Full text of Federal Reserve Bulletin : June 1958
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FEDERAL RESERVE
B U LLETIN
June
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
Financing Business Investment
641
Member Bank Earnings, 1957
648
Current Events and Announcements
652
National Summary of Business Conditions
653
Financial and Business Statistics, U. S. (Contents on p. 655)
657
International Financial Statistics (Contents on p. 723)
724
Board of Governors and Staff
739
Financing Business Investment
WIDESPREAD DECLINES in business investment outlays this year have been accompanied by reductions in both corporate
profits and external financing. Business
use of bank credit has been sharply curtailed and capital market flotations, while
large, have been below last year's record
volume. Contraction in external financing
needs has been greatest in durable goods
manufacturing industries, but it has also
occurred in almost every other industry.
Expenditures for capital goods have been
smaller than in 1957, and business has
liquidated inventories on balance this year
in contrast with net accumulation a year
earlier. As a result, total outlays for plant,
equipment, and inventories have declined
sharply. Financing needs for other purposes, such as income tax and dividend
payments and customer financing, have also
been smaller on balance than they were in
the first half of last year.
Corporate profits have decreased relatively less than total outlays, and profits
have supplied a larger proportion of financing needs than in the first half of other
recent years. The downturn in profits began
in early 1957 but was moderate through the
third quarter. By the first quarter of 1958
profits had dropped to a level about onefourth lower than a year earlier. The increase in depreciation provisions was small
relative to the drop in profits.
Reflecting reduction in external financing needs, bank loans have been repaid and
corporations have offered a smaller volume
of security issues for new capital. An unusually large proportion of the funds raised
BUSINESS INVESTMENT
Billions of dollars
-
40
30
1955
1956
!95»
NOTE.—Seasonally adjusted annual rate*. Department of
Commerce estimates.
Includes nonresidential construction,
producers' durable equipment, and change in nonfann business inventories.
in capital markets this year has been used
to repay bank loans, and the volume of
issues to refinance outstanding securities
has been the largest since 1955. Substantial repayment of bank loans and other
short-term debts has apparently resulted in
the maintenance of corporate liquidity at
the late 1957 level, despite relatively large
reductions in corporate holdings of cash and
United States Government securities.
BUSINESS INVESTMENT
Business plans to spend $30.8 billion on
new plant and equipment in 1958, or 17 per
cent less than in 1957, according to the
most recent survey by the Securities and
Exchange Commission and the Department
of Commerce. This is a sharper decline than
641
642
occurred from 1953 to 1954 or from 1948
to 1949.
Spending for fixed capital in the first six
months of 1958 is estimated at $15.6 billion
compared with $17.9 billion in the same
period of 1957. Among manufacturing industries, declines ranged from less than onetenth in the nonelectric machinery and
chemical groups to more than one-third in
the textile and motor vehicle industries.
Motor vehicle producers, whose capital
outlays have declined sharply in each of the
past two years, are estimated to have spent
less than half as much on new plant and
equipment in the first six months of 1958
as in the same period of 1956. The only
major industrial group that has spent more
on plant and equipment this year than in
early 1957 is public utilities, with an increase of 10 per cent.
Declines in spending for inventories have
also been widespread. In the first four
months of 1958 the book value of manufacturing and trade inventories decreased $1.4
billion (before adjustment for usual seasonal
variation). This compares with a rise of
$3.3 billion in the same months of last year
when, as may be seen from the table, the
rate of inventory accumulation had already
moderated.
The most striking shift in spending for
inventories occurred among manufacturers
of machinery and transportation equipment,
who have experienced substantial declines
in sales volume. Inventory liquidation of
$1.3 billion by these industries over the first
four months of 1958 compares with net
additions to stocks in this period of each of
the two preceding years. In the primary
metals and petroleum groups, inventory
liquidation was larger than in early 1957.
Inventories in most other manufacturing
industries, which had increased during the
FEDERAL RESERVE BULLETIN • JUNE 1958
BOOK V A L U E OF MANUFACTURING
TRADE INVENTORIES
AND
[Seasonally unadjusted, in billions of dollars]
Industry
Total
On
hand,
Apr.
30,
1958
Increase, or
decrease (—)
First four months
1958
1957
1956
88.3 - 1 . 4
3.3
5.5
29.7 - 1 . 4
1.2
2.0
Manufacturing
Durable goods
Primary metals
Machinery
Transportation equip...
Other
Nondurable goods
Food
Petroleum
Other
4.2 - 0 . 3 - 0 . 2 - 0 . 2
1.0
0.3
9.9 - 0 . 4
0.4
0.4
7.0 - 0 . 9
0.8
0.6
8.6
0.1
21.9 - 0 . 6
Durable goods
Nondurable goods
Retail
Durable goods
Nondurable goods
0.3
4.5 - 0 . 4 - 0 . 4 - 0 . 4
0.1
3.4 - 0 . 3
C1)
0.6
0.1
14.1
Trade
Wholesale
0.1
0.6
0.8
12.0 - 0 . 6
0.4
6.3 - 0 . 1
5.7 - 0 . 5 - 0 . 15
0.7
24.7
1.2
2.1
G)
2.4
11.4
13.3
0.5
0.7
1.3
0.8
1.4
1.0
i Less than $50 million.
NOTE.—Department of Commerce data, without adjustment to
remove seasonal variation or the effect of price changes on inventory
values. Details may not add to totals because of rounding.
first four months of last year, either rose less
or declined in the same period of 1958.
In trade, inventory accumulation by retailers of durable goods was only two-fifths
as large as in the first four months of 1957
and much smaller than is usual early in the
year. At nondurable goods stores, however,
the increase was only moderately smaller
than in the early months of 1957. The reduction in wholesale inventories through
April was much larger than a year earlier.
Declines in book value of manufactur-
643
FINANCING BUSINESS INVESTMENT
ing and trade inventories in early 1958
have been moderated by seasonal needs for
replenishing stocks in some lines. The
Department of Commerce estimates that
nonfarm business inventories, after adjustment for usual seasonal variation and for
price change, declined at an annual rate of
nearly $9 billion in the first quarter. This is
the largest quarterly decline on record and
compares with reductions of about $5 billion, annual rate, in the third quarter of
1954 and in the fourth quarters of 1953
and 1949. Relative to the stock of inventories on hand, however, the reduction
was only moderately larger than in 1953
and 1954 and about the same as in 1949.
OTHER OUTLAYS
Business financing needs for purposes other
than inventories and capital outlays have
also been smaller than in 1957. Corporate
payments of Federal income taxes totaled
$7.4 billion in the first three months of 1958,
compared with $8.3 billion in the first
quarter of last year. The smaller payments
this year reflect primarily a reduction from
80 to 70 per cent in the proportion of the
Federal tax on the prior year's income that
must be paid by most corporations in the
first half of the current year.
Business financing of customers appears
to have decreased this year, compared with
a moderate expansion in the early months of
1957. Reduction in notes and accounts receivable reflects contraction in the volume
of business sales and in consumer use of
instalment credit. Credit extended by corporations to consumers, including chargeaccount and service credit as well as instalment loans, customarily declines early in
the year. This year the decline is estimated
to have been about one-third larger than in
the first quarter of 1957. In most recent
years, repayments of consumer loans early
in the year have been more than offset by
net increases in credit extended to other businesses, but this year business trade credit
has probably been repaid on balance.
Although corporate incomes have declined this year, dividend payments have
been maintained at about the level of early
1957 and have been higher, relative to
profits, than at any time since the late
thirties. The recent leveling off in dividend
payments contrasts with continuous growth
from 1952 through 1957.
FUNDS FROM OPERATIONS
Corporate profits before taxes have declined
further this year and, despite the continued
rise in depreciation allowances, total funds
from current operations have been well below the level of early 1957. In the first
quarter of 1958, profits were about onefourth smaller than a year earlier and, on
a seasonally adjusted basis, about one-fifth
below the third quarter of 1957, as may
be seen in the chart on the following page.
The decline in profits from the beginning of
the downturn in industrial production last
year through the first quarter of 1958 was
relatively sharper than in the same period of
1948-49, but more moderate than the
decline in the last half of 1953.
Profits were lower in the first quarter of
1958 than in the first quarter of 1957 for
all major groups except electric power and
communication utilities, and for all manufacturing industries except foods, tobacco,
and drugs. Sharpest drops were recorded
by railroads and by producers of primary
metals, motor vehicles, and rubber products.
For railroads, the decline in net income exceeded 80 per cent, and nearly 40 per cent
of all Class I railroad lines reported deficits
644
FEDERAL RESERVE BULLETIN • JUNE 1958
for the first three months of die year. The member bank reserve positions resulted
year-to-year decline in railroad earnings was in an expansion in total bank credit, busialmost as great in April, according to pre- ness loans declined sharply in thefirstfive
months of 1958, compared with a small
liminary data.
Information available for the first quar- rise in the same period of 1957. The volter of 1958 indicates a further decline in ume of corporate security issues for new
profit margins of manufacturing companies. capital was about one-tenth smaller in die
The ratio of profits before taxes to sales first six months of 1958 than a year earlier.
Bank tarns. The decline in business loans
declined throughout 1957, according to
data compiled by the Federal Trade Com- at commercial banks totaled $2.4 billion
mission and the Securities and Exchange in thefivemonths through May 1958. In
Commission, as costs increased more than the same months of last year, business loans
sales for manufacturers in both durable and increased $200 million. Repayments have
nondurable goods groups. Data for 200 exceeded new borrowing in each month of
large manufacturing companies indicate a
1958 except March, when business insmaller reduction in their total costs than debtedness to banks increased, in part for
in their sales from the first quarter of 1957 tax purposes. The March rise in business
to the first quarter of 1958. As a result, loans was much smaller this year than in
profits and profit margins in both durable either of the two preceding years.
and nondurable goods industries declined
Changes in large loans at a sample of
sharply.
weekly reporting banks suggest mat the
sharply reduced use of bank credit this year
EXTERNAL FINANCING
reflects both a drop in financing needs and
External financing by business, both at an increased reliance on nonbank sources
banks and in the capital markets, has been of funds. With planned capital expendismaller mis year than last. While easing of
tures down and inventories sharply reduced,
CORPORATE PROFITS BEFORE TAXES
Bilfiom ol dollars
50
-- 50
40
40
- 30
-
V
30
20
I
1948
•
•
1950
!
1
1952
—Vv
1954
1956
20
1958
NOTE.—Seasonally adjusted annual rates. Department of Commerce estimates exoept first quarter of 1958, which is estimated
by Federal Reserve.
645
FINANCING BUSINESS INVESTMENT
BUSINESS LOANS OF BANKS
Cumulotir* cluing* during y.or, million! of dollort
METALS MANUFACTURERS
1000
/
•00
1957
r
.
600
1
J/
1
.
400
ZOO
,
-
k 1958
\
producers of metals and metal products
added little to their bank loans over the first
five months of 1958, as the chart shows. In
the same period of each of the two preceding years they had substantially increased the amount of their loans.
The group of industries that includes
petroleum, chemical, and rubber companies,
which ordinarily increases its indebtedness
to banks during the early part of the year,
repaid bank debt through May this year.
Seasonal borrowers such as food processors,
trade concerns, and commodity dealers,
who usually reduce their bank loans during
the early months of the year, made somewhat
larger repayments on balance in early 1958
than a year ago.
Business use of bank credit has also declined substantially in the public utility and
sales finance groups. External financing
needs in these industries have changed only
moderately, but bank credit has been replaced in part with nonbank funds. In the
public utility group, a relatively large proportion of the funds raised in the capital
market, particularly in the early months of
the year, was used to retire bank debt.
Sales finance companies repaid $900 million of bank loans in the first five months
of 1958, in contrast with loan reduction of
$35 million through May of last year. They
have obtained a much larger volume of funds
than in 1957, however, through issuing
short-term paper, particularly to nonfinancial corporations. Rates on finance company paper have fallen considerably more
than rates charged on short-term bank loans
to business.
Security issues. Corporate security offerings for new capital are estimated at $5.9
billion in the first half of 1958, about onetenth below last year's record volume, but
well above the total for the first six months
i
1
i
1
-
200
600
PUBLIC UTILITIES
200
JAN.
FES.
MAR.
APR.
MAY
JUNE
NOTE.—Monthly changes in large loans reported by a sample
of more than 200 weekly reporting banks. Changes in 1957
are cumulative from Jan. 2; in 1958. from Dec. 31, 1957.
646
FEDERAL RESERVE BULLETIN • JUNE 1958
of any other recent year, as the chart shows.
Public utilities and communications companies have accounted for about one-half of
total corporate new capital issues this year,
compared with two-fifths and one-third in
the first six months of 1957 and 1956.
In the first quarter of 1958 the largest
declines in capital market financing were
reported by manufacturers and by companies in the commercial and miscellaneous
group. Securityflotationsby durable goods
CORPORATE NEW CAPITAL ISSUES
January - June,
1952
billions of dollars
1954
1956
1958
NOTE.—Securities and Exchange Commission estimates except for 1958, which includes a Federal Reserve estimate for
the second quarter. New capital issues include all offerings
other than those for retirement of securities.
manufacturers were only one-third, and
those of nondurable goods producers only
one-half, as large as in the first three months
of last year. The only major industry
groups in which the volume of new capital
issues was larger than a year earlier were
electric and gas utilities and communications. During the second quarter a number
of manufacturers have borrowed substantial
amounts in the capital markets, in part to
repay bank loans, while public utility and
communication offerings appear to have
been somewhat smaller than a year ago.
All the decline in corporate security issues this year has been in offerings of common stock. The volume of publicly offered
bonds and debentures has been one-fifth
larger than in the first half of 1957. This
increase has more than offset the decline
in debt securities placed privately with institutional investors.
An unusually large proportion of security
issues this year has been offered, at least in
part, to provide funds for the retirement
of bank loans. Also, the volume of securities issued for the purpose of refunding existing securities, while only a small proportion of total corporate flotations, has been
much larger than in early 1957.
The increase in security issues for refinancing purposes, as well as the continued
large volume of public flotations for other
purposes, has been stimulated in part by the
lowest interest rates on long-term borrowing since 1956. While the decline in longterm rates since last autumn has been more
moderate than the drop in short-term market
rates, it has nonetheless been substantial.
Yields on outstanding high-grade corporate
bonds, which reached a peak of 4.14 per cent
last September, declined to about 3.60 per
cent by mid-January and have remained
close to this level since then. Yields on new
offerings declined more sharply but have also
been relatively stable in recent months.
LIQUIDITY
Corporate liquidity, as measured by the
ratio of cash and United States Government
security holdings to total current liabilities,
increased in late 1957 from the postwar low
of 41 per cent reached in the third quarter,
and appears to have remained at this slightly
higher level in early 1958. Although repayment of short-term bank and trade debt
has been substantial, corporations have
FINANCING BUSINESS INVESTMENT
drawn heavily on their liquid assets during
tax payment periods this year.
Stability in liquidity positions in early
1958 contrasts with declines in the first half
of the past several years. It also contrasts
with a sharp rise in corporate liquidity in
the first half of 1949, when short-term debts
were also reduced substantially but when
there was less concentration of Federal income tax payments in the first half of the
year, and therefore less need to draw on
liquid asset holdings.
647
Over-all working capital positions, however, may have strengthened considerably
in early 1958. Reduction in short-term
debts appears to have been larger than the
decline in total current assets, including
notes and accounts receivable and inventories as well as liquid assets. This would
mean a further rise in net working capital
from the peak reached in the fourth quarter of 1957, and an increase in the ratio
of current assets to current liabilities to the
highest level since the first half of 1954.
Member Bank Earnings, 19S7
valuation reserves on loans and smaller net
losses and charge-offs on loans and securities. Higher net profits together with a
moderate rise in total capital accounts resulted in an increase from 7.7 to 8.3 per cent
in the ratio of net profits to average total
capital accounts. Cash dividends declared
amounted to $604 million, $57 million more
than in 1956.
The ratio of average total capital accounts
to average total assets advanced from 7.6 to
7.9 per cent, and the ratio of average total
capital accounts to average total assets other
than cash and United States Government
securities rose from 14.6 to 14.7 per cent in
1957 member banks reported $2,549 million of net current earnings before income taxes, $150 million more
than in 1956.1 The increase in net profits
after taxes was $142 million. Larger provisions for State and Federal income taxes
were nearly offset by smaller net transfers to
FOR THE YEAR
NOTE.—This article was prepared by Theodore A.
Veenstra, Jr., of the Board's Division of Bank
Operations.
1
Net current earnings are gross current operating
earnings less gross current operating expenses, before
adjustments for losses, profits on sales of securities,
recoveries, and transfers to and from valuation reserves, and before taxes on net income.
MEMBER
BANK EARNINGS,
1946-57
[Dollar amounts in millions]
Item
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
$2,403 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771
Earnings
921
1,054
855
832
On U. S. Government securities
859
865
929 1,011 1,066 1,118 1,101 1,168
149
148
158
211
On other securities
169
190
252
235
273
296
308
339
772 1,044 1,308 1,427 1,634 2,003 2,306 2,632 2,711 3,083 3,725 4,208
On loans
119
100
141
187
Service charges on deposit accounts. .
158
172
219
198
252
274
310
354
346
328
367
436
Other earnings
373
403
452
All
523
634
572
702
1,469
699
212
82
476
1,650
797
236
88
529
1,795
876
250
90
579
1,889
926
261
96
605
2,020
1,000
2,232
1,125
306
115
686
2,501
1,244
365
118
775
2,782
271
109
640
425
125
860
2,999
1,463
494
140
902
3,265
1,571
543
149
Net current earnings before income taxes.
934
929
1,033
1,097
1,245
1,437
1,619
1,809
Profits on securities
Recoveries*
Losses and charge-offs 2
Net increase in valuation reserves....
183
173
247
90
142
251
55
135
195
173
64
91
166
125
82
93
149
121
52
87
202
128
29
84
226
68
35
86
332
40
Profits before income taxes
Taxes on net income
Net profits
Cash dividends declared4
Ratio of net profits to average total
capital accounts (per cent)
1,043
285
910
257
653
281
854
234
621
294
961
275
686
313
1,150
369
1,247
491
1,437
608
781
346
756
371
829
390
9.6
7.9
7.2
7.6
8.3
7.6
7.9
7.8
9.3
7.9
7.7
8.3
Number of banks at end of year
6,900
6,923
6,918
6,892
6,873
6,840
6,798
6,743
6,660
6,543
6,462
6,393
Expenses
Salaries and wages
Interest on time deposits
Taxes other than income
Other expenses
758
267
1 Beginning with 1948, includes recoveries credited either to undivided profits or to valuation reserves; see footnote 3.
2 Beginning with 1948, includes losses charged either to undivided
profits or to valuation reserves; see footnote 3.
3 Not reported separately; transfers to these reserves were included
648
4,222
1,877
1,002
3,680
1,735
650
157
1,138
1,828
2,077
2,398
2,549
375
117
254
165
51
113
426
139
28
124
577
229
57
102
468
177
1,558
692
1,900
804
1,676
691
1,744
718
2,063
895
865
419
1,096
456
985
501
1,027
547
1,169
604
1,371
927
172
1,246
with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small
prior
to 1947.
4
Includes interest on capital notes and debentures.
MEMBER BANK EARNINGS, 1957
649
1957. The latter ratio increased for the
first time since 1954.
A summary of factors contributing to the
increase in net profits of member banks in
1957 appears in the following table.
FACTORS IN HIGHER N E T
PROFITS
[In millions of dollars]
Item
Change
from 19561
Increase in net profits
+142
Factors increasing net profits, total.
Increase in operating earnings
On loans
On U. S. Government securities.
On other securities
Miscellaneous current earnings..
+909
693
483
67
32
111
Nonoperating transactions
Decrease in net losses on securities2
Increase in profits on sales of securities
Smaller net increase in valuation2 reserves on loans.
Decrease in net losses on loans
Decrease in miscellaneous losses
216
86
30
74
22
4
Factors decreasing net profits, total.
Increase in operating expenses
Nonoperating transactions
Smaller net decrease in valuation reserves on sec..
Decrease in miscellaneous recoveries
-765
542
46
22
24
Increase in provision for taxes on net income.
177
1 Details may not add to totals because of rounding.
2
Includes recoveries credited and losses charged either to undivided
profits or to valuation reserves.
As in most recent years, all items of current operating earnings increased in 1957.
Of the total increase of $693 million, $483
million was in earnings on loans. The average rate of return on loans increased from
5.02 to 5.32 per cent and average total holdings expanded $4.7 billion. The average
rate of return on United States Government
securities advanced from 2.31 to 2.53 per
cent and earnings on the securities rose $67
million although average holdings declined
$1.5 billion.2
Commercial and industrial loans increased $1.6 billion during the year, continuing to account for the major portion of
growth in total loans at member banks.
Sample data on changes in commercial and
industrial loans at weekly reporting member
banks indicate that loans to public utilities
and to companies in the metals, metal products, petroleum, coal, chemical, and rubber
industries accounted for most of the increase
CHANGES IN MEMBER BANK LOANS AND INVESTMENTS
1957
EARNINGS AND EARNING ASSETS
Earning assets of member banks continued
to rise, and on December 31, 1957 were
$3.6 billion more than a year earlier. An
expansion of $2.9 billion in loans and of
$1.2 billion in other securities was partly
offset by a $0.5 billion decrease in holdings
of United States Government securities. Although the net increase in earning assets
was approximately the same in 1957 as in
1956, the increase in loans and the decrease
in Government securities were both substantially less than in 1956 and the increase
in holdings of other securities was in contrast to a $0.5 billion decrease in 1956.
The decline in member bank holdings
of Government securities was entirely in
bonds, as combined holdings of bills,
notes, and certificates increased $0.7 billion.
[Dollar amounts in millions]
Item
Change from
Dec. 31, 1956
Dec. 31,
1957
Amount
Total loans and investments
$142,353
$+3,586
Percentage
+ 2.6
+ 3.7
Loans1
Commercial and industrial....
Agricultural
For purchasing and carrying securities
Real estate
Other loans to individuals....
All other
80,950
37,868
2,472
+2,916
+ 1,572
6
±4l
3,857
18,231
16,775
3,316
62
+ 420
+ 1,010
+ 169
+
+
+
U. S. Government securities...
Treasury bills, notes, and
certificates
Bonds*
47,079
-
496
-
1.0
16,042
31,038
+ 697
-1,193
Other securities
State and local government.
Other
14,324
11,235
3,089
+1,165
+
+
+
+
4.5
3.7
8.9
7.1
15.9
+ 741
+ 424
1.6
2.4
6.4
5.4
1 Totals are net (after deduction of valuation reserves); individual
loan items are gross and do not add to totals.
2 Includes small amount of guaranteed obligations.
2
Average holdings of earning assets during the
year may differ considerably from year-end holdings.
650
in commercial and industrial loans. Increases were also reported in consumer loans
to individuals and in real estate loans. Agricultural loans and loans for purchasing
and carrying securities were slightly lower
than at the end of 1956.
EXPENSES
All categories of member bank expenses
continued to rise in 1957 and total current
operating expenses, at $4,222 million, were
15 per cent higher than in 1956. Interest
paid on time deposits increased 43 per cent
and accounted for more than half of the
$542 million increase in current operating
expenses. The sharp rise in interest paid on
time deposits reflected an increase of $3.4
billion in the average volume of such deposits and a rise in the average rate of interest
paid from 1.58 to 2.08 per cent. Early in
1957, after an upward revision in the maximum interest rates that banks are permitted to pay on time deposits, many banks
raised the rates paid. Salaries and wages
accounted for $142 million of the increase
in expenses; the number and the average
compensation of officers and employees both
increased.
LOSSES, CHARGE-OFFS, RECOVERIES,
PROFITS, AND TRANSFERS TO RESERVES 3
Net losses and charge-offs on securities were
$86 million less and profits from sales of
securities $30 million more than in 1956.
Net losses and charge-offs on loans decreased $22 million; they amounted to $59
million or 1.4 per cent of total earnings on
loans compared to $81 million and 2.2 per
cent in 1956.
Net transfers to valuation reserves on
3
In this analysis, losses and charge-offs are those
debited to either undivided profits or valuation reserves, and recoveries are those credited to either
account; transfers between undivided profits and
valuation reserves are not included.
FEDERAL RESERVE BULLETIN • JUNE 1958
securities were $59 million, about the same
as in 1956. Losses charged directly exceeded recoveries by $69 million, however,
and these reserves were reduced $10 million
to $171 million at the year-end. This was
0.28 per cent of the book value of all securities held by member banks.
All these transactions in nonoperating
profits, recoveries, losses, charge-offs, and
valuation reserves resulted in a reduction in
net profits of $485 million, of which $246
million was on loans, $200 million on securities, and $39 million on all other assets.
The comparable net reduction in 1956 was
$654 million.
INCOME TAXES
Provision for taxes on net income increased
$177 million and amounted to 43 per cent
of profits before income taxes, compared
with only 41 per cent in 1956.
DIVIDENDS AND CAPITAL
Cash dividends declared in 1957 totaled
$604 million, $57 million more than in
1956, but represented only 52 per cent of
net profits compared with 53 per cent in the
earlier year. The ratio of cash dividends to
average total capital accounts was 4.3 per
cent, slightly higher than in 1956. Retained
earnings increased $86 million to $565 million and accounted for 63 per cent of the
increase in total capital accounts compared
with 55 per cent in 1956.
EARNINGS AND PROFITS BY CLASS OF BANK
Net profits rose at all reserve classifications
of member banks. They increased 23 per
cent at New York central reserve city banks,
one per cent at Chicago central reserve city
banks, 10 per cent at reserve city banks, and
15 per cent at country banks. The smaller
percentage increase in net profits at Chicago
central reserve city banks was due prin-
MEMBER BANK EARNINGS, 1957
651
cipally to larger net transfers to valuation
reserves in 1957.
Earnings on loans and on United States
Government securities increased at all reserve classifications of member banks, except at Chicago banks where earnings on
Government securities declined $3 million.
Current operating expenses rose at all
reserve classifications, with the increases
ranging from 11 per cent at New York and
Chicago central reserve city banks to 16 per
cent at reserve city and country banks. The
percentage of net current earnings carried
to net profits, which was 46 per cent at all
member banks, varied from 38 per cent at
Chicago central reserve city banks to 48
per cent at country banks.
The increase in the ratio of net profits to
average total capital accounts from 7.7 per
cent to 8.3 per cent at all member banks
was reflected at all reserve classifications
except central reserve city banks in Chicago.
Increases in cash dividends occurred at all
classes of member banks.
Summary data by class of bank are shown
in the following table. Detailed figures on
earnings and related items appear on pages
710-18 of this BULLETIN.
MEMBER BANK EARNINGS, BY CLASS OF BANK, 1957
AND
1956
[Dollar amounts in millions]
Central reserve city banks
Reserve
city banks
Total
New York
1957
1956
Earnings
On U. S. Government securities.
On other securities
On loans
All other
$6,771 $6,078 $1,136 $1,014
1,168 1,101
133
137
308
339
47
47
4,208 3,725
633
727
945
1,056
201
225
$274
46
$243 $2,664 $2,402 $2,697 $2,419
426
404
49
558
514
116
16
128
149
129
143
1,694 1,511 1,615 1,438
415
371
35
374
338
Expenses
Salaries and wages
Interest on time deposits.
All other
4,222
1,877
927
Net current earnings before income taxes.
1956
15
172
41
1957
1956
Country
banks
1956
1957
1957
Chicago
1957
1956
1,418
3,680
1,735
650
1,295
592
293
80
220
536
275
59
202
136
65
23
49
123
60
19
44
1,666
731
398
537
1,441
677
266
497
1,827
788
427
613
1,579
724
305
551
2,549
2,398
544
478
137
119
998
961
870
840
57
102
468
111
28
124
577
229
11
13
97
29
11
34
109
67
7
4
25
30
2
7
40
7
24
37
166
43
38
222
63
15
49
180
74
6
45
206
91
Profits before income taxes.
Taxes on net income
2,063
895
442
209
82
30
679
260
593
229
233
152
53
24
52
23
849
385
464
242
723
302
1,169
604
346
157
189
133
93
41
Net profits
Cash dividends declared3.
Ratios (per cent):
Net current earnings before income taxes to
Average total capital accounts
Average total assets
1,744
718
1,027
547
421
223
419
186
364
168
18.1
1.42
18.0
1.37
18.2
1.70
17.0
1.52
20.6
1.65
18.7
1.43
19.2
1.42
19.7
1.40
16.5
1.26
17.0
1.26
8.3
0.65
7.7
0.59
7.8
0.73
6.7
0.60
7.9
0.64
8.2
0.63
8.9
0.66
8.6
0.61
8.0
0.61
7.4
0.55
Profits on securities
Recoveries 1
Losses and charge-offs2
Net increase in valuation reserves.
Net profits t o Average total capital accounts.
Average total assets
l Includes recoveries credited either to undivided profits or to
valuation reserves.
2
Includes losses charged either to undivided profits or to valuation
reserves.
3 Includes interest on capital notes and debentures.
Current Events and Announcements
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
FEDERAL RESERVE MEETINGS
Meetings of the Federal Open Market Committee
were held in Washington on May 27 and June 17,
1958.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on June 16,
1958, and on June 17 the Presidents met with the
Board of Governors.
ADMISSION OF STATE BANK TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
The following State bank was admitted to membership in the Federal Reserve System during the
period April 16, 1958 to May 15, 1958:
Minnesota
Grand Rapids. .
. Grand Rapids State Bank
652
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of... Feb. 1958
On, and not on, Federal Reserve Par
List, number of
Feb. 1958
Annually
Earnings and expenses:
Federal Reserve Banks
Feb. 1958
Member banks
June 1958
Insured commercial banks
June 1958
Banks and branches, number of, by class
and State
Apr. 1958
Operating ratios, member banks
June 1958
Stock Exchange firms, detailed debit and
credit balances
Mar. 1957
Page
202
203
200-01
710-18
719
492-93
720-22
336
Banking and mon«stary statistics. 1957.. { *fe J « g
^04-10
Summary
flow-of-funds
accounts,
1954-56
Oct. 1957
Bank holding companies, Dec. 31, 1957 Feb. 1958
1190-94
211
National Summary of Business Conditions
Released for publication June 13
Economic activity firmed in May following
eight months of decline. Industrial production,
employment, and incomes edged up, and retail
sales were maintained. Unemployment declined
more than seasonally. From early May to early
June, average wholesale prices of industrial commodities were stable, while prices of farm products declined. Total bank credit continued to
expand, and yields on short-term securities declined further.
ingot production rose from 80 per cent of the
1947-49 level in April to 89 per cent in May,
and to 106 per cent in early June. Seasonally
adjusted auto output rose about one-fifth in May,
to 96 per cent of the 1947-49 average, and was
maintained close to the higher rate in early June.
Output of household furniture and television sets
also increased in May. Activity in the aircraft
and ordnance industries continued stable, but
production of most business equipment declined
further.
INDUSTRIAL PRODUCTION
CONSTRUCTION
Output of manufactures and minerals in May,
as measured by the Board's seasonally adjusted
index of industrial production, was 127 per cent
of the 1947-49 average, one point above April
and 12 per cent below last August. The rise in
May reflected a small gain in activity in durable
goods industries, following a decline of about onefifth from August to April. Curtailment in minerals production also had been marked through
April, and output was maintained in May. Production of nondurable goods has been relatively
stable since February at a rate 5 per cent below
the August 1957 peak.
Increased activity in durable goods industries
in May reflected some recovery in output of steel
and autos from sharply reduced levels. Steel
INDUSTRIAL PRODUCTION
1947-49-100
160
r
t—
TOTAL
**
^f
\
,
(—
~
140
~
120
;
DURABLE
MANUFACTURES
140
MINERALS
/3
A/
120
J
NONDURABLE \ ^ .
MANUFACTURES
_
100
|
. | .
i | ]
H M M I l l l l l M I I I
, I , , U ^ A
Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for May.
EMPLOYMENT
Seasonally adjusted nonagricultural employment increased 100,000 in May to 50.7 million,
but was 2 million less than a year earlier. The
rise in May reflected mainly a further gain in
construction employment. In manufacturing industries, employment changed little following
eight months of substantial decreases. Unemployment declined 200,000 to 4.9 million and,
on a seasonally adjusted basis, was 7.2 per cent
of the civilian labor force compared with the
postwar high of 7.5 per cent in April.
DISTRIBUTION
V
i
Private housing starts rose in May to a seasonally adjusted annual rate of one million units
from 950,000 in April. Value of new construction declined slightly further, to a seasonally adjusted annual rate of $47.3 billion. This was
6 per cent below the revised December peak,
reflecting mainly declines in residential, industrial, and highway construction.
Seasonally adjusted retail sales in May remained at about the improved April level, and
were 3 per cent below the peak reached last
summer. Sales at department stores, which advanced slightly in May, were maintained in early
June. Sales of new autos, while still low, reached
a new high for the year in May, and dealer
stocks dropped substantially further.
During April, combined inventories of manufacturers and distributors continued to decline
653
654
FEDERAL RESERVE BULLETIN • JUNE 1958
and were 4 per cent below their end-of-September
peak. Rail shipments of manufactured goods,
which declined sharply from last summer to
March, rose somewhat in April and May.
COMMODITY PRICES
The wholesale commodity price index drifted
lower from early May to early June, reflecting
a decline in average prices of farm products.
Decreases among fresh fruits and vegetables and
in winter wheat and better grades of cattle were
only partly offset by increases in hogs and some
other commodities. Prices of processed foods
continued to rise, reflecting further increases in
meats. Meanwhile, average prices of industrial
commodities changed little, although markets for
copper, steel scrap, and some other basic commodities strengthened.
BANK CREDIT AND RESERVES
Total credit at city banks increased almost
$1 billion further between early May and early
June reflecting continued expansion in bank holdings of U. S. Government and other securities.
Business loans declined further but security loans
rose, mainly in connection with Treasury financing operations in early June.
RETAIL TRADE
Free reserves of all member banks averaged
$480 million over the four weeks ending June 11,
slightly less than the average of the previous four
weeks. Between the weeks of May 14 and June
11, more reserves were absorbed by currency
and gold outflows and increases in required reserves than were supplied to banks, principally
through Federal Reserve purchases of U. S. Government securities.
SECURITY MARKETS
During May yields on short-term Treasury
securities reached new lows for the year. Threemonth bills declined from around \V\ per cent
to only slightly more than Vi per cent. In the
first half of June the bill rate rose again to over
3
A per cent. Yields on intermediate-term Treasury issues declined slightly further in May, and
then leveled off in early June when the Treasury
offered a new 27-year bond for cash and also
refunded approximately $9.6 billion of maturing
bonds and notes, mainly with a bond due in
early 1965. Yields on long-term Treasury bonds
and on corporate and State and local issues
changed little throughout the period. Prices of
common stocks increased to new highs for this
year.
INTEREST RATES
1947-49-100
TOTAL RETAIL SALES
-
150
140
130
J J 1 M 1 1 II II
I I M II I IMI I I M M
II ! M
M M
1 1 !
1111
I I 1 UJL. 120
170
DEPARTMENT STORES
160
-
STOCKS,
-
SALES
•v
150
140
L A
-
130
120
J J I M I I I I I l l l l M M M
i i i ! i i i i i
I 1 1 IIM M
1 I 1
M M
M 1 1 L i. 110
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for department store stocks is April, for other
series, May.
Weekly average market yields for long-term U. S. Government V/i per cent bonds and for longest Treasury bills; latest
shown are for week ending June 6.
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.
657
660
661
664
666
667
670
672
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
674
675
676
677
678
680
684
685
687
690
Selected indexes on business activity.
Production
Employment and earnings
Department stores. .
Foreign trade.
Wholesale and consumer prices
National product and income series
694
695
702
704
705
706
708
Member bank earnings, 1957
Member bank operating ratios, 1957
Tables published in BULLETIN, annually or semiannually—list, with references
Index to statistical tables
710
720
652
751
Tables on the following pages include the principal statistics of current significance relating
to financial and business developments in the
United States. The data relating to Federal
Reserve Banks, member banks of the Federal
Reserve System, and department store trade, and
the consumer credit estimates are derived from
regular reports made to the Board; production
indexes are compiled by the Board on the basis
of material collected by other agencies; figures
for gold stock, currency in circulation, Federal
finance, and Federal credit agencies are obtained
from Treasury statements; the remaining data
are obtained largely from other sources. Back
figures for 1941 and prior years for banking and
monetary tables, together with descriptive text
may be obtained from the Board's publication.
Banking and Monetary Statistics.
655
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions
of
dollars
MEMBER BANK
RESERVE BALANCES
35
CURRENCY IN CIRCULATION
I
30
25
RESERVE BANK CREDIT
GOLD STOCK
20
TREASURY CASH A N D
^NONMEMBER
!
(
FEDERAL RESERVE CREDIT
DEPOSITS
DEPOSITS
0
^
30
U. S. GOVERNMENT SECURITIES
25
20
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1952
1953
1954
1955
1956
1957
Latest averages shown are for week ending Apr. 30. See p. 657.
656
1958
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Deposits, other
than member bank
reserves,
with F. R. Banks
Reserve Bank credit outstanding
Treas- Curury
rency
curin
rency
ciroutculastan d- tion
ng
U. S. Govt. securities
Week
ending
Discounts
and
Float Total
advances
Gold
stock
Total
Held
Bought under
outrepurright
chase
agreement
23,189
23,262
23,282
23,237
23,040
23,040
23,146
23,169
15
22
29
23,169
23,213
23,083
22,915
22,930
23,169
23,125
23,033
22,915
22,901
June
5.
12.
19.
26.
23,110
22,97f
22,930
22,951
22,950
22,926
22,880
22,888
902
160
46 1,059
50 1,089
63 1,003
954 24,987
936 24,988
,384 25,424
,320 25,294
22,620
22,621
22,621
22,622
5,104
5,106
5,106
5,106
July
3.
10.
17.
24.
31.
23,098
23,443
23,319
23,342
23,360
23,031
23,260
23,252
23,235
23,084
67 1,068
183 1,213
67 1,062
107
739
276
553
,198 25,387
,111 25,792
,236 25,641
,351 25,456
998 24,932
22,623
22,623
22,625
22,625
22,626
5,107
5,108
5,108
5,108
5,110
Aug.
7.
14.
21.
28.
23,116
23,04~
23,034
23,220
23,078
23,047
23,034
23,215
38 1,060
1,161
931
915
928 25,124
874 25,102
,227 25,211
977 25,133
Sep.^4.
18.
25.
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
858 25,228
832
1,031
953 25,408
950 1,44: 25,719
1,106 1,318 25,622
Oct.
2.
9.
16.
23.
30.
23,346
23,545
23,371
23,267
23,195
Nov.
6.
13.
20.
27.
Dec.
4.
11.
18.
25.
Treasury
cash
holdings Treas- Foreign
ury
Member bank
reserves
Other
F. R.
Other
Total
Required 2
Ex-
Averages of
daily figures
1957
3
10
17
24
5,086
5,088
5,089
5,092
18,868
19,088
19,107
19,201
18,525
18,523
18,556
18,639
343
565
551
562
291
275
241
273
279
,148 19,000
,078 18,984
,075 18,845
,074 18,818
,073 18,616
18,621
18,495
18,368
18,284
18,264
379
489
477
534
352
357
379
389
407
323
276
335
254
,072 18,846
,069 18,834
,076 19,148
,087 19,171
18,378
18,330
18,546
18,625
468
504
602
546
546
431
455
507
494
420
339
413
385
370
296
290
279
267
278
,077
,077
,073
,070
961
18,865
19,308
19,200
19,189
18,885
18,521
18,732
18,636
18,568
18,493
344
576
564
621
392
767
764
762
764
498
475
513
475
355
363
343
339
277
273
270
268
1,116
1,113
1,203
1,203
18,868
18,786
18,806
18,831
18,331
18,195
18,254
18,397
537
591
552
434
31,149
31,256
31,184
31,052
759
759
755
769
485
431
510
759
340
357
429
386
281 1,197 18,760 18,346
279 1,194 18,876 18,301
287
196 19,108 18,484
255
,189 18,963 18,416
414
575
624
547
942 1,000 25,304 22,634 5,125
52
233 1,009
991 25,563 22,646 5,127
992
90
,071 25,451 22,658 5,128
605
45
,51" 25,407 22,665 5,131
051 24,972 22,671 5,132
710
16
31,039
31,129
31,191
31,129
31,008
776
774
776
781
786
493
498
506
464
518
356
373
333
317
318
253
260
252
265
251
,112
,112
,110
,109
,057
19,034
19,189
19,068
19,137
18,837
18,685
18,625
18,574
18,574
18,474
349
564
494
563
363
22,707
22,731
22,757
22,762
5,135
5,136
5,137
5,139
31,115
31,287
31,336
31,431
79:
795
801
794
461
505
503
469
367
329
315
301
313
407
386
294
,056 18,963
,057 18,911
,054 18,987
,030 18,907
18,509
18,354
18,459
18,461
454
557
528
446
22,763
22,766
22,770
22,770
5,141 31,668
5,142 31,827
5,143 31,973
5,145 32,089
770
769
768
764
305
318
339
483
291
318
334
359
,041
191
,080
186
,050
183
179 1,061
18,580
18,600
18,873
19,014
443
427
610
652
5,147
5,146
5,147
5,149
5,151
31,962
31,553
31,207
30,878
30,625
773
768
771
781
789
458
529
503
511
521
397
337
306
275
275
201 1,045 19,707 19,04:
186
996 19,658 18,98:
190
994 19,348 18,769
99: 19,216 18,624
227
99: 19,089 18,509
275
665
676
579
592
580
22,783
22,784
22,785
22,714
5,157
5,159
5,161
5,165
30,581
30,675
30,64?
30,54:
77'
734
685
69!
378
296
501
508
265
284
337
284
294
325
293
276
1,046
1,118
1,195
1,193
18,997
19,054
19,122
18,909
18,498
18,483
18,427
18,426
499
571
695
483
892 24,309
816 24,456
973 24,638
983 24,742
22,686
22,615
22,541
22,498
5,169 30,563
5,174 30,641
5,178 30,592
5,180 30,524
701
71
804
790
486
479
257
580
270
273
257
258
320
293
368
400
1,151
1,148
1,150
1,143
18,674
18,699
18,930
18,725
18,084
18,096
18,332
18,037
590
603
598
688
144
90
199
11
125
776 24,586
879 24,638
829 24,701
990 24,854
77' 24,566
22,394
30,63
22,294
30,744
22,199
30,733
22,081 5,193 30,617
22,024 5,194 r30,520
724
729
731
721
»732
523
479
457
417
601
277
269
319
242
235
368
493
381
376
,397
1,109
1,106
1,104
1,10:
1,051
18,526
18,300
18
18,369
18,654
18,249
17,830
17,673
17,754
18,055
17,654
696
627
615
599
595
118
123
104
119
808 24,763
760 24,854
994 25 ,016
780 24,99'
21,96' 5,197
21,886
21,779
21,661 5,201
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 17,647
18,190 17,528
18,248 ^17,571
18.19- ^17,543
629
662
P677
30,589
30,655
30,681
30,610
814
808
791
517
387
478
456
294
340
344
390
314
305
300
454
730 1,168 25,093 22,318 5,094 30,499
993
947 25,177 22,318 5,095 30,589
975
948 25,031 22,319 5,096 30,654
793 1,341 25,070 22,320 5,098 30,645
979 24,833 22,406 5,102 30,660
903
793
795
787
790
794
419
504
479
525
562
352
366
366
362
358
30,837
30,903
30,904
30,849
792
791
782
776
485
463
518
477
31,150
31,313
31,184
30,999
30,910
763
765
770
774
770
22,627
22,627
22,625
22,626
5,113 30,983
5,114 31,069
5,116 31,055
5,118 30,998
22,626
22,626
22,627
22,628
5,118
5,119
5,121
5,123
23,294
23,312
23,281
23,222
23,179
23,441
23,498
23,288
23,318
23,256
23,332
23,282
23,167
185
166
6
151
824
911
752
777
943 25,225
997 25,424
,430 25,489
,209 25,325
23,732
23,886
23,907
23,950
23,480
23,574
23,600
23,617
252
3i:
30'
333
626
676
751
786
,005 25,387
,020 25,617
,525 26,218
,894 26,687
15.
22.
29.
24,344
24,011
23,720
23,315
23,372
23,735
23,645
23,581
23,266
23,335
609
366
139
4!
3'
,550 26,623 22,77r4
661
707
,328 26,100 22,781
580 1,039 25,390 22,781
359 1,230 24,949 22,782
295
919 24,63f 22,783
Feb.
5....
12....
19....
26....
23,364
23,422
23,373
23,380
23,321
23,292
23,285
23,380
43
130
88
803 24,39'
189
286
793 24,543
361 1,054 24,830
153
952 24,527
Mar.
5....
12....
19....
26....
23,256
23,466
23,500
23,552
23,251
23,432
23,480
23,518
118
131
126
167
Apr.
2.. .
9.. .
16...
23...
30...
23,62:
23,628
23,633
23,712
23,626
23,625
23,628
23,611
23,704
23,612
May
1...
14...
21...
28...
23,799
23,93
23,876
24,053
23,799
23,931
23,876
24,053
Apr.
May
1
1958
Jan.
'Preliminary.
r
877 25,165
149 1,074
881 25,400
222 1,230
967 25,520
136 1,244
947 1,484 25,695
68
88
50
"29
22,306
22,307
22,313
22,317
Revised.
30,659
30,812
30,822
30,813
For other notes see following page.
657
1,167
1,205
1,203
1,202
19,023
19,027
19,483
19,666
658
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
Currency
in
circulation
7? 358
22 621
7? 675
22 626
22, 627
?,? 660
22, 743
22, 769
098
5 ,106
108
5 115
5 171
5 , 1?9
5 137
5 ,144
30, 645
30 90?
31 j 116
31 035
31 143
31 109
31 335
792
782
769
764
763
780
793
521
490
480
490
547
495
464
361
393
377
349
378
338
322
31, 932
768
385
345
,097 19,040
1 ,044 18,958
447
186 1 ,063 19,420 18, 843
111
512
297
224
111
750
r
294
265
267
286
299
350
410
401
U.S. Govt. securities
Period
or
date
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForRe- 2 ExOther
Total quired
ury
eign
cess 2
Treasury
currency
outstanding
Gold
Disstock
Held counts
Float Total 1
under
and
Bought repur- adTotal outchase vances
right agreement
Averages of
daily figures
1957
?3 041
??, 989
?3 351
?3 146
?3 375
?3, 348
?*, 417
May
June
Julv
Aug
Sept
Oct
Nov
Dec
??, 996
77, 917
?3 198
73 179
73 30?
7 3 , 75?
73 776
45
72
153
17
23
96
,046 75 041
170 7.5 189
J 7 5 ? ^ 466
989 25 166
,147 25 489
143 75 326
,126 25 373
1,443 26, 186
931
1,009
917
1,010
994
818
810
23, 982 23, 615
141
367
->t 608 73, 458
150
454
73, 313
73 465
73, 638
73, 939
65
21
242
139
130
119
148
1, 998
7, 484
?, ?54
74 76?
77, 559
70, 775
74, 888
74, 391
73 71?
74, 610
68
716
276
290
279
273
271
258
337
1 ,075 18,827
18 36?
1 ,048 19 129
18
18
18
18
18
,077 18,982 18 485
,163 18,834
1 ,180 18,956
595
300
434
573
465
497
534
534
522
467
511
577
1958
Jan
Feb
Mar
?3, 378
73 486
649
^ i
. . . . ^ 939
Apr
?
May
9
11
?5
74
24
74
74
779
568
559
68?
939
7? 78?,
?,?. 759
22, 548
77 166
7.1 801
5 148 31, 059
5 ,161 30 608
5 177 30 589
5 ,191
654
5 700 30 797
731
421
457
494
466
57 1
4 2
91 7,
94
578 75
535 7.3
1,368 22
808 25
1,585 26
1 210 75
1,665 26
400
270
593
361
091
181
216
885
507
?19
699
4
4
17
22
70
7?
22
71
21
71
21
4 , 459
204
019
5 434
? ,786
264
963
7 598 2 409
3 ,?47 11 160 2,215
4 339 78 515 2 287
4 56? 78 868 1 336
4 636 77 741 1,293
4 985 30 509
796
5 008 31 158
767
5 03? 30 715
768
5 066 31 790
775
36
35
634
867
977
870
668
563
394
522
441
6
15
397
774
862
392
895
490
402
297
322
21
151
256
586
446
569
565
441
554
313
426
118
907
893
864
841
no,
728
993 19 296 18 7?3
1 ,150 19,000
147 18,730
1 ,092 18,394
18 434
18, 097
17 77?
573
566
633
622
2 356
2,292
11 653
12,450
15 915
17,899
17,681
907 18,876
9? 5 19,005
992 18 443
901 19,059
333
1 817
444
9 365
H 457
16 400
16 509
18 618
18 903
18 449
19 089
23
475
5 209
3*085
1 458
1 499
1 172
258
102
—6
-30
,036 18,223
Midyear or
year-end
1929 June
1933—j un e
1939 Dec
1941—Dec
1945 Dec
1947 Dec .
1950—Dec
1954 Dec
1955—Dec
1956 June
Dec
?16
1 998
?
?4
00
?0
?4
?4
?1
?4
484
754
?6?
559
778
937
785
758
915
53
44
394
46
305
1 037
164
7
3
249
85
67
143
108
232
50
•
•
•
•
037
031
644
737
065
754
706
713
690
799
949
374
346
251
791
495
563
714
End of month
1957
. . ?3 108 77, 950
May
June
July...
Aug.
Sept
Oct
Nov
Dec
?3
73
73
?3
73
. . . 73
?4
035
355
539
31?
338
733
738
77, 994
73 079
73; 475
7 3 , 31?
73, ?18
? 3 , 448
73 719
158 1,170
41
276
64
120
285
519
558
420
986
396
789
819
55
926
1,199
896
865
898
1,062
942
1,424
25 ?.?,4 22 620 5 ,104 30 836
74 816 22 67-3 5 ,107 31 08?
933
133
073
090
661
834
788
758
759
752
773
784
761
761
568
498
504
477
429
552
243
481
360
449
364
342
337
378
283
356
274
308
296
285
261
256
196
246
30 576
30 554
24
25
74
25
7,5
25
691
418
67?
206
515
784
22
22
7?
22
7?
22
627
626
635
691
763
781
5 111
5 ,118
5 1?5
5 135
5 139
5 146
30
31
31
31
31
31
1,072 19,049 18
1,075 18,376 18
94? 18,630 18
,198 18,975 18
1,111 18,399 18
,056 18,917 18
1,000 19,274 18
998 19,034 19
351
543
570
305
694
541
578
091
698
-167
110
670
-295
376
696
-57
990 18,958 18
1,151 18,667 18
378 1,108 18,532 17
411 1,050 18,254 17
624
994 18,176 »17
543
186
857
686
573
415
481
675
568
P603
1958
73 331 73, 331
?3 'MO 73 ?40
Jan
Feb
Mar
Apr
May
763
974
765
797
965
24 352 22 784 5 ,158
74 330 77 686 5 ,169
394 5 ,183
24 570
24 ,672
996 5 ,196
7,5 313
593 i>5 70?
30 666
30 565
P30 989
771
695
474
594
382
266
257
234
279
336
722
734
P710
469
516
249
265
137
156
144
107
227
231
118
792
724
824
704
74 773 77 686
74 530 72 61?
24 ,531 22 ,513
24 ,386 22 ,494
5 ,169
5 ,175
30 580
30 594
710
734
386
446
286
281
100
623
243
256
309 1,149 18,708
303 1,147 18,812
411 1,154 18,972
393 1,110 18,426
18 071
18 196
18 ,547
18 006
637
616
425
420
112
139
296
242
156
732
735
77 170
7? 046
71 996
5 19? 30 668
5 ,194 30 51?
5 ,196 30 565
603
482
910 75 04?
761 74 ,745
797 74 67?
394
462
594
279
253
383 1,107 18,366
407 1,105 18,298
384 1,102 18,870
395 1,101 18,555
411 1,050 18,254
17 ,669
17 690
727
731
734
697
608
650
544
568
691
749
775
644
21
21
21
21
5 ,198
5 ,200
5 ?00
5 ,201
30 719
30 807
30 755
30 ,962
742
747
724
359
427
435
288
308
311
715
382
277
373 1,048 18,322 17 ,635
400 1,045 18,180 17 ,526
386 1,044 18,133
,557
400
995 18,036 m
m ,573
217
122
23 628 23, 628
681 23, 681
% 16? ?4, 16?
li
Wednesday
1958
Mar
5..
12
19
26
Apr. 2
9
16
23
?3 331
73 536
73 316
73 459
23 ,437 23 437
23 ,525 23 525
23 ,628 23 628
73 ,678 73 678
73 ,796 73 704
73 704
?3 ,681
?3 704
73 681
23 ,852
23 ,937
2 1 . . . . . . . . ?3 943
24 ,065
28
23 852
23 937
?3 943
30.
May 7
24 065
15
77
92
125
116
86
172
5 ,179 30 521
5 ,182 30 523
786 24 ,566 22 ,394 5 ,185 30 676
69? ?4 499 77 795 5 ,191 30 704
24 ,706
24 ,841
24 844
24 ,922
,947
,873
743
,643
r
» Preliminary.
Revised.
i Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
821
730
259
227
257
dates in subsequent tables o n Federal Reserve Banks.
2 These figures are estimated.
18 ,??0
18 011
17 686
687
654
P576
P463
659
BANK RESERVES AND RELATED ITEMS
R E S E R V E S , D E P O S I T S , A N D B O R R O W I N G S O F M E M B E R B A N K S , BY C L A S S E S
[Averages of daily figures. *
Item and period
All
member
banks
Central reserve
city banks
York
Chicago
New
Re-
serve
city
banks
Country
banks
In millions of dollars]
Item and period
All
member
banks
Central reserve
city b a n k s
Reserve
city
banks
Chicago
New
York
Excess reserves:2
Total reserves held:
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
19,087
18,827
18,982
19.129
18,834
18,956
19,040
18,958
19,420
4,307
4,234
4,335
4,294
4,170
4.211
4,231
4,162
4,336
1,097
,101
,121
,131
,123
,122
,116
,101
1,136
7,921
7.794
7,774
7,906
7,790
7,800
7,836
7,849
8,042
5,762
5,697
5,751
5,799
5,750
5,823
5,857
5,847
5,906
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
506
465
496
534
534
522
467
512
577
13
15
6
19
9
-1
3
-2
7
2
5
16
34
1958—Jan
Feb
Mar
Apr
19,296
19,000
18,730
18,394
4,251
4.204
4,272
4,122
,125
1,114
1,098
,052
8,007
7,871
7,701
7,651
5,914
5,811
5,659
5,569
1958—Jan
Feb
Mar
Apr
573
567
633
623
18,369
18,654
18,249
4,148
4,133
4,106
1,059
1,071
1,049
7,651
7,819
7,600
5,511
5,631
5,494
18,276
18,190
18,248
18,194
4,041
4,000
3,969
4,082
1,047
1,050
1,053
1,076
7,562
7,595
7,653
7,622
5,627
5,546
5,573
5,414
Week ending:
1958_Apr. 16
23
30
May
7
14
21
28
Required reserves:2
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
18,580
18,362
18,485
18,595
18,300
18,434
18,573
18,447
18,843
4,308
4,221
4,320
4,288
4,152
4,203
4,231
4,147
4,303
,097
1,098
,123
1,124
1,121
1,117
1,116
1,100
1,127
7,855
7,739
7,729
7,840
7,722
7,749
7,797
7,786
7,956
320
305
5,314
344
5^306
5,366
5,429
5,414
5,457
1958—Jan
Feb
Mar
Apr
18,723
18,434
18,097
17,772
4,216
4,182
4,228
4,107
1,121
1,109
1,087
1,049
7,928
7,773
7,603
7,572
5,458
5,369
5.179
5,043
Week ending:
1958—Apr. 16
23
30
17,754
18,055
17,654
4,107
4,141
4,029
1,060
1,063
1,042
7,587
7,752
7,501
5,000
5,099
5,082
17.647
17,528
'17.571
'17,543
4,035
3,954
3,955
3,953
1,049
1,041
1,042
1,046
7,487
7,464
7,506
7,485
5,076
5,069
^5,068
^5,059
May
7
14
21
28!.'.'.'.'.'.'
Deposits:
115,873
12,719
103,154
99.962
44,005
23 ,293
4 ,028
19 ,265
20 ,598
3 ,773
5 ,866
1 ,184
4 ,682
5 ,159
1 ,310
45,487
6,174
39,313
38,735
17,657
41,227
1,333
39,894
35,470
21,264
6,380
75
93
1,990
4,222
April 1958
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3. .
Time deposits
Demand balances due
from domestic banks. .
116 ,693
13 ,464
103 ,229
99 ,935
50 ,237
23,817
4,184
19,632
20,688
5,000
5 ,948
1 ,284
4 ,663
5 ,251
1 ,411
45,694
6,544
39,150
38,898
20,186
41,234
1,451
39,782
35,098
23,640
6 ,832
86
104
2,062
4,580
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
1
8
65
56
45
66
69
51
39
63
86
443
393
438
455
444
457
428
432
449
34
22
44
15
4
5
11
3
78
98
98
79
456
442
479
526
615
599
595
41
77
_!
9
7
64
67
99
511
532
412
629
662
^677
*>651
5
46
15
128
-2
8
11
30
75
131
146
137
551
477
*>5O5
^356
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1.011
909
1.005
917
1,005
988
811
804
710
299
117
200
186
308
263
141
96
139
210
169
46
34
28
120
115
123
85
329
422
531
519
468
485
428
405
314
173
201
228
177
201
121
127
181
172
1958—Jan
Feb
Mar
Apr
451
242
138
130
80
46
2
18
29
11
29
9
222
96
36
35
119
89
71
67
Week ending:
1958—Apr. 16
23
30
199
112
125
72
2
7
27
1
42
43
32
78
40
92
1
1
1
52
42
42
29
65
80
54
89
-210
-165
-48
-28
-26
-115
-115
-123
-77
-263
-367
-486
-452
-400
-433
-389
-342
-228
269
192
210
278
244
335
301
251
277
Week ending:
1958—Apr. 16
30.'.'.'.'.'.'.'.
May
7
14
21
28
Q
Borrowings at Federal
Reserve Banks:
May
7
14
21
28
118
123
104
119
7
1957_Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-505
444
-508
-383
-471
-467
-344
-293
-133
-300
-104
-185
-181
-289
-254
-141
-80
-105
1958—Jan
Feb
Mar
Apr
122
324
495
493
-46
— 25
42
-3
-25
-6
-18
_7
-144
1
62
44
337
353
408
459
416
487
470
-31
-11
77
-8
-18
6
22
24
67
433
492
320
511
539
*>573
*>532
5
46
8
127
-3
7
10
30
23
89
104
108
486
397
^451
Free reserves:2
April 1957
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
Time deposits
Demand balances due
from domestic banks. .
Country
banks
1958—Apr. 16
30'.'.'.'.'.'.'.'.
May
7
14
21
28
i
4
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.
660
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
May 31
In effect
beginning—
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Previous
rate
22,1958
18,1958
18,1958
25,1958
25,1958
22,1958
18,1958
18,1958
18,1958
25,1958
9, 1958
1, 1958
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
May 31
In effect
beginning—
Previous
rate
Rate on
May 31
In effect
beginning—
Apr. 22, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 25, 1958
Apr. 25, 1958
Apr. 22, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 25, 1958
May 9, 1958
May 1, 1958
Previous
rate
Mar. 11,1958
Mar. 7, 1958
Apr. 18,1958
Apr. 25,1958
Apr. 25,1958
Apr. 22,1958
Jan. 24,1958
Apr. 18,1958
Mar. 21,1958
Mar. 14,1958
Mar. 14,1958
May 1, 1958
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
1942—Oct.
1946—Apr.
Date effective
Rate
Rate
1948_Jan. 12
Aug. 13
1950—Aug. 21
1 9 5 3 _ j a n . 16
1954_Feb. 5
Apr. 16
1955—Apr. 15
Aug. 5
Sept. 9
Nov. 18
1956—Apr. 13
Aug. 24
1957_Aug. 23
Nov. 15
1958—Jan. 24
Mar. 7
Apr. 18
In effect June 1, 1958
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
30
25
Effective date
of change
1
Under Sees. 13 and 13a, as described in table above.
* Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and
1957 this rate was the same as the discount rate except in the following
periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept.
1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75;
1957_Aug. 22, 3.50.
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Jan. 4, Apr. 23, Effec19551955tive
Apr. 22, Jan. 15, Jan. 16,
1955
1958
1958
Regulation T:
For extensions of credit by brokers and
For short sales
Regulation U:
For loans by banks on stocks
60
60
70
70
50
50
60
70
50
1
Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Change on Jan. 4, 1955, was effective after the close
of business on that date.
Net demand deposits*
Central
reserve
city
banks
Reserve
city
banks
1917—June 21
13
10
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
19Vi
15
WA
%*
223,4
26
24
22
20
22
24
26
24
1941_Nov.
1942—Aug.
Sept.
Oct.
1
20
14
3
1948—Feb.
June
Sept,
1949_May
June
Aug.
Aug.
Aug.
Sept.
27
11
16, 24*
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
i*
1951—Jan.
Jan.
1953—July
1954—June
July
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1*.
23
24
22
21
20
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1 *
17
24
18&
18
Country
banks
7
12
20
14
22
21
20
16
15
14
13
12
19
20
19
13
14
13
18
12
>7*
ny2
IS*
IS*
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
'? f
6
6
5
6
?*
6
5
6
6
5
5
11
In effect June 1, 1958...
18
1614
11
5
5
Present legal requirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
i Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thurs.) are at central reserve or reserve city banks.
661
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1958
May 28
May 21
1958
May 14
May 7
April 30
May
1957
April
May
Gold certificate account.
Redemption fund for F. R. notes..
20,223,389 20 323,393 20, 443,391 20,518,393 20,563,392 20, 173,393 20,563,392 21 089,393
831,263
845,331
833,505
835,931
842,662
845,331
831,263
840,174
Total gold certificate reserves.
21,054,652 21,156,898 21,279,322 21,358,567 21,408,723 21,004,656 21,408,723 21,932,055
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.
Total U. S. Government securities.
331,713
337,398
378,842
365,138
373,538
365,137
391,338
383,574
441,098
418,116
322,490
338,995
441,098
418,116
308,840
334,747
172,173
85,806
115,650
124,682
155,939
143,798
155,939
463
40,759
483
39,759
504
39,731
509
38,902
503
37,416
490
41,685
503
37,416
,157,593
12,000
774
20,692
945,710
,426,360
945,710
214,763
19,946,105 19 ,946,105 19,946,105
,362,199
,571,413
,801,750
1,329,360 1,207,860 1,201,310 1,116,310
19,946,105 19,946,105 19,946,105 19,946;
2,789,257 '2,'789^257 2,789,257 '2^789,
2,789,257
789^257 2,789,257
24,064,722 23,943,222 23,936,672 23,851,672 23,681,072 24,161,722 23,681,072 22,950,125
157,400
24,064,722 23,943,222 23,936,672 23,851,672 23,681,072 24,161,722 23,681,072 23,107,525
Total loans and securities
24,278,117 24,069,270 24,092,557 24,015,765 23,874,930 24,347,695 23,874,930 24,298,584
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
15
15
15
15
15
4,388,839 5,001 236 5,400,503 4,450 ,567 4,839,288
87,341
87 292
87,180
86 782
86,568
304,977
289 894
275,779
260 922
245,975
Total assets.
15
15
,504,579 4,839,288
87,532
86,568
311,031
245,975
22
,471,668
78,155
194,266
50,783,052 51,348,585 51,874,031 50,947,530 51,314,713 50,916,993 51,314,713 51,618,337
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
26,555,738 26,436,591 26,499,804 26,450,146 26,374,600 26,569,628 26,374,600 26,475,827
18,035, 669 18 133,022 18,179,
382! 476
434,603
427;
276! 986
311,197
307;
385,971
400; 406
399;
Total deposits.
