Full text of Federal Reserve Bulletin : June 1959
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FEDERAL RESERVE
June
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
Elliott Thurston
C O M M I T T E E
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
Contents
Public Debt Management
581
Member Bank Earnings, 1958
586
Law Department
590
Current Events and Announcements
591
National Summary of Business Conditions
593
Financial and Business Statistics, U. S. (Contents on p. 595)
597
International Financial Statistics (Contents on p. 661)
662
Board of Governors and Staff
678
Open Market Committee and Staff; Federal Advisory Council
679
Federal Reserve Banks and Branches
679
Federal Reserve Board Publications
681
Index to Statistical Tables
685
Map of Federal Reserve System
Volume 4$;
Inside back cover
Number 6
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'
Public Debt Management
A T THE OUTSET, I should like to state
that the Board of Governors of the Federal
Reserve System agrees that the debt management proposals transmitted to you by
the President are necessary and desirable
and we urge their favorable consideration.
There are only a few points that I would
like to make, but before turning to them,
I think it is important that you should understand that I come before you in connection with these proposals not as spokesman for the Administration, but as Chairman of the Board of Governors.
We are living today in a country of unprecedented wealth. It is wealthy, in part,
because of abundant natural resources; and,
in part, because of the energy and initiative
of our people. An even more important distinction between the United States and most
other countries is the size and quality of the
accumulated stock of capital goods in the
hands of producers and consumers. Due
to past saving, we enjoy the benefits which
flow from a reservoir of housing and durable
goods in the hands of consumers, of public
facilities, such as highways, school buildings, and waterways, and of industrial plant
and equipment. The society in which we
live has been popularly characterized as
affluent, and despite our proper concern for
certain depressed areas—both economic and
geographic—I am sure that we can all agree
with this characterization.
NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Ways and Means Committee of the House of Representatives, June 11, 1959.
One consequence of affluence is exposure to instability in the pace of general activity and also in interest rates which rise
in periods of boom and decline in periods of
recession. In a very primitive economy,
where everyone must work as hard as he can
to eke out a bare living, additions to stock of
capital are largely made by diverting effort
directly to production of capital goods. Such
borrowing and lending as does take place is
effected at interest rates which we would
regard as fantastically high. In this type of
economy, there is little threat of instability
except from natural causes. A drought or
an unusually good season may produce relative poverty or plenty. But the range of economic fluctuation will tend to be fairly
small.
The greater the accumulation of wealth
the greater are the possibilities for economic fluctuation. These may stem from
shifts in the peoples' preferences among the
wide range of expenditure opportunities
open to them, from changing attitudes toward saving and investment, from overspeculation which undermines the solvency
of financial institutions, or, perhaps on some
occasions, simply from the arrival at a point
where even a high rate of technical innovation fails to induce investment decisions
adequate to sustain capital expansion.
It is not surprising that, in a free and
wealthy economy, we are unable to counterbalance perfectly, through changes in public policy, the wide shifts that can take place.
We always have had, and, I think, always
581
582
will have, changes in the pace of our economic progress. We can and should work
to reduce these fluctuations and strive for
the goal of stable growth. At the same time,
however, we must recognize that it is highly
unlikely that we shall ever achieve perfection.
Fluctuations in our economy express
themselves in various ways, and we attempt
to gauge them by various statistical measures. If we look at the movements in any
of the broad measures of economic activity
and compare them with fluctuations in interest rates, the conclusion is inescapable
that interest rates tend generally to move
upward in periods of prosperity and downward in times of recession or arrested
growth. Hence, concerned as we may be
about the impact of rising interest rates on
the burden of the public debt or on necessitous borrowers, we must recognize that
rising interest rates are, in fact, a symptom
of broad prosperity and rapid economic
growth.
Since the stabilization of monetary systems in key countries after World War II,
interest rates have been higher in most other
industrial countries than in the United States.
This has been a period of great economic
growth, very active demands for credit, further monetary expansion, and continuing,
though perhaps abating, inflationary pressures. This past year's rise in interest rate
levels here, accompanying economic recovery, has been in contrast to some decline in
interest rate levels in Western European
countries, where a modest recession came
somewhat later than in the United States
and Canada.
In the United States, the rise in interest
rates has affected all types and maturities of
debt instruments. Yields on long-term securities have generally risen by about 2 per-
FEDERAL RESERVE BULLETIN • JUNE 1959
centage points since the low point reached
shortly after the end of the war. Yields now
range from 4 to AV2 per cent on U. S. Government securities of long- and mediumterm, over AVi per cent on many outstanding Aaa corporate bonds, and average over
5 per cent on outstanding Baa corporate
bonds. New issues necessarily have to be
offered to investors at higher rates.
Despite their recent upward movement,
interest rates in the United States are still
at levels comparable with those prevailing
during much of our history. Long-term
rate movements since last summer have been
within the range of the period from the
early part of this century through 1930.
The level is still substantially lower than
during most of the nineteenth century.
From an historical viewpoint, the present
level of rates can hardly be regarded as "out
of line" for a period of wide prosperity and
growth.
In comparing present rate levels with
those of past periods, one of the important
things sometimes overlooked is the effect
of our necessarily high tax structure on the
effective rate of interest. For example, if
both the borrower and lender are subject to
the 52 per cent tax on corporate profits, the
borrowers' net cost and the lenders' net
return is a little less than half of the expressed rate. Thus, a market rate of say, 4
per cent, implies for both parties a net rate
of a little less than 2 per cent. On its own
taxable bonds, the Federal Government,
through the income tax, recaptures a substantial share of the interest it pays. When
we look at interest rates in long-term perspective, we must bear in mind that net
yields after taxes are lower today than a
comparison of market rates would suggest,
because of the fact that taxes are higher.
Aggressive demands for financing, which.
PUBLIC DEBT MANAGEMENT
as I have said, are characteristic of prosperous times, represent efforts to attract
resources away from current consumption in
return for the payment of interest. In a free
economy, no matter how affluent, it follows
that, when borrowers attempt to attract a
larger share of the total product for their
purposes, they will have to pay for doing it.
The presence of strong demands on the
credit markets from borrowers of all kinds
does create a difficult financial problem.
Recently credit demands have been pressing on the banking system, and the banks
have been accommodating a growing volume of loans. As borrowers have sought
accommodation, banks have raised their
prime rate from 4 to AVi per cent. This
is the interest rate that banks charge topquality customers on short-term loans.
More recently, the discount rate of the
Federal Reserve Banks has been raised
from 3 to 3Yi per cent. The discount rate
is the interest rate that is charged by a Federal Reserve Bank when a member bank
borrows money from it. This money is
often called high-powered money. It is
high-powered because it is credited directly
to the reserve account of a member bank,
and, unless used to finance a payment of
currency into public circulation or an outflow of gold or some other development
which drains the member bank reserve base,
it forms the basis for a multiple expansion
of bank credit and money.
For some months, we have been having
rapid expansion of bank credit and money,
based largely on borrowed reserve funds.
The seasonally adjusted money supply—
demand deposits at banks plus currency in
circulation—has increased by more than $2
billion in the last four months, an annual
rate of growth of about 5 per cent. In the
face of developing high-level prosperity and
583
the potential threat of inflationary boom, the
Federal Reserve should not be in the position of encouraging an undue expansion
of bank credit and money. Hence, the appropriate discount rate under present circumstances is one that does not encourage
member bank borrowing and is generally
above current rates on short-term market
obligations, such as bills.
It is sometimes asserted that the Federal
Reserve System should step in and halt the
upward trend of interest rates resulting from
active demands for loans by supplying sufficient Federal Reserve credit in one form
or another to keep interest rates from rising.
This cannot be done without promoting inflation—indeed without converting the Federal Reserve System into an engine of inflation.
When such a program was adopted during
and following the war, it did succeed for a
time in actually pegging interest rates on
Government obligations. But, at the same
time it promoted and facilitated the dangerous bank credit and monetary expansion
that developed under the harness of direct
price, wage, and material controls. The
suppressed inflation that resulted, we are
now well aware, burst forth eventually in
a very rapid depreciation of the dollar and
even threatened to destroy our free economy.
This experience is very recent and the
effects are widely and well remembered. It
is now very doubtful whether the Federal
Reserve System could, in fact, peg interest
rates on Government obligations under today's conditions even if we accepted the
inflationary costs, which would be high and
would eventually lead to severe collapse.
It is certain that the Federal Reserve could
not extend interest rate stability to all
markets.
584
The trouble is that the world has learned
from wartime inflationary experience. It
now knows that inflation follows any effort
to keep interest rates low through money
creation as the night follows the day. Any
attempt on the part of the Federal Reserve
to peg rates today would be shortly followed
by an acceleration of the outflow of gold in
response to demands from abroad, by further diversion of savings from investment in
bonds and other fixed interest obligations
into stocks and other equities, and by a
mounting of demands for borrowed funds in
order to speculate in equities and to beat
the higher prices and costs anticipated in
the future.
Those familiar with the investment markets will confirm to you that such developments would inevitably follow a Federal
Reserve attempt to peg interest rates. A
simply tremendous volume of bank reserves
would have to be thrown into the market
through Federal Reserve open market purchases in the attempt to stem the upward
pressure on interest rates. As these reserves
enhanced inflationary pressures even further, the rush from money and fixed obligations into gold and physical property, as
well as the mounting demands for credit to
reap speculative profits and to hedge against
future inflation, would overwhelm even the
most heroic efforts to hold interest rates
down. Ultimately, if the gold reserve requirements to which the Federal Reserve
is now subject were eliminated, the System
might acquire a large proportion of publicly
held Government debt of over $200 billion
in this way. True, the interest rate on Government obligations might be said in some
distorted sense to have been stabilized by
such an operation. Interest rates generally,
however, would spiral upward as they always have in every major inflation.
FEDERAL RESERVE BULLETIN • JUNE 1959
People who save will be unwilling to lend
their money at low interest rates even when
they expect the depreciation in the value of
their dollars to be limited. This is understandable. Take, for example, a corporate
financial institution subject to a 52 per cent
tax. The after-tax income from a bond
yielding 4V4 per cent interest would amount
to just a little over 2 per cent with the dollar
stable in value. If this potential investor
had reason to fear that the value of the dollar
would depreciate even 1 per cent a year, he
would anticipate a very low real return. If
the investor had reason to expect a price rise
of just over 2 per cent a year, he would foresee a negative real return. Investors are
alert today to this way of figuring interest
returns.
It might be added that to suggest holding interest rates down by supplying the
banking system with reserves through Federal Reserve open market purchases of Government securities, on the one hand, and
taking them away with higher reserve requirement increases, on the other, represents a fundamental misunderstanding of
how the credit system functions. Obviously,
if the net effects on the credit base are, in
fact, offsetting, they make no net addition
to the total supply of bank credit, nor do
they reduce the demands of borrowers. If
they are not fully offsetting, the net result
is inflationary. We are all acutely aware
of the gigantic size of the publicly held debt
that is outstanding and available to provide
a basis for such monetary inflation. There
is no magic formula by which we can eat
our cake and have it too.
If the Federal Government should substitute artificially created money for savings
in an effort to prevent interest rates from
rising, it would have a reverse effect. It
would worsen the very situation that the ac-
PUBLIC DEBT MANAGEMENT
tion was intended to relieve. If you really
want to encourage rising interest rates, you
have only to follow the prescription of those
who argue that interest rates on Government
or any other obligations can be pegged by
inflating the money supply.
In connection with this discussion, it
should be re-emphasized that the Federal
Reserve System does not "like" high rates
of interest. We are anxious, always, that
interest levels be as low as is consistent with
sustained high levels of economic activity,
with a steady rise in our national well-being,
and with reasonable stability for value for
the dollar. We cannot, moreover, put interest rates where we would whatever our
"likes." Federal Reserve policies can, of
course, influence interest rates to some extent through their influence on the rate at
which the banking system can add to the
credit and money supply. The effectiveness
of Federal Reserve policies is always subject to the reaction of borrowers and savers
as expressed through the market.
In an economy in which people are alert
and sensitive to price changes, the only way
to bring about a lower level of interest rates
is to increase the flow of real savings or to
decrease the amount of borrowing. One
important way to do this is to reduce substantially the deficit at which the Government is operating. This will not only relieve
immediately some of the demand pressures
that are pushing interest rates up in credit
markets, it will also reassure savers as to the
future value of the money they put in bonds
and savings institutions and thus increase
the flow of savings into interest bearing
obligations.
The proposals before you do not relate to
the levels of rates that will prevail in the
market, but rather to whether or not the
585
Government will be able to use savings
bonds and marketable bonds effectively as
parts of its program of debt management.
The forthright management of the public
debt is an essential part of any program to
encourage saving and lower interest rates.
We should not force the Treasury to resort
to undesirable expedients in order to comply with arbitrary ceilings on either the size
of the debt or the rate of interest it pays.
International levels of interest rates
among industrial countries are now more
closely aligned than in earlier postwar years.
This realignment, together with removal of
most restrictions on the movement of capital, reflects progress towards a closer relationship among international money markets, which is the financial counterpart of
progress toward sustained growth in output
and trade in the free world generally. It
also signifies a state of affairs in which capital demands are becoming international in
scope and in which they will converge rapidly on the market that is cheapest and most
readily prepared to accommodate them.
Under these circumstances, interest rates in
this country must increasingly reflect worldwide as well as domestic conditions.
We need to remember that today the
dollar is the anchor of international financial
stability. That anchor must be solid. Realistic financial policies of Government are
essential to that end as well as to the end
of a wealthy and strong domestic economy.
At this juncture of world development, the
least evidence of an irresponsible attitude
on the part of the United States toward its
financial obligations or of its unwillingness
to face squarely the issues that confront it
in meeting greater demand pressures on resources and prices, would have very serious
repercussions throughout the free world.
Member Bank Earnings, 1958
FOR THE YEAR 1958 member banks reported $2,510 million of net current earnings before income taxes, $39 million less
than in 1957.x The decline reflected a larger
increase in operating expenses than in current earnings. Net profits nevertheless were
$288 million higher than the year before,
for nonoperating transactions resulted in a
net addition of $96 million contrasted with
a net reduction of $485 million in 1957.
Larger provisions for Federal and State income taxes offset part of the gain for 1958.
Larger profits on sales of securities in
1958 were the major factor in the shift from
a loss to a gain on nonoperating transactions. In other postwar years member banks
reported net gains from these transactions
only in 1946 and 1954.
Net profits rose at a faster rate than total
capital accounts in 1958. As a result the
ratio of net profits to average total capital
accounts increased from 8.3 per cent in
1957 to 9.7 per cent in 1958. Declarations
NOTE.—This article was prepared by Theodore A.
Veenstra, Jr., of the Board's Division of Bank Operations.
x
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, 1947-58
[Dollar amounts in millions]
Item
Earnings
On U. S. Government securities....
On other securities
On loans
Service charges on deposit accounts.
Other earnings
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
$2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127
929
832
865
1,011
1,066
859
921
855
1,118
1,101
1,168
1,266
235
211
190
252
273
169
149
158
296
339
308
411
2,003 2,306 2,632 2,711
1,634
1,427
1,044
1,308
3,083 3,725
4,208
4.326
198
187
172
219
252
158
119
141
274
354
389
310
452
436
523
403
477
373
346
367
572
734
634
702
1,650
797
236
88
529
1,795
876
250
90
579
1,889
926
261
96
605
2,020
1,000
271
109
640
2,232
1,125
306
115
686
2,501
1,244
365
118
775
2,782
1,371
425
125
860
2,999
1,463
494
140
902
3,265
1,571
543
149
1,002
3,680
1,735
650
157
1,138
4,222
1,877
927
172
1.246
4,617
1,981
1.123
185
1 327
Net current earnings before income taxes.
929
1,033
1,097
1,245
1,437
1,619
1,809
1,828
2,077
2,398
2,549
2,510
Profits on securities
Recoveries 1
Losses and charge-offs2
Net increase in valuation reserves . . . .
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
375
117
254
165
51
113
426
139
28
124
577
229
57
102
468
177
612
142
315
342
Profits before income taxes
Taxes on net income
910
257
854
234
961
275
1,150
369
1,247
491
1,437
608
1,558
692
1,900
804
1,676
691
1,744
718
2,063
895
2,606
1,148
Net profits
Cash dividends declared 4 .
653
281
621
294
686
313
781
346
756
371
829
390
865
419
1,096
456
985
501
1,027
547
1,169
604
1,457
646
6,393
6,312
Expenses
Salaries and wages
Interest on time deposits
Taxes other than income
Other expenses
Ratio of net profits to average total
capital accounts (per cent)
Number of banks at end of year
7.9
7.2
7.6
8.3
7.6
7.9
7.8
9.3
7.9
7.7
6,923
6,918
6,892
6,873
6,840
6,798
6,743
6.660
6,543
6.462
3
Not reported separately; transfers to these reserves were included
with losses, and transfers from these reserves were included with recoveries.
4
Includes interest on capital notes and debentures.
1 Beginning with 1948, includes recoveries credited either to undivided profits or to valuation reserves; see note 3.
2
Beginning with 1948, includes losses charged either to undivided
profits or to valuation reserves; see note 3.
9.7
586
587
MEMBER BANK EARNINGS, 1958
of cash dividends by member banks were
$42 million higher than in 1957. Average
total capital accounts represented the same
proportion of average total assets in 1958 as
in 1957, 7.9 per cent.
A summary of factors contributing to the
increase in net profits of member banks in
1958 appears in the accompanying table.
FACTORS IN HIGHER N E T PROFITS
[In millions of dollars]
Item
Increase in net profits
Factors increasing net profits, total.
Change
from 19571
+288
+ 1,160
Increase in operating earnings
On loans
On U. S. Government securities.
On other securities
Miscellaneous current earnings. .
356
118
98
72
67
Nonoperating transactions
Increase in profits on sales of securities
Decrease in net losses on securities 2
Smaller net increase in valuation reserves on loans.
Increase in miscellaneous recoveries
Decrease in net losses on loans 2
804
554
191
34
Factors decreasing net profits, total.
Increase in operating expenses
Nonoperating transactions
Change from net decrease to net increase in valuation reserves on securities
Increase in miscellaneous losses
Increase in provision for taxes on net income
14
11
-872
395
223
199
24
254
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.
EARNING ASSETS AND EARNINGS
Earning assets of member banks rose $12.5
billion during 1958 to a total of $155 billion at the year-end. Loans accounted for
$3.1 billion of this growth, U. S. Government securities for $7.2 billion, and other
securities for $2.2 billion. The increases in
these items from the end of 1957 to the end
of 1958 were larger than those in average
holdings over the year as a whole.
Commercial and industrial loans, the
largest loan category, declined for the first
time in recent years, but real estate loans
were $1.8 billion larger than at the end of
1957 and other loan categories were also
larger. Most of the expansion in member
bank holdings of Government securities was
in Treasury notes and certificates, and almost all of the increase in other securities
was in State and local government issues.
All items of current operating earnings increased, as in most other recent years, but
the over-all increase of 5 per cent was the
smallest since 1954. Earnings on loans accounted for $ 118 million of the growth for
1958. The average rate of return on loans
rose from 5.32 to 5.35 per cent, and the
average amount of loans held expanded $1.8
billion.
Earnings on U. S. Government securities
were $98 million larger than in 1957. This
growth was due to the increase of $5.5 billion in average holdings during the year.
Although member banks expanded their
portfolios of U. S. Government securities,
their holdings of the lower yielding, shortterm issues—bills, notes, and certificates—
expanded more than holdings of longer term
issues. As a result of this and of the general decline in yields on Government securities during 1958, the average rate of return
on Government security portfolios declined
to 2.45 per cent from 2.53 per cent in 1957.
An increase of $72 million in earnings on
other securities reflected a higher average
rate of return and larger average holdings.
The major sources of member bank earnings have changed since 1947, as the table
on the preceding page shows. Earnings on
loans have increased from 40 to 61 per cent
of total earnings, while earnings on U. S.
Government securities have declined from
36 to 18 per cent of the total.
EXPENSES
All categories of member bank expenses
continued to rise in 1958, and for the year
588
FEDERAL RESERVE BULLETIN • JUNE 1959
CHANGES IN MEMBER BANK LOANS AND INVESTMENTS
1958
[Dollar amounts in millions]
Item
Total loans and investments
Loans *
Commercial and industrial
Agricultural
For purchasing and carrying securities
Real estate
Other loans to individuals
All other
Amount
Dec. 31,
1958
Change from
Dec. 31, 1957
Amount
Percentage
$154,865
+$12,512
-f 8.8
84,061
37,444
3,052
+ 3,112
425
+
580
+ 3.8
- 1.1
+23.4
4,329
20,013
17,028
3,920
472
1,781
253
605
+
+
+
+
12.2
9.8
1.5
18.2
U. S. Government securities
Treasury bills, notes, and
certificates
Bonds2
7,220
+15.3
21,904
32,396
,862
,358
+ 36.5
+ 4.4
Other securities
State and local government. . .
Other
16,504
13,405
3,100
,181
,170
11
+15.2
+ 19.3
+ .3
54,299
+
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.
average compensation of officers and employees continued to expand.
PROFITS, RECOVERIES, LOSSES, AND
TRANSFERS TO VALUATION RESERVES
Profits and recoveries on loans and securities
exceeded losses, charge-offs, and net transfers to valuation reserves in 1958 for the
first time since 1954; the last gain previous
to that year had been in 1946. These nonoperating transactions added $96 million to
member bank profits during 1958; additions
of $346 million from transactions in securities were offset to the extent of $200 million
by transactions in loans and $49 million by
transactions in all other assets. In 1957
these nonoperating transactions had reduced
net profits by $485 million.
Valuation reserves on loans were increased by $153 million in 1958, and those
on securities by $189 million. For loans
the increase represented a continuation of
the upward trend of the last decade, but it
was the smallest rise since 1954. Valuation reserves on securities, on the other
hand, have declined in most of the last 10
years, and the current increase was the first
since 1954.
as a whole current operating expenses totaled $4,617 million, 9 per cent more than
in 1957. Interest payments on time deposits continued to expand at a sharp rate
and in 1958, as in 1957, these payments accounted for about half of the increase in all
current operating expenses.
The accelerated growth in interest payments during 1957-58 reflected a rapid rate
of expansion in average time deposits outstanding—by $6.5 billion in 1958 and $3.4
INCOME TAXES
billion in 1957 compared with $1.2 billion
in 1956—as well as further advances in the Provision for taxes on net income increased
average rate of interest paid. By 1958 this $254 million in 1958. This was 44 per
cent of profits before income taxes, comaverage rate was 2.20 per cent compared
pared with 43 per cent in 1957.
with 2.08 in 1957 and 1.58 in 1956. Total
interest expense on time deposits was 73 per
cent larger in 1958 than in 1956. The in- CASH DIVIDENDS
Cash dividends declared in 1958 totaled
crease in this expense for the two years combined absorbed 45 per cent of the total
$646 million, $42 million more than in
growth in gross current operating earnings
1957; they represented only 44 per cent of
during the period.
net profits compared with 52 per cent in
Salaries and wages accounted for $104 the earlier year. The ratio of cash dividends
million of the increase in operating expenses
to average total capital accounts was 4.3
during 1958. Both the number and the per cent, the same as in 1957. Retained
589
MEMBER BANK EARNINGS, 1958
earnings increased $246 million to $811
million and accounted for 89 per cent of
the increase in total capital accounts, compared with 63 and 55 per cent in 1957 and
1956, respectively.
securities increased for member banks in all
reserve classes. Earnings on loans increased
at reserve city and country banks, but declined at central reserve city banks. Current operating expenses rose for all classes
of member banks.
Nonoperating transactions increased net
profits at all reserve classifications of banks
except country banks, where the effect of
such transactions was to reduce net profits by
$2 million. The ratio of net profits to average total capital accounts, and the amounts
of cash dividends and retained earnings, increased at all classes of member banks.
Summary data by class of bank are shown
in the accompanying table. Detailed figures
on earnings and related items appear on
pages 650-58 of this BULLETIN.
EARNINGS AND PROFITS BY
CLASS OF BANK
Net profits increased by an average of 25
per cent for all member banks, with increases ranging from 21 per cent at reserve
city banks to 34 per cent at central reserve
city banks in Chicago. The sharp increase
for the Chicago banks occurred despite a
decline in their gross current operating earnings. For banks in all other reserve classifications such earnings rose in 1958.
Earnings on U. S. Government and other
MEMBER BANK EARNINGS, BY CLASS OF BANK, 1958
AND
1957
[Dollar amounts in millions]
Central reserve city banks
Total
New York
1958
Earnings
,
On U. S. Government securities.
On other securities
On loans
All other
1957
1958
1957
$7,127 $6,771 $1,164 $1,136
170
137
1,168
1,266
339
61
47
411
699
4,326 4,208
727
234
1,123
1,056
225
Reserve
city banks
Chicago
1958
1957
$272
58
$274 $2,835 $2,664 $2,856 $2,697
426
46
478
560
558
15
151
128
183
149
172 1,759 1,694 1,712 1,615
401
41
415
447
374
17
157
40
1958
1957
Country
banks
1958
1957
Expenses
Salaries and wages
Interest on time deposits
All other
4,617
1,981
1,123
1,512
4,222
1,877
927
1,418
636
300
110
227
592
293
80
220
142
68
25
49
136
65
23
49
1,823
111
474
572
1,666
731
398
537
2,016
836
515
664
1,827
788
427
613
Net current earnings before income taxes.
2,510
2,549
528
544
130
137
1,012
998
840
870
612
142
315
342
57
102
468
177
92
19
25
39
11
13
97
29
48
8
21
25
7
4
25
30
280
45
113
171
24
37
166
43
192
70
157
108
15
49
180
74
Profits before income taxes.
Taxes on net income
2,606
1,148
2,063
895
576
276
442
209
140
69
93
41
1,053
490
837
313
679
260
Net profits
Cash dividends declared 3.
Ratios (per cent):
Net current earnings before income taxes to
Average total capital accounts
Average total assets
1,457
646
1,169
604
300
160
233
152
71
26
53
24
563
258
849
385
464
242
524
202
419
186
16.6
1.32
18.1
1.42
16.4
1.55
18.2
1.70
18.4
1.51
20.6
1.65
18.1
1.35
19.2
1.42
15.0
1.16
16.5
1.26
9.7
0.77
8.3
0.65
9.3
0.88
7.8
0.73
9.9
0.82
7.9
0.64
10.1
0.75
8.9
0.66
9.4
0.72
8.0
0.61
Profits on securities
Recoveries 1
Losses and charge-offs2
Net increase in valuation reserves.
Net profits to—
Average total capital accounts.
Average total assets
1
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.
Law Department
Administrative interpretations, new regulations, and similar material
Investment of Common Trust Funds in Investment
Trust Shares
The Board of Governors has been requested to
express an opinion whether the investment by a
common trust fund in shares of an investment
trust would be contrary to the provisions of Section 17 of Regulation F.
In defining common trust funds, and indicating
the purposes of their authorization and the limitations on their use, Section 17 makes it clear that
such funds are authorized as investment trusts for
a special and restricted fiduciary purpose, under
the exclusive management of the bank maintaining
such funds. Having in mind the special purpose
and use of common trust funds, the Board is impressed with the administrative inconsistency of
investing any portion of such funds in investment
trust shares. Furthermore, it is specifically provided in subsection 8, Section 17(c), that a bank
administering a common trust fund "shall have the
exclusive management thereof" and that such bank
"shall not pay a fee, commission, or compensation
out of the common trust fund for management."
In the opinion of the Board, the use of investment trust shares for common trust fund investment would involve a delegation of investment
management and payment of compensation for
investment management services which would be
both inconsistent with the stated purposes and uses
of such funds and in violation of the quoted provisions of the Regulation. This opinion, of course,
only concerns itself with the investment of the
funds of a common trust fund in investment trust
shares and is not intended to express any view as
to the propriety of such an investment for individually invested trusts.
tion, an inquiry has been received regarding the
application of the amended regulation to a purchase of unregistered nonexempted securities in
such a "restricted account."
Unregistered nonexempted securities have no
loan value under the regulation, are not subject
to the restrictions of the withdrawal rules, and
are not referred to in those rules. Purchase of
an unregistered security without a deposit of a
sum equal to the cost would amount to a withdrawal of the cost of the security.
This supersedes that portion of the interpretation at page 938 of the 1949 Federal Reserve
BULLETIN dealing with a similar question.
The 1949 interpretation also dealt with two
other points. One was the treatment of certain
transactions as short sales. That portion of the
interpretation was superseded by the June 15,
1959 amendments to the regulation. The other
point was that the "good faith loan value" specified for an exempted security means the amount
which the broker would customarily lend on the
security, and that the figure cannot be arbitrarily
reduced merely for the purpose of permitting a
later substitution of registered securities for exempted securities. That principle continues to
apply and is of increased significance under the
amendments.
Transactions in Restricted Accounts under
Amended Withdrawal Rules of Regulation T
Amendments to Regulation T, effective June 15,
1959, deal with withdrawals of collateral from a
"restricted account," i.e., a general account in
which the adjusted debit balance exceeds the maximum loan value of the securities. In that connec-
590
Purchase-and-Sale Substitution on Same Day
under Amended Regulation U
Amendments to Regulation U, effective June 15y
1959, deal, among other things, with changes in
collateral for a "restricted loan," i.e., a bank loan
that exceeds the maximum loan value of the collateral therefor. In connection with those amendments an inquiry has been received as to whether
the bank may permit a substitution of collateral
for such a loan under the amended regulation in
a case in which the excess of the loan over the
maximum loan value is not thereby increased and
the substitution occurs in the form of a purchase
and sale of collateral, both the purchase and sale
orders being executed on the same day.
591
CURRENT EVENTS AND ANNOUNCEMENTS
The bank may permit such a purchase-and-sale
substitution under the amended Regulation U
without additional collateral or reduction in the
loan if it reasonably ascertains, and has evidence
thereof in its records, that the purchase and sale
orders were executed on the same day. The controlling events which must occur on the same day
are the executions of the purchase order and sale
order, and not the bank's receipt or release of
stock certificates. It may be noted that the result
is substantially similar to that under the June 15,
1959 amendments to Regulation T. Substitutions
that do not involve a same-day purchase and sale
are subject to the withdrawal limitations under
both regulations.
Current Events and Announcements
INCREASE IN FEDERAL RESERVE DISCOUNT RATES
Within the past few weeks, the Board of Governors
of the Federal Reserve System has approved action
by the directors of the 12 Federal Reserve Banks
increasing the discount rate at those Banks to
2>Vi per cent. The effective dates at the several
banks were as follows:
New York
Chicago
St. Louis
Minneapolis
Dallas
Boston
Atlanta
Philadelphia
Kansas City
San Francisco
Cleveland
Richmond
May
May
May
May
May
June
June
June
June
June
June
June
29,
29,
29,
29,
29,
2,
2,
5,
5,
11,
12,
12,
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
The rate previously in effect at all 12 Reserve
Banks was 3 per cent.
ELECTION OF DIRECTOR
The Federal Reserve Bank of San Francisco on
June 16 announced the election of Mr. Joseph
Rosenblatt as a Class B director of the Bank to
serve for the remainder of a term expiring December 31. 1960. Mr. Rosenblatt, who is president of
the Eimco Corporation, Salt Lake City, Utah, has
been serving as a director of the Salt Lake City
Branch of the Federal Reserve Bank of San Francisco since January 15, 1953, and has resigned
from that directorship in order to accept the
Class B directorship at the head office. As a director of the San Francisco Bank, he succeeds
Mr. Reese H. Taylor, Chairman of the Board of
the Union Oil Company of California, Los
Angeles, California, who recently resigned.
APPOINTMENT OF BRANCH DIRECTOR
On May 8, 1959, the Federal Reserve Bank of
Atlanta appointed Mr. A. L. Ellis, a director of its
Jacksonville Branch, for the unexpired portion of
a term ending December 31, 1961. Mr. Ellis
is Chairman of the Board of the First National
Bank in Tarpon Springs, Tarpon Springs, Florida.
As a director of the Jacksonville Branch, he succeeds Mr. J. N. Greening, Vice Chairman, The
First National Bank of Bradenton, Bradenton,
Florida, who died recently.
RESIGNATION OF BRANCH DIRECTOR
Mr. Anthony Haswell, who had served as a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland since January 1, 1954,
resigned effective May 31, 1959. Mr. Haswell is
president of The Dayton Malleable Iron Company,
Dayton, Ohio.
STUDY OF THE FEDERAL FUNDS MARKET
The Federal Funds Market, a Study by a Federal
Reserve System Committee, is now available for
distribution by the Board of Governors of the
Federal Reserve System. This pamphlet gives a
cross-section view of an important segment of the
short-term money market by presenting information about the structure of the Federal funds
592
market, the volume of operations in the market,
and the use of the market by banks and others.
The study is based primarily on data collected by
a special survey in November 1956, and on information obtained from interviews with officials
of banks and other institutions that are active in
the Federal funds market.
The special committee that conducted the study
included the following members of the staffs of the
Federal Reserve Banks and the Board of Governors: Clay J. Anderson, John J. Balles, Norman
N. Bowsher, Harry Brandt, D. R. Cawthorne,
Gerald M. Conkling, J. Dewey Daane, Lewis N.
Dembitz, Douglas R. Hellweg, Peter M. Keir,
Bertram F. Levin, Spencer S. Marsh, Jr., Seymour H. Miller, Dorothy M. Nichols, and Parker
B. Willis. Mr. Anderson acted as chairman of the
committee, and Mr. Keir as secretary.
The price of this pamphlet of 111 pages is $1.00
per single copy, and 85 cents each for 10 or more
copies in single shipment. Orders should be addressed to the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
REVISED EDITION OF TECHNICAL STUDY
A revised edition of George Garvy's The Development of Bank Debits and Clearings and Their
Use in Economic Analysis, first published in January 1952, is now ready for distribution under the
title Debits and Clearings Statistics and Their Use.
A new edition of the earlier pamphlet was necessitated by a revision of debits statistics by the Federal Reserve System which incorporated most of
the suggestions made in the first edition.
The last chapter of the first edition and the descriptive material on current debits and velocity
statistics in Chapters III and VII have been rewritten, and less extensive changes have been made
in other chapters. Most of the statistical and
analytical material has been continued through
1958. The discussion of the use of measures of
velocity in monetary theory and analysis has not
been brought up to date, however, and a separate
study on this subject is in preparation at the Federal Reserve Bank of New York.
FEDERAL RESERVE BULLETIN • JUNE 1959
The price of the revised pamphlet of 144 pages
is $1.00 for a single copy, and 85 cents each for
10 or more copies in single shipment. Orders
should be addressed to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C.
ADMISSION OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM
The following banks were admitted to membership in the Federal Reserve System during the
period April 16, 1959 to May 15, 1959:
Colorado
Westminster
First State Bank of Westminster
New York
Star Lake.
United Bank
DATA FOR SUPPLEMENT TO CHART BOOK
Data for the period August 31, 1958-March 31,
1959, are now available in mimeographed form
for the September 1958 edition of the historical
supplement to the Federal Reserve Chart Book on
Financial and Business Statistics. Copies may be
obtained upon request from the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington 25, D. C.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number of
On, and not on, Federal Reserve Par
List, number of
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by class
and State
..
Operating ratios, member banks
Stock Exchange firms, detailed debit and
credit balances
Banking and monetary statistics, 1958..
Summary flow-of-funds accounts,
1954-56
Bank holding companies:
List of, Dec. 31, 1958
Banking offices and deposits of group
banks, Dec. 31, 1957
Issue
Page
Feb. 1959
210
Feb. 1959
211
Feb. 1959
208-09
June 1959
Nov. 1958
June 1959
650-58
1346
659
Apr. 1959
June 1958
442-43
720-22
Nov. 1958
jjgj^ ^59
1347
212-18
Oct. 1957
1190-94
June 1959
660
Oct. 1958
1224
National Summary of Business Conditions
Released for publication June 15
Expansion in industrial activity continued in
May, employment increased further, and the decrease in unemployment was again considerably
larger than seasonal. Consumer incomes and
buying attained new highs, and business plans for
plant and equipment outlays in 1959 were revised
upward. Commercial bank loans and the seasonally adjusted money supply continued to increase.
Security yields tended upward in May and early
June. Wholesale prices of industrial commodities
generally changed little.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production rose in May to 152 per cent of
the 1947-49 average, 2 points above the revised
April figure and 6 points or 4 per cent above the
pre-recession peak in early 1957. Activity in the
durable goods industries advanced to a new high.
Production of nondurable goods, which had surpassed earlier highs by mid-1958, continued to
expand and output of minerals increased.
The gain in output of durable goods industries
was broadly based as output of finished products
and materials expanded. Production of farm
machinery, motor trucks, and industrial and commercial equipment showed further gains. Output
of household durable goods and autos also rose.
Production of building materials and most nonferrous metals continued to increase. Steel mill
operations, maintained at 93 per cent of capacity
in May, rose one additional percentage point in
early June.
Activity in the nondurable goods industries in
May was about one-tenth above the highs of 1957.
Output of apparel and leather products, and of
such industrial materials and supplies as textiles,
chemicals, and paper rose further. Activity in
the rubber industry remained at reduced levels,
however, as work stoppages continued. Output
of mineral fuels and metal ores increased.
CONSTRUCTION
Private nonfarm housing starts in May, while
somewhat below the March-April level, were at a
high seasonally adjusted annual rate of 1,340,000
units. Total new construction put in place
changed little in May at a level slightly below the
record high of March. Commercial building
activity rose sharply further, to a new high, but
private residential, utility, and total public construction continued to decline. Private industrial
building remained at a reduced level.
EMPLOYMENT
INDUSTRIAL
1947-49-100
PRODUCTION
16-0
j
-i
f
TOTAL
/Of"
?^0
V
DURABLE
MANUFACTURES
•^y\/^J
•' •'
MINERALS
-
...
1
1
1955
V
!
!
195 7
X
120
y\/
NONDURABLE
MANUFACTURES
80
I? 59
120
100
DISTRIBUTION
:
80
1955
1957
Federal Reserve indexes, seasonally adjusted,
ures; latest shown are for May.
/-j
—!
H
l!G0
[
160
140
140
J
/
/-.i
/ J
/>A\
T20
180
-i
|
Seasonally adjusted nonfarm employment increased 230,000 further in May and, at 52.1
million, was 2 million above a year earlier. Gains
were widespread among durable goods manufacturing industries, which accounted for one-half of
the total increase. With the average workweek at
factories up about seasonally, average weekly
earnings increased to $90.32, 10 per cent above
May 1958. Unemployment again declined substantially; the seasonally adjusted rate was 4.9 per
cent of the civilian labor force compared with
5.3 per cent in April and 5.8 per cent in March.
1959
Monthly fig-
593
Seasonally adjusted retail sales have increased
continuously this year, and in May were 2 per
594
FEDERAL RESERVE BULLETIN • JUNE 1959
cent higher than in April and 10 per cent above
a year earlier. Sales at durable goods outlets remained at advanced levels in May while sales at
department stores and a number of other groups
rose substantially. The number of new autos sold
was at the highest rate for this time of year since
1955.
COMMODITY PRICES
Average wholesale prices of industrial commodities were unchanged in May and early June
at a level 2Vi per cent higher than a year earlier.
Prices of textiles rose further, steel scrap turned
up, and nonferrous metals changed little, while
prices of hides, rubber, lumber, and some other
sensitive materials declined somewhat following
substantial increases.
Wholesale prices of farm products and foods
declined slightly. Supplies of foods have been
larger than a year ago and, although consumer
demands have increased, food prices average
about 5 per cent lower than in the spring of 1958.
BANK CREDIT AND RESERVES
Total commercial bank credit changed little in
May. Sharp expansion in loans continued but
banks reduced their holdings of U. S. Government
securities. The seasonally adjusted money supply
—demand deposit and currency holdings of businesses and individuals—increased $300 million
further.
Member bank borrowings from the Federal
Reserve averaged $835 million and excess reserves
$440 million during the four weeks ending June
10. Over this period, reserves were absorbed by
currency and gold outflows and by reductions in
Federal Reserve holdings of U. S. Government
securities. Reserves were supplied mainly by a
decrease in required reserves.
SECURITY MARKETS
Yields on long-term Treasury and State and
local government securities have remained relatively stable since mid-May, but those on corporate
bonds and on short- and intermediate-term Treasury issues have increased further. At the end of
May, Federal Reserve Bank discount rates were
raised one-half percentage point to 2>Vi per cent.
In early June, common stock prices declined
appreciably and then partially recovered.
NEW CONSTRUCTION ACTIVITY
Billions of dollars, annual
1
1955
rates
1 1
1957
1
1959
1955
1957
1
1959
Department of Commerce data. Private business includes
industrial, commercial, and public utility construction. Monthly
figures; latest shown are for May.
Bureau of Labor Statistics indexes. Monthly figures, latest
shown: April for consumer prices, and May for wholesale
prices.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; reserve requirements; margin requirements.
Federal Reserve Banks
Bank debits; currency in circulation.
...
All banks: consolidated statement of monetary system; deposits and currency
All banks, by classes.
Commercial banks, by classes.
Weekly reporting member banks
597
600
601
604
606
607
610
612
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
614
615
616
617
618
620
624
625
627
630
Selected indexes on business activity.
Production
Employment and earnings.
Department stores
Foreign trade.
Wholesale and consumer prices. . .
National product and income series.
634
635
642
644
645
646
648
Member bank earnings, 1958.
Bank holding companies, December 31, 1958.
Tables published in BULLETIN, annually or semiannually—list with references
650
660
592
Index to statistical tables
685
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.
595
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
W e e k l y a v e r a g e s of d a i l y f i g u r e s
B i l l i o n s of
MEMBER BANK
RESERVE B A L A N C E S
REQUIRED
dollars
25
20
RESERVES
15
EXCESS
2
RESERVES
0
35
CURRENCY IN CIRCULATION
30
RESERVE B A N K
CREDIT
L
25
^
-GOLD STOCK-
20
TREASURY CASH AND DEPOSITS
L MAkiuruDEn
NONMEMBER
r»rnr\ciTC
DEPOSITS
U.S. GOVERNMENT SECURITIES
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1953
1954
1955
1956
1957
Latest averages shown are for week ending May 27. See p. 597.
596
195
8
1959
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
Total
Held
under
Bought repuroutchase
right
agreement
Discounts
and
Float Total 1
advances
Gold
stock
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
Other
F. R.
accounts
Treasury
Foreign
ReTotal quired 2
Other
Excess2
Averages of
daily figures
1958
2
9
16
23
30
23,625
23,628
23,633
23,712
23,626
23,625
23,628
23,611
23,704
23,612
144
90
199
112
125
776 24,586
879 24,638
829 24,701
990 24,854
777 24,566
22,394
22,294
22,199
22,081
22,024
5,184
5,187
5,192
5,193
5,194
30,637
30,744
30,733
30,617
30,520
724
729
731
721
732
523
479
457
417
601
277
269
319
242
235
368
493
381
376
397
1,109
1,106
1,104
1,102
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
May
7.
14.
21.
28.
23,799
23,931
23,876
24,053
23,799
23,931
23,876
24,053
118
123
104
119
808 24,763
760 24,854
994 25,016
780 24,994
21,967
21,886
21,779
21,661
5,197
5,199
5,200
5,201
30,659
30,812
30,822
30,813
738
741
732
722
533
470
459
437
287
294
309
276
386
386
381
391
1,049
1,046
1,043
1,023
18,276
18,190
18,248
18,194
17,647
17,528
17,545
17,513
629
662
703
681
June
4.
11.
18.
25.
24,194
24,397
24,682
25,002
24,194
24,391
24,581
24,891
135
184
175
99
869 25,240
815 25,440
036 25,939
024 26,170
21,594
21,594
21,540
21,374
5,201 30,989
5,203 31,052
5,204 31,070
5,204 30,975
709
709
698
698
411
424
459
440
238
267
331
280
484
370
359
229
1,057
1,139
1,146
1,144
18,147
18,274
18
18,619
18,983
17,574
17,687
17,984
18,314
573
587
635
669
2.
9.
16.
23.
30.
25,422
25,456
25,262
25,157
25,035
25,419
25,456
25,262
25,157
25,035
97
815 26,380
143
947 26,589
115
979 26,398
85 1,045 26,328
108
823 26,005
21,349
21,306
21,300
21,280
21,252
5,203 31,163
5,202 31,385
5,202 31,375
5,203 31,217
5,206 31,086
687
677
686
692
697
446
489
497
465
543
268
265
358
293
300
405
377
371
340
333
1,105
1,097
1,095
1,091
1,041
18,859
18,809
18,518
18,712
18,462
18,204
18,051
17,949
17,924
17,824
655
758
569
788
638
6.
20.
27.
25,240
25,646
25,406
25,257
25,240
25,626
25,406
25,257
112
828 26,212
229
774 26,685
216 1,008 26,665
271
857 26,417
21,195
21,154
21,086
21,086
5,207 31,171
5,210 31,291
5,210 31,295
5,211 31,249
696
699
696
688
662
504
528
486
291
300
259
234
350
329
301
320
1,148
1,166
1,233
1,212
18,296
18,760
18,648
18,526
17,738
18,073
18,027
17,953
558
687
621
573
Sept. 3.
10.
17.
24.
25,353
25,233
25,001
24,893
25,353
25,233
25,001
24,893
461
514
563
433
792 26,638
883 26,661
049 26,644
203 26,558
21,011
21,012
20,939
20,895
5,211 31,381
5,213 31,433
5,215 31,393
5,216 31,285
691
694
694
683
539 i
4781
304
508
305
330
397
308
324 1,175 18,446 17,899
319 1,153 18,479 17,873
282 ',156 18,572 17,935
,162 18,404 17,811
320
547
606
637
593
Oct.
24,940
25,143
25,498
25,242
25,300
24,940
25,143
25,353
25,242
25,300
145
401
904 26,275
434
911 26,519
472
922 26,925
369 1,401 27,046
456
977 26,767
20,866
20,830
20,764
20,724
20,690
5,219
5,219
5,220
5,220
5,221
31,217
31,352
31,498
31,435
31,299
690
691
689
681
681
448
447
386
464
512|
261
299
327
308
270
387
343
412
332
321
,123
,119
,121
,117
,080
18,234
18,318
18,475
18,652
18,515
17,774
17,753
17,989
18,086
17,993
460
565
486
566
522
Nov. 5.
12.
19.
26.
25,459
25,660
25,411
25,734
25,380
25,614
25,392
25,578
79
46
19
156
403
470
453
430
796 26,694
934 27,100
,188 27,087
,199 27,399
20,679
20,652
20,680
20,616
5,222
5,225
5,225
5,225
31,422
31,660
31,754
31,825
681
687
692
686
325
371
475
455
283
297
316
243
391
375
341
337
,078
,078
,074
,063
18,416
18,510
18,340
18,631
18,008
17,891
17,900
18,225
408
619
440
406
Dec.
3.
10.
17.
24.
31.
26,143
26,282
26,315
26,272
26,437
26,033
26,250
26,223
26,188
26,241
110
32
92
84
196
580
415
519
631
808
,087 27,844
,112 27,847
,439 28,311
,944 28,889
,618 28,910
20,609
20,593
20,576
20,536
20,526
5,228
5,229
5,229
5,231
5,232
32,057
32,218
32,394
32,533
32,458
693
696
693
684
692
465
376
428
540
521
222
232
263
239
332
,103 18,740
401
,191 18,629
328
,161 18,844
335
172 19,160
328
333 1,165 19,167
18,232
18,160
18,374
18,548
18,511
508
469
470
612
656
1959
7....
14....
21....
28....
26,184
25,922
25,580
25,471
26,090
25,817
25,580
25,471
94
105
644
730
457
507
,401 28,275
,011 27,708
,288 27,368
,074 27,094
20,534
20,526
20,515
20,515
5,234
5,234
5,234
5,235
32,008
31,710
31,385
31,150
701
704
712
714
446
390
401
404
279
297
357
298
356
345
373
343
1,122
1,121
1,118
1,118
19,131
18,901
18,769
18,817
18,588
18,340
18,234
18,424
543
561
535
393
Feb.
4.
11.
18.
25.
25,673
25,657
25,529
25,399
25,592
25,621
25,523
25,394
81
36
6
5
433
946 27,092
553
887 27,136
583
960 27,112
474 1,050 26,965
20,476
20,476
20,475
20,474
5,235
5,236
5,238
5,239
31,120
31,193
31,205
31,111
723
727
741
724
442
364
398
443
278
304
313
308
344
333
391
448
1,146
1,185
1,214
1,255
18,749
18,742
18,562
18,389
18,345
18,189
18,120
17,979
404
553
442
410
Mar.
4.
11.
18.
25.
25,355
25,366
25,471
25,510
25,294
25,331
25,419
25,461
61
35
52
49
951 26,892
548
849 26,976
722
1,000
27,048
543
961 27,123
619
20,479
20,448
20,442
20,442
5,241
5,242
5,244
5,246
31,129
31,215
31,287
31,231
721
716
727
714
534
454
437
456
298
311
290
295
339
336
340
339
1,214
1,212
1,214
1,218
18,375
18,421
18,439
18,558
17,957
17,868
18,051
18,100
418
553
388
458
Apr.
1.
8.
15.
22.
29.
25,494
25,722
25,789
25,544
25,608
25,462
25,484
25,545
25,511
25,608
32
238
244
33
998 27,151
629
27,357
690
816 27,357
721
767i 1,130 27 ,472
673
900 27,212
20,442
20,442
20,440
20,409
20,330
5,247
5,250
5,253
5,254
5,257
31,229
31,280
31,365
31,332
31,244
709
709
712
705
705
523
524
471
456!
560|
|
364
296
279
286
271
512
348
343
362
333
,181
,180
,181
,178
,136
18,323
18,711
18,698
18,817
18,551
17,855
18,302
18,254
18,307
18,183
468
409
444
510
368
May
6....
13....
20....
27....
25,*
26,010
25,935
25,905
25,706
25,940
25,926
25,905
102
70
9
693
893 27,424
726
795 27,563
870 1.155 27,989
675 i 940 27,548
20,262
20,251
20,197
20,188
5,259
5,262
5,264
5,268
31.368
31,505
31.515
31,473
711
710
710
708
5421
256
269
280
281
360
383
367
363
,136 18,571 18,213
,139 18,550 18,096
(245 18,829 ^18,209
,244 18,393 ^18,038
358
454
^620
^355
Apr.
July
A*.
1.
15....
22....
29....
Jan.
6
101
111
20
For other notes see following page.
P Preliminary.
521
504
543
597
598
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
R.eserve Bank credit outstanding
U.S. Govt. securities
Period
or
date
Held
under
Bought repurTotal outchase
right agreement
Deposits, other
Treas- Curury
cur- rency
Disin
Gold rency
counts
cirstock outand Float Total i
culastandadtion
ing
vances
than member bank
reserves,
with F. R. Banks
Treasury
cash
holdings
Treas- Forury
eign
Me mber bank
reserves
Other
F. R.
accounts
Other
Re- 2 Ex-3
Total quired
cess
Averages of
daily figures
1958
23,939
24,698
841 24,939
916 25,851
942 26,310
858 26,554
990 26,548
425 1,035 26,789
488 1,039 27,211
564 1,496 28,412
21,801
21,490
21,285
21,112
20 940
20,750
20,648
20,563
5,200
5,203
5,203
5,210
5,215
5,220
5,225
5,230
574 1,170 27,564
961 27,059
954 27,055
937 27,323
784
935 27,669
20,518
20,475
20,448
20,403
20,217
5,238
5,244
5,253
5,264
31,158
31,227
31,304
31,489
1,400
2,220
2,593
2,361
25,091
23,181
22,216
26,507
26,699
24,816
25,784
4,037
4,031
17,644
22,737
20,065
22 754
22,706
21,690
21,949
22,623
22,781
70
160
95
965 25,313
758 26,283
868 25,477
805 26,739
860 26,130
788 26,675
407
717 1,026 28,006
64 1,296 27,755
21,594
21,356
21,210
21,011
20,874
20,690
20,609
20,534
462
632
30,798
31,039
31,264
31,268
31,342
31,390
31,732
32,371
731
701
687
694
691
685
688
691
466
442
498
541
286
281
302
274
401
350
358
324
445
449
410
325
299
276
325
352
369
262
337
5,234 31,521
709
729
717
708
709
415
306
417
477
505
303
312
283
532
2,019
2,286
2,963
3,247
4,339
4 562
4,636
5,008
5,066
5,107
5,146
4,459
204
5,434
264
7,598 2,409
11,160 2,215
28,515 2,287
28 868 1 336
27,741 1 293
31,158
767
31,790
775
31,082
758
31,834
761
36
35
634
867
977
870
394
441
498
481
402
322
449
356
554
925
426
901
308 1,075
QQR
246
5,201
5,203
5,207
5,211
5,219
5,222
5,228
5,234
30,994
31,172
31,171
31,371
31,245
31,386
32,036
32,193
703
692
685
684
684
674
694
683
382
410
617
540
371
984
979 27,197 20,476 5,235 31,125
999 27,020 20,479 5,241 31,129
862 26,716 20,442 5,247 31,250
943 27,176 20,305 5,257 31,349
860 27.777 P20 188 P5 270 *>31 628
535
506
986
589
897
712
993
746
23,939
24,749
25,218
25,410
25 051
25,296
25,650
26,312
25,218
25,406
25 051
25,260
25,562
25,776
25,532
25 446
25,661
25,920
25,503
25,400
25,538
25,882
29
46
123
216
1,998
2,484
2,254
24.262
22 559
20 778
24,785
24,915
23,035
Dec . . . . 24,238
148
1,998
2,484
2,254
24,262
22 559
20 725
24,391
24,610
22,994
23,719
68 1,037
164
7
3
249
85
67
53
394
108
305
50
41
558
519
55
May
July
Aug
Sept
Oct
Nov
Dec
26,216
si
4
36
88
96
119
142
109
252
476
470
1,036 18,223
1 132 18 600
1,081 18,609
1,194 18,580
1 151 18 425
1,108 18,476
1,068 18,540
1,174 18,899
17,557
17,974
17,953
17,946
17 854
17,955
18,034
18,383
666
626
656
634
571
521
506
516
1959
Jan
Feb
Mar
Apr
May
25,723
53
38
526
620
694
274
353 1,120
1,211
1 208
1 168
369 1,197
18,893
18,577
18 429
18 664
18,580
18,396
18,117
17 968
18,247
460
461
411
6
15
397
774
862
392
21
151
256
586
446
569
374
346
251
291
495
563
565
714
2,356
2,292
11,653
12,450
15,915
17 899
17 681
19.005
19;059
18,376
19,034
2.333
1,817
6,444
9,365
14,457
16 400
16 509
18,903
19,089
18,543
19,091
23
475
5,209
3,085
1,458
1 499
1,172
102
-30
-167
-57
234
269
288
313
258
624
420
329
332
395
288
226
272
335
430
391
18,176
18,784
17,764
18,538
18 147
18,462
18,994
18,504
17,543
18,158
17,801
17,860
17,785
18,009
18,217
18,574
633
626
-37
678
362
363
424
358
994
1,096
1,039
1,184
1,122
1,079
1,038
1,122
721
718
689
711
*>701
447
492
274
310
345
334
567
291
1,118 18,878
1,215 18 540
388 1,180 18,192
341 1,136 18 396
219 18 459
369
378
377
347
497
Midyear or
year-end
1929 June
1933—June
1939 Dec . . . .
1941—Dec
1945—Dec
1947 Dec
1950 Dec
1955 Dec . . .
1956 Dec
1957 June
52
4
91
94
578
535
1,368
1,585
1,665
1,199
1,424
668
895
End of month
1958
May
June
July
Aug
Sent
Oct
Nov
Dec
144
41
94
555
255
24,162
25,438
24,480
25,346
24 986
25,443
26 229
26,347
24,162
25,438
24,480
25,346
24 986
25,373
26,069
26,252
25,715
25 350
25,497
25 703
25 905
25,611
25 295
25,497
25,623
25 905
104
55
25,322 25,289
25,354 25,339
33
15
78
22
453
777
-70
1959
Jan
Feb
Mar
Apr
May
80
327
500
398
539
308
266
523
18,355
568
17,972
377
17,815
195
18 201
*>17 952 ^507
Wednesday
1959
Mar
Apr
4
11
18
25
. . . . 25 497 25 419
25 474 25,452
1
8
15
22
29
May 6
13
20
27
. .
26,789
26,607
27,509
26,841
20,479
20,443
20,442
20,442
5,241
5,243
5,245
5,246
31,128
31,230
31,241
31,173
720
722
730
714
659
390
423
517
290
304
269
340
346
342
345
372
1,212
1,212
1 218
1,219
17 918
17,978
18 185
17 920
235
115
785
274
220
433
592
515
176
25,478
25,726
25,801
25,563
25,623
25,478
357
25,493 ' " " 2 3 3
775
25,588
213
918
25,563
1,014
25,623
534
853 26,719
730 27,262
823 27,571
778 27,384
801 26,987
20,442
20,441
20,431
20,331
20,330
5,247
5,252
5,253
5,255
5,257
31,211
31,311
31,355
31,246
31,276
715
713
708
710
710
534
397
499
496
466
297
288
257
247
274
380
344
343
333
335
1,179 18,092 17,872
1 180 18,722 18,289
25,940
26,085
25,905
25,905
25,829
25,977
25,905
25,905
763
764
933
721
27,595
27,530
27,242
27,206
20,255
20,244
20,188
20,188
5,260
5,263
5,267
5,269
31,414
31,482
31,454
31,511
723
717
709
706
542
504
468
525
263
255
296
289
391
387
385
353
1,137
1,139
1,262
1,219
111
108
863
652
376
554
* Preliminary.
* Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
18,153
18,093
18 970
18 194
1,180 18,913 18,321
1,178 18,760 18,245
1,136 18,378 18,202
18,640
18,553
18,123
18,062
dates
in subsequent tables on Federal Reserve Banks.
2
These figures are estimated.
18,188
452
257
18,296
P-52
^18,175
P24
^18,038
599
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures.l
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
18,394
18,223
18,600
18,609
18,580
18,425
18.476
18,540
18,899
4,122
4,030
4.214
4,132
4,014
3,951
3,935
3,883
4,033
,052
,054
,113
,088
,097
,064
,061
,054
,077
7,651
7,614
7,721
7,772
7,820
7,731
7,755
7,819
7,940
5,569
1959—Jan
Feb
Mar
Apr
18,893
18.577
18,429
18,664
4,031
3.968
3.994
4,008
,066
,052
,029
,041
18,817
18,551
3,997
3,995
18,571
18,550
18,829
18,393
,$::::::::
20
27
5,724
5,784
5,849
7,929
7,777
7,702
7,825
5,868
5,780
5.704
5,790
1959—Jan
Feb
Mar
Apr
497
460
461
417
12
15
30
7
56
55
49
34
428
390
381
372
,040
,037
7,867
7,808
5,912
5,711
4,008
3,925
4,023
3,938
,049
,034
,044
,027
7,781
7,784
7,824
7,735
5,733
5,808
5,938
5,692
7,572
7,482
7,619
7,667
7,731
7,667
7.700
7,750
7,883
5,043
5,051
5.070
5,101
5,134
5,205
5,291
Week ending:
4,107
3.977
4,186
4,101
3,987
3,923
3,909
3,866
4,010
1959—Jan
Feb
Mar
Apr
18,396
18,117
17.968
18,247
4,018
3.953
3.965
4,001
,065
,051
,027
,036
7.873
7,723
7.653
7,791
440
390
323
418
18,307
18,183
3,982
3,977
,036
,035
7,824
7,753
5,465
5,418
18,213
18,096
^18,209
^18,038
4,010
3,908
3,992
3,931
,045
,032
,038
,025
7,745
7,732
7,764
7,702
5,413
5,424
364
419
Week ending:
23,817
4,184
19,633
20,688
5,000
5,948
1,284
4 ,663
6,832
86
5,251
1,411
45,694
6,544
39,150
38,898
20,186
41,234
1,451
39,783
35,098
23,640
104
2,062
4,580
April 1959
4
2
43
55
447
293
358
454
^620
"355
3
2
5
2
37
51
59
33
"523
"312
35
42
45
49
320
384
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
130
119
142
109
252
476
425
486
557
18
2
21
16
48
106
35
60
103
9
1
2
1
3
8
9
16
39
266
253
258
254
67
74
74
44
90
96
128
152
162
1959_jan
Feb
Mar
Apr
557
508
601
676
77
43
13
96
54
27
124
69
279
250
277
317
147
188
187
194
749
656
195
37
46
23
335
347
173
249
675
709
853
658
52
49
118
56
35
47
78
17
379
382
458
343
209
231
199
242
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
493
547
484
546
383
95
96
20
-41
-3
51
7
16
— 22
-79
-8
-43
-80
-7 !
44
89
57
56
-22
-201
-198
-189
-198
459
399
408
471
426
378
305
268
26S
1959—Jan
Feb
Mar
Apr
-59
-47
-140
-258
-65
-28
16
-89
-223
-195
-228
-284
281
202
194
178
239
288
-180
-19
-42
-21
-292
-292
274
44
317
255
-53
-32
-87
-49
-32
-45
-73
-15
-342
-331
-399
-310
111
153
Week ending:
1959—Apr. 22
29
May 6
20'.'.'.'.'.'.'.'.,
27
4
,1!
