Full text of Federal Reserve Bulletin : July 1958
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FEDERAL RESERVE
B U LLETIN
July
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
Money and Credit in the Recession
753
1958 Survey of Consumer Finances: Purchases of Durable Goods
760
Report under Bank Holding Company Act
776
Survey of Foreign Investments
797
Law Department
798
Current Events and Announcements
799
National Summary of Business Conditions
800
Financial and Business Statistics, U. S. (Contents on p. 803)
805
International Financial Statistics (Contents on p. 859)
860
Board of Governors and Staff
875
Open Market Committee and Staff; Federal Advisory Council
876
Federal Reserve Banks and Branches
876
Federal Reserve Board Publications
883
Index to Statistical Tables
885
Map of Federal Reserve System
Inside back cover
""
Volume 44 • Number 7
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l|
COMMERCIAL BANK CREDIT INCREASED
more than $8 billion in the first half of this
year, as banks added large amounts of securities to their portfolios. At the same time
member banks reduced their indebtedness
to Federal Reserve Banks to approximately
$100 million by the end of June, and their
excess reserves rose to around $700 million. These are the most striking aspects of
credit and monetary developments since the
onset of recession in the closing months of
last year.
The willingness and ability of banks to
expand credit during a recession period resulted largely from active steps taken by the
Federal Reserve System to foster conditions
of credit ease. During the first six months
of 1958 substantial additions to the reserve
base of member banks resulted from acquisition of about $1.1 billion of United States
Government securities by the Federal Reserve System. In addition, three reductions
in reserve requirements freed approximately
$1.5 billion of member bank reserves. Discount rates, which had been reduced in
November of last year after the business
downturn started, were further reduced on
three occasions in the first half of this year.
Primarily because of lower tax yields
resulting from the recession, the Treasury
cash surplus in the first half of this year was
smaller than had been estimated in January.
To offset this, and to build up its cash balance in anticipation of the usual seasonal
cash deficit in the last half of the year, the
Treasury undertook net cash borrowing on
753
marketable securities of about $2 billion in
the January-June period. During the Treasury operations to finance this sum as well as
to refinance maturing issues, commercial
banks bought large amounts of new securities, while nonbank investors reduced their
security holdings.
RESERVES AND I0RR0WINGS
Billions of dollars
2.0
BORROWINGS
AT
F.
R
BANKS
M
A/\.\ .''V\»
1954
1956
195*
NOTE.—Monthly averages of daily figures for member banks.
Data for excess reserves for June 19:>8 are preliminary.
Most of the large growth in bank assets
during the first half of 1958 was reflected in
large increases in United States Government
deposits and time deposits at b a n k s .
Growth in time deposits, larger than in any
previous six-month period, was an especially
significant factor in providing additional
liquidity in the economy. Demand deposits
and currency, representing the active money
supply, showed a smaller than seasonal decline. On a seasonally adjusted basis, the
money supply increased at an annual rate
of about 23A per cent over the period.
Partly in response to slackening demand
for loans, but more particularly in response
754
to the efforts of banks to put their newly
available reserves to remunerative use,
short-term interest rates continued to fall
rapidly early in 1958. Long-term rates,
reacting to a continuing heavy flow of capital issues, showed little net decline in the
first six months of the year, thus making for
a wider spread between the rate categories
than had prevailed for some years.
FEDERAL RESERVE ACTIONS
As recession deepened in the early months
of 1958, monetary and credit policy, which
had shifted from restraint toward relaxation
in the fall of 1957, became definitely one
of actively fostering ease in credit markets.
In carrying out this policy, complementary
use was made of open market operations,
discount rate changes, and changes in reserve requirements. In addition, margin requirements for the purchase of securities on
credit were reduced in mid-January from 70
per cent to 50 per cent.
Following strong credit demands in December, which banks met on the basis of
reserves supplied by Federal Reserve open
market purchases, bank reserves became
available early this year through the return
of currency from circulation and the repayment of year-end credit extensions, in accordance with the usual seasonal pattern.
Meanwhile, Federal Reserve open market
sales absorbed less reserves than usual.
Federal Reserve holdings of United States
Government securities and acceptances declined less than $1 billion during January,
in contrast to $1.6 billion in January 1957.
Borrowing of member banks at Federal
Reserve Banks declined sharply in January
and February of this year. The decline reflected easier member bank reserve positions
that occurred in spite of the growth in deposits brought about by an increase in mem-
FEDERAL RESERVE BULLETIN • JULY 1958
ber bank holdings of securities in the amount
of almost $1 billion during February.
Discount rates at Federal Reserve Banks,
which had been lowered from 3Vi to 3 per
cent in November, were further reduced to
13A per cent in three steps in January,
March, and April of 1958. With member
bank borrowing lower in the January-June
period, these rate reductions served to indicate the course of monetary policy, to reflect and to influence the course of market
interest rates, and to assure member banks
of the ready availability of funds at these
lower rates in case of temporary need.
The first of three reductions in reserve
requirements made in the January-June
period, each of which reduced requirements
by about $500 million, was made effective at
the end of February. In March the Federal
Reserve System supplemented this action
with moderate open market purchases of
Government securities. These measures, together with a second reduction in reserve
requirements made effective at central reserve and reserve city banks on March 20
and at country banks on April 1, enabled
member banks to meet seasonal loan demands in March and at the same time to
continue adding to their holdings of United
States Government securities on a substantial scale.
A third reduction in reserve requirements
was announced in mid-April, but owing in
part to the effect of gold outflow there was
little change in member bank reserve positions during the month. In recognition of
somewhat less easy reserve conditions at
large city banks the April reduction in reserve requirements was applied only to central reserve and reserve city banks. The
reduction for the former was one percentage
point and for the latter one-half percentage
point.
755
MONEY AND CREDIT IN THE RECESSION
Federal Reserve purchases of United
States Government securities in the open
market were accelerated in May and particularly in June. Total acquisitions for the
March-June period were about $2.0 billion,
making the net acquisition for the half year
approximately $1.1 billion.
Bank reserves were reduced this year by
an outflow of gold, which began in February and assumed substantial proportions
beginning in March. The decline in the
Treasury gold stock, reflecting this outflow,
amounted in the first half of 1958 to about
$1.4 billion. The flow of gold, resulting
from growing payments surpluses accruing
to foreign countries in their transactions
with the United States, tapered off in June.
On balance over the six-month period,
bank reserves were supplied in the following amounts: About $1.1 billion by Federal Reserve open market operations; about
$1.5 billion by reductions in member bank
reserve requirements; and $800 million by
the seasonal decline in currency in circulation. Reserves were absorbed by the gold
outflow of $1.4 billion, by an increase of
$600 million in required reserves resulting
from a contraseasonal expansion in bank
deposits, by a decrease of about $600 million in member bank borrowing at the Reserve Banks, and by $700 million resulting
from a reduction in Federal Reserve float
and other factors.
United States Government securities, $2.2
billion in other securities, $1.4 billion in
security loans, and $600 million in real
estate loans.
As a result of the general decline in loans
and rapid deposit growth since last September, the ratio of loans to deposits declined
from approximately 49 per cent at the end
of September to about 46 per cent at the
end of May, indicating improvement in bank
liquidity.
The reduction in business loans at banks
during the first half of this year was in contrast to increases during the first six months
of every other year since 1954. The decline was a product of both reduced demand
for new loans and an increased repayment
rate as compared with a year ago. In the
second half of 1957 demand for new loans
had held up fairly well, while the repayment
BANK
AIL
LOANS AND INVESTMENTS
COMWIkCIAl
BiHioni
of
IANKS
dollors
BANK LOANS AND INVESTMENTS
Preliminary data indicate that commercial
bank credit expanded $8.5 billion in the
first half of 1958, in contrast to a reduction of $200 million in the comparable
period a year ago. With outstanding business loans reduced by an estimated $1.8 billion, the main factors in credit growth were
increases of approximately $6.2 billion in
OTHER
SECURITIES
^J 10
NOTE.—Figures are partly estimated. Data exclude interbank loans and are for last Wednesday of month except lor
end of June and December call dates. Figures for 1958 are
preliminary.
756
FEDERAL RESERVE BULLETIN • JULY 1958
of loans made earlier had risen markedly.
A factor in the decline of bank loans to
business this year was the shifting of some
borrowers from banks to other sources of
credit supply, as market rates of interest
became more favorable. Even though business spending for capital expansion was
substantially reduced, corporate security offerings during the first six months of the
year were only about 10 per cent below the
record volume for the comparable period
last year. Part of the proceeds of these offerings was used to repay bank debt. In
other cases, borrowers, notably sales finance
companies, retired bank loans by increasing their sales of open market paper.
moderate consumer loan decline ($200 million) reflected the continuing low level of
durable goods purchases on credit, especially of automobiles, as well as some rise
in the volume of monthly repayments.
Farm loans rose, in contrast to declines in
each of the three preceding years, apparently as a result of a revival in credit demands following favorable price and income
developments in the agricultural sector.
Real estate loans at commercial banks,
reflecting some improvement in the level of
residential construction, as well as greater
availability of bank reserves, rose $600 million in the first half of this year, compared
with an increase of $100 million in the first
half of 1957. Loans for purchasing and
carrying securities also rose this year, increasing $1.4 billion through June, in contrast to a $400 million decline in the first
half of last year. Part of this year's increase resulted from borrowing in June associated with mid-month Treasury financing.
The sharp decline in sales finance company borrowing at large city banks during
the first half of this year was in contrast to
a substantial rise during the comparable
period last year, as the chart shows. In
spite of heavy inventory liquidation in many
manufacturing lines, loans outstanding to
manufacturers (other than food processors)
did not decline this year; some groups even
increased their borrowing somewhat.
Among loan categories other than business loans, only consumer loans and miscellaneous loans fell during the period. The
BUSINESS LOANS — CUMULATIVE CHANGE
Million* Of doHof*
i A! ' . : •. A H CI
A l t O1M£»
"M.AN U ¥ A G U I * t it S"
i Of-', c <« •'•it t'Sr
i\
0 »
/
[
J
f
M
A
M
J
i
I
I
F M
I
A M
J
J
F
NOTE.—Monthly changes in large loans at a sample of
more than 200 large banks in the weekly reporting member
Bank acquisition of United States Government securities, as well as other securities,
in the first half of 1958 was the largest for
FROM DECEMBER
r
0
BANK INVESTMENTS AND TREASURY
FINANCE
M
A M
J
J F M A M J
J F M
A
M
S_ ) 1000
J
bank series. All changes are cumulative from the last Wednesday of December in the preceding year.
757
MONEY AND CREDIT IN THE RECESSION
any half-year period since World War II.
For Government securities the increase of
$6.2 billion contrasted with a decline of
$3.1 billion in the first half of 1957.
The prime factor explaining this growth
was the availability of reserves, together
with moderation of earlier strong demand
for business loans. As Federal Reserve
open market operations and reductions in
reserve requirements made additional reserves available, banks, particularly central
reserve city and reserve city banks, made
prompt use of these funds to increase their
earning assets, at the same time reducing
their borrowings from the Reserve Banks.
Rapid growth in time deposits also facilitated bank acquisition of Government
securities. Meanwhile, nonbank owners reduced their holdings of Government securities by approximately $6.5 billion during the
first half of the year.
Changes in bank portfolios of United
States Government securities reflected in
some measure Treasury debt operations.
It became apparent early this year that the
expected Treasury cash surplus for fiscal
year 1958 would not be realized, as the
downtrend of spending in evidence in the last
half of 1957 was gradually reversed, and as
revenues were reduced by the general economic decline. The Government closed
fiscal year 1958 with an estimated cash deficit of $1 billion, in contrast to a cash surplus of more than $2 billion last year. Debt
operations in January-June 1958 featured
some lengthening of maturities through both
refunding operations and new cash borrowing.
Three new Treasury cash offerings (exclusive of bills) totaling $6.5 billion were
made in the January-June period, and commercial banks were large buyers of each
new issue. Bank allotments of a 3 per
cent 8-year bond issue on February 28
amounted to nearly $700 million, or approximately one-half the issue. Banks acquired almost two-thirds, or more than $2.5
billion, of a 2% per cent 5-year note issue
on April 15. About 20 per cent of a $1
billion 27-year bond issued early in June
was also taken by banks. The effect of
these acquisitions was to increase appreciably the average maturity of commercial
bank portfolios of Government securities.
Treasury refunding operations during the
January-June period further lengthened the
average maturity of Government securities
held by banks, as banks exchanged a total
of more than $8 billion in maturing and
called securities for new issues ranging in
maturity from one year to more than 30
years. Available data indicate that banks
have added relatively little to their Treasury bill holdings this year.
DEPOSITS AND CURRENCY
Demand deposits adjusted and currency
outside banks increased almost $2 billion on
a seasonally adjusted basis during the first
half of the year, thus exhibiting a movement
unusual in a recession. Growth in the active money supply was exceptionally large
from the end of January through May,
amounting to a seasonally adjusted increase
of $3.3 billion, or an annual rate of IV2
per cent, in the four-month period.
In January, on the other hand, there was
a greater than seasonal decline, and in June,
owing to an unusually large increase in the
Treasury's cash balance, the privately held
money supply declined, offsetting a small
part of the earlier rise. For the six-month
period, the annual rate of increase in the
active money supply, seasonally adjusted,
was about 234 per cent.
The large Treasury cash balance, which
758
reached approximately $9 billion at the end
of June, resulted from a number of factors,
including a less rapid growth of Government expenditures than had been anticipated, the sale of a new issue of Treasury
bonds for cash in June, and unusually small
cash redemptions by holders of Government
securities maturing June 15. As the Treasury makes payments in the coming weeks
and months, reducing its balance, these deposits will reappear in the hands of the public, contributing to further growth in the
active money supply. The growth in total
deposits, including Government deposits,
was exceptionally large in June, and was
accompanied by a similarly large increase
in bank loans and investments.
Time deposits of commercial banks,
which had increased by a record amount in
the first six months of 1957, grew even more
rapidly in 1958. Their rapid growth this
year appears to reflect, in addition to a general increase in financial savings, some shifting of funds from demand to time deposits,
as well as some shifting of funds to banks
from holdings of United States Government
securities in order to earn interest at rates
that became more attractive as shorter term
market rates continued to decline. Growth
of deposit and share accounts at mutual savings banks and savings and loan associations, although greater than last year, was
less rapid than growth of time deposits at
commercial banks, as the chart shows.
The rapid growth of liquid savings at
banks and other savings institutions also
may have reflected in part a widespread
desire for liquidity in the form of precautionary balances in a time of employment
uncertainties, as well as a general hesitancy
to make longer term financial commitments.
Redemptions of savings bonds also fell off
rapidly in the first half of this year.
FEDERAL RESERVE BULLETIN • JULY 1958
GROWTH OF SELECTED TYPES OF SAVING
JANUARY • MAY
Billion* of dollar!
COMMfRCMl
BMiKS
1954
1955
1956
1957
195*
NOTE.—Time and savings deposits (excluding interbank deposits) at commercial and mutual savings banks; data for
1958 are preliminary. Share accounts for all savings and
loan associations in the United States, from the Federal Savings and Loan Insurance Corporation; data for 1954 are
partly estimated by the Federal Reserve and those for 1957
and 1958 are preliminary.
The rate of demand deposit turnover at
banks outside New York City tended to
level off in the first six months of 1958 after
rising generally from 1950 through 1957.
This reflected in part the recession, as well
as the fact that substantial economizing in
the use of cash balances had occurred in the
past several years. Deposit turnover in New
York City moved counter to the general
trend, reaching new highs for recent years.
INTEREST RATES
The decline in market rates of interest that
began in the last quarter of 1957 continued
into this year. Short-term rates in particular, responding to the general desire for
liquidity and to the easier monetary and
credit policy, fell sharply. The weekly average yield on Treasury bills reached a low
point of little more than half of one per
cent in May, in comparison with a peak of
3.64 per cent last fall. The decline in the
bill rate was greatest in January and February, although it was also substantial in May.
MONEY AND CREDIT IN THE RECESSION
In June and early July the bill rate firmed
somewhat.
Rates on bankers' acceptances and other
money market paper also declined sharply
in the first half of this year. Rates charged
prime borrowers by large banks were reduced in January and again in April, by
one-half percentage point on each occasion.
Average yields on long-term Government
bonds, which had declined substantially in
the last quarter of 1957, showed little net
change this year. After some firmness in
the latter half of January and in February,
long-term rates fell in April and May, then
rose again in June and July, reaching levels
early in July about equal to those of the first
of the year. The maximum decline in market yields on Government bonds of more
than 10 years' maturity was from a weekly
average peak of 3.76 per cent last October
to a low of 3.07 per cent late this April.
Yields on State and local government issues reached a peak in August 1957, slightly
earlier than the peak for either corporate or
United States Government bond yields, and
declined slightly more to the low point this
spring. Corporate bond yields, on the
other hand, did not reach their peak until
November, and fell somewhat less to the
spring low than either long-term United
States Government or State and local government securities.
In early July the average yields on both
municipal and corporate issues were close to
the levels of last December. This situation
reflected total borrowing by corporations
and State and local governments at a near
759
NOTE,—Market yield data are weekly averages of daily
figures. Treasury bill rates are market yields on 90-day bills.
Long-term U. S. Government yields are on bonds maturing
or callable in 10 years or more. Commercial paper rate is on
prime 4- to 6-month open market paper. Yields on corporate
and State and local government bonds are from Moody's Investors Service. Latest figures are for week ending July 5.
record level in the first half of this year.
The real estate mortgage market during
the first half of 1958 was marked by sharp
improvement in the availability of funds and
some reductions in interest rates on conventional mortgages. Easier market conditions,
together with some rate adjustments, also
resulted in a decline in the discounts at
which Government-guaranteed mortgages
were marketable.
195$ Survey of Consumer Finances
Purchases of Durable Goods
sluggish demand for
consumer durable goods has resulted in reduced sales and output and in high levels
of unemployment in important sectors of
manufacturing industry. The decline in
sales of automobiles has been particularly
sharp. These developments have emphasized
the strategic role in the economy of consumer demand for durable goods.
In the first quarter of this year, according
to Department of Commerce data, the
annual rate of consumer expenditures for
durable goods declined sharply to $36.3
billion, the lowest level since late 1954. The
proportion of consumer disposable income
allocated to purchases of such goods—at
slightly less than 12 per cent—was close to
the lows of the last decade.
Since World War II consumers have spent
heavily for all types of durable goods and
have devoted a larger share of their income
to such purchases than in the immediate prewar period. In particular, spending for
automobiles and household appliances has
accounted for a greater share of consumer
income.
The interaction of consumers' needs and
wants and of their ability to fulfill these
needs and wants determines demand for consumer durable goods. This article, based
largely on data from the 1958 Survey of
Consumer Finances, is focused on the relation of consumer spending for durable
goods in 1957 to certain factors shaping
SINCE LAST FALL
demand.1 The factors examined are age of
the head of the spending unit, income, income change, and use of credit. Similar
data for 1954 through 1956 and for two
earlier postwar years, 1951 and 1948, are
presented to provide perspective.
PURCHASES IN 1957
More than 26 million consumer spending
units—about 46 per cent of the total—made
a major expenditure for durable goods in
1957.2 Their purchases amounted to $870
on the average and represented about oneseventh of their income.
About half the purchasers in 1957 bought
automobiles and, in some cases, household
1
This is the second of a series of articles presenting the findings of the 1958 Survey of Consumer
Finances conducted by the Board of Governors of the
Federal Reserve System in cooperation with the
Survey Research Center of the University of Michigan.
The first article appeared in the Federal Reserve
BULLETIN for March. The present article was prepared by Dorothy Projector of the Consumer Credit
and Finances Section of the Board's Division of
Research and Statistics. Work at the Survey Research Center was under the supervision of James
N. Morgan.
2
A spending unit, as defined in the Survey, consists
of all related persons living together who pool their
incomes. Husband and wife and children under 18
living at home are always considered to be members
of the same spending unit. Other related persons in
the household are separate spending units if they
earn more than $15 per week and do not pool their
incomes.
A major expenditure is defined as a net outlay
(price less trade-in allowance) of $100 or more for
automobiles, furniture, and major household appliances combined.
For further discussion see
Technical Note.
760
761
PURCHASES OF DURABLE GOODS
durable goods also. The other half bought
household durable goods only. Of the total
number of spending units, about 8 per cent
bought new cars and 15 per cent bought used
cars.
Relation to income and age. Purchase of
durable goods was much more common
among upper income groups than among
lower income consumers. The proportion
of spending units making a major expenditure ranged from 2 in 10 in the lowest income quintile to 6 in 10 in the top quintile.3
About half of all purchasers in each quintile
bought automobiles, but purchases of new
cars were very infrequent at lower income
levels, as Table 1 shows.
TABLE 1
TNCOME RELATED TO FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS, 1957 x
[Purchasers as a percentage of spending units]
Any
major
expenditure
New
Used
All spending units
46
8
15
Lowest
Second
Third
Fourth
Highest
22
40
47
60
63
2
2
5
10
20
10
16
18
18
12
Income
quintile
Automobile
1
A major expenditure is defined as a net outlay (price less trade-in)
of $100 or more for automobiles, furniture, and major household
appliances combined.
Younger people who were establishing
homes and raising their families purchased
durable goods more frequently than older
consumers. Nearly 6 in 10 of all spending
units whose head was in the 25- to 34-year
" Income quintile groups represent successive fifths
of the population ranked by money income before
taxes. In 1957 the lowest quintile consisted of spending units with incomes under $1,890. Income ranges
for the other quintiles were: second, $l,890-$3,599;
third, $3,600-$5,139; fourth, $5,140-$7,189; and
highest, $7,190 and over.
age group made a major purchase during
the year. Among spending units whose
head was 65 or older, only 2 in 10 made
purchases. The youngest spending units,
those headed by persons under 25, had a
lower purchase rate than those in the next
two age groups, as Table 2 shows.
Purchases in the youngest group were
concentrated on automobiles—particularly
used cars. About three-fourths of the
youngest purchasers bought an automobile
compared with less than a half for the rest
of the population.
To some extent the differences among income and age groups in purchase rates for
durable goods are interrelated. Of all
spending units in the lowest income quintile,
for example, 38 per cent are headed by persons 65 years of age or older in contrast with
only 14 per cent in the population as a
whole. The requirements of older consumers for durable goods may often be less
urgent than those of younger people so that
the low purchase rate in the lowest quintile
reflects not only smaller incomes but also
lesser needs. The low incomes of the
youngest spending units also partly explain
their low purchase rate. About one-third
of all spending units headed by persons 18
to 24 years of age were in the lowest income
quintile.
Age-group comparisons of purchases by
all spending units with those by the 60 per
cent of spending units in the three middle
income quintiles indicate that some of the
apparent age differences are really income
differences. As the chart on page 763 indicates, when the comparison is confined to
consumer spending units with more nearly
similar incomes, the differences in purchases
between younger and older consumers are
substantially reduced.
762
FEDERAL RESERVE BULLETIN • JULY 1958
TABLE 2
AGE RELATED TO MAJOR EXPENDITURES FOR
DURABLE GOODS, 1957 1
Automobile
Age of head of
spending unit
Any major
expenditure
New
Used
Purchasers as a percentage of
spending units
All spending units
46
8
15
18-24
25-34
35-44
45-54
55-64
65 and over
49
58
53
47
37
20
4
9
11
10
5
3
31
19
16
11
10
4
Percentage distribution of
purchasers
18-24
25-34
35-44
45-54
55-64
65 and over
Not ascertained
All purchasers
10
26
27
18
10
6
3
5
24
32
22
8
5
3
19
27
25
13
9
4
2
100
100
100
1
A major expenditure is defined as a net outlay (price less trade-in)
of $100 or more for automobiles, furniture, and major household
appliances combined.
NOTE.—Details may not add to totals because of rounding.
Effect of income change. Change in income
as well as level of income is often cited as
an important factor in consumer allocation
of funds to durable goods expenditures. A
person whose income increases may not
immediately increase his outlays for food
and other day-to-day expenses or may not
immediately move to better housing. Some
of the added income may be accumulated in
the form of liquid assets or be used for buying durable goods. On the other hand, a
consumer whose income declines may attempt to maintain customary levels of living,
at least for a while. This may necessitate
some reduction in durable goods expenditures and in current financial saving.
To a degree the Survey data tend to substantiate this line of reasoning. Spending
units whose incomes rose 5 per cent or more
from 1956 to 1957 purchased durable goods
more frequently in 1957 than other units,
and this was true at most income levels. Of
all spending units whose incomes had increased, more than half were purchasers,
compared with slightly less than two-fifths of
the remaining units. However, lowest purchase rates occurred not among those whose
incomes had declined, but among those
whose incomes were stable. In the lowest
quintile, in fact, consumers with declines in
income purchased somewhat more frequently than those with increases. Perhaps
many such purchasers believed that they had
suffered only temporary income reverses
and they continued to purchase in accordance with their long-run income expectations.
The differences among income-change
groups in other years are similar in many
respects to those described for 1957. Data
for 1957 and for earlier years are presented
in Supplementary Table 2.
Amount spent. Spending units in the lower
income quintiles not only made fewer purchases than those in higher income groups,
but they also spent less when they did buy.
Table 3 shows that durable goods purchasers
in the lowest income quintile spent $520 on
the average for automobiles, furniture, and
major household appliances compared with
$1,260 spent by purchasers in the top
income quintile. In the lowest income
quintile, however, expenditures represented
nearly 50 per cent of purchasers' average income compared with about 10 per cent in
the top quintile.
Since both the proportion of spending
units purchasing durable goods and the
average amount spent by buyers increased
763
PURCHASES OF DURABLE GOODS
across the income range, the average expenditure for all spending units—both
buyers and nonbuyers—increased sharply
with income. The dollar volume of expenditures by consumer units in the top
quintile was more than six times as much
as the amount spent by the lowest income
quintile. Nevertheless, the proportion of
total income spent for durable goods was
greatest for the lowest quintile—about 11
per cent—and least for the top quintile—
about 7 per cent. In each of the three
middle income quintiles the proportion thus
allocated was roughly the same—8 or 9
per cent.
Automobile purchases accounted for an
important share of total outlays for durable
goods in all income groups. The proportion
was about 60 per cent in the bottom three
quintiles and somewhat more than 60 per
cent in the top two quintiles.
The amount spent by purchasers also
varied to some extent with age. Considering only those spending units in the three
middle income quintiles (in order to reduce
the effect of income differences), purchasers
TABLE 3
MAJOR EXPENDITURE FOR DURABLE GOODS WITHIN
INCOME QUINTILES, 1957 x
[Mean expenditure, in dollars and as a
percentage of mean money income before taxes]
Dollar amount
Income
quintile
All incomes.
Lowest
Second
Third
Fourth
Highest
WITHIN
FREQUENCY
Percentage of
AGE GROUPS, 1 9 5 7
80
spending units
ALL
60
SPENDING UNITS
40
-
AVERAGE
EXPENDITURE PER PURCHASER
20
1000
Dollars
ALL SPENDING UNITS
800
MIDDLE INCOME
QUINTILES
600
18-24
25-34
35-44
45-54
AGE (years)
55-64
65 and
over
NOTE.—Income quintile groups represent successive fifths
of the population ranked by money income before taxes. The
second, third, and fourth quintiles constitute the middle income
quintiles.
under 45 years of age spent about $810 on
the average compared with $660 spent by
older purchasers, as the chart shows. Expenditures were a somewhat larger share of
income for the youngest consumers—those
under 25 years—than for other groups.
FINANCING 1957 PURCHASES
Percentage
of income
Pur- All spend- Pur- All spendchasers ing units chasers ing units
870
400
14
8
520
550
770
900
1,260
120
220
360
530
790
47
20
18
15
11
11
8
8
9
7
1
A major expenditure is defined as a net outlay (price less trade-in)
of $100 or more for automobiles, furniture, and major household
appliances combined.
PURCHASES
Purchasers of durable goods made extensive
use of short-term credit in 1957. About 6
in 10 spending units buying cars and more
than 5 in 10 of those purchasing furniture
and household durable goods borrowed to
finance their purchases.
Credit was important at all income levels,
although spending units at the extremes of
the income range tended to use credit less
frequently than others (see Supplementary
Table 5). The portion of net outlay for
cars financed on credit followed a similar
764
pattern; spending units in the middle and
next to highest income quintiles financed
over 70 per cent of their net outlay for cars
with credit compared with roughly 50 per
cent for the remaining income groups.
Purchasers in the lowest income quintile
may have relied more heavily on the liquidation of assets to finance their purchases than
did other groups. As was noted above, in
the bottom quintile expenditures were large
in relation to income, and credit was used
less frequently than at higher income levels.
Moreover, a large proportion—more than
40 per cent—of purchasers in the lowest
quintile had suffered income declines from
1956. Many of these purchasers probably
had accumulated liquid assets when their incomes were larger. To the extent that they
viewed their income reverses as temporary
they may have been willing to use their
liquid assets for purchase of durable goods.
POSTWAR CHANGES IN PURCHASES
As supplies of durable goods became more
readily available after World War II, consumers spent large amounts to restore or add
to their stocks of such goods, which had
been reduced in quantity and quality during
the war. As shown by Department of Commerce data noted earlier, the share of disposable income devoted to durable goods
expenditure was somewhat larger in the
early postwar years—12 or 13 per cent—
than in the prewar period. Accumulated
liquid assets and high levels of income were
important factors in forming and satisfying
postwar demands.
During the economic downturn in 1949
consumers generally maintained their outlays. After war broke out in Korea in mid1950, purchases increased sharply and absorbed a larger share of income. When this
buying wave diminished, the proportion of
FEDERAL RESERVE BULLETIN • JULY 1958
income spent for durable goods dropped
back to the level of the early postwar years
until 1955 when expenditures again increased sharply and the proportion of income spent rose to more than 14 per cent.
The increase in outlays during 1955,
especially for automobiles, was associated
with marked relaxation in credit terms. The
1955 increase—the largest one-year change
during the postwar period—was an important factor in the economic recovery from
the 1953-54 recession and it also contributed
to the subsequent emergence of inflationary
pressures. After a substantial decline from
1955 to 1956, automobile expenditures rose
somewhat in 1957. Outlays for other durable goods were generally maintained at
levels moderately above those in 1955. In
both 1956 and 1957 consumers spent about
13 per cent of their disposable income for
durable goods.
In each postwar year a large part of the
population has been in the market for durable goods. According to Survey findings,
the proportion buying ranged from somewhat less than 4 in 10 consumer spending
units in the early period, when shortages in
some lines held down purchases, to more
than 5 in 10 in the record year 1955. Except for the sharp rise and subsequent decline after war broke out in Korea, the
number of consumer units purchasing durable goods generally increased through 1955.
Growth in the number of buyers stemmed
partly from population increases and partly
from a rising proportion of spending units
making purchases of durable goods. Between
1948 and 1955 the number of consumer
units making a major expenditure for such
goods increased 9 million—from 20 million
to 29 million—while the total number of
spending units increased only 4 million to
55 million. The increases in purchase rates;
PURCHASES OF DURABLE GOODS
undoubtedly were related to rising levels
of income and the availability of credit on
increasingly relaxed terms. Development
of new products such as television and room
air-conditioners and changes in design and
styling of goods may also have contributed
to this broadening of the market.
Following a sharp increase between 1954
and 1955, the proportion of spending units
purchasing declined and by 1957 was at
the lowest level in more than four years.
Between 1955 and 1957 the number of
spending units making a major durable
goods purchase shrank from 29 million to
26 million.
Thoughout the postwar period automobile
purchases have accounted for an important
share of expenditures for durable goods. In
the early period of shortages, total outlays
for automobiles were about the same as those
for furniture and household appliances.
Since 1949, however, automobiles have
accounted for a larger share, partly because
the number of car purchasers has grown
faster than the number purchasing other
types of durable goods and partly because
the average amount spent for cars has increased while the average expenditure for
furniture and household appliances has remained relatively stable.
The substantial increase in durable goods
expenditures that occurred from 1954 to
1955 stemmed from increases in both the
number of consumer units making major
purchases and the average amount of expenditure on the part of those purchasing.
The number of spending units making a
major expenditure rose 3 million, or 11 per
cent, from 1954 to 1955 and the average
amount spent per purchaser increased $100,
or 12 per cent. The increase in the number
of car buyers was particularly sharp and the
average outlay for a car also moved up.
765
As a result the amount spent for automobiles
increased from 58 to 65 per cent of total
durable goods expenditure between 1954
and 1955.4
During 1956 and 1957 average outlay
remained about the same as in 1955, but
the number of spending units purchasing
declined one million in 1956 and then 2
million in 1957. The decline in the number
of purchasers was greater for cars than for
household durable goods.
Despite the rather sharp changes in purchase rates and outlays during the 1954-57
period, income and age characteristics of
the purchasing population in each year were
essentially similar to those described earlier
for 1957. Purchases were more common
among higher income quintiles than among
lower income quintiles, and younger consumers purchased more frequently than
older units. Moreover, variations among income quintiles and age groups in average
outlay and in proportion of income spent
by purchasers were generally similar to the
1957 patterns. These patterns are also
found in the data for the two earlier years,
1951 and 1948.
Changes in purchase rates and outlays
during the years under study have been
greater, however, for some groups than for
others. For example, the sharp increase in
purchase rate between 1954 and 1955
occurred principally in the lower middle part
of the income range—second and third
quintiles. These two income groups accounted for 41 per cent of the purchasers
during 1955 compared with 37 per cent
during 1954, as the chart on the following
page shows. However, the increase in aver* These proportions are based on Survey estimates
of aggregate expenditures for durable goods, but they
correspond closely to similar measures derived from
Department of Commerce data.
766
FEDERAL RESERVE BULLETIN • JULY 1958
DURABLE GOODS PURCHASERS, BY INCOME
Percentage
distribution
upper income groups. More than 25 per
cent of car buyers were in the lowest two income quintiles during the period 1954-57
compared with 20 per cent in 1948.
POSTWAR CHANGES IN FINANCING
NOTE.—Income quintile groups represent successive fifths
of the population ranked by money income before taxes.
age expenditure was greatest for purchasers
in the two highest income quintiles so that
the share of the second and third quintiles in
aggregate expenditure was about the same
in 1954 and 1955.
The most noticeable shift in income distribution of durable goods purchasers since
the early postwar years concerns the lower
income groups. The 40 per cent of spending
units receiving the lowest incomes accounted
for about 23 per cent of the purchasers in
1948 and 1951 compared with about 27 per
cent in more recent years. The shift between
1948 and later years may be explained partly
by the limited supply of automobiles in the
earlier period, when informal rationing by
dealers may have tended to favor middle and
Increased use of credit has probably been
the most important development in the
financing of durable goods over the postwar
period. In recent years more than 60 per
cent of new car buyers used credit compared
with roughly 50 per cent during 1951 and
33 per cent during 1948.5 All income
groups have expanded their use of credit. In
addition to the rising proportion of spending
units using credit in their purchases, smaller
down payments and longer maturities have
enlarged the role of credit in the financing
of durable goods, particularly since 1954.
5
According to the Federal Reserve series based on
lender data, the proportion of new passenger cars
sold on credit increased from 42 per cent during
1948 to more than 60 per cent in recent years.
Although Survey data on proportion of new car
buyers using credit have been at roughly the same
level as lender data in recent years, the year-to-year
movements have been different. For example, the
Survey estimate of new car buyers using credit
declined slightly between 1954 and 1955 compared
with a sizable increase in the lender series. A special
survey of new car buyers made in connection with a
Federal Reserve study found an increase in the
frequency of credit purchases between 1954 and
1955 that is consistent with the change shown by the
lender data. (Consumer Instalment Credit, Pt. IV,
Financing New Car Purchases, p. 24.)
TECHNICAL NOTE
Results of the 1958 Survey of Consumer
Finances are based on 3,117 interviews during January and February in 2,765 dwelling
units. These dwelling units are located in
the 12 largest metropolitan areas and in 54
additional sampling areas chosen to represent a cross section of the population liv-
ing in private households in the continental
United States. Transients, residents of institutions, and persons living on military
reservations are not represented.
Within dwellings, interviews are conducted with each spending unit. A spending
unit is defined as all persons living in the
767
PURCHASES OF DURABLE GOODS
same dwelling, and related by blood, marriage, or adoption, who pool their incomes
to meet their major expenses. A husband
and wife living together are always included
in the same spending unit even though they
do not pool their separate incomes. All
children under 18 years of age are included
in the spending unit of their closest relative.
The spending unit containing the owner or
lessee of the dwelling is the primary spending unit. Children 18 or more years of age
and other relatives who earn more than
$ 15 per week and who do not pool their incomes with that of the primary spending unit
are classified as related secondary spending
units. Spending units composed of persons
in the dwelling unit who are not related to
members of the primary unit are designated
as unrelated secondary spending units.
Since the spending unit includes those
persons, and only those persons, who make
joint financial decisions, it is the unit most
frequently used in tabulations of Survey
financial data. Some Survey data, however,
notably those on housing, are presented for
family units. A family unit is defined as all
persons living in the same dwelling who are
related by blood, marriage, or adoption.
Survey family units include individuals living
alone as well as groups of related persons.
To obtain data on a family basis, information for related secondary spending units is
combined with that for the primary spending units to which they are related and with
which they live. The head of the primary
spending unit is considered to be the head
of the family. The number of family units
equals primary spending units plus unrelated
secondary spending units.
Estimates of the total number of spending units in the population covered by the
Survey are derived by multiplying the number of occupied dwelling units, or house-
holds, estimated from Census data, by the
average number of spending units per dwelling unit included in the Survey sample. The
number of family units is estimated in a
similar manner. Both the estimated number of dwelling units and the average number of spending units and family units per
dwelling unit are subject to sampling error.
The accompanying table shows the estimated
number of dwelling units, spending units,
and family units in the Survey population.
SPENDING UNITS AND FAMILY UNITS IN
SURVEY POPULATION
[Estimated number, in millions]
Year of Survey
Type of unit
1958
1957
1956
1955
1952
1949
Spending units—total 1. 56.9
a) Primary (equals
occupied dwelling units)
50.3
b) Related secondary. 4.9
c) Unrelated secondary
1.7
Family units ( a + c
spending units)
52.0
56.1
55.0
54.3
53.0
50.8
49.5
4.9
48.7
4.6
47.7
5.0
45.4
5.8
41.9
6.7
1.7
1.7
1.6
1.8
2.2
51.2
50.4
49.3
47.2
44.1
if Estimates of the number of spending units, which depend upon
the ratio of primary spending units to all spending units, are subject
to sampling error. The size of the sampling error is such that there
is one chance in 20 that the estimates shown in the table are above or
below the true figure by 1 million.
Aggregate data are obtained for the population covered by the Survey of Consumer
Finances by multiplying data on proportions
and means obtained in the Survey by the
estimated total number of spending units or
family units. Estimates of the number of
units with given characteristics are obtained
by multiplying the proportion shown by the
sample to have that characteristic by the
estimated total number of units. Estimates
of aggregate assets, debt, expenditures, and
other variables are obtained by multiplying
the mean amount derived from the sample
by the number of units.
The Survey concept of durable goods is
similar to, but not quite so comprehensive
as, the Department of Commerce series on
768
FEDERAL RESERVE BULLETIN • JULY 1958
Survey estimates of aggregate expenditures
for durable goods correspond fairly closely
in level and year-to-year movement with the
comparable series published by the Department of Commerce.
A more detailed description of Survey
methods was published in the Federal
Reserve BULLETIN for July 1950.
personal consumption expenditures for durable goods. Both series cover purchases of
automobiles, furniture, household appliances, television, radios, and record players,
but the Survey concept does not include
other items—such as china, floor coverings,
jewelry, and books—that the Department of
Commerce classifies as durable goods. The
SUPPLEMENTARY TABLE 1
FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS WITHIN INCOME
AND AGE GROUPS 1
[Purchasers as a percentage of spending units within specified groups]
Income quintiles
Age of head of spending unit
All
spending
units 2
Lowest
Second
Third
Fourth
Highest
18-24
25-34
35-44
45-54
55-64
65 and
over
Any major expenditure:
1957
1956
.
1955
1954
1951
1948
46
50
53
48
47
40
22
23
23
23
19
18
40
42
49
42
35
30
47
53
61
48
49
41
60
64
61
60
59
52
63
67
72
69
72
61
49
49
61
46
41
37
58
62
66
61
60
54
53
59
63
56
53
49
47
50
54
50
48
39
37
44
40
42
39
28
20
23
30
20
22
17
New automobile:
1957
1956
1955
1954
1951
1948
8
9
11
8
8
6
2
2
2
5
6
3
3
1
5
8
7
6
6
3
10
11
15
10
9
7
20
21
27
19
21
17
4
5
6
6
3
3
9
11
13
10
9
7
11
12
16
11
11
6
10
11
11
8
10
7
5
11
9
7
7
5
3
3
6
2
4
3
Used automobile:
1957
1956
1955
1954
1951
1948
15
15
17
16
14
11
10
10
9
8
7
5
16
17
21
18
13
10
18
18
24
20
18
13
18
18
19
16
17
15
12
11
13
18
13
10
31
29
38
27
20
18
19
19
24
22
20
17
16
17
18
18
17
13
11
15
15
14
12
7
10
9
9
9
7
4
4
5
6
4
2
2
Type of
expenditure
2
1
i A major expenditure is denned as a net outlay (price less trade-in)
of $100 or more for automobiles, furniture, and major household
appliances combined.
2
3
Includes spending units for which age of head was not ascertained.
No cases reported or less than one-half of 1 per cent.
769
PURCHASES OF DURABLE GOODS
SUPPLEMENTARY TABLE 2
FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS WITHIN INCOME-CHANGE
GROUPS 1
[Purchasers as a percentage of spending units]
Change in income 2
Income
quintile
1957
1956
Increase
No
change
Decrease
All incomes
54
38
Lowest
Second
Third
Fourth
Highest
25
45
54
59
66
13
39
38
59
53
. .
1955
Increase
No
change
Decrease
43
56
43
29
36
45
60
68
25
47
55
65
69
21
37
46
63
59
Increase
No
change
Decrease
46
60
44
52
26
39
56
62
75
27
53
63
65
74
11
43
57
53
68 '
34
53
60
68
72
Change in income 2
1954
1951
1948
Increase
No
change
Decrease
Increase
No
change
Decrease
Increase
No
change
Decrease
All incomes
55
44
43
53
40
41
45
32
40
Lowest
Second
Third . .
Fourth
Highest
25
44
55
61
72
21
43
40
61
62
24
39
49
57
73
19
40
51
61
75
14
30
48
58
69
26
29
48
59
(3)
21
34
44
54
63
11
23
35
44
52
19
32
43
56
63
1 A major expenditure is denned as a net outlay (price less trade-in)
of $100 or more for automobiles, furniture, and major household
appliances
combined.
2
A change of 5 per cent or more from the previous year in money
income before taxes is defined as an increase or decrease, depending
on the direction of change.
3 Too few cases to compute percentage.
SUPPLEMENTARY TABLE 3
MAJOR EXPENDITURE FOR DURABLE GOODS WITHIN INCOME
QUINTILES 1
[Mean expenditure, in dollars and as a percentage of mean money income before taxes]
Income
quintile
Percentage of income
Dollar amount
1957
1956
1955
1954
1951
1948
1957
1956
1955
1954
1951
1948
Purchasers
All incomes.
Lowest.
Second.
Third...
Fourth.,
Highest.
870
880
880
780
740
720
14
14
16
15
15
16
520
550
770
900
1,260
480
660
800
870
1,250
380
590
720
980
1,290
500
560
700
750
1,110
390
540
600
680
1,070
360
470
610
700
1,050
47
20
18
15
11
38
24
19
15
10
41
24
18
18
12
45
23
19
15
11
55
25
19
15
12
43
24
22
18
12
All spending units
All incomes.
400
440
470
380
350
290
8
9
10
9
9
Lowest.
Second.
Third...
Fourth. ,
Highest.
120
220
360
530
790
110
280
420
560
830
90
290
440
600
930
110
240
340
450
770
70
190
300
400
780
60
140
250
360
640
11
8
8
9
7
11
10
10
10
7
10
12
11
11
9
12
10
9
9
8
10
9
9
9
9
10
i A major expenditure is defined as a net outlay (price less trade-in) of $100 or more for automobiles, furniture, and major household appliances
combined.
770
FEDERAL RESERVE BULLETIN • JULY 1958
SUPPLEMENTARY TABLE 4
MAJOR EXPENDITURE FOR DURABLE GOODS WITHIN AGE GROUPS X
[Mean expenditure, in dollars and as a percentage of mean money income before taxes]
Dollar amount
Percentage of income
Age group
1957
1955
1956
1951
1954
1948
1957
1956
1955
1954
1951
1948
Purchasers
All age groups 2
870
880
880
780
740
720
14
14
16
15
15
16
18 24
25 34
35-44
45_54
55 64
65 and over
810
880
940
900
700
820
900
910
900
940
860
580
780
970
920
910
830
650
820
850
820
700
750
630
580
770
750
790
750
590
800
760
730
700
620
620
20
14
14
12
12
16
24
16
13
12
14
12
24
18
14
14
14
17
27
18
13
11
13
13
22
18
14
14
12
12
29
19
15
12
12
18
All spending units
All age groups 2
400
440
470
380
350
290
8
9
10
9
9
8
18-24
25-34
35-44
45 54
55_64
65 and over
400
510
500
430
260
170
440
560
530
470
380
140
470
640
580
490
330
200
370
520
460
350
310
130
'240
460
400
380
300
130
300
410
360
280
180
110
12
9
8
7
5
6
14
11
9
7
7
5
17
13
10
9
7
8
14
11
9
7
7
5
11
12
9
8
7
5
14
12
9
6
5
5
1
A major expenditure is defined as a net outlay (price less trade-in)
of $100 or more for automobiles, furniture, and major household
appliances combined.
2
Includes spending units for which age of head was not ascertained.
SUPPLEMENTARY TABLE 5
CREDIT PURCHASES OF AUTOMOBILES AND OTHER DURABLE GOODS
[Credit purchasers as percentage of all purchasers within income quintiles]
Type of purchase and income quintile
1957
1956
1955
1954
1951
1948
60
61
59
61
55
39
49
55
65
70
55
62
64
74
64
46
57
57
67
69
48
52
64
69
67
52
(l)
23
44
43
39
38
New automobile—all incomes 2
65
63
60
61
47
33
Used automobile—all incomes
58
60
60
61
59
42
54
61
66
51
63
67
59
45
8
(3)
62
66
67
54
(i)
62
66
49
0)
(1)
0)
50
48
37
48
Automobile
Lowest..
Second
Third
Fourth .
Highest
Lowest
Second .
Third
Fourth
Highest
all incomes
..
....
.
.
. .
Furniture or major household appliance—all incomes 4 ...
Lowest
Second
Third
Fourth
Highest
'.
...
0)
54
48
52
54
52
48
58
57
66
57
37
48
56
57
51
30
61
58
57
56
36
64
59
64
55
36
52
53
66
55
38
52
62
56
48
31
1 Not available.
Too few cases to compute percentage in each income quintile.
3 Too few cases to compute percentage.
2
0)
(1)
(1)
4
Purchasers of two items, one for credit and one for cash, are
classified as credit purchasers. Charge-account purchasers are
classified as cash purchasers.
771
PURCHASES OF DURABLE GOODS
SUPPLEMENTARY TABLE 6
PRICE PAID AND N E T OUTLAY BY AUTOMOBILE PURCHASERS 1
[Percentage distribution of purchasers]
Net outlay 2
Price paid
Type of purchase and amount
1957
New automobile:
Under $1,500
$l,500-$l,999
$2,000-$2 499.
$2,500-$2,999
$3 000-$3 499
$3,500-$3,999
$4,000 and over
Not ascertained
.
.
1954
1955
1957
1956
1954
1955
40
28
16
8
5
1
2
5
15
25
24
17
14
1
1
4
19
22
26
14
11
3
25
28
22
100
100
100
100
100
100
100
100
$3 050
$3,230
$3 100
$3,070
$2 780
$2,940
$2,550
$2,720
$2 060
$2,110
$2 000
$2,010
$1,840
$1,900
$1 670
$1,730
20
18
11
12
13
11
10
5
19
22
14
12
12
10
6
5
21
18
18
13
12
8
6
4
15
20
16
14
18
8
3
6
25
21
14
12
13
8
3
4
23
28
13
12
13
5
2
4
22
27
18
13
11
4
2
3
20
26
18
13
12
3
1
7
.
All cases
Median
Mean
1956
Used automobile:
Under $ 2 5 0 . . . .
$250-$499
$500-$749.
$750-$999
$l,000-$l,499
$l,500-$l 999
$2,000 and over
Not ascertained
All cases
Median
Mean..
1
16
26
31
16
4
5
2
40
23
18
12
1
19
28
27
15
6
2
3
26
32
22
12
4
3
1
100
100
100
100
100
100
100
100
$700
$900
$650
$800
$600
$780
$700
$800
$520
$670
$480
$620
$470
$610
$500
$600
1
In cases of multiple purchases, information is tabulated for the
highest priced purchase only.
2 After deduction for trade-in or sale of automobile.
3
No cases rep orted or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 7
SUPPLEMENTARY TABLE 8
AUTOMOBILE PURCHASES WITHIN INCOME
AND REGIONAL GROUPS
AUTOMOBILE OWNERSHIP WITHIN INCOME
AND REGIONAL GROUPS, EARLY 1958
[Purchasers as a percentage of spending units]
[Percentage distribution of spending units]
Group characteristic
All spending units
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
Region: *
North East . .
North Central
South
West
New
automobile
Owns:
All
cases
Group characteristic
1 automobile
2 or
more
Does
not
own
1957
1956
1957
1956
8
9
15
15
All spending units 1
100
60
10
30
100
100
100
100
100
100
100
100
100
31
36
54
61
69
75
79
69
59
1
2
3
6
7
9
14
25
34
68
62
43
33
24
16
7
6
7
100
100
100
100
55
64
58
64
7
12
11
13
38
24
31
23
1
2
2
4
4
8
12
15
28
1
2
3
6
8
10
13
19
28
7
12
15
16
20
16
18
11
13
7
14
15
21
19
16
18
14
9
1957 money income before
taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
7
9
8
8
9
10
9
10
13
17
15
14
10
16
18
17
Region: 2
North East
North Central
South
West
i As defined by U. S. Bureau of the Census.
Used
automobile
.
. .
1 Automobile ownership on a family basis is as follows: 59 per
cent own one car, 14 per cent own two or more, and 27 per cent do
not own.
2 As defined by U. S. Bureau of the Census.
772
FEDERAL RESERVE BULLETIN • JULY 1958
SUPPLEMENTARY TABLE 10
SUPPLEMENTARY TABLE 9
AGE OF AUTOMOBILES OWNED BY CONSUMERS
1
EXPENDITURES FOR SELECTED TYPES
OF DURABLE GOODS X
[Percentage distribution of automobiles]
[Median expenditure, in dollars]
Age
1958
1957
1956
1955
1952
23
29
26
25
30
12
11
14
15
16
10
12
13
14
16
3 to 4 years
23
20
19
22
22
3 years
4 years
14
9
9
11
11
8
9
13
14
8
5 years or more
54
51
55
53
48
28
26
29
22
33
22
30
23
12
36
100
100
100
100
100
Type of expenditure2
2 years or less
1 year or less.
2 years
5 to 7 years
More than 7 years
1957
1956
1955
Furniture or major household appliance
270
300
290
Furniture
Television set
Refrigerator
Washing machine
230
210
245
210
250
225
275
220
225
250
260
205
1
2
Before deduction for trade-in.
Includes both new and used items.
3 Includes purchasers of items listed below and of other major
household appliances.
i Ownership as of date of Survey. In early 195 8 automobiles
were classified for age as follows (in terms of model y ears): 1 year or
less, 1958 and 1957; 2 years, 1956; 3 years, 1955; 4 years, 1954;
5 to 7 years, 1953, 1952, and 1951; and more than 7 years, 1950 and
earlier. Similar classifications were used in previous Surveys.
SUPPLEMENTARY TABLE
11
PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN INCOME AND MARITAL STATUS GROUPS
[ Purchasers as a percentage of spending units]
Group characteristic
Any type of
purchase*
Television
set
1957
1956
1957
1956
All spending units
41
43
10
14
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-53,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
18
31
31
40
47
44
54
52
54
15
28
37
40
46
55
54
53
60
5
5
10
13
14
9
12
12
15
4
10
13
13
20
20
18
11
13
Marital status:
Single:
Age 18-44
Age 45 and over
25
25
24
22
47
55
38
43
55
59
37
45
Married: 2
Age 18-44, no children under 18
,
Age 18-44, children under 18
Age 45 and over, no children under 18
Age 45 and over, children under 18...,
i Includes purchasers of items listed individually and of other major
household appliances.
Washing
machine
1957
3
4
7
8
9
10
12
12
11
1956
Refrigerator
1957
1956
2
4
7
10
13
12
10
12
12
Furniture
1957
1956
18
17
3
12
11
17
19
19
25
26
26
4
7
17
17
17
20
23
24
25
7
12
12
15
10
7
21
19
12
14
12
11
7
11
10
14
7
9
10
10
10
6
7
25
26
13
16
30
24
13
15
2
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.
773
PURCHASES OF DURABLE GOODS
SUPPLEMENTARY TABLE
12
HOUSING STATUS OF NONFARM FAMILIES
[Percentage distribution of nonfarm families within specified groups]
All
cases
Group characteristic
Owns home
Rents home
1958
1955
1958
1955
Other i
1958
1955
17
9
7
3
3
2
All nonfarm families2
100
56
55
39
40
Family money income before taxes in preceding year:
Under $1,000
$1,000-51,999
$2,000-52,999
$3,000-53,999
$4,000-$4,999
$5,000-$7,499
$7,500-59,999
$10,000 and over
100
100
100
100
100
100
100
100
43
39
47
40
48
63
73
76
43
45
39
46
54
65
69
83
36
50
47
57
48
35
25
23
40
46
54
51
43
33
30
17
21
11
6
3
4
2
2
1
Age of head of family:
18-24
25-34
35-44
45-54
55-64
65 and over
100
100
100
100
100
100
11
43
63
65
67
64
15
43
59
61
66
63
78
52
34
32
28
30
76
53
37
34
29
31
10
5
3
3
5
6
1
Families that receive housing as part of compensation, live temporarily
in houses they have sold, etc.
2
Total number of nonfarm families included in Survey was 2,679
in 1958 and 2,601 in 1955.
3 No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 13
NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE DEBT
[Percentage distribution of owner-occupied nonfarm houses]
Mortgage debt 3
Value i
Amount
Zero
$l-$2,499
$2,500-54,999....
55,000-57,499....
57,500-59,999....
510,000-512,499..
512,500-514,999..
515,000-519,999..
520,000 and over.
Not ascertained. .
All cases.
Median (thousands of dollars).
Mean (thousands of dollars). ..
1
As valued by respondents early in year indicated, except that
houses purchased during preceding year were valued at purchase
19582
19572
5
7
12
15
20
10
17
14
3
9
14
15
19
10
15
15
1949
19582
23
19
16
17
6
7
6
6
19572
1949
44
23
55
29
14
9
7
3
100
100
100
100
100
100
11.0
12.8
11.0
12.7
8.0
9.1
46.0
46.4
45.6
46.1
43.0
43.7
2
House value and amount of mortgage debt were estimated, if not
reported in interview.
4
3 Early in year indicated.
For mortgaged houses only.
774
FEDERAL RESERVE BULLETIN • JULY 1958
SUPPLEMENTARY TABLE
14
MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY
1958
[Percentage distribution of home-owning nonfarm families]
Amount of mortgage debt
All
cases
1957 money income before taxes
Zero
All income groups
100
44
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999....
$5,000-$5,999
$6,000-57,499
$7,500-$9,999
$10,000 and over.
100
100
100
100
100
100
100
100
100
94
78
67
51
45
35
26
28
36
$1$1,999
$5,000$7,499
13
14
2
7
11
20
13
20
15
16
12
4
10
10
18
13
10
8
6
5
$7,500$9,999
$10,000
and over
10
16
19
19
15
14
0)
0)
4
3
7
11
17
14
12
6
5
15
21
21
NOTE.—Details may not add to totals because of rounding.-
i No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY TABLE 1 5
PRICES PAID FOR NONFARM
$2,000$4,999
SUPPLEMENTARY TABLE 16
HOUSES
FAMILY EXPENDITURES ON HOME IMPROVEMENT AND
1
MAINTENANCE
[Percentage distribution of purchasers]
X
[Percentage distribution of home-owning nonfarm families]
Price
19572
19562
19552
1951
Under $5 000
$5,000-$7,499
$7,500-59 999. .
$10,000-$ 12,499
$12,500-$ 14,999
$15,000-$19,999
$20,000 and over
Not ascertained
8
16
13
20
12
14
17
8
10
16
15
16
19
16
17
15
17
18
12
9
12
24
15
22
12
Amount
All cases
Median (thousands of dollars)
1
i \
100
100
100
100
12.0
12.5
10.0
8.5
Cost of additions made in year of purchase is included in price of
house. Purchasers of trailers are excluded in 1956 and 1957 but included in other years. Such purchasers account for about 5 per
cent of all house purchasers in any one year. If trailer purchasers
had been included in 1956, median would have been $12,000.
2
House purchase price was estimated, if not reported in interview.
NOTE.—Details may not add to totals because of rounding.
Zero
$l-$99
$100-$199
$200-$499
$500-$999
$1,000 and over
Not ascertained
All cases
1957
1956
1955
1954
43
41
42
41
100
100
100
100
14
9
14
10
9
12
10
17
11
8
1
12
10
16
11
8
1
13
10
17
10
8
1
1
Expenditures include additions and repairs to owner-occupied
dwellings, exclusive of cost of additions made in year of house
purchase.
775
PURCHASES OF DURABLE GOODS
SUPPLEMENTARY TABLE 17
CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS X
[Prospective purchasers as a percentage of spending units]
Consumer durable goods
Money income before taxes in preceding year
New automobiles
1958
1957
Used automobiles
1958
All spending units
Under $1,000
$1,000-51,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
Median planned expenditure3
10
1
1
3
3
6
6
7
14
21
10
15
24
$2,700
$2,800
4
3
4
7
1 Includes spending units planning definitely, probably, or possibly
to 2buy and those having already bought in Survey year.
Includes nonfarm spending units only.
3 Data for automobiles are based on planned expenditures of
spending units that reported they would or probably would buy or
had already bought; data for other items include, in addition, planned
expenditures of spending units that reported they possibly would buy.
1957
11
10
11
10
11
10
10
$800
$800
Furniture and major
household appliances
1958
1957
28
29
13
20
18
26
31
32
37
37
41
12
14
25
26
31
37
43
42
$250
$300
Nonfarm houses,
new and used 2
1958
1957
1
3
5
6
9
8
10
15
8
3
2
2
6
11
\">
\
J
12
15
These medians differ from those shown in the "Preliminary Findings"
published in the BULLETIN for March 1958. The medians shown in
this table were computed from complete listings; those in the March
article were interpolated from bracket amounts, and in addition the
1958
data were not based on the full sample.
4
Data not available.
SUPPLEMENTARY TABLE 18
CONSUMER PLANS TO PURCHASE AUTOMOBILES AND
OTHER SELECTED DURABLE GOODS 1
[Prospective purchasers as a percent*ige of all spending units]
Type of purchase
1958
1957
1956
New automobile
Used automobile
Furniture
and major household appliances 2
Furniture
Television set
Refrigerator
Washing machine
6
10
8
8
8
7
28
12
5
4
5
29
13
5
5
6
28
11
5
5
6
1
Includes spending units planning definitely, probably, or possibly
to 2buy and those having already bought in Survey year.
Includes spending units planning purchases of items listed below
and other major household appliances.
Report under Bank Holding Company Act
THIS REPORT is submitted pursuant to Section 5
(d) of the Bank Holding Company Act of 1956,
approved May 9, 1956 (70 Stat. 133), which
provides:
(d) Before the expiration of two years following
the date of enactment of this Act, and each year thereafter in the Board's annual report to the Congress,
the Board shall report to the Congress the results of
the administration of this Act, stating what, if any,
substantial difficulties have been encountered in carrying out the purposes of this Act, and any recommendations as to changes in the law which in the opinion of
the Board would be desirable.
Following the language of the statute, the report is divided into three main parts dealing respectively with (1) results of administration of the
Act, (2) substantial difficulties encountered in
carrying out its purposes, and (3) recommendations for changes in the law.
RESULTS OF ADMINISTRATION
Nature of the Board's functions under the Act.
The Bank Holding Company Act prescribes criminal penalties for violations of its provisions; and
enforcement of the Act, therefore, is a matter that
falls within the province of the Department of
Justice. The Board, however, is specifically
charged with the performance of certain functions
of adjudication, regulation, and administration.
It must consider and pass upon applications by
bank holding companies for approval of acquisitions of additional bank stocks and of certain
NOTE.—This report was submitted on May 7, 1958
by the Board of Governors of the Federal Reserve
System to the President of the Senate and the Speaker
of the House of Representatives. Attached to this report were exhibit A consisting of a draft of a bill incorporating recommendations for changes in the Bank
Holding Company Act of 1956 and exhibit B showing
textual changes which would be made in present law
by the draft of bill contained in exhibit A. These
exhibits are not reprinted in this BULLETIN but are appended to the Board's Report as printed by the Government Printing Office for the use of the Senate
Committee on Banking and Currency (85 Cong.
2d sess.).
776
other transactions involving expansion in the banking field; it may grant extensions of the period allowed for divestment of nonbanking interests; it
must consider and pass upon requests for determinations as to whether certain nonbanking organizations are such as to be exempt from the
divestment requirements of the Act; it must consider and pass upon requests for the issuance of
tax certifications under provisions added to the
Internal Revenue Code by the Act. Under the
administrative provisions of Section 5 of the Act,
the Board is authorized to prescribe the form of
registration statements to be filed by bank holding
companies and extend the time allowed for their
submission, to issue regulations to carry out the
purposes of the Act, to require reports, and to
make examinations of bank holding companies
and their subsidiaries.
Regulations. Pursuant to Section 5 (b) of the
Act, the Board promulgated its Regulation Y, relating to bank holding companies, effective September 1, 1956. In general, the Regulation
paraphrases certain portions of the Act and sets
forth the procedure to be followed by bank holding companies in applying for Board approval of
transactions requiring such approval under Section 3 of the Act and in requesting determinations
by the Board under Section 4 (c) (6) and tax
certifications under Section 1101 of the Internal
Revenue Code. In addition, the Regulation requires each bank holding company to submit to
the Board annual reports regarding its operations.
Following the procedure that has been found
helpful and convenient in carrying out the Board's
functions under other statutes, Regulation Y provides for the submission of applications, requests,
and reports through the Federal Reserve Bank of
the district in which the holding company has its
principal office.
Registration of bank holding companies. Pursuant to the Act, the Board has prescribed a form
of registration statement to be used by bank holding companies in complying with the registration
REPORT UNDER BANK HOLDING COMPANY ACT
requirements of Section 5 (a). This form was
designed to provide such information as the Board
deemed necessary and appropriate to carry out
the purposes of the Act. It was adopted only after
notice of the proposed form had been published
in the Federal Register and consideration had been
given to comments submitted by bank holding
companies and other interested parties.
Since the date of the Act 69 bank holding companies have registered with the Board. However,
19 companies which were holding companies at
the time of the enactment of the Act and which
registered as such have since ceased to be holding
companies. Accordingly, as of the date of this
report, there are 50 companies registered as bank
holding companies under the law. A list of these
companies was published in the February 1958
issue of the Federal Reserve BULLETIN at page
211. Since there are six instances in which two
bank holding companies control the same subsidiary banks, the registered companies actually
represent 44 bank holding company groups.
The Act requires bank holding companies to
register within 180 days after the date of the Act
or 180 days after becoming a bank holding company, whichever is later. Under its statutory authority to extend the time for registration, the
Board granted a blanket extension permitting holding companies to register not later than January
15, 1957. In addition, for causes deemed to justify such action, the Board in some instances has
extended the time within which particular holding
companies might comply with the registration requirements of the Act.
Section 3 applications. Under Section 3 (a) of
the Act it is unlawful, without the Board's prior
approval—
(1) for any action to be taken which results in a
company becoming a bank holding company * * *;
(2) for any bank holding company to acquire direct
or indirect ownership or control of any voting shares
of any bank if, after such acquisition, such company
will directly or indirectly own or control more than
5 percentum of the voting shares of such bank; (3)
for any bank holding company or subsidiary thereof,
other than a bank, to acquire all or substantially all
of the assets of a bank; or (4) for any bank holding
company to merge or consolidate with any other bank
holding company.
Since the date of the Act, there have been two
cases in which applications have been filed, pursuant to clause (1) of Section 3 (a), for approval of formation of a new bank holding com-
777
pany. Neither case has yet proceeded to the
stage of decision by the Board. One of these cases
involved applications filed jointly by First New
York Corporation, The First National City Bank
of New York, and International Banking Corporation; they requested Board approval of a program
under which the three applicants initially, but only
First New York Corporation upon consummation
of the program, would become bank holding companies with respect to three banks in New York
State. Extensive hearings on these applications
were held before a hearing examiner. In his report filed October 3, 1957, the examiner recommended that the applications be denied on the
ground that their approval by the Board was precluded by Section 7 of the Act when considered in
the light of Article III-B of the New York banking law, a State statute temporarily prohibiting
transactions of the kind contemplated by the applicants' program. On December 10, 1957, the
Board referred the matter again to the examiner
for a further report and recommendations on the
merits of the application apart from the legal question considered in his previous report. Following
receipt of the examiner's further report and adverse recommendations, and the filing of exceptions and briefs, the case was set down for oral
argument before the Board on May 21, 1958.
Under clause (2) of Section 3 (a), the Board
has received 17 applications by bank holding companies for prior approval of proposed acquisitions
of bank stocks. Of these, nine have been approved, two have been denied, one was withdrawn,
one is in abeyance, and four are now under consideration. The texts of all orders of the Board
approving or denying such applications were published in the January 1958 Federal Reserve
BULLETIN, at pages 8-16, and in the April 1958
Federal Reserve BULLETIN, at page 432. It is
the general practice of the Board to publish all
such orders in the Federal Register.
Section 3 (b) of the Act provides that, upon
receiving any application under Section 3, the
Board shall notify the Comptroller of the Currency if the applicant or the bank whose stock
is to be acquired is a national bank, or the appropriate State supervisory authority if the applicant or the bank whose stock is to be acquired is
a State bank. The Comptroller or the State authority, as the case may be, is allowed 30 days
in which to submit views and recommendations;
778
and if those views and recommendations are unfavorable, a formal hearing on the application is
mandatory. In no case to date, however, has a
hearing been required by the statute because of
disapproval by the notified authority. In connection with the applications by First New York
Corporation and others to form a new bank holding company, to which reference has heretofore
been made, a formal public hearing was ordered
by the Board in the exercise of its discretion as
provided in Regulation Y.
No applications have been received by the Board
for approval of the acquisition of bank assets by
a holding company or subsidiary, or the merger
or consolidation of two bank holding companies,
pursuant to clauses (3) and (4) of Section 3 (a)
of the Act.
Extensions of time for divestment of nonbanking
interests. Section 4 (a) of the Act makes it unlawful for a bank holding company, after two
years from the date of the Act, to engage in any
nonbanking business or to retain direct or indirect
ownership or control of stock of any company
that is not a bank or a bank holding company,
subject to certain stated exceptions. The Board
is authorized to extend the two-year period allowed
for such divestment if in its judgment such an
extension would not be detrimental to the public
interest, though no extension may be for more
than one year at a time or extend beyond five
years after the date of the Act or after the date
when the particular company became a bank holding company.
Under this authority, the Board has granted
several extensions in cases in which it was the
Board's judgment that such extensions would not
be "detrimental to the public interest."
Determinations under Section 4 (c) (6). Subsec-
tion (c) of Section 4 of the Act enumerates a
number of exceptions from the divestment requirements of that Section. One of these exceptions,
stated in Section 4 (c) (6), depends upon the
making of determinations by the Board in particular cases on the basis of the record made at
formal hearings. This provision exempts shares
of any company whose activities are all of a financial, fiduciary, or insurance nature if the Board,
after a hearing, determines that the company is—
so closely related to the business of banking or of
managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the
FEDERAL RESERVE BULLETIN • JULY 1958
prohibitions of this Section to apply in order to carry
out the purposes of this Act.
Requests for such determinations have been received from seven holding companies. In two
cases, hearings have been held and decisions have
been made by the Board. In the first of these,
the Board denied a request by Transamerica Corporation for a determination that its subsidiary,
Occidental Life Insurance Company, is of such
nature as to be exempt under Section 4 (c) (6).
In the second case, the Board denied exemptions
with respect to certain nonbanking subsidiaries of
General Contract Corporation, St. Louis, Mo.
The Board's orders in these two cases were published in the Federal Reserve BULLETIN for September 1957, page 1014, and March 1958, page
260. Proceedings with respect to the other pending requests for such determinations have not yet
been completed.
Tax certifications. By reason of provisions added
by the Bank Holding Company Act to the Internal
Revenue Code (Sees. 1101-1103), shareholders of
a bank holding company are afforded tax relief
(through nonrecognition of gains) in cases in
which the holding company, in order to comply
with Section 4 of the Act, distributes stock of its
nonbanking subsidiaries either directly to its shareholders, or indirectly by exchanging such stock
for stock of a newly organized company and immediately distributing the stock of the new company to the holding company's shareholders. Tax
relief is also available where a holding company
similarly divests itself of banking interests and
ceases to be a bank holding company. In all such
cases, however, one prerequisite to such tax relief
is the issuance of certain certifications by the
Board of Governors. In general, these certifications are of two kinds, a prior certification that
must be issued before the distribution (or exchange
and distribution) and a final certification issued
after the program of divestment is completed.
Since the date of the Act, the Board has issued
five prior certifications. No final certifications
have yet been issued. In all instances to date, the
Board's certifications have been issued in cases in
which the bank holding company was proposing
to divest itself of control of subsidiary banks, resulting in the termination of its status as a bank
holding company.
Certifications issued for tax purposes by the
REPORT UNDER BANK HOLDING COMPANY ACT
Board relate in general to the nature of the property to be distributed, the status of the company
involved as a "qualified bank holding corporation,"
and whether the distribution is necessary or appropriate to effectuate the purposes of the Act.
SUBSTANTIAL DIFFICULTIES ENCOUNTERED
Consideration of the novel problems arising under
the Bank Holding Company Act has required
much of the time of the Board and its staff. The
language of the Act has been found to be ambiguous in some respects and the Board has been
obliged to consider and resolve a number of difficult questions as to the interpretation of its
provisions. The holding of formal hearings under
the Act has resulted in time-consuming procedural
problems.
Decisions on applications.
One of the major
difficulties has arisen in connection with the exercise of the Board's discretion in passing on
applications by holding companies under Section
3 of the Act to acquire bank stocks and applications for the approval of the formation of new
bank holding companies.
The Board's responsibility in this respect necessarily involves a weighing in each case of favorable and unfavorable considerations in the light
of the standards set forth in the Act. Section
3 (c) requires the Board in passing upon applications to consider 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 guides for the exercise of the Board's judgment in passing on applications, the first three of
these statutory factors present little difficulty.
Financial history and condition, future prospects,
and management are matters which the Board,
like other bank supervisory agencies, customarily
considers in passing on applications under other
statutes for admission to membership in the Federal Reserve System or for approval of branches
or of consolidations of banks. To a large extent
this is also true of the fourth factor, relating to
779
the convenience, needs, and welfare of the communities and area concerned. The factor which
has given rise to the greatest difficulty is the fifth
—that relating to whether the proposed transaction
would expand the "size or extent" of the holding
company system "beyond limits consistent with
adequate and sound banking, the public interest,
and the preservation of competition in the field
of banking."
The major problem has been the difficulty of
balancing considerations affecting competition
and the public interest under the fifth factor and
those affecting convenience and needs under the
fourth factor.
For example, if a holding company controls
a large percentage of the deposits of commercial
banks in an area and proposes to establish a new
bank in a locality within the same area that needs
additional banking facilities, how strong must be
the showing of "need" to warrant approval of the
transaction?
An even more difficult problem arises when a
holding company proposes to acquire control of
a large independent bank and merge it with an
existing banking subsidiary. Can the fact that
the resulting institution will be in a position to
furnish more intense competition to another large
bank in the community and perhaps provide expanded services to the public outweigh the resulting reduction in banking units sufficiently to justify approval of the application? In one case in
which this problem confronted the Board, the acquisition was approved on the ground that, in the
circumstances of that case, including the existence
of active competition by mutual savings banks,
adequate competition would be preserved and the
community would benefit by the ability of the
merged institution to provide a wider scope of
banking services. However, the extreme closeness
of the case was recognized by the Board, and three
members dissented.
A basic question relates to the effect of the
terms "adequate and sound banking," "public interest," and "preservation of competition," as used
in the fifth statutory factor. For example, what
weight should be given to the effect of a proposed
transaction upon the current competitive performance of banks in the area as reflected by their
aggressiveness, efficiency, or other characteristics,
irrespective of the number of such banks or their
780
connection with bank holding companies? What
weight, on the other hand, should be given to the
potential long-run effect of the proposed transaction, or the cumulative effect of a series of such
transactions, upon the banking structure of the
area as reflected by the number of banking units
offering alternative sources of banking services,
particularly banks not associated with holding
companies?
In addition, even in cases in which it may be
agreed that a proposed transaction would not
result in an undue lessening of competition, question arises as to the extent to which Congress intended to restrain the expansion of bank holding
companies from the point of view of the over-all
"public interest." For example, if a proposed acquisition would appear not to be inconsistent with
the preservation of competition, should it nevertheless be disapproved unless there is a showing
that it will provide clearly needed banking facilities, strengthen an unsound bank, or otherwise
definitely contribute to the needs and welfare of
the community concerned; or, on the other hand,
is approval warranted in such a case without the
necessity of such a positive showing that the transaction will in some manner definitely further the
interests of the community?
A more precise statement of the purposes of the
statute in the respects above mentioned would
materially facilitate administration of the Act. It
is recognized that this might be difficult to accomplish. The Board believes, however, that the Congress should be aware of the problems here discussed in order that it may, if it wishes to do so,
provide more specific guidance for the exercise of
the Board's discretion under the Act.
Effect of State legislation. An important problem
raised by an application for Board approval of the
formation of a new bank holding company related
to the effect to be given by the Board to State
legislation prohibiting or restricting the operations
of bank holding companies.
Section 7 of the Act reserves to each State the
right to exercise "such powers and jurisdiction
which it now has or may hereafter have with
respect to banks, bank holding companies, and
subsidiaries thereof." In the light of this provision, the question that arose was whether the
Board is legally precluded from approving a
transaction that would appear to violate such a
FEDERAL RESERVE BULLETIN • JULY 1958
State statute, or, if not so precluded, the weight,
if any, that should be given to the State policy
evidenced by such a statute. Clarification of the
Act to remove any doubt in such cases as to the
effect of State law would simplify its administration.
Transactions between holding company units. Section 6 of the Act, which prohibits certain financial
dealings between a bank and its holding company
or fellow subsidiaries, does not require the Board
to grant or deny approval in individual cases.
Accordingly, it has not presented problems of the
kinds encountered in the administration of Section
3 of the Act. However, as part of the Board's
general responsibility under the Act, and particularly its responsibility under Section 4 (c) (6)
to determine whether the activities of a nonbanking organization are "a proper incident" to the
business of banking or of managing or controlling
banks and consistent with "the purposes of this
Act," the Board has found it necessary to interpret
Section 6 (a) (4), which forbids any bank "to
make any loan, discount or extension of credit"
to its holding company or to a fellow subsidiary.
The question presented was whether the acquisition of notes, conditional sale contracts, and similar paper, without recourse against the seller, was
a "discount" within the meaning of this provision.
The Board concluded (one member dissenting)
that the term "discount" as used in Section 6 (a)
(4) includes nonrecourse purchases of such paper.
As a result, the Board denied a request for a
favorable determination under Section 4 (c) (6)
with respect to nonbanking organizations engaged
in selling nonrecourse paper to banking subsidiaries of the same holding company.
However, quite apart from its consequences in
that particular case, which involved transactions
between banking and nonbanking subsidiaries, the
prohibition of intrasystem purchases of paper
under Section 6 (a) (4) may have important effects upon transactions between a subsidiary bank
and other banks in the same holding company
system. These consequences as between banks
may not have been anticipated when the provision
was enacted. For example, it could have a hampering effect upon participations in loans by banks
in a holding company group. The Board's interpretation of Section 6 would not prohibit a holding company bank from joining with another bank
REPORT UNDER BANK HOLDING COMPANY ACT
in the same group in the initial making of a loan,
since such an initial participation would not involve
any "loan, discount or extension of credit" by one
bank in the group to another. However, it is
not always practicable for participations to be arranged in that manner. It is sometimes appropriate for one bank to sell loans or participations
therein, including loans on securities and real
estate mortgage loans, to another bank sometime
after the loans are made. Such transfers of loans
among banks are a desirable method by which
banks adjust their portfolios to take account of
movements in deposits and in demand for loans.
The Board believes that the absolute prohibition
in Section 6 of certain transactions between a bank
and its holding company or fellow subsidiaries is
needlessly severe, particularly as applied to transactions between banks. A more appropriate safeguard would be provided by provisions along the
lines of Section 23A of the Federal Reserve Act
which, in general, limits credit extensions by a
bank to its affiliates to a percentage of the bank's
capital and surplus and requires that such credits
be secured in a certain manner.
For these reasons, as further explained in the
section of this report relating to suggested statutory amendments, the Board recommends the repeal of Section 6 of the Bank Holding Company
Act and the amendment of Section 23A of the
Federal Reserve Act in certain respects so as to
retain the best features of both of these provisions
of present law.
If the Congress should for any reason be unwilling to adopt that recommendation, it is believed that it would be desirable at least to exempt
nonrecourse purchases of paper between banks
from the prohibitions of Section 6. This would
not appreciably weaken the provision, since both
the buyer and seller would be under supervision
and examination by the bank supervisory authorities.
RECOMMENDATIONS FOR CHANGES IN THE LAW
When the President signed the Bank Holding
Company Act on May 9, 1956, he issued the following statement:
I have today approved H. R. 6227, designated as
the Bank Holding Company Act of 1956. Although
the legislation has as its objectives (1) requiring bank
holding companies to divest themselves of nonbanking
assets and (2) preventing any lessening of competition in banking through the holding company device,
781
as a result of various exemptions and other special
provisions the legislation falls short of achieving these
objectives. It does, however, represent a forward step
in that direction, and I am approving the legislation
for this reason. The exemptions and other special
provisions will require the further attention of the
Congress.
Prior to the enactment of the Act, the Board of
Governors, in its testimony before Congressional
committees, opposed the inclusion of any special
exemptions such as those referred to by the President. The Board continues to feel that all such
exemptions should be eliminated if they cannot be
justified in principle. In addition to such unwarranted special exemptions, the Act contains a
number of defects that have come to the Board's
attention in connection with its administration of
the statute.
The Board's present recommendations for
changes in the law are here set forth. For convenience, these recommendations are arranged in
the order of the sections of the Act to which they
primarily relate and not necessarily in accordance
with their relative importance.
There is attached to this report as exhibit A a
draft of a bill which would effectuate all of the
Board's recommendations, other than those which
are suggested in some instances as possible alternatives to the Board's preferred recommendations.
For convenience of reference the draft bill is keyed
to the corresponding numbers of the recommendation. Also attached as exhibit B is a draft showing textual changes which would be made in
present law by the draft bill.
1. Change to one-bank definition [Sec. 2 (a)]. The
Act defines a "bank holding company" in terms of
a company that owns or controls 25 per cent or
more of the stock of each of two or more banks.
If the Act related only to regulation of the expansion of bank holding companies, such a two-bank
definition would be unobjectionable. It is not
adequate, however, to effectuate another major
purpose of the statute—divestment of nonbanking
interests of bank holding companies. Since a
company controlling only one bank is not covered
by the definition, it is not required to divest itself
of any nonbanking organization that it may also
control. Yet, if it is contrary to the public interest
for banking and nonbanking businesses to be under
the same control, the principle is applicable
whether a company controls one bank or a
hundred banks, and the possibility of abuses from
782
such common control is the same. In fact, if a
company controls only one large bank, that company's interests in extensive nonbanking businesses
could lead to abuses even more serious than if the
company controlled two or more very small banks.
Prior to enactment of the Act, the Board consistently urged that the definition of a "bank holding company" be related to ownership or control
of a majority (or even 25 per cent) of the stock
of a single bank. The logic of that position still
seems sound; and it is believed that the statute
should be amended accordingly.
If the percentage test stated in present law is
not changed, a one-bank definition could be accomplished merely by changing the words "each
of two or more banks," wherever they occur in
Section 2 (a) of the Act, to read "any bank."
2. Meaning of indirect "control" [Sec. 2]. Certain
questions have arisen as to the meaning of the
phrase "owned or controlled directly or indirectly"
as used in a number of places in the Act.
A. Question has arisen whether stock owned
or controlled by a "subsidiary" of a bank holding company should be considered as indirectly
owned or controlled by the holding company
where that company owns less than 50 per cent
of the voting shares of the subsidiary. On the one
hand, it may be argued that the 25 per cent figure
in the definition of a "bank holding company"
relates solely to direct ownership or control, and
that, in determining the existence of indirect
ownership or control, it is necessary to determine
whether the holding company in fact exercises
control over the shares of a company owned by
the subsidiary. On this theory, the holding company might indirectly control such shares only if
it owned more than 50 per cent of the shares of
the subsidiary. On the other hand, it may be
argued that the statute adopts 25 per cent ownership as representing "control," and that, therefore,
where a holding company owns 25 per cent of the
stock of its subsidiary and the latter owns 25 per
cent of another corporation, the holding company
can be said to control indirectly 25 per cent of
the shares of such corporation.
The latter view would mean, for example, that
if a holding company should own 25 per cent of
an intermediate corporation which in turn owns
25 per cent of a bank, that bank would be a subsidiary even though the holding company might not
FEDERAL RESERVE BULLETIN • JULY 1958
actually control the operations of the intermediate
corporation. It would suggest also that a holding
company would be obliged to divest itself of "indirect" control of shares of a nonbanking organization owned by a subsidiary, even though the
holding company did not actually control the
subsidiary. Despite these considerations, the application of a 25 per cent test of control would
seem consistent with the intent of the law and
would materially simplify the task of administration by avoiding the need in particular cases of
proving actual control. This could be accomplished by adding at the end of Section 2 a provision to the following effect:
For the purposes of this Act, shares owned or controlled by any subsidiary of a bank holding company
shall be deemed to be indirectly owned or controlled
by such bank holding company.
B. Section 4 (a) of the Act prohibits the acquisition or retention of direct or indirect ownership or control of voting shares of nonbanking
companies, with certain exceptions. However, unlike the definitions of "bank holding company"
and "subsidiary" in Section 2, Section 4 does not
specifically cover cases in which shares of a nonbanking organization are held by trustees for the
benefit of the shareholders of the bank holding
company. Moreover, neither Section 2 nor Section 4 specifically covers instances in which shares
are held by trustees for the benefit of the shareholders of a subsidiary of a bank holding company. In order to avoid the practical and procedural difficulties involved in proving actual "control," and also to be consistent with other provisions of the Act, it is believed that the law should
provide specifically that shares held by trustees
in the circumstances here mentioned should be
considered as being controlled by the bank holding
company and therefore subject to all applicable
provisions of the Act. Such a provision might be
added at the end of Section 2 to read as follows:
For the purposes of this Act, shares held or controlled directly or indirectly by trustees for the benefit of the shareholders or members of a company or
any of its subsidiaries shall be deemed to be controlled
by such company.
If this recommendation is adopted, clause (3) in
the definition of "bank holding company" in Section 2 (a) of the Act, relating to the holding
of bank shares by trustees for the shareholders of
a company, would be unnecessary and could be
REPORT UNDER BANK HOLDING COMPANY ACT
deleted, since stock so held would be "controlled"
by the company under clause (1) of that definition; and, if the amendment here proposed is
enacted in the language suggested, the amendment to Section 2 (a) (3) proposed in recommendation No. 4 would also be unnecessary. Likewise, adoption of the present recommendation
would, as a practical matter, make unnecessary
the amendment to Section 3 (a) (2) proposed in
recommendation No. 13.
3. Coverage of pension trusts [Sec. 2 ] . Pension
trusts or profit-sharing plans maintained by banks
or other companies for their employees sometimes invest in bank stocks. A pension trust or
profit-sharing plan does not itself fall within the
definition of a "company"; and if the trust should
own more than 25 per cent of the stock of each
of two or more banks it would be difficult as a
practical matter to prove that such stocks are
"indirectly controlled" by the bank maintaining
the trust even though the trustees may be directors
of that bank. In order to guard against possible
use of this device as a means of evading the
statute, it would be desirable to cover such situations by an amendment to the law which would
cause a bank or other company to become a bank
holding company if a pension trust or profitsharing plan holds for the benefit of its employees
25 per cent or more of the stock of each of two
or more banks.1 This could be accomplished
by inserting in the definition of "bank holding
company" in Section 2 (a) of the Act a new
clause reading as follows:
or (4) for the benefit of whose employees (whether
exclusively or not) 25 per centum or more of
the
voting shares of each of two or more banks ! or a
bank holding company is held or controlled directly
or indirectly by trustees under an employee-benefit
plan.
Adoption of this amendment would require a
conforming amendment to the definition of "subsidiary" in Section 2 (d).
4. Stock "held" by trustees [Sec. 2 (a) (3)]. The
definition of a "bank holding company" includes
1
The words "each of two or more banks" would
read "any bank" if the Board's recommendation No. 1
were adopted. Tf that recommendation is not adopted,
the language of the amendment here suggested should
be modified in accordance with recommendation
No. 5.
783
any company for the benefit of whose shareholders 25 per cent or more of the stock of two or
more banks is "held by trustees." There are situations in which trustees hold the stock of several
corporations for the benefit of the shareholders
of a particular company, which may here be
called company X, and in which each of the
corporations in turn owns more than 25 per cent
of the stock of a single bank. It cannot be said
that the trustees directly hold the stock of two
or more banks for the shareholders of company
X; but, in view of the fact that the trustees hold
all the stock of the corporation that owns the bank
stock, and since any other construction would
clearly tend to defeat the purposes of the Act,
the Board has taken the position that in such a
case the stock of the several banks owned by the
various corporations is in fact "held" by the
trustees for the benefit of company X's shareholders and that therefore company X is a bank
holding company. However, the provision in
question should be amended to make it clear that
the provision applies to indirect holding or control
of bank stock as well as direct ownership of such
stock by trustees.
The point could be clarified by inserting after
the word "held" in clause (3) of Section 2 (a)
the words "or controlled, directly or indirectly,."
If this change is made, a conforming change
should be made in the definition of "subsidiary"
in Section 2 (d) (3).
It should be noted that the amendment here
recommended would be unnecessary if the amendment proposed in recommendation No. 2B should
be enacted.
5. Combination of clauses in definitions [Sec. 2 (a)].
Section 2 (a) defines a "bank holding company"
as any company (1) which directly or indirectly
owns, controls, or holds with power to vote 25
per cent or more of the stock of each of two or
more banks or another bank holding company,
or (2) which controls the election of a majority
of the directors of each of two or more banks,
or (3) for the benefit of whose shareholders or
members 25 per cent of the stock of each of two
or more banks or another bank holding company
is held by trustees. Literally, the definition can
be read to mean that a company must be related
to at least two banks in the manner described in
one of the three clauses and that a company would
784
not be covered if it is related to one bank under
one clause and to another bank under another
clause. To illustrate, it might be contended, under
such a literal reading of the definition, that if a
company owns 25 per cent or more of the stock
of only one bank and also is a company for the
benefit of whose shareholders the stock of one
other bank is held by trustees, such a company
would not be a bank holding company. Such
an interpretation obviously was not intended and
would clearly permit evasions of the statute.
Accordingly, if the Board's recommendation No.
1 regarding the use of a one-bank definition is
not adopted, the language of the definition should
be clarified by changing the first sentence of Section 2 (a) to read as follows:
"Bank holding company" means any company
which, with respect to each of two or more banks or
another bank holding company, (1) directly or indirectly owns, controls, or holds with power to vote, 25
per centum or more of the voting shares of such bank
or other bank holding company, or (2) controls in any
manner the election of a majority of the directors of
such bank or other bank holding company, or (3) is
a company for the benefit of whose shareholders or
members 25 per centum or more of the voting shares
of such bank or other bank holding company is held
by trustees; * * *.
6. Company controlling bank that holds bank stocks
as trustee [Sec. 2 (a) (A)]. Section 2 (a) (A) excludes from the definition of bank holding company any bank which owns or controls 25 per
cent or more of the shares of two or more banks
in a fiduciary capacity, except where such shares
are held for the benefit of the shareholders of such
bank. Under a strict construction, this exemption
would be limited solely to a company that is a
bank and that holds bank stocks in a fiduciary
capacity and would not include a nonbanking company that directly controls the bank that holds the
shares in trust.
Where a bank owns or controls shares of other
banks in a fiduciary capacity, presumably it may
vote and otherwise control such shares only in
accordance with the indenture under which it
serves. The same presumption, it seems, should
exist with respect to a company that does not
control the bank-trustee, unless that company or
its shareholders are the beneficiary of the trust.
Moreover, Section 3 (a) of the Act, dealing with
"acquisition of bank shares or assets," exempts a
bank holding company from the necessity of obtaining the Board's prior approval for one of its
FEDERAL RESERVE BULLETIN • JULY 1958
subsidiary banks to acquire bank stock in a fiduciary capacity. It would be inconsistent to allege
that Congress dispensed with the requirement of
Board approval in Section 3, but at the same time
concluded that a company is a bank holding company if it controls only one bank that, in turn,
owns shares of other banks in a fiduciary capacity.
Exemption of a nonbanking company in such
a case could be effected by amending clause (A)
in Section 2 (a) to read as follows:
SEC. 2. (a) * * * (A) No bank and no company
owning or controlling voting shares of a bank shall be
a bank holding company by virtue of such bank's
ownership or control of shares in afiduciarycapacity,
except where such shares are held for the benefit of
the shareholders of such bank or such company.
7. Exemption of registered investment companies
[Sec. 2 (a) (B)]. The Act exempts from the definition of a "bank holding company" any company
which was registered under the Investment Company Act of 1940 prior to May 15, 1955, and
any company "affiliated" with such a company.
This exemption has no logical basis. It was presumably based on the mistaken theory that a
registered investment company is subject to such
supervision and restrictions under the Investment
Company Act as to make it unnecessary for it to
be also regulated under the Bank Holding Company Act. Actually, the Investment Company
Act is aimed primarily at protecting investors; it
does not prevent any registered investment company from acquiring control of banks or require
such a company to divest itself of nonbanking interests. There is no plausible reason why a registered investment company which otherwise meets
the definition of a bank holding company should be
exempted from regulation under the Bank Holding
Company Act. The exemption clearly should be repealed. If, contrary to the Board's recommendation, the exemption is retained, such investment
companies should at least be made subject to Section 6 of the Act relating to loans by subsidiary
banks to their bank holding company and fellow
subsidiaries, if that Section or similar provisions
are retained in the law.
Repeal of the exemption could be accomplished
merely by striking from the Act all of clause (B)
of the second sentence of Section 2 (a) of the
Act.
8. Exemption of company with 80 per cent of "total
assets * * * in thefieldof agriculture" [Sec. 2 (a) (E)].
REPORT UNDER BANK HOLDING COMPANY ACT
A. Section 2 (a) (E) provides that a company
that otherwise would be a "bank holding company" is exempted from that status if "at least 80
per centum of its total assets are composed of
holdings in the field of agriculture." The Board's
study of this so-called "agricultural exemption" in
connection with the actual facts of two situations
has led to the conclusion that the exemption is
difficult to justify.
The Bank Holding Company Act is based upon
the Congressional position that expansion of holding companies calls for regulation and that bank
holding companies generally should not engage
in nonbanking activities. It is difficult to see why
either of these basic principles is less applicable
to a holding company system with a large part of
its assets in the field of agriculture than with respect to holding companies that do not fall within
that category. Accordingly, the Board recommends the elimination of the exemption provided
by Section 2 (a) (E) together with the related
provisions of Section 2 (g) defining the term "agriculture."
B. In the event Congress should decide not to
delete this exemption, it may wish to clarify the
meaning of the words "80 per centum of its total
assets" as used therein. In applying the existing
provision, the Board necessarily has interpreted
these words as meaning 80 per centum of the value
of total assets, and has regarded "value" as referring to actual present value, rather than book
value, cost, or some other alternative. It has
seemed to the Board that actual present value is
the most realistic interpretation, and that the use
of either book value or cost as the test could result
in the exemption's being applicable in cases where
in reality agricultural assets constitute only a relatively minor fraction of the company's total assets.
However, it is recognized that determination of
actual present value is sometimes a relatively
troublesome and expensive procedure, and on this
basis Congress might wish to substitute a test that
would be easier to apply. This objective could be
effected by changing the phrase to read "80 per
centum of its total assets (measured by cost or
comparable basis, appropriately depreciated) are
composed of holdings in the field of agriculture."
Such an amendment, however, while facilitating
administration of the Act, would make the exemption even more arbitrary and even less related
785
to economic reality. To some extent, this problem
adds weight to the Board's recommendation that
Section 2 (a) (E) be repealed.
9. Exemption of religious, charitable, and educational organizations [Sec. 2 (b) (2)]. Alternative
proposals as to the treatment of this matter are
discussed below.
A. At present the Act excludes organizations of
the types above indicated from the definition of
"company" and consequently from the definition
of "bank holding company." It appears to the
Board that the dangers aimed at by the Holding
Company Act (unregulated expansion of ownership of banks; banking and nonbanking interests
being held by the same organizations; and lending
by a bank to the organization that controls it) are
not absent simply because a holding company is
operated for religious, charitable, or educational
purposes. Accordingly, the Board recommends
that this exemption be terminated by deleting Section 2 (b) (2) in its entirety.
B. The Board sees little justification for any
exemption for holding companies of these kinds,
but if they are to be accorded special status it is
felt that the exemption should be limited to some
extent at least. Accordingly, if Congress rejects
the foregoing recommendation A, it may decide
instead that such organizations should be exempt
only from the provisions of Section 4 relating
to divorcement of banking interests from nonbanking interests. This narrowing of the exemption could be effected by deleting Section 2 (b) (2)
and amending Section 4 (c) (7) to provide that
the prohibitions of Section 4 shall not apply—
(7) to any bank holding company which is a labor,
agricultural, horticultural, religious, charitable, or educational organization and which is exempt from taxation under Section 501 of the Internal Revenue Code
of 1954. [New words italicized.]
Such an amendment would place religious,
charitable, and educational organizations on the
same basis as labor, agricultural, and horticultural
organizations, so that holding companies in any
of these categories would be subject to the requirements and restrictions of the Act with respect to (1) expansion in the field of banking and
(2) extensions of credit within the holding company system, but would not be required to divest
themselves of nonbanking interests.
C. It may be that one reason for the exemption
of religious, charitable, and educational organiza-
786
tions was the reluctance of Congress to subject
organizations of these classes to the requirements
of Section 5 regarding disclosure to the Board
of their financial affairs and other activities. If
this is the case, a solution might be found in permitting such organizations to control banks solely
through a subsidiary corporation (itself subject
to all provisions of the Act) without the parent
organization's becoming thereby a bank holding
company subject to examination and reporting
requirements. This could be accomplished by
deleting clause "(2)" of Section 2 (b), and adding
the following to Section 2 (a):
, and (F) no company shall be a bank holding company if (i) it is organized and operated exclusively
for religious, charitable, or educational purposes, (ii)
no part of its net earnings inures to the benefit of any
private shareholder or individual, (iii) no substantial
part of its activities is carrying on propaganda or
otherwise attempting to influence legislation, and (iv)
it does not own or control directly or indirectly 25 per
cent or more of the voting shares of any bank that is
not a subsidiary of a bank holding company.
As indicated, the Board favors complete elimination of the existing exemption of religious, charitable, and educational organizations; alternatives
B and C are presented only because of the possibility that Congress may decide not to eliminate
the exemption entirely but rather to reduce its
scope to some degree.
D. If, however, Congress should decide that
religious, charitable, and educational organizations
should continue to be totally exempted from the
provisions of the Holding Company Act, the question would arise whether the exemption should
apply not only to such organization itself, but
also to wholly owned subsidiaries thereof that own
or control banks. A situation of this sort was
presented to the Board in 1956, and it was concluded that such subsidiaries are not exempt from
the Holding Company Act in its present form.
As emphasized herein, the Board questions the
desirability of exempting religious, charitable, and
educational organizations, but if Congress should
decide otherwise, consistency would seem to require that the exemption apply also to wholly
owned subsidiaries of such organizations. Such
a broadening of the exemption could be effected
by amending Section 2 (b) by inserting immediately after "or (3)" the following:
any corporation, all of the shares of stock of which
are owned by an organization described in clause (2)
FEDERAL RESERVE BULLETIN • JULY 1958
above, the entire net income of which is turned over
to such organization, or (4).
10. Exclusion of "agreement" foreign banking corporations from definition of "bank" [Sec. 2 (c)].
Section 2 (c) excludes from the definition of
"bank" corporations "operating under Section
25 (a) of the Federal Reserve Act." This exempts
foreign banking corporations that are chartered
by the Board of Governors of the Federal Reserve
System. However, it does not exempt similar
foreign banking corporations which are chartered
under State law, and in which member banks of
the Federal Reserve System are allowed to invest
if the corporation has a specified agreement or
undertaking with the Board of Governors under
Section 25 of the Federal Reserve Act. There is
no reason why such "agreement" foreign banking
corporations should not have the same exemption
as the similar corporations chartered by the
Board.
Such an exemption could be provided by amending Section 2 (c) of the Act to insert before the
words "Section 25 (a) of the Federal Reserve
Act" the words "Section 25 or."
11. Deletion of term "State member bank" [Sec.
2 (c)]. Section 2 (c) defines, among other things,
the term "State member bank." The term does
not appear elsewhere in the Act and there appears
to be no reason for the definition. Accordingly,
the definition of the term "State member bank"
should be deleted.
12. Conforming definition of "subsidiary" [Sec. 2
(d)]. Section 2 (d) (1) defines a "subsidiary" of
a bank holding company as a company 25 per
cent or more of whose voting shares are owned
or controlled by the bank holding company.
Unlike the related definition of "bank holding
company" in Section 2 (a), the definition of "subsidiary" does not refer to indirect ownership or
control or to the holding of stock with "power to
vote."
Situations have come to the Board's attention
which suggest the need for clarification. For example, X bank holding company, in addition to
owning 25 per cent of the shares of bank A, owns
75 per cent of the shares of Y company which
is a bank holding company by virtue of its ownership of 25 per cent of the shares, respectively, of
bank B and bank C. It could be argued that bank
B and bank C, while banking subsidiaries of Y,
REPORT UNDER BANK HOLDING COMPANY ACT
787
are not subsidiaries of X bank holding company,
because their shares are not directly owned or controlled by X. However, such an interpretation
would mean that bank B and bank C could accept
shares of X bank holding company or of bank A
as collateral security for a loan without violating
Section 6 of the Act prohibiting upstream and
cross-stream lending. Viewed in terms of the
over-all intent of the Act and its purpose and
meaning, it would seem desirable to make it clear
that a bank indirectly controlled by a bank holding company is a "subsidiary" within the meaning
of the law, thus bringing the definition into conformity with the related definition of a "bank
holding company."
Accordingly, it is recommended that the definition of a "subsidiary" in Section 2 (d) (1) be
amended by adding the words "directly or indirectly" before the words "owned or controlled by
such bank holding company," and by adding
thereafter the words "or is held by it with power
to vote."
13. Conforming control of expansion of bank holding companies to definitions of "bank holding company" and "subsidiary" [Sec. 3 (a) (2)]. Under the
definitions of "bank holding company" and "subsidiary" in Sections 2 (a) and 2 (d) of the Act,
a bank can be a subsidiary of a bank holding company through (1) ownership or control of 25 per
cent of the voting shares of the bank by the holding company, (2) control of the election of a
majority of the directors of the bank by the holding company, or (3) holding of 25 per cent or
more of the voting shares of the bank by trustees
for the benefit of shareholders of the holding
company. In requiring approval of the Board for
the creation or expansion of a bank holding company, Section 3 (a) evidently intends to parallel
those definitions; but Section 3 (a) does not specifically refer to the second and third of the three
methods by which a bank may become a subsidiary. In order to avoid any possible ambiguity
on the point, it would be desirable to amend
Section 3 (a) by adding at the end of clause (2)
before the semicolon the following language:
Under Section 3 (a) (1) it is unlawful, except
with the prior approval of the Board, "for any
action to be taken which results in a company
becoming a bank holding company." The Board
believes that this provision was designed to prevent
the formation of new holding company systems
in circumstances that would contravene the objectives of the Act. Ordinarily, a company becomes a bank holding company by acquiring 25
per cent or more of the shares of two or more
banks.
However, a company that owns 25 per cent or
more of the stock of two banks, but which falls
within one of the exemptions provided in Section
2 (a), may become a bank holding company
simply by ceasing to qualify for such exemption.
For example, an investment-banking corporation
might hold enough bank stock to be a holding
company but might be excluded from that category (by Sec. 2 (a) (C)) because some of such
stock was acquired in connection with underwriting; this exemption might be lost if the company
were unable to sell the stock profitably and decided
to hold it as an investment, awaiting a better
market. Likewise, a company that was exempt
from "bank holding company" status under the
agricultural exemption (Sec. 2 (a) (E)) might
lose that exemption, and thereby become a bank
holding company, through the sale of a part of its
agricultural holdings.
In such cases, the purpose of Section 3 (a) (1)
—namely to regulate the creation of new holding
company systems—would not be contravened,
and the Board's prior approval does not seem to
be called for as a matter of policy and might be
impossible as a practical matter. Under a literal
interpretation of Section 3 (a) (1), however,
such approval might be held to be required.
This undesirable interpretation could be avoided
by amending Section 3 (a) (1) to read:
* * * (i) for an y action to be taken which results in
a company becoming a bank holding company (except
by termination of an exemption provided in Section 2
of this Act) * * *
, or for any action to be taken which results in a bank
becoming a subsidiary of a bank holding company.
(a) now requires Board approval before a holding
company may acquire bank stock either directly
or indirectly, and also before a holding company
or any of its subsidiaries, "other than a bank,"
14. Company becoming a bank holding company
because of termination of exemption [Sec. 3 (a) (1)].
15. Board approval for holding company banks9
absorption of other banks [Sec. 3 (a) (3)]. Section 3
788
may acquire directly or indirectly "all or substantially all of the assets of a bank." This allows a bank in a holding company system to absorb another bank without the prior approval of
the Board. It can be argued that this provision
seriously weakens the Act with respect to one of
its major purposes—namely, to control the expansion of bank holding companies.
It seems clear that Congress did not intend to
control, through the Holding Company Act, what
may be called the "internal" expansion of the
banking activities of holding company systems.
A holding company bank may expand its deposits,
loans, and other phases of its business, and may
establish additional offices (where permitted by
applicable laws) without regard to the Holding
Company Act. However, the legislative history
of the Act reveals a general intent that a holding
company system should not be permitted to absorb existing banking institutions except in accordance with its provisions.
There are two methods by which a holding
company system may absorb an existing independent bank: (1) it may acquire the controlling stock
of the bank or (2) it may arrange to have the independent bank merge or consolidate with, or sell
its business to, a holding company bank.2 The
Holding Company Act applies to "(1)" but not
to "(2)"; the question is whether this distinction
is sound in principle.
The argument has been advanced that the Act
should not apply to acquisitions via merger, consolidation, or purchase of assets, because such acquisitions are already subject to supervisory control—that is, either the merger or the usual consequent establishment of a branch, or both, must
have the prior approval of a Federal or State bank
supervisory authority or in some cases, both. It
is true that this is usually the case and that the
situation differs in that respect from a holding
company's purchase of the stock of an existing
bank, which ordinarily is subject to no governmental control other than that provided by the
Holding Company Act.
However, it does not appear that Congress intended to exclude additional-bank expansions of
2
Not infrequently these two methods constitute successive steps; the holding company purchases the controlling stock of an independent bank and then merges
its operations with those of one of its other banks.
FEDERAL RESERVE BULLETIN • JULY 1958
holding companies whenever they are subject to
control by other governmental agencies in the
banking field. A conspicuous example is the establishment of new banks by holding companies.
No new national bank may be established without
the prior approval of the Comptroller of the Currency, and no new State bank without the prior
approval of the State bank chartering authority.
Nevertheless, under Section 3 (a) (2) of the Act
a holding company may not establish any new
bank "except with the prior approval of the Board"
in addition to that of the bank chartering authority.
It is to be noted also that the Senate Banking
Committee, in commenting upon Section 3 (a)
(3), stated:
Acquisition of assets, as well as acquisition of stock,
may be used to gain practical control of a bank's
operations, especially at the existing site of operations.
In order to encourage competitive banking and discourage monopoly of banking, this bill provides regulatory control over both types of acquisition (S. Rep.
No. 1095 (84th Cong.), pt. 1, p. 8).
This statement evidences the Committee's concern
with expansion via absorption of independent
banks, but Section 3 (a) (3) does not effectively
deal with this problem. That provision relates
only to acquisition of the assets of an existing bank
by a holding company or a nonbanking subsidiary.
In actuality, however, such corporations rarely if
ever acquire a bank's assets, and certainly their
acquisition of a bank's assets could not "be used
to gain practical control of a bank's operations,
especially at its existing site of operations," which
apparently was the Committee's principal focus in
this connection. Control of the kind described
can be achieved only when a banking subsidiary
of a holding company takes over an independent
bank. Consequently, it appears that Section 3 (a)
(3) in its present form is practically a nullity, and
does not reach the problem referred to by the
Senate Banking Committee.
It is recognized that duplication of governmental
regulation should be avoided wherever possible.
But it is not clear that the objectives of the Holding Company Act will be carried out consistently
by the various State and Federal supervisors in
passing upon mergers (or branch applications in
connection therewith); in fact, there might be
some question as to the authority of State bank
supervisors to disapprove a proposed merger on
the ground that it would be inconsistent with the
REPORT UNDER BANK HOLDING COMPANY ACT
purposes of the Federal Bank Holding Company
Act. Consequently, on balance it is the conclusion of the Board that effectuation of the purposes
of the Act requires that holding-company banks'
absorption of independent banks, by merger or
otherwise, should be subject to the provisions of
Section 3 of the Act.
Mention should be made of the relationship of
this recommendation to the prohibitions of Section 3 (d). Those prohibitions were intended,
generally speaking, to prevent a holding company
from expanding outside its "home" State by purchase of bank stock or acquisition of the assets of
additional banks. At the present time, however,
by virtue of the exception in Section 3 (a) (3)
with respect to banks' absorptions of other banks,
if a holding company owned one or more banks
in a particular State on May 9, 1956, it may
absorb additional banks in that State through
merger or purchase of assets to the full extent
permitted by State law or the National Bank Act,
whichever is applicable.
If the bank-merger exception in Section 3 (a)
(3) is deleted as here suggested, and no other action were taken in this area, the result would be
that, for practical purposes, Section 3 (d) would
completely prevent any expansion of holding companies' out-of-State subsidiary banks by absorption
of other banks. However, the Board believes that
such an absolute prohibition of absorptions, regardless of circumstances, would not be in the
public interest, and consequently it recommends
amendment of Section 3 (d) to permit such absorptions by out-of-State subsidiary banks when
approved by the Board pursuant to Section 3 (a).
This would not in any way cut down the present
coverage of Section 3 (d) but would simply make
that subsection inapplicable in the case of acquisitions of bank assets that would now be brought
within the purview of Section 3 (a) for the first
time.
The question may be raised as to whether the
general principle of Section 3 (d)—prevention
of out-of-State expansion by acquisition of additional banks—does not apply to acquisitions via
mergers as well as to acquisitions via purchases
of bank stock. The Board has never favored the
absolute-prohibition approach of Section 3 (d),
and therefore would not favor extension of that
approach into a new area even if such extension
789
were called for by strictly logical application of
the principle.
In addition, however, it is pointed out that an
acquisition via merger (or similar absorption)
almost invariably can be consummated only if
approved by the appropriate State or Federal bank
supervisory authority, whereas in many instances
this is not necessary with respect to purchase of
bank stock. Consequently, acquisitions through
merger can occur only if the absorption is desirable (or at least acceptable) from the bank supervisory viewpoint, which provides some assurance
that the absorption will be in the public interest
as far as banking service is concerned. The Board
considers this circumstance an additional reason
for excluding such absorptions from the prohibitory provisions of Section 3 (d) and for permitting such out-of-State absorptions when approved by the Board on the basis of the factors
enumerated in Section 3 (c).
In this connection, it would seem that the general public policy regarding out-of-State expansion
by bank holding companies, as embodied in Section 3 (d), would constitute a relevant element
of the "public interest" within the meaning of Section 3 (c), and that consequently the Board would
be justified in applying more restrictive standards
in passing upon proposed absorptions of banks
located outside the "home State" of the bank
holding company.
For the foregoing reasons, the Board recommends that the words "other than a bank" in Section 3 (a) (3) be deleted, but that at the same
time Section 3 (d) be amended so as not to preclude approval by the Board of the acquisition of
bank assets by a holding company's subsidiary
bank in another State.
16. Exception as to shares acquired infiduciarycapacity [Sec. 3 (a) (A) (i)]. Under Section 3 (a)
(A) (i) Board approval is not required for the
acquisition of voting shares by a bank in good
faith in a fiduciary capacity "except where such
shares are held for the benefit of the shareholders
of such bank." The provision makes it possible
for a subsidiary bank to acquire, without Board
approval, shares in a fiduciary capacity where such
shares are held for the benefit of the shareholders
of the bank's parent company or another subsidiary
thereof.
Section 4 (c) (4) exempts from the divestment
790
requirement shares held or acquired, in good
faith in a fiduciary capacity, by a bank holding
company, "except where such shares are held for
the benefit of the shareholders of such bank holding company or any of its subsidiaries." Even
though Section 4 (c) (4) pertains to nonbanking
shares and Section 3 (a) (A) (i) pertains to banking shares there would appear to be no reason
why the exceptions in these two clauses should
not be similarly circumscribed. In order to parallel the language of these two clauses it is recommended that the exception in Section 3 (a) (A)
(i) be changed to refer to shares held for the
benefit of the shareholders of the bank holding
company or any of its subsidiaries.
17. Restricting expansion to State in which principal
operations are conducted [Sec. 3 (d)]. Section 3 (d)
prohibits approval of any applications under Section 3 which will permit any bank holding company or its subsidiary to acquire, directly or indirectly, voting shares of, interest in, or all or substantially all of the assets of any additional bank
located outside of the State in which such bank
holding company maintains its principal office and
place of business or in which it conducts its principal operations unless such acquisition is specifically authorized by statute in the State in which
the bank the shares or assets of which are sought
to be acquired is located.
This Section appears to offer to a bank holding
company a choice as to the State of expansion in
any case in which its principal office and place
of business are in one State and its principal operations are conducted in another State. However,
it would seem to be more consistent with the purposes of the Act if expansion by the bank holding
company were allowed only within the State in
which its "principal operations" are conducted.
While the usual practice is for a bank holding
company to have its principal office and place of
business in the same State in which it conducts
its principal operations, it must be recognized that
a holding company may have the former in a
State different from that in which the latter is
located. In such circumstances, in spite of the
literal interpretation which can be given Section
3 (d), Congress appears to have intended that a
bank holding company, like a bank, could not expand outside the State in which it conducts its
principal operations, that is, the State in which
FEDERAL RESERVE BULLETIN • JULY 1958
the operations of its banking subsidiaries are principally conducted.
Since a holding company may control banks
in two or more States and since conceivably the
total deposits of its banks in one State may at some
time exceed those of its banks in its "home" State,
it is further believed that expansion should be
limited to the State in which its principal operations were conducted at the time of enactment
of the amendment or at the time it becomes a bank
holding company. This would prevent a holding
company from shifting its "principal" operations
from State to State and would seem to be in accord with the apparent intent of the Act.
It is recommended, therefore, that Section 3 (d)
be amended by striking the words "in which such
bank holding company maintains its principal
office and place of business or in which it conducts
its principal operations," and substituting the following language:
in which the operations of such bank holding company's banking subsidiaries were principally conducted
at the date of this amendment or the date on which
such company became a bank holding company,
whichever is later.
18. Liquidation of assets not acquired from com-
panies in system [Sec. 4 (c) (1)]. Section 4 (c) (1)
now permits a holding company to acquire and
retain shares in a company "engaged * * * in
liquidating assets acquired from such bank holding company" and its subsidiary banks. In view
of the language of other clauses of Section 4 (c)
(1), it is arguable that such a company need not
be engaged solely in the described activity, but
that it could also engage in liquidating assets acquired from other sources. However, on the
assumption that the present exemption applies
only to a company solely engaged in liquidating
intrasystem assets, it has been suggested that a
holding company should be permitted to acquire
and hold stock of a company that holds—
for liquidating purposes stocks acquired by it in its
ordinary course of business as well as stocks acquired
from nonbanking subsidiaries, from the bank holding
company itself, and from affiliated banks.
The Board sees little justification for permitting
a subsidiary of a holding company to engage in a
general liquidation business. However, it would
seem unreasonable to require divestment of shares
of a liquidating company merely because part of
its assets in liquidation were acquired from sources
REPORT UNDER BANK HOLDING COMPANY ACT
outside the holding company system. In order to
avoid this result, but without permitting such a
company to engage currently in a general liquidating business (which would seem to contravene the
purposes of the Act), the Board recommends that
the clause be amended to exempt shares in any
company—
engaged solely in liquidating assets acquired from such
bank holding company and such banks or acquired
from any other source prior to May 9, 1956, or the
date on which such company became a bank holding
company, whichever is later.
19. Elimination of exemption of shares owned by a
bank which is a bank holding company [Sec. 4 (c) (4)].
Section 4 (c) (4) exempts from the divestment
requirements of Section 4 "shares lawfully acquired and owned prior to the date of enactment
of this Act by a bank which is a bank holding
company, or by any of its wholly owned subsidiaries." The provisions of Section 4 represent
one of the most clear and direct mandates of the
statute in terms of effecting that part of the whole
Congressional purpose which would remove from
bank holding companies the ability to engage in
businesses unrelated to banking. A majority of
the exemptions in Section 4 (c) reflect recognition
that certain shares in nonbanking organizations
represent an interest in holdings or activities which
are so closely related to the business of banking
as to justify their retention by a bank holding
company. Some of the remaining exemptions,
while having no relation to the business of banking, were apparently considered to have an interest
sufficiently identifiable with a public economic or
social purpose as to warrant their inclusion. With
reference to the exemption above quoted, however, no rational basis seems to exist to warrant
its presence in the Section.
Section 4 (c) (2) of the Act requires a bank
holding company not a bank to divest itself of
stock in nonbanking interests held by it before enactment of the Act. However, Section 4 (c) (4)
permits a bank which is a bank holding company
to retain shares acquired prior to the passage of
this Act. Thus, there has been granted a favored
position, with no apparent justification, to a bank
holding company which is a bank, and denied,
with ample justification, to a bank holding company which is not a bank. The potential dangers
that gave rise to a denial of this exemption as to
shares held by a holding company that is not a
791
bank are present equally where the shares are held
by a holding company that is a bank.
For the foregoing reasons, it is recommended
that this exemption be repealed, but with an appropriate provision allowing a holding company
two years (or such longer period as the Board may
permit up to five years) within which to dispose of
shares now falling within the exemption.
20. Limitation relating to value of holding company's assets [Sec. 4 (c) (5)]. The law exempts
from the divestment requirements of Section 4
the ownership by a holding company of up to 5
per cent of the voting securities of any nonbanking
corporation provided they do not have a value
greater than 5 per cent of the value of the total
assets of the holding company. Similarly, the law
exempts ownership of the shares of an investment
company if the securities owned by the investment
company do not include more than 5 per cent of
the outstanding voting securities of any company
and do not include any single asset having a value
greater than 5 per cent of the value of the holding
company's total assets. The limitations in these
provisions with respect to 5 per cent of outstanding shares or voting securities are presumably designed to permit diversification of investments
which do not result in control of a nonbanking
organization. It is recognized that the additional
limitations with respect to 5 per cent of the value
of the holding company's total assets may be
sound in principle as providing an additional safeguard. However, experience has shown that, as
a practical matter, the first 5 per cent limitation
referred to above constitutes an adequate safeguard and that the inclusion of the second limitation related to assets has imposed upon both bank
holding companies and the Board an unwarranted accounting burden. It is recommended,
therefore, that the limitation based upon 5 per cent
of the value of the holding company's total assets
be eliminated in both of the places in which it
occurs in paragraph (5) of Section 4 (c).
21. Exemption of labor, agricultural, or horticultural organizations [Sec. 4 (c) (7)]. Section 4 (c) (7)
exempts labor, agricultural, or horticultural organizations which are bank holding companies
from the requirement that they divest themselves
of any interest in businesses other than that of
banking. A decision as to whether particular or-
792
ganizations should be exempted from any provisions of the Act, is, of course, a public policy decision to be made by the Congress. However, the
Board would urge consideration of the fact that
the exemption from corporate taxation of such
"special" organizations and their exemption from
the divestment requirements of the Bank Holding
Company Act appear to bear no relation, one to
the other, which would compel or justify the latter
exemption. The fact that such organizations are
functioning presumably in the interest, among
others, of the public welfare, and are assisted in
this regard by certain tax benefits, does not preclude the possibility that they might subordinate
the interests of banks they control to the end that
their nonbanking organizations might be maintained or expanded.
The Board, therefore, recommends that subsection (7) be deleted from Section 4 (c) of the Act,
with a provision, however, allowing any holding
companies which may fall within this exemption
to retain shares of nonbanking organizations for
a period of two years (or such longer period as
the Board might permit up to five years) after
deletion of the exemption.
22. Clarification of exemptions from divestment
requirements [Sec. 4 (c)]. In several respects the
language of subsection (c) of Section 4, setting
forth various exemptions from the divestment requirements of Section 4, is inconsistent, ambiguous, or obsolete. Clarification of these provisions,
without any major change of substance, would
make them more easily understood and facilitate
administration.
A. While the prohibitions of Section 4 (a) relate to the acquisition and retention of direct or
indirect ownership or control of voting shares of
nonbanking companies, the exceptions stated in
subsection (c) relate, without uniformity, to shares
"owned or acquired" (par. (1)), shares "acquired"
(pars. (2) and (3)), shares "held or acquired"
(pars. (4), (5), and (8)), "ownership" of shares
(par. (5)), and, in one instance, merely to
"shares" (par. (6)). Since the prohibitions are
in terms of acquisition or retention of shares, it
would seem sufficient and more uniform if all of
the exceptions began merely with a reference to
"shares" of the kinds variously described therein,
except where the exception depends upon the
manner in which the shares were acquired or are
FEDERAL RESERVE BULLETIN • JULY 1958
held (as in a fiduciary capacity) and except as
to exception (7) which relates, not to the exemption of a particular type of shares, but to the
exemption of certain categories of bank holding
companies. Exception (7) should be set forth in
a separate subsection.
B. Although the prohibitions of Section 4 (a)
apply to indirect as well as direct ownership or
control of nonbanking shares and thus apply to
acquisition or retention of such shares by a subsidiary of a bank holding company, some of the
exceptions are in terms of acquisition or holding
of shares only by the bank holding company itself.
Yet, it is obvious that the exceptions should be
construed as being of a scope equal to that of
the prohibitions; and the Board has, therefore,
construed exceptions (1) and (5) as being applicable where the described shares were owned
by a subsidiary rather than directly by the bank
holding company even though those exceptions
literally refer only to shares held by the bank
holding company. This point would be clarified
merely by omitting the words "by a bank holding
company" in the opening parts of such exceptions.
C. Some of the exceptions relate to shares of a
company "engaged" in a certain kind of business,
possibly implying that the company must already
be engaged in that business and that the exception
would not be applicable to shares of a company,
either dormant or not yet organized, that is expected to engage in such business. To avoid such
an unreasonable construction, it should be made
clear that the exceptions apply to shares of a company "engaged or to be engaged" in the described
kind of business.
D. Exception (1) applies to shares of four
types of companies, each of which presumably
must be engaged solely in a certain type of business, although grammatically this requirement is
not entirely clear. It should be made clear that
the word "solely" applies in all such cases. Moreover, the four types of companies are described
in the disjunctive so that a single company engaged in two or more of the types of business
described and doing no other business might not
literally be regarded as falling within the exemption, although it seems clear that such a company
should fall within the exemption; and the language should be changed to make this clear.
REPORT UNDER BANK HOLDING COMPANY ACT
E. Exception (1) refers to a company holding
properties used by a banking subsidiary of a bank
holding company "in its operations." Grammatically this phrase might be considered as referring
to the operations of the holding company. It
seems clear, however, that it was intended to
relate to the operations of the banking subsidiary,
and the phrase should be modified accordingly.
F. Exceptions (2) and (3) refer to the disposition of certain shares within two years "from the
date of enactment of this Act." Since that period
expires May 9, 1958, the quoted phrase becomes
obsolete on that date and should be omitted in the
interest of simplification.
G. The second part of exception (5) refers to
ownership of "shares, securities, or obligations."
Since the prohibitions relate only to voting shares,
the references to securities and obligations are
meaningless and unnecessary. Similarly, it would
be desirable to change the words "voting securities" to "voting shares" where they appear in
both the first and second parts of exception (5).
H. Certain of the paragraphs of subsection (c)
include several distinct exceptions, in some cases
unrelated. The statute would be more easily
understood if each distinct exception were set
forth in a separately numbered paragraph.
All of the clarifying changes in Section 4 (c)
would be accomplished by the proposed amendments in Section 19 of the attached draft of a
bill (exhibit A) to carry out the Board's recommendations.
23. Loans, discounts, etc., by subsidiary banks
[Sec. 6]. Section 6 of the Bank Holding Company Act and Section 23A of the Federal Reserve
Act are similar, but there are significant differences between the two. Section 23A applies only
to member banks of the Federal Reserve System,
but includes affiliations involving only one bank.
Section 6 applies to banks that are subsidiaries of
a bank holding company as defined in the Bank
Holding Company Act, regardless of whether
or not members of the Federal Reserve System,
but it excludes (due to the definition of bank
holding company) one-bank situations. Section
23A, in effect, limits credit from a member bank
to an affiliate to 10 per cent of the bank's capital
and surplus for any one affiliate and 20 per cent
for all affiliates. It also requires credits within
these limits to be secured in a specified manner.
793
On the other hand, Section 6 flatly forbids credits
from any bank to its holding company or fellow
subsidiary. Both sections contain exceptions.
Experience has shown that, while Section 6 has
certain good features, it is unnecessarily severe
in placing an absolute prohibition on certain transactions, especially between two banks, and that
it would be desirable to incorporate the best features of both Section 6 and Section 23A in a
single provision. If the Congress should for any
reason be unwilling to make such changes, the
Board believes certain amendments should at least
be made in Section 6.
A. Accordingly, the Board recommends that
Section 6 of the Bank Holding Company Act be
repealed and that Section 23A of the Federal Reserve Act be amended in the following respects:
1. Make it clear that all purchases under repurchase agreements, and not merely those involving securities, are subject to Section 23A.
2. Make the discounting of promissory notes,
bills of exchange or similar paper, whether with
or without recourse, subject to Section 23A, in
the same manner as the Board has construed them
to be subject to Section 6; but exempt such acquisitions by one bank from another bank, without recourse, since this is a desirable method of
adjusting bank portfolios to changes in deposits
and loan demand, and both buyer and seller would
be under supervision and examination by bank
supervisory authorities.
3. Include in Section 23A the exemption now
contained in Section 6 with respect to non-interestbearing deposits to the credit of a bank and the
giving of immediate credit to a bank upon uncollected items received in the ordinary course
of business.
4. Include in Section 23A exemptions with
respect to stock, bonds, debentures, and other
obligations (1) of companies described in Section
4 (c) (1) of the Bank Holding Company Act,
and (2) accepted as security for debts previously
contracted. These exemptions are now contained
in Section 6 of the Bank Holding Company Act.
5. Exempt from the provisions of Section 23A
shares of the kinds and amounts eligible for investment by national banks under Section 5136 of
the Revised Statutes.
6. Make the limitations of Section 23A as
proposed to be amended above, applicable not
794
merely to dealings with "affiliates" and "holding
company affiliates" as presently defined, but also
to dealings with any bank holding company or
fellow subsidiary as defined in the Bank Holding
Company Act.
7. Make the provisions of Section 23A, amended
as proposed above, applicable not only to member
banks but also to insured nonmember banks.
(As to this proposal, the Federal Deposit Insurance Corporation should of course be consulted.)
Language to effectuate the above proposals is
contained in Section 21 of the attached draft of
a bill (exhibit A) to carry out the Board's recommendations.
B. If the Congress should be unwilling to adopt
the amendments recommended above, it is recommended that Section 6 be amended at least to
cover the following points:
1. Make it explicit in Section 6 that the term
"discount" covers nonrecourse acquisitions of
paper, as the Board has interpreted the present
Section to do; but for the reasons indicated above,
exempt such nonrecourse acquisitions from another bank from the prohibitions of the Section.
2. Exempt loans covered by direct obligations
of the United States, since these involve no appreciable risk. They are now exempted from Section 23A.
3. Exempt investment in shares of the kinds
and amounts eligible for investment by national
banks under Section 5136 of the Revised Statutes.
24. Extraterritorial effect. Laws are presumed
not to apply outside the country that enacts them
unless the statute clearly indicates to the contrary. However, activities in one country are
subject to the laws of a second country to ths
extent that the activities take effect in the second
country.
Under the Bank Holding Company Act it is
sometimes difficult to know which of these principles is more applicable in a given situation.
For example, is a company organized under the
laws of a foreign country excluded from the
definition of "bank holding company" in Section
2 (a)? If covered by the Act, does such a foreign bank holding company need to divest itself,
under Section 4, of stock in foreign nonbanking
subsidiaries? Is a United States bank controlled
by a foreign bank holding company subject to Section 6 of the Act in dealing with the holding
company or foreign subsidiaries?
FEDERAL RESERVE BULLETIN • JULY 1958
In order to clarify such questions and take
account of different conditions outside the United
States, it is desirable that the Act indicate more
clearly the extent to which such extraterritorial
considerations are or are not intended to affect
the operation of the Act. This might be done
by adding at the end of Section 2 a new subsection
as follows:
( ) The application of this Act, including the application of Section 6 to transactions by a bank as
defined in Section 2 (c), shall not be affected by the
fact that a particular transaction takes place wholly
or partly outside the United States or the fact that a
particular company is organized or operates outside
the United States; Provided, however, That the prohibitions of Section 4 of this Act shall not apply to
shares of any company which is organized under the
laws of a foreign country and does not do any business within the United States, provided such shares are
held or acquired by a bank holding company which
is principally engaged in the banking business outside
the United States.
25. Repeal of holding company affiliate provisions.
There are a number of provisions of existing law,
enacted in the Banking Act of 1933, which relate
to "holding company affiliates," a term defined
by that Act primarily as a company owning more
than 50 per cent of the stock of any member bank.
This definition is to be distinguished from that of
a "bank holding company" under the Bank Holding Company Act which in general covers any
company owning 25 per cent or more of the stock
of each of two or more banks, whether or not
they are members of the Federal Reserve
System.
When the Bank Holding Company Act was
under consideration in Congress, proposals were
made for the repeal of existing provisions regarding holding company affiliates; and the bill (H. R.
6227) that passed the House in 1955 would have
provided for their repeal. They were not, however, changed by the Act as finally passed. The
Board had recommended that this matter not be
included in the bill on the ground that the holding
company affiliate provisions were directed primarily at maintaining the soundness of member
banks in holding company groups and therefore
were beyond the scope of the objectives of bank
holding company legislation. At the same time
the Board indicated that it might be desirable
eventually to modify the holding company affiliate
provisions.
The Board now believes that it would be desira-
REPORT UNDER BANK HOLDING COMPANY ACT
ble to repeal or appropriately modify these provisions. Their effectiveness has always been open
to question and it is doubtful whether, in view of
enactment of the Bank Holding Company Act,
they are now sufficiently useful to justify their
retention. Their elimination would remove the
confusion that results from the existence of two
sets of laws which relate to the same general subject but which are based on different definitions of
what constitutes a holding company.
A. Among the principal provisions involved are
those contained in Section 5144 of the Revised
Statutes and in the 22d paragraph of Section 9 of
the Federal Reserve Act. In general, these provisions require a holding company affiliate of any
national bank or State member bank to obtain a
voting permit from the Board before it may vote
its stock in such a bank; and, as a condition to
obtaining such a permit, a holding company affiliate must agree to submit to examination, to maintain a prescribed reserve, and to declare dividends
only out of net earnings. The value of these
provisions has been limited by the fact that they
apply only if such a company finds it necessary to
vote stock owned by it in a member bank. Since
the Bank Holding Company Act now makes it
necessary for any bank holding company to obtain
the Board's prior approval before acquiring the
stock of any bank (whether member or nonmember) and since, in granting that approval, the
Board must consider the financial condition and
management of the holding company, it is believed
that the voting permit procedure prescribed by
Section 5144 of the Revised Statutes serves no substantial purpose and could appropriately be repealed.
B. If the voting permit provisions of Section
5144 (and the corresponding provisions of Section
9 of the Federal Reserve Act) are repealed as
above suggested, it is believed that the definition
of the term "holding company affiliate" now contained in Section 2 (c) of the Banking Act of
1933 should also be repealed. The various other
provisions of present law that refer to holding
company affiliates should then be eliminated or
modified, in the light of the Bank Holding Company Act, as hereafter indicated. At the same
time, for reasons hereafter indicated, the definition
of the term "affiliate" in Section 2 (b) of the
Banking Act of 1933 should be amended to in-
795
clude within that definition companies which now
fall within the definition of a "holding company
affiliate."
C. Section 9 of the Federal Reserve Act and
Section 5211 of the Revised Statutes contain provisions requiring State member banks and national
banks to submit reports of their affiliates and specifically provide that for this purpose the term
"affiliate" shall include holding company affiliates.
These references to holding company affiliates
should be eliminated if the recommendations in B
above are adopted. The effect would be that member banks would continue to be required to obtain
reports from companies that are holding company
affiliates under present law. It may be noted that
in a number of instances companies controlling
only one member bank have been exempted from
the definition of "holding company affiliate" as a
result of determinations by the Board under Section 301 of the Banking Act of 1935, and that, with
the repeal of the holding company affiliate provisions of existing law, these companies would become subject to the reporting requirements of
Section 9 and Section 5211. However, it is possible under other provisions of present law for the
Board and the Comptroller of the Currency to
waive reports of affiliates when considered unnecessary.
D. Section 9 of the Federal Reserve Act and
Section 21 of that Act at present provide for the
examination of "affiliates" of State member banks
and national banks. Unlike the provisions regarding reports of affiliates, the provisions with
respect to examinations do not specifically cover
"holding company affiliates." It is believed that
they should be covered. If the recommendations
set forth in paragraph B above should be adopted,
so that all present holding company affiliates would
be considered "affiliates," the law would then contain authority to examine any company that controls a member bank. Again, however, this authority would be tempered by provisions of present law authorizing the waiver of such examinations by the Board and the Comptroller of the
Currency.
E. Section 23A of the Federal Reserve Act
places certain restrictions upon loans by member
banks of the Federal Reserve System to their
"affiliates" and provides that the term "affiliate"
shall include holding company affiliates. If, as
796
recommended in B above, the definition of "holding company affiliate" should be eliminated, the
reference in Section 23A to holding company affiliates should also be eliminated.
F. Under the 16th paragraph of Section 4 of the
Federal Reserve Act, if two or more member
banks in the same Federal Reserve district are
affiliated with the same holding company affiliate,
only one of such member banks may participate in
the election of Federal Reserve Bank directors. If
the definition of the term "holding company affiliate" is repealed, this provision should be modified
so as to permit only one subsidiary bank of a
bank holding company in a particular Federal
Reserve district, as designated by the holding company, to participate in elections of directors of the
Federal Reserve Bank of that district.
G. Section 601 of the Internal Revenue Code
allows "holding company affiliates" a deduction
for tax purposes in the amount of earnings and
profits set aside in order to comply with the requirement of Section 5144 of the Revised Statutes
that a holding company affiliate obtaining a voting
permit must establish and maintain a reserve of
readily marketable assets. However, if the voting
permit provisions of Section 5144 are repealed, as
heretofore suggested, the provisions of Section
601 of the Internal Revenue Code would have no
meaning and should also be repealed. (The tax
status of reserves released by the repeal of this
provision is a matter which might need to be considered by the Internal Revenue Service.)
FEDERAL RESERVE BULLETIN • JULY 1958
H. Section 3 (c) (4) of the Investment Company Act of 1940 exempts from the provisions of
that Act any holding company affiliate having a
general voting permit from the Board. This provision would have no applicability if the voting
permit provisions of Section 5144 are repealed as
heretofore suggested. Moreover, there would appear to be no reason for according to bank holding companies under the Bank Holding Company
Act any exemption from the Investment Company
Act of 1940, since the purposes and restrictions of
the two acts are of an entirely different nature.
Consequently, the provision of the Investment
Company Act here referred to should be repealed.
I. Section 202 (a) (11) of the Investment Advisers Act of 1940 exempts from the definition of
an "investment adviser" any company which is a
holding company affiliate under the Banking Act
of 1933 and which is not an investment company.
There would appear to be no objection to making
this exemption applicable to a bank holding company which is not an investment company; and,
accordingly, this section of the Investment Advisers Act should be modified to substitute a reference to bank holding companies for the present
reference to holding company affiliates.
All of the recommendations here made for repeal or modification of existing "holding company
affiliate" provisions would be effectuated by the
amendments to existing law proposed in Section 22
of the attached draft of a bill (exhibit A) to carry
out the recommendations contained in this report.
Survey of Foreign Investments
A second postwar survey of American business
investments abroad is now being undertaken by
the Office of Business Economics of the United
States Department of Commerce, it was announced
today.
United States business firms and other United
States residents having investments in foreign
branches, subsidiaries and associated companies as
of December 31, 1957, are being asked to file returns by August 31, 1958.
Information to be collected in the new survey
will provide a complete measure of the size and
composition of these investments. At the time of
the last Commerce survey in 1950, United States
private direct foreign investments had a book
value of about $12 billion. Since that time, it is
estimated that this amount has approximately been
doubled.
Data to be developed will show in detail the way
this growth has been distributed among countries
and industries, and will provide basic statistics for
the compilation and understanding of the balance
of payments between the United States and foreign
countries. These statistics are essential for programing the foreign operations of the United
States Government, and provide basic guides for
the many firms that now have or are contemplating
the establishment of productive facilities abroad.
The information collected will include payments
in foreign countries for wages, taxes and materials,
gross investment expenditures and sources of
financing, total output broken down to show local
sales and exports to the United States and other
countries, imports, earnings and income remittances, and employment provided to United States
and local personnel. It is expected that these
statistics will greatly enhance the understanding
here and abroad of the constructive role of United
States private foreign investments in economic de-
velopment, and may thereby foster the freer flow
of sound capital investment among nations.
This survey is mandatory, and reports must be
filed by those persons and business concerns having
the type of foreign business investments mentioned
above and specified in more detail in the instructions available with reporting forms. In general,
reports are required from each United States resident having a direct interest of at least 10 per
cent—or in conjunction with United States or
foreign affiliates, an interest of at least 25 per
cent—of the voting securities, or other certificates
of ownership, of a foreign business organization.
Such foreign organizations may take the form
of direct proprietorships, partnerships, foreign
branches, or foreign-incorporated enterprises.
Completed reports are to be filed by August 31,
1958, with the Office of Business Economics,
United States Department of Commerce, Washington 25, D. C. Additional information and copies
of the forms and instructions may be obtained
from that Office or from Commerce Department
field offices throughout the United States.
Details of the survey will be published in the
Federal Register dated Tuesday, July 1, 1958.
In the case of banks or others acting as trustees
or administrators of estates, the following section
of the instructions should be noted:
"2. Estates and trusts.—Direct foreign investments held by a domestic estate or trust, i.e.,
an estate or trust created under the laws of the
United States or any subdivision thereof, shall
be reported by the fiduciary and not by a
beneficiary. Such property must be reported
whether or not any beneficiary is subject to the
laws of the United States or any subdivision
thereof. Any trust actually created in the United
States even though the trust instrument provides
that the trust shall be subject to the laws of a
foreign country must report."
NOTE.—Release to morning papers, June 30, 1958,
by the Office of Business Economics, U. S. Department of Commerce.
797
Law Department
Administrative interpretations, new regulations, and similar material
Amendments to Defense Production Act
The Defense Production Act of 1950, Section
301 of which is the basis for guarantees of loans
for defense production, which would have expired June 30, 1958, was amended and continued
in force until the close of June 30, 1960, by Act
of June 28, 1958 (Public Law 85-471).
Purchase of Government Obligations
by Federal Reserve Banks
By Act of Congress approved June 30, 1958
(Public Law 85-476), the authority of the Federal Reserve Banks under Section 14(b) of the
Federal Reserve Act to purchase and sell direct
or fully guaranteed obligations of the United
States directly from or to the United States, which
would have expired on June 30, 1958, was extended until June 30, 1960. The text of the Act
is as follows:
AN ACT
To amend Section 14 (b) of the Federal Reserve Act, as
amended, to extend for two years the authority of Federal
Reserve Banks to purchase United States obligations directly
from the Treasury.
Be it enacted by the Senate and House of Representatives of the United States of America in
Congress assembled, That Section 14 (b) of the
Federal Reserve Act, as amended (U. S. C , 1952
edition, supp. V, title 12, Sec. 355), is amended
by striking out "July 1, 1958" and inserting in
lieu thereof "July 1, 1960" and by striking out
"June 30, 1958" and inserting in lieu thereof
"June 30, 1960".
Approved June 30, 1958.
Readjustment of Federal Reserve Districts
to Include Alaska
The Act of Congress approved July 7, 1958
798
(Public Law 85-508), which provides for the
admission of the State of Alaska into the Union,
also amended the first paragraph of Section 2 of
the Federal Reserve Act to provide that when
the State of Alaska is hereafter admitted to the
Union, the Federal Reserve districts shall be readjusted so as to include such State, and to require
national banks in any new State to become members of the Federal Reserve System. The paragraph as thus amended reads as follows:
As soon as practicable, the Secretary of the
Treasury, the Secretary of Agriculture and the Comptroller of the Currency, acting as "The Reserve Bank
Organization Committee," shall designate not less
than eight nor more than twelve cities to be known
as Federal Reserve cities, and shall divide the continental United States, excluding Alaska, into districts,
each district to contain only one of such Federal
Reserve cities. The determination of said organization committee shall not be subject to review except
by the Board of Governors of the Federal Reserve
System when organized: Provided, That the districts
shall be apportioned with due regard to the convenience and customary course of business and shall
not necessarily be coterminous with any State or
States. The districts thus created may be readjusted
and new districts may from time to time be created
by the Board of Governors of the Federal Reserve
System, not to exceed twelve in all. Such districts
shall be known as Federal Reserve districts and may
be designated by number. When the State of Alaska
is hereafter admitted to the Union the Federal Reserve districts shall be readjusted by the Board of
Governors of the Federal Reserve System in such
manner as to include such State. Every national bank
in any State shall, upon commencing business or
within ninety days after admission into the Union of
the State in which it is located, become a member
bank of the Federal Reserve System by subscribing
and paying for stock in the Federal Reserve Bank
of its district in accordance with the provisions of this
Act and shall thereupon be an insured bank under the
Federal Deposit Insurance Act, and failure to do
so shall subject such bank to the penalty provided
by the sixth paragraph of this Section.
Current Events and Announcements
FEDERAL RESERVE MEETING
DEATHS OF DIRECTORS
A meeting of the Federal Open Market Committee was held in Washington on July 8, 1958.
Mr. F. Albee Flodin, President and General
Manager, Lake Shore, Inc., Iron Mountain, Michigan, who had served as a director of the Federal
Reserve Bank of Minneapolis since December 29,
1951, died on June 20, 1958.
Mr. John R. Downing, Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama, who had served as a director of
the Birmingham Branch of the Federal Reserve
Bank of Atlanta since January 1, 1957, died on
June 28, 1958.
CHANGES IN BOARD'S STAFF
Effective July 1, 1958, the Board appointed Mr.
John R. Farrell Associate Director of the Division
of Bank Operations. Mr. Farrell has been a
member of the Board's staff since 1927. Since
August 10, 1955, he has been an Assistant
Director of the Division of Bank Operations.
Mr. Arthur H. Lang, Chief Federal Reserve
Examiner in the Division of Examinations since
February 21, 1951, resigned effective June 30,
1958, to accept the position of General Auditor
of the Federal Reserve Bank of Dallas. Mr.
Lang became associated with the Board of Governors on March 28, 1942, as a member of the
Board's field examination force.
Effective July 1, 1958, Mr. James C. Smith
was appointed Assistant Director in the Division
of Examinations. Mr. Smith, a Senior Federal
Reserve Examiner, has served almost exclusively
as a member of the field examination force since
joining the Board's organization in 1942.
Effective July 1, 1958, Mr. Lloyd M. Schaeffer
was appointed Chief Federal Reserve Examiner
to succeed Mr. Lang. Mr. Schaeffer has been
associated with the Federal Reserve System for
about 25 years, having been originally employed
by the Denver Branch of the Federal Reserve
Bank of Kansas City in August 1933. He joined
the Board's staff in May 1948, and since that time
has served continuously as a member of the field
examination force.
ADMISSION OF STATE BANK TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
The following State bank was admitted to membership in the Federal Reserve System during the
period May 16, 1958 to June 15, 1958:
New Jersey
Saddle Brook
Saddle Brook State Bank
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of... Feb. 1958
On, and not on, Federal Reserve Par
List, number of
Feb. 1958
Annually
Earnings and expenses:
Federal Reserve Banks
Feb.
Member banks
Tune
Insured commercial banks
June
Banks and branches, number of, by class
and State
Apr.
Operating ratios, member banks
June
Stock Exchange firms, detailed debit and
credit balances
Mar.
Banking and monetary statistics, 1957.. j JJ^'
Summarv
flow-of-funds
accounts,
1954-56
Oct.
Bank holding companies, Dec. 31, 1957 Feb.
799
Page
202
203
1958
1958
1958
200-01
710-18
719
1958
1958
492-Ql
720-22
1957
}^8
336
204-10
608-11
1957
1958
1190-94
211
National Summary of Business Conditions
Released for publication July 15
Industrial activity, private housing starts, and
nonagricultural employment advanced further in
June, and unemployment increased less than seasonally. Personal income rose, and retail sales
changed little. From early June to early July,
average wholesale commodity prices were stable.
Bank credit continued to expand rapidly, and
yields on bonds and short-term securities rose.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted
index of industrial production in June was 130
per cent of the 1947-49 average, compared with
a revised May figure of 128 and with the year's
low of 126 in April. Activity in manufacturing
industries recovered further and output of minerals increased from its low in May.
Steel mill operations rose about 15 per cent
further in June, to 104 per cent of the 1947-49
level. Operations declined in early July, mainly
because of vacation shutdowns. Output of construction materials continued to rise in June, and
production of nonferrous metals changed little.
Activity in the aircraft and ordnance industries
continued stable and output of most types of
producers' equipment showed some gain. Production of consumer household goods rose, as
television and furniture output continued to adINDUSTRIAL PRODUCTION
1947-49-100
vance, and auto assemblies increased moderately
further. Current schedules for assemblies in
July indicate some decline, with earlier than
usual model changeovers beginning for a few
makes.
Output gains were also widespread in nondurable goods industries in June. Among minerals,
coal production rose substantially and output of
crude oil increased moderately further. Iron
ore mining recovered somewhat, but remained
sharply below the levels of a year ago.
CONSTRUCTION
Private housing starts rose further in June to a
seasonally adjusted annual rate of about 1.1 million, the highest rate since the summer of 1956.
Following five months of decline, total construction outlays advanced slightly, reflecting chiefly
an increase in residential construction. Expenditures for commercial buildings continued to rise,
reaching the mid-1956 high, but outlays for industrial plants declined sharply further. Public
construction was unchanged.
EMPLOYMENT
Seasonally adjusted nonfarm employment in
June increased 145,000 further to 50.3 million.
While manufacturing employment changed little
at the reduced April-May level, the average factory workweek increased substantially. Unemployment rose 500,000, to 5.4 million, reflecting
the usual entry of summer workers into the labor
force. The seasonally adjusted rate of unemployment was 6.8 per cent of the civilian labor
force, compared with 7.2 per cent in May and
7.5 per cent in April.
DISTRIBUTION
Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for June.
Seasonally adjusted retail sales in June held
near the April-May level. While auto sales declined, sales at department stores and most other
retail outlets changed little. In the second quarter, total retail sales were 3 per cent above the
reduced February-March level and 3 per cent be-
800
801
NATIONAL SUMMARY OF BUSINESS CONDITIONS
low the record high reached last summer. In
early July, department store sales increased
moderately.
AGRICULTURE
July 1 prospects are for a total crop harvest as
large as in any previous year. The winter wheat
output of more than 1.1 billion bushels is an alltime high. Moderate reductions from a year ago
are in prospect for feedgrain and hay and forage crops. Cotton acreage in cultivation is the
smallest in 49 years of record, owing to heavy
participation in the Acreage Reserve.
Production of red meats in June was about 2
per cent less than a year ago. In the first five
months of the year, output of red meats averaged
8 per cent below a year earlier. Poultry meat
production in June was above a year ago, and output of eggs and milk was about the same.
BANK CREDIT AND RESERVES
Total credit at city banks rose $2.3 billion
further between June 4 and July 2. Continued
expansion in holdings of U. S. Government securities accounted for about half of the rise. Growth
in loans reflected mainly expansion in business
and security loans, although all major categories
increased. A rise in business loans in mid-June
was associated primarily with income tax payments and was followed by some decline.
Member bank borrowings from the Reserve
Banks continued low, averaging about $130 million during the four weeks ending July 9. Between the weeks of June 11 and July 9 more
reserves were supplied to banks, principally
through Federal Reserve purchases of U. S.
Government securities, than were absorbed by a
substantial increase in required reserves, resulting from bank credit and deposit growth, and
by gold and currency outflows.
COMMODITY PRICES
From early June to early July, the wholesale
commodity price index changed little. Average
prices of industrial commodities advanced slightly
as markets for scrap metals, copper, rubber, and
some other basic materials strengthened. Average prices of farm and food products, on the
other hand, tended lower. Prices of winter wheat
decreased sharply and some fresh vegetables and
fats and oils declined.
SECURITY MARKETS
Yields on Treasury securities and on corporate
and State and local bonds generally advanced
from mid-June to mid-July, and common stock
prices showed little net change. Long-term Treasury bond yields rose sharply to a level slightly
above the previous 1958 high of early February.
Yields on intermediate- and short-term Government securities remained well below their 1958
highs.
PRICES
RETAIL TRADE
1947-49-100
1947-49.100
CONSUMER
WHOLESALE
SLOWER
*~*
ALL WtlKS ^mm^S"
=?"*' V *^- > . < /
+A
1957
—
/
1958
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for department store stocks is May, for other
series, June.
FARM-
FOODS
__
Bureau of Labor Statistics indexes. "Other" wholesale prices
exclude processed foods, included in total but not shown
separately. Monthly figures, latest shown: May for consumer prices, and June 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. .
805
808
809
812
814
815
818
820
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. .
822
823
824
825
826
828
832
833
835
838
Selected indexes on business activity. .
Production
Employment and earnings.
Department stores..
Foreign trade. . . .
.
Wholesale and consumer prices . .
National product and income series
842
843
850
852
853
854
856
Tables published in BULLETIN, annually or semiannually—list, with references
Index to statistical tables. .
799
885
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating for gold stock, currency in circulation, Federal
to financial and business developments in the finance, and Federal credit agencies are obtained
United States. The data relating to Federal from Treasury statements; the remaining data
Reserve Banks, member banks of the Federal are obtained largely from other sources. Back
Reserve System, and department store trade, and figures for 1941 and prior years for banking and
the consumer credit estimates are derived from monetary tables, together with descriptive text,
regular reports made to the Board; production may be obtained from the Board's publication,
indexes are compiled by the Board on the basis Banking and Monetary Statistics.
803
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions
of
MEMBER BANK
RESERVE BALANCES
CURRENCY IN CIRCULATION
RESERVE BANK CREDIT
GOLD STOCK
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
FEDERAL RESERVE CREDIT
U. S. GOVERNMENT SECURITIES
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
I
I
1952
1953
1954
1955
1956
1957
Latest averages shown are for week ending June 25. See p. 805.
804
1958
dollars
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
DisGold
stock
Held counts
Bought under and Float Total i
adoutrepurTotal right
chase vances
agreement
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForRe- 2 Ex-2
Total quired
ury
eign Other
cess
Averages of
daily figures
May
1957
1 . . . . 23,16* 23,169
23,213 23,125
8
23,083 23,033
15
22,915 22,915
22
22,930 22,901
29
88
50
29
730 1,168 25,093 22,318 5 094 ?0 499
993
947 25,177 22,318 5,095 30,589
975
948 25,031 22,319 5,096 30,654
793 1,341 25,070 22,320 5 098 30 645
903
979 24,833 22,406 5,102 30,660
793
795
787
790
794
419
504
479
525
562
352
366
366
362
358
291
275
241
273
279
1,148 19,000
1,078 18,984
1,075 18,845
1 074 18,818
1,073 18,616
18,621
18,495
18,368
18 284
18,264
379
489
477
534
352
792
485
463
518
477
357
379
389
407
323
276
335
254
1,072
1,069
1,076
1,087
18,846
18,834
19,148
19,171
18,378
18,330
18 546
18,625
468
18,521
344
June
5
12
19
26
23,110
22,972
22,930
22,951
22,950
22,926
22,880
22,888
954 24,987
160
902
936 24,988
46 1,059
50 1,089 1,384 25,424
63 1,003 1,320 25,294
22,620
22,621
22,621
22,622
5,104
5,106
5,106
5,106
30,837
30,903
30,904
30,849
July
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
183 1,213 1,111 25,792
67 1,062 1,236 25,641
739 1,351 25,456
107
553
998 24,932
276
22,623
22,623
22,625
22,625
22,626
5,107
5 108
5,108
5 108
5,110
31,150
31,313
31,184
30 999
30,910
763
765
770
774
770
546
431
455
507
494
420
339
413
385
370
296
290
279
267
278
1,077 18,865
1 077 19,308
1,073 19,200
1 070 19,189
961 18,885
18 I'M
18,636
18 568
18,493
576
564
621
392
Aug. 7
14
21
28
23,116
23,047
23,034
23,220
23,078
23,047
23,034
23,215
38
1,060
928 25,124
874 25,102
1,161
931 1,227 25,211
5
977 25,133
915
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
1,116 18,868
i . i n 18,786
1 203 18,806
1,203 18,831
18,331
18,195
18 254
18,397
537
591
552
434
Sept. 4
11.
18
25
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
48
32
17
858 25,228
832
1,031
953 25,408
950 1,442 25,719
5 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
485
431
510
759
340
357
429
386
281
279
287
255
1,197 18,760
1 194 18,876
1,196 19,108
1,189 18,963
18,346
18 301
18 484
18,416
414
575
624
Oct
23,346
23,545
23,371
23,267
23,195
23,294
23,312
23,281
23,222
23,179
942
52
233 1,009
992
90
605
45
710
16
1,000 25,304
991 25,563
1,071 25,451
1,517 25,407
1,051 24,972
22,634
22,646
22,658
22,665
22,671
5,125
5,127
5,128
5,131
5,132
31,039
31,129
31,191
31,129
31,008
776
774
781
786
493
498
506
464
518
356
373
333
317
318
1,112 19,034
1 112 19,189
1,110 19,068
1,109 19,137
I 057 18,837
18,685
18 625
18,574
18,574
18 474
494
23,441
23,498
23,288
23,318
23,256
23,332
23,282
23,167
185
824
943 25,225
997 25,424
911
752 1,430 25,489
111 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
795
801
794
461
505
503
469
367
329
315
301
253
260
252
265
251
313
407
386
294
23,732
23,886
23,907
23,950
23,480
23,574
23,600
23,617
252
626
676
751
786
1,005 25,387
1,020 25,617
1,525 26,218
1,894 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
305
318
339
483
291
318
334
359
191
186
183
179
366
139
49
661
707
580
359
295
1,550 26,623
1,328 26,100
1,039 25,390
1,230 24,949
919 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
789
458
529
503
511
521
397
337
306
275
275
201
186
190
227
275
803 24,397
189
793 24,543
286
361 1,054 24,830
952 24,527
153
22,783
22,784
22,785
22,714
5,157
5,159
5,161
5,165
30,581
30,675
30,642
30,542
111
734
685
695
378
296
501
508
265
284
337
284
294 ,046
118
325
293 ,195
276 1 ,193
892
816
973
983
24,309
24,456
24,638
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
804
790
486
479
257
580
270
273
257
258
2
9
16
23
30
Nov
6...
13
20
27
Dec. 4
11
18
25
Jan
.
.
1958
1 . . . 24,344 23,735
8
24,011 23,645
23,720 23,581
15
22
23,315 23,266
29
23,372 23,335
166
6
151
312
307
333
609
37
791
782
776
769
776
792
770
769
768
764
773
768
771
781
056 18,963 18 509
1,057 18,911 18,354
,054 18,987 18,459
,030 18,907 18,461
504
602
546
547
349
564
563
363
454
557
528
446
19,023
19,027
19,483
19,666
18,580
18,600
18,873
19,014
045 19,707
996 19 658
994 19,348
992 19,216
992 19,089
19,042
18 982
18,769
18.624
18,509
665
18,997
19,054
19,122
18,909
18,498
18,483
18,427
18,426
320
293
368
400
,151 18,674
148 18 699
,150 18,930
,143 18 725
18,084
18 096
18,332
18 037
499
571
695
483
590
,109
,106
104
,102
,051
,041
,080
,050
,061
443
427
610
652
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
Mar. 5
12
19
26
23,256
23,466
23,500
23,552
23,251
23,432
23,480
23,518
34
20
34
118
131
126
167
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
22
8
14
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
18,526
18,300
18 369
18 654
18,249
17,830
17,673
17 754
18 055
17,654
696
627
615
23,799
23,931
23 876
24,053
23,799
23,931
23,876
24,053
118
123
104
119
808 24,763
760 24,854
994 25,016
780 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 1 ,049 18,276
386 .046 18,190
381
043 18 248
391
023 18 194
17,647
17,528
17 545
17,513
629
662
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
99 1,024 26,170
21,594
21,594
21,540
21,374
5,201
5,203
5 204
5,204
30,989
31,052
M 070
30,975
709
709
698
698
411
424
459
440
238
267
331
280
484
370
359
229
18,147 17,574
18,274 17,687
18 619 P 1 7 970
18 98^ ^18,279
573
587
Feb
j4
21 . .
28
June 4
11
18
25 . .
5
6
101
111
For other notes see following page.
Preliminary.
712
805
1 057
1 ,139
1 146
1 144
603
598
688
599
595
703
681
pJQA
806
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
DisGold
Held counts
stock
Total*
and
under
Float
Bought repur- adTotal outchase vances
right agreement
Treas- Currency
ury
in
curcirrency
culaoutstand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserve
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForRe- 2 ExOther
Total quired
cess 2
eign
ury
Averages of
daily figures
1957
22,989
23,351
23,146
23,325
23 348
23,417
23,982
22,917
23,198
23,129
23,302
23,252
23.276
23,615
72 1,009 1,170 25,189 22.621 5,106
153
917 1,175 25,466 22,625 5,108
17 1,010
989 25,166 22,626 5,115
23
994 1,147 25,489 22,627 5,121
96
818 1,143 25,326 22,660 5 129
141
810 1,126 25,373 22,743 5,137
367
716 1,443 26,186 22,769 5,144
23.608
21 378
21 486
21,649
. . . . 23,939
24,749
23,458
23,313
?1 465
23,638
23,939
24,698
150
65
21
11
June
Julv
Aug
Sept
Oct
Nov
Dec
30,902
31,116
31,035
31,143
31,109
31,335
31,932
782
769
764
763
780
793
768
393
377
349
378
338
322
345
290
279
273
1.077
1,048
1,163
271 1,180
258 1 097
337
044
186
061
18,982
19,129
18,834
18,956
19 040
18,958
19,420
224
466
442
297
294
265
267
286
281
410
401
350
,142
,092
036
.132
18.723
18 414
18,730 18,097
18,394 17,772
18.223 17 557
18.600
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
498
504
449
364
342
337
378
283
356
308 1,075 18,376
296
942 18,630
285 1,198 18,975
261 1,111 18,399
1 056 18,917
256
196 1,000 19,274
246
998 19,034
279
336
378
990 18 958
18.667
18.512
18.254
18 176
18.784
18 541
18.18*
17,857
17,686
17 *41
^18,123
415
48 T
675
568
631
1,107 18,366
1,105 18,298
1 102 18 870
1,101 18,555
1,050 18,254
490
480
490
547
495
464
385
18 485
18,595
18 300
18 434
18 573
18 447
18 843
497
534
534
522
467
511
577
1958
Jan
Feb
Mar
Anr
May
June
si
454 1,118 25,229
242
907 24,568
119
24.559
130
864 24,682
119
841 24,939
916 25,851
142
22,782
22,759
22,548
22,166
21,801
21,490
5,148
5.161
5,177
5,191
5 200
5,203
31.059
30.608
30.589
30,654
r
30,798
31,039
111
717
1,400
2,220
2,593
2,361
25,091
23,181
22,216
25.8S5
26,507
25,219
26,699
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,799
21,949
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
728
731
701
512
421
4*7
494
29Q
150
993 19,296
150 19.000
*71
631
622
666
Midyear or
year-end
148
1929 June . . .
216
1933—j un e
1,998 1,998
2,484
2,484
1939—Dec
1941 Dec
2 254 2,254
24',262 24,262
1945—Dec
1947 Dec
22 559 22,559
20 778 20,725
1950 Dec
24,932 24,888
19*4—Dec
1955 Dec
24 785 24,391
1956—June
23 758 23,712
24,915 24,610
Dec
68 1 037
164
7
3
249
85
67
53
44
143
394
108
46
232
305
50
52
4
91
94
578
535
1,368
808
1,585
1,210
1,665
2,409
2 215
2 287
1 336
l'293
796
767
768
775
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
End of month
1957
Julv
Aug
Sept
Oct
Nov
Dec
23,035
23,355
23,539
23,312
23 338
23,733
. .. 24 238
22,994
23,079
23,475
23,312
23,218
23,448
23,719
23 331
23 240
23,628
23,681
24 162
25,438
23,331
23.240
23,628
23,681
24 162
25,438
41
276
64
120
285
519
558 1,199 24,816 22,623 5,107 31,082
896 24,691 22,627 5,111 30,933
420
986
865 25,418 22,626 5,118 31,133
898 24,622 22,635 5,125 31,073
396
789 1,062 25,206 22.691 5 135 31.090
942 25,515 22.763 5,139 31.661
819
55 1,424 25,784 22,781 5 146 31,834
758
759
752
773
784
477
429
761
761
243
481
771
469
516
474
594
249
265
690
410
269
1 151
1,108
411 1,050
624
994
420 1,096
18,543 - 1 6 7
110
18,520
670
18,305
18,694 - 2 9 5
18 541
376
696
18,578
19 091 - 5 7
1958
Feb
Mar
Anr
Mav
June
763 24.352 22.784
924 24.330 22.686
24.570 22 194
797 24.672 21,996
965 25.313 21.594
758 26,283 21,356
5 158
5,169
5.1*3
5,196
5 201
5,202
112
139
296
242
156
786
692
910
761
797
24,566
24,499
25,042
24,745
24,672
22,394
22,295
22,170
22,046
21,996
5,185 30,676
5,191 30,704
5,192 30,668
603
482
394
462
594
279
253
259
227
257
383
407
384
395
411
17,669
17,690
18 220
18,011
17,686
697
608
5,194 30,512
5,196 30,565
732
735
727
731
734
125
116
86
172
691
749
775
644
24,706
24,841
24.844
24.922
21,947
21,873
21,743
21,643
5,198
5,200
5,200
5,201
30.719
30,807
30.755
30,962
742
747
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 17.5?7
400
995 18,036 17,543
687
654
606
493
142
173
154
128
8.16 25,286 21,594 5,201 30,988
833 25,565 21,594 5,204 31,048
716
70R
9R4 25,967 21,456 5,204 30 9Q6
796 25,967 | 21,356 5,204 30,973
416
356
272
259
701
700
114
289
268
365 1,140 18,184 17,654
177 1,138 18.478 17,796
18? 1 158 18 964 P\S 244
385 1 110 18 S68 PI 8,229
PJ2O
P339
217
122
117
144
41
30 576
30,554
30,565
30.994
31,172
6O5
722
734
701
257
214
Wednesday
1958
Apr.
2
23,628 23,628
9
23,628 23,628
16 . . . . 23 796 23,704
23
23,704 23,704
30
23,681 23,681
May
7
14
21
28
23,852
23,937
23,943
24,065
23,852
23,937
23,943
24,065
June
4
11
18 .
25
?4,267
?4,517
?4 786
25,000
24,267
24,509
24,664
24,956
92
8,
122 1
44
r
* 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
524
dates in subsequent tables on Federal Reserve Banks.
2 These figures are estimated.
6*0
544
568
530
682
807
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
Item and period
18,827
18,982
19,129
18,834
18,956
19,040
18,958
19,420
4,234
4,335
4,294
4,170
4.211
4,231
4,162
4,336
1.101
,121
1,131
,123
,122
,116
,101
1,136
7,794
7,774
7,906
7,790
7,800
7,836
7,849
8,042
5,697
5,751
5,799
5,750
5,823
5,857
5,847
5,906
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
19,296
19,000
18,730
18,394
18,223
4,251
4,204
4.272
4,122
4,030
1,125
1,114
,098
,052
1,054
8,007
7,871
7.701
7,651
7,614
5,914
5.811
5.659
5,569
5,525
Week ending:
1958—May 21
28
18,248
18,194
3,969
4,082
1,053
1,076
7,653
7,622
June 4
11
18
25
18,147
18,274
18,619
18,983
4,057
4,022
4,222
4,385
1,067
1,073
1,111
1,136
1957—May
June
July
Aug
Sept
Oct
18,362
18,485
18,595
18,300
18,434
18,573
18,447
18,843
4,221
4,320
4,288
4,152
4,203
4,231
4,147
4,303
1958—Jan
Feb
Mar
Apr
May
Week ending:
1958—May 21
28
June 4
18,723
18,434
18,097
17,772
17,557
Required reserves:
18!!!!!!!!
25
8
1958—Jan
Feb
Mar
Apr
May
573
567
633
623
666
34
22
44
15
53
4
5
11
3
8
78
98
98
79
131
456
442
479
526
474
5,573
5,414
Week ending:
1958—May 21
28
703
680
15
128
11
30
146
137
531
385
7,566
7,616
7,696
7,838
5,457
5,562
5,590
5,623
June 4
11
18
25
573
588
^649
*704
39
1
26
34
3
426
508
12
10
105
83
73
104
,098
,123
,124
,121
1,117
,116
.100
,127
7,739
7,729
7,840
7,722
7,749
7,797
7.786
7,956
5,305
5,314
5,344
5,306
5,366
5,429
5,414
5,457
,121
,109
.087
,049
1,046
7,928
7,773
7.603
7,572
7,482
909
1,005
917
1,005
988
811
804
710
117
200
186
308
263
141
96
139
169
46
34
28
120
115
123
85
422
531
519
468
485
428
405
314
201
228
177
201
121
127
181
172
4,216
4,182
4,228
4,107
3,977
5,458
5,369
5.179
5,043
5,051
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
451
242
138
130
119
80
46
2
18
2
29
11
29
9
222
96
36
35
42
119
89
71
67
74
17,545
17,513
3,955
3,953
,042
.046
7,506
7,485
5,042
5,029
7
1
,064
,078
,098
,127
7,461
7,534
7,623
7,734
5,031
5,054
^5,053
^5,068
104
119
42
29
54
89
17,574
17,687
^17,970
*>18,279
4,018
4,021
4,196
4,350
Week ending:
1958—May 21
28
June 4
11
18
25
134
184
175
99
60
31
1
3
5
44
47
71
26
89
74
68
72
-165
-367
-486
-452
-400
-433
-389
-342
-228
192
210
278
244
335
301
251
277
114, 304, 22,913
12, 278
4,106
102, 026 18,807
9 8 , 640
20,161
4 4 , 340
3,778
5,896
1,106
4,790
5,160
1,317
44 ,740
5 ,798
38 ,941
38 ,047
17 ,801
40,756
1,268
39,488
35,273
21,445
53
102
1 ,927
3,948
6, 030
-.
116 ,762
13 ,193
103 ,569
100 ,240
51 ,084
23 ,669
4 ,226
19 ,443
20 ,679
5 ,104
6,139
1,231
4,908
5,417
1,420
45, 983
6, 387
39, 596
39, 086
20, 664
40,972
1,350
39,622
35,058
23,895
6 ,646
54
115
2, 094
4,384
» Preliminary.
1 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
13
15
6
19
9
3
-2
7
2
5
A
Borrowings at Federal
Reserve Banks:
Free reserves:2
May 1958
393
438
455
444
457
428
432
449
16
34
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . ..
Time deposits
Demand balances due
from domestic banks . .
Chicago
Country
banks
56
45
66
69
51
39
63
86
May 1957
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
Time deposits
Demand balances due
from domestic banks. .
New
, York
Reserve
city
banks
465
496
534
534
522
467
512
577
2
Nov
Dec
Central reserve
city banks
Excess reserves:2
Total reserves held:
1957—May
June
luly
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr..
May
All
member
banks
x
4
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
-444
-508
-383
-471
-467
-344
-293
-133
-104
-185
-181
-289
-254
-141
1958—Jan
Feb
Mar
Apr
May
122
324
-25
-6
-18
-7
7
-144
493
547
-46
-25
42
-3
51
62
44
89
337
353
408
459
399
599
561
8
127
10
30
104
108
477
296
439
404
P474
39
-59
-5
33
2
-7
7
10
61
36
2
78
337
434
M70
Week ending:
1958—May 21
28
June 4
11
18
25
49*
*>605
-80
-105
-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.
808
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
In effect
beginning—
Rate on
June 30
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Boston
New York. . .
Philadelphia..
Cleveland....
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
22,
18,
18,
25,
25,
22,
18,
18,
18,
25,
9,
1,
Previous
rate
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
June 30
In effect
beginning—
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
22,
18,
18,
25,
25,
22,
18,
18,
18,
25,
9,
1,
Previous
rate
Rate on
June 30
In effect
beginning—
Mar. 11,
Mar. 7,
Apr. 18,
Apr. 25,
Apr. 25,
Apr. 22,
Jan. 24,
Apr. 18,
Mar. 21,
Mar. 14,
Mar. 14,
May 1,
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
Previous
rate
4
4
4
3%
S8
4
4%
3V
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
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
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
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
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 July 1, 1958
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
30
25
Effective date
of change
1917—June 21
> 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.
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers and
For short sales
.
Regulation U:
For loans by banks on stocks
Jan. 4, Apr. 23, Effec19551955tive
Apr. 22, Jan. 15, Jan. 16,
1955
1958
1958
60
60
70
70
50
50
60
70
50
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. Change on Jan. 4, 1955, was effective after the close
of business on that date.
Net demand deposits 1
Rate
Central
reserve
city
banks
Reserve
city
banks
13
10
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
19%
2234
26
22%
15
17%
20
17%
1941_Nov.
1942—Aug.
Sept.
Oct.
1
20
14
3
26
24
22
20
20
1948—Feb.
June
Sept,
1949_May
June
Aug.
Aug.
Aug.
Sept.
27
11
16, 2 4 * . . . .
1,5*
30, July 1 *.
1, 11*
16, 1 8 * . . . .
25
1
22
24
26
24
g*
22%
ir*
1951—Jan.
Jan.
1953—July
1954—June
July
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1*.
23
24
22
21
20
18%
18
19
20
19
18
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1 *
20, Apr. 1*
17
24
19%
19
18%
18
17%
In effect July 1, 1958...
18
16%
Present legal requirements:
Minimum
Maximum
13
26
10
20
22
22
21
20
Country
banks
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
7
10%
12%
14
12
14
16
15
14
13
12
13
14
13
f f
6
6
5
6
m
6
5
6
6
5
5
11
5
5
7
14
3
6
3
6
ii
..»
16%
1
Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13.
1943-June 30, 1947).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thurs.) are at central reserve or reserve city banks.
FEDERAL RESERVE BANKS
809
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1958
June 25
June 18
June 11
1958
June 4
May 28
June
1957
May
June
Assets
Gold certificate account
Redemption fund for F. R. notes.,
19,934,391 20,033,391 20,183,394 20.173,391 20,223,389 19,924,392 20,173,393 21,099,393
832,389
834,500
827,106
831,263
831,263
842,389
831,263
845,262
Total gold certificate reserves.
20,765,780 20,867,891 21,010,500 21,004,654 21,054,652 20,766,781 21,004,656 21,944,655
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 repurcha:ise agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
338,253
351,227
332,246
338,172
313,321
326,894
324,919
329,152
331,713
337,398
286,629
348,163
322,490
338,995
288,197
338,991
127,979
153,995
172,764
141,799
172,173
41,386
143,798
557,913
343
43,224
481
43,226
490
42,229
475
41,230
463
40,759
343
44,796
490
41,685
742
20,950
1,607
2,220,360
928,260
773,260 1,531,360 1,329,360 2,702,810 1,426, 360
258,913
19,946,105 19 946^165,19 946,105
2,789,257 '2,789,257
,105 19,946,105 19,946,105 19,946,i05 11,362,199
8,571,413
7891257 2,789,257 2,789,257
2,801,750
24,955, 722 24 ,663,622 24 ,508,622 24,266,722 24,064,722 25,438,172 24,161,722 22 ,994,275
44,000
122,000
7,900
40,600
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
24,999,722 24,785,622 24,516,522 24,266,722 24,064,722 25,438,172 24,161,722 23,034,875
Total loans and securities
25,171,268 24,983,324 24,732,005 24,450,226 24,278,117 25,524,697 24,347,695 23,616,087
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
15
15
5,098,192 7,092,823
88,261
87,795
193,903
180,803
Total assets.
15
,683,447 4,703.
87,606
87;
187,165
172;
15
15
15
22
4,388,839 4,236,883 4,504,579 4,866,930
176
87, 532
87;
79,112
206 801
311, 031
227,727
304;
52,007,899 53,883,069 51,340,953 51,072,584 50,783,052 51,458,145 50,916,993 51,361,721
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
26,569,455 26,577,902 26,607,776 26,567,293 26,555,738 26,705,318 26,569,628 26,681,837
18,567,
523!
268!
384;
Total deposits.
18,964,132 18,478,179 18,184,260 18,035,669 18 783,948
355,809
416,218
382,476
410,430
333,823
258,935
271,624
268,565
276,986
289,431
377,065
364,939
420,309
400,406
182,181
;,175,998
381,935
233,623
624,425
,375,584
498,128
449,029
307,615
19,744,356 19,769,567 19,469,988 19,237,041 19,095,537 19,883,252 19,415,981 19,630,356
6,109,294 3,850,488 3,868,018 3,744,682 3,478,997 3,539,300 3,667,500
4,302,
21,845
20,931
13,242
22,631
11,904
21,497
20,597
23;
50,639,671 52,479,394 49,950,097 49,693,849 49,416,888 50,080,809 49,545,506 49,991,597
Deferred availability cash items
Other liabilities and accrued dividends 1 .
Total liabilities
Capital Accounts
Capital paid in.
Surplus (Section 7)
Surplus (Section 13b). .
Other capital accounts.
353,129
809,198
27,543
178,358
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
352,650
809,198
27,543
214,284
351,758
809,198
27,543
202,357
351,596
809,198
27,543
190,398
351,098
809,198
27,543
178,325
353,225
809,198
27,5431
187,370
351,154
809,198
27,543
183,592
332,696
747,593
27,543
262,292
52,007,899 53,883,069 51,340,953 51,072,584 50,783,052 51,458,145 50,916,993 51,361,721
44.8
45.0
45.6
45.9
46.1
44.6
45.7
47.4
115,041
991
115,681
997
111,930
991
110,626
1,006
120,300
1,036
112,803
991
119,144
991
62,186
1,780
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 dates.
127,979
125,798
2,181
172,764
141,799
172,173
557,913
153 995
41,386
143,798
167,041
151 181
170,022
138,609
38,340
532,868
139,891
3,183
2 811
2,735
5,125
2,946
3,900
25,045
7
7
7
100
7
3
343
742
475
343
481
490
463
490
153
153
162
63
291
153
144
144
29
150
29
165
147
20
174
29
73
77
77
77
77
71
72
460
88
95
95
95
95
90
89
190
41,230
40,759
43 226
43,224
42,229
44,796
22,557
41,685
16,091
15,890
15 953
16,529
15,279
16,991
16,168
8,924
25,139
24,869
27 273
26,695
26,950
27,805
25,517
13,633
24,999,722 24,785 622 24,516,522 24 266,722 24 064,722 25,438,172 24 161,722 23 ,034,875
256,010
257,910
529 000
554,200
303,850
380,500
153,810
117,750
856,897 7,652,997
8,652,493 8,463 593
058,857
264,643 ,854,097 ,039,328
13,364,558 13,364
13,725,344 13,725,344 13,725,344 13,364,558 ,725,344 12,088,540
1,013,614 1,013
,013,614 1,013,614 ,013,614 ,013,614 ,013,614
680,635
56
56,610
56,610
56,610
56,610
56,610
56,610
750,375
1,358,247 1,358
,358,247 1,358,247 ,358,247 ,358,247 ,358,247 1 ,358,247
2
Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
810
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1958
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Louis
St.
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F. R.
notes
976,016 5,669,581 1,112,138 1,705,382 1,121,002
53,378
170,360
56,459
75,215
78,666
Total gold certificate reserves. 1,029,394 5,839,941 1,168,597 1,780,597 1,199,668
F. R. notes of other Banks...
Other cash
11,130
23,646
66,700
62,337
20,778
20,516
31,215
39,078
16,022
17,113
746,527 3,622,248
763,107
419,283
731,510
152,378
42,011
21,558
40,531
793,319 3,774,626
805,118
440,841
772,041
8,898
20,045
14,555
8,732
6,760
10,631
9,825
9,196
50
46,792
53,615
31,596
17,992
51,991
Discounts and advances:
Secured by U. S. Govt.
1,980
2,280
2,340
2,150
5,390
2,160
4,398
695
securities
70
Other
52
327
Industrial loans
Acceptances:
Bought outright
44,796
Held under repurchase
agreement
U. S. Govt. securities:
1,385,058 6,414,693 1,462,288 2,251,914 1,655,821 1,294,370 4,443,540 ,037,725
Bought outright
Held under repurchase
agreement
Total loans and securities
1,390,775 6,461,469 .1,464,448 2,254,264 ,660,271 ,296,710 4,444,235 ,039,875
1
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
338,364
4,803
10,926
14
821,112
10,666
50,860
1
1
1
278,603 454,210 311,185
9,914
6,788
4,379
18,325
14,863
11,419
1
2
360,389 652,084
8,339
8,084
10,757
36,889
152,892
6,733
8,121
2,809,039 13,313,089 2,968,741 4,587,604 3,225,911 2,554,726 8,985,903 2,041,683
Total assets.
"*"i6
535,143 ,085,777
727,025 2,330,573
27,646
77,395
754,671 2,407,968
15,171
16,971
23,793
45,507
800
996,439 2,875,404
544,984 1,095,023 997 ,239 2,875,404
107,222
5,278
4,237
194,694
4,888
9,068
1
178,820
6,747
8,708
1
387,308
11,557
22,628
125,849 2,093,106 1,978,328 5,774,166
Liabilitie
1,591,392 6,353,883 1,668,992 2,472,458 2,056,520 1,270,349 5,152,974 ,178,187 543,175 1,061,559 717,032,2,638,797
F. R. notes
Deposits:
770,228 5,402,703 897,860 1,427,841 800,344 947,195 3,148,521 666,646 407,376 809,728 ,011,625 2,493,881
Member bank reserves
U. S. Treasurer—general
32,092 45,203
77,326
25,226
11,592
24,782
25,837
47,420
33,248
26,839
30,671
30,194
account
23,852
376,141
18,492
30,016
13,936
Foreign
6,432
9,916
10,452
13,668
12,060
15,276
38,324
364,482
1,147
9,999
36,176
1,933
Other
340
606
1,763
1,825
861
376
801
811,717 5,920,652 959,599 1,484,932 861,040 985,342 3,218,317 701,950 425,740 848,782 ,057,688 2,607,493
Total deposits
Deferred availability
items
Other liabilities
cash
Total liabilities
657,456
2,881
245,005
610
505,736
1,865
234,636
586
233,787
549
103,532
21,517
55,923
4,489
12,606
33,251
71,550
1,006
16,806
15,921
41,236
3,349
12,623
17,447
36,192
762
10,298
411,903 107,927 121,860 127,442 132,747 375,194
466
497
464
387
1,709
2,373
2,729,268 12,934,872 2,874,206 4,464,991 3,152,782 2,490,027 8,785,567 ,988,530 1,091,272 2,038,247 ,907,854 5,623,193
325,304
855
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,832
47,013
3,011
11,915
223,963
7,319
43,403
48,716
121,504
1,429
28,687
11,893
31,586
521
9,153
8,133
19,697
1,073
5,674
14,310
30,533
1,137
8,879
19,969
40,871
1,307
8,327
40,704
89,130
2,140
18,999
Total liabilities and capital
2,809,039 13,313,089 2,968,741 4,587,604 3,225,911 2,554,726 8,985,903 2,041,683 1,125,849 2,093,106 1,978,328 5,774,166
accounts
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
42.8
47.6
44.5
45.0
Contingent liability on acceptances purchased for
foreign correspondents
6,555
430,233
7,935
10,235
Industrial loan commitments.
51
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $192,424,000 participations of other Federal Reserve
Banks.
41.
35.2
45.1
42.8
45.5
40.4
42.5
45.9
5,865
5,175
16,445
4,255
2,760
4,485
5,980
12,880
940
4
After deducting $82,570,000 participations of other Federal Reserve
Banks.
811
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1958
June 25
June 18
June 11
1958
June 4
May 28
1957
May
June
June
27,483,308 27,503,127 27,465,236 27,458,638 27,460,364 27,498,452 27,480,528 27,632,726
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
11,948,000 11,948,000 11,948,000 12 ,008,000 12,008,000 11,648,000 12,008,000 11,848,000
27,441
26,752
45,357
39,586
43,286
13,556
34,092
93,755
17,095,000 17,095,000 17,095,000 17,095,000 17,095,000 17,420,000 17,095,000 16,905,000
Total collateral
29,070,441 29,069,752 29,086,286 29,148,357 29,142,586 29,081,556 29,137,092 28,846,755
EACH FEDERAL RESERVE BANK ON JUNE 30, 1958
Boston
Item
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
1,624,569 6 549,673 1,735,352 2,553,728 2t118,056 ,318,383 5 ,228,434 ,214,875 558,951 1,089,418 760,502 2,746,511
(issued to Bank)
Collateral held:
Gold certificate acct.. 700,000 3 270,000 640,000 1,070,000 775,000 425,000 2 ,300,000 430,000 155,000 300,000 283,000 1,300,000
2,160
2,150!
9,246
Eligible paper
U. S. Govt. securities. 1,150,000 3,600,0001,200,000 1,600,000 1,400,000 1,000,000 3,100,000 900,000,425,000 820,000 525,000 1,700,000
Total collateral
1,850,000 6,870,000 ,842,160 2,670,000 2,175,000 1,425,000 5,400,000 1,332,150580,000 1,129,246 808,000 3,000,000
I
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
Number
Amount
3,753
3,765
3,771
3,778
3,782
766,492
803,429
818,224
826,853
832,550
3,782
3,783
3,784
3,784
3,785
3,786
3,786
3,786
835,264
835,766
836,636
837,410
838,714
840,504
840,814
841,290
3,786
3,786
3,786
3,786
3,786
841,691
842,232
842,472
842,723
843,078
ParticiCommit- ofpations
financproved
Loans
ments
ing instibut not
outouttutions
comstanding2 standing
pleted i (amount) (amount)
out(amount)
standing 3
(amount)
1,638
1,951
520
305
End of
year or
month
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
774
742
608
628
620
586
581
524
1,794
1,780
1,795
1,815
1,323
1,165
1,130
1,109
948
919
812
816
684
1,169
1,126
1,122
May
June
July
Aug
Sept
Oct
Nov
Dec
80
155
80
760
535
506
502
503
489
1,058
1,063
1,001
998
991
1,087
1,063
965
964
944
Jan
Feb
Mar
Apr
May
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
1,488
1,493
1,496
1,497
1,498
1,498
,500
,503
2,862
2,867
2,878
2,880
2,882
2,888
2,906
2,912
407
412
412
390
395
398
394
395
305
307
307
292
295
300
298
300
130
126
123
146
138
124
127
135
,506
,511
,512
,514
1 ,516
2,923
2,935
2,936
2,937
2,952
380
372
367
343
326
290
286
282
265
252
156
164
139
157
168
1958
1958
Jan
Feb
Mar....
Apr
May....
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Loans
outstanding
1957
1957
May....
June....
July....
Aug..
Sept..
Oct...
Nov..
Dec...
Loans
authorized
to date
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 Federal Reserve Banks.
3 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.
1
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.
812
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS»
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION Vi
fin effect June 30. Per cent per annum]
[In effect June 30]
To industrial or
commercial
businesses
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
Boston
New Y o r k . . .
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis..
Kansas City..
Dallas
San Francisco
On
commitments
Portion
for which
institution is
obligated
Percentage of
loan guaranteed
Remaining
portion
On
commitments
Guarantee fee
(percentage of
interest payable
by borrower)
70 or less
75
80
85
90
10
15
20
25
30
35
40-50
95
8
(5)
Percentage of
any commitment
fee charged
borrower
Over 95
10
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
()
4-6
()
4-6
Interest rate
Commitment rate.
-1V4
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding five years.
23 Including loans made in participation with financing institutions.
Rate charged borrower less
commitment rate.
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 V4 per cent per annum
is made
on undisbursed portion.
7
Charge of lA 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
Seasonally adjusted3
Total, all
reporting
centers
New
York
City
6
other
centers 1
337 other
reporting
centers2
New
York
City
6
other
centersJ
337 other
reporting
centers 2
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
Sept
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
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
1958 Jan
Feb
Mar
Apr
May
June
212,875
181,703
203,844
204,100
195,100
219,447
84,355
72,803
84,409
85,510
77,315
95,473
41,992
36,188
40,363
39,354
38,645
41,228
86,528
72,712
79,072
79,236
79,140
82,746
54.6
55.4
56.2
56.6
51.2
65.7
30.0
30.1
31.3
30.2
28.2
»31.3
23.3
22.9
22.2
22.1
22.0
*23.9
54.3
56.8
54.8
57.5
52.5
60.8
30.6
30.9
28.6
29.3
28 6
?30.7
23.1
23 0
22.3
22.8
22.4
*23.9
1950
1951
1952
1953
1954
1955
1956
1957
1957
Apr
May
June
July
P Preliminary.
i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
New
York
City
337 other
6
reporting
other
centers * centers2
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.
813
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
in circulation 1
Total
Coin
$12
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
1,039
1,048
1,113
1,228
1,249
,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_May. . .
June...
July....
Aug
Sept
Oct
Nov
Dec.. . .
30,836
31,082
30,933
31,133
31,073
31,090
31,661
31,834
21,905
22,123
21,987
22,155
22,088
22,086
22,582
22,626
2,029
2,042
2,050
2,060
2,069
2,083
2,099
2,110
,301
,302
,292
,296
,312
,330
,356
,398
76
77
77
78
78
77
78
80
1958—Jan
Feb
Mar....
Apr.. . .
May
30,576
30,554
30,666
30,565
30,994
21,527
21,544
21,652
21,565
21,977
2,061
2,057
2,066
2,075
2,090
,293
,285
,293
,305
,349
78
77
78
81
81
End of year or
month
In millions of dollars]
Large denomination currency
Coin and small denomination currency
$2
$5
$10
$20
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
5,447
5,581
5,612
5,641
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
2,093
2,102
2,069
2,085
2,084
2,089
2,146
2,188
6,554
6,615
6,520
6,581
6,533
6,533
6,726
6,662
9,852
9,985
9,979
10,055
10,013
9,975
10,177
10,187
8,931
8,958
8,946
8,977
8,984
9,003
9,079
9,208
2,679
2,696
2,695
2,701
2,696
2,695
2,725
2,777
564
575
570
596
611
632
677
5,752
284
283
281
280
279
279
279
280
393
391
388
388
386
385
386
384
3
3
3
4
4
4
3
3
2,044
2,044
2,047
2,035
2,081
6,331
6,355
6,377
6,319
6,465
9,721
9,724
9,792
9,750
9,910
9,049
9,011
9,014
9,000
9,018
2,711
2,692
2,689
2,682
2,690
5,668
5,651
5,656
5,651
5,662
277
276
277
275
275
381
380
381
379
378
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
$1,000 $5,000 $10,000
32
46
24
17
12
10
11
15
12
14
10
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 i
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 1 8 9 0 . . . .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—May 31 1958
Apr. 30, 1958
May 31 1957
Total outstanding As security
against
May 31,
gold and
1958
silver
certificates
21 594
21 036
27 481
5,201
21 036
2557
12,410
73
74
488
2,226
12,410
1 449
509
347
123
60
184
2,226
(5)
(5)
(5)
For
F. R.
Banks
and
agents
18,189
30
3'i"
8
4
(4)
(4)
23,446
23,838
24,369
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 Wednesday dates, in table on p. 806.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5
Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
Treasury
cash
703
734
788
18,189
18,593
19,117
Held by
F. R.
Banks
and
agents
2,816
1 233
339
May 31,
1958
Apr. 30,
1958
Mav 31,
1957
32
26,174
4,788
32
25,845
4,689
33
26,093
4,711
8
266
265
251
211
79
15
25
1
(4)
2,199
1,339
485
318
121
60
2,119
1,328
483
313
122
60
2,165
1,307
471
322
133
62
4,388
4,733
4,355
30,994
" 3 6 ; 565"
30,836
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.
814
ALL BANKS
CONSOUDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Total
Bank credit
Date
Gold
Treasury
currency
outstanding
Other
securities
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
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
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
Loans,
net
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947—Dec.
195O_Dec.
1954—Dec.
!955_Dec.
1956—Dec.
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
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—May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29.
6.
26.
31.,
28.
25.
30.
27.,
31.
22,600
22,620
22,600
22,600
22.600
22,600
22,700
22.800
22,781
5,100
5,106
5,100
5,100
5,100
5,100
5,100
5,100
5,146
221,600
221,454
222,200
222,700
223,200
223,600
225,200
224,800
229,470
110,700
110,938
113,000
112,200
112,700
113,400
113,000
113.000
115,157
89,600
89,114
87,800
89,000
88,900
88,400
89,700
89.400
91,370
65,000
64,548
63,400
64,100
64,000
63,700
65,000
64 500
65,792
23,000
23,016
22,900
23,400
23,300
23,200
23.200
23.600
24,238
.600
,550
.600
.500
,500
.500
.500
400
,340
21,400
21,402
21,400
21.400
21,600
21 800
22.500
22 400
22,943
249,400
249,180
249,900
250.400
250,900
251,300
253.000
257.700
257,397
228,200
227,576
229.100
229.300
229.000
229.500
231.100
231 000
236,372
21.200
21,605
20,900
21.100
21.900
21,900
21.900
21.700
21,023
22,800
22,700
22,500
22,000
21,600
5,200
5,200
5,200
5,200
5,200
225,600
226,700
230,000
234,400
234,900
112,500
112,700
113,900
114,400
113,900
89,900
90,500
91,900
95,300
96,000
65,200
65,800
67,100
70,300
70,700
23,400
23,400
23,500
23,700
24,100
,300
,300
,300
,300
,300
23,100
23,500
24,300
24,800
25,000
253,500
254,600
257,700
261,600
261,700
231,800
232,500
235,500
239,200
238,900
21,800
22,100
22,200
22,500
22,800
1958—Jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*,
M a y 28P.
Details of Deposits and Currency
U. S. Govt. balances
Date
Foreign
bank
deposits,
net
At
Treascomury
mercial
cash
and
holdsavings
ings
banks
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.
365
50
1,217
1,498
2,141
1,682
2,518
3,329
3,167
3,306
1957_May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29.,
6.
26.
31.
28.
25.
30.
27.
31.,
3,200
3,247
3,400
3,300
3,200
3.300
3,300
3.200
3,270
800
792
800
800
800
800
800
800
761
1958—Jan.
Feb.
Mar.
Apr.
May
29*.
26*.
26*.
30*.
28*.
3,300
3,700
3,900
4 000
4,000
800
700
700
700
7001
204
381
264
852
846
2,409
2,215
1,895
2,287 24,608
1,336
1,452
1,293 2,989
796 4,510
767 4,038
775 4,038
Time deposits *
At
F. R.
Banks
Total
Total
Demand
Com- Mutual Postal
demercial savings Savings posits 4
banks banks 3 System
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
5,300
3,625
4,800
3,700
4,400
3,900
3,500
3 300
4^179
500
473
500
500
500
600
500
400
481
218,400
219,439
219,700
221,000
220,000
220.900
223.000
223 300
227,681
85,700
85,715
86,400
86,700
87.100
87.700
88.100
87 600
89,126
53,600
53,605
54,000
54,400
54.700
55.100
55,500
55 000
56,139
30,600
30,647
30.900
30.900
31.000
31,200
31,300
31,300
31,662
,500
,463
,500
.400
.400
.400
.400
300
,325
2,400
3,800
5,800
5,400
5,700
500
400
600
600
400
224,800
223,900
224,500
228,400
228,100
89,800
90,900
92,500
93,600
94,600
56,600
57,600
58,800
59,900
60,700
31,900
32,100
32,400
32.500
32,700
* 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 series5
Deposits adjusted and currency
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
22,540
14,411
29,793
38,992
75,851
87,121
92.272
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
104,800
105,706
105,600
106.600
105.100
105.500
107,200
107 200
110,254
27,900
28,018
27,800
27.800
27,800
27.800
27,800
28.500
28,301
134,600 106,600 28,000
1
(5)
135,200 1O7?3
300 27,900
I000 28,000
136,000 108,0
800 27,900
134,700 106,8
200 27,700
133,900 106,2
500 27.700
134,200 106,5
100
134 000
133,200 105,100 28,100
,300 107,600
,300 105,600
,300! 104,600
,200 107,200!
,200 105,800.
27,300
27,400
27,400
27,600
27,800
132,200
133,100
134,000
135,000
135,500
104,700 27,500
105,500 27,600
106,400 27,600
107,200 27,800
107,600 27,900
I
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.
815
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]
Loans and investments
Class of bank
and date
Total
Loans
U.S.
Govt.
obligations
Other
securities
Cash
assets2
Total
assets—
Total
liabilities
and
capital
accounts 3
Deposits
Other
Total 2
Interbank 2
50,
61,
140,
134.
148;
197;
197;
197;
198;
199.
199;
20i;
200;
203;
20i;
202;
205;
210;
210;
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947_Dec. 3H
1950—Dec. 30
1956—Dec. 31
1957_May 29
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26*
Mar. 26?
Apr. 30?
May 28?
40,668
50,746
124,019
116,284
126,675
165,123
165,070
164,515
165,380
165,900
166,320
167,900
167,270
170,068
167,650
168,580
171,410
175,560
175,440
17,238
21,714
26,083
38,057
52,249
90,302
91,180
91,028
92,340
92,840
93,400
92,970
92,940
93,899
92,020
92,090
92,980
93,450
92,800
16,316
21,808
90,606
69,221
62,027
58,552
57,070
56,642
56,280
56,170
55,870
57,310
56,910
58,239
57,700
58,260
59,550
62,830
63,240
7,114
7,225
7,331
9,006
12,399
16,269
16,820
16,845
16,760
16,890
17,050
17,620
17,420
17,930
17,930
18,230
18,880
19,280
19,400
22,474
26,551
34,806
37,502
40,289
48,720
40,770
39,995
42,040
41,320
41,260
41,790
42,800
48,428
41,070
41,340
41,290
42,850
41,120
65,216
79,104
160,312
155,377
168,932
217,460
209,600
208,393
211,310
211,250
211,590
213,840
214,220
222,696
213,050
214,320
217,090
222,870
220,840
57,718
71,283
150,227
144,103
155,265
197,515
187,370
186,308
189,710
188,680
188,930
190,740
191,050
201,326
190,470
191,480
194,400
199,850
197,590
9,874
10,982
14,065
13,032
14,039
17,593
13,700
14,421
14,950
14,370
14,800
14,710
14,550
17,021
14,830
15,130
15,560
16,320
15,980
All member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—May 29
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30?
May 28?
33,941
43,521
107,183
97,846
107,424
138,768
138,307
137,808
138,573
139,010
139,315
140,475
139,882
142,353
140,122
141,130
143,874
147,485
147,272
13,962
18,021
22,775
32,628
44,705
78,034
78,590
78,448
79,621
80,103
80,608
80,155
80,097
80,950
79,160
79,225
80,089
80,423
79,713
14,328
19,539
78,338
57,914
52,365
47,575
46,159
45,829
45,490
45,334
45,007
46,158
45,823
47,079
46,599
47,280
48,572
51,505
51,916
5,651
5,961
6,070
7,304
10,355
13,159
13,558
13,531
13,462
13,573
13,700
14,162
13,962
14,324
14,363
14,625
15,213
15,557
15,643
19,782
23,123
29,845
32,845
35,524
42,906
36,074
35,270
37,137
36,594
36,399
36,935
37,862
42,746
36,151
36,457
36,395
37,834
36,210
55,361
68,121
138,304
132,060
144,660
184,874
177,720
176,507
179,151
179,188
179,283
181,109
181,440
188,828
180,150
181,522
184,191
189,304
187,301
49,340
61,717
129,670
122,528
133,089
167,906
158,655
157,593
160,652
159,767
159,759
161,229
161,536
170,637
160,793
161,908
164,745
169,551
167,367
9,410
10,525
13,640
12,403
13,448
16,855
13,067
13,736
14,236
13,681
14,095
14,008
13,841
16,328
14,237
14,550
14,977
15,720
15,402
10,216
10,379
16,208
18,641
21,346
31,940
32,910
32,950
33,150
33,350
33,500
33,550
33,640
33,782
34,130
34,300
34,580
34,730
35,000
4,927
4,901
4,279
4,944
8,137
19,777
20,440
20,487
20,620
20,750
20,860
21,000
21,120
21,216
21,380
21,490
21,630
21,770
21,990
3,101
3,704
10,682
11,978
10,868
7,971
7,940
7,906
7,550
2,188
1,774
1,246
1,718
2,342
4,192
4,530
4,557
4,670
4,730
4,790
4,870
4,970
7,'540
7,510
7,570
7,480
7,430
5,580
818
793
609
886
797
920
800
839
800
760
780
800
800
890
880
950
930
880
880
11,852
11,804
17,020
19,714
22,385
33,311
34,190
34,254
34.430
34,600
34,780
34,820
34,930
35,168
35,490
35,740
36,040
36,130
36,400
10,524
10,533
15,385
17,763
20,031
30,032
30,640
30,678
30,930
31,020
31,220
31,290
31,330
31,695
31,960
32,110
32,410
32,510
32,690
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950_Dec. 30
1956—Dec. 31
1957—May 29
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30?
May 28?
22,165 19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
110,079 66,523 20,461 49,641 250,770 227,546 17,595
111,620 65,010 21,350 41,570 243,790 218,010 13,700
111,515 64,548 21,402 40,834 242,647 216,986 14,423
112,960 64,140 21,430 42,840 245,740 220,640 14,950
113,590 64,040 21,620 42,080 245,850 219,700 14,370
114,260 63,720 21,840 42,040 246,370 220,150 14,800
113,970 64,990 22,490 42,590 248,660 222,030 14,710
114,060 64,460 22,390 43,600 249,150 222,380 14,550
115,115 65,792 22,943 49,318 257,864 233,020 17,022
113,400 65,240 23,140 41,950 248,540 222,430 14,830
113,580 65,770 23,530 42,290 250,060 223,590 15,130
114,610 67,120 24,260 42,220 253,130 226,810 15,560
115,220 70,310 24,760 43,730 259,000 232,360 16,320
114,790 70,670 24,980 42,000 257,240 230,280 15,980
v1 Preliminary.
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
Number
of
banks
Demand
U.S.
Govt.
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1956—Dec. 31
1957_May 29
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30?
May 28?
Total
capital
Time
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,736 125,308
5,040 114,770
3,320 114,659
3,390 116,690
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
25,852
26,479
45,613
53,105
56,513
80,908
84,500
84,584
85,610
86,050
86,610
87,040
86,600
88,102
88,770
89,920
91,480
92,670
93,620
8,194
8,414
10,542
11,948
13,837
19,249
19,710
19,879
20,000
20,140
20,210
20,450
20,540
20,428
20,560
20,700
20,830
20,910
21,040
15,035
14,826
14,553
14,714
14,650
14,167
14,145
14,144
14,135
14,133
14,128
14,113
14,102
14,090
14,081
14,076
14,078
14,071
14,065
32,513
44,349
105,921
1,343 94,367
2,806 101,917
3,733 125,282
5,040 114,740
3,318 114,633
3,390 116,660
4,130 115,120
115,130
3,
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
15,331
15,952
30,241
35,360
36,503
50,908
53,890
53,937
54,710
55,060
55,420
55,780
55,300
56,440
56,840
57,840
59.100
60.190
60,960
6,885
7,173
8,950
10,059
11,590
16,302
16,680
16,837
16,970
17,090
17,140
17,380
17,440
17,368
17,470
17,580
17,710
17,810
17,920
14,484
14,278
14,011
14,181
14,121
13,640
13,619
13,619
13,610
13,608
13,603
13,588
13,578
13,568
13,561
13,556
13,558
13.551
13,545
11,699
12,347
24,210
28,340
29,336
40,909
43,301
43,313
43,901
44,184
44,478
44,740
44,366
45,290
45,592
46,436
47,530
48,429
49,074
5,522
5,886
7,589
8,464
9,695
13,655
13,947
14,058
14,210
14,300
14,341
14,539
14,584
14,554
14,630
14,721
14,828
14,918
15,009
6,362
6,619
6,884
6,923
6,873
6,462
6,445
6,445
6,430
6,427
6,421
6,411
6,406
6,393
6,390
6,382
6,380
6.372
6,364
10,521
10,527
15,371
.17,745
20,009
30,001
30,610
30,647
30,900
30,990
31,190
31,260
31,300
31,662
31,930
32,080
32,380
32,480
32,660
1,309
1,241
1,592
1,889
2,247
2,947
3,030
3,042
3,030
3,050
3,070
3,070
3,100
3,059
3,090
3,120
3,120
3.100
3,120
551
548
542
533
529
527
526
525
525
525
525
525
524
522
520
520
520
520
520
743
1,709
22,179
1,176
2,523
3,292
4,514
2,932
3,090
3,715
3,189
2,777
2,681
3,472
1,855
3,163
5,097
4,818
4,891
27,489
37,136
69,640
80,609
87,783
106,850
97,773
97,612
99,425
98,187
97,997
99,704
100,648
105,547
99.109
97,759
97,141
100.584
98,000
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.
816
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—May 29
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26»
Mar. 26*
Apr. 30?
May 28*>
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1956—Dec.
1957—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1958—Jan.
Feb.
Mar.
Apr.
May
Total
9,339
12,896
26,143
20,393
20,612
23,809
23,279
23,293
23,182
23,252
23,258
23,385
23,054
23,828
23,181
23,964
25,006
25.891
25,540
Loans
U.S.
Gqvt.
obligations
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
15,987 6,057
15,907 5,706
15,895 5,738
16,006 5,476
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
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Demand
U.S.
Govt.
1,272
1,559
1,235
1,242
1,890
1,765
1,666
1,660
1,700
1,763
1,788
1,855
1,744
1,846
1,990
2,096
2,225
2,279
2,138
6,703
6,637
6,439
7,261
7,922
8,629
7,300
6,692
7,470
7,701
6,984
7,539
7,700
8,984
7,134
7,327
7,656
7,973
7,023
16,413
19,862
32,887
27,982
28,954
33,381
31,556
30,993
31,685
32,144
31,403
32,103
31,921
33,975
31,612
32,622
33,959
35.177
33,777
14,507
17,932
30,121
25,216
25,646
29,149
26,914
26,322
26,981
27,070
26,182
27,030
26,935
29,371
26,600
27,412
28,965
30.120
28,796
4,238
4,207
4,657
4,464
4,638
5,987
4,962
5,033
5,233
4,945
5,108
5,119
5,148
5,781
5,328
5,623
5,842
6.202
6,062
74
866
6,940
267
451
747
1,032
688
726
737
535
500
443
737
266
602
1,381
1,537
1,128
2,105
2,760
5,931
5,088
5,569
6,473
6,249
6,266
6,234
6,289
6,261
6,273
6,275
6,446
6,211
6,261
6,492
6,647
6,484
569
954
1,333
1,801
2,083
3,772
3,776
3,789
3,862
3,915
3,937
3,829
3,781
3,852
3,600
3,487
3,481
3,592
3,417
1,203
1,430
4,213
2,890
2,911
2,113
1,876
1,884
1,825
1,823
1,783
1,888
1,927
2,032
2,050
2,201
2,404
2.434
2,434
333
376
385
397
576
588
597
593
547
551
541
556
567
562
561
573
607
621
633
446
566
489
739
,034
,171
941
821
947
968
939
969
938
,083
,862
,927
,808
,873
,985
3,595
4,363
7,459
6,866
7,649
8,695
8,247
8,147
8,239
8,314
8,257
8,310
8,285
8,595
8,137
8,256
8,374
8,600
8,553
3,330
4,057
7,046
6,402
7,109
7,943
7,259
7,284
7,462
7,440
7,319
7,264
7,320
7,792
7,291
7,374
7,390
7,665
7,692
1,035
1,312
1,217
1,229
1,372
1,081
1,184
1,279
1,185
1,251
1,183
1,145
1,347
1,170
1,211
1,272
1,320
1,317
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—May 29
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26P
Mar. 26^
Apr. 30P
May 28^
12,272
15,347
40,108
36,040
40,685
53,915
53,401
53,137
53,785
53,831
53,881
54,109
54,201
55,259
54,294
54,626
55,711
57,243
57,687
5,329
7,105
8,514
13,449
17,906
31,783
31,574
31,435
32,104
32,259
32,576
32,261
32,510
32,805
32,076
31,815
32,072
32,012
32,042
5,194
6,467
29,552
20,196
19,084
17,368
16,830
16,797
16,798
16,696
16,372
16,755
16,669
17,352
17,156
17,672
18,210
19,627
19,869
1,749
1,776
2,042
2,396
3,695
4,764
4,997
4,905
4,883
4,876
4,933
5,093
5,022
5,102
5,062
5,139
5,429
5,604
5,776
6,785
8,518
11,286
13,066
13,998
17,716
14,807
14,532
15,079
14,683
14,930
14,899
15,500
17,540
14,715
14,934
14,629
15,356
15,030
19,687
24,430
51,898
49,659
55,369
72,854
69,518
68,965
70,164
69,808
70,128
70,389
71,106
74,196
70,471
71,012
71,802
74,086
74,174
17,741
22,313
49,085
46,467
51,437
66,524
62,299
61,796
63,225
62,521
62,870
62,963
63,556
67,483
63,244
63,710
64,626
66,642
66,492
3,686
4,460
6,448
5,649
6,448
7,878
5,809
6,228
6,373
6,248
6,408
6,367
6,203
7,542
6,364
6,392
6,536
6,794
6,759
Country member
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1956—Dec.
1957—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1958—Jan.
Feb.
Mar.
Apr.
May
10,224
12,518
35,002
36,324
40,558
54,571
55,378
55,112
55,372
55,638
55,915
56,708
56,352
56,820
56,436
56,279
56,665
57,704
57,561
4,768
5,890
5,596
10,199
14,988
26,491
27,333
27,330
27,649
27,738
27,879
27,950
27,919
28,191
27,983
27,989
28,169
28,459
28,421
3,159
4,377
26,999
22,857
21,377
22,037
21,747
21,409
21,391
21,517
21,598
22,100
21,804
21,815
21,703
21,473
21,544
22,192
22,044
2,297
2,250
2,408
3,268
4,193
6,042
6,298
6,373
6,332
6,383
6,438
6,658
6,629
6,814
6,750
6,817
6,952
7,053
7,096
4,848
6,402
10,632
10,778
11,571
14,390
12,026
12,224
12,641
12,242
12,546
12,528
12,724
14,139
12,440
12,269
12,302
12,632
12,172
15,666
19,466
46,059
47,553
52,689
69,945
68,399
68,404
69,063
68,922
69,495
70,307
70,128
72,062
69,930
69,632
70,056
71,441
70,797
13,762
17,415
43,418
44,443
48,897
64,289
62,183
62,192
62,984
62,736
63,388
63,972
63,725
65,991
63,658
63,412
63,764
65,124
64,387
598
822
154
225
1,223
1,073
1,133
1,618
1,215
1,290
1,351
1,303
1,328
1,339
1,345
1,658
1,375
1,324
1,327
1,404
1,264
5,465
30
31
31
31
30
31
29
6
31
28
25
30
27
31
29?
26?
26^
30P
28^
banks:
30
31
31
31
30
31
29
6
31
28
25
30
27
31
29?
26P
26P
30*>
28?
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
888
80
127
1,552
72
174
184
195
97
196
275
186
148
151
195
86
203
351
302
292
435
491
8,221
405
976
1,201
1,716
1,051
[,264
1,453
1,274
918
1,017
[,358
610
1,349
1,960
1,886
1,884
432
922
[,160
1,571
1,097
904
1,250
1.194
1J211
1,070
1,181
893
1,009
1,405
1,093
1,587
Total
capital
accounts
Number
of
banks
Time
Other
9,459
12,051
17,287
19,040
18,836
19,940
18,084
17,836
18,320
18,698
17,778
18,648
18,591
19,959
18,081
18,089
18,454
19,045
18,219
736
807
1,236
1,445
1,722
2,475
2,836
2,765
2,702
2,690
2,761
2,763
2,753
2,893
2,925
3,098
3,288
3.336
3,387
1,592
1,648
2,120
2,259
2,351
2,873
2,904
2,907
3,061
3,059
3,054
3,127
3,133
3,136
3,152
3,166
3,161
3.200
3,210
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
18
18
1,867
2,419
3,462
4,201
4,604
069
4,669
4,691
4,676
4,674
4,573
4,624
4,708
4,904
4,695
4,612
4,418
4,671
4,708
495
476
719
913
1,103
1,319
1,314
1,312
1,311
1,306
1,309
1,309
1,316
1,345
1,340
1,348
1,349
1,372
1,375
250
288
377
426
490
660
662
665
671
671
670
679
685
689
688
693
700
705
709
14
13
12
14
13
14
14
14
14
14
14
14
14
14
14
14
14
14
14
9,004
12,557
24,655
28,990
32,366
40,647
37,153
36,874
37,671
36,820
37,103
37,483
38,159
39,960
37,591
36,924
36,646
38,028
37,465
4,616
4,806
9,760
11,423
11,647
16,797
17,621
17,642
17,917
18,000
18,085
18,195
18,177
18,623
18,679
19,045
19,484
19,934
20,384
1,828
1,967
2,566
2,844
3,322
5,076
5,168
5,182
5,199
5,242
260
5; 298
5,338
5,370
5,394
5,428
5,469
5,506
5,573
346
351
359
353
336
289
282
282
282
282
281
281
280
278
278
278
278
278
281
7,158
10,109
24,235
28,378
31,977
41,194
37,867
38,211
38,758
37,995
38,543
38,949
39,190
40,724
38,742
38,134
37,623
38,840
37,608
5,852
6,258
12,494
14,560
14,865
20,317
21,530
21,594
21,971
22,188
22,323
22,473
22,120
22,429
22,648
22,945
23,409
23,787
23,928
1,851
1,982
2,525
2,934
3,532
5,046
5,213
5,304
5,279
5,328
5,357
5,435
5,428
5,359
5,396
5,434
5,498
5,507
5,517
5,966
6,219
6,476
6,519
6,501
6,141
6,131
6.131
6,116
6,113
6,108
6,098
6,094
6,083
6,080
6,072
6,070
6,062
6,051
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million. Because preliminary data are rounded to the
nearest $10 million no amount is shown except on call dates.
For other notes see preceding and opposite pages.
817
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued
[Amounts in millions of dollars]
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
liaCash
bilities
assets2
and
capital
accounts 3
Deposits
Other
Total 2
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
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
State member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957_j U ne 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
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
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
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 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
Insured mutual savings banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957_j une 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
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
4,022
For other notes sec preceding two pages.
Number
of
banks
Time
21,259
25,765
37,583
82,081
89,831
90,571
93,430
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Demand
U.S.
Govt.
49,290
121,809
114,274
159,164
163,601
163,025
168,595
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Interbank 2
Total
capital
accounts
Other
10,654 1,762
41,298 15,699 6,844
13,883 23,740
80,276 29,876 8,671
12,670 1,325
92,975 34,882 9,734
16,273 3,697 122,149 48,393 14,980
17,282 3,717 124,346 50,608 15,988
14,095 3,310 113,812 53,643 16,525
16,753 3,859 123,127 56,137 17,051
13,426
13,297
13,398
13,216
13,195
13,189
13,142
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
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
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
763
514
576
357
369
282
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
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
10,992
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
692
5,504
3,613
6,045
14,101
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
629
7,160
8,165
5,858
5,518
5,505
5,404
421
606
958
2,910
3,110
3,452
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
12,192
21,182
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
3,075
3,522
3,813
2,601
2,453
2,401
2,148
1,353
641
760
1,072
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
6,672
8,738
5,020
5,553
6,947
7,143
7,098
6,671
1,077
558
637
806
817
802
751
496
350
339
307
304
291
283
1,291
1,905
1,392
18
1,039
12
936
16
821
8
840
39
12
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
818
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
CommerTotal
cial,
loans
in- Agriand
cludinvest- Total 2 ing
culments
open tural
market
paper
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
ObligaOther
tions
Direct
loans
of
Real
to Other
States Other
esinTotal
and
tate
CertifiTo
Guar- polit- securities
di- loans
cates
brok- To loans vidTotal
anical
of in- Notes Bonds teed
ers othuals
subBills
debtand
divieddeal- ers
sions
ness
All commercial
banks: 3
1947—Dec. 31....116,284 38,057 18,167 1,660 830 ,220 9,393 5,723 , 063 78,226 69,221 2,193
,475 31,263 774 20,809 17,185 3,117 78 280 61,592 4,219
1955—Dec. 31.... 160,881 82,601 33,245 4J475
,161 2i 589 1,691 22,509 18,850 3,343 74 821 58,552 5,924
1956—Dec. 31....165,123 90,302 38,720 4,1
1957—June 6.... 164,515 91,028 39,020 4,077 2,274 1,634 22 ,530 19,508 3,623 73 487 56,642 4,761
169 58,239 5,405
Dec. 31.... 170,068 93,899 40,526 4,066 2,601 i;620 23;il0 20,217 "
7,789
2,318
1,997
3,665
4,813
6,034 53,191
14,034 41,010
11,823 38,796
10,070 38,137
10,608 37,406
All insured commercial banks:
3,159 12,797
28,031 21,046 988
1941—Dec. 31.... 49,290 21,259 9,214 1,450 614 662 4,773
4,-545
51
96,043 88,912 2,455 19,071 16,045 ",321
314 3,164 3,606 4,677 2,361 1,181
1945—Dec. 31....121,809 25,765 9,461 1,314
,
67,941 2,124 7,552 5,918 52 ,334
76
1947 Dec. 31....114,274 37,583 18,012 1,610 823 190 9,266 5,654 1,028 76,691
1955—Dec. 31....159,164 82,081 33,092 4^96 3,229 742 20,692 17,104 3,091 77,083 60,765 4,105 2,292 13,856 40 ,502
57,837 5,763 1,981 11,
,358
73
1956—Dec. 31....163,601 89,831 38,571 4,101 2,565 ;669 22,394 18,765 3,325 "",770
.
3,599 72,454 55,973 4,658 3,610 9,967 37,730
1957—June 6.... 163,025 90,571 38,870 4,027 2
2,251 ,613 22,427 19,421
Dec. 31.... 168,595 93,430 40,,380 4 015 2,569 ,60123,003 20,122 3,513 75 ,164 57,580 5,290 4,758 10,493 37,031
Member banks,
total:
3,007 11 ,729
25,500 19,539 971
3,692
1941—Dec. 31.... 43,521 18,021 8,671 972 594 598 3,494
" ,40878,338 2,275 16,985 14,271 44,792
1945—Dec. 31....107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84
," " 811 ,065 7,130 4,662
,218 57,914 1,987 5,816 4,815 45,286
45
1947—Dec. 31.... 97,846 32,628 16,962 1,046
1955—Dec. 31....135,360 70,982 31,019 2,726 3,150 560 16,391 14,313 2,943 64,377 50,697 3,250 1,738 11,508 34,192
1956—Dec. 31....138,768 78,034 36,296 2,478 2,447 ,473 17,811 15,765 3,147 60,734 47,575 4,383 1,469 9,493 32,218
31,632
1957—June 6.... 137,808 78,448 36,500 2,453 2,132 ,416 17,768 16,229 3,399 59,360 45,829 3,439 2,798 7,952 31
"
Dec. 31.... 142,353 80,950 37,868 2,472 2,448 ,409 18,231 16,775 31316
61,403 47,079 3,948 3,534 8,560 31 ,031
New York City:*
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_j u n e 6...,
Dec. 3 1 . . . .
Chicago:*
1941_Dec.
1945—Dec.
1947_Dec.
1955—Dec.
1956—Dec.
1957_june
Dec.
31....
31....
31....
31...,
31....
6...,
31....
Reserve city
1941—Dec.
1945_Dec.
1947—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
banks
31....
31....
31....
31....
31....
6...,
31...
Country banks:
1941—Dec. 3 1 . . . ,
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . .
1956—Dec. 3 1 . . .
1957—June 6...,
Dec. 3 1 . . .
Nonmember com-3
mercial banks:
1947—Dec. 31...
1955—Dec. 31...
1956—Dec. 31...
1957—June 6...
Dec. 31...
412 169
2,453 1,172
545 267
2,144 511
1,409 402
,152 389
,280 387
12,896 4,072 2,807
26,143 7,334 3,044
20,393 7,179 5,361
23,583 14,640 9,126
23,809 15,987 11,266
23,293 15,895 11,344
23,828 16,102 11,651
2,760
5,931
5,088
6,542
6,473
6,266
6,446
954
1,333
1,801
3,342
3,772
3,789
3,852
732
760
1,418
2,390
2,781
2,859
2,903
15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
52,459 28,622 13,212
53,915 31,783 15,170
53,137 31,435 14,919
55,259 32,805 15,702
8,823
554
287 298 18,809
564 330 13,214
1,506 1,006 8,943
1,558 1,049 7,822
1,516 1,245 7,398
1,513 1,053 7,726
7,265 311
1,623 3,652 1,679
729
17,574 477 3,433 3,325 10,337
606
1
11,972 ,002
558 9,771
638
640
6,796 552
1,609
100 1,141 5,002
6,057 724
976 4,160
1,406
194
5,738 685
781 4,052
219
1,311
5,880 648
214 1,093 3,924
1,435
1,430
4,213
2,890
2,506
2,113
1,884
2,032
256
133 1,467
132
235
111
68
112
42
75
74
65
126
903
1,864
2,274
1,723
1,643
1,513
1,528
119
182
181
213
476
440
460
408
193
204
185
219
148
133
154
1,527
1,459
3,147
6,962
7,654
7,481
7,667
1,512
8,243 6,467 295
855 404 31,594 29,552 1,034
1,969 366 22,591
22
20,196 373
5,916 180 23,837 18,826 813
6,512
,132 17,368 1,185
6,630 300 21,702 16,797 758
6,893 370 22,454 17,352 1,009
6,982
2,358
657
441
1,179
1,285
751
5,653
1,901
4,708
3,742
3,038
3,297
4,248 1,173
956 820
15,878
5 1,126 916
15,560
3 1,342 ,053
12,643
5 3,778 ,233
11,995
4 3,820 944
11,819
3
1,017
11,760
2 4^027 1,075
5,102
2,583
913
792
1,326
1,909
481
4,544
2,108
5,056
4,458
3,910
3,857
2,926
16,713
17,681
14,825
14,420
14,248
13,819
40
26
184
178
184
180
1,676 659
1,484 648
3,096 818
6,290 2 ,127
7,080 1,972
7,378 1,949
7,613 1,970
20
42
23
189
334
312
365
183
471
227
255
261
259
252
1,823
1,881
3,827
8,723
9,407
9,586
9,856
1,530
6,628 4,377 110
707 363 29,407 26,999 630
1,979 229 26,125 22,857 480
6,575 573 28,397 22,570 1,774
7,256 631 28,080 22,037 2,362
7.653 669 27,782 21,409 1,920
7,944 713 28,629 21,815 2,226
18,454
25,546
26,381
26,733
27,741
1,205
2,226
2,424
2,519
2,657
20
113
143
143
153
156
214
218
219
211
2,266
4,428
4,708
4,773
4,891
1,061
2,872
3,085
3,278
3,442
614
,750
1 ,683
1,625
1,594
153
749
248
604
316
223
313
830
629
604
539
358
349
411
114 194
427 1,503
170 484
542 696
501 712
496 672
603 673
95
51
149
316
439
430
425
12,518 5,890
35,002 5,596
36,324 10,199
52,775 24,379
54,571 26,491
55,112 27,330
56,820 28,191
5,432
11,628
12,279
12,591
12,961
,832 3,090 2 871
,815
16 3,
10 4,199 3,105
9 10,444 3,236
12 10,494 2,665
_,763
10,
11,235 3,089
22
36
46
128
134
135
143
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 included in member banks but are not included in all insured commercial
1,806
4,598
3,287
3,200
2,701
2,477
2,594
,102 3,651 3,333
22 3,—
,873 ",258
3
14 5,,129 3,621
10 12,,465 3,853
:,675 3,258
13 12,
8 13,095 3,386
7 ,688 3 897
13,
52
233
87
99
97
96
97
48
211
73
275
203
172
200
300
205
225
566
489
495
494
123
80
111
577
617
567
565
5,276 3,729
12,698 3,990
12,901 3,368
".3. 1 4 33,531
13,915 4,014
111 13,021 11,318 206 1,973 1,219 7,916
174 13,918 10,908 970
580 2,527 6,829
196 14,102 10,989 1,541
528 2,330 6,588
224 14,141 10,825 1,323
867 2,119 6,515
217 14,780 11,17." 1,457 1,279 2,049 6,385
861
9
6
3
4
4
4
1,222
1,342
2,006
4,581
4,827
5,109
5,365
1,028
1,067
1,262
1,246
1,215
1.265
,449
1,078
2.255
2,409
2,548
2,682
625
755
704
769
926
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.
819
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Class of bank
and
call date
All commercial
banks: 3
1947—Dec.
1955—Dec.
1956—Dec.
1957__jUne
Dec.
ReDeBalserves
mand
with Cash
with
deFederal in
doposits
vault mestic
Readserve
bankss justed ^
Banks
Interbank
deposits
ForDomestics eign
31....
31....
31....
6....
31....
17,796
18,721
18,706
18,500
18,972
2,216
2,682
3,261
2,737
3,335
10,216 87,123
12,050 109,905
111,405
12,813 111
9,761 105,713
12,342 110 ,266
11,362
13,512
14,338
11,247
13,867
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,721
18,706
18,500
18,972
1,358
1,829
2,145
2,656
3,237
2,717
3,311
8,570 37,845
11,075 74,722
9,736 85,751
11,744 108,887
12,490 110,487
9,515 104,904
12,079 109,439
Member banks,
total:
1941—Dec. 31....
1945—Dec. 31....
1947_Dec. 31....
1955—Dec. 31....
1956—Dec. 31
1957—June 6....
Dec. 31....
12,396
15,811
17,797
18,722
18,707
18,501
18,973
1,087
1,438
1,672
2,019
2,487
2,065
2,536
6,246
7,117
6,270
7,612
8,124
5,931
7,806
5,105
4,015
4,639
4,431
4,375
4,080
4,564
93
111
151
127
161
143
158
1,430
1,546
1,794
1,618
1,769
Time deposits
CertiIndiIndi- Bor- CapiU.S. States viduals,
fied
States
viduals,
tal
row- acGovt. and partnerand
and
partnerand polit- ships, ings counts
U.S. political offiships, Interical
bank
postal
Govt. subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions porations
etc.
tions
1,343
3,709
3,733
3,318
3,898
6,799
10,273
10,449
10,603
10,693
2,581
3,904
3,785
2,852
3,620
84,987
109,011
111,048
101,177
109,653
240
1,585
1,460
1,556
1,385
111
356
330
331
301
866
2,340
2,384
2,712
2,773
65 10,059
34,383
46,019 159 15,300
48,193
75 16,302
50,893 1,446 16,837
53,366
77 17,368
9,823
12,566
11,236
13,390
14,226
11,127
13,752
673 1,762
248 23,740
,379 1,325
,516 3,697
,755 3,717
,581 3,310
736 3,859
3,677
5,098
6,692
10,138
10,350
10,500
10,594
1,077
2,585
2,559
3,879
3,744
2,829
3,597
36,544
72,593
83,723
108,131
110,252
100,483
108,936
158
70
54
1,367
1,301
1,388
1,264
59
103
111
356
330
331
301
492
496
826
2,282
2,329
2,652
2,717
15,146
10
29,277 215
33,946
61
45,756 145
47,949
56
50,660 1 ,430
53,120
66
33,754
64,184
73,528
92,435
93,320
88,912
92,191
9,714
12,333
10,978
13,002
13,818
10,799
13,356
671
,709
,243 22 ,179
.375 1,176
,511 3,327
,749 3,292
,568 2,932
,726 3,472
3,066
4,240
5,504
8,075
8,211
8,371
8,412
1,009
2,450
2,401
3,638
3,475
2,616
3,331
33,061
62,950
72,704
93,687
95,163
86,624
93,804
140
64
50
1,353
1,289
1,369
1,246
50
99
105
327
301
302
275
418
399
693
1,865
1,839
2,128
2,170
11,878
4 5,886
23,712 208 7,589
27,542
54 8,464
36,972 137 12,783
38,769
48 13,655
40,883 1,374 14,058
42,845
57 14,554
141
78
70
111
99
45
110
10,761
15,065
16,653
16,493
15,974
15,450
15,849
3,595
3,535
3,236
3,364
3,622
2,775
3,480
866
607
1,105 6,940
267
1,217
756
1,151
747
1,400
688
1,249
737
1,389
319
237
290
302
286
261
299
450
1,338
1,105
1,498
1,172
914
1,284
11,282
6
15,712
17
17,646
12
18,919 1,085
18,482
965
16,660 1,009
18,377
912
298
200
175
141
174
95
148
2,215
3,153
3,737
4,349
4,272
4,087
4,084
1,027
1,292
1,196
1,246
1,318
1,133
1,293
127
1,552
72
222
184
97
195
233
237
285
299
294
459
333
491
8,221
405
1,288
1,201
1,051
1,358
1,144
1,763
2,282
3,048
3,092
2,911
3,111
286
611
705
1,035
1,036
787
943
11,127
22,281
26,003
35,752
36,519
33.177
35,906
6,844
8,671
9,734
14,980
15,988
16,525
17,052
New York City:4'
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1955—Dec. 31....
1956—Dec. 31....
1957—June 6
Dec. 31....
778
1,206
1,418
2,171
2,395
2,662
2,813
2,745
2,873
326 2,907
3,136
476
719
902
1,313
1,302
1,298
1,332
288
377
426
628
660
665
689
1,648
195 2,120
30 2,259
Chicago:*
2,152
3,160
3,853
4,781
4,690
4,152
4,493
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1955—Dec. 31....
1956—Dec. 31....
1957—June 6....
Dec. 31....
1,021
942
1,070
1,135
1,158
1,089
1,071
Reserve city banks:
1941—Dec. 31
1945—Dec. 31....
1947—Dec. 31....
1955—Dec. 31....
1956—Dec. 31....
1957—June 6
Dec. 31
4,060
6,326
7,095
7,727
7,649
7,701
7,763
425
494
562
638
787
653
790
2,590
2,174
2,125
2,515
2,656
1,825
2,585
11,117
22,372
25,714
33,757
34,046
32,549
33,583
4,302
6,307
5,497
6,903
7,298
5,648
6,962
2,210
4,527
4,993
5,429
5,526
5,631
5,576
526
796
929
1,222
1,502
1,241
1,54!
3,216
4,665
3,900
4,844
5,194
3,966
4,964
9,661
23,595
27,424
37,836
39,028
36,827
38,676
790
1,199
1,049
1,488
1,580
1,243
1,621
225
5,465
432
1,061
1,160
1,097
1,181
1,370
2,004
2,647
4,425
4,538
4,740
4,669
239
435
528
1,020
1,183
835
1,027
8,500
21,797
25,203
34,235
35,473
32,635
35,029
544
663
774
672
799
3,947
4,439
4,690
3,831
4,536
13,595
17,470
18,085
16,801
18,075
385
510
521
448
511
167
382
440
385
427
1,295
2,198
2,238
2,232
2,28.^
180
265
310
236
289
12,284
15,324
15,885
14,553
15,849
Country banks:
1941—Dec. 31
1945—Dec. 31....
1947—Dec. 31....
1955—Dec. 31....
1956—Dec. 31....
1957—June 6....
Dec. 31....
Nonmember commercial banks: *
1947_Dec. 31
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_j U ne 6
Dec. 3 1 . . . .
54
110
131
303
286
266
279
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.
4
104
30
22
239
294
314
301
190
231
171
187
138
3
4
101
4
20
243
38
160
45
332
106
941
114
935
120 1,089
113 1,175
4,542
9,563
11,045
15,117
15,748
16,432
17,335
1,967
2,566
2,844
4,641
5,076
5,182
5,370
31
52
4:
157
146
14:
135
6,082
12,224
14,177
18,371
19,324
20,491
21,366
1,982
2,525
2,934
4,769
5,046
267 5,304
30 5,359
172 6,858
475 9,071
546 9,449
584 10,035
603 10,546
1,596
2,519
2,649
2,781
2,818
146
219|
337
844
847
962
928
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.
820
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.' In millions of dollars]
Loans 1
Month or date
Total Loans
and
loans investCommer- Agriand
ments
Loans
cial
investculad- 1
ad- 1 and
ments justed
justed indus- tural
trial
U. S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers To others
U.S.
U.S.
Govt. Other
se- Govt.
obob- curiligaligations ties tions
CerOther Loans
tifisecuto
cates
Real Other
estate
Total Bills of in- Notes Bonds2 rities banks
debtloans loans
edness
Total—
Leading Cities
1957
June
88,050
86,901 53,784 31,495
424
1,880
1,168
8,665 11,201 25,507 1,437 1,513 4,209 18,348 7,610 1,149
93,400
96,176
91,915 52,256 29,514
94,572 53,393 29,559
473
489
2,225
3,198
1,300
1,338
, „ , . 1,258 7,190 20,400 8,920 1,485
8,788 11,114 30,739 .1,891
8,858 11,114 31,8802,102 1,480 7,134 21,164 9,299 1,604
93,470
93,145
93,364
93,623
91,973
91,785
91,803
92,100
52,,533 29 ,659
52,,395 29 ,623
52,1,029 29 ,455
52,068 29 ,318
470
470
473
477
2,373
2,257
2,067
2,204
1,312
1,298
,302
,288
8,757
8,774
8;800
8,821
1 1 , 1 1 830,496
.., .
11,130 30,511
11,091 30,856
—
11,118 "31,093
1,895
1,819
1,887
1,964
1,191
1,225
1,318
1,298
7,165
7,148
7,180
7,267
20,245
20,319
20,471
20,564
8,944
8,879
8,918
8,939
1,497
1,360
1,561
1,523
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
,296
,287
,388
1,381
8,817
8,853
8,870
8,891
11,088 31 ,289 1,925
11,084 31 ,216 1,735
11,115 32 ,399*2,327
11,170 32 ,615 2,421
1,346
1,351
1,598
1,621
7,417
7,501
6,798
6,823
20,601
20,629
21,676
21,750
9,153
9,289
9,337
9,417
1,681
1,707
1,604
1,423
23,583 22,871
15,737 11,785
82 1,086
10
25,387 24,488
26,743 25,862
15,063 10,953
15,798 10,913
25,334
25,361
25,355
25,500
24,551
24,518
24,369
24,514
15,233
15,176
14,925
14,917
11,016
10,990
10,935
10,869
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
1958
May
June
1958
May
7
14
21
28
June 4
11
18
25
New York City
1957
June
389
558 2,148 5,477
539
205
767
3,966 1,657
712
969
,119
363
359
529 2,172 7.281
536 2,163 7,770
767
954
222
266
1,662
1,736
4,630 2,144
4,814 2,294
899
881
491
977
407 1,014
299
937
349
947
367
366
363
357
525
526
532
532
2,166
2,183
2,167
2,171
7,131
7,208
7,320
7,467
724
741
759
843
210
227
227
224
1,626
1,623
1,675
1,725
4,571
4,617
4,659
4,675
2,187
2,134
2,124
2,130
783
843
986
986
356
354
363
362
530
539
537
540
2,164
2,155
2,163
2,172
7,514 848
7,474 762
7,999 1,113
8,092 1,093
231
255
279
299
1,778
1,795
1,679
1,693
4,657
4,662
4,928
5,007
2,227
2,267
2,317
2,366
926
921
907
771
1958
May
386
1,012
June
1958
May 7
21'.'.'.['.'.'..
28
June 4
11
18
25
662
,049
,357
980
1,138
1,099
1,127
1,111
Outside
New York City
1957
June
64,467 64,030
38,047 19,710
423
712
769
8,107 9,053 20,030
898 1,308 3,442 14,382 5,953
437
68,013 67,427
69,433 68,710
37,193 18,561
37,595 18,646
472
488
870
1,067
891
926
8,259 8,942 23,458 1,124 1,036 5,528 15.770 6.776
8,322 8,951 24,110 1,148 1,214 5,398 16,350 7,005
586
723
68,136
67,784
68,009
68,123
67,422
67,267
67,434
67,586
37,300
37,219
37,104
37,151
18,643
18,633
18,520
18,449
469
469
472
476
905
836
831
908
900
888
892
884
,232
,248
,268
,289
8,952
8,947
8,924
8,947
15,674
15,702
15,812
15,889
6,757
6,745
6,794
6,809
714
517
575
537
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
18,826
18,806
477
484
493
499
974
1,029
1,187
1,079
892
886
959
966
,287
,314
,333
,351
8,924 23,775 1,077 1,115 5,639 15,944
8,929 23,742 973 1,096 5,706 15,967
8,95224,400 1,214 1,319 5,119 16,748
8,998 24,523 1328
1322 5,130
5 1 3 0 16,743
1,328 1,322
6,926
7,022
7,020
7,051
755
786
697
652
1958
May
June
1958
May
7
14
21
28
June 4
11
18
25
1 Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
23,365
23,303
23,536
23,626
1,171
981 5,539
1,078
998 5,525
1,128 1,091 5,505
1,121 1,074 5,542
2 Includes guaranteed obligations.
See also NOTE on opposite page.
821
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
Reserves Cash
with
in
F. R.
Banks vault
Month or date
Balances
with
domestic
banks
Demand
deposits
adjusted!
Interbank
deposits
Time deposits,
except interbank
IndiIndiDemand
vidvidCertiuals, States
uals, States
U. S.
fied
and
and
part- polit- and
part- polit- Govt.
nernerand
offi- U. S. ships,
ical
ical
ships, subDoGovt.
cers'
sub- Postal
Forand
and
Savdivi- ings mesdivi- checks,
eign
cor- sions
cortic
etc.
porapora- sions
tions
tions
Borrowings
Capital
acFrom From counts
F. R. others
Banks
Time
TotalLeading Cities
1957
June
I
13,397
985 2,414 55,943 58,495 4,305
2,451 21,156 1,106
180 10,183 1,579
1,295
12,907
13,246
979 2,660 54,932 56,854 4,603 1,893 3,645 23,576 1,778
987 2,670 56,372 58,387 4,687 2,473 4,501 23,931 1,886
142 10,987 1,527
143 11,250 1,514
2,234
2,231
56
806 9,890
921 9,951
10,949
11,479
10,770
10,751
1,551
1,568
1,518
1,470
2,195
2,230
2,231
2,279
75
56
40
54
859
648
883
832
144 11,367
144 11,353
143 11,411
145 10,870
1,444
1,542
1,559
1,511
2,264
2,232
2,218
2,210
713 9,218
1958
May
June
1958
May
14
21
June
54,915 56 ,272
54,706 57 ,750
54,671 56,476
55, 434
""" 56,917
4,625
4,438
4,608
4,739
1,966
1,806
1,868
1,933
12,840
927 2,613 55,686 57,195
13,210 1,010 2,649 57,100 59
",267
13,548
999 2,72557,434 60 ,019
13,387 1,010 2,69655,,266 57,067
4,923
4,660
4,564
4,601
2,357 3,193 23,769 1,805
2,112 2,432 23,940i 1,861
3,081 5,057 23,939| 1,907
13,018
909
12,855
994
12,879
964
12,877 1,049
7
28
4
11
18
2,400
2,789
2,683
2,769
3,670 23,488
3,436 23,508
3,919 233,609
—
3 ,556 23
3,701
1,759
1,778
1,792
1,781
2,342 7,324 24,076! 1,969
139
141
143
145
9,885
9,882
9,889
9,906
81
961 9,938
104 1,104 9,945
106
913 9,950
60
707 9,971
25
New York City
1957
745 2,642
73
30 2,848 1,278
15,162 16,553
16,003 17,392
967 1,271 3,108
325
378 1,424 1,709 3,198
197
235
3,047 1,228
3,074 1,211
1,733 .
1,762 .
322 3,184
405 3,192
133
145
13:
165
15,143
15,010
15,024
15,471
16,305
16,649
16,357
16,900
347 1,026
311
871
350
957
294 1,015
3,186
3,188
3,183
3,180
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
403
363
399
345
3,190
3,191
3,193
3,192
9,164
840 2,369 40,159 41,181 4,043
4,233
145
45 15,784 17,314
3,975
4,115
144
143
4,104
3,880
3,895
4,021
June
1958
May
262
893
970;
150
294 2,877
June
1958
May
1,464
1,232
1,257
1,132
3,111
3,089
3,101
3,130
190
199
200
201
2,882
3,185
3,023
3,097
1,258
1,265
1,221
1,169
1,6951.
1,730 .
1,726!.
i, / /y
407
244
369
269
1,300 1,112
1,132
815
1,902 1,944
1,363 2,965
3,146
3,239
3,189
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
3
490
529
321
279
995 1,706 18,514 1,033
150 7,335
301
325
591
419 6,341
8,932
9,131
835 2,611 39,770 40,301 4.278
926 2,374 20,468 1,581
844 2,619 40,369 40,995 4,309 1,049 2,792 20,733 1,651
118 7,940
118 8,176
299
303
501
469
56
88
484 6,706
516 6,759
21
28
8,914
8,975
8,984
8,856
776
849
83:
884
2,355
2,734
2,635
2,723
39,772 39,967
39,696 41,101
39 647 40,119
39 963 40,017
4,278
4,127
4,258
4,445
20 ,377
20 ,419
20 ,508
20 ,571
,569
,579
,592
,580
116
117
119
121
8,067
8,294
7,747
7,654
293
303
297
301
500
500
505
500
75
56
40
54
452
404
514
563
6,699
6,694
6,706
6,726
4
11
18
25
8,909
9,068
9,431
9,117
789
859
862
864
2,564
2,594
2,673
2,647
40,034 40 224
40,713 41 550
40,876 41 967
39,850 40;239
4,520 1,057 2,081 20,623
4,297
980 1,617 20,701
4,165 1,179 3,113 20,750
4,256
979 4,359 20,857
,605
,628
,669
,700
120
120
118
120
8,276
8,346
8,245
7,837
296
298
318
297
477
479
463
458
81
104
106
57
471
575
592
428
6,748
6,754
6,757
6,779
7
14
21
28
June 4
11
18
25
Outside
New York City
1957
June
,
1958
May
June
Ma
,
1958
M::::::::::::
June
940
935
911
918
1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
2,206
2,204
2,662
2,424
NOTE.—For description of revision beginning Mar. 4, 1953, sec 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.
822
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
Metals Petroleum,
and
coal,
metal chemical,
prod-3
and
ucts
rubber
Other
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
^2,243
2,459
-8
-539
420
366
-108
513
183
-12
-49
-54
58
1,404
161
1,249
-296
-32
24
57
23
-15
11
-23
-41
-5
-268
-133
58
59
-119
73
16
25
30
-70
75
78
-887
-359
474
-855
-405
538
-5
-5
-22
-9
-22
-22
51
-87
-90
-14
-73
-4
-18
-4
32
-4
54
-1
2
11
-13
-40
-23
j
14
-5
32
-20
2
2
-21
4
-196
-205
-20
-381
-84
-186
-182
-2
-416
-69
14
-2
-17
-9
-7
15
-26
-23
-47
-23
-35
-28
-13
-38
-19
-49
12
-18
10
3
3
9
31
20
-11
36
-33
-36
-144
-145
-64
-36
-168
-137
2
-23
44
9
4
20
23
10
-9
8
19
-6
-15
-11
12
10
-15
-10
112
-29
-56
48
90
-10
29
47
3
-110
52
542
-10
-119
106
574
-23
238
-6
424
428
-456
331
148
-159
935
-496
291
150
369
72
214
-161
-177
-81
-56
-17
6
-300
9
136
-60
-87
31
-26
-32
-39
-29
-51
3
-6
-33
-12
-28
-14
-25
-141
-92
7
14
21
28
-18
-5
-21
-38
8
-16
-8
-7
44
-14
-15
-14
-3
11
-16
-38
g
-57
June 4
11
18
25
5
-19
20
-6
-9
6
6
3
-23
3
160
-3
1956—Jan.-June
July-Dec
-302
822
1957—Jan.-June
July-Dec
1958—Apr
May
June
Week ending:
1958—Apr. 2
9
16
23
30
May
n
i
Construction
589
704
153
63
220
71
Sales
finance
companies
Comm'l
and
All
ind'l
Net
other changes
change—
types
all
classi- weekly
of
fied
business
reporting
banks*
-461
469
313
208
-540
480
Commodity
dealers
Public
utilities
(incl.
transportation)
146
327
171
178
177
224
1,362
-71
1955—Jan.-June
July-Dec
Trade
(wholesale
and
retail)
A
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 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
14
-2
8
1
11
9
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 1inance
company paper
End of year
or month
Total
1952
1953
1954
1955
1956
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb. .
Mar
Apr
May
Placed
through
dealers1
Held by:
Accepting banks
Placed
directly
(finance
paper) 2
Total
Own Bills
bills bought
1,745
1 966
1^24
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
2,775
2,452
2 781
2,835
2,558
2,654
2,944
2,666
483
454
459
501
501
516
560
551
2,292
1,998
2,322
2,334
2,057
2,138
2,384
2,115
984
979
1,000
1,227
1,197
1,225
1,224
,307
142
142
112
152
149
131
151
194
3,345
3,628
3,485
3,658
3,709
654
776
862
919
946
2,691
2,852
2,623
2,739
2,763
,422
,523
,529
,479
1,441
188
183
154
220
214
197
221
287
416
497
422
459
474
307
372
318
350
372
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Based on:
F. R.
Banks
Own
acct.
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
Others into
from
exForUnited United change
eign
States States
United Foreign
corr.
States countries
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
46
41
42
68
65
66
70
94
21
23
19
27
16
16
20
66
63
62
70
68
66
69
67
76
227
220
231
243
234
248
268
278
501
502
507
524
483
465
459
456
5
21
35
66
75
94
64
46
73
58
59
212
225
226
222
296
109
125
104
109
102
41
43
39
37
42
127
139
132
131
119
713
711
757
913
901
942
916
878
838
843
936
852
806
273
261
263
278
296
461
447
432
416
396
65
110
139
131
130
386
480
471
416
371
177
178
169
182
181
192
211
232
237
224
224
239
247
2 As reported by finance companies that place their paper directly with
investors.
823
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
comPrime
company
mercial paper
paper,
placed
4- to 6- directmonths1
ly,
3- to 6months *
Prime
bankers'
acceptances,
90
days1
U. S. Government
securities (taxable)2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
9-to 12- 3- to 5month3 year 4
Mar- Rate issues
issues
ket on new
yield issues
1955 average
1956 average
1957 average
2.18
3.31
3.81
1.97
5.06
3.55
1.71
2.64
3.45
1.73
2.62
3.23
1.753
2.658
3.267
1.89
2.83
3.53
2.50
3.12
3.62
1957—June
July
Aug
Sept
Oct
Nov
Dec
3.79
3.88
3.98
4.00
4.10
4.07
3.81
3.48
3.63
3.63
3.82
3.88
3.79
3.55
3.36
3.38
3.78
3.83
3.75
3.50
3.35
3.29
3.16
3.37
3.53
3.58
3.29
3.04
3.316
3.165
3.404
3.578
3.591
3.337
3.102
3.55
3.71
3.93
4.02
3.94
3.52
3.09
3.77
3.89
3.91
3.93
3.99
3.63
3.04
1958—Jan
Feb
Mar
May
June
3.49
2.63
2.33
1.90
1.71
1.54
3.23
2.18
1.86
1.59
[.38
1.38
3.06
2.30
1.80
1.52
[.30
1.13
2.44
1.54
1.30
1.13
.91
.83
2.598
1.562
1.354
1.126
1.046
.881
2.56
1.93
1.77
1.35
1.21
.98
2.77
2.67
2.50
2.33
2.25
2.25
Week ending:
May 3 1 . . .
June 7 . . .
14. . .
21...
28...
1.63
1.63
1.55
1.50
1.50
1.38
1.38
1.38
.38
t .38
1.13
1.13
1.13
1.13
1.13
.58
.71
.83
.92
.90
.635
.723
.841
.953
1.006
1.01
.91
.91
.97
1.10
2.20
2.14
2.17
2.28
2.39
Annual averages,
19 large cities:
1955
1956
1957
Quarterly:1
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
5.0
4.4
4.0
3.5
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
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-37.
March
1949,
BOND AND STOCK YIELDS1
[Per cent per annum]
<Corporate bonds3
Year, month, or week
State and local
govt. bonds3
U.S.
Govt.
bonds
(longterm)2
By selected
ratings
Total
Total4
Aaa
Aaa
Baa
Dividends /
price ratio
By
groups
4
Baa
Stocks 5
Industrial
Railroad
Public
utility
Preferred
Common
Earnings /
price ratio
Common
Number of issues
4-7
20
5
5
120
30
30
40
40
40
14
500
1955 average .
1956 average
1957 average .
2.84
3.08
3.47
2.57
2.94
3.56
2.18
2.51
3.10
3.14
3.50
4.20
3.25
3.57
4.21
3.06
3.36
3.89
3.53
3.88
4.71
3.19
3.50
4.12
3.34
3.65
4.32
3.22
3.54
4.18
4.01
4.25
4.63
4.08
4.09
4.35
'7.78
r
7.17
r
8.21
1957—jUne
July
3 58
3.60
3.63
3.66
3.73
3.57
3.30
3.65
3.65
3.84
3.89
3.74
3.67
3.33
3.19
3.17
3.37
3.43
3.31
3.24
2.92
4.32
4.29
4.43
4.49
4.38
4.35
4.00
4.15
4.26
4.37
4.44
4.46
4.49
4.31
3.91
3.99
4.10
4.12
4.10
4.08
3.81
4 63
4.73
4.82
4.93
4.99
5.09
5.03
4.14
4.19
4.29
4.31
4.32
4.34
4.11
4.26
4.39
4.49
4.56
4.57
4.65
4.53
4.06
4.19
4.33
4.45
4.48
4.49
4.29
4.69
4.75
4.83
4.79
4.80
4.78
4.49
4.04
3.95
4.17
4.31
4.54
4.67
4.64
r
3.24
3.26
3.25
3.12
3.14
3.19
3.17
3.15
3.23
3.16
3.12
3.15
2.75
2.72
2.79
2.70
2.69
2.74
3.81
3.79
3.88
3.78
3.71
3.78
4.06
4.01
4.04
4.02
4.00
3.98
3.60
3.59
3.63
3.60
3.57
3.57
4 83
4.66
4.68
4.67
4.62
4.55
3.91
3.86
3.86
3.83
3.80
3.77
4.30
4.29
4.30
4.32
4.30
4.28
3.99
3.87
3.95
3.90
3.89
3.88
4.36
4.38
4.42
4.37
4.31
4.28
4.48
4.47
4.37
4.33
4.19
4.08
3.13
3 14
3 15
3.21
3.26
3.14
3 14
3 14
3.15
3.21
2.71
2 72
2 72
2.75
2.78
3.76
3 76
3 76
3.76
3.84
3.99
3 98
3 97
3.96
3.98
3.57
3 56
3 56
3.57
3.61
4.60
4 58
4 55
4.53
4.54
3.79
3 77
3 76
3.75
3.78
4.30
4 30
4 27
4.26
4.29
3.89
3 88
3 88
3.88
3.90
4.32
4 28
4 26
4.28
4.16
4 10
4 10
4.04
4.09
Aug
Sent
Oct
Nov
Dec
. . .
1958—Jan
Feb
Mar
Apr
May
June
Week ending:
May 31
June 7
14
21
28
r
Revised.
Monthly and weekly yields are averages of dailyfiguresfor 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 general obligations only.
1
4.31
500
7.12
'7.91
'8.21
r
7.34
4
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
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.
824
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- 3 (highterm) 2 grade) grade) 3
Total
Manufacturing
Industrial
Railroad
Public
utility
Trans- Pub-
Total
lic
porta- utiltion
Du- NonTotal rable
duity
rable
Number of issues.
Volume
of
trad-4
ing
(in
Trade.
thoufisands
nance, Minof
ing shares)
and
service
Securities and Exchange Commission series
(index, 1939= 100)
15
17
265
170
98
72
21
29
1955 average.
1956 average.
1957 average.
102.40
98.91
93.24
123.1
116.3
105.8
114.4
109.1
101.3
40.49 42.40 32.94 31.371 305
46.62 49.80 33.65 32.25 345
44.38 47.66 28.11 32.19 331
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—June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec.
91.77
91.50
91.10
90.70
89.77
91.90
95.63
103.5
103.5
101.2
101.3
102.9
103.4
107.5
101.1
100.0
98.3
98.1
98.2
98.3
102.7
47.55
48.51
45.84
43.98
41.24
40.35
40.33
51.30
52.54
49.51
47.52
44.43
43.41
43.29
30.11
31.20
29.52
27.17
24.78
22.63
21.39
33.35
32.93
31.89
31.09
30.39
30.68
31.79
355
362
343
328
306
302
298
457
468
441
419
388
382
376
421
434
408
386
357
350
336
489
500
472
450
417
411
413
293
302
286
263
241
228
215
160
158
155
153
149
149
152
283
291
282
277
266
262
258
390
382
354
334
297
284
274
2,224
2,194
1,882
1,844
2,782
2,538
2,594
1958—Jan..
Feb..,
Mar..
Apr..
May.
June.
96.48
96.20
96.34
98.23
97.94
97.17
110.0
109.2
107.9
110.0
111.1
110.8
105
105
105
105
105
105.5
41.12
41.26
42.11
42.34
43.70
44.75
43.98
44.01
44.97
45.09
46.51
47.62
22.69
23.00
22.60
23.20
24.74
25.54
33.30
34.12
34.57
35.54
36.57
37.31
305
304
311
312
323
331
382
378
388
387
401
412
347
346
352
340
353
362
414
408
422
426
438
450
230
231
231
233
249
259
158
160
162
166
169
171
270
278
283
286
301
305
272
267
283
287
300
319
2,267
2,010
2,223
2,395
2,580
2,696
Week ending:
May 31.
June 7.
14.
21.
28.
98.12
97.97
97.79
96.92
96.17
111.6
111.6
111.4
110.8
109.4
105.8
105.8
105.8
105.6
104.9
43.90
44.49
44.66
45.03
44.72
46.70J
47.34!
47.51
47.94
47.57J
25.10
25.29
25.42
25.77
25.63
36.771
37.231
37.391
37.29i
37.28!
326
329
332
330
331
404
410
413
412
412
359
362
363
362
362
438
446
451
450
451
254 i 170
171
257
261
172
259
171
260
172
303
303
306
305
307
306
309
322
322
323
2,324
2,706
2,641
2,746
2,667
500
425
25
i 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.
50
14
2
Prices derived from average market yields in preceding table on basis
of 3an assumed 3 per cent, 20-year bond.
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 5Vi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
(col.3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for pur- 2
firms i
chasing and carrying securities
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
69
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
1,708
1,641
1,706
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
1,552
1,647
1,784
1,822
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.
825
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Date
Total
assets
Total
End of year: 3
1941
1945
Business securities
and
United State
local Foreign 2
States
(U. S.)
Real
estate
MortTotal
Bonds
Stocks
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
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
13,459
11,009
10,252
9,829
9,070
8,576
7,555
1,152
1,170
1,153
1,298
1,846
2,038
2,273
,507
,581
,500
,410
,346
,215
,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
2,713
2,914
3,127
3,290
3,519
2,591
2,872
3,088
3,302
3,523
3,743
4,076
End of month:
1953—Dec..
1954—Dec..
1955—Dec..
1956—Dec..
78,201
84,068
90,267
95,844
12,452
12,199
11,757
10,989
9,767
9,021
8,545
7,519
1,278
1,833
1,998
2,234
,407
,345
,214
,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
1957—May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
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
,265
,264
,277
,279
,269
,271
,285
,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
3,731
3,764
3,802
3,833
3,863
4,408
4,470
4,469
4,442
4,527
4,452
4,515
4,572
1958—Jan..
Feb..
Mar..
Apr..
May.
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
,288
,302
,304
,323
,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
1950
1951
1952
1953
1954
1955
1956
1
2
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3
These represent annual statement asset values, with bonds carried on
an 4amortized 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
Total 2
Mort-
U. S.
Govt.
obliga-
Borrowings
Cash
Other 4
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
1941.
1945.
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
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
238
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
787
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..
Apr..,
May.
48,423
48,845
49,406
50,068
50,762
340,369
40,623
40,967
41,367
41,908
215
195
192
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
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 4$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.
826
FEDERAL BUSINESS-TYPE ACUVTOES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
Asset or liability, and activity
1
1957
1956
1950
19512
19522
19532
1954
1955
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
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
1,528
1,347
\ 181
2,142
1,850
292
2,603 2,930
2,242 2,462
300
362 f
I 168
To industry, total
Treasury Department...
Commerce Department.
Other agencies
555
589
568
589
598
555
174
\ 413
To financing institutions
824
814
864
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
468
351
117
744
589
155
6,078
2,226
3,750
5,7/0
2,296
3,750
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
Foreign, total
Export-Import Bank 5
Treasury Department
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
102
63
'"63"
598
5,577
377
590
648
2,096
3,076
23
6,929 6,715
375
367
638
689
701
681
2,226 2,348
2,981 2,621
1
18
6,752
457
734
724
2,488
2,349
(4)
7,261
423
3845
823
2,544
2,626
(4)
6,827 6,466
430
384
997
997
880
866
2,586 2,634
1,994 1,525
(4)
(4)
6,681
454
935
832
2,688
1,778
(4)
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
691
182
4,769
3,998
770
1
353
79
678
306
' 261
112
k
619
209
219
191
629
209
228
192
640
211
219
210
652
254
216
182
674
251
217
206
1,419
952
870
7,233
966
1,084
1,124
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
7,736
2,496
3,667
61,515
58
64
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
7,955
2,702
3,519
1,767
8,223
2,701
3,470
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
119
29
90
166
127
39
256
209
47
213
156
57
240
335
275
60
306
246
60
344
283
62
35
(4)
34
75
5
69
1
184
56
1,270
-367
-185
-173
-203
-228
-309
-255
-695
-501
-140
-327
13,228 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395
3,739
1,018
256
458
1,825
181
3,355
284
3,923
1,095
265
479
1,898
186
385
344
3,804
896
274
471
1,937
226
3,355
333
2,075
199
193
244
1,307
132
3,385
266
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
3,355
219
2,967
641
228
327
1,624
147
3,355
197
3,236
745
241
381
1,720
149
3,355
179
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
1,774
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
136
288
303
428
550
4,356 21,375 21,303 21,450 21,514 21,628
3,362 3,153 3,090 3,025
3,747 3,651
11,004 11,094 11,105 11,157 11,136
6,654 7,022 7,092 7,282
6,517
609
185
175
193
171
201
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company 8
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
2,945
3,358
3,213
18
886
1,296
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
745
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... 1,190
Banks for cooperatives
110
Federal intermediate credit banks
520
Federal home loan banks
560
Federal National Mortgage Association
1,369
170
674
525
1,330
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.
23 Coverage changed from preceding period (see also NOTE).
Effective Jan. 1,1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
181
704
445
1,040
3,881
1,017
274
482
1,914
194
3,385
340
3,762
881
264
504
1,917
195
3,355
340
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
4,535
398
1,801
88
283
342
1,308
599
608
2,975
3,497
190
953
733
1,620
3,647
237
959
765
1,687
4,662
247
902
825
2,688
231
803
720
1,220
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
4 Less than $500,000.
5 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
this item as an interagency asset.
8 Figures prior to 1951 are for the Panama Railroad Company. The
Panama Canal Company, established in 1951, combined the Panama
Railroad Company with the business activities of the Panama Canal
Company
(not reported prior to that time).
9
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 $1,967 million.
827
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
PriBonds, notes,
U . S . vately
and debenLand,
Govt. owned
tures
payable
strucLoans IninterOther intertures, Other
revenest
liabil- est
and
ceiv- tories
Public
ities
Guarequipable
debt Other
anteed
ment
secu- secuby Other
rities rities
U.S.
Investments
Date, and fund or activity
Total
Cash
All activities
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31*
41,403 1,371 19,348 3,852
45,304 1,338 20,238 4,356
69,653 4,996 20;657 21 ,375
1957—Mar. 31
June 30*
Sept/30
Dec. 31
69,895
69,059
70,175
71,139
4,441 21,3
,353 21,303
,450
3,981 20,980 21,
4,692 21;320 21 ,514
4,291 22,395 21,628
2,967 3,432 8,046 2,387
3,236 3,414 7,822 4,900
3,739 3,669 9,985 5,232
3,923 3,729 9,875 5,272
3,881 3,725 9,979 5,063
3,762 3,725 9,974 5,186
3,804 3,718 9,962 5,340
1,068
2,379
2,711
2,975
3,497
3,647
4,662
4, 183 35,610
2,703 39,583
3 ,659
' " 62,516
508
596
699
775
3,713 62,364
3,325 61,144 1,037
2,634 62,778 1,056
2,916 62,391 1,121
Classification by type of fund
and activity, December 31,1957
Public Enterprise Funds—Total
Farm Credit Administration: 3
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
Office of the Administrator
Federal Savings and Loan Insurance Corporation
Small Business Administration
Export-Import Bank
Tennessee Valley Authority
Panama Canal Company
Veterans Administration
General Services Administration
Treasury Department
Post Office Department—postal fund
Interior Department
All other
19,665 1,313 8,680 3,999
Intragoveramental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
13,122 1,478
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
30,639 1,184 9,474 6,356
8,328
82 6,344
527
9
186
5,348
128
57
215
792
2,382
799
286
325
3,071
2,053
464
839
1,126
227
931
249
179
8,562
3,367
858
334
143 3,289
1,454
39 1,664 3,025
60 ( 4 )
64
19
35
104
87
30
4 2,361
162
349
2
123
194
3,040
95
34
149
641
43
8
284
60
45
824
368
209
77
734
620
93
2,822
9 2,680
450
48
2,222
20 2,195
10,108
3,507
5,103 "'288
261
467
100
406
99
130
4,715
520
1,951
2,245
80 1,717
15
451
2 (4)
63 1,265
Certain Trust Revolving Funds—Total
Federal National Mortgage Association
Federal intermediate credit banks
Office of Alien Property
2,997
1,622
1,075
213
87
235 2,524
52 1,561
20
935
148
27
15
158
471
69
*274
(44)
()
48
4
890
(4)
49 1,372 1,253 16,991
(4)
142
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
All other
786
1
44
1,801
398
2
107
(4)
186
551 4,797
461
4
(4)
6
289
16
219
10
8
27
109
24
2
87
6
34
39
104
128
50
48
1,372
179
36
606
138
969
40
793
6
271
15
324
1
52 3,020
32 2,021
450
13
827
12
64 1,062
226
674
257
241
9
160
19
13
6
4
599
134
11,273
221
150
612 12,509
7,577
2,954
605
136
105
56
45
44
5
172 8,390
295 3,072
94
764
51
283
3,563 6,452 3,603
184
(4) 1,191
197 30,442
24 8,304
(4)
727
2,820
444
2,222
10,108
122 4,981
9
458
28
377
116
(4)
21
133
32
8
93,038
49
83
283
55
114
"363
3,563
(4)
2,876
43
1,937
896
135
100
12
12
30
10
11
9
1,072
247
103
9
20
2,217
1,315
902
"35
825
781 2,080
4
230
100 1,851
677
73
44
16
1
12
10 Figure represents total trust interest.
8,622 1,324
1,902
355
1,418
448
1,055
790
3,752
287
3,197
278
1,684
428
107
1,749
2
6
2
8
44
206
5.130
419
1,340
98
879
86
260
3
2,891
562
76f 2,110
)
85
549
416
For other notes, see opposite page.
206
137
21
157
376
774
21
743
368 10 339
228 10 35
140 10 17
10212
10 75
Latest data for agencies not reporting quarterly
Atomic Energy Commission (June 30, 1957)
Veterans Administration (June 30, 1957)
Agriculture—other activity (June 30, 1957)
Health Education & Welfare Dept. (June 30, 1957)
Interior Department (June 30, 1957)
Treasury Department (June 30, 1957)
All other (June 30, 1957)
782
39
8,417
1,765
1,397
898
3,375
2,423
1,663
828
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
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Plus:
Net
Trust
Budget
fund
receipts receipts
Less:
IntraGovt.1
trans.
Equals:
Total
rects.
from
the
public2
Budget
expenditures
Plus:
Trust
fund
expenditures
Less:
Adjustments 3
Equals:
Total
payts.
to the
public
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
Infrom,
Less:
Equals:
crease,
or
Net
or depayts
cash
to ( - ) , crease
Net
borrow( - ) , in inv. by Other
the
ing or
nonpublic
debt
Govt.
cash
(direct agen. & debt*
& agen.) tr. funds
T-T
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
-739
5,525
1,191
3,493
-3,560
467
2,476
2,481
1,573
566
-136
64
458
-5,910
-1,168
Fiscal year—1954
64 ,655
60 ,390
68 ,165
71 ,029
9 , 155
9 , 536
1 1 , 685
14, 369
2,110
2,061
2,739
3,242
71,627
67,836
77,088
82,107
67,772
64,570
66,540
69,433
7,204
8,546
9,436
12,961
117
578
358
2,386
71,860
70,538
72,617
80,008
-232
-2,702
4,471
2,099
5,186
3,986
-578
-1,053
2,055
1,533
3,166
2,339
618
644
623
-292
2,512
1,809
-4,366
-3,100
Semiannually:
1955—July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
25 ,240
42 ,925
28 ,071
42 ,958
29 ,324
5 , 456
6, 229
6, 169
8, 200
7 , 168
1,289
1,450
1,573
1,669
1,410
29,397
47,691
32,643
49,464
35,057
33,125
33,415
33,801
35,632
36,060
4,398
5,038
5,301
7,660
7,134
1,096
2,262
485
1,901
1,254
36,426
36,191
38,618
41,390
41,938
-7,028
11,499
-5,974
8,073
-6,882
7,018
-7,596
4,036
-5,089
5,556
1,331
1,835
646
1,693
-120
369
254
-390
98
-34
5,323
-9,689
3,779
-6,879
5,711
Monthly:
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
5 ,282
11 ,688
3 ,057
5 ,128
7 ,225
3 ,131
4 ,827
5 ,956
2 , 121
1, 820
858
1, 778
972
938
1, 438
1, 184
117
7,280
12,322
3,801
6,786
8,066
3,896
6,075
6,433
5,944
6,279
6,347
5,930
5,667
6,501
5,806
5,809
1,344
1,275
1,220
1,075
1,086
1,387
964
1,402
367
122
408
-180
-2
386
550
92
6,923
7,431
7,160
7,185
6,754
7,501
6,219
7,119
358
4,891
-3,359
-399
1,311
-3,605
-144
-686
1,432
-4,496
1,992
1,462
634
476
655
337
1,241
728
-382
646
-310
9
4
-87
257
-123
113
115
126
167
186
703
-67
-5,100
2,373
776
1,014
500
665
383
4 ,786
6 ,299
9 ,501
3 ,496
4 ,925
820
1, 684
1, 127
1, 331
2 , 131
227
217
135
194
141
5,374
7,759
10,485
4,626
6,910
6,011
5,528
5,749
6,122
5,846
1,651
1,317
1,564
1,479
1,363
1,286
105
803
786
185
6,377
6,740
6,509
6,814
7,024
-1,003
1,020
3,976
-2,188
-114
-137
145
-2,168
2,380
591
-119
305
14
-181
619
18
-52
1955
1956
1957
1958—Jan
Feb
Mar
Apr 9
May*
1,182
"'46'
-69
-32
-13
40
-67
-125
68
-36
-107
-2,114
2,686
-96
Effects of operations on Treasurer's account
Operating transactions
Period
Financing transactions
-2,054
-1,362
-2,617
-2,300
5,189
3,115
-1,623
-2,224
257
-312
-213
5
2,096
-551
-518
-4
602
173
1,085
1,059
1,191
866
543
33
92
217
-482
-36
159
-140
313
-7
1,092
1,008
-1,217
-1,400
-698
-1,602
20
6,394
-8,017
3,877
-6,101
4,370
-662
5,409
-3,290
-802
1,559
-3,370
-979
147
777
547
-362
703
-115
-449
474
-218
.S9
894
384
288
43
282
382
153
147
19
87
-6
745
-23
186
-1,255
-708
324
-694
282
36
-8
80
1,226
-4,707
1,942
1,376
567
-345
679
151
-1,225
771
3,753
-2,626
-920
-831
367
-437
-148
768
225
142
101
541
-171
64
278
-597
-343
124
-2,055
2,433
595
Reconciliation
to Treas.
cash
Fiscal year—1954. .
1955..
1956..
1957..
-3,117
-4,180
1,626
1,596
2,386
991
2,250
1,409
-46
-29
309
Semiannually:
1955—July-Dec,
1956—Jan.-June.,
July-Dec..,
1957—Jan.-June.,
July-Dec..,
-7,884
9,510
-5,732
7,328
-6,735
Monthly:
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
-644
600
-314
444
711
-17
Net
market
issuance
(+)of
-144
-34
P Preliminary.
1 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-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
Account of Treasurer of United
States (end of period)
Deposits in-
Govt.
agency
obligations 5
Trust
fund
accumulation,
or
deficit
1958—Jan
Feb
Mar
Apr
May
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Net
inv.(-)
in Fed.
sec. by
Govt.
agency
& trust
funds5
Net
Budget
surplus,
or
deficit
,
,
Cash balances:
inc., or dec. (—)
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
875
380
522
-956
6,766
6,216
6,546
5,590
4,836
4,365
4,633
4,082
1,055
1,471
,391
,010
-24
-189
-55
60
-160
-1,671
2,002
-2,119
1,163
-984
4,545
6,546
4,427
5,590
4,606
397
522
441
498
481
3,036
4,633
2,924
4,082
3,084
,112
,391
,062
,010
,041
-11
44
131
-40
-106
-72
-33
-40
308
-250
1,115
423
2,436
3,028
558
-259
840
590
4,475
4,898
7,335
4,307
4,865
4,606
568
498
504
477
429
552
243
481
4,318
4,082
2,833
3,331
5,818
2,572
3,583
3,084
954
1,010
,138
,090
,088
,183
,039
,041
1,101
888
1,682
412
-357
3,505
4,394
6,076
6,487
6,130
469
516
474
594
395
1,767
2,837
4,596
4,558
4,730
,269
,041
1,006
1,335
1,005
30
187
94
152
331
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)4 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.
829
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Income and
profits taxes
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to
Oldage
trust
fund*
High- R.re-R.
way tiretrust ment
fund acct.
Refunds
of
receipts
Total
Budget
receipts
Individual
Withheld
Other
10,747
10,396
11,322
12,302
Excise
Corpo- taxes
ration
Employment
taxes2
Mfrs.'
Other
To- and
rere- Liquor bacco
tailers'
ceipts
21,523 10,014
18,265 9,211
21,299 10,004
21,531 10,638
5,425
6,220
7,296
7,581
3,829
4,108
4,887
4,895
2,798
2,743
2,921
2,973
1,581
1,571
1,613
1,674
3,127
3,177
3,778
4,098
5,052
4,952
5,325
5,313
5,595
3,283
4,013
2,526
2,361
2,267
2,628
2,625
1,524
1,397
1,648
1,325
1,574
792
821
817
857
848
1,890
1,888
1,876
2,222
2,226
965
875
955
965
922
1,314
840
824
540
363
740
432
243
257
244
241
260
323
285
221
161
142
146
157
146
159
133
106
n.a.
n.a.
1,003
391
563
556
346
357
379
386
601
892
864
860
785
922
385
1,302
680
722
1,293
446
443
446
472
416
197
201
225
218
n.a.
154
130
137
147
n.a.
Fiscal year—1954
1955
1956
1957...
64,655
60,390
68,165
71,029
4,537
5,040
6,337
6,634 1,479
603
599
634
616
3,377
3,426
3,684
3,917
73,173
69,454
78,820
83,675
21,635
21,254
24,012
26,728
Semiannually:
1955—July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
25,240
42,925
28,069
42,960
29,325
2,927
3,410
2,559
643
4,075
836
3,135 1,151
318
316
312
304
305
496
3,188
463
3,454
655
28,981
49,839
32,045
51,630
34,571
11,312
12,700
13,020
13,708
13,760
Monthly:
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
5,282
11,688
3,057
5,128
7,225
3,131
4,827
5,956
1,229
536
346
919
486
332
671
382
109
137
174
219
207
183
203
165
83
52
19
84
54
30
69
49
1,057 7,759
406 12,819
138 3,734
124 6,475
137 8,109
120 3,796
76 5,845
59 6,611
3,690
2,252
1,047
3,678
2,163
1,333
3,415
2,125
897
1,818
269
128
1,823
204
97
352
502
6,722
541
355
2,304
429
367
2,277
1958—Jan
Feb
Mar
Apr
May
4,786
6,299
9,501
3,496
4,925
313
955
632
703
1,221
151
190
150
145
168
19
78
43
17
70
- 2 5 5,243
235 7,756
855 11,182
1,678 6,039
950 7,334
981
3,953
2,000
792
3,614
2,053
788
658
2,792
640
486
406
6,538
476
449
2,699 4,109
8,623 17,190
3,004 5,553
9,298 15,978
2,874 6,273
1,088
2,876
4,705
3,445
589
366
1,124
1,102
1,129
n.a.
n.a.
Budget expenditures3
Major national security
Period
loiai
TotaH
(5)
Fiscal year:
1953
1954
1955
1956
1957
Semiannually:
1955—July-Dec. 6
1956—July-Dec..
1957—Jan.-June?
July-Dec..
Agri-
Vetculture
GenNatComIntl.
erans' T ahr\r and
eral
ural
merce
agriaffairs Inter- serv- x^aoor
reand
governDefense Mutual A *
and
est ices and and
culbene- welfare tural sources housing ment
Dept., security, Atomic finance
energy
military program
5
74,274
51,830
43,611
5,421
67,772
64,570
66,540
69,433
47,872
42,089
41,825
44,414
40,335
35,533
35,791
38,440
4,596
3,755
3,795
3,495
33,125
33,801
35,632
36,060
20,421
21,145
23,269
22,164
17,917
18,547
19,893
19,370
1,383
1,464
2,031
1,471
sources
1,791
1,895
1,857
1,651
1,990
749
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
765
719
662
832
797
930
212
382
450
776
3,349
3,587
3,721
3,912
2,330
2,291
2,502
2,400
1,348
1,421
1,545
1,636
2,775
2,183
2,399
2,651
614
736
560
850
1,137
1,060
1,080
611
610
647
419
444
408
377
285
208
277
455
308
82
106
106
129
Monthly:
1957_Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,987
5,944
6,279
6,347
5,931
5,666
6,501
5.806
5,809
3,544
4,011
3,869
3,279
4,114
3,266
3,628
3,108
3,989
3,545
3,589
3,148
3,700 . 3,222
3,506
3.035
3,752
3,312
253
377
569
311
183
184
192
170
44
57
212
77
215
190
96
53
360
665
635
638
647
646
681
362
421
432
426
1958—Jan
Feb
Mar
Apr
6,011
5,528
5,749
6,122
3,765
3,590
3,672
3,730
3,146
3,183
3,061
3,216
298
163
342
272
91
98
96
16
697
612
624
619
433
429
432
465
226
240
254
225
n.a.
Not available.
1
Beginning February 1957, includes transfers to Federal disability
Insurance
trust fund.
2
Represents the sum of taxes for old-age insurance, railroad 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
and4 expenditures.
Includes stockpiling and defense Droduction expansion not shown
separately.
re-
fits
(5)
( )
169
190
183
178
211
173
195
200
104
86
382
814
1,502
2,028
1,453
879
574
1,003
-6
139
107
1,474
1,239
1,201
1,629
1,789
940
1.181
608
661
358
226
224
386
529
404
453
138
158
147
117
196
-33
101
124
104
120
100
104
115
119
103
360
222
235
317
223
249
347
427
112
100
90
108
229
133
149
298
100
99
102
135
317
272
239
376
664
215
161
241
108
269
222
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
Data are from Treasury Bulletin for June 1956 and are not fully comparable with data in subsequent Bulletins or with other data in this
table.
7
Derived by subtracting totals for July-December from totals for fiscal
year.
830
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
Nonmarket£ ible
Marketable
Total
Total
Bills
Bonds
Certificates of
indebtedness
Notes
Bank
eligible 4
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
270.6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275 2
275.7
276.4
270.5
272.5
273.8
274.4
274.1
274.7
274 9
274.6
274.7
272.6
275 1
275.7
276.3
221.7
224 3
225.3
226.5
226.3
227.1
227 1
227.3
227.0
225 1
228 0
227.9
228.5
155.7
158.8
160.2
161.8
162.2
163.4
164 2
164.6
164.5
162.9
166 0
166.0
166.7
23.4
26.4
28.2
26.7
26.7
26.7
26 9
27.3
26.1
23.0
22 4
22.4
22.4
20.5
20 5
34.1
35.0
34.7
34.7
34 6
34.6
31.5
31.5
31 1
31.1
32.9
31.0
31.1
17.1
19.3
19.4
20.6
20.7
20.7
20.5
20.7
24 7
24.8
20.4
80.8
80.8
80.8
80.8
81.5
81.5
82.1
82.1
86.4
87.7
87 7
87.7
90.9
June
July
Aug
Sent
Oct
Nov
Dec
1958_Jan
Feb
Mar
.
Apr
May .
June
.
1 Includes some debt not subject to statutory debt limitation (amounting
to $431 million on June 30, 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 $9,657 million on May 31, 1958.
Convertible
bonds
12.1
12.5
12.0
11.8
11.4
10.8
Totals
Savings
bonds
Tax
and
savings
notes
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
(e)
55.7
55.3
55.0
54.8
54.4
54.1
53.4
53.2
53.2
53.1
53 0
53.0
52.9
54.6
54.3
54.0
53.8
53.5
53.2
52.5
52.3
52.3
52.3
52 2
52.1
52.0
10.3
10.2
10.1
9.9
9.7
9.6
9.5
9.5
9.3
9.1
9 0
9.0
8.9
Special
issues
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
46.1
46.2
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 and1
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
276.7
7.0
2.6
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.1
45.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
1957_Apr
May
June
July
274.1
275.3
270.6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275.2
45.2
46.1
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
8.5
End of
month
Aug
Sept
Oct
Nov
Dec
1958^Jan
Feb .
Mar. .
Apr
8.4
8.4
8.7
8.7
8.8
9.1
9.2
9.4
9.3
9.4
9.6
9.4
9.5
9.7
Held by the public
Federal
Reserve
Banks
Commercial2
banks
Mutual
savmgs
banks
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
219.3
222.7
2.3
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
57.1
59.3
3.7
8.2
4.0
24.3
22.6
23.8
24.7
25.9
24.9
24.8
23.8
24.9
10.7
12.0
9.8
9.5
9.2
8.8
8.5
24.0
23.9
16.5
16.1
15.8
15.0
14.3
13.3
22.2
14.1
20 7
19.9
21.5
19.2
r
r 23.0
17
1
r
18.2
220.4
220.5
215.1
217.4
218.2
219.1
218.7
219.5
219.8
219.6
219.4
217.4
220.0
23.2
23.1
23.0
23.4
23.5
23.3
23.3
23.7
24.2
23.3
23.2
23.6
23.7
58.0
57.7
55.8
56.8
56.6
58.3
58.1
'58.2
'59.1
r
58.6
'59.3
r
59.3
63.0
' Revised.
1 Includes the Postal Savings System.
2
Includes holdings by banks in territories and insular possessions,
which amounted to about $284 million on Dec. 31, 1957.
Insur-
Total
8.4
8.0
8.0
8.0
7.9
7.9
7.9
7.9
7.8
7.6
7.6
7.6
7.6
7.6
7.6
companies
12.8
12.5
12.4
12.3
12.3
12.2
12.2
12.2
12.1
12.0
12.0
11.9
11.8
11.8
Other
corporations
r
17.6
'18.2
r
15
4
r
16.0
'16.5
r
15 7
r
15.9
'16.5
'16
5
r
17.3
'17.2
r
15 4
14.5
State
__ J
Individuals
local
govts.
Other
Savings
bonds securities
Misc.
investors 3
.7
5.4
8.2
.9
6.5
7.3
9.6
11.1
12.7
14.4
15.1
15.7
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.3
50.1
21.2
19.4
15.5
16.0
15.5
13.7
'15.6
r
17.4
r
17.2
9.1
8.4
49.4
49.3
49.1
48.9
48.8
48.6
48.4
48.3
48.2
48.2
48.2
48.1
48.1
r
16.1
16.8
16.8
16.9
16.9
17.1
17 2
17.2
17.3
17.0
17.3
17.3
17 3
17.1
18.8
'18.6
r
18.7
r
19.0
'19.6
'19.9
19.4
'19.3
r
18 6
r
18.9
'18.8
'18.9
18.6
10.6
11.7
13.2
13.9
15,6
16.3
16.1
16.1
16.4
16.0
16.2
15.9
15 9
16.3
16.5
16 5
16.2
15.9
15 4
15.7
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
831
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 19581
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 2
July 3,1958
July 10, 1958
July 17, 1958
July 24, 1958
July 31, 1958
Aug. 7, 1958
Aug. 14, 1958
Aug. 21, 1958
Aug. 28, 1958
Sept. 4, 1958
Sept. 11 ,1958
Sept. 18, 1958
Sept. 25, 1958
Amount
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
1
1
l
1
3
l
IVi
4
V/
1, 700
1, 700
1, 701
1, 700
1, 702
1, 700
1, 700
801
1 } 800
1 } 800
1 5 700
701
x 700
>
Certificates
Aug. 1,1958
Dec. 1,1958
Feb. 14, 1959
May 15, 1959
4
3%
2Vi
W4
1
Direct public issues.
2 Sold on discount basis.
\
34
2%
iy2
9 770
1 798
Amount
121
5,102
119
99
198
2,406
278
144
2,609
332
647
551
2,000
590
1,143
3,971
106
See table on Money Market Rates, p. 823.
Issue and coupon rate
Treasury bonds
Sept. 15, 1956-59 3.. 21^
Mar. 15, 1957-593..2%
Dec. 15, 1958
2%
June 15, 1959-62...214
Dec. 15, 1959-62...214
Nov. 15, 1960
2i/8
Dec. 15, 1960-65 4.. 2%
Sept. 15, 1961
2*4
Nov. 15, 1961
2i/i
Aug. 15, 1963
2%
June 15, 1962-67... 2%
Dec. 15, 1963-68... 2i/i
Feb. 15,1964
3
June 15, 1964-69... 2 ^
Dec. 15, 1964-69... 214
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2y 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...2^
5,268
Sept. 15, 1967-72... 2%
3,457
Dec. 15, 1967-72... iy2
3,806
Oct. 1, 1969
4
1,485
Nov. 15, 1974
3%
2,239
June 15, 1978-83... 3 y4
11,177
May 15, 1985
3*4
6,755
Feb. 15, 1990
3^
2,113
Feb. 15, 1995
3
2,821
3,854
3,746 Panama Canal L o a n . . . . 3
3.821
7,270 Convertible bonds
4,703
Investment Series B
Apr. 1, 1975-80...234
Amount
1,484
2,951
1,848
2,716
3,736
657
654
1,604
1,135
1,727
2,742
50
8,898
3 Called for redemption on Sept. 15.
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
All holders:
1955 June
1956—June
1957 June
Dec.
1958 Mar
Apr
30
30
30
31
31
30
U. S. Govt. agencies and trust funds:
1955_june 30
1956— June 30 .
1957 June 30
Dec 31
1958 -Mar 31
Apr 30
....
Federal
1955
1956
1957
Reserve Banks:
June 30
June 30
June 30 .
Dec 31
1958 Mar 31
Apr 30
Commercial banks:
1955 June 30
1956—June 30
1957 June 30
Dec 31
1958 Mar 31
Apr 30
Mutual
1955
1956
1957
savings banks:
June 30
June 30
j U ne 30
Dec. 31
1958 Mar 31
Apr 30
Insurance companies:
1955 June 30
1956 June 30
1957 June 30
Dec. 31
1958 Mar 31
Apr 30
Other investors:
1955_june 30
1956 June 30
1957 June 30
Dec 31
1958—Mar 31
Apr 30
1
2
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds2 bonds
166,882
166,050
165,985
173,718
172,010
174,960
19,514
20,808
23,420
26.857
23,022
22,415
13,836
16,303
20,473
34,554
31,478
31,122
40,729
35,952
30,973
20,664
20,685
24,732
81,128
81,890
80,839
82.117
87,713
87,705
7,162
8,236
8,554
9,260
9,375
9,556
40
273
130
130
242
8
355
416
657
593
119
688
321
591
3,556
3,575
3,664
3 933
4,208
4,183
886
11 646
9 157
8,579
1,282
1.617
1,487
1,616
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
11,676
11,098
10,280
9,527
9,112
8,986
155,206
154,953
155,705
164,191
162,898
165,974
49,703
58,714
71 033
74,368
72 624
71,729
38,188
31,997
39,184
46,513
40 837
44,814
33,687
31,312
14,732
11,272
15,692
15,692
33,628
32,930
30,756
32,038
33,746
33,739
3,439
3,345
3,063
2,923
2,845
2,845
3,723
4,891
5,491
6.337
6,530
6,712
199
500
1,138
1 236
1 401
1,494
1,210
1 782
1,526
1,642
506
434
295
260
428
2,944
3,030
2,848
3 059
3,175
3,162
23 607
23,758
23,035
24 238
23,628
23,681
17 405
20 242
20 246
21 427
21 178
21,231
3 773
l'O87
1 014
1 014
681
750
57
57
57
1 415
1 415
1,358
1 358
1 358
1,358
7 187
7 433
12 268
13 066
13 499
13 958
21 712
18,234
23,500
26 526
23,379
26 476
21,110
19,132
8,600
7 364
10,221
10,273
5,494
4,719
4,222
4 623
4,988
4,999
533
«54O
1,405
1,319
601
4,746
4,468
4,040
4.041
4,144
4,101
23 607
23,758
23,035
24 238
23,628
23,681
1.220
946
8,274
10,944
11,367
20.104
19,946
19,946
55,667
49,673
48,734
51,712
52,217
55,836
2,721
2,181
2,853
4.332
3,322
3,817
1,455
1,004
2,913
4,046
2,742
2,711
15,385
11,620
8,984
9,672
9,534
12,448
35,942
34,712
33,839
33 529
36,488
36,730
164
155
144
133
130
130
55,503
49,517
48,590
51 579
52,087
55,706
53
289
6,422
6,074
5,655
5,470
5,583
5,475
1,222
1,161
1,098
1,012
966
949
6,848
6,574
6,299
6,197
6,315
6,244
3,145
2,791
2,549
2,347
2,275
2,219
9,972
8,911
8,387
8,454
8,408
8,449
3,706
3,646
3,426
3,112
2,896
2,843
55,554
61,301
63,904
67,387
65,929
65,183
8,069
7,735
7,397
7,209
7,281
7,193
855
287
893
84
87
2 802
2 802
2,802
2 827
2 789
2,789
107
163
37
114
122
146
103
167
134
129
438
452
537
13,117
630
11,702
10,936
10,801
10,684
10,667
318
326
74
44
136
760
648
291
248
683
273
361
119
113
688
734
8,479
7,789
7,277
7.231
7,328
7,240
59,260
64,947
67,329
70,499
68,825
68,026
15,153
17,074
19,661
20,762
18,147
16,867
3,973
3,919
5,527
9,331
7,944
7,632
12,502
13,371
11,113
8,167
8,522
9,397
23,927
26,896
27,602
29,127
31,316
31,288
Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Marketable securities, by maturity class
356
367
789
74
927
164
247
576
453
441
388
1 397
1 035
l',O35
1,082
,227
[ 120
1,165
414
476
610
590
2,027
1,802
1,022
912
909
1,339
[,192
1,775
>,074
1,804
.870
24,062
29 233
35,850
37,249
35 193
33,750
10,633
10 443
10,936
13,508
11,972
12,625
7,626
7,612
3,464
2,397
3,595
3,560
810
632
955
938
718
781
798
5,796
5,285
4,634
4.724
4,911
4,872
13,233
14,013
13,654
14,233
15,170
15,248
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.
832
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates.
In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6
Gross proceeds, all issuers 2
Corporate
Noncorporate
Year or
month
New capital
Bonds
Total
Federal
U.S.
agenGovt. 3
cy 4
19,893
21,265
26,929
28,824
29,765
26,772
22,405
30,571
9,687
9,778
12,577
13,957
12,532
9,628
5,517
9,601
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
M^ar
Apr . . . .
May....
3,473
2,487
3 959
511
407
1,802
4,269
368
1950
1951
1952
1953
1954
1955
1956
1957
2,180
State
and
mu- Others
nicipal
3,532
3,189
4,121
5,558
6.969
5,977
5,446
6,958
78?
446
539
388
516
595
437
683
639|
640
49
44
38
10
37
15
65
1,163
782
523
524
r
798
877
•>oi
55
9
141
200
30
110
459
106
458
746
169
572
•••'60
215
100
Total
Total
Privately
placed
Preferred
stock
Common
stock
Total
New
money 7
Miscellaneous
purposes
ReRetiretire- ment
ment
of
of
secubank rities
debt,
etc. 8
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
796
1,495
1,028
947
1,023
1,113
844
1,114
685
1,013
775
840
907
944
671
761
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
780
1,467
1,011
932
1,007
1,099
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
816
875
1,623
1,251
734
744
607
1,494
1,121
615
505
398
1,165
920
391
239
209
330
200
224
28
85
69
41
36
44
182
61
89
84
805
856
1,608
1,232
719
723
851
1 561
1,124
624
711
832
1 525
1,032
559
11
19
35
92
65
82
5
47
107
95
6,361
7,741
9,534
306
8,898
789
9,516
18? 10,240
334 10,939
S57 12,884
8991
Publicly
offered
Total
631
811
838 1,212
564 1,369
489 1,326
816 1,213
635 2,185
636 2,301
411 2,516
6,261
4,990 4,006
7,607 7,120
6,531
9,380 8 716 8 180
8,755
8,495 7,960
9,365 7,490 6,780
7,957
10,049
8,821
10,749 10,384 9,663
12,661 12 447 11 784
364
620
363
226
537
535
709
864
721
663
1 271
486
664
260
1,875
1 227
364
214
Proposed uses of net proceeds, major groups of corporate issue rs
Manufacturing
Year or
month
Commercial and
miscellaneous
Transportation
RetireRetireNew
New
ment of
ment of
New
capital io secu- capital i ° secu- capital 1 c
rities
rities
1950
1951
1952
1953
1954
1955
1956
1957
1957
.
. . .
. .
May
June
July
Aus
Sept
Oct
Nov
Dec
1958—Jan . .
Feb
Mar
Apr . . .
May
r
.
.
1 026
2,846
3,712
2 128
2,044
2,397
3,336
4,104
149
221
261
90
190
533
243
49
130
623
248
243
320
129
220
572
6
5
5
147
171
196
598
193
4
2
4
45
24
474
462
512
502
831
769
682
579
48
35 1
69
51
38
51
38
60
28
26
47
65
25
63
56
24
40
93
51
51
29
610
437
758
553
501
544
694
802
1
2
3
5
80
50
45
31
80
49
54
138
(9)
(9)
12
(9)
1
4
Revised.
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.
82
48
63
67
22
Public ut lity
Communication
Real estate
and financial
RetireRetireRetireRetirement of
New
ment of
New
ment of
ment of
New
capital io secu- capitaU o secusecu- capital l ° securities
rities
rities
rities
196
53
225
36
270
338
20
14
8
(9)
6
24
5
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
,441
7
82
136
54
124
65
369
92
41
(9)
(9)
9
1
22
36
34
35
797
39
3
81
5
6
3
60
77
21
4
3
(9)
(9)
50
37
30
639
449
448
1 536
788
1 812
1,815
1,701
100
66
60
24
273
56
17
67
75
178
343
224
53
159
98
92
1
30
109
205
49
64
80
30
1
2
6 Estimated net proceeds are equal to estimated gross proceeds less cost
of notation, i.e., compensation to underwriters, agents, etc., and expenses.
7 Represents proceeds for plant and equipment and working capital.
8 Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
i o Represents all issues other than those for retirement of securities.
833
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Industry
1952
1953
1954
1955
Quarterly totals
1956
1956
1957
3
1957
1
4
2
1958
3
1
4
Manufacturing
Total (200 corps.):
Sales
54,517 63,343 58,110 69,876 71,925 76,032 16,129 19,194 19,786 19,438
Profits before taxes
.
. .
7,308 8,375 7,244 10,250 9,290 9,559 1,697 2,483 2,752 2,575
3,192 3,649 3,825 5,231 4,880 5,109
Profits after taxes
912 1,362
1,432 1,339
2,073 2,154 2,384 2,827 2,980 3,113
Dividends
848
750
757
723
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
2,853 3,028 2,753 3,413 3,457 3,438
Profits before taxes
.
947
873
811
867
1,392 1,526 1,581 1,918
1,979 2,019
Profits after taxes
551
503
521
467
946
972 1,064 1,202
1,248
Dividends
314
318
305
1,323
358
Durable goods industries (106 corps.):2
35 251 42,649 37 490 46 770 47,141 49,754 10 037 12 730 13 150 12 914
Sales
4,455 5,346 4,491 6,836 5,833 6,120
Profits before taxes
1 804 1,702
886
1,616
Profits after taxes
1,800 2,123 2,244 3,313 2,901 3,090
841
445
881
836
Dividends
1 127 1,182 1 320 1 625 1,731
489
1,791
418
436
439
Selected industries:
Foods and kindred products (28 corps.):
Sales
5,042 5,411 5,476 5,833 6,299 6,620
465
499
Profits before taxes
453
557
600
462
212
244
Profits after taxes
203
273
295
224
154
160
154
166
174
156
Dividends
Chemicals and allied products (26 corps.):
Sales
5 965 6 373 6 182 7 222 7 729 8 203
Profits before taxes
1 259 1,308 1 153 1,535
1,488
1,556
520
782
Profits after taxes.
. .
769
798
486
593
417
597
602
Dividends
396
499
639
Petroleum refining (14 corps.):
5,883
6,556
7,185
7,814
Sales..
.
. . . .
5,411
6,015
841
854
Profits before taxes
728
751
917
867
603
624
689
711
Profits after taxes
524
567
290
317
346
Dividends
283
294
374
Primary metals and products (39 corps.):
11,564 13,750 11,522 14,952 16,062 16,073
Sales
Profits before taxes
1 147 1,817 1 357 2 377 2 370 2 313
790
1,193
564
Profits after taxes
705 1 195 1,232
377
522
606
369
651
Dividends
407
Machinery (27 corps.):
Sales
7,077 8,005 7,745 8,477 9,798 10,914
942 1,175
912
Profits before taxes
.
971 1,011
914
402
465
458
375
465
577
Profits after taxes
321
329
199
237
281
263
Dividends
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
942 1,059
758
709
863 1,394
Profits after taxes
693
656
670
469
469
536
Dividends
18,056 18,752 16,718
2,042 2,190 1,623
849
1,107 1,232
759
849
757
6,558
841
491
319
6,560
111
474
371
6,132
649
374
330
11 498 12 192 10 586
1,201
1 413
974
758
475
616
429
478
438
1,560
141
71
41
1,641
145
74
50
1,618 1,642 1,669
135
154
158
65
75
77
39
40
41
1,691
153
79
54
1,615
140
67
41
1 890
2 001
2 045 2 047 2 065
2 047
1 858
344
395
394
197
150
202
152
369
201
150
281
197
187
144
160
1,909
228
186
93
2,048 1,941 1,920
299
219
193
230
172
164
91
91
95
1,906
156
144
97
1,801
147
123
95
3,098
263
4,340
702
4,272 4,270 3,856
676
652
512
3,675
473
3,047
303
2,422
230
121
2,746
245
123
377
178
143
201
181
1,770
218
163
89
145
140
378
188
342
157
327
157
397
264
158
2,624 2,750 2,669
293
305
270
141
148
135
260
179
2,871
306
152
157
147
2.454
227
110
79
87
82
86
3,347
272
118
164
4,215
513
262
166
4,993 4,522 3,689
603
291
711
292
151
336
166
164
166
4,277
506
279
173
3,853
346
161
164
2,590
298
209
73
2,722
375
267
153
2,574 2,660 2,675
247
264
286
161
183
191
122
110
82
2,582
259
199
121
2,239
59
31
96
79
81
83
Public Utility
Railroad :
Operating revenue . .
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
...
10,581 10,664 9,371 10,106 10,551 10,491
1,268 1,056
1,438 1,436
908 1,341
903
927
876
734
825
682
412
448
462
435
338
379
6 549 7,136 7,588 8,360
1,740 1,895 2,049 2,304
947 1,030 1,134 1,244
780
942
725
868
9,049
2,462
1,326
1,022
9,644
2,557
1,403
1,077
2,170
567
301
249
2,303
594
334
270
2,540 2,312 2,335
596
600
731
393
327
326
269
270
265
2,457
630
357
273
2,676
768
421
281
4,137 4,525 4,902 5,425
787
925 1 050 1 282
452
638
384
525
412
496
448
355
5,966
1 430
715
552
6,467
1,562
788
613
1,495
359
180
137
1,552
380
190
147
1,560 1,611 1,623
387
387
388
195
195
195
150
155
148
1,673
400
203
160
1,672
402
200
164
^includes is companies in groups not snown separately, as toiiows:
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.
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).
834
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
[Department of Commerce estimates. In billions
of dollars]
[Securities and Exchange Commission estimates.
Profits
before
taxes
Income
taxes
1950rr
1951
1952'r
1953
1954'"
1955'
1956'
1957r
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—2rr
3
4r
44.8
44.3
46.7
22.1
21.8
23.0
22.7
22.4
23.7
12.0
12.2
11.8
10.7
10.2
11.9
1957_lrr
2r
3
4r
46.1
43.5
44.2
39.9
23.0
21.7
22.0
19.9
23.1
21.8
22.1
20.0
12.5
12.6
12.7
12.0
10.6
9.2
9.4
8.0
1958—1
31.7
16.1
15.5
12.5
3.0
Year or
quarter
All types
Profits Cash Undisdivi- tributed
after
taxes dends profits
r
Revised.
NOTE.—Quarterly data are at seasonally
annual rates.
Year or
quarter
In millions of dollars]
Bonds and notes
Stocks
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
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
1958—1
3,566
784
1950
1951
1952
1953
1954
1955
1956
1957
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
2,377
2,367
2,554
2,393
553
626
554
503
1,824 1,289
1,741 1,373
920
2,000
1,890 1,016
230
241
248
205
1,059
1,132
672
811
2,782 2,799
537
2,262
247
520
767
i Reflects cash transactions only. As contrasted with data shown on p. 832, 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. 832.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchanges Commission estimates.
In billions of dollars]
Current assets
End of year
or quarter
1950
1951
1952
1953
1954r
1955rr
1956
1957
\r
2r
4r
1958—1
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
U. S.
Govt. 2
Other
Inventories
Notes and accts.
payable
Other
U.S.
Govt. 2
Other
Federal
income
tax
liabilities
.4
1.3
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
20.7
22.5
26.5
28.6
Total
Other
14.9
16.5
18.7
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
22.87
2.6
2.4
2.3
55.1
64.9
65.8
67.2
65.3
72.8
80.4
1.7
2.1
2.6
55.7
58.8
64.6
65.9
71.2
87.1
94.5
2.4
3.1
4.7
5.1
79.8
92.6
96.1
98.9
99.7
121.5
126.8
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
r
2.4
2.3
2
Revised.
i Excludes banks and insurance companies.
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.
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
Manufacturing
7.5
10.9
11.6
11.9
11.0
11.4
15.0
16.0
12.0
Transportation
Mining
.7
.9
1.0
1.0
1.0
1.0
1.2
1.2
.9
Railroad
Other
1.1
.5
.4
.3
.9
.9
1.2
1.5
1.5
1.6
1.5
1.6
1.7
1.8
1.5
L4
.7
1
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
Public Comutili- muni- Other2
ties
cations
3.3
3.7
3.9
4.6
4.2
4.3
4.9
6.2
6.3
5.7
5.9
5.6
6.3
6.5
7.5
8.4
7.4
1.1
1.3
1 5
1.7
1.7
2.0
2.7
3.0
9. 3
Quarter
In billions of dollars]
Total
Manufactur- Transing
portaand
tion
ing
All
Public
utili- others
ties
1957_1
2
3
4
8.3
9.6
9 4
9.7
3.8
4.5
4 3
4.6
.7
.8
8
.8
1.2
1.5
1 7
1.8
2.6
2.7
2.5
2.6
1958—1
2*
34
7.3
8.3
7.7
3.1
3.5
3.2
.7
.6
.5
1.2
1.8
1.8
2.3
2.4
2.2
3
Includes communications and other.
* Anticipated by business.
835
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE O F P R O P E R T Y M O R T G A G E D AND TYPE O F M O R T G A G E H O L D E R
[In billions of dollars]
Nonfarm
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
All
holders
1- to 4-family 1louses
Multi-family and
commercial properties1
Financial
institutions
Other
holders
Total
Financial
institutions
11.2
12.2
7.2
12.9
12.2
35.4
41.1
46.8
53.6
62.5
73.8
83.4
90.2
9.8
10.7
11.7
12.5
13.2
14.4
15.6
Total
18.4
18.6
45.2
51.7
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
72.8
82.3
91.4
101.3
113.8
130.0
144.5
156.3
51.7
59.5
66.9
75.1
85.8
99.4
111.2
119.9
1.4
2.0
2.4
2.8
2.8
19.8
20.8
22.1
23.5
25.2
27.5
29.7
31.7
66.7
75.6
84.2
93.6
105.5
120.9
134.6
145.8
58.5
66.1
75.7
88.2
99.0
107.6
1956—Sept
Dec
141.3
144.5
108.7
111.2
3.3
3.6
29.3
29.7
131.5
134.6
96.6
99.0
1957
Mar*»
June p
Sept. p
Dec p
147.2
150.2
153.4
156.3
113.0
115.3
117.7
119.9
4.0
4.2
4.5
4.7
30.2
30.7
31.2
31.7
137.1
139.9
143.0
145.8
101.0
103.3
105.6
107.6
83.4
84.9
86.8
88.6
90.2
1958—Mar.*
158.6
121.6
4.9
32.1
148.0
109.2
91.5
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957*>
.
3.6
4.7
*1 Preliminary.
Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Farm
81.4
6.4
8.1
7.4
14.0
15.9
Other
holders
4.8
4.7
7.6
8.0
All
holders
Financial
Other
insti- holders2
tutions
6.4
1.5
1.3
4.9
3.4
3.7
4 1
4.4
4.8
6.1
6.7
21.6
23.9
25.7
27.5
29.8
32.7
35.6
38.2
17.2
18.5
20.0
21.9
23.9
25.6
8.4
9.0
9.8
10.8
11.7
12.6
7.3
7.8
8.3
9.1
9 9
10.5
2.3
2 6
2.8
3.0
3 3
3.6
3 9
4.0
34.9
35.6
23.4
23.9
11.5
11.7
9.8
9.9
3.9
3.9
17.4
36.1
36.6
37.4
38.2
24.2
24.6
25.1
25.6
11.9
12.0
12.3
12.6
10.1
10.3
10.4
10.5
3.9
4.0
4 0
4.0
17.6
38.8
26.0
12.8
10.6
4.1
17.4
15.2
15.6
16.2
16.5
17.0
4.8
50
5.4
60
65
59
6.0
6.2
6.4
64
6.5
6.6
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*
[In millions of dollars]
Commercial bank holdings2
Residential
End of year
or quarter
Total
Total
1941
1945
1950
1951
1952
1953
1954
1955
1956
4,906
4,772
.
.
1958
.
13,664
14,732
15,867
16,850
18,573
21,004
22,719
23,337
FHAinsured
VAguaranteed
Residential
Conventional
3,292
3,395
Other
nonfarm
1,048
10,431
11,270 "*3*42i
12,188 3,675
12,925 3,912
14,152 4,106
15,888 4,560
17,004 4,803
17,147 4,823
Farm
Total
Total
856
566
521
4,812
4,208
3,884
3,387
8,261
9,916
11,379
12,943
15,007
17,457
19,745
21,169
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
797
28
24
3^012
3,061
3,350
3,711
3,902
3,589
4J929
5,501
5,951
6,695
7,617
8,300
8,735
2,264
2,458
2,621
2,843
3,263
3,819
4,379
4,823
968
1,004
,058
1,082
1,159
1,297
1,336
1,367
7,054
8,595
9,883
11,334
13,211
15,568
17,703
19,010
2,567
3,168
3,489
3,800
4,150
4,409
4,669
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
1,164
1,274
1,444
1,556
1,740
1,831
1,984
2,102
44
47
53
53
56
58
59
57
63
59
22,500 16,860
22,719 17,004
4,760
4,803
3,890
3,902
8,210
8,300
4,282
4,379
1 ,358 19,225 17,218
]1,336 19,745 17,703
4,350
4,409
6,840
7,139
6,028
6,155
1,944
1,984
Mar
June
Sept
Dec
22,670
22,760
23,105
23,337
16,880
16,890
17,070
17,147
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
] ,350
1 ,370
1 jT75
] ,367
18,035
18,384
18,687
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
Mar »
23,410 17,140
4,820
3,490
8,830
4,880
1,390 21,565 19,370
4,785
7,920
6,665
2,137
P1 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
Farm
900
Dec
1956—Sept
1957
Mutual savings bank holdings3
20,105
20,475
20,812
21,169
60
58
57
57
58
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.
836
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
.
1950
1951
1952
1953
1954
1955
1956
1957
.
1957
. .
...
4,894
5,134
3,978
4,345
5,344
6,623
6,715
5,231
May
June
July
Aug
Sept
Oct
Nov
4 532
4,723
3,606
3 925
4,931
6,108
6,201
4,823
1,486
1,058
971
842
1,378
1,839
1,652
686
833
2,108
2,371
2,313
2,653
2,881
3,298
3,707
3,304
391
44
94
253
35
48
53
53
64
237
287
50
82
67
60
58
43
51
38
304
258
286
237
29
28
426
Dec
1958
Jan
Feb
Mar
Apr
May
Farm
. .
367
432
338
404
435
408
435
362
412
383
404
335
864
817
672
938
1,294
429
455
Total
Total
FHAinsured
6,442
6,636
5,529
5,860
1,394
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
34,022
34,159
34,356
34,547
34,697
34,859
34,986
35,230
31,498
31,620
31,794
31,978
32 122
32,274
32,396
32,640
35,410
35,529
35,663
35,773
35,884
32,816
32,926
33,049
33,142
33,241
Other
976
. .
.
VAguaranteed
362
411
372
420
413
515
514
408
23
25
31
27
528
493
96
27
370
35
525
227
482
236
122
49
41
18
319
169
43
41
390
400
380
344
358
348
93
93
97
22
26
16
229
239
235
46
42
32
VAguaranteed
Farm
Other
4 714
4,466
913
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
6,673
6,670
6,671
6,677
6 690
6,706
6,720
6,766
7,656
7,677
7 702
7,725
7 736
7 753
7,758
7,750
17,169
17,273
17 421
17,576
17 696
17 815
17,918
18,124
2,524
2,539
2,562
2,569
2 575
2,585
2,590
2,590
6,818
6,849
6,896
6,939
6,985
7,748
7,737
7,720
7 716
7,696
18,250
18 340
18,433
18 487
18,560
2,594
2,603
2,614
2,631
2,643
815
776
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 RECORDING
L o c ins
Loans made
Year or
month
Total i
1941
1945
379
New
construction
AM
Home
purchase
outstanding (end of period)
Total 2
FHAinsured
?37
1 767
1 657
105
2 475
3 076
7, 746 13 ,657
11 ,432
10 545
10 ,402
4 041
3 771
3 ,562
5, 241 31 ,461
4 777 35 779
4 , 708 40 ,119
1 ,405
1 486
1,643
968
9?5
360
319
969
318
331
1,520
1 530
1 ,545
1 ,001
891
980
292
341
768
750
412 37 ,421
415 37 886
46? 38 ,780
470 38 ,743
423 39 ,106
443 39 53?
734
248
Jan
7?3
745
Feb
704
819
9?0
?33
s 250
6 ,617
7 767
8 969
VAguaranteed
Conventional 2
5 ,376
181
5
LESS
By type of lender
(without seasonal adjustment)
Total
Year or
month
Season- Without
ally
seasonal
adadjust-2
justed 1
ment
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
3,365
3,370
3,600
3,680
4,239
5,617
5,458
4,264
,064
,013
,137
,327
,501
,858
,824
,429
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
686
666
125
119
130
132
124
132
117
125
374
363
390
378
354
395
333
325
121
126
142
137
121
131
117
113
1,976
1,959
1,971
1,782
1,701
1,866
2,022
628
638
705
787
111
101
108
106
322
304
345
385
98
87
94
103
/| 578
1, 358
,'913
1950
1951
1952
1953
1954
1955
1956
1957
OF $20,000 OR
[In millions of dollars]
[In millions of dollars]
3 5 7 15 564
? 9 5 5 18 ,396
\ 488 ? 1 9 6 ?
3 846 ?6 ,194
848
866
904
1 ,048
1 177
973
3 , 133
9
836
11
565
14 0 9 8
16 9 3 5
4 7?1 70 301
5, 891 24 ,165
6 643 77 600
7, 013 31 463
3 394
V,9 7 9
1,618
1,615
1,420
1,480
1,768
1,932
1,799
1,472
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
6, 833 29 ,068
6 889 ?9 467
1 ,643
6 904 ?9 ,831
6 9?0 30 763
6, 933 30 ,600
6, 946 30 995
6 963 31 775
7, 013 31 ,463
308 40 ,369
789 40 6? 3
318 40 ,967
354 41 367
1 651
7 048 31 670
406 41 ,908
1 ,789
,835
324 40 ,119
358
39
1 560
1 ,573
1,591
1 597
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
1958
Mar
Apr
M!ay
.
..
1
,019
781
316
346
685
1 715
1 749
7 015
7, 005
6 98?
6 978
31 9 ? 3
3? ?47
3? 636
33 ,141
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2
Beginning 1958 includes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.
1958
Jan
Feb
Mar
Apr
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
837
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMELY PROPERTIES
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
Proj-
New
properties
Existing
properties
type
mortgages 1
VA-guaranteed loans
Property
improve- Total 3
ment
loans 2
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
,216
969
,259
,035
,269
.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
292
247
333
340
273
422
329
332
60
60
67
63
57
87
86
97
94
104
124
122
116
145
145
152
80
18
76
67
14
79
33
12
58
65
65
88
85
111
65
71
286
276
268
251
295
280
213
176
218
213
206
193
228
229
182
155
68
62
62
58
66
50
30
20
Jan
Feb . . .
Mar
Apr
May
418
386
435
423
431
120
115
127
119
110
186
164
192
186
201
56
43
62
57
55
55
64
53
61
65
160
142
123
85
73
142
129
110
72
57
18
13
13
13
15
May
June
July
AUK . . .
1958
1 Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal 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.
FHA- VAinguarsured anteed
1945
18.6
4.3
4 1
2
14 3
1950
1951
1952
1953
1954.
1955
1956
1957*
45.2
51 7
58 5
66.1
75 7
88.2
99 o
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.P.... 109.2
47.7
17.1
30.6
61.5
1956—Sept
Dec
1957—Mar. *\ . . .
Junep....
Sept.*
Dec.p
v Preliminary.
NOTE.—For total debt outstanding figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY I
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage
transactions
(during
period)
Conventional
Total
Total
1945
1957
Governmentunderwritten
End of
year or
quarter
Advances outstanding
(end of period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1945
278
213
195
176
19
1950
1951 . .
1952
1953
1954
1955
1956 . .
1957
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
1957
May .
June
July
AUK .
Sept
Oct
Nov
Dec
3,551
3,605
3,654
3,718
3 783
3,849
3,909
3 974
1,087
1,100
1,112
1,132
1 152
1,170
1,197
1,237
2,464
2,505
2,541
2,586
2,631
2,679
2,712
2,737
75
69
83
78
82
79
75
80
1
1
518
525
626
680
712
726
717
764
1957—May.
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec,
73
135
131
83
96
83
74
196
52
48
171
50
49
70
62
74
993
,079
,040
,072
,119
,131
,143
,265
559
614
638
663
688
686
689
731
434
465
402
409
431
445
454
534
1958
Jan
Feb
Mar
Apr
May
4 038
4,071
4,073
4,019
3,928
1,283
1,319
1,346
1,345
1,342
2,755
2,752
2,726
2,674
2,586
77
56
45
38
33
786
761
745
842
1,001
1958—Jan..
Feb..
Mar.
Apr.,
May.
58
41
53
212
56
417
158
146
93
68
906
790
696
815
803
527
451
394
304
288
379
339
302
511
515
Mortgage holdings
End of year
or month
9
29
75
109
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
Advances
Repayments
Total
1
2
Short-1
term
Long-2
term
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities or more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
838
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper i
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
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
1.016
1,085
1,385
1,610
1,616
1,689
1,895
1,984
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 May
June
July
Aug
Sept
Oct
Nov
Dec
41,937
42,491
42,668
43,101
43,270
43,274
43,530
44,776
32,158
32,608
32,968
33,303
33,415
33,504
33,596
34,105
14,883
15,127
15,329
15,490
15,556
15,579
15,542
15,496
8,081
8,165
8,189
8,229
8,228
8,236
8,300
8,687
1,886
1,905
1,921
1,954
1,969
1,988
1,996
1,984
7,308
7,411
7,529
7,630
7,662
7,701
7,758
7,938
9,779
9,883
9,700
9,798
9,855
9,770
9,934
10,671
3,582
3,530
3,406
3,458
3,493
3,405
3,458
3,502
3,834
3,948
3,886
3,925
3,942
3,991
4,135
4,760
2,363
2,405
2,408
2,415
2,420
2,374
2,341
2,409
1958 Jan
Feb
Mar
Apr
May
43,966
43,043
42,562
42,665
43,027
33,737
33,302
32,983
32,932
32,957
15,326
15,122
14,889
14,788
14,713
8,499
8,277
8,192
8,134
8,176
1,963
1.936
1,915
1,914
1,933
7,949
7,967
7,987
8,096
8,135
10,229
9,741
9,579
9,733
10,070
3,514
3,542
3,542
3,501
3,616
4 264
3,710
3,528
3 694
3,956
2 451
2,489
2,509
2,538
2,498
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. 1035-42, 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 institution >
Total
instalment
credit
Total
1939
1941
1945
4,503
6 085
2,462
1950
1951
1952
1953
1954
1955
1956
1957
1957 May
June
July
End of year
or month
Auff
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
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
32 158
32,608
32,968
33 303
33,415
33,504
33 596
34,105
27,864
28,263
28,726
29,014
29,128
29,241
29,239
29,375
12,143
12,323
12,508
12,607
12,656
12,749
12,717
12,714
9,176
9,300
9,476
9,565
9,598
9,585
9,564
9,573
33,737
33,302
32 983
32,932
32,957
29,125
28,864
28,621
28,701
28,674
12,611
12,415
12,310
12,421
12,442
9,464
9,405
9,284
9,200
9,129
Consumer
finance
companies !
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers3
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
924
1,107
1,064
1,242
1,511
1,408
1,393
827
810
943
1,004
,044
,187
1,146
267
243
301
377
377
365
377
374
287
290
389
527
463
487
502
529
771
903
1,082
1.070
052
101
,269
1,288
2,167
2,227
2,284
2,344
2,377
2,415
2,439
2,472
3,123
3,155
3,209
3,234
3,231
3,229
3,248
3,332
1,255
1,258
1,249
1,264
1,266
1,263
1,271
1,284
4,294
4,345
4,242
4,289
4,287
4,263
4,357
4,730
1,229
1,249
1,144
1,161
1,167
1,134
1,199
1,393
L 077
,077
1,072
1,083
1,077
1,080
I 092
1,146
355
359
361
360
363
365
365
374
510
518
525
530
533
533
531
529
I 123
I 142
1,140
I 155
I 147
I 151
I 170
1,288
2,446
2,451
2,461
2,506
2,531
3,320
3,306
3,286
3,290
3,273
1,284
1,287
1.280
1^284
1,299
4,612
4,438
4,362
4,231
4,283
1,381
1,326
1,343
1,241
1,278
1,108
1,079
I 045
1,033
1,034
367
363
359
354
353
522
514
504
498
494
I 234
I 156
I 111
1 105
I 124
1
Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Retail outlets
984
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
839
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]
End of year
or month
Total
instalment
credit
Automobile
paper
Repair
and
modernization
loans
Purchased
Direct
Other
consumer
goods
paper
178
338
143
166
309
114
135
161
110
363
471
834
888
1939
1941
1945
1,079
1,726
745
237
447
66
1950
1951
1952
1953
1954
1955
1956
1957
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
2,062
2,075
2,335
1,456
1,315
1,751
2,078
1,880
2,042
2,394
2,435
1,137
1,317
1,303
1,338
1,469
1,527
1,037
1,122
1,374
1,521
1,676
1,916
2,118
2,363
1957—May
June
July . . . .
Aug
Sept..
Oct
Nov
12 143
12,323
12 508
12,607
12 656
12 749
12,717
12,714
3,851
3,921
3 976
4,026
4 050
4 082
4,067
4,054
2,246
2,282
2,310
2,330
2,334
2,334
2,333
2,335
2,368
2,395
2,456
2,434
2,437
2,471
2,448
2,435
1.450
1,466
1,480
1,503
1,514
1,531
1,537
1,527
2,228
2,259
2,286
2,314
2,321
2,331
2,332
2,363
12 611
12,415
12,310
12 421
12,442
4 016
3,966
3,906
3,893
3,889
2 330
2,312
2,305
2,321
2,325
2,378
2,272
2,236
2,281
2,262
1,508
1,484
1,467
1,465
1,477
2,379
2,381
2,396
2,461
2,489
Dec
1958
Jan
Feb
Mar
Apr
May
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
532
452
680
816
841
7,470
1,034
1,227
1,413
61
63
60
46
31
25
23
20
162
276
341
377
402
465
567
670
1957—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
9,176
9,300
9,476
9,565
9,598
9,585
9,564
9,573
7,272
7,376
7,466
7,532
7,557
7,537
7,510
7,470
1,285
1,296
1,369
1,384
1,389
1,390
1,388
1,413
22
22
22
22
22
23
21
20
597
606
619
627
630
635
645
670
1958—Jan..
Feb.,
Mar.
9,464
9,405
9,284
9,200
9,129
7,363
7,237
7,080
6,968
6,888
1,404
1,464
1,492
1,515
1,520
20
20
19
20
20
677
684
693
697
701
312
May
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
NONINSTALMENT CREDIT, BY HOLDER
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
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
121
134
188
1.108
761
948
537
648
638
326
403
437
1,615
1,959
2,396
2,883
3 314
3,782
4,278
4,905
6,545
6,640
6 742
6,842
6,874
6,907
6,958
7,088
[,004
1,030
I 052
1,072
(,082
1,093
1,101
1,108
644
647
647
652
648
645
638
638
414
All
419
429
433
434
438
437
4,483
4,546
4 624
4,689
4,711
4,735
4,781
4,905
7,050
7,044
7,027
7,080
7,103
1,095
1,093
1,094
1,108
1,117
627
435
617
432
4,893
4,902
4,898
4,938
4,945
1957
May
June
July
Aug
Seat
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
538
539
370
375
247
282
606
605
429
429
605
436
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
Repair
and
modernization
loans
Automobile
paper
End of year
or month
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
Personal
loans
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
DepartOther
ment
stores i
Other
Service
credit
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
1950
1951
1952
1953
1954
1955
1956
1957
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
1957—May.
June.
July.
Aug.,
Sept.
Oct..
Nov.
Dec..
9,779
9,883
9,700
9,798
9,855
9,770
9,934
10,671
2,996
3,029
2,996
3,002
3,023
3,022
3,028
3,095
586
501
410
456
470
383
430
407
593
579
533
535
588
612
658
876
3,241
3,369
3,353
3,390
3,354
3,379
3,477
3,884
2,363
2,405
2,408
2,415
2,420
2,374
2,341
2,409
1958—Jan..
Feb..
Mar.
Apr..
May.
10,229
9,741
9,579
9,733
10,070
3,054
3,057
3,054
3,067
3,103
460
485
488
434
513
725
601
573
580
584
3,539
3,109
2,955
3,114
3,372
2,451
2,489
2,509
2,538
2,498
i Includes mail-order houses.
840
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Automobile paper
Other consumer
goods paper
Repair and
modernization loans
Personal loans
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
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
5,043
6,294
7,347
8,006
8,866
10 272
11,342
12,613
835
841
1,217
1,344
1,261
1 388
1 568
1,518
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
3,535
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,748
3,674
3,837
3,704
3,388
3,545
3,439
4,069
363
,356
,381
,355
,392
,435
,404
,423
1 Ml
1,494
1,563
1,467
1 364
1,404
1 250
1,305
995
1,007
999
1,027
973
912
964
959
1,016
998
995
1,022
927
976
1 020
1,333
134
128
130
137
127
126
120
118
147
133
143
150
138
141
123
112
1,043
1,056
1,089
1,072
1,054
1,068
1,071
1,115
1,072
1,049
1,136
1,065
959
1,024
1,046
1,319
1958
Jan
Feb
Mar
Apr
May
3,504
3,235
3,193
3,278
3,252
3,108
2,754
3,164
3,345
3,386
,346
,179
,077
,161
,113
1,190
1 020
1,104
1,222
[,212
940
900
981
914
994
799
717
902
874
1,008
131
116
115
125
126
102
91
105
124
136
1,087
1,040
1,020
1,078
1,019
1,017
926
1,053
1,125
1,030
Repayments
18 445
22,985
25,405
27,956
30,488
33 649
37,194
40,133
1950
1951
1953
1954
1955
1956
1957
1957
. .
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
. .
. . . .
7,011
9 058
10 003
10,879
11,833
13 082
14 576
15 644
6 057
7 404
7,892
8,622
9,145
9 751
10'714
11 422
4,660
5,751
6,593
7,336
8,255
9 501
10 542
11,638
717
772
917
1,119
1,255
1 315
1 362
1,429
3,313
3,339
3,382
3,343
3 418
3,358
3,394
3,498
3,376
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1,305
1,289
1,317
1,276
1,318
1,317
1,292
1,368
1 321
1,250
1,361
1,306
I 298
1,381
1,287
1,351
919
951
964
976
990
945
981
978
952
914
971
982
928
968
956
946
121
120
125
117
124
118
113
124
123
114
127
117
123
122
115
124
968
979
976
974
986
978
1,008
1,028
980
946
1,018
964
927
985
989
1,139
3 421
3,401
3,373
3,401
3,352
3,476
3,189
3,483
3,396
3,361
1,368
1,317
1,300
1,338
1,296
360
.224
1,337
1,323
1,287
925
966
952
921
941
987
939
987
932
966
120
125
123
126
118
123
118
126
125
117
1,008
993
998
1,016
997
1 006
908
1,033
1,016
991
+75
+77
+ 113
+98
+68
+90
+63
+ 87
+ 383
+ 543
+754
+670
+611
+771
+ 800
+975
+92
+ 103
+ 118
+ 101
+ 32
+ 39
+ 57
+ 180
+79
+47
+22
+62
+22
+ 11
+ 18
+20
+ 109
+ 39
Change in outstanding credit *
+ 3,113
+ 591
+4,109
+ 3,602
+ 563
+ 5,390
1950
1951
1952
1953
1954
1955
1956
1957
1957
+2,869
+2,278
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
. .
+ 1,519
-102
+ 1,761
+2 102
+ 1,093
+ 81
+ 1,294
+605
-26
+ 3,663
+987
+ 1,037
+ 883
+ 876
+ 177
+ 372
+450
+ 360
+335
+ 112
+ 89
+92
+ 509
+ 58
+ 67
+64
+79
+74
+ 118
+ 112
+ 55
+ 192
+244
+202
+ 161
+66
+23
-37
-46
+76
+56
+ 35
+ 51
+64
+ 84
+24
+40
-17
-33
-17
-19
+8
+64
+ 387
+ 83
-166
-180
-123
-368
-435
-319
-51
-22
-138
-223
-177
-183
-170
-204
-233
-101
-75
+ 15
-66
+29
—7
-188
-222
-85
-58
+25
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—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
— 28
+222
+208
+217
+248
+ 128
+ 183
+ 165
+ 117
-100
+ 118
+69
+ 300
+225
+6
+73
+206
+ 89
+53
-1
+42
+ 13
+8
+5
+20
+3
+8
+7
-6
+24
+ 19
+ 16
+ 33
+ 15
+ 19
+ 11
-9
-8
-1
-21
-27
-21
-1
+8
+ 19
+8
-12
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.
841
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]
Sales finance
companies
Commercial banks
Total
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
8,135
8,358
11,123
12,099
11,267
14,109
14,387
15,188
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—May
Julyi
Sept 1
Oct.
Nov
Dec
1958—Jan.l
Feb i
Marl . .
Apr. i
May
5,098
5,467
6,982
7,560
7,260
10,200
9,600
10,200
3,535
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,748
3,674
3,837
3,704
3,338
3,545
3,439
4,069
1.245
1,268
1,291
,284
1,289
1,325
1,252
1,252
1.362
1,333
1,382
[,320
1,239
[,302
1,150
[-228
832
830
890
819
834
856
835
873
3,504
3,235
3,193
3,278
3,252
3,108
2,754
3,164
3,345
3,386
,247
,146
,109
,204
,153
1,174
1,008
1,132
1,286
1,228
828
769
742
769
715
886
904
1,022
903
829
860
779
865
720
642
724
759
743
3,826
4,788
5,659
6,375
6,983
8,449
9,474
10,453
877
870
905
907
869
904
4,499
4,963
5,750
5,524
5,541
6,281
6,602
6,570
893
902
1,069
581
579
513
581
554
489
579
588
875
819
805
848
813
793
730
828
871
828
554
501
537
457
571
871
871
946
906
797
850
877
596
566
487
575
523
533
633
907
All
374
480
429
587
Repayments
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
1950
1951
1952
1953
1954
1955
1956
1957
3,313
1957—May
June1
July
Aug
Sept
Oct. i
Nov
Dec.
3,339
3,382
3,343
3,418
3,358
3,394
3,498
1958_Jan.i
Feb. i
Mar. 1
Apr. i
3,421
3,401
3,373
3,401
3,352
May
3,376
4,331
5,524
5,925
6,344
7,043
7,901
8,943
9,727
3,477
3,369
3,276
3,456
3,347
3,560
1.168
1,196
1,189
1,196
1,228
1,200
1,208
1,232
1.200
1,153
1,242
1,221
[,190
1,226
1,182
1,231
805
831
797
808
820
795
848
3,476
3,189
3,483
3,396
3,361
1,216
1,232
1,198
1,203
1.201
1,237
1,147
1,219
1,215
1.207
844
820
813
862
830
3,224
817
814
780
846
814
796
873
800
856
829
758
845
843
814
3,404
4,385
5,012
5,683
6,511
7,553
8,603
9,642
805
800
817
818
815
810
838
843
776
844
806
765
817
826
939
837
799
818
819
806
831
736
845
818
805
819
3,934
4,691
5,098
5,304
5,465
5,891
6,328
6,512
523
538
545
531
567
544
515
545
528
575
525
540
539
534
524
550
544
517
515
579
S48
574
520
535
528
553
Change in outstanding credit2
1950
1951
1952
1953
1954
1955
1956
1957
+222
4 208
+217
+248
+ 128
+ 183
+ 165
+ 117
+ 83
1957—May
June1
July .
Aufi
Sept
Oct. i
Nov
Dec
1
1958—Jan.
Feb. i
^Tar 1
Apr i .
May
.
-166
-180
-123
-100
+3,113
+591
+4,109
+3,602
+563
+5,390
+2,869
+2,278
+372
+450
+360
+335
+ 112
+89
+92
+77
+72
+ 147
+88
+61
+ 142
+44
+509
+20
-368
-435
-319
-9
-143
-107
-51
+25
+41
-48
+ 1 359
27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,106
+ 1,007
+ 162
+ 180
+ 185
+99
+49
+93
-32
-3
+9
-16
-109
-105
+ 111
+ 21
-71
-93
-121
of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for
-13
-21
-103
-196
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.
+ 15
+25
+59
+22
+26
+36
+40
+25
+767
-57
+ 1,057
+ 1,216
+217
+2,299
+657
+473
+72
+ 124
+ 176
+89
+33
+6
-115
-59
-84
-71
+72
+70
+88
+88
+54
+61
+55
+59
+ 38
+20
-13
+29
+7
+422
+403
+647
+692
+472
+896
+871
+811
+86
+95
+ 102
+ 100
+32
+33
+ 51
+ 130
-38
-6
-17
+53
+23
+565
+272
+652
+220
+76
+390
+235
-13
+58
+41
+52
+51
-77
-103
±8
-56
2
-24
+26
+ 13
+ 94
+373
-f 70
-49
-118
-174
+ 11
-100
-131
+ 56
+ 52
-76
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
842
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise noted. The terms 'adjusted" and unadjusted" i•efer to adjustment of monthly figures f or seasonal variation]
Construction
contracts
awarded (value)1
Industrial production
(physical volume)*
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Min- Total
erals
Employment and payrolls2
NonagriResi- All
culden- other tural
emtial
ployment
Manufacturing
production workers
Employment
Freight
carloadings*
Payrolls
AdAdAd- Unad- Unad- Unad- AdAd- Unad- Unad- AdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
39
45
32
43
42
46
59
61.3
61.9
43
45
51
66
26
18
27
41
49
57
75
55.2
58.5
64.3
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.1
64.2
65.5
64.1
64.2
68.3
34
34
30
48
38
42
24
37
47
43
49
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.5
67.9
67.9
71.0
66.6
40
31
37
40
47
39
30
36
39
46
31
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
8
7
7
13
41
20
18
24
25
60.3
53.4
53.6
58.8
61.3
56
61
48
58
67
55
60
46
57
61
64
57
66
63
71
66
35
49
63
30
32
35
39
22
25
27
37
43
35
36
40
40
44
65.8
70 2
66.1
69.3
73.3
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
54
49
24
10
16
74
116
45
30
50
82.8
90 9
96.3
95.0
91.5
1946
1947
1948
1949
1950
90
100
104
97
90
100
103
97
86
101
104
95
112
113
116
95
99
102
99
79
83
105
111
142
94.4
99.4
101.6
99.0
102.3
1951
1952
1953
1954
1955
1956
1957
120
124
134
125
139
143
143
121
125
136
127
140
144
145
128
136
153
137
155
159
160
114
114
118
116
126
129
130
145
145
145
144
142
139
135
145
135
145
146
146
142
134
147
147
147
146
143
141
163
162
163
160
156
154
131
131
132
131
130
128
137
146
127
133
130
128
126
128
132
131
129
127
135
131
129
128
130
142
137
135
134
127
125
124
125
126
?138
P127
1919
1920
1921
1922
1923
1924
1925
39
41
31
.
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
....
39
47
....
44
49
....
.
1936
1937
1938
1939
1940
....
. ..
1941
1942
1943
1944
1945
....
38
39
30
39
45
43
19
24
30
38
49
55
37
36
34
40
44
42
46
69
111
45
53
42
45
62
57
59
63
62
68
76
81
84
87
93
92
44
66
89
37
22
36
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
115
114
116
111
122
129
171
183
192
215
261
199
101
170
183
178
232
280
199
101
172 108.2
183 110.4
201 113.6
204 110.7
248 114 4
199 rH8.3
r
101 119.2
127
128
129
129
127
123
123
121
109
106
96
132
102
97
89
92
91
78
r
75
105
119
119
107
108
.86
70
122
119
112
78
74
102
108
128
72
67
99
115
124
82
78
105
104
130
'117.1
'115.6
'114.8
'114 4
114.6
^115.0
128
59.5
50.2
42.6
47.2
55.1
58.8
63.9
70.1
DepartWholement
Consales
store sumer com2
sales* prices
modity
(retail
prices2
value)
31.1
37.1
24.0
25.7
32.6
30.4
32.1
33.0
32.4
32.8
35.0
28.3
21.5
14.8
15.9
20.4
23.5
27.2
32 6
25.3
29.9
59.6
66.2
71.2 34.0
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7
Adjusted
Unadjusted
Unadjusted
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.1
75.0
115
111
37
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
67
69
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
81
84
67
76
83
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
98
104
104
106
102
44
49
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64 2
67.0
67.6
68.8
100
108
104
88
97
90
98
104
99
107
83.4
95.5
102.8
101.8
102.8
78.7
96.4
104 4
99.2
103.1
112
115
99
79
59
62
37
37
38
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
95
96
86
95
97
90
112
114
118
118
128
135
136
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
119.8 '105.2 104.7
'119.9 '104.8 103.4
'104.4 105.3
119.4 103 3 105.0
'118.9 102.8 '104.3
'118.3 101.8 '102.6
'117.8 100 3 '100.6
'163.7
'160.9
'164.6
164.7
162.6
'160.7
'157.3
90
85
92
87
86
138
138
144
136
120.2
120.8
121.0
121.1
121.1
121.6
121.6
117.4
118.2
118.4
118.0
117.8
118.1
118.5
'97.2
'95.1
'93.3
'91.4
91.0
P92.2
'149.9
'144.9
'143.6
'139 6
140.7
'144.7
82
77
75
72
73
*78
130
124
131
122 3 118 9
122.5 119 0
123.3 119.7
123 5 119 3
123.6 *>119.5
1957
June
July
Aug
Seot
Oct
Nov
Dec
....
98
89
r
119.9
r
85
83
129
133
138
1958
Jan
Feb
Mar
Apr
May
June
*130
' 127
*130
*132
'131
'110
109
*114
r
'Estimated.
* Preliminary.
Revised.
* Average per working day.
i 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.
98 0
'95.5
'93.5
'92 5
92.4
P 9 2.7
130
*>133
*134
2
The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Non agricultural 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.
843
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
proportion
1956 1957 May June July
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
100.00
143
143
144
145
145
145
144
142
139
135
133
130
128
126
128
MANUFACTURES—TOTAL
90.02
144
145
145
147
147
147
146
143
141
137
135
131
129
128
130
Durable Manufactures—Total
45.17
159
160
160
163
162
163
160
156
154
146
142
137
135
131
134
6.70
138
131
132
132
134
136
131
128
121
107
100
95
91
86
91
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
176
138
168
152
199
216
127
352
173
179
139
171
153
207
220
132
355
173
179
141
173
152
215
216
128
351
173
775
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
122
141
126
170
183
93
r
316
160
146
118
137
122
166
178
86
'316
159
148
119
138
123
167
181
93
313
159
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
136
157
117
140
156
125
133
155
113
136
159
116
134
159
112
131
155
109
128
151
107
124
148
103
125
142
110
120
134
108
120 119
133 135
109 105
125
139
111
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
135
122
144
132
120
140
132
120
141
133
121
142
133
122
141
135
123
143
135
122
143
132
120
140
129
118
136
125
116
131
123
114
129
120
111
126
121 '121
111 1 1 0
128 129
123
113
129
44.85
129
130
131
131
131
132
151
130
128
127
127
125
224
125
126
11.87
6.32
5.55
108
104
112
105
99
111
106
100
113
106
100
113
107
101
113
106
101
112
106
101
112
104
98
110
101
95
107
97
91
104
97
92
103
97
91
103
95
'92
99
98
'92
106
99
93
106
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
117
133
104
118
135
104
118
134
104
119
135
106
119
136
105
122
141
106
120
138
104
117
135
103
116
131
103
108
117
100
108
116
100
106
114
98
106
116
98
102
112
94
104
113
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
158
141
132
145
148
159
141
132
146
146
156
140
129
146
149
163
141
129
146
149
161
142
131
147
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
142 143
149 1 5 2
138 137
124 123
145 145
143
153
137
124
144
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
173
185
204
142
172
184
204
139
174
185
205
142
175
186
206
143
174
185
207
141
173
185
206
139
171
184
201
135
169
181
196
137
168
182
195
131
164
177
186
129
11.51
10.73
8.49
2.24
.78
112
113
113
112
107
112
112
112
113
111
112
112
112
112
110
113
114
113
116
112
113
113
114
109
114
112
113
112
113
111
113
113
112
113
114
111
112
111
112
110
110
110
110
110
107
113
114
113
118
106
114
114
113
116
112
113
114
112
118
112
113 r113
113 113
112 115
114 108
112 117
113
113
114
MINERALS—TOTAL
9.98
129
128
130
127
128
129
129
127
123
123
122
119
112 1 1 0
109
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
130
83
56
88
153
141
204
127
86
60
90
146
136
194
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
118
70
43
74
142
128
111 r109
70 r63
41
40
74 '67
131 130
116 1 1 7
*>203 *>201
109
62
41
66
132
119
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
127
114
141
129
116
142
128
114
142
131
121
142
132
122
143
133
121
146
129
115
144
125
107
143
120
100
140
125
110
141
127
110
144
119
106
133
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
Nondurable
Manufactures—Total....
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages
Tobacco manufactures
Preliminary.
T
Revised.
For other notes see end of table.
r
163
176
183
127
119
100
138
r
164
nn
180
127
113
88
139
165
177
180
132
iis'
107
73
141
844
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49
average
proportion
1956 1957 May June July
Industry
1958
1957
Aug. Sept. Oct.
Nov.
Dec.
Jan.
Feb.
Mar. Apr.
May
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL... 100.00
143
143
143
145
135
145
146
146
142
134
132
131
129
127
127
MANUFACTURES TOTAL
90.02
144
145
144
146
137
147
148
148
144
135
134
132
131
129
129
Durable Manufactures—Total
45.17
159
160
159
162
151
160
160
159
156
147
143
139
138
133
133
6.70
5.03
3.51
138
131
135
136
118
128
128
129
121
106
102
99
95
89
93
135
142
131
143
139
167
130
140
137
139
138
143
133
143
141
142
141
149
134
141
139
140
141
136
118
130
136
128
129
123
127
135
137
134
133
137
126
136
139
134
134
132
126
135
132
134
132
143
118
126
121
126
125
132
102
108
107
107
107
108
95
99
98
99
96
111
91
94
91
93
92
100
89
92
90
91
90
95
'81
83
80
82
83
77
87
91
83
91
91
1.52
1.29
.23
119
117
108
107
109
108
119
117
90
90
106
107
105
104
106
105
99
99
87
87
85
84
85
83
83
83
'78
126
113
116
126
89
103
110
107
98
88
92
92
86
74
77
78
71
1.67
144
136
140
142
117
132
134
138
129
117
121
121
112
.38
.09
.06
.04
.10
.09
164
133
132
115
123
280
164
129
135
114
123
275
172
131
149
115
133
285
167
134
137
110
128
280
157
114
126
104
118
279
160
122
126
107
115
282
153
120
120
116
110
263
156
126
128
115
113
263
159
125
131
112
114
274
161
128
134
112
120
275
114
155 r149
160
146
134 128 122 124
134 140 128 122
106 116
94
96
114 106 101 101
275 '273 '271 161
.13
118
140
115
215
111
129
104
198
110
132
108
215
108
138
115
211
86
107
73
214
106
125
105
192
114
130
109
200
117
134
110
199
112
121
98
167
99
104
80
159
98
110
88
167
93
113
92
174
Ferrous metals
.37
Pig iron
Steel
3.05
2.62
.43
Alloy steel
Ferrous castings and forgings
Steel forgings
Primary nonferrous metals
Copper smelting
...
Lead
Zinc
Secondary nonferrous metals
Nonferrous shapes and castings
1.16
.63
.20
Nonferrous castings
.
...
Metal Fabricating
Fabricated metal oroducts....
Structural metal parts
Stampings and misc. metal products.
Tin cans
Furnaces gas ranges, and heaters
Nonelectrical machinery
F a r m machinery
Industrial and commercial machinery....
Machine tools and presses ..
Laundry and refrigeration appliances
Electrical machinery
Radio and television sets
Autos trucks and parts
Heavy trucks
r
Revised.
140
109
125
131
140
138
118
120
117
111
99
98
176
167
174
174
173
174
166
161
156
154
148
146
5.73
2.68
2.12
135
141
125
151
139
152
124
146
136
149
124
122
139
152
124
149
134
149
118
163
141
153
121
205
145
156
122
195
142
156
124
146
139
156
125
112
133
154
120
110
127 124 122 118 119
132
98
117
110
99
95
104
81
105
122
115
99
76
80
94
97
97
171
168
166
168
158
167
173
170
165
157
153
148
146
139
9.04
8.13
1.02
7.11
.68
.69
153
147
86
150
146
84
154
149
87
153
148
85
146
144
82
143
141
80
149
143
82
145
140
82
140
136
78
138
135
80
133
130
80
131 132 126
125 124 121
81
83
84
124
118
80
156
197
168
155
182
151
158
193
158
157
188
160
152
179
129
150
175
119
152
175
159
148
164
149
144
154
138
143
153
120
137
144
120
132
133
144
207
204
189
197
183
213
220
220
215
194
192
181
198
224
?m
205
200
153
200
180
195
143
196
256
201
269
196
282
198
260
197
176
190
187
183 179
159 139
172
125
168
112
199
125
138
112
92
58
218
167
213
128
146
104
100
50
194
137
214
127
144
113
101
60
215
148
217
130
156
119
108
62
228
156
205
114
134
103
96
52
208
109
209
123
148
103
97
48
195
146
194
100
84
85
69
29
184
136
198
110
88
93
95
46
161
122
213
139
171
99
118
47
157
116
203
124
151
95
99
40
183
101
196
113
132
91
83
26
216
93
191 189
108 101
122 106
92
94
85
83
29
26
210 226
101 102
181
181
94
99
96
78
26
239
112
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
121
123
121
118
106
113
114
127
131
116
108
104
2.74
1.30
310
344
348
351
344
341
340
334
322
322
321
315
548
118
63
54
608
129
77
80
614
134
76
81
615
136
84
88
609
131
73
71
606
128
69
84
597
126
83
85
592
124
74
76
569
121
71
571
125
61
59
570
123
64
66
72
r
130
128
158
126
119
131
123
115
137
174
165
159
'92
89
90
79
26
213
103
100
r
320
562 '566
121 r128
56
56
136
'316
561
127
51
58
49
59
310
552
130
39
34
1.29
166
172
171
171
168
172
174
172
172
170
166
163
161
160
157
5.91
140
133
137
144
127
143
141
139
128
117
117
117
118
r
121
126
2.82
1.09
158
155
158
159
150
163
162
161
152
145
136
130
131
135
141
140
164
165
132
141
161
164
136
141
159
161
137
139
157
160
144
132
149
151
137
142
156
159
154
141
163
167
138
144
165
170
143
140
165
170
128
135
161
166
117
130
150
153
128
128 124
142 137
144 137
132 134
.60
.47
.26
...
138 '135 131
105 103
99
126 139 120
.63
.81
.53
.35
.
146
111
116
13.68
. ...
Glass and ootterv products
Flat glass and vitreous products
Concrete and plaster products
131
174
.74
Clay, Glass, and Lumber Products
Brick
Clay firebrick pipe and tile
136
176
...
Other transportation equipment
Aircraft and parts .
.
Shipbuilding and repair
H o m e glassware and pottery
146
172
4.64
3.23
..
105
84
187
.33
...
Trucks
Light trucks
98
'88
106 102
77
83
170 189
112
140
112
114
105
99
28.52
.30
N^achinery
r79
86
118
130
129
126
118
126
127
133
172
.23
87
92
97
85
78
91
90
92
90
86
79
85
82
r77
.32
157
148
161
161
119
185
187
177
152
132
109
92
105
146
.35
.12
137
134
128
114
130
122
133
123
134
122
137
129
135
124
134
126
126
113
117
95
105
84
99
77
102
87
.20
142
140
138
143
145
145
144
143
138
133
121
115
114
111
114
.48
194
188
194
200
198
201
198
193
182
172
165
156
163
170
183
.58
173
174
177
177
173
175
175
173
166
165
157
151
151
147
147
For other notes see end of table.
80
112
115
845
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947_49 Annual
average
proportion 1956 1957 May June July
Industry
WITHOUT SEASONAL
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
ADJUSTMENT
—Continued
Furniture and Misc.
114
96
187
112
312
84
118
99
.29
123
107
189
121
301
91
4.04
135
1.64
1.10
.54
3.09
2.05
Lumber
and products
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers
.60
.39
.12
Manufacturing....
Household furniture
Fixtures and office furniture
105
88
168
101
277
83
125
106
209
144
314
83
121
103
205
88
131
110
219
146
339
88
132
128
130
125
122
121
122
120
120
120
115
114
118
118
117
119
196
110
339
106
89
178
100
307
78
92
75
155
80
280
77
100
81
181
76
358
74
105
87
189
95
83
119
98
207
124
344
82
136
141
139
134
128
120
121
121
r
116
115
118
124
124
124
126
126
125
125
111
123
116
120
122
116
113
114
111
112 111
113 1 1 3
109 109
r
127
122
132
327
106
89
107
88
73
73
77
118
118
108
108
108
106
109
108
182
95
328
346
69
r
192
91
113
93
99
2.40
144
140
137
139
131
144
150
148
143
134
125
126
127 125
125
Nondurable Manufactures—Total
44.85
129
130
129
130
122
134
135
137
131
123
125
126
125 124
124
Textiles and Apparel
11.87
108
105
106
104
91
108
104
108
102
92
99
103
101
6.32
3.72
2.30
104
108
102
99
105
95
100
107
99
99
104
96
86
86
75
101
105
98
101
107
97
103
106
97
119
111
111
110
113
121
122
89
97
84
116
90
93
102
94
95
103
94
118
98
107
97
121
97
65
66
65
55
61
54
Miscellaneous manufactures
Textile mill products
Cotton and synthetic fabrics
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics..
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery
Knit garments
97
.45
98
94
.97
.16
.75
86
75
1.15
.65
.45
.20
.50
88
86
109
81
78 " 89
75
79
102
87
88
88
64
94
86
67
82
79
71
71
86
79
67
81
80
66
108
100
102
104
93
89
103
90
87
107
92
87
96
76
69
110
95
88
96
102
118
96
119
104
125
92
123
114
128
119
94
110
95
87
116
129
74
109
98
88
104
93
88
121
125
92
78
74
107
118
111
86
110
82
55
59
55
94
90
87
99
99
94
103
93
107 r109
102 102
100
r
94
'96
86
r
105
'86
99
94
99
89
101
105
61
64
67
69
71
71
68
77
60
98
94
91
103
104
67
63
98
91
88
99
107
r
98
90
87
98
107
70
101
91
87
too
115
.48
.31
83
71
69
64
46
68
75
59
59
61
62
70
69
62
5.55
112
111
112
112
110
95
116
110
98
109
1.78
.73
107
96
106
113
109
108
.50
.13
93
78
96
74
55
93
93
83
117
76
68
113
116
113
100
110
116
125
107
117
101
130
118
148
109
133
108
134
102
123
80
85
105
122
129
156
114
137
117
96
106
94
111
102
110
104
91
100
86
88
80
115
111
115
96
111
127
105
.99
118
102
86
87
61
112
Women's outerwear
Women's suits and coats
1.85
.76
112
128
112
128
Misc. apparel and allied mfrs
1.92
113
117
110
113
113
120
122
123
121
117
112
114
113
106
106
117
101
123
121
123
116
104
112
113
112
104
100
112
102
113
88
121
Men's outerwear
Men's suits and coats
Men's outercoats
Shirts and work clothing
54
48
100
78
99
72
73
53
98
73
77
41
90
72
76
40
94
69
73
35
100
74
104
71
78
41
73
45
95
74
72
64
Rubber and Leather Products
3.20
117
118
114
Rubber products
Tires and tubes
1.47
.70
133
121
123
119
144
135
123
134
107
147
133
125
137
108
140
132
123
136
105
141
112
109
122
91
114
135
120
131
105
150
139
124
135
110
153
145
129
139
117
160
135
119
124
112
150
114
106
113
97
122
123
106
111
99
140
120
112
118
104
127
118
108
115
98
128
104
91
99
104
89
98
98
88
94
105
97
107
92
74
82
112
92
103
105
87
97
72
75
77
58
69
99
88
98
76
72
104
90
101
94
80
89
101
83
92
71
108
88
97
68
107
82
89
115
103
112
91
125
95
79
85
63
67
72
69
65
Truck and bus tires
Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers *
Miscellaneous leather products
Paper and allied products
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Paperboard
Building paper and board
Sanitary paper products
r
Revised.
.40
.30
.77
1 73
.44
.29
.15
104
83
77
89
.90
.39
97
94
87
92
92
100
98
98
98
95
87
93
90
8">
8.93
145
148
149
148
136
147
151
156
152
141
143
145
146
146
144
3.46
1.76
.5i
1.25
.22
.14
.20
159
157
179
148
140
145
136
158
157
182
147
136
143
125
161
155
175
147
136
142
123
139
132
152
124
121
107
102
163
153
172
146
125
145
124
170
163
187
154
135
143
135
154
127
184
160
171
185
181
183
155 156
152 r152
173 171
144 145
131 r137
148 145
123 rr124
176 184
151 146
115 126
153
147
166
139
134
138
113
157
124
140
137
153
131
123
131
114
167
134
101
158
156
177
147
135
145
126
170
163
156
183
145
132
138
129
172
157
120
153
151
177
141
132
135
123
.18
165
157
181
147
132
139
127
175
158
134
160
155
166
160
147
141
173
172
173
170
177
168
174
183
163
175
178
204
171
167
182
158
148
159
151
.41
.10
155
131
158
154
176
145
133
139
127
179
153
124
1.70
162
159
163
157
.51
.11
170
179
182
128
118
For other notes see end of table.
160
134
166
141
145
114
155
120
142
132
155
143
171
190
160
149
192
r
185
160
146
'201
170
145
131
183
846
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947_49 Annual
average
propor1956 1957 May June July
tion
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
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
142
140
144
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
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
184
206
209
205
278
245
198
188
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
116
103
155
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
115
122
172
104
125
119
80
126
104
115
125
108
115
122
119
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline
2.50
1.97
1.04
.98
.06
141
150
159
153
254
141
150
162
157
249
139
148
161
155
255
139
147
162
156
258
139
146
161
155
260
144
152
168
163
265
Fuel oil
Distillate fuel oil.
Residual fuel oil.
.56
.30
.26
147
193
95
147
194
93
143
190
90
142
188
90
141
185
89
.10
.17
111
119
113
89
122
83
104
.26
.15
102
104
105
94
108
80
Foods, Beverages, and Tobacco.
11.51
112
112
Food and beverage manufactures.
Food manufactures
Meat products
Beef.
Pork
10.73
8.49
1.48
.46
.83
113
113
133
151
119
.69
.14
.07
.19
.28
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
Bakery products.
Sugar
Cane sugar
Beet sugar
Kerosene
Lubricating oil.
Coke
Asphalt roofing and siding.
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Confectionery
Miscellaneous food preparations.
Beverages
Bottled soft drinks..
Alcoholic beverages.
Beer and ale
Liquor distilling. .
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
Preliminary.
r
Revised.
136
116
146
137
121
145
140
129
147
171
170
167
183
198
198
198
259
268
194
179
183
197
203
195
270
265
184
176
149
147
156
136
132
147
141
136
156
136
130
154
126
119
122
110
115
115
105
114
115
111
113
124
144
152
170
166
233
139
145
162
157
242
136
147
160
156
233
138
153
165
161
236
144
191
89
142
188
90
137
181
139
184
87
82
111
82
112
90
108
87
107
107
104
106
107
106
122
106
119
108
117
115
122
112
112
128
148
110
108
104
124
148
104
116
111
120
148
97
116
114
116
150
91
110
107
117
101
112
109
119
102
111
140
139
161
151
122
151
145
165
142
149
1.13
1.16
.46
.70
133
101
84
113
126
100
87
108
91
97
81
108
1.64
.27
.11
.13
98
122
116
121
100
122
112
125
.71
1.41
107
105
2.24
.54
1.70
1.02
.17
.37
.78
.46
.17
140
131
145
139
132
143
165
164
164
180 179
190 187
199 202
188 183
269 255
233 216
172 164
173 173
179
184
202
179
111
182
193
179
*i96* *i97*
155
174
153
175
126
122
135
124
118
139
117
110
138
107
111
126
108
111
161
101
111
189
97
112
174
134
148
159
156
212
130
144
155
151
223
125
137
149
145
212
150
200
93
146
195
89
140
182
91
132 125 P130
175 j 166
83
78
106
109
117
105
118
100
125 i 110
103
121
95
81
85
54
79
59
75
57
128
124
113
106
104
104
111
123
118
150
94
128
131
130
154
109
125
126
140
156
124
113
116
133
140
122
107
109
131
136
122
103
106
134
149
118
103
103
121
134
107
134
113
137
114
151
120
97
119
97
141
101
87
105
78
117
91
88
100
77
96
85
87
92
73
84
88
97
98
80
82
92
104
101
84
84
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
97
112
105
87
89
85
101
92
107
99
68
117
21
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
112
108
84
106
95
114
81
113
103
113
155
113
147
132
110
99
108
113
107
124
109
109 104
108 1 0 8
112
113
120
138
122
120
118
112
121
105
99
93
102
110
110
105
101
78
119
103
101
83
111
108
117
81
97
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
107
111
104
111
116
106
113
121
104
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
For other notes see end of table.
95
101
124 P129
134
148
144
223
89
100
72
66
77 , 107
r
65
132
104
109
104 106
102 104
120 123
129 131
109 111
109
106
115
133
99
119
120
133
116
111
135
157
143
122
121
117
99
96
r91
101
93
107
98
84
106
95
99
84
110
99
68
114
23
92
114
118
126
109
847
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 19A1-49 average = 100]
1947-49 Annual
1957
average
proportion
1956 1957 May June July Aug. Sept. Oct. Nov. Dec. Jan.
Industry
1958
Feb. Mar. Apr. | May
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
132
131
123
130
130
129
123
122
121
118
111
109
110
8.35
129
128
130
127
119
126
127
127
124
125
124
121
113
109
109
2.68
.36
2.32
85
55
90
82
50
87
88
64
92
65
32
71
86
52
92
86
52
91
87
49
93
80
46
86
74
42
79
73
48
77
70
44
74
67
36
71
60
36
64
61
37
65
5.67
150
145
137
190
199
182
180
150
146
138
198
212
184
171
153
150
143
194
202
186
168
145
143
136
184
192
177
156
145
139
132
181
196
167
179
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
149 148 145
143 144 143
133 132 130
206 P216 P217
228
186 184 183
177 172 159
135
133
120
133
132
121
131
130
120
180
143
173
136
140
1.63 127
129
140
149
143
147
145
138
117
110
106
103
103
108
115
85
43
113
131
78
71
79
39
106
129
56
69
81
39
109
125
78
87
*98*
112
70
69
121
128
136
4.82
4.12
.70
.34
.36
.85
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
135
159
119
133
88
88
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
67
83
43
111
129
76
72
Stone and earth minerals
.81
141
142
145
148
149
155
153
152
143
138
130
r
v Preliminary.
Revised.
i Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
131
70
r
r77
144
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]
1947^9
proportion
Series
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
Electricity
Industrial
General industrial
Atomic energy
Commercial and other
Gas
Residential
Commercial and other
.
.
100.00
41.34
58.66
76.18
27.48
23.68
23.49
.19
25.02
23.82
13.86
6.16
3.80
Annual
average
1956 1957 M a y
218
241
201
232
260
212
230
256
211
June July Aug. Sept. Oct.
232
260
212
235
263
216
237
267
216
236
268
214
236
267
213
Nov. Dec. Jan.
237
272
213
Feb.
Mar. Apr.
218
223
218
197
228
234
226
212
223
230
215
210
226
232
221
212
229
236
225
212
233
239
231
213
235
243
232
214
240
248
233
220
243
252
234
223
May
237 ,239 P241 P241 ,239 ,241
273
212
218 233 232 233 237 238 237 234 236 235 236 238 238 235
250 273 270 274 277 281 280 277 282 282 285 290 295 291
206 213 215 214 217 217 215 213 210 207 205 202 196 197
186 193 194 193 198 198 196 194 191 188 186 183 177 178
2697 2676 2880 2790 2560 2530 2580 2610 2580 2580 2590 2590 2610 2590
194 208 207 208 213 212 210 208 209 209 212 215 214 209
v Preliminary.
NOTE.—For description and back figures see BULLETIN for October
1956, pp. 1055-69.
1958
1957
245 P247
255
236
226
*>m
,251
Indexes without seasonal adjustment may be obtained from the Division
of Research and Statistics.
848
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
proportion
1956 1957 May June July
Product
1958
1957
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL..
Major Durables
Autos
Furniture and floor coverings
Appliances and heaters
Ranges
Refrigeration appliances
Radio and television sets
Television sets
Auto parts and tires
100.00
131
130
134
126
132
135
134
129
128
119
113
110
104
r97
105
r
102
101
82
106
116
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
134
144
127
113
119
144
157
134
114
121
141
147
138
116
121
145
154
139
115
123
142
150
137
114
122
137
143
134
111
120
136
142
134
112
120
125
127
124
112
119
117
117
118
110
116
94
111 103
92
107
81
116 114 r107
106 106 104
113 '113
105
96
115
108
114
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
iii
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
129
137
85
138
203
101
232
82
517
129
138
85
141
203
101
212
80
465
132
141
92
148
196
104
203
78
441
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
113
127
86
141
152
104
187
68
413
293
121
140
109
138
42
320
30.28
14.00
16.28
111
105
116
111
109
104
113
110
108
112
111
110
112
112
110
115
114
110
118
112
110
113
110
107
105
107
108 106
105
114
iii
109
105
104
ios
103
104
100.00
131
130
124
131
116
132
119
119
141
124
117
140
138
144
117
121
138
146
132
114
120
131
144
122
108
114
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
116 111 101
120 114 100
122 106
89
121 122 110
108 108 104
113 '113 108
103
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
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
125
133
82
163
144
99
153
67
318
131
136
88
164
150
114
180
57
414
105
108
59
130
126
94
143
40
339
io9
141
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
i 16
109
77
102
164
109
256
62
627
125
44
279
139
133
104
112
41
246
30.28
14.00
16.28
111
105
116
111
106
103
109
108
107
108
106
109
104
116
114
117
121
120
121
120
118
122
114
106
102
105
105 103
103
120
110
101
104
104
100
105
m
46
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL
Major Durables
Autos
Furniture and floor coverings . . . .
Appliances and heaters
Major appliances
Ranges
Laundry appliances . .
Heating apparatus
Radio sets
,
Auto parts and tires . . .
...
Misc. home and personal goods
114
r
Revised.
Publication suspended pending revision.
a description of these indexes, see BULLETIN for May 1954,
pp. 43847
438-47.
1
NoTE._For
112
116
86
135
120
101
100
104
99
110
103
109
Individual indexes without seasonal adjustment for woven carpets.
appliances, heating apparatus, radio sets, and television sets may be
obtained from the Division of Research and Statistics.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
Public
Private
Year or month
Business
Total
Total
1950
1951
1952
1953
1954
1955
1956r
1957
1957
June
July
A.US,
Sept
Oct .
Nov
Dec
1958—Jan
Feb
Mar
Apr
p
...
3
June*
Preliminary.
r
Revised.
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
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
4,156
4,079
4,053
3,960
3 929
3,951
2,863
2,834
2,792
2,734
2 716
2,738
Residential
Total
Indus- Com- Public
trial mercial utility
Other
nonresidential
Total
Military
Highway
Conservation
All
other
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
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
5,793
6,035
6,249
5,897
6,129
6,846
1,373
1,383
1 412
J 41?
,461
472
,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
1,123
1 180
1,208
1,254
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
,445
,441
,397
,350
334
1,058
1,030
1,033
1,019
1 011
1,003
269
252
240
222
210
195
288
281
288
294
302
501
497
505
503
499
360
363
362
365
371
107
96
95
88
90
510
500
500
463
450
311
497
375
1,293
1,245
1,261
1,226
1 213
1.213
86
453
79
77
78
82
77
79
597
572
588
593
596
595
360
849
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public
1956.
1957.
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
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
2,804
2,922
7,542
7,841
1957—May..
June..
July..
Aug..
Sept..
Oct..
Nov..
Dec...
3,398
3,223
2,901
2,818
2,550
2,614
2,371
1,982
1,279
1,323
1,002
802
816
787
867
734
2,119
1,900
1,898
2,016
1,734
1,827
1,504
1,249
1,296
1,135
1,287
1,284
1,151
1,165
930
759
215
243
165
181
135
167
147
137
306
322
298
324
232
248
264
204
291
273
220
265
242
265
244
190
308
348
277
239
257
230
223
167
983
902
653
526
533
538
562
525
1958—Jan..
Feb..
Mar.,
Apr..
May.
2,066
1,953
2,721
'2,885
3,399
758
769
1,027
1,053
1,308
1,185
1,694
r
l,832
111
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
r
Revised.
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
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
1957—Mar
Apr
May
3,078
2,778
3,398
117
137
192
476
415
403
128
98
171
250
191
278
225
188
175
289
271
317
403
428
568
134
106
157
98
116
136
153
153
147
253
146
224
552
528
632
1958—Mar
Apr
May
2,721
'2,885
3,399
145
136
182
291
281
361
111
127
141
208
268
288
218
182
233
291
286
316
348
403
480
122
130
190
93
125
195
167
184
178
191
212
208
537
'551
628
r
Revised.
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
Total
private
(seasonally
adjusted
annual rate)
Total
Metropolitan
areas
Nonmetropolitan
areas
Private
Government-underwritten i
Multifamily
Public
Total
1family
2family
J. 352
L3020
,069
1,068
,202
1,310
42
159
44
40
46
42
34
33
31
33
88
84
94
90
87
82
120
71
59
36
19
20
24
49
412
421
409
583
670
463
313
1 196
1,091
,127
[ 104
1,220
I 329
1,118
042
1 022
111
795
804
897
976
780
700
374
993
1 151
892
939
933
1,077
1,190
981
840
995
100
69
31
95
80
3
11
5
98
100
92
97
78
63
68
62
62
53
34
32
30
35
26
94
97
90
88
76
63
81
82
77
74
64
3
3
3
3
3
10
12
10
11
9
Dec
1,015
1,056
1 012
1,020
1 009
1 000
51
3
9
4
3
2
9
3
1958—Jan
Feb
Mar
Apr
1 020
915
918
^950
63
61
77
»91
^98
105
50
2
10
49
62
n.a.
n.a.
n.a.
2
3
n.a.
n.a.
n.a.
10
12
n.a.
n.a.
n.a.
1950
1951
1952
1953
1954
1955
1956
1957
1957—June.
July
Aua
Sept
Oct
Nov
May
June
p
n,oio
Pi,090
63
43
315
332
300
324
353
338
342
20
68
45
23
66
81
^95
^105
^115
44
55
64
71
77
22
27
31
34
38
Preliminary.
n.a. Not available.
i Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
094
1
Total
FHA
686
486
VA
200
264
280
252
276
277
192
185
149
141
157
307
393
271
128
29
16
29
31
30
31
25
17
20
19
21
19
13
12
20
12
12
15
10
6
5
5
19
15
4
I
14
20
28
33
39
12
17
23
27
30
3
3
5
6
8
P4
V]
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on lo ans-closed information.
850
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed*
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1950
1951
1952
1953
1954
1955
1956
1957
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
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
1957 June 2
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
120,383
120,579
120,713
120,842
120,983
121,109
121,221
121,325
121,432
121,555
121,656
121,776
121,900
72,661
73,051
71,833
71,044
71,299
70,790
70,458
69,379
69,804
70,158
70,681
71,603
73,049
69,842
70,228
68,994
68,225
68,513
68,061
67,770
66,732
67,160
67,510
68,027
68,965
70,418
66,504
67,221
66,385
65,674
66,005
64,873
64,396
62,238
61,988
62,311
62,907
64,061
64,981
58,970
59,449
59,562
59,156
59,168
59,057
59,012
57,240
57,158
57,239
57,349
57,789
58,081
7,534
7 772
6,823
6,518
6,837
5,817
5,385
4,998
4,830
5,072
5,558
6,272
6,900
3,337
3 007
2,609
2,552
2,508
3,188
3,374
4,494
5,173
5,198
5,120
4 904
5,437
47,722
47 528
48,880
49,797
49,684
50,318
50 763
51,947
51,627
51,397
50,975
50,173
48,851
May
June
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.
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.
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
In thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
889
916
885
852
777
777
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
16,909
16,876
16,826
16,678
16,604
16,455
16,252
15,965
15,648
15,389
15,243
15,203
15,247
823
828
820
814
802
789
784
766
747
733
723
718
715
2,899
2,847
2,805
2,782
2,763
2,710
2,679
2,652
2,455
2,573
2,624
2,693
2,726
4,159
4,163
4,179
4,170
4,141
4,104
4,070
4,045
3,990
3,930
3,890
3,875
3,874
11,327
11,368
11,402
11,349
11,315
11,290
11,237
11,305
11,235
11,116
11,050
11,080
11,113
2,342
2,349
2,359
2,366
2,373
2,372
2,365
2,368
2,367
2,360
2,356
2,369
2,366
6,347
6,395
6,372
6,380
6,343
6,367
6,382
6,368
6,367
6,330
6,352
6,366
6,394
7,609
7,638
7,694
7,685
7,674
7,671
1,141
7,754
7,766
7,788
7,816
7,840
7,854
16,839
16,702
16,949
16,903
16,783
16,561
16,302
15,865
15,593
15,355
15,104
15,025
15,181
827
824
828
818
802
793
788
766
747
733
716
711
719
3,015
3,046
3,057
3,018
2,956
2,805
2,612
2,387
2,173
2,316
2,493
2,680
2,835
4,176
4,194
4,210
4,201
4,152
4,114
4,094
3,985
3,944
3,910
3,883
3,872
3,889
11,255
11,229
11,236
11,349
11,387
11,557
12,076
11,140
10,948
10,939
10,940
10,954
11,042
2,365
2,396
2,394
2,366
2,361
2,360
2,353
2,344
2,343
2,348
2,356
2,369
2,390
6,442
6,427
6,404
6,412
6,406
6,367
6,318
6,241
6,240
6,267
6,384
6,461
6,490
7,598
7,411
7,399
7,625
7,723
7,759
8,067
Total
Manufacturing
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
52,415
52,464
52,457
52,224
52,015
51,758
51,516
51,223
50,575
50;219
50,054
50,144
50,289
52,517
52,229
52,477
52,692
52,570
52,316
52,610
50,477
49,777
49,690
49,726
49,947
50,389
Mining
SEASONALLY ADJUSTED
1957_j U ne
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
WITHOUT SEASONAL ADJUSTMENT
1957_j U ne
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for May and June 1958 are preliminary. The series for recent years
749
789
822
850
875
7,843
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.
851
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
June
Apr.
May
June
June
Apr.
May
June
13,016
11,438
11,424
11,472
12,946
11,310
11,256
11,405
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.
7,609
78
606
323
461
1,095
897
1,261
861
1,404
226
397
6,338
69
533
284
402
849
766
1,045
729
1,103
203
355
6,295
68
543
291
405
848
761
1,020
724
1,077
202
356
6,328
66
559
298
415
854
111
1,000
733
1,071
202
359
7,615
78
627
313
463
1,095
893
1,274
852
1,404
225
391
6,337
69
520
283
402
849
766
1,061
729
1,103
204
351
6,279
68
546
284
405
844
757
1,030
717
1,077
201
349
6,335
66
579
289
417
854
767
1,010
726
1,071
201
354
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
5,407
1,068
85
914
1,085
462
550
550
167
197
329
5,100
1,034
81
837
1,007
438
548
514
159
179
303
5,129
1,037
80
836
1,039
436
544
515
157
174
311
5,144
1,045
79
841
1,035
437
545
512
158
177
315
5,331
1,053
74
914
1,042
462
550
542
170
197
327
4,973
949
70
837
987
434
545
519
157
176
300
4,977
973
69
832
987
432
541
512
158
173
300
5,070
1,030
69
841
994
437
545
504
160
177
313
Total
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for May and June 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
June
Apr.
May
June
June
Total
82.80
80.81
81.83
83.10
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. .
88.70 87.30 87.98 89.50
94.83 100.12 100.28 101.02
74.89 71.39 74.05 76.38
69.48 67.26 66.91 68.71
83.23 81.51 82.97 84.82
99.29 95.20 96.49 99.46
89.60 87.14 88.43 89.95
94.53 92.75 93.38 94.33
83.22 83.46 83.67 85.14
96.24 97.07 99.25 99.90
85.05 85.72 85.06 86.11
71.82 72.15 71.94 72.68
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
74.09 73.14 73.91 75.08
78.94 79.80 81.20 82.21
60.99 62.70 63.20 63.47
58.35 54.90 55.95 57.30
52.98 51.75 52.20 52.80
85.67 85.69 86.10 89.04
96.00 96.14 96.63 97.15
91.88 92.39 93.43 94.02
108.79 110.97 109.89 108.67
91.21 85.88 87.86 89.78
58.21 53.54 55.26 57.78
NOTE.—Data are for production and related workers. Figures for
May and June 1958 are preliminary. Data for recent years revised as
1958
Average hourly earnings
(dollars per hour)
1957
Apr.
May
June
June
40.0
38.3
38.6
39.2
40.5
40.7
40.7
39.7
40.8
40.2
41.1
41.1
40.4
40.1
40.5
39.9
38.8
40.7
38.8
38.0
39.0
36.9
38.9
39.3
39.0
39.3
39.5
39.0
39.1
40.6
39.6
37.8
39.7
37.4
39.3
39.4
39.1
39.7
39.2
39.1
39.6
40.9
40.2
38.6
40.2
38.4
39.8
39.8
39.6
39.8
39.5
39.5
39.2
40.9
38.6
38.9
35.8
42.2
38.4
41.2
40.9
40.9
37.8
37.7
39.7
38.0
36.6
34.5
41.0
37.7
40.7
40.5
37.5
34.1
38.1
40.2
38.3
37.3
34.8
41.0
37.6
40.8
40.4
38.2
35.2
38.7
40.7
38.7
38.2
35.2
42.0
37.8
40.7
40.1
38.7
36.8
1958
Apr.
May
June
2.07
2.11
2.12
2.12
2.19
2.33
1.84
1.75
2.04
2.47
2.18
2.30
2.06
2.40
2.10
1.80
2.25
2.46
1.84
1.77
2.09
2.58
2.24
2.36
2.14
2.47
2.17
1.85
2.25
2.47
1.87
1.77
2.09
2.58
2.25
2.37
2.14
2.50
2.17
1.84
2.26
2.47
1.90
2.37
2.15
2.51
2.18
1.84
1.89
1.93
1.58
1.50
1.48
2.03
2.50
2.23
2.66
2.23
1.54
1.94
2.01
1.65
1.50
1.50
2.09
2.55
2.27
2.74
2.29
1.57
1.94
2.02
1.65
1.50
1.50
2.10
2.57
2.29
2.72
2.30
1.57
1.94
2.02
1.64
1.50
1.50
2.12
2.57
2.31
2.71
2.32
1.57
indicated in note to table above. Back data are available from the
Bureau of Labor Statistics.
852
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
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
107
112
114
118
118
128
105
109
110
114
117
123
102
107
104
105
108
113
107
112
113
117
116
125
107
114
115
119
112
122
107
115
122
127
129
140
111
117
127
131
135
149
105
110
109
114
112
122
106
111
116
120
121
132
135
136
126
122
120
124
131
132
128
129
146
148
164
169
128
128
135
138
123
122
124
125
133
139
126
128
148
152
168
175
138
144
136
129
133
138
125
130
114
116
118
128
126
135
122
119
124
128
131
138
128
129
128
133
132
139
134
121
129
133
147
158
144
141
142
148
175
179
172
159
166
174
130
124
131
130
116
111
114
114
125
115
127
121
126
114
126
135
125
117
119
121
146
134
138
147
?133
117
124
129
124
Minne- Kansas Dallas
City
apolis
San
Francisco
107
107
109
110
113
117
112
117
121
123
129
140
115
120
129
132
136
149
106
112
120
122
122
132
138
138
126
128
144
142
158
160
141
141
128
129
137
139
126
126
'142
142
156
168
141
148
131
139
130
121
125
130
139
147
145
126
135
141
130
138
130
119
125
132
145
147
147
136
139
142
170
170
163
152
161
156
141
144
141
134
139
139
157
147
158
155
121
115
124
118
132
125
134
130
126
121
132
120
138
135
144
136
156
143
153
151
132
135
137
142
164
123
136
?125
^148
161
142
SALES i
1950
1951....
1952
1953
1954
1955
1956
1957
SEASONALLY ADJUSTED
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar.
Apr
May
...
WITHOUT SEASONAL ADJUSTMENT
1957—May
June
July
Aug
Sept
Oct...
Nov
Dec
1958—Jan
Feb..
Mar
Apr.
May...
....
r
132
123
120
131
122
126
138
128
139
155
134
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
146
140
118
135
150
148
178
272
161
131
111
127
139
134
162
241
153
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
153
151
158
157
158
183
270
139
125
139
141
135
162
247
100
95
116
123
91
84
too
95
86
118
125
128
97
90
108
113
120
103
96
126
136
92
86
107
112
122
100
96
117
123
137
92
90
109
117
103
99
121
131
2>144
122
121
150
153
158
33121
^145
123
112
137
143
159
105
104
115
130
135
^130
109
117
100
91
113
114
120
110
131
121
131
128
136
112
129
117
124
126
132
106
127
115
120
117
119
110
132
120
129
127
135
108
132
115
125
122
124
109
129
127
141
138
159
123
145
143
155
152
170
108
125
112
122
120
127
108
130
120
131
125
135
106
121
113
123
124
130
114
137
130
146
141
152
114
135
129
143
140
153
112
137
131
140
135
142
148
152
141
138
130
137
148
154
133
136
175
178
195
203
138
143
148
149
142
146
164
160
168
174
156
158
STOCKSi
1950
1951
1952
1953
1954
1955
1956
1957
SEASONALLY ADJUSTED
1957—May..
June
July.
Aug
Sept
Oct..
Nov
r
152
153
140
138
137
137
153
156
135
136
182
184
198
198
142
146
151
151
148
145
161
159
175
176
154
139
137
154
136
184
204
149
153
141
160
178
153
154
136
138
138
138
157
159
137
139
180
181
203
201
145
144
149
151
145
145
158
159
176
173
159
162
155
154
138
137
138
138
156
158
139
138
174
175
208
206
147
141
151
151
148
150
163
165
176
179
163
162
159
159
159
Dec.
150
136
138
154
134
171
207
140
141
143
158
169
152
1958—Jan..
Feb
Mar
147
146
133
134
137
135
154
151
133
130
167
166
202
199
135
135
143
142
138
138
153
151
170
163
152
151
142
143
129
131
133
133
134
133
149
163
167
169
193
190
^190
131
131
133
140
141
140
132
129
127
148
145
153
126
124
125
?146
160
163
164
155
146
143
130
'141
129
156
145
139
129
'184
170
200
188
147
142
151
141
147
136
162
153
173
164
158
153
144
125
124
138
125
168
190
143
142
134
152
169
154
150
160
132
144
134
145
151
167
131
144
175
187
199
209
139
150
148
158
142
151
156
164
176
184
160
168
172
174
156
161
155
159
180
182
154
156
198
198
227
233
161
161
169
169
164
170
177
183
193
197
183
182
135
127
127
139
122
156
180
124
127
132
144
157
139
132
119
122
136
117
149
184
123
127
127
137
149
137
139
147
149
126
131
136
135
127
137
139
136
145
153
125
130
130
129
159
173
175
170
197
202
200
127
132
139
137
138
146
149
140
132
136
r
132
145
153
153
142
150
154
126
?148
158
168
169
163
Apr
May
P\44
'149
149
151
2)
152
WITHOUT SEASONAL ADJUSTMENT
1957—May.
June
July
Aug.
Sept
Oct
Nov..
Dec
1958—Jan
Feb
Mar
Apr.. .
May
p
*>146
r
r
160
156
Preliminary.
Revised.
i 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.
P192
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.
853
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4
Amounts (In millions of dollars)
Period
Sales i
(total
for
month)
Stocks^
(end
of
month)
OutRestand- ceipts
2
ing
(total
orders *
for
(end of
month) month)
New
orders3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1949
1950
1951
1952
1953
1954
1955
925
1,012
1,202
1,097
1 163
1,140
1,195
1 286
1,338
373
358
358
376
391
397
406
409
437
454
458
495
460
435
421
388
446
470
460
391
390
397
408
410
444
459
460
401
379
401
401
412
449
458
457
449
409
356
432
438
481
554
839
1,350
1,257
1,245
1,300
1,400
1,518
1,562
1,229
'354
519
600
569
567
529
427
307
'419
313
344
487
538
599
598
506
'431
477
425
456
536
561
496
386
366
309
416
416
441
1,203
1,259
1,299
1,344
1,308
383
398
350
310
322
340
365
456
461
405
416
380
408
421
All
361
1956
1957
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
3.1
1-1
[.4
1.3
.2
.1
1.0
.1
L.I
1
3.8
4.2
4 4
4.1
4.1
4.0
4.0
4.1
4.2
1-0
.1
0
1.0
[.0o
1.0
10
0
Month:
1957
May
June
July
AUK
...
. . .
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr p
May
r
*1 Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1957,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2
ires on sales and stocks.
Derived from the reported figui
3.0
3.1
3.5
0.9
3.0
3.2
3.2
3.8
4.3
5.2
2.8
1.5
0.8
1.3
1.7
1.3
1.3
1.1
0.8
0.4
4.3
4.5
4.3
0.8
1.0
1.1
1.2
1.2
1.1
3.3
4.1
3.1
3.2
3.0
1.0
1.3
0.8
0.7
0.7
4.3
5.4
4.0
4.0
3.7
0.9
1.2
1.1
1.1
0.9
3.6
1.8
0.6
3
Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals 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 shipments2
Merchandise imports3
Period
1956
1957
J 284
1,363
,583
1,512
,717
1958
1956
1957
1958
1956
1957
1,511
1,345
1,557
1,531
^1,644
J 202
J 073
,051
,102
1,115
Dec
I 289
,378
,427
1,561
1,425
.885
J 581
.490
2 021
,780
1,711
[ 652
I 505
1,536
1,437
1,600
1,596
.543
1,402
1,245
1,442
1,409
1 640
.536
1^34
1,671
1,545
2,007
J.680
1,611
2,151
1,864
1,813
1,786
I 692
1,677
1,540
L674
1,683
1.639
Jan -M!ay
7,459
9,119
*>7,588
6,876
8,585
Jan
Feb
Mar
Apr
May
June .
July
AUK
Sept
Oct.
Nov
p
.
....
697
Preliminary.
* Exports of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
2
1,273
479
,400
,522
492
3
-7.0..
991
,095
,034
1958
1,095
993
962
1,133
1,119
1,106
1,086
^1,062
984
.055
'995
1,121
987
1,059
052
1,146
1,043
1,009
1,148
1,043
1,141
5,312
5,466
General imports including imports for immediate consumption plus
entries into bonded warehouses.
854
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
Foods
Total
Rent
Gas
and
electricity
ApSolid House- House- parel
hold
fuels
furand
nish- operation
fuel oil ings
Transportation
Medical
care
Personal
care
Read- Other
ing
good
and
and
recrea- servtion
ices
1929
1933
1941
1945
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
119.6
120.2
120.8
121.0
121.1
121.1
121.6
121.6
114.6
116.2
117.4
117.9
117.0
116.4
116.0
116.1
125.3
125.5
125.5
125.7
126.3
126.6
126.8
127.0
134.7
135.0
135.2
135.4
135.7
136.0
136.3
136.7
112.3
112.3
112.3
113.3
113.7
113.8
114.3
114.3
135.4
135.3
135.9
135.7
136 8
137.6
138.0
138.3
104.2
104.6
104.1
103.9
104 8
104.8
104.5
104.9
127.3
127.6
127.9
128.0
128 3
128.7
129 A
129.6
106.5
106.6
106.5
106.6
107.3
107.7
107.9
107.6
135.3
135.3
135.8
135.9
135.9
135.8
140.0
138.9
137.3
137.9
138.4
138.6
139.0
139.7
140.3
140.8
123.4
124.2
124.7
124.9
125.1
126.2
126.7
127.0
111.4
111.8
112.4
112.6
113.3
113.4
114.4
114.6
124.3
124.6
126.6
126.7
126.7
126.8
126.8
126.8
122.3
122.5
123.3
123.5
123.6
118.2
118.7
120.8
121.6
121.6
127.1
127.3
127.5
127.7
127.8
136.8
137.0
137.1
137.3
137.5
115.7
115.9
115.9
116.0
116.5
138.4
137.2
136.7
134.2
131.6
104.2
104.9
103.9
104.0
104.0
129.7
129.9
130.7
130.9
130.9
106.9
106.8
106.8
106.7
106.7
138.7
138.5
138.7
138.3
138.7
141.7
141.9
142.3
142.7
143.7
127.8
128.0
128.3
128.5
128.5
116.6
116.6
117.0
117.0
116.6
127.0
127.0
127.2
127.2
127.2
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
.
1958—Jan
Feb
Mar
Apr
May
60.3
45.9
55.6
76.3
117.4
83.6
88.4
90.9
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
Tex- Hides, Fuel,
All
power,
tile
com- Farm Processed
and
prod- skins,
modi- prodand lightucts foods Total ucts
ties
ing
and leather
prodmaapparel ucts terials
Chemicals
and
allied
products
Pulp,
Rub- Lumber paper, Metals
and
ber
and
and
and wood
allied metal
prod- prod- prodproducts
ucts
ucts
ucts
Machinery
and
motive
products
105.3
114.1
112.0
114.2
115.4
115.9
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 91.0
126.1 89.6
145.1
145.2
145.8
146.2
146.9
147 7
149.2
149.4
121.6
121.7
122.2
122.4
122.3
122 6
122.7
123.5
135.0
135.1
135.2
135.3
135.2
135.3
135.4
135.7
124.5
124.7
127.7
127.7
127.7
127 7
127.8
128.0
89.4
87.3
88.8
90 1
89 4
87 7
86 8
87.2
149.4
149.3
149.2
149.4
149.3
123 8 136.4
123.6 136.5
123.5 135.3
123 4135 4
123.2 135.7
128.1
128.1
128.0
128 0
128.0
88 3
89 3
94.3
r
97 8
96.2
1950
1951
1952.
1953
1954.. .
1955
1956
1957
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4
114.3 88 4 101.7 122.2 95.3 99.3 111.2 107 2 145.8 125 4 127.2 148.4 137 8
117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1
1957
May
June. .
July
Aug
Sept
Oct.......!
Nov
Dec.. .
117.1
117.4
118.2
118.4
118.0
117.8
118.1
118.5
Jan
Feb
Mar
Apr
May.. .
89.5
90.9
92.8
93.0
91.0
91.5
91.9
92.6
104.9
106.1
107.2
106.8
106.5
105.5
106.5
107.4
125.2
125.2
125.7
126.0
126.0
125.8
125.9
126.1
95.4
95.5
95.4
95.4
95.4
95.1
95.0
94.9
98.9
99.8
100.6
100.3
100.0
100.1
100.0
99.5
118.5
117.2
116.4
116.3
116.1
115.8
115.7
116.2
109.1
109.3
109.5
109.8
110.2
110.4
110.3
110.6
144.7
145.1
144.9
146.9
146.5
146.2
144.7
145.7
119.7
119.7
119.3
118.6
117.8
117 3
116.9
116.3
128.9
128.9
129.5
129.9
130.1
130 9
130.9
131.0
94.6 99.5
94.1 99.6
94.0 99.5
93.7 99.7
93.5 100.0
116.1
113.6
112.4
111.0
110.3
110.8
110.6
110.7
111.0
110.8
145.1
144.6
144.6
144.5
143.8
116.3
115.8
115.5
115.7
115.9
130.8
130.8
130.5
130.5
130.6
150.0
150.6
152.4
153.2
152.2
150 8
150.4
150.5
Furni- Non- Toture
me- bacco
and
mfrs. Misother tallic
and cellaminhouse- erals— bottled
hold struc- bev- neous
dura- tural erages
bles
1958
' 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 r97.7 111.5 125.5
119.5 98.4 112.9 125.3
150 0
150.1
149.8
148 6
148.6
855
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1957
Subgroup
1958
1957
May
Mar.
109.0
85.4
78.7
104.3
92.2
57.5
84.4
144.1
143.1 130.4
82.2
85.7
95.8 94.5
101.7 101.4
95.7 '91.7
93.6 77.1
79.4 79.9
143.4 142.3
116.5
91.5
110.7
103.5
112.8
183.7
95.3
117.8
105.9
113.4
106.8
114.4
168.4
96.4
118.4
108.5
r 111.4
107.6
115.7
168.4
97.1
117.8
112.8
110.8
108.1
116.1
168.4
96.9 Machinery and Motive Products:
90.7
110.9
81.8
124.7
99.5
76.9
89.0
102.8
81.0
116.1
99.3
73.8
88.5
101.6
80.5
116.5
99.2
r
75.4
88.3
100.5
80.3
116.1
99.1
75.4
55.8
120.8
97.5
51.2 53.3
91.0 91.1
122.1 '121.9
97.5 r97.6
Apr.
May
Pulp, Paper,
(Cont.):
Farm Products:
Fresh and dried produce.
Grains
Livestock and poultry
Plant and animal fibers..
Fluid milk
Eggs
Hay and seeds
Other farm products....
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products.
123.3
161.9
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
r
Revised.
Apr.
May
136.2
125.3
141.7
136.2
127.2
142.5
136.1
127.2
144.1
136.0
128.0
144.1
162.9
139.9
152.5
164.3
130.1
121.4
132.2
167.3 166.4
127.0 '124.1
155.7 155.7
168.9 169.0
124.8 123.6
121.0 '121.1
134.5 134.1
166.2
124.0
155.7
170.7
123.6
121.1
134.1
143.3
146.7 '145.9
145.9
132.3
157.6
165.6
138.3
165.4
170.7
159.4
148.9
151.3
139.1
138.3
'138.5
165.4
170.7
'159.6
'149.0
165.5
170.7
122.4
147.3
133.8
105.1
93.1
, 147.7
122.8 122.8
154.2 154.2
129.8 '128.9
105.3 105.3
94.7 94.7
155.0 '155.1
122.8
154.2
128.9
104.9
94.3
155.1
Flat glass
Concrete ingredients
135.7
135.7
126.7
155.0
127.1
125.8
128.3
135.7 135.7
138.7 138.9
128.0 128.0
155.5 155.5
133.1 133.1
105.6 105.6
131.1 131.2
135.7
139.0
128.4
155.5
133.1
108.6
131.2
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
124.0
105.1
127.7
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
117.5
67.2
97.4
107.6
126.8
119.1 '119.1
74.6
80.9
97.5 97.5
107.4 107.3
131.9 132.4
119.1
78.0
97.5
107.3
132.4
156.0
143.8
148.2
134.7
,
129.8
123.6
124.7
99.8
93.3
59.2
108.4
107.2
105.2
123.7
128.4
104.4
94.0
64.2
111.6
110.3
106.8
124.3
r 128.4
104.0
'94.1
62.2
111.5
r 110.3
107.2
123.9 Concrete products
,
128.4 Structural clay products
103.9 Gypsum products
94.1
Prepared asphalt roofing
61.2 Other nonmetallic minerals
111.4
110.3 Tobacco Manufactures and Bottled
107.2
Beverages:
144.0
149.0
139.9
131.3
152.1
143.3
131.2
r152.1
143.0
127.7
152.1
143.0
120.6
128.3
96.8
115.9
127.6
92.9
115.9
127.6
94.4
116.7
127.6
92.2
118.0
66.1
142.4
121.2
121.2
75.3
142.9
121.2
71.8
141.8
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp..
Wastepaper.
Paper
Mar.
'151.8
'139.0
119.7
161.9
98.3
100.0
114.7 Nonmetallic Minerals—Structural
Lumber and Wood Products:
Lumber. .
Millwork.
Plywood..
May
159.8
147.6
151.9
139.0
126.2 '119.8
161.9 161.9
101.1 98.1
100.1 100.0
117.0 115.8
Rubber and products:
Crude rubber
,
Tires and tubes
Other rubber 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
,
Household furniture
Commercial furniture
Floor covering
Household appliances
Television, radios, phonographs
Other household durable goods
Chemicals and Allied Products:
1958
Products
55.4
91.1 Furniture and Other Household Dura122.0
bles:
97.6
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100).
Petroleum and products
Allied
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated
nonstructural
metal
products
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products.
and
123.4
84.2 Paperboard
99.8 Converted paper and paperboard
101.6 Building paper and board
90.0
75.7 Metals and Metal Products:
79.7
142.0 Iron and steel
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
Subgroup
75.3
143.0
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous
856
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
19f 7 r
1929
1933
1941
1
104.4
Indirect business tax and related liabilities
Statistical discrepancy
Plus: Subsidies less current surplus of gov-
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals * Personal income . . .
•••• • ••
Less: Personal tax and related payments
Federal
State and local
Less: Personal consumption expenditures....
4
56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 436.3 441.2 445.6 438.9 425.8
7.2
9.0
19.1
26.5
28.8
32.0
34.7
37.7
36.6
37.5
38.1
38.5
7.1
.7
.9
11.3
.5
.4
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 1
1 6
.9
37 8
1 6
1.5
37 9
1.6
.7
37.7 38.0
1.6
1.6
.7 - 1 . 7
.0
.1
.2
-.4
-.2
.0
1.0
1 3
1 4
1 4
1 3
1.2
38.9
1.6
40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 361.5 364.1 368.7 361.5 350.6
10.1 - 2 . 0
.2
.3
Contributions for social insurance
Excess of wage accruals over disburse-
3
7.0
.6
.3
-.1
Less: Corporate profits and inventory valua-
2
8.6
87.8
Equals: National income...*
1958'
1950'- 1953 r 1954 ' 1955 r 1956' 1957 r
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
43 7
14.0
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
18.4
6.1
12 5
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
.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
42.3
42.7
43.1
43.0
42.3
1.3
1.4
.5
1.0
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
37.1
5.2
37.3
5.3
37.7
5.4
37.5
5.5
36.6
5.7
96.3 228.5 288.3 289.8 310.2 330.5 347.9 342.3 348.4 351.8 349.7 347.3
83.1
45.7
79.0
46.4
81.9 195.0 232.6 238.0 256.9 269.4 284.4 279.8 282.5 288.3 287.2 286.2
4.2
-.6
11.1
93.0 207.7 252.5 256.9 274.4 290.5 305.1 300.0 305.7 308.7 306.8 305.0
12.6
19.8
18.9
17.5
21.1
20.7
20.3
20.4
23.2
19.6
18.8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957 r
1929
1933
1941
40.2 104.7 241.9 305.6, 301.8 330.2
!
I
29.5 64.8 154.2 208.8 207.6 223.9
29.0 62.1 146.4 198.0 196.3 210.9
23.9 51.9 124.11 164.2 161.9 174.9,
.3
1.9
5.0 10.3 10.0
9.8'
4.9
8.3 17.3 23.5 24.4 26.2
.5
2.7
7.8, 10.8, 11.3. .3.0
7.6 20.9 46.61 51.3 51.3 52.8 !
3.2 10.9 23.5J 27.4 27.8 30.4
6.5 14.0 13.3 12.7 11.8
2.4
3.5
2.0
9.0, 10.5 10.9 10.7
National income
87.8
Compensation of employees
Wages and salariesl
Private
Military
Government civilian
Supplements to wages and salaries
51.1
50.4
45.5
.3
4.6
.7
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10. - 2 . 0 14.5 35.7 t
.2 17.0 40.6'
9.6
.5
1.4
7.6 17.9,
9.4 22.8|
8.3 - . 4
.5 - 2 . 1 - 2 . 5 - 5 . 0
Net interest
r
1
6.4
5.0
Revised.
Includes employee contributions to social insurance funds.
4.5
1958 r
1950' 1953' 1954' 1955' 1956' 1957'
5.5
349.4 364.0 361.5 364.1 368.7 361.5 350.6
241.8 254.6 251.6 254.9
227.3 238.1 235.6\ 238.4
189.3! 198.0 196.2' 198.6
9.7
9.6
9.6|
9.7i
28.41 30.5 29.8 30.2
14.5. 16.5 16.0 16.41
53.3'
30.8
11.6
10.9
54.8 !
31.4
11.6
11.8
54.1
31.1
11.5
11.4
54.71 55.5
31.4' 31.7
11.6 11.8
11.7 12.0
37.3 33.7 43.1 42.9 41.9 43.7 42.0
38.31 34.1 44.9 45.5 43.4 46.1 43.51
20.2 17.2 21.8 22.4 21.6 23.0 21.7|
18.
16.
23.0 23.1 21.8 23.1 2i.8»
- . 3 -1.7 -2.6 -1.5 -2.4 -1.5
8.2
2
9.1
10.4
11.3
12.6
12.1!
257.3'
240.51
199.9
9.8
30.8
16.8
12.5
254.8' 250.9
238.0, 234.4
197.4; 192.7
9.4
9.5
31.1 32.3
16.8 16.5
55.0'
31.3;
11.5'
12.2,
55.3
30.6
12.6
12.1
43.1 38.8
44.2 39.9
22.0 19.9
22.1 20.0
-l.ll -1.1.
31.3
31.7
16.1
15.5
-.3
12.8
Includes noncorporate inventory valuation adjustment.
12.9,
13.0
857
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
Gross national product
1933
104.4
79.0
9.2
37.7
32.1
46.4
3.5
22.3
20.7
Gross private domestic investment
New construction*
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
16.2
8.7
3.6
5.1
5.9
1.7
1.8
1.4
1
and
1950' 1953' 1954' 1955' 1956' 1957'
81.9 195.0 232.6 238.0 256.9 269.4 284.4 279.8 282.5 288.3 287.2 286.2
9.7 30.4 32.9 32.4 39.6 38.4 39.9 40.2 39.5 40.4 39.6 36.3
43.2 99.8 118.0 119.3 124.8 131.4 138.0 135.5 137.1 140.5 138.8 139.8
29 0 64.9 81.8 86.3 92.5 99.6 106.5 104.1 105.9 107.4 108.7 110.1
50.3 48.9
27.6 29.7
13.8 15.4
13.8 14.3
22.3 20.8
.4 - 1 . 6
1.1 - 2 . 1
-1.6
-1.4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
.8
.2
1.1
-2.2
-2.0
8.5
1.3
8.0
2.0
2.0
.0
6.0
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 sales 2
State and local
1941
56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 436.3 441.2 445.6 438.9 425.8
Personal consumption expenditures
Durable goods
Nondurable goods
Services
r
1958r
1957'
1929
1.3
.0
7.2
1.4
.5
Revised.
Includes expenditures for crude petroleum and natural gas drilling.
27.0
5.4
5.9
65.3
36.5
17.0
19.5
27.9
1.0
.2
65.9
36.1
17.2
18.9
28.7
1.1
.6
67.0
36.1
16.5
19.6
28.1
2.9
2.0
66.7
36.6
16.9
19.7
28.0
-.4
1.4
3.5
4.2
4.2
3.6
1.9
.5
77.1
46.8
41.3
5.9
.4
30.3
80.3
47.1
42.5
5.0
.4
33.1
87.1
50.8
46.5
4.8
.5
36.3
86.4
50.5
45.8
5.1
.4
35.9
87.5
51.5
MA
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.
89.5
50.9
45.6
5.7
.4
38.6
63.8
34.9
18.7
16.2
23.1
5.8
5.5
68.2
35.7
17.7
-.4
76.6
48.9
43.0
6.2
.4
27.7
18.
2.2
1.3
61
49.6
36.3
37
17.6 17.1
19.6 19.2
22.9
26
-2.3 -9.5
-3.1 -9.3
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
50.4
29.0
62.1
21.5
27.5
1952rr
1953
1954rr
1955 r
1956r
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
1957—Junerr
July r
Aue.
Sept r r
Oct.
Nov.rr
Dec
350.7
351 8
352.1
351.4
350.6
350.2
348.4
1958—Jan rr
Feb
Mar.r*
Apr
May r
June p
348.2
346.4
347.1
348.1
349.9
351.8
Year or month*
r
1
p
Commodity Distributive
produc- indusing intries
dustries
Service
industries
Government
16.3
8.4
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
240.0
240 5
240.8
240 2
238.6
238.0
237.3
103.4
103.3
103.1
102.4
101.5
101.0
99.8
63.9
64.0
64.2
64.2
63.5
63.6
63.7
235.1
233.2
232.6
232.0
233.1
235.3
97.9
95.6
95.3
95.0
95.6
96.4
63.5
63.4
62.9
62.4
62.6
63.0
9.8
15.6
8.8
Revised.
Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
2 Represents compensation for injuries, employer contributions to
private
pension and welfare funds, and other payments.
3
Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
4.9
5.1
Other
labor
income2
.6
.4
Dividends
Proand
prietors'
perand
rental 3 sonal
income interest
income
20.2
13.2
Less
personal
contriNonbutions agriculfor
tural
social income*
insur-5
ance
3.1
.8
77.7
43.6
88 0
21.1
22.6
24 4
27.0
29.1
31.1
13.2
14 3
16 2
17.5
18.6
21.5
3.8
3 9
4 6
5.2
5.7
6.6
254.3
271 5
273 8
295.0
315.4
332.7
54.9
55 6
55.6
55 4
55.1
54.8
55.2
31.6
31 7
31.8
31 8
31.8
31.8
30.0
21.8
21 7
21.5
21 5
22.6
23 0
23.3
6.6
6 7
6.7
6 6
6.6
6 6
6.6
335.6
336 2
336.6
336 1
335.7
335 2
333.0
55.1
55.3
55.7
56.1
56 5
56.5
31.8
31.8
31.7
31.7
31 7
31.8
23 9
23.8
24 8
26.1
26 4
26.0
6 7
6.7
6.6
6.6
6 7
332 5
330.1
330 5
331.0
332 4
334.4
7.6
8.3
.7
20.9
10.3
32.9
33.9
34 4
36.0
38.0
40.1
5.3
6 0
6 2
7.1
7.9
8.9
52.4
51.3
51 3
52.8
53.3
54.8
32.6
32 8
32.9
32 9
32.9
32.9
33.2
40.2
40 4
40.6
40.7
40.7
40.5
40.6
9.0
9 1
9.1
9 1
9.2
9 2
9.2
33.1
33.2
33.3
33.4
33 4
33.6
40.7
41.0
41.1
41.2
41.5
42.3
9 1
9.0
8 9
8.9
8 9
8.9
Transferpayments4
1.5
2.1
.1
2
6.7
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
not included in personal income.
• Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
Financial Statistics
* International *
international capital transactions of the United States
860
Gold production
864
Net gold purchases and gold stock of the United States
865
Reported gold reserves of central banks and governments
866
Estimated foreign gold reserves and dollar holdings
867
International Bank and Monetary Fund
868
Central banks
868
Money rates in foreign countries.
873
Foreign exchange rates.
874
Index to statistical tables
885
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.
859
860
INPL 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 oreign
countries
France
Official
Official
and
private
Germany,
Fed.
Rep.
of
Italy
Switz- United
erKingland
dom
Total
Europe
1,642
1,519
1,627
5,621
6,147
6,865
1,536
1,032
1,516
6,502
6,623
6,563
6,502
6,570
6,993
6,976
7,139
7,242
7,258
7,317
7,118
7,069
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
1,081
626
1,373
1,454
1,835
579
785
930
672
757
836
1957_May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31....
30
31....
31
30....
31....
30....
31....
1,700
1,573
1,545
1,635
1,512
1,517
,538
1,517
13,121
13,282
13,265
13,267
13,332
13,753
13,605
13,616
7,810
7,941
7,808
7,627
7,647
7,934
7,816
7,905
367
403
514
450
411
398
352
354
1,732
1,690
1,559
1,577
1,664
1,573
1,567
1,557
937
959
979
1,009
1,030
1,056
1,021
1,079
775
809
778
769
802
857
865
964
1,161
1,199
1,275
1,764
1,793
1,725
1,754
1,855
1,948
1,972
1,910
1958—Jan.
Feb.
Mar.
Apr.
May
31....
28*...
31 P . . .
30*...
31*...
,619
1,467
1,377
,373
,503
13,694
13,763
13,765
13,647
13,690
8,007
8,073
7,978
7,907
7,920
331
285
301
317
250
1,520
1,494
1,508
1,549
1,596
1,084
1,078
1,066
1,129
1,134
942
932
918
895
845
1,330
1,244
1,260
1,017
1,061
2,035
2,225
2,263
2,211
2,183
715
Table la.
Date
1954—Dec 31
1955—Dec. 31
1956 Dec 31
1957
May
June
July
Aug
Sept
Oct
Nov
Dec.
1958 Jan
Feb
Mar.
Apr
May
31
30
31
31
30
31
30
31
31
28?
31*
30 p
31*
273
261
100
108
296
71
60
41
49
113
176
117
65
53
177
,764
793
,725
,754
855
,948
972
.910
298
302
120
119
65
61
59
59
175
166
156
2,035
2 225
1 642
,519
1,627
2,263
2,211
2,183
315
120
97
61
328
337
345
347
123
132
137
131
101
102
97
100
55
62
68
66
349
130
112
355
35!
130
133
126
124
355
110
131
353
354
118
114
142
143
Date
Brazil Chile
1,008
944
807
All
other
1,906
2,000
2,346
1,821
2,181
2,415
265
360
1,619
1,591
1,659
1,724
1,650
1,739
1,735
1,623
2,549
2,687
2,673
2,683
2,723
2,672
2,593
2,563
2,053
1,990
1,986
1,981
2,015
1,979
1,946
1,940
398
391
384
377
373
370
356
351
1,597
1,662
1,627
1,662
1,789
2,525
2,495
2,468
2,537
2,487
1,950
1,993
1,988
1,987
2,033
382
355
365
343
312
Norway
Portugal
249
164
103
82
91
132
134
67
137
111
110
75
87
120
120
25
25
85
115
25
98
87
94
97
95
Rumania Spain
8
8
J
71
104
43
116
124
129
127
Sweden
346
Tur- Yugo- All
key slavia other
141
153
8
9
9
13
217
20
17
281
12
14
12
11
439
449
12
9
351
24
24
30
26
253
268
278
272
273
260
270
16
12
19
16
11
12
9
11
362
371
425
418
143
139
144
146
115
172
186
218
64
154
203
93
142
24
260
18
11
64
65
154
156
239
347
117
122
137
144
22
24
265
266
16
12
7
7
61
154
323
107
155
59
50
Table lb.
Latin
BoAmer- Argentina
livia
ica
926
969
NethFinerland Greece lands
Denmark
Austria
640
550
1,012
Asia
Other Europe
Belgium
Other
Europe
Latin
Canada America
Other
Europe
142
131
295
292
108
104
28
258
257
251
13
27
34
Panama,
Republic of
Peru
El
Salvador
Uruguay
157
153
12
15
7
5
9
363
201
348
403
473
558
534
534
Latin America
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—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
2,549
2,687
2,673
2,683
2,723
2,672
2,593
2,563
185
164
142
135
147
160
151
137
25
24
27
28
28
24
24
26
184
143
127
133
133
145
149
132
79
88
73
78
77
76
76
75
206
205
213
195
186
202
175
153
241
257
274
285
280
236
235
235
82
87
94
67
59
57
58
54
72
70
67
65
60
60
62
65
375
339
352
393
371
367
360
375
68
64
74
71
75
75
72
73
118
135
129
132
129
140
133
136
77
75
73
72
61
64
62
60
43
50
46
39
34
26
22
27
66
65
60
56
60
55
55
55
588
781
788
798
896
858
835
835
139
138
133
136
129
126
124
124
1958—Jan.
Feb.
Mar.
Apr.
May
31
28*
31*
30*
31*
2,525
2,495
2,468
2,537
2,487
138
137
144
139
137
23
25
23
22
22
120
118
116
120
139
78
72
77
78
77
150
140
135
125
119
240
239
244
266
261
52
49
48
50
49
68
69
66
62
64
386
370
364
365
361
71
69
66
66
67
123
141
144
137
135
56
66
62
62
74
32
32
31
37
36
72
85
86
81
76
780
749
709
770
712
136
135
152
155
156
» Preliminary.
For other notes see following page.
861
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
All other
Asia
Date
Total
Hong India
Kong
Korea,
Indo- Iran Israel Japan Re- PhilTaiipnesia
pub- pines
wan
lic
of
Union
BelThai- Other Total Aus- gian
of
land
tralia Congo Egypt* South Other
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
721
893
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—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
2,053
1,990
1,986
1,981
2,015
1,979
1,946
1,940
56
59
65
66
72
72
71
70
78
76
79
78
82
88
89
82
126
128
139
167
179
190
187
151
29
35
31
30
49
43
42
55
40
36
46
41
53
47
46
52
728
626
605
586
570
564
555
580
106
107
106
106
106
110
112
117
218
217
206
217
215
195
174
175
75
79
79
78
76
83
85
86
166
167
167
170
163
162
159
157
432
461
463
443
450
425
426
417
398
391
384
377
373
370
356
351
88
75
80
78
81
85
84
85
41
40
42
41
39
41
42
39
59
58
57
53
54
50
45
40
58
60
51
49
47
45
39
38
153
158
153
156
152
149
146
149
1958—Jan.
Feb.
Mar.
Apr.
May
31
28*\...
31*....
30*....
31^
1,950
1,993
1,988
1,987
2,033
65
66
68
66
65
78
77
79
75
76
138
132
89
86
88
55
44
52
47
43
49
50
48
52
51
594
649
698
732
772
118
121
121
122
116
184
189
188
169
180
87
88
92
92
91
156
159
157
145
146
426
419
396
403
403
382
355
365
343
312
82
80
82
77
77
41
39
46
54
35
42
41
42
41
29
59
36
38
21
27
157
158
156
150
144
Table Id.
Supplementary Areas and Countries5
End of year
End of year
Area or country
Area or country
1954
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia *
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland 6
Trieste
U. S. S. R.6
1955
1957
.3
.4
.2
.5
1.2
1.9
14.3
1.0
5
4.5
5.3
2.1
2.2
1.8
1.0
4.8
13.7
1.0
.3
3.
5.6
2.5
1.4
.7
3.1
9.1
.6
.4
13.2
4.3
3.3
1.4
.8
.1
.3
n.a.
.7
n.a.
1.7
.7
2.9
n.a.
.5
.5
16.4
5.4
3.2
1.2
.7
Other Latin America:
British dependencies
19.0
Costa Rica
15.3
Ecuador
21.2
French West Indies and French Guiana...
.4
Haiti
12.7
Honduras
17.3
Nicaragua
10.3
3.6
Paraguay
16.6
17.6
14.9
.6
12.1
9.7
12.8
3.6
24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0
24.0
16.4
22.7
.8
11.2
12.6
12.7
5.1
4.1
.5
5.3
1.7
Other Asia:
Afghanistan
Bahrein Islands
.2
.6
.6
.7
1.2
1956
1.9
1.0
8.9
5.1
.6
1956
1957
14.7
1.2
3.5
23.1
18.0
5.7
2.0
34.0
79.5
13.1
62.3
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
20.2
2.7
30.6
97.4
17.1
50.1
8.0
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.
1.4
18.0
8.7
5.6
1.7
2.4
23.7
8.0
13.1
9.9
3.8
24.2
10.5
23.7
3.7
2.3
35.1
10.7
n.a.
6.7
7.6
35.7
2.3
8.3
.5
n.a.
.4
14.8
33.5
1.9
5.3
.7
n.a.
.7
13.6
22.4
2.2
2.8
.3
.4
.5
32.2
19.2
1.9
4.4
.7
n.a.
n.a.
Other Asia (Cont.):
British dependencies
Burma
Cambodia
Ceylon
China Mainland 6
Iraq
Jordan.
Kuwait..
Laos
Lebanon.
Pakistan.
Portuguese dependencies
Ryukyu Islands
Saudi Arabia
Syria*
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco :
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
Spanish dependencies
4.7
Sudan
n.a.
Tunisia
P1 Preliminary.
n.a. Not available.
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.).
1954
1955
9.8
19.1
13.1
32.9
36.2
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.
862
INT>L 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—Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
2,140
2,173
2,201
2,134
2,155
2,151
2,247
2,196
2,229
60
72
82
96
113
113
106
108
114
177
174
159
150
149
150
138
136
140
58
61
60
59
55
54
54
54
58
27
27
28
31
33
32
35
37
34
151
176
159
123
115
110
124
111
109
208
188
197
189
192
209
203
207
218
680
699
686
646
657
668
661
653
674
108
114
125
125
120
111
177
147
154
918
888
893
895
930
931
953
959
965
392
426
451
421
396
389
407
387
386
41
46
46
46
52
52
48
49
50
1958—Jan.
Feb.
Mar.
Apr.
2,250
2,246
2,284
2,409
101
98
104
92
136
126
130
134
53
53
53
49
31
30
27
30
110
107
95
95
235
233
264
278
666
646
673
678
151
154
186
220
987
996
998
999
400
406
383
461
45
44
44
50
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
31.
28*
31*
30*
Table 2a. Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
Greece
Netherlands
1954—Dec. 31..
1955—Dec. 31..
1956—Dec. 31..
109
158
216
20
16
28
10
13
12
16
11
21
2
9
23
4
5
8
13
1957—Apr. 30..
M a y 31..
June 30..
July 31..
Aug. 31..
Sept. 30.,
Oct. 31.
Nov. 30.,
Dec. 31.,
208
188
197
189
192
209
203
207
218
29
28
25
23
25
25
24
25
33
8
7
7
6
9
9
11
23
19
23
27
21
24
22
24
24
17
16
16
17
17
18
16
19
23
10
11
12
12
19
24
10
10
11
1958—Jan. 31.
Feb. 28*,
Mar. 31*.
Apr. 30*.
235
233
264
278
36
35
33
33
28
27
34
35
23
25
26
29
22
26
39
45
9
9
41
78
5
7
7
14
14
14
13
9
9
9
11
10
79
67
75
63
68
72
81
77
76
9
10
9
9
9
11
13
11
10
11
11
13
17
77
71
75
81
9
8
12
10
4
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—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
918
888
893
895
930
931
953
959
965
42
43
48
47
35
29
27
28
28
5
5
5
4
5
5
5
4
3
78
73
77
94
115
123
111
96
100
25
26
35
33
40
28
38
40
33
151
144
123
98
91
101
124
119
107
92
93
93
91
91
85
82
106
113
10
8
8
14
17
13
16
18
15
8
7
7
8
8
8
8
9
8
213
207
208
212
243
240
238
221
229
4
3
3
2
3
3
4
3
2
15
13
12
13
13
16
16
17
18
36
35
32
36
34
33
34
35
36
9
8
8
8
7
6
8
9
8
12
13
18
24
30
39
38
40
42
163
154
159
158
151
152
154
159
173
56
58
56
53
49
50
52
54
51
1958—Jan.
Feb.
Mar.
Apr.
31
28*
31*
30*
987
996
998
999
26
27
26
24
3
3
3
3
110
141
168
184
43
41
40
42
107
91
89
84
130
111
101
99
13
16
12
10
9
9
9
9
213
228
219
235
2
2
3
3
19
20
24
21
31
34
38
37
9
7
6
6
52
53
47
44
166
162
161
150
53
52
51
48
*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 $1,243 million on Apr. 30,
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.
863
ENTTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Date
Total Hong
Kong India
All other
Phil- TaiIsrael Japan ippines
wan
Iran
Union
BelThai- Other Total Ausof
gian ]Egypt3 South
Other
land
tralia Congo
Africa
143
233
3
3
5
5
16
18
11
10
50
103
7
19
5
6
39
60
37
43
337
4
6
20
16
170
16
6
9
91
43
11
1957_Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec 31
392
10
24
210
11
11
11
9
244
258
248
216
24
30
28
40
5
5
6
6
10
87
41
25
24
22
24
19
5
23
22
24
24
22
426
451
421
396
7
7
7
7
9
10
389
407
387
9
7
8
9
8
7
24
24
24
23
26
25
188
174
150
6
6
6
386
6
24
146
8
11
12
7
22
51
51
56
53
6
14
110
50
13
5
400
406
383
461
8
7
7
7
7
8
23
26
28
40
22
21
21
19
152
147
139
214
54
58
53
42
6
6
6
6
13
13
12
12
115
122
108
114
45
44
44
50
13
13
13
13
5
6
6
6
1958 Jan.
Feb.
Mar
Apr.
. . . .
31
28*
31 v
30 p
. . . .
00 00
1954 Dec 31
1955 Dec. 31
1956—Dec. 31
6
8
13
12
11
12
75
81
63
58
71
100
100
14
11
46
46
46
52
52
48
49
6
5
6
8
10
17
8
17
1
8
6
5
6
6
17
1
1
1
1
5
4
5
1
1
8
11
12
12
6
1
2
5
13
12
12
11
11
11
10
18
17
15
21
11
12
14
24
20
19
12
19
9
7
12
14
17
16
12
16
2
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
U. S. corporate securities
Net pur- Purchases, or chases
sales ( - )
Foreign stocks
Foreign bonds
Net pur- Purchases,or chases
sales ( - )
Net pur
Purchases, or chases
sales ( - )
Net purchases, or
sales ( - )
Purchases
Sales
801
,341
883
666
793
812
1,018
718
8
529
-135
-52
1,405
1,886
1,907
1,617
1,264
1,730
1,615
1,423
141
156
291
194
792
693
607
699
841
509
992
1,390
-49
184
-385
-691
393
664
749
593
645
878
875
622
-252
-214
-126
-29
1957—Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
53
102
57
29
18
16
35
38
73
8
162
31
122
175
10
19
30
42
-60
26
-93
-157
6
17
7
31
134
179
170
161
135
92
107
111
101
113
160
135
153
119
103
143
94
101
21
19
35
8
16
-11
-36
17
)
69
57
45
130
23
49
123
38
38
215
193
43
191
36
80
106
94
60
-146
-136
2
-61
-13
-31
18
-56
-22
54
59
76
69
46
41
44
36
30
59
81
90
60
44
46
43
28
26
-5
-21
-14
9
2
-6
1
8
4
1958—Jan.. .
Feb.*.
Mar.*
Apr. P.
113
242
44
72
113
124
52
95
93
97
129
105
103
99
128
124
-10
2
1
-20
39
51
38
52
179
157
35
143
-140
-106
3
-91
28
122
23
22
51
210
40
34
-23
-88
-17
-12
1954
1955
1956
1957
()
118
-9
-23
Sales
Sales
Sales
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
InterTotal
national foreign
insticountutions
tries
78
-21
82
-157
Apr
May
July
Aug
Sept
Oet
Nov
Dec
1958—Jan
Feb.*
Mar.*
Apr p
Preliminary.
1
-25
1
-141
1
1
<>>
72
706
75
299
65
-16
61
—85
1
-6
-21
24
29
France
17
-2
-121
10
2
2
Germany,
Federal
Republic of
(2)
g
7
3
(2)
(2)
(2)
(2)
(2)
1
1
( )
8
2
Italy
5
-18
-8
-48
-5
t
—1
l
(2)
United
Kingdom
Other
Europe
Total
Europe
Canada
70
96
8
79
-20
85
33
101
139
329
161
291
-187
1
73
147
234
98
2)
2\
2\
2)
2)
2)
(2)
9
7
5
7
17
-2
-21
21
10
6
-6
13
-2
4
11
42
22
51
-59
15
-2
-8
21
-34
5
-27
-17
-5
-13
7
1
-9
-1
7
(2)
St
-10
135
Switzerland
11
3
-5
(2)
(2)
-8
P)
-10
7
50
—78
-1
-5
2
-2
15
2
23
12
40
34
-28
2
10
9
2
9
2
-1
7
12
-11
For other notes see opposite page.
265
-124
-8
-29
-15
-16
Latin
America
113
76
34
8
Asia
All
other
3
29
3
7
4
4
5
1
-5
4
1
(2)
-1
2
1
1
1
-2
1
3
-12
8
i
i
(2)
1
(2)
3
-4
-21
1
(2)
(2)
(2)
864
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
[Net sales, ( - ) .
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS *
[In millions of dollars]
I n millions of dollars]
Assets in custody
Year or
month
1954
1955
1956..
1957
International
institutions
— 164
-27
— 33
-384
.
Total
foreign
countries
Europe
Q
Latin
Amer-
Canada
— 478
— 336
-46
8
231
-133
74
—447
-550
33
24
17
15
10
1
-12
117
15
-9
86
9
6
-153
-84
-11
-70
-21
-30
13
4
-14
10
2
2
2
2
1
-4
-3
-6
-88
-7
-5
-6
-94
1
-86
— 137
A
1957—Apr....
May...
June...
July....
Aug
Sept....
Oct
Nov....
Dec....
-81
-1
-101
-6
2
-77
-53
0)
-146
-76
-11
49
-5
-39
96
4
-18
1958—Jan
Feb.*..
Max.P. .
Apr. P . .
-135
-12
-5
-11
-27
-182
-10
-91
4
1
0)
3
Asia
-
2
4
3
1
2
1
4
5
-7
5
3
3
3
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
1956—Dec. 31
322
3,856
139
C1)
1957—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
30
31
30
31
449
364
342
337
378
283
356
3,685
3,730
3,523
3,421
3,774
3,787
3,729
164
278
280
278
349
344
353
0)1
C)
1958—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30
31
30
249
265
266
257
234
269
3,755
3,552
3,315
3,068
3,037
2,974
405
428
421
422
405
491
June
4
11
18
25
272
259
289
268
3,045
3,072
3,112
2,999
396
398
419
493
7
— 34
—7
-49
—40 — 16
—45
13
-
Date
All
other
1
14
1
1
t
-15
2
0>
1
9 Preliminary.
I 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 monthl>
Estimated
world
production
(excl.
U.S.S.R.)
Year or
month
864.5
840.0
868.0
864.5
913.5
959.0
994.0
1950
1951
1952
1953
1954
1955
1956
1957
1957—Apr
May
June
July
.
Sept
Oct
.
Nov
Dec
1958—Jan
Feb
Mar
Apr
•.
...
North and South America
Africa
Total
Rhodesia
777.1
758.3
780.9
776.5
826.2
873.8
910.6
2940 1
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
78.2
278 8
277.7
280.8
280 0
279.5
282.0
278 7
277 7
49.1
50.6
50.1
51.4
51 1
50.3
50.9
49 8
49.0
1.6
2.2
2.2
2.2
2.3
2.4
2.4
2.4
49.6
47 5
50.1
50.3
6
*>
6
6
6
6
S
2.4
2.4
2.5
2.5
2.5
2.4
» Gold exports, representing about 90 per cent of total production.
* Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Canada
Mexico
80.1
66.3
67.4
69.0
65.1
65.7
65 3
63.6
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
12.3
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
3.3
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
4.7
5.0
4.9
5.8
5.8
1.0
.7
.9
.7
.9
.8
5.7
6.5
5.1
5.5
12.9
13.1
12.6
12.8
12.6
13.1
13.9
13.1
12.9
.5
.3
.2
.2
.5
.2
.4
.2
.2
.6
.6
.6
.6
.6
.6
.6
.6
.5
3.2
3.1
3.4
3.7
3.0
3.1
3.1
3.2
3.3
.6
.5
.5
.5
.5
.5
.5
.5
.5
4.4
4.4
4.3
4.5
13.2
12 5
13.7
13.4
.6
.5
.5
6
3.2
.5
2 9
United
Ghana Belgian
Congo States
South
Africa
12.0
12.3
12.9
13.0
12.8
13.0
13.1
13.1
0
9
?
1
?
1
0
.9
1.4
.9
.9
1.2
Other
Colom- Chile
bia
.9
.8
1.1
.9
1.5
1 0
Nica- Austra- India
ragua i
lia
Ghana and Belgian Congo, data for which are from American Bureau of
Metal Statistics. For the United States, annual figures through 1956
are from the U. S. Bureau of the Mint and figures for 1957 and 1958 are
from American Bureau of Metal Statistics.
865
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
1957
Area and country
1950
1951
1952
Continental Western Europe:
Belgium
1-58.0 1-18.3 1-5.8
— 84 8 —20.0
-10.0
' " - 7 9 .'8 " - 4 . * 5 -100.0
-15 0 -34.9
-5.0
Sweden
-22.9 -32.0
Switzerland
- 3 8 . 0 - 1 5 . 0 "'ii.'s
-65.3 -30.4
Bank for Intl. Settlements....
(2)
-16.4 -29.7 -17.3
Other
Germany (Fed. Rep. of)
Netherlands
Total
-380.2 -184.8 -115.6
Sterling Area:
United Kingdom
Union of South Africa
Other
1955
-546.4 -328.3
-78.5
-480.0
-50.0
£
-.5
— 1 003 4 525 6
451 2
—480 5 — 50 5
-100.0
Latin America:
Argentina
-10.0
-49.9 -20.0
17 5 - 2 2 . 8
-60.2
87.7
22.2
14.9
-.9
r
-2.4
'21.0 - 5 4 . 7
-io!6
Uruguay
Other
3.4
""is'.b " # 2 6 ! 6
Jan.Mar.