18,322,196 18, 253,947 18 ,175,998 18,253,
594;
594,134
381,935
358,903
256;
256,792
233,623
287,502
;
411,218
624,425
373,395
19 ,048,924
568,299
360,246
274,456
19,095,537 19,264,793 19,314, 840 19,341,996 19,516,091 19,415,981 19,516,091 20,251,925
3,744,
20;
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
,226,300 4,651 ;
20,668
3,759,897 4,041,975
18,453
19,648
,539,300 4,041,
20,597
is;
,545,981
21,277
49,416,888 49,948,352 50,486,013 49,571,687 49,951,119 49,545,506 49,951,119 50,295,010
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
351,098
809,198
27,543
178,325
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
350,925
809,198
27,543
212,567
350,561
809,198
27,543
200,716
350,463
809,198
27,543
188,639
350,377
809,198
27,543
176,476
351,154
809,198
27,543
183,592
350,377
809,198
27,543
176,476
332,161
747,593
27,543
216,030
50,783,052 51,348,585 51,874,031 50,947,530 51,314,713 50,916,993 51,314,713 51,618,337
46.1
46.3
46.4
46.6
46.7
45.7
46.7
46.9
120,300
1,036
125,719
1,017
135,155
997
131,955
992
131,461
998
119,144
991
131,461
998
62,637
1,794
Maturity Distribution of Loans and U. S. Government Securities1
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
115,650
114,178
1,465
7
7
7
504
463
483
303
144
282
20
147
29
81
77
77
100
95
95
40,759
39,731
39,759
15,890
14,889
15,108
24,842
24,869
24,651
064,722 23,943,222 231,936,672 23
339,400
257,910
344,260
652,997 7,445,147 7 ,443,457
725,344 13,725,344 13i, 725,344 13
013,614 1,013,614 1,013,614
56,610
56,610
56,610
358,247 1,358,247 1,358,2471 1
172,173
167,041
5,125
85,806
83,597
2,202
1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
155,939 ,169,593
124,682
143,798
155,939
153,410 ,067,186
139,891
123,131
153,410
102,407
2,515
1,544
2,515
3,900
14
7
7
14
774
503
490
509
503
52
145
144
145
145
30
177
174
183
177
491
77
81
81
81
95
100
201
100
100
41,685
20,692
37,416
38,902
37,416
16,168
10,530
5,518
12,160
10,530
25,517
26,886
15,174
26,742
26,886
851,672 23 681,072 24,,161,722 23 ,681,072 23 107,525
153,810
262,350
287,050
262,350
185,850
854,097
683,360
410,807
683,360
043,878
725,344 20 285,201
703,654 20 ,285,201
088,540
013,614 ' 035,304
035,304 ,035,304
360,786
56,610
013,614
56,610
56,610
56,610
358,247 1 ,358,247
358,247
358,247
414,857
662
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1958
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
San
Francisco
Kansas
City
Dallas
768,525 2,366,357
Assets
Gold certificate account
,
Redemption fund for F. R.
notes
946,907 5,685,702 1,068,515 ,674,235 ,177,325
Total gold certificate reserves.
,000,740 5,858,169 1,125,735 1,750,206 ,248,589
F. R. notes of other Banks...
Other cash
,
Discounts and advances:
Secured by U. S. Govt.
securities
,
Other
,
Industrial loans
Acceptances:
Bought outright
Held under repurchase
agreement
,
U. S. Govt. securities:
Bought outright
Held under repurchase
agreement
Total loans and securities. ..
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
53,833
172,467
57,220
75,971
71,264
819,956 3,616,052
794,869
433,663
821,287
148,162
42,234
21,690
40,696
867,078 3,764,214
837,103
455,353
861,983
47,122
27,789
72,815
796,314 2,439,172
20,248
25,034
77,147
61,929
24,685
22,771
37,266
36,286
15,648
18,918
56,379
30,898
21,810
48,140
10,326
16,881
11,850
8,936
5,239
9,697
20,609
16,737
21,283
42,768
14,775
125
327
20,115
10,270
6,125
10,870
30,216
9,935
33
6,750
8,890
17,072
22
7,950
650
,315,557 6,092,813 1,388,912 2,138,917 1,572,735 1,229,421 4,220,570
985,653
508,290 1,031,295
946,439 2,731,120
1,330,784 6,154,613 1,399,327 2,145,042 1,583,605 1,259,637 4,230,538 992,403
517,198 1,048,389
954,389 2,731,770
145
41,685
1
299,883
4,837
16,752
14
815,982
10,660
76,438
1
276,079
4,402
17,590
397,693
9,839
27,723
1
348,840
6,817
19,993
1
419,560
8,017
15,822
2
762,163
7,921
56,561
1
209,483
6,626
12,599
()
121,250
5,281
6,461
1
212,187
4,904
13,567
1
227,160
6,761.
12,852
1
414,299
11,467
34,673
2,698,279 13,054,942 2,870,590 4,404,056 3,242,411 2,657,392 8,891,349 2,085,422 1,126,329 2,155,967 2,034,823 5,695,433
Total assets.
Liabilitie:
F. R. notes
Deposits:
Member bank reserves
U. S. Treasurer—general
account
Foreign
Other
,569,926 6,346,086 1,664,661 2,476,773 2,041,530 ,236,355 5,137,974 1,178,356
Total deposits
773,877 5,687,001
273,626
1,209
Deferred availability
items
Other liabilities
731,371 5,244,848
28,910
13,053
543
44,447
369,201
328,505
539,166 ,055,031
708,833 2,614,937
909,819 2,876,102
658,479
430,855
842,080
979,246 2,455,674
52,515
32,747
567
10,754
8,473
36,179
10,140
5,496
454
26,512
8,931
715
888,707 1,476,091
836,498 1,084,555 2,961,931
713,885
446,945
878,238 1,084,477 2,583,776
221,874
1,065
290,567
978
139,488
725
105,383
627
167,262
111
846,294 1,423,885
16,810
15,801
9,802
777,345
27,135
11,679
20,339
30,769
20,381
1,056
34,731
10,305
129,700
cash
Total liabilities
640,187
5,150
326,336
2,731
271,203
926
589,112
3,294
34,209
11,908
59,114
170,409
833
65,003
25,648
37,451
343,853
2,282
2,618,638 12,678,424 2,776,307 4,281,931 3,169,573 2,593,039 8,692,311 2,032,454 1,092,121 2,101,308 1,964,552 5,544,848
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,879
47,013
3,011
11,738
103,001
223,963
7,319
42,235
21,483
55,923
4,489
12,388
33,088
71,550
1,006
16,481
15,899
41,236
3,349
12,354
17,318
36,192
762
10,081
47,984
121,504
1,429
28,121
11,844
31,586
521
9,017
7.854
19,697
1,073
5,584
14,214
30,533
1,137
8,775
19,889
40,871
1,307
8,204
40,701
89,130
2,140
18,614
Total liabilities and capital
2,698,279 13,054,942 2,870,590 4,404,056 3,242,411 2,657,392 8,891,349 2,085,422 1,126,329 2,155,967 2,034,823 5,695,433
accounts
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
42.7
48.7
44.1
44.3
43.4
37.4
46.5
44.2
46.2
44.6
44.4
46.9
Contingent liability on acceptances purchased for
foreign correspondents.
6,857
432,769
8,301
10,707
6,135
5,413
17,203
4,451
2,887
4,692
6,255
13,474
Industrial loan commitments
51
1
After deducting $11,000 participations of other Federal Reserve Banks
2 Less than $500.
3 After deducting $164,422,000 participations of other Federal Reserve
Banks.
940
4 After deducting $86,375,000 participations of other Federal Reserve
Banks.
663
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1958
May 28
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
May 21
May 14
1958
May 7
Apr. 30
1957
Apr.
May
May
27,460,364 27,438,654 27,457,757 27,443,559 27,432,587 27,480,528 27,432,587 27,371,375
12,008,000 12,058,000 12,058,000 12.058,000 12,058,000 12,008,000 12,058,000 11 ,798,000
39,586
27,528
28,159
38,538
38,538
272,849
32,723
34,092
17,095,'"
000 17,045,000 17,045,000 17,145,000 17,145,000 17,095,""
000 17,145,000 17,005,000
Total collateral
29,142,586 29,130,528 29,131,159 29,235,723 29,241,538 29,137,092 29,241,538 29,075,849
EACH FEDERAL RESERVE BANK ON MAY 31, 1958
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
1,622 587 6 581,550 1,726,849 2,562,839 2 108,686 1,299,427 5S227,783 1,226,839 553,901 1,076,993 755,786 2,737,288
(issued to Bank)
Collateral held:
Gold certificate acct.. 700 000 3 270,000 640,000 ,130,000 775,000 425,000 2 :400,000 430,000 155,000 300,000 283.000 1,500,000
Eligible paper
10,270
17,072
6,750
U. S. Govt. securities. 1,150,000 3,666^666 1,200,000
,400,000 1,000,000 3,000,000 875,"""
000 425^666 820,000 525 ooo i ^ 5oo; 666
Total collateral
1,850,000 6,870,000 1,850,270 2,730,000 2,175,000 1,425,000 5,400,000 1,311,750 580,000 1,137,072 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1952
1953
1954
1955
1956
Number
Amount
3,753
3,765
3,771
3,778
3,782
766,492
803,429
818,224
826,853
832,550
3,782
3,782
3,783
3,784
3,784
3,785
3,786
3,786
3,786
834,668
835,264
835,766
836,636
837,410
838,714
840,504
840,814
841,290
3,786
3,786
3,786
3,786
841,691
842,232
842,472
842,723
[Amounts in millions of dollars]
ParticiAP
Commit- ofpations
",
proved
Loans
financments
outing instibut not
outcomstanding 2 standing
tutions
pleted i (amount) (amount)
out(amount)
standing 3
(amount)
End of
year or
month
1,638
1,951
520
305
3,921
1,900
719
702
794
3,210
3,569
1,148
2,293
2,365
3,289
3,469
1,027
1,103
1,129
1952
1953
1954
1955
1956
80
155
80
760
780
774
742
608
628
620
586
581
524
1,955
1,794
1,780
1,795
1,815
1,323
1.165
1,130
1,109
991
948
919
812
816
684
1,169
1,126
1,122
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
535
506
502
503
1,058
1,063
1,001
998
1,087
1,063
965
964
Jan
Feb
Mar
Apr
Total
amount
Portion
guaranteed
,159
1,294
,367
1,411
1,468
2,124
2,358
2,500
2,575
2,761
979
805
472
294
389
803
666
368
226
289
586
364
273
170
125
1,485
1,488
1,493
1,496
1,497
1,498
,498
,500
,503
2,850
2,862
2,867
2,878
2,880
2,882
2,888
2,906
2,912
402
407
412
412
390
395
398
394
395
300
305
307
307
292
295
300
298
300
133
130
126
123
146
138
124
127
135
,506
,511
,512
,514
2,923
2,935
2,936
2,937
380
372
367
343
290
286
282
265
156
164
139
157
1958
1958
Jan
Feb
Mar
Apr
Amount
Loans
outstanding
1957
1957
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
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 3Federal Reserve Banks.
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
1
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
664
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS *
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
[In effect May 31. Per cent per annum]
[In effect May 31]
To industrial or
commercial
businesses
Federal
Reserve
Bank
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
On
loans 2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
On
commitments
Portion
for which
institution is
obligated
Percentage of
loan guaranteed
On
commitments
Remaining
portion
8
8
3
Guarantee fee
(percentage of
interest payable
by borrower)
70 or less
75
80
85
90
95
Over 95
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
8
3
()
1
Rates on industrial loans, discounts or purchases of loans, and com
mitments under Sec. 13b of the Federal Reserve Act. Maturities no
exceeding
five years.
2
Including loans made in participation with financing institutions.
3 Rate charged borrower less commitment rate.
4 Rate charged borrower. s Rate charged borrower but not to exceed
1 per cent above the discount rate.
6 Twenty-five per cent of loan rate. Charge of % P e r c e n * P e r annum
is made on undisbursed portion.
7 Charge of VA per cent per annum is made on undisbursed portion.
1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debit in millions of dollars]
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
.
.
Debits to demand deposits accounts,
except interbank and
U. S. Government accounts
Total, all
reporting
centers
New
York
City
1,380,112
1 542 554
1,642,853
1,759 069
1,887,366
2,043,548
2 200 643
2,356,768
509,340
544 367
597,815
632 801
738,925
766,890
815 856
888,455
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
337 other
6
reporting
other
centers * centers 2
New
York
City
6
other
centers l
337 other
reporting
centers 2
298,564
336,885
349,904
385,831
390,066
431,651
462,859
489,311
572,208
661,302
695,133
740,436
758,375
845,007
921,928
979,002
31.1
31.9
34.4
36.7
42.3
42.7
45.8
49.5
22.6
24.0
24.1
25.6
25.8
27.3
28.8
30.4
17.2
18.4
18.4
18.9
19.2
20.4
21.8
23.0
Seasonally adjusted 3
New
York
City
6
other
centers 1
337 other
reporting
centers 2
1957
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec . . . .
197 231
192,701
197,257
193 349
200,559
190,539
189 294
204,168
189 246
220,376
74 786
72,328
71,780
74 512
74,509
68,409
70,953
77,431
71 667
88,584
42,113
40,182
42,128
39,942
41,711
40,194
39,095
41,761
39,012
43,692
80,332
80,192
83,349
78,895
84,339
81,936
79,245
84,976
78,567
88,100
48.7
46.9
47.1
51.4
49.5
44.7
52.2
49.9
51.2
58.9
32.0
30.3
30.5
30.4
30.6
28.5
31.4
29.6
30.5
32.2
22.5
22.4
23.2
23.1
23.6
22.1
24.1
22.7
23.5
24.7
47.5
47.6
48.3
47.6
50.8
51.7
50.9
51.4
51.7
52.1
29.2
29.4
31.0
29.8
31.2
31.1
31.7
30.5
30.0
30.8
22 6
23.1
23.7
23 1
24.0
23.5
23 7
22.7
22 3
23.4
1958
Jan
Feb
Mar
Apr
May
212 875
181,703
203,844
204 100
195,100
84,355
72,803
84,409
85 510
77,315
41,992
36,188
40,363
39,354
38,645
86,528
72,712
79,072
79,236
79,140
54.6
55.4
56.2
56.6
51.2
30.0
30.1
31.3
30.2
*>28.2
23.3
22.9
22.2
22.1
*>22.O
54.3
56.8
54.8
57.5
52.5
30.6
30.9
28.6
29.3
*28.6
23.1
23.0
22.3
22.8
?22.4
P Preliminary.
i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
2
Prior to April 1955, 338 centers.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
665
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
Coin
$12
$2
$5
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30,509
31,158
31,790
5,553
8,120
20,683
20,020
19,305
21,450
21,636
21,374
22,021
22,598
590
751
1,274
1,404
1,554
1,750
1,812
1,834
1,927
2,027
559
695
1 039
1 ,048
] ,113
,228
,249
256
1,312
1,369
36
44
73
65
64
71
72
71
75
78
1 019
1,355
2 313
2,110
2,049
2,143
2,119
2 098
2,151
2,196
1957_Apr
M^ay
June
July
Aug
Sept
Oct
Nov
Dec
30,519
30,836
31,082
30,933
. • 31,133
31,073
31,090
31,661
31,834
21,588
21,905
22,123
21,987
22,155
22,088
22,086
22,582
22,626
2,020
2,029
2,042
2,050
2,060
2,069
2,083
2,099
2,110
,276
1,301
1,302
I 292
1,296
,312
1,330
1,356
1,398
75
76
77
77
78
78
77
78
80
2,055
2,093
2,102
2 069
2,085
2,084
2 089
2,146
2,188
1958_Jan
Feb
Mar
Apr
30,576
30,554
30,666
30,565
21,527
21,544
21,652
21,565
2 061
2,057
2,066
2,075
I 293
I 285
1,293
1,305
78
77
78
81
2 044
2 044
2,047
2,035
1939
1941
1945
1947
1950
1952
1953
1954
1955
1956
Large denomination currency
Coin and small denomination currency
Total
in circulation i
End of year or
month
In millions of dollars]
Total
$50
$100
$500
1 772 1,576
2,731 2,545
6 782 9 201
6,275 9,119
5,998 8,529
6,561 9,696
6,565 9,819
6 450 9 665
6,617 9,940
6,734 10,194
2,048
3,044
7,834
8,850
8,438
8,985
9,146
9,136
9,136
9,192
460
724
2,327
2,548
2,422
2,669
2,732
2,720
2,736
2,771
919
1,433
4,220
5,070
5,043
5,447
5,581
5,612
5,641
5,704
191
261
454
428
368
343
333
321
307
292
425
556
801
782
588
512
486
464
438
407
20
24
7
5
4
4
4
3
3
3
32
46
24
17
12
10
11
15
12
14
6,425
6,554
6,615
6 520
6,581
6,533
6 533
6,726
6,662
9,737
9,852
9,985
9 979
10,055
10,013
9,975
10,177
10,187
8,931
8,931
8,958
8,946
8,977
8,984
9,003
9,079
9,208
2,674
2,679
2,696
2,695
2,701
2,696
2,695
2,725
2,777
5,566
5,564
5,575
5,570
5,596
5,611
5,632
5,677
5,752
285
284
283
281
280
279
279
279
280
395
393
391
388
388
386
385
386
384
3
3
3
3
4
4
4
3
3
8
8
10
8
8
9
9
8
13
6 331
6 355
6,377
6,319
9 721
9 724
9,792
9,750
9 049
9,011
9,014
9,000
2 711
2,692
2,689
2,682
5,668
5,651
5,656
5,651
277
276
277
275
381
380
381
379
3
3
3
3
9
8
8
9
$10
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
Apr 30 1958
Mar 31, 1958
Apr 30 1957
Total outstanding As security
Treasury
Apr. 30,
against
1958
cash
gold and
silver
certificates
21 996
21 441
27 433
5,196
21 441
2556
^2,397
89
90
488
2 226
32,597
1 447
171
2 226
44
18 593
34
6
504
Apr. 30,
1958
2 816
1 499
'418
32
32
33
25 845
4,689
26 011
4,624
25 855
4,631
14
hi
23 838
24 235
24,073
734
722
791
265
263
250
2,119
1,328
2,066
1,322
483
481
2,100
1,301
313
122
309
123
315
135
60
60
62
15
18 593
18 989
18,819
Apr. 30,
1957
8
60
(5)
Mar. 31,
1958
278
86
30
1
4
1
347
124
1
Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 658.
2 Includes $156,039,431 held as reserve against United States notes
and3 Treasury notes of 1890.
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
For
F. R.
Banks
and
agents
Currency in circulation 1
Held by
F. R.
Banks
and
agents
4 733
4'818
4,676
30 565
30,666
469
30,519
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.
666
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,949
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,985
5,008
5,066
58,642 41,082
21,957
42,148
54,564 22,157
26,605
64,653
30,387
167,381
160,832 43,023
171,667 60,366
85,730
210.988
217,437 100,031
223,742 110,120
5,741
10,328
23,105
29.049
128,417
107,086
96,560
104,819
96,736
93,161
5,499
8,199
19,417
25,511
101,288
81,199
72.894
77,728
70,052
66,523
216
1,998
2,484
2,254
24,262
22,559
20,778
24,932
24,785
24,915
26
131
1,204
1.284
2,867
3.328
2.888
2.159
1.899
1,723
11,819
9,863
9,302
8,999
8,577
10.723
14,741
20,439
20,670
20,461
64,698
48,465
75,171
90,637
191,785
188,148
199,009
237.686
244.135
250,757
55,776
42,029
68,359
82,811
180,806
175,348
184,384
218,882
224,943
230,510
8,922
6,436
6,812
7,826
10,979
12,800
14,624
18,806
19,193
20,246
1957—Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
24.
29.
6.
26.
31.
28.
25.
30.
27.
31.
22,300
22,600
22,620
22,600
22,600
22,600
22,600
22,700
22.800
22,781
5,100
5,100
5,106
100
100
100
5,100
5,100
5,100
5,146
221,700
221,600
221,454
222,200
222,700
223,200
223,600
225,200
224,800
229,470
110,400
110,700
110,938
113,000
112,200
112,700
113,400
113,000
113,000
115,157
90,200
89,600
89,114
87,800
89,000
88,900
88,400
89,700
89,400
91,370
65,400
65,000
64,548
63,400
64,100
64,000
63,700
65.000
64.500
65,792
23,200
23,000
23,016
22,900
23,400
23,300
23,200
23,200
23.600
24,238
1,600
1,600
,550
,600
.500
,500
,500
,500
.400
,340
21,100
21,400
21,402
21,400
21,400
21,600
21,800
22,500
22.400
22,943
249,200
249,400
249,180
249,900
250,400
250,900
251,300
253,000
252,700
257,397
228,200
228,200
227,576
229,100
229,300
229,000
229,500
231,100
231,000
236,372
20.900
21,200
21,605
20,900
21,100
21,900
21,900
21,900
21,700
21,023
1958—Jan.
Feb.
Mar.
Apr.
29*
26*
26*
30*
22,800
22,700
22,500
22,000
5,200
5,200
5,200
5,200
225,600
226,700
230,000
234,400
112,500
112,700
113,900
114,400
89,900
90,500
91,900
95,300
65,200
65,800
67,100
70,300
23,400
23,400
23,500
23,700
,300
,300
,300
1,300
23,100
23,500
24,300
24,800
253,500
254,600
257,700
261,600
231,800
232,500
235,500
239,200
21,800
22,100
22,200
22,500
Details of Deposits 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.
1954_Dec.
1955—Dec.
1956—Dec.
29
30
30
31
31
31
30
31
31
31
365
50
1,217
1,498
2,141
1,682
2,518
3,329
3,167
3,306
1957—Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
24
29
6
26
31
28
25
30
27
31
3,200
3,200
3,247
3,400
3,300
3,200
3,300
3,300
3,200
3,270
1958—Jan.
Feb.
Mar.
Apr.
29?
26*
26*
30*
3,300
3,700
3,900
4,000
At
Treas- comury
At
mercial
cash
F. R.
and
hold- savings
Banks
ings
banks
Deposits adjusted and currency
Time deposits 2
CurDerency
mand
outCom- Mutual Postal
deside
mercial savings3 Savings posits 4 banks
banks banks System
Total
Total
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
796 4,510
767 4,038
775 4,038
36
35
634
867
977
870
668
563
394
441
54,790
40,828
63,254
76,336
150,793
170,008
176,916
209,684
216,577
221,950
28,611
21,656
27,059
27,729
48,452
56,411
59,247
75,282
78,378
82,224
19,557
10,849
15,258
15,884
30,135
35,249
36,314
46,844
48,359
50,577
8,905
9,621
10,523
10,532
15,385
17,746
20,009
26,302
28,129
30,000
149
1,186
1,278
1,313
2,932
3,416
2,923
2,136
1,890
1,647
800
800
792
800
800
800
800
800
800
761
4,400
5,300
3,625
4,800
3,700
4,400
3,900
3,500
3,300
4,179
300
500
473
500
500
500
600
500
400
481
219,600
218,400
219,439
219,700
221,000
220,000
220,900
223,000
223,300
227,681
84,900
85,700
85,715
86,400
86,700
87,100
87,700
88,100
87,600
89,126
52,900
53,600
53,605
54.000
54,400
54.700
55,100
55,500
55.000
56,139
30,400
30,600
30,647
30.900
30,900
31,000
31,200
31,300
31,300
31,662
1,500
1,500
,463
,500
,400
,400
400
800
700
700
700
2,400
3,800
5,800
5,400
500
400
600
600
224,800
223,900
224,500
228,400
89,800
90,900
92,500
93,600
56,600
57,600
58,800
59,900
31,900
32,100
32,400
32,500
1,300 107,600 27,300
1,300 105,600 27,400
104600 27,400
MOO 104,600
1', 200 107,200 27,600
*1 Preliminary.
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'
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
22,540
14,411
29,793
38,992
75,851
87,121
92,272
106,550
109,914
111,391
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,852
28,285
28,335
111,100 85,200 25 .900
114,300 89,800 24 500
129.700 102,800 26 ,900
133,200 105.800 27 .400
134,400 106,700 27 ,700
107.300
104.800
105,706
105,600
106,600
105,100
105,500
107,200
300 107,200
,325 110,254
27,400
27,900
28,018
27,800
27,800
27,800
27,800
27,800
28,500
28,301
135,000 107,300 27 ,700
134,600 106,600 28 .000
(5)
()
135.200 107, 300 27,900
136,000 108, 000 28.000
134,700 106, 800 27,900
133,900 106, 200 27,700
134,200 106, 500 27,700
134,000 105. 900 28,100
133,200 105, 100 28,100
132,200
133,100
134,000
135,000
104,700 27,500
105,500j27,600
106,400 27,600
107,200 27,800
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.
667
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.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1956—Dec.
1957—Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1958—Jan.
Feb.
Mar.
Apr.
30
31
31
3H
30
31
24
6
31
28
25
30
27
31
29?
26?
26?
30?
50,884
61,126
140,227
134,924
148,021
197,063
197,810
197,465
198,530
199,250
199,820
201,450
200,910
203,849
201,780
202,880
205,990
210,290
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Demand
Number
of
banks
Time
U.S.
Govt.
22,165 19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
110,079 66,523 20,461 49,641 250,770 227,546 17,595
111,260 65,410 21,140 42,050 244,110 218,930 14,450
111,515 64,548 21,402 40,834 242,647 216,986 14,423
112,960 64,140 21,430 42,840 245,740 220,640 14,950
113,590 64,040 21,620 42,080 245,850 219,700 14,370
114,260 63,720 21,840 42,040 246,370 220,150 14,800
113,970 64,990 22,490 42,590 248,660 222,030 14,710
114,060 64,460 22,390 43,600 249,150 222,380 14,550
115,115 65,792 22,943 49,318 257,864 233,020 17,022
113,400 65,240 23,140 41,950 248,540 222,430 14,830
113,580 65,770 23,530 42,290 250,060 223,590 15,130
114,610 67,120 24,260 42,220 253,130 226,810 15,560
115,220 70,310 24,760 43,730 259,000 232,360 16,320
Total
capital
accounts
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,736 125,308
4,050 116,720
3,320 114,659
3,390 116,690
4,130 115,150
3,580 115,160
3,180 117,100
3,040 118,190
3,903 123,993
2,150 116,680
3,500 115,040
5,560 114,210
5,180 118,190
25,852
26,479
45,613
53,105
56,513
80,908
83,710
84,584
85,610
86,050
86,610
87,040
86,600
88,102
88,770
89,920
91,480
92,670
8,194
8,414
10,542
11,948
13,837
19,249
19,590
19,879
20,000
20,140
20,210
20,450
20,540
20,428
20,560
20,700
20,830
20,910
15,035
14,826
14,553
14,714
14,650
14,167
14,154
14,144
14,135
14,133
14,128
14,113
14,102
14,090
14,081
14,076
14,078
14,071
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1956—Dec. 31
1957_Apr. 24
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30?
40,668
50,746
124,019
116,284
126,675
165,123
165,120
164,515
165,380
165,900
166,320
167,900
167,270
170,068
167,650
168,580
171,410
175,560
17,238
21,714
26,083
38,057
52,249
90,302
90,990
91,028
92,340
92,840
93,400
92,970
92,940
93,899
92,020
92,090
92,980
93,450
16,316
21,808
90,606
69,221
62,027
58,552
57,460
56,642
56,280
56,170
55,870
57,310
56,910
58,239
57,700
58,260
59,550
62,830
7,114
7,225
7,331
9,006
12,399
16,269
16,670
16,845
16,760
16,890
17,050
17,620
17,420
17,930
17,930
18,230
18,880
19,280
22,474
26,551
34,806
37,502
40,289
48,720
41,260
39,995
42,040
41,320
41,260
41,790
42,800
48,428
41,070
41,340
41,290
42,850
65,216
79,104
160,312
155,377
168,932
217,460
210,160
208,393
211,310
211,250
211,590
213,840
214,220
222,696
213,050
214,320
217,090
222,870
57,718
71,283
150,227
144,103
155,265
197,515
188,460
186,308
189,710
188,680
188,930
190,740
191,050
201,326
190,470
191,480
194,400
199,850
9,874
10,982
14,065
13,032
14,039
17,593
14,450
14,421
14,950
14,370
14,800
14,710
14,550
17,021
14,830
15,130
15,560
16,320
32,513
44,349
105,921
1,343 94,367
2,806 101,917
3,733 125,282
4,050 116,690
3,318 114,633
3,390 116,660
4,130 115,120
3,580 115,130
3,180 117,070
3,040 118,160
123,967
116,650
3,500 115,010
5,560 114,180
5,180 118,160
15,331
15,952
30,241
35,360
36,503
50,908
53,270
53,937
54,710
55,060
55,420
55,780
55,300
56,440
56,840
57,840
59,100
60,190
6,885
7,173
8,950
10,059
11,590
16,302
16,580
16,837
16,970
17,090
17,140
17,380
17,440
17,368
17,470
17,580
17,710
17,810
14,484
14,278
14,011
14,181
14,121
13,640
13,628
13,619
13,610
13,608
13,603
13,588
13,578
13,568
13,561
13,556
13,558
13,551
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Apr. 24
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30?
33,941
43,521
107,183
97,846
107,424
138,768
138,562
137,808
138,573
139,010
139,315
140,475
139,882
142,353
140,122
141,130
143,874
147,485
13,962
18,021
22,775
32,628
44,705
78,034
78,558
78,448.
79,621
80,103
80,608
80,155
80,097
80,950
79,160
79,225
80,089
80,423
14,328
19,539
78,338
57,914
52,365
47,575
46,536
45,829
45,490
45,334
45,007
46,158
45,823
47,079
46,599
47,280
48,572
51,505
5,651
5,961
6,070
7,304
10,355
13,159
13,468
13,531
13,462
13,573
13,700
14,162
13,962
14,324
14,363
14,625
15,213
15,557
19,782
23,123
29,845
32,845
35,524
42,906
36,360
35,270
37,137
36,594
36,399
36,935
37,862
42,746
36,151
36,457
36,395
37,834
55,361
68,121
138,304
132,060
144,660
184,874
178,277
176,507
179,151
179,188
179,283
181,109
181,440
188,828
180,150
181,522
184,191
189,304
49,340
61,717
129,670
122,528
133,089
167,906
159,677
157,593
160,652
159,767
159,759
161,229
161,536
170,637
160,793
161,908
164,745
169,551
9,410
10,525
13,640
12,403
13,448
16,855
13,803
13,736
14,236
13,681
14,095
14,008
13,841
16,328
14,237
14,550
14,977
15,720
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,292 106,850
3,582 99,511
2,932 97,612
3,090 99,425
3,715 98,187
3,189 97,997
2,777 99,704
2,681 100,648
3,472 105,547
1,855 99,109
3,163 97,759
5,097 97,141
4,818 100,584
11,699
12,347
24,210
28,340
29,336
40,909
42,781
43,313
43,901
44,184
44,478
44,740
44,366
45,290
45,592
46,436
47,530
48,429
5,522
5,886
7,589
8,464
9,695
13,655
13,863
14,058
14,210
14,300
14,341
14,539
14,584
14,554
14,630
14,721
14,828
14,918
6,362
6,619
6,884
6,923
6,873
6,462
6,450
6,445
6,430
6,427
6,421
6,411
6,406
6,393
6,390
6,382
6,380
6,372
10,216
10,379
16,208
18,641
21,346
31,940
32,690
32,950
33,150
33,350
33,500
33,550
33,640
33,782
34,130
34,300
34,580
34,730
4,927
4,901
4,279
4,944
8,137
19,777
20,270
20,487
20,620
20,750
20,860
21,000
21,120
21,216
21,380
21,490
21,630
21,770
3,101
3,704
10,682
11,978
10,868
7,971
7,950
7,906
,860
,870
,850
,680
,550
,552
,540
,510
7,570
7,480
2,188
1,774
1,246
1,718
2,342
4,192
4,470
4,557
4,670
4,730
4,790
4,870
4,970
5,013
5,210
5,300
5,380
5,480
818
793
609
886
797
920
790
839
800
760
780
800
800
890
880
950
930
880
11,852
11,804
17,020
19,714
22,385
33,311
33,950
34,254
34,430
34,600
34,780
34,820
34,930
35,168
35,490
35,740
36,040
36,130
10,524
10,533
15,385
17,763
20,031
30,032
30,470
30,678
30,930
31,020
31,220
31,290
31,330
31,695
31,960
32,110
32,410
32,510
10,521
10,527
15,371
17,745
20,009
30,001
30,440
30,647
30,900
30,990
31,190
31,260
31,300
31,662
31,930
32,080
32,380
32,480
1,309
1,241
1,592
1,889
2,247
2,947
3,010
3,042
3,030
3,050
3,070
3,070
3,100
3,059
3,090
3,120
3,120
3,100
551
548
542
533
529
527
526
525
525
525
525
525
524
522
520
520*
520
520
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1950—Dec. 30
1956—Dec. 31
1957—Apr. 24
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30?
P1 Preliminary.
All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise all
nonmember commercial banks and all member banks (including (1) one
bank in Alaska and one in the Virgin Islands that became members on
Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured nondeposit trust company, but excluding three mutual savings banks that
became members in 1941). Stock savings banks and nondeposit trust
companies are included with commercial banks. Number of banks includes a few noninsured banks for which asset and liability data are not
3
6
14
3
3
3
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.
668
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Apr. 24
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26?
Apr. 30*>
Chicago:
1939—Dec.
1941_Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1956—Dec.
1957—Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1958—Jan.
Feb.
Mar.
Apr.
Total
9,339
12,896
26,143
20,393
20,612
23,809
23,562
23,293
23,182
23,252
23,258
23,385
23,054
23,828
23,181
23,964
25,006
25,891
Loans
U.S.
Govt.
obligations
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
15,987 6,057
16,176 5,586
15,895 5,738
16,006 5,476
16,191 5,298
16,216 5,254
16,115 5,415
15,887 5,423
16,102 5,880
15,501 5,690
15,934 5,934
16,367 6,414
16,360 7,252
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total 2
1,272
1,559
1,235
1,242
1,890
1,765
1,800
1,660
1,700
1,763
1,788
1,855
1,744
1,846
1,990
2,096
2,225
2,279
6,703
6,637
6,439
7,261
7,922
8,629
7,137
6,692
7,470
7,701
6,984
7,539
7,700
8,984
7,134
7,327
7,656
7,973
16,413
19,862
32,887
27,982
28,954
33,381
31,701
30,993
31,685
32,144
31,403
32,103
31,921
33,975
31,612
32,622
33,959
35,177
14,507
17,932
30,121
25,216
25,646
29,149
26,907
26,322
26,981
27,070
26,182
27,030
26,935
29,371
26,600
27,412
28,965
30,120
Interbank 2
Demand
Total
capital
accounts
Number
of
banks
Time
U.S.
Govt.
Other
4,238
4,207
4,657
4,464
4,638
5,987
5,001
5,033
5,233
4,945
5,108
5,119
5,148
5,781
5,328
5,623
5,842
6,202
74
866
6,940
267
451
747
686
688
726
737
535
500
443
737
266
602
1,381
1,537
9,459
12,051
17,287
19,040
18,836
19,940
18,467
17,836
18,320
18,698
17,778
18,648
18,591
19,959
18,081
18,089
18,454
19,045
736
807
1,236
1,445
1,722
2,475
2,753
2,765
2,702
2,690
2,761
2,763
2,753
2,893
2,925
3,098
3,288
3,336
1,592
1,648
2,120
2,259
2,351
2,873
2,902
2,907
3,061
3,059
3,054
3,127
3,133
3,136
3,152
3,166
3,161
3,200
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
18
80
127
1,552
72
174
184
175
97
196
275
186
148
151
195
86
203
351
302
1,867
2,419
3,462
4,201
4,604
5,069
4,653
4,691
4,676
4,674
4,573
4,624
4,708
4,904
4,695
4,612
4,418
4,671
495
476
719
913
1,103
1,319
1,303
1,312
1,311
1,306
1,309
1,309
1,316
1,345
1,340
1,348
1,349
1,372
250
288
377
426
490
660
655
665
671
671
670
679
685
689
688
693
700
705
14
13
12
14
13
14
14
14
14
14
14
14
14
14
14
14
14
14
2,105
2,760
5,931
5,088
5,569
6,473
6,303
6,266
6,234
6,289
6,261
6,273
6,275
6,446
6,211
6,261
6,492
6,647
569
954
1,333
1,801
2,083
3,772
3,758
3,789
3,862
3,915
3,937
3,829
3,781
3,852
3,600
3,487
3,481
3,592
1,203
1,430
4,213
2,890
2,911
2,113
1,933
1,884
1,825
1,823
1,783
1,888
1,927
2,032
2,050
2,201
2,404
2,434
333
376
385
397
576
588
612
593
547
551
541
556
567
562
561
573
607
621
1,446
1,566
1,489
1,739
2,034
2,171
1,893
1,821
1,947
1,968
1,939
1,969
1,938
2,083
1,862
1,927
1,808
1,873
3,595
4,363
7,459
6,866
7,649
8,695
8,251
8,147
8,239
8,314
8,257
8,310
8,285
8,595
8,137
8,256
8,374
8,600
3,330
4,057
7,046
6,402
7,109
7,943
7,313
7,284
7,462
440
319
264
320
792
291
374
390
7,665
1,035
1,312
1,217
1,229
1,372
1,182
1,184
1,279
1,185
1,251
1,183
1,145
1,347
1,170
1,211
1,272
1,320
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957_Apr. 24
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*>
Feb. 26^
Mar. 26P
Apr. 30?
12,272
15,347
40,108
36,040
40,685
53,915
53,672
53,137
53,785
53,831
53,881
54,109
54,201
55,259
54,294
54,626
55,711
57,243
5,329
7,105
8,514
13,449
17,906
31,783
31,644
31,435
32,104
32,259
32,576
32,261
32,510
32,805
32,076
31,815
32,072
32,012
5,194
6,467
29,552
20,196
19,084
17,368
17,207
16,797
16,798
16,696
16,372
16,755
16,669
17,352
17,156
17,672
18,210
19,627
1,749
1,776
2,042
2,396
3,695
4,764
4,821
4,905
4,883
4,876
4,933
5,093
5,022
5,102
5,062
5,139
5,429
5,604
6,785
8,518
11,286
13,066
13,998
17,716
15,029
14,532
15,079
14,683
14,930
14,899
15,500
17,540
14,715
14,934
14,629
15,356
19,687
24,430
51,898
49,659
55,369
72,854
70,001
68,965
70,164
69,808
70,128
70,389
71,106
74,196
70,471
71,012
71,802
74,086
17,741
22,313
49,085
46,467
51,437
66,524
63,070
61,796
63,225
62,521
62,870
62,963
63,556
67,483
63,244
63,710
64,626
66,642
3,686
4,460
6,448
5,649
6,448
7,878
6,307
6,228
6,373
6,248
6,408
6,367
6,203
7,542
6,364
6,392
6,536
6,794
435
491
8,221
405
976
1,201
1,312
1,051
1,264
1,453
1,274
918
1,017
1,358
610
1,349
1,960
1,886
9,004
12,557
24,655
28,990
32,366
40,647
38,029
36,874
37,671
36,820
37,103
37,483
38,159
39,960
37,591
36,924
36,646
38,028
4,616
4,806
9,760
11,423
11,647
16,797
17,422
17,642
17,917
18,000
18,085
18,195
18,177
18,623
18,679
19,045
19,484
19,934
1,828
1,967
2,566
2,844
,322
,076
,120
,182
,199
,242
,260
,298
,338
5,370
5,394
5,428
5,469
5,506
346
351
359
353
336
289
283
282
282
282
281
281
280
278
278
278
278
278
Country member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Apr. 24
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29?
Feb. 26?
Mar. 26^
Apr. 30*
10,224
12,518
35,002
36,324
40,558
54,571
55,025
55,112
55,372
55,638
55,915
56,708
56,352
56,820
56,436
56,279
56,665
57,704
4,768
5,890
5,596
10,199
14,988
26,491
26,980
27,330
27,649
27,738
27,879
27,950
27,919
28,191
27,983
27,989
28,169
28,459
3,159
4,377
26,999
22,857
21,377
22,037
21,810
21,409
21,391
21,517
21,598
22,100
21,804
21,815
21,703
21,473
21,544
22,192
2,297
2,250
2,408
3,268
4,193
6,042
6,235
6,373
6,332
6,383
6,438
6,658
6,629
6,814
6,750
6,817
6,952
7,053
4,848
6,402
10,632
10,778
11,571
14,390
12,301
12,224
12,641
12,242
12,546
12,528
12,724
14,139
12,440
12,269
12,302
12,632
15,666
19,466
46,059
47,553
52,689
69,945
68,324
68,404
69,063
68,922
69,495
70,307
70,128
72,062
69,930
69,632
70,056
71,441
13,762
17,415
43,418
44,443
48,897
64,289
62,387
62,192
62,984
62,736
63,388
63,972
63,725
65,991
63,658
63,412
63,764
65,124
598
822
1,223
1,073
1,133
1,618
1,313
1,290
1,351
1,303
1,328
1,339
1,345
1,658
1,375
1,324
1,327
1,404
154
225
5,465
432
922
1,160
1,409
1,097
904
1,250
1,194
1,211
1,070
1,181
893
1,009
1,405
1,093
7,158
10,109
24,235
28,378
31,977
41,194
38,362
38,211
38,758
37,995
38,543
38,949
39,190
40,724
38,742
38,134
37,623
38,840
5,852
6,258
12,494
14,560
14,865
20,317
21,303
21,594
21,971
22,188
22,323
22,473
22,120
22,429
22,648
22,945
23,409
23,787
1,851
1,982
2,525
2,934
3,532
5,046
186
304
5,966
6,219
6,476
6,519
6,501
6,141
6,135
6,131
6,116
6,113
6,108
6,098
6,094
6,083
6,080
6,072
6,070
6,062
30
31
31
31
30
31
24
6
31
28
25
30
27
31
29?
26?
26P
30?
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
5,279
5,328
5,357
5,435
5,428
5,359
5,396
5,434
5,498
5,507
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million. Because preliminary data are rounded to the
nearest $10 million no amount is shown except on call dates.
For other notes see preceding and opposite pages.
669
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets 2
Deposits
Other
Total 2
21,046
88,912
67,941
60,765
57,837
55,973
57,580
6,984
7,131
8,750
16,318
15,933
16,481
17,585
25,788
34,292
36,926
46,480
48,352
39,713
48,127
76,820
157,544
152,733
208,608
215,514
206,567
220,865
69,411
147,775
141,851
190,512
195,953
184,860
199,876
National member banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957_j U ne 6
Dec. 31
27,571
69,312
65,280
86,152
88,477
87,910
91,201
11,725
13,925
21,428
43,428
48,109
48,415
50,350
12,039
51,250
38,674
33,579
31,568
30,345
31,234
3,806
4,137
5,178
9,144
8,800
9,150
9,617
14,977
20,114
22,024
25,697
27,006
22,525
26,786
43,433
90,220
88,182
113,412
117,345
112,460
120,153
39,458
84,939
82,023
103,903
107,161
100,989
109,091
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
15,950
37,871
32,566
49,208
50,291
49,898
51,152
6,295
8,850
11,200
27,554
29,924
30,034
30,600
7,500
27,089
19,240
17,118
16,007
15,483
15,846
2,155
1,933
2,125
4,536
4,359
4,381
4,707
8,145
9,731
10,822
15,719
15,900
12,745
15,960
24,688
48,084
43,879
66,002
67,530
64,047
68,676
Insured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957_j U ne 6
Dec. 31
5,776
14,639
16,444
23,829
24,859
25,243
26,268
3,241
2,992
4,958
11,108
11,808
12,134
12,493
1,509
10,584
10,039
10,081
10,274
10,156
10,512
1,025
1,063
1,448
2,640
2,777
2,953
3,264
2,668
4,448
4,083
5,067
5,448
4,446
5,383
1,457
2,211
2,009
1,716
1,521
1,490
1,473
455
318
474
520
471
457
468
761
,693
,280
827
714
669
660
241
200
255
370
336
364
345
All nonmember commercial
banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 314
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
7,233
16,849
18,454
25,546
26,381
26,733
27,741
3,696
3,310
5,432
11,628
12,279
12,591
12,961
2,270
12,277
11,318
10,908
10,989
10,825
11,172
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
1,693
10,846
12,683
22,331
24,170
25,185
26,535
642
3,081
3,560
13,563
15,542
16,228
17,194
8,687
5,361
5,957
7,567
7,770
7,765
7,246
4,259
1,198
1,384
3,893
4,235
4,259
4,022
For other notes see preceding two pages.
Number
of
banks
Time
21,259
25,765
37,583
82,081
89,831
90,571
93,430
Noninsured mutual savings
banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31*
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Demand
U.S.
Govt.
49,290
121,809
114,274
159,164
163,601
163,025
168,595
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Interbank 2
Total
capital
accounts
Other
10,654 1,762 41,298 15,699 6,844 13,426
13,883 23,740 80,276 29,876 8,671 13,297
12,670 1,325 92,975 34,882 9,734 13,398
16,273 3,697 122,149 48,393 14,980 13,216
17,282 3,717 124,346 50,608 15,988 13,195
14,095 3,310 113,812 53,643 16,525 13,189
16,753 3,859 123,127 56,137 17,051 13,142
6,786 1,088
9,229 14,013
8,410
795
9,317 2,063
9,844 2,074
7,963 1,782
9,475 2,166
23,262
45,473
53,541
65,840
67,434
61,737
66,546
8,322
16,224
19,278
26,683
27,810
29,506
30,904
3,640
4,644
5,409
7,915
8,450
8,722
9,070
5,117
5,017
5,005
4,692
4,651
4,647
4,620
22,259
44,730
40,505
59,854
60,744
56,605
61,545
3,739
4,411
3,993
6,549
7,012
5,773
6,853
621
8,166
381
1,264
1,218
1,150
1,306
13,874
24,168
27,068
39,559
39,416
35,874
39,001
4,025
7,986
9,062
12,482
13,098
13,807
14,386
2,246
2,945
3,055
4,868
5,205
5,337
5,483
1,502
1,867
1,918
1,851
1,811
1,798
1,773
8,708
19,256
20,691
29,220
30,667
30,088
32,066
7,702
18,119
19,340
26,779
28,073
27,292
29,266
129
244
266
408
427
359
425
53
1,560
149
370
425
378
388
4,162 3,360
10,635 5,680
12,366 6,558
16,749 9,252
17,497 9,724
16,200 10,355
17,580 10,873
959
1,083
1,271
2,199
2,336
2,469
2,500
6,810
6,416
6,478
6,677
6,737
6,748
6,753
763
514
576
357
369
282
301
2,283
2,768
2,643
2,126
1,946
1,825
1,831
1,872
2,452
2,251
1,742
1,562
1,448
1,449
329
181
363
370
310
326
268
253
365
478
322
300
294
303
329
279
325
320
313
312
317
852
714
783
499
444
429
425
1,266
1,262
1,703
3,010
3,113
3,317
3,608
3,431
4,962
4,659
5,424
5,817
4,728
5,684
10,992
22,024
23,334
31,347
32,613
31,913
33,897
9,573
20,571
21,591
28,522
29,635
28,740
30,715
457
425
629
778
737
685
692
3,613
5,504
14,101
6,045
167 13,758 7,036
382 17,788 9,574
440 18,433 10,024
385 17,021 10,649
427 18,420 11,176
1,288
1,362
1,596
2,519
2,649
2,781
2,817
7,662
7,130
7,261
7,176
7,181
7,177
7,178
629
7,160
8,165
5,858
5,518
5,505
5,404
421
606
958
2,910
3,110
3,452
3,937
151
429
675
785
739
672
719
1,958
11,424
13,499
23,458
25,282
26,241
27,671
1,789
10,363
12,207
21,237
22,886
23,578
25,022
1,789
10,351
12,192
21,182
22,857
23,549
24,991
164
1,034
1,252
2,006
2,130
2,240
2,308
52
192
194
220
223
234
239
3,075
3,522
3,813
2,601
2,453
2,401
2,148
1,353
641
760
1,07:
1,08:
1,105
1,076
642
180
211
180
182
167
171
9,846
5,596
6,215
7,816
8,028
8,013
7,497
8,744
5,022
5,556
6,950
7,146
7,100
6,672
8,738
5,020
5,553
6,947
7,143
7,098
6,671
1,077
558
637
806
817
802
751
496
350
339
307
304
291
283
1,291
1,905
1,392
18
1,039
12
936
16
821
8
840
39
12
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
670
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
CommerTotal
cial,
loans
Agriand
eludculinvest- Total 2 ing
ments
open tural
market
paper
Loans for
purchasing
or carrying
securities
To
brok- To
ers
and othdeal- ers
ers
Investments
U S. Government obligations
Real
estate
loans
All commercial
banks: 3
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
116, 284 38 ,057
160, 881 82 ,601
165, 123 90 ,302
164, 515 91 ,028
170, 068 93 ,899
18,167 1 ,660 830
33,245 4 ,475 3 ,263
38,720 4 ,161 2 ,589
39,020 4 ,077 2 ,274
40,526 4 ,066 2 ,601
1,220 9 ,393
1,774 20 ,809
1,691 22 ,509
1,634 22 ,530
1,620 23 ,110
All insured commercial banks:
194[ Dec. 31
1945—Dec. 3 1 . . . .
1947 Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
49 290 21 259 9 214 1 450 614
121, 809 25 ,765 9,461 1,314 3 ,164
114, 274 37 ,583 18,012 1 ,610 823
159, 164 82 ,081 33,092 4 ,396 3
163, 601 89 ,831 38,571 4 ,101 2 ,565
163, 025 90 ,571 38,870 4 ,027 2 ,251
168, 595 93 ,430 40,380 4 ,015 2 ,569
Member banks
total:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_j u n e 6
Dec. 3 1 . . . .
43, 521 18 ,021
107, 183 22 ,775
97, 846 32 ,628
135, 360 70 ,982
138, 768 78 ,034
137, 808 78 ,448
142, 353 80 ,950
New York City:*
1941—Dec. 31
1945 Dec. 31
1947—Dec. 31 ..
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6
Dec. 31
Chicago:*
1941—Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
31
31
31 ..
31
31
6
31...
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
banks:
31
31....
31....
31....
31....
6....
31....
8,671
8,949
16,962
31,019
36,296
36,500
37,868
5, 723 !
17, 185 3
18, 850 3
19, 508 3
20, 217 3
78,226 69, 221
78,280 6 1 , 592
74,821 58, 552
73,487 56, 642
76,169 58, 239
2 ,193
4 ,219
5 ,924
4 ,761
5 ,405
7,789
2,318
1,997
3,665
4,813
3,606 4 ,677
1,190 9 ,266
1,742 20 ,692
1,669 22 ,394
1,613 22 ,427
1,601 23 ,003
4 i 4i
2, 361 181
5, 654 1 028
17, 104 3 091
18, 765 3 325
19, 421 3 599
20, 122 3 513
28,031 21 046
96,043 88, 912
76,691 67, 941
77,083 60, 765
73,770 57, 837
72,454 55, 973
75,164 57, 580
988
2 ,455
2 ,124
4 ,105
5 ,763
4 ,658
5 ,290
19,071
7,552
2,292
1,981
3,610
4,758
3 159 12 797 4 102 3 651 3 333
16,045 51,321 ' 22 3',873 3 ;258
14 5,129 3 ,621
5,918 52,334
10 12,465 3 ,853
13,856 40,502
13 12,675 3 ,258
11,722 38,358
8 13,095 3 ,386
9,967 37,730
7 13,688 3 ,897
10,493 37,031
3,378
1,065
1,560
1,473
1,416
1,409
3 ,494
3 ,455
7 ,130
16 ,391
17 ,811
17 768
18 ,231
3,6 9:
1, 900 I 104
4, 662 952
14, 313 2 943
15, 765 3 147
16 229 3 399
16, 775 3 316
25,500 19, 539
84,408 7 8 , 338
65,218 57, 914
64,377 50, 697
60,734 4 7 , 575
59,360 4 5 , 829
61,403 4 7 , 079
971
2 ,275
1 ,987
3 ,250
4 ,383
3 ,439
3 ,948
16,985
5,816
1,738
1,469
2,798
3,534
3,007 11,729 3 832 3 090 2 871
14,271 44,792
16 3,254 2 ,815
10 4,199 3 ,105
4,815 45,286
9 10,444 3 ,236
11,508 34 192
12 10,494 2 ,665
9,493 32',218
8 10,768 2 ,763
7,952 31,632
8,560 31,031
7 11,235 3 ,089
412 169
2 453 1 172
545 267
17 2 ,144 511
1 1 ,409 402
1 1 ,152 389
1 ,280 387
123
80
111
577
617
567
565
287
564
1, 506
1, 558
1, 516
1, 513
52
233
87
99
97
96
97
22
36
46
128
134
135
143
972 594
855 3 ,133
1,046 811
2 ,726 3 ,150
2 ,478 2 ,447
2 453 2 13?
2 ,472 2 ,448
4 ,072
7 334
7 ,179
14 ,640
15 ,987
15 ,895
16 ,102
2,807
3 044
5,361
9,126
11,266
11,344
11,651
2, 760
5,9^1
5 088
6, 542
6, 473
6 266
6, 446
954
1 ,333
1 ,801
3 ,342
3 ,772
3 789
3 ,852
732
760
1,418
2,390
2,781
2 859
2,903
6
2
3
15
17
8
9
15, 347 7 ,105
40, 108 8 ,514
36, 040 13 ,449
52, 459 28 ,622
53, 915 31 ,783
53, 137 31 ,435
55, 259 32 ,805
3,456
3,661
7,088
13,212
15,170
14,919
15,702
300
205
225
566
489
495
494
Nonmember commercial banks: 3
1947—Dec. 3 1 . . . . 18 454 5 ,432
1955—Dec. 3 1 . . . . 25, 546 11 ,628
1956—Dec. 3 1 . . . . 26 381 12 ,279
1957—June 6 . . . . 26 733 12 ,591
Dec. 3 1 . . . . 27, 741 12 ,961
Direct
r»f
OI
to
States Other
Total
in- Other
and seculoans
GuarCertifidicates
Total
an- polit- rities
vidical
in- Notes Bonds teed
uals
Bills of
subdebtdiviedsions
ness
063
117
343
623
533
12, 896
26, 143
20 393
23, 583
23, 809
23, 293
23, 828
Country banks:
12 518 5 890
1941—Dec 31
1945—Dec. 3 1 . . . . 35 002 5 ,596
1947—Dec. 3 1 . . . . 36, 324 10 ,199
1955—Dec. 3 1 . . . . 52, 775 24 ,379
1956—Dec. 3 1 . . . . 54, 571 26 ,491
1957_june 6 . . . . 55, 112 27 ,330
Dec. 3 1 . . . . 56, 820 28 ,191
662 4 773
598
8
I 5^
298
330
006
049
245
053
8,823
18,809
13,214
8,943
7,822
7,398
7,726
51
149
316
439
430
425
40
26
184
178
184
180
1,806
4,598
3,287
3,200
2,701
2,477
2,594
114 194 1 ,527
1,~
855
427 1,503 1 ,459
170 484 3 ,147 1, 969
542 696 6 ,962 5, 916
501 712 7 ,654 6, 512
496 672 7 ,481 6, 630
603 673 7 ,667 6, 893
12
404
366
1 180
1 289
1 300
1 370
48
211
73
275
203
172
200
1
1
1
1
9!
1,
4,
2
2,
2,
1
2,
430
213
890
506
113
884
032
256
133 1,467
132
235
111
68
112
42
75
74
65
126
153
903
749 1,864
248 2 274
604 1,723
316 1,643
223 1 513
313 1,528
8,243 6 467 295
751
31,594 29, 552 1 ,034 6,982 5,653
22,591 20, 196 373 2,358 1,901
657 4,708
23,837 18, 826 813
441 3,742
22,132 17, 368 1 ,185
21,702 16, 797 758 1,179 3,038
22,454 17, 352 1 ,009 1,285 3,297
1,530
20
42
23
189
334
312
365
183
471
227
255
261
259
252
1 ,823
1 ,881
3 ,827
8 ,723
9 ,407
9 ,586
9 ,856
707
1, 979
6, 575
7, 256
7, 653
7, 944
6 628 4 377
363 29,407 26, 999
229 26,125 22, 857
573 28,397 22, 570
631 28,080 22, 037
669 21,182 2 1 , 409
713 28,629 2 1 , 815
1,205
2,226
2,424
2,519
2,657
20
113
143
143
153
156
214
218
219
211
2 ,266
4 ,428
4 ,708
4 ,773
4 ,891
1, 061
2, 872
3, 085
3, 278
3, 442
111
174
196
224
217
614
1 ,750
1 ,683
1 ,625
1 ,594
6,034 53,191
14,034 41,010
11,823 38,796
10,070 38,137
10,608 37,406
13,021
13,918
14,102
14,141
14,780
14
11
13
9
8
7, 265
1,623 3,652 1,679
311
1
17, 574 477 3 433 3 325 10 337
11, 972 1 002
558 9 771
640
552
2
100 1,141 5,002
6, 796
976 4,160
6, 057
3
724
194
5, 738
781 4,052
685
219
5, 880
648
214 1,093 3,924
1 676 659
1,484 648
3,096 818
6,290 2 ,127
7,080 1 ,972
7,378 1 ,949
7,613 1 ,970
1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings banks
became members of the Federal Reserve System; these banks are included in member banks but are not included in all insured commercial
Obligations
Other
110
630
480
1 ,774
2 ,362
1 ,920
2 ,226
119
5,276 3 ,729
12,698 3 ,990
12,901 3 ,368
13,314 3 ,531
13,915 4 ,014
729
606
638
1,609
1,406
1,311
1,435
830
629
604
539
358
349
411
182
181
213
476
440
460
408
193
204
185
219
148
133
154
956 820
4 248 1,173
5 1,126 916
15,878
15,560
3 1,342 1 ,053
12,643
5 3,778 1 ,233
11,995
A 3,820 944
11,819
3 3,888 1 ,017
11,760
2 4,027 1 ,075
5,102
2,583
913
792
1,326
1,909
4,544
2,108
5,056
4,458
3,910
3,857
481
2 926
16,713
17,681
14,825
14,420
14,248
13,819
206 1,973
1 1 , 318
10, 908
970
580
10, 989 1 ,541
528
10, 825 1 ,323
867
11, 172 1 ,457 1,279
1,219
2,527
2,330
2,119
2,049
7,916
6,829
6,588
6,515
6,385
861 1 222 1 028
1^342 1 ^067
6 2,006 1 ,262
4,581 1 ,246
4 4,827 1 ,215
4 5,109 1 ,265
4 5,365 1 ,449
A
1
1
1
1
1,078
2,255
2,409
2,548
2,682
625
755
704
769
926
banks or all commercial banks. Comparability of figures for classes of
banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual
banks, and by mergers, etc.
For other notes see opposite page.
671
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Time deposits
Re-
Class of bank
and
call date
BalDeserves
mand
Cash ances
with
with
dein
Federal
doposits
vault mestic
Readserve
banks5 justed 6
Banks
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
17
18
18
18
18
796
721
706
500
972
2 ,216
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_june 6....
Dec. 3 1 . . . .
12
15
17
18
18
18
18
396
810
796
721
706
500
972
1 .358
1 ,829
2 ,145
2 ,656
3 ,237
2 .717
3 ,311
Member banks
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_j U ne 6 . . . .
Dec. 3 1 . . . .
12
15
17
18
18
18
18
396 1 ,087
811 1 ,438
797 1 .672
722 2 ,019
707 2 ,487
501 2 .065
536
973
10, 216 87 123
2.682 12, 050 109 905
3 ,261 12, 813 H I 405
2 ,737 9 761 105 713
3 ,335 12 342 110 266
8 570 37 845
11 075 74 722
9 736 85 751
11 744 108 887
12 490 110 487
9 515 104 904
12 079 109 439
6
7
6
7
8
5
7
Interbank
deposits
ForDomestic5 eign
11 ,362
13 ,512
14 ,338
11 ,247
13 ,867
9 ,823
673
ut,226
,127
n
I: ,752
1,243
1.375
1,511
1,749
1,568
1,726
i : ,390
92
93
88
92
435
320
912
191
9,714
12,333
10,978
i : 1,002
13,818
10,799
i : ,356
73.528
1,430
1,546
1,794
1,618
1,769
1,248
1,379
1,516
1,755
1,581
1,736
,566
n
11 ,236
246
117
270
612
124
931
806
33 754
64 184
CertiIndiIndi- Bor- CapiU.S. States viduals,
States
fied viduals,
tal
Govt. and partnerrow- acand
and
partnerU.S.
and polit- ships, ings
offiships, Intercounts
Govt. political
bank
ical
postal
subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions poraetc.
tions
tions
671
6
10
10
10
10
799
273
449
603
693
2 ,581
84, 987
3 ,904 109, 011
3 ,785 111 048
2 ,852 101 177
3 ,620 109 653
3 , 310
3 , 859
3
5
6
10
10
10
10
677
098
692
138
350
500
594
1 ,077
2 ,585
2 ,559
3 ,879
3 ,744
2 ,829
3 ,597
709
179
176
327
292
932
472
3
4
5
8
8
8
8
066
240
504
075
211
371
412
2 ,450
2 ,401
3 ,638
3 ,475
2 ,616
3 ,331
319
237
290
302
286
261
299
127
552
72
222
184
97
195
1, 343
3, 709
3 , 733
3 , 318
3 , 898
1,
23,
1,
3,
762
740
325
697
3.717
1,
22,
1,
3,
3,
2,
3,
36
72
83
108
110
100
108
544
593
723
131
252
483
936
33
62
72
93
95
86
93
061
950
704
687
163
624
804
450
1 ,338
1 .105
1 ,498
1 .172
914
1 ,284
11
15
17
18
18
16
282
712
646
919
482
660
233
237
285
299
294
459
333
34
66
63
85
85
80
77
2
3
3
4
4
4
4
286
611
705
11
22
26
35
36
33
35
New York City:*
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
5 105
4 015
4 639
4 431
4 375
4 080
4 ,564
151
127
161
143
158
141
78
70
111
99
45
110
10
15
16
16
15
15
15
761
065
653
493
974
450
849
3,595
3,535
3,236
3,364
3,622
2,775
3,480
Chicago:*
1941 Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
1 021
942
1 ,070
1 135
1 ,158
1 ,089
1 ,071
43
36
30
32
37
28
39
298
200
175
141
174
95
148
2
3
3
4
4
4
4
215
153
737
349
272
087
084
,292
,196
,246
,318
,133
,293
4 060
6 ,326
7 ,095
7 ,727
7 ,649
7 ,701
7 ,763
425
494
562
638
787
653
790
590
174
125
515
656
825
585
11 117
22 372
25 ,714
33 ,757
34 046
32 549
33 ,583
4 302
6,307
5,497
6,903
7,298
> 648
6.962
54
491
110 8, 221
131
405
303 1, 288
286 1, 201
266 1 051
279 1 358
1 144
1 763
2 282
3 048
3 ,092
2 ,911
3 ,111
3 216
4 665
3 900
4 ,844
5 ,194
3 .966
4 ,964
9 ,661
23 ,595
27 ,424
790
225
8 5 465
7
432
17 1 061
16 1 160
18 1 097
18 1 181
1 ,370
2 ,004
2 ,647
4 ,425
4 ,538
4 ,740
4 ,669
55
36
45
50
43
1 ,295
2 ,198
2 238
2 ,232
2 ,282
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—Dec.
1957_june
Dec.
31.
31
31
31....
31....
6....
31....