•'-si
-121
-31 I
-53 !
-26 j
-122 j
-64 !
Week ending:
122,061
13,001
109,060
104,274
54,287
24,192
4 ,073
20,119
20,756
5,303
,205
4,944
5,361
1,425
48,311
6,379
41,932
40,620
21,776
43,408
1,344
42,064
37,537
25,783
6,490
103
100
2,084
4,203
6,149
510
368
Borrowings at
Federal Reserve Banks
Free reserves:2
Deposits:
116,693
13,464
103,229
99,935
50,237
1959—Apr. 22
29
May 6
13
20
27
"5'380
April 1958
P Preliminary.
1 Averages of daily dosing 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
Country
banks
526
474
481
515
516
474
433
420
430
1,049
1,046
1,099
,084
,094
,058
,055
,055
,070
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3 . .
Time deposits
Demand balances due
from domestic banks. .
Chicago
79
131
102
104
89
65
55
69
57
17,772
17,557
17,974
17,953
17,946
17,854
17.955
18,034
18,383
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3 . .
Time deposits
Demand balances due
from domestic banks. .
New
York
Reserve
city
banks
15
53
28
32
26
27
27
17
23
Required reserves:2
20'.'.'.'.'.'.'.
27
Central reserve
city banks
623
666
626
656
635
571
521
506
516
5,525
5,552
5,617
5,651
679
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1959_Apr. 22
29
May 6
All
member
banks
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ending:
May
Item and period
Excess reserves:2
Total reserves held:
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1959—Apr. 22
29
In millions of dollars]
1959_Apr. 22
29
May
6
13
20
27
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.
600
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) i
Federal Reserve Bank
In effect
beginning—
Rate on
May 31
Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Mar. 10,
May 29,
Mar. 6,
Mar. 13,
Mar. 13,
Mar. 16,
May 29,
May 29,
May 29,
Mar. 13,
May 29,
Mar. 12,
b
3
3
3
31/2
18
Previous
rate
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
f
3
2%
2%
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
FEDERAL RESERVE BANK DISCOUNT RATES 1
Other secured advances
[Sec. 10(b)]
Rate on
May 31
In effect
beginning—
Previous
rate
3%
Mar. 10, 1959
May 29, 1959
Mar. 6, 1959
Mar. 13, 1959
Mar. 13, 1959
Mar. 16, 1959
May 29, 1959
May 29, 1959
May 29, 1959
Mar. 13, 1959
May 29, 1959
Mar. 12, 1959
f
¥
3%
4
5*
4
3%
4
3%
Range
(or level)—
all F. R.
Banks
1956
Apr. 13. . .
20...
Aug. 2 4 . . .
31...
1957
Aug. 9 . . .
23...
Nov. 1 5 . . .
Dec. 2 . . .
2%-3
2%
2%
3
3
2^—3
3
3 -3%
3 —3%
3
1958
Jan. 2 2 . . .
2^-3
Mar.
2V4-3
214-234
1'.'.'.
13...
21...
F. R.
Bank
of
N. Y.
3
3%
3
3
3
*•/A
03A
21/A
Range
(or level)—
all F. R.
Banks
1958
Apr. 1 8 . . .
May 9 . . .
Aug. 1 5 . . .
Sep.. 1 2 . . .
WA-2VA
WA
WA-2
WA-2
Oct. 2 4 . . .
Nov. 7 . . .
2 -2%
2%
1959
Mar. 6 . . .
Mar. 1 6 . . .
May 2 9 . . .
2%-3
In effect
May 3 1 . . .
F. R.
Bank
of
N. Y.
4
3%
4
4
4%
4
4
4
Net demand deposits!
Effective date
of change
WA
WA
WA
2
2
2
2%
3 -3%
3
3
3y2
3 —3%
3%
1 Under Sees. 13 and 13a (as described in table above). For data for
1941-55, see BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York on
repurchase contracts against U. S. Govt. securities was the same as its discount rate except in the following periods (rates in percentages): 1955—
May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,
2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Jan. 16, Aug. 5,
Effec19581958tive
Aug. 4, Oct. 15, Oct. 16,
1958
1958
1958
50
50
70
70
90
90
50
70
90
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.
Mar. 10, 1959
M a y 29, 1959
Sept. 19,1958
Oct. 30,1958
Mar. 13, 1959
Oct. 28,1958
Mar. 6, 1959
M a y 29, 1959
Mar. 16,1959
Mar. 13, 1959
Oct. 24,1958
Mar. 12, 1959
MEMBER BANK RESERVE REQUIREMENTS
2VA
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U :
For loans by banks on stocks
Previous
rate
[Per cent of deposits]
Date
effective
Prescribed in accordance with
Securities Exchange Act of 1934
3
3
3%
In effect
beginning—
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.
[Per cent per annum]
Date
effective
Rate on
May 31
Central
reserve
city
banks
Reserve
city
banks
Country
banks
1917_j U ne 21
13
10
7
1936—Aug.
1937—Mar.
May
1938—Apr.
16
1
1
16
19%
22Y4
26
22Y4
15
10%
1941_Nov.
1942—Aug.
Sept.
Oct.
1
20
14
3
26
24
22
20
1948_Feb. 27
June 11
Sept. 16,24*
1949_May 1,5*
June 30, July 1*.
Aug. 1 , 1 1 * . . . .
Aug. 16, 1 8 * . . . .
Aug. 25
Sept. 1
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
1953—July 1,9*
1954—June 1 6 , 2 4 * . . . .
July 29, Aug. 1*
22
24
26
24
§*
22%
22
23
24
22
21
20
17%
20
$
12
14
22
21
20
19%
19
18%
18
19
20
19
16
15
14
13
12
18
12
13
14
13
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
3
f
6
6
5
6
7*
6
5
6
6
6
5
5
5
g*
IS*
16%
In effect June 1, 1959 . .
18
16%
11
5
5
Present legal requirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1*
17
24
J7K
• First-of-month or midmonth dates are changes at country banks, and
other
dates (usually Thurs.) are at central reserve or reserve city banks.
1
Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
601
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1959
May 27
May 20
May 13
1959
May 6
April 29
May
1958
April
May
Assets
Gold certificate account
Redemption fund for F. R. notes.
18,691,894 18,691,893 18,754,892 18,754,892 18.829,892 18,691,892 18,804,895 20,173,393
913,050
907,852 '910,544
916,317
907,851
913,052
910,543
831,263
Total gold certificate reserves
19,604,944 19,608,210 19,662,743 19,662,744 19,740,436 19,604,944 19,715,438 21,004,656
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
346,793
364,043
352,987
364,797
344,576
363,767
352.014
378,788
388.900
394;063
312,086
367,966
373.687
395,952
322,490
338,995
536,532
17,000
2
26,891
359,479
17,000
2
27,776
634,740
17,600
4
28,983
845.073
17^600
4
28.984
516,168
17,600
4
28,984
967,364
17,000
2
27,863
481.975
17.600!
4j
30,442|
143,798
490
41,685
1,903,500 1,903,500 1,976,300 1,827..600: 1,621,900 l,9O3,5COj 1,621,900 1,426,360
18.649,726 18,649.
2', 867,565 2,867;
2,483,771 2,483;
,649,726 18,649.726! 18,649,726 18,649,726
,867,565 2,867,565 2,867;565 2,867,565
,483,771 2,483,771 2,483,771 2,483,771
649,726 19,946,105
867,565
483,771 2,789,257
25,904,562 25,904,562 25, 977,362 25,828,662 25,622,962 25,904,562 25 ,622,962 24,161,722
107,600
111,800
80,000
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities. . .
25,904,562 25,904,562 26,084,962 25,940,462 25,622,962 25,904,562 25,702,962 24,161,722
Total loans and securities
26,484,987 26,308,819 26,766,289 26,832.123126,185,718 26,916,791 26,232,983 24,347,695
15
5.097,919 5,898.
95,737
95.
142,095
129;
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
15
15
15
15
15
15
.836.607 4,997,103 5,355.334 4,753,708 5,315,785 4,504,579
95;648
95.168
95,243
95,632
95[\50\
87,532
214,932
241,618
228.480
148,899
216,969
311,031
52,136,533 52,759,321 53,311,263 52,546,435152,374,641 52,200,041 52,345,979)50,916,993
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
27,074,914 27,034,264 27,063,280 27,O163378;26,921,659 27,155,56O26 983,368 26,569,628
18,061,65 18,122,793 18,552,780 18,639,588 18. 378,235 18,458.
524,819
468,247
541,608
503,621
465,859
567;
295,511
263,047
288,592
273,515
255,018
291.
384,892
390,899
334,964
353,377
387,356
369,
Total deposits.
18 395,501 18,,175,998
539,113
381,935
265,999
233,623
624,425
340,905
19,228,440 19,271,443 19,698,775 19,835,142 19,452,573 19,686,826 19,541,518 19,415,981
4,376,706 4,966,205 5,072,605 4,233.777! 4.554,086 3,893
38,419
35,182
38,029
39,019
32,023
39
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
4,372,789 3,539,300
32,186
20,597
50,718,479 51,309,941 51,873,679 51,120.479 50,960.341 50,775,266 50,929,861 49,545,506
Capital Accounts
378,229
868,410
171,415
Capital paid in.
Surplus
Other capital accounts.
Total liabilities and capital accounts. .
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments
377,854
868,410
203,116
377,646
868,410
191,528
377.560
868,410
179.986
377.401
868,410
168,489
378,296
868,410
178,069
377,469
868,410
170,239
351,154
1836,741
183,592
52,136,533 52,759,321 53,311,263 52,546.435152.374,641 52,200,041 52,345,979 50,916,993
77.071
360
42.3
42.0
42.0!
42.6
41.9
42.4
73,136
360
67.472
360
58.292|
3601
56.212
360
78,757
360
56,068
360
862,673
533,768
838,423, 509,590
24.1361
24.049
114i
129
4|
4
1 .
984,364
942,743
41,435
186
2
499,575
476,045
23,402
128
4j
119,144
991
Maturity Distribution of Loans and U. S. Government Securities2
Discounts and advance: -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
553,532
524,831
28,507
194
2
376,479
351,704
24,667
108
2
26,891
27,116
7,775
8,056
19,116
19,720
,904,562 25 904,562
304,960
407,010
144,023
,235,073
002,193
013,193
881,179
881,179
206,495
206,495
263,662
263,662
1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000.
2 Holdings under repurchase agreements are classified as maturing
652,340
628,085
24,146
109
4
1
3
143,798
139,891
3,900
7
490
144
174
77
95
28,984
28,983
28,984
27,863
30,442
41.685
9,324
7,840
9,248
7,556
9,823
16,168
21,143
19,660
19,736
20,307
20,619
25,517
26 084,962 25 940,462 25 ,622,962 25 904,562 25 702,962124 ,161,7:2
596,350
622,740
416;290
114,960
422,290
153,810
134,783
127,593
969.310
426,073
933,310 ,854,097
11,002,493 10 838.793 .886,026 11,012,193 18,996,026 ,725,344
881,179 1881.179 3,881,179 ,881,179 ,013,614
3,881,179
206.495
206,495
206,495
206^495
206,495
56.610
263.662 .263,662 1,263,662 ,263,662 ,358,247
1,263,662
i
within 15 days in accordance with maximum maturity of the agreements.
602
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1959
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
936,514
Gold certificate account
Redemption fund for F. R.
notes
836,760 5,157,475 1,012,659 1,609,881
Total gold certificate reserves
891,933 5,345,354 1,071,081 1,693,908 1,020,570
F. R. notes of other Banks. .
Other cash
55,173
27,967
29,019
187,879
58,422
73,780
17,653
71*33O|
17,697
84,027
17,079
33,521
84,056
34,942
23,488
Atlanta Chicago
876,889 3,328,937
St.
Louis
Total assets....
1
1
301,698! 461,351 354,359
4,137
9'326|
7,001
13,292
8,291
9,449
Dallas
San
Francisco
725,499
404,390
681,829
43,473
23,050
42,543
931,188 3,497,399
768,972
427,440
9,412
22,369
11,666
11,813
5,642
12,694
17,983
15,054
22,671
42,736
50,139
1,003
2
127,439
663
72,428
884
76,125
1,904
54,360
31,072
18,931
57,173
Total loans and securities. .. 1,447,397 6,660,283 1,547,411 2,309,040 1,784,828 1,469,588 4,592,708 1,075,557
14
889,309
10,182
36,150
Kansas
City
168,462
54,299
Discounts and advances:
Secured by U. S. Govt.
69,055
64,7451 123,806 103,515 107,095
41,435
108,725
21,390
securities.
1,122
l,53O|
850
1,546
4,760
799
629
Other
2,777
Industrial loans
Acceptances:
Bought outright
27,863
Held under repurchase
agreement
U. S. Govt. securities:
1,404,416 6,518,935 1,477,234 2,242,765 1,660,172 1,365,274 4,482,836 1,053,538
Bought outright
Held under repurchase
agreement
.1.
Due from foreign b a n k s . . . .
Uncollected cash items
Bank premises
Other assets
Minneapolis
1
2
385,268 791,906
9,784
12,811
8,853 24,914
664,236 2,456,823
29,072
82,596
724,372 693,308 2,539,419
590,028 1,116,616 1,033,955 2,958,793
641,172 1,244,718 1,107,267 3,036,822
1
190,010
6,930
6,254
1
1
1
()
136,931 223,195 219,863 445,870
4,729
8,562
12,456
5,182
7,213
6,013
16,877
3,382
2,763,008 13,086,392 2,967,969 4,537,518 3,234,638 2,890,114 8,995,844 2,079,505 ,237,586 2,222,564 2,068,051 6,116,852
1
353,948
4,532
8,211
Liabilities
F. R. notes
1,565,998 6,323,386 1,720,427 2,492,26712,019,006 1,467,320 5,193,228 1,198,320 607,038 1,099,680 766,433 2,702,457
Deposits:
Member bank reserves....
754,459 5,159,210 857,460 1,468,843 789,444 966,311 2,843,122 635,282 440,647 848,149 996,917 2,699,035
U. S. Treasurer—general
account
102,885
28,897 42,690 42,462 42,737
61,017
30,335
34,621
25,338
26,496
35,268
94,585
13,750
393,236
18,150 24,750
Foreign
14,300
30,800
12,925
40,700
10,175
6,600
15,125
10,725
1,199
993
2,253
317,525
Other
42,811
1,009
317
1,120
781
358
383
631
Total deposits
795,305 5,672,856 905,706 1,537,276 847,909 1,023,093 2,945,620 676,150 482,185 886,001 1,047,494 2,867,231
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
319,521
691,065
245,753
2,166
9,725
2,076
375,538' 291,899
4,054;
2,013
329,061
639,432
148,468
112,220
178,183
179,279
383,319
1,943
6,645
1,424
1,098
1,626
1,564
4,808
2,682,990 12,697,032 2,873,962 4,409,135 3,160,827 2,821,417 8,784,925 2,024,362 1,202,541 2,165,490 1,994,770 5,957,815
Capital Accounts
Capital paid in
Surplus
Other capital accounts.
18,513
50,116
11,389
109,528
238,902
40,930
22,366
59,607
12,034
35,909
76,643
15,831
16,870
44,846
12,095
19,314
39,474
9,909
51,892
132,159
26,868
12,661
33,746
8,736
8,618
20,785
5,642
15,437
32,935
8,702
21,796
43,436
8,049
45,392
95,761
17,884
Total liabilities and capital
2,763,008 13,086,392 2,967,969 4,537,518 3,234,638 2,890,114 8,995,844 2,079,505 1,237,586 2,222,564 2,068,051 6,116,852
accounts
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
37.:
44.6
40.8
42.0
35.6
37.4
43.0
41.0
39.2
36.5
38.2
45.6
Contingent liability on acceptances purchased for
foreign correspondents
4,240
423,245
5,089
6,939
3,855
3,624
11,411
2,853
1,850
3,007
4,009
8,635
Industrial loan commitments..
I
20s
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $198,000,000 participations of other Federal Reserve
Banks.
340
4 After deducting $55,512,000 participations of other Federal Reserve
Banks.
603
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
End of month
Wednesday
Item
1959
1959
May 20
M a y 27
May 13
May 6
April 29
1958
April
May
May
77 986 527 78 07R 971 28 002 294 77 Q54 045 77 964 715 78 010 65? ?7 ,934,014 77 ,480, 578
F. R. notes outstanding (issued to Bank). .
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
000 10 725,000 10 775 000 10 755 000 10 ,7?5 ,000 10 ,755,000 P 008 000
10 775 000 10
178 ,561
143 ,641
717 884
141,271
74 931
134,336
34 097
154 704
18 ,685,000 17 ,095, 000
18 685 ,000 18 ,685 ,000 18,685,000 18 ,685 ,000 18 ,685 ,000 18 ,685
;ooo
29 564 ,204 29 ,484 ,931 29,544,336 29 ,553 ,641 29 ,568 ,561 29 ,627 ,884 29 ,581,271 29 ,137, 092
Total collateral
EACH FEDERAL RESERVE BANK ON MAY 31, 1959
Item
Boston
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,639,883 6: 531,663 1,761,464 2,557,678 2:, 092,1481,525,857 5,275,026 1,245,168 620,038 1,124,351 810,763 2,826,613
Collateral held:
M),000 300, 000 290,000 1,300,000
Gold certificate acct.. 580,000 2 920,000 640,000 920,000 670,000 475,000 2,000,000
69,055
127,439
Eligible paper
U. S. Govt. securities. 1,150,000 4,000,000 1,200,000 1,750,000 1,500,000 1,100,000 3,500,000 935',000 425 i666 850,000 575,000 1,700,000
Total collateral
1,730,000 6,920,000 1,909,055 2,670,000 2,170,000 1,575,000 5,500,000 1,386,390 625,000 1,277,439 865,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION V1
[Amounts in thousands of dollars]
[Amounts in millions of dollars]
Applications
approved
to date
End of
year or
month
1953
1954
1955
1956
1957
Number
Amount
3,765
3,771
3,778
3,782
3,786
803,429
818,224
826,853
832,550
841,290
3,786
3,786
3,787
3,787
3,787
3,787
3,787
3,787
3 787
842,723
843,078
843,321
843,321
843,321
843,321
843,321
843,321
843,321
3,787
3,787
3,787
3,787
843,321
843,321
843,321
843,321
ParticiCommit- ofpations
financproved
Loans
ments
ing instibut not
outouttuitons
comstanding 2 standing
pleted ! (amount) (amount)
out(amount)
standing 3
(amount)
1,951
520
305
End of
year or
month
1,900
719
702
794
524
3,569
1,148
2,293
2,365
1,109
3,469
1,027
1,103
1,129
1,122
1953
1954
1955
1956
1957
503
489
343
342
340
339
338
337
335
998
991
991
986
1,037
1,032
1,019
1,015
975
964
944
799
798
817
816
810
807
806
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
75""
75
334
333
332
330
960
360
360
360
785
384
383
383
Jan
Feb
Mar
Apr
.
805
472
294
389
395
666
368
226
289
300
364
273
170
125
135
2,937
2,952
3,029
3,033
3,069
3,071
3,089
3,090
3,105
343
326
330
306
299
298
304
303
310
265
252
254
235
229
228
231
231
236
157
168
177
194
199
190
184
182
168
3,116
3,118
3,120
3,128
324
329
335
314
246
250
254
241
147
141
128
142
Number
Amount
1,294
1,367
1,411
1,468
[,503
2,358
2,500
2,575
2,761
2,912
1,514
1,516
1,522
1,523
1,528
1,531
1,538
1,540
1,543
1,548
1,549
1.550
1,552
Total
amount
1959
1959
Jan
Feb
Mar
Apr
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Loans
outstanding
1958
1958
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Loans
authorized
to date
1 Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3 Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
1
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
604
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]
[In effect May 31 j
Feb. 1,
1935Dec. 31,
1935
Jan. 1,
1936Dec. 31,
1956
Effective
Jan. 1,
1957
Savings deposits
21/2
2fc
3
Postal Savings deposits
2%
2*4
3
21/2
1*
Type of deposit
Other time deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
.
18
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
Percentage of
loan guaranteed
Guarantee fee
(percentage of
interest payable
by borrower)
70 or less
75 . . .
80
85
1
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in any
event exceed the maximum rate payable by State banks or trust companies
on like deposits under the laws of the State in which the member bank is
located. Maximum rates that may be paid by insured nonmember banks
as established by the F.D.I.C., effective Feb. 1, 1936, are the same as
those in effect for member banks.
90 . . .
95
Over 95
Percentage of
any commitment
fee charged
borrower
10
10
15
20
25
30
35
40-50
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate
6
V2
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
1951
1952
1953
1954
1955
1956
1957
1958
1958
Mar
Apr
May
June
J u ly
Aug
Sept
Oct
Nov
Dec
1959__Jan
Feb
Mar
Apr
M!ay
Debits to demand deposits accounts,
except interbank and
U. S. Government accounts
Without seasonal adjustment
New
York
City
544,367
597 815
632,801
738,925
766,890
815,856
888,455
958,721
336,885
349 904
385,831
390,066
431,651
462,859
489,311
487,443
661,302
695 133
740,436
758,375
845,007
921,928
979,002
993,590
31.9
34 4
36.7
42.3
42.7
45.8
49.5
53.6
24.0
24 1
25.6
25.8
27.3
28.8
30.4
30.0
18.4
18 4
18.9
19.2
20.4
21.8
23.0
22.9
203,870
204,126
195,116
219,465
206,524
185,849
195,205
212,894
183,092
238,975
84,409
85,510
77,315
95,473
82,214
68,620
70,887
79,620
64,804
92,711
40,363
39,354
38,645
41,228
40,701
37,942
40,520
43,594
38,224
48,690
79,098
79 262
79,156
82,765
83,609
79,287
83,798
89,680
80,064
97,573
56.2
56.6
51.2
65.7
54.8
46.4
49.4
50.1
47.4
58.2
31.3
30.2
28.2
31.4
29.6
27.4
30.3
29.8
30.0
33.2
22.2
22.1
22.0
23.8
22.9
21.7
23.6
23.1
23.8
24.9
54.7
57.8
52.0
62.7
55.9
51.6
50.1
52.6
47.4
52.4
29.0
29.3
28.2
30.7
30.0
29.4
30.7
31.6
29.4
32.2
22.5
22 7
22.1
23 5
22.9
22 7
23.3
23 7
22.6
23.8
221,960
195,770
r 221,374
226,368
215,964
86,507
74,346
84,710
88,049
80,725
44,505
39,635
47,485
46,955
44,646
90,948
81,789
91 179
''91,364
90,592
54.0
54.1
54 5
56.2
54.9
30.3
31.0
34.2
33.9
^32.8
23.2
24.1
'24.0
23.9
^24.6
53.1
53.6
53.1
57.3
55.7
31.0
31.4
31 6
32.9
*>32.8
23 2
24.2
24 2
24 6
P24.7
New
York
City
1,542,554
1 642 853
1,759,069
1,887,366
2,043,548
2,200,643
2,356,768
2,439,754
337 other
6
reporting
other
centers 1 centers 2
Seasonally adjusted 3
6
337 other
reporting
other
centers * centers2
Total, all
reporting
centers
r
»1 Preliminary.
Revised.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
2
Prior to April 1955, 338 centers.
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
New
York
City
6
337 other
other
reporting
centers * centers 2
3
These data are compiled by the Federal Reserve Bank of New York.
Seasonal adjustment factors have been revised for the period 1943 to date.
For back figures on the revised basis, see BULLETIN for May 1959, p. 554.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
605
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
End of year or
month
1939
1941
1945
1947
1950
1953
1954
1955
1956
1957
.
Dec
1959—Jan
Feb
Mar
Apr . .
Coin and small denomination currency
Total
Coin
$12
$2
$5
7,598
11,160
28,515
28,868
27,741
30,781
. . . 30,509
31,158
31,790
31,834
5,553
8,120
20,683
20,020
19,305
21,636
21,374
22,021
22,598
22,626
590
751
1,274
1,404
1,554
1,812
1,834
1,927
2,027
2,110
559
695
1,039
1,048
1,113
1,249
1,256
1,312
1,369
1,398
36
44
73
65
64
72
71
75
78
80
1,019
1,355
2,313
2,110
2,049
2,119
2,098
2,151
2,196
2,188
30,565
30,994
31,172
31,171
31,371
31,245
31,386
32,036
32,193
21,565
21,977
22,138
22,134
22,296
22,154
22,264
22,832
22,856
2,075
2,090
2,101
2,108
2,117
2,127
2,142
2,163
2,182
1,305
1,349
1,368
1,376
,398
1,417
,426
,457
1,494
81
81
81
81
80
80
80
80
83
2,035
2,081
2,081
2,064
2,082
2,072
2,091
2,154
2,186
31,125
31,129
31,250
31,349
21,926
21,975
22,111
22,209
2,139
2,144
2,164
2,175
,408
,406
1 ,414
1,429
80
80
80
80
2,064
2,062
2,075
2,083
1958_Apr.......
May
June
July .
Aug . . .
Sept
Oct
Nov
Total
in circulation 1
In millions of dollars]
$10
Large denomination currency
$20
Total
$50
$100
$500
1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,565 9,819
6,450 9,665
6,617 9,940
6,734 10,194
6,662 10,187
2,048
3,044
7,834
8,850
8,438
9,146
9,136
9,136
9,192
9,208
460
724
2,327
2,548
2,422
2,732
2,720
2,736
2,771
2,777
919
1,433
4,220
5,070
5,043
5,581
5,612
5,641
5,704
5,752
191
262
454
428
368
333
321
307
292
280
425
556
801
782
588
486
464
438
407
384
20
24
7
5
4
4
3
3
3
3
32
46
24
17
12
11
15
12
14
6,319
6,465
6,489
6,450
6,502
6,433
6,477
6,683
6,624
9,750
9,910
10,019
10,056
10,117
10,025
10,048
10,294
10,288
9,000
9,018
9,033
9,037
9,075
9,091
9,122
9,205
9,337
2,682
2,690
2,701
2,705
2,711
2,704
2,707
2,739
2,792
5,651
5,662
5,669
5,671
5,703
5,726
5,759
5,808
5,886
275
275
275
274
274
274
273
273
275
379
378
377
376
376
376
371
373
373
3
3
3
3
3
3
3
4
3
9
8
9
8
6,340
6,378
6,410
6,452
9,894
9,904
9,968
9,989
9,199
9,155
9,139
9,140
2,733
2,714
2,704
2,710
5,814
5,791
5,789
5,787
272
271
270
269
368
367
366
363
3
3
$1,000 $5,000 $10,000
13
8
8
8
9
9
8
8
8
8
3
paper currency shown by denomination by amounts of unassorted currency
(not shown separately).
2
Paper currency only; $1 silver coins reported under coin.
i Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
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....
Subsidiarv silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total
Aor 30 1959
Mar 31 1959
Apr 30 1958
Total outstanding As security
Apr. 30,
against
1959
gold and Treasury
silver
cash
certificates
20,305
19,747
27 934
5,257
19,747
2558
12,419
91
62
488
2,251
32 419
1,476
525
347
113
58
169
2,251
5
()
(5)
(5)
16,900
31
(4)
(4)
22,166
22 309
23,838
711
689
734
2,816
1,324
396
18
7
5
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. 598.
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
Held by
F. R.
Banks
and
agents
16,900
17 045
18,593
Currency in circulation1
Apr. 30,
1959
Mar. 31,
1959
Apr. 30,
1958
31
26,519
4,800
31
26,461
4,758
32
25,845
4,689
7
281
280
265
275
71
12
31
1
4
()
2,144
1,387
506
311
111
58
2,114
1,380
504
310
112
58
2,119
1,328
483
313
122
60
4,536
4,718
4,733
31,349
31,250
30,565
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.
606
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
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Loans,
net
Total
Other
1929—June 29.
1933—June 30.
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1950—Dec. 30.
1955—Dec. 31.
1956—Dec. 31.
1957_jUne 6.
Dec. 31.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
21,949
22,620
22,781
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,008
5,066
5,106
5,146
58,642 41,082
42,148 21,957
54,564 22,157
26,605
64,653
30,387
167,381
160,832 43,023
171,667 60,366
217,437 100,031
223,742 110,120
221,454 110,938
229,470 115,157
5,741
10,328
23,105
29,049
128,417
107,086
96,560
96,736
93,161
89,114
91,370
5,499
8,199
19,417
25,511
101,288
81,199
72,894
70,052
66,523
64,548
65.792
216
1,998
2,484
2,254
24,262
22,559
20,778
24,785
24,915
23,016
24,238
26
131
1,204
1,284
2,867
3,328
2,888
1,899
1,723
,550
,340
11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,670
20,461
21,402
22,943
64,698
48,465
75,171
90,637
191,785
188,148
199,009
244,135
250,757
249,180
257,397
55,776
42,029
68,359
82,811
180,806
175,348
184,384
224,943
230,510
227,576
236.372
8,922
6,436
6,812
7,826
10,979
12,800
14,624
19,193
20,246
21,605
21,023
1958—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28.
23.
30.
27.
24.
29.
26.
31.
21,600
21,356
21,200
21,100
20,900
20,700
20,600
20,534
5,200
5,204
5,200
5,200
5,200
5,200
5,200
5,234
234,900
240,451
238,600
241,100
240,400
243,300
246,200
249,082
114,000
116,842
115,400
115,300
115,900
117,000
118,200
121,602
95,900
97,849
97,800
100,000
98,200
100,100
102,000
101,207
70,600
71,611
71,600
73,500
72,100
73,500
75,000
73,641
24,100
25,000
24,900
25,200
24,900
25,400
25,800
26,347
,300
,238
,300
,300
,200
,200
,200
,219
25,000
25,760
25,500
25,800
26,300
26,200
26,000
26,273
261,700
267,011
265,100
267,400
266,500
269,200
272,000
274,850
238,900
244,131
241,900
243,400
242,600
245,100
248,200
252,022
22,800
22,880
23,200
24,100
23,900
24,100
23,800
22,829
1959—Jan. 28.
Feb. 25.
Mar. 25.
Apr. 29*
May 27?
20,500
20,500
20,400
20,300
20,200
200
200
200
300
5,300
247,300
245,300
244,900
247,800
248,000
119,800
119,800
121,400
123,500
124,700
101,500
99,400
97,200
97,700
96,900
74,900
72,900
70,600
70,900
69,800
25,400
25,300
25,500
25,600
25,900
,200
,200
1,100
1,200
1,200
26,000
26,100
26,300
26,600
26,500
273,100
271,000
270,600
273,300
273,500
249,600
247,100
246,700
249,700
249,400
23,500
23,900
23,900
23,600
24,100
Details of Deposits and Currency
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
29.
30.
30.
31.
31,
31.
30.
31.
31.
6.
31
365
50
1,217
1,498
2,141
1,682
2,518
3,167
3,306
3,247
3,270
1958—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28.
23
30
27
24
29.
26.
31
4,000
3,953
4,000
3,900
3,800
3,800
3,700
3,870
1959_jan.
Feb.
Mar.
Apr.
May
28
25
25J
29
27^
3,800
3,700
3,900
3,700
3.700
At
Treas- comAt
ury mercial
cash
F. R.
and Banks
hold- savings
ings
banks
Time deposits*
Total
Demand
Com- Mutual Postal
de- 4
Total mercial savings Savings posits
banks banks 3 System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,452
1,336
2,989
1,293
767 4,038
775 4,038
3,625
792
4,179
761
36
35
634
867
977
870
668
394
441
473
481
54,790
40,828
63,253
76,336
150,793
170,008
176,916
216,577
221,950
219,439
227,681
28,611
21,656
27,059
27,729
48,452
56,411
59,247
78,378
82,224
85,715
89,126
19,557
10,849
15,258
15,884
30,135
35,249
36,314
48,359
50,577
53,605
56,139
8,905
9,621
10,523
10,532
15,385
17,746
20.009
28,129
30,000
30,647
31,662
149
,186
,278
,313
,932
,416
,923
,890
,647
,463
,325
22,540
14,411
29,793
38,992
75,851
87,121
92,272
109,914
111,391
105,706
110,254
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,285
28,335
28,018
28,301
700
700
700
700
700
700
700
683
5,700
9,471
4,300
5,800
4,500
3,700
5,900
4,558
400
524
600
500
500
500
500
358
228,100
229,483
232,400
232,500
233,100
236,400
237,500
242,553
94,600
95,524
96,500
97,000
97,200
97,500
96,800
98,306
60,700
61,473
62,300
62,700
62,700
62,900
62,100
63,166
32,700
32,837
32,900
33,100
33,300
33,400
33,500
34,006
,200 105,800
,214 106,169
,200 108,100
,200 107,500
,200 108.100
,200 111,000
,100 111,900
,134 115,507
27,800
27,790
27,900
28,000
27,900
28,000
28,800
28,740
137,600
137,300
136,700
138,100
138,800
139,400
109,500
109,200
108,900
110,200
110,600
111,300
28 ,100
28 ,100
27 ,800
27 ,900
28 ,200
28 ,100
700
700
700
700
700
4,800
4,500
3,900j
4,600
5,100|
500 239,800 98,400
500 237,700 98,700
237,600 99,500
500 240,300 99,900
500 239^300 100,400
63,400
63,700
64,100
64,500
65,000
33,800
34,000
34,300
34,300
34,400
,100 113,800
,100:111,300
,100|ll0,300i
,100'112,500
l,100jll0,800
27,600
27,700
27,900
27,900
28,100
138,500
139,100
140,300
140,700
141,000
110,700
111,200
112,200
112,500
112,700
27 ,800
27 ,900
28 ,100
28 ,200
28 300
P1 Preliminary.
* Revised preliminary figures.
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.
s Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for July
1957, pp. 828-29.
Seasonally adjusted series5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
111,100 85,200 25 ,900
89,800 24 .500
114,300
133,200 105,800 27 ,400
134,400 106,700 27 700
(5)
133,200 105,100 28 ,100
135,500 107,600 27 ,900
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.
607
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
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1956—Dec.
1957—Dec.
1958—May
June
Sept.
Oct.
Nov.
Dec.
1959—Jan.
Feb.
Mar.
Apr.
Mar.
30
31
31
3H
30
31
31
28
23
24
29
26
31
28
25
25
29*
27?
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958—May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 27»
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958—May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29*J
May 27^
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1950—Dec. 30
1956—Dec. 31
1957—Dec. 3 1 . . . . . . .
1958—May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1959_j a n . 28
Feb. 25
Mar. 25
Apr. 29*
May 27?
v
Total
884
126
227
924
021
063
849
440
179
470
690
210
485
920
340
690
500
640
Loans
22.
26
30;362
43,002
60,386
110,079
115,115
114,890
117,
117,060
117,960
119,230
121,571
121,030
121,370
122,850
124,990
126,360
,668 17,238
,746 21,714
,019 26,083
,284 38,057
,675 52,249
,123 90,302
,068 93,899
,440 92,900
,905 95,571
,510 94,230
,670 94,970
,050 96,060
,16: 98,214i
,620 97,710!
,840 97,890|
,940 99,190
,630 101,190
,590 102,380
33,941
43,521
107,183
97,846
107,424
138,768
142,353
147,272
151,589
150,684
152,102
153,854
154,865
155,054
153,504
152,813
155,150
155,107
10,216
10,379
16,208
18,641
21,346
31.940
33,782
35,000
35,274
35,960
36,020
36,160
36,320
36,300
36,500
36,750
36,870
37,050
13,962
18,021
22,775
32,628
44,705
78,034
80,950
79,713
82,146
80,798
81,375
82,225,
84,061!
83,588
83,728
84,882
86,659'
87,675,
Deposits
Total
assetsTotal
Interbank2
Other
liaCash
U. S. Other assets 2 bilities
Govt.
and
Demand
obliga- secucapital Total 2 Detions rities
ac- 3
Time
mand
counts
U.S.
Govt. Other
Time
,302 23.
1,999 27;
8,577 35,415 177,332
81,199 10,723 38,388 175,091 161,865
72,894 14,741 41,086 191,317 175,296
523 20;461 49,641 250 770 227 546
792 22; 943 49; 318 257 864 233. 020
70,570 24 980 42; 000 257 240 230; 280
71,611 25 760 44; 423 264 525 237;204
, 140 26 270 42; 190 262 580 234; 420
,500 26 230 43 020 265 490 237; 450
,070
74,950 26 030 45;
73,641 26 ,273 49; 911 276 ,430 250; 057
850 26 ,040 43 200 270 , 100 241 830
880 26 ,090 43 560 268 ,750 239 740
,580 26 260 42 240 266 ,880 238 150
,920 26 590 43 340 270 920 242,050
69,810 26 470 42, 690 270,380 241,060
9,874
10,982
14,065
,793
240
,577
462
,133 1,462
,636 1,386
13,530 2,450
13,789 2,497
14,010 2,400
14,000 2,340
2,360
2,374
2,410
2,290
2,340
2,360
2,230
32,516
25,852
44,355
26,479
105,935
45,613
1,346 94,381 53,105
936 56,513
2,809
308 80,908
3,736
993 88,102
3,903
260 93,620
5,420
113 94,596
9,209
460 96,330
4,220
060 96,610
3,440
610 95,910
5,600
4,253 130,132 97,498
4,490
240 97,580
4,150
520 97,930
3,590
480 98,710
4,280
470 99,110
4,820
640 99,680
26 8,194 15,035
23 8,414 14,826
227 10.542 14,553
66 11,948 14,714
90 13,837 14,650
78 19,249 14.167
80 20,428 14,090
1,110 21,040 14,065
1,137 21,359 14,055
1,560 21 ,660 14,034
1,400 21 ,710 14,028
2,150 21 ,820
~~~ 14,033
81 21,705 14,020
1,770 21,780 14,030
2,210 21 ,860 14,022
2,050 21 ,980)14,012
2,090 22 110114,009
2,260 22 230| 14,000
16,316 7,114 22,474
26, 551
21,808
34,806 160,312
90,606
006 37
155,377 144,103
69,221
399 40
168,932 155,265
62,027
269 48; 720 217 460 197,515
58,552
930 48; 428 222 696 201,326
58,239
400 4i; 120 220 840 197,590
63,140
64,194 20 14043; 507 227 847 204;
64,720 20 560 4i; 330 225,260 201'
66,170 20 ,530 42 160 228,130 203
67,660 20 ,330 44 310 232,700 207
66,376 20 ,575 48 990 238,651 216,017
67,530 20 ,380 42 400 232 ,470 207,
65,520 20 ,430 42 740 230 ,900 205;
63,160 20 ,590 41 380 228 710 203
63,540 20 ,900 42 590 232 760 207
62,460 20 750 41,950 232,040 206,630
9,874
10,982
14,065
240
462
1,460
1,385
13,530 2,450
13,789 2,495
14,010 2,400
14,000 2,340
13,590 2,360
15,799 2,372
13,110 2,410
12,850 2,290
13,030 2,340
12,830 2,360
12,690 2,230
32,513
44,349
105,921
1,343
2,806
3,733
3,898
5,420
9,205
4,220
3,440
5; 600 123
4;
4.
4;
3,590
4,280
4,820
26 j,885 14,484
23 7,173 14,278
219 8,'950 H^
65 10,059 14,181
90 11,590 14^ 121
75 16,302 13,640
77 17,368 13,568
1,110 17,920 13,545
1,136 18 178(13,535
1,560 18 ,41013,515
1,400
,470|l3,509
2,150
550 13,514
73
486 13,501
1,770 18,570 13,512
2,210 18,620 13,504
2,050 18,730 13,494
2,090 1870113^491
2,260 ,960 13,482
9,257
49,
14,328! 5
10,385
19,5391 5
61;
138,304 129;670 13,576
78,338! 6 07029;
12,353
132,060
57,914 7 304 32;
13,106
52,365 10,355 35; 524 144,660 122,528
133,089
47,575 13; 159 42 906 184,874 167,906 15.567
47,079 14 324 42 746 188,828 170,637 15,082
51,916 '"
15,643 36,210 187,301 167,367 13,090
53,165
194 ,003 173,904 13,274
277 38;
13,458
600 36;
53,285
190 ,784 170
13,450
54,166 16,561 37,020 192 945 172
13,026
851
175
55 [328,! 16 301 39, 140 196
15,227
54,299 16 504 43 188 202 0171182
12,619
175,364
330 37
196,333
55,136
195,014 173,459 12,394
53,403
373 37
193,065 171,785 12,582
51,392
539 36
196,711 175,323 12,371
51,669
822 37
196,047 174,299 12,250
50,760
672 36;
4,927 3,101 2,188
4,901 3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
8,137 10,868 2,342
19,777 7,971 4,192
21,216 7,552 5,013
580
21,990 7,430
22,237 7,417 5,620
5,710
22,830 7,420
22,990 7,330 5,700
23,170 7,290 5,700
23,357 7,265 5,698
23,320 7,320
23,480 7,360
23,660 7,420
23,800 7,380
23,980 7,350 5,720
818
793
609
886
797
920
890
880
916
860
860
820
921
800
820
860
750
740
Preliminary.
* Revised preliminary figures.
1 All banks in the United States. Beginning with January 1959,
includes figures for all banks in Alaska (previously one member bank had
been included).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member banks. Member banks include (1) seven national banks in
Alaska (one became a member on Apr. 15,' 1954, and six on Apr. 3, 1959);
(2) one in the Virgin Islands (May 31, 1957); and (3) one in Hawaii
(Apr. 13, 1959), and (4) a noninsured nondeposit trust company, but
exclude three mutual savings banks that became members in 1941.
Bor- Total Number
row- capital
acof
ings counts
banks
11,852
11,804
17,020
19,714
22,385
33,311
35,168
36,400
36,678
37,320
37,360
37,480
37,779
37,630
37,850
38,170
38,160
38,340
10,524
10,533
15,385
17,763
20,031
30,032
31,695
32,690
32,869
33,370
33,460
33.500
34,040
33,870
33,980
34,300
34,300
34,430
)15,331
15,952
30,241
367 35,360
917 36,503
282 50,908
967 56,440
230 60,960
086 61,759
430 62,990
030 63,180
580 62,440
104 63,493
210 63,740
490 63,980
450 64,440
440 64,840
610 65,280
154
11,699
743
140 ,709
12,347
640 24,210
64 22 ,179
609 28,340
50 ,176
783 29.336
341 ,523
850 40,909
1,289 3,292
547 45,290
1,246 3,472
000 49,074
2,312
891
812 49,893
2,266
658
,76450,852
2,174 3.782
.782
,764 50,956
2,108 3,023
777 50,324
2,130 5.003
2,187 3,822 110,448 51,132
2,224 3,979 105,220 51,322
2,102 3,716 103,749 51,498
2,155 3,203
988 51,857
2,175 3,863
688 52,226
2,046 4,346 103,085 52,572
3
6
14
10,521
10,527
15.371
14 17,745
19 20,009
25 30,001
,662
30 32,660
26 32,,837
30 33,,340
30 33,430
30 33,470
,006
29 34,i
30 33,840
30 33,950
30 34,270
30 34,270
30 34,400
3 5,522
4 5,886
208 7,589
54 8,464
79 9,695
48 13,655
57 14,554
1,040 15,009
1,078 15,181
1,514 15,375
1,317 15,437
2,055 15.498
54 15,460
1,684 15,509
2,083 15,556
1,949 15,642
1,944 15,779
2,098 15,850
6,362
6,619
6,884
6,923
6,873
6,462
6,393
6.364
6; 357
6,339
6,328
6.324
6,312
6,302
6,295
6.289
6,2.91
6,292
1,309
1,241
1,592
1,889
2,247
2,947
3,059
3,120
3,181
3,250
i 3,240
i 3,270
551
548
542
533
529
527
522
520
520
519
519
519
519
518
518
518
518
518
8'
(5)
3,270
Stock savings banks and nondeposit trust companies are included with
commercial banks. Number of banks includes a few noninsured banks
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities
and individual banks, and by mergers, etc.
2
Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other notes see following two pages.
608
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash 2 bilities
U.S. Other assets
and
Govt. secuDemand
Loans obligacapital Total 2 Detions rities
acTime
mand
U.S.
counts 3
Govt. Other
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958—May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 21 P
9,339
12,896
26,143
20,393
20,612
23,809
23,828
25,540
27,149
25,230
25,444
25,552
25,966
25,959
25,549
25,594
25,886
25,687
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958_May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31,
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 27^
2,105
2,760
5,931
5,088
5,569
6,473
6.446
6,484
6,942
6,577
6,614
6,727
6,830
6,651
6,637
6,759
6,602
6,630
569
954
1,333
1,801
2,083
3,772
3,852
3,417
3,594
3,405
3,426
3,418
3,637
3,433
3,440
3,551
3,575
3,637
1,203
1,430
4,213
2,890
2,911
2,113
2,032
2,434
2,694
2,537
2,547
2,687
2,562
2,611
2,572
2,576
2,344
2,288
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Dec. 31
1958—May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1959_jan. 28
Feb. 25
Mar. 25
Apr. 29*
May 21 P
12,272
15,347
40,108
36,040
40,685
53,915
55,259
57,687
59,273
59,327
59,471
60,181
60,558
60,698
60,033
59,524
60,439
60,549
5,329
7,105
8,514
13,449
17,906
31,783
32,805
32,042
32,851
32,830
32,984
33,393
34,003
34,083
34,279
34,720
35,490
35,807
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957_Dec. 31
1958—May 28
June 23
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1959—Jan 28
Feb. 25
Mar. 25
Apr. 29*
May 27"
10,224
12,518
35,002
36,324
40,558
54,571
56,820
57,561
58,225
59,550
60,573
61,394
61,511
61,746
61,285
60,936
62,223
62,241
4,768
5,890
5,596
10,199
14,988
26,491
28,191
28,421
28,937
29,099
29,361
29,748
30,257
30,061
30,145
30,464
31,287
31,651
7
3,296 4,772 1,272 6.703 16,413 14,507 4,231
6
4,072 7,265 1,559 6,637 19,862 17,932 4,202
17
7,334 17,574 1,235 6,439 32,887 30,121 4,640
12
7,179 11,972 1,242 7,261 27,982 25,216 4,453
268
9,729 8,993 1,890 7,922 28,954 25,646 4,370
965
15,987 6,057 1,765 8,629 33,381 29,149 5,022
16,102 5,880 1,846 8,984 33,975 29,371 4,869
912
15,833 7,569 2,138 7,023 33,777 28,796 4,268 1,794
16,764 8,035 2,350 8,272 36,664 31,469 4,345 1,774
15,464 7,350 2,416 6,309 32,782 27,608 3,993 1,710
15,604 7,418 2,422 6,850 33,465 28,387 4,155 1,660
15,666 7,694 2.192 7,763 34,501 28,958 4.005 1,677
16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739
16,011 7,650 2,298 7,314 34,447 29,191 3,897 1,764
15,864 7,361 2,324 7,624 34,353 28,900 3,964 1,689
16,147 6,997 2,450 7,066 33,808 28,627 4,079 1,773
16,307 6,971 2,608 7,521 34,533 29,410 3,991 1,740
16,580 6,657 2,450 7,114 33,936 28,730 3,999 1,614
,446
,566
,489
,739
2,034
2,171
2,083
,985
,914
,869
,887
2,067
~,158
,881
,952
,745
,883
,857
3,595
4,363
7,459
6,866
7,649
8,695
8,595
8,553
8,929
8,522
8,583
8,874
9,071
8,617
8,667
8,583
8,575
8,575
3,330
4,057
7,046
6,402
7,109
7,943
7,792
7,692
8,022
7,628
7,693
7,862
8,214
7,695
7,726
7,438
7,616
7,583
1,035
1,312
1,217
1,225
1,364
1,333
1,274
1,249
1,302
1,243
1,169
1,357
1,138
1,163
1,135
1,153
1,110
5,194
6,467
29,552
20,196
19,084
17,368
17,352
19,869
20,436
20,455
20,508
20,891
20,645
20,776
19,928
18,946
19,107
18,906
1,749 6,785
1,776 8,518
2,042 11,286
2,396 13,066
3,695 13,998
4,764 17,716
5,102 17,540
5,776 15,030
15,443
5,986 15
6,041 15,247
5,979 15,448
5,897 16,276
5,910 17,701
17
5,839 15.626
5,826 15,672
5,858 15,381
5,842 15,708
5,836 15,691
19,687
24,430
51,898
49,659
55,369
72,854
74,196
74,174
76,155
75,976
76,383
77,940
79,781
77,845
77,155
76,360
77,773
77,734
17,741
22,313
49,085
46,467
51,437
66,524
67,483
66,492
68,672
67,918
68,474
69,723
12,641
69,800
68,876
68,272
69,509
69,304
3.565
4,356
6,418
5,627
6,391
7,584
7,241
6,302
6,397
6,795
6,657
6,476
7,506
6,232
6,011
6,122
5,969
5,918
3,159
4,377
26,999
22,857
21,377
22,037
21,815
22,044
22,000
22,943
23,693
24,056
23,606
24,099
23,542
22,873
23,247
22,909
2,297 4,848
2,250 6,402
2,408 10,632
3,268 10,778
4,193 11,571
6,042 14,390
6,814 14,139
12,172
7,096 12
7,288 12,860
7,507 12,765
7,519 12,835
13,034
7,590 13
7,648 14,031
12,515
7,586 12
7,598 12,433
7,599 12,190
7,689 12,421
7,681 12,316
15,666
19,466
46,059
47,553
52,689
69,945
72,062
70,797
72,255
73,505
74,514
75,536
76,767
75,424
74,839
74,314
75,830
75,802
13,762
17,415
43,418
44,443
48,897
64,289
65,991
64,387
65,741
66,877
67,747
68,717
70,277
68,678
67,957
67,448
68,788
68,682
572
792
1,207
1,056
1,121
1,597
1,640
1,246
1,282
1,368
1,395
1,376
1,578
1,352
1,256
1,246
1,258
1,223
333
376
385
397
576
588
562
633
654
636
641
622
631
607
625
632
683
705
« 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
$ banks with total loans and investments of $34 million were transferred
Bor- Total Number
row- capital
of
acings counts
banks
Time
74
866
6,940
267
451
747
737
1,128
2,946
847
584
945
968
925
815
691
889
1,009
9,459
12,051
17,287
19,040
18,836
19,940
19,959
18,219
18,898
17,553
18,518
18.956
20,704
19,130
18,946
18,479
19,243
18,553
736
807
1,236
1,445
1,722
2,475
2,893
3,387
3,506
3,506
3,470
3.375
3,482
3,475
3,486
3,605
3,547
3,555
80
127
1,552
72
174
184
195
292
705
247
192
402
249
201
233
223
306
303
1,867
2,419
3,462
4,201
4,604
5,069
4,904
4,708
4,626
4,642
4,826
4,859
5,136
4,913
4,900
4,655
4,733
4,735
495
476
719
913
1,103
1,319
1,345
1,375
1,403
1,399
1,396
1,401
1,438
1,409
1,397
1,395
1,393
1,402
120
435 9,004 4,616
104
491 12,557 4,806
30 8,221 24,655 9,760
22
405 28,990 11,423
57
976 32,366 11,647
294 .201 40,647 16,797
~" 18,623
301 ;358 39,960
457 ,884 37,465 20,384
416 ,150 38,003 20,706
382 ,492 38,243 21 ,005
374 ,074 39, 370 20,999
378 ,944 40, 184 _J,741
20
377 ,429 42,259 21,075
382 ,439 40,452 21,295
336 ,479 39,708 21,342
316 ,226 39,233 21,375
367 1,457 40,248 21,468
362 1,677 39,736 21,611
154
225
5,465
432
922
,160
,181
,587
,857
,197
,173
,712
,175
,414
,189
,063
,211
,357
7,158 5,852
10,109 6,258
24,235 12,494
28,378 14,560
31,977 14,865
41,""
194 20,317
20
40,724 22,429
22
37,608 23,928
3 8 ,286
" " "',277
24
39, 326 24,941
40,050 25 ,091
40,778 24,807
25
4 2 ,349
" " "",137
40,725 25,143
40,195 25,273
39,621 25,482
40,464 25,818
40,061 26,004
543
723
513
519
530
,592
,648
,120
,259
,351
,873
,136
,210
,214
,240
,259
,276
,282
,272
,281
,277
,290
,302
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
17
17
4
4
21
80
55
42
157
3
68
79
296
90
125
250
288
377
426
490
660
689
709
708
714
720
724
733
726
725
728
738
739
14
13
12
14
13
14
14
14
14
14
14
14
14
14
14
14
14
14
21
21
509
350
947
705
910
14
832
932
839
909
976
1,828
1,967
2,566
2,844
3,322
5,076
5,370
5,573
5.617
5,675
5,714
5,729
5,760
5,782
5,802
5,845
5,906
5,932
346
351
359
353
336
289
278
281
280
277
277
275
274
273
272
273
273
273
1,851
1,982
2,525
2,934
3,532
5,046
5,359
5,517
5,641
5,747
5,744
5,769
5,685
5,729
5,748
5,792
5,845
5,877
5,966
6,219
6,476
6,519
6,501
6,141
6,083
6,051
6,045
6,030
6,019
6,017
6,006
5,997
5,991
5,984
5,987
5,988
195
30
70
264
483
385
319
736
3
4
11
23
9
21
30
246
164
126
251
252
37
241
349
301
426
467
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.
609
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued
[Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash 2 bilities
U.S. Other assets
Govt.
and
Demand
capital Total 2 Deobliga- secutions rities
acTime
mand
counts 3
U. S.
Govt. Other
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
Loans
49,290
121,809
14,274
63,601
68,595
78,330
83,596
21,259
25,765
37,583
89,831
93,430
95,105
97,730
21,046 6,984 :5,788 76,820 69,411
88,912 7,131 14,292 157,544 147,775
67,941 8,750 16,926 152,733 141,851
^8,352 215,514 195,953
933 48
57,837 15,^~~
580 17^585 48,127 220,865 199,876
57,580
63,489 19,735 43,243 225,945 202,819
65,669 20,198 48,689 236,724 214,485
National member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
27,571
69,312
65,280
88,477
91,201
95,898
99,27^
11,725
13,925
21,428
48,109
50,350
50,744
52,627
12,039
51,250
38,674
31.568
31,234
34,498
35,714
State member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
15,950
37,871
32,566
50,291
51,152
55,691
55,588
6,295
8,850
11,200
29,924
30,600
31,403
31,435
7.500
27.089
19,240
16.007
15,846
18 667
18,585
2,155
1,933
2,125
4,359
4,707
5,621
5,568
8,145
9,731
10,822
15,900
15,960
14,525
16,407
24,688
48,084
43,879
67,530
68,676
71,904
73,620
22,259
44,730
40,505
60,744
61,545
63,839
66,1Of
Insured nonmember
commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 2 3 . .
Dec. 3 1 . .
5,776
14,639
16,444
24,859
26,268
26,768
28,759
3,241
2,992
4,958
11.808
12,493
12.972
13,682
1,509
10.584
10.039
10.274
10,512
10.335
11,381
1,025
1,063
1,448
2,777
3,264
3.460
3,696
2,668
4,448
4,083
5.448
5,383
4,756
5,504
8,708
19,256
20,691
30,66^
32,066
31,971
34,73^
7,70:
18,119
19,340
28,073
29,266
28,942
31,696
1,45
2,211
2,009
1,521
1,473
1,568
455
318
474
471
468
466
484
241
200
255
336
345
405
37'
763
514
576
369
301
264
301
2,283
2,768
2,643
1,946
1,831
1,902
1,927
1,872
2,452
2,251
1,562
1,449
1,516
1,532
329
181
177
18
152
159
147
121
157
207
146
16:
Ail nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 H
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
7,233
16,849
18,454
26,38:
27,74
28,34:
30,32'
3,696
3,310
5,432
12.279
12,96
13,438
14,165
2,270 1,266 3,431
12.277J 1,262 4,962
11,318, 1,703 4,659
10,9891 3,113 5,817
11,172' 3,608 5,684
11.040, 3,865 5,020
12,088 4,074 5,805
10,992
22,024
23,334
32,613
33,897
33,873
36,664
9,573
20,571
21,591
29,635
30,715
30,458
33,227
457
425
439
190
566
171
138
554
515
229
572
185
Insured mutual savings banks
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1,69:
10,846
12,683
24,170
26,53.
27,865
28,98C
642
3,08
3,560
15,542
17,194
18,132
19,180
6291
7.160
8,165
5.518 3,110
5,4041 3,93"
5,234 4,50:
5,2151 4,58:
15
429
675
739
71
745
752
1,958
11,424
13,499
25,282
27,67
29,02
30,189
1,789
10,363
12,207
22,886
25,022
26,082
21,IT
8,68
5,36
5,95*3
7,77C
7,246
7,404
7,341
4,259
1,198
1,384
4.235
4,022
4,104
4,177
3,075 1,35:
3,522
641
3,813I
760
2.453 1,082
2,148
2,183 1,116'
2,050
642
180
21
182
17
17
169
9,846
5,596
6,215
8,028
7,497
7,65"
7,58S
8,744
5,022
5,556
7,146
6,672
6,787
6,763
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1,575
For other notes see preceding two pages.
3,806 4,977
4,137 20,114
5,178 22,024
8,800 27,006
26,786
9,617 26
10,656 23,964
10,936 26,781
761
1,693
1,280
71
660
704!
707
43,433 39,458
90,220 84,939
88,182 82,023
117,345 107,161
120,153 109,091
122,100 110,065
128,397 116,714
Total NumBor- capital ber
of
counts banks
Time
1,762
23,740
1,325
3,717
3,859
9,162
4,241
41,298 5,699
80,276 29,876
29
92,975 34,882
124,346 50,608
123,127 56,137
116,308 61,429
129,214 63,168
35
522
517
825
767
1,088
4,013
795
2,074
2,166
4,751
2,292
23,262 8,322
45,473 16,224
53,541 19,278
67,434 27,810
66,546 ~~,904
30
62,886 33,754
34,812
69,808
4
78
45
19
38
492
43
3,640
4,644
5,409
8,450
9,070
9,451
9,643
5,117
5,017
5,005
4,651
4,620
4,599
4,578
3,739
4,411
3,978
15
6,245
767
6,124
729
5,425 1,441
6,192 1,420
621
8,166
381
1,218
1,306
3,907
1,530
13,874
24,168
27,068
39,416
39,001
36,926
40,640
1
130
9
29
18
586
10
2,246
2,945
3,055
5,205
5,483
5,730
5,817
1,502
1,867
1,918
1,811
1,773
1,758
1,734
53
1,560
149
425
388
504
419
4,162 3,360
10,635 5,680
12,366 6,558
17,497 9,724
17,580 10
",873
16,496 11,562
18,766 12,063
^959
1,083
1,271
2,336
2,500
2,679
2,696
6,810
6,416
6,478
6,737
6,753
6,768
6,793
253
365
478
300
303
330
325
329
279
325
313
317
321
332
852
714
783
444
425
413
399
5,504
3,613
14.101
6,045
167 13,758 7,036
440 18,433 10,024
427 18,420 11,176
548 17,274 11,892
428 19,655 12,387
1,288
1,362
1,596
2,649
2,817
3,000
3,028
7,662
7,130
7,261
7,181
7,178
7.181
7,192
164
1,034
1,25"
2,130
2,308
2,433
2,473
52
192
194
223
239
239
241
1,077
558
637
81
751
748
746
496
350
339
304
283
281
278
10,654
13,883
2,615
54
5,981 1,301
5,489 1,264
3,632 2,288
5,653 2,209
6,786
9,229
8,375
9,322
8,958
7.849
9,035
129
244
262
414
407
359
426
,291
,905
1,392
936
840
778
890
12
2
3
3
2
3
4,025
7,986
9,062
13,098
14,386
16,140
16,320
1,78!
10,351
12 12,192
23 22,857
" ,991
26 24
26 26 ,052
28 27 ,243
8,738
5,020
5,553
7,143
6,671
6,785
6,762
10 6,844 13,426
215 8,671 13,297
61 9,734 13,398
56 15,988 13,195
17,051 13,142
66 17
,125 17,857 13,121
67 18,154 13,101
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
610
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Total
loans
and
invest- TotaP
ments
Investments
ComU. S. Government obligations
Loans for
merpurchasing
cial,
Other
or carrying
inloans
securities
Direct
clud- Agrito
Real
ing
in- Other Total
culesopen tur- To
di- loans
CertifiGuartate
marcates
anal brok- To loans vidTotal
ket
uals
of iners othBills debt- Notes Bonds teed
paand ers
per
eddealness
ers
Obligations
of
States Other
and secupolit- rities
ical
subdivisions
All commercial
banks 3
1947—Dec. 31..
1956—Dec. 31..
1957—Dec. 31..
1958—June 23..
Dec. 31..
116,,284 38,057 18,167
165,1233 90,302
.
38,720
170,068 93,899 40,526
179,905 95,571 38,886
,
185,165 98,214 40,425
69,2212,193
58,552 5,924
58,239 5,405
64,194 4,502
66,376 6,294
7,789
1,997
4,813
3,883
7,399
6,034 53,191
11,823 38,796
10,608 37,406
12,348 43",456
13,396 39 ,281
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
28,031 21,046
49,290 21,259 9,214 1,450 614 662 4,773
4,545
. , „ . 96,043 88,912 2 ,455
121,809 25,765 9,461 1,3143,164 3 606 4,677 2,361 1,181
'",583 18,012 1,610
1,028
76,691
274 37
114,2'
5,654
.,._.