-14.2
""5.0
-4K9
"-5*6
-20.2
339.3
7.0
1.0
67.7
30.4
6.0
331.3
-15.1
31.3 - 7 6 . 2
-300.0
— .1
-84.8
-3.5
-28.1
-15.0
80.3
-5.0
-30.0
2
17.2
11.0
3.0
100.3
— 300.0
14.6
5.2
5.2
115.3
28.1
75.4
10.0
10.1
-3.6
2.8
29.1
-200.0
-.7
2.4
15.0
3.1
40.2
3.1
3.3
1
62.5
14.0 - 2 8 . 3
80.9
6.5
12.9
15.0
46.6
-.1
-5.7
-9.9
-4.9
-.2
18.0
-.4
-.5
4.0
14.9
-.6
-76.0
-.4
1.0
14.1
-.2
-.1
75.2
393.6 -1,164.3 -326.6
-68.5
80.2
171.6
41.5
75.2
393.6 -1,164.3 -326.6
-68.5
-30.6
Total foreign countries.. -1,725.2
4200.0
International institutions
-1,725.2
Oct.Dec.
-131.8
-53.7
Grand total
JulySept.
57.5
-38.9
All other
3.4
Apr.June
-6.7
-172.0 -126.0
Total
Jan.Mar.
-.1
7.2
-118.2
-64.8
1957
100.3
440.0
11.5
-.3
Canada
1956
3.4
1-94.8
-67.5 -33.8
-130.0 -225.6 - 1 0 . 0
-65.0
-59.9
15.2
-20.0 -15.0
-8.0
-65.0 -15.5
-94.3 -20.0
3.0
-17.5
2.6
4.0
469.9
52.1
3.6
-1,020.0
13.1
3.5
Total
1954
1953
1958
r
Revised.
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.
18.4
-.1
-.5
18.9
92.8 - 3 7 7 . 4
18.9
92.8 - 3 7 7 . 4
4600.0 4300.0 4300.0
280.2
771.6
341.5
318.4
23 Less than $50,000.
Includes purchase of $31.5 million of gold from Spain.
4
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 1
Increase
in total
gold
stock
EarNet
marked Domesgold
import, gold: de- tic gold
or
crease, producexport
tion
or increase
(-)
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
623 A 311.5
465.4
20,706
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
1951
1952
I953
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
2 0 — 1 170 8
22 091 — 1,161 9
21,793 - 2 9 7 . 2
16.1 -325.2
21,753
97.3 - 1 3 2 . 4
-40.9
22,058
318.5
305.9 106.1
600.1
22,857
798.8 104.3
66.3
67.4
69 0
65.1
65.7
65.3
63.6
» Preliminary.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treasury
Total 1
1957_junc
July
Aug
Sept
Oct
Nov
Dec
22,623
22,627
22,626
22,635
22,691
22,763
22,781
1958—Jan
Feb
Mar
Apr
May
June
22,784
22 686
22,394
21,996
21,594
^21,356
22,732
22,735
22,735
22,759
22,835
22,837
22,857
Increase
in total
gold
stock
5.5
3.8
-.5
24.1
75.4
2.4
20.2
22,860
2.3
22 736 — 123 7
22,487 -248.7
22,042 -445.1
21,674 -367.8
"21,412 *>-262.5
Net
Eargold
marked Domesimport, gold: de- tic gold
or
crease, producexport
tion
or increase
(-)
10 0
2.7
28.6
18.9
42.8
34.3
18.8
—6 0
— .8
— 11 4
-9.0*
36 9>
-31.2
2.0'
45.0
-373
38 9 — 167 6
6.0 -252.0
26.0 —471' 5
17.9 - 3 5 5 . 2
4-285.0
(3)
4 9
5 8
5 8
5 7
6 5
5.1
5.5
4 44 4
4.3
4 5
4 6
(3)
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $7,591.2 million on June 30, 1958.
Gold under earmark is not included in the gold stock of the United States -
866
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total
world i Treasury TotaP
35,985
36,415
37,075
37,740
'38,245
1957—May
June
July
Aug.
Sept
Oct
Nov.
Dec
214
186
186
136
136
31
31
31
31
31
22,620
22,623
22,627
22,626
22,635
22,691
22,763
22,781
22,726
22,732
22,735
22,735
22,759
22,835
22,837
22,857
181
181
181
181
166
127
126
126
116
116
116
116
116
119
123
126
78
80
84
87
87
83
103
103
849
842
846
882
874
876
875
913
324
324
324
324
324
324
324
324
1,116
46
43
43
40
40
40
40
40
57
58
58
58
58
60
61
62
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
*39,120
22,784
22 686
22,394
21,996
21,594
22,860
22,736
22,487
22,042
21,674
126
126
126
126
103
103
103
103
103
946
967
998
1,028
1,099
324
324
324
324
,116
086
,096
,101
,089
136
136
136
136
31
31
31
31
31
Egypt3
Finland
183
188
188
35
35
35
Sept.
Oct
Nov
Dec
188
188
188
188
188
188
188
174
174
174
Peru
1952—Dec
1953 Dec
1954—Dec
1955 Dec
1956 Dec
46
36
35
35
35
1957 May
June
July
35
35
35
35
35
Sept
Oct
Nov
Dec
28
28
28
1958 Jan
Feb
Mar
28
20
20
Germany,
France* Federal GuateRepublic mala
of
India
Indonesia
Iran
J . I 21
,120
,135
1,136
,136
I 127
,115
Italy
40
40
40
40
Mexico
Netherlands
Norway
Pakistan
140
326
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
35
35
35
35
35
575
575
575
575
575
575
575
1,923
2,029
2,124
2,261
2,399
2,548
2,557
2,542
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
41
40
40
41
41
41
41
39
138
138
138
138
138
138
138
138
359
364
390
422
428
443
453
452
165
165
164
163
182
182
181
180
806
806
793
747
700
700
700
744
47
46
45
45
45
45
46
45
49
49
49
49
49
49
49
49
35
35
35
35
35
575
575
575
575
575
2,501
2,489
2,460
2,492
2,499
27
247
247
247
247
39
39
39
38
38
138
138
139
457
462
159
159
792
828
847
862
881
45
45
43
43
43
49
49
49
49
49
Portugal
El Salvador
South
Africa
Sweden Switzerland
Thailand
Turkey
United
King-5
dom
Venezuela
Intl.
Monetary
Fund
286
361
429
428
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
1,702
1,740
1,808
1,692
196
193
196
217
179
461
31
31
31
31
31
31
31
31
235
234
226
226
215
215
218
217
231
231
233
241
235
226
227
219
1,615
1,633
1,674
1,694
1,725
1,733
1,718
1,718
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
2,345
2,381
2,367
2,142
1,850
2,093
2,185
2,273
183
183
183
183
183
183
183
180
669
669
719
719
719
719
719
719
1,141
I 147
[,148
1,157
I 167
1,177
1,180
1,180
148
205
165
184
138
130
143
165
454
454
454
454
474
31
31
31
31
31
206
212
193
179
161
215
209
203
203
203
1,727
1,733
1,720
I 770
1,836
112
112
112
144
144
144
144
144
2,404
2,539
2,770
2 914
3,039
180
180
180
180
719
719
719
719
720
I 180
1,182
,186
171
162
182
212
254
448
463
458
461
466
467
464
469
573
576
576
r
P Preliminary.
Revised.
1 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,
Denmark
76
86
86
86
57
1957—May
June
July
Anr
May
Cuba
42
42
42
44
46
174
188
..
Colombia
896
996
1,080
1,141
1,113
26
26
31
35
35
End of
month
Chile
317
321
322
323
324
174
May
Canada
706
776
778
929
928
174
174
Apr
Brazil
52
52
62
71
71
1952 Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
1958—Jan
Feb
Mar
Belgium
112
117
138
144
107
38,975
.
Austria
287
371
371
371
224
38,825
End of
month
Australia
23,252
22,091
21,793
21,753
22,058
38,745
1958 Jan
Feb
Mar
Apr
May
Argentina
23,187
22,030
21,713
21,690
21,949
0000
ONON
1952—Dec
1953_Dec
1954 Dec
1955—Dec
1956—Dec
00
7\
End of
month
Uruguay
918
Bank for
Intl.
Settlements
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3 Part of United Arab Republic since February 1958.
4 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.)
867
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31 , 1956
Area and country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Finland
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Sweden
Switzerland
Turkey
Others
Total
Sterling Area:
United Kingdom
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of
Peru
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
All other:
Egypt 6
Other
Total
Total foreign countries''
International institutions
Grand total 7
2
374
1,170
107
94
1,302
3,520
189
1,250
9
11
6
5
8
14
1,024
121
628
148
480
2,410
158
914
10
93
2
382
1,133
92
94
2996
3,719
177
1,323
8
11
6
5
9
14
1,004
133
622
142
499
2,442
158
1,204
10
86
2
424
1,165
133
97
1,004
4,063
152
1,458
8
8
6
5
9
14
12
81
2
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
2
458
1,259
162
96
893
3,968
167
41,528
7
7
6
5
10
15
14
83
3
6
117
2
12
Q
298
13,889
308
14,120
298
14,462
294
14,752
319
14,934
284
2,812
103
191
323
277
228
203
4
2,854
93
193
324
293
226
238
4
264
4
2,507
109
197
329
262
227
180
4
2,875
104
211
329
255
224
205
4
34
3,460
102
4208
326
231
230
246
4
1
1
25
2,894
96
191
323
294
226
3,934
223
3,983
269
4,024
299
3,631
216
3,998
245
4,557
286
2,629
367
2,608
438
2,712
457
2,786
443
2,738
457
2,723
435
A3!
s
1
1
14
3
12
332
556
137
250
354
101
575
117
117
257
1,043
'321
190
4,160
1
167
(3
21
j
167
(3)
3
1
2
11
313
457
117
244
416
87
553
129
96
243
1,615
'293
2
13
263
456
115
215
371
92
555
136
88
235
1,554
'276
188
4,563
189
2
6
1
7
220
187
698
235
275
768
1
167
4
1
2
6
1
7
190
193
708
181
269
111
82
5
1
8
128
191
827
196
269
764
16
2,375
16
216
170
(3)
386
7
8
246
175
7
242
166
7
228
162
411
8
421
7
408
7
8
27,696 1,230
2,996
391
30,692 1,621
28,149 1,265
2,720
366
30,869 1,631
28,233 1,165
2,679
1
1
34
4,238
248
163
367
(3)
176
2,318
(3)
j
4,356
16
4
6
1
1
2
13
j
2,383
(3)
5
128
270
440
117
4197
380
93
4523
144
82
266
1 428
298
1
16
8
391
4,488
4
1
1
1
30
2,384
238
129
3,144
190
167
S
17
17
'31,127 1,494
2
2
12
345
467
131
263
393
97
504
135
110
248
1,450
'345
1
1
1
29
134
2,645
2,795
'27,983 1,103
8
132
6
188
178
1,003
267
279
730
(3)
132
168
173
754
243
279
767
4
6
1
6
231
158
1,145
294
260
707
* Preliminary.
' Revised.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2 Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3 Less than $500,000.
4 Includes latest reported figures for gold reserves as follows: Italy
(Feb. 28); Australia and Colombia (Dec. 31, 1957); and Mexico (Feb. 28.)
5 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
Mar. 31 , 1958*
14,135
'4,123
Total
Dec. 31,1957
1 260
150
658
118
461
2 638
157
961
Total
Philippines
Thailand
Other
Sept. 30, 1957
971
139
636
140
508
2,527
156
889
Venezuela
Other
.
June 30, 1957
Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S .
short- Govt. short- Go\t. short- Govt. short- Govt. short- Govt. short- Govt.
term
bonds
bonds
term
term
bonds
bonds
term
term
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
'370
549
137
210
347
91
600
109
119
259
1,058
'274
Asia:
Indonesia
Iran
Mar. 3 1,1957
222
30,912 1,387
390
1
154
1
7
28,552 1,220
2,698
222
31,250 1,442
1
1
146
(3)
3
2
j
2
12
168
(3)
5
8
29,213 1,196
2,563
356
31,776 1,552
6 Part of United Arab Republic since February 1958.
7 Excludes gold reserves of the U. S. S. R. and other Eastern European
countries.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-05.
868
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]
1958
1958
1957
Item
Mar.
Dec.
Sept.
June
Jan.
Mar.
524\
484
430
Dollar deposits and U. S. securities.
683
602
901
767
813
85$I
873
Other currencies
and securities 1. . .
2 795 2 60(> 2,54S> 2,437 2,378
Effective loans 2
It 5
72
54
90
7f
Other assets •*
948
1,405 1,26S 1,141 1,034
676
699
62C) 67<> 670
20
19
21
2()
24
266
335
31S>
30:1 289
1,872 1,86'i 1,86'1 1,854 1,853
IBRD bonds outstanding
Un disbursed loans
Other liabilities
Reserves
Capital*
Continental W. Europe, total. .
Belgium and Luxembourg...
Italy
Netherlands
Other
1, 283
173
1 ,067
209
15
21
859
116
247
94
30
13
146
27
98
19
27
11
31
5
7
110
21
90
296
24
7
1 181
318
354
126
160
174
49
236
322
885
299
266
58
142
90
30
102
27
29
4
20
798
18?
601
167
74
18
786
280
239
47
111
86
23
527
149
92
146
196
22
11
23
70
134
173
191
36
131
267
238
. ..
Latin America total
Brazil
111
186
318
....
1
111
369
Sterling area total
Australia
India
Pakistan
Union of S. Africa
United Kingdom
Other
M^exico. .
Other
Repaid
Sold
to
Total
others5
23
24
1
2
8
12
Asia (excl. Sterling area), total.
Thailand
Other
320
107
198
40
7
4
158
3
Africa (excl. Sterling a r e a ) . . . .
24
9
1
8
1
63 605
>,760
390
2,370
7238
Total
155
16
2
14
Jan.
9,016 9,016 8,941 8,932 8,929
-6
3
-2
-10
4
2
2
2
Country 9
Disbursed
Apr.
Member subscriptions
Accumulated net income
Reserves and liabilities
Total
Outstanding
Principal
July
1,180 1,177 1,148 1,439 1,420
200
200
200
200
200
769
811
992
977 1,423
5,992 5,948 5,777 5,489 5,051
874
874
818
817
824
6
8
5
3
Quota
Area and member country
Oct.
Gold
Investments*
Currencies: United Statesi
Other*
Unpaid member subscriptions
Other assets
Cumulative net drawings
on the Fund
Loans by country, May 31. 1958
4
1957
Item
Paid
in
gold
Argentina
150
Belgium
225
Brazil
150
Chile
50
Colombia
50
Cuba
50
Egypt
60
France
525
India
400
110
Indonesia
Japan
250
Netherlands
275
Un. of S. Africa...
100
United Kingdom.. 1,300
United States
2,750
38
56
38
9
13
13
10
108
28
16
63
69
25
236
1958
Apr.
1957
Apr.
Mar.
75
75
75
50
50
50
75
75
38
37
37
12
35
25
35 I
25
23
25 !
30
30
30 I
160
328
328
128
200
200
55
55
55
125
125
64
64
25 !
20
562
562
562
10-2,016 Uo_2,OO3 10-1,436
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 $189 million in loans not yet effective.
7 Includes $217 million not guaranteed by the Bank.
«
U. S. Treasury bills purchased with proceeds of sales of gold.
9
Countries shown are those with cumulative net drawings of $25
million or more on the latest date.
10 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
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
.4
.4
.4
.4
1,675.0
1,775.0
1,900.0
2,025.0
2.4
2.4
2.3
1.9
1957—June 26 ,
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
.4
.4
.4
.4
.4
.4
.4
2,000.0
2,075.0
2,025.0
2,000.0
2,000.0
2,050.0
2,150.0
1958—Jan.
Feb.
Mar.
Apr.
May
.4
.4
.4
.4
.4
2,000.0
2,000.0
2,000.0
2,050.0
2,050.0
Gold
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
30
29
28
26
29
26
26
30
28
For notes see opposite page.
Discounts
and advances
Securities
55.4
23.7
10.7
27.7
4.9
8.9
37.7
11.0
338.1
350.7
299.6
267.7
2.4
2.4
2.4
2.5
2.5
2.4
2.4
14.9
15.9
29.9
32.9
33.4
48.9
22.4
32.6
29.9
17.6
15.1
13.7
19.8
21.0
2.4
2.4
2.4
2.4
2.4
43.2
38.2
57.6
39.9
16.5
25.3
27.9
16.6
29.1
28.7
Notes
Liabilities of banking department
Note
circulation i
Deposits
ECA
Other
Capital
and
surplus
7.2
9.6
3.2
70.4
66.3
71.7
74.9
18.2
18.1
18.1
18.1
12.2
13.4
11.6
13.0
10.1
10.1
9.8
71.8
73.9
74.2
73.1
75.7
76.4
81.9
18.1
18.3
18.5
18.5
17.8
18.0
18.1
12.2
11.4
17.2
9.9
12.9
74.6
73.0
79.5
73.1
71.6
18.3
18.5
18.5
17.8
18.0
Bankers'
Public
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
268.4
262.4
253.5
271.0
288.7
260.3
263.6
1,985.5
2,059.5
1,995.5
1,967.5
1,967.0
2,001.4
2,128.0
216.3
205.0
199.3
216.8
234.6
226.9
199.5
239.4
258.3
253.2
249.8
264.9
1,957.2
1,962.1
1,992.7
2,010.4
2,033.9
205.1
224.0
214.6
200.4
209.9
::::::::
869
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets2
Date
Sterling
and
United
States
dollars
Liabilities
Dominion and provincial govt. securities
Deposits
Other
assets
Note
circulation
Shortterm
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
1,093.7
1,392.0
112.0
114.1
185.2
69.9
1,599.1
1,623.5
1,738.5
1,868.7
623.9
529.6
551.0
511.5
51.5
56.3
89.2
38.8
29.5
30.5
34.0
31.2
133.1
161.0
207.5
97.5
1957_jUne 29.
July 31.
Aug. 31,
Sept. 30,
Oct. 31,
Nov. 30,
Dec. 31
57.3
63.1
62.4
55.3
56.6
56.2
63.5
,213.3
,197.7
,251.8
,208.4
,297.5
,321.5
,246.2
1,194.3
1,202.3
1,208.4
1,204.2
1,192.1
1,152.0
1,217.5
210.3
100.7
203.9
110.9
163.5
252.8
131.5
1,784.3
1,817.7
1,815.5
1,819.1
1,824.0
1,828.0
1,903.7
545.5
490.5
542.8
480.8
623.7
543.4
517.6
44.4
54.2
64.0
66.9
40.1
64.3
35.4
28.9
26.9
33.3
28.7
25.8
30.7
31.2
272.1
174.5
270.9
183.3
196.0
316.1
170.8
1958—Jan. 31,
Feb. 28,
Mar. 31,
Apr. 30
May 31
63.0
63.2
61.2
51.3
58.0
,265.5
,293.0
,373.9
,329.7
,002.4
1,105.0
1,103.2
1,074.3
1,144.1
1,472.7
182.2
198.1
157.6
117.3
202.3
1,776.5
1,783.7
1,809.7
1,832.0
1,843.5
533.8
555.2
579.5
554.2
540.7
57.3
46.1
53.8
60.4
65.5
23.3
26.8
24.6
25.1
27.1
224.8
245.6
199.3
170.6
258.5
1953—Dec.
1954-Dec.
1955—Dec.
1956—Dec.
31.
31,
31.
31.
Chartered
banks
Dominion
govt.
Other
liabilities
and
capital
Other
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Foreign
exchange
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
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
3,130.0
3,238.3
3,219.7
3,214.4
3,292.5
3,139.9
3,174.9
330.9
397.7
376.6
359.5
417.0
467.1
475.3
93.6
118.9
97.4
112.9
123.6
118.0
122.9
3,191.7
3,197.9
3,192.1
3,295.5
3,286.3
469.0
455.5
478.5
470.8
550.2
128.1
111.8
125.5
104.1
96.7
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
,130.2
,194.7
,753.7
200.0
195.0
190.0
179.0
679.8
617.6
539.8
479.8
1957_june 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
201
201
201
201
201
201
201.2
12.0
11.9
11.9
11.9
12.0
12.0
11.9
274.9
273.6
307.2
322.7
315.2
282.0
290.2
16.1
7.3
6.2
18.3
44.0
44.6
52.3
2,014.1
2,027.1
,931.4
,886.7
,914.9
,893.9
,951.2
175.0
175.0
175.0
175.0
175.0
175.0
175.0
594.1
752.1
789.8
804.8
829.8
820.1
796.4
170.0
277.2
336.8
236.4
267.0
306.6
271.1
266.2
341.1
296.2
295.0
201.2
201.2
201.2
201.2
5201.2
11.9
11.8
11.8
11.9
11.9
260.3
290.2
287.8
322.6
310.7
53.4
50.6
34.8
27.1
22.7
,868.9
,827.7
,932.3
.881.2
2,011.6
175.0
175.0
175.0
175.0
175.0
949.4
948.9
899.9
946.4
929.8
268.8
259.7
253.2
305.0
5270.3
30
27
27
30
29
1958
Central bank, monetary unit,
and item
May
Apr.
1957
Mar.
Other
liabilities
and
capital
Note
circulation
1953—Dec. 31
1954—Dec. 30
1955—Dec. 29
1956—Dec. 27
1958—Jan.
Feb.
Mar.
Apr.
May
Deposits
Other
assets
GovernOthers
ment
1958
Central bank, monetary unit,
and item
May
May
Apr.
1957
Mar.
May
Central Bank of the Argentine
Republic
(millions of pesos): 6
-730
Gold and foreign exchange (net)... - 1 , 0 0 6
-675
-675
Net claim on Intl. Fund?
2,375 2,906
Advances to Government
63,297 62,413
Government securities
6,220 6,241
Loans and discounts
3 670 2 884
Other assets
52,796 53,017
Currency in circulation
444
419
Deposits—Government
11,736 11 341
Banks
339
305
Other
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.
* Less than 50 million francs.
5 Other assets include 100.0 billion francs of gold loaned to Stabilization Fund.
6 Under the banking reform, effective Dec. 2, 1957, the Central Bank
has been reorganized. The balance sheet has been substantially modified,
and7 figures are not comparable with those shown previously.
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.
446
430
7
458
5
454
3
452
45
385
494
50
389
464
54
390
456
55
378
290
25
247
305
29
258
325
18
248
340
25
224
870
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. Fund 1
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund*
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund l
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
r
1
1958
May
Apr.
1957
Mar,
2,654 2,654 2,654
10,352 10,203 10,341
5,887 5,679 5,683
1,342
1,342
1,342
844
834
849
15,174 15,091 15,019
1,925
1,610
1,777
993 1,023 1,017
1,091
1,115
1,049
1,882
1,902
1,991
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
49,905
10,600
7,562
34,243
8,405
6,063
19,629
109
1,968 2,531
19
19
4,762 4,598
(Feb.)*
7,048
-30,167
21,375
384,769
7,873
26,795
218,157
29,412
170,126
598
560
29
104
14
506
3
91
106
76
15
472
21
84
112
4,842
481
-2,732
20,088
31,078
64,528
40,885
86,896
7,811
6,830
57,634
4,261
670
-2,732
18,894
37,864
64,003
36,106
86,750
7,782
4,528
60,006
256
52
1,773
635
337
988
1,233
832
269
52
1,703
637
290
966
1,198
787
286
52
1,668
639
311
992
1,194
770
12
105
7
112
14
35
171
51
61
12
90
7
129
14
37
171
58
60
12
75
7
150
15
37
174
63
59
497
68
108
24
508
5
80
104
May
May
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 Czechoslovakia2
42 435 National Bank of Denmark (millions
11
of kroner):
13
Gold
34
Foreign exchange
7
Loans and discounts
Securities
5
Govt. compensation account
109
Other assets
1
Note circulation
Deposits—Government
Other
Other liabilities and capital
193 Central Bank of the Dominican Rer
24 609 public (thousands of pesos):
475
Gold
268 789
Foreign exchange (net)
7 951
Net claim on Intl. Fund*
6 183
Loans and discounts
172 427
Govt. securities
28 136
Other assets
r
Note circulation
l07 638
Demand deposits
Other liabilities and capital
609 Central Bank of Ecuador (millions of
21 sucres):
27
Gold
8
Foreign exchange (net)
463
Net claim on Intl. Fund*
6
Credits—Government
90
Other
106
Other assets
Note circulation
Demand deposits—Private banks .
598
Other
030
Other liabilities and capital
19 Nirational Bank of Egypt (millions of
112 pounds):
245
Gold
,542
' Foreign assets3
427
Egyptian Govt. securities
937
Clearing and other accounts (net).
098
Loans and discounts
357
Other assets
580
Note circulation
Deposits—Egyptian Government.
Other
327
Other liabilities and capital
52 Central Reserve Bank of El Salvador
624 (thousands of colones):
696
Gold
397
Foreign exchange (net)
864
Net claim on Intl. Fund*
910
Loans and discounts
321
Govt. debt and securities
Other assets
Note circulation
12
Deposits
94
Other liabilities and capital
7
7 Bank of Finland (millions of markkaa):
91
Gold
18
Foreign assets and liabilities (net).
22
Loans and discounts
154
Securities—Government
50
Other
39
Other assets
Note circulation
Deposits
Other liabilities and capital
,005
,632
,515
,343
614
14 ,239
,101
986
,058
,725
Revised.
* Latest month available.
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
Apr.
1957
Mar.
May
136
112
136
119
136
201
141
-12
127
189
75
522
210
37
144
-12
77
185
73
466
220
35
177
-10
41
100
75
451
243
28
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
976
212
374
2,979
647
2,327
1,396
1,270
263
68
501
176
491
3,047
1,150
2,195
1,550
1,433
256
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
9,471
2,500
10,373
7,500
27,335
53,428
11,464
3,692
11,405
11,732
2,500
4,973
7,830
22,131
47,567
9,571
3,434
325
-71
38
495
313
264
686
190
179
309
325
-25
38
467
299
284
680
209
189
310
325
-31
38
466
317
273
685
206
210
286
325
-19
38
525
212
250
664
200
155
311
61
70
185
-38
37
4
185
23
91
19
61
76
187
-36
32
2
188
18
94
21
6]
84
188
-37
28
2
188
21
97
19
64
98
164
-6
23
2
207
8
111
18
78,526
534
34,571
656
4,689
689
85,921
419
508
3,979
230
9,387
042
97,052
107,106 108,298
12,914 12,695
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
78,541 78,740
30,429 51,856
4,689
1,562
91,015 80,280
7,343 12,204
7,607
7,793
104,683 101,428
103,255 118,990
11,686 12,017
7,849
7,850
39,100 11,990
29,957 44,069
7,500 16,250
1,556
1,236
16,673 12,166
55,8771 56,311
5,180
13,614|
32,825 32,389
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.
871
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1958
1957
Central bank, monetary unit,
and item
May
German Federal Bank 5 (millions of
German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net)..
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Intl. Fund..
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Bank Indonesia (millions of rupiahs) :
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. Fund. .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Other assets^
Note circulation
Deposits—Government
Banks
Other
Special Account—Profits of revaluation
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
Note circulation
Apr.
Mar.
10,423 10,394 10,261
13,872 13,282 13,165
946
1,324 1,372
2,229 2,590 3,362
1,475
1,509
1,529
16,738 16,766 16,653
3,960 3,589 4,196
5,455 5,921 5,815
437
378
474
2,355 2,444 2,551
5,662
198
5,014
6,073
2,259
7,122
1,162
5,803
199
5,248
5,998
2,328
6,866
1,081
3,684
6,350
3,684
6,647
1,298
(Jan.)
27,273
43,141
1,250
19,309
44,355
62,847
4,487
9,131
27,699
31,164
1,178 1,178 1,178
2,097 2,288 1,712
11,576 11,735 11,711
1,306 1,320 1,293
15,878 16,191 15,791
279
328
7
541
3,213
2,702
1,666
329
390
174
547
2,959
2,751
1,646
102
958
77
212
3,311
2,885
1,775
1,277 1,268
28
1,468 1,444 1,312
21,864 20,497 20,632
952
942
944
15,179 14,712 14,003
77
107
109
5,167 4,794 4,733
5,138 4,538 4,071
5,536
962
663
7,923
10,962
9,245
17,923
12,498
7,633
2,060
20,549
5,536
1,038
663
7,923
12,823
8,738
16,735
13,879
6,100
2,097
19,960
7,110
3,366
7,110
4,309
2,646 2,646 2,646
72,867 72,680 74,288
75,513 75,326 76,934
May
May
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
6,456 Bank of Italy (billions of lire):
Gold
175
Foreign exchange
7,505
Advances to Treasury
4,967
Loans
and discounts
2,175
Govt. securities
5,899
Other
assets
1,104
Note circulation
7,112
Deposits—Government
5,203
Demand
1,961
Other
Other liabilities and capital
Bank of Japan (billions of yen):
27,243
Bullion
47,119
Advances to Government
1,250
Loans and discounts
6,878
Govt. securities
41,277
Other assets.
56,868
Note circulation
4,146
Deposits—Government
7,471
Other
26,265
Other liabilities
29,016 Baiink of Mexico (millions of pesos):
Monetary reserve8
"Authorized" holdings of securities, etc
,
Bills and discounts
1,178
Other assets
,
4,125
Note circulation
9,399
Demand liabilities
1,258
Other liabilities and capital
,
15,700 N e t h e r l a n d s Bank ( m i l l i o n s of
guilders):
260
Gold
426
Silver (including subsidiary coin) . ,
23
Foreign assets (net)
,
190
Loans and discounts
,
2,847
Govt. debt and securities
2,149
Other assets
1,597
Note circulation
Deposits—Government
139
ECA
972
Other
14,261
Other liabilities and capital
466 Reservie Bank of New Zealand (thou10,201 sands of pounds):
282
Gold
3,582
Foreign exchange reserve
1,773
Loans and discounts
Advances to State or State un4,533
dertakings
Investments
663
Other assets
7,923
Note circulation
11,324
Demand deposits
6,835
Other liabilities and capital
14,233
233 Bilank of Norway (millions of kroner):
11,215
Gold
5,119
Foreign assets (net)
1,520
Clearing accounts (net)
17,119
Loans and discounts
Securities
7,110
Occupation account (net)
3,429
Other assets
Note circulation
Deposits—Government
2,646
Banks
70,284
FOA
72,930
Other liabilities and capital
8,035
12,063
2,086
4,103
1,054
15,333
5,513
4,289
225
1,981
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
1957
Central bank, monetary unit,
and item
6
170
Apr.
Mar.
6
155
May
258
3'
214
28
65
149
7
258
3
188
27
9
101
4
32
37
110
150
32
240
31
179
25
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
436
412
1,365
1,766
13
134
770
172
4
71
567
447
423
977
1,644
5
122
555
163
499
253
183
660
52
73
150
507
296
178
704
43
80
155
588
383
184
689
241
79
150
1,907
1,934
4,675
1,002
749
5,342
2,209
763
4,851
868
651
5,383
2,090
766
5,012
860
596
5,535
2,092
747
4,986
1,019
508
5,039
2,696
713
3,332
16
1,272
32
137
315
4,139
247
3,260
15
1,216
31
326
340
4,142
230
17
592
208
3,203
16
1,226
113
326
353
4,147
467
17
401
206
3,050
8
731
56
759
414
4,041
6,162 •6,162 6,162
23,964 21,136 15,710
44,634 48,278 49,618
6,162
46,395
37,845
44,043
36,377
1,875
74,370
71,473
11,214
50,148
36,377
1,673
75,865
76,778
11,131
55,000
44,024
2,038
77,020
84,586
10,946
26,333
43,123
1,979
72,711
77,341
11,786
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
192
298
-14
88
164
5,545
168
3,231
1,779
286
1
1,144
221
279
-26
105
107
5,546
87
3,161
1,708
404
26
1,020
9'
148
8
258
42
224
29
6
124
—7
132
149
()
1,8
525
192
325
300
192
639
54
35
89
230
550
196
.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.
872
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and a b r o a d . . . .
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 c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net)
Net claim on Intl. Fund *
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 1
Loans and discounts to b a n k s . . . .
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
1958
May
116
660
57
2,190
430
43
3,347
Apr.
116
668
57
2,182
430
36
3,425
1957
Mar.
116
785
57
2,064
430
42
3,369
149
65
127
1,041r
l,14
181
127
1,073
1,079
186
155
861
972
171
1
458
113
1,603
701
542
1,327
334
268
1,499
11
472
113
1,613
741
413
1,266
371
282
1,443
140
67
1,280
1,754
122
2,453
679
230
20
188
131
826
169
736
87
346
166
16
178
126
828
164
733
87
331
161
15
193
117
832
164
725
87
329
179
6,040 6,033 5,973
13,913 13,972 13,799
1,673 1,654
1,456
1,364 1,365
1,362
1,304
2,241
2,272
11,917 11,997 11,889
2,119 2,055 1,803
21
21
20
7,556 7,730 7,844
2,462 3,480 3,507
618
313
16,603
58,884
64,900
64,699
3,041
11,727
61,851
63
15
72
62
114
66
33
68
20
79
63
114
86
31
618
319
14,710
59,763
67,571
64,634
2,439
13,556
62,353
618
319
15,551
59,861
68,653
65,638
1,813
13,463
64,087
May
Bank of Sweden (millions of kronor):
Gold
Foreign assets
115
Net claim on Intl. Fund 1
,038
Swedish Govt. securities and ad57
vances to National Debt Office 2
,692
Other domestic bills and advances,
430
Other assets
53
Note circulation
,250
Demand deposits—Government. .
Other
136
Other liabilities and capital
1 Swiss National Bank (millions of
francs):
Gold
858
Foreign exchange
'97
Loans and discounts
Other assets
Note circulation
10
Sight liabilities
58'
Other liabilities and capital
53 Centra] Bank of the Republic of Turkey
,746 (millions of pounds):
706
Gold
25Foreign exchange and foreign
,246
clearings
508
Loans and discounts
241
Securities
,362
Other assets
Note circulation
Deposits—Gold
696
Other
67
Other liabilities and capital
85 Bank of the Republic of Uruguay (mil,584 lions of pesos):
166
Gold
,385
Silver
731
Advances to State and Govt.
253
bodies
Other loans and discounts
Other assets
50
Note circulation
271
Deposits—Government
118
Other
540
Other liabilities and capital
160 Central Bank of Venezuela (millions
703 of bolivares):
86
Gold
246
Foreign exchange (net)
103
Other assets
Note circulation
Deposits
,665
Other liabilities and capital
,275 National Bank of Federal People's Re,374 public of Yugoslavia (billions of
910 dinars):
129
Gold
775
Gold contribution to Intl. Fund..
90
Foreign assets
074
Loans (short-term)
046
Govt. debt (net)
Other assets
Notes and coin in circulation
83
Demand deposits
44
Foreign liabilities
23
Long-term liabilities (net)
42
Other liabilities and capital
113 Bank for International Settlements
68 (millions of"~Swiss
' gold francs):
Gold in bars
12
Cash on hand and with banks
618
Rediscountable bills and accept323
ances (at cost)
,571
Time funds at interest
,734
Sundry bills and investments
,054
Funds invested in Germany
,694
Other assets
,500
Demand deposits—Gold
,633
Other
,474
Long-term deposits: Special
Other liabilities and capital
*1 Latest month available.
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
1957
May
Apr.
448
1,24
12<
448
1,180
129
1,203
129
509
1,214
129
4,586
246
84
5,358
107
45
1,981
4,723
164
853
5,533
132
49
1,782
4,468
252
865
5,443
87
54
1,782
4,411
124
933
5,299
213
143
1,665
7,943
506
7,661
566
6,837
611
161
105
5,538
1,953
223
Mar.
448
May
86
5,494
2,948
235
90
5,513
2,717
231
7,39654
146
89
5,560
2,492
230
403
403
403
402
367
5,391
32
252
3,355
156
2,096
838
421
5,249
32
259
3,299
156
2,078
832
452
5,150
33
260
3,225
156
2,081
835
273
4,230
33
244
2,703
155
1,614
711
143
143
278
9
316
725
98:
610
174
423
1,097
261
590
784
561
204
373
784
1,468
915
1,374
1,999
1,755
135
1,473
911
1,504
1,999
1,570
160
1,486
794
1,448
1,947
1,406
181
1,272
514
1,748
4
2
23
892
68
15
119
452
79
309
46
4
2
25
898
67
15
131
448
82
303
47
4
2
24
872
58
12
121
433
81
295
43
5
2
39
779
94
32
93
363
81
296
118
776
52
648
55
558
77
453
56
291
452
718
297
398
375
709
297
1
706
,225
229
324
560
303
665
297
1
554
1,356
229
323
775
151
708
297
2
547
,358
229
308
1,999
1,651
762
1,272
229
324
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.
873
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_j u ly
Aug
Sept
Oct
Nov
Dec
4.50
5.0
1958_Jan
Feb
Mar
Apr
May
June
4.25
In effect June 30, 1958
4.00
4 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 05
4.28
4.05
4.05
3 83
3 87
6.0
8 40
8.40
4.50
3.5
4.5
5.5
5.0
3.50
3.11
2.52
1.62
1.79
1 97
4.5
5.0
1.97
4 00
5.0
4.00
5.0
5.0
3.0
3.5
3.50
3.0
3.5
3.50
5.00
Argen- Cuba 3
Japan 3 Philiptina 3
pines
9.13
1.5
3.5
4.5
6.0
5.5
6.0
5.5
4.5
4.5
Other selected central banks—rates in effect on June 30, 1958
Area and
country
Rate
Europe:
5.0
Austria
10.0
Greece
Norway
3.5
Portugal
2.5
Switzerland... 2.5
Turkey
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 VA 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:
Chile 3
Costa Rica3...
El Salvador 3 ..
Mexico
Peru 3
Venezuela....
6.0
3.0
4.0
4.5
6.0
2.0
Month
effective
Feb.
Apr.
Apr.
June
Nov.
May
Area and
country
1957
1939
1957
1942
1947
1947
Rate
All other:
New Zealand.. 7.0
South Africa.. 4.5
Month
effective
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
Treasury Day-today
bills
3 months 1 money 2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today 3
on
deposits money
Netherlands
Treasury
bills
3 months
Day-today
money
3.23
1955—Dec
1956 Dec
2.59
3.61
2.42
3.18
4.22
5.07
4.08
4.94
3.10
4.15
2.50
3.50
2.99
3.55
1.06
3.48
1957
Sept
Oct
Nov
Dec
3.71
3.80
3.72
3.88
2.96
3.57
3.52
3.60
4.04
4.08
4.06
4.17
5.40
6.81
6.78
6.67
3.84
3.87
3.85
3.97
5.42
6.60
6.54
6.43
3.48
3.45
3.45
3.60
4.33
5.53
5.63
5.67
3.00
3.00
3.00
3.00
3.80
5.00
5.00
5.00
5.19
5.78
7.82
7.94
5.77
4.94
4.87
5.72
3.59
3.60
AUR
3.77
3.80
3.81
4.02
3.94
3.84
3.66
3.65
1958 Jan
Feb
Mar
Apr
May
3.54
2.99
2.44
1.65
1.56
3.34
3.05
2.61
1.64
1.55
6.51
6.17
5.98
5.47
5.24
6.27
6.02
5.78
5.28
5.02
5.56
5.57
5.23
4.71
4.53
5.00
5.00
4.65
4.00
3.85
5.17
5.25
5.96
6.78
May
July
1
Based on average yield of weekly tenders during the month.
2 Based on weekly averages of daily closing rates.
3
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
4^-61/2
1.50
1.50
4^-6*4
1.75
2.50
4.86
4.87
4.66
4.64
2.88
2.70
3.08
3.51
3.64
3.75
3.35
3.33
4.43
3.88
3.14
3.18
2.97
3.50
3.26
2.77
2.93
2.39
5*4-8
5*4-8
5*4-8
5*4-8
3.81
4.45
.62
4L&—534
414.534
5*4-8
53/ g
534^8
534—8
5*4—8
51/4-71/2
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.
874
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)
Year or month
Preferential
Basic
1952
1953
1954
1955
1956
1957
20.000
13.333
20.000
13.333
20.000
13.333
13.333
20.000
15.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
1957 June
July
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar .
Apr
May
June
Finland
(markka)
Year or month
Free
7.163
7.198
7.198
7.183
22.835
2.506
2.477
2.365
2.303
2.216
2.487
2.595
2.707
2.696
2.656
2.610
2.444
2.377
2.376
France
(franc)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
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
20.903
21.046
21 017
20.894
20.946
20.913
14.492
222.33
222.14
221.73
221.92
223.09
223.32
223.57
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9875
1 9908
1.9865
1.9874
1.9929
1.9983
1.9991
20 898
20 890
20 862
20.867
20 928
20.935
20.969
224.16
224.36
224.33
224.47
224.36
223.99
3.8536
3.8536
3 8536
3.8536
3.8536
3.8536
1.9986
2.0024
2 0041
2.0047
2.0050
2.0050
102.149
101.650
102.724
101.401
101.600
104.291
104.891
105 150
105.470
104.241
103 636
103.921
102.304
101.535
101.934
102 312
103.011
103.396
103.960
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
21.045
21.078
21 072
21 088
21.085
21.066
1952
1953
1954.
1955
1956
1957
.4354
.4354
.4354
.4354
.4354
3.3995
.2856
.2856
.2856
2856
.2855
•.2856
4.2376
23.838
23 765
23.786
23.798
1957 June
July
.4354
.4354
.4354
3.3674
.3118
.3118
.3118
.2855
2856
4.2857
.2858
.2858
.2858
.2858
4.2376
.2375
.2375
.2375
.2376
23.798
23 800
23.800
23.800
23.800
23.800
23.799
20.896
20 884
20.844
20.858
20.940
20.951
20.975
279.02
278 78
278.27
278.51
279.98
280.26
280.58
.2779
2779
.2779
.2779
.2779
.2779
.2779
32.523
32 495
32.431
32 448
32.556
32 580
32.644
8.006
8 006
8.006
8 006
8.006
8 006
8.006
.3118
.3118
.3118
.3118
.3118
.3118
.2858
.2858
.2858
.2858
.2858
5.2858
.2376
.2375
.2376
.2376
.2376
.2376
23.795
23.795
23.793
23.808
23.858
23.853
21.050
21.099
21.086
21.101
21.092
21.062
281.32
281.57
281.54
281.71
281.57
281.11
.2779
.2779
.2779
.2779
.2779
.2779
32.769
32.818
32 811
32.830
32 821
32.775
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)
1952
1953
1954
1955
1956
1957
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
1957_june
Julv
Aug
Sept
Oct
Nov
26.106
26.121
26.103
26.102
26.287
26.363
26.367
276.26
276.02
275.52
275.75
277.21
277.49
277.80
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
277.98
211.1 A
277.23
277.47
278.94
279.21
279.53
19.333
19.333
19.329
19.328
19.328
19.328
19.328
23 335
23.332
23 335
23 335
23.335
23 335
23.335
279 02
278.78
278 27
278 51
279.98
280 26
280.58
26.373
26.367
26.378
26.388
26.388
26.380
278.54
278.78
278.75
278.92
278.78
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
280.27
280.52
280.49
280.65
280.52
280.06
19.328
19.328
19.328
19.328
19.328
19.328
23 334
23.335
23.335
23 335
23.335
23.335
281 32
281.57
281.54
281 71
281.57
281.11
SeDt
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
Year or month
Dec
1958—Jan
Feb
Mar
Apr
May
June
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, 1955.
2 New free market rate became effective Oct. 28, 1955.
3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
62.3810
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 420 francs on June 23, 1958.
56 Based on quotations through June 20, 1958.
Based on quotations beginning Jan. 2, 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
WM. 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
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
S. R. CARPENTER, Secretary
ROBERT F. LEONARD, Director
Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
JOHN R. FARRELL, Associate Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
MERRITT SHERMAN,
LEGAL DIVISION
DIVISION OF EXAMINATIONS
ROBERT C. MASTERS, Director
H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
HOWARD
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
DIVISION OF PERSONNEL ADMINISTRATION
R. GARFIELD, Adviser
GUY E. NO YES, Adviser
ROLAND I. ROBINSON, Adviser
FRANK
SUSAN S. BURR, Associate Adviser
R. KOCH, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
ALBERT
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
875
876
FEDERAL RESERVE BULLETIN • JULY 1958
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
C. CANBY BALDERSTON
W. D. FULTON
WATROUS H. IRONS
Chairman
HUGH
H. N.
A. L.
J. L.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
ALFRED HAYES,
LEACH
MANGELS
MILLS, JR.
ROBERTSON
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
L. MERLE HOSTETLER, Associate Economist
ARTHUR W. MARGET, Associate Economist
H. V. ROELSE, Associate Economist
CHARLS E. WALKER, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, NEW YORK
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
WlLLIAM 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
Robert C. Sprague, Chairman and Federal Reserve Agent
Stanley M. Cooper
Milton P. Higgins
Oliver B. Ellsworth
William D. Ireland
Arthur F. Maxwell
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
George H. Ellis
Harvey P. Hood, Deputy Chairman
Harry E. Umphrey
Nils Y. Wessell
E. O. Latham, First Vice President
Vice Presidents
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Charles W. Bitzer
Cyrus M. Higley
Clarence Francis
Augustus C. Long
Franz Schneider
Forrest F. Hill, Deputy Chairman
Howard C. Sheperd
Lansing P. Shield
877
FEDERAL RESERVE BANKS AND BRANCHES
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
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
Daniel M. Dalrymple
John W. Remington
Raymond E. Olson
E. Perry Spink
Ralph F. Peo, Chairman
Alfred Hayes, President
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
Vernon Alexander
Leland B. Bryan
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
Lindley S. Hurff
Geoffrey S. Smith
Bayard L. England
Charles E. Oakes
Karl R. Bopp, President
Robert N. Hilkert, First Vice President
Vice Presidents
E. C. Hill
Wm. G. McCreedy
David P. Eastburn
Murdoch K. Goodwin
P. M. Poorman
J. V. Vergari
Richard G. Wilgus
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
Joseph B. Hall
John A. Byerly
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
878
FEDERAL RESERVE BULLETIN • JULY 1958
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman
D. W. Colvard
Robert Gage
Joseph E. Healy
L. Vinton Hershey
Robert O. Huffman
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Denver L. Morgan
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
J. M. Nowlan
Baltimore Branch
James M. Slay
Aubrey N. Heflin
Thomas I. Storrs
Upton S. Martin
C. B. Strathy
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
James W. McElroy
J. N. Shumate
Wm. Purnell Hall, Chairman
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
George H. Aull
Charles D. Parker
William H. Grier, Chairman
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
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
Joseph T. Lykes
Henry G. Chalkley, Jr.
W. C. Bowman
Pollard Turman
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
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
John C. Persons
Selden Sheffield
(Vacancy)
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, Chairm
Adolph Weil, Sr.
Harry M. Smith, Chairman
McGregor Smith
879
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. Oberwortmanc
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. May berry
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
880
FEDERAL RESERVE BULLETIN • JULY 1958
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
Magnus J. Kreisle
David F. Cocks, Chairman
W. Scott Mclntosh
Philip Davidson
J. D. Monin, Jr.
MEMPHIS BRANCH—BOARD OF DIRECTORS
S. L. Kopald, Jr.
Simpson Russell
Frank Lee Wesson, Chairman
John E. Brown
J. H. Harris
Merle E. Robertson
John G. Russell
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
(Vacancy)
Ray C. Lange
John A. Moorhead
Frederick L. Deming, President
Kyle K. Fossum, in charge
of Helena Branch
J. Willard Johnson
O. M. Jorgenson
O. B. Jesness, Deputy Chairman
Harold C. Refling
Harold N. Thomson
A. W. Mills, First Vice President
Vice Presidents
H. G. McConnell
C. W. Groth
M. H. Strothman, Jr.
M. B. Holmgren
A. W. Johnson
HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
Carl McFarland, Chairman
John M. Otten
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
George H. Clay
P. A. Debus, in charge
of Omaha Branch
Joseph S. Handford
Stewart Cosgriff
Arthur Johnson
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
Cecil Puckett, in charge
R. L. Mathes, in charge
of Denver Branch
of Oklahoma City Branch
E. U. Sherman
Clarence W. Tow
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Ralph S. Newcomer
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
R. Otis McClintock
Phil H. Lowery
Aksel Nielsen, Chairman
Ray Reynolds
C. L. Priddy
C. P. Stuart
881
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
C. Wheaton Battey
George J. Forbes
OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten
James L. Paxton, Jr.,
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
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
W. E. Eagle, in charge of
T. W. Plant
San Antonio Branch
L. G. Pondrom
T. A. Hardin
Morgan H. Rice
W. H. Holloway
Harry A. Shuford
G. R. Murff
C. E. Walker
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
Tvrus 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
882
FEDERAL RESERVE BULLETIN • JULY 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
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appeared on pages 747-750 of the June 1958 Bulletin,
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50 cents each; elsewhere 70 cents each.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
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.
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FEDERAL RESERVE BULLETIN.
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;
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RULES OF ORGANIZATION AND RULES OF PROCE-
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REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK. Issued annually in September. An-
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
nual subscription to monthly chart book includes one issue of Supplement. In the United
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9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President, are being distributed through the Superintendent of Documents.
Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
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Requests and remittances for these six books should be directed to the Superintendent of Documents,
Government Printing Office, Washington 25, D. C.
883
884
FEDERAL RESERVE BULLETIN • JULY 1958
REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
May 1953. 7 pages.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
96 pages.
NEW INDEXES OF OUTPUT OF CONSUMER DU-
RABLE GOODS.
May 1954. 15 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
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.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
tober 1956. 24 pages. (Also similar reprint
from April 1953 BULLETIN.)
IWEX OF ELECTRICITY AND GAS OUTPUT.
Octo-
ber 1956. 15 pages.
November 1956
UNITED STATES BANKING ORGANIZATION ABROAD.
MID-1955.
May 1957.
INTEREST RATES IN LEADING COUNTRIES.
1957.
August
7 pages.
WINNING THE BATTLE AGAINST INFLATION.
Au-
gust 1957. 12 pages.
WORLD PAYMENTS STRESSES IN
1957.
1956-57. October
8 pages.
REVISION OF MONTHLY DEPARTMENT STORE INBANKING 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.)
BANK CREDIT AND MONEY IN 1957.
February
1958. 9 pages. (Also, similar reprint from
July 1957 BULLETIN.)
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
INTERNATIONAL
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
April 1958. 10 pages.
GROWTH AND STRUCTURE OF TIME
DEPOSITS.
April 1958. 5 pages.
OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3
pages.
SURVEY OF COMMON TRUST FUNDS, 1957. May
and January, February, and March 1957 BULLETINS. 52 pages.
December 1956. 16 pages.
COMPANIES,
6 pages.
SALES.
June 1956. 9 pages.
AGRICULTURAL LOAN SURVEY.
OF FINANCE
April 1957. 17 pages.
DEXES. December 1957. 30 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
1953.
April 1957. 20 pages.
SURVEY
OWNERSHIP OF DEMAND DEPOSITS.
February 1953. 16 pages.
STABILITY.
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
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.
7 pages.
July 1958.
Index to Statistical Tables
Acceptances, bankers', 822, 823
Agricultural loans of commercial banks, 818, 820
Agriculture, Govt. agency loans, 826, 827
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 814
Corporate, current, 834
Domestic banks, by classes, 815, 818, 820
Federal business-type activities, by fund
or activity, 826, 827
Federal Reserve Banks, 809, 810
Foreign central banks, 868
Automobiles:
Consumer instalment credit, 838, 839, 840
Production index, 844, 848
Demand deposits—Continued
Adjusted, commercial banks, by classes, 819
Banks, by classes, 815, 821
Type of holder, at commercial banks, 819
Department stores:
Merchandising data, 853
Sales and stocks, 842, 852
Deposits {See also specific types of deposits):
Adjusted, and currency, 814
Banks, by classes, 815, 819, 821
Federal Reserve Banks, 809, 810, 864
Postal savings, 814
Turnover of, 812
Deposits, reserves, and borrowings, by class of member bank, 807
Discount rates, 808, 873
Discounts and advances by Federal Reserve
Banks, 805, 809
Dividends, corporate, 833, 834
Dollar assets, foreign, 864, 865
Dwelling units started, 849
Bankers' balances, 819, 821
{See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated
statement, 814
Bonds {See also U. S. Govt. securities):
New issues, 832, 834
Prices and yields, 823, 824
Brokers and dealers in securities, bank
loans to, 818, 820
Business expenditures on new plant and equipment, 834
Business indexes, 842
Business loans {See Commercial and industrial
loans)
Capital accounts:
Banks, by classes, 815, 819, 821
Federal Reserve Banks, 809, 810
Carloadings, 842
Central banks, foreign, 866, 868, 873
Coins, circulation of, 813
Commercial banks:
Assets and liabilities, 815, 818
Consumer loans held, by type, 839
Number, by classes, 815
Real estate mortgages held, by type, 835
Commercial and industrial loans:
Commercial banks, 818
Weekly reporting member banks, 820, 822
Commercial paper, 822, 823
Commodity Credit Corporation, loans,
etc., 826, 827
Condition statements {See Assets and
liabilities)
Construction, 842, 848, 849
Consumer credit:
Instalment credit, 838, 839, 840, 841
Major parts, 838, 840
Noninstalment credit, by holder, 839
Consumer durable goods output indexes, 848
Consumer price indexes, 842, 854
Consumption expenditures, 856, 857
Corporate sales, profits, taxes, and dividends, 833, 834
Corporate security issues, 832, 834
Corporate security prices and yields, 823, 824
Cost of living {See Consumer price indexes)
Currency in circulation, 805, 813
Customer credit, stock market, 824
Earnings and hours, manufacturing industries, 842, 851
Employment, 842, 850, 851
Export-Import Bank, loans, etc., 826, 827
Farm mortgage loans, 826, 835, 836
Federal business-type activities, assets and
liabilities, by fund or activity, 826, 827
Federal Deposit Insurance Corporation,
assets, etc., 826, 827
Federal finance:
Cash transactions, 828
Receipts and expenditures, 829
Treasurer's balance, 828
Federal home loan banks,
loans, etc., 826, 827, 837
Federal Housing Administration,
loans, etc., 826, 827, 835, 836, 837
Federal National Mortgage Association,
loans, etc., 826, 827, 837
Federal Reserve Banks:
Condition statement, 809, 810
U. S. Govt. securities held by, 805, 809,
810, 830, 831
Federal Reserve credit, 805, 809, 810
Federal Reserve notes, 809, 810, 811, 813
Finance company paper, 822, 823
Foreign central banks, 866, 868, 873
Foreign deposits in U. S. banks, 805, 809,
810, 814, 819, 821
Foreign exchange rates, 874
Foreign liabilities and claims reported by
banks, 860, 862, 864
Foreign trade, 853
Gold:
Earmarked, 865
Net purchases by U. S., 865
Production, 864, 865
Reserves of central banks and governments, 866
Reserves of foreign countries and international
institutions, 867
Stock, 805, 814, 865
Gold certificates, 809, 810, 811, 813
Govt. debt {See U.S. Govt. securities)
Gross national product, 856, 857
Debits to deposit accounts, 812
Demand deposits:
Adjusted, banks and the monetary system, 814
Home owners, Govt. agency loans, 826, 827
885
886
Hours and earnings, manufacturing industries, 842, 851
Industrial advances by Federal Reserve
Banks, 809, 810, 811, 812
Industrial production indexes, 842, 843, 848
Instalment loans, 838, 839, 840, 841
Insurance companies, 825, 830, 831, 836
Insured commercial banks, 817, 818
Interbank deposits, 815, 819, 821
Interest rates:
Bond yields, 823
Business loans by banks, 823
Federal Reserve rates, 808, 812
Foreign countries, 873
Open market, 823, 873
Regulation V loans, 812
Stock yields, 823
International capital transactions of the U. S., 860
International financial institutions, 866, 867, 868
Inventories, 857
Investments (See also specific types of investments):
Banks, by classes, 815, 818, 820
Federal Reserve Banks, 809, 810
Govt. agencies, etc., 826, 827
Life insurance companies, 825
Savings and loan associations, 825
Labor force, 850
Loans (See also specific types of loans):
Banks, by classes, 815, 818, 820
Federal Reserve Banks, 805, 807, 809,
810, 811, 812
Govt. agencies, etc., 826, 827
Insurance companies, 825, 836
Savings and loan associations, 825, 836
Loans insured or guaranteed, 811, 835, 836, 837
Manufacturers, production indexes, 842, 843, 848
Margin requirements, 808
Member banks:
Assets and liabilities, by classes, 815, 818
Borrowings at Federal Reserve Banks, 805, 807
Deposits and reserves, by classes, 807
Number, by classes, 815
Reserve requirements, by classes, 808
Reserves and related items, 805
Weekly reporting series, 820
Minerals, production indexes, 842, 843
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 814, 815, 817, 830,
831, 835
National banks, 817
National income, 856
National security expenditures, 829, 857
Nonmember banks, 809, 817, 818
Payrolls, manufacturing, index, 842
Personal income, 857
Postal Savings System, 814
Prices:
Consumer, 842, 854
Security, 824
Wholesale commodity, 842, 854
Production, 842, 843, 847, 848
Profits, corporate, 833, 834
FEDERAL RESERVE BULLETIN • JULY 1958
Real estate loans:
Commercial banks, 818, 820, 835
Type of mortgage holder, 835, 836, 837
Type of property mortgaged, 835, 836, 837
Regulation V, loan guarantees, 811, 812
Reserve requirements, member banks, 808
Reserves:
Commercial banks, 819
Federal Reserve Banks, 809, 810
Foreign central banks and governments, 866
Foreign countries and international institutions, 867
Member banks, 805, 807, 809, 810, 819, 821
Residential mortgage loans, 835, 836, 837
Sales finance companies, consumer loans of, 838,
839, 841
Savings, 856
Savings deposits (See Time deposits)
Savings institutions, principal assets, 825
Savings and loan associations, 825, 836
Securities, international transactions, 863, 864
Security issues, 832, 834
Silver coin and silver certificates, 813
State member banks, 817
State and municipal securities:
New issues, 832
Prices and yields, 823, 824
States and political subdivisions:
Deposits of, 819, 821
Holdings of U. S. Govt. securities, 830
Ownership of obligations of, 818, 825
Stock market credit, 824
Stocks:
New issues, 832
Prices and yields, 823, 824
Tax receipts, Federal, 829
Time deposits, 807, 814, 815, 819, 821
Treasurer's account balance, 828
Treasury cash, 805, 814
Treasury currency, 805, 813, 814
Treasury deposits, 805, 809, 810, 828
Unemployment, 850
U. S. Govt. balances:
Commercial bank holdings, by classes, 819, 821
Consolidated monetary statement, 814
Treasury deposits at Federal Reserve
Banks, 805, 809, 810, 828
U. S. Govt. securities:
Bank holdings, 814, 815, 818, 820, 830, 831
Federal Reserve Bank holdings, 805, 809,
810, 830, 831
Foreign and international holdings, 867
International transactions, 863
New issues, gross proceeds, 832
Outstanding, by type of security, 830, 831
Ownership of, 830, 831
Prices and yields, 823, 824
United States notes, outstanding and in circulation, 813
Utility output index, 847
Veterans Administration, loans, etc., 826, 827,
835, 836, 837
Yields (See Interest rates)
(P
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