93
027
607
866
1,105 6, 940
267
1,217
756
1,151
747
1,400
688
1,249
737
1,389
8
20
21
40
46
35
40
i
,009
383
65 10,059
159 15,300
019
193
75 16,302
893 1,446 16,837
366
77 17,368
111
356
330
331
301
2,340
2,384
2,712
2,773
158
70
54
59
103
111
356
330
331
301
492 15, 146
10 6,844
496 29, 277
215 8,671
826 3 3 , 946
61 9,734
2,282 4 5 , 756 145 14,980
56 15,988
2,329 4 7 , 949
2,652 50, 660 1,430 16,525
66 17,052
2,717 5 3 , 120
1 ,367
1 ,301
1 ,388
1 ,264
140
64
50
1 ,353
1 ,289
1 ,369
1 ,246
912
59
36
36
24
29
20
14
72
44
67
56
778
1, 206
1, 418
2, 171
2 , 395
2, 662
2 , 813
152
160
853
781
690
152
493
11
7
16
15
2
6
5
4
3
9
8
12
10
10
127
281
003
752
519
177
906
104
30
22
239
294
314
301
20
38
45
106
114
120
113
243
160
332
941
935
1 ,020
1 ,183
835
1 ,027
8 500
21 797
25 203
34 ,235
35 ,473
32 ,635
35 ,029
30
17
17
18
22
30
18
31
52
45
157
146
142
135
180
265
310
236
289
12 ,284
15 ,324
15 885
14 553
15 ,849
190
231
171
187
138
6
29
29
30
27
18.377
6
17
12
418 1 1 , 878
50
4 5,886
399 2 3 , 712
99
208 7,589
693 2 7 . 542
105
54 8,464
327 1,865 36, 972
137 12,783
301 1,839 38, 769
48 13,655
302 2,128 40, 883 1,374 14.058
275 2,170 42, 845
57 14,554
1 ,085
965
]
,009
""io
12
195
30
1
2
326
2
1 648
2', 120
2,259
2,745
2,873
2,907
3,136
476
719
902
1, 313
1. 302
1, 298
1, 332
3
4
101
4
288
377
426
628
660
665
689
4 542
9 , 563
1 1 , 045
15, 117
15, 748
16, 432
17,
2
1
82
21
681
21
1 967
2^566
2,844
4,641
5,076
5 182
5,370
146
6, 082
219 12, 224
337 14, 177
844 18, 371
847 19, 324
962 20, 491
928 2 1 , 366
4
11
23
52
21
267
30
1,982
2,525
2,934
4,769
5,046
5,304
5,359
12
22
27
72
21
1,596
2*519
2,649
2 781
2^818
banks:
31.
31....
31....
31....
31....
6....
31....
Country banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
526
2 ,210
796
4 ,527
929
4 ,993
5 ,429 1 222
5 ,526 1 [502
5 ,631 1 .241
5 ,576 1 ,549
Nonmember commercial banks; 3
1947—Dec. 31
1955—Dec. 31
1956 Dec 31
1957—June 6
Dec. 31
544
663
774
672
799
2
2
2
2
2
1
2
37.836
39 ,028
36 ,827
38 ,676
1,199
1,049
1,488
1,580
,243
1,621
3 ,947 13 ,595
4 ,439 17 ,470
4 690 18 085
3 ,831 16 801
4 ,536 18 ,075
385
510
521
448
511
i
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.
j
866 34,
46,
48,
50,
53,
240
1 ,585
1 ,460
1 ,556
1 ,385
167
382
440
385
427
1 ,035
]
,036
787
943
239
435
528
1,089
1,175
172
475
546
584
603
6
9
9
10
10
858
071
449
035
546
-* Central reserve city banks.
5 Beginning June 30, 1942, excludes reciprocal bank balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million
at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
672
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
U. S. Government obligations
Loans *
Total Loans
and
loans investComand
Month or date
Loans merinvest- ments
cial Agriadculadments justed
and tural
i justed i industrial
For purchasing
or carrying securities
To brokers
and dealers
U.S.
Govt.
obligations
To others
Other
securities
CerOther Loans
tifisecuto
cates
Real Other
estate loans Total Bills of in- Notes Bonds 2 rities banks
debtloans
edness
Total—
Leading Cities
1957
May
87,415
86,197 53,052 30,933
419
1,803
1,162
8,668 11,114 25,558 1,077 1,485 4,576 18,420 7,587 1,218
92,936
93,400
91,324 53,053 30,065
91,915 52,256 29,514
457
473
2,571
2,225
1,293
1,300
8,723 11,097 29,397 2,031
8,788 11,114 30,739 1,891
,150
,258
6,187 20,029 8,874 1,612
7,190 20,400 8,920 1,485
90,945
91,574
94,479
93,702
93,984
89,541
89,834
92,713
92,052
92,483
52,699 30,392
30,210
52,962 30
53,575 30,208
53,036 29
29,792
52,995 29,723
450
458
454
460
462
1,983
2,418
2,931
2,776
2,749
1,274
1,280
1,280
1,314
1,315
8,695
8,712
8,729
8,735
8,746
,140
,159
,131
,149
,169
4,951
4,994
6,940
6,979
7,074
19,965
19,957
20,001
20,061
20,159
8,729
8,817
8,974
8,909
8,940
1,404
1,740
1,766
1,650
1,501
93,470
93,145
93,364
93,623
91,973
91,785
91,803
92,100
52,533
52,395
52,029
52,068
470
470
473
477
2,373
2,257
2,067
2,204
1,312
1,298
1,302
1,288
8,757 11,118 30,496
8,774 11,130 30^11
30,511
8,800 11,091 30,856
8,821 11,118 31,093
" —
1,895
1,819
1,887
1,964
,191
,225
,318
,298
7,165
7,148
7,180
7,267
20,245
20,319
20,471
20,564
8,944
8,879
8,918
8,939
1,497
1,360
1,561
1,523
86 1,017
10
386
553 2,123 5,365
372
203
821
3,969 1,690
725
812
899
1958
Apr
May
1958
Apr. 2
9
16
23
30
May 7
14
21
28
29,659
29,623
29,455
29,318
11,056 28 ,113 2,057
11,035 28,055 1,945
11,126 30
30,164 2,092
11,111 30,107 1,918
11,157 30,548 2,146
New York City
1957
May
23,188 22,463
15,408 11,553
25,381 24,569
25,387 24,488
15,593 11,204
15,063 10,953
662
386
967
969
380
363
520
529
2,168 6,725
2,172 7,281
756
767
182
222
1,349
1,662
4,438 2,251
4,630 2,144
24,957
24,744
25,848
25,524
25,830
23,951
24,081
25,131
24,740
24,942
15,386 11 ,402
15,564 11,291
15,869 11,230
15,607 11,052
15,537 11,044
320 905
527 992
868 1,005
850 960
745 972
382
378
380
378
514
517
524
522
522
2,175
2,163
2,170
2,149
2,185
6,356
6,296
6,962
6,878
7,134
768
690
793
684
845
181
176
182
167
206
1,024
1,021
1,577
1,547
1,576
4,383
4,409
4,410
4,480
4,507
2,209 1,006
663
2,221
717
2,300
784
2,255
888
2,271
25,334
25,361
25,355
25,500
24,551
24,518
24,369
24,514
15,233
15,176
14,925
14,917
491
977
407 1,014
299 937
349 947
367
366
363
357
525
526
532
532
2,166
2,183
2,167
2,171
7,131
7,208
7,320
7,467
724
741
759
843
210
227
227
224
1,626
1,623
1,675
1,725
4,571
4,617
4,659
4,675
2,187
2,134
2,124
2,130
783
843
986
986
705 1,282 3,755 14,451 5,897
493
6,623
6,776
800
586
1958
Apr
May
1958
Apr. 2
9
16
23
30
May 7
14
21
28
Outside
New York City
11,016
10,990
10,935
10,869
1957
May
64,227 63,734
37,644 19,380
418
67,555 67,755
68,013 67,427
37,460 18,861
37,193 18,561
456
472
65,988
66,830
68,631
68,178
68,154
65,590
65,753
67,582
67,312
67,541
37,313 18,990
37,398 18,919
18,978
37,706 18
37,429 18,740
37,458 18,679
68,136
67,784
68,009
68,123
67,422
67,267
67,434
67,586
37,300 18,643
37,219 18,633
18,520
37,104 18
37,151 18,449
700
8,991 20,193
766
8,115
942
870
868
891
8,203 8,929 22,672 1,275
968 4,838 15,591
8,259 8,942 23,458 1,124 1,036 5,528 15,770
449
457
453
459
461
758
899
1,058
966
1,032
851
853
855
887
892
8,181
8,195
8,205
8,213
8,224
8,881 21,757 1,289
8,872 21
21,759 1,255
8, 956 23,202 1,299
8,962 23;229 1,234
8, 972 23,414
" ' 1,301
469
469
472
476
905
836
831
908
900
888
892
884
8,232
8,248
8,268
8,289
8,952 23,365
8,947 23,303
8,924 23,536
8,947 23,626
1958
Apr
May
1958
Apr. 2
9
16
23
30
May 7
14
21
28
i Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
,171
,078
,128
,121
959
983
949
982
963
3,927
3,973
5,363
5,432
5,498
15,582
15,548
15,591
15,581
15,652
6,520
398
6,596 1,077
6,674 1,049
6,654
866
6,669
613
981
998
1,091
1,074
5,539
5,525
5,505
5,542
15,674
15,702
15,812
15,889
6,757
6,745
6,794
6,809
2 Includes guaranteed obligations.
See also NOTE on opposite page.
714
517
575
537
673
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Month or date
In millions of dollars]
Interbank
deposits
Time deposits,
except interbank
DeBalIndiIndiDemand
Reances mand vidvidserves Cash with
deuals, States Certi
uals, States U.S.
with
in
do- posits part- and
fied
part- and Govt.
F. R. vault mestic ad- 1 ner- polit- and U.S.
ner- polit- and
Banks
banks justed ships, ical
offi- Govt. ships, ical Postal D o Forand
subcers'
and
subSavcordivi- checks,,
cor- divi- ings
pora- sions etc.
pora- sions
tions
tions
Borrowings
Capital
acFrom
Time F.R. From counts
Banks others
TotalLeading Cities
1957
May
13,416
936 2,389 55,369 57,821 4,391 2,013 2,657 20,979 1,081
181 10,033 1,583 1,237
673
814 9,188
13,166
12,907
942 2,629 55,584 57,595 4,563 2,350 3,070 23,203
979 2,660 54,932 56,854 4,603 1,893 3,645 23,576
,624
,778
141 11,193 1,512 2,189
142 10,987 1,527 2,234
130
56
951 9,805
806 9,890
12,960
13,031
13,560
13,297
12,982
901
965
952
968
922
13,018
12,855
12,879
12,877
1958
Apr
May
1958
Apr.
2
9
16
23
30
May 7
14
21
28
54,119 56 ,070
55 ,251 56,829
i,491 59,290
56,361 57,922
55;699 57
"",863
4,286
4,193
4,746
4,651
4,937
1,911
1,974
2,624
2,770
2,475
3,092 23 ,003
1,711 23,138
3,471 23,217
3,131 23,290
3,945 23,367
,551
,571
,625
,672
,703
139 11,519
140 11,199
141 11,490
142 10,746
142 11,009
1,494
1,502
1,505
1,513
1,547
2,142
2,177
2,194
2,211
2,221
909
994
964
,049
2,400 54 915 56,272
2,789 54;706
57
""'57,750
2,683 54,671 56,476
2,769 55,434 "',917
56
4,625
4,438
4,608
4,739
1,966
670 23,488
1,806
436 23,508
1,868 3;919 23,609
1,933 3,556 23,701
,759
,778
,792
,781
139 10,949
141 11,479
143 10,770
145 10,751
1,551
1,568
1,518
1,470
2,195
2,230
2,231
2,279
75
56
40
54
859
648
883
832
4,246
136
56 15,320 16,869
32 2,904 1,274
942
78
343 2,879
4,181
3,975
136
144
28
489 3,152
322 3,184
3,967
4,369
4,341
4,216
4,013
138
141
140
132
129
155
46
54
53
57
4,104
3,880
3,895
4,021
133
145
132
165
45
55
48
46
9,170
800 2,333 40,049 40,952 4,052
2,964
2,413
2,
2,445
2,698
53
670 9,785
89 1,145 9,803
255 1,147 9,780
190 1,024 9,803
63
771 9,853
9,885
9,882
9,889
9,906
New York City
1957
May
339 1,058
785 2,645
61
15,478 16,919
15,162 16,553
392 1,339 1,146 3,052
967 1,271 3,108
325
181
197
3,072 1,216 1.689
3,047 1,228 1,733
15,345 16,693
15,615 16,709
15,465 17,161
15,648 16,977
15,316 17
-,053
334
324
415
364
523
3,006
3,056
3,049
3,056
3,094
181
181
183
181
181
3,183
2,889
3,128
2,931
3,227
1,199
1,207
1,206
1,221
1,249
1,657
1,685
1,687
1,704
1,710
15,143
15,010
15,024
15,471
347 1,026 1,464 3,111
311
871 1,232 3,089
350
957 1,257 3,101
294 1,015 1,132 3,130
190
199
200
201
2,882
3,185
3,023
3,097
1,258
1,265
1,221
1,169
1,695
1,730
1,726
1,779
955 1,872 18,334 1,020
149 7,129
309
295
595
471 6,309
8,986
8,932
806 2,556 40,106 40,676 4,171 1,011 1,924 20,151 1,443
926 2,374 20,468 1,581
835 2,611 39,770 40,301 4,278
118 8,121
118 7,940
296
299
500
501
102
56
462 6.653
484 6,706
8,993
8,662
9,219
9,081
8,969
763
824
812
836
793
2,809 38 ,774 39,377
2,367 39 ,636 40,120
2,569 41 ,026 42,129
2;392 40,713 40,945
2,641 40,383 40,810
3,952
988 2,026 19,997 1,370
3,869
167 20,082 1,390
912
4,331 1,097
098 20,168 1,442
4,287 1,038
927 20,234 1,491
4,414 1,021
404 20,273 1,522
116
117
117
119
119
8,336
8,310
8,362
7,815
7,782
295
295
299
292
298
485
492
507
507
511
53
63
150
180
63
490
453
377
479
514
6,640
6,655
6,636
6,652
6,683
8,914
8,975
8,984
8,856
776
849
832
884
2,355 39,772 39,967
2,734{39,696 41 ,101
2,635 39,647 40,119
2,723,39,963 40,017
4,278
4,127
4,258
4,445
116
117
119
121
8,067
8,294
7,747
7,654
293
303
297
301
500
500
505
500
75
56
40
54
452
404
514
563
6,699
6,694
6,706
6,726
1958
Apr
May
1958
Apr.
Ma
2
9
16
23
30
M:::::::::::
21
28
16,305
16,649
16,357
16,900
923
1,062
1,527
1,732
1,454
1,066
544
1,373
1,204
1,541
26
105
10
180
145
692
148
770
144
545
151
257 3,170
407
244
369
269
3,186
3,188
3,183
3,180
Outside
New York City
1957
May
1958
Apr
May
1958
Apr.
2
9
16
23
30
May 7
14
21
28
! ..
940
935
911
918
1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
2,206 20 ,377
2,204 20 ,419
2,662 20 ,508
2,424 20 ,571
1,569
1,579
1,592
1,580
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.
674
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
Period2
Food, Textiles,
liquor, apparel,
and
and
tobacco leather
Metals Petroleum,
and
coal,
metal chemical,
prod-3
and
ucts
rubber
Other
1955—Jan.-June
July-Dec
-540
480
220
71
177
224
313
208
153
63
1956—Jan.-June
July-Dec
-302
822
238
-6
1,362
-71
424
428
1957—Jan.-June
July-Dec
-456
331
148
-159
935
-496
291
150
369
72
214
-161
1958—Mar
-46
-177
-81
49
-56
-17
233
-300
9
-6
-60
-87
Week ending:
1958—-Mar. 5
12
19
26
-18
-18
15
-25
11
16
23
4
34
151
44
Apr. 2
9
16
23
30
-26
-32
-39
-29
-51
3
-6
-7
-33
-12
May 7
14
21
28
-18
-5
-21
-38
-1
8
-16
-8
Apr
May
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
146
327
171
178
-461
469
589
704
-386
739
-1
-8
92
-32
24
-7
8
19
-26
-28
-14
-25
-141
-92
-7
44
-14
-15
Public
utilities
(incl.
transportation)
Construction
Comm'l
and
All
ind'l
Net change—
other changes
all
types
classiweekly
of
fied
reportbusiness
ing
banks4
134
106
143
370
1,257
3,050
1,078
53,206
-322
98
384
27
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
-539
420
366
-108
513
183
-12
-49
-54
58
1,404
161
1,249
-296
73
23
-15
-80
-23
-41
106
-268
-133
-20
59
-119
9
16
25
73
-70
75
481
-887
-359
572
-855
-405
6
24
42
20
18
4
33
18
-34
-27
-7
-13
-111
40
248
-72
-40
-7
49
-22
-11
5
9
6
6
21
12
33
-176
100
594
-36
-210
131
666
-15
-14
-3
11
-16
-38
-5
-5
1
-23
14
-5
32
-20
2
-22
-9
-22
-22
51
-87
-90
-14
-73
-4
-18
-4
32
-4
54
-1
2
11
1
2
-13
-40
-21
4
-196
-205
-20
-381
-84
-186
-182
-2
-416
-69
-8
-57
-4
-18
10
3
3
9
14
-2
-17
-9
-7
15
-26
-23
-47
-23
-35
-28
-13
-38
-19
-49
12
31
20
-11
36
-33
-36
-144
-145
-64
-36
-168
-137
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.
14
-2
3
4
Includes machinery and transportation equipment.
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5
Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES
OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year
or month
Total
Placed
through
dealers i
Placed
direct-
Held by:
Accepting banks
Trktai
ly
(finance
paper) 2
To- Own Bills
tal bills bought
1952
1953
1954
1955
1956
1,745
1,966
1,924
2,020
2,166
552
564
733
510
506
1,193
1,402
1,191
1,510
1,660
492
574
873
642
1957_Apr
2,485
2,775
2,452
2,781
2,835
2,558
2,654
2,944
2,666
466
2,019
2,292
1,998
2,322
2,334
2,057
2,138
2,384
2,115
1,018
984
979
1,000
1,227
1,197
1,225
1,224
1,307
3,345
3,628
3,485
3,658
654
2,691
2,852
2,623
2,739
[,422
1,523
1,529
1,479
May
June
July
Aue
Sept
Oct
Nov
Dec
1958—Jan
Feb ..
Mar
Apr
483
454
459
501
501
516
560
551
116
862
919
967
Own
acct.
126
117
203
126
57
55
86
49
155
72
28
69
195
188
183
135
142
142
60
24
46
41
154
112
220
214
197
221
287
152
149
131
151
194
42
416
307
459
68
65
66
70
94
21
23
19
27
16
16
20
66
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
Others into
exfrom
ForUnited United change
eign
States States
United Foreign
corr.
States countries
20
24
19
33
289
378
565
405
232
274
285
252
125
154
182
210
50
621
261
329
2
227
148
64
735
272
471
4
501
502
89
182
5
21
73
58
177
178
507
35
59
169
63
62
713
711
227
220
70
757
231
68
66
69
67
76
913
901
942
916
878
372
318
109
41
125
104
43
39
139
132
843
936
350
109
37
131
852
* As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
F. R.
Banks
183
172
289
175
227
497
422
Based on:
127
838
243
234
248
268
278
524
483
465
459
456
273
461
261
263
278
39
29
17
17
66
75
94
64
46
65
64
75
300
63
212
2^5
226
222
296
386
32
43
89
100
182
181
192
211
232
237
447
432
110
139
480
471
224
224
416
131
416
239
2
As reported by finance companies that place their paper directly with
investors.
675
INTEREST RATES
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
comPrime
Prime
company
bankmercial paper
ers'
paper,
placed accept4- to 6- l directances,
months
90 1
ly,
3- to 6- days
months i
Year,
month, or
week
1955 average
1956 average
1957 average
>.18
$.31
$.81
.97
$.06
$.55
.71
>.64
$.45
U. S. Government
securities (taxable)2
3-month bills
Size of loan (thous. of dol.)
1.753
2.658
3.267
.89
>.83
$.53
2.50
3.12
3.62
3.06
3.29
3.16
3.37
3.53
3.58
3.29
3.04
3.042
3.316
3.165
3.404
3.578
3.591
3.337
3.102
$.37
$.55
$.71
$.93
t L02
$.94
$.52
$.09
3.60
3.77
3.89
3.91
3.93
3.99
3.63
3.04
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
$.63
$.79
5.88
5.98
i LOO
i.1.10
i L07
$.81
$.38
$.48
$.63
$.63
$.82
$.88
$.79
$.55
$.25
$.36
$.38
$.78
$.83
$.75
$.50
$.35
1958—Jan
Feb
Mar
May'.'.'.'.'.'.
5.49
>.63
>.33
1.90
[.71
$.23
2.18
1.86
1.59
1.38
$.06
>.30
1.80
1.52
1.30
2.44
1.54
1.30
1.13
.91
2.598
1.562
1.354
1.126
1.046
>.56
1.93
1.77
1.35
1.21
2.77
2.67
2.50
2.33
2.25
Week ending:
May 3 . . .
10...
17. . .
24. . .
31. . .
1.75
1.75
1.75
.70
1.63
1.38
1.38
1.38
.38
1.38
[.38
1.38
1.38
[.28
1.13
1.23
1.11
1.02
.74
.58
1.367
1.187
1.112
.931
.635
1.39
.33
1.26
.13
1.01
2.30
2.29
2.26
2.23
2.20
1
Average
a v e3 r a g e s c o m
C
onsists
4
Consists
Annual averages,
19 large cities:
1955
1956
1957
Quarterly:1
19 large cities:
1957—June
Sept
Dec
1958—Mar
New York City:
1957—June
Sept
Dec
1958—Mar
7 Northern & Eastern
cities:
1957—June
Sept
Dec
1958—Mar
11 S o u t h e r n & W e s t e r n
cities:
1957—June
Sept
Dec
1958—Mar
o f daily prevailing rates. 2 E x c e p t for n e w bill issues, yields are
p u t e d from daily closing bid prices.
of certificates of indebtedness a n d selected n o t e a n d b o n d issues.
of selected note a n d b o n d issues.
B O N D
A N D
S T O C K
[Per cent per
1
Based on
NOTE.—For
pp. 228-37.
figures f o r first
description
Year, month, or
U.S.
Govt.
bonds
(longterm)2
week
4
A a a ~
5
3.5
4.61
5.01
5.01
4.75
4
4
4
4
.
.
.
.
23
69
71
29
4.86
5.24
5.23
5.02
4
4
4
4
9
3
4
0
4
4
4
4
.
.
.
.
1
6
6
1
2
0
2
7
4.
5.
5.
5.
4.61
5.01
5.02
4.72
4
4
4
4
.
.
.
.
2
7
7
3
5
3
4
3
4.
5.
5.
4.
4
4
4
4
.43
.81
.87
.49
5.0
4.4
4
4
4
4
.
.
.
.
5.37
5.67
5.66
5.55
4
5
5
5
4
4
4
4
.23
.69
.71
.29
5
5
5
5
.
.
.
.
2
5
5
4
4
4
0
2
4
4
4
4
.
.
.
.
5
5
5
5
.
.
.
.
3
6
6
6
9
9
7
0
40
83
85
49
3
8
8
4
9
5
6
9
4.65
5.01
5.05
4.77
5.42
5.72
5.73
5.60
.
.
.
.
9
2
2
1
4
9
9
0
94
31
33
08
4.99
5.31
5.31
5.17
15 days of m o n t h .
see BULLETIN for
By
groups
Dividends /
price ratio
Aaa
Industrial
Baa
Railroad
Public
utility
Preferred
Common
20
120
30
30
40
40
40
14
90
2.57
2.94
3.56
2.18
2.51
3.10
3.14
3.50
4.20
3.25
3.57
4.21
3.06
3.36
3.89
3.53
3.88
4.71
3.19
3.50
4.12
3.34
3.65
4.32
3.22
3.54
4.18
4.01
4 25
4.63
4.08
4.09
4.35
1957
3.40
3.58
3.60
3.63
3.66
3 73
3.57
3.30
3.48
3.65
3.65
3.84
3.89
3.74
3.67
3.33
3.00
3.19
3.17
3.37
3.43
3.31
3.24
2.92
4.10
4.32
4.29
4.43
4.49
4.38
4.35
4.00
4 02
4.15
4 26
4.37
4.44
4 46
4.49
4.31
3 74
3.91
3.99
4.10
4.12
4.10
4.08
3.81
4.52
4.63
4.73
4.82
4.93
4.99
5.09
5.03
3 96
4.14
4 19
4.29
4.31
4 32
4.34
4.11
4 13
4.26
4.39
4.49
4.56
4 57
4.65
4.53
3 98
4.06
4.19
4.33
4.45
4 48
4.49
4.29
4 53
4.69
4.75
4.83
4.79
4 80
4.78
4.49
4 18
4.04
3 95
4.17
4.31
4 54
4.67
4.64
3.24
3 26
3.25
3 12
3.14
3.17
3.15
3.23
3 16
3.12
2
2
2
2
2
5
2
9
0
9
3.81
3.79
3.88
3.78
3.71
4.06
4 01
4.04
4.02
4.00
3.60
3.59
3.63
3.60
3.57
4.83
4.66
4.68
4.67
4.62
3.91
3 86
3.86
3.83
3.80
4.30
4 29
4.30
4.32
4.30
3.99
3 87
3.95
3.90
3.89
4.36
4 38
4.42
4.37
4.31
4.48
4 47
4.37
4.33
4.19
3
3
3
3
3
3.08
3.09
3.14
3.14
3.14
2.64
2.66
2.71
2.71
2.71
3.64
3.65
3.76
3.76
3.76
3.99
4.00
4 00
4.00
3.99
3.55
3.57
3 57
3.57
3.57
4.66
4.63
4 62
4.62
4.60
3.80
3.81
3 80
3.79
3.79
4.29
4.30
4 31
4.31
4.30
3.87
3.89
3 90
3.89
3.89
4.31
4.32
4 29
4.31
4.32
4.21
4.16
4 23
4.19
4.16
Aug
Sept
Oct
.
Nov
Dec
1958
Jan
Feb
M a r
.
Apr
M!ay
Week
ending:
M a y
3
10
17
24
31
.
.
.
.
.
1
1
1
1
1
4
4
5
3
3
.
.
.
.
.
7
7
7
7
6
1 Monthly and weekly yields are averages of dailyfiguresfor U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; and of preferred stocks, on Wednesday
figures. Figures for common stocks are as of the end of the period,
except
for annual averages.
2
Series is based on bonds maturing or callable in 10 years or more.
3
Moody's Investors Service. State and local govt. bonds include general obligations only.
1949,
Stocks 5
2.84
3.08
3.47
M a y
June
July
70
05
04
87
Y I E L D S i
4-7
..
4
9
9
6
March
1955 average
1956 average
1957 average
N u m b e r of issues
.
.
.
.
Earnings /
price ratio
4
Baa
5
4.0
3.7
annum]
By selected
ratings
Total
Total
200
and
over
10100
Corporate bonds3
S t a t e a n d l o c 3a l
govt. bonds
100200
110
9-to 12- 3- to 5month
year
issues3 issues4
Mar- Rate
ket on new
yield issues
1.73
2.62
3.23
All
loans
Area and period
Common
500
7.81
7.40
7.84
7.10
8.00
8.56
7.87
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 earnings /price ratio is now computed for the 500 stocks in the price index, but figures prior to June 1957
are based on the 90 stocks formerly included in the daily price index.
The dividend /price ratio has not yet been converted to the broader base.
676
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock pr ices
Standard and Poor's series
(index, 1941-43= 10)
Year, month,
or week
U.S.
Govt.
(long-2
term)
Muponicipal rate
(high- 3 (highgrade) grade)3 Total
102.40
98.91
93.24
123.1
116.3
SeDt
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
Week ending:
May 3
10
17
24
31 .
Pubhe
utility
425
25
50
265
170
98
72
21
29
31
14
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
305
345
331
374
439
422
352
410
394
465
320
327
297
306
451
275
313
358
342
2,578
2,216
391
153
156
156
50.10
51.30
52.54
49.51
47.52
44.43
43.41
43.29
30.42
30.11
31.20
29.52
27.17
24.78
22.63
21.39
34.03
33.35
32 93
31.89
31.09
30.39
30.68
31.79
450
419
480
297
293
302
286
380
489
500
163
101.2
46.78
47.55
48.51
45.84
43.98
41.24
40.35
40.33
352
101.3
102.9
103.4
107.5
103.2
101.1
100.0
98.3
98.1
98.2
98.3
102.7
472
286
2,389
2,224
2,194
1,882
1,844
2,782
2,538
2,594
96.48
96.20
96 34
98.23
97,94
110.0
109.2
107 9
110.0
111.1
105.9
105.7
105.1
105.3
105.6
41.12
41.26
42.11
42.34
43.70
43.98
44.01
44 97
45.09
46.51
22.69
23.00
22 60
23.20
24.74
97.94
97.88
97.76
98.08
98.12
111.3
111.0
110.8
110.8
111.6
105.7
105.5
105.3
105.6
105.8
43.38
43.94
43.44
43.61
43.90
46.17
46.80
46.21
46.40
46.70
24.23
24.84
24.59
24.64
25.10
94.23
91.77
91.50
91.10
90.70
89.77
91.90
95.63
1957—May
June
July
500
Railroad
114.4
109.1
101.3
15
Number of issues
1955 average
1956 average
Industrial
ume
of
trading 4
(in
Manufacturing
Trade,
thoufisands
Trans- PubMinof
Total
porta- lic nance,
and
ing shares)
utilDu- Nontion
Total rable
duservity
rable
ice
Securities and Exchange Commission series
(index, 1939= 100)
105.8
106.9
103.5
103.5
17
1
Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.
355
362
457
468
343
441
328
306
302
298
419
388
382
376
33.30
34.12
34 57
35.54
36.57
305
304
382
312
387
36.41
36.51
36.49
36.62
36.77
322
324
320
324
326
323
421
434
408
386
357
350
336
450
417
411
413
347
414
401
346
352
340
353
408
422
426
438
401
404
397
402
404
350
354
348
355
359
441
441
434
438
438
378
388
263
241
228
215
m
160
158
155
153
149
149
152
283
291
282
277
266
262
258
390
382
354
334
297
284
274
270
272
2,222
231
231
160
162
278
283
267
283
233
166
286
287
249
169
301
300
2,267
2,010
2 223
2,395
2,580
244
251
244
251
254
168
168
168
170
170
296
304
300
302
303
296
299
296
303
306
2,481
2,821
2,662
2,507
2,324
230
158
2
Prices derived from average market yields in preceding table on basis
of 3an assumed 3 per cent, 20-year bond.
Prices derived from average yields, as computed by Standard and
Poor's
Corporation, on basis of a 4 per cent, 20-year bond.
4
Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit1
Customer credit
Totalsecurities
other than
End of month or last
Wednesday of month
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for pur- 2
firms i
chasing and carrying securities
Money borrowed
T T ^1 frnvt
1953 Dec
1954—Dec
1955—Dec.. .
1956—Dec
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
.
. .
. .
1958—Jan
Feb
Mar
Apr
. .
obligations
(col.3 +
col. 5)
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
On
U. S. Govt.
obligations
On
other
securities
2,445
3,436
4,030
3,984
31
41
34
33
1,665
2,388
2.791
2,823
88
65
32
41
780
1,048
1,239
1.161
88
69
51
46
1,074
1 529
2,246
2,132
713
1 019
894
880
3,924
4,031
4,004
3,929
3,882
3,643
3 577
3,576
39
31
2,794
2,887
2,885
2,833
2,789
2,568
2,517
2,482
26
25
23
24
21
31
33
60
,130
,144
,119
1,096
,093
,075
,060
1,094
52
52
2,063
2 104
2,079
2 035
2 046
1,708
1 641
1 706
817
820
1,552
1,647
1,784
1 822
1,808
937
3,554
3,679
3,863
3,980
4,069
32
30
35
39
42
68
126
102
111
134
141
2,487
2,580
2,665
2,735
2,856
1
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
Customer
f_net
__
credit
balances
58
79
86
70
75
1,067
,099
,198
1,245
[ 213
59
58
63
72
56
125
188
199
206
230
244
829
816
838
879
876
896
939
954
985
979
2
Figures are for last Wednesday of month for weekly reporting member
banks, which account for about 70 per cent of all loans for this purpose.
Column 5 includes some loans for purchasing or carrying U. S. Govt.
securities (such loans are reported separately only by New York and
Chicago banks). On June 30, 1956, reporting banks outside New York
and Chicago held $51 million of such loans. On the same date insured
commercial banks not reporting weekly held loans of $28 million for
purchasing and carrying U. S. Govt. securities and of $384 million for
other securities. Noninsured banks had $33 million of such loans,
probably mostly for purchasing or carrying other securities.
SAVINGS INSTITUTIONS
677
LIFE INSURANCE COMPANIES *
[Institute of Life Insurance data. In millions of dollars]
Government securities
Total
assets
Date
Business securities
Mortgages
Real
estate
Policy
loans
Other
assets
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
23,248
25,890
29,069
31,865
34,032
35,912
38,040
2,103
2,221
2,446
2,573
3,268
3,633
3,503
16,102
19,314
21,251
23,322
25,976
29,445
32,989
1,445
1,631
1,903
2,020
2,298
2,581
2,817
2,413
2,590
2,713
2,914
3,127
3,290
3,519
2,591
2,872
3,088
3,302
3,523
3,743
4,076
34,265
36,695
38,851
40,976
31,926
33,985
35,930
38,067
2,339
2,710
2,921
2,909
23,275
25,928
29,425
32,994
1,994
2,275
2,557
2,829
2,894
3,087
3,294
3,505
3,321
3,884
4,383
4,551
1,252
[,265
1,264
1,277
[,279
[,269
1,271
1,285
1,275
41,772
41,962
42,146
42,567
42,742
42,932
43,170
43,368
43,644
38,821
39,004
39,190
39,574
39,724
39,922
40,149
40,340
40,637
2,951
2,958
2,956
2,993
3,018
3,010
3,021
3,028
3,007
33,840
34,022
34,159
34,356
34,547
34,697
34,859
34,986
35,230
2,907
2,948
2,983
3,004
3,032
3,059
3,085
3,113
3,134
3,606
3,633
3,657
3,703
3,731
3,764
3,802
3,833
3,863
4,417
4,408
4,470
4,469
4,442
4,527
4,452
4,515
4,572
1,288
1,302
1,304
1,323
43,859
43,961
44,256
44,467
40,862
40,957
41,179
41,383
2,997
3,004
3,077
3,084
35,410
35,529
35,663
35,773
3,156
3,187
3,214
3,244
3,896
3,927
3,962
3,996
4,532
4,544
4,536
4,445
Total
and
United State
local Foreign 2
States
(U. S.)
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
64,020
68,278
73,375
78,533
84,486
90,432
96,011
16,118
13,760
12,905
12,537
12,262
11,829
11,067
13,459
11,009
10,252
9,829
9,070
8,576
7,555
End of month:*
1953—Dec
1954 Dec
1955—Dec
1956—Dec
78,201
84,068
90,267
95,844
12,452
12,199
11,757
10,989
1957_Apr
May
June
July
Aug.. .
Sept
Oct
Nov
Dec
97,488
97,868
98,239
99,005
99,374
99,812
100,224
100,597
101,043
1958—Jan
Feb
Mar
Apr
101,672
102,000
102,385
102,717
End of year: 3
1941
1945
1950
1951
1952
1953
1954
1955
1956
Total
Bonds
Stocks
687
1.240
10,174
11,059
9,573
10,060
1,152
1,170
1,153
1,298
1,846
2,038
2,273
1,507
1,581
1,500
1,410
1,346
1,215
1,239
25,351
28,111
31,515
34,438
37,300
39,545
41,543
9,767
9,021
8,545
7,519
1,278
1,833
1,998
2,234
1,407
[,345
1,214
1,236
10,946
10,895
10,824
10,906
10,880
10,833
10,856
10 782
10,600
7,430
7,340
7,270
7,306
7,268
7,224
7,233
7,135
6,950
2,264
2,290
2,290
2,323
2,333
2,340
2,352
2 362
2,375
10,819
10,852
10,754
10,792
7,113
7,124
7,002
7,009
2,418
2,426
2,448
2,460
1 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.
2
3
These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.
* These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year or month
Total2
Mortgages3
U.S.
Govt.
obligations
Liabilities
Borrowings
Cash
Other*
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
1941
1945
6 049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
1950
1951
1952
1953
1954
1955
1956
1957
16,893
19,222
22 660
26,733
31 736
37,719
42,875
48,275
13,657
15,564
18,396
21,962
26,194
31,461
35,729
40,119
1,487
1,603
1,787
1,920
2,021
2,342
2,782
3,169
924
1,066
1,289
1,479
1,980
2,067
2,119
2.144
733
899
1,108
1,297
1,471
1,791
2,199
2,809
13,992
16,107
19,195
22,846
27,334
32,192
37,148
42,038
810
801
860
947
864
1,412
1,225
1,263
90
93
84
80
96
146
122
118
1,280
1,453
1 658
1,901
2,191
2,557
2,950
3,377
1957_Apr
May
June
July
Sept
Oct
Nov
Dec
44,431
45,085
45,736
45 750
46,188
46,639
47 127
47,600
48,275
36,963
37,421
37,886
38 280
38,743
39,106
39 532
39,835
40,119
3,162
3,180
3,139
3,180
3,203
3,229
3,219
3,238
3,169
1,836
1,874
2,061
1,741
1,635
1,643
[,622
2,144
2,428
2,569
2,610
2,510
2,569
2,624
2,718
2,787
2,809
38,471
38,939
39,798
39,730
39,982
40,306
40,673
41,072
42,038
968
990
1,077
1,037
1,070
1,117
1,129
1,141
1,263
87
84
103
109
115
115
121
117
118
1958—Jan
Feb
Mar
Apr
48 423
48 845
49,406
50,068
40 369
40 623
40,967
41,367
3,215
3,195
3,192
3,229
2,023
2,198
2,407
2,524
2,816
2,829
2,840
2,948
42,491
42,875
43,366
43,729
904
788
694
813
100
89
94
87
...
AUK
.
3
1
Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
2 Includes gross mortgages with no deduction for mortgage pledged
shares.
70S
3,136
3,377
3
Beginning January 1958, no deduction is made for mortgage pledged
shares. These have declined consistently in recent years and amounted
to 4$34 million at the end of 1957.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
NOTE.—Data for 1957 and 1958 are preliminary.
678
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 activity
1
1957
1956
1950
19512
19522
19532
1954
1955
2*
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit b a n k s . . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
To industry, total
Treasury Department...
Commerce Department.
Other agencies
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
311
590
648
2,096
3,076
23
6,929 6,715
367
375
638
689
701
681
2,226 2,348
2,981 2,621
1
18
6,752
457
734
724
2,488
2,349
(4)
7,261
423
3845
823
2,544
2,626
(4)
6,827
384
997
866
2,586
1,994
(4)
6,466
430
997
880
2,634
1,525
(4)
6,681
454
935
832
2,688
1,778
(4)
1,528
1,347
> 181
2,142
1,850
292
2,603
2,242
362
2,930
2,462
300
, 168
2,907
2,461
383
63
3,205
2,641
480
84
3,680
3,072
464
145
4,076
3,433
488
155
4,381
3,629
521
123
4,680
3,807
691
182
4,769
3,998
770
1
431
353
79
678
306
' 261
I 112
619
209
219
191
629
209
228
192
640
211
219
210
652
254
216
182
674
251
217
206
568
589
598
' 568
589
598
588
174
> 413
To financing institutions
824
814
864
952
870
1,419
1,233
966
1,084
1,124
1,270
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
468
351
117
744
589
155
1,020
894
126
645
500
145
272
112
160
245
90
155
246
106
140
272
120
153
243
94
149
276
186
90
264
105
159
6,078
2,226
3,750
6,110
2,296
3,750
7,736
2,496
3,667
61,515
58
64
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
8,223
2,701
3,470
1,995
57
8,237
2,678
3,470
2,035
54
8,300
2,667
3,470
2,084
52
8,316
2,656
3,470
2,139
51
8,754
3,040
3,470
2,195
49
119
29
90
166
127
39
213
156
57
240
184
56
338
275
60
306
246
60
344
283
62
Foreign, total
Export-Import Bank
Treasury Department 5
International Cooperation Administration.
Other agencies
All other purposes, total
Housing and Home Finance Agency.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international
institutions
Other securities7
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company 8
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration..,
Post Office Department
Other agencies
102
63
'63
55
(4)
34
75
5
69
7,988
2,702
3,519
1,767
256
209
47
-367
-185
-173
-327
-695
-501
-140
-203
-228
-309
-268
13,228 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395
3,762
881
264
504
1,917
195
3,385
340
3,804
896
274
471
1,937
226
3,385
333
2,226
249
200
285
1,353
140
3,385
257
2,421
311
208
316
1,437
148
3,385
223
2,602
387
217
319
1,526
152
3,385
219
2,967
641
228
327
1,624
147
3,385
197
3,236
745
241
381
1,720
149
3,385
179
1,114
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
288
303
428
550
4,356 21,375 21,303 21,450 21,514 21,628
3,747 3,651 3,362 3,153 3,090 3,025
11,004 11,094 11,105 11,157 11,136
6,517 6,654 7,022 7,092 7,282
609
175
185
193
171
201
8,062
4,834
363
8,046
4,798
421
1,739
728
136
2,945
3,358
3,213
18
886
1,296
298
1,048
1,284
415
1,251
1,202
7,822
4,822
421
1,829
450
3,739
1,018
256
458
1,825
181
3,385
284
745
728
345
350
360
300
9,985
4,502
398
1,762
236
276
311
1,298
590
613
Bonds, notes, & debentures payable (not guar.), total... 1,190
Banks for cooperatives
110
Federal intermediate credit banks
520
Federal home loan banks
560
Federal National Mortgage Association
1,369
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
170
674
525
NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury
Bulletin. The revised statement includes a larger number of agencies, and
their activities are classified according to the type of fund they represent.
Funds are combined in the table above, but are shown separately in the
table on the following page. Classifications by supervisory authorities
are those in existence currently. Where current Treasury compilations
do not provide a detailed breakdown of loans, these items have been
classified by Federal Reserve on basis of information about the type of
lending activity involved.
•1 Totals reflect exclusion of agencies reporting other than quarterly.
Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
23 Coverage changed from preceding period (see also NOTE).
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
3,923
1,095
265
479
1,898
186
3,385
344
2,075
199
193
244
1,307
132
3,385
266
1,475
1,040
3,881
1,017
274
482
1,914
194
3,385
340
9,875
4,470
396
1,751
144
277
317
1,226
590
704
9,979
4,506
401
1,803
114
281
327
1,332
599
616
9,974
4,520
599
1,791
106
281
328
1,341
599
408
9,962
4,535
398
1,801
88
283
342
1,308
599
608
2,975
231
803
720
1,220
3,497
190
953
733
1,620
3,647
237
959
765
1,687
4,662
247
902
825
2,688
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
4 Less than $500,000.
5 Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
67 Figure derived by Federal Reserve.
Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
8 Figures prior to 1951 are for the Panama Railroad Company. The
Panama Canal Company, established in 1951, combined the Panama
Railroad Company with the business activities of the Panama Canal
Company (not reported orior to that time).
9 Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $1,967 million.
679
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 i
Date, and fund or activity
Total Cash
Investments
Loans Inrevenceiv- tories
Public Other
able
debt
secu- securities rities
Bonds, notes,
PriU . S . vately
and debenLand,
Govt. owned
tures payable
strucinterinterOther
tures, Other
liabil- est
est
and
Guarities
equipanteed Other
ment
by
U.S.
All activities
1954—Dec. 31
1955—Dec. 31
1956 Dec 31*
41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387
45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900
69,653 4,996 20,657 21,375 3,739 3,669 9,985 5,232
1957—Mar.
June
Sept.
Dec.
69,895
69,059
70,175
71,139
4,441
3,981
4,692
4,291
21,303
21,450
21,514
21,628
3,923
3,881
3,762
3,804
Public Enterprise Funds—Total
Farm Credit Administration: 3
Federal Farm Mortgage Corporation . .
Agricultural Marketing Act, revolving fund
Agriculture Department:
Commodity Credit Corporation
Disaster loans, etc revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration.
. .
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator. . . .
...
Federal Savings and Loan Insurance Corporation...
Small Business Administration
Export-Import Bank
Tennessee Valley Authority
Panama Canal Company
Veterans Administration
General Services Administration
Treasury Department
Post Office Department—postal fund
Interior Department .
All other
19,665 1,313 8,680 3,999
786
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
13,122 1,478
Certain Other Activities—Total
General Services Administration
Agriculture Department:
Farmers Home Administration
Rural Electrification Administration
Interior Department .
International Cooperation Administration
Treasury Department
Commerce Department—maritime activities
National Advisory Committee for Aeronautics
All other
30,639 1,184 9,474 6,356
8,328
82 6 344
527
31
30*
30
31
.'
21,353
20,980
21,320
22,395
3,729
3,725
3,725
3,718
9,875
9,979
9,974
9,962
5,272
5,063
5,186
5,340
33 1 068 4 183 35 610
44 2,379 2,703 39,583
67 2,711 3,659 62,516
68 2,975
57 3 497
60 3,647
49 4,662
508
596
699
3,713 62,364
775
3 325 61 144 1,037
2,634 62,778 1,056
2,916 62,391 1,121
Classification by type of fund
and activity, December 31, 1957
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
Certain Trust Revolving Funds—Total
Federal National Mortgage Association..
Federal intermediate credit banks
Office of Alien Property
Allother
9
186
1
44
39 1,664 3,025
64
60
35
19
215
792
2 382
87
30
286
325
3,071
2 053
464
839
1 126
227
931
249
179
8 562
3,367
858
334
734
104
43
8
284
60
45
18
(4)
69
(4)
f4)
1
8
4
41
(4)
890
620
4,715
520
1,951
2,245
2,997
1,622
1 075
213
87
80 1,717
451
15
2
63 1 265
235 2,524
52 1,561
20
935
148
27
15
1
o Figure represents total trust interest.
8,622 1 324
1,902
355
1 418
448
1,055
790
3,752
287
3,197
278
1,684
428
461
4
551 4,797
107
6
289
48
16
219
1 372
10
8
179
606
40
6
969
793
15
1
271
324
52 3 020
32 2 021
27
109
24
2
87
6
34
39
104
36
138
450
827
1 062
226
(4)
674
257
241
9
19
160
13
12
64
11,273
221
150
612 12,509
7 577
2,954
605
136
105
56
45
44
5
172 8 390
295 3,072
94
764
51
283
7 3,563 6,452 3,603
(4)
1,191
184
197 30,442
24 8,304
116
(4)
(4)
w
135
100
(4)
(4)
35
1 749
2
6
8
44
206
(<>
7
21
133
32
8
93,038
3,563
3 (4)
4 50i
49
283
83
1
6
114
55
12
30
2,876
(4)
10
43
1,937
11
(4)
9
12
896
(4)
m
1
(4)
103
9
20
65
9
5 130
1,340
879
419
260
3
98
86
2,891
562
765 2,110
549
416
85
For other notes, see opposite page.
727
1 2,820
444
5
1 2 222
10,108
"iii 4 981
9
458
28
377
363
7
2
4
128
50
599
134
26
9 2,680
48
20 2 195
3,507
261
288
100
99
130
107
Latest data for agencies not reporting quarterly
Atomic Energv Commission (June 30, 1957)
Veterans Administration (June 30, 1957). . . .
Agriculture—other activity (June 30, 1957)
Health Education & Welfare Dept. (June 30, 1957)..
Interior Department (June 30, 1957)
Treasury Department (June 30, 1957)
All other (June 30, 1957)
8
186
13
6
4
......
2,822
450
2 222
10,108
5 103
467
406
1 801
398
2
48
641
(4)
824
368
209
77
93
1,372 1,253 16,991
(4)
274
194
3 3,040
95
34
149
158
" 47i
4 2 361
162
349
2
123
49
8
142
5,348
128
57
799
143 3,289 1,454
1,072
247
825
2,217
1,315
902
781 2,080
782
39
4
230
100 1,851
743
677
73
368 10 339
228 10 35
44
140 1017
16
10212
12
10 75
206 8,417
137 1,765
21 1 397
157
898
376 3,375
774 2,423
21 1,663
680
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
Period
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
from,
InLess:
Equals:
or
crease,
Equals: payts.
Net
or
deTotal to ( - ) , crease
Less:
cash
Net
Adjust- payts.
Other borrow(
)
.
in
the
inv.
by
ments 3 to the public
noning or
debt
Govt.
public
cash
(direct agen. & debt*
& agen.) tr. funds
Payments to the public,
other than debt
Receipts from the public,
other than debt
Equals:
Total
Budget
rects.
exfrom
pendithe
tures
public 2
Plus:
Trust
fund
expenditures
2,511
3,027
3,079
71,448
80,330
84,521
66,129
67,216
71,692
9,331
10,342
14,792
3,282
2,751
3,155
72,178
74,805
83,328
-729
5,525
1,194
3,484
-3,561
467
2,476
2,481
1,572
566
-136
63
448
-5,910
-1,168
9,155
9,536
11,685
14,369
2,110
2,061
2,739
3,242
71,627
67,836
77,088
82,107
67,772
64,570
66,540
69,433
7,204
8,546
9,436
12,961
3,117
2,578
3,358
2,386
71,860
70,538
72,617
80,008
-232
-2,702
4,471
2,099
5,186
3,986
-578
-1,053
2,055
1,533
3,166
2,339
618
644
623
-292
2,512
1,809
-4,366
-3,100
25,240
42,925
28,069
42,960
29,325
5,456
6,229
6,169
8,200
7,167
1,289
1,450
1,573
1,669
1,410
29,397
47,691
32,643
49,464
35,057
33,125
33,415
33,801
35,632
36,060
4,396
5,040
5,302
7,659
7,133
1,096
2,262
485
1,901
1,254
36,426
36,191
38,618
41,390
41,938
-7,028
11,499
-5,974
8,073
-6,881
7,019
-7,597
4,036
-5,089
5,556
1,331
1,835
646
1,693
-120
369
254
-390
98
-35
5,323
-9,689
3,779
-6,879
5,711
4,256
5,282
11,688
3,057
5,128
7,225
3,131
4,827
5,956
1,083
2,121
1,820
858
1,778
972
938
1,438
1,184
90
117
1,182
113
115
126
167
186
703
5,244
7,280
12,322
3,801
6,786
8,066
3,896
6,075
6,433
5,987
5,944
6,279
6,347
5,930
5,667
6,501
5,806
5,809
,491
,344
,275
,220
,075
,086
,387
964
,402
258
367
122
408
-180
-2
386
550
92
7,220
6,923
7,431
7,160
7,185
6,754
7,501
6,219
7,119
-1,976
358
4,891
-3,359
-399
1,311
-3,605
-144
-686
-813
1,432
-4,496
1,992
1,462
634
476
655
337
-469
1,241
728
-382
646
-310
9
4
-87
-174
257
-123
-170
-67
-5,100
2,373
776
1,014
500
665
383
4,786
6,299
9,501
3,496
820
1,684
1,127
1,331
227
217
135
187
5,374
7,759
10,485
4,633
6,011
5,528
5,749
6,122
,651
,317
,564
,479
1,286
105
803
780
6,377
6,740
6,509
6,821
-1,003
1,020
3,976
-2,188
-137
145
-2,168
2,380
-119
305
Net
Budget
rects.
Plus:
Trust
fund
rects.
Cal. year—1955...
1956...
1957...
63,358
70,994
72,285
10,624
12,398
15,367
Fiscal year—1954..
1955..
1956..
1957..
64,655
60,390
68,165
71,029
Semiannually:
1955—July-Dec..
1956—Jan.-June.
July-Dec..
1957—Jan.-June.
July-Dec..
Monthly:
1957_Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr.P
Less:
IntraGovt.1
trans.
14
-182
40
-69
-32
-13
40
18
-52
-67
-125
-36
-107
-2,114
2,687
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
Treassec. by (-).in
outside
urer's Balance
gross
Govt.
direct Treasury account
agency
public
& trust
debt
funds5
Net
Budget
surplus,
or
deficit
Trust
fund
accumulation,
or
deficit
Reconciliation
to Treas.
cash
1955
1956
1957
-3,117
-4,180
1,626
1,596
1,951
991
2,250
1,409
-46
-29
309
-518
-14
602
173
1,085
-1,609
-1,362
-2,617
-2,298
5,189
3,115
-1,623
-2,224
257
-312
'-202
5
2,096
-551
331
-956
Semiannually:
1955—July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
-7,885
9,511
-5,732
7,328
-6,735
1,060
1,190
866
543
34
92
217
-482
-36
159
-139
312
-5
1,090
-1,217
-1,400
-697
-1,601
21
6,394
-8,017
3,877
-6,101
4,371
-24
-189
-55
60
-160
Monthly:
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-1,731
-662
5,409
-3,290
-802
1,559
-3,370
-979
-408
777
547
-362
703
-115
-449
474
-218
333
59
-894
384
-288
43
282
382
-644
253
402
-1,255
-708
324
-694
282
'37
r
-9
80
-991
1,226
-4,707
1,942
1,376
567
-345
679
151
-831
367
-437
-147
600
-314
444
711
541
-171
64
279
-343
124
-2,055
2,433
Fiscal year—1954
147
1958—Jan
Feb
Mar
Apr
-1,225
771
3,753
-2,626
r
(+)of
Govt.
agency
obligations 5
1,007
153
147
19
87
-6
745
-23
186
225
142
101
-144
v Preliminary.
Revised.
1 Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
Account of Treasurer of United
States (end of period)
Deposits in—
Other
net
assets
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
6,766
6,216
6,546
5,590
875
380
522
498
4,836
4,365
4,633
4,082
1,055
1,471
,391
,010
-1,671
2,002
-2.119
1,163
-984
4,545
6,546
4,427
5,590
4,606
397
522
441
498
481
3,036
4,633
2,924
4,082
3,084
,112
,391
,062
,010
,041
1
-11
44
131
-40
-106
-72
-33
-40
2,142
308
-250
1,115
423
2,436
3,028
558
-259
5,532
5,840
5,590
4,475
4,898
7,335
4,307
4,865
4,606
509
568
498
504
477
429
552
243
481
3,516
4,318
4,082
2,833
3,331
5,818
2,572
3,583
3,084
,507
954
,010
,13g
,090
,088
,183
,039
,041
68
30
-1,101
888
1,682
412
3,505
4,394
6,076
6,487
469
516
474
594
1,767
2,837
4,596
4,558
,269
,041
,006
,335
187
94
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4, described in note 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
681
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Income and
profits taxes
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to—
Oldtrust
fundi
High- R.re-R.
way
tiretrust ment
fund acct.
Refunds
of
receipts
Total
Budget
receipts
Individual
Withheld
Other
10,747
10,396
11,322
12,302
Fiscal year—1954...
1955...
1956...
1957...
64,655
60,390
68,165
71,029
4,537
5,040
6,337
6,634 1,479
603
599
634
616
3,377
3,426
3,684
3,917
73,173
69,454
78,820
83,675
21,635
21,254
24,012
26,728
Semiannually:
1955—July-Dec.
1956—Jan.-June,
July-Dec,
1957—Jan.-June,
July-Dec.,
25,240
•2,925
28,069
42,960
29,325
2,927
3,410
2,559
643
4,075
836
3,135 1,151
318
316
312
304
305
496
3,188
463
3,454
655
28,981
49,839
32,045
51,630
34,571
11,312
12,700
13,020
13,708
13,760
Monthly:
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4,256
5,282
11,688
3,057
5,128
7,225
3.131
4,827
5,956
536
346
919
486
332
671
382
124
109
137
174
219
207
183
203
165
15
83
52
19
84
54
30
69
49
1,130 6,142
1,057 7,759
406 12,819
138 3,734
124 6,475
137 8,109
120 3,796
76 5,845
59 6,611
1958—Jan
Feb
Mar
Apr
4,786
6,299
9,501
3,496
313
955
632
703
151
190
150
145
19
78
43
17
-25
5,243
235 7,756
855 11,182
1,678 6,039
617
1,229
Excise
Corpo- taxes
ration
Employment2
taxes
Other
receipts
Liquor
Mfrs.'
Torebacco and
tailers'
21,523 10,014
18,265 9,211
21,299 10,004
21,531 10,638
5,425
6,220
7,296
7,581
3,829
4,108
4,887
4,895
2,798
2,743
2,921
2,973
1,581
1,571
1,613
1,674
3,127
3,177
3,778
4,098
1,890
1,888
1,876
2,222
2,226
2,699 4,109
8,623 17,190
3,004 5,553
9,298 15,978
2,874 6,273
5,052
4,952
5,325
5,313
5,595
3,283
4,013
2,876
4,705
3,445
2,526
2,361
2,267
2,628
2,625
1,524
1,397
1,648
1,325
1,574
792
821
817
857
848
819
3,690
2,252
1,047
3,678
2,163
1,333
3,415
2,125
2,827
897
1,818
269
128
1,823
204
97
352
520
502
6,722
541
355
2,304
429
367
2,277
812
965
875
955
965
922
1,088
840
824
633
1,314
589
366
1,003
540
363
740
432
531
391
563
556
346
357
379
386
601
214
243
257
244
241
260
323
285
221
133
161
142
146
157
146
159
133
106
981
3,953
2,000
792
2,053
788
658
2,792
486
406.
6,538
476
892
864
860
785
385
1,302
680
722
446
443
446
472
197
201
225
218
154
130
137
147
1,102
1,124
1,102
1,129
n.a.
Budget expenditures3
Major national security
Period
Total
TotaH
Fiscal year:
1953
1954
1955
1956
1957
Semiannually:
1955—July-Dec. 6
1956—July-Dec.
1957—Jan.-June?
July-Dec.
Monthly:
1957—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Agriculture
VetIntl.
and
ComGenerans' Labor
Nataffairs Interagrimerce
eral
servural
and
Defense Mutual Atomic and
culand
governreest ices and welfare
Dept., security, energy finance
tural sources housing ment
benemilitary program
refits
sources
74,274
67,772
64,570
66,540
69,433
51,830
47,872
42,089
41,825
44,414
43,611
40,335
35,533
35,791
38,440
5,421
4,596
3,755
3,795
3,495
1,791
1,895
1,857
1,651
1,990
749
765
719
662
832
6,583
6,470
6,438
6,846
7,308
4,298
4,256
4,457
4,756
4,793
2,426
2,485
2,552
2,776
2,966
2,936
2,557
4,411
4,913
4,582
1,476
1,315
1,202
1,104
1,296
2,502
814
1,502
2,028
1,453
,474
,239
,201
,629
,789
33,125
33,801
35,632
36,060
20,421
21,145
23,269
22,164
17,917
18,547
19,893
19,370
1,383
1,464
2,031
1,471
797
930
1,060
1,080
212
382
450
776
3,349
3,587
3,721
3,912
2,330
2,291
2,502
2,400
1,348
1,421
1,545
1,636
2,775
2,183
2,399
2,651
614
736
560
850
1,137
879
574
1,003
940
,181
608
661
5,743
5,584
5,987
5,944
6,279
6,347
5,931
5,666
6,501
5.806
5,809
3,654
3,788
4,011
3,869
4,114
3,628
3,989
3,589
3,700
3,506
3,752
3,245
3,224
3,544
3,279
3,266
3,108
3,545
3,148
3,222
3.035
3,312
214
349
253
377
569
311
215
226
240
254
225
150
169
183
184
192
170
190
169
190
183
178
65
43
44
57
212
77
96
53
360
104
86
592
606
611
610
647
665
635
638
647
646
681
407
414
419
444
408
377
382
362
421
432
426
236
209
285
208
277
317
272
239
358
226
224
312
397
455
308
376
664
215
386
529
404
453
94
85
82
106
106
129
161
138
158
147
117
268
-19
-6
139
107
241
108
269
222
196
-33
98
81
101
124
104
120
100
104
115
119
103
6,011
5,528
5,749
3,765
3,590
3,672
3,146
3,183
3,061
298
163
342
211
173
195
91
98
96
697
612
624
433
429
432
360
222
235
223
249
347
112
100
90
229
133
149
100
99
102
n.a. Not available.
1 Beginning February 1957, includes transfers to Federal disability
Insurance trust fund.
2 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 For more details, see the 1959 Budget document, pp. 890-96 and
pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts
and
expenditures.
4
Includes stockpiling and defense oroduction expansion not shown
separately.
5 Periodic revisions of Treasury statement data for fiscal years given
without corresponding monthly revisions; consequently monthly and
semiannual data may not add to totals.
6 Data are from Treasury Bulletin for June 1956 and are not fully comparable with data in subsequent Bulletins or with other data in this
table.
7 Derived by subtracting totals for July-December from totals for fiscal
year.
682
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.
In billions of dollars]
Public issues 3
End of
month
Total
gross
debti
Total
gross
direct
debt 2
Marketable
Total
Bills
Certificates of
indebtedness
Total
Nonmarketable
Bonds
Notes
Bank
eligible4
Bank
restricted
52.2
49.6
36.0
21.0
13.4
5.7
1941—Dec..
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
57.9
278.1
256.9
259.4
267.4
275.2
278.8
280.8
276.6
50.5
255.7
225.3
221.2
226.1
231.7
233.2
233.9
228.6
41.6
198.8
165.8
142.7
148.6
154.6
157.8
163.3
160.4
2.0
17.0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
38.2
21.2
29.1
16.7
26.4
28.5
15.7
19.0
6.0
23.0
11.4
18.4
30.3
31.4
28.0
43.3
35.3
33.6
68.4
68.4
41.0
58.9
63.9
76.1
81.9
80.9
1957—May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.
1958—Jan..,
Feb..
Mar..
Apr..
May.
275.3
270.6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275.2
275.7
275.2
270.5
272.5
273.8
274.4
274.1
274.7
274.9
274.6
274.7
272.6
275.1
275.7
226.9
221.7
224.3
225.3
226.5
226.3
227.1
227.1
227.3
227.0
225.1
228.0
227.9
160.3
155.7
158.8
160.2
161.8
162.2
163.4
164.2
164.6
164.5
162.9
166.0
166.0
26.8
23.4
26.4
28.2
26.7
26.7
26.7
26.9
27.3
26.1
23.0
22.4
22.4
21.8
20.5
20.5
34.1
35.0
34.7
34.7
34.6
34.6
31.5
31.5
31.1
31.1
30.9
31.0
31.1
17.1
19.3
19.4
20.6
20.7
20.7
20.5
20.7
24.7
24.8
80.8
80.8
80.8
80.8
80.8
81.5
81.5
82.1
82.1
86.4
87.7
87.7
87.7
1
Includes some debt not subject to statutory debt limitation (amounting
to $432 million on May 31, 1958) and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,725 million on Apr. 30, 1958.
Convertible
bonds
Totals
Savings
bonds
12.1
12.5
12.0
11.8
11.4
10.8
8.9
56.9
59.5
66.4
65.0
65.1
63.6
59.2
57.4
6.1
48.2
52.1
57.6
57.9
57.7
57.7
57.9
56.3
10.3
10.3
10.2
10.1
9.9
9.7
9.6
9.5
9.5
9.3
9.1
9.0
9.0
56.3
55.7
55.3
55.0
54.8
54.4
54.1
53.4
53.2
53,2
53.1
53.0
53.0
55.2
54.6
54.3
54.0
53.8
53.5
53.2
52.5
52.3
52.3
52.3
52.2
52.1
Tax
and
savings
notes
2.5
8.2
5.4
7.5
5.8
6.0
4.5
Special
issues
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
46.1
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
46.1
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.