.
67,941 2,124
823 " 190 9,266
163,601 89,831 38,571 4,101 2,565 ,669 22,,394 18,765 3,325 73,770 57,837 5,763
" - 40,380 4,015 2,569 ,60123,003i20,122 3,513 75,164
168,595 9 3 ,430
' " 57,5
,580 5 ,290
' 19,981
- - ',.- - ' 4.541 83,22.
178,33095 ,105 38,750 4,499 3,677 907(23.585
_.,
. 1463,4894.416
183,59697,730 40,289 4 ,913 2,797 810 25,148 20,589 4,134 85,866 65,669 6,159
19,071
7,552
1,981
4,758
3,841
7,362
3,159 12,797
16,045 51 ,321
5,918 52 ,334
11,722 38,358
10,493 37,031
12,213 43 ,013
13,240 38 ,902
,102
22
14
13
7
5
6
12,675
13,688
"15,457
16,266
Member banks,
total:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1956—Dec. 31..
1957—Dec. 31..
1958—June 23..
Dec. 31..
43,521 18,021
107,183 22,775
97,846 32,628
138,768 78,034
142,35380,950
151,589 82,146
154,865 84,061
16,985
5,816
1,469
3,534
2,905
6,143
3.007 11,729
14,271 44,792
45,286
4,815 45
9,493 32,218
81560 31,031
10,480 36,201
11,117 32,390
,83:
16
10
12
7
5
6
3,,090 2,871
3,,254 2,815
4,199 3 ,105
10,494 2 ,665
11,235 3,089
3,492
12,786 3
13,405 3,100
New York City:4'
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1956—Dec. 31..
1957—Dec. 31..
1958—June 23..
Dec. 31..
Chicago:*
1941—Dec.
1945—Dec.
1947_Dec.
1956—Dec.
1957_Dec.
1958—June
Dec.
31..
31..
31..
31..
31..
23..
31..
12,896 4,072
26,143 7,334
20,393 7,179
23,80915",987
23,828 16 ,102
27,14916 ,764
25,966|l6 ,165
2,760
5,931
5,088
6,473
6,446
6,942
6,830
1,660 830
4 ,161 2,589
4,066 2 ,601
4,552 3,699
4,973 2 ,832
8,671 972 594
8,949 855 3,133
16,962 ,046 811
,478 447
36,
37,868 2^472 2[448
36J25 2
,574
37,444 3,052 2,730
2,807
3,044
5.361
11,266
11,651
10,978
10,928
,220 9,393
,691 22,509
,620 23,110
,925 23,693
,829325,255
598
3,378
,065
,473
1,409
1,706
1,599
412 169
2,453 1,172
545 267
1,409
402
1,280 387
2,164 420
1,652
382
554
123
80
111
617
565
557
641
287
564
1,558
1,513
1,437
1,502
22
36
46
134
143
143
161
51
149
439
425
336
357
8,823 7,265
311
18,809 17,574 477 3,433
13,214 11,972 1,002
640
7 822 6,057 724
194
7,726 5,880 648
214
10,385 8,035 1,023
286
9,802 7,486 643 1,106
153
749
248
316
313
490
522
903
1,864
2,274
1,643
1,528
1,791
1,446
119
1,512
8,243 6,467
194 1,527
855 404 31,594 29,552
427 ,503 1,459
36622,591 20,196
170 484 3,147 1,969
501 712 7,654 6,512 1,289 22,132 17,368
603 673 7,667 6,893 1,370 22,454 17,352
881 904 7,841 6,741 1,706 26,422 20,436
518 851 8,405 6,930 1,492 26,555 20,645
295
1,034
373
1,185
1,009
874
,293
6,982
2,358
441
1,285
1,009
2,370
751
5,653
1,901
3,742
3,297
4,410
4,497
4,248
15,878
15,560
11,995
11,760
14,142
12,482
,173
5
3
4
2
530
6,628 4,377 110
707 363 29,407 26,999 630
1,979 229 26,125 22,857 480
7,256 631 28,080 22,037 2,362
7,944 713 28,629 21,"815 2,226
8,030 746 29,288 22,000 ,409
8,239 784 31,254 23,606 2,475
5,102
2,583
792
1,909
1,465
2,306
481
4,544
2,108
4,458
3,857
3,852
4,495
2,926
16,713
17,681
14,420
13,819
15,272
14,327
861
9
6
4
4
3
3
15,347 7,105
40,108 8,514
36 04013,449
53',91531,783
55
2,805
2,851
59,
60, 558 34,003
3,456
3,661
7,088
15,170
15,702
14,789
15,808
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
12,518 5,890
35,002 5,596
36,32410 ,199
54,571 26,491
56,820 28,191
58,225 28,937
61,511 30,257
1,676 659
1,484 648
3,096 818
7,080 1,972
7, " " ,970
7,739 2 ,154
8,, 080 2 ,368
20
42
23
334
365
351
294
183
471
227
261
252
282
268
1,823
1,881
3,827
9,407
9,856
10.172
10,806
Nonmember com-3
mercial banks:
1947_Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
18,454 5,432
26,38112,279
27,74112,961
28,34313,438
30,327,14,165
1,205
2,424
2,657
2,761
2,981
20
143
153
125
102
156
218
211
219
230
2,266
4,708
4,891
4,994
52
233
87
97
97
100
97
95
1,061
3,085
3,442
3,547
5,256 3,671
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
40
26
178
180
318
220
111
196
217
225
235
13.021
14,102
14,780
14,905
16,161
3,651 3,333
3,873 3,258
5,129
129 3,621
3,652 1,679
729
10,337
606
1
9,771
638
4,160
1,406
3,924
1,435
4,996
1,748
4,135
1,869
,467
235
42
126
145
361
48
211
73
203
200
178
266
1,806
4,598
3,287
2,701
2,594
3,348
3,193
1,623
3,325
558
976
1,093
1,729
1,602
256
133
132
112
65
268
232
Reserve citv banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 23..
Dec. 3 1 . .
298
330
1,049
1,053
1,566
1,424
5,276 3,729
12,901 3,368
13,915 4,014
716 4,424
15,716
16,505 4,070
1,430
4,213
2,890
2,113
2,032
2,694
2,562
732
760
1,418
2,781
2,903
2,618
2,628
614
1,683
1,594
1,778
1,921
78,226
74,821
76,169
84,334
86,951
3,692
25,500 19,539 971
3,494
3,455 1,900 1,104 84,408 78,338 2,275
7,130 4,662 952 65,218 57,914 ,987
17,811115,765 3,147 60,734 47, 575 4,383
18,231 16,775 3,316)61.403 47,079 3,948
18,712 16,544 4,336169,443
-,--. A 53,165
.
3,574
20,013l7,028~3 920 ™
°" 54,299 4 644
70,804
954
1,333
1,801
3,772
3,852
3,594
3,637
300
205
225
489
494
611
669
5,723 1,063
18,85013,343
20,217|3,533
20,091 4,562
20,698 4,156
11,318 206 1,973 1,219 7,916
10,989 1.541
528 2,330 6,588
11,172 1,457 1,279 2,049 6,385
11,040 927
978 1,868 7,266
12,088 1,651 1,255 2,280 6,901
182
181
213
440
408
495
491
3,258
-,897
3
4 ,278
3,932
830
629
604
358
411
602
446
193
204
185
148
154
159
140
956 820
1,126 916
1,342 ,053
3,820 944
4,027 1,075
2! 4,767 1,218
3 4,864 1,047
1,222
342
1,"
"
2,006
4,827
5,365
5,775
6,181
1,028
1,067
,262
1,215
1,449
',513
,467
1,078
2,409
2.682
2,932
3,102
625
704
926
933
971
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.
611
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 Cash ances mand
with
dewith
Federal in
posits
dovault mestic
Readserve
banks 5 justed 6
Banks
Interbank
deposits
ForDomestic 5 eign
IndiCertiIndi- Bor- CapiU.S. States viduals,
States
fied viduals,
tal
Govt. and partnerrow- acand
partnerand
and polit- ships, ings
U.S. political offiships, Intercounts
Postal
bank
ical
Govt. subdi- cers' and corsav- subdi- and corvisions checks, poraings visions porations
etc.
tions
All commercial
banks: 3
1947_Dec. 3 1 . . . .
1956-Dec. 3 1 . . . .
1957—Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 3 1 . . . .
17,796
18,706
18,972
18,568
18,427
2,216
3,261
3,335
3,017
3,249
10,216
12,813
12,342
10,904
12,609
87,123
111,405
110,266
106,178
115,518
11,362
14,338
13,867
12,141
14,142
1,430
1,794
1,769
1,648
1,657
1,343
3,733
3,898
9,205
4,250
6,799
10,449
10,693
10,892
10,928
2,581
3,785
3,620
3,741
4,043
84,987
111,048
109,653
102,453
115,132
Ail insured commercial banks:
1941—Dec.
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—Dec. 31
1958—June 2 3 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,706
18,972
18,568
18,427
1,358
1,829
2,145
3,237
3,311
2,997
3,227
8,570
11,075
9,736
12,490
12,079
10,682
12,353
37,845
74,722
85,751
110,487
109,439
105,419
114,645
9,823
12,566
11,236
14,226
13,752
12,022
14,025
673
1,248
1,379
1,755
1,736
1,610
1,629
1,762
23,740
1,325
3,717
3,859
9,162
4,241
3,677
5,098
6,692
10,350
10,594
10,800
10,841
1,077
2,585
2,559
3,744
3,597
3,715
4,001
36,544
72,593
83,723
110,252
108,936
101,793
114,372
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—Dec. 3 1 . . . .
1958—June 21
Dec. 3 1 . . . .
12,396
15,811
17,797
18.707
18,973
18,570
18,428
1,087
1,438
1,672
2,487
2,536
2,277
2,441
6,246
7,117
6,270
8,124
7,806
6,913
7,977
33,754
64,184
73,528
93,320
92,191
89,186
96,218
9,714
12,333
10,978
13,818
13,356
11,676
13,614
1,243
1,375
1,749
1,726
1,597
1,613
1,709
22,179
1,176
3,292
3,472
8,658
3,822
3,066
4,240
5,504
8,211
8,412
8,628
8,603
1,009
2,450
2,401
3,475
3,331
3,482
3,712
33,061
62,950
72,704
95.163
93;804
87,703
98,133
New York City:4
1941 Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 3 1 . . . .
5 105
4,015
4,639
4,375
4,564
4,418
4,454
93
111
151
161
158
145
161
141
78
70
99
110
76
92
10,761
15,065
16,653
15,974
15,849
15,305
16,170
3 595
3,535
3,236
3,622
3,480
3,084
3,519
607
866
319
237
290
286
299
337
329
1,338
1,105
1,172
1,284
1,645
1,540
Chicago : 4
1941 Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
31
31....
31
31....
31....
23
31....
1,021
1,070
1,158
1,071
1,183
1,058
43
36
30
37
39
31
36
298
200
175
174
148
128
185
2,215
3,153
3,737
4,272
4,084
4,089
4,271
1,027
1,292
1,196
1,318
1,293
1,211
1,314
184
195
705
249
233
237
285
294
333
456
302
34
66
63
85
77
75
88
2,152
3,160
3,853
4,690
4,493
4,095
4,746
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
banks.
31....
31....
31....
31
31
23....
31....
4,060
6,326
7,095
7,649
7,763
7,576
7,472
425
494
562
787
790
707
768
2,590
2,174
2,125
2,656
2,585
2,277
2,670
11,117
22,372
25,714
34,046
33,583
33,145
35,505
4,302
6,307
5,497
7,298
6,962
6,115
7,217
54
491
110 8,221
131
405
286 1,201
279 1,358
282 3,150
289 1,429
1,144
1,763
2,282
3,092
3,111
3,065
3,153
286
611
705
Country banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—Dec. 3 1 . . . .
1958—June 2 3 . . . .
Dec. 3 1 . . . .
2,210
4,527
4,993
5,526
5,576
5,392
5,444
526
796
929
1,502
1,549
1,395
1,476
3,216
4.665
3,900
5,194
4.964
4;432
5,030
9,661
23,595
27,424
39,028
38,676
36,648
40,272
1,199
1,049
1,580
1,621
1,267
1,565
544
774
799
740
808
3,947
4 690
4'536
3 993
4,633
13,595
18 085
18,075
16,992
19,300
385
521
511
465
528
Nonmember commercial banks:3
I947 Dec 31
1956 Dec 31
1957 Dec 31
1958 June 23
Dec. 31. ,
942
790
671
1,105 6,940
267
1,217
747
1,400
737
1,389
1,261 2,946
968
1,267
8
20
21
46
40
38
43
2
8
7
16
18
15
13
127
1 552
' 72
225
55
45
43
50
43
2
Beginning June 30, 1948, figures for various loan items are shown
gross (i.e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans
continue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
1,160
1,181
1,857
1,175
1,370
2,004
2,647
4,538
4,669
4,769
4,819
167
440
427
548
428
1,295
2 238
2,282
2,265
2,325
5,465
432
4
5
450
240
1,460
1,385
2,495
2,372
158
70
54
1,301
1,264
2,288
2,209
140
64
50
1,289
1,246
2.266
2,187
6
11 282
15,712
17
12
17,646
965
18,482
912
18,377
16,916 1,774
18,835 1,739
111
866 34,383
65 10,059
330 2,384 48,193
75 16,302
301 2,773 53,366
77 17,368
286 4,100 57,372 1,136 18,178
327 3,576 59,590
73 18,486
59
492 15,146
10 6,844
103
496 29,211 215 8,671
111
826 33,946
61 9,734
330 2,329 47,949
56 15,988
301 2,717 53,120
66 17,052
286 4,032 57,110 1,125 17,857
327 3,512 59,329
67 18,154
50
418 11,878
4 5,886
99
399 23,712 208 7,589
105
693 27,542
54 8,464
301 1,839 38,769
48 13,655
275 2,170 42,845
57 14,554
259 3,296 46,339 1,078 15,181
300 2,829 48,004
54 15,460
10
12
36
24
28
36
29
20
14
44
56
249
100
7
15
39
34
2
5
3
4
7
9
12
10
10
7
11,127
22,281
26,003
36,519
35,906
34,119
38,054
104
30
22
294
301
416
377
20
38
45
114
113
92
124
243
160
332
935
4,542
9,563
11,045
15,748
1,175 17,335
1,705 18,910
1,471 19,480
30
17
17
22
18
38
36
31
52
45
146
135
135
132
146
6,082
219 12,224
337 14,177
847 19,324
928 21,366
1,032
8,500
21,797
25,203
35,473
35,029
32,573
36,498
180
310
289
260
331
12,284
15 885
15,849
14,749
16,999
190
171
138
229
185
6
29
27
28
27
1,036
943
818
1,052
239
435
528
1,183
1,027
943
778
1,206
1,418
2,395
2,813
3.229
3,345
476
719
902
1,302
1,332
1,389
1,423
1,331 22,811
1,250 23,755
172
546
603
805
747
195
30
2
2
483
6,858
9,449
10546
11 059
11,613
4
4
80
3
1 648
2', 120
2,259
2,873
3,136
3,214
3,282
288
377
426
660
689
708
733
1,967
2 2,566
2,844
21T 5,076
21 5,370
350 5,617
14 5,760
4
11
23
21
30
164
37
1,982
2,525
2,934
5,046
5,359
5,641
5,685
12
27
21
58
20
1,596
2' 649
2*818
3 000
3^027
Central reserve city banks.
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.
612
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 *
Mon
th or date
For purchasing
or carrying securities
Total Loans
and
Comloans investand
Loans mercial Agriinvest- ments
culadadand
ments justed 1 justed 1 indus- tural
trial
To brokers
and dealers
To others
U.S. Other
U.S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
Real
estate Other Total
loans lo ctUS
CerOther I -oans
tifito
secucates
Bills of in- Notes Bonds 2' rities b anks
debt1
edness
TotalLeading Cities
1958
May.
8, 920
,485
9 , 590
537 9 , 385
,650
,688
93 400
9 1 , 915
52, 256
329,436
473
2,225
1,300
8, 788 311 .192 30, 739
,891
1, 258
7 , 190
2 0 , 400
96 809
96 469
9 5 , 159
9 4 , 781
5 5 , 583 30, 587
56, 332 30, 961
596
612
2,203
2,160
,379
,377
9 , 893 12 162 29, 986
10, 041 12, 421 29, 064
,322
,384
2 , 626
2 , 374
7 174
6. 769
17..
97 445 95, 522 55, 483 30, 589
96 647 95, 168 55, 181 30, 420
97 117 95, 526 55, 724 30, 670
583
589
605
598
606
2,275
2,090
2,255
2,200
2,198
,388
1,369
,377
1,387
,375
763
975
061
045
606
612
613
619
2,205
2,234
2,163
2,038
,369
,376
,382
1.384
15, 063 10, 953
1
386
969
46
363
529
25 944 25 149 15, 429 10, 723
25 610 24 670 15, 552 10, 754
1
307 1,236
262 1,305
38
39
394
401
671 2 432 7 114 ,016
705 2 460 6, 706 ,055
15 454 10 780
15, 319 10 690
1
1
443
271
39
39
383
394
39
37
397
400
649
672
37
397
1,335
296 1,322
295 1,281
203 1,283
38
398
38
40
41
400
402
403
1959
Apr
May
17,
864|
1959
Apr.
1
8
15
22
29
May
New
6
13
20
27
96 366
96 474
9 4 , 917
9 4 , 666
5 5 , 715 30, 631
5 5 , 814 30, 624
95
97
96
96
789
042
675
373
94,
95,
94,
94,
55,
56,
56,
56,
387
24 488
283
384
856
604
989
378
501
460
30,
30,
31,
31,
9, 834 12, 051 30, 543 2 ,552 2, 690 7, 306 17, 995 9, 496 ,923
9, 863 12, 087 30, 380 ,521 2, 693 7, 209 17, 957 9, 607 1,479
9 902 12 153 30 091 ,378 2, 655
166 17, 892 9, 711 ,591
9, 920 12 218 2 9 , 640 ,128 2 , 574 7 ' 132 17, 806 9 , 562 1,449
9 , 947 12, 301 29, 276 ,032 2 , 516 7, 057 17, 671 9 , 576 1,808
9, 975
10, 038
10, 066
10 085
12,
12
12
12
309
385
456
532
892
675
972
718
,863
,910
,467
,296
7, 281
767
28,
29.
28;
28,
2
l\
2,
2,
472 6, 927 17, 630
431 6, 791 17, 543
305
708 17, 492
287 6*. 653 17, 482
9, 402
9, 331
9, 383
9, 426
1,506
1,658
1,819
1,769
222
2 144
899
547 1, 934
419
783
3 617 2, 606
3 449 2 412
:
795
940
594
575
939
1' 909
572 l1' 930
509
944
3 649
3 667
3
3
York City
1958
May.
2 172
1, 662
4 , 630
1959
Apr..
1959
Apr.
1
8
15
22
29
May
6
13
20
27
1,055
25 803
24 904
15, 462 10 702
1
1,105
1,185
307 1,279
256 1,289
257 1,323
25 272
24 610
15, 521 10 737
1
253
25 ,826 24 977 15, 615 10 763
25 ,724 24 623 15, 578 10 760
25 ,617 24 470 15, 494 10 755
1
1
1
68 013
67 427
318.483
472
870
891
8 259 39 020 23 458 1 ,124
776
586
70 865 70 010 40, 154 19 864
70 859 70 111 40 780 20 207
595
611
660
593
947
937
9 222 9 730 22 872 1 ,306 2 079 5 240 14 247 6 984
9 336 9 ,961 22 358 1 ,329 1 955 4 986 14 088 6 973
855
748
993
001
000
953
976
868
786
954
757
909
14 ,162 6 982
14 ,098 6 ,957
14 ,053 6 974
14 ,037 \6 ,983
844
809
718
622
26 272
25 891
25 217
25 198
26 028 25 391 15, 483 10 731
25 729 25 037 15, 428 10 712
1
1
,078
2 427
2 440
2 425
7 260
7 273
680
2 438
6 842
896
483
1 949
692
2 441
6 669
823
488
j 890
677
677
122
7 197 ,058
429 7 000 925
711 2 459 6 988 ,303
708 2 466 6 636 ,066
711 2 475 6 533 1 ,029
444 1 796
380 1 751
362 1 697
2 , 503
2 606
637 2, 711
622 2, 609
514 2, 600
693
637
692
899
662
2 420
849
3 445 2, 374
3 439 2, 409 1,101
443 1,147
3 445
3 468
Outside
New York City
1958
May
37, 193
1 036
5 528
15 770
6
1959
Apr.
M^ay
1959
Apr.
1
8
15
22
29
71 ,173
70 ,756
71 ,089
70 ,637
70 ,671
19 809
19 ,730
19 ,939
19 ,919
19 ,922
582
588
604
597
605
727
634
669
655
618
966
936
941
950
941
9 ,185
9 ,191
9 ,225
9 ,243
9 ,267
May
6
13
20 .
27
70 ,517 69 ,673 40 468 20 ,026
71 ,216 70 407 40 762 20 ,212
301
70 951 70
40
70 ,756 70 ,134 40 966 20 ,290
605
611
612
617
616
587
552
933
938
940
9 ,283 9 ,868 22 ,223 1 ,040 1 ,984 5 037
9 ,327 9
22 ,687 1 ,607 ,987 4 ,995
9 ,358 9 ,990 22 ,336 1 ,401 1 925 4 957
9 ,374 10 ,057 22 ,185 1 ,267 1 ,925 4 ,956
70 ,305
69 ,970
70 ,135
69 ,880
69 ,762
40
39
40
40
40
029
862
241
287
352
618
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual
loan items are shown gross.
2
Includes guaranteed obligations.
940
9 ,624
9 ,647
9 ,728
9 ,789
9 ,863
23 283
23 ,107
22 ,894
22 ,640
22 ,434
1 ,474
,399
1 ,320
1 ,203
1 ,136
2 096
367 14 346
2 118
300 14 290
2 083 5 236 14 ,255
2 ,065 5 188 14 ,184
2 ,033 5 108 14 ,157
I
6
7
7
6
6
3 Figures revised; see BULLETIN for February 1959, p. 214, note 2.
See also NOTE on opposite page.
613
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
Reserves Cash
in
with
F. R. vault
Banks
Time deposits,
except interbank
Interbank
deposits
IndiIndiDeBalDemand
vidances mand vid- States Certiuals, States U.S.
uals,
dewith
and
and
fied
partposits part- politGovt.
doand
ner- politnerU.S.
and
mestic adical
ical
offi1
ships,
banks justed ships, subGovt.
Postal Dosubcers'
Forand
and
savmesdivi- checks,
divieign
corcorings
tic
sions
etc.
pora- sions
porations
tions
Borrowings
Time
Capital
acFrom
counts
From
F.R.
others
Banks
Total—
Leading Cities
1958
May
12,907
979
13,009
12,727
2,660 54,932 56,854 4,603
1,893
3,645 23,576 1,778
142 10,987 1,527 2,234
978 2,598 57,212 60,505 4,401 2,455
998 2,407 56,336 59,696 4,382 2,040
3,215 24,825
3,574 24,920
,503
,555
177 10,774
176 10,345
,467 2,102
,458 2,036
561
429
1,193 10,300
1,277 10,345
2,663
2,300
2,517
2,442
2,356
56
807
9,890
1959
Apr
May
1959
Apr.
1
8
15
22
29
12,568
938
13,133
951
13,306
976
13,157
998
12,879 1,029
3,061
2,353
-..
2,759
759
2,381
381
2 , 434
• " •
55,889 59,,211
56,717!
.
59,452
57,793 62,489
57,858 61,069
57,804 60,292
4,429
4,048
4,419
4,403
4,714
4,926 24,840
3,377 24,855
2,604 24 ,783
2,365 24,789
2,801 24,856
,519
,490
,477
,500
,529
178
176
177
176
178
11,176
10,803
11,500
10,271
10,118
,556
,517
,482
,408
,373
2,061
2,091
2,112
2,148
2,100
236
634
752
841
344
1,342
1,078
1,105
1,115
1,326
10,290
10,303
10,299
10,288
10,322
May
6
13
20
13,008
922 2,327
._.
12,906 1,032
436
12,406
993 2,506
12,588 1,046 2,360
56,231
.
58,905
56,184 60,650
56,222 59,562
56,710 59,666
4,560 2,160 2,932 24 ,879
4,222 2,014 4,320 24,882
4,297 2,005 3,826 24,929
4,447 1,984 3,216 24 ,988
,544
,558
,557
,561
177
175
175
177
10,584
10,618
10,296
9,883
,395
,418
,510
,507
2,098
2,064
2,013
1,971
679
472
212
354
1,082
1,284
U296
1,444
10,353
10,323
10,346
10,359
322
3,184
27
New York City
1958
3,975
144
49 15,162 16,553
4,019
3,824
142
146
140 15,805 17,541
15,308 16,997
57
366 1,298
356 1,005
1
8
15
22
29
3,707
4,184
4,186
4,059
3,959
138
142
143
139
148
492 15,896 17,784
46 15,700 17,177
15,675 17,753
15,835 17,516
15,919 17,477
307
274
405
371
475
6
4,027
3,886
3,581
3,803
140
149
136
158
8,932
835
8,990
8,903
836 2,458 41,407 42,964 4,035
852 2,350 41,028 42,699 4,026
May
967
1,271
3,108
197
24 3,047
1,030 3,352
1,181 3,338
144
143
2,967
2,893
,145
,156
,714
,637
3,383
3,366
3,326
3,323
3,361
150
149
143
142
135
2,929
2,879
3,287
2,826
2,915
,190|
,199
,174
,087
,073
,715
,701
,709
,746
,701
5
18
169
190
275
679
672
607
528
3,260
3,262
3,263
3,263
3,259
956 3,343
443 1,094
986 1,512 3,329
313
961 1,236 3,328
344
979 1,020 3,350
325
129
145
146
153
2,947
2,904
2,917
2,804
,103
,121
,209
,193
,696
,661
,618
,575
111
508
566
270
534
3,277
3,277
3,274
3,270
2,374 20,468
1,581
7,940
299
501
56
485
6,706
1,157 2,185 21,473
1,035 2,393 21,582
,359
,412
150 7,807
149 7,452
322
302
388
399
485
400
808
7,039
7,070
325
,228 1,733
1959
Apr
May
552 3,261
469 3,275
1959
Apr.
May
2(h Y.Y.....Y.
27
15,215
15,202
15,294
15,521
16,752
17,093
16,902
17,239
1,486
1,227
1,286
1,216
1,273
1,611
1,115
799
747
876
Outside
New York City
1958
May
2,611 39,770 40,301 4,278
926
118
1959
Apr
May
1959
Apr.
1
8
15
22
29
8,861
8,949
9,120
9,098
8,920
800
809
833
859
881
May
6
8,981
9,020
8,825
8,785
782 2,279 41,016 42,
883 2,389 40,982 43
857 2,448 40,928 42,
2,283 41,189 42;
20.Y....Y.Y.'.
27
2,569
2,307
2,701
2,331
2,379
39,993 41,427
41,017 42,275
42,118 44,736
42,023 43,553
41,885 42,815
4,122
3,774
4,014
4,032
4,239
1,177
1,073
1,231
1,226
1,083
3,315
2,262
1,805
1,618
1,925
21,457
21,489
21,457
21,466
21,495
,369
,341
,334
,358
,394
151
149
150
149
151
8,247
7,924
8,213
7,445
7,203
366
318
308
321
300
346
390
403
402
399
231 1,067 7,030
616
399 7,041
583
433 7,036
651
508 7,025
798 7,063
344
4,117
3,909
3,953
4,122
1,066
1,028
1,044
1,005
1,976
2,808
2,590
2,196
21,536
21,553
21
~\601
21 ,638
,415
,413
,411
,408
150 7,637
148
,714
148 7,379
150 7,079
292
297
301
314
402
403
395
396
568
574 7,076
464
718 7,046
212 1.026 7,072
354
'910 7,089
1 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
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.
614
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, (—). In millions of dollars]
Manufacturing and mining
Period 2
Food, Textiles,
liquor, apparel,
and
and
tobacco leather
Metals Petroand
leum,
metal
coal,
prod- chemical,
ucts 3
and
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
171
178
-386
739
-322
98
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
-1
-8
-539
420
366
-108
513
183
-12
-49
-54
58
1,404
161
1,249
-296
69
362
24
20
74
Construction
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—Jan.-June5
July-Dec. 5
-658
522
-46
-128
-6
84
-232
57
12
34
146
-454
-140
-14
157
-121
6-158
6162
-283
410
-853
294
-111
234
56
50
249
43
133
-10
-29
-9
88
16
45
152
125
43
-13
-51
-80
235
139
-30
27
-208
82
18
17
29
-28
-16
42
-45
18
27
14
-2
-37
114
128
45
-20
3
14
-7
8
32
34
14
33
42
47
31
12
-21
8
-12
58
87
169
-79
6
-5
37
-10
1
7
14
-4
-6
-11
-20
«
-9
-6
-14
-36
-24
115
-57
53
41
-13
-131
-28
25
-17
-57
28
-11
-26
-21
11
15
20
35
1959—Mar
Apr
May
Week ending:
1959—Mar. 4
11
18
25
Apr.
I
8
15
22
29
-22
-59
-19
-15
-13
3
-1
8
2
60
-34
14
-18
21
-6
9
15
-32
-13
7
5
8
-2
-1
-1
20
80
May
6
13
20
27
2
14
3
-25
27
14
5
-12
-10
69
42
31
9
11
-8
-22
12
35
11
-14
24
9
21
-12
1 Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial
and industrial loans of all weekly reporting member banks and about
75 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
Comm'l
and
All
Net c hind'l
other changes
angetypes
all
classi- weekly
of
fied
business
reporting
banks 4
Public
utilities
(incl.
transportation)
26
6-1,758 6-1,938
61,214 61,017
781
-43
315
916
30
421
14
20
-11
64
289
497
-68
46
373
535
-38
1
-3
4
10
4
4
-15
29
-18
20
25
-175
196
-54
-35
-5
-169
250
-39
-7
-12
29
17
13
29
16
102
186
61
-34
139
212
86
-16
12
3
4
Includes machinery and transportation equipment.
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5
January-June includes 25 weeks; July-December, 27 weeks.
6 Figures revised; see BULLETIN for February 1959, p. 216, note 4.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and inance
company paper
End of year
or month
Total
1953
1954
1955
1956
1957
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1959_jan
Feb
Mar
Apr
.. .
Placed
through
dealers i
1,966
1,924
2,020
2,166
2,666
564
733
3,658
3,709
3,373
3,627
3,371
3,146
3,294
33,203
2,744
3,076
3,322
3,267
3,334
Placed
direct-
Held by:
Accepting banks
Tr»tal
ly
(finance
paper) 2
To- Own Bills
tal bills bought
574
873
172
289
642
967
175
227
551
1,402
1,191
1,510
1,660
2,115
1,307
287
919
946
965
966
981
958
961
940
840
2,739
2,763
2,408
2,661
2,390
2,188
2,333
32,263
1,904
1,479
1.441
,352
,353
,363
,281
,255
,209
,194
459
474
396
426
416
385
347
290
302
875
897
883
2,201
2,425
2 384
2,512
,133
.161
1,054
1,029
276
309
271
269
510
506
822
117
203
Own
acct.
55
86
Goods stored in or
Exshipped between
ports
Dollar
points in:
ports
from
Others into
exForUnited United change
eign
States States
United Foreign
corr.
States countries
Im-
24
19
378
565
274
285
154
182
29
17
75
300
43
89
33
50
405
621
210
329
17
2
66
252
261
100
148
76
878
278
456
63
227
46
296
232
37
42
45
34
33
28
36
34
49
131
119
113
108
91
75
71
75
68
852
806
798
785
824
792
802
810
775
278
296
282
269
256
236
246
251
254
416
396
375
380
385
355
354
348
349
131
130
121
141
131
136
117
94
83
416
371
325
313
337
319
296
265
244
239
247
248
251
254
235
242
251
263
51
77
44
40
39
30
756
751
692
251
275
278
346
339
329
118
112
111
168
183
82
250
252
253
60
30
60
62
60
56
673
292
348
78
48
263
28
69
194
94
350
372
292
328
340
319
273
234
238
109
102
104
98
75
65
73
55
64
226
232
227
208
1 As reported by dealers; includes finance company paper as well as
other
commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with
investors.
F. R.
Banks
49
72
126
155
Based on:
3 Beginning with November 1958, series revised to include 270-day
paper. Figures on old basis for November and December, respectively,
were (in millions of dollars): Total, 3,192 and 2,371; placed directly, 2,252
and 1,891
615
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Prime
commercial
paper,
4- to 6months 1
Finance
Prime
combankpany
ers'
paper
acceptplaced
ances,
direct90 1
ly,
3- to 6-1 days
months
U. S. Government
securities (taxable) 2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
9,-to 12- 3- to 5month3 year 4
Mar- Rate issues
issues
ket on new
yield issues
1956 average
1957 average
1958 average
3.31
3.81
2.46
3.06
3.55
2.12
2.64
3.45
2.04
2.62
3.23
1.78
2.658
3.267
1.839
2.83
3.53
2.09
3.12
3.62
2.90
1958—May
June
July
Aug
Sept
Oct........
Nov
Dec.
1.71
1.54
1.50
1.96
2.93
3.23
3.08
3.33
1.38
1.38
1.31
1.52
2.47
2.87
2.75
2.94
1.30
1.13
1.13
1.65
2.39
2.75
2.75
2.75
.91
.83
.91
1.69
2.44
2.63
2.67
2.77
1.046
.881
.962
1.686
2.484
2.793
2.756
2.814
1.21
.98
1.34
2.14
2.84
2.83
2.92
3.24
2.25
2.25
2.54
3.11
3.57
3.63
3.60
3.65
1959_jan
Feb.......
Mar
Apr
May......
3.30
3.26
3.35
3.42
3.56
3.05
3.00
3.22
3.36
3.44
2.75
2.75
2.88
2.98
3.17
2.82
2.70
2.80
2.95
2.84
2.837
2.712
2.852
2.960
2.851
3.26
3.38
3.56
3.66
3.92
3.86
3.85
3.88
4.03
4.16
Week ending:
May 2 . . .
9. . .
16.. .
23...
30. . .
3.50
3.50
3.50
3.63
3.63
3.44
3.44
3.44
3.44
3.44
3.13
3.13
3.13
3.20
3.25
2.81
2.83
2.76
2.85
2.92
2.831
2.935
2.722
2.869
2.878
3.80
3.86
3.93
3.97
3.93
4.08
4.10
4.18
4.17
4.18
Annual averages,
19 large cities:
1956
1957
1958
Quarterly: *
19 large cities:
1958—June
Sept
Dec
1959—Mar
New York City:
1958—June
Sept
Dec
1959—Mar
7 Northern & Eastern
cities:
1958—June
Sept
Dec
1959—Mar
11 Southern & Western
cities:
1958—June
Sept
Dec
1959—Mar
1
Average of daily prevailing rates.
2 Except for new bill issues,
yields are averages computed from daily closing bid prices.
3
Consists
of
certificates
of
indebtedness
and
selected
note and bond issues.
4
Consists of selected note and bond issues.
110
10100
100200
200
and
over
4.2
4.6
4.3
5.2
5.5
5.5
4.8
5.1
5.0
4.4
4.8
4.6
4.0
4.5
4.1
4.17
4.21
4.50
4.51
5.45
5.45
5.49
5.53
4.88
4.90
5.06
5.09
4.40
4.47
4.68
4.74
3.95
4.00
4.33
4.32
3.88
4.00
4.29
4.29
5.18
5.19
5.38
5.30
4.72
4.74
4.94
4.93
4.13
4.28
4.52
4.56
3.74
3.87
4.18
4.18
4.17
4.21
4.50
4.49
5.48
5.48
5.53
5.54
4.85
4.90
5.05
5.06
4.39
4.42
4.66
4.71
3.99
4.03
4.36
4.35
4.58
4.54
4.79
4.84
5.56
5.55
5.53
5.62
4.99
4.99
5.12
5.20
4.57
4.63
4.79
4.87
4.31
4.23
4.59
4.60
March
1949,
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-37.
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 3
Year, month, or week
State and local
govt. bonds 3
U.S.
Govt.
bonds
(longterm) 2
By selected
ratings
Total
Total
4
Aaa
Aaa
Baa
Dividend /
price ratio
By
groups
4
Baa
Stocks 5
Industrial
Railroad
Public
utility
Preferred
Common
Earnings /
price ratio
Common
Number of issues...
4-7
20
120
30
30
40
40
40
14
500
500
1956 average
1857 average
1958 average..
3.08
3.47
3.43
2.94
3.56
3.36
2.51
3.10
2.92
3.50
4.20
3.95
3.57
4.21
4.16
3.36
3.89
3.79
3.88
4.71
4.73
3.50
4.12
3.98
3.65
4.32
4.39
3.54
4.18
4.10
4.25
4.63
4.45
4.09
4.35
3.97
7.17
8.21
5.14
1958—May...
June
July
Aug
Sept.
Oct
Nov
Dec...
3.14
3.19
3.36
3.60
3.75
3.76
3.70
3.80
3.12
3.15
3.23
3.50
3.74
3.69
3.59
3.57
2.69
2.74
2.79
3.07
3.28
3.23
3.17
3.12
3.71
3.78
3.83
4.07
4.32
4.25
4.11
4.10
4.00
3.98
4.02
4.17
4.39
4.42
4.40
4.38
3.57
3.57
3.67
3.85
4.09
4.11
4.09
4.08
4.62
4.55
4.53
4.67
4.87
4.92
4.87
4.85
3.80
3.77
3.81
3.94
4.24
4.25
4.23
4.24
4.30
4.28
4.30
4.42
4.52
4.56
4.56
4.52
3.89
3.88
3.94
4.16
4.41
4.46
4.40
4.39
4.31
4.28
4.36
4.45
4.58
4.64
4.65
4.63
4.19
4.08
3.98
3.78
3.69
3.54
3.42
3.33
1959—Jan
Feb
Mar
Apr
May
3.90
3.92
3.92
4.01
4.08
3.60
3.57
3.44
3.53
3.70
3.19
3.16
3.06
3.12
3.29
4.11
4.08
3.93
4.02
4.20
4.41
4.43
4.40
4.47
4.60
4.12
4.14
4.13
4.23
4.37
4.28
4.31
4.28
4.35
4.46
4.53
4.51
4.51
4.56
4.67
4.43
4.46
4.43
4.49
4.67
4.54
4.52
4.48
4.51
4.68
3.24
3.32
3.25
3.26
3.21
Week ending:
May 2
9
16
23
30
4.05
4.05
4.09
4.11
4.08
3.61
3.65
3.71
3.72
3.73
3.18
3.23
3.30
3.31
3.31
4.09
4.12
4.19
4.20
4.20
4.52
4.55
4.58
4.63
4.66
4.30
4.33
4.36
4.39
4.42
4.41
4.42
4.44
4.48
4.52
4.59
4.62
4.65
4.70
4.72
4.57
4.62
4.66
4.70
4.74
4.54
4.60
4.65
4.72
4.74
3.22
3.23
3.21
3.20
3.19
5
1 Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings /price ratios for common
stocks are as of end of period.
2 Series is based on bonds maturing or callable in 10 years or more.
3 Moody's Investors Service. State and local govt. bonds include general obligations only.
4.91
4.93
4.94
4.97
5.01
6.37
5.63
5.47
4
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
5
Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the dividend /price and the earnings /
price ratios are now computed for the 500 stocks in the price index, but
figures prior to mid-1957 are based on the 90 stocks formerly included in
the daily price index.
616
SECURITY MARKETS
SECURITY PRICES^
Bond prices
Common stock prices
Standard and Poor's series
(index, 1941-43= 10)
Year, month,
or week
CorU.S.
MupoGovt. nicipal rate
(long- (high- (highterm) 2 grade) 2 grade)3
Total
Number of issues.
Industrial
Railroad
Public
utility
425
25
50
Volume
of
trad-4
ing
(in
Trade,
Manufacturing
thoufisands
Trans- Public nance, Minporta- utilof
Total
and
ing shares)
Du- Non- tion
servTotal rable duity
ice
rable
Securities and Exchange Commission series
(index, 1939= 100)
15
17
265
170
98
72
21
29
31
14
1956 average.
1957 average.
1958 average.
98.91
93.24
94.02
116.3
105.8
106.4
109.1
101.3
102.9
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
46.24 49.36 27.05 37.22
345
331
341
439
422
426
410
391
385
465
451
458
327
275
270
156
156
173
306
277
314
358
342
314
2,216
2,222
2,965
1958—May..
June.,
July..
Aug..
Sept..
Oct...
Nov..
Dec...
97.94
97.17
94.78
91.51
89.51
89.36
90.13
88.90
111.1
110.8
108.0
103.7
100.6
100.9
102.3
102.3
105.6
105.5
104.2
102.0
98.9
98.6
98.9
98.7
43.70
44.75
45.98
47.70
48.96
50.95
52.50
53.49
46.51
47.62
48.96
51.00
52.40
54.55
56.11
57.09
24.74
25.54
26.86
28.43
29.51
31.23
33.07
33.70
36.57
37.31
37.82
37.50
37.97
39.15
40.75
42.05
323
331
339
352
360
376
388
393
401
412
424
442
453
474
487
490
353
362
376
399
413
437
448
451
438
450
459
473
481
499
514
516
249
259
269
283
292
311
327
330
169
171
173
174
178
183
190
199
301
305
312
325
337
346
362
375
300
319
331
341
341
344
341
339
2,580
2,696
3,159
2,970
3,427
4,134
4,131
3,615
1959—Jan..
Feb..,
Mar..
Apr..
May.
87.54
87.38
87.37
86.21
85.31
101.8
102.2
103.4
102.2
100.4
98.1
98.0
98.2
97.0
95.0
55.82
54.77
56.15
57.10
57.96
59.30
58.33
59.79
60.92
62.09
35.53
35.20
35.47
35.94
36.07
43.96
43.71
45.06
45.12
44.30
410
404
414
419
425
508
496
508
514
527
474
466
475
481
495
529
514
530
536
547
350
350
353
360
358
213
215
221
226
221
394
400
405
405
409
348
345
348
340
334
3,964
3,463
3,926
3,449
3,379
Week ending:
May 2
9
16
23
30
85.68
85.70
85.16
85.02
85.28
101.0
100.5
100.4
100.4
100.4
96.1
95.7
95.1
95.0
94.3
57.80
57.44
57.94
58.21
58.31
61.83
61.47
62.08
62.36
62.53
36.19
35.74
35.73
36.27
36.47
44.66
44.35
44.34
44.44
44.05
423
420
426
428
428
523
520
530
532
532
491
486
497
501
500
543
542
550
550
550
360
352
356
362
358
224
220
220
222
222
403
404
411
412
414
328
329
333
346
334
3,555
3,799
3,623
3,194
2,975
500
i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) rrfunicipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.
2 Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
3 Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
* Average daily volume of trading in stocks on the New York Stock
Exchange for a S^-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for purchasing and carrying securities 2
firms i
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Othersecurities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer's
net
free
credit
balances
1955—Dec.
1956—Dec.
1957—Dec.
4,030
3,984
3,576
34
33
68
2,791
2,823
2,482
32
41
60
,239
,161
,094
51
46
125
2,246
2,132
1,706
894
880
896
1958—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,980
4,069
4,218
4,252
4,199
4,308
4,369
4,423
4,492
134
141
248
149
140
122
123
124
146
2,735
2,856
2,921
3,021
3,013
3,109
3,188
3,245
3,285
70
75
84
113
48
51
59
50
63
,245
,213
,297
,231
,186
1,199
1,181
1,178
1,207
230
244
468
306
251
210
193
210
234
1,822
1,808
,930
,903
,751
,865
,832
,923
,071
985
979
1,047
1,080
1,103
1,119
1,140
1,148
1,159
1959—Jan..
Feb..
Mar.
Apr.
4,554
4,527
4,597
4,719
155
157
153
166
3,297
3,253
3,305
3,399
62
65
55
55
1,257
1,274
1,292
1,320
230
223
218
252
,990
,963
,977
2,156
1,226
1,196
1,257
1,205
I
i Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning with June 1955.
2
Figures are for last Wednesday of month for weekly reporting member
banks, which account for about 70 per cent of all loans for this purpose.
Column 5 includes some loans for purchasing or carrying U. S. Govt.
securities (such loans are reported separately only by New York and
Chicago banks). On June 30, 1956, reporting banks outside New York
and Chicago held $51 million of such loans. On the same date insured
commercial banks not reporting weekly held loans of $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
617
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Date
Total
assets
Total
End of year: 3
1941
1945
Business securities
Real
estate
Mortgages
and
United State
local Foreign 2
States
(U. S.)
Total
Bonds
Policy
loans
Other
assets
Stocks
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
68,278
73,375
78,533
84,486
90,432
96,011
101,309
13,760
12,905
12,537
12,262
11,829
11,067
10,690
11,009
10,252
9,829
9,070
8,576
7,555
7,029
1,170
1,153
1,298
1,846
2,038
2,273
2,376
1,581
1,500
1,410
1,346
1,215
1,239
1,285
28,111
31,515
34,438
37,300
39,545
41,543
44,057
25,890
29,069
31,865
34,032
35,912
38,040
40,666
2,221
2,446
2,573
3,268
3,633
3,503
3,391
19,314
21,251
23,322
25,976
29,445
32,989
35,236
1,631
1,903
2,020
2,298
2,581
2,817
3,119
2,590
2,713
2,914
3,127
3,290
3,519
3,869
2,872
3,088
3,302
3,523
3,743
4,076
4,338
95,844
101,309
10,989
10,691
7,519
7,028
2,234
2,377
1,236
1,286
40,976
43,750
38,067
40,737
2,909
3,013
32,994
35,271
2,829
3,120
3,505
3,872
4,551
4,605
1958—Mar
Apr
May.
June
July...
Aug
Sept.......
Oct
Nov
Dec
102,711
103,058
103,508
104,008
104,578
105,054
105,493
106,053
106,540
107,419
10,866
10,910
10,889
10,976
11,163
11,244
11,268
11,299
11,355
11,250
7,095
7,106
7,036
7,083
7,258
7,300
7,307
7,319
7,344
7,205
2,461
2,474
2,502
2,537
2,561
2,597
2,616
2,641
2,672
2,685
,310
,330
,351
,356
,344
,347
,345
,339
,339
,360
44,386
44,602
44,774
44,987
45,198
45,351
45,561
45,876
46,015
46,411
41,288
41,497
41,656
41,828
42,039
42,200
42,370
42,689
42,817
43,052
3,098
3,105
3,118
3,159
159
3,151
3,191
3,187
3,198
3,359
35,727
35,840
35,956
36,060
36,183
36,323
36,462
36,648
36,794
37,097
3,191
3,222
3,241
3,280
3,303
3,355
3,368
3,388
3,415
3,349
3,975
4,011
4,038
4,067
4,091
4,114
4,138
4,162
4,183
4,204
4,566
4,473
4,610
4,638
4,640
4,667
4,696
4,680
4,778
5,108
1959—Jan
Feb...
Mar
108,145
108,583
108,945
11,620
11,596
11,479
7,485
7,414
7,229
2,744
2,774
2,840
,391
,408
,410
46,602
46,829
47,093
43,237
43,442
43,672
3,365
3,387
3,421
37,211
37,350
37,486
3,393
3,414
3,450
4,225
4,253
4,284
5,094
5,141
5,153
1951
1952
1953
1954
1955
1956
1957
End of month: 4
1956—Dec
1957_Dec
1
2
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3 These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.
4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year or month
Total 2
1941
1945
1951
1952
1953
1954
1955
1956
1957
1958
1958—Mar
Apr
May
June.
July
Aug.
Sept
Oct
Nov
Dec
1959—Jan
Feb
Mar
.
.
Mortgages 3
U.S.
Govt.
obligations
Borrowings
Cash
Other 4
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
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
19,222
22,660
26,733
31,736
37,719
42,875
48,138
55,114
15,564
18,396
21,962
26,194
31,461
35,729
40,007
45,599
1,603
1,787
1,920
2,021
2,342
2,782
3,173
3,821
1,066
1,289
1,479
1,980
2,067
2,119
2,146
2,569
899
1,108
1,297
1,471
1,791
2,199
2,770
3,125
16,107
19,195
22,846
27,334
32,192
37,148
41,912
47,926
801
860
947
864
1,412
1,225
1,263
1,297
93
84
80
96
146
122
116
154
1,453
1,658
1,901
2,191
2,557
2,950
3,363
3,857
49,231
49,885
50,564
51,367
51,563
52,170
52,855
53,590
54,251
55,114
40,825
41,223
41,751
42,333
42,866
43,423
43,997
44,602
45,067
45,599
3,197
3,235
3,248
3,329
3,369
3,480
3,627
3,734
3,784
3,821
2,409
2,525
2,563
2,740
2,443
2,373
2,295
2,187
2,231
2,569
2,800
2,902
3,002
2,965
2,885
2,894
2,936
3,067
3,169
3,125
43,219
43,575
44,083
45,020
45,082
45,435
45,875
46,376
46,853
47,926
694
813
801
928
899
936
,007
,082
,121
,297
92
86
66
108
98
116
130
113
115
154
55,467
56,045
56,810
46,009
46,436
47,029
4,117
4,214
4,293
2,269
2,243
2,244
3,072
3,152
3,244
48,360
48,768
49,297
,145
,100
,084
125
113
124
1
Figures are for all savings and loan associations in the United States.
Data beginning with 1950 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 21950 are based entirely on annual reports.
Includes gross mortgages with no deduction for mortgage pledged
shares.
Liabilities
3,561
3,857
3,864
3,873
3,874
3 Beginning with January 1958, no deduction is made for mortgage
pledged shares. These have declined consistently in recent years and
amounted
to $42 million at the end of 1957.
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
NOTE.—Data for 1958 and 1959 are preliminary.
618
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
Asset or liability, and activity1
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks 2 ..
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
,
Federal National Mortgage Association.
Veterans Administration
,
Other agencies
,
1958
1957
1951
1952
1953
1954
1955
1956
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
311
590
648
2,096
3,076
23
6,929
367
638
701
2,226
2,981
18
6,715
375
689
681
2,348
2,621
6,752
457
734
724
2,488
2,349
(3)
2,142
1,850
2,603
2,242
2,930
2,462
' 300
{ 168
2,907
2,461
383
63
3,205
3,680
3,072
464
145
182
1
1
1
7,402
473
1,247
900
2,820
1,962
(3)
4,607
3,716
890
1
431
353
79
678
306
f 261
{ 112
619
209
219
191
652
254
216
182
674
251
217
206
645
224
203
219
654
222
191
241
658
221
190
247
2 MX
480
84
7,605
428
1,040
906
2,732
2,499
(3)
4,680 4,769 4,917
3,807 3,998 4,096
820
770
691
6,466
430
997
880
2,634
1,525
(3)
6,681
454
935
832
2,688
1,778
(3)
6,931
410
1,228
903
2,774
1,600
(3)
4,628
3,776
851
> 292
362
To industry, total
Treasury Department...
Commerce Department.
Other agencies
589
598
589
598
To financing institutions
814
864
952
870
1,419
1,233
1,124
1,270
701
931
1,010
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
744
589
155
1,020
894
126
645
500
145
272
112
160
245
90
155
246
106
140
276
186
90
264
105
159
275
107
167
271
91
180
294
106
188
6,110
2,296
3,750
7,736
2,496
3,667
51,515
58
8,223
2,701
3,470
1,995
57
8,316
2,656
3,470
2,139
51
8,965
3,111
3,470
2,338
46
9,022
3,094
3,470
2,412
45
9,271
3,239
3,470
2,514
47
213
156
57
306
246
60
393
331
62
449
383
65
489
423
66
Foreign, total
Export-Import Bank
Treasury Department 4
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 securities1
64
35
(3)
34
75
5
69
588
174
\
413
8,043
2,833
3,620
1,537
53
119
29
90
8,001
2,806
3,570
1,624
1
166
127
39
7,988
2,702
3,519
1,767
256
209
47
-203
-228
-501
-173
-140
-268
-309
14,422 17,826 19,883 19,348 20,238 20,657 21,320
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 3,739
745
1,018
241
256
381
458
1,720 1.825
149
181
3,385 63,420
179
6249
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
288
303
428
550
4,356 21,375 21,514
3,090
3,747 3,651
11,004 11,157
/6,517 7,092
609 \ 201
175
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
3,358
3,213
298
1,048
1,284
415
1,251
1,202
8,062
4,834
363
1,475
8,046
4,798
421
1,739
728
7,822
4,822
421
1,829
450
728
345
350
360
300
9,985
4,502
398
1,762
236
276
311
1,298
590
613
Bonds, notes, & debentures payable (not guar.), total... 1,369
Banks for cooperatives
170
Federal intermediate credit banks
674
Federal home loan banks
525
Federal National Mortgage Association
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
2,379
185
665
958
570
2,711
257
721
963
770
1
Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve
for losses.
2
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
1,040
3,762
881
264
504
1,917
195
3,420
305
8,754
3,040
3,470
2,195
49
344
283
62
-354
-486
-367
-450
22,395 23,147 22,383 23,280
3,804
896
274
471
1,937
226
3,420
298
4,523
1,456
283
533
2,013
238
3,420
333
4,467
1,366
293
536
2,030
242
3,420
3,696
4,305
1,250
278
559
2,034
245
3,420
3,703
21,628 21,206 21,540 20,743
3,025 2,636 3,310 3,013
11,136 10,866 10,344 9,730
7,282 7,528 7,700 7,809
175
185
186
191
9,974
4,520
599
1,791
106
281
328
1,341
599
408
9,962 10,020 10,459 10,422
4,535 4,568
',589 4,550
396
396
398
398
,803 1,790
1,801 1,789
32
77
88
26
280
274
283
282
349
345
342
371
,341 1,319
1,308 1,327
637
599
599
637
,033 1,050
644
608
3,647
237
959
765
1,687
4,662
247
902
825
2,688
4,749
224
992
468
3,065
3,812
207
1,181
455
1,968
3,981
260
1,211
612
1,898
5
Figure derived by Federal Reserve.
6 Investment in international institutions adjusted to include, and
other securities to exclude, $35 million subscription to the International
Finance Corporation.
7 Includes investment of the Agricultural Marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this8 item as an interagency asset.
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the9 United States in the principal amount of $1,875 million.
Figure represents total trust interest.
For NOTE, see opposite page.
619
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 i tems 1
Bonds, notes,
PriU.S.
and debenvately
Land,
Govt.
tures payable
owned
strucinterOther
intertures, j
est
liabilest
Other
and
Guarities
Public
equip-1
debt Other ment
anteed
Other
secu- secuby
rities rities
U.S.
Investments
Date, and fund or activity
Total
Cash
Loans
Inrevenceivtories
able
All activities
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
41,403 1,371 19,348 3,852 2,967
45,304 1,338 20,238 4,356 3,236
69,653 4,996 20
" , 6 5 7 21,375 3,739
3,432 8,046 2,387
3,414 7,822 4,900
3,669 9,985 5,232
1,068
2,379
2,711
4,183 35,610
2,703 "",583
39
3,659 62,516
508
596
699
1957—Sept. 30
Dec. 31
1958—Mar. 31
June 30
Sept. 30
70,175
71,139
72,242
72.677
73,772
4 ,692
4 ,291
4J58
4,793
5,870
3,725
3,718
3,753
3,731
3,703
9,974
9,962
10,020
10.459
10,422
5,186
5,340
5,436
5,304
5,389
3,647
4,662
4,749
3,812
3,981
2,634 62,778
2,916 62,391
3,472 62,789
4,153 63,460
3,643 64,864
1,056
1,121
1,183
1,204
1,229
Public Enterprise Funds—Total
Farm Credit Administration:
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund . . .
Agriculture Department:
Commodity Credit Corporation
Disaster loans, etc., revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
Federal Savings and Loan Insurance Corporation
Small Business Administration
Export-Import Bank
Tennessee Valley Authority
Panama Canal Company
Veterans Administration
General Services Administration
Treasury Department
Post Office Department—postal fund
Interior Department
All other
21,660
1,951
137 3,634
1,449
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
Allother
11,898
Certain Other Activities—Total
General Services Administration
Agriculture Department:
Farmers Home Administration
Rural Electrification Administration
Veterans Administration
National Advisory Committee for Aeronautics
Interior Department
International Cooperation Administration
Treasury Department
Commerce Department—maritime activities
All other
32,285 1,952 9,985 6,535
8,836
810
81 6,522
21 ,514
21,628
21
21,206
21.540
20,743
3,762
3,804
4,523
4.467
4,365
9,275 4,327
888
21,320
22,395
23J47
22 383
23 280
Classification of agencies reporting quarterly,
by type of fund and activity, Sept. 30, 1958
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
All other
6
186
5,220
124
60
250
908
2,397
904
288
547
3,270
2,099
465
956
1,470
217
985
334
974
7,484
3,207
841
366
,
,
6
798 1,749 19,058
6
186
135|.
17 1,749 3,013
45
75
40
8
133
104
29
3 2,382
149
517
1
284
249
3,239 ()
(3)
80
48
34
8
179
717
4
3
62 ( )
1,224
5
206
306
j
92
12
7
440
17
1
1,675
9,880j
293
5
10
637
150
383
3
313
12
224
10
13
29
181
24
2
85
6
26
73
134
231
113
609 11,289
108
49
15
44
6
148 7,336
270 2,938
733
108
282
84
3,563 6,556 3,687
(3)
1,205
218
236 32,049
8,817
27
140
52
95
12
20
S3,057
5.
14
835
3,009
225
588
456
2,574
10,101
136 5,138
307
35
559
14
278
()
1,790
398
2
99
123
i5o;.
854
3,011
231
600
464
2,574
0,101
5,274
342
134
691
59| 2,812
6
173
222
53
39 2,514
3,481
436
232
195
4,898
536
2,056
2,306
50 1,480
14
470
2
34 1,010
3,327
43
2,034
1,250
3,030
1,339
1,385
214
92
242 2,541
54 1,276
18 1,247
154
17
144
'"is
282
392
3,563
4,550
126
ioo
45
760 4,461
124
53
1491
....
6,391
2.820
937
373
279
86
For other notes, see opposite page.
NOTE.—Coverage has changed in some of the periods shown. Beginning 1956, changes 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 on the preceding page, but are shown separately in the
56
(3)
38
9!
20
9
102
10
20
61
11
55
798
872
260
612
2,311
1,100
1,211
41
129
41
5
14
6
19
38
17
36
26
210
724
1,558
899
274
540
3,251
2,061
448
920
1,444
216
250
735
324
10
624
349
991 2,162
226
2
119 1,937
870
57
28
15
,5:
306
171
135
873
49
"824
9356
940
924
9213
978
table above. Classifications by supervisory authorities are those in
existence currently. Where current Treasury compilations do not provide
a detailed breakdown of loans, these items have been classified by Federal
Reserve on basis of information about the type of lending activity involved.
Data for activities (mainly non-business-type) reporting on a fiscalyear basis, no longer included in these tables, are available in the Treasury
Bulletin.
620
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Net
Budget
receipts
Net Federal cash borrowing or
repayt. (—) of borrowing
Payments to the public,
other than debt
Plus:
Trust
fund
receipts
Less:
IntraGovt.
trans. *
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
Excess
of rects.
Infrom
crease,
or
Equals: payts.
or
deTotal
Less:
crease
Adjust- payts. to(-),
(-),in
the
ments 3 to the
public
debt
public
(direct
& agen.)
Less:
Net
inv. by
Govt.
agen. &
tr. funds
Other
noncash
debt*
Equals:
Net
cash
borrowing or
T-T
Cal. year—1956
1957
1958
70,994
72,284
68,694
12,398
15,368
16,797
3,023
3,079
3,710
80,334
84,521
81,728
67,216
71,692
75,782
10,339
14,794
17,856
2,747
3,155
4,622
74,809
83,328
89,014
5,525
1,191
-7,287
-3,560
467
7,533
2,481
1,573
-717
-136
64
487
-5,910
-1,168
7,762
Fiscal year—1955
60,390
68,165
71,029
69,117
9,536
11,685
14,369
16,329
2,061
2,739
3,242
3,493
67,836
77,088
82,107
81,893
64,570
66,540
69,433
71,936
8,546
9,436
12,961
16,069
2,578
3,358
2,386
4,592
70,538
72,617
80,008
83,413
-2,702
4,471
2,099
-1,520
3,986
-578
-1,053
6,216
1,533
3,166
2,339
657
644
623
-292
-200
1,809
-4,366
-3,100
5,760
Semiannually:
1957—Jan.-June.... 42,960
29,325
July-Dec
39,792
1958—Jan.-June
28,902
July-Dec
8,200
7,167
9,162
7,635
1,669
1,410
2,083
1,627
49,464
35,057
46,836
34,892
35,632
36,060
35,876
39,906
7,659
7,133
8,936
8,921
1,901
1,254
3,337
1,285
41,390
41,938
41,475
47,539
8,073
-6,882
5,362
-12,649
98
-34
-6,879
5,711
Monthly:
1958_Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,496
4,925
10,785
2,946
4,838
7,208
2,769
4,962
6,180
1,331
2,131
2,069
',111
,956
885
,025
,486
,171
194
144
1,167
271
236
155
195
214
556
4,626
6,908
11,685
3,784
6,554
7,936
3,596
6,231
6,791
6,122
5,846
6,621
6,613
6,198
6,633
7,144
6,237
7,080
,479
,363
,562
,786
,412
,397
,597
,310
,419
786
187
169
487
16
-253
713
346
-24
6,814
7,021
8,015
7,912
7,594
8,283
8,028
7,200
8,522
-2,188
-114
3,670
-4,128
-1,040
-348
-4,432
-969
-1,732
-835
3,017
-1,650
3,640
2,867
-166
4,528
6,576
8.426
4,258
759
,637
,322
,302
236
212
162
159
5,049
7,998
9,581
5,396
6,776
6,331
6,461
,883
,462
,451
,905
1,074
-232
789
315
7,585
8,025
7,124
8,017
-2,536
-28
2,457
-2,621
2,801
-434
-3,016
3,491
1956
1957
1958
1959—Jan
Feb
Mar
Apr."
6,427
-5,089 1,693
5,556 - 1 2 0
660
777
6,873 -1,494
-166
49
653
7,713
-125
2,686
-276
-363
68
-6
70
51
63
183
141
145
-285
-569
2,575
-1,374
4,027
3,003
-846
128
93
-665
101
64
145
70
3,546
-627
-3,253
4,086
2,380
591
-181
618
-150
140
-337
391
-338
-571
-96
51
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
sec. by (-),in
outside
Govt.
gross Treasury
agency
direct
& trust public
funds'
debt
Deposits in—
Net
Budget
surplus,
or
deficit
Trust
fund
accumulation,
or
deficit
Reconciliation
to Treas.
cash
-4,180
1,626
1,596
-2,819
991
2,250
1,409
262
-29
309
-518
670
602
173
1,085
567
-1,362
-2,617
-2,300
-197
3,115
-1,623
-2,224
5,816
-312
-213
5
140
-551
331
-956
4,159
7,328
-6,735
3,916
-11,004
543
34
228
-1,286
-36
159
511
-232
1,090
1,007
-440
-121
-1,603
21
-218
1,144
-6,101
4,371
1,445
6,579
60
-160
300
-131
Monthly:
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-2,626
-920
4,164
-3,667
-1,361
575
-4,376
-1,274
-900
-147
768
508
-675
543
-511
711
-17
-914
225
-195
-284
511
111
-601
-144
-34
279
-597
-332
330
-470
314
519
2,433
595
691
-877
3,009
-1,810
3,546
2,848
-138
94
152
-231
-65
288
-450
161
46
-113
1959—Jan
Feb
Mar
Apr
-2,248
245
1,965
-2,169
-1,124
175
462
-477
507
355
-4
57
6
78
Fiscal year—1955
1956
1957
1958...
Somiannually:
1957—Jan.-June
July-Dec
1958—Jan.-June
July-Dec
-572
177
-248
-130
-603
(+)of
Govt.
agency
obligations 5
-729
-31
10
-3
-32
-37
-28
212
239
1,047
47
-70
» Preliminary.
n.a. Not available.
* Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
491
2,879
-697
-3,069
3,319
54
~l
45
-60
Account of Treasurer of United
States (end of period)
Treasurer's Balance
account
Other
net
assets
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
6,216
6,546
5,590
9,749
380
522
498
410
4,365
4,633
4,082
8,218
,471
,391
,010
,121
1,163
-984
5,143
-4,788
5,590
4,606
9,749
4,961
498
481
410
358
4,082
3,084
8,218
3,468
,010
,041
,121
,135
412
-357
3,619
-4,630
1,249
-1,269
-565
1,991
-1,564
6,487
6,130
9,749
5,119
6,368
5,099
4,534
6,525
4,961
594
395
410
617
540
371
363
424
358
4,558
4,730
8,218
3,262
4,769
3,535
2,916
4,879
3,468
,335
,005
,121
,240
,059
,193
,255
,222
,135
957
-644
-836
1,531
5,918
5,274
4,438
5,969
447
492
398
539
4,054
3,454
2,787
3,844
,417
,328
,253
,586
Budget expenditures, and payroll deductions for Federal employees retirement
funds.
2
Small adjustments to arrive at this total are not shown separately.
For other notes, sec opposite page.
621
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers t o Oldage
trust
fd«
High- R.re-R.
way
tiretrust ment
fund acct.
Refunds
of
receipts
Income and
profit taxes
Total
Budget
receipts
Individual
Withheld
Corporation
Excise
taxes
Employment
taxes7
Other
receipts
To- I Mfrs.'
rebacco and
tailers'
Liquor
Other
I
Fiscal year—1955..
1956..
1957..
1958..
60,390
68,165
71,029
69,117
5,040
6,337
6,634 1,479
7,733 2,116
599
634
616
575
3,426
3,684
3,917
4,433
69,454
78,820
83,675
83,974
21,254
24,012
26,728
27,041
Semiannually:
1957—Jan.-June.
July-Dec..
1958—Jan.-June.
July-Dec..
42,960
29,325
39,792
28,902
4,075
836
3,135 1,151
4,598
965
3,383 1,112
304
305
270
265
3,454
655
3,778
634
51,630
34,571
49,403
34,296
13,708
13,760
13,281
13,769
Monthly:
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,496
4,925
10,785
2,946
4,838
7,208
2,769
4,962
6,180
703
1,221
774
338
1,032
504
365
747
397
145
168
161
177
206
188
180
198
164
17
70
43
17
72
44
21
68
44
1,678 6,039
950 7,334
86 11,849
147 3,624
133 6,280
175 8,119
112 3,446
4 5,979
64 6,848
792
3,614
1,941
1,195
3,476
2,093
1,225
3,641
2,139
2,792
640
1,724
258
123
1,815
162
94
373
1959_jan
Feb
Mar
Apr
4,528
6,576
8,426
4,258
267
949
799
540
172
182
152
148
14
71
43
16
-26
4,956
374 8,152
1,301 10,722
1,412 6,375
948
4,356
2,213
969
1,996
846
725
3,033
10,396
11,322
12,302
11,528
6,220
7,296
7,581
8,644
4,108
4,887
4,895
5,414
2,743
2,921
2,973
2,946
1,571
1,613
1,674
1,734
3,177
3,778
4,098
4,316
5,313
5,595
5,219
5,364
4,705
3,445
5,199
3,653
2,628
2,625
2,789
2,509
1,325
1,574
1,372
1,600
857
848
886
931
2,222
2,226
2,090
1,963
476
449
5,906
479
316
2,267
374
319
2,419
785
922
895
926
908
912
954
811
853
722
1,293
818
355
1,105
549
386
816
441
472
416
565
411
352
483
344
298
623
218
256
275
252
249
265
328
284
222
147
157
161
154
164
160
171
147
136
424
362
5,459
477
847
906
927
852
321
1,281
857
558
420
401
540
486
201 !
209 !
155
141
150
n.a.
18,265 9,211
21,299 10,004
21,531 10,638
20,533 10,814
9,298 15,978
2,874 6,273
8,654 14,260
2,827 6,174
245 I
n.a. i
961
1,006
957
1,194
I
Budget expenditures 8
Major national security
Period
Total
Total 9
Intl.
affairs
Military
and
Military assist- Atomic finance
defense
energy
ance
Agriculture
Vetand
erans' Labor
agriInterservand
culest
ices and welfare
tural
benerefits
sources
Natural
re-
ComGenmerce
eral
and
governhousing ment
Fiscal year—1955
1956
1957
1958
64,570
66,540
69,433
71,936
40,626
40,641
43,270
44,142
35,532
35,791
38,439
39,062
2,292
2,611
2,352
2,187
1,857
1,651
1,990
2,268
2,181
1,846
1,976
2,234
6,438
6,846
7,308
7,689
4,457
4,756
4,793
5,026
2,575
2,821
3,022
3,447
4,389
4,868
4,526
4,389
1,202
1,104
1,296
1,543
1,504
2,030
1,455
2,109
1,199
1,627
1,787
1,356
Semiannually:
1957—Jan.-June
July-Dec
1958—Jan.-June
July-Dec
35,632
36,060
35,876
39,906
22,676
21,724
22,418
23,246
19,892
19,370
19,692
20,619
1,439
1,031
1,156
1,145
1,060
1,080
1,188
1,269
1,043
1,216
1,018
1,206
3,721
3,912
3,777
3,686
2,502
2,400
2,626
2,580
1,545
1,636
1,811
2,158
2,399
2,651
1,738
3,922
560
850
693
896
574
1,003
1,106
1,438
608
661
695
765
Monthly:
1958—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,749
6,122
5,846
6,621
6,613
6,198
6,633
7,144
6,237
7,080
3,608
3,652
3,653
4,312
3,752
3,605
3,863
4,225
3,589
4,212
3,061
3,216
3,195
3,891
3,196
3,205
3,489
3,802
3,169
3,758
278
194
212
173
294
122
151
168
189
221
195
200
201
208
222
215
189
221
211
211
160
94
127
286
222
233
158
220
175
198
624
619
603
622
648
578
586
608
614
652
432
465
436
431
431
404
410
454
441
440
235
317
291
386
356
368
345
436
343
310
347
427
235
257
630
495
769
673
574
781
90
108
121
162
122
151
165
166
151
141
149
298
252
45
298
233
212
233
238
224
!
j
!
I
!
|
\
102
135
132
127
148
127
123
135
109
123
1959—Jan
Feb
Mar
6,776
6,331
6,462
3,693
3,596
3.864
3,298
3,218
3,434
163
143
195
213
203
217
212
176
184
680
636
657
445
440
441
432
-52
326
798
610
394
106
114
106
310 |
320 J
343 J
97
500
147
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6) net operating transactions of Govt. sponsored enterprises.
*5 Primarily adjustments 2, 3, and 4, described in note 3.
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
*Includes transfers to Federal disability insurance trust fund.
7
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
8
The 1960 Budget document showed certain revisions in fiscal year data.
When the revisions were in classification of functions—s uch as the shift
of defense-support activities from military assistance and major national
security to international affairs—the revisions were made in monthly and
semiannual data. Other fiscal year revisions not available for monthly
and semiannual periods.
For more details, see the 1960 Budget document and the Treasury
Bulletin, Table 4.
' Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
622
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
Total
gross
debti
End of
month
Total
gross
direct
debt 2
Total
Total
Bills
1941 Dec
1945_Dec
1947 Dec
1951 Dec
1952—Dec
1953 Dec
1954_Dec
1955 Dec .
1956 Dec
1957 Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
275 0
57.9
278.1
256.9
259.4
267.4
275.2
278.8
280.8
276.6
274 9
50.5
255.7
225.3
221.2
226.1
231.7
233.2
233.9
228.6
227 1
41.6
198.8
165.8
142.7
148.6
154.6
157.8
163.3
160.4
164 2
17.0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
26 9
1958
Sent
Oct
Nov
Dec
275.7
276.4
275 6
278.6
276.8
280 3
283.2
283.0
275.7
276.3
275 5
278.5
216.1
280 2
283.1
282.9
227.9
228.5
228 0
230.6
229.0
233 2
236.3
236.0
166.0
166.7
166 4
169.2
167.7
172 2
175.4
175.6
22.4
22.4
22 4
22.4
22.7
25 9
29.1
29.7
1959 Jan
Feb
Mar
Apr.
May
285.9
285.2
282.2
285.5
286.4
285.8
285.1
282.0
285.4
286.3
239.9
239.4
236.1
240.2
240.3
179.8
179.3
176.3
180.7
181.0
30.3
31.8
32.2
34.2
35.0
May
June
July
Au2
Nonmarketabie
Marketable
Certificates of
indebtedness
2.0
Bonds
Notes
Bank
eligible'*
6.0
38.2
21.2
29.1
16.7
26.4
28.5
15.7
19.0
34 6
31.1
32.9
32 9
38.5
38.5
38 5
38.5
36.4
36.4
38.0
34.4
34.4
33.8
1 Includes some debt not subject to statutory debt limitation (amounting
to $419 million on May 31, 1959) and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,804 million on April 30, 1959.
23.0
11.4
18.4
30.3
31.4
28.0
43.3
35.3
20 7
24.8
20.4
20 5
20.7
20.7
21 9
21.9
26.1
28.9
25.3
25.4
27.2
27.3
33.6
68.4
68.4
41.0
58.9
63.9
76.1
81.9
80.9
Bank
restricted
Convertible
bonds Totals
52.2
49.6
36.0
21.0
13.4
5.7
82 1
87.7
90.9
90 6
87.7
85.8
85 8
85.8
83.4
84.2
84.2
84.2
84.9
84.9
Savings
bonds
Tax
and
savings
notes
6.1
2.5
8.9
12.1
12.5
12.0
11.8
11.4
10.8
95
9.0
8.9
88
8.6
8.5
84
8.4
8.3
8.2
8.1
8.0
7.8
7.7
56.9
59.5
66.4
65.0
65.1
63.6
59.2
57.4
53 4
53.0
52.9
52 8
52.8
52.8
52 7
52.6
52.1
48.2
52.1
57.6
57.9
57.7
57.7
57.9
56.3
52 5
52.1
52.0
51 9
51.9
51.8
51 7
51.7
51.2
51.9
51.9
51.9
51.7
51.5
51.0
51.0
51.0
50.8
50.7
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
45 8
46.1
46.2
45 9
46.3
46.0
45 4
45.1
44.8
43.9
43.9
43.9
43.3
44.2
4 Includes Treasury bonds and minor amounts of Panama Canal and
Postal Savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, and adjusted service bonds, not shown separately.
6 Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
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 Dec . . . .
1957—June
Dec
64 3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
270.6
275.0
7 0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
46 8
45.8
2.6
7.0
5.4
1958
272.7
275 2
275.7
276.4
275.6
278.6
276.8
280.3
283 2
283.0
285 9
285.2
282.2
45.8
45 4
46 1
46.2
45.9
46 3
46.0
45.4
45 1
44.8
43 9
43 9
43.9
End of
month
Mar
Apr . .
May
June
July
Aue
Sept.
Oct
Nov
Dec
1959 Jan
Feb
Mar
.
Held by
U. S. Govt.
agencies and
trust funds *
6.4
6.7
7.1
7.0
7.8
8.4
8.7
9.4
9.5
9.7
9.7
9.7
9.7
9.7
9.6
9.7
9.7
9.6
9 6
9.8
9.8
Held by the public
Total
Federal
Reserve
Banks
Commercial
banks2
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
222.7
215.1
219.8
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
24.9
23.0
24.2
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
59.3
55.8
59.1
217.4
220.0
220.0
220.5
220.0
222.6
221.2
225.3
228.4
228.6
232.4
231.6
228.4
23.6
23.7
24.2
25.4
24.5
25.3
25.0
25.4
26.2
26.3
25.7
25.3
25.5
59.4
63 2
63.6
64.9
65.0
66.4
65.5
66.7
67.7
67.2
67 9
66.0
62.9
1
Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which amounted to about $293 million on Dec. 31, 1958.
Mutual
savings
banks
3.7
Insurance
companies
8.2
Other
corporations
4.0
24.0
23.9
16.5
16.1
15.8
15.0
14.3
12.8
12.3
12.0
22.2
14.1
20.7
19.9
21.5
19.2
23.5
19.1
16.1
17.2
7.4
7.5
11.8
11.8
11.7
11.7
11.8
11.9
7.4
7.4
7.3
7.3
7.3
7.4
7.4
12.1
12.1
12.1
12 4
12.2
12.0
16.0
15.2
15.3
13.9
14.5
15.3
15.0
16.8
18.0
18.2
20 3
21.2
21.0
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.0
7.9
7.6
7.6
7.6
7.5
7.4
11.9
State
Individuals
local
govt's
Savings
Other
bonds securities
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
16.1
16.9
17.0
17.3
17.1
17.0
16.9
17.0
17.0
17.0
17.2
17 2
17.3
17 7
17.8
17.9
Misc.
investors 3
.9
9.1
8.4
5.4
8.2
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.1
49 1
48.2
21.2
19.4
15.5
16.0
15.5
13.7
15.1
16.3
18 0
17.9
10.6
11.7
13.2
13.9
15.6
16.1
16 0
16.5
48.1
48 1
48.1
48.0
47.9
47 9
47.9
47.8
47 8
47.7
47 7
47 6
47.5
18.1
17 7
17 5
17.1
16.8
16 3
16.2
16.2
16 0
16 1
16 6
16 7
17.0
15.4
15 7
15.4
15.2
15.0
14 9
15.3
15.8
16 0
16 5
16 7
17 3
17.2
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.
623
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19591
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Amount
2
Treasury bills
June 4,1959..
June 11,1959..
June 18,1959..
June 22,1959*.
June 25, 1959..
July 2, 1959..
July 9,1959..
July 16, 1959..
July 23, 1959..
July 30, 1959..
Aug. 6, 1959..
Aug. 13,1959..
Aug. 20, 1959..
Aug. 27, 1959..
Sept. 3,1959..
Sept. 10, 1959..
Sept. 17, 1959..
Sept. 21, 1959*
Sept. 24, 1959..
Oct. 1,1959.,
Oct. 8,1959.,
Oct. 15, 1959.,
Oct. 22,1959.,
Oct. 29, 1959.,
Issue and coupon rate
Issue and coupon rate
iys
3%
3V4
4
13,500
7,711
11,363
1S269
Treasury notes—Cont.
Aug. 1,1961
4
Oct. 1,1961
IV2
Feb. 15,1962
3%
Feb. 15, 1962
4
Apr. 1,1962
V/i
Aug. 15, 1962
4
Oct. 1,1962
U/t
Nov. 15, 1962
3%
Feb. 15, 1963
2%
Apr. 1,1963
\Vi
May 15,1963
4
Oct. 1,1963
1%
Apr. 1,1964
\y2
4
\yi
3%
1%
3V4
3^
1%
li/ 2
3%
473
99
1,184
198
2,738
2,406
278
144
4,078
Treasury Bonds
June 15, 1959-62... 214
Dec. 15, 1959-62... 2»4
Nov. 15, 1960
2i/»
Dec. 15, 1960-653.. 2yA
Sept. 15, 1961
2Y4
Nov. 15, 1961
2Vt
June 15, 1962-67... 214
Aug. 15,1963
2i/2
Dec. 15, 1963-68... 2i/i
Treasury bills
Cont.
Nov. 5, 1959
Nov. 12, 1959
Nov. 19, 1959
Nov. 27, 1959
Dec, 22, 1959*
Jan. 15, 1960
Apr, 15, 1960
1,500
1,701
1,701
2,997
1,700
1,600
1,600
1,600
1,401 Certificates
1,402
Aug. 1,1959
1,401
Nov. 15, 1959
1,401
Feb. 15, 1960
1,402
May 15, 1960
1,396
400 Treasury notes
Aug. 1,1959
400
Oct. 1,1959
400
Nov. 15, 1959
1,502
Apr. 1,1960
400
May 15,1960
400
May 15,1960
400
Oct. 1,1960
400
400
Apr. 1,1961
May 15,1961
400
Amount
,
400
400
400
400
1,500
25006
2,003
Amount
2,136
332
647
1,435
551
2,000
590
1,143
3,971
533
1,743
506
90
Issue and coupon rate
Treasury bonds—Cont.
Feb. 15, 1964
3
June 15, 1964-69... 2Vi
Dec. 15, 1964-69...2%
Feb. 15, 1965
2%
Mar. 15, 1965-70... 2&
Aug. 15, 1966
3
Mar. 15, 1966-71... 2 ^
June 15, 1967-72...2Vi
Sept. 15, 1967-72... 2i/i
Dec. 15, 1967-72...2i/i
Oct 1,1969
4
Nov. 15, 1974
3%
Feb. 15,1980
4
June 15, 1978-83... 314
May 15,1985
3V4
Feb. 15, 1990
3Vi
Feb. 15,1995
3
5,266
3,455
3,806
1,485 Panama Canal L o a n . . . . 3
2,239
11,177 Convertible bonds
2.111
Investment Series B
6,755
Apr. 1, 1975-80... 2%
2,819
Amount
3,854
3,742
3,817
6,896
4,698
1,484
2,946
1,830
2,716
3,695
1,276
654
884
1,603
1,135
lt727
2,740
50
7,734
2
Sold on discount basis. For discounts
on individual issues, see table
3
on Money Market Rates, p. 615.
Partially tax-exempt.
* Tax anticipation series.
1 Direct public issues.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Bills
Certificates
Notes
Market- Convertible
able
bonds* bonds
66,050
65,985
175,573
. . 183,896
187,432
184,277
20,808
23,420
22,406
29,748
31,832
32,234
16,303
20,473
32,920
36,364
37,957
34,390
35,952
30,973
20,416
26,072
25,299
25,429
81,890
80 839
90,932
83,402
84 220
84,240
11,098
10 280
8,898
8,309
8,124
7,984
8,236
8,554
9,477
9,379
9,602
9,586
273
130
173
78
205
198
355
416
599
492
488
466
688
1,282
1,169
1,338
1,314
1,273
3,575
3,664
4,703
4,711
4,864
4,927
3,345
3,063
2,833
2,759
2,731
2,722
23 758
, 23 035
25 438
26 347
25,350
25 497
855
287
2,703
2,284
1,323
1 496
10,944
11,367
19,946
18,704
18,672
18 650
9 157
8,579
2,875
2,872
2 868
2 802
2 802
2 789
2 484
2,484
2 484
49 673
48,734
57,509
59,048
57,996
S^ 101
2,181
2,853
3,796
5,194
4,815
3,699
1,004
2,913
3,331
6,686
6,176
4,819
11 620
8,984
11,532
12,285
12,687
12,453
34 712
33,839
38 720
34,753
34 189
34,007
7,735
7,397
7,110
6,942
7,098
7,149
107
163
89
139
183
233
37
114
132
115
176
193
356
367
465
538
580
602
11,702
10,936
10,580
10 984
11,125
10,957
318
326
254
726
669
615
44
136
112
231
406
323
64,947
67,329
65,459
71,195
76,261
75,986
17,074
19,661
15,392
21,326
24,638
25,993
3,919
5,527
8,799
10,137
12,040
9,939
Total
All holders:
1956—June 30 .
1957—June 30
1958—June 30
Dec 31
1959—Feb. 28
Mar 31
...
U. S. Govt. agencies and trust funds:
1956 June 30
1957 June 30
1958—June 30
Dec 31
1959 Feb 28
Mar 31
Federal Reserve Banks:
1956—June 30
1957—June 30
1958—June 30
Dec. 31
1959_Feb 28
Mar 31
Commercial banks:
1956—June 30
1957 June 30
1958—June 30
Dec 31
1959_Feb. 28
Mar 31
Mutual savings banks:
1956—June 30 .
1957_june 30.
1958—June 30
Dec 31
1959—Feb. 28
Mar 31
Insurance companies:
1956—June 30
1957—June 30
1958 June 30
Dec. 31
1959 Feb 28
Mar 31
...
Other investors:
1956—June 30
1957—June 30
1958—June 30
Dec. 31
1959—Feb 28
Mar 31
.
,
1 Direct public issues.
* Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Marketable securities, by maturity class
Total
Within
1 year
154,953 58,714
155 705 71 033
166,675 67,782
175,586 72,616
179 308 71,191
176,293 68,025
1-5
years
5-10
years
Over 10
years
31,997
39,184
41,071
52,318
60,501
60,631
31,312
14,732
22,961
18,652
14,797
14,797
32,930
30 756
34,860
31,999
32 819
32,839
4,891
5,491
6 [644
6,620
6,871
6,864
927
1,138
899
721
795
711
500
,210
,565
,696
,816
.810
434
295
913
1,179
1,158
1,189
3,030
2,848
3.267
3,025
3,102
3,134
23 758
23 035
25 438
26,347
25,350
25 497
20 242
20*246
23 010
20 995
19,994
20 146
1 087
681
1,014
3,881
3,885
3 881
1 014
750
57
206
206
206
1 415
1,358
1.358
1,264
1,264
1 264
155
144
130
130
128
126
49 517
48,590
57 379
58,918
57,868
54,977
7 433
12,268
13 431
14,380
11 411
8,935
18,234
23,500
24,494
29,696
34,422
34,028
19,132
8,600
14,259
10,433
7,609
7,591
4,719
4,222
5,195
4,409
4,426
4,423
6,074
5,655
5 493
5,268
5,313
5,304
1,161
1,098
931
882
845
818
6,574
6,299
6,179
6,060
6,252
6,331
247
576
303
300
382
453
54ft
1,082
1,106
1,229
1,363
1,365
1,319
601
675
958
883
883
4,468
4,040
4.094
3.573
3; 624
3,630
760
648
614
731
669
712
7 789
7,277
7,398
7 255
7,369
7,320
2,791
2,549
2,202
2 042
2,013
1,986
8,911
8.387
8,378
8,943
9,113
8,971
632
955
651
1,158
1,109
988
1,192
1,775
1,650
1.976
2,169
2,198
1,802
1,022
1,004
1,156
1,097
1,091
5,285
4.634
5,074
4,653
4,737
4,695
13,371
11,113
6,636
8,304
7,176
7,523
26,896
27,602
31,829
28,931
30,000
30,198
3,646
3,426
2,802
2 497
2,407
2,333
61,301
63,904
62,657
68,698
73,854
73,653
29,233
35,850
29,489
35,062
37,500
36,794
10,443
10,936
11,243
13,841
16,844
17,329
7,612
3,464
6,054
4,719
3,843
3,836
14,013
13,654
15,872
15,076
15,667
15,694
panies included in the* survey account for over 90 per cent of total holdings
by these institutions. Data are complete for U. S. Govt. agencies and
trust funds and Federal Reserve Banks.
624
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
Noncorporate
Year or
month
Total
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
21,265
26,929
28,824
29,765
26,772
22,405
30,571
34,435
1958—Mar..
Apr..
May.
June.
July..
Aug..
Sept.
Oct..
Nov..
Dec.
1959—Jan...
Feb..
Mar..
3,959
6,963
2,160
3,049
2,423
1,340
2,197
3,076
1,408
1,900
New capital
Corporate
Bonds
MiscelNew 7 lanemoney ous
purposes
Retirement
of
bank
debt,
etc. s
Retirement
of
securities
Federal
U.S.
agenGovt.3 cy 4
State
and
mu- Others Total
nicipal
PubTotal licly
offered
9,778
110
12,577
459
13,957
106
12,532
458
9,628
746
5,517
169
9,601
572
12,063 2,321
3,189
446
4,121
237
5,558
306
6,969
289
5,977
182
5,446
334
6,958
557
7,449 1,047
5,691
7,601
7,083
7,488
7,420
8,002
9,957
9,684
2,364
3,645
3,856
4,003
4,119
4,225
6,118
6,333
3,326
3,957
3,228
3,484
3,301
3,777
3,839
3,351
838
564
489
816
635
636
411
551
1,212
1,369
1,326
1,213
2,185
2,301
2,516
1,320
1,623 1,494
1,232 1,101
714
594
963
866
907
1,196
492
573
1,175 1,098
652
890
497
379
1,002
751
1,165
921
391
370
735
209
851
287
236
266
330
180
203
497
172
283
246
365
143
485
69
41
36
58
70
12
23
67
12
50
61
90
84
38
219
70
55
170
107
201
1,608
1,213
699
948
1,174
563
1,159
873
489
985
1,561
1,141
600
881
1,102
538
1,144
858
478
914
1,525
1,037
532
709
1,026
518
1,038
739
424
845
35
104
68
172
76
20
106
119
54
69
47
72
99
67
72
25
15
15
11
72
'405
187
195
'319
'294
262
'36
55
47
'126
234
151
'869
'754
640
'840
'745
631
'794
'600
539
46
'145
92
'29
'9
9
1,802
4,269
368
1,411
418
369
352
1,461
324
370
'5,780 '3,971
420
'2,132
1,921
443
523
164
*220
199
175
524
798
877
554
631
389
647
439
459
448
9
141
202
122
13
9
23
66
127
79
639
881
637
'85
'62
11
7,741
9,534
8,898
9,516
10,240
10,939
12,884
11,555
'885
'770
656
'724
'481
457
Pre- Common
Pri- ferred
stock
stock
vately
placed
Total
Total
7,607 7,120 6,531
9,380 8,716 8,180
8,755 8,495 7,960
9,365 7,490 6,780
10,049 8,821 7,957
10,749 10,384 9,663
12,661 12,447 11,784
11,373 10,790 9,936
226 363
486
537
664
535
260
709
1,875
864
1,227
721
364
663
214
854
583
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
ment of
New
New
ment of
New
New
ment of
ment of
ment of
New
ment of
capital 0 secu- capital 10 secu- capital 10 secu- capital10 secu- capital 10 secu- capital^ securities
rities
rities
rities
rities
rities
1951
1952
1953
1954
1955
1956
1957
1958
2,846
3,712
2,128
2,044
2,397
3,336
4,104
3,296
221
261
90
190
533
243
49
223
462
512
502
831
769
682
579
882
1958—Mar.
Apr..
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec..
196
620
163
267
519
122
485
255
119
233
41
12
26
49
24
16
12
10
3
20
47
62
24
29
55
47
389
52
70
53
1959—Jan..
Feb..
Mar.
'148
'123
92
'17
'5
6
'61
'105
46
2,326
2,539
2,905
2,675
2,254
2,474
3,821
3,598
437
758
553
501
544
694
802
777
2
2
4
1
1
63
86
23
106
49
26
44
81
18
151
409
293
303
390
348
281
186
311
127
262
'80
'154
51
'295
'188
331
'6
r(9)
'1 Revsed.
Estimates of new issues maturing in more than one year sold for cash
in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
* Issues not guaranteed.
5 Represents foreign governments. International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
53
225
36
270
338
20
14
39
56
24
40
93
51
51
29
16
85
88
67
990
174
14
51
139
600
747
871
651
1,045
1,384
1,441
1,294
797
40
11
12
101
13
13
45
89
103
22
37
16
46
2
14
'34
'62
5
6
3
60
77
21
4
117
37
30
449
448
1,536
788
1,812
1,815
1,701
944
66
60
24
273
56
17
67
49
49
40
74
78
31
49
28
114
55
112
()
'221
'113
102
1
1
1
1
1
5
35
2
'1
1
I
6 Estimated net proceeds are equal to estimated gross proceeds less cost
of 7flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8 Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
10 Represents all issues other than those for retirement of securities.
625
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annu al totals
Industry
1953
1954
1955
1956
Quarterly totals
1957
1957
1958
2
3
1958
4
1
2
3
4
Manufacturing
Total (200 corps.):
Sales
Profits after taxes .
Dividends
Nondurable goods industries (94 corps.): *
Sales
Profits before taxes
Profits after taxes
Dividends
.
Durable goods industries (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
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 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
63,343 58,110 69,876 71,925 76,032 68,698 19,438 18,056 18,752 16,718 16,831 16,248 18,901
8,375 7 244 10 250 9,290 9,559 7,358 2 575 2,042 2,190 1 622 1 625 1 637 2 474
1,232
3,649 3,825 5,231 4,880 5,109 4,013 1,339 1,107
852
872
893 1,395
2,154 2,384 2,827 2,980 3,113 3,016
757
849
755
747
741
774
757
20,694 20,620 23,106 24,784 26,278 25,645 6,524 6,558
873
841
3 028 2 753 3 413 3,457 3,438 2,920
491
1,979 2,019 1,728
503
1,526 1,581 1,918
319
1,248 1,323 1,316
318
972 1,064 1,202
42,649
5,346
2,123
1,182
37,490
4,491
2,244
1,320
6,560
111
474
371
6,133
648
377
326
6,203
619
362
325
46,770 47,141 49,754 43,053 12,914 11,498 12,192 10,585 10,628
1,413
974 1,006
6,836 5,833 6,120 4,437 1,702 1,201
836
616
758
3,313 2,901 3,090 2,285
475
510
1,791 1,700
439
1,731
1,625
478
429
422
438
6,526
770
448
322
6,783
883
541
343
9,722 12,118
867 1,591
445
854
419
431
5,411 5,476 5,833
465
462
499
212
224
244
154
156
160
6,299
557
273
166
6,620 6,730 1,642 1,669
158
600
624
154
77
295
303
75
41
174
179
40
1,691
153
79
54
1,616
140
67
41
1,663
151
74
41
1,699
163
80
44
1,752
169
83
53
6 373 6 182 7 222
1,308 1,153 1,535
520
593
782
499
417
597
7,729
1,488
769
602
8,203 7,842 2,047 2,065
1,556 1,286
394
397
798
689
202
201
639
152
150
627
2,047
369
197
187
1,858
281
144
156
1 903
281
147
154
1 994
315
163
153
2 086
409
235
164
5 883 6 015 6 556
841
751
854
603
567
624
290
294
317
7,185
917
689
346
7,814 7,462 1,941 1,920
642
219
193
867
711
546
172
164
374
376
95
91
1,906
156
144
97
1,801
146
125
95
1,774
111
103
95
1 913
198
157
92
1 975
187
161
94
13 750 11 522 14 952 16,062 16,073 13,122 4,270 3,856
652
512
1,817 1 357 2 377 2,370 2,313 1,621
835
327
264
790
705 1 195 1,232 1,193
158
651
157
590
606
377
407
522
3,675
473
260
179
3,047
302
157
147
3,161
371
191
146
3,236
385
200
145
3 677
562
287
153
9,798 10,914 10,520 2,750 2,669
305
270
942 1,175 1,172
458
577
590
148
135
329
82
321
327
81
2,871
306
152
86
2,454
227
111
83
2,629
263
132
81
2 543
297
155
81
2 894
384
193
82
137 18 826 16,336 17,480 14,172 4,522 3,689
603
291
789 3 023 1,984 2,110 1,171
942 1,059
615
292
151
863 1,394
656
670
642
166
164
693
536
4,277
506
279
173
3,853
346
161
164
3,542
271
137
160
2,599
53
24
159
4 177
500
293
159
10 664 9 371 10 106 10,551 10,491 9,564 2,660 2,675
844
264
286
1 436
908 1 341 1,268 1,056
876
734
602
183
191
903
927
682
462
435
410
110
82
448
All
379
2,582
259
199
121
2,239
59
31
96
2,294
135
93
79
2,461
272
195
77
2,555
366
271
157
8 005 7 745 8 477
1 011
914
912
402
465
465
237
263
281
16 611 14
2 078 1
758
469
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 after taxes
Dividends
7 136 7 588 8 360
1 895 2 049 2 304
1 030 1 134 1,244
942
780
868
9,049
2,462
1,326
1,022
9,644
2,557
1,403
1,077
10,189 2,312 2,335
2,701
596
600
1,517
327
326
1,134
270
265
2,457
630
357
273
2,707
768
421
281
2,412
615
349
287
2,471
650
357
276
2,599
667
390
290
4 525 4 902 5 425
925 1 050 1,282
638
452
525
496
412
448
5,966
1,430
715
552
6,467 6,939 1,611 1,623
1,562 1,860
388
387
788
921
195
195
613
674
150
155
1,673
400
203
160
1,672
402
200
164
1,715
454
226
166
1,745
494
244
171
1,807
510
251
173
1 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
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 (but not for figures), 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).
Revised data annually beginning with 1939 and quarterly beginning with
1946 are available from the Division of Research and Statistics.
626
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
[Department of Commerce estimates. In billions
of dollars]
[Securities and Exchange Commission estimates. In millions of dollars]
Year or
quarter
Profits
before
taxes
42.2
36.7
38.3
34.1
44.9
45.5
43.4
36.7
22.4
19.5
20.2
17.2
21.8
22.4
21.6
18.7
19.7
17.2
18.1
16.8
23.0
23.1
21.8
18.0
9.0
9.0
9.2
9.8
11.2
12.0
12.4
12.3
10.7
8.3
8.9
7.0
11.8
11.0
9.4
5.7
1956—4
46.7
23.0
23.7
11.8
11.9
1957
46.1
43.5
44.2
39.9
23.0
21.7
22.0
19.9
23.1
21.8
22.1
20.0
12.5
12.6
12.7
12.0
10.6
9.2
9.4
8.0
31.7
32.0
37.9
45.2
16.1
16.3
19.3
23.0
15.5
15.7
18.6
22.2
12.5
12.4
12.5
11.8
3.0
3.3
6.1
10.4
1951
1952
1953
1954
1955
1956
1957
1958.. .
l ... .
2
3 .
4
1958—1
2
3
4
All types
InProfits Cash Undiscome after
divi- tributed
taxes taxes dends profits
NOTE.—Quarterly data are at seasonally
annual rates.
Year or
quarter
Stocks
Bonds and notes
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
1951
1952
1953
1954
1955
1956
1957 . . .
1958
9,048
10,679
9,550
11,694
12,474
13,201
14,350
14,710
2,772 6,277 5,682
2,751 7,927 7,344
2,429 7,121 6,651
5,629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,113 9,597 9,694
2,105
2,403
1,896
4,033
3,383
3,203
2,584
3,705
3,577
4,940
4,755
3,799
4.188
4,731
7,053
5,989
3,366
3,335
2,898
3,862
4,903
5,267
4,712
5,016
667
348
533
1,596
2,216
1,836
1,024
1,408
2,700
2,987
2,366
2,265
2,687
3,432
3,688
3,608
1958—1
2
3
4
3,566
4,049
3,575
3,519
852
1,581
1,367
1,313
2,715
2,468
2,208
2,207
2,799
2,453
2,294
2,148
597
1,318
1,028
762
2,202
768
1,135 1,596
1,266 1,281
1,386 1,371
255
264
339
550
513
1,333
942
821
1959—1
3 ,,054
1,165
1,890
1,592
688
903 1,462
476
986
i Reflects cash transactions only. As contrasted with data shown on p. 624, 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. 624.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current assets
End of year
or quarter
1951
1952
1953
1954
1955
1956 .
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
U.S.
Govt. 2
Other
Inventories
Notes and accts.
payable
Other
U.S.
Govt.*
Other
Federal
income
tax
liabilities
Total
Other
86.5
90.1
91.8
94.9
103.0
. . . . 107.4
179.1
186.2
190.6
194.6
224.0
237.9
30.0
30.8
31.1
33.4
34.6
34.8
20.7
19.9
21.5
19.2
23.5
19.1
2.7
2.8
2.6
2.4
2.3
2.6
58.8
64.6
65.9
71.2
86.6
95.1
64.9
65.8
67.2
65.3
72.8
80.4
2.1
2.4
2.4
3.1
4.2
5.9
92.6
96.1
98.9
99.7
121.0
130.5
1.3
2.3
2.2
2.4
2.3
2.4
53.6
57.0
57.3
59.3
73.8
81.5
21 3
18.1
18.7
15.5
19.3
17.6
16.5
18.7
20.7
22.5
25.7
29.0
1957_3
4
111.3
111.7
241.6
242.0
33.4
34.7
16.4
17.2
2.4
2.8
99.4
98.3
83.4
82.3
6.6
6.7
130.3
130.2
2.6
2.3
81.9
81.2
14.4
15.7
31.4
31.1
1958—1.
2
3
4
113.4
115.0
117.1
119.8
234.9
232.9
237.8
243.7
32.3
34.2
35.2
37.1
16.0
13.9
15.0
18.2
2.7
2.6
2.7
2.8
95.4
96.6
100.5
101.0
81.5
78.4
77.3
77.6
7.0
7.1
7.2
7.0
121.5
117.9
120.7
123.8
2.1
1 9
1.8
1.7
76.5
75.3
76.4
77.9
12.4
9 8
11.4
13.3
30.4
30 8
31.1
30.9
1
.
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
1951
1952.
1953
1954
1955.
1956
1957
1958
19594'
r
1
Total
25.6
26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.6
Manufacturing
Mining
10.9
11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.4
.9
1.0
1.0
1.0
1.0
1.2
1.2
.9
1.0
Transportation
Railroad
Other
[.5
1.4
1.3
.9
.9
1.2
1.4
1.5
1.5
1.6
1.5
1.6
1.7
1.8
1.5
2.0
.8
.9
Revised.
Corporate and noncorporate business, excluding agriculture.
* Includes trade, service, finance, and construction.
Manufactur- Trans- Public
ing
All
porta- utiliand
tion
ties other 3
mining
Public Comutili- muni- Others
ties cations
Quarter
Total
3.7
3.9
4.6
4.2
4.3
4.9
1,3
1.5
1.7
1.7
2.0
2.7
1958—1......
2
3
4 . .
1959—i>..
7.3
7.8
7.4
8 0
3.1
3.2
2.9
3 2
.7
.6
.5
6
6.1
5.9
7.2
2.6
10. 4
6 9
8.3
8.3
2 7
3.3
3.4
6
.8
.7
6.2
3.0
3
5.9
5.6
6.3
6.5
7.5
84
7.4
34
Includes communications and other.
* Anticipated by business.
!:i
1.6
I 7
I 2
s
1.6
2.3
2.5
2.4
2 5
2 "S
2 7
2.6
627
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
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Multi-family and
commercial properties 1
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
11.2
7.2
6.4
10.7
11.7
12.5
13.2
14.4
15.6
17.7
18.9
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
23.9
25.7
27.5
29.8
32.7
35.6
38.5
42.4
15.9
17.2
18.5
20.0
21.9
23.9
25.8
28.4
8.0
8.4
9.0
9.8
10.8
11.7
12.7
14.0
6.7
7.3
7.8
8.3
9.1
9.9
10.5
11.2
17.2
17.7
18.1
18.1
18.4
18.9
37.5
38.5
39.2
40.1
41.0
42.4
25.2
25.8
26.2
26.9
27.5
28.4
19.6
43.4
29.0
12.4
12.7
12.9
13.2
13.5
14.0
14.4
All
holders
Total
20.8
22.1
23.5
25.2
27.5
29.7
32.1
35.0
18.4
18.6
51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.8
12.2
41.1
46.8
53.6
62.5
73.8
83.4
89.9
98.9
121.5
124.5
127.9
131.5
4.5
4.7
4.9
4.6
4.6
4.8
31.6
32.1
32.7
33.5
34.2
35.0
143.3
146.1
148.5
151.7
155.7
160.2
134.3
5.3
35.9
164.0
105.7
107.6
109.3
111.6
114.6
117.8
120.6
88.5
89.9
91.2
93.5
96.2
98.9
101.0
20.7
21.0
1951
1952
1953
1954
1955
1956
1957
1958*
82.3
91.4
101.3
113.8
130.0
144.5
156.6
171.4
59.5
66.9
75.1
85.8
99.4
111.2
119.7
131.5
1957—Sept..
Dec...
153.7
156.6
117.7
119.7
1958—Mar.*
June p .
Sept.P
Dec. *\
159.1
162.6
166.7
171.4
1959—Mar.»
175.5
2.0
.9
2.0
2.4
2.8
2.8
3.1
3.6
4.7
4.8
14.9
13.7
v
Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Farm
1- to 4-family houses
31.2
30.8
75.6
84.2
93.6
105.5
120.9
134.6
146.1
160.2
37.6
35.5
1941
1945
Nonfarm
All
holders
Financial
Other
insti- holders*
tutions
1.5
1.3
2.6
2.8
3.0
3.3
3.6
3.9
4.0
4.2
4.9
3.4
4.1
4.4
4.8
5.0
5.4
6.0
6.5
7.0
10.4
10.5
10.6
10.9
11.1
11.2
4.0
4.0
4.1
4.1
4.2
4.2
6.4
6.5
6.6
6.7
6.9
7.0
11.5
4.3
7.2
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
End of year
or quarter
Residential
Total
Total
FHAinsured
VAguaranteed
1941
1945
4,906
4,772
3,292
3,395
1951
1952
1953
1954
1955
1956
1957
1958?
14,732
15,867
16,850
18,573
21,004
22,719
23,337
25,523
11,270
12,188
12,925
14,152
15,888
17,004
17,147
18,591
3,421
3,675
3,912
4,106
4,560
4,803
4,823
5,476
2,921
3,012
3,061
3,350
3,711
3,902
3,589
3,335
1957—Sept
Dec
23,105 17,070
23,337 17,147
4,750
4,823
1958
Mar.P
June pv
Sept p
Dec
23,400
23,960
24,700
25,523
17,125
17,460
18,055
18,591
1959
MarP
26,130 19,012
Conventional
Other
nonfarm
Residential
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
9,780
2,458
2,621
2,843
3,263
3,819
4,379
4,823
5,461
J.004
1,058
1,082
[,159
1,297
,336
,367
1,471
9,916
11,379
12,943
15,007
17,457
19,745
21,169
23,265
8,595
9,883
11,334
13,211
15,568
17,703
19,010
20,936
2,567
3,168
3,489
3,800
4,150
4,409
4,669
5,501
1,726
2,237
3,053
4,262
5,773
7,139
7,790
8,360
3,660
3,589
8,660
8,735
4,660
4,823
,375 20,812 18,687
1,367 21,169 19,010
4,575
4,669
4,825
4,970
5,205
5,476
3,485
3,405
3,355
3,335
8,815
9,085
9,495
9,780
4,880
5,060
5,184
5,461
,395
,440
,461
471
19,371
19,927
20,460
20,936
5,660
3,317 10,035
5,633
,485 23,638 21,282
» Preliminary.
1 Represents all banks in the United States and possessions.
2 Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank
Call Report and from weekly reporting member banks.
3
Figures for 1941 and 1945, except for the grand total, are estimates
Mutual savings bank holdings 3
21,565
22,165
22,746
23,265
Conventional
Other
nonfarm
Farm
900
797
28
24
4,303
4,477
4,792
5,149
5,645
6,155
6,551
7,074
1,274
1,444
1,556
1,740
1,831
1,984
2,102
2,276
47
53
53
56
58
59
57
53
7,660
7,790
6,452
6,551
2,068
2,102
57
57
4,810
5,047
5,280
5,501
7,937
8,160
8,276
8,360
6,624
6 720
6,904
7,074
2,137
2,181
2,231
2,276
57
57
55
53
5,674
8,423
7,185
2,305
51
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Sources.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
628
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
FHAinsured
VAguaranteed
Farm
Total
5 529
5 860
815
1 394
411
372
420
413
515
514
407
435
19,314
21,251
23,322
25,976
29,445
32,989
35,236
37,097
17,787
19 546
21,436
23,928
27,172
30,508
32,652
34,388
5,257
5,681
6,012
6,116
6,395
6,627
6,751
7,449
240
236
226
279
292
289
335
268
425
42
32
27
30
31
30
31
32
50
35,840
35,956
36,060
36,183
36,323
36,472
36,648
36,794
37,097
33,213
33,316
33,409
33,519
33,645
33 786
33,955
34,093
34,388
316
214
270
252
42
56
63
47
37,211
37,350
37,486
37,602
34,510
34,635
34,753
34,851
976
1951
1952
1953
1954
1955
1956
1957
1958
5,134
3,978
4,345
5,344
6,623
6,715
5,230
5,248
4,723'
3,606
3,925
4,931
6,108
6,201
4,823
4,813
1,058
864
817
672
971
842
653
1,303
1,294
429
455
1,378
1,839
1,652
831
200
2,371
2 313
2,653
2,881
3,298
3,707
3,339
3,310
Sept
Oct
Nov
Dec
402
380
368
428
437
451
516
429
642
360
348
341
398
406
421
485
397
592
94
96
95
103
109
125
141
121
155
26
16
20
16
5
7
9
8
12
1959_jan
Feb
Mar
Apr
508
420
473
432
466
364
410
385
139
141
130
120
11
9
10
13
Apr
May
July
FHAinsured
6 442
6 636
1941
1945
1958
Total
Other
VAguaranteed
Farm
Other
4 714
4 466
913
776
3,131
3,347
3,560
4,643
6,074
7,304
7,721
7,455
9,399
10,518
11,864
13,169
14,703
16,577
18,180
19,484
1,527
1,705
1,886
2,048
2,273
2,481
2,584
2,709
6,948
6,995
7,038
7,076
7,123
7,212
7,282
7,347
7,449
7,719
7,699
7,677
7,651
7,619
7,561
7,527
7,492
7,455
18,546
18,622
18,694
18,792
18,903
19 013
19,146
19,254
19,484
2,627
2,640
2,651
2,664
2,678
2 686
2,693
2,701
2,709
7,528
7,623
7,693
7,758
7,429
7,392
7,347
7,314
19,553
19,620
19,713
19,779
2,701
2,715
2,733
2,751
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
Loans outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
FHAinsured
1,379
1,913
437
181
581
1,358
4,578
5,376
1952
1953
1954
1955
1956
1957
1958
6,617
7,767
8,969
11,432
10,545
10,402
12,346
2,105
2,475
3,076
4,041
3,771
3,562
4,096
2,955
3,488
3,846
5,241
4,727
4,708
5,251
18,396
21,962
26,194
31,461
35,729
40,007
45,599
904
1,048
1,172
1,405
1,486
1,643
£,210
3,394
3,979
4,721
5,891
6,643
7,011
7,093
14,098
16,935
20,301
24,165
27,600
31,353
36,296
920
1,019
1,107
1,180
1,180
1,215
1,290
1,053
1,136
316
346
379
374
373
401
428
345
376
354
406
461
511
538
537
570
469
488
41,223
41,751
42,333
42,866
43,423
43,997
44,602
45,067
45,599
[,748
1,789
1,833
1,901
1,940
>,007
1,084
>,'21O
6,984
6,981
6,995
7,012
7,034
7,031
7,053
7,062
7,093
32,491
32,981
33,505
33,953
34,449
34,959
35,465
35,850
36,296
Year or
month
1,013
1,012
1,257
1,359
317
326
439
480
442
429
515
562
46,009
46,436
47,029
47,733
>?77
>,331
>,392
>,466
7,109
7,127
7,117
7,126
36,623
36,978
37,520
38,141
1941
1945 .
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
1,165
1,097
218
217
18,018
19,747
22,974
28,484
27,088
24,244
27,388
6,452
7,365
8 312
10,452
9,532
9,217
10,516
[,420
1,480
[,768
1,932
1,799
1,472
460
3,600
3,680
4 239
5,617
5,458
4,264
5,204
1,137
1,327
1 501
1,858
1,824
1,429
1,640
1,993
2,087
2,192
2,291
2,413
2,488
2,576
2,652
2,629
2,022
2,151
2,275
2,543
2,535
2,596
2,857
2,432
2,629
787
845
910
986
995
1,022
1,086
932
983
106
113
110
125
130
136
150
128
143
385
418
429
491
476
493
558
474
508
103
120
140
165
169
170
175
154
165
2,677
*>2,633
2,685
2,352
2,245
2 590
2,776
870
865
1 040
1,148
121
106
117
454
426
520
553
123
113
120
124
...
1952
1953
1954
1955
1956
1957
1958
1958
1958
Apr
May
.
July
Aug
Sept
. .
Oct
Nov
Dec
1959
Jan
Feb
Mar
Apr
By type of lender
(without seasonal adjustment)
Total
ConVAvenguaranteed tional 2
1941
1945
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
1959
Jan
Feb
Mar.3
Apr
115
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.
*> Preliminary.
1 Three-month moving average, seasonally adjusted by Federal Reserve.
2
Includes amounts for other lenders, not shown separately.
3
Preliminary estimates subject to revision.
Source.—Federal Home Loan Bank Board.
629
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projecttype
mortgages i
Property
improvement2
loans
Home
mortgages
Total 3
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Conventional
Total
Total
1945
665
257
217
20
171
192
1950
1951
1952
1953
1954
1955
1956
1957
1958
4,343
3,220
3,113
3,882
3,066
3,807
3,461
3,715
6,349
1,637
1,216
969
1,259
1,035
1,269
1,133
880
1,666
856
713
974
1,030
907
1,816
1,505
1,371
2,885
1,157
582
322
259
232
76
130
595
929
694
708
848
1,334
891
646
692
869
868
3,072
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
1,865
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,311
1,202
942
890
1,014
1,566
2,564
1,948
863
549
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
423
431
551
524
599
756
641
559
624
119
110
126
132
128
160
174
165
190
186
201
217
236
243
320
327
292
320
57
55
128
98
170
146
58
31
24
61
65
81
58
58
130
83
71
89
85
73
97
127
156
189
239
216
257
72
57
71
83
91
107
140
135
174
13
15
27
43
64
82
99
81
82
1959—Jan
Feb
Mar
Apr
700
598
643
639
217
196
211
196
369
311
319
294
37
37
33
80
77
54
81
69
276
238
260
231
194
174
201
179
81
64
59
52
1
Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
1945.
FHA- VAinguarsured anteed
18.6
4.3
4.1
.2
14.3
1950
1951
1952
1953
1954..
1955
1956
1957. .
1958*\.
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.8
18.9
22.9
25.4
28.1
32.1
38.9
43.9
47.2
50.1
8.6
9.7
10.8
12.0
12.8
14.3
15.5
16.5
19.7
10.3
13.2
14.6
16.1
19.3
24.6
28.4
30.7
30.4
26.3
28.8
33.1
38.0
43.6
49.3
55.1
60.4
67.7
1957—Sept
Dec
105.7
107.6
46.5
47.2
16.1
16.5
30.4
30.7
59.2
60.4
1958—Mar.*\
..
June p . .
Sept.?...
Dec.p. . .
109.3
111.6
114.6
117.8
47.7
48.3
49.1
50.1
17.1
17.7
18.6
19.7
30.6
30.6
30.5
30.4
61.6
63.3
65.5
67.7
1959—Mar.*>. . . 120.6
51.3
20.9
30.4
69.3
v
Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY *
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
1958
Apr
May
July
Sept
Oct
Nov
Dec
....
1959_jan
Feb
Mar .
Apr
....
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
3,901
169
204
320
621
802
901
978
1,237
1,483
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
2,418
1,044
677
538
542
614
411
609
1,119
623
469
111
56
221
525
62
5
2
482
485
239
323
638
476
76
360
764
1,541
1950
1951
1952
1953
1954
1955
1956
1957
1958
675
423
586
728
734
1,251
745
1,116
1,364
292
433
528
640
818
702
934
1,079
1,331
816
806
864
952
867
1,417
1,228
1,265
1,298
547
508
565
634
612
991
798
731
685
269
298
299
317
255
426
430
534
613
4,019
3,928
3,753
3,703
3,683
3,693
3,729
3,791
3,901
1,345
1,342
1,309
1,300
1,298
1,320
1,353
1,405
1,483
2,674
2,586
2,444
2,403
2,385
2,373
2,376
2,386
2,418
38
33
22
17
22
37
59
82
134
75
109
176
51
23
8
1
1
1
842
1,001
1,142
1,308
1,543
1,674
1,669
1,640
1,541
1958—Apr.
May
June
July.
Aug.
Sept
Oct.
Nov.
Dec.
212
56
178
108
100
119
126
86
229
93
68
50
137
62
48
52
47
53
815
803
929
901
939
1,010
1,083
1,123
1,298
304
288
372
392
427
490
545
576
685
511
515
557
509
512
520
538
547
613
4,032
4,188
4,340
4,508
1,564
[ 664
,740
,831
2,468
2,523
2,600
2,677
150
176
175
193
1
1,432
1,291
1,182
1,063
1959_jan..
Feb..
Mar.
Apr.,
50
83
157
251
94
96
62
1,146
1,101
1,087
1,183
599
559
531
570
547
542
556
612
* 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)
Total
End of year
or month
1950
1951
1952
1953
1954
1955
1956
1957
1958
Mortgage
transactions
(during
period)
Commitments
undisbursed
Mortgage holdings
Year or month
Ad- Repayvances ments
Total
1
2
Short-1
term
Longterm 2
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
630
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
End of year or month
Total
Other
consumer
goods1
paper
Noninstalment credit
Repair
and modernization
loans2
Singlepayment
loans
Total
Automobile
paper i
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1951
1952
1953
1954
1955
1956..
1957
1958
22,617
27,401
31,243
32,292
38,670
42,097
44,774
45,065
15,294
19,403
23,005
23,568
28,958
31,827
34,095
33,865
5,972
7,733
9,835
9,809
13,472
14,459
15,409
14,131
4,880
6 174
6,779
6,751
7,634
8,510
8,692
9,007
1,085
1,385
1,610
1,616
1,689
1,895
2,091
2,145
3,357
4,111
4,781
5,392
6,163
6,963
7,903
8,582
7,323
7,998
8,238
8,724
9,712
10,270
10,679
11,200
1,934
2,120
2,187
2,408
3,002
3,253
3,365
3,543
3,605
4,011
4,124
4,308
4,579
4,735
4,829
5,018
1,784
1,867
1,927
2,008
2,131
2,282
2,485
2,639
1958 Aor
May
June
JUly
Sept
Oct
Nov
Dec
42,617
42,985
43,079
42,923
43,128
43,144
43,164
43,464
45,065
32,888
32,910
33,008
33,074
33,165
33,079
33,052
33,126
33,865
14,691
14,613
14,590
14,567
14,514
14,332
14 164
14,066
14,131
8,124
8,158
8,190
8,197
8,254
8,312
8 411
8,528
9,007
2,017
2,038
2,048
2,061
2,091
2,107
2,128
2,146
2,145
8,056
8,101
8,180
8,249
8,306
8,328
8,349
8,386
8,582
9,729
10,075
10,071
9,849
9,963
10,065
10,112
10,338
11,200
3,352
3,476
3,482
3,373
3,453
3,495
3,414
3,499
3,543
3,772
4,010
4,012
3,927
3,956
4,033
4,191
4,297
5,018
2,605
2,589
2,577
2,549
2,554
2,537
2,507
2,542
2,639
1959 Jan
Feb
Mar
Apr
44,415
44,071
44,203
44,916
33,768
33,751
33,943
34,453
14,155
14,223
14,375
14,686
8,881
8 767
8,721
8,777
2,125
2,116
2,127
2,149
8,607
8,645
8,720
8,841
10,647
10,320
10,260
10,463
3,464
3,563
3,618
3,674
4,504
4,004
3,883
3,997
2,679
2,753
2,759
2,792
1939
1941
1945
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.
Personal
loans
Total
Charge
accounts
Service
credit
NOTE.—Monthly figures for the period December 1939 through 1947,
and a general description of the series are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINS
for October 1956, pp. 1035-42, December 1957, pp. 1420-22, and November 1958, pp. 1344-45. A detailed description of the methods used to
derive the estimates may be obtained from Division of Research and
Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institution 5
End of year
or month
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
1951
1952
1953
1954
1955
1956
1957
1958
15,294
19,403
23,005
23,568
28,958
31,827
34,095
33,865
12,124
15,581
18,963
19,450
24,450
27,084
29,427
28,943
5,771
7,524
8,998
8,796
10,601
11,707
12,753
12,730
3,654
4,711
5,927
6,144
8,443
9,100
9,573
8,740
635
837
1,124
1,342
1,678
2,014
2,429
2,664
32,888
32,910
. . . . 33,008
33,074
33,165
. . . . 33,079
33,052
33,126
33,865
28,724
28,703
28,774
28,917
28,983
28,758
28,666
28,648
28,943
12,444
12,467
12,520
12,606
12,655
12,607
12,612
12,617
12,730
9,200
9,129
9,105
9,121
9,083
8,891
8,777
8,708
8,740
33,768
33,751
33,943
34,453
29,016
29,070
29,324
29,825
12,856
12,884
13,028
13,312
8,733
8,724
8,780
8,921
1958 Apr
May
June . •
JUly
Aus
Sept
Oct
Nov.
Dec
1959—Jan
Feb
Mar
Apr
Consumer
finance
companies1
Other1
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1,555
1,866
2,137
2,257
2,656
3,056
3,333
3,381
509
643
111
911
1,072
1,207
1,339
1,428
3,170
3,822
4,042
4,118
4,508
4,743
4,668
4,922
924
,107
,064
,242
,511
1,408
1,393
1,702
810
943
1,004
984
1,044
1,187
1,210
1,220
243
301
377
377
365
377
361
360
290
389
527
463
487
502
478
425
901
,082
,070
,052
101
,269
,226
1,215
2,452
2,478
2,510
2,545
2,578
2,591
2,613
2,628
2,664
3,292
3,277
3,283
3,292
3,294
3,280
3,274
3,281
3,381
1,336
1,352
1,356
1,353
j.*m
1,389
1,390
,414
1,428
4 164
4,207
4,234
4,157
4,182
4,321
4,386
4,478
4,922
1,241
1,278
1,310
1,241
1,251
1,393
1,426
1,474
1,702
1 091
1,092
1,093
1,093
1,110
1,110
1,126
1 149
1,220
342
341
339
338
340
344
346
351
360
450
446
444
443
440
433
427
424
425
I 040
1,050
1,048
1,042
I 041
1,041
1,061
I 080
I 215
2,639
2,661
2,700
2,754
3,374
3,372
3,371
3,379
[,414
1,429
1,445
1,459
4,752
4,681
4,619
4,628
1,615
1,611
1,581
1,582
1,183
1,166
1,129
1,127
356
350
348
347
425
427
430
439
I 173
1,127
I 131
1,133
1
Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Retail outlets
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
631
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]
] Lnd of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
[Estimated amounts outstanding, in millions of dollars]
Repair
and
modernization
loans
Personal
loans
1939.
1941
1945.
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1951.
1952.
1953.
1954.
1955
1956.
1957.
1958
5,771
7,524
8,998
8,796
10,601
11,707
12,753
12,730
1,135
1,633
2,215
2,269
3,243
3,651
4,130
3,938
1,311
1,629
1,867
1,668
2,062
2,075
2,225
2,191
1,315
1,751
2,078
1,880
2,042
2,394
2,467
2,324
888
,137
,317
,303
,338
,469
,580
1 ,613
1,122
1,374
1,521
1,676
1,916
2,118
2,351
2,664
12,444
12,467
12,520
12,606
12,655
12,607
12,612
12,617
12,730
3,961
3,954
3,957
3,967
3,977
3,948
3,925
3,917
3,938
2,210
2,214
2,223
2,228
2,221
2,198
2,178
2,169
2,191
2,306
2,289
2,281
2,300
2,304
2,274
2,287
2,296
2,324
1 ,518
1 ,531
1 ,540
1 ,551
1 ,570
1 ,583
1 ,603
1 ,614
1 ,613
2,449
2,479
2,519
2,560
2,583
2,604
2,619
2,621
2,664
12,856
12,884
13,028
13,312
3,962
3,993
4,049
4,154
2,216
2,239
2,282
2,345
2,372
2,342
2,340
2,361
1 ,605
1 ,594
1 ,598
1 ,616
2,701
2,716
2,759
2,836
1958
Anr
May
June
July
AuR
Sept
Oct
Nov
Dec
1959 Tan
Feb
Mar
Apr
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1951
1952
1953
1954
1955
1956
1957
1958
3,654
4,711
5,927
6,144
8,443
9,100
9,573
8,740
2,863
3,630
4,688
4,870
6,919
7,283
7,470
6,404
452
680
816
841
,034
,277
,413
,567
63
60
46
31
25
23
20
19
276
341
377
402
465
567
670
750
1958—Apr.,
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
9,200
9,129
9,105
9,121
9,083
8,891
8,777
8,708
8,740
6,968
6,888
6,844
6,795
6,730
6,601
6,477
6,395
6,404
,515
,520
,532
,592
,612
,551
,560
,571
,567
20
20
20
21
23
20
19
19
19
697
701
709
713
718
719
721
723
750
1959—Jan..
Feb..
Mar.
Apr.
8,733
8,724
8,780
8.921
6,391
6,394
6,429
6,543
,566
,548
1,561
1,582
19 |
19
21 I
20
757
763
769
776
End of year
or month
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Personal
loans
NONINSTALMENT CREDIT, BY HOLDER
[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
consumer
goods
paper
1939
1941
1945
789
957
731
54
20
1951
1952
1953
1954
1955
1956
1957
1958
2,699
3,346
4,038
4,510
5,406
6,277
7,101
7,473
373
233
452
310
1,106
1,173
7,080
7,107
7,149
7,190
7,245
7,260
7,277
7,323
7,473
7,427
7,462
7,516
7,592
1958 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1959—Jan
Feb
Mar
Apr
81
122
538
539
761
948
24
36
370
375
537
Repair
and
modernization
loans
Personal
loans
15
14
14
669
785
134
188
247
1,959
2,396
2,883
3,314
3,782
4,278
4,882
5,168
282
326
643
648
622
619
403
491
513
1,102
1,111
1,122
1,134
1,146
1,152
L157
1,161
1,173
589
588
587
591
596
479
487
488
489
498
599
605
607
619
504
506
513
513
4,910
4,921
4,952
4,976
5,005
5,005
5,009
5,042
5,168
1,161
1,170
,185
.205
616
623
631
645
501
503
508
513
5,149
5,166
5,192
5,229
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.
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
Service
credit
Other
Department 1
stores
Other
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
1951
1952
1953
1954
1955
1956
1957
1958
7,323
7,998
8,238
8,724
9,712
10,270
10,679
11,200
1,684
1,844
1,899
2,096
2,635
2,843
2,937
3,057
250
276
288
312
367
410
428
486
698
728
772
793
862
893
876
907
2,907
3,283
3,352
3,515
3,717
3,842
3,953
4,111
1,784
1,867
1,927
2,008
2,131
2,282
2,485
2,639
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
9,729
10,075
10,071
9,849
9,963
10,065
10,112
10,338
11,200
2,896
2,933
2,998
2,968
2,980
2,965
2,977
2,998
3,057
456
543
484
405
473
530
437
501
486
580
584
575
533
546
600
623
669
907
3,192
3,426
3,437
3,394
3,410
3,433
3,568
3,628
4,111
2,605
2,589
2,577
2,549
2,554
2,537
2,507
2,542
2,639
1959
10,647
10,320
10,260
10,463
3,030
3,075
3,100
3.181
434
488
518
493
757
637
608
601
3,747
3,367
3,275
3,396
2,679
2,753
2,759
2,792
1
Jan
Feb
Mar
Apr
Includes mail-order houses.
632
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
23,576
29,514
31,558
31,051
39,039
40,063
42,426
40,497
1951
1952
1953
1954
1955
1956
1957
1958
8,956
11,764
12,981
11,807
16,745
15,563
16,545
14,154
.941
1,217
1,344
1,261
1,388
1,568
1,662
1,620
7,485
9,186
9,227
9,117
10,634
11,590
11,626
11,747
6,294
7,347
8,006
8,866
10,272
11,342
12,593
12,976
Sept
Oct
Nov
Dec
3,261
3,246
3,262
3,328
3,416
3,326
3,451
3,594
3,720
3,335
3,371
3,477
3,483
3,385
3,297
3,475
3,338
4,350
1,143
1,094
1,095
1,151
1,142
1,082
1,199
1,276
1,420
1,211
1,199
1,257
1,281
1,193
1,105
1,173
1,091
1,360
923
992
968
965
1,018
1,005
1,005
1,041
1,002
876
1,000
973
956
976
993
1,075
1,054
1,435
132
134
135
135
142
142
143
142
134
131
144
146
146
151
158
159
141
131
1.063
1,026
1,064
1,077
1,114
1,097
1,104
L135
1,164
1.117
1,028
1,101
1,100
1,065
1,041
1,068
1,052
1,424
1959 Jan
Feb
Mar
Apr
3,799
3,816
3,749
3,939
3,321
3,247
3,786
4,022
1,437
1,454
1,414
1,502
1,248
1,258
1,476
1,580
1,047
1,057
1,058
.126
886
839
982
1,074
146
141
151
158
111
111
141
156
1,169
1,164
1,126
1,153
1,076
1,039
1,187
.212
1958 Apr
May
June
July
Repayments
1951
1952
1953
1954
1955
1956
1957
1958
22,985
25,405
27,956
30,488
33,649
37,194
40,158
40,727
9,058
10,003
10,879
11,833
13,082
14,576
15,595
15,432
7,404
7,892
8,622
9,145
9,751
10,714
11,444
11,432
772
5,751
6,593
7,336
8,255
9,501
10,542
11,653
12,297
917
1,119
1,255
1,315
1,362
1,466
1,566
Sept
Oct
Nov
Dec
3,390
3,338
3,391
3,365
3,403
3,376
3,418
3,447
3,414
3,387
3,349
3,379
3,417
3,294
3,383
3,502
3,264
3,611
1,326
1,284
1,278
1,275
1,276
1,246
1,281
1,243
1,262
1.313
1,277
1,280
1,304
1,246
1,287
1,341
1,189
1.295
919
940
961
948
947
949
964
1,001
953
931
966
941
949
919
935
976
937
956
135
124
138
132
124
140
134
124
129
133
123
136
133
121
142
138
123
132
1,010
990
1,014
1,010
1,056
1,041
1,039
1,079
,070
1,010
983
1,022
1,031
1,008
1,019
1,047
1,015
1,228
1959 Jan
Feb
Mar
Apr
3,412
3,483
3,431
3,516
3,418
3,264
3,594
3,512
1,252
1,281
1,265
1,282
1,224
1,190
1,324
1,269
956
981
983
1,006
1,012
953
1,028
1,018
130
127
126
136
131
120
130
134
1,074
,094
1,057
.092
1,051
1,001
1,112
1,091
1958 Apr
May
June
July
AUK
Change in outstanding credit1
-102
+ 1,761
+2,102
-26
+ 3,663
+987
+950
-1,278
+591
+4,109
+ 3,602
+ 563
+ 5,390
+2,869
+2,268
-230
1951
1952
1953
1954
1955
1956
1957
1958
Dec
-129
-92
-129
-37
+ 13
-50
+ 33
+ 147
+306
1959 Jan
Feb
Mar
Apr
+387
+333
+318
+423
1958 Apr
June
July
Aus
Sept
Oct
-102
-78
-23
-23
-53
-182
-168
-98
+65
+4
+52
+7
-86
-27
+74
+739
-183
-190
-183
-124
-134
-164
-82
+33
+ 158
+ 17
+71
+ 56
+41
+40
+49
+57
+58
+99
+ 117
+479
-97
-17
+ 192
+ 510
+ 185
+ 173
+ 149
+220
+24
+68
+ 152
+ 311
+91
+76
+75
+ 120
-126
-114
-46
+56
-52
+22
+98
+66
+91
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of
the BULLETIN for Oc tober 1956; for 1955-57, in the BULLETINS for Decem-
ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 81
+ 1,294
+ 605
— 28
+ 883
+ 876
+ 182
+ 315
+69
+ 300
+225
+6
+73
+206
+ 196
+54
-55
+ 34
+ 32
-3
+ 10
-3
+7
+3
+ 18
+2
+9
+ 18
+5
+ 16
+ 14
+25
+22
+543
+754
+670
+611
+771
+800
+940
+679
-2
+21
+ 10
+ 13
+30
+ 16
+21
+ 18
-1
+53
+36
+50
+67
+58
+56
+65
+56
+94
+ 107
+45
+79
+69
+57
+22
+21
+ 37
+ 196
-20
-9
+ 11
+22
+95
+70
+69
+61
+25
+38
+75
+ 121
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.
633
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
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Sales finance
companies
Adjusted
Unadjusted
Other financial
institutions
Adjusted
Unadjusted
Retail outlets
Adjusted
Unadjusted
Extensions
1951
1952
1953
1954
1955
1956
1957
1958
1958
Apr 1
May
June
July
.
Sept * .
Oct
Nov
Dec
1959 Jan
Feb i
Mar
3,261
3,246
3,262
3,328
3,416
3,326
3,451
3,594
3,720
3,799
3,816
3,749
3,939
23,576
29,514
31,558
31,051
39,039
40,063
42,426
40,497
3,335
3,371
3,477
3,483
3,385
3,297
3,475
3,338
4,350
3,321
3,247
3,786
4,022
8,358
11,123
12,099
11,267
14,109
14,387
15,234
5,467
6,982
7,560
7,260
10,200
9,600
10,200
8,907
14,645
1,201
4,788
5,659
6,375
6,983
8,449
9,474
10,497
10,330
,150
,168
,255
,249
,206
,272
,321
1,330
1,285
,227
,278
,320
1,235
,209
,261
,160
1,357
766
712
685
753
714
632
732
758
827
759
743
776
851
756
656
738
687
855
885
911
935
1,143
1,443
,395
,367
1,455
1,333
,227
,426
1,555
883
865
883
941
753
723
883
933
903
922
900
908
803
824
941
939
834
820
841
853
889
873
866
827
872
875
858
831
864
857
4,963
5,750
5,524
5,541
6,281
6,602
6,495
6,615
460
564
568
467
564
615
562
604
628
570
634
599
635
425
574
551
437
536
601
612
634
995
432
473
536
595
Repayments
22,985
25,405
27,956
30,488
33,649
37,194
40,158
40,727
1951
1952
1953
1954
1955
1956
1957
1958
1958
Anr i
May
June
July
Sept *
Oct
Nov
Dev
1959 Jan
Feb. i
Mar
Apr
3,390
3,338
3,391
3,365
3,403
3,376
3,418
3,447
3,414
3,412
3,483
3,431
3,516
3,387
3,349
3,379
3,417
3,294
3,383
3,502
3,264
3,611
3,418
3,264
3,594
3,512
8,385
9,370
10,625
11,469
12,304
13,320
14,259
14,551
1,203
1.197
1,220
[,203
[,220
1,197
[,230
[,228
[,196
1,214
1,204
1,225
1,234
1,186
1,215
1,256
1,155
1,244
860
830
801
828
806
806
800
785
782
1,210
1,207
1,175
1,282
1,271
789
793
781
808
[,262
1,238
1,261
5,524
5,925
6,344
7,043
7,901
8,943
9,727
9,774
843
814
800
835
794
825
852
756
823
816
802
823
821
845
837
841
855
864
760
732
827
792
870
857
846
865
4,385
5,012
5,683
6,511
7,553
8,603
9,673
9,958
815
4,691
5,098
5,304
5,465
5,891
6,328
6,499
6,444
993
511
509
547
513
532
536
547
579
572
515
800
830
834
803
816
847
811
849
789
887
863
543
571
566
582
602
568
598
586
531
524
514
511
527
547
542
551
Change in outstanding credit 2
+591
+4,109
+3,602
+563
+5,390
+2,869
+2,268
1951
1952
1953
1954
1955
1956
1957
1958
1958
+ 134
+233
+ 109
+ 129
+ 194
Apr.i
-129
-52
+38
-92
June
July
-129
-37
+22
+98
+66
+91
-47
-52
Sept.i
Oct
Nov
Dec
1959
+52
+29
-230
Jan
Feb. i
Mar
Apr.
+ 13
-50
+33
+ 147
+306
+387
+333
+318
+423
-86
-27
+74
+739
-97
-17
+ 192
+510
-33
+42
+93
+ 1,057
+ 1,216
+217
+2,299
+657
+473
-833
-94
-118
-116
-84
-71
-24
-75
-92
+ 16
-48
-197
+5
+5
+ 113
+ 126
+28
+ 144
+284
-192
-114
+45
+94
+72
+ 102
+ 133
+32
1 Data on extensions and repayments have been adjusted to avoid
duplications resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types of holders do not equal the changes in outstanding credit.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of
the BULLETIN for October 1956; for 1955-57, in the BULLETINS for December 1957, pp. 1420-22, and November 1958, pp. 1344-45.
+403
+647
+692
+472
+896
+871
+824
+372
-57
-27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,106
+ 1,046
-23
+ 111
+23
+53
+86
+49
-68
-27
-38
-69
-7
-9
+56
+ 141
+ 18
+ 18
+ 18
+32
+44
+36
+44
+56
+71
+33
+65
+54
+43
+51
+27
+42
+41
+55
+ 15
+ 17
+46
+ 150
-46
+35
+54
+76
+272
+652
+220
+76
+390
je
+254
-91
-130
+55
+21
-46
+32
+ 144
+ 15
+25
+56
+27
+87
+33
+53
+43
+27
-77
+25
+ 139
+65
+92
+444
-170
-71
-62
+9
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 andfinancialinstitutions 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.
634
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) *
Industrial production
(physical volume)*
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Employment and payrolls 2
Nonagricultural
employment
Manufacturing
production workers
Employment
Freight
carloadings*
Payrolls
Ad- AdAd- Unad- Unad- Unad- AdAd- Unad- Unad- AdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922.
1923
1924
1925
37
36
34
40
44
42
46
45
43
48
38
42
24
37
47
43
49
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
57
66
1941
1942.
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
1926.
1927
1928
1929
1930
. ...
.
..
...
.......
27
32
30
30
34
34
36
115
111
112
115
99
37
37
37
38
35
79
59
62
67
69
32
24
24
27
29
81
84
67
76
83
32
35
32
35
37
98
104
104
106
102
44
49
94 4
99.4
101.6
99.0
102.3
97 9 81 2
103.4 97.7
102.8 105.1
93.8 97 2
99.6 111.7
100
108
104
88
97
90
98
104
99
107
172
183
201
204
248
199
101
108
108 2
110.4
113.6
110 7
114.4
118 3
119.2
115.5
106 4
106.3
111.8
101 8
105.6
101
95
96
86
95
97
90
78
112
114
118
118
128
135
135
136
114.6
115.0
115.2
115.6
73
77
70
79
80
83
83
82
134
133
140
147
112
91
130
156
130
128
111
109
88
82
95
99
143
170
82 ^116.8
78 1
17.0
r
114 117.6
123 118.6
66
61.3
61 9
55.2
58.5
64.3
63.5
65 2
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.5
67 9
67.9
71.0
66 6
51
42
48
51
55
34
15
14
17
20
22
8
7
7
13
41
20
18
24
25
60 3
53 4
53.6
58 8
61.3
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65 8
70.2
66.1
69.3
73.3
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
82.8
90.9
96 3
95.0
91 5
86
101
97
112
90
100
103
97
113
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79
83
105
111
142
120
124
134
125
139
143
143
134
121
125
136
127
140
144
145
136
128
136
153
137
155
159
160
141
114
114
118
116
126
129
130
130
115
114
116
111
122
129
128
117
171
183
192
215
261
199
101
111
170
183
178
232
280
199
101
114
127
131
125
136
140
143
134
139
141
144
145
126
129
132
133
133
134
135
135
108
112
116
120
123
122
123
124
128
144
136
130
121
125
98
86
124
126
144
134
124
124
87
87
126
142
90
100
104
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955.
1956
1957.
1958
..
90
98
83
92
107
105
110
39
45
32
43
42
46
59
38
39
30
39
45
53
42
45
62
57
34
34
30
43
45
51
59
63
64
63
68
59
48
42
48
49
55
49
55
35
49
63
Adjusted
68.7 31.1
69.0 37 1
52.8 24.0
58.4 25.7
66.9 32 6
62.1 30.4
64.2 32 1
65.5 33.0
64.1 32 4
64.2 32.8
68.3 35.0
59.5 28 3
50 2 21 5
42.6 14 8
47.2 15.9
55 1 20 4
58.8 23 5
63 9 27 2
70.1 32.6
59.6 25.3
66.2 29 9
71.2 34.0
87.9 49 3
103.9 72.2
121.4 99 0
118.1 102.8
26
18
27
41
49
57
75
39
41
31
39
47
44
49
DepartWholement
sale
Constore sumer
com2
sales* prices modity
(retail
prices2
value)
104 0
87 8
129 8
136.6
151 4
137 7
152.9
106.7 161 4
104.4 162.7
94.3 148 8
56
62
70
Unad- Unadjusted justed
74.0
85 7
76.4
71.6
72 9
73.1
75 0
75.6
74 2
73.3
73.3
71 4
65 0
58 4
55.3
57 2
58 7
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
111 0
113.5
114 4
114 8
114 5
116 2
120.2
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
117.6
119 2
1958
May
June .
July
AUK
Sept
Oct
Nov
Dec
...
128
132
134
136
137
138
141
142
140
130
134
136
138
139
140
143
144
143
145
147
150
142
147
149
151
145
148
150
153
153
157
160
164
*152
*152
^155
?168
144
146
151
152
135
148
90.9
92.3
91.8
94.1
96.5
94.8
96.9
140.9
144 9
144.8
150.0
155.7
96.5 95.8
96.8 J 96.5
98 2 98 0
99.5 98.4
*>119.1 vlOO.6 2J99.2
158 2
160 4
165 1
167 0
^169.2
116.1
115.6
116.3
116.2
92.3
92.8
93.1
93.2
94.8
93.4
96.0
96.1
152.5
158.4
96.5 160.4
135
135
137
143
123.6
123 7
123.9
123.7
123.7
123.7
123 9
119 5
119 2
119.2
119 1
119.1
119.0
119 2
123.7
119.2
123
123
123
123
119
119
119
120
1959
Jan
Feb
Mar
Apr
Mav
137
139
140
142
2>143
r
r
123
123
^126
e
Preliminary.
r Revised.
Estimated.
* Average per working day.
are based on data for 48 States from F. W.
i Indexes beginning 1956> arc
Dodge
)odgc Corporation, 1956-57=»
1956-57= 100. Figures for earlier years are threemonth moving averages, based on data for 37 States east of the Rocky
Mountains, 1947-49= 100; the data for 1956 on this basis were: Total,
268; Residential, 271; and all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
84
84
85
87
89
138
140
138
#140
«145
8
8
7
9
5
5
6
0
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.
635
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100J
Annual
947-49 average
1958
1959
proportion
1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr.
Industry
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
00.00
143
134
126
128
132
134
136
137
138
141
142
143
145
147
MANUFACTURES^-TOTAL
90.02
145
136
128
130
134
136
138
139
140
143
144
145
148
150
153
Durable Manufactures—Total
45.17
160
141
131
134
139
141
144
145
146
151
152
153
157
160
164
Primary metals
150
6.70
131
104
E6
91
103
102
109
113
122
123
123
125
138
146
149
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
176
139
168
150
204
213
128
344
172
755
128
145
127
179
187
99
319
164
146
118
137
122
166
178
86
316
159
148
120
137
122
167
182
93
314
158
757
125
141
125
171
185
95
320
160
154
129
144
125
181
185
96
318
162
755
132
147
126
188
186
96
321
162
155
148
129
186
178
82
322
166
755
133
147
130
180
183
91
321
169
755
136
150
133
183
203
119
327
173
755
136
152
132
190
204
123
322
175
755
136
154
132
199
204
124
322
176
755
135
158
138
198
204
123
322
179
770
138
159
142
192
207
128
322
181
775
142
163
145
198
211
132
327
182
Clay, glass; and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
133
155
114
129
145
115
121
135
107
123
139
109
128
145
113
132
152
114
755
150
120
755
157
118
134
149
120
757
151
125
755
148
125
755
147
127
757
149
126
143
158
129
749
166
133
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
132
120
140
127
119
133
127
110
129
122
113
129
126
116
132
72P
119
135
130
123
134
752
126
137
134
127
138
134
129
137
757
127
134
755
133
137
755
132
137
138
135
141
143
138
146
Nondurable Manufactures—Total. . . .
44.85
130
130
125
126
129
132
133
133
134
135
135
137
139
140
142
Textiles and apparel
11.87
6.32
5.55
105
99
111
103
98
110
98
92
106
99
92
106
102
95
110
107
101
115
108
103
114
109
103
116
111
104
118
110
104
117
110
104
116
'112
106 108
118 '120
nu
115
110
121
119
115
124
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
118
135
104
113
125
102
1.02 104
112 113
97
777
125
100
114
125
104
775
132
103
779
136
104
77P
133
108
725
141
113
725
140
108
124
142
109
725
150
109
729
156
106
725
135
94
Paper and printing
Paper and allied products
Printing and publishing
Newsprint consumption.
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
148
158
141
131
146
147
160
139
126
146
143
152
137
123
145
143
153
137
124
144
146
157
138
125
145
148
163
138
126
145
750
166
140
128
147
750
167
140
127
146
755
171
142
131
148
752
168
142
130
149
750
166
139
120
150
755
167
144
129
152
755 '755
172 173
145 145
131 130
152 153
755
175
147
135
154
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
172
184
203
141
770
184
195
134
164
178
182
127
755
178
182
129
755
181
187
131
777
184
193
136
174
186
196
139
174
187
204
135
775
189
209
137
777
192
212
139
750
194
214
142
752
196
216
143
184
199
222
144
11.51
10.73
8.49
2.24
.78
112
112
112
113
111
775
115
115
116
118
113
113
115
108
117
774
114
114
114
115
775
116
116
116
116
775
116
116
114
121
775
116
116
115
121
775
115
116
114
121
775
115
115
115
120
777
116
116
119
126
777
117
116
121
126
775 '720
118 '119
117 '119
121
121
121
130
720
119
120
117
121
720
119
120
MINERALS—TOTAL .
9.98
128
117
109
108
112
116
120
123
122
123
124
124
124
123
123
Mineral fuels
Coal
„
Anthracite
Bituminous coal
Crude oil and natural gas. ,
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
128
83
49
88
150
138
198
777
68
42
72
141
129
197
108
63
40
67
129
117
193
108
62
41
65
130
118
192
112
66
45
69
134
122
191
775
65
38
69
141
128
200
727
68
41
73
146
137
198
725
70
44
74
149
140
198
725
69
39
74
148
138
202
725
72
37
77
147
135
203
124 725
69
73
45
48
73
77
148 149
135 137
205 P203
725
74
37
79
146
135
39
38
'77
76
144 ^145
133
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals.
1.63
.82
.81
129
116
142
777
91
143
I7J
88
139
707
73
142
772
80
145
113
80
146
775
83
144
77P
90
149
720
92
148
124
101
148
725
108
142
72P
113
145
725
114
143
'752
115
148
Metal fabricating
Fabricated metal products.
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
Textile mill products.
Apparel and allied products. .
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures.
Beverages
Tobacco manufactures
Preliminary
r
Revised.
For other notes see end of table.
r
188 755
2Q2 203
226
149 ^ 4 8 *
r
B4*
727
71
755
113
155
636
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1958
1959
1947-4!
average
proportion 1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Industry
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL
100.00
143
134
127
127
131
125
136
140
143
144
140
142
147
149
151
MANUFACTURES—TOTAL
90.02
145
136
129
129
133
127
138
141
145
146
141
144
150
152
154
Durable Manufactures—Total
45.17
160
141
133
133
138
132
140
146
149
155
152
154
160
163
166
6.70
5.03
3.51
.37
3.05
2.62
.43
131
130
140
137
139
138
143
104
99
105
99
105
104
106
89
81
83
80
82
83
77
93
87
91
83
91
91
86
106
100
105
93
105
108
91
90
85
92
87
92
94
81
102
98
105
97
105
106
101
111
106
114
106
114
113
118
123
117
129
119
129
126
144
124
120
129
124
128
127
138
119
117
127
123
127
125
135
127
125
136
127
136
133
157
144
142
156
139
156
151
191
154
154
170
152
170
164
205
155
156
171
155
171
165
206
1.52
1.29
.23
108
107
113
85
85
81
78
79
74
78
79
70
87
88
81
70
72
58
80
81
75
87
88
80
90
91
85
99
101
88
93
93
96
98
98
101
112
112
111
118
'118
115
121
122
121
1.67
.38
.09
.06
.04
.10
.09
136
164
129
135
114
123
275
121
146
120
121
99
97
268
112
146
124
122
94
101
261
112
141
112
114
105
99
256
124
133
105
110
102
95
241
102
126
90
108
86
90
240
115
128
95
99
88
86
254
125
139
111
110
99
91
r
263
140
150
138
111
101
90
283
137
157
144
130
93
93
295
126
162
130
144
98
105
308
133
163
132
135
97
105
317
r
154
167
145
138
87
110
318
153
169
143
140
93
'108
325
.13
1.16
.63
.20
.33
111
129
104
198
136
93
116
94
193
110
94
102
77
189
99
83
105
84
187
98
125
110
212
101
74
97
74
198
83
90
114
96
190
103
94
124
102
207
116
111
141
128
219
118
105
133
114
202
130
102
117
87
203
123
98
127
103
204
129
119
145
123
'225
140
129
243
117
263
28.52
176
155
148
146
149
144
150
156
158
167
168
168
172
774
176
5.73
2.68
2.12
.30
.63
139
152
124
146
99
128
140
108
150
106
118
131
99
120
97
119
132
98
137
96
125
138
101
160
110
123
137
100
171
87
133
143
104
232
115
141
148
115
208
132
136
144
115
161
133
136
144
119
130
128
136
148
125
104
104
134
144
124
118
107
135 138
144 146
123 128
'125 128
116 109
142
151
130
146
111
Primary Metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products....
Tin cans
Furnaces, gas ranges, and heaters
149
169
136
155
97
108
318
13.68
168
145
139
135
138
133
142
151
150
153
152
156
162
164
165
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery.
Machine tools and presses
Laundry and refrigeration appliances. . .
9.04
8.13
1.02
7.11
.68
.69
150
146
84
155
182
151
127
121
79
127
119
148
126
121
84
126
119
131
124
118
81
123
115
137
125
117
80
123
114
159
120
114
80
119
112
131
119
114
77
119
109
123
128
119
80
124
114
170
127
118
83
124
115
163
131
121
65
129
113
179
133
125
72
133
116
163
134
128
80
135
116
155
142
132
99
137
118
194
147
137
106
142
125
200
149
140
107
145
130
196
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
204
201
205
179
177
166
165
172
125
159
168
112
162
168
123
158
166
115
186
170
214
195
178
223
194
177
221
197
182
212
190
192
163
199
192
193
202
193
200
196
195
173
196
198
166
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
7.54
4.80
1.50
.66
.22
.19
.14
.07
187
99
101
90
82
24
203
116
181
92
89
90
79
26
213
103
181
94
99
96
78
26
239
111
183
94
100
91
79
29
210
113
175
84
87
76
68
23
164
106
173
77
53
78
61
16
189
120
170
69
37
67
49
12
155
131
184
92
71
89
75
12
221
132
211
132
160
112
123
33
221
135
214
134
161
100
120
30
173
134
211
131
154
110
114
28
227
145
212
133
149
133
123
32
308
163
'215
139
163
138
124
31
327
170
217
141
164
143
130
36
329
185
2.58
213
128
146
104
100
50
194
137
123
2.74
1.30
.81
.53
344
608
129
77
319
572
128
39
316
561
127
51
49
311
553
131
39
316
568
130
32
24
312
561
128
28
317
573
127
30
322 321
583 582
126 1 2 9
30
20
327
591
130
29
329
595
128
32
24
325
587
131
28
326 '325
587 '583
128 132
35
'36
327
581
136
43
Machinery
Other transportation equipment
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
Instruments and related products
Clay, Glass and Lumber
Products....
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay, firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures
9 Preliminary.
r
Revised.
.35
80
34
1.29
172
164
5.91
133
129
155
141
161
164
136
92
148
128
114
140
145
125
137
139
135
82
155
118
113
123
.48
.58
188
174
187
157
22
20
15
19
160
168
171
174
126
148
123
133
135
139
82
142
143
143
139
148
123
130
132
144
81
183
121
123
121
175
122
122
125
155
131
141
146
147
84
186
126
126
129
160
136
154
160
142
84
192
132
134
134
155
122
123
120
145
91
193
133
136
133
153
127
141
141
130
86
170
127
123
132
195
153
200
150
209
157
209
163
207
169
199
169
159
157
121
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
19
157
34
160
133
125
135
118
131
129
126
78
146
112
115
111
141
118
126
127
133
78
172
116
121
114
170
147
183
147
For other notes see end of table.
19
26
27
36
176
179
183
184
149
166
146
166
171
149
139
120
110
129
134 140
145
141
133 1 5 6
125 147 143
167
142 148
142 138 171
137
126
86
79
109 109
143
112 115
121
101 111
96
126 127
130
187
171
182
172
182 192
175 180
210
183
176
126
128
145
124
144
144
116
80
177
637
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
947-49 Annual
average
proportion 1957 1958 Apr. May June July
Industry
1958
1959
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber and products
Lumber
Millwork and plywood.
Millwork
Softwood plywood...
Wood containers
,
Furniture and Misc.
Manufactures.
Furniture and fixtures
Household furniture
Fixtures and office furniture.
Miscellaneous manufactures
3.09
2.05
.60
.39
.12
.29
114
96
187
112
312
84
115
94
202
110
356
76
4.04
132
1.64
1.10
.54
120
120
120
107
88
192
91
360
73
110
93
186
99
330
77
120
100
201
120
334
79
106
88
176
101
301
77
127
118
118
123
119
122
114
108
108
106
108
108
108
113
113
112
130
107
235
141
390
77
127
105
220
133
364
80
131
105
240
134
416
80
126
101
234
133
403
78
109
87
193
103
341
77
121
131
138
141
139
113
115
108
124
127
119
130
134
123
132
138
120
132
137
120
116
89
225
110
419
77
124
98
243
120
448
75
125
101
234
118
429
78
133
106
135
132
136
138
139
132
138
122
132
137
120
134
140
120
135
141
122
135
140
124
142
2.40
140
133
125
125
130
126
135
143
147
144
137
133
137
139
Nondurable Manufactures—Total.
44.85
130
130
125
124
128
123
135
137
142
138
130
135
140
141
143
Textiles and Apparel
11.87
105
103
100
99
100
92
110
107
115
112
103
113
120
121
123
6.32
3.72
2.30
.97
.45
99
105
95
119
94
98
104
91
115
98
94
96
86
104
88
93
98
89
99
106
94
100
88
105
107
86
86
72
107
75
103
107
94
117
104
103
111
96
124
109
109
112
98
125
101
107
118
99
137
115
100
106
86
141
87
107
119
101
135
115
113
122
103
138
119
113
122
102
r
149
108
111
131
106
154
138
.97
.16
.75
75
78
75
69
72
69
67
68
67
71
77
70
82
81
83
67
71
67
76
81
76
75
78
75
75
73
76
71
72
71
62
62
63
79
85
84
95
1.15
.65
.45
.20
.50
104
93
89
102
118
104
92
84
108
120
98
90
87
98
107
101
91
87
100
115
103
86
79
103
125
98
80
72
97
122
114
99
89
123
134
113
97
86
123
135
116
102
89
132
134
115
102
92
127
132
96
75
66
98
124
109
101
90
125
120
111
99
87
127
126
111
94
83
120
132
116
97
84
129
140
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns.
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery.
Seamless hosiery
Knit garments
Floor coverings1.
Woven carpets.
.48
.31
71
63
62
48
50
36
61
70
79
76
75
76
91
87
5.55
1.78
.73
.50
.13
.99
111
102
86
87
61
112
110
100
75
73
66
115
108
95
74
72
64
107
105
104
83
77
89
117
106
101
81
73
91
113
99
77
52
47
59
91
117
110
91
82
104
122
113
106
78
72
86
123
121
108
79
76
73
128
117
107
84
84
62
121
105
93
67
70
38
109
120
119
81
87
37
145
128
123
82
86
46
151
130
117
81
83
52
142
129
139
99
95
92
167
Women's outerwear
Women's suits and coats.
Misc. apparel and allied mfrs....
1.85
.76
112
128
112
129
117
96
106
94
109
123
107
120
153
112
139
120
150
113
138
90
101
119
151
141
138
147
134
114
1.92
117
117
106
106
112
Rubber and Leather Products.
3.20
118
113
104
101
110
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.
1.47
.70
.40
.30
.77
135
123
134
107
147
125
113
120
103
136
115
103
112
91
125
112
102
113
88
121
122
117
131
99
127
Leather and products...
Leather
Cattlehide leathers.
Skin leathers
1.73
.44
.29
.15
104
89
98
72
102
84
91
68
95
79
85
65
92
81
88
68
99
84
90
70
Apparel and allied products...
Men's outerwear
Men's suits and coats....
Men's suits
Men's outercoats
Shirts and work clothing.
Shoes and slippers!
Miscellaneous leather products.
138
175
121
126
129
128
126
117
120
125
125
118
129
97
103
96
105
85
108
127
110
118
99
142
137
117
122
109
156
143
129
131
125
156
145
128
131
124
160
137
128
132
122
146
150
138
149
124
161
92
68
72
61
108
85
94
65
105
83
92
65
109
91
101
72
108
93
102
74
102
85
94
69
110
90
97
75
129
126
136
125
138
158
154
167
137
161
159
155
171
133
163
138
111
120
99
163
120
94
102
116
88
95
73
125
112
130
r
.90
.39
94
94
82
82
90
92
100
100
105
107
104
99
102
103
Paper and Printing.
8.93
148
147
146
144
146
137
148
152
160
155
145
150
156
159
163
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
158
154
176
145
133
139
127
179
153
124
160
154
175
145
133
142
125
178
154
129
156
152
171
145
137
145
124
184
146
126
153
147
166
139
134
138
113
170
145
131
159
153
171
146
138
146
120
175
154
133
145
137
156
129
121
116
109
158
136
130
168
159
179
151
136
143
129
176
163
141
169
159
180
150
131
145
129
174
164
145
181
171
199
160
138
151
142
195
173
145
170
164
188
154
132
152
139
186
166
128
153
148
168
140
127
145
120
175
146
115
166
161
187
150
138
145
129
193
157
124
111 176
171 171
194 195
162 161
142 145
160 161
140 135
200 194
173 r\12
137 143
183
177
202
167
151
165
141
204
176
152
1.70
.51
.11
163
157
179
166
157
191
160
146
201
159
151
183
165
156
191
154
146
176
177
173
185
179
175
188
192
184
213
176
168
199
158
148
187
171
160
203
183 182
172 1 7 4
213 202
190
179
222
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
Converted paper products.
Shipping containers
Sanitary paper products.
Preliminary.
r
Revised.
For other notes see end of table.
638
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
1958
average
proportion
1957 1958 Apr. May June July Aug. Sept Oct. Nov. Dec.
Industry
1959
Jan.
Feb.
Mar.
Apr.
142
127
150
148
136
154
151
145
154
WITHOUT SEASONAL ADJUSTMENT
—Continued
Job printing and periodicals
Chemical and Petroleum Products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
5.47
1.85
3.62
141
131
146
139
126
146
140
131
145
139
132
143
137
125
143
132
110
143
136
115
147
142
128
149
147
141
149
146
142
149
140
119
151
139
119
150
9.34
172
170
165
164
165
163
170
174
179
180
181
184
187
6.84
2.54
184
184
180
174
182
187
195
198
202
186
202
185
183
266
183
179
190
182
184
244
202
196
204
316
214
219
217
210
193
276
195
211
210
212
336
195
195
198
177
203
202
177
184
193
181
261
218
209
197
197
199
225
242
260
.57
1.97
.24
.11
.59
1.03
184
.64
130
195
284
230
180
178
130
.48
121
124
.16
154
149
.71
66
.23
112
109
101
97
106
88
122
132
132
189
174
118
102
106
2.50
1.97
1.04
.98
.06
141
150
162
157
249
131
141
162
157
237
147
194
93
128
173
75
Kerosene
Lubricating oil
.10
.17
98
113
74
103
126
171
75
76
104
133
146
167
162
255
131
175
80
140
149
170
163
293
.56
.30
.26
124
134
148
144
223
125
166
78
89
100
127
136
152
149
202
Fuel oil
Distillate fuel oil
Residual fuel oil
134
145
161
156
249
136
183
82
99
104
.26
.15
105
94
76
103
66
107
65
132
68
137
Vegetable and animal oils
Grease and tallow
Soap and
allied products
Paints l
Fertilizers
...»
Petroleum and coal Droducts
.
. . .
Petroleum refining
Automotive gasoline
Coke
Asphalt roofing and siding...
Foods, Beverages, and Tobacco
Food manufactures
Beef
Pork
Canned and frozen foods
Grain-mill products . . .
Wheat flour
Cereals and feeds
.
Bakery products
Beet sugar
Confectionery
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
...
Liquor bottling
Cigarettes
Preliminary.
r
Revised.
160
172
164
174
174
175
124
117
110
118
110
99
138
145
108
98
138
107
139
178
178
189
183
117
148
117
108
146
199
185
162
213
328
273
200
187
219
320
262
215
192
221
332
280
190
207
226
223
231
229
292
287
289*
141
133
165
227 '231
35O 366
r
211
195
220
196
157
235
222 ^228
199 204
159
155
171
157
146
148
152
151
156
144
164
161
174
155
126
120
114
104
117
120
113
117
118
126
115
119
134
142 '172
214
137
147
160
154
275
140
193
79
140
151
168
161
286
140
192
80
144
159
173
167
275
153
207
90
146
160
170
165
257
133
181
79
138
148
166
159
297
138
189
80
163
226
91
145
157
162
156
268
165
229
92
153
211
86
74
105
87
109
93
102
103
108
115
106
123
112
137
104
137
104
100
111
66
115
72
165
78
130
85
121
90
92
92
49
94
58
102
80
161
149
148 ^143
154 ^148
166 3>163
162
232
2=>137
107
149
107
112
115
106
no
119
118
127
130
129
120
110
108
HI
U0
114
10.73
8.49
1.48
111
112
128
115
115
125
105
104
123
110
106
115
119
114
121
119
116
115
126
127
120
131
134
130
109
110
140
144
141
136
139
133
109
108
133
131
141
147
107
110
139
148
123
120
121
134
134
126
110
112
133
.46
129
130
138
134
141
132
132
141
130
136
127
127
93
80
104
89
88
101
87
92
103
100
106
108
109
121
115
134
70
92
103
102
76
83
88
99
119
109
115
r
109
99
85
108
110
111
111
99
.69
.14
.07
111
109
119
110
105
121
119
118
135
.19
102
99
116
.28
Ice cream
181
262
196
159
174
189
205
11.51
.83
Dairy products
Butter
Natural cheese
204
272
245
199
186
r
111
112
111
102
94
137
134
157
146
137
165
133
111
138
143
142
117
122
142
149
101
121
91
119
95
149
113
103
79
109
84
122
150
77
104
94
126
84
87
99
r
no
113
111
117
1.13
1.16
.46
.70
126
100
87
108
134
103
90
112
91
98
84
106
98
99
84
109
122
106
87
118
163
105
85
118
236
109
92
120
242
110
93
121
175
109
97
117
125
104
97
110
105
101
88
109
92
105
94
113
97
93
102 102
90
89
111 1 1 1
1.64
.27
.11
.13
100
122
112
125
101
131
115
138
102
103
125
79
103
293
117
439
101
311
114
476
101
233
107
336
98
112
103
114
99
72
104
40
'99
64
113
16
99
113
115
95
119
104
74
126
23
86
119
102
72
136
11
112
108
100
83
112
53
92
114
103
82
125
41
.71
1.41
98
68
114
23
104
108
103
120
154
119
140
118
134
118
96
116
121
113
128 103
116 ' 1 1 5
108
116
2.24
.54
1.70
1.02
.17
.37
113
116
110
122
138
128
122
119
124
113
104
95
105
113
103
101
83
111
107
103
91
115
101
102
85
99
112
116
74
125
136
58
124
107
127
33
91
104
107
47
116
108
99
116
118
124
90
172
166
111
85
125
154
94
90
109
92
91
85
104
92
100
88
107
116
109
105
107
112
.78
.46
.17
111
116
106
118
124
114
112
119
104
118
125
134
113
109
119
92
130
138
122
125
129
124
130
132
137
128
128
140
103
121
123
129
130
127
150
121
121
133
114
126
109
For other notes see end of table.
108
102
119'
129
129
140
639
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
Annual
1958
1959
1947-49 average
proportion
1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral Fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and gas liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
,
Metal, Stone, and Earth Minerals.
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
,
...,
,
Stone and earth minerals
9.98
128
117
109
109
115
110
120
123
124
123
124
124
123
122
123
8.35
128
117
109
108
113
108
119
122
122
124
127
127
126
123
122
2.68
.36
2.32
5.67
4.82
4.12
.70
.34
.36
.85
60
36
64
61
37
65
72
47
75
75
40
81
76
50
80
73
50
76
74
39
79
130
129
119
182
197
168
140
133
130
122
182
198
167
150
70
42
75
142
141
133
186
195
178
149
75
43
80
132
131
121
193
213
173
136
46
30
48
137
134
126
184
197
173
151
73
47
77
150
146
138
198
212
184
171
68
42
72
141
139
129
197
216
179
152
145
144
136
190
201
179
150
144
143
134
196
212
181
154
147
145
134
209
230
188
159
151 152
149 150
137 138
219 *221
247
193 192
165 163
150
150
138
200
152
196
146
148
1.63
129
117
108
115
125
121
124
132
131
121
110
108
111
114
127
.82
.33
.49
.24
.09
.06
116
114
117
133
85
84
91
73
103
121
68
65
81
39
109
125
78
77
86
69
98
112
71
67
100
108
94
105
72
67
91
109
78
88
62
54
96
110
86
100
59
57
107
118
101
123
59
59
107
107
107
132
62
61
93
53
119
145
73
65
81
38
110
135
64
60
86
43
114
139
69
66
91
52
118
141
71
75
'91
50
118
146
'64
r
71
104
.81
142
143
136
144
150
151
153
158
156
151
139
131
130
138
r
* Preliminary.
Revised.
1
Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
r
68
34
73
149 ^147
149 P\47
138 ^137
34
r74
2*216
no
119
147
65
73
151
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]
Annual
1947^9 average
proportion 1957 1958 Apr. May June July
Industry
FLECTRICITY AND GAS
Residential
Nonresidential
TOTAL
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
* Preliminary.
N O T E . — F o r description
1956, p p . 1055-69.
r
Revised.
a n d back figures
233
261
213
243
282
215
236
279
205
237
278
208
241
282
213
242
281
214
1958
1959
Aug. Sept. Oct. Nov. Dec.
245
285
217
248
288
220
250
289
223
249
285
224
Jan. Feb.
Mar. Apr.
252 P257 *>258 ^260 ^262
286
228
233 243 235 237 242 242 247 250 251 248 252 257 257 260 ^262
273 295 291 290 296 294 300 304 305 298 300 313 310 312
213 208 197 199 203 206 210 216 217 216 221 220 224 228
193 189 178 180 184 187 192 197 198 198 202 202 206 209
2670 2570 2590 2590 2580 2570 2550 2550 2560 2550 2540 2560 2590 2580
208 219 209 214 220 220 224 224 224 224 228 230 230 234
232
236
230
218
see BULLETIN for
243
256
231
215
238
255
222
206
October
238
254
225
203
239
255
227
199
239
256
229
196
240
257
231
196
242
257
233
201
247
257
241
222
251
258
245
236
253 *256 ^259 *>261 ^262
258
250
238
Indexes without seasonal adjustment m a y be obtained from the Division
of Research a n d Statistics.
640
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
1947-49 Annual
1958
1959
average
proportion 1957 1958 Apr. M a y June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Product
SEASONALLY ADJUSTED
CONSTJMER DURABLES
TOTAL.
100.00
130
113
97
105
111
114
115
103
108
133
134
133 132
69.72
138
146
132
114
120
114
101
127
115
122
94
81
107
104
111
104
116
99
133
116
121
116
113
106
114
111
99
123
109
116
137
117
126
99
56
138
120
129
105
67
141
124
130
142
139
148
127
133
143
143
144
127
134
140 1 3 8 141
139 130 142
143 148 142
132 133 1 3 3
140 140 141
127
133
89
127
131
88
102
101
82
112
113
79
125
128
79
129
133
81
132
139
77
137
144
84
159
168
114
156
161
118
140
141
99
140
180
104
205
75
140
170
115
166
61
106
116
105
131
46
121
140
110
138
42
140
157
116
155
51
145
174
115
191
64
152
185
112
207
75
148
157
98
155
202
113
197
86
173
208
123
166
65
453
365
293
320
355
435
459
408
359
184
215
131
174
75
363
180 150 177 164
187 188 186 169
138 137 134 120
162 181 185 179
65
73
72
67
346 r387 r400 r 392
415
111
110
106
105
111
111
112
113
114
113
114
118
119
121
115
114
109
103
104
106
111
110
114
114
114
113
114
114
117
118
130
113
101
103
109
100
100
103
116
143
137
136
140
144
141
138
114
100
101
89
96
37
150
126
134
113
71
151
131
138
155
160
153
130
137
147
161
138
130
138
154
110
104
108
94
53
130
118
127
154
127
115
122
97
87
108
105
115
150 155
132
114
120
109
100
119
105
113
145
146
103
99
108
101
108
149
163
164
140
130
137
154 1 5 1
135 136
140 141
148
134
140
127
133
89
127
131
88
112
116
86
115
118
75
132
135
84
109
111
62
114
110
68
150
150
92
147
148
102
156
162
114
137
146
108
140
180
104
205
140
170
115
166
135
120
101
125
139
133
106
112
165
141
123
122
134
124
102
114
111
155
128
214
131
137
96
149
228
149
222
138
229
145
221
156
241
136
212
158
169
115
153
189
108
163
159
173
117
155
167
104
145
183
112
193
187
212
121
199
205
186
116
173
201
182
120
166
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
30.28
14.00
16.28
Furniture and floor coverings
Household furniture
Refrigeration arjDliances
Laundry appliances
Radio and television sets
Misc home and personal goods
96
95
150
155
103
135
136
145
147
145
134
143
139
145
101
140
145
99
158
176
125
189
71
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES
TOTAL
Furniture and floor coverings
Household furniture
Major appliances
Refrigeration aooliances
Laundry appliances
Radio and television sets
Television sets
Other Consumer Durables
Misc home End personal goods.
100.00
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
30.28
14 00
16.28
75
61
44
41
39
40
64
80
82
99
79
365
279
246
281
257
500
73
493
485
429
322
73
453
422
70
68
440
369
353
111
110
103
102
108
107
115
119
123
117
113
115
117
117
112
114
109
100
100
103
103
112
118
123
122
114
109
114
116
116
r
P Preliminary.
Revised.
1
Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-47.
Individual indexes without seasonal adjustment for woven carpets,
appliances, heating apparatus, radio sets, and television sets may be
obtained from the Division of Research and Statistics,
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
3
: rivate
Year or month
Business
Total
Total
1959
Residential
Total
Indus- Comtrial mercial
Public
utility
Other
nonresidential
Total
Military
Highway
Conservation
177
887
1,388
1,307
1,030
I 313
1,395
,322
1.235
2,272
2,518
2 820
3 160
3,870
4 050
4 655
4,971
5,350
942
912
900
892
773
701
826
971
1 004
90
86
410
426
81
85
All
other
29,955
32,739
34,750
37,118
39,601
44,581
46,292
48,115
48,980
22,954
23,320
23,849
25,724
27,679
32,620
33,287
33,988
33,947
14,100
12,529
12,842
13,777
15,379
18,705
17,677
17,019
17.884
5,680
7,217
7,460
8,436
8,526
10,160
11,828
12,745
11,558
1,062
2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,443
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,564
3,561
3,330
3,729
4,003
4,416
4,284
4,543
5,113
5,624
5,554
3,174
3,574
3,547
3,511
3,774
3 755
3,782
4,224
4,505
7,001
9,419
10 901
11,394
11,922
11 961
13 005
14,127
15,033
May
June
July
Aug
Sept
Oct
Nov
Dec
3,879
3,929
3,981
4,041
4,119
4,279
4,378
4,473
2,696
2,725
2,760
2,799
2,847
2,944
3,015
3,049
1,348
1,386
1,434
1,496
1,540
1,623
1,682
1,715
978
965
210
195
302
311
466
459
370
374
948
187
308
453
926
923
179
172
294
291
378
453
460
94
424
377
384
102
112
84
619
172
175
296
302
464
464
432
436
389
392
118
120
173
305
470
505
467
389
125
538
88
86
88
87
82
620
638
945
1,183
1 204
1 221
1,242
1 272
1 335
1 363
1,424
Jan
4,539
4,537
4,544
4,464
4,460
3,095
3,120
3,106
3,095
3,099
1,787
1,817
1,811
1,803
1,787
933
930
925
925
170
167
164
159
288
287
293
305
475
476
468
461
375
373
370
367
130
129
130
130
559
552
557
500
87
86
87
OO
942
159
339
444
370
1 444
1,417
1,438
1 369
1,361
668
650
664
651
135
491
87
648
1950
1951
1952
1953
1954
1955
1956
1957
1958
1958
Public
Feb
Mar pP
Apr 25
May
Preliminary.
932
941
3
5
5
6
6
5
6
6
7
610
102
793
035
249
897
129
863
444
602
607
659
651
679
641
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
1957
1958
1958—Apr
May
July
Aug
SeDt
Oct
Nov
Dec
By type of construction
••••
.
1959 Jan
Feb
Mar
Apr
Private
Nonresidential building
Residential
building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
32,173
35,090
11,238
13,427
20,935
21,663
13,039
14,696
2,168
1,400
3,267
3,197
2,936
2,908
2,922
3,444
7,841
9,446
2,885
3,399
3,820
3,607
3,467
3,216
3,309
2,594
2,282
1.053
1,463
1,720
1,550
1,233
1,049
L071
927
887
1,832
1,936
2,100
2,058
2,234
2,167
2,238
1,667
1,395
1,244
1,343
1,364
1,557
1,451
1,460
1,595
1,206
981
129
146
80
150
142
113
135
96
88
293
265
235
282
356
303
288
238
227
235
286
264
264
280
240
248
198
206
300
427
397
381
301
237
284
243
226
683
932
1,479
974
937
863
759
613
553
2,319
2,307
3,340
3,778
800
800
869
1,207
1,519
1,507
2,471
2,571
1,022
1,073
1,541
105
139
128
282
198
286
171
177
217
261
190
283
479
530
886
NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change
in policy of accounting for negative adjustments in monthly data after
original figures have been published.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation.
Value of contracts, in millions of dollars]
Federal Reserve district
Month
All
districts
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
1958—Feb
Mar
Apr
1,953
2,721
2,885
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
551
1959
2,307
3,340
3,778
100
125
233
253
342
435
86
164
127
143
248
308
198
231
330
311
516
385
231
372
544
124
209
189
60
103
145
137
204
224
203
209
214
462
615
645
e
Feb
Mar
Apr
Corrected.
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates.
Year or month
Total
private
(seasonally
adjusted
annual rate)
1951
1952
1953
1954
1955
1956
1957
1958
Total
Metropolitan
areas
Nonmetropolitan
areas
In thousands of units]
Pri>/ate
Government-underwritten*
Total
1family
2family
Multifamily
Public
Total
FHA
VA
1,091
1,127
1,104
1,220
1,329
1,118
1,042
1,209
777
795
804
897
976
780
700
827
315
332
300
324
353
338
342
382
1,020
1 069
1,068
1,202
1,310
1,094
993
1,142
892
939
933
1,077
1,190
981
840
933
40
46
42
34
33
31
33
39
88
84
94
90
87
82
120
173
71
59
36
19
19
24
49
68
412
421
409
583
670
463
313
429
264
280
252
276
277
192
185
327
149
141
157
307
393
271
128
102
May
June
July
Ang,
SeDt
Oct
Nov
Dec
1.039
1,057
1,174
1,228
1,255
1,303
1,427
1,432
109
113
113
124
121
115
109
91
74
77
81
83
85
79
74
64
35
36
32
41
36
36
36
27
101
101
109
115
111
113
107
90
84
85
88
96
93
94
85
70
4
3
3
4
3
4
4
3
14
14
17
15
14
15
18
16
7
12
4
9
10
2
2
2
33
40
43
48
50
54
40
38
27
31
32
35
35
39
29
29
6
8
11
13
14
15
11
9
1959 Jan
Feb
Mar.
Apr
May
1,364
1,403
87
95
*120
»137
»134
62
62
81
96
93
25
33
39
41
41
84
94
*117
*133
^131
64
75
n.a.
n.a.
n.a.
3
3
n.a.
n.a.
n.a.
17
15
n.a.
n.a.
n.a.
3
1
V 1,390
p I 390
V 1,340
n
29
28
41
46
47
22
22
31
35
36
7
6
10
11
10
1958
v Preliminary.
n.a. Not available.
i Data from Federal Housing Administration and Veterans' Administration represent units started under commitments of FHA or VA to in-
*>3
sure or guarantee the mortgages. VA figures after June 1950 and all FHA
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
642
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons unless otherwise indicated]
Civilian labor force
Total noninstitutional
population
Year or month
1951
1952
1953
1954
1955
1956
19573
1958
1958 May
July
Aue
Sept
Oct
Nov
Dec
1959__jan
Feb
Mar
Apr
]VIay
. . . .
Total
labor
force
Employed1
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment
rate
(per cent) 2
111,924
113,119
115,095
116,220
117,388
118,734
120,445
121,950
65,832
66,410
67,362
67,818
68,896
70,387
70,746
71 284
62,884
62,966
63,815
64,468
65,848
67,530
67,946
68,647
61,005
61,293
62,213
61,238
63 193
64,979
65,011
63 966
53,951
54 488
55,651
54,734
56 464
58,394
58,789
58 122
7,054
6 805
6,562
6,504
6 730
6,585
6,222
5 844
1,879
1 673
1 602
3 230
2 654
2 551
2 936
4 681
46,092
46 710
47 732
48 402
48 492
48*348
49 699
50 666
3.0
2 7
2.5
5.0
4 0
3.8
4.3
6 8
121,776
121,900
121,993
122,092
122,219
122,361
122,486
122,609
122,724
122,832
122,945
123,059
123,180
71,603
73,049
73,104
72,703
71,375
71,743
71,112
70,701
70,027
70,062
70,768
71,210
71,955
68,965
70,418
70,473
70,067
68,740
69,111
68,485
68,081
67,430
67,471
68,189
68,639
69,405
64,061
64,981
65,179
65,367
64,629
65,306
64,653
63,973
62,706
62,722
63,828
65,012
66,016
57,789
58,081
58,461
58,746
58 438
58,902
58,958
59 102
58,013
58,030
58,625
59,163
59,608
6,272
6,900
6,718
6,621
6,191
6,404
5,695
4 871
4,693
4,692
5,203
5,848
6,408
4,904
5 437
5,294
4,699
4 111
3 805
3,833
4 108
4 724
4,749
4 362
3 627
3,389
50,173
48 851
48,889
49,389
50 844
50 618
51,374
51 909
52 697
52,770
52 177
51 849
51,225
7.2
6.8
7.3
7.6
7.2
7.1
5.9
6 1
6.0
6.1
5 8
5 3
4.9
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force. Monthly data are seasonally
adjusted.
3 Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Year or month
1951
1952
1953
1954
1955.
1956
1957
1958.....
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State and
local
government
47,347
48,303
49,681
48,431
50,056
51,766
52,162
50,543
16,104
16,334
17,238
15,995
16,563
16,903
16,782
15,468
916
885
852
777
777
807
809
721
2,603
2,634
2,622
2,593
2,759
2,929
2,808
2,648
4,166
4,185
4,221
4,009
4,062
4,161
4,151
3,903
10,012
10,281
10,527
10,520
10,846
11,221
11,302
11,141
1,892
1,967
2,038
2,122
2,219
2,308
2,348
2,374
5,264
5,411
5,538
5,664
5,916
6,160
6,336
6,395
6,389
6,609
6,645
6,751
6,914
7,277
7,626
7,893
50,147
50,315
50,411
50,570
50,780
50,582
50,877
50,844
r
51,086
'51,194
51,456
51,869
52,100
15,202
15,275
15,312
15,330
15,529
15,358
15,693
15,701
15,764
15,819
16,006
16,175
16,321
718
713
709
701
707
708
708
709
704
693
688
699
705
2,698
2,698
2,693
2,711
2,698
2,698
2,690
2,550
%650
r
2,626
2,719
2,823
2,793
3,877
3,888
3,877
3,867
3,858
3,887
3,875
3,859
3,894
3,880
3,885
3,888
3,909
11,087
11,105
11,121
11,175
11,151
11,154
11,119
11,143
11,216
11,279
11,263
11,328
11.344
2,370
2,367
2,363
2,377
2,392
2,392
2,386
2,385
2,387
2,395
2,398
2,404
2.420
6,360
6,392
6,433
6,420
6,440
6,399
6,426
6,448
6,443
6,462
6,441
6,476
6,488
7,835
7,877
7,903
7,989
8,005
7,986
7,980
8,049
8,028
8.040
8; 056
8,076
8,120
49,949
50,413
50,178
50,576
51,237
51,136
51,432
51,935
50,310
50,315
50,878
51,414
51,956
15,023
15,206
15,161
15,462
15,755
15,536
15,795
15,749
15,674
15,771
15,969
16,029
16,135
711
717
705
708
711
708
712
713
704
693
688
692
698
2,685
2,806
2,882
2,955
2,927
2,887
2,784
2,486
2,343
2,256
2,417
2,656
2,840
3,874
3,904
3,907
3,897
3,886
3,897
3,885
3,881
3,836
3,835
3,865
3,881
3,906
10,961
11,035
10,984
11,011
11,151
11,225
11,382
11,976
11,052
10,990
11,083
11,131
11.215
2,370
2,391
2,410
2,413
2,392
2,380
2,374
2,373
2.363
2,371
2.386
2.404
2,420
6,455
6,488
6,465
6,452
6,472
6,463
6,426
6,384
6,314
6,333
6,377
6,508
6,585
7,870
7,866
7,664
7,678
7,943
8,040
8,074
8,373
8,024
8,066
8,093
8,113
8,157
SEASONALLY ADJUSTED
1958—May
June
July
Aug
Sept
Oct
Nov.
Dec
1959—Jan
Feb
Mar
Apr
May
.......
WITHOUT SEASONAL ADJUSTMENT
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
1959—Jan
Feb
Mar
Apr
May
*
,
., „,
r
Revised.
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 1959 are preliminary. Back data may be obtained
from the Bureau of Labor Statistics.
643
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Without seasonal adjustment
I
Industry group
1958
Total
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
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
1959
1958
1959
May
Mar.
Apr.
May
May
Mar.
Apr.
May
11,415
12,149
12,304
12,444
11,245
12,117
12,167
12,266
,285
68
539
291
405
844
760
,019
722
,081
201
355
6.914
' 73
569
313
435
1,010
821
1,097
790
1,226
214
366
7,026
73
578
319
445
1,037
839
1,112
802
1,230
215
376
7,141
73
589
323
454
1,059
853
1,136
819
1,231
218
386
6,269
68
542
284
405
840
756
l}029
715
1,081
200
348
6,937
73
552
316
433
1,015
829
1,113
798
1,226
216
368
7,022
73
564
317
445
1,037
839
1,129
802
1,230
216
372
7,121
73
592
315
454
1,054
849
1,147
811
1,231
217
378
5,130
1,042
81
835
1,037
436
543
513
157
173
313
5,235
1.049
81
857
1.048
443
551
519
162
202
323
5,278
1,047
81
868
1,079
446
557
531
162
181
326
5,303
1,043
80
872
1,100
447
559
537
159
172
334
4.976
'978
70
831
985
432
540
510
158
172
302
5,180
945
72
866
1,085
441
551
527
160
202
331
5,145
958
70
868
1,057
442
554
536
160
178
323
5,145
977
69
868
1,045
443
556
534
160
171
322
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 1959 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 gfoup
1958
1959
1959
1958
May
May
vlay
Mar.
