Full text of Federal Reserve Bulletin : July 1959
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FEDERAL RESERVE
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ETIN
July
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
Elliott Thurston
C O M M I T T E E
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
Interest Rates in Leading Countries
687
Money and Credit in Economic Expansion
693
1959 Survey of Consumer Finances: The Financial Position of Consumers
700
Balance Sheet of Agriculture, 1959
724
Law Department
732
Current Events and Announcements
733
National Summary of Business Conditions
735
Financial and Business Statistics, U. S. (Contents on p. 737)
739
International Financial Statistics (Contents on p. 797)
798
Board of Governors and Staff
814
•
j
Open Market Committee and Staff; Federal Advisory Council
815
!
Federal Reserve Banks and Branches
815
Federal Reserve Board Publications
817
Index to Statistical Tables
819
Map of Federal Reserve System
Inside back cover
Volume 4£ * Number 7
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ADVANCE IN ECONOMIC ACTIVITY to
new
highs in the United States and Canada has
engendered an upward movement of interest
rates in these countries over the past year.
Growing needs to finance private investment
and government deficits have made the demand for all forms of credit rise faster than
savings. Expectations of further economic
expansion, coupled with fears of renewed inflationary pressures, have lessened the willingness of lenders to commit funds on fixed
interest at existing yields. These forces have
generated pressures for continued monetary
expansion. The problem of monetary management here and in Canada has been to
limit monetary expansion to growth needs so
as to avoid inflationary effects.
In West Europe, where economic recession in 1957-58 and recovery in 1958-59
were less pronounced than in North
America, reduced internal demand for funds
to finance investment outlays, together with
large balance-of-payments surpluses, increased the liquidity of financial markets.
European central banks relaxed earlier credit
restraints and encouraged some increase in
the volume of bank credit and money. Under
these conditions, interest rates declined from
late 1957 through early 1959. In recent
months, interest rates in Europe have remained stable or in some cases have increased slightly.
Postwar differentials between interest
rates in the United States and West Europe
have narrowed. In mid-1959, average
yields on long-term U. S. Government bonds
exceeded 4 per cent, more than one percent-
LONG-TERM INTEREST RATES
Per cent
to
FRANCE , ' ' "
,.r
--'
UNITED
KINGDOM t
UNITED STATES
1955
1957
1959
NOTE.—For details concerning these series, see subscripts to
charts on following pages.
age point above yields on similar securities
in Switzerland and close to those prevailing
in the Netherlands. Although remaining
well below rates in France, Germany, and
the United Kingdom, yields in the United
States were nearer to them than at any
other time in recent years.
NORTH AMERICA
Both long- and short-term interest rates have
risen in the United States and Canada. Between mid-1958 and mid-1959, rates on
long-term Government securities advanced
about one percentage point in both countries.
Rates on three-month Treasury bills rose
more than 4 percentage points in Canada
and about 2Vi percentage points in the
687
688
United States. The spread between bill rates
in the two countries reached a record of more
than 2 percentage points in early May and
narrowed moderately in June.
United States. The rise of interest rates in
the United States began in the summer of
1958 in connection with large sales of intermediate- and long-term Government securities by temporary holders. Some holders
had built up thinly margined speculative
positions in anticipation of continued increases in bond prices, by acquiring new
bonds in an exchange offer and thereby
greatly increasing the market supply of these
issues. As expectations of recovery became
more general and the large volume of Treasury borrowing more widely recognized, they
acted to take profits or limit losses.
From June to October, yields on longterm Government and high-grade municipal
and corporate bonds rose by about half a
percentage point. Yields on intermediateterm Government bonds advanced nearly
1 Vi percentage points in this period, reflecting in part the efforts of investors to increase
liquidity by shortening the maturities of their
holdings. During the remainder of 1958,
yields on all these securities fluctuated within
narrow ranges.
Short-term rates climbed in August and
September, reflecting the general rise in interest rates and to some extent the less easy
monetary policies. Their rise, however, was
relatively greater than in past periods of
similar monetary action. During the remainder of 1958, short-term securities were
in demand by purchasers seeking to maintain liquid positions, and short-term rates
rose little further.
In August, Reserve Bank discount rates
were raised from 134 per cent to 2 per cent
and in October, following the steady advance
of short-term market rates, to 2Vi per cent.
FEDERAL RESERVE BULLETIN • JULY 1959
These actions reflected the need for aligning
the speed of monetary expansion more
closely with the pace of economic recovery.
Rates on both long- and short-term U. S.
Government securities advanced somewhat
around the turn of the year, but changed little
further until April 1959. By that time it had
become clear that the pace of the upswing
was carrying output and national income to
new record levels. By mid-1959, average
rates on long-term Government bonds had
risen above 4 per cent, the highest yield since
the early 1930's, and those on some mediumterm Government securities to nearly Al/i
per cent. Short-term rates had advanced almost to the peaks reached in 1957 prior to
the recession. In May commercial banks
raised the rate on prime loans to 4Vi per
cent. Reserve Bank discount rates were
established at 3 per cent in March and 3V/2
per cent late in May.
The rise in yields on intermediate-term
Government securities above those of longer
term bonds in 1959 restored a rate pattern
that had prevailed during the second half of
1956 and most of 1957. Spreads between
short- and intermediate-term rates, however,
have been wider than in 1957.
During most of the second quarter of 1959
the rate on three-month Treasury bills remained below the 1957 peak, and below the
Federal Reserve discount rate. This behavior reflected in part large purchases of
short-term Government securities by nonfinancial corporations, whose profits had increased. Other investors also may have purchased such securities in preference to
longer term investments in anticipation of
further increases in long-term rates.
In June 1959 the President proposed to
the Congress the elimination of the statutory
maximum interest rate of AVA per cent on
U. S. Treasury issues with a maturity of
689
INTEREST RATES IN LEADING COUNTRIES
more than five years. The change would
enable the Treasury to issue some long-term
securities and not depend entirely on the
short-term market.
Canada. Between July and September
1958, the Canadian Government undertook
a major debt management operation aimed
at converting securities nearing maturity into
bonds with interest rates up to 4Vi per cent
and maturities up to 25 years. The conversion affected more than half of the Government's marketable debt and greatly expanded the supply of intermediate- and longterm bonds.
Purchases of bonds by the Bank of Canada provided support for Government bond
prices in connection with this operation.
After the conversion, yields on long-term
bonds rose as the Bank of Canada reduced
and then discontinued its purchases, and the
increase of half a percentage point during
the last half of 1958 was about the same as
that on Government bonds in the United
States.
The Canadian three-month Treasury bill
rate reached its lowest level in July 1958, as
shown in the chart. At that time the Canadian rate fell below the U. S. bill rate for
the first time since 1955. It remained below
the U. S. rate until mid-October 1958.
In the first half of 1959 yields on longterm Canadian Government bonds edged
above 5 per cent. Treasury bill and other
short- and intermediate-term rates rose
sharply, reflecting the increase in private
credit demands on the chartered banks, the
concentration of Government borrowing at
the short end of the market, and the Bank of
Canada's prevention of any increase in the
money supply since October 1958.
At mid-June 1959 the bill rate reached
nearly 5lA per cent, and yields on other
short- and intermediate-term Government
UNITED STATES
INTIMST
DATES
LONG - IERM GOVT.
CANADA
INTEREST
P*r
• ATES
cent
— IONG - tlKM Govr
.
*"•*
r
' DISCOUNT
Inf
¥
/^
1
i
-
i
2
i
INDUSTRIAL PRODUCTION
TV S 3 : 100
^ \
r
- 120
CANADA
+^s~*—\
~v
UNITtD
1
\
/
STATES
1
NOTE.—United States: Long-term government, monthly averages of daily yields on fully taxable, marketable bonds maturing or callable in 10 years or more; Treasury bills, monthly
average market yields on 90-day issues. Canada: Long-term
government, monthly averages of weekly quotations on 3%
per cent bonds maturing in 1978; Treasury bills, average of
weekly quotations on 3-month issues.
Industrial production seasonally adjusted. Federal Reserve
index for the United States; Bank of Canada index, converted
to 1953 = 100, for Canada.
Latest figures: June, except industrial production for Canada
(April).
690
securities ranged from 5Vz to 53A per cent.
The increase in the Treasury bill rate pushed
the Bank of Canada's discount rate, which
is set every week automatically one-fourth of
one per cent above the average tender on
bills, to a record of nearly SVz per cent.
Later in June the bill rate dropped slightly,
and in early July it stood at about 5 per
cent.
WEST EUROPE
Interest rates in West European markets fell
until the spring of 1959, continuing declines
that began in late 1957 or early 1958. In
several countries the decline came after the
restoration of financial stability. Easing of
domestic demand pressures and the strong
balance-of-payments positions of most European countries increased liquidity in financial markets.
Industrial production in most West European countries did not exceed previous peak
levels during most of 1958. Reduced investment spending by business led to a decline in corporate security offerings. Efforts
to adjust inventories to declines in sales, or
at least to less rapid increases, reduced demands for short-term credit. However, production turned upward before the end of the
year. In 1959 the upswing gained momentum in many countries, and carried production to new highs.
Most West European countries had large
surpluses in their over-all balances of international payments in 1958. Lower imports
and well maintained exports, as well as capital inflows, increased their net receipts from
abroad. Acquisitions of foreign exchange
by central banks and Governments led to
increased market liquidity.
In order to expedite the upturn in eco-
FEDERAL RESERVE BULLETIN • JULY 1959
nomic activity, central banks responded to
the easing in financial markets in 1958 by
further relaxing credit restrictions and lowering discount rates. Declines in long-term
rates, however, have been limited in many
countries by the continuing strength of
private and Government demands for longterm funds. In recent months the resumption of a more rapid upswing in economic
activity has been accompanied by a stoppage, and in many countries a reversal, of
the decline in interest rates.
United Kingdom. Continued decline in
short-term rates in 1958 from the peak
reached during 1957 reflected increased
liquidity in the United Kingdom. In mid1958, measures to promote business expansion included elimination of ceilings on commercial bank loans, removal of instalment
UNITED KINGDOM
INTIRESf BATES
Pwcmt
DISCOUNT RATE
_
i""* 1
:
i
": 3 A
PER
CENT WAR
LOAN
TREASURY BILLS
INDUSTtlAl MODUCTION
110
too
1955
1957
1959
NOTE.—Bank of England data for monthly average yields,
based on daily figures for 3Yi per cent War Loan and weekly
tenders for 3-month Treasury bills. Industrial production seasonally adjusted, from Central Statistical Office. Latest figures:
June, except for production (May).
INTEREST RATES IN LEADING COUNTRIES
credit controls, and liberalization of controls
on capital issues. A rapid rise in bank loans
followed, particularly in loans to individuals
and to sales finance companies.
The Bank of England discount rate was
reduced in several steps from 7 per cent in
March 1958 to 4 per cent in November, as
shown in the chart on the preceding page. In
June 1959 Treasury bill rates stood at about
3.45 per cent, 0.35 percentage point higher
than the lows of early 1959.
Rates on long-term Government securities
have changed little since mid-195 8; in June
1959 they were only about 0.6 percentage
point below the 1957 high. The yield on
Consols was nearly 4.9 per cent in June,
while yields on other long-term Government
bonds were about 5.3 per cent. The Government sold substantial amounts of bonds
to nonbank investors during 1958 and has
announced its intention to continue its policy
of keeping bond yields attractive to private
investors.
France. After several years of inflation,
France has moved to economic stability,
having reinforced anti-inflationary measures
twice in 1958 and devalued the franc by 15
per cent at the end of the year. Interest rates
in the spring of 1959 were well under the
levels of a year earlier.
Rates on long-term Government bonds
declined by 1% percentage points to less
than 5V^ per cent between May 1958 and
March 1959, and rose slightly thereafter.
Day-to-day money rates fell from an average of more than 10 per cent in May 1958
to about 4 per cent in May 1959, as shown
in the accompanying chart. In October 1958
the Bank of France lowered both the basic
discount rate and the penalty rates for discounts exceeding the established ceilings.
691
FRANCE
INTIttST lATIf
Per cent
LONG-TERM
GOVT.
DAY-to-DAY MONEY.
DISCOUNT RATE
INDUSTRIAL PRODUCTION
- iaa
19S5
1957
NOTE.—Long-term government, average yields based on endof-month data for various maturities, excluding indexed bonds,
from Institut National de la Statistique et des Etudes Economiques. Day-to-day money, end of month; beginning with
19S7, rates on advances based on private securities.
Industrial production seasonally adjusted, from Organization
for European Economic Cooperation.
Latest figures: Discount rate, June; day-to-day money, Mayother series, April.
Further reductions in February and April
1959 brought the basic discount rate to 4
per cent. Many commercial rates, which are
usually set with reference to the discount
rates, declined as a result of these changes.
Germany. Rates on new issues of longterm fixed-interest securities in the German
market have fallen about 3 percentage points
since mid-1958, as shown in the chart on the
following page. In April 1959 a 5 per cent
bond issue of the International Bank for Reconstruction and Development was floated in
Germany at par; domestic bonds have been
issued at slightly higher yields. Long-term
rates on new issues in recent months have
been close to those of other leading countries.
692
Treasury bill rates have declined from
3VA per cent to 2 per cent since early 1958.
The German Federal Bank lowered the discount rate in three steps to 2-24 per cent. In
the spring of 1959, most short-term rates
were below those in many other leading
countries.
The decline in long-term rates has reflected a continuing rise in private savings
and a greater willingness to invest them at
long term. Falling short-term rates have
made investment in long-term securities
more attractive. The Federal Bank encouraged the decline in interest rates primarily in order to discourage the inflow of
foreign funds and thus to moderate further
increases in liquidity and at the same time to
facilitate Germany's transition from a capital
importing country to a capital exporting
country.
FEDERAL RESERVE BULLETIN • JULY 1959
GERMANY
INTEREST RATES
Per cent
LONG-TERM BONDS ' * ' .
DISCOUNT RATE
INDUSTRIAL PRODUCTION
1955
1957
1959
NOTE.—German Federal Bank data. Rates on long-term
bonds represent yields on new issues. Treasury bills, rates on
latest 60- to 90-day issues in month.
Industrial production, Federal Statistical Office (with seasonal adjustment and conversion to 1953 = 100 by Federal Reserve).
Latest figures: June, except long-term rates (April) and production (May).
Money and Credit in Economic Expansion
MONETARY AND CREDIT developments in
the first half of 1959 were characteristic of
an economy undergoing vigorous expansion. Spending by consumers, businesses,
and governments rose further following a
rapid and broadly based recovery in the
last half of 1958. Business outlays for inventory accumulation increased sharply,
and investment in new plant and equipment expanded although it remained below
the 1957 level. Output of goods and services,
total employment, and income reached new
peaks and, by midyear, unemployment had
declined to less than 5 per cent of the
labor force. Prices of some industrial commodities and of consumer services rose, but
those of farm products and foods declined,
and the total wholesale and consumer price
indexes continued to change little.
Credit demands in the first half of 1959
were strong. Demands for bank credit by
consumers to finance the purchase of homes
and durable goods were unusually large
and business demands strengthened markedly beginning in March. Total mortgage
debt rose more than in the first half of
any other year. Borrowing in the capital
markets by State and local governments
also was at a record volume but that by
businesses was about one-fifth less than in
the same period of 1958. In the first half
of 1959 the Federal Government increased
its outstanding indebtedness, whereas it
NOTE.—This article was prepared by Mary Jane
Harrington and James B. Eckert of the Board's Division of Research and Statistics.
693
BANK LOANS AND INVESTMENTS
ALL COMMERCIAL BANKS
Billions of dollars
180
160
140
100
LOANS
80
60
30
OTHER SECURITIES
10
1955
1957
1959
NOTE.—Last-Wednesday-of-month figures partly estimated except for June and December, which are call report data. Interbank loans excluded. Figures for second quarter of 1959 are
preliminary.
usually retires debt during this period of the
year.
Commercial bank credit declined, as is
usual in the first half of the year. Although banks increased their loans substantially, they reduced their holdings of
U. S. Government securities in meeting
loan demands. Nonbank holdings of Government securities increased.
The active money supply increased at a
seasonally adjusted annual rate of about
2 per cent from December through June following a 4 per cent rise for the full year
1958.
With high levels of economic activity and rising interest rates, the money
694
supply was used more actively and rates of
turnover of demand deposits rose. Time
deposits at commercial banks increased
moderately further but growth was much
smaller than the record increases of the
two past years.
Banks increased their borrowing from
the Federal Reserve and reduced their excess reserves over the first half of 1959
as Federal Reserve policy was modified to
make bank reserves less readily available.
Federal Reserve Bank discount rates were
raised twice, one-half percentage point on
each occasion. In recent months, System
open market purchases have offset only in
part the reserve drains, mainly from currency and gold outflows. To maintain
their required reserve positions, member
banks increased their borrowings at the Reserve Banks to an average of more than
$900 million in June, about $500 million
more than their average excess reserves.
In contrast with the usual seasonal cash
surplus, Treasury receipts and expenditures
were about in balance in the first half of
1959. Outstanding public debt, however,
rose almost $2 billion, reflecting in large
part issue of Treasury notes to the International Monetary Fund in connection with
the increased U. S. subscription to the Fund.
A large volume of Treasury securities matured during the period and refinancing operations were heavy. Nearly all the new
securities offered in refundings and for cash
had relatively short maturities.
BANK LOANS
Outstanding loans at commercial banks increased about $5 billion in the first half
of 1959, slightly more than in the comparable period of any other postwar year. At
the end of June, the ratio of loans to total
deposits was much higher than it was in June
FEDERAL RESERVE BULLETIN • JULY 1959
1955, a comparable point in the previous
period of economic expansion, and slightly
exceeded the ratio for June 1957, when
economic activity was near its previous
peak. In meeting heavy loan demands in
early 1959, banks reduced their holdings
of U. S. Government securities. Total loans
and investments experienced the usual first
half-year decline.
The loan rise occurred entirely in the
second quarter, when renewed business loan
expansion was added to record increases in
consumer and real estate loans. The $5.2
billion total loan increase in this quarter
was two-fifths more than the previous record
growth in the second quarter of 1955. In
the first quarter of 1959, seasonal repayments of business and security loans had
about offset expansion in other types of
loans.
Total loan growth during the first half of
1959 was almost entirely at banks outside
New York City. The small rise at banks
in New York City reflected, in part, the
small growth in business loans at these
banks so far this year. A large volume of
loan repayments by public utilities and petroleum and chemicals concerns about offset the expansion these banks experienced
in loans to businesses in other lines. In
addition, consumer and real estate loans,
which have accounted for a large part of
the total loan increase at all commercial
banks thus far this year, normally account
for a relatively small part of the total loans
made by banks in New York City.
Business loans. Outstanding business
loans rose $1.7 billion in the first half of
1959, somewhat less than the record increases in the first half of the years 1955-57.
The rise stemmed for the most part from a
large increase in demand for new loans in
the second quarter when business inven-
MONEY AND CREDIT IN ECONOMIC EXPANSION
tory accumulation was unusually heavy.
Loan repayments also rose, exceeding those
in early 1958, when outstanding business
loans were declining. The second-quarter
increase of $1.9 billion in outstanding business loans was larger than the increase in
the same quarter of any other postwar
year.
Loans to metals manufacturers accounted
for $850 million or more than two-thirds
of the total growth in business loans at
city banks during the first half of 1959.
This reflected, in part, inventory accumulation by these businesses in anticipation
of the possibility of a work stoppage in
the steel industry after midyear. The loan
increase for this industry, however, was
less than two-thirds that in the first half
of 1956, when a steel strike also had been
anticipated. Loans to trade concerns rose
more in the first half of 1959 than in the
same period of any other year and loans
BUSINESS LOANS DURING EXPANSION
CHANGES,
JANUARY - JUNE
Billions
1.0
METALS
.5
of
-
0 +
dollars
.5
MFRS.
SALES FINANCE
COMPANIES
FOOD PROCESSORS
AND COMMODITY
DEALERS
PUBLIC
UTILITIES
PETROLEUM AND
CHEMICAL MFRS.
1.0
NOTE.—Changes in large loans at a sample of more than 200
large banks in weekly reporting member bank series. All
changes are from last Wednesday of December in preceding
year.
695
to textile manufacturers rose by a nearrecord amount.
The seasonal decline in loans to food
processors and commodity dealers was
smaller than usual. Public utilities and
petroleum and chemicals concerns made
net loan repayments in the January-June
1959 period in contrast with a large volume of new borrowing in the same months
of 1955, a comparable period in the previous economic upswing.
In addition to increased borrowing from
banks, businesses borrowed a moderate
volume of funds through the capital markets in the first half of 1959. New corporate security financing amounted to $4.8
billion, about one-fifth less than in the same
period last year but somewhat more than
in the first half of 1955. Manufacturing
corporations offered the smallest volume of
securities for a first half-year since 1954.
Nevertheless, business investment in new
plant, equipment, and inventories rose in
the first half of 1959, and planned expenditures for new plant and equipment were
successively revised upward.
The volume of publicly offered corporate issues was much smaller in the first half
of 1959 than in the same period last year,
while the volume of private placements was
greater. Common stock accounted for a
larger proportion of total financing than in
most other recent years, reflecting in part
the recent high prices and low yields on
stocks.
Other loans. Real estate loans at commercial banks are estimated to have increased around $1.5 billion in the first half
of 1959, about the same as the postwar
record rise in the first half of 1955. Private nonfarm housing starts were at a seasonally adjusted annual rate of close to 1.4
million units during most of the period and
696
new construction put in place was at a seasonally adjusted record level. Total mortgage debt of all holders rose more in the
first half of 1959 than in the corresponding
period of any other year.
The increase in consumer loans at banks
also is estimated at nearly $1.5 billion in
the January-June 1959 period, slightly
more than in any other year. This expansion accompanied a large increase in consumer purchases of durable goods, particularly automobiles. Automobile instalment
credit, after declining in 1958, rose sharply
in early 1959, and other types of instalment credit also showed substantial growth.
Through May, instalment credit extended
by all holders had increased somewhat less
than the record growth for that period in
1955. Although extensions in early 1959
exceeded those in early 1955 by nearly $3.5
billion, repayments were up from the earlier period by almost $4 billion.
Terms on instalment credit have been
further liberalized this year, but the changes
have been moderate compared with those
in early 1955. Current downpayment and
maturity requirements are more liberal than
in any previous period.
Loans for purchasing and carrying securities declined about $600 million in the
first half of 1959, in contrast with a $1.4
billion rise in the same months last year,
when borrowing was heavy for speculative
purchases of U. S. Government securities.
Agricultural loans showed little further
change in early 1959.
BANK INVESTMENTS AND TREASURY
FINANCE
Notwithstanding heavy initial participation
in Treasury financings in the first half of
1959, commercial banks reduced their
holdings of U. S. Government securities on
FEDERAL RESERVE BULLETIN • JULY 1959
balance by about $6 billion, considerably
more than the usual amount for this period
of the year. They sold and redeemed Government securities in order to meet strong
loan demands under increasing reserve
pressures. The reduction exceeded that in
the first half of 1955, a comparable period
of expansion when credit demands were
strong.
Treasury cash receipts and expenditures
were about in balance during the first half
of 1959, although the Treasury incurred a
cash deficit of $12-$ 13 billion in the full
1959 fiscal year ending in June. Normally,
the Treasury has a large seasonal cash surplus during the first half of the calendar year
which it uses to retire debt and build up
its cash balance. The Treasury cash balance on June 30 was nearly $500 million
higher than on December 31, but the gross
public debt was $1.8 billion larger. Most
of this expansion was due to the increased
U. S. subscription to the International
Monetary Fund, 75 per cent of which was
paid in non-interest-bearing demand notes
of the Treasury.
The Treasury offered eight new securities totaling nearly $13 billion in the first
half of 1959, four of which were special
or tax anticipation bills. In addition, the
outstanding volume of regular bills was increased by $1 billion. Cash retirements
during the period totaled $9.4 billion,
mainly the March and June tax anticipation securities, and cash redemptions of unexchanged securities in refunding operations totaled $2.6 billion. Treasury refunding operations totaled nearly $17 billion. New securities offered both in refundings and for cash were mainly shortand intermediate-term issues; only 5 per
cent had maturities of more than five years.
Two bonds, one a IOV2- and one a 21-year
697
MONEY AND CREDIT IN ECONOMIC EXPANSION
maturity, were offered, but each offering
amounted to less than $1 billion.
Commercial banks subscribed to substantial amounts of most of the new Treasury issues but subsequently sold portions
of them as well as other issues. On balance, bank liquidity, as measured by the
ratio of short-term Government security
holdings to total deposits, declined. Nonfinancial investors, particularly business corporations, acquired a large volume of Government securities in the first half of the
year.
Commercial bank holdings of securities
other than those of the U. S. Government
were about unchanged during the first half
of 1959. Banks added somewhat to their
holdings of State and local government issues but reduced their holdings of non-guaranteed Federal agency debt. The total volume of new securities issued by State and
local governments was at a record level in
the first half of 1959. A major factor sustaining the high level of financing in this
area was the issuance of a large volume of
revenue bonds in connection with various
utility-type projects, for example, the New
York State power facilities being constructed in connection with the St. Lawrence Seaway project.
DEPOSITS AND CURRENCY
Demand deposits and currency in the hands
of the public—the active money supply—
declined less than the usual seasonal amount
during the first half of 1959. On a seasonally adjusted basis, the money supply increased $1.4 billion. This represented an
annual growth rate of about 2 per cent.
Growth was especially rapid in February
and March following a larger than seasonal
decline in January. The cumulative increase since the peak of the previous up-
MONEY SUPPLY AND RATE OF TURNOVER
I
j
Billions of Dollars
Annual Rate
140 -
DEMAND DEPOSITS
AND CURRENCY
Scale
25
24
130
-
23
22
120 21
20
19
18
1955
1957
1959
NOTE.—Figures for deposits and currency are quarterly averages of seasonally adjusted data for last Wednesday of month
and are partly estimated. Demand deposits are for all banks
in the United States and exclude U. S. Government and interbank deposits and items in process of collection. Currency excludes bank vault cash. Figures for turnover are quarterly
averages of monthly figures for 337 leading centers outside
New York and 6 other financial centers. All data for second
quarter of 1959 are preliminary.
swing in the third quarter of 1957 has been
4V4 per cent, compared with an estimated
rise of more than 4 per cent in real gross
national product and of nearly 8 per cent
in current dollar gross national product.
U. S. Government deposits at commercial
banks showed little net change in the first
half of 1959. Usually they show a large
increase over these months.
Time deposits at commercial banks increased moderately further in the first half
of 1959. These deposits had increased
sharply in 1957 and the first half of 1958,
and then at a much reduced rate in the
latter part of 1958, when market rates of
interest on other investments were rising
sharply. The 1959 increase was at an annual
rate of more than 5 per cent, somewhat below the postwar average prior to 1957. De-
698
posits at mutual savings banks grew less
rapidly in the first half of 1959 than in the
first half of 1958, while shares in savings
and loan associations increased somewhat
more in early 1959 than in early 1958. Net
redemptions of savings bonds were slightly
higher than a year earlier.
With expanding economic activity and
rising interest rates in late 1958 and the
first half of 1959, the money supply was
used more intensively. The seasonally adjusted annual rate of turnover of demand
deposits in leading centers outside New
York and other financial centers rose to a
postwar high of 24.8 times in the second
quarter of the year. The increase has been
greater in the current period of expansion than in the comparable months of the
1954-55 upswing even though growth in
the money supply in the current period also
has been greater. Turnover also rose at
banks in New York City, but in mid-1959
the rate was still below the previous peak
in the second quarter of 1958, when the
volume of financial transactions in that city
was unusually large.
FEDERAL RESERVE BULLETIN • JULY 1959
$900 million in June, exceeding excess reserves by about $500 million. In June
1958, borrowing had averaged $150 million, or nearly $500 million less than excess reserves. Discount rates were increased
in March from 2Vi to 3 per cent and again
in May-June to 3Vi per cent. This folRESERVES AND BORROWINGS
Billions
of
dollars
2.0
1.5
BORROWINGS
1.0
1.0
1955
1957
1959
FEDERAL RESERVE POLICY AND BANK
RESERVE POSITIONS
NOTE.—Monthly averages of daily figures for member banks.
Net reserve position indicates excess reserves minus borrowings.
Latest figures shown, June 1959 (excess reserves and net reserve
position preliminary).
Vigorous economic expansion during the
first half of 1959 was reflected in a sharp
increase in the demand for credit at member banks. This was accompanied by a
corresponding movement in Federal Reserve policy toward greater restraint. Over
the past year, Federal Reserve open market operations supplied only part of the reserves used by the banking system. Member banks met the remainder of their reserve
needs by increasing their borrowing at the
Reserve Banks and also reducing their excess reserves.
Member bank borrowing averaged over
lowed two increases in the summer and fall
of 1958 from 13A per cent to 2Vi per cent.
Early in 1959 Federal Reserve open market operations were used to absorb the seasonal inflow of reserve funds mainly from
the post-holiday return flow of currency
and reduction in required reserves. Subsequently, currency and gold outflows and
increases in required reserves were offset
only in part through System purchases of
U. S. Government securities.
Gold outflow continued during the first
half of 1959 but at a considerably reduced
rate from that in 1958. The U. S. gold
MONEY AND CREDIT IN ECONOMIC EXPANSION
stock declined $837 million in the first half
of 1959, little more than half as much as
in the first half of 1958; $344 million of the
1959 decline, moreover, represented payment in gold to the International Monetary
Fund in late June in connection with the
increase in the U. S. subscription to the
Fund. Although the deficit in the U. S.
balance of international payments did not
decline early in 1959 from the unusually
high level reached in 1958, foreign countries allowed an increased proportion of
their payments surpluses with this country
to accumulate in the form of liquid dollar
assets, mainly Treasury bills and certificates
and deposits in commercial banks.
699
On balance, over the January-June 1959
period, reserves were absorbed by a reduction in Reserve Bank float of $600 million,
by gold purchases by foreigners of $500
million, and by a reduction in Federal Reserve System holdings of U. S. Government
securities of $400 million. Reserves were
supplied mainly by a $600 million decline
in currency in circulation. Although required reserves declined by $400 million in
connection with the seasonal decline in demand deposits, member banks had large reserve drains on balance. They increased
their borrowing at the Reserve Banks by
almost $400 million and reduced their excess reserves by $100 million.
1959 Survey of Consumer Finances
The Financial Position of Consumers
for nondurable
goods and services in 1958 reached a new
peak and was an important stabilizing factor
during the 1957-58 recession. Expenditures for durable goods, on the other hand,
were below the high levels of the preceding
three years, as a result of reduced purchases
of automobiles. With the decline in purchases of durable goods, consumer needs
for credit declined, and the growth over the
year 1958 in short- and intermediate-term
consumer credit outstanding was the smallest of the postwar period.
Consumers purchased about the same
number of new homes in 1958 as they did
in 1957. Their net acquisition of financial
assets was somewhat larger than in 1957,
and there were important shifts in the types
of assets they were building up.
The number of unemployed persons
reached postwar highs in the spring and
summer of 1958, but declined considerably
toward the year-end. With economic activity expanding to record levels in recent
months, unemployment this year has declined substantially further but it has remained somewhat above levels prevailing
before the onset of recession in 1957.
Consumer income for the year as a whole
was larger than for 1957, in part because
of larger unemployment and other transfer
payments which offset some of the loss in
wage and salary income by those affected
by unemployment. After allowance for a
rise in consumer prices during the year, real
income declined from 1957 to 1958.
CONSUMER
SPENDING
These summary statements relate to overall activities of 57 million consumer units
with widely diverse resources and needs and
varying ways of adapting their resources to
their needs during a period of economic decline and recovery. In any period, whether
one of stable, expanding, or contracting economic activity, some individuals fare better
than others with respect to their income and
employment experience. The recent recession not only increased the number of those
with unfavorable experiences, but it affected
some groups in the population more seriously than others.
The Survey of Consumer Finances contributes to understanding the impact of recession on the incomes, expenditures, assets,
and debts of different groups in the economy.1 The first three sections of this article
are concerned with incomes and selected
purchases of consumers during 1958 and
with their asset and debt positions at the time
of the most recent Survey, early 1959. The
final section is concerned with unemployment in 1958—its incidence among various
groups of consumer units and its conse1
This is the second of a series of articles presenting
the findings of the 1959 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 and
Charles Lininger.
700
701
THE FINANCIAL POSITION OF CONSUMERS
TYPES OF MONEY
INCOME, 1958
MEAN AMOUNTS FOR SPENDING UNITS
Thousands of dollars
UNITS WITH TWO OR MORE PERSONS
ALL SPENDING UNITS
SINGLE-PERSON
UNITS
^TRANSFER
MISCELLANEOUS
PROPERTY
SELFEMPLOYMENT
WAGES
AND
SALARIES
AGE
OF
HEAD
18-24
25-44
45-64
&
°VER
NOTE.—Calendar-year income before taxes. Property income
refers to interest, dividends, royalties, and rent (except for
payments by roomers); self-employment income, to income of
professional men and artisans, farm income of farmers, and
income from unincorporated businesses; miscellaneous income,
to payments by roomers and farm income of nonfarmers. For
a definition of transfer payments, see note 5, p. 702.
quences for incomes, expenditures, and financial positions.
According to Department of Commerce estimates, personal income rose $8 billion or 2
per cent from 1957 to 1958, despite the decline in economic activity that began in the
fall of 1957 and extended into the spring of
1958.
This increase was considerably
smaller than that of the three preceding
years and, after allowance for the 3 per cent
rise in the consumer price index, real income
declined from 1957 to 1958.
The rise in personal income in current
dollars stemmed largely from sizable increases in transfer payments and in farm income. Transfer payments alone expanded
$4.4 billion, and larger unemployment compensation benefits accounted for about onehalf of this amount. Farm income was sub-
stantially above the level of the preceding
five years. The increase of $2.4 billion from
1957 to 1958 resulted mainly from higher
prices for livestock and increased marketings of crops. Wage and salary disbursements of commodity producing industries
declined $4 billion from 1957 to 1958, but
there were increases totaling $5 billion in
the disbursements of the trade and service
industries and governments.
Distribution and source. According to Survey findings, the pattern of differences
among groups as to the amounts and sources
of income was similar to that of other recent
years in many important respects. As may
be seen in the accompanying chart, income
of single-person spending units tends to be
smaller than that of spending units with two
or more persons.2 The differential reflects
not only differences in the earnings of the
head of the unit but also the fact that in
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.
INCOME
702
multiperson spending units persons other
than the head frequently receive income.3
For example, in nearly one-half of all husband-wife units someone other than the
head received income in 1958, usually the
wife from work outside the home.
The amount and sources of income vary
markedly with the age of the person heading
the spending unit. Spending units in the
middle age range—35-54 years—on the
average receive the largest incomes. The
proportion of income derived from wages
and salaries diminishes with age, while income from self-employment and from property assume more importance.4 Establishment of a business or acquisition of incomeproducing property usually requires financial reserves, which older spending units
have had more opportunity to accumulate
than younger units. For spending units in
the oldest age group—65 and over—transfer payments, including pensions and annuities, are the most important source of income; 3 out of 4 such units receive income
in this form.5 Even for this group, however, wages and salaries constitute a sizable
proportion of total income.
3
The head of the spending unit, as defined in the
Survey, is the husband in husband-wife units. In
other units, the head is the person best acquainted
with the financial affairs of the spending unit, usually
the major earner.
* Comparisons with data on types of income prepared by the Office of Business Economics of the
Department of Commerce in connection with income
size distributions suggest that property income as
reported in the Survey is substantially understated.
5
The definition of transfer payments used in the
Survey differs from that used in the personal income
series of the Department of Commerce. Both series
cover the following: old-age and survivors insurance
benefits; retirement pay for railroad workers, Government civilian employees, and the military; various
payments to veterans; unemployment compensation
benefits; and relief payments by public agencies. In
addition to these items the Survey covers the follow-
FEDERAL RESERVE BULLETIN • JULY 1959
While average spending unit income was
about the same in the two years 1957 and
1958, some occupational groups experienced increases while others received about
the same amount or had declines.6 The
median income declined for the semiskilled
group, which experienced a rather sharp increase in unemployment. For self-employed
businessmen and for the unskilled group the
medians were unchanged, and for all other
occupational groups they increased. For
farm operators the rise in money income
was sharp—from $2,350 in 1957 to $2,800
in 1958.
Income change of individual units. Some-
what more than 40 per cent of all spending
units reported an increase in income from
1957 to 1958. As is shown in the chart on
page 703, the proportion was about the
same as in 1949 and 1954, years also
affected by declines in employment, but it
was less than for other postwar years. Conversely, 22 per cent of all spending units
reported a decline in income from 1957 to
1958. While this percentage was larger
than in most postwar years, it was well below
the peak of 27 per cent reported for 1949.
ing: private pensions and annuities; welfare payments
by private agencies; and regular contributions from
one consumer unit to another.
6
Median money income according to the Survey
was $4,400 in 1958 compared with $4,350 for the
preceding year. The corresponding figures for mean
money income were $5,150 and $5,160. The estimated number of spending units declined slightly so
that aggregate money income as estimated from the
Survey—mean income multiplied by the number of
spending units—declined slightly. Differences between the Survey estimate of aggregate money income and the personal income estimate of the Department of Commerce result from sampling variability of the Survey estimate and from conceptual
differences. For a summary of the conceptual differences, see the Technical Appendix to "The Financial
Position of Consumers," Federal Reserve BULLETIN,
September 1958, pp. 1044-46.
703
THE FINANCIAL POSITION OF CONSUMERS
INCOME CHANGE FROM PREVIOUS YEAR
PERCENTAGE
DISTRIBUTION
OF
SPENDING
UNITS
40
DECREASE
20
LITTLE
CHANGE
40
-
WITHIN
5%
20
0
60
INCREASE
40
20
25 %
OR MORE
1948
1950
1952
1954
1956
1958
The favorable income experience of farmers in 1958 was reflected in the fact that 54
per cent reported income increases—the
largest proportion for this group during the
entire postwar period. Forty-four per cent
of self-employed businessmen reported increases; this was more than in 1957, but
less than during the years 1954-56. A
larger proportion of white collar than of
blue collar workers reported income gains in
1958, as has been the case for some years.
For most spending units changes in income are determined mainly by the income
and employment experience of the head of
the unit. In reporting reasons for income
change, 9 in 10 spending units cited changes
in earnings of the head. More pay because
of a promotion or a wage increase was mentioned most often as the reason for increased
earnings, but more work, either in the form
of less unemployment or more overtime, was
also mentioned often. On the other hand,
the usual reason given for declines in the
earnings of the head was time lost through
unemployment or shorter hours; change to
a lower paying job was cited much less frequently.
Only about 2 in 10 spending units mentioned variations in earnings of other members of the spending unit as a reason for
income change, and about one in 10 mentioned changes in other types of income,
such as property income or transfer payments. Nevertheless, the earning experience of wives and other members of the
spending unit was an important factor for
certain groups. For example, among younger
married couples with no children more than
4 in 10 of those reporting income increases
cited larger earnings of the wife among the
reasons. Changes in the receipt of property
income or transfer payments were frequently
mentioned by retired persons.
ASSETS
According to flow-of-funds estimates to be
presented in the BULLETIN for August, net
acquisition of financial assets by consumers
other than proprietors' investment in their
businesses was somewhat larger in 1958
than in 1957, but total outlay for durable
goods was below the high levels of the preceding three years.
Financial assets. There were marked shifts
in the types of financial assets that consumers acquired in 1958 as compared with
1957.7 The increase in holdings of savings
deposits and savings shares in 1958 was the
largest in the postwar period. Holdings of
U. S. savings bonds declined, but the reduction was less than in 1957. The net purchase
of marketable securities—bonds and stocks
7
Data cover consumers, personal trusts, and nonprofit organizations. The latter two groups are included for statistical reasons.
704
—declined markedly compared with the rate
for the period 1955-57, largely as a result of
a sizable liquidation of U. S. Government
securities. The market value of all securities
held rose sharply from the beginning to the
end of the year, however, as a result of a
rise in stock prices.
The large increase in savings deposits and
shares, together with a rise in currency and
demand deposits, brought liquid assets of
consumers to a new peak in early 1959 despite the decline in their holdings of U. S.
savings bonds. According to Survey findings, the distribution of liquid assets among
consumer units in early 1959 was little
changed from earlier years.8 About 75 per
cent of all spending units reported holding
some liquid assets and more than 40 per cent
held $500 or more. The proportion of spending units with savings bonds continued to
decline, while the proportions with savings
accounts or shares and checking accounts
were little changed, at 50 per cent and 55
per cent, respectively.
While the aggregate amount of liquid
assets grew substantially, only 30 per cent
of all spending units reported net additions
to their liquid assets from early 1958 to early
1959 and nearly 25 per cent reported declines.9 This pattern of change is similar
to that of the preceding year, when aggregate holdings also rose substantially.
FEDERAL RESERVE BULLETIN • JULY 1959
The pattern of liquid asset change did not
vary markedly with age. For all age groups
the proportion adding to liquid assets exceeded the proportion reducing balances.
This was true even among units headed by
persons 65 or more years of age, most of
whom are retired and living off smaller incomes than they received during their working days. Large additions to assets—$500
or more—were less common for young consumers than for those in the middle age
brackets, probably because most spending
units in the younger group have not reached
their peak income and their outlays for housing and durable goods are typically high.
Tangible assets. Consumer outlays for
automobiles declined sharply from 1957 to
1958 according to Department of Commerce estimates, but expenditures for other
durable goods as a group increased somewhat.10 Despite the reduction in car purchases in 1958, the proportion of spending
units reporting car ownership in early 1959
was slightly more than 70 per cent, little
changed from other recent years. The trend
to ownership of more than one car continued. In early 1959, 12 per cent of all consumer units owned two or more cars, compared with 10 per cent in early 1958.
According to Survey findings, 7 per cent
of all spending units purchased new cars in
1958 and 15 per cent bought used cars.11
The 40 per cent of consumer units with the
8
The term "liquid assets" is used in the Survey to
refer to the total of checking accounts, savings accounts in banks, shares in savings and loan associations and credit unions, and U. S. savings bonds.
Data prior to 1959 included postal savings, which
were held by less than 2 per cent of all spending units
early in 1958. Questions about currency holdings
have been omitted since the early Surveys because of
unfavorable experience with accuracy of response.
Estimates of aggregate liquid assets provided by
the Survey are substantially less than the aggregates
contained in the Board's flow-of-funds accounts. The
weight of the evidence is that Survey aggregates are
.understated. For a discussion of this problem see
Technical Appendix cited in note 6.
9
At the time of interview in early 1959 spending
units reported their liquid asset holdings for that date
and for a year earlier. Change in liquid assets was
computed from the data for holdings.
10
Developments in home purchase and ownership
and in mortgage debt will be presented in a later
issue of the BULLETIN.
11
The Survey finding implies an increase from 1957
to 1958 in used car purchases, which is not in accord
with trade data. The difference is probably due to
sampling variability of the Survey estimate.
705
THE FINANCIAL POSITION OF CONSUMERS
largest incomes accounted for more than
70 per cent of the new cars purchased, a
somewhat smaller share than in 1957. Consumers in this relative income position have
accounted for a large share of new car purchases in all recent years—between 70 and
80 per cent. Younger consumers, who as a
group generally have smaller incomes and
assets, tend to be the heaviest purchasers
of used cars.
Consumers favored lower priced cars in
1958. Trade data, for example, show that
sales of 8-cylinder domestic models declined sharply and sales of foreign makes—
most of which were relatively low priced—
doubled from 1957 to 1958. A shift is also
indicated by the lower average price paid
by Survey respondents for new cars. The
average amount received for cars traded in
was also smaller. Some part of these declines
may be attributable to the legislation effective in the fall of 1958 that requires dealers
to display factory-recommended prices.
Prior to that time dealers often quoted high
nominal retail prices on new cars and concurrently offered allowances in excess of
market value for the trade-in.
More than 4 in 10 consumer units purchased furniture or major household appliances in 1958. Both the proportion that
purchased and the median expenditure—
$270—were about the same as in other
recent years.
PERSONAL DEBT
Purchasers of cars and other durable goods
continued to use credit extensively in 1958.
More than 6 in 10 new car buyers and 5 in
10 used car buyers financed their purchases
by borrowing. The small volume of automobile purchases during the year, however,
resulted in a sharp decline in the aggregate
amount of automobile instalment credit ex-
tended. Repayments were little changed from
1957, and the amount of automobile instalment credit outstanding, as estimated
from lender data, declined from the end of
1957 to the end of 1958. Increases in other
types of credit more than offset the decline
in automobile instalment paper so that the
total of short- and intermediate-term credit
oustanding rose slightly over the year.
The distribution of personal debt in early
1959 was similar to that in other recent
years. About 60 per cent of all spending
units reported such debt and nearly 30 per
cent debts of $500 or more. Personal debt
is most common among younger consumers,
a group that includes heavy purchasers of
durable goods. About 80 per cent of all
spending units headed by persons 25-34
years of age reported personal debt in early
1959 compared with 25 per cent of those
headed by persons 65 years of age or older.
UNEMPLOYMENT
For about two years prior to the onset of the
1957-58 recession, the number of unemployed persons had been relatively stable at
almost 3 million, or about 4.2 per cent of the
civilian labor force, according to monthly
Bureau of the Census data after seasonal adjustment. By April of 1958, the recession
low point for general economic activity, the
number of unemployed had reached 5 million or 7.5 per cent of the labor force. In
the autumn of 1958 the unemployment rate
began to decline and by June of 1959 was
down to 4.9 per cent. The increase in unemployment during the recession was concentrated among production workers in
durable goods manufacturing industries and
related activities.
The Surveys of Consumer Finances conducted early in 1958 and 1959 provide some
706
information on the employment experience
during the previous year of the heads of
the spending units interviewed. Thus it is
possible to distinguish spending units in
which the major earner experienced unemployment at some time during the year and
to describe broadly the kinds of units that
were so affected. Survey data on the composition of income and on change in income
from the previous year give some impression
of the effects of the head's unemployment
on the income of the spending unit. Data
on liquid asset holdings at the beginning
and the end of the year suggest possible
effects on asset holdings. Information is
also presented on purchases of durable goods
and debt positions of units experiencing unemployment.
Incidence among spending units. The ac-
companying table summarizes Survey data
on the employment status of all spending
units and on the number of weeks worked
for employee spending units—those headed
by persons in the labor force at the time of
the Survey other than the self-employed.12
According to findings of the 1959 Survey,
there were more than 7.5 million spending
units in which the head worked less than
12
All groupings of spending units by employment
status and experience relate to the circumstances of
the head of the unit. Information was not collected
on the status and experience of other members of
the unit.
Spending unit heads who worked 50-52 weeks, including paid vacations and paid sick leave, were considered as having "full-year" employment. Those
who worked less than 50 weeks for economic (jobconnected) reasons—primarily inability to find jobs
and temporary layoffs—were classified as having been
unemployed. Also grouped with the unemployed
were those who worked less than 50 weeks because
of the seasonal nature of their occupation or because
they were out on strike; the total for these two grouos
is estimated from Survey results at 800,000 for 1958.
Not included with the unemployed group as defined
in this article were an estimated 4 million heads of
spending units who worked less than 50 weeks for
personal reasons—for example, illness, school attendance, leave of absence from work without pay. About
FEDERAL RESERVE BULLETIN • JULY 1959
EMPLOYMENT STATUS AND EXPERIENCE
1958
AND
1957
[Percentage distribution]
Status of head of unit,
and employment experience
1958
1957
100
100
Self-employed or not in labor force..
Employee spending units
31
69
29
71
Employee spending units—total....
100
100
Employed full year
Employed less than full year:
Job-connected reasons—total....
40-49 weeks
27-39 weeks
26 weeks or less
Personal reasons—total
40-49 weeks
27-39 weeks
26 weeks or less
70
74
20
9
4
7
10
5
2
4
15
8
4
4
11
6
2
3
All spending units
NOTE.—For explanation of terms used in this table, see Supplementary Table 20, notes 1 and 3. Details may not add to totals
because of rounding.
the entire year 1958 for economic reasons
—primarily inability to find jobs or temporary layoffs. Such units represented 20 per
cent of the estimated total of 39 million employee spending units. Comparable data
from the 1958 Survey indicate that the heads
of 6 million employee spending units, or
about 15 per cent of the total, worked less
than a full year for economic reasons during
1957.33 The number of spending unit heads
14 per cent of those classified as unemployed mentioned personal as well as job-connected reasons in
accounting for employment of less than the full year.
For this group employment for, say, 26 weeks did not
necessarily imply unemployment for the remaining
26 weeks; the individual may have been in school, or
otherwise not in the labor force, for part of 1958.
13
Survey findings on work experience in 1957 and
1958 are in general agreement with those of the
Bureau of the Census pertaining to the annual work
experience of individuals in the population. Precise
comparisons, however, are not possible because of
differences in definitions and classification procedures
in the two inquiries. Census data for 1957 are published in "Work Experience of the Population in
1957," Current Population Reports, Labor Force,
Series P-50, No. 86, U. S. Bureau of the Census,
September 1958, Table 15. Comparisons for 1958
were made with data that have not as yet been published.
THE FINANCIAL POSITION OF CONSUMERS
who worked 26 weeks or less was considerably larger in 1958 than in 1957.
The characteristics of spending unit heads
who experienced some unemployment in the
two years were similar in a number of respects. In both years a relatively large proportion of unskilled and semiskilled workers, nonwhite persons, and those with little
formal education worked less than a full
year for job-connected reasons (Supplementary Table 20). 14 Unemployment was
also relatively high in both years among
spending unit heads who were very young,
many of whom were inexperienced workers
just entering the labor force.
Despite these general similarities in the
incidence of unemployment in the two years,
unemployment during 1958 affected a group
which had more skill, was older, and was
better educated than the group that was unemployed in 1957. Among occupational
groups, for example, the increase in unemployment was greatest for semiskilled workers; this reflected the high proportion of these
workers in durable goods and other industries hardest hit by the recession. As a
result, semiskilled workers represented a
larger proportion of those who worked less
than a full year in 1958 than in 1957 (Supplementary Table 21).
The increase from 1957 to 1958 in unemployment of spending unit heads also
bore more heavily on certain age and educational groups. In both years those under
25 were most often affected, but the largest
increase occurred in the middle age ranges
—35-44 and 45-54. With respect to education, the most marked rise occurred among
those at intermediate levels of educational
attainment.
"These factors are of course highly interrelated;
the same unemployed individual would often fall in
two, or all three, of the groups mentioned.
707
These differences throw some light on the
distribution of unemployment among employee spending units associated with a recession as contrasted with that during a more
normal period. Data for the calendar years
1957 and 1958 cannot be interpreted as
precisely indicating such differences—because a part of each year was affected by
recession—but they are suggestive because
the main brunt of the recession, at least with
respect to unemployment, was borne in
1958.
Effects on income. Unemployment has various consequences for the individual and his
family, the most immediate of which is loss
of income. As the lower panel of the chart
at the top of page 708 indicates, declines
in income from 1957 were reported often by
spending units whose heads experienced unemployment during 1958. Among those in
which the head worked 40-49 weeks, 40 per
cent reported that their income was less in
1958 than it had been in 1957. The proportions reporting declines rose to 50 per
cent for those who worked 27-39 weeks and
to 70 per cent for those who worked 26
weeks or less. In contrast, only 12 per cent
of those employed for the full year reported
a decline.
Unemployment compensation benefits and
other transfer payments were an important
source of income for spending units that
were affected by unemployment. As may
be seen in the top panel of the chart, the
average amount of transfer payments showed
a sharp rise as the number of weeks of employment declined. About 60 per cent of
those with less than 40 weeks of employment
reported receiving transfer payments, in contrast with 40 per cent of those working 4049 weeks, and 12 per cent of those working
the full year.
The group that experienced some unem-
708
FEDERAL RESERVE BULLETIN • JULY 1959
MONEY INCOME
OF EMPLOYEE SPENDING
TYPES -
smaller amounts of liquid assets than fully
employed units. The difference was especially marked between those with less than
40 weeks of employment and those with
longer periods as may be seen in the accompanying chart.
Liquidation of assets during 1958 accounts in part for the less favorable asset
position of the unemployed early in 1959.
Almost one-half of the spending units that
experienced some unemployment during
1958 and that had liquid assets at the beginning of 1958 drew down their balances over
the year. This compares with about onethird for the fully employed units. A more
important factor in comparing the asset
ownership of the two groups, however, was
that the holdings of those unemployed during part of 1958 had been much smaller
early in the year than those of fully employed units.
UNITS, 1958
MEANS, THOUSANDS OF DOLLARS
TRANSFER
OTHER
EARNINGS
WIFE
OF-
HEAD
CHANGE FROM PRECEDING YEAR
PERCENTAGE OF ALL SPENDING UNITS IN GROUP
50-52
EMPLOYMENT
40-49
OF
HEAD
IN
1958
27-39
26
OR LESS
WEEKS
NOTE.—Calendar-year income before taxes. Earnings refer
to wages and salaries and to self-employment income of professional men and artisans. Other income, to interest, dividends, royalties, rent, income from unincorporated businesses,
farm income of nonfarmers, and payments by roomers. For a
definition of transfer payments, see note 5, p. 702. For definition of employment of head, see note to chart in next
column.
ployment differed little from the fully employed in the extent to which wives supplemented the earnings of the head of the unit.
Among husband-wife units in which the
head was affected by unemployment for part
of 1958, the wife was employed either full
or part time in almost one-half the cases
and her earnings averaged about $1,600
(mean). The proportion of wives who
worked was slightly less for spending units
in which the head worked the full year, but
the average amount earned by wives was
larger—$1,900.
Effect on liquid assets. Spending units experiencing unemployment in 1958 held
LIQUID
ASSETS
OF
EMPLOYEE
SPENDING
UNITS
20
MEAN HOLDINGS
HUNDREDS
OF
DOLLARS
EARLY
1959
EARLY
1958
12
SPENDING UNITS WITH HOLDINGS
PERCENTAGE
OF
50 - 52
EMPLOYMENT
ALL
SPENDING
40 - 49
OF HEAD
IN
UNITS
17 - 39
1958 -
IN
GROUP
26 OR LESS
WEEKS
NOTE.—Employment of head refers to full-year (50-52
weeks) or less-than-full-year for job-connected reasons. For
definition of job-connected reasons and of employee spending
units, see notes to Supplementary Table 20.
Data for liquid asset holdings for both years were reported
at time of interview early in 1959.
709
THE FINANCIAL POSITION OF CONSUMERS
Some of the difference in liquid asset
ownership early in 1958 might have been
expected because unemployment affects certain groups more than others and the groups
affected tend to have smaller asset holdings.
Part of the explanation also may be that
those who experienced unemployment in
1958 had experienced unemployment in
earlier years to a greater degree than those
who were fully employed during 1958.
Durable goods and debt. In view of their
smaller incomes and their limited asset holdings, it is not surprising that spending units
with unemployment experience spent less on
the average for cars and household durable
goods in 1958 than the fully employed.
Among those with less than 40 weeks of employment, for example, about half purchased
a new or used car or some household durable good and these purchasers spent about
$475 on the average. Among the fully employed more than three-fifths made such
purchases, with an average expenditure of
$800. Although spending units with unemployment purchased less frequently and
spent less than employed units, their aggregate expenditures for these purposes represented about the same proportion of their
aggregate income—8 per cent—as for the
fully employed.
More than 7 in 10 of the spending units
affected by unemployment in 1958 owed
some personal debt early in 1959. This
was about the same proportion as for the
fully employed. The amounts owed by
debtors who were fully employed, however,
was almost $900, compared with about $750
for units with 40-49 weeks of employment
and $650 for those with less than 40 weeks.
The smaller average indebtedness of spending units in which the head was employed
less than 40 weeks was attributable to
smaller amounts owed on cars and durable
goods. Other short- and intermediate-term
indebtedness was about the same on the
average for the various groups.
While personal debt was smaller on the
average for those unemployed for part of
1958 than for the fully employed, it was
larger in relation to their incomes and liquid
assets. For example, among debtor spending units with less than 40 weeks of employment, less than 40 per cent owned any
liquid assets. In contrast almost 80 per
cent of the fully employed debtors reported
some assets.
TECHNICAL NOTE
Results of the 1959 Survey of Consumer
Finances are based on 3,100 interviews during January and February in 2,790 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 living 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
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.
710
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 households, 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.
FEDERAL RESERVE BULLETIN • JULY 1959
TABLE 1
SPENDING UNITS AND FAMILY UNITS IN
SURVEY POPULATION
[Estimated numbers in millions]
Year of Survey
Type of unit
1959
1958
1957
1956
1955
1952
Spending units—total l . 56.8
a) Primary (equals
occupied dwelling units)
51.1
b) Related secondary, 4.3
c) Unrelated secondary
1.4
Family units (a-f-c
spending units)
52.5
56.9
56.1
55.0
54.3
53.0
50.3
4.9
49.5
4.9
48.7
4.6
47.7
5.0
45.4
5.8
1.7
1.7
1.7
1.6
1.8
52.0
51.2
50.4
49.3
47.2
1
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.
Table 1 shows the estimated number of
dwelling units, spending units, and family
units in the Survey population.
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
TABLE 2
APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS
The chances are 95 in 100 that the value being estimated lies within
a range equal to the reported percentage plus or minus the number
of percentage points shown below.
Reported
percentage
50
30 or 70
20 or 80
10 or 90
5 or 95 .
1
Number of interviews
3,0001 1,000
3
2
2
2
1
700
500
300
100
5
5
4
3
2
6
6
5
4
3
8
7
6
5
4
14
13
11
8
4
4
4
3
2
Approximate size of sample, 1952-59.
711
THE FINANCIAL POSITION OF CONSUMERS
other variables are obtained by multiplying
the mean amount derived from the sample
by the number of units.
Survey findings are based on information
for a sample of spending units and are therefore subject to error arising from sampling
variability.1 The range of error from this
TABLE 3
SAMPLING ERRORS OF DIFFERENCES X
Differences required for significance (95 per cent probability) in
comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same
Survey.
Size of sample
or group
Size of sample or group
200
300
500
700
source can be computed. Sampling errors
for percentages based on Survey information have been computed for specific statistics from the 1953 and 1954 Surveys of
Consumer Finances and are presented in
Tables 2 and 3. In order to determine the
approximate sampling error for a Survey
finding from these tables, it is necessary to
know the number of interviews on which
particular percentages are based. These
numbers are shown in Tables 4 and 5.
Prior to the 1959 Survey spending units
at higher economic levels were sampled at
TABLE 4
1,000 3,0002
For percentages from about 35 per cent
to 65 per cent
SAMPLE SIZE FOR SPECIFIED GROUPS OF EMPLOYEE
SPENDING UNITS, 1959 SURVEY
[Number of spending units]
200
300
500
700
1 000
3,0002
14
13
12
11
11
10
ii
10
8
7
Group characteristic
9
10
9
8
8
8
7
6
All employee spending units
6
5
4
For percentages around 20 per cent and
80 per cent
200
300
500
700
1,000
3,0002
11
10
9
9
9
8
9
8
8
7
7
7
7
6
5
6
6
5
5
4
'"3"
For percenta ges around 10 per cent and
90 per cent
300
500
700
1 000
3,0002
8
7
7
6
7
6
6
6
5
5
5
4
4
' "4" "
6
5
4
4
3
2
F o r percentages around 5 per cent and
95 per cent
300
500
700
1 000
3 000 2
6
5
5
5
4
5
4
4
4
4
4
4
3
3
3
3
3
3
2
1
2
The sampling error does not measure the actual error that is
involved in specific Survey measurements. It shows that—except
for nonsampling errors, errors in reporting, in interpretation, etc.—
differences larger than those found in the table will arise by chance
in only 5 cases in 100.
2 Approximate size of annual Survey sample, 1952-59.
1
A discussion of the factors affecting sampling errors in
the Survey of Consumer Finances is available on request from
the Division of Research and Statistics, Board of Governors
of the Federal Reserve System, Washington 25, D. C.
Employment experience of head:
Employed full year (50-52 weeks)
Employed less than full year for job-connected
reasons:
40-49 weeks
27-39 weeks
26 weeks or less
Employed less than full year for personal reasons..
Not ascertained
Occupation when working:
Professional and semiprofessional
Managerial
Clerical and sales
Skilled
Semiskilled
Unskilled and service
Other
Not ascertained
Spending unit size and age of head:
Single person:
18-44
45-64
65 and over
Two persons or more:
18-24
25-34
35-44
45-54
55-64
65 and over
Not ascertained
Education of head:
Grade school
Some high s c h o o l . . . .
High school graduate.
Some college
College graduate
Not ascertained
Race of head:
White
Nonwhite
Not ascertained.
Number
2,145
1,488
182
94
145
214
22
250
138
373
433
494
398
57
2
245
120
29
110
461
504
374
230
43
29
635
425
592
248
234
11
1,891
246
For explanation of terms used in this table, see Supplementary
Table 20.
712
FEDERAL RESERVE BULLETIN • JULY 1959
TABLE 5
SAMPLE SIZE FOR SPECIFIED GROUPS, 1959 SURVEY
[Number of spending units]
Group characteristic
Total
Number
3,100
Income:1
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-54,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
232
398
378
370
368
361
364
363
266
Occupation of head: 2
Professional and semiprofessional
Managerial
Self-employed businessman
Clerical and sales
Skilled
Semiskilled
Unskilled and service
Farm operator
Retired
Other*
Not ascertained
278
135
229
358
407
437
322
167
443
322
2
4
Marital status:
Single:
Age 18-44
Age 45 or over
Married:
Age 18-44, no children under 1 8 . . . .
Age 18-44, children under 18
Age 45 or over, no children under 18
Age 45 or over, children under 1 8 . . .
Other
Not ascertained
284
434
192
990
659
366
141
34
Group characteristic
Number
Age of head:
18-24
25-34
35-44
45-54
55-64
65 and over
Not ascertained
259
598
702
566
475
463
37
Region: 5
North East
North Central
South
West
776
904
955
465
Purchasers of selected goods:
New cars
Used cars
Furniture
Television sets
Washing machines
Refrigerators
209
478
577
322
266
197
Size of spending unit and age of head:
Single person:
18-24
25-44
45-64
65 and over
Two persons or more:
18-24
25-34
35-44
45-54
55-64
65 and over
Not ascertained
139
137
177
192
120
526
637
494
369
271
38
1
Money income before taxes for ""calendar year 1958. Income
was estimated for about 2 per cent of the cases shown on the basis of
other information reported in the interview.
2
Occupational status as of date of interview early in 1959.
3
Spending units headed by protective service workers, students,
housewives, and persons not employed at time of interview.
4
Single spending units include unmarried, widowed, separated,
and divorced persons without children. "Other" includes spending
units with various combinations of adults and children not classified
as either single or married. Age refers to head of spending unit.
5 As defined by U. S. Bureau of the Census.
higher rates than those at lower levels, and
weights were introduced to maintain the
representativeness of the results.2 For the
1959 Survey spending units at different economic levels were sampled at the same rate.
In all years adjustments were introduced
to take account of the fact that the response
rate is greater among certain types of spending units than others.
2
For a further discussion, see "Methods of the Survey of
Consumer Finances," Federal Reserve BULLETIN, July 1950,
pp. 795-809.
713
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE 1
INCOME DISTRIBUTION OF SPENDING UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES
[Per cent]
Spending units 2
Money income
before taxes
1
Total money incomes
1958
1957
1956
1955
1958
1957
1956
1955
7
13
12
12
12
12
12
12
8
8
13
11
13
12
12
13
10
8
9
12
12
12
14
12
12
9
8
11
12
13
14
14
11
11
8
6
!
4
6
8
10
12
15
19
24
1
4
5
9
11
12
16
17
25
1
3
6
8
12
13
15
15
27
1
4
7
10
13
13
15
14
23
100
100
100
100
Under $1,000...
$l,000-$l,999...
$2,000-$2,999...
$3,OOO-$3,999...
$4,000-$4,999...
$5,000-$5,999...
$6,000-$7,499...
$7,500-$9,999...
$10,000 and over,
All cases
100
100
100
100
Median income 3 .
Mean income 4 ...
$4,400
$5,150
$4,350
$5,160
$4,250
$5,140
$3,960
$4,650
1
Income data for each year are based on interviews early in the
following year.
2
A spending unit includes all persons living in the same dwelling
and related by blood, marriage, or adoption, who pool their incomes
to meet major expenses. Single-person spending units are included.
3
Median income is that of the middle spending unit in a ranking
of 4all units by size of money income before taxes.
Mean income is obtained by dividing aggregate money income
before taxes by number of spending units.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 2
INCOME OF SPENDING UNITS WITHIN SPECIFIED GROUPS,
1958
[Percentage distribution of spending units]
1958 money income before taxes
All
Group characteristic
income
groups
Under
$1,000
$1,000- $2,000- $3,000- $4,000- $5,000- $6,000- $7,500- $10,000
$1,999 $2,999 $3,999 $4,999 $5,999 $7,499 $9,999 and over
100
Occupation of head of spending unit: 1
Professional and semiorofessional
Seif-emnloved businessman
Clerical and sales
Skilled
Semiskilled
Unskilled and service
Retired
Marital status:3
Single:
Age 18-44
Ase 45 and over
13
12
12
12
100
10
19
23
22
14
6
4
7
10
12
34
10
7
10
15
12
11
10
10
17
12
12
11
17
15
13
10
100
100
100
100
2
3
4
10
100
20
100
100
100
100
100
3
2
1
100
BBS
Age of head of spending unit:
18 24
25 34
35_44
45 54
55 64
7
1
2
3
6
2
6
1
6
13
12
10
3
3
1
9
9
6
8
4
10
15
10
9
6
9
16
11
11
14
11
16
20
16
20
14
14
22
23
28
16
14
22
27
26
24
9
7
14
16
22
15
15
10
2
16
12
9
14
11
5
8
7
4
5
4
3
2
3
5
2
3
1
8
2
18
12
7
5
2
2
14
11
7
3
4
2
2
5
4
15
8
10
7
14
12
10
12
12
8
12
15
10
14
16
17
9
17
16
18
11
10
20
16
12
17
9
10
11
14
18
24
18
13
13
4
6
5
7
12
4
12
12
15
12
12
11
14
12
14
13
11
9
12
13
11
11
13
11
11
14
13
12
9
15
30
Married, both adults present:
Ace 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
100
100
100
100
1
2
5
1
Other
100
100
100
100
100
1 Occupational status as of date of interview early in 1959.
No cases reported or less than one-half of 1 per cent.
Single spending units include unmarried, widowed, separated,
and divorced persons without children. "Other" includes spending
2
14
17
17
10
4
23
20
2
3
4
17
16
12
11
6
20
19
16
10
.
3
12
23
23
34
27
Region: 4
North East
North Central
South
West
12
12
17
10
10
25
100
100
12
1
11
14
10
13
9
8
7
12
units with various combinations of adults and children not classified
as 4either single or married. Age refers to head of spending unit.
As defined by U. S. Bureau of the Census.
NOTE.—Details may not add to totals because of rounding.
714
FEDERAL RESERVE BULLETIN • JULY 1959
SUPPLEMENTARY TABLE 3
MEDIAN INCOME FOR AGE AND OCCUPATIONAL GROUPS 1
[In dollars]
1958
Group characteristic
Age of head of spending
unit:
18 24
25 34
35 44
45 54
55 64
65 and over
. ..
2,950
5,160
5 730
5,200
4 100
1,840
1957
2,710
5,040
5 430
5,200
3 860
1,750
1956
Group characteristic
1958
1957
1956
1955
2,800
4,830
5 200
5,100
4 060
1,500
Occupation of head of spending unit: 2
Professional and semiprofessional....
Managerial
Self-employed businessman
Clerical and sales .
Skilled
Semiskilled
Unskilled and service
Farm operator
Retired
7,450
7,690
6,360
5 010
6,000
4 520
2,840
2,800
1,630
7,000
7,520
6,380
4 710
5,800
4 800
2,850
2,350
1,600
6,250
7,000
7,500
r
4 610
5,350
4 400
3,000
2,320
1,350
6,250
6,760
6,000
r
4 300
} 4,660
'2,540
2,190
2
Occupational status for each year as of date of interview early in
the3 following year.
Not available.
r
1
Revised.
Money income before taxes for spending units. Data for each
year are based on interviews early in the following year.