<> Less than $50 million,
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies and
trust funds i
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941_Dec
1945—Dec
1947—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—June
Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
272.8
276.7
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.1
45.6
1957_Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958-^Tan
Feb
Mar
275.1
274.1
275.3
270.6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
45.6
45.2
46.1
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
End of
month
1
2
Held by the public
Federal
Reserve
Banks
Commercial
banks 2
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
2.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
8.4
8.4
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
219.3
222.7
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
23.8
24.9
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
57.1
59.3
3.7
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.4
8.0
8.2
24.0
23.9
16.5
16.1
15.8
15.0
14.3
13.3
12.8
4.0
22.2
14.1
20.7
19.9
21.5
19.2
23.3
17.4
18.6
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
15.7
16.1
5.4
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.3
50.1
8.2
21.2
19.4
15.5
16.0
15.5
13.7
15.4
17.1
16.8
.9
9.1
8.4
10.6
11.7
13.2
13.9
15,6
16.3
16.1
8.6
8.5
8.7
8.7
8.8
9.1
9.2
9.4
9.3
9.4
9.6
9.4
9.5
221.0
220.4
220.5
215.1
217.4
218.2
219.1
218.7
219.5
219.8
219.6
219.4
217.4
23.1
23.2
23.1
23.0
23.4
23.5
23.3
23.3
23.7
24.2
23.3
23.2
23.6
58.1
58.0
57.7
55.8
56.8
56.6
58.3
58.1
58.1
58.9
58.5
59.2
59.2
8.1
8.0
8.0
7.9
7.9
7.9
7.9
7.8
7.6
7.6
7.6
7.6
7.6
12.6
12.5
12.4
12.3
12.3
12.2
12.2
12.2
12.1
12.0
12.0
11.9
11.8
18.0
17.9
18.5
15.7
16.3
16.8
16.1
16.3
16.9
16.9
17.7
17.8
16.1
16.6
16.8
16.8
16.9
16.9
17.1
17.2
17.2
17.3
17.0
17.3
17.3
17.3
49.6
49.4
49.3
49.1
48.9
48.8
48.6
48.4
48.3
48.2
48.2
48.2
48.1
18.5
18.5
18.3
18.4
18.7
19.3
19.6
19.1
19.0
18.3
18.6
18.3
18.3
16.4
16.1
16.4
16.0
16.2
15.9
15.9
16.3
16.5
16.5
16.2
15.9
15.4
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to about $284 million on Dec. 31, 1957.
Individuals
Total
Other
Savings
bonds securities
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
683
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 1958'
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 2
June 5,1958
June 12, 1958
June 19, 1958
June 26, 1958
July 3,1958
July 10, 1958
July 17, 1958
July 24, 1958
July 31, 1958
Aug. 7,1958
Aug. 14, 1958
Aug. 21, 1958
Aug. 28, 1958
Amount
Issue and coupon rate
Treasury notes
June 15, 1958
Oct. 1,1958
Feb. 15, 1959
Apr. 1,1959
Oct. 1, 1959
Apr. 1,1960
May 15, 1960
Oct. 1,1960
Apr. 1,1961
Aug. 1, 1961
Oct. 1,1961
Feb. 15, 1962
Apr. 1,1962
Aug. 15, 1962
Oct. 1,1962
11.519
Nov. 15, 1962
9.833
Feb. 15, 1963
9,770
Apr. 1,1963
1,800
1,700
1,700
1,701
1,700
1,700
1,701
1,700
1,702
1,700
1,700
1,801
1,800
Certificates
Aug. 1,1958
Dec. 1, 1958
Feb. 14, 1959
4
3V4
2Vi
1 Direct public issues.
Sold on discount basis.
2
2%
1%
1%
IVi
V/i
1V4
3Vi
1V4
IVi
4
IVi
3%
1%
4
1%
334
2%
iy2
Amount
4,392
121
5,102
119
99
198
2,406
278
144
2,609
332
647
551
2.000
590
1,143
3,971
63
See table on Money Market Rates, p. 675
Issue and coupon rate
Amount
Treasury bonds
Sept. 15, 1956-59 3 . . 214
Mar. 15, 1957-59 3 . . 2 %
June 15, 1958
2V%
June
Dec.
June
Dec.
Nov.
Dec.
Sept.
Nov.
Aug.
June
Dec.
Feb.
June
Dec.
15, 1958-63*.. 2%
15, 1958
2Vi
15, 1959-62... 2 VA
15, 1959-62... 2 VA
15, 1960
2i/8
15, 1960-655.. 2%
15, 1961
2Y4
15, 1961
2i/i
15, 1963
2ft
15 1962-67...2i/i
15, 1963-68... 2Vi
15, 1964
3
15, 1964-69... 2 %
15, 1964-69... 2 %
Issue and coupon rate
Treasury boi•nds—Cont.
3,818
Mar. 15, 1965-70... 21/2
927
3
Aug. 15, 1966
4,245
Mar. 15, 1966-71...2'
919
June 15, 1967-72. • 2V
2,368
Sept. 15, 1967-72.
5,268
Dec. 15, 1967-72.
3.457
Oct. 1, 1969....
3,806
Nov. 15, 1974....
1,485
June 15, 1978-83.
2,239
Feb. 15, 1990 ...
11,177
Feb. 15, 1995....
6.755
2.113 Panama Canal L o a n . . . . 3
2.821
3,854 Convertible bonds
3,746
Investment Series B
3,821
Apr. 1, 1 9 7 5 - 8 0 . . . 2 34
Amount
4,703
1,484
2.951
1.849
2716
3,740
657
654
1,604
1,727
2,742
50
8,954
3
4
Called for redemption on Sept. 15.
Called for redemption on June 15.
5 Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES'
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Marketable securities, by maturity class
Type of holder and date
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds2 bonds
166,882
166,050
165,985
173,718
173,817
172,010
19.514
20.808
23.420
26.857
26,127
23,022
13,836
16.303
20,473
34.554
31,475
31,478
40.729
35,952
30,973
20,664
20,483
20,685
81,128
81,890
80,839
82,117
86,398
87,713
7,162
8.236
8,554
9.260
9,236
9,375
40
273
130
130
221
242
355
416
657
597
593
119
688
1,282
1.617
1,481
1,487
3,556
3,575
3,664
3,933
4,063
4,208
Federal Reserve Banks:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958-Feb. 28
Mar. 31
23,607
23,758
23,035
24.238
23,240
23,628
886
855
287
.220
504
893
8.274
10,944
11,367
20.104
19.946
19,946
11,646
9,157
8,579
87
2,802
2,802
2.802
2.827
2,789
2,789
Commercial banks:
1955—June 30
1956—June 30
1957-June 30
Dec. 31
1958—Feb. 28
Mar. 31
55,667
49,673
48,734
51.712
52,159
52,217
4 332
3,999
3,322
1,455
1,004
2,913
4.046
2,740
2,742
15,385
11.620
8.984
9.672
9,513
9,534
35,942
34.712
33.839
33.529
35,776
36,488
8,069
7,735
7,397
7.209
7,217
7,281
84
107
163
122
134
146
53
37
114
167
131
134
289
356
367
438
421
452
,
13,117
11,702
10,936
10.801
10,825
10,684
630
318
326
291
358
273
74
44
136
248
125
119
,
59,260
64,947
67,329
70,499
71,139
68,825
15,153
17.074
19,661
20.762
20,910
18,147
3,973
3,919
5,527
9.331
7,937
7,944
All holders:
1955—June
1956—June
1957—June
Dec.
1958—Feb.
Mar.
30
30
30
31
28
31
U. S. Govt. agencies and trust funds:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Feb. 28
Mar. 31
Mutual savings banks:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Feb. 28
Mar. 31
Insurance companies:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Feb. 28
Mar. 31
Other investors:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Feb. 28
Mar. 31
1 Direct public issues.
2 Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Total
Within
1 year
5-10
years
Over 10
years
11,676
11,098
10.280
9,527
9,334
9,112
155,206
154,953
155,705
164,191
164,483
162,898
49,703
58,714
71.033
74,368
74.979
72,624
38,188
31,997
39.184
46.513
41,562
40,837
33,687
31,312
14,732
11.272
14,194
15,692
33,628
32,930
30,756
32.038
33,748
33,746
3,439
3,345
3,063
2.923
2,875
2,845
3,723
4,891
5,491
6.337
6,362
6,530
74
927
1,138
1,236
1,344
1,401
199
500
1,210
1.782
1,531
1,526
506
434
295
260
321
428
2,944
3.030
2,848
3,059
3,165
3,175
23,607
23,758
23.035
24.238
23,240
23,628
17,405
20,242
20,246
21.427
20,451
21,178
3.773
1.087
681
1.397
1,374
1,035
1.014
1,014
750
57
57
57
1,415
1,415
1,358
1,358
1,358
1,358
164
155
144
133
131
130
55,503
49,517
48,590
51,579
52,028
52,087
7,187
7.433
12.268
13,066
14,001
13,499
21,712
18.234
23,500
26.526
23,749
23,379
21.110
19.132
8.600
7.364
9,340
10,221
5.494
4,719
4,222
4.623
4,937
4,988
6,422
6,074
5.655
5,470
5,529
5,583
1.222
1.161
1,098
1.012
1,003
966
6.848
6,574
6,299
6,197
6,214
6,315
164
247
576
453
417
441
533
540
1,082
1.227
1,118
1,120
1.405
1.319
601
476
529
610
4.746
4,468
4,040
4.041
4,150
4,144
789
760
648
683
685
688
8,479
3,145
2,791
2,549
2.347
2,309
2,275
9.972
8.911
8,387
8,454
8,516
8,408
810
632
955
938
1,030
912
1,339
1.192
1,775
2.074
1,843
1,804
2,027
1,802
1,022
718
729
781
5.796
5,285
4,634
4,724
4.913
4,911
12.502
13,371
11.113
8,167
8,383
8,522
23,927
26,896
27,602
29,127
30,894
31,316
3,706
3,646
3,426
3,112
3,016
2,896
55,554
61.301
63,904
67,387
68,123
65,929
24,062
29,233
35,850
37.249
37,736
35,193
10,633
10,443
10,936
13,508
11,946
11,972
7.626
7.612
3,464
2,397
3,217
3,595
13.233
14.013
13,654
14.233
15,224
15,170
1-5
panies included in the survey accounts for over 90 per cent of total holding
by these institutions. Data are complete for U. S. Govt. agencies an
trust funds and Federal Reserve Banks.
684
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
Corporate
Noncorporate
Year or
month
Total
1950
1951
1952
1953
1954
1955
1956
1957
1957_Apr..
May
June.
July.. . . .
Aug..
Sept..
Oct .
Nov..
Dec.
Bonds
State
and
mu- Others Total
nicipal
Publicly
Total
offered
4,920
5,691
7,601
7,083
7,488
7,420
8,002
9,957
2,360
2,364
3,645
3,856
4,003
4,119
4,225
6,118
2,560
3,326
3,957
3,228
3,484
3,301
3,777
3,839
631
838
564
489
816
635
636
411
Pre- Common
Pri- ferred
stock
stock
vately
placed
19,893 9,687
21,265 9,778
26,929 12,577
28,824 13,957
29,765 12,532
26,772 9 628
22,405 5,517
30,571 9,601
30
110
459
106
458
746
169
572
3 532
3,189
4 121
5,558
6,969
5 977
5 446
6,958
?8?
390
394
362
400
392
2,262
894
1,374
925
125
763
539
388
516
595
437
683
639
640
127
49
44
38
10
37
15
65
2
655
966
685
796
1,495 1,013
1,028
775
947
840
907
1,023
944
1 113
844
671
761
1,114
385
438
633
459
540
587
608
485
185
270
247
380
316
299
320
336
186
576
47
25
66
21
31
19
68
24
11
782
899
'524
798
201
55
9
141
816
744
607
875
1,494
1,623
1,251 1,121
505
398
1,165
920
239
209
330
200
28
85
69
41
2,371
1,777
2,349
1,982
1,944
3,975
2,705
3,022
2,681
3,473
2,487
'3,959
6,981
1958—Jan .
Feb..
Mar..
Apr..
FedU.S.
eral
Govt. 3 agen-
New capital
60
215
100
511 1,163
407
251
1,802
4,269
523
6,361
7,741
9 534
m 8,898
289 9,516
10 240
334 10,939
12,884
•46
Total
Total
MiscelNew lanemoney 7 ous
purposes
811 6,261 4,990 4,006
1,212 7,607 7,120 6,531
1,369 9,380 8,716 8,180
1,326 8,755 8,495 7,960
1,213 9,365 7,490 6,780
2,185 10,049 8,821 7,957
2,301 10,749 10,384 9,663
2,516 12,661 12,447 11,784
264
85
416
231
76
97
101
150
343
44
182
61
89
Retirement
of
bank
debt,
etc. 8
Retirement
of
securities
620 1,271
364
226
486
63
537
664
535
260
709
1,875
864
1 227
721
364
663
214
947
780
1,467
1,011
932
1,007
1,099
828
1,097
931
765
1,453
1,003
924
973
1,090
789
1,076
871
703
1,373
941
916
952
1 060
764
1,023
59
62
79
61
8
21
30
25
53
34
9
39
21
805
856
1,608
1,232
723
851
1,561
1,124
711
832
1,525
1,032
11
19
35
92
82
5
47
107
16
15
15
8
9
Proposed uses of net i>roceeds major groups of corporate issuers
if ear or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
RetireRetireRetireRetireNew
New
New
ment of
ment of
New
ment of
ment of
capital10 secucapital lc secucapital10 secucapital10 securities
rities
rities
rities
1950
1951
1952
1953
1934
1955
1956
1957
1,026
2,846
3,712
2,128
2,044
2,397
3 336
4,104
149
221
July..
Aus
Sept..
Oct . .
Nov..
Dec...
322
130
623
248
243
320
129
220
572
9
6
5
5
1958—Jan...
Feb...
Mar..
Apr
147
171
196
598
1957_Apr..
May
r
261
90
190
533
243
49
4
2
o
7
3
41
45
474
462
512
502
831
769
682
579
63
56
24
40
93
51
51
29
609
437
39
48
35
69
51
38
51
38
60
2
1
2
3
5
73
80
50
45
31
80
49
28
26
47
65
•
9
\
12
(9)
(9)
1
Revised.
1 Estimates of new issues maturing in more than one year sold for cash
in 2the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign governments. International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
6 Estimated net proceeds are equal to estimated gross proceeds less cost
758
553
501
544
694
802
196
53
225
36
270
338
20
14
8
(9)
6
54
138
82
48
63
67
24
5
1,927
2,326
2,539
2,905
2,675
2,254
2,474
3,821
682
85
88
67
990
174
14
51
354
350
431
244
251
417
333
287
173
6
7
321
366
409
291
(9)
(9)
(9)
9
(9)
1
22
Communication
Real estate
and financial
RetireRetirement of
New
New
ment of
capital 10 secucapital 10 securities
rities
•
314
600
747
871
651
1,045
1 384
I 441
50
82
136
54
124
65
369
92
41
34
35
797
39
81
5
6
3
60
77
21
4
3
P)
639
449
448
1 536
788
1,812
1 815
1,701
91
75
178
343
224
53
159
100
66
60
24
273
56
17
67
/•9\
So
98
92
30
50
109
205
49
1
2
37
64
2
of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
7 Represents proceeds for plant and equipment and working capital.
8 Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
1
o Represents all issues other than those for retirement of securities.
NOTE.—Data for 1957 have been revised.
685
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals
Annual totals
Industry
1952
1953
1954
1955
1956
1957
1956
1957
1958
Manufacturing
Total (200 corps.):
54,517 63 343 58,110 69,876 '71,925 '76,032 '16,129 19,194
Sales
7,308 " 375 7,244 10,250 '•9,290 '9,559 '1,697 '2,483
Profits before taxes
649 3,825 5,231 '4,880 '5,109
'912 '1,362
3,192
Profits after taxes
'848
154 2,384 2,827 '2,980 '3,113
723
Dividends
2,073
Nondurable goods industries (94 corps.): *. .
Sales
19,266 20,694 20,620 23,106 '24,784 '26,278 '6,093 6,464
'867
Profits before taxes
'811
2,853 3,028 2,753 3,413 '3,457 '3,438
'521
Profits after taxes
'467
1,392 1,526 1,581 1,918 '1,979 '2,019
'358
Dividends
305
946
972 1,064 1,202 '1,248 1,323
2
Durable goods industries (106 corps.):
Sales
35,251 42,649 37,490 46,770 '47,141 49,754 '10,037 12,730
Profits before taxes
'886 '1,616
4,455
4,491 6,836 '5,833 '6,120
Profits after taxes
'445
'841
1,800
2,244 3,313 '2,901 '3,090
418
Dividends
'489
1,127
1,320 1,625 '1,731 '1,791
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
19,786 19,438 '18,056 '18,752 16,718
'2,752 2,575 2,042 '2,190 1,623
'1,432 1,339 1,107 1,232
849
'750
757
849
759
757
'6,636 '6,524 6,558 '6,560
'947
873
841
nn
'551
503
491
'314
318
319
414
6,132
649
374
330
371
13,150 12,914 11,498 12,192 10,586
974
'1,804 1,702 1,201 '1,413
475
836
'881
616
758
429
439
'436
438
478
,042 5,411 5,476 5,833 '6,299 '6,620 '1,560 '1,641
145
'600
141
453
465
462
499
'557
74
'295
71
203
212
224
244
'273
50
'174
41
154
154
156
160
166
1,618 1,642 1,669
154
158
'135
75
'65
77
40
39
41
1,691
'153
79
54
1,615
140
67
41
,965 6,373 6,182 7,222
,259 1,308 1,153 1,535
486
520
782
593
396
417
499
597
'7,729 8,203
'1,488 '1,556
798
'769
602
639
1,890
'344
178
143
2,001
'377
'201
181
2,045 2,047 2,065
395
397
394
197
201
202
150
150
152
2,047
369
197
187
1,858
281
144
160
7,814
867
'711
374
1,770
218
163
89
1,909
'228
'186
93
2,048 1,941 1,920
193
'299
219
164
'230
172
95
91
91
1,906
156
144
97
1,801
147
123
95
,564 13,750 11,522 14,952 16,062 16,073
,147 1,817 1,357 2,377 '2,370 '2,313
564
790
705 1,195 '1,232 '1,193
369
377
651
606
522
407
3,098
'263
145
140
4,340
'702
378
188
4,272 4,270 3,856
512
'676
652
264
'342
327
158
157
157
3,675
473
260
179
3,047
303
157
147
9,798 10,914
'942 '1,175
'458
'577
321
329
2,422
'230
'121
79
2,746
'245
'123
87
2,624 2,750 2,669
270
'293
305
'141
135
148
82
79
81
2,871
306
152
86
2,454
227
110
83
,038 16,611 14,137 18,826 16,336 17,480
,982 2,078 1,789 3,023 '1,984 '2,110
'942 '1,059
709
758
863 1,394
'670
469
469
656
536
693
3,347
272
118
164
4,215
'513
'262
166
4,993 4,522 3,689
603
291
'711
292
151
'336
166
164
'166
4,277
506
279
173
3,853
346
161
164
10,581 10,664 9,371 10,106 10,551 10,491
1,438 1,436
908 1,341 1,268 1,056
876
903
734
825
682
927
462
412
379
338
448
435
2,590
298
209
73
2,722
375
267
153
2,574 2,660 2,675
247
264
286
161
183
191
122
110
82
2,582
259
199
121
2,239
59
31
96
'2,170 '2,303 '2,540 r2,312 '2,335 '2,457
'567
'594
731
596
600
630
'301
'334
393
357
327
326
'249
'270
269
273
270
265
2,676
768
421
281
,411 5,883 6,015 6,556
841
854
728
751
603
624
524
567
290
317
283
294
,077 8,005 7,745 8,477
971 1,011
912
914
375
402
465
465
199
281
237
263
7,185
'917
'689
346
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
r
1
6,549 7,136 7,588 8,360 '9,049 '9,644
1,740 1,895 2,049 2,304 '2,462 2,557
947 1,030 1,134 1,244 '1,326 1,403
725
780
942 '1,022 1,077
868
r
4,137 4,525 4,902 5,425
925 1,050 1,282
787
452
384
525
638
412
355
448
496
Revised.
Includes 26 companies in groups not shown separately, as follows:
textile
mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
5,966
1,430
715
552
6,467
l,56f
788
613
1,495
359
180
137
1,552
380
190
147
1,560 1.611 1,623
388
387
387
195
195
195
150
155
148
1,673
400
203
160
1,672
402
200
164
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing);
pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
686
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1
[Department of Commerce estimates. In billions
of dollars]
[Securities and Exchange Commission estimates. In millions of dollars]
1950
1951
1952
1953
1954
1955
1956
1957
1956
1 ... .
2
3
4
1957_1
2
3
4
.. .
In- Profits Cash Undisdivi- tributed
come after
taxes taxes dends profits
40.0
41.2
35.9
37.0
33.5
42.5
43.0
41.2
17.8
22.5
19.8
20.3
17.4
21.5
22.0
21.0
22.1
18.7
16.1
16.7
16.0
21.0
21.0
20.2
9.2
9.1
9.0
9.3
9.9
11.0
11.9
12.1
12.9
9.6
7.1
7.4
6.1
9.9
9.2
8.1
43.3
42 4
40.8
45.6
22.1
21 6
20.8
23.3
21.2
20.7
19.9
22.3
11.7
12.0
12.1
11.5
9.5
8.7
7.8
10.8
43.9
42.0
41.8
37.5
22.4
21.4
21.3
19.1
21.5
20.5
20.4
18.3
12.4
12.5
12.6
11.7
9.1
8.0
7.8
6.6
NOTE.—Quarterly data are at seasonally
annual rates.
Year or
quarter
New RetireNew Retire- Net
Net
issues ments change issues ments change
1950
1951
1952
1953
1954
1955
1956
1957
1957
Stocks
Bonds and notes
All types
Profits
before
taxes
Year or
quarter
7,224
9,048
10,679
9,550
11,694
12,474
13,033
14,289
i
2.
3
4
1958—1
3,501 3,724
2,772 6,277
2,751 7,927
2,429 7,121
5 629 6 065
5,599 6,875
4,968 8,065
3,159 11,129
4,806
5,682
7,344
6,651
7,832
7,571
7,934
9,691
2,802
2,105
2,403
1,896
4,033
3,383
3,181
2,236
2,004
3,577
4,940
4,755
3,799
4,188
4,752
7,455
New RetireNet
issues ments change
2,418
3,366
3,335
2,898
3,862
4,903
5,099
4,598
698
667
348
533
1,596
2,216
1,787
923
1,720
2,700
2,987
2,366
2,265
2,687
3,313
3,675
3,666
3,739
3 474
3,409
783
867
802
708
2,884
2,873
2 672
2,701
2,377
2,367
2 554
2,393
553
626
554
503
1,824 1,289
1,741 1,373
920
2,000
1,890 1,016
230
241
248
205
1,059
1,132
672
811
3,566
784
2,782 2,799
537
2,262
247
520
767
i Reflects cash transactions only. As contrasted with data shown on p. 684, 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. 684.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS*
[Securities and Exchanges Commission estimates. In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Notes and accts.
receivable
U.S.
Govt. 2
Other
Inventories
1950
1951
1952 . .
1953
1954 .
1955
81 6
86 5
90.1
91 8
91.8
98.9
161.5
179.1
186.2
190.6
194.6
214.6
28.1
30.0
30.8
31.1
33.4
34.0
19.7
20.7
19.9
21.5
19.2
23.3
1 1
2.7
2.8
2.6
2.4
2.3
55 7
58.8
64.6
65.9
71.2
81.6
55.1
64.9
65.8
67.2
65.3
70.0
1956 3
4
103.4
104 4
220.4
225.7
32.6
34.7
17.5
18.6
2.4
2.6
88.1
88.8
106.0
107.0
107 7
108.4
224.9
224.5
228.9
228.9
31.9
32.5
33.2
34.1
18.0
15.7
16 1
16.9
2.5
2.5
2 4
2.8
89.4
90.5
92 9
91.5
1957
1...
2
3
4
.
Notes and accts.
payable
Other
U.S.
Govt. 2
Other
Federal
income
tax
liabilities
Total
Other
79.8
92.6
96.1
98.9
102.8
115.7
.4
1.3
2.3
2.2
2.4
2.3
47.9
53.6
57.0
57.3
61.4
69.9
16.7
21.3
18.1
18.7
15.5
18.4
14.9
16.5
18.7
20.7
23.5
25.1
76.0
77.3
1.7
2.1
2.4
2.4
3.1
3.5
3.8
3.6
117.0
121.3
2.5
2.4
73.0
74.9
14.4
16.8
27.1
27.2
79.1
79.3
80 0
79.3
4.0
4.0
4 2
4.4
118.9
117.6
121.2
120.6
2.5
2.6
2 6
2.3
74.1
74.4
75.2
74.3
14.4
12.2
13 8
15.0
28.0
28.3
29.6
28.9
2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
* Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Year
1950
1951
1952
1953
1954.
1955
1956
1957 4 r
1958 ..
r
1
2
.
Total
20.6
25 6
26.5
28.3
26.8
28.7
35.1
37.0
30.8
Manufacturing
7.5
10 9
11.6
11.9
11.0
11.4
15.0
16.0
12.0
Transportation
Mining
.7
9
1.0
1.0
1.0
1.0
1.2
1.2
.9
Railroad
Other
1-1
5
4
.3
.9
.9
?
4
.7
1.2
1 5
1.5
1.6
1.5
1.6
1.7
1.8
1.5
Revised.
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
Public Comutilimuni- Other2
ties
cations
3 3
3 7
3.9
4.6
4.2
4.3
4 9
6.2
6.3
1 3
1.5
1.7
1.7
2.0
2 7
3.0
5 7
5 9
5.6
6.3
6.5
7.5
8 4
7.4
9. 3
Quarter
1957
l
2
3
4 ..
1958—\r
34
Total
All
Public
utili- other 3
ties
8 3
9 6
9.4
9.7
3 8
4 5
4 3
4.6
7
g
8
.8
1 2
1 5
1.7
1.8
2 6
2 7
2.5
2.6
7.3
8 3
7.7
3.1
3 5
3.2
.7
6
.5
1.2
1 8
1.8
2.3
2 4
2.2
3 Includes communications and other.
Anticipated by business.
4
Manufactur- Transing
portaand
tion
mining
687
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties l
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
All
holders
FinanOther
cial
insti- holders2
tutions
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957*
37.6
35.5
20.7
21.0
2.0
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
4.9
3.4
72.8
82.3
91.4
101.3
113.8
130.0
144.5
156.3
51.7
59.5
66.9
75.1
85.8
99.4
111.2
119.9
1.4
2.0
2.4
2.8
2.8
3.1
3.6
4.7
19.8
20.8
22.1
23.5
25.2
27.5
29.7
31.7
66.7
75.6
84.2
93.6
105.5
120.9
134.6
145.8
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
35.4
41.1
46.8
53.6
62.5
73.8
83.4
90.2
9.8
10.7
11.7
12.5
13.2
14.4
15.6
17.4
21.6
23.9
25.7
27.5
29.8
32.7
35.6
38.2
14.0
15.9
17.2
18.5
20.0
21.9
23.9
25.6
7.6
8.0
8.4
9.0
9.8
10.8
11.7
12.6
6.1
6.7
7.3
7.8
8.3
9.1
9.9
10.5
2.3
2.6
2.8
3.0
3.3
3.6
3.9
4.0
3.7
4.1
4.4
4.8
5.0
5.4
6.0
6.5
1956—Sept..
Dec...
141.3
144.5
108.7
111.2
3.3
3.6
29.3
29.7
131.5
134.6
96.6
99.0
81.4
83.4
15.2
15.6
34.9
35.6
23.4
23.9
11.5
11.7
9.8
9.9
3.9
3.9
5.9
6.0
1957—Mar.*
June*.
Sept.*
Dec.*.
147.2
150.2
153.4
156.3
113.0
115.3
117.7
119.9
4.0
4.2
4.5
4.7
30.2
30.7
31.2
31.7
137.1
139.9
143.0
145.8
101.0
103.3
105.6
107.6
84.9
86.8
88.6
90.2
16.2
16.5
17.0
17.4
36.1
36.6
37.4
38.2
24.2
24.6
25.1
25.6
11.9
12.0
12.3
12.6
10.1
10.3
10.4
10.5
3.9
4.0
4.0
4.0
6.2
6.4
6.4
6.5
1958—Mar. *
158.6
121.6
4.9
32.1
148.0
109.2
91.5
17.6
38.8
26.0
12.8
10.6
4.1
6.6
P1 Preliminary.
Derived figures, which include negligible amount of farm loans held
by 2savings 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]
Mutual savings bank holdings 3
Commercial bank holdings 2
Residential
End of year
or quarter
Total
Total
FHAinsured
VAguaranteed
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957*
4,906
4,772
3,292
3,395
13,664
14,732
15,867
16,850
18,573
21,004
22,719
23,337
10,431
11,270
12,188
12,925
14,152
15,888
17,004
17,147
3,421
3,675
3,912
4,106
4,560
4,803
4,823
2,921
3,012
3,061
3,350
3,711
3,902
3,589
1956—Sept
Dec
22,500 16,860
22,719 17,004
4,760
4,803
1957—Mar
June
Sept
Dec
22,670
22,760
23,105
23,337
16,880
16,890
17,070
17,147
1958—Mar.*
23,410 17,140
Residential
Conventional
Farm
Total
Total
FHAinsured
VAguaranteed
1,048
856
566
521
4,812
4,208
3,884
3,387
4,929
5,501
5,951
6,695
7,617
8,300
8,735
2,264
2,458
2,621
2,843
3,263
3,819
4,379
4,823
968
,004
,058
,082
,159
,297
,336
,367
8,261
9,916
11,379
12,943
15,007
17,457
19,745
21,169
7,054
8,595
9,883
11,334
13,211
15,568
17,703
19,010
2,567
3,168
3,489
3,800
4,150
4,409
4,669
1,726
2,237
3,053
4,262|
5,773
7,139
7,790
3,890
3,902
8,210
8,300
4,282
4,379
,358 19,225 17,218
,336 19,745 17,703
4,350
4,409
6,840
7,139
4,770
4,730
4,750
4,823
3,810
3,720
3,660
3,589
8,300
8,440
8,660
8,735
4,440
4,500
4,660
4,823
,350
,370
,375
,367
18,035
18,384
18,687
19,010
4,455
4,500
4,575
4,669
4,820
3,490
8,830
4,880
1,390 21,565 19,370
4,785
*1 Preliminary.
Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank
Call Report and from weekly reporting member banks.
3
Figures for 1941 and 1945, except for the grand total, are estimates
Other
nonfarm
20,105
20,475
20,812
21,169
7,920
Conventional
Other
nonfarm
Farm
28
24
4,303
4,477
4,792
5,149
5,645
6,155
6,551
900
797
,164
,274
,444
,556
,740
,831
,984
2,102
44
47
53
53
56
58
59
57
6,028
6,155
,944
,984
63
59
6,250
6,364
6,452
6,551
2,010
2,033
2,068
2,102
60
58
57
57
6,665
2,137
58
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Sources.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
688
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
Total
1941
1945 .
FHAinsured
Vaguaranteed
Farm
Total
Other
Total
976
FHAinsured
6,442
6,636
5,529
5 860
815
1 394
VAguaranteed
Farm
Other
4,714
4 466
913
776
4,894
5,134
3,978
4,345
5,344
6,623
6,715
5,231
4,532
4,723
3,606
3,925
4,931
6,108
6,201
4,823
1,486
1,058
864
817
672
971
842
686
938
1,294
429
455
1,378
1,839
1,652
833
2,108
2,371
2,313
2,653
2,881
3,298
3,707
3,304
362
411
372
420
413
515
514
408
16,102
19,314
21,251
23,322
25,976
29,445
32,989
35,230
14,775
17,787
19,546
21,436
23,928
27,172
30,508
32,640
4,573
5,257
5,681
6,012
6,116
6,395
6 627
6,766
2,026
3,131
3,347
3,560
4,643
6,074
7,304
7,750
8,176
9,399
10,518
11,864
13,169
14,703
16,577
18,124
1,327
1,527
1,705
1,886
2,048
2,273
2,481
2,590
1957—Apr
Mav.. . .
June
July
Au*
Sept
Oct
Nov
Dec
454
426
367
432
435
408
435
362
528
419
391
338
404
412
383
404
335
493
49
44
48
53
50
82
67
60
96
93
94
53
64
58
43
51
38
27
277
253
237
287
304
258
286
237
370
35
35
29
28
23
25
31
27
35
33,840
34,022
34,159
34,356
34,547
34,697
34,859
34,986
35,230
31,334
31,498
31,620
31,794
31,978
32,122
32,274
32,396
32,640
6,671
6,673
6,670
6,671
6,677
6,690
6,706
6,720
6,766
7,603
7,656
7,677
7,702
7,725
7,736
7,753
7,758
7,750
17,060
17,169
17,273
17,421
17,576
17,696
17,815
17,918
18,124
2,506
2,524
2,539
2,562
2,569
2,575
2,585
2,590
2,590
1958—Jan.
Feb
Mar
Apr
525
227
390
400
482
236
344
358
122
49
93
93
41
18
22
26
319
169
229
239
43
41
46
42
35,410
35,529
35,663
35,773
32,816
32,926
33,049
33,142
6,818
6,849
6,896
6,939
7,748
7,737
7,720
7,716
18,250
18,340
18,433
18,487
2,594
2,603
2,614
2,631
1950
1951
1952
1953
1954
1955
1956
1957
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 OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans outstanding (end of period]
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1950
1951
1952
1953
1954
1955
1956
1957
5,237
5,250
6,617
7,767
8,969
11,432
10,545
10,402
1,767
1,657
2,105
2,475
3,076
4,041
3,771
3,562(
2,246
2,357
2,955
3,488
3,846
5,241
4.727
4,708
13,657
15,564
18,396
21,962
26,194
31.461
35,729
40,119
FHAinsured
848
866
904
1,048
1,172
1,405
1,486
1,643
ConVAvenguaranteed tional*
2,973
3,133
3,394
3,979
4,721
5,891
6,643
7,013
9,836
11,565
14,098
16,935
20,301
24,165
27,600
31,463
1957
Apr..
May
June
July
Aug
Sept
Oct
Nov
Dec
899
968
925
969
1,001
891
980
768
734
317
360
319
318
331
292
341
250
248
391
412
415
462
470
423
443
358
324
36,963
37,421
37,886
38,280
38,743
39,106
39,532
39,835
40,119
1,508
1,520
1,530
1,545
1,560
1,573
,591
,597
,643
6,774
6,833
6,889
6,904
6,920
6,933
6,946
6,963
7,013'
28,681
29,068
29,467
29,831
30,263
30,600
30,995
31,275
31,463
723
704
819
920
245
233
281
316
308
289
318
354
40,369
40,623
40,967
41,367
,651
1,685
1,715
1,749
7,048
7,015
7,005
6,982
31,670
31,923
32,247
32,636
1958
Jan
Feb
Mar
Apr
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.
By type of lender
(without seasonal adjustment)
Total
Year or
month
Season- Without
ally
seasonal
adadjustjusted 1 ment 2
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
16,179
16,405
18,018
19,747
22,974
28,484
27,088
24,244
5,060
5,295
6,452
7,365
8,312
10,452
9,532
9,217
[,618
1,615
1,420
1,480
1,768
1,932
1,799
471
3,365
3,370
3,600
3,680
4,239
5,617
5,458
4,264
,064
,013
,137
,327
,501
,858
1,429
2,022
2,012
2,027
2,008
2,026
2,013
2,003
1,995
1,954
2,044
2,144
2,028
2,211
2,208
2,026
2,226
1,877
1,851
798
840
795
852
883
796
855
686
666
116
125
119
130
132
124
132
117
125
357
374
363
390
378
354
395
333
325
110
121
126
142
137
121
131
117
113
1 976
1,959
1,971
1,782
1,701
1,866
2,022
628
638
705
787
111
101
108
106
322
304
345
385
98
87
94
103
1941
1945
1950
1951 . .
1952
1953
1954
1955
1956
1957
R94
1957
May""!"!!!!!
June
July
Aug
Sept
Oct
Nov
Dec
1958
Jan
Feb
Mar . .
Apr
1 Three-month moving average, seasonally adjusted by Federal Reserve.
2
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
689
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]
FHA-insured loans
Home
mortgages
Year or month
Total
Projecttype
mortgages^
VA-guaranteed loans
Property
improve- Totals
ment
loans 2
Home
mortgages
New
properties
Existing
properties
665
257
217
20
171
192
4,343
3,220
3,113
3,882
3,066
3,807
3,461
3,715
1.637
1,216
969
1,259
1,035
1,269
880
856
713
974
1,030
907
1,816
1,505
1,371
1,157
582
322
259
232
76
130
595
694
708
848
1,334
891
646
692
869
3,072
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,202
942
890
1,014
1,566
2,564
1,948
863
Dec
264
292
247
333
340
273
422
329
332
68
60
60
67
63
57
87
86
97
90
94
104
124
122
116
145
145
152
41
80
18
76
67
14
79
33
12
66
58
65
65
88
85
111
65
71
350
286
276
268
251
295
280
213
176
271
218
213
206
193
228
229
182
155
78
68
62
62
58
66
50
30
20
1958—Jan
Feb
Mar
Apr
418
386
435
423
120
115
127
119
186
164
192
186
56
43
62
57
55
64
53
61
160
142
123
85
142
129
110
72
18
13
13
13
1945
1950
1951
1952
1953
1954
1955
1956
1957...
.
..
1957—Apr
May
June
July
Sect
Oct
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
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.
1945
FHA- VAinguarsured anteed
18.6
4.3
4.1
.2
14.3
45.2
1950
1951
51 7
1952
58.5
1953
66.1
1954 . . . . 75 7
88.2
1955
99 o
1956
1957*
107.6
18.9
22 9
25 4
28.1
32 1
38.9
43 9
47.2
8.6
9 7
10.8
12.0
12 8
14.3
15 5
16.5
10.3
13 2
14 6
16.1
19 3
24.6
28 4
30.7
26.3
28 8
33.1
38.0
43 6
49.3
55 1
60.4
1956—Sept
Dec
96.6
99.0
42.5
43.9
15.2
15.5
27.3
28.4
54.1
55.1
101.0
103.3
105.6
107.6
45.1
45.9
46.5
47.2
15.7
15.9
16.1
16.5
29.4
30.0
30.4
30.7
55.9
57.4
59.1
60.4
1958—Mar.P.... 109.2
47.7
17.1
30.6
61.5
1957—Mar.*>....
June*....
Sept.*....
Dec.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]
Total
FHAinsured
VAguaranteed
Purchases
Sales
1945
278
213
195
176
19
1,347
1,850
2,242
2,462
2,434
2,615
3,047
3,974
169
204
320
621
802
901
978
1,237
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
1 044
677
538
542
614
411
609
1,119
469
111
56
221
525
62
5
2
485
239
323
638
476
76
360
764
1950
1951
1952
1953
1954
1955
1956
1957
675
423
586
728
734
1,251
745
1,116
292
433
528
640
818
702
934
1,079
816
806
864
952
867
,417
,228
,265
547
508
565
634
612
991
798
731
269
298
299
317
255
426
430
534
3,551
3,605
3,654
3 718
3 783
3,849
3,909
3,974
1,087
1,100
1,112
1,132
1,152
1,170
1,197
1,237
2,464
2,505
2,541
2 586
2,631
2,679
2,712
2,737
75
69
83
78
82
79
75
80
1
1
518
525
626
680
712
726
717
764
1957—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
73
135
131
83
96
83
74
196
52
48
171
50
49
70
62
74
993
,079
,040
,072
,119
,131
,143
,265
559
614
638
663
688
686
689
731
434
465
402
409
431
445
454
534
4,038
4,071
4,073
4,019
1,283
1,319
1,346
1,345
2,755
2,752
2,726
2,674
77
56
45
38
786
761
745
842
1958—Jan..
Feb.
Mar.
Apr.
May
58
41
53
212
56
417
158
146
93
68
906
790
696
815
803
527
451
394
304
288
379
339
302
511
515
End of year
or month
1957—May
June
July
Aus
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
.
. ...
9
29
75
1
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.
Advances outstanding
(end of period)
Commitments
undisbursed
Mortgage holdings
1950
1951
1952
1953
1954
1955
1956
1957
Mortgage
transactions
(during
period)
Conventional
Total
Year or month
Advances
Repayments
Total
1
2
Shortterm i
Long-2
term
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of mor-c than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
690
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper i
Other
consumer
goods
paper *
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
518
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
1,088
1,322
1,009
2,719
3,087
3,203
787
376
182
845
746
1 414
1,645
1,612
1950
1951
1952
1953
1954
1955
1956
1957
21,395
22,617
27,401
31,243
32,292
38,670
42,097
44,776
14,703
15,294
19,403
23,005
23,568
28,958
31,827
34,105
6,074
5,972
7,733
9,835
9,809
13,472
14,459
15,496
4,799
4,880
6,174
6,779
6,751
7,634
8,510
8,687
1,016
1,085
1,385
1,610
1,616
1,689
1,895
1,984
2,814
3,357
4,111
4,781
5,392
6,163
6,963
7,938
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,821
1,934
2,120
2,187
2,408
3,002
3,253
3,502
3,291
3 605
4,011
4 124
4,308
4,579
4,735
4,760
1,580
1,784
1,867
1 927
2,008
2,131
2 282
2,409
41,247
41,937
42,491
42,668
43,101
43,270
43,274
43,530
44,776
31,786
32,158
32,608
32,968
33,303
33,415
33,504
33,596
34,105
14,691
14,883
15,127
15,329
15,490
15,556
15,579
15,542
15,496
8,017
8,081
8,165
8,189
8,229
8,228
8,236
8,300
8,687
1,862
1,886
1,905
1,921
1,954
1,969
1,988
1,996
1,984
7,216
7,308
7,411
7,529
7,630
7,662
7 701
7,758
7,938
9,461
9,779
9,883
9,700
9,798
9,855
9,770
9,934
10,671
3,374
3,582
3,530
3,406
3,458
3,493
3 405
3,458
3,502
3,735
3,834
3 948
3,886
3 925
3,942
3 991
4,135
4,760
2,352
2,363
2 405
2,408
2 415
2,420
2 374
2,341
2,409
43,966
43,043
42,562
42,665
33,737
33,302
32,983
32,932
15,326
15,122
14,889
14,788
8,499
8,277
8,192
8,134
1,963
1,936
1,915
1,914
7,949
7,967
7,987
8,096
10,229
9,741
9,579
9,733
3,514
3,542
3,542
3,501
4,264
3,710
3 528
3,694
2,451
2,489
2 509
2,538
1957
Apr
May
June
July
Aug .
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in 2part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
NOTE.—Monthly figures for the period December 1939
and a general description of the series are shown on pp.
BULLETIN for April 1953; monthly figures for 1948-56, in
for October 1956, pp. 1035-42, and December 1957,
A detailed description of the methods used to derive the
be obtained from Division of Research and Statistics.
597
845
through 1947,
336-54 of the
the BULLETINS
pp. 1420-22.
estimates may
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
End of year
or month
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
Retail outlets
Consumer
finance
companies 1
Other i
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
657
759
102
629
1950
1951
1952
1953
1954
1955
1956
1957
14,703
15,294
19,403
23,005
23,568
28,958
31,827
34.105
11,805
12,124
15,581
18,963
19,450
24,450
27,084
29,375
5,798
5,771
7,524
8,998
8,796
10,601
11,707
12,714
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
590
1957_Apr
Dec
31,786
32,158
32,608
32,968
33,303
33,415
33,504
33 596
34,105
27,544
27,864
28,263
28,726
29,014
29,128
29,241
29,239
29,375
11,981
12,143
12,323
12,508
12,607
12,656
12,749
12,717
12,714
1958—Jan
Feb
Mar
Apr
33,737
33,302
32,983
32,932
29,125
28,864
28,621
28,701
12,611
12,415
12,310
12,421
M^ay
June
July
Aug
Sept
Oct
Nov. .
Household
appliance
stores
1,438
1,605
686
354
320
439
496
131
183
206
123
188
339
395
240
17
28
270
746
827
267
287
810
243
943
1 004
290
1,107
J.064
1,242
,511
408
1,393
301
377
389
527
377
463
1,044
1 187
1,146
365
377
487
502
374
529
354
505
355
359
361
360
363
365
365
510
518
525
530
533
533
531
374
529
367
522
363
359
354
514
504
498
837
1,124
1,342
1,678
2,014
2,472
1,072
1,207
1,284
2,898
3 170
3,822
4,042
4,118
4,508
4,743
4,730
9,104
9,176
9,300
9,476
9,565
9,598
9,585
9,564
9,573
2,127
2,167
2,227
2,284
2,344
2,377
2,415
2,439
2,472
3,105
3,123
3,155
3,209
3,234
3,231
3,229
3,248
3,332
1,227
1,255
1,258
1,249
1,264
1,266
1,263
1,271
1,284
4 242
4,294
4 345
4,242
4,289
4 287
4,263
4 357
4 730
I 176
1,229
I 249
1,144
1,161
I 167
1,134
I 199
I 393
1 075
1,077
1 077
1,072
1,083
1 077
1,080
1 092
1 146
9,464
9,405
9,284
9,200
2,446
2,451
2,461
2,506
3,320
3,306
3,286
3,290
1,284
1,287
1,280
1,284
4 612
4,438
4,362
4,231
I 381
1,326
1,343
I 241
1 108
1,079
1,045
1,033
1
Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Furniture
stores
1,286
1,555
1,866
2,137
2,257
2,656
3,056
3,332
635
420
Department
stores 2
Total
509
643
777
911
924
984
Automobile
dealers 3
Other
771
orn
1,082
I 070
I 052
1,101
I 269
I 288
I 132
1,123
[ 142
1,140
1,155
[ 147
1,151
I 170
I 288
[ 234
1,156
I 111
1,105
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
691
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Other
Purchased
Direct
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1 ,079
,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1950
1951
1952
1953
1954
1955
1956
1957
5 ,798
5 ,771
7 ,524
8 ,998
8 ,796
10 ,601
11 ,707
12 ,714
1 ,177
1 ,135
1 ,633
2 ,215
2 ,269
3 ,243
3 ,651
4 ,054
294
311
629
867
668
2, 062
2, 075
2 , 335
1 ,456
1 ,315
1 ,751
2 ,078
1 ,880
2 ,042
2 ,394
2 ,435
834
888
1,137
1,317
1,303
1,338
1,469
1,527
1,037
1,122
1,374
1,521
1,676
1,916
2,118
2,363
1957—Apr
May....
June....
July....
Aug.. . .
Sept.. .
Oct
Nov. . .
Dec...
11 ,981
12 ,143
12 ,323
12 ,508
12 ,607
12 ,656
12 ,749
12 ,717
12 ,714
3 ,789
3 ,851
3 ,921
3 ,976
4 ,026
4 ,050
4 ,082
4 ,067
4 ,054
2 , 200
2 , 246
2 , 282
2 , 310
2 , 330
2 , 334
2 , 334
2 , 333
2 , 335
2 ,363
2 ,368
2 ,395
2 ,456
2 ,434
2 ,437
2 ,471
2 ,448
2 ,435
1,436
1,450
1,466
1,480
1,503
1,514
1,531
1,537
1,527
2,193
2,228
2,259
2,286
2,314
2,321
2,331
,332
,363
1958—Jan....
Feb
Mar....
Apr
12 ,611
12 ,415
12 ,310
12 ,421
4 ,016
3 ,966
3 ,906
3 ,893
2
2
2,
2
2 ,378
2 ,272
2 ,236
2 ,281
1,508
1,484
1,467
1,465
379
381
396
2,461
330
312
305
321
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1950
1951
1952
1953
1954
1955
1956
1957
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
2,956
2,863
3,630
4,688
4,870
6,919
7,283
7,470
532
452
680
816
841
,034
,227
,413
61
63
60
46
31
25
23
20
162
276
341
377
402
465
567
670
1957—Apr.,
May
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
9,104
9,176
9,300
9,476
9,565
9,598
9,585
9,564
9,573
7,212
7,272
7,376
7,466
7,532
7,557
7,537
7,510
7,470
,279
,285
,296
,369
,384
,389
,390
,388
,413
22
22
22
22
22
22
23
21
20
591
597
606
619
627
630
635
645
670
1958—Jan..
Feb.,
Mar.
Apr.
9,464
9,405
9,284
9,200
7,363
7,237
7,080
6,968
,404
,464
,492
,515
20
20
19
20
677
684
693
697
ment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
NONINSTALMENT CREDIT, BY HOLDER
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1950
1951
1952
1953
1954
1955
1956
1957
2,296
2,699
3,346
4,038
4,510
5,406
6,277
7,088
360
373
452
538
539
761
948
1,108
200
233
310
370
375
537
648
638
121
134
188
247
282
326
403
437
1,615
1,959
2,396
2,883
3,314
3,782
4,278
4,905
1957_Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
6,459
6,545
6,640
6,742
6,842
6,874
6,907
6,958
7,088
985
1,004
1,030
1,052
1,072
,082
,093
,101
,108
638
644
647
647
652
648
645
638
638
404
414
417
419
429
433
434
438
437
4,432
4,483
4,546
4,624
4,689
4,711
4,735
4,781
4,905
1958—Jan...
Feb..
Mar..
Apr..
7,050
7,044
7,027
7,080
,095
,093
,094
,108
627
617
606
605
435
432
429
429
4,893
4,902
4,898
4,938
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instal-
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Retail
outlets
(charge
accounts)
Service
credit
Commercial
banks
2,719
3,087
3,203
Other
Department
stores 1
Other
625
693
674
162
152
72
236
275
290
1,178
1,370
1 322
518
597
845
6 692
7,323
7,998
8,238
8 724
9,712
10,270
10,671
1 576
1,684
1,844
1,899
2 096
2,635
2,843
3,095
245
250
276
288
312
367
410
407
650
698
728
772
793
862
893
876
2 641
2,907
3,283
3,352
3 515
3,717
3,842
3,884
1 580
1,784
1,867
1,927
2 008
2,131
2,282
2,409
1957—Apr
M^ay
June
July
Aug
Sept
Oct
Nov
Dec
9 461
9,779
9 883
9,700
9,798
9 855
9,770
9 934
10,671
2 920
2,996
3,029
2,996
3,002
3 023
3,022
3 028
3,095
454
586
501
410
456
470
383
430
407
592
593
579
533
535
588
612
658
876
3 143
3,241
3,369
3,353
3,390
3,354
3,379
3 477
3,884
2,352
2,363
2,405
2,408
2,415
2,420
2,374
2,341
2,409
1958—Jan
Feb
Mar
Apr
10 229
9,741
9 579
9,733
3,054
3,057
3 054
3,067
460
485
488
434
725
601
573
580
3,539
3,109
2 955
3,114
2,451
2,489
2 509
2,538
1939
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957
1
. . .
. .
Includes mail-order houses.
692
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Automobile paper
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
21,558
23,576
29,514
31,558
31,051
39,039
40,063
42,411
1950
1951
1952
1953
1954
1955
1956
1957
/////.///
8,530
8,956
11,764
12,981
11,807
16,745
15,563
16,681
7,150
7,485
9,186
9,227
9,117
10,634
11,590
11,599
5,043
6,294
7,347
8,006
8,866
10,272
11,342
12,613
835
841
1,217
,344
1,388
1,568
1,518
Sept
Oct
Nov
Dec
3,470
3,535
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,594
3,748
3,674
3,837
3,704
3,388
3,545
3,439
4,069
1.371
1,363
1,356
1,381
1,355
1,392
,435
1,404
1,423
1.468
1,513
1,494
1,563
1,467
1,364
,404
1,250
1,305
937
995
1,007
999
1,027
973
912
964
959
901
1,016
998
995
1,022
927
976
1,020
1,333
123
134
128
130
137
127
126
120
118
123
147
133
143
150
138
141
123
112
1.039
1,043
1,056
,089
1,072
1,054
,068
1,071
1,115
1,102
1,072
1,049
1,136
1,065
959
1,024
1,046
1,319
1958—Jan
Feb
Mar
Apr
3,504
3,235
3,193
3,278
3,108
2,754
3,164
3,345
1,346
,179
.077
1,161
1,190
1,020
1,104
1.222
940
900
981
914
799
717
902
874
131
116
115
125
102
91
105
124
,087
1,040
.020
1,078
1,017
926
1,053
1,125
1957 Apr
May
July
Repayments
1950
1951
1952
1953
1954
1955
1956
1957
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
. . .
/.//////.'.
7,011
9,058
10,003
10,879
11,833
13,082
14,576
15,644
6,057
7,404
7,892
8,622
9,145
9,751
10,714
11,422
4,660
5,751
6,593
7,336
8,255
9,501
10,542
11,638
717
772
917
1,119
1,255
1,315
1,362
1.429
1957 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,284
3,313
3,339
3,382
3,343
3,418
3,358
3,394
3,498
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1.294
1,305
1,289
1,317
1,276
,318
1,317
,292
.368
1.305
1,321
1,250
1,361
1,306
,298
1,381
,287
1,351
908
919
951
964
976
990
945
981
978
927
952
914
971
982
928
968
956
946
117
121
120
125
117
124
118
113
124
117
123
114
127
117
123
122
115
124
965
968
979
976
974
986
978
1,008
1,028
983
980
946
1,018
964
927
985
989
1,139
1958—Jan
Feb
Mar
Apr
3,421
3,401
3,373
3,401
3,476
3,189
3,483
3,396
1,368
1,317
1,300
1,338
1,360
1,224
1,337
1.323
925
966
952
921
987
939
987
932
120
125
123
126
123
118
126
125
1,008
993
998
1,016
1,006
90S
1,033
1,016
Change in outstanding credit1
+ 1,519
-102
+ 1,761
+2,102
26
+3,663
+987
+ 1,037
+3,113
+591
+4,109
+3,602
+563
+5,390
+2,869
+2,278
1950 .
1951
1952
1953
1954
1955
1956
1957
Sept
Oct
Nov
Dec
+ 186
+222
+208
+217
+248
+ 128
+ 183
+ 165
+ 117
+262
+372
+450
+360
+335
+ 112
+89
+92
+509
1958_Jan
Feb
Mar
Apr
+83
-166
-180
-123
-368
-435
-319
-51
1957 Apr
May
June
July
AUK
+77
+58
+67
+64
+79
+74
+ 118
+ 112
+ 163
+ 192
+244
+202
+ 161
+66
+23
+55
-37
-46
-22
-138
-223
-177
-170
-204
-233
-101
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
1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 1,093
+81
+ 1,294
+605
28
+883
+876
+ 177
+29
+76
+56
+35
+51
-17
-33
-17
-19
+ 15
-66
+29
n
-26
+64
+84
+24
+40
+8
+64
+387
-188
-222
-85
-58
+6
+ 13
+5
+20
s
+7
-6
+ 11
-9
-8
-1
+ 118
+69
+300
+225
+6
+73
+206
+89
+6
+24
+ 19
+ 16
+33
+ 15
+ 19
+8
+383
+543
+754
+670
+611
+771
+800
+975
+74
+75
+77
+113
+98
+68
+90
-12
+63
+87
+ 119
+92
+ 103
+ 118
+ 101
+32
+39
+57
+ 180
-21
-27
-21
-1
+79
+47
+22
+62
+ 11
+ 18
+20
+ 109
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.
693
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 monthlyfiguresfor seasonal variation and differences in trading days]
Total
Commercial banks
Other financial
institutions
Sales finance
companies
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
8,135
8,358
11,123
12,099
11,267
14,109
14,387
15,188
21,558
23,576
29,514
31,558
31,051
39,039
40,063
42,411
1950
1951
1952
1953
1954
1955
1956
1957
1957—Apr. 1
May
June
Julyi....
Aug
Sept
Oct.i
Nov
Dec
1958—Jan. i
Feb i
Marl
Apr.i
3,826
4,788
5,659
6,375
6,983
8,449
9,474
10,453
5,098
5,467
6,982
7,560
7,260
10,200
9,600
10,200
4,499
4,963
5,750
5,524
5,541
6,281
6,602
6,570
3,470
3,535
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,594
3,748
3,674
3,837
3,704
3,3S8
3,545
3,439
4,069
1,236
1,245
1,268
1,291
1,284
1,289
1,325
1,252
1,252
1.348
1,362
1,333
1,382
1,320
1,239
1,302
1,150
1,228
845
832
830
890
819
834
856
835
873
855
886
904
1,022
903
829
860
779
865
865
877
870
905
907
869
871
893
902
901
904
871
946
906
797
850
877
1,069
524
581
579
513
581
554
489
579
588
490
596
566
487
575
523
533
633
907
3,504
3,235
3,193
3,278
3,108
2,754
3,164
3,345
1,247
1,146
1,109
1,204
1,174
1,008
1,132
1,286
828
769
742
769
720
642
724
759
875
819
805
848
793
730
828
871
554
501
537
457
421
374
480
429
Repayments
6,776
8,385
9,370
10,625
11,469
12,304
13,320
14,252
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
1950
1951
1952
1953
1954
1955
1956
1957
1957—Apr. i
May
June
Julyi
Aug
Sept
oct.i
Nov
Dec
:.:
1958—Jan. i
Feb.i
Mar.i
Apr. i
3,404
4,385
5,012
5,683
6,511
7,553
8,603
9,642
4,331
5,524
5,925
6,344
7,043
7,901
8,943
9,727
3,934
4,691
5,098
5,304
5,465
5,891
6,328
6,512
3,284
3,313
3,339
3,382
3,343
3,418
3,358
3,394
3,498
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1.155
1,168
1,196
1,189
1,196
1,228
1,200
1,208
1,232
1.187
1,200
1,153
1,242
1,221
1,190
1,226
1,182
1,231
801
817
805
831
797
808
820
795
848
799
814
780
846
814
796
873
800
856
793
805
800
817
819
815
810
838
843
806
818
776
844
806
765
817
826
939
535
523
538
545
531
567
528
553
575
540
544
515
545
528
525
540
539
534
3,421
3,401
3,373
3,401
3,476
3,189
3,483
3,396
,216
.232
1,198
1,203
[,237
1,147
1,219
.215
844
820
813
862
829
758
845
843
837
799
818
819
831
736
845
818
524
550
544
517
579
548
574
520
Change in outstanding credit2
+3,113
+591
+4,109
+3,602
+563
+5,390
+ 2 869
+2,278
1950
1951
1952
1953
1954
1955
1956
1957
1957 Apr i
May
June
Julyi
Aug....
Sept
Oct i
Nov
Dec
..
. .
1958 Jan i .
Feb. 1
Mar.i
Apr. i
+ 186
+222
+208
+217
+248
+ 128
+ 183
+ 165
+ 117
+83
-166
-180
-123
+262
+372
+450
+360
+335
+ 112
+89
+92
+509
-368
-435
-319
-51
+ 165
+77
+72
+ 147
+88
+61
+ 142
+44
+20
-9
-143
-107
+41
+ 1,359
+767
+ 1,753
+ 1,474
+ 1,057
+ 1,216
+217
+2,299
+657
+473
-202
+ 1,805
+ 1 106
+ 1,007
+245
+ 162
+ 180
+ 185
^32
-3
-103
-196
-105
+ 111
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 1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
+44
+ 15
+25
+59
+22
+26
+36
+40
+25
+56
+72
+ 124
+ 176
+89
+33
-16
-109
-59
-121
-84
- +6
71
-93
-13
-21
+9
+72
+72
+70
+88
+88
+54
+61
+55
+59
+38
+20
-13
+29
+422
+403
+647
+692
+472
+896
+871
+811
+95
+86
+95
+102
+100
+32
+33
+51
+ 130
-38
-6
-17
+53
+565
+272
+652
+220
+76
+390
13
-95
+58
+41
-77
-56
+26
+ 13
+70
-49
+ 11
-100
-134
+52
+51
-103
_2
-24
+94
+373
-118
-174
-76
-131
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.
694
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
Resi- All
den- other
tial
Nonagricultural
employment
Manufacturing
production workers
Employment
Payrolls
AdAdAd- Unad- Unad- Unad- AdAd- Unad- AdAd- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
...
1926
1927
1928
1929
1930
51
51
53
59
49
1931
1932
1933
1934
1935
40
31
37
40
47
1936
1937
1938
1939
1940
56
61
48
58
67
1941
1942
1943
1944
1945
87
106
127
125
107
1946
1947
1948
1949
1950
90
100
104
97
112
1951
1952
1953
1954
1955
1956
1957
.
..
120
124
134
125
139
143
143
.
38
38
37
45
34
39
30
42
24
39
45
43
48
37
47
43
49
40
44
42
46
45
62
57
59
43
45
51
66
50
50
52
52
49
53
48
50
51
63
64
63
69
69
73
58
48
60
45
39
30
36
31
19
24
39
46
30
38
36
34
53
42
56
51
68
59
63
49
48
42
48
51
42
48
34
15
14
55
49
49
55
61
60
46
57
55
35
49
71
62
68
66
63
64
57
66
88
110
91
126
133
130
110
90
100
103
162
159
123
86
101
104
34
30
26
18
27
41
49
57
75
67
68
70
22
8
7
7
13
41
20
18
30
22
35
32
35
39
25
27
37
36
40
40
69
76
44
43
84
93
81
84
66
89
54
49
74
116
103
99
96
87
93
92
37
22
36
24
10
16
45
30
50
95
99
102
91
82
87
100
106
84
102
86
98
116
99
94
111
113
105
159
185
121
128
114
115
171
170
125
136
136
153
114
118
114
116
183
192
183
178
145
160
24
25
17
20
95
137
155
159
160
70
62
51
55
63
116
127
140
144
145
43
42
46
59
73
71
76
52
30
113
97
39
45
32
116
126
129
130
111
122
129
128
131
130
44
DepartWholeFreight ment
Consales
store sumer
carcomload- sales* prices2 modity
ings* (retail
prices 2
value)
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
67 5
67 9
67.9
71.0
66.6
65 5
64.1
64.2
68.3
59.5
60.3
53 4
53.6
58.8
61.3
50.2
42.6
47.2
55.1
58.8
65.8
70 2
66 1
69.3
73.3
63.9
70 1
59.6
66.2
71.2
82.8
90.9
96 3
95 0
91.5
87.9
103.9
121 4
118.1
104.0
Adjusted
90
Adjusted
27
32
30
92
107
105
110
30
34
34
36
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
21.5
14 8
15.9
20.4
23.5
27.2
32 6
25 3
29.9
34.0
49.3
72 0
2
99
102 8
87.8
81.2
97.7
105.1
97 2
79
59
62
32
24
24
67
69
27
29
65.0
58 4
55.3
57.2
58.7
81
32
84
67
76
35
32
35
98
104
44
49
104
106
102
56
62
70
83
37
97.9
103.4
102.8
93 8
99.6 111.7
100
90
108
104
98
104
97
107
106 4
106.3
111.8
101.8
105.6
106.7
104.5
129 8
136.6
151 4
137.7
152 9
161.4
162.7
101
112
95
96
114
118
104.2
104.7
103.4
105.3
105.0
104.2
102.7
100.7
161.0
163.8
160.5
164.7
164 7
162.6
160 9
157.4
90
135
86
85
83
129
133
138
118.2 98.0 •97.3
116.7 95.6 95.2
116.0 '93.6 '93.4
115 6 92 6 91 6
^115.9 *>92.5 2>91 2
149.3
145.0
'143.7
139 8
439.8
82
77
75
72
130
124
131
73
433
215
261
199
101
232
280
199
101
172 108 2
110.4
113 6
204 110.7
248 114.4
199 118.6
101 120.1
128
120
133
88
86
95
97
90
99
118
128
135
136
Unadjusted
74.0
85.7
76 4
71.6
72 9
73.1
75 0
98
83
79
94.4
83 99.4
105 101.6
111
99 0
142 102.3
183
201
Unadjusted
111 0
113.5
114 4
114.8
114 5
116.2
65 0
62.0
62.9
61.9
56.1
47.4
42.1
42.8
48.7
52.0
52.5
56 1
51.1
50.1
51.1
56.8
64.2
67 0
67.6
68.8
78.7
96.4
104.4
99 2
103.1
114 8
111.6
110 1
110.3
110.7
114.3
119.6
120.2
120.8
121.0
121 1
121.1
121 6
121 6
117.1
117.4
118.2
118.4
118.0
117.8
118 1
118.5
122.3
122.5
123.3
123 5
118.9
119.0
119.7
119 3
^119.5
59.3
61 4
60 3
59.4
59.9
62.9
69.7
74 0
75 2
76.9
83.4
95.5
102.8
101 8
102.8
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
144
145
145
145
144
142
H9
135
143
145
135
145
146
146
C
142
134
133
130
128
126
132
131
'129
127
p\27
147
147
147
146
163
162
163
160
131
131
132
131
127
128
129
129
121
109
106
96
105
119
119
107
143
141
137
156
154
146
130
128
127
127
123
123
98
89
75
108
86
70
127
125
124
125
122
119
'112
109
78
74
102
108
72
67
99
115
120 5
120.6
120.7
120.8
120.4
92 120.0
91 119.4
78 118.8
132
102
97
89
105 7
105.3
104.9
104.4
103.3
102.8
101 8
100.3
90
85
92
87
138
138
144
136
1958
Jan
Feb
Mar
Apr.