Apr.
89.87
90.32
38.7
40.2
40.3
40.5
2.12
97.75 98.23
103.73 103.98
79.15 80.75
72.58 72.22
91.27 92.35
116.60 116.31
96.59 97.47
103.09 104.50
88.84 89.28
107.83 108.50
91.98 91.98
76.38 76.38
39.1
40.6
39.6
37.8
39.7
37.3
39.4
39.4
39.1
39.7
39.2
39.1
40.8
41.3
40.7
40.4
41.0
40.9
40.8
41.3
40.3
40.7
40.5
40.0
40.9
41.0
40.8
40.1
41.3
41.2
41.1
41.4
40.2
41.0
40.7
40.2
41.1
41.1
41.2
39.9
41.6
41.1
41.3
41.8
40.4
41.1
40.7
40.2
2.26
2.46
1.88
1.77
2.09
2.58
2.25
2.37
2.14
2.49
2.18
1.84
73.91 79.00 79.00 79.80
80.80 84.42 84.42 85.89
64.24 64.39 65.02 67.47
55.95 63.43 63.43 64.15
52.20 55.85 55.63 55.63
86.10 92.66 93.09 93.73
97.01 102.64 101.73 101.84
93.43 97.88 98.18 98.77
110.16 118.24 117.91 117.38
87.86 103.74 100.91
n.a.
55.42 60.80 59.57 59.25
38.1
40.2
38.7
37.3
34.8
41.0
37.6
40.8
40.5
38.2
35.3
39.5
40.2
38.1
40.4
36.5
42.7
38.3
41.3
41.2
42.0
38.0
39.5
40.2
37.8
40.4
36.6
42.7
38.1
41.6
40.8
41.7
37.0
39.7
40.9
39.0
40.6
36.6
42.8
38.0
41.5
40.9
n.a.
36.8 !
1.94
2.01
1.66
1.50
1.50
2.10
2.58
2.29
2.72
2.30
1.57
Mar.
Total......
82.04
89.24
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 . .
88.37
99.88
74.45
66.91
82.97
96.23
88.65
93.38
83.67
98.85
85.46
71.94
97.10
104.08
77.74
73.12
90.20
115.34
95.88
102.42
89.06
107.04
91.53
75.60
n.a. Not available.
NOTE.—Data are for production and related workers. Figures for
April and May 1959 are preliminary. Back data are available from
the Bureau of Labor Statistics.
1958
Average hourly earnings
(dollars per hour)
Apr.
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 hours worked
(per week)
1959
Mar.
Apr.
May
2.22
2.23
2.23
2.38
2.52
1.91
1.81
2.20
2.82
2.35
2.48
2.21
2.63
2.26
1.89
2.39
2.53
1.94
1.81
2.21
2.83
2.35
2.49
2.21
2.63
2.26
1.90
2.39
2.53
1.96
1.81
2.22
2.83
2.36
2.50
2.21
2.64
2.26
1.90
2.00
2.10
1.69
1.57
1.53
2.17
2.68
2.37
2.87
2.47
1.60
2.00
2.10
1.72
1.57
1.52
2.18
2.67
2.36
2.89
2.42
1.61
2.01
2.10
1.73
1.58
1.52
2.19
2.68
2.38
2.87
n.a.
1.61
644
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
112
114
118
118
128
135
135
136
109
110
114
117
123
126
122
122
107
104
105
108
113
120
124
127
112
113
117
116
125
131
132
133
114
115
119
112
122
128
129
127
115
122
127
129
140
146
148
149
117
127
131
135
149
164
166
167
110
109
114
112
122
128
128
125
111
116
120
121
132
138
138
137
107
109
110
113
117
126
128
128
117
121
123
129
140
144
142
146
130
134
133
140
147
135
135
137
143
114
117
115
129
137
119
125
122
132
121
124
124
133
137
125
128
125
133
135
129
129
141
143
129
140
135
142
121
124
122
132
140
129
126
125
139
147
146
146
153
163
145
151
149
156
157
118
124
119
131
136
124
122
125
134
130
136
133
139
151
144
131
133
148
120
126
123
129
137
126
123
130
136
136
148
141
147
158
147
144
149
150
138
140
138
129
127
123
126
134
134
129
142
123
133
128
132
160
159
146
173
168
167
124
129
2140
119
120
116
120
2156
2175
130
138
141
144
138
127
133
141
127
123
130
126
112
129
137
141
166
251
109
117
115
93
107
127
127
149
240
114
120
120
97
105
129
135
160
235
125
128
121
103
115
135
143
179
251
113
120
115
107
124
129
129
154
244
136
144
135
123
139
151
158
186
286
r
158
153
144
165
160
173
197
305
112
122
117
103
121
129
129
154
228
123
137
124
114
136
143
144
161
250
106
107
125
94
90
103
104
100
112
101
101
124
96
103
117
113
114
138
135
138
167
94
96
114
105
109
128
2130
114
116
128
123
2140
122
129
131
129
127
132
132
129
130
121
137
135
117
124
126
132
141
138
136
115
120
117
119
130
138
136
120
129
127
135
148
154
154
115
125
122
124
133
136
129
127
141
138
159
175
178
171
145
143
155
152
170
195
203
197
125
121
131
128
136
148
152
148
112
122
120
127
138
143
139
120
131
125
135
148
149
140
113
123
124
130
142
146
137
130
146
129
143
141
152
164
160
153
140
140
153
168
174
165
135
142
156
158
155
143
144
147
148
148
150
152
153
150
131
133
135
140
137
141
142
142
139
134
133
136
135
135
137
142
140
141
149
152
157
152
153
155
157
159
157
124
128
126
131
128
132
131
130
128
167
169
173
171
172
175
176
180
190
191
191
192
192
198
202
207
205
131
133
138
142
144
145
146
143
140
141
140
144
145
143
136
136
137
134
129
133
136
135
137
142
141
140
137
145
146
152
149
152
155
159
165
159
164
164
168
163
163
164
170
172
163
152
152
156
156
152
158
159
160
157
152
150
148
137
139
136
138
141
138
137
138
155
153
153
155
139
127
127
127
200
198
195
136
142
139
137
159
155
150
150
160
161
163
2201
144
138
138
141
168
168
169
2175
141
141
138
142
2175
2166
139
136
127
122
132
144
160
161
130
160
155
146
137
147
163
181
183
141
130
131
120
121
123
137
147
147
117
175
170
160
156
167
181
201
205
157
200
193
182
179
188
206
221
234
178
139
137
134
136
138
151
160
163
123
149
140
134
135
141
143
153
153
121
132
132
128
129
134
148
156
159
127
153
148
146
142
151
159
173
184
144
r
Dec
136
135
126
126
133
147
161
166
130
r
146
140
139
144
157
170
173
136
Jan
Feb
Mar
136
143
153
124
131
138
144
126
130
141
143
137
147
158
166
123
122
131
133
158
166
182
182
196
204
129
133
139
150
128
134
143
149
126
136
143
141
143
148
156
158
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALES i
1951
1952
1953
1954
1955
1956
1957
1958
120
129
132
136
149
158
159
159
112
120
122
122
132
141
140
142
150
161
162
162
172
162
159
166
160
142
142
143
140
148
140
141
149
148
150
154
155
168
162
166
169
150
155
155
153
117
121
119
103
130
135
142
150
227
131
145
136
130
152
149
149
173
260
143
159
147
144
160
156
165
190
277
130
135
135
124
144
140
142
173
262
93
99
112
112
133
133
126
151
2140
157
SEASONALLY ADJUSTED
1958
Aor
May
July
Oct
Nov
1959
Jan
Feb
Mar
Apr
r
164
176
174
183
167
165
170
176
r
129
r
WITHOUT SEASONAL ADJUSTMENT
1958
Apr
May
July
Sept
Oct
Dec
1959
jan
Feb
Mar
Apr
156
r
119
122
r
119
119
132
138
STOCKS i
1951
1952
1953
1954
1955
1956
1957
1958
137
131
SEASONALLY ADJUSTED
1958
Apr
July
Sent
Oct
Nov
Dec
1959
Jan
Feb
Mar
Apr
2151
172
177
172
171
r
WITHOUT SEASONAL ADJUSTMENT
1958
r
Apr
May
July
Sept
Oct
Nov
1959
r
150
9 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.
170
155
148
163
178
151
150
150
153
164
178
180
148
144
151
165
2182
2169
163
156
155
163
174
187
190
152
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.
645
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4
Amounts (In millions of dollars)
Period
Sales i
(total
for
month)
Stocksi
(end
of
month)
Outstanding
orders*
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
495
460
391
390
401
379
2 8
1 4
3.2
1.3
435
421
388
446
470
397
408
410
444
459
401
401
412
449
458
2.9
3.0
3.0
2.9
3 0
1.2
l.l
1.0
l.l
l.l
461
461
458
3.1
436
461
463
l.l
0
4.1
3.0
0.8
0.7
1.2
1.5
1.3
1.2
1.1
0.9
0.4
4.0
3.7
4.3
4.9
4 3
4.3
4.1
3 8
1.7
l.l
3.9
).8
1.0
[ l
1.3
1.2
[ l
1.1
1 3
1.0
0.9
4.3
5 0
4.1
4.2
1.0
I 2
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1950
1951
1952
1953
1954
1955
1956
1957
1958
462
1,012
1,202
1,097
1,163
1,140
1,195
1,286
1,338
1,320
416
441
402
366
420
451
502
538
911
1,346
1,308
1,230
1,216
1,276
1,395
1,516
1,567
1,231
'316
319
481
563
534
553
545
462
332
'439
405
324
352
480
570
623
589
575
'•398
414
486
434
451
589
615
506
445
3.2
3.0
3.1
3.3
3.0
3.1
3.0
2.9
1.4
379
342
434
431
1,217
1,278
1,360
1,404
412
449
423
387
365
403
516
475
445
440
489
440
3.2
3 7
3.1
3.3
376
391
397
406
409
437
454
459
4 2
4 4
4.1
4.1
4 0
4.0
4 1
4.1
1 1
I 0
1.0
1.0
1.0
1.0
1 0
1.0
1.0
Month:
1958—Apr
May
June
July
Sept
Oct
Nov
Dec
. . . .
1959—Jan
Feb
Mar
Apr
p
p
f
Preliminary.
Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1958,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
r
.2
I l
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 A N D IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports i
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
1957
1958
1959
1957
1958
1959
1957
1958
1959
1-505
1,345
1,553
1,530
1,638
1,406
1,416
I 396
1,361
I 599
1,596
1,400
1,280
1,456
1,468
1,584
1,495
2,024
1,783
1,715
1,656
1,510
1 540
1,441
1 606
1,601
1 541
1,396
1,245
1,438
1,408
1,507
1,308
1,287
1 283
1,239
1 418
1,408
1 379
1,286
1,184
1,375
1,343
1 115
1 096
1,133
1,119
1,106
986
1,148
1 043
1,007
1 148
1,043
1 142
956
1,072
1,057
1,061
1,031
1,049
950
1,074
1 142
1,089
1 253
1,154
1,118
1,301
1,221
Dec
1,681
1,616
2,154
1,866
1,817
1,790
1,697
1 681
1,544
1 680
1,688
1 636
Jan -Apr.. .
7,317
5,933
5,604
6,886
5,487
5,188
4,360
4,181
4,794
Jan
Feb
Mar .
Apr
M!ay
June
July . .
.
.
Aug
Sept
Oct
Nov
514
1
Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
993
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
646
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
Foods
Total
Rent
Gas
and
electricity
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
117.4
83.6
88.4
90.9
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
60.3
45.9
55.6
76.3
1929
1933
1941
1945
73.3
55.3
62.9
76.9
65.6
41.6
52.2
68.9
1951
1952
1953
1954
1955
1956
1957
1958
111.0
113.5
114.4
114.8
114.5
116.2
120.2
123.5
112.6
114.6
112.8
112.6
110.9
111.7
115.4
120.3
112.4
114.6
117.7
119.1
120.0
121.7
125.6
127.7
113.1
117.9
124.1
128.5
130.3
132.7
135.2
137.7
103.1
104.5
106.6
107.9
110.7
111.8
113.0
117.0
116.4
118.7
123.9
123.5
125.2
130.7
137.4
134.9
111.2
108.5
107.9
106.1
104.1
103.0
104.6
103.9
109.0
111.8
115.3
117.4
119.1
122.9
127.5
131.4
106.9
105.8
104.8
104.3
103.7
105.5
106.9
107.0
118.4
126.2
129.7
128.0
126.4
128.7
136.0
140.5
111.1
117.3
121.3
125.2
128.0
132.6
138.0
144.4
110.5
111.8
112.8
113.4
115.3
120.0
124.4
128.6
106.5
107.0
108.0
107.1
106.6
108.1
112.2
116.7
109.7
115.4
118.2
120.1
120.2
122.0
125.5
127.2
1958 Apr
May
June
July
Sept
Oct
Nov
Dec
123.5
123.6
123.7
123.9
123.7
123.7
123.7
123.9
123.7
121.6
121.6
121.6
121.7
120.7
120.3
119.7
119.4
118.7
127.7
127.8
127.8
127.7
127.9
127.9
127.9
128.0
128.2
137.3
137.5
137.7
137.8
138.1
138.2
138.3
138.4
138.7
116.0
116.5
116.9
117.0
117.5
118.0
118.1
118.1
118.2
134.2
131.6
131.7
132.3
133.6
135.2
135.6
135.8
137.0
104.0
104.0
104.1
104.0
103.3
103.6
103.4
103.5
103.6
130.9
130.9
131.1
131.2
132.1
132.2
132.4
132.6
132.8
106.7
106.7
106.7
106.7
106.6
107.1
107.3
107.7
107.5
138.3
138.7
138.9
140.3
141.0
141.3
142.7
144.5
144.3
142 7
143.7
143.9
144.6
145.0
146.1
146.7
147.0
147.3
128 5
128.5
128.6
128.9
128.9
128.7
128.8
129.1
129.0
117 0
116.6
116.7
116.6
116.7
116.6
116 6
117.0
116.9
127 2
127.2
127.2
127.2
127.1
\21.1
127.2
127.2
127.3
1959 Jan
Feb
Mar
Apr
123.8
123.7
123.7
123.9
119.0
118.2
117.7
117.6
128.2
128.5
128.7
128.7
138.8
139.0
139.1
139.3
118.2
118.5
118.5
118.2
138.9
140.0
140.3
138.7
103.2
103.8
103.8
103.8
133.1
133.1
133.7
133.8
106.7
106.7
107.0
107.0
144.1
144.3
144.9
145.3
147.6
148.6
149.2
149.6
129.4
129.8
129.7
130.0
117 0
117.1
117.3
117.7
127.3
127.4
127.3
128.2
A.UK
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-^*9= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
1951
1952
1953
1954
1955
1956
1957
1958
1958
Apr
May
June
July
Aue
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
r
1959
Revised.
MaChem- Rub- Lum- Pulp Metals chinicals
ery
ber
paper,
ber
and
and
and
and
and
and wood
moallied prodallied metal
tive
prod- ucts prod- prod- products products
ucts
ucts
ucts
Furni- Non- Toture
me- bacco
and
mfrs. Misother tallic
and cellaminhouse- erals— bottled
hold struc- bev- neous
dura- tural erages
bles
All
Tex- Hides,
tile skins,
com- Farm Processed Total prodmodi- prodand
ucts foods
ucts leather
ties
and prodapparel ucts
Fuel
power,
and
lighting
materials
114.8 113.4 111.4 115.9 110.6 120.3
111.6 107.0 108.8 113.2 99.8 97.2
110.1 97.0 104.6 114.0 97.3 98.5
110.3 95.6 105.3 114.5 95.2 94.2
110.7 89.6 101.7 117.0 95.3 93.8
114.3 88.4 101.7 122.2 95.3 99.3
117.6 90 9 105.6 125.6 95.4 99.4
119.2 94.9 110.9 126.0 93.5 100.6
106.7
106.6
109.5
108.1
107.9
111.2
117.2
112.7
110.0
104.5
105.7
107.0
106.6
107.2
109.5
110.4
148.0
134.0
125.0
126.9
143.8
145.8
145.2
145.0
123.9
120.3
120.2
118.0
123.6
125.4
119 0
117.7
119.6
116.5
116.1
116.3
119.3
127.2
129 6
131.0
122.8
123.0
126.9
128.0
136.6
148.4
151.2
150.4
119.0
121.5
123.0
124.6
128.4
137.8
146 1
149.8
114.1
112 0
114.2
115 4
115.9
119 1
122 2
123.2
113.6
113 6
118.2
120 9
124.2
129.6
134 6
136.0
108.1 104.9
110 6 108 3
115.7 97.8
120.6 102.5
121.6 92.0
122.3 91 0
126 1 89 6
128.2 94.2
115.7
115.9
116.4
116 8
118.6
120.4
120.8
120.0
119.8
130.5
130.5
130.5
131 0
131.0
131.7
131.9
131.9
131.3
148.6
148.6
148.8
148.8
150.8
151.3
152.2
153.0
153.0
149 4
149.4
149.5
149 5
149.5
149.4
149.9
151 2
151.5
123 4
123.2
123.0
123 2
123 0
123.0
123.0
122 7
122 8
135 4
135.7
135.5
135 3
135 2
136.7
136.7
136 7
136 9
128 0 97 8
128.0 96 2
128.0 93.7
128 0 97 2
128 0 95 6
128 0 192 5
128.8 91.2
128 7 93 2
128 6 100 9
120.5
122.5
124.2
126.1
131.5
131.7
132.0
132.2
152.9
153.4
153.6
152.8
123.3
123 3
123.5
123.5
137.2
137 5
137 7
138.3
128.6 100.8
128 9 98 5
132 1 97 0
132.2 98.8
119.3
119.5
119.2
119.2
119.1
119.1
119.0
119.2
119.2
119.5
119.5
119.6
120.0
r
97.7
98.5
95.6
95.0
93.2
93.1
92.3
92.1
90.6
111.5
112.9
113.5
112.7
111.3
111.1
110.0
109.5
108.8
125.5
125.3
125.3
125.6
126.1
126.2
126.4
126.8
127.2
99.7
99.9
100.3
100.3
100.5
100.2
101.4
102.3
103.6
111.0
110.3
110.7
111.9
113.7
114.1
113.0
112.6
112.9
111.0
110.8
110.7
110.4
110.0
109.9
110.2
110.2
110.0
144.5
143.8
144.2
144.7
144.4
145.2
146.1
146.6
146.3
91.5
91.1
90.8
92.4
108.7
107.6
107.2
107.2
127.5 93.3 104.1
127.8 93.7 105.4
128.1 '93.9 108.5
128.3 94.1 117.8
113.9
114.8
115.0
114.2
110.2
109.9
109.8
110.0
146.0
146.1
146.7
147.5
93.7
93.5
93.3
93.3
93.3
93.3
93.2
93.1
93.3
r
r
151.8
152.0
152.2
152.1
r
647
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1958
1959
Apr.
Feb.
Mar.
129.2
85.7
94.5
101.4
91,7
77.1
79.9
142.3
105.9
77.0
88.4
99.1
95.5
69.3
78.0
134.8
93.6
77.7
91.1
99.5
r
93.5
70.5
78.4
133.8
118.4
108.5
111.4
107.6
114.3
168.4
97.1
117.7
100.9
113.0
110.6
113.8
149.7
97.2
119.0
99.6
113.0
111.2
112.9
•148.4
95.7
Pulp, Paper, and Allied Products
{Cont.):
114.2
79.7
Paperboard
91.9
Converted paper and paperboard...
101.0
Building paper and board.
91.7
54.5 Metals and Metal Products:
79.5
Iron and steel
133.5
Nonferrous metals
Metal containers
Hardware
118.9
Plumbing equipment
100.8
Heating equipment
112.0
Fabricated structural metal products
110.8
Fabricated
nonstructural
metal
112.1
products
145.6
95.3 Machinery and Motive Products:
101.6
80.5
116.5
99.2
75.4
89.6
97.7
79.8
109.3
99.3
78.0
90.2
r
97.8
r
80.1
112.1
99.3
76.1
90.3
99.5
80.6
113.6
99.3
75.7
91.1
121.7
97.6
73.0
101.0
123.3
100.8
87.7
103.6
123.6
103.4
119,8
161.9
98.1
100.0
115.8
126.2
170.4
112.0
100.8
119.5
124.6
170.4
113.1
100.9
119.9
108.5
120.4 Furniture and Other Household Dura128.3
bles:
109.5
Household furniture
Commercial furniture
Floor covering
Household appliances
119.3
Television, radios, phonographs
170.4
111.3
Other household durable goods
100.8
119.4 Nonmetallic Minerals—Structural
124.3
128.4
104.0
94.1
62.2
111.4
110.3
107 ..2
123.7
128.4
101.4
93.0
58.9
109.8
107.5
106.5
123.6
128.4
101.3
92.8
60.3
110.0
107.5
106.1
Flat glass
Concrete ingredients
Concrete products
123.9
Structural clay products
128.3
Gypsum products
101.4
Prepared asphalt roofing
,
92.8
60.4
Other nonmetallic minerals
109.6
107.5 Tobacco Manufactures and Bottled
106.3
Beverages:
131.2 139.4
152.1 I 151.9
143.0 | 143.6
142.4
151.9
143.6
146.9
151.9
143.4
115.9
127.6
94.4
123.1
130.2
103.6
125.5
130.2
104.0
126.6
134.4
106.6
121.2 121.2
75.3 107.1
142.9 I 142.1
121.2
115.7
142.1
121.2
115.7
143.3
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
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
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..
p
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
Apr.
Feb.
Mar.
Apr,
136.1
127.2
144.1
136.2
127.6
144.2
136.2
127.6
144.2
136.2
127.5
145.0
166.4
124.1
155.7
169.0
123.6
120.8
134.1
172.5
134.1
156.3
172.9
126.0
122.0
134.0
171.9
136.1
156.3
173.0
129.2
121.9
132.9
170.8
134.8
152.9
173.0
129.8
121.9
132.9
145.9
145.8
145.9
145.9
138.5
143.0
143.1
143.1
165.4
170.7
171.4 171.7
171.0 172.1
171.8
172.4
159.4
149.0
163.9
149.0
163.3
149.2
162.8
149.2
151.8
139.0
152.5
143.2
153.1
143.2
153.0
143.2
122.8
154.2
128.5
105.3
94.7
155.1
124.1
155.0
126.3
104.8
93.2
156.0
124.1
155.0
127.2
105.0
r
93.4
156.0
123.9
155.0
127.8
105.1
93.4
156.2
135.7
138.9
127.9
155.5
133.1
107.2
131.2
135.2
140.2
129.0
159.6
133.1
119.8
131.7
135.2
140.2
129.3
159.9
133.1
119.4
132.7
135.2
140.2
129.4
160.0
133.1
126.4
132.7
134.8
106.6
139.7
120.1
149.3
134.8
106.6
148.3
121.7
148.9
134.8
106.6
150.9
121.7
171.1
134.8
106.6
152.8
121.7
171.1
119.1
80.9
97.5
107.3
132.4
117.9
82.2
97.5
108.1
132.4
117.2
79.6
97.5
108.2
132.6
116.9
82.9
97.5
108.2
132.6
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp..
Wastepaper.
Paper
1959
1958
Subgroup
Subgroup
Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
648
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
1959
1958
IQ7Q
1QA 1
1 JJ*H
1 o^n
1 Q^A
1 Q^*J
10S7
lyj 1
1QCO
1
104.4
Gross national product
2
3
4
1
56.0 125.8 284.6 363.1 397.5 419.2 440.3 451.1 427.1 430.4 439.8 453.0 467.0
8.6
7.2
9.0
19.1
28.8
32.0
34.7
37.7
39.7
40.4
41.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
30.2
1.3
.9
32.9
1.5
1.0
35.6
1.5
-.9
37.6 38.6 38.0 38.3 38.6
1.6
1.6
1.6
1.6
1.6
.7 - 1 . 5 - 1 . 5 - 1 . 2 - 3 . 0
39.4
1.6
-.3
40.4
1.6
.0
.1
.2
-.2
.0
1.0
1.6
1.4
39.6
38.9
39.3
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
-.1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
10.1 - 2 . 0
.3
.2
.0
.0
.9
1.5
1.0
1.2
5.8
2.1
.6
.7
14.5
2.8
35.7
6.9
33.7
9.7
43.1
11.0
42.9
12.3
41.9
14.2
36.4
14.4
31.3
14.2
32.5
14.2
.0
2.6
1.3
4.5
.5
.0
14.3
4.8
9.2
.8
.0
15.0
5.4
9.8
1.3
.0
16.0
5.4
11.2
1.5
.0
17.1
5.7
12.0
1.5
.0
19.9
6.2
12.4
1.6
.0
24.3
6.2
12.3
1.6
.8
22.5
6.3
12.5
1.6
.8 - 1 . 5
24.6 25.2
6.2
6.2
12.4 12.5
1.6
1.6
Equals: Personal income
85.8
47.2
96.3 228.5 289.8 310.2 330.5 347.9 354.4 348.3 351.3 358.6 359.5 365.7
2.6
7.5
3.3
20.8
32.9
35.7
40.1
42.7
42.8
42.3
42.3
43.5
43.7
44.8
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.6
29.2
3.8
31.5
4.2
35.2
4.8
37.4
5.4
37.0
5.8
36.6
5.7
36.5
5.8
37.6
5.9
37.8
5.9
38.6
6.2
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures.
Equals: Personal saving
1.3
1.5
1.6
1.5
1.5
40.2 104.7 241.9 301.8 330.2 349.4 364.0 360.8 351.7 353.9 364.3 373.5
38.0
14.7
44.0
14.6 * *16i4
.0
24.9
6.2
11.8
1.6
.0
24.3
6.2
12.5
1.6
93.0 207.7 256.9 274.4 290.5 305.1 311.6 306.1 309.0 315.1 315.8 320.9
83.1
45.7
79.0
46.4
81.9 195.0 238.0 256.9 269.4 284.4 290.6 286.2 288.3 291.5 295.9 300.5
4.2
-.6
11.1
12.6
18.9
17.5
21.1
20.7
21.0
19.9
20.7
23.6
19.9
20.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1958
1929
1933
1941
1950
1954
1955
1956
1957
1959
1958
National income
87.8
40.2 104.7 241.9 301.8 330.2 349.4 364.0 360.8 351.7 353.9 364.3 373.5
Compensation of employees
Wages and salaries^
Private
Military
Government civilian
Supplements to wages and salaries
51.1
50.4
45.5
.3
4.6
29.5
29.0
23.9
.3
4.9
.5
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0 14.5 35.7
.2 17.0 40.6
9.6
.5
1.4
7.6 17.9
8.3 - . 4
9.4 22.8
.5 - 2 . 1 - 2 . 5 - 5 . 0
Net interest
1
6.4
5.0
Includes employee contributions to social insurance funds.
64.8 154.2 207.6 223.9 241.8 254.6 253.8 250.9 250.7 255.3 258.4 265.5
62.1 146.4 196.3 210.9 227.3 238.1 237.1 234.4 234.2 238.4 241.3 247.3
51.9 124.1 161.9 174.9 189.3 198.0 194.3 192.7 191.8 195.0 197.6 203.1
9.6
1.9
5.0 10.0
9.7
9.8
9.8
9.6 10.0 10.0
9.4
9.9
8.3 17.3 24.4 26.2 28.4 30.5 33.1
32.3 32.8 33.4 33.7 34.3
7.8 11.3 13.0 14.5 16.5 16.7 16.5 16.4 16.9 17.1 18.2
2.7
20.9
10.9
6.5
3.5
4.5
46.6
23.5
14.0
9.0
5.5
51.3
27.8
12.7
10.9
54.8
31.4
11.6
11.8
57.4
31.0
14.2
12.2
56.4
30.6
13.7
12.1
57.7
30.7
14.9
12.1
57.7
31.1
14.4
12.2
33.7 43.1 42.9 41.9
34.1 44.9 45.5 43.4
17.2 21.8 22.4 21.6
16.8 23.0 23.1 21.8
- . 3 -1.7 -2.6 -1.5
36.4
36.7
18.7
18.0
-.2
31.3
31.7
16.1
15.5
-.3
32.5
32.0
16.3
15.7
.5
38.0 44.0
37.9 45.2
19.3 23.0
18.6 22.2
.2 - 1 . 2
13.2
13.0
13.1
13.2
9.1
2
52.8
30.4
11.8
10.7
10.4
53.3
30.8
11.6
10.9
11.3
12.6
Includes noncorporate inventory valuation adjustment.
57.9
31.8
13.7
12.3
13.3
58.3
32.4
13.4
12.5
13.6
649
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
1958
1929
Gross national product
1933
104.4
1941
1950
1954
1955
1956
1957
1959
1958
56.0 125.8 284.6 363.1 397.5 419.2 440.3 437.7 427.1 430.4 439.8 453.0 467.0
81.9 195.0 238.0 256.9 269.4 284.4 290.6 286.2 288.3 291.5 295.9 300.5
9.7 30.4 32.4 39.6 38.4 39.9 36.8 36.3 35.6 36.1 38.9 40.1
43.2 99.8 119.3 124.8 131.4 138.0 141.9 139.8 141.4 142.9 143.3 145.2
29.0 64.9 86.3 92.5 99.6 106.5 111.9 110. 111.3 112.5 113.6 115.1
Personal consumption expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
Gross private domestic
investment
New construction1
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
16.2
1.4
1.4
8.7
.5
3.6
1.0
5.1
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0 48.9
24.2 29.7
14.1 15.4
10.1 14.3
18.9 20.8
6.8 - 1 . 6
6.0 - 2 . 1
63.8
34.9
18.7
16.2
23.1
5.8
5.5
68.2
35.7
17.7
18.1
27.0
5.4
5.9
65.3 54.4 50.9 50.7 54.5
36.5 36.5 36.3 34.9 36.3
17.0 17.8 17.1 16.2 17.9
19.5 18.7 19.2 18.7 18.4
27.9 22.6 22.9 22.3 22.3
1.0 - 4 . 7 - 8 . 2 - 6 . 5 - 4 . 2
.2 - 5 . 8 - 9 . 3 - 7 .
-5.4
61.6
38.6
20.1
18.5
23.0
.0
70.2
40.0
21.7
18.3
24.5
5.7
5.0
46.4
3.5
22.3
20.7
Net exports of goods and services2
Exports
Imports
3.8
7.0
6.3
3.2
2.4
2.3
31.1
6.0
4.8
.6
13.1
12.5
1.0
17.5
16.5
1.1
19.4
18.3
2.8
23.0
20.2
4.9
26.0
21.0
1.4
22.3
20.9
1.7
21.9
20.2
1.7
22.4
20.8
1.7
22.8
21.2
.4
22.1
21.7
-.3
21.5
21.8
Government purchases of goods and services
Federal
National defense4
Other
Less: Government sales5
State and local
8.5
1.3
1.3
.0
7.2
8.0 24.8
16.9
2.0
' 13.8
2.0
3
.0 • i
6.0
7.8
39.0
19.3
14.3
5.2
.1
19.7
75.3
47.5
41.2
6.7
.3
27.7
75.6
45.3
39.1
6.6
.4
30.3
78.8
45.7
40.3
5.7
.3
33.1
85.7
49.4
44.3
5.5
.4
36.3
91.2
51.7
AAA
7.6
.3
39.6
88.3
49.7
43.7
6.3
.3
38.6
89.7
50.7
44.1
6.9
.3
39.1
92.0
52.2
44.5
8.0
.3
39.9
95.2
54.2
45.3
9.2
.3
41.0
96.6
54.3
45.8
8.8
.3
42.3
1 Includes expenditures for crude petroleum and natural gas drilling.
2 Series revised on basis of definitional changes in two components of
the gross national product estimates; for explanation see United States Income and Output (a supplement to the Survey of Current Business for
1959)
and the December 1958 issue of the Survey of Current Business.
3
Net exports of goods and services and net foreign investment have
been equated, since foreign net transfers by government were negligible
during
the period 1929-45.
4
This category corresponds closely to the major national security
classification in the Budget of the United States Government for the fiscal
year ending June 30, 1960.
5 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
1953
1954
1955
1956
1957
1958
288.3
289.8
310.2
330.5
347.9
354.4
198.1
196.3
210.9
227.3
238.1
237.1
351.4
353.4
360.1
357.2
358.7
358.2
360.7
359.9
363.0
365.4
369.5
373.2
376.2
Year or month i
1958
May
July
Sept
Oct
Nov
Dec
1959 Jan
Feb
Mar
Apr
May?
Commodity Distributive
produc- indusing intries
dustries
Transferpayments 4
Less
personal
contriNonbutions agriculfor
tural
social income 6
insur-5
ance
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
88.1
84.1
91.4
98.7
102.2
97.3
51.8
52.3
55.8
60.1
63.3
63.3
24.3
25.5
27.8
30.5
32.6
33.6
33.9
34.4
36.0
38.0
40.1
42.8
6.0
6.2
7.1
7.9
8.9
9.1
51.3
51.3
52.8
53.3
54.8
57.4
22.6
24.4
27.0
29.1
31.1
31.7
14.3
16.2
17.5
18.6
21.5
25.9
3.9
4.6
5.2
5.7
6.6
6.7
271.5
273.8
295.0
315.4
332.7
336.5
233.1
235.8
242.2
238.5
239.4
239.0
242.0
243.3
95.6
96.6
97.1
97.7
98.4
97.7
100.3
101.0
62.6
63.3
63.5
63.6
63.6
63.7
63.9
64.2
33.4
33.6
33.7
33.8
33.9
33.9
34.2
34.3
41.5
42.4
48.0
43.4
43.5
43.7
43.7
43.9
8.9
8.9
9.0
9.1
9.2
9.2
9.3
9.3
58.0
57.6
57.6
57.7
57.9
58.0
57.8
57.9
31.7
31.8
31.8
31.9
31.9
31.9
31.9
30.2
26.4
26.0
26.5
26.8
27.0
26.9
26.6
26.0
6.7
6.7
7.0
6.8
6.8
6.8
6.8
6.8
332.4
335.1
342.0
339.2
340.9
340.3
343.2
342.4
245.4
246.9
250.2
253.4
255.8
102.1
102.7
105.1
107.5
109.0
64.8
65.3
65.8
66.2
66.7
34.5
34.7
34.9
35.2
35.4
44.0
44.2
44.4
44.6
44.7
9.4
9.5
9.5
9.6
9.6
58.1
58.3
58.9
58.9
59.2
32.1
32.3
32.6
32.9
33.2
25.8
26.1
26.1
26.3
26.3
7.7
7.7
7.8
7.9
7.9
345.8
348.2
352.1
355.9
359.0
» 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
well as consumer bad debts and other business transfers.
Other
labor
income 2
DiviProdends
prietors'
and
and
perrental 3 sonal
income interest
income
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.
650
MEMBER BANK EARNINGS, 1958
EARNINGS OF ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All member banks
All
national
member
banks
l
Item
1955
1956
1957
All
State
member
banks
Central reserve
city member banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
Year 1958
1958
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 e a r n i n g s . . . .
5,342,589
6,078,173
6,770,958
7,126,594 4,523,156 2,603,438 l s l<B f 984
271,987 2,835,084 2,855,539
1,118,106
295,606
3,021,843
61,362
274,024
109,755
266,992
194,902
1,100,589
307,846
3,662,480
62,685
310,165
121,585
309,105
203,719
1,167,739
339,451
4,136,112
71,803
354,187
136,558
340,234
224,875
836,524
429,652
1,266,176
266,878
144,525
411,403
4,245,404 2,729,561 1,515,843
50,307
30,595
80,902
268,672
119,828
388,500
79,416
60,270
139,686
141,425
222,935
364,360
150,373
79,790
230,163
170,109
61,343
685,270
13,652
26,524
29,109
119,579
58,398
559,512
478,429
58,126
182,854
150,622
16,584
154,892 1,718,519 1,686,723
25,189
40,175
1,886
196,902
162,543
2,531
56,587
51,366
2,624
72,907
143,433
28,441
74,865
89,997
6,903
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
3,265,126
511,736
1,059,667
27,189
543,122
21,942
148,987
86,837
865,647
3,679,898
553,292
1,181,906
29,161
649,679
43,793
157,227
102,854
961,985
4,222,375
592,380
1,284,885
30,856
927,199
47,875
172,171
117,071
1,049,938
4,616,925 2,958,376 1,658,549
411,521
220,560
632,081
825,434
523,736
1,349,170
22,062
10,423
32,485
759,478
363,937
1,123,415
12,830
10,353
23,183
125,553
59,681
185,234
90,556
44,193
134,749
710,942
425,666
1,136,608
636,480
69,001
230,867
1,667
109,882
8,303
15,830
13,584
187,346
141,794 1,822,987 2,015,664
328,838
215,953
18,289
507,411
561,214
49,678
24,738
5,770
310
515,001
473,839
24,693
3,601
1,259
10,020
81,899
6,301
81,204
74,575
1,280
45,310
479,601
39,984
429,677
Net current earnings before income taxes
2,077,463
2,398,275
2s548,583
2,509,669 1,564,780
944,889
527,504
130,193 1,012,097
839,875
212,508
225,807
169,938
777,390
460,825
316,565
112,495
55,930
354,187
254,778
18,317
37,547
50,668
12,578
39,745
27,526
8,190
19,345
57,162
8,15
54,261
611,514
5,526
33,078
352,977
2,631
21,183
258,537
68
3,320
92,426
1,926
4,840
47,703
1,849
37,491
279,720
4,314
8,610
191,665
20,741
47,728
37,508
14,309
73,279
58,370
14,037
36,848
34,357
15,848
39,679
47,931
11,209
27,554
30,481
4,639
12,125
17.450
826
12,182
3,673
164
12
1,285
2,221
17,228
15,678
12,637
10,257
27,295
613,959
879,830
655,063
681,456
449,479
231,977
64,345
46,427
313,435
257,249
195,493
63,086
276,573
97,001
206,908
78,269
74,869
253,282
54,525
159,713
20,344
93,569
5,640
26.666
4,664
27,919
27,208
148,025
37,357
50,672
17,843
265.632
71;904
21,851
407,544
76,862
15,675
280,887
73,324
15,109
240,813
97,383
11,472
157,275
66,494
3,637
83.538
30,889
183
26,802
5,054
1,167
8,214
4,463
1,282
98,475
38,445
12,477
107,322
49,421
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
139,696 1,052,849
837,404
69,195
69,195
489,961
463,010
26,951
313,361
299,773
13,588
299,762
70,501
562,888
524,043
160,213
33
160.180
26,148
68
26,080
257,619
283
257,336
202,198
1,182
201,016
2.043
22.403
765
14.046
4.179
5,615
19,538
2,539
23,369
6,213
32,714
2,574
11.181
760
10,131
12,519
33,501
2.970
54,356
1,676,013
1,744,253
2,063,459
Taxes on net income
Federal
State
690,770
655,361
35,410
717,688
677,206
40,482
894,515
848,679
45,836
1,148,409
1,081,498
66,911
Net profits
985,242
1,026,565
1,168,944
Cash dividends declared
On preferred stock 2
On common stock
500,941
1,730
499.211
546,931
1,592
545.339
603,767
1,485
602.282
2,719j
33,589j
3,185
35,443
65,502
75,669
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
64,651,000
53,453,000
13,876,000
36,047,000
2,620,000
Total assets
70,646,000 175,061,000 179,568,000 189,953,000
0)
34,056,000 8,602,000 74,881,000 72,414,000
Time deposits
Total deposits
Total capital accounts
39,983,000 41,200,000 44,596,000 51,054,000
54,464,000 157,561,000 160,753,000 170,058,000
12,499,000 13,270,000 14,108,000 15,086,000
(3)
(3)
(3)
4,926,000 1,418,000 20,609,000 24,101,000
28,995,000 7,708,000 67,380,000 65,974,000
3,214,000
709,000 5,580,000 5,583,000
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
2,605,603 1,576,126 1,029,477
459,727
424,459
35,268
887,444
569,750
392,218
169
392,049
253,960
1,397
252.563
6,876
38,729
12,610
76,455
1,457,194
646,178
1.566
644.612
2,099
43.673
8,919
61,132
92,830
108,536
71.394
18,823
109,169
74,279,000
47,554,000
13,421,000
36,924,000
2,883,000
79,024,000
46,081,000
13,579,000
37,435,000
3,450,000
80,819,000
51,604,000
15,721,000
37,916,000
3,893,000
15.883,000 3,505,000 32,614,000 28,817,000
7,128,000 2,455,000 19,557,000 22,464,000
2,237,000
618,000 5,678,000 7,189,000
000 12,822,000
7,571,000 1,949,000 15,575,000
1,237,000
75,000 1,457,000 1,123,000
()
(3)
(3
Number of officers
Number of employees
Number of banks
For notes see following two pages.
575,654
275,892
249,520
26,372
688,682
657,039
31,643
58,623
342,181
61,325
363,639
63,410
378,317
65,694
381,086
45,113
241,451
20,581
139,635
4,457
52,108
1,092
11,686
19,868
154,028
40,277
163,264
6,543
6,462
6,393
6,312
4,578
1,734
18
14
274
6,006
651
MEMBER BANK EARNINGS, 1958
EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Minneapolis
Chicago
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
351,143 1,785,377 374,819
565,852
320,593
391,535 1,014,876 237,012 197,315
302,049
378,067 1,207,956
272,300
61,748
50,960
24,246
106,262
15,065
205,082 1,063,554 228,547
2,534
20,910
2,052
14,993
72,988
22,450
5,307
39,030
9,311
28,683
136,349
32,375
8,761
73,984
13,848
112,432
35,883
329,517
4,667
26,587
8,296
31,094
17,376
60,217
16,451
192,565
2,662
19,930
8,049
12,827
7,892
71,938
22,868
232,462
4,172
25,546
9,537
11,382
13,630
238,171
63,480
568,137
9,885
46,647
15,975
48,985
23,596
61,682
18,198
177,969
1,598
20,083
4,647
8,117
9,755
64,437
21,374
236,898
3,263
17,995
5,712
8,090
20,298
183,568
60,396
753,291
26,232
97,911
22,00-5
34,394
30,159
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
226,177 1,094,170 249,573
34,531
125,186
33,935
73,989
353,329
174,848
3,651
5,593
1,958
55,375
246,174
33,003
802
9,428
1,012
10,138
30,387
9,046
8,589
28,779
7,645
62,498
295,294
64,730
361,666 215,612
34,678
46,559
61,462
101,394
2,358
2,855
47,535
92,001
663
1,841
24,721
8,630
7,909
11,539
52,377
80,756
268,439
39,353
73,866
2,221
58,204
1,179
12,443
10,205
70,968
657,939 148,618 132,169 189,618
38,855
26,266
23,156
91,032
51,000
33,052
40,145
194,277
2,144
1,290
1,994
4,585
31,937
27,042
31,100
160,103
834
480
511
2,792
5,893
7,091
4,092
27,828
3,725
6,427
4,346
16,650
52,528
35,274
41,223
160,672
241,292
43,029
58,791
2,247
43,766
913
18,892
9,814
63,840
831,652
95,501
233,017
1,589
297,175
2,728
26,073
19,121
156,448
Net current earnings before income taxes
124,9661
691,207
125,246
204,186
104,981
123,096
356,937 j
88,394
65,146
112,431
136,775
376,304
43,259!
179,162
25,059j
92,563
28,889
40,455
156,532|
29,048
22,346
27,407
19,610
113,060
587j
1,123!
30,2971
1/759
130^005
422
2,678 j
19,4041
323
9,999
76,769
128
300
24,968
463
1,531
33,414
3,395
12,055
130,5281
1141
2,074!
24,235
268
2,182
16,273
244
736
21,636
357
586
13,215
97
12,807
90,770
2,871
4,073
16,503
18,632
669
415
1,471
1,032
2,431
2,009
429
1,394
1,670
726
1,456
2,865
7321
3,2451
6,577
465
741
1,419
940
842
1,841
1,936
388
2,467
3,242
573
1,637
1,133
3,781
4,472
43,654
138,099
32,790
84,723
26,757;
31,096
124,589 i
26,847
11,369
27,309
29,947
104,276
3,295
15,434
14,394
41,361
4,333
4,814
4,732
57,124
3,124
7,948
3,468
7,895
16,005!
55,102|
5,328
12,082
2,914
1,266
5,469
5,014
3,711
3,653
7961
16,655!
7,474!
1,083
60,244
21,017
567
15,894
7,182
962
15,153
6,752
628
8,838
6,219
800
13,812
5,121
2,008
31,909!
19,565i
813
5,377
3,247
917
4,781
1,491
2,258
9,703
4,865
3,340
14,144
5,099
8,096
41,539
937
44,303
9,351
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
471
7,910
51,645
14,910
141,414
1,253
10,627
4,322
6,936
5,905
37,078
12,270
115,968
1,674
12,743
7,495
5,128
4,959
124,571
732,270
117,515
212,026
107,1131
132,455
388,880!
90,5951
76,123 112,529
126,438
385,088
Taxes on net income
Federal
State
61,906
53,186
8,720
333,911
301,667
32,244
45,763
45,537
226
98,721
98,721
48,312
47,132j
1,180
52,332
51,494
838
163,4581
162,661!
7971
40,363
39,613
750
29,526
26,408
3,118
44,463
42,783
1,680
50,315
50,278
37
179,339
162,018
Net profits
62,665!
398,359
71,752
113,305
58,801
80,123
225,422
50,232
46,597
68,066
76,123
205,749
Cash dividends declared
On preferred stock 2
On common stock
33,819
33
33,786
208,267
1,205
207,062
39,039
4
39,035
46,878
46,878
26,101
2
26,0991
25,168
10
25,158
72,590!
245!
72,345!
20,750
33
20,717
34,315
16,165 22,379
9
16,156 ' *22,379 ' "34,3i5
100,707
25
100,682
1,485!
3,566l
2,697
185965
955
3,247
389|
1,207!
33
1,974
138|
10,546|
2,341
1,397
224
4,042
166
8,239
Profits before income taxes
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
1
1,322
470
4,124
17,321
Loans
U. S. Govt. Securities
Other securities
Cash assets
Other assets
6,338
397
26
204
4,541
520
28
3,615
248
366
2,378:
162
16,127
5,203
8,327
5,412
2,090
23,635
6,501
3,101
7,790
3,514
21,732;
5,737
4,288,000 13,229,000
2,024,000
3,162,000
3,810,000 22,525,000 4,261,000 6,428,000 3,462,000 3,947,000
. . . . . . . . . 11 ,011,000 2,672,000
...__.
...»
507,000
54,000 2,484,000 4,602,000 2,491,000 2,963,000
2,046,000
9 ,'804^000 2,057,000 1,441,000 2,507,000 2,571,000 7,484,000
741,000 2,390,000
876,000 2,510,000 557,000 442,000 715,000
676,000 3,975,000 918,000 1,280,000 641,000
095,000 2,714,000 4,695,000
1.621,000 9,842,000 1,819,000 2,785,000 1 ,837,000 2,364,000 5,659,000 1,505,000 981,000 2,095,000
636,000
258,000
220,000 152,000
192,000
172,000 1,492,000 178,000
333,000
81,000 74,000 106,000
Total assets
8,326,000 48,988,000 9,660,000 15,315,000 8,583,000 10,342,000 29,317,000 6,872,000 4,961,000 8,584,000 10,572,000 28,433,000
Time deposits
Total deposits
Total capital accounts
1,526,000 10,816,000 2,827,000 4,690,000 2,187,000 2,358,000 8,813,000 1,483,000 1,461,000 1,445,000 1,967,000 11,481,000
25,741,000
",353,000 42,587,000 8,615,000 13,714,000 7,755,000 9,422,000 26 710,000 6,222,000 4,513,000 7,812,000 9,612,000 15,741.000
7,353,000
752,000 2 120 000 550,000 363,000 674,000 836,000 l,814,'OOO
762,000 4,306,000 901,000 1,326,000 681,000
Number of officers
Number of employees
Number of banks
3,542
22,718
10,341
88,114
4,063
22,084
4,762
28,704
4,000
19,885
287
531
513
589
455
1 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.
4,320
24,181
401
2
3
8,498
54,631!
1,021 j
3,214
13,406
2,837
10,606
4,660
16,343
4,850
18,429
10,607
61,985
489
476
750
631
169
Includes interest on capital notes and debentures.
Not available on the 13-month basis used for all member banks. See
NOTE on following page.
For other notes see following page.
652
MEMBER BANK EARNINGS, 1958
EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loan:
Other charges on loans
Service charges on deposits..
Other charges, fees, etc
Trust department
Other current earnings
125,210
New
York
Philadelphia
Cleveland
Richmond
Atlanta
82,232 154,833
331,100 138,403
16,692
3,533
71,166
1,017
3,947
5,321
16,891
6,643
10,913
5,293
52,875
1,231
5,395
1,367
1,741
3,417
19,899
8,704
94,446
1,252
6,015
2,491
18,353
3,673
61,020
21,694
189,796
3,415
13,736
4,911
26,276
10,252
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
66,313
10,108
26,285
237
3,615
415
2,735
1,833
21,085
57,811
6,639
17,326
351
14,68:
209
1,391
1,431
15,782
96,780
12,208
37,008
433
10,98:
50'
4,097
2,756
28,789
Net current earnings before income taxes
58,897
24,421
23,963
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
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
185,608 1,026,530
162,772
310,706
111,67'
61,683
144,330
25,901
6,604
79,564
1,057
8,627
4,220
8,366
4,064
27,223
8,365
99,451
2,559
7,691
3,793
6,434
7,256
76,325
19,697
171,763
3,423
18,233
5,113
11,175
4,977
21,061
6,066
68,901
568
4,195
2,025
5,856
3,005
8,399
3,299
38,859
520
2,654
1,899
4,200
1,853
26,863
7,885
88,59f
649
6,589
1,255
6,757
5,740
28,464
8,614
119,099
2,373
3,913
2,393
6,476
14,276
155,669
50,868
644,007
22,111
81,548
16,578
30,908
24,841
199,380
21,702
63,344
568
48,265
1,554
13,374
5,061
45,51"
90,417
13,455
30,226
638
15,318
455
4,180
2,831
23,314
108,170
13,74:
32,397
484
21,095
796
6,256
3,200
30,200
207,359
22,037
70,604
823
48,504
1,220
8,732
4,965
50,474
64,569
9,119
20,542
288
9,319
407
3,067
1,269
20,558
38,133
4,930
13,448
187
5,576
393
782
735
12,082
84,171
12,290
26,622
401
12,921
588
2,629
2,846
25,874
108,603
13,935
25,824
328
23,308
834
10,864
4,219
29,291
701,281
75,788
197,588
1,032
260,254
2,642
23,097
14,164
126,716
58,053
131,720
47,986
54,602
103,347
47,108
23,550
60,159
77,005
325,249
11,532
10,698
75,166
16,475
23,206
48,347
17,577
9,294
15,520
5,199
97,210
761
14,647
589
3,044
7,250
2
2,636
7,779
236
9,070
63,198
197
13,882
140
820
19,612
747
6,212
36,298
9
1,494
15,196
10
600
7,009
86
437
13,237
191
4,118
29
12,029
77,494
68
7,361
1,126
80
2
567
130
151
213
1,471
978
52
1,142
1,202
137
1,192
1,305
67
1,559
3,464
12
505
361
95
546
1,034
174
229
1,357
367
83
439
826
3,138
3,694
21,380
11,046
16,065
66,235
16,202
13,874
39,461
15,742
2,257
13,207
7,670
90,296
359
9,092
1,335
5,570
1,258
3,828
2,623
51,369
1,357
5,684
1,128
5,407
4,617
17,340
3,130
9,244
234
616
3,507
3,293
701
937
6,959
35,645
357
9,647
1,925
60
2,547
1,534
7,707
3,272
19
8,182
4,042
45
4,224
4,892
33
5,044
2,262
11
9,011
8,482
1
1,931
1,436
93
968
346
330
4,646
1,431
17
5,062
953
316
39,506
7,870
Profits before income t a x e s . . . .
61,480
24,907
52,686
140,651
48,259
63,934
112,233
48,943
30,587
62,472
74,534
332,163
Taxes on net income.
Federal
State
34,088
28,772
5,316
10,486
9,179
1,307
22,319
22,319
69,973
69,973
24,018
23,203
815
27,456
27,110
346
47,076
46,536
540
25,131
24,589
542
13,097
11,562
1,535
27,139
26,133
1,006
31,544
31,544
157,634
142,090
15,544
Net profits
27,392
14,421
30,367
70,678
24,241
36,478
65,157
23,812
17,490
35,333
42,990
174,529
Cash dividends declared.
On preferred stock 2. .
On common stock
14,676
8,164 19,676
30,723
12,369
187
7,977 ' 'l9,676 ' 30,723 ' 12,369
11,489
10
11,479
21,915
81
21,834
11,379
6,222
11,350
20,586
11,379
6,222 ' Vl',350 ' 20,586
89,070
5
89,065
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
O n loans
14,676
1,423
2,111
555
504
945
699
1,431
250
732
2
3,091
2,286
412
108
408
1,939
224
854
18
7,161
3
1,507
1,117
1,333
104
2,224
3,535
2,170
52
852
287
3,175
1,294
4,493
388
1,244
228
20
1,630
98
1,682
5,621
12,963
Loans
U. S. Govt. securities .
Other securities
Cash assets
Other assets
,467,000
646,000
171,000
648,000
80,000
Total assets.
,011,000 1,958,000 3,975,000 9,128,000 3,925,000 4,362,000 9,155,000 3,370,000 1,675,000 4,450,000 5,383,000 24,489,000
Time deposits
Total deposits
Total capital accounts
223,000
635,000 534,000 2,317,000 732,000 796,000 2,962,000 482,000 256,000 587,000 1,063,000 10,023,000
,596,000 1,774,000 3,521,000 8,103,000 3,549;000
549,000 3,944,000 8,376,000 3,025^000
,025,000 1,494,000
,494,000 4,035,000
,035,000 4,852;000 22,110,000
303,000
146,000 366,000
318,000
434,'000 1,559,000
808,000 286,000
609,000 271,000 134,000 347,000
Number of officers
Number of employees.
Number of banks
882
7,241
938,000 ,871,000 3,944,000 1,573,000 1,738,000 3,336,000 1,426,000 742,000 1,738,000 2,371,000 11,468,000
427,000 776,000 2,523,000 ' ,089,000 1,127,000 3,109,000 852,000 355,000 ',136,000
1,172,000 6,345,000
1
198,000 317,000
738,000 258,000
299,000
778,000 216,000 121,000 306,000
232,000 2,043,000
358,000 929,000 1,796,000 929,000 1,122,000 1,818,000 837,000 433,000 1,209,000 1,438,000 4,059,000
36,000
574,000
81,000
39,000 24,000
60,000
126,000 75,000
77,000
115,000
169,000
597
4,734
961
9,883
1,568
16,272
1,185
9,270
1,230
10,118
1,663
19,637
793
6,547
22
20
25
66
19
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
433
3,770
1,103
7,801
1,087
7,543
8,366
51,212
39
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.
653
MEMBER BANK EARNINGS, 1958
EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
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
225,933
539,161 219,986
34,268
11,532
133,916
1,035
18,503
3,990
15,487,205
91,278
39,626
325,409
6,027
41,06r
8,5515,029
12,169
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
159,864
23,827
48,563
1,721
29,388
597
6,311
5,812
43,645
399,879 152,793
49,546 22,323
105,136 36,981
3,218
3,575
121,610 44,393
295
916
6,041
13,166
13,764
5,833
92,166 33,709
Net current earnings before income taxes
66,069
139,282
67,193
19,296
55,135
14,361
587
362
15,650
1,102
1,826
30,329
420
42
11,625
403
549
1,745
3,167
4,319
14,392
22,27<
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
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
234,752 182,190
228,763
432,183 125,335 135,63:
51,412
14,189
139,721
1,252
12,851
3,385
4,818
7,12-
34,316
9,847
113,001
1,605
11,303
3,829
4,461
3,828
44,715
14,503
133,011
1,613
17,855
5,744
4,948
6,37-'
103,720
27,199
241,482
4,576
25,883
8,238
9,369
11,716
30,588,844
72,513
685
6,43:
2,297
1,080
2,900
28,679
8,971
77,109
1,154
10,089
5,596
928
3,106
162,286 125,195
24,857 21,223
38,050 31,236
1,720
2,287
43,736 32,217
208
287
4,450
11,347
6,478
5,078
35,244 29,063
160,269
25,611
41,469
1,737
37,109
383
6,18'
7,005
40,768
308,786
50,706
73,995
3,452
86,906
313
12,795
10,405
70,214
72,466
56,995
68,494
17,397
12,414
929
13,571
128
103
11,086
539
415
1,320
819
960
1,031
41,849
15,542
134,101
1,282
8,978
2,816
10,330
5,088
Kansas
City
Dallas
San
Francisco
157,719
192,459
181,426
34,819
10,313
89,377
949
13,494
3,392
1,360
4,015
35,973
12,760
117,799
890
14,082
3,319
1,614
6,022
27,899
9,528
109,284
4,121
16,363
5,427
3,486
5,318
84,049
17,147
19,603
1,706
17,723
104
4,024
3,077
20,665
94,036 105,447
18,226 26,565
19,604 24,378
1,103
1,743
25,524
19,016
87
246
3,310
3,264
2,990
3,581
23,192 26,654
132,689
29,094
32,967
1,919
20,458
79
8,028
5,595
34,549
130,371
19,713
35,429
557
36,921
86
2,976
4,957
29,732
123,397
41,286
41,596
52,272
59,770
51,055
17,249
52,255
11,471
13,052
11,887
14,411
15,850
323
711
13,80:
72:
1,003
46,527
105
580
9,039
258
1,582
9,264
158
299
8,399
356
395
9,097
68
778
13,276
377
25:
468
589
264
1,560
501
1,674
1,828
453
236
1,058
845
296
807
1,762
159
1,110
2,875
490
1,198
307
643
778
62,708
16,725
18,488
10,555
17,222
38,701
11,105
9,112
14,102
22,277
13,980
2,936
6,342
7,419
9,125
3,075
986
1,767
2,264
2,340
2,488
6,724
9,843
2,198
2,838
2,680
650
1,962
1,721
3,010
2,716
1,137
5,944
439
7,008
5,549
840
30,895
14,429
567
8,187
3,910
2,109
5,755
943
6,971
2,710
583
4,614
1,327
767
8,768
2,859
830
14,684
6,620
812
3,446
1,811
824
3,813
1,145
1,928
5,057
3,434
3,323
9,082
4,146
621
4,797
1,481
63,091
131,709
64,829
71,375
58,854
68,521
136,951
41,652
45,536
50,057
51,904
52,925
28,748
28,748
24,294
23,929
365
24,876
24,384
492
47,187
46,930
257
15,232
15,024
208
16,429
14,846
1,583
17,324
16,650
674
18,771
18,734
37
21,705
19,928
1,777
42,627
34,560
43,645
89,764
26,420
29,107
32,733
33,133
31,220
11,029
13,729
11,029
' 'l3*,729
11,637
20
11,617
Taxes on net income.
Federal
State
27,818
24,414
3,404
47,533
42,968
4,565
23,444
23,218
226
Net profits
35,273
84,176
41,385
19,143
33
19,110
39,890
985
38,905
19,363
4
19,359
13,732
2
13,730
13,679
'"l6,i55
13,679
24,527
96
24,431
9,371
33
9,338
9,943
9
9,934
62
1,455
1,377
4,415
20
1,558
256
1,816
389
957
33
1,242
136
3,276
55
985
1,214
159
4,230
850
11,121
100
3,188
80
4,331
196
2,249
79
4,615
324
7,108
132
2,270
28
1,862
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
,343,000
,401,000
505,000
974,000
92,000
5,703,000
3,599,000
1,540,000
1,913,000
218,000
1,390,000 2,484,000 ,889,000 2,210,000
,708,000 2,080,000 ,402,000 1,836,000
601,000 542,000 383,000 577,000
890,000 988,000 908,000 1,242,000
115,000
96,000
93,000 76,000
4,170,000
4,240,000
1,114,000
1,893,000
143,000
,246,000
,206,000
341,000
668,000
42,000
,281,000
,086,000
321,000
548,000
50,000
Total assets.
,315,000 2,974,000 ,685,000 6,188,000 4,658,000 5,980,000 1,560,000 ,502,000 3,286,000 4,134,000 5,189,000 3,943,000
Time deposits
Total deposits
Total capital accounts.
,304,000 5,255,000 ,294,000 2,373,000 ,456,000 1,561,000 4,434,000 ,001,000 ,204,000 858,000 903,000 1,459,000
,757,000 1,818,000 ,093,000 5,611,000 ,206,000 5,478,000 0,626,000 ,198,000 3,019,000 3,776,000 4,760,000 3,631,000
459,000 946,000 535,000 518,000 394,000 434,000 802,000 279,000 229,000 328,000 403,000 256,000
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
N u m b e r of officers
N u m b e r of employees.
62
2,185
3,188
148
1,078
299
717
6
6,645
3,164
3,573
,424,000 1,917,000 1,760,000
1,370,000 1,399,000 1,139,000
409,000 508,000 346,000
885,000 1,276,000 636,000
46,000
62,000
89,000
2,660
15,477
5,287
31,272
3,102
12,201
3,194
12,432
2,815
10,615
3,090
14,063
5,743
23,308
2,421
6,859
2,404
6,836
3,557
8,542
3,763
10,886
2,241
10,773
279
503
507
567
435
376
941
470
467
711
605
145
N u m b e r of banks
For notes see preceding two pages.
16,155
654
MEMBER BANK EARNINGS, 1958
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 l o a n s . . . . . . . .
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
7,065,937
52,273
270,677
399,303
630,205
495,199
540,757 1,672,015 3,005,508
1,258,036
408,750
4.227,065
80,691
386,094
139,155
338,153
227,993
12,187
2,978
31,797
173
2,755
1,497
39
847
61,700
19,156
161,345
992
16,032
6,117
502
4,833
85,304
29,358
236,329
2,603
27,695
8,202
2,319
7,493
128,861
42,636
364,777
4,926
49,330
13,568
11,077
15,030
100,040
31,731
285,466
4,279
36,451
8,921
12,990
15,321
105,134
32,338
315,624
5,292
36,357
9,243
20,418
16,351
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
4,575,230
625,993
1.334,547
32,144
1.117,674
23,141
184,058
133,976
1,123,697
36,884
12,066
5,262
1,073
7,844
34
1,698
1,053
7,854
191,686
47,737
34,980
5,136
48,273
204
8,113
6,970
40,273
284,353
55,959
60,742
5,451
76,445
288
11,973
11,242
62,253
452,439
73,070
111,959
5,934
118,046
588
17,776
17,692
107,374
354,067
51,484
92,981
3,203
91,753
647
14,458
13,338
86,203
375,376 1,098,195 1,782,230
192,678
141,258
51,741
579,927
342,536
106,160
3,581
2,595
5,171
460,926
226,709
87,678
14,975
1,011
5,394
66,102
48,270
15,668
38,749
31,793
13,139
425,292
97,384
297,064
Net current earnings before income taxes.
2,490,707
15,389
78,991
114,950
177,766
141,132
165,381
772,092
2,032
12,229
26,134
54,164
55,539
58,472
188,070
375,452
7,928
54,249
607,425
53
2,150
35,924
299,461
15,721
39,456
47,313
Recoveries, transfers from reserves, and
profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
474,360
290,450
89,265
161,288
990,208 1,841,519
43,313
19,113
129,071
88,403
29,215
62,392
186,527
104,281
107,038
61,080
573,820 1,223,278
545
417
75
7,301
562
449
19,477
1,124
1,988
42,424
520
2,979
47,719
438
3,485
48,954
2,664
9,349
141,544
1,221
20
193
3,096
418
922
2,642
878
2,126
1,804
2,223
4,601
653
1,298
2,370
433
1,771
3,391
3,979
9,425
21,109
1,893
23,423
12,601
676,703
3,507
18,104
30,954
49,826
43,323
55,242
169,796
305,951
73,495
252,494
453
18
3,924
889
6,467
3,085
8,996
8,193
6,535
10,445
7,748
16,646
20,926
52,709
18,446
160,509
14,439
240,243
96,03.^
1,593
1,002
441
4,053
6,317
2,921
2,953
12,888
5,561
1,970
20,909
9,758
967
19,411
5,965
261
21,926
8,661
829
60,776
34,556
1,813
97,014
28,169
Profits before income taxes
2,586,096
13,914
73,116
110,130
182,104
153,348
168,611
Taxes on net income
Federal
State
1,139,209
i;073,124
66,085
3,750
3,593
157
20,944
20,103
841
34,708
33,4651
1,243
65,251
62,886
2,365
58,086
56,331
1,755
72,358
69,997
2,361
262,154
250,865
11,289
Net profits
1,446,887
10,164
52,172
75,422
116,853
95,262
96,253
329,940
670,821
640,356
1,561
638,795
4,012
1
4.011
19,243
19
19.224
26,386j
30i
26.356!
39,324
126
39,198
30,372
85
30.287
37,256
157
37,099
141,711
1,143
140,568
342,052
8,91:
60,92'
450
24
2 ; 566
319
4,014
253
5,592
398
3,412
1,150
3,873
6,228
10,152
538
30,868
18,82:
108,82'
1
666
42
4,445
161
8,554
308
12,095
303
8,014
1,228
11,521
3,647
23,243
13,132
40,289
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
•
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
Lossed charged to reserves (not included in losses above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
84,018,285
54,179,799
16,464,500
43,113,508
3,950,344
528,567 2,792,937 4,092,446 6,398,268 5,263,962
489,865 2,522,766 3,555,547 5,493,442 4,307,805
114,649
765,360 1,217,114 1,807,465 1,329,861
307,041 1,479,087 2,079,960 3,215,737 2,510,086
143,366
265,819
83,29f
11,669
231,228
592,094 1,292,779
621,958
575,884
46,074
5,943,951 19,751,663 39,246,491
4,523,407 12,656,243 20,630,724
1,373,030 3,560,360 6,296,661
2,968,535 10,752,978 19,800,084
252,712
864,932 2,097,326
Total assets
201,726,436 1,451,791 7,643,442 11,088,433 17,180,731 13,642,94: 15,061,63! 47,586,176 88,071,286
Time deposits
Total deposits
Total capital accounts
53,232,176
398,107 2,437,914 3,855,037 5,970,056 4,557,81 4,415,113 19,882,416 20,715,721
182,602,060 1,299,054 6,943,542 10,138,167 15,751,964 12,549,739 13,828,803 43,495,024 78 ,595,767
15,400,329
147,886
877,129 1,265,388
668,633
936,362 1,046,328 3,408,879 7,049,724
Number of officers
Number of employees
Number of banks
65,389
378,925
2,569
2,506
7,799
13,347
7,635
20,990
8,496
36,597
5,225
29,222
5,016
33,149
12,571
100,002
16,078
143,112
6,284
936
2,072
1,435
1,033
363
19'
199
49
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.
MEMBER BANK EARNINGS, 1958
655
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
Item
New
York
1955
1956
1957
Chicago
Reserve
city
member
banks
Country
member
banks
1958
Year 1958
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
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
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+) 1
Return on loans:
Earnings on loans
Net losses (or recoveries+)*
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
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
16.6
13.4
7.9
4.0
3.13
1.22
.58
3.47
1.37
.59
18.1
14.6
8.3
4.3
3.77
1.42
.65
16.6
17.3
9.7
4.3
3.75
1.32
.77
16.4
17.9
9.3
5.0
3.42
1.55
18.4
19.7
9.9
3.7
3.16
1.51
.82
18.1
18.9
10.1
4.6
3.79
1.35
.75
15.0
15.0
9.4
3.6
3.94
1.16
.72
20.9
5.6
57.7
5.1
10.7
18.1
5.1
61.3
5.1
10.4
17.3
5.0
62.1
5.2
10.4
17.8
5.8
60.7
5.4
10.3
14.6
5.3
60.0
2.3
17.8
21.4
6.1
57.6
.9
16.9
5.3
62.0
5.7
10.1
19.6
6.4
60.0
6.9
7.1
100.0
100.0
28.5
10.7
21.3
60.5
100.0
100.0
100.0
100.0
100.0
27.7
13.7
21.0
62.4
27.8
15.8
21.2
100.0
25.8
9.4
19.5
54.7
25.0
9.1
18.0
52.1
27.4
16.7
20.2
39.5
37.6
7.1
13.2
17.3
45.3
47.9
+4.1
23.7
25.7
+ 3.5
25.5
25.9
35.7
+ 1.4
17.2
19.9
29.3
18.0
23.3
70.6
29.4
29.4
10.2
21.5
61.1
38.9
7.5
13.0
18.4
10.8
11.8
16.9
64.8
35.2
+ 1.3
16.1
20.4
14.0
64.3
.1
10.9
18.4
2.13
.28
2.09
2.31
2.29
.53
2.53
2.50
.35
2.45
2.62
+ .79
2.39
2.74
+ .91
2.37
2.68
+ 1.44
2.45
2.65
+ .98
2.49
2.54
+ .53
4.77
.06
5.02
.11
5.32
.07
5.35
.06
4.40
+ .02
4.47
.20
5.39
.04
5.94
.11
31.3
8.1
37.9
21.1
1.6
27.2
7.7
42.4
21.1
1.6
25.7
7.6
44.0
20.8
1.9
27.2
8.3
42.5
20.0
2.0
20.9
6.6
46.6
22.2
3.7
28.5
7.2
40.7
22.7
.9
26.1
7.6
43.6
20.8
1.9
31.0
9.9
39.8
7.3
15.4
8.1
25.9
1.36
7.6
14.6
8.4
26.1
1.58
7.9
14.7
7.9
15.0
8.9
9.4
16.6
11.1
27.7
2.08
30.0
2.20
17.0
2.23
8.2
16.9
9.2
18.4
1.74
7.5
14.0
8.3
30.6
2.30
7.7
15.0
8.5
36.5
2.14
14
274
6,543
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 will be published in a subsequent issue of
the 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 on aggregates
18.1
13.1
7.7
4.1
6,462
6,393
6,312
18
17.7
1.6
6,006
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 6,200.)
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.
656
MEMBER BANK EARNINGS, 1958
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
Other securities
Earnings on loans
Service charges on deposit accounts....
Other current earnings
Total 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
Fran-
16.4
16.3
8.2
4.4
16.1
17.0
9.3
4.8
13.9
13.0
8.0
4.3
15.4
16.0
8.5
3.5
15.4
15.7
8.6
3.8
16.4
17.6
10.7
3.3
16.8
18.3
10.6
3.4
16.1
16.5
9.1
3.8
17.9
21.0
12.8
4.5
16.7
16.7
10.1
3.3
16.4
15.1
9.1
4.1
20.7
21.2
11.3
5.6
4.22
1.50
.75
3.64
1.41
.81
3.
1.30
.74
3.69
1.33
.74
3.74
1.22
.69
3.79
1.19
.77
3.46
1.22
.77
3.45
1.29
.73
3.98
1.31
.94
3.52
1.31
.79
3.58
1.29
.72
4.25
1.32
.72
14.5
4.3
59.0
6.4
15.8
15.2
5.9
60.8
4.1
14.0
16.5
6.5
61.6
4.0
11.4
19.9
6.3
59.1
4.7
10.0
18.8
5.1
60.9
6.2
9.0
18.4
5.9
60.4
6.5
23.5
6.2
57.0
4.6
8.7
21.8
6.3
60.2
4.5
7.2
18.8
6.2
59.6
6.5
8.9
20.4
6.0
59.5
6.6
7.5
17.0
5.7
63.5
4.8
9.0
15.2
5.0
64.5
8.1
7.2
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.0
14.8
22.5
28.9
14.9
24.8
28.1
15.8
20.9
28.0
11.4
23.3
28.5
15.8
22.7
29.7
10.6
22.5
26.9
11.6
25.3
27.2
24.6
17.0
31.0
9.4
24.0
26.8
13.8
20.7
28.9
14.8
22.9
26.1
16.3
21.5
Total expenses
64.4
61.3
66.6
63.9
67.3
68.6
64.8
62.7
67.0
62.8
63.8
68.8
Net current earnings before income
taxes
35.6
38.7
33.4
36.1
32.7
31.4
35.2
37.3
33.0
37.2
36.2
31.2
.1
17.6
17.9
+2.3
18.7
22.3
2.1
12.2
19.1
+ 1.4
+ .7
+ 2.4
+ 3.1
+ .9
+5.6
15.0
23.6
2+.0
2.8
13.3
20.1
+ .7
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+)*.
Return on loans:
Earnings on loans
Net losses 1
2.49
2.23
17.5
20.0
+ 1.06
+ .76
2.44
2.67
2.49
2.64
+ .45
2.44
2.80
5.44
.07
4.81
.01
5.42
.07
5.20
.05
15.1
18.3
13.3
20.5
16.1
22.2
17.0
21.2
14.7
22.5
14.9
17.0
+.71
2.42
2.57
2.43
2.61
+ .78
2.43
2.53
+ .94
2.51
2.68
2.57
2.78
+ .72
+ .52
+.29
2.45
2.53
+ .78
5.64
.06
6.00
.15
5.25
5.34
.09
5.81
.04
.04
5.60
.10
.06
2.46
2.55
2.51
2.88
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
24.6
8.1
45.7
19.5
2.1
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets
Total deposits
9.3
8.7
7.9
7.2
8.0
7.3
7.9
7.9
6.4
16.4
10.4
15.4
10.1
16.8
10.5
16.7
9.7
16.0
15.0
8.0
15.3
7.9
16.6
14.3
8.0
16.9
8.6
15.8
8.7
11.2
7.0
20.8
2.16
25.4
2.28
32.
1.96
34.2
1.96
28.2
2.17
33.0
1.82
23.8
1.82
32.4
2.13
18.5
2.21
20.5
2.23
44.6
2.59
287
531
513
589
455
25.0
2.47
401
1,021
489
476
750
631
169
Time to total deposits
Interest on time deposits to time deposits . ..
Number of banks
1
25.7
9.5
44.1
18.8
1.9
9.2
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
30.0
8.4
42.0
18.2
1.4
29.0
7.5
40.3
21.4
1.8
28.6
8.5
38.2
22.9
33.4
8.6
37.6
19.3
1.1
29.9
8.1
38.9
21.9
1.2
29.0
8.9
40.8
19.8
1.5
29.2
8.3
36.9
24.4
1.2
24.3
7.0
40.6
25.7
2.4
26.3
8.4
46.5
16.5
2.3
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.
2 Ratio of less than .05.
657
MEMBER BANK EARNINGS, 1958
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,
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
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income
taxes
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+ )*.
Return on loans:
Earnings on loans
Net losses (or recoveries+)x
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets
Total deposits
Time to total deposits
Interests on time deposits to time deposits..,
Number of banks
New
Boston York
19.4
20.3
9.0
4.8
4.16
1.96
.91
16.7
17.1
9.9
5.6
4.20
1.25
.74
Phila- Cleve- Richdelland mond
phia
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
16.3
17.4
8.7
3.8
17.2
20.1
11.5
3.6
17.0
18.4
10.7
3.6
17.4
18.1
17.6
22.8
13.1
4.6
17.3
18.0
10.2
3.3
15.9
14.4
8.3
5.4
3.90
1.46
.76
3.53
1.22
.62
12.9
5.6
61.8
3.9
15.8
100.0
18.4
6.6
58.4
4.1
12.5
18.7
4.8
58.3
6.2
12.0
100.0
100.0
21.0
13.3
6.4
65.8
6.6
7.9
100.0
29.1
17.9
23.3
31.8
7.1
23.6
25.7
14.6
19.9
53.0
70.3
62.5
47.0
29.7
+2.1
27.2
21.9
13.3
2.8
57.7
3.2
23.0
3.73
1.25
.84
3.39
1.13
.71
4.2
3.31
1.40
.71
3.68
1.41
1.04
3.24
1.35
.79
20.9
21.3
11.2
5.7
17.7
17.2
9.9
4.7
3.45
4.19
1.33
.71
1.43
.80
24.6
6.3
56.4
5.9
6.8
100.0
18.9
5.4
62.2
3.8
9.7
13.6
5.4
63.8
4.3
12.9
18.6
5.5
61.8
4.6
9.5
15.3
4.6
65.5
2.1
12.5
15.2
5.0
64.9
7.9
7.0
100.0
100.0
31.6
11.0
22.7
16.7
5.1
62.7
4.7
10.8
100.0
28.3
13.0
25.2
29.8
15.6
21.3
26.6
8.3
22.9
29.8
9.0
23.0
100.0
21.4
12.6
24.5
100.0
26.6
25.4
16.3
60.2
65.3
66.5
66.7
57.8
61.8
100.0
27.0
8.9
22.4
58.3
58.5
68.3
37.5
39.8
34.7
33.5
33.3
42.2
38.2
41.7
41.5
31.7
+ .6
12.8
17.5
3.5
14.4
19.6
+2.7
21.1
21.4
+ .2
17.4
17.5
+ 5.8
16.9
22.4
+2.9
15.2
21.0
+ 1.6
18.8
24.5
1.3
17.0
23.2
+ .7
15.4
17.0
2.58
2.07
+ 1.92
2.56
2.67
+ .95
2.42
2.56
2.94
2.75
+ .59 + 1.78
4.92
+ .02
5.77
.09
100.0
29.1
2.9
+ 1.6 + 11.4
21.2
22.5
21.3
28.4
I
5.11
.06
19.5
8.0
47.1
23.3
4.90
.01
5.87
.13
8.9
7.3
16.8
10.0
28.6
2.08
15.0
8.1
20.6
2.09
7.3
15.0
20
10.1
17.6
11.7
8.6
1.62
7.5
9.2
12.4
8.2
35.8
2.31
16.1
10.4
15.2
2.06
22
10
5.13
.04
25.8
6.9
39.8
25.7
1.8
21.8
10.1
47.9
18.3
1.9
2.1
2.42
2.38
2.56
2.80
+ .93 + 1.29
27.7
6.6
40.1
23.7
1.9
21.4
5.7
48.7
21.5
2.7
• Not including central reserve city banks.
1 Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
3.63
1.44
.77
16.8
16.9
8.5
4.3
San
Dallas Francisco
27.6
8.1
43.2
19.7
1.4
2.45
2.47
2.37
2.53
2.81
2.73
+ .80 + 1.31 + 1.43
5.25
.04
34.0
8.5
36.4
19.8
1.3
4.87
.06
25.3
6.5
42.3
24.8
1.1
5.31
.02
21.2
7.2
44.3
25.9
1.4
2.36
2.58
+ .71
2.43!
3.71
+ .25
2.45
2.49
+.77
5.13
+ .01
5.12
.02
5.81
.05
25.5
6.9
39.1
27.2
1.3
21.8
4.3
44.1
26.7
3.1
25.9
8.3
46.8
16.6
2.4
6.6
8.0
8.0
7.8
20.2
2.65
14.4
7.3
35.4
1.64
16.1
9.0
15.9
1.93
15.1
9.0
17.
2.18
16.5
8.6
14.5
2.20
15.7
8.9
21.9
2.19
11.1
7.1
45.3
2.60
25
66
19
39
26
24
6.4
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.
658
MEMBER BANK EARNINGS, 1958
EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
New
Boston York
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
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income
taxes
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+)1.,
Return on loans:
Earnings on loans
Net losses*
,
,
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
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
14.4
13.7
7.7
4.2
4.25
1.24
.66
14.7
13.9
8.9
4.2
4.16
1.07
.65
Phila- Cleve- Richdelland mond
phia
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
14.0
13.8
8.2
3.1
15.8
15.8
10.1
3.2
15.4
17.1
11.2
3.1
14.8
14.9
9.5
3.4
18.2
19.9
12.7
4.3
15.9
15.3
10.0
3.4
14.8
12.9
8.2
3.4
19.9
20.7
12.2
4.5
12.6
12.1
7.7
3.6
3.87
1.18
.73
3.91
1.22
.74
3.83
1.15
.73
3.74
1.07
.78
3.58
1.18
.75
4.13
1.27
.89
3.82
1.26
.79
3.71
1.15
.64
4.60
1.29
.79
15.2
5.1
59.7
8.2
11.8
16.9
7.3
61.5
7.6
6.7
19.0
7.1
61.5
4.1
8.3
21.9
6.0
60.1
5.5
6.5
18.8
5.4
62.9
6.2
6.7
19.5
6.3
58.9
7.8
7.5
24.0
6.3
56.9
6.0
6.8
24.4
7.1
58.4
5.1
5.0
21.2
6.6
57.7
7.4
7.1
22.1
6.5
57.3
8.5
5.6
18.7
6.6
61.7
7.3
5.7
15.4
5.3
62.5
9.0
7.8
100.0
32.1
13.0
25.7
100.0
100.0
100.0
27.9
18.8
22.6
32.3
12.1
22.5
100.0
32.2
10.6
26.1
100.0
28.9
20.1
22.5
100.0
29.3
14.1
23.6
100.0
28.8
17.7
22.2
100.0
29.3
16.2
24.5
100.0
27.0
20.2
22.3
100.0
26.8
18.6
23.7
100.0
28.7
22.6
22.9
70.8
74.2
69.5
69.1
68.7
70.0
71.5
67.0
69.3
66.9
68.9
71.9
29.2
25.8
30.5
30.9
31.3
30.0
28.5
33.0
30.7
33.1
31.1
28.1
1.3
12.3
15.6
1.4
8.8
15.6
1.1
10.6
18.8
12^2
18.2
+ 1.0
13.3
19.0
2+.0
10.9
19.1
+3.1
+ .3 +2.9
+ 1.0
2.45
2.28
.69
2.54
2.57
+ .48
2.45
2.59
+ .39
2.47
2.62
+ .45
2.45
2.57
+ .54
5.76
.12
5.81
.08
5.66
.07
5.68
.11
6.07
.08
26.4
9.5
44.1
18.3
1.7
27.7
11.9
44.0
14.7
1.7
30.0
10.6
42.0
15.7
1.7
33.6
8.8
40.1
16.0
1.5
30.1
8.2
40.6
19.5
1.6
30.4
20.4
21.1
10.9
20.7
12.2
21.1
12.1
21.5
1.4
11.0
20.7
4.1
9.8
17.2
2.44
2.51
+ .49
2.45
2.44
+ .75
2.54
2.59
+ .44
2.64
2.79
+ .48
2.54
2.52
+ .37
2.57
2.51
+ .32
2.45
2.75
+ .78
6.09
.16
5.90
.10
5.87
.13
6.11
.05
6.34
.11
6.19
.20
6.44
.14
30.7
9.6
37.0
20.8
1.9
36.7
9.6
36.1
16.4
1.2
34.4
9.7
35.6
19.1
1.2
33.0
9.8
39.0
16.7
1.5
33.1
9.9
34.5
21.4
1.1
27.0
9.8
36.9
24.6
1.7
11.9
17.2
28.9
8.8
44.6
16.1
1.6
8.6
7.3
9.4
8.4
8.5
7.3
6.9
8.0
7.0
7.9
7.8
6.5
15.6
9.6
27.4
2.25
12.7
8.0
44.5
2.31
17.3
10.5
45.0
1.94
16.6
9.2
42.3
1.84
16.8
9.4
34.6
2.21
15.0
7.9
28.5
2.38
14.8
7.5
41.7
1.96
17.1
8.7
31.3
1.77
13.9
7.6
39.9
2.12
17.5
8.7
16.0
8.5
11.8
7.1
22.7
2.22
19.0
2.27
40.2
2.53
279
503
507
567
435
376
941
470
467
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
3.79
1.17
14.5
14.9
8.8
3.5
711
605
145
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation
reserves are excluded.
2
Ratio of less than .05.
BANK EARNINGS, 1958
659
EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1955-58
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System
All insured commercial banks *
Item
1955
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 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
1956
1957
1958
1955
1956
1957
1958
6,377,705
7,231,921
8,050,416
8,500,949 1,035,960 1,154,684 1,280,472 1,375,467
1,333,690
351,041
3,625,528
71,048
339,975
155,004
281,841
219,579
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
1,544,023
501,978
5,046,782
94,674
486,507
191,408
379,395
256,183
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
278,143
90,656
802,024
13,780
98,007
51,729
15,094
26,035
3,960,173
666,152
1,229,756
39,563
678,237
23,093
176,840
108,306
4,457,198
720,866
1,372,262
42,614
805,857
45,392
187,526
128,085
5,119,182
773,769
1,493,778
45,396
1,141,715
49,538
205,903
146,262
5,612,723
827,142
1,573,330
48,271
1,380,575
24,161
221,571
168,371
695,736
154,506
170,161
12,380
135,533
1,151
27,872
21,473
778,055
167,671
190,430
13,459
156,635
1,599
30,318
25,238
897,652
181,498
208,973
14,546
215,034
1,663
33,751
29,202
212,987
996,746
195,174
224,244
15,793
257,762
978
36,356
33,633
232,809
382,821
378,718
28,480
90,738
1,038,228
1,154,600
1,262,823
1,369,305
172,661
192,710
2,417,533
2,774,724
2,931,235
2,888,223
340,225
376,630
868,115
239,598
20,586
39,930
57,085
250,171
14,090
41,001
31,151
198,413
9,295
20,751
64,368
27,379
50,899
43,722
20,762
77,606
65,563
21,183
39,757
43,063
9,646
57,145
681,554
22,439
42,158
55,176
707,155
993,534
757,432
221,232
67,276
317,381
101,830
237,480
84,996
28,159
303,600
86,886
32,018
452,940
89,369
1,949,976
27,094
24,365
2,270
2,383
6,418
1,512
1,256
3,625
1,105
1,406
7,207
1,489
2,884
70,046
6,640
3,171
6,214
6,453
4,327
7,193
7,149
2,909
8,707
6,595
2,479
7,248
783,213
93,200
113,710
102,380
101,767
93,657
268,159
25,741
4,190
40,810
4,829
30,579
6,727
18,793
14,877
25,636
321,870
87,452
25,053
282,227
114,117
10,316
37,968
14,984
10,167
45,396
12,511
9,962
40,983
14,131
9,946
41,414
16,737
2,031,360
2,372,217
2,973,128
274,118
287,283
308,921
367,692
793,737
753,883
39,855
814,636
769,843
44,793
998,397
947,998
50,401
1,271,459
1,198,890
72,570
102,974
98,528
4,446
96,952
92,641
4,311
103,886
99,323
4,565
123,059
117,401
5,659
1,156,240
1,216,725
1,373,821
1,701,667
171,146
190,332
205,036
244,631
566,124
2,581
563,543
616,890
2,389
614,501
678,101
2,234
675,867
725,866
2,366
723,500
65,214
851
64,363
69,979
797
69,182
74,354
749
73,605
79,708
800
78,908
3,146
39,794
3,332
42,717
2,646
50,824
10,410
69,073
427
6,205
147
7,274
547
7,151
1,491
7,941
68,140
88,417
95,505
123,529
74,529
117,937
19,741
127,515
2,638
12,748
2,675
14,993
3,135
17,326
918
18,346
75,800,688
63,808,049
16,294,075
43,510,745
2,918,119
86,291,628
58,257,149
16,179,498
45,728,691
3,255,814
91,493,989
57,238,574
16,725,206
45,474,318
3,858,353
95,666,835
62,355,819
19,237,561
46,766,041
4,333,431
10,627,054 11,701,999
10,137,424 10,103,450
2,578,832 2,762,758
4,916,121 5,111,725
357,596
317,900
12,361,621
10,422,551
3,056,686
5,169,492
405,218
13,293,808
10,852,502
3,538,456
5,294,095
460,770
Total assets
202,331,676 209,712,780 214,790,440 228,359,687 28,577,331 30,037,528 31,415,568 33,439,631
Time deposits
Total deposits
Total capital accounts
49,311,341 51,096,090 54,969,
62,382,540 9,267,152 9,701,782 10 ,523,431 11,737,021
17,461,076 28,640,531 30,436,830
184,734,232 190
434 27
90,786,522 193,993, 484 206,196,015 26,198,434
14,631,680 15,553,298 16,554,663 17,723,575 2,149,634 2,312,174 2,468,571 2,661,655
Number of officers
Number of employees
Number of banks
1
84,931
408,791
88,462
433,563
91,597
452,218
95,308
457,023
26,323
66,638
27,153
69,949
28,203
73,927
29,630
75,964
13,237
13,218
13,165
13,124
6,698
6,760
6,776
6,816
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.
660
BANK HOLDING COMPANIES
BANK HOLDING COMPANIES, DECEMBER 31, 1958
[Registered pursuant to Section 5, Bank Holding Company Act of 1956]
Location of
principal office
California
Los Angeles
Holding company
Firstamerica Corporation
Location of
principal office
Holding company
New Hampshire
Nashua
New Hampshire Bankshares, Inc.
Marine Midland Corporation
Empire Shares Corporation
Illinois Shares Corporation
Southeastern Shares Corporation
Financial Institutions, Inc.
Florida
Jacksonville
Jacksonville
Jacksonville
Sebring
The Atlantic National Bank of Jacksonville
Atlantic Trust Company
Barnett National Securities Corporation
Consolidated Naval Stores Company
Georgia
Atlanta
Atlanta
Savannah
Savannah
New York
Buffalo
New York
New York
New York
Warsaw
Trust Company of Georgia
Trust Company of Georgia Associates
Citizens and Southern Holding Company
The Citizens and Southern National Bank
Ohio
Columbus
Springfield
BancOhio Corporation
The Springfield Savings Society of Clark County
Indiana
South Bend
South Bend
St. Joseph Agency, Inc.
St. Joseph Bank and Trust Company
Tennessee
Chattanooga
Knoxville
Hamilton National Associates, Inc.
Tennessee Shares Corporation
Iowa
Des Moines
Brenton Companies
Kentucky
Louisville
Texas
Childress
Fort Worth
Houston
Farmers and Mechanics Trust Company
The Fort Worth National Bank
C. B. Investment Corporation
Trustees, First National Bank of Louisville
Maine
Bangor
Utah
Salt Lake City
First Security Corporation
Eastern Trust and Banking Company
Massachusetts
Boston
Boston
Boston
Baystate Corporation
The National Shawmut Bank of Boston
Shawmut Association
Virginia
Arlington
Arlington
Richmond
The First Virginia Corporation
Old Dominion Bank
Dominion Securities, Incorporated
Minnesota
Minneapolis
Minneapolis
Minneapolis
St. Paul
Bank Shares Incorporated
First Bank Stock Corporation
Northwest Bancorporation
Otto Bremer Company
Washington
Port Angeles
Spokane
Union Bond & Mortgage Company
Old National Corporation
Wisconsin
Milwaukee
Milwaukee
The Marine Corporation
Wisconsin Bankshares Corporation
Missouri
Kansas City
Kansas City
St. Louis
The Kemper Investment Company
Keystone Corporation
General Bancshares Corporation
Canada
Montreal
Toronto
Bank of Montreal
The Canadian Bank of Commerce
Montana
Havre
Japan
Tokyo
The Bank of Tokyo, Ltd.
Montana Shares, Incorporated
Financial Statistics
* International *
International capital transactions of the United States
662
Net gold purchases and gold stock of the United States.
670
Estimated foreign gold reserves and dollar holdings.
671
Reported gold reserves of central banks and governments
672
Gold production
673
International Bank and Monetary Fund.
674
United States balance of payments.
675
Money rates in foreign countries.
675
Foreign exchange rates.
677
Index to statistical tables
685
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and the balance of payments of the
United States. The figures on international capital transactions are collected by the Federal Reserve Banks from banks, bankers, brokers, and
661
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.
662
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Grand
Total
Interna- Foreign countries
tional
institutions 2 Total Official
Germany,
Fed.
Italy
R
T
United
Kingdom
Other
Europe
Total
Europe
Latin
Canada America
All
Other
Asia
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
31
31
31
31
12,919
13,601
14,939
15,158
1,770
1,881
1,452
1,517
11,149
11,720
13,487
13,641
6,770
6,953
8,045
7,917
1,373
1,454
1,835
1,557
579
785
930
1,079
640
550
1,012
1,275
3,030
3,357
3,089
3,231
5,621
6,147
6,865
7,142
1,536
1,032
1,516
1,623
1,906
2,000
2,346
2,575
1,821
2,181
2,415
1,946
265
360
346
355
1958—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
15,060
15,215
15,271
15,384
15,679
15,648
15,945
16,052
16,159
1,373
1,522
1,454
1,463
1,437
1,483
1,436
1,485
1,544
13,686
13,693
13,817
13,921
14,242
14,165
14,508
14,567
14,615
7,953
7,947
7,931
8,101
8,415
8,411
8,664
8,637
8,663
1,551
1,598
1,468
1,590
1,675
,733
1,761
1,755
1,755
1,129
1,121
1,071
1,054
1,093
1,087
1,152
1,132
1,121
1,021
,056
,060
,098
,006
,076
945
977
875
3,418
3,269
3,353
3,392
3,652
3,664
3,785
3,792
3,960
7,119
7,044
6,951
7,134
7,427
7,560
7,643
7,656
7,710
1,662
1,789
2,001
1,962
2,052
1,944
2,060
2,071
2,019
2,558
2,504
2,506
2,407
2,390
2,291
2,394
2,407
2,401
2,004
2,044
2,072
2,134
2,107
2,092
2,126
2,148
2,205
343
312
288
285
266
277
286
285
279
1959—Jan.
Feb.
Mar.
Apr.
31
28
31*
30*
16,230
16,619
16,636
16,775
1,538
1,541
1,673
1,666
14,693
15,078
14,963
15,110
8,528
8,752
8,614
8,432
[,693
1,697
[,370
1,280
[,159
1,170
1,231
1,239
,078
,133
,125
,230
3,784
3,920
4,005
4,080
7,713
7,920
7,731
7,829
2,081
2,142
2,087
2,170
2,381
2,382
2,519
2,464
2,235
2,339
2,337
2,357
282
295
290
290
•
Table la. Other Europe
Date
Other
Europe
Austria
Belgium
Denmark
Finland
France Greece
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
Yugoslavia
All
other 4
1954 Dec
1955—Dec.
1956—Dec.
1957—Dec.
31. .
31
31
31
3,030
3,357
3,089
3,231
273
261
296
349
100
108
117
130
71
60
65
112
41
49
53
64
715
1,081
626
354
113
176
111
154
249
164
134
203
103
82
67
93
91
132
137
142
71
104
43
24
141
153
217
260
672
757
836
967
8
9
20
18
9
13
17
11
371
209
282
349
1958—Apr.
May
June
July
Aug
Sept.
Oct
Nov.
Dec.
30
31
30 . .
31
31
30
31
30
31
3,418
3,269
3 353
3,392
3,652
3,664
3,785
3 792
3,960
353
354
363
377
397
418
425
413
411
118
114
109
101
157
106
108
107
115
142
143
114
127
149
162
162
156
169
59
50
47
51
59
63
71
64
69
322
249
298
314
357
413
468
492
532
142
131
122
116
109
112
117
121
126
295
292
293
285
350
337
330
328
339
108
104
108
101
98
101
108
113
130
157
153
154
161
158
157
165
165
163
27
34
28
41
33
28
36
36
257
251
254
268
281
292
281
281
303
870
822
827
807
811
799
799
786
852
12
15
12
11
11
10
16
16
20
5
9
6
9
11
11
9
9
9
550
549
617
637
664
651
699
704
685
1959
31
28
31*
30*
3,784
3,920
4,005
4,080
408
410
417
410
109
105
117
151
142
129
138
130
74
76
75
72
518
637
644
647
129
132
138
145
356
345
347
361
112
114
108
104
148
157
175
171
31
32
30
29
280
280
294
321
786
796
846
853
18
20
20
25
8
6
6
7
666
682
650
651
Jan
Feb.
Mar.
Apr
31
Table lb. Latin America
Date
Latin
Amer- Argen- Botina
livia
ica
Brazil Chile
Colombia
Cuba
Dominican
Republic
El
Sal- Guate- Mexico
vador mala
Netherlands
West
Indies
and
Surinam
Panama,
Republic of
Peru
Uruguay
Other
Vene- Latin
zuela America
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
31
31
31
31
1,906
2,000
2,346
2,575
160
138
146
137
29
26
29
26
120
143
225
132
70
95
91
75
222
131
153
153
237
253
211
235
60
65
68
54
30
24
25
27
35
45
64
65
329
414
433
386
49
47
69
73
74
86
109
136
83
92
84
60
90
65
73
55
194
265
455
835
124
112
111
124
1958—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
2,558
2,504
2,506
2,407
2,390
2,291
2,394
2,407
2,401
139
137
140
147
133
131
134
141
150
22
22
23
21
21
21
22
21
22
120
139
125
126
159
133
130
132
138
78
77
86
74
78
84
74
73
100
125
120
125
129
144
137
170
176
169
266
271
281
278
292
274
276
280
286
50
49
53
54
49
48
42
42
40
37
36
33
30
26
25
26
23
26
62
64
64
59
54
48
45
43
42
379
361
332
322
351
370
383
413
418
66
67
62
67
73
72
76
81
79
143
141
140
144
139
148
147
145
146
62
74
73
74
75
72
70
73
77
83
77
78
78
75
80
82
83
82
770
712
740
664
580
514
582
542
494
155
156
150
142
142
136
135
139
131
1959—Jan.
Feb.
Mar.
Apr.
31
28
31*
30*
2,381
2,382
2,519
2,464
149
189
180
180
22
20
20
20
164
166
178
151
95
85
95
92
178
198
186
199
281
267
263
256
40
38
41
50
31
33
33
38
40
43
43
43
393
389
401
412
72
76
73
78
147
155
156
157
72
72
74
81
92
89
96
84
464
410
508
443
143
152
170
180
Preliminary.
For other notes see following page.
663
INT'L CAPITAL TRANSACTIONS OF THE U. S.
Table 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc.
Asia and All Other
Asia
Allc)ther
Ko-
Date
Total
Hong India
Kong
Indo- Iran
nesia
rea, PhilRe- ipTaiIsrael Japan pubwan
lic pines
of
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
31
31
31
31
1,821
2,181
2,415
1,946
61
55
66
70
87
73
76
82
100
174
186
151
31
37
20
55
41
53
45
52
1958_Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
2,004
2,044
2,072
2,134
2,107
2,092
2,126
2,148
2,205
66
65
66
68
67
65
64
63
62
75
76
81
80
76
73
76
75
77
86
88
89
89
80
91
99
105
108
47
43
64
55
51
43
35
38
43
52
51
48
51
46
40
45
52
56
1959—Jan.
Feb.
Mar.
Apr.
31
28
31*
30*\...
2,235
2,339
2,337
2,357
61
57
62
57
78
86
90
91
108
112
119
108
53
51
55
54
54
60
62
65
1,020
Table Id.
Union
Belof
Thai- Other Total Aus- gian
land
tralia Congo Egypts South Other
Africa
586
96
88
99
117
257
252
272
175
34
39
61
86
123
138
148
157
270
380
425
417
265
360
346
355
48
75
84
85
44
42
44
39
47
72
50
40
33
53
53
38
94
119
114
153
739
780
803
858
901
889
925
925
935
122
115
117
119
123
128
129
133
145
169
180
164
168
172
177
159
158
176
92
91
88
91
92
93
96
99
99
145
146
148
145
141
140
136
133
133
412
408
403
411
357
353
361
367
371
343
312
288
285
266
277
286
285
279
77
77
75
86
70
74
77
76
79
54
35
34
35
36
31
31
31
30
41
29
18
16
18
18
20
20
16
20
27
24
22
19
28
30
30
30
151
144
137
126
123
126
128
127
125
957
144
147
147
146
156
169
173
164
98
96
94
91
134
139
138
134
391
402
400
418
282
295
290
290
82
80
83
83
31
31
33
33
17
17
16
15
31
37
28
28
121
129
130
132
721
893
1,017
998
1,028
Supplementary Areas and Countries6
End of year
End of year
Area or country
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia 7
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland? 7
Rumania
Trieste
U.S. S. R.7
Area or country
1955
1956
1957
1958
.4
.4
.7
.7
1.3
1
1.0
.3
.4
.2
.5
1.2
1.9
n.a.
.4
.3
.6
1.4
4.8
13.7
3.1
9.1
.6
.4
13.2
4.3
3.3
.9
1.4
.1
.3
.6
.7
3.1
7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
1.0
.3
3.1
5.6
2.5
8.1
1.4
.7
Other Latin America:
16.6
British dependencies
17.6
Costa Rica
14.9
Ecuador
.6
French West Indies and French Guiana. .
12.1
Haiti
9.7
Honduras
12.8
Nicaragua
3.6 I
Paraguay
Other Asia:
Afghanistan
Bahrein Islands
British dependencies.
4.1
.5
8.2
1.7
1.2
.7
.9
3.5
n.a.
.6
.7
16.1
5.9
4.9
.9
.5
2.2
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
40.9
24.5
17.4
.5
7.7
6.3
11.3
3.4
5.3
1.7
7.4
4.7
.9
8.0
24.1
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco:
Morocco (excl. Tangier).
Tangier
New Zealand
Portuguese dependencies...
Somalia
Spanish dependencies
n.a.
Sudan
.9
Tunisia
4.3
P Preliminary.
n.a. Not available.
1 Short-term liabilities reported in these statistics represent principally
deposits and U. S. Government obligations maturing in not more than
one year from their date of issue; small amounts of bankers' acceptances
and commercial paper and of liabilities payable in foreign currencies
are also included. Banking liabilities to foreigners maturing in more
than one year (excluded from these statistics) amounted to $2 million
on Apr. 30, 1959.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade and shipping missions, diplomatic and consular establishments, etc.)
4 Includes Banks for International Settlements.
Other Asia (Cont.):
Burma.
Cambodia
Ceylon
China Mainland 7
Iraq
Jordan.
Kuwait
Laos
Lebanon
Malaya, Fed. of
Pakistan
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia
Syria 5
Viet-Nam
1955
1956
1957
1958
19.1
13.1
32.9
36.2
14.7
62.3
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
1.4
20.2
2.7
30.6
97.4
17.1
50.1
6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
3.1
32.7
94.8
3.5
58.5
n.a.
24.9
n.a.
36.0
18.0
2.8
10.3
n.a.
37.9
n.a.
5.6
3.1
15.2
60.2
4.7
48.8
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
23.0
10.7
27.8
6.5
13.0
6.4
14.8
33.5
1.9
5.3
.2
.7
n.a.
.7
13.6
22.4
2.2
2.8
.9
.3
.4
.5
32.2
19.2
1.9
4.4
1.2
3.5
23.1
18.0
1.6
5.7
2.0
34.0
79.5
13.1
1.3
.7
1.7
25.4
18.1
6.9
4.0
n.a.
.4
5.2
.3
5 Part of the United Arab Republic since February 1958.
« Except where noted, these data are based on reports by banks in
the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
tables
la-lc.
7
Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.
664
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
To banks and official institutions
Date, or area
and country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U. S.
Treasury
bills and
certificates
Other
Total
Deposits
U. S.
Treasury
bills and
certificates
Other
Total amounts outstanding
1954
1955
1956
1957
Dec
Dec.
Dec
Dec
31
31
31
31
12,919
13,601
14,939
15,158
11,070
11,777
12,860
12,847
5,479
5,451
5,979
5,875
4,955
5,670
5,990
5,840
637
656
891
1,132
1,805
1,783
2,030
2,252
1.520
1,543
1,653
1,766
251
184
243
278
34
56
134
209
43
40
49
1958
Aor
May
June
July
30
31
30
31
15,060
15,215
15,271
15,384
15,679
15,648
15,945
16,052
16,159
12,776
12,963
12,959
13,127
13,389
13,312
13,576
13,606
13,669
6,792
6,905
7,092
7,110
7,092
6,705
6,711
6,736
6,772
4,820
4,935
4,731
4,905
5,209
5,512
5 767
5,748
5,823
1,164
1,123
1,135
1,112
1,088
1,095
1 097
1,122
1,075
2,197
2,165
2,236
2,189
2,218
2,257
2,292
2,380
2,430
1,812
1,824
1,919
1,932
1,889
1,893
I 897
1,929
1,951
217
184
184
135
210
229
242
279
306
168
157
133
122
119
135
153
172
174
87
87
77
69
72
79
77
66
59
16,230
16,619
16,636
16,775
13,716
14,056
14,095
14,169
6,802
6,797
6,934
6,863
5,826
6,173
6,062
6,221
1,088
1,085
1,099
1,085
2,463
2,501
2,486
2,539
1,946
1,932
1,969
1.968
328
373
313
339
189
197
205
232
52
62
54
67
Sept 30
Oct 31
]SIov 30
D e c 31
1959 Jan
Feb.
Mar
Apr
31
28
31^
30p
59
Area and country detail, February 28, 1959
Europe:
410
105
129
76
408
61
115
75
393
45
75
47
4
2
38
25
11
14
3
3
2
43
14
1
2
36
11
2
2
4
1
(l)
1
(l)
637
578
245
316
16
58
50
6
2
1
1,697
132
1,170
345
114
213
83
1,294
38
174
16
H
13
10
2
1
2
120
735
286
29
21
26
39
19
36
8
157
1,680
121
1,141
318
75
116
41
32
280
796
15
271
645
14
63
314
20
18
18
17
9
147
1,133
6
682
698
6
657
348
5
182
334
Other Europe
Xotal
7,920
6,998
2,142
189
20
Germany, Fed. Rep. of
Tt 1
Netherlands
TTnited TCinsdom
..
Latin America:
Bolivia
•• •
Chile
Colombia
Cuba
Dominican Republic
El Salvador
Ouatemala
Neth. W. Indies and SuriPanama Rer> of
Urusuav
Other Latin America
Total
Preliminary.
•..
139
57
103
157
16
22
2
12
179
144
1
29
187
1
2
16
1
126
402
349
2,464
3,631
903
1,803
1,257
534
12
129
5
128
5
(i)
f1)
8
166
85
198
267
65
28
132
139
38
33
43
389
9
16
25
250
9
13
14
228
76
39
155
72
89
410
32
28
47
256
152
70
2,382
1,271
57
28
130
95
(l)
42
2
3
m
n\
1
C)
0)
40
5
2
1
17
7
99
(1)
1
18
1
30
2
1
j
(1)
(1)
(1)
3
0)
32
125
227
25
882
23
515
1
274
94
40
324
207
79
39
15
ft
0)
0)
5
1
1
5
li
0)
0)
60
16
59
15
100
56
66
128
95
56
65
121
50
0)
(l)
(l)
2
5
19
7
3
29
17
18
139
29
17
18
136
21
10
8
37
14
32
27
46
255
0)
0)
C)
123
45
42
154
94
43
38
152
51
9
10
78
76
2
0)
3
1,140
85
45
1,107
1,027
19
61
4
(i)
0)
0)
1
i Less than $500,000.
0)
G)
n\
(
2
(V)
17
4
1
26
1
0)
4
0)
(1)
665
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars
To banks and official institutions
Area and
country
To all other foreigners
Payable
in foreign
currencies
Total
Deposits
Total
U.S.
Treasury
bills and
certificates
Other
Total
Deposits
U.S.
Treasury
bills and
certificates
Other
Area and country detail, February 28, 1959—Continued
Asia:
Hone Kone
India
Indonesia
Israel
.•
Japan
Philippines
Taiwan
Thailand
Other Asia
•
Total
All other:
Australia
• .
...
Belgian Congo
Egypt 2
Union of South Africa
Other
Total .
Total foreign countries.
International
3
2
28
222
0)
14
4
4
2
4
4
37
12
12
57
86
29
64
26
61
112
51
60
110
47
56
58
47
25
52
1,020
147
169
96
139
1,008
145
150
88
136
595
376
402
362
285
1
7
G)
63
48
28
40
39
2,339
2,194
1,529
565
100
144
142
80
31
17
37
129
76
30
16
34
93
34
14
16
27
79
39
10
3
6
3
1
1
3
36
3
1
1
3
33
17
143
134
88
67
1
9
">2
2
19
8
3
0)
6
2
28
12
2
18
8
3
w
C1)
0)
(l)
0)1
G)
0)
0)
0)
C1)
1
0)
C)
(i)
1
!
0)
(v)
G)
0)
3
295
249
169
57
23
44
41
0)
3
15,078
12,515
6,560
4,872
1,083
2,501
1,932
373
197
1,541
1,541
237
1,302
2
C1)
16,619
14,056
6,797
6,173
1,085
2,501
1,932
373
197
0)
62
2 Part of the United Arab Republic since February 1958.
1 Less than $500,000.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Total
Dec
Dec
Dec
Dec
31
31
31
31
1,387
1,549
1,946
2,199
1958 ADr
May
June
July
Aug
Sept
Oct.
Nov
Dec.
30
31
30
31
31
30
31
30
30
2,409
2,479
2,446
2,489
2,562
2,540
2,577
2,487
2,542
2,432
2,379
2,419
2,393
I954
1955
1956
1957
1959 Jan 31
Feb 28
Mar 3 1 P
Apr 30^
GerFrance many,
Fed.
Rep. of
Switz- United Other Total
erKing- Europe Europe
land
dom
Canada
76
Latin
America
Asia
All
other
728
706
840
143
233
337
37
43
43
14
12
18
70
88
157
20
30
43
16
26
29
173
109
104
109
158
216
402
423
568
114
140
56
34
98
211
654
154
956
92
134
45
30
84
274
660
220
460
93
84
86
84
90
93
96
102
41
44
43
43
39
36
35
36
48
140
123
117
111
109
103
88
77
27
35
31
33
36
38
35
42
84
96
103
126
127
115
120
124
277
263
267
312
315
316
301
315
663
646
647
709
716
700
675
696
229
251
271
265
256
276
232
243
1,021
1,050
1,023
1,033
1.048
1,040
,078
,064
1,099
465
450
463
462
450
442
438
435
71
77
76
78
79
81
79
69
102
100
102
103
68
68
60
58
31
29
36
33
38
35
39
45
107
102
88
94
297
288
264
255
644
622
589
588
241
218
246
230
1,072
1,054
,069
1,028
407
422
454
486
68
63
61
61
v Preliminary.
1 Short-term claims reported in these statistics represent principally
the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for
Italy
144
157
386
50
foreigners; drafts drawn against foreigners that are being collected by
banks and bankers on behalf of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and their
customers in the United States.
666
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued
[Amounts outstanding, in millions of dollars]
Table 3a.
Date
Other
Europe
Austria
Belgium
Denmark
Finland
Other Europe
Greece
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
4
7
13
10
41
78
88
76
1
2
5
7
7
10
1
1
1
1
10
9
9
11
9
10
11
9
9
1954 Dec.
1955 Dec.
1956 Dec
1957—Dec.
31
31
31
31
109
158
216
211
(2)
20
16
28
25
10
13
12
11
3
3
4
4
3
4
4
6
16
11
21
29
2
9
23
23
(2)
2
7
6
1958
30
31
30
31
31
30
31
30
31
274
277
263
267
312
315
316
301
315
8
5
8
8
9
9
9
8
7
25
27
16
18
67
63
64
68
65
6
7
8
7
6
8
7
10
14
5
5
4
4
3
3
4
5
6
7
7
7
8
8
8
10
8
7
42
46
41
44
43
44
49
53
56
29
24
26
25
25
22
20
21
22
2
2
2
2
2
2
2
2
2
46
44
44
57
59
55
31
30
17
18
16
16
14
13
13
15
24
81
81
78
79
67
72
72
69
72
31
28
31*>
30p
297
288
264
255
6
5
5
5
66
64
63
62
15
16
12
10
6
6
5
5
6
5
6
7
58
59
52
40
20
18
15
14
2
2
2
3
26
25
27
29
18
16
16
14
64
60
50
51
1959 Jan
Feb.
Mar
Apr
0000 <N
Aor
May
June
July
Aug.
Sept
Oct
Nov.
Dec
4
5
2
2
2
Yugoslavia
(2)
1
1
1
1
1
All
other
10
9
9
14
Table 3b. Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
1954
1955
1956
1957
Dec
Dec.
Dec.
Dec
31
31
31
31
1958 Aor
May
June
July
Aug
Sept.
Oct
Nov
Dec.
30
31
30
31
31
30
31
30
31
1959 Jan.
Feb
Mar
Apr.
31
28
31 p
30?
...
....
Brazil Chile
Colombia
Cuba
NethDoerPanminEl Guate- Mex- lands
ama,
ican
West
Sal- mala
ReRe- vador
ico Indies pubpuband
lic
Suri- lic of
nam
Peru
Other
Uru- Vene- Latin
guay zuela America
728
706
840
956
6
7
15
28
3
4
4
3
273
69
72
100
14
14
16
33
107
143
145
103
71
92
90
113
3
5
7
15
10
8
11
8
4
5
7
8
116
154
213
231
1
3
5
2
9
17
12
18
16
29
35
31
7
18
15
42
63
105
144
170
27
34
49
51
1.021
I 050
1,023
L,O33
1,048
1,040
1,078
1,064
1,099
23
22
37
49
48
48
35
34
40
3
3
3
3
3
3
3
3
3
184
202
189
216
200
183
165
138
148
42
50
54
49
48
47
47
47
52
82
80
71
54
54
49
50
51
51
114
123
105
105
132
127
151
155
166
10
11
7
11
12
14
19
19
19
6
6
7
7
7
10
10
11
10
9
9
8
8
8
9
9
10
12
243
255
252
240
243
274
290
294
293
3
3
3
3
3
2
4
6
6
23
21
25
23
26
24
23
23
23
37
38
33
30
30
28
31
31
31
43
37
39
42
45
50
54
54
52
152
141
136
138
134
125
138
139
142
48
50
54
55
55
49
49
49
53
1,072
1,054
I 069
1,028
38
38
38
40
4
3
6
3
176
176
169
136
51
48
50
52
49
48
49
50
151
150
149
153
20
23
25
25
6
6
5
5
12
11
9
10
269
260
263
263
4
3
4
4
22
24
25
23
28
30
34
38
50
43
45
33
140
139
144
139
52
53
53
54
Table 3c. Asia and All Other
Asia
Date
Total Hong
Kong India
Iran
All other
Phil- TaiIsrael Japan ippines
BelThai- Other Total Aus- gian
land
tralia Congo
Union
of
South Other
Africa
143
233
337
386
16
18
20
22
11
10
16
24
50
103
170
146
7
19
16
53
9
14
39
60
91
110
37
43
43
50
14
11
11
13
8
12
10
17
17
19
1958—Apr. 30..
M a y 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31.
460
465
450
463
462
450
442
438
435
40
29
29
31
29
27
29
27
27
19
19
18
18
19
21
22
27
23
214
224
229
224
222
209
196
186
179
42
45
32
38
39
41
39
41
67
12
16
17
16
14
14
14
16
13
112
114
106
119
122
121
123
120
111
48
71
77
76
78
79
81
79
69
13
13
14
12
12
13
14
13
13
14
36
38
39
41
41
37
29
23
14
14
17
16
17
17
23
29
27
1959—Jan. 31.
Feb. 28.
Mar. 31*>
Apr. 3QP
407
422
454
486
29
28
34
34
25
22
19
18
168
175
204
224
38
42
34
29
14
13
14
17
116
124
130
141
68
63
61
61
12
12
11
11
24
24
21
19
27
22
23
24
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
31..
31..
31..
31.,
p
Preliminary.
* See note 1 on preceding page.
2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.
667
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
Date, or area
and country
Longterm—
total i
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Total
Deposits
with
foreigners
Other
Total amounts outstanding
31
31
31
31
441
671
839
1,167
1,387
1,549
1,946
2,199
1,176
1,385
1,796
2,052
449
489
582
627
142
236
330
303
301
353
440
423
283
307
444
699
211
164
150
147
173
144
131
132
38
20
19
15
1958—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1,259
1,242
1,257
1,269
1,325
1,322
1,334
',373
,362
2,409
2,479
2,446
2,489
2,562
2,540
2,577
2,487
2,542
2,238
2,312
2,274
2,308
2,384
2,324
2,347
2,298
2,344
712
777
764
776
871
862
859
806
840
341
348
348
363
368
375
394
418
428
448
455
432
430
423
406
428
420
421
736
732
730
740
720
680
666
654
656
171
166
172
181
178
217
230
189
198
157
153
159
166
165
204
212
174
181
14
14
13
15
13
13
18
16
16
1959—Jan. 31
Feb. 28.
Mar. 31
Apr. 3 0
,359
,363
,362
,380
2,432
2,379
2,419
2,393
2,281
2,227
2,258
2,241
780
744
746
739
416
412
424
423
417
413
428
432
667
658
660
648
151
152
161
152
136
138
146
136
15
13
15
16
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
Area and country detail, February 28, 1959
Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of...
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
25
33
1
3
20
5
64
16
6
100
5
62
16
6
99
2
47
1
10
1
26
68
5
29
59
18
62
5
28
56
18
10
1
4
4
1
2
25
16
35
60
2
24
15
25
60
()
11
102
1
9
30
1
(2)
410
622
524
169
74
96
97
218
174
16
139
6
21
259
8
29
96
38
3
176
48
48
150
37
3
176
48
48
149
21
1
39
26
6
102
()
1
106
23
6
11
260
23
6
11
258
26
14
'l
47
51
24
30
43
139
53
659
,054
24
128
2
6
31
2
United Kingdom
Yugoslavia
Other Europe
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands W. Indies
and Surinam
Panama, Rep. of
Peru
Uruguay
Venezuela
Other Latin America
Total
(2
2
36
5
18
4
10
11
3
57
2
1
4
3
3
14
13
()
()
4
10
32
(2)
10
5
8
72
68
185
98
93
13
44
41
1
3
3
7
24
7
2
3
78
2
9
23
43
9
314
24
30
43
135
53
1
3
15
14
6
18
4
4
33
13
3
15
2
46
25
1,048
336
188
211
2 Less than $500,000.
(2)
10
(2)
11
2
22
10
21
15
58
7
(22)
()
1
()
19
9
6
12
98
Preliminary.
'Revised
i Represents mainly loans with an original maturity of more than one
year.
2
5
12
5
87
()
96
3
14
20
4
'(2V
668
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Area and
country
Long-
term—
total 1
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Collections
outstanding
Others
Other
Deposits
with
foreigners
Total
Other
Area and country detail, February 28, 1959—Continued
Asia:
Hong Kong
India
1
5
Israel
5
5
4
13
28
22
14
28
22
175
2
42
8
13
120
Korea Reo of
Philippines
15
Other Asia
13
22
175
2
42
8
13
121
89
422
421
16
2
10
80
12
3
2
24
22
Total
108
Grand Total
1,363
Total
All other:
Australia
Belgian Congo
Egypt 3
Union of South Africa....
Other
3
1
5
4
(
2
C2)
2
3
1
(2)
(2)
}
28
2
5
2
44
(2)
25
5
7
109
(2)
14
25
2
2
104
(2)
(2)
(2)
16
2
3
(2)
(2)
(2)
(2)
(2)
1
10
200
5
76
140
2
1
11
3
2
23
21
6
3
5
1
1
13
9
1
2
4
7
1
(2)
63
61
25
7
23
6
1
1
2,379
2,227
744
412
413
658
138
13
i Represents mainly loans with an original maturity of more than
one year.
1
152
1
2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESi
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
1955
1956
1957
1958
1958
Purchases
1,341
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1959 Jan
Feb
Mar.p
Apr p
Sales
Net pur- Purchases,or chases
sales ( - )
Sales
1,730
1,615
1,423
1,798
1,018
-135
1,224
718
-52
1,188
36
1,886
1,907
1,617
1,759
-39
79
43
269
162
52
-16
-48
-53
16
-11
104
115
136
168
138
126
118
153
163
149
-21
-3
-17
5
-12
38
80
17
58
95
92
323
147
63
36
31
51
53
3
49
-34
5
154
226
192
206
153
220
182
203
127
78
37
23
86
15
104
-7
22
213
181
231
59
14
45
226
812
529
Foreign bonds
Net pur- Purchases.or chases
sales ( - )
883
666
P Preliminary.
1
Includes transactions of international institutions.
U. S. corporate securities2
156
291
194
693
607
699
Sales
509
992
Foreign stocks
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases, or
sales (-)
184
889
1,392
1,915
-385
-693
-1,026
664
749
593
467
878
875
622
804
— 214
-126
—29
-336
52
81
149
69
39
115
368
192
149
89
-62
—287
-43
-80
1
6
11
3
43
163
56
104
39
194
129
231
-50
4
— 31
-73
-127
25
24
25
26
27
49
44
37
38
34
48
42
47
43
81
75
67
73
-9
— 23
-17
-22
— 16
— 32
— 31
— 30
195
164
224
18
17
7
134
99
63
186
185
89
30
49
74
45
41
45
51
135
73
84
76
-90
-32
— 39
196
-52
-86
-26
-25
2
Includes small amounts of U. S. municipal securities.
—35
-25
669
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, ( - ) .
In millions of dollars]
Country
Type of security
Total 2
Year or month
Stocks
1955
1956
1957
1958
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
.
...
. ..
14
23
9
23
194
r
—39
29
35
143
-56
51
17
14
-3
8
2
-21
-3
-17
5
-12
-14
-7
-2
14
-16
-7
3
-15
1
10
6
11
1959 Jan
Feb
18
17
7
30
p
1
4
8
3
-I
1
-2
2
5
5
1955
1956
1957
1958
— 27
-33
-384
— 558
1958—Apr....
May...
June...
July....
Aug
Sept....
Oct.. . .
Nov....
Dec...
-17
-156
-91
-17
-15
3
-11
-6
-96
1959—Jan
Feb....
Mar.P. .
Apr.?..
-44
6
-5
o
* Preliminary.
i Less than $500,000.
A
-478
-338
-805
-55
-154
31
-84
-51
-31
-50
-97
-66
-99
-124
-60
-42
-46
8
231
-72
7
1
82
-26
-11
12
-32
-3
-9
-37
-14
-22
-28
Canada
74
-447
-552
-543
-49
-130
-44
-55
-30
-10
-10
-67
-14
183
280
-80
-53
27
38
26
27
35
-8
101
19
77
-1
20
1
255
10
-99
-86
23
23
15
14
-1
1
-8
2
-2
-9
(3)
-13
3
-3
-3
-4
4
4
-10
-9
-10
1
-1
-5
8
-6
2
6
"I
6
2
- 44
5
-3
-1
1
3
-2
-1
1
2
-2
-4
-4
-}1
14
-7
-3
17
7
20
27
-6
2
-12
-2
13
-1
-59
-64
-24
2
4
4
2
1
-8
2
-
5
3
-9
-3
1
2
4
-3
-6
-7
9
-6
-6
3
13
15
8
31
-6
-8
1
3
3
3
2
2
2
2
3
4
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTSi
[In millions of dollars]
-49
-40
-45
-45
-6
All
other2
Includes transactions of international institutions.
3 Less than $500,000.
24
17
15
5
j
Latin
America
2
Latin
Amer- Asia
ica
0)
Canada
10
7
In millions of dollars]
InterTotal
national foreign Europe
insticountutions
tries
Total
Europe
30
87
4
2
2
Other
Europe
142
147
1
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS
Year or
month
United
Kingdom
-1
Q
r
Preliminary.
Re vised
Includes small amounts of U. S. municipal securities.
[Net sales, ( - ) .
Switzerland
-21
-7
2
6
19
15
2
25
Netherlands
France
128
256
3
p
Belgium
156
291
Dec
Aor
Bonds
3
4
3
4
i
-2
-3
-6
-8
-9
-41
-8
-8
Assets in custody
All
other
Date
Deposits
U. S. Govt.
securities 2
-7
-16
13
-150
-13
-25
^
0)1
-33
^
-22
-31
1
-2
3
-1
Miscellaneous 3
1957—Dec. 31
356
3,729
353
1958—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
234
269
288
313
258
288
226
272
3,037
2,974
3,167
3,344
3,609
3,777
3,822
3,695
405
491
541
523
493
481
487
480
1959—Jan.
Feb.
Mar.
Apr.
May
31
28
31
30
31
274
310
307
266
291
3,681
3,857
3,593
3,559
3,750
510
509
509
504
524
1
Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of next page for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and bonds.
3
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
670
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1959
1958
Area and country
1951
1952
1953
Continental Western Europe:
1-18.3 1-5.8
-20.0
-10.0
Belgium
Germany (Fed. Rep. of)
Italy
Netherlands
Portugal
- 4 . 5 -ioo.6
-34.9
-5.0
-32.0
22.5
-15.0
-30.4
-29.7 -17.3
Switzerland
Bank for Int'l Settlements
Other
-184.8 -115.6
Total
Sterling Area:
United Kingdom
Total
Canada
Latin America:
Argentina
Mexico
'-67.*5
-130.0 -225.6 -10.0
-65.0
-59.9
-20.0
-65.0
-94.3
-17.5
-546.4 -328.3
-78.5
-50.0
-.5
-.5
-.1
525.6
451.2
-480.5
-50.5
-.1
-10.0
7.2
-126.0
57.5
-131.8
62.5
-53.7
-6.7
-5.7
-9.9
-20.2
1957
1958
3.4
25.0
339.3
-3o!o
-18.8
12.2
-84.2
-329.4
100.3
14.6
5.2
Jan,
Mar.
Apr,
June
-14.2
25 9
58 3
-143.6 -113.4 -58.3
"-348!8
-260.9
-20.0
JulySept.
-135.1
-74.4
-18.5
-76.2
-38.2
-900.0 - 3 0 0 . 0
-450.0
-50.0 -100.0
-900.0 - 3 0 0 . 0
-450.0
-50.0 -100.0
67.2
5.5
1.8
-.1
-.4
14.0 - 2 8 . 3
-.4
1.0
75.2
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
-68.5
Grand total
75.2
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
-68.5
12.0
55.2
2
2.6
11.7
57.8
c
80.9
69.0
-.1
-.4
-.2
18.0
4-27.1
-.6
-.4
- 2 . 7 4-23.4 4 - 4 5 . 1
14.1
2
-.7
-.5
-.1
-.1
-.1
80.2 171.6 -2,287.1 - 3 7 7 . 4 - 1 , 0 7 4 . 1 -488.5 -347.1
-83.8
200.0 600.0
i Includes sales of gold to Belgian Congo as follows (in millions): 1951,
$8.0;
1952, $2.0; and 1953, $9.9.
2 LeSs than $50,000.
3
Includes purchases of gold from Spain as follows (in millions): 1957,
$31.5; and 1958, $31.7.
-7.6
- 6 2 3 . 2 -447.5 -281.4
75.4
-76.0
-29.9
-1.3
115.3
Total foreign countries. .
-75.1
-60.7
-2.3
Jan,
Mar.
-28.0
329.2
-200.0
56.4
14.0
-4.9
Oct,
Dec.
—168!8 — iiiis
- 6 2 . 9 -46.4 -109!7
-20.0
-215.2
-5.0
-178.3 - 1 5 . 1
38.4
67.7 -1,428.3
100.3
-480.0
-84.8
-28.1
All other
3.4
-33.8
-54.*9 "-5.0
'"is'.i
-15.0
-8.0
-15.5
-20.0
8.8
3.0
4.0
-.3
440.0
11.5
1956
-6.2
-49.9 -20.0
-60.2
87.7
.9
-15.0 -10.2
Other
Total
1955
3.6
469.9
52.1
Other
1-94.8
1954
-7.1
—7 1
-.5
-8.8
280.2 771.6 -2,294.2 - 3 7 7 . 4 - 1 , 0 8 1 . 2 -488.5 -347.1
-92.6
4 Includes sales of gold to Japan as follows (in millions): 1958. $30.1:
and 1959, Jan,Mar., $49.9.
5 Figures represent purchase of gold from, or sale to (—), International
Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Increase
in total
gold
stock
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
Treasury
Total i
1946
1947
1948
1949
1950
20,529
22,754
24,244
24,427
22,706
623.1 311.5
465.4
20,706
210.0
22,868 22,162.1 1,866.3
24,399 1,530.4 1,680.4 -159.2
24,563
164.6 686.5
-495.7
22,820 -1,743.3 -371.3 -1,352.4
51.2
75.8
70.9
67.3
80.1
1951
1952
1953
1954
1955
1956
1957
1958
22,695
23,187
22,030
21,713
21,690
21,949
22,781
20,534
52.7 -549.0
617.6
22,873
23,252
379.8 684.1
-304.8
2 . 0 -1,170.8
22,091 -1,161.9
-297.2
16.1 -325.2
21,793
21,753
-40.9
97.3
-132.4
22,058
305.9 106.1
318.5
22,857
798.8 104.3
600.1
20,582 -2,275.1
259.6 -2,515.0
66.3
67.4
69.0
65.1
65.7
65.3
63.0
63.0
P Preliminary.
i Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
Gold stock
(end of month)
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
Treasury
Increase
in total
gold
stock
Total 1
1958—May
June
July
Aug
Sept
Oct
Nov
Dec
21,594
21,356
21,210
21,011
20,874
20,690
20,609
20,534
21,674
21,412
21,275
21,082
20,929
20,741
20,653
20,582
-367.8
-262.4
-136.5
-193.1
-153.2
-188.4
-88.0
-70.7
71.2
5.4
11.7
12.2
1959—Jan
Feb
Mar
Apr
May
20,476
20,479
20,442
20,305
^20,188
20,527
20,520
20,486
20 358
^20,228
-55.5
-6.7
-33.6
-128 6
10.3
9 9
18.3
3 2
Month
2
P-130.2
17.9
3.4
18.0
3.7
-355 2
-285 0
-164.3
— 196 7
-220 2
-189.0
—96 9
-79 3
4 6
4 9
— 65 6
-13 0
-48 0
— 127 5
4-136.5
4 2
4 1
3 8
6.1
5 4
6 2
6.7
5 5
5 9
Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $8,928.3 million on May 31, 1959.
Gold under earmark is not included in the gold stock of the United States.
671
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 1, 1957
Area and country
Gold&
shortterm
dollars
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
France (and dependencies) *
Italy
Netherlands (and Netherlands West Indies
and Surinam)
..
Norway
Portucal (and dependencies^
Spain (and dependencies)
Switzerland
Turkey
Other 3
Total
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
Latin America:
Brazil
Chile
.
Cuba
Guatemala
Mexico
Panama ReDublic of
Peru
Uruguay
Venezuela
Other
Total
.
Asia:
Iran
Japan
Philippines
Thailand
Other
Total
All other:
Ecvot 4
Other
Total
Total foreign countries5
International institutions
Grand total 5 .
U. S. Gold& U. S. Gold& U. S. Gold &
Govt. short- Govt. short- Govt. shortbonds
term bonds
bonds term
term
& notes dollars & notes dollars & notes dollars
458
7
466
7
554
7
605
7
629
7
7
6
5
10
15
1,390
145
82
890
4,043
135
1,678
7
6
5
26
12
1,471
193
98
1,019
4,330
125
1,934
6
6
5
11
13
1,522
200
104
1,134
4,394
139
2,207
6
6
1
12
13
1,489
169
113
1,246
4,048
151
2,350
6
43
1,044
138
651
126
479
2,685
162
14
105
1,260
150
658
130
461
2,620
157
14
95
13
97
15
120
17
128
2
5
128
851
12
962
'14,757
319
14,950
2 875
104
211
205
3,460
102
218
4
2
(2)
4
5
6
1,497
173
707
106
507
2,777
164
1,370
3
1,613
151
728
100
498
2,781
164
1,403
296 '15,508
269
16,633
259
17,606
274
17,633
361
3,810
101
222
220
3,851
100
228
216
194
320
3,925
110
245
184
1
3,725
109
241
337
/2\
3
8
118
6
241
4
3
4
88
231
230
1
37
183
230
1
35
216
233
4,002
245
4,567
284
4,874
261
2,738
457
2,722
441
3,087
345
270
440
117
200
1
1
265
450
126
192
146
417
154
371
92
566
136
88
235
1,554
277
<3
1
2
13
93
536
148
82
266
1,428
300
4,368
176
4,251
n\
128
190
1
2
12
91
485
140
93
258
1,460
304
168
4,281
2
n\
127
202
8
5
1
7
932
175
260
765
16
2 389
15
228
162
7
216
171
390
7
387
2
5
2 324
'28,579 1,220
2 697
222
'31,276 1,442
88
4
10
76
4
^4
31
80
16
4
(2)
1
41
241
251
1
43
221
250
1
49
4,948
263
4,891
242
5,088
238
3,032
346
3,097
341
3,159
344
1
1
245
458
124
207
1
1
86
409
86
203
463
140
241
366
g)
86
233
504
135
259
343
70
544
156
93
276
1,227
292
1
(2)
86
2
12
75
517
148
92
260
1,233
272
1
(2)
2
2
12
69
561
146
96
262
1,213
248
108
4,040
108
4,008
(2)
184
(2)
195
1
3
1
7
1,226
180
250
824
1
3
1
7
1
f2)
129
181
3
4
2
(2)
«$
n
106
145
3
2
(2)
2
13
4,132
107
156
1
5
1
7
1,018
191
252
723
7
1,094
186
245
778
2,461
14
2,494
12
2,632
12
2,831
13
8
192
152
7
192
136
8
190
140
8
190
147
10
8
344
7
328
8
330
8
337
10
'30,555 1,004
31,475
996
32,564
983
2,790
462
2,876
495
29,266 1,212
2 563
1
324
328
833
196
269
773
714
181
269
111
2
1,389
144
694
134
496
2,733
154
1,165
1
34
371
2
13
89
j
1
1
12
15
1,289
151
678
132
458
?,684
156
J,131
326
356
31,829 1,568
r
P1 Preliminary.
Revised.
Excludes gold holdings of French Exchange Stabilization Fund.
2 Less than $500,000.
3 Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
4 Part of the United Arab Republic since February 1958.
U. S. Gold& U . S . Gold& U . S .
Govt. short- Govt. short- Govt.
term
term
bonds
bonds
bonds
& notes dollars & notes dollars & notes
1,259
162
96
911
3,971
167
1,528
193
...
Mar. 3 , 1959*
8
6
5
9
14
190
..
...
Dec. 3 I, 1958
8
263
456
115
215
. . •
Sept. 30, 1958
452
255
228
Total
June 30, 1958
'1,184
143
99
946
4,099
167
1,531
329
Canada
Mar. 31, 1958
2,696
446
'33,251 1,450
3
34,265 1,458
35,440 1,478
33,180 1,073
3,025
523
36,205 1,596
5
Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings with original maturities
of more than one year; these estimates are based on a survey of selected
U. S. banks and on monthly reports of security transactions.
672
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world i
End of
month
1952
1953
1954
1955
1956
1957
1958
Int'l
Monetary
Fund
United
States
Estimated
rest of
world
1.692
1,702
1,740
,808
,692
,180
23,252
22,091
21,793
21,753
22,058
22,857
11,055
12,640
13,545
14,180
14,495
14,935
1,238
1,241
1,242
I 242
1,247
1,307
1,307
1 331
1,332
22,042
21,674
21,412
21 275
21,082
20,929
20,741
20 653
20,582
36,000
36,435
37,080
37,740
38,245
38,970
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
39,395
....
Oct
Nov
Dec
39,545
39,865
1959 Jan
Feb
Mar
332
P40
060
I 349
15?
Apr
End of
month
Cuba
Denmark
16,740
17,310
Argentina
287
17,950
162
20 527
20,520
20 486 *>18 220
20,358
El Salvador
12
12
12
12
23
23
23
23
174
174
174
174
26
26
31
35
573
576
576
861
22
188
29
29
29
28
28
31
35
861
35
575
35
35
575
575
35
575
35
589
35
589
1958
Apr
May
June
July
Aug
Sept
Oct
Nov
136
136
31
31
11
U
174
174
136
31
11
22
22
11
11
11
11
174
136
136
135
135
31
31
31
31
22
120
80
31
U
31
11
22
31
31
11
11
31
31
11
11
Ireland,
Republic of
188
22
22
22
22
174
174
174
174
31
31
31
31
31
31
31
22
174
31
174
174
31
31
35
38
589
589
22
20
174
174
31
31
38
38
589
589
Italy
Lebanon
Mexico
8
14
20
18
18
18
352
338
452
74
77
91
142
167
180
1958
138
138
25
25
18
18
417
491
91
91
138
25
18
607
91
18
18
677
754
91
91
150
148
847
907
995
91
91
91
91
147
146
144
143
91
95
143
25
25
138
141
141
141
25
25
34
34
18
18
18
18
141
141
140
34
18
18
Revised.
18
18
589
589
589
589
22
22
138
138
138
138
138
35
35
35
35
31
138
137
138
18
18
18
Finland
174
1952 Dec
1953 Dec
1954 Dec
1955 Dec
1956—Dec
1957 Dec
r
83
78
69
69
Egypt2
22
Preliminary.
Gautemala
194
200
208
212
222
Ecuador
11
p
Germany,
France3 Federal Greece
Republic
of
82
82
83
83
Dominican
Republic
11
Apr
I 076
1 082
1 072
1,071
82
31
Feb
Mar
325
326
326
326
107
31
1959—Jan
1 248
1,225
1 246
1,265
150
136
Apr .
May
June
July
Au2
Sept
Oct.
Nov
Dec
325
1 *088
1,085
1 089
1,078
85
84
83
136
Iraq
324
324
325
325
325
325
325
325
103
103
103
31
31
31
31
Iran
1,028
1,099
l,140
1 182
1,212
1,228
1,251
I 270
1,270
140
143
147
74
346
346
346
1,086
1,119
31
35
63
102
102
144
158
62
NetherNew
lands Zealand
544
737
796
33
33
33
r
320
76
,080
,141
,113
,115
42
42
44
46
40
86
86
86
57
62
,101
,089
,086
40
40
40
65
66
67
096
088
40
68
QQ«S
40
40
40
40
69
70
70
71
40
72
40
40
40
40
72
72
73
India
Indonesia
247
247
247
247
235
145
81
81
10
13
27
247
27
45
247
39
2,492
2,499
2,575
2,581
2,587
2,597
2,633
2,639
2,639
27
27
247
247
38
38
27
247
38
2,678
2,678
2,678
2,678
Norway
50
52
45
27
27
27
27
38
38
38
48
49
49
156
154
862
881
33
33
43
43
153
910
33
920
944
33
33
43
43
43
49
49
956
999
33
33
33
33
43
43
43
43
33
33
38
38
38
38
38
247
37
27
27
247
247
37
37
27
27
247
247
37
36
Philippines
Portugal
9
9
9
286
361
429
27
Pakistan
247
247
247
247
247
27
45
50
45
33
33
42
Colombia
27
27
27
27
33
33
33
1,125
1 145
1,164
1,164
896
Chile
10
11
11
11
140
328
626
920
1,494
2,542
865
844
744
1,026
1,050
Canada
321
322
323
324
324
126
126
125
125
125
114
125
136
144
155
r
Brazil
704
776
778
929
r
r925
915
101
115
116
122
81
153
154
157
160
Belgium
80
52
62
71
71
103
214
186
186
136
End of
month
52
Belgian
Congo
117
138
144
107
126
Dec
Dec
Dec
Dec
Dec
Dec
1959 Jan
Feb
Mar
Apr
112
Austria
372
372
372
224
126
1952
1953
1954
1955
1956
1957
Dec
Australia
Peru
46
36
35
35
35
28
16
22
6
428
448
461
49
49
20
20
8
10
454
474
49
20
20
20
12
13
49
49
49
49
474
486
20
19
19
19
14
15
9
10
486
486
486
493
43
43
49
49
43
43
49
49
19
19
19
11
7
7
498
498
For other notes see following page.
11
474
501
502
673
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
South
Africa
End of
month
Sweden Switzerland
184
218
199
265
Thailand
Turkey
14
14
113
113
143
143
17
113
144
United
King-4
dom
Uruguay
Venezuela
Yugoslavia
Bank
for
Int'l
Settlements
European
Payments
Union
373
373
12
13
196
193
158
153
403
14
196
217
219
1,411
1,459
1,513
1,597
1,676
1,718
24
112
144
1,846
2,518
2,762
2,120
2,133
2,273
180
719
13
165
1958—Apr
May
June
July
A.U2
Sept
Oct
Nov
Dec
179
161
159
167
180
188
201
210
211
203
203
204
204
204
204
204
204
204
1,770
1,836
1,857
1,907
1,929
1,934
1,935
1,924
1,925
24
24
24
24
24
24
24
24
24
112
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
144
2,914
3,039
3,076
3,084
3,089
3,120
3,174
3,215
3,069
180
180
180
180
180
180
180
180
180
719
720
720
719
719
719
719
719
719
14
14
14
14
15
15
15
17
17
212
254
200
167
171
187
198
238
339
1959—Jan
Feb
Mar
212
211
193
190
204
204
204
204
1,993
1,993
1,935
1,931
24
112
112
144
144
144
144
3,111
3,156
3,139
3,251
180
180
180
180
719
719
719
719
17
17
17
15
312
351
378
533
1952 Dec
1953 Dec
1954 Dec
1955 Dec
1956 Dec
1957—Dec
170
176
Syria 2
212
224
Apr
276
266
19
19
112
112
P Preliminary.
i Excludes U.S.S.R., other Eastern European countries, and China
Mainland.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received.
144
144
207
227
227
216
186
403
603
16
17
153
217
179
244
268
254
126
126
126
23 Part of the United Arab Republic since February 1958.
Represents holdings of Bank of France (holdings of French Exchange
Stabilization
Fund are not included).
4
Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and United
States and Canadian dollars.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
1951
1952
1953
1954
1955
1956
1957
1958
. .
1958
Mar
Apr. .
May
June....
July
Aug
Sept.
Oct
Nov
Dec
1959 Jan
Feb . .
Mar
Estimated
world
production
(excl.
U.S.S.R.
840.0
868.0
864.5
913.5
959.0
994.0
1,036.7
Africa
Total
763.1
785.7
780.5
830.4
877.7
914.8
956.3
80 1
79.7
81.3
81.5
84.5
North and South America
United
Ghana Belgian
Congo States
South
Africa
Rhodesia
403.1
413.7
417.9
462.4
510.7
556.2
596.2
618.0
17.0
17.4
17.5
18.8
18.4
18.8
18.8
19.4
22.9
23.8
25.4
27.5
23.8
21.9
27.7
29.2
12.3
12.9
13.0
12.8
13.0
13.1
13.1
12.8
50 1
50.3
51.6
50.6
52.4
52.6
53.0
54 0
53 3
53 1
1.6
1.6
1.6
1.6
1.5
2.5
2.4
2.4
2.5
2.5
.9
54.1
52.8
55.9
1.6
1.7
1 6
1 7
2.5
2.5
1.7
1.6
1.5
2.4
1 2
1.0
1.4
.9
1.2
Mexico
Nicaragua 1
Brazil
Chile
66.3
67.4
69.0
65.1
65.7
65.3
63.0
63.0
153.7
156.5
142.4
152.8
159.1
153.4
155.2
158.8
13.8
16.1
16.9
13.5
13.4
12.3
12.1
8.8
8.9
9.1
8.2
8.1
7.6
6.9
7.2
4.8
4.9
4.0
4.2
3.9
4.3
4.2
3.9
6.1
6.2
4.6
4.4
4.3
3.3
3.6
4.3
4.5
4.6
4.9
6.1
13.7
13.4
13.3
13.4
13.2
12.8
13.1
14.0
12 9
13.2
1.4
.9
.9
.9
.7
.5
.6
.6
.6
.7
.4
.3
.4
.3
.4
.2
.2
.3
.3
.5
5.4
6.2
2.2
6.7
5.5
5.9
2.6
2.6
2.6
1.2
.9
1.0
4.2
4.1
3.8
r
Revised.
i Gold exports, representing about 90 per cent of total production.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Canada
.9
1.0
.7
2 5
Other
r
13.2
12.5
13.2
10
1.2
1.1
.7
.6
.3
.4
Colom- Ausbia
tralia
15.1
14.8
15.3
13.2
13.3
15.3
1
4
31.3
34.3
37.7
39.1
36 7
36.1
37.9
7 9
3 0
5
.5
4
.5
.5
n.o
q
0
1
?
3
.9
9
.6
6
.6
.3
3
.3
3
0
0
.5
.8
.6
.3
.3
.3
3
1
India
2.9
3 2
3.3
3.7
3.0
3.5
3 3
3 1
8.9
7 8
8.4
7 4
7.3
6.3
6 0
.5
.5
5
5
5
Ghana, Belgian Congo and Brazil, data for which are from American
Bureau of Metal Statistics. For the United States, annual figures are
from the U. S. Bureau of the Mint and monthly figures are from American
Bureau of Metal Statistics.
674
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1958
1958
1959
Item
Jan.
Mar.
June
Sept.
Dec.
683
900
943
937
917
693
767
752
747
636
2,795 2,829 2,999 3,275 3,408
90
93
101
92
91
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves3
Capital
1,405 1,658 1,687 1,792 1,840
699
675
753
910
893
24
24
27
27
28
335
382
350
366
401
1,872 1,881 1,904 1,904 1,911
Gold
Investments9
Currencies:!
United States
Other
Unpaid member subscriptions
Other assets
Repaid
Continental Western Europe,
total
Austria
Belgium and Luxembourg..
Denmark
Finland
France
Italy
Netherlands
Norway
Turkey
Yugoslavia
1,384
91
173
60
102
267
258
236
75
61
61
1,162
60
150
40
59
267
167
236
63
58
61
235
Sterling area, total
Australia
Ceylon
India
Pakistan
Union of S. Africa
United Kingdom
Other
1,411
318
25
532
126
185
193
32
1,156
318
13
418
82
169
135
21
131
31
Latin America, total
Brazil
Chile
Columbia
Ecuador
El Salvador
Mexico
Nicaragua
Peru
Uruguay
Other
909
255
74
119
46
32
186
23
62
64
48
663
175
47
98
13
23
157
20
40
54
36
Asia (excluding Sterling area),
total
Iran
Japan
Lebanon
Malaya
Philippines
Thailand
517
75
254
27
36
19
107
297
75
161
5
(6)
11
45
12
3,301
487
Africa (excluding
area), total
Ethiopia
Sudan
Total
Sterling
5
15
23
3
154
2
6
9
s
15
39
7
7
107
25
8
28
1
2
14
6
5
8
10
926
60
131
35
44
244
165
83
60
53
52
106
3
35
4
1
12
22
26
2
1,024
118
32
1
31
3
26
26
556
150
39
70
12
21
143
14
35
47
26
18
(6)
285
75
155
20
5
12
2
(6)
8
1
3
2
1
i
38
2,814
Jan.
Cumulative net drawings
on the Fund
Paid
Total
63
24
39
74,283
Country
8266
1958
1959
m
gold
Sold
to
Total
othersS
286
13
386
67
130
128
14
Oct.
769
664
696
717
780
5,992 6,060 6,119 6,025 5,958
874
898
958
979
873
8
9
9
9,016 9,088 9,088
9,228
9,193
3
(10)
4
( 0)
30
' 23
Quota
Outstanding
Disbursed
July
1,180 1,238 1,242 1,307 1,332
200
200
200
200
200
Member subscriptions
Accumulated net income
Reserves and liabilities
Loans by country, April 30, 1959
Principal
Apr.
Mar.
Dollar deposits and U. S. securities
Other currencies and securities 1...
Effective loans*
Other assets 3
Area and member country 4
1959
Item
Mar.
Feb.
Mar.
Argentina
Bolivia
Brazil
Burma
Chile
150
10
150
15
50
38
3
38
1
9
75
8
75
15
37
9
113
12
42
91
9
113
12
42
Colombia
Cuba
France
Haiti
Honduras
50
50
525
8
8
13
13
108
2
2
35
25
328
1
4
30
25
394
4
30
25
394
4
1
India
Indonesia
Iran
Mexico
Nicaragua
400
110
35
90
8
28
16
9
23
2
200
55
17
200
55
17
200
55
17
23
8
25
15
2
3
4
'is
6
12
15
5
39
6
12
21
5
39
20
36
36
,
,
Paraguay
Peru
Philippines
Sudan
Turkey
Union of South
Africa
United Arab Republic
United Kingdom.
United States
Yugoslavia
10
43
100
60
1,300
2,750
60
25
10
30
562
236
688 H-2,003
23
8
30
30
345
545
-1,926 n - 1 , 7 5 7
23
23
1 Currencies include demand obligations held in lieu of deposits.
2 Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold
to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6 Less than $500,000.
7
Includes $123 million in loans not yet effective.
8 Includes $245 million not guaranteed by the Bank.
9
U. S. Treasury bills purchased with proceeds from sale of gold,
i1 ° Transferred to general reserve.
1 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
675
U. S. BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates. Quarterly totals in millions of dollars]
1955
1956
1957
1958
Exports of goods and services, total 1 ..
Merchandise
Services^
5,462
3,851
1,611
5,347
3,954
1,393
5,952
4,412
1,540
5,698
4,096
1,602
6,521
4,859
1,662
6,698
5,096
1,602
6,944
5,143
1,801
6,252
4,447
1,805
6,582
4,641
1,941
5,546
4,053
1,493
5,885
4,186
1,699
5,544
3,804
1,740
6,100
4,164
1,936
Imports of goods and services, total...
Merchandise
Services
Military expenditures
4,652
3,119
838
695
4,855
3,254
859
742
5,043
3,172
1,041
830
5,069
3,154
1,262
653
4,843
3,211
947
685
5,027
3,298
880
849
5,289
3,342
1,071
876
5,299
3,266
1,340
693
5,092
3,385
1,005
702
4,850
3,143
878
829
5,211
3,170
1,137
904
5,318
3,117
1,357
844
5,312
3,514
1,010
788
Balance on goods and services1
810
492
909
629
1,678
1,671
1,655
953
1,490
696
674
226
788
Unilateral transfers (net) 3
Private remittances and pensions...
Government nonmilitary grants....
-590
-154
-436
-567
-151
-416
-616
-157
-459
-517
-158
-359
-632
-171
-461
-561
-170
-391
-665
-173
-492
-506
-172
-334
-575
-179
-396
-547
-168
-379
-596
-170
-426
-549
-181
-368
-615
-177
-438
U. S. long- and short-term capital (net) 3
Private, total
Direct investment
Portfolio and short-term investment
Government
-567
-549
-272
-550
-417
-288
-891
-683
-342
-985 -1,180 -1,095 -1,557
-801 -1,079 -840 -1,363
-993
-402
-512
-697
-551
-410
-339
-971
-598
-338
-927 -1,248
-684 -1,030
-419
-159
-795
-467
-157
-917
-743
-400
-277
-18
-129
-133
-341
-208
-289
-184
-382
-101
-438
-255
-370
-194
-71
-141
-260
-373
-525
-243
-611
-218
-310
-343
-174
Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign a s s e t s . . . .
Gold sales by United States
218
621
445
661
-189
-377
305
-256
164
608
1,097
898
826
168
58
508
125
-12
391
157
-103
678
147
-164
-275
113
-27
-195
166
-348
503
127
-325
-247
18
-27
212
50
-98
219
19
370
27
-5
1,075
441
-26
483
444
35
347
Errors and omissions
129
153
212
323
362
262
360
-108
170
73
220
-82
-328
2 Including military transactions.
3
Minus sign indicates net outflow.
9 Preliminary.
1
Excluding military transfers under grants.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Day-toTreasury Day-to- Bankers'
accept- Treasury
day
bills
day
bills l
ances
money
2
3 months
3 months 3 months money
France
Germany
Bankers'
Treasury
allowance Day-tobills
day
on
60-90
money
3
deposits
days 4
Day-today
money 5
Netherlands
Switzerland
Treasury Day-tobills
day
3 months money
Private
discount
rate
1956—Dec
1957—Dec
3.61
3.65
3.18
3.60
5.07
6.67
4.94
6.43
4.15
5.67
3.50
5.00
3.55
5.72
4.75
3.75
4.81
3.25
3.48
4.64
3.23
3.33
1.50
2.50
1958—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1.65
1.56
1.75
1.31
1.29
2.02
2.48
3.00
3.46
1.64
1.55
1.72
1.18
.67
.48
1.51
2.10
2.07
5.47
5.24
4.65
4.31
3.98
3.82
3.80
3.67
3.34
5.28
5.02
4.45
4.15
3.81
3.65
3.65
3.46
3.16
4.71
4.53
3.95
3.62
3.36
3.17
3.19
2.97
2.70
4.00
3.85
3.30
3.00
2.70
2.50
2.50
2.32
2.00
6.78
10.04
7.51
6.85
6.97
6.46
5.50
5.26
6.07
3.25
3.25
2.75
2.63
2.50
2.50
2.38
2.38
2.38
3.56
3.38
3.44
2.88
2.56
2.88
2.56
2.88
2.63
3.18
2.97
2.90
2.88
2.62
2.62
2.83
2.40
2.26
2.93
2.39
2.34
2.49
2.08
2.16
2.50
1.79
1.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
1959—Jan
Feb
Mar
Apr
3.34
3.70
4.16
4.57
2.07
2.96
4.00
4.41
3.28
3.23
3.41
3.40
3.12
3.09
3.30
3.25
2.73
2.66
2.67
2.69
2.00
2.00
2.00
2.00
4.39
4.23
4.36
2.25
2.25
2.25
2.00
2.38
2.94
2.44
2.31
2.04
1.75
1.68
1.61
1.58
1.26
1.42
1.50
2.50
2.50
2.25
2.00
1
Based on average yield of weekly tenders during month.
2 Based on weekly averages of daily closing rates.
3 Beginning January 1957, rate shown is on private securities. Previous
figures
are averages of rates on government and private securities.
4
Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
676
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Changes during the last 12 months
Rate as of
May 31, 1958
Country
Per
cent
Argentina ^
Austria
Belgium
Brazil2
Burma
Month
effective
6.0
5.0
4.25
10.0
. . . 3.0
Dec.
Nov.
Mar.
Apr.
Feb.
1957
1955
1958
1958
1948
1.79
2.5
6.0
4.0
3.0
May
June
Feb.
July
Apr.
1958
1954
1957
1933
1939
5.5
5.0
10.0
3.0
4.0
Dec.
Apr.
May
Nov.
Apr.
1957
1958
1948
1952
1957
6.5
5.0
3.5
10.0
2.0
Apr.
Aug.
Jan.
May
Jan.
1956
1957
1958
1956
1953
7.0
4.0
3.0
4.0
5.0
Apr.
May
Apr.
Aug.
May
1952
1957
1946
1948
1958
6.0
4.0
8.4
4.5
4.0
Feb.
Apr.
May
June
Mar.
1955
1950
1957
1942
1958
New Zealand
Nicaragua
Norway
.• •
Pakistan
Peru 2
7.0
6.0
3.5
3.0
6.0
Oct.
Apr.
Feb.
July
Nov.
1955
1954
1955
1948
1947
Philippine Republic 2
Portugal
South Africa
Spain
Sweden
4.5
2.0
4.5
5.0
4.5
Sept.
Jan.
Sept.
July
May
1957
1944
1955
1957
1958
Switzerland
Thailand
Turkey
United Kingdom
Venezuela
2.5
7.0
6 0
5.5
2.0
May
Feb.
June
May
May
1957
1945
1956
1958
1947
•
.
Canada 3
Ceylon
Chile 2
Colombia 2 2
Costa Rica
Cuba 2
Denmark
Ecuador
El Salvador2
Finland 2
France
Germany
. . .
.
Honduras ^
Iceland
India 5
Iran
...
Israel .
Italy 2
Japan
Netherlands
..
June
July
Aug.
4.0
3.75
3.5
1.97
1.12
1.74
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
2.52
3.08
3.13
3.74
3.53
4.32
4.55
5.01
4.5
2.75
4 25
4.25
7.3
6 94
3.0
2 75
4 0
2 0
4.0
6.0
46
6.0
4.0
2.75
10.0
2.0
6.0
3.5
6.94
4.5
2.75
7.0
6.0
3.5
4.0
6.0
6.5
4.5
5.15
2.5
6.0
4.0
3.0
7.0
4.0
3.0
4.0
4.25
4.0
5.0
5.15
5.5
4.5
10.0
3.0
4.0
4.5
3.5
6.0
4.5
3.25
10.0
3.0
4.5
3.0
3.5
7.67
May
3 25
4.5
1
Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in note 2.
2
Discounts or advances at other rates include: Argentina—3 and 5
per cent for certain rural and industrial paper, depending on type of
transaction; Brazil—8 per cent for secured paper and 4 per cent for
certain agricultural paper; Chile—rates of more than 6 per cent for
rediscounts in excess of 50 per cent of the rediscounting bank's capital
and reserves, and 2 and 4 per cent for certain types of agricultural paper;
Colombia—3 per cent for agricultural paper and for loans on products
in bonded warehouses; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper);
Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by
Sept.
Rate
as of
May 31,
1959
1959
1958
6.5
2.0
4.0
5.0
4.5
2.0
7.0
6.0
4.0
2.0
national public securities; El Salvador—3 per cent for agricultural and
industrial paper and 2 per cent for special cases; Finland—rates ranging
up to 7.25 per cent for longer term paper (rate shown is for 3 months
commercial paper); Indonesia—various rates depending on type of paper,
collateral, commodity involved, etc.; Japan—penalty rates (exceeding
the basic rate shown) for borrowings from the Central bank in excess
of an individual bank's quota; Peru—4 per cent for industrial paper and
mining paper, and 3 per cent for most agricultural paper; and Philippine
Republic—4.5 per cent for crop loan paper and 5 per cent for export
packing credit paper.
3 Since Nov. 1, 1956, the discount rate has been set each week at
14 of one per cent above the latest average tender rate for Treasury bills;
end-of-month
rate shown.
4
Rate shown is for advances only.
5 Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.
FOREIGN EXCHANGE RATES
677
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Finland
(markka)
Official
Free
1953.
1954.
1955.
1956.
1957.
1958.
5.556
5.556
15.556
7.198
7.198
7.183
2.835
2.506
12.207
224.12
223.80
222.41
222.16
222.57
223.88
3.8580
3.8580
3.8580
3.8580
3.8539
3.8536
2.0009
1.9975
1.9905
2.0030
1.9906
2.0044
101.650
102.724
101.401
101.600
104.291
103.025
21.046
21.017
20.894
20.946
20.913
21.049
.4354
.4354
.4354
.4354
.3995
.3118
1958—May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
5.556
5.556
5.556
5.556
5.556
5.556
5.556
15.556
2.377
2.376
2.352
2.221
2.025
1.656
1.386
11.518
224.36
223.99
223.42
223.51
223.37
223.67
223.55
223.41
3.8536
3.8536
3.8536
3.8536
8536
8536
8536
8536
2.0050
2.0050
2.0049
2.0050
2.0056
2.0061
2.0056
2.0057
103.396
103.960
104.162
103.645
102.357
103.005
103.253
103.660
21.085
21.066
20.996
21.020
21.016
21.049
21.039
21.032
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3118
223.62
223.85
224.12
224.42
224.27
3.8444
3.8481
3.8484
3.8487
3.8488
2.0003
2.0004
1.9997
2.0037
2.0057
103.402
102.583
103.117
103.774
103.838
21.046
21.063
21.074
21.089
21.081
.3115
.3114
.3114
.3114
.3114
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
11.607
9.052
8.006
8.006
8.006
8.006
26.340
26.381
26.230
26.113
26.170
26.418
21.5187
1.5242
1.4703
1.3680
1.1774
1959—Jan...
Feb..
Mar..
Apr..
May.
I
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
1953..
1954.
1955.
1956.
1957.
1958.
.2376
3.2374
23.838
23.765
23.786
23.798
23.848
21.049
21.020
20.894
20.934
20.910
21.048
281.27
280.87
279.13
279.57
279.32
280.98
.2779
.2779
.2779
32.595
32.641
32.624
32.582
32.527
32.767
1958—May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
.2376
.2376
.2379
.2382
.2381
.2381
.2381
3.2330
23.858
23.853
23.856
23.861
23.867
23.892
23.897
23.907
21.092
21.062
21.000
21.019
21.003
21.029
21.026
21.015
281.57
281.11
280.40
280.51
280.33
280.70
280.55
280.38
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.821
32.775
32.688
32.701
32.672
32.744
32.828
32.768
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
26.388
26.380
26.391
26.409
26.434
26.508
26.508
26.506
1959—Jan...
Feb...
Mar..
Apr...
May..
.2037
.2037
.2039
.2039
.2039
23.930
23.928
23.914
23.913
23.911
21.041
21.059
21.073
21.101
21.087
280.65
280.93
281.27
281.65
281.45
4.1610
.1610
.1610
.2779
.2779
.2779
.2779
.2779
32.838
32.892
32.917
32.975
32.951
8.006
8.006
8.006
8.006
8.006
26.514
26.500
26.488
26.501
26.488
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1953
1954
1955
1956
1957
1958
278.48
278.09
276.36
276.80
276.56
278.19
14.015
14.008
14.008
14.008
14.008
14.008
49.676
49.677
49.677
49.676
49.693
49.695
3.4887
3.4900
3.4900
3.4900
3.4900
3.4900
280.21
279.82
278.09
278.52
278.28
279.93
52.3810
19.323
19.333
19.333
19.333
19.331
19.328
23.316
23.322
23.331
23.334
23.330
23.328
281.27
280.87
279.13
279.57
279.32
280.98
1958—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
278.78
278.33
277.62
277.73
277.55
277.93
277.78
277.60
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.009
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
280.52
280.06
279.35
279.46
279.28
279.66
279.51
279.33
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
19.328
19.328
19.328
19.328
19.328
19.328
19.328
19.329
23.335
23.335
23.335
23.335
23.335
23.300
23.300
23.317
281.57
281.11
280.40
280.51
280.33
280.70
280.55
280.38
1959—Jan..
Feb.
Mar.
Apr.,
May
277.87
278.15
278.49
278.86
278.67
14.012
14.018
14.029
14.048
14.041
49.695
49.695
49.695
49.695
49.695
3.4917
3.4974
3.4980
3.5026
3.5019
279.60
279.88
280.22
280.60
280.40
2.3810
2.3810
2.3810
2.3810
2.3810
19.326
19.327
19.325
19.330
19.326
23.190
23.184
23.133
23.134
23.133
280.65
280.93
281.27
281.65
281.45
Year or month
Year or month
1 Based on quotations through Dec. 29, 1958.
2 Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc
was4 further devalued to 493.706 francs per U. S. dollar.
Based on quotations beginning Mar. 2, 1959.
5 Based on quotations beginning Jan. 2, 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C.
CANBY BALDERSTON,
J. L. ROBERTSON
A. L. MILLS, JR.
ELLIOTT THURSTON,
WOODLIEF THOMAS,
Vice Chairman
CHAS. N. SHEPARDSON
G. H. KING, J R .
Assistant to the Board
WINFIELD
W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board
CHARLES MOLONY,
JEROME
W. SHAY, Legislative Counsel
Special Assistant to the Board
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
DIVISION OF EXAMINATIONS
ROBERT C. MASTERS, Director
LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON, Director
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser
GUY E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
SUSAN S. BURR, Associate Adviser
ALBERT R. KOCH, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
OFFICE OF DEFENSE LOANS
DIVISION OF INTERNATIONAL FINANCE
GARDNER
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser
OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant Controller
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director
L. BOOTHE, II, Administrator
OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator
678
FEDERAL RESERVE BANKS AND BRANCHES
679
Federal Open Market Committee
W M . M C C . MARTIN, J R . ,
CARL E. A L L E N
C. CANBY BALDERSTON
FREDERICK L. DEMING
Chairman
ALFRED HAYES,
J. A. ERICKSON
DELOS C. JOHNS
G. H. KING, JR.
Vice Chairman
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
A. L. MILLS, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
ROBERT G. ROUSE, Manager,
HOMER JONES, Associate Economist
ARTHUR W. MARGET, Associate Economist
GEORGE W. MITCHELL, Associate Economist
FRANKLIN L. PARSONS, Associate Economist
ROBERT V. ROOSA, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist
System Open Market Account
Federal Advisory Council
LLOYD
D. BRACE, BOSTON, Vice President
HOMER
J. LIVINGSTON, CHICAGO, President
JOHN J. MCCLOY, NEW YORK
WILLIAM A. MCDONNELL, ST. LOUIS
CASIMIR A . SlENKIEWICZ, PHILADELPHIA
GORDON MURRAY, MINNEAPOLIS
REUBEN B. HAYS, CLEVELAND
R. OTIS MCCLINTOCK, KANSAS CITY
JOHN S. ALFRIEND, RICHMOND
WALTER B. JACOBS, DALLAS
JOHN A. SIBLEY, ATLANTA
CHARLES F . FRANKLAND, SAN FRANCISCO
HERBERT
V. PROCHNOW, Secretary
WILLIAM
J. KORSVIK, Assistant
Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F -
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY
^
^
CHAIRMAN
BOSTON
ROBERT C. SPRAGUE
NILS Y. WESSELL
NEW YORK
JOHN E. BIERWIRTH
FORREST F. HILL
PHILADELPHIA
HENDERSON SUPPLEE, JR.
LESTER V. CHANDLER
CLEVELAND
ARTHUR B. VAN BUSKIRK
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
D. W. COLVARD
ATLANTA
WALTER M. MITCHELL
HARLLEE BRANCH, JR.
CHICAGO
BERT R. PRALL
J. STUART RUSSELL
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
LESLIE N. PERRIN
O. B. JESNESS
KANSAS CITY
RAYMOND W. HALL
JOE W. SEACREST
DALLAS
ROBERT J. SMITH
HAL BOGLE
SAN FRANCISCO
A. H. BRAWNER
Y. FRANK FREEMAN
680
FEDERAL RESERVE BULLETIN • JUNE 1959
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are
listed in lower section of this page)
Boston
J. A. Erickson
E. O. Latham
D. Harry Angney
Ansgar R. Berge
George H. Ellis
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
New York
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Marcus A. Harris
Herbert H. Kimball
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. L. Sanford
Todd G. Tiebout
R. B. Wiltse
Philadelphia
Karl R. Bopp
Robert N. Hilkert
Joseph R. Campbell
Murdoch K. Goodwin
Wallace M. Catanach Philip M. Poorman
David P. Eastburn
James V. Vergari
Richard G. Wilgus
Cleveland
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
J. J. Balles
Roger R. Clouse
E. A. Fink
Clyde Harrell
L. Merle Hostetler
Martin Morrison
Paul C. Stetzelberger
Richmond
Hugh Leach
Edward A. Wayne
N. L. Armistead
J. Dewey Daane
Aubrey N. Heflin
Upton S. Martin
Joseph M. Nowlan
James M. Slay
Thomas I. Storrs
C. B. Strathy
Atlanta
Malcolm Bryan
Lewis M. Clark
J. E. Denmark
John L. Liles, Jr.
J. E. McCorvey
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
Chicago
Carl E. Allen
E. C. Harris
Ernest T. Baughman
W. R. Diercks
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge
Robert C. Holland
C. T. Laibly
George W. Mitchell
H. J. Newman
St. Louis
Delos C. Johns
Guy S. Freutel
Homer Jones
George E. Kroner
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Minneapolis
Frederick L. Deming
A. W. Mills
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Kansas City
H. G. Leedy
Henry O. Koppang
John T. Boysen
George H. Clay
Joseph S. Handford
E. U. Sherman
Clarence W. Tow
D. W. Woolley
Dallas
Watrous H. Irons
Harry A. Shuford
James L. Cauthen
Thomas A. Hardin
G. R. MurfT
Thomas W. Plant
L. G. Pondrom
Morgan H. Rice
San Francisco
H. N. Mangels
Eliot J. Swan
J. L. Barbonchielli
H. E. Hemmings
A. B. Merritt
E. R. Millard
R. H. Morrill
John A. CTKane
O. P. Wheeler
Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta....
Chicago
St. Louis
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
. . . . Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
Donald L. Henry
Darryl R. Francis
Federal Reserve
Bank of
Minneapolis
Branch
Helena
Kansas City..... Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Vice Presidents
Kyle K. Fossum
Cecil Puckett
R. L. Mathes
P. A. Debus
Howard Carrithers
J. L. Cook
Carl H. Moore
W. F. Volberg
J. A. Randall
E. R. Barglebaugb
J. M. Leisner
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1954. 208 pages.
ties of 10 or more for single shipment, 85 cents
each.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
DEBITS AND CLEARINGS STATISTICS AND THEIR
USE (rev. ed.). May 1959. 144 pages. $1.00
per copy; in quantities of 10 or more for single
shipment, 85 cents each.
ALL-BANK STATISTICS, 1896-1955. Revised statistics for all banks in the United States, by class of
bank, together with descriptive and explanatory
material. Part I, U. S. Summary. Part II, Summaries by States and other areas. April 1959.
1,229 pages. $4.00.
Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
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$7.00 per annum or 70 cents per copy. Group
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per month, or $5.00 for 12 months.
FEDERAL RESERVE BULLETIN.
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
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States and the countries listed above is $6.00
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HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK.
Issued annually in September.
Annual subscription to monthly chart book includes one issue of Supplement. In the United
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Reserve Bulletin, single copies 60 cents each or
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50 cents each; elsewhere 70 cents each.
THE FEDERAL FUNDS MARKET—A Study by a
Federal Reserve System Committee. May
1959. I l l pages. $1.00 per copy; in quanti-
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV—Financing
New Car Purchases, $.60. Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C.
681
682
FEDERAL RESERVE BULLETIN • JUNE 1959
PERIODIC RELEASES
DEPARTMENT STORE CREDIT
DEPARTMENT STORE MERCHANDISING DATA
WEEKLY
(Also annual list.
Both available at Federal Reserve Banks only)
FEDERAL RESERVE PAR LIST
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY
INTERDISTRICT SETTLEMENT FUND
CHANGES IN STATE BANK MEMBERSHIP
CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN CENTRAL RESERVE CITIES
INDEX NUMBERS OF WHOLESALE PRICES
CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES
MONTHLY DEPARTMENT STORE
STOCKS, BY DEPARTMENTS
MEMBER
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
MONTHLY DEPARTMENT STORE SALES
MONTHLY FOREIGN EXCHANGE RATES
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES AND BOND PRICES
RETAIL FURNITURE REPORT
WEEKLY FOREIGN EXCHANGE RATES
SALES FINANCE COMPANIES
(Available only
for domestic distribution)
WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES
AND
MONTHLY DEPARTMENT STORE STOCKS
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS
WEEKLY REVIEW OF PERIODICALS
SALES
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL R E -
SERVE BANKS (Also annual list)
SEMIMONTHLY
U. S. GOVERNMENT SECURITY YIELDS AND PRICES
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
SEMIANNUAL-QUARTERLY
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
MONTHLY
ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY
STATE
BANK RATES ON SHORT-TERM BUSINESS LOANS
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (Including Consolidated State-
ment for Banks and the Monetary System)
CREDIT EXTENDED BY BANKS TO REAL ESTATE
MORTGAGE LENDERS
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS
MEMBER BANK CALL REPORT
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
MEMBER BANK LOANS
BUSINESS INDEXES
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
CREDIT (Short- and IntermediateTerm and Consumer Instalment Credit Extended and Repaid)
CONSUMER
CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES
MEMBER BANK EARNINGS
ANNUAL
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE TRADE
CONSUMER INSTALMENT CREDIT AT COMMERCIAL
BANKS
BIENNIAL
CONSUMER LOANS MADE UNDER EFFECTIVE STATE
SMALL LOAN LAWS
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS
683
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.
20 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL
RESERVE POLICY. April 1940. 11 pages.
ADJUSTMENT FOR SEASONAL VARIATION. Descrip-
tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pages.
NEW STATISTICS OF INTEREST RATES ON BUSINESS
LOANS. March 1949. 10 pages.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
FEDERAL RESERVE BANK RESPONSIBILITIES. May
1953.
5 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
1953.
96 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
NEW INDEXES OF OUTPUT OF CONSUMER D U METHODS OF THE SURVEY OF CONSUMER F I NANCES. July 1950. 15 pages.
RABLE GOODS.
May 1954. 15 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep* THE TREASURY—CENTRAL BANK RELATIONSHIP
IN FOREIGN COUNTRIES—PROCEDURES AND
TECHNIQUES. November 1950. April 1951.
19 pages.
tember 1954. 10 pages.
USE
OF MONETARY INSTRUMENTS SINCE MID-
1952.
December 1954. 8 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER
REGULATION X. June 1952. 18 pages.
DIRECTLY PLACED FINANCE COMPANY
REVISED SERIES ON DEPARTMENT STORE SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
THE MONETARY SYSTEM OF THE UNITED STATES.
UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
PAPER.
December 1954. 8 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pages.
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
684
FEDERAL RESERVE BULLETIN • JUNE 1959
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.
1951-55.
FINANCING OF LARGE CORPORATIONS,
OWNERSHIP OF DEMAND DEPOSITS.
May
1958.
3 pages.
MONEY AND CREDIT IN THE RECESSION.
July 1958.
7 pages.
INTEREST RATES IN LEADING COUNTRIES.
Sep-
tember 1958. 8 pages.
June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
Octo-
1957-58 RECESSION
tober 1958. 8 pages.
THE
IN WORLD TRADE.
Oc-
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
ber 1956. 15 pages.
MONEY AND CREDIT IN 1958.
AGRICULTURAL LOAN SURVEY.
November
1956
and January, February, and March 1957 BULLETINS. 52 pages.
February 1959.
7
pages.
GOLD AND DOLLAR FLOWS IN
1958. March 1959.
6 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956.
16 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS,
1950-55.
April 1957. 20 pages.
1959 SURVEY OF CONSUMER FINANCES.
PRELIMINARY FINDINGS. March 1959. 4 pages.
OWNERSHIP OF DEMAND DEPOSITS.
April 1959.
3 pages.
SURVEY
OF
FINANCE
COMPANIES,
MID-1955.
April 1957. 17 pages.
MEMBER BANK TERM
1955-57. April 1959.
LENDING TO BUSINESS,
16 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES.
December 1957.
30 pages.
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
1958 SURVEY OF CONSUMER FINANCES. March,
July, and September 1958. 51 pages. (Similar
Surveys are available for earlier years from
1952,
1953, 1955, 1956, and 1957 BULLETINS.)
MEMBER BANK LENDING TO SMALL BUSINESS,
1955-57. April 1958.
* PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in the
United States, by class of bank, together with
revised statistics. April 1959. 94 pages.
BANKING AND MONETARY STATISTICS, 1958.
Se-
lected series of banking and monetary statistics
for 1958 only. February and May 1959. 12
pages. (Similar reprint of 1957 data, February
and May
1958
BULLETINS.)
19 pages.
SURVEY OF COMMON TRUST FUNDS, 1958.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
May
1959. 6 pages. (Also, similar reprints from
August 1956, June 1957, and May 1958 BULLETINS.)
GROWTH AND STRUCTURE OF TIME DEPOSITS.
April 1958. 5 pages.
PUBLIC DEBT MANAGEMENT.
June 1959. 5 pages.
Index to Statistical Tables
Acceptances, bankers', 614, 615
Agricultural loans of commercial banks, 610, 612
Agriculture, Govt. agency loans, 618, 619
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 606
Corporate, current, 626
Domestic banks, by classes, 607, 610, 612
Federal business-type activities, by fund or activity, 618, 619
Federal Reserve Banks, 601, 602
Automobiles:
Consumer instalment credit, 630, 631, 632
Production index, 636, 640
Bank holding companies registered as of Dec. 31,
1958, list of, 660
Bankers' balances, 611, 613
(See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 606
Bonds (See also U. S. Govt. securities):
New issues, 624, 626
Prices and yields, 615, 616
Brokers and dealers in securities, bank
loans to, 610, 612
Business expenditures on new plant and equipment, 626
Business indexes, 634
Business loans (See Commercial and industrial loans)
Department stores:
Merchandising data, 645
Sales and stocks, 634, 644
Deposits (See also specific types of deposits):
Adjusted, and currency, 606
Banks, by classes, 607, 611, 613
Federal Reserve Banks, 601, 602, 669
Postal savings, 604, 606
Turnover of, 604
Deposits, reserves, and borrowings, by class of member bank, 599
Discount rates, 600, 676
Discounts and advances by Federal Reserve
Banks, 597, 601
Dividends, corporate, 625, 626
Dollar assets, foreign, 669, 671
Dwelling units started, 641
Earnings and expenses:
Insured commercial banks, 659
Member banks, 650
Earnings and hours, manufacturing industries, 634, 643
Employment, 634, 642, 643
Export-Import Bank, loans, etc., 618, 619
Capital accounts:
Banks, by classes, 607, 611, 613
Federal Reserve Banks, 601, 602
Carloadings, 634
Central banks, foreign, 672, 676
Coins, circulation of, 605
Commercial banks:
Assets and liabilities, 607, 610
Consumer loans held, by type, 631
Number, by classes, 607
Real estate mortgages held, by type, 627
Commercial and industrial loans:
Commercial banks, 610
Weekly reporting member banks, 612, 614
Commercial paper, 614, 615
Commodity Credit Corporation, loans, etc., 618, 619
Condition statements (See Assets and liabilities)
Construction, 634, 640, 641
Consumer credit:
Instalment credit, 630, 631, 632, 633
Major parts, 630, 632
Noninstalment credit, by holder, 631
Consumer durable goods output indexes, 640
Consumer price indexes, 634, 646
Consumption expenditures, 648, 649
Corporate sales, profits, taxes, and dividends, 625, 626
Corporate security issues, 624, 626
Corporate security prices and yields, 615, 616
Cost of living (See Consumer price indexes)
Currency in circulation, 597, 605
Customer credit, stock market, 616
611,613
Foreign exchange rates, 677
Foreign liabilities and claims reported by banks, 662,
664, 667, 669
Foreign trade, 645
Gold:
Earmarked, 670
Net purchases by U. S., 670
Production, 670, 673
Reserves of central banks and governments, 672
Reserves of foreign countries and international
institutions, 671
Stock, 597, 606, 670
Gold certificates, 601, 602, 603, 605
Govt. debt (See U. S. Govt. securities)
Gross national product, 648, 649
Debits to deposit accounts, 604
Demand deposits:
Adjusted, banks and the monetary system, 606
Adjusted, commercial banks, by classes, 611
Banks, by classes, 607, 613
Type of holder, at commercial banks, 611
Farm mortgage loans, 618, 627, 628
Federal business-type activities, assets and liabilities,
by fund or activity, 618, 619
Federal Deposit Insurance Corporation,
assets, etc., 618, 619
Federal finance:
Cash transactions, 620
Receipts and expenditures, 621
Treasurer's balance, 620
Federal home loan banks, loans, etc., 618, 619, 629
Federal Housing Administration, loans, etc., 618, 619,
627, 628, 629
Federal National Mortgage Association,
loans, etc., 618, 619, 629
Federal Reserve Banks:
Condition statement, 601, 602
U. S. Govt. securities held by, 597, 601. 602,
622, 623
Federal Reserve credit, 597, 601, 602
Federal Reserve notes, 601, 602, 603, 605
Finance company paper, 614, 615
Foreign central banks, 672. 676
Foreign deposits in U. S. banks. 597, 601, 602, 606,
Home owners, Govt. agency loans, 618, 619
Hours and earnings, manufacturing industries, 634, 643
685
686
Industrial advances by Federal Reserve Banks, 601,
602, 603
Industrial production indexes, 634, 635, 640
Instalment loans, 630, 631, 632, 633
Insurance companies, 617, 622, 623, 628
Insured commercial banks, 609, 610, 659
Interbank deposits, 607, 611, 613
Interest rates:
Bond yields, 615
Business loans by banks, 615
Federal Reserve rates, 600
Foreign countries, 675, 676
Open market, 615, 675
Regulation V loans, 604
Stock yields, 615
Time deposits, maximum rates, 604
International capital transactions of the U. S., 662
International financial institutions, 670, 671, 672, 674
Inventories, 649
Investments (See also specific types of investments):
Banks, by classes, 607, 610, 612
Federal Reserve Banks, 601, 602
Govt. agencies, etc., 618, 619
Life insurance companies, 617
Savings and loan associations, 617
Labor force, 642
Loans (See also specific types of loans):
Banks, by classes, 607, 610, 612
Federal Reserve Banks, 597, 599, 601, 602, 603
Govt. agencies, etc., 618, 619
Insurance companies, 617, 628
Savings and loan associations, 617, 628
Loans insured or guaranteed, 603, 627, 628, 629
Manufacturers, production indexes, 634, 635, 640
Margin requirements, 600
Member banks:
Assets and liabilities, by classes, 607, 610
Borrowings at Federal Reserve Banks, 597, 599
Deposits and reserves, by classes, 599
Earnings and expenses, 650
Number, by classes, 607
Reserve requirements, by classes, 600
Reserves and related items, 597
Weekly reporting series, 612
Minerals, production indexes, 634, 635
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 606, 607, 609, 622, 623, 627
National banks, 609, 650
National income, 648
National security expenditures, 621, 649
Nonmember banks, 601, 609, 610, 659
Payrolls, manufacturing, index, 634
Personal income, 649
Postal Savings System, 604, 606
Prices:
Consumer, 634, 646
Security, 616
Wholesale commodity, 634, 646
Production, 634, 635, 639, 640
Profits, corporate, 625, 626
FEDERAL RESERVE BULLETIN • JUNE 1959
Real estate loans:
Commercial banks, 610, 612, 627
Type of mortgage holder, 627, 628, 629
Type of property mortgaged, 627, 628, 629
Regulation V, loan guarantees, 603, 604
Reserve requirements, member banks, 600
Reserves:
Commercial banks, 611
Federal Reserve Banks, 601, 602
Foreign central banks and governments, 672
Foreign countries and international institutions, 671
Member banks, 597, 599, 601, 602, 611, 613
Residential mortgage loans, 627, 628, 629
Sales finance companies, consumer loans of, 630,
631, 633
Savings, 648
Savings deposits (See Time deposits)
Savings institutions, principal assets, 617
Savings and loan associations, 617, 628
Securities, international transactions, 668, 669
Security issues, 624, 626
Silver coin and silver certificates, 605
State member banks, 609, 650
State and municipal securities:
New issues, 624
Prices and yields, 615, 616
States and political subdivisions:
Deposits of, 611, 613
Holdings of U. S. Govt. securities, 622
Ownership of obligations of, 610, 617
Stock market credit, 616
Stocks:
New issues, 624
Prices and yields, 615, 616
Tax receipts, Federal, 621
Time deposits, 599, 604, 606, 607, 611, 613
Treasurer's account balance, 620
Treasury cash, 597, 606
Treasury currency, 597, 605, 606
Treasury deposits, 597, 601, 602, 620
Unemployment, 642
U. S. balance of payments, 675
U. S. Govt. balances:
Commercial bank holdings, by classes, 611, 613
Consolidated monetary statement, 606
Treasury deposits at Federal Reserve Banks, 597,
601, 602, 620
U. S. Govt. securities:
Bank holdings, 606, 607, 610, 612, 622, 623
Federal Reserve Bank holdings, 597, 601, 602,
622, 623
Foreign and international holdings, 671
International transactions, 668, 669
New issues, gross proceeds, 624
Outstanding, by type of security, 622, 623
Ownership of, 622, 623
Prices and yields, 615, 616
United States notes, outstanding and in circulation, 605
Utility output index, 639
Veterans Administration, loans, etc., 618, 619, 627,
628, 629
Yields (See Interest rates)
(p THE FEDERAL RESERVE SYSTEM ~~°)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
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Legend
— Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
Alaska was added to the Twelfth Federal Reserve District as of January 3, 1959, and became part
of the Seattle Branch Territory of that District.
@FedFRASER