SUPPLEMENTARY TABLE 4
DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES, BY INCOME TENTHS
Percentage of total money income
Mean income within tenth
Lowest income within tenth
Income tenth
1958
1957
1956
1955
1958
1957
1956
1955
1958
1957
1956
1955
1
3
5
6
8
9
11
13
16
27
1
3
4
6
8
9
11
13
16
29
1
3
5
6
8
9
10
12
15
31
1
3
4
6
8
9
11
13
16
30
$690
1,580
2,360
3,180
3,990
4,810
5,680
6,800
8,390
14,000
$650
1,510
2,300
3,180
3,950
4,760
5,560
6,570
8,010
15.160
$660
1,450
2,310
3,130
3,920
4,660
5,370
6,330
7,850
15,760
$470
1,260
2,070
2,830
3,590
4,260
5,010
5,910
7,330
13,830
$1,200
1,970
2,800
3,600
4 400
5,200
6 100
7,500
9,460
$1,140
1,890
2,760
3,600
4 350
5,140
6 010
7,190
9,050
$1,050
1,900
2,740
3,520
4 270
5,000
5 850
7,000
9,050
$900
1,650
2,470
3,240
3 960
4,640
5 380
6,500
8,440
Lowest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Highest tenth
1
Income data for each year are based on interviews early in the following year. Tenths were obtained by ranking spending units according to money income before taxes.
2
Data not available.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 5
RECIPIENTS OF SELECTED TYPES OF INCOME WITHIN INCOME QUINTILES,
[Percentage of spending units]
Income quintile 1
Wages
and
salaries
All spending units
50
78
89
92
Business
income 3
10
11
3
5
4
7
12
1 Quintiles were obtained by ranking spending units according to
money income before taxes.
2
Income of professional men and artisans; excludes business income.
3
Income from unincorporated businesses.
4 Excludes farm income of nonfarmers.
Farm
income 4
Interest
and
dividends 5
5
6
Rent 6
Transfer
payments 7
18
80
Lowest
Second
Third
Fourth
Highest
Selfemployment
income 2
1958
32
9
13
13
21
36
14
55
40
24
23
15
Interest, dividends, and royalties.
Excludes payments by roomers.
7 Pensions, annuities, social security and veterans' benefits, un employment compensation benefits, welfare payments, alimony, and
regular contributions from one consumer unit to another.
715
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE 6
LIQUID ASSET HOLDINGS X
[Percentage distribution of spending units]
1959
All cases
1957
1956
1955
1950
1946
26
17
14
11
10
12
5
4
24
17
14
12
11
13
5
4
28
15
12
12
11
12
6
4
29
17
12
10
10
12
6
4
31
16
11
10
10
13
6
3
24
15
14
14
14
13
4
2
100
Zero
$1-5199
$200-$499
$500 $999
51 000-51,999
$2 000 $4 999
$5 000-59 999
510,000 and over
1958
25
18
13
12
10
12
6
4
Amount
100
100
100
100
100
100
1
Liquid assets, according to the Survey definition, are U. S.
savings bonds, checking accounts, savings accounts in banks, and
shares in savings and loan associations and credit unions; currency is
excluded. Data prior to 1959 include postal savings accounts,
which were held by less than 2 per cent of all spending units early in
1958. Data prior to 1957 also include marketable U. S. Government
bonds, which were held by about 1 per cent of all spending units
early in 1957. Data are as of date of interview early in Survey year.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 7
LIQUID ASSETS WITHIN INCOME GROUPS, EARLY 1959
[Percentage distribution of spending units]
1958 money income before taxes
Type and size
of holding
Total liquid assets:
Zero
51-5199
5200-5499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000 $9,999
$10,000 and over
All cases
U. S. savings bonds:
Zero
$1-$199
$200 $499
$500-5999
$1,000-51,999
52,000 and over
All cases
Savings accounts: 2 . . . .
Zero
51 5199
5200 5499
5500-5999
51,000-51,999
52,000 and over
All cases
Checking accounts:
Zero
$1-$199
$200-$499
$500-5999
$l,000-$l,999
$2,000 and over
All cases
All
spending
units
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
55,000$5,999
56,00057,499
$7,500$9,999
$10,000
and over
25
18
13
12
10
12
6
4
61
8
9
6
6
5
2
2
50
14
10
10
6
5
3
2
44
15
9
9
7
8
5
3
28
25
11
8
10
11
5
2
21
28
17
11
8
8
5
3
14
26
17
13
11
13
4
2
7
24
19
15
14
15
4
3
4
13
15
20
14
20
9
5
2
4
8
10
16
26
15
19
100
100
100
100
100
100
100
100
100
100
73
10
5
3
4
5
90
4
2
2
84
7
]
87
6
3
2
1
2
2
2
4
80
8
4
1
2
4
75
11
5
4
2
3
70
11
8
2
6
2
64
18
5
6
4
3
58
15
9
5
7
6
51
11
8
6
8
17
100
100
100
100
100
100
100
100
100
100
50
13
7
8
7
15
78
4
4
5
4
7
68
7
5
6
5
8
66
9
6
5
4
10
54
16
5
6
8
11
52
19
8
6
5
10
46
19
8
10
8
10
35
17
12
12
10
14
29
16
10
10
12
23
27
7
8
8
7
43
100
100
100
100
100
100
100
100
100
100
45
24
15
8
5
4
77
8
9
3
1
2
71
13
7
5
2
2
64
15
11
4
5
2
54
25
11
5
3
2
45
28
14
7
3
3
34
35
16
8
5
2
28
37
22
6
4
4
19
30
24
15
7
5
9
15
21
17
19
19
100
100
100
100
100
100
100
100
100
100
(1
1
No cases reported or less than one-half of 1 per cent.
2 Consists of savings accounts in banks and snares in savings and
loan associations and credit unions.
NOTE.—Details may not add to totals because of rounding.
716
FEDERAL RESERVE BULLETIN • JULY 1959
SUPPLEMENTARY TABLE 8
CHANGES IN HOLDINGS OF LIQUID ASSETS 1
[Percentage distribution of spending units within specified groups]
Increase
Group characteristic
All
$500
and over
1958
Decrease
Little
change 2
$26-$499
$26-$499
1957
1958
1957
1958
1957
1958
1957
13
19
19
20
17
13
16
2
9
10
18
24
22
22
16
20
24
24
19
14
17
16
19
18
10
11
15
26
12
15
23
25
21
17
13
14
15
17
17
15
All spending units
100
Income quintile:
Lowest
Second
Third
Fourth
Highest
100
100
100
100
100
3
6
9
13
25
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over
100
100
100
100
100
100
5
10
13
13
12
5
12
13
16
15
13
26
20
19
20
20
14
24
21
21
20
11
11
17
20
19
18
20
29
16
15
17
20
24
14
17
14
13
12
9
Occupation of head of spending unit: 4
Professional and semiprofessional...
Managerial
Self-employed businessman
Clerical and sales
Skilled
Semiskilled
Unskilled
Farm operator
Retired
100
100
100
100
100
100
100
100
100
17
14
19
14
14
8
6
12
6
23
24
16
16
12
10
7
13
12
25
29
19
31
21
20
13
22
11
26
22
20
25
25
20
12
18
11
21
19
25
19
22
18
16
24
26
16
20
27
21
18
12
13
19
21
100
100
100
15
16
8
18
17
9
24
22
19
21
25
16
21
21
23
100
100
9
5
12
7
14
9
14
11
18
12
Change in income: 5
Increase:
25 per cent and over
5-24 per cent
Little change
Decrease:
5-24 per cent
25 per cent and over
17
1
Data for 1958 based on holdings as of interview date and a year
earlier as reported early in 1959; data for 1957 based on holdings as
of interview date and a year earlier as reported early in 1958. For
definition of liquid assets, see Supplementary Table 6, note 1.
2
No change in holdings or change of $25 or less.
3
Zero holdings as of interview date and a year earlier, as reported
early in 1959 and early in 1958.
$500
and over
1958
No
holdings 3
1958
1957
26
1957
25
54
38
21
12
20
6
9
10
11
19
9
3
56
32
23
13
1
24
16
17
13
12
14
9
11
11
11
14
8
8
11
12
12
13
9
29
22
24
25
22
32
30
24
22
22
29
29
14
14
11
14
16
16
10
10
10
16
13
17
16
16
15
12
16
14
16
20
12
10
6
6
12
11
16
16
12
10
12
11
5
14
12
6
3
8
48
21
36
4
5
8
13
17
32
51
19
29
16
16
21
10
12
14
15
15
16
11
9
11
11
9
22
18
28
20
16
30
13
14
16
16
19
19
13
20
14
20
29
38
27
30
18
10
17
33
4
Occupational status in each year as of date of interview early in
following year.
5
Change from previous year in money income before taxes.
Little change includes change of less than 5 per cent as well as no
change.
NOTE.—Details may not add to totals because of rounding.
717
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE 10
SUPPLEMENTARY TABLE 9
AUTOMOBILE OWNERSHIP WITHIN SPECIFIED
GROUPS, EARLY 1959
AGE OF AUTOMOBILES
OWNED BY CONSUMERS '
[Percentage distribution of automobiles]
[Percentage distribution of spending units]
1959
1958
1957
1956
1955
21
23
29
26
25
10
11
12
11
14
15
16
10
12
13
3 to 4 years
25
23
20
19
22
3 years
4 years.
12
12
14
9
9
11
9
13
53
Age
Owns:
Group characteristic
All spending units
1958 money income before
taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
Size of spending unit and age
of head:
Single person:
18-44
45-64
65 and over
Two persons or more:
18-24
25-34
35-44
45-54
55-64
65 and over
All
cases
1 automobile
100
59
1
Does
not
own
2 or
more
12
2 years or less
1 year or less
2 years
29
100
100
100
100
100
100
100
100
100
22
34
53
62
68
76
78
71
56
1
1
4
5
10
13
13
26
39
100
100
100
50
32
17
2
0)
0)
100
100
100
100
100
100
68
78
65
61
61
56
10
10
19
20
16
5
54
51
26
28
28
26
29
22
33
22
30
23
All automobiles owned . . .
47
67
83
54
5 to 7 years
More than 7 years
77
65
43
33
22
11
9
3
5
11
8
55
100
100
100
100
100
22
12
16
19
23
39
5 years or more
1
Ownership as of date of interview early in each year. In early
1959 automobiles were classified for age as follows (in terms of model
years): 1 year or less, 1959 and 1958; 2 years, 1957; 3 years, 1956; 4
years, 1955; 5 to 7 years, 1954, 1953, and 1952; and more than 7 years,
1951 and earlier. Similar classifications were used in previous
Surveys.
NOTE.—Details may not add to totals because of rounding.
1
No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 11
FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS WITHIN INCOME AND AGE GROUPS
r
[Purchasers as a percentage of spending units within specified groups]
New automobile
Any major expenditure
Used automobile
Income or age group
1958
1957
1956
1955
1958
1957
1956
1955
1958
1957
1956
1955
All spending units
49
46
50
53
7
8
9
11
15
15
15
17
Income quintile:
Lowest
Second
Third
Fourth
Highest
21
42
55
60
67
22
40
47
60
63
23
42
53
64
67
23
49
61
61
72
1
3
5
9
15
2
2
5
10
20
2
5
8
11
21
1
15
27
8
18
20
17
14
10
16
18
18
12
10
17
18
18
11
9
21
24
19
13
Age of head of spending unit:
18-24
25-34
35-A4
45-54
55-64
65 and over
49
63
56
51
42
25
49
58
53
47
37
20
49
62
59
50
44
23
61
66
63
54
40
30
6
7
9
8
7
2
4
9
11
10
5
3
5
11
12
11
11
3
6
13
16
11
9
6
26
21
17
16
10
4
31
19
16
11
10
4
29
19
17
15
9
5
38
24
18
15
9
6
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
No cases reported or less than one-half of 1 per cent.
718
FEDERAL RESERVE BULLETIN • JULY 1959
SUPPLEMENTARY TABLE
12
AUTOMOBILE PURCHASES WITHIN INCOME AND OCCUPATIONAL GROUPS
[Purchasers as a percentage of spending units]
New
automobile
Used
automobile
1958
1957
2
4
5
7
10
15
16
1
2
2
4
4
8
12
15
28
1958
1957
15
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
New
automobile
Group characteristic
Group characteristic
15
6
9
18
21
18
19
17
15
12
7
12
15
16
20
16
18
11
13
1958
Occupation of head of spending
unit: 1
Professional and semiprofessional
Managerial
Self-employed businessman...
Clerical and sales
Skilled
Semiskilled
Unskilled and service
Farm operator
Retired
12
12
9
10
7
5
3
Used
automobile
1957
1958
1957
13
11
15
17
17
19
22
17
16
4
12
12
16
13
20
19
17
14
4
19
14
12
7
6
1
7
3
1
Occupational status for each year as of date of interview early in
the following year.
SUPPLEMENTARY TABLE
13
PRICE PAID AND N E T OUTLAY BY AUTOMOBILE PURCHASERS
[Percentage distribution of purchasers]
1
Net outlay 2
Price paid
Type of purchase and amount
1958
New automobile:
Under $1 500 .
$1 500 $1,999
$2 000 $2 499
$2 500-$2,999
$3 000 $3 499
$3 5OO-$3 999
$4 000 and over
N o t ascertained
15
25
24
17
14
1
100
1
4
19
22
26
14
11
3
100
$3,050
$3,230
$3,100
$3,070
22
18
14
8
16
11
8
4
20
18
11
12
13
11
10
5
19
22
14
12
12
10
6
5
.
.
All cases
. .
All cases
Median
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
2
5
18
24
25
14
10
3
100
.
.
,»
1955
1956
$3,000
$2,990
..
. .
Median
Mean
Used automobile:
Under $250
$250-$499
$500-$749
$750 $999
$1 000-$l,499
$1 500-$l 999
$2 000 and over
N o t ascertained
1957
1958
(3)
4
25
28
22
1957
1955
1956
16
24
32
15
6
16
26
31
16
4
19
28
27
15
6
26
32
22
12
4
5
2
100
2
3
100
3
1
100
5
3
100
100
$2,780
$2,940
$2,100
$2,120
$2,060
$2,110
$2,000
$2,010
$1,840
$1,900
21
18
18
13
12
8
6
4
26
20
14
10
16
6
3
4
25
21
14
12
13
8
3
4
23
28
13
12
13
5
2
4
22
27
18
13
11
4
2
3
\
*>n
'
:
100
100
100
100
100
100
100
100
$600
$850
$700
$900
$650
$800
$600
$780
$500
$660
$520
$670
$480
$620
$470
$610
3
No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
719
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE
14
PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN INCOME AND MARITAL STATUS GROUPS
[Purchasers as a percentage of spending units]
Any type of
purchase *
Group characteristic
Television
set
Furniture
Washing
machine
1958
1957
1958
1957
1958
1957
All spending units
43
41
19
18
10
10
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,OOO-$3,999
$4,000-54,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
21
24
35
41
45
50
54
60
57
18
31
31
40
47
44
54
52
54
9
6
10
16
21
22
24
30
30
3
12
11
17
19
19
25
26
26
2
6
10
14
10
10
15
12
12
Marital status:
Single:
Age 18-44
Age 45 and over
25
20
25
25
10
7
12
52
60
39
47
47
55
38
43
26
27
14
18
25
26
13
16
$270
$270
$230
Refrigerator
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
Median expenditure 3
1
Includes purchasers of items listed individually and of other
major household appliances.
2
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.
1958
1957
5
5
10
13
14
9
12
12
15
4
6
6
7
8
13
10
11
12
3
4
7
8
9
10
12
12
11
20
14
12
15
10
7
14
12
12
12
11
7
11
$200
$210
$200
$210
1958
1957
10
10
$290
$245
3
Expenditure for both new and used items, before deduction for
trade-in.
4
Not available separately.
SUPPLEMENTARY TABLE 15
CREDIT PURCHASES OF AUTOMOBILES AND OTHER DURABLE GOODS WITHIN INCOME QUINTILES
[Credit purchasers as percentage of all purchasers]
Type of purchase and
income quintile
1958
1957
1956
Automobile—all incomes
Lowest
Second
Third
Fourth
Highest
56
39
55
60
64
53
60
49
55
65
70
55
61
62
64
74
64
46
New automobile—all incomes
Fourth
Highest
63
73
59
65
77
57
63
72
46
r
1
1955
r
60
57
57
67
69
48
60
72
47
Revised.
Too few cases to compute percentage in lowest, second, and third
quintiles.
2 Too few cases to compute percentage in lowest quintile.
Type of purchase and
income quintile
1958
1957
1956
1955
Used automobile—all incomes 2 .
Second
Third
Fourth
Highest
54
55
59
59
45
58
54
61
66
51
60
63
67
59
45
60
59
62
66
49
Furniture or major household
appliances—all incomes 3 .
Lowest
Second
Third
Fourth
Highest
55
62
65
58
56
42
54
58
57
66
57
37
48
48
56
57
51
30
52
61
58
57
56
36
3
Purchasers of two items, one for credit and one for cash, are
classified as credit purchasers. Charge-account purchasers are
classified as cash purchasers.
720
FEDERAL RESERVE BULLETIN • JULY 1959
SUPPLEMENTARY TABLE
16
TYPES OF DEBT WITHIN AGE GROUPS, EARLY
[Percentage distribution of spending units]
1959
Personal debt only 1
All
cases
Age of head of
spending unit
No
debt
Some
debt
Mortgage
debt
only
Instalment
7
11
8
10
5
36
34
21
21
15
10
100
32
68
18 24
25-34
35-44
45 54
55-64
65 and over
100
100
100
100
100
100
29
14
18
28
49
69
71
86
82
72
51
31
.
Instalment and
noninstalment
Instalment
debt
Noninstalment
debt
8
6
14
4
6
11
8
8
8
9
8
15
10
6
4
2
1
5
18
21
18
8
5
6
6
4
4
7
9
7
3
22
All spending units
* For definition of personal debt see Supplementary Table 17,
1
Mortgage debt imd:
Noninstalment
Instalment and
noninstalment
2
No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE
17
PERSONAL DEBT 1
[Percentage distribution of spending units]
1959
Amount
Zero....
.
$l-$99
$100-$199
$200-$499
$500-$999
$1,000 and over
All cases.
1
...
. . . . .
..
1958
1957
1956
1955
1954
1953
40
10
7
14
11
18
41
10
7
13
13
15
42
10
6
13
12
17
46
9
7
14
11
13
45
9
8
15
12
11
46
9
8
13
12
12
48
11
8
14
10
9
100
100
100
100
100
100
100
Includes all short- and intermediate-term consumer debt other
than charge accounts; excludes mortgage and business debt. Data
1949
67
i
^
8
4
6
100
are as of date of interview early in each year.
NOTE.—Details may not add to totals because of rounding.
721
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE
18
PERSONAL DEBT WITHIN INCOME AND AGE GROUPS, EARLY
[Percentage distribution of spending units]
1959
Amount of personal debt1
All
cases
Income or age group
No
debt
Some
debt
$100$199
All spending units
100
40
60
100
100
58
57
44
36
32
30
29
31
49
42
43
56
64
68
70
71
69
51
100
100
100
100
100
100
30
20
29
36
59
74
70
80
71
64
41
26
9
12
17
16
14
16
16
11
6
2
4
10
14
16
14
16
15
7
3
4
6
16
17
23
27
33
30
17
17
14
11
6
3
16
26
23
19
10
3
14
9
10
11
10
9
too
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over
$1,000
and over
15
18
16
15
9
5
19
14
12
11
14
9
5
5
5
$500$999
10
100
100
100
100
100
100
1958 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
$200$499
9
10
11
7
6
8
7
4
3
$l-$99
1
For definition of personal debt, see Supplementary Table 17,
note 1.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE
19
PERSONAL DEBT-LIQUID ASSET RELATION WITHIN INCOME GROUPS, EARLY 1959
[Percentage distribution of spending units]
:
1958 money income before taxes
All
Relation
No debt
spending
units
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$5,999
$6,000$7,499
$7,500$9,999
29
31
49
40
Some debt
No liquid assets
Some liquid assets
Debt as a percentage of liquid
assets:
Under 20
20 59
60 99
100-199
200 299
300 and over
All cases
58
57
44
36
32
30
8
32
27
31
21
36
14
30
5
31
4
28
3
27
28
30
(2)
49
60
No liquid assets . . .
Some liquid assets
42
43
56
64
68
70
71
69
51
17
43
34
7
29
15
30
26
23
41
17
51
11
59
6
65
4
65
2
49
10
6
3
5
2
2
<>
C2)
4
()
7
5
2
2
14
6
2
6
12
10
3
9
12
9
6
8
14
12
5
7
13
9
5
7
1
6
1
8
11
3
3
5
3
16
4
20
4
21
5
25
3
24
4
12
100
100
100
100
100
100
100
100
100
3
15
100
2
22
j
1
Personal debt and liquid assets as of time of interview; income
before taxes in preceding year. For definition of personal debt, see
Supplementary Table 17, note 1; for definition of liquid assets, see
$10,000
and over
Supplementary Table 6, note 1.
2 No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
722
FEDERAL RESERVE BULLETIN • JULY 1959
SUPPLEMENTARY TABLE
20
EMPLOYMENT EXPERIENCE IN 1958 AND
19571
[Percentage distribution of employee spending units within specified groups]
Head employed less than full year
Group characteristic
All
cases2
Head
employed
full year
(50-52
weeks)
1958
For job-connected reasons 3
Total
40-49
weeks
27-39
weeks
26 weeks
or less
39 weeks
or less
15
9
100
100
100
100
100
100
85
93
82
70
58
53
84
96
80
76
67
54
6
4
4
2
32
33
3
1
7
15
22
28
1
1?
14
11
4
10
12
10
100
100
57
64
61
71
?7
16
?0
14
13
5
10
3
100
100
100
100
67
77
73
75
65
74
78
81
25
18
19
18
19
17
12
10
9
9
8
9
10
11
?0
17
8
7
30
25
16
11
3
27
17
11
5
2
10
12
8
6
12
9
6
2
2
6
8
6
6
8
3
1
5
1
5
5
6
8
9
8
5
10
11
9
7
4
10
11
5
6
1
2
6
9
4
9
9
4
12
8
10
15
13
3
12
8
11
18
6
3
7
11
13
4
5
5
7
5
6
5
10
5
4
6
16
20
19
16
6
9
8
7
10
7
5
4
4
2
4
3
3
8
4
8
9
7
3
3
3
4
4
8
6
5
5
6
?
4
4
9
3
4
4
10
e
16
9
9
9
5
8
7
13
9
6
S
7
4
7
5
4
2
7
5
2
1
13
8
4
2
1
8
2
3
1
13
10
9
8
7
13
9
10
11
17
6
6
4
2
6
6
6
5
5
9
7
4
5
7
1
7
3
5
5
8
10
11
5
6
5
10
10
12
6
5
4
5
7
4
4
f5)
100
68
74
Education of head of spending unit:
Grade school 7
Some high school
High school graduate
Some college
College graduate
88888
57
65
75
80
90
60
74
79
85
81
Race of head of spending unit:
White
Nonwhite....
8
72
75
18
14
8
7
4
4
6
100
54
60
36
28
12
11
8
7
16
1 Refers to experience of head of spending unit during calendar
year preceding the Surveys early in 1959 and early in 1958. Spending
units headed by persons in the labor force at time of interview, other
than the self-employed, are classified as employee spending units.
2
Excludes cases for which length of employment was not ascertained.
3
Job-connected reasons were defined as follows: inability to find
work, seasonal nature of work, strike, and temporary layoff; personal
reasons, as illness or disability, school attendance, leave of absence
5
o>
20
moo
74
rf
70
OOON
100
Occupation when working: 4
Professional and semiprofessional
Managerial
Clerical and sales
Skilled
Semiskilled
Unskilled and service
40-49
weeks
Total
1957 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957
All emolovee soendins units
Spending unit size and age of head: 6
Single person:
18-44
45_64
Two persons or more:
18 24
25 34
35_44
45 54
55-64
For person al reasons -
or vacation without pay, staying home to keep house, or similar
reasons.
4 Spending unit heads that were not employed at time of interview
were classified according to their occupation when working.
5
No cases reported or less than one-half of 1 per cent.
6 Too few cases in groups age 65 and over to compute percentages.
7
Includes spending unit heads that had no schooling (less than 2
per cent of all employee units in each year) as well as those th at
attended grade school.
NOTE.—Details may not add to totals because of rounding.
723
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE 21
CHARACTERISTICS OF EMPLOYEE SPENDING UNITS WITHIN SPECIFIED EMPLOYMENT EXPERIENCE
GROUPS
[Percentage distribution]
Head employed
full year
(50-52 weeks)
Group characteristic
Head employed less than full year for job-connected reasons
40-49 weeks
27-39 weeks
26 weeks or less
1958
Occupation when working:
Professional and semiprofessional
Managerial
Clerical and sales
Skilled
Semiskilled
Unskilled and service
Other
Not ascertained
All cases
1957
1958
1957
1958
1957
14
9
20
20
19
14
4
G)
14
9
18
21
19
14
4
G)
6
2
3
28
38
23
G)
G)
3
3
14
41
36
G)
G)
1
1
8
20
36
35
G)
G)
2
G)
8
27
34
25
3
1
6
17
30
42
25
49
2
G)
100
100
100
100
100
100
100
9
. ...
1958
100
...
1957
10
18
15
11
19
17
14
8
26
3
20
6
14
10
12
20
10
8
22
5
21
13
11
1
4
1
1
1
3
24
12
15
18
8
12
100
100
100
100
100
100
56
60
13
Spending unit size and age of head:
Single person:
18-44
45 64
....
65 and over
Two persons or more:
18 24
25 34
35-44
45 54
55 64
65 and over
Not ascertained
5
23
All cases
100
100
24
22
22
31
13
12
1
34
27
22
3
2
1
22
23
6
52
28
27
9
2
1
44
47
18
30
13
14
1
1
29
17
2
G)
G)
23
16
4
1
1
13
21
4
1
G)
100
100
100
100
100
100
100
100
91
89
84
15
80
73
100
100
Education of head of spending unit:
Grade school
Some high school
High school graduate
Some college
College graduate
.
Not ascertained
All cases
Race of head of spending unit:
White
Nonwhitc
Not ascertained
1
5
24
19
10
2
•..
9
G)
No cases reported or less than one-half of 1 per cent.
7
1
4
22
26
17
9
2
2
10
1
3
1
5
21
21
19
10
100
2
G)
6
33
82
7
1
17
81
8
4
1
3
3
11
6
6
2
66
18
G)
19
G)
20
G)
26
1
34
G)
100
100
100
100
100
NOTE.—For explanation of terms used in this table, see notes to
Supplementary Table 20. Details may not add to totals because of
rounding.
The Balance Sheet of Agriculture, 19 59
The major factual portion of the fifteenth in
a series of annual reports on the financial condition of agriculture, as issued by the United States
Department of Agriculture, is given below.1 The
full report will be published as an Agriculture Information Bulletin of the Department of Agriculture.
The study was prepared under the direction of
Norman J. Wall, Chief, Agricultural Finance Research Branch, Farm Economics Research Division, Agricultural Research Service, by F. L. Gar-
lock, W. H. Scofield, F. D. Stocker, R. W. Bierman, and F. D. Hansing.
Data relating to the inventories of livestock,
crops, machinery, and household equipment were
prepared under the direction of the following persons: Livestock—R. H. Moats; crops—C. E.
Burkhead and R. Royston; machinery—Robert
H. Masucci and Q. Francis Dallavalle; household
equipment—Jean L. Pennock. Data relating to
farm income and expenditures were compiled
under the direction of E. W. Grove.
SUMMARY OF THE 1959 BALANCE SHEET
Both the value of farm assets and the value of
proprietors' equities in these assets continued
their upward course during 1958 and reached new
peaks of about $203 billion and $180 billion, respectively, on January 1, 1959 (Table 1). Farm
debts also increased during 1958, but the increase
in debts was much smaller than the increase in
assets and equities.
About half of the total increase of nearly $17
billion in farm asset values during 1958 resulted
from the rising value of farm real estate. Farm
real estate values have risen each year since 1953.
The rise in value of this asset has accounted for
about 70 per cent of the increase in the total
value of farm assets since January 1, 1954. Alx
though rising land values have greatly increased
the net worths of farmers and other owners of
farm land, they have not improved the situation of
farmers with respect to income.
All other types of farm assets also increased in
value during 1958. Among them, livestock on
farms showed the greatest increase in value—
about $4 billion. Nearly all classes of livestock
increased in number during 1958, but the greater
part of the increase in value of the livestock inventory resulted from higher prices of cattle. In
contrast, the rise in value of crop inventories—
about $1.8 billion—resulted mainly from the
record volume of production in 1958. The value
The balance sheet as presented here brings together the assets and liabilities of agriculture as though
it were one large enterprise. It is the 15th in a series
that contains comparable estimates annually, beginning in 1940. Annual changes shown in it provide
one means of appraising the effects on the financial
structure of agriculture of developments in both the
farm and nonfarm sectors of the economy.
This report shows farm assets and farm debts as
of the beginning of 1959 and selected earlier years,
and it deals mainly with changes in the financial
situation of agriculture that occurred during 1958.
In using and interpreting the balance sheet, it should
be recognized that the data are aggregates and do not
show the distribution of assets and debts among
owner-operators, tenants, and landlords. Nor do the
data permit full separation of the farm firm as a
production unit from the farm family as a consumption unit. Further, changes indicated in farm assets
and net worth should be used with caution as a
measure of the general economic situation of farmers. Year-to-year changes in the market value of
farm assets frequently reflect only changes in unit
prices. Recent increases in market values of some
assets, particularly farm real estate, represent "paper"
gains in the sense that they can be realized only if the
assets are sold or used as security for additional
credit.
The general financial and credit position of agriculture and how it varies among regions and among
some groups of farmers is given special attention in
the Agricultural Finance Outlook issued in November
of each year by the Agricultural Research Service.
724
725
THE BALANCE SHEET OF AGRICULTURE, 1959
TABLE 1
TABLE 2
COMPARATIVE BALANCE SHEET OF AGRICULTURE
UNITED STATES, JANUARY 1,
1940,
1958, AND 1959
PHYSICAL ASSETS OF AGRICULTURE VALUED AT
PRICES, JANUARY 1, 1940, 1958, AND 1959
[In billions of dollars]
[In billions of dollcirs]
Item
1940
1958
1959
1940
Net increase*
(Per cent)
Assets
1940
1958
1959
Net change l
(Per cent)
1940-59 1958-59
1940-59 1958-59
2
Assets
Physical assets:
33.6 116.3 1?S 1
Real estate
Non-real-estate:
5.1 2 14.1 18.1
Livestock
Machinery and motor
3.1 2 17.4 18.4
vehicles
Crops stored on and
3
2.7
7.6
9.4
off farms
Household furnishings 4 and equip4.3 12.8 13.1
ment
Financial assets:
Deposits and currency.. 3.2 29.5 10.0
U. S. savings b o n d s . . . .
.2
5.1
5.2
Investment in cooperatives
.8 23.6
3.8
Total*
Claims
Liabilities:
Real estate debt
Non-real-estate debt to:
Commodity 6Credit
Corporation
Other reporting institutions7
Nonreporting creditors 8
53.0 186.4 203.1
271.9
7.6
252.8
28.7
501.6
6.0
250.8
22.8
206.7
2.7
207.7
1,992.1
5.1
1.8
360.7
6.3
282.5
9.0
10.5
11.3
71.0
7.2
.4
1.2
2.5
459.1
5.0
5.8
283.3
15.4
6.6
1.5
3.5
3.7
146.7
5.7
Total liabilities5.. 10.0
20.2
23.3
131.4
14.8
Proprietors' equities
Total 5
43.0 166.2 179.8
317.7
8.3
53.0 186.4 203.1
282.5
9.0
1
Computed from unrounded data.
2 Revised.
3
Includes all crops held on farms for whatever purpose and crops
held off farms as security for Commodity Credit Corporation loans.
The latter on Jan. 1, 1959, totaled $1,877 million.
4
Estimated valuation for 1940, plus purchases minus depreciation
since then.
5 Total of rounded data.
6 Although these are nonrecourse loans, they are included as
liabilities because borrowers must either repay in cash or deliver the
commodities on which the loans were based. The values of the
underlying commodities are included among the assets; hence the
loans must be included as liabilities to avoid overstating the amount
of 7proprietors' equities.
Loans of all operating banks, the production credit associations,
and the Farmers Home Administration, and discounts of the Federal
intermediate credit banks for agricultural credit corporations and
livestock loan companies.
8
Loans and credits extended by dealers, merchants, finance companies, individuals, and others. Estimates based on fragmentary
data.
of motor vehicles and machinery on farms was
raised chiefly by higher prices, although purchases
increased substantially during 1958, especially
those of machinery other than motor vehicles.
The increase in farmers' holdings of deposits and
currency resulted from higher farm income in
1958. The larger increases in both deposits and
farm income were in the Plains States and the
western Corn Belt.
Farm debts rose about $3 billion in 1958. The
Total 4
33.6
5 1
3 1
37.9
4 9
7
2.7
3 7
0 3
7.2
12.9
— 7
135 9
4.4
65.0
19 5
38.0
5 1
7
7
4.3
7 0
7.1
66.9
5
48.8
60 7
61.8
26.8
1 9
1
Computed from unrounded data.
2 This series is based on data for census years developed by Alvin
S. Tostlebe in cooperation with the National Bureau of Economic
Research. It takes into account changes in the area in farms, acreage
of improved land, and number and condition of farm structures.
(See Agricultural Finance Review, November 1952.) Data for intercensal years, and for 1951-59, are extensions from census benchmarks based on net investment in farm structures (gross investment
minus depreciation).
3
Purchases since 1940 are deflated by an index of prices paid by
farmers for housefurnishings.
4
Total of rounded data.
102.9
1.5
Real estate
Livestock
Machinery and motor vehides
Crops stored on and off
farms
Household furnishings a n d
equipment 3
increase in farm mortgage debt was at about the
same percentage rate as in other recent years, but
an exceptionally large increase occurred in nonreal-estate farm debt. The sharp increase in Commodity Credit Corporation loans to farmers resulted mainly from the greater quantities of
cotton, wheat, soybeans, and grain sorghum that
were under price-support loan. Other non-realestate debt of farmers increased most in the Corn
Belt, Mountain, and Pacific regions. Probably the
greater numbers of cattle in feedlots and on the
ranges and the substantial increase in cattle prices
were chiefly responsible for the increase in these
other farm debts.
Valued at 1940 prices, the physical assets of
agriculture increased about $1.1 billion during
1958. The increase resulted mainly from the
greater numbers of livestock and poultry on farms
and the larger inventories of stored crops (Table
2).
Gross farm income in 1958 reached a record
high of $39.4 million. Most of the increase from
1957 to 1958 was due to an increase in cash
receipts from farm marketings. Favorable weather
in most regions accounted for increased production
of crops. Livestock prices increased almost 11 per
cent during 1958. Production costs increased, but
by a smaller amount than income. The largest increase in expenses was for livestock purchases.
726
Net income from agriculture increased to $18.7
billion in 1958.
INFLUENCE OF GENERAL ECONOMIC SITUATION
These increases in farm assets, debts, net worth,
and income occurred in a year that began with economic activity falling sharply and closed with a
strong recovery. The bottom of the 1957-58
recession was reached during the spring of 1958.
By the fourth quarter of 1958, output had recovered to a level above the previous peak in terms of
current dollars, and just short of it in real terms.
For 1958 as a whole, gross national product
totaled $438 billion compared with $440 billion
in 1957.
The recession had only a limited impact on disposable personal income—the major determinant
of the demand for farm products. In contrast to
the 4.2 per cent decline in gross national product
from peak to trough, the decline in disposable
income was less than 1 per cent. Consumer expenditures for food (excluding alcoholic beverages) totaled $69.1 billion in 1958, a gain 4 per
cent above the $66.4 billion expended in 1957.
While domestic demand for food expanded,
foreign takings of U. S. agricultural commodities
declined as part of a general contraction in U. S.
exports. Agricultural exports declined to $3.9
billion in 1958, 13 per cent below the record high
of 4.5 billion in the calendar year 1957. The contraction occurred mainly in exports of cotton and
wheat, which were unusually large in 1957. Among
the important factors in the decline in farm exports were a letdown in economic activity abroad
and increased foreign supplies of many agricultural commodities.
Less price inflation occurred in 1958 than in
other recent years. The upward trend in the general price level has contributed to the rise in prices
of farm real estate and other farm assets.
AGRICULTURAL INCOME
The net income from agriculture in 1958 reached
$18.7 billion, an increase of 16 per cent over that
of 1957. Total net income of farm operators from
farming increased 21 per cent to $14.2 billion;
omitting adjustments for changes in inventories,
the realized net income of farmers increased 19 per
cent to $13.1 billion (Table 3). Average realized
net income per farm was $2,232 in 1957 and
$2,750 in 1958.
Cash receipts from farm marketings in 1958
FEDERAL RESERVE BULLETIN • JULY 1959
increased 12.5 per cent over the previous year,
principally because of higher prices for livestock
and favorable weather, which resulted in increased
production of crops. Each region showed an increase over 1957, the largest increases being in
the Northern and Southern Plains. The smallest
increase occurred in the Northeast, where changes
from year to year are normally small.
Along with the increase in farm income came an
increase of $1.6 billion in production costs. All
groups of cost items increased to some extent, but
the largest increases resulted from feed and livestock purchases. Livestock purchases increased
$723 million and feed purchases $429 million.
Prices paid by farmers for items used in producTABLE 3
COMPARATIVE INCOME STATEMENT FOR AGRICULTURE
UNITED STATES, 1940, 1957, AND 1958
[In millions of dollars]
Item
1940
19571
1958
8,382
723
1,210
723
281
29,824
1,016
1,762
1,787
762
33,560
1,089
1,761
1,881
1,059
11,319
35,151
39,350
998
4,083
4,512
517
306
1,957
1,280
2,680
1,305
1,006
3,773
3,788
796
3,885
3,988
451
197
708
1,377
4,979
529
2,286
19,070
1,346
534
2,468
20,621
6,340
16,081
18,729
1,029
2,785
2,885
448
293
4,570
1,029
487
11,780
1,122
524
14,198
6,340
16,081
18,729
4,570
281
11,780
762
14,198
1,059
4,289
11,018
13,139
How net income was obtained
Total gross farm income:
Cash receipts from farm marketings. .
Government payments to farmers. . .
Home consumption of farm products,
Rental value of farm dwellings
Net change in inventory2
,
Total.
Production costs, other than wages,
rent, and interest on mortgages:
Feed bought
Livestock bought, except horses and
mules
Fertilizer and lime bought
Repairs and operation of capital
items
Depreciation and other consumption
of farm capital
Taxes on farm real estate and personal property
,
Seed bought
,
Miscellaneous
Total
Net income from agriculture..
How net income was distributed
Wages to hired labor (cash and perquisites)
Net rent and Government payments to
landlords not living on farms 3
Interest on farm mortgage debt
,
Net income of farm operators
,
Net income from agriculture
Realized net income of farm operators
Net income of farm operators
Net change in inventory
Realized net income of farm
operators
1
2
Revised.
Reflects the physical changes during the year in all livestock and
crops on farms, except crops under CCC loan, with the changes
valued at average prices for the year.
3
After subtraction of taxes, mortgage interest, and other expenses
paid by such landlords.
727
THE BALANCE SHEET OF AGRICULTURE, 1959
tion, including interest, taxes, and wage rates, rose
about 3 per cent between 1957 and 1958.
The purchasing power of realized net income
of farm operators from farming increased by 17
per cent over 1957. The only other increase
since 1951 was in 1956.
Many farmers receive income from nonfarm
sources. In 1958, farmers received $6.2 billion
from nonfarm sources compared with $6.3 billion
for 1957. The average net income per capita of the
farm population from all sources increased from
$974 in 1957 to $1,066 in 1958.
THE 1959 BALANCE SHEET IN DETAIL
In the preceding paragraphs, the balance sheet
was summarized in general terms. In the sections that follow, each item of the 1959 balance
sheet is treated in detail.
CHANGE IN DOLLAR VALUE
OF FARMLAND*
Percentages, March 1958 to March 1959
ASSETS
Assets fall into two general classes: (1) Physical
assets, both real estate and tangible personalty;
and (2) financial assets, which include cash, bank
deposits, U. S. savings bonds, and farmers' investments in cooperative associations.
Farm real estate. The total market value of
farm real estate (land and buildings) rose nearly
$9 billion, or 8 per cent, in the year ended March
1, 1959, to a new record high of $125.1 billion.
Farm buildings were valued at $28.6 billion, or
about 23 per cent of the total value of farm real
estate. Farm dwellings accounted for about half
of the total value of all buildings, or about $14.3
billion.
Increases of 6 to 8 per cent in average values
per acre were typical of most States in the 12
months ended March 1, 1959. Gains of 10 per
cent or more were recorded in North Dakota and
South Dakota and in six Southeastern States, as
the map shows. Values advanced an average of
3 per cent in the four months ended March 1,
1959, the same amount as in the comparable
period that ended November 1, 1958.
The accelerated rate of increase in farm real
estate values in the last half of 1958, which continued into the first two months of 1959, reflects
the combined effects of higher net farm income and
the rapid recovery of the general economy. Undoubtedly, a part of the 19 per cent increase in
the net realized income of farmers contributed to
the increased demand for land to enlarge existing
farms, as well as to the increased purchases of
farm machinery and other capital expenditures of
farmers. The rapid upturn in the general economy
helped to strengthen the already firmly established
belief that farm land provided a good hedge against
inflation.
Revised estimates of net agricultural income
available as a return to farm real estate, after all
other expenses were paid, showed a return of
about 4.0 per cent on the March 1, 1959 market
value. This was sharply higher than the 2.5 per
cent return for 1956 and 1957, and near the longterm average. In dollar terms, the relationship
between net farm income per acre and the price
of land in 1958 was about the same as in 1910-14
and in 1920-29.
Farm operators "borrow" a substantial amount
of real estate capital by means of rental arrangements in which rents represent the annual payment for the use of such capital in much the same
way that interest pays for the use of borrowed
funds.2 They paid about $2.1 billion in rental
payments to nonfarm landlords in 1958.
2
Tenants rent all the land they operate, while partowners own a portion and rent a portion from others.
A relatively small acreage of land in manageroperated farms is also rented from others. The
acreage of farm real estate (land and buildings)
rented by tenants, part-owners, and managers, as
reported or estimated from the 1954 census, was used
in the estimates presented in this section. Values per
acre for rented land were projected from 1954 on the
basis of the change in market values of all land in
farms. National totals were derived from unrounded
State totals.
728
FEDERAL RESERVE BULLETIN • JULY 1959
TABLE 4
FARM REAL ESTATE OWNED AND RENTED BY FARM
OPERATORS, UNITED STATES, MARCH 1, 1940,
1958, AND 1959
[In billions of dollars]
Item
1940
1958
1959
Net change
(Per cent)
1940-59 1958-59
Total
33.6 116.3 125.1
20.2
Land owned by operator
Land rented by operator.... 13.4
From landlord living on a
farm
From landlord not living
on a farm
73.8
42.5
79.5
45.6
272
8
294
240
compared with $119 a year earlier. Moreover,
although the number of cattle kept for milk
declined somewhat in 1958, the number of beef
cattle increased to 64 million head, the largest
number on record.
The number of hogs on farms increased 12
per cent to 57.2 million—the largest number since
January 1, 1952—as a result of the large 1958
fall pig crop and the saving of more sows and
gilts for spring farrowing in 1959.
8
7
4.3
16.1
17.3
302
7
9.1
26.4
28.3
211
7
TABLE 5
LIVESTOCK AND POULTRY ON FARMS, UNITED STATES
JANUARY 1, 1958 AND
1959
19581
As of March 1, 1959, farm operators owned and
operated farm real estate having a market value
of $79.5 billion, or 63.5 per cent of the total
value of all farm land and buildings. The remaining $45.6 billion in real estate capital was rented
from other farm operators and from nonoperating
owners.
Of this value, $17.3 billion was owned by farm
operators but rented to other farmers. Persons not
living on farms (and assumed to be nonfarmers)
provided $28.3 billion in real estate capital to
farm operators (Table 4). Thus, nonfarmers contributed about 23 per cent of the total real estate
capital used in agriculture.
In the Corn Belt, Northern Plains, and Southern Plains, 40 per cent or more of the real estate
capital used by farm operators was rented from
others. Two-thirds or more of the value of the
rented land was owned by nonfarm landlords.
These three areas together accounted for 46 per
cent of the total value of all farm real estate in
the country, and 61 per cent of the value of all
rented land. Nearly half the total value of all
farm real estate was provided by someone other
than the farm operator. Almost the reverse situation is found in the Northeast and the Southeast,
where farm operators provide 85 and 80 per cent,
respectively, of the farm real estate capital they
operate.
Livestock and poultry. The total inventory of
livestock and poultry on farms on January 1, 1959,
was valued at $18.1 billion, $4.0 billion or 29
per cent higher than a year earlier and the second
highest value of record (Table 5). Cattle accounted
for about 90 per cent of this increase. The value
per head of all cattle was $153 on January 1, 1959,
Class
Cattle
Milk cows 3 ...
Hogs
All sheep 4
Stock sheep 5..
Horses and mules
Chickens
Turkeys
Total
Number
(Millions)
93
22
51
31
27
3
371
6
Value
per
head
(Dollars)
1959
Total
value 2 Num(Milber
lion
(Mildollions)
lars)
119.00 11,154
176.00 3,909
30.20 1,538
602
19.22
529
19.40
282
83.90
468
1.26
26
4.67
97
22
57
33
28
3
383
6
14,070
Value
per
head
(Dollars)
Total
value 2
(Million
dollars)
153.00 14,809
220.00 4,744
31.90 1,826
20.05
655
20.30
574
101.00
312
1.26
482
4.65
27
18,111
1 Revised.
Computed from unrounded data.
3 Included in cattle.
4
Includes sheep and lambs on feed for market.
5
Included in all sheep.
2
A large supply of feed, more favorable feeding
ratios, and higher prices, particularly for cattle,
were mainly responsible for the increase in numbers of livestock and poultry on farms during
1958.
Machinery and motor vehicles. Farmers' purchases of machinery and motor vehicles increased
23 per cent in 1958. The total for the year—$3.6
billion—has been exceeded only in 1949, 1950, and
1951. The increase in purchases reflected better
crops and higher farm income.
The total value of machinery and motor vehicles
on farms January 1, 1959 was $18.4 billion—6
per cent above a year earlier and a record high
(Table 6). By classes, the percentage increases
in inventory value during 1958 were: Tractors, 4;
automobiles, 9; motortrucks, 4; and other farm
machinery, 6.
Depreciation of farm machinery and motor
vehicles is now a major farm expense. Since 1952,
it has exceeded $3 billion. In 1958, depreciation
of farm machinery and motor vehicles accounted
729
THE BALANCE SHEET OF AGRICULTURE, 1959
TABLE 6
TABLE 7
FARM MACHINERY AND MOTOR VEHICLES
UNITED STATES, JANUARY 1, SELECTED YEARS,
LIQUID FINANCIAL ASSETS OWNED BY FARMERS
JANUARY 1, SELECTED YEARS, 1940-59
1940-59
[In billions of dollars]
[In millions of dollars]
Year
1940
1950
1955...
1958
1959
Total
Tractors
Automobiles
Motortrucks
Other
farm
machinery
3,060
11,314
16,164
17,367
18,409
503
2,380
3,120
3,348
3,468
958
2,324
3,827
4,074
4,437
262
1,446
1,885
2,189
2,278
1,337
5,164
7,332
7,756
8,226
Year
1940
1945
1950
1955
1958
1959
Total
3.4
11.3
13.8
14.4
!14.6
15.2
Currency
0.7
2.6
2.5
2.2
2 0
2.0
Deposits
Demand
Time
U. S.
savings
bonds
1.3
3.6
4.5
4.7
14.6
4.9
1.2
1.7
2.1
2.5
2.9
3.1
0.2
3.4
4.7
5.0
5.1
5.2
i Revised.
for $3.5 billion of the total of $24.9 billion of
production expenses.
Prices of farm machinery and motor vehicles
continued to increase in 1958 and early 1959.
Average prices of motor vehicles on March 15,
1959 were 3 per cent above a year earlier and
prices of other farm machinery were 5 per cent
higher.
Crop inventories. Farmer-owned inventories of
harvested crops, including crops pledged under
loan to the Commodity Credit Corporation, were
valued at $9.4 billion on January 1, 1959, about
23 per cent more than a year earlier, and nearly
equal to the record high of $9.6 billion in 1955.
The large increase in inventory value during 1958
may be attributed more to high production resulting from favorable weather than to a change in
prices of commodities. All major groups of crops,
except vegetables and hay and forage, showed substantial increases in inventory value.
The physical quantity of crop inventories, as
measured in 1940 prices, increased nearly 20 per
cent between January 1, 1958 and January 1, 1959.
For crops stored on farms, the quantity increased
about 9 per cent. Most of this increase is
attributed to the food grains, principally wheat.
The quantity of crops stored off farms under CCC
loan increased by almost 150 per cent. This
increase was due mainly to increased storage of
cotton, wheat, soybeans and, to a lesser extent,
corn.
Liquid financial assets. Bank deposits, currency,
and U. S. savings bonds owned by farmers on
January 1, 1959 are estimated at $15.2 billion, up
about $600 million from a year earlier (Table 7).
Most of the increase in these liquid financial assets
occurred in farmers' checking and savings
accounts. These accounts increased during the
year by $300 million and $200 million, respectively.
According to estimates of the Federal Reserve
Board, the larger increases in farmer-owned demand deposits during 1958 occurred in the
Chicago, Minneapolis, Kansas City, and Dallas
Federal Reserve Districts. These districts contained most of the States in which cash receipts
from farming were sharply higher in 1958 than
in 1957. Thus it appears that the great improvement of growing conditions in the western Corn
Belt and the Plains States, and the higher prices
of livestock, were chiefly responsible for the increase in farmer-owned demand deposits during
1958. Data compiled by the Federal Deposit Insurance Corporation indicate that the time deposits
of insured commercial banks located in selected
agricultural counties also increased more in these
regions than in most other parts of the country.
The U. S. savings bonds owned by farmers are
estimated to have had a redemption value of $5.2
billion on January 1, 1959—about $100 million
more than a year earlier. This increase arose
wholly from the accrual of interest, as farmers
cashed more bonds than they bought during 1958.
However, the excess of redemptions over purchases was not as large as in the preceding year.
Farmers bought more bonds and cashed fewer in
1958 than in 1957.
Net worth of farmers' cooperatives. The net
worth of farmers' cooperatives increased about 6
per cent during 1958 to a high of $3.8 billion on
January 1, 1959. Marketing associations continue to have the largest net worth, $1,322 million.
Associations through which farmers buy feed,
seed, and farm supplies were next in importance
with an aggregate net worth of $702 million.
Percentagewise, the rural electric cooperatives
showed the largest increase of 18.6 per cent between January 1, 1958 and January 1, 1959. The
combined net worth of the credit cooperatives that
operate under the Federally sponsored Farm
730
FEDERAL RESERVE BULLETIN • JULY 1959
Credit System increased 7.2 per cent to a new high
of $717 million.
Assets used in farm production. The value of
assets used in farm production on January 1, 1959,
$155.4 billion, represents almost 77 per cent of
the total assets included in the balance sheet of
agriculture. Since 1950, the value of production
assets has increased about 62 per cent. During
1958, all classes of production assets rose in
value.
TABLE 8
FARM MORTGAGE DEBT HELD
BY MAJOR LENDERS
BIL. DOLLARS"
1910
1920
1930
1940
1950
1960
VALUE OF ASSETS USED IN AGRICULTURAL PRODUCTION, UNITED STATES, JANUARY 1, SELECTED
YEARS, 1940-59 X
All production assets
Year
1940
1945
1950
1955
19583
1959
Total
(Billions
of dollars)
38.7
67 7
95 9
121.1
140 2
155.4
Average (Dollars)
Per farm
worker 2
Per
farm 2
3,413
6 625
9 625
314,018
18 503
20,651
6,094
11 346
16 979
23,806
29 606
33,455
1
Includes farm real estate, less value of dwellings; livestock;
machinery and motor vehicles, less 60 per cent of the value of automobiles ; crop inventories held for livestock feed; and a portion of the
demand deposits determined for each year by adjusting the deposits
of 2
Jan. 1, 1942, by an index of production costs.
Number of farms and farm workers used in computing these
averages are as estimated by the U. S. Department of Agriculture.
3
Revised.
Not only has the farm production investment
expanded rapidly, but it is in the hands of fewer
farm operators and workers. The amount of production capital per farm increased from $17,000
in 1950 to $33,500 in 1959, or almost 100 per cent.
The value per farm worker rose about 115 per
cent, from $9,600 in 1950 to $20,700 in 1959
(Table 8).
CLAIMS
Claims on agricultural assets are of two general
kinds: (1) Liabilities, which are divided into real
estate and non-real-estate debt; and (2) equities,
which represent the value of the residual rights in
agricultural assets belonging to the proprietors—
owner-operators, tenants, and landlords. Included among these proprietors are individuals,
financial institutions, and other corporations, and
Federal, State, and local government agencies.
Farm real estate debt. Higher farm income,
increased farm expenditures, a strong demand for
farm land, and the general availability of farm
mortgage money were factors in a further rise in
farm mortgage (real estate) debt in 1958. The
farm mortgage debt has increased each year since
the postwar low of $4.8 billion on January 1, 1946.
At $11.3 billion on January 1, 1959, the farm
mortgage debt for the first time exceeded the
previous record high established in 1923, as shown
in the chart.
The amount of farm mortgage loans made increased substantially in 1958, although the
number made declined slightly. At $2.4 billion,
the amount of loans made in 1958 was up 8 per
cent from the amount in 1957. The average size
of loans made increased from $7,680 in 1957 to
$8,410 in 1958.
At the beginning of 1959, the farm mortgage
debt was 7 per cent higher than a year earlier
(Table 9). All regions showed increases; the
regional increases varied from 3 per cent in the
Southern Plains to 12 per cent in the Southeast.
By lenders, the percentage increases in outstanding farm mortgage debt during 1958 were highest
for the Farmers Home Administration and the
Federal land banks.
Farm mortgage money was generally adequate
in 1958. In the first half of 1958, interest rates
eased somewhat and each of the Federal land
banks made a rate reduction. In the last half of
the year, money market rates turned higher and
there was some firming of farm mortgage rates.
Rates continued to rise through the first half of
1959. Most of the Federal land banks and the insurance companies active in the farm mortgage
field increased their rates during that period. On
July 1, 1959, insurance companies generally had
a 5V-i per cent minimum rate, and nine of the
Federal land banks also were charging 5Vi per
cent. The Springfield bank charged 53A per cent
731
THE BALANCE SHEET OF AGRICULTURE, 1959
TABLE 9
FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS,
UNITED STATES, JANUARY 1, SELECTED YEARS,
1940-59
Percentage
change 1
Amount outstanding
(In millions of dollars)
Lender
1940
Total
Federal land banks 2
Federal Farm Mortgage C o r p o r a tion 2 3
Farmers Home Administration*. . . .
Life insurance companies2
Insured commercial
banks
Individuals and miscellaneous
1950
1958
1959 1950-59 1958-59
6,586 5,579 10,507 11,254 101.7
7.1
2,010
8.9
906 1,897 2,065 127.9
0
0
388 100.7
14.2
984 1,172 2,579 2,661 127.0
4.6
534
713
59
0
32
193
340
0
879 1,341 1,443
64.1
7.6
2,313 2,370 4,350 4,697
98.2
7.3
1
2
Computed from unrounded data.
Includes regular mortgages, purchase-money mortgages, and
sales contracts.
3
Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. On
June 30, 1955, loans of the Federal Farm Mortgage Corporation
were sold to the 12 Federal land banks.
4
Data for 1940 include only tenant purchase loans and direct soil
and water loans to individuals. Thereafter data also include farm
development, farm enlargement, and project liquidation loans, and,
beginning 1958, farm housing loans and building improvement loans.
and the Columbia bank had a 6 per cent rate, but
the Berkeley bank still charged 5 per cent for
new loans.
Non-real-estate credit. At the beginning of 1959,
the outstanding non-real-estate loans to farmers
held by the principal lending agencies (excluding
CCC price-support loans) were 15 per cent higher
than a year earlier. Bank loans were up 15 per
cent and loans of the production credit associations
were up 26 per cent, but non-real-estate loans of
the Farmers Home Administration showed a decline of about 7 per cent from a year earlier.
Most of the non-real-estate loans to farmers made
by these agencies are used for farm-production
purposes.
Outstanding price-support loans owed by farmers to the Commodity Credit Corporation doubled
between January 1, 1958 and January 1, 1959.
As of the latter date, the Commodity Credit Corporation held $1,739 million of these loans, compared with $784 million a year earlier, and banks
and other lending agencies held $749 million,
compared with $442 million a year earlier. The
major reason for the increase in price-support loans
was the greatly increased quantities of cotton,
wheat, soybeans, and grain sorghum that were
placed under loan.
As a result of these increases, the total non-realestate debt of farmers is estimated to have reached
$12.0 billion on January 1, 1959, about $2.3
billion, or nearly 24 per cent more than a year
earlier. Excluding price-support loans, the increase was $1 billion or about 12 per cent (Table
10).
More recent data indicate that the trend of farm
production loans to farmers continued upward
during the first quarter of 1959. On April 30,
1959, the loans of the production credit associations were up 27 per cent from a year earlier.
Non-real-estate loans to farmers held by member
banks of the Federal Reserve System were 21
per cent higher on March 12, 1959 than on
March 4, 1958.
Most of the States in which above-average percentage increases in farm production loans to
farmers occurred during the last year are located
in the western part of the Corn Belt and in the
Mountain and Pacific regions. The large increases
in these States doubtless resulted from the greater
numbers of cattle in feedlots and on the ranges
and from the substantial increase in the price of
cattle. But non-real-estate loans to farmers increased during the year in all States except Massachusetts and Rhode Island. Probably this reflects
the generally favorable farm situation that prevailed during 1958. Farmers' purchases of farm
machinery were increased and many farm improvements were made that would not have been
undertaken under less favorable conditions. Many
of these purchases and improvements required use
of additional credit.
The increase in outstanding non-real-estate loans
to farmers was not due to any slowing of payments
on loans but to increased use of credit by farmers.
In the production credit associations, new loans
were 28 per cent greater and collections 29 per
TABLE 10
FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES
JANUARY 1, SELECTED YEARS, 1940-59
[In billions of dollars]
Type of debt
Price-support loans made or
guaranteed by Commodity
Credit Corporation *
Other loans by banks and
Federally sponsored agencies...
Loans and book credits by miscellaneous lenders 2
Total, excluding CCC loans
Total, including CCC l o a n s . . . .
1940
1950
1958
1959
0.4
1.7
1.2
2.5
1.5
2.8
5.0
5.8
1.5
2.4
3.5
3.7
3.0
3.4
5.2
6.9
8.5
9.7
9.5
12.0
1
Although these are nonrecourse loans, they are treated as debts.
Borrowers must either pay them in cash or deliver the commodities
on 2which they were based.
Estimates based on fragmentary data.
732
FEDERAL RESERVE BULLETIN • JULY 1959
cent greater in 1958 than in 1957. In the Farmers
Home Administration, new operating and emergency loans were about 4 per cent greater and
collections almost 18 per cent greater during the
last half of 1958 than in the corresponding period
in 1957. The only State in which the operating
and emergency loans of the Farmers Home Administration increased notably during 1958 was
Florida, where the freeze of the preceding winter
created unusually large needs for this type of
credit.
Interest rates charged farmers by the production credit associations declined during most of
1958 as a result of the decline in money market
rates during the first half of 1958. But the rates
charged by the associations have increased since
the first part of 1959 because of the increase in
money market rates since last summer. As of
April 1, 1959, 61 of the associations were charging
farmers less than 6 per cent per annum, 291 were
charging 6 per cent, and 143 were charging more
than 6 per cent. A survey made by the American
Bankers Association this spring indicated that
early in 1959 the rates charged by banks on nonreal-estate loans to farmers averaged about 6.4
per cent.
Estimates of the Farm Economics Research
Division, Agricultural Research Service, indicate
that the rate charged by banks for interest plus
loan service fees was approximately the same as
NON-REAL-ESTATE FARM LOANS
Held by Banks and Federally Sponsored Agencies*
$ BIL.
( H F. H. A.°
U
Prod, credit ass'nst
E 5 All operating banks
S3
1910
1920
1930
1940
1950
1960
the rate charged by production credit associations
in 1957 and 1958. The over-all charge at both
types of institutions was about 6.7 per cent per
annum in 1957 and about 6.8 per cent in 1958.
Banks charged the higher interest rates; production credit associations the higher loan service fees.
Total farm debt. Including price-support loans,
total farm debt rose during 1958 to a high of
$23.3 billion on January 1, 1959. This debt has
risen constantly since 1946 and has almost doubled
since 1950. On January 1, 1959, farm debt
amounted to 11 per cent of the value of farm
assets compared with 10 per cent on January 1,
1950.
Law Department
Administrative interpretations, new regulations, and similar material
Alaska Omnibus Act
The Act of Congress approved June 25, 1959
(Public Law 86-70) known as the "Alaska Omnibus Act" contains the following amendments to
sections 1 and 19 of the Federal Reserve Act and
certain other Acts of interest to the Federal
Reserve System:
Sec. 8. (a) Section 1 of the Federal Reserve Act, as
amended (12 U.S.C. 221), is further amended by
deleting the period at the end of such section and inserting in lieu thereof the following: "; the term 'the
continental United States' means the States of the
United States and the District of Columbia."
(b) Section 19 of the Federal Reserve Act, as
amended (12 U.S.C. 466), is further amended by striking the words "in Alaska or".
Sec. 12. (b) Paragraph (16) of section 3(a) of the
Securities Exchange Act of 1934, as amended (15
U.S.C. 78c(a)(16)), is further amended by striking out
the word "Alaska,".
Sec. 25. Section 15 of the Gold Reserve Act of 1934,
as amended (31 U.S.C. 444), is further amended by
striking out the words ", the District of Columbia, and
the Territory of Alaska" and inserting in lieu thereof
the words "and the District of Columbia".
Current Events and Announcements
RESIGNATION AND APPOINTMENT OF BRANCH
DIRECTORS
Mr. Harris McAshan, who had served as a director of the Houston Branch of the Federal Reserve
Bank of Dallas since January 1, 1959, resigned effective June 11, 1959. Mr. McAshan is Vice Chairman of the Board of the Texas National Bank of
Houston, Houston, Texas.
To succeed Mr. McAshan, the Federal Reserve
Bank of Dallas on June 11 appointed Mr. J. W.
McLean a director of the Bank's Houston Branch
for the unexpired portion of a term ending December 31, 1961. Mr. McLean is President of the
Texas National Bank of Houston.
PUBLICATION OF ANNUAL REPORT
The Forty-fifth Annual Report of the Board of
Governors of the Federal Reserve System, covering operations for the calendar year 1958, is
available for distribution. Copies may be obtained
upon request from the Board's Division of Administrative Services, Washington 25, D. C.
TREASURY-FEDERAL RESERVE STUDY
The United States Treasury Department and the
Federal Reserve System early last spring initiated
a joint inquiry into the functioning of the Government securities market. It was hoped that the
study would point the way to improvement in the
market's mechanism and to prevention of speculative excesses.
Part I of the study consists of two papers. The
first summarizes the informal consultations conducted by the Treasury-Federal Reserve study
group with individuals associated with or informed about the functioning of the market. The
second paper is a special technical study concerned
with the question whether an organized exchange
might better serve the public interest in effectuating the purchase and sale of Government securities.
Part II of the Treasury-Federal Reserve study
will be a factual and analytical report on the performance of the Government securities market in
1958, with special reference to the build-up in
733
market speculation prior to midyear and its
liquidation during ensuing months of declining
securities prices and rising interest rates. Part III
of the study will deal with specialized and technical subjects suggested by the informal consultations and the factual record of 1958.
Part I of the study is available for distribution.
It may be obtained by writing to the Division of
Administrative Services, Board of Governors of
the Federal Reserve System, Washington 25, D. C
The price is $1.00 per copy for each part. There
is a special price of $2.50 for the set of three
books, when all are ordered at one time. The individual parts will be forwarded as they become
available.
NEW SERIES FOR LARGE MANUFACTURING
CORPORATIONS
A new series on sales, profits before taxes, profits
after taxes, and dividends of large manufacturing
corporations is included in this issue of the
BULLETIN (page 767). This series for 180 companies replaces the series for 200 companies previously published (page 625 of the BULLETIN for
June 1959). Annual and quarterly data for the
new series for periods not shown in the regular
BULLETIN table are shown on pages 792 and
793.
The new series uses the same sources of information and the same methods of compilation
as the old series, and it provides data for the same
selected industry groups. Nevertheless, it covers
a much shorter span of years: quarterly data are
available beginning with 1955 and annual data
beginning with 1946. This has made it possible
to include several very large companies that did
not begin to publish quarterly financial statements
until recent years and thus to cover a much larger
proportion of total manufacturing profits with a
somewhat smaller number of companies. Companies included in the new series account for about
half of the profits of all manufacturing companies.
Sales volume and availability of data were the
criteria used in selecting companies. The series
includes every manufacturing corporation with
734
sales of $150 million or more for which both sales
and profits data are available for each quarter
since the beginning of 1955 and for which such
data are available promptly after the close of the
quarter. On this basis it includes about two-thirds
of all manufacturers with annual sales in 1957 of
$150 million or more and three-fourths of those
with sales of $500 million or more.
Since sales volume and availability of data were
the criteria in selecting companies, some industries
are more adequately represented than others.
Representation in a number of nondurable goods
industries is especially light; in contrast, motor
vehicle companies in the series account for more
than 90 per cent of total profits of the motor
vehicle group.
Sales and profits data are obtained primarily
from published stockholder reports. Reported
sales figures are adjusted to exclude excise taxes
paid directly by the company. Reported profits
(before and after taxes) are adjusted to reflect as
nearly as possible the results of current manufacturing operations only. Quarterly dividend
payments, when not available from the company's
financial statement, are computed from published
data on dividends per share and on the number
of shares outstanding.
FLOW OF FUNDS/SAVING
Publication of the Board's new quarterly presentation of flow of funds, savings, and investment, ten-
FEDERAL RESERVE BULLETIN • JULY 1959
tatively scheduled for this BULLETIN, will appear
in the BULLETIN for August.
ADMISSION OF STATE BANK TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM
The following bank was admitted to membership
in the Federal Reserve System during the period
May 16, 1959 to June 15, 1959:
Missouri
St. Joseph.
The Mechanics Bank of
St. Joseph, Missouri
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number of....
On, and not on, Federal Reserve Par
List, number of
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by class
and State
Operating ratios, member banks
Stock Exchange firms, detailed debit and
credit balances
Banking and monetary statistics, 1958..
Summary flow-of-funds a c c o u n t s ,
1954-56
Bank holding companies:
List of, Dec. 31,1958
Banking offices and deposits of group
banks, Dec. 31, 1957
Issue
Page
Feb. 1959
210
Feb. 1959
211
Feb. 1959
208-09
June 1959
Nov. 1958
June 1959
650-58
1346
659
Apr. 1959
July 1959
442-43
794-96
Nov. 1958
/ ^ |||*
550I53
Oct. 1957
1190-94
1347
June 1959
660
Oct. 1958
1224
National Summary of Business Conditions
Released for publication July 15
Industrial activity and nonfarm employment increased further in June and unemployment was
unchanged, after allowance for seasonal variation.
Retail sales remained at a record high. Commercial bank loans continued to expand. Common
stock prices advanced, reaching new highs in
early July, and trading volume expanded.
stoppages. Output of metallic ores and stone and
earth minerals advanced, but production of crude
oil declined.
CONSTRUCTION
The value of new construction increased less
than seasonally in June, and on a seasonally adjusted basis was 2 per cent below the March
record. Private residential activity decreased, following a 13-month advance, and public residential,
highway, and military construction declined
further. Industrial building activity rose for the
second month, after a prolonged decline, and private commercial construction again set a new high.
INDUSTRIAL PRODUCTION
The seasonally adjusted index of industrial production rose in June to 155 per cent of the 1947-49
average, two points above the revised May level.
Output of autos, household durable goods, and
most types of business equipment continued to expand. Output of construction materials increased
further and production of aluminum was maintained at advanced levels. Steel production declined to 90 per cent of capacity—three percentage
points below the May rate—as operations were
affected by approaching termination of the labor
contract. Near the end of June the contract was
extended for two weeks to mid-July, when a work
stoppage began.
Among nondurable goods industries, output of
textile, apparel, paper, and chemical products expanded further and activity in the rubber industry increased following settlement of major work
INDUSTRIAL
EMPLOYMENT
Seasonally adjusted employment in nonfarm
establishments rose 220,000 further in June. Gains
in metalworking and other durable goods industries were again large and employment also increased in services and finance, trade, and State
and local government. Reflecting the usual influence of students and recent graduates seeking
jobs in June, unemployment increased 600,000 to
4 million; the seasonally adjusted rate of unemployment remained at 4.9 per cent of the civilian
labor force.
DISTRIBUTION
Retail sales were maintained in June, after seasonal adjustment, resulting in a second quarter
total 3 per cent higher than in the first quarter and
10 per cent above a year earlier. The number of
new autos sold rose more than seasonally in June
and sales at department stores increased slightly
further. Offsetting changes in other major groups
of stores were generally small.
PRODUCTION
1947-49-100
DURABLE MANUFACTURES
AGRICULTURE
/
NO
NONDURABLE
MANUFACTURES
/ \ f
1
1957
1959
1955
1
I
1957
Federal Reserve indexes, seasonally adjusted.
ures; latest shown are for June.
I
U^
1959
Monthly fig-
735
Crop production in 1959, based on July 1
conditions, was officially forecast at 4 per cent less
than the record output in 1958 but 7 per cent above
the 1955-57 average. Feed grain production is
expected to be slightly below last year's record,
hay and wheat output to be smaller, and cotton
production to be larger.
Total meat production in the first half of 1959
736
FEDERAL RESERVE BULLETIN • JULY 1959
was 8 per cent above a year earlier, reflecting substantially larger marketings of hogs and broilers.
Cattle marketings were no larger than the reduced
volume of a year earlier, as producers continued
to build up herds. Output of eggs was larger than
in the first half of 1958 while milk production was
somewhat smaller.
COMMODITY PRICES
The total wholesale commodity price index declined somewhat from mid-June to mid-July. Reflecting mainly decreases in livestock prices in response to large marketings, average wholesale
prices of farm products declined 3 per cent and
were 8 per cent below mid-1958. Meanwhile, the
industrial commodity price index was stable at a
level 2 per cent higher than a year ago. Prices of
copper, rubber, and some other materials eased
further, but textiles, steel scrap, shoes, and carpets
advanced.
but bank holdings of securities were further reduced. The seasonally adjusted money supply declined slightly following moderate growth in April
and May, and was 4 per cent larger than a year
ago.
Member bank borrowings from the Federal Reserve averaged $950 million and excess reserves
$475 million in the four weeks ending July 8.
During this period, reserves were absorbed mainly
by currency outflow and gold sales to foreigners.
Reserves were supplied principally by Federal Reserve System purchases of U. S. Government
securities and increases in Reserve Bank float.
SECURITY MARKETS
Total commercial bank credit again changed
little in June. Loans continued to expand rapidly,
Yields on Treasury and State and local government securities advanced from mid-June to midJuly. Yields on 9-12 month Treasury issues, affected by borrowing of $5 million through two
new bills issued in the first half of July, rose
sharply to AV2 per cent. Corporate bond yields
changed little after having advanced from midMay to mid-June when other long-term rates were
relatively stable.
RETAIL TRADE
INTEREST RATES
BANK CREDIT AND RESERVES
1947-49-100
LONG - T E R M
GOVERNMENT SECURITIES ,
DEPARTMENT
STORES
_L
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for stocks is May, for other series, June.
_L
Weekly average market yields for long-term U. S. Government IVi per cent bonds and for longest Treasury bills; latest
shown are for week ending July 10.
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. .
739
742
743
746
748
749
752
754
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. . .
755
757
758
759
760
762
766
767
769
772
Selected indexes on business activity. .
Production
- ..
Employment and earnings.
Department stores .
Foreign trade
Wholesale and consumer prices
National product and income series
776
777
784
786
787
788
790
Sales, profits, and dividends of large manufacturing corporations.
Member bank operating ratios, 1958.
792
794
Tables published in BULLETIN, annually or semiannually—list with references.
734
Index to statistical tables..
819
Tables on the following pages include the prin- the basis of material collected by other agencies;
cipal statistics of current significance relating figures for gold stock, currency in circulation,
to financial and business developments in the Federal finance, and Federal credit agencies are
United States. The data relating to Federal obtained from Treasury statements; the remainReserve Banks, member banks of the Federal ing data are obtained largely from other sources.
Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's
duction indexes are compiled by the Board on publication, Banking and Monetary Statistics.
737
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
W e e k l y a v e r a g e s of d a i l y figures
Billions of
MEMBER BANK
RESERVE BALANCES
dollars
25
20
REQUIRED RESERVES
15
EXCESS RESERVES
CURRENCY IN CIRCULATION
RESERVE BANK CREDIT
GOLD STOCK
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
U.S. GOVERNMENT SECURITIES
20
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1953
1954
1955
1956
1957
1958
Latest averages shown are for week ending June 24. See p. 739.
738
1959
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks
ury
Other
cash
F. R.
acholdcounts
ings
Treas- For- Other
ReExTotal
quired 2 cess2
ury eign
DisHeld counts
Bought under and Float Total
repuradTotal outright
chase vances
agreement
Gold
stock
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
23,799
23,931
23,876
24,053
23,799
23,931
23,876
24,053
21,967
21,886
21,779
21,661
5,197
5,199
5,200
5,201
30,659
30,812
30,822
30,813
738
741
732
722
533
470
459
437
287
294
309
276
386
386
381
391
1,049
1,046
1,043
1,023
18,276
18,190
18,248
18,194
17,647
17,528
17,545
17,513
629
662
703
681
24,194
24,397
24,682
25,002
24,194
24,391
24,581
24,891
869 25,240
135
184
815 25,440
175 1,036 25,939
99 1,024 26,170
21,594
21,594
21,540
21,374 5,204
30,989
31,052
31,070
30,975
709
709
698
698
411
424
459
440
238
267
331
280
484
370
359
229
1,057 18,147
1,139 18,274
1,146 18,619
1,144 18,983
17,574
17,687
17,984
18,314
573
587
635
669
25,422
25,456
25,262
25,157
25,035
25,419
25,456
25,262
25,157
25,035
97
815 26,380
143
947 26,589
115
979 26,398
85 1,045 26,328
823 26,005
108
21,349
21,306
21,300
21,280
21,252
5,203
5,202
5,202
5,203
5,206
31,163
31,385
31,375
31,217
31,086
687
677
686
692
697
446
489
497
465
543
268
265
358
293
300
405
377
371
340
333
,105 18,859
,097 18,809
,095 18,518
,091 18,712
,041 18,462
18,204
18,051
17,949
17,924
17,824
655
758
569
788
638
27.
25,240
25,646
25,406
25,257
25,240
25,626
25,406
25,257
828 26,212
112
229
774 26,685
216 1,008 26,665
271
857 26,417
21,195
21,154
21,086
21,086
5,207
5,210
5,210
5,211
31,171
31,291
31,295
31,249
696
699
696
688
662
504
528
486
291
300
259
234
350
329
301
320
,148 18,296
,166 18,760
,233 18,648
,212 18,526
17,738
18,073
18,027
17,953
558
687
621
573
Sept. 3 .
10.
17.
24.
25,353
25,233
25,001
24,893
25,353
25,233
25,001
24,893
79: 26,638
461
514
883 26,661
563 1,049 26,644
433 1,203 26,558
21,011
21,012
20,939
20,895
5,211
5,213
5,215
5,216
31,381
31,433
31,393
31,285
691
694
694
683
539
478
304
508
305
330
397
308
324
319
282
320
,175 18,446
,153 18,479
,156 18,572
,162 18,404
17,899
17,873
17,935
17,811
547
606
637
593
Oct.
15
22
29
24,940
25,143
25,498
25,242
25,300
24,940
25,143
25,353
25,242
25,300
145
401
904 26,275
434
911 26,519
472
922 26,925
369 1,401 27,046
456
977 26,767
20,866
20,830
20,764
20,724
20,690
5,219
5,219
5,220
5,220
5,221
31,217
31,352
31,498
31,435
31,299
690
691
689
681
681
448
447
386
464
512
261
299
327
308
270
387
343
412
332
321
,123 18,234
,119 18,318
,121 18,475
,117 18,652
080 18,515
17,774
17,753
17,989
18,086
17,993
460
565
486
566
522
Nov. 5
12
19
26
25,459
25,660
25,411
25,734
25,380
25,614
25.392
25,578
79
46
19
156
796 26,694
403
470
934 27,100
453 1,188 27,087
430 1,199 27,399
20,679
20,652
20,680
20,616
5,222
5,225
5,225
5,225
31,422
31,660
31,754
31,825
681
687
692
686
325
371
475
455
283
297
316
243
391
375
341
337
,078 18,416
,078 18,510
,074 18,340
,063 18,631
18,008
17,891
17,900
18,225
408
619
440
406
Dec.
3.
10.
17.
24.
31.
26,143
26,282
26,315
26,272
26,437
26,033
26,250
26,223
26,188
26,241
110
32
92
84
196
580
415
519
631
808
1,087
1,112
1,439
1,944
1,618
27,844
27,847
28,311
28,889
28,910
20,609
20,593
20,576
20,536
20,526 5,232
32,057
32,218
32,394
32,533
32,458
693
696
693
684
692
465
376
428
540
521
222
232
263
239
332
401
328
335
328
333
,103 18,740
,191 18,629
,161 18,844
,172 19,160
,165 19,167
18,232
18,160
18,374
18,548
18,511
508
469
470
612
656
1959
1....
14
21....
28 .. ..
26,184
25,922
25,580
25,471
26,090
25,817
25,580
25,471
94
105
644
730
457
507
1,401
1,011
1,288
1,074
28,275
27,708
27,368
27,094
20,534
20,526
20,515
20,515
5,234
5,234
5,234
5,235
32,008
31,710
31,385
31,150
701
704
712
714
446
390
401
404
279
297
357
298
,122 19,131
,121 18,901
,118 18,769
,118 18,817
18,588
18,340
18,234
18,424
543
561
535
393
Feb. 4
11
18
25
25,673
25,657
25,529
25,399
25,592
25,621
25,523
25,394
81
36
6
5
433
946 27,092
553
887 27,136
583
960 27,112
474 1,050 26,965
20,476
20,476
20,475
20,474
5,235
5,236
5,238
5,239
31,120
31,193
31,205
31,111
723
727
741
724
442
364
398
443
278
304
313
308
356
345
373
343
344
333
391
448
,146
,185
,214
,255
18,749
18,742
18,562
18,389
18,345
18,189
18,120
17,979
404
553
442
410
Mar. 4 .
11 .
18.
25.
25,355
25,366
25,471
25,510
25,294
25,331
25,419
25,461
61
35
52
49
548
951 26,892
722
849 26,976
543 1,000 27,048
619
961 27,123
20,479
20,448
20,442
20,442
5,241
5,242
5,244
5,246
31,129
31,215
31,287
31,231
721
716
727
714
534
454
437
456
298
311
290
295
339
336
340
339
18,375
,212 18,421
,214 18,439
,218 18,558
17,957
17,868
18,051
18,100
418
553
388
458
Apr. 1
8
15
22
29
25,494
25,722
25,789
25,544
25,608
25,462
25,484
25,545
25,511
25,608
32
238
244
33
629
998 27,151
690
914 27,357
816 27,357
721
767 1,130 27,472
900 27,212
673
20,442
20,442
20,440
20,409
20,330
5,247
250
5,253
5,254
5,257
31,229
31,280
31,365
31,332
31,244
709
709
712
705
705
523
524
471
456
560
364
296
279
286
271
512
348
343
362
333
,181 18,323
,180 18,711
,181 18,698
,178 18,817
,136 18,551
17,855
18,302
18,254
18,307
18,183
468
409
444
510
368
May
25,808
26,010
25,935
25,905
25,706
25,940
25,926
25,905
102
70
9
693
893 27,424
726
795 27,563
870 1,155 27,989
675
940 27,548
20,262
31,368
20,251
31,505
20.197 5,264 31,515
20,188 5,268 31,473
711
710
710
708
542
521
504
543
256
269
280
281
360
383
367
363
,136 18,571
,139 18,550
,245 18,829
,244 18,393
18,213
18,096
18,227
18,063
358
454
602
330
25,905
25,939
25,944
25,970
25,905
25,939
25,944
25,936
853 27,650
866
996
774 27,736
993 1,029 27,994
894 1,256 28,147
20,188
20,141
20,136
20,017 5,287
701
716
715
626
548
476
436
515
297
260
259
283
376
364
361
349
,219
,218
,226
,238
18,021
17.886
18,065
18,115
303
428
*>472
U. S. Govt. securities
Week
ending
Averages of
daily figures
May
1958
7
14
21
28
June 4 .
11.
18.
25.
July
2
9
16
23
30
Aug. 6.
20.'
Jan.
6
20
27
June 3
10
17
24
p
118
123
104
119
6
101
111
20
34
808 24,763
760 24,854
994 25,016
780 24,994
Preliminary.
31,645
31,803
31,877
31,814
For other notes see following page.
739
18,324
18,314
18.537
18,627
740
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
DisGold
Held counts
stock
under and Float Total i
Bought repuradTotal outchase
right agree- vances
ment
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
Member bank
than member bank
reserves,
reserves
with F. R. Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForReTotal quired 2 Exury eign Other
Averages of
daily figures
1958
24,749
25,218
25,410
25,051
25,296
25,650
26,312
24,698
25,218
25,406
25,051
25,260
25,562
26,216
51
25,776
25,532
25,446
25,661
25,920
25,963
25,723
25,503
25,400
25,538
25,882
25,949
53
29
46
123
38
14
216
1,998
2,484
2,254
24,262
22,559
20,778
24,785
24,915
23,035
24,238
148
1,998
2,484
2,254
24,262
22,559
20,725
24,391
24,610
22,994
23,719
68 1,037
164
7
3
249
85
53
67
394
108
305
50
41
558
519
55
25,438
24,480
25,346
24,986
25,443
26,229
26,347
25,438
24,480
25,346
24,986
25,373
26,069
26,252
25,715
25,350
25,497
25,703
25,905
26,044
25,611
25,295
25,497
25,623
25,905
26,025
1959
Apr. 1.
8.
15.
22.
29.
25,478
25,726
25,801
25,563
25,623
25,478
25,493
25,588
25,563
25,623
M a y 6.
13.
20.
27.
25,940
26,085
25,905
25,905
25,829
25,977
25,905
25,905
June 3.
10.
17.
24.
25,905
25,944
25,944
25,919
25,905
25,944
25,944
25,919
June
July
Aug
Sept
Oct
Nov
Dec
142
109
252
476
425
488
564
916 25,851
942 26,310
858 26,554
990 26,548
035 26,789
039 27,211
496 28,412
5,203
5,203
5,210
5,215
5,220
5,225
5,230
31,039
31,264
31,268
31,342
31,390
31,732
32,371
701
687
694
691
685
688
691
442
498
541
445
449
410
470
281
302
274
325
299
276
262
350
358
324
325
352
369
337
574 1,170 27,564 20,518 5,234 31,521
526
961 27,059 20,475 5,238 31,158
620
954 27,055 20,448 5,244 31,227
694
27,323 20,403 r 5,253 r31,304
784
27,669 20,217 5,265 31,490
938 1,009 27,937 20,030 5,282 31,816
709
729
717
708
r
708
632
415
417
477
505
532
495
306
303
312
283
274
277
353
378
377
347
369
359
21,490
21,285
21,112
20,940
20,750
20,648
20,563
,132 18,600
,081 18,609
,194 18,580
,151 18,425
,108 18,476
,068 18,540
,174 18,899
17,974
17,953
17,946
17,854
17,955
18,034
18,383
626
656
634
571
521
506
516
18,893
18,577
18,429
18,664
18,580
18,451
18,396
18,117
17,968
18,247
18,132
497
460
461
417
448
1959
Jan
Feb
Mar
May'.'/.'.'.'.....
June
1,120
1,211
1,208
1,168
1,197
1,219
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1955—Dec
1956—Dec
1957—June....
Dec
1,400
2,220
2,593
2,361
25,091
23,181
22,216
26,507
26,699
24,816
25,784
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
21,949
22,623
22,781
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,008
5,066
5,107
5,146
4,459
5,434
7,598
11,160
28,515
28,868
27,741
31,158
31,790
31,082
31,834
204
264
2,409
2,215
2,287
1,336
1,293
767
775
758
761
36
35
634
867
977
870
668
394
441
498
481
6
15
397
774
862
392
895
402
322
449
356
21
374 2,356
151
346 2,292
256
251 11,653
586
291 12,450
446
495 15,915
569
563 17,899
565
714 17,681
554
925 19,005
426
901 19,059
308 1,075 18,376
246
998 19,034
2,333
1,817
6,444
9,365
14.457
16;400
16,509
18,903
19,089
18,543
19,091
23
475
5,209
3,085
41
94
555
255
407
717
64
758 26,283
868 25,477
805 26,739
860 26,130
788 26,675
026 28,006
296 27,755
21,356
21,210
21,011
20,874
20,690
20,609
20,534
5,203
5,207
5,211
5,219
5,222
5,228
5,234
31,172
31,171
31,371
31,245
31,386
32,036
32,193
692
685
684
684
674
694
683
410
617
540
371
363
424
358
269
288
313
258
288
226
272
420
329
332
395
335
430
391
096 18.784
,039 ;764
,184 18,538
,122 18,147
,079 18,462
,038 18.994
,122 18,504
18,158
17.801
17,860
17,785
18.009
18,217
18,574
626
-37
678
362
453
777
-70
462
632
327
500
984
421
979 27,197 20,476
999 27,020 20,479
862 26,716 20,442
943 27,176 20,305
860 27,777 20,188
846 27,337 *>19,704
5,235 31,125
5,241 31,129
5,247 31,250
5,257 31,349
5,273 31,638
5291 ^31,911
721
718
689
711
694
^409
447
492
398
539
567
535
274
310
308
266
291
294
345
334
388
341
369
363
,118 18,878
,215 18.540
,180 18,192
,136 18,396
,219 18,459
,181 17,640
18,355
17,972
17,815
18,201
17,975
17.999
523
568
377
195
484
357
775
918
1,014
534
853 26,719
730 27,262
823 27,571
778 27,384
801 26,987
20,442
20,441
20,431
20,331
20,330
5,247
5,252
5,253
5,255
5,257
31,211
31,311
31,355
31,246
31,276
715
713
708
710
710
534
397
499
496
466
297
288
257
247
274
380
344
343
333
335
179 18,092
180 18,722
,180 18,913
178 18.760
136118,378
17,872
18,289
18,321
18,245
18,202
220
433
592
515
176
863
652
376
554
763 27,595
764 27; 530
933 27,242
721 27,206
20,255
20,244
20,188
20,188
5,260
5,263
5,267
5,269
31,414
31,482
31,454
31,511
723
717
709
706
542
504
468
525
263
255
296
289
391
387
385
353
,137
,139
,262
,219
18,640
18,553
18.123
18,062
18,188
18.296
18,200
18,063
452
257
-77
-1
731
811 27,473
700 27,576
906
1,131 1,241 28,344
911 27,765
909
20,188
20,137
20,135
19,771
5,272
5,279
5,287
5,288
31,687
31,832
31,837
31,753
710
717
717
412
474
414
378
532
354
258
278
337
391 ,218 18,099
352 ,217 18,201
450 1,237 18,869
364 1,237 18,188
18,033
17.914
^18.243
J'17.998
66
287
P626
578
535
1,368
1,585
1,665
1,199
1,424
1,458
1,499
1,172
102
-30
-167
-57
End of month
1958
June
July
Aug
Sept
Oct
Nov
Dec
70
160
95
1959
Jan
Feb
Mar
Apr
May
June
104
55
80
19
Wednesday
233
213
111
108
r
* Preliminary.
Revised.
1
Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.
2
These figures are estimated.
741
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. 1 In millions of dollars]
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
Item and period
mem-
Central reserve
city banks
ber
banks
New
York
Chicago
Reserve
city
banks
Country
banks
474
481
515
516
474
433
420
430
Excess reserves:2
Total reserves held:
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
18,223
18,600
18,609
18,580
18,425
18,476
18,540
18,899
4,030
4,214
4,132
4,014
3,951
3,935
3,883
4,033
1,054
1,113
1,088
1,097
1,064
1,061
1,054
1,077
7,614
7,721
7,772
7,820
7,731
7,755
7,819
7,940
5,525
5,552
5,617
5,651
5,679
5,724
5,784
5,849
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
666
626
656
635
571
521
506
516
53
28
32
26
27
27
17
23
8
14
5
3
5
6
7
131
102
104
89
65
55
69
57
1959—Jan
Feb
Mar
Apr
May
18,893
18,577
18,429
18,664
18,580
4,031
3,968
3,994
4,008
3,979
1,066
1,052
1,029
1,041
1,037
7,929
7,777
7,702
7,825
7,792
5,868
5,780
5,704
5,790
5,772
1959—Jan
Feb
Mar
Apr
May
497
460
461
417
448
12
15
30
7
24
1
1
2
5
4
56
55
49
34
64
428
390
381
372
357
18,829
18,393
4,023
3,938
1,044
1,027
7,824
7,735
5,938
5,692
602
330
31
7
5
2
59
33
18,324
18,314
18,537
18,627
3,949
3,862
3,949
3,953
1,017
995
,010
,015
7,721
7,688
7,769
7,793
5,638
5,769
5,809
5,866
303
428
*>472
*>512
11
7
12
3
2
1
4
42
42
37
39
505
287
248
377
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
17,557
17,974
17,953
17,946
17,854
17,955
18,034
18,383
3,977
4,186
4,101
3,987
3,923
3,909
3,866
4,010
,046
,099
,084
,094
,058
,055
,055
,070
482
619
667
7,731
667
700
750
883
5,051
5,070
5,101
5,134
5,205
5,291
5,364
5,419
1959—Jan
Feb...
Mar
Apr
7,873
7,723
7,653
7,791
7,728
5,440
5,390
5,323
5,418
5,415
2
21
16
48
106
35
60
103
1
2
1
3
8
9
16
39
42
45
49
111
266
253
258
254
74
74
44
90
96
128
152
162
,065
,051
,027
,036
,033
119
142
109
252
476
425
486
557
18,396
18,117
17,968
18,247
18,132
4,018
3,953
3,965
4,001
3,955
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
1959—Jan
Feb
Mar
Apr
May
557
508
601
676
767
77
43
13
96
75
54
27
124
69
44
279
250
277
317
424
147
188
187
194
224
18,227
18,063
3,992
3,931
,038
,025
7.764
7,702
5,433
5,405
3,938
3,855
3,938
3,954
5,390
5,392
^5,386
*>5,396
853
658
78
17
,014
993
,009
,011
7,679
7,646
7,732
7,754
118
56
18,021
17,886
^18,065
18115
458
343
849
979
976
876
56
4
21
45
41
75
89
61
509
643
596
557
199
242
243
257
270
213
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
547
484
546
383
95
96
20
-41
51
7
16
— 22
-79
-8
-43
-80
7
12
4
1959__j an
Feb
Mar
Apr
May
-59
-47
-140
-258
-318
Week ending:
Week ending:
1959—May 20
June
3
10
17
24
Required reserves:2
May
Week ending:
1959_May 20
June
3
10
17
24
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
May 1959
Gross demand deposits:
121,053
Total
Interbank
12,512
Other
108,540
3
Net demand deposits . . 103,458
Time deposits
54,601
Demand balances due
6,253
from domestic banks.
23,857
4,034
19,823
20,522
5,222
6,153
1,133
5,020
5,342
1,431
47,905
6,053
41,852
40,194
21,927
43,138
1,293
41,846
37,400
26,021
75
108
2,046
4,025
P 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
i
Borrowings at
Federal Reserve Banks
Week ending:
1959_May 20
27
June 3
10
17
24
Free reserves:2 4
May 1958
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3. . .
Time deposits
Demand balances due
from domestic banks. .
1959_May 20
27
June 3
10
17
24
-3
-3
-16
-31
89
57
56
— 22
-201
-198
-189
-198
399
408
471
426
378
305
268
268
-65
-28
16
-89
-51
-53
-26
-122
-64
-41
-223
-195
-228
-284
-360
281
202
194
178
133
-251
-328
-87
-49
-73
-15
-399
-310
-546
-551
P-504
-45
3
-9
-46
-38
-73
-88
-57
-467
-601
-559
-518
306
45
5
120
Week ending:
1959—May 20
27
June 3
10
17
24
*>-364
*>257
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.
742
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) i
Federal Reserve Bank
Rate on
June 30
In effect
beginning—
Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
June
May
June
June
June
June
May
May
May
June
May
June
San Francisco
2,
29,
5,
12,
12,
2,
29,
29,
29,
5,
29,
11,
Previous
rate
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
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
In effect
beginning—
Previous
rate
Rate on
June 30
In effect
beginning—
June 2, 1959
M a y 29, 1959
June 5, 1959
June 12, 1959
June 12, 1959
June 2, 1959
M a y 29, 1959
M a y 29, 1959
M a y 29, 1959
June 5, 1959
M a y 29, 1959
June 11, 1959
Mar. 10, 1959
M a y 29, 1959
June 5, 1959
June 12, 1959
Mar. 13,1959
Oct. 28, 1958
Mar. 6, 1959
M a y 29, 1959
Mar. 16,1959
Mar. 13,1959
Oct. 24, 1958
Mar. 12,1959
Previous
rate
4
4
4
4
4
4
4%
4
4
4
i 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 DISCOUNT RATES i
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date
effective
Range
(or level)—
all F. R.
Banks
1956
Apr. 1 3 . . .
20...
Aug. 2 4 . . .
31...
2%-3
2*4-3
2*4-3
2*4
2*4
3
1957
3 -3%
Nov. 15!.'!
Dec. 2 . . .
1958
Jan. 2 2 . . .
24.. .
Mar. 7 . . .
13.. .
21.. .
3
%A
214
3
3%
3
3
2*4
2*4-3
2*4-3
2
F. R.
Bank
of
N. Y.
4
214
214
Range
(or level)—
all F. R.
Banks
Date
effective
1958
Apr. 1 8 . . .
May 9 . . .
Aug. 1 5 . . .
Sept. 1 2 . . .
23...
Oct. 2 4 . . .
Nov. 7 . . .
1959
Mar. 6 . . .
Mar. 1 6 . . .
May 2 9 . . .
June 1 2 . . .
F. R.
Bank
of
N. Y.
f
2
2%
2%-3
3
3 -3%
3%
k
3%
MARGIN REQUIREMENTS i
[Per cent of market value]
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
1
Jan. 16, Aug. 5, Effec19581958tive
Aug. 4, Oct. 15, Oct. 16,
1958
1958
1958
50
50
70
70
90
90
50
70
90
Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value.
Central
reserve
city
banks
Reserve
city
banks
Time deposits
Country
banks
Central
reserve
and
reserve
city
banks
Country
banks
3
3
6
5
6
6
5
6
1917—June 21
13
10
7
1936—Aug.
1937—Mar.
May
1938—Apr.
16
1
1
16
19%
22y4
26
22^4
15
10%
11*
14
12
1941—Nov.
1942—Aug.
Sept.
Oct.
1
20
14
3
26
24
22
20
171/2
20
14
1948
2 -2%
2%
i Under Sees. 13 and 13a (as described in table above). For data for
1941-55, see BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York on
repurchase contracts against U. S. Goyt. securities was the same as its 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; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50.
Prescribed in accordance with
Securities Exchange Act of 1934
Effective date
of change
14
*
14
*
1*4-2
1*4-2
In effect
June 3 0 . . .
Net demand deposits *
Feb.
June
Sept.
1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954__j une
July
27
11
16,24*....
1,5*
30, July 1*.
1,11*....
16, 1 8 * . . . .
25
1
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1 *
22
24
26
24
22
21
20
19%
19
18%
18
19
20
19
16
15
14
13
12
m
i3
6
6
18
12
5
5
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1 *
17
24
19%
19
18%
18
Hi/2
17
11%
11
In effect July 1, 1959...
18
16%
11
5
5
Present legal requirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
23i/2
23
22%
22
23
24
22
21
20
12V4
14
13
6
5
6
" 5 "
16%
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thurs.) are at central reserve or reserve city banks.
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).
FEDERAL RESERVE BANKS
743
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1959
June 24
June 17
June 10
1959
June 3
May 27
June
1958
May
June
Assets
Gold certificate account
Redemption fund for F. R. notes..
18,561,142 18 ,634,894 18,636,892 18,691,894 18,691,894 18,494,141 18,691,892 19,924,392
921,788
913,052
921,950
914,028
912,028
913,050
913,052
842,389
Total gold certificate reserves.
19,482,930 19,548,922 19,548,920 19,604,946 19,604,944 19,416,091 19,604,944 20,766,781
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances—Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement.
350,868
366,950
319,490
352,166
297,017
345,882
295,638
353,410
346,793
364,043
294,676
366,464
312,086
367,966
286,629
348,163
892,236 1,114,479
17,000
17,000
1
25,397
26,396
888,700
17,000
2
26,394
714,271
17,000
2
26,395
536,532
17,000
2
26,891
404,027
17,000
1
26,005
967,364
17,000
2
27,863
41,386
343
44,796
1,918,200 1,943,400 1,943,400 1,903,500 1,903,500 2,024,100 1,903,500 2,702,810
18,649,726 18,649,
2,867,565 2,867;
2,483,771 2,483!
18,649,726 18,649,726 18,649,726 18,649,726 18,649,726 19,946,105
2,867,565 2,867,565 2,867,565 2,867,565 2,867,565
2,483,771 2,483,771 2,483,771 2,483,771 2,483,771
25,919,262 25,944,462 25,944,462 25,904,562 25,904,562 26,025,162 25,904,562 25,438,172
is; 750 ..
Total U. S. Government securities.
25,919,262 25,944,462 25,944,462 25,904,562 25,904,562 26,043,912 25,904,562 25,438,172
Total loans and securities
26,853,896 27,102,338 26,876,558 26,662,230 26,484,987 26,490,945 26,916,791 25,524,697
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
15
15
15
15
15
15
4,877,143 5,008,250 5,097,919 5,117,737 4,753,708 4,236,883
95
95
95,
"632
96;
95;
88,176
142;
154;
148,899
206,801
167:
183;
52,902,479 54,696,918 52,208,937 52,174,715 52,136,533 51,965,233 52,200,041 51,458,145
15
5,578,746 7,117,
96,096
96;
172,978
i6o;
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
27,307,517 27,352,790 27,325,848 27,191,801 27,074,914 27,401,872 27,155,560 26,705,318
18,188,029 18,868,712
378,452
532,009
277,830
337,474
449,694
363,578
Total deposits.
,200,555 18,098,
414,091
474;
258,021
353;
352,356
18,061,65: 17,640,301 18,458,879 18 783,948
524.
534,594
567,331
410,430
288;
291,236
294,040
268,565
353;
369,380
362,686
420,309
19,421,090 19,974,688 19,225,023 19,317,879 19,228,440 18,831,621 19,686,826 19,883,252
Deferred availability cash items
Other liabilities and accrued dividends1.
Total liabilities
4,667,729 5,876,117
39,957
39,293
177,555 4,197
38,982
38
4,376 706 ,271,540 3,893,738 3,478,997
38,419
29,493
39,142
13,242
51,436,293 53,242,888 50,767,408 50,745,165 50,718,479 50,534,526 50,775,266 50,080,809
Capital Accounts
Capital paid in.
Surplus
Other capital accounts.
379,476
868,410
218,300
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
378,988
868,410
206,632
378,705
868,410
194,414
378,308
868,410
182,83'
378,229
868,410
171,415
379,882
868,410
182,415
378,296
868,410
178,069
353,225
2836,741
187,370
52,902,479 54,696,918 52,208,937 52,174,715 52,136,533 51,965,233 52,200,041 51,458,145
41.
77,434
360
41.3
42.0
80,027
360
81,035
360
42.3
42.0
41.9
44.6
77,071
360
75,959
360
78,757
360
112,803
991
553,532
524,831
28,507
194
2
421,027
393,199
27,638
190
1
984,364
942,743
41,435
186
2
42.:
79,633
360
Maturity Distribution of Loans and U. S. Government Securities3
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
909,236
883,126
25,918
192
131,479
122,296
8,990
193
731,271
703,984
27,104
183
2
41,386
38,340
2,946
100
1
1
343
162
1
20
72
89
26,394
25,397
26,395
26,891
26,005
27,863
26,396
44,796
6,530
8,573
6,629
7,775
8,114
7,556
8,015
16,991
19,116
16,824
19,864
19,766
20,307
18,381
17,891
27,805
25 ,919,262 25 944,462 25 944,462 25 904,562 25 ,904,562 26,
043,912 25,904,562 25 ,438,172
304,960
299,200
182,000
183,960
114,960
231,400
253,450
380,500
382,933 9,357,073 9,235,073
426,073 ,264.643
351,833
9,223,433 9,323,533
11,045,293 11,038,193 11,028,193 11,012,193 11,013,193 11,087,293 11,012,193 ,364,558
3,881,179
881,179 ",881,179 3,881,179 3,881,179 ",881,179 ",881,179 ,013,614
206,495
206,495
206,495
206,495
410,385
56,610
410,385
410,385
059,772 ,263,662 1,263,662 1,263,662 ,059,772 ,263,662 ,358,247
1,059,772
1
No accrued dividends at end-of-June dates.
2 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000.
905,700
896,457
9,096
147
2
1
3 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
744
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1959
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Gold certificate account
Redemption fund for F. R.
notes
936,436 5,126,195 1,042,903 1,525,624 977,603
Total gold certificate reserves.
991,050 5,321,746 1,102,450 1,608,834 1,059,157
F. R. notes of other Banks...
Other cash
54,614
18,525
22,955
195,551
68,002
67,950
59,547
16,827
18,604
83,210
13,668
33,113
81,554
23,904
21,761
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
724,110
384,559
601,545
172,528
43,193
22,756
44,334
902,546 3,526,985
767,303
407,315
645,879
23,793
57,481
10,934
24,107
12,911
9,928
18,133
14,288
15,246
14,852
24,874
47,011
24,874
973
1
119,600
663
53,438
8,950
1,904
848,909 3,354,457
53,637
47,859
34,414
Discounts and advances:
Secured by U. S. Govt.
13,070 23,233
23,835
52,470
30,865
6,520
8,540
37,775
securities
1,122
1,530
850
4,760
629
935
799
2,808
Other
Industrial loans
Acceptances:
Bought outright
,
26,005
Held under repurchase
agreement
U. S. Govt. securities:
1,410,954 6,549,284 1,484,111 2,253,207 1,667,901 1,371,630 4,503,706 1,058,443
Bought outright
Held under repurchase
18,750
agreement
585,439 2,386,361
28,908
82,118
614,347 2,468,479
592,775 1,121,815 1,038,768 2,972,568
Total loans and securities. , .
,420,429 6,636,574 1,509,068 2,267,807 1,691,984 1,424,899 4,537,379 1,065,592 618,623 1,242,078 1,093,090 2,983,422
Due from foreign b a n k s . . . .
Uncollected cash items
Bank premises
Other assets
1
1
14
396,041 1,016,422 349,833 478,899 406,412
6,992
4,119
9,296
10,143
4,497
16,154
11,596
44,634
10,188
10,091
Total assets
1
2
390,587 803,902
13,076
9,771
30,805
10,630
1
198,797
6,965
7,610
134,071
5,153
4,113
1
1
1
236,418 214,388 491,967
12,325
4,715
8,753
8,694
7,327 21,658
2,863,589 13,165,475 3,011,090 4,427,772 3,221,807 2,820,707 8,993,423 2,081,309 1,192,114 2,170,206 1,968,004 6,049,737
Liabilities
F. R. notes
1,593,097 6,366,881 1,745,316 2,517,512 2,051 ,009 1,482,977 5,219,418 1,200,378 613,443 1,104,711 780,394 2,726,736
Deposits:
758,339 5,108,113 829,833 ,340,658 693,343 888,309 2,762,656 619,137 389,784 764,076 888,597 2,597,456
Member bank reserves
U. S. Treasurer—general
30,900
25,002
50,429
43,980
25,255
20,342
account
115,336
93,699
30,572
34,911
28,021
36,147
15,500
27,900
14,570 45,880
Foreign
370,840 20,460
16,120
34,720
7,440
17,050
11,470
12,090
2,095
999
1,041
3,043
692
306,719
Other
44,044
1,088
318
1.432
561
654
Total deposits
819,930 5,601,008 882,192 ,394,601 761,367 931,177 2,902,927 651,603 428,114 812,509 933,826 2,712,367
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
367,993
800,542
287,652
383,913
333,793
336,043
653,994
172,995
114,549
194,436
179,357
446,273
2,063
7,006
1,476
2,947
1,466
1,452
5,219
1,068
878
1,189
989
3,740
2,783,083 12,775,437 2,916,636 4,298,973 3,147,635 2,751,649 8,781,558 2,026,044
156,984 2,112,845 ,894,566 5,889,116
Capital Accounts
Capital paid in
Surplus
Other capital accounts.
18,827
50,116
11,563
109,597
238,902
41,539
22,554
59,607
12,293
35,916
76,643
16,240
17,015
44,846
12,311
19,498
39,474
10,086
52,089
132,159
27,617
12,698
33,746
8,821
8,655
20,785
5,690
15,505
32,935
8,921
21,841
43,436
8,161
45,687
95,761
19,173
Total liabilities and capital
2,863,589 13,165,475 3,011,090 4,427,772 3,221,807 2,820,707 8,993,423 2,081,309 1,192,114 2,170,206 ,968,004 6,049,737
accounts
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
41.1
44.5
42.0
41.1
37.7
37.4
43.4
41.4
39.1
33.7
35.8
45.4
Contingent liability on acceptances purchased for
foreign correspondents
4,257
420,231
5,108
6,966
3,870
3,638
11,455
2,864
1,857
3,019
4,025
8,669
Industrial loan commitments..
20
1
After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $223,200,000 participations of other Federal Reserve
Banks.
340
4
After deducting $55,728,000 participations of other Federal Reserve
Banks.
745
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1959
1959
June 24
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
June 17
June 10
June 3
May 27
1958
May
June
June
28,240,566 28,246,983 28,161,002 28,048,226 27,986,527 28,276,429 28,010,652 27,498,452
10,750,000 10,750,000 10,750,000 10,725,000 10,725,000 10,750,000 10,725,000 11,648,000
154,204
149,955
217,884
190,824
13,556
189,051
169,125
176,989
18,710,000 18,710,000 18,710,000 18,685,000 18,685,000 18,710,000 18,685,000 17,420,000
Total collateral
29,636,989 29,649,051 29,629,125 29,600,824 29,564,204 29,609,955 29,627,884 29,081,556
EACH FEDERAL RESERVE BANK ON JUNE 30, 1959
Item
Boston
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,646,052 6, 592,973 1,796,650 2 ,567, 616 2,125,015 1,544,454 5 317,759 1,246,016 627,155 1,135,910 821 349 2,855,480
Collateral held:
Gold certificate acct.. 580,000 2 920,000 640,000 920,000 670,000 500,000 2; 000,000 430, 000 200,000 300,000 290 000 1,300,000
6,520
119,600
Eligible paper
23,835
U. S. Govt. securities. 1,150,000 4,000,000 1,200,000 1,750,000 1,500,000 1,100,000 3,500,000 9 3 5 , " " 450,666 850,000 575 666 i ^ TOO * 666
000
Total collateral
,730,000 6,920,000 1,863,835 2,670,000 2,170,000 1,600,000 5,500,000 1,371,520 650,000 1,269,600 865,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION
[Amounts in millions of dollars]
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
Number
1953
1954
1955
1956
1957
Amount
3,765
3,771
3,778
3,782
3,786
803,429
818,224
826,853
832,550
841,290
3,786
3,787
3,787
3,787
3,787
3,787
3,787
3,787
843,078
843,321
843,321
843,321
843,321
843,321
843,321
843,321
3,787
3,787
3,787
3,787
3,787
843,321
843,321
843,321
843,321
843,321
ParticiAppations
Commit- of financproved
Loans
ments
but not
ing instioutoutcomtuitons
standing2 standing
pleted i (amount) (amount)
out(amount)
standing3
(amount)
1,951
520
305
3,569
1,148
2,293
2,365
1,109
3,469
1,027
1,103
1,129
1,122
489
343
342
340
339
338
337
335
991
991
986
1,037
1,032
1,019
1,015
975
944
799
798
817
816
810
807
806
May
June
July
Aug
Sept
Oct
Nov
Dec
75
75
334
333
332
330
329
960
360
360
360
360
785
384
383
383
382
Jan
Feb
Mar
Apr
May
Portion
guaranteed
2,358
2,500
2,575
2,761
2,912
805
472
294
389
395
666
368
226
289
300
364
273
170
125
135
2,952
3,029
3,033
3,069
3,071
3,089
3,090
3,105
326
330
306
299
298
304
303
310
252
254
235
229
228
231
231
236
168
177
194
199
190
184
182
168
1,548
1,549
1,550
1,552
1,557
3,116
3,118
3,120
3,128
3,169
324
329
335
314
313
246
250
254
241
240
147
141
128
142
151
1959
1959
Jan
Feb
Mar
Apr
May
Total
amount
Loans
outstanding
1958
1958
May
June
July
Aug
Sept
Oct
Nov
Dec
Amount
1,516
1,522
1,523
1,528
1,531
1,538
1,540
1,543
1953
1954
1955
1956
1957
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
,294
1,367
[,411
1,468
•
1,503
End of
year or
month
1,900
719
702
794
524
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.
i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
746
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]
[In effect June 30]
Feb. 1,
1935Dec. 31,
1935
Jan. 1,
1936Dec. 31,
1956
Effective
Jan. 1,
1957
Savings deposits
2%
2V4
3
Postal savings deposits
2%
2%
3
Other time deposits payable :
In 6 months or more
In 90 days to 6 months
In less than 90 days
2Vi
Type of deposit
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
Percentage of
loan guaranteed
10
15
20
25
30
35
40-50
70 or less
75
80
3
18
85
90
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in any
event exceed the maximum rate payable by State banks or trust companies
on like deposits under the laws of the State in which the member bank is
located. Maximum rates that may be paid by insured nonmember banks
as established by the F.D.I.C., effective Feb. 1, 1936, are the same as
those in effect for member banks.
95
Over 95
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
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]
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
Year or month
Total, all
reporting
centers
New
York
City
6
other
centers1
337 other
reporting
centers2
New
York
City
6
other
centersi
337 other
reporting
centers2
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
2,200,643
2,356,768
2,439,754
544,367
597,815
632,801
738,925
766,890
815,856
888,455
958,721
336,885
349,904
385,831
390,066
431,651
462,859
489,311
487,443
661,302
695,133
740,436
758,375
845,007
921,928
979,002
993,590
31.9
34.4
36.7
42.3
42.7
45.8
49.5
53.6
24.0
24.1
25.6
25.8
27.3
28.8
30.4
30.0
18.4
18.4
18.9
19.2
20.4
21.8
23.0
22.9
1958—Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
204,126
195,116
219,465
206,524
185,849
195,205
212,894
183,092
238,975
85,510
77,315
95,473
82,214
68,620
70,887
79,620
64,804
92,711
39,354
38,645
41,228
40,701
37,942
40,520
43,594
38,224
48,690
79,262
79,156
82,756
83,609
79,287
83,798
89,680
80,064
97,573
56.6
51.2
65.7
54.8
46.4
49.4
50.1
47.4
58.2
30.2
28.2
31.4
29.6
27.4
30.3
29.8
30.0
33.2
1959—Jan..
Feb..
Mar..
Apr..
May.
June.
221,960
195,770
223,374
226,368
'216.009
228,581
86,507
74,346
84,710
88,049
80,725
86,598
44,505
39,635
47,485
46,955
44,646
46,429
90,948
81,789
91,179
91,364
r
90,637
95,553
54.0
54.1
54.5
56.2
54.9
56.8
30.3
31.0
34.2
33.9
32.9
Seasonally adjusted3
1951
1952
1953
1954
1955
1956
1957
1958
r
» Preliminary.
Revised.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
2
Prior to April 1955, 338 centers.
New
York
City
6
other
centersi
22.1
22.0
23.8
22.9
21.7
23.6
23.1
23.8
24.9
57.8
52.0
62.7
55.9
51.6
50.1
52.6
47.4
52.4
29.3
28.2
30.7
30.0
29.4
30.7
31.6
29.4
32.2
22.7
22.1
23.5
22.9
22.7
23.3
23.7
22.6
23.8
23.2
24 A
24.0
23.9
24.8
53.1
53.6
53.1
57.3
55.7
54.2
31.0
31.4
31.6
32.9
32.9
*32.5
23.2
24.2
''24.3
24.6
24.9
*24.8
3 These data are compiled by the Federal Reserve Bank of New York.
Seasonal adjustment factors have been revised for the period 1943 to date.
For back figures on the revised basis, see BULLETIN for May 1959, p. 554.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
747
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
End of year or
month
1939
1941
1945
1947
1950
1953
1954
1955
1956
1957
. . . .
.. .
1958 Mav .
June
July
AUK
Sent
Oct
Nov
Dec
1959__jan
Feb . .
Mar
Apr
May
Total
in circulation^
Total
Coin
$12
7,598
11,160
28,515
28,868
27,741
30,781
30,509
31,158
31,790
31,834
5,553
8,120
20,683
20,020
19,305
21,636
21,374
22,021
22,598
22,626
590
751
1,274
1,404
1,554
1,812
1,834
1,927
2,027
2,110
30,994
31,172
31,171
31,371
31,245
31,386
32,036
32,193
21,977
22,138
22,134
22,296
22,154
22,264
22,832
22,856
31,125
31,129
31,250
31,349
31,638
21,926
21,975
22,111
22,209
22,479
In millions of dollars]
Coin and small denomination currency
$2
$5
559
695
1,039
1,048
1,113
1,249
1,256
1,312
1,369
1,398
36
44
73
65
64
72
71
75
78
80
1,019
1,355
2,313
2,110
2,049
2,119
2,098
2,151
2,196
2,188
2,090
2,101
2,108
2,117
2,127
2,142
2,163
2,182
1,349
1,368
1,376
1,398
1,417
1,426
1,457
1,494
81
81
81
80
80
80
80
83
2,139
2,144
2,164
2,175
2,193
1,408
1,406
1,414
,429
L 447
80
80
bO
80
81
$10
Large denomination currency
Total
$50
$100
$500
1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,565 9,819
6,450 9,665
6,617 9,940
6,734 10,194
6,662 10,187
2,048
3,044
7,834
8,850
8,438
9,146
9,136
9,136
9,192
9,208
460
724
2,327
2,548
2,422
2,732
2,720
2,736
2,771
2,777
919
1,433
4,220
5,070
5,043
5,581
5,612
5,641
5,704
5,752
191
262
454
428
368
333
321
307
292
280
425
556
801
782
588
486
464
438
407
384
20
24
7
5
4
4
3
3
3
3
32
46
24
17
12
11
15
12
14
13
2,081
2,081
2,064
2,082
2,072
2,091
2,154
2,186
6,465
6,489
6,450
6,502
6,433
6,477
6,683
6,624
9,910
10,019
10,056
10,117
10,025
10,048
10,294
10,288
9,018
9,033
9,037
9,075
9,091
9,122
9,205
9,337
2,690
2,701
2,705
2,711
2,704
2,707
2,739
2,792
5,662
5,669
5,671
5,703
5,726
5,759
5,808
5,886
275
275
274
274
274
273
273
275
378
377
376
376
376
371
373
373
3
3
3
3
3
3
4
3
8
9
8
8
8
8
9
9
2,064
2,062
2,075
2,083
2,112
6,340 9,894
6,378 9,904
6 410 9,968
6,452 9,989
6,534 10,112
9,199
9,155
9,139
9,140
9,158
2,733
2,714
2,704
2,710
2,721
5,814
5,791
5,789
5,787
5,796
272
271
270
269
269
368
367
366
363
361
3
3
3
3
3
8
8
8
8
8
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$20
$1,000 $5,000 $10,000
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]
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
. .
Silver certificates and Treasury notes of 1890... .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total
May 31 1959
Apr 30 1959
May 31, 1958
Total outstanding As security
against
May 31,
gold and Treasury
1959
silver
cash
certificates
20,188
19,636
28 011
5,273
19,636
2552
32,424
83
59
488
2,251
^2,424
1,491
526
347
112
58
172
2,251
(5)
5
(5)
22,060
22,166
23,446
()
16,789
May 31,
1959
2 816
1,167
368
31
31
26,761
4,846
26,519
4,800
Apr. 30,
1959
May 31,
1958
32
26,174
4,788
25
8
283
281
266
25
254
66
2,170
1,400
510
315
111
58
2,144
1,387
506
311
111
58
2,199
1,339
485
318
121
60
4,351
4,536
4,388
31,638
12
27
1
(4)
5
5
(4)
(4)
* 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. 598.
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.
« 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
For
F. R.
Banks
and
agents
Currency in circulation *
Held by
F.R.
Banks
and
agents
694
711
703
16,789
16,900
18,189
31 349
30,994
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.
748
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capita]
Assets
Bank credit
TreasU. S. Government obligations
ury
Date
Gold
currency
outstand-
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
Loans,
net
Total
ing
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
29.
30.
30.
31.
31.
31.
30.
31.
31.
26.
31.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
21,949
22,600
22,781
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,008
5,066
5,100
5,146
58,642
42,148
54,564
64,653
167,381
160,832
171,667
217,437
223,742
222,200
229,470
41,082
21,957
22,157
26,605
30,387
43,023
60,366
100,031
110,120
113,000
115,157
5,741
10,328
23,105
29,049
128,417
107,086
96,560
96,736
93,161
87,800
91,370
5,499
8,199
19,417
25,511
101,288
81,199
72,894
70,052
66,523
63,400
65,792
216
1,998
2,484
2,254
24,262
22,559
20,778
24,785
24,915
22,900
24,238
26
131
1,204
1,284
2,867
3,328
2,888
1,899
1,723
1,600
1,340
11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,670
20,461
21,400
22,943
64,698
48,465
75,171
90,637
191,785
188,148
199,009
244,135
250,757
249,900
257,397
55,776
42,029
68,359
82,811
180,806
175,348
184,384
224,943
230,510
229,100
236,372
8,922
6,436
6,812
7,826
10,979
12,800
14,624
19,193
20,246
20,900
21,023
1958—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
23.
30.
27.
24.
29.
26.
31.
21,356
21,200
21,100
20,900
20,700
20,600
20,534
5,204
5,200
5,200
5,200
5,200
5,200
5,234
240,451
238,600
241,100
240,400
243,300
246,200
249,082
116,842
115,400
115,300
115,900
117,000
118,200
121,602
97,849
97,800
100,000
98,200
100,100
102,000
101,207
71,611
71,600
73,500
72,100
73,500
75,000
73,641
25,000
24,900
25,200
24,900
25,400
25,800
26,347
1,238
1,300
1,300
1,200
1,200
1,200
1,219
25,760
25,500
25,800
26,300
26,200
26,000
26,273
267,011
265,100
267,400
266,500
269,200
272,000
274,850
244,131
241,900
243,400
242,600
245,100
248,200
252,022
22,880
23,200
24,100
23,900
24,100
23,800
22,829
1959—Jan.
Feb.
Mar.
Apr.
May
June
28.
25.
25.
29*
27*
24?
20,500
20,500
20,400
20,300
20,200
19,800
5,200
5,200
5,200
5,300
5,300
5,300
247,300
245,300
244,900
247,800
247,900
247,900
119,800
119,800
121,400
123,500
124,700
126,600
101,500
99,400
97,200
97,700
96,800
95,000
74,900
72,900
70,600
70,900
69,800
67,900
25,400
25,300
25.500
25,600
25,900
25,900
1,200
1,200
1,100
1,200
1,200
1,200
26,000
26,100
26,300
26,600
26.400
26,300
273,100
271,000
270,600
273,300
273,400
273,000
249,600
247,100
246,700
249,700
249,200
249,100
23,500
23,900
23,900
23,600
24,200
23,900
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Date
Foreign
bank
deposits,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
29
30
30
31
31
31
30
31
31
26
31
365
50
1,217
1,498
2,141
1,682
2,518
3,167
3,306
3,400
3,270
1958—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
23
30
27
24
29
26
31
3,953
4,000
3,900
3,800
3,800
3,700
3,870
1959_jan.
Feb.
Mar.
Apr.
May
June
28
25
25
29*
27*
24^
3,800
3,700
3,900
3,700
3,700
3,600
p
At
Treas- comury mercial
At
cash
F. R.
and
hold- savings Banks
ings
banks
Time deposits2
Total
Demand
Com- Mutual Postal
de- 4
Total mercial savings Savings posits
banks banks 3 System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
204
381
264
852
2,409
846
2,215 1,895
2,287 24,608
1,336 1,452
1,293 2,989
767 4,038
775 4,038
800 4,800
761 4,179
36
35
634
867
977
870
668
394
441
500
481
54,790
40,828
63,253
76,336
150,793
170,008
176,916
216,577
221,950
219,700
227,681
28,611
21,656
27,059
27,729
48,452
56,411
59,247
78,378
82,224
86,400
89,126
19,557
10,849
15,258
15,884
30,135
35,249
36,314
48,359
50,577
54,000
56,139
8,905
9,621
10,523
10,532
15,385
17,746
20,009
28,129
30,000
30,900
31,662
149 22,540
,186 14,411
,278 29,793
,313 38,992
,932 75,851
,416 87,121
,923 92,272
,890 109,914
,647 111,391
500 105,600
,325 110,254
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,285
28,335
27,800
28,301
111,100
114,300
133,200
134,400
135,200
133,200
85, 200
89, 800
105, 800
106, 700
107, 300
105, 100
25,900
24,500
27,400
27,700
27,900
28,100
700
700
700
700
700
700
683
9,471
4,300
5,800
4,500
3,700
5,900
4,558
524
600
500
500
500
500
358
229,483
232,400
232,500
233,100
236,400
237,500
242,553
95,524
96,500
97,000
97,200
97,500
96,800
98,306
61,473
62,300
62,700
62,700
62,900
62,100
63,166
32,837
32,900
33,100
33,300
33,400
33,500
34,006
,214 106,169
,200 108,100
,200 107,500
,200 108,100
.200 111,000
J 0 0 111,900
,134 115,507
27,790
27,900
28,000
27,900
28,000
28,800
28,740
135,400
137,600
137,300
136,700
138,100
138,800
139,400
107,400
109.500
109,200
108,900
110,200
110,600
111,300
28 ,000
28 ,100
28 ,100
27 ,800
27 ,900
28 ,200
28 ,100
700
700
700
700
700
400
4,800
4,500
3,900
4,600
5,200
4,700
500
500
500
500
500
500
239,800 98,400
237,700 98,700
237,600 99,500
240,300 99,900
239,100 100,300
239,800 100,900
63,400
63,700
64,100
64,500
64,900
65,300
33,800
34,000
34,300
34,300
34,400
34,600
,100 113,800
100 111,300
111
;ioo 110,300
112,500
1,100 110,700
100
1,100 110,600
1,100
27,600
27,700
27,900
27,900
28,100
28,300
138,500
139,100
140,300
140,700
140,900
140,800
110,700
111,200
112,200
112,500
112,600
112,400
27 ,800
27 ,900
28 ,100
28 ,200
28 ,300
28 ,400
Preliminary.
* Revised preliminary figures.
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.
4
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for July
1957, pp. 828-29.
Seasonally adjusted series 5
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.
749
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
All banks:
1939—Dec. 3 0 . .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 H .
1950—Dec. 3 0 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23 . .
Oct. 29. .
Nov. 26. .
Dec. 3 1 . .
1959—Jan. 2 8 . .
Feb. 25. .
Mar. 2 5 . .
Apr. 29*.
May 27*.
June 24?.
50,
61,
40,
34,
48,
97.
203;
215.
217!
220;
22i;
22i;
220;
219;
222;
222;
222;
Loans
Deposits
Total
assets—
Total
liaCash
U. S. Other assets 2 bilities
Govt. secuand
TotaP
obligacapital
rities
tions
ac3
counts
Interbank 2
Other
Borrowings
Demand
Demand
Time
Total Numcapital ber
acof
counts banks
Time
U.S.
Govt.
Other
884
126
227
924
021
063
849
179
690
210
485
920
340
690
500
570
750
22 165 19,4
242
9 ,302
9,874
816
26 615 25,!
10,982
,999
612
30 362 101,2
14,065
8',577 35;415 177,332
865
43 002 81,199 10,723 38,388 175,091
,793
240
60, 386 72,894 14,741 41,086 191,317 175,296
,577
462
110,079 66,523 20,461 49,641
,770 227 546 16,133 1,462
943 49
115,115 65,792 22,!
,864 233 020 15,636 1,386
760 44;
117,
,525 237.
204 3,789 2,497
71,611
230 43;020 265 ,490 237!450
117,960 73,500
,000 2,340
030 45 130 270 ,180 241;070 13 590 2,360
119,230 74,950
273 49 911 276 ,430 250;057 15 ,799 2,374
121,571 73,641
,040 43 200 270 ,100 241!830 13,110 2,410
121,030 74,850
121,370 72;880 26,090 43 560 268 ,750 239;740 12,850 2,290
122,850 70,580 26,:
260 42 240 266 ,880 238,150 13,030 2,340
124,990
,920 26;590 43 340 270,920 242;050 12,830 2,360
126,360
780
.... 26;430 42 ,630 270,290 240;900 12,700 2,230
, _.
128,500 67,920 26,330 42,990 270 ,770 240;970 12,790 2,070
32,516
25,852
44,355
26,479
105,935
45,613
1,346 94,381 53,105
2,809 101,936 56,513
3,736 125,308 80,908
3,903 123,993 88,102
9,209 117,113 94,596
3,440 121 060 96,610
5,600 123 610 95,910
4,253 130 132 97,498
4,490 124 240 97,580
4,150 122 520 97,930
3,590 120 480 98,710
4,280 123 470 99,110
4; 840 121 520 99,610
4,410 121 510 100,190
26 8,,194 15,035
23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
90 13,837 14,650
78 19,249 14,167
80 20 428 14,090
1,137 2i; 359 14,055
1,400 21 ,710 14,028
2 1 5 0 T'
2,150 21,820 14,033
81 21,705 14,020
1,770 21,780 14,030
2,210 21 ,860 14,022
2,050 21,980 14,012
2,090 22 ,110 14,009
,250 14,000
2,260 22
2,810 22 280 13,994
All commercial banks:
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 31. . .
1947—Dec. 3 H . .
1950—Dec. 3 0 . . .
1956—Dec. 3 1 . . .
1957—Dec. 3 1 . . .
1958—June 2 3 . . .
Oct. 2 9 . . .
Nov. 2 6 . . .
Dec. 3 1 . . .
1959—Jan. 28 . . .
Feb. 2 5 . . .
Mar. 25 . . .
Apr. 29*..
May 27*..
June 24*>. .
668
746
019
284
675
123
068
905
670
050
,165
,620
,840
,940
,630
,500
,510
17,238
21,714
26,083
38,057
52,249
90,302
93,899
95,571
94,970
96,060
98,214
97,710
97,890
99,190
101,190
102,360
104,300
32,513
15,331
44,349
15,952
105,921
30,241
1,343 94,367 35,360
2,806 101,917 36,503
282 50,908
3,733
967 56,440
3,898
086 61,759
9,205
030 63,180
3,440
580 62,440
5,600
4,250 130 104 63,493
4,490 124 210 63,740
4,150 122 490 63,980
3,590 120 450 64,440
,440 64,840
4,280
,490 65,220
4,840
4,410 121 ,480 65,610
26
23
219
65
90
75
77
1,136
1,400
2,150
73
1,770
2,210
2,050
2,090
2,260
2,810
,885 14,484
,173 14,278
,950 14,011
10,059 14,181
11,590 14,121
16,302 13,640
17,368 13,568
18,178 13,535
,
18,470 13,509
18,550 13,514
18,486 13,501
18,570 13,512
18,620 13,504
18,730 13,494
18,870 13,491
18,970 13,482
19,000 13,476
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958—June 23
Oct. 29
Nov. 26
Dec. 31
1959_jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 27*
June 24?
,941
,521
,183
,846
,424
,768
,353
,589
,102
,85.
,865
,05.
504
813
150
067
018
13,962
18,021
22,775
32,628
44,705
78,034
80,950
82,146
81,375
82,225
84,061
83,588
83.728
84,882
86,659
87,660
89,292
14,328
19,539
78,338
57,914
52,365
47,575
47,079
53,165
54,166
55,328
54,299
55,136
53,403
51,392
51,669
50,731
49,175
11,699
154
743 27,
140
,709 37,
12,347
64 22 ,179 69,640 24,210
50
,176 80,609 28,340
341
,523 87,783 29,336
1,289
292 106 850 40,909
1,246 3,472 105 547 45,290
2,266 8,658 99 812 49,893
2,108 3,023 102 764 50,956
2,130 5,003 104 777 50,324
2,187 3,822 110 448 51,132
2,224 3,979 105 220 51,322
2,102 3,716
749 51,498
2,155 3
988 51,857
2,175 3.
""
104,688 52,226
2,046 4,365
008 52,553
1,889 3,953
970 52,885
3
4
208
54
79
48
57
1,078
1,317
2,055
54
1,684
2,083
1,949
1,944
2,097
2,625
5,522
5,886
7,589
8,464
9,695
13.655
14,554
15,181
15,437
15,498
15,460
15,509
15,556
15,642
15,779
15,856
15,879
6,362
6.619
6,884
6,923
6,873
6,462
6,393
6; 357
6,328
6,324
6,312
6,302
6.295
6,289
6.291
6,292
6,279
10,216
10,379
16,208
18,641
21,346
31.940
33,782
35,27'
36.020
36,160
36,320
36,300
36,500
36,750
36,870
37,070
37,240
4,927
4,901
4,279
4,944
8,137
19,777
21,216
22.237
22;990
23,170
23,357
23,320
23,480
23,660
23,800
24,000
24,200
3,101
3,704
10,682
11,978
10,868
7,971
7',55
7 .41.
7 ,330
7 ,290
7',26.
,320
7 ,'360
7,420
7,380
7,390
7,340
1,309
1,241
1,592
1,889
2,247
2,947
3,059
3,181
3,240
3,270
3,219
3,210
3,240
3,250
3,240
3,280
3,280
551
548
542
533
529
527
522
520
519
519
519
518
518
518
518
518
518
All mutual savings banks:
1939—Dec. 30
1941__Dec. 31
1945__Dec. 31
1947—Dec. 314
1950—Dec. 30
1956—Dec. 31
1957__Dec. 31
1958 -June 23
Oct. 29
Nov. 26
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 27*
June 24^
16,316 7,114 22,474
9,874
21,808 7,225 26, 551
10,982
90,606 7,331:34,806 160,312
,.
14,065
240
69,221 9,006 37,502 155,377 144,103 12,792
462
62,027 12.
,289 168,932 155,265 13,577
58,552 16; ,269 48,720 217,460 197,515 16,133 1,460
15,636 1,385
58,239
,930 48,428 222 696 201
13,789 2,495
,847 204
64,194 20 ,140 43,507 227;
14,000 2,340
66,170 20 ,530 42,160 228 130 203
67,660 20 ,330 44,310 232 ,700 207 570 13,590 2,360
66,376 20 ,575 48,990 238 651 216,017 15,799 2,372
67,530 20 ,380 42.400 232 1470 207^60 13,110 2,410
65,520 20 ,430 42!740 230 ,900 205,760
,850 2,290
63,160 20 ,590 41;
,030 2,340
710 203 ,850
63,540 20 ,90042;
760 207,750 12 ,830 2,360
62,390 20 .750 41;
910 206;480 12,700 2,230
60,580 20 ,630 42;
200 206; 360 12,790 2,070
n;
5,651
5,961
,070 29;
138,304 129,670
,304 32;
132,060 122,528
10,355 35,524 144,660 133,089
184,874 167,906
159 42
188,828 170,637
324 42
16,277 38,489 194,003 173,904
16,561 37,020 192,945 172,301
16,301 39,140 196,851 175,260
16,504 43,188 202,017 182,816
16,330 37,336 196,333 175,364
16,373 37,681 195,014 173,459
16,539'36,382 193,065 171,785
,
16,822 37,533 196,711 175,323
16,676 36,935 195,986 174,225
16,551 37,189 196,184 174,055
2,188
1,774
1,246
1,718
2,34f
4,192
5,013
,620
.700
,700
,698
,660
660
,670
,690
5,680
5,700
818
793
609
886
797
920
890
916
860
820
921
800
820
860
750
750
800
P Preliminary.
* Revised preliminary figures.
1 All banks in the United States. Beginning with January 1959,
includes figures for all banks in Alaska (previously one member bank had
been included).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member commercial banks. Member banks include (1) seven
national banks in Alaska (one became a member on Apr. 15, 1954, and
six on Apr. 3, 1959); (2) one in the Virgin Islands (May 31, 1957); and (3)
one in Hawaii (Apr. 13, 1959), and (4) a noninsured nondeposit trust
company, and (5) three mutual savings banks that became members
in 1941 (these banks are excluded from all commerical banks).
11,852
11,804
17,020
19,714
22,385
33,311
35,168
36,678
37,360
37,480
37,779
37,630
37,850
38,170
38,160
38,380
38,570
10,524
10,533
15,385
17,763
20,031
30,032
31,695
32,869
33,460
33,500
34,040
33,870
33,980
34,300
34,300
34,420
34,610
9,257
10,385
13,576
12,353
13,106
15,567
15,082
13,274
13,450
13,026
15,227
12,619
12,394
12,582
12,371
12,253
12,358
3
6
14
10,521
10,527
15,371
• 17,745
19 20,009
25 30,001
26 31.662
26 32,
2,837
30
133,430
30
)33,470
29 34,006
>
30 33,840
)
30 33;
3,950
30 34,270
30 34,270
) 34.390
30 34,580
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 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.
750
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]
Deposits
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—Dec. 31
1958—June 23
Oct. 29
Nov. 26
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 27*
June 24?
Chicago:
1939—Dec.
1941—Dec.
1945_Dec.
1947—Dec.
1950—Dec.
1956—Dec.
1957—Dec.
1958—June
Oct.
Nov.
Dec.
1959—Jan.
Feb.
Mar.
Apr.
May
June
Total
9,339
12,896
26,143
20,393
20,612
23,809
23,828
27,149
25,444
25,552
25,966
25,959
25,549
25,594
25,886
25,687
25,488
Total
assets—
Total
liaCash
U. S. Other assets 2 bilities
and
2
Govt. secuLoans obligacapital Total
ac- 3
tions rities
counts
Interbank 2
3,296 4,772 1,272 6,703 16,413 14,507 4,231
4,072 7,265 1,559 6,637 19,862 17,932 4,202
7,334 17,574 1,235 6,439 32,887 30,121 4,640
7,179 11,972 1,242 7,261 27,982 25,216 4,453
9,729 8,993 1,890 7,922 28,954 25,646 4,370
15,987 6,057 1,765 8,629 33,381 29,149 5,022
16,102 5,880 1,846 8,984 33,975 29,371 4,869
16,764 8,035 2,350 8,272 36,664 31,469 4,345
15,604 7,418 2,422 6,850 33,465 28,387 4,155
15,666 7,694 2,192 7,763 34,501 28,958 4,005
16,165 7,486 2,315 9,298 36,398 31,679
,786
16,011 7,650 2,298
.897
314 34,447 29,191
15,864 7,361 2,324 7,624 34,353 28,900
,964
16,147 6,997 2,450 7,066 33,808 28,627
,079
16,307 6,971 2,608 7,521 34,533 29,410
,991
16,580 6,657 2,450 7,114 33,936 28,730 3,999
16,681 6,426 2,381 7,204 33,869 28,415 4,008
569
954
1,333
1,801
2,083
3,772
3,852
3,594
3,426
3,418
3,637
3,433
3,440
3,551
3,575
3,637
3,687
1,203
1,430
4,213
2,890
2,911
2,113
2,032
2,694
2,547
2,687
2,562
2,611
2,572
2,576
2,344
2,288
2,137
333
376
385
397
576
588
562
654
641
622
631
607
625
632
683
705
692
1,446
1,566
1,489
1,739
2,034
2,171
2,083
1,914
1.887
2,067
2,158
1,881
1,952
1,745
1,883
1,856
1,842
3,595
4,363
7,459
6,866
7,649
8,695
8,595
8,929
8,583
8,874
9,071
8,617
8,667
8,583
8,575
8,574
8,440
3,330
4,057
7,046
6,402
7,109
7,943
7,792
8,022
7,693
7,862
8,214
7,695
7,726
7,438
7,616
7,582
7,423
Reserve city member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958—June 23
Oct. 29
Nov. 26
Dec. 31
1 9 5 9 _ j a n . 28
Feb. 25
Mar. 25
Apr. 29*
May 27*
June 24P
12,272
15,347
40,108
36,040
40,685
53,915
55,259
59,273
59.471
60,181
60,558
60,698
60,033
59,524
60,439
60.550
60,618
5,329
7,105
8,514
13,449
17,906
31,783
32,805
32,851
32,984
33,393
34,003
34,083
34,279
34,720
35,490
35,806
36,618
5,194
6,467
29,552
20,196
19,084
17,368
17,352
20,436
20,508
20,891
20,645
20,776
19,928
18,946
19,107
18,907
18,225
1,749
1,776
2,042
2,396
3,695
4,764
5,102
5,986
5,979
5,897
5,910
5,839
5,826
5,858
5,842
5,837
5,775
6,785
8,518
11,286
13,066
13,998
17,716
17,540
15,443
15,448
16,276
17,701
15,626
15,672
15,381
15.708
15,672
15,780
19,687
24,430
51,898
49,659
55,369
72,854
74,196
76,155
76,383
77,940
79,781
77,845
77,155
76,360
77,773
77,717
77,906
17,741
22,313
49,085
46.467
51,437
66,524
67,483
68,672
68,474
69,723
72,647
69.800
68,876
68,272
69,509
69.291
69,465
3,565
4,356
6,418
5,627
6.391
7,584
7,241
6,397
6,657
6,476
7,506
6,232
6,011
6.122
5,969
5,918
5,994
Country member
1939—Dec.
1941_Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1956—Dec.
1957—Dec.
1958—June
Oct.
Nov.
Dec.
1959—Jan.
Feb.
Mar.
Apr.
May
June
10,224
12,518
35,002
36,324
40,558
54,571
56.820
58,225
60,573
61,394
61,511
61,746
61,285
60,936
62,223
62,200
62,396
4,768
5,890
5,596
10,199
14,988
26,491
28,191
28,937
29,361
29,748
30,257
30,061
30,145
30,464
31,287
31,637
32,306
3,159
4,377
26,999
22,857
21,377
22,037
21,815
22,000
23,693
24,056
23,606
24,099
23,542
22,873
23,247
22,879
22,387
2,297
2,250
2,408
3,268
4.193
6,042
6,814
7,288
7,519
7,590
7,648
7.586
7,598
7,599
7,689
7,684
7,703
4,848
6.402
10,632
10,778
11.571
14,390
14,139
12,860
12,835
13.034
14,031
12,515
12,433
12,190
12,421
12,293
12.363
15,666
19,466
46.059
47,553
52,689
69,945
72,062
72,255
74,514
75,536
76,767
75,424
74,839
74,314
75,830
75,759
75,969
13,762
17,415
43,418
44,443
48,897
64,289
65,991
65,741
67,747
68,717
70,277
68,678
67,957
67,448
68,788
68,622
68,752
572
792
1,207
1,056
1,121
1,597
1,640
1,282
1,395
1.376
1,578
1,352
1,256
1,246
1,258
1,227
1,233
Time
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
U. S.
Govt.
Time
Other
*543
723
513
519
530
805
,592
,648
,120
,259
,351
,873
,136
214
259
276
282
272
281
.277
,290
302
292
36
36
37
37
23
18
18
18
18
18
18
18
18
18
17
17
17
4
4
80
42
157
3
68
79
296
90
125
164
250
288
377
426
490
660
689
708
720
724
733
726
725
728
738
739
740
14
13
12
14
13
14
14
14
14
14
14
14
14
14
14
14
14
435
491
8,221
405
976
1,201
1,358
3,150
1,074
1,944
1,429
1,439
1,479
1,226
1,457
1,680
1,607
9,004 4,616
12,557 4,806
24,655 9,760
28,990 11,423
32,366 11,647
40,647 16,797
21
39,960 18,623
21
38,003 20
' ",706
350
39, 370 20,999
705
40, 184 20,741
910
42, 259 21 ,075
14
40,452 21 ,295
832
39,708 21,342
932
3 9 , " " 21 ,375
233
839
40, 248 21 ,468
909
39,722 21,609
973
39 732 -,791 1,143
— " 21
1,828
1,967
2,566
2,844
3,322
5,076
5,370
;
5,714
5,729
5,760
5,782
5,802
5,845
5,906
5,932
5,944
346
351
359
353
336
289
278
280
277
275
274
273
272
273
273
273
273
154
225
5,465
432
922
,160
,181
,857
,173
,712
,175
,414
,189
,063
,211
,372
1,310
7,158 5,852
10,109 6,258
24,235 12,494
28,378 14,560
31,977 14,865
41, 194 20,317
"
40 724 22,429
38; 286 24,277
40,050 25 ,091
40, 778 24 ,807
42, 349 25,137
40,725 25 ,143
40, 195 25,273
39,621 25,482
40,464 25,818
39,999 25 ,987
40,083 26,089
1,851
1,982
2,525
2,934
3,532
5,046
,359
,641
,744
,769
,685
5,729
5,748
5,792
5,845
5,883
5,903
5,966
6.219
6,476
6,519
6,501
6,141
6,083
6,045
6,019
6,017
6,006
5,997
5,991
5,984
5,987
5,988
5,971
736
7
74 9,459
807
6
866 12,051
17 6,940 17,287 1,236
12
267 19,040 1,445
268
451 18,836 1,722
965
747 19,940 2,475
912
737 19,959 2,893
,774 2,946 18,898 3,506
,660
584 18,518 3,470
,677
945 18,956 3,375
,739
968 20,704 3,482
,764
925 19,130 3,475
,689
815 18,946 3,486
,773
691 18,479 3,605
,740
889 19,243 3,547
,614 1,009 18,553 3,555
,480
775 18,570 3,582
1,035
1,312
1,217
1,225
1,364
1,333
1,249
1,243
1,169
1,357
1,138
1,163
1,135
1,153
1,109
1,123
banks:
30
31
31
31
30
31
31
23
29
26
31
28
25
25
29*
27*
24*>
Bor- Total Numrow- capital ber
of
acings counts banks
Demand
De-
2,105
2,760
5,931
5,088
5,569
6,473
6,446
6,942
6,614
6,727
6,830
6,651
6.637
6,759
6,602
6,630
6,516
30
31
31
31
30
31
31
23
29
26
31
28
25
25
29*
27*
24*
Other
80
127
1,552
72
174
184
195
705
192
402
249
201
233
223
306
304
261
120
104
30
22
57
294
301
416
374
378
377
382
336
316
367
362
341
1,867
2,419
3,462
4,201
4,604
5,069
4,904
4,626
4,826
4,859
5,136
4,913
4,900
4,655
4,733
4,734
4,585
495
476
719
913
,103
,319
,345
,403
,396
,401
,438
,409
,397
,395
,393
,402
,423
195
30
70
483
319
736
3
4
11
23
9
21
30
164
251
252
37
241
349
301
426
469
513
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 p^ges.
751
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaU . S . Other Cash 2 bilities
assets
and
Govt.
Demand
Loans obliga- secucapital Total* Derities
actions
Time
mand
counts 3
U.S.
Govt. Other
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
49,290
121,809
114,274
163,601
168,595
178,330
183,596
21,259
25,765
37,583
89,831
93,430
95,105
97,730
i,984 25,788 76,820 69,411
21,046 6,
88,912 7,131 34,292 157,544 147,775
"',926 152,733 141,851
67,941 8,750 36,
215,514 195,953
57,837 15,933 48,352 215
.
57,580 17,585 48 127 220,865 199,876
63 489 19,735 43.243 225,945 202,819
202
65 669 20,198 48,689 236 724 214,485
National member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
27,571
69,312
65,280
88,477
91,201
95,898
99,211
11,725
13,925
21,428
48,109
50,350
50,744
52,627
12,039
51,250
38,674
31,568
31,234
34,498
35,714
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956-Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
15,950
37,871
32,566
50,291
51,152
55,691
55,588
6,295
8,850
11,200
29,924
30,600
31,403
31,435
7,500
27,089
19,240
16,007
15,846
18.667
18,585
2,155
1,933
2,125
4,359
4,707
5,621
5,568
8,145
9,731
10,822
15,900
15,960
14,525
16,407
24,688
48,084
43,879
67,530
68,676
71,904
73,620
22,259
44,730
40,505
60,744
61,545
63,839
66,102
Insured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
5,776
14,639
16,444
24,859
26,268
26,768
28,759
3,241
2,992
4,958
11.808
12,493
12,972
13,682
1,509
10,584
10,039
10,274
10,512
10,335
11,381
1,025
1,063
1,448
2.777
3,264
3,460
3,696
2,668
4,448
4,083
5.448
5,383
4,756
5,504
8,708
19,256
20,691
30,667
32,066
31,971
34,737
7,702
18,119
19,340
28,073
29,266
28,942
31,696
1,457
2,211
2,009
1,521
1,473
1,575
1,568
455
318
474
471
468
466
484
761
1,693
1,280
714
660
704
707
241
200
255
336
345
405
377
763
514
576
369
301
264
301
2,283
2,768
2,643
1,946
1,831
1,902
1,927
1,872
2,452
2,251
1,562
1,449
1,516
1,532
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
7,233
16,849
18,454
26,381
27,741
28,343
30,327
3,696
3,310
5,432
12.279
12,961
13,438
14,165
2,270
12,277
11,318
10.989
11,172
11.040
12,088
1,266
1,262
1,703
3,113
3,608
3,865
4,074
3,431
4,962
4,659
5,817
5,684
5,020
5,805
10,992
22,024
23,334
32,613
33,897
33,873
36,664
9,573
20,571
21,591
29,635
30,715
30,458
33,227
Insured mutual Barings banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1,693
10,846
12,683
24,170
26,535
27,869
28,980
642
3,081
3,560
15,542
17,194
18,132
19,180
629
7,160
8,165
5.518
5,404
5,234
5,215
421
606
958
3,110
3,937
4,503
4,585
151
429
675
739
719
745
75:
1,958
11,424
13,499
25,282
27,671
29,021
30,189
1,789
10,363
12,207
22.886
25,022
26,082
27,277
8,687
5,361
5,957
7,770
7,246
7,404
7,341
4,259
1,198
1,384
4.235
4,022
4,104
4,177
3,075
3,522
3,813
2.453
2,148
2,183
2,050
1,353
641
760
1.082
1,076
1,116
1,113
642
180
211
182
171
171
169
9,846
5,596
6,215
8,028
7,497
7,657
7,589
8,744
5,022
5,556
7,146
6,672
6,787
6,763
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
For other notes see preceding two pages.
3,806 14
,977
4,137 20 ,114
5,178:
22,024
8,800 "",006
27
9,617 26 ,786
10,656 23 ,964
10,936 26,781
43,433 39,458
90,220 84,939
88,182 82,023
117,345 107,161
120,153 109,091
122,100 110,065
128,397 116,714
10,654
1,762
23,740
13,883
12,615
54 1,325
15,981 1,301 3,717
15,489 1,264 3,859
13,632 2,288 9,162
15,653 2,209 4,241
U
Bor- Total Numrow- capital ber
acof
ings counts banks
Time
41,298 15,699
10 6,844 13,426
80,276L
1,276 29
",876
215 8,671 13,297
92,975 34 ,882
61 9,734 13,398
124,346 50 ,608
56 15,988 13,195
17,051 13,142
123,127 56 ,137
66 17
116,308 61 ,429 1,125 17,857 13,121
13
129,214 63 ,168
67 18,154 ",101
6,786
9,229
8,375
35
9,322
522
8,958
517
7.849
825
9,035
767
14,013
795
2,074
2,166
4,751
2,292
23,262 8,322
45,473 16,224
53,541 _.
19,278
67,434 ",810
27
66,546 30,904
62,
•__'
,754
69,808 34
,812
4
78
45
19
38
492
43
3,640
4,644
5,409
8,450
9,070
9,451
9,643
5,117
5,017
5,005
4,651
4,620
4,599
4,578
3,739
4,411
3,978
15
6,245
767
6,124
729
5.425 1,441
6,192 1,420
621
8,166
381
1,218
1,306
3,907
1,530
13,874 4,025
24,168 7,986
27,068 9,062
39,416 13,098
39,001 ...
14,386
36,926 16,140
16
40,640 16,320
1
130
9
29
18
586
10
2,246
2,945
3,055
5,205
5,483
5,730
5,817
1,502
1,867
1,918
1,811
1,773
1,758
1,734
53
1,560
149
425
388
504
419
4,162 3,360
10,635 5,680
12,366 6,558
17,497 .
9,724
17,580 10
^,873
16,496 11 ,562
18,766 12,063
P959
1,083
1,271
2,336
2,500
2,679
2,696
6,810
6,416
6,478
6,737
6,753
6,768
6,793
253
365
478
300
303
330
325
329
279
325
313
317
321
332
852
714
783
444
425
413
399
5,504
3,613
14.101
6,045
167 13,758 7,036
440 18,433 10,024
427 18,420 11,176
548 17,274 11,892
428 19,655 12,387
1,288
1,362
1,596
2,649
2,817
3,000
3,028
7,662
7,130
7,261
7,181
7,178
7,181
7,192
1,789
10,351
'2,192
2,857
26 24,991
6,052
28 27,243
164
1,034
1,252
2,130
2,308
2,433
2,473
52
192
194
223
239
239
241
8,738
5,020
5,553
7,143
6,671
6,785
6,76"
1,077
558
637
817
751
748
746
496
350
339
304
283
281
278
129
244
262
414
407
359
426
329
181
177
152
147
157
146
185
159
121
207
163
457
425
439
190
566
171
138
554
229
515
185
572
1,291
1,905
1,392
936
840
778
890
12
2
3
3
2
3
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
752
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Investments
U. S. Government obligations
ComLoans for
merpurchasing
cial,
or carrying
Other
Total
insecurities
loans
loans
Direct
clud- Agrito
and
Real
in- Other Total
invest- Total* ing
culesopen tur- To
CertifiGuardi- loans
ments
tate
marcates
anal brok- To loans vidTotal
ket
of in- Notes Bonds teed
uals
ers othBills debtpaand ers
per
eddealness
ers
All commercial
banks3
1947—Dec. 3 1 . .
1957—Dec. 3 1 . . .
1958—June 23..,
Dec. 3 1 . . .
1959—Mar. 12 «.,
116,284,38.057
170,06893,899
179,90595,571
185,165,98,214
184,03098,350
18,167 1,660
40,526 4,'066
38,886 4 ,552
40,425 4..973
39,910 4,940
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . .
1956—Dec. 3 1 . . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
49,29021,259
121,80925,765
114,27437,583
163,60189,831
168,59583,430
178,33055,105
183,59697,730
9,214 1,450 614
9,461 1,314 ,164 3
18,012 1,610 823 '
38,5714,,101 2,565
40,380 4,015 2 ,569
38,750 4 , 4 9 93,677
.
",797
40,289 4,913 2
43,521 18,021
107,183 22,775
97,84632,628
142,35380,950
151,58982,146
154,865 84,061
153,728 84,074
25,500 19,539 971
8,671 972 594 598 3,494
3,692
8,949 855 3,133 3,378 3,455 1,900 104 84,408 78,338 2,275 16,985
16,962 1,046 811 ,065 7,130 4,662 . .. ,21857,914 1,987 5,816
,.._
'
37,868 2,472 2,448 1 ,409 18,231 16,775 3,316 61,403 47,079 3,948 3,534
16;544
36,125 2,774 3,574 ,706 18,712 16,544 4,336 69,443 53,165 3,574 2,905
37,444 3,052 2
2,730 599 20,013 17,028 3,920 70,804 54,299 4,644 6,143
36,
,895 2,993 2,056 1 612 20,437 17,201 4,633 69,654 52,960 4,416 5,488
Member banks,
total:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1957—Dec. 31..
1958—June 23..
Dec. 31...
r. 12..
New York City:4
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1957_Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
1959—Mar. 12..
Chicago:*
12,896 4,072
26,143 7,334
20,393 7,179
23,82816
',102
27,14916 ,764
25,96616 ,165
25,97915 ,825
2,760
5,931
5,088
6,446
6,942
6,830
6,712
830
2
2,601
3,699
2,832
.
2,160
2,807
3,044
5,361
11,651
10,978
10,928
10,618
78,226 69,221 2.193
"".169 58,239 5,405
84,334 64,194 4,502
86,951 66,376 6,294
1,840 25,720 209 0 0 4 880 85,680 64,900 6,040
",
1,220 9,393 5,723 1,063
1,620 23,110 20 ,217 3 __;
1,925 23,693 20,0914 562
1,829 25i 255 20,698 4 156
,
,
3,159 12,797
28,031 21,046 988
662 4,773
4,545
606 4,677 2,361" 1,181 96,043 88,912 2,455 19,071 16,045 51 ,321
190 9,266 5,654 i;028 76,691 67,941 2,124 7,552 5,918 52 ,334
,358
,.. . ,
669 22,394 18,765 3,325 73,770 57,837 5,763 1,981 11,
003
23,003 20,122 3,513 75,164 57,580 5,290 4,758 10,493 37,031
"",013
585
907 23,585 19,9814,541 83,224 63,489 4,416 3,841 12,213 43
810 2 5 148 20,589 4,134 85,866 65,669 6,159 7,362 13,240 38 ,902
/"
123
80
111
565
557
641
661
287
564
1,513
1,437
1,502
1,539
52
233
87
97
100
97
103
22
36
46
143
143
161
164
51
149
425
336
357
370
732
760
1,418
2,903
2,618
2,628
2,596
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
1959—Mar. 12..
15,347 7,105
40,108 8,514
36,04013,449
55,259 32,805
59,273 32,851
60,558 34,003
59,788 34,379
3,456
3,661
7,088
15,702
14,789
15,808
15,637
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1957_Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
1959—Mar. 12..
12,518 5,890
35,002 5,596
36,32410
",199
56,82028 ,191
,937
58,
61,51130 ,257
61,249 30 ,388
1,676 659
1,484 648
3,096 818
7,613 1,970
7 7 3 9 2,154
7,739
8,080 2,368
8,043 2,308
20
42
23
365
351
294
168
183
471
227
252
282
268
277
1,823
1,881
3,827
9,856
10,172
10,806
10,913
Nonmember com-3
mercial banks:
1947_Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
18,454 5,432
26,381 12,279
27,74112,961
28,34313,438
30,327|14,165
1,205
2,424
2,657
2,761
2,981
20
143
153
125
102
156
218
211
219
230
2,266
4,708
4,891
4,994
5,256
e
1
554
412 169
2,453 1,172
545 267
,280 387
2,164 420
1,652 382
,319 387
954
1,333
1,801
3,85:
3,594
3,637
3,481
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1957—Dec. 31..
1958—June 23..
Dec. 31..
1959—Mar. 12..
48
211
73
200
178
266
131
300
205
225
494
611
669
670
614
1,683
1,594
1,778
1,921
298
330
1,053
1,566
',424
,669
95
40
26
180
318
220
213
8,823
18,809
13,214
7,726
10,385
9,802
10,154
1,806
4,598
3,287
2,594
3,348
3,193
3,231
1,512
114 194 1,527
855 404 31
427 1,503 1,459
366 22
170 484 3,147 1,969
603 673 7,667 6,893 ,370 22
,. .
881 904 7,841 6,741 ,706 26
518 851 8,405 6,930 1,492 26;
438 846 8,698 6,985 ,786 25
7,265 311
17,574 477 3,433
640
11,972 ,002
214
5,880 648
286
8,035 1,023
7,486 643 1,106
917
7,672 1,261
1,430
4,213
2,890
2,032
2,694
2,562
2,602
256
133 1,467
235
132
126
65
145
268
361
232
273
413
1,061
3,085
3,442
3,547
3,671
111
196
217
225
235
13,021
14,102
14,780
14.905
16,161
276 3 ,729
.
915 4,014
716 4,424
6 16;505 4,070
10 16,850 3,930
,102
22
14
13
3,651 3,333
873
_,.._ 3
3,— 3,258
5,129 3,621
2,675 3,258
13,688 3,897
15,457 4,278
16,266 3,932
3,007 11,729 3,832 3,090 2 ,871
,815
16 3,
14,271 44,792
,105
10 4,
4,815 45,286
45
8,560 31 ,031
7 11,235 3,089
10,480 36 ,201
5 12,786 3,492
11,117 32 ,390
6 13,405 3,100
13
11,326 31 ,725
,739
13,— 2,955
1,623
3,325
558
1,093
1,729
1,602
1,795
153
749
248
313
490
522
440
3,652 1,679
729
1
10,337
606
9,771
638
3,924
1,435
4,996
1,748
4,135
1,869
3,699
2,090
903
1,864
2,274
1,528
1,791
1,446
1,476
119
182
181
213
408
495
491
490
830
629
604
411
602
446
391
193
204
185
154
159
140
139
751 4,248
6,467 295
29,552 ,034 6,982 5,653 15,878
20,196 373 2,358 1,901 15,560
17,352 ,009 1,285 3,297 11,760
14,142
20,436 874 1,009 4,410 14
20,645 ,293 2,370 4,497 12,482
19,485 790 2,137 4,333 12,222
,173
956 820
5 1,126 916
1,342 1,053
4,027 1,075
4,767 1,218
4,864 1,047
4,909 1,015
481 2,926
4,544 16,713
2,108 17,681
3,857 13,819
3,852 15,272
4,495 14,327
4,757 14,329
861 1,222 1,028
1,342 1,067
1.262
5,365 1,449
5,775 1,513
6,181 1,467
6,250 ,410
6,628 4,377 110
1,530
707 363 29,407 26,999 630
1,979 229 26,125 22,857 480
26
7,944 713 28,629 21,815 2,226
8,030 746 29,288 22,000 1,409
8.239 784 31,254 23,606 2,475
8,309 965 30,861 23,201 1,952
Estimated.
All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings banks
became members of the Federal Reserve System; these banks are in-
7.789 6.034 53 ,191
4,813 10,608 37 ,406
3,883 12,348 43 ,456
7,399 13,396 39 ,281
.
6,730 13,580 38,540
Obligations
of
States Other
and secupolit- rities
ical
subdivisions
5,102
2,583
1,909
1,465
2,306
2,161
11,318 206 1,973 1,219 7,916
10,989 1,541
528 2,330 6,588
11,172 1,457 1,279 2,049 6,385
11,040 927
978 1,868 7,266
12,088 1,651 1,255 2,280 6,901
1,078
2,409
2,682
2,932
3,102
625
704
926
933
971
cluded in member banks but are not included in all insured commercial
banks or all commercial banks. Comparability of figures for classes of
banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual
banks, and by mergers, etc.
For other notes see opposite page.
753
COMMERCIAL SANKS
RESERVES A N D LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Time deposits
Demand deposits
Class of bank
and
call date
ReBalDeserves
with Cash ances mand
with
deFederal in
doposits
vault
Remestic
ad- 6
serve
banks 5 justed
Banks
Interbank
deposits
Domestics
]For-
eign
IndiIndiCertiU. S. States viduals, Bor- Capividuals,
States
fied
and
row- tal
and
and partner- Inter- Govt. polit- partner- ings acand
U. S.
counts
ships, bank Postal ical
ships,
Govt. political offisubdi- cers' and corsav- subdi- and corvisions checks, poraings visions poraetc.
tions
tions
All commercial
banks: 3
1947_Dec. 3 1 . . . .
1957_Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 3 1 . . . .
1959_Mar. 12*...
17,796
18,972
18,568
18,427
18,140
2,216
3,335
3,017
3,249
3,020
10,216
12,342
10,904
12,609
10,560
87,123
110,266
106,178
115,518
112,720
11,362
13,867
12,141
14,142
11,940
1,430
1,769
1,648
1,657
1,650
1,343
3,898
9,205
4,250
2,460
6,799
10,693
10,892
10,928
10,430
2,581
3,620
3,741
4,043
3,320
84,987
109,653
102,453
115,132
110,210
All insured commercial banks:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,706
18,972
18,568
18,427
1,358
1,829
2,145
3,237
3,311
2,997
3,227
8,570
11,075
9,736
12,490
12,079
10,682
12,353
37,845
74,722
85,751
110,487
109,439
105,419
114,645
9,823
12,566
11,236
14,226
13,752
12,022
14,025
673
1,248
1,379
1,755
1,736
1,610
1,629
1,762
23,740
1,325
3,717
3,859
9,162
4,241
3,677
5,098
6,692
10,350
10,594
10,800
10,841
1,077
2,585
2,559
3,744
3,597
3,715
4,001
36,544
72,593
83,723
110,252
108,936
101,793
114,372
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1957—Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 31
1959—Mar. 1 2 . . . .
12,396
15,811
17,797
18,973
18,570
18,428
18,143
1,087
1,438
1,672
2,536
2,277
2,441
2,270
6,246
7,117
6,270
7,806
6,913
7,977
6,411
33,754
64,184
73,528
92,191
89,186
96,218
94,137
9,714
671
12,333 1,243
10,978 ,375
13,356 ,726
11,676 ,597
13,614 1 ,613
11,493 ,614
1,709
22,179
1,176
3,472
8,658
3,822
2,154
3,066
4,240
5,504
8,412
8,628
8,603
8,203
1,009
2,450
2,401
3,331
3,482
3,712
3,004
33,061
62,950
72,704
93,804
87,703
98,133
93,911
New York City:*
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1957—Dec. 31
1958—June 2 3 . . . .
Dec. 3 1 . . . .
1959—Mar. 1 2 . . . .
5 105
4,015
4,639
4,564
4,418
4,454
3,987
93
111
151
158
145
161
161
141
78
70
110
76
92
60
10 761
15,065
16,653
15,849
15,305
16,170
16,210
3 595
3,535
3,236
3,480
3,084
3,519
2,846
607
866
319
237
290
299
337
329
288
1,338
1,105
1,284
1,645
1,540
1,090
1 021
995
43
36
30
39
31
36
30
298
200
175
148
128
185
100
2 215
3,153
3,737
4,084
4,089
4,271
4,187
I 027
1,292
1,196
1,293
1,211
,314
1,120
127
1,070
1,071
1,183
1,058
233
237
285
333
456
302
279
34
66
63
77
75
88
75
2,152
3'160
3 853
4,493
4,095
4,746
4,569
15
39
34
32
31....
31....
31....
31....
23....
31
12....
4,060
6,326
7,095
7,763
7,576
7,472
7,722
425
494
562
790
707
768
722
2,590
2,174
2,125
2,585
2,277
2,670
2,087
11,117
22,372
25,714
33,583
33,145
35,505
34,858
4,302
6,307
5,497
1,144
1,763
2,282
3,111
3,065
3,153
2,954
286
611
705
943
818
11,127
22,281
26,003
35,906
34,119
38,054
36,534
Country banks:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1957—Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 3 1 . . . .
1959—Mar. 1 2 . . . .
2,210
4,527
4,993
5,576
5,392
5,444
5,439
526
796
929
1,549
1,395
1,476
1,357
3,216
4,665
3,900
4,964
4,432
5,030
4,163
9,661
23,595
27,424
38,676
36,648
40,272
38,882
,199
,049
,621
,267
,565
,302
2
8
7
18
15
13
14
544
774
799
740
808
3,947
4 690
4,536
3,993
4,633
13 595
18,085
18,075
16 992
19,300
385
521
511
465
528
55
45
43
50
43
Chicago:4
1941 Dec.
1945_Dec.
1947—Dec.
1957—Dec.
1958—June
Dec.
1959—Mar.
31
31
31
31....
23....
31....
12....
942
,105 6,940
,217
267
737
,389
,261 2,946
,267
968
458
,272
8
20
21
40
38
43
44
1 552
' 72
195
705
249
99
450
240
1,385
2,495
2,372
2,280
158
70
54
1,301
1,264
2,288
2,209
111
301
286
327
320
59
103
111
330
301
286
327
65 10,059
77 17,368
53,366
57,372 1,136 18,178
73 18,486
59,590
60,480 1,870 18,740
866 34,383
2,773
4,100
3,576
3,640
492 15,146
496 29,277
826 33,946
10
215
61
56
66
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
57 14,554
2,329
2,717
4,032
3,512
6,844
8,671
9,734
15,988
47,949
17,052
53,120
57,110 1,125 17,857
67 18,154
59,329
1,246
2,266
2,187
2,093
50
99
105
275
259
300
283
2,170
3,296
2,829
2,884
6
11,282
15,712
17
12
17,646
912
18,377
16,916 1,774
18,835 1,739
18,007 1,713
10
12
24
28
36
27
29
20
14
56
249
100
139
2
3
4
7
7
9
10
10
7
11
1,332
1,389
1,423
1,384
4
80
3
179
288
377
426
689
708
733
729
104
30
22
301
416
377
315
20
243
38
160
45
332
113 1,175
92 1,705
124 1,471
124 1,452
4,542
9,563
11,045
17,335
18,910
19,480
19,831
2
1
21
350
14
654
1,967
2,566
2,844
5,370
5,617
5,760
5,833
30
17
17
18
38
36
34
31
146
52
219
45
337
135
928
135 1,331
132 1,250
125 1,282
6,082
12,224
14,177
21,366
22,811
23,755
24,047
4
11
23
30
164
37
354
1,982
2,525
2,934
5,359
5,641
5,685
5,801
190
171
138
229
185
6,858
9,449
10,546
11,059
11,613
12
27
21
58
20
1,596
2,649
2,818
3,000
3,027
140
64
50
42,845
46,339 1,078 15,181
54 15,460
48,004
48,699 1,746 15,646
778
1,206
1,418
2,813
3,229
3,345
3,437
1 648
2,120
2,259
3,136
3,214
3,282
560 3,283
195
30
2
483
476
719
902
Reserve city banks:
1941—Dec.
1945—Dec.
1947—Dec.
1957—Dec.
1958—June
Dec.
1959—Mar.
Nonmember commercial banks:3
1947 Dec 31
1956—Dec 31
1957—Dec. 31
1958 June 23
Dec. 31
6,962
6,115
7,217
6,225
790
54
491
110 8,221
131
405
279 1,358
282 3,150
289 1,429
285
751
902
1,027
846
1,370
2,004
2,647
4,669
4,769
4,819
4,682
938
8,500
21,797
25,203
35,029
32,573
36,498
34,802
167
440
427
548
428
1,295
2'238
2^282
2 265
2^325
180
310
289
260
331
12 284
15,885
15,849
14 749
16,999
225
5,465
432
1,181
1,857
1,175
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.
1,052
4
239
435
528
943
1,032
6
29
27
28
27
172
546
603
805
747
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.t less cash items
reported as in process of collection.
For other notes see opposite page.
754
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
U. S. Government obligations
For purchasing
or carrying securities
Loans
Total
Cerand
Comloans investOther Loans
tifiTo
mer- Agri- andbrokers To others Real
to
and
Month or date
secucates
dealers
Other Total Bills ofin- Notes Bonds2 rities banks
invest- ments Loans cial
culestate loans
adadments justed1 justed1 and tural
debtloans
indusU.S.
edU.S.
trial
ness
Govt. Other Govt. Other
obobliga- cun- ligations ties tions ties
Total—
Leading Cities
19S8
96,176 94,572 53,393 '29,483
489
3,198
1,338
8,858 311,190 31,880 2,102 1,480 7,134 21,164 9,299 1,604
96,469 94,781 56,332 30,961
96,359 94,729 57,280 31,562
June
612
620
2,160
2,098
1,377
1,370
10,041 12,421 29,064 2,384 2,374 6,769 17,537 9,385 1,688
10,175 12,699 28,137 2,041 2,135 6,552 17,409 9,312 1,630
1959
May
June
1959
May
if::::::::
20
27
June 3
10
17
24
95,789
97,042
96,675
96,373
94,283
95,384
94,856
94,604
55,989
56,378
56,501
56,460
30,763
30,975
31,061
31,045
606
612
613
619
2,205
2,234
2,163
2,038
1,369
1,376
1,382
1,384
9,975 12,309 28 ,892 1,863
10,038 12,385 29,675 2,910
10,066 12,456 28
"",972 2,467
10,085 12,,532 28 ,718 2,296
2,472
2,431
2,305
2,287
6,927
6,791
6,708
6,653
17,630
17,543
17,492
17,482
9,402 1,506
9,331 ,658
9,383 ,819
9,426 ,769
96,289
96,494
96,535
96,121
94,452
94,700
95,229
94,538
56,543
56,909
57,897
57,774
31,005
31,238
32,017
31,989
609
618
625
628
2,111
2,128
2,169
1,984
1,382
1,378
1,361
1,362
10,099
10,148
10,207
10,246
12,580 28
,538 2,243
,453 2,237
12,644 28
:,762 28,072 2,060
12,
12,811 27,484 1,623
2,224
2,181
2,103
2,034
6,619
6,608
6,537
6,442
17,452
17,427
17,372
17,385
9,371
9,338
9,260
9,280
,837
,794
,306
,583
New York City
1958
26,743 25,862 15,798 10,913
1,012 1,119
25,610 24,670 15,552 10,754
25,502 24,612 15,758 10,926
June
25,272
25,826
25,724
25,617
24,610
24,977
24,623
24,470
15,521
15,615
15,578
15,494
25,554
25,571
25,480
25,404
24,432
24,613
24,868
24,538
15,495
15,617
16,048
15,872
359
536
2,163 7,770
954
266 1,736
4,814 2,294
881
262 1,305
242 ,299
401
391
705
742
2,460 6,706 1,055
2,494 6,471 1,022
419 1,783
351 1,667
3,449 2,412
3,431 2,383
940
890
10,737
10,763
10,760
10,755
253
296
295
203
,335
,322
,281
,283
398
400
402
403
692
711
708
711
2,441
2,459
2,466
2,475
6,669 823
6,988 1,303
6,636 1,066
6,533 1,029
488
444
380
362
1,890
1,796
1,751
1,697
3,468
3,445
3,439
3,445
662
2,420
2,374
849
2,409 1,101
2,443 1.147
10,683
10,777
11,153
11,090
190
272
316
190
,361
,285
,268
,281
398
397
386
383
721
735
760
752
2,478
2,487
2,501
2,512
6,511 1,048
6,610 1,149
6,473 1,035
6,292 857
356
347
354
347
1,674
1,678
1,657
1,659
3,433
3,436
3,427
3,429
2,426 1,122
2,386
958
2,347
612
2,374
866
53
1959
May
June
1959
May
!!:::::::
20
27
June 3
10
17
24
Outside
New York City
1958
June
69,433 68,710 37,595 318,570
488
,067
926
8,322 39,027 24,110 1,148 1,214 5,398 16,350 7,005
723
70,859 70,111 40,780 20,207
70,857 70,117 41,522 20,636
611
619
593
557
937
938
9,336 9,961 22,358. 1,329 1,955 4,986 14,088 6,973
9^433 10',205 21',666 1,019 1,784 4,885 13,978 6,929
748
740
1959
May
June
1959
May
70,517
, * : : : : : : : 71,216
70,951
70,756
20
27
June 3
10
17
24
70,735
70,923
71,055
70,717
69,673
70,407
70,233
70,134
40,468
40,763
40,923
40,966
20,026
20,212
20,301
20,290
605
611
612
618
617
616
587
552
933
938
940
940
9,283 9,868 22,223 1,040
9,327
,687 1,607
9,358 i990 22,336 \401
9J374 10,057 22,185 ,267
,984
,987
,925
,925
5,037
4,995
4,957
4,956
14,162
14,098
14,053
14,037
6,982
6,957
6,974
6,983
844
809
718
622
70,020
70,087
70,361
70,000
41,048
41,292
41,849
41,902
20,322
20,461
20,864
20,899
608
617
624
627
560
571
585
513
943
940
934
938
9,378
9,413
9,447
9,494
,868
,834
,749
,687
4,945
4,930
4,880
4,783
14,019
13,991
13,945
13,956
6,945
6,952
6,913
6,906
715
836
694
717
1 Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
2
Includes guaranteed obligations.
10,102
10,157
10,261
10,299
22,027 ,195
21,843 ,088
21,599 ,025
21,192 766
3 Figures revised; see BULLETIN for February 1959, p. 214, note 2.
See also NOTE on opposite page.
755
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
Month or date
Reserves Cash
with
in
F.R. vault
Banks
Time deposits,
except interbank
Interbank
deposits
BalDeIndiIndiDemand
ances mand vid- States Certi
vid- States
with
deuals,
and
fied
uals,
and U.S.
do- posits part- polit- and
part- polit- Govt.
mestic adand
nerical
offi- U.S. nerical
banks justed1 ships, sub- cers' Govt. ships, sub- Postal DoForand
divi- checks,
and
divi- Sav- mes- eign
cor- sions etc.
cor- sions ings tic
poraporations
tions
Borrowings
Capital
Time
From
F.R. From
Banks others
TotalLeading Cities
1958
June
13,246
987 2,670 56,372 58,387 4,687 2,473 4,501 23,931 1,886
143 11,250 1,514 2,231
921 9,951
12,727
998 2,407 56,336 59,696 4,382 2,040 3,574 24,920 1,555
12,719 1,012 2,431 56,791 60,213 4,133 2,363 2,432 25,112 1,554
176 10,345 1,458 2,036
175 10,437 1,482 1,906
429 1,277 10,345
755 1,466 10,359
922 2,327 56,231 58,905
13,008
12,906 1,032 2,436 56,184 60
60,650
12,406
993 2,506 56 222 59,562
12,588 1,046 2,360 56 710 59,666
4,560
4,222
4,297
4,447
2,160
2,014
2,005
1,984
1,544
1,558
1,557
1,561
177
175
175
177
10,584
10,618
10,296
9,883
1,395
1,418
1,510
1,507
2,098
2,064
2,013
1,971
679
472
212
354
1,082
1,284
1,296
1,444
10,353
10,323
10,346
10,359
12,501
951 2,361 56,054
12,656 1,028 2 , 404 57,387
" •
13,082 1,017 2, 603 57,184
12,639 1,050 2, 356 56,540
4,352
4,159
3,867
4,155
2,404 2,685 25,039 1,578
,549 '",084 1,570
25
2,317
642 25,105 1,548
2,529
2,201
853 25,221 1,521
174
175
175
177
10,414
10,540
10,822
9,973
1,460
1,452
1,509
1,506
1,981
1,924
1,905
1,814
581
739
999
700
1,614
1,685
1,021
1,542
10,371
10,364
10,347
10,355
1959
May
June
1959
May
,!•::::::::::
20
27
June
3
10
17
24
58,835
60,600
61,817
59,600
2,932 24,879
4,320 24,882
3,826 24,929
3,216 24,988
New York City
1958
3,074 1,211 1,762
405 3,192
143
153
2,893 1,156 1,637
2,895 1,165 1,516
469 3,275
688 3,266
129
145
146
153
2,947
2,904
2,917
2,804
,103
,121
,209
,193
1,696
1,661
1,618
1,575
155
157
153
148
2,937
2,889
2,937
2,818
,143
,134
,193
,189
1,585
1,529
1,512
1,441
9,131
844 2,619 40,369 40,995 4,309 1,049 2,792 20,733 1,651
118 8,176
303
469
8,903
8,782
852 2,350 41,028 42,699 4,026 1,035 2,393 21,582 1,412
869 2,374 41,149 42,840 3,839 1,144 1,722 21,748 1,401
149 7,452
148 7,542
302
317
399
390
400
711
20
27
8,981
9,020
8,825
8,785
782
883
857
888
2,279
2,389
2,448
2,283
41,016
40,982
40,928
41,189
42,153
43,557
42,660
42,427
4,117 1,066 1,976 21,536
1,553
3,909 1,028 2,808 21 —
3,953
1,601
,044 2,590 21
2,196 21
4,122
1,638
,005
1,415
1,413
1,411
1,408
150
148
148
150
7,637
7,714
7,379
7,079
292
297
301
314
402
403
395
396
574 7,076
568
718 7,046
464
212 1,026 7,072
354
910 7,089
3
10
17
24
8,799
8,580
9,051
8,70'
816
879
875
904
2,296
2,350
2,549
2,298
40,808
41,393
41,397
41,003
41,944
42,949
44,066
42,405
4,058
3,846
3,606
3,847
,094 1,776 21,690 1,423
,067 ,069 21,711 1,413
,263 ,968 21,751 1,395
,153 2,074 21,842 1,373
147
148
148
150
7,477
7,651
7,885
7,155
317
318
316
317
396
395
393
373
581
714
907
640
4,115
143
16,003 17,392
378 1,424 1,709 3,198
235
3,824
3,937
146
143
15,308 16,997
15,642 17,373
356 1,005 1,181 3,338
710 3,364
294 1,219
4,027
3,886
3,581
3,803
140
149
136
158
15,215
15,202
15,294
15,521
956 3,343
443 1,094
986 1,512 3,329
313
961 1,236 3,328
344
979 1,020 3,350
325
3,702
4,076
4,031
3,937
June
135
149
142
146
15,246 16,891
15,994 17
17,651
15,787 17,751
15,537 17,195
25
1959
May
June
1959
""if:::::::::::
20
27
June
3
10
17
24
16,752
17,093
16,902
17,239
294
313
261
308
1,310
1,250
1,266
1,048
909
480
674
779
3,349
3,373
3,354
3,379
508
566
270
534
3,277
3,277
3,274
3,270
642
790
576
745
111
3,267
3,269
3,266
3,261
Outside
New York City
1958
June
516 6,759
1959
May
June
808 7,070
778 7,093
1959
May
June
,!:::::::::::
i Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
972
895
445
797
7,104
7,095
7,081
7,094
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55.
756
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
prod- chemical,
and
ucts 3
rubber
Trade
(wholesale
and
retail)
Other
Public
utilities
Sales
finance (incl.
transcomportapanies
tion)
Commodity
dealers
Construction
Comm'l
and
ind'l
All
Net
other changes change—
all
types
classi- weekly
of
fied
reportbusiness
ing
banks
161
-296
331
-159
-496
150
-161
-8
420
-108
183
-49
58
1958—Jan.-June4
July-Dec. 4, , ,
-658
522
146
-454
-140
-14
157
-121
5-158
5162
-283
410
-853
294
-177
234
56
50
69
362
1959_j an .-July 1 . ,
-519
84
-232
218
864
-162
188
284
-364
455
-141
106
145
1,075
1,217
421
1957—July-Dec
5-1,758 5-1,938
51,214 51,017
-128
-6
-117
12
34
44
43
133
195
-29
-9
-47
16
45
32
125
43
23
-51
-80
-57
139
-30
470
-208
82
195
17
29
55
20
74
148
-43
315
942
-22
-59
-19
-15
-13
3
-1
8
2
60
-34
14
-18
21
-6
9
15
-32
-13
7
5
8
-2
j
1
20
80
1
26
-6
-11
-20
-5
-9
115
-57
53
41
-13
1
-3
4
10
4
4
-15
29
-18
20
25
-175
196
-54
-35
s
-169
250
-39
-7
20
27
2
14
3
-25
-10
69
42
31
24
9
21
-12
-6
-14
-36
-24
28
-11
-26
-21
-12
29
12
17
13
29
16
102
186
61
-34
139
212
86
-16
-32
-26
36
-36
-1
34
115
27
9
11
-8
-22
-29
-5
12
-5
12
35
11
-14
June 3
10
17
24
27
14
5
-12
2
21
19
1
-131
-28
25
-17
-57
11
15
20
35
5
35
4
17
3
16
10
-13
-14
-3
-18
44
102
271
-81
-35
46
116
52
16
15
20
2
-1
39
91
5
-36
222
727
-39
-40
233
779
-28
July
-60
5
20
-20
12
-23
-9
134
16
1
15
1959—Apr
May
June6
Week ending:
1959_Apr. 1
8
15
22
29
May 6
1
i
30
969
25
67
3 Includes machinery and transportation equipment.
4 January-June includes 25 weeks; July-December, 27 weeks.
5 Figures revised; see BULLETIN for February 1959, p. 216, note 4.
6
Including week ended July 1.
1 Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial
and industrial loans of all weekly reporting member banks and about
75 per cent of those of all commercial banks.
2 Figures for periods other than weekly are based on weekly changes.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year
or month
Placed
through
dealers*
Placed
directly
(finance
paper) 2
1,966
1,924
2,020
2,166
2,666
564
733
510
506
551
1,402
1,191
1,510
1,660
2,115
1958—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,709
3,373
3,627
3,371
3,146
3,294
33,203
2,744
946
965
966
981
958
961
940
840
2,763
2,408
2,661
2,390
2,188
2,333
32,263
1,904
1959—Jan..
Feb.
Mar.
Apr.
May
3,076
3,322
3,267
3,334
3,555
875
897
883
822
791
2,201
2,425
2,384
2,512
2,764
Total
1953
1954
1955
1956
1957
Held by:
Accepting banks
Goods stored in or
shipped between
ports
ports Dollar
points in:
Others into
from
exForUnited United change
eign
States States
United Foreign
corr.
States countries
F. R.
Im-
Banks
Total
l otai
Bills
Own
bills bought
acct.
Ex-
Total
Own
1,307
172
289
175
227
287
117
203
126
155
194
55
86
49
72
94
28
69
66
24
19
33
50
76
378
565
405
621
878
274
285
252
261
278
154
182
210
329
456
29
17
17
2
46
75
300
63
227
296
43
89
100
148
232
1,441
1,352
1,353
1,363
1,281
1,255
1,209
1,194
474
396
426
416
385
347
290
302
372
292
328
340
319
273
234
238
102
104
98
75
65
73
55
64
42
45
34
33
28
36
34
49
119
113
108
91
75
71
75
68
806
798
785
824
792
802
810
775
296
282
269
256
236
246
251
254
396
375
380
385
355
354
348
349
130
121
141
131
136
117
94
83
371
325
313
337
319
296
265
244
247
248
251
254
235
242
251
263
1,133
1,161
1,054
1,029
1,038
276
309
271
269
242
226
232
227
208
193
51
77
44
60
49
40
39
30
30
28
60
62
60
56
79
756
751
692
673
689
251
275
278
292
286
346
339
329
348
350
118
112
111
78
103
168
183
82
48
43
250
252
253
263
256
574
873
642
967
1 As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2 As reported by finance companies that place their paper directly with
investors.
Based on:
3 Beginning with November 1958, series revised to include 270-day
paper. Figures on old basis for November and December, respectively,
were (in millions of dollars): Total, 3,192 and 2,371; placed directly, 2,252
and 1,891.
757
INTEREST RATES
MONEY MARKET RATES
Year,
month, or
week
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
Prime
comPrime
bankpany
comers'
paper
mercial
acceptplaced
paper,
ances,
4- to 6- direct90 1
ly,
months *
3- to 6- days
months i
Size of loan (thous. of dol.)
U. S. Government
securities (taxable) 2
All
loans
Area and period
3-month bills
10
9-to 12- 3- to 5year
month
Mar- Rate issues 3 issues 4
ket on new
yield issues
1956 average
1957 average
1958 average
3.31
3.81
2.46
3.06
3.55
2.12
2.64
3.45
2.04
2.62
3.23
1.78
2.658
3.267
1.839
2.83
3.53
2.09
3.12
3.62
2.90
1958—June
July
Aug
Sept
Oct
Nov
Dec
1.54
1.50
1.96
2.93
3.23
3.08
3.33
1.38
1.31
1.52
2.47
2.87
2.75
2.94
1.13
1.13
1.65
2.39
2.75
2.75
2.75
.83
.91
1.69
2.44
2.63
2.67
2.77
.881
.962
1.686
2.484
2.793
2.756
2.814
.98
1.34
2.14
2.84
2.83
2.92
3.24
2.25
2.54
3.11
3.57
3.63
3.60
3.65
1959__j an
Feb
Mar
Apr
May
June
3.30
3.26
3.35
3.42
3.56
3.83
3.05
3.00
3.22
3.36
3.44
3.66
2.75
2.75
2.88
2.98
3.17
3.31
2.82
2.70
2.80
2.95
2.84
3.21
2.837
2.712
2.852
2.960
2.851
3.247
3.26
3.38
3.56
3.66
3.92
3.97
3.86
3.85
3.88
4.03
4.16
4.33
Week ending :
May 3 0 . . .
June 6 . . .
13...
20...
27...
3.63
3.75
3.81
3.88
3.88
3.44
3.44
3.51
3.81
3.81
3.25
3.25
3.25
3.35
3.38
2.92
3.15
3.27
3.24
3.22
2.878
3.149
3.283
3.276
3.281
3.93
3.99
3.97
3.88
3.98
Annual averages,
19 large cities:
1956
1957
1958
4.18
4.28
4.31
4.33
4.36
10100
4.2
Dec
1959—Mar
June
5.2
4.8
4.4
4.0
4.3
Quarterly: 1
19 large cities:
1958—Sept
Dec
1959—Mar
June
New York City:
1958—Sept
Dec
1959—Mar
June
7 Northern & Eastern
cities:
1958—Sept
Dec
1959—Mar
June
11 Southern & Western
cities:
1958—Sept
5.5
5.0
4.6
4.1
4.21
4.50
4 51
4.87
5.45
5.49
5.53
5.68
4.90
5.06
5.09
5.33
4.47
4.68
4.74
5.06
4.00
4.33
4.32
4.72
4.00
4 29
4.29
4.71
5.19
5 38
5.30
5.55
4.74
4.94
4.93
5.24
4.28
4.52
4.56
4.97
3.87
4.18
4.18
4.61
4.21
4 50
4.49
4.90
5.48
5 53
5.54
5.67
4.90
5.05
5.06
5.33
4.42
4.66
4.71
5.06
4.03
4.36
4.35
4.78
4.54
4.79
4.84
5.07
5.55
5.53
5.62
5.74
4.99
5.12
5.20
5.37
4.63
4.79
4 87
5.13
4.23
4.59
4.60
4.87
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-37.
i 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.
200
and
over
100200
March
1949,
BOND AND STOCK YIELDS 1
[Per cent per annum]
Corporate bonds 3
Year, month, or week
State and local
govt. bonds 3
U.S.
Govt.
bonds
(longterm) 2
By selected
ratings
Stocks 5
Dividend /
price ratio
By
groups
Earnings /
price ratio
TotaH
TotaH
Aaa
Aaa
Baa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
Number of issues
4-7
20
120
30
30
40
40
40
14
500
500
1956 average....
1957 average....
1958 average
3.08
3.47
3.43
2.94
3.56
3.36
2.51
3.10
2.92
3.50
4.20
3.95
3.57
4.21
4.16
3.36
3.89
3.79
3.88
4.71
4.73
3.50
4.12
3.98
3.65
4.32
4.39
3.54
4.18
4.10
4.25
4.63
4.45
4.09
4.35
3.97
7.17
8.21
5.14
1958—June
July
Aug
Sept
Oct
Nov
Dec
3.19
3.36
3.60
3.75
3.76
3.70
3.80
3.15
3.23
3.50
3.74
3.69
3.59
3.57
2.74
2.79
3.07
3.28
3.23
3.17
3.12
3.78
3.83
4.07
4.32
4.25
3.98
4.02
4.17
4.39
4.42
4.40
4.38
3.57
3.67
3.85
4.09
4.11
4.09
4.08
4.55
4.53
4.67
4.87
4.92
4.87
4.85
3.77
.81
3.94
4.24
4.25
4.23
4.24
4.28
4.30
4.42
4.52
4.56
4.56
4.52
3.88
3.94
4.16
4.41
4.46
4.40
4.39
4.28
4.36
4.45
4.58
4.64
4.65
4.63
4.08
3.98
3.78
3.69
3.54
3.42
3.33
6.37
5.63
1959—Jan
Feb
Mar
Apr
May
June
3.90
3.92
3.92
4.01
4.08
4.09
3.60
3.57
3.44
3.53
3.70
3.80
3.19
3.16
3.06
3.12
3.29
3.37
4.02
4.20
4.28
4.41
4.43
4.40
4.47
4.60
4.69
4.12
4.14
4.13
4.23
4.37
4.46
4.87
4.89
4.85
4.86
4.96
5.04
4.28
4.31
4.28
4.35
4.46
4.55
4.53
4.51
4.51
4.56
4.67
4.76
4.43
4.46
4.43
4.49
4.67
4.77
4.54
4.52
4.48
4.51
4.68
4.79
3.24
3.32
3.25
3.26
3.21
3.23
5.47
4.08
4.10
4.09
4.09
4.10
3.73
3.73
3.76
3.82
3.88
3.31
3.31
3.32
3.39
3.45
4.20
4.20
4.23
4.29
4.38
4.66
4.68
4.69
4.70
4.70
4.42
4.44
4.47
4.46
4.47
5.01
5.03
5.03
5.04
5.04
4.52
4.53
4.55
4.57
4.57
4.72
4.75
4.76
4.76
4.76
4.74
4.76
4.76
4.76
4.78
4.74
4.75
4.80
4.81
4.81
3.19
3.19
3.25
3.25
3.24
Week ending:
May 3 0 . .
June 6 . .
13...
20...
27..,
5
93
1
Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings /price ratios for common
stocks are as of end of period.
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.
5." i4*
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.
758
SECURITY MARKETS
SECURITY PRICES'
Bond prices
Common stock prices
Volume
of
trading*
(in
Manufacturing
Trade,
thoufiTrans- Pub- nance, Min- sands
lic
porta- utilof
Total
and
ing shares)
Du- Non- tion
servTotal rable duity
rable
ice
Securities and Exchange Commission series
(index, 1939= 100)
Standard and Poor's series
(index, 1941-43= 10)
Year, month,
or week
Corporate
(highgrade)3 Total
U.S.
Govt.
(longterm)*
Municipal
(highgrade) 3
15
17
265
170
98
72
21
29
31
14
1956 average.
1957 average.
1958 average.
98.91
93.24
94.02
116.3
105.8
106.4
109.1
101.3
102.9
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
46.24 49.36 27.05 37,22
345
331
341
439
422
426
410
391
385
465
451
458
327
275
270
156
156
173
306
277
314
358
342
314
2,216
2,222
2,965
1958—June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
97.17
94.78
91.51
89.51
89.36
90.13
88.90
110.8
108.0
103.7
100.6
100.9
102.3
102.3
105.5
104.2
102.0
98.9
98.6
98.9
98.7
44.75
45.98
47.70
48.96
50.95
52.50
53.49
47.62
48.96
51.00
52.40
54.55
56.11
57.09
25.54
26.86
28.43
29.51
31.23
33.07
33.70
37.31
37.82
37.50
37.97
39.15
40.75
42.05
331
339
352
360
376
388
393
412
424
442
453
474
487
490
362
376
399
413
437
448
451
450
459
473
481
499
514
516
259
269
283
292
311
327
330
171
173
174
178
183
190
199
305
312
325
337
346
362
375
319
331
341
341
344
341
339
2,696
3,159
2,970
3,427
4,134
4,131
3,615
1959—Jan...
Feb...
Mar..
Apr..
May.
June.
87.54
87.38
87.37
86.21
85.31
85.16
101.8
102.2
103.4
102.2
100.4
99.4
98.1
98.0
98.2
97.0
95.0
94.0
55.82
54.77
56.15
57.10
57.96
57.46
59.30
58.33
59.79
60.92
62.09
61.75
35.53
35.20
35.47
35.94
36.07
36.02
43.96
43.71
45.06
45.12
44.30
42.58
410
404
414
419
425
419
508
496
508
514
527
521
474
466
475
481
495
496
529
514
530
536
547
534
350
350
353
360
358
357
213
215
221
226
221
213
394
400
405
405
409
418
348
345
348
340
334
326
3,964
3,463
3,926
3,449
3,379
2,925
Weekending:
May 30.
June 6.
13.
20.
27.
85.28
85.09
85.23
85.21
85.14
100.4
100.0
99.9
99.2
98.6
94.3
94.3
93.9
94.0
93.8
58.31
58.05
56.97
56.96
57.47
62.53
62.37
61.24
61.24
61.74
36.47
35.86
35.41
35.86
36.55
44.05
43.26!
42.261
42.001
42.54'
428
420
418
416
422
532
521
520
518
525
500
492
495
495
501
550
538
532
529
537
358
353
355
357
363
222
216
212
210
213
414
413
416
417
423
334
331
329
320
323
2,975
2,957
3,094
2,625
2,954
Number of issues.
500
Industrial
Railroad
Public
utility
425
25
50
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.
2 Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
3 Prices derived from average yields, as computed by Standard and
Poor's Corporation, on bash of a 4 per cent, 20-year bond.
< Average daily volume of trading in stocks on the New York Stock
Exchange for a 5^-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit1
Customer credit
End of month or last
Wednesday of month
Total—
securities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Bank loans to others (than
Net debit balances with
New York Stock Exchange brokers and dealers) for purchasing and carrying securities 2
firms i
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer's
net
free
credit
balances
1955—Dec..
1956—Dec..
1957—Dec..
4,030
3,984
3,576
34
33
68
2,791
2,823
2,482
32
41
60
,239
,161
,094
51
46
125
2,246
2,132
1,706
894
880
896
1958—May.
June,
July.
Aug.,
Sept
Oct..
Nov.
Dec..
4,069
4,218
4,252
4,199
4,308
4,369
4,423
4,492
141
248
149
140
122
123
124
146
2,856
2,921
3,021
3,013
3,109
3,188
3,245
3,285
75
84
113
48
51
59
50
63
,213
,297
,231
,186
,199
,181
,178
,207
244
468
306
251
210
193
210
234
,930
,903
,751
,865
,832
,923
2,071
979
1,047
,080
,103
,119
,140
,148
,159
1959—Jan..
Feb..
Mar.
Apr.
May,
4,554
4,527
4,597
r
4,721
4,711
155
157
153
166
163
3,297
3,253
3,305
'3,401
62
65
55
55
58
,257
,274
,292
,320
,326
230
223
218
252
252
,990
,963
1,977
2,156
2,159
,226
,196
,257
,205
,188
r
1
3,385
Revised.
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 with 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 $26 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.
759
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Date
Total
assets
Total
Business securities
Real
estate
Mortgages
United State and Foreign 2
local
States
(U. S.)
Total
Bonds
Policy
loans
Other
assets
Stocks
End of year: 3
1941
1945
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
1951.......
1952
1953
1954
1955
1956
1957
68,278
73,375
78,533
84,486
90,432
96,011
101,309
13,760
12,905
12,537
12,262
11,829
11,067
10,690
11,009
10,252
9,829
9,070
8,576
7,555
7,029
1,170
1,153
1,298
1,846
2,038
2,273
2,376
1,581
1,500
1,410
1,346
1,215
1,239
1,285
28,111
31,515
34,438
37,300
39,545
41,543
44,057
25,890
29,069
31,865
34,032
35,912
38,040
40,666
2,221
2,446
2,573
3,268
3,633
3,503
3,391
19,314
21,251
23,322
25,976
29,445
32,989
35,236
1,631
1,903
2,020
2,298
2,581
2,817
3,119
2,590
2,713
2,914
3,127
3,290
3,519
3,869
1,840
1,738
2,872
3,088
3,302
3,523
3,743
4,076
4,338
End of month-.
1956—Dec.
1957—Dec..
95,844
101,309
10,989
10,691
7,519
7,028
2,234
2,377
1,236
1,286
40,976
43,750
38,067
40,737
2,909
3,013
32,994
35,271
2,829
3,120
3,505
3,872
4,551
4,605
1958—Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
103,058
103,508
104,008
104,578
105,054
105,493
106,053
106,540
107,419
10,910
10,889
10,976
11,163
11,244
11,268
11,299
11,355
11,250
7,106
7,036
7,083
7,258
7,300
7,307
7,319
7,344
7,205
2,474
2,502
2,537
2,561
2,597
2,616
2,641
2,672
2,685
1,330
1,351
1,356
1,344
1,347
1,345
1,339
1,339
1,360
44,602
44,774
44,987
45,198
45,351
45,561
45,876
46,015
46,411
41,497
41,656
41,828
42,039
42,200
42,370
42,689
42,817
43,052
3,105
3,118
3,159
3,159
3,151
3,191
3,187
3,198
3,359
35,840
35,956
36,060
36,183
36,323
36,462
36,648
36,794
37,097
3,222
3,241
3,280
3,303
3,355
3,368
3,388
3,415
3,349
4,011
4,038
4,067
4,091
4,114
4,138
4,162
4,183
4,204
4,473
4,610
4,638
4,640
4,667
4,696
4,680
4,778
5,108
1959—Jan...
Feb..
Mar..
Apr..
108,145
108,583
108,945
109,430
11,620
11,596
11,479
11,568
7,485
7,414
7,229
7,251
2,744
2,774
2,840
2,889
1,391
1,408
1,410
1,428
46,602
46,829
47,093
47,343
43.237
43,442
43,672
43,904
3,365
3,387
3,421
3,439
37,211
37,350
37,486
37,602
3,393
3,414
3,450
3,469
4,225
4,253
4,284
4,317
5,094
5,141
5,153
5,131
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 amortized basis and stocks at end-of-year market value.
4
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
Mortgages3
U. S.
Govt.
obligations
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
1951
1952
1953
1954
1955
1956
1957
1958
19,222
22,660
26,733
31,736
37,719
42,875
48,138
55,114
15,564
18,396
21,962
26,194
31,461
35,729
40,007
45,599
1,603
1,787
1,920
2,021
2,342
2,782
3,173
3,821
1,066
1,289
1,479
1,980
2,067
2,119
2,146
2,569
899
1,108
1,297
1,471
1,791
2,199
2,770
3,125
16,107
19,195
22,846
27,334
32,192
37,148
41,912
47,926
801
860
947
864
,412
,225
,263
,297
93
84
80
96
146
122
116
154
1,453
1,658
1,901
2,191
2,557
2,950
3,363
3,857
1958—Apr.
May
June
July.
Aug.
Sent.
Oct..
Nov.
Dec.
49,885
50,564
51,367
51,563
52,170
52,855
53,590
54,251
55,114
41,223
41,751
42,333
42,866
43,423
43,997
44,602
45,067
45,599
3,235
3,248
3,329
3,369
3,480
3,627
3,734
3,784
3,821
2,525
2,563
2,740
2,443
2,373
2,295
2,187
2,231
2,569
2,902
3,002
2,965
2,885
2,894
2,936
3,067
3,169
3,125
43,575
44,083
45,020
45,082
45,435
45,875
46,376
46,853
47,926
813
801
928
899
936
,007
,082
,121
,297
86
66
108
98
116
130
113
115
154
3,857
I959__jan..
Feb.,
Mar.
Apr.
55,467
56,045
56,810
57,590
46,009
46,436
47,029
47,733
4,117
4,214
4,293
4,399
2 269
2,243
2,244
2,061
3,072
3,152
3,244
3,397
48,360
48,768
49,297
49,717
,145
,100
,084
,181
125
113
124
125
3,864
3,873
3,874
3,875
1
Figures are for all savings and loan associations in the United States.
Data beginning with 1950 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 21950 are based entirely on annual reports.
Includes gross mortgages with no deduction for mortgage pledged
shares.
3,561
3
Beginning with January 1958, no deduction is made for mortgage
pledged shares. These have declined consistently in recent years and
amounted to $42 million at the end of 1957.
4
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 1958 and 1959 are preliminary.
760
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
Asset or liability, and activity1
1958
1957
1951
1952
1953
1954
1955
1956
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
311
590
648
2,096
3.076
6,929
367
638
701
2,226
2,981
18
5,775
375
689
681
2,348
2,621
6,752
457
734
724
2,488
2,349
(3)
2,142
1,850
2,603
2,242
2,930
2,462
[ 292
362
I 300
I 168
2,907
2,461
383
63
3,205
2,641
480
84
To industry, total
Treasury Department...
Commerce Department.
Other agencies
589
598
588
174
431
353
589
598
} 4,3
To financing institutions
814
864
952
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks 2 ..
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
Foreign, total
Export-Import Bank
Treasury Department*
International Cooperation Administration.
Other agencies
744
589
155
6,110
2,296
3,750
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 securities!
6,931
410
1,228
903
2,774
1,600
3,680
3,072
464
145
7,605
428
1,040
906
2,732
2,499
(3)
4,917
4,096
820
1
4,628
3,776
851
7,402
473
1,247
900
2,820
1,962
(3)
4,607
3,716
890
1
4,860
3,924
936
1
79
678
306
f 261
{ 112
619
209
219
191
674
251
217
206
645
224
203
219
654
222
191
241
658
221
190
247
680
216
187
278
870
1,419
1,233
1,270
701
931
1,010
1,298
275
107
167
271
91
180
294
106
188
293
106
187
272
112
160
245
90
155
246
106
140
7,736 8,043
2,496 2,833
3,667 3,620
51,515 1,537
53
58
8,001
2,806
3,570
1,624
7,988
2,702
3,519
1,767
8,223
2,701
3,470
1,995
57
8,754
3,040
3,470
2,195
49
8,965
3,111
3,470
2,338
46
9,022
3,094
3,470
2,412
45
9,271
3,239
3,470
2,514
47
9,510
3,362
3,419
2,682
46
119
29
90
166
127
39
256
209
47
213
156
57
344
283
62
393
331
62
449
383
65
489
423
66
548
458
89
1,020
894
126
75
5
69
645
500
145
1
-203
-173
-228
-140
-268
14,422 17,826 19,883 19,348 20,238
-368
-367
-354
-450
-486
-309
20,657 22,395 23,147 22,383 23,280 25,493
2,421
311
208
316
1,437
148
3,385
223
2,602
387
217
319
1,526
152
3,385
219
2,967
641
228
327
1,624
147
3,385
197
3,236 3,739
745
1,018
241
256
381
458
1,720 1,825
149
181
3,385 63.420
179
6249
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
> 288
303
428
550
4,356 21,375
3,747 3,651
11,004
/6,517
609 \ 201
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Aeronautics and Space Administration....
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
3,358
3,213
298
1,048
1,284
415
1,251
1,202
8,062
4,834
363
1,475
1,040
8,046
4,798
421
1,739
728
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.), tot:
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
2,379
185
665
958
570
2,711
257
721
963
770
* Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
2
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
4 Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
5
Figure derived by Federal Reserve.
6 Investment in international institutions adjusted to include, and
0)
264
105
159
2,226
249
200
285
1,353
140
3,385
257
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
8,672
511
1,169
819
2,874
3,298
(3)
6,681
454
935
832
2,688
1,778
(3)
4,769
3,998
770
1
7,822
4,822
421
1,829
450
3,804
896
274
471
1,937
226
3,420
298
4,523
1,456
283
533
2,013
238
3,420
333
4,467
1,366
293
536
2,030
242
3,420
3,696
4,365
1,250
278
559
2,034
245
3,420
3,703
4,198
995
288
567
2,049
300
3,420
3,703
21,628 21,206 21,540 20,743 20,810
3,025 2,636 3,310 3,013 3,036
11,136 10,866 10,344 9,730 9,681
7,282 7,528 7,700 7,809 7,919
174
175
191
186
185
9,962 10,020 10,459 10,422 10,670
4,535 4,568 4,589 4,550 4,721
398
396
396
396
398
1,801 1,789 1,803 1,790 1,777
88
77
32
25
26
274
283
282
285
280
345
342
372
371
349
327 1,341 1,319 1,322
1,308
599
599
637
637
637
608
644 1,033 1,050 1,134
4,662
247
902
825
2,688
4,749
224
992
468
3,065
3,812
207
1,181
455
1,968
3,981
260
1,211
612
1,898
4,038
303
1,124
714
1,898
other securities to exclude, $35 million subscription to the International
Finance Corporation.
* 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
The National Advisory Committee for Aeronautics was transferred
to the National Aeronautics and Space Administration effective Oct. 1,
1958.
9
Includes $989 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 $1,799 million.
1
° Figure represents total trust interest.
For NOTE, see opposite page.
761
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
Loans InstrucOther inter- interretures,
est
venliabil- est
ceiv- tories Public
and Other Guarities
able
debt Other equipanteed
Other
secu- secu- ment
by
rities rities
U.S.
Investments
Date, and fund or activity
Total
Cash
AH activities
1954_Dec. 31
1955—Dec. 31
1956—Dec. 31
41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387
45,304 1,338 20,238 4,356 3.236 3.414 7,822 4,900
69,653 4,996 20,657 21,375 3,739 3,669 9,985 5,232
1957—Dec. 31
1958—Mar. 31
June 30
Sept. 30
Dec. 31
71,139
72,242
72,677
73,772
76,494
4,291 22,395 21,628
4,158 23,147 21,206
4,793 22,383 21,540
5,870 23,280 20,743
6,110 25,493 20,810
3,804
4,523
4,467
4,365
4,198
Public Enterprise Funds—Total
Farm Credit Administration:
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund.. .
Agriculture Department:
Commodity Credit Corporation
Disaster loans, etc., revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
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
24,013 2,327 11,039 4,420
909
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
11,837 1,651
953
377
229
93
Certain Other Activities—Total
General Services Administration
Agriculture Department:
Farmers Home Administration
Rural Electrification Administration
Veterans Administration
Nat. Aeronautics and Space Administration8
Interior Department
International Cooperation Administration
Treasury Department
Commerce Department—maritime activities
All other
32,577 1,801 10,138 6,549
8,779
80 6,536
3,718
3,753
3,731
3,703
3,703
33 1,068 4,183 35,610
44! 2,379 2,703 39,583
2,711 3,659 62,516
5,340
5,436
5.304
5,389
5,509
49
49
47
56
50
137 3,709 1,472
50
9,962
10,020
10,459
10,422
10,670
4,662
4,749
3,812
3,981
4,038
2,916 62,391
3,472 62,789
4,153 63,460
3,643 64
*,864
3,912 67
7,196
508
596
699
1,121
1,183
1,204
1,229
1,298
Classification of agencies reporting quarterly,
By type of fund and activity, Dec. 31, 1958
6
186
10 3,169 3,036
81
39
47
14
205
927
2,561
950
302
540
3,410
2,110
458
1,015
1,497
212
1,012
335
1,465
97
95
30
6 2,542
156
561
1
248
281
13 3,362 ()
79
47
27
8
206
746
4
28
1,295
9
195
333
16
78
7
826
6
146|
77
7
26
85
135
9,841
232
114
576 11,261
6,385
2,798
498
160
108
48
21
40
5
145 7,350
275 2,921
()
1,777
396
54
97
49
797
(3)
i 1,21
5,031
580
2,068
2,383
98 1,807
20
508
3
75 1,298
3,087
43
2,049
995
Certain Trust Revolving Funds—Total
Federal National Mortgage Association
Federal intermediate credit banks
Office of Alien Property
All other
3,037
1,384
1,304
209
139
233 2,509
52 1,322
16 1,169
149
16
18
196
(3)
100
3,563|
"96
739
7
2 3,093
5
248
12
717
6
450
3 2,718
10,003
128 5,256
34
377
58
103
13
15
93,009
4 721
50
147
()
(3)
35
10
15
11
1,017
303
98
2,224
19
59
9
676
315
216 32,360
20 8,760
233
20
142
285
393
43
133
37
6
17
7
14
34
18
36
21
90
66
P) I 123
3,563 6,729 3,789
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
statement includes a larger number oi agencies, ana tneir activities are
classified according to the type of fund they represent. Funds are combined in the table on the preceding page, but are shown separately in the
3
328
13
220
12
10
33
208
27
637
152
477
288
61
663
86 2,866
5
190
339
45
23 2,682
3,431
"383
226
140
For other notes, see opposite page.
NOTE.—Coverage has changed in some of the periods shown. Be-
1,066 5,569
124
57
273
4
162
744
1,727
945
284
534
3,396
2,076
440
979
1,476
212
(3)
757
255
324
10
1,044
420
567
746
3,094
253
729
457
2,720
10,003
5,385
410
6
186
135
6,635
124
63
7,495
3,195
766
381
798 2,124 21,042
714
1,100
1,124
942 2,187
4
221
102 1,966
836
54
29
14
1
9
885
52
832
346 10413
213 io 42
133 io 34
10207
10130
table above. 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.
Data for activities (mainly non-business-type) reporting on a fiscalyear basis, no longer included in these tables, are available in the Treasury
Bulletin.
762
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Palyments to the public,
Net Federal cash borrowing or
repayt. ( —) of borrowing
Excess
of rects.
Infrom
Less:
Equals:
crease,
or
Net
Equals: payts.
or decash
Less:
Total
(
Net
Other borrowAdjust- payts. to the- ) , (crease inv. by
- ) , in
ments 3 to the
noning or
debt
public
Govt.
cash
public
(direct agen. & debt 4 rep ay t.
()
& agen.) tr. funds
other than debt
Net
Budget
receipts
Plus:
Trust
fund
receipts
Less:
IntraGovt.1
trans.
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
Cal. year—1956
1957
1958
70,994
72,284
68,694
12,398
15,368
16,797
3,023
3,079
3,710
80,334
84,521
81,728
67,216
71,692
75,782
10,339
14,794
17,856
2,747
3,155
4,622
74,809
83,328
89,014
5,525
1,191
-7,287
-3,560
467
7,533
2,481
1,573
-717
-136
64
487
-5,910
-1,168
7,762
Fiscal year—1955
60,390
68,165
71,029
69,117
9,536
11,685
14,369
16,329
2,061
2,739
3,242
3,493
67,836
77,088
82,107
81,893
64,570
66,540
69,433
71,936
8,546
9,436
12,961
16,069
2,578
3,358
2,386
4,592
70,538
72,617
80,008
83,413
-2,702!
3,986
4,471i
-578
2,099 - 1 , 0 5 3
-1,520
6,216
1,533
3,166
2,339
657
644
623
-292
-200
1,809
-4,366
-3,100
5,760
Semiannually:
1957—Jan.-June
July-Dec
1958—Jan.-June
July-Dec
42,960
29,325
39,792
28,902
8,200
7,167
9,162
7,635
1,669
1,410
2,083
1,627
49,464
35,057
46,836
34,892
35,632
36,060
35,876
39,906
7,659
7,133
8,936
8,921
1,901
1,254
3,337
1,285
41,390
41,938
41,475
47,539
-5,089 1,693
5,556 -120
777
660
6,873 -1,494
98
-34
-166
653
-6,879
5,711
49
7,713
Monthly:
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
4,925
10,785
2,946
4,838
7,208
2,769
4,962
6,180
2,131
2,069
1,111
1,956
144
1,167
271
236
155
195
214
556
6,908
11,685
3,784
6,554
7,936
3,596
6,231
6,791
5,846
6,621
6,613
6,198
6,633
7,144
6,237
7,080
1,363
1,562
1,786
1,412
1,397
1,597
1,310
1,419
187
169
487
16
7,021
8,015
7,912
7,594
8,283
8,028
7,200
8,522
618
140
-337
391
-338
-571
-276
-363
68
-6
70
51
63
183
141
145
-96
-285
-569
2,575
-1,374
4,027
3,003
51
1959_jan
Feb
Mar
Apr
M
4,528
6,576
8,426
4,258
5,425
236
212
162
171
180
5,049
7,998
9,581
5,384
7,717
6,776
6,331
6,461
6,427
6,164
1,883
1,462
1,451
1,905
1,426
-846
128
93
-665
1,148
101
64
145
69
84
3,546
-627
-3,253
4,086
15
1956
1957
1958
885
1,025
1,486
1,171
759
1,637
1,322
1,302
2,479
-253
713
346
-24
1,074
-232
789
328
-298
7,585
8,025
7,124
8,005
7,888
8,073;
-6,8821
5,362!
-12,649j
591
i
-150
3,670|
-835
-4,128
3,017
- 1 , 0 4 0 -1,650
-348
3,640
-4,432
2,867
-969
-166
-1,732
-2,536
2,801
-434
-28
2,457 -3,016
3,491
-2,621
1,247
-171
Effects of operations on Treasurer's account
Operating transactions
Period
Financing transactions
Net
market
issuance
Cash balances:
inc., or dec. ( —)
Increase,
Net
or
inv. ( - ) ,
in Fed. decrease
Held
(-),in
sec. by
outside
gross
Govt.
Treasury
direct
agency
public
& trust
debt
funds 5
Account of Treasurer of United
States (end of period)
Deposits in—
Net
Budget
surplus,
or
deficit
Trust
fund
accumulation,
or
deficit
Reconciliation
to Treas.
cash
Fiscal year—1955..
1956..
1957..
1958..
-4,180
1,626
1,596
-2,819
991
2,250
1,409
262
-29
309
-518
670
602
173
1,085
567
-1,362
-2,617
-2,300
-197
3,115
-1,623
-2,224
5,816
-312
-213
5
140
-956
4,159
6,216
6,546
5,590
9,749
Semiannually:
1957—Jan.-June.
July-Dec..
1958—Jan.-June.
July-Dec..
7,328
-6,735
3,916
-11,004
543
34
228
-1,286
-36
159
511
-232
1,090
1,007
-440
-121
-1,603
21
-218
1,144
-6,101
4,371
1,445
6,579
60
-160
300
-131
1,163
-984
5,143
-4,788
Monthly:
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
-920
4,164
-3,667
-1,361
575
-4,376
-1,274
-900
768
508
-675
-17
-914
-34
-729
543
-511
-572
177
-248
225
-195
-284
511
111
-601
-597
-332
330
-470
314
519
595
691
-877
3,009
-1,810
3,546
2,848
-138
152
-231
-65
288
-450
161
46
1959—Jan
Feb
Mar
Apr
May
-2,248
245
1,965
-2,169
-739
-1,124
175
-130
-603
1,053
462
-477
507
355
-432
2,879
-697
-3,069
3,319
950
54
-7
45
-60
-67
v
1
(+), of
Govt.
agency
obligations5
-31
10
-3
-32
-37
-28
-4
57
6
78
1
212
239
1,047
47
-70
491
-980
Preliminary,
Preliminary.
n.a. Not available.
Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
d t
-113
Treasury
Tax and
Loan
Accts.
Other
net
assets
380
522
498
410
4,365
4,633
4,082
8,218
1,471
1,391
5,590
4,606
9,749
4,961
498
481
410
358
4,082
3,084
8,218
3,468
,010
,041
,121
,135
-357
3,619
-4,630
1,249
-1,269
-565
1,991
-1,564
6,130
9,749
5,119
6,368
5,099
4,534
6,525
4,961
395
410
617
540
371
363
424
358
4,730
8,218
3,262
4,769
3,535
2,916
4,879
3,468
,005
,121
,240
,059
,193
,255
,222
,135
957
-644
-836
1,531
-81
5,918
5,274
4,438
5,969
5,888
447
492
398
539
567
4,054
3,454
2,787
3,844
4,117
,417
,328
,253
,586
,204
Treasurer's
account
-551
331
Balance
F. R.
Banks
(available
funds)
,010
,121
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.
763
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to
Old- High- R. R.
reage
way
tiretrust6 I trust ment
fund
fund acct.
Refunds
of
receipts
Income and
profit taxes
Total
Budget
receipts
Individual
Withheld
Employment7
taxes
Other
receipts
Liquor
Mfrs.'
Tobacco and retailers*
18,265 9,211
21,299 10,004
21,531 10,638
20,533 10,814
6,220
7,296
7,581
8,644
4,108
4,887
4,895
5,414
2,743
2,921
2,973
2,946
1,571
1,613
1,674
1,734
3,177
3,778
4,098
4,316
5,313
5,595
5,219
5,364
4,705
3,445
5,199
3,653
2,628
2,625
2,789
2,509
1,325
1,574
1,372
1,600
857
848
931
2,222
2,226
2,090
1,963
Other
10,396
11,322
12,302
11.528
Excise
taxes
Corporation
Fiscal year—1955
1956
1957
1958
60,390
68,165
71,029
69,117
5,040
6,337
6.634 1,479
7J733 2,116
599
634
616
575
3,426
3,684
3,917
4,433
69,454
78,820
83,675
83,974
21,254
24,012
26,728
27,041
Semiannually:
1957—Jan-June
July-Dec
1958—Jan.-June
July-Dec
42,960
29,325
39,792
28,902
4,075
836
3,135 1,151
4,598
965
3,383 1,112
304
305
270
265
3,454
655
3,778
634
51,630
34,571
49,403
34,296
13,708
13,760
13,281
13,769
Monthly:
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
4,925
10,785
2,946
4,838
7,208
2,769
4,962
6,180
1,221
774
338
1,032
504
365
747
397
168
161
177
206
188
180
198
164
70
43
17
72
44
21
68
44
950 7,334
86 11,849
147 3,624
133 6,280
175 8,119
112 3,446
4 5,979
64 6,848
3,614
1,941
1,195
3,476
2,093
1225
,225
3,641
2,139
640
1,724
258
123
1,815
162
94
373
449
5,906
479
316
2,267
374
319
2,419
922
895
926
908
912
954
811
853
1,293
818
355
1,105
549
386
816
441
416
565
411
352
483
344
298
623
256
275
252
249
265
328
284
222
157
161
154
164
160
171
147
136
1959—Jan
Feb
Mar
Apr
May
4,528
6,576
8,426
4,258
5,425
267
949
799
540
1,417
172
182
152
148
214
14
71
43
16
70
- 2 6 4,956
374 8,152
1,301 10,722
1,412 6,375
1,030 8,155
948
4,356
2,213
969
4,196
1,996
846
725
3,033
617
424
362
5,459
477
410
847
906
927
852
1,020
321
1,281
857
558
1,488
420
401
540
486
424
201
209
245
243
n.a.
155
141
150
159
n.a.
9,298 15,978
2,874 6,273
8,654 14,260
2,827 6,174
n.a.
n.a.
1,006
957
1,194
n.a.
n.a.
Budget expenditures8
Major national security
Period
Total
Totals
Intl.
affairs
and
Military Military Atomic finance
defense assist- energy
ance
Agriculture
Vetand
erans' Labor
GenNatComagriInterserveral
ural
merce
and
est ices and welfare culgovernreand
tural sources housing ment
benerefits
sources
Fiscal year—1955.
1956.
1957.
1958.
64,570
66,540
69,433
71,936
40,626
40,641
43,270
44,142
35,532
35,791
38,439
39,062
2,292
2,611
2,352
2,187
1,857
1,651
1,990
2,268
2,181
1,846
1,976
2,234
6,438
6,846
7,308
7,689
4,457
4,756
4,793
5,026
2,575
2,821
3,022
3,447
4,389
4,868
4,526
4,389
1,202
1,104
1,296
1,543
1,504
2,030
1,455
2,109
1,199
1,627
1,787
1,356
Semiannually:
1957—Jan.-June
July-Dec.
1958—Jan.-June
July-Dec.
35,632
36,060
35,876
39,906
22,676
21,724
22,418
23,246
19,892
19,370
19,692
20,619
1,439
1,031
1,156
1,145
1,060
1,080
1,188
1,269
1,043
1,216
1,018
1,206
3,721
3,912
3,777
3,686
2,502
2,400
2,626
2,580
1,545
1,636
1,811
2,158
2,399
2,651
1,738
3,922
560
850
C93
896
574
1,003
1,106
1,438
608
661
695
765
Monthly:
1958_Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
6,122
5,846
6,621
6,613
6,198
6,633
7,144
6.237
7,080
3,652
3,653
4,312
3,752
3,605
3,863
4,225
3,589
4,212
3,216
3,195
3,891
3,196
3,205
3,489
3,802
3,169
3,758
194
212
173
294
122
151
168
189
221
200
201
208
222
215
189
221
211
211
94
127
286
222
233
158
220
175
198
619
603
622
648
578
586
608
614
652
465
436
431
431
404
410
454
441
440
317
291
386
356
368
345
436
343
310
427
235
257
630
495
769
673
574
781
108
121
162
122
151
165
166
151
141
298
252
45
298
233
212
233
238
224
135
132
127
148
127
123
135
109
123
6,776
6,331
6,462
6,427
3,693
3,596
3,864
3,898
3,298
3,218
3,434
3,465
163
143
195
209
213
203
217
211
212
176
184
162
680
636
657
656
445
440
441
361
432
-52
326
482
798
610
394
351
106
114
106
125
310
320
343
242
97
500
147
150
1959—Jan
Feb
Mar
Apr
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6) net operating transactions of Govt. sponsored enterprises.
4 Primarily adjustments 2, 3, and 4, described in note 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
6 Includes transfers to Federal disability insurance trust fund.
7 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
8
The 1960 Budget document showed certain revisions in fiscal year data.
When the revisions were in classification of functions—such as the shift
of defense-support activities from military assistance and major national
security to international affairs—the revisions were made in monthly and
semiannual data. Other fiscal year revisions not available for monthly
and semiannual periods.
For more details, see the 1960 Budget document and the Treasury
Bulletin, Table 4.
9
Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
764
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
End of
month
Total
gross
debt*
Total
gross
direct
debt 2
Bonds
Total
Total
Bills
Certificates of
indebtedness
Notes
Bank
eligible 4
Bank
restricted
..
Oct
Nov
Dec
1959 Jan
Feb
Mar
Apr
May
June
Totals
12.1
12.5
12.0
11.8
11.4
10.8
9.5
8 9
56.9
59.5
66.4
65.0
65.1
63.6
59.2
57.4
53.4
48.2
52.1
57.6
57.9
57.7
57.7
57.9
56.3
52.5
52.9
52.8
52.8
52 8
52.7
52.6
52.1
52.0
51.9
51.9
51 8
51.7
51.7
51.2
46.2
45.9
46.3
46 0
45.4
45.1
44.8
51.9
51.9
51.9
51.7
51.5
51.4
51.0
51.0
51.0
50.8
50.7
50.5
43.9
43.9
43.9
43.3
44.2
44.8
57 9
278 1
256.9
259.4
267.4
275.2
278.8
280.8
276.6
274.9
50 5
25^ 7
225.3
221.2
226.1
231.7
233.2
233.9
228.6
227.1
41 6
198 8
165.8
142.7
148.6
154.6
157.8
163.3
160.4
164.2
2 0
17 0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
26.9
38 2
21 2
29.1
16.7
26.4
28.5
15.7
19.0
34.6
6 0
23.0
11.4
18.4
30.3
31.4
28.0
43.3
35.3
20.7
33 6
68 4
68.4
41.0
58.9
63.9
76.1
81.9
80.9
82.1
276 4
275.6
278.6
276 8
280.3
283.2
283.0
276 3
275.5
278.5
276 7
280.2
283.1
282.9
228 5
228.0
230.6
229 0
233.2
236.3
236.0
166.7
166.4
169.2
167 7
172.2
175.4
175.6
22.4
22.4
22.4
22 7
25.9
29.1
29.7
32 9
32.9
38.5
38 5
38.5
38.5
36.4
20.4
20.5
20.7
20 7
21.9
21.9
26.1
90.9
90.6
87.7
85 8
85.8
85.8
83.4
8.9
285.9
285.2
282.2
285.5
286.4
284.8
285.8
285.1
282.0
285.4
286.3
284.7
239.9
239.4
236.1
240.2
240 3
237.1
179.8
179.3
176.3
180.7
181.0
178.0
30.3
31.8
32.2
34.2
35.0
32.0
36.4
38.0
34.4
34.4
33 8
33.8
28.9
25.3
25.4
27.2
27.3
27.3
84.2
84.2
84.2
84.9
84.9
84.9
8.2
8.1
8.0
7.8
7.7
1
Includes some debt not subject to statutory debt limitation (amounting
to $418 million on June 30, 1959) 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 $9,986 million on May 31, 1959.
Special
issues
Convertible
bonds
64 3
278 7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
275.0
1941 Dec
1945 Dec
1947 Dec
1951—Dec
1952—Dec
1953—Dec
1954 Dec
1955—Dec
1956 Dec
1957 Dec
1958 June
July
Aug
Sept
Nonmarketable
Marketable
52 2
49.6
36.0
21.0
13.4
5.7
8.8
8.6
8 5
8.4
8.4
8.3
7.7
Tax
and
savings
notes
Savings
bonds
2.5
8.2
5.4
7.5
6.1
5.8
6.0
4.5
(6)
7 0
20 0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
45.8
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]
Special
issues
Public
issues
1941 Dec
1945_Dec
1947—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—June
Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
270.6
275.0
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
46.8
45.8
1958—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
272.7
275.2
275.7
276.4
275.6
278.6
276.8
280.3
283.2
283.0
1959—Jan
Feb
Mar
285.9
285.2
282.2
End of
month
1
2
Held by the public
Held bv
U. S. Govt.
agencies and
trust fundsx
Total
gross
debt
(including guaranteed
securities)
Federal
Reserve
Banks
Commercial
banks2
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govt's
Savings
bonds
2.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
8.4
8.7
9.4
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
222.7
215.1
219.8
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
24.9
23.0
24.2
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
59.3
55.8
59.1
3.7
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.0
7.9
7.6
8.2
24.0
23.9
16.5
16.1
15.8
15.0
14.3
12.8
12.3
12.0
4.0
22.2
14.1
20.7
19.9
21.5
19.2
23.5
19.1
16.1
17.2
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
16.1
16.9
17.0
5.4
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.1
49.1
48.2
8.2
21.2
19.4
15.5
16.0
15.5
13.7
15.1
16.3
18.0
17.9
.9
9.1
8.4
10.6
11.7
13.2
13.9
15.6
16.1
16.0
16.5
45.8
45.4
46.1
46.2
45.9
46.3
46.0
45.4
45.1
44.8
9.5
9.7
9.7
9.7
9.7
9.7
9.6
9.7
9.7
9.6
217.4
220.0
220.0
220.5
220.0
222.6
221.2
225.3
228.4
228.6
23.6
23.7
24.2
25.4
24.5
25.3
25.0
25.4
26.2
26.3
59.4
63.2
63.6
64.9
65.0
66.4
65.5
66.7
67.7
67.2
7.6
7.6
7.5
7.4
7.4
7.5
7.4
7.4
7.3
7.3
11.8
11.8
11.7
11.7
11.8
11.9
11.9
12.1
12.1
12.1
16.0
15.2
15.3
13.9
14.5
15.3
15.0
16.8
18.0
18.2
17.3
17.1
17.0
16.9
17.0
17.0
17.0
17.2
17.2
17.3
48.1
48.1
48.1
48.0
47.9
47.9
47.9
47.8
47.8
47.7
18.1
17.7
17.5
17.1
16.8
16.3
16.2
16.2
16.0
16.1
15.4
15.7
15.4
15.2
15.0
14.9
15.3
15.8
16.0
16.5
43.9
43.9
43.9
9.6
9.8
9.8
232.4
231.6
228.4
25.7
25.3
25.5
67.9
66.0
62.9
7.3
7.4
7.4
12.4
12.2
12.0
20.3
21.2
21.0
17.7
17.8
17.9
47.7
47.6
47.5
16.6
16.7
17.0
16.7
17.3
17.2
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to about $293 million on Dec. 31, 1958.
Individuals
Total
Other
securities
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
765
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 19591
[On basis of daily statements of United States Treasury.
Issue and coupon rate
Issue and coupon rate
Treasury bills 2
July
2,1959.,
July
9,1959.
July 16, 1959.
July 23, 1959.,
July 30, 1959.
Aug. 6,1959.
Aug. 13, 1959.
Aug. 20, 1959.,
Aug. 27, 1959.
Sept. 3, 1959.
Sept. 10, 1959.
Sept. 17, 1959.
Sept. 21, 1959*
Sept. 24, 1959.
Oct.
1, 1959.
Oct. 8, 1959.
Oct. 15, 1959.
Oct. 22, 1959.
Oct. 29, 1959.
Nov. 5, 1959.
Nov. 12, 1959.
Nov. 19, 1959.
Nov. 27, 1959.
Dec. 3, 1959.
Treasury bills—Cont.
,600
Dec. 10, 1959
,600
Dec. 17, 1959
,600
Dec. 22, 1959*
,401
Dec. 24, 1959
,402
Jan. 15, 1960
.401
Apr. 15, 1960
,401
,402 Certificates
,396
Aug. 1,1959
.501
Nov. 15, 1959
;600
Feb. 15, 1960
,601
May 15, 1960
,502
,600 Treasury notes
400
Aug. 1,1959
400
Oct.
1,1959
400
Nov. 15, 1959
400
Apr. 1,1960
400
May 15, 1960
400
May 15, 1960
400
Oct.
1, 1960
400
Apr. 1,1961
400
May 15, 1961
400
Aug. 1, 1961
Amount
In millions of dollars]
Issue and coupon rate
Treasury notes—Cont.
Oct.
1,1961
11/2
Feb. 15, 1962
3Y&
Feb. 15, 1962
4
Apr. 1, 1962
n/2
Aug. 15, 1962
4
Oct. 1, 1962
P/ 2
Nov. 15, 1962
3%
Feb. 15, 1963
2%
13,500
Apr. 1,1963
P/ 2
7,711
May 15, 1963
4
11,363
Oct.
1,1963
n/2
1,269
Apr. 1,1964
11/2
500
500
1,500
500
2,006
2,003
1%
33/8
3%
4
4
li/ 2
31/2
11/2
3V4
3y2
n/2
11/2
3y8
4
473
99
1,184
198
2,738
2,406
278
144
4,078
2,136
Treasury Bonds
June 15, 1959-62... 2 y4
Dec. 15, 1959-62... 2V4
Nov. 15, 1960
2i/8
Dec. 15, 1960-65 3.. 2 ^
Sept. 15, 1961
2Y4
Nov. 15, 1961
21/2
June 15, 1962-67... 21/2
Aug. 15, 1963
2V2
Dec. 15, 1963-68... 2 Vi
Issue and coupon rate
332
647
1,435
551
2,000
590
1,143
3,971
533
1,743
506
130
Treasury bonds—Cont.
Feb. 15, 1964
3
June 15, 1964-69... 21/2
Dec. 15, 1964-69... 21/2
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2y 2
Aug. 15, 1966
3
Mar. 15, 1966-71.. . 2 ^
June 15, 1967-72... 2y 2
Sept. 15, 1967-72... 21/2
Dec. 15, 1967-72... 21/2
Oct. 1,1969
4
Nov. 15, 1974
37 8
Feb. 15, 1980
4
June 15, 1978-83... 3 V4
May 15, 1985
3*4
Feb. 15, 1990
31/2
Feb. 15, 1995
3
5,266
3,455
3,806
1,485
2,239 Panama Canal L o a n . . . . 3
11,177
2.111 Convertible bonds
6,755
Investment Series B
2,819
Apr. 1, 1975-80... 2 Y4
Amount
3,854
3,742
3,817
6,896
4,697
1,484
2,945
1,829
2,716
3,690
1,276
654
884
1,603
1,135
1,727
2,739
50
7,681
2
Sold on discount basis. For discounts on individual issues, see tables
on Money Market Rates, p. 757.
3 Partially tax-exempt.
* Tax anticipation series.
1
Direct public issues.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data.
Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Marketable
bonds 2
Convertible
bonds
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
166,050
165,985
175,573
183,896
184,277
188,526
20,808
23,420
22,406
29,748
32,234
34,244
16,303
20,473
32,920
36,364
34,390
34,390
35,952
30,973
20,416
26,072
25,429
27,204
81,890
80,839
90,932
83,402
84,240
84,871
11,098
10.280
8,898
8.309
7.984
7,816
154.953
155.705
166.675
175.586
176.293
180,709
58,714
71,033
67.782
72,616
68,025
70,115
31,997
39,184
41,071
52,318
60,631
62,326
31,312
14,732
22,961
18,652
14,797
14,797
32,930
30,756
34,860
31,999
32.839
33,471
8,236
8,554
9,477
9,379
9,586
9,624
273
130
173
78
198
93
355
416
599
492
466
482
1,282
1,169
1,338
1,273
1,386
3,575
3,664
4,703
4,711
4,927
4,959
3,345
3,063
2,833
2,759
2,722
2,704
4,891
5.491
6.644
6,620
6.864
6,920
927
1,138
899
721
711
618
500
1,210
1,565
1,696
1,830
1,916
434
295
913
1,179
1,189
1,192
030
848
3,267
025
134
3,194
Federal Reserve Banks:
1956—June 30
1957_june 30
1958—June 30
Dec. 31
1959—Mar. 31
Apr. 30
23,758
23,035
25,438
26,347
25,497
25,703
855
287
2,703
2,284
1,496
1,679
10,944
11,367
19,946
18,704
18,650
18,665
'2^75'
2,868
2,875
2.802
2,802
2,789
2,484
2.484
2,484
23,758
23,035
25.438
26,347
25.497
25,703
20,242
20,246
23,010
20,995
20.146
20,347
1,087
681
1,014
3,881
3.881
3,886
1.014
750
57
206
206
206
1,415
1,358
1,358
1,264
1,264
1,264
Commercial banks:
1956—June 30
1957—June 30
1958—June 30
Dec. 31
1959—Mar. 31
Apr. 30
49,673
48,734
57,509
59,048
55,103
56,432
2,181
2,853
3,796
5,194
3,699
4,504
1,004
2,913
3,331
6,686
4,819
4,583
11,620
8,984
11,532
12,285
12,453
13,197
34,712
33,839
38.720
34,753
34,007
34,025
155
144
130
130
126
123
49,517
48,590
57,379
58,918
54,977
56,309
7,433
12,268
13,431
14,380
8,935
9,527
18,234
23,500
24,494
29,696
34,028
34,592
19,132
8.600
14,259
10,433
7,591
7,556
4,719
4 222
5,195
4.409
4,423
4,634
Mutual savings banks:
1956—June 30
1957—June 30
1958—June 30
Dec. 31
1959—Mar. 31
Apr. 30
7,735
7,397
7,110
6,942
7,149
7,126
107
163
89
139
233
197
37
114
132
115
193
186
356
367
465
538
602
655
6.074
5,655
5,493
5,268
5,304
5.292
1,161
1,098
931
882
818
796
6,574
6,299
6,179
6.060
6.331
6,329
247
576
303
300
453
407
540
,082
,106
,229
,365
,413
1.319
601
675
958
883
868
4,468
4,040
4,094
3,573
3,630
3,641
Insurance companies:
1956—June 30
1957__jUne 30
1958—June 30
Dec. 31
1959—Mar. 31
Apr. 30
11,702
10,936
10,580
10,984
10,957
10,973
318
326
254
726
615
605
44
136
112
231
323
322
760
648
614
731
712
755
7.789
7,277
7,398
7,255
7,320
7,349
2,791
2,549
2,202
2,042
1,986
1,942
8,911
8.387
8.378
8,943
8,971
9,031
632
955
651
1.158
988
984
,192
,775
,650
,976
2,198
2,230
1,802
1,022
1,004
1,156
1,091
1,095
5.285
4.634
5,074
4,653
4,695
4,722
Other investors:
1956—June 30
1957—June 30
1958—June 30
Dec. 31
1959—Mar. 31
Apr. 30
64,947
67,329
65,459
71,195
75,986
78,667
17,074
19,661
15,392
21,326
25,993
27,166
3,919
5,527
8,799
10,137
9,939
10,152
13,371
11,113
6,636
8,304
7,523
8,336
26,896
27,602
31,829
28,931
30,198
30,763
3,646
3,426
2,802
2,497
2.333
2,250
61,301
63.904
62,657
68,698
73,653
76.416
29,233
35,850
29.489
35,062
36,794
38,231
10,443
10,936
11,243
13,841
17,329
18.290
7,612
3.464
6,054
4,719
3,836
3,880
14,013
13,654
15,872
15,076
15,694
16,016
AH holders:
1956—June
1957_june
1958—June
Dec.
1959—Mar.
Apr.
30
30
30
31
31
30
U. S. Govt. agencies and trust funds:
1 9 5 6 _ j u n e 30
1957—June 30
1958—June 30
Dec. 31
1959—Mar. 31
Apr. 30
1 Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
9,157
8,579
panies included in the survey account 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.
766
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 issuers2
Bonds
FedU.S.
eral
agenGovt.3
cy 4
State
and
mu- Others
nicipal
Total
21,265
26,929
28,824
29,765
26,772
22,405
30,571
34,435
9,778
110
12,577
459
13,957
106
12,532
458
9,628
746
169
5,517
572
9,601
12,063 2,321
3,189
446
4,121
237
5,558
306
289
6,969
182
5,977
5,446
334
557
6,958
7,449 1,047
7,741
9,534
8,898
9,516
10,240
10,939
12,884
11,555
1958—Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
6,963
2,160
3,049
2,423
1,340
2,197
3,076
1,408
1,900
523
4,269
368
1,411
418 "i64
369
352
1,461
220
324
370
798
877
554
631
389
647
439
459
448
141
202
122
13
9
23
66
127
79
1959—Jan
Feb . . .
Mar
Apr
5,780
2,132
1,921
4,449
3,971
420
443
2,583
639
881
637
940
85
62
11
57
Total
1951
1952
1953
1954
1955
1956
1957
1958
199
175
New capital
Corporate
Noncorporate
Year or
month
Total
Pre- ComPri- ferred mon
vately stock stock
placed
Publicly
offered
Total
Total
5,691
7,601
7,083
7,488
7,420
8,002
9,957
9,684
2,364
3,645
3,856
4,003
4,119
4,225
6,118
6,333
3,326
3,957
3,228
3,484
3,301
3,777
3,839
3,351
838
564
489
816
411
551
1,212
1,369
1,326
1,213
2,185
2,301
2,516
1,320
1,232 1,101
714
594
963
866
1,196
907
492
573
1,175 1,098
890
652
497
379
1,002
751
921
391
370
735
209
851
287
236
266
180
203
497
172
283
246
365
143
485
41
36
58
70
12
23
67
12
50
90
84
38
219
70
55
170
107
201
1,213
699
948
1,174
563
1,159
873
489
985
1,141
600
881
1,102
538
1,144
858
478
914
724
481
457
561
405
187
195
310
319
294
262
251
36
55
47
92
126
234
151
216
869
754
640
848
MiscelNew 7 lanemoney ous
purposes
840
745
631
826
885
770
656
869
635
636
7,607 7,120 6,531
9,380 8,716 8,180
8,755 8,495 7,960
9,365 7,490 6,780
10,049 8,821 7,957
10,749 10,384 9,663
12,661 12,447 11,784
11,373 10,790 9,936
Retirement
of
bank
debt,
etc. 8
163
226
537
535
709
Retirement
of
securities
486
664
260
8C4
721
1,875
1,227
364
663
854
214
583
1,037
532
709
1,026
518
1,038
739
424
845
104
68
172
76
20
106
119
54
69
72
99
67
72
25
15
15
11
72
794
600
539
111
46
145
92
49
29
9
9
22
Proposed uses of net proceeds , major groups of corporate issuers
Year or
month
1951
1952
1953
1954
1955
1956
1957
1958
Manufacturing
Sept
Oct
Nov
Dec
1959 Jan
Feb
Mar
Apr
r
1
.
221
261
90
190
462
512
502
56
24
40
831
93
533
243
769
682
49
579
620
163
267
519
122
485
255
119
233
148
123
92
12
26
49
24
16
12
10
3
20
17
5
6
62
24
29
55
47
389
52
70
53
61
105
46
267
7
88
223
882
437
758
553
53
225
36
501
270
51
51
544
694
29
802
16
1
5
2
2
4
1
6
1
3
Revised.
Estimates of new issues maturing in more than one year sold for cash
in 2 United States.
the
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3
Includes guaranteed issues.
4
I5;sues not guaranteed.
5
Represents foreign governments, International Bank of Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
Transportation
Public ut dity
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
New
New
New
New
ment of
ment of
New
ment of
ment of
ment of
ment of
capital 10 secu- capital 10 secu- capital 10 secu- capital 10 secu- c apital 10 secu- capital 10 securities
rities
rities
rities
rities
rities
2,846
3,712
2,128
2,044
2,397
3,336
4,104
3,296
1958 Apr
May
June
July
Commercial and
miscellaneous
338
20
14
39
in
86
23
106
49
26
44
81
18
151
6
1
2,326
2,539
2,905
2,675
2,254
2,474
3,821
3,598
293
303
390
348
281
186
311
127
262
80
154
51
2
3
295
188
331
27
(9)
309
6
85
88
67
990
174
14
51
139
22
37
16
46
600
747
871
5
6
3
651
60
1,045
1,384
1 441
1,294
2
14
40
11
12
101
13
13
45
89
103
2
34
8
62
9
10
77
21
4
117
37
30
449
448
1,536
66
60
24
788
273
1,812
1,815
1,701
944
56
17
67
49
40
74
78
31
49
28
114
55
112
1
221
113
102
2
1
1
126
2
1
1
1
35
Estimated net proceeds are equal to estimated gross proceeds less cost
of 7
flotation, i.e., compensation to underwriters, agents, etc., and expenses.
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 5500,000.
10
Represents all issues other than those for retirement of securities.
767
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals
Annual totals
Industry
1957
1954
1955
1956
1957
1958
1959
1958
Manufacturing1
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (101 corps.):3
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
88,338 105,006 108,307
10,640 14,803 13,418
5,549 7,564 7,094
3,222 3,847 4,068
834 105,251 27,931 28,125 25,542 25,620 25,367 28,722 29,538
349 10,524 2,972
2,966 2,308 2,249 2,436 3,531
3,898
177 5,737 1,607
1,685
1,243
1,194
1,287
2,013
2,013
192 4,078
1,026
1,121
1,038
1,011
987
1,092
1,042
33,653 37,462 40,053
5,013
4,214
5,146
2,326 2,814
2,943
1,426
1,588
1,683
309 41,820 10,628 10,508 10,012 10,113 10,626 11,069 11,068
1,237
1,129
987
010 4,421
947
1,191
1,297
1,374
693
574
944 2,572
716
541
679
778
766
452
1,785
430
487
440
776
430
463
517
54,685 67,544 68,254
6,427 9,790 8,272
3,223 4,750 4,151
2,259 2,385
1,796
525 63,430 17,303 17,618 15,530 15,506 14,741 17,653 18,470
1,735
1,837
1,321
339 6,102
1,303
1,245
2,234 2,524
891
3,165
992
669
233
652
608
1,235
1,247
634
596
586
416 2,293
572
557
578
575
8,886
816
388
258
9,236
868
414
260
9,984 10,592 11,085
1,151
955
1,024
555
460
497
312
277
289
2,696
282
135
67
2,703
263
132
82
2,632
250
119
80
2,760
283
138
72
2,828
310
149
72
2,865
308
149
2,784
285
136
85
8,294
1,525
725
582
9,584 10,199 10,669 10,393
1,866
1,541
1,804
1,823
955
831
942
948
690
717
737
2,739
463
238
175
2,633
422
231
213
2,422
329
174
182
2,533
339
179
178
2,679
398
208
172
2,760
475
271
185
2,770
493
254
180
10,590 11,515 12,454 13,463 12,790
941
1,344
1.128
1,444
1,325
788
979
1,068
1,075
851
516
438
481
512
413
3,260
285
240
129
3.309
'254
226
131
3,194
247
199
130
2,982
146
136
130
3,210
274
219
127
3,404
274
234
129
3,431
359
259
133
16,378 20,744 22,365 22,468 19,100
3,267 3,331
2,977 2,205
1,935
1,652
1,163
1,727
1,540
1,015
801
730
880
873
582
5,547
691
359
218
5,220
588
323
223
4,382
391
205
203
4,644
481
255
201
4,881
562
294
194
5,193
771
409
203
5,621
821
416
201
11,288 12,480 13,908 15,115 14,654
1,470
1,209
1,191
1,457
1,253
741
607
729
604
637
422
403
416
345
368
3,740
329
169
103
3,832
354
181
106
3,485
304
151
111
3,669
344
174
102
3,703
395
204
104
3,796
426
212
104
3,853
423
212
113
18,227 24,624 21,217 23,453 18,483
1,330
2.473 2,701
2,276 4,011
1,841
706
1,186
1.354
1.089
758
872
791
805
629
5,151
406
211
198
5,684
611
340
207
5,003
396
202
198
4,472
234
101
194
3,329
-15
-44
183
5,679
715
446
183
6,259
1,012
491
184
9,564
844
602
410
'2,676
286
'192
'83
2,582
'261
'200
'122
'2,244 '2,299
'62
'144
'33
'102
96
79
'2,466
272
195
77
2,555
366
271
157
2,390
167
100
120
'2,343
'605
'328
'2,464
'631
'358
'269
'2,704
768
421
281
'2,410
615
349
287
'2,469
650
357
276
'2,623
'688
390
290
2,917
853
469
303
1,623
387
195
155
1,673
400
203
160
1,672
402
200
164
1,715
454
226
166
1,745
494
244
171
1,807
510
251
173
1,825
522
258
178
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
' Revised.
New series.
1
9,371 10,106 10,551 10,491
1,268 '1.058
1,341
908
876
927
'737
682
462
448
379
'438
7.588
2,049
1,134
868
8,360
2,304
1,244
942
9,049
2,462
1,326
1,022
9,644 10,205
2,557 '2,721
1,517
1,403
1,134
1,077
4,902
1,050
525
448
5,425
1,282
638
496
5,966
1,430
715
552
6,467
1,562
788
613
For description see p. 733; for back data see pp. 792-
793 of this BULLETIN.
2 Includes 17 companies in groups not shown separately.
3
Includes 27 companies in groups not shown separately.
NOTE.—Manufacturing corporations. Data are obtained primarily
from published company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
6,939
1,860
921
674
•
H
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 (but not for figures), see pp. 215-17 of the BULLETIN for March
1942 (public utilities); and p. 908 of the BULLETIN for September 1944
(electric power). Back data are available from the Division of Research
and Statistics.
768
BUSINESS FINANCE
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
CORPORATE PROFITS. TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
Profits
before
taxes
Income
taxes
42.2
36.7
38 3
34.1
44.9
45.5
43.4
36.7
22.4
19.5
20.2
17.2
21.8
22.4
21.6
18.7
1956 4
46.7
1957
l
2
3
4
46.1
43.5
44 2
39.9
1958—1
2
3
4
31.7
32.0
37.9
45.2
Year or
quarter
1951
1952
1953
1954
1955
1956
1957
1958
[Securities and Exchange Commission estimates.
In billions
All types
Profits Cash Undisafter
divi- tributed
taxes dends profits
19.7
17.2
18.1
16.8
23.0
23.1
21.8
18.0
9.0
9.0
9.2
9.8
11.2
12.0
12.4
12.3
23.0
23.7
11.8
11.9
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
16.1
16.3
19.3
23.0
15.5
15.7
18.6
22.2
12.5
12.4
12.5
11.8
Year or
quarter
10.7
8.3
8.9
7.0
11.8
11.0
9.4
5.7
3.0
3.3
6.1
10.4
NOTE.—Quarterly data are at seasonally
annual rates.
In millions of dollars]
Bonds and notes
Stocks
New RetireNew RetireNet
Net
New Retire- Net
issues ments change issues ments change issues ments change
1951
1952
1953
1954
1955
1956
1957
1958
2,772 6,277 5,682
2,751 7,927 7,344
2,429 7,121 6,651
5,629 6,065 7,832
5,599 6.875 7.571
5,038 8,162 7,934
3,609 10,741 9,638
5,113 9,597 9,694
9,048
10,679
9,550
11,694
12,474
13,201
14,350
14,710
2,105
2,403
1,896
4,033
3,383
3,203
2,584
3,705
3,577
4,940
4,755
3,799
4.188
4,731
7,053
5,989
3,366
3,335
2,898
3,862
4,903
5,267
4,712
5,016
667
348
533
1,596
2,216
1,836
1,024
1,408
2,700
2,987
2,366
2,265
2,687
3,432
3,688
3,608
1958—1
2
3
4
3,566
4,049
3,575
3,519
852
1,581
1,367
1,313
2,715
2,468
2,208
2,207
2,799
2,453
2,294
2,148
597
1,318
1,028
762
2,202
768
1,135 1,596
1,266 1,281
1,386 1,371
255
264
339
550
513
1,333
942
821
1959—1
3,054
1,165
1,890
1,592
688
903 1,462
476
986
i Reflects cash transactions only. As contrasted with data shown on p. 766, 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. 766.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS *
[Securities and Exchange Commission estimates.
In billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
Current liabilities
Notes and accts.
receivable
U.S.
Govt.
securities
U.S.
Govt. 2
Notes and accts.
payable
U.S.
Govt. 2
Inventories
Other
Other
Federal
income
tax
liabilities
Total
Other
Other
1951
1952
1953
1954
1955
1956
1957
86.5
90.1
91.8
94.9
103.0
107.4
111.7
179.1
186.2
190.6
194.6
224.0
237.9
242.0
30.0
30.8
31.1
33.4
34.6
34.8
34.7
20.7
19.9
21.5
19.2
23.5
19.1
17.2
2.7
2.8
2.6
2.4
2.3
2.6
2.8
58.8
64.6
65.9
71.2
86.6
95.1
98.3
64.9
65.8
67.2
65.3
72.8
80.4
82.3
2.1
2.4
2.4
3.1
4.2
5.9
6.7
92.6
96.1
98.9
99.7
121.0
130.5
130.2
1.3
2.3
2.2
2.4
2.3
2.4
2.3
53.6
57.0
57.3
59.3
73.8
81.5
81.2
21.3
18.1
18.7
15.5
19.3
17.6
15.7
16.5
18.7
20.7
22.5
25.7
29.0
31.1
1958_l
2
3
4
113.4
115.0
117.1
119.8
234.9
232.9
237.8
243.7
32.3
34.2
35.2
37.1
16.0
13.9
15.0
18.2
2.7
2.6
2.7
2.8
95.4
96.6
100.5
101.0
81.5
78.4
77.3
77.6
7.0
7.1
7.2
7.0
121.5
117.9
120.7
123.8
2.1
1.9
1 8
1.7
76.5
75.3
76 4
77.9
12.4
9.8
11 4
13.3
30.4
30.8
31.1
30.9
1959—1
122.4
247.1
34.3
19.5
2.8
102.6
80.0
7.8
124.7
1.7
78.4
12.8
31.8
1
2
Excludes banks and insurance companies.
Receivables from, and payables to, the U. S. Government exclude
mounts offset against each other on corporations' books.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Department of Commerce and Securities and Exchange Commission estimates.
Year
1951
1952
1953
1954
1955
1956
1957
1958
1959*
Total
25.6
26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.6
Manufacturing
Mining
10.9
11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.4
.9
1.0
1.0
1.0
1.0
1.2
1.2
.9
1.0
Transportation
Railroad
1.5
1.4
1.3
.9
.9
1.2
1.4
.8
.9
Other
1.5
.5
.6
.5
6
.7
8
5
2.0
1
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
Public Com2
utili- muni- Other
cations
ties
3.7
3.9
4 6
4.2
4.3
4.9
6.2
6.1
5.9
1.3
1.5
1.7
1.7
2.0
2.7
3.0
2.6
10 4
5.9
5.6
6 3
6.5
7.5
8 4
7.4
7.2
Quarter
In billions of dollars]
Total
1958—1
2
3
4
7 3
7.8
7 4
8 0
3
3
2
3
1
2
9
2
7
6
5
6
1959_1
24
34
6 9
8.3
8.3
2 7
3 3
3.4
6
8
.7
3 Includes communications and other.
Anticipated by business.
4
Manufactur- Trans- Public
ing
All
porta- utili- others
and
tion
ties
mining
1
1
1
1
2
5
6
7
1 2
1 5
1 6
2
2
2
2
3
5
4
5
2 5
2 7
2 6
769
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
]Vonfarm
All properties
End of year
or quarter
All
holders
Farm
1- to 4-family houses
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
holders
Multi-family and
commercial properties i
Total
Financial
institutions
Other
holders
Total
Financial
institutions
All
All
Other
holders
holders
FinanOther
cial
insti- holder^
tutions
1941
1945
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1 3
3 4
1951
1952
1953
1954
1955
1956
1957
1958P
82.3
91.4
101.3
113.8
130.0
144.5
156.6
171.4
59.5
66.9
75.1
85.8
99.4
111.2
119.7
131.5
2.0
2.4
2.8
2.8
3.1
3.6
4.7
4.8
20.8
22.1
23.5
25.2
27.5
29.7
32.1
35.0
75.6
84.2
93.6
105.5
120.9
134.6
146.1
160.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.8
41.1
46.8
53.6
62.5
73.8
83.4
89.9
98.9
10.7
11.7
12.5
13.2
14.4
15.6
17.7
18.9
23.9
25.7
27.5
29.8
32.7
35.6
38.5
42.4
15.9
17.2
18.5
20.0
21.9
23.9
25.8
28.4
8.0
8.4
9.0
9.8
6.7
7.3
2 6
7 8
3 0
10.8
11.7
12.7
14.0
9 1
10.5
11.2
4
4
4
5
5
6
4.0
6.5
4 2
7 0
2.8
8.3
3.3
3 6
3 9
9.9
4.9
1
4
8
0
4
0
1957
Sept
Dec
153.7
156.6
117.7
119.7
4.5
4.7
31.6
32.1
143.3
146.1
105.7
107.6
88.5
89.9
17.2
17.7
37.5
38.5
25.2
25.8
12.4
12.7
10.4
10.5
4 0
4.0
6 4
6.5
1958
Marp
June p
Sept pp
Dec
159.1
162.6
166.7
171.4
121.5
124.5
127.9
131.5
4.9
4.6
4.6
4.8
32.7
33.5
34.2
35.0
148.5
151.7
155.7
160.2
109.3
111.6
114.6
117.8
91.2
93.5
96.2
98.9
18.1
18.1
18.4
18.9
39.2
40.1
41.0
42.4
26.2
26.9
27.5
28.4
12.9
13.2
13.5
14 0
10.6
10 9
11.1
11 2
4.1
4 1
4.2
4 2
6.6
6 7
6.9
7 0
1959
Mar p
175.5
134.3
5.3
35.9
164.0
120.6
101.0
19.6
43.4
29.0
14.4
11.5
4.3
7.2
v Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by2 savings and loan associations.
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.
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
Residential
End of year
or quarter
Residential
Total
Total
FHAinsured
VAguaranteed
Conventional
Total
Total
FHAinsured
VAguaranteed
4,812
4 208
4,929
5,501
5,951
6,695
7,617
8,300
8,735
9,780
2,458
2,621
2,843
3,263
3,819
4,379
4,823
5,461
1,004
1,058
1,082
1,159
1,297
1,336
1,367
1,471
9,916
11,379
12,943
15,007
17,457
19,745
21,169
23,265
8,595
9,883
11,334
13,211
15,568
17,703
19,010
20,936
2,567
3,168
3,489
3,800
4,150
4,409
4,669
5,501
1,726
2,237
3,053
4,262
5,773
7,139
7,790
8,360
3,660
3,589
8,660
8,735
4,660
4,823
1,375 20,812
1,367 21,169
18,687
19,010
4,575
4,669
4,825
4,970
5,205
5,476
3,485
3,405
3,355
3,335
8,815
9,085
9,495
9,780
4,880
5,060
5,184
5,461
1,395
1,440
1,461
1,471
19,371
19 927
20,460
20,936
5,660
3,317
10,035
5,633
1,485 23,638 21,282
Conventional
3 884
3 387
3,292
3 395
1951
1952
1953
1954
1955
1956
1957
14,732
15,867
16,850
18,573
21,004
22,719
23,337
25,523
11,270
12,188
12,925
14,152
15,888
17,004
17,147
18,591
3,421
3,675
3,912
4,106
4,560
4,803
4,823
5,476
2,921
3,012
3,061
3,350
3,711
3,902
3,589
3,335
1957—Sept
Dec
23,105
23,337
17,070
17,147
4,750
4,823
1958—Mar.P
JuneP
Sept p
Dec p
23,400
23 960
24,700
25,523
17,125
17,460
18,055
18,591
1959—Mar.P
26,130
19,012
Preliminary.
1 Represents all banks in the United States and possessions.
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
566
521
4 906
4 772
2
Other
nonfarm
1,048
856
1941
1945
p
Mutual savings bank holdings 3
21,565
22,165
22,746
23,265
Other
nonfarm
Farm
900
797
28
24
4,303
4,477
4,792
5,149
5,645
6,155
6,551
7 074
1,274
1 444
1,556
1,740
1 831
1,984
2,102
2 276
47
53
53
56
58
59
57
53
7,660
7,790
6,452
6 551
2,068
2 102
57
57
4,810
5 047
5,280
5,501
7,937
8 160
8,276
8,360
6,624
6 720
6 904
7,074
2,137
2 181
2 231
2 276
57
57
55
53
5,674
8,423
7,185
2,305
51
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.
770
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
VAguaranteed
Farm
Total
1941
1945
976
1951
1952
1953
1954
1955
1956
1957
1958
5,134
3,978
4,345
5,344
6,623
6,715
5,230
5,248
4,723
3,606
3,925
4,931
6,108
6,201
4,823
4,813
1,058
864
817
672
971
842
653
1,303
1,294
429
455
1,378
1,839
1,652
831
200
2,371
2,313
2,653
2,881
3,298
3,707
3,339
3,310
380
368
428
437
451
516
429
348
341
398
406
421
485
397
592
96
95
103
109
125
16
20
16
5
7
9
8
12
466
364
410
385
386
139
141
11
9
10
13
18
1958
May
July
Sept
Oct
Nov
Dec
FHAinsured
6 442
6,636
642
1959—Jan
Feb
Mar
Apr
May
Total
Other
508
420
473
432
433
141
121
155
130
120
105
5 529
5 860
815
1,394
411
372
420
413
515
514
407
435
19,314
21,251
23,322
25,976
29,445
32,989
35,236
37,097
17 787
19,546
21 436
23,928
27,172
30,508
32,652
34 388
5,257
5,681
6 012
6,116
6,395
6,627
6,751
7,449
236
226
279
292
289
335
268
425
32
27
30
31
30
31
32
50
35,956
36,060
36,183
36,323
36,472
36,648
36,794
37,097
33 316
33,409
33 519
33,645
33 786
33,955
34 093
34,388
316
214
270
252
263
42
56
37,211
37,350
37,486
37,602
37,737
34,510
34,635
34,753
34 851
34,958
VAguaranteed
63
47
47
Farm
Other
4 714
4 466
913
776
3 131
3,347
3 560
4 643
6,074
7 304
7,721
7 455
9 399
10,518
11 864
13,169
14,703
16 577
18,180
19 484
1,527
1,705
1 886
2,048
2,273
2,481
2,584
2 709
6,995
7,038
7,076
7,123
7 212
7,282
7 347
7,449
7 699
7,677
7 651
7,619
7 561
7,527
7 492
7,455
18 622
18,694
18 792
18,903
19 013
19 146
19 254
19 484
2 640
2,651
2 664
2,678
2 686
2,693
2 701
2,709
7,528
7,623
7,693
7 758
7,813
7,429
7 392
7,347
7 314
7,286
19,553
19 620
19,713
19 779
19,859
2,701
2 715
2,733
2 751
2,779
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
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
OF $20,000 OR LESS
[In millions of dollars]
FHAinsured
ConVAvenguaranteed tional
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1952
1953
1954
1955
1956
1957
1958
6,617
7,767
8,969
11,432
10,545
10,402
12,346
2,105
2,475
3,076
4,041
3,771
3,562
4,096
2,955
3,488
3,846
5,241
4,727
4,708
5,251
18,396
21,962
26,194
31,461
35,729
40,007
45,599
904
1,048
1,172
1,405
1,486
1,643
2,210
3,394
3,979
4,721
5,891
6,643
7,011
7,093
14,098
16,935
20,301
24,165
27,600
31,353
36,296
1,019
1,107
1,180
1,180
1,215
1,290
1,053
1,136
346
379
374
373
401
428
345
376
406
461
511
538
537
570
469
488
41,751
42,333
42,866
43,423
43,997
44,602
45,067
45,599
1,789
1,833
1,901
1,940
2,007
2,084
2,155
2,210
6,981
6,995
7,012
7,034
7,031
7,053
7,062
7,093
32,981
33,505
33,953
34,449
34,959
35,465
35,850
36,296
1,013
1,012
1,257
1,359
1,434
317
326
439
480
522
442
429
515
562
601
46,009
46,436
47,029
47,733
48,483
2,277
2,331
2,392
2,466
2,532
7,109
7,127
7,117
7,126
7,136
36,623
36,978
37,520
38,141
38,815
By type of lender
(without seasonal adjustment)
Total
Year or
month
Season- Without
ally
seasonal
adadjustjusted ! ment 2
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
sav-
1941.,
1945.,
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
1952.,
1953.,
1954.,
1955.
1956.
1957.
1958.
18,018
19,747
22,974
28,484
27,088
24,244
27,388
6,452
7,365
8,312
10,452
9,532
9,217
10,516
,420
,480
,768
,932
,799
,472
,460
3,600
3,680
4,239
5,617
5,458
4,264
5,204
1,137
1,327
1,501
1,858:
1,824
1,429
1,64a
1,993
2,087
2,192
2,291
2,413
2,488
2,576
2,652
2,629
2,022
2,151
2,275
2,543
2,535
2,596
2,857
2,432
2,629
787
845
910
986
995
1,022
1,086
932
983
106
113
110
125
130
136
150
128
143
385
418
429
491
476
493
558
474
508
103
120
140
165
169
170
175
154
165
2,677
2.631
2,683
2,352
2,245
2,586
2,776
870
865
1,059
1,148 1
!
121
106
116
115
454
426
492
553
123
113
112
124
banks
1958
May
June
July
Aug
Sept
Oct
Nov
Dec
1959
Jan
Feb
Mar
Apr
May
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
Apr..
May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.
1959
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.
771
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
PropProjerty
ectimtype prove- Total 3
mortment
gages * loans 2
Home
mortgages
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
665
257
217
20
171
192
4,343
3,220
3,113
3,882
3,066
3,807
3,461
3,715
6,349
1,637
1,216
969
1,259
1,035
1,269
1,133
880
1,666
856
713
974
1,030
907
1,816
1,505
1,371
2,885
1,157
582
322
259
232
76
130
595
929
694
708
848
,334
891
646
692
869
868
3,072
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
1,865
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,311
942
890
1,014
1,566
2,564
1,948
863
549
1958—May
June
July,....
Aug
Sept.
Oct
Nov.
Dec
431
551
524
599
756
641
559
624
110
126
132
128
160
174
165
190
201
217
236
243
320
327
292
320
55
128
98
170
146
58
31
24
65
81
58
58
130
83
71
89
73
97
127
156
189
239
216
257
57
71
83
91
107
140
135
174
15
27
43
64
82
99
81
82
1959—Jan
Feb...........
Mar.
Apr
May
700
598
643
639
652
217
196
211
196
186
369
311
319
294
29!
37
37
33
80
86
77
54
81
69
276
238
260
231
211
194
174
201
179
161
81
64
59
52
50
1945
1950....
1951
1952
1953
1954
1955.
1956
1957
1958
1,202
1
2
3
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
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.
Conventional
Total
1945
FHA- VAinguarsured anteed
18.6
4.3
4.1
.2
14.3
1950
1951
1952
1953
1954
1955
1956
1957...
1958*
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.8
18.9
22.9
25.4
28.1
32.1
38.9
43.9
47.2
50.1
8.6
9.7
10.8
12.0
12.8
14.3
15.5
16.5
19.7
10.3
13.2
14.6
16.1
19.3
24.6
28.4
30.7
30.4
26.3
28.8
33.1
38.0
43.6
49.3
55.1
60.4
67.7
1957_Sept
Dec
105.7
107.6
46.5
47.2
16.1
16.5
30.4
30.7
59.2
60.4
1958—Mar.p...
June p . .
Sept."...
Dec.P. . .
109.3
111.6
114.6
117.8
47.7
48.3
49.1
50.1
17.1
17.7
18.6
19.7
30.6
30.6
30.5
30.4
61.6
63.3
65.5
67.7
1959— Mar.P. . . 120.6
51.3
20.9
30.4
69.3
P Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
End of year
or month
Total
FHAinsured
VAguaranteed
169
204
320
621
802
901
978
1950
1951
1952
1953
1954
1955...
1956...,
1957
1958
1,347
1,850
2,242
2,462
2,434
2,615
3,047
3,974
3,901
1,237
1.483
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
2,418
1958- Nfav
June
3,928
3 753
3,703
3 683
3,693
3,729
3 791
3 901
,342
,309
,300
,298
,320
,353
,405
,483
2,586
2,444
2,403
2,385
2,373
2,376
2,386
2,418
4,012
4,188
4 340
4V308
4,641
,564
,664
,740
,831
.900
2,468
2,523
2,600
2;677
2,740
J u ly
Aug
• «..•
Sept
Oct
Nov . , . . . . , .
Dec
1959—Jan
Feb
Mar
Aor
Mav
Mortgage
transactions
(during
period)
Purchases
Sales
1,044
623
469
111
56
221
525
62
5
2
482
33
22
17
22
109
176
51
23
677
538
542
614
411
609
1,119
37
59
82
134
150
176
175
193
154
Commitments
undisbursed
Ad- Repayvances ments
Advances outstanding
(end of period)
Total
Shortterm1
Longterm 2
1945
278
213
195
176
19
675
423
586
728
734
1,251
745
1,116
1,364
292
433
528
640
818
702
934
1,079
1,331
816
806
864
952
867
1.541
1950
1951
1952
1953
1954
1955
1956
1957
1958
1,228
1,265
1,298
547
508
565
634
612
991
798
731
685
269
298
299
317
255
426
430
534
613
1
1
1
1,001
1,142
1,308
1,543
1,674
1,669
1,640
1,541
1958—May..
June..
July...
Aug...
Sept..
Oct....
Nov...
Dec...
56
178
108
100
119
126
86
229
68
50
137
62
48
52
47
53
803
929
901
939
,010
,083
,123
,298
288
372
392
427
490
545
576
685
515
557
509
512
520
538
547
613
1
1,432
1,291
,182
1959—Jan....
Feb.. .
Mar...
Apr.. .
May. .
98
50
83
157
116
251
94
96
62
53
,146
,101
,087
,183
,246
599
559
531
570
596
547
542
556
612
650
8
485
239
323
638
476
76
360
764
063
982
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
1
2
1,417
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
772
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
Automobile
paper i
Other
consumer
goods
paper i
Total
End of year or month
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Service
credit
Charge
accounts
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
1,620
1,929
455
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
1951
1952
1953
1954
1955
1956
1957
1958
22,617
27,401
31,243
32,292
38,670
42,097
44,774
45,065
15,294
19,403
23,005
23,568
28,958
31,827
34,095
33,865
5,972
7,733
9,835
9,809
13,472
14,459
15,409
14,131
4,880
6,174
6,779
6,751
7,634
8,510
8,692
9,007
1,085
1,385
1,610
1,616
1,689
1,895
2,091
2,145
3,357
4,111
4,781
5,392
6,163
6,963
7,903
8,582
7,323
7,998
8,238
8,724
9,712
10,270
10,679
11,200
1,934
2,120
2,187
2,408
3,002
3,253
3,365
3,543
3,605
4,011
4,124
4,308
4,579
4,735
4,829
5,018
1,784
1,86?
1,927
2.00&
2,131
2,282
2,485
2,639*
42,985
43,079
42,923
43,128
43,144
43,164
43,464
45,065
32,910
33,008
33,074
33,165
33,079
33,052
33,126
33,865
14,613
14,590
14,567
14,514
14,332
14,164
14,066
14,131
8,158
8,190
8,197
8,254
8,312
8,411
8,528
9,007
2,038
2,048
2,061
2,091
2,107
2,128
2,146
2,145
8,101
8,180
8,249
8,306
8,328
8,349
8,386
8,582
10,075
10,071
9,849
9,963
10,065
10,112
10,338
11,200
3,476
3,482
3,373
3,453
3,495
3,414
3,499
3,543
4,010
4,012
3 927
3,956
4,033
4,191
4,297
5,018
2,5892,577
2,549
2,554
2,537
2,507
2,542
2,639
44,415
44,071
44.203
44 916
45,790
33,768
33,751
33,943
34.453
35,029
14,155
14,223
14,375
14,686
14,991
8,881
8,767
8,721
8 777
8,911
2,125
2,116
2,127
2,149
2,198
8,607
8,645
8,720
8,841
8,929
10,647
10,320
10,260
10,463
10,761
3,464
3,563
3,618
3 674
3,779
4,504
4,004
3,883
3 997
4,220
2,679>
2,753s
2,7592,792
2,762
1958
Mav
July
Sept
Oct
Nov
Dec
.
1959 Jan
Feb
Mar
Apr
M^ay.
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 2
part 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 19476
and a general description of the series are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINS
for October 1956, pp. 1035-42, December 1957, pp. 1420-22, and November 1958, pp. 1344-45. A detailed description of the methods used to
derive the estimates may be obtained from Division of Research and
Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
End of year
or month
1939
1941
1945
Commercial
banks
Sales
finance
companies
Credit
unions
Consumer
finance
companies 1
4,503
6 085
2 462
May
June
July
Aug
Sept
Oct
Nov
Dec
1959 Jan
Feb
Mar
Apr
May
.
3,065
4 480
1 776
1,079
1,726
745
1,197
1,797
300
132
198
102
15,294
19,403
23,005
23,568
28,958
31,827
34,095
33,865
.. .
1951
1952
1953
1954
1955
1956
1957
1958
1958
Total
Retail outlets
12,124
15,581
18,963
19,450
24,450
27,084
29,427
28,943
5,771
7,524
8,998
8,796
10,601
11,707
12,753
12,730
3,654
4,711
5,927
6,144
8,443
9,100
9,573
8,740
635
837
1,124
1,342
1,678
2,014
2,429
2,664
1,555
1,866
2,137
2,257
2,656
3,056
3,333
3,381
32,910
33,008
33,074
33,165
33,079
33,052
33,126
33,865
28,703
28,774
28,917
28,983
28,758
28,666
28,648
28,943
12,467
12,520
12,606
12,655
12,607
12,612
12,617
12,730
9,129
9,105
9,121
9,083
8,891
8,777
8,708
8,740
2,478
2,510
2,545
2,578
2,591
2,613
2,628
2,664
33,768
33,751
33,943
34,453
35,029
29,016
29,070
29,324
29,825
30,333
12,856
12,884
13,028
13,312
13,568
8,733
8,724
8,780
8.921
9,089
2,639
2,661
2,700
2,754
2,802
1 Consumer finance companies included with "other" financial institutions until September 1950.
2
Includes mail-order houses.
Other i
Total
Household
Automobile
applidealers 3
ance
stores
Department
stores 2
Furniture
stores
439
496
240
183
206
17
123
188
28
339
395
270
810
943
1,044
1,187
1,210
1,220
243
301
377
377
365
377
361
360
290
389
527
463
487
502
478
425
1,082
[,070
1,052
[ 101
I 26£
1,226.
I 215
Other
657
759
629
1,438
1 605
686
354
320
131
509
643
777
911
,072
,207
,339
,428
3,170
3,822
4,042
4,118
4,508
4,743
4,668
4,922
924
,107
,064
,242
,511
L408
1,393
1,702
3,277
3,283
3,292
3,294
3,280
3,274
3,281
3,381
,352
,356
1,353
,373
1,389
1,390
L 414
1,428
4,207
4 234
4,157
4,182
4 321
4,386
4 478
4,922
1,278
1,310
1,241
,251
1,393
1,426
1,474
1,702
1,092
I 093
1,093
1,110
I 110
1,126
I 149
1,220
341
339
338
340
344
346
351
360
446
444
443
440
433
427
424
425
I 050I 048
I 042
[,041
I 041
I 061
I 080
1,215
3,374
3,372
3,371
3,379
3,385
1,414
1,429
1,445
1,459
I 489
4,752
4,681
4,619
4,628
4,696
[,615
1,611
1,581
1,582
I 606
I 183
1,166
1,129
.127
1,128
356
425
427
430
439
448
1 173
1,127
1 HI
1 133
I 165
1,004
984
350
348
347
349
903
3 Represents automobile paper only; other instalment credit held by.,
automobile dealers is included with "other" retail outlets.
773
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]
Total
instalment
credit
End of year
or month
Automobile
paper
Other
con-
Purchased
Direct
goods
paper
178
338
143
166
309
114
Repair
and
modernization
loans
[Estimated amounts outstanding, in millions of dollars]
1,079
1,726
745
237
447
66
1951
1952
1953
1954
1955
1956
1957
1958
5,771
7,524
8,998
8,796
10,601
11,707
12,753
12,730
1,135
1,633
2,215
2,269
3,243
3,651
4,130
3,938
1,311
1,629
1,867
1,668
2,062
2,075
2,225
2,191
1,315
1,751
2,078
1,880
2,042
2,394
2,467
2,324
1,137
1,317
,303
1,338
1,469
1,580
1,613
1,122
1,374
1,521
1,676
1,916
2,118
2,351
2,664
Sept
Oct
Nov
Dec
12,467
12,520
12,606
12,655
12,607
12,612
12 617
12,730
3,954
3,957
3,967
3,977
3,948
3,925
3,917
3,938
2,214
2,223
2,228
2,221
2,198
2,178
2,169
2,191
2,289
2,281
2,300
2,304
2,274
2,287
2,296
2,324
1,531
1,540
1,551
1,570
1,583
1,603
1,614
1,613
2,479
2,519
2,560
2,583
2,604
2,619
2,621
2,664
1959—Jan
Feb
Mar
Apr
M!ay
12,856
12,884
13,028
n 312
13,568
3,962
3 993
4,049
4 154
4,244
2,216
2,239
2,282
2,345
2,395
2,372
2,342
2,340
2,361
2,395
1,605
1,594
1,598
I 616
1,649
2,701
2,716
2,759
2 836
2,885
1958
May
June
July
.
Aug
135
161
110
888
363
471
312
Repair
and
modernization
loans
Automobile
paper
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1951
1952
1953
1954
1955
1956
1957
1958
3,654
4,711
5,927
6,144
8,443
9,100
9,573
8,740
2,863
3,630
4,688
4,870
6,919
7,283
7,470
6,404
452
680
816
841
1,034
1,227
1,413
1,567
63
60
46
31
25
23
20
19
276
341
377
402
465
567
670
750
1958—May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec,
9,129
9,105
9,121
9,083
8,891
8,777
8,708
8,740
6,888
6,844
6,795
6,730
6,601
6,477
6,395
6,404
1,520
1,532
1,592
1,612
1,551
1,560
1,571
1,567
20
20
21
23
20
19
19
19
701
709
713
718
719
721
723
750
1959—Jan..
Feb..
Mar.
Apr.,
May
8,733
8,724
8,780
8,921
9,089
6,391
6,394
6,429
6.543
6,679
1,566
1,548
1,561
1,582
1,605
19
19
21
20
22
757
763
769
776
783
loans
1939
1941
1945
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
Per-
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Personal
loans
NONTNSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
End of year
or month
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1951
1952
1953
1954
1955
1956
1957
1958
2,699
3,346
4,038
4,510
5,406
6,277
7,101
7,473
373
452
538
539
761
948
1,106
1,173
233
310
370
375
537
648
622
619
134
188
247
282
326
403
491
513
1,959
2,396
2,883
3,314
3,782
4,278
4,882
5,168
1,111
I 122
1,134
1,146
1,152
1,157
1,161
1,173
588
587
591
596
487
488
489
498
Sept
Oct
Nov
Dec
7,107
7,149
7,190
7,245
7,260
7,277
7,323
7,473
599
605
504
506
607
619
513
513
4,921
4,952
4,976
5,005
5,005
5,009
5,042
5,168
Jan
Feb
Mar
Apr
May
7,427
7 462
7,516
7,592
7,676
1,161
1,170
1,185
.205
.225
616
623
501
503
631
645
663
508
513
527
End of year
or month
Total
noninstalment
credit
1958
May
June
July
. ...
AUK
1959
•
.•
5,149
5,166
5,192
5,229
5,261
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.
Financial
institutions
(single-payment loans)
Commercial
banks
R e tail
outlets
(charge
accounts)
De-
Other
partment
stores!
Service
credit
Other
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
1951
1952
1953
1954
1955
1956
1957
1958
7,323
7,998
8,238
8,724
9,712
10,270
10,679
11,200
1,684
1,844
1,899
2,096
2,635
2,843
2,937
3,057
250
276
288
312
367
410
428
486
698
728
772
793
862
893
876
907
2,907
3,283
3,352
3,515
3,717
3,842
3,953
4,111
1,784
1,867
1,927
2,008
2,131
2,282
2,485
2,639
1958—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
10,075
10,071
9,849
9,963
10,065
10,112
10,338
11,200
2,933
2,998
2,968
2,980
2,965
2,977
2,998
3,057
543
484
405
473
530
437
501
486
584
575
533
546
600
623
669
907
3,426
3,437
3,394
3,410
3,433
3,568
3,628
4,111
2,589
2,577
2,549
2,554
2,537
2,507
2,542
2,639
1959—Jan..
Feb..
Mar.
Apr.,
May,
10,647
10,320
10,260
10.463
10,761
3,030
3,075
3,100
3,181
3,222
434
488
518
493
557
757
637
608
601
609
3,747
3,367
3,275
3,396
3,611
2,679
2.753
2,759
2,792
2,762
1
Includes mail-order houses.
774
CONSUMER CREDIT
1NSTALMEN1 CREDO 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]
Automobile paper
Total
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1958
•.
1959 Jan
Feb
Mar
May
841
1,217
1,344
1,261
1,388
1,568
1,662
1,620
7,485
9,186
9,227
9,117
10,634
11,590
11,626
11,747
3,246
3,262
3,328
3,416
3,326
3,451
3,594
3,720
3 371
3,477
3,483
3,385
3,297
3,475
3,338
4,350
1,094
1,095
1,151
1,142
1,082
1,199
1,276
1,420
1,199
1,257
1.281
1,193
1,105
1,173
1,091
,360
992
968
965
1,018
1.005
,005
,041
,002
3,799
3,816
3,749
3,939
4,045
May
July
A.us
Sept
Oct
Nov
Dec
8,956
11,764
12,981
11,807
16,745
15,563
16,545
14,154
23,576
29,514
31,558
31,051
39,039
40,063
42,426
40,497
1951
1952....
1953
1954
1955
1956....
1957
1958
3,321
3,247
3 786
4,022
4,053
1,437
1,454
1,414
1,502
1,497
1,248
1,258
1,476
,580
,568
,047
,057
,058
,126
,154
1 000
973
956
976
993
1,075
1,054
1,435
886
839
982
1,074
1,124
134
135
135
142
142
143
142
134
144
146
146
151
158
159
141
131
146
141
151
158
171
111
111
141
156
178
6,294
7,347
8,006
8,866
10,272
11,342
12,593
12,976
1,026
1,064
1,077
1,114
1,097
1,104
1,135
1,164
1.169
1,164
1,126
1,153
1,223
1,028
1,101
1,100
1,065
1,041
1,068
1,052
1,424
1,076
1,039
1,187
1,212
1,183
Repayments
9,058
10,003
10,879
11,833
13,082
14,576
15,595
15,432
22,985
25,405
27,956
30,488
33,649
37,194
40,158
40,727
1951
1952
1953
1954
1955
1956
1957
1958
Dec
3,338
3,391
3,365
3,403
3,376
3,418
3,447
3,414
3,349
3,379
3,417
3,294
3,383
3,502
3,264
3,611
1.284
1,278
1,275
1,276
,246
1,281
,243
,262
1,277
1,280
1,304
1,246
1,287
1,341
1,189
1,295
1959- Jan
Feb
Mar
4pr
May
3,412
3,483
3,431
3,516
3,602
3,418
3,264
3,594
3,512
3,477
,252
1,281
,265
,282
.320
1,224
1.190
,324
,269
.263
1958
May
J u ly
AUK
Sept
Oct
Nov
7 404
7,892
8,622
9,145
9,751
10,714
11,444
11,432
940
961
948
947
949
964
1,001
953
956
981
983
1,006
1,003
772
917
1,119
1,255
1,315
1,362
1,466
1,566
5,751
6,593
7,336
8,255
9,501
10,542
11,653
12,297
966
941
949
919
935
976
937
956
124
138
132
124
140
134
124
129
123
136
133
121
142
138
123
132
1,014
1,010
,056
,041
,039
,079
1,070
983
1,022
1,031
1,008
1,019
1,047
1,015
1,228
1,012
130
127
126
136
134
131
120
130
134
129
,074
1,094
1,057
1,092
.145
1,051
1,001
1,112
1 091
1,095
953
1,028
1,018
990
990
Change in outstanding credit1
+ 591
+4,109
+ 3,602
+ 563
+ 5,390
+2,869
+2,268
-230
1951
J952
1953
1954
1955
1956
1957
1958
-102
+ 1,761
+2,102
-26
+3,663
+987
+950
-1,278
— 28
+ 883
+876
+ 182
+ 315
Dec
-92
-129
-37
+ 13
-50
+ 33
+ 147
+ 306
+22
+98
+66
+91
-86
-27
+74
+739
- 190
-183
-124
-134
-164
-82
+ 33
+ 158
-78
-23
-23
-53
-182
-168
-98
+65
+ 52
+7
+ 17
+71
+56
+41
+40
+49
+ 34
+ 32
+7
+ 57
+ 58
+ 99
+ 117
+ 479
1959 Jan
Feb
Mar
Apr
May
+ 387
+ 333
+ 318
+423
+443
-97
-17
+ 192
+ 510
+ 576
+ 185
+ 173
+ 149
+ 220
+ 177
+24
+68
+ 152
+ 311
+ 305
+91
+76
+75
f 120
+ 151
-126
-114
-46
+56
+ 134
1958
May
June
J u ly
Aug
Sept
Oct
Nov
... .
1
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 1955-57, in the BULLETINS for Decem-
ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 69
+ 300
+225
+6
+ 73
+ 206
+ 196
+54
+ 81
+ 1,294
+ 605
+ 10
+3
+ 18
+2
+9
+ 18
+5
+ 16
+ 14
+25
+22
+ 37
+21
+ 10
+ 13
+30
+ 16
+21
+ 18
-20
-9
+ 11
+22
+49
+ 543
+ 754
+670
+ 611
+771
+800
+940
+679
+36
+50
+67
+ 58
+56
+65
+56
+94
+95
-4-70
+69
+ 61
+ 78
+45
+79
+69
+ 57
+22
+21
+37
+ 196
+25
+ 38
+75
+ 121
+ 88
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.
775
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Sales finance
companies
Commercial banks
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Other financial
institutions
Unadjusted
Adjusted
Unadjusted
Retail outlets
Adjusted
Unadjusted
Extensions
23,576
29,514
31,558
31,051
39,039
40,063
42,426
40,497
1951
1952
1953
1954
1955
1956
1957
1958
8,358
11,123
12,099
11,267
14,109
14,387
15,234
14,645
5,467
6,982
7,560
7,260
10,200
9,600
10,200
8,907
3,246
3,262
3,328
3,416
3,326
3,451
3,594
3,720
3,371
3,477
3,483
3,385
3,297
3,475
3,338
4,350
1,150
1,168
1,255
1,249
1,206
1,272
1,321
1,330
1.227
,278
,320
,235
,209
,261
,160
,357
712
685
753
Dec
1958
Jan
Feb. *
Mar
Apr
May
3,799
3,816
3,749
3,939
4,045
3,321
3,247
3,786
4,022
4,053
1,443
1,395
1,367
1,455
1,472
,333
,227
,426
,555
.511
May
June
July
Sept *
Oct
1959
743
4,963
5,750
5,524
5,541
6,281
6,602
6,495
6,615
4,788
5,659
6,375
6,983
8,449
9,474
10,497
10,330
827
714
632
732
758
827
776
851
756
656
738
687
855
820
841
853
889
873
885
911
935
1,143
564
568
467
564
615
562
604
628
883
865
883
941
940
753
723
883
933
940
903
922
900
908
990
803
824
941
939
966
570
634
599
635
643
872
875
858
831
864
857
574
551
437
536
601
612
634
995
432
473
536
595
636
Repayments
1951
1952
1953
1954
1955
1956
1957
1958
1958
.
May
June
July
5,524
5,925
6,344
7,043
7,901
8,943
9,727
9,774
8,385
9,370
10,625
11,469
12,304
13,320
14,259
14,551
4,385
5,012
5,683
6,511
7,553
8,603
9,673
9,958
4,691
5,098
5,304
5,465
5,891
6,328
6,499
6,444
3,338
3,391
3,365
3,403
3,376
3,418
3,447
3,414
Tan
Feb. i
Mar
Apr
May
3,349
3,379
3,417
3,294
3,383
3,502
3,264
3,611
1,197
1,220
1,203
1,220
1,197
1,230
1,228
1,196
1.204
1,225
1,234
1,186
1,215
1,256
1,155
[,244
830
801
828
806
806
800
785
782
802
823
821
845
837
841
855
864
800
830
834
803
816
847
811
993
509
547
513
532
536
547
579
572
531
800
835
794
825
852
756
823
3,412
3,483
3,431
3,516
3,602
.
Sept !
Oct
Nov
Dev
1959
22,985
25,405
27,956
30,488
33,649
37,194
40,158
40,727
....
3,418
3,264
3,594
3,512
3,477
1,210
1,262
1,238
1,261
1,300
1,207
1,175
1,282
1,271
1.255
789
793
781
808
819
760
732
827
792
772
870
857
846
865
915
849
789
887
863
882
543
571
566
582
568
602
568
598
586
568
814
524
514
511
527
547
542
551
Change in outs tanding credit 2
19*51
1952.....
1953
1954
1955
1956
1957
1958
1958
May
June
July
Aug .«
Sept !
Oct
Dec
1959 Jan
Feb. i
Mar
+ 591
+4,109
+ 3,602
+563
+5,390
+2,869
+2,268
.. ..
-129
-37
+ 13
-50
+33
+ 147
+306
+387
+333
+318
+423
+443
+22
+98
+66
+91
-86
-27
+74
+739
-97
-17
+ 192
+510
+ 576
-47
-52
+ 52
+29
-33
+42
+93
+ 134
+233
+ 109
+ 129
+ 194
+ 172
+ 23
+53
+ 86
+49
-48
+5
+5
+ 113
+ 126
+28
+ 144
+284
+256
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 of
the BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem-
ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.
+ 1,057
+ 1,216
+217
+2,299
+657
+473
-833
-23
-230
-92
-57
-27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,106
+ 1,046
-118
-116
-71
-24
-75
-92
+ 16
-197
-192
-114
-68
-27
+45
+94
+72
+ 102
+ 133
+ 121
-38
-69
+32
-7
-9
+56
+ 141
+ 168
+ 18
+ 18
+ 32
+44
+36
+44
+56
+71
+33
+65
+54
+43
+75
+403
+647
+692
+472
+896
+871
+824
+372
+27
+42
+41
+55
+ 15
+ 17
+46
+ 150
-46
+35
+54
+76
+84
+55
+21
-46
+ 32
+ 144
+ 15
+25
+56
+27
+87
+33
+ 53
+75
+272
+652
+220
+76
+390
+235
-75
+254
+43
+27
-77
+ 25
+ 139
+65
+ 92
+444
-170
-71
-62
+9
+ 68
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.
776
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise noted.
The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
Industrial production
(physical volume)*
Employment and payrolls 2
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagriculturai
employment
Manufacturing
production workers
Employment
Freight
carloadings*
DepartWholement
Consale
store
sumer
comsales*
prices 2 modity
(retail
prices 2
value)
Payrolls
AdAd- Unad- Unad- AdAdAd- Unad- Unad- Unad- AdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61 3
61 9
55.2
58 5
64.3
63 5
65.2
68 7
69.0
52.8
58.4
66.9
62 1
64.2
31 1
37.1
24.0
25.7
32.6
30 4
32.1
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
1926
1927
1928
1929
1930
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
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
65.5
64.1
64 2
68.3
59.5
33.0
32.4
32 8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74 2
73 3
73 3
71.4
65.0
62 0
62 9
61 9
56.1
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
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
50 2
42.6
47.2
55.1
58.8
21 5
14.8
15.9
20 4
23.5
79
59
62
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
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65.8
70.2
66.1
69.3
73.3
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
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
1941
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
82.8
90.9
96.3
95.0
91.5
87.9
103.9
121 4
118.1
104.0
49.3
72.2
99 0
102.8
87.8
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
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79 94.4
83
99.4
105 101.6
111 99.0
142 102.3
81.2
97.9
103.4
97.7
102 8 105 1
97.2
93.8
99.6 111.7
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
1951
1952
1953
1954
1955
1956
1957
1958
120
124
134
125
139
143
143
134
121
125
136
127
140
144
145
136
128
136
153
137
155
159
160
141
114
114
118
116
126
129
130
130
115
114
116
111
122
129
128
117
171
183
192
215
261
199
101
111
170
183
178
232
280
199
101
114
172
183
201
204
248
199
101
108
108.2
110.4
113.6
110.7
114 4
118.3
119.2
115.5
106.4
106 3
111.8
101.8
105.6
106.7
104.4
94.3
129.8
136 6
151.4
137.7
152 9
161.4
162.7
148.8
101
95
96
86
95
97
90
78
112
114
118
118
128
135
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
119.2
132
134
136
137
138
141
142
131
125
136
140
143
144
140
134
136
138
139
140
143
144
139
141
144
145
146
151
152
129
132
133
133
134
135
135
112
116
120
123
122
123
124
144
136
130
121
125
98
86
126
144
134
135
148
112
91
156
130
128
111
109
88
82
115.0
115.2
115.6
116.1
115.6
116.3
116.2
92.8
93.1
93.2
94.8
93.4
96.0
96.1
92.3
91.8
94.1
96.5
94.8
96.9
96.5
144.9
144.8
150 0
155.7
152.5
158.4
160.4
77
70
79
80
83
83
82
133
140
147
135
135
137
143
123.7
123 9
123 7
123.7
123 7
123.9
123.7
119.2
119 2
119 1
119.1
119 0
119.2
119.2
143
145
147
150
153
142
147
149
r
152
153
145
148
150
153
156
^159
153
157
160
164
169
137
139
140
142
144
^146
124
124
123
r
124
126
87
87
126
142
133
95
99
143
170
155
82
78
114
123
118
116.8
117.0
117.6
118.6
119.2
96.5
96.8
98.2
99.5
100.9
H01.6
95.8 158.2
96.5 160 4
98.0 165.1
98 4 167 0
99.4 169.6
^172.8
84
84
85
87
89
P87
138
140
138
141
PI 44
e
145
123.8
123 7
123 7
123 9
124 0
119.5
119 5
119 6
120 0
119 8
1958
June
July
Aus
Sept
Oct
Nov
Dec
. . . .
1959
Jan
Feb
Mar
Apr
May
June
P\12
e
v
r
Estimated.
Preliminary.
Revised.
* Average per working day.
1
Indexes beginning 1956 are based on data for 48 States from F. W.
Dodge Corporation, 1956-57= 100. Figures for earlier years are threemonth moving averages, based on data for 37 States east of the Rocky
Mountains, 1947-49= 100; the data for 1956 on this basis were: Total,
268; Residential, 271; and all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
2
The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The 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.
777
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]
Annual
947^9 average
1958
1959
proportion
1957 1958 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
Industry
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL
100.00
143
134
128
132
134
136
137
138
141
142
143
145
147
150
153
MANUFACTURES—TOTAL
90.02
145
136
130
134
136
138
139
140
143
144
145
148
150
153
156
Durable Manufactures—Total
45.17
160
141
134
139
141
144
145
146
151
152 153 157
160 164
169
6.70
131
104
91
103
102
109
113
122
123
123
149
154
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
176
139
168
150
204
213
128
344
172
155
128
145
127
179
187
99
319
164
148
120
137
122
167
182
93
314
158
151
125
141
125
171
185
95
320
160
154
129
144
125
181
185
96
318
162
156
132
147
126
188
186
96
321
162
?55
1.5
148
129
186
178
82
322
166
156
133
147
130
180
183
91
321
169
163 165 166 168 770 773
136 136 136 135 138 142
150 152 154 158 159 163
133 132 132 138 142 145
183 190 199 198 192 198
203 204 204 204 207 211
119 123 124 123 128 132
327 322 322 322 322 '326
173 175 176 179 181 183
775
147
169
149
208
214
136
328
190
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
133
155
114
129
145
115
123
139
109
128
145
113
132
152
114
135
150
120
136
157
118
134
149
120
137
151
125
136 136
148 147
125 127
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
132
120
140
127
119
133
122
113
129
126
116
132
129
119
135
130
123
134
132
126
137
134
127
138
134
129
137
131
127
134
135
133
137
44.85
130
130
126
129
132
133
133
134
135
135
137 139
11.87
6.32
5.55
105
99
111
103
98
110
99
92
106
102
95
110
107
101
115
108
103
114
109
103
116
HI
104
118
110 110
104 104
117 116
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1,73
118
135
104
113
125
102
104
113
97
125
100
114
125
104
116
132
103
119
136
104
119
133
108
126
141
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
148
158
141
131
146
147
160
139
126
146
143
153
137
124
144
146
157
138
125
145
148
163
138
126
145
150
166
140
128
147
150
167
140
127
146
153 152 150 153 155
171 168 166 167 172
142 142 139 144 145
131 130 120 129 131
148 149 150 152 152
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
172
184
203
141
770
184
195
134
165
178
182
129
168
181
187
131
171
184
193
136
174
186
196
139
11.51
10.73
8.49
2.24
.78
112
112
112
113
111
115
115
115
116
118
114
114
114
114
115
116
116
116
116
116
116
116
116
114
121
MINERALS—TOTAL
9.98
128
117
108
112
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
128
83
49
88
150
138
198
117
68
42
72
141
129
197
108
62
41
65
130
118
192
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
129
116
142
117
91
143
107
73
142
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
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
9
Preliminary
r
Revised.
125
138
146
137 143
149 158
126 129
755
132
137
149
166
133
154
170
139
138 143
135 138
141 '147
147
142
150
140
142
144
114 115 119
108 110 115
120 121 '123
122
118
127
128 129
150 156
109 106
123
135
112
725
134
156 158
173 '176
145 147
130 135
153 '153
161
180
149
135
155
174
187
204
135
175 177 180 182 184 '187 188
189 192 194 196 199 '201 '204
209 212 214 216 222 226 231
137 139 142 143 144 149 143
797
209
116
116
116
115
121
116
115
116
114
121
116
115
115
115
120
117
116
116
119
126
117 118 120
117 118 119
116 117 119
121 121 121
126 121 130
120 '727
119 '120
120 120
117 122
121 134
727
121
121
116
120
123
122
123
124
124
123 '124
126
112
66
45
69
134
122
191
116
65
38
69
141
128
200
121
68
41
73
146
137
198
123
70
44
74
149
140
198
123 123 124 123 123 727 '722 724
69
72
69
73
74
72
71
73
39
45
37
48
37
39
38
37
74
73
77
77
79
77 '77
79
148 147 148 149 146 144 147 P148
138 135 135 137 135 133 135
202 203 205
"206
112
80
145
113
80
146
113
83
144
119
90
149
120
92
148
124
101
148
For other notes see end of table.
112
106
118
123 124
140 142
108 109
125 129
108 113
142 145
124
128 132
114 115
143 148
r
134
nu
155
i24*
135
116
154
778
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49 average
proportion
1957 1958 May June July
Industry
1958
1959
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL
100.00
143
134
127
131
125
136
140
143
144
140
142
147
149
152
MANUFACTURES—TOTAL
90.02
145
136
129
133
127
138
141
145
146
141
144
150
152
155
156
Durable Manufactures—Total
45.17
160
141
133
138
132
140
146
149
155
152
154
160
163
166
169
6.70
5.03
3.51
.37
3.05
2.62
.43
131
130
140
137
139
138
143
104
99
105
99
105
104
106
93
87
91
83
91
91
86
106
100
105
93
105
108
91
90
85
92
87
92
94
81
102
98
105
97
105
106
101
111
106
114
106
114
113
118
123
117
129
119
129
126
144
124
120
129
124
128
127
138
119
117
127
123
127
125
135
127
125
136
127
136
133
157
144
142
156
139
156
151
191
154
154
170
152
170
164
205
155
156
171
155
171
165
206
157
157
170
157
170
165
203
1.52
1.29
.23
108
107
113
85
85
81
78
79
70
87
88
81
70
72
58
80
81
75
87
88
80
90
91
85
99
101
93
93
96
98
98
101
112
112
111
118
118
115
122
122
121
127
126
133
1.67
.38
.09
.06
.04
.10
.09
136
164
129
135
114
123
275
121
146
120
121
99
97
268
112
141
112
114
105
99
256
124
133
105
110
102
95
241
102
126
90
108
86
90
240
115
128
95
99
88
86
254
125
139
111
110
99
91
263
140
150
138
111
101
90
283
137
157
144
130
93
93
295
126
162
130
144
98
105
308
133
163
132
135
97
105
317
149
169
136
155
97
108
318
153
167
145
138
87
110
318
.13
1.16
.63
.20
.33
111
129
104
198
136
93
116
94
193
110
83
105
84
187
98
125
110
212
101
74
97
74
198
83
90
114
96
190
103
94
124
102
207
116
111
141
128
219
118
105
133
114
202
130
102
117
87
203
123
98
127
103
204
129
119
145
123
225
140
113
>153
129
243
28.52
176
155
146
149
144
150
156
158
167
168
168
172
5.73
2.68
2.12
.30
.63
139
152
124
146
99
128
140
108
150
106
119
132
98
137
96
125
138
101
160
110
123
137
100
171
87
133
143
104
232
115
141
148
115
208
132
136
144
115
161
133
136
144
119
130
128
136
148
125
104
104
134
144
124
118
107
135
144
123
125
116
Primary Metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products
Tin cans
Furnaces, gas ranges, and heaters
Machinery
153
153 158
169 168
144 141
140 134
87
93
108 P106
325 332
r
117
264
122
287
174
176
178
138
146
128
128
109
142
151
130
146
111
145
155
133
158
r
13.68
168
145
135
138
133
142
151
150
153
152
156
162
164
165
169
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery.
Machine tools and presses
Laundry and refrigeration appliances. . .
9.04
8.13
1.02
7.11
.68
.69
150
146
84
155
182
151
127
121
79
127
119
148
124
118
81
123
115
137
125
117
80
123
114
159
120
114
80
119
112
131
119
114
77
119
109
123
128
119
80
124
114
170
127
118
83
124
115
163
131
121
65
129
113
179
133
125
72
133
116
163
134
128
80
135
116
155
142
132
99
137
118
194
147
137
106
142
125
200
149
140
107
r
144
130
196
152
143
114
147
134
196
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
204
201
205
179
177
166
159
168
112
162
168
123
158
166
115
186
170
214
195
178
223
194
177
221
182
212
190
192
163
199
192
193
202
193
200
196
195
173
196
198
166
201
202
177
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
213
128
146
104
100
50
194
137
123
187
99
101
90
82
24
203
116
181
94
99
96
78
26
239
111
183
94
100
91
79
29
210
113
175
84
87
76
68
23
164
106
173
77
53
78
61
16
189
120
170
69
37
67
49
12
155
131
184
92
71
89
75
12
221
132
211
132
160
112
123
33
221
135
214
134
161
100
120
30
173
134
211
131
154
110
114
28
227
145
212
133
149
133
123
32
308
163
215
139
163
138
124
31
327
170
217
141
164
143
130
36
329
r
186
215
139
162
148
134
36
343
187
2.74
1.30
.81
.53
344
608
129
77
319
572
128
39
311
553
131
39
316
568
130
32
312
561
128
28
317
573
127
30
322
583
126
30
321
582
129
20
327
591
130
29
329
595
128
32
325
587
131
28
326
587
128
35
26
325
583
132
36
r
325
576
137
42
Other transportation equipment
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
Instruments and related products
Clay, Glass and Lumber
Products....
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
.35
80
34
34
24
19
22
20
15
19
24
19
1.29
172
164
157
159
157
160
168
171
174
176
176
5.91
2.82
1.09
.60
.47
.26
.23
133
129
125
133
126
148
123
133
135
139
82
142
143
143
139
126
128
141
125
142
142
126
79
145
133
147
148
138
89
109
112
96
126
109
115
101
127
156
143
167
171
137
86
143
121
111
130
182
172
182
175
192
180
Cement
Structural clay products
Brick
Clay, firebrick, pipe, and tile
.32
.35
.12
.20
155
141
161
164
136
92
148
128
114
140
Concrete and plaster products
Misc. stone and earth manufactures
.48
.58
188
174
Preliminary.
r
Revised.
145
125
137
139
135
82
155
118
113
123
141
118
126
127
133
78
172
116
121
114
148
123
130
132
144
81
183
121
123
121
187
157
183
147
195
153
175
122
122
125
155
131
141
146
147
84
186
126
126
129
160
136
154
160
142
84
192
132
134
134
155
122
123
120
145
91
193
133
136
133
153
127
141
141
130
86
170
127
123
132
145
124
144
144
116
80
139
120
110
129
200
150
209
157
209
163
207
169
199
169
187
171
For other notes see end of table.
27
179
134
183
140
326
580
135
43
36
r
34
185
188
149
166
146
166
171
149
177
132
131
134
r
208
r
184
155
171
145
166
170
146
196
138
218
189
779
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
.947-49 Annual
1958
1959
average
proportion 1957 1958 May June July Aug. Sept. Oct. Nov. Dec. Jan. i Feb. Mar.| Apr. j May
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber and products
Lumber
Millwork and plywood.
Millwork
Softwood plywood..
Wood containers
3.09
2.05
.60
.39
.12
.29
114
96
187
112
312
84
115
94
202
110
356
76
110
93
186
99
330
77
120
100
201
120
334
79
106
88
176
101
301
77
130
107
235
141
390
77
127
105
220
133
364
80
131
105
240
134
416
80
126
101
234
133
403
78
109
87
193
103
341
77
116
89
225
110
419
77
124
98
243
120
448
75
125
101
234
118
429
78
Furniture and IMisc. Manufactures.
4.04
132
127
118
123
121
131
138
141
139
135
132
136
138 139 142
Furniture and fixtures
Household furniture
Fixtures and office furniture.
1.64
1.10
120
120
120
119
122
114
108
108
108
113
113
112
113
115
108
124
127
119
130
134
123
132
138
120
132
137
120
132
138
122
132
137
120
134
140
120
135
141
122
.54
Miscellaneous manufactures
2.40
Nondurable Manufactures—Total.
Textiles and Apparel
44.85
11.87
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns.
Wool fabrics
6.32
3.72
2.30
.97
.45
.97
.16
.75
Knit goods
Hosiery
Full-fashioned hosiery.
Seamless hosiery
Knit garments
1.15
.65
.45
.20
.50
Floor coverings *.
Woven carpets.
133
106
140
113
141
162
79
82
135
140
125
137
141
128
r
140
133
125
130
126
135
143
147
144
137 j 133 137
139
142
145
130
130
124
128
123
135
137
142
138
130 135
140
141
143
142
105
103
99
100
92
110
107
115
103
113
120
121
123
122
99
105
95
119
94
98
104
91
115
98
94
100
88
105
107
86
86
72
107
75
103
107
94
117
104
103
111
96
124
109
109
112
98
125
101
107
118
99
137
115
100
106
86
141
87
107
119
101
135
115
113
122
103
138
119
113
122
102
149
108
111
131
106
154
r
139
119
129
104
156
130
75
78
75
69
72
69
93
98
89
99
106
71
77
70
82
81
83
67
71
67
76
81
76
75
78
75
75
73
76
71
72
71
62
62
63
79
85
84
95
94
104
93
89
102
118
104
92
84
108
120
101
91
87
100
115
103
86
79
103
125
98
80
72
97
122
114
99
89
123
134
113
97
86
123
135
116
102
89
132
134
115
102
92
127
132
96
75
66
98
124
109
101
90
125
120
111
99
87
127
126
94
83
120
132
116
97
84
129
140
115
91
77
123
146
75
76
.48
.31
71
63
48
50
36
61
70
79
76
91
87
90
5.55
1.78
.73
.50
.13
.99
111
102
86
87
61
112
110
100
75
73
66
115
105
104
83
77
89
117
106
101
81
73
91
113
99
77
52
47
59
91
117
110
91
82
104
122
113
106
78
72
86
123
121
108
79
76
73
128
117
107
84
84
62
121
105 I 120 128
93 119 123
82
67
81
86
70
87
46
38
37
109 145 151
128
139
99
95
92
167
126
137
98
91
99
165
Women's outerwear
Women's suits and coats.
Misc. apparel and allied mfrs....
1.85
.76
112
128
112
129
106
94
109
123
107
138
120
153
112
139
120
150
113
138
90
101
130
117
81
83
52
142
138
147
133
114
129
122
1.92
117
117
106
112
112
121
126
129
128
126
125
Rubber and Leather Products.
3.20
118
113
101
110
97
117
120
125
125
118
129
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.
1.47
.70
.40
.30
.77
1.73
.44
.29
.15
135
123
134
107
147
125
113
120
103
136
111
102
113
88
121
111
117
131
99
127
103
96
105
85
108
111
110
118
99
142
137
117
122
109
156
143
129
131
125
156
145
128
131
124
160
137
128
132
122
146
150
138
149
124
161
104
89
98
72
102
84
91
92
81
88
68
99
84
90
70
92
68
72
61
108
85
94
65
105
83
92
65
109
91
101
72
108
93
102
74
102
85
94
69
110
90
97
75
Apparel and allied products...
Men's outerwear
Men's suits and coats....
Men's suits
Men's outercoats
Shirts and work clothing.
Leather and products.. .
Leather
Cattlehide leathers.
Skin leathers
119
151
141
175
129
'125
123
136
125
121
138
158
154
167
137
161
159
155
171
133
163
138
111
120
99
163
132
108
120
92
154
120
94
102
79
116
88
95
73
113
89
95
77
130
Shoes and slippers*
Miscellaneous leather products.
Paper and Printing.
.90
.39
94
94
82
90
92
100
100
105
107
104
99
102
103
8.93
148
147
144
146
137
148
152
160
155
145
150
156
159
r
162
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
158
154
176
145
133
139
127
179
153
124
160
154
175
145
133
142
125
178
154
129
153
147
166
139
134
138
113
170
145
131
159
153
171
146
138
146
120
175
154
133
145
137
156
129
121
116
109
158
136
130
168
159
179
151
136
143
129
176
163
141
169
159
180
150
131
145
129
174
164
145
181
171
199
160
138
151
142
195
173
145
170
164
188
154
132
152
139
186
166
128
153
148
168
140
127
145
120
175
146
115
166
161
187
150
138
145
129
193
157
124
177
171
194
162
142
160
140
200
173
137
176 1 8 5
171 M 7 9
195 r'203
161 !r169
145 153
165
r
147
"205
M78
143 1 5 7
180
175
199
165
149
164
143
199
174
148
1.70
.51
.11
163
157
179
166
157
191
159
151
183
165
156
191
154
146
176
177
173
185
179 192
175 184
188 213
176
168
199
158 171 183
148 160 172
187 I 203 213
182 190
174 179
202 :r223
185
181
197
Converted paper products.
Shipping containers
Sanitary paper products.
9
Preliminary.
r
Revised.
For other notes see end of table.
164
780
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49 Annual
1958
average
propor1957 1958 May June July Aug. Sept Oct.
tion
Industry
1959
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May
150
WTTHOUT SEASONAL ADJUSTMENT
—Continued
5.47
1.85
3.62
Newsprint consumption . .
Chemical
and Petroleum
Products.....
Industrial chemicals
....
Industrial organic chemicals
.
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals . .
141
139
139
137
132 136
142
147
146
140
139 142 148 150
131
146
126
146
132
143
125
143
no
115
147
128
149
141
149
142
149
119
151
119
150
9.34
172
170
164
165
143
170
174
179
180
181
184
187
177
184
193
181
261
177
184
185
183
266
163
183
174
179
184
244
187
202
196
204
316
195
211
210
212
336
195
214
219
213
328
195
217
210
219
320
197
164
199
174
225
178
242
189
260
199
273
200
262
215
198
218
209
221
332
202
226
223
227
350
197
160
182
190
182
193
276
280
211
292
220
6.84
2.54
.57
1.97
.24
.11
.59
184
203
202
204
272
245
199
184
195
198
195
284
230
180
136
154
145
153
143
154
189
190
189
'204 r208
231 236
229 235
231 '236
366 378
207
127
150
239
287 289 283
222 ^228 ^218
r
202
212
144 M 3 8
r
141 r129
155 165
199
131
120
165
1.03
186
178
172
174
175
178
183
185
187
192
195
196
.64
.48
.16
130
121
154
130
124
149
117
110
99
145
108
98
138
117
107
148
117
108
146
162
161
164
159
155
171
149
148
151
157
156
161
157
152
174
.71
66
.23
112
109
97
106
88
122
126
120
114
104
117
120
113
117
114
132
132
174
118
102
106
118
126
115
119
134
142
172
'212
189
Aviation gasoline
2.50
1.97
1.04
.98
.06
141
150
162
157
249
134
145
161
156
249
127
136
152
149
202
131
141
162
157
237
133
146
167
162
255
140
149
170
163
293
138
148
166
159
297
137
147
160
154
275
140
151
168
161
286
144
159
173
167
275
146
160
170
165
257
145
157
162
156
268
148
154
166
162
232
138 ^138
147 ^145
163 ^162
159
233
Fuel oil .
Distillate fuel oil
Residual fuel oil
.56
30
.26
147
194
93
136
183
82
128
173
75
126
171
75
131
175
80
133
181
79
138
189
80
140
193
79
140
192
80
153
207
90
163
226
91
165
229
92
153
211
86
134 ^135
184
77
Lubricating oil
.10
.17
98
113
99
104
74
103
76
104
74
105
87
109
93
102
103
108
115
106
123
112
137
104
137
104
100
111
90
117
.26
.15
105
94
76
103
65
132
68
137
66
115
72
165
78
130
85
121
90
92
92
49
94
58
102
80
107
149
107
87
109
... 11.51
112
115
110
119
118
127
250
129
120
110
108
111
110
r
115
116
10.73
8.49
1.48
112
112
128
115
115
125
110
106
115
119
114
121
119
116
115
126
127
120
131
134
130
129
130
138
120
121
134
110
112
133
107
110
139
109
110
140
109
108
133
'114
111
136
116
113
129
141
140
116
Vegetable and animal oils
Grease and tallow
Soap and allied products
Paints *
Fertilizers
..
Petroleum and coal products
Gasoline
.
Coke
Asphalt roofing and siding
Foods
Beverages* and Tobacco..
Food and beverage manufactures
Beef
Pork
.46
.83
148
110
139
111
no
138
133
99
144
102
141
141
94 101
147
113
150
123
134
126
134
126
141
130
132
136
r
132
127 127
106
.69
Wheat
flour
Cereals and feeds
Bakery products
Beet sugar
Confectionery
Bottled soft drinks
Liquor distilling
Cigarettes
Cigars
Preliminary.
. .
......
r
Revised.
.
137
146
133
121
103
93
89
87
92
100
109
121
141
105
121
99
112
134
157
143
122
137
165
142
142
111
138
117
149
91
119
95
149
79
109
84
122
80
104
77
104
88
101
70
94
92
103
76
84
103
102
83
87
106
108
88
99
110
119
99
109
115
134
115
117
132
155
139
136
1.13
1.16
.46
.70
126
100
87
108
134
103
90
112
98
99
84
109
122
106
87
118
163
105
85
118
236
109
92
120
242
125
104
97
105
101
88
109
92
105
94
113
93
102
90
111
97
102
89
111
rl 10
99
85
108
108
104
92
113
100
122
112
125
101
131
115
138
100
83
112
53
103
82
125
41
104
74
126
23
102
72
136
11
93
121
102
103
125
79
175
109
97
117
103
293
117
439
101
311
114
476
101
233
107
336
98
112
103
114
99
72
104
40
99
64
113
16
99
70
118
23
102
85
137
34
112
108
113
115
92
114
95
119
86
119
103
120
154
119
140
118
134
118
96
116
121
113
128
116
103
115
108
116
96
119
2.24
.54
1.70
1.02
.17
.37
Ice cream
110
109
119
102
111
.71
1.41
....
111
.14
.07
.19
.28
1.64
.27
.11
.13
Butter
Natural cheese
113
116
122
138
128
122
119
124
113
104
95
105
113
124
103
101
83
111
107
103
91
115
112
116
74
114
125
136
58
124
107
127
33
91
104
107
47
116
108
99
116
118
124
90
172
166
111
85
125
154
94
90
109
92
91
85
104
92
100
88
107
116
109
105
M06
112
119
119
112
116
.78
.46
.17
111
116
106
118
124
114
118
126
109
125
134
113
109
119
92
130
138
122
125
129
124
130
132
137
128
128
140
103
108
102
121
123
129
130
127
150
121
121
133
129
129
140
no
no
For other notes see end of table.
121
128
132
129
781
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1958
1959
1947_49 average
proportion
1957 1958 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
9.98
128
117
109
115
110
120
123
124
123
124
124
123
122
124
127
8.35
128
117
108
113
168
119
122
122
124
127
127
126
123 '123
123
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
2.68
.36
2.32
83
49
88
68
42
72
61
37
65
72
47
75
70
42
75
73
47
77
75
40
81
76
50
80
73
50
76
74
39
79
5.67
4.82
4.12
.70
.34
.36
.85
150
146
138
198
212
184
171
141
130
133
139
129
197
216
179
152
129
119
182
197
168
140
130
122
182
198
167
150
46
30
48
137
134
126
184
197
173
151
142
141
133
186
195
178
149
145
144
136
190
201
179
150
143
134
196
212
181
154
147
145
134
209
230
188
159
151
149
137
219
247
193
165
152
150
138
192
163
200
152
Metal, Stone, and Earth Minerals.
1.63
129
117
115
125
121
124
132
131
110
108
HI
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
116
114
117
133
85
84
91
73
103
121
68
65
86
69
98
112
71
67
100
108
94
105
72
67
91
109
78
88
62
54
96
110
86
100
59
57
107
118
107
107
107
132
62
61
93
53
119
145
73
65
81
38
110
135
64
60
86
43
114
139
69
66
91
52
118
141
71
75
91 105
50
80
118
146
64
71
137
101
123
59
59
Stone and earth minerals
.81
142
143
144
150
151
153
158
156
151
139
131
130
138
157
MINERALS—TOTAL
Mineral Fuels
f
* 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
144
72
33
78
69
34
74
149
149
150
149
150
149
138 138 139 ^138
P222 P216 '210
196
146
194
148
155
r
128
152
iii*
150
62
73
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
Industry
ELECTRICITY AND GAS—TOTAL
Residential
.
.
Nonresidential
Electricity
Residential
Industrial
General industrial .
Atomic energy
Commercial and other
.
p
.
.
1957 1958 M a y June July
242
281
214
245
285
237
242
242
247
290
199
180
296
203
184
294
206
187
243
238
239
239
240
256
231
215
254
225
203
255
227
199
256
229
196
257
231
196
237
278
213
215
208
76.18
27.48
23.68
23 49
233
243
273
213
193
295
208
189
232
236
230
218
23.82
13 86
6 16
3.80
217
300
210
192
249
285
248
288
250
289
223
224
250
251
220
252
286
Jan. Feb.
Mar. Apr. M a y
^257 ,258 .260 ^260 ^263
228
248
252
305
217
198
298
216
198
300
221
202
242
247
251
253 P256 ^259
257
233
201
257
241
222
258
245
236
258
250
238
304
216
197
257
313
220
202
257
310
224
206
260
312
228
209
259
307
229
211
vl^
2670 2570 2590 2580 2570 2550 2550 2560 2550 2540 2560 2590 2580 2560
208 219 214 220 220 224 224 224 224 228 230 230 234 235
r
Preliminary.
Revised.
NOTE.—For description and back figures see BULLETIN for October
1956, pp. 1055-69.
241
282
1959
Aug. Sept. Oct. Nov. Dec.
213
243
282
233
261
.19
•••
1958
100.00
41 34
58.66
25.02
Gas
Industrial
•
• •.
Comrnercial and other
.
Annual
average
^262 ^264
Indexes without seasonal adjustment may be obtained from the Division
of Research and Statistics.
782
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49 average
proportion 1957 1958 May June July
Product
1958
1959
Aug. Sept. Oct.
Nov. Dec. Jan.
Feb.
132
Mar. Apr. May
SEASONALLY ADJUSTED
CONSUMER DURABLES
100.00
130
113
105
111
114
115
103
108
133
134
133
137
141
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
138
146
132
114
120
114
101
127
115
122
104
96
113
106
114
111
99
123
109
116
116
99
133
116
121
116
95
137
117
126
99
56
138
120
129
105
67
141
124
130
142
139
148
127
133
143
143
144
127
134
140 1 3 7
139 130
143 146
132 133
140 140
141 1 4 6
142 147
142 1 4 7
133 1 3 5
141 143
151
153
152
140
148
127
133
89
140
180
104
205
75
453
127
131
88
140
170
115
166
61
365
112
113
79
121
140
110
138
42
320
i25
128
79
140
157
116
155
51
355
129
133
81
145
174
115
191
64
435
132
139
77
152
185
112
207
75
459
137
144
84
155
202
113
197
86
408
148
157
98
173
208
123
166
65
359
159
168
114
184
215
131
174
75
363
156
161
118
180
187
138
162
65
346
140 145
141 149
99 103
150 1 6 3
188 186
137 134
181 185
73
72
387 400
139 144
145 150 *156
101
99
164 1 7 1
178
169 176 182
120 125
179 189 195
67
71
71
392 415 432
111
110
105
111
111
112
113
114
113
114
118
119
121
115
117
114
109
104
106
111
110
114
114
114
113
114
114
117
119
123
100.00
130
113
103
109
100
100
103
116
143
137
136
140
144
142
141
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
138
146
132
114
120
114
101
127
115
122
103
99
108
101
108
109
100
119
105
113
97
87
108
105
115
94
53
130
118
127
96
37
150
126
134
113
71
151
131
138
155
160
153
130
137
147
161
138
130
138
145
154
140
130
137
150
149
154
135
140
155
163
151
136
141
154
164
148
135
140
153
162
148
133
141
127
133
89
140
180
104
205
75
453
127
131
88
140
170
115
166
61
365
115
118
75
139
133
106
112
41
246
132
135
84
165
141
123
122
39
281
109
111
62
134
124
102
114
40
257
114
110
68
111
155
128
214
64
500
150
150
92
149
228
149
222
80
493
147
148
102
138
229
145
221
82
485
156
162
114
156
241
136
212
99
429
137
146
108
153
189
108
163
79
322
131
137
96
145
183
112
193
73
422
158
169
115
187
212
121
199
73
440
159 156
173 167 *>164
117 104
205 201 205
186 182 173
116 120
173 166 176
70
69
68
369 353 380
30.28
14 00
16.28
111
110
102
108
107
115
119
123
117
113
115
117
117
112
114
114
109
100
103
i03
112
118
123
122
114
109
114
116
116
118
TOTAL.
Furniture and floor coverings
Refrigeration appliances
Heating apparatus
Radio and television sets
Television sets
30.28
14 00
16.28
Other Consumer Durables
Misc home and personal goods
135
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL
lVfaior household coods
Furniture and floor coverings
Annliances and heaters
M^aior aooliances
Ranges
Refrigeration appliances . . . .
Laundry appliances
Heating apparatus
Radio and television sets
Television sets
•
Other Consumer Durables
Misc home a.nd personal goods
r
P Preliminary.
Revised,
i Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-47.
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]
Private
Public
Total
Industrial
Corn-
Public
utility
Other
nonresidential
Business
Total
Year or month
Total
Residential
Total
Military
Highway
Conservation
All
other
29,955
32,739
34,750
37,118
39,601
44,581
46,292
48,115
48,980
22,954
23,320
23,849
25,724
27,679
32,620
33,287
33,988
33,947
14,100
12,529
12,842
13,777
15,379
18,705
17,677
17,019
17,884
5,680
7,217
7,460
8,436
8,526
10,160
11,828
12,745
11,558
1,062
2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,443
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,564
3,561
3,330
3,729
4,003
4,416
4.284
4,543
5,113
5,624
5,554
3,174
3,574
3,547
3,511
3.774
3.755
3,782
4,224
4,505
7,001
9,419
10,901
11,394
11,922
11,961
13,005
14,127
15,033
177
887
1,388
1,307
1,030
1,313
1,395
1,322
1,235
,272
,518
,820
,160
,870
4,050
4,655
4,971
5,350
942
912
900
892
773
701
826
971
1,004
3,610
5,102
5,793
6,035
6,249
5,897
6,129
6,863
7,444
1958—June r
July.
Aug.*"
Sept. r
Oct.'.
Nov.'
Dec.'
3,956
4,030
4,042
4,105
4,198
4,356
4,451
2,729
2,771
2,789
2,821
2,872
2,948
3,030
1,423
1,470
,500
,535
,590
,653
,733
935
923
911
906
900
908
915
189
180
171
167
165
167
166
. 303
307
300
297
295
298
300
443
436
440
442
440
443
449
371
378
378
380
382
387
382
1,227
1,259
1,253
1,284
1,326
1,408
1,421
111
112
109
124
134
160
135
420
432
438
442
457
510
524
83
80
80
84
89
86
93
613
635
626
634
646
652
669
1959—Jan.'.
Feb. rf
Mar.
Apr.P
May*
June?
4,553
4,523
4,654
4,631
4,602
4,544
3,109
3,124
3,166
3,220
3,244
3,228
,793
,812
,867
,931
,939
,893
924
926
913
907
924
940
160
160
156
153
157
163
304
308
305
311
334
344
460
458
452
443
433
433
392
386
386
382
381
395
1,444
1,399
1,488
1,411
1,358
1,316
127
125
133
135
125
118
552
500
582
512
472
449
95
93
98
99
101
98
670
681
675
665
660
651
1950
1951
1952
1953
1954
1955
1956
1957
1958
Preliminary.
r
Revised.
NOTE.—Revised yearly totals will be published in the BULLETIN for
August.
783
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
Total
Public
1957
1958
By type of construction
,
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
32,173
35,090
1959 Jan .
Feb
Mar
Apr
May
....
13,039
14,696
2,168
1,400
3,267
3,197
2,936
2,908
2,922
3,444
7,841
9,446
1,463
1,720
1,550
1,233
1,049
1,071
927
887
1,936
2,100
2,058
2,234
2,167
2,238
1,667
1,395
1,343
1,364
1,557
1,451
1,460
1,595
1,206
981
146
80
150
142
113
135
96
88
265
235
282
356
303
288
238
227
286
264
264
280
240
248
198
206
427
397
381
301
237
284
243
226
932
1,479
974
937
863
759
613
553
2,319
2,307
3,340
3,778
3 542
July
Aug
Sept
Oct
Nov
Dec
20,935
21,663
3,399
3,820
3,607
3,467
3,216
3,309
2,594
2,282
1958—May
11,238
13,427
800
800
869
1,207
1,519
1,507
2,471
2,571
1,022
1,073
1,541
1,831
1,677
105
139
128
189
176
282
198
286
328
326
171
177
217
270
227
261
190
283
400
342
479
530
886
760
793
NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change
in policy of accounting for negative adjustments in monthly data after
original figures have been published.
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
1958
AH
districts
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
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
492
122
130
190
93
125
184
167
184
178
191
212
208
537
551
628
1959—Mar
Apr
May
3,340
3,778
3,542
125
233
163
342
435
404
164
127
135
248
308
254
231
330
258
516
385
370
372
544
535
209
189
136
103
145
136
204
224
233
209
214
195
615
645
724
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates.*
Total
private
(seasonally
adjusted
annual rate)
Year or month
1951
1952
1953
1954
1955
1956
1957
1958
Total
Metropolitan
areas
Nonmetropolitan
areas
In thousands of units]
Government-underwritten i
Private
Total
1family
2family
Multifamily
Public
Total
FHA
VA
1,091
1,127
1,104
1,220
1,329
1,118
1,042
1,209
Sept.
Oct
Nov
Dec
1959 Jan
Feb
Mar
Apr
May
June
1,020
1,069
1,068
1,202
1 310
1,094
993
1,142
892
939
933
1,077
1 190
981
840
933
40
46
42
34
33
31
33
39
88
84
94
90
87
82
120
173
71
59
36
19
19
24
49
68
412
421
409
583
670
463
313
429
264
280
252
276
211
192
185
327
149
141
157
307
393
271
128
102
113
113
124
121
115
109
91
77
81
83
85
79
74
64
36
32
41
36
36
36
27
101
109
115
111
113
107
90
85
88
96
93
94
85
70
3
3
4
3
4
4
3
14
17
15
14
15
18
16
12
4
9
10
2
2
2
40
43
48
50
54
40
38
31
32
35
35
39
29
29
8
11
13
14
15
11
9
1,364
1,403
1,403
AUK
315
332
300
324
353
338
342
382
1,057
1,174
1,228
1,255
1,303
1,427
1,432
1958 June
July
777
795
804
897
976
780
700
827
87
95
121
»137
P134
62
62
81
96
93
91
25
33
40
41
41
45
84
94
118
64
75
93
n.a.
n.a.
n.a.
3
3
5
n.a.
n.a.
n.a.
17
15
20
n.a.
n.a.
n.a.
3
1
3
29
28
41
46
47
48
22
22
31
35
36
37
7
6
10
11
10
11
P1.39O
. .
P1,340
Pl,370
P131
P4
n
* rreiiminary.
n.a. Not avanaoie.
» Preliminary.
rsoi available.
sure or guarantee the mortgages. VA figures after June 1950 and all FHA
* Beginning June 1959 data are from the Bureau of the Census.
figures
are based on filed office reports of first compliance inspections;
1
Data from Federal Housing Administration and Veterans' Administraearlier VA figures are estimates based on loans-closed information,
tion represent units started under commitments of FHA or VA to in-
784
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons unless otherwise indicated]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed l
Total
Total
1951
1952
1953
1954
1955
1956
19573
1958
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment
rate
(per cent) 2
111,924
113,119
115,095
116,220
117,388
118,734
120,445
121,950
1958—June
July
Aug
Sept
Oct
....
Nov
Dec . .
1959—Jan
. .
Feb
Mar
Apr
May
June
65,832
66,410
67,362
67,818
68,896
70,387
70,746
71,284
62,884
62,966
63,815
64,468
65,848
67,530
67,946
68,647
61,005
61,293
62,213
61,238
63,193
64,979
65,011
63,966
53,951
54,488
55,651
54,734
56,464
58,394
58,789
58,122
7,054
6.805
6,562
6,504
6,730
6,585
6,222
5,844
1,879
1,673
1,602
3,230
2,654
2,551
2,936
4,681
46,092
46,710
47,732
48,402
48,492
48.348
49,699
50,666
3.0
2.7
2.5
5.0
4.0
3.8
4.3
6.8
121,900
121 993
122 092
122.219
122 361
122,486
122 609
122,724
122 832
122 945
123,059
123 180
123,296
73,049
73 104
72 703
71,375
71 743
71,112
70 701
70,027
70 062
70 768
71,210
71 955
73,862
70,418
70,473
70,067
68,740
69,111
68,485
68,081
67,430
67 471
68,189
68,639
69 405
71,324
64,981
65 179
65,367
64,629
65,306
64,653
63 973
62,706
62 722
63,828
65,012
66 016
67,342
58,081
58 461
58 746
58,438
58 902
58,958
59 102
58,013
58 030
58 625
59,163
59 608
60,111
6,900
6,718
6,621
6,191
6,404
5,695
4,871
4,693
4 692
5,203
5,848
6,408
7,231
5,437
5 294
4,699
4,111
3,805
3,833
4,108
4,724
4 749
4,362
3,627
3 389
3,982
48,851
48 889
49,389
50,844
50,618
51,374
51,909
52,697
52 770
52,177
51,849
51 225
49,435
6.8
7.3
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force. Monthly data are seasonally
adjusted.
3 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
7.6
7.2
7.1
5.9
6.1
6.0
6.1
5.8
5.3
4.9
4,9
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. In thousands of persons]
Year or month
1951
1952
1953
1954
1955
1956
1957
1958
Contract
construction
Transporta- j
tion and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
916
885
852
777
777
807
809
721
2,603
2,634
2,622
2.593
2,759
2,929
2,808
2,648
4,166
4,185
4,221
4.009
4,062
4,161
4.151
3,903
10,012
10,281
10,527
10,520
10,846
11,221
11,302
11,141
1,892
1,967
2,038
2,122
2,219
2,308
2,348
2,374
5,264
5,411
5,538
5,664
5,916
6,160
6,336
6,395
6,389
6,609
6,645
6,751
6,914
7,277
7,626
7.893
15.275
15,312
15,330
15,529
15,358
15,693
15,701
15,764
15,819
16,006
16,182
16,365
16,487
713
709
701
707
708
708
709
704
693
688
701
708
701
2,698
2,693
2.711
2,698
2,698
2.690
2.550
2.650
2,626
2,719
2,829
2,791
2,784
3.888
3,877
3,867
3,858
3,887
3.875
3,859
3,894
3,880
3,885
3,886
3,918
3,919
11.105
11,121
11,175
11.151
11,154
11,119
11,143
11,216
11,279
11,263
11,333
11.360
11,390
2,367
2,363
2,387
2,395
2,398
2,403
2,414
2,421
6,392
6,433
6,420
6,440
6,399
6.426
6,448
6,443
6,462
6,441
6,479
6,486
6,520
7,877
7,903
7,989
8,005
7,986
7,980
8,049
8,028
8.040
8,056
8,074
8,085
8,123
15,206
15,161
15,462
15,755
15,536
15,795
15,749
15,674
15,771
15,969
16,034
16,179
16,413
717
705
708
711
708
712
713
704
693
688
694
701
705
2,806
2,882
2,955
2,927
,887
2,784
2,486
2,343
2,256
2.417
2.662
2.838
2,971
3,904
3,907
3.897
3,886
3,897
11,035
10,984
11,011
11,151
11,225
11,382
11,976
11,052
10.990
11.083
11,136
11.231
11.317
2,391
2,410
2,413
2,392
2,380
2,374
2,373
2,363
2,371
2,386
2.403
2.414
2.445
6,465
6,452
6,472
6,463
6,426
6,384
6,314
6,333
6,377
6.511
6,583
6,618
7,866
7,664
7,678
7,943
8,040
8.074
8.373
8,024
8,066
8,093
8,111
8,122
8.112
Total
Manufacturing
47,347
48,303
49,681
48,431
50,056
51,766
52.162
50,543
16,104
16,334
17,238
15,995
16,563
16,903
16,782
15,468
50,315
50,411
50,570
50.780
50;582
50,877
50,844
51,086
51,194
51,456
51,887
52,127
52,345
50,413
50,178
50,576
51,237
51,136
51,432
51,935
50,310
50,315
50,878
51,430
51,983
52,516
Mining
SEASONALLY ADJUSTED
1958—June
July
Aug
Sept
Oct
Nov
Dec
1959—Jan
Feb
Mar
Apr
May
June
2,377
2.392
2,392
2,386
385
WITHOUT SEASONAL ADJUSTMENT
1958—June
July
Aug
Sept
Oct
Nov
Dec
1959—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
885
881
836
835
865
879
915
935
family workers, and members of the armed forces are excluded. Figures
for May and June 1959 are preliminary. Back data may be obtained
from the Bureau of Labor Statistics.
785
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1958
Without seasonal adjustment
1959
1959
1958
June
Total
Apr.
May
June
June
Apr.
May
June
11,484
12,303
12,481
12,570
11,415
12,167
12,299
12,499
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..
6,344
68
558
296
415
859
111
1,004
723
1,084
200
360
7,028
73
583
319
444
1,037
840
1,109
803
1,229
215
376
7,159
74
596
326
453
1,058
855
1,135
819
1,237
220
386
7,234
74
612
331
462
1,070
867
1,139
835
1,233
222
389
6,350
68
578
287
416
859
773
1,014
716
1,084
199
355
7,025
73
568
317
444
1,037
840
1,126
803
1,229
216
372
7,136
74
599
318
453
1,053
851
1,146
811
1,237
219
378
7,240
74
633
321
464
1,070
863
1,150
827
1,233
221
383
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
5,140
1,055
80
840
1,035
433
541
508
156
176
316
5,275
1,048
81
869
1,077
447
556
530
161
179
327
5,322
1,039
80
878
1,109
451
557
537
159
175
337
5,336
1,030
80
883
1,104
453
557
538
159
196
336
5,065
1,039
70
840
994
433
541
500
158
176
314
5,142
958
70
869
1,055
443
553
535
159
176
324
5.163
973
69
874
1,054
446
554
534
160
174
325
5,259
1,014
70
883
1,060
453
557
530
161
196
334
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 1959 are
preliminary. 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
1958
1959
1958
1959
June
Total
Average hourly earnings
(dollars per hour)
Average hours worked
(per week)
Apr.
May
June
June
Apr.
May
1958
1959
June
June
Apr.
May
June
83.10
89.87
90.32
90.54
39.2
40.3
40.5
40.6
2.12
2.23
2.23
2.23
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 . .
89.89
100.94
76.14
69.06
84.63
99.96
90.80
94.25
85.14
99.50
87.16
73.08
97.75
103.32
78.96
72.40
91.27
116.60
96.59
103.09
88.84
107.83
92.21
76.57
98.23
106.08
80.36
72.76
91.94
117.58
98.36
103.58
89.28
107.98
92.21
76.76
98.88
106.08
81.38
73.71
91.94
117.86
99.25
104.50
90.58
108.12
92.43
77.14
39.6
40.7
40.5
38.8
40.3
38.3
40.0
39.6
39.6
39.8
39.8
39.5
40.9
41.0
40.7
40.0
41.3
41.2
41.1
41.4
40.2
41.0
40.8
40.3
41.1
41.6
41.0
40 2
41.6
41.4
41.5
41.6
40.4
40.9
40.8
40.4
41.2
41.6
41
40.
41
41
41
41
40.8
40.8
40.9
40.6
2.27
2.48
1.88
1.78
2.10
2.61
2.27
2.38
2.15
2.50
2.19
1.85
2.39
2.52
1.94
1.81
2.21
2.83
2.35
2.49
2.21
2.63
2.26
1.90
2.39
2.55
1.96
1.81
2.21
2.84
2.37
2.49
2.21
2.64
2.26
1.90
2.40
2.55
2.22
2.65
2.26
1.90
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products... v
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
75.08 79.00 79.20 79.20
81.81 84.42 85.88 85.68
66.30 65.02 67.90 66.99
57.98 63.27 63.99 64.46
52.50 55.63 55.48 55.12
88.20 92.87 93.30 93.95
97.38 102.11 102.11 101.84
94.94 98.18 99.42 100.67
111.93 118.20 117.67 116.81
91.10 101.57 101.52 90.86
57.46 59.57 60.54 61.99
38.7
40.7
39.7
38.4
35.0
41.8
37.6
41.1
41.0
39.1
36.6
39.5
40.2
37.8
40.3
36.6
42.6
38.1
41.6
40.9
41.8
37.0
39.6
40.7
38.8
40.5
36.5
42.8
38.1
41.6
41.0
42.3
37.6
39.6
40.8
38.5
40.8
36.5
42.9
38.0
41.6
40.7
37.7
38.5
1.94
2.01
1.67
1.51
1.50
2.11
2.59
2.31
2.73
2.33
1.57
2.00
2.10
1.72
1.57
1.52
2.18
2.68
2.36
2.89
2.43
1.61
2.00
2.11
1.75
1.58
1.52
2.18
2.68
2.39
2.87
2.40
1.61
2.00
2.10
1.74
1.58
1.51
2.19
2.68
2.42
2.87
2.41
1.61
n.a. Not available.
NOTE.—Data are for production and related workers. Figures for
May and June 1959 are preliminary. Back data are available from
the Bureau of Labor Statistics.
786
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
112
114
118
118
128
135
135
136
109
110
114
117
123
126
122
122
107
104
105
108
113
120
124
127
112
113
117
116
125
131
132
133
114
115
119
112
122
128
129
127
115
122
127
129
140
146
148
149
117
127
131
135
149
164
166
167
110
109
114
112
122
128
128
125
111
116
120
121
132
138
138
137
107
109
110
113
117
126
128
128
117
121
123
129
140
144
142
146
120
129
132
136
149
158
159
159
112
120
122
122
132
141
140
142
134
133
140
147
135
135
137
143
117
115
129
137
119
125
122
132
124
124
133
137
125
128
125
133
129
129
141
143
129
140
135
142
124
122
132
140
129
126
125
139
146
146
153
163
145
151
149
156
168
176
174
183
167
165
170
176
'123
119
131
136
124
122
125
134
136
133
139
151
144
131
133
148
126
123
129
137
126
123
130
136
148
141
147
158
147
144
149
150
161
162
162
172
162
159
166
160
142
143
140
148
140
141
149
148
138
140
138
141
119
120
116
120
124
129
127
123
126
130
134
134
129
142
139
123
133
128
132
136
160
159
146
156
158
173
168
167
175
124
129
129
130
135
138
141
144
138
1
127
133
141
127
125
150
154
155
149
168
162
166
169
173
150
155
155
153
154
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
'131
126
112
129
137
141
166
251
117
115
93
107
127
127
149
240
120
120
97
105
129
135
160
235
128
121
103
115
135
143
179
251
120
115
107
124
129
129
154
244
144
135
123
139
151
158
186
286
r
161
153
144
165
160
173
197
305
122
117
103
121
129
129
154
228
137
124
114
136
143
144
161
250
121
119
103
130
135
142
150
227
145
136
130
152
149
149
173
260
159
147
144
160
156
165
190
277
135
135
124
144
140
142
173
262
1959—Jan
Feb
Mar
Apr
May
106
107
125
130
94
90
103
114
124
104
100
112
116
126
101
101
124
128
138
96
103
117
123
132
113
114
138
139
156
135
138
167
165
"175
94
96
114
'123
134
105
109
128
129
P149
93
99
119
122
126
112
112
133
140
133
126
151
157
172
119
119
132
138
146
131
121
131
128
136
148
152
148
129
117
124
126
132
141
138
136
127
115
120
117
119
130
138
136
132
120
129
127
135
148
154
154
132
115
125
122
124
133
136
129
129
127
138
159
175
178
171
145
143
155
152
170
195
203
197
125
112
122
120
127
138
143
139
130
120
131
125
135
148
149
140
121
113
123
124
130
142
146
137
137
130
146
141
152
164
160
153
135
129
143
140
153
168
174
165
137
131
140
135
142
156
158
155
144
147
148
148
150
152
153
150
133
135
140
137
141
142
142
139
133
136
135
135
137
142
140
141
'149
157
152
153
155
157
159
157
128
126
131
128
132
131
130
128
169
173
171
172
175
176
180
172
191
191
192
192
198
202
207
205
133
138
142
144
145
146
143
140
140
144
145
143
136
136
137
134
133
136
135
137
142
141
140
137
146
152
149
152
155
159
165
159
164
168
163
163
164
170
172
163
'153
156
156
152
158
159
160
157
152
150
148
151
137
139
136
138
138
141
138
137
138
136
155
153
153
155
156
139
127
127
127
128
177
172
171
175
172
200
198
195
201
^200
141
141
138
142
140
144
138
138
141
143
136
142
139
'138
136
159
155
150
'151
168
168
169
174
P177
160
161
163
166
146
140
139
144
157
170
173
136
135
126
126
133
147
161
166
130
136
127
122
132
144
160
161
130
'152
146
137
147
163
181
183
141
131
120
121
123
137
147
147
117
170
160
156
167
181
201
205
157
193
182
179
188
206
221
234
178
137
134
136
138
151
160
163
123
140
134
135
141
143
153
153
121
132
128
129
134
148
156
159
127
148
146
142
151
159
173
184
144
'162
156
155
163
174
187
190
152
'152
150
150
153
164
178
180
148
136
143
153
158
124
131
138
144
141
126
130
141
143
140
137
147
158
166
160
123
122
131
133
132
158
166
182
184
173
182
196
204
211
P202
129
133
139
150
145
128
134
143
149
143
126
136
143
'140
135
143
148
156
158
148
163
178
181
P175
144
151
165
169
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1951
1952
1953
1954
1955
1956
1957
1958
SEASONALLY ADJUSTED
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
1959_j an
Feb
Mar
Apr
May
WITHOUT SEASONAL ADJUSTMENT
STOCKS i
1951
1952
1953
1954
1955
1956
1957
1958
11
4
SEASONALLY ADJUSTED
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
1959_j an
Feb
Mar....
Apr
May
WITHOUT SEASONAL ADJUSTMENT
1958—May
June
July
Aug
Sept
Oct
NOT
Dec
1959—Jan
Feb
Mar
Apr
May
r
* Preliminary.
Revised.
1 Figures for sales are the average per trading day, while those for stocks
arc as of the end of the month or averages of monthly data.
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.
787
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocksi
(end
of
month)
OutRestand- ceipts 2
ing
(total
orders *
for
(end of
month) month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
2.8
3.2
2.9
3.0
3.0
2.9
3.0
3.1
3.0
New
orders 3
(total
for
month)
1.4
1.3
1.2
l.l
1.0
L.I
L.I
1.1
1.0
4.2
4.4
4.1
4.1
4.0
4.0
4.1
4.1
4.1
.1
.0
.0
.0
.0
.0
.0
.0
.0
401
379
401
401
412
449
458
458
463
Receipts
Annual average:
376
391
397
406
409
437
454
459
462
1,012
1,202
1,097
1,163
1,140
1,195
1,286
1,338
1,320
495
460
435
421
388
446
470
461
436
1958-May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..
441
402
366
420
451
502
538
911
••1,313
1,230
1,216
1,276
1,395
1,516
1,567
1,231
'323
481
563
534
553
545
462
332
324
352
480
570
623
589
575
486
434
451
589
615
506
445
3.0
3.1
3.3
3.0
3.1
3.0
2.9
1.4
0.7
1.2
1.5
1.3
1.2
1.1
0.9
0.4
3.7
4.3
4.9
4.3
4.3
4.1
3.8
1.7
0.9
0.8
L.O
.1
1959—Jan.
Feb..
Mar.
Apr..
May?
379
342
434
431
453
1,217
1,278
1,360
1,404
1,365
412
449
423
388
419
365
403
516
475
414
445
440
489
441
445
3.2
3.7
3.1
3.3
3.0
1.1
1.3
1.0
0.9
3.9
4.3
5.0
4.1
4.2
3.9
1.0
1.2
1.2
1950
1951
1952
1953
1954
1955
1956.......
1957
1958
391
390
397
408
410
444
459
461
461
Month:
r
* Preliminary.
Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1958,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
r
r
408
415
.3
.2
.1
() . 6
1.1
0.9
3
4
Derived from receipts and reported figures on outstanding orders.
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports *
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
1957
Jan
Feb
Mar
Apr . . . .
May
June
July
Aus
Sept
Oct
Nov
Dec . . .
.
Jan -M^ay
.