May
P5
131
128
P129
137
135
132
^134
c
v
r
Corrected.
"Estimated.
Preliminary.
Revised.
n.a. Not available.
* 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,
82
78
105
104
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.
695
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
average
proportion
1956 1957 Apr. May June July
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr,
SEASONALLY ADJUSTED
100.00
143
143
144
144
145
145
145
144
142
139
135
133
130
128
MANUFACTURES—TOTAL
90.02
144
145
145
145
147
147
147
146
143
141
137
135
131
129
128
Durable Manufactures—Total
45.17
159
160
160
160
163
162
163
160
156
154
146
142
137
135
132
138 '131
134
132
132
134
136
131
128
121
107
100
95
91
86
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
172
135
171
153
207
199
125
310
166
176
139
168
150
204
213
128
344
172
176
(38
167
152
196
216
124
357
172
176
138
168
152
199
216
127
352
173
179
139
171
153
207
220
132
355
173
179
141
173
152
215
216
128
351
173
775
140
172
151
215
216
131
345
174
176
139
170
150
209
212
129
340
173
172
137
164
148
197
208
126
334
170
770
141
163
143
203
203
125
322
170
163
135
156
137
194
194
113
315
168
759
129
151
130
192
191
107
318
166
153 r750
124 122
144 141
127 '126
177 170
185 '182
99 '93
312 315
163 160
146
118
138
123
166
177
86
315
158
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
140
158
123
133
155
114
134
155
115
136
157
117
140
156
125
133
155
113
136
159
116
134
159
112
131
155
109
128
151
107
124
148
103
725
142
110
720
134
108
720
133
109
779
134
105
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
135
122
144
132
120
140
132
120
141
132
120
141
133
121
142
133
122
141
135
123
143
135
122
143
132
120
140
129
118
136
725
116
131
123
114
129
720
111
126
727
111
128
720
109
128
44.85
129
130
130
131
131
131
132
131
130
128
127
127
125
124
125
11.87
6.32
5.55
108
104
112
105
99
111
106
100
112
106
100
113
106
100
113
107
101
113
106
101
112
106
101
112
104
98
110
101
95
107
97
91
104
97
92
103
97
91
103
95
91
98
91
106
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
117
133
104
118
135
104
118
132
105
118
134
104
119
135
106
119
136
105
122
141
106
120
138
104
777
135
103
775
131
103
705
117
100
108
116
100
705
114
98
r
106
116
98
702
112
Paper and printing
Paper and allied products
Printing and publishing
Newsprint consumption
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
145
159
136
132
138
148
158
141
131
146
146
156
140
128
146
148
158
141
132
145
148
159
141
132
146
146
156
140
129
146
149
163
141
129
146
149
161
142
131
147
149
161
142
130
148
149
162
141
129
148
146
152
142
131
148
146
155
140
126
147
144
153
139
124
146
742
149
138
124
r
145
143
151
137
123
145
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
167
ill
196
141
172
184
203
141
171
182
202
142
173
185
204
142
172
184
204
139
174
185
205
142
175
186
206
143
174
185
207
141
773
185
206
139
777
184
201
135
169
181
196
137
11.51
10.73
8.49
2.24
.78
112
113
113
112
107
112
112
112
113
111
777
112
112
109
109
112
112
112
112
110
113
114
113
116
112
113
113
114
109
114
112
113
112
113
111
113
113
112
113
114
777
112
111
112
110
770
110
110
110
107
775
114
113
118
106
168 r164 r162 164
178
182 mi
ni6
195 r186 183
^
131 129 127 2 6 *
114 113 r113 775
114 114 113 114
113 112 112 115
116 118 117
112 112 112 in'
MINERALS—TOTAL
9.98
129
128
131
130
127
128
129
129
127
123
123
122
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
129
85
55
90
150
137
190
128
83
49
88
150
C
138
198
131
87
52
93
151
140
200
130
83
56
88
153
141
204
127
86
60
90
146
136
194
127
84
40
90
148
134
197
128
84
50
89
149
134
198
129
82
48
88
151
136
196
128
80
45
85
150
136
199
123
77
43
82
145
132
198
722
71
40
76
146
131
193
69
43
73
145
130
'198
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
727
114
141
129
116
142
130
121
140
128
114
142
131
121
142
132
122
143
133
121
146
129
115
144
125
107
143
720
100
140
725
110
141
727
110
144
INDUSTRIAL PRODUCTION—TOTAL.
Primary metals
6.70
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
C
r99
119
112
109
775
70
43
74
142
128
777
70
41
74
131
116
705
62
40
66
130
116
77P
106
133
noo
773
88
139
138
c
Corrected.
Preliminary.
r
Revised.
For other notes see end of table.
126
696
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
Annual
1947^19
average
proportion
1956 1957 Apr.
Industry
1958
1957
May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr.
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL... 100.00
90.02
MANUFACTURES—TOTAL
143
143
145
143
145
135
145
146
146
142
134
132
144
145
146
144
146
137
147
148
148
144
135
134
45.17
159
160
163
159
162
151
160
160
159
156
147
143
6.70
5.03
3.51
.37
3.05
2.62
.43
138
135
142
131
131
130
140
137
140
138
148
144
135
133
143
141
136
134
141
139
118
118
130
136
128
127
135
137
128
126
136
139
129
126
135
132
121
118
126
121
106
102
108
107
102
95
99
98
Steel forgings
Nonferrous metals
Durable Manufactures—Total
Primary metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Copper smelting
Lead
Zinc
Secondary nonferrous metals
Nonferrous shapes and castings.
A l u m i n u m mill shapes
Nonferrous castings
Metal Fabricating
Structural metal parts
Stampings and misc. metal products
Tin cans
Furnaces, gas ranges, and heaters
Machinery
F a r m and industrial machinery
F a r m machinery
Industrial and commercial machinery.
Machine tools and presses ..
Laundry and refrigeration appliances.
133
91
94
91
95
89
92
90
89
82
83
80
139
138
147
146
142
141
140
141
128
129
134
133
134
134
134
132
126
125
107
107
99
96
93
92
91
90
82
83
151
149
136
123
137
132
143
132
108
111
100
95
77
1.52
1.29
.23
119
108
1.67
.38
.09
.06
.04
.10
.09
115
109
119
90
106
105
106
99
85
83
117
107
113
108
117
90
107
104
105
99
87
84
83
83
81
126
113
124
116
126
89
103
110
107
98
88
92
92
86
74
144
136
145
140
142
117
132
134
138
129
121
121
114
112
164
129
135
114
123
275
175
140
146
129
137
283
172
131
149
115
133
285
117
164
133
132
115
123
280
167
134
137
110
128
280
157
114
126
104
118
279
160
122
126
107
115
282
153
120
120
116
110
263
156
126
128
115
113
263
159
125
131
112
114
274
161
128
134
112
120
275
160
134
134
106
114
275
155 148
128 122
140 128
96
116
106 101
265 263
145
124
122
94
101
254
118
110
108
86
106
114
117
112
99
98
138
113
132
108
138
115
125
105
130
109
134
110
121
98
104
80
110
88
213
215
211
107
73
192
200
199
167
159
167
.13
118
1.16
.63
140
115
ll 1
129
104
.20
215
198
c
214
87
85
r
93
174 170
.33
146
136
141
131
140
109
125
131
140
138
118
120
117
111
772
176
179
174
176
167
174
174
173
174
166
161
156
154
5.73
2.68
2.12
135
139
140
136
139
134
139
133
127
124
152
148
126
190
149
124
122
152
124
149
149
118
163
141 145 142
156
122
195
156
125
112
154
120
110
146
111
116
138
105
126
.30
141
125
151
C
124
146
153
121
205
156
124
146
80
84
113 106
r
'83
92
28.52
mi
136
103
139
104
77
189
148
118
132
99
120
.63
110
99
98
95
104
81
105
122
115
99
76
80
94
97
13.68
171
168
169
166
168
158
167
173
170
165
157
153
148
145
140
9.04
8.13
1.02
7.11
.68
.69
153
147
86
156
197
168
150
146
84
155
182
151
157
152
90
161
198
164
154
149
87
158
193
158
153
148
85
157
188
160
146
144
82
152
179
129
143
141
80
150
175
119
149
143
82
152
175
159
145
140
82
148
164
149
140
136
78
144
154
138
138
135
80
143
153
120
133
130
80
137
144
120
131 131
125 124
83
81
132 130
128
133
144 158
127
121
84
126
122
Transportation equipment
7.54
4.80
1.50
.66
.22
.19
.14
.07
207
204
194
189
197
183
213
220
220
215
194
192
181
173
198
224
201
205
204
159
200
153
200
180
195
143
196
256
201
269
196
282
198
260
197
176
190
187
183
159
178
139
164
172
125
199
125
138
112
92
58
218
167
213
128
146
104
100
50
194
137
223
135
155
120
107
69
224
154
214
127
144
113
101
60
215
148
217
130
156
119
108
62
228
156
205
114
134
103
96
52
208
109
209
123
148
103
97
48
195
146
194
100
84
85
69
29
184
136
198
110
88
93
95
46
161
122
213
139
171
203
124
151
95
99
40
183
101
196
113
132
91
83
26
216
93
191 188
108 101
122 106
92
94
85
83
29
26
210 226
101 102
181
91
89
90
79
26
213
103
c99
118
47
157
116
2.58
121
123
127
121
118
106
113
114
127
131
116
108
104
100
2.74
1.30
310
344
357
348
351
344
341
340
334
322
322
321
315
'319
548
118
63
54
608
129
77
80
633
132
81
86
614
134
76
81
615
136
84
88
609
131
73
71
606
128
69
84
597 592
126 '124
74
83
85
76
569
121
71
72
571
125
61
59
570
123
64
66
562
121
56
56
565
125
58
59
.81
.53
.35
Railroad cars
138
r99
143
.74
Aircraft and parts
Shipbuilding and repair
127
129
167
4.64
3.23
Truck trailers
Auto and truck parts
129
131
143
139
Electrical machinery
Electrical apparatus and parts
Radio and television sets
Autos
Trucks
Light trucks
M e d i u m trucks
131
132
139
315
561
124
51
49
Instruments and related products
1.29
166
172
174
171
171
168
172
174
172
172
170
166
163
162
160
Clay, Glass, and Lumber Products
5.91
140
133
135
137
144
127
143
141
139
128
117
117
117
118
120
2.82
1.09
158 155
140 141
164 161
165 164
132 H6
155
141
160
163
132
158
141
159
161
137
159
139
157
160
144
150
132
149
151
137
163
142
156
159
154
162
141
163
167
138
161 152 145
144 140 135
165 165 161
170 170 166
143 128 117
136
130
150
153
128
130 131
128 124
142 136
144 136
132 134
134
118
130
129
126
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
H o m e glassware and pottery
92
100
97
85
78
91
90
92
90
86
79
85
82
75
145
161
161
119
185
187
177
152
132
109
92
105
146
129
119
130
122
133
123
134
122
137
129
135
124
134
126
126
113
117
95
105
84
99
77
102
87
.20
148
137 C128
134 C114
142 140
138
138
143
145
145
144
143
138
133
121
115
114
110
.48
194
188
185
194
200
198
201
198
193
182
172
165
156
163
171
.58
173
174
176
177
177
173
175
175
173
166
165
157
151
151
147
.23
87
.32
157
.35
.12
Structural clay products ...
Brick
Clay firebrick, pipe, and tile
« Corrected.
.60
.47
.26
Revised.
For other notes see end of table.
697
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1957
1958
947-49 Annual
average
proportion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber
..
..
.
123
114
117
118
131
105
125
121
96
187
112
312
84
100
191
107
330
87
99
196
110
339
88
110
219
146
339
88
88
168
101
106
209
144
103
205
132
277
83
314
83
327
.29
107
189
121
301
91
4.04
135
132
129
128
130
125
1.64
1.10
.54
111
121
122
120
120
120
117
117
118
115
114
118
118
117
119
2 05
.60
.39
Millwork
Softwood plywood
Furniture and Misc.
3.09
.12
Manufacturing....
Furniture and fixtures
Household furniture
Fixtures and office furniture
119
98
106
92
75
155
100
105
280
77
87
189
95
346
69
106
89
182
95
328
73
107
81
181
76
358
74
134
128
120
121
120
117
125
127
122
121
123
116
120
122
116
113
114
111
111
113
109
111
112
109
107
108
106
127
124
207
124
89
178
100
83
344
82
307
78
136
141
139
116
115
118
124
124
124
126
126
125
80
88
192
91
73
2.40
144
140
137
137
139
131
144
150
148
143
134
125
126
Nondurable Manufactures—Total
44.85
129
130
129
129
130
122
134
135
137
131
123
125
126 125
125
Textiles and Apparel
11.87
108
105
108
106
104
91
108
104
108
102
92
99
103
101
100
6.32
3.72
2 30
104
108
102
99
105
95
102
103
95
100
107
99
99
104
96
86
86
75
101
105
98
101
107
97
103
106
97
98
107
97
89
97
84
94
103
93
107
102
93
95
86
Miscellaneous manufactures
Textile mill products
Cotton and synthetic fabrics
Synthetic fabrics
Wool textiles
Wool fabrics
Hosiery
Full-fashioned hosiery
Seamless hosiery....
Knit garments
Apparel and allied products
Men's suits and coats
Men's outercoats
Shirts and work clothing
.97
118
119
118
111
111
110
113
121
122
121
116
.45
98
94
89
109
102
64
94
94
86
97
90
97
.16
.75
86
75
87
88
67
71
79
78
75
81
89
79
82
88
67
81
79
80
71
88
86
78
82
77
66
74
65
66
65
1.15
108
103
92
91
103
90
87
107
92
87
96
76
69
110
100
102
104
93
89
110
65
.45
95
88
104
125
114
128
109
98
88
104
93
92
123
95
87
.20
.50
96
119
48
.31
83
71
5 55
1.78
112
111
110
95
93
78
102
86
87
C
61
112
73
.50
13
Wood pulp
Paper and board
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board
Shipping containers
Sanitary paper products
6
Corrected
f
Revised.
55
61
64
67
59
55
69
60
71
63
68
67
92
78
94
90
87
98
94
91
98
91
88
97
90
87
88
107
118
74
86
111
99
99
103
104
99
107
70
85
69
64
46
68
75
59
59
61
62
114
112
110
96
116
109
112
74
55
54
48
106
104
91
88
80
100
78
76
68
96
111
102
100
86
110
98
93
93
107
99
72
73
53
98
73
77
41
90
72
76
40
94
69
73
35
100
74
78
41
100
88
90
60
69
62
108
104
71
73
45
95
74
72
64
111
83
117
113
116
113
100
110
116
125
107
111
101
118
109
108
127
130
133
134
122
156
114
r
137
117
96
148
129
102
80
85
105
128
102
123
112
110
113
113
120
122
123
121
113
112
104
112
118
104
118
108
115
98
140
127
128
115
103
112
91
125
101
83
108
88
107
82
1.92
113
117
112
114
117
118
119
114
117
101
123
121
123
116
104
112
113
1.47
133
135
135
133
132
112
135
139
121
135
103
125
137
108
123
136
105
120
131
105
124
135
110
114
120
144
141
114
150
153
106
113
97
123
106
111
99
.77
123
134
107
147
135
121
123
119
109
122
91
145
122
1.73
44
104
91
104
89
98
72
106
89
98
88
105
97
92
74
112
92
105
87
94
80
90
99
76
147
96
76
140
94
75
107
77
82
58
103
72
97
69
129
139
117
160
104
90
101
71
119
124
112
150
99
88
98
68
89
63
96
106
3.20
29
15
98
107
113 109
117
70
.40
30
85
115
Misc. apparel and allied mfrs
Paper and Printing
121
125
55
61
54
115
Women's suits and coats
Miscellaneous leather products
116
129
107
82 '102
119
112
Leather and products
Leather
Cattlehide leathers
Skin leathers
96
119
102
110
106
118
Truck and bus tires
Miscellaneous rubber products
94
117
r
112
128
.99
1 85
.76
Tires and tubes
102
118
86
93
95
102 103
94
94
92
67
97
72
r
89
69
.39
97
94
90
87
92
92
100
98
98
98
95
87
93
91
8.93
145
148
150
149
148
136
147
151
156
152
141
143
145
146
146
159
157
179
1 25 148
140
.22
.14 145
.20 136
158
154
176
145
133
C
139
127
179
153
124
161
159
182
150
158
157
182
147
161
155
175
147
139
132
152
124
165
157
181
147
163
153
172
146
170
163
187
154
163
156
183
145
153
151
177
141
136
136
135
132
135
123
185
166
134
181
145
183
155
183
146
141
138
129
172
157
120
158 155
156
177 H52
173
147 r 144
135 r131
145 148
126 r123
156
151
171
144
136
140
137
153
131
123
131
114
167
101
114
120
163
157
179
142
132
155
160
158
160
143
190
149
192
148
185
146
200
3.46
1.76
.51
.18
41
.10
1.70
.51
.11
170
155
131
162
159
170
121
132
125
143
125
142
123
107
102
145
124
192
155
182
157
184
154
160
128
139
127
175
158
171
160
126
124
127
118
134
134
163
160
166
147
173
173
177
171
155
184
155
174
160
183
141
163
172
175
170
178
168
204
167
182
147
131
For other notes see end of table.
143
135
171
132
176
151
r
115
135
143
125
122
698
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947_49 Annual
average
proportion
1956 1957 Apr. May June July
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Mar.1 Apr.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing.
Newsprint consumption
Job printing and periodicals.
5.47
1.85
3.62
136
132
138
141
131
146
143
137
146
142
140
144
140
132
144
134
112
144
136
116
146
144
133
150
146
140
150
145
140
148
142
129
149
136
116
146
137
121
145
Chemical and Petroleum Products
9.34
167
172
172
172
168
165
171
174
176
173
171
170
167
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
6.84
2.54
.57
1.97
.24
.11
.59
1.03
111
196
189
197
256
236
181
189
184
203
202
204
272
245
199
186
184
206
210
205
275
219
203
188
184
206
209
205
278
245
198
188
179
200
197
201
266
225
189
191
174
195
189
196
240
209
191
188
181
200
196
202
269
241
198
184
185
205
203
205
283
252
202
184
190
208
209
207
299
274
206
179
187
203
205
203
276
282
201
178
183 183 180 179
198 197 190 187
198 '203 199 202
198 195 188 182
259 270 269 255
268 265 233 216
194 184 1 7 2 1 6 4
179 176 173 172
180
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
132
124
158
130
121
154
121
113
146
116
103
155
109
94
154
107
95
142
113
100
153
120
110
151
150
148
159
149
147
156
136
132
147
141
136
156
136 126
130 122
154 135
124
118
139
Soap and allied products.
Paints
Fertilizers
.71
.66
.23
111
124
129
112
121
132
113
122
181
115
122
172
104
125
119
126
104
115
125
108
115
122
119
126
119
122
110
115
115
105
114
115
111
113
124
107 108
111 111
126 161
101
111
191
2.50
1.97
1.04
.98
.06
141
150
159
153
254
141
150
162
157
249
137
145
154
149
247
139
148
161
155
255
139
147
162
156
258
139
146
161
155
260
144
152
168
163
265
144
152
170
166
233
139
145
162
157
242
136
147
160
156
233
138
153
165
161
236
134
148
159
156
212
130
144
155
151
223
125 ^122
137 '134
149 P147
145
212
.56
.30
.26
147
193
95
147
194
93
143
187
93
143
190
90
142
188
90
141
185
89
144
191
89
142
188
90
137
181
86
139
184
87
150
200
93
146
195
89
140
182
91
132
175
83
.10
.17
111
119
98
113
93
126
89
122
83
104
82
111
82
112
90
108
87
107
106
109
117
105
118
100
125
101
110
95
.26
.15
102 "105
104
94
107
92
108
80
107
104
106
107
106
122
106
119
103
121
95
81
85
54
79
59
75
57
72
77
66
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline....
Fuel oil
Distillate fuel oil.
Residual fuel oil.
Kerosene
Lubricating oil.
Coke
Asphalt roofing and siding.
141
129
147
140
131
145
r
165
181
155
174
Foods, Beverages, and Tobacco.
11.51
112
112
104
108
117
115
122
128
124
113
106
104
104
105
107
Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
10.73
8.49
1.48
.46
.83
113
113
133
151
119
112
112
128
148
110
104
102
123
139
108
108
104
124
148
104
116
111
120
148
97
122
123
118
150
94
128
131
130
154
109
125
126
140
156
124
113
116
133
140
122
107
109
131
136
122
103
106
134
149
118
110
107
117
101
112
111
109
119
102
111
122
122
135
128
109
140
139
161
151
122
151
145
165
142
149
120
97
119
97
141
101
87
105
78
117
91
88
100
77
96
85
87
92
73
84
88
97
98
80
82
92
104
101
84
84
103 104
103 102
121 120
134 129
107 109
97 106
112 121
105 117
99
87
96
89
107
104
123
131
111
.69
.14
.07
.19
.28
116
114
116
150
91
134
113
137
114
151
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
1.13
1.16
.46
.70
133
101
84
113
126
100
87
108
89
95
82
104
91
97
81
108
111
98
87
106
163
98
78
111
213
105
88
117
230
108
94
117
158
105
92
114
109
98
89
104
99
97
86
104
87
100
90
106
85
101
92
107
82
101
93
107
92
98
84
107
Bakery products.
Sugar
Cane sugar....
Beet sugar
1.64
.27
.11
.13
98
122
116
121
100
122
112
C
125
60
110
13
99
68
117
21
102
88
140
38
104
74
122
27
103
80
123
38
102
117
125
105
101
262
108
390
101
279
97
431
101
233
93
350
98
129
100
149
98
65
104
26
'98
54
106
3
97
.71
1.41
107
105
112
108
96
102
84
106
95
114
81
113
103
113
155
113
147
112
132
110
99
108
113
107
124 109
109 108
104
110
2.24
.54
1.70
1.02
.17
.37
112
113
111
120
138
122
120
118
121
105
99
93
102
112
105
101
78
119
103
101
83
111
103
109
82
95
108
117
81
97
123
130
67
127
105
127
34
84
102
111
47
101
108
97
109
125
117
88
140
158
100
73
99
151
89
81
88
101
89
85
83
99
94
95
105
106
102
94
113
.78
.46
.17
107
111
104
111
116
106
104
109
102
113
121
104
121
129
111
102
114
81
120
126
115
118
123
116
119
122
121
110
111
116
87
90
86
112
118
105
112
116
111
112
117
109
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Confectionery
Miscellaneous food preparations.
Beverages
Bottled soft drinks. .
Alcoholic beverages.
Beer and ale
Liquor distilling. .
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
c
Corrected
*> Preliminary.
r
Revised.
c
C
For other notes see end of table.
116
112
119
104
699
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947^9 average= 100]
Industry
1947-49 Annual
1957
1958
average
proportion
1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. MarJ Apr.
WITHOUT SEASONAL ADJUSTMENT
—Continued
123
122
121
118
124
125
124
121
87
49
93
80
46
86
74
42
79
73
48
77
70
44
74
147
140
132
188
196
180
185
146
140
131
193
203
182
177
144
141
131
204
221
189
160
149
143
133
206
228
186
177
147
145
138
117
137
181
108
121
80
80
139
182
110
124
82
79
137
172
113
132
79
70
124
143
110
125
83
74
149
155
153
152
130
9.98
129
128
131
132
131
123
130
8.35
129
128
132
130
127
119
126
2.68
.36
2.32
85
55
90
83
46
89
82
50
87
88
64
92
65
32
71
86
52
92
86
52
91
5.67
4.82
4.12
.70
.34
.36
.85
150
145
137
190
199
182
i80
155
153
145
200
214
188
168
153
150
143
194
202
186
168
145
143
136
184
192
177
156
145
139
132
181
196
167
179
145
138
130
186
194
179
185
1.63
127
140
149
143
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
114
104
120
136
88
87
116
114
117
133
85
84
111
87
127
140
97
100
135
159
119
133
151
193
123
139
87
92
Stone and earth minerals
.81
141
142
137
145
148
MINERALS—TOTAL
Mineral
Fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and gas liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals
150
146
=138
198
212
184
171
e
r
Corrected.
* Preliminary.
Revised,
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
1
129
111
109
'67
36
71
60
148
145
135
144
143
133
132
130
120
2*216 2>217 2>211
132
132
120
184
172
183
159
110
106
103
92
65
110
131
71
68
82
42
109
131
70
67
83
43
111
129
76
72
85
43
113
131
78
71
143
138
130
121
180
143
36
63
136
108
r
81
39
106
129
'56
'69
125
78;
75
129
136
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]
Series
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
1947-49 Annual
1957
average
proportion
1956 1957 Apr. M a y June July Aug. Sept. Oct.
100.00
41.34
58.66
Electricity
Residential
Industrial
General industrial....
Atomic energy
Commercial and other.
76.18
27.48
23.68
23.49
.19
25.02
Gas
Residential
Industrial
Commercial and other
23.82
13.86
6 16
3.80
218
241
201
232
260
212
228
253
210
232
260
235
263
237
267
212
216
216
236
268
214
236
267
213
Nov. Dec.
237
272
213
Jan.
Feb.
Mar. A p r .
237 ,239 2*241 ,241 2*240
273
212
218 233 230 232 233 237 238 237 234 236 235 236 238 238
250 273 266 270 274 277 281 280 277 282 282 285 290 295
206 213 214 215 214 217 217 215 213 210 207 205 202 196
186 193 193 194 193 198 198 196 194 191 188 186 183 177
2697 2676 2790 2880 2790 2560 2530 2580 2610 2580 2580 2590 2590 2610
194 208 205 207 208 213 212 210 208 209 209 212 215 214
218
228
222
223
226
229
233
235
240
243
245 P247 2*250 2*251
223
218
197
234
226
212
228
215
209
230
215
210
232
221
212
236
225
212
239
231
213
243
232
214
248
233
220
252
234
223
255
236
226
2> Preliminary.
NOTE.—For description and back figures see BULLETIN for October
1956, pp. 1055-69.
230
256
111
1958
Indexes without seasonal adjustment may be obtained from the Division
of Research and Statistics.
700
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
Product
Annual
1947-49 average
1957
proportion
1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr.
1958
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
131
130
123
126
134
132
135
134
129
128
119
113
110
104
98
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings i
Appliances and heaters
Major appliance?
Ranges
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
129
136
123
114
120
134
144
127
113
119
144
157
134
114
121
141
147
138
116
121
145
154
139
115
123
142
150
137
114
122
137
143
134
111
120
136
142
134
112
120
125
127
124
112
119
117
117
118
110
116
111
107
116
106
113
103
92
114
106
112
95
81
108
103
110
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
118
122
88
136
136
108
167
75
343
121
127
86
141
152
104
187
68
413
124
129
83
139
167
108
226
69
524
124
130
77
140
177
106
245
72
575
127
136
86
140
195
96
247
75
575
129
137
85
138
203
101
232
82
517
129
138
85
141
203
101
212
80
465
132
141
92
148
196
104
203
78
441
115
119
87
125
152
103
188
66
419
106
110
86
111
142
93
181
66
401
115
117
81
129
142
110
151
55
335
115
118
80
122
159
107
133
44
302
116
46
293
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
111
105
116
111
110
105
114
109
104
113
110
108
112
111
110
112
112
110
115
114
110
118
112
110
113
110
107
105
107
108
105
iii
112
109
105
104
105
102
i 3i *
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL..
100.00
131
130
130
124
131
116
132
119
119
141
124
117
116
111
101
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings *
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.,
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
140
155
128
113
117
131
144
122
108
114
140
156
129
110
117
121
134
110
105
115
139
148
133
116
124
118
84
150
119
126
119
88
148
118
127
153
171
138
115
123
132
151
118
114
122
123
132
117
108
114
120
122
121
108
113
114
106
122
108
112
101
89
112
103
108
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
131
140
92
173
140
103
159
72
326
125
133
82
163
144
99
153
67
318
131
136
88
164
150
114
180
57
414
105
108
59
130
126
94
143
40
339
109
109
77
102
164
109
256
62
627
141
144
93
133
229
134
268
81
625
133
136
90
119
229
121
282
101
627
121
126
89
112
206
104
259
108
547
102
109
79
106
156
80
176
76
365
103
111
86
113
140
78
187
66
417
121
128
91
137
161
99
159
56
355
131
140
93
152
175 'iio
103
139 'i25
47
44
314 279
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
111
105
116
111
107
101
112
106
103
109
108
107
108
106
109
104
116
114
117
121
120
121
120
118
122
114
106
102
105
105
102
120
110
101
104
104
100
r
Revised.
Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-^7.
1
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
Business
Total
Year or month
Total
1950
1951
1952
1953
1954
1955
1956
1957
1957—Mayr
Juner
July r
Aug r
Sept r .
Oct.
Nov rr
Dec
1958
.
.
Jan r
Feb
Mar v
Apr.P
May?
Preliminary.
r
Revised.
Public
Indus- Com- Public
trial
mercial utility
Other
nonresidential
Total
Military
Highway
Conservation
14,100 5,680
12,529 7,217
12,842 7,460
13,777 8,436
15,379 8,526
18,705 10,160
17,632 11,828
17.019 12.895
1,062
2,117
2,320
2,229
2,030
2,399
3,084
3,557
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,564
3,330
3,729
4,003
4,416
4,284
4,543
5,113
5,774
3,174
3,574
3,547
3,511
3,774
3,755
3,782
4,224
7,001
9,419
10,901
11,394
11,922
11 961
12,818
14 354
177
887
1,388
1,307
1,030
1 313
1,395
1 322
2,272
2,518
2 820
3,160
3,870
4 050
4,470
5 215
942
912
900
892
773
701
826
971
3 610
5,102
5 793
6,035
6,249
5 897
6,127
6 846
Residential
Total
All
other
29,955
32,739
34,750
37,118
39,601
44,581
46,060
48,492
22,954
23,320
23,849
25,724
27,679
32,620
33,242
34,138
4,003
4,003
3,934
4,034
4,078
4,166
4,137
4,211
2,824
2,823
2,811
2,854
2,870
2,912
2,917
2,895
,360
1,373
1,383
1,412
1,432
1,461
1,472
1,461
,111
,095
,085
,084
,080
,093
1,086
1,072
315
311
300
301
290
283
281
272
303
302
292
296
298
306
305
304
493
482
493
487
492
504
500
496
353
355
343
358
358
358
359
362
1,179
1 180
1 123
1 180
1 208
1,254
1 220
1 316
110
101
108
120
114
111
104
110
423
428
391
393
410
451
443
538
78
79
80
91
91
93
85
74
568
572
544
576
593
599
588
594
4,156
4,079
4,053
3,960
3,940
2,863
2,834
2,792
2,734
2,714
1,445
1,441
1,397
1,350
1,331
,058
1,030
1,033
1,019
1,012
269
252
240
222
210
288
281
288
294
302
501
497
505
503
500
360
363
362
365
371
1 293
1 245
1 261
1 226
1,226
107
96
95
88
90
510
500
500
463
464
79
77
78
82
80
597
572
588
593
592
701
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
Total
Year or month
Public
1956
1957 . . .
1957 Apr..
May
June
July
.
Sept
Oct .
Nov
Dec
1958 Jan
Feb . .
Mar
Apr
.
By type of construction
.
Private
Nonresidential building
Residential
building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
31,612
32,173
10,666
11,238
20,946
20,935
12,862
13,039
2,381
2,168
3,140
3,267
2,883
2,936
2,804
2,922
7,542
7,841
2,778
3,398
3,223
2,901
2,818
2,550
2,614
2,371
1,982
880
1,279
1,323
1,002
802
816
787
867
734
1,897
2,119
1,900
1,898
2,016
1,734
1,827
1,504
1,249
1 233
1,296
1,135
1,287
1,284
1,151
1 165
930
759
154
215
243
165
181
135
167
147
137
246
306
322
298
324
232
248
264
204
227
291
273
220
265
242
265
244
190
211
308
348
277
239
257
230
223
167
707
983
902
653
526
533
538
562
525
2,066
1,953
2,721
2,881
758
769
1,027
1,053
1,308
1,185
1,694
1,828
777
727
1,071
107
102
131
247
205
285
214
224
268
191
220
283
530
475
684
Kansas
City
Dallas
San
Francisco
NOTE.—This series for 48 States replaces the old series for 37 States.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Month
All
districts
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
1957—Feb
Mar
Apr
2,161
3,078
2,778
90
117
137
186
476
415
87
128
98
172
250
191
199
225
188
277
289
271
331
403
428
130
134
106
42
98
116
142
153
153
133
253
146
372
552
528
Feb
Mar
Apr
1,953
2,721
2,881
72
145
136
214
291
281
58
111
127
143
208
268
169
218
182
234
291
286
210
348
403
110
122
130
56
93
125
158
167
184
140
191
212
388
537
548
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
1957
Total
private
(seasonally
adjusted
annual rate)
1958—Jan
Feb
Mar
Apr
May
Metropolitan
areas
Nonmetropolitan
areas
Government-underwritten *
Total
1family
2family
Multifamily
1,022
777
795
804
897
976
780
700
374
315
332
300
324
353
338
342
1.352
1,020
1,069
1,068
1,202
1,310
.094
'993
1,151
892
939
933
1,077
1,190
981
840
42
40
46
42
34
33
31
33
159
88
84
94
90
87
82
120
994
995
1,015
1,056
1,012
1,020
1,009
1,000
103
100
98
100
92
97
78
63
68
69
63
68
62
62
53
43
35
31
34
32
30
35
26
20
97
95
94
97
90
88
76
63
82
80
81
82
77
74
64
51
3
3
3
3
3
3
3
3
13
11
10
12
10
11
9
9
1,020
915
*880
P950
»1,010
68
66
»79
*95
*>105
45
44
54
64
71
23
22
25
31
34
63
61
*75
*>91
50
49
n.a.
n.a.
n.a.
2
2
n.a.
n.a.
n.a.
10
10
n.a.
n.a.
n.a.
J» Preliminary.
n.a.« Not available.
i Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Private
1.396
1,091
1,127
1,104
1,220
1,329
1,118
.042
,
May
June
July
Aue
Sept
Oct
Nov
Dec
Total
P98
Public
Total
FHA
VA
44
71
59
36
19
20
24
49
686
412
421
409
583
670
463
313
486
264
280
252
276
277
192
185
200
149
141
157
307
393
271
128
6
5
28
29
29
31
30
31
25
20
16
16
17
20
19
21
19
15
12
13
12
12
12
10
6
5
19
14
20
28
32
15
12
17
23
26
4
3
3
5
6
4
3
2
9
3
1
5
5
vA
PA
pj
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
702
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Year or month'
Total noninstitutional
population
Total
labor
force
Employed l
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1950
1951
1952
1953
1954
1955
1956
1957
110,780
111,924
113,119
115,095
116,220
117,388
118,734
120,445
64,599
65,832
66,410
67,362
67,818
68,896
70,387
70,746
63,099
62,884
62,966
63,815
64,468
65,848
67,530
67,946
59,957
61,005
61,293
62,213
61,238
63,193
64,979
65,011
52,450
53,951
54,488
55,651
54,734
56,464
58,394
58,789
7,507
7,054
6,805
6,562
6,504
6,730
6,585
6,222
3,142
1,879
1,673
1,602
3,230
2,654
2,551
2,936
46,181
46,092
46,710
47,732
48,402
48,492
48,348
49,699
1957—May
N
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
1958—Jan..
Feb.
Mar.
Apr.
May
120,199
120,383
120,579
120,713
120,842
120,983
121.109
121;221
121,325
121,432
121,555
121,656
121,776
70,714
72,661
73,051
71,833
71,044
71,299
70,790
70,458
69,379
69,804
70,158
70,681
71,603
67,893
69,842
70,228
68,994
68,225
68,513
68,061
67,770
66,732
67,160
67,510
68,027
68,965
65,178
66,504
67,221
66,385
65,674
66,005
64,873
64,396
62,238
61,988
62,311
62,907
64,061
58,519
58,970
59,449
59,562
59,156
59,168
59,057
59,012
57,240
57,158
57,239
57,349
57,789
6,659
7,534
7,772
6,823
6,518
6,837
5,817
5,385
4,998
4,830
5,072
5,558
6,272
2,715
3,337
3,007
2,609
2,552
2,508
3,188
3,374
4,494
5,173
5,198
5,120
4,904
49,485
47,722
47,528
48,880
49,797
49,684
50,318
50,763
51,947
51,627
51,397
50,975
50,173
1
2
Includes self-employed, unpaid family, and domestic service workers.
Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
889
916
885
852
111
111
816
840
2,333
2,603
2,634
2,622
2,593
2,759
2,993
3,026
3,977
4,166
4,185
4,221
4,009
4,062
4,157
4,157
9,645
10,012
10,281
10,527
10,520
10,846
11,292
11,551
1,824
1,892
1,967
2,038
2,122
2,219
2,306
2,343
5,077
5,264
5,411
5,538
5,664
5,916
6,231
6,453
6,026
6,389
6,609
6,645
6,751
6,914
7,178
7,381
16,946
16,924
16,880
16,836
16,681
16,604
16,463
16,265
15,969
15,652
15,396
15,253
15,224
843
854
861
853
849
837
825
821
803
784
770
763
754
3,097
3,108
3,061
3,032
3,028
3,013
2,956
2,923
2,896
2,682
2,811
2,876
2,964
4,159
4,164
4,168
4,184
4,175
4,148
4,113
4,076
4,055
4,000
3,939
3,899
3,886
11,542
11,579
11,636
11,669
11,620
11,590
11,567
11,508
11,601
11,538
11,421
11,369
11,410
2,329
2,336
2,343
2,354
2,361
2,368
2,367
2,361
2,364
2,363
2,356
2,353
2,364
6,424
6,454
6,492
6,477
6,508
6,482
6,512
6,538
6,527
6,530
6,501
6,524
6,526
7,358
7,354
7,374
7,439
7,440
7 427
7,415
7,488
7 494
7,506
7 525
7,548
7,572
16,762
16,852
16,710
16,955
16,905
16,783
16,573
16,316
15,877
15 603
15,363
15,113
15,046
835
858
857
862
853
837
829
825
803
784
770
755
746
3,082
3,232
3,275
3,305
3,285
3,224
3,059
2,850
2,606
2,374
2,530
2,732
2,949
4,156
4,181
4,199
4,215
4,206
4,159
4,123
4,100
3,995
3,954
3,919
3,892
3,883
11,411
11,505
11,493
11,499
11,620
11,664
11,840
12,365
11,432
11,244
11,239
11,256
11,280
2,329
2,359
2,390
2,389
2,361
2,356
2,355
2,349
2,340
2,339
2,344
2,353
2,364
6,520
6,551
6,524
6,509
6,541
6,547
6,512
6,473
6,396
6,399
6,436
6,557
6,624
7,387
7,343
7 157
7,157
7 381
7 473
7,498
7 806
7,488
7 526
7 557
7,580
7,604
Total
Manufacturing
Mining
44,738
47,347
48,303
49,681
48,431
50,056
51,878
52,545
14,967
16,104
16,334
17,238
15,995
16,563
16,905
16,793
52,698
52,773
52,815
52,844
52,662
52,469
52,218
51,980
51,709
51,055
50,719
50,585
50,700
52,482
52,881
52,605
52,891
53,152
53,043
52,789
53,084
50,937
50 223
50,158
50,238
50,496
SEASONALLY ADJUSTED
1957
Mav
July
Aug
Sept
Oct
Dec
1958 Jan
Feb
Mar
Apr
May
WITHOUT SEASONAL ADJUSTMENT
1957
May
June
J U ly
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
May
.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for April and May 1958 are preliminary. Back Jdata may be obtained
from the Bureau of Labor Statistics.
703
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1957
Without seasonal adjustment
1958
1957
1958
May
Mar.
Apr.
May
May
Mar.
Apr.
May
13,073
11,579
11,457
11,438
12,894
11,549
11,328
11,269
Durable goods
Ordnance and accessories
Lumber and wood products
,
Furniture and
fixtures
,
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery. . . .
,
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
7,621
77
635
316
456
1,098
887
1,243
856
1,435
227
391
6,456
66
564
285
401
880
773
1,037
740
1,157
205
348
6,318
67
564
282
399
848
761
1,012
729
1,105
202
349
6,297
66
569
289
403
846
755
996
727
1,094
203
349
7,600
77
638
308
456
1,093
883
1,255
847
1,435
226
383
6,477
66
547
288
399
884
781
1,053
747
1,157
207
350
6,316
67
550
281
399
848
761
1,027
729
1,105
203
346
6,278
66
572
282
403
842
751
1,006
720
1,094
202
342
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
5,452
1,068
84
916
1,094
470
558
547
5,123
1,043
82
836
989
450
555
500
165
184
319
5,139
1,040
81
837
1,015
451
556
506
166
178
309
5,141
1,036
80
832
1,040
448
555
501
162
173
314
5,294
1,004
73
911
1,039
465
555
544
174
204
325
5,072
947
73
844
1,024
448
555
508
163
184
327
5,012
955
70
837
995
446
553
511
164
175
306
4,991
973
69
828
988
444
552
498
163
172
303
Total
173
205
337
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 April and May 1958 are
preliminary,
Statistics,
Back data may be obtained from the Bureau of Labor
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
dollars per week]
Industry group
1957
1958
1957
Apr.
39.7
38.6
40.3
40.7
40.2
39.2
40.8
39.6
40.9
41.1
40.1
39.9
40.2
39.8
39.0
40.7
38.9
38.6
39.1
37.1
39.2
39.5
39.1
39.4
39.4
39.2
38.1
39.7
37.1
37.6
34.7
41.3
37.9
40.7
40.2
38.0
36.2
Mar.
Apr.
May
Total
81.78
81.45
80.81
81.24
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. .
87.85
94.02
73.16
67.82
82.42
97.42
88.34
93.71
82.21
94.56
84.42
72.04
87.75 86.91 87.53
99.72 100.53 100.53
70.80 70.82 72.52
68.32 67.08 65.82
81.33 81.33 82.56
95.35 95.35 96.49
87.42 87.14 87.58
93.22 92.51 92.51
83.67 83.25 83.67
97.32 97.32 97.46
85.50 86.11 85.67
72.52 72.15 72.34
73.13 73.53 73.14 73.53
78.38 79.80 80.00 80.00
61.78 59.36 62.70 64.02
57.60 56.40 54.90 55.58
52.98 52.05 51.45 51.90
84.42 85.90 85.28 84.85
96.38 97.40 96.26 96.63
90.64 92.39 92.16 92.52
106.75 109.34 111.24 111.25
88.80 87.02 85.73 86.56
55.90 56.83 53.88 54.98
38.9
40.4
39.1
38.4
35.8
42.0
38.4
41.2
40.9
40.0
36.3
NOTE.—Data are for production and related workers. Figures for
April and May 1958 are preliminary. Back data are available from
the Bureau of Labor Statistics.
May
1957
1958
Mar.
May
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
Average hourly earnings
dollars per hour'
Average hours worked
(per iweek)
1958
Mar.
Apr.
May
2.06
2.11
2.11
2.11
2.18
2.31
1.82
1.73
2.02
2.46
2.16
2.28
2.05
2.37
2.10
1.81
2.25
2.45
1.82
1.77
2.08
2.57
2.23
2.36
2.14
2.47
2.17
1.85
2.24
2.47
1.83
1.77
2.08
2.57
2.24
2.36
2.14
2.47
2.18
1.85
2.25
2.47
1.85
1.76
2.09
2.58
2.24
2.36
2.14
2.48
2.18
1.85
1.88
1.94
1.58
1.50
1.48
2.01
2.51
2.20
2.61
2.22
1.54
1.93
2.01
1.60
1.50
1.50
2.08
2.57
2.27
2.72
2.29
1.57
1.94
2.01
1.65
1.50
1.50
2.08
2.56
2.27
2.74
2.28
1.58
1.94
2.01
1.65
1.49
1.50
2.09
2.57
2.29
2.72
2.29
1.58
May
May
38.3
38.5
38.8
40.7
38.7
37.9
39.1
37.1
38.9
39.2
38.9
39.4
39.5
39.0
38.9
40.7
39.2
37.4
39.5
37.4
39.1
39.2
39.1
39.3
39.3
39.1
37.7
39.8
38.0
36.6
34.3
41.0
37.6
40.6
40.6
37.6
34.1
37.9
39.8
38.8
37.3
34.6
40.6
37.6
40.4
40.9
37.8
34.8
704
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
107
112
114
118
118
128
135
105
109
110
114
117
123
126
102
107
104
105
108
113
120
107
112
113
117
116
125
131
107
114
115
119
112
122
128
107
115
122
127
129
140
146
111
117
127
131
135
149
164
105
110
109
114
112
122
128
106
111
116
120
121
132
138
107
107
109
110
113
117
126
112
117
121
123
129
140
144
115
120
129
132
136
149
158
106
112
120
122
122
132
141
136
122
124
132
129
148
169
128
138
128
142
160
141
Minne- Kansas
Dallas
City
apolis
San
Francisco
SALES i
1950
1951
1952
1953
1954
1955
1956
1957
SEASONALLY ADJUSTED
1957
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.
1958—Jan
Feb
Mar
Apr
r
131
117
118
130
122
148
158
125
136
123
137
'150
137
135
138
138
123
122
125
124
125
126
133
139
131
126
128
132
148
152
147
172
175
175
128
129
131
137
139
139
126
126
130
141
142
145
158
168
170
141
148
141
144
136
130
114
135
122
138
128
139
134
158
144
139
130
147
145
138
130
147
147
170
163
144
141
116
118
128
119
124
128
129
128
133
121
129
133
141
142
148
179
172
129
133
138
159
166
174
121
125
130
126
135
141
119
125
132
136
139
142
152
161
156
134
139
139
130
124
131
116
111
114
114
125
115
125
117
119
121
146
134
138
157
147
158
121
115
124
118
132
125
134
130
126
121
132
120
138
135
144
121
126
114
126
135
156
143
153
151
132
135
137
142
124
126
126
104
124
136
127
153
221
134
138
129
114
132
143
138
163
238
124
127
116
104
130
139
138
145
220
134
139
137
128
141
149
142
161
246
147
156
153
151
158
157
158
183
270
133
134
139
125
139
141
135
162
247
92
86
100
96
117
92
90
109
103
99
123
112
137
105
104
115
123
117
143
130
r
127
WITHOUT SEASONAL ADJUSTMENT
1957_Apr
May
121
123
122
90
102
122
117
144
232
116
120
121
92
104
126
126
158
226
129
131
130
96
110
134
132
171
236
126
122
120
107
123
134
125
159
233
149
146
140
118
135
150
148
178
272
'161
132
131
111
127
139
134
162
241
100
95
116
91
84
100
100
91
113
95
86
118
97
90
108
103
96
126
122
121
150
nil
109
114
125
113
'130
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
.
STOCKS i
165
153
145
161
165
167
193
301
^153
'107
112
110
112
106
110
108
108
108
106
129
117
124
126
132
141
138
127
115
120
117
119
130
137
132
120
129
127
135
148
154
132
115
125
122
124
133
136
109
129
127
141
138
159
175
178
123
131
121
131
128
136
148
152
145
143
155
152
170
195
203
125
112
122
120
127
138
143
130
120
131
125
135
148
149
121
113
123
124
130
142
146
152
152
153
154
153
138
140
138
139
136
'138
137
137
137
138
149
153
156
154
157
136
135
136
136
137
181
182
184
184
180
203
198
198
204
203
140
142
146
149
145
147
151
151
153
149
150
148
145
141
145
Seot
Oct
Nov
Dec
154
155
138
138
138
138
159
156
139
139
181
174
201
208
144
147
151
151
138
175
206
141
151
1958 Jan
Feb
Mar
1950
1951
1952
1953
1954
1955
1956
1957
r
121
114
137
130
146
141
152
164
r
160
r
160
114
112
135
129
143
140
153
168
174
131
140
135
142
156
158
137
SEASONALLY ADJUSTED
1957_Apr
May
June .
July
. . . .
AUK
r
161
159
160
158
175
176
178
176
161
160
159
159
159
145
148
159
163
173
176
162
163
150
165
179
162
173
154
137
138
158
150
136
138
154
134
171
207
140
141
143
158
169
152
147
146
133
134
154
151
133
130
167
166
202
199
135
135
143
142
138
138
153
151
170
163
152
151
142
129
131
137
135
'133
126
124
163
167
193
131
131
140
141
132
129
148
160
149
134
149
150
P145
^164
213
200
188
149
147
142
156
151
141
153
147
136
'168
r
163
153
173
164
164
159
153
WITHOUT SEASONAL ADJUSTMENT
1957_Apr
May
July
AUK
....
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr ...
159
155
146
144
143
130
'144
'160
140
129
156
145
142
139
129
190
183
170
144
150
125
132
124
134
138
151
125
131
168
175
190
199
143
139
142
148
134
142
152
156
169
176
154
160
160
144
145
167
144
187
209
150
158
151
164
184
168
172
174
156
161
155
159
180
182
154
156
198
198
227
233
161
161
169
169
164
170
177
183
193
197
183
182
135
127
127
139
122
156
180
124
127
132
144
157
132
139
147
119
126
131
136
122
127
136
145
'137
'153
123
127
132
139
127
138
146
149
127
132
136
131
137
145
153
149
158
168
139
137
142
150
161
149
159
173
175
184
197
202
139
117
125
130
130
P149
r
J» Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
P199
180
*>170
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.
705
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders l
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
R j itios
to sales*
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1949
1950
1951
1952
1953
1954
1955
1956
1957
361
376
391
397
406
409
437
454
458
925
,012
,202
,097
,163
,140
,195
,286
1,338
373
495
460
435
421
388
446
470
460
443
449
409
356
432
438
481
554
839
'1,380
1,353
1,257
1,245
1,300
1,400
1,518
1,562
1,229
'342
355
519
600
569
567
529
427
307
366
309
416
416
1,203
1,259
1,299
1.344
383
398
350
310
358
391
390
397
408
410
444
459
460
358
401
379
401
401
412
449
458
457
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
3.1
1.1
1.4
L.3
1.2
480
421
313
344
487
538
599
598
506
Ml 3
430
477
425
456
536
561
496
386
340
365
456
461
416
380
408
421
1.0
1.1
l.l
1.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1
4.2
1.0
.1
.0
1.0
1.0
1.0
1.0
1.0
1.0
3.1
3.0
3.1
3.5
3.0
3.2
3.2
2.8
1.5
0.8
0.8
1.3
1.7
1.3
1.3
1.1
0.8
0.4
3.9
3.8
4.3
5.2
4.3
4.5
4.3
3.6
1.8
1.1
().9
().8
1.0
l.l
1.2
1.2
l.l
<).6
3.3
4.1
3.1
3.2
1.0
1.3
0.8
<).7
4.3
5.4
4.0
4.0
(3.9
1.2
l.l
l.l
[.1
Month:
r
1957_Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1958—Jan..
Feb..
Mar.
AprJ
r
v1 Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1957,
sales by these stores accounted for about 45 per cent of estimated total
department
store sales.
2
Derived from the reported figures on sales and stocks.
r
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 1
Period
Jan
Feb
Mar
Apr
May
June
July... 1
Aug
Sept
Oct
Nov
.
Dec
Jan —Apr
v
..
.
1956
1957
1958
1,284
1,363
1,583
1,512
1,717
1,697
1,640
1,536
1 534
1,671
1,545
2,007
1,680
1,611
2,151
1,864
1,813
1,786
1,692
1,677
1 540
1,674
1,683
1,639
1,511
1,345
1,557
1,531
5,742
7,306
5,944
Preliminary.
1 Exports of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
2
Merchandise exports excluding
military-aid shipments 2
1956
,273
479
,400
1,522
I 492
1,289
1,378
427
1,561
1 425
1,885
5,354
Merchandise imports 3
1957
1958
1956
1957
1,583
,490
> 021
1,780
I 711
I 652
1,505
1,536
I 437
1,600
I 596
1,402
1,245
1 442
1,409
1,073
1,051
I 102
991
1,095
I 034
1,052
995
1,121
987
1,059
1,115
993
1,133
1,119
1,106
984
1,146
1,043
1 009
1,148
1 043
1,141
4,217
4,360
1 OSS
1.543
6,874
5,498
1958
1,095
962
l 109
p
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
706
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
Year or month
1929
1933
1941
1945
1949
1950
1951
1952
1953 .
1954
1955
1956
1957—Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
.
. . .
.
1958_Jan
Feb
Mar
Apr
Transportation
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
Medical
care
Personal
care
Read- Other
ing
good
and
and
recrea- servtion
ices
All
items
Foods
73.3
55 3
62.9
76.9
65.6
41 6
52 2
68.9
101.8
102.8
111.0
113.5
114.4
114.8
114 5
116.2
100.0
101.2
112.6
114.6
112.8
112.6
110 9
111.7
103.3
106.1
112.4
114.6
117.7
119.1
120.0
121.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3
132.7
102.5
102.7
103.1
104.5
106.6
107.9
110 7
111.8
106.8
110.5
116.4
118.7
123.9
123.5
125 2
130.7
99.6
100.3
111.2
108.5
107.9
106.1
104 1
103.0
100.1
101.2
109.0
111.8
115 3
117.4
119 1
122.9
99.4
98.1
106.9
105.8
104.8
104.3
103.7
105.5
108.5
111.3
118.4
126.2
129.7
128.0
126.4
128.7
104.1
106.0
111.1
117.3
121.3
125.2
128 0
132.6
101.1
101.1
110.5
111.8
112.8
113.4
115 3
120.0
104.1
103.4
106.5
107.0
108 0
107.1
106 6
108 1
103.4
105.2
109.7
115.4
118 2
120.2
120 2
122.0
119.3
119.6
120.2
120.8
121.0
121.1
121.1
121.6
121.6
113.8
114.6
116.2
117.4
117.9
117.0
116.4
116.0
116.1
125.2
125.3
125.5
125.5
125.7
126.3
126.6
126.8
127.0
134.5
134.7
135.0
135.2
135.4
135.7
136.0
136.3
136.7
112.4
112.3
112.3
112.3
113.3
113.7
113.8
114.3
114.3
138.1
135.4
135.3
135.9
135.7
136.8
137.6
138.0
138.3
105.1
104.2
104.6
104.1
103.9
104.8
104.8
104.5
104.9
126.4
127.3
127.6
127.9
128.0
128.3
128.7
129.4
129.6
106.5
106.5
106.6
106.5
106.6
107.3
107.7
107.9
107.6
135.5
135.3
135.3
135.8
135.9
135.9
135.8
140.0
138.9
136.9
137.3
137.9
138.4
138.6
139.0
139.7
140.3
140.8
123.3
123.4
124.2
124.7
124.9
125.1
126.2
126.7
127.0
111.8
111.4
111.8
112.4
112 6
113.3
113.4
114.4
114.6
124.2
124.3
124.6
126.6
126.7
126.7
126.8
126.8
126.8
122.3
122 5
123.3
123.5
118.2
118 7
120.8
121.6
127.1
127.3
127.5
127.7
136.8
137.0
137.1
137.3
115.7
115.9
115.9
116.0
138.4
137.2
136.7
134.2
104.2
104 9
103.9
104.0
129.7
129 9
130.7
130.9
106.9
106.8
106.8
106.7
138.7
138.5
138.7
138.3
141.7
141.9
142.3
142.7
127.8
128 0
128.3
128.5
116.6
116 6
117.0
117.0
127.0
127 0
127.2
127.2
Total
Rent
Gas
and
electricity
60.3
45 9
55.6
76.3
117.4
83 6
88.4
90.9
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
..............
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
Jan
Feb
Mar
Apr
r
Fuel,
power,
and
lighting
materials
Ma- FurniToChem- Rub- Lum- Pulp, Metals chin- ture Nonme- bacco
ery
and
paper,
ber
icals
tallic mfrs. Misand
ber
and
and
and
and
other
metal mo- house- mincellaand
allied and wood allied prodIs— b«>ottled neous
tive
prod- prod- ucts
prod- prodhold eral
strucucts
bevprod- dura- tural
ucts
ucts
ucts
erages
ucts
bles
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5
110.
97.0 104.6 114.0 97.3 98.5 109.5 105.7
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6
114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
Tex- Hides,
All
tile
com- Farm Processed
prod- skins,
modi- prodand
foods
ucts
ties
Total ucts leather
and prodapparel ucts
1957
90.6
89.5
90.9
92.8
93.0
91.0
91.5
91.9
92.6
104.3
104.9
106.1
107.2
106.8
106.5
105.5
106.5
107.4
125.4
125.2
125.2
125.7
126.0
126.0
125.8
125.9
126.1
95.3
95.4
95.5
95.4
95.4
95.4
95.1
95.0
94.9
98.6
98.9
99.8
100.6
100.3
100.0
100.
100.0
99.5
118.9 93.7
119.0 96.1
119.7 100
119.4 97.9
109.5
109.9
110.
111.4
126.1
125.7
125.7
125.6
94.6
94.1
'94.0
93.7
99.5
99.6
'99.5
99.7
117.2
117.
117.4
118.2
118.4
118.0
117.8
118.1
118.5
1958
Revised.
r
99.2
113.9
123.9
120.3
120.2
118.0
123.6
125.4
120.2
119.7
119.7
119.3
118.6
117.8
117.3
116.9
116.3
128.6
128.9
128.9
129.5
129.9
130.1
130.9
130.9
131.0
104.8
110.3
122.8
123.0
126.9
128.0
136.6
148.4
106.6
108.6
119.0
121.5
123.0
124.6
128.4
137.8
103.1
105.3
114.
112.0
114.2
115.4
115.9
119.1
104.4
106.9
113.6
113.6
118.2
120.9
124.2
129.6
110.6
115.7
120.6
121.6
122.3
150.1
150.0
150.6
152.4
153.2
152.2
150.8
150.4
150.5
124.5
124.5
124.7
127.7
127.7
127.7
127.7
127.8
128.0
101.6
102.4
108.
119.5
118.5
117.2
116.4
116.3
116.
115.8
115.7
116.2
109.1
109.1
109.3
109.5
109.8
110.2
110.4
110.3
110.6
144.5
144.7
145.
144.9
146.9
146.5
146.2
144.7
145.7
145.0
145.1
145.2
145.8
146.2
146.9
147.7
149.2
149.4
121.5
121.6
121.7
122.4
122.6
122.3
122.6
122.7
123.5
134.6
135.0
135.1
135.2
135.3
135.2
135.3
135.4
135.7
116.1
113.6
112.4
111.0
110.8
110.6
110.7
110.9
145.1 116.3 130.8 150.0 149.4
144.6 P115.8 130.8 150.1 149.3
144.6 115.5 130.5 '149.8 149.2
144.4 115.7 130.5 148.9 149.4
123.8
123.6
123.5
123.4
136.4 128.1
136.5 128.1
135.3 128.0
135.3 128.0
91.4
89.4
87.3
88.8
90.1
89.4
87.7
86.8
87.2
r
88.3
89.3
94.3
97.9
707
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1957
Subgroup
1958
Apr.
Feb.
Mar.
103.0
87.3
79.3
104.3
95.0
68.5
85.2
144.7
127.9
79.9
91.1
102.8
98.0
74.2
79.0
142.2
143.1
82.2
95.8
101.7
r
95.7
93.6
79.4
143.4
116.8
88.2
111.4
104.9
112.1
183.7
95.2
118.1
102.7
114.2
105.7
115.6
173.3
95.2
117.8
105.9
113.4
106.8
114.4
168.4
96.4
Pulp, Paper, and Allied Products
(Cont.):
130.5
Paperboard
85.7
94.5
Converted paper and paperboard
101.4
Building paper and board
92.8
77.1 Metals and Metal Products:
79.9
Iron and steel
142.3
Nonferrous metals
Metal containers
Hardware
118.4
Plumbing equipment
108.5
Heating equipment
111.4
Fabricated structural metal products
107.0
Fabricated
nonstructural
metal
115.7
products
168.4
97.1 Machinery and Motive Products:
90.8
109.9
81.5
124.8
99.6
75.9
89.3
103.8
81.2
117.5
99.2
74.2
89.0
102.8
81.0
116.1
r
99.3
73.8
88.5
101.6
80.5
116.5
99.2
75.0
51.8
88.6
121.1
97.8
51.2
90.6
122.2
98.5
51.2
91.0
122.1
'97.5
53.3
91.1 Furniture and Other Household Dura122.1
bles:
97.3
Household furniture
Commercial furniture
,
Floor covering
,
120.1
Household appliances
,
161.9
Radio
98.1
Television
Other household durable goods
100.0
115.8
Nonmetallic Minerals—Structural
Farm Products:
Fresh and dried produce.
Grains
Livestock and poultry...
Plant and animal fibers..
Fluid milk
Eggs
Hay and seeds
Other farm 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
1957
Subgroup
Apr.
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
130.4
126.2
161.9
101.5
100.1
118.9
126.2
161.9
'101.1
100.1
117.0
123.6
124.1
99.8
93.5
58.2
108.6
107.5
105.2
123.6
128.4
104.7
93.6
62.9
111.9
110.4
106.9
'123.7
128.4
104.4
'94.0
64.2
111.6
110.3
106.8
Flat glass
,
Concrete ingredients
124.3
Concrete products
128.4
Structural clay products
104.2
Gypsum products
93.9
Prepared asphalt roofing
62.2
Other nonmetallic minerals
,
111.5
110.3
106.9 Tobacco Manufactures and Bottled
Beverages:
143.2
149.0
140.0
131.2
152.1
143.3
131.3
152.1
143.3
131.2
152.1
142.9
121.2
128.3
96.7
116.2
127.6
93.6
115.9
127.6
'92.9
115.9
127.6
94.4
118.0
68.6
140.7
121.2
83.6
143.1
121.2
75.3
143.0
121.2
75.3
142.9
123.2
161.9
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..
Pulp, Paper, and Allied Products:
Woodpulp..
Wastepaper.
Paper
r
Revised.
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
,
General purpose machinery and
equipment
,
Miscellaneous machinery
,
Electrical machinery and equipment
Motor vehicles
Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages
,
,
1958
Apr.
Feb.
Mar.
Apr.
136.2
125.2
141.7
136.3
127.2
141.7
"136.2
127.2
142.5
136.1
127.2
144.1
161.9
142.5
148.0
163.5
131.6
121.6
132.8
167.6 167.3
127.8 127.0
152.8 155.7
168.6 168.9
125.9 124.8
121.6 121.0
134.7 134.5
166.4
124.2
155.7
169.0
123.6
121.2
135.3
143.3
146.7
146.1
146.7
132.1
138.3
138.3
138.3
157.5
165.3
165.6
170.7
165.4
170.7
165.4
170.7
156.2
143.7
159.8
148.8
r
159.4*
148.9
159.7
148.9
147.8
134.7
151.3
139.1
151.3
139.1
151.7
139.1
122.4
147.3
133.8
105.4
91.1
69.5
147.0
123.3
154.2
130.1
105.3
92.5
70.7
155.0
122.8
154.2
129.8
105.3
92.6
70.7
155.0
122.8
154.2
129.4
105.3
92.6
70.7
155.0
135.7
135.7
126.6
155.0
127.1
121.6
128.3
135.7
139.0
127.9
155.5
127.1
124.6
131.1
135.7
138.7
128.0
155.5
133.1
105.6
131.1
135.7
138.9
127.8
155.5
133.1
105.6
131.1
124.0
105.1
126.9
119.6
149.3
134.8
106.0
144.3
120.3
149.3
134.8
106.0
139.7
120.3
149.3
134.8
106.0
i:9.7
120.3
149.3
117.5
71.0
97.4
107.6
126.8
119.5
65.7
97.5
107.3
131.7
119.1
74.6
97.5
107.4
131.9
119.5
80.9
97.5
107.3
132.4
Miscellaneous:
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous
708
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
1958
1957
1929
1933
1941
1950
1953
1954
1955
1956
1957
1
104.4
TLess • Canital consurnDtion allowances
Indirect business tax and related liaBusiness transfer Davments . . . . • •
Plus: Subsidies less current surplus of gov-
Less: Personal tax and related payments
Federal
Less: Personal consumption expenditures....
