
1,291
5,184
5,711
1,429
47,008
6,609
40,399
39,803
21,029
41,176
1,327
39,849
35,105
24,173
6,991
177
123
2,198
4,494
91 Preliminary.
Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
2 Weekly figures of required, excess, and free reserves of all member
2
9
16
23
30
#569
^792
*640
15
6
19
9
-2
7
45
66
2
5
16
34
1
8
69
51
39
63
86
438
455
444
457
428
432
449
P392
Borrowings at Federal
Reserve Banks:
1957—June
July
Aug
Sept
Oct
Nov
Dec
1,005
917
1,005
988
811
804
1958—Jan
Feb
Mar
Apr
May
June
451
242
138
130
119
142
80
46
2
Week ending:
1958—June 18
25
175
99
31
1
97
143
115
85
108
58
9
Sept
Oct
Nov
Dec
-508
-383
-471
-467
-344
-293
-133
-185
-181
-289
-254
-141
-80
-105
1958—Jan
Feb
Mar
Apr
May
June
122
324
495
493
547
484
-46
-25
42
-3
51
7
-25
-6
- 1 8n
7
12
1
62
44
89
57
Week ending:
1958—June 18
25
459
569
-5
33
7
10
2
78
455
448
557
615
71
-31
18
48
52
21
2
7
11
12
95
53
22
83
142
370
591
P407
^564
July
710
2
9
16
23
30
1957_june
July
Aug
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3. . .
Time deposits
Demand balances due
from domestic banks. .
July
,
Free reserves:2
June 1957
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3 . ..
Time deposits
Demand balances due
from domestic banks. .
Chicago
1,121
1,131
1,123
1,122
1,116
1,101
1,136
18,485
18,595
18,300
18,434
18,573
18,447
18,843
July
New
York
Country
banks
4,335
4,294
4,170
4,211
4,231
4,162
4,336
1957—June
July
Aug
Sept
Oct
Nov
Dec
Week ending:
1958—June 18
25
banks
Re-
serve
city
banks
ber
18,982
19,129
18,834
18,956
19,040
18,958
19,420
Required reserves:2
,
Central reserve
city b a n k s
mem-
Excess reserves:2
Total reserves held:
1957—June
Inly
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
All
Item and period
July
2
9
16
23
30
18
2
21
29
9
1
2
2
4
#454
2*707
*532
-48
-28
-26
-115
-115
-123
-77
banks and of country banks are estimates.
3 Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cash items reported as in process of collection and demand
balances
due from domestic banks.
4
Free reserves are excess reserves less borrowings.
938
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
Rate on
July 31
Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In effect
beginning—
Apr. 22,
Apr. 18,
Apr. 18,
Apr. 25,
Apr. 25,
Apr. 22,
Apr. 18,
Apr. 18,
Apr. 18,
Apr. 25,
May 9,
May 1,
'8
Previous
rate
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
Other secured advances
[Sec. 10(b)]
Rate on
July 31
In effect
beginningApr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Previous
rate
Rate on
July 31
In effect
beginning—
22, 1958
18, 1958
18, 1958
25, 1958
25, 1958
22, 1958
18, 1958
18, 1958
18, 1958
25, 1958
9, 1958
1, 1958
Mar. 11,1958
Mar. 7, 1958
Apr. 18,1958
Apr. 25,1958
Apr. 25,1958
Apr. 22,1958
Jan. 24,1958
Apr. 18,1958
Mar. 21,1958
Mar. 14,1958
Mar. 14,1958
M a y 1, 1958
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
1942—Oct.
1946—Apr.
Date effective
Rate
Rate
1948—Jan. 12
Aug. 13
1950—Aug. 21
1953—Jan. 16
1954—Feb. 5
Apr. 16
1955—Apr. 15
Aug. 5
Sept. 9
Nov. 18
1956—Apr. 13
Aug. 24
1957_Aug. 23
Nov. 15
1958—Jan. 24
Mar. 7
Apr. 18
In effect Aug. 1, 1958
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
30
25
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits*
Effective date
of change
i Under Sees. 13 and 13a, as described in table above.
* Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and
1957 this rate was the same as the discount rate except in the following
periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept.
1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75;
1957_Aug. 22, 3.50.
Apr. 23, Jan. 16, Effec19551958tive
Jan. 15, Aug. 4, Aug. 5,
1958
1958
1958
For short sales
Regulation U:
For loans by banks on stocks
70
70
50
50
70
70
70
50
70
Reserve
city
banks
Country
banks
13
10
7
1936—Aug.
1937—Mar.
May
1938—Apr.
16
1
1
16
19%
22%
26
22%
15
10%
1941_Nov.
1942—Aug.
Sept.
Oct.
1
20
14
3
26
24
22
20
1948—Feb.
June
Sept,
1949—May
June
Aug.
Aug.
Aug.
Sept.
27
11
16,24*....
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
22
24
26
24
1951—Jan.
Jan.
1953—July
1954—June
July
11,16*....
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1*.
23
24
22
21
20
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1*
17
24
19%
19
3%
4
4%
3%
2*
17%
12
14
Central
reserve
and
reserve
city
banks
Country
banks
f t
6
6
6
5
6
6
6
5
5
20
22
21
20
11*
8*
8*
n»
Time deposits
16
15
14
13
12
19
20
19
13
14
13
18
12
5
\VA ii*
16%
18
16%
11
5
5
13
26
10
20
7
14
3
6
3
6
Present legal requirements :
Maximum
i 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.
Central
reserve
city
banks
1917—June 21
In effect Aug. 1, 1958..
Regulation T:
For extensions of credit by brokers and
4
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i
Date effective
Previous
rate
i Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thurs.) are at central reserve or reserve city banks.
FEDERAL RESERVE BANKS
939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1958
July 30
Assets
Gold certificate account
Redemption fund for F. R. notes..
July 16
July 23
1958
July 9
July 2
July
1957
June
July
19,758,892 19,808,892 19,835,891 19,885,393 19,889,393 19,758,894 19,924,392 21 ,105,392
862,162
864,466
842,389
862,160
864,157
842,389
840,758
841,772
Total gold certificate reserves.
20,621,054 20,673,049 20,700,357 20,727,165 20,731,782 20,621,054 20,766,781 21,946,150
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances—Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement.
375,887
375,587
380,901
361,549
328,227
343,769
277,176
325,764
262,425
330,602
363,072
379,007
286,629
348,163
384,176
386,694
126,420
73,749
113,364
128,724
80,139
94,200
41,386
420,262
342
34,193
342
38,245
342
40,246
343
42,248
343
43,248
342
34,029
343
44,796
608
19,431
2,005; 560 2,363,110 2,579,710 2,704,810 2,722,810 1,569,260 2,702,810
343,563
19,946,105 19,946,105 19,946,105 19,946,105 19,946,105 19,946,105
10,000
10
10000
2,789,257
2,954,607 2,789,257
2,903
,362,199
,571,413
,801,750
19^946^
2,954^
Total U. S. Government securities.
24,916,272 25,222,797 25,315,072 25,440,172 25,458,172 24,479,972 25,438,172 23,078,925
275,800
24,916,272 25,222,797 25,315,072 25,440,172 25,458,172 24,479,972 25,438,172 23,354,725
Total loans and securities
25,077,227 25,335,133 25,469,024 25,611,487 25,581,902 24,608,543 25,524,697 23,795,026
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
4,628.
89!
270!
Total assets.
15
15
15
15
15
15
4,769,475 5,818,143 4,730,095 4,956,312 4,626,824 4,236,883
88,894
89,237
89,723
88,176
89
89,,496
222,992
208,272
271,744
206,801
254
238,,281
22
,872,763
80,425
288,187
51,438,376 51,864,436 52,987,312 51,983,931 52,160,204 50,959,982 51,458,145 51,753,443
Liabilities
26,754,240 26,757,791 26,860,722 26,888,770 26,850,074 26,802,387 26,705,318 26,671,496
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
18,211,059 18,634,427 18,810,
561,237
418;
512,234
287,290
357;
295,123
332,826
352;
319,181
Total deposits.
18,513,492 18,736,740 17,764,093 18,783,948
642,978
617,002
468,022
410,430
264,220
288,120
255,916
268,565
066
329,289
387,098
420,309
,630,266
504,451
364,113
296,158
19,392,412 19,760,965 19,939,585 19,800,756 19,847,776 18,998,504 19,883,252 19,794,988
3,891,669 3,911,932 4,766
15,886
14
15,091
Deferred availability cash items
Other liabilities and accrued dividends 1
Total liabilities.
3,886,295 4,067,858 3,758,868 3,478,997
13,963
13,145
14,300
13,242
,976,349
13,925
50,054,207 50,445,779 51,580,977 50,589,784 50,778,853 49,574,059 50,080,809 50,456,758
Capital Accounts
354,759
809,198
27,543
192,669
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments
354,653
809,198
27,543
227,263
354,494
809,198
27,543
215,100
354,279
809,198
27,543
203,127
353,795
809,198
27,543
190,815
354,771
809,198
27,543
194,411
353,225
809,198
27,543
187,370
337,634
747,593
27,543
183,915
51,438,376 51,864,436 52,987,312 51,983,931 52,160,204 50,959,982 51,458,145 51,753,443
44.7
44.4
44.2
44.4
44.4
45.0
44.6
47.2
108,405
986
109,413
986
110,394
991
111,535
991
114,788
991
107,978
986
112,803
991
70,148
1,795
94,200
91,904
2,296
41,386
38,340
2,946
420,262
409,852
10,410
Maturity Distribution of Loans and U. S. Government Securities2
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1
No accrued dividends at end of June.
126 420
123 949
2; 471
73,749
70,503
3,246
113,364
109,088
4,276
128,724
125,328
3,396
80,139
77,348
2,791
342
342
342
343
343
161
161
161
162
162
20
29
29
20
20
77
68
72
72
68
84
84
89
89
84
34 193
38,245
40,246
42,248
43,248
13 298
11,585
14,902
15,587
14,343
20; 895
26,660
25,344
26,661
28,905
24,916 272 25 ,222,797 25 315,072 25,440,172 25,458,172
,107,847
547,350
6,960 397
531,450
553,300
,275,646 8,974,693
2,097 546
115,693
111,843
13,364
13,364,558 13,364,558 13,364,558 13 364,558
1,023
023,614
013,614
013,614
013,614
83:
70,910
56,610
56,610
56,610
1,386;
380,222
358,247
358,247
358,247
100
342
343
608
170
162
69
20
20
64
68
72
294
84
89
181
34 ,029
44,796
19,431
12 ,612
16,991
7,848
21 ,417
27,805
11,583
24 ,479 ,972 25, 438,172 23,354,725
6,612 ,597
380,500 8,188,965
2,009 ,046
264,643 6,869,510
13,364 ,558
364,558 5,506,993
1,023 ,614
013,614
680,635
83 ,910
56,610
750,375
1,386 247
358,247 1,358,247
2
Holdings under repurchase agreements are classified as maturing with in 15 days in accordance with maximum maturity of the agreements.
940
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1958
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
Assets
Gold certificate account
,
Redemption fund for F. R.
notes
,
Total gold certificate reserves,
F. R. notes of other Banks..,
Other cash
932,487 5,299,969 ,092,358 1,612,688 1,150,606 847,280 3,591,762 771,317 439,201
52,816
177,811
57,526
75,772
78,265
845,379
161,371
41,730
21,381
42,324
985,303 5,477,780 1,149,884 1,690,953 1,226,378 896,100 3,753,133
69,960
41,112
23,070
33,766
27,820
55,789
24,825
73,997
21,214
40,311
20,876
32,627
59,875
28,065
813,047
10,440
20,642
460,582
21,900
8,892
887,703
8,523
11,728
48,820
781,628 2,394,219
27,477
76,867
809,105 2,471,086
29,285
16,582
44,843
15,937
Discounts and advances:
Secured by U. S. Govt.
17,745
3,425
13,625
6,933
3,550
5,958
10,090
6,186
3,400
securities
10,080
10,738
2,400
Other
,
70
15
327
Industrial loans
Acceptances:
34,029
Bought outright
Held under repurchase
agreement
,
U. S. Govt. securities:
1,332,885 6,173,066 1,407,207 2,167,090 1,593,450 1,245,614 4,276,161 998,636 514,985 1,044,879 958,905 2,767,094
Bought outright
Held under repurchase
agreement
Total loans and securities. . .
,336,762 6,224,840 1,410,632 2,180,715 1,599,408 1,255,694 4,286,251 1,002,036
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
1
306,827
4,768
14,598
Total assets.
14
874,565
10,826
66,842
297,257
4,357
15,328
1
434,011
9,923
24,277
1
341,840
6,746
17,477
1
346,119
8,463
13,983
2
733,512
8,278
49,557
1
184,386
6,939
10,902
2,710,090 12,798,814 2,939,785 4,403,261 3,240,546 2,608,776 8,915,433 2,048,393
525,808 1,051,065
961,305 2,774,027
1
309,422
4,882
12,048
1
242,442 429,953
11,758
7,534
30,312
10,677
()
126,490
5,249
5,743
154,664 2,285,372 2,063,583 5,791,265
Liabilities
542,823 1,066,215
729,576 2,650,073
620,240
430,311
853,693
998,260 2,473,770
58,719
39,182
582
35,112
10,138
1,622
33,165
6,576
246
42,057
10,686
1,857
F. R. notes
Deposits:
Member bank reserves
U. S. Treasurer—general
account
Foreign
Other
,594,063 6,352,375 1,677,088 2,474,946 2,056,387 1,297,601 5,178,018 1,183,222
Total deposits
759,507 5,413,736
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
697,424 4,892,938
45,929
15,618
536
160,763
391,388
268,647
863,819 1,411,919 761,606 912,625 2,847,488
32,899
18,906
9,728
73,452
30,688
36,679
39,129
24,386
1,328
40,645
13,974
3,038
925,352 1,476,762
819,263
953,522 2,945,971
667,112
470,298
908,293 1,044,099 2,614,589
25,443
12,330
3,124
29,689
14,248
1,902
275,350
649,777
241,607
326,146
290,550
291,632
587,138
144,028
106,225
255,033
218,584
372,798
997
2,808
695
2,017
638
651
2,567
475
586
564
451
1,851
2,629,917 12,418,696 2,844,742 4,279,871 3,166,838 2,543,406 8,713,694 1,994,837 1,119,932 2,230,105 1,992,710 5,639,311
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,906
47,013
3,011
12,243
103,633
223,963
7,319
45,203
21,619
55,923
4,489
13,012
33,402
71,550
1,006
17,432
16,056
41,236
3,349
13,067
17,824
36,192
762
10,592
48,822
121,504
1,429
29,984
12,020
31,586
521
9,429
8,195
19,697
1,073
5,767
14,395
30,533
1,1371
9,202
20,095
40,871
1,307
8,600
40,804
89,130
2,140
19,880
Total liabilities and capital
2,710,090 12,798,814 2,939,785 4,403,261 3,240,546 2,608,776 8,915,433 2,048,393 1,154,664 2,285,372 2,063,583 5,791,265
accounts
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
41.9
46.6
44.2
42.8
42.6
39.8
46.2
43.9
45.5
45.0
45.6
46.9
Contingent liability on acceptances purchased for
foreign correspondents
6,167
430,291
7,466
9,630
5,518
4,869
15,473
4,003
2,597
4,220
5,626
12,118
Industrial loan commitments.
46
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $196,732,000 participations of other Federal Reserve
Banks.
940
4
After deducting $77,687,000 participations of other Federal Reserve
Banks.
941
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1958
July 30
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding
Gold certificate account
Eligible paper
U. S. Government securities
July 23
July 16
1958
July 9
July 2
1957
July
July
June
27,685,853 27,713,298 27,796,589 27,667,318 27,606,523 27,681,938 27,498,452 27,686,355
11,593,000 11,593,000 11,593,000 11,578,000 11 ,648,000 11,593,000 11,648,000 11,878,000
28,761
20,991
18,151
10,386
24,711
13,011
13,556
94,255
17,420,000 17,420,000 17,420,000 17,420,000 17 ,420,000 17,420,000 17,420,000 16,955,000
Total collateral
29,041,761 29,033,991 29,031,151 29,008,386 29,092,711 29,026,011 29,081,556 28,927,255
EACH FEDERAL RESERVE BANK ON JULY 31, 1958
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
1,649,437 6,565,414 1,735,554 2,551,498 2 124,674 1,351,557 5 268,529 1,226,065 559,342 1,092,737 778,923 2,778,208
(issued to Bank)
Collateral held:
Gold certificate acct.. 700,000 3 ,270,000 640,000 1,000,000 775,000 425,000 2 :300,000 430,000 170,000 300,000 283 000 1,300,000
3,425
3,400
6,186
Eligible paper.
l,i5O,OOO3 i600i666 1,200,"""
ooo i ; 6oo ^ 666 400i666
ibb,bbb 9 0 0 000
/ " 425 i 666 820,000 525 ooo i \ 7o6 \ bob
U. S. Govt. seci
Total collateral
1,850,000 6,870,000 1,843,425 2,600,000 2,175,000 1,425,000 5,400,000 1,333,400 595,000 1,126,186 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION V*
[Amounts in thousands of dollars]
[Amounts in millions of dollars]
Applications
approved
to date
End of
year or
month
1952
1953
1954
1955
1956
ParticiCommit- ofpations
financLoans
proved
ments
ing instioutbut not
outtutions
standing 2 standing
completed i (amount) (amount)
out(amount)
standing 3
(amount)
End of
year or
month
Number
Amount
3,753
3,765
3,771
3,778
3,782
766,492
803,429
818,224
826,853
832,550
1,638
1,951
520
305
3,921
1,900
719
702
794
3,210
3,569
1,148
2,293
2 365
3,289
3,469
1,027
1,103
1,129
1952
1953
1954
1955
1956
3,783
3,784
3,784
3,785
3,786
3,786
3,786
835,766
836,636
837,410
838,714
840,504
840,814
841,290
80
155
80
760
742
608
628
620
586
581
524
1,780
1,795
1,815
1,323
1,165
1,130
1,109
919
812
816
684
1,169
1,126
1,122
June
July
Aug
Sept
Oct
Nov
Dec
3,786
3,786
3,786
3,786
3,786
3,787
841,691
842,232
842,472
842,723
843,078
843,321
535
506
502
503
489
343
1,058
1,063
I 001
998
991
991
1,087
1,063
965
964
944
799
Jan
Feb
Mar
Apr
May
June
Amount
Total
amount
Portion
guaranteed
1,159
1,294
1,367
1,411
1,468
2,124
2,358
2,500
2,575
2,761
979
805
472
294
389
803
666
368
226
289
586
364
273
170
125
1,493
1,496
1,497
1,498
1,498
1,500
1,503
2,867
2,878
2,880
2,882
2,888
2,906
2,912
412
412
390
395
398
394
395
307
307
292
295
300
298
300
126
123
146
138
124
127
135
1,506
1,511
1,512
1,514
1,516
1,522
2,923
2,935
2,936
2,937
2,952
3,029
380
372
367
343
326
330
290
286
282
265
252
254
156
164
139
157
168
177
1958
1958
Jan
Feb
Mar
Apr
May
June
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Loans
outstanding
1957
1957
June
July
Aug
Sept
Oct
Nov
Dec
Loans
authorized
to date
75
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of 3Federal Reserve Banks.
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
942
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V 1
[In effect July 31. Per cent per annum]
[In effect July 31]
To industrial or
commercial
businesses
Federal
Reserve
Bank
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
On
loans 2
Boston
New York...
Philadelphia..
Cleveland....
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
On
commit- Portion
ments
for which
institution is
obligated
Percentage of
loan guaranteed
Remain-
On
commitments
ing
portion
Guarantee fee
(percentage of
interest payable
by borrower)
70 or less
75
80
85
90
95
Over 95
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
3^-6
3^-6
4-6
4-6
Interest rate
Commitment rate.
8
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding
five years.
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 Vi per cent per annum
is made
on undisbursed portion.
7
Charge of l/4 per cent per annum is made on undisbursed portion.
1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debit in millions of dollars]
Year or month
Debits to demand deposits accounts,
except interbank and
U. S. Government accounts
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Total, all
reporting
centers
New
York
City
6
other
centers1
337 other
reporting
centers 2
New
York
City
6
other
centers1
337 other
reporting
centers2
1,380,112
1,542,554
1 642,853
1,759,069
1,887,366
2,043,548
2,200,643
2,356,768
509,340
544,367
597,815
632,801
738,925
766,890
815,856
888,455
298,564
336,885
349,904
385,831
390,066
431,651
462,859
489,311
572,208
661,302
695,133
740,436
758,375
845,007
921,928
979,002
31.1
31.9
34.4
36.7
42.3
42.7
45.8
49.5
22.6
24.0
24.1
25.6
25.8
27.3
28.8
30.4
17.2
18.4
18.4
18.9
19.2
20.4
21.8
23.0
Apr
May
June
July
Aus
SeDt
Oct
Nov
Dec
192,701
197,257
193,349
200,559
190,539
189,294
204,168
189,246
220,376
72,328
71,780
74,512
74,509
68,409
70,953
77,431
71,667
88,584
40,182
42,128
39,942
41,711
40,194
39,095
41,761
39,012
43,692
80,192
83,349
78,895
84,339
81,936
79,245
84,976
78,567
88,100
46.9
47.1
51.4
49.5
44.7
52.2
49.9
51.2
58.9
30.3
30.5
30.4
30.6
28.5
31.4
29.6
30.5
32.2
1958 Jan
Feb
Mar
Apr
'212,920
'181,740
'203,882
'204,137
'195,127
'219,476
84,355
72,803
84,409
85,510
77,315
95,473
41,992
36,188
40,363
39,354
38,645
41,228
'86,573
'72,749
'79,109
'79,272
'79,167
'82,776
54.6
55.4
56.2
56.6
51.2
65.7
30.0
30.1
31.3
30.2
28.2
31.4
1950
1951
1952
1953
1954
1955
1956
1957
1957
June
' Revised.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
Seasonally adjusted3
New
York
City
6
other
centersJ
337 other
reporting
centers2
22.4
23.2
23.1
23.6
22.1
24.1
22.7
23.5
24.7
47.6
48.3
47.6
50.8
51.7
50.9
51.4
51.7
52.1
29.4
31.0
29.8
31.2
31.1
31.7
30.5
30.0
30.8
23.1
23.7
23.1
24.0
23.5
23.7
22.7
22.3
23.4
23.3
'22.8
22.2
22.1
22.0
23.8
54.3
56.8
54.8
57.5
52.5
60.8
30.6
30.9
28.6
29.3
28.6
30.8
r
23.1
22.9
22.3
22.8
22.4
23.8
2 Prior to April 1955, 338 centers.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
943
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
in circulation 1
Total
Coin
$12
$2
1939
1941
1945
1947
1950
1952
1953
1954
1955
1956
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30,509
31,158
31,790
5,553
8,120
20,683
20,020
19,305
21,450
21,636
21,374
22,021
22,598
590
751
1,274
1,404
1,554
1,750
1,812
1,834
1,927
2,027
559
695
,039
,048
,113
,228
,249
,256
,312
,369
36
44
73
65
64
71
72
71
75
78
1,019
1,355
2,313
2,110
2,049
2,143
2,119
2,098
2,151
2,196
1957_june
July.
Aug.
Sept.
Oct..
Nov.
Dec.
31,082
30,933
31,133
31,073
31,090
31,661
31,834
22,123
21,987
22,155
22,088
22,086
22,582
22,626
2,042
2,050
2,060
2,069
2,083
2,099
2,110
,302
,292
,296
,312
,330
,356
,398
77
77
78
78
77
78
80
1958—Jan..
Feb.,
Mar.
Apr.
May
June
30,576
30,554
30,666
30,565
30,994
31,172
21,527
21,544
21,652
21,565
21,977
22,138
2,061
2,057
2,066
2,075
2,090
2,101
,293
,285
1,293
1,305
1,349
1,368
78
77
78
81
81
81
End of year or
month
In millions of dollars]
Coin and small denomination currency
$5
$10
Large denomination currency
$1,000 $5,000 $10,000
Total
$50
$100
$500
1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,561 9,696
6,565 9,819
6,450 9,665
6,617 9,940
6,734 10,194
2,048
3,044
7,834
8,850
8,438
8,985
9,146
9,136
9,136
9,192
460
724
2,327
2,548
2,422
2,669
2,732
2,720
2,736
2,771
919
1,433
4,220
5,070
5,043
447
581
612
641
5,704
191
261
454
428
368
343
333
321
307
292
425
556
801
782
588
512
486
464
438
407
20
24
7
5
4
4
4
3
3
3
32
46
24
17
12
10
11
15
12
14
2,102
2,069
2,085
2,084
2,089
2,146
2,188
6,615
6,520
6,581
6,533
6,533
6,726
6,662
9,985
9,979
10,055
10,013
9,975
10,177
10,187
8,958
8,946
8,977
8,984
9,003
9,079
9,208
2,696
2,695
2,701
2,696
2,695
2,725
2,777
5,575
5.570
5; 596
5,611
5,632
5.677
5,752
283
281
280
279
279
279
280
391
388
388
386
385
386
384
3
3
4
4
4
3
3
10
2,044
2,044
2,047
2,035
2,081
2,081
6,331 9,721
6,355 9,724
6,377 9,792
6,319 9,750
6,465 9,910
6,489 10,019
9,049
9,011
9,014
9,000
9,018
9,033
2,711
2,692
2,689
2,682
2,690
2,701
5,668
5,651
5,656
5,651
5,662
5,669
277
276
277
275
275
275
381
380
381
379
378
377
3
3
3
3
3
3
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$20
13
paper currency shown by denomination by amounts of unassorted currency
(not shown separately.)
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury.
In millions of dollars]
Currency in circulation l
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—June 30, 1958
May 31, 1958
June 30, 1957
Total outstanding As security
June 30,
against
1958
gold and Treasury
cash
silver
certificates
21 356
20,799
27 498
5,203
20 799
2558
12,422
77
57
488
193
2 228
2 228
12,422
1 449
122
60
23,220
23 446
24,389
1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday2 dates, in table on p. 936.
Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
17,951
692
703
758
2,816
1,080
348
20
7
221
76
17
27"
6
3
510
347
(5)
For
F. R.
Banks
and
agents
Held by
F. R.
Banks
and
agents
17,951
18,189
19,129
June 30,
1958
May 31,
1958
June 30,
1957
32
32
33
26,342
4,798
26,174
4,788
26,329
4,720
268
266
253
2,20i
1.346
487
2,i99
1,339
485
2,163
1,315
474
318
120
59
121
60
321
27
1
317
4,243
4,388
4,394
31,172
30,994
133
62
31,082
receipt); (3) as security for outstanding silver certificates—silver in bullion
and standard silver dollars of a monetary value equal to the face amount
of such silver certificates; and (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of
the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of
at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasury of the United States as a
redemption fund, are counted as reserve. Gold certificates, as herein
used, includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank
notes are in process of retirement.
944
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
5,741
10,328
23,105
29,049
128,417
107,086
96,560
104,819
96,736
93,161
5,499
8,199
19,417
25,511
101,288
81,199
72,894
77,728
70,052
66,523
216
1,998
2,484
2,254
24,262
22,559
20,778
24,932
24,785
24,915
26
131
1,204
1,284
2,867
3,328
2,888
2,159
1,899
1,723
11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,439
20,670
20,461
64,698
48,465
75,171
90,637
191,785
188,148
199,009
237,686
244,135
250,757
55,776
42,029
68,359
82,811
180,806
175,348
184,384
218,882
224,943
230,510
8,922
6,436
6,812
7,826
10,979
12,800
14,624
18,806
19,193
20,246
Loans,
net
Total
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,949
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,985
5,008
5,066
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
171,667 60,366
210,988 85,730
217,437 100,031
223,742 110,120
1957—June 6.
June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 31.
22,620
22,600
22,600
22,600
22,600
22,700
22.800
22,781
5,106
5,100
5,100
5,100
5,100
5,100
5,100
5,146
221,454
222,200
222,700
223,200
223,600
225,200
224,800
229,470
110,938
113,000
112,200
112,700
113,400
113,000
113,000
115,157
89,114
87,800
89,000
88,900
88,400
89,700
89,400
91,370
64,548
63,400
64,100
64,000
63,700
65,000
64,500
65,792
23,016
22,900
23,400
23,300
23,200
23,200
23.600
24,238
,550
,600
,500
,500
,500
,500
,400
,340
21,402
21,400
21,400
21,600
21,800
22,500
22,400
22,943
249,180
249,900
250,400
250,900
251,300
253,000
252,700
257,397
227,576
229,100
229,300
229,000
229,500
231,100
231,000
236,372
21,605
20,900
21,100
21,900
21,900
21,900
21,700
21,023
1958—Jan.
Feb.
Mar,
Apr.
May
June
22,800
22,700
22,500
22,000
21,600
21,400
5,200
5,200
5,200
5,200
5,200
5,200
225,600
226,700
230,000
234,400
234,900
240.400
112,500
112,700
113,900
114,400
113,900
116,400
89,900
90,500
91,900
95,300
96,000
98,400
65,200
65,800
67,100
70,300
70,700
72,100
23,400
23,400
23,500
23,700
24,100
25,000
,300
,300
,300
,300
,300
,200
23,100
23,500
24,300
24,800
25,000
25,600
253,500
254,600
257,700
261,600
261,700
266,900
231,800
232,500
235,500
239,200
238,900
244,300
21,800
22,100
22,200
22,500
22,800
22,700
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
29*
26*
26*
30*
28*
25*
Details of Deposits and Currency
U. S. Govt. balances
Date
Foreign
bank
deposits,
net
29..
30.,
30..
31.,
31..
31.,
30.,
31.,
31.,
31.,
365
50
1,217
1,498
2,141
1,682
2,518
3,329
3,167
3,306
1957—June 6.
June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 31.,
3,247
3,400
3,300
3,200
3,300
3,300
3,200
3,270
1958—Jan.
Feb.
Mar.
Apr.
May
June
3,300
3,700
3,900
4,000
4,000
4,000
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954_Dec.
1955—Dec.
1956—Dec.
29*
26*
26*
30*
28*
25*
At
Treas- comury
At
mercial
cash
F. R.
and
hold- savings
Banks
ings
banks
Deposits adjusted and currency
Time deposits
Total
Total
CurDerency
mand
outCom- Mutual Postal
deside
mercial savings Savings posits 4 banks
banks3
banks
System
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
22,540
14,411
29,793
38,992
75,851
87,121
92,272
106,550
109,914
111,391
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,852
28,285
28,335
111,100 85,200 25 ,900
114,300 89,800 24 ,500
129,700 102,800 26 ,900
133,200 105,800 27 ,400
134,400 106,700 27 ,700
105,706
105,600
106,600
105,100
105,500
107,200
107,200
,325 110,254
28,018
27,800
27,800
27,800
27,800
27,800
28,500
28,301
135,200
136,000
134,700
133,900
134,200
134.000
133,200
107,300
108,000
106,800
106,200
106,500
105.900
105,100
27
28 ,000
27 ,900
27 ,700
27 ,700
28 ,100
28 ,100
27,300
27,400
27,400
27,600
27,800
27,800
132,200
133,100
134,000
135,000
135,500
135,400
104,700
105,500
106,400
107,200
107,600
107,400
27 ,500
27 ,600
27 ,600
27 ,800
27 ,900
28 ,000
204
381
264
852
2,409
846
1,895
2,215
2,287 24,608
1,452
1,336
2,989
1,293
796 4,510
767 4,038
775 4,038
36
35
634
867
977
870
668
563
394
441
54,790
40,828
63,254
76,336
150,793
170,008
176,916
209,684
216,577
221,950
28,611
21,656
27,059
27,729
48,452
56,411
59,247
75,282
78,378
82,224
19,557
10,849
15,258
15,884
30,135
35,249
36,314
46,844
48,359
50,577
8,905
9,621
10,523
10,532
15,385
17,746
20,009
26,302
28,129
30,000
149
1,186
1,278
1,313
2,932
3,416
2,923
2,136
,890
647
792
800
800
800
800
800
800
761
3,625
4,800
3,700
4,400
3,900
3,500
3,300
4,179
473
500
500
500
600
500
400
481
219,439
219,700
221,000
220,000
220,900
223,000
223,300
227,681
85,715
86,400
86,700
87,100
87,700
88,100
87,600
89,126
53,605
54,000
54,400
54,700
55,100
55,500
55.000
56,139
30,647
30,900
30,900
31,000
31,200
31,300
31,300
31,662
,463
,500
,400
,400
400
400
300
800
700
700
700
700
700
2,400
3,800
5,800
5,400
5,700
9,700
500
400
600
600
400
500
224,800
223,900
224,500
228,400
228,100
229,400
89,800
90,900
92,500
93,600
94,600
95,900
56,600
57,600
58,800
59,900
60,700
61,700
31,900
32,100
32,400
32,500
32,700
33,000
1,300
1,300
1,300
1,200
1,200
1,200
* Preliminary.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury
currency account, and Exchange Stabilization Fund).
2
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
* Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for July
1957, pp. 828-29.
Seasonally adjusted series '
2
107,600
105,600
104,600
107,200
105,800
105,700
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24^32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
945
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
Loans
All banks:
1939—Dec. 3 0 . .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 H .
1950—Dec. 3 0 . .
1956—Dec. 3 1 . .
1957—June 6 . .
June 2 6 . .
Aug. 2 8 . .
Sept. 25. .
Oct. 3 0 . .
Nov. 27. .
Dec. 31. .
1958—Jan. 29*.
Feb. 26*.
Mar. 26*.
Apr. 30*.
May 28*.
June 25*.
50,884
61,126
140,227
134,924
148,021
197,063
197,465
198,600
199,250
199,820
201,450
200,910
203,849
201,780
202,880
205,990
210,290
210,440
214,860
All commercial banks:
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 H . .
1950—Dec. 3 0 . . .
1956—Dec. 3 1 . . .
1957—June 6 . . .
June 2 6 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .
Oct. 3 0 . . .
Nov. 27. . .
Dec. 3 1 . . .
1958—Jan. 2 9 * . .
Feb. 26*. .
Mar. 26*. .
Apr. 30*. .
May 28*. .
June 2 5 * . .
40,668
50,746
124,019
116,284
126,675
165,123
164,515
165,600
165,900
166,320
167,900
167,270
170,068
167,650
168,580
171,410
175,560
175,440
179,660
17,238
21,714
26,083
38,057
52,249
90,302
91,028
93,280
92.840
93;400
92,970
92,940
93,899
92,02G
92,090
92,980
93,450
92,800
94,920
33.
43;
107;
97;
107;
138!
137;
138;
139;
139;
140;
139;
142;
140
141;
143;
147;
147;
151;
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957_june 6
June 26
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
AH mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1950—Dec. 30
1956—Dec. 31
1957—June 6
June 26
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
,
,
10,21
10,379
16,208
18,641
21,346
3l,94r
32,95i
33,OOC
33,35i
33,50C
33,55C
33,64C
33,78
34,13i
34,30C
34,58C
34,73C
35,OOC
35,20C
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
bilities
assets 2
and
capital
accounts 3
Total2
Interbank 2
Demand
U.S.
Govt.
Total
capital
accounts
Number
of
banks
Time
Other
9,302
8,999
8,577
10,723
14,741
20,461
21,402
21,430
21,620
21,840
22,490
22,390
22,943
23,140
23,530
24,260
24,760
24,980
25,580
23,292
27,344
35,415
38,388
41,086
49,641
40,834
42,250
42,080
42,040
42,590
43,600
49,318
41,950
42,290
42,220
43,730
42,000
43,270
77,068
90,908
177,332
175,091
191,317
250,770
242,647
245,050
245,850
246,370
248,660
249,150
257,864
248,540
250,060
253,130
259,000
257,240
262,960
68,242
81,816
165,612
161,865
175,296
227,546
216,986
219,790
219,700
220,150
222,030
222,380
233,020
222,430
223,590
226,810
232,360
230,280
236,330
9,874
10,982
14,065
13,033
14,039
17,595
14,423
14,380
14,370
14,800
14,710
14,550
17,022
14,830
15,130
15,560
16,320
15,980
16,130
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,736 125,308
3,320 114,659
4,490 115,690
4,130 115,150
3,580 115,160
3,180 117,100
3,040 118,190
3,903 123,993
2,150 116,680
3,500 115,040
5,560 114,210
5,180 118,190
5,420 115,260
9,460 115,790
25,852
26,479
45,613
53,105
56,513
80,908
84,584
85,230
86,050
86,610
87,040
86,600
88,102
88,770
89,920
91,480
92,670
93,620
94,950
8,194
8,414
10,542
11,948
13,837
19,249
19,879
19,760
20,140
20,210
20,450
20,540
20,428
20,560
20,700
20,830
20,910
21,040
21,140
15,035
14,826
14,553
14,714
14,650
14,167
14.144
14,138
14,133
14,128
14,113
14,102
14,090
14,081
14,076
14,078
14,071
14,065
14,056
16,316
21,808
90,606
69,221
62,027
58,55f
56,64:
55,500
56,170
55,870
57,310
56,910
58,239
57,700
58,260
59,550
62,830
63,240
64,740
7,114
7,225
7,331
9,006
12,399
16,269
16,845
16,820
16,890
17,050
17,620
17,420
17,930
17,930
18,230
18,880
19,280
19,400
20,000
22,474
26,551
34,806
37,502
40,289
48,720
39,995
41,380
41,320
41,260
41,790
42,800
48,428
41,070
41,340
41,290
42,850
41,120
42,350
65,216
79,104
160,312
155,377
168,932
217,460
208,393
210,710
211,250
211,590
213,840
214,220
222,696
213,050
214,320
217,090
222,870
220,840
226,290
57,718
71,283
150,227
144,103
155,265
197,515
186,308
188,880
188,680
188,930
190,740
191,050
201,326
190,470
191,480
194,400
199,850
197,590
203,340
9,874
10,982
14,065
13,032
14,039
17,593
14,421
14,380
14,370
14,800
14,710
14,550
17,021
14,830
15,130
15,560
16,320
15,980
16,130
32,513
44,349
105,921
1,343 94,367
2,806 101,917
3,733 125,282
3,318 114,633
4,490 115,660
4,130 115,120
3,580 115,130
3,180 117,070
3,040 118,160
3,898 123.967
2,150 116,650
3,500 115,010
5,560 114,180
5,180 118,160
5,420 115,230
9,460 115,760
15,331
15,952
30,241
35,360
36,503
50,908
53,937
54,350
55,060
55,420
55,780
55,300
56,440
56,840
57,840
59,100
60,190
60,960
61,990
6,885
7,173
8,950
10,059
11,590
16,302
16,837
16,750
17,090
17,140
17,380
17,440
17,368
17,470
17,580
17,710
17,810
17,920
18,010
14,484
14,278
14,011
14,181
14,121
13.640
13,619
13,613
13,608
13,603
13,588
13,578
13,568
13,561
13,556
13,558
13,551
13,545
13,536
13,962
18,021
22,775
32,628
44,705
78,034
78,448
80,529
80,103
80,608
80,155
80,097
80,950
79,160
79,225
80,089
80,423
79,713
81,70^
14,328
19,539
78,338
57,914
52,365
47,575
45,829
44,808
45,334
45,007
46,158
45,823
47,079
46,599
47,280
48,572
51,505
51,916
53,470
5,651
5,961
6,070
7,304
10,355
13,159
13,531
13,511
13,573
13,700
14,162
13,962
14,324
14,363
14,625
15,213
15,557
15,643
16,209
19,782
23,123
29,845
32,845
35,524
42,906
35,270
36,660
36,594
36,399
36,935
37,862
42,746
36,151
36,457
36,395
37,834
36,210
37,385
55,361
68,121
138,304
132,060
144,660
184,874
176,507
178,816
179,188
179,283
181,109
181,440
188,828
180,150
181,522
184,191
189,304
187,301
192,584
49,340
61,717
129,670
122,528
133,089
167,906
157,593
160,116
159,767
159,759
161,229
161,536
170,637
160,793
161,908
164,745
169,55'
167,36'
172,91-
9,410
10,525
13,640
12,403
13,448
16,855
13,736
13,704
13,681
14,095
14,008
13,841
16,328
14,237
14,550
14,977
15,720
15,402
15,508
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,292 106,850
2,932 97,612
4,086 98,673
3,715 98,187
3,189 97,997
2,777 99,704
2,681 100,648
3,472 105,547
1,855 99,109
3,163 97,759
5,097 97,141
4,818 100,584
4,891 98,000
8,832 98,550
11,699
12,347
24,210
28,340
29,336
40,909
43,313
43,653
44,184
44,478
44,740
44,366
45,290
45,592
46,436
47,530
48,429
49,074
50,024
5,522
5,886
7,589
8,464
9,695
13,655
14,058
14,004
14,300
14,341
14,539
14,584
14,554
14,630
14,721
14,828
14,918
15,009
15,099
6,362
6,619
6,884
6,923
6,873
6,462
6,445
6,438
6,427
6,421
6,411
6,406
6,393
6,390
6,382
6,380
6,372
6,364
6,357
4,92
4,901
4,279
4,944
8,137
19,777
20,487
20,530
20,750
20,860
21,000
21,120
21,216
21,380
21,490
21,630
21,770
21,990
22,230
3,101
3,704
10,682
11,978
10,868
7,971
7,906
7,860
7,870
7,850
7,680
7,550
7,552
7,540
7,510
7,570
7,480
7,430
7,390
2,188
1,774
1,246
1,718
2,342
4,192
4,557
4,610
4,730
4,790
4,870
4,970
5,013
5,210
5,300
5,380
5,480
5,580
5,580
818
793
609
88(
79'
920
839
870
760
780
800
80C
89C
880
950
930
880
880
920
11,852
11,804
17,020
19,714
22,385
33,3r
34,25
34,340
34,600
34,780
34,820
34,930
35,168
35,490
35,740
36,040
36,130
36,400
36,670
10,52^
10,533
15,385
17,763
20,031
30,032
30,678
30,910
31,020
31,22C
31,29f
31,33!
31,695
31,960
32,11C
32,4U
32,51C
32,690
32,990
10,521
10,527
15,371
17,745
20,009
30,001
30,647
30,880
30,990
31,190
31,260
31,300
31,662
31,930
32,080
32,380
32,480
32,660
32,960
1,309
1,241
1,592
1,889
2,247
2,947
3,042
3,010
3,050
3,070
3,070
3,100
3,059
3,090
3,120
3,120
3,100
3,120
3,130
551
548
542
533
529
527
525
525
525
525
525
524
522
520
520
520
520
520
520
22,165
19,417
26,615 25,511
30,362 101,288
43,002 81,199
60,386 72,894
10,079 66,523
11,515 64,548
13,810 63,360
13,590 64,040
! 14,260 63,720
13,970 64,990
14,060 64,460
[15,115 65,792
[13,400 65,240
113,580 65,770
114,610 67,120
15,220 70,310
14,790 70,670
17,150 72,130
9
Preliminary.
1 All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise all
nonmember commercial banks and all member banks (including (1) one
bank in Alaska and one in the Virgin Islands that became members on
Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured nondeposit trust company, but excluding three mutual savings banks that
became members in 1941). Stock savings banks and nondeposit trust
companies are included with commercial banks. Number of banks includes a few noninsured banks for which asset and liability data are not
Other
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
2 Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other notes see following two pages.
946
ALL BANKS
P R I N C I P A L A S S E T S A N D L I A B I L I T I E S A N D N U M B E R O F A L L B A N K S , BY C L A S S E S i
[Figures partly estimated except on call dates. A m o u n t s in millions of dollars]
Loans anc investments
Class of bank
and date
Total
Loans
U.S.
Govt.
obligations
Deposits
Other
secu-
Cash
assets2
Total
assets—
Total
liabilities
and
capital
accounts3
Other
Total2
Interbank 2
Demand
Chicago:
1939 D e c . 30
1941 D e c 31
1945—Dec. 31
1947 D e c 31
1950 Dec. 30
1956—Dec. 31
1957 J u n e 6
June 26
Aug 28
Sept. 25
Oct 30
N o v . 27
D e c 31
1958—Jan. 29*
Feb 26*
M a r 26*
Apr. 30*
M a y 28*
June 25*
. .
9,339
12,896
26,143
20,393
20,612
23,809
23,293
23,686
23,252
23,258
23,385
23,054
23,828
23,181
23,964
25,006
25,891
25,540
27,177
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
15,987 6 057
15,895 5,738
16,776 5,270
16,191 5,298
16,216 5,254
16,115 5,415
15,887 5,423
16,102 5,880
15,501 5,690
15,934 5,934
16,367 6,414
16,360 7 252
15,833 7,569
16,608 8,195
1 ,272
2,105
2,760
5,931
5,088
5,569
6,473
6,266
6,293
6,289
6,261
6,273
6,275
6,446
6,211
6,261
6,492
6,647
6,484
6,846
569
954
1,333
1,801
2,083
3,772
3,789
3,893
3,915
3,937
3,829
3,781
3,852
3,600
3,487
3,481
3,592
3,417
3,492
1,203
1,430
4,213
2,890
2,911
2,113
1,884
1,847
1,823
1,783
1,888
1,927
2,032
2,050
2,201
2,404
2,434
2,434
2,702
621
633
652
Reserve city member banks:
12,272
1939 D e c 30
15,347
1941 D e c . 31
1945 D e c 31
. . . . 40,108
36,040
1947 D e c . 31
1950 D e c 30
40,685
53,915
1956 D e c . 31
53,137
1957—June 6
53,649
J u n e 26 .
53,831
Aug 28
Sept 25
. . 53,881
54,109
Oct. 30
54,201
N o v . 27
55,259
D e c 31
54,294
1958 J a n 29*
54,626
Feb 26*
55,711
M a r 26*
57,243
Apr. 30*
57,687
M a y 28*
59,120
June 2 5 *
5,329
7,105
8,514
13,449
17,906
31,783
31,435
32,168
32,259
32,576
32,261
32,510
32,805
32,076
31,815
32,072
32,012
32,042
32,666
5,194
6,467
29,552
20,196
19,084
17,368
16,797
16,529
16,696
16,372
16,755
16,669
17,352
17,156
17,672
18,210
19,627
19,869
20,488
1,749
1,776
2 ,042
? ,396
3 ,695
4 ,764
4 ,905
4 ,952
4 ,876
4 ,933
S,093
5 ,022
5 ,102
5 ,062
5 ,139
5 ,429
5 ,604
5 ,776
5 ,966
Country member
1939 Dec.
1941 Dec
1945 Dec
1947 D e c
1950 Dec
1956 D e c
1957—June
June
Aug
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar.
Apr
May
June
4,768
5,890
5,596
10,199
14,988
26,491
27,330
27,692
27,738
27,879
27,950
27,919
28,191
27,983
27,989
28,169
28,459
28,421
28,941
3,159
4,377
26,999
22,857
21,377
22,037
21,409
21,162
21,517
21,598
22,100
21,804
21,815
21,703
21,473
21,544
22,192
22,044
22,085
? ,797
2 ,250
? ,408
3 ,268
4 ,193
6 ,042
6 ,373
6 ,366
6 ,383
6 ,438
6 ,658
6 ,629
6 ,814
6 ,750
6 ,817
banks:
30
31
31
31
30
31
6
26
28
25
30
27
31
29*
26*
26*
30*
28*
25*
. . .
. . .
10,224
12,518
35,002
36,324
40,558
54,571
55,112
55,220
55 638
55,915
56,708
56,352
56,820
56,436
56,279
56,665
57 704
57,561
58,243
333
376
385
397
576
588
593
553
551
541
556
567
562
561
573
607
6 95?
7 ,053
7 ,096
7 217
16 ,413
19 ,862
32 ,887
97 982
28 ,954
33 381
30,993
32 053
32 ,144
31 ,403
32 ,103
31 ,921
11 975
31 ,612
30 622
33 959
15 177
33 777
36 055
?s ,216
25 ,646
79 ,149
26 ,322
77 ,565
27 ,070
26 ,182
27 ,030
26 ,935
79 ,371
26 ,600
77 ,412
28 ,965
30 ,120
28 ,796
31 ,086
1,446
1,566
1,489
1,739
2,034
7,171
1,821
1,912
1,968
1,939
1,969
1,938
<2,083
1,862
1,927
1,808
1,873
1,985
>,029
1 ,595
4 ,363
7 459
6 866
7 649
8 695
8 147
8 258
8 314
8 257
8 310
8 285
8 595
8 137
8 256
8 374
8 600
8 553
8 951
3 ,330
4 ,057
7 ,046
6 ,402
7 ,109
7 ,943
7 ,284
7 ,407
7 ,440
7 ,319
7 ,264
7 ,320
7 ,792
7 ,291
7 ,374
7 ,390
7 ,665
7 ,692
8 ,082
(5,785
I*.518
li;286
13,066
13,998
17,716
14,532
15,150
14,683
14,930
14.899
5,356
1!5,030
1!5,286
19 687
74 430
898
% 659
369
854
68 965
70 083
69 808
70 128
70 389
71 106
74 196
70 471
71 012
71 802
74 086
74 174
75, 840
17 ,741
77 ,313
49 ,085
46 ,467
51 ,437
66 ,524
61 ,796
62 ,886
6? ,521
62 ,870
6? ,963
63 ,556
67 ,483
63 ,244
63 ,710
64 ,626
66 ,642
66 ,492
68 ,344
AL848
15 666
11 ,762
17 ,415
43 ,418
44 ,443
48 ,897
64 ,289
6? ,192
62 258
fP ,736
63 ,388
63 ,972
63 ,725
6S ,991
63 ,658
63 ,412
63 ,764
65 ,124
l i5.500
17,540
14,715
14,934
14 629
6,402 19 466
10-632 46 059
H ),778
11 ,571
\*1,390
>224
i:>,214
> 242
>,546
I: ' , 5 2 8
5,724
U M39
i: >,440
>,269
,,302
>,632
.,172
V .,409
r
v
v
v
r
r
r
r
4 Beginning with D e c . 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
A t that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
14 ,507
17 ,932
30 ,121
6,703
6,637
6,439
7,261
7,922
8,629
6,692
7,384
7,701
6,984
7,539
7,700
8,984
7,134
7,327
7,656
7,973
7,023
7,661
,559
,235
,242
,890
,765
,660
,640
,763
,788
,855
,744
,846
,990
? ,096
2 ,225
? 279
2 ,138
2 ,374
4 7 , 553
52 689
69 945
68 404
68, 422
68 922
69, 495
70, 307
70 128
7? 062
69, 930
69, 632
7 0 , 056
71 441
70, 797
7 1 , 738
64 387
65 402
Total
capital
accounts
Number
of
banks
Time
U.S.
Other
4 ,238
4 ,207
4 ,657
4 ,464
4 ,638
987
5 ,033
S 158
945
5 108
119
5 148
781
5 328
623
5 842
6 202
6 062
6 015
74
866
6,940
267
451
747
688
938
737
535
500
443
737
266
602
1,381
1 537
1,128
2,984
9 ,459
1? 051
17 ,287
19 ,040
18 ,836
19 ,940
17 ,836
18 77?
18 ,698
17 ,778
18 648
18 591
19 959
18 081
18 089
18 454
19 04^
18 219
18 550
736
807
1 ,236
1 44S
1 ,722
">47S
2 ,765
,747
2 ,690
2 ,761
2 ,763
2 ,753
1 891
2 ,925
3 098
3 ,288
3 116
3 ,387
3 ,537
1 ,592
1 ,648
2 ,120
? ,259
2 ,351
? ,873
2 ,907
? 909
3 ,059
3 ,054
3 ,127
3 ,133
3 136
3 152
3 166
3 161
3 200
3 210
221
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
18
18
888
035
312
217
229
372
184
153
185
251
183
145
347
170
211
272
80
127
1 552
72
174
14
13
12
14
13
302
292
678
495
476
719
913
101
119
312
319
306
109
309
116
345
140
348
149
17?
17S
40?
250
288
377
426
490
320
317
333
1 867
419
3 46?
4 201
4 604
5 069
4 691
4 630
4 674
4 571
624
\ 708
4 904
4 695
4 612
4 418
4 671
4 708
4 669
3 686
4 460
6 448
649
6 448
7 878
435
491
8,221
405
976
1,201
1 051
1,634
1 453
1,274
918
I 017
1,358
610
1,349
I 960
1,886
1,884
:3,283
<3ovt.
Central reserve city
member banks:
New York City:
1939 Dec 30
1941 D e c . 31
1945 Dec 31
1947 Dec. 31
1950 Dec 30
1956 D e c . 31
1957 June 6
June 26
Aug. 28
Sept 25
Oct. 30
N o v 27
Dec. 31
1958 J a n 29*
Feb. 26*
M a r 26*
Apr. 30*
M a y 28*
June 25*
Continued
}
}
}
I
I
6 228
6, 138
6 248
6 408
6 367
6 203
7, 542
6 364
6 392
6 536
6 794
6, 759
6, 853
598
822
223
073
133
618
290
255
303
328
339
345
658
375
324
327
404
264
307
184
97
305
275
186
148
151
195
86
203
351
9
P
24
78
32
40
004
S57
655
990
366
647
36 874
37, 276
36 8^0
37, 103
481
18 159
3 9 , 960
3 7 , 591
3 6 , 924
36 646
38, 0^8
3 7 , 465
3 7 , 462
rr
4
4
9
11
11
16
17
17
18
18
18
18
18
18
19
19
432
093
,587
1,887
78, 178
3 1 , 977
41 194
38, 711
3 8 , 045
17 99 S
18 S41
3 8 , 949
39 190
4 0 , 774
3 8 , 742
18 114
17, 6^1
18 840
17 608
37, 869
705
709
708
14
14
14
828
967
566
844
322
076
346
351
359
353
336
289
1
1
2
?
3
5
6 4 ">
182
5 195
5 242
5 260
838
000
085
195
177
623
679
045
484
1°) 934
20 384
20, 746
14 *56O
14, 865
*>0 117
V 594
2 1 , 749
188
11 3?3
22, 473
v> P 0
9 ? 4?9
22, 648
v> 94*5
9 3 409
0 3 787
? 1 9?8
2 4 , 339
14
14
14
14
14
14
14
14
14
14
14
616
806
760
403
647
797
«5 85->
7 , 158
154
225 1 0 , 109 6 258
5 465 *>4 01S P 494
922
1,160
1,097
1,209
I 250
1,194
1.211
I 070
1,181
893
1,009
1,405
660
665
663
671
670
679
685
689
688
693
700
282
<5, 298
282
282
281
281
394
428
469
278
278
278
278
573
627
281
280
1 851
1 , 982
~> 525
5 966
6,219
6 476
6 519
6,501
6 141
6 131
6,124
6 113
6 106
6,098
6 094
6,083
6,080
6 072
6 070
6 062
6 051
6,045
<? 338
5 , 370
5,
5
5 506
5,
5,
">,934
3,
5
532
046
5 304
5 , 237
328
<?, 357
5 , 435
t
428
>>359
5,
5
396
434
498
507
517
5 , 543
280
278
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million. Because preliminary data are rounded to the
nearest $10 million n o a m o u n t is shown except on call dates.
For other notes see preceding and opposite pages.
947
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSESi—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Other
Total2
Interbank 2
Total
capital
accounts
Demand
U.S.
Govt.
Number
of
banks
Time
Other
49,290
121,809
114,274
159,164
163,601
163,025
168,595
21,259
25,765
37,583
82,081
89,831
90,571
93,430
21,046
88,912
67,941
60,765
57,837
55,973
57,580
6,984
7,131
8,750
16,318
15,933
16,481
17,585
25,788
34,292
36,926
46,480
48,352
39,713
48,127
76,820
157,544
152,733
208,608
215,514
206,567
220,865
69,411
147,775
141,851
190,512
195,953
184,860
199,876
10,654 1,762
13,883 23,740
12,670 1,325
16,273 3,697
17,282 3,717
14,095 3,310
16,753 3,859
41,298
80,276
92,975
122,149
124,346
113,812
123,127
15,699
29,876
34,882
48,393
50,608
53,643
56,137
6,844
8,671
9,734
14,980
15,988
16,525
17,051
13,426
13,297
13,398
13,216
13,195
13,189
13,142
National member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
27,571
69,312
65,280
86,152
88,477
87,910
91,201
11,725
13,925
21,428
43,428
48,109
48,415
50,350
12,039
51,250
38,674
33,579
31,568
30,345
31,234
3,806
4,137
5,178
9,144
8,800
9,150
9,617
14,977
20,114
22,024
25,697
27,006
22,525
26,786
43,433
90,220
88,182
113,412
117,345
112,460
120,153
39,458
84,939
82,023
103,903
107,161
100,989
109,091
6,786 1,088
9,229 14,013
8,410
795
9,317 2,063
9,844 2,074
7,963 1,782
9,475 2,166
23,262
45,473
53,541
65,840
67,434
61,737
66,546
8,322
16,224
19,278
26,683
27,810
29,506
30,904
3,640
4,644
5,409
7,915
8,450
8,722
9,070
5,117
5,017
5,005
4,692
4,651
4,647
4,620
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
15,950
37,871
32,566
49,208
50,291
49,898
51,152
6,295
8,850
11,200
27,554
29,924
30,034
30,600
7,500
27,089
19,240
17,118
16,007
15,483
15,846
2,155
1,933
2,125
4,536
4,359
4,381
4,707
8,145
9,731
10,822
15,719
15,900
12,745
15,960
24,688
48,084
43,879
66,002
67,530
64,047
68,676
22,259
44,730
40,505
59,854
60,744
56,605
61,545
3,739
4,411
3,993
6,549
7,012
5,773
6,853
621
8,166
381
1,264
1,218
1,150
1,306
13,874
24,168
27,068
39,559
39,416
35,874
39,001
4,025
7,986
9,062
12,482
13,098
13,807
14,386
2,246
2,945
3,055
4,868
5,205
5,337
5,483
1,502
1,867
1,918
1,851
1,811
1,798
1,773
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
5,776
14,639
16,444
23,829
24,859
25,243
26,268
3,241
2,992
4,958
11,108
11,808
12,134
12,493
1,509
10,584
10,039
10,081
10,274
10,156
10,512
1,025
1,063
1,448
2,640
2,777
2,953
3,264
2,668
4,448
4,083
5,067
5,448
4,446
5,383
8,708
19,256
20,691
29,220
30,667
30,088
32,066
7,702
18,119
19,340
26,779
28,073
27,292
29,266
129
244
266
408
427
359
425
53
1,560
149
370
425
378
388
4,162 3,360
10,635 5,680
12,366 6,558
16,749 9,252
17,497 9,724
16,200 10,355
17,580 10,873
959
1,083
1,271
2,199
2,336
2,469
2,500
6,810
6,416
6,478
6,677
6,737
6,748
6,753
1,457
2,211
2,009
1,716
1,521
1,490
1,473
455
318
474
520
471
457
468
761
1,693
1,280
827
714
669
660
241
200
255
370
336
364
345
763
514
576
35
369
28:
301
2,283
2,768
2,643
2,126
1,946
1,825
1,831
1,872
2,452
2,251
1,742
1,562
1,448
1,449
329
181
363
370
310
326
268
253
365
478
322
300
294
303
329
279
325
320
313
312
317
852
714
783
499
444
429
425
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1955—Dec. 31
1956—Dec. 31
1957__j une 6
Dec. 31
7,233
16,849
18,454
25,546
26,381
26,733
27,741
3,696
3,310
5,432
11,628
12,279
12,591
12,961
2,270
12,277
11,318
10,908
10,989
10,825
11,172
1,266
1,262
1,703
3,010
3,113
3,317
3,608
3,431
4,962
4,659
5,424
5,817
4,728
5,684
10,99:
22,024
23,334
31,347
32,613
31,913
33,897
9,573
20,571
21,591
28,522
29,635
28,740
30,715
457
425
629
778
737
685
69:
5,504
3,613
14,101
6,045
167 13,758 7,036
382 17,788 9,574
440 18,433 10,024
385 17,021 10,649
427 18,420 11,176
1,288
1,362
1,596
2,519
2,649
2,781
2,817
7,662
7,130
7,261
7,176
7,181
7,177
7,178
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
1,693
10,846
12,683
22,331
24,170
25,185
26,535
642
3,081
3,560
13,563
15,542
16,228
17,194
629
7,160
8,165
5,858
5,518
5,505
5,404
421
606
958
2,910
3,110
3,45^
3,937
151
429
675
785
739
672
719
1,958
11,424
13,499
23,458
25,282
26,241
27,671
1,789
10,363
12,207
21,237
22,886
23,578
25,022
1,789
10,351
12,19f
21,18:
22,857
23,549
24,991
164
1,034
1,252
2,006
2,130
2,240
2,308
52
192
194
220
223
234
239
8,687
5,361
5,957
7,567
7,770
7,765
7,246
4,259
1,198
1,384
3,893
4,235
4,259
4,02f
3,075
3,522
3,813
2,601
2,453
2,401
2,148
1,353
641
760
1,07:
1,082
1,105
1,076
642
180
211
180
182
167
171
9,846
5,596
6,215
7,816
8,028
8,013
7,497
8,744
5,022
5,556
6,950
7,146
7,100
6,67'
8,738
5,020
5,553
6,947
7,143
7,098
6,671
1,077
558
63
806
817
496
350
339
307
304
291
283
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
1,291
1,905
18
1,392
12
1,039
16
936
8
821
840
39
12
so:
751
For other notes see preceding two pages.
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
948
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Total
loans
and
invest- Total 2
ments
Investments
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities Real loans
clud- culto
esing
in- Other
To i
loans Total
tate
open turdial brok- To loans vidmarers
ket
uals
and othpaers
dealper
ers
U. S. Government obligations
Obligations
Direct
of
States Other
and
CertifiGuar- polit- securities
cates
anTotal
ical
of inBills debt- Notes Bonds teed subdiviedsions
ness
All commercial
banks: 3
1947—Dec. 31.... 116,284 38,057 18,167 1,660 830 ,220 9,393 5,723 1,063 78,226 69 221 2,193
3,343 74,821 58;552 5,924
,
18,8503
1956—Dec. 31.... 165, 123 90,302 38,720 4,161 2,589 1,691 22,509
.
73,487
73
56,642 4,761
274 1,634 22,530 19,508 3,623
1957—June 6.... 164,515 91,028 39,020 4
068 93,899 40,
620 23,110 20,217 3,533 76,16958,239 5,405
170,""*
Dec. 31....
1,
1958—Mar. 4e...170,040 92,670 38,580 4,200 2,740 1,660 23,110 19,700 4,470 77,37058,790 5,120
7,789 6,034
1,997 11,823
3,665 10,070
4,813 10,608
3,650 10,500
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947 Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
28,031 21,046
545
49,290 21,259 9,214 1,450 614 662 4,773
96,043 88,912
121,809 25,765 9,461 1,3143,1643 ,606 4,677 2,361
654 i;028 76.69167,941
114,274 37,583 18.012 1,610 823 1,190 9,266 5,654
",394 18,765
163,601 89,831 38;571 4,101 2,565 1,669
,669 22
73,770 57,837
57
1,613 22 ,427 19,421
163,025 90,571 38,870 4;027 2,251
72,454 55,973
2
23,003 ",122
20
3 513 75,16457,580
168,595 93,430 40,380 4 015 2,"'"
569 1,601
1
Member banks,
total:
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1956—Dec. 31....
1957—June 6....
Dec. 31....
1958—Mar. 4....
25,500 19,539 971
3,692
3,007 11,729
43,521 18,021 8,671 972 594 598 3,494
~-,408
"78,338 2,275 16,985 14,271 44
",792
183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84
107,'""
,628 16,962 ,046 811 1,065 7,130 4,662 952 65 ,218 57,914 ',987 5,816 4,815 45 ,286
97,
3,147
60,734
47,575
4,383
,218
17,811
768
78,034
1,473
15,765
1,469
9,493
32
36,296 2^78 2,447
138,
137,808 78,448 36,500 2,453 2,132 1,416 17,768 16,229 3,399 59,360 45 ,829 3,439 2,798 7,952 31,632
,031
3,948
80,950
1,409
'
'"
18,231
47,079
8,560
31
37,868 2,472
2,472"2,448
"~
3,534
142,353
16,775 3,316 61.403
142,571 79,784 35,936 2,615 2,586 1,457 18,259 16,270 4,251
' " " 62,787 47,867 3,700 2,396 8;504 33,262
New York City:*
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_j u n e 6 . . . ,
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
Chicago:4
1941—Dec. 3 1 . . . ,
1945—Dec. 31
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6...,
Dec. 3 1 . . .
1958—Mar. 4 . . . ,
Reserve city banks
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . .
1957—June 6...,
Dec. 3 1 . . .
1958—Mar. 4 . . . ,
12,896 4,072 2,807
26,143 7,334 3,044
20.393 7,179 5,361
23,809 15,987 11,266
23,293 15,895 11,344
23,828 16,102 11,651
24,664 16,208 11,252
2,760
5,931
5,088
6,473
6,266
6,446
6,359
954
1,333
1,801
3,772
3,789
3,852
3,492
15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
53,915 31,783 15,170
53,137 31,435 14,919
55,259 32,805 15,702
55,226 32,054 14,639
Country banks:
1941—Dec. 3 1 . . . . 12,518 5,890
1945—Dec. 3 1 . . . 35,002 5,596
0,199
1947—Dec. 3 1 . . . 36,324 10
1956—Dec. 3 1 . . . 54,571 26,491
1957—June 6 . . . 55,112 27,330
Dec. 3 1 . . . 56,820 28,191
1958—Mar. 4 . . . , 56,321 28,030
Nonmember com-3
mercial banks:
1947—Dec. 3 1 . . .
1956—Dec. 3 1 . . .
1957_June 6 . . .
Dec. 3 1 . . .
732
760
1.418
2,781
2,859
2,903
2,676
18,454 5,432
26,381 12,279
26,733 12,591
27,741 12,961
412 169
2,453 1,172
545 267
1,409 402
1,152 389
1,280 387
1,433 396
123
80
111
617
567
565
559
52
233
87
97
96
97
92
22
36
46
134
135
143
150
48
211
73
203
172
200
153
300
205
225
489
495
494
504
8,823
554
287 298 18,809
564 330 13.214
1,558 1,049 7; 822
1,516 1,245 7,398
1,513 1,053 7,726
1,459 1,460 8,457
95
51
149
439
430
425
345
1,806
4,598
3,287
2,701
2,477
2,594
2,867
988
3,159 12,797 4,102 3,651 3,333
2,455 19,071 16,045 ",321
51
22 3,873 3,258
2,124 7.552 5,918 52 ,334
129 3.621
14 5,129
5,763 1,981 11,722 38,358
13 12,675 3,258
4,658 3,610 9,967 37,730
13,095 3,386
5,290 4,758 10,493 37,031
13,688 3,897
,832 3,,090 2 ,871
16 3,,254 2 ,815
10
,105
12 4,199 3,665
8 10,494 2 ,763
7 10,768 3,089
5 11,235 3,279
11,641
7,265 311
1,623 3,652 1,679
729
17,574 477 3,433 3,325 10,337
1
606
11,972 1,002
640
558 9,771
638
6,057 724
194
976 4,160
1,406
5,738 685
219
781 4,052
1,311
5,880 648
214 1,093 3,924
1,435
6,295 733
168 1,037 4,357
1,645
1,430
4,213
2,890
2,113
1,884
2,032
2,266
256
133 1,467
132
235
112
42
75
74
65
126
265
68
903
153
749 1,864
248 2,274
316 1,643
223 1,513
313 1,528
324 1,609
119
182
181
213
440
460
408
451
830
629
604
358
349
411
516
193
204
185
148
133
154
150
8,243 6,467 295
114 194 1,527
1,512
751 4,248 1,173
956 820
427 ,503 1,459
•9,552 1,034 6,982 5,653 15,878
855 404 31,594 29
5 1,126 916
22,591 20,196 373 2,358 1,901 15,560
170 484 3,147 1,969 366 22
3 1,342 1,053
501 712 7,654 6,512 1,289 22,132 17,368 1,185
4 3,820 944
441 3,742 11,995
496 672 7,481 6;630 1,300 21,702 16,797 758 1,179 3,038 11,819
3 3,888 1,017
603 673 7,667 6,893 1,370 22,454 17,352 1,009 1,285 3,297 11,760
2 4,027 1,075
705 712 7,645 6,627 1,826 23,172 17,942 950
1 4,104 1,125
775 3,426 12,790
1,676 659
1,484 648
3,096 818
7,080 1 ,972
7,378 1,949
7,613 1,970
7,369 2",102
20
42
23
334
312
365
295
183
471
227
261
259
252
256
1,823
1,881
3,827
9,407
9,586
9,856
9,906
1,530
4,377
707 363 29,407 26,999
1,979 229 26,125 22,857
7,256 631 28,080 22,037
7,653 669 27,782 21,409
7,944 713 28,629 21,815
7,840 791 ,292 21 ,363
1,205 614
2,424 1,683
2,519 1,625
2,657 ,594
20
143
143
153
156
218
219
211
2,266
4,708
4,773
4,891
1,061
3,085
3,278
3,442
e
Estimated.
1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings banks
became members of the Federal Reserve System; these banks are in-
40
26
178
184
180
174
5,276 3,729
12,901 3,368
13,314 3,531
13,9154,014
14,360 4,220
53,191
38,796
38,137
37,406
39,510
111
196
224
217
110
630
480
2,362
1,920
2,226
1,752
5,102
2,583
792
1,326
1,909
1,385
481 2,926
6,713
4,544 16
2,108 17,681
4,458 14,420
3,910 14,248
3,857 13,819
13
3,718 14,506
13,021 11,318 206 1,973 1,219 7,916
14,102 10,989 1,541
528 2,330 6,588
14,141 10,825 1,323
867 2,119 6,515
14,780 11,172 1,457 1,279 2,049 6,385
861
9
6
4
4
4
4
1,222 ,028
1,342 ,067
2,006 1 ,262
4,827 ,215
5,109 ,265
5,365 ,449
5,440 ,488
1,078
2,409
2,548
2,682
625
704
769
926
cluded in member banks but are not included in all insured commercial
banks or all commercial banks. Comparability of figures for classes of
banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual
banks, and by mergers, etc.
For other notes see opposite page.
949
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Class of bank
and
call date
r\.eBalDeserves
ances mand
with Cash
with
dein
Federal
posits
dovault mestic
Read- 6
5
serve
banks justed
Banks
interbank
deposits
Domestic5
]For-
eign
CertiIndiIndi- Bor- CapiU.S. States viduals,
States
fied viduals,
tal
row- acGovt. and partnerand
and
partnerU.S. political offiand polit- ships, ings
ships, Intercounts
bank
ical
postal
Govt. subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions poraetc.
tions
tions
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
17,796
18,706
18,500
18,972
18,570
2 ,216
3 ,261
2 ,737
3 ,335
2 ,650
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_j u n e 6 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,706
18,500
18,972
1 ,358 8 570 37 ,845 S ,823
673 1 ,762 3 677
1 ,829 11 075 74 ,722 U.,566 ,248 23 ,740 5, 098
2 ,145 9 736 85 ,751 11 ,236 ,379 1 ,325 6 692
3 ,237 12 490 110 ,487 U1,226 1,755 3 ,717 10 350
2 ,717 9 515 104 ,904 11 ,127 1,581 3 ,310 10 500
3 ,311 12 079 109 ,439 i: ,752 1,736 3 ,859 10 594
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
12,396
15,811
17,797
18,707
18,501
18,973
18,569
1 ,087
1 ,438
1 ,672
2 ,487
2 ,065
2 ,536
2 ,015
New York City:*
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
5 105
4,015
4,639
4,375
4,080
4,564
4,230
Chicago:*
1941—Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957_june
Dec.
1958—Mar.
31
31
31
31....
6....
31....
4....
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957—June
Dec.
1858—Mar.
10 216
12 813
9 761
12 342
10, 830
87 ,123
111 ,405
105 ,713
110 ,266
105 ,930
11 ,362 ,430 1 ,343
U|.,338 ,794 3 ,733
11 ,247 1,618 3 ,318
13 ,867 1,769 3 ,898
12 ,130 ,570 3 ,630
246
117
270
124
931
806
690
33 ,754
64 ,184
73 ,528
93 ,320
88 ,912
92 ,191
88 ,779
c>,714
i: >,333
K),978
I:L818
10,799
I:*,356
n ,703
671 1 ,709
1,243 22 ,179
1,375 1 ,176
1)749 3 ,292
1,568 2 ,932
1,726 3 ,472
1,532 3 ,231
93
111
151
161
143
158
127
141
78
70
99
45
110
55
10 761
15 ,065
16 ,653
15 ,974
15 ,450
15 ,849
15 ,483
5 595
J,535
5,236
5,622
>,775
J,480
>,979
1 021
942
1,070
1,158
1,089
1,071
1,144
43
36
30
37
28
39
32
298
200
175
174
95
148
99
2 215
3 ,153
3 ,737
4 ,272
4 ,087
4 ,084
3 ,945
I 027
I 292
1,196
1,318
1,133
1,293
,167
banks.
31
31....
31....
31....
6....
31....
4
4,060
6,326
7,095
7,649
7,701
7,763
7,523
425
494
562
787
653
790
628
2 ,590
2 ,174
2 ,125
2 ,656
1 ,825
2 ,585
2 046
11 ,117
22 ,372
25 ,714
34 ,046
32 ,549
33 ,583
32 ,251
1,302
5,307
5,497
7,298
5,648
<5,962
5,200
54
110
131
286
266
279
256
491
8 ,221
405
1 ,201
1 ,051
1 ,358
1 ,278
Country banks:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . .
2,210
4,527
4,993
5,526
5,631
5,576
5,672
526
796
929
1 ,502
1 ,241
1 ,549
1 ,228
3 ,216
4 ,665
3 ,900
5 ,194
3 ,966
4 ,964
4 ,491
9 ,661
23 ,595
27 ,424
39 ,028
36 ,827
38 ,676
37 ,100
790
1,199
1,049
1,580
1,243
1,621
1,358
2
8
7
16
18
18
17
225
5 ,465
432
1 ,160
1 ,097
1 ,181
969
544
11A
672
799
3 ,947
4 ,690
3 '831
4 ,536
13 595
18 ,085
16 801
18 ]075
385
521
448
511
55
45
50
43
167
440
385
427
Nonmember commercial banks: 3
1947_Dec. 31
1956 Dec 31
1957—June 6
Dec. 31,
6
7
6
8
5
7
6
6, 799
10, 449
10, 603
10, 693
10, 630
2 ,581
3 ,785
2 ,852
3 ,620
3 ,110
84 ,987
111 ,048
101 ,177
109 ,653
102 ,670
240
1 ,460
1 ,556
1 ,385
2 ,140
1 ,077 36 ,544
158
2 ,585 72 ,593
70
2 ,559 83 ,723
54
3 ,744 110 ,252 1 ,301
2 ,829 100 ,483 1 ,388
3 ,597 108 ,936 1 ,264
111
330
331
301
280
866
2,384
2,712
2,773
3,180
34,383
65 10,059
48,193
75 16,302
50,893 1,446 16,837
53,366
77 17,368
54,760 1,170 17,660
59
492 15,146
10 6,844
103
496 29,277 215 8,671
111
826 33,946
61 9,734
330 2,329 47,949
56 15,988
331 2,652 50,660 1,430 16,525
301 2,717 53,120
66 17,052
066
240
504
211
371
412
430
1 ,009
2 ,450
2 ,401
3 ,475
2 ,616
3 ,331
2 ,831
33 ,061
62 ,950
72 ,704
95 ,163
86 ,624
93 ,804
87 ,729
140
64
50
1 ,289
1 ,369
1 ,246
2 ,004
50
99
105
301
302
275
242
418
399
693
1,839
2,128
2,170
2,558
866
607
1,105 6 ,940
267
1,217
747
1,400
688
1,249
737
1,389
792
1,224
319
237
290
286
261
299
370
450
1 ,338
1 ,105
1 ,172
914
1 ,284
1 ,226
11 282
6
15 ,712
17
17 ,646
12
18 ,482
965
16 ,660 1 ,009
18 ,377
912
17 ,012 1 ,523
10
12
36
36
24
23
29
20
14
44
67
56
161
778
1,206
1,418
2,395
2,662
2,813
2,959
127
8
20 1 552
72
21
184
46
97
35
195
40
192
36
233
237
285
294
459
333
357
34
66
63
85
80
77
73
2 152
3 'l60
3 853
4 ,690
4 ,152
4 ,493
4 ,161
7
16
15
38
2
5
4
3
3
9
12
10
10
10
1
1
2
3
2
3
2
144
763
282
092
911
111
989
286
611
705
1 ,036
787
943
721
11 ,127
22 ,281
26 ,003
36 ,519
33 ,177
35 ,906
33 ,418
104
30
22
294
314
301
423
1
2
2
4
4
4
4
370
004
647
538
740
669
714
239
435
528
1 ,183
835
1 ,027
811
8 ,500
21 ,797
25 ,203
35 ,473
32 ,635
35 ,029
33 ,138
30
17
17
22
30
18
19
1 295
2 ,238
2 '232
2 '282
180
310
236
289
12 284
1< ,885
U '553
15 '849
190
171
187
138
2
Beginning June 30, 1948, figures for various loan items are shown
gross (i.e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans
continue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
Time deposits
i
3
4
5
8
8
8
8
4 5,886
11,878
23,712 208 7,589
27,542
54 8,464
38,769
48 13,655
40,883 1,374 14,058
42,845
57 14,554
43,936 1,144 14,795
195
30
2
326
2
470
1 648
2^120
2,259
2,873
2,907
3,136
3,161
476
719
902
1,302
1,298
1,332
1,339
4
101
4
158
288
377
426
660
665
689
695
20
243 4 542
160 9,563
38
45
332 11,045
114
935 15,748
120 1,089 16,432
113 1,175 17,335
85 1,340 17,740
2
1
21
681
21
423
1,967
2,566
2,844
5,076
5,182
5,370
5,433
31
146
52
219
45
337
146
847
142
962
135
928
130 1,047
6,082
12,224
14,177
19,324
20,491
21,366
21,897
4
11
23
21
267
30
93
1,982
2,525
2,934
5,046
5,304
5,359
5,506
172 6,858
546 9,449
584 10035
603 10'546
12
27
72
21
1,596
2,649
2*781
2*818
6
29
30
27
4
Central reserve city banks.
5
Beginning June 30, 1942, excludes reciprocal bank balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
6 Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
950
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans !
Total Loans
and
Comloans investand
Month or date
Loans mercial Agriinvest- ments
adadculand tural
ments justed
i justed 1 industrial
U. S. Government obligations
For purchasing
or carrying securities
CerOther | Loans
tifisecu- I to
cates
Real Other
estate loans Total Bills of in- Notes Bonds 2; rities I banks
debtloans
edU.S.
U.S.
ness
Govt. Other Govt. Other
seob- curiobliga- cun- ligations ties tions ties
To brokers
and dealers
To others
Total—
Leading Cities
1957
July
88,287 87,097 53,834 31,587
430
1,710
1,157
| 8,658111,348 25,687 ,811 1,402 4,239 18,235 7,576 1,190
96,176 94,572 53,393 29,559
95,723 94,254 52,736 29,403
489
524
3,198
2,496
1,338
1,400
8,858 11,114)31,880 2,102 1,480 7,134 21,164 9,299 1,604
8,930 11,163 32,227 2,024 1,648 6,927 21,628 9,291| 1,469
94,615
95,241
97,592
97,256
92,934
93,534
95,988
95,833
52,492 29 ,199
53,029 29 ,305
54,,252 29,879
53,801 29,856
478
485
494
500
2,774
3,177
3,671
3,170
1,296
1,287
1,388
1,381
,817
,853
,870
,891
96,756
96,141
95,547
95,319
94,855
95,262
94,522
94,153
93,825
93,512
53,513 29 ,861
52,941 29,611
52,696 29
29,425
52,378 29,119
"",001
52,156 29
510
514
520
532
544
2,819
2,510
2,405
2,438
2,308
1,433
1,427
1,417
1,377
1,344
,890 11,18232,575 2,294
,901 11,159132,337 2,093
,942 11,16632,154 1,923
:.950! ll,142!32.066 1,888|
,970 ll,168;32,002 1,923
1958
June
July
1958
June 4
11
18
25
July 2
9
16
23
30
11,088 31,289 1,925
11,08431,216 11,735
11,115322,399 2,327
11,170322,615 2,421
1,346
1,351
1,598
1,621
7,417
7,501
6,798
6,823
20,60l|
20,629,
21,676
21,750|
9,153|
9,2891
9,337
9,417|
1,681
1,707
1,604
1,423
1,650
1,633
1,619
1,672
1,663
6,868
6,896
6,930
6,953
6,988
21,763
21,7151
21,682!
21,553!
21,428
9,174;
9,244
9,303
9,381
9,354
1,494
1,619
1,394
1,494
1,343
New York City
1957
68
23,378 22,646 15,551 11,750
July
950
10
3881
548 2,157 5,422
453
180
851
3,938 1,673
732
954
958
266 1,736
310 1,720
4,814! 2,294
4,983| 2,309
881
834
1958
June
26,743 25,862 15,798 10,913
26,261 25,427 15,147 10,764
1,012 1,119
518 1,066
359
352
536 2,163 7,770
548 2,173 7,971
25,974
26,335
27,529
27,137
25,048
25,414
26,622
26,366
15,307
15,673
16,306
15,908
10,764
10,785
11,053
11,050
662 ,138
1,049 ,099
1,357 ,127
980 1,111
354
363
362
530
539
537
540
2,164
2,155
2,163
2,172
7,514 848
7,474 762
7,999 ,113
8,092 1,093
231
255
279
299
,778
,795
,679
,693
4,657
4,662
4,928
5,007
2,227
2,267
2,317
2,366
926
921
907
26,901
26,348
26,189
26,103
25,764
26,093
25,534
25,357
25,246
24,907
15,651
15,253
15,088
14,982
14,762
11,064
10,867
10,769
10,607
10,514
1,093
1,110
1,072
1,052
1,005
358
354
352
347
347
536
541
552
557
556
2,181
2,166
2,175
2,168
2,176
8,194
7,990
7,958
7,913
7,802
302
309
292
323
325
,736
,745
,752
,683
,682
5,012
4,974
4,966
4,995
4,970
2,248
2,291
2,311
2,351
2,343
814
832
857
857
July.....
1958
June 4
11
18
25
July 2
9
16
23
30
Outside
New York City
695
495
439
519
442
144
962
948
912
825
771
1957
July
64,909 64,451 38,283 19,837
429
692
759
8,110 9,19120,265 ,358 1,222 3,388 14,297 5,903
458
69,433 68,710 37,595 18,646
69,462 68,827 37,589 18,639
488
523
1,067
912
926
961
8,322 8,95124,110 1,148 1,214 5,398 16,350 7,005
8,382 8,99024,256 1,066 1,338 5,207 16,645 6,982
723
635
68,641
68,906
70,063
70,119
67,886
68,120
69,366
69,467
37,185
37,356
37,946
37,893
18,435
18,520
18
18,826
18,806
477
484
493
499
974
1,029
1,187
1,079
892
886
959
966
,287
,314
,333
,351
8,92423 ,775 1,077 1,115 5,639 15,944
8,92923 ,742 973 1,096 5,706 15,967
8,95224 ,400 ,214 1,319 5,119 16,748!
8,99824 ,523 1,328 1,322 5,130 16,743
6,926
7,022
7,020
7,051
755
786
697
652
69,855
69,793
69,358
69,216
69,091
69,169
68,988
68,796
68,579
68,605
37,862
37,688
37,608
37,396
37,394
18,797
18,744
18,656
18,512
18,487
509
513
519
531
543
1,031
905
894
867
861
989
991
975
937
915
:,354
,360
,390
;,393
,414
9,00124,381 1,150
8,993 24,347 1,131
8,99124,196 975
8,97424,153 976
8,99224,200 1,098
6,926
6,953
6,992
7,030
7,011
686
805
562
637
486
1958
June
July
1958
June 4
11
18
25
July 2
9
16
23
30
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
1,348
1,324
1,327
1,349
1,338
2 Includes guaranteed obligations.
See also NOTE on opposite page.
5,132
5,151
5,178
5,270
5,306
16,751
16,741
16,716
16,5581
16,458|
951
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
BalReserves Cash ances
with
with
in
doF. R.
Banks vault i mestic
banks
Month or date
Demand
deposits
adjusted1
Time deposits,
except interbank
IndividCertiuals, States
and
fied
part- politand
nerU.S.
ical
offiships, sub- cers'
Govt.
and
divichecks,
corpora- sions etc.
tions
Interbank
deposits
IndiDemand
viduals, States
U.S.
and
part- polit- Govt.
nerand
ical Postal
ships, subDoand
Sav- mes- Fordivieign
cor- sions ings
tic
porations
Borrowings
Time
Capital
acFrom
From
counts
F. R. others
Banks
TotalLeading Cities
1957
July
13,387
975 2,440 55,069 57,982 4,059
13,246
13,208
3,324 21,202 1,124
1,254
573
667 9,269
987 2,670 56,372 58,387 4,687 2,473 4,501 23,931 1,886
993 2,768 55,629 58,267 4,221 2,399 4,185 24,282 1,910
143 11,250 1,514 2,231
167 11,738 1,589 2,168
63
921 9,951
782 9,979
1,971
187 10,557
1,665
1958
June
July
1958
June
12,840
927 2,613 55 686 57,195
13,210 1,010 2,649 57; 100
100 59,267
59
13,548
999 2,725 57',434
,
60,019
is'.'.'.'.'.'.'.'.'.'.',,
13,387 1,010 2,696 55,266 57,067
4,923
4,660
4,564
4,601
2,357
2,112
3,081
2,342
3,193 23,769
2,432 23,940
5,057 23,939
23
7,324:24,076
1,805
1,861
1,907
1,969
144 11,367 1,444 2,264
144 11,353 1,542 2,232
143 11,411 1,559 2,218
145 10,870 1,511 2,210
13,318
968 2,962 54 560 57,176
13,122 1,003 2,
884 57,352
13,370
984 2,780 55 654 59,376
13,224
990 2,662 56;440
440 58,910
58
13,007 1,022 2,713 56;647 58,520
4,426
4,277
4,054
4,124
4,222
2,474
2,144
2,222
3,006
2,149
6,,372 24 ,168
4,641 24,199
4,031 24,322
",347
3,185 24
2,695 24 ,376
1,956
1,943
1,882
1,883
ir~
171
166
166
168
168
284
978 1,041 2,533
72
35
4
,
25
2
9
16
23
July
30
1,530
1,486
1,655
1,647
1,627
2,206
2,242
2,127
2,132
2,131
2,916 1,362
935
12,061
12,123
11,899
11,389
11,222
81
961 9,938
104 1,104 9,945
106
913 9,950
60
707 9,971
52
783 9,976
100 1,049 9,990
78
677 9,959
28
805 9,969
58
597 9,998
New York City
1957
July
4,150
138
49 15,241 16,788
4,115
4,082
143
143
16,003 17,392
15,338 16,896
378 1,424 1,709
294 1,349 1,583
3,931
4,142
4,117
4,270
138
151
137
146
15,652
16,387
16,558
15,416
16,971
17,717
18,052
16,828
4,212
4,100
3,947
4,087
4,063
155
149
137
136
142
44 15,059 16,693
9,237
837 2,391 39,828 41,194 3,775
993 2,283 18,669 1,05:
152 7,641
303
319
9,131
9,126
844 2,619 40,369 40,995 4,309 1,049 2,79: 20,733 1,651
850 2,716 40,291 41,371 3,927 1,050 2,60: 21,047 1,659
118 8,176
140 8,447
303
319
469
440
8,909
9,068
9,431
9,117
789
859
862
864
2,564 40,034 40,224
2,594 40,713 41,550
2,673 40,8
" 8 7 6 41,967
2,647 39,8
850 40,239
4,520 1,05'
980
4,297
4,165
179
4,256
979
2,081
1,617
3,113
4,359
120
120
118
120
8,276
8,346
8,245
7,837
296
298
318
297
477
479
463
458
81
104
106
5'
471 6,748
575 6,754
59: 6,757
428 6,779
9,106
9,022
9,423
9,137
8,944
813
854
847
854
880
2,918
2,672
2,723
2,608r
2,65
4,142
3,984
3,724
3,799
3,986
3,87 20,95:
2,889 20,990
2,477 21
",074
2,009 21 10:
1,761 21,117
144
140
140
140
140
8,629
8,762
8,671
8,103
8,076
300
295
320
330
348
454
45!
429
427
429
5:
100
78
28
51
403
487
455
496
323
71
259 2,918
1958
June
3,198
3,235
235
251
3,074 1,211
3,291 1,270
1,762
1,728
405 3,192
349 3,206
403
363
399
345
1,300 1,112 3,146
81" 3,239
1,132
1,902 1,944 3,189
1,363 2,965 3,219
200
233
238
269
3,091
3,007
3,166
3,033
1,148
1,244
1,241
1,214
1,787
1,753
1,755
1,752
490
529
321
279
3,190
3,191
3,193
3,192
284
293
330
325
236
1,325 2,498 3,216
1,123 1,75" 3,209
1,162 1,554 3,248
1,969 1,176 3,244
1,167
934 3,259
271
273
238
236
238
3,432
3,361
3,228
3,286
3,146
1,230
1,191
1,335
1,317
1,279
1,752
1,783
1,698
1,705
1,702
380
562
222
309
274
3,204
3,206
3,205
3,209
3,206
July
1958
June 4
11
18
25
July 2
9
16
23
30
50 15,019
15,316
54 15,621
54 15,675
16,566
16,951
17,159
17,110
Outside
New York City
1957
July
50:
408 6,351
1958
June
July
1958
June
4
11
18
25
July 2
9
16
23
30
39,501 40,483
39,825 40
",786
40,338 42,425
40,819 41 ,751
40,972 41 ,410
1,149
1,021
1,060
1,037
982
1 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
20,623 1,605
20,701 1,628
20,750
,669
20,857 1,700
1,685
1,670
1,644
1,647
1,650
516 6,759
433 6,773
6,772
6,784
6,754
6,760
6,792
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55.
952
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, ( —). In millions of dollars]
Manufacturing and mining
Period 2
Food, Textiles,
liquor, apparel,
and
and
tobacco leather
146
327
171
178
-461
469
589
704
384
27
134
106
143
370
1,257
3,050
1,078
53,206
-386
739
-322
98
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
-1
-8
-539
420
366
-108
513
183
-12
-49
-54
58
1,404
161
1,249
-296
238
-6
424
428
148
-159
935
-496
291
150
369
72
214
-161
146
9
136
-358
-140
-87
31
-85
157
24
57
-11
-165
-15
11
-14
-283
-41
-5
20
-853
-133
58
-115
-177
-119
73
-126
56
25
30
10
69
75
78
29
12
14
-2
8
1
11
9
31
20
-11
36
j
29
47
3
-33
-36
-144
-145
-64
-36
-168
-137
-110
52
542
-10
-119
106
574
-23
2
8
-12
26
-2
2
15
-4
-230
-158
-298
-98
5
-250
-186
-306
-118
1956—Jan.-June
July-Dec
-302
822
-456
331
-116
84
-17
6
-22
Week ending:
1958-May 7
14
21
28
-18
-5
-21
-38
-1
8
-16
-8
-7
44
-14
-15
-8
-57
-4
-18
10
3
3
9
14
-2
-17
-9
7
15
-26
-23
-47
-23
-35
-28
-13
-38
-19
-49
June 4
11
18
25
5
-19
20
-6
-9
6
6
3
-23
3
160
-3
2
-23
44
9
4
20
23
10
-9
8
19
-6
-15
-11
12
10
-15
-10
112
-29
-56
48
90
-10
July
-31
-23
-33
-29
4
3
-2
-16
-11
-130
-68
-23
-64
-73
-71
-2
2
-12
-1
9
-4
5
-10
-11
-6
-5
13
-10
-5
-10
6
1
-4
26
274
-147
-123
-79
-40
-29
-16
3
-78
-5
2
9
16..
23
30
...
Construction
153
63
220
71
-658
-81
Sales
finance
companies
313
208
-540
480
1958—Jan.-June
May
June
July .
Other
Commodity
dealers
177
224
1,362
-71
1955—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
Metals Petroleum,
and
coal,
metal
prod- chemical,
and
ucts 3
rubber
Comm'l
and
All
ind'l
Net
change—
other changes
all
types
classi- weekly
of
fied
reportbusiness
ing
banks4
Public
utilities
(incl.
transportation)
Trade
(wholesale
and
retail)
1 Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial
and industrial loans of all weekly reporting member banks and about
75 per cent of those of all commercial banks.
2 Figures for periods other than weekly are based on weekly changes.
-1,765 -1,945
-359
-405
474
538
-788
-855
3 Includes machinery and transportation equipment.
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year
or month
Total
Placed
through
dealers i
Placed
directly
(finance
paper) 2
Held by:
Accepting banks
Total
Total
Own Bills
bills bought
1952
1953
1954
1955
1956
1,745
1,966
1,924
2,020
2,166
552
564
733
510
506
1,193
1,402
1,191
1,510
1,660
492
574
873
642
967
183
172
289
175
227
126
117
203
126
155
57
55
86
49
72
1957_june
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
2,452
2,781
2,835
2,558
2,654
2,944
2,666
454
459
501
501
516
560
551
1,998
2,322
2,334
2,057
2,138
2,384
2,115
979
,000
,227
,197
,225
,224
,307
183
154
220
214
197
221
287
142
112
152
149
131
151
194
3,345
3,628
3,485
3,658
3,709
3,373
654
776
862
919
946
965
2,691
2,852
2,623
2,739
2,763
2,408
,422
,523
,529
1,479
1,441
1,352
416
497
422
459
474
396
307
372
318
350
372
292
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Based on:
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
from
exOthers into
ForUnited United change
eign
States States
United Foreign
corr.
States countries
F. R.
Banks
Own
acct.
28
69
20
24
19
33
50
289
378
565
405
621
232
274
285
252
261
125
154
182
210
329
39
29
17
17
2
64
75
300
63
227
32
43
89
100
148
41
42
68
65
66
70
94
23
19
27
16
16
20
66
62
70
68
66
69
67
76
711
757
913
901
942
916
878
220
231
243
234
248
268
278
502
507
524
483
465
459
456
21
35
66
75
94
64
46
58
59
212
225
226
222
296
178
169
182
181
192
211
232
109
125
104
109
102
104
41
43
39
37
42
45
127
139
132
131
119
113
838
843
936
852
806
798
273
261
263
278
296
282
461
447
432
416
396
375
65
110
139
131
130
121
386
480
471
416
371
325
237
224
224
239
247
248
2 As reported by finance companies that place their paper directly with
investors.
953
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
Prime
comPrime
bankcompany
ers'
mercial
paper
acceptpaper,
placed
ances,
4- to 6-1 direct90
months
ly,
days 1
3- to 6-1
months
U. S. Government
securities (taxable) 2
Size of loan (thous. of dol.)
3-month bills
Market
yield
9-to 12- 3- to 5month3 year 4
Rate issues
issues
on new
issues
1955 average...
1956 average...
>.18
J.31
L81
.97
$.06
$.55
1.71
1.64
$.45
1.73
2.62
3.23
1.753
2.658
3.267
: .89
..83
; .53
2.50
3.12
3.62
1957_j u ly
Aug
Sept
Oct
Nov
Dec
(.88
L98
i LOO
i L10
i L07
5.81
J.63
$.63
J.82
$.88
$.79
$.55
$.38
$.78
$.83
$.75
$.50
$.35
3.16
3.37
3.53
3.58
3.29
3.04
3.165
3.404
3.578
3.591
3.337
3.102
2 .71
] .93
L02
.94
.52
.09
3.89
3.91
3.93
3.99
3.63
3.04
1958—Jan
Feb
Mar
Apr
May
June....
July
$.49
1.63
1.33
1.90
1.71
L.54
1.50
$.23
2.18
1.86
1.59
1.38
1.38
1.31
$.06
2.30
1.80
1.52
1.30
1.13
L. 13
2.44
1.54
1.30
1.13
.91
.83
.91
2.598
1.562
1.354
1.126
1.046
.881
.962
-.56
: .93
1 .77
1 .35
1 .21
.98
i .34
2.77
2.67
2.50
2.33
2.25
2.25
2.54
1.50
1.50
1.38
1.38
1.38
1.30
L. 13
1.13
1.13
1.13
1.13
1.13
.79
.95
.94
. 88
.94
.768
.934
1.137
.988
.984
.13
.25
.44
.36
.49
2.45
2.51
2.57
2.50
2.65
Week ending:
July 5.
12.
19.
26.
Aug. 2 .
[L.50
:1.50
1.50
All
loans
Area and period
Annual averages,
19 large cities:
1955
1956
1957
Quarterly:i
19 large cities:
1957—Sept
Dec
1958—Mar
June
New York City:
1957—Sept
Dec
1958—Mar
June
7 Northern & Eastern
cities:
1957—Sept
Dec
1958—Mar
June
11 Southern & Western
cities:
1957—Sept
Dec.
1958—Mar
June
1
Average of daily prevailing rates. 2 Except for new bill issues, yields are
averages
computed from daily closing bid prices.
3
Consists of certificates of indebtedness and selected note and bond issues.
4
Consists of selected note and bond issues.
110
10100
100200
200
and
over
3.7
4.2
4.6
5.0
5.2
5.5
4.4
4.8
5.1
4.0
4.4
4.8
3.5
4.0
4.5
4.83
4.85
4.49
4.17
5.67
5.66
5.55
5.45
5.29
5.29
5.10
4.88
5.01
5.01
4.75
4.40
4.69
4.71
4.29
3.95
4.69
4.71
4.29
3.88
5.54
5.50
5.42
5.18
5.24
5.23
5.02
4.72
4.93
4.94
4.60
4.13
4.60
4.62
4.17
3.74
4.85
4.86
4.49
4.17
5.69
5.67
5.60
5.48
5.31
5.33
5.08
4.85
5.01
5.02
4.72
4.39
4.73
4.74
4.33
3.99
5.01
5.05
4.77
4.58
5.72
5.73
5.60
5.56
5.31
5.31
5.17
4.99
5.05
5.04
4.87
4.57
4.81
4.87
4.49
4.31
i Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-37.
March
1949,
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 3
Year, month, or week
State and local
govt. bonds 3
U.S.
Govt.
bonds
(longterm) 2
By selected
ratings
Dividends /
price ratio
By
groups
Earnings /
price ratio
Total 4
Total 4
Aaa
Number of issues
4-7
20
1955 average....
1956 average....
1957 average....
2.57
2.94
3.56
2.18
2.51
3.10
1957—July
Aug
Sept
Oct
Nov
Dec
2.84
3.08
3.47
3.60
3.63
3.66
3.73
3.57
3.30
3.65
3.84
3.89
3.74
3.67
3.33
1958—Jan
Feb
Mar
Apr
May
June
July
3.24
3.26
3.25
3.12
3.14
3.19
3.36
Week ending:
July 5. .
12..
19..
26. .
Aug. 2. .
3.26
3.31
3.39
3.38
3.44
Baa
5
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
120
30
30
40
40
40
3.17
3.37
3.43
3.31
3.24
2.92
3.14
3.50
4.20
4.29
4.43
4.49
4.38
4.35
4.00
3.25
3.57
4.21
4.26
4.37
4.44
4.46
4.49
4.31
3.06
3.36
3.89
3.99
4.10
4.12
4.10
4.08
3.81
3.53
3.88
4.71
4.73
4.82
4.93
4.99
5.09
5.03
3.19
3.50
4.12
4.19
4.29
4.31
4.32
4.34
4.11
3.34
3.65
4.32
4.39
4.49
4.56
4.57
4.65
4.53
3.22
3.54
4.18
4.19
4.33
4.45
4.48
4.49
4.29
14
4.01
4.25
4.63
4.75
4.83
4.79
4.80
4.78
4.49
500
4.08
4.09
4.35
3.95
4.17
4.31
4.54
4.67
4.64
3.17
3.15
3.23
3.16
3.12
3.15
3.25
2.75
2.72
2.79
2.70
2.69
2.74
2.79
3.81
3.79
3.88
3.78
3.71
3.78
3.83
4.06
4.01
4.04
4.02
4.00
3.98
4.02
3.60
3.59
3.63
3.60
3.57
3.57
3.67
4.83
4.66
4.68
4.67
4.62
4.55
4.53
3.91
3.86
3.86
3.83
3.80
3.77
3.81
4.30
4.29
4.30
4.32
4.30
4.28
4.30
3.99
3.87
3.95
3.90
3.89
3.88
3.94
4.36
4.38
4.42
4.37
4.31
4.28
4.36
4.48
4.47
4.37
4.33
4.19
4.08
3.98
3.22
3.22
3.22
3.22
3.25
2.78
2.78
2.78
2.78
2.84
3.84
3.85
3.83
3.82
3.83
3.99
3.98
4.01
4.04
4.06
3.62
3.63
3.67
3.70
3.71
4.53
4.51
4.52
4.55
4.56
3.79
3.79
3.80
3.83
3.84
4.29
4.27
4.30
4.33
4.34
3.89
3.90
3.93
3.97
4.01
4.29
4.34
4.36
4.40
4.42
4.03
4.03
4.03
3.93
3.87
1
Monthly and weekly yields are averages of daily figures for U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; and of preferred stocks, on Wednesday
figures. Figures for common stocks are as of the end of the period,
except
for annual averages.
2
Series is based on bonds maturing or callable in 10 years or more.
3 Moody's Investors Service. State and local govt. bonds include general4 obligations only.
Includes bonds rated Aa and A, data for which are not shown sepa-
Stocks 5
Common
500
7.78
7.17
8.21
7.91
8.21
7.34
rately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
5 Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the dividend /price and the earnings/
price ratios are now computed for the 500 stocks in the price index, but
figures prior to mid-1957 are based on the 90 stocks formerly included in
the daily price index.
954
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock prices
Standard and Poor's series
(index, 1941^3= 10)
Year, month,
or week
CorU.S.
MupoGovt. nicipal rate
(long- (high- (highterm) 2 grade) 3 grade)3
Total
Number of issues.
15
500
Industrial
Railroad
425
25
Volume
of
trad-
Securities and Exchangi Commission series
(index, 193 •= 100)
Manufacturing
Public
utility
Total
50
Total
Durable
Trade!
thoufinance, Min- sands
of
and
ing shares)
service
Trans- Public
Non- portautiltion
duity
rable
265
170
98
72
21
29
31
14
102.40
98.91
93.24
123.1
116.3
105.8
114.4
109.1
101.3
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
305
345
331
374
439
422
352
410
391
394
465
451
320
327
275
153
156
156
297
306
277
313
358
342
2,578
2,216
2,222
1957_ July.
Aug..
Sept..
Oct..
Nov..
Dec.
91.50
91.10
90.70
89.77
91.90
95.63
103.5
101.2
101.3
102.9
103.4
107.5
100.0
98.3
98.1
98.2
98.3
102.7
48.51
45.84
43.98
41.24
40.35
40.33
52.54
49.51
47.52
44.43
43.41
43.29
31.20
29.52
27.17
24.78
22.63
21.39
32.93
31.89
31.09
30.39
30.68
31.79
362
343
328
306
302
298
468
441
419
388
382
376
434
408
386
357
350
336
500
472
450
417
411
413
302
286
263
241
228
215
158
155
153
149
149
152
291
282
277
266
262
258
382
354
334
297
284
274
2,194
1,882
1,844
2,782
2,538
2,594
1958_Jan...
Feb..,
Mar..
Apr..
May.
June.
July.,
96.48
96.20
96.34
98.23
97.94
97.17
94.78
110.0
109.2
107.9
110.0
111.1
110.8
108.0
105.9
105.7
105.1
105.3
105.6
105.5
104.2
41.12
41.26
42.11
42.34
43.70
44.75
45.98
43.98
44.01
44.97
45.09
46.51
47.62
48.96
22.69
23.00
22.60
23.20
24.74
25.54
26.86
33.30
34.12
34.57
35.54
36.57
37.31
37.82
305
304
311
312
323
331
339
382
378
388
387
401
412
424
347
346
352
340
353
362
376
414
408
422
426
438
450
459
230
231
231
233
249
259
269
158
160
162
166
169
171
173
270
278
283
286
301
305
312
272
267
283
287
300
319
331
2,267
2,010
2,223
2,395
2,580
2,696
3,159
96.24
95.46
94.37
94.57
93.71
109.1
108.2
107.9
107.7
106.9
105.1
104.9
103.9
103.6
103.6
45.33
45.48
45.36
46.55
47.18
48.26
48.39
48.22
49.62
50.35
25.82
25.99
26.63
27.67
28.04
37.60
37.93
37.94
37.76
37.76
335
337
338
347
350
418
420
421
435
440
367
370
378
391
399
457
458
452
468
469
262
264
270
279
282
173
174
173
174
175
312
312
311
313
317
326
323
337
338
340
2,607
2,502
3,083
3,716
3,752
1955 average.
1956 average.
1957 average.
Week ending:
July 5.
12.
19.
26.
Aug. 2.
17
1
Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.
2 Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
3 Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
4 Average daily volume of trading in stocks on the New York Stock
Exchange for a 5V£-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
(col.3+
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for pur- 2
chasing and carrying securities
firms i
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer
net
free
credit
balances
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.,
2,445
3,436
4,030
3,984
31
41
34
33
1,665
2,388
2.791
2,823
88
65
32
41
780
,048
,239
,161
51
46
1,074
1,529
2,246
2,132
713
1,019
894
880
1957—June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
4,031
4,004
3,929
3,882
3,643
3,577
3,576
31
32
30
35
39
42
68
2,887
2,885
2,833
2,789
2,568
2,517
2,482
25
23
24
21
31
33
60
,144
,119
,096
,093
,075
,060
,094
52
59
58
63
72
56
125
2,104
2,079
2,035
2,046
,708
,641
,706
820
829
816
838
879
876
896
1958—Jan..
Feb.,
Mar.
Apr.
May
June,
3,554
3,679
3,863
3,980
4,069
4,226
126
102
111
134
141
240
2,487
2,580
2,665
2,735
2,856
2,929
58
79
86
70
75
84
,067
,099
,198
,245
,213
,297
188
199
206
230
244
466
,552
,647
,784
,822
1,808
1,932
937
939
954
985
979
1,047
i Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
2 Figures are for last Wednesday of month for weekly reporting member
banks, which account for about 70 per cent of all loans for this purpose.
Column 5 includes some loans for purchasing or carrying U. S. Govt.
securities (such loans are reported separately only by New York and
Chicago banks). On June 30, 1956, reporting banks outside New York
and Chicago held $51 million of such loans. On the same date insured
commercial banks not reporting weekly held loans of $28 million for
purchasing and carrying U. S. Govt. securities and of $384 million for
other securities. Noninsured banks had $33 million of such loans,
probably mostly for purchasing or carrying other securities.
955
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Business securities
Government securities
Date
Total
assets
Total
and
United State
local Foreign 2 Total
States (U.S.)
32,731
44,797
9,478
22,545
6,796
20,583
64,020
68,278
73,375
78,533
84,486
90,432
96,011
16,118
13,760
12,905
12,537
12,262
11,829
11,067
Ead of month:*
1953—Dec
1954 Dec
1955—Dec
1956—Dec
78,201
84,068
90,267
95,844
1957 May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
End of year:3
1941
1945
1950
1951
1952
1953
1954
1955
1956
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
13,459
11,009
10,252
9,829
9,070
8,576
7,555
1,995
722
1,152
1,170
1,153
1,298
1,846
2,038
2,273
1.507
1,581
1,500
1,410
1,346
1,215
1,239
25,351
28,111
31,515
34,438
37,300
39,545
41,543
23,248
25,890
29,069
31,865
34,032
35,912
38,040
2,103
2,221
2,446
2,573
3,268
3,633
3,503
16,102
19,314
21,251
23,322
25,976
29,445
32,989
1,445
1,631
1,903
2,020
2,298
2,581
2,817
2,413
2,590
2J13
2,914
3,127
3,290
3,519
2,591
2,872
3,088
3,302
3,523
3,743
4,076
12,452
12,199
11,757
10,989
9,767
9,021
8,545
7,519
1,278
1,833
1,998
2,234
1,407
1,345
1,214
1,236
34,265
36,695
38,851
40,976
31,926
33,985
35,930
38,067
2,339
2,710
2,921
2,909
23,275
25,928
29,425
32,994
1,994
2,275
2,557
2,829
2,894
3,087
3,294
3,505
3,321
3,884
4,383
4,551
97,868
98,239
99,005
99,374
99,812
100,224
100,597
101,043
10,895
10,824
10,906
10,880
10,833
10,856
10,782
10,600
7,340
7,270
7,306
7,268
7,224
7,233
7,135
6,950
2,290
2,290
2,323
2,333
2,340
2,352
2,362
2,375
1,265
1,264
1,277
1,279
1,269
1,271
1,285
1,275
41,962
42,146
42,567
42,742
42,932
43,170
43,368
43,644
39,004
39,190
39,574
39,724
39,922
40,149
40,340
40,637
2,958
2,956
2,993
3,018
3,010
3,021
3,028
3,007
34,022
34,159
34,356
34,547
34,697
34,859
34,986
35,230
2,948
2,983
3,004
3,032
3,059
3,085
3,113
3,134
3,633
3,657
3,703
3J31
3,764
3,802
3,833
3,863
4,408
4,470
4,469
4,442
4,527
4,452
4,515
4,572
101,672
102,000
102,385
102,717
103,150
10,819
10,852
10,754
10,792
10,766
7,113
7,124
7,002
7,009
6,936
2,418
2,426
2,448
2,460
2,487
1,288
1,302
1.304
i;323
1,343
43,859
43,961
44,256
44,467
44,633
40,862
40,957
41,179
41,383
41,538
2,997
3,004
3,077
3,084
3,095
35,410
35,529
35,663
35,773
35,884
3,156
3,187
3,214
3,244
3,265
3,896
3,927
3,962
3,996
4,022
4,532
4,544
4,536
4,445
4,580
* Figures are for all life insurance companies in the United States.
2
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3 These represent annual statement asset values, with bonds carried on
an4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
Liabilities
Assets
End of year or month
TotaP
Mortgages 3
U.S.
Govt.
obligations
Borrowings
Cash
Other*
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
1941
1945
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
1950
1951
1952
1953
1954
1955
1956
1957
16,893
19,222
22,660
26,733
31,736
37,719
42,875
48,275
13,657
15,564
18,396
21,962
26,194
31,461
35,729
40,119
1,487
1,603
1,787
1,920
2,021
2,342
2,782
3,169
924
1,066
1,289
1,479
1,980
2,067
2,119
2,144
733
899
1,108
1,297
1,471
1,791
2,199
2,809
13,992
16,107
19,195
22,846
27,334
32,192
37,148
42,038
810
801
860
947
864
,412
,225
,263
90
93
84
80
96
146
122
118
1,280
1,453
1,658
1,901
2,191
2,557
2,950
3,377
1957—May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..
45,085
45,736
45,750
46,188
46,639
47,127
47,600
48,275
37,421
37,886
38,280
38,743
39,106
39,532
39,835
40,119
3,180
3,139
3,180
3,203
3,229
3,219
3,238
3,169
1,874
2,061
1,741
1,635
1,643
1,622
1,705
2,144
2,569
2,610
2,510
2,569
2,624
2,718
2,787
2,809
38,939
39,798
39,730
39,982
40,306
40,673
41,072
42,038
990
,077
,037
,070
,117
,129
,141
,263
84
103
109
115
115
121
117
118
1958—Jan..
Feb..
Mar.
48,423
48,845
49,406
50,068
50,762
340,369
40,623
40,967
41,367
41,908
3,215
3,195
3,192
3,229
3,244
2,023
2,198
2,407
2,524
2,562
2,816
2,829
2,840
2,948
3,048
42,491
42,875
43,366
43,729
44,250
904
788
694
813
801
100
89
94
87
67
May!
1 Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
2 Includes gross mortgages with no deduction for mortgage pledged
shares.
3,136
3,377
3 Beginning January 1958, no deduction is made for mortgage pledged
shares. These have declined consistently in recent years and amounted
to $34 million at the end of 1957.
* Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
NOTE.—Data for 1957 and 1958 are preliminary.
956
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of year
End of quarter
Asset or liability, and activity1
1958
1957
19512
19522
19532
1954
1955
1956
2*
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit b a n k s . . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
377
590
648
2,096
3,076
23
6,929
367
638
701
2,226
2,981
18
6,715
375
689
681
2,348
2,621
1
6,752
457
734
724
2,488
2,349
(4)
7,261
423
3845
823
2,544
2,626
(4)
6,827 6,466 6,681
384
430
454
997
997
935
866
880
832
2,586 2,634 2,688
1,994 1,525 1,778
(4)
7,605
428
1,040
906
2,732
2,499
(4)
2,142
1,850
> 292
2,603
2,242
362
2,930
2,462
300
k 168
2,907
2,461
383
63
3,205
2,641
480
84
3,680
3,072
464
145
4,076
3,433
488
155
4,381
3,629
521
123
4,680
3,807
4,769
1
4,917
4,096
820
1
To industry, total
Treasury Department...
Commerce Department.
Other agencies
589
598
589
598
588
174
\ 413
431
678
306
353
/ 261
79 \ 112
619
209
219
191
629
209
228
192
640
211
219
210
652
254
216
182
674
251
217
206
645
224
203
219
To financing institutions
814
864
952
870
1,419
1,233
966
1,084
1,124
1,270
701
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
744
589
155
1,020
894
126
645
500
145
272
112
160
245
90
155
246
106
140
272
120
153
243
94
149
276
186
90
264
105
159
275
107
167
6,110
2,296
3,750
7,736
2,496
3,667
61,515
58
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
1
7,988 8,223
2,702 2,701
3,519 3,470
1,767 1,995
57
8,237
2,678
3,470
2,035
54
8,300
2,667
3,470
2,084
52
8,316
2,656
3,470
2,139
51
8,754
3,040
3,470
2,195
49
8,965
3,111
3,470
2,338
46
119
29
90
166
127
39
213
156
57
240
184
56
338
275
60
306
246
60
344
283
62
393
331
62
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
Foreign, total
Export-Import Bank
Treasury Department 5
International Cooperation Administration.
Other agencies
All other purposes, total.
Housing and Home Finance Agency.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international
institutions
Other securities7
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
75
5
69
256
209
47
3,998
770
-354
-173
-695
-140
-228
-309
-501
-367
-203
-268
-327
14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 23,147
4,523
1,456
283
533
2,013
238
3,385
368
2,226
249
200
285
1,353
140
3,385
257
2,421
311
208
316
1,437
148
3,385
223
2,602
387
217
319
1,526
152
3,385
219
2,967
641
228
327
1,624
147
3,385
197
3,236
745
241
381
1,720
149
3,385
179
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
288
303
428
550
4,356 21,375 21,303 21,450 21,514 21,628 21,206
3,747 3,651 3,362 3,153 3,090 3,025 2,636
11,004 11,094 11,105 11,157 11,136 10,866
6,517 6,654 7,022 7,092 7,282 7,528
609
175
175
193
185
201
171
3,358
3,213
298
1,048
1,284
415
1,251
1,202
8,062
4,834
363
1,475
8,046
4,798
421
1,739
728
\
7,822
4,822
421
1,829
450
3,739
1,018
256
458
1,825
181
3,385
284
728
345
350
360
300
9,985
4,502
398
1,762
236
276
311
1,298
590
613
Bonds, notes, & debentures payable (not guar.), total... 1,369
Banks for cooperatives
170
Federal intermediate credit banks
674
Federal home loan banks
525
Federal National Mortgage Association
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
2,379
185
665
958
570
2,711
257
721
963
770
NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury
Bulletin. The revised statement includes a larger number of agencies, and
their activities are classified according to the type of fund they represent.
Funds are combined in the table above, but are shown separately in the
table on the following page. Classifications by supervisory authorities
are those in existence currently. Where current Treasury compilations
do not provide a detailed breakdown of loans, these items have been
classified by Federal Reserve on basis of information about the type of
lending activity involved.
*1 Totals reflect exclusion of agencies reporting other than quarterly.
Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
2 Coverage changed from preceding period (see also NOTE).
691
182
1,040
3,923
1,095
265
479
1,898
186
3,385
344
3,881
1,017
274
482
1,914
194
3,385
340
3,762
881
264
504
1,917
195
3,385
340
3,804
896
274
All
1,937
226
3,385
333
9,875
4,470
396
1,751
144
277
317
1,226
590
704
9,979
4,506
401
1,803
114
281
327
1,332
599
616
9,974
4,520
599
1,791
106
281
328
1,341
599
408
9,962 10,020
4,535 4,568
396
398
1,789
1,801
77
88
274
283
345
342
1,308 1,327
599
599
644
608
2,975
231
803
720
1,220
3,497
190
953
733
1,620
3,647
237
959
765
1,687
4,662
247
902
825
2,688
4,749
224
992
468
3,065
3
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
45 Less than $500,000.
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
6
Figure derived by Federal Reserve.
7 Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this8 item as an interagency asset.
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $1,966 million.
957
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items 1
Assets, other than interagency items 1
Date, and fund or activity
Loans
Total
Cash
ceivable
Investments
Bonds, notes,
and debentures payable
Land,
struc-
Invenand Other Guartories Public Other equipdebt secu- ment
anteed Other
secu- rities
by
rities
U.S.
PriU . S . vately
Govt. owned
Other inter- interliabilest
ities
All activities
1954—Dec 31
1955—Dec. 31
1956—Dec. 31*
41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387
45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900
69,653 4,996 20,657 21,375 3,739 3,669 9,985 5 232
33 1,068 4,183 35,610
44 2,379 2,703 39,583
67 2 711 3 659 62 516
1957—Mar. 31
June 30*
Sept. 30
Dec. 31
1958—Mar 31
69,895
69,059
70,175
71,139
72.242
68
57
60
49
49
4 441 21,353 21,303
3,981 20,980 21,450
4,692 21,320 21,514
4,291 22,395 21,628
4,158 23,147 21,206
3 923
3,881
3,762
3,804
4,523
20,228 1,119 9,634 3,756
861
3,729
3,725
3,725
3,718
3,753
9,875
9,979
9,974
9,962
10,020
5 272
5,063
5,186
5,340
5,436
2 975
3,497
3,647
4 662
4,749
3 713 62 364
3,325 61,144
2,634 62,778
2 916 62 391
3,472 62,789
508
596
699
775
1,037
1,056
1 121
1,183
Classification by type of fund
and activity, March 31, 1958
Public Enterprise Funds—Total .
...
Farm Credit Administration:
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund
Agriculture Department:
Commodity Credit Corporation
Disaster loans, etc., revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
8
186
5,618
126
54
187
855
2 395
826
296
Federal Savings and Loan Insurance Corporation...
Small Business Administration
325
3 139
Export-Import Bank
Tennessee Valley Authority
2,070
Panama Canal Company
464
Veterans Administration
. . .
General Services Administration
1 ?93
Treasury Department
226
873
Post Office Department—postal fund
263
All other
18">
Intragovernmental Funds—Total.
Defense Department:
Army
Air Force
All other
Certain Other Activities—Total
General Services Administration
Agriculture Department:
Farmers Home Administration
Rural Electrification Administration . .
Interior Department
International Cooperation Administration
Treasury Department
Commerce Department—maritime activities
National Advisory Committee for Aeronautics
All other
Certain Deposit Funds—Total
Federal Deposit Insurance Corporation
Federal home loan banks
Certain Trust Revolving Funds—Total
Federal National Mortgage Association
Federal intermediate credit banks . .
....
Office of Alien Property
All other
1
44
8^8
337
8
186
142
18 2,403 2,636
85
16
106
59
21
2 i'377
141
1
112
155
64
6
233
533
(4)
16
1
(4)
406
(4)
(4)
f4)
46
8
4
678
(4)
1 036
45
(4)
6
6
10,994
(4)
7 343
2 918
65
5
27
(4)
219 2,708
55 1,641
10 1,040
149 (4)
5
48
IP
222
144
105
58
38
44
128
62 1,122
15
425
3 (4)
44
696
48
1 600
4
125
50
36
138
51
151
669
744
5
26
127
605
87
(4)
12
6
145
25
2
599
138
13
11
21
419
^09
6
300
15
1,789
396
2
214
978
876 4 742
406
4
1
220
283
207
1 3 111
91
35
112
..<?..
31,006 1,066 9,683 6,455
81 6,442
8,317
418
669 (4)
812
119
2.908
49 2,724
7
445
2.395
39 2,338
10,174
3,479
249
3
5.114
245
'452
88
2
144 (4)
389
65
4,781
493
2.036
2 252
3,174
1.706
1,168
214
86
49 1,600 1,516 17,064
8
37
37
60
43
13,053 1,693
8 483
3 375
143 3,284 1,432
117
4
7 3,563 6,514 3,719
1,189
187
2
23
135
366
31
18
3,563
83,131
4,568
48
(4)
274
87
6
115
58
3,512
43
2,013
1 456
144
100
44
47
47
(4)
39
10
19
9
103
10
18
65
10
(4)
213
(4)
820
16
281
2
323
53 3 086
35 2,036
18
447
12
830
24 1 268
14
18
226
660
249
163
512 12,542
135 8 348
230 3 145
764
94
52
285
220 30,785
16 8,301
795
17
2 2,907
6
439
2,395
10,174
142 4,971
442
11
362
27
692 1,148 2,103
3
223
224
156 1,880
468
988
76
296
2,457
46
156
1,466
992
19
140
1
10
Latest data for agencies not reporting quarterly
Atomic Energy Commission (June 30, 1957)
8,622 1,324
Veterans Administration (June 30, 1957).
355
1,902
Agriculture—other activity (June 30, 1957). .
1,418
448
Health Education & Welfare Dept. (June 30, 1957) . 1 055
790
Interior Department (June 30 1957)
287
3,752
Treasury Department (June 30, 1957).
3,197
278
All other (June 30, 1957)
1,684
428
9
Figure represents total trust interest.
107
4
1,749
2
6
2
206
5,130
419
1,340
98
879
86
1
260
3
2,891
562
765 2,110
(4)
549
416
85
For other notes, see opposite page.
206
137
21
157
376
774
21
8,417
1,765
1,397
898
3,375
2,423
1,663
838
42
796
9345
938
917
9213
977
958
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Plus:
Net
Trust
Budget
fund
receipts receipts
Less:
IntraGovt.1
trans.
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
Infrom,
Less:
Equals:
crease,
or
Equals: payts.
Net
or
deTotal to ( - ) , crease
cash
Net
Other borrowpayts.
(
)
,
in
inv.
by
the
nonto the
ing or
Govt.
public
debt
cash
public
repayt.
(direct agen. & debt*
(-)
& agen.) tr. funds
Payments to the public,
other than debt
Equals:
Total
Budget
rects.
exfrom
pendithe
tures
public 2
Plus:
Trust
fund
expenditures
Less:
Adjust-3
ments
3,493
-3,560
467
2,476
2,481
1,573
566
-136
64
70,538
72,617
80,008
83,321
-2,702
3,986
4,471
-578
2,099 -1,053
— 1,473| 6,226
1,533
3,166
2,339
657
644
1,809
623 ! -4,366
-292
-3,100
-200
5,769
2,262
485
1,901
1,254
3,400
36,191
38,618
41,390
41,938
41,383
11,499
-5,974
8,073
-6.882
5,409
-7,596
4,036
-5,089
5,556
670
1,835
646
1,693
-120
777
254
-390
98
-34
-166
-9,689
3,779
-6,879
5,711
58
1,275
1,220
1,075
1,086
1,387
964
1,402
122
408
-180
-2
386
550
92
7,431
7,160
7,185
6,754
7,501
6,219
7,119
4,891
-3,359
-399
1,311
-3,605
-144
-686
-4,496
1,992
1,462
634
476
655
337
728
-382
646
-310
9
4
-87
-123
40
-69
-32
-13
40
-5,100
2,373
776
1,014
500
665
383
1,651
1,317
1,564
1,479
1,363
1,574
1,286
105
803
786
187
233
6,377
6,740
6,509
6,814
7,021
7,922
-1,003
1,020
3,976
-2,188
-114
3,717
-137
145
-2,168
2,380
591
-140
-119
305
14
-181
618
141
18
-52
-67
-125
68
-6
-36
-107
-2,114
2,686
-96
-275
Cal. year—1955
1956
1957
63,358
70,994
72,284
10,625
12,398
15,368
2,511
3,023
3,079
71,448
80,334
84,521
66,129
67,216
71,692
9,334
10,339
14,794
3,272
2,747
3,155
72,188
74,809
83,328
Fiscal year—1955. . .
1956...
1957...
1958?..
60,390
68,165
71,029
69,083
9,536
11,685
14,369
16,326
2,061
2,739
3,242
3,502
67,836
77,088
82,107
81,848
64,570
66,540
69,433
71,897
8,546
9,436
12,961
16,081
2,578
3,358
2,386
4,654
Semiannually:
1956—Jan.-June..
July-Dec...
1957—Jan.-June..
July-Dec...
1958—Jan.-June*>.
c
28,069
c
42,960
C
42,925
29,325
39,759
6,229
6,169
8,200
7,168
9,158
1,450
1,573
1,669
1,410
2,092
47,691
32,643
49,464
35,057
46,791
33,415
33,801
35,632
36,060
35,837
5,038
5,301
7,660
7,134
8,947
Monthly:
1957_June
July
Aug
Sept
Oct
Nov
Dec
11,688
3,057
5,128
7,225
3.131
4,827
5,956
1,820
858
1,778
972
938
1,438
1,184
1,182
113
115
126
167
186
703
12,322
3,801
6,786
8,066
3,896
6,075
6,433
6,279
6,347
5,930
5,667
6,501
5,806
5,809
1958—Jan
Feb
Mar
Apr
May
4,786
6,299
9,501
3,496
4,925
10,751
820
1,684
1,127
1,331
2,131
2,066
227
217
135
194
144
1,175
5,374
7,759
10,485
4,626
6,908
11,639
6,011
5,528
5,749
6,122
5,846
6,581
JP
-739
5,525
1,191
458
-5,910
-1,168
Effects of operations on Treasurer's account
Operating transactions
Period
Net
Budget
surplus,
or
deficit
Trust
fund
Reconaccumu- ciliation
lation, to Treas.
or
cash
deficit
Financing transactions
Net
market
issuance
(+)of
Govt.
agency
obligations s
Net
inv.(-)
in Fed.
sec. by
Govt.
agency
& trust
funds'
Cash balances:
inc., or dec. (—)
Account of Treasurer of United
States (end of period)
Deposits in—
Increase,
or
decrease
Held
(-).in
outside
gross
Treasury
direct
public
debt
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
Fiscal year—1955...
1956. . .
1957...
1958P..
-4,180
1,626
1,596
-2,813
991
2,250
1,409
246
-29
309
-518
728
602
173
1,085
577
-1,362
-2,617
-2,300
-197
3,115
-1,623
-2,224
5,816
-312
-213
5
197
-551
331
-956
4,159
6,216
6,546
5,590
9,749
380
522
498
410
4,365
4,633
4,082
8,218
,471
,391
,010
,121
Semiannually:
1956—Jan.-June.
July-Dec..
1957—Jan.-June.
July-Dec..
1958—Jan.-JuneP,
9,510
-5,732
7,328
-6,735
3,922
1,191
866
543
33
213
217
-482
-36
159
569
313
-7
,092
,008
-431
-1,400
-698
-1,602
20
-217
-8,017
3,877
-6,101
4,370
1,446
-189
-55
60
-160
357
2,002
-2,119
1,163
-984
5,143
6,546
4,427
5,590
4,606
9,749
522
441
498
481
410
4,633
2,924
4,082
3,084
8,218
,391
,062
,010
,041
,121
Monthly:
1957_jUne.,
July..
Aug..
Sept..
Oct..
Nov..
Dec..
5,409
-3,290
-802
1,559
-3,370
-979
147
547
-362
703
-115
-449
474
-218
-894
384
-288
43
282
382
-644
147
19
87
-6
745
-23
186
-708
324
-694
282
36
-4,707
1,942
1,376
567
-345
679
151
44
131
-40
-106
-72
-33
-40
-250
1,115
423
2,436
3,028
558
-259
5,590
4,475
4,898
7,335
4,307
4,865
4,606
498
504
477
429
552
243
481
4,082
2,833
3,331
5,818
2,572
3,583
3,084
,010
,138
,090
,088
,183
,039
,041
-1,225
771
3,753
-2,626
-920
4,170
-831
367
-437
-148
768
493
600
-314
444
711
-17
-856
225
142
101
-144
-34
-719
541
-171
64
278
-597
-333
-343
124
-2,055
2,433
595
691
68
30
187
94
152
-174
-1,101
888
1,682
412
-357
3,619
3,505
4,394
6,076
6,487
6,130
9,749
469
516
474
594
395
410
1,767
2,837
4,596
4,558
4,730
8,218
1,269
1,041
1,006
1,335
1,005
1,121
1958—Jan.. .
Feb..
Mar..
Apr..
May.
Junep
c
1
Corrected.
» Preliminary.
Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
3 Consists primarily of (1) intra-Goveramental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6) net operating transactions of Govt. sponsored enterprises.
* Primarily adjustments 2, 3, and 4, described in note 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
959
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to—
Oldage
trust
fundi
High- R.re-R.
way tiretrust ment
fund acct.
Refunds
of
receipts
Income and
profits taxes
Total
Budget
receipts
Individual
Withheld
Other
10,396
11,322
12,302
11,527
Fiscal year—1955...
1956...
1957...
1958*..
60,390
68,165
71,029
69,083
5,040
6,337
6,634 1,479
7,733 2,116
599
634
616
575
3,426
3,684
3.917
4,523
69,454
78,820
83,675
84,030
21,254
24,012
26.728
27,041
Scmiannually:
1956—Jan.-June..
July-Dec...
1957—Jan.-June..
July-Dec...
1958—Jan.-June*>.
42,925
28,069
42,960
29,325
39,758
3,410
2,559
643
4,075
836
3,135 1,151
965
4,598
316
312
304
305
270
3,188
463
3.454
655
3,868
49,839
32,045
51,630
34,571
49,459
12,700
13,020
13,708
13,760
13,281
Monthly:
1957_june
July
Aug
Sept
Oct
Nov
Dec
11,688
3,057
5,128
7,225
3,131
4,827
5,956
536
346
919
486
332
671
382
137
174
219
207
183
203
165
52
19
84
54
30
69
49
406 12,819
138 3,734
124 6,475
137 8,109
120 3,796
76 5,845
59 6,611
2,252
1,047
3,678
2,163
1,333
3,415
2,125
1958—Jan
Feb
Mar
Apr
May
June
4,786
6,299
9,501
3,496
4,925
10,751
313
955
632
703
1,221
774
151
190
150
145
168
161
19
78
43
17
70
43
- 2 5 5,243
235 7,756
855 11,182
1,678 6,039
950 7,334
176 11,905
981
3,953
2,000
792
3,614
1,941
Excise
Corpo- taxes
ration
Employment
taxes 2
Other
receipts
Liquor
Mfrs.*
Torebacco and
tailers*
18,265 9,211
21,299 10,004
21,531 10,638
20,533 10,814
6,220
7,296
7,581
8,644
4,108
4,887
4,895
5,471
2,743
2,921
2,973
n.a.
1,571
1,613
1,674
n.a.
3,177
3,778
4,098
n.a.
1,888
1,876
2,222
2,226
n.a.
8,623 17,190
3,004 5,553
9,298 15,978
2,874 6,273
8,653 14,260
4,952
5,325
5,313
5,595
5,219
4,013
2,876
4,705
3,445
5,199
2,361
2,267
2,628
2,625
2,846
1,397
1,648
1,325
1,574
n.a.
821
817
857
848
n.a.
1,818
269
128
1,823
204
97
352
6,722
541
355
2,304
429
367
2,277
875
955
965
922
1,088
840
824
589
366
1,003
540
363
740
432
563
556
346
357
379
386
601
257
244
241
260
323
285
221
142
146
157
146
159
133
106
2,053
788
658
2,792
640
1,723
486
406
6,538
476
449
5,906
892
864
860
785
922
894
385
1,302
680
722
1,293
818
446
443
446
472
416
623
197
201
225
218
256
n.a.
154
130
137
147
157
n.a.
,124
1,102
1,129
Budget expenditures3
Major national security
Period
Total
Total*
00
Fiscal year:
1953
1954
1955
1956
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military program energy
5
(5)
()
AgriVetculture
erans' Labor
Genand
NatComInterserveral
agriural
merce
and
est ices and welfare
governculreand
benetural sources housing ment
fits
resources
74,274
67,772
64,570
66,540
69,433
51,830
47,872
42,089
41,825
44,414
43,611
40,335
35,533
35,791
38,440
5,421
4,596
3,755
3,795
3,495
1,791
1,895
1,857
1,651
1,990
749
765
719
662
832
6,583
6,470
6,438
6,846
7,308
4,298
4,256
4,457
4,756
4,793
2,426
2,485
2,552
2,776
2,966
2,936
2,557
4,411
4,913
4,582
1,476
1,315
1,202
1,104
1,296
2,502
814
1,502
2,028
1,453
1,474
1,239
1,201
1,629
1,789
Semiannually:
1956—Jan.-June 6
July-Dec
1957—Jan.-June 6
July-Dec
33,415
33,801
35,632
36,060
21,190
21,145
23,269
22,164
17,873
18,547
19,893
19,370
2,197
1,464
2,031
1,471
854
930
1,060
1,080
664
382
450
776
3,497
3,587
3,721
3,912
2,426
2,291
2,502
2,400
1,428
1,421
1,545
1,636
2,138
2,183
2,399
2,651
490
736
560
850
891
879
574
1,003
689
1,181
608
661
Monthly:
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
5,944
6,279
6,347
c
5,930
C
5,667
6,501
5,806
5,809
3,869
4,114
3,628
3,989
3,589
3,700
3,506
3,752
3,279
3,266
3,108
3,545
3,148
3,222
3,035
3,312
377
569
311
215
226
240
254
225
184
192
170
190
169
190
183
178
57
212
77
96
53
360
104
86
610
647
665
635
638
647
646
681
408
377
382
362
421
432
426
208
277
317
272
239
358
226
224
308
376
664
215
386
529
404
453
106
106
129
161
138
158
147
117
139
107
241
108
269
222
196
-33
124
104
120
100
104
115
119
103
1958_Jan
Feb
Mar
Apr
May
6,011
5,528
5,749
6,122
5,846
3,765
3,590
3,672
3,730
3,712
3,146
3,183
3,061
3,216
3,195
298
163
342
272
271
211
173
195
200
201
91
98
96
16
68
697
612
624
619
603
433
429
432
465
436
360
222
235
317
291
223
249
347
427
235
112
100
90
108
121
229
133
149
298
252
100
99
102
135
132
1957
c
1
Corrected.
n.a. Not available.
Beginning February 1957, includes transfers to Federal disability
insurance
trust fund.
2
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 For more details, see the 1959 Budget document, pp. 890-96 and
pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts
and expenditures.
4
Includes stockpiling and defense oroduction expansion not shown
separately.
5
Periodic revisions of Treasury statement data for fiscal years given
without corresponding monthly revisions; consequently monthly and
semiannual
data may not add to totals.
6
Derived by subtracting totals for July-December from totals for fiscal
year.
960
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.
In billions of dollars]
Public issues3
Total
gross
debt*
End of
month
Total
gross
direct
debt 2
Marketable
Total
Total
Bills
Nonmarketable
Bonds
Certificates of
indebtedness
Notes
Bank
eligible *
Bank
restricted
52.2
49.6
36.0
21.0
13.4
5.7
1941—Dec
1945—Dec
1947 Dec
1951—Dec
1952—Dec
1953 Dec
1954—Dec
1955 Dec
1956 Dec .
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280 8
276.7
57.9
278.1
256.9
259.4
267.4
275.2
278.8
280 8
276.6
50.5
255.7
225.3
221.2
226.1
231.7
233.2
233 9
228.6
41.6
198.8
165.8
142.7
148.6
154.6
157.8
163 3
160.4
2 0
17.0
15.1
18.1
21.7
19.5
19.5
22 3
25.2
38.2
21.2
29.1
16.7
26.4
28.5
15 7
19.0
6 0
23.0
11.4
18.4
30.3
31.4
28.0
43 3
35.3
33.6
68.4
68.4
41.0
58.9
63.9
76.1
81 9
80.9
1957
272.6
274 0
274 5
274.2
274 9
275.0
274 7
274.8
212.7
275 2
275.7
276.4
275.6
272.5
273 8
274 4
274.1
274 7
274.9
274 6
274.7
272.6
275 1
275.7
276.3
275.5
224.3
225 3
226 5
226.3
227 1
227.1
227 3
227.0
225.1
228 0
227.9
228.5
228.0
158.8
160 2
161 8
162 2
163 4
164.2
164 6
164.5
162 9
166 0
166.0
166.7
166.4
26.4
28 2
26 7
26.7
26 7
26.9
27 3
26.1
23.0
22 4
22.4
22.4
22.4
20.5
34 1
35 0
34.7
34 7
34.6
34 6
31.5
31.5
31 1
31.1
32.9
32.9
31.1
17 1
19 3
19.4
20 6
2017
20 7
20.5
20.7
24 7
24.8
20.4
20.5
80.8
80 8
80 8
81.5
81 5
82.1
82 1
86.4
87.7
87 7
87.7
90.9
90.6
July
Aus
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar .
Apr
May
June
July
...
1
Includes some debt not subject to statutory debt limitation (amounting
to $429 million on July 31, 1958) and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,650 million on June 30, 1958.
Convertible
bonds
Totals
Savings
bonds
Tax
and
savings
notes
12.1
12.5
12.0
11.8
11.4
10.8
8.9
56.9
59.5
66.4
65.0
65.1
63.6
59 2
57.4
6.1
48.2
52.1
57.6
57.9
57.7
57.7
57.9
56.3
2.5
8.2
5.4
7.5
5.8
6.0
4.5
(•)
10.2
10 1
9 9
9.7
9 6
9.5
9 5
9.3
9.1
9 0
9.0
8.9
8.8
55.3
55 0
54 8
54.4
54 1
53.4
53 2
53.2
53.1
53 0
53.0
52.9
52.8
54.3
54 0
53.8
53.5
53 2
52.5
52 3
52.3
52.3
52 2
52.1
52.0
51.9
Special
issues
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
46.3
46 7
46.2
46.1
46.0
45.8
45 5
46.0
45.8
45.4
46.1
46.2
45.9
4
Includes Treasury bonds and minor amounts of Panama Canal and
Postal
Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces
leave
bonds,
and adjusted service bonds, not shown separately.
6
Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies and
trust funds *
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941—Dec
1945—Dec
1947—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—June
Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
272.8
216 J
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.1
45.6
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
1958-^Tan
Feb
Mar
Apr
May
275.3
270.6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275.2
275.7
46.1
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
46.1
End of
month
1
2
Held by the public
Federal
Reserve
Banks
2.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
8.4
8.4
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
219.3
222.7
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
23.8
24.9
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
57.1
59.3
8.7
8.7
8.8
9.1
9.2
9.4
9.3
9.4
9.6
9.4
9.5
9.7
9.7
220.5
215.1
217.4
218.2
219.1
218.7
219.5
219.8
219.6
219.4
217.4
220.0
220.0
23.1
23.0
23.4
23.5
23.3
23.3
23.7
24.2
23.3
23.2
23.6
23.7
24.2
57.7
55.8
56.8
56.6
58.3
58.1
58.2
59.1
58.6
59.3
59.3
63.0
63.3
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to about $284 million on Dec. 31, 1957.
Individuals
Insurance
companies
Other
corporations
State
and
local
govts.
3.7
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.4
8.0
8.2
24.0
23.9
16.5
16.1
15.8
15.0
14.3
13.3
12.8
4.0
22.2
14.1
20.7
19.9
21.5
19.2
23.0
17.1
18.2
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
15.7
16.1
5.4
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.3
50.1
8.2
21.2
19.4
15.5
16.0
15.5
13.7
15.6
17.4
17.2
.9
9.1
8.4
10.6
11.7
13.2
13.9
15,6
16.3
16.1
8.0
7.9
7.9
7.9
7.9
7.8
7.6
7.6
7.6
7.6
7.6
7.6
7.5
12.4
12.3
12.3
12.2
12.2
12.2
12.1
12.0
12.0
11.9
11.8
11.8
11.7
18.2
15.4
16.0
16.5
15.7
15.9
16.5
16.5
17.3
17.2
15.4
14.5
14.5
16.8
16.9
16.9
17.1
17.2
17.2
17.3
17.0
17.3
17.3
17.3
17.1
17.0
49.3
49.1
48.9
48.8
48.6
48.4
48.3
48.2
48.2
48.2
48.1
48.1
48.1
18.6
18.7
19.0
19.6
19.9
19.4
19.3
18.6
18.9
18.8
18.9
18.6
18.5
16.4
16.0
16.2
15.9
15.9
16.3
16.5
16.5
16.2
15.9
15.4
15.7
15.4
Com- Mutual
mercial savings
banks 2 banks
Total
Other
Savings
bonds securities
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
FEDERAL FINANCE
961
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 19581
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Amount
Treasury bills 2
Aug. 7, 1958
Aug. 14, 1958
Aug. 21, 1958
Aug. 28, 1958
Sept. 4, 1958
Sept. 11 ,1958
Sept. 18, 1958
Sept. 25, 1958
Oct. 2,1958
Oct. 9,1958
Oct. 16, 1958
Oct. 23, 1958
Oct. 30, 1958
Issue and coupon rate
Treasury notes
Oct. 1,1958
Feb. 15,1959
Apr. 1,1959
Oct. 1,1959
Apr. 1,1960
May 15, 1960
Oct. 1, 1960
Apr. 1,1961
Aug. 1,1961
Oct. 1,1961
Feb. 15, 1962
Apr. 1, 1962
Aug. 15, 1962
Oct. 1,1962
Nov. 15, 1962
11,519
Feb. 15, 1963
9,833
Apr. 1,1963
1,700
1,700
1,801
1,800
1,800
1,700
1,701
1,700
1,700
1,700
1,699
1,700
1,700
Certificates
Aug. 1,1958
Dec. 1,1958
Feb. 14, 1959
May 15, 1959
4
3%
2lA
1*4
lV
1%
1%
1%
1%
3i/
l
1
V/
Z
1
1
33
2
1
Amount
121
5,102
119
99
198
2,406
278
144
2,609
332
647
551
2,000
590
1,143
3,971
189
9,770
1,816
1
Direct public issues.
2 Sold on discount basis.
See table on Money Market Rates, p. 953.
Issue and coupon rate
Treasury bonds
Sept. 15, 1956-59 3.. 21^
Mar. 15, 1957-59 3.. 2%
Dec. 15, 1958
2%
June 15, 1959-62... 2%
Dec. 15, 1959-62... 2%
Nov. 15, i960
2i/g
Dec. 15, 1960-654.. 2*/A
Sept. 15, 1961
234
Nov. 15, 1961
2%
Aug. 15, 1963
2Vi
June 15, 1962-67... 2%
Dec. 15, 1963-68... 2%
Feb. 15, 1964
3
June 15, 1964-69... 2%
Dec. 15, 1964-69... 2V4
Feb. 15, 1965
2%
Mar. 15, 1965-70...2%
Amount
Issue and coupon rate
Treasury bonds—Cont.
3,818
Aug. 15, 1966
3
927
Mar. 15, 1966-71... 2%
2,368
June 15, 1967-72... 2V4
5,268
Sept. 15, 1967-72... 2&
Dec. 15, 1967-72... 2 Vi
3,456
3,806
Oct. 1,1969
4
1,485
Nov. 15, 1 9 7 4 . . . . . . 3%
2,239
June 15, 1978-83... 3 %
11,177
May 15, 1985
3%
6,755
Feb. 15, 1990
3*6
2,113
Feb. 15, 1995
3
2,821
3,854
3,746 Panama Canal L o a n . . . . 3
3,821
6.895 Convertible bonds
4.702
Investment Series B
Apr. 1, 1975-80... 234
Amount
1,484
2,950
1,847
2,716
3,733
657
654
1,604
1,135
1,727
2,742
50
8,801
3 Called for redemption on Sept. 15, 1958.
4 Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds2 bonds
166,882
166,050
165,985
173,718
174,960
174,943
19,514
20,808
23,420
26,857
22,415
22,405
13,836
16,303
20,473
34,554
31,122
31,122
40,729
35,952
30,973
20,664
24,732
24,765
81,128
81,890
80,839
82,117
87 705
87,697
7,162
8,236
8,554
9,260
9,556
9,487
40
273
130
130
321
335
8
355
416
657
591
512
119
688
1,282
1,617
1,616
1,605
3,556
3,575
3,664
3,933
4,183
4,190
Federal Reserve Banks:
1955 June 30
1956—June 30
1957_junc 30
Dec. 31
1958—Apr. 30
May 31
23,607
23,758
23,035
24,238
23,681
24,162
886
855
287
1,220
946
1,426
8,274
10,944
11,367
20,104
19,946
19,946
11,646
9,157
8,579
87
2,802
2,802
2,802
2,827
2,789
2,789
Commercial banks:
1955 June 30
1956—June 30
1957 June 30
Dec. 31
1958—Apr. 30
May 31
55,667
49,673
48,734
51,712
55,836
56,192
2,721
2,181
2,853
4.332
3,817
3,522
1,455
1,004
2,913
4,046
2,711
2,841
15,385
11,620
8,984
9.672
12,448
12,682
35,942
34,712
33,839
33.529
36,730
37,016
164
155
144
133
130
Mutual savings banks:
1955 June 30
1956—June 30
1957 June 30
Dec. 31
1958 Apr 30
May 31
8,069
7,735
7,397
7,209
7,193
7,144
84
107
163
122
103
106
53
37
114
167
129
128
289
356
367
438
537
556
Insurance companies:
1955_june 30
1956 June 30
1957 June 30
Dec. 31
1958 Apr 30
May 31
13,117
11,702
10,936
10,801
10,667
10,571
630
318
326
291
361
329
74
44
136
248
113
111
Other investors:
1955 June 30
1956 June 30
1957_June 30
Dec. 31
1958—Apr. 30
May 31
59,260
64,947
67,329
70,499
68,026
67,387
15,153
17,074
19,661
20,762
16,867
16,687
3,973
3,919
5,527
9,331
7,632
7,583
All holders:
1955_j u n e
1956—June
1957 June
Dec.
1958 Apr
May
30
30
30
31
30
31
U. S. Govt. agencies and trust funds:
1955_june 30
1956—June 30
1957 June 30
Dec. 31
1958—Apr. 30
May 31
. .
1 Direct public issues.
2
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
11,676
11,098
10 280
9,527
8 986
8,954
155,206
154,953
155,705
164.191
165 974
165,989
49 703
58,714
71 033
74 368
71 729
75,538
38,188
31,997
39 184
46,513
44 814
41,028
33,687
31,312
14,732
11,272
15,692
15,692
33,628
32,930
30,756
32,038
33,739
33,731
3 439
3,345
3 063
2,923
2 845
2 845
3,723
4,891
5,491
6.337
6,712
6,642
74
199
500
1,210
1,782
1,642
1,627
506
1 138
1 236
1 494
1 430
434
295
260
414
420
2,944
3,030
2,848
3.059
3,162
3,165
23,607
23,758
23,035
24 238
23,681
24,162
17 405
20 242
20 246
21 427
21 231
21,733
3 773
1,087
681
1,397
1,035
1,014
1,014
1,014
57
1,415
1,415
1,358
1,358
1,358
1,358
130
55 503
49,517
48,590
51,579
55,706
56,062
7 187
7 433
12 268
13 066
13 958
16,419
21 712
18,234
23,500
26,526
26,476
24,347
21,110
19,132
8,600
7,364
10,273
10,265
5,494
4,719
4,222
4.623
4,999
5,031
6,422
6,074
5,655
5,470
5,475
5,416
1 222
1 161
1,098
1 012
949
938
6 848
6,574
6,299
6,197
6,244
6,206
164
533
576
453
388
424
1,082
1,227
[,165
1,135
1 405
1,319
601
476
590
581
4,746
4,468
4,040
4.041
4,101
4,067
789
760
648
683
734
728
8,479
7,789
7,277
7^231
7,240
7,195
3 145
2,791
2,549
2 347
2,219
2,207
9,972
8.911
8,387
8 454
8,449
8,364
810
632
955
938
909
966
[,339
1,192
775
2,074
1,870
1,747
2,027
1,802
1,022
718
798
789
5,796
5,285
4,634
4.724
4,872
4,862
12,502
13,371
11,113
8,167
9,397
9,193
23,927
26,896
27,602
29,127
31,288
31,090
3,706
3,646
3,426
3 112
2,843
2,834
55,554
61,301
63,904
67,387
65,183
64,553
24,062
29,233
35.850
37,249
33,750
34,565
10,633
10,443
10,936
13,508
12,625
11,159
7,626
7,612
3,464
2,397
3,560
3,580
13,233
14,013
13,654
14.233
15,248
15,249
927
247
540
750
57
57
panies included in the survey accounts for over 90 per cent of total holdings
by these institutions. Data are complete for U. S. Govt. agencies and
trust funds and Federal Reserve Banks.
962
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers 6
Gross proceeds, all issuers2
Noncorporate
Year or
month
Total
1950.
1951
1952
1953
1954
1955
1956
1957
FedU.S.
eral
Govt. 3 agency 4
19,893 9,687
21,265 9,778
26,929 12,577
28,824 13,957
29,765 12,532
. . . 26,772 9,628
22,405 5,517
30,571 9,601
30
110
459
106
458
746
169
572
1957—May....
June
July
Aug
Sept
Oct
Nov
Dec
1,777
2,349
1,982
1,944
3,975
2,705
3,022
2,681
394
362
400
392
2,262
894
1,374
925
1958—,Jan
Feb
Mar
Apr
May....
3,473
2,487
3,959
6,981
2,180
511 1,163
407
251
1,802
4,269 ""523
368
60
215
100
Corporate
New capital
Bonds
State
and
mu- Others Total
nicipal
PubTotal
licly
offered
3 532
3,189
4,121
5,558
6,969
5,977
5,446
6,958
4 920
5,691
7,601
7,083
7,488
7,420
8,002
9,957
2,360
2,364
3,645
3,856
4,003
4,119
4,225
6,118
2 560
3,326
3,957
3 228
3,484
3,301
3,777
3,839
631
838
564
489
816
635
636
411
282
446
>37
106
289
182
334
557
6 361
7,741
9,534
8 898
9,516
10,240
10,939
12,884
Pre- Common
Pri- ferred
stock
stock
vately
placed
Total
Total
MiscelNew 7 lanemoney ous
purposes
811 6 261 4 990 4 006
1 212 7 607 7 120 6 531
1,369 9,38C 8,716 8,180
1 326 8 755 8 495 7 960
1,213 9,365 7,490 6,780
2,185 10,049 8,821 7,957
2 301 10 749 10 384 9 663
2,516 12,661 12,447 11,784
Retirement
of
bank
debt,
etc. 8
Retirement
of
securities
364 620 1 271
486
226 363
664
537
535
260
709
1,875
864
1,227
721
364
214
663
539
388
516
595
437
683
639
640
49
44
38
10
37
15
65
2
685
796
1,495 1,013
775
1,028
840
947
907
1,023
944
1,113
671
844
761
1,114
438
633
459
540
587
608
485
185
247
380
316
299
320
336
186
576
25
66
21
31
19
68
24
11
85
416
231
76
97
101
150
343
78C
1,467
1,011
932
1,007
1,095
828
1,097
765
1,453
1,003
924
973
1,090
789
1,076
703
1,373
941
916
952
1,060
764
1,023
62
79
61
8
21
30
25
53
15
15
8
9
34
9
39
21
782
899
524
798
877
201
816
744
875
607
1,623 1,494
1,251 1,121
734
615
505
398
1,165
920
391
239
209
330
200
224
28
85
69
41
36
44
182
61
89
84
80f
85*
1,60?
1,232
71S
723
851
1,561
1,124
624
711
832
1,525
1,032
559
11
19
35
92
65
82
5
47
107
95
55
9
41
>00
Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing
Year or
month
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetirement of
New
ment of
New
ment of
New
ment of
New
ment of
New
ment of
New
capital io secu- capital io secu- capital ic secu- capital io secu- capital io secu- capital io securities
rities
rities
rities
rities
rities
1,026
2,846
3,712
2 128
2,044
2,397
3,336
4,104
149
221
261
90
190
533
243
49
474
462
512
502
831
769
682
579
63
56
24
40
93
51
51
29
610
437
758
553
501
544
694
802
May
June
July
Aug
Seot
Oct
Nov
Dec
130
623
248
243
320
129
220
572
6
5
5
1
2
3
5
(9)
8
48
35
69
51
38
51
38
60
12
80
50
45
31
80
49
54
138
Jan
Feb. . . .
Mar
Apr
May
147
171
196
598
193
7
3
41
45
24
28
26
47
65
25
1
4
82
48
63
67
22
1950
1951
1952
1953
1954
1955
1956
1957
1957
1958
. ..
2
(9)
1 Estimates of new issues maturing in more than one year sold for cash
in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign governments, International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
196
53
225
36
270
338
20
14
8
(9)
6
24
5
6
1,927
2,326
2,539
2 905
2,675
2,254
2,474
3,821
350
431
244
251
417
333
287
173
321
366
409
291
301
682
85
88
67
990
174
14
51
314
600
747
871
651
1,045
1,384
1,441
7
82
136
54
124
65
369
92
41
(9)
(
9}
1
22
36
34
35
797
39
3
81
5
6
3
60
77
21
4
1 536
3
75
178
343
224
53
159
98
92
1
30
109
205
49
64
80
(9)
(
9}
50
37
30
639
449
448
788
1,812
1,815
1,701
100
66
60
24
273
56
17
67
30
2
1
Estimated net proceeds are equal to estimated gross proceeds less cost
of notation, i.e., compensation to underwriters, agents, etc., and expenses.
78 Represents proceeds for plant and equipment and working capital.
Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
10 Represents all issues other than those for retirement of securities.
963
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Qi larterly totals
Annual totals
Industry
1952
1953
1954
1955
1956
1956
1957
3
1957
4
2
1
1958
1
4
3
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
54,517 63,343
7 308 8 375
3 192 3,649
2,073 2,154
58,110 69,876 71,925 76,032 16,129 19,194 19,786 19,438 18,056 18,752 16,718
7 244 10 250 9 290 9 559 1 697 2 483 2 752 2 575 2 042 2 190 1 623
3 825 5,231 4,880 5 109
912
1 362 l'432 1,339 1 107 1 232
849
2,384 2,827 2,980 3,113
723
750
757
848
757
849
759
Nondurable goods industries (94 corps.): l . .
Sales
19,266 20,694 20,620 23,106 24,784 26,278 6,093 6,464 6,636 6,524 6,558 6,560 6,132
Profits before taxes
...
873
2,853 3,028 2,753 3,413 3,457 3,438
811
867
947
841
649
111
Profits after taxes
503
1 392 1,526 1 581 1,918 1,979 2 019
467
491
521
551
374
474
Dividends
972 1,064 1,202 1,248 1,323
314
946
358
318
319
305
371
330
2
Durable goods industries (106 corps.):
Sales
35,251 42,649 37,490 46,770 47,141 49,754 10,037 12,730 13,150 12,914 11,498 12,192 10,586
4,455 5,346 4,491 6,836 5,833 6,120
Profits before taxes
886 1,616 1,804 1,702 1,201
974
1,413
Profits after taxes
1,800 2,123 2,244 3,313 2,901 3,090
836
445
881
616
475
841
758
1,127 1,182 1,320 1,625 1,731
1,791
439
Dividends
418
436
438
429
489
478
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes..
Dividends
Chemicals and allied products (26 corps.):
Sales
5,042 5,411 5,476 5,833
465
462
499
453
212
224
244
203
154
154
160
156
6,620
600
295
174
1,560
141
71
41
1,641
145
74
50
1,618 1,642 1,669
154
158
135
75
77
65
40
41
39
1,691
153
79
54
1,615
140
67
41
5,965 6,373 6,182 7,222 7,729 8,203
1 259 1,308 1 153 1,535 1 488 1 556
520
Profits after taxes
782
486
593
769
798
Dividends
417
499
597
396
602
639
Petroleum refining (14 corps.):
Sales
5,411 5,883 6,015 6,556 7,185 7,814
Profits before taxes
841
854
728
751
917
867
603
624
Profits after taxes
524
567
689
711
Dividends
290
283
294
317
374
346
Primary metals and products (39 corps.):
Sales
11,564 13,750 11,522 14,952 16,062 16,073
Profits before taxes
. . . 1 147 1,817 1 357 2,377 2 370 2 313
790
Profits after taxes
564
705 1,195 1,232 1,193
Dividends
377
522
369
407
606
651
Machinery (27 corps.):
8,005
10,914
Sales
7,745
8,477
9,798
7,077
914
912
942 1 175
Profits before taxes
971 1 011
402
465
465
458
Profits after taxes
375
577
237
281
Dividends
199
263
321
329
Automobiles and equipment (15 corps.):
Sales
13,038 16,611 14,137 18,826 16,336 17,480
Profits before taxes
1 982 2,078 1 789 3,023 1,984 2,110
758
Profits after taxes
709
863 1,394
942
1,059
536
693
656
670
Dividends
469
469
1,890
344
2,001
377
2,045 2,047 2,065
394
397
395
2,047
369
1,858
281
144
160
6,299
557
273
166
178
201
143
181
1,770
218
1,909
228
197
150
202
152
201
150
89
93
2,048 1,941 1,920
219
299
193
172
164
230
91
95
91
3,098
263
4,340
702
4,272 4,270 3,856
652
512
676
163
145
186
378
140
188
2,422
230
2,746
245
121
123
79
87
3,347
272
4,215
513
197
187
1,906
156
3,675
473
144
97
1,801
147
123
95
342
327
264
157
157
158
179
3,047
303
157
147
2,624 2,750 2,669
270
305
293
2,871
306
2,454
227
141
79
148
81
135
260
152
82
86
4,277
506
2,582
118
262
164
166
4,993 4,522 3,689
603
291
711
292
151
336
166
164
166
2,590
2 722
2 574 2,660 2,675
279
173
110
83
3,853
346
161
164
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
10 581 10,664 9 371 10,106 10,551 10,491
908 1,341
1 438 1,436
1,268 1,056
825
338
Profits after taxes
Dividends
682
379
927
448
6,549 7,136 7,588 8,360
1,740 1,895 2,049 2,304
947 1 030 1 134 1 244
Profits after taxes
Telephone:
Operating revenue
903
All
725
...
780
868
942
4 137 4 525 4 902 5 425
925 1,050 1,282
787
384
355
452
412
525
448
638
496
1
Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).
2 Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
876
462
734
435
298
209
73
375
267
153
9,049
2,462
1 326
1,022
9,644
2,557
1 403
1,077
2,170
567
301
249
334
270
5 966
1,430
6 467
1,562
1 495
1 552
715
552
788
613
359
180
137
2,303
594
380
190
147
247
161
122
264
183
110
286
191
82
2,540 2,312 2,335
596
600
731
259
199
121
2,457
630
2,239
59
31
96
2,676
768
327
270
326
265
357
273
1 560 1,611
388
'387
1,623
1,673
1,672
387
195
155
400
203
160
402
393
269
195
148
195
150
421
281
200
164
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing);
pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
964
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
Year or
quarter
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
[Securities and Exchange Commission estimates. In millions of dollars]
In billions
All types
Profits In- Profits Cash Undisbefore come after divi- tributed
taxes taxes taxes dends profits
1950
1951
1952,
1953
1954,
1955...
1956
1957
40.6
42.2
36.7
38.3
34.1
44.9
45.5
43.4
17.9
22.4
19.5
20.2
17.2
21.8
22.4
21.6
22.8
19.7
17.2
18.1
16.8
23.0
23.1
21.8
9.2
9.0
9.0
9.2
9.8
11.2
12.0
12.4
13.6
10.7
8.3
8.9
7.0
11.8
11.0
9.4
1956—2
3
4
22.1
21.8
23.0
23.0
21.7
22.0
19.9
22.7
22.4
23.7
1957—1
2
3
4
44.8
44.3
46.7
46.1
43.5
44.2
39.9
23.1
21.8
22.1
20.0
12.0
12.2
11.8
12.5
12.6
12.7
12.0
10.7
10.2
11.9
10.6
9.2
9.4
8.0
1958—1
31.7
16.1
15.5
12.5
3.0
Year or
quarter
1950
1951
1952
1953
1954
1955
1956 . . . .
1957
Stocks
Bonds and notes
New Retire- Net
New Retire- Net
issues ments change issues ments change
New Retire- Net
issues ments change
7,224
9,048
10,679
9,550
11,694
12,474
13,033
14,289
2,418
3,366
3,335
2,898
3,862
4,903
5,099
4,598
698
667
348
533
1,596
2,216
1,787
923
1,720
2,700
2,987
2,366
2,265
2,687
3,313
3,675
3,501 3,724
2,772 6,277
2,751 7,927
2,429 7,121
5,629 6,065
5,599 6,875
4,968 8,065
3,159 11,129
4,806
5,682
7,344
6,651
7,832
7,571
7,934
9,691
2,802
2,105
2,403
1,896
4,033
3,383
3,181
2,236
2,004
3,577
4,940
4,755
3,799
4,188
4,752
7,455
1957—1
2
3
4
3,666
3,739
3,474
3,409
783
867
802
708
2,884
2,873
2,672
2,701
2,377
2,367
2,554
2,393
553
626
554
503
1,824 1,289
1,741 1,373
2,000
920
1,890 1,016
230
241
248
205
1,059
1,132
672
811
1958—1
3,566
784
2,782 2,799
537
2,262
247
520
767
i Reflects cash transactions only. As contrasted with data shown on p. 962, new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 962.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchanges Commission estimates. In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
1950
1951
1952
1953
1Q54
1955
1956
1957—1 . .
3 .
4
1958 1
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Notes and accts.
receivable
U.S.
Govt. 2
Other
Inventories
Notes and accts.
payable
Other
U. S.
Govt. 2
Other
Federal
income
tax
liabilities
Total
Other
81.6
86.5
90.1
91.8
94.9
103.0
109.1
161.5
179.1
186.2
190.6
194.6
224.5
235.9
28.1
30.0
30.8
31.1
33.4
34.6
35.1
19.7
20.7
19.9
21.5
19.2
23.0
18.2
1.1
2.7
2.8
2.6
2.4
2.3
2.6
55.7
58.8
64.6
65.9
71.2
87.1
94.5
55.1
64.9
65.8
67.2
65.3
72.8
80.4
1.7
2.1
2.4
2.4
3.1
4.7
5.1
79.8
92.6
96.1
98.9
99.7
121.5
126.8
.4
1.3
2.3
2.2
2.4
2.3
2.4
47.9
53.6
57.0
57.3
59.3
73.5
78.0
16.7
21.3
18.1
18.7
15.5
19.3
17.9
14.9
16.5
1S.7
20.7
22.5
26.5
28.6
111.0
112.1
112.9
113.5
235.2
234.9
239.5
239.9
32.3
33.0
33.7
35.0
17.7
15.4
15.7
16.5
2.5
2.5
2.4
2.8
94.9
96.1
98.7
97.5
82.3
82.4
83.2
82.2
5.5
5.4
5.7
5.9
124.2
122.8
126.6
126.5
2.5
2.6
2.6
2.3
77.0
77.3
78.3
77.6
15.4
13.1
14.8
16.0
29.4
29.7
31.0
30.6
114.8
232.8
32.6
15.4
2.7
94.6
81.4
6.2
118.0
2.1
73.2
12.8
29.9
i Excludes banks and insurance companies.
2 Receivables from, and payables to, the U. S. Government exclude
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]
Year
1950
1951
1952
1953
1954
1955
1956
1957
19584
Total
20.6
25.6
26 5
28.3
26.8
28.7
35.1
37.0
30.8
Transportation
Manufacturing
Mining
7.5
10.9
11 6
11.9
11.0
11.4
15.0
16.0
12.0
.7
.9
1 0
1.0
1.0
1.0
1.2
1.2
.9
Railroad
Other
1.1
1.5
1 4
1.3
.9
.9
1.2
1.4
.7
1.2
1.5
1 5
1.6
1.5
1.6
1.7
1.8
1.5
1 Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
2
Public Comutili- muni- Other2
ties
cations
3.3
3.7
3 9
4.6
4.2
4.3
4.9
6.2
6.3
1.1
1 3
1 5
1.7
1.7
2.0
2.7
3 0
5.7
5.9
5 6
6.3
6.5
7.5
8.4
7.4
9 3
Quarter
1957
l
2
3
4
1958 1
24
34
Manufactur- Trans- Public All
ing
utili- other 3
Total
and portation
ties
mining
8.3
9.6
94
9.7
7.3
8.3
7.7
3 Includes communications and other.
• Anticipated by business.
3.8
45
43
4.6
3.1
3.5
32
.7
.8
g
.8
.7
.6
.5
1.2
1.5
17
1.8
1.2
1.8
1.8
2.6
2.7
25
2.6
2.3
2.4
2.2
965
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm
All properties
End of year
or quarter
1941
1945
Other
holders
FinanAll
All
cial
hold- instiSelected Indi- holders
tutions Federal viduals ers
agenand
cies others
37.6
35.5
20.7
21.0
72.8
82.3
91.4
101.3
113.8
130.0
144.5
156.3
1957 Mar p*>
Junev
Sept
Dec p
147.2
150.2
153.4
156.3
51.7
59.5
66.9
75.1
85.8
99.4
111.2
119.9
108.7
111.2
113.0
115.3
117.7
119.9
1958 Mar.P
158.6
121.6
1950
1951
1952
1953..
1954
1955
1956
195JP
1956—Sept
Dec
141.3
144.5
Farm
1- to 4-family houses
Multi-family and
commercial properties1
Finan- Other
cial
holdTotal institutions ers
Finan- Other
cial
Total instiholdtutions ers
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
14
19 8
20.8
22.1
23.5
25.2
27.5
29 7
31.7
14 0
15.9
17.2
18.5
20.0
21.9
23 9
25.6
7.6
84.9
86.8
88 6
90.2
9.8
10.7
11.7
12.5
13.2
14.4
15.6
17.4
15.2
15.6
16.2
16.5
17.0
17.4
21.6
23.9
25.7
27.5
29.8
32.7
35.6
38.2
3.6
4.0
4.2
4.5
4.7
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
96.6
99.0
101.0
103.3
105.6
107.6
35 4
41.1
46.8
53 6
62.5
73.8
83 4
90.2
29.3
29.7
30.2
30.7
31.2
31.7
66.7
75.6
84.2
93.6
105.5
120.9
134.6
145.8
131.5
134.6
137.1
139.9
143.0
145.8
34.9
35.6
36.1
36.6
37.4
38.2
4.9
32.1
148.0
109.2
91.5
17.6
38.8
2.0
2.4
2.8
2.8
3.1
3.6
4.7
3.3
P1 Preliminary.
Derived figures, which include negligible amount of farm loans held
by2savings and loan associations.
Derivedfigures,which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures forfirstthree quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
81.4
83.4
8.0
8.4
9.0
9.8
All FinanOther 2
cial
hold- instiers tutions holders
6.4
4.8
61
23
78
30
1.5
1.3
6.7
7.3
2.6
2.8
8.3
9.1
23.4
23.9
24.2
24.6
25.1
25.6
10.8
11.7
12.6
11.5
11.7
11.9
12.0
12.3
12.6
9.9
10.1
10.3
10 4
10.5
26.0
12.8
10.6
3.3
3.6
4.9
3.4
37
4.1
4.4
48
5.0
5.4
99
10.5
39
4.0
60
9.8
39
3.9
3.9
4.0
40
4.0
59
6.0
6.2
6.4
64
6.5
4.1
6.6
6.5
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings2
End of year
or quarter
FHA- VAinguarsured anteed
1950
1951
1952
1953
1954
1955
1956
1957*
4,906
4,772
13,664
14,732
15,867
16,850
18,573
21,004
22,719
23,337
3,292
3,395
10,431
11,270
12,188
12,925
14,152
15,888
17,004
17,147
3,675
3,912
4,106
4,560
4,803
4,823
3,012
3,061
3,350
3,711
3,902
3,589
1956 Sept
Dec
22,500 16,860
22,719 17,004
4,760
4,803
1957—Mar
June
SeDt
22,670
22,760
23,105
23,337
16,880
16,890
17,070
17,147
1958—Mar.*
23,410 17,140
Dec
Residential
Residential
Total
Total
1941
1945
Conventional
Other
nonfarm
Farm
5,501
5,951
6,695
7,617
8,300
8,735
1,004
1,058
1,082
1,159
1,297
1,336
1,367
3,890
3,902
8,210
8,300
4,282
4,379
1,358
1,336
4,770
4,730
4,750
4,823
3,810
3,720
3,660
3,589
8,300
8,440
8,660
8,735
4,440
4,500
4,660
4,823
4,820
3,490
8,830
4,880
' 4J929
Total
Total
1,048
856
2,264
2,458
2,621
2,843
3,263
3,819
4,379
4,823
*1 Preliminary.
Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
Mutual savings bank holdings3
566
521
QfiR
4,812
4,208
8,261
9,916
11,379
12,943
15,007
17,457
19,745
21,169
19,225
19,745
3,884
3,387
7,054
8,595
9,883
11,334
13,211
15,568
17,703
19,010
FHA- VA- Coninguar- vensured anteed tional
Other
nonfarm
900
7Q7
1,164
I 274
1,444
1,556
Farm
28
24
44
47
53
53
56
58
59
2,567
3,168
3,489
3,800
4,150
4,409
4,669
4,350
4,409
1,726
2,237
3,053
4,262
5,773
7,139
7,790
4,303
4,477
4,792
5,149
5,645
6,155
6,551
6,840
7,139
6,028
6,155
2,102
1,944
1,984
,350 20,105 18,035
1,370 20,475 18,384
1,375 20,812 18,687
[.367 21,169 19,010
4,455
4,500
4,575
4,669
7,330
7,520
7,660
7,790
6,250
6,364
6,452
6,551
2,010
2,033
2,068
2,102
57
1,390 21,565 19,370
4,785
7,920
6,665
2,137
58
17,218
17,703
[,740
1,831
QK4
57
63
59
60
58
57
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Sources.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
966
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
1941
1945
Farm
4,894
5,134
3,978
4,345
5,344
6,623
6,715
5,231
4,532
4,723
3,606
3,925
4,931
6,108
6,201
4,823
1,486
1,058
864
817
672
971
842
686
1,378
1,839
1,652
367
432
435
408
435
362
528
338
404
412
383
404
335
493
48
53
50
82
67
60
96
525
227
390
400
380
366
482
236
344
358
348
339
122
49
93
93
97
95
1957 June
July
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
Total
Other
Total
976
1950
1951
1952...
1953
1954
1955
1956
1957
1958
VAguaranteed
FHAinsured
6,442
6,636
5,529
5 860
1 394
VAgnaranteed
815
Farm
Other
4,714
4 466
913
776
833
2,108
2,371
2,313
2,653
2,881
3,298
3,707
3,304
362
411
372
420
413
515
514
408
16,102
19,314
21,251
23,322
25,976
29,445
32,989
35,230
14,775
17,787
19,546
21,436
23,928
27,172
30,508
32,640
4,573
5,257
5,681
6,012
6,116
6,395
6,627
6,766
2,026
3,131
3,347
3,560
4,643
6,074
7,304
7,750
8,176
9,399
10,518
11,864
13,169
14,703
16,577
18,124
1,327
1,527
1,705
1,886
2,048
2,273
2,481
2,590
53
64
58
43
51
38
27
237
287
304
258
286
237
370
29
28
23
25
31
27
35
34,159
34,356
34,547
34,697
34,859
34,986
35,230
31,620
31,794
31,978
32,122
32,274
32,396
32,640
6,670
6,671
6,677
6,690
6,706
6,720
6,766
7 677
7,702
7,725
7 736
7,753
7,758
7,750
17,273
17,421
17,576
17,696
17,815
17,918
18,124
2,539
2,562
2,569
2,575
2,585
2,590
2,590
41
18
22
26
16
20
319
169
229
239
235
224
43
41
46
42
32
27
35,410
35,529
35,663
35,773
35,884
35,983
32,816
32,926
33,049
33,142
33,241
33.330
6,818
6,849
6,896
6,939
6,985
7,027
7,748
7,737
7 720
7,716
7,696
7,674
18,250
18,340
18,433
18,487
18,560
18,629
2,594
2,603
2,614
2,631
2,643
2,653
938
1,294
429
455
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE
Loans outstanding (end of period)
Loans made
Year or
month
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957
Total i
1 379
1 913
5,237
5 250
6 617
7 767
8 969
11 432
10 545
10 402
New
construction
Home
purchase
Total 2
437
181
1,358
4 578
5,376
1,767
1 657
2 105
2 475
3 076
4 041
3 771
3 562
2,246
2 357
2 955
3 488
3 846
5 241
4 727
4 708
13,657
15,564
18 396
21,962
26 194
31 461
35,729
40 119
581
Sept
Oct
Nov
Dec
925
969
1 001
891
980
768
734
319
318
331
292
341
250
248
415
462
470
423
443
358
324
37,886
38 280
38,743
39,106
39 532
39,835
40,119
FHAinsured
848
866
904
,048
,172
405
,486
,643
<-«„
VAveT
guaranteed tional 2
2,973
3,133
3 394
3,979
4 721
5 891
6,643
7 013
9,836
11,565
14 098
16,935
20,301
24 165
27,600
31 463
1 ,530
1 ,545
1 ,560
,573
,591
,597
,643
6,889
6 904
6,920
6,933
6 946
6,963
7,013
29,467
29,831
30,263
30,600
30,995
31,275
31,463
1958
Jan
Feb
Mar
Apr
May
723
704
819
920
1 019
1 107
245
233
281
316
346
379
308
289
318
354
406
461
40,369
40,623
40 967
41,367
41,908
651
,685
1,715
1,749
1,789
7,048
7,015
7,005
6,982
6,978
31,670
31,923
32,247
32,636
33,141
refinancing, etc.) not shown separately.
2
Beginning 1958 includes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.
OF $20,000 OR
LESS
By type of lender
(without seasonal adjustment)
Total
Year
m n t or
h
°
Season- Without
ally
seasonal
adadjustjusted * ment 2
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
1950
1951
1952
1953
1954
1955
1956
1957
16,179
16 405
18,018
19,747
22 974
28,484
27 088
24,244
5 060
5 295
6,452
7 365
8 312
10,452
9 532
9,217
I 618
[ 768
472
3,365
3 370
3,600
3 680
4 239
5 617
5 458
4,264
I 064
I 013
1,137
I 327
I 501
I 858
I 824
2,012
2,027
2,008
2,026
2,013
2,003
1,995
1,954
2,144
2,028
2,211
2,208
2,026
2,226
1,877
1,851
840
795
852
883
796
855
125
119
130
132
124
132
374
363
390
378
354
395
121
126
142
137
121
131
686
666
117
125
333
325
117
113
1,976
1,959
1,971
1 993
1 782
1,701
1,866
2 022
2,151
628
638
705
787
845
111
101
108
106
113
322
304
345
385
418
98
87
94
103
120
1957
June
July
RECORDING
[In millions of dollars]
[In millions of dollars]
615
,420
480
932
I 799
42Q
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
1958
Jan
Feb
Mar
Apr
May
1 Three-month moving average, seasonally adjusted by Federal Reserve.
2
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board
967
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
Proj-
New
properties
Existing
properties
typo
mortgages i
VA-guaranteed loans
Property
imTotal 3
provement2
loans
Home
mortgages
New
properties
Existing
properties
665
257
217
20
171
192
1950
1951
1952
1953
1954
1955
1956
1957
4,343
3,220
3,113
3,882
3,066
3,807
3,461
3,715
1,637
1,216
969
1,259
1,035
1,269
1,133
880
856
713
974
1,030
907
1,816
1,505
1,371
1,157
582
322
259
232
76
130
595
694
708
848
1,334
891
646
692
869
3,072
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1 202
942
890
1,014
1,566
2,564
1,948
863
Sept
Oct
Nov
Dec
247
333
340
273
422
329
332
60
67
63
57
87
86
97
104
124
122
116
145
145
152
18
76
67
14
79
33
12
65
65
88
85
111
65
71
276
268
251
295
280
213
176
213
206
193
228
229
182
155
62
62
58
66
50
30
20
1958—Jan
Feb
Mar
Apr
M!ay
June
418
386
435
423
431
551
120
115
127
119
110
126
186
164
192
186
201
217
56
43
62
57
55
128
55
64
53
61
65
81
160
142
123
85
73
97
142
129
110
72
57
71
18
13
13
13
15
27
June
July
1 Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
2
FHA- VAinguarsured anteed
18.6
4.3
4.1
.2
14.3
45.2
51 7
58.5
66.1
75 7
88.2
99 0
107.6
18.9
22 9
25.4
28.1
32 1
38 9
43 9
47.2
8.6
9 7
10 8
12.0
12 8
14 3
15 5
16.5
10.3
13 2
14 6
16.1
19 3
24 6
28 4
30.7
26.3
28 8
33.1
38.0
43 6
49.3
55 1
60.4
96.6
99.0
42.5
43.9
15.2
15 5
27.3
28 4
54.1
55.1
101.0
103.3
105.6
107.6
45.1
45.9
46.5
47.2
15.7
15.9
16.1
16.5
29.4
30.0
30.4
30.7
55.9
57.4
59.1
60.4
1958—Mar.*.... 109.2
47.7
17.1
30.6
61.5
1945
1950
1951..
1952
1953
1954..
1955
1956
1957**
1956—Sept
Dec
1957—Mar.P....
June p . . . .
Sept.*
Dec.p
p
Preliminary.
NOTE.—For total debt outstanding figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY *
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
Total
FHAinsured
VAguaranteed
Purchases
Sales
1945
278
213
195
176
19
1,347
1,850
2,242
2,462
2,434
2,615
3,047
3,974
169
204
320
621
802
901
978
1,237
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
1,044
677
538
542
614
411
609
1,119
469
111
56
221
525
62
5
2
485
239
323
638
476
76
360
764
1950
1951
1952
1953
1954
1955
1956
1957
675
423
586
728
734
1,251
745
1,116
292
433
528
640
818
702
934
1,079
816
806
864
952
867
,417
,228
,265
547
508
565
634
612
991
798
731
269
298
299
317
255
426
430
534
1.100
,112
1,132
1,152
1,170
1,197
1,237
2,505
2,541
2,586
2,631
2,679
2,712
2,737
69
83
78
82
79
75
80
1
Sept
Oct
Nov
Dec
3,605
3,654
3,718
3,783
3,849
3,909
3,974
525
626
680
712
726
717
764
1957—June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
135
131
83
96
83
74
196
48
171
50
49
70
62
74
,079
,040
,072
,119
,131
1,143
1,265
614
638
663
688
686
689
731
465
402
409
431
445
454
534
Jan
Feb
Mar
Apr
May
June
4,038
4,071
4,073
4,019
3,928
3,753
1,283
,319
1,346
1,345
1,342
1,309
2,755
2,752
2,726
2,674
2,586
2,444
77
56
45
38
33
22
786
761
745
842
1,001
1,142
1958—Jan..
Feb..
Mar.
Apr.,
May,
June
58
41
53
212
56
178
417
158
146
93
68
50
906
790
696
815
803
929
527
451
394
304
288
372
379
339
302
511
515
557
1950
1951
1952
1953
1954
1955
1956
1957
June
July
AUK
•1958
Advances outstanding
(end of period)
Commitments
undisbursed
End of year
or month
1957
Mortgage
transactions
(during
period)
Conventional
Total
Total
1945
1957
Governmentunderwritten
End of
year or
quarter
9
29
75
109
176
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Year or month
Ad-
Repayments
Total
Shortterm i
Longterm 2
1 Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities or more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
968
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
End of year or month
Total
Total
Automobile
paper i
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1950
1951
1952
1953
1954
1955
1956
1957
21,395
22,617
27,401
31,243
32,292
38,670
42,097
44,776
14,703
15,294
19,403
23,005
23,568
28,958
31,827
34,105
6,074
5,972
7,733
9,835
9,809
13,472
14,459
15,496
4,799
4,880
6,174
6,779
6,751
7,634
8,510
8,687
,016
,085
,385
,610
,616
,689
,895
,984
2,814
3,357
4,111
4,781
5,392
6,163
6,963
7,938
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,821
1,934
2,120
2,187
2,408
3,002
3,253
3,502
3,291
3,605
4,011
4,124
4,308
4,579
4,735
4,760
1,580
1,784
1,867
1,927
2,008
2,131
2,282
2,409
1957_june.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
42,491
42,668
43,101
43,270
43,274
43,530
44,776
32,608
32,968
33,303
33,415
33,504
33,596
34,105
15,127
15,329
15,490
15,556
15,579
15,542
15,496
8,165
8,189
8,229
8,228
8,236
8,300
8,687
,905
,921
,954
,969
,988
,996
,984
7,411
7,529
7,630
7,662
7,701
7,758
7,938
9,883
9,700
9,798
9,855
9,770
9,934
10,671
3,530
3,406
3,458
3,493
3,405
3,458
3,502
3,948
3,886
3,925
3,942
3,991
4,135
4,760
2,405
2,408
2,415
2,420
2,374
2,341
2,409
1958—Jan..
Feb..
Mar..
Apr..
May.
June.
43,966
43,043
42,562
42,665
43,027
43,122
33,737
33,302
32,983
32,932
32,957
33,054
15,326
15,122
14,889
14,788
14,713
14,691
8,499
8,277
8,192
8,134
8,176
8,203
,963
,936
,915
,914
,933
,942
7,949
7,967
7,987
8,096
8,135
8,218
10,229
9,741
9,579
9,733
10,070
10,068
3,514
3,542
3,542
3,501
3,616
3,645
4,264
3,710
3,528
3,694
3,956
3,949
2,451
2,489
2,509
2,538
2,498
2,474
1 Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in 2part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
NOTE.—Monthly figures for the period December 1939 through 1947,
and a general description of the series are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS
for October 1956, pp. 1035^*2, and December 1957, pp. 1420-22.
A detailed description of the methods used to derive the estimates may
be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
End of year
or month
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1941
1945
4,503
6 085
2,462
3,065
4 480
1,776
1,079
1 726
745
1,197
1,797
300
132
198
102
1950
1951
1952
1953
1954
1955
1956
1957
14,703
15 294
19,403
23,005
23,568
28,958
31,827
34,105
11,805
12,124
15,581
18,963
19,450
24,450
27,084
29,375
5,798
5,771
7,524
8,998
8,796
10,601
11,707
12,714
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
590
635
837
1,124
1,342
1,678
2,014
2,472
Sept
Oct .
Nov
Dec
32,608
32,968
33,303
33,415
33 504
33,596
34,105
28,263
28,726
29,014
29,128
29,241
29,239
29,375
12,323
12,508
12,607
12,656
12,749
12,717
12,714
9,300
9,476
9,565
9,598
9,585
9,564
9,573
1958—Jan
Feb
Mar
Apr
May
June
33,737
33,302
32,983
32,932
. . . . 32,957
33,054
29,125
28,864
28,621
28,701
28,674
28,750
12,611
12,415
12,310
12,421
12,442
12,494
9,464
9,405
9,284
9,200
9,129
9,105
1957_ June
July
AUK
Consumer
finance
companies l
Other 1
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1 605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1,286
1,555
1,866
2,137
2,257
2,656
3,056
3,332
420
509
643
111
911
1,072
1,207
1,284
2,898
3,170
3,822
4,042
4,118
4,508
4,743
4,730
746
1,107
1,064
1,242
I 511
1,408
1,393
827
810
943
1 004
984
1 044
,187
,146
267
243
301
377
377
365
377
374
287
290
389
527
463
487
502
529
1,082
I 070
1,052
I 101
I 269
1,288
2,227
2,284
2,344
2,377
2,415
2,439
2,472
3,155
3,209
3,234
3,231
3,229
3,248
3,332
1.258
,249
1,264
1,266
1,263
1,271
1,284
4,345
4,242
4,289
4,287
4 263
4,357
4,730
1,249
1,144
161
1,167
1 134
1,199
1,393
077
,072
083
,077
I 080
I 092
1,146
359
361
360
363
365
365
374
518
525
530
533
533
531
529
I 142
1,140
I 155
1,147
I 151
I 170
I 288
2,446
2,451
2,461
2,506
2,531
2,565
3,320
3,306
3,286
3,290
3,273
3,279
[,284
1,287
1,280
1,284
1,299
1,307
4,612
4,438
4,362
4,231
4,283
4,304
1,381
1,326
1 343
1,241
1,278
1,310
I 108
1,079
045
1 033
1,034
I 035
367
363
359
354
353
351
522
514
504
498
494
492
I 234
1,156
I 111
1 105
1,124
I 116
* Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Retail outlets
924
771
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
969
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
1939
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957
*>
1957—June
July
Aug
Sept
Oct
Nov
Dec
1958
Purchased
Direct
goods
paper
Repair
and
modernization
loans
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
5 798
5,771
7,524
8 998
8,796
10,601
11,707
12,714
1 177
1,135
1,633
2 215
2,269
3,243
3,651
4,054
1,294
1,311
1,629
1,867
1,668
1 456
1,315
1,751
2,078
1,880
2,042
2,394
834
1,037
1,122
1,374
1,521
1,676
1,916
2,118
2,363
Total
instalment
credit
End of year
or month
Automobile
paper
Other
con-
2,062
2,075
2,335
12,323
12,508
12 607
12,656
12 749
12,717
. . . . 12,714
3,921
3,976
4,026
4,050
4 082
4,067
4,054
2,282
2,310
2,330
2,334
12,611
12,415
12,310
12,421
12,442
12,494
4,016
3,966
3,906
3,893
3,889
3,892
2,330
2,312
2,305
2,321
2,325
2,335
.. .
Jan
Feb
Mar
Apr
May
June
2,334
2,333
2,335
888
,137
,317
,303
,338
,469
,527
2,435
2,395
2,456
2,434
2,437
2 471
2,448
2,281
2,262
2,253
,537
,527
,508
,484
1,467
1,465
1,477
I 485
2,379
2,381
2,396
2,461
2,489
2,529
531
2,435
2,378
2,272
2,236
Automobile
paper
Other
consumer
goods
paper
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1950
1951
1952
1953
1954
1955
1956
1957
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
2,956
2,863
3,630
4,688
4,870
6,919
7,283
7,470
532
452
680
816
841
,413
61
63
60
46
31
25
23
20
162
276
341
377
402
465
567
670
1957—June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
9,300
9,476
9,565
9,598
9,585
9,564
9,573
7,376
7,466
7,532
7,557
7,537
7,510
7,470
,296
,369
,384
,389
,390
,388
,413
22
22
22
22
23
21
20
606
619
627
630
635
645
670
1958—Jan..
Feb.,
Mar.
Apr.
May
June
9,464
9,405
9,284
9,200
9,129
9,105
7,363
7,237
7,080
6,968
6,888
6,844
,404
,464
,492
,515
,520
,532
20
20
19
20
20
20
677
684
693
697
701
709
loans
2,259
2,286
2,314
2,321
2,331
2,332
2,363
,466
,480
,503
,514
Total
instalment
credit
End of year
or month
Per-
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
NONINSTALMENT CREDIT, BY HOLDER
1950
1951
1952
1953
1954
1955
1956
1957
2,296
2,699
3,346
4,038
4,510
5,406
6,277
7,088
360
373
452
200
233
310
370
121
134
188
761
948
1,108
6,640
6,742
6,842
6,874
6,907
6,958
7,088
7,050
7,044
7,027
7,080
7,103
7,151
. .
1957—June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
.
14
14
Personal
loans
669
785
643
247
282
537
648
638
326
403
437
1,615
1,959
2,396
2,883
3,314
3,782
4,278
4,905
1,030
1,052
1,072
1,082
1,093
1,101
1,108
647
647
652
648
645
638
638
417
419
429
433
434
438
437
4,546
4,624
4,689
4,711
4,735
4 781
4,905
1 095
1,093
1,094
1.108
1,117
1,128
627
617
606
435
432
429
4 893
4,902
4,898
4,938
4,945
4,980
538
539
375
605
605
606
429
436
437
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
1,034
',227
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Repair
and
modernization
loans
End of year
or month
1939
1941
1945
1950
1951
1952
1953
1954
1955
1956 .
1957
1957—June
July
AUE
Sept
Oct.
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
1
..
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
2,719
3,087
3,203
Retail
outlets
(charge
accounts)
Service
credit
Other
Department
stores i
Other
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,576
1,684
1,844
1,899
2,096
2,635
2,843
3,095
245
250
276
288
312
367
410
407
650
698
728
772
793
862
893
876
2,641
2,907
3,283
3,352
3,515
3,717
3,842
3,884
1,580
1,784
1,867
1,927
2,008
2,131
2,282
2,409
9,883
9,700
9,798
9,855
9,770
9,934
10,671
3,029
2,996
3,002
3,023
3,022
3,028
3,095
501
410
456
470
383
430
407
579
533
535
588
612
658
876
3,369
3,353
3,390
3,354
3,379
3,477
3,884
2,405
2,408
2,415
2,420
2,374
2,341
2,409
10,229
9,741
9,579
9,733
10,070
10,068
3,054
3,057
3,054
3,067
3,103
3,172
460
485
488
434
513
473
725
601
573
580
584
575
3,539
3,109
2,955
3,114
3,372
3,374
2,451
2,489
2,509
2,538
2,498
2,474
Includes mail-order houses.
970
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Other consumer
goods paper
Automobile paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
21 558
23,576
29,514
31,558
31,051
39,039
40,063
42,411
1950
1951
1952
1953
1954
1955
1956
1957
1957 June
July
...
Sept
Oct
Nov
Dec
.
1958 Jan
Feb
Mar
Apr
...
....
....
May
June
••
.
8 530
8,956
11,764
12,981
11,807
16,745
15,563
16,681
7 150
7,485
9,186
9,227
9,117
10 634
11,590
11,599
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,674
3,837
3,704
3,388
3,545
3,439
4,069
1,356
1,381
1,355
1,392
1,435
1,404
1,423
1.494
,563
,467
,364
,404
,250
,305
1,007
999
1,027
3,504
3,235
3,193
3,278
3,252
3,265
3,108
2,754
3,164
3,345
3,386
3,484
1,346
1,179
1,077
1,161
1,113
1,109
,190
,020
,104
,222
,212
.266
998
995
1,022
5 043
6,294
7,347
8,006
8,866
10 272
11,342
12,613
835
841
,217
1,344
,261
,388
,568
L .518
128
130
133
143
150
138
141
973
912
927
976
137
127
126
964
959
1,020
1,333
120
118
123
112
940
900
981
914
799
717
902
874
131
116
115
125
102
91
105
124
994
957
1,008
969
126
129
136
139
1,056
1,089
1,072
1,054
1,068
1,071
1,115
1,049
1 136
1,065
1,087
1,040
1,020
1,078
1,019
1,070
1,017
959
1,024
1,046
1,319
926
1,053
1,125
1,030
1,110
Repayments
1957
7 011
9,058
10,003
10,879
11,833
13,082
14,576
15,644
18 445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
1950
1951
1952
1953
1954
1955
1956
1957
June
July
Sept .
Oct
...
....
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June
6 057
7 404
7,892
8,622
9,145
9,751
10,714
11,422
1,119
1,255
1,315
1,362
[,429
114
3,339
3,382
3,343
3,418
3,358
3,394
3,498
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1.289
L ,317
1,276
1,318
1,317
1,292
1,368
1,250
1,361
1,306
1,298
1,381
1,287
1,351
951
964
976
990
945
981
978
971
982
928
968
956
946
120
125
117
124
118
113
124
127
117
123
122
115
124
3,421
3,401
3,373
3,401
3,352
3,392
3,476
3,189
3,483
3,396
3,361
3,387
1,368
1,317
1,300
,338
,296
.278
1,360
1,224
1,337
1,323
1,287
1,288
925
966
952
921
941
963
987
939
987
932
966
942
120
125
123
126
118
132
123
118
126
125
117
130
914
4 660
5 751
6,593
7,336
8,255
9,501
10,542
11,638
717
772
Q17
979
976
974
986
978
946
1,018
964
927
985
989
1,008
1,028
1,139
1,008
1,006
993
998
1,016
908
1,033
1,016
997
991
1,019
1,027
+77
+ 113
+98
+68
+90
+63
+87
+ 383
+ 543
+754
+670
+611
+ 771
+ 800
+975
+ 103
+ 118
+ 101
+ 32
+ 39
++57
180
+ 79
+47
+22
+62
+22
+ 51
+ 11
+ 18
+20
+ 109
+ 39
+83
Change in outstanding credit 1
1950
1951
1952
1953
1954
1955
1956
1957
1957
June
July
Aug
Sent
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June
.
...
+208
+217
+248
+ 128
+ 183
+ 165
+ 117
+83
-166
-180
-123
-100
-127
+ 3,113
+591
+4,109
+3,602
+ 563
+5,390
+2 869
+2,278
+450
+360
+335
+ 112
+89
+92
+509
-368
-435
-319
-51
+25
+97
+67
+64
+79
+74
+ 118
+ 112
+55
+244
+202
+ 161
+66
-22
-138
-223
-177
-183
-169
-170
-204
-233
-101
-75
-22
-46
1
Obtained by subtracting instalment credit repaid from instalment
credit extended.
N OTE .—Monthly figures for 1940-54 are shown on pp. 1043-54 of
the BULLETIN for October 1956; for 1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 1,093
+ 81
+ 1,294
+605
+ 1,519
— 102
+ 1,761
+2,102
-26
+ 3,663
+987
+ 1,037
-2-8
+56
+35
+51
-17
-33
-17
-19
+ 15
-66
+29
+53
-6
+883
+876
+ 177
+ 84
+24
+40
+8
+64
+387
-188
-222
-85
-58
+42
+27
+8
+3
+8
+7
-6
+- 11
9
-8
+8
-3
+ 118
+69
+ 300
+225
+6
+73
+206
+89
+ 19
+ 16
+33
+ 15
+ 19
- +8
12
-21
-27
-21
-1
+ 19
+9
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
971
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Sales finance
companies
Commercial banks
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1950
1951
1952
1953
1954
1955
1956
1957
21,558
23,576
29,514
31.558
31,051
39,039
40,063
42,411
1957 June
Julyi
AuE
Sept
Oct.i
Nov
Dec
1958—Jan. i
Feb i
Marl
Apr i
May
June
....
8,135
8,358
11,123
12,099
11,267
14,109
14,387
15,188
5,098
5,467
6,982
7,560
7,260
10,200
9.600
10,200
3,826
4,788
5,659
6,375
6,983
8,449
9,474
10,453
4,499
4,963
5,750
5,524
5,541
6,281
6,602
6,570
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,674
3,837
3,704
3,388
3,545
3,439
4,069
1.268
I 291
11284
1,289
1,325
1,252
1,252
1,333
1,382
1,320
1,239
1,302
1,150
1,228
830
890
819
834
856
835
873
904
1,022
903
829
860
779
865
870
905
907
869
871
893
902
871
946
906
797
850
877
1,069
579
513
581
554
489
579
588
566
487
575
523
533
633
3,504
3,235
3,193
3,278
3,252
3,265
3.108
2,754
3,164
3,345
3,386
3,484
1,247
1,146
1,109
1,204
1,153
1,171
1,174
1,008
1,132
1,286
1,228
1,277
828
769
742
769
715
688
720
642
724
759
743
776
875
819
805
848
813
845
793
730
828
871
828
879
554
501
537
457
571
561
421
374
480
907
429
587
552
Repayments
1950
1951
1952
1953
1954
1955. . . .
1956
1957
•••••••••
4,331
5^24
5,925
6,344
7,043
7,901
8,943
9,727
3,404
4,385
5,012
5,683
6,511
7,553
8,603
9,642
3,934
4,691
5,098
5,304
5,465
5,891
6,328
6,512
Sept
Oct. i
Nov
Dec
3,339
3,382
3,343
3,418
3,358
3,394
3,498
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1.196
1,189
1,196
1,228
1,200
1,208
1,232
1.153
,242
,221
,190
,226
1,182
1,231
805
831
797
808
820
795
848
780
846
814
796
873
800
856
800
817
819
815
810
838
843
776
844
806
765
817
826
939
538
545
531
567
528
553
575
515
545
528
525
Jan.i
Feb i
Mar i
Apr. i
May
June .
3,421
3,401
3,373
3,401
3,352
3,392
3,476
3,189
3,483
3,396
3,361
3,387
1,216
1,232
1,198
1.203
1,201
1,220
,237
1,147
,219
,215
,207
.225
844
820
813
862
830
793
829
758
837
799
818
819
806
824
831
736
845
818
805
831
524
550
579
548
574
520
535
531
1957—June
Julyi
1958
6,776
8,385
9,370
10,625
11,469
12,304
13,320
14,252
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
.
845
843
814
800
544
517
515
555
540
539
534
Change in outstanding credit2
+3,113
+591
+4,109
+3,602
+563
+5,390
+2,869
+2,278
1950
1951
1952
1953
1954
1955
1956
1957
1957 June
Julyi
Sent
Oct. 1
Nov
Dec
1958—Jan.i
Feb i
Mar i
Apr. i
May
June
+ 1.JS9
+767
+ 1,753
+1,474
-202
+ 1,805
+ 1,106
+ 1,007
+1,057
+ 1,216
+217
+2,299
+657
+473
h-871
+72
+147
+88
+61
+ 142
+44
+20
+ 180
+ 185
+99
+49
+93
-32
-3
+25
+59
+22
+26
+36
+40
+25
+ 124
+176
+89
+33
-13
-21
+9
+70
-88
H88
-61
h55
+59
+95
+102
+100
+32
+33
+51
+130
+83
-166
— 180
-123
-100
-127
-368
-435
-319
-51
+25
+97
-9
-143
-107
+41
-103
-196
-105
+ 111
+21
+ 52
-16
+6
-71
-109
-59
-121
-84
-71
-24
+38
+20
-13
+29
+7
+21
-38
-6
-17
+53
+23
+48
of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for
h896
+450
+360
+335
+112
+89
+92
+509
-48
-49
-93
-115
-105
+563
+272
+652
+220
+76
+390
+235
-13
+811
+208
+217
+248
+ 128
+ 183
+ 165
+ 117
1 Data on extensions and repayments have been adjusted to avoid
duplications resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types
of holders do not equal the changes in outstanding credit.
2
Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54
December 1957, pp. 1420-22.
+422
-403
h647
-692
+41
-77
+50
-13
-56
+26
+13
+70
-49
+ 11
-100
+56
+6
+51
-103
+47
-2
-24
+94
+373
-118
-174
-76
-131
+52
+21
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
972
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise notec1. The terms ''adjusted" and "unadjusted" 1-efer to adjustment of monthlyfigures1or seasonal variation]
Construction
contracts
awarded (value)1
Industrial production
(physical volume)*
Employment and payrolls2
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Resi- All
den- other
tial
Nonagricultural
employment
Manufacturing
production workers
Employment
Freight
carloadings*
Payrolls
AdAdAd- Unad- Unad- Unad- AdAd- Unad- AdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
38
39
30
39
38
42
24
37
47
44
45
43
47
43
49
48
49
51
51
53
59
50
50
52
58
52
49
53
60
49
48
45
1931
1932
1933
1934
1935
40
39
31
31
30
37
40
47
36
39
1936
1937
1938
1939
1940
56
61
48
1926
1927
1928
1929
1930
. ..
. .
58
1941
1942
1943..
1944
1945
. .
1951
1952
1953
1954
1955
1956
1957
60
46
57
34
34
36
74 0
85 7
76 4
71 6
72.9
73 1
75 0
67 5
67.9
67.9
71 0
66.6
65 5
64.1
64.2
68 3
59.5
33 0
32 4
32.8
35 0
28.3
115
111
112
37
37
37
38
35
75 6
74 2
73 3
73 3
71.4
65 0
62.0
62.9
61 9
56.1
60.3
53 4
53.6
58.8
61.3
50.2
42 6
47.2
55.1
58.8
21.5
14 8
15.9
20.4
23.5
79
32
24
24
27
29
65 0
58 4
55.3
57 2
58.7
47.4
42 1
42.8
48.7
52.0
65.8
70.2
66.1
69 3
73.3
63.9
70.1
59.6
66 2
71.2
27.2
32.6
25.3
29 9
34.0
81
84
67
32
35
32
35
37
59.3
61.4
60 3
59 4
59.9
52.5
56.1
51.1
50 1
51.1
82.8
90.9
96.3
95.0
91 5
87.9 49 3
103.9 72.2
121.4 99.0
118.1 102.8
104 0 87 8
98
104
104
106
44
49
56
62
102
70
62 9
69 7
74.0
75 2
76 9
56.8
64.2
67.0
67.6
68 8
94.4
99.4
105 101 6
111
99.0
142 102.3
97.9 81.2
103.4 97.7
102 8 105 1
93.8 97.2
99.6 111.7
100
108
90
98
83.4
95 5
102 8
101 8
102 8
78.7
96.4
104 4
99.2
103.1
106.4
106.3
111.8
101.8
105.6
106.7
104.4
129.8
136.6
151.4
137.7
152.9
161 4
162.7
101
111 0
113.5
114 4
114.8
114.5
116 2
120.2
114.8
111.6
110.1
110.3
110.7
114 3
117.6
103.4
105.3
105.0
104.3
102.6
100.6
120.8
121.0
121.1
121 1
121.6
121.6
118.2
118.4
118.0
117 8
118.1
118.5
122.3
122.5
123 3
123 5
123.6
123 7
118.9
119.0
119 7
119.3
119.5
119 2
119.2
42
46
59
34
15
14
17
20
22
41
24
30
38
51
42
48
51
55
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
91
126
162
159
123
84
81
84
87
93
92
66
89
116
37
22
54
49
24
10
36
16
50
82
84
87
86
79
83
102
113
98
116
111
91
100
106
94
105
159
185
114
115
171
170
107
110
90
100
90
100
104
97
103
97
112
113
86
101
104
95
116
121
128
144
145
27
32
30
30
48
42
48
49
55
110
143
143
90
98
83
92
107
105
62
93
103
99
96
95
99
102
99
8
20
18
24
25
35
36
40
40
44
74
45
30
159
160
129
130
129
128
199
101
199
101
108.2
110.4
113.6
110.7
114.4
199 118.3
101 119.2
162
131
128
109
119
102
127
123
98
89
108
123
75
122
119
112
r
109
109
112
78
74
102
r
109
128
144
136
153
137
155
114
118
116
126
114
116
111
122
183
192
215
261
183
178
232
280
Unadjusted
31.1
37 1
24 0
25 7
32.6
30.4
32 1
30
7
7
13
Unadjusted
68.7
69 0
52.8
58 4
66.9
62.1
64 2
76
52
19
Adjusted
61.3
61 9
55.2
58 5
64.3
63.5
65 2
67
68
70
70
106
125
136
127
140
39
45
32
43
73
71
88
124
134
125
139
45
51
66
26
18
27
41
49
57
75
69
69
73
63
49
87
133
130
62
57
59
34
34
30
43
63
64
63
68
59
66
120
. .
55
44
42
46
45
53
42
45
48
50
51
56
51
67
127
125
1946
1947
1948
1949
1950
46
37
36
34
40
DepartWholement
sales
Constore sumer
comsales* prices2 modity
(retail
prices2
value)
172
183
201
204
248
no
115
99
59
62
67
69
76
83
104
88
97
104
99
107
112
95
96
86
95
114
118
118
128
97
90
135
136
160.9
164.6
164.7
162 6
160.7
157.3
85
138
86
85
129
83
133
138
98.0 '97.2 149.9
95.5 95.1 144.9
93.5 93.3 143 6
92.5 91.4 139.6
92.3 90.9 140.9
92.8 92.2 144 7
HAS A
82
77
75
130
124
131
72
130
134
1957
July
145
AUR
Sept
Oct
Nov
Dec
135
147
145
144
145
146
147
146
163
160
132
131
142
139
146
142
130
128
143
141
134
156
154
135
137
146
133
130
128
132
131
129
127
127
132
135
131
129
142
137
135
127
125
124
128
131
125
127
129
129
106
96
119
107
86
70
119.9 104.8
97 119.9 104.4
89 119.4 103.3
92 118.9 102 8
91 118.3 101.8
78 117.8 100.3
92
87
144
136
1958
Jan
Fcb
Mar
Apr
May
June
July
126
128
131
130
134
134
139
126
129
T
•Estimated.
* Preliminary.
Revised.
• Average per working day.
1 Indexes beginning 1956 are based on data for 48 States from F. W.
Dodge Corporation, 1956-57= 100. Figures for earlier years are threemonth moving averages, based on data for 37 States east of the Rocky
Mountains, 1947-49= 100; the data for 1956 on this basis were: Total,
268; Residential, 271; and all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
72
67
99
115
124
126
82 117.1
78 115.6
105 114.8
104 114.4
130 114.6
156 115.0
^115.3
73
77
70
*140
2 The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on employment and payrolls incorporate revisions to first-quarter 1957 Benchmark levels. The consumer price index is the revised series, reflecting, beginning January 1953,
the inclusion of some new series and revised weights; prior to January
1953, indexes are based on the "interim adjusted" and "old" indexes
converted to the base 1947-49= 100.
973
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
average
proportion
1956 1957 June July
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
100.00
143
143
145
145
145
144
142
139
135
133
130
128
126
128
131
MANUFACTURES—TOTAL
90.02
144
145
147
147
147
146
143
141
137
135
131
129
128
130
134
Durable Manufactures—Total
45.17
159
160
163
162
163
160
156
154
146
142
137
135
131
6.70
138
131
132
134
136
131
128
111
107
100
95
91
86
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
172
135
171
153
207
199
125
310
166
176
139
168
150
204
213
128
344
172
179
139
171
153
207
220
132
355
173
179
141
173
152
215
216
128
351
173
178
140
172
151
215
216
131
345
174
176
139
170
150
209
212
129
340
173
172
137
164
148
197
208
126
334
170
170
141
163
143
203
203
125
322
170
163
135
156
137
194
194
113
315
168
159
129
151
130
192
191
107
318
166
153
124
144
127
177
185
99
312
163
150
111
141
126
170
183
93
316
160
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
140
158
123
133
155
114
140
156
125
133
155
113
136
159
116
134
159
112
131
155
109
128
151
107
124
148
103
125
142
110
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
135
122
144
132
120
140
133
121
142
133
122
141
735
123
143
135
111
143
132
120
140
129
118
136
125
116
131
Nondurable Manufactures—Total
44.85
129
130
131
131
132
151
130
128
Textiles and apparel
11.87
6.32
5.55
108
104
112
105
99
111
106
100
113
107
101
113
106
101
112
106
101
112
104
98
110
101
95
107
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
117
133
104
118
135
104
119
135
106
119
136
105
122
141
106
120
138
104
117
135
103
Paper and printing
Paper and allied products
Printing and publishing
Newsprint consumption
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
145
159
136
132
138
148
158
141
131
146
148
159
141
132
146
146
156
140
129
146
149
163
141
129
146
149
161
142
131
147
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
167
177
196
141
172
184
203
141
172
184
204
139
174
185
205
142
175
186
206
143
11.51
10.73
8.49
2.24
.78
112
113
113
112
107
112
112
112
113
111
113
114
113
116
112
113
113
114
109
114
MINERALS—TOTAL
9.98
129
128
127
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
129
85
55
90
150
137
190
128
83
49
88
150
138
198
127
86
60
90
146
136
194
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
127
114
141
129
116
142
131
111
142
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages
Tobacco manufactures
Preliminary.
' Revised.
139
91
103
146 148
118 120
137 137
122 122
166 167
178 182
93
86
316 "314
159 '158
151
125
141
125
171
184
92
322
161
120
134
108
120 '120 724
133 135 139
109 105 110
128
145
113
123
114
129
120
111
126
121
111
128
121 722
110 113
129 129
126
117
133
127
127
125
124
125
126
129
97
91
104
97
92
103
97
91
103
95
92
99
98
92
106
99
106
102
95
110
116
131
103
108
117
100
108
116
100
106
114
98
106
116
98
102
111
94
104
113
97
111
125
149
161
142
130
148
149
162
141
129
148
146
152
142
131
148
146
155
140
126
147
144
153
139
124
146
142
149
138
124
145
143
152
137
123
145
143
153
137
124
144
146
158
138
125
145
174
185
207
141
173
185
206
139
171
184
201
135
169
181
196
137
168
182
195
131
164
111
186
129
163 164
116 111
183 -181
127 127
165
111
180
168
180
112
113
112
113
111
113
113
112
113
114
111
111
111
112
110
110
110
110
110
107
113
114
113
118
106
114
114
113
116
112
113
114
112
118
112
113
113
112
114
112
113 ni4
113 r114
115 114
108 114
117 115
116
116
116
128
129
129
127
123
123
122
119
112 109
109
112
127
84
40
90
148
134
197
128
84
50
89
149
134
198
129
82
48
88
151
136
196
128
80
45
85
150
136
199
123
77
43
82
145
132
198
122
71
40
76
146
131
193
121
69
43
73
145
130
111 '108
70
63
41
40
74
67
131 130
116 117
109
62
41
'65
r
131
r
118
112
66
45
70
134
121
132
122
143
133
111
146
129
115
144
125
107
143
120
100
140
125
110
141
127
110
144
119
100
138
107
73
142
111
78
143
For other notes see end of table.
113
88
139
133'
r
974
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
Annual
1947-49 average
proportion
1956 1957 June July
1958
1957
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL... 100.00
143
143
145
135
145
146
146
142
134
132
131
129
127
127
132
MANUFACTURES—TOTAL
90.02
144
145
146
137
147
148
148
144
135
134
132
131
129
129
133
Durable Manufactures—Total
45.17
159
160
162
151
160
160
159
156
147
143
139
138
133
133
138
6.70
5.03
3.51
.37
3.05
2.62
.43
138
135
142
131
143
139
167
131
130
140
137
139
138
143
136
134
141
139
140
141
136
118
118
130
136
128
129
123
128
127
135
137
134
133
137
128
126
136
139
134
134
132
129
126
135
132
134
132
143
121
118
126
121
126
125
132
106
102
108
107
107
107
108
102
95
99
98
99
96
111
99
91
94
91
93
92
100
95
89
92
90
91
90
95
89
81
83
80
82
83
77
93
87
91
83
91
91
86
106
100
105
93
105
108
91
1.52
1.29
.23
119
117
126
108
107
113
119
117
126
90
90
89
106
107
103
105
104
110
106
105
107
99
99
98
87
87
88
85
84
92
85
83
92
83
83
86
78
79
74
r
78
r
1.67
.38
.09
.06
.04
.10
.09
144
164
133
132
115
123
280
136
164
129
135
114
123
275
142
167
134
137
110
128
280
117
157
114
126
104
118
279
132
160
122
126
107
115
282
134
153
120
120
116
110
263
138
156
126
128
115
113
263
129
159
125
131
112
114
274
117
161
128
134
112
120
275
121
160
134
134
106
114
275
121
155
128
140
116
106
273
114
149
122
128
96
101
271
112
146
124
122
94
101
r
261
.13
1.16
.63
.20
.33
118
140
115
215
146
111
129
104
198
136
108
138
115
211
140
86
107
73
214
109
106
125
105
192
125
114
130
109
?00
131
117
134
110
199
140
112
121
98
167
138
99
104
80
159
118
98
110
88
167
120
93
113
92
174
117
88
106
83
170
111
94
102
77
189
99
28.52
172
176
176
167
174
174
173
174
166
161
156
154
5.73
2.68
2.12
.30
.63
135
141
125
151
110
139
152
124
146
99
139
152
124
149
104
134
149
118
163
81
141
153
121
205
105
145
156
122
195
122
\A1
156
124
146
115
139
156
125
112
99
133
154
120
110
76
127
146
111
116
80
VIA
138
105
126
94
122
135
103
139
97
13.68
171
168
168
158
167
173
170
165
157
153
148
9.04
8.13
1.02
7.11
.68
.69
153
147
86
156
197
168
150
146
84
155
182
151
153
148
85
157
188
160
146
144
82
152
179
129
143
141
80
150
175
119
149
143
82
152
175
159
145
140
82
148
164
149
140
136
78
144
154
138
138
135
80
143
153
120
133
130
80
137
144
120
131
125
81
132
133
144
4.64
3.23
.74
207
198
224
204
201
205
197
200
180
183
195
143
213
196
256
220
201
269
220
196
282
215
198
260
194
197
176
192
190
187
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
199
125
138
112
92
58
218
167
121
213
128
146
104
100
50
194
137
123
217
130
156
119
108
62
228
156
118
205
114
134
103
96
52
208
109
106
209
123
148
103
97
48
195
146
113
194
100
84
85
69
29
184
136
114
198
110
88
93
95
46
161
122
127
213
139
171
99
118
47
157
116
131
203
124
151
95
99
40
183
101
116
2.74
1.30
.81
.53
.35
310
548
118
63
54
344
608
129
77
80
351
615
136
84
88
344
609
131
73
71
341
606
128
69
84
340
597
126
83
85
334
592
124
74
76
322
569
121
71
72
322
571
125
61
59
Ferrous metals
Pig iron
Steel
Alloy steel
Ferrous castings and forgings
Tron and steel castings
Steel forgings
Primary nonferrous metals
Copper smelting
Lead
Zinc
Secondary nonferrous metals
Nonferrous shapes and castings
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Stampings and misc. metal products
Tin cans
Furnaces gas ranges and heaters
Machinery
Farm and industrial machinery
Industrial and commercial machinery....
Machine tools and presses
Electrical apparatus and parts
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Truck trailers
Auto and truck parts
Other transportation equipment
Aircraft and parts
Railroad equipment
81
112
141
112
114
105
99
256
124
134
105
109
102
96
241
105
84
187
98
126
110
212
148
146
149
118
131
99
120
97
119
132
98
137
96
125
138
101
160
146
139 135
138
132
124
83
130
128
158
126
121
84
126
119
131
124
118
r
81
123
115
137
125
117
77
123
113
159
181
183
159
174
179
139
165
172
125
159
168
112
162
169
123
196
113
132
91
83
26
216
93
108
191
108
122
92
85
29
210
101
104
189
101
106
94
83
26
226
102
100
181
92
89
90
79
26
213
103
181
94
99
96
78
26
239
112
183
93
100
92
79
29
211
113
321
570
123
64
66
315
562
121
56
56
320
566
128
58
59
316
561
127
51
49
r
311
r
319
573
130
32
24
Instruments and related products
1.29
166
172
171
168
172
174
172
172
170
166
163
161
Clay, Glass, and Lumber Products
5.91
140
133
144
127
143
141
139
128
117
117
117
118
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
2.82
1.09
.60
.47
.26
.23
158
140
164
165
132
87
155
141
161
164
136
92
159
139
157
160
144
85
150
132
149
151
137
78
163
142
156
159
154
91
162
141
163
167
138
90
161
144
165
170
143
92
152
140
165
170
128
90
145
135
161
166
117
86
136
130
150
153
128
79
130
128
142
144
132
85
131
124
137
137
134
82
Structural clay products
Brick
.32
.35
.12
.20
157
137
134
142
148
128
114
140
161
133
123
143
119
134
122
145
185
137
129
145
187
135
124
144
177
134
126
143
152
126
113
138
132
117
95
133
109
105
84
121
92
99
77
115
Misc. stone and earth manufactures
.48
.58
194
173
188
174
200
177
198
173
201
175
198
175
193
173
182
166
172
165
165
157
156
151
r
Revised.
For other notes see end of table.
87
oo
79
71
r
553
130
39
34
157
159
125
133
135
118
130
129
126
77
141
118
126
127
133
148
123
131
133
144
105
102
87
114
146
112
115
111
172
115
120
114
183
163
151
170
147
183
147
194
152
160
r
120
r
121
975
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
Industry
Annual
947-49 average
proportion 1956 1957 June July
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
June
WITHOUT SEASONAL ADJUSTMENT
—Continued
r
Lumber and products
Millwork and plywood
Millwork
Softwood plywood
3.09
2.05
.60
.39
.12
.29
123
107
189
121
301
91
114
96
187
112
312
84
131
110
219
146
339
88
105
88
168
101
277
83
125
106
209
144
314
83
121
103
205
132
327
83
119
98
207
124
344
82
106
89
178
100
307
78
92
75
155
80
280
77
100
81
181
76
358
74
105
87
189
95
346
69
106
89
182
95
328
73
73
77
79
Furniture and Misc. Manufacturing....
4.04
135
132
130
125
136
141
139
134
128
120
121
121
118
118
123
Furniture and fixtures
Household furniture
Fixtures and office furniture
1.64
1.10
.54
122
121
122
120
120
120
118
117
119
116
115
118
124
124
124
126
126
125
125
127
122
121
123
116
120
122
116
113
114
111
112
113
109
111
108
108
113
2.40
144
140
139
131
144
150
148
143
134
125
126
Nondurable Manufactures—Total
44.85
129
130
130
122
134
135
137
131
123
125
Textiles and Apparel. .
11.87
108
105
104
91
108
104
108
102
92
99
6.32
104
108
102
118
98
99
105
99
86
86
75
110
64
101
105
98
113
94
101
107
97
121
94
103
106
97
122
86
98
107
97
121
97
89
97
84
116
90
93
102
94
110
82
82
86
81
79
79
80
71
66
74
65
66
55
61
54
55
61
64
67
71
59
55
69
60
82
.16
.75
86
88
86
71
63
68
67
77
70
81
83
108
100
102
96
119
110
95
88
114
128
110
95
87
116
129
109
98
88
121
125
104
93
Knit garments
1.15
.65
.45
.20
.50
88
107
118
92
78
74
86
111
94
90
87
99
99
98
94
91
103
104
98
91
88
99
107
98
90
87
98
107
101
91
87
100
115
103
86
79
103
126
Woven carpets
.48
.31
Textile mill products
Cotton and synthetic fabrics.
Synthetic fabrics
Wool textiles
W^ool apparel yams
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery
3.72
2.30
.97
.45
.97
95
119
104
96
111
94
102
75
87
78
75
88
88
67
71
67
104
93
89
102
118
107
92
87
104
125
96
76
69
92
123
65
105 1 1 1
r
88
183
91
93
190
99
121
100
209
120
113
108
109
106
108
127
125
125
126
125
125
124
128
103
101
100
99
100
95
94
94
r
93
103
94
107
94
103
93
109
96
86
98
89
r
99
99
88
105
102
102
r
r
104
'89 '104
114
112
130
104
83
71
64
46
68
75
59
59
61
62
70
69
62
48
112
110
95
93
78
118
111
102
86
87
61
110
104
91
88
80
111
96
74
55
54
48
83
116
109
100
78
76
68
113
112
99
72
73
53
116
107
98
73
77
41
113
96
90
72
76
40
106
94
69
73
35
100
113
100
74
78
41
116
108
95
74
72
64
110
109
104
71
73
45
125
105
104
83
77
89
107
117
1.85
.76
112
112
128
101
130
118
148
109
133
108
134
102
123
80
105
129
114
117
106
128
111
127
109
85
122
156
137
96
94
123
Misc apparel and allied rofrs •
1.92
113
117
113
113
120
122
123
121
117
112
114
113
106
106
112
Rubber and Leather Products
3.20
117
118
117
101
123
121
123
116
104
112
113
112
104
noi
110
1.47
.70
133
121
135
132
123
112
135
120
145
129
135
119
114
106
123
106
120
112
118
111
99
118
104
115
103
112
113
97
122
117
104
Apparel and allied products
Men's outerwear
Men's suits and coats
Men's suits
M^en's outercoats
...
Shirts and work clothing
Tires and tubes
Auto tires
Miscellaneous rubber products
Leather
Cattlehide leathers
Skin leathers
Miscellaneous leather products
PftDer and allied Droducts
Pulo and paper
Paper and board
Fine paper
Coarse paper
Paperboard
Building paper and board
Converted paper products
f
Revised.
5.55
1 78
.73
.50
.13
.99
112
109
122
91
147
141
114
150
139
124
135
110
153
104
105
92
112
105
123
134
107
.77
144
1.73
104
.44
.29
.15
90
91
99
76
117
136
105
123
119
.40
.30
110
98
93
93
89
98
72
97
107
77
74
82
58
131
105
92
103
72
87
97
69
139
117
160
90
101
71
124
112
150
99
88
98
68
108
115
98
112
91
102
113
88
122
140
94
101
108
107
95
92
80
89
63
83
92
67
88
97
72
82
89
69
79
85
65
82
88
68
127
128
125
121
106
101
81
73
91
113
131
99
127
.39
97
94
92
92
100
98
98
98
95
87
93
90
82
82
8.93
145
148
148
136
147
151
156
152
141
143
145
146
146
144
146
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
159
157
179
148
140
145
136
170
155
131
158
154
176
145
133
139
127
179
153
124
161
155
175
147
136
142
123
184
154
127
139
132
152
124
121
107
102
160
128
118
165
157
181
147
132
139
127
175
158
134
163
153
172
146
125
145
124
171
160
134
170
163
187
154
135
143
135
185
166
141
163
156
183
145
132
138
129
172
157
120
140
137
153
131
123
131
114
167
134
101
153
151
177
141
132
135
123
181
145
114
158
156
177
147
135
145
126
183
155
120
155
152
173
156
152
171
153
147
166
159
154
144
131
148
123
176
151
145
137
145
124
184
146
115
126
139
134
138
113
170
145
1.70
.51
.11
162
159
170
163
157
179
166
160
183
147
141
163
173
172
175
173
170
178
177
168
204
171
167
182
142
132
171
155
143
190
160
149
192
158
160
159
148
185
146
201
151
183
For other notes see end of table.
131
171
147
137
147
121
176
156
136
165
156
192
976
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
1947-^9 Annual
average
propor1956 1957 June July
tion
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing
Newsprint consumption
Job printing and periodicals.
5.47
1.85
3.62
Chemical and Petroleum Products.
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
136
132
138
141
131
146
140
132
144
134
112
144
136
116
146
144
133
150
146
140
150
145
140
148
142
129
149
9.34
167
172
168
165
171
174
176
173
6.84
2.54
.57
1.97
.24
.11
.59
1.03
111
196
189
197
256
236
181
189
184
203
202
204
272
245
199
186
179
200
197
201
266
225
189
191
174
195
189
196
240
209
191
188
181
200
196
202
269
241
198
184
185
205
203
205
283
252
202
184
190
208
209
207
299
274
206
179
187
203
205
203
276
282
201
178
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
132
124
158
130
121
154
109
94
154
107
95
142
113
100
153
120
110
151
150
148
159
Soap and allied products.
Paints
Fertilizers
.71
.66
.23
111
124
129
112
121
132
104
125
119
80
126
104
115
125
108
115
122
119
2.50
1.97
1.04
.98
.06
141
150
159
153
254
141
150
162
157
249
139
147
162
156
258
139
146
161
155
260
144
152
168
163
265
.56
.30
.26
147
193
95
147
194
93
142
188
90
141
185
89
.10
.17
111
119
98
113
83
104
.26
.15
102
104
105
94
107
104
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline
Fuel oil
Distillate fuel oil.
Residual fuel oil.
Kerosene
,
Lubricating oil.
Coke
Asphalt roofing and siding.
139
132
143
137
125
144
164
163
164
179
176
182
193
179
261
197
153
r
172
176
136
116
146
137
121
145
140
129
147
171
170
167
165
183
198
198
198
259
268
194
179
183
197
203
195
270
265
184
176
180
190
199
188
269
233
172
173
179
187
202
183
255
216
164
173
149
147
156
136
132
147
141
136
156
136
130
154
126
122
135
202
'180
262
196
155
174
124
118
139
126
119
122
110
115
115
105
114
115
111
113
124
107
111
126
108
111
161
144
152
170
166
233
139
145
162
157
242
136
147
160
156
233
138
153
165
161
236
134
148
159
156
212
130
144
155
151
223
144
191
89
142
188
90
137
181
86
139
184
87
150
200
93
146
195
89
82
111
82
112
90
108
87
107
106
109
117
105
106
107
106
106
119
103
121
95
81
128
124
128
131
130
154
109
125
126
140
156
124
101
87
105
78
117
140
131
145
nss
179
154
175
110
138
110
99
145
101
111
189
97
112
174
106
118
116
125
137
149
145
212
124
134
148
144
223
128
138
155
152
202
140
182
91
132
175
83
125
166
78
128
173
75
118
100
125
101
110
95
89
100
74
103
85
54
79
59
75
57
72
77
66
107
65
132
113
106
104
104
104
106
110
113
116
133
140
122
107
109
131
136
122
103
106
134
149
118
103
103
121
134
107
104
102
120
129
109
106
104
123
131
111
110
106
115
133
99
119
114
121
144
102
91
88
100
77
96
85
87
92
73
84
88
97
98
80
82
92
104
101
84
84
97
112
105
87
89
106
121
117
99
96
119
120
133
116
111
137
135
157
143
122
146
138
162
142
142
68
137
122
Foods, Beverages, and Tobacco.
11.51
112
112
117
115
Food and beverage manufactures.
Food manufactures
Meat products
Beef.
Pork
10.73
8.49
1.48
.46
.83
113
113
133
151
119
111
112
128
148
110
116
111
120
148
97
116
114
116
150
91
.14
.07
.19
.28
110
107
117
101
112
111
109
119
102
111
151
145
165
142
149
134
113
137
114
151
111
123
118
150
94
120
97
119
97
141
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
1.13
1.16
.46
.70
133
101
84
113
126
100
87
108
111
98
87
106
163
98
78
111
213
105
88
117
230
108
94
117
158
105
92
114
109
98
89
104
99
97
86
104
87
100
90
106
85
101
92
107
82
101
93
107
91
98
84
106
'98
99
84
109
119
106
87
117
Bakery products.
Sugar
Cane sugar
Beet s u g a r . . . .
1.64
.27
.11
.13
98
122
116
121
100
122
112
125
102
88
140
38
104
74
122
27
103
80
123
38
102
117
125
105
101
262
108
390
101
279
97
431
101
233
93
350
98
129
100
149
98
65
104
26
98
54
106
3
98
68
114
23
100
83
112
53
103
Confectionery
Miscellaneous food preparations.
.71
1.41
107
105
112
108
95
114
81
113
103
113
155
113
147
112
132
110
99
108
113
107
124
109
109
108
104
108
92
114
95
120
2.24
.54
1.70
1.02
.17
.37
112
113
138
122
120
118
121
105
99
93
102
110
110
122
105
101
78
119
103
101
83
111
123
130
67
127
105
127
34
84
102
111
47
101
108
97
109
125
117
88
140
158
100
73
99
151
89
81
88
101
89
85
83
99
94
95
105
106
102
94
113
101
102
85
99
112
116
74
114
.78
.46
.17
107
111
104
111
116
106
121
129
111
102
114
81
120
126
115
118
123
116
119
122
121
110
111
116
87
90
86
112
118
105
112
116
111
112
117
109
112
119
104
118
126
109
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Beverages
Bottled soft drinks. .
Alcoholic beverages.
Beer and ale
Liquor distilling. .
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
Preliminary.
,
,
r
Revised.
122
For other notes see end of table.
136
125
134
113
977
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947^9 Annual
1957
1958
average
propor1956 1957 June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June
tion
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral Fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and gas liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals
9.98
129
128
131
123
130
130
129
123
122
121
118
111
109
110
115
8.35
129
128
127
119
126
127
127
124
125
124
121
113
109
109
114
2.68
.36
2.32
85
55
90
83
49
88
88
64
92
86
52
92
86
52
91
87
49
93
46
86
74
42
79
73
48
77
70
44
74
67
36
71
60
36
64
150
145
137
190
199
182
180
150
146
138
198
212
184
171
145
143
136
184
192
177
156
145
138
130
186
194
179
185
147
140
132
188
196
180
185
146
140
131
193
203
182
177
144
141
131
204
221
189
160
61
37
65
135 132 131
133 131 129
120
121 119
73
47
77
5.67
4.82
4.12
.70
.34
.36
.85
65
32
71
145
139
132
181
196
167
179
1.63 127
129
149
143
247
145
138
180
143
173
136
168
140
150
117
149 148 145
143 144 143
133 132 130
206 »216 P217
228
186 184 183
177 172 159
110 106 103
103
108
115
123
133
130
121
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
114
104
120
136
88
87
116
114
117
133
85
84
151
193
123
139
87
92
137
181
108
121
80
80
139
182
110
124
82
79
137
172
113
132
79
70
124
143
110
125
83
74
92
65
110
131
71
68
82
42
109
131
70
67
83
43
111
129
76
72
85
43
113
131
78
71
79
39
106
129
56
69
81
39
109
125
78
77
69
98
112
r
71
r
67
105
72
68
Stone and earth minerals
.81
141
142
148
149
155
153
152
143
138
130
121
128
136
144
149
r
9 Preliminary.
Revised.
1 Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
98
•94"
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-71.
For description and back figures, see BULLETIN for December 1953
pp. 1247-93 and pp. 1298-1328, respectively.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
1947_49 Annual
average
proportion 1956 1957 June July
Series
FT FCTRICITY AND GAS—TOTAL
Residential
Nonresidential
Electricity
Residential
Industrial
General industrial
Atomic energy
Commercial and other
..
r
N O T E . — F o r description
1956, p p . 1055-69.
76.18
27.48
23 68
23.49
.19
25.02
23.82
13.86
6.16
3.80
Gas
Residential
Industrial
Commercial and other
v Preliminary.
100.00
41.34
58.66
218 133 232 136
241 '261 261 164
201 113 1 1 3 117
1957
1958
Aug. Sept. Oct. Nov. Dec.
Jan. Feb.
Mar. Apr. M a y June
138
168
117
138
169
116
137
169
114
138
173
114
237
273
212
238
275
212
239
278
211
238 J>235 2>237 ^238
282
207
238
281
217
237
280
215
234
277
213
236
282
210
235
282
207
236
285
205
238
290
202
238
295
196
232 129 1 3 3 137
'236 r235 1 3 8 1 4 2
140
145
146
146
244
242
240 2>238 2>236 *>233
147
137
122
154
139
124
155
140
124
255
138
123
256
231
221
256
225
218
257
219
214
233
273
213
218
250
206
233
274
214
237
277
217
186 193 193 198 198 196 194 191 188 186 183 177
2697 2676 2790 2560 2530 2580 2610 2580 2580 2590 2590 2610
194 208 208 213 212 210 208 209 209 212 215 214
218
223
218
197
r
130
124
'218 '217
Revised.
and back figures see BULLETIN for
October
130
119
135
121
235
291
197
178
2590
209
237
290
199
180
2590
214
^239
Indexes without seasonal adjustment m a y be obtained from the Division
of Research a n d Statistics.
Revised indexes for the first five m o n t h s of 1957 m a y be obtained from
the Division of Research a n d Statistics.
978
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average- 100]
1947-49 Annual
average
proportion 1956 1957 June July
Product
1958
1957
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL..
.
Autos
Furniture and floor coverings
Heating apparatus
Television sets
100.00
131
130
134
132
135
134
129
128
119
113
110
104
105
111
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
144
157
134
114
121
141
147
138
116
121
145
154
139
115
123
137
143
134
111
120
117
117
118
110
116
111
107
116
106
113
103
92
114
106
113
94 -104
81
96
107 113
104 106
111 114
111
99
127
133
89
140
180
104
205
75
453
124
129
83
139
167
108
226
69
524
124
130
77
140
177
106
245
72
575
127
136
86
140
195
96
247
75
575
136
142
134
112
120
132
141
92
148
196
104
203
78
441
125
127
124
112
119
143
151
103
150
216
118
224
70
519
142
150
137
114
122
129
137
85
138
203
101
232
82
517
115
119
87
125
152
103
188
66
419
106
110
86
111
142
93
181
66
401
115
117
81
129
142
110
151
55
335
115
118
80
122
159
107
133
44
302
ioi
101
82
106
116
105
131
46
293
112
113
79
121
140
110
138
42
320
30.28
14.00
16.28
111
105
116
111
110
108
112
111
110
112
112
110
115
114
110
118
112
110
113
110
107
105
107
108
106
105
111
114
112
109
105
104
105
103
104
106
100.00
131
130
131
116
132
119
119
141
124
117
116
111
101
103
109
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3 72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
140
156
129
110
117
121
134
110
105
115
139
148
133
116
124
118
84
150
119
126
119
88
148
118
127
153
171
138
115
123
132
151
118
114
122
123
132
117
108
114
120
122
121
108
113
114
106
122
108
113
100
89
110
104
108
103
99
108
101
108
109
100
119
106
114
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
131
136
88
164
150
114
180
57
414
105
108
59
130
126
94
143
40
339
109
109
77
102
164
109
256
62
627
i-ii
144
93
133
229
134
268
81
625
133
136
90
119
229
121
282
101
627
121
126
89
112
206
104
259
108
547
102
109
79
106
156
80
176
76
365
103
111
86
113
140
78
187
66
417
121
128
91
137
161
99
159
56
355
131
140
93
152
175
103
139
47
314
112 115
116 118
86
75
135 139
120 133
101 106
125 112
41
44
279 246
30.28
14.00
16.28
111
105
116
111
108
107
108
106
109
104
116
114
117
121
120
121
120
118
122
114
106
102
105
105
103 102
1??
39
281
108
120
110
101
104
104
100
100
103
129
138
85
141
203
101
212
80
465
97
m
110
117
128
140
157
155
51
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL
Autos
Major household goods.••
Household furniture
Appliances and heaters....
Major appliances
...
Refrigeration appliances
Laundry appliances
Heatinc aDDaratus
Radio and television sets
Radio sets
Auto parts and tires
114
135
84
165
141
r
Revised.
Individual indexes without seasonal adjustment for woven carpets,
Publication suspended pending revision.
appliances, heating apparatus, radio sets, and television sets may be
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
obtained from the Division of Research and Statistics,
pp. 438-47.
VALUE OF NEW CONSTRUCTION ACTIVITY
1
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]
Public
1Private
Year or month
Total
1950
1951
1952
1953
1954
1955
1956
1957
1957_june
July
Sept
Oct
Nov
Dec . .
1958 Jan
Feb
Mar
Apr p
May 7
June*
JUlyP
" Preliminary.
Indus- Com- Public
trial mercial utility
Other
nonresidential
Total
Military
Highway
Conservation
All
other
1,062
2,117
2,320
2,229
2,030
2.399
3,084
3,557
1,288
1 371
1,137
1,791
2,212
3,218
3,631
3,564
3,330
3 729
4,003
4,416
4,284
4,543
5,113
5,774
3,174
3,574
3,547
3,511
3,774
3^755
3,782
4,224
7,001
9,419
10,901
11,394
11,922
11.961
13,005
14,354
177
887
1,388
1,307
1,030
1,313
1,395
1,322
2,272
2,518
2 820
3,160
3,870
4 050
4,655
5,215
942
912
900
892
773
701
826
971
3,610
5,102
3,793
6,035
6,249
5,897
6,129
6,846
Business
Total
Residential
Total
29,955
32,739
34,750
37,118
39,601
44,581
46,292
48,492
22,954
23,320
23,849
25,724
27,679
32,620
33,287
34,138
14,100 5,680
12,529 7,217
12,842 7,460
13,777 8,436
15,379 8,526
18,705 10,160
17,677 11,828
17,019 12,895
4,003
3,934
4,034
4,078
4,166
4,137
4!211
2,823
2,811
2,854
2,870
2,912
2,917
2,895
1.373
1,383
1,412
1,432
1,461
1,472
1,461
1,095
1,085
1,084
1,080
1,093
1,086
1,072
311
300
301
290
283
281
272
302
292
296
298
306
305
304
482
493
487
492
504
500
496
355
343
358
358
358
359
362
1.180
,123
,180
,208
,254
1,220
1,316
101
108
120
114
111
104
110
428
391
393
410
451
443
538
79
80
91
91
93
85
74
572
544
576
593
599
588
594
4,156
4,079
4,053
3,960
3,929
3,969
4,036
2,863
2,834
2,792
2,734
2,716
2,743
2,793
1,445
1,441
1,397
1,350
1,334
1,368
1,420
1,058
1,030
1,033
1,019
1,011
1,000
993
269
252
240
222
210
195
187
288
281
288
294
302
311
308
501
497
505
503
499
494
498
360
363
362
365
371
375
380
1,293
I 245
1,261
1,226
1,213
1,226
I 243
107
96
95
88
90
86
94
510
500
500
463
450
453
449
79
77
78
82
77
85
86
597
572
588
593
596
602
614
979
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for the 48 States, as reported by the F. W. JDodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public _ Private
1956
1957
1957 June
July
Aue.
Sept
Oct
Nov
Dec
.
....
1958—Jan
Feb
Mar
Apr
May.
June
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
2,804
2,922
7 542
7.841
348
31,612
32,173
10,666
11,238
20,946
20,935
12,862
13,039
2,381
2,168
3,140
3,267
2,883
2,936
3,223
2,901
2,818
2,550
2,614
2,371
1,982
1,323
1,002
802
816
787
867
734
J 900
,898
1,016
,734
,827
,504
,249
1,135
1 287
1,284
1,151
1,165
930
759
243
165
181
135
167
147
137
322
298
324
232
248
264
204
273
220
265
242
265
244
190
257
230
223
167
902
653
526
533
538
562
525
2,066
1,953
2,721
2,885
3,399
3,820
758
769
1,027
1,053
1,463
1,720
,308
,185
.694
1^832
1,936
2,100
777
727
1 071
1,244
1,343
107
102
131
129
146
247
205
285
293
265
214
224
268
235
286
191
220
283
300
427
530
475
684
683
932
in
239
NOTE.—This series for 48 States replaces the old series for 37 States.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
Month
All
districts
Boston
New
York
Philadelphia
Cleveland
Richmond
1957 Apr
May
June
2,778
3,398
3,223
137
192
138
415
403
401
98
171
146
191
278
276
188
175
218
271
317
272
1958—Apr
May
June
2,885
3,399
3,820
136
182
166
281
361
562
127
141
149
268
288
312
182
233
262
286
316
419
c
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
428
568
465
106
157
112
116
136
140
153
147
217
146
224
157
528
632
683
403
492
454
130
190
174
125
184
153
184
178
243
212
208
288
551
628
639
Atlanta Chicago
C
C
Corrected.
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
Total
private
(seasonally
adjusted
annual rate)
July
Aug
Sent
Oct
Nov
Dec
1958—Jan
Feb.
Mar
Apr
May
June
July
.
Metropolitan
areas
Nonmetropolitan
areas
Private
Government-underwritten *
Total
1family
2family
Multifamily
Public
Total
FHA
VA
J.396
,091
1,127
I 104
1,220
1,329
1,118
.042
1,022
111
795
804
897
976
780
700
374
315
332
300
324
353
338
342
1,352
1,020
1,069
1,068
1,202
1,310
1,094
993
1,151
892
939
933
1,077
1,190
981
840
42
40
46
42
34
33
31
33
159
88
84
94
90
87
82
120
44
71
59
36
19
20
24
49
686
412
421
409
583
670
463
313
486
264
280
252
276
277
192
185
200
149
141
157
307
393
271
128
1,015
1,056
1 012
1,020
1,009
1,000
98
100
92
97
78
63
68
62
34
32
30
35
26
20
3
3
3
3
3
3
10
12
10
11
9
9
4
3
2
9
3
1
17
20
19
21
19
43
81
82
77
74
64
51
29
31
30
31
25
63
94
97
90
88
76
63
20
15
12
12
12
10
6
5
1,020
68
45
44
55
10
10
12
14
n.a.
n.a.
n.a.
14
20
12
17
77
76
2
2
3
4
n.a.
n.a.
n.a.
5
5
4
5
115
50
49
62
77
n.a.
n.a.
n.a.
15
66
81
99
63
61
77
94
19
915
918
983
23
22
27
32
34
38
35
1950
1951
1952
1953
1954
1955
1956
1957
1957
Total
^1,090
p
.in
62
53
67
71
p
105
^107
p \ \
H
'29
33
39
42
27
30
31
4
3
3
5
6
8
11
r
P1 Preliminary.
Revised.
n.a. Not available.
figures
are based on filed office reports of first compliance inspections;
Represents units started under commitments of F H A or VA to inearlier VA figures are estimates based on loans-closed information,
sure or guarantee the mortgage. VA figures after June 1950 and all FHA
980
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
1957_j u ly2
AUE
Sect
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June
July
Total
labor
force
Employed1
Total
Total
In nonagricultural industries
110,780
111,924
113,119
115,095
116,220
117,388
118,734
120,445
64,599
65,832
66,410
67,362
67,818
68,896
70,387
70,746
63,099
62,884
62,966
63,815
64,468
65,848
67,530
67,946
59,957
61,005
61,293
62,213
61,238
63,193
64,979
65,011
52,450
53,951
54,488
55.651
54,734
56,464
58,394
58,789
120,579
120,713
120,842
120,983
121,109
121,221
121,325
121,432
121,555
121,656
121,776
121,900
121,993
73,051
71,833
71,044
71,299
70,790
70 458
69,379
69,804
70,158
70,681
71,603
73,049
73,104
70,228
68,994
68,225
68,513
68,061
67,770
66,732
67,160
67,510
68,027
68,965
70,418
70,473
67,221
66,385
65,674
66,005
64,873
64,396
62,238
61,988
62,311
62,907
64,061
64,981
65,179
59,449
59,562
59,156
59,168
59,057
59 012
57,240
57,158
57,239
57,349
57,789
58,081
58,461
1
Includes self-employed, unpaid family, and domestic service workers.
2 Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force.
In
agriculture
'
Unemployed
Not in the
labor force
7 507
7,054
6,805
6 562
6,504
6 730
6,585
6,222
3,142
1,879
1,673
1,602
3,230
2,654
2,551
2,936
46 181
46,092
46,710
47,732
48,402
48 492
48,348
49,699
7,772
6 823
6,518
6,837
5,817
5 385
4 998
4,830
5 072
5,558
6 272
6,900
6.718
3,007
2,609
2,552
2,508
3,188
3 374
4,494
5,173
5 198
5,120
4 904
5,437
5,294
47,528
48,880
49,797
49,684
50,318
50 763
51,947
51,627
51 397
50,975
50 173
48,851
48,889
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
889
916
885
852
777
111
807
809
2,333
2,603
2,634
2,622
2,593
2,759
2,929
2,808
3,977
4,166
4,185
4,221
4,009
4,062
4,161
4,151
9,645
10,012
10,281
10,527
10,520
10,846
11,221
11,302
1,824
1,892
1,967
2,038
2,122
2,219
2,308
2,348
5,077
5,264
5,411
5,538
5,664
5,916
6,160
6,336
6,026
6,389
6,609
6,645
6,751
6,914
7,277
7,626
828
820
2,847
2,805
2,782
2,763
2,710
2,679
2,652
2,455
2,573
2,624
2,698
2,715
2,718
4,163
4,179
4,170
4,141
4 104
4,070
4,045
3,990
3,930
3,890
3,877
3,889
3,878
11,368
11,402
11,349
11,315
11 290
11,237
11 305
11,235
11,116
11 050
11,087
11,101
11,120
2,349
2,359
2,366
2,373
2 372
2,365
2,368
2,367
2,360
2,356
2,370
2,363
2,358
6,395
6,372
6,380
6,343
6 367
6,382
6,368
6,367
6,330
6,352
6,360
6,386
6,432
7 638
7 694
7,685
7 674
7 671
7 747
7 754
7 766
7,788
7 816
7835
7,875
7,899
3,046
3,057
3,018
2,956
2,805
2,612
2,387
2,173
2,316
2,493
2,685
2,824
2,908
4,194
4,210
4,201
4,152
4,114
4,094
3,985
3,944
3,910
3,883
3,874
3,905
3,908
11,229
11 236
11,349
11,387
11,557
12,076
11,140
10,948
10,939
10 940
10,961
11,031
10,983
2,396
2,394
2,366
2,361
2,360
2,353
2,344
2,343
2,348
2,356
2,370
2,387
2,405
6,427
6,404
6,412
6,406
6,367
6,318
6,241
6,240
6,267
6,384
6,455
6,482
6,464
7,411
7 399
7 625
7,723
7 759
8 067
7,749
7 789
7 822
7 850
7 870
7,864
7,660
Total
Manufacturing
Mining
44,738
47,347
48,303
49,681
48,431
50,056
51,766
52,162
14,967
16,104
16,334
17,238
15,995
16,563
16,903
16,782
52,464
52,457
52,224
52,015
51,758
51,516
51,223
50,575
50,219
50,054
50,147
50,297
50,428
16,876
16,826
16,678
16,604
16,455
16,252
15,965
15,648
15,389
15,243
15,202
15,257
15,313
52,229
52,477
52,692
52,570
52,316
52,610
50,477
49,777
49,690
49,726
49,949
50,396
50,199
16,702
16,949
16,903
16,783
16,561
16,302
15,865
15,593
15,355
15,104
15,023
15,188
15,165
SEASONALLY ADJUSTED
1957 July
Aug
Sept
Oct
Nov .
Dec
1958 Jan
Feb
Mar
Apr
May
June
July
814
802
789
784
766
747
733
723
718
711
710
WITHOUT SEASONAL ADJUSTMENT
1957 j u ly
AUK
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June
July
•.
...
824
828
818
802
793
788
766
747
733
716
711
715
706
Nora.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for June and July 1958 are preliminary. The series for recent years
were revised by the Bureau of Labor Statistics in July 1958 to first quarter
1957 benchmark levels indicated by data from government social insurance
programs. Back data may be obtained from the Bureau of Labor
Statistics.
981
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1957
Without seasonal adjustment
1958
1957
1958
July
May
June
July
July
May
June
July
12,967
11,415
11,476
11,531
12,784
11,245
11,406
11,375
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
7,565
76
601
323
1,089
902
1,262
877
1,364
226
394
6,285
68
539
291
405
844
760
1,019
722
1,081
201
355
6,332
68
552
296
415
858
776
1,002
723
1,081
200
361
6,385
66
557
302
422
862
789
1,013
740
1,066
201
367
7,445
76
613
310
446
1,078
875
1,243
1,364
221
374
6,269
68
542
284
405
840
756
1,029
715
1,081
200
348
6,338
68
571
287
417
858
772
1,012
716
1,081
199
356
6,283
66
568
290
418
853
765
998
714
1,066
197
349
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
.
Apparel and other finished textiles.
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
5,402
1,066
83
924
1,071
456
552
548
166
206
330
5,130
1,042
81
835
1,037
436
543
513
157
173
313
5,144
1.056
80
840
1,034
434
541
510
156
176
317
5,146
1,047
78
858
1,026
430
540
510
156
182
319
5,339
1,118
72
896
1,023
451
546
537
169
200
327
4,976
978
70
831
985
432
540
510
158
172
302
5,068
1,039
70
840
993
434
541
502
158
176
315
5,092
1,099
68
832
980
426
535
500
159
177
316
Total
451
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for June and July 1958 are
preliminary. The series for recent years were revised by the Bureau of
Labor Statistics in July 1958 to first quarter 1957 benchmark levels indicated by data from government social insurance programs. Back data
may be obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group
1957
Average hours worked
(per week)
1958
1957
July
May
June
July
82.39
82.04
83.10
1958
Average hourly earnings
(dollars per hour)
1957
1958
July
May
June
July
July
May
June
July
83.50
39.8
38.7
39.2
39.2
2.07
2.12
2.12
2.13
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries. .
88.00
93.60
71.89
68.38
82.82
100.44
89.13
93.61
81.39
95.44
84.21
71.50
88.37 89.89 89.83
99.88 101.09 100.60
74.45 76.73 75.24
66.91 69.24 69.78
82.97 84.42 83.77
96.23 99.96 102.68
88.65 90.57 89.89
93.38 93.85 93.62
83.67 85.14 86.00
98.85 100.15 99.82
85.46 87.16 87.56
71.94 73.08 72.89
40.0
40.0
39.5
39.3
40.4
39.7
40.7
40.7
39.7
39.6
40.1
39.5
39.1
40.6
39.6
37.8
39.7
37.3
39
39
39
39.7
39.2
39.1
39.6
40.6
40.6
38.9
40.2
38.3
39.9
39.6
39.6
39.9
39.8
39.5
39.4
40.4
39.6
39.2
39.7
38.6
39.6
39.5
40.0
39.3
39.8
39.4
2.20
2.34
1.82
1.74
2.05
2.53
2.19
2.30
2.05
2.41
2.10
1.81
2.26
2.46
1.88
1.77
2.09
2.58
2.25
2.37
2.14
2.49
2.18
1.84
2.27
2.49
1.89
1.78
2.10
2.61
2.27
2.37
2.15
2.51
2.19
1.85
2.28
2.49
1.90
1.78
2.11
2.66
2.27
2.37
2.15
2.54
2.20
1.85
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products.....
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
74.47 73.91 75.08 75.27
79.27 80.80 81.61 81.20
63.76 64.24 65.74 64.91
57.90 55.95 57.98 57.60
54.15 52.20 52.50 52.95
87.14 86.10 87.99 88.61
95.75 97.01 97.27 97.27
92.25 93.43 94.94 95.53
111.64 110.16 111.38 114.26
94.16 87.86 91.73 91.80
58.67 55.42 57.46 58.75
39.4
41.5
39.6
38.6
36.1
42.3
38.3
41.0
41.5
41.3
38.1
38.1
40.2
38.7
37.3
34.8
41.0
37.6
40.8
40.5
38.2
35.3
38.7
40.6
39.6
38.4
35.0
41.7
37.7
41.1
40.8
39.2
36.6
38.8
40.6
39.1
38.4
35.3
41.6
37.7
41.0
41.4
38.9
37.9
1.89
1.91
1.61
1.50
1.50
2.06
2.50
2.25
2.69
2.28
1.54
1.94
2.01
1.66
1.50
1.50
2.10
2.58
2.29
2.72
2.30
1.57
1.94
2.01
1.66
1.51
1.50
2.11
2.58
2.31
2.73
2.34
1.57
1.94
2.00
1.66
1.50
1.50
2.13
2.58
2.33
2.76
2.36
1.55
Total
NOTE.—Data are for production and related workers. Figures for
June and July 1958 are preliminary. Data for recent years revised as
indicated in note to table above. Back data are available from the
Bureau of Labor Statistics.
982
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
New
York
Philadelphia
107
112
105
109
102
107
114
118
110
114
104
105
118
128
135
136
117
123
126
122
138
138
144
136
129
133
138
130
124
131
130
134
Cleveland
Richmond
Atlanta
107
112
107
114
107
115
113
117
115
119
122
127
108
113
120
124
116
125
131
132
112
122
128
129
129
140
146
148
122
125
130
114
116
118
128
125
126
135
122
119
124
128
139
131
138
128
129
128
133
128
132
139
134
121
129
133
'151
116
111
114
114
117
115
125
115
127
121
124
124
126
114
126
135
129
129
Minne- Kansas
Dallas
City
apolis
San
Francisco
107
107
112
117
115
120
106
112
109
110
121
123
129
132
113
117
126
128
129
140
144
142
120
122
121
132
138
138
136
149
158
160
122
132
141
141
129
131
139
130
121
125
130
139
139
147
145
126
135
141
126
130
138
130
119
125
132
142
145
147
147
136
139
142
'166
'147
170
170
163
152
161
156
141
144
141
134
139
139
121
115
124
118
126
121
132
120
126
124
138
135
144
136
148
119
132
125
134
130
136
133
156
143
153
151
161
162
132
135
137
142
142
144
Chicago
St.
Louis
111
117
105
110
106
111
127
131
109
114
116
120
135
149
164
169
112
122
128
128
147
158
144
141
142
148
175
179
172
159
166
174
125
117
119
121
124
122
146
134
138
147
146
157
147
158
155
164
'124
P175
SALES i
1950
1951
1952...
1953
1954
1955
1956
1957
SEASONALLY ADJUSTED
1957—June
July
AUK
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
June...
....
WITHOUT SEASONAL ADJUSTMENT
1957_j u n e
July
Aug
Sept
Oct
Nov
Dec
'130
122
90
102
122
117
144
232
121
92
104
126
126
158
226
130
96
110
134
132
171
236
120
107
123
134
125
159
233
140
118
135
150
148
178
272
'149
111
127
139
134
162
241
145
161
165
167
193
301
126
104
124
136
127
153
221
129
114
132
143
138
163
238
116
104
130
139
138
145
220
137
128
141
149
142
161
246
151
158
157
158
183
270
125
139
141
135
162
247
1958—Jan
Feb
Mar
Apr
May
June
100
95
116
123
130
91
84
100
109
117
115
100
91
113
114
120
120
95
86
118
125
128
121
97
90
108
113
120
115
103
96
126
136
144
122
121
150
153
158
92
86
107
112
122
117
100
96
117
123
137
124
92
90
109
117
121
120
103
99
121
131
145
123
112
137
143
159
147
105
104
115
130
135
135
110
131
121
131
128
136
148
152
112
129
117
124
126
132
141
138
106
127
115
120
117
119
130
137
no
108
132
115
125
122
124
133
136
109
129
127
141
138
159
175
178
123
145
143
155
152
170
195
203
108
125
112
122
120
127
138
143
108
130
120
131
125
135
148
149
106
121
113
123
124
130
142
146
114
137
130
146
141
152
164
160
114
135
129
143
140
153
168
174
112
137
1957_j un e
July
Aug.
Sept
Oct
Nov
Dec
153
154
153
154
155
154
150
138
139
136
138
138
137
136
137
137
138
138
138
138
138
154
157
159
156
158
154
136
136
137
139
139
138
134
184
184
180
181
174
175
171
198
204
203
201
208
206
207
146
149
145
144
147
141
140
151
153
149
151
151
151
141
145
141
145
145
148
150
143
159
160
158
159
163
165
158
176
178
176
173
176
179
169
159
159
159
162
163
162
152
1958—Jan
Feb
Mar
Apr
May
June
147
146
142
143
144
133
134
129
131
133
135
137
135
133
134
133
136
154
151
149
149
133
130
126
124
202
199
193
190
191
143
142
140
141
140
149
138
138
132
129
'133
P191
135
135
131
131
133
138
153
151
148
145
146
152
151
149
151
152
136
P152
170
163
160
163
164
168
130
125
132
144
156
161
129
124
134
145
155
159
188
190
199
209
227
233
142
143
139
150
161
161
141
142
148
158
169
169
136
134
142
151
164
170
153
152
156
164
177
183
164
169
176
184
193
197
'152
STOCKSi
1950
1951
1952
1953
1954
1955
1956
1957
132
120
129
127
135
148
154
'138
131
140
135
142
156
158
SEASONALLY ADJUSTED
r
157
155
126
167
166
163
167
169
173
146
129
125
131
144
154
156
170
168
175
187
198
198
r
152
r
128
p
157
WITHOUT SEASONAL ADJUSTMENT
r
1957—June
July
Aug
Sept
Oct
Nov
Dec
146
144
150
160
172
174
135
127
127
139
122
156
180
124
127
132
144
157
139
1958—Jan
Feb
Mar
Apr
May
June
132
119
122
136
117
149
184
123
127
127
137
149
137
139
147
149
146
126
131
136
135
126
127
137
139
136
127
145
153
160
197
202
200
193
138
146
149
140
138
158
168
169
163
156
142
150
154
151
120
127
132
139
137
134
145
153
153
148
144
159
173
175
170
160
132
136
132
155
125
130
130
r
138
151
167
180
182
r
r
Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
1
131
'132
128
154
160
168
183
182
NOTE.—For description of the series and for monthly indexes beginning
1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to
1947 may be obtained from the Division of Research and Statistics.
983
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Ratios to sales*
Outstanding
orders i
(end of
month)
Receipts 2
(total
for
month)
New
orders3
(total
for
month)
Stocks
373
495
460
435
421
388
446
470
460
358
391
390
397
408
410
444
459
460
358
401
379
401
401
412
449
458
457
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
3.1
1-1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1
4.2
1.0
!3
1.2
I.I
L0
1.1
LI
LI
487
425
456
536
561
496
386
3.1
3.5
3.0
3 2
3.2
2.8
1.5
1.3
L7
L3
I 3
LI
().8
().4
4.3
5.2
4.3
4 5
4.3
3.6
1.8
0.8
1.0
1.1
1 2
1.2
1.1
0.6
416
380
408
421
414
485
3.3
4.1
3.1
3.2
3.0
3.1
L0
L3
0.8
0.7
0.7
1.2
4.3
5.4
4.0
4 0
3.7
4.3
0.9
1.2
1.1
1.1
0.9
0.8
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1949
1950
1951
1952
1953
1954
1955
1956
1957
361
376
391
397
406
409
437
454
458
925
,012
.202
,097
,163
,140
,195
,286
1,338
'o
L0
1 0
1 0
L0
1 0
i n
Month:
r
1957—June
Julv
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May p
June
.
.
.
411
356
432
438
481
554
839
,257
1,245
1,300
I 400
1,518
1,562
1,229
366
309
416
416
441
402
1,203
1,259
1,299
1,344
I 308
1,230
r
» Preliminary.
Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1957,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
r
r
523
600
569
567
529
427
307
r
318
344
487
538
599
598
506
383
398
350
310
319
480
340
365
456
461
405
324
3
4
Derived from receipts and reported figures on outstanding orders.
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports *
Merchandise exports excluding
military-aid shipments 2
Merchandise imports3
Period
Jan
Feb
Mar
Apr
May
June
July
Auc
Sept
Oct .
Nov
Dec
Jan —June
..
1956
1957
1958
1956
1957
1958
1956
1957
1-284
1,363
1,583
1,512
1,717
I 697
[,640
536
1,534
1,671
545
2*007
1.680
1,611
2,151
1,864
1,813
I 786
1,692
I 677
1,540
1,674
1 683
1,511
1,345
1,557
1,531
1,638
1 408
1.202
1 273
1,479
1 400
1,522
1 492
L289
I 378
1,427
1,561
I 425
1.583
,490
L021
,780
,711
652
,505
536
,437
1,600
596
1,402
1,245
1,442
1 409
1,507
1 309
1.073
1,051
1,102
991
1,095
1 034
1,052
1 055
'995
1,121
987
1,059
1,115
993
1,133
1,119
1,106
984
1,146
1 043
1,009
1,148
1 043
1,141
9,156
10,905
8,990
8,368
10,237
8,314
6,346
6,450
639
r
Revised.
1 Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
885
541
1958
r
1,095
962
l,072
1,057
1,063
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
984
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
1929
1933
1941
1945
Foods
Total
Rent
Gas
and
electricity
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
Transportation
Medical
care
Personal
care
Read- Other
good
ing
and
and
recrea- services
tion
73.3
55.3
62.9
76.9
65.6
41.6
52.2
68.9
1950
1951
1952
1953
1954
1955
1956
1957
102.8
111.0
113.5
114.4
114.8
114.5
116.2
120.2
101.2
112.6
114.6
112.8
112.6
110.9
111.7
115.4
106.1
112.4
114.6
117.7
119.1
120.0
121.7
125.6
108.8
113.1
117.9
124.1
128.5
130.3
132.7
135.2
102.7
103.1
104.5
106.6
107.9
110.7
111.8
113.0
110.5
116.4
118.7
123.9
123.5
125.2
130.7
137.4
100.3
111.2
108.5
107.9
106.1
104.1
103.0
104.6
101 2
109.0
111.8
115.3
117.4
119.1
122.9
127.5
98.1
106.9
105.8
104.8
104.3
103.7
105.5
106.9
111.3
118.4
126.2
129.7
128.0
126.4
128.7
136.0
106.0
111.1
117.3
121.3
125.2
128.0
132.6
138.0
101.1
110.5
111.8
112.8
113.4
115.3
120.0
124.4
103.4 105.2
106.5 109.7
107.0 115.4
108.0 118.2
107.1 '120.1
106.6 120.2
108.1 122.0
112.2 125.5
1957 June
July
Aug
Sent.
Oct
Nov
Dec..
120.2
120.8
121.0
121.1
121.1
121.6
121.6
116.2
117.4
117.9
117.0
116.4
116.0
116.1
125.5
125.5
125.7
126.3
126.6
126.8
127.0
135.0
135.2
135.4
135.7
136.0
136.3
136.7
112.3
112.3
113.3
113.7
113.8
114.3
114.3
135.3
135.9
135.7
136.8
137.6
138.0
138.3
104.6
104.1
103.9
104.8
104.8
104.5
104.9
127.6
127.9
128.0
128.3
128.7
129.4
129.6
106.6
106.5
106.6
107.3
107.7
107.9
107.6
135.3
135.8
135.9
135.9
135.8
140.0
138.9
137.9
138.4
138.6
139.0
139.7
140.3
140.8
124.2
124.7
124.9
125.1
126.2
126.7
127.0
111.8
112.4
112.6
113.3
113.4
114.4
114.6
124.6
126.6
126.7
126.7
126.8
126.8
126.8
1958 Jan . .
Feb
Mar
Apr
May
June
122.3
122.5
123.3
123.5
123.6
123.7
118.2
118.7
120.8
121.6
121.6
121.6
127.1
127.3
127.5
127.7
127.8
127.8
136.8
137.0
137.1
137.3
137.5
137.7
115.7
115.9
115.9
116.0
116.5
116.9
138.4
137.2
136.7
134.2
131.6
131.7
104.2
104.9
103.9
104.0
104.0
104.1
129.7
129.9
130.7
130.9
130.9
131.1
106.9
106.8
106.8
106.7
106.7
106.7
138.7
138.5
138.7
138.3
138.7
138.9
141.7
141.9
142.3
142.7
143.7
143.9
127.8
128.0
128.3
128.5
128.5
128.6
116.6
116.6
117.0
117.0
116.6
116.7
127.0
127.0
127.2
127.2
127.2
127.2
....
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-^9= 100]
Other commodities
Year or
month
Fuel,
power,
and
lighting
materials
MaChem- Rub- Lum- Pulp, Metals chinicals
ery
ber
paper,
ber
and
and
and
and
and
and wood
allied prodmoallied metal
prod- ucts prod- prod- prodtive
ucts products
ucts
ucts
ucts
103.1 97. 5 99.8 105.0 99.2 104.6 103. 0 96.3 120. 5 113 9
114.8 113. 4 111.4 115.9 110.6 120.3 106. 7 110.0 148. 0 123.9
111.6 107. 0 108.8 113.2 99.8 97.2 106. 6 104.5 134. 0 120.3
110.1 97 0 104 6 114.0 97.3 98.5 109. 5 105.7 125 0 120 2
110.3 95. 6 105.3 114.5 95.2 94.2 108. 1 107.0 126.9 118.0
110.7 89. 101.7 117.0 95.3 93.8 107. 9 106.6 143. 8 123.6
114.3 88 4 101 7 122.2 95.3 99.3 111. 2 107 2 145 8 125.4
117.6 90. 9 105.6 125.6 95.4 99.4 117. 2 109.5 145. 2 119.0
1950
1951
1952
1953
1954
1955
1956
1957
June . .
July
Tex- Hides,
All
tile
com- Farm Processed
prod- skins,
modi- prod- foods
and
ucts
ties
Total ucts leather
and prodapparel ucts
1957
Sept
Oct
Nov
Dec
117.4
118.2
118.4
118.0
117.8
118.1
118.5
90 9
92. 8
93. 0
91. 0
91. 5
91. 9
92 6
106.1
107.2
106.8
106.5
105.5
106.5
107.4
125.2
125.7
126.0
126.0
125.8
125.9
126.1
100 9
119. 6
116. 5
116
116. 3
119. 3
127. 2
129. 6
110.3
122.8
123.0
126 9
128.0
136.6
148 4
151.2
108. 6
119. 0
121. 5
123 o
124. 6
128. 4
137 8
146. 1
105 3
114. 1
112. 0
114
115. 4
115. Q
119. 1
122! 2
106.9
113.6
113.6
118 2
120.9
124.2
129 6
134.6
102. 4 96 6
108. 1 104 9
110. 6 108 3
115. 7 97 8
120. 6 102 5
121. 6 92 0
122. 3 91,6
126. 1 89 6
145. 2
145 8
146. 2
146. 9
147. 7
149. 2
149 4
121. 7
122 2
122 4
122. 3
122. 6
122. 7
123. 5
135 1
135.2
135.3
135.2
135.3
135.4
135.7
124. 7
127. 7
127.7
127. 7
127. 7
127. 8
128. 0
87 .3
88 *8
90 1
89 4
87 .7
86 .8
87 .2
4
3
2
4
4
5
123. 8
123. 6
123 5
123. 4
123. 2
123 2
136.4
136.5
135.3
135.4
135.7
135.5
128 1
128 1
128.0
128 0
128 0
128 0
88 .3
89 .3
94 .3
97 .8
96 .2
93 .7
2
4
3
1
8
7
2
109 3
109.5
109.8
110.2
110.4
110.3
110.6
145 1
144. 9
146 9
146. 5
146 2
144 7
145 7
119.7
119 3
118.6
117.8
117.3
116.9
116.3
128. 9
129 5
129 9
130. 1
130. 9
130. 9
131. 0
150.6
152 4
153 2
152.2
150.8
150.4
150.5
94.6 99.5 116 1
94.1 99.6 113 6
94.0 99.5 112 4
93.7 99.7 111 0
93.5 '99.9 110 3
93.3 100.3 110.7
110.8
110.6
110.7
111.0
110.8
110.6
145
144
144
144
143
144
116.3
115.8
115.5
115.7
115.9
116.3
130. 8
130. 8
130. 5
130. 5
'130.5
130. 5
150.0
150.1
149.8
148.6
148.6
148.9
95.5
95.4
95.4
95.4
95.1
95.0
94.9
99.8
100.6
100.3
100.0
100.1
100.0
99.5
117
116
116
116
115
115
116
Furni- Non- Toture
me- bacco
and
mfrs. Misother tallic
minand cellahouse- erals— bottled
hold struc- bev- neous
dura- tural erages
bles
1958
Jan
Feb
Mar
Apr
May
June
' Revised.
118.9 93. 7 109.5 126.1
119.0 96. 1 109.9 125.7
119.7 100 5 110.7 125.7
119.3 97. 1 111.5 125.5
119.5 '98 5 112.9 125.3
119.1 95 6 113.4 125.3
1
6
6
5
8
2
149
149
149
149
'149
149
985
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1957
Subgroup
Apr.
May
105.4
83.9
83.5
104.8
92.0
61.0
83.3
145.7
130.4
85.7
94.5
101.4
91.7
77.1
79.9
142.3
123.4
84.2
99.8
101.6
'90.5
75.7
79.7
142.0
117.0
96.6
108.1
101.9
113.5
183.7
95.4
118.4
108.5
111.4
107.6
115.7
168.4
97.1
117.9
112.8
110.8
108.2
116.1
168.4
96.9
Pulp, Paper, and Allied Products
{Cont.):
103.1
81.3
Paperboard
98.8
Converted paper and paperboard
101.9
Building paper and board
90.2
74.9 Metals and Metal Products:
79.3
Iron and steel
141.4
Nonferrous metals
Metal containers
Hardware
117.8
Plumbing equipment
114.1
Heating equipment
111.1
Fabricated structural metal products.
110.4
Fabricated
nonstructural
metal
117.1
products
168.4
96.9 Machinery and Motive Products:
90.6
111.5
81.9
122.4
99.5
76.8
88.5
101.6
80.5
116.5
99.2
75.4
88.3
100.5
80.3
116.1
99.1
75.4
87.6
101.3
80.4
109.9
99.1
73.6
59.4
91.1
120.9
97.3
53.3
91.1
121.9
97.6
55.4
91.1
122.0
'97.3
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
June
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Crude rubber
Tires and tubes
Other rubber products
r
Revised.
May
June
136.2
125.3
141.7
136.1
127.2
144.1
136.0
128.0
144.1
136.0
127.9
144.1
165.4
138.1
152.5
164.3
129.1
121.9
131.7
166.4 166.2
124.1 '123.9
155.7 155.7
169.0 170.7
123.6 '123.7
121.1 121.1
134.1 134.1
166.7
124.8
155.7
171.7
123.8
121.1
133.8
143.1
145.9
145.9
145.0
138.5
138.4
138.3
165.5
169.6
165.5
169.6
156.5
143.9
159.6
149.0
159.8
147.6
160.3
147.6
148.2
134.7
151.8
139.0
'152.3
139.0
152.5
139.0
122.4
147.3
133.8
105.2
93.4
147.9
122.8
154.2
128.9
105.3
94.7
155.1
122.8
154.2
128.9
104.9
94.3
155.1
122.5
154.2
128.6
104.9
94.3
155.3
135.7
135.8
126.7
155.1
127.1
125.8
128.3
135.7 135.7
138.9 139.0
128.0 128.4
155.5 '155.6
133.1 133.1
105.6 108.6
131.2 131.2
135.7
138.9
128.5
155.6
133.1
105.8
131.2
,
,
,
,
,
124.0
105.1
134.9
119.6
149.3
134.8
106.0
139.7
120.3
149.3
134.8
106.0
139.7
120.3
149.3
134.8
106.0
139.7
120.3
149.3
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
,
Jewelry, watches, photo equipment..,
Other miscellaneous
117.5
63.4
97.4
106.8
127.2
119.1
80.9
97.5
107.3
132.4
119.1
78.0
97.5
107.3
132.4
119.1
73.3
97.5
107.8
132.4
124.0
125.5
99.7
93.4
60.2
108.3
106.3
105.0
124.3
128.4
104.0
94.1
62.2
111.5
110.3
107.2
123.9
128.4
103.9
'94.3
'61.5
111.4
110.3
107.2
Flat glass
Concrete ingredients
,
123.5
Concrete products
128.2
Structural clay products
103.4
Gypsum products
,
94.3
Prepared asphalt roofing
61.9
Other nonmetallic minerals
111.4
110.3 Tobacco Manufactures and Bottled
107.2
Beverages:
145.9
149.0
139.9
131.2
152.1
143.0
127.7
152.1
143.0
129.4
152.1
143.0
120.4
128.5
97.7
115.9
127.6
94.4
116.7
r
127.1
92.2
116.8
127.1
94.9
118.0
66.1
142.4
121.2
75.3
142.9
121.2
71.8
141.8
121.2
71.8
141.8
Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages.
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Apr.
165.4
170.7
119.7
161.9
98.3
100.0
114.7
Lumber and Wood Products:
Lumber
Millwork
Plywood
June
157.6
165.6
119.8
161.9
98.1
100.0
115.8
Rubber and products:
1958
132.3
123.3
161.9
n.a.
n.a.
128.4
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Agricultural machinery and equipment.
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
57.0
91.8 Furniture and Other Household Dura122.0
bles:
97.3
Household furniture
Commercial furniture
Floor covering
120.3
Household appliances
161.9
Television, radios, phonographs
97.4
Other household durable goods
100.1
115.3 Nonmetallic Minerals—Structural
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products
1957
Subgroup
June
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
i
1958
986
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
1933
1941
1950
1953
1954
1955
1956
2
104.4
Gross national product
56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0
9.0
19.1
26.5
28.8
32.0
34.7
37.7
37.5
38.1
38.5
38.9
39.3
11.3
23.7
.8
-.7
30.2
1.4
1.3
30.2
1.3
.9
32.9
1.5
1.0
35.6
1.5
.9
37.6
1.6
.7
37.8
1.6
1 5
37.9
1.6
7
37.7
1.6
7
38.0
1.6
1 7
38.3
1.6
.0
A
.2
-.4
-.2
.0
1.0
1.3
1.4
1.3
1.2
1.6
1.5
'A
40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6
10.1 - 2 . 0
.3
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures....
2
7.2
-.1
Federal
1
7.1
.7
.9
87.8
Less: Personal tax and related payments
4
7.0
.6
.3
Equals: National income
Equals: Personal income
3
8.6
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
1958
1957
14.5
2.8
35.7
6.9
37.3
8.7
33.7
9.7
43.1
11.0
42.9
12.3
41.9
14.2
42.0
14.1
43.1
14.3
38.8
14.2
31.3
14.2
.0
2.6
1.3
4.5
.5
.0
14.3
4.8
9.2
.8
-.1
12.9
5.2
9.2
1.4
.0
15.0
5.4
9.8
1.3
.0
16.0
5.4
11.2
1.5
.0
17.1
5.7
12.0
1.5
.0
19.9
6.2
12.4
1.6
.0
19.9
6.2
12.6
1.6
.0
20.0
6.2
12.7
1.6
.0
21.3
6.2
12.0
1.6
.8
22.5
6.3
12.5
1.6
"H'.2
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
85.8
47.2
2.6
1.5
3.3
20.8
35.8
32.9
35.7
40.1
42.7
42.7
43.1
1.3
1.4
.5
2.0
1.3
18.2
2.6
32.4
3.4
29.2
3.8
31.5
4.2
35.2
4.8
37.4
5.4
37.3
5.3
37.7
5.4
83.1
45.7
36.6 36.5
5.8
5.7
93.0 207.7 252.5 256.9 274.4 290.5 305.1 305.7 308.7 306.8 305.0 307.5
79.0
46.4
81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3
4.2
-.6
11.1
.8
24.6
6.2
12.4
1.6
96.3 228.5 288.3 289.8 310.2 330.5 347.9 348.4 351.8 349.7 347.3 349.8
19.8
12.6
18.9
17.5
21.1
20.7
23.2
20.4
43.0
42.3
42.3
37.5
5.5
19.6
Equals: Personal saving
18.8
19.2
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
1933
1941
1950
1953
1954
87.8
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries.
51.1
50.4
45.5
Proprietors' and rental income2.
Business and professional
Farm
,
Rental income of persons
20.2
8.8
6.0
5.4
51.3
27.4
13.3
10.5
51.3
27.8
12.7
10.9
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0 14.5 35.7 37.3
9.6
.2 77.0 40.6 38.3
1.4
.5
7.6 17.9 20.2
8.3 - . 4
9.4 22.8 18.1
-2.5 -5.0 -1.0
-2.
33.7
34.1
17.2
16.8
Net interest.
1
6.4
7.6
3.2
2.4
2.0
5.0
Includes employee contributions to social insurance funds.
1956
20.9
10.9
6.5
3.5
4.5
j
46.6 !
23.5
14.0
9.0
5.5
.2
2
9.1
52.8
30.4
11.8
10.7
53.3
30.8
11.6
10.9
1958
1957
40.2 104.7 241.9 305.61 301.8 330.2 349.4' 364.0 364.1 368.7
I
29.5 64.8 154.2 208.8 207.6 223.9 241.8 254.6 254.9 257.3
62.1
29.0
146.4 198.0 196.3 210.9 227.3 238.1 238.4 240.5
23.9 51.9 124.li 164.2 161.9 174.9 189.3 198.0 198.6 199.9
1.9
.3
5.0 10.3 10.0
9.8
9.7
9.6
9.7
9.8
8.3 17.3 23.5 24.4 26.2 28.4 30.5 30.2 30.8
4.9
.5
2.7
10.8 11.3 13.0 14.5 16.5 16.4 16.8
National income
4!6
.7
1955
54.8
31.4
11.6
11.8
54.7
31.4
11.6
11.7
55.0
31.3
11.5
12.2
55.3
30.6
12.6
12.1
43.1 42.9 41.9 42.0 43.1 38.8
44.9 45.5 43.4 43.5 44.2 39.9
21.8 22.4 21.6 21.7 22.0 19.9
23.0 23.1 21.8 21.8 22.1 20.0
-1.7 -2.6 -1.5 -1.5 -1.1 -1.1
31.3
31.7
16.1
15.5
-.3
.5
13.0
13.1
10.4
11.3
12.6
12.5
55.5
31.7
11.8
12.0
361.5 350.6
254.8 250.9 250.7
238.0 234.4 234.2
197.4 192.7 191.8
9.5
9.4
9.6
31.1 32.3 32.8
16.8 16.5 16.4
12.8
12.9
Includes noncorporate inventory valuation adjustment.
56.2
30.7
13.4
12.1
987
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
Gross national product
1933
104.4
1941
1950
1953
1954
1955
1956
1958
1957
56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0
Personal consumption expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
46.4
3.5
22.3
20.7
81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3
9.7 30.4 32.9 32.4 39.6 38.4 39.9 39.5 40.4J 39.6 36.3 35.6
43.2 99.8 118.0 119.3 124.8 131.4 138.0 137.1 140.5 138.8! 139.8 141.4
29.0 64.9 81.8 86.3 92.5 99.6 106.5 105.9 107.4 108.7 110.1 111.3
Gross private domestic investment
Nen construction1
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
16.2
8.7
3.6
5.
5.9
1.7
1.8
1.4
1.4
.5
1.0
1.6
-1.6
-1.4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
.8
.2
1.1
-2.2
-2.0
8.5
1.3
1.3
.0
7.2
8.0
2.0
24.8
16.9
13.8
3.2
.0
7.8
41.8
22.1
18.5
3.9
.3
19.7
84.4
59.5
51.5
8.4
.4
24.9
Net foreign investment
Government purchases of goods
services
Federal
National security
Other
Less: Government sales2
State and local
and
2.0
.0
6.0
!
50.0
24.2\
14.1
10.1
18.9;
6.8
6.0
i Includes expenditures for crude petroleum and natural gas drilling.
50.3 48.9
27.6 29.7
13.8 15.4
13.8 14.3
22.3 20.8
.4 - 1 . 6
-2.
63.8
34.9
18.7
16.2
23.1
5.8
5.5
68.2
35.7
17.7
18.1
27.0
5.4
5.9
65.3!
36.5
17.0
19.5
27.9
1.0
.2
67.0
36.1
16.5
19.6
28.1
2.9
2.0
-.4
-.4
1.4
3.5
4.2
3.6
1.9
76.6
48.9
43.0
6.2
.4
27.7
77.1
80.3
47.1
42.5
5.0
.4
87.1
50.8
46.5
4.8
.5
36.3
87.5
57.5
47.4
4.5
.4
36.0
87.0
50.9
46.9
4.5
.5
36.1
88.3
50.5
46.0
5.0
.5
37.8
46.8\
41.3
5.9
.4
30.3
33.1
66.7 61.5 49.61 49.2
36.6 37.1 36.3 34.9
16.9 17.6 17.ll 16.2
19.7 19.6 19.2' 18.7
28.0 26.7 22.9 22.3
2.2 - 2 . 3 - 9 . 5 ! - 8 . 0
-7.8
1.3 - 3 . 1
.5
89.5
50.9
45.6
5.7
.4
38.6
90.9
51.9
46.0
6.2
.4
39.1
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Personal
income
Total
1929
1933
1941
85.8
47.2
96.3
S0.4
29.0
62.1
21.5
27.5
1952
1953
1954
1955
1956
1957
273.1
288.3
289.8
310.2
330.5
347.9
184.9
198.1
196.3
210.9
227.3
238.1
351.8
352.1
351.4
350.6
350.2
348.4
348.2
346.4
347.1
348.1
349.9
352.0
358.9
Year or month 1
1957 J u ly
Aufi
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
JulyP
p
.
Commodity Distributive
produc- indusing intries
dustries
Government
Other
labor
income2
Transferpayments4
Less
personal
Noncontributions agricultural
for
social income*
insur-5
ance
.6
.4
,7
20.2
7.6
20.9
13.2
8.3
10.3
1.5
2.1
.1
.2
3.1
.8
5.3
7.9
8.9
52.4
51.3
51.3
52 8
53.3
54.8
21.1
22.6
24.4
27 0
29.1
31.1
13.2
14.3
16 2
17 5
18.6
21.5
3.9
4 6
5 2
5.7
6.6
254.3
271.5
273 8
295 0
315.4
332.7
40.4
40.6
40.7
40.7
40.5
40.6
9.1
9.1
9.1
9.2
9.2
9.2
55.6
55.6
55.4
55.1
54.8
55.2
31.7
31.8
31 8
31.8
31 8
30.0
21.7
21.5
21 5
22.6
23 0
23.3
6.7
6.7
6 6
6.6
6 6
6.6
336.2
336.6
336 1
335.7
335.2
333.0
40.7
41.0
41.1
41.2
41.5
42.4
48.0
9.1
9.0
8.9
8 9
55.1
55.3
55.7
56 1
56.5
56.2
56.1
31.8
31.8
31.7
31 7
31.7
31.8
31.9
23.9
23.8
24.8
26 1
26.4
26.0
26.5
6 7
6.7
6.6
6 6
332.5
330.1
330.5
331 0
332.4
335.1
342.2
15.6
8.4
4.9
16.3
8.8
5.2
8.1
10.2
80.5
88.1
84.1
91.4
98.7
102.2
48.7
51.8
52.3
55.8
60.1
63.3
22.6
24.3
25.5
27.8
30.5
32.6
32.9
33.9
34.4
36.0
38.0
40.1
240.5
240.8
240.2
238.6
238.0
237.3
103.3
103.1
102.4
101.5
101.0
99.8
64.0
64.2
64.2
63.5
63.6
63.7
32.8
32.9
32.9
32.9
32.9
33.2
235.1
233.2
232.6
232.0
233.1
235.8
242.4
97.9
95.6
95.3
95.0
95.6
96.6
97.1
63.5
63.4
62.9
62.4
62.6
63.3
63.5
33.1
33.2
33.3
33.4
33.4
33.6
33.8
9.8
Preliminary.
1 Monthly data are seasonally adjusted totals at annual rates.
Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
2
Service
industries
DiviProdends
prietors' and
perand
sonal
rental
income3 interest
income
5.1
6.0
6.2
7.1
8.9
8.9
9.0
3.8
6.7
6.7
7.0
77.7
43.6
88.0
well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not6 included in personal income.
Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
988
BANKING OFFICES
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial and stock savings banks and nondeposit
trust companies
Type of office and type of change
All
bank*
Member banks
Total
Total i
Mutual savings
banks
Nonmember banks
State
National 1 member2
Total
Insured
7,699
6,810
6,478
6,602
6,647
6,677
6,737
6,753
6,768
Noninsured
Insured 2
1,343
851
783
68
511
52
194
496
339
650
202
Noninsured
Banks (head office)
Dec
Dec
Dec
Dec
Dec.
Dec
Dec
Dec
June
31
31
31
31
31,
31
31
31
30
1934
1941
19473
1951
1954
1955 .
1956
1957r
1958 .
Dec
Dec
Dec.
Dec
Dec
Dec.
Dec
Dec.
June
31 1934
31 1941..
31, 19473
31 1951
31 1954
31, 1955
31 1956.. .
31, 1957
30 1958
. .
16,063
14,825
14,714
14,618
14,367
14,243
14,167
14,090
14,054
15,484
14,277
14,181
14,089
13.840
13,716
13,640
13,568
13,534
6,442
6,619
6,923
6,840
6,660
6,543
6,462
6,393
6,356
5,462
5,117
5,005
4,939
4,789
4,692
4,651
4,620
4,600
1^756
9,042
7,661
7,261
7,252
7,183
7,176
7,181
7,178
7,181
3,133
3 699
4,332
5 383
6,614
7,253
7 955
8,609
8,923
3,007
3 564
4,161
5 153
6 306
6,923
7 589
8,204
8,507
2,224
2 580
3,051
3 837
4 787
5,304
5 886
6,378
6,640
1,243
1 565
1,870
2 370
3,056
3,365
3 809
4,178
4,334
981
1,015
1,181
I 467
1,731
.939
2 077
2,200
2,306
783
984
1,110
1,316
1,519
1,619
1,703
1,826
1,867
932
1,043
1,275
1,483
1,584
1,666
1,789
.829
+46
+46
+ 10
+ 10
+ 36
+26
+ 10
-5
-58
-16
-56
-16
-33
g
-25
-6
-2
-I
-21
-7
2
_2
-2
-1
-23
-7
2
+ 16
-16
+2
-2
+ 15
-12
6,768
413
239
281
+1
+6
+2
+4
980
1,502
1,918
1,901
1,871
1,851
1,811
773
536
499
218
220
444
223
327
309
307
304
239
239
283
281
425
413
Branches and additional offices
.
. . .
4- 83
52
67
41
36
35
37
37
38
4126
32
124
165
221
234
257
296
305
103
47
65
87
96
109
109
111
Changes, Jan. 1-June 30, 1958
Banks:
New banks 5
... .
Suspensions
Consolidations and absorptions:
Banks converted into branches. .
Other
Liquidations: 6
Voluntary
Other
Conversions:
State into national
Federal Reserve Membership: 7
Admissions of State banks
Withdrawals of State banks
Federal Deposit insurance: 8
Admissions of State banks
Net increase or decrease
Number of banks June 30, 1958
... .
Branches and additional offices except banking
facilities:-9
De novo branches
Banks converted into b r a n c h e s . . . .
Discontinued
Interclass branch changes:
National to State member...
National to nonmember
State member to national
Nonmember to national
Nonmember to State member
Noninsured to insured .
Net increase or decrease
Number of branches and additional offices,
June 30, 1958
-1
-4
-8
-3
9
j
+1
+4
—9
-36
-34
-37
-20
14,054
13,534
6,356
4,600
+260
+ 58
-13
+250
+ 56
-12
+201
+46
-11
-1-144
+29 •
—6
+6
+ 15
2
-4
+9
-4
+9
1,756
+3
7,181
-1-57
+ 17
+49
+ 10
+49
+2
+2
-6
-15
-6
-15
— 17
25
—2
-1
-1
-i-4
-9
-1
+5
+6
c
+9
-1
-2
—1
-2
+ 305
+294
+255
+ 151
+ 104
+ 39
+ 38
+1
+2
+9
+2
8,678
8,262
6,421
4,144
2,277
1,841
1,803
38
305
111
+ 10
+ 10
-1
+8
+6
+2
245
219
+2
+2
+2
+2
9
Banking facilities:
Established
Discontinued
Net i n c r e a s e . . . .
Number of facilities, June 30, 1958
r
+9
245
+9
Revised.
1 Excludes banks and branches in United States territories and possessions except one national bank in Alaska, with no branches, that became
a member of the Federal Reserve System on Apr. 15, 1954, and one national bank in the Virgin Islands, with one branch, that became a member
of 2the Federal Reserve System on May 31, 1957.
State member bank and insured mutual savings bank figures both include, since 1941, three member mutual savings banks not included in
the total for commercial banks. State member bank figures also include, since 1954, one noninsured trust company without deposits.
3 As of June 30, 1947, the series was revised. The revision resulted in
a net addition of 115 banks and 9 branches.
-1
+7
4
-1
+5
190
29
26
26
Separate figures not available.
5 Exclusive of new banks organized to succeed operating banks.
Exclusive of liquidations incident to succession, conversion, and
absorption of banks.
7 Exclusive of conversions of national banks into State bank members,
or 9vice versa. Shown separately under conversions.
Exclusive of insured nonmember banks converted into national banks
or 9admitted to Federal Reserve membership, and vice versa.
Banking facilities (other than branches) that are provided at military
and other Government establishments through arrangements made by
the Treasury Department.
6
989
FEDERAL RESERVE PAR LIST
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST 1
Total banks on
which checks are
drawn, and their 1
branches and offices
Federal Reserve district,
State, or other area
On pair list
Total
Member
Banks
Branches
and offices
Banks
Branches
and offices
13,500
13,474
8,268
8,670
11,759
11,746
7,934
8,338
6,387
6,350
6,378
6,653
428
615
1 622
428
615
1,622
289
492
1 427
Branches
and offices
Banks
Not on par list
(nonmember)
Nonmember
Branches
and offices
Banks
5,372
5,396
1,556
1,685
1,741
1,728
334
332
139
123
103
162
376
195
97
98
159
570
149
49
296
598
6
84
15
72
43
Banks
Branches
and offices
Total, including Alaska,
Hawaii, Puerto 2Rico, and
Virgin Islands:
Dec 31 1957
June 30 1958
Districts, June 30, 1958:
New York 2
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
647
687
970
Kansas City
Dallas
San Francisco ^
State or area, June 30, 1958:
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia....
Florida
Idaho.
Illinois
Indiana
Iowa..
Kansas
524
111
647
687
970
524
111
544
525 '
594
427
679
975
1,315
2,471
1,466
1,290
1,762
1,087
376
994
431
948
268
125
55
124
2,187
816
745
2,471
1,170
692
1 756
1,003
361
845
382
948
196
82
55
111
2,181
462
399
1 020
489
476
750
630
172
557
320
557
127
36
40
81
1,910
354
346
1,451
681
216
1 006
373
189
288
62
391
69
46
15
30
271
238
6
237
122
61
131
33
1 422
148
6
126
122
60
131
13
1 422
93
4
75
74
6
55
2
51
48
2
22
3
141
96
58
109
10
1 281
63
1
78
27
15
149
43
58
42
9
11
116
18
48
36
18
4
33
25
10
159
6
78
27
15
149
43
58
264
412
28
13
74
80
159
219
134
28
12
72
80
112
65
17
5
10
62
74
107
69
2
10
4
235
162
8
937
461
669
593
4
235
162
8
523
233
168
212
4
156
4
7
414
228
501
381
79
158
1
Kentucky
Louisiana
Maine
Maryland
Massachusetts
361
111
361
124
112
107
74
254
152
112
78
55
111
23
41
170
198
145
66
79
78
308
170
198
308
130
101
71
120
261
26
20
37
Michigan
393
463
393
463
226
167
6
283
6
119
4
51
551
55
4
209
385
32
4
16
379
145
683
Mississippi
195
605
114
1
416
6
74
264
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Nebraska
Nevada
New Hampshire
New Jersey
New M^exico
.
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
..
114
1
2
32
3
350
416
6
74
264
42
52
444
198
154
610
386
1 202
394
27
517
13
54
752
10
144
172
296
959
49
161
626
81
120
53
178
24
68
52
35
172
6
40
64
65
109
6
60
2
89
97
143
19
16
81
17
26
5
40
68
101
140
5
52
225
2
28
2
315
276
1
22
39
21
18
21
444
109
57
610
380
1 202
251
8
517
13
387
50
40
389
223
1 137
142
2
457
11
57
59
17
221
157
54
752
10
76
71
213
922
49
161
626
81
114
29
160
24
68
17
576
6
31
60
145
545
64
88
24
37
176
4
45
11
84
575
20
120
24
59
129
347
29
4
1
35
9
10
57
19
224
33
9
313
203
159
110
65
89
183
249
89
182
249
35
112
242
54
70
7
551
153
551
153
161
25
390
128
Alaska 22
Hawaii
Puerto Rico 2 2
Virgin Islands
18
5
10
2
17
63
95
3
1
3
11
5
10
2
63
95
3
i Comprises all commercial banking offices in the continental United
States, Alaska, Hawaii, Puerto Rico, and the Virgin Islands on which
checks are drawn, including 245 banking facilities. Number of banks
and branches differs from that in the preceding table because this table
includes banks in Alaska, Hawaii, Puerto Rico, and the Virgin Islands,
but excludes banks and trust companies on which no checks are drawn
39
24
13
1
2
1
5
10
1
13
28
144
54
2
32
3
350
52
105
29
19
52
2
400
23
224
57
1
2
78
74
1
34
45
278
47
85
42
1
20
1
314
Wyoming
52
35
90
111
11
938
461
669
595
183
55
13
6
11
63
82
2
6
83
37
6
24
18
1
15
6
and2 three mutual savings member banks.
Alaska and Hawaii assigned to the San Francisco District for purposes of Regulation J, "Check Clearing and Collection." Puerto Rico
and the Virgin Islands assigned to the New York District. Member
branches in Puerto Rico are branches of New York banks.
* International *
International capital transactions of the United States
992
Gold production
996
Net gold purchases and gold stock of the United States
997
Reported gold reserves of central banks and governments
998
Estimated foreign gold reserves and dollar holdings.
999
International Bank and Monetary Fund.
1000
Central banks
1000
Money rates in foreign countries
1005
Foreign exchange rates.
1006
Index to statistical tables
1017
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
991
992
INTL 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]
International
institutions 2
Date
Total foreign
countries
Official
and
private
Officials
France
Germany,
Fed.
Rep.
of
Italy
Switz- United
erKingland
dom
Other
Europe
Total
Europe
Latin
Canada America
All
other
Asia
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1,770
1,881
1,452
11,149
11,720
13,487
6,770
6,953
8,045
715
1,081
626
1,373
1,454
1,835
579
785
930
672
757
836
640
550
1,012
1,642
1,519
1,627
5,621
6,147
6,865
1,536
1,032
1,516
1,906
2,000
2,346
1,821
2,181
2,415
265
360
346
1957_june
July
Aug.
Sept.
Oct.
Nov.
Dec.
30....
31....
31....
30
31....
30....
31....
1,573
1,545
1,635
[,512
1,517
1,538
1,517
13,282
13,265
13,267
13,332
13,753
13,605
13,616
7,941
7,808
7,627
7,647
7,934
7,816
7,905
403
514
450
411
398
352
354
1,690
1,559
1,577
[,664
,573
1,567
1,557
959
979
,009
,030
,056
,021
,079
809
778
769
802
857
865
964
969
1,008
944
807
1,161
1,199
1,275
1,793
1,725
1,754
1,855
1,948
1,972
1,910
6,623
6,563
6,502
6,570
6,993
6,976
7,139
1,591
1,659
1,724
1,650
1,739
1,735
1,623
2,687
2,673
2,683
2,723
2,672
2,593
2,563
1,990
1,986
1,981
2,015
1,979
1,946
1,940
391
384
377
373
370
356
1958—Jan.
Feb.
Mar.
Apr.
May
June
31....
28....
31*...
30*...
31*...
30*...
1,619
1,471
1,377
1,373
,503
1,445
13,694
13,825
13,765
13,647
13,690
13,813
8,007
8,110
7,978
7,907
7,920
7,917
331
316
301
317
250
301
,520
1,494
1,508
1,549
1,596
1,465
,084
,078
1,066
1,129
1,134
1,071
942
920
918
895
845
833
1,330
1,244
1,260
1,017
1,061
1,060
2,035
2,242
2,263
2,211
2,183
2,230
7,242
7,294
7,317
7,118
7,069
6,959
1,597
1,662
1,627
1,662
1,789
2,001
2,525
2,503
2,468
2,537
2,487
2,499
1,950
2,011
1,988
1,987
2,033
2,067
382
355
365
343
312
288
Table la.
Other Europe
Neth- NorFinerland Greece lands
way
Portugal
Other
Europe
Austria
Belgium
Denmark
1954 Dec 31
1955 Dec 31
1956—Dec. 31
1,642
1,519
1,627
273
261
296
100
108
117
71
60
65
41
49
53
113
176
177
249
164
134
103
82
67
91
132
137
1957—jUne
July
Aug
Sept.
Oct
Nov.
Dec
30
31
31 .
30
31 .
30
31
[,793
1,725
1,754
1,855
1,948
1,972
910
302
315
328
337
345
347
349
119
120
123
132
137
131
130
61
97
101
102
97
100
112
59
61
55
62
68
66
64
166
156
143
139
144
146
154
110
98
115
172
186
218
203
87
85
87
94
97
95
93
1958 Jan
Feb.
Mar
Apr
May
June
31
28
31*
30*
31*.
.
30 p
2,035
2,242
2,263
2,211
2,183
2,230
355
353
355
353
354
363
130
133
110
118
114
109
126
124
131
142
143
114
64
65
61
59
50
47
154
157
154
142
131
122
239
350
323
295
292
293
117
122
107
108
104
108
Date
351
Rumania Spain
8
8
1
Sweden
Tur- Yugo- All
key slavia other
71
104
43
141
153
217
8
9
20
9
13
17
363
201
281
120
115
116
124
129
127
142
25
25
24
24
30
26
24
268
278
272
273
260
270
260
14
12
16
12
19
16
18
11
9
11
12
9
11
11
449
351
362
371
425
418
348
137
144
155
157
153
154
22
24
28
27
34
31
265
266
258
257
251
254
16
12
13
12
15
12
7
7
7
5
9
6
403
485
558
534
534
618
Panama,
Republic of
Peru
El
Salvador
Uruguay
1
1
1
Table lb. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
Dominican Guate- MexReico
mala
public
Netherlands
West
Indies
and
Surinam
Other
Vene- Latin
zuela America
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,906
2,000
2,346
160
138
146
29
26
29
120
143
225
70
95
91
222
131
153
237
253
211
60
65
68
35
45
64
329
414
433
49
47
69
74
86
109
83
92
84
30
24
25
90
65
73
194
265
455
124
112
111
1957_june
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
30
31
30
31
2,687
2,673
2,683
2,723
2,672
2,593
2,563
164
142
135
147
160
151
137
24
27
28
28
24
24
26
143
127
133
133
145
149
132
88
73
78
77
76
76
75
205
213
195
186
202
175
153
257
274
285
280
236
235
235
87
94
67
59
57
58
54
70
67
65
60
60
62
65
339
352
393
371
367
360
375
64
74
71
75
75
72
73
135
129
132
129
140
133
136
75
73
72
61
64
62
60
50
46
39
34
26
22
27
65
60
56
60
55
55
55
781
788
798
896
858
835
835
138
133
136
129
126
124
124
1958—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31*
30*
31*
30*
2,525
2,503
2,468
2,537
2,487
2,499
138
137
144
139
137
140
23
25
23
22
22
23
120
118
116
120
139
125
78
72
77
78
77
86
150
146
135
125
119
125
240
239
244
266
261
281
52
49
48
50
49
53
68
69
66
62
64
64
386
371
364
365
361
332
71
69
66
66
67
62
123
141
144
137
135
134
56
66
62
62
74
73
32
33
31
37
36
33
72
85
86
81
76
77
780
749
709
770
712
740
136
135
152
155
156
150
»Preliminary.
For other notes see following page.
993
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued
[Amounts outstanding, in millions of dollars]
Table lc.
Asia and All Other
Asia
Date
Total
All other
Korea,
Hong India Indo- Iran Israel Japan Re- PhilTaiipKong
wan
nesia
pub- pines
lic
of
Union
Belof
Thai- Other Total Aus- gian
Egypt*
South Other
land
tralia Congo
Africa
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,821
2,181
2,415
61
55
66
87
73
76
100
174
186
31
37
20
41
53
45
1,017
96
88
99
257
252
272
34
39
61
123
138
148
270
380
425
265
360
346
48
75
84
44
42
44
47
72
50
33
53
53
94
119
114
1957—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
30
31
30
31
1,990
1,986
1,981
2,015
1.979
1,946
1,940
59
65
66
72
72
71
70
76
79
78
82
88
89
82
128
139
179
190
187
151
35
31
30
49
43
42
55
36
46
41
53
47
46
52
626
605
586
570
564
555
580
107
106
106
106
110
112
117
217
206
217
215
195
174
175
79
79
78
76
83
85
86
167
167
170
163
162
159
157
461
463
443
450
425
426
417
391
384
377
373
370
356
351
75
80
78
81
85
84
85
40
42
41
39
41
42
39
58
57
53
54
50
45
40
60
51
49
47
45
39
38
158
153
156
152
149
146
149
1958—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31*....
30*\...
31*\...
30^
1,950
2,011
1,988
1,987
2,033
2,067
65
66
68
66
65
64
78
77
79
75
76
84
138
132
89
86
88
84
55
44
52
47
43
64
49
50
48
52
51
48
594
655
698
732
772
803
118
121
121
122
116
117
184
189
188
169
180
164
87
88
92
92
91
88
156
159
157
145
146
148
426
430
396
403
403
403
382
355
365
343
312
288
82
80
82
77
77
75
41
39
46
54
35
34
42
41
42
41
29
18
59
36
38
21
27
24
157
158
156
150
144
137
167
Table Id.
721
893
Supplementary Areas and Countries5
End of year
End of year
Area or country
Other Europe:
Albania
British dependencies . .
Bulgaria
Czechoslovakia *
Eastern Germany
Estonia
Hungary
Iceland
Ireland Republic of
Latvia
Lithuania
Luxembourg
Monaco . .
Poland6
Trieste
U. S. S. R.6
....
1954
1955
1956
1957
.2
.4
.3
.1
.6
.6
.7
1.2
1.9
1.0
8.9
14.3
1.0
.4
.7
.7
1.3
1.8
1.0
4.8
13.7
1.0
.4
.2
.5
1.2
1.9
.8
3.1
9.1
.6
.3
n.a.
.7
n.a.
1.7
.7
2.9
n.a.
.5
.5
4.5
5.3
2.1
2 2
1.8
Other Latin America:
19.0
British dependencies
15.3
Costa Rica
Ecuador
21.2
.4
French West Indies and French Guiana...
Haiti
12.7
Honduras
...
....
17.3
Nicaragua
10.3
3.6
Paraguay
Other Asia:
Afghanistan
Bahrein Islands
....
...
\e
.3
.4
.5
3.1
5.6
2.5
1 4
.7
13.2
4.3
3.3
1 4
.8
16.4
5.4
3.2
1 2
.7
16.6
17.6
14.9
.6
12.1
24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0
24.0
16.4
22.7
.8
11.2
12 6
12.7
5.1
1954
1955
1956
1957
Other Asia (Cont.):
9.8
Burma
Cambodia
Ceylon
China Mainland 6
Iraq
Jordan
Kuwait
Laos
Lebanon
Pakistan
Portuguese dependencies
Ryukyu Islands
Saudi4 Arabia
Syria
Viet-Nam
29.7
.2
18.8
35.7
10.0
.8
10.7
9.8
8.8
19.1
13.1
32.9
36.2
14.7
1.2
3.5
23.1
18.0
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
20.2
2.7
30.6
97.4
17 1
50.1
n.a.
20.0
34.2
36.3
19.6
1.6
5.9
n.a.
28.2
12.8
3.1
n.a.
n.a.
3 5
n.a.
3.8
24.2
10.5
23.7
3.7
2.3
35.1
10.7
n.a.
6.7
13.6
22.4
32.2
19.2
1.9
4.4
.7
n.a.
n.a.
....
16!5
.. .
1.8
26.9
61.5
21 5
8.1
2.0
34.0
79.5
13.1
62.3
....
1.4
18.0
2.4
23.7
8.7
8.0
3.8
5.7
8.0
All other:
9.7
12.8
3.6
4.1
.5
5.3
1.7
4.7
n.a.
p
Preliminary.
n.a. Not available.
1
Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities
payable in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under
Other Europe.
3
Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
Area or country
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco:
M^orocco (excl. Tangier).
New Zealand
Portuguese dependencies
Spanish dependencies
Sudan
. .
Tunisia
5.6
1.7
13.1
9.9
7.6
35.7
14.8
33.5
1.9
5.3
.7
n.a.
.7
2.3
8.3
.5
n.a.
.4
2.2
2.8
.3
.4
.5
45 Part of United Arab Republic since February 1958.
These data are based on reports by banks in the Second (New York)
Federal Reserve District and include funds held in an account with the
U. S. Treasury. They represent a partial breakdown of the amounts
shown in the "other" categories in tables la-lc.
6 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-45.
994
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]
Total
Date
GerFrance many,
Fed.
Rep. of
Switz- United
erKing- Other Total
dom Europe Europe
land
Italy
Canada
Latin
America
Asia
All
other
1954—Dec. 31.
1955—Dec. 31.
1956—Dec. 31.
1,387
1,549
1,946
14
12
18
70
88
157
20
30
43
16
26
29
173
109
104
109
158
216
402
423
568
76
144
157
728
706
840
143
233
337
37
43
43
1957—May 31.
June 30.
2,173
2,201
2,134
2,155
2,151
2,247
2,196
2,229
72
82
96
113
113
106
108
114
174
159
150
149
150
138
136
140
61
60
59
55
54
54
54
58
27
28
31
33
32
35
37
34
176
159
123
115
110
124
111
109
188
197
189
192
209
203
207
218
699
686
646
657
668
661
653
674
114
125
125
120
111
177
147
154
888
893
895
930
931
953
959
965
426
451
421
396
389
407
387
386
46
46
46
52
52
48
49
50
2,250
2,239
2,284
2,409
2,510
101
98
104
92
93
136
126
130
134
138
53
53
53
49
45
31
30
27
30
27
110
107
95
95
93
235
238
264
278
290
666
651
673
678
686
151
154
186
220
229
987
984
998
999
1,056
400
406
383
461
465
45
44
44
50
73
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
4
5
8
4
7
13
41
78
88
14
14
13
9
9
9
11
10
67
75
63
68
72
81
77
76
11
11
13
17
18
77
71
75
81
81
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1958—Jan. 31.
Feb. 28.
Mar. 31*>
Apr. 30P
M a y 31?
Table 2a. Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
10
13
12
3
3
4
3
4
4
16
11
21
2
9
23
(2)
Greece
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
109
158
216
(2)
7
20
16
28
1957 May
June
July
Aug
Sept.
Oct
Nov.
Dec.
31 .
30
31
31
30
31
30
31
188
197
189
192
209
203
207
218
6
5
4
6
7
7
6
6
28
25
23
25
25
24
25
33
8
8
7
7
6
9
9
11
4
3
4
4
3
4
5
4
4
4
6
6
7
7
6
6
19
23
27
21
24
22
24
24
16
16
17
17
18
16
19
23
1
2
2
11
12
12
19
24
10
10
11
1958 Jan
Feb
Mar
Apr.
May
31
28
31^
30*>
31 p
235
238
264
278
290
7
9
9
8
5
36
35
33
33
35
9
9
8
6
7
4
3
6
5
5
5
6
7
7
9
28
32
34
35
46
23
25
26
29
24
2
2
2
2
2
22
26
39
45
49
2
1
2
2
2
2
2
(2)
1
1
1
5
7
7
10
9
9
9
11
13
11
10
9
8
12
10
9
Table 2b. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
NetherDolands Panminican Guate- Mex- West ama,
ReRe- mala
ico Indies puband lic of
pubSurilic
nam
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
728
706
840
6
7
15
3
4
4
273
69
72
14
14
16
107
143
145
71
92
90
3
5
7
4
5
7
116
154
213
1
3
5
9
17
12
16
29
35
10
8
11
7
18
15
63
105
144
27
34
49
1957—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
888
893
895
930
931
953
959
965
43
48
47
35
29
27
28
28
5
5
4
5
5
5
4
3
73
77
94
115
123
111
96
100
26
35
33
40
28
38
40
33
144
123
98
91
101
124
119
107
93
93
91
91
85
82
106
113
8
8
14
17
13
16
18
15
7
7
8
8
8
8
9
8
207
208
212
243
240
238
221
229
3
3
2
3
3
4
3
2
13
12
13
13
16
16
17
18
35
32
36
34
33
34
35
36
8
8
8
7
6
8
9
8
13
18
24
30
39
38
40
42
154
159
158
151
152
154
159
173
58
56
53
49
50
52
54
51
1958—Jan.
Feb.
Mar.
Apr.
May
31
28
3\P
987
984
998
999
1,056
26
27
26
24
22
3
3
3
3
3
110
141
168
184
202
43
41
40
42
50
107
91
89
84
83
130
126
101
99
123
13
12
12
10
11
9
9
9
9
9
213
212
219
235
257
2
2
3
3
3
19
20
24
21
19
31
30
38
37
38
9
7
6
6
6
52
53
47
44
37
166
158
161
150
144
53
52
51
48
50
30^
3\P
v
1
Preliminary.
Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to $1,212 million on May 31,
1958. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
3 Part of United Arab Republic since February 1958.
4 Includes transactions of international institutions.
995
1NTL CAPITAL TRANSACTIONS OF THE U. S.
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
3
4
5
5
6
16
18
20
11
10
16
50
103
170
407
387
386
7
7
7
9
9
7
8
7
11
11
11
9
9
8
7
6
23
22
24
24
24
24
24
22
25
24
22
24
23
26
25
24
244
258
248
216
188
174
150
400
406
383
461
465
8
7
8
8
7
7
7
7
8
6
23
26
28
40
29
22
21
21
19
19
1954—Dec. 31
1955 Dec 31
1956—Dec. 31
143
233
337
1957 May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec 31
426
451
421
396
1958—Jan.
Feb.
Mar.
Apr
May
3
389
31
28
3 1 Pp
30 .
31»
PhilTaiIsrael Japan ippines
wan
Iran
7
39
37
60
91
43
43
14
11
11
6
5
6
11
12
14
75
81
63
58
71
100
100
110
46
46
46
52
52
48
49
50
13
12
12
11
11
11
10
13
6
5
6
6
5
4
5
5
1
1
2
1
1
1
1
1
1
1
1
13
13
12
12
16
115
122
108
114
114
45
44
44
50
73
13
13
13
13
13
5
6
6
1
1
1
5
6
6
6
8
9
13
12
11
12
14--5
51
56
53
5
5
6
6
6
6
6
6
152
148
139
214
224
54
58
53
42
45
6
6
6
6
5
19
16
24
30
28
40
51
Union
BelAus- gian
of
Egypt3 South
Other
tralia Congo
Africa
Thai- Other Total
land
8
toto
Total Hong
Kong India
COON
Date
All other
6
8
8
10
17
17
11
12
12
11
12
14
12
18
17
15
21
24
20
19
19
9
7
12
14
36
17
16
12
16
14
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES4
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
Net pur- Purchases, or chases
sales ( - )
Sales
8
529
-135
-52
1,405
1,886
1,907
1,617
1,264
1,730
1,615
1,423
162
31
122
175
10
19
30
42
-60
26
-93
-157
6
17
7
31
179
170
161
135
92
107
111
101
113
133
52
95
83
()
113
-9
-23
-35
93
98
129
105
117
Purchases
Sales
801
1,341
883
666
793
812
1,018
718
1957—May..
June..
July..
Aug..,
Sept..
Oct...
Nov..
Dec...
102
57
29
18
16
35
38
73
1958—Jan...
Feb...
Mar.P
Apr.?.
May P.
113
246
44
72
47
1954
1955
1956
1957
U. S. corporate securities
Foreign bonds
Net pur- Purchases, or chases
sales ( - )
Sales
141
156
291
194
792
693
607
699
841
509
992
1,390
160
135
153
119
103
143
94
101
19
35
8
16
-11
-36
17
57
45
130
23
49
123
38
38
103
100
128
124
124
-10
-2
1
-20
39
54
38
52
79
-i
Foreign stocks
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases, or
sales ( - )
-49
184
-385
-691
393
664
749
593
645
878
875
622
-252
-214
-126
-29
193
43
191
36
80
106
94
60
-136
2
-61
-13
-31
18
-56
-22
59
76
69
46
41
44
36
30
81
90
60
44
46
43
28
26
-21
-14
9
2
-6
1
179
143
35
143
361
-140
-89
3
-91
-283
28
122
23
22
20
51
202
40
34
39
-23
-80
-17
-12
-19
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or month
1954
1955
1956
1957
1957
May
July
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar P
Apr.pp
May .
' Preliminary,
International
institutions
Total
foreign
countries
France
78
-21
82
-157
72
706
75
299
17
-2
-121
10
-25
1
-16
61
-85
1
-6
-21
24
29
2
2
-10
-23
-8
-48
-44
-3
-5
-141
1
1
2
()
(2)
135
(2)
2
j
2
Germany,
Federal
Republic of
Italy
(2)
-1
9
7
3
j
e>
•2\
f2\
(2)
1
(2)
1
()
2
8
n\
(2)
Switzerland
73
147
234
98
7
5
2
(2)
(2)
Other
Europe
Latin
America
139
329
161
291
-187
265
-124
-8
113
76
34
8
7
50
6
-6
22
51
-59
15
2
-8
12
40
-34
5
-27
— 17
-5
-13
7
1
-5
4
1
2
3
-12
—2
—4
12
-11
-8
-9
-22
-15
-16
-9
1
3
-4
-21
-28
-7
34
3
-28
3
-1
-10
-12
9
2
5
2
-1
—2
c
Canada
-20
85
33
101
-5
2
-2
15
-21
11
3
Total
Europe
70
96
8
79
13
-2
4
11
2
23
7
17
(2)
(2)
United
Kingdom
-78
—1
For other notes see opposite page.
j
Asia
Another
3
29
-1
5
3
7
4
4
/2\
f2)
1
1
—2
1
(2)
(2)
(*)
(2)
1
(2)
(2)
(2)
(2)
1
996
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS*
[In millions of dollars]
[Net sales, ( - ) . In millions of dollars]
Assets in custody
InterTotal
national foreign
insticountries
tutions
Year or
month
1954
1955
1956
1957
1957—May...
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
1958—Jan...
Feb..
Mar.p
Apr.p
May*'
m
Latin
Amer- Asia
ica
Canada
Europe
All
other
—478
— 336
_9
-46
8
231
-133
74
—447
— 550
33
24
17
15
1
-12
117
15
-9
86
9
6
-84
-11
-70
-21
-30
13
4
-14
10
2
2
2
2
1
-4
-3
-4
-3
-1
-2
-1
-4
-5
-7
1
14
1
1
-1
0)
-76
-11
49
-5
-39
96
4
-18
-135
-27
-13
-5
-11
-157
-6
-64
-7
-6
-93
1
-86
-123
4
2
-5
-3
-15
2
-3
-4
1
-25
-164
-27
-137
— 33
-384
-81
-1
-4
-101
-6
2
-77
-53
-10
-91
-156
-146
—5
2
0)
3
4
7
-34
_7
-49
—40 — 16
-45
13
o
Date
0)
0)
1
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
1956—Dec. 31
322
3,856
139
1957_July
Aug.
Sept.
Oct.
Nov.
Dec.
31
31
30
31
30
31
364
342
337
378
283
356
3,730
3,523
3,421
3,774
3,787
3,729
278
280
278
349
344
353
1958—Jan.
Feb.
Mar.
Apr.
May
June
July
31
28
31
30
31
30
31
249
265
266
257
234
269
288
3,755
3,552
3,315
3,068
3,037
2,974
3,167
405
428
421
422
405
491
541
2
9
16
23
30
256
264
358
295
287
2,946
2,992
3,054
3,144
3,517
493
540
542
542
542
0)
July
9 Preliminary.
> Less than $500,000.
1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See note 4 at bottom of following page for total gold under earmark
at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
1950
1951
1952
1953
1954
1955
1956
1957
.
1957—May
June
July
AUK
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
Estimated
world
production
North and South America
Africa
U.S.S.R.)
Total
864.5
840.0
868.0
864.5
913.5
959.0
994.0
1,036.7
Canada
Mexico
80.1
66.3
67.4
69.0
65.1
65.7
6^ 3
r
63.O
155.4
153.7
156.5
142.4
152.8
159.1
153.4
154.7
14.3
13.8
16.1
16.9
13.5
13.4
12 ?
12.5
13.3
15.1
14.8
15.3
13.2
13.3
15 3
11.4
6.7
6.1
6.2
4.6
4.4
4.3
13.1
12.6
12.8
12.6
13.1
13.9
13.1
12.9
.9
1.3
.7
.9
.9
5.0
4.9
5.8
5.8
5.7
6.5
5.1
5.5
.9
.7
.9
.8
.9
.8
1.1
.9
1.4
9
.9
1.2
1.0
4.4
4 4
4.3
4.5
4.6
13.2
12.5
13.7
13.4
13.3
United
Ghana Belgian
Congo States
South
Africa
Rhodesia
777.1
758.3
780.9
776.5
826.2
873.8
910 6
952.0
408.2
403.1
413.7
417.9
462.4
510.7
556.2
596.2
17.9
17.0
17.4
17.5
18.8
18.4
18.8
18.8
24.1
22.9
23.8
25.4
27.5
23.8
21.9
27.7
12.0
12.3
12.9
13.0
12.8
13.0
13.1
13.1
79.7
79.0
81.6
81.0
279.5
282.0
278 7
277.7
50.6
50.1
51.4
51.1
50.3
50.9
49.8
49.0
1.5
1.6
1.5
1.5
1.6
1.6
1.6
1.6
2.2
2.2
2.3
2.4
2.4
2.4
2.4
2.4
1.0
.9
1.2
1.1
1.2
49.6
47 5
50.1
50.3
51 6
1.5
1 5
1.6
2.5
2.5
2.5
2.4
2.4
r
Revised.
1
Gold exports, representing about 90 per cent of total production.
* Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
Other
/•__._]
i!o
Colom- Chile
bia
1.5
1 0
9
1.0
Nica- Austra- India
ragua1
lia
3.6
8.0
8.8
8.9
9.1
8.2
8.1
7.6
6.9
30.4
31.3
34.3
37.7
39.1
36.7
36 1
37.9
6.7
7.9
8.9
7.8
8.4
7.4
7.3
6.3
.3
.2
.2
.5
.2
.4
.2
.2
.6
.6
.6
.6
.6
.6
.6
.5
3.1
3.4
3.7
3.0
3.1
3.1
3 2
3.3
.5
.5
.5
.5
.5
.5
.5
.5
.6
5
.5
6
.6
3 2
2 9
.5
3 ?
Production reported monthly: reports from individual countries except
Ghana and Belgian Congo, data for which are from American Bureau of
Metal Statistics. For the United States, annual figures are from the U. S.
Bureau of the Mint and monthly figures are from American Bureau of
Metal Statistics.
997
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1950
Continental Western Europe:
Belgium
Germany (Fed. Rep. of)
Netherlands
Portugal
Sweden
Switzerland
Bank for Intl. Settlements
Other
1951
1952
1-58.0 1-18.3 1 - 5 . 8
-84.8 -20.0
-10.0
""-79.*8
-100.0
-15.0 -34!9
-5.0
-22 9 -32.0
-38.0 -15.0
-65.3 -30.4
-16.4 -29.7
-1!
Total
-380.2 -184.8 -115.6
Sterling Area:
-1,020.0
13.1
3.5
Union of South Africa
Other
Total
1953
1954
1-94.8
-130.0
-65.0
-59.9
—20 0
-65.0
-94.3
-17.5
67.7
30.4
6.0
-50.0
100.3
451.2
-480.5 -50.5
7.2
Total
-172.0 -126.0
25.6 '"20.0 '""S.Q
-.1
-84.8
-3.5
-28.1
-15.0
80.3
-5.0
-30.0
2
17.2
^ Q
-15.1
31.3 - 7 6 . 2
-300.0
-300.0
100.3
14.6
5.2
5.2
115.3
28.1
75.4
10.0
10.1
11.0
29.1
-200.0
3.1
3.0
H
2.4
-3.6
2.8
14.0 - 2 8 . 3
80.9
6.5
12.9
-.5
-131.8
62.5
-6.7
-5.7
-9.9
-4.9
-.2
18.0
-.4
-.4
1.0
14.1
-.2
-.1
80.2
171.6
41.5
Asia
-38.9
-53.7
-30.6
-76.0
Total foreign countries.. - 1 , 7 2 5 . 2
75.2
393.6 -1,164.3 -326.6 - 6 8 . 5
Grand total
75.2
393.6 -1,164.3 - 3 2 6 . 6
4200.0
-68.5
3
4
280.2
15.0
40.2
3.1
57.5
1 Includes sales of gold to Belgian Congo as follows (in millions): 1950,
$3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
331.3
-.1
Allother
-1,725.2
Jan.Mar.
-4i.*9
""i5'2
-8.0
-20.2
525.6
Oct.Dec.
-14.2
- 5 4 6 . 4 -328.3 - 7 8 . 5
-.5
JulySept.
3.4
1.0
-10.0
Venezuela
Other
3.4
Apr.June
7.0
-100.0
-49.9 -20.0
17.5 - 2 2 . 8
-60.2
87.7
22.2
14.9
-.9
21.0 - 5 4 . 7
-2.4
3.4
-33.8
Jan.Mar.
339.3
-1,003.4
-io.6
1957
3.0
-480.0
-118.2
-64.8
1956
4.0
440.0
11.5
-.3
Latin America:
Argentina
Colombia
Mexico
-5.0
-54.9
-15.0
-15.5
-20.0
2.6
469.9
52.1
3.6
Canada
1955
-67.5
-225.6 - 1 0 . 0
c
1958
1957
Area and country
18.4
3.3
-.1
15.0
46.6
-.1
4.0
14.9
-.6
-.1
-.5
18.9
92.8 - 3 7 7 . 4
18.9
92.8 - 3 7 7 . 4
4600.0 4300.0 4300.0
771.6
341.5
318.4
Includes purchase of $31.5 million of gold from Spain.
Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treasury
Total i
EarNet
Increase gold
marked Domesin total import, gold: de- tic gold
gold
or
crease, producor instock
export
tion
crease
Gold stock
(end of month)
Month
Treasury
Total i
1945
1946
1947
1948
1949
1950
20,065
20,529
22,754
24,244
24 427
22,706
20,083 -547.8 -106.3 -356.7
20,706
623.1 311.5
465.4
22,868 22,162.1 1,866.3
210.0
24,399 1,530.4 1,680.4 -159.2
24,563
164 6 686.5 —495.7
22,820 -1,743.3 -371.3 -1,352.4
32.0
51.2
75.8
70.9
67 3
80.1
1957—July
Aug
Sept
Oct
Nov
Dec
1951
1952
1953
1954
1955
1956
1957
22,695
23,187
22,030
21,713
21,690
21,949
22,781
22,873
52.7 -549.0
617.6
23,252
379.8 684.1 -304.8
22,091 -1,161.9
2.0 -1,170.8
21,793 -297.2
16.1 -325.2
21,753
-40.9
97.3 -132.4
22,058
305.9 106.1
318.5
22,857
600.1
798.8 104.3
66.3
67.4
69.0
65.1
65.7
65.3
r
63.0
1958—Jan
22,784 22,860
Feb . . . 22,686 22,736
22,394 22,487
Mar
21,996 22,042
Apr
21,594 21,674
May
June
21,356 21,412
^21,210
^21,275
July
r
* Preliminary.
Revised.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
22,627
22,626
22,635
22,691
22,763
22,781
22,735
22,735
22,759
22,835
22,837
22,857
Net
EarIncrease gold
marked Domesin total import, gold: de- tic gold
gold
or
crease, producstock
export
or intion
crease
3.8
-.5
24.1
75.4
2.4
20.2
2.3
-123.7
-248.7
-445.1
-367.8
-262.4
P-136.9
2.7
28.6
18.9
42.8
34.3
18.8
-.8
-11.4
-9.0
36.9
-31.2
45.0
38.9
6.0
26.0
17.9
3.4
-37.3
-167.6
-252.0
-471.5
-355.2
-285.0
4-164.3
2.0
5.8
5.8
5.7
6.5
5.1
5.5
4.4
4.4
4.3
4.5
4.6
4.9
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $7,755.5 million on July 31, 1958.
Gold under earmark is not included in the gold stock of the United States.
998
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total
world i Treasury Total 2
End of
month
1952 Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
1957—June
July
Aug
Sent
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June
End of
month
. .
....
Argentina
Australia
Austria
Belgium
Brazil
Canada
Chile
Colombia
Cuba
Denmark
35,985
36,415
37,075
37,740
38,245
23,187
22,030
21,713
21 690
21,949
23,252
22,091
21,793
21,753
22,058
287
371
371
371
224
112
117
138
144
107
52
52
62
71
71
706
776
778
929
928
317
321
322
323
324
896
996
1,080
1,141
1,113
42
42
42
44
46
76
86
86
86
57
214
186
186
136
136
31
31
31
31
31
38,745
22,623
22,627
22,626
22,635
22,691
22,763
22,781
22,732
22,735
22,735
22,759
22,835
22,837
22,857
181
181
181
166
127
126
126
116
116
116
116
119
123
126
80
84
87
87
83
103
103
842
846
882
874
876
875
913
324
324
324
324
324
324
324
1,121
1,120
1,135
1,136
1,136
1,127
1,115
43
43
40
40
40
40
40
58
58
58
58
60
61
62
136
136
136
136
136
136
136
31
31
31
31
31
31
31
22 784
22,686
22 394
21 996
21,594
21,356
22 860
22,736
22 487
22 042
21,674
21,412
126
126
126
126
103
103
103
103
103
103
946
967
998
1 028
1,099
1,143
324
324
324
324
324
325
1,116
1,086
1 096
1 101
1,089
1,086
40
40
40
40
40
40
63
*>39 120
136
136
136
136
136
136
31
31
31
31
31
31
Egypt 3
Finland
Mexico
Netherlands
38,825
38,975
Germany,
France 4 Federal GuateRepublic mala
of
India
Indonesia
Iran
Italy
Norway
Pakistan
1952 Dec
1953 Dec
1954 Dec
1955 Dec
1956—Dec
174
174
174
174
188
26
26
31
35
35
573
576
576
861
861
140
328
626
920
1,494
27
27
27
27
27
247
247
247
247
247
235
145
81
81
45
138
137
138
138
138
346
346
346
352
338
144
158
62
142
167
544
737
796
865
844
50
52
45
45
50
38
38
38
48
49
1957—June
July
Aug
Sept
Oct
Nov
Dec
188
188
188
188
188
188
188
35
35
35
35
35
35
35
575
575
575
575
575
575
575
2,029
2,124
2,261
2,399
2,548
2,557
2,542
27
27
27
27
27
27
27
247
247
247
247
247
247
247
40
40
41
41
41
41
39
138
138
138
138
138
138
138
364
390
422
428
443
453
452
165
164
163
182
182
181
180
806
793
747
700
700
700
744
46
45
45
45
45
46
45
49
49
49
49
49
49
49
1958 Jan
Feb
Mar
Apr
May
June
188
188
174
174
174
174
35
35
35
35
35
35
575
575
575
575
575
575
2,501
2,489
2,460
2,492
2,499
2,575
27
27
27
247
247
247
247
247
247
39
39
39
38
38
38
138
138
'138
138
138
138
457
462
462
159
159
158
792
828
847
862
881
910
45
45
43
43
43
43
49
49
49
49
49
49
Portugal
El Salvador
South
Africa
Venezuela
Intl.
Monetary
Fund
End of
month
Peru
r
Sweden Switzerland
Thailand
Turkey
United
King-5
dom
Uruguay
Bank for
Intl.
Settlements
1952 Dec
1953—Dec
1954 Dec
1955—Dec
1956 Dec
46
36
35
35
35
286
361
429
428
448
29
29
29
28
28
170
176
199
212
224
184
218
265
276
266
1,411
1,459
1,513
1 597
1,676
113
113
113
112
112
143
143
144
144
144
1,846
2,518
2,762
2 120
2,133
207
227
227
216
186
373
373
403
403
603
1,692
1,740
I 808
1,692
196
193
196
217
179
1957—June
July
Aug
Sept
Oct
Nov
Dec
35
35
35
35
28
28
28
458
461
466
467
464
469
461
31
31
31
31
31
31
31
234
226
226
215
215
218
217
231
233
241
235
226
227
219
1,633
1,674
1,694
1,725
1,733
1,718
1,718
112
112
112
112
112
112
112
144
144
144
144
144
144
144
2,381
2,367
2,142
1,850
2,093
2,185
2,273
183
183
183
183
183
183
180
669
719
719
719
719
719
719
1,147
1,148
1,157
1,167
,177
1,180
1,180
205
165
184
138
130
143
165
1958 Jan
Feb
Mar
Apr
May
June
28
20
20
20
20
20
454
454
454
454
474
474
31
31
31
31
31
31
206
212
193
179
161
159
215
209
203
203
203
204
1,727
1,733
1,720
1,770
1,836
1,857
112
112
112
112
112
144
144
144
144
144
144
2,404
2,539
2,770
2,914
3,039
3,076
180
180
180
180
180
719
719
719
719
720
720
1,180
1,182
171
162
182
212
254
200
r
»1 Preliminary.
Revised.
Excludes U.S.S.R. and other Eastern European countries.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves
1
1
709
186
1,238
1,241
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3 Part of United Arab Republic since February 1958.
* Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).
5 Exchange Equalization Account holdings of gold and of United
State and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
999
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31 , 1956
Continental Western Europe:
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
France (and dependencies) 1
Germany (Federal Republic of)
Italy
Netherlands (and Netherlands West Indies
Spain (and dependencies)
Turkey4
Other
Total
Sterling Area:
United Kingdom dependencies
Australia
Total
Latin America:
Other
Total
Asia:
Indonesia
Other
Total
All other:
Egypt 6
Other
Total
Total foreign countries 7
374
1,170
107
94
1,302
3,520
189
1,250
9
11
6
5
8
14
10
93
131
(3)
12
1,024
121
628
148
480
2,410
158
914
14,135
298
2,812
103
191
323
203
4
367
1,227
96
88
1,505
3,329
187
1,268
10
12
6
5
7
14
1,071
117
628
160
483
2,512
164
933
9
87
in
Union of South Africa
Other
Mexico
•
2
j
1
14
382
1,133
92
94
2996
3,719
177
1,323
8
11
6
5
9
14
10
86
132
(3)
15
1,004
133
622
142
499
2,442
158
1,204
13,889
308
14,120
298
14,462
2,854
93
193
324
293
226
238
4
264
4
25
2,894
96
191
323
294
226
Dec. 31,1957
Mar. 31 , 1958*
2
2
132
j
1
29
424
1,165
133
97
1,004
4,063
152
1,458
8
8
6
5
9
14
971
139
636
140
508
2,527
156
889
12
81
452
1,182
143
99
946
4,099
167
1,531
8
8
6
5
9
14
1,044
138
651
114
479
2,682
162
863
14
105
294
2,507
109
197
329
262
227
180
4
2
134
8
1
1
30
2
458
1,259
162
96
893
3,968
167
1 528
7
7
6
5
10
15
^2
^I
g
117
12
1 260
150
658
118
461
2 638
157
961
14,752
319
14,934
278
2,875
104
211
329
255
224
205
4
241
4
34
3 460
' 102
5208
326
231
230
5
128
j
14
75
(3)
9
I
34
223
3,983
269
4,024
299
3,631
216
3,998
245
4,557
281
2,629
367
2,608
438
2,712
457
2,786
443
2,738
457
2 723
441
370
549
137
210
347
91
600
109
119
259
1,058
274
2
2
12
345
467
131
263
393
97
504
135
110
248
1,450
345
1
2
11
313
457
117
244
416
87
553
129
96
243
1,615
293
190
4,488
188
4,563
3
12
332
556
137
250
354
101
575
117
117
257
1,043
321
190
4,160
231
158
1,145
294
260
707
4
6
4
6
6
188
178
1,003
267
279
730
6
168
173
754
243
279
'766
2,795
17
2,645
17
238
129
(3)
8
248
163
8
367
8
411
8
4,123
1
1
167
4
1
j
27,983 1,103
391
31,127 1,494
1
167
4
1
27,696 1,230
2,996
391
30,692 1,621
f
P Preliminary.
Revised.
* Excludes gold holdings of French Exchange Stabilization Fund.
2 Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3 Less than $500,000.
4
Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
5 Includes latest reported figures for gold reserves as follows: Australia
(Dec. 31, 1957); and Colombia (Jan. 31).
Sept. 30, 1957
228
3,934
3,144
Grand total 7
June 30, 1957
Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S .
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
bonds term
bonds
bonds
term
term
term
bonds
term
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Area and country
Brazil
Chile
Colombia
Cuba
Mar. 31,1957
2
13
263
456
115
215
371
92
555
136
88
235
1,554
276
189
4,356
176
4 239
168
2
5
1
8
128
190
827
196
269
765
(3)
2
6
1
7
190
193
708
181
269
777
(3)
6
1
7
220
187
698
235
275
768
'2,383
16
2,383
16
2,318
16
2 375
16
246
175
7
242
166
7
228
162
7
216
170
421
7
408
7
390
7
1
4
'28,148 1,265
2,720
366
'30,868 1,631
j
1
167
(3j)
28,233 1,165
2,679
222
30,912 1,387
1
2
13
270
440
117
5198
380
93
522
144
82
266
1 428
299
1
1
(3)
3
1
(3)
28,552 1,220
2,698
222
31,250 1,442
386
1
($\
146
P")
2
(3)
1
2
12
>>
5
I
8
7
29,214 1,191
2 563
356
31,777 1,547
«7 Part of United Arab Republic since February 1958.
Excludes gold reserves of the U. S. S. R. and other Eastern Europeancountries.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on »
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-05.
1000
INTERNATIONAL INSTITUTIONS
INTERNATIONAL MONETARY FUND
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1957
1958
1957
June
Dec.
Sept.
Mar.
683
484
5241- 602
917
813
767
752
873
2,437 2,54S> 2,606> 2,795 2,829
75
90
93
72
It 5
IBRD bonds outstanding
Undisbursed loans
Other liabilities
1,034 1,141 1,26S 1,405 1,658
675
670
67(> 62C) 699
24
21
27
19
2( )
Capital
31S
30:
335
Apr
June
Dollar deposits and U. S. securities.
Other currencies and securities 1 . . .
289
350
Country io
Continental W. Europe, total. .
Belgium and Luxembourg...
Italy
Netherlands
Other
Sterling area total
Australia
India
1,282
173
267
1 ,073
131
267
209
15
21
863
116
247
96
30
13
238
236
368
113
236
325
1
147
27
112
90
299
21
24
7
1,243
318
397
908
300
277
100
20
27
808
280
250
104
28
29
Sold
Total
to
others5
48
Cumulative net drawings
on the Fund
59
11
160
193
49
148
93
30
31
5
7
118
89
23
20
24
Brazil
Colombia
798
182
111
186
318
605
167
92
146
199
74
18
22
11
23
531
149
70
135
176
23
1
2
8
12
Asia (excl. Sterling area), total.
Japan
Thailand
Other
382
152
200
79
7
3
41
80
4
193
76
16
8
Africa (excl. Sterling a r e a ) . . . .
24
9
1
8
1
63,729
-,794
392
2,403
7240
Total
107
123
36
80
Total
Argentina
Belgium
Brazil
Chile
Colombia
France
India
Indonesia
Japan
Netherlands
,
Un. of S. Africa.,
United Arab Rep
United Kingdom.
United States
Paid
in
gold
150
225
150
50
50
525
400
110
250
275
100
60
1,300
2,750
1957
1958
Apr.
May
May
38
75
75
75
56
50
50
50
38
75
38
75
12
37
9
37
35
13
25
35
108
220
328
328
128
28
200
200
16
55
55
55
63
125
125
69
64
64
25
25
25
30
10
30
30
562
562
236
562
688 H - 1 , 4 9 7 H - 2 , 0 1 6 H-1,991
4
126
Union of S Africa
United Kingdom
Other
Other
Apr,
8,932 8,941 9,016 9,016 9,088
-6
3
-2
4
Outstanding
Repaid
Jan.
Member subscriptions...,
Accumulated net income.
Reserves and liabilities..,
Quota
Disbursed
Oct,
1,439 1,148 1,177 1,180 1,238
200
200
200
200
200
977
992
811
769
696
5,489 5,777 5,948 5,992 6,060
817
818
874
874
898
5
6
Loans by country, June 30. 1958
Principal
July
Gold
Investments*
Currencies: United States1
Otheri
Unpaid member subscriptions
Other assets
1,854 1,86' i 1,86-y 1,872 1,881
Area and member country*
1958
Item
Item
2
6
Notes
to tables on international institutions:
1
Currencies include demand obligations held in lieu of deposits.
2 Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes $259 million in loans not yet effective.
7 Includes $219 million not guaranteed by the Bank.
« U. S. Treasury bills purchased with proceeds of sales of gold.
9 Transferred to General Reserve.
i ° Countries shown are those with cumulative net drawings of $25
million or more on the latest date.
11 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Date
Assets of issue
department
Gold
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
Notes
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation i
Deposits
Public
ECA
Other
7.2
9.6
3.2
18.2
18.1
18.1
18.1
18.3
18.5
18.5
17.8
18.0
18.1
30
29
28
26
.4
.4
.4
.4
1,675.0
1,775.0
1,900.0
2,025.0
2.4
2.4
2.3
1.9
55.4
23.7
10.7
27.7
4.9
8.9
37.7
11.0
338.1
350.7
299.6
267.7
1,619.9
1,751.7
1,889.6
1,997.7
290.2
276.1
245.2
203.6
14.9
15.4
12.0
11.6
1957—July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
.4
.4
.4
.4
.4
.4
2,075.0
2,025.0
2,000.0
2,000.0
2,050.0
2,150.0
2.4
2.4
2.5
2.5
2.4
2.4
15.9
29.9
32.9
33.4
48.9
22.4
29.9
17.6
15.1
13.7
19.8
21.0
262.4
253.5
271.0
288.7
260.3
263.6
2,059.5
1,995.5
1,967.5
1,967.0
2,001.4
2,128.0
205.0
199.3
216.8
234.6
226.9
199.5
13.4
11.6
13.0
10.1
10.1
9.8
70.4
66.3
71.7
74.9
73.9
74.2
73.1
75.7
76.4
81.9
1958—Jan.
Feb.
Mar.
Apr.
May
June
.4
.4
.4
.4
.4
.4
2,000.0
2,000.0
2,000.0
2,050.0
2,050.0
2,050.0
2.4
2.4
2.4
2.4
2.4
2.4
43.2
38.2
57.6
39.9
16.5
12.1
25.3
27.9
16.6
29.1
28.7
12.9
239.4
258.3
253.2
249.8
264.9
306.6
1,957.2
1,962.1
1,992.7
2,010.4
2,033.9
2,038.3
205.1
224.0
214.6
200.4
209.9
230.5
12.2
11.4
17.2
9.9
12.9
13.3
74.6
73.0
79.5
73.1
71.6
72.1
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
29
26
26
30
28
25
For notes see opposite page.
Capital
and
surplus
Bankers'
18.3
18.5
18.5
17.8
18.0
18.1
1001
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets
Date
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
Sterling
and
United
States
dollars
31
31
31
31
1957—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1958—Jan. 31,
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
2
Liabilities
Dominion and provincial govt. securities
Shortterm
Deposits
Other
assets
Note
circulation
Other
Chartered Dominion
banks
govt.
Other
liabilities
and
capital
Other
54.9
54.2
57.4
60.8
1,376.6
1,361.5
1,283.8
1,025.0
893.7
871.1
,093.7
,392.0
112.0
114.1
185.2
69.9
,599.1
,623.5
,738.5
,868.7
623.9
529.6
551.0
511.5
51.5
56.3
89.2
38.8
29.5
30.5
34.0
31.2
161.0
207.5
97.5
63.1
62.4
55.3
56.6
56.2
63.5
,197.7
,251.8
,208.4
,297.5
,321.5
,246.2
,202.3
,208.4
,204.2
,192.1
,152.0
,217.5
100.7
203.9
110.9
163.5
252.8
131.5
,817.7
,815.5
,819.1
,824.0
,828.0
,903.7
490.5
542.8
480.8
623.7
543.4
517.6
54.2
64.0
66.9
40.1
64.3
35.4
26.9
33.3
28.7
25.8
30.7
31.2
174.5
270.9
183.3
196.0
316.1
170.8
63.0
63.2
61.2
51.3
58.0
50.4
,265.5
,293.0
,373.9
,329.7
,002.4
,496.1
,105.0
,103.2
,074.3
,144.1
,472.7
,087.4
182.2
198.1
157.6
117.3
202.3
150.7
,776.5
,783.7
,809.7
,832.0
,843.5
,876.1
533.8
555.2
579.5
554.2
540.7
609.8
57.3
46.1
53.8
60.4
65.5
60.8
23.3
26.8
24.6
25.1
27.1
30.6
224.8
245.6
199.3
170.6
258.5
207.3
133.1
Bank of France (billions of francs)
Assets
Liabilities
Date
Gold
Foreign
exchange
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
Other
assets
Note
circulation
Deposits
Govern- Other3
Other
liabilities
and
capital
201.3
201.3
301.2
301.2
15.4
57.3
200.2
49.6
292.5
236.8
226.7
289.2
61.1
48.9
45.2
30.5
891.6
1,130.2
1,194.7
1,753.7
200.0
195.0
190.0
179.0
679.8
617.6
539.8
479.8
170.0
277.2
336.8
236.4
2,310.5
2,538.5
2,820.0
3,046.9
144.9
157.8
142.9
173.8
56.3
67.9
71.8
98.8
1957_j u ly 25,
Aug. 29,
Sept. 26,
Oct. 31
Nov. 28
Dec. 26
201.2
201.2
201.2
201.2
201.2
201.2
11.9
11.9
11.9
12.0
12.0
11.9
273.6
307.2
322.7
315.2
282.0
290.2
7.3
6.2
18.3
44.0
44.6
52.3
2,027.1
1,931.4
1,886.7
1,914.9
1,893.9
1,951.2
175.0
175.0
175.0
175.0
175.0
175.0
752.1
789.8
804.8
829.8
820.1
796.4
306.6
271.1
266.2
341.1
296.2
295.0
3,238.3
3,219.7
3,214.4
3,292.5
3,139.9
3,174.9
397.7
376.6
359.5
417.0
467.1
475.3
118.9
97.4
112.9
123.6
118.0
122.9
1958—Jan. 30,
Feb. 27,
Mar. 27,
Apr. 30
May 29
June 26
201.2
201.2
201.2
201.2
201.2
5201.2
11.9
11.8
11.8
11.9
11.9
11.8
260.3
290.2
287.8
322.6
310.7
289.3
53.4
50.6
34.8
27.1
22.7
16.2
1,868.9
1,827.7
1,932.3
1,881.2
2,011.6
1,975.7
175.0
175.0
175.0
175.0
175.0
175.0
949.4
948.9
899.9
946.4
929.8
948.9
268.8
259.7
253.2
305.0
270.3
5264.3
3,191.7
3,197.9
3,192.1
3,295.5
3,286.3
3,266.9
469.0
455.5
478.5
470.8
550.2
492.9
128.1
111.8
125.5
104.1
96.7
122.7
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
31,
30,
29.
27.
Central bank, monetary unit,
and item
1958
June
May
1957
Apr.
Central bank, monetary unit,
and item
June
1958
June
May
1957
Apr.
June
Central Bank of the Argentine
Republic
(millions of pesos):6
-730
Gold and foreign exchange
(net).. - 1 , 2 1 4 - 1 , 0 0 6
-675
-675
-675
Net claim on Intl. Fund7
2,175 2,375 2,906
Advances to Government
63,485 63,297 62,413
Government securities
6,243 6,220 6,241
Loans and discounts
4,000 3,670 2,884
Other assets
53,486 52,796 53,017
Currency in circulation
444
419
335
Deposits—Government
13,599 11,736 11,341
Banks
339
340
305
Other
6,253 8,566 7,958
Other liabilities and capital
Commonwealth Bank of Australia
(millions of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Govt. and Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Notes to central bank table on this and opposite page:
1 Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July
1940, pp. 677-78).
3 Includes Economic Cooperation Administration.
4 Less than 50 million francs.
5 Other assets include 100.0 billion francs of gold loaned to Stabilization Fund.
« Under the banking reform, effective Dec. 2, 1957, the Central Bank
has been reorganized. The balance sheet has been substantially modified,
and figures are not comparable with those shown previously.
7 This figure represents the amount of the country's subscription to
the Fund less the bank's local currency liability to the Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443.
433
4
446
4
430
7
467
40
388
452
45
385
494
50
389
275
27
253
290
25
247
305
29
258
467
8
454
52
381
340
28
231
1002
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
,
Other
,
Blocked
Other liabilities and capital
,
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary
dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Gold contribution to Intl. Fund. .
Loans and discounts
Govt. securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
Advances to Govt
Govt. securities
Other assets
.
,
Currency in circulation
,
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos):
Gold
Foreign exchange (net)
Net claim on Intl. Fundi
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund 1
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund 1
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
r
1958
June
May
1957
Apr.
2,655 2,654 2,654
10,815 10,352 10,203
6,010 5,887 5,679
1,342
1,342
1,345
852
849
844
15,686 15,174 15,091
1,610
2,077 1,925
993
943
1,023
1,059
1,091
1,115
1,902
1,882
1,912
57,133
10,456
5,343
34,243
6,805
6,131
112,989
2,161
19
4,940
54,971
10,975
6,997
34,243
6,280
6,033
112,140
2,468
19
4,871
51,424
11,370
8,881
34,243
7,930
5,980
113,080
1,968
19
4,762
(Feb.*)
7,048
-30,167
21,375
384,769
7,873
26,795
218,157
29,412
170,126
493
58
119
42
516
7
81
108
497
68
108
24
508
5
80
104
560
29
104
14
506
3
91
106
4,265
398
-2,732
19,959
39,079
68,302
37,676
90,090
8,559
6,786
61,511
4,263
551
-2,732
22,134
39,078
66,462
36,731
87,486
9,382
2,977
66,643
4,842
481
-2,732
20,088
31,078
64,528
40,885
86,896
7,811
6,830
57,634
266
52
1,838
631
338
1,045
1,278
801
256
52
1,773
635
337
988
1,233
832
269
52
,703
637
290
966
,198
787
12
111
7
105
13
34
167
56
58
12
105
7
112
14
35
171
51
61
12
90
7
129
14
37
171
58
60
June
June
National Bank of Cuba (millions of
pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Net claim on Intl. Fund *
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakia 2
42 108 National Bank of Denmark (millions
10 770
of kroner):
13 596
Gold
34 456
Foreign exchange
8 743
Loans and discounts
5 700
Securities
109 625
Govt. compensation account
1 383
Other assets
20
Note circulation
345
Deposits—Government
Other
Other liabilities and capital
7 239 Central Bank of the Dominican Re26 711
public (thousands of pesos):
475
Gold
271 646
Foreign exchange (net)
7 920
Net claim on Intl. Fund *
10 395
Loans and discounts
170 432
Govt. securities
23 684
Other assets
130 271
Note circulation
Demand deposits
Other liabilities and capital
588 Central Bank of Ecuador (millions of
27 sucres):
46
Gold
Foreign exchange (net)
8
459
Net claim on Intl. Fund l
4
Credits—Government
Other
97
109
Other assets
Note circulation
Demand deposits—Private banks .
[,114
Other
Other liabilities and capital
,056
19 National Bank of Egypt (millions of
047 pounds):
245
Gold
724
Foreign assets3
952
Egyptian Govt. securities
976
Clearing and other accounts (net).
241
Loans and discounts
089
Other assets
510
Note circulation
Deposits—Egyptian Government.
Other
382
Other liabilities and capital
52 GCentral Reserve Bank of El Salvador
799 (thousands of colones):
695
Gold
436
Foreign exchange (net)
954
Net claim on Intl. Fund *
,086
Loans and discounts
323
Govt. debt and securities
Other assets
Note circulation
12
Deposits
94
Other liabilities and capital
77 Bank of Finland (millions of markkaa):
95
Gold
17
Foreign assets and liabilities (net).
19
Loans and discounts
155
Securities—Government
52
Other
36
Other assets
Note circulation
Deposits
Other liabilities and capital
Revised.
* Latest month available.
1 This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 For the last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively), see BULLETIN for September 1950,
pp. 1262-63.
1958
Central bank, monetary unit,
and item
May
1957
Apr.
June
136
139
136
101
136
112
136
206
117
13
76
220
66
485
243
38
141
13
95
196
73
501
216
38
141
-12
127
189
75
522
210
37
185
45
112
76
448
279
32
68
1,062
152
335
2,954
674
2,367
1,263
1,338
277
68
1,062
176
323
2,978
886
2,304
1,380
1,533
277
68
1,041
165
335
2,979
849
2,324
1,390
1,458
265
68
773
228
492
3,023
712
2,203
1,527
1,319
248
11,432
11,494
2,500
10,118
7,300
28,995
55,415
12,254
4,171
11,432
10,211
2,500
10,118
7,300
28,323
54,345
11,497
4,042
11,405
9,682
2,500
9,183
7,500
27,592
53,068
10,877
3,918
11,405
14,897
2,500
2,973
7,830
22,099
48,509
9,685
3,510
325
-98
38
502
340
281
695
210
169
313
325
-71
38
495
313
264
686
190
179
309
325
-25
38
467
299
284
680
209
189
310
325
38
-37
521
247
241
690
203
151
290
61
66
187
-37
40
2
191
18
89
19
61
70
185
-38
37
4
185
23
91
19
61
76
187
-36
32
2
188
18
94
21
66
98
162
-16
21
2
197
5
112
19
78,519
34,586
4,689
82,570
4,550
9,695
95,769
106,094
12,746
7,850
41,238
35,699
8,125
1,665
16,121
59,332
15,757
35,609
78,526 78,534 78,706
34,571 33,656 71,846
4,689 4,689
1,562
85,921 87,419 66,036
3,979 6,508 12,068
9,387 9,230
7,949
97,052 99,042 101,650
08,298 124,228
107; 106 108
12,914 12,695
12,288
7,850
37,882
31,014
8,125
1,614
17,029
59,038
9,311
35,165
7,850
36,747
32,717
8,125
1,202
16,489
56,174
13,544
33,411
7,849
11,105
50,760
16,250
1,547
13,610
56,177
11,476
33,469
3 Beginning Mar. 27, 1958, includes gold in Banking Department,
previously combined with gold in Issue Department.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1003
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1958
1957
Central bank, monetary unit,
and item
June
May
Apr.
German Federal Bank 5 (millions of
German marks):
10,695 10,423 10,394
Gold
13,843 13,872 13,282
Foreign exchange
946
1,586
1,324
Loans and discounts
2,676 2,229 2,590
Loans to Government
1,475
1,623
1,509
Other assets
16,974 16,738 16,766
Note circulation
3,960 3,589
4,801
Deposits—Government
5,989 5,455 5,921
Banks
437
419
Other
378
2,240 2,355 2,444
Other liabilities and capital
Bank of Greece (millions of drachmae)
5,771 5,662
Gold and foreign exchange (net)..
190
198
Loans and discounts
4,651
5,014
Advances—Government
6,135 6,073
Other
2,370 2,259
Other assets
7,074 7,122
Note circulation
1,051
1,162
Deposits—Government
Reconstruction and
3,688
relief accts
3,684
6,156
Other
6,350
Other liabilities and capital
::::::! 1,149
Bank of Guatemala (thousands of
quetzales):
27,272
Gold
38,916
Foreign exchange (net)
1,250
Gold contribution to Intl. Fund..
20,025i
Rediscounts and advances
Other assets
42,978|
Circulation—Notes
61,038
Coin
4,496
Deposits—Government
9,138
Banks
23,821
Other liabilities and capital
31,946
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
1,178
Gold at home and abroad
1,178
1,178
2,097 2,288
Foreign securities
1,997
Indian Govt. securities
11,676 11,576 11,735
1,306
Rupee coin
1,313
1,320
Note circulation
15,771 15,878 16,191
Banking department:
279
Notes of issue department
392
329
-327
Balances abroad
180|
390
7
Bills discounted
174
541
Loans to Government
2671
547
3,213 2,959
3,730
Other assets
2,8421 '2,701 2,751
Deposits
1,666 1,646
1,734
Other liabilities and capital. . . .
Bank Indonesia (millions of rupiahs):
1,277 1,268
1,127
Gold and foreign exchange (net)..
1,468
1,447
Loans and discounts
1,444
Advances to Government
22,497 21,864 20,497
952
1,007
942
Other assets
15,554 15,179 14,712
Note circulation
77
77
107
Deposits—ECA
5,110 5,167 4,794
Other
5,337 5,138 4,538
Other liabilities and capital
Bank Melli Iran (millions of rials):
5,536 5,536
Gold
962
962
Foreign exchange
663
663
Gold contribution to Intl. Fund . .
7,923 7,923
Govt.-secured debt
12,948
10,962
Govt. loans and discounts
8,991 9,245
Other loans and discounts
15,905 17,923
Other assets 6
12,584 12,498
Note circulation
6,607 7,633
Deposits—Government
2,160 2,060
Banks
20,460
20,549
Other
Special Account—Profits of reval7,110
7,110
uation
4,006 3,366
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
2,646 2,646 2,646
Gold
72,456 72,867 72,680
Sterling funds
75,102 75,513 75,326
Note circulation
June
June
Bank of Israel (millions of pounds):
Gold
Foreign exchange
Clearing accounts (net).
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
5,945 Bank of Italy (billions of lire):
169
Gold
7,532
Foreign exchange
5,093
Advances to Treasury
2,214
Loans and discounts
5,824
Govt. securities
1,069
Other assets
7,112
Note circulation
5,515
Deposits—Government.
1,435
Demand
Other
Other liabilities and capital
Bank of Japan (billions of yen):
27,254
Bullion
45,171
Loans and discounts
1,250
Govt. securities
7,256
Other assets
40,077
Note circulation
*
57,190
Deposits—Government
4,167
Other
8,571
Other liabilities,
25,074|Bank of Mexico (millions of pesos):
26,005
Monetary reserve
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
1,178
Note circulation
4,125
Demand liabilities
9,248
Other liabilities and capital
1,266 N e t h e r l a n d s B a n k ( m i l l i o n s of
guilders):
Gold
Silver (including subsidiary coin) .
Foreign assets (net)
Loans and discounts
Govt. debt and securities
Other assets
Note circulation
Deposits—Government
ECA
Other
Other liabilities and capital
1957
550
10,539
sands of pounds):
Gold
Foreign exchange reserve
3,553
Loans and discounts
1,784
Advances to State or State undertakings
4,533
Investments
Other assets
663
Note circulation
7,923
Demand deposits
11,574
Other liabilities and capital
6,498 Bank of Norway (millions of kroner):
13,070
Gold.
11,273
Foreign assets (net)
4,651
Clearing accounts (net)
1,500|
Loans and discounts
16,060!
Securities
I
Occupation account ( n e t ) . . .
7,110
Other assets
3,667
Note circulation
Deposits—Government
!
Banks
2,646;
FOA
;
70,441
Other liabilities and capital.
73,0871
m\
May
Apr,
June
6
167
-6
22
116
98
148
10
261
43
227
30
6
170
-3
42
85
97
148
8
258
42
224
29
87
47
87
149
9
258
37
214
28
9
94
2
27
68
113
150
11
242
27
180
25
4
71
567
427
393
1,467
1,774
13
152
788
201
4
70
567
413
395
1,429
1,768
11
128
796
174
4
71
567
432
396
1,337
1,747
14
127
753
167
4
71
567
471
423
994
,667
3
149
543
168
8,478
12,127
2,964
3,911
1,049
15,437
5,316
5,233
208
2,335
5 On Aug. 1, 1957, the Land Central Banks and the Berlin Central
Bank were merged with the Bank of German States (Bank deutscher
Lander) and the latter became the German Federal Bank (Deutsche
Bundesbank).
6
Includes (1) gold and foreign exchange in banking department and
(2) in May 1957, the profit resulting from revaluation of gold from
1958
Central bank, monetary unit,
and item
(
553
216
185
701
39
67
147
)
499
253
183
660
52
73
150
1,862
6
155
()
507
296
178
704
43
80
155
()
476
218
161
677
53
37
87
1,868
1,899
4,356
1,187
821
5,349
2,100
776
4,675
1,002
749
5,342
2,209
763
4,851
868
651
5,383
2,090
766
4,549
1,041
831
5,101
2,496
723
3,442
17
1,267
101
170
292
4,205
293
3,332
16
1,272
32
137
315
4,139
247
594
197
525
192
3,260
15
1,216
31
326
340
4,142
230
17
592
208
3,050
8
697
153
660
403
3,968
97
230
479
197
6,162
6,162 6,162
23,424 23,964 21,136
43,993 44,634 48,278
6,162
55,307
34,691
44,069|
36,377
1,678
73,882
73,652
8,168
44,043
36,377
1,875
74,370
71,473
11,214
50,148
36,377
1,673
75,865
76,778
11,131
30,407
38,124
1,581
72,712
81,297
12;263
192
174
-19
93
210
5,440
200
3,285
1,565
318
1
1,122
192
240
-14
99
221
5,440
192
3,164
1,746
335
1
1,124
192
287
-21
97
209
5,440
165
3,230
1,621
380
1
1,137
213
223
85
107
5,546
121
3,284
1,688
310
26
988
.0275557 to .0117316 grams of fine gold per rial.
7
Holdings in each month were 448 million yen.
8 Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other notes see opposite page.
1004
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1958
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign exchange—Approved. .
Other
Pakistan Govt. securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital....
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net). ..
Net claim on Intl. Fund 1 .
Loans and discounts
Govt. loans and securities
Other assets.
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund*
Loans and discounts to banks
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government.
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
June
May
1957
Apr.
117
627
57
2,192
430
42
3,373
116
660
57
2,190
430
43
3,347
92
40
110
1,021
1,077
187
149
65
139
1,041
1,149
181
127
1,073
1,079
186
10
447
113
1,601
732
527
1,333
357
323
1,416
10
431
113
1,598
679
552
1,349
312
315
1,406
12
458
113
1,603
701
542
1,327
334
268
1,499
116
668
57
2,182
430
36
3,425
112
67
1,300
1,750
138
2,703
390
273
20
188
131
826
169
736
87
346
166
16
178
126
828
164
733
87
331
161
6,040 6,033
13,913 13,972
1,456 1,673
1,362 1,364
1,304 2,241
11,917 11,997
2,119 2,055
21
21
7,556 7,730
2,462 3,480
57
15
63
65
116
54
32
63
15
72
62
114
66
33
618
313
16,603
58,884
64,900
64,699
3,041
11,727
61,851
618
319
14,710
59,763
67,571
64,634
2,439
13,556
62,353
June
Bank of Sweden (millions of kronor):
Gold
Foreign assets
,
115
Net claim on Intl. Fund1
861
Swedish Govt. securities and ad57
vances to National Debt Office 2.
1,799
Other domestic bills and advances.
430
Other assets
56
Note circulation
3,202
Demand deposits—Government..
Other
117
Other liabilities and capital
Swiss National Bank (millions of
francs):
1,012
Gold
927
Foreign exchange
,
202
Loans and discounts
Other assets
Note circulation
10
Sight liabilities
,
Other liabilities and capital
,
534
53 Centri
tral Bank of the Republic of Turkey
1,823 (millions of pounds):
714
Gold
255
Foreign exchange and foreign
1,244
clearings
,
499
Loans and discounts
226
Securities
,
1,421
Other assets
,
Note circulation
,
Deposits—Gold
,
722
Other
67
Other liabilities and capital
,
795 Bank1c of
of the
the Re
Republic of Uruguay (mil1,617 lions of pesos):
114
Gold
2,411
Silver
,
696
Advances to State and Govt.
208
bodies
Other loans and discounts
Other assets
51
Note circulation
241
Deposits—Government
137
Other
511
Other liabilities and capital
163 Olentral Bank of Venezuela (millions
688 of bolivares):
86
Gold
224
Foreign exchange (net)
105
Other assets
Note circulation
,
5,866
Deposits
13,626
Other liabilities and capital
1,297 Nirational Bank of Federal People's Re1,376 public of Yugoslavia (billions of
1,890 dinars):
11,200
Gold
1,835
Gold contribution to Intl. Fund..
40
Foreign assets
7,931
Loans (short-term)
3,049
Govt. debt (net)
Other assets
Notes and coin in circulation
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
114 Bank for International Settlements
55 (millions of Swiss gold francs):
13
Gold in bars
Cash on hand and with banks....
618
Rediscountable bills and accept323
ances (at cost)
16,100
Time funds at interest
52,841
Sundry bills and investments
62,716
Funds invested in Germany
57,684
Other assets
1,861
Demand deposits—Gold
17,147
Other
55,906
Long-term deposits: Special
Other liabilities and capital
1 This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 Includes small amount of nongovernment bonds.
Central bank, monetary unit,
and item
1958
June
May
1957
Apr.
June
449
1,260
129
448
1,241
129
448
1,180
129
509
1,272
129
4,597
382
875
5,513
136
56
1,988
4,586
246
841
5,358
107
45
1,981
4,723
164
853
5,533
132
49
1,782
4,493
16
931
5,461
103
127
1,660
8,034
572
142
86
5,569
3,025
239
7,943
506
143
86
5,494
2,948
235
7,661
566
143
90
5,513
2,717
231
6,917
676
199
95
5,635
2,024
229
403
403
403
402
331
5,637
33
262
3,728
156
1,957
825
367
5,391
32
252
3,355
156
2,096
838
421
5,249
32
259
3,299
156
2,078
832
415
4,434
33
254
2,816
155
1,841
726
273
278
9
319
695
975
651
199
396
1,026
270
605
797
568
203
378
808
1,999
1,738
138
1,468
824
1,582
1,999
1,651
107
1,468
915
1,374
1,999
1,755
135
1,473
911
1,504
1,947
2,015
227
1,277
579
2,332
4
2
23
879
83
17
122
439
81
303
65
4
2
23
892
68
15
119
452
79
309
46
4
2
25
898
67
15
131
448
82
303
47
5
2
38
937
91
53
97
500
84
306
139
613
54
776
52
648
55
627
54
405
581
796
297
1
840
,353
229
326
291
452
718
297
1
762
1,272
229
324
398
375
709
297
1
706
1,225
229
324
611
185
754
297
1
703
1,286
229
310
Nom—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1005
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since June 1957
Month effective
Belgium
Denmark
France
Germany
Italy
In effect June 30, 1957
3.50
5.5
4.0
4.5
4.0
1957 July
Aug
Sept
Oct
Nov
Dec
4 50
5 0
Netherlands
Spain
Sweden
United
Kingdom
Canada 2
3.75
4.25
4.0
5.0
4.06
4.25
5 00
5.00
5.0
7 0
4.0
1958—Jan
Feb
Mar
Apr
May
June
July
4.50
3.5
4.25
4.00
6.0
5.0
4 00
3.75
3.75
In effect July 31, 1958
5.5
5.0
4.5
5.0
5.0
3.0
3.5
3.50
3.0
3.5
3.50
5.00
4.5
Argen- Cuba 3
Japan3 Philiptina 3
pines
9.13
1.5
4 05
4 28
4.05
4.05
3 83
3.87
3.50
3.11
2.52
1.62
1.79
1.97
1.12
1.12
5.0
3.5
4.5
6.0
5.5
6.0
5.5
4.5
8.40
8.40
4.5
Other selected central banks—rates in effect on July 31, 1958
Area and
country
Rate
Europe:
5.0
Austria
10.0
Greece
3.5
Norway
2.5
Portugal
Switzerland... 2.5
6.0
Month
effective
Nov.
May
Feb.
Jan.
May
June
1955
1956
1955
1944
1957
1956
Area and
country
Rate
Asia:
Burma
Ceylon
India*
Indonesia 3 . . . .
Pakistan
Thailand
3.0
2.5
4.0
3.0
3.0
7.0
Month
effective
Feb.
June
May
Apr.
July
Feb.
1948
1954
1957
1946
1948
1945
1 Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and /or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in note 3.
2
Since Nov. 1, 1956, the discount rate is set each week at X4 per cent
above
the latest average tender rate for Treasury bills.
3
Discounts or advances at other rates include: Japan—various rates
depending on type of paper or transaction and extent of borrowing from
Central bank, including 7.67 per cent for discount or paper related to
domestic commercial transactions (rate shown is for advances on commercial paper and miscellaneous collateral); Argentina—3 and 5 per cent
Area and
country
Rate
Latin America:
Chile3
Costa Rica3...
El Salvador3..
Mexico
Peru3
6.0
3.0
4.0
4.5
6.0
Month
effective
Feb.
Apr.
Apr.
June
Nov.
Area and
country
Rate
Latin America—
Cont.:
1957
Venezuela.... 2.0
1939
1957 All other:
New Zealand.. 7.0
1942
South Africa.. 4.5
1947
Month
effective
May 1947
Oct. 1955
Sept. 1955
for certain rural and industrial paper, depending on type of transaction;
Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by
national public securities; Indonesia—various rates depending on type of
paper, collateral, commodity involved, etc.; Chile—rates in excess of 6
per cent are applied to rediscounts in excess of 50 per cent of the rediscounting bank's capital and reserves, rates of 4 and 2 per cent apply to
certain types of agricultural paper; Costa Rica—5 per cent for paper
related to commercial transactions (rate shown is for agricultural and industrial paper); El Salvador—3 per cent for agricultural and industrial
paper and 2 per cent for special cases; and Peru—4 per cent for industrial
paper
and mining paper, and 3 per cent for most agricultural paper.
4
Since May 16, this rate applies to advances against commercial paper
as well as against government securities and other eligible paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
1955 Dec
1956 Dec
1957_june
July
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June
1
2
Treasury Day-tobills
day
3 months i money2
Bankers* Treasury Day-toacceptbills
day
ances
3 months 3 months money
2.42
3.18
4.22
5.07
4.08
4.94
3.10
4.15
2.50
3.50
3.80
3.80
3.72
3.87
3.85
3.97
3.45
5.42
6.60
3.45
3.60
4.33
5.53
3.00
3.00
3.00
3.80
5.00
5.67
5.00
4.87
5.72
6.27
6.02
5.78
5.28
5.02
4.45
5.00
5.00
4.65
4.00
3.85
3.30
5.17
5.25
5.96
6.78
10.04
3.94
3.84
3.66
3.65
2.96
3.57
3.52
3.60
4.08
4.06
4.17
5.40
6.81
6.78
6.67
3.54
2.99
2.44
1.65
1.56
1.75
3.34
3.05
2.61
1.64
1.55
1.72
6.51
6.17
5.98
5.47
5.24
4.65
3.81
4.02
3.88
6.54
6.43
5.63
5.56
5.57
5.23
4.71
4.53
3.95
Netherlands
Bankers'
Treasury Day-toallowance Day-today
bills
day
on
money
3
3
months money
deposits
2.59
3.61
Based on average yield of weekly tenders during the month.
Based on weekly averages of daily closing rates.
France
5.00
2.99
3.55
5.78
7.82
7.94
5.77
4.94
1.06
3.48
3.23
3.60
3.81
4.45
2.70
3.08
4.66
4.64
4.43
3.35
4.86
4.87
3.88
3.14
3.18
2.97
2.90
.62
3.51
3.64
3.75
3.33
3.50
3.26
2.77
2.93
2.39
2.34
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
414-6%
4%-6*4
1.50
1.50
4%-6*4
5*4-8
5%-8
5*4-8
5*4-8
534-8
5*4-8
2.50
2.50
2.50
5*4-8
5*4-8
5*4-8
5*4-8
5*4-7%
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
3
Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.
1006
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Preferential
Basic
Free
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
14 492
20 000
13 333
20.000
13.333
20.000
13.333
13.333
20.000
15.556
5.556
7 163
7.198
7.198
7.183
2
2.835
2.506
222.63
224.12
223.80
222.41
222.76
222.57
3.8580
3.8580
3.8580
3.8580
3.8539
1 9878
2.0009
1.9975
1.9905
2 0030
1.9906
102 149
101.650
102.724
101.401
101 600
104.291
20 903
21.046
21 017
20.894
20 946
20 913
1957 July
Aug
Sept
Oct
Nov
Dec
5.556
5.556
5.556
5.556
5.556
5.556
2.365
2.303
2.216
2.487
2.595
2.707
222.14
221.73
221.92
223.09
223.32
223.57
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9908
1.9865
1.9874
1.9929
1.9983
1.9991
105.150
105.470
104.241
103.636
103.921
102.304
20 890
20.862
20.867
20.928
20.935
20.969
1958 Jan
Feb
Mar
Apr .
May
June
July
5.556
5.556
5.556
5.556
5.556
5.556
5.556
2.696
2.656
2.610
2.444
2.377
2.376
2.352
224.16
224.36
224.33
224.47
224.36
223.99
223.42
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9986
2.0024
2.0041
2.0047
2.0050
2.0050
2.0049
101.535
101.934
102.312
103 011
103.396
103 960
104.162
21.045
21.078
21.072
21 088
21.085
21 066
20.996
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
23.838
20.922
21.049
21.020
20.894
20.934
20.910
279.68
281.27
280.87
279.13
279.57
279.32
.2779
.2779
32 601
32 595
32.641
32 624
32 582
32.527
11 588
11.607
9.052
8 006
8.006
8.006
1952
1953
1954
1955
1956
1957
....
Finland
(markka)
Year or month
France
(franc)
.4354
.4354
.4354
.4354
.4354
3.3995
.2856
.2856
.2856
.2856
.2855
4.2856
4.2376
23.838
23.765
23.786
23.798
j u iy
Aufi
Sent
Oct
Nov
Dec
.4354
.4354
3.3674
.3118
.3118
.3118
.2856
4.2857
.2858
.2858
.2858
.2858
4.2376
.2375
.2375
.2375
.2376
23 800
23.800
23.800
23.800
23.800
23.799
20.884
20.844
20.858
20.940
20.951
20.975
278 78
278.27
278.51
279.98
280.26
280.58
.2779
.2779
.2779
.2779
.2779
.2779
32 495
32 431
32.448
32.556
32 580
32.644
8 006
8 006
8.006
8.006
8.006
8.006
1958—Jan
Feb
Mar
Apr
May
June
July
.3118
.3118
.3118
.3118
.3118
1118
.3118
.2858
.2858
.2858
.2858
.2858
5.2858
.2376
.2375
.2376
.2376
.2376
.2376
.2379
23.795
23.795
23.793
23.808
23.858
23.853
23.856
21.050
21.099
21.086
21.101
21.092
21.062
21.000
281.32
281.57
281.54
281.71
281.57
281.11
280.40
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.769
32 818
32.811
32 830
32 821
32 775
32.688
8.006
8 006
8.006
8 006
8.006
8 006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
26.315
26.340
26.381
26.230
26 113
26.170
276.49
278.48
278.09
276.36
276.80
276.56
14.015
14.015
14.008
14.008
14.008
14.008
49.675
49.676
49.677
49.677
49 676
49.693
3.4853
3.4887
3.4900
3.4900
3.4900
3.4900
278.20
280.21
279.82
278.09
278.52
278.28
19.326
19.323
19.333
19.333
19.333
19.331
23.148
23.316
23.322
23 331
23 334
23.330
279.26
281 27
280.87
279 13
279 57
279.32
Dec
26.121
26.103
26.102
26.287
26.363
26.367
276.02
275.52
275.75
277.21
277.49
277.80
14.008
14.008
14.008
14.008
14.008
14.008
49.695
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
277.74
277.23
277.47
278.94
279.21
279.53
19.333
19.329
19.328
19.328
19.328
19.328
23 332
23.335
23.335
23 335
23.335
23.335
278 78
278.27
278.51
279 98
280.26
280.58
1958 Jan
Feb
Mar
Apr
May
June
July
26.373
26.367
26.378
26.388
26.388
26.380
26.391
278.54
278.78
278.75
278.92
278.78
278.33
277.62
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.695
49.695
49.695
49.695
49 695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
280.27
280.52
280.49
280.65
280.52
280.06
279.35
19.328
19.328
19.328
19.328
19.328
19.328
19.328
23.334
23 335
23.335
23.335
23 335
23.335
23.335
281.32
281 57
281 54
281.71
281 57
281.11
280.40
1952
1953
1954
1955
1956
1957
1957
Year or month
1952
1953 .
1954
1955
1956
1957
1957—July
Aug
Sept
Oct
Nov
.
1
Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28,2 1955.
New free market rate became effective Oct. 28, 1955.
3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
62.3810
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
4 On Aug. 12, 1957, the French authorities established an effective rate
of 420 francs per U. S. dollar applicable to most foreign exchange transactions. Since Oct. 28, 1957, this rate has applied to all foreign exchange
transactions. The official rate of 350 francs per U. S. dollar was changed
to 5420 francs on June 23, 1958.
Based on quotations through June 20, 1958.
6 Based on quotations beginning Jan. 2, 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR., Chairman
M. S. SZYMCZAK
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, JR.
CHAS. N. SHEPARDSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
Economic Adviser to the Board
CHARLES MOLONY,
WINFIELD
W. RIEFLER, Assistant to the Chairman
JEROME W. SHAY,
Legislative Counsel
Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
MERRITT SHERMAN,
ROBERT F. LEONARD, Director
JOHN R. FARRELL, Associate Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
LEGAL DIVISION
DIVISION OF EXAMINATIONS
H. HACKLEY, General Counsel
Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
HOWARD
ROBERT C. MASTERS, Director
FREDERIC SOLOMON,
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
R. GARFIELD, Adviser
GUY E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
DIVISION OF PERSONNEL ADMINISTRATION
FRANK
SUSAN S. BURR, Associate Adviser
R. KOCH, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
ALBERT
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
OFFICE OF DEFENSE LOANS
DIVISION OF INTERNATIONAL FINANCE
GARDNER
L. BOOTHE, II, Administrator
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser
OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant Controller
1007
1008
FEDERAL RESERVE BULLETIN • AUGUST 1958
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
HUGH
H. N.
A. L.
J. L.
C. CANBY BALDERSTON
W. D. FULTON
WATROUS H. IRONS
ALFRED HAYES,
LEACH
MANGELS
MILLS, JR.
ROBERTSON
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
L. MERLE HOSTETLER, Associate Economist
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
ARTHUR W. MARGET, Associate Economist
H. V. ROELSE, Associate Economist
CHARLS E. WALKER, Associate Economist
O. P. WHEELER, Associate Economist
J. DEWEY DAANE, Associate Economist
ROBERT
RALPH A. YOUNG, Associate Economist
G. ROUSE, Manager of System Open
Market Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, NEW YORK
CASIMIR A . SlENKIEWICZ, PHILADELPHIA
FRANK R. DENTON, CLEVELAND,
President
JOHN S. ALFRIEND, RICHMOND
JOHN A. SIBLEY, ATLANTA
HERBERT
V. PROCHNOW, Secretary
HOMER J. LIVINGSTON, CHICAGO,
Vice President
WILLIAM A. MCDONNELL, ST. LOUIS
GORDON MURRAY, MINNEAPOLIS
R. CROSBY KEMPER, KANSAS CITY
WALTER B. JACOBS, DALLAS
FRANK L. KING, SAN FRANCISCO
WILLIAM
J. KORSVIK, Assistant
Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Harvey P. Hood, Deputy Chairman
Robert C. Sprague, Chairman and Federal Reserve Agent
Stanley M. Cooper
Milton P. Higgins
Harry E. Umphrey
William D. Ireland
Nils Y. Wessell
Oliver B. Ellsworth
Arthur F. Maxwell
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
George H. Ellis
E. O. Latham, First Vice President
Vice Presidents
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
Howard C. Sheperd
Charles W. Bitzer
Cyrus M. Higley
Lansing P. Shield
Clarence Francis
Augustus C. Long
Franz Schneider
FEDERAL RESERVE BANKS AND BRANCHES
1009
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
William F. Treiber, First Vice President
Vice Presidents
Robert V. Roosa
I. B. Smith, in charge
Robert G. Rouse
of Buffalo Branch
Walter H. Rozell, Jr.
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
Vernon Alexander
Leland B. Bryan
Daniel M. Dalrymple
Raymond E. Olson
Ralph F. Peo, Chairman
John W. Remington
E. Perry Spink
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
Henderson Supplee, Jr., Chairman and Federal Reserve Agent
Lester V. Chandler, Deputy Chairman
William B. Brosius
Walter E. Hoadley, Jr.
R. Russell Pippin
Bayard L. England
Lindley S. Hurff
Geoffrey S. Smith
Charles E. Oakes
Karl R. Bopp, President
W. N. Catanach
David P. Eastburn
Robert N. Hilkert, First Vice President
Vice Presidents
Murdoch K. Goodwin
J. V. Vergari
E. C. Hill
Richard G. Wilgus
P. M. Poorman
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman
Aubrey J. Brown
King E. Fauver
George P. MacNichol, Jr
John A. Byerly
Joseph B. Hall
Paul A. Warner
Charles Z. Hardwick
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
Clyde Harrell
Donald S. Thompson, First Vice President
Vice Presidents
L. Merle Hostetler
Martin Morrison
R. G. Johnson, in charge of
H. E. J. Smith
Cincinnati Branch
Paul C. Stetzelberger
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Roger Drackett
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
Franklin A. McCracken
William A. Mitchell
Thomas M. Wolfe
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Lawrence O. Hotchkiss
Frank C. Irvine
Douglas M. Moorhead
Ben Moreell
Sumner E. Nichols
John C. Warner,
Chairman
Irving W. Wilson
1010
FEDERAL RESERVE BULLETIN • AUGUST 1958
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent
D. W. Colvard
Robert Gage
Alonzo G. Decker, Jr., Deputy Chairman
Joseph E. Healy
L. Vinton Hershey
Robert O. Huffman
Hugh Leach, President
Denver L. Morgan
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
James W. McElroy
Wm. Purnell Hall, Chairman
J. N. Shumate
John W. Stout
J. M. Nowlan
James M. Slay
Thomas I. Storrs
C. B. Strathy
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
George H. Aull
William H. Grier, Chairman
Charles D. Parker
Ernest Patton
I. W. Stewart
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Roland L. Adams
W. C. Bowman
William C. Carter
Henry G. Chalkley, Jr.
Donald Comer
Malcolm Bryan, President
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
John L. Liles, Jr.
Robert M. Cleckler
E. W. McLeod
Linton E. Allen
W. E. Ellis
Harllee Branch, Jr., Deputy
Chairman
Joseph T. Lykes
Pollard Turman
Lewis M. Clark, First Vice President
Vice Presidents
J. E. McCorvey
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
R. J. Murphy
John C. Persons
Selden Sheffield
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James G. Garner
C. B. McLeod
J. Wayne Reitz
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
John E. Urquhart, Chairman
Adolph Weil, Sr.
Harry M. Smith, Chairman
McGregor Smith
1011
FEDERAL RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
Jo H. Anderson
Stewart Campbell
Frank B. Ward, Chairman
C. L. Wilson
P. D. Houston, Jr.
V. S. Johnson, Jr.
W. N. Krauth
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
William J. Fischer
Frank A. Godchaux, III
J. Spencer Jones
G. H. King, Jr., Chairman
D. U. Maddox
H. A. Pharr
E. E. Wild
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Vivian W. Johnson
Carl E. Allen, President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
Paul C. Hodge
J. Stuart Russell, Deputy Chairman
G. F. Langenohl
Nugent R. Oberwortmann
E. C. Harris, First Vice President
Vice Presidents
H. J. Helmer
H. J. Newman
A. L. Olson
C. T. Laibly
R. A. Swaney, in charge
George W. Mitchell
of Detroit Branch
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
William A. Mayberry
Ernest W. Potter
J. Thomas Smith
Ira A. Moore
C. V. Patterson
Raymond T. Perring
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
Pierre B. McBride, Chairman and Federal Reserve Agent
S. J. Beauchamp, Jr.
Kenton R. Cravens
H. Lee Cooper
J. E. Etherton
Harold O. McCutchan
Delos C. Johns, President
Fred Burton, in charge of
Little Rock Branch
Darryl R. Francis, in charge
of Memphis Branch
J. H. Longwell, Deputy Chairman
Leo J. Wieck
Jesse D. Wooten
Guy S. Freutel, First Vice President
Vice Presidents
Geo. E. Kroner
Donald L. Henry, in charge
Dale M. Lewis
of Louisville Branch
H. H. Weigel
Homer Jones
J. C. Wotawa
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
R. H. Alexander
Donald Barger
T. Winfred Bell, Chairman
J. W. Bellamy, Jr.
E. C. Benton
J. V. Satterfield, Jr.
Waldo E. Tiller
1012
FEDERAL RESERVE BULLETIN • AUGUST 1958
District 8—FEDERAL RESERVE BANK OF ST. LOUIS -Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
Merle E. Robertson
John G. Russell
Magnus J. Kreisle
W. Scott Mclntosh
J. D. Monin, Jr.
David F. Cocks, Chairman
Philip Davidson
MEMPHIS BRANCH—BOARD OF DIRECTORS
John D. Williams
John K. Wilson
S. L. Kopald, Jr.
Simpson Russell
Frank Lee Wesson, Chairman
John E. Brown
J. H. Harris
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Ray C. Lange
Thomas G. Harrison
John A. Moorhead
Harold C. Refling
Frederick L. Deming, President
A. W. Mills, First Vice
Vice
Kyle K. Fossum, in charge
of Helena Branch
O. B. Jesness, Deputy Chairman
Harold N. Thomson
John H. Warden
President
Presidents
H. G. McConnell
M. H. Strothman, Jr.
C. W. Groth
M. B. Holmgren
A. W. Johnson
HELENA BRANCH—BOARD OF DIRECTORS
J. Willard Johnson
O. M. Jorgenson
Carl McFarland,
John M. Otten
Geo. N. Lund
Chairman
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
Vice
John T. Boy sen
George H. Clay
P. A. Debus, in charge
of Omaha Branch
Joseph S. Handford
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice
Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
President
Cecil Puckett, in charge
of Denver Branch
E. U. Sherman
Clarence W. Tow
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Stewart Cosgriff
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
C. P. Stuart
1013
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
OMAHA BRANCH—BOARD OF DIRECTORS
C. Wheaton Battey
George J. Forbes
James L. Paxton, Jr.,
Chairman
Manville Kendrick
William N. Mitten
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
John M. Griffith
Lamar Fleming, Jr.
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
T. W. Plant
W. E. Eagle, in charge of
L. G. Pondrom
San Antonio Branch
Morgan H. Rice
T. A. Hardin
Harry A. Shuford
W. H. Holloway
C. E. Walker
G. R. Murff
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
William R. Mathews
Thomas C. Patterson
F. W. Barton
John P. Butler
D. F. Stahmann
E. J. Workman,
Chairman
HOUSTON BRANCH—BOARD OF DIRECTORS
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
I. F. Betts
L. R. Bryan, Jr.
S. Marcus Greer
Tyrus R. Timm
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
Burton Dunn
Donald D. James
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
N. Loyall McLaren
Philip I. Welk
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
E. R. Millard
Eliot J. Swan, First Vice President
Vice Presidents
R. H. Morrill
H. F. Slade
John A. O'Kane
W. F. Volberg,
J. A. Randall, in charge of
in charge of
Portland Branch
Los Angeles Branch
O. P. Wheeler
1014
FEDERAL RESERVE BULLETIN • AUGUST 1958
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Robert J. Cannon
Leonard K. Firestone,
Chairman
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley
J. H. McNally
John B. Rogers
William H. Steiwer, Sr., Chairman
C. B. Stephenson
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
George S. Eccles
Russell S. Hanson
Oscar Hiller
Joseph Rosenblatt, Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
Henry N. Anderson
James Brennan
Lyman J. Bunting,
Chairman
Joshua Green, Jr.
S. B. Lafromboise
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 747-750 of the June 1958 Bulletin.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru,
El Salvador, Uruguay, and Venezuela is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum, 60 cents per copy, or 50 cents each
in quantities of 10 or more of a particular
issue for single shipment; elsewhere $7.00 per
annum or 70 cents each.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages.
$1.00.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
CHART BOOK. Issued annually in September. An-
nual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President, are being distributed through the Superintendent of Documents.
Part
Part
Part
Part
I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60
III—Views on Regulation, $1.00
IV—Financing New Car Purchases, $.60
Requests and remittances for these six books should be directed to the Superintendent of Documents,
Government Printing Office, Washington 25, D. C.
1015
1016
FEDERAL RESERVE BULLETIN • AUGUST 1958
REPRINTS
SURVEY
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
May 1953. 7 pages.
1957.
April 1953. 25 pages.
SALES
August
7 pages.
AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
vember 1953. 65 pages.
Au-
gust 1957. 12 pages.
WORLD PAYMENTS STRESSES IN
1956-57. October
8 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
STORE
MID-1955.
INTEREST RATES IN LEADING COUNTRIES.
1957.
DEPARTMENT
COMPANIES,
WINNING THE BATTLE AGAINST INFLATION.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
STABILITY.
OF FINANCE
April 1957. 17 pages.
December 1957. 30 pages.
April 1957. 17 pages.
BANKING AND MONETARY STATISTICS, 1957.
Se-
lected series of banking and monetary statistics
for 1957 only. February and May 1958. 12
pages. (Similar reprints of 1954, 1955, and
1956 data are available from earlier BULLETINS.)
FEDERAL RESERVE MONTHLY INDEX OF INDUS-
TRIAL PRODUCTION, 1953 Revision.
BANK CREDIT AND MONEY IN 1957.
February
December
1958. 9 pages. (Also, similar reprint from
July 1957 BULLETIN.)
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages.
SEASONAL FACTORS AFFECTING BANK RESERVES.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
INTERNATIONAL
1953.
90 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Reprints on a similar
Survey are available from March, May, June,
July, and August 1947 BULLETINS.)
FINANCING OF LARGE CORPORATIONS, 1951-55.
June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
Oc-
tober 1956. 15 pages.
AGRICULTURAL LOAN SURVEY.
November 1956
and January, February, and March 1957 BULLETINS. 52 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
April 1957. 20 pages.
February 1958. 12 pages.
GOLD
AND DOLLAR
FLOWS.
March 1958. 7 pages.
1958 SURVEY OF CONSUMER FINANCES. PRELIMINARY FINDINGS. March 1958. 4 pages. Pur-
chases of Durable Goods. July 1958. 16
pages. (Similar Surveys are available for earlier
years from 1952, 1953, 1954, 1955, 1956, and
1957 BULLETINS.)
MEMBER BANK LENDING TO SMALL BUSINESS,
1955-57. April 1958. 19 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES.
April 1958. 10 pages.
GROWTH AND STRUCTURE OF TIME DEPOSITS.
April 1958. 5 pages.
OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3
pages. (Also, similar reprint from May 1957
BULLETIN.)
SURVEY OF COMMON TRUST FUNDS, 1957. May
1958. 5 pages. (Also, similar reprints from
August 1956 and June 1957 BULLETINS.)
THE BATTLE AGAINST RECESSION.
May 1958.
8
pages.
MONEY AND CREDIT IN THE RECESSION.
July 1958.
7 pages.
THE BALANCE SHEET OF AGRICULTURE,
August 1958. 9 pages.
1958.
Index to Statistical Tables
Acceptances, bankers', 952, 953
Agricultural loans of commercial banks, 948, 950
Agriculture, Govt. agency loans, 956, 957
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 944
Corporate, current, 964
Domestic banks, by classes, 945, 948, 950
Federal business-type activities, by fund
or activity, 956, 957
Federal Reserve Banks, 939, 940
Foreign central banks, 1000
Automobiles:
Consumer instalment credit, 968, 969, 970
Production index, 974, 978
Bankers' balances, 949, 951
{See also Foreign liabilities and claims reported
by banks)
Banking offices:
Changes in number, 988
On, and not on. Par List, number, 989
Banks and the monetary system, consolidated statement, 944
Bonds {See also U. S. Govt. securities):
New issues, 962, 964
Prices and yields, 953, 954
Brokers and dealers in securities, bank
loans to, 948, 950
Business expenditures on new plant and equipment, 964
Business indexes, 972
Business loans {See Commercial and industrial
loans)
Debits to deposit accounts, 942
Demand deposits:
Adjusted, banks and the monetary system, 944
Adjusted, commercial banks, by classes, 949
Banks, by classes, 945, 951
Type of holder, at commercial banks, 949
Department stores:
Merchandising data, 983
Sales and stocks, 972, 982
Deposits {See also specific types of deposits):
Adjusted, and currency, 944
Banks, by classes, 945, 949, 951
Federal Reserve Banks, 939, 940, 996
Postal savings, 944
Turnover of, 942
Deposits, reserves, and borrowings, by class of member bank, 937
Discount rates, 938, 1005
Discounts and advances by Federal Reserve
Banks, 935, 939
Dividends, corporate, 963, 964
Dollar assets, foreign, 996, 997
Dwelling units started, 979
Capital accounts:
Banks, by classes, 945, 949, 951
Federal Reserve Banks, 939, 940
Carloadings, 972
Central banks, foreign, 998, 1000, 1005
Coins, circulation of, 943
Commercial banks:
Assets and liabilities, 945, 948
Consumer loans held, by type, 969
Number, by classes, 945
Real estate mortgages held, by type, 965
Commercial and industrial loans:
Commercial banks, 948
Weekly reporting member banks, 950, 952
Commercial paper, 952, 953
Commodity Credit Corporation,
loans, etc., 956, 957
Condition statements {See Assets and
liabilities)
Construction, 972, 978, 979
Consumer credit:
Instalment credit, 968, 969, 970, 971
Major parts, 968, 970
Noninstalment credit, by holder, 969
Consumer durable goods output indexes, 978
Consumer price indexes, 972, 984
Consumption expenditures, 986, 987
Corporate sales, profits, taxes, and
dividends, 963, 964
Corporate security issues, 962, 964
Corporate security prices and yields, 953, 954
Cost of living {See Consumer price indexes)
Currency in circulation, 935, 943
Customer credit, stock market, 954
Earnings and hours, manufacturing industries, 972, 981
Employment, 972, 980, 981
Export-Import Bank, loans, etc., 956, 957
Farm mortgage loans, 956, 965, 966
Federal business-type activities, assets and
liabilities, by fund or activity, 956, 957
Federal Deposit Insurance Corporation,
assets, etc., 956, 957
Federal finance:
Cash transactions, 958
Receipts and expenditures, 959
Treasurer's balance, 958
Federal home loan banks, loans, etc., 956, 957, 967
Federal Housing Administration,
loans, etc., 956, 957, 965, 966, 967
Federal National Mortgage Association,
loans, etc., 956, 957, 967
Federal Reserve Banks:
Condition statement, 939, 940
U. S. Govt. securities held by, 935, 939,
940, 960, 961
Federal Reserve credit, 935, 939, 940
Federal Reserve notes, 939, 940, 941, 943
Finance company paper, 952, 953
Foreign central banks, 998, 1000, 1005
Foreign deposits in U. S. banks, 935, 939,
940, 944, 949, 951
Foreign exchange rates, 1006
Foreign liabilities and claims reported by
banks, 992, 994, 996
Foreign trade, 983
Gold:
Earmarked, 997
Net purchases by U. S., 997
Production, 996, 997
Reserves of central banks and governments, 998
Reserves of foreign countries and international
institutions, 999
Stock, 935, 944, 997
Gold certificates, 939, 940, 941, 943
Govt. debt {See U. S. Govt. securities)
Gross national product, 986, 987
1017
1018
FEDERAL RESERVE BULLETIN • AUGUST 1958
Home owners, Govt. agency loans, 956, 957
Hours and earnings, manufacturing industries, 972, 981
Industrial advances by Federal Reserve
Banks, 939, 940, 941, 942
Industrial production indexes, 972, 973, 978
Instalment loans, 968, 969, 970, 971
Insurance companies, 955, 960, 961, 966
Insured commercial banks, 947, 948, 988
Interbank deposits, 945, 949, 951
Interest rates:
Bond yields, 953
Business loans by banks, 953
Federal Reserve rates, 938, 942
Foreign countries, 1005
Open market, 953, 1005
Regulation V loans, 942
Stock yields, 953
International capital transactions of the U. S., 992
International financial institutions, 998, 999, 1000
Inventories, 987
Investments (See also specific types of investments):
Banks, by classes, 945, 948, 950
Federal Reserve Banks, 939, 940
Govt. agencies, etc., 956, 957
Life insurance companies, 955
Savings and loan associations, 955
Labor force, 980
Loans (See also specific types of loans):
Banks, by classes, 945, 948, 950
Federal Reserve Banks, 935, 937, 939,
940, 941, 942
Govt. agencies, etc., 956, 957
Insurance companies, 955, 966
Savings and loan associations, 955, 966
Loans insured or guaranteed, 941, 965, 966, 967
Manufacturers, production indexes, 972, 973, 978
Margin requirements, 938
Member banks:
Assets and liabilities, by classes, 945, 948
Banking offices, changes in number, 988
Borrowings at Federal Reserve Banks, 935, 937
Deposits and reserves, by classes, 937
Number, by classes, 945
Reserve requirements, by classes, 938
Reserves and related items, 935
Weekly reporting series, 950
Minerals, production indexes, 972, 973
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 944, 945, 947, 960,
961, 965, 988
National banks, 947, 988
National income, 986
National security expenditures, 959, 987
Nonmember banks, 939, 947, 948, 988
Par List, banking offices on, and not on,
number, 989
Payrolls, manufacturing, index, 972
Personal income, 987
Postal Savings System, 944
Prices:
Consumer, 972, 984
Security, 954
Wholesale commodity, 972, 984
Production, 972, 973, 977, 978
Profits, corporate, 963, 964
Real estate loans:
Commercial banks, 948, 950, 965
Type of mortgage holder, 965, 966, 967
Type of property mortgaged, 965, 966, 967
Regulation V, loan guarantees, 941, 942
Reserve requirements, member banks, 938
Reserves:
Commercial banks, 949
Federal Reserve Banks, 939, 940
Foreign central banks and governments, 998
Foreign countries and international institutions, 999
Member banks, 935, 937, 939, 940, 949, 951
Residential mortgage loans, 965, 966, 967
Sales finance companies, consumers loans of, 968,
969, 971
Savings, 986
Savings deposits (See Time deposits)
Savings institutions, principal assets, 955
Savings and loan associations, 955, 966
Securities, international transactions, 995, 996
Security issues, 962, 964
Silver coin and silver certificates, 943
State member banks, 947, 988
State and municipal securities:
New issues, 962
Prices and yields, 953, 954
States and political subdivisions:
Deposits of, 949, 951
Holdings of U. S. Govt. securities, 960
Ownership of obligations of, 948, 955
Stock market credit, 954
Stocks:
New issues, 962
Prices and yields, 953, 954
Tax receipts, Federal, 959
Time deposits, 937, 944, 945, 949, 951
Treasurer's account balance, 958
Treasury cash, 935, 944
Treasury currency, 935, 943, 944
Treasury deposits, 935, 939, 940, 958
Unemployment, 980
U. S. Govt. balances:
Commercial bank holdings, by classes, 949, 951
Consolidated monetary statement, 944
Treasury deposits at Federal Reserve
Banks, 935, 939, 940, 958
U. S. Govt. securities:
Bank holdings, 944, 945, 948, 950, 960, 961
Federal Reserve Bank holdings, 935, 939,
940, 960, 961
Foreign and international holdings, 999
International transactions, 995
New issues, gross proceeds, 962
Outstanding, by type of security, 960, 961
Ownership of, 960, 961
Prices and yields, 953, 954
United States notes, outstanding and in circulation, 943
Utility output index, 977
Veterans Administration, loans, etc., 956, 957,
965, 966, 967
Yields (See Interest rates)
(o THE FEDERAL RESERVE SYSTEM °)
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