1958
1959
1957
1958
1959
1957
1958
1959
1,681
1,616
2,154
1,866
1,817
1,790
1,697
1 681
1,544
1,680
1,688
1,636
1,505
1,345
1.553
,530
1,638
,406
,416
I 396
1,361
1,400
1,280
1,456
1,468
1,552
1,584
1,495
2 024
1,783
1,715
1,656
1,510
1 540
l|441
1,606
1,601
1,541
1,396
J.245
1,286
1,184
1,375
1.343
1,411
1,115
993
,133
,119
,106
986
,148
043
,007
1,148
,043
,142
1,096
956
1,072
1,057
1,061
1,031
1,049
950
1,074
1,142
1,089
1,253
1,154
1,118
1,301
1,221
1,264
9,134
7,571
7,156
8,601
5,994
6,599
5,466
5,242
6,058
5Q9
1,596
1,514
1 Exports of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
2
438
,408
1,507
I 308
,287
I 283
1,239
1,418
,408
379
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
788
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
Gas
and
electricity
Rent
Total
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
1929
1933
1941
1945
73.3
55.3
62.9
76.9
65 6
41.6
52 2
68.9
1951
1952
1953
1954
1955
1956
1957
1958
111.0
113.5
114.4
114.8
114.5
116.2
120.2
123.5
112.6
114.6
112.8
112.6
110.9
111.7
115.4
120.3
112.4
114.6
117.7
119.1
120.0
121.7
125.6
127.7
113.1
117.9
124.1
128.5
130.3
132.7
135.2
137.7
103.1
104.5
106.6
107.9
110 7
111.8
113.0
117.0
116.4
118.7
123.9
123.5
125 2
130.7
137.4
134.9
111.2
108.5
107.9
106.1
104 1
103.0
104.6
103.9
109.0
111.8
115.3
117.4
119.1
122.9
127.5
131.4
106.9
105.8
104.8
104.3
103.7
105.5
106.9
107.0
118.4
126.2
129.7
128.0
126.4
128.7
136.0
140.5
111.1
117.3
121.3
125.2
128 0
132.6
138.0
144.4
110.5
111.8
112.8
113.4
115.3
120.0
124.4
128.6
106.5
107.0
108.0
107.1
106.6
108.1
112.2
116.7
109.7
115.4
118.2
120.1
120.2
122.0
125.5
127.2
1958—May
June
July
Sept
Oct
Nov
Dec
123.6
123.7
123.9
123.7
123.7
123.7
123.9
123.7
121.6
121.6
121.7
120.7
120.3
119.7
119.4
118.7
127.8
127.8
127.7
127.9
127.9
127.9
128.0
128.2
137.5
137.7
137.8
138.1
138.2
138.3
138.4
138.7
116.5
116.9
117.0
117.5
118.0
118.1
118.1
118.2
131.6
131.7
132.3
133.6
135.2
135.6
135.8
137.0
104.0
104.1
104.0
103.3
103.6
103.4
103.5
103.6
130.9
131.1
131.2
132.1
132.2
132.4
132.6
132.8
106.7
106.7
106.7
106.6
107.1
107.3
107.7
107.5
138.7
138.9
140.3
141.0
141.3
142.7
144.5
144.3
143.7
143.9
144.6
145.0
146.1
146.7
147.0
147.3
128.5
128.6
128.9
128.9
128.7
128.8
129.1
129.0
116.6
116.7
116.6
116.7
116.6
116.6
117.0
116.9
127.2
127.2
127.2
127.1
127.1
127.2
127.2
127.3
1959 Jan
Feb
Mar
Apr
May
123.8
123.7
123.7
123.9
124.0
119.0
118.2
117.7
117.6
117.7
128.2
128.5
128.7
128.7
128.8
138.8
139.0
139.1
139.3
139.3
118.2
118.5
118.5
118.2
118.7
138.9
140.0
140.3
138.7
135.3
103.2
103.8
103.8
103.8
103.7
133.1
133.1
133.7
133.8
133.8
106.7
106.7
107.0
107.0
107.3
144.1
144.3
144.9
145.3
145.4
147.6
148.6
149.2
149.6
150.2
129.4
129.8
129.7
130.0
130.7
117.0
117.1
117.3
117.7
117.8
127.3
127.4
127.3
128.2
128.4
AUK
.•
117.4
83.6
88.4
90.9
60.3
45.9
55 6
76.3
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
1951
1952
1953
1954
1955
1956
1957
1958
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
r
All
com- Farm Processed
modi- prod- foods Total
ucts
ties
1958
1959
Revised.
Textile
products
and
apparel
Ma- FurniToChem- Rub- Lum- Pulp Metals chin- ture Non- bacco
meicals
and
ber paper, and
ery
tallic mfrs. Misber
and
and
and
and other minand cellaallied and wood allied metal mo- house- erals— bottled neous
prod- prod- prod- prod- prod- tive
hold
ucts prod- dura- struc- bevucts
ucts
ucts
ucts
bles tural erages
ucts
Hides,
skins,
and
leather
products
Fuel
power,
and
lighting
materials
114.8 113.4 111.4 115.9 110.6 120.3
111.6 107.0 108.8 113.2 99.8 97.2
110.1 97.0 104.6 114.0 97.3 98.5
110.3 95.6 105.3 114.5 95.2 94.2
110.7 89.6 101.7 117.0 95.3 93.8
114.3 88.4 101.7 122.2 95.3 99.3
117.6 90.9 105.6 125.6 95.4 99.4
119.2 94.9 110.9 126.0 93.5 100.6
Year or
month
106.7
106.6
109.5
108.1
107.9
111.2
117.2
112.7
110.0
104.5
105.7
107.0
106.6
107.2
109.5
110.4
148.0
134.0
125.0
126.9
143.8
145.8
145.2
145.0
123.9
120.3
120.2
118.0
123.6
125.4
119.0
117.7
119.6
116.5
116.1
116.3
119.3
127.2
129.6
131.0
122.8
123.0
126.9
128.0
136.6
148.4
151.2
150.4
119.0
121.5
123.0
124.6
128.4
137.8
146.
149.8
114.1
112.0
114.2
115.4
115.9
119.1
122.2
123.2
119.5
119.2
119.2
119.1
119.1
119.0
119.2
119.2
98.5
95.6
95.0
93.2
93.1
92.3
92.1
90.6
112.9
113.5
112.7
111.3
111.
110.0
109.5
108.8
125.3
125.3
125.6
126.
126.2
126.4
126.8
127.2
93.5
93.3
93.3
93.3
93.3
93.2
93.1
93.3
99.9
100.3
100.3
100.5
100.2
101.4
102.3
103.6
110.3
110.7
111.9
113.7
114.1
113.0
112.6
112.9
110.8
110.7
110.4
110.0
109.9
110.2
110.2
110.0
143.8
144.2
144.7
144.4
145.2
146.
146.6
146.3
115.9
116.4
116.8
118.6
120.4
120.8
120.0
119.8
130.5
130.5
131.0
131.0
131.7
131.9
131.9
131.3
148.6
148.8
148.8
150.8
151.3
152.2
153.0
153.0
149.4
149.5
149.5
149.5
149.4
149.9
151.2
151.5
123.2
123.0
123.2
123.0
123.0
123.0
122.7
122.8
119.5
119.5
119.6
120.0
119.8
91.5
91.1
90.8
92.4
90.8
108.7
107.6
107.2
107.2
107.7
127.5
127.8
128.1
128.3
128.3
93.3
93.7
93.9
94.1
94.4
104.1
105.4
108.5
117.8
118.4
113.9
114.8
115.0
'114.0
113.4
110.2
109.9
109.8
110.0!
110.0|
146.0
146.1
146.7
147.5
148.7
120.5
122.5
124.2
126.3
127.9
131.5
131.7
132.0
132.2
132.0
152.9
153.4
153.6
152.8
152.9
151.8
152.0
152.2
152.1
152.3
123.3
123.3
123.5
'123.4
123.5,
113.6
113.6
118.2
120.9
124.2
129.6
134.6
136.0
r
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
128.2 94.2
135.4
135.5
135.3
135.2
136.7
136.7
136.7
136.9
128.0 96.2
128.0 93.7
128.0 97.2
128.0 95.6
128.0 192.5
128.8 91.2
128.7 93.2
128.6 100.9
137.2
137.5
137.7
138.3
138.4
128.6 100.8
128.9 98.5
132.1 97.0
132.2 98.8
132.2 95.2
789
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1958
1958
1959
Subgroup
May
Mar.
Apr.
May
122.0
84.2
99.8
101.6
90.5
75.7
79.7
142.0
93.6
77.7
91.1
99.5
93.5
70.5
78.4
133.8
114.2
79.7
91.9
101.0
r
91.9
54.5
79.5
133.5
107.0
Paperboard
78.6
90.5
Converted paper and paperboard
Building paper and board
101.9
90.4
51.1 Metals and Metal Products:
80.3
Iron and steel
133.5
117.9
112.8
110.6
108.2
115.5
168.4
96.9
119.0
99.6
113.0
111.2
112.9
r
148.0
95.7
118.9
100.8
112.0
110.6
112.1
145.2
95.3
119.5
101.4
111.7
110.4
114.4
145.2
95.8 Machinery and Motive Products:
88.3
100.5
80.3
116.1
99.1
75.4
90.2
97.8
80.1
112.1
99.3
76.1
90.3
99.5
80.6
113.6
99.3
75.7
90.8
101.1
81.0
114.0
99.3
75.7
55.4
91.1
121.8
97.3
87.7
103.6
123.6
103.4
108.5
120.4
'128.2
110.1
119.7
161.9
98.3
100.6
114.7
124.6
170.4
113.1
100.9
119.9
119.3
170.4
108.6
100.8
119.4
98.6
124.5 Furniture and Other Household Durables:
128.9
112.9
Household furniture
Commercial furniture
Floor covering
Household appliances
118.9
Television, radios, phonographs
170.4
Other household durable goods
109.9
100.8
118.3 Nonmetallic Minerals—Structural
123.9
128.4
103.9
94.3
61.5
111.2
110.3
107.2
123.6
128.4
101.3
92.8
60.3
110.0
107.5
106.1
123.9
128.3
101.4
'92.9
60.4
109.6
107.5
106.3
Flat glass
Concrete ingredients
Concrete products
123.8
Structural clay products
128.3
Gypsum products
101.4
Prepared asphalt roofing
93.0
Other nonmetallic minerals
60.8
108.9
107.5 Tobacco Manufactures and
Beverages:
106.4
127.7
152.1
143.0
142.4
151.9
143.6
146.9
151.9
143.4
152.9
151.9
143.6
116.7
127.1
92.2
125.5
130.2
104.0
126.8
135.4
106.6
128.7
137.0
106.6
121.2
71.8
141.8
121.2
115.7
142.1
121.2
115.7
143.3
121.2
110.5
143.3
Pulp, Paper,
(Cont.):
Farm Products:
,
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products
p
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics...
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
r
Revised.
Apr.
May
136.0
128.0
144.1
136.2
127.6
144.2
136.2
127.5
145.0
136.2
127.3
146.7
166.2
123.9
155.7
170.7
122.8
120.8
134.1
171.9
136.1
156.3
173.0
129.2
121.9
132.9
170.8
'134.7
152.9
173.0
129.8
'121.7
132.9
170.4
136.1
152.9
173.1
130.9
121.7
132.9
145.9
145.9
146.0
146.0
138.4
143.1
143.0
143.1
165.5
169.6
'171.9
172.1
172.0
'172.5
171.9
173.1
159.6
147.6
163.3
149.2
162.8
149.2
162.8
149.2
152.3
139.0
153.1
143.2
153.0
143.2
153.4
143.2
122.8
154.2
128.5
104.9
94.3
155.1
124.1
155.0
127.2
105.0
93.4
156.0
123.4
155.0
127.8
105.1
93.4
156.2
123.6
155.0
127.8
105.0
93.4
156.5
135.2
140.2
129.3
159.9
133.1
119.4
132.7
135.2
140.2
129.4
160.0
133.1
126.4
132.7
135.2
140.2
129.7
160.1
133.1
126.4
132.5
134.8
106.6
139.7
120.1
149.3
134.8
106.6
150.9
121.7
171.1
134.8
106.6
152.8
121.7
171.1
134.8
106.6
152.8
121.7
171.1
119.1
78.0
97.5
107.3
132.4
117.2
79.6
97.5
108.2
132.6
116.9
82.9
97.5
108.2
132.6
117.0
76.6
97.5
108.1
132.3
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
Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Allied
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated
nonstructural
metal
products
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
and
Mar.
135.7
139.0
128.2
155.6
133.1
106.1
131.2
May
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
1959
Subgroup
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous
790
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
1958r
1929
Gross national product
104.4
1933
1941
79.0
9.2
37.7
32.1
Gross private domestic investment
New construction*
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
Government purchases of goods and services
Federal
National defense3
Other
Less: Government sales4
State and local
Addendum: Gross national product in constant (1954) dollars
8.5
1.3
- 1.3
.0
7.2
1955
1959'
1956' 1957 r 1958r
81.9 195.0 238.0 256.9 269.9 284.8 293.0 287.3 290.9 294.4 299.1 303.9
9.7 30.4 32.4 39.6 38.5 40.3 37.6 36.9 36.7 37.
39.8 41.3
43.2 99.8 119.3 124.8 131.4 137.7 141.9 139.5 141.5 143. 143.6 145.3
29.0 64.9 86.3 92.5 100.0 106.7 113.4 111.0 112.7 114.2 115.7 117.4
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
2
.8
7.0
6.3
1954
56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 431.0 434.5 444.0 457.1 470.2
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Net exports of goods and services
Exports
Imports
1950
46.4
3.5
22.3
20.7
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0 48.9
24.2
29.7
14.1 15.4
10.1 14.3
18.9 20.8
6.8 - 1 . 6
6.0 - 2 . 1
63.8
34.9
18.7
16.2
21.1
6.0
4.8
.6
13.1
12.5
8.0 24.8
16.9
2.0
' 13.8
2.0
3
.0 •
i
6.0
7.8
39.0
19.3
14.3
5.2
.1
19.7
2.2
2.4
2.3
5.8
5.5
67.4
35.5
17.1
17.8
27.2
4.7
5.1
66.6
36.1
17.0
19.0
28.5
2.0
1.2
54.9
35.8
18.0
17.7
22.9
-3.8
-4.9
52.4
35.5
17.1
18.4
23.8
-6.9
-8.1
51.3
34.6
16.9
17.7
22.6
-5.8
-7.0
54.2
35.4
18.0
17.4
22.2
-3.4
-4.5
61.3
37.3
19.9
17.4
23.2
.8
-.1
69.8
39.7
21.9
17.8
23.9
6.1
5.4
1.0
17.5
16.5
1.1
19.4
18.3
2.9
23.1
20.2
4.9
26.2
21.3
1.2
22.6
21.3
2.0
22.2
20.2
1.2
22.3
21.1
1.6
23.1
21.5
.2
22.7
22.5
2l!5
22.4
75.3
47.5
41.2
6.7
.3
27.7
75.6
45.3
39.1
6.6
.4
30.3
79.0
45.7
40.4
5.7
.3
33.2
86.2
49.4
44.3
5.5
.4
36.8
92.6
52.2
44.5
8.1
.5
40.5
89.3
50.1
44.0
6.6
.5
39.2
91.1
51.3
44.3
7.5
.5
39.7
93.8
53.7
44.5
8.9
.3
40.8
96.5
54.2
45.3
9.4
.6
42.2
97.4
53.8
45.8
8.3
.3
43.6
23.1
Q
181.8 126.6 238.1 318.1 363.1 392.7 400.9 408.3 399.0 391.0 393.1 400.9 410.8 420.6
r
1
2
Revised.
Includes expenditures for crude petroleum and natural gas drilling.
Net exports of goods and services and net foreign investment have
been equated, since foreign net transfers by government were negligible
during the period 1929-45.
3
This category corresponds closely to the major national security
classification in the Budget of the United States Government for the fiscal
year ending June 30, 1960.
4
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the July 1959 issue
of the Survey of Current Business.
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1958 r
1929
1933
1941
1950
1954
1955
1956'
1957'
1959 r
1958'
National income
87.8
Compensation of employees
51.1
29.5
64.8 154.2 207.6 223.9 242.5 255.5 256.8 252.5 253.2 258.5 262.9 269.9
Wages and salaries1
Private
Military
Government civilian
50.4
45.5
.3
29.0
23.9
.3
4.6
4.9
62.1 146.4 196.3 210.9 227.6 238.5 239.4 235.2 236.0 241.1 245.1 250.9
174.9 189.6 198.4
51.9 124.
196.2 193.4 193.2 197.1 200.8 206.2
5.0 161.9
9.
9.7
1.9
9.6
9.5
9.7
9.7
9.9
9.8
10.0
17.3 10.0 26.2 28.4
8.3
7.8 24.4 13.0 14.9 30.5 33.5 32.3 33.2 34.0 34.4 34.8
2.7 37.5 11.3 42.1 43.7 17.0 17.4 17.3 17.2 17.5 17.8 19.0
17.4 23.5 40.4 30.4 32.1 44.5 46.6 46.1 45.9 46.8 47.4 46.9
10.9 14.0 27.8 11.8 11.6 32.7 32.4 31.6 32.0 32.6 33.2 33.7
6.5
11.8 14.2 14.6 13.9 14.2 14.1 13.2
12.7
9.0 10.9 10.7 10.9 11.5 11.8 11.7 11.8 11.9 11.9 12.0
3.5
Supplements to wages and salaries
Proprietors' income2
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuatioi
adjustment
Profits before tax
Profits tax liability
Profits after tax
Inventory valuation adjustment
Net interest
40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 355.8 358.9 369.5 380.4 389.4
.7
.5
14.8
8.8
6.0
5.6
3.2
2.4
2.0
5.4
10.1 - 2 . 0
14.5
35.7
33.7
43.1
42.0
41.7
36.7
31.5
33.8
38.0
43.5
45.5
.2
.5
17.0
7.6
9.4
40.6
17.9
22.8
34.1
17.2
16.8
44.9
21.8
23.0
44.7
21.2
23.5
43.3
21.1
22.2
37.1
18.2
18.9
32.0
15.7
16.3
33.6
16.5
17.1
38.3
18.8
19.5
44.6
21.9
22.7
46.5
22.6
23.8
-2.5
-5.0
-.3
-1.7
-2.7
-1.5
4
-.4
.2
-.3
-1.1
-.9
4.5
5.5
9.1
10.4
11.7
13.3
14.3
13.9
14.1
14.4
14.7
15.1
9.6
1.4
8.3
.5
6.4
-.4
-2.1
5.0
r
1
Revised.
Includes employee contributions to social insurance funds.
2
Includes noncorporate inventory valuation adjustment.
791
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
104.4
8.6
7.0
Gross national product
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
1933
1941
1950
1954
1955
1956' 1957' 1958'
56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 431.0 434.5 444.0 457.1 470.2
7.2
9.0
19.1
28.8
32.0
34.4
36.9
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
30.2
1.3
32.9
1.5
1.0
35.7
1.6
38.1
1.7
.5
-.1
.0
.1
-.7
.9
87.8
Equals: National income.
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
40.2 104.7
10.1 - 2 . 0
.3
.2
.0
.9
1.0
5.8
.6
85.8
Equals: Personal income.
2.6
Less: Personal tax and nontax payments
Federal
1.3
1.4
State and local
14.5
2.8
.0
1.5
1.2
2.1
.0
2.6
1.3
4.5
.7
96.3
7.5
.5
1.0
3.3
2.0
1.3
-2.4
1.1
39.0
1.7
38.3
-2.1
-1.2
Equals: Personal saving
Addendum: Disposable personal income in
constant (1954) dollars
1.7
1.3
1.5
1.6
1.7
1.7
1.7
37.6
38.0
38.5
39.3
38.9 39.1 39.9 40.7
1.7 - 31.7 - 21.7
1.7
.4
.3
-1.5
.0
1.0
1.0
1.1
.8
369.5 380.4
358.9
389.4
33.8 38.0 43.5 45.5
14.8 15.3 15.5 17.5
.6
24.9
6.2
12.6
1.7
- 1 . 3
25.4
6.1
12.6
1.7
.0
25.1
6.1
12.0
1.7
.0
24.7
6.3
12.8
1.7
228.5 289.8 310.2 332.9 350.6 359.0 352.2 355.0 363.4 366.3 371.8
20.
32.9
35.7
40.0
42.7
42.6
41.9
42.1
42.9
43.4
44.4
18.2
2.6
29.2
3.8
31.5
4.2
35.2
37.4
5.4
36.7
5.
36.2
36.3
5.8
37.1
5.9
31A
6.0
38.2
6.2
4.8
45.7
93.0 207.7 256.9 274.4 292.9 307.9 316.5
79.0
46.4
81.9 195.0 238.0 256.9 269.9 284.8 293.0
4.2
Less: Personal consumption expenditures....
37.5
1.1
.2 - . 2
.9
1.0
330.2
366.5
241.9 301.8
350.8
366.2 355.8
35.7 33.7 43.1 42.0 41.7 36.7 31.5
6.9 9.7 11.0 12.6 14.6 15.1 14.8
.0
.0
.0
.0
.0
.0
.6
14.3 15.0 16.0 17.2 20.0 24.4 22.8
4.8
5.4
5.4
5.7
6.2
6.2
6.2
9.2 9.8 11.2 12.1 12.5 12.4 12.7
.5
47.2
.0
37.9
83.1
Equals: Disposable personal income
r
1959 r
1958 '
1929
-.6
11.1
12.6
18.9
17.5
23.0
23.1
23.5
5.7
310.3
287.3
22.9
312.9 320.4 322.9 327.4
290.9 294.4 299.1 303.9
22.0
26.0
23.7
23,5
134.9 102.1 175.1 231.0 256.9 273.4 286.9 292.9 295.2 290.0 291.6 299.2 300.4 304.3
Revised.
PERSONAL INCOME
[Department of Commerce estimates.
In billions of dollars]
1958'
1957 r 1958 '
Item*
June
July
Aug.
Sept.
1959 r
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Junep
350 6 359 0 357 1 363 5 362 4 364 2 364 3 367 5 366 9 369 0 371 0 375 4 379 0 381 3 382 9
Xotal personal income
Wage and salary disbursements
238.5 239.4 237.9 243.2 241.3 242.5 242.1 246.1 247.0 248.7 250.1 254.0 257.3 259.8 261.1
Commodity-producing industries. . 102.2 97.8 96.7 97.2 97.9 99.3 98.7 101.8 102.2 102.8 103.5 106.3 108.6 109.8 110.4
Manufacturing only
80.6 76.7 75.7 76.1 76.7 77.9 76.9 79.7 80.6 80.9 81.7 83.8 85.4 86.7 87.2
63.4 63.8 63.5 63.8 64.3 64.1 64.1 64.7 64.7 65.6 66.0 66.6 66.9 67.5 67.8
Distributive industries
32.7 34.6 34.6 34.8 35.0 35.0 35.2 35.3 35.6 35.6 36.0 36.4 36.8 37.1 37.2
Service industries
40.2 43.2 43.1 47 4 44 1 44 1 44 1 44 3 44 4 44 6 44 7 44 8 45 0 45 4 45 7
Government.
Other labor income...
9.1
Rental income.....
Dividends
Personal interest income
Transfer payments ^
Less: Personal contributions
social insurance
Nonagricultura' income 3
Agricultural income
r
for
9.3
9.3
9.3
9.4
9.4
9.6
9.7
9.8
9.9
9.9
10.0
32.4
14 2
32.3
13 4
32.4
14 1
32.6
14 2
32.8
14 3
33.2
14 2
33.1
14 1
33.4
14 2
33.5
13 5
33.7
13 2
34.0
12 9
34.3
12 2
34.5
12 0
34.6
1? 1
11.8
11.8
11.8
11.9
11.9
11.9
11.9
11.9
12.0
12.0
12.0
12.0
12.0
12.0
12.5
12.4
12.6
12.6
12.6
12.6
12.6
12.6
10.8
12.7
12 8
12.8
12.9
13.0
13.1
20 4
20 4
20 4
20 5
20 6
20 7
20 8
'M 0
21 1
21 3
21 6
21 8
22 0
22 2
21 7
.
9.3
19 5
...
9.3
11.5
-
9.3
32.7
11 8
Proprietors' income:
Business and professional
Farm
26 1
26 4
26 8
27 2
27 3
27 4
26 6
26 3
26 1
26 4
26 6
26 9
26 4
~>6 2
6 7
7 0
7 0
7 2
7 1
7 1
7 1
7 1
7 1
8 1
8 1
8 2
8 3
8 3
8 4
335 2 341 1 339 9 345 7 344 5 346 1 346 3 349 6 348 8 351 6 353 8 358 5 362 7 365 3 366 9
15.3
17.9
17.2
17.8
17.9
Revised.
» Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
Mainly social insurance benefits and veterans' payments.
3 Personal income exclusive of net income of unincorporated farm
1
2
18.1
18.1
18.0
18.1
17.4
17.2
16.9
16.3
16.0
16.0
enterprises* farm wages, agricultural net interest, and net dividends paid
by corporations.
NOTE.—For description of series see U. S. Income and Output, a supplement to the Survey of Current Business.
792
BUSINESS FINANCE
ANNUAL SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS
[In millions of dollars]
Industry
1946
1947
1948
1949
1950
1951
1952
1953
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
33,313
3,253
1,929
1,300
46,717
6,098
3,704
1,647
56,377
7,889
4,850
1,780
55,680
7,382
4,531
2.268
67,202
11,610
5,999
3.061
78.047
12,544
5,056
2,744
81,231
10,345
4,613
2,777
96,469
11,966
5,189
2,903
Nondurable goods industries (79 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
16,019
2,259
1,388
634
20,252
2,895
1,822
795
23,867
3,595
2,304
851
22,875
3,022
1.924
1.022
26,051
4,354
2,392
1,275
30,770
5,127
2,265
1,217
31,732
4,212
2,060
1,262
35,941
4,591
2,225
1,294
Durable goods industries (101 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
17,294
993
540
665
26,465
3,203
1,882
852
32,511
4,294
2,546
929
32,805
4,361
2.607
1.246
41,151
7,256
3,607
1,787
47,277
7,416
2,791
1,527
49,499
6,133
2,553
1,515
60,528
7,375
2,965
1,609
5,656
663
387
179
6,606
673
407
212
7,153
696
425
224
6,851
710
431
230
7,125
833
448
245
!,024
783
354
245
8,405
752
326
245
8,901
822
352
247
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,520
687
374
219
4,613
885
491
272
5,443
1,008
562
218
5.208
944
517
384
6,324
1,608
757
533
7,828
1,923
646
449
7,851
1,624
603
460
8,485
1,683
632
483
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,887
480
378
145
5,330
793
607
199
7,212
1,297
967
282
7,042
920
711
292
7,872
1,157
800
353
9,229
1,482
917
365
9,801
1,177
831
399
12,470
1,278
905
406
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
7,098
627
380
278
9,943
1,344
827
352
12,015
1,707
1,051
401
10,893
1,352
796
403
14,044
2,321
1,195
529
16,588
2,810
1,079
551
15,821
1,680
826
535
18,647
2,429
1,079
556
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,173
90
30
138
5,301
589
360
164
6,717
784
463
179
6,674
770
475
204
8,036
1,296
651
291
9,706
1,410
532
269
10,904
1,361
554
284
12,077
1,334
548
325
4,696
65
22
139
8,255
944
526
210
10,328
1,305
738
208
11,631
1,747
1,025
485
14,772
2,849
1,347
771
15,417
2,310
840
519
15,435
2,237
813
503
20,569
2,594
927
517
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
1
Includes 17 companies in groups not shown separately.
2
Includes 27 companies in groups not shown separately.
793
BUSINESS FINANCE
QUARTERLY SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING
CORPORATIONS
[In millions of dollars]
1955
1956
1957
Industry
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (101 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
25,164 26,812 25,519 27,511 27,032 27,432 24,874 28,969 29,642 29,135 27,931 28,125
3,525 3,953 3,451 3,874 3,708 3,576 2,547 3,587 3,870 3,540 2,972 2,966
1,761 1,998 1,756 2,048 1,875 1,864 1,380 1,974 2,026 1,859 1,607 1,685
1,321
1,147 1,026 1,019
1,026 1,121
962
988
970
811
816
899
9,002
1,170
650
353
9,270
1,227
677
354
9,385
1,276
710
376
9,804
1,340
777
506
9,854
1,334
738
403
9,887
1,291
723
402
9,873 10,439 10,703 10,471 10,628 10,508
1,223
1,298 1,391
1,252 1,237 1,129
705
111
810
693
725
716
412
465
487
434
425
430
16,161 17,542 16,134 17,707 17,178 17,545 15,001 18,531 18,939 18,665 17,303 17,618
2,355 2,726 2,175 2,534 2,375 2,284 1,324 2,290 2,479 2,288 1,735 1,837
992
1,112 1,321 1,046 1,272 1,137 1,141
676
1,197 1,215
891
1,134
462
815
559
586
682
592
596
634
458
523
558
594
2,174
171
79
66
2,347
230
109
59
2,374
244
116
62
2,341
223
109
73
2,385
213
99
72
2,499
251
119
64
2,510
244
120
65
2,590
246
122
76
2,547
220
105
75
2,647
258
125
65
2.696
'282
135
67
2,703
263
132
82
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
2,291
447
228
134
2,400
467
234
139
2,399
469
239
156
2,494
483
254
260
,510
476
241
161
2,535
454
232
167
2,511
414
218
168
2,643
461
251
203
:,674
476
240
174
2,623
462
239
175
2,739
463
238
175
2,633
422
231
213
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
2,821
337
238
107
2,755
287
217
107
2,837
335
239
109
3,103
385
285
115
3,127
401
279
115
,004
338
247
116
3,02!
347
255
123
3,294
358
287
127
,599
469
354
126
3,294
317
255
126
,260
285
240
129
3,309
254
226
131
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,581
664
334
158
5,299
864
434
155
5,259
812
406
163
5,606
928
478
254
5,724
958
480
193
6,087
1,003
509
220
4,636
449
240
189
5,918
922
498
279
5,811
867
439
216
5,890
830
419
216
5,547
691
359
218
5,220
588
323
223
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,038
335
164
94
3,097
343
168
3,014
284
144
89
3,330
291
161
98
,199
274
116
103
3,415
318
166
99
3,507
293
158
99
3,786
324
167
102
3,747
392
191
106
3,797
383
188
101
,740
329
169
103
,832
354
181
106
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
6,252
1,068
474
154
6,645
1,181
554
159
5,438
763
341
206
6,288
998
472
353
,872
850
398
197
5,447
639
305
198
4,237
291
131
198
5,660
693
353
199
6,618
934
440
200
6.001
750
363
200
5,151
406
211
198
,684
611
340
207
1
Includes 17 companies in groups not shown separately.
2 Includes 27 companies in groups not shown separately.
794
MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1958
[Averages of individual ratios, expressed as percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—total deposits
(in thousands of dollars)
All
groups
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
1,000
and
under
3.1
9.6
8.9
6.6
2.6
3.82
1.11
.73
3.91
1.12
.77
13.4
13.0
1,000- 2,000- 5,000- 0,000- 25,000- 50,000- Over Under
2,000 5,000 10,000 25,000 50,000 00,000 100,000
25
11.0
10.0
7.3
2.7
3.81
1.12
.74
12.4
11.5
8.2
3.0
3.78
1.10
.73
13.9
13.4
9.1
3.1
3.84
1.11
.73
14.9
15.3
3.2
3.
1.08
.72
16.2
17.8
11.0
3.4
3.85
1.11
.73
16.5
16.9
9.9
3.6
3.84
1.16
.69
17.8
18.4
10.2
4.3
3.72
1.29
.73
14.4
13.6
9.2
3.4
3.66
1.26
.81
25-50
13.7
13.5
9.1
3.1
3.89
1.10
.72
50
and
over
11.3
11.1
7.7
2.7
.95
.64
22.8
6.9
59.0
6.2
5.1
21.6
4.8
63.9
5.1
4.6
24.7
6.1
59.8
5.2
4.2
24.1
7.1
59.0
5.7
4.1
22.5
7.7
58.6
6.8
4.4
21.6
7.1
57.8
7.6
5.9
21.1
6.7
57.4
7.3
7.5
20.0
6.0
59.1
6.6
8.3
18.2
5.6
60.1
5.0
11.1
24.0
6.8
57.0
6.8
5.4
22.6
6.8
58.6
6.6
5.4
21.9
7.2
62.1
4.8
4.0
Total earnings
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Salaries and wages
Interest on time deposits
Other current expenses
30.4
17.6
22.7
37.3
10.6
24.0
32.7
15.5
22.4
30.7
17.7
22.2
29.2
19.1
22.7
29.2
19.3
23.5
29.1
18.4
23.6
29.3
16.0
24.1
28.3
14.1
22.3
34.5
6.8
24.1
30.1
18.6
23.1
25.7
29.7
20.3
Total expenses
70.7
71.9
70.6 I 70.6
71.0
72.0
71.1
69.4
64.7
65.4
71.8
75.7
Net current earnings before income
taxes
Net losses (or recoveries and profits, + ) 1 .
Net increase in valuation reserves
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities. .
Interest and dividends on other securities.
Net losses (or recoveries and profits, + ) 1 •
Return on loans:
Earnings on loans
Net lossesx
29.3
28.1
29.4
29.4
29.0
28.0
28.9
30.6
35.3
34.6
28.2
24.3
+ 1.4
1.0
+ 3.8
+ 6.4
+ 5.8
+7.0
+2.0
+ 1.3
2.4
8.8
19.2
3.0
10.1
18.7
4.9
13.5
18.0
+ .7
6.9
19.4
.2
1.7
7.9
19.6
+ 1.4
2.3
9.0
19.4
1.1
1.5
7.1
19.7
5.6
16.5
20.2
2.4
10.5
22.4
2.5
9.0
18.7
1.9
7.1
16.6
2.61
2.7'
2.70
3.49
2.46
2.55
2.47
2.49
2.47
2.78
2.68
2.83
2.59
2.74
2.56
2.76
+ .15
+ .32
+ .52
+ .74
+ .78
+ .91
+ .26
+ .37
+ .25
6.1
.10
6.81
.10
6.43,
.09!
6.22
.10
6.19
.12
6.02
.11
6.02
.09
5.70
.12
5.31
.06
6.29
.09
6.22
.11
5.92
.11
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits
19.2
9.7
2.50
2.61
+ .04
29.7
6.2
37.7
25.6
For notes see second succeeding page.
2.59
2.64
+ .03
31.9
9.7
37.2
19.9
1.1
Number of banks 3
2.66
2.79
+ .30
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Time to total deposits
Interest on time deposits2
Trust department earnings to total earnings2
2.73
3.10
3.9
11.8
19.6
7.6
7.0
7.1
7.4
9.1
8.4
17.4
9.1
15.7
8.3
14.5
7.7
14.4
7.8
14.5
8.2
21.9
10.2
18.4
9.4
17.2
9.8
35.2
2.04
1.6
38.0
2.0'
1.9
38.9
2.05
2.9
36.3
2.09
3.6
31.9
2.0:
4.3
26.7
2.16.0
13.6
1.9:
3.9
37.4
2.10
3.0
59.2
2.13
1.9
965
346
187
233
1,989
24.6
11.7
35.1
22.3
2.00
.3
31.6
2.05
1.0
6,273
210
859
2.0:
3.0
32.0
10.2
41.2
15.4
1.1
31.3
9.2
34.0
24.3
1.0
20.6
10.2
29.1
14.0
9.2
12.2
26.6
7.6
42.3
21.7
1.2
32.0
10.5
37.7
18.3
1.3
32.6
9.8
36.5
20.0
1.0
2,102
1,371
31.7
9.9
38.4
18.3
29.9
9.1
39.9
19.4
1.3
31.7
11.1
37.0
18.9
1.2
33.1
7.9
36.2
21.9
1.4
2,771
1,513
795
MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1958
[Averages of individual ratios, expressed as percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
Item
All
groups
Banks with ratios of time
to total deposits of
25-50 per cent
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
2,000 2,000-5 ,000- Over 2,000 2,000-5 ,000- Over 2,000
and
and 2,000-5,000- Over
and
under 5,000 25,000 25 ,000 under 5,000 25,000 25 ,000 under 5,000 25,000 25,000
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes . .
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U.S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
13.4
13.0
3.1
3.82
1.11
.73
22.8
6.9
59.0
6.2
5.1
30.4
17.6
22.7
Total expenses
70.7
Net current earnings before income taxes.. . 29.3
Rates of return on securities and loans:
Return on securities:
Interest on U.S. Government securities
Interest and dividends on other securities
Net losses (or recoveries and profits, + ) 1
Return on loans:
Earnings on loans
Net losses 1
3.76
1.24
24.7
5.5
59.8
5.9
4.1
13.8
12.6
9.0
3.5
3.59
1.24
.82
25.9
7.7
55.5
6.7
4.2
16.2
15.3
10.2
3.4
3.71
1.27
.80
23.4
7.5
55.3
8.3
5.5
17.4
18.2
10.1
3.8
3.56
1.31
.75
19.3
5.5
59.0
5.7
10.5
10.4
9.3
6.8
2.4
3.90
1.06
.70
24.1
6.1
60.1
4.9
4.8
12.4
11.7
8.3
2.9
3.86
1.08
.72
23.6
6.8
59.4
5.9
4.3
14.7
14.8
9.8
3.3
3.91
1.11
.73
22.0
7.2
57.9
7.6
5.3
16.7
17.9
10.8
3.7
3.93
1.14
.73
20.4
6.3
58.0
6.8
8.5
9.1
8.6
6.2
2.1
3.89
.93
.64
22.8
6.0
63.5
3.9
3.8
10.7
10.1
7.2
2.6
.96
.65
22.7
6.9
62.6
4.2
3.6
11.9
11.9
8.1
2.8
3.
.94
.64
21.1
7.9
61.6
5.3
4.1
15.3
16.3
10.6
3.5
4.04
.97
.66
20.4
7.4
59.7
6.9
5.6
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Salaries and wages
Interest on time deposits
Other current expenses
Net losses (or recoveries and profits, + ) 1
Net increase in valuation reserves
Taxes on net income
Net profits
11.7
10.5
7.8
3.2
+ 1.4
2.3
9.0
19.4
37.7
5.4
23.9
67.0
33.0
1.2
1.5
7.9
22.4
29.5
8.9
24.4
31.7
18.3
22.9
30.4
18.9
22.6
29.7
18.6
23.4
29.2
18.5
23.3
27.2
29.3
19.9
25.4
30.0
20.0
25.3
29.8
20.6
26.5
28.8
62.8
72.9
71.9
71.7
71.0
76.4
75.4
75.7
76.1
37.2
27.1
28.1
28.3
29.0
23.6
24.6
24.3
23.9
34.5
.9
+ 6.2
1.9 + 1.7
4.6
9.0
3.0 17.3
23.1 11.2 21.5
22.0
1.2
1.4
6.5
18.0
+ 2.8 +6.6
.4
.7
6.2
16.3
.1 +2.1 +6.3
4.7
2.2
1.3
8.7
7.6
6.6
16.6 16,8
16.6
35.4
6.2
23.5
65.1
34.9
32.9
7.7
24.9
65.5
7.7
18.8
2.7
9.5
18.9
4.7
12.3
18.6
2.61
2.77
2.80
3.24
2.75
2.76
2.61
2.64
2.45
2.64
2.70
3.10
2.64
2.82
2.54
2.62
2.48
2.57
2.59
3.18
2.59
2.78
2.54
2.62
2.47
2.65
6.17
.10
6.68
.08
6.34
.07
6.32
.14
5.41
.07
6.53
.11
6.30
.12
6.16
.11
5.94
.10
6.04
.07
5.96
.11
5.86
.11
5.83
.10
+ .30 + .03 + .09 + .36 + .87 + .04 + .20 + .45 + .80 + .05 + .15 + .35 + .65
Distribution of assets:
Percentage of total assets:
U.S. Government securities
Other securities
Loans
Cash assets
Real estate assets
31.9
9.7
37.2
19.9
1.1
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits
8.7
10.9
9.2
8.1
7.6
10.7
9.1
7.8
7.0
10.4
9.3
8.2
6.5
19.2
9.7
27.5
12.4
22.5
10.2
19.0
8.9
16.1
8.4
24.8
12.2
20.5
10.1
16.4
8.6
13.9
7.7
21.7
11.8
18.5
10.3
15.5
9.1
12.2
7.1
Time to total deposits
Interest on time deposits2
Trust department earnings to total earnings 2
Number of banks 3
For notes see following page.
31.7
7.1
34.4
26.1
.6
32.5
10.4
32.3
23.8
.9
31.7
10.6
33.1
23.3
1.2
27.1
7.5
39.3
24.3
1.2
33.2
8.1
36.5
21.1
1.0
32.6
9.5
36.9
19.8
1.1
32.3
10.6
37.0
18.7
1.3
31.2
9.5
39.9
17.7
1.4
32.8
7.9
41.2
17.1
.9
32.6
9.5
41.1
15.7
1.0
31.2
11.6
41.1
14.8
1.2
31.5
11.1
41.9
14.0
1.2
35.1 11.0 12.4 15.8 16.8 37.3 37.6 37.5 36.7 60.2 59.8 58.8 56.6
2.05 1.95 1.86 1.92 2.00 2.12 2.11 2.08 2.14 2.11 2.12 2.13 2.22
2.5
1.4
1.9
2.6
.5
4.1
1.5
3.0
2.0
1.7
2.7
5.5
6,273
495
695
516
283
358
844
1,200
369
216
563
620
114
796
MEMBER BANK OPERATING RATIOS
OERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1958
[Averages of individual ratios, expressed as percentages]
Federal Reserve district
All
districts
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
13.4
13.0
3.1
3.82
1.11
.73
22.8
6.9
59.0
6.2
5.1
Boston
New Phila- Cleve- Rich- AtdelYork phia land mond lanta
Chicago
11.8
11.3
7.1
3.2
11.6
10.9
7.4
2.9
12.1
11.5
7.4
2.8
13.8
14.5
10.2
2.8
4.16
1.13
.69
16.8
5.1
60.5
10.2
7.4
3.95
.96
.60
19.4
8.1
60.5
7.4
4.6
10.8
10.3
7.1
2.7
3.77
1.06
.70
21.1
7.6
63.1
3.6
4.6
3.70
1.08
.66
23.2
6.4
61.0
4.9
4.5
12.9
12.7
8.1
3.0
3.91
1.15
.73
21.1
5.9
63.3
5.0
4.7
14.2
14.1
9.6
2.9
4.00
1.09
.74
20.9
7.2
59.4
7.3
5.2
Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco
13.6
13.0
11.3
3.0
3.9
4.09
1.18
.82
3.56
1.04
.76
27.8
6.4
54.7
6.1
5.0
16.1
16.8
28.3
7.3
55.9
4.1
4.4
22.8
8.2
54.9
6.6
7.5
14.3
13.4
9.3
3.4
3.83
1.24
.81
23.3
6.7
58.0
7.4
4.6
30.4
17.6
22.7
32.4
14.0
26.4
28.7
25.4
21.7
25.7
24.7
21.6
26.9
20.3
23.6
27.7
21.1
21.7
30.4
18.4
24.1
30.8
17.9
22.0
30.4
13.3
23.3
29.5
20.4
21.3
34.6
10.6
22.0
Total expenses
70.7
72.8
75.8
72.0
70.8
70.5
72.9
70.7
67.0
71.2
67.2
29.3
27.2
24.2
28.0
29.2
29.5
27.1
29.3
33.0
28.8
32.8
Net current earnings before income taxes..
l
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities
Net losses (or recoveries and profits, + ) l
Return on loans:
Earnings on loans
Net lossesi
+ 1.4 + .9 + 1.3 + .3 + 1.1 +2.1 +2.6 +4.1 + 1.3 +2.2 + .1
2.3
9.0
19.4
2.1
9.2
16.8
2.8
7.3
15.4
1.6
8.1
18.6
6.17
.10
6.28
.15
5.76
.11
31.9
9.7
37.2
19.9
1.1
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits
10.0
19.4
11.3
6,273
284
5.81
.11
8.6
19.2
9.7
Time to total deposits 2
Interest on time deposits
Trust department earnings to total earnings2
2.5
9.9
17.9
2.4
10.4
18.8
2.6
8.6
18.5
2.9
9.0
21.5
2.7
10.0
21.6
1.2
9.6
20.2
2.61 2.50 2.55 2.52 2.51 2.61 2.64 2.52 2.67 2.71
2.77 2.69 2.56 2.95 2.87 2.77 2.82 2.66 2.81 2.92
+ .30 + .40 + .28 + .20 + .28 + .36 + .44 + .47 + .27 + .34
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Number of banks3
3.82
1.18
.73
20.1
7.2
61.9
6.3
4.5
15.8
15.2
9.4
3.4
4.42
1.11
.66
19.4
5.3
59.3
9.2
6.8
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net losses (or recoveries and profits, + )
Net increase in valuation reserves
Taxes on net income
Net profits
13.9
11.9
8.4
3.5
26.9
8.4
42.5
20.4
1.5
5.73
6.32
.09
6.70
.13
30.7
10.3
41.5
16.2
1.2
33.0
8.6
39.7
17.4
1.2
16.1
9.5
20.0
11.6
19.6
10.3
19.3
10.3
17.7
9.1
529
506
588
452
397
28.9
12.1
41.8
15.6
1.3
9.2
30.3
8.6
39.7
19.9
1.3
9.2
5.81
.09
6.08
.09
6.16
.07
2.1
9.3
21.5
34.9
8.5
25.4
68.8
31.2
1.6
2.3
7.8
19.5
2.69
2.78
2.79
2.79
6.51
.08
6.90
.14
+ .18 + .12 +
35.6
9.5
32.7
21.3
33.2
11.0
36.9
17.7
1.0
7.8
9.0
19.0
22.4
9.7
16.7
8.5
21.2
10.1
20.1
9.9
1,014
489
473
747
625
6.53
.15
30.3
10.4
35.7
21.9
1.5
37.5
9.0
34.0
18.6
8.2
7.8
31.8
9.6
35.0
22.8
.7
26.6
10.0
35.1
26.9
1.3
31.3
8.3
40.1
18.8
1.3
7.4
15.6
8.2
35.1 29.2 48.0 52.2 44.7 40.1 31.4 37.9 27.4 41.9 20.2 14.8 42.5
2.05 1.92 2.25 1.96 1.80 2.20 2.45 1.78 1.77 2.17 2.06 2.36 2.57
3.0
3.5
4.9
3.8
2.6
2.7
2.1
3.
2.3
2.3
4.3
2.9
2.
169
1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
reserves are excluded.
2
Banks with no time deposits, or no trust department earnings, as the
case may be, were excluded in computing this average.
3 The ratios for 39 member banks in operation at the end of 1958 were
excluded from the compilations because of unavailability of data covering
the complete year's operations, certain accounting adjustments, lack of
comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios
of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts, see BULLETIN for June
1959, pp. 655-58. Such differences result from the fact that each bank's
figures have an equal weight in calculation of the averages whereas the
figures of the many small and medium-sized banks have but little influence
operations 01 individual oanKS, wnne ratios cased on aggregates snow
combined results for the banking system as a whole and, broadly speaking,
are the more significant for purposes of general analyses of credit and
monetary problems.
Figures of earnings, expenses, etc., used in the calculations were taken
from the annual earnings and dividends reports for 1958. Balancesheet figures used in the compilations were obtained by averaging the
amounts shown in each bank's official condition reports submitted for
Dec. 31, 1957 and June 23 and Sept. 24, 1958 (and Mar. 4 and Dec. 31,
1958, for the New York District), except for a limited number of banks
for which all reports were not available; such reports as were available
were used in those instances. Savings deposits are included in the time
deposit figures used in these tables. Banks with no time deposits (164
in number) are included with the banks having ratios of time to total
deposits of less than 25 per cent.
Financial Statistics
* International *
International capital transactions of the United States.
798
Net gold purchases and gold stock of the United States.
806
Estimated foreign gold reserves and dollar holdings.
807
Reported gold reserves of central banks and governments
808
Gold production.
809
International Bank and Monetary Fund.
810
United States balance of payments. .
811
Money rates in foreign countries. .
811
Foreign exchange rates.
813
Index to statistical tables.
819
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 the balance of payments of the
United States. The figures on international capital transactions are collected by the Federal Reserve Banks from banks, bankers, brokers, and
797
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.
798
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Grand
Total
Interna- Foreign countries
tional
institutions 2 Total Official
Germany,
Fed.
Rep.
of
United
Kingdom
Italy
Other
Europe
Total
Europe
Latin
Canada America
Asia
All
Other
1954_Dec.
1955—Dec.
1956—Dec.
1957—Dec.
31
31
31
31
12,919
13,601
14,939
15,158
1,770
1,881
1,452
1,517
11,149
11,720
13,487
13,641
6,770
6,953
8,045
7,917
1,373
1,454
1,835
1,557
579
785
930
1,079
640
550
1,012
1,275
3,030
3,357
3,089
3,231
5,621
6,147
6,865
7,142
1,536
1,032
1,516
1,623
1,906
2,000
2,346
2,575
1,821
2,181
2,415
1,946
265
360
346
355
1958—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
15,215
15,271
15,384
15,679
15,648
15,945
16,052
16,159
1,522
1,454
1,463
1,437
1,483
,436
,485
,544
13,693
13,817
13,921
14,242
14,165
14,508
14,567
14,615
7,947
7,931
8,101
8,415
8,411
8,664
8,637
8,663
1,598
[,468
1,590
1,675
1,733
1,761
1,755
1,755
1,121
,071
1,054
1,093
,087
,152
,132
,121
1,056
1,060
1,098
1,006
1,076
945
977
875
3,269
3,353
3,392
3,652
3,664
3,785
3,792
3,960
7,044
6,951
7,134
7,427
7,560
7,643
7,656
7,710
1,789
2,001
1,962
2,052
1,944
2,060
2,071
2,019
2,504
2,506
2,407
2,390
2,291
2,394
2,407
2,401
2,044
2,072
2,134
2,107
2,092
2,126
2,148
2,205
312
288
285
266
277
286
285
279
1959—Jan.
Feb.
Mar.
Apr.
May
31
28
31
30^
16,230
16,619
16,657
16,775
17,143
,538
,541
,676
,666
,719
14,693
15,078
14,982
15,110
15,424
8,528
8,752
8,622
8,432
8,797
[,693
1,697
1,385
,280
1,403
,159
,170
,231
,239
,298
,078
,133
1,125
1,230
1,096
3,784
3,920
4,005
4,080
4,178
7,713
7,920
7,746
7,829
7,975
2,081
2,142
2,087
2,170
2,094
2,381
2,382
2,522
2,464
2,659
2,235
2,339
2,337
2,357
2,391
282
295
290
290
304
31P
Table la. Other Europe
Other
Europe
Austria
Belgium
Denmark
Finland
31
31
31
31
3,030
3 357
3,089
3,231
273
261
296
349
100
108
117
130
71
60
65
41
49
53
112
64
1958 May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec 31
3 269
3,353
3,392
3,652
3,664
3,785
3 792
3,960
354
363
377
397
418
425
413
411
114
109
101
157
106
108
107
115
143
1959—Jan.
Feb
Mar.
Apr.
May
3,784
3 920
4,005
4,080
4,178
408
410
411
410
109
105
117
151
Date
1954—Dec.
1955 Dec
1956—Dec.
1957—Dec.
31
28
31
30 p
31P
409
124
France Greece
626
113
176
177
354
154
50
249
114
127
149
162
162
156
169
47
51
59
63
71
64
69
142
129
138
130
110
74
76
75
72
70
Neth- Norerlands way
Turkey
Yugoslavia
All
other 4
672
757
836
8
9
20
9
13
17
371
209
282
967
18
11
349
822
15
36
254
268
281
292
281
281
303
827
807
811
799
799
786
852
12
11
11
10
16
16
20
9
6
9
11
11
9
9
9
617
637
664
651
699
704
685
31
32
30
29
33
280
280
294
321
322
786
796
846
853
854
18
20
20
25
22
6
6
7
6
Sweden
91
132
137
71
104
43
141
153
217
24
260
34
31
28
41
33
28
36
251
249
164
134
103
82
67
203
93
131
292
104
153
298
314
357
413
468
492
532
122
116
109
112
117
121
126
293
285
350
337
330
328
339
108
101
98
101
108
113
130
154
161
158
157
165
165
163
518
637
644
647
853
129
132
138
145
156
356
345
347
361
363
112
114
108
104
108
148
157
175
171
162
715
1,081
Switzerland
Portugal Spain
142
8
549
666
682
650
651
585
Table lb. Latin America
Date
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
70
95
91
75
222
131
153
153
237
253
211
235
60
65
68
54
30
24
25
27
35
45
64
65
329
414
433
386
36
33
30
26
25
26
23
26
64
64
59
54
48
45
43
42
31
33
33
38
39
40
43
43
43
44
1954 Dec
1955 Dec
1956—Dec.
1957 Dec
31
31
31
31
1,906
2,000
2,346
2,575
160
138
26
120
143
225
132
1958 May
June
July
Aug.
Sept
Oct
Nov.
Dec.
31
30
31
31
30
31
30
31
2,504
2 506
2,407
2,390
2,291
2,394
2,407
2,401
137
140
147
133
131
134
141
150
22
23
21
21
21
22
21
22
139
125
126
159
133
130
132
138
77
86
74
78
84
74
73
100
120
125
129
144
137
170
176
169
271
281
278
292
274
276
280
286
49
53
54
49
48
42
42
40
1959 Jan
Feb.
Mar
Apr.
May
31
28
31
30^
31?
2,381
2,382
2 522
2,464
2,659
149
189
180
180
211
22
20
20
20
22
164
166
178
151
176
95
85
95
92
102
178
198
189
199
209
281
267
263
256
250
40
38
41
50
46
Preliminary.
146
137
29
26
29
NetherEl Guate- Mex- lands
West
Salico Indies
vador mala
and
Surinam
Dominican
Republic
Panama,
Republic of
Peru
Uruguay
49
47
69
73
74
86
109
136
83
92
84
60
90
65
73
55
194
265
455
835
124
112
111
124
361
332
322
351
370
383
413
418
67
62
61
73
72
76
81
79
141
140
144
139
148
147
145
146
74
73
74
75
72
70
73
77
77
78
78
75
80
82
83
82
712
740
664
580
514
582
542
494
156
150
142
142
136
135
139
131
393
389
401
412
445
72
76
74
78
78
147
155
156
157
149
72
72
74
81
82
92
89
96
84
85
464
410
508
443
549
143
152
170
180
172
For other notes see following page.
Other
Vene- Latin
zuela America
799
INT'L 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
Ko-
Date
Total
rea,
Hong India Indo- Iran Israel Japan Re- Phil- TaiipKong
pub- pines wan
nesia
lic
of
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
31
31
31
31
1,821
2,181
2,415
1,946
61
55
66
70
87
73
76
82
100
174
186
151
31
37
20
55
41
53
45
52
1958—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
2,044
2,072
2,134
2,107
2,092
2,126
2,148
2,205
65
66
68
67
65
64
63
62
76
81
80
76
73
76
75
77
88
89
89
80
91
99
105
108
43
64
55
51
43
35
38
43
51
48
51
46
40
45
52
56
1959—Jan.
Feb.
Mar.
Apr.
May
31
28
21
2,235
2,339
2,337
2,357
2,391
61
57
62
57
58
78
86
90
91
94
108
112
119
108
81
53
51
55
54
51
54
60
62
65
70
30P
31^
Table Id.
Union
BelThai- Other Total Aus- gian Egypt s of Other
South
land
tralia Congo
Africa
586
96
88
99
117
257
252
272
175
34
39
61
86
123
138
148
157
270
380
425
417
265
360
346
355
48
75
84
85
44
42
44
39
47
72
50
40
33
53
53
38
94
119
114
153
780
803
858
901
889
925
925
935
115
117
119
123
128
129
133
145
180
164
168
172
177
159
158
176
91
88
91
92
93
96
99
99
146
148
145
141
140
136
133
133
408
403
411
357
353
361
367
371
312
288
285
266
277
286
285
279
77
75
86
70
74
77
76
79
35
34
35
36
31
31
31
30
29
18
16
18
18
20
20
16
27
24
22
19
28
30
30
30
144
137
126
123
126
128
127
125
957
144
156
169
173
164
175
98
96
94
91
92
134
139
138
134
133
391
402
400
418
427
282
295
290
290
304
82
80
83
83
83
31
31
33
33
33
17
17
16
15
16
31
37
28
28
33
121
129
130
132
139
721
893
1,017
1,020 147
998
1,028
1,068
147
146
142
Supplementary Areas and Countries6
End of year
End of year
Area or country
Area or country
1955
1956
1957
1958
.4
.4
.7
.7
1.3
.3
.4
.2
.5
1.2
1.9
.8
3.1
9.1
.6
.4
13.2
4.3
3.3
.9
.1
.3
.6
.7
3.1
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
n.a.
.4
.3
.6
Other Europe:
Albania
British dependencies.
Bulgaria
Czechoslovakia7
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of.,
Latvia
Lithuania
Luxembourg
Monaco
Poland? 7
Rumania
Trieste
U. S. S. R.7
.8
1.0
4.8
13.7
L.O
.3
3.1
5.6
2.5
8.1
1.4
.7
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
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
8.2
5.3
1.7
7.4
4.7
.9
8.0
Other Asia:
Afghanistan
Bahrein Islands
British dependencies
1.4
1.7
.9
3.5
n.a.
.6
.7
16.1
5.9
4.9
.9
.5
2.2
Other Asia (Cont.):
Burma.
Cambodia
Ceylon
China Mainland 7 .
Iraq.
Jordan.
Kuwait.
Laos...
Lebanon.
Malaya, Fed. of
Pakistan
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia
Syria 5
Viet-Nam
AH other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco:
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
Somalia
Spanish dependencies
n.a.
Sudan
.9
Tunisia
4.3
40.9
24.5
17.4
.5
7.7
6.3
11.3
3.4
and commercial paper and of liabilities payable in foreign currencies
are also included. Banking liabilities to foreigners maturing in more
than one year (excluded from these statistics) amounted to $26 million
on2 May 31, 1959.
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
1955
1956
1957
1958
19.1
13.1
32.9
36.2
14.7
1.2
3.5
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
1.4
20.2
2.7
30.6
97.4
17.1
50.1
6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
3.1
32.7
94.8
3.5
58.5
n.a.
24.9
n.a.
36.0
18.0
2.8
10.3
n.a.
37.9
n.a.
5.6
3.1
15.2
60.2
4.7
48.8
3.8
24.2
10.5
23.7
3.7
2.3
35.1
10.7
23.0
10.7
1.8
27.8
6.5
13.0
6.4
13.6
22.4
2.2
2.8
.9
.3
.4
.5
32.2
19.2
1.9
4.4
25.4
18.1
6.9
4.0
n.a.
.4
5.2
.3
23.1
18.0
1.6
5.7
2.0
34.0
79.5
13.1
62.3
1.3
.7
1.7
5 Part of the United Arab Republic since February 1958.
6 Except where noted, these data are based on reports by banks in
the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
tables l a - l c .
7 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 U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.
800
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
To banks and official institutions
Date, or area
and country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Other
Total
Deposits
U.S.
Treasury
bills and
certificates
Other
Total amounts outstanding
rw
Dec
Dec
Dec
31
31
31
31
12,919
13,601
14,939
15,158
11,070
11,777
12,860
12,847
5,479
5,451
5,979
5,875
4,955
5,670
5,990
5,840
891
1,132
1,805
1,783
2,030
2,252
1.520
1,543
1,653
1,766
251
184
243
278
1958 Mav
June
July
Aug
Sept
Oct
Nov
Dec
31
30
31
31
30
31
30
31
15,215
15,271
15,384
15,679
15,648
15,945
16,052
16,159
12,963
12,959
13,127
13,389
13,312
13,576
13,606
13,669
6,905
7,092
7,110
7,092
6,705
6,711
6,736
6,772
4,935
4,731
4,905
5,209
5,512
5,767
5,748
5,823
1,123
1,135
1,112
1,088
1,095
1,097
1,122
1,075
2,165
2,236
2,189
2,218
2,257
2,292
2,380
2,430
1,824
1,919
1,932
1,889
1,893
1,897
1,929
1,951
184
184
135
210
229
242
279
1959 Jan.
Feb
Mar
Apr
May
31
28
31 p
30
31*>
16,230
16,619
16,657
16,775
17,143
13,716
14,056
14,115
14,169
14,559
6,802
6,797
6,936
6,863
6,773
5,826
6,173
6,079
6,221
6,625
1,088
1,085
1,099
1,085
1,161
2,463
2,501
2,488
2,539
2,524
1,946
1,932
1,970
1,968
1,975
1Q54
1955
1956
1957
. . . .
637
656
34
56
134
209
43
40
49
59
157
133
122
119
135
87
77
69
72
79
153
172
174
77
66
59
328
373
189
197
313
339
205
232
52
62
307
243
306
54
67
59
Area and country detail, March 31, 1959
Europe:
417
117
138
75
644
Germany, Fed. Rep. of
Greece
«
Italy
398
55
67
47
218
5
2
55
26
349
12
15
2
2
20
2
45
13
57
2
38
10
1
49
1,385
138
1,231
1,365
126
1,201
222
82
979
44
164
20
12
347
319
137
141
108
Finland
415
72
125
74
586
66
48
791
140
17
273
38
1
30
28
11
1
189
151
28
206
11
153
0)
2
2
C)
0)
(i)
(i)
3
2
4
1
0)
6
2
1
17
11
2
1
1
22
21
8
5
0)
41
39
1
0)
43
17
43
16
1
C1)
(1)
19
37
3
2
C1)
(1)
1
(1)
0)
1
0)
0)
175
30
132
13
121
12
294
846
283
690
66
333
20
17
17
723
6
623
347
6
188
35
369
147
174
48
32
Other Europe
1,125
6
650
313
122
27
24
2
1
0)
Total
7,746
6,835
2,504
3,401
930
872
551
223
98
39
2,087
1,777
1,223
542
13
301
190
73
38
9
180
20
113
4
112
4
0)
0)
0)
(1)
0)
0)
C1)
United Kincdom
Latin America:
Bolivia
Brazil
Chile
...
Cuba
• .
Dominican Republic. . . .
•pi Salvador
Guatemala
Mexico
Neth. W. Indies and SuriPanama RCD of
Peru
Venezuela
Other Latin America
Total
Preliminary.
178
95
189
263
73
39
118
142
68
39
118
97
41
33
43
13
15
26
13
13
13
401
261
74
40
156
74
341
11
97
1
C1)
67
16
66
16
4
106
56
70
121
100
56
70
114
(i)
(1)
1
(1)
6
1
1
5
43
2
(
6
2
28
17
18
28
17
18
245
6
14
139
135
2
2
23
11
6
34
15
3
0)
123
46
91
45
4
28
1
(1)
17
34
28
33
28
96
508
170
52
346
87
49
345
64
0)
0)
(1)
12
2,522
1,391
1,263
87
(1)
2
(1)
0)
0)
(i)
40
158
79
C1)
11
44
162
80
2
1
1,127
1 ,045
15
66
(1)
0)
40
0)
i Less than $500,000.
4
3
C1)
(1)
4
801
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars
To banks and official institutions
Area and
country
To all other foreigners
Payable
in foreign
currencies
Total
Deposits
Total
U.S.
Treasury
bills and
certificates
Other
U.S.
Treasury
bills and
certificates
Deposits
Total
Other
Area and country detail, March 31, 1959—Continued
Asia:
Hong Kong
India . . .
.
Japan
Korea, Rep. of
Philippines
Taiwan
Thailand
.
Other Asia
..
Total
All other:
Australia
.
....
Belgian Congo
Egypt 2
Union of South Africa
Other
Total
32
67
117
51
59
27
62
65
51
25
998
147
173
94
138
400
985
145
154
86
135
360
601
144
132
85
67
282
2,191
1,542
83
33
16
28
130
79
32
15
25
95
290
.
62
90
119
55
62
2,337
Iran
Israel
....
4
4
30
22
2
4
3
52
35
1
11
349
12
(
0)
3
0)
0)
0)
13
2
18
8
3
39
0)
C1)
0)
146
15
19
30
22
2
4
3
13
2
18
8
3
40
0)
(0
144
1
3
1
1
3
32
63
57
555
21
94
37
13
15
17
79
39
13
3
6
!
13
160
63
22
14,982
12,439
6.692
4,649
1,099
2,488
1,676
1,676
244
1,431
o
Grand total
16,657
14,115
6,936
6,079
1,099
2,488
0)
0)
0)
0)
C1)
0)
1
0)
0)
0)
6)
6)
312
0)
Total foreign countries.
0)
C)
1,970
43
International institutions
1
C1 )
40
4
1
1
3
35
245
0)
0)
i
1,970
v
0)
1
2
2
205
54
205
54
'
313
2 Part of the United Arab Republic since February 1958.
i Less than $500,000.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i
[Amounts outstanding, in millions of dollars]
GerFrance many,
Fed.
Rep. of
Italy
Latin
America
Asia
All
other
76
144
157
154
728
706
840
956
143
233
337
386
37
43
43
50
663
646
647
709
716
700
675
696
229
251
271
265
256
276
232
243
1.050
1,023
1,033
,048
1,040
1,078
1,064
1,099
465
450
463
462
450
442
438
435
71
77
76
78
79
81
79
69
644
622
589
588
566
241
218
246
230
236
1,072
1,054
1,068
1.028
1,064
407
422
454
486
502
68
63
61
61
61
Switz- United Other Total
erKing- Europe Europe
land
dom
Date
1954
1955
1956
1957
Dec
Dec
Dec
Dec
31
31
31
31
1958 May
June
July
Aug
Sept
Oct
Nov.
Dec
31
30
31
31
30
31
30
30
1959 Jan
Feb
Mar.
Apr
May
31
28
31
30^
31*
Total
..
1,387
1,549
1,946
2,199
14
12
18
114
70
88
157
140
20
30
43
56
16
26
29
34
173
109
104
98
109
158
216
211
402
423
568
654
2,479
2,446
2,489
2,562
2,540
2,577
2,487
2,542
93
84
86
84
90
93
96
102
140
123
117
111
109
103
88
77
41
44
43
43
39
36
35
36
27
35
31
33
36
38
35
42
84
96
103
126
127
115
120
124
in
263
267
312
315
316
301
315
2 432
2,379
2,419
2,393
2,428
102
100
102
103
99
68
68
60
58
52
31
29
36
33
34
38
35
39
45
39
107
102
88
94
105
297
288
264
255
236
..
P Preliminary.
1
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
Canada
foreigners; drafts drawn against foreigners that are being collected by
banks and bankers on behalf of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and their
customers in the United States.
802
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table 3a. Other Europe
Other
Europe
Date
Belgium
Denmark
Finland
Greece
Netherlands
Norway
Portugal
109
158
(1
20
16
10
13
3
3
3
4
16
11
2
9
{1
1
28
12
4
4
21
23
2
211
6
25
11
4
6
29
23
31
30
31
31
30
31
30
31
277
263
5
8
27
16
7
8
5
4
7
7
46
41
24
26
267
312
315
316
301
8
9
9
9
8
18
67
63
64
68
7
6
8
7
10
4
3
3
4
5
8
8
8
10
8
44
43
44
49
53
25
25
22
20
21
315
7
65
14
6
7
56
31
28
31
30*
31*
297
288
264
255
236
6
5
5
5
5
66
64
63
62
51
15
16
12
10
9
6
6
5
5
6
6
5
6
7
8
58
59
52
40
34
31
31
31
31
1958
Mav
June
July
Aug
Sept
Oct
Nov
Dec
Jan
peb
Mar
Apr
May
.
]
}
Sweden
Turkey
4
7
Spain
216
1954 Dec
1955—Dec.
1956—Dec.
1957 Dec
1959
Austria
41
78
4
5
8
13
2
8
10
2
2
Yugoslavia
1
2
All
other
5
7
88
(2)
7
76
(2)
10
46
44
18
16
2
2
2
2
2
44
57
59
55
31
16
14
13
13
15
79
67
72
72
69
81
78
22
2
30
24
72
20
18
15
14
11
2
2
2
3
2
26
25
27
29
28
18
16
16
14
15
64
60
50
51
51
1
1
1
(2)
1
(2)
9
9
11
9
10
11
9
9
1
1
1
1
2
10
9
9
14
16
Table 3b. Latin America
Date
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
Dominican
Republic
Netherlands
El GuateWest
MexSalIndies
vador mala
and
Surinam
Panama,
Republic of
Peru
Other
Uru- Vene- Latin
guay zuela America
728
706
840
956
6
7
15
28
273
69
72
100
14
14
16
33
107
143
145
103
71
92
90
113
3
5
7
15
10
8
11
116
154
213
231
9
17
12
18
16
29
35
31
7
18
15
42
63
105
144
170
27
34
49
51
1958—May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1,050
1,023
1,033
1,048
1,040
1,078
1,064
1,099
22
37
49
48
48
35
34
40
202
189
216
200
183
165
138
148
50
54
49
48
47
47
47
52
71
54
54
49
50
51
51
123
105
105
132
127
151
155
166
11
7
11
12
14
19
19
19
6
7
7
7
10
10
11
10
9
9
10
12
255
252
240
243
274
290
294
293
21
25
23
26
24
23
23
23
38
33
30
30
28
31
31
31
37
39
42
45
50
54
54
52
141
136
138
134
125
138
139
142
50
54
55
55
49
49
49
53
1959_Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30*
May 31*
1,072
1,054
1,068
1,028
1,064
38
38
38
40
43
176
176
172
136
156
51
48
50
52
58
49
48
49
50
50
151
150
149
153
144
20
23
25
25
23
12
11
9
10
10
269
260
263
263
278
22
24
25
23
23
28
30
34
38
37
50
43
45
33
34
140
139
144
139
143
52
53
53
54
52
1954—Dec.
1955_Dec.
1956—Dec.
1957—Dec.
31.
31.
31.
31.
Table 3c. Asia and All Other
Asia
All other
Date
31
31
31
31
1958
May
June
July
Aug
Sept
Oct.
Nov
Dec
31
30
31
31
30
31
30
31
Jan.
Feb
Mar
Apr
May
31
28
31
30 p
31*
1959
143
233
337
386
3
3
4
7
465
450
463
462
450
442
438
435
7
8
6
6
5
5
6
6
407
422
454
486
... 502
6
5
...
* Preliminary.
1
See note 1 on preceding page.
6
Thai- Other
Total
land
Union
BelAusof
gian Egypt3
tralia Congo
South Other
Africa
Iran
5
5
16
18
20
22
11
10
16
24
50
103
170
146
7
19
16
53
5
6
6
6
6
8
9
14
39
60
91
110
37
43
43
50
14
11
11
13
6
5
6
5
6
5
5
6
8
8
4
29
29
31
29
27
29
27
27
19
18
18
19
21
22
27
23
224
229
224
222
209
196
186
179
45
32
38
39
41
39
41
67
5
6
7
6
16
17
16
14
14
14
16
13
114
106
119
122
121
123
120
111
71
77
76
78
79
81
79
69
13
14
12
12
13
14
13
13
4
5
5
6
5
29
28
34
34
32
25
22
19
18
16
168
175
204
224
242
38
42
34
29
29
7
8
8
9
10
14
13
14
17
17
116
124
130
141
142
68
63
12
12
11
11
12
Israel Japan
6
6
1
vovo
Dec
Dec
Dec
Dec
00 00
1954
1955
1956
1957
Phil- Taiippines w a n
India
JNONON
Hong
Total Kong
1
6
8
8
12
10
17
17
19
6
7
7
5
5
4
4
4
2
36
1
38
70
2
3
41
3 1 41
4
37
3
3
29
23
14
17
16
17
17
23
29
27
3
3
4
4
3
2
2
1
2
2
24
24
21
19
19
27
22
24
24
25
2
1
2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.
803
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total*
Date, or area
and country
Payable in foreign currencies
Loans t o :
Total
Banks and
official
institutions
Total
Others
Collections
outstanding
Other
Deposits
with
foreigners
Total
Other
Total amounts outstanding
1954
1955
1956
1957
T)ec
Dec
Dec
Dec.
31
31
31
31.
1958
May
June
July
Aug
Sept
Oct
Nov
Dec
31
30
31
31
30
31
30
31
1959
Jan
Feb
Mar
Apr
May
.
31
28
31
30 p
31*
.
. . . .
441
671
839
1,167
1,387
1,549
1,946
2,199
1,176
1,385
1,796
2,052
449
489
582
627
142
236
330
303
301
353
440
423
283
307
444
699
211
164
150
147
173
144
131
132
38
20
19
15
1,242
1 257
1,269
1 325
1,322
1 334
1 373
1,362
2,479
2 446
2,489
2 562
2,540
2 577
2,487
2,542
2,312
2,274
2,308
2,384
2,324
2,347
2,298
2,344
777
764
776
871
862
859
806
840
348
348
363
368
375
394
418
428
455
432
430
423
406
428
420
421
732
730
740
720
680
666
654
656
166
172
181
178
217
230
189
198
153
159
166
165
204
212
174
181
14
13
15
13
13
18
16
16
1 359
1 363
1,361
1 380
1,401
2 432
2,379
2,419
2 393
2,428
2,281
2,227
2,258
2,241
2,264
780
744
746
739
732
416
412
424
423
423
All
413
428
432
434
667
658
660
648
675
151
152
161
152
164
136
138
146
136
149
15
13
15
16
15
(2)
2
(2)
Area and country detail, March 31, 1959
Europe:
Austria
Denmark
Finland
Germany, Fed. Rep. of....
Greece
Italy
Netherlands
Norway
^
Sweden
Switzerland
Turkey
Dominican Republic
•pi Salvador
Guatemala
Mexico
Netherlands W. Indies
and Surinam
Panama ReD of
Peru
Uruguay
Venezuela
Other Latin America
Total
5
5
10
5
6
1
2
1
2
60
6
36
52
15
55
6
35
49
15
8
2
9
5
1
2
27
16
39
50
2
26
14
30
50
(2)
13
88
1
9
28
1
9
11
1
2
399
589
503
164
69
99
171
86
81
5
97
246
182
19
143
7
12
64
61
4
29
(2)
260
8
24
96
38
3
172
50
49
149
38
3
172
50
49
149
20
1
39
26
5
108
4
11
3
20
11
2t
15
3
(2)
22
10
7
12
91
4
15
14
(2)
(2)
(2)
(2)
(2)
25
5
9
263
25
5
9
261
5
1
1
108
3
3
6
25
10
1
2
89
P)
(2)
90
7
1
1
57
4
4
1
1
2
23
14
1
46
51
25
34
45
144
53
25
34
45
140
53
3
14
47
26
2
13
24
45
9
(2)
3
14
13
3
19
4
4
35
15
662
1,068
1,061
328
197
213
322
24
14
132
2
5
31
3
n
%
2
3
7
28
5
2
4
11
47
P Preliminary.
i Represents mainly loans with an original maturity of more than one
ir
24
10
11
Brazil
Chile
Colombia
19
4
10
11
3
2
47
1
(2)
87
Latin America:
Argentina
(2)
2
5
61
11
5
99
Other Europe.
Total
2
4
8
4
87
5
63
12
5
102
United Kingdom
Canada
1
6
3
1
7
25
32
1
3
20
2
3
1
1
5
4
3
1
11
5
2
(2)
(2)
(2)
P)
(2)
(2)
1
9
1
9
60
56
4
1
14
C2)
2 Less than $500,000.
(2)
1
(2)
(2)
(2)
(2)
2
1
(2)
(2)
(2)
(2)
(2)
(2)
4
(2)
1
(2)
3
7
3
4
2
804
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Area and
country
Longterm—
total1
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Deposits
with
foreigners
Total
Other
Area and country detail, March 31, 1959—Continued
Asia:
1
9
10
4
12
Indonesia
Israel
6
3
1
S
8
(2)
6
5
33
19
(2)
4
2
1
(2)
1
i
11
13
17
19
204
2
34
8
14
127
204
2
34
8
14
127
61
(2)
16
6
7
115
1
1
3
11
98
454
453
214
7
84
148
18
2
10
76
11
4
10
4
5
4
5
I
is
Other Asia
Total
Allother:
Australia
Belgian Congo
Union of South Africa
Other
1
27
2
2
112
17
3
4
(2)
(2)
(2)
(2)
(2)
(2)
1
21
23
ft
4
9
()
1
i
7
25
6
2
i
424
428
660
161
146
I
(2\
i
21
24
105
61
59
9
21
1,361
Total
C2)
2
15
Taiwan
(2)
(2)
2,419
2,258
746
2
(2)
(2)
International institutions....
Grand total
15
2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.
i Represents mainly loans with an original maturity of more than
one year.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
U. S. corporate securities2
Net pur>
chases.or Pursales ( - ) chases
Foreign bonds
Net pur- Purchases,or chases
sales ( - )
Foreign stocks
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases.or
sales ( - )
664
749
593
467
878
875
622
804
-214
-126
-29
-336
-287
-43
-80
-50
4
-31
-73
-127
24
25
26
27
49
44
37
38
48
42
47
43
81
75
67
73
-23
-17
-22
-16
-32
-31
-30
-35
-52
-86
-26
-25
-57
45
41
45
51
47
135
73
84
76
83
-90
-32
-39
-25
-36
Purchases
Sales
1,341
883
666
1,224
812
1,018
718
1,188
529
-135
-52
36
1,886
1,907
1,617
1,759
1,730
1,615
1.423
1,798
156
291
194
-39
693
607
699
889
509
992
1,392
1,915
184
-385
-693
-1,026
1958—May.
June.
July..
Aug..
Sept.
Oct..
Nov..
Dec..
43
269
162
52
38
80
17
58
92
323
147
63
36
115
136
168
138
154
226
192
206
118
153
163
149
153
220
182
203
-3
-17
51
53
-48
-53
16
-11
3
49
-34
5
81
149
69
39
43
163
56
104
368
192
149
89
39
194
129
231
1959_jan...
Feb..
Mar..
Apr.P
May*
127
78
37
59
38
23
86
18
14
23
104
-7
19
45
15
213
181
231
226
240
195
164
224
196
203
134
99
63
49
111
186
185
89
74
169
1955
1956
1957
1958
31
P Preliminary.
i Includes transactions of international institutions.
Sales
5
-12
1
6
11
3
18
17
7
30
37
2
Sales
Includes small amounts of U. S. municipal securities.
805
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sal es, ( - ) . In millions of dollars]
Country
Type of security
Year or month
Total 2
Stocks
Bonds
Belgium
156
291
194
-39
128
256
143
-56
1958 May
June
July
Aug
Sept
Oct
Nov . . .
Dec
-3
-17
5
-12
1
6
11
3
18
17
7
30
37
-3
-2
14
-16
-7
3
1
-3
-9
4
8
3
10
6
19
15
2
25
36
United
Kingdom
142
147
101
19
14
23
14
-3
29
35
51
17
9
23
8
2
-21
-7
35
-8
1
(3)
1
1
—2
2
5
5
1
1959_jan
Feb
Mar
Apr &
Switzerland
(3
(3
1955
1956
1957
1958
.
Netherlands
France
3
1
(3
8
2
-1
1
2
(3)
(3)
9
Preliminary.
i Includes small amounts of U. S. municipal securities.
Canada
Latin
America
All
other 2
31
4
10
7
20
1
183
280
255
10
-80
-53
-99
-86
27
38
23
23
26
27
15
14
-1
1
3
-2
2
-2
-9
3
-3
-3
-4
4
4
9
3
13
15
8
31
33
-9
-10
-1
-5
8
-6
2
6
6
3
3
1
1
1
2
2
3
3
2
2
2
3
2
1
3
4
4
5
13
14
1
-4
-7
-1
-1
-1
1
4
4
1
2
Total
Europe
30
87
77
-2
-4
17
7
20
27
21
-12
-2
4
(3)
Other
Europe
-6
5
1
-3
1
2
4
5
-6
-7
-6
-6
(3)
-6
-8
-3
2 Includes transactions of international institutions.
3 Less than $500,000.
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS*
[Net sales, ( - ) . In millions of dollars]
[In millions of dollars]
Year or
month
InterTotal
national foreign Europe Caninsticounada
tutions
tries
Latin
Amer- Asia
ica
1955
1956
1957
1958
—27
-33
-384
-558
-4
-478
-338
-805
-46
8
231
-72
74
-447
-552
-543
24
17
15
5
-49
-40
-45
-45
-7
-16
13
-150
1958—May...
June...
July....
Aug....
Sept....
Oct....
Nov....
Dec....
-156
-91
-17
-15
3
-11
-6
-96
-154
31
-84
-51
-31
-50
-97
-66
1
82
-26
-11
12
-32
-3
-9
-130
-44
-55
-30
-10
-10
-67
-14
4
2
1
-8
2
-1
-25
-5
-6
-4
-3
-4
-1
-2
-3
-6
-8
1959_jan
Feb....
Mar...
Apr. p .
MayP.
-44
6
-5
-8
-50
-99
-124
-60
-42
-43
-37
-14
-22
-28
18
-59
-64
-24
-2
-61
5
-3
-9
-3
3
-9
-41
-8
-8
-4
9 Preliminary.
i Less than $500,000.
0)
Assets in custody
All
other
0)
—1
-33
c
-22
-31
!
-2
3
-1
2
Date
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
1957—Dec. 31
356
3,729
353
1958—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31..
30
31
30
31
269
288
313
258
288
226
272
2,974
3,167
3,344
3,609
3,777
3,822
3,695
491
541
523
493
481
487
480
1959—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30
31
30
274
310
307
266
291
294
3,681
3,857
3,593
3,559
3,750
3,900
510
509
509
504
524
528
* Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of next 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 bonds.
3 Consists of bankers* acceptances, commercial paper, and foreign and
international bonds.
806
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
1959
1958
Area and country
1952
1951
1953
Continental Western Europe:
Belgium
Germany (Fed. Rep. of)
Italy
. ...
Netherlands
•portuEal
1-18.3 1-5.8
20 0
-10.0
1-94.8
- 4 . 5 -100.0
-5.0
-34.9
-32 0
22.5
-15.0
-30.4
(2)
-29.7 -17.3
-65.0
-59.9
-20.0
-65.0
-94.3
-17.5
Switzerland
Bank for Int'l Settlements....
Other
-184.8 -115.6
Total
Sterling Area:
United Kingdom
1955
1956
-6.2
-130.0 -225.6
*67!5
-10.0
Other
4.0
3.0
-546.4 -328.3
-78.5
-20.2
-50.0
-.5
-.5
-480.5
-50.5
-.1
451.2
-20.0
87.7
-84.8
-28.1
""—16818 — 123 8 ' —56*3
-62.9
-20.0
-215.2 - 5 . 0
-178.3 - 1 5 . 1
38.4
- 4 6 . 4 -109.7
-29.9
- 1 3 5 1 —75 1
-74.4 -60.7 -28.0
-7.0
-18.5
329.2 - 1 . 3
-2.3
- 6 2 3 . 2 —447 5 —281.4 - 3 8 . 2
-76.2
-450.0
- 5 0 . 0 -100.0
-900.0 -300.0
-450.0
- 5 0 . 0 — 100.0
-15.0
-10.2
-18.8
57.5
-131.8
62.5
Asia
-53.7
-6.7
-5.7
-9.9
All other
—76.0
75.2
(2)
5.2
115.3
-126.0
75.4
75.2
12 0
14.0
5.5
1.8
-.1
14.0 - 2 8 . 3
80.9
69.0
-.1
18.0
4-27.1
-.6
-.4
14.1
-.2
-.7
-.5
-.1
-.4
1.0
-68.5
-68.5
i Includes sales of gold to Belgian 2
Congo as follows (in millions): 1951,
$8.0; 1952, $2.0; and 1953, $9.9.
Less than $50,000.
3 Includes purchases of gold from Spain as follows (in millions): 1957,
$31.5; and 1958, $31.7.
-.4
55 2
-.3
-.4
-.2
-4.9
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
67.2
200.0
56.4
2.6
11 7
-7.1
«
— 5
57.8
- 2 . 7 4—23.4 4—45 1
-.1
— .1
80.2 171.6 -2,287.1 -377.4 -1,074.1 -488.5 -347.1
200.0 600.0
Grand total
Oct.Dec.
-900.0 -300.0
14.6
80.3
30.0
12.2
Total foreign countries. .
-41.9
Jan.Mar.
25 9
58 3
- 1 4 3 . 6 -113.4 - 5 8 . 3
67.7 -1,428.3
100.3
7.2
9
Total
-14.2
JulySept.
j
-49.9
-60.2
Other
339.3
Apr.June
"-348!8
-260.9
-20.0
15.2
-8.0
Jan.Mar.
-84.2
-329.4
3.4
100.3
-480.0
525.6
Latin America:
Argentina
1958
1957
25.0
-5.6
-.3
-10.0
Total
3.4
33.8
-54!9
-15.0
-15.5
-20.0
8.8
3.6
469.9
52 1
440.0
11.5
1954
—7 1
- 1
-83.8
-8.8
280.2 771.6 -2,294.2 -377.4 -1,081.2 -488.5 -347.1
-92.6
4 Includes sales of gold to Japan as follows (in millions): 1958, $30.1:
and 1959, Jan.-Mar., $49.9.
5 Figures represent purchase of gold from, or sale to (—), International
Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treas- Total i
ury
1946
1947
1948
1949
1950
.
1951
1952
1953
1954
1955
1956
1957
1958
EarTotal
Net
marked
gold
gold gold: de- Domesstock: import,
tic gold
crease, producincrease,
or
or inor de- export
tion
crease
crease
(-)
(-)
20,529
. . . 22,754
24,244
24,427
. . . 22,706
465.4
623.1 311.5
20,706
22,868 22,162.1 1,866.3
210.0
24,399 1,530.4 1,680.4 - 1 5 9 . 2
24,563
164.6 686.5 -495.7
22,820 -1,743.3 -371.3 -1,352.4
51.2
75.8
70.9
67.3
80.1
22,695
23,187
22,030
21,713
21,690
21,949
22,781
20,534
52.7 -549.0
22,873
617.6
23,252
379.8 684.1 -304.8
2 . 0 -1,170.8
22,091 -1,161.9
16.1 -325.2
21,793 -297.2
21,753
-40.9
97.3 -132.4
22,058
305.9 106.1
318.5
798.8 104.3
600.1
22,857
20,582 -2,275.1 259.6 -2,515.0
66.3
67.4
69.0
65.1
65.7
65.3
63.0
63.0
* Preliminary.
1 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,
Reserve Bank Credit, and Related Items" or in the Treasury statement
''United States Money, Outstanding and in Circulation, by Kinds."
2 Net after payment of $687.5 million as United States gold subscription
Gold stock
(end of month)
Month
Treas- Total i
ury
1958—June
July
Aug
Sept
Oct
Nov
Dec
21,356
21,210
21,011
20,874
20,690
20,609
20,534
1959_jan
Feb
Mar
Apr
May
June
20,476
20,479
20,442
20,305
20,188
^19,704
21,412
21,275
21,082
20,929
20,741
20,653
20,582
Total
EarNet
gold
marked
gold
stock: import, gold: de- Domestic gold
increase,
crease, producor
or deor intion
export
crease
crease
(-)
(-)
(-)
-262.4
-136 5
-193.1
-153.2
-188 4
-88.0
—70 7
20,527
—55 5
20,520
-6 7
20,486
-33.6
20,358 — 128 6
20,227 — 130 3
^19,745 ^4-482.1
3.4
18 0
3 7
71.2
5 4
11.7
12 2
10 3
9 9
18 3
3 2
9 6
(3)
— 285 0
— 164 3
— 196 7
— 220 2
— 189 0
-96.9
—79 3
— 65 6
—13 0
—48 0
— 127 5
-136*5
5-491.7
4 9
6 1
5 4
6 2
6 7
5.5
5 9
4
4
3
3
(3)
2
1
8
8
(3)
to 3 International Monetary Fund.
the
Not yet available.
4
Includes payment of $343.8 million as increase in United States
gold subscription to the International Monetary Fund.
5 Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $9,420.0 million on June 30, 1959.
Gold under earmark is not included in the gold stock of the United States.
807
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1957
Area and country
Mar. 3 U 1958
Finland
France (and dependencies) *
Germanv (Federal Republic of)
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Soain (and deoendencies)
Sweden
Turkey
Other3
Sept. 30, 1958
Dec. 31 , 1958
Mar. 31 , 1959*
Gold& U . S . Gold& U.S. Gold& U . S . Gold& U. S. Gold& U . S . Gold& U . S .
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term bonds term
term
term
term
bonds
bonds
term
bonds
bonds
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Continental Western Europe:
Belgium-Luxembourg (and Belgian Congo)..
June 3 ), 1958
C
8
458
7
1,184
143
99
946
4,099
167
1,531
8
6
5
9
14
1,259
162
96
911
3,971
167
1,528
7
6
5
10
15
1,044
138
651
126
479
2 685
14
105
452
162
851
2
3
5
128
?2
<*>
466
7
6
5
26
12
13
89
1,260
150
658
130
461
2,620
118
1,289
151
678
132
458
? 684
157
962
6
14
95
8
7
1,390
145
82
890
4,043
135
1,678
4
554
1,471
193
98
1,019
4,330
125
1,934
7
6
6
5
11
13
1
629
7
6
6
1
12
13
1,489
169
113
1,246
4,063
151
2 386
6
43
1,497
173
707
106
507
2,777
15
120
17
125
76
1,614
151
728
100
498
2,781
605
2
12
15
2
88
1,389
144
694
134
496
2,733
154
( 2 "V
1,131
5
1,165
6
1,370
3
1,366
16
4
156
13
97
7
1,522
200
104
1,134
4,394
139
2,207
3
no
10
164
3
31
80
164
14,757
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
14,950
296
15,508
269
16,633
259
17,606
274
17,648
358
2 875
104
211
329
255
228
205
4
241
245
4,567
284
4,874
261
4,948
263
4,891
1
43
242
3,925
110
245
337
221
250
184
1
41
3,725
109
241
324
241
251
194
1
35
3,851
100
228
320
216
233
216
1
37
3 810
101
222
328
183
230
220
1
1
34
3,460
102
218
326
231
230
5,088
238
2,738
Sterling Area:
United Kingdom
United Kingdom dependencies
319
4,002
Total
457
2,722
441
3,087
345
3,032
346
3,097
341
3,159
344
270
440
1
265
450
1
245
458
1
203
463
1
233
504
1
263
456
115
215
1
4
126
192
1
86
2
12
417
91
485
140
93
258
1,460
304
117
200
1
146
Total
.
Total foreign countries 5
International institutions
Grand total 5
2,389
7
216
171
7
2,697
222
31,276 1,442
387
(2)
s
8
356
31,829 1,568
P Preliminary.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2 Less than $500,000.
3 Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
4 Part of the United Arab Republic since February 1958.
(2)
29,266 1,212
2,563
14
2,494
12
2,632
192
152
(2)
192
136
8
190
140
8
j
49
190
149
344
7
328
8
330
8
30,555 1,004
31,475
996
32,564
983
2,790
462
2,876
495
2,461
16
1,220
145
184
1,094
186
245
778
15
5
1
8
390
1
3
1
7
5
1
7
(2)
28,579
7
129
181
1,018
191
252
723
1
5
128
190
833
196
269
773
228
162
All other:
Egypt 4
Other
4,008
127
202
932
175
260
765
168
2,324
Total
108
108
4,251
(
4
135
262
4,040
4,281
176
190
193
714
181
269
111
Total
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
2
13
1
(2)
140
241
2
12
2
12
4
371
93
536
148
82
266
1,428
300
1
4
366
69
561
146
96
262
1,213
248
409
75
517
148
92
260
1,233
272
371
92
566
136
88
235
1,554
277
4 368
Miexico
Panama Republic of
Peru
Uruguay
Venezuela
Other
124
207
4
2,696
3
1
<*>
446
33,251 1,450
86
l
34,265 1,458
11
343
70
544
156
93
276
1,227
291
106
4,134
3
7
156
195
1,226
180
250
824
12
2,831
1
2
35,440 1,478
339
86
3
2
(%)
2
13
107
(2)
1
3
7
13
10
33,199 1,070
3,027
523
36,226 1,593
5
Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.
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 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.
808
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Estimated
rest of
world
Argentina
1.692
1,702
1,740
1,808
1,692
1,180
23,252
22,091
21,793
21,753
22,058
22,857
11,055
12,640
13,545
14,180
14,495
14,935
287
372
372
372
224
126
112
117
138
144
107
126
52
52
62
71
71
103
80
101
115
116
122
81
1,241
1,242
1,242
1,247
[,307
1,307
1,331
,332
21,674
21,412
21,275
21,082
20,929
20,741
20,653
20,582
126
125
125
125
114
74
39,865
143
147
150
153
154
157
160
162
103
103
107
125
136
144
155
194
*40,060
1952—Dec
1953 Dec
1954—Dec
1955 Dec
1956 Dec
1957 Dec
1958
Int'l
Monetary
Fund
332
I 349
,352
20,527
20 520
20,486 ^18,220
20,358
20 227
200
208
212
222
222
Estimated
total 1
world
End of
month
.. . .
Mav
June
July
36,000
36,435
37,080
37,740
38,245
38,970
39,395
Sept
Oct
Nov
Dec
. .
1959 Jan
Feb
Mar
Apr
May
End of
month
39,545
Cuba
Denmark
16,740
17,310
17,950
Australia
Dominican
Republic
Ecuador
Egypt 2
El Salvador
Austria
Finland
Belgian
Congo
Belgium
Canada
704
776
778
929
925
915
320
321
322
323
324
324
42
1,080
1,141
1,113
1,115
42
42
44
46
40
76
86
86
86
57
62
84
83
82
82
82
83
83
83
1,099
1,140
[,182
1,212
1,228
1,251
1,270
1,270
324
325
325
325
325
325
325
325
1,089
1,086
1,096
1,088
1,088
1,085
1,089
1,078
40
40
40
40
40
40
40
40
66
67
68
69
70
70
71
72
78
69
69
65
1,248
I 225
1,246
1.265
1,289
325
326
326
326
326
1,076
I 082
1,072
1,071
40
72
72
73
074
40
Germany,
France 3 Federal Greece
Republic
of
Guatemala
1952 Dec
1953 Dec
1954 Dec
1955—Dec
1956 Dec
1957—Dec
214
186
186
136
136
136
31
31
31
31
31
31
12
12
12
12
11
11
23
23
23
23
22
22
174
174
174
174
188
188
29
29
29
28
28
31
26
26
31
35
35
35
573
576
576
861
861
575
140
328
626
920
1,494
2,542
1958—May
June
July
Aug • •
Sept
Oct
Nov
136
136
136
136
135
135
120
80
31
31
31
31
31
31
31
31
11
11
11
11
11
11
11
11
22
22
22
22
22
22
22
22
174
174
174
174
174
174
174
174
31
31
31
31
31
31
31
31
35
35
35
35
35
35
35
35
575
575
589
589
589
589
589
589
31
31
31
31
31
11
11
11
11
22
22
22
20
174
174
174
174
174
31
31
31
31
31
35
38
38
38
38
589
589
589
589
589
Dec
1959 Jan
Feb
Mar . ..
Apr
May
End of
month
1952 Dec
1953 Dec
1954 Dec
1955—Dec
1956 Dec
1957 Dec
Iran
Italy
Lebanon
Mexico
New
Netherlands Zealand
40
40
India
Indonesia
27
27
27
27
27
27
247
247
247
247
247
247
235
145
81
81
45
39
2,499
2,575
2,581
2,587
2,597
2,633
2,639
2,639
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
38
38
38
38
38
38
38
37
2,678
2,678
2,678
2,678
2,684
27
27
27
27
247
247
247
247
247
37
37
37
36
41
Philippines
Portugal
Norway
10
11
11
11
10
13
Pakistan
Peru
346
8
14
20
18
18
18
18
18
18
352
338
452
31
35
63
74
77
91
144
158
62
142
167
180
544
737
796
865
844
744
33
33
33
33
33
33
50
52
45
50
45
38
38
38
48
49
49
46
36
35
35
35
28
9
9
9
16
22
6
286
361
429
428
448
461
25
25
25
25
25
25
34
34
18
18
18
18
18
18
18
18
491
607
677
754
847
907
995
1,086
91
91
91
91
91
91
91
91
154
153
150
148
147
146
144
143
881
910
920
944
956
43
43
[,026
1,050
33
33
33
33
33
33
33
33
43
43
43
43
43
49
49
49
49
49
49
49
49
20
20
20
20
20
19
19
19
10
11
12
13
14
15
9
10
474
474
474
486
486
486
486
493
141
141
140
140
34
18
18
18
18
18
1,119
1,155
91
95
102
102
102
143
143
1,125
1,145
1,164
1,164
I 164
33
33
33
33
33
43
43
43
43
43
49
49
49
49
50
19
19
19
19
19
11
7
7
9
498
498
501
502
May
June
July
Aug
Sept
Oct
Nov
Dec
1959—Jan
Feb
Mar
Apr
May
. ...
. .
* Preliminary.
Ireland,
Republic of
20
40
138
138
138
138
138
141
141
141
..
138
137
138
138
138
138
1958
Iraq
11
896
996
Chile
Colombia
Brazil
346
346
9Q9
45
43
For other notes see following page.
809
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
End of
month
South
Africa
1952 Dec
1953 Dec
1954—Dec..
1955 Dec
1956—Dec
1957 Dec
Sweden Switzerland
Syria 2
United
Kingdom 4
143
143
144
144
144
144
1,846
2,518
2,762
2,120
2,133
2,273
3 039
3,076
3 084
3,089
3,120
3,174
3,215
3,069
3,111
3,156
3 139
3 251
3,119
113
113
113
112
112
112
203
24
112
144
204
204
24
24
112
112
144
144
180
188
201
210
211
204
204
204
204
204
1959 Jan
Feb
212
211
204
204
1,993
1,993
Mar
193
190
197
204
204
204
1,931
1,912
Apr
May
24
24
24
24
24
112
112
112
112
112
24
112
112
144
144
112
112
144
144
144
» Preliminary.
i Excludes U.S.S.R., other Eastern European countries, and China
Mainland.
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 for United Kingdom, and estimated official holdings of countries from which no reports are received.
European
Payments
Union
373
373
403
403
603
719
12
13
14
16
17
13
196
193
196
217
179
165
158
153
153
244
268
254
720
14
254
720
719
14
14
200
167
180
180
14
14
17
19
19
24
159
167
.
Bank
for
Int'l
Settlements
180
1,411
1,459
1,513
1,597
1,676
1,718
1,836
1,857
1 907
1,929
1,934
1,935
1,924
1,925
.
Yugoslavia
207
227
227
216
186
180
184
218
265
276
266
219
161
.
Venezuela
Turkey
170
176
199
212
224
217
1958 May
July
Aue
Sept
Oct
Nov
Dec
Thailand
144
144
144
144
144
Uruguay
180
180
180
180
180
719
719
719
719
719
15
15
15
17
17
180
180
719
719
17
17
312
351
180
180
180
719
719
719
17
15
10
126
171
187
198
238
339
378
533
479
126
126
2 Part of the United Arab Republic since February 1958.
3
Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).
4
Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and United
States and Canadian dollars.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
Estimated
world
production
/„.
i
. ...
1958 Apr.. .
May
Aug
Sent
Oct
Nov
Dec
1959 Jan
Feb .
Mar
Apr
840.0
868.0
864.5
913.5
959.0
994.0
1,036.7
Canada
Mexico
66.3
67.4
69.0
65.1
65.7
65.3
63.0
63 0
153.7
156.5
142.4
152.8
159.1
153.4
155.2
158 8
13.8
16.1
16.9
13.5
13.4
12.3
12.1
1.2
4.5
.9
.9
1.0
7
6.7
13.4
13.3
13.4
13.2
12.8
13 1
14.0
12 9
13 2
Ghana Belgian United
Congo States
South
Africa
Rhodesia
763.1
785.7
780.5
830.4
877.7
914.8
956.3
403.1
413.7
417.9
462.4
510.7
556.2
596.2
618 0
17.0
17.4
17.5
18.8
18.4
18.8
18.8
19 4
22.9
23.8
25.4
27.5
23.8
21.9
27.7
29.2
12.3
12.9
13.0
12.8
13.0
13.1
13.1
12 8
79.7
81.3
81.5
84.5
50.3
51.6
50.6
52 4
52.6
53 0
54 0
53 3
53 1
1.6
2.4
54
52
55
57
1
8
9
9
1.6
1.6
1 5
1.6
1 7
1 6
1 7
1 7
1 6
1 5
2.4
2.5
2.5
2.5
2 5
2.4
2 5
2 2
2 6
2.6
2.6
1.0
1.4
.9
1.2
1 1
1.2
.9
1.0
1
Gold exports, representing about 90 per cent of total production.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
4.6
4.9
6.1
5.4
6 2
5 5
5 9
4 2
4.1
3.8
3.8
13 2
12.5
13.2
13.2
Nicaragua 1
Other
Colom- Ausbia
tralia
India
15.1
14.8
15.3
13.2
13.3
15.3
11.4
13 0
31.3
34.3
37.7
39.1
36.7
36.1
37.9
38 6
7.9
8.9
7.8
8.4
7.4
7.3
6.3
.2
1.0
1.1
1.2
1.3
.9
9
2.9
Brazil
Chile
8.8
8.9
9.1
8.2
8.1
7.6
6.9
4.8
4.9
4.0
4.2
3.9
4.3
4.2
6.1
6.2
4.6
4.4
4.3
3.3
3.6
.6
.3
7 2
3 9
.9
.9
.7
10
1 2
.6
.6
.7
.7
6
.4
.3
.4
.3
4
1.1
.6
6
6
.3
.3
3
1.3
1.0
.5
.8
.6
.5
.3
.3
.3
.3
1.3
1.1
COW]
June
July ..
Total
CO
1951
1952
1953
1954
1955
1956
1957
1958
North and South America
Africa
U.S.S.R.)
1 0
3.2
3.3
3.7
3.0
3 5
6 0
.5
.4
.5
.5
.5
5
3.3
3.1
3 6
.5
.5
5
2 8
4
Ghana, Belgian Congo and Brazil, data for which are from American
Bureau of Metal Statistics. For the United States, annual figures through
1957 are from the U. S. Bureau of the Mint and figures for 1958 and 1959
are from American Bureau of Metal Statistics.
810
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1958
1958
1959
Item
Apr.
Mar.
June Sept.
Dec.
683
900
943
937
917
636
767
752
747
693
2,795 2,829 2,999 3,275 3,408
90
101
92
93
91
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital*
1,405 1,658 1,687 1,792 1,840
699
910
893
675
753
24
24
28
27
27
335
382
401
350
366
1,872 1,881 1,904 1,904 1,911
Continental Western Europe,
total
Austria
Belgium and Luxembourg..
Denmark
Finland
France
Italy
Netherlands
Norway
Turkey
Yugoslavia
Repaid
1,169
238
91
173
60
102
267
258
236
75
61
61
60
151
40
60
267
173
236
63
58
61
20
5
15
25
3
154
2
6
1,411
318
25
532
126
185
193
32
1,172
318
13
423
84
173
138
22
135
31
(6)
32
15
42
Latin America, total
Brazil
Chile
Colombia
Ecuador
El Salvador
Mexico
Nicaragua
Peru
Uruguay
Other
923
255
74
131
46
32
186
23
62
64
50
668
176
47
99
13
23
157
20
40
55
37
109
25
8
29
1
2
14
6
5
8
11
Asia (excluding Sterling area),
total
Iran
Japan
Lebanon
Malaya
Philippines
Thailand
589
147
254
27
36
19
308
75
169
107
47
Africa (excluding
area), total
Ethiopia
Sudan
Total
Sterling
Sold
to
others5
931
60
131
35
45
242
170
83
60
53
52
160
3
35
4
4
10
21
81
2
1,036
286
13
391
69
131
131
15
117
559
151
39
70
13
21
143
14
35
47
26
19
295
75
164
5
(6)
11
40
1,384
Sterling area, total
Australia
Ceylon
India
Pakistan
Union of S. Africa
United Kingdom
Other
Total
20
5
12
32
1
31
3
26
25
3,344
496
2,8
Country
Total
Apr.
1
4
944
9
9,088 9,088 9,193 9,228 9,228
12
18
30
40
23
8319
873
898
958
9
979
9
Cumulative net drawings
on the Fund
Paid
in
gold
1958
1959
Apr.
Mar.
Apr.
Argentina
Bolivia
Brazil
Burma
Chile
150
10
150
15
50
38
3
38
1
75
8
75
15
37
91
9
113
12
42
94
9
113
12
42
Colombia
Cuba
France
Haiti
Honduras
50
50
525
13
35
25
328
30
25
394
4
India
Indonesia
Iran
Mexico
400
110
,
Paraguay
Peru
Philippines
Sudan
Turkey
Union of South
Africa
United Arab Republic
United Kingdom.
United States
Yugoslavia
63
24
39
74,368
Jan.
951
664
780
696
717
6,060 6,119 6,025 5,958 5,807
Quota
Outstanding
Disbursed
Oct.
1,238 1,242 1,307 1,332 1,352
200
200
200
200
200
Gold
Investments'
Currencies: *
United States
Other
Gold and lcurrency in separate
accounts: °
Gold
Currency
Unpaid member subscriptions
Other assets
Member subscriptions..
Reserves and liabilities.
Loans by country, May 31, 1959
Prin-
July
Mar.
Dollar deposits and U. S. securities
Other currencies and securities 1...
Effective loans*
Other assets 3
Area and member country 4
1959
Item
35
90
25
15
10
43
100
60
1,300
2,750
60
9
13
108
2
2
28
16
9
23
200
55
17
2
3
4
25
25
1
200
55
17
23
200
55
17
23
6
12
21
5
39
1
4
30
25
394
4
1
6
15
21
5
39
36
36
10
30
30
30
236
562
345
345
688 H - 2 , 0 1 6 n-1,757 n-l,763
23
23
23
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 Less than $500,000.
7
Includes $163 million in loans not yet effective.
8 Includes $300 million not guaranteed by the Bank.
9
U. S. Treasury bills purchased with proceeds from sale of gold.
1
° Paid by member pending increase in quota becoming effective,
i ! Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
811
U. S. BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates. Quarterly totals in millions of dollars]
1956 r
1957 r
1958'
1959
Item
Exports of goods and services, total 1
Merchandise
Services2
5,380
3,960
1,420
6,009
4,420
1,589
5,753
4,112
1,641
6,563
4,887
1,676
6,743
5,108
1,635
7,010
5,158
1,852
6,326
4,462
1,864
Imports of goods and services, total.
Merchandise
Services
Military expenditures
4,870
3,255
834
781
4,997
3,173
1,025
799
5,113
3,156
1,263
694
4,849
3,220
948
681
5,092
3,297
915
5,318
3,344
1,124
850
510
1,012
640
1,714
1,651
Unilateral transfers (net) 3
Private remittances and pensions...
Government nonmilitary grants....
-574
-154
-420
-635
-163
-472
-544
-164
-380
-645
-184
-461
-576
-184
-392
U.S. long- and short-term capital (net) 3
Private, total
Direct investment
Portfolio and short-term investment
Government
-554
-417
-288
Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign a s s e t s . . . .
Gold sales by United States
5,566
4,054
1,512
5,920
4,191
1,729
5,571
3,806
1,765
6,142
4,176
1,966
5,414
3,789
1,625
5,361
3,265
1,381
715
5,152
3,385
4,904
3,139
936
829
5,250
3,166
1,176
908
5,372
5,425
3,517
1,047
720
5,440
3,607
1,028
805
1,692
965
1,502
662
670
199
717
-26
-662
-174
-488
-499
-164
-335
-581
-180
-401
-562
-178
-384
-599
-170
-429
-541
-173
-368
-616
-186
-430
-620
-187
-433
-899
-690
-353
- 9 8 7 -1,179 -1,070 -1,563
-813 -1,364
-806 -1,077
-402 -993
-524
-694
-544
-410
-339
-956
-588
-324
- 8 8 8 -1,247
-642 -1,025
-411
-155
-783
-451
-156
-892
-726
-372
-483
-394
-242
-129
-137
-337
-209
-282
-181
-383
-102
-371
-199
-71
-134
-264
-368
-487
-246
-295
-332
-354
-166
-152
-89
605
441
647
-195
316
-269
227
585
-614
-222
1,069
907
878
924
498
119
-12
391
153
-103
668
143
-164
-283
115
-27
514
127
-325
-260
18
-27
275
50
-98
202
13
370
9
-15
1,075
450
-26
483
479
52
347
768
60
96
244
Balance on goods and services1
6,654
305
347
-192
203
107
218
-87
205
Errors and omissions
p
1
-411
-257
-381
-199
166
-348
376
2
r
Preliminary.
Revised.
Excluding military transfers under grants.
3
4,662
1,992
3,124
1,407
841
1,070
838
Including military transactions.
Minus sign indicates net outflow.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-today
bills
3 monthsi money2
Bankers' Treasury Day-toacceptday
bills
ances
3 months 3 months money
France
Bankers'
allowance Day-today 3
on
deposits money
Germany
Treasury
bills
60-90
days4
Day-today
money5
Netherlands
Switzerland
Treasury Day-tobills
day
3 months money
Private
discount
rate
1956—Dec
1957—Dec
3.61
3.65
3.18
3.60
5.07
6.67
4.94
6.43
4.15
5.67
3.50
5.00
3.55
5.72
4.75
3.75
4.81
3.25
3.48
4.64
3.23
3.33
1.50
2.50
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
1.56
1.75
1.31
1.29
2.02
2.48
3.00
3.46
1.55
1.72
1.18
.67
.48
1.51
2.10
2.07
5.24
4.65
4.31
3.98
3.82
3.80
3.67
3.34
5.02
4.45
4.15
3.81
3.65
3.65
3.46
3.16
4.53
3.95
3.62
3.36
3.17
3.19
2.97
2.70
3.85
3.30
3.00
2.70
2.50
2.50
2.32
2.00
10.04
7.51
6.85
6.97
6.46
5.50
5.26
6.07
3.25
2.75
2.63
2.50
2.50
2.38
2.38
2.38
3.38
3.44
2.88
2.56
2.88
2.56
2.88
2.63
2.97
2.90
2.88
2.62
2.62
2.83
2.40
2.26
2.39
2.34
2.49
2.08
2.16
2.50
1.79
1.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
1959_Jan
Feb
Mar
Apr
May
3.34
3.70
4.16
4.57
4.98
2.07
2.96
4.00
4.41
4.26
3.28
3.23
3.41
3.40
3.43
3.12
3.09
3.30
3.25
3.33
2.73
2.66
2.67
2.69
2.67
2.00
2.00
2.00
2.00
2.00
4.39
4.23
4.36
4.13
2.25
2.25
2.25
2.00
2.00
2.38
2.94
2.44
2.31
2.56
2.04
1.75
1.68
1.61
1.63
1.58
1.26
1.42
1.50
1.34
2.50
2.50
2.25
2.00
2.00
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Beginning January 1957, rate shown is on private securities. Previous
2
figures are averages of rates on government and private securities.
4
Rate in effect at end of month.
5
Based on average of lowest and highest quotation during month.
812
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Rate as of
June 30, 1958
Changes during the last 12 months
Country
Per
cent
Argentia
Austria
Belgium
Brazil2
Burma
2
Month
effective
6.0
5.0
4.0
10.0
3 0
Dec.
Nov.
June
Apr.
Feb
1957
1955
1958
1958
1948
Canada3
Ceylon
Chile2
Colombia2 2
Costa Rica
1.97
2.5
6.0
4.0
3.0
June
June
Feb
July
Apr.
1958
1954
1957
1933
1939
Cuba 2
Denmark
Ecuador
Egypt
El Salvador2
5.5
5.0
10.0
3.0
4.0
Dec.
Apr.
May
Nov.
Apr.
1957
1958
1948
1952
1957
Finland2
France
Germany
Greece
Honduras 4
6.5
5.0
3.0
10.0
2.0
Apr.
Aug.
June
May
Jan.
7.0
4.0
3.0
4.0
5.0
Apr.
May
Apr.
Aug.
May
6.0
3 5
7.67
4.5
3.5
Feb.
June
June
June
June
7.0
6.0
3 5
3.0
6.0
Oct.
Apr.
Feb
July
Nov.
Sept.
Jan.
Sept.
July
May
May
Feb
June
June
May
1957
1945
1956
1958
1947
1.74
Oct.
Nov.
1957
1944
1955
1957
1958
2.5
7 0
6.0
5.0
2.0
1.12
Sept.
1955
1954
1955
1948
1947
4.5
2.0
4.5
5.0
4.5
3.5
1955
1958
1958
1942
1958
New Zealand
Nicaragua
Norway
Pakistan
Peru 2
3.75
1952
1957
1946
1948
1958
Israel
Italy
Japan 2
Mexico
Netherlands
Aug.
1956
1957
1958
1956
1953
Iceland
Indias
Indonesia2
Iran
Ireland
July
Philippine Republic
Portugal
South Africa
Spain
Sweden
Switzerland
Thailand
Turkey
United Kingdom
Venezuela
2
Jan.
Feb.
Mar.
3.08
3.13
3.74
3.53
Apr.
May
June
6.0
4.5
3.25
10.0
3.0
4 5
4.32
4.55
5.01
5.15
5.36
5.36
2.5
6.0
4.0
3.0
5.5
4.5
10.0
3.0
4.0
4 5
4 5
4 5
2 75
4 25
4 25
6 94
3 0
6 0
4 0
6.0
4.0
2.75
10.0
2.0
7.0
4.0
3.0
4.0
4.25
7 3
2 75
6 0
3 5
6.94
4.5
2.75
7.0
6.0
3.5
4.0
6.0
4 0
6.5
6.5
2.0
4.0
5.0
4.5
2 0
2.0
7.0
6.0
4.0
2.0
4 0
4 5
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 2.
2 Discounts or advances at other rates include: Argentina—3 and 5
per cent for certain rural and industrial paper, depending on type of
transaction; Brazil—8 per cent for secured paper and 4 per cent for
certain agricultural paper; Chile—rates of more than 6 per cent for
rediscounts in excess of 50 per cent of the rediscounting bank's capital
and reserves, and 2 and 4 per cent for certain types of agricultural paper;
Colombia—3 per cent for agricultural paper and for loans on products
in bonded warehouses; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper);
Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by
Dec.
3 25
2.52
Rate
as of
June 30,
1959
1959
1958
4 0
national public securities; El Salvador—3 per cent for agricultural and
industrial paper and 2 per cent for special cases; Finland—rates ranging
up to 7.25 per cent for longer term paper (rate shown is for 3 months
commercial paper); Indonesia—various rates depending on type of paper,
collateral, commodity involved, etc.; Japan—penalty rates (exceeding
the basic rate shown) for borrowings from the Central bank in excess
of an individual bank's quota; Peru—4 per cent for industrial paper and
mining paper, and 3 per cent for most agricultural paper; and Philippine
Republic—4.5 per cent for crop loan paper and 5 per cent for export
packing credit paper.
3 Since Nov. 1, 1956, the discount rate has been set each week at
V4 of one per cent above the latest average tender rate for Treasury bills;
end-of-month rate shown.
4 Rate shown is for advances only.
5
Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.
FOREIGN EXCHANGE RATES
813
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Finland
(markka)
Official
Free
5.556
5.556
15.556
7.198
7.198
7.183
2.835
2.506
12.207
224.12
223.80
222.41
222.76
222.57
223.88
3.8580
3.8580
3.8580
3.8580
3.8539
3.8536
2.0009
1.9975
1.9905
2.0030
1.9906
2.0044
101.650
102.724
101.401
101.600
104.291
103.025
21.046
21.017
20.894
20.946
20.913
21.049
.4354
.4354
.4354
.4354
.3995
.3118
2.376
2.352
2.221
2.025
1.656
1.386
11.518
223.99
223.42
223.51
223.37
223.67
223.55
223.41
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
2.0050
2.0049
2.0050
2.0056
2.0061
2.0056
2.0057
103.960
104.162
103.645
102.357
103.005
103.253
103.660
21.066
20.996
21.020
21.016
21.049
21.039
21.032
.3118
.3118
.3118
.3118
.3118
.3118
.3118
223.62
223.85
224.12
224.42
224.27
224.11
3.8444
3.8481
3.8484
3.8487
3.8488
3.8510
2.0003
2.0004
1.9997
2.0037
2.0057
2.0027
103.402
102.583
103.117
103.774
103.838
104.278
21.046
21.063
21.074
21.089
21.081
21.072
.3115
.3114
.3114
.3114
.3114
.3120
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
.2376
3.2374
23.838
23.765
23.786
23.798
23.848
21.049
21.020
20.894
20.934
20.910
21.048
281.27
280.87
279.13
279.57
279.32
280.98
.2779
.2779
.2779
32.595
32.641
32.624
32.582
32.527
32.767
11.607
9.052
8.006
8.006
8.006
8.006
26.340
26.381
26.230
26.113
26.170
26.418
Aug..
Sept..
Oct...
Nov..
Dec.
.2376
.2379
.2382
.2381
.2381
.2381
3.2330
23.853
23.856
23.861
23.867
23.892
23.897
23.907
21.062
21.000
21.019
21.003
21.029
21.026
21.015
281.11
280.40
280.51
280.33
280.70
280.55
280.38
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.775
32.688
32.701
32.672
32.744
32.828
32.768
8.006
8.006
8.006
8.006
8.006
8.006
8.006
26.380
26.391
26.409
26.434
26.508
26.508
26.506
1959—Jan...
Feb..
Mar..
Apr..
May.
June.
.2037
.2037
.2039
.2039
.2039
.2039
23.930
23.928
23.914
23.913
23.911
23.931
21.041
21.059
21.073
21.101
21.087
21.049
280.65
280.93
281.27
281.65
281.45
281.25
4.1610
.1610
.1610
.1611
.2779
.2779
.2779
.2779
.2779
.2779
32.838
32.892
32.917
32.975
32.951
32.870
8.006
8.006
8.006
8.006
8.006
8.006
26.514
26.500
26.488
26.501
26.488
26.504
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1953
1954
1955
1956
1957
1958
278.48
278.09
276.36
276.80
276.56
278.19
14.015
14.008
14.008
14.008
14.008
14.008
49.676
49.677
49.677
49.676
49.693
49.695
3.4887
3.4900
3.4900
3.4900
3.4900
3.4900
280.21
279.82
278.09
278.52
278.28
279.93
52.3810
19.323
19.333
19.333
19.333
19.331
19.328
23.316
23.322
23.331
23.334
23.330
23.328
281.27
280.87
279.13
279.57
279.32
280.98
1958—June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
278.33
277.62
277.73
277.55
277.93
277.78
277.60
14.008
14.008
14.008
14.008
14.008
14.008
14.009
49.695
49.695
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
280.06
279.35
279.46
279.28
279.66
279.51
279.33
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
19.328
19.328
19.328
19.328
19.328
19.328
19.329
23.335
23.335
23.335
23.335
23.300
23.300
23.317
281.11
280.40
280.51
280.33
280.70
280.55
280.38
1959__jan..
Feb..
Mar.
Apr.,
May,
June
277.87
278.15
278.49
278.86
278.67
278.47
14.012
14.018
14.029
14.048
14.041
14.052
49.695
49.695
49.695
49.695
49.695
49.695
3.4917
3.4974
3.4980
3.5026
3.5019
3.5004
279.60
279.88
280.22
280.60
280.40
280.20
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
19.326
19.327
19.325
19.330
19.326
19.327
23.190
23.184
23.133
23.134
23.133
23.194
280.65
280.93
281.27
281.65
281.45
281.25
1953...
1954...
1955...
1956...
1957...
1958...
1958—June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
5.556
556
556
5.556
5.556
5.556
15.556
21.5187
1.5242
1.4703
1.3680
1.1774
1.1091
1959—Jan...
Feb..
Mar..
Apr..
May.
June.
I
Year or month
1953.
1954.
1955.
1956.
1957.
1958.
1958—June.
July. .
Year or month
France
(franc)
Germany
(deutsche
mark)
1 Based on quotations through Dec 29, 1958.
2
Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc
was further devalued to 493.706 francs per U. S. dollar.
4
Based on quotations beginning Mar. 2, 1959.
5
Based on quotations beginning Jan. 2> 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, J R . ,
Chairman
M. S. SZYMCZAK
C. CANBY
BALDERSTON,
J. L. ROBERTSON
CHAS. N. SHEPARDSON
A. L. MILLS, JR.
ELLIOTT THURSTON,
WOODLIEF THOMAS,
Vice Chairman
G. H. KING, J R .
Assistant to the Board
WINFIELD
W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board
CHARLES MOLONY,
JEROME
W. SHAY, Legislative Counsel
Special Assistant to the Board
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
DIVISION OF EXAMINATIONS
LEGAL DIVISION
HOWARD 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
ROBERT C. MASTERS, Director
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
Counsel
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
EDWIN
J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
FRANK R. GARFIELD, Adviser
GUY E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
SUSAN S. BURR, Associate Adviser
ALBERT R. KOCH, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH
E. KELLEHER, Director
OFFICE OF DEFENSE LOANS
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
GARDNER
L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
ROBERT L. SAMMONS, Associate Adviser
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director
Controller
OFFICE OF DEFENSE PLANNING
INNIS
814
D. HARRIS, Coordinator
FEDERAL RESERVE BANKS AND BRANCHES
815
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
CARL E. A L L E N
C. CANBY BALDERSTON
FREDERICK L. DEMING
Chairman
ALFRED HAYES,
J. A. ERICKSON
DELOS C. JOHNS
G. H. KING, JR.
A. L. MILLS, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
ROBERT G. ROUSE, Manager,
Vice Chairman
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
HOMER JONES, Associate Economist
ARTHUR W. MARGET, Associate Economist
GEORGE W. MITCHELL, Associate Economist
FRANKLIN L. PARSONS, Associate Economist
ROBERT V. ROOSA, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist
System Open Market Account
Federal Advisory Council
LLOYD
D. BRACE, BOSTON, Vice President
HOMER
J. LIVINGSTON, CHICAGO, President
JOHN J. MCCLOY, NEW YORK
WILLIAM A. MCDONNELL, ST. LOUTS
CASIMIR A . SlENKIEWICZ, PHILADELPHIA
GORDON MURRAY, MINNEAPOLIS
REUBEN B. HAYS, CLEVELAND
R. OTIS MCCLINTOCK, KANSAS CITY
JOHN S. ALFRIEND, RICHMOND
WALTER B. JACOBS, DALLAS
JOHN A. SIBLEY, ATLANTA
CHARLES F. FRANKLAND, SAN FRANCISCO
HERBERT
V. PROCHNOW, Secretary
WILLIAM
J. KORSVIK, Assistant
Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
„*,*„
FEDERAL RESERVE
BANK O F -
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY
BOSTON
ROBERT C. SPRAGUE
NILS Y. WESSELL
CHAIRMAN
NEW YORK
JOHN E. BIERWIRTH
FORREST F. HILL
PHILADELPHIA
HENDERSON SUPPLEE, JR.
LESTER V. CHANDLER
CLEVELAND
ARTHUR B. VAN BUSKIRK
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
D. W. COLVARD
ATLANTA
WALTER M. MITCHELL
HARLLEE BRANCH, JR.
CHICAGO
BERT R. PRALL
J. STUART RUSSELL
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
LESLIE N. PERRIN
O. B. JESNESS
KANSAS CITY
RAYMOND W. HALL
JOE W. SEACREST
DALLAS
ROBERT J. SMITH
HAL BOGLE
SAN FRANCISCO
A. H. BRAWNER
Y. FRANK FREEMAN
816
FEDERAL RESERVE BULLETIN • JULY 1959
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are
listed in lower section of this page)
Boston
J. A. Erickson
E. O. Latham
D. Harry Angney
Ansgar R. Berge
George H. Ellis
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
New York
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Marcus A. Harris
Herbert H. Kimball
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. L. Sanford
Todd G. Tiebout
R. B. Wiltse
Philadelphia
Karl R. Bopp
Robert N. Hilkert
Murdoch K. Goodwin
Joseph R. Campbell
Wallace M. Catanach Philip M. Poorman
David P. Eastburn
Cleveland
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
J. J. Balles
Roger R. Clouse
E. A. Fink
Clyde Harrell
L. Merle Hostetler
Martin Morrison
Paul C. Stetzelberger
Richmond
Hugh Leach
Edward A. Wayne
N. L. Armistead
J. Dewey Daane
Aubrey N. Heflin
Upton S. Martin
Joseph M. Nowlan
James M. Slay
Thomas I. Storrs
Atlanta
Malcolm Bryan
Lewis M. Clark
J. E. Denmark
John L. Liles, Jr.
J. E. McCorvey
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
Chicago
Carl E. Allen
E. C. Harris
Ernest T. Baughman
W. R. Diercks
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge
Robert C. Holland
C. T. Laibly
George W. Mitchell
H. J. Newman
St. Louis
Delos C. Johns
Guy S. Freutel
Homer Jones
George E. Kroner
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Minneapolis
Frederick L. Deming
A. W. Mills
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Kansas City
H. G. Leedy
Henry O. Koppang
John T. Boysen
George H. Clay
Joseph S. Handford
E. U. Sherman
Clarence W. Tow
D. W. Woolley
Dallas
Watrous H. Irons
Harry A. Shuford
James L. Cauthen
Thomas A. Hardin
G. R. Murff
Thomas W. Plant
L. G. Pondrom
Morgan H. Rice
San Francisco
H. N. Mangels
Eliot J. Swan
J. L. Barbonchielli
H. E. Hemmings
A. B. Merritt
E. R. MiUard
R. H. Morrill
John A. O'Kane
O. P. Wheeler
James V. Vergari
Richard G. Wilgus
Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
Donald L. Henry
Darryl R. Francis
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
Kyle K. Fossum
Kansas City
Denver
Oklahoma City
Omaha
Cecil Puckett
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
Howard Carrithers
J L Cook
Carl H. Moore
San Francisco... Los Angeles
W. F. Volberg
J. A. Randall
E. R. Barglebaugh
J. M. Leisner
Portland
Salt Lake City
Seattle
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 681-84 of the June 1959 Bulletin.
FEDERAL FUNDS MARKET—A Study by a
Federal Reserve System Committee. May
1959. I l l pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents
each.
THE
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
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FEDERAL RESERVE BULLETIN.
DEBITS AND CLEARINGS STATISTICS AND THEIR
USE (rev. ed.). May 1959. 144 pages. $1.00
per copy; in quantities of 10 or more for single
shipment, 85 cents each.
ALL-BANK STATISTICS, 1896-1955. Revised statistics for all banks in the United States, by class of
bank, together with descriptive and explanatory
material. Part I, U. S. Summary. Part II, Summaries by States and other areas. April 1959.
1,229 pages. $4.00.
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum; 60 cents per copy, or 50 cents each
for 10 or more of same issue for single shipment; elsewhere $7.00 per annum or 70 cents
each.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK.
Issued annually in September.
Annual subscription to monthly chart book includes one issue of Supplement. In the United
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Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. PART I. 108
pages. luly 1959. Parts II and III will be issued
later. Individual books $1.00 each; set of 3
books $2.50.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV—Financing
New Car Purchases, $.60. Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C.
817
FEDERAL RESERVE BULLETIN • JULY 1959
818
REPRINTS
MEMBER BANK LENDING TO SMALL BUSINESS,
(From Federal Reserve Bulletin unless preceded
by an asterisk)
1955-57. April 1958. 19 pages.
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
April 1958. 5 pages.
April 1953. 25 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
1953. 96 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.
FINANCING OF LARGE CORPORATIONS, 1951-55.
June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS. Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
Oc-
November 1956
and January, February, and March 1957 BULLETINS. 52 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
Oc-
TRADE.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
MONEY AND CREDIT IN 1958.
February 1959.
7
pages.
1958. March 1959.
GOLD AND DOLLAR FLOWS IN
6 pages.
OWNERSHIP OF DEMAND DEPOSITS.
April 1959.
3 pages.
MEMBER BANK TERM
LENDING TO BUSINESS,
1955-57. April 1959. 16 pages.
*PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in the
United States, by class of bank, together with
revised statistics. April 1959. 100 pages.
BANKING AND MONETARY STATISTICS, 1958.
Se-
lected series of banking and monetary statistics
for 1958 only. February and May 1959. 12
pages. (Similar reprint of 1957 data, February
and May 1958 BULLETINS.)
SURVEY OF COMMON TRUST FUNDS, 1958.
May
1959. 6 pages. (Also, similar reprints from
August 1956, June 1957, and May 1958 BULPUBLIC DEBT MANAGEMENT.
June 1959. 5 pages.
1959 SURVEY OF CONSUMER FINANCES. Prelimin-
ary Findings. March 1959. 4 pages. The Financial Position of Consumers. July 1959. 24
pages. (Similar Surveys are available for earlier
years from 1952, 1953, 1955, 1956, 1957, and
1958 BULLETINS.)
April 1957. 20 pages.
OF FINANCE
Sep-
tember 1958. 8 pages.
THE 1957-58 RECESSION IN WORLD
tober 1958. 8 pages.
LETINS.)
tober 1956. 15 pages.
AGRICULTURAL LOAN SURVEY.
July 1958.
7 pages.
INTEREST RATES IN LEADING COUNTRIES.
STABILITY. May 1953. 7 pages.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
COMPANIES,
MID-1955.
April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES. December 1957. 30 pages.
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
GROWTH AND STRUCTURE OF TIME DEPOSITS.
MONEY AND CREDIT IN THE RECESSION.
pages.
SURVEY
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
INTEREST RATES IN LEADING COUNTRIES.
July
1959. 6 pages.
BANK CREDIT AND MONEY IN ECONOMIC EXPANSION. July 1959. 10 pages.
THE BALANCE SHEET OF AGRICULTURE,
1959. 9 pages.
1959. July
Index to Statistical Tables
Department stores:
Merchandising data, 787
Sales and stocks, 776, 786
Deposits {See also specific types of deposits):
Adjusted, and currency, 748
Banks, by classes, 749, 753, 755
Federal Reserve Banks, 743, 744, 805
Postal savings, 746, 748
Turnover of, 746
Deposits, reserves, and borrowings, by class of member bank, 741
Discount rates, 742, 812
Discounts and advances by Federal Reserve
Banks, 739, 743
Dividends, corporate, 767, 768, 792, 793
Dollar assets, foreign, 805, 807
Dwelling units started, 783
Acceptances, bankers', 756, 757
Agricultural loans of commercial banks, 752, 754
Agriculture, Govt. agency loans, 760, 761
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 748
Corporate, current, 768
Domestic banks, by classes, 749, 752. 754
Federal business-type activities,
by fund or activity, 760, 761
Federal Reserve Banks, 743, 744
Automobiles:
Consumer instalment credit, 772. 773, 774
Production index, 778, 782
Bankers' balances, 753, 755
{See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated statement, 748
Bonds {See also U. S. Govt. securities):
New issues, 766, 768
Prices and yields, 757, 758
Brokers and dealers in securities, bank
loans to, 752, 754
Business expenditures on new plant and equipment, 768
Business indexes, 776
Business loans {See Commercial and industrial loans)
Earnings and hours, manufacturing industries, 776, 785
Employment, 776, 784, 785
Export-Import Bank, loans, etc., 760, 761
Farm mortgage loans, 760, 769, 770
Federal business-type activities, assets and liabilities,
by fund or activity, 760, 761
Federal Deposit Insurance Corporation,
assets, etc., 760, 761
Federal finance:
Cash transactions, 762
Receipts and expenditures, 763
Treasurer's balance, 762
Federal home loan banks, loans, etc., 760, 761, 771
Federal Housing Administration, loans, etc., 760, 761,
769, 770, 771
Federal National Mortgage Association,
loans, etc., 760, 761, 771
Federal Reserve Banks:
Condition statement, 743, 744
U. S. Govt. securities held by, 739, 743, 744,
764, 765
Federal Reserve credit, 739, 743, 744
Federal Reserve notes, 743, 744, 745, 747
Finance company paper, 756, 757
Foreign central banks, 808, 812
Foreign deposits in U. S. banks, 739, 743, 744, 748,
753, 755
Foreign exchange rates, 813
Foreign liabilities and claims reported by
banks, 798, 800, 803, 805
Foreign trade, 787
Capital accounts:
Banks, by classes, 749, 753, 755
Federal Reserve Banks, 743, 744
Carloadings, 776
Central banks, foreign, 808, 812
Coins, circulation of, 747
Commercial banks:
Assets and liabilities, 749, 752
Consumer loans held, by type, 773
Number, by classes, 749
Real estate mortgages held, by type, 769
Commercial and industrial loans:
Commercial banks, 752
Weekly reporting member banks, 754, 756
Commercial paper, 756, 757
Commodity Credit Corporation, loans, etc., 760, 761
Condition statements {See Assets and liabilities)
Construction, 776, 782, 783
Consumer credit:
Instalment credit, 772, 773, 774, 775
Major parts, 772, 774
Noninstalment credit, by holder, 773
Consumer durable goods output indexes, 782
Consumer price indexes, 776, 788
Consumption expenditures, 790, 791
Corporate sales, profits, taxes, and
dividends, 767, 768, 792, 793
Corporate security issues, 766, 768
Corporate security prices and yields, 757, 758
Cost of living {See Consumer price indexes)
Currency in circulation, 739, 747
Customer credit, stock market, 758
Gold:
Earmarked, 806
Net purchases by U. S., 806
Production, 806, 809
Reserves of central banks and governments, 808
Reserves of foreign countries and international
institutions, 807
Stock, 739, 748, 806
Gold certificates, 743, 744, 745, 74J
Govt. debt {See U. S. Govt. securities)
Gross national product, 790, 791
Debits to deposit accounts, 746
Demand deposits:
Adjusted, banks and the monetary system, 748
Adjusted, commercial banks, by classes, 753
Banks, by classes, 749, 755
Type of holder, at commercial banks, 753
Home owners, Govt. agency loans, 760, 761
Hours and earnings, manufacturing industries, 776, 785
819
820
Industrial advances by Federal Reserve Banks, 743,
744, 745
Industrial production indexes, 776, 777, 782
Instalment loans, 772, 773, 774, 775
Insurance companies, 759, 764, 765, 770
Insured commercial banks, 751, 752
Interbank deposits, 749, 753, 755
Interest rates:
Bond yields, 757
Business loans by banks, 757
Federal Reserve rates, 742
Foreign countries, 811, 812
Open market, 757, 811
Regulation V loans, 746
Stock yields, 757
Time deposits, maximum rates, 746
International capital transactions of the U. S., 798
International financial institutions, 806, 807, 808, 810
Inventories, 790
Investments {See also specific types of investments):
Banks, by classes, 749, 752, 754
Federal Reserve Banks, 743, 744
Govt. agencies, etc., 760, 761
Life insurance companies, 759
Savings and loan associations, 759
Labor force, 784
Loans {See also specific types of loans):
Banks, by classes, 749, 752, 754
Federal Reserve Banks, 739, 741, 743, 744, 745
Govt. agencies, etc., 760, 761
Insurance companies, 759, 770
Savings and loan associations, 759, 770
Loans insured or guaranteed, 745, 769, 770, 771
Manufacturers, production indexes, 776, 777, 782
Margin requirements, 742
Member banks:
Assets and liabilities, by classes, 749, 752
Borrowings at Federal Reserve Banks, 739, 741
Deposits and reserves, by classes, 741
Number, by classes, 749
Operating ratios, 794
Reserve requirements, by classes, 742
Reserves and related items, 739
Weekly reporting series, 754
Minerals, production indexes, 776, 777
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 748, 749, 751, 764, 765, 769
National banks, 751
National income, 790, 791
National security expenditures, 763, 790
Nonmember banks, 743, 751, 752
Operating ratios, member banks, 794
Payrolls, manufacturing, index, 776
Personal income, 791
Postal Savings System, 746, 748
Prices:
Consumer, 776, 788
Security, 758
Wholesale commodity, 776, 788
Production, 776, 777, 781, 782
Profits, corporate, 767, 768, 792, 793
FEDERAL RESERVE BULLETIN • JULY 1959
Real estate loans:
Commercial banks, 752, 754, 769
Type of mortgage holder, 769, 770, 771
Type of property mortgaged, 769, 770, 771
Regulation V, loan guarantees, 745, 746
Reserve requirements, member banks, 742
Reserves:
Commercial banks, 753
Federal Reserve Banks, 743, 744
Foreign central banks and governments, 808
Foreign countries and international institutions, 807
Member banks, 739, 741, 743, 744, 753, 755
Residential mortgage loans, 769, 770, 771
Sales finance companies, consumer loans of, 772,
773, 775
Savings, 791
Savings deposits {See Time deposits)
Savings institutions, principal assets, 759
Savings and loan associations, 759, 770
Securities, international transactions, 804, 805
Security issues, 766, 768
Silver coin and silver certificates, 747
State member banks, 751
State and municipal securities:
New issues, 766
Prices and yields, 757, 758
States and political subdivisions:
Deposits of, 753, 755
Holdings of U. S. Govt. securities, 764
Ownership of obligations of, 752, 759
Stock market credit, 758
Stocks:
New issues, 766
Prices and yields, 757, 758
Tax receipts, Federal, 763
Time deposits, 741, 746, 748, 749, 753, 755
Treasurer's account balance, 762
Treasury cash, 739, 748
Treasury currency, 739, 747, 748
Treasury deposits, 739, 743, 744, 762
Unemployment, 784
U. S. balance of payments, 811
U. S. Govt. balances:
Commercial bank holdings, by classes, 753, 755
Consolidated monetary statement, 748
Treasury deposits at Federal Reserve
Banks, 739, 743, 744, 762
U. S. Govt. securities:
Bank holdings, 748, 749, 752, 754, 764, 765
Federal Reserve Bank holdings, 739, 743, 744,
764, 765
Foreign and international holdings, 807
International transactions, 804, 805
New issues, gross proceeds, 766
Outstanding, by type of security, 764, 765
Ownership of, 764, 765
Prices and yields, 757, 758
United States notes, outstanding and in circulation, 747
Utility output index, 781
Veterans Administration, loans, etc., 760, 761, 769,
770, 771
Yields {See Interest rates)
(o
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
Legend
• Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
Alaska was added to the Twelfth Federal Reserve District as of January 3, 1959, and became part
of the Seattle Branch Territory of that District.
@FedFRASER