4
1
56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 422.0
7.2
9.0
20.5
26.5
28.9
31.6
34.3
37.1
36.1
36.6
37.4
38.2
38.7
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
30.2
1.4
2.6
30.1
1.3
1.7
32.9
1.3
2.1
35.0
1.3
1.6
36.9
1.3
2.3
36.4
1.3
1.8
36.6
1.3
4.1
37.1
1.3
3.4
37.4
1.3
1.1
37.5
1 3
n.a.
.0
.1
.2
— .4
-.2
.2
1.1
1.3
1.4
1.6
1.7
1.4
1.0
40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1
n.a.
-.1
Contributions for social insurance
Excess of wage accruals over disburse-
3
8.6
87.8
Less: Corporate profits and inventory valua-
2
10.1 - 2 . 0
.2
.3
14.5
2.8
35.1
6.9
36.0
8.7
33.1
9.7
40.7
11.0
40.4
12.4
39.7
14.4
41.2
14.2
40.7
14.3
40.9
14.6
36.3
14.5
n.a.
14.4
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.6
1.3
4.5
.5
.0
14.3
4.7
9.2
.8
-.1
12.9
5.0
9.3
1.4
.0
15.0
5.2
9.9
1.3
.0
16.1
5.2
11.0
1.3
.0
17.2
5.7
11.9
1.3
.0
19.9
6.0
12.1
1.3
.0
18.4
6.0
12.4
1.3
.0
20.0
6.0
12.5
1.3
.0
20.0
6.0
12.6
1.3
.0
21.2
6.1
11.7
1.3
.0
22.4
6.2
12.2
1.3
85.8
47.2
2.6
1.5
3.3
20.9
35.8
33.0
35.8
39.7
42.8
42.2
42.9
43.6
43.4
42.4
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.7
32.4
3.4
29.2
3.8
31.5
4.2
35.1
4.6
37.8
5.0
37.4
4.9
38.0
4.9
38.6
5.0
38.3
5.1
37 1
5.3
96.3 227.1 286.0 287.4 305.9 326.9 343.4 338.3 343.2 346.9 345.5 342.5
83.1
45.7
79.0
46.4
93.0 206.1 250.2 254.5 270.2 287.2 300.6 296.1 300.4 303.3 302.1 300.1
81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.2
4.2
-.6
11.1
12.1
19.7
17.9
15.8
20.0
20.2
19.5
21.4
19.7
19.8
18.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
1933
1941
1950
1953
87.8
Compensation of employees
Wages and salaries1
,
Private
,
Military
Government civilian
Supplements to wages and salaries.
51.1
50.4
45.5
.3
4.6
.7
Proprietors* and rental income2
Business and professional...
Farm
,
Rental income of persons...
20.2
8.8
6.0
5.4
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
,
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0 14.5 35.1 36.0
.2 17.0 40.0 37.0
9.6
.5
7.6 17.8 20.3
1.4
9.4 22.1 16.7
8.3 - . 4
.5 - 2 . 1 - 2 . 5 - 4 . 9 - 1 . 0
6.4
5.0
n.a. Not available.
i Includes employee contributions to social insurance funds.
1955
1956
1958
1957
40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1
n.a.
29.5 64.S 154.3 208.1 206.8 223.1 241.4 254.4 251.1 254.0 257.0 255.3 250.5
29.0 62.1 146.5 197.3 195.5 210.3 227.2 238.8 235.9 238.6 241.3 239.5 235.1
23.9 51.9 124.3 163.5 161.2 174.4 189.4 199.0 196.8 199.1 200.9 199.1 194.5
5.0 10.3 10.0
1.9
9.8
9.7
9.7
9.6
9.7
9.8
9.5
9.4
4!9
8.3 17.2 23.5 24.4 26.1 28.2 30.1 29.4 29.7 30.6 30.8 31.6
2.7
7.8
10.8
11.3
12.7
14.1
15.6
15.3
15.4
15.7
15.8
15.4
.5
7.6 20.9 44.6 49.3 49.1 49.4 49.9 51.2 50.9 51.2 51.7 51.3 51.0
3.2 10.9 22.9 25.9 25.9 27.3 28.0 28.7 28.4 28.7 29.1 28.6 27.9
6.5 13.3 13.3 12.7 11.9 11.6 12.1 12.0 12.1 12.2 12.2 12.8
2.4
2.0
8.5 10.2 10.6 10.2 10.3 10.4 10.4 10.4 10.4 10.4 10.3
3.5
National income.
Net interest.
1954
4.5
5.9
8.7
2
33.1 40.7 40.4 39.7 41.2 40.7
33.5 42.5 43.0 41.2 43.9 42.0
17.4 21.5 22.0 21.0 22.4 21.4
16.0 21.0 21.0 20.2 21.5 20.5
- . 3 -1.7 -2.6 -1.5 -2.7 -1.3
9.8
10.9
11.9
12.8
12.5
12.7
40.9 36.3
41.8 37.5
21.3 19.1
20.4 18.3
- . 9 -1.2
n.a.
n.a.
n.a.
n.a.
-.5
13.0
13.4
Includes noncorporate inventory valuation adjustment.
13.3
709
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
1933
1941
1950
1953
1954
1955
1956
1
104.4
79.0
9.2
37.7
32.1
Personal consumption expenditures
Durable goods
Other
Nonfarm only
2
3
1
4
56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 422.0
46.4
3.5
22.3
20.7
81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.2
9.7 28.6 29.8 29.4 35.6 33.9 35.1 35.9 35.0 35.0 34.4 31.5
43.2 100.4 119.1 120.6 126.0 133.3 139.9 137.3 139.1 142.5 140.8 141.5
29.0 65.0 81.7 86.6 92.8 59.9 105.4 103.4 104.9 106.1 107.2 108.2
18.1
6.6
3.5
3.1
6.9
4.5
4.0
51.2
22.7
12.6
10.1
21.1
7.4
6.4
50.3 48.4
25.8 27.8
11.9 13.5
13.8 14.3
24.3 22.5
.3 — 1.9
.9 - 2 . 4
60.6
52.7
16.6
16.1
23.7
4.2
4.0
65.9
33.3
15.3
18.0
28 1
4.6
5.0
33.2
14.2
19.0
30 4
.8
.2
63.6
32.8
14.4
18.5
30 7
.0
-.3
8.0 24.8
2.0 16.9
2.0 J{ 13.8
3.2
.0
6.0
7.8
42.0
22.1
18.5
3.9
.3
19.9
84.4
59.5
51.5
8.4
.4
24.9
77.1
46.8
41.3
5.9
.4
30.3
80.2
47.2
42.4
5.2
.4
33.0
86.4
50.4
45.7
5.2
.4
36.0
85.6 86.9 86.7
50.3 51.1 50.6
45.5 46.3 45.8
5.2
5.2
5.2
.4
.4
.4
35.3 35.8 36.1
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
New construction 1
1958
1957
64.4
66.2
32.7
13.9
18.9
30 5
2.9
2.2
66.5
33.0
14.0
19.0
30 5
61 3 51.8
34.0 33.3
14.5 14.3
19.5 19.0
30 0 27 5
3.0 —2.7 —9 0
2.3 - 3 . 4 - 8 . 8
.8
Gorernment purchases o! goods
services
Federal
National security
Other
and
State and local
8.5
1.3
} 1.3
.0
7.2
i Includes expenditures for crude petroleum and natural gas drilling.
76.6
48.9
43.1
6.2
.4
27.7
87.0
49.7
45.0
5.0
4
37.3
87.5
49.5
44.8
5.1
4
38.0
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Personal
income
Total
1929
1933
1941
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
1952
1953
1954
1955
1956
1957
271.8
286.0
287.4
305.9
326.9
343.4
184.9
197.4
195.5
210.3
227.2
238.8
343.2
345.1
346.3
347.3
347.2
346.8
346.2
343.6
343.6
341.7
342.2
343.1
344.3
Year or month 1
1957—May
July
Aug
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr p
May
p
Commodity Distributive
produc- indusing intries
dustries
Transferpayments4
Less
personal
contriNonbutions agriculfor
tural
social income*
insurances
Service
industries
Government
15.6
8.8
16.3
8.4
5.2
8.1
4.9
5.1
10.2
.6
.4
.7
20.2
7.6
20.9
13.2
8.3
10.3
1.5
2.1
3.1
.1
.2
.8
77.7
43.6
88.0
80.4
87.7
83.6
90.9
98.3
102.0
48.7
51.3
51.9
55.4
60.1
63.7
23.0
24.5
25.8
28.2
31.1
33.3
32.9
33.9
34.3
35.9
37.9
39.8
5.3
6.0
6.2
6.9
7.5
7.9
50.8
49.3
49.1
49.4
49.9
51.2
21.3
23.0
24.9
27.1
29.5
31.0
13.2
14.3
16.2
17.4
18.5
21.2
3.8
3.9
4.6
5.2
5.7
6.8
253.1
269.2
271.3
290.6
311.7
327.5
238.3
240.1
240.9
241.7
241.5
240.1
239.5
238.8
102.4
103.3
103.0
102.8
102.2
101.3
100.9
99.8
63.4
63.8
64.5
64.7
64.8
64.3
64.2
64.4
33.0
33.2
33.4
33.7
33.9
34.0
34.1
34.2
39.5
39.8
40.0
40.5
40.6
40.5
40.3
40.4
7.8
7.9
7.9
8.0
8.0
8.0
8.0
8.0
51.1
51.2
51.7
51.7
51.7
51.7
51.2
50.9
31.2
31.2
31.4
31.6
31.6
31.7
31.7
29.7
21.6
21.5
21.3
21.2
21.2
22.1
22.6
23.0
6.8
6.8
6.9
6.9
6.8
6.8
6.8
6.8
327.5
329.3
330.5
331.3
331.3
331.0
330.3
327.6
237.0
234.4
233.8
233.2
233.9
97.6
95.3
95.1
94.7
95.1
64.8
64.3
63.7
63.4
63.5
34.2
34.3
34.3
34.3
34.4
40.4
40.5
40.7
40.8
40.9
7.S
50.5
51.0
51.3
51.4
51.6
31.7
31.8
31.7
31.8
31.8
23.3
23.5
24.4
25.7
26.1
6.8
6.8
6.7
6.7
6.8
327.6
325.2
325.4
326.0
327.1
Preliminary.
1 Monthly data are seasonally adjusted totals at annual rates.
2 Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
Other
labor
income2
DiviProdends
prietors' and
and
perrental
sonal
income3 interest
income
7.8
7.7
7.7
7.7
well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
6 Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
710
MEMBER BANK EARNINGS, 1957
EARNINGS OF ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks l
Item
1954
Earnings
Interest and dividends on
securities:
U S Govt
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits. . .
Other charses fees etc
Trust department
Other current earnings
1956
6 078 173
6 770 958 4,269 757 2,501.201 1 136 311
273 671
7 663 914 7 697 113
066 379
*?7? 808
2 ,662 ,168
49 ,079
252 ,266
10? 484
1 118 106
? 9 5 606
3 ,021 ,843
61 ,362
274 ,024
109 755
1 100 5 8 9
307 846
3 ,662 ,480
62 ,685
310 ,165
PI 585
?35 655
?66 99?
309
185 ,274
194 902
203 ,719
779 478
167 7 3 9
224 808
339 4 5 1
4 ,136,112 2,622 784
44 710
71,803
354,187
243 ,158
136 558
78 944
340 ? 3 4
129 3 9 0
224 ,875
146 485
46 0?4
15 130
169 ,640
2 ,231
2 ,374
5 803
26 0 9 8
6 ,321
4 ? 6 475
P 8 387
1 ,6£0 ,581
33 ,001
146 ,725
50 0?3
133 0 ? 4
85 ,698
105
136 311 1 666 730 1 877 366
309 ?08
17 077
199 871
47,561
531,417
478 835
302
5,448
23 181
22,622
398,258
426 691
5,006
20,769
7 307
5,863
76,100
74 610
1,201
39,686
64 985
36,679
394,682
442 549
1 877 578
7 077 463
7 398 77S
7 548 583 1,572 563
976 070
543.842
137.310
997.684
869 747
551 971
212 508
225 807
169 938
91 162
78 776
21 153
15 ,832
72 524
60 429
11 709
43 142
374 610
18 317
37 547
50 668
1? 578
39 745
27 526
8 190
19 345
57 162
4 718
14 266
30 778
3 97?
079
26 384
531
1 302
11 125
1 351
5 407
6 910
554
7 251
24 021
3 753
5 386
15 106
?7 353
54 558
40 599
?0 741
47 728
37 508
14 309
73 279
58 370
14 037
36 848
34 357
9 400
15 128
17 37?
4 637
21 720
16 985
533
3 092
4 571
199
1 605
360
22 002
14 375
10 985
10 149
15 051
479 263
613 959
879 830
655 063
392 304
262 759
123 198
59 ,785
220 780
251 300
58 549
118 857
195 493
63 086
276 573
97 001
206 908
78 269
118 870
37 937
88 038
40 332
55 514
15 591
16 951
6 233
53 082
40 679
81 360
15 767
17 771
196 140
87 946
17 843
265,632
71,904
851
407 544
76 86?
15 675
280 887
73 3?4
11 651
176 832
47 014
4 0?4
104 055
26 310
15
150
31 762
4 689
338
48 056
4 07?
91 905
14 171
109 165
30 837
1 900 286
1 676 013
1 744 253
2 063 459 1,271 421
792 038
441 797
93 357
849 428
678 877
804 188
76? 686
41 50?
690 770
655 361
3 5 410
717 688
677 706
40 48?
894 515
848 679
45 8 3 6
543 894
521 373
22,
350 621
327 306
23 3 1 5
208 785
189 321
40 584
40 584
385 154
368 979
16 175
259 992
749 795
10 197
1 096 099
985 247
1 026 565
1 168 944
111, 527
441 417
233 013
52 773
464 274
418 884
456 145
030
454 116
500, 941
1 730
499, 211
546 931
1 592
545 339
603 767
1 485
602 282
363, 104
103
363, 001
240 663
1 382
239 281
151, 656
23 841
242, 293
151, 617
23 841
242, 065
185, 976
1,
184, 759
936
34 6 8 ?
7 719
3 185
35 443
7 099
43 673
1, 588
29, 390
511
33, 589
14, ? 8 3
690
7 03?
19
1 766
834
16 561
557
18 313
9 ? 830
108, 536
71 3 9 4
100, 611
32, 147
62, 561
39, ?47
38, 051
19 9?8
17, 620
915
2 , 183
41 3 5 9
36, 718
4 4 , 091
57 513 000 64 651 000 74 ?79 000 79 074 000
54, 485 J 000 5 3 453 000 47 554 000 46, 081, 000
000 13 579 000
1? 844 000 13 876 000 13
774 000 36 047 000 36 974 000 37 435 000
7 306 000
7 883 000
3 450 000
2 67,0 000
(3)
(3)
(3)
(3)
(3)
(3)
16 071 000 3,766 000 31 9?6 000
5 5 6 5 000 1,954, 000 16 863 000
1 778 000
573, 000 4 884 000
7 511 000 1,947 000 15 340 000
1 061. 000
58 000 1 306 000
000 170 646 000 175 061 000 179 568 000
(3)
(3)
31 936 000
38 053 000 39 983 000 41 700 000 44 596 000
48 198, 000 154 464, 000 157 561 000 160 753 000
1 1 , 724, 000 12 499, 000 13, 270 000 14, 108, 000
(3)
(3)
n
3 653 000 1,323 000 17 9 8 9 000 ?1 630 000
? 7 1 5 5 000 7,394 000 63 ? 6 8 000 62 936, 000
2 986, 000
667 000 5, 198, 000 5 256, 000
15 ?47
7 4 , 746
6?
"NJumber of officers
Number of employees
Number of banks
....
For notes see following two pages.
541
323, 945
6, 660
56
.
59? 468
227,073
1,926
79,628
14,793
15,598
11,199
176,028
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
...
114 6? 5
58 ,413
558 ?95
149 191
1 ,591 ,707
23 ,447
179 ,602
53 941
66 488
74 443
4 77? 375 2,697 194 1,525 181
5 9 ? 380
384 736
207 644
779 512
505 373
1 284 885
20 686
10 170
30 856
633 361
293 838
927 199
27 865
20 010
47 875
116 022
56 149
172 171
79 062
38 009
117 071
655 950
393 988
1 049 938
Cash dividends declared
On n referred stock 2
On common stock
.
136 9 4 5
46 744
714 ,184
13 ,124
25 ,485
?6 791
1 ,181 ,906
29 ,161
649 ,679
43 793
157 227
102 854
961 985
Taxes on net income
Federal
State
Total deoosits
Total capital accounts
388
114 643
1,513 ,328
27 ,093
111 ,029
57 614
210.844
78 ,390
176
736
667
189
122
942
987
837
647
,998
478 877
983 ,820
25 541
493 649
7 985
140 162
75 626
792 874
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves . .
On loans:
Losses and charge-offs
Transfers to reserves
All other
Loans
U S Govt securities
Other securities
Cash assets
Other assets
Chicago
Ceun try
memt >er
bank.s
5 34? 589
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Net profits
New York
Reserve
city
member
banks
Year 1957
195"
,765
511
1 ,059
27
543
21
148
86
865
679 898
553
Recoveries, transfers from re-
Profits before income taxes
Central reserve
city member banks
4 876 113
Salaries officers
Salaries and wages—others. . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money. .
Taxes other than income
Recurring depreciation
Other current expenses
Net current earnings before income taxes
195f
All
State
member
banks
65 50?
7 5 , 669
(3)
(3)
(3)
66
19 464
33 776
39
9
77
71
6
1?
1
310
701
344
636
074
19?
000
000
000
000
000
8,298 000 70 319 000 69 015 000
342, 181
61 3?5
363 639
63 410
378, 317
4 3 , 510
238, 400
19, 900
139, 917
4 334
5 3 , 980
1 064
1 1 , 985
18 881
152, 073
3 9 , 131
160, 279
6, 543
6, 462
6, 393
4 , 620
1, 773
18
14
278
6, 083
58 6 ? 3
711
MEMBER BANK EARNINGS, 1957
EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans. .
Other charges on loans
Service charges on deposits. . . .
Other charges, fees, etc
Trust department
Other current earnings
340,388 1,710,073
359,221
546,540
306,594
362,601
981,635
227,170
183,837
282,848
349,841 1,120,210
47,239
231,973
14,020
81,110
204,725 1,070,638
1,498
19,213
20,227
67,921
9,012
36,519
30,098
129,660
13,569
73,039
58,286
19,741
224,932
2,325
13,843
4,962
26,300
8,832
108,552
30,983
324,776
4,520
23,915
8,089
28,490
17,214
59,078
13,412
186,025
2,457
18,043
7,987
11,936
7,655
70,721
18,732
214,118
4,286
21,889
8,909
10,314
13,632
222,813
53,626
566,822
43,127
18,805
44,955
22,678
47,624
12,716
139,550
1,227
9,293
4,215
6,631
5,914
34,882
9,898
108,702
1,733
11,706
7,290
4,679
4,946
61,475
15,394
164,902
1,44
18,515
4,474
7,246
9,400
62,377
18,285
218,915
2,517
16,124
5,389
7,310
18,925
162,719
51,533
712,006
21,775
89,585
20,906
32,617
29,070
Expenses
Salaries—officers
Salaries and wages—others. . . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses
209,847
31,909
70,624
28,'009
2,381
8,336
6,647
60,041
999,312
118,231
340,366
5,576
191,137
16,868
29,055
24,172
273,908
230,180
32,385
70,273
3,487
44,546
3,264
9,134
7,791
59,301
330,311
44,030
96,268
2,737
76,251
2,812
20,781
10,019
77,413
197,005
32,489
57,618
2,209
40,178
1,749
8,387
7,107
47,269
240,313
35,923
67,291
2,018
46,930
2,280
11,786
9,288
64,797
607,694
85,556
185,781
4,247
135,193
7,916
26,074
14,399
148,529
137,031
24,878
38,829
1,833
22,584
1,004
6,554
3,749
37,601
120,080
21,776
31,304
1,227
25,080
1,854
3,839
2,978
32,023
172,215
36,080
47,946
1,951
25,603
2,035
5,335
5,262
48,004
216,929
40,125
56,217
2,121
33,400
1,420
17,795
8,364
57,487
761,458
88,999
222,369
1,551
258,288
4,295
25,096
17,296
143,565
130,542
710,761
129,041
216,229
109,589
122,289
373,941
90,140
63,757
110,633
132,912
358,751
8,037
Net current earnings before income taxes
Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes
42,924
6,150
14,277
6,687
8,860
35,453
5,218
3,968
8,130
7,751
22,484
490
987
1,489
2,662
14,394
272
916
1,404
494
2,399
3,186
409
797
2,598
163
610
3,595
2,200
7,264
17,365
154
435
2,694
268
484
579
659
514
2,538
34
1,227
1,465
1,240
1,050
5,856
576
2,401
2,095
2,884
9,004
12,171
845
862
1,851
737
4,753
2,709
410
1,522
951
723
1,339
2,430
804
3,502
4,318
446
1,043
446
1,232
269
1,136
1,870
745
1,805
2,504
1,345
1,177
1,006
10,063
3,269
33,373
191,783
40,387
49,595
22,489
29,837
124,745
16,686
12,472
31,845
29,262
72,589
13,452
2,874
71,466
27,018
11,151
2,984
12,884
14,453
7,986
1,727
7,552
1,440
42,094
12,480
5,618
2,411
4,903
720
8,347
1,149
5,965
789
15,492
10,224
475
11,392
5,180
898
83,257
9,145
524
19,934
5,795
1,183
15,490
5,586
697
9,594
2,485
926
14,839
5,081
1,081
56,195
12,895
784
5,637
2,237
1,118
4,146
1,585
2,366
9,763
10,219
4,461
14,185
3,862
1,163
36,455
9,255
105,205
561,903
94,804
180,911
93,787
101,311
284,649
78,671
55,253
86,919
111,402
308,646
33,085
32,515
570
23,375
21,292
2,083
38,041
36,754
1,286
44,093
44,051
141,936
131,732
10,205
45,586
31,878
48,878
18,237
33
18,205
20,285
14,665
1
14,664 " 20,285
Taxes on net income
Federal
State
47,945
41,853
6,092
253,152
229,180
23,973
37,825
37,825
76,275
76,275
40,650
40,363
287
41,815
41,062
753
116,324
115,778
546
Net profits
57,261
308,751
56,979
104,635
53,137
59,496
168,324
Cash dividends declared
On preferred stock 2
On common stock
32,285
13
32,272
193,575
1,242
192,333
36,934
4
36,930
44,986
24,270
2
24,268
22,967
10
22,957
67,746
155
67,591
'44,986
42
67,309
31,577
' 3l',577
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
Loans
U. S. Govt. Securities
Other securities
Cash assets
Other assets
96,241
25
96,216
32
1,536
815
10,773
13
1,761
351
2,324
13
1,163
1
1,893
31
6,966
248
1,038
1,116
35
2,947
180
2,854
380
9,303
1,883
6,475
29,615
28,011
2,919
5,502
16,521
5,704
1,314
2,483
307
6,870
5,602
10,530
1,784
2,974
111
2,208
539
5,620
15
7,003
10,783
17,232
22,359,000 4,185,000 6,348,000 3,307,000 3,699,000 11,1
,008,000 2,645,000 1,938,000 2,899,000 3,972,000
9,262,000 2,317,000 4,263,000 2,372,000 2,705,000 8,947,000 1,868,000 1,311,000 2,409,000 2,427,000
3,194,000 787,000 1,194,000 555,000 765,000 2,270,000 506,000 396,000 671,000 654,000
112,000 2,614,000
9,731,000 1,801,000 2,874,000 1,830,000 2,270^00
270,000 5,647,000 1,480,000 945,000 2,012,000
90,000 239,000
1,312,000 168,000
292,000
77,000
63,000
197,000 136,000 166,000
12,826,000
6,381,000
1,961,000
4,606,000
549,000
3,838,000
1,819,000
626,000
1,623,000
158,000
~
166,709
Total assets
8,065,000 45,859,000 9,259,000 14,875.000 8,199,000 9,605,000 28,165,000 6,576,000 4,653,000 8,082,000 9,906,000 26,324,000
Time deposits
Total deposits
Total capital accounts
1,416,000
7,119,000
731,000
Number of officers
Number of employees
3,431
23,067
9,958
89,204
3,960
21,935
4,656
28,707
3,882
19,227
294
560
533
599
465
Number of banks
1
,
8,801,000 2,509,000 4,364,000 1,944,000 1 ,953,000 8,114,000 1,346,000 ,293,000 1,248,000 1 ,573,000 10,036,000
,218,000 7,340,000
",340,000 f9,002,000
,002,000 23,844,000
39,806,000
8,203,000 13,405,000
3,405,000 7,405,000
!5,681,000 5,967,000
",967,000 4,218,000
'3,844,000
9,806,1
,405,000 8,761,000
,761,000 25,681,000
4,018,000 869,000 1,244,000 645,000 681,000 1,962,000 517,000 330,000 626,000 774,000 1,711,000
Includes figures for all banks that were members of the Federal Reserve
System at the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year);
and in addition includes appropriate adjustments for member banks in
operation during part of the year but not at the end of the year. Data
may not add to totals because of rounding.
2
4,031
23,122
8,262
53,910
3,137
13,357
2,732
10,679
4,542
15,830
4,677
18,115
10,142
61,164
397
1,022
491
474
750
634
174
Includes interest on capital notes and debentures.
3 Not available on the 13-month basis used for all member banks. See
NOTE on following page.
For other note see following page.
712
MEMBER BANK EARNINGS, 1957
EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
122,910
76,742
150,050
321,707
132,955
139,718
303,329
109,422
59,264
137,06'
169,427
941,324
13,484
3,289
74,379
660
3,622
5,405
15,569
6,502
9,129
4,221
50,970
1,051
4,833
1,410
1,747
3,382
15,517
6,516
98,037
1,237
5,312
2,339
17,298
3,794
56,301
19,03:
192,085
3,051
12,480
4,808
23,978
9,972
24,184
5,323
78,488
1,050
7,863
4,307
7,816
3,923
23,878
6,643
85,941
1,827
6,003
3,388
5,556
6,482
73,285
16,702
173,588
2,616
16,998
5,016
10,361
4,763
17,71
5,303
71,614
604
3,509
2,020
5,612
3,044
7,318
2,803
38,398
697
2,471
1,902
3,769
1,906
26,834
6,952
83,615
673
6,298
1,243
6,069
5,384
25,359
7,641
109,769
1,775
3,451
2,325
5,867
13,241
133,470
43,963
603,698
17,763
73,886
15,860
29,383
23,303
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses
63,018
9,547
24,927
213
3,302
840
2,571
1,713
19,906
52,584
6,068
16,460
304
12,953
354
1,343
1,356
13,745
91,158
11,656
35,140
423
6,944
2,632
3,630
2,447
28,287
184,038
20,250
60,266
562
39,785
2,340
12,418
4,599
43,818
83,425
12,496
28,542
590
13,266
1,217
4,115
2,544
20,656
89,994
11,490
26,825
435
15,880
1,723
5,519
2,669
25,453
193,927
21,169
68,748
766
40,452
2,387
8,288
4,312
47,805
61,276
8,722
20,418
274
8,140
833
2,781
1,224
18,885
36,721
4,882
12,908
176
4,815
1,611
723
529
11,076
77,601
11,378
25,270
381
10,602
1,593
2,313
2,083
23,983
97,953
12,861
25,200
324
18,048
1,185
10,346
3,661
26,326
634,537
69,352
186,713
1,000
224,072
4,054
22,053
12,550
114,743
Net current earnings before income
taxes
59,892
24,158
58,892
137,669
49,530
49,723
109,402
48,147
22,543
59,466
71,474
306,788
4,106
6,866
2,847
9,394
3,733
4,343
10,879
2,739
1,057
4,508
2,733
19,320
195
438
491
29
12
597
7
711
596
379
1,795
2,220
284
644
1,496
40
319
2,449
325
893
6,951
45
272
1,661
1
170
122
550
436
1,807
5
523
872
693
1,038
4,759
59
1,735
1,187
73
2,678
3,478
193
373
968
3,611
1,306
86
754
468
53
1,089
392
95
530
2,084
11
565
185
437
51
277
136
363
1,216
459
407
467
635
9,848
2,347
11,781
12,221
20,752
29,985
10,302
10,273
27,864
6,986
2,224
17,961
8,414
62,018
5,079
2,102
798
3,973
2,946
1,872
6,221
12,829
3,119
1,471
2,170
1,013
9,897
5,155
2,150
1,984
1,117
4,890
573
2,792
11,903
9,707
2,853
1,748
48
6,899
503
12,143
3,791
385
7,489
3,060
121
4,260
1,331
74
5,595
1,421
23
9,017
3,773
3
1,964
885
69
731
307
270
4,527
7,701
13
4,536
1,073
331
31,891
8,185
Profits before income taxes .
52,217
18,804
40,988
117,078
42,961
43,793
92,416
43,900
21,376
46,013
65,792
264,090
Taxes on net income.
Federal
State
26,554
22,898
3,656
7,154
6,237
917
17,350
17,350
51,113
51,113
19,860
19,860
19,445
19,090
39,359
38,934
425
20,728
20,296
432
9,891
8,854
1,037
23,532
22,814
27,666
27,666
122,502
113,868
8,634
Net profits
25,663
11,650
23,638
65,965
23,101
53,057
23,173
11,485
38,126
141,588
19,049
84,979
5
84,974
Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
355
24,348
Cash dividends declared.
On preferred stock 2 . .
On common stock. . .
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
Loans
U. S. Govt. securities.
Other securities
Cash assets
Other assets
Total assets.
Time deposits
Total deposits
Total capital accounts.
Number of officers
Number of employees.
Number of banks
14,448
'l4,448
7,054
18,487
183
6,871 ' 'l8*,487
29,677
11,572
' 29',677
11,572
10,158
10,158
21,166
40
21,126
5,163
10,357
5,163
10,184
10,184 ' Y9,049
29
402
1
529
1
760
290
1,090
408
576
2,536
228
437
181
35
906
178
708
71
8,028
1,703
2,115
4,122
1,253
1,747
2,793
16,014
2,927
1,270
780
300
2,481
4,233
3,327
1,657
910
454
522
2,846
1,998
9,790
14,834
,536,000
492,000
144,000
648,000
66,000
916,000 ,923,000 3,958,000 1,527,000 1,600,000 3,347,000 1,465,000 746,000 1,639,000 2,211,000 11,058,000
351,000 624,000 2,199,000 998,000 916,000 2,930,000 711,000 300,000 1,074,000 1,026,000 5,244,000
164,000 235,000
712,000 194,000 116,000 295,000 206,000 1,662,000
688,000 219,000 251,000
366,000 923,000 1,876,000 921,000 1,011,000 1,856,000 833,000 417,000 1,163,000 1,380,000 3,947,000
38,000
80,000
51,000 162,000
66,000
105,000
21,000
117,000
60,000
38,000
503,000
2,885,000 1,835,000 3,785,000 8,837,000 3,730,000 3,838,000 8,949,000 3,240,000 1,599,000 4,221,000 4,985,000 22,414,000
547,000 384,000 2,137,000 630,000 623,000 2,778,000 443,000 227,000 516,000 837,000 8,659,000
209,000
,361,000 3,469,000
,469,000 8,215,000 2,915;000
,297,000 7,905,000
",905,000 3,361,000
,496,000 1,665,000 3,297,000
,915,000 1,412,000 3,814,000 4,479,000 20,241,000
136,000 354,000
754,000 276,000 271,000
564,000 257,000 119,000 321,000 400,000 1,454,000
292,000
861
7,610
555
4,776
923
10,093
1,489
16,307
1,097
8,847
1,057
8,843
1,625
19,052
791
6,671
23
23
20
67
20
10
* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle,
and end of each year, plus the last-Wednesday-of-the-month figures for
the 10 intervening months. The number of officers, employees, and banks
are as of the end of the year. Cash assets are comprised of cash, balances
10,357
719
22,481
412
3,891
1,067
7,703
1,025
7,385
7,979
50,895
40
26
24
with other banks (including reserves balances), and cash items in process
of collection. Total capital accounts are comprised of the aggregate
book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
For other notes see preceding page.
713
MEMBER BANK EARNINGS, 1957
EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans..
Other charges on loans
Service charges on deposits
Other charges, fees, etc
,
Trust department
Other current earnings
217,479
497,021
209,171
224,833
173,639
222,884
33,756
10,731
130,346
838
16,605
3,607
14,529
7,067
85,899
30,146
305,484
5,038
37,604
8,318
13,288
11,244
42,769
13,225
126,896
1,088
8,531
2,623
9,002
5,037
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses
146,829
22,363
45,697
1,687
24,707
1,541
5,765
4,934
40,136
354,260 139,022
20,729
45,939
35,134
96,833
3,064
3,346
98,556
37,602
1,720
632
12,114
5,504
11,618
5,344
84,135
31,014
Net current earnings before income
taxes
St.
Louis
Minneapolis
Kansas
City
Dallas
404,686
117,748
124,573
145,781
180,415
178,885
52,250
34,894 46,843
12,090
11,952
8,089
132,692 107,537 128,177
2,459
1,469
1,407
15,887
11,434
10,180
5,521
3,281
3,680
4,758
4,120
4,512
7,150
3,732
7,242
103,504
21,794
223,595
3,962
23,754
7,986
8,497
11,594
29,907
7,413
67,936
623
5,784
2,195
1,019
2,870
27,564
7,095
70,304
1,036
9,235
5,389
909
3,040
34,641
37,018
8,442 10,644
81,286 109,146
772
742
12,673
12,217
3,231
3,065
1,177
1,443
4,016
5,684
29,250
7,570
108,309
4,012
15,699
5,046
3,234
5,766
146,273 113,581 150,318
24,433
23,781
19,993
40,466
36,001
29,076
1,582
2,175
1,619
31,049
26,912
36,467
532
557
471
6,268
8,363
4,273
6,619
5,420
4,563
39,344
26,613
33,595
277,456
47,310
69,472
3,179
72,120
522
11,923
8,886
64,045
75,755
16,156
18,411
1,559
14,444
171
3,773
2,525
18,716
83,359
16,894
18,396
1,051
20,265
243
3,115
2,449
20,947
94,614 118,976
24,702 27,264
22,677
31,017
1,570
1,797
15,002
15,352
442
235
3,021
7,448
3,179
4,702
31,161
24,022
126,922
19,646
35,656
551
34,217
241
3,043
4,746
28,823
Atlanta
Chicago
San
Francisco
70,649
142,761
70,148
78,559
60,058
72,566
127,229
41,993
41,214
51,167
61,439
51,963
3,931
14,905
3,303
4,884
2,954
4,517
8,742
2,478
2,911
3,622
5,018
3,164
295
549
997
1,248
1,348
2,673
265
205
115
604
966
126
153
1,101
123
291
1,146
523
964
3,503
109
163
1,033
267
314
458
108
78
731
29
704
593
546
12
1,098
517
666
908
2,279
3,234
4,122
652
489
884
655
1,142
1,402
324
768
483
669
250
2,038
510
1,367
1,875
435
478
260
795
218
859
1,733
383
589
2,045
938
710
371
215
922
21,592
56,364
19,636
19,610
12,187
19,564
37,095
9,701
10,249
13,883
20,847
10,572
8,372
773
15,153
7,454
8,205
1,112
6,663
1,623
4,867
256
5,382
427
15,245
1,093
3,468
427
3,786
720
3,456
577
3,173
789
3,590
517
475
8,540
3,43f
835
28,301
4,620
525
7,791
2,003
797
8,001
576
5,334
1,154
853
9,244
3,660
908
15,415
4,434
780
3,673
1,353
1,049
3,415
1,278
2,096
5,236
2,519
4,448
9,648
2,789
831
4,565
1,069
Profits before income taxes
52,989
101,302
53,816
50,826
57,518
98,876
34,771
33,877
40,905
45,610
44,555
Taxes on net income
Federal
State
21,391
18,955
2,436
37,214
33,62f
3,59:
20,475
20,475
20,790
20,503
22,370
21,973
397
36,381
36,260
121
13,484
12,35
12,219
12,438
• 138 1,046
14,508
13,941
568
16,427
16,385
19,435
17,863
1,571
Net profits
31,598
64,088
33,341
35,148
62,495
22,413
26,397
Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
17,837
13
17,824
Cash dividends declared
On preferred stock2
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
34,865
1,020
33,845
18,44'
4
18,443
2,526
63,833
25,163
25,163
38,670
15,308
15,308
287
30,036
12,698
20,393
42
29,184
25,121
12,809
10
12,799
22,739
11"
22,624
7,880
33
7,84'
9,502
1
9,501
10,100
10,100
12,528
12,528
11,263
20
11,243
1
1,317
2,665
20
601
935
2,041
2
2,146
309
1,275
12,696
1,134
180
4,360
124
3,211
1,001
61
1,235
755
1,17:
45
127
15
453
993
508
1
111
1,703
4,389
2,064
5,006
5,020
2,398
2,708
2,777
1,752,774
5,421,000 2,262,000 2,390,000 1,780,000 2,099,000 3,895,000 1,181,000 1,192,000 1,259,000 1,760,000 1,768,000
3,347,000 1,693,000 2,063,000 1,374,000 1,789,000 4,064,000 ,157,000 1,010,000 1,336,000 1,401,000 1,137,000
1,252,000 553,000
506,000 336,000 514,000
300,000
986,000 312,000 280,000 376,000 448,000
1,854,000 878,000 998,000 909,000 1,259,000 1,845,000 647,000 528,000 849,000 1,234,000 659,000
213,000
88,000
80,000 70,000 107,000
39,000 77,000
39,000 43,000
46,000
129,000
5,565
9,138
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
2,303,000
1,328,000
482,000
975,000
92,000
Total assets
5,180,000 12,088,000 5,474,000 6,038,000 4,469,000 5,767,000 10,918,000 3,336,000 3,053,000 3,860,000 4,921,000 3,910,000
Time deposits
Total deposits
Total capital accounts
,207,000 4,600,000 2,125,000 2,227,000 1,313,000 1,330,000 4,012,000 904,000 1,066,000 732,000 736,000 1,377,000
4,623,000 10,987,000
,987,000 4,906,000 5,500,000
500,000 4;044;000
' ,044,0005,292,000 10,073,000 3,053,000 2,806,000 3,527,000 4,523,000 3,604,000
439,000
897,000 515,000 490,000 369,000 410,000
256,000
730,000 260,000 211,000 305,000 374,000
N u m b e r of officers
N u m b e r of employees
N u m b e r of banks
For notes see preceding two pages.
2,570
15,45^
5,069
30,448
3,03'
11,842
3,16
12,400
2,785
10,380
2,974
14,279
5,573
22,873
532
526
576
442
377
941
2,346
6,686
47
2,320
6,788
3,475
8,127
3,65:
10,730
2,163
10,269
465
710
608
150
714
MEMBER BANK EARNINGS, 1957
EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
Less than
2,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
100,000500,000
500,000
Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
6,703,078
61,130
278,633
382,259
602,877
479,177
533,137 1,569,965 2,795,901
1,158,727
337,202
4,112,474
70,907
350,962
135,580
315,013
222,213
15,067
2,983
36,802
186
3,201
1,844
47
1,000
67,903
17,110
164,422
1,039
16,265
6,113
567
5,214
87,969
24,568
223,419
2,404
26,170
7,907
2,378
7,445
132,339
34,891
345,336
5,559
45,055
13,046
10,987
15,665
101,127
26,687
275,614
3,979
34,686
8.793
13,271
15,020
103,705
27,892
314,580
4,907
34,014
9,805
20,182
18,053
269,482
381,135
71,872
131,199
950,071 1,802,231
15,624
37,210
80,485
111,087
29,233
58,839
94,708
172,873
58,489
101,327
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
" Recurring depreciation
Other current expenses
4,177,000
585,289
1,269,231
30,556
921,168
47,775
171,082
115,878
1,036,021
41,730
13,902
6,201
1,227
7,943
69
2,002
1,266
9,122
189,722
48,356
36,490
5,146
43,637
379
7,958
6,689
41,067
260,750
52,712
58,714
5,068
64,611
506
10,898
9,887
58,354
415,127
68,680
107,573
5,404
100,328
1,064
15,995
15,32:
100,756
329,770
49,099
91,548
2,959
77,060
1,541
13,306
11,517
82,740
355,805
49,799
105,499
2,460
75,162
2,256
14,981
11,664
93,984
994,607 1,589,489
128,515
174,227
322,263
540,945
4,669
3,624
185,460
366,967
12,629
29,330
43,831
62,112
27,562
31,966
269,679
380,319
Net current earnings before income taxes
2,526,078
19,400
88,912
121,508
187,750
149,406
177,332
575,358 1,206,412
168,493
1,533
5,737
7,465
10,850
8,963
13,975
48,070
71,901
8,155
19,345
56,880
39
6
130
255
132
833
591
399
1,293
778
692
3,074
360
998
2,818
1,149
1,959
3,905
2,235
5,918
16,826
2,744
9,244
28,001
13,713
36,833
33,568
1,084
29
245
2,799
552
1,166
2,347
1,048
1,787
1,494
2,090
2,7;
626
1,289
2,872
603
3,018
3,340
3,223
8,531
11,338
1,536
20,277
10,098
651,149
4,303
21,966
35,968
53,686
44,492
54,928
142,616
293,190
205,537
78,225
712
31
6,205
454
12,127
1,594
19,295
2,310
16,752
1,616
17,027
4,830
40,399
18,318
93,020
49,073
15,148
280,026
72,213
1,770
1,312
478
4,440
7,303
3,564
3,917
13,799
4,531
2,060
22,368
7,654
802
19,856
5,467
542
25,226
7,303
1,194
61,810
20,895
422
128,353
2,043,423
16,630
72,683
93,005
144,914
113,877
136,378
480,812
884,812
839,817
44,995
4,584
4,403
181
21,458
20,664
795
31,301
30,267
1,034
53,785
51,937
1,848
46,790
45,441
1,349
58,482
56,359
2,123
219,187
211,050
8,138
1,158,610
12,047
51,225
61,704
91,129
67,087
77,896
261,625
29,528
535,897
Recoveries, transfers from reserves, and
profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
,
On loans:
Recoveries
,
Transfers from reserves
All other
charge-offs, and transfers to
reserves
On securities:
Losses and charge-offs
,
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
,
Profits before income taxes .
Taxes on net income. . .
Federal
State
Net profits
Cash dividends declared.
On preferred stock 2 . .
On common stock. . .
Memoranda items:
Recoveries credited to reserves (not
included in recoveries above):
On securities
On loans
Losses charged to reserves (not included in losses above):
On securities
On loans
Loans
U. S. Govt. securities.
Other securities
Cash assets
Other assets
4,713
22,322
985,122
449,225
419,696
597,915
1,483
596,433
4,712
19,644
25
19,619
25,411
26
25,385
36,855
120
36,735
29,598
53
29,545
35,823
170
35,653
128,554
1,087
127,467
317,317
2,099
43,421
372
3
2,070
6
3,472
106
4,087
2
2,766
172
3,559
1,128
7,238
683
19,857
71,394
100,212
14
918
79
4,108
467
6,787
1,270
8,770
699
7,798
3,499
8,615
13,328
22,619
52,037
40,597
590,351 2,780,367 3,823,501 6,128,570 5,073,085
574,468 2,595,340 3,382,501 5,163,659 4,070,153
131,719
780,616 1,140,054 1,642,689 1,233,394
365,157 1,602,889 2,099,035 3,227,648 2,636,034
250,661
14,138
129,620
214,404
84,733
5,898,040
4,183,797
1,241,967
3,182,815
238,355
80,914,156
46,965,022
14,289,507
42,673,156
3,715,501
18,535,171 38,085,071
10,817,634 16,177,470
3,028,557 5,090,511
10,638,125 18,921,453
749,924 2,033,666
Total assets.
188,557,342 1,675,833 7,843,945 10,574,711 16,413,227 13,227,070 14,744,974 43,769,411 80,308,171
Time deposits
Total deposits
Total capital accounts.
455,848 2,460,830 3,540,456 5,552,019 4,136,753 3,923,573 9,334,931 17,046,425
46,450,835
170,440,955 1,496,468 7,124,174 9,676,914 15,062,910 12,186,197 13,544,032 40
0,007,342 71,342,918
898,085 1,012,451 3,126,781 6.565,783
172,695
686,732
834,078 1,197,339
14,493,944
Number of officers
Number of employees.
Number of banks
63,129
376,077
3,042
3,025
8,124
14,369
7,352
20,805
8,121
36,451
5,129
30,122
4,905
34,372
11,607
97,498
14,849
139,435
6,365
1,093
2,138
1,371
985
355
195
183
45
1
Totals are for banks operating during the entire year, except three
trust
companies having no deposits.
2
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of
officers and employees, and number of banks are as of the end of the
year. See note on second preceding page regarding the composition of
cash assets and total capital accounts.
715
MEMBER BANK EARNINGS, 1957
EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Central reserve
city member
banks
All member banks
New
York
1954
1955
1956
Reserve
city
member
banks
Country
member
banks
Chicago
1957
Year 1957
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. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
15.6
16.2
9.3
3.9
2.96
1.12
.67
16.6
13.4
7.9
4.0
3.13
1.22
.58
18.1
13.1
7.7
4.1
3.47
1.37
.59
18.1
14.6
8.3
4.3
3.77
1.42
.65
18.2
14.8
7.8
5.1
3.56
1.70
.73
20.6
14.0
7.9
3.6
3.30
1.65
.64
19.2
16.3
8.9
4.7
3.79
1.42
.66
16.5
12.9
8.0
3.5
3.91
1.26
.61
22.1
5.7
56.2
5.2
10.8
20.9
5.6
57.7
5.1
10.7
18.1
5.1
61.3
5.1
12.1
4.1
64.0
2.2
17.6
16.8
5.5
62.8
.9
10.4
17.3
5.0
62.1
5.2
10.4
14.0
16.0
4.8
63.6
5.5
10.1
20.7
5.5
59.9
6.7
7.2
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.3
10.2
21.6
29.4
10.2
21.5
28.5
10.7
21.3
27.7
13.7
21.0
25.8
7.0
19.3
23.6
8.3
17.9
27.4
15.0
20.1
29.3
15.8
22.7
Total expenses
62.1
61.1
60.5
62.4
52.1
49.8
62.5
67.8
Net current earnings before income taxes
37.9
38.9
39.5
37.6
47.9
50.2
37.5
32.2
+ 1.5
7.5
13.0
18.4
10.8
11.8
16.9
7.1
13.2
17.3
9.0
18.4
20.5
16.1
14.8
19.3
5.6
14.5
17.4
7.1
9.6
15.5
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net losses including transfers (or recoveries and profits+)
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities
Net losses (or recoveries and profits+) l
Return on loans:
Earnings on loans
Net losses 1
16.7
22.7
1.96
2.12
2.13
.28
4.71
.05
4.77
.06
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
33.4
7.9
35.3
22.0
1.4
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits
Number of banks
2.29
.53
2.53
2.50
.35
5.02
.11
5.32
.07
4.54
.06
17.4
1.6
5.6
50.2
23.5
3.3
7.2
16.1
7.9
7.3
15.4
8.1
7.6
14.6
8.4
7.9
14.7
8.8
9.3
15.8
11.0
25.7
1.30
25.9
1.36
26.1
1.58
27.7
2.08
13.5
2.18
21.1
6,543
6,462
6,393
.31
2.57
2.35
.25
5.30
.06
5.91
.11
2.53
2.63
25.7
7.6
44.0
20.8
1.9
6,660
31.3
8.1
37.9
2.31
27.2
7.7
42.4
21.1
1.6
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 valuation reserves are excluded.
NOTE.—The ratios in this and the following three tables were computed
from the dollar aggregates shown in preceding tables. Many of these
ratios vary substantially from the average of individual bank ratios,
which are shown on pp. 720-722 of this BULLETIN, in which each bank's
figures—regardless of size or amount—are weighted equally and in general
have an equally important influence on the result. In the ratios based
2.09
+ .47
18
24.0
6.9
45.4
31.4
1.9
9.2
39.6
18.3
1.5
8.0
15.2
9.0
7.4
13.6
8.2
7.6
15.2
8.4
17.9
1.71
28.4
2.21
34.4
1.97
21.8
14
278
6,083
on aggregates presented here, the experience of those banks in each group
whose figures are largest have a much greater influence than that of the
many banks with smaller figures. (For example, the 110 largest member
banks have total earnings which, combined, are larger than those of all
the other member banks, numbering about 6,280.) Ratios based on
aggregates show 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, while averages of individual
ratios are useful primarily to those interested in studying the financial
results of operations of individual banks.
716
MEMBER BANK EARNINGS, 1957
EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
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. Govt. securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Salaries and wages
Interest on time deposits
Other current expenses.
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
17.9
14.4
7.8
4.4
17.7
14.0
7.7
4.8
14.8
10.9
6.6
4.3
17.4
14.5
8.4
3.6
17.0
14.5
8.2
3.8
18.0
14.9
8.7
3.4
19.1
14.5
8.6
3.5
17.4
15.2
8.8
3.5
19.3
16.7
10.0
4.4
17.7
13.9
7.8
3.2
17.2
14.4
8.7
4.1
21.0
18.0
9.7
5.6
4.22
1.62
.71
Net current earnings before income
taxes
Net losses including transfers
Taxes on net income
Net profits
. .
Rates of return on securities and loans:
Return on securities:
Interest on U. S Govt. securities.. .
Interest and dividends on other securities.
Net losses *
Return on loans:
Earnings on loans
Net losses*
3.88
1.39
.62
3.67
1.45
.70
3.74
1.34
.65
3.78
1.27
.62
3.49
1.33
.60
3.45
1.37
.69
3 95
1.37
.69
3.50
1.37
.60
3.53
1.34
.68
4.26
1.36
.63
13.9
13.6
16.2
19.9
19.3
19.5
22.7
21.0
19.0
21.7
17.8
14.5
60.6
5.9
15.5
63.7
4.0
14.0
63.3
3.9
11.2
60.2
4.4
9.8
61.5
5.9
9.0
60.2
6.0
9.1
58.6
4.4
8.8
62.0
4.0
7.4
60.0
6.4
9.2
58.8
6.5
7.5
63.3
4.6
9.1
65.5
8.0
7.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.1
28.6
12.4
23.1
25.6
14.0
20.8
29.4
13.1
21.8
28.5
12.9
24.9
27.6
13.8
20.5
28.1
27.5
22.3
28.9
13.6
22.8
29.7
23.3
26.8
11.2
20.4
22.1
24.9
27.8
23.1
17.1
61.6
58.4
64.1
60.4
64.3
66.3
61.9
60.3
65.3
60.9
62.0
68.0
38.4
41.6
35.9
39.6
35.7
33.7
38.1
39.7
34.7
39.1
38.0
32.0
7.5
14.1
16.8
8.7
14.8
18.1
9.5
10.5
15.9
6.5
14.0
19.1
5.1
13.3
17.3
5.8
11.5
16.4
9.1
11.9
17.1
5.0
14.6
20.1
4.7
12.7
17.3
8.4
13.4
17.3
6.1
12.7
19.2
4.5
12.6
14.9
8.2
Total expenses .
3.73
1.55
.67
9.9
9.1
9.6
2.60
2.24
.54
2.50
2.54
.67
2.52
2.51
.40
2.55
2.59
.46
2.49
2.42
.21
2.61
2.45
.12
2.49
2.36
.25
2.55
2.51
.18
2.66
2.50
.24
2.55
2.29
.18
2.57
2.80
.14
2.55
2.63
.23
5.37
.487
5.43
5.19
5.70
5.90
5.23
5.32
5.70
5.74
5.57
5.72
.13
.07
.08
.06
.05
.14
.03
.09
.05
.11
.15
.06
Distribution of assets:
Percentage of total assets:
U. S. Govt securities
Other securities .
.
Loans
Cash assets
Other assets
22.5
7.8
47.6
20.1
2.0
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets
Total deposits
.. .
....
9.1
8.8
9.4
8.4
7.9
7.1
7.0
7.9
7 1
7.7
7.8
6.5
15.8
10.3
15.0
10.1
16.9
10.6
16.1
9.3
14.7
7.8
14.5
7.6
11.2
7.2
30.6
1.78
32.6
1.75
22.3
2.40
31.6
1.67
30.7
1.94
17.1
8.5
17.0
2.05
15.9
8.6
22.1
2.17
16.0
8.7
22.6
1.68
13.8
7.8
19.9
1.98
16.1
8.7
26.3
2.07
17.5
2.12
42.1
2.57
294
560
533
599
465
397
1,022
491
474
750
634
174
Time to total deposits
Interest on time deposits to time deposits. ..
Number of banks
.
•
20.2
7.0
48.8
21.2
2.8
25.0
8.5
45.2
19.5
1.8
i 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
28.7
8.0
42.7
19.3
1.3
28.9
6.8
40.3
22.3
1.7
28.2
8.0
38.5
23.6
1.7
31.8
8.1
39.1
20.0
1.0
28.4
7.7
40.2
22.5
1.2
28.2
8.5
41.7
20.3
1.3
29.8
8.3
35.9
24.9
1.1
24.5
6.6
40.1
26.4
2.4
24.2
7.5
48.7
17.5
2.1
reserves; net recoveries is the reverse, Transfers to and from valuation
reserves are excluded.
717
MEMBER BANK EARNINGS, 1957
EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Net profits
Cash dividends declared
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
20.5
17.9
8.8
4.9
17.8
13.8
8.6
5.2
16.6
11.6
6.7
5.2
18.3
15.5
8.7
3.9
17.9
15.6
8.4
4.2
18.3
16.2
9.0
3.7
19.4
16.4
9.4
3.8
18.7
17.1
9.0
4.0
18.9
18.0
9.7
4.3
18.5
14.3
7.0
3.2
17.9
16.4
9.5
4.8
21A
18.2
9.7
5.8
Percentage of total assets:
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Earnings on loans
Service charges on deposit accounts
Other current earnings.
Total earnings
Interest on time deposits
Other current expenses
. ..
Total expenses
4.18
1.32
.63
Net losses including transfers . . .
Taxes on net income
,
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities.
Net losses (or recoveries and profits+) 1 2.
Return on loans:
Earnings on loans
Net losses (or recoveries + ) 1
Distribution of assets:
Percentage of total assets:
U. S.'Govt. securities
Other securities
Loans
Cash assets
. .
Other assets
Time to total deposits
Interest on time deposits to time deposits...
•
.
.
3.56
1.33
.62
3.64
1.30
.63
3.39
1.22
.59
3.38
1.49
.72
3.71
1.41
.72
3.25
1.41
.53
3.40
1.43
.76
4.20
1.37
.63
10.4
4.3
66.2
3.5
15.6
17.5
5.9
60.7
3.9
12.0
18.2
4.0
59.8
5.9
12.1
17.1
4.8
62.8
4.3
11.0
24.2
5.5
58.1
5.6
6.6
16.2
4.8
66.0
3.2
9.8
12.3
4.7
66.0
4.2
12.8
19.6
5.1
61.5
4.6
9.2
15.0
4.5
65.8
2.0
12.7
14.2
4.7
66.0
7.8
7.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
28.1
2.7
20.5
29.3
16.9
22.3
31.2
4.6
24.9
25.0
12.4
19.8
30.9
10.0
21.9
27.4
11.4
25.6
29.6
13.3
21.0
26.6
7.5
21.9
26.7
7.7
22.2
22.5
10.6
24.7
27.2
23.8
16.4
60.7
57.2
62.8
64.4
63.9
56.0
30.0
8.1
23.8
61.9
56.6
57.8
43.4
9.8
17.2
16.4
42.2
3.4
16.3
22.5
68.5
48 7
6.2
21.6
20.9
31 5
7.0
9.3
15.2
39.3
11.9
11.6
15.8
42.8
6.4
15.9
20.5
37.2
4.9
14.9
17.4
2 74
2.28
.95
2.60
2.57
.83
2.49
2.77
.48
2.56
2.77
.67
2.42
2.43
.21
4.89
.11
5.68
.08
5.16
.10
4.93
.05
5.21
.03
19.1
8.9
49.9
20.0
2.1
16.5
6.2
50.8
24.4
2.1
24.9
7.8
44.8
21.2
1.3
26.8
5.9
40.9
24.7
1.7
35.6
4.3
13.9
17.4
2.61
2.65
+ .0
5.49
.12
23.9
6.5
41.7
26.3
1.6
36.1
5.6
13.0
17.5
44.0
3.9
18.9
21.2
38.1
2.0
16.7
19.4
67.4
32.6
4.6
13.0
15.0
2.50
2.35
.19
2.49
2.73
.21
2.44
2.42
.24
2.50
2.36
.22
2.47
3.71
.14
2.55
2.65
.23
5.26
.02
4.93
.03
5.24
+ .01
5.14
.13
5.04
.04
5.62
.06
32.7
8.0
37.4
20.7
1.2
21.9
6.0
45.2
25.7
1.2
18.8
7.2
46.6
26.1
1.3
25.4
7.0
38.8
27.6
1.2
20.6
4.1
44.4
27.7
3.2
23.4
7.4
49.3
17.6
2.3
10.1
7.4
9.4
8.5
7.4
7.1
6.3
7.9
7.4
7.6
8.0
6.5
16 7
11.7
12 2
8.2
15.8
10.7
15.8
9.5
15.2
8.2
14.2
7.8
13.5
6.9
15.2
8.8
13.5
8.4
16.2
8.4
15.5
8.9
11.0
7.2
8.4
1.58
32.9
2.37
11.6
1.81
27.0
1.86
18.7
2.11
33.8
1.46
15.2
1.84
16.1
2.12
13.5
2.05
18.7
2.16
42.8
2.59
9
10
7
23
23
18.0
2.55
20
67
20
9
40
26
24
*1 Not including central reserve city banks.
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
3.64
1.56
.75
11.9
5.5
67.8
6.3
8.5
17.0
5.0
53.2
22.5
2.3
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets
3.96
1.56
.62
11.0
2.7
61.1
2.9
22.3
51.3
Net current earnings before income
taxes
Number of banks . . . .
4.26
2.08
.89
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation
reserves are excluded.
2
Ratios of less than .005 are shown as .0.
718
MEMBER BANK EARNINGS, 1957
EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
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. Govt. securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
16.1
12 1
7.2
4.1
15.9
11.3
7.1
3.9
13.6
10 4
6.5
3.6
16.0
13.0
7.9
3.1
16.3
13.8
8.1
3.4
17.7
14.0
8.6
3.1
17.4
13.5
8.6
3.1
16.2
13.4
8.6
3.0
19.5
16.1
9.7
4.5
16.8
13.4
8.7
3.3
16.4
12.2
7.8
3.3
4.20
1.36
.61
4.11
1.18
.53
3.82
1.28
.61
3.72
1.30
.64
3.89
1.34
.67
3.86
1.26
.61
3.71
1.17
.57
3.53
1.26
.67
4.08
1.35
.67
3.78
1.33
.68
3.67
1.25
.59
San
Francisco
20.3
17.4
9.8
4.4
4.58
1.33
.64
15.5
17.3
20.4
23.2
20.1
21.0
25.6
25.4
22.1
23.8
20.5
16.3
60.3
7.7
11.6
62.5
7.6
6.6
61.2
4.1
8.0
59.7
5.1
6.7
62.7
5.9
6.6
58.6
7.2
7.8
56.2
58.2
57.3
56.3
6.9
5.2
7.5
5.7
62.8
8.8
7.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
60.9
7.0
5.7
100.0
100.0
31.3
11.4
24.8
26.7
18.0
21.8
26.6
16.2
22.3
28.3
15.5
21.6
29.1
13.9
24.4
28.9
17.8
21.9
65.4
67.4
68.6
32.5
10.3
22.1
64.9
31.0
19.1
20.9
65.1
28.3
16.3
22.3
66.9
32.3
8.5
25.1
66.5
29.3
12.3
22.7
64.3
65.9
71.0
Total expenses
67.5
28.7
19.8
22.8
71.3
Net current earnings before income
taxes
32.5
28.7
33.5
34.9
34.6
32.6
31.4
35.7
33.1
35.1
34.1
29.0
8.1
99
14.5
8.3
7 5
12.9
7.8
9 8
15.9
6.5
11.2
17.2
5.3
12.0
17.3
6.8
10.0
15.8
7.0
9.0
15.4
6.2
10.5
19.0
5.9
10 8
16.4
7.0
10.0
18.1
8.8
9 1
16.2
4.1
10.9
14.0
Salaries and wages
Interest on time deposits
Other current expenses
Net losses including transfers
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U S Govt securities
Interest and dividends on other securities.
Net losses 1
Return on loans:
Earnings on
loans
Net losses1
2.54
2.23
.40
2.57
2.41
.36
2.53
2.39
.37
2.53
2.36
.23
2.54
2.41
.21
2.62
2.35
.18
2.55
2.21
,23
2.58
2.38
.17
2.73
2.53
.25
2.59
2.25
.15
2.64
2.38
.14
2.57
2.52
.IS
5.70
5.73
5.66
5.61
6.12
6.22
5.84
5.81
5.98
6.52
6.24
6.35
.14
.08
.07
.07
.07
.16
.07
.15
.09
.09
.30
.09
Distribution of assets:
Percentage of total assets:
U S. Govt. securities
Other securities
Loans
Cash assets
Other assets
25.6
9.3
44.5
18.8
1.8
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets . . . .
Total deposits
8.5
7.4
9.4
8.1
8.3
7.1
6.7
7.8
6.9
7.9
7.6
6.5
15 3
9.5
13 0
8.2
17 7
10.5
16 5
8.9
16.9
9.1
15.1
7.7
14.6
7.2
17.0
8.5
13.9
7.5
18 2
8.6
16.4
8.3
12.1
7.1
26.1
2.05
41.9
2.14
43.3
1.77
40.5
1.64
32.5
2.05
25.1
2.33
39.8
1.80
29.6
1.60
38.0
1.90
20.8
2.05
16.3
2.09
38.2
2.48
285
532
526
576
442
377
941
471
465
710
608
150
Time to total deposits
. ..
Interest on time deposits to time deposits. ..
Number of banks
27.7
10.4
44.8
15.3
1.8
30.9
10.1
41.3
16.1
1.6
1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
34.2
8.4
39.6
16.5
1.3
30.8
7.5
39.8
20.3
1.6
31.0
8.9
36.4
21.8
1.9
37.2
9.0
35.7
16.9
1.2
34.7
9.3
35.4
19.4
1.2
33.1
9.2
39.0
17.3
1.4
34.6
9.8
32.6
22.0
1.0
28.5
9.1*
35.8
25.1
1.5
29.1
7.7
45.2
16.8
1.2
and profits credited to net profits plus recoveries credited to valuation
reserves. Transfers to and from valuation reserves are excluded.
719
BANK EARNINGS, 1957
EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1954-57
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System
All insured commercial banks *
Item
1954
Earnings
Interest and dividends on securities:.
U. S Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department. .
Other current earnings
...
Expenses
Salaries—officers .
Salaries and wages—others . . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money. .
Taxes other than income
Recurring depreciation..
Other current expenses
Net current earnings before income taxes
Recoveries, transfers from reserves, and profits. . .
On securities:
Recoveries . . . .
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs . . . .
Transfers to reserves
All other
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock2
On common stock
Memoranda items:
Recoveries credited to reserves (not included
in recoveries above):
On securities
On l o a n s . . . .
Losses charged to reserves (not included in
losses above):
On securities .
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
1955
1956
1957
1954
1955
1956
1957
5 ,773,787
6 ,377,705
7,231,921
8,050,416
948,458 1 ,035,960 1 ,154,684 1 ,280,472
1 272 731
1 333 690
1 342 842
370,045
4,339,866
73,562
385,927
168,497
322,117
229,068
1 442 379
412,497
4,879,676
83,815
440,892
186,815
354,520
249,828
206 658
52 083
544,082
8,474
59,540
41,664
10 603
25,355
215 895
55 504
604,089
9,690
65 951
45,260
14 886
24,685
242 577
62 275
677,862
10,888
75 762
46,923
13 043
25,356
274 952
73 124
744,120
12,017
86 705
50,265
14 329
24,965
39,563
678 237
23,093
176,840
108 306
1 ,038,228
4,457,198
720,866
1,372,262
42,614
805,857
45,392
187,526
128,085
1,154,600
5,119,182
773,769
1,493,778
45,396
1,141,715
49,538
205,903
146,262
1,262,823
640,177
144,077
155 260
11,662
125 056
26,306
19 099
158,146
695,736
154,506
170 161
12,380
135 533
1 151
27,872
21 473
172,661
778,055
167,671
190 430
13,459
156 635
1 599
30,318
25 238
192,710
897,652
181,498
208 973
14,546
215 034
1 663
33,751
29 202
212,987
2 ,135,700
2 ,417,533
2,774,724
2,931,235
308,281
340,225
376,630
382,821
631,496
239,598
250,171
198,413
79,533
27,094
24,365
28,480
14 912
60,555
416,520
20 586
39,930
57,085
14 090
41,001
31,151
9 295
20,751
64,368
3 703
17 413
41,915
2 270
2 383
6,418
1 512
1 256
3 625
1 105
1 406
7,207
34,014
57.965
47,530
27,379
50,899
43 722
20,762
77,606
65,563
21,183
39,757
43 063
6,664
3.407
6 931
6,640
3,171
6 214
6 453
4,327
7 193
7,149
2.909
8 707
552,606
707,155
993,534
757,432
73,346
93,200
113,710
102,380
66 670
126,173
221 232
67,276
317,381
101,830
237 480
84,996
8 122
7 316
25 741
4 190
40 810
4 829
30 579
6 727
29,269
222,998
107 497
28,159
303,600
86 886
32,018
452,940
89 369
25,636
321,870
87 452
11 498
26,858
19 553
10 316
37,968
14 984
10 167
45,396
12 511
9 962
40,983
14 131
2 ,214,591
1 ,949,976
2,031,360
2,372,217
314,469
274,118
287,283
308,921
907,560
862 065
45,495
793,737
753 883
39,855
814,636
769,843
44,793
998,397
947,998
50,401
103,378
99 385
3 993
102,974
98 528
4,446
96,952
92 641
4 311
103,886
99 323
4,565
1 ,307,032
1 ,156,240
1,216,725
1,373,821
211,091
171,146
190,332
205,036
516,977
2,912
514,066
566,124
2,581
563,543
616,890
2,389
614,501
678,101
2,234
675,867
60,862
882
59 980
65,214
851
64,363
69,979
797
69 182
74,354
749
73,605
3,154
40 384
3,146
39 794
3,332
42 717
2,646
50 824
5 702
427
147
6 205
7 274
7 151
15 841
89,495
68 140
88,417
95 505
123,529
74 529
117,937
594
14,749
2 638
12,748
2 675
14,993
3 135
17,326
68 ,148,039
64 ,372 065
209 165
42 ,976,798
633 547
75 ,800,688
63 ,808,049
16 294 075
43 ,510,745
o 918 119
86,291,628
58,257,149
16 179 498
45,728,691
3,255,814
324,823
3 ,205,894
57,550
311,806
144,140
246,223
210,621
,638,087
622,862
1 ,139,013
37,197
618 341
8,556
166,452
94 720
950,945
351,041
3 ,625,528
71,048
339,975
155,004
281,841
219,579
,960,173
666,152
1 ,229,756
571
218
547
91,493,989 9 ,752,818 10 ,627,054
,701,999 12 ,361,621
,137,424 10 .103 450 10 ,422,551
57,238,574 9 ,876,648 10
16 725 206
385 813 o ,578 832
056 686
762 758
45,474,318 4 ,919,537 4 ,916,121 5 ,111,725 5 ,169,492
3,858,353
405,218
287 041
317,900
357 596
ooo 331 676 209 712,780 214,790 440 Of 221,857
78 ,577 331 30 037 528 31 ,415,568
Total assets
193 339 614
Time deposits.
Total deposits
Total capital accounts
46 ,842,306 49 ,311,341 51,096,090 54,969,887 8 ,846,025 9 ,267,152 9 ,701,782 10 ,523,431
176 865 497 184 734,232 190,786,522 193,993,484 74 ,998,746 76 ,198,434 77 ,461,076 78 ,640,531
13 ,761,339 14 ,631,680 15,553,298 16,554,663 2 ,018,722 2 ,149,634 2 ,312,174 2 ,468,571
Number of officers
Number of employees
Number of banks
82,167
386,625
84,931
408,791
88,462
433,563
91,597
452,218
25,642
62,702
26,323
66,638
27,153
69,949
28,203
73,927
13,323
13,237
13,218
13,165
6,667
6,698
6,760
6,776
1
Excludes three mutual savings banks and starting in 1955 a noninsured nondeposit trust company; these are State member banks of the
Federal Reserve System and are included in member banks figures on
preceding
pages.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages
of the amounts reported for call dates at the beginning, middle, and end
of each year. The number of officers, employees, and banks are as of the
end of each year.
720
MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1957
[Average of individual ratios, expressed as percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—total deposits
(in thousands of dollars)
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
AJ1
groups
14.6
11.7
7.9
3.1
3.74
1.19
.65
1,000
and
under
10.2
8.9
6.7
2.7
3.88
1.19
.78
1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over Under
2,000 5,000 10,000 25,000 50,000 100,000 100,000 25
25-50
50
and
over
15.5
12.5
8.4
3.4
15.0
11.9
7.9
3.0
12.5
10.1
6.9
2.7
11.9
10.1
7.3
2.8
3.72
1.17
.73
13.6
11.1
7.8
3.0
3.68
1.17
.68
15.4
12.0
8.0
3.2
3.74
1.19
.62
16.8
13.0
8.2
3.2
3.81
1.19
.58
100.0
100.0
100.0
100.0
100.0
100.0
29.2
16.9
22.0
29.1
16.9
22.7
29.3
16.3
23.3
29.1
13.9
23.6
28.1
11.9
22.0
33.9
6.1
23.7
29.7
17.3
22.3
25.6
27.3
19.8
67.8
68.1
68.7
68.9
66.6
62.0
63.7
69.3
72.7
31.7
32.2
31.9
31.3
31.1
33.4
38.0
36.3
30.7
27.3
3.4
1.0
3.8
1.8
100.0
100.0
100.0
100.0
100.0
30.4
15.3
22.3
36.6
9.5
23.5
32.7
13.2
22.4
30.5
15.5
21.8
Total e x p e n s e s . . . .
68.0
69.6
68.3
Net current earnings before income
taxes
32.0
30.4
3.9
2.0
2.3
.8
Return on loans:
Earnings on loans
Net lossesi
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
Total deposits
Time to total deposits 2
Interest on time deposits . . .
Trust department earnings to total earnings 2
Number of banks 3
For notes see second succeeding page.
2.5
A
17.7
2.6
Q Q
20.3
3.81
1.04
.59
23.7
6.2
61.5
4.5
41
23.0
6.2
57.3
7.3
62
Net profits
3.82
1.17
.62
24.1
5.9
58.3
6.3
54
24.3
6.6
57.9
6.6
46
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities. .
Interest and dividends on other securities..
Net losses 1 ....
3.60
1.30
.72
25.2
6.0
56.9
6.5
54
25.7
6.3
58.2
5.6
Q
3.71
1.39
.64
17.9
4.7
61.5
4.7
11 2
26.1
5.1
59.4
5.0
Net lossesi
Net increase in valuation reserves
3.80
1.25
.57
19.4
16.2
9.0
4.3
20.4
5.4
58.9
6.4
89
23.5
4.4
62 7
5.0
Salaries and wages
Interest on time deposits
Other current expenses....
3.80
1.18
.53
18.6
14.3
8.4
3.7
22.1
5.7
57.6
7.1
75
100.0
24.4
6.0
58 4
6.0
Earnings on loans . . . .
Service charges on deposit accounts
17.9
13.6
8.0
3.4
19.7
18.9
16.7
15.4
2.8
inn
14.0
3.2
2.5
I D $2
14 "\
15.2
17.7
2.0
o s
20.3
3.9
2.1
3.1
1.9
o 9
f. Q
16.5
15.4
2.62
2.60
18
2.73
3.22
01
2.67
2.92
.09
2.65
2.59
.15
2.60
2.46
.24
2.56
2.42
.24
2.53
2.45
.27
2.51
2.59
.24
2.50
2.67
.32
2.65
2.64
.16
2.60
2.57
.20
2.61
2.59
.19
6.16
.12
6.90
.22
6.46
.21
6.24
.11
6.14
.11
5.96
.10
5.71
.07
5.64
.09
5.30
.07
6.38
.17
6.11
.11
5.86
.06
33.2
89
36 2
20 5
1.0
31.7
6.1
36 3
25.1
.7
34.9
7.2
34 9
22.2
.8
34.2
9.2
35 1
20.4
1.0
33.3
10.1
35 8
19.5
1.1
32.6
9.8
37 2
19.0
1.2
31.8
8.8
38.5
19.3
1.3
29.7
8.3
39.7
20.7
1.2
25.5
6.7
43.2
22.9
1.1
32.6
8.7
33.0
24.6
.9
33.6
8.9
36.9
19.3
1.1
33.3
9.4
40.4
15.9
1.0
8.6
12.1
10.2
9.0
8.0
7.4
6.8
6.9
7.3
8.9
8.3
8.8
19.8
9.6
30.2
13.9
25.4
11.5
21.3
10.0
17.8
8.8
15.9
8.1
14.4
7.5
14.2
7.5
14.4
8.1
22.3
9.9
17.9
9.8
32.9
1.88
3.0
21.9
1.77
.3
29.5
1.82
1.1
33.3
1.85
1.6
35.8
1.90
1.9
36.5
1.89
2.9
33.8
1.96
3.3
28.9
1.96
4.3
24.0
2.03
6.0
13.0
1.78
3.7
18.7
9.2
37.3
1.92
2.9
241
917
961
337
193
216
6,353
2,143
1,345
2,298
2,750
58.7
1.94
1.9
1,305
721
MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1957
[Averages of individual ratios, expressed as percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups
Item
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 2,000- 5,000- Over
and
and
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
Earnings on loans
.
14.6
11.7
7.9
3.1
3.74
1.19
.65
12.2
10.3
7.6
3.1
3.69
1.27
.79
14.8
12.0
8.6
3.4
3.52
1.28
.75
Distribution of assets:
Percentage of total assets:
Other securities... .
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets.
Total assets less Government securities and cash
assets
Total deposits
Time to total deposits .
Interest on time deposits 2
Trust department earnings to total earnings 2
Number of banks-'
For notes see following page.
3.83
1.12
.70
26.2
27.2
24.8
19.2
25.1
58.4
6.0
5.2
59.1
5.8
4.1
55.3
6.5
4.2
55.4
7.8
5.5
100.0
32.4
7.4
23.9
63.7
36.3
5.1
60.2
5.5
10.3
60.2
4.7
4.9
6.0
4.8
6.8
100.0 100.0 100.0
30.4 37.2 34.7
5.6
15.3 4.6
23.9 23.1
22.3
Total expenses
65.7 63.4
68.0
Net current earnings before income taxes . .
34.3 36.6
32.0
4.7
Net losses 1
3.8
39
1.7
.9
Net increase in valuation reserves
2.0
Taxes on net income .
. . .
8 4 7 9 8.5
Net profits
17.7 21.7 21.7
Return on loans:
Earnings on loans
Net losses*
3.62 3.58
1.30 1.37
.66 .63
11.2
9.6
6.9
2.4
24.4
Salaries and wages
Interest on time deposits
Rates of return on securities and loans:
Return on securities:
Interest on U S Government securities..
Interest and dividends on other securities....
Net losses *
17.4 19.2
13.4 15.8
8.7 8.7
3.3 3.9
6.5
4.8
5.1
100.0 100.0
29.2 31.6
8.1 16.7
24.0
22.3
61.3
70.6
38.7
29.4
3.9
21.08
2.8
2.8
9.8 14 2
70
18.6 17.8 18.6
13.4
10.9
7.7
2.8
3.76
1.15
.66
16.3 18.3
12.7 14.0
8.2 8.2
3.2 3.6
3.83 3.89
1.19 1.21
.60 .55
10.4
9.2
6.6
2.2
3.81
1.04
.66
11.9
9.8
6.9
2.6
3.79
1.05
.61
13.4
10.5
7.0
3.0
16.8
12.2
7.7
3.5
3.80 4.01
1.05 1.02
.48
.55
23.7 21.2 24.8 24.4 22.7 22.1
6.6
5.5
5.9
6.9
6.2
5.2
6.0
58.7 57.4 58.2 62.5 62.0 61.0 58.7
4.0
7.0
5.0
7.2 6.7
3.5
5.7
5.6
3.7
4.4
5.5 8.4
4.0
4.3
100.0 100.0 100.0 100.0 100.0 100.0 100.0
29.8 29.2 29.1 26.8 25.3 25.1 26.7
17.6 17.3 17.1 26.4 27.5 27.5 27.2
19.8 19.5 20.0 20.6
21.9
22.4 22.7
73.0 72.3 72.6 74.5
69.3
68.9 68.9
27.0 27.7 27.4 25.5
30.7
31.1 31.1
2.9
1.9
4.1
3.4
3.6
4 5 4.2
1.7
2.8
2.9
2.3
2.5
1.9
1.1
6.8
7.0
7 5 8 4 10.0 6 8 6.9
17.9 15.7 14.0 17.2 16.2 14.5 11.8
25.3
2.62
2.60
2.72
3.04
2.68
2.54
2.61 2.52
2.43 2.60
.20
.24
2.66
2.92
2.64
2.62
2.57 2.51
2.44 2.51
2.64
2.93
2.62
2.61
2.59
2.44
.25
2.56
2.54
.30
6.16
6.83
6.48
6.31
5.43
6.44
6.21
6.06 . 5.67
6.02
5.90
5.78
5.76
.18
.12
.08
.25
.15
.15
34.2
.18
.08
32.6 26.4
9.9
68
32 5 39 9
23.7 25.1
33.2
89
36 2
20.5
33.9
67
32 7
26.0
8.6
19.8
9.6
32.9
1.88
3.0
6,353
8.9
7.8 7.3
10.8
28 8 22.9 18.8 15.5
12.2 9.9
8.5 8.1
10.4 11.9 15.5 15.9
1.70 1.73 1.83 1.94
1.5
1.5
2.7 5.2
1.0
.6
575
9.8
30.8
24.1
.9
787
1.1
622
1.2
314
.05
.22
34.5
73
36 4
20.9
.9
.15
.11
34.3
88
36 1
19.6
1.1
.25
.09
.31
.08
33.5 31.5
9 7 8.6
36 6 40.1
18.8 18.1
1.2
1.3
10.5
7.6 6.8
8.9
25 0 21.0 16 5 13.8
11.9 9.9
8.3 7.5
37.1 37.9 37.4 36.3
1.91 1.91 1.90 1.98
1.8
2.5 4.1
.6
371
854 1,171
354
.07
.09
34.4
72
40.0
11A
.8
.16
.07
33.9
0 0
40.2
16.0
1.0
.05
32.4
10.7
40.5
15.3
1.1
.07
32.1
10.3
41.4
14.6
1.2
6.3
10.2 9.2
8.1
22.2 19.2 15.9 12.0
11.5 10.2 9.0
6.8
59.4 59.3 58.2 55.4
1.87 1.92 1.95 2.13
.3
2.3
1.2
2.0
212
502
513
78
722
MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1957
[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
Boston
New PhilaRich- Atdel- Cleveland mond lanta
York phia
Chicago
MinSt.
Louis neapolis
San
Kansas Dallas Francisco
City
13.4
10.1
12 7
11 6
9.8
9.2
6.5
3.1
6 6
2 9
6 3
2 7
3 74
1 19
4.11
1 25
3.92
1 05
.65
.61
.55
14 6
11.7
7 9
3 1
24 4
6.0
58.4
6 0
5.2
17.8
20 4
14.1
11.6
7 6
14.2
12.1
7 7
15.7
12.5
8 4
15.5
12.0
8 2
14.9
12.4
8 6
17 5
14.3
9 2
15.1
12.4
8 6
2.8
3.0
3.0
2.9
3.0
3.9
3.71
1 14
3.63
1 22
3.79
1 22
3.88
1 16
3.48
1 11
3.37
1 19
.63
.67
.67
.63
.60
.70
23 1
25.0
22.3
22.5
29.4
29.4
14.9
11.4
16.6
13.9
3.4
8.0
3.4
8.4
3.6
3.99
1 27
3.75
1 30
3.73
1.24
4.36
1.16
.68
.74
.67
.59
24.5
25.1
22.2
20.7
4.7
6.9
6.7
5.7
5.1
6.2
5.6
6.3
6.6
6.0
6.2
4.5
60.5
60.8
60.0
62.9
59.4
53.9
55.8
54.6
56.9
61.1
58.8
9.6
7.3
62.0
3 5
4.7
4.7
4.9
6.6
6.0
4.0
6.5
7.3
6.0
9.1
4.6
4.8
5.3
5.1
4.5
7.8
4.7
4.5
6.9
7.4
4.6
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
Total earnings
Salaries and wages
.
Interest on time deposits
Other current expenses
30.4
15.3
22.3
31.5
12.5
25.6
28.9
22.6
21.8
25.6
22.3
21.4
26.7
17.7
22.0
27.7
18.7
21.3
30.2
16.1
23.6
30.7
15.7
21.4
30.5
11.1
23.0
30.0
16.9
21.4
8.8
6.4
21.6
24.9
31.5
21.6
19.8
Total expenses
68.0
69.6
73.3
69.3
66.4
67.7
69.9
67.8
64.6
68.3
65.1
66.4
72.9
Net current earnings before income taxes. . 32.0
30.4
26.7
30.7
33.6
32.3
30.1
32.2
35.4
31.7
34.9
33.6
27.1
5.0
3 7
4 4
3 3
2.9
3.2
4.2
4.0
3.8
3.9
5.3
2.2
2.1
8.3
2.2
6.6
1.6
7.8
2.2
9.5
1.7
9.8
2.4
7.9
2.5
8.0
1.5
9.1
1.9
8.9
1.8
9.0
2.1
7.7
1.8
9.0
16.9
18.6
17.9
16.6
17.5
20.8
17.1
20.2
18.5
14.1
Net losses1
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 1 ...
Return on loans:
Earnings on loans
Net losses1
....
.
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
... .
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits
Time to total deposits
Interest on time deposits 2
Trust department earnings to total earnings 2
Number of banks 3
3 9
2 0
8.4
17.7
15.0
14.2
35.1
2.62
2 60
2.54
2.54
2.57
2 44
2.56
2 80
2.59
2 69
2.58
2 60
2.64
2.66
2.55
2.48
2.62
2.65
2.78
2.60
2.61
2.56
2.76
2.68
2.67
2.70
.18
.32
.25
.26
.22
.16
.11
.19
.14
.20
.14
.09
.11
6 16
6.01
5 78
5 79
5 72
6.31
6.68
5.69
6.02
6.06
6.79
6.93
6.52
.12
.14
.08
.10
.08
.07
.15
.08
.08
.08
.13
.36
.13
31.4
38.3
36.4
34.3
34.3
28.7
31.4
27.7
29.9
10.8
41 7
16.1
7.6
9.4
8.4
8.6
9.2
9.2
7.3
40 2
16.7
8.2
41 9
20.9
38 6
18.2
38 3
21.2
34.8
22.8
33.4
19.0
31.9
22.2
36.5
18.2
32.2
23.5
33.7
27.1
39.7
20.2
1.0
1.4
1.2
1.1
1.1
1.3
1.4
.8
.8
.9
.7
1.2
1.3
8.0
32.5
31.4
33.2
8 9
36 2
20.5
9.4
33.8
9.9
8.6
9.8
8.7
10.2
9.0
8.9
7.9
7.5
8.5
7.7
9.0
8.8
7.3
19.8
9.6
19.9
11.1
16.8
9.7
21.0
11.6
20.0
10.1
19.6
9.9
18.1
8.8
19.0
8.2
23.0
9.4
17.1
8.5
22.8
10.0
21.1
9.7
16.0
17.8
1.90
12.1 39.2
2.11 2.51
32.9 28.7 45.8 50.2 42.6 37.1 27.9 36.1 24.9 39.5
1.57 1.88
1.60 2.05 2.36 1.59
1 88 1.79 2.10 1.80
8.0
3.0
4.7
2.9
3.3
3.6
2.9
2.6
2.7
2.2
2.3
2.5
1.8
4.0
6,353
292
559
530
596
464
387
1,015
491
472
748
627
172
and proms ucuncu IU uci (.uuius pj.ua ictuvcncs wcu
reserves.
Transfers to and from reserves are excluded.
2
Banks with no time deposits, or no trust department earnings, as ths
case
may be, were excluded in computing this average.
3
The ratios for 40 member banks in operation at the end of 1957 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 shown on pp. 715-718.
of this BULLETIN. 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
on the aggregate dollar amounts. Averages of individual ratios are
34.7
useful primarily to those interested in studying the financial results of
operations of individual banks, while ratios based on aggregates show
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 1957. Balancesheet figures used in the compilations were obtained by averaging the
amounts shown in each bank's official condition reports submitted for
December 31, 1956 and June 6 and October 11, 1957 (and March 14
and December 31, 1957, 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 (202 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
724
Gold production.
728
Net gold purchases and gold stock of the United States
729
Reported gold reserves of central banks and governments
730
Estimated foreign gold reserves and dollar holdings.
731
International Bank and Monetary Fund
732
Central banks
732
Money rates in foreign countries.
737
Foreign exchange rates.
738
Index to statistical tables
751
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
723
724
INTTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
International
institutions 2
Date
Total foreign
countries
Official
and
private
Official
France
Germany,
Fed.
Rep.
of
Italy
Switz- United Other
erKing- Europe
land
dom
Total
Europe
Latin
Canada America
All
other
Asia
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1,770
,881
,452
11,149
11,720
13,487
6,770
6,953
8,045
715
1,081
626
1,373
1,454
1,835
579
785
930
672
757
836
640
550
1,012
1.642
1,519
1,627
5,621
6,147
6,865
1.536
1,032
1,516
1,906
2,000
2,346
1,821
2,181
2,415
265
360
346
1957_Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30....
31....
30
31....
31....
30....
31....
30....
31....
1,358
1,700
,573
1,545
,635
1,512
1,517
,538
1,517
13,093
13,121
13,282
13,265
13,267
"13,332
13,753
13,605
13,616
47,808
7,810
7,941
7,808
7,627
'7,647
7,934
7,816
7,905
420
367
403
514
450
411
398
352
354
1,728
1,732
,690
,559
,577
1,664
,573
,567
,557
909
937
959
979
1,009
r 1,030
1,056
1,021
1,079
742
775
809
778
769
802
857
865
964
903
926
969
1,008
944
807
1,161
1,199
1,275
1,804
1,764
1,793
1,725
1,754
1,855
1,948
1,972
1,910
6,507
6,502
6,623
6,563
6,502
'6,570
6,993
6,976
7,139
1,521
1,619
1,591
1,659
1,724
r 1,650
1,739
1,735
1,623
2,509
2,549
2,687
2,673
2,683
2,723
2,672
2,593
2,563
2,160
2,053
,990
,986
,981
>,015
r ,979
,946
,940
396
398
391
384
377
373
'370
356
351
1958—Jan.
Feb.
Mar.
Apr.
31*...
28"...
31*...
30*...
,619
1,467
1.377
1)373
13,684
13,763
13,765
13,647
7,998
8,073
7,978
7,907
331
285
301
317
,520
,494
,508
1,549
1,083
1,078
1,066
1,129
940
932
918
895
1,330
1,244
1,260
1,017
2,036
2,225
2,263
2,211
7,240
7,258
7,317
7,118
1,597
1,662
1,627
1,662
2,516
2,495
2,468
2,537
1,950
1,993
1,988
1,987
382
355
365
343
Table la.
Other Europe
Neth- NorFinerway
land Greece lands
Portugal
Other
Europe
Austria
Belgium
Denmark
1954_Dec. 31
1955 Dec 31
1956—Dec. 31
1,642
1,519
1,627
273
261
296
100
108
117
71
60
65
41
49
53
113
176
177
249
164
134
103
82
67
91
132
137
8
8
1
71
104
43
141
153
217
8
9
20
9
13
17
363
201
281
1957_Apr.
May
June
July
Aug
Sept.
Oct
Nov.
Dec.
30
31
30
31
31
30
31
30
31
1,804
1,764
1,793
1,725
1,754
1,855
1,948
1,972
1,910
298
298
302
315
328
337
345
347
349
142
120
119
120
123
132
137
131
130
71
65
61
97
101
102
97
100
112
60
59
59
61
55
62
68
66
64
181
175
166
156
143
139
144
146
154
110
111
110
98
115
172
186
218
203
73
75
87
85
87
94
97
95
93
117
120
120
115
116
124
129
127
142
1
1
1
1
1
1
1
1
1
28
25
25
25
24
24
30
26
24
245
253
268
278
272
273
260
270
260
20
12
14
12
16
12
19
16
18
11
12
11
9
11
12
9
11
11
446
439
449
351
362
371
425
418
348
1958 Jan.
Feb.
Mar
Apr
31*
28*
31*
30*
2,036
2,225
2,263
2,211
372
351
355
353
113
133
110
118
126
124
131
142
64
65
61
59
154
156
154
142
240
347
323
295
117
122
107
108
137
144
155
157
1
1
1
1
22
24
28
27
264
266
258
257
16
12
13
12
7
7
7
5
403
473
558
534
NetherDolands Panminican Guate- Mex- West ama,
ReReico Indies pubmala
and
pubSuri- lic of
lic
nam
Peru
El
Salvador
Uruguay
Date
Rumania Spain
Sweden
Tur- Yugo- All
key slavia other
Table lb. Latin America
Date
Latin
BoAmer- Argenlivia
tina
ica
Brazil Chile
Colombia
Cuba
Other
Vene- Latin
zuela America
1954_Dec. 31
1955—Dec. 31
1956—Dec. 31
1,906
2,000
2,346
160
138
146
29
26
29
120
143
225
70
95
91
222
131
153
237
253
211
60
65
68
35
45
64
329
414
433
49
47
69
74
86
109
83
92
84
30
24
25
90
65
73
194
265
455
124
112
111
1957_Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
2,509
2,549
2,687
2,673
2,683
2,723
'2,672
2,593
2,563
211
185
164
142
135
147
160
151
137
26
25
24
27
28
28
24
24
26
216
184
143
127
133
133
145
149
132
86
79
88
73
78
77
76
76
75
203
206
205
213
195
186
202
175
153
226
241
257
274
285
280
'236
235
235
85
82
87
94
67
59
57
58
54
77
72
70
67
65
60
60
62
65
393
375
339
352
393
371
367
360
375
68
68
64
74
71
75
75
72
73
116
118
135
129
132
129
140
133
136
75
77
75
73
72
61
64
62
60
39
43
50
46
39
34
26
22
27
70
66
65
60
56
60
55
55
55
479
588
781
788
798
896
858
835
835
139
139
138
133
136
129
126
124
124
1958—Jan.
Feb.
Mar.
Apr.
31*
28*
31*
30*
2,516
2,495
2,468
2,537
138
137
144
139
23
25
23
22
120
118
116
120
78
72
77
78
148
140
135
125
240
239
244
266
51
49
48
50
68
69
66
62
386
370
364
365
71
69
66
66
123
141
144
137
56
66
62
62
32
32
31
37
72
85
86
81
773
749
709
770
136
135
152
155
* Preliminary.
r
Revised.
For other notes see following page.
725
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued
[Amounts outstanding, in millions of dollars]
Table lc.
Asia and All Other
All other
Asia
Date
Total
Hong India
Kong
Korea, PhilReTaiipIsrael Japan pubwan
lic pines
of
Indo- Iran
nesia
Union
BelThai- Other Total Aus- gian
Egypts of Other
land
South
tralia Congo
Africa
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,821
2,181
2,415
61
55
66
87
73
76
100
174
186
31
37
20
41
53
45
721
893
1,017
96
88
99
257
252
272
34
39
61
123
138
148
270
380
425
265
360
346
48
75
84
44
42
44
47
72
50
33
53
53
1957—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
2,160
2,053
1,990
1,986
1,981
2,015
'1,979
1,946
1,940
58
56
59
65
66
72
72
71
70
77
78
76
79
78
82
88
89
82
129
126
128
139
167
179
190
187
151
33
29
35
31
30
49
43
42
55
30
40
36
46
41
53
47
46
52
835
728
626
605
586
570
564
555
580
106
106
107
106
106
106
110
112
117
227
218
217
206
217
215
195
174
175
75
75
79
79
78
76
83
85
86
165
166
167
167
170
163
162
159
157
425
432
461
463
443
450
'425
426
417
396
398
391
384
377
373
'370
356
351
85
88
75
80
78
81
85
84
85
42
41
40
42
41
39
41
42
39
61
59
58
57
53
54
50
45
40
56 152
58 153
60 158
51 153
49 156
47 152
45 '149
39 146
38 149
1958—Jan.
Feb.
Mar.
Apr.
3 1 * \ . . . 1,950
2 8 * . . . . 1,993
3 1 * \ . . . 1,988
30P
1,987
65
66
68
66
78
77
79
75
138
132
89
86
55
44
52
47
49
50
48
52
594
649
698
732
118
121
121
122
184
189
188
169
87
88
92
92
156
159
157
145
426
419
396
403
382
355
365
343
82
80
82
77
41
39
46
54
42
41
42
41
59
36
38
21
Table Id
End of year
1954
1955
1956
1957
Other Europe:
Albania
British dependencies
Bulgaria
.2
.6
.6
.4
.4
.7
.3
.4
.2
.1
.3
n.a.
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland 7
Trieste
U. S. S. R.7
1.2
1 9
1.0
8 9
14.3
1 0
.5
4.5
5.3
2 1
2.2
1.8
1.3
1 8
1.0
4 8
13.7
1 0
.3
3.1
5.6
2 5
1.4
.7
1.2
1 9
8
3 1
9.1
6
.4
13.2
4.3
3 3
1.4
.8
n.a.
1 7
.7
2 9
n.a.
5
.5
16.4
5.4
3 2
1.2
.7
Other Latin America:
British dependencies
19.0
Costa Rica
15 3
Ecuador
21 2
.4
French West Indies and French Guiana...
Haiti
12.7
17.3
Nicaragua
10.3
Paraguay
3 6
16 6
17 6
14 9
.6
12.1
9.7
12.8
3 6
24 1
14 6
18 0
1 0
8.9
10.2
11.8
4 0
24 0
16 4
22 7
.8
11.2
12.6
12.7
5 1
4.1
.5
5.3
1 7
Other Asia:
Afghanistan
Bahrein Islands
5.1
.6
Area or country
Other Asia (Cont.):
British dependencies
Burma
Cambodia
China Mainland i
Iraq . . .
Jordan
Kuwait
Laos
Lebanon
Pakistan
. . . .
Portuguese dependencies
Ryukyu Islands
Saudi5 Arabia
Syria
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya .
Morocco:
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
4.7
Spanish dependencies
Sudan
n.a.
Tunisia
r
P Preliminary.
Revised.
n.a. Not available.
1 Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under
Other Europe.
3
Represents funds held with banks and bankers in the United States
(and in accounts with the U.S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
157
158
156
150
Supplementary Areas and Countries 6
End of year
Area or country
94
119
114
1954
1955
1956
1957
9.8
29.7
.2
18.8
35.7
10 0
.8
10 7
.1
16 5
3.8
1.8
26.9
61 5
21.5
8.1
9.8
19.1
13.1
32.9
36.2
14 7
1 2
3 5
23.1
18 0
5.7
2.0
34.0
79 5
13.1
62.3
8.8
7.0
17.2
41.2
35.5
16 9
2.0
5 3
37.3
22 3
20.2
2.7
30.6
97 4
17.1
50.1
8.0
n.a.
20.0
36.3
19.6
1.6
5 9
n.a.
28 2
12.8
3.1
n.a.
na
3.5
n.a.
1 4
18 0
8 7
5.6
1.7
2 4
23 7
8 0
13.1
9.9
3.8
24 2
10 5
23.7
3.7
2.3
35 1
10 7
n.a.
6.7
7.6
35 7
2.3
8.3
.5
n.a.
.4
14.8
33 5
1.9
5.3
.7
n.a
.7
13.6
22 4
2.2
2.8
.3
.4
.5
32.2
19 2
1.9
4.4
.7
n.a.
n.a.
4
Beginning Apr. 30, data include certain accounts previously classified
as "private."
5 Part of United Arab Republic since February 1958.
6 These data are based on reports by banks in the Second (New York)
Federal Reserve District and include funds held in an account with the
U. S. Treasury. They represent a partial breakdown of the amounts
shown in the "other" categories in tables la-lc.
t Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-45.
726
DVTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Total
1954—Dec. 31.
1955—Dec. 31.
1956—Dec. 31.
1957—Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1958—Jan. 31*
Feb. 28?
Mar. 3 1P,
GerFrance many,
Fed.
Rep. of
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
.
31
30
31
30 .
31
31
30 . . .
31
30
31
1958_Jan. 31 p*>
Feb 28
Mar. 31 P
Switz- United
erKing- Other Total
dom Europe Europe
land
Canada
Latin
America
Asia
All
other
728
706
840
143
233
337
37
43
43
898
918
1,387
1,549
1,946
14
12
18
70
88
157
20
30
43
16
26
29
173
109
104
109
158
216
402
423
568
76
144
157
2,150
'2,140
'2,173
2,201
'2,134
'2,155
'2,151
r
2,247
2,196
2,229
26
60
72
82
96
113
113
106
108
114
177
177
174
159
150
149
150
138
136
140
59
58
61
60
59
55
54
54
54
58
26
27
27
28
31
33
32
35
37
34
160
151
176
159
123
115
110
124
111
109
219
208
188
197
189
192
209
203
207
218
667
680
699
686
646
657
668
661
653
674
161
108
114
125
125
120
111
177
147
154
»-888
'893
'895
*"930
'931
'953
959
965
375
392
426
451
421
396
389
407
387
386
49
41
46
46
46
52
52
48
49
50
2,287
2,246
2,284
110
98
104
136
126
130
53
53
53
31
30
27
110
107
95
235
233
264
675
646
673
149
154
186
1,018
996
998
400
406
383
45
44
44
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
4
5
8
4
7
13
41
78
88
11
10
11
12
12
19
24
10
10
11
14
14
14
14
13
9
9
9
11
10
83
79
67
75
63
68
72
81
77
76
22
26
39
11
11
13
77
71
75
Table 2a.
Date
Italy
r
Other Europe
Other AusEurope tria
Belgium
Denmark
Finland
109
158
216
(2)
10
13
12
3
3
4
3
4
4
16
11
21
2
9
23
(2)
7
20
16
28
219
208
188
197
189
192
209
203
207
218
8
8
6
5
4
6
7
7
6
6
34
29
28
25
23
25
25
24
25
33
11
9
8
8
7
7
6
9
9
11
3
3
4
3
4
4
3
4
5
4
5
5
4
4
6
6
7
7
6
6
20
23
19
23
27
21
24
22
24
24
235
233
264
7
9
9
36
35
33
9
9
8
4
3
6
5
6
7
28
27
34
18
17
16
16
17
17
18
16
19
23
23
25
26
2
2
1
2
1
1
1
1
1
2
2
2
2
Greece
2
1
2
5
7
7
2
(2)
2
2
2
2
2
(2)
8
9
10
9
9
9
11
13
11
10
t
()
9
8
12
(2)
(2)
2
Table 2b. Latin America
Date
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
31
30
31
30
31
1958—Jan. 31 P
Feb. 28^
Mar. 31*
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
728
706
840
6
7
15
3
4
4
273
69
72
14
14
16
107
143
145
71
92
90
3
5
7
4
5
7
116
154
213
1
3
5
9
17
12
16
29
35
10
8
11
7
18
15
63
105
144
27
34
49
898
'918
'888
'893
'895
'930
'931
'953
959
965
37
42
43
48
47
35
29
27
28
28
5
5
5
5
4
5
5
5
4
3
76
78
73
77
94
115
123
111
96
100
22
25
26
35
33
40
28
38
40
33
158
151
144
123
98
91
101
124
119
107
89
92
93
93
91
91
85
82
106
113
10
'10
'8
'8
'14
'17
'13
'16
18
15
8
8
7
7
8
8
8
8
9
8
216
213
207
208
212
'243
'240
'238
221
229
3
4
3
3
2
3
3
4
3
2
13
15
13
12
13
13
16
16
17
18
37
36
35
32
36
34
33
34
35
36
8
9
8
8
8
7
6
8
9
8
12
12
13
18
24
30
39
38
40
42
152
163
154
159
158
151
152
154
159
173
51
56
58
56
53
49
50
52
54
51
1,018
996
998
26
27
26
3
3
3
111
141
168
46
41
40
107
91
89
130
111
101
17
16
12
9
9
9
229
228
219
2
2
3
19
20
24
35
34
38
9
7
6
52
53
47
170
162
161
53
52
51
P Preliminary.
' Revised.
i Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
maturity of more than one year reported by U. S. banking institutions
NetherDolands Panminican Guate- Mex- West ama,
Reico Indies pubRe- mala
and lic of
pubSurilic
nam
(excluded from these statistics) amounted to $1,186 million on Mar. 31,
1958. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
34 Part of United Arab Republic since February 1958.
Includes transactions of international institutions.
727
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»—Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Date
Total Hong
Kong India
All other
Phil- TaiIsrael Japan ippines
Iran
1954—Dec. 31..
1955—Dec. 31..
1956—Dec. 31..
143
233
337
5
5
6
16
18
20
11
10
16
50
103
170
7
19
16
1957—Mar. 31..
Apr. 30..
M a y 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31.
375
392
426
451
423
396
389
407
387
386
9
10
11
11
11
9
9
8
7
6
23
24
23
22
24
24
24
24
24
22
24
22
25
24
22
24
23
26
25
24
193
210
244
258
250
216
188
174
150
14--5
18
19
24
30
28
40
51
51
56
53
1958—Jan. 31*
Feb. 28*
Mar. 31*
400
406
383
7
7
7
23
26
28
22
21
21
152
147
139
54
58
53
Union
BelAus- gian
of
Other
Egypt: South
tralia Congo
Africa
Thai- Other Total
land
10
17
17
39
60
91
37
43
43
14
11
11
10
10
13
12
11
12
8
11
12
14
86
87
75
81
63
58
71
100
100
110
49
41
46
46
46
52
52
48
49
50
13
10
13
12
12
11
11
11
10
13
8
11
12
12
11
12
14
12
22
17
18
17
15
21
24
20
19
19
13
13
12
115
122
108
45
44
44
13
13
13
9
7
12
17
16
12
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 4
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
U. S. corporate securities
Net pur- Purchases, or chases
sales ( - )
-252
67
215
193
43
191
36
80
106
94
60
-24
-146
-136
51
59
81
90
60
44
46
43
28
26
-7
-5
-21
-61
-13
-31
18
-56
-22
44
54
59
76
69
46
41
44
36
30
178
157
35
-138
-106
3
28
122
23
210
40
104
113
160
135
153
119
103
143
94
101
13
21
19
35
8
16
-11
-36
17
)
43
69
57
45
130
23
49
123
38
38
102
99
128
—2
1
40
51
38
1,405
1,886
1,907
1,617
1,264
1,730
1,615
1,423
June..
July..
Aug..,
Sept..
Oct.. .
Nov..,
Dec...
68
53
102
57
29
18
16
35
38
73
48
8
162
31
122
175
10
19
30
42
20
44
-60
26
-93
-157
6
17
7
31
117
134
179
170
161
135
92
107
111
101
1958—Jan.*.
Feb.*.
Mar.*
107
242
44
113
124
52
-6
118
94
97
129
Q
645
878
875
622
841
509
992
1,390
8
529
-135
-52
MIY. '.
393
664
749
593
792
693
607
699
793
812
1,018
718
1957—Mar..,
-49
184
-385
-691
141
156
291
194
801
1,341
883
666
1954
1955
1956
1957
Sales
Sales
Sales
Sales
Net purchases, or
sales ( - )
Net pur- Purchases, or chases
sales ( - )
Net pur- Purchases, or chases
sales ( - )
Purchases
Foreign stocks
Foreign bonds
54
-214
-126
-29
-14
9
2
-6
8
4
-26
-88
-17
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
International
institutions
Year or month
1954
1955
1956
1957
1957—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Preliminary.
72
706
75
299
1
1
-25
33
65
'-16
61
-85
1
-6
-21
24
29
i
i
( ?
(2)
1958—Jan.*.
Feb.*.
Mar.*
9
78
-21
82
-157
-i
Dec.
135
(2)
r
Total
foreign
countries
Revised.
-14
-18
-8
France
Germany,
Federal
Republic of
Italy
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Canada
Latin
America
17
-2
-121
10
(2)
9
7
3
-1
73
147
234
98
70
96
8
79
-20
85
33
101
139
329
161
291
-187
265
-124
-8
1
(2)
(2)
2
2
-1
1
1
-1
1
(2)
8
11
9
7
5
21
21
7
50
-78
-1
5
2
-2
15
3
10
r
6
-6
13
-2
4
11
2
23
36
42
'22
51
-59
15
-2
-8
12
40
-4
21
-34
-27
-17
-5
-13
7
1
3
-12
34
10
9
-34
9
2
7
12
-9
-29
-15
3
3
-4
-3
-5
1
8
(2
(?)
82
(2)
()
7
17
-ll
11
3
-5
-8
i
For other notes see opposite page.
113
76
34
Asia
3
29
-1
(2)
4
1
2
(2)
All
other
5
1
-2
1
()
i?
()
I
8
()
(2)
(2)
728
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[In millions of dollars]
[Net sales, ( - ) . In millions of dollars]
Assets in custody
Year or
month
InterTotal
national foreign
couninstitutions
tries
1954
1955
1956
1957
-164
-27
-33
-384
-137
1957—Mar....
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1958—Jan. P.
Feb.*
Mar.*>
Europe
Canada
Latin
Amer- Asia
ica
Date
Another
Deposits
U. S. Govt.
securities 2
ica
1956—Dec. 31
322
3,856
139
1957—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
360
449
364
342
337
378
283
356
3,600
3,685
3,730
3; 523
3,421
3,774
3,787
3,729
164
164
278
280
278
349
344
353
0)
0)
1958—Jan.
Feb.
Mar.
Apr.
May
31
28
31
30
31
249
265
266
257
234
3,755
3,552
3,315
3,068
3,037
405
428
421
422
405
-15
2
May
7
14
21
28
288
308
311
277
3,132
3,096
3,068
3,038
420
423
414
406
-478
-336
-9
-46
8
231
-133
74
-447
-550
33
24
17
15
-34
-49
-40
-45
7
-7
-16
13
-1
-5
-81
-1
-101
-6
2
-77
-53
I
10
1
-12
117
15
-9
86
9
6
-14
-153
-84
-11
-70
-21
-30
13
4
-14
0)
-1
10
2
2
2
2
1
-4
-3
-2
-2
-4
-3
-1
-2
-1
-4
-5
-7
-16
0)
-31
-146
-76
-11
49
-5
-39
96
4
-18
-135
-12
-5
-29
-182
-10
-10
-88
-7
-94
4
1
-5
-3
1
0)
A
3
Miscellaneous 3
0)
14
1
-1
0)
* Preliminary.
i Less than $500,000.
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See note 4 at bottom of following page for total gold under earmark
at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
1950
1951
1952
1953
1954
I955
1956
I957
Estimated
world
production
(excl.
U.S.S.R.)
864.5
840.0
868.0
864.5
913.5
959.0
994.0
1957—Mar
Apr
May
June
July
SeDt
Oct
Nov
Dec
1958—Jan
Feb
Mar
Africa
Total
South
Africa
Rhodesia
777.1
758.3
780.9
776.5
826.2
873.8
910.6
408.2
403.1
413.7
417.9
462.4
510.7
556.2
596.2
17.9
17.0
17.4
17.5
18.8
18.4
18.8
18.8
24.1
22.9
23.8
25.4
27.5
23.8
21.9
27.7
12.0
12.3
12.9
13.0
12.8
13.0
13.1
13.1
79.7
78.2
278.8
277 7
280.8
2
80.0
279.5
282.0
49.2
49.1
50.6
50 1
51.4
51.1
50.3
50.9
49.8
49 0
1.5
1.6
1.5
1 6
1.5
1.5
1.6
1.6
1.6
1 6
2.2
2.2
2.2
2 2
2.3
2.4
2.4
2.4
2.4
2 4
1.5
1
49.6
47.5
50 1
1.5
2.5
2.5
2.5
United
Ghana Belgian
Congo States
1 Gold exports, representing about 90 per cent of total production.
2 Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Other
North and South America
Canada
Mexico
80.1
66.3
67.4
69.0
65.1
65.7
65.3
63.6
155.4
153.7
156.5
142.4
152.8
159.1
153.4
154.7
14.3
13.8
16.1
16.9
13.5
13.4
12.3
13.3
15.1
14.8
15.3
13.2
13.3
15.3
11.4
6.7
6.1
6.2
4.6
4.4
4.3
3.3
8.0
8.8
8 9
9.1
8.2
8.1
7.6
6.9
30.4
31.3
34.3
37.7
39.1
36.7
36.1
37.9
6.7
7.9
8.9
7.8
8.4
7.4
7.3
6.3
13.2
12.9
13.1
12 6
12.8
12.6
13.1
13.9
13.1
12 9
1.4
1.0
1.1
1.0
9
5.1
4.7
5.0
4 9
5.8
5.8
5.7
6.5
5.1
5 5
1.0
.7
.9
7
.9
.8
.9
.8
1.1
9
.3
.5
.3
2
.2
.5
.2
.4
.6
6
.6
6
.6
6
.6
.6
6
5
3.1
3.2
3.1
3 4
3.7
3 0
3.1
3.1
3 2
3 3
.5
.6
.5
5
.5
.5
.5
.5
5
5
1.4
.9
.9
4.4
4.4
4.3
13.2
12 5
13.7
L.O
9
1.2
1
?
Colom- Chile
bia
1.5
1 0
Nica- Austra- India
lia
ragua 1
.6
5
5
Ghana and Belgian Congo, data for which are from American Bureau of
Metal Statistics. For the United States, annual figures through 1956
are from the U. S. Bureau of the Mint and figures for 1957 and 1958 are
from American Bureau of Metal Statistics.
729
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1950
Continental Western Europe:
Belgium
Germany (Fed. Rep. of)
Portugal
Sweden
Switzerland
Bank for Intl. Settlements
Other
1951
1952
Total
Total
1954
1955
-225.6
-67.5
-10.0
1-58.0 1-18.3 1-5.8
-84.8 - 2 0 . 0
-10.0
-100.0
-15^0 - 3 4 ! 9
-5.0
-22.9 - 3 2 . 0
-38.0 - 1 5 . 0
22.5
-65.3 - 3 0 . 4
-16.4 - 2 9 . 7
-130.0
-65.0
-59.9
—20 0
-65.0
-94.3
-17.5
-380.2 - 1 8 4 . 8 - 1 1 5 . 6
-546.4 -328.3
-8.3
Sterling Area:
United Kingdom . .
Union of South Africa.
Other
1953
1-94.8
-54.9
— 15 0
-15.5
-20.0
2.6
-1,020.0
13.1
3.5
469.9
52.1
3.6
440.0
11.5
-.3
-480.0
-50.0
-.5
-.5
-1,003.4
-480.5
-50.5
525.6
451.2
Canada
-100.0 - 1 0 . 0
7.2
Latin America:
Argentina
Colombia
Cuba
Miexico
Uruguay
Venezuela
Other
-49.9 -20.0
-10.0
17.5 - 2 2 . 8
28.2 - 2 0 . 0
-118.2 - 6 0 . 2
87.7
-64.8
22.2
14.9
-.9
-7.2 -34.7
-2.4
Total
-172.0 - 1 2 6 . 0
Asia
4-38.9 4-53.7
All other
5-30.6 5-76.0
Total foreign countries. . -1,725.2
75.2
1956
-5.0
-.3
80.3
-5.0
-30 0
17.2
57.5
-131.8
62.5
-6.7
-5.7
-9.9
-1,725.2
75.2
3.4
-33.8
""25'.6
JulySept.
Oct.Dec.
Jan.Mar.
-14.2
"*26!6
'-4i"9
'"is i
3.0
339.3
7.0
1.0
-78.5
-20.2
67.7
30.4
6.0
331.3
-5.0
-15.1
31.3 - 7 6 . 2
100 3
-300.0
i
100.3
-300.0
14.6
5.2
5.2
115.3
28 1
75.4
10.0
10.1
-3.6
6.5
2.8
29.1
-200.0
3.1
3.0
-.7
2.4
14.0 - 2 8 . 3
80.9
-4.9
-.2
-.4
1.0
14.1
18.0
2
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
-68.5
80.2
171.6
6200.0
6600.0
280.2
771.6
1 Includes sales of gold to Belgian Congo as follows (in millions): 1950,
$3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes purchase of $31.5 million of gold from Spain.
Apr.June
3.4
3.4
11.0
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
Jan.Mar.
—8 0
International institutions
Grand total
1957
4.0
-84.8
-3.5
-28.1
-15.0
1958
1957
Area and country
-68.5
15.0
40.2
3 1
A
15.0
-.5
4.0
-.1
18.4
41.5
6300.0
341.5
3.3
12.9
-.1
46.6
-.1
14.9
-.6
-.1
-.5
18.9
92.8 - 3 7 7 . 4
18.9
92.8 - 3 7 7 . 4
6300.0
318.4
4 Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
5 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and
1951, $76.0 million.
6 Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treasury
Total i
Increase
in total
gold
stock
EarNet
marked Domesgold
import, gold: de- tic gold
or
crease, producexport
or intion
crease
1945
1946 .
1947
1948
1949
1950
20,065
20,529
22,754
24,244
24,427
22,706
20,083 - 5 4 7 . 8 - 1 0 6 . 3
-356.7
20,706
623.1 311.5
465.4
22,868 22,162.1 1,866.3
210.0
24,399 1,530.4 1,680.4 - 1 5 9 . 2
24,563
164.6 686.5 - 4 9 5 . 7
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
32.0
51.2
75.8
70.9
67.3
80.1
1951
1952
1953
1954
1955
1956
1957
22,695
23,187
22,030
21,713
21,690
21,949
22,781
22,873
52.7 - 5 4 9 . 0
617.6
23,252
379.8 684.1 - 3 0 4 . 8
22,091 - 1 , 1 6 1 . 9
2.0 - 1 , 1 7 0 . 8
21,793 - 2 9 7 . 2
16.1 - 3 2 5 . 2
21,753
-40.9
97.3 - 1 3 2 . 4
22,058
305.9 106.1
318.5
22,857
798.8 104.3
600.1
66.3
67.4
69.0
65.1
65.7
65.3
63.6
P Preliminary.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treasury
Total i
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
22,620
22,623
22,627
22,626
22,635
22,691
22,763
22,781
1958—Jan
Feb
Mar
Apr
May
22,784
22,686
22,394
21,996
^21,593
Increase
in total
gold
stock
Net
Eargold
marked Domesimport, gold: de- tic gold
or
crease, production
export
or increase
302.6
5.5
3.8
-.5
24.1
75.4
2.4
20.2
20.0
10.0
2.7
28.6
18.9
42.8
34.3
2.3
22,860
22,736 - 1 2 3 . 7
22,487 - 2 4 8 . 7
22,042 - 4 4 5 . 1
*>21,674 ^ - 3 6 7 . 9
45.0
38.9
22,726
22,732
22,735
22,735
22,759
22,835
22,837
22,857
18.8
285.4
-6.0
-.8
-11.4
-9.0
36.9
-31.2
2.0
-37.3
-167.6
6.0
-252.0
26.0 -471.5
4-355.2
5.0
4.9
5.8
5.8
5.7
6.5
5.1
5.5
4.4
4.4
4.3
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $7,306.2 million on May 31, 1958.
Gold under earmark is not included in the gold stock of the United States
730
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total
world i Treasury Total2
End of
month
r
35,665
'35,985
1951—Dec
1952 Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957_Apr
May
June
July
Aug
Sept
Oct
Nov...
Dec
1958 Jan
Feb
Mar
Apr
End of
month
22,695
23,187
22,030
21,713
21,690
21,949
22,873
23,252
22,091
21,793
21,753
22,058
268
22,318
22,620
22,623
22,627
22,626
22,635
22,691
22,763
22,781
22,424
22 726
22,732
22,735
22,735
22,759
22,835
22,837
22,857
182
181
181
^39,110
22,784
22,686
22,394
21,996
22,860
22,736
22,487
22,042
Egypt 3
Finland
r
36 415
r
37,075
r
37,740
r
38,235
.
Argentina
r
38,745
r
38 5 825
38,975
371
371
371
Australia
112
Austria
50
112
117
52
52
138
144
107
62
71
71
113
116
116
78
78
80
116
116
84
87
166
116
87
127
126
119
123
181
181
126
126
83
103
103
103
103
103
103
Germany,
France 4 Federal GuateRepublic mala
of
India
Belgium
Colombia
Denmark
Brazil
Canada
621
706
776
778
929
928
317
317
321
322
323
324
850
896
996
1,080
1,141
1,113
45
42
42
42
44
46
48
76
86
86
86
57
311
214
186
186
136
136
849
849
842
846
882
874
876
875
913
324
324
324
324
324
324
324
324
324
,114
,116
1,121
1,120
1,135
1,136
1,136
1,127
1,115
46
46
43
43
40
40
40
40
40
57
57
58
58
58
58
60
61
62
136
136
136
136
136
136
136
136
136
31
31
31
946
967
998
1,028
324
324
324
324
,116
,086
,096
,101
40
40
40
136
136
136
136
31
31
Indonesia
Iran
Italy
Chile
Mexico
Netherlands
Cuba
Norway
31
31
31
31
31
31
31
31
31
31
31
31
31
31
Pakistan
1951—Dec. .
1952—Dec
1953—Dec.
1954—Dec
1955 Dec
1956—Dec.
174
174
174
174
174
188
26
26
26
31
35
35
548
573
576
576
861
861
28
140
326
626
920
1,494
27
27
27
27
27
27
247
247
247
247
247
247
280
235
145
81
81
45
138
138
137
138
138
138
333
346
346
346
352
338
208
144
158
62
142
167
316
544
737
796
865
844
50
50
52
45
45
50
27
38
38
38
48
49
1957—Apr...
May
June
July...
Aug
Sept..
Oct
Nov..
Dec
174
183
188
188
188
188
188
188
188
35
35
35
35
35
35
35
35
35
861
861
575
575
575
575
575
575
575
1,834
1,923
2,029
2,124
2,261
2,399
2,548
2,557
2,542
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
42
41
40
40
41
41
41
41
39
138
138
138
138
138
138
138
138
138
359
359
364
390
422
428
443
453
452
166
165
165
164
163
182
182
181
180
809
806
806
793
747
700
700
700
744
48
47
46
45
45
45
45
46
45
49
49
49
49
49
49
49
49
49
1958 Jan
Feb
Mar
Apr
188
188
174
35
35
35
575
575
575
27
247
247
247
457
159
35
792
828
847
862
45
45
43
43
49
49
49
575
39
39
39
38
138
138
139
174
2,501
2,489
2 460
2,492
Portugal
El Salvador
South
Africa
Venezuela
Intl.
Monetary
Fund
26
190
End of
month
1951—Dec
1952—Dec.
1953—Dec
1954—Dec . . .
1955—Dec
1956—Dec. .
Peru
46
265
152
286
361
429
428
448
29
29
29
28
28
170
176
199
212
224
184
218
265
276
266
35
35
461
463
32
31
458
31
230
235
234
226
226
215
215
218
217
249
231
35
35
35
35
28
28
28
461
466
467
464
469
461
31
3f
31
31
31
31
1958 Jan
Feb
Mar
28
20
20
454
454
454
454
31
31
31
p
1
Sweden Switzerland
46
36
35
35
35
1957—Apr.. .
May
June
July...
Aug
Sent
Oct
Nov
Dec
Apr
247
31
206
212
193
179
231
233
241
235
226
227
219
215
209
203
203
r
Preliminary.
Revised.
Excludes U.S.S.R. and other Eastern European countries.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Thailand
Turkey
United
King-5
dom
Uruguay
1.452
1,411
1,459
1,513
1,597
1,676
113
113
113
113
112
112
151
143
143
144
144
144
2,335
1,846
2,518
2,762
2,120
2,133
221
207
227
227
216
186
373
373
373
403
403
603
,621
1,615
1,633
1,674
,694
,725
,733
,718
,718
112
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
144
2,320
2 345
2,381
2,367
2,142
1,850
2,093
2 185
2,273
183
183
183
183
183
183
183
183
180
,727
,733
,720
770
112
112
112
144
144
144
144
2,404
2,539
2 770
2,914
180
180
180
1,530
49
Bank for
Intl.
Settlements
1,702
1,740
1,808
1,692
115
196
193
196
217
179
669
669
669
719
719
719
719
719
719
1,439
1,141
1,147
1,148
1,157
1,167
[,177
I 180
1,180
160
148
205
165
184
138
130
143
165
719
719
719
719
1,180
,182
186
171
162
182
212
1 6Q9
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3 Part of United Arab Republic since February 1958.
4 Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).
5 Exchange Equalization Account holdings of gold and of United
State and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
731
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 , 1956
Area and country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
France (and dependencies) 1
Germany (Federal Republic o f ) . . .
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Others
Total
Sterling Area:
United Kingdom
United Kingdom dependencies .
Australia
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Guatemala
Panama Republic of
Peru
El Salvador .
Uruguay
Venezuela
Other
Total
Asia:
Indonesia
Iran...
Japan
Philippines.
Thailand
Other
Total
Allother:
Egypt 6
Other
Total
Total foreign countries 7
International 8
Grand total 7
Mar. 3 1,1957
Sept. 30, 1957
Dec. 31 ,1957
Gold& U . S .
Gold& U . S .
Gold& U . S .
Gold& U . S .
Gold&
shortshortGovt.
shortshortGovt.
Govt.
shortGovt.
term
term
bonds
term
term
bonds
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars
'367
1,227
96
88
1,505
3,329
187
1,268
10
12
6
5
7
14
1,071
117
628
160
483
2,512
164
'933
9
87
2
i
s
'374
1,170
107
94
1,302
3,520
189
1,250
9
11
6
5
8
14
1,024
121
628
148
480'
2,410
158
'914
10
93
'382
1,133
92
94
2996
3,719
177
1,323
8
11
6
5
9
14
10
86
15
1,004
133
622
142
499
2,442
158
'1,204
2
3
132
2
3
132
8
'424
1,165
133
97
1,004
4,063
152
'1,458
8
8
6
5
9
14
971
139
636
140
508
2,527
156
'889
12
81
2
452
1,182
143
99
946
4,099
167
1 531
Mar. 31 ,1958"
U . S . Gold& U.S.
Govt. short- Govt.
bonds
term
bonds
& notes dollars & notes
g
8
6
5
9
14
2
14
105
12
1,044
138
651
114
479
2,682
162
863
5
128
8
458
1,251
162
96
893
3,968
167
41 523
1,260
150
658
118
461
2,638
157
966
7
7
6
5
10
15
(
i
14
79
^4
4
117
Q
'14,135
298
'13,889
308
'14,120
298
'14,462
294
14,752
319
14 926
278
2,812
103
191
323
277
228
203
2,854
93
193
324
293
226
238
4
264
4
2,507
109
197
329
262
227
180
4
2,875
104
211
329
255
224
205
4
1
34
3,460
102
4208
326
231
225
246
4
1
25
2,894
96
191
323
294
226
3,934
223
3,983
269
4,024
299
3,631
216
3,998
245
4 552
286
2,629
367
2,608
438
2,712
457
'2,786
443
2,738
457
2 723
435
(3)
(3)
1
2
13
270
24
440
117
4197
380
59
93
4523
144
82
62
266
1 428
153
(3)
1
2
13
263
27
456
115
215
371
65
92
555
136
88
58
235
1,554
126
360
29
549
137
210
347
79
91
600
109
119
53
259
1,058
113
4,113
}
14
3
12
332
25
556
137
250
354
89
101
575
117
117
73
257
1,043
134
190
4,160
(3)
j
1
167
4
1
(3)
(3)
2
2
12
345
'26
467
131
263
393
98
97
504
135
110
81
248
1,450
140
190
}
29
1
30
1
1
34
(3)
1
2
11
313
'30
457
117
244
416
70
87
553
129
96
65
243
1,615
128
'4,488
188
'4,563
189
4,356
176
4 238
168
168
173
754
243
279
767
(3)
2
6
1
7
220
187
698
235
275
768
(3)
2
5
1
8
128
191
827
196
269
764
(3)
(3)
2
6
1
7
190
193
708
181
269
777
(3)
(3)
4
6
1
6
(3)
1
1
.8
4
1
(3)
j
1
167
(3)
4
1
(3)
1
(3)
167
2
3
( )
(3)
i
154
(3)
3
1
1
f 31
146
(3)
3
2
(3)
(3)
1
2
12
4
6
1
6
188
178
1,003
267
279
730
2,795
17
2,645
17
2,384
16
2,383
16
2,318
16
2,375
16
238
129
248
163
8
246
175
7
242
166
7
228
162
7
216
170
(3)
8
231
158
1,145
294
260
707
(3)
(3)
<•>
S
1
8
367
8
411
8
421
7
408
7
390
7
386
7
'27,973
1,103
'27,696
1,230
'28,149
1,265
'28,233
1,165
28,552
1,220
29,200
1,190
3,144
391
2,996
391
2,720
366
2,679
222
2,698
222
2,563
356
'31,117
1,494
'30,692
1,621
'30,869
1,631
'30,912
1,387
31,250
1,442
31,763
1,546
v Preliminary.
' Revised.
1
Excludes gold holdings of French Exchange Stabilization Fund.
2 Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3 Less than $500,000.
4 Includes latest reported figures for gold reserves as follows: Italy
(Jan. 31); Australia and Colombia (Dec. 31, 1957); and Mexico (Jan. 31.)
5 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
6 Part of United Arab Republic since February 1958.
June 3(), 1957
7
Excludes gold reserves of the U. S. S. R. and other Eastern European
countries.
8
Represents International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-05.
732
INTERNATIONAL INSTITUTIONS
INTERNATIONAL MONETARY FUND
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1958
1958
1957
Item
Mar.
Dec.
Sept.
June
Jan.
Mar.
484
683
60:> 524I
430
Dollar deposits and U. S. securities.
873
767
901
Other currencies
and securities*. . .
8i:$ 858I
2
>
2,437
2,795
Effective loans
>
2,54S
2,378
2,60t
72
90
Other assets 3
It>
54
li >
IBRD bonds outstanding
1,405 1,26<) 1,141 1,034
948
67ei
670
699
62()
676
Undisbursed loans
.
2()
19
20
Other liabilities
24
2
\
289
)
30:
266
335
315
1,872 1,86'7 1,86"r 1,854 1,853
Capital 3
Continental W. Europe, total. .
Belgium and Luxembourg...
Italy
Netherlands
Other
Sterlinc area, total
Australia
India
Pakistan
.. .
Union of S. Africa
United Kingdom
Other
.. .
Latin America, total
Brazil
Colombia
1,283
173
267
1 ,063
206
14
18
857
116
249
82
30
14
236
369
107
236
322
1
146
27
106
90
295
8
24
6
1,153
318
354
126
160
146
49
865
294
256
57
140
89
29
94
19
27
11
27
4
7
771
276
229
46
113
85
22
101
25
29
4
20
758
598
73
525
24
145
11
134
8
194
22
171
12
16
2
130
267
182
111
312
Other
18
21
167
92
Sold
to
Total
others*
149
70
Asia (excl. Sterling area), total.
Thailand
Other
320
107
213
196
40
156
7
4
3
189
35
153
Africa (excl. Sterling a r e a ) . . . .
24
9
1
8
63,538
2 ,730
381
2,349
Total
23
1
3
14
7224
Jan.
9,016 9,016 8,941 8,932 8,929
3
-6
-2
-10
4
2
2
2
Country 9
Repaid
Apr.
Member subscriptions
Accumulated net income
Reserves and liabilities
Outstanding
Disbursed
July
1,180 1,177 1,148 1,439 1,420
200
200
200
200
200
769
811
992
977 1,423
5,992 5,948 5,777 5,489 5,051
874
874
818
817
824
6
5
3
Quota
Principal
Oct.
Gold
Investments 8
Currencies: United States *
Otheri
Unpaid member subscriptions
Other assets
Cumulative net drawings
on the Fund
Loans by country, Apr. 30, 1958
Area and member country*
1957
Item
Total
1958
Paid
in
gold
150
Argentina
225
Belgium
Brazil
150
Chile
50
50
Colombia
50
Cuba
60
Egypt
525
France
India
400
110
Indonesia
250
Japan
275
Netherlands
United Kingdom. . 1,300
United States
2,750
Mar.
38
56
38
9
13
13
10
108
28
16
63
69
236
688
1957
Feb.
Mar.
75
75
50
50
75
75
38
37
37
12
35
35
25
25
25
23
30
30
30
328
263
100
200
200
128
55
55
55
125
125
64
64
562
562
562
io-2,OO3 10-1,956 10-1,251
Notes
to tables on international institutions:
1
Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold
to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes $138 million in loans not yet effective.
78 Includes $203 million not guaranteed by the Bank.
U. S. Treasury bills purchased with proceeds of sales of gold.
9 Countries shown are those with cumulative net drawings of $25
million or more on the latest date.
!0 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Date
Assets of issue
department
Gold
Other
assets
(fiduciary
issue)
Coin
Discounts
and advances
Securities
Deposits
Bankers'
Public
ECA
Other
Capital
and
surplus
7.2
9.6
3.2
70.4
66.3
71.7
74.9
18.2
18.1
18.1
18.1
338.1
350.7
299.6
267.7
1,619.9
1,751.7
1,889.6
1,997.7
290.2
276.1
245.2
203.6
14.9
15.4
12.0
11.6
2.4
2.4
2.4
2.4
2.5
2.5
2.4
2.4
4.9
8.9
37.7
11.0
40.5
32.6
29.9
17.6
15.1
13.7
19.8
21.0
243.2
268.4
262.4
253.5
271.0
288.7
260.3
263.6
1,953.7
1,985.5
2,059.5
1,995.5
1,967.5
1,967.0
2,001.4
2,128.0
204.4
216.3
205.0
199.3
216.8
234.6
226.9
199.5
10.1
12.2
13.4
11.6
13.0
10.1
10.1
9.8
75.3
71.8
73.9
74.2
73.1
75.7
76.4
81.9
18.0
18.1
18.3
18.5
18.5
17.8
18.0
18.1
2.4
2.4
2.4
2.4
43.2
38.2
57.6
39.9
25.3
27.9
16.6
29.1
239.4
258.3
253.2
249.8
1,957.2
,962.1
1,992.7
2,010.4
205.1
224.0
214.6
200.4
12.2
11.4
17.2
9.9
74.6
73.0
79.5
73.1
18.3
18.5
18.5
17.8
30
29
28
26
.4
.4
.4
.4
1,675.0
1,775.0
1,900.0
2,025.0
2.4
2.4
2.3
1.9
1957—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29
26
31
28
25
30
27
25
.4
.4
.4
.4
.4
.4
.4
.4
1,975.0
2,000.0
2,075.0
2,025.0
2,000.0
2,000.0
2,050.0
2,150.0
1958—Jan.
Feb.
Mar.
Apr.
29
26
26
30
.4
.4
.4
.4
2,000.0
2,000.0
2,000.0
2,050.0
Notes
Note
circulation i
55.4
23.7
10.7
27.7
21.7
14.9
15.9
29.9
32.9
33.4
48.9
22.4
1953—Dec.
1954_Dec.
1955—Dec.
1956—Dec.
For notes see opposite page.
Liabilities of banking department
Assets of banking department
733
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets2
Date
Sterling
and
United
States
dollars
Liabilities
Dominion and provincial govt. securities
Deposits
Other
assets
Note
circulation
Other
liabilities
and
capital
Shortterm
Other
54.9
54.2
57.4
60.8
,376.6
,361.5
,283.8
,025.0
893.7
871.1
,093.7
,392.0
112.0
114.1
185.2
69.9
1,599.1
1,623.5
',738.5
,868.7
623.9
529.6
551.0
511.5
51.5
56.3
89.2
38.8
29.5
30.5
34.0
31.2
133.1
161.0
207.5
97.5
1957—May 31.
June 29.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30,
Dec. 31,
52.3
57.3
63.1
62.4
55.3
56.6
56.2
63.5
,165.9
,213.3
,197.7
,251.8
,208.4
,297.5
,321.5
,246.2
,185.1
,194.3
,202.3
,208.4
,204.2
,192.1
1,152.0
1,217.5
188.7
210.3
100.7
203.9
110.9
163.5
252.8
131.5
,751.5
,784.3
,817.7
,815.5
,819.1
,824.0
,828.0
,903.7
526.3
545.5
490.5
542.8
480.8
623.7
543.4
517.6
43.9
44.4
54.2
64.0
66.9
40.1
64.3
35.4
32.0
28.9
26.9
33.3
28.7
25.8
30.7
31.2
238.3
272.1
174.5
270.9
183.3
196.0
316.1
170.8
1958—Jan. 31.
Feb. 28,
Mar. 31,
Apr. 30
63.0
63.2
61.2
51.3
,265.5
,293.0
,373.9
1,329.7
1,105.0
1,103.2
1,074.3
1,144.1
182.2
198.1
157.6
117.3
,776.5
,783.7
,809.7
1,832.0
533.8
555.2
579.5
554.2
57.3
46.1
53.8
60.4
23.3
26.8
24.6
25.1
224.8
245.6
199.3
170.6
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
31.
31.
31.
31.
Chartered Dominion
govt.
banks
Other
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Foreign
exchange
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
Other
assets
Note
circulation
Deposits
Govern- Other3
Other
liabilities
and
capital
201.3
201.3
301.2
301.2
15.4
57.3
200.2
49.6
292.5
236.8
226.7
289.2
61.1
48.9
45.2
30.5
891.6
1,130.2
1,194.7
1,753.7
200.0
195.0
190.0
179.0
679.8
617.6
539.8
479.8
170.0
277.2
336.8
236.4
2,310.5
2,538.5
2,820.0
3,046.9
144.9
157.8
142.9
173.8
56.3
67.9
71.8
98.8
1957—May 29,
June 27,
July 25,
Aug. 29,
Sept. 26,
Oct. 31
Nov. 28,
Dec. 26
301
201
201
201
201
201
201
201.2
12.0
12.0
11.9
11.9
11.9
12.0
12.0
11.9
322.9
274.9
273.6
307.2
322.7
315.2
282.0
290.2
20.2
16.1
7.3
6.2
18.3
44.0
44.6
52.3
1,948.1
2,014.1
2,027.1
1,931.4
1,886.7
1,914.9
1,893.9
1,951.2
175.0
175.0
175.0
175.0
175.0
175.0
175.0
175.0
479.8
594.1
752.1
789.8
804.8
829.8
820.1
796.4
192.4
267.0
306.6
271.1
266.2
341.1
296.2
295.0
3,106.9
3,130.0
3,238.3
3,219.7
3,214.4
3,292.5
3,139.9
3,174.9
263.1
330.9
397.7
376.6
359.5
417.0
467.1
475.3
81.6
93.6
118.9
97.4
112.9
123.6
118.0
122.9
1958—Jan. 30,
Feb. 27,
Mar. 27,
Apr. 30
201.2
201.2
201.2
5201.2
11.9
11.8
11.8
11.9
260.3
290.2
287.8
322.6
53.4
50.6
34.8
27.1
1,868.9
1,827.7
1,932.3
1,881.2
175.0
175.0
175.0
175.0
949.4
948.9
899.9
946.4
268.8
259.7
253.2
5305.0
3,191.7
3,197.9
3,192.1
3,295.5
469.0
455.5
478.5
470.8
128.1
111.8
125.5
104.1
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
31.
30.
29.
27.
Central bank, monetary unit,
and item
1957
1958
Apr.
Mar.
Feb,
Apr.
Central bank, monetary unit,
and item
1958
Apr.
1957
Mar.
Feb.
Apr.
Central Bank of the Argentine Republic
(millions of pesos): 6
-730
Gold and foreign exchange (net)...
-675
Net claim on Intl. Fund 7
2,906
Advances to Government
62,413
Government securities
6,241
Loans and discounts
2,884
Other assets
53,017
Currency in circulation
419
Deposits—Government
11,341
Banks
305
Other
7,958
Other liabilities and capital
Commonwealth Bank of Australia
(millions of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Govt. and Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Notes to central bank table on this and opposite page:
1 Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July
1940, pp. 677-78).
3 Includes Economic Cooperation Administration.
< Less than 50 million francs.
5 Other assets include 100.0 billion francs of gold loaned to Stabilization Fund.
6 Under the banking reform, effective Dec. 2, 1957, the Central Bank
has been reorganized. The balance sheet has been substantially modified,
and figures are not comparable with those shown previously.
7 This figure represents the amount of the country's subscription to
the Fund less the bank's local currency liability to the Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443.
463
4
441
6
494
50
389
458
5
464
54
390
476
54
387
471
305
29
258
325
248
340
27
243
340
18
224
430
7
18
68
403
734
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1958
1957
Apr.
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
,
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary
dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Gold contribution to Intl. Fund. .
Loans and discounts
Govt. securities
Other assets.
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
Advances to Govt
Govt. securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos):
Gold
Foreign exchange (net)
Net claim on Intl. Fund l
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund l
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund l
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
r
Mar.
Feb.
2,654 2,654 2,653
10,203 10,341 10,388
5,679 5,683 5,695
1,342 1,342 1,342
844
834
823
15,091 15,019 14,992
1,866
1,610 1,777
1,023
1,017
965
1,115
1,049
1,104
1,882 1,991
1,974
51,424 49,905
11,370 10,600
8,881
7,562
34,243 34,243
7,930 8,405
5,980 6,063
13,080 109,629
1,968 2,531
19
4,762 4,598
48,369
10,279
9,043
34,397
9,006
5,964
109,468
2,880
19
4,691
7,048
-30,167
21,375
384,769
7,873
26,795
218,157
29,412
170,126
560
29
104
14
506
3
91
106
598
595
76
15
472
21
84
112
78
4
463
13
95
105
4,533
666
-2,732
17,675
30,864
59,772
36,577
81,045
7,932
3,020
60,006 55,359
4,:
670
-2,732
18,894
37,864
64,003
36,106
86,750
7,782
269
52
1,703
637
290
966
1,198
787
286
52
1,668
639
311
992
1,194
770
304
52
1,627
640
301
989
1,101
835
12
90
7
129
14
37
171
58
60
12
75
7
150
15
37
174
63
59
12
69
7
148
15
33
177
51
57
Apr.
1957
Apr.
Mar.
Feb.
Apr.
National Bank of Cuba (millions of
pesos):
Gold
136
136
136
136
Foreign exchange (net)
112
119
98
195
Foreign exchange (Stabilization
Fund)
144
149
162
141
Net claim on Intl. Fund *
-12
-12
-12
-10
Loans and discounts
77
76
49
127
185
Credits to Government
193
101
189
Other assets
73
74
75
75
Note circulation
466
449
522
451
Deposits
220
230
210
231
Other liabilities and capital
35
34
37
27
National Bank of Czechoslovakia2
42,448 National Bank of Denmark (millions
12,247
of kroner):
11,740
68
68
68
Gold
68
34,456
1,041
976
Foreign exchange
948
568
7,475
165
Loans and discounts
212
167
223
Securities
5,569
374
335
365
494
Govt. compensation account
108,514
2,979
:,979
2,981
3,047
Other assets
849
647
.896
1,002
20
Note circulation
2,324
1,327
2,290
2,205
4,144
1,390
Deposits—Government
,396
1,442
1,560
1,458
Other
,270
1,403
1,395
Other liabilities and capital
265
263
290
241
'193 OCentral Bank of the Dominican Re33,246
public (thousands of pesos):
475
Gold
11,405 11,405 11,405
11,405
257,805
Foreign exchange (net)
9,682 9,471
9,594 11,794
7,951
Net claim on Intl. Fund *
2,500 2,500
2,500
2,500
5,483
Loans and discounts
9,183 10,373 10,505
4,987
175,161
Govt. securities
7,500 7,500
7,500
7,830
18,095
Other assets
27.592 27,335 26,058 21,258
Note circulation
111,895
53;068 53,428 52,904 47,874
Demand deposits
10,877 11,464 11,091
8.549
Other liabilities and capital
3,918 3,692
3,567
3,352
680 Central
tral :Bank of Ecuador (millions of
sucres):
19
Gold
325
325
325
325
8
Foreign exchange (net)
-25
-31
-32
-2
468
38
Net claim on Intl. Fund 1
38
38
38
45
467
Credits—Government
466
463
531
90
299
Other
317
328
213
104
284
Other assets
273
253
235
680
Note circulation
685
693
661
209
206
203
Demand deposits—Private banks .
212
6,648
189
210
210
Other
175
310
1,003
286
268
Other liabilities and capital
293
19 National Bank of Egypt (millions of
10,131
pounds):
Gold
61
61
66
61
46',690
76
Foreign assets
84
81
112
30,1"
Egyptian Govt. securities
187
188
188
168
70,695
-36
-37
-37
-11
Clearing and other accounts (net).
7,390
Loans and discounts
32
28
30
34
2.356
Other assets
2
2
3
5
40,432
Note circulation
188
195
212
188
18
Deposits—Egyptian Government.
18
8
21
94
99
Other
97
4131
21
19
311
19
Other liabilities and capital
17
52 Oentral Reserve Bank of El Salvador
649 (thousands of colones):
663
78,534
541 78,550 78,775
Gold
390
33,656
429 32,635 53,359
Foreign exchange (net)
789
4,689
689 4,689
1,562
Net claim on Intl. Fund i
960
87,419
015 92,067 74,353
Loans and discounts
314
6,508
343 10,076
12,923
Govt. debt and securities
9,230
607 7,590
7,289
Other assets
99,042
683 106,344 105,377
Note circulation
12
108,298
255 106,797 111,118
Deposits
103
686 12,465
Other liabilities and capital
12,695
11,766
7 Bank of Finland (millions of markkaa):
Gold
92
7,850
7,850 7,850
7,849
Foreign assets and liabilities (net). 36,747 39,100 37,434
18
14,429
Loans and discounts
32,717 29,957 30,905 42,076
157
Securities—Government
8,125
7,500 8,750 17,500
63
Other
1,202
1,246
1,236
1,583
38
Other assets
16,489 16,673 16,871
11,501
Note circulation
56,174 55,877 56,793 55,764
Deposits
13,544 13,614 9,844
6,172
Other liabilities and capital
33,411 32,825 36,419 33,002
2,004
8,326
6,472
1,354
600
14,009
979
956
1,110
1,703
Revised.
* Latest month available.
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 For the last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively), see BULLETIN for September 1950,
pp. 1262-63.
1
1958
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
3 Beginning Mar. 27, 1958, includes gold in Banking Department,
previously combined with gold in Issue Department.
4 Includes figure for Sudan Government.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
735
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1958
Apr.
Mar.
1957
Feb.
German Federal Bank 5 (millions of
German marks):
10,394 10,261 10,383
Gold
13 282 13 165 12 904
Foreicn exchange
1,324 1,372
983
Loans and discounts
2,590 3,362 3,576
Loans to Government
1 509 1 529 1 540
Other assets
Note circulation
16 766 16 653 16 554
3 589 4'196 4 126
Derjosits—Government
5,921 5,815 5,438
Banks
474
545
378
Other
Other liabilities and capital....... 2,444 2,551 2,722
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net).. 5,662 5,803 5,787
198
199
214
5 014 5 248 5 340
Advances Government
6,073 5 998 5,967
Other
2,259 2,328 2,316
Other assets
7,122 6 866 6 629
Note circulation
1,162 1 081 1,187
Deposits—Government
.
Reconstruction and
3,684 3 684 3,684
relief accts
6,350 6,647 6,694
Other
1,298 1,429
888
Other liabilities and capital
Bank of Guatemala (thousands of
(Jan.)*
quetzales):
Gold
27,273
43 141
Foreicn exchange (net)
1,250
Gold contribution to Intl Fund
19 309
Rediscounts and advances
44
355
Other assets
62 847
Circulation Notes
4
487
Coin
9,131
Deposits—Government
27 699
Banks
31,164
Other liabilities and capital
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
1,178 1,178 1,178
Gold at home and abroad
Foreign securities
2 288 1 712 2 455
11,735 11,711 10,768
Indian Govt. securities
1,320 1,293 1,302
16,191 15,791 15,453
Note circulation....
Banking department:
102
251
329
Notes of issue department
Bills discounted
• ..
Loans to Government
390
174
547
958
77
212
342
35
383
2,959 3,311 3,198
2,751 2,885 2,606
Deposits
1,646 1,775 1,603
Other liabilities and capital
Bank Indonesia (millions of rupiahs):
28
131
Gold and foreign exchange (net).. 1,268
1,444 1,312
991
Loans and discounts
.
20,497 20,632 20,046
Advances to Government
944
942
899
14,712 14,003 13,899
Note circulation
107
109
109
Denosits ECA
4,794 4,733 4,939
Other
4,538 4,071 3,119
Other liabilities and capital
Bank Melli Iran (millions of rials):
5 536 4 533
Gold
1 038 1 040
Foreicn exchance
663
663
Gold contribution to Intl Fund
7 923 7 923
Govt -secured debt
12 823 12 534
8,738 8,198
Other loans and discounts
16,735 17,467
13 879 12 473
6,100 6 J 1 9
Deposits Government
2,097 1,873
Banks . . .
. ...
19 960 20 041
Other
Special Account—Profits of reval7,110 7,110
4 309 4,144
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
2,646 2,646 2,646
Gold
72 680 74 288 73 239
Sterline funds
Note circulation • • •
••
. •« 75,326 76,934 75,885
Apr.
Bank of Israel (millions of pounds):
Gold
Foreign exchange
7,661
11 859
1,943
4,088
985
15 179
5 114
3,886
Loans and discounts
Advances to Government
Govt securities
Notes and coin in circulation
249
Deposits—Government
Other
2,107
Other liabilities and capital
6,373 Bank of Italy (billions of lire):
Gold
178
Foreign exchange
7 909
4,924
2,220
Loans and discounts
6 167
Other assets
1,059
Note circulation
7,109
5,127
Demand
2,142
Other
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
27,237
50 951
Advances to Government . . . .
1,250
7 345
Govt securities
42 763
58 151
Note circulation
4 195
Deposits—Government
9,735
Other
27 354
Other liabilities
30,111 Bank of Mexico (millions of pesos):
Monetary reserve 8
"Authorized" holdings of securities, etc
1,178
Other assets
4,125
9,249
Demand liabilities
1,273
Other liabilities and capital
15,619 Netherlands Bank (millions of
guilders):
206
Gold
924
Silver (including subsidiary coin)..
125
163
2,221
2,019
1,618
Loans and discounts . .
Govt. debt and securities
Other assets
Deposits—Government
147
ECA
1,005
Other
12,611
Other liabilities and capital
463 Reserve Bank of New Zealand (thou9,778 sands of pounds):
282
Gold .
...
2,504
Foreign exchange reserve
1,662
Loans and discounts
Advances to State or State un4,340
624
Investments
282
Other assets
7,923
12 557
Demand deposits
6,240
4,883 Bank of Norway (millions of kroner):
11 000
Gold
4,487
1,398
Clearing accounts (net)
16,357
Securities
3,606
2,646
71 387
74,033
5 On Aug. 1, 1957, the Land Central Banks and the Berlin Central
Bank were merged with the Bank of German States (Bank deutscher
Lander) and the latter became the German Federal Bank (Deutsche
Bundesbank).
6 Includes (1) gold and foreign exchange in banking department and
(2) in May 1957, the profit resulting from revaluation of gold from
Central bank, monetary unit,
and item
Other assets
Note circulation
Banks
FOA
Other liabilities and capital
1958
Apr.
1957
Mar.
6
155
-3
87
47
Feb.
Apr.
6
124
6
110
-7
132
-9
59
65
41
19
87
149
9
258
37
65
149
7
258
3
134
149
4
188
27
4
102
149
48
243
31
71
567
432
396
71
567
436
412
214
28
6
252
26
216
27
4
71
567
480
406
1,337
1,747
14
1,365
1,766
13
1,251
1,726
12
127
134
116
753
167
(7)
770
172
(7)
(7)
J
507
296
178
704
43
80
155
751
173
14
90
173
16
4
71
567
469
423
1,653
8
123
555
161
(7)
3
588
383
184
689
241
79
150
569
236
156
690
55
80
137
274
361
234
684
53
37
96
1,868
1,907
1,892
1,921
4,851
868
651
5,383
2,090
5,012
860
596
5,535
2,092
5,067
878
485
5,470
2,096
5,153
938
389
5 074
2 611
766
747
755
716
3,260
3,203
3,132
3 058
15
6
691
176
660
410
15
16
1,216
1,226
1,368
31
326
340
113
326
353
26
628
346
4,142
230
17
592
4,147
467
17
401
3,949
743
17
563
4,074
56
218
459
208
206
242
196
6 162 6 162 6 162
21,136 15,710 12,804
48,278 49,618 47,080
6 162
42^824
40,015
50,148
36 377
1,673
75,865
76 778
11,131
192
287
-21
97
209
5,440
165
3,230
1,621
380
1
1,137
55,000
44 024
2,038
77,020
84 586
10,946
65,062
43 024
1,858
74,916
90 362
10,712
192
206
298
-14
88
157
-1
79
26 288
38 173
1 914
74 899
68 669
11,808
227
295
-44
103
164
5,545
168
3,231
1,779
286
112
5,545
105
5,546
3,197
1,253
509
3,231
1,656
444
1,144
1,266
26
983
1
128
1
109
.0275557 to .0117316 grams of fine gold per rial.
7 Holdings in each month were 448 million yen.
8 Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other notes see opposite page.
736
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign exchange—Approved. .
Other
Pakistan Govt. securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net)
Net claim on Intl. Fund 1
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund*
Loans and discounts to banks...
Loans to Government
Other assets
Note circulation
,
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government.
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets.
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1958
Apr.
Mar.
1957
Feb.
116
668
57
2,182
430
36
3,425
116
785
57
2,064
430
42
3,369
116
786
57
2,123
430
43
3,414
65
127
142
127
1,073
1,079
186
155
861
972
171
113
827
920
162
11
552
113
1,614
734
353
1,227
419
339
1,392
16
178
126
828
164
733
87
331
161
140
67
1,280
1,754
122
2,453
679
230
130
67
1,343
1,758
127
2,440
777
209
15
193
117
832
164
725
87
329
179
14
210
120
804
168
716
87
330
182
5,973 5,947
13,799 13,667
1,654
1,695
1,365
1,366
2,IT
2,212
11,889 11,895
1,803
1,839
20
20
7,844 7,668
3,507 3,464
63
15
7:
6:
114
66
33
68
20
79
63
114
86
31
75
19
7
63
113
86
30
618
319
14,710
59,763
67,571
64,634
2,439
13,556
62,353
618
319
15,551
59,861
68,653
65,638
1,813
13,463
64,087
618
319
15,563
59,827
66,409
64,739
2,831
13,216
61,949
Apr.
Bank of Sweden (millions of kronor):
Gold
Foreign assets
115
Net claim on Intl. Fund 1
,044
Swedish Govt. securities and ad57
vances to National Debt Office 2.
,716
Other domestic bills and advances.
430
Other assets
53
Note circulation
,281
Demand deposits—Government..
Other
134
Other liabilities and capital
Swiss National Bank (millions of
126 francs):
809
Gold
876
Foreign exchange
193
Loans and discounts
Other assets
Note circulation
10
Sight liabilities
661
Other liabilities and capital
53 Central Bank of the Republic of Turkey
710 (millions of pounds):
663
Gold
203
Foreign exchange and foreign
200
clearings
468
Loans and discounts
263
Securities
369
Other assets
Note circulation
Deposits—Gold
679
Other
67
Other liabilities and capital
862 Bank of the Republic of Uruguay (millions of pesos):
Gold
Silver
Advances to State and Govt.
bodies
Other loans and discounts
Other assets
48
Note circulation
278
Deposits—Government
95
Other
528
Other liabilities and capital
158 Central Bank of Venezuela (millions
705 of bolivares):
86
Gold
223
Foreign exchange (net)
92
Other assets
,
Note circulation
,
,872
Deposits
,
,622
Other liabilities and capital
,281 National Bank of Federal People's Re,376 public of Yugoslavia (billions of
,859 dinars):
,065
Gold
,683
Gold contribution to Intl. Fund..
90
Foreign assets
,184
Loans (short-term)
,
,989
Govt. debt (net)
Other assets
Notes and coin in circulation.
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
113 Bank for International Settlements
77 (millions of Swiss gold francs):
13
Gold in bars
Cash on hand and with banks...
617
Rediscountable bills and accept323
ances (at cost)
,302
Time funds at interest
,293
Sundry bills and investments....
,860
Funds invested in Germany
,711
Other assets
,74'
Demand deposits—Gold
,579
Other
,356
Long-term deposits: Special
Other liabilities and capital
* Latest month available.
1 This figure represents the amount of the country's
sul
ltry's subscription
to the
Fund less the bank's local currency liability to thee Fund.
2 Includes small amount of nongovernment bonds.
Central bank, monetary unit,
and item
1958
Apr.
Mar.
1957
Feb,
Apr.
448
1,180
129
448
1,203
129
460
1,166
129
550
1,112
129
4,723
164
853
5,533
132
49
1,782
4,468
252
865
5,443
87
54
1,782
4,579
129
895
5,507
159
42
1,651
4,326
18
985
5,359
140
147
1,475
7,661
566
143
90
5,513
2,717
231
7,394
654
146
89
5,560
2,492
230
7,448
557
151
85
5,498
2,514
229
6,866
461
157
108
5,533
1,839
220
403
403
403
402
421
5,249
32
259
3,299
156
2,078
832
452
5,150
33
260
3,225
156
2,081
835
456
5,054
33
264
3,205
156
2,038
812
293
4,194
30
246
2,652
155
1,721
637
(Jan.)
273
278
9
316
725
982
610
174
423
1,097
283
572
746
570
187
356
774
1,999
1,755
135
1,473
911
1,504
1,999
1,570
160
1,486
794
1,448
1,999
1,791
178
1,477
713
1,777
1,947
1,134
156
1,254
534
1,448
4
2
25
898
67
15
131
448
82
303
47
4
2
24
872
58
12
121
433
81
295
43
4
2
26
785
76
15
121
371
82
288
47
5
2
38
748
78
38
99
310
82
294
648
55
398
375
709
297
558
77
496
42
490
54
560
303
665
297
1
554
1,356
229
323
621
223
658
297
1
50!
1,286
229
321
835
137
683
297
1
593
,369
229
306
706
1,225
229
324
124
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
737
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since June 1957
Month effective
Belgium
Denmark
In effect June 30, 1957
3.50
5.5
1957_j u ly
Aug
Sept
Oct
Nov .
Dec
4.50
Germany
France
Netherlands
Spain
Sweden
United
Kingdom
3.75
4.25
4.0
5.0
4.06
1.5
4.25
5.00
5.00
5.0
7.0
4.05
4.28
4.05
4.05
3 83
3.87
4.5
6.0
4.5
4.0
5.0
4.0
1958—Jan
Feb
4.50
3.5
4 25
Mar
Apr
Mi ay
Canada2
In"effect May 31, 1958
4.25
5.0
4.00
3.5
5.0
5.00
Cuba 3
4.5
6.0
5.5
4.5
6.0
5.5
Area and
country
Rate
4.5
5.5
4.5
5.5
1.79
4 00
Argentina 3
3.5
3.50
3.11
2.52
1.62
1.79
5.0
Philippines
Other selected central banks—rates in effect on May 31, 1958
Area and
country
Rate
Europe:
5.0
Austria
10.0
Greece
4.0
Italy
Norway
3.5
Portugal
2.5
Switzerland. . . 2.5
Turkey
6.0
Month
effective
Nov.
May
Apr.
Feb.
Jan.
May
June
1955
1956
1950
1955
1944
1957
1956
Area and
country
Month
effective
Rate
Asia:
3.0
Burma
2.5
Ceylon
4.0
India*
3
Indonesia .... 3.0
9.13
Japan 3
3.0
Pakistan
7.0
Thailand
Feb.
June
May
Apr.
May
July
Feb.
1948
1954
1957
1946
1957
1948
1945
1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates for these countries are given in note 3.
2 Since Nov. 1, 1956, the discount rate is set each week at VA per cent
above
the latest average tender rate for Treasury bills.
3
Discounts or advances at other rates include: Argentina—3 and 5
per cent for certain rural and industrial paper, depending on type of
transaction; Cuba—4.5 per cent for sugar loans and 4 per cent for loans
secured by national public securities; Indonesia—various rates depending
on type of paper, collateral, commodity involved, etc.; Japan—various
Area and
country
Rate
Latin America:
Chile3
Costa Rica 3 ...
El Salvador 3 ..
Mexico
Peru 3
Venezuela....
6.0
3.0
4.0
4.5
6.0
2.0
Month
effective
Feb.
Apr.
Apr.
June
Nov.
May
1957
1939
1957
1942
1947
1947
All other:
New Zealand.. 7.0
South Africa.. 4.5
Month
effective
Oct. 1955
Sept. 1955
rates depending on type of paper or transaction and extent of borrowing
from Central bank, including 8.40 per cent for discount or paper related to
domestic commercial transactions (rate shown is for advances on commercial paper and miscellaneous collateral); Chile—rates in excess of 6 per
cent are applied to rediscounts in excess of 50 per cent of the rediscountsg
bank's capital and reserves, rates of 4 and 2 per cent apply to certain types
of agricultural paper; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper);
El Salvador—3 per cent for agricultural and industrial paper and 2 per
cent for special cases; and Peru—4 per cent for industrial paper and
mining
paper, and 3 per cent for most agricultural paper.
4
Since May 16, this rate applies to advances against commercial paper
as well as against government securities and other eligible paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-today
bills
3 months J money 2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today 3
on
deposits money
Netherlands
Treasury
bills
3 months
Day-today
money
1955 Dec
1956—Dec
2.59
3.61
2.42
3.18
4.22
5.07
4.08
4.94
3.10
4.15
2.50
3.50
2.99
3.55
1.06
3.48
3.23
1957
Sept
Oct
Nov
Dec
3.77
3 80
3.81
4.02
3.94
3.84
3.66
3.65
3.71
3 80
3.72
3.88
2.96
3.57
3.52
3.60
4.04
4.08
4.06
4.17
5.40
6.81
6.78
6.67
3.84
3.87
3.85
3.97
5.42
6.60
6.54
6.43
3.48
3.45
3.45
3.60
4.33
5.53
5.63
5.67
3.00
3.00
3.00
3.00
3.80
5.00
5.00
5.00
5.19
5.78
7.82
7.94
5.77
4.94
4.87
5.72
3.59
3.60
3.81
4.45
4.86
4.87
4.66
4.64
1958—Jan
Feb
Mar
Apr
3.54
2.99
2.44
1.65
3.05
2.61
1.64
3.34
6.51
6.17
5.98
5.47
6.27
6.02
5.78
5.28
5.56
5.57
5.23
4.71
5.00
5.00
4.65
4.00
5.17
5.25
5.96
6.78
4.43
3.88
May
June
July.
AUK
1 Based on average yield of weekly tenders during the month.
Based on weekly averages of daily closing rates.
2
3
3.14
3.18
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
414-6^
4$-6%
1.50
1.50
2.88
2.70
3.08
3.51
3.64
3.75
3.35
3.33
4Vi-6%
5^-8
5^-8
534-8
534-8
534-8
534-8
1.75
2.50
2.50
2.50
2.50
2.50
2.50
2.50
3.50
3.26
2.77
2.93
534-8
534-8
534-8
534-8
2.50
2.50
2.50
2.50
.62
41A-6V4
Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.
738
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Preferential
Basic
Free
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
14 492
20.000
13.333
20.000
13.333
20.000
13.333
20.000
15.556
5.556
7.163
7.198
7.198
7.183
22.835
2.506
222.63
224.12
223.80
222.41
222.76
222.57
3.8580
3.8580
3.8580
3.8580
3.8539
1 9878
2.0009
1.9975
1.9905
2.0030
1.9906
102 149
101 650
102.724
101 401
101.600
104.291
20 903
21 046
21.017
20 894
20.946
20.913
1957—May.
June
July
Aug
Sept
Oct .
Nov
Dec.
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
2.564
2.477
2.365
2.303
2.216
2.487
2.595
2.707
222.39
222.33
222.14
221.73
221.92
223.09
223.32
223.57
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9862
1.9875
1.9908
1.9865
1.9874
1.9929
1.9983
1.9991
104.638
104 891
105.150
105 470
104.241
103 636
103.921
102.304
20.895
20 898
20.890
20 862
20.867
20 928
20.935
20.969
1958—Jan .
Feb
5.556
5.556
5.556
5.556
5.556
2.696
2.656
2.610
2.444
2.377
224.16
224.36
224.33
224.47
224.36
3 8536
3.8536
3.8536
3.8536
3.8536
1 9986
2.0024
2.0041
2 0047
2.0050
101 535
101 934
102.312
103 011
103.396
21 045
21 078
21.072
21 088
21.085
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
23.838
4.2376
23.838
23.765
23.786
23.798
20.922
21.049
21.020
20.894
20.934
20.910
279.68
281.27
280.87
279.13
279.57
279.32
2779
.2779
32 601
32.595
32 641
32.624
32 582
32 527
11.588
11.607
9 052
8.006
8 006
8 006
20.896
20.896
20.884
20.844
20.858
20.940
20.951
20.975
279.10
279 02
278.78
278.27
278 51
279.98
280.26
280.58
.2779
2779
.2779
.2779
2779
.2779
.2779
.2779
32 526
32 523
32 495
32 431
32 448
32 556
32.580
32 644
8 006
8 006
8 006
8.006
8 006
8.006
8.006
8 006
1952
1953
1954
1955
1956
1957
Mar
Apr
May
Finland
(markka)
Year or month
1952
1953
1954
1955
1956
1957
...
.4354
.4354
.4354
.4354
.4354
3.3995
.2856
.2856
.2856
.2856
.2855
4.2856
.4354
4354
.4354
.4354
3 3674
.3118
.3118
.3118
.2856
.2855
.2856
4.2857
.2858
.2858
.2858
.2858
4.2376
.2375
.2375
.2375
.2376
23.796
23.798
23.800
23.800
23.800
23.800
23.800
23.799
.3118
.3118
.3118
.3118
.3118
.2858
.2858
.2858
.2858
.2858
.2376
.2375
.2376
.2376
.2376
23.795
23.795
23.793
23.808
23.858
21.050
21.099
21.086
21.101
21.092
281.32
281.57
281.54
281.71
281.57
.2779
.2779
.2779
.2779
.2779
32 769
32.818
32 811
32 830
32.821
8 006
8.006
8 006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
26.315
26 340
26.381
26.230
26.113
26.170
276.49
278.48
278.09
276.36
276.80
276.56
14.015
14.015
14.008
14.008
14.008
14.008
49.675
49.676
49.677
49.677
49.676
49.693
3.4853
3.4887
3.4900
3.4900
3.4900
3.4900
278.20
280.21
279.82
278.09
278 52
278.28
19.326
19 323
19.333
19.333
19.333
19.331
23.148
23 316
23.322
23 331
23.334
23 330
279 26
281 27
280 87
279 13
279.57
279 32
26.134
26.106
26 121
26.103
26.102
26 287
26.363
26.367
276.33
276.26
276.02
275.52
275.75
277.21
277.49
277.80
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.695
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
3.4900
278.05
277.98
211.1A
277.23
277.47
278.94
279.21
279.53
19.333
19.333
19 333
19.329
19.328
19 328
19.328
19.328
23 335
23.335
23 332
23 335
23.335
23 335
23 335
23.335
279 10
279.02
278 78
278 27
278 51
279 98
280 26
280.58
26.373
26.367
26.378
26.388
26.388
278.54
278.78
278.75
278.92
278.78
14.008
14.008
14.008
14.008
14.008
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
280.27
280.52
280.49
280.65
280.52
19.328
19.328
19 328
19.328
19.328
23.334
23.335
23 335
23.335
23.335
281 32
281.57
281 54
281.71
281.57
.
1957—May
June
July.
Aug
Sept
Oct
Nov
Dec .
1958—Jan
Feb
Mar
Apr
May.
Year or month
1952
1953
1954
1955
1956
1957
.
1957—May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
. . .
France
(franc)
1
Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.
2 New free market rate became effective Oct. 28, 1955.
3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
52.3810
2.3810
2.3810
2.3810
2.3810
4
On Aug. 12, 1957, the French authorities established an effective rate
of 420 francs per U. S. dollar applicable to most foreign exchange transactions. Since Oct. 28, 1957, this rate has applied to all foreign exchange
transactions. The official rate remains at 350 francs per U. S. dollar.
5 Based on quotations beginning Jan. 2, 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
JAMES K. VARDAMAN, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
JEROME W. SHAY, Legislative Counsel
CHARLES MOLONY, Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
ROBERT F. LEONARD, Director
MERRITT SHERMAN, Assistant
Secretary
KENNETH A. KENYON, Assistant
GERALD M. CONKLING, Assistant
Secretary
JOHN R. FARRELL, Assistant
CLARKE L. FAUVER, Assistant Secretary
LEGAL DIVISION
M. B. DANIELS, Assistant
Director
Director
Director
DIVISION OF EXAMINATIONS
HOWARD H. HACKLEY, General Counsel
ROBERT C. MASTERS, Director
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant
Director
ARTHUR H. LANG, Chief Federal Reserve
Examiner
THOMAS J. O'CONNELL, Assistant General
Counsel
GLENN M. GOODMAN, Assistant
HENRY BENNER, Assistant
Director
Director
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser
EDWIN J. JOHNSON, Director
GUY E. NOYES, Adviser
H. FRANKLIN SPRECHER, JR., Assistant Director
ROLAND I. ROBINSON, Adviser
SUSAN S. BURR, Associate
Adviser
ALBERT R. KOCH, Associate
DIVISION OF ADMINISTRATIVE SERVICES
Adviser
KENNETH B. WILLIAMS, Associate
LEWIS N. DEMBITZ, Research
JOSEPH E. KELLEHER,
Associate
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II,
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate
A. B. HERSEY, Associate
Adviser
Administrator
OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
Adviser
ROBERT L. SAMMONS, Associate
Director
Adviser
SAMPSON H. BASS, Assistant Controller
Adviser
739
740
FEDERAL RESERVE BULLETIN • JUNE 1958
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
C. CANBY BALDERSTON
W. D. FULTON
WATROUS H. IRONS
HUGH
H. N.
A. L.
J. L.
ALFRED HAYES,
LEACH
MANGELS
MILLS, JR.
ROBERTSON
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
L. MERLE HOSTETLER, Associate Economist
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
ARTHUR W. MARGET, Associate Economist
H. V. ROELSE, Associate Economist
CHARLS E. WALKER, Associate Economist
FREDERIC SOLOMON, Assistant General Counsel
O. P. WHEELER, Associate Economist
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, NEW YORK
CASIMIR A . SlENKIEWICZ, PHILADELPHIA
FRANK R. DENTON, CLEVELAND,
President
JOHN S. ALFRIEND, RICHMOND
JOHN A. SIBLEY, ATLANTA
HERBERT
V. PROCHNOW, Secretary
HOMER J. LIVINGSTON, CHICAGO,
Vice President
WlLLIAM A . MCDONNELL, ST. LOUIS
GORDON MURRAY, MINNEAPOLIS
R. CROSBY KEMPER, KANSAS CITY
WALTER B. JACOBS, DALLAS
FRANK L. KING, SAN FRANCISCO
WILLIAM
J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert Q Sprague, Chairman and Federal Reserve Agent
Harvey P. Hood, Deputy Chairman
Stanley M. Cooper
Milton P. Higgins
Harry E. Umphrey
Oliver B. Ellsworth
William D. Ireland
Nils Y. Wessell
Arthur F. Maxwell
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
George H. Ellis
E. O. Latham, First Vice President
Vice Presidents
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
Charles W. Bitzer
Cyrus M. Higley
Howard C. Sheperd
Clarence Francis
Augustus C. Long
Lansing P. Shield
Franz Schneider
FEDERAL RESERVE BANKS AND BRANCHES
741.
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
William F. Treiber, First Vice President
Vice Presidents
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
Vernon Alexander
Leland B. Bryan
Daniel M. Dalrymple
Raymond E. Olson
Ralph F. Peo, Chairman
John W. Remington
E. Perry Spink
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
Henderson Supplee, Jr., Chairman and Federal Reserve Agent
Lester V. Chandler, Deputy Chairman
William B. Brosius
Walter E. Hoadley, Jr.
R. Russell Pippin
Bayard L. England
Lindley S. Hurff
Geoffrey S. Smith
Charles E. Oakes
Karl R. Bopp, President
Robert N. Hilkert, First Vice President
Vice Presidents
E. C. Hill
Wm. G. McCreedy
David P. Eastburn
Murdoch K. Goodwin
P. M. Poorman
J. V. Vergari
Richard G. Wilgus
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent
Joseph H. Thompson, Deputy Chairman
Aubrey J. Brown
King E. Fauver
George P. MacNichol, Jr.
John A. Byerly
Joseph B. Hall
Paul A. Warner
Charles Z. Hardwick
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
Clyde Harrell
Donald S. Thompson, First Vice President
Vice Presidents
L. Merle Hostetler
Martin Morrison
R. G. Johnson, in charge of
H. E. J. Smith
Cincinnati Branch
Paul C. Stetzelberger
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Roger Drackett
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
Franklin A. McCracken
William A. Mitchell
Thomas M. Wolfe
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Lawrence O. Hotchkiss
Frank C. Irvine
Douglas M. Moorhead
Ben Moreell
Sumner E. Nichols
John C. Warner,
Chairman
Irving W. Wilson
742
FEDERAL RESERVE BULLETIN • JUNE 1958
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent
D. W. Colvard
Robert Gage
Alonzo G. Decker, Jr., Deputy Chairman
Joseph E. Healy
L. Vinton Hershey
Robert O. Huffman
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Denver L. Morgan
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
J. M. Nowlan
Baltimore Branch
James M. Slay
Aubrey N. Heflin
Thomas I. Storrs
Upton S. Martin
C. B. Strathy
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
Wm. Purnell Hall, Chairman
James W. McElroy
J. N. Shumate
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
George H. Aull
William H. Grier, Chairman
Charles D. Parker
Ernest Patton
I. W. Stewart
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
Joseph T. Lykes
Henry G. Chalkley, Jr.
Pollard Turman
W. C. Bowman
Donald Comer
Malcolm Bryan, President
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
John L. Liles, Jr.
Lewis M. Clark, First Vice President
Vice Presidents
J. E. McCorvey
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Robert M. Cleckler
John R. Downing
E. W. McLeod
John C. Persons
Selden Sheffield
John E. Urquhart, Chairm
Adolph Weil, Sr.
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis
James G. Garner
C. B. McLeod
J. Wayne Reitz
Harry M. Smith, Chairmat
McGregor Smith
FEDERAL RESERVE BANKS AND BRANCHES
743
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continned
NASHVILLE BRANCH—BOARD OF DIRECTORS
Jo H. Anderson
Stewart Campbell
P. D. Houston, Jr.
V. S. Johnson, Jr.
W. N. Krauth
Frank B. Ward, Chairman
C. L. Wilson
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
William J. Fischer
Frank A. Godchaux, III
J. Spencer Jones
G. H. King, Jr., Chairman
D. U. Maddox
H. A. Pharr
E. E. Wild
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Vivian W. Johnson
Carl E. Allen, President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
Paul C. Hodge
J. Stuart Russell, Deputy Chairman
G. F. Langenohl
Nugent R. Oberwortmann
E. C. Harris, First Vice President
Vice Presidents
H. J. Helmer
H. J. Newman
C. T. Laibly
A. L. Olson
George W. Mitchell
R. A. Swaney, in charge
of Detroit Branch
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
William A. Mayberry
Ira A. Moore
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
Pierre B. McBride, Chairman and Federal Reserve Agent
S. J. Beauchamp, Jr.
Kenton R. Cravens
H. Lee Cooper
J. E. Etherton
Harold O. McCutchan
Delos C. Johns, President
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
R. H. Alexander
Donald Barger
J. H. Longwell, Deputy Chairman
Leo J. Wieck
Jesse D. Wooten
Guy S. Freutel, First Vice President
Vice Presidents
Darryl R. Francis, in charge
Geo. E. Kroner
of Memphis Branch
Dale M. Lewis
Donald L. Henry, in charge
H. H. Weigel
of Louisville Branch
J. C. Wotawa
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
T. Winfred Bell, Chairman
J. W. Bellamy, Jr.
E. C. Benton
J. V. Satterfield, Jr.
Waldo E. Tiller
FEDERAL RESERVE BULLETIN • JUNE 1958
744
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Conflnued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Magnus J. Kreisle
W. Scott Mclntosh
Philip Davidson
J. D. Monin, Jr.
Merle E. Robertson
John G. Russell
MEMPHIS BRANCH—BOARD OF DIRECTORS
S. L. Kopald, Jr.
Simpson Russell
Frank Lee Wesson, Chairman
John E. Brown
J. H. Harris
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
John A. Moorhead
Frederick L. Deming, President
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
J. Willard Johnson
O. M. Jorgenson
O. B. Jesness, Deputy Chairman
Harold C. Refling
Harold N. Thomson
A. W. Mills, First Vice President
Vice Presidents
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
Carl McFarland, Chairman
John M. Otten
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
George H. Clay
P. A. Debus, in charge
of Omaha Branch
Joseph S. Handford
Stewart Cosgriff
Arthur Johnson
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
Cecil Puckett, in charge
R. L. Mathes, in charge
of Denver Branch
of Oklahoma City Branch
E. U. Sherman
Clarence W. Tow
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Ralph S. Newcomer
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
R. Otis McClintock
Phil H. Lowery
Aksel Nielsen, Chairman
Ray Reynolds
C. L. Priddy
C. P. Stuart
745
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-CootiMed
C. Wheaton Battey
George J. Forbes
OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten
James L. Paxton, Jr.,
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
John M. Griffith
Lamar Fleming, Jr.
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
T. W. Plant
W. E. Eagle, in charge of
L. G. Pondrom
San Antonio Branch
Morgan H. Rice
T. A. Hardin
Harry A. Shuford
W. H. Holloway
C. E. Walker
F. W. Barton
John P. Butler
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
William R. Mathews
Thomas C. Patterson
I. F. Betts
L. R. Bryan, Jr.
HOUSTON BRANCH—BOARD OF DIRECTORS
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
Clarence E. Ayres
J. W. Beretta
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
E. C. Breedlove
Burton Dunn
Donald D. James
D. F. Stahmann
E. J. Workman,
Chairman
S. Marcus Greer
Tyrus R. Timm
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
N. Loyall McLaren
Philip I. Welk
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
E. R. Millard
Eliot J. Swan, First Vice President
Vice Presidents
R. H. Morrill
H. F. Slade
John A. O'Kane
W. F. Volberg,
J. A. Randall, in charge of
in charge of
Portland Branch
Los Angeles Branch
O. P. Wheeler
FEDERAL RESERVE BULLETIN • JUNE 1958
746
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Conti-aed
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Robert J. Cannon
Leonard K. Firestone,
Chairman
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley
J. H. McNally
John B. Rogers
William H. Steiwer, Sr., Chairman
C. B. Stephenson
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
George S. Eccles
Russell S. Hanson
Oscar Hiller
Joseph Rosenblatt, Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
Henry N. Anderson
James Brennan
Lyman J. Bunting,
Chairman
Joshua Green, Jr.
S. B. Lafromboise
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
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remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve
System.
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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Annual
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THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages.
$1.00.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
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the national economy. December 1955. 390
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A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
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RULES OF ORGANIZATION AND RULES OF PROCE-
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CHART BOOK. Issued annually in September. Annual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President, are being distributed through the Superintendent of Documents.
Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60
Part III—Views on Regulation, $1.00
Part 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.
747
748
FEDERAL RESERVE BULLETIN • JUNE 1958
PERIODIC RELEASES
DEPARTMENT STORE CREDIT
WEEKLY
DEPARTMENT STORE MERCHANDISING DATA
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY
CHANGES IN STATE BANK MEMBERSHIP
CONDITION
OF WEEKLY
REPORTING
(Also annual list.
Both available at Federal Reserve Banks only)
FEDERAL RESERVE PAR LIST
MEMBER
BANKS IN CENTRAL RESERVE CITIES
CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN LEADING CITIES
WEEKLY AVERAGES OF MEMBER BANK RESERVES,
RESERVE BANK CREDIT, AND RELATED ITEMS
AND STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
WEEKLY DEPARTMENT STORE SALES
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY REVIEW OF PERIODICALS
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
(Available only
for domestic distribution)
WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES
SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
INTERDISTRICT SETTLEMENT FUND
INDEX NUMBERS OF WHOLESALE PRICES
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE
STOCKS, BY DEPARTMENTS
SALES
AND
MONTHLY DEPARTMENT STORE STOCKS
MONTHLY FOREIGN EXCHANGE RATES
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES AND BOND PRICES
RETAIL FURNITURE REPORT
SALES FINANCE COMPANIES
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RE-
SERVE BANKS (Also annual list)
U. S. GOVERNMENT SECURITY YIELDS AND PRICES
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
MONTHLY
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (Including Consolidated State-
ment for Banks and the Monetary System)
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
BUSINESS INDEXES
(Short- and IntermediateTerm and Consumer Instalment Credit Extended and Repaid)
CONSUMER
CREDIT
CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES
CONSUMER INSTALMENT CREDIT AT COMMERCIAL
BANKS
CONSUMER LOANS MADE UNDER EFFECTIVE STATE
SMALL LOAN LAWS
SEMIANNUAL-QUARTERLY
ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY
STATE
BANK RATES ON SHORT-TERM BUSINESS LOANS
CREDIT EXTENDED BY BANKS TO REAL ESTATE
MORTGAGE LENDERS
MEMBER BANK CALL REPORT
MEMBER BANK EARNINGS
MEMBER BANK LOANS
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
ANNUAL
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE TRADE
BIENNIAL
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS
749
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
(From Federal Reserve Bulletin unless preceded by
an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES.
November
1938.
REAL ESTATE LOANS OF REGISTRANTS UNDER
REGULATION X. June 1952. 18 pages.
REVISED SERIES ON DEPARTMENT STORE SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.
20 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL
RESERVE POLICY. April 1940. 11 pages.
MEASUREMENT OF PRODUCTION. September 1940.
16 pages.
FEDERAL RESERVE BANK LENDING POWER NOT
DEPENDENT ON MEMBER BANK RESERVE BAL-
ANCES. February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION.
RECENT CENTRAL BANKING DEVELOPMENTS IN
SOUTHEAST ASIA. December 1952. 9 pages.
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
Descrip-
tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-
28. September 1945. 2 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY.
May 1953. 7 pages.
*DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH. March
1947.
9 pages.
FEDERAL RESERVE BANK RESPONSIBILITIES.
1953.
May
5 pages.
SALES FINANCE COMPANY OPERATIONS IN 1947.
July 1948. 6 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
NEW STATISTICS OF INTEREST RATES ON BUSINESS
LOANS. March 1949. 10 pages.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
November 1949. 14 pages.
Novem-
ber 1950. 9 pages.
*THE TREASURY—CENTRAL BANK RELATIONSHIP
IN FOREIGN COUNTRIES—PROCEDURES AND
TECHNIQUES. November 1950. April 1951.
19 pages.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT
REGULATION. July 1951. 23 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
1953.
METHODS OF THE SURVEY OF CONSUMER F I NANCES. July 1950. 15 pages.
MEASUREMENT OF CONSUMER CREDIT.
vember 1953. 65 pages.
96 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
USE
OF MONETARY INSTRUMENTS SINCE MID-
1952.
December 1954. 8 pages.
750
FEDERAL RESERVE BULLETIN • JUNE 1958
DIRECTLY
PLACED FINANCE
COMPANY
PAPER.
December 1954. 8 pages.
OWNERSHIP OF DEMAND DEPOSITS.
May 1957.
6 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
INTEREST RATES IN LEADING COUNTRIES.
1957.
August
7 pages.
WINNING THE BATTLE AGAINST INFLATION.
UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages.
gust 1957.
WORLD PAYMENTS STRESSES IN
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pages.
1957.
Au-
12 pages.
1956-57. October
8 pages.
REVISION OF MONTHLY DEPARTMENT STORE INA FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
BANKING AND MONETARY STATISTICS, 1957.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Reprints on a similar
Survey are available from March, May, June,
July, and August 1947 BULLETINS.)
FINANCING OF LARGE CORPORATIONS,
June 1956.
DEXES. December 1957. 30 pages.
1951-55.
9 pages.
Se-
lected series of banking and monetary statistics
for 1957 only. February and May 1958. 12
pages. (Similar reprints of 1954, 1955, and
1956 data available from earlier BULLETINS.)
BANK CREDIT AND MONEY IN 1957.
February
1958. 9 pages. (Also, similar reprint from
July 1957 BULLETIN.)
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
Oc-
INTERNATIONAL
GOLD
AND DOLLAR
FLOWS.
March 1958. 7 pages.
1958 SURVEY OF CONSUMER FINANCES. PRELIMINARY FINDINGS. March 1958. 4 pages.
tober 1956. 15 pages.
MEMBER BANK LENDING TO SMALL BUSINESS,
AGRICULTURAL LOAN SURVEY.
November 1956
and January, February, and March 1957 BULLETINS. 52 pages.
1955-57. April 1958. 19 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956.
16 pages.
GROWTH AND STRUCTURE OF TIME DEPOSITS.
April 1958.
1957 SURVEY OF CONSUMER FINANCES. March,
June, and August 1957. 54 pages. (Similar
Surveys are available for earlier years from
1952,
5 pages.
OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3
pages.
1953, 1954, 1955, and 1956 BULLETINS.)
SURVEY OF COMMON TRUST FUNDS, 1957. May
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
April 1957. 20 pages.
SURVEY
OF FINANCE
April 1957.
COMPANIES,
17 pages.
MID-1955.
1958. 5 pages. (Also, similar reprints from
August 1956 and June 1957 BULLETINS.)
THE BATTLE AGAINST RECESSION.
pages.
May 1958.
8
Index to Statistical Tables
Acceptances, bankers', 674, 675
Agricultural loans of commercial banks, 670, 672
Agriculture, Govt. agency loans, 678, 679
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 666
Corporate, current, 686
Domestic banks, by classes, 667, 670, 672
Federal business-type activities, by fund or
activity, 678, 679
Federal Reserve Banks, 661, 662
Foreign central banks, 732
Automobiles:
Consumer instalment credit, 690, 691, 692
Production index, 696, 700
Bankers' balances, 671, 673
(See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated statement, 666
Bonds (See also U. S. Govt. securities):
New issues, 684, 686
Prices and yields, 675, 676
Brokers and dealers in securities, bank
loans to, 670, 672
Business expenditures on new plant and equipment, 686
Business indexes, 694
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 667, 671, 673
Federal Reserve Banks, 661, 662
Carloadings, 694
Central banks, foreign, 730, 732, 737
Coins, circulation of, 665
Commercial banks:
Assets and liabilities, 667, 670
Consumer loans held, by type, 691
Number, by classes, 667
Real estate mortgages held, by type, 687
Commercial and industrial loans:
Commercial banks, 670
Weekly reporting member banks, 672, 674
Commercial paper, 674, 675
Commodity Credit Corporation,
loans, etc., 678, 679
Condition statements (See Assets and liabilities)
Construction, 694, 700, 701
Consumer credit:
Instalment credit, 690, 691, 692, 693
Major parts, 690, 692
Noninstalment credit, by holder, 691
Consumer durable goods output indexes, 700
Consumer price indexes, 694, 706
Consumption expenditures, 708, 709
Corporate sales, profits, taxes, and
dividends, 685, 686
Corporate security issues, 684, 686
Corporate security prices and yields, 675, 676
Cost of living (See Consumer price indexes)
Currency in circulation, 657, 665
Customer credit, stock market, 676
Debits to deposit accounts, 664
Demand deposits:
Adjusted, banks and the monetary system, 666
Adjusted, commercial banks, by classes, 671
751
Demand deposits—Continued
Banks, by classes, 667, 673
Type of holder, at commercial banks, 671
Department stores:
Merchandising data, 705
Sales and stocks, 694, 704
Deposits (See also specific types of deposits):
Adjusted, and currency, 666
Banks, by classes, 667, 671, 673
Federal Reserve Banks, 661, 662, 728
Postal savings, 666
Turnover of, 664
Deposits, reserves, and borrowings, by class of
member bank, 659
Discount rates, 660, 737
Discounts and advances by Federal Reserve
Banks, 657, 661
Dividends, corporate, 685, 686
Dollar assets, foreign, 728, 729
Dwelling units started, 701
Earnings and expenses:
Insured commercial banks, 719
Member banks, 710
Earnings and hours, manufacturing industries, 694, 703
Employment, 694, 702, 703
Export-Import Bank, loans, etc., 678, 679
Farm mortgage loans, 678, 687, 688
Federal business-type activities, assets and liabilities,
by fund or activity, 678, 679
Federal Deposit Insurance Corporation,
assets, etc., 678, 679
Federal finance:
Cash transactions, 680
Receipts and expenditures, 681
Treasurer's balance, 680
Federal home loan banks, loans, etc., 678, 679, 689
Federal Housing Administration,
loans, etc., 678, 679, 687, 688, 689
Federal National Mortgage Association,
loans, etc., 678, 679, 689
Federal Reserve Banks:
Condition statement, 661, 662
U. S. Govt. securities held by, 657, 661, 662,
682, 683
Federal Reserve credit, 657, 661, 662
Federal Reserve notes, 661, 662, 663, 665
Finance company paper, 674, 675
Foreign central banks, 730, 732, 737
Foreign deposits in U. S. banks, 657, 661, 662,
666, 671, 673
Foreign exchange rates, 738
Foreign liabilities and claims reported by
banks, 724, 726, 728
Foreign trade, 705
Gold:
Earmarked, 729
Net purchases by U. S., 729
Production, 728, 729
Reserves of central banks and governments, 730
Reserves of foreign countries and international
institutions, 731
Stock, 657, 666, 729
Gold certificates, 661, 662, 663, 665
Govt. debt (See U. S. Govt. securities)
Gross national product, 708, 709
752
Home owners, Govt. agency loans, 678, 679
Hours and earnings, manufacturing industries, 694, 703
Industrial advances by Federal Reserve
Banks, 661, 662, 663, 664
Industrial production indexes, 694, 695, 700
Instalment loans, 690, 691, 692, 693
Insurance companies, 677, 682, 683, 688
Insured commercial banks, 669, 670, 719
Interbank deposits, 667, 671, 673
Interest rates:
Bond yields, 675
Business loans by banks, 675
Federal Reserve rates, 660, 664
Foreign countries, 737
Open market, 675, 737
Regulation V loans, 664
Stock yields, 675
International capital transactions of the U. S., 724
International financial institutions, 730, 731, 732
Inventories, 709
Investments {See also specific types of investments):
Banks, by classes, 667, 670, 672
Federal Reserve Banks, 661, 662
Govt. agencies, etc., 678, 679
Life insurance companies, 677
Savings and loan associations, 677
Labor force, 702
Loans {See also specific types of loans):
Banks, by classes, 667, 670, 672
Federal Reserve Banks, 657, 659, 661, 662,
663, 664
Govt. agencies, etc., 678, 679
Insurance companies, 677, 688
Savings and loan associations, 677, 688
Loans insured or guaranteed, 663, 687, 688, 689
Manufacturers, production indexes, 694, 695, 700
Margin requirements, 660
Member banks:
Assets and liabilities, by classes, 667, 670
Borrowings at Federal Reserve Banks, 657, 659
Deposits and reserves, by classes, 659
Earnings and expenses, 710
Number, by classes, 667
Operating ratios, 720
Reserve requirements, by classes, 660
Reserves and related items, 657
Weekly reporting series, 672
Minerals, production indexes, 694, 695
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 666, 667, 669, 682, 683, 687
National banks, 669, 710
National income, 708
National security expenditures, 681, 709
Nonmember banks, 661, 669, 670, 719
Operating ratios, member banks, 720
Payrolls, manufacturing, index, 694
Personal income, 709
Postal Savings System, 666
Prices:
Consumer, 694, 706
Security, 676
Wholesale commodity, 694, 706
Production, 694, 695, 699, 700
FEDERAL RESERVE BULLETIN • JUNE 1958
Profits, corporate, 685, 686
Real estate loans:
Commercial banks, 670, 672, 687
Type of mortgage holder, 687, 688, 689
Type of property mortgaged, 687, 688, 689
Regulation V, loan guarantees, 663, 664
Reserve requirements, member banks, 660
Reserves:
Commercial banks, 671
Federal Reserve Banks, 661, 662
Foreign central banks and governments, 730
Foreign countries and international institutions, 731
Member banks, 657, 659, 661, 662, 671, 673
Residential mortgage loans, 687, 688, 689
Sales finance companies, consumer loans of, 690,
691, 693
Savings, 708
Savings deposits {See Time deposits)
Savings institutions, principal assets, 677
Savings and loan associations, 677, 688
Securities, international transactions, 727, 728
Security issues, 684, 686
Silver coin and silver certificates, 665
State member banks, 669, 710
State and municipal securities:
New issues, 684
Prices and yields, 675, 676
States and political subdivisions:
Deposits of, 671, 673
Holdings of U. S. Govt. securities, 682
Ownership of obligations of, 670, 677
Stock market credit, 676
Stocks:
New issues, 684
Prices and yields, 675, 676
Tax receipts, Federal, 681
Time deposits, 659, 666, 667, 671, 673
Treasurer's account balance, 680
Treasury cash, 657, 666
Treasury currency, 657, 665, 666
Treasury deposits, 657, 661, 662, 680
Unemployment, 702
U. S. Govt. balances:
Commercial bank holdings,
by classes, 671, 673
Consolidated monetary statement, 666
Treasury deposits at Federal Reserve
Banks, 657, 661, 662, 680
U. S. Govt. securities:
Bank holdings, 666, 667, 670, 672, 682, 683
Federal Reserve Bank holdings, 657, 661,
662, 682, 683
Foreign and international holdings, 731
International transactions, 727
New issues, gross proceeds, 684
Outstanding, by type of security, 682, 683
Ownership of, 682, 683
Prices and yields, 675, 676
United States notes, outstanding and in circulation, 665
Utility output index, 699
Veterans Administration, loans, etc., 678, 679,
687, 688, 689
Yields {See Interest rates)
(p THE FEDERAL RESERVE SYSTEM °)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
O Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER