Full text of Federal Reserve Bulletin : May 1958
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FEDERAL RESERVE
B U LLETIN
May
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
Recession in the Labor Market
525
Ownership of Demand Deposits
532
Survey of Common Trust Funds, 1957
535
The Battle against Recession
540
Law Department
547
Current Events and Announcements
549
National Summary of Business Conditions
550
Financial and Business Statistics, U. S. (Contents on p. 553)
555
International Financial Statistics (Contents on p. 613)
614
Board of Governors and Staff
629
Open Market Committee and Staff; Federal Advisory Council
630
Federal Reserve Banks and Branches
630
Federal Reserve Board Publications
637
Index to Statistical Tables
639
Map of Federal Reserve System
Volume 44
Inside back cover
Number
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'
EMPLOYMENT HAS BEEN DECLINING and
unemployment rising since the recession in
business activity began early last autumn.
The rise in unemployment has been sharp,
reflecting somewhat larger than usual growth
in the labor force as well as contraction in
employment opportunities. In April the
number of persons unemployed exceeded
5 million, almost double the number last
autumn. Increased unemployment, although
widespread, has been most serious in mining areas and in areas where production of
durable goods is of major importance.
Nonfarm employment has declined more
in this recession than it did in either the
1948-49 or the 1953-54 periods of cyclical
contraction. In addition to larger reductions in manufacturing, there has been
significant easing in some nonmanufacturing lines that maintained employment in the
earlier recessions. In recent weeks the rate
of decline in employment has moderated
and claims for unemployment compensation, although at a high level, have gone
down about seasonally.
Incomes of many employed workers have
declined despite further advances in wage
rates. The average workweek has been
shortened, overtime work at premium rates
has been eliminated or sharply curtailed, and
the number of workers on part time has increased greatly. Moreover, the purchasing
power of all incomes, including wages and
salaries, has been further reduced by continued increases in consumer prices.
Current recession in the labor market has
CIVILIAN LABOR FORCE
Millions of pertoni
70
-
r
LABOR
- 68
FORCE
J
66
\
j
-: 64
EMPLOYMENT
62
1
1
i
I
1
60
6
-
1
1952
j
r
UNEMPLOYMENT
/
^
1954
;
4
2
1
i
"
^^ ^^"^^
1
1956
i
0
195S
NOTE.—Bureau of Census data adjusted for seasonal variation. Latest figures are for April.
followed a period of steady expansion which
brought nonfarm employment to a record
high in August 1957 and resulted in sharp
advances in wage rates in most occupations.
During this period of expansion, which began in early 1955, unemployment remained
low and industry absorbed exceptionally
large additions to the labor force.
CHANGES IN THE LABOR FORCE
The sustained growth and major structural
changes characteristic of the labor force in
the past decade have been continuing. The
importance of women as gainful workers has
continued to grow; service and government
525
526
activities have come to employ a larger proportion of all employees and industrial activities a smaller proportion; the ratio of
salaried workers to wage workers in manufacturing industries has risen almost without
interruption; and the number of workers on
farms has declined further.
In April 1958 the civilian labor force,
excluding the armed forces, totaled 68 million persons, 7.5 million more than in 1948.
In the past year about one million persons
were added to the labor force, a much larger
increase than in the preceding year.
Over two-thirds of the rise in the labor
force during the past year has been accounted for by women, especially married
women in the 35-54 age group with children
of school age. This unusually high rate of
entry reflects in part efforts to supplement
reduced family incomes. About 36 per
cent of all women of working age were in
the labor force in April, a record proportion.
The proportion of the male population of
working age that is in the labor force has
declined somewhat from year-ago levels,
primarily because the downward trends in
participation rates among teen-agers and
older men have persisted. Curtailment of
job opportunities has tended to limit parttime work for students and expanded social
security and private pension plans have
facilitated the withdrawal of older men.
UNEMPLOYMENT
Unemployment started to rise last autumn
and increased sharply to record postwar
levels during the winter and spring. In
April unemployment totaled 5.1 million, 2.4
million higher than a year earlier, and was
at a seasonally adjusted rate of 7.5 per cent
of the civilian labor force compared with 4
per cent in April 1957. The rate was higher
for men than for women.
FEDERAL RESERVE BULLETIN • MAY 1958
Among men, loss of jobs rather than expansion of the labor force has accounted for
the bulk of the rise in unemployment. Male
unemployment in April, at 3.5 million, was
double a year earlier. It was heaviest for
men 20 to 34 years of age, who are usually
among the first to be laid off because of
lower average skill ratings and lower seniority. Men under 35 years of age have a high
propensity to buy homes, cars, and other
durable goods on credit, and their unemployment has a particularly adverse effect on
total demand for consumer durable goods.
The sharp rise in unemployment for men 20
to 24 years of age may have been a factor
in the decline in the marriage rate that began
last autumn.
Among women, the increase in unemployment has resulted entirely from expansion of
the labor force. The number of women employed in April 1958 was the same as a year
earlier. The increase in unemployment was
above average for women between 35 and
65 years of age, and was highest for those
45 to 54 years of age, as the chart on the
opposite page shows.
The unemployment rate exceeded 10 per
cent in April in the construction, mining, and
manufacturing industries. It has risen from
5 to 11 per cent in manufacturing and from
5 to 13 per cent in mining since last year.
One in six construction workers was unemployed in April 1958. This was the highest
unemployment rate for any major industry
but the increase from a year earlier was
less than that in many other industries. Unemployment rates among service and government workers have been relatively low.
This year the supply of labor has exceeded demand in all of the 149 major labor
market areas and in May about half of them
were classified as having a substantial labor
surplus. Mining areas and centers pro-
527
RECESSION IN THE LABOR MARKET
ducing hard goods have had the largest increases in surplus labor. In major areas
such as Scranton, Detroit, South Bend, Flint,
Youngstown, and Buffalo, unemployment
rates are currently very high. They are below the national average in Washington,
D. C , Columbus, Dallas, New Orleans, Des
Moines, and Los Angeles.
Duration of unemployment provides additional insight into labor market conditions.
The number of persons who have been seeking work for 15 weeks or over has much
more than doubled in 12 months and in
April was sharply above that for any month
in the preceding postwar recessions. This
high level indicates the persistently low hiring rates prevailing throughout industry.
On the other hand, a slight decline since
February in the number of persons who have
been seeking work for no longer than 4
weeks may indicate that layoffs have become less frequent and that seasonally adjusted unemployment may be leveling off.
Early in May 3.5 million persons were
ASPECTS
OF
receiving unemployment compensation benefits under State, veterans, and railroad insurance programs. In recent months an
increasing number of persons have exhausted
their benefit rights. The number during
April was 230,000 compared with 115,000
in the same month last year.
Unemployment benefits have recently
averaged about $30.50 a week compared
with weekly earnings slightly over $80 in
manufacturing. Benefits have risen commensurately with weekly earnings since 1949.
EMPLOYMENT
Nonfarm employment began to decline last
autumn when layoffs accelerated in manufacturing and spread to many nonmanufacturing lines. The reduction in employment
and in hours of work has been larger and
more widespread among industries than in
the previous postwar recessions. In April
employment in nonfarm establishments, at
50.6 million seasonally adjusted, was 4 per
cent below its record level in August.
UNEMPLOYMENT — AFRIL 1957 A N D i9se
DURATION—In w«eks
AGE GROUPS —12-month change
INDUSTRY —Rotes
APRIL
ItSI
1
CONSTRUCTION
APRIL 1151
1 le 4
5
? , *'
APRIL
APRIL
1
]
1
1457
MINING
1*57
MANUFACTURING
5 to 14
1
I
I
15
AND OVER
TRADE
u
TRANSPORTATION
1
SERVICES
GOVERNMENT
1
0
1
1
.8
Millions' of
16
perso
NOTE.—Bureau of Census data.
p
|
0
1
5
1
10
1
15 20
528
FEDERAL RESERVE BULLETIN • MAY 1958
Manufacturing. Manufacturing activities
employ 30 per cent of the workers in nonfarm establishments but have accounted for
70 per cent of the decline in employment
since autumn. Curtailment in manufacturing in this period has reflected mainly a shift
from accumulation to rapid liquidation of
business inventories and reduced outlays for
durable goods on the part of producers and
consumers. In April manufacturing employment, at 15.2 million, was 1.6 million or 10
per cent below August 1957, as the table
shows. Employment in manufacturing began to decline somewhat earlier than employment in other industries and was drifting downward after late 1956.
With the workweek shortened, man-hours
in factory production were down 18 per
cent from December 1956 to April 1958.
EMPLOYEES IN NONAGRICULTURAL
ESTABLISHMENTS
[In thousands of persons]
Increase, or decrease (—),
April 1958 from:
Industry
division
April
1958
Aug.
1957
Dec.
1956
June
1953
Total
50,579 - 2 , 2 6 5 - 1 , 9 6 2
Manufacturing
Durable
Nondurable
15,234 - 1 , 6 0 2 - 1 , 8 7 2 - 2 , 2 3 9
8,532 - 1 , 3 1 2 - 1 , 5 0 3 - 1 , 7 4 3
-496
-369
-290
6,702
Nonmanufacturing... 35,345
Mining
774
Contract construction
2,893
Transportation. . . 2,514
Public utilities
1,388
Trade
11,335
Finance
2,355
Service
6,539
7,547
Government
Federal
State and local..
2,164
5,383
685
-663
-79
-90
-59
2,924
-80
-139
-248
-34
-334
1
62
108
-181
-255
-12
-73
35
180
275
295
-397
61
798
326
993
928
-70
178
-53
328
-151
1,079
NOTE.—Bureau of Labor Statistics data adjusted for seasonal
variation. Self-employed and domestic servants are excluded.
April 1958 figures are preliminary.
Employment and hours of work were reduced in this period in all major manufacturing industries. Cuts were heaviest in
durable goods lines, however, where employment was off more than 15 per cent in machinery and primary metals, and more than
30 per cent in automobiles. Layoffs in
April in many durable goods activities, while
still sizable, appeared to be tapering off.
In aircraft employment has declined only
slightly since February. In the automobile
and related industries, on the other hand,
the small volume of sales has continued to
depress production and employment.
As in previous recessions, reductions in
employment have been smaller in nondurable goods than in durable goods industries.
In soft-goods lines the reductions have been
relatively large in textiles, rubber, leather,
and apparel, and small in printing, paper,
petroleum, and chemicals. Throughout the
postwar period, nondurable goods employment has been comparatively stable in recessions and has shown only moderate
growth in periods of expansion.
Nonproduction workers in manufacturing
industries have continued to grow in relative importance. Their number increased
by one-half million between mid-1953 and
August 1957, while that of production workers declined by more than a million. Since
August only a small number of nonproduction workers have been laid off.
Nonproduction workers now represent
nearly one-fourth of all workers in manufacturing compared with one-sixth a decade
ago. The employment and cost structure in
manufacturing has consequently become less
flexible, since employers tend to maintain
such staffs during periods of declining output. Since 1950 the upward trend in nonproduction workers has reflected substantial
hiring of professional workers, particularly
529
RECESSION IN THE LABOR MARKET
scientists, engineers, and other technical personnel. It has been associated with high
levels of fixed investment, expanded research
and development programs, and changes in
skill requirements dictated by the use of
more complex production equipment.
Nonmanufacturing. Nonmanufacturing activities currently employ over 35 million
workers and provide about 70 per cent of
all nonfarm jobs. In recent years such activities have been a major impetus for expansion in employment, accounting for a
rise of more than 3.5 million jobs between
mid-1953 and mid-1957, as the chart shows.
The number of manufacturing workers declined more than half a million during this
period.
In preceding postwar recessions, nonmanufacturing activities were a source of
employment stability, particularly in 195354 when there was a marked expansion of
employment in services and State and local
government. Substantial reductions in the
earlier downturns were mainly in railroads
and mining, activities closely related to the
level of manufacturing production. Since
last August, however, seasonally adjusted
nonmanufacturing employment has been reduced by almost 700,000 or 2 per cent.
Construction employment declined gradually through last summer and autumn, and
then dropped sharply during midwinter,
partly because of unusually inclement
weather. There has since been some recovery, but in April such employment was
still 5 per cent lower than a year earlier.
Trade employment, at 11.3 million in April,
was down almost 350,000 from its 1957
peak, a much sharper drop than in the earlier postwar recessions.
Service employment rose slightly in the
last quarter of 1957, but has since shown
little change. Federal Government employ-
N0NA6IICULTUIAL EMPIOYMENT
Millions of persons
NONMANUFACTUKING
-
34
32
•v
1
1
1
1
1
!
30
12
MANUFACTURING
DURABLE
V
-
10
\
^^
NONDURABLE
1
1952
1954
1
1
1956
1
if
1958
NOTE.—Bureau of Labor Statistics data adjusted for seasonal
variation. Latest figures are for April.
ment declined during the fall months as a result of curtailments in defense expenditures,
but it now appears to have stabilized. State
and local governments have continued to expand employment without interruption.
Hours. The length of the workweek in
nonfarm industries has been reduced sharply
since last autumn, reflecting cuts in overtime
hours at premium rates of pay and an increase in part-time work as an alternative
to additional layoffs. In April 3.7 million
workers were employed less than 35 hours
a week for economic reasons compared with
2.2 million a year earlier.
In manufacturing the workweek has
changed little in recent months, but at 38.3
hours in April it was one and one-half hours
shorter than a year earlier and at a low
for the postwar period. The workweek has
been reduced substantially in both durable
and nondurable goods industries. The largest reductions have been for workers in
530
metals, machinery, textiles, rubber, and
leather. In the automobile and some other
industries there has been a recent tendency
to couple a standard 40-hour week with occasional plant shutdowns as an alternative
to further shortening of the workweek.
FEDERAL RESERVE BULLETIN • MAY 1958
WEEKLY EARNINGS IN MANUFACTURING
Dellori
90
CURRENT DOLLARS
WAGES AND EARNINGS
Wage rates have continued to advance during the recession, but more slowly and selectively than earlier. In manufacturing
wage-rate increases over the past year have
been more than offset by a shorter workweek, curtailment of overtime and other
premium payments, and some downgrading
of positions so that weekly earnings in April,
at $80.81, were 78 cents lower than a year
earlier. Average hourly earnings of $2.11
were 6 cents or 3 per cent higher than last
April and unchanged from last November.
In each of the two preceding years the increase was about 5 per cent.
Purchasing power has been further reduced by the continued rise in consumer
prices, especially for food and services. In
April the consumer price index was estimated to be 3.5 per cent higher than a year
earlier and 2 per cent above August 1957.
Real weekly earnings in manufacturing have
been declining since late 1956, as the chart
shows, and in April were about 5 per cent
lower than a year earlier.
Nonmanufacturing activities have been
less affected by the recession than manufacturing activities, and increases in earnings
have generally been larger. Hourly earnings
in April averaged between 4 and 6 per cent
higher than a year earlier in trade, communications, construction, and utilities. Weekly
earnings were higher than a year ago in
trade, utilities, and State and local government but, reflecting sharp reductions in
70
,''
1947-49 DOLLARS
60
SO
1952
1954
1956
195$
NOTE.—Bureau of Labor Statistics data for average weekly
earnings shown quarterly for 1952-57 and monthly for 1958.
Earnings in 1947-49 dollars obtained by adjusting weekly earnings for changes in consumer prices. Latest figures are for
April.
hours, were lower in construction, mining,
and some service industries.
After rising rapidly in 1955 and 1956,
wage and salary payments advanced only
slightly during the first three quarters of
1957 and then turned sharply downward.
The total in April 1958, at an annual rate
of $233 billion, was $8 billion or almost 4
per cent lower than in August. This was a
larger decline than in either of the two preceding recessions.
Loss of wages has been tempered somewhat by increases in transfer payments and
farm income. Unemployment compensation has offset about one-fourth of the total
loss in wages and salaries. Payments under
the Old Age and Survivors Insurance program have also increased. As a result total
personal income in April, at an annual rate
of $343 billion, was only $4.5 billion or
less than 2 per cent below August.
RECESSION IN THE LABOR MARKET
COLLECTIVE BARGAINING
Negotiated increases in wages were much
smaller during the 1948-49 and 1953-54
recessions than in other postwar years.
Average hourly earnings in manufacturing
rose only one cent during the 1948-49 downturn and 3 cents in 1953-54. Collective
bargaining this year, as in the earlier recession years, has reflected intensified competitive conditions, reductions in sales and
profits, and higher levels of unemployment.
In the current recession two additional influences are present: consumer prices are
continuing to rise, and more workers are
covered by long-term contracts negotiated
when market conditions were more buoyant.
A large number of workers, mostly in
metal-working, meat-packing, construction,
and railroads, will receive automatic wage
increases and cost-of-living adjustments in
1958 on the basis of contracts negotiated in
earlier years. The number will be smaller
than in 1957, when it was 5 million, because
of reduced employment and renegotiation of
major contracts in autos, aircraft, and other
industries.
531
Workers in the steel industry received a
semiannual cost-of-living adjustment of 5
cents an hour in January and are scheduled
for a rate increase of slightly more than 9
cents, together with a liberalization of premium payments, in July. In the recession
year 1954 a collective bargaining agreement
in steel provided for a wage increase of 5
cents an hour and an extension of fringe
benefits. In railroads, most workers received a cost-of-living adjustment of 4 cents
in April and are scheduled for a wage-rate
increase of 7 cents in November.
Wage settlements in recent months have
reflected divergent trends. Wage-rate increases have been negotiated in women's apparel, trucking, aircraft, and construction.
In contrast, such industries as lumber, coal
mining, New England textiles, and men's
apparel have renewed or extended contracts without provision for wage increases.
Negotiations are currently proceeding in the
automobile industry and important contracts
in the machinery, oil, communications,
maritime, and other industries will expire
this summer.
DEMAND DEPOSITS of individuals, partnerships, and corporations at insured commercial banks declined $2.4 billion or somewhat more than 2 per cent in the year
ending January 29, 1958, according to
estimates based on the Federal Reserve
System's most recent Survey of Demand
Deposit Ownership. This was the first decline in such deposits since the January 1949
Survey. It contrasts strongly with the record peacetime growth of $5 billion or more
than 10 per cent in time deposits at these
banks during the recent 12-month period.
During most of 1957 demand deposit
growth was held in check by restrictive
monetary policy. Although this policy was
reversed in the latter part of the year, demand deposits did not respond immediately
to the expansionary influences of the ensuing monetary ease and actually declined on
a seasonally adjusted basis in late 1957
and January 1958.
Despite the reduction in volume of demand deposits, the number of accounts held
by individuals, partnerships, and corporations increased about 3 per cent in the year
ending January 1958. This reflected largely
growth of 1.5 million in the number of accounts of individuals.
OWNERSHIP GROUPS
All ownership groups except nonprofit organizations and noncorporate nonfinancial
businesses shared in the decline in demand
deposits, as Table 1 shows. Apart from the
NOTE.—This article was prepared by Edward P.
Snyder of the Board's Division of Research and
Statistics.
532
substantial declines in deposits of foreigners
and of trust departments of banks, which
are of limited significance, the only large
reduction during this period was in holdings
of financial businesses, particularly corporations. Declines in the holdings of other
groups were moderate. For noncorporate
nonfinancial businesses and nonprofit organizations, deposits rose 4 and 10 per cent,
respectively. Changes in number of accounts also were moderate for most groups.
Although the decline in total demand deposits reflected the credit restraint in effect
during most of 1957 and the change in economic climate toward the year-end, changes
in holdings of some groups appear attributable mainly to factors unique to their own
economic situations. For nonprofit organizations the increase apparently represents a
continuation of the strong rising trend noted
in other years covered by the Survey. For
farm operators, on the other hand, the declines in number of accounts and in deposit
holdings appear to reflect the persistent reduction in the number of farm units. In the
year ending January 1958, however, improvement in farm prices and income may
have moderated the decline in deposits of
farm operators.
The decline in personal deposits of individuals from January 1957 through January 1958 and the substantial increases in
savings deposits and savings and loan shares
in this period suggest that individuals shifted
some liquid funds from demand deposits
into interest-bearing forms of liquid savings
under the influence of the generally high
533
OWNERSHIP OF DEMAND DEPOSITS
and rising levels of interest rates prevailing
throughout most of 1957. Effects of higher
interest rates on these types of liquid savings
were also evident in the reductions in
amounts of savings bonds outstanding and
in amounts held in postal savings, two types
of savings on which interest rates were not
increased during the year.
For financial businesses the decline in demand deposits may reflect not only shifts in
funds but also the more economical use of
deposits induced by higher interest rates.
The substantial growth during 1957 in
demand deposit turnover at banks in financial centers, particularly New York City,
suggests that financial businesses, in the face
of higher costs for money, were endeavoring
to economize on cash balances and so were
using available balances much more actively.
Among nonfinancial businesses, corporate
demand deposit balances declined one per
cent between the 1957 and 1958 Survey
dates, while noncorporate balances rose 4
per cent; the decline for corporations may
have reflected some shift into time deposits.
Demand deposits of all nonfinancial businesses, however, showed almost no change.
This would seem to indicate that by the
end of January recession in business activity had affected the cash balances of
these companies very little.
In view of the uneven impact of recession
on various lines of business, however, it is
probable that some businesses may have increased their cash balances automatically as
payrolls declined and inventories and receivables were liquidated, while others may
have increased such balances because of uncertainty about future developments. Other
businesses may have reduced their balances
TABLE 1
DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
JANUARY 29, 1958
[Estimates for insured commercial banks]
Number
Type of holder
All holders.
Jan. 29, 1958
Millions
Percentage distribution
53.7
Amount
Increase, or
decrease (—),
from Jan. 30, 1957
Jan. 29, 1958
Increase, or
decrease (—),
from Jan. 30, 1957
Millions
Per cent
Billions
of
dollars
Percentage distribution
Billions
of
dollars
Per cent
100.0
1.5
2.9
101.9
100.0
-2.4
-2.3
Domestic business.
Corporate
Noncorporate.
Financial business
Corporate
Noncorporate.
5.5
1.8
3.7
10.3
3.4
6.9
0.1
1.0
0.6
1.2
60.5
46.3
14.2
59.4
45.4
13.9
-1.0
-1.3
0.4
-1.5
-2.8
2.8
0.7
0.3
0.4
1.2
0.6
0.7
-0.1
-8.9
-7.3
-10.3
10.2
7.9
2.3
10.0
7.7
2.2
-1.0
-0.9
-0.1
-9.2
-10.6
-3.7
Nonfinancial business.,
Corporate
Noncorporate.,
4.9
1.5
3.4
9.1
2.8
6.3
2.5
2.3
2.5
50.4
38.4
12.0
49.4
37.7
11.7
0.1
-0.4
0.5
0.1
-1.0
4.1
2.7
3.3
42.0
(4)
0.1
5.1
6.2
78.2
0.1
0.1
o.i
0)
0.1
0.1
-0.1
31.5
3.8
-3.3
33.6
3-6.1
-17.6
5.0
4.5
30.2
1.5
0.3
4.9
4.5
29.6
1.4
0.3
0.4
-0.1
3-0.7
3-0.5
-0.6
-2.7
3-2.4
3-25.4
-66.8
Nonprofit organizations
Farm operators
Individuals—personal
Trust departments of banks.
Foreigners
1
Increase of less than 50,000 accounts.
2 Decrease of less than 50,000 accounts.
34 Change based on revised estimate for Jan. 30, 1957.
Less than 50,000 accounts.
0)
0)
8
3(2)
(2)
NOTE.—Corporate farming enterprises are classified as corporate
nonfinancial business. Details may not add to totals because of
rounding.
534
FEDERAL RESERVE BULLETIN • MAY 1958
as they completed capital expenditure programs or experienced a lower cash liquidity
as a result of operating losses.
declines were in the New York, Philadelphia,
and Cleveland Districts.
SIZE-OF-BANK CHANGES
DISTRIBUTION BY FEDERAL
RESERVE DISTRICT
Data on deposits by type of owner in each
Federal Reserve district on the recent Survey date and percentage changes from a year
earlier are shown in Table 2. Generally,
the ownership distributions are similar to
those in the 1957 Survey, and in most districts the relative changes in ownership were
similar to the national pattern. In five Districts—Boston, Richmond, Atlanta, Minneapolis, and Kansas City—total demand deposits of individuals, partnerships, and corporations rose. The largest increase occurred in the Minneapolis District, but the
increases in the Boston and Kansas City
Districts were also substantial. The largest
The decline in the total of demand deposits of individuals, partnerships, and corporations was concentrated in the larger
banks. Demand deposits increased at banks
with deposits of less than $50 million. This
size-of-bank difference in behavior of total
demand deposits apparently reflects the fact
that three-fifths of the total decline in deposits occurred in accounts with balances of
$25,000 or more, most of which are held in
the larger banks. In general, on January
29, 1958 the relation of demand deposits
by ownership group to size of bank and to
size of account and the distribution of such
accounts by size within ownership groups
were similar to the patterns a year earlier.
TABLE 2
DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 29,
BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER
Amount (in billions of dollars)
Federal Reserve
district
Farm
operators
Type of holder
IndiAll 1
viduals— other
personal
30.2
All districts
101.9
10.2
50.4
Boston
New Y o r k . . .
Philadelphia..
5.9
19.8
5.7
0.6
2.4
0.5
3.1
12.0
2.9
()
0.1
0.1
1.2
4.4
1.7
Cleveland
Richmond. . .
Atlanta
8.2
5.9
7.6
0.6
0.4
1.0
4.4
2.6
3.4
0.2
0.3
0.3
Chicago
St. Louis
Minneapolis..
16.2
4.4
3.0
1.6
0.3
0.2
8.2
1.5
1.1
Kansas City..
Dallas
San Francisco
7.1
7.2
11.0
0.7
0.9
0.9
3.3
2.6
5.3
0.9
0.5
0.5
0.7
0.5
0.6
All
holders Financial
Nonbusiness financial
business
6.7
0.9
0.9
0.5
-2
-9
10
-10
-7
-10
2
-18
2.4
2.0
2.5
4.5
1.9
1.0
0.6
0.6
0.5
-7
4
2
-11
-18
-21
1.1
0.2
0.2
-4
-6
22
-7
66
11
15
-2
-8
28
2.1
2.9
3.6
0.3
0.3
0.6
10
-2
2
20
-29
-20
16
8
4
1 Nonprofit organizations, trust departments of banks, and
foreigners.
2
Less than half of one per cent.
Percentage increase, or decrease (—), since Jan. 30, 1957
Type of holder
All
holders Financial
Nonbusiness financial
business
1958
c
Farm
operators
IndiAll
viduals— other
1
personal
3-2
2
-8
2
8
-16
6
-9
-11
-10
-18
3-7
2
-1
5
-10
-5
-4
(2)
17
-15
5
-3
2
2
-4
-2
-3
-13
3 Change based on revised estimate for Jan. 30, 1957.
Less than $50 million.
NOTE.—Details may not add to totals because of rounding.
4
100
-46
-22
3—1
7
13
-25
75
Survey of Common Trust Funds, 19S7
THE ASSETS OF 277 common trust funds
at the end of 1957 had an aggregate market
value of $1,966 million. They had declined
$9 million during the year after having increased $106 million in the preceding 12
months. Net additions to principal of $102
million and net realized capital gains of $9
million were not sufficient to offset a net
decline of $120 million in the market value
of investments. These are the findings
of the third Annual Survey of Common
Trust Funds conducted by the Board of
Governors of the Federal Reserve System as
part of a program to provide information
concerning the uses made of principal accumulations of savings.
The 1957 Survey includes all common
trust funds operated by banks and trust companies in the United States and Hawaii and
administered under subsection (c) of Section 17 of the Board's Regulation F. 1 The
reporting date for each fund in the current
Survey was the valuation date falling in the
fourth quarter of the calendar year. The
NOTE.—This article was prepared by Charles W.
Bryson of the Board's Division of Bank Operations
with the collaboration of the Board's Division of
Examinations. For results of the first and second
Surveys of Common Trust Funds, see the BULLETIN
for August 1956 and for June 1957.
1
As denned by Section 584(a) of the Internal
Revenue Code of 1954, a "common trust fund" is a
fund maintained by a bank or trust company "(1)
exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in
its capacity as a trustee, executor, administrator, or
guardian; and (2) in conformity with the rules and
regulations, prevailing from time to time, of the
Board of Governors of the Federal Reserve System
pertaining to the collective investment of trust funds
by national banks."
535
reporting period of funds other than new
ones covers 12 months. Holdings of funds
that began operation during 1957 are included in tabulations of end-of-year figures
and also in the tabulations of purchases and
sales; the cash and United States Government nonmarketable securities contributed
by the participating accounts on the starting
date of the new funds are included in the
tabulations of net additions to principal.
For classification purposes, a discretionary common trust fund is one in which all
the investments of the individual participating trusts are made in the discretion of the
trustee. A legal common trust fund is one
in which all or part of the investments of
the individual participating fiduciary accounts is restricted to specific investments
or classes of investments designated by a
State statute as legal for the investment of
trust funds, or one in which investment in
nonlegal securities is limited by statute to
a given percentage of the individual fiduciary
account. A special common trust fund is
one that is restricted by plan or institutional
policy to one type or class of investment, that
is, fixed-income investments or common
stocks; it may be either discretionary or
legal.
INVESTMENT ACTIVITY
Gross investment transactions of common
trust funds, shown in Table 1, totaled $790
million in 1957 compared with $620 million
in 1956. Transactions activity of the aggregate portfolio was approximately 5 per
cent greater in 1957 than in either of the
536
FEDERAL RESERVE BULLETIN • MAY 1958
TABLE 1
INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1957 *
[Dollar amounts in millions]
Holdings, at
end of 1956
Type of holding2
Cost of
Proceeds
purchases from sales
and other
and
acquiredempsitions
tions
At
market
value
As percentage
of total
Total holdings (including principal cash)
$1,974.4
100.0
$447.8
Bonds, notes, and certificates—total....
735.1
37.2
314.4
U. S. Government—total
Marketable, maturing:
Within one year or less...
After one year
Nonmarketable
278.5
14.1
5.7
115.3
157.5
.3
5.8
8.0
State and political subdivision
Domestic corporate—total
Manufacturing
Public utility
Railroad
Other
Holdings, at
end of 1957
At
market
value
As percentage
of total
$342.2
$1,965.5
100.0
248.0
780.8
39.7
119.9
184.5
211.4
10.8
52.9
72.1
59.5
13.3
96.7
101.4
.7
4.9
5.2
6.5
43.4
2.2
46.9
14.8
18.8
5.3
8.1
485.9
111.9
253.7
57.3
62.9
24.7
5.7
12.9
2.9
3.2
39.4
2.0
57.5
59.7
2.6
12.0
391.4
93.4
192.8
54.3
50.9
19.8
4.7
9.8
2.8
2.6
158.8
38.3
89.3
11.0
20.1
25.8
1.3
23.8
10.0
40.1
2.0
209.2
101.4
91.5
4.6
5.5
6.2
10.6
5.1
4.6
.2
.3
.3
33.9
15.9
16.3
.3
.2
23.1
10.8
11.5
.3
.1
.4
204.6
99.5
89.0
4.2
5.2
6.7
10.4
5.1
4.5
985.1
626.0
201.0
14.6
91.8
39.1
12.6
49.9
31.7
10.2
.7
4.6
2.0
.6
92.1
56.6
18.3
1.4
11.3
3.2
1.3
66.4
43.6
10.7
1.4
5.5
4.1
1.2
936.3
582.9
207.4
11.2
88.8
36.5
9.3
47.7
29.7
10.6
.6
4.5
Real estate loans
27.0
1.4
7.3
4.4
29.8
1.5
Savings accounts
.7
.3
.4
Other*
Preferred stocks—total
Manufacturing
Public utility
Railroad
Financial
Trade
Other
%
.'
Common stocks—total
Manufacturing
Public utility
Railroad
Financial
Trade
Other
Principal cash
17.4
.9
13.3
1 Survey of common trust funds operated under Sec. 17(c) of
Regulation F of Board of Governors. Except for funds beginning
operation during 1957, data are for 12months; reporting dates range
from
Oct. 10 through Dec. 31, 1957.
2
Nonmarketable U. S. Government securities are valued at cost
and other holdings at market value. Purchases are shown at cost
and sales at proceeds realized. Conversions and exchanges of
securities are treated as sales of securities surrendered and purchases
of securities received. Stock rights held at beginning or end of
reporting period are included in appropriate investment category at
market value. Proceeds from sales of such rights are included in
proceeds from sales of securities during period. Details may not
add3 to totals because of rounding.
Quasi-governmental issues and foreign issues.
4
Less than .05 of one per cent.
5 Less than $50,000.
two preceding years.2 Bonds, notes, and
certificates in the portfolio continued to
show increased activity, partly as a result of
switching between United States Government securities and other fixed-income assets and the greater use of Treasury bills as
temporary investments.
The net amount of new money coming
into common trust funds during 1957 was
$102 million, $17 million less than in the
preceding year. Additions through new
participations amounted to $199 million and
withdrawals to $97 million. The investment
of the net amount of new money is estimated
to have been 61 per cent in bonds, 12 per
cent in preferred stocks, 24 per cent in
common stocks, and 3 per cent in real
estate loans. Compared with 1956, this
2
For this purpose, transactions activity is measured
by dividing the average of gross purchases and gross
sales by the average of holdings at the beginning and
end of the reporting period.
537
SURVEY OF COMMON TRUST FUNDS, 1957
represented increases in the proportions
placed in bonds and in common stocks and
a decrease in the proportion invested in preferred stocks.
gate holdings of the new funds at the yearend amounted to $13 million. The 21 new
funds established in 1956 had aggregate
holdings of $20 million by the end of that
year. In both 1956 and 1957 approximately
two-thirds of the new funds had initial participations of less than $500,000, but only
four had $1 million or more in 1957 compared with six in 1956.
All types of common trust funds experienced net declines in the market value of
their total holdings in 1957, as shown in
Table 2. The declines reflected mainly net
declines in the market value of their common
stock holdings and were most apparent
among diversified discretionary funds, where
common stocks account for more than half
of total holdings. In 1956 also there was
CHANGES IN FUNDS AND HOLDINGS
At the end of 1957 there were 277 common
trust funds operating in 43 of the 49 jurisdictions (47 States, the District of Columbia,
and Hawaii) that permit common trust
funds, compared with 243 funds in 40 jurisdictions in 1956. The number of fiduciary
accounts invested in these funds had increased 8,000 since December 31, 1956.
The average participation was $22,000.
Thirty-five new funds were established during the year, including the first fund to be
operated by a mutual savings bank. Aggre-
TABLE 2
MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1956-57 1
[In millions of dollars]
Diversified discretionary
funds
All funds
Type of holding2
1957
Total holdings
Bonds, notes, and certificates—
total
U. S. Govt
State and political subdivision
Domestic corporate
Others
Stocks—total
Preferred
Common
1956
1,965.5 1,974.4
780.8
211.4
Increase,
or de-
1957
1956
39.4
4.0
94.5
391.4
14.3
25.8
1,140. 8 1,194.3 - 5 3 . 5
204.6 209.2 - 4 . 6
936.3 985.1 - 4 8 . 8
43.4
485.9
40.1
561.7
155.8
21.4
356.0
28.5
Discretionary
Legal
InInInIncrease,
crease,
crease,
crease,
or de- 1957 1956 or de- 1957 1956 or de- 1957 1956 or decrease
crease
crease
crease
- 8 . 9 1,543.8 1,565.2 - 2 1 . 5 293.4 294.5
735.1
45.7
278.5 - 6 7 . 2
Special funds
Diversified legal
funds
- 1 . 1 115.0 104.0
11.0 13.3 10.7
2.6
532.3
4.6 59.9 50.4
29.4 148.4 143.8
200.9 - 4 5 . 0 41.2 63.6 - 2 2 . 3
21.2
.2 6.8 5.0
1.8 12.5 10.9
292.1
21.2 36.7 28.6
63.9 91.1 69.9
18.1
4.0 1.9 2.0
10.4 9.3 5.3
9 . 5 10.8 8.6
2.1
.3
955. 6 1 ,005.9 - 5 0 . 3 135.9 140.1
154.2 161.0 - 6 . 9 46.5 44.7
801.4 844.8 - 4 3 . 4 89.4 95.5
5.5 5.2
1.6 2.7
2.1
.5
- 4 . 2 47.1 46.4
1.
3.1
2.7
- 6 . 0 44.0 43.7
2.2 1.91
.8j .8!
1.4 1.11
.4
1.3
.1
.4
.4
Real estate loans and savings
accounts
30.2
27.7
2.5
17.0
15.9
1.1
6.0
5.3
.7
7.1
6.3
Principal cash
13.8
17.4
-3.7
9.5
11.1
-1.7
3.1
5.2
-2.1
1.0
.9
Factors affecting change during
year:
Net additions to principal
funds
Net decline in market value of
investments
Net realized capital gains
1
See Table 1, note 1.
2 See Table 1, note 2.
.8
.1|
.1
.21 .1
101.
67.6
12.5
18.
3.1
119.5
8.9
98.5
9.4
14.4
.9
6.5
-1.5
.1
-.7
3 See Table 1, note 3.
4 Less than $50,000.
538
FEDERAL RESERVE BULLETIN • MAY 1958
TABLE 3
SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1957 *
[Dollar amounts in millions]
All
funds
Size of fund
(total holdings,
in millions of dollars) 2
Diversified
discretionary funds
Total
holdings
Number
Number
Total
holdings
Diversified
legal funds
Special
funds
Number
Total
holdings
Number
Total
holdings
All funds
277
$1,965.5
170
$1,543.8
62
$293.4
45
$128.3
Under 1
1_2
2-5
5_10
10-25
25 50
50-100
73
47
62
43
35
12
5
31.0
71.9
201.6
306.4
556.2
437.9
360.5
35
22
45
31
20
12
5
14.4
38.5
145.1
225.1
322.2
437.9
360.5
16
13
14
7
12
7.7
16.7
46.4
46.0
176.8
22
12
3
5
3
9.0
16.7
10.1
35.3
57.2
2 See Table 1, note 2.
* See Table 1, note ]
a net decline in the market value of holdings
but it reflected largely a decline in the
market value of fixed-income assets and was
most apparent among diversified legal funds.
The number of banks having separate
funds for investment in fixed-income assets
TABLE 4
GEOGRAPHIC DISTRIBUTION
COMMON TRUST FUNDS AND THEIR INVESTMENT
HOLDINGS, BY CLASS OF BANK, 1957
x
Number of
funds
Number of
banks 2
Market
value of
holdings 3
(in millions of
dollars)
All banks, total.
Diversified discretionary.
Diversified legal
Special
277
170
62
45
215
164
59
30
$1,965.5
1,543.8
293.4
128.3
State member banks, total..
Diversified discretionary.
Diversified legal
Special
104
62
34
74
59
32
5
1,262.8
983.3
245.1
34.4
National banks, total
Diversified discretionary.
Diversified legal
Special
133
89
22
22
110
86
21
16
476.1
390.0
43.1
42.9
Insured nonmember banks, total
Diversified discretionary
Diversified legal
Special
23
10
6
7
19
10
6
5
33.7
21.8
5.2
6.7
Noninsured nonmember banks, total.
Diversified discretionary
Diversified legal
Special
17
9
12
9
192.9
148.7
Class of bank
44.3
1 See Table 1, note 1.
2
Details do not add to totals because some banks operate two or
more funds.
3 See Table l.note 2.
and common stocks, respectively, increased
from 8 to 13 during 1957. This arrangement permits participation in either or both
funds in accordance with the needs and requirements of individual fiduciary accounts.
These funds are classified as special funds.
The number of common trust funds is increasing in all geographic sectors. During
1957 new funds were started in Mississippi,
Montana, and South Dakota, where previously there had been none. Pennsylvania
continues to have the largest volume of common trust fund assets with $553 million
held by 43 funds; New York is second, with
$412 million held by 39 funds; and Massachusetts is third, with $168 million held by
18 funds.
While 58 per cent of the assets and 41
per cent of the number of funds are in the
Boston, New York, and Philadelphia Federal Reserve Districts, the volume of assets
and number of funds are increasing at a
more rapid rate outside this area. The distribution of funds by Reserve district is
shown in Table 5, and by States in Table 6.
539
SURVEY OF COMMON TRUST FUNDS, 1957
TABLE 5
TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1957
x
[Dollar amounts in millions]
Number of funds
Federal Reserve
district
All districts
Diversified DiverdisTotal cresified
legal
tionary
277
Bonds, notes, and certificates
Special
Discretionary
Legal
170
62
35
10
1
1
4
1
1
3
4
1
3
3
2
1
6
3
9
1
1
Boston
New York
Philadelphia
Cleveland
31
45
37
22
30
22
15
9
1
22
20
8
Richmond
Atlanta
Chicago
St. Louis
31
24
22
12
21
18
15
8
4
Minneapolis
Kansas City
Dallas
San Francisco...
10
13
7
23
2
9
7
14
5
1
State
and
U. S. politGovical
Total ernsubment division
Total
hold-2
ings
Corporate
Stocks
All
other
Real
estate Principal
loans,
Pre- Com- etc.
cash
ferred mon
Total
$1,965.5 $780.8 $211.4 $43.4 $485.9 $40.1 $1,140.8 $204.6 $936.3 $30.2 $13.8
232.0 86.5
429.5 211.5
485.7 142.8
189.4 87.1
31.4
43.0
52.5
20.0
148.7
50.4
97.3
114.2
54.4
22.1
44.5
47.2
16.4
4.1
10.2
7.0
14.2
46.0
23.8
134.1
6.3
17.1
8.8
52.4
1.6
6.7
3.3
15.3
1 See Table 1, notel.
2 See Table 1, note 2.
50.7
(33)
158.5
()
15.5 66.3
25.7 35.7
4.5
10.1
8.5
5.8
.4
1.4
5.0
2.8
.8
34.5
16.3
32.0
39.6
2.4
1.1
2.2
.3
80.0
26.8
51.3
63.1
9.1
7.2
6.1
1.9
70.9
19.6
45.2
61.2
13.4
1.4
.4
3.6
.8
.2
1.2
.2
4.6
7.9
4.6
35.3
2^5
.9
1.9
7.6
22.1
14.3
79.7
.4
2.4
2.5
6.9
7.2
19.7
11.8
72.8
6.3
.6
1.7
.3
.5
.2
.3
1.1
.6
.1
.3
143.3
9.4 133.9
211.4 22.8 188.6
340.1 111.0 229.1
101.1 24.7 76.4
.8
1.5
CT
3 Less than $50,000.
TABLE 6
STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1957 *
Number of funds
State, with year of
legalization of common
trust funds
Diversified
discretionary
Diversified
legal
277
170
62
3
1
1
11
8
2
1
1
6
4
Connecticut (1943)
Delaware (1935)
Dist. of Columbia (1949)..
Florida (1941)
Georgia (1943)
9
3
4
8
7
9
3
2
6
6
Illinois (1943)
Indiana (1937)
Kentucky (1938)
Maine (1951)
Maryland (1945)
6
6
2
3
7
6
18
6
6
2
8
18
6
1
2
5
43 States, incl. D. C. and
Hawaii
Alabama (1943)
Arizona (1941)
Arkansas (1947)
California (1947)
Colorado (1947)
Massachusetts (1941)
Michigan (1941)
Minnesota (1937)
Mississippi (1950)
Missouri (1940)2
Total
2
3
5
State, with year of
legalization of common
trust funds
Special
Discretionary
Legal
35
10
1
5
3
2
2
1
1
6
1 See Table 1, note 1.
2 By court decision; legislation was enacted in 1955.
Number of funds
2
4
3
1
Diversified
discretionary
Diversified
legal
2
7
39
1
1
3
17
1
4
21
6
4
8
2
1
7
2
1
Pennsylvania (1939)
Rhode Island (1956)
South Carolina (1955)
South Dakota (1941)
Tennessee (1953)
43
2
3
1
7
12
2
Texas (1947)
Utah (1951)
Vermont (1933)
Virginia (1944)
Washington (1943)
7
2
1
10
3
7
2
1
9
3
1
5
4
1
3
Montana (1955)
Nebraska (1953)
New Hampshire (1953)....
New Jersey (1945)
New York (1937)
North Carolina (1939)3. . .
North Dakota (1955)
Ohio (1943)
Oklahoma (1949)
Oregon (1951)
West Virginia (1943)
Wisconsin (1943)
Hawaii (1947)
Total
2
Special
Discretionary
Legal
2
1
1
24
1
2
5
2
5
3 Two discretionary funds merged during 1957.
2
1
2
1
1
4
1
The Battle against Recession
SINCE MY APPEARANCE before this Committee last August, the United States economy has passed from an inflationary to a
recessionary phase of the business cycle.
For the third time since World War II the
strong growth trend in this country has been
interrupted by a downturn.
The troubles now confronting us are
traceable in many respects to the excesses
of the preceding three-year boom with its
creeping inflation overtones.
RECESSION AS AN EFFECT OF BOOM
Between the summer of 1954 and the summer of 1957 real output of goods and services in the United States increased about
12 per cent. But prices also rose. Consequently, the dollar value of total output,
or gross national product, increased 22 per
cent. This gap of 10 per cent between the
real and monetary increase in total product
roughly gauges the magnitude of the inflation in that period.
The three-year expansion of the economy represented at first recovery from the
1953-54 recession, sparked by active consumer buying of houses and automobiles.
This surge of consumer buying, which was
encouraged by the ready availability of
mortgage funds and consumer instalment
credit on sharply eased terms, was followed
by a wave of business spending for plant
and equipment that transformed the 195455 upswing into a boom. The classic acceleration principle of business cycle hisNOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Committee on Finance of
the United States Senate, Apr. 22, 1958.
tory found confirmation once more. In the
process, inflationary pressures were generated as aggregate demand came to press
against productive capacity. The upward
price movement so generated received
further impetus from the mutual interaction
of prices and costs.
The current recession is a reaction to both
the investment boom and the inflation which
accompanied it. The growth of business
capital spending beginning in early 1955
was at a rate that was unsustainable. An
economy with a long-run upward growth
trend of about 3 or 4 per cent per year cannot sustain for long an increase in business
investment of about 10 per cent per year in
real terms, such as we experienced in 195556. The investment spending, even if prolonged by inflationary trends, had at some
point to slow down.
Throughout our economic history, investment spending has tended to come in waves,
closely associated with cyclical variations
in over-all economic activity. These periods
of rapid growth in our capacity to produce
have been followed by cutbacks in investment spending, usually with secondary effects on total incomes and output. One of
the goals of stabilization policies is to attempt to mitigate the effects of such cycles
without inhibiting underlying growth forces.
In the 1955-57 investment boom, inflation aggravated the tendency toward overexpansion as well as the subsequent decline.
Inflation, as I have said, was the result of
an excess of total demands at existing prices
over what the economy was producing, and
540
THE BATTLE AGAINST RECESSION
apparently able to produce under the existing organization and use of resources. But
once prices started up and expectations of
additional price and cost increases were
engendered, spending was stimulated further. With prospective costs rising, business
had every incentive to enlarge its productive
capacity at today's rather than tomorrow's
prices. And when investment plans are
made on this basis, a certain amount of
uneconomic productive capacity is likely to
be created; that is to say, capacity which
does not reflect a basic pattern of demands
undistorted by expectations of rising prices.
MONETARY POLICY IN THE BOOM
In cyclical processes, monetary management
has a responsibility to use such powers as
it possesses over economic events to dampen
excesses in economic activity. If this responsibility is exercised wisely and effectively, it should help to foster a relatively
steady and sustainable rate of economic
growth and longer term price stability.
Perfection in monetary management and
economic stabilization, however diligently
sought, is unattainable. Nevertheless, over
the years progress has been made and further progress will be made.
Last August monetary policy was in a
restrictive posture, as it had been for two
years. As I stressed before this Committee
at that time, the inflationary pressures that
had developed in the boom had also given
rise to the disturbing notion that creeping
inflation had become an inevitable condition
of modern economic life. This idea took
nourishment from the steady upward movement in consumer prices in 1956-57 as well
as from the substantial rise in all prices since
prewar years. The creeping inflation idea
was, in turn, conspicuously reflected in the
sharp rise in prices of common stocks, the
541
most popular hedge against inflation. Thus
in July 1957, for the first time in two decades, the average dividend yield on stocks
was bid below the average yield on highgrade corporate bonds.
In that atmosphere, Federal Reserve discount rates were raised one-half percentage
point in August in order to relate them more
closely to market rates which had been rising
for some time and in this way to maintain
their effectiveness in restraining bank credit
and monetary expansion. That action also
served as an indication to the business and
investment community that the Federal
Reserve rejected the idea that creeping inflation was inevitable.
On the financial side, the three-year expansion under conditions of monetary restraint had reduced markedly the liquidity of
the business community and of the commercial banks. The money supply had increased
but little after 1955. Its velocity of circulation, however, had quickened appreciably;
that is, money holdings had been lowered in
relation to the growing gross national product. Indebtedness of consumers and businesses had increased relative to incomes.
Inflationary sentiment was a factor not
only in the domestic economy but in other
industrial economies as well. Widespread
expectations had developed in world markets that failure to arrest inflation in key countries, especially in Europe, would result in
important changes in international currency
values. Despite actions taken by various
countries over the summer to strengthen
their anti-inflation programs, speculative
movements of funds continued to dominate
exchange markets. The crisis was not resolved until late September, after the Bank
of England raised its discount rate from 5
to 7 per cent and the German Bundesbank,
almost simultaneously, lowered its discount
542
rate from AVi to 4 per cent, thereby lessening the incentive for short-term funds to
move from sterling into deutschemarks.
These actions made it clear that inflationary
trends would be strongly resisted and that
key foreign currency values would be maintained.
We are now aware that the economy was
to reach a cyclical turning point in the fall.
This is not to say that there were no earlier
signs that the economy might be getting into
an overextended position. This was shown
by a fall off in new orders for machinery
and equipment in the earlier months of 1957
and by the development of a margin of excess capacity in some key industries. In the
spring, however, consumer buying took on
renewed strength as business investment
was being maintained, encouraging expectations of further economic expansion and of
continued upward price pressures. Consumer buying, particularly of nondurable
goods and services, rose through August.
On balance, it looked as if an extension of
rolling adjustments at a high level of activity
would continue to be the prospect.
During the fall, expansive forces gave way
and downturn set in. Business inventory
holdings had been at a high level for a long
period in which the price trend had been
upward. Hence, they were vulnerable to
the emergence either of eased conditions of
supply or of relaxed market demands. This
occurred as Government defense orders,
which had been expanding in the spring,
were cut back in the summer and fall to
conform to the budget program and the ceiling on public debt. At the same time a decline in business spending for plant and
equipment set in, in recognition that productive capacity had risen more rapidly than
final demand and output.
FEDERAL RESERVE BULLETIN • MAY 1958
MONETARY POLICY AND RECESSION
As evidences of downturn developed the
Federal Reserve System began to alter the
course of its policies. In the latter part of
October and early November, open market
operations were used to relax somewhat
pressures on commercial bank reserve positions. In mid-November, a one-half point
reduction in discount rates signaled a decisive change in System policy. From this
point on, restraints on bank credit expansion were progressively relaxed.
Through the first quarter of this year, as
reserves were provided through open market
operations and by two reductions in reserve
requirements, member banks reduced their
indebtedness at Reserve Banks and accumulated some excess reserves. Between September and March, member bank borrowing at the Reserve Banks declined from
about $1 billion to less than $150 million,
while excess reserves rose more than $100
million. Thus net reserve positions shifted
by almost $1 billion. Discount rates were
reduced in two further steps and at the end
of the quarter stood at 2V4 per cent, compared with V/i per cent in the autumn.
Just last week the System took additional
action to ease credit conditions. Reserve requirements were reduced further, releasing
about $450 million from required reserves.
Discount rates were lowered an additional
one-half percentage point, bringing them to
1% per cent at seven Federal Reserve
Banks.
The easing of bank reserve positions has
been reflected in a substantial expansion in
bank credit and an exceptionally sharp drop
in interest rates. Over the six months ending in March, for example, the total of bank
loans and investments has increased almost
$5 billion. In the corresponding six-month
period a year ago, the growth of bank credit
543
THE BATTLE AGAINST RECESSION
was less than $1 billion. The expansion of
bank credit has been mainly in the form of
Government security holdings, and the effect has been to enlarge holdings of cash
balances and to increase the economy's overall liquidity. Aside from temporary spurts
of bank loans to business in December and
March, business loans outstanding at banks
have tended to decline with economic activity. However, loans on securities which
provide important support to the capital
markets have risen.
As Federal Reserve policy has shifted
from restraint to ease over the past six
months, financial markets have reacted
strongly. Short-term interest rates fell more
rapidly in the three months following the
first reduction in Federal Reserve discount
rates than in six months following the 1953
turning point. By mid-April, Treasury bill
yields, an indicator of the availability of
funds in the money market, had declined to
about VA per cent, compared with more
than 3Vi per cent in October.
Longer term market yields are down
about three-fourths of a percentage point.
This decline has met with remarkable demand response in the long-term security
markets and the total volume of corporate,
State, municipal, and foreign borrowing has
reached record levels. In the first quarter of
this year, State and local governments issued
$2VA billion of new securities. This was almost 25 per cent more than in the same period of 1957 and represented a new record
high for the quarter. Corporate business
raised $3.1 billion in new capital through
the securities markets. Although smaller
than a year ago when business investment
outlays were still rising, this volume of flotations exceeded that of any other first quarter on record. New issues of foreign and international borrowers amounted to an esti-
mated $360 million, twice as much as in
the first quarter of 1957.
It should be stressed that the Federal
Reserve has been pursuing an active, not a
static, policy and using all its instruments in
the process, as indicated by the record of
policy actions on page 545, since last fall.
Banks have been expanding their assets and
deposits. Their reserve needs have increased, requiring that their reserve positions
be strengthened. This has been done by
means of open market purchases, lower discount rates, and reductions in reserve requirements.
Thus, monetary policy has contributed to
an increase in the availability and a reduction in the cost of borrowed funds. This
has permitted a sizable expansion in bank
deposits. In this way monetary policy is
helping to increase the liquidity of the economy, which is an essential financial prerequisite to recovery and renewed economic
growth.
THE PROBLEM OF PUBLIC POLICY
No one can predict with certainty the course
of the present recession. It is already deeper
than the two which preceded it. Nevertheless, experience over the long history of the
United States supports the belief that, except for occasional cyclical readjustments,
our economy is one of continuing long-run
growth and strength. Hence, governmental
measures to deal with such cyclical readjustments ought to be shaped so as to be
consistent also with the longer run trend.
This is not a prescription for inaction or
immobility at times of recession. It is,
rather, a recommendation for discretion and
flexibility in selecting and implementing
stabilization policies so that measures undertaken to deal with today's problem do not
aggravate those of tomorrow. At the same
544
time, public policy needs to keep alert to
any tendency for downward movements
to become cumulative.
A second observation relates to the use
of resources. As I have said earlier, a part
of our present problem stems from overexpansion or misdirection of investment in
particular lines of industry. In some cases,
excess capacity exists in part because producers have misjudged the market or the
long-run rate of growth of demand for their
products. To some degree, this is inevitable
in a free market economy. It can be mitigated, however, to the extent the Government is able to stabilize aggregate demand
around a steady growth curve and thus to
provide a general economic climate that
facilitates shifts in resource utilization as
these are dictated by free markets.
THE HUMAN PROBLEM
In discussing economic problems, we should
never forget that what we are really dealing
with are human problems—human problems of a very important kind. In combating inflation and deflation, what we are
really doing is combating human misery
that springs from economic causes.
Every recession is serious: this one and
all the others that preceded it. The best
time to recognize that fact is before a recession starts, for the best way to prevent a
recession is to forestall the inflation that
precedes it. When the next economic turn
comes, as assuredly it will, let us try harder
to remember that—and act accordingly.
Today we are concerned, and properly so,
with fostering the recovery everyone wants
from a recession that nobody wants. That's
FEDERAL RESERVE BULLETIN • MAY 1958
fine. But let's also keep in mind that, vital
as it is to achieve recovery, it is also vital to
insure that it will be a recovery that lasts;
a recovery that does not merely provide
ephemeral jobs, but lasting jobs.
We must recognize that enduring prosperity is not a question simply of the dollar
volume of spending. It is also a matter of
equilibrium and balance of costs and prices
within the economy. Lasting prosperity
rests upon the efficient production and distribution of goods and services at prices that
people are willing and able to pay. It has
to be earned. It can't be provided as a gift,
by the Government or anyone else.
CONCLUDING OBSERVATIONS
By fostering conditions conducive to prosperity, the Government can help a lot. But
it can't do it all. That is why the Employment Act of 1946 pledges the Government's
efforts to create and maintain "conditions
under which there will be afforded useful
employment opportunities, including selfemployment, for those able, willing and
seeking to work." And it is why the same
Act says the Government's efforts to that
end shall be applied "in a manner calculated to foster free competitive enterprise
and the general welfare."
Monetary policy is undertaking, within
its inherent limitations, to provide such a
climate for recovery. It is not omnipotent,
but I can assure that the System is approaching the problem of combating recession with just as much vigor as it exhibited in battling inflation. On both the
up and down side of the business cycle, the
System is striving constantly to promote
economic stability and growth.
545
THE BATTLE AGAINST RECESSION
PRINCIPAL POLICY ACTIONS OF FEDERAL RESERVE SYSTEM
MID-OCTOBER 1957 TO MID-APRIL 1958
Period
Action
Purpose of action
1957
Mid-October-December
System holdings of U. S. Government
securities increased by $1 billion, including substantial amounts of securities held
under repurchase agreement.
Member
bank borrowings declined from an average
of about $1 billion to an average of less
than $750 million.
To increase the availability of bank
reserves for seasonal purposes and also to
cushion adjustments and mitigate recessionary tendencies in the economy.
1957
November-December
Reduced discount rates from 3Vi to 3 per
cent at all Reserve Banks.
To reduce the cost of borrowing from the
Reserve Banks and eliminate any undue
restraint on bank borrowing in view of the
decline in business activity and evidences of
economic recession.
1958
January
Limited net reduction in holdings of U. S.
Government securities to $900 million, more
than half of which represented securities
held under repurchase agreement at end of
year. Member bank borrowings declined
to an average of $450 million.
To ease reserve positions by absorbing
only part of the reserves made available by
the seasonal return flow of currency from
circulation.
1958
January
Reduced margin requirements on loans
for purchasing or carrying listed securities
from 70 to 50 per cent of market value of
securities.
Stock prices and the volume of credit in
the stock market had declined to levels near
or below those prevailing at the time of the
previous increase in requirements.
1958
January-February
Reduced discount rates from 3 to 2% per
cent at 11 Reserve Banks.
1958
February
Reduced reserve requirements on demand
deposits from 20 to 19Vi per cent at central
reserve city banks; from 18 to 17J/i per cent
at reserve city banks; and from 12 to l l ^ i
per cent at country banks, thus freeing an
estimated $500 million of reserves.
1958
March
Reduced discount rates from 2z/\ to 2%
per cent at 11 Reserve Banks and from 3
to 2l/\ per cent at one Reserve Bank.
1958
March
Reduced reserve requirements on demand
deposits from 19Vi to 19 per cent at central
reserve city banks; from 17V4 to 17 per cent
at reserve city banks; and from \\l/i to 11
per cent at country banks, thus freeing an
additional $500 million of reserves.
To reduce further the cost of borrowing
from the Reserve Banks and increase
further the availability of bank reserves in
order to encourage monetary expansion
conducive to resumed growth in economic
activity.
546
FEDERAL RESERVE BULLETIN • MAY 1958
PRINCIPAL POLICY ACTIONS OF FEDERAL RESERVE SYSTEM- -Continued
MID-OCTOBER 1957 TO MID-APRIL 1958
Period
Action
1958
February—mid-April
Purchased about $450 million of U. S.
Government securities. Member bank borrowings declined further to an average of
about $180 million.
1958
April
Reduced reserve requirements on demand
deposits from 19 to 18 per cent (in two
stages) at central reserve city banks and
from 17 to 16Vi per cent at reserve city
banks, thus freeing a total of about $450
million of reserves.
1958
April
Reduced discount rates from 2*4 to 1%
per cent at seven Reserve Banks.
Purpose of action
To supplement reserve requirement actions in further increasing the availability
of bank reserves.
To supplement previous actions to encourage monetary expansion and resumed
• growth in economic activity and to offset
recent gold outflow.
Law Department
Administrative
interpretations, new regulations, and similar material
Reserves of Member Banks
to maintain the reserves specified in paragraph 1 or 2 above)—
(a) 5 per cent of its time deposits, plus
(b) 18Vi per cent of its net demand deposits until the opening of business on
April 24, 1958, and 18 per cent of its net
demand deposits thereafter.
The Board of Governors amended the Supplement to Regulation D so as to reduce the reserves
against net demand deposits required to be maintained with Federal Reserve Banks by member
banks in reserve and central reserve cities. The
reductions became effective at the opening of
business on April 17, 1958, except as otherwise
indicated. There is set forth below the text of
the amended Supplement.
SUPPLEMENT TO REGULATION
Loans Secured by Direct Obligations
of the United States
The Comptroller of the Currency, effective
April 18, 1958, amended Section 2 of the regulation pertaining to National Bank Loans Secured
by Direct Obligations of the United States which
was published at page 914 of the August 1957
BULLETIN. Section 11 (m) of the Federal Reserve
Act makes this regulation applicable also to State
banks that are members of the Federal Reserve
System. The regulation as thus amended is as
follows:
D
Pursuant to the provisions of Section 19 of the
Federal Reserve Act and Section 2(a) of its Regulation D, the Board of Governors of the Federal
Reserve System hereby prescribes the following
reserve balances which each member bank of the
Federal Reserve System is required to maintain on
deposit with the Federal Reserve Bank of its
district:
1. If not in a reserve or central reserve city—
(a) 5 per cent of its time deposits, plus
(b) 11 per cent of its net demand deposits.
2. If in a reserve city (except as to any bank
located in an outlying district of a reserve
city or in territory added to such city by the
extension of the city's corporate limits, which,
by the affirmative vote of five members of
the Board of Governors of the Federal Reserve System, is permitted to maintain the
reserves specified in paragraph 1 above)—
(a) 5 per cent of its time deposits, plus
(b) 17 per cent of its net demand deposits until the opening of business on
April 24, 1958, and 1 6 ^ per cent of its
net demand deposits thereafter.
3. If in a central reserve city (except as to
any bank located in an outlying district of a
central reserve city or in territory added to
such city by the extension of the city's corporate limits, which, by the affirmative vote
of five members of the Board of Governors
of the Federal Reserve System, is permitted
547
TREASURY DEPARTMENT
COMPTROLLER OF THE CURRENCY
WASHINGTON
REGULATION REGARDING NATIONAL BANK
LOANS
SECURED BY DIRECT OBLIGATIONS
OF THE UNITED STATES
Section 5200 U.S.R.S. (12 U.S.C. 84) provides
as follows:
"Sec. 5200. The total obligations to any national banking association of any person, copartnership, association, or corporation shall at no
time exceed 10 per centum of the amount of the
capital stock of such association actually paid in
and unimpaired and 10 per centum of its unimpaired surplus fund. The term 'obligations' shall
mean the direct liability of the maker or acceptor
of paper discounted with or sold to such association and the liability of the indorser, drawer, or
guarantor who obtains a loan from or discounts
paper with or sells paper under his guaranty to
such association and shall include in the case of
obligations of a copartnership or association the
obligations of the several members thereof and
548
FEDERAL RESERVE BULLETIN • MAY 1958
shall include in the case of obligations of a corporation all obligations of all subsidiaries thereof
in which such corporation owns or controls a
majority interest. Such limitation of 10 per
centum shall be subject to the following exceptions:
*
*
*
"(8) Obligations of any person, copartnership,
association, or corporation in the form of notes
secured by not less than a like amount of bonds
or notes of the United States issued since April
24, 1917, or certificates of indebtedness of the
United States, Treasury bills of the United States,
or obligations fully guaranteed both as to principal
and interest by the United States, shall (except
to the extent permitted by rules and regulations
prescribed by the Comptroller of the Currency,
with the approval of the Secretary of the Treasury) be subject under this Section to a limitation
of 15 per centum of such capital and surplus in
addition to such 10 per centum of such capital
and surplus."
graph (8) of Section 5200 of the Revised Statutes,
as amended (12 U.S.C. 84), and Section 321 (b)
of the Act of August 23, 1935 (49 Stat. 713);
(b) This regulation applies to loans made by
national banks secured by direct obligations of
the United States which will mature in not exceeding 18 months.
SECTION 2
GENERAL AUTHORIZATION
The obligations to any national banking association in the form of notes of any person, copartnership, association, or corporation, secured
by not less than a like amount of direct obligations
of the United States which will mature in not
exceeding eighteen months from the date such
obligations to such national banking association
are entered into shall not be subject to any limitation based upon the capital and surplus of the
association.
SECTION 3
EFFECTIVE DATE
This regulation is effective April 18, 1958
RAY M. GIDNEY
SECTION 1
SCOPE AND APPLICATION
(a) This regulation is issued by the Comptroller of the Currency with the approval of the
Secretary of the Treasury under authority of para-
Comptroller of the Currency
Approved:
ROBERT B. ANDERSON
Secretary of the Treasury
Current Events and Announcements
DATA FOR SUPPLEMENT TO CHART BOOK
PUBLICATION OF ANNUAL REPORT
The Forty-fourth Annual Report of the Board
of Governors of the Federal Reserve System,
covering operations for the calendar year 1957,
is available for distribution. Copies may be obtained upon request from the Board's Division
of Administrative Services, Washington 25, D. C.
FEDERAL RESERVE MEETINGS
Data for the period September 3, 1957-May 1,
1958, are now available in mimeographed form
for the September 1957 edition of the historical
supplement to the monthly Federal Reserve Chart
Book. Copies may be obtained upon request
from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
NEW PRICE INDEX FOR U. S. GOVERNMENT BONDS
A meeting of the Federal Open Market Committee was held in Washington on May 6, 1958.
The Federal Advisory Council held a meeting
in Washington on May 18-20, 1958, and met with
the Board of Governors on May 20.
DECREASE IN FEDERAL RESERVE
DISCOUNT RATES
The Board of Governors of the Federal Reserve
System has approved action by the directors of
the following seven Federal Reserve Banks decreasing the discount rates of those banks from
2lA to \3A per cent on the dates given below:
Boston
Apr. 22, 1958
Atlanta
Apr. 22, 1958
Cleveland
Apr. 25, 1958
Richmond
Apr. 25, 1958
Kansas City
Apr. 25, 1958
San Francisco
May 1, 1958
Dallas
May 9, 1958
Reduction of discount rates from 2*4 to 1%
per cent by the Federal Reserve Banks of New
York, Philadelphia, Chicago, St. Louis, and Minneapolis was announced in the April BULLETIN.
ADMISSION OF STATE BANK TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
The following State bank was admitted to membership in the Federal Reserve System during the
period March 16, 1958 to April 15, 1958:
Michigan
Bloomingdale.
Bloomingdale
. Peoples State Bank of
549
Beginning with this issue of the BULLETIN, the
price series on United States Government longterm bonds published regularly (see page 574)
has been calculated on a new basis for the period
April 1953 to date. Back data on the new basis
are shown on page 612.
Under the new method the average of market
yields on outstanding bonds maturing or callable
in 10 years or more is converted to a hypothetical
price index, assuming a 3 per cent, 20-year bond.
This method is similar to that used before October 1941, when the average of prices on partly
tax-exempt bonds was also based on a hypothetical
bond. For the period October 1941-March 1953
the price series on long-term Government bonds
was a simple average of actual market prices.
The bonds in this average were almost exclusively
issues with coupon rates of IVi per cent, and
their maturity and call dates were concentrated
within a relatively narrow time period.
Since March 1953, a number of new long-term
bonds have been issued at varying coupon rates
and with original maturities ranging from 12 to
40 years. For a period, market prices on these
issues were published in a simple average that
was called the "New series" to differentiate it
from the "Old series" of 2Vi per cent bonds.
Early in 1958, however, both the old and new
series were replaced by a single long-term series,
which was calculated back to April 1953 to include all bonds maturing or callable in 10 years
or more. This single series lacked the homogeneity
of the price average of 2Vi per cent bonds in the
old series and so it was necessary to return to use
of a hypothetical bond for calculating prices.
National Summary of Business Conditions
Released for publication May 14
Industrial production and employment declined
further in April, while nonindustrial employment
changed little and total personal income and retail
sales increased slightly. From early April to early
May, wholesale prices generally remained stable.
Total bank credit expanded further.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted
index of industrial production declined two points
in April to 126 per cent of the 1947-49 average,
and was 12 per cent below a year earlier. Output
of durable manufactures and minerals continued
to decline, while activity in nondurable goods industries was maintained at the March level.
Output of steel and nonferrous metals was curtailed further in April, as metal fabricating industries continued to liquidate inventories. While below the March average, steel mill operations
changed little during April and rose in the first
half of May. Activity in most business equipment
lines continued to decline in April and auto assemblies were reduced sharply further. Preliminary
schedules for auto production in May indicate
some increase. Output of most major household
goods, and also of construction materials, changed
little in March and April following declines from
the levels of last summer.
INDUSTRIAL PRODUCTION
1947-49*100
160'
_
140
.DURABLE
MANUFACTURES
I
I
In
120
140
\
120
,100
„•!
I
W
-
_
-
CONSTRUCTION
The value of new construction in April declined
to a seasonally adjusted annual rate of $47.0 billion from the revised March total of $47.7 billion.
On the revised basis, construction was down 3 per
cent from the high fourth quarter of last year and
about the same as April a year ago. Private
housing starts rose in April to a seasonally adjusted
annual rate of 950,000 units as compared with less
than 900,000 in February and March.
EMPLOYMENT
Seasonally adjusted nonfarm employment declined somewhat further in April and, at 50.6 million, was 2 million below a year ago. The average
workweek at factories declined about seasonally,
to 38.3 hours, and was 1.5 hours shorter than in
April 1957. On a seasonally adjusted basis the
number of persons unemployed increased further,
to a rate of 7.5 per cent of the civilian labor force
as compared with 7.0 per cent in March and 4.0
per cent in April a year ago.
DISTRIBUTION
Seasonally adjusted retail sales in April were
up 2 per cent from the reduced February-March
level and nearly equaled the year-earlier rate.
Most lines of trade shared in the increase. Manufacturers' and distributors' inventories, which had
declined further in March, probably continued
downward in April. With assemblies of autos
sharply curtailed, dealers' stocks of new cars
dropped appreciably further and were close to the
year-ago level.
COMMODITY PRICES
In
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for April.
-
' V NONDURABLE \ ^
MANUFACTURES
Activity in the apparel industry recovered following settlement of the work stoppage which reduced production in March, and output of most
other nondurable goods registered little change.
Minerals production declined further as coal output was reduced and iron ore mining failed to
show the usual spring rise.
Monthly fig-
The general level of wholesale commodity prices
remained stable from early April to early May.
550
551
NATIONAL SUMMARY OF BUSINESS CONDITIONS
While there were some declines and a few increases, prices of industrial materials and finished
products generally continued to change little.
Average prices of farm and food products were
also stable, although prices of livestock and meats
advanced somewhat further.
The consumer price index rose seven-tenths of
one per cent further in March. As in the previous
two months, the rise was accounted for mainly by
increases in prices of meats and fresh vegetables
in response to reduced supplies. Prices of services
also continued to advance, while appliances, carpets, autos, and fuel oils declined.
BANK CREDIT AND RESERVES
Total credit at city banks increased around $2
billion further between early April and early May.
Holdings of U. S. Government securities rose substantially, reflecting largely bank acquisitions of
new Treasury notes in mid-April. Total loans declined owing to reductions in business loans following the usual tax-period expansion in March.
Most other types of loans increased somewhat.
Free reserves of member banks continued to
average over $500 million during the latter part
of April and early May. Between the weeks of
April 9 and May 7 reserves supplied to banks,
principally through reductions in reserve requirements and System purchases of U. S. Government
securities, were largely absorbed by continued
heavy gold outflows and by increases in required
reserves resulting from deposit expansion.
SECURITY MARKETS
Yields on U. S. Government securities rose in
the latter part of April after reaching new lows
for the year around the middle of the month. In
the first two weeks of May yields on long-term
Treasury issues leveled off while those on intermediate- and short-term issues turned down again.
Yields on corporate and State and local government bonds continued to decline in the latter part
of April, then increased slightly in early May.
Common stock prices advanced to a new high for
1958.
LOANS AND INVESTMENTS
Billions of dollars
PRICES
1947-49-100
WHOLESALE
MEMUR BANKS IN LEADING CITIES
CONSUMER
_
ALL I T E M S ^ - ^ * ^
_
,1
nn ^/—•'^COMMODITIES
+A
—
FARM -
^
\ ^ S
FOODS
I
I,,,,,.
I,,
-
/
-t >-J>i t : i ' i i I-L:JI.:J.I..I L.: I i i > : 11 I I ! I 1111 I I ! I I w > ; >
Bureau of Labor Statistics indexes. "Other" wholesale prices
exclude processed foods, included in total but not shown
separately. Monthly figures, latest shown: March for consumer prices, and April for wholesale prices.
Federal Reserve data. Loans to banks are excluded. Securities other than U. S. Government are included in the total
but not shown separately. Weekly figures, latest shown are for
Apr. 30.
* 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. .
555
558
559
562
564
565
568
570
Commercial loans; commercial paper and bankers' acceptances. .
Interest r a t e s . . . .
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.
572
573
574
575
576
578
582
583
585
588
Selected indexes on business activity.
Production
Employment and earnings
Department stores.
Foreign trade .
...
Wholesale and consumer prices
National product and income series
592
593
600
602
603
604
. 606
Banking and monetary statistics, 1957
Index of prices on long-term bonds of the United States Government .
Index to statistical tables.
608
612
639
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating for gold stock, currency in circulation, Federal
to financial and business developments in the finance, and Federal credit agencies arc obtained
United State?. The data relating to Federal from Treasury statements; the remaining data
Reserve Banks, member banks of the Federal are obtained largely from other sources. Back
Reserve System, and department store trade, and figures for 1941 and prior years for banking and
the consumer credit estimates are derived from monetary tables, together with descriptive text,
regular reports made to the Board; production may be obtained from the Board's publication,
indexes are compiled by the Board on the basis Banking and Monetary Statistics.
553
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions
of dollars
25
MEMBER BANK
RESERVE BALANCES
20
15
EXCESS RESERVES
,ri^^.iuLr..fJ1f
r
I
2
.0
35
CURRENCY IN CIRCULATION
30
25
RESERVE BANK CREDIT
20
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
30
FEDERAL RESERVE CREDIT
U. S. GOVERNMENT SECURITIES
25
20
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1952
1953
1954
1955
1956
1957
Latest averages shown are for week ending Apr. 30. See p. 555.
554
1958
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
DisGold
stock
Held counts
and
under
Float
Totali
Bought repurTotal outchase
right agreement
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForReExTotal quired
2 cess 2
ury
eign Other
Averages of
daily figures
1957
Mar. 6
13
20
27
22,913
22,979
23,178
23,094
22,895
22,934
23,064
23,051
18
45
114
43
877 25,165
149 1,074
881 25,400
222 1,230
967 25,520
136 1,244
947 1,484 25,695
68
755 1,179 24,871 22,304 5,077
880
908 24,791 22,304 5,079
783 1,173 25,158 22,305 5,080
844
967 24,930 22,305 5,083
30,566
30,609
30,589
30,502
813
812
811
813
479
471
302
353
329
297
300
334
212
201
199
205
,131
,129
,138
,139
18,721
18,654
19,204
18,971
18,231
18,205
18,578
18,362
490
449
626
609
30,589
30,655
30,681
30,610
808
814
808
791
517
387
478
456
294
340
344
390
314
305
300
454
,167 18,868
,205 19,088
,203 19,107
,202 19,201
18,525
18,523
18,556
18,639
343
565
551
562
730 1,168 25,093 22,318 5,094 30,499
993
947 25,177 22,318 5,095 30,589
975
948 25,031 22,319 5,096 30,654
793 1,341 25,070 22,320 5,098 30,645
903
979 24,833 22,406 5,102 30,660
793
795
787
790
794
419
504
479
525
562
352
366
366
362
358
291
275
241
273
279
,148 19,000
,078 18,984
,075 18,845
,074 18,818
,073 18,616
18,621
18,495
18,368
18,284
18,264
379
489
477
534
352
Apr.
3.
10.
17.
24.
23,189
23,262
23,282
23,237
23,040
23,040
23,146
23,169
May
1.
8.
15.
22.
29.
23,169
23,213
23,083
22,915
22,930
23,169
23,125
23,033
22,915
22,901
June
5.
12.
19.
26.
23,110
22,972
22,930
22,951
22,950
22,926
22,880
22,888
160
902
46 1,059
50 1,089
63 1,003
954 24,987
936 24,988
,384 25,424
,320 25,294
22,620
22,621
22,621
22,622
5,104
5,106
5,106
5,106
30,837
30,903
30,904
30,849
792
791
782
776
485
463
518
477
357
379
389
407
323
276
335
254
,072 18,846
,069 18,834
,076 19,148
,087 19,171
18,378
18,330
18,546
18,625
468
504
602
546
July
3.
10.
17.
24.
31.
23,098
23,443
23,319
23,342
23,360
23,031
23,260
23,252
23,235
23,084
67 1,068
183 1,213
67 1,062
107
739
276
553
,198 25,387
,111 25,792
,236 25,641
,351 25,456
998 24,932
22,623
22,623
22,625
22,625
22,626
5,107
5,108
5,108
5,108
5,110
31,150
31,313
31,184
30,999
30,910
763
765
770
774
770
546
431
455
507
494
420
339
413
385
370
296 ,077 18,865
290 ,077 19,308
279 ,073 19,200
267 1,070 19,189
278
961 18,885
18,521
18,732
18,636
18,568
18,493
344
576
564
621
392
Aug. 7.
14.
21.
28.
23,116
23,047
23,034
23,220
23,078
23,047
23,034
23,215
928 25,124
38 1,060
1,161
874 25,102
931 1,227 25,211
977 25,133
915
22,627
22,627
22,625
22,626
5,113
5,114
5,116
5,118
30,983
31,069
31,055
30,998
767
764
762
764
498
475
513
475
355
363
343
339
277
273
270
268
18,331
18,195
18,254
18,397
537
591
552
434
Sep..
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
832
858 25,228
1,031
953 25,408
950 1,442 25,719
1,106 1,318 25,622
22,626
22,626
22,627
22,628
5,118
5,119
5,121
5,123
31,149
31,256
31,184
31,052
759
759
755
769
485
431
510
759
340
357
429
386
281 1,197 18,760 18,346
279 1,194 18,876 18,301
287 ,196 19,108 18,484
255 ,189 18,963 18,416
414
575
624
547
23,346
23,545
23,371
23,267
23,195
23,294
23,312
23,281
23,222
23,179
942 1,000
52
991
233 1,009
992 1,071
90
605 1,517
45
710 1,051
16
25,304
25,563
25,451
25,407
24,972
22,634
22,646
22,658
22,665
22,671
5,125
5,127
5,128
5,131
5,132
31,039
31,129
31,191
31,129
31,008
776
774
776
781
786
493
498
506
464
518
356
373
333
317
318
253
260
252
265
251
,112
,112
,110
,109
,057
19,034
19,189
19,068
19,137
18,837
18,685
18,625
18,574
18,574
18,474
349
564
494
563
363
23,441
23,498
23,288
23,318
23,256
23,332
23,282
23,167
185
166
6
151
824
911
752
777
943 25,225
997 25,424
,430 25,489
,209 25,325
22,707
22,731
22,757
22,762
5,135
5,136
5,137
5,139
31,115
31,287
31,336
31,431
792
795
801
794
461
505
503
469
367
329
315
301
313
407
386
294
,056
,057
,054
,030
18,963
18,911
18,987
18,907
18,509
18,354
18,459
18,461
454
557
528
446
23,732
23,886
23,907
23,950
23,480
23,574
23,600
23,617
252
312
307
333
626
676
751
786
,005
,020
,525
,894
25,387
25,617
26,218
26,687
22,763
22,766
22,770
22,770
5,141
5,142
5,143
5,145
31,668
31,827
31,973
32,089
770
769
768
764
305
318
339
483
291
318
334
359
191
186
183
179
,041
,080
,050
,061
19,023
19,027
19,483
19,666
18,580
18,600
18,873
19,014
443
427
610
652
1958
1....
8....
15....
22....
29....
24,344
24,011
23,720
23,315
23,372
23,735
23,645
23,581
23,266
23,335
609
366
139
49
37
661
707
580
359
295
,550
,328
,039
,230
919
26,623
26,100
25,390
24,949
24,632
22,774
22,781
22,781
22,782
22,783
5,147
5,146
5,147
5,149
5,151
31,962
31,553
31,207
30,878
30,625
773
768
771
781
789
458
529
503
511
521
397
337
306
275
275
201 1,045 19,707 19,042
186
996 19,658 18,982
994 19,348 18,769
190
992 19,216 18,624
227
992 19,089 18,509
275
5.
12.
19.
26.
23,364
23,422
23,373
23,380
23,321
23,292
23,285
23,380
43
130
803 24,397
189
793 24,543
286
361 1,054 24,830
153
952 24,527
22,783
22,784
22,785
22,714
5,157
5,159
5,161
5,165
30,581
30,675
30,642
30,542
777
734
685
695
378
296
501
508
265
284
337
284
294
325
293
276
18,498
18,483
18,427
18,426
665
676
579
592
580
499,
571
695
483
Mar. 5.
12.
19.
26.
23,256
23,466
23,500
23,552
23,251
23,432
23,480
23,518
118
131
126
167
892 24,309
816 24,456
973 24,638
983 24,742
22,686 5,169 30,563
22,615 5,174 30,641
30,592
22,541
30,524
22,498
701
712
804
790
486
479
257
580
270
273
257
258
320 1,151 18,674 18,084
293 ,148 18,699 18,096
368 ,150 18,930 18,332
400 ,143 18,725 18,037
590
603
598
688
Apr.
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
724
729
731
721
733
523
479
457
417
601
277
269
319
242
235
368
493
381
376
397
696
627
4.
18.
25.
Oct. 2 .
9.
16.
23.
30.
Nov. 6.
13.
20.
27.
Dec. 4 .
11.
18.
25.
Jan.
Feb.
2.
9.
16.
23.
30.
50
"29
22,306
22,307
22,313
22,317
5,086
5,088
5,089
5,092
For other notes see following page.
Preliminary.
30,637
30,744
30,733
30,617
30,518
555
1,116
1,113
1,203
1,203
1,046
1,118
1,195
1,193
18,868
18,786
18,806
18,831
18,997
19,054
19,122
18,909
,109 18,526
,106 18,300
,104 18,369
,102 18,654
,051 18,249
17,830
17,673
17,741
17,964
17,589
556
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
Period
or
date
Gold
Disstock
Held counts
Float
Total
i
and
under
Bought repuradTotal outchase vances
right
agreement
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForRe- 2 Ex-2
Other
Total quired
eign
ury
cess
Averages of
daily figures
1957
23,239
23,041
. . . 22,989
23,351
23,146
23,325
23,348
23,417
23,982
23,121
22,996
22,917
23,198
23,129
23,302
23,252
23,276
23,615
118 1,036 1,110 25,411 22,313 5,090 30,614
45
931 1,046 25,041 22,358 5,098 30,645
72 1,009 1,170 25,189 22,621 5,106 30,902
917 1,175 25,466 22,625 5,108 31,116
153
17 1,010
989 25,166 22,626 5,115 31,035
23
994 1,147 25,489 22,627 5,121 31,143
818 1,143 25,326 22,660 5,129 31,109
96
141
810 1,126 25,373 22,743 5,137 31,335
367
716 1,443 26,186 22,769 5,144 31,932
23,608
. . . . 23,378
23,486
23,649
23,458
23,313
23,465
23,638
150
65
21
11
1 998
2 484
2 254
24 262
22,559
20,778
24,932
24,785
23,758
24 915
148
1,998
2 484
2,254
24,262
22,559
20,725
24,888
24,391
23,712
24,610
68 1,037
164
7
3
249
85
67
53
44
143
394
108
46
232
305
50
23 169
23,108
.. 23,035
23,355
23,539
23,312
23,338
23,733
24,238
23,169
22,950
22,994
23,079
23,475
23,312
23,218
23,448
23,719
829
158 1,170
23,331
23 240
23 628
23,681
23,331
23,240
23,628
23,681
23,411
23 464
23,356
23,409
23,307
23,299
23,356
23,409
104
165
23 331
23,536
23,437
23,525
23,316
23,459
23,437
23,525
15
23,628
23,628
23,796
23 704
23,681
23,628
23,628
23,704
23,704
23,681
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
803
792
782
769
764
763
780
793
768
429
521
490
480
490
547
495
464
385
348
361
393
377
349
378
338
322
345
339
276
290
279
273
271
258
337
186
1J95 19,087
1,075 18 827
1,077 18,982
1,048 19,129
1 163 18,834
1,180 18 956
1,097 19,040
1 044 18,958
1,063 19 420
18 580
18 362
18 485
18 595
18 300
18 434
18*573
18 447
18 843
507
465
497
534
534
522
467
511
577
777
717
512
421
297
294
265
267
224
299
350
410
993 19,296 18,723
1,150 19,000 18 434
14? 18,730 18 097
09?. .18,394
573
566
633
36
35
634
6
15
397
774
862
392
895
490
402
297
322
21
151
256
586
446
569
565
441
554
313
426
1958
Feb
Mar
Apr
454 1,118 25,229 22,782 5,148
907 24,568 22,759 5,161
242
893 24,559 22,548 5,177
139
864 24,682 22,166 5,191
130
31,059
30,608
30,589
30,653
'750
2,019
2,286
2 963
3 247
4,339
4,562
4,636
4,985
5,008
5.032
5,066
4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,509
31,158
30,715
31,790
2 409
2 215
2 287
1 336
1,293
796
767
768
775
870
668
563
394
522
441
936 24,960 22,318 5,094
926 25,224 22,620 5,104
1,199 24,816 22,623 5,107
896 24,691 22,627 5,111
865 25,418 22,626 5,118
898 24,622 22,635 5,125
1,062 25,206 22,691 5,135
942 25,515 22,763 5,139
1,424 25,784 22,781 5,146
30,519
30,836
31,082
30,933
31,133
31,073
31,090
31,661
31,834
791
788
758
759
752
773
784
761
761
498
504
477
429
552
243
481
316
360
449
364
342
337
378
283
356
294
274
308
296
285
261
256
196
246
1,079 18 864
07? 19,049
1,075 18,376
94? 18,630
1,198 18,975
1,111 18,399
056 18,917
1,000 19,274
998 19,034
30,576
30,554
30,666
^30,555
111
695
722
469
516
474
594
249
265
266
257
279
336
378
411
990 18,958 18
,151 18 667 18
1,108 18 532 17
,050 18 254 HI
780
686
702
207
350
284
297
291
321
597
282
729
457
494
Midyear or
year-end
1929—June
1933 June
1939 Dec
1941 £) e c
1945 D e c
1947 Dec
1950—Dec
1954—Dec
1955—Dec
1956—June
Dec
216
52
4
91
94
578
535
1,368
808
1,585
1,210
1,665
1,400
2,220
2,593
2,361
25,091
23,181
22,216
25,885
26,507
25,219
26,699
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,799
21,949
204
264
867
977
374
346
251
291
495
563
714
907
925
99?
901
2,356
2 292
11 653
12 450
15 915
17 899
17,681
18,876
19,005
18,443
19,059
2 333
1 817
6 444
9 365
14 457
16*400
16*509
18,618
18 903
18 449
19 089
23
475
5 209
3 085
1 458
1 499
1 172
258
102
-6
— 30
End of month
1957
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
41
276
64
120
285
519
558
420
986
396
789
819
55
509
568
18 588
276
698
18 351
18 543 — 167
18,520
110
18 305
670
18 694 - 2 9 5
18,541
376
18 578
696
19,091 - 5 7
1958
Jan
Feb
Mar
Apr
217
122
137
156
763
924
765
797
24,352
24,330
24,570
24,672
22,784 5,158
22,686 5,169
22,394 5,183
*>21,996 ^5,197
543
186
857
617
415
481
675
^637
18 558
18 451
18 530
18,446
500
437
652
434
18 071
18 196
18 547
18,006
637
616
425
420
,107 18,366 17,669
105 18 298 17 690
,102 18 870 H% 129
101 18 555 P17 920
,050 18,254 ^17,617
697
608
P741
Wednesday
1958
Feb.
5
12
19
26
Mar
5
12
19
26
Apr.
2
9
16
23
30
805 24,409
153
923 24,665
237
135 1,208 24,741
184
721 24,356
22,784
22,784
22,785
22,685
5,158
5,160
5,163
5,166
30,582
30,674
30,571
30,495
77
107
227
231
118
792 24,273
724 24,530
824 24,531
704 24,386
22,686
22,612
22,513
22,494
5,169
5,175
5,179
5,182
30,580
30,594
30,521
30,523
730
623
256
92
112
139
296
242
156
786 24,566 22,394
692 24,499 22,295
910 25,042 22,170
761 24,745 22,046
797 24,672 ^21,996
5,185
5,191
5,192
5,194
^5,197
30,676
30,704
30,668
30,512
^30,555
732
735
603
482
279
253
383
407
727
731
394
462
594
259
227
257
384
395
411
r
P Preliminary.
Revised.
i Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
700
453
406
274
710
386
286
309
734
821
446
100
281
243
303
411
2745
298
,119 19,058
118 18 888
,208 19 182
,154 18,880
149
1,147
1,154
393 ,110
18 708
18 812
18 972
18,426
dates
in subsequent tables on Federal Reserve Banks.
2
These figures are estimated.
P637
,557
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures.*
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
In millions of dollars]
All
Item and period
Central reserve
city b a n k s
mem-
ber
banks
New
York
Chicago
Reserve
city
banks
Country
banks
440
443
393
438
455
444
457
428
432
449
Excess reserves:2
Total reserves held:
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
18,884
19,087
18,827
18,982
19,129
18,834
18,956
19,040
18,958
19,420
4,341
4,307
4,234
4,335
4,294
4,170
4,211
4,231
4,162
4,336
,102
,097
,101
,121
,131
,123
,122
,116
,101
,136
7,746
7,921
7,794
7,774
906
790
800
836
7,849
8,042
5,696
5,762
5,697
5,751
5,799
5,750
5,823
5,857
5,847
5,906
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
518
506
465
496
534
534
522
467
512
577
14
j
13
15
6
19
9
4
-1
3
-2
7
2
5
16
34
1
8
60
65
56
45
66
69
51
39
63
86
1958—Jan
Feb
Mar
19,296
19,000
18,730
4,251
4,204
4,272
,125
,114
,098
8,007
7,871
7,701
5,914
5,811
5,659
1958—Jan
Feb
Mar
573
567
633
34
22
44
4
5
11
78
98
98
456
442
479
18,930
18,725
18,526
18,300
18,369
18,654
18,249
4,344
4,281
,104
,085
759
672
5,722
5,688
Week ending:
1958—Mar. 19
26
597
688
13
64
2
6
46
124
536
494
4,273
4,101
4,148
4,133
4,106
,077
,044
,059
,071
,049
641
579
651
819
7,600
5,534
5,575
5,511
5,631
5,494
Apr. 2
9
16
23
30
696
627
*628
*>689
*686
93
-28
41
-9
77
29
3
-1
9
7
158
81
64
67
99
416
571
*>524
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
18,366
18,580
18,362
18,485
18,595
18,300
18,434
18,573
18,447
18,843
4,326
4,308
4,221
4,320
4,288
4,152
4,203
4,231
4,147
4,303
,098
,097
,098
,123
,124
,121
,117
,116
,100
,127
7,686
7,855
7,739
7,729
7,840
7,722
7,749
7,797
7,786
7,956
5,256
320
305
5,314
5,344
5,306
5,366
5,429
5,414
5,457
116
299
117
200
186
308
263
141
96
139
257
210
169
46
34
28
120
115
123
85
302
329
422
531
519
468
485
428
405
314
18,723
18,434
18,097
4,216
4,182
4,228
,121
,109
,087
7,928
7,773
7,603
5,458
5,369
5,179
834
1,011
909
1,005
917
1,005
988
811
804
710
159
173
201
228
177
201
121
127
181
172
1958—Jan
Feb
Mar
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ending:
1958—Mar. 19
26
1958—Jan
Feb
Mar
451
242
138
80
46
2
29
11
29
222
96
36
119
89
71
18,332
18,037
4,331
4,217
,102
,079
7,713
7,547
5,186
5,194
34
69
17,830
17,673
ni,iA\
2>17,964
^17,563
4,180
4,129
4,107
4,141
4,029
,048
,041
.060
1,063
1,042
7,484
7,499
7,587
7,752
7,501
125
164
3
Apr. 2
9
16
23
30
Week ending:
1958—Mar. 19
26
28
30
60
65
5,118
5,004
?4,987
^5,008
P4 991
Apr. 2
9
16
23
30
144
90
199
112
125
4
72
2
15
4
7
27
1
38
23
42
43
32
91
59
PIS
-253
-210
-165
-242
-263
-367
-486
-452
-400
-433
-389
-342
-228
280
269
192
210
278
244
335
301
251
277
Week ending:
1958—Mar. 19
26
Apr. 2
9
16
23
30
Required reserves:2
Borrowings at Federal
Reserve Banks:
Free reserves:2
March 1957
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . ..
Time deposits
Demand balances due
from domestic banks . .
114,852
12,563
102,289
98,728
43,570
23 ,724
4 ,032
19 ,692
20 ,720
3 ,646
6,257
85
5,
1,
4.
5,
1,
880
167
714
160
313
93
44 ,635
6 ,064
38 ,571
37 ,823
17 ,555
40,613
1,300
39,313
35,025
21,056
2 ,009
4,069
March 1958
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
Time deposits
Demand balances due
from domestic banks. .
115,393
12,837
102,556
99,069
49,238
23,792
4,091
19,701
20,655
4,819
5,957
1,194
4,763
5,267
1,396
44,922
6,198
38,724
38,223
19,765
40,722
1,354
39,368
34,923
23,259
6,478
75
94
2,020
4,290
» Preliminary.
1 Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required are
based
on deposits at opening of business.
2
Weekly figures of required, excess, and free reserves of all member
4
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-316
-505
-444
-508
-383
-471
-467
-344
-293
-133
-105
1958—Jan
Feb
Mar
122
324
495
-46
-25
42
-25
-6
-18
-144
1
62
337
353
408
1958—Mar. 19
26
Apr. 2
9
16
23
30
472
524
10
64
-32
-63
18
94
476
429
552
537
*429
*577
*561
93
-32
-31
-11
77
14
120
58
22
24
67
325
512
^446
P582
-101
-300
-104
-185
-181
-289
-254
-141
-80
-48
-28
-26
-115
-115
-123
-77
—1
-8
-18
6
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.
558
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
Rate on
Apr. 30
In effect
beginning—
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar.
Previous
rate
22,1958
18,1958
18,1958
25,1958
25,1958
22,1958
18,1958
18,1958
18,1958
25,1958
14,1958
13,1958
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advano
[Sec. 10(b)]
Rate on
Apr. 30
In effect
beginning—
Previous
rate
Rate on
Apr. 30
In effect
beginning—
Mar. 11,
Mar. 7,
Apr. 18,
Apr. 25,
Apr. 25,
Apr. 22,
Jan. 24,
Apr. 18,
Mar. 21,
Mar. 14,
Mar. 14,
Mar. 13,
Apr. 22, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 25, 1958
Apr. 25, 1958
Apr. 22, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 25, 1958
Mar. 14, 1958
Mar. 13, 1958
Previous
rate
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
* Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
1942—Oct.
1946—Apr.
Rate
Date effective
Rate
1948—Jan. 12
Aug. 13
1950—Aug. 21
1953_Jan. 16
1954—Feb. 5
Apr. 16
1955—Apr. 15
Aug. 5
Sept. 9
Nov. 18
1956—Apr. 13
Aug. 24
1957_Aug. 23
Nov. 15
1958—Jan. 24
Mar. 7
Apr. 18
In effect May I, 1958
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
30
25
Effective date
of change
i Under Sees. 13 and 13a, as described in table above.
* Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and
1957 this rate was the same as the discount rate except in the following
periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept.
1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75;
1957_Aug. 22, 3.50.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits*
Jan. 4, Apr. 23, Effec19551955tive
Apr. 22, Jan. 15, Jan. 16,
1958
1955
1958
60
60
70
70
50
50
60
70
50
i Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Change on Jan. 4, 1955, was effective after the close
of business on that date.
Reserve
city
banks
1917—June 21
13
1936—Aug.
1937—Mar.
May
1938—Apr.
16
1
1
16
2* 2*
1941_Nov.
1942_Aug.
Sept.
Oct.
1
20
14
3
1948_Feb.
June
Sept,
1949_May
June
Aug.
Aug.
Aug.
Sept.
27
11
16,24*....
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
22
24
26
24
1951—Jan.
Jan.
1953—July
1954_june
July
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1*.
23
24
22
21
20
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1*
17
24
g* il*
18* 16Vi
In effect May 1, 1958...
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Central
reserve
city
banks
Present legal requirements :
Minimum
Maximum
10
Country
banks
Central
reserve
and
reserve
city
banks
Country
banks
7
15
22%
26
24
22
20
Time deposits
12
20
14
22
21
20
f f
6
6
16
15
14
13
12
?*
6
19
20
19
13
14
13
6
6
18
12
5
5
8*
6
5
5
11%
11
18
i6y 2
11
5
5
13
26
10
20
7
14
3
6
3
6
i Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13.
1943-June 30, 1947).
• First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thurs.) are at central reserve or reserve city banks.
559
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE REDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1958
Item
Apr. 30
Apr. 23
Apr. 16
1958
Apr. 9
Apr. 2
Apr.
1957
Mar.
Apr.
20,563,392 20 613,392 20, 738,391 20,848,392 20. 948,393 20, 563,392 20, 948,392 20, 779,393
845,331
850,776
847,607
853,062
855,642
845,331
855,732
855,435
Gold certificate account
Redemption fund for F. R. notes..
Total gold certificate reserves.
21,408,723 21,460,999 21,589,167 21,701,454 21,804,035 21,408,723 21,804,124 21,634,828
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 repurch;iase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement.
441,098
418,116
476,593
433,833
439,208
426,231
440,189
431,766
442,968
464,493
441,098
418,116
444,632
477,351
388,850
401,067
155,939
242,055
296,440
139,033
112,436
155,939
137,272
503
37,416
494
37,428
498
39,429
497
39,423
478
39,429
503
37,416
502
39,392
804,325
25,000
780
24,126
945, 710
968,610
968,610
892,560
892,560
945,710
892,560
434,105
19,946] 105 19,946,i05 19,946,105
946,105 19,946,105 19,946,105 19,946,105 11,362,199
8,571,413
2,789,257
2,789,257
789i257 2\789^257 2;789;257 2;789;257 2,801,750
23,681,072 23,703,972 23,703,972 23,627,922 23,627,922 23,681,072 23,627,922 23,169,467
92,000
Total U. S. Government securities.
23,681,072 23,703,972 23,795,972 23,627,922 23,627,922 23,681,072 23,627,922 23,169,467
Total loans and securities
23,874,930 23,983,949 24,132,339 23,806,875 23,780,265 23,874,930 23,805,088 24,023,698
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
4,839.
86!
245;
Total assets.
15
15
4,921 914 5,769,433
86 ,423
86,239
232 ,429
217,137
15
15
15
15
22
,379,915 4,453,350 4,839,288 3,931,183 4,831,385
85,967
85,615
86,568
76,670
85,632
202,496
187,862
137,901
245,975
183,283
51,314,713 51,596,155 52,659,769 51,048,677 51,218,603 51,314,713 50,731,308 51,494,421
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
26,374,600 26,374,828 26,487,791 26,527,677 26,540,280 26,374,600 26,537,003 26,322,503
18,253,947 18 555,468 18,869,
594,134
462,266
393;
256,792
227,423
259
411,218
395,182
383;
Total deposits.
18,297,862 18,365,529 18,253,947 18,531,887 18 ,864,428
481,976
602,717
594,134
473,711
508,710
252,563
279,326
256,792
266,252
316,053
382,551
406,957
411,218
378,474
293,898
19,516,091 19,640,339 19,906,398 19,439,358 19,630,123 19,516,091 19,650,324 19,983,089
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
4,041,975
18,453
4,161,260
19,531
4,859
17;
3,687,850 3,667,735 4,041,975 3,166,623
17,997
16,898
18,453
17,238
,895,308
18,437
49,951,119 50,195,958 51,271,817 49,672,882 49,855,036 49,951,119 49,371,188 50,219,337
Capital Accounts
350,377
809,198
27,543
176,476
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments
350,273
809,198
27,543
213,183
350,174
809,198
27,543
201,037
350,039
809,198
27,543
189,015
349,901
809,198
27,543
176,925
350,377
809,198
27,543
176,476
349,866
809,198
27,543
173,513
331,486
747,593
27,543
168,462
51,314,713 51,596,155 52,659,769 51,048,677 51,218,603 51,314,713 50,731,308 51,494,421
46.7
46.6
46.5
47.2
47.2
46.7
47.2
46.7
131,461
998
129,815
1,007
135,278
1,003
139,439
1,005
136,815
1,025
131,461
998
131,778
1,000
64,065
1,955
Maturity Distribution of Loans and U. S. Government Securities1
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
155,939
153,410
2,515
242,055
240,573
1,465
139,033
112,436
155,939
137,272
136,997
110,282
134,474
153,410
1,989
2,103
2,770
2,515
47
14
17
51
14
28
497
503
494
478
502
503
137
145
136
136
137
145
170
177
177
151
177
175
87
81
81
87
87
81
87
103
100
100
104
94
100
103
39,423
37,416
37,428
39,429
39,429
39,392
37,416
13,158
10,530
12,930
17,320
9,622
10,530
8,409
26,265
26,886
24,498
22,109
29,807
26,886
30,983
23 ,681,072 23. 703,972 23 795,972 23, 627,922 23 627,922 23.681,072 23.627,922 23
146,050
262,350
319,550
339,900
262,350
59,550
38,550
746,510
683,360
649,060
720,710
683,360
833,010
854,010
20,285,201 20,285,201 20,285,201 20,285,201 20,285,201 20,285,201 20,285,201 19
1,035,304 1,035,304
,035,304
035,304
,035,304
,035,304
,035,304
56,610
56,610
56,610
56,610
56,610
56,610
56,610
1,358,247 1,358,247
358,247
,358,247
,358,247
,358,247
,358,247
1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
296,440
295,080
1,325
35
498
136
181
829,325
796,255
33,070
780
48
376
145
211
24,126
11,333
12,793
169,467
100,700
333,405
946,105
360,786
013,614
414,857
560
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1958
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F. R.
notes
986,582 5,708,594 ,105,012 ,733,644 ,147,337
820,749
425,658
841,372
153,987
42,490
21,812
40,878
Total gold certificate reserves,
,040,917 5,883,176 ,163,034 ,810,387 1,221,096 862,171 3,928,232
863,239
447,470
882,250
F. R. notes of other Banks...
Other cash
,
Discounts and advances:
Secured by U. S. Govt.
securities
Other
Industrial loans
Acceptances:
Bought outright
Held under repurchase
agreement.
U. S. Govt. securities:
Bought outright
Held under repurchase
agreement
Total loans and securities...
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
54,335
174,582
58,022
76,743
73,759
814,679 3,774,245
47,492
746,647 2,458,873
27,931
73,300
774,578 2,532,173
25,352
31,544
116,927
81,892
31,335
28,408
45,466
40,610
29,905
24,127
66,196
30,433
32,015
63,045
8,890
20,752
18,483
10,019
4,944
13,164
30,748
18,132
30,837
55,990
17,935
150
32
20,350
14,550
5,785
12,865
19,600
20,885
56
6,100
6,950
17,888
9,500
3,325
157
19
37,416
,289,387 5,971,608 1,361,283 2,096,367 1,541,448 ,204,964 4,136,610
966,046
498,179 1,010,779
927,611 2,676,790
,307,799 6,029,374 1,375,990 2,102,152 1,554,313 1,224,564 4,157,551
972,146
505,148 1,028,667
937,111 2,680,115
1
1
1
2
1
316,581 439,258 383,636 422,314 781,997 189,999
4,424
7,657
6,519
9,783
7,404
6,860
13,889
12,551
9,819
21,913
44,590
15,782
120,778 237,251
5,354!
4,918
5,104
10,841
1
1
252,141 447,889
11,369
6,775
27,299
10,346
1
343,247
4,872
13,297
14
904,197
10,633
60,544
2,767,029 13,086,747 2,933,662 4,469,570 3,235,720 2,625,887 9,014,836 2,071,365 1,112,356:2,182,036 2,029,832 5,785,673
Total assets.
Liabilities
1,557,353 6,274,452 1,651,885 2,479,804 2,052,984 ,231,559 5,112,903 1,176,190 534,031 1,046,020 709,350 2,548,069
F. R. notes
Deposits:
764,846 5,247,077 858,531 1,432,479 741,838 896,37: 2,909,596 643,917 397,921 822,912 964,848 2,573,610
Member bank reserves
U. S. Treasurer—general
74,531
34,880
35,416
34,736 40,525
48,020
87,386
36,117
35,502
56,948
51,075
account
58,998
375,856
17,388
22,428
12,852
11,340
36,036
9,324
Foreign
6,048
9,828
28,224
14,364
13,104
355,074
11,545
3,241
1,716
1,057
1,253
597
346
558
33,701
Other
530
1,600
814,620 5,752,538 922,880 1,490,700 798,456 956,985 3,033,615 691,074 439,817 890,246 1,030,627 2,694,533
Total deposits
Deferred availability
items
Other liabilities
cash
Total liabilities
314,746
1,077
680,50'
4,461
264,165
886
375,045
2,515
310,981
773
372,546
96f
667,660
3,061
150,855
626
103,995
684
190,822
655
219,284
760
391,369
1,993
2,687,796 12,711,958 2,839,816 4,348,064 3,163,194 2,562,05: 8,817,239 2,018,745 1,078,527 2,127,743 1,960,021 5,635,964
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,840
47,013
3,011
11,369
102,974
223,963
7,319
40,533
21,463
55,923
4,489
11,971
33,066
71,550
1,006
15,884
15,968
41,236
3,349
11,973
17,214
36,19:
76:
9,66'
47,913
121,504
1,429
26,751
11,799
31,586
521
8,714
7,572
19,697
1,073
5,487
14,171
30,533
1,137
8,452
19,746
40,871
1,307
7,887
40,651
89,130
2,140
17,788
Total liabilities and capital
accounts
2,767,029 13,086,747 2,933,662 4,469,570 3,235,720 2,625,887 9,014,836 2,071,365 1,112,356 2,182,036 2,029,83 5,785,673
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
43.S
Contingent liability on acceptances purchased for
foreign correspondents....
7,495
Industrial loan commitments
48.9
437,04-
45.2
45.6
42.8
39.4
48.2
46.2
45.9
45.6
44.5
48.3
9,073
11,703
6,706
5,918
18,805
4,866
3,156
5,129
6,838
14,728
51
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $180,936,000 participations of other Federal Reserve
Banks.
940
4 After deducting $94,417,000 participations of other Federal Reserve
Banks.
561
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1958
Apr. 30
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Apr. 23
Apr. 16
1958
Apr. 9
Apr. 2
1957
Apr.
Apr.
Mar.
27,432,587 27,465,469 27,549,193 27,558,067 27,573,888 27,432,587 27,617,786 27,392,600
12,058,000 12,058,000 12,058,000 12,058,000 12 ,108,000 12,058,000 12,093,000 11,848,000
16,114
20,878
22,083
31,523
23,128
79,135
38,538
38,538
17,145,000 17,145,000 17,145,000 17,145,000 17 145,000 17,145,000 17,145,000 17,040,000
Total collateral
29,241,538 29,234,523 29,226,128 29,219,114 29,273,878 29,241,538 29,260,083 28,967,135
EACH FEDERAL RESERVE BANK ON APRIL 30, 1958
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
1,636,918 6 581,002 1,721,637 2,583,596 2 ,121,128 1,297,649 5 208,355 1,221,492 549,610 ,072,869 754,026 2 ,684,305
(issued to Bank)
Collateral held:
Gold certificate acct.. 700,000 3, 270,000 640,000 1 ,130,000 825,000 425,000 2,400,000 430,000 155,000 300,000 283,000 1,500,000
6,100
14,550
17,888
Eligible paper
U. S. Govt. securities. 1,150,000 3,600,000 1,200,000 1,600,000 1,350,000 1,000,000 3,100,000 875,000 425,000 820,000 525,000 1,500,000
Total collateral
,850,000 6,870,000 1,854,550 2,730,000 2,175,000 1,425,000 5,500,000,1,311,100 580,000 ,137,888 808,000.3,000,000
LOANS GUARANTEED UNDER REGULATION
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1952
1953
1954
1955
1956
Number
Amount
3,753
3,765
3,771
3,778
3,782
766,492
803,429
818,224
826,853
832,550
3,782
3,782
3,782
3,783
3,784
3,784
3,785
3,786
3,786
3,786
834,051
834,668
835,264
835,766
836,636
837,410
838,714
840,504
840,814
841,290
3,786
3,786
3,786
841,691
842,232
842,472
[Amounts in millions of dollars]
ParticiA p
Commit- ofpations
^
proved
financLoans
ments
ing instibut not
outouttutions
comstanding 2 standing
pleted i (amount) (amount)
out(amount)
standing 3
(amount)
End of
year or
month
1,638
1,951
520
305
3,921
1,900
719
702
794
3,210
3,569
1,148
2,293
2 36S
3,289
3,469
1,027
1,103
1,129
1952
1953
1954
1955
1956
80
155
80
760
772
780
774
742
608
628
620
586
581
524
1,987
1,955
1,794
1,780
1,795
1,815
1,323
1,165
1,130
1,109
1,012
991
948
919
812
816
684
1,169
1,126
1,122
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
535
506
502
1,058
1,063
I 001
1,087
1,063
965
Jan
Feb
Mar
Amount
Total
amount
Portion
guaranteed
1,159
1,294
1,367
1,411
1,468
2,124
2,358
2,500
2,575
2,761
979
805
472
294
389
803
666
368
226
289
586
364
273
170
125
1,482
1,485
1,488
1,493
1,496
1,497
1,498
1,498
1,500
1,503
2,842
2,850
2,862
2,867
2,878
2,880
2,882
2,888
2,906
2,912
408
402
407
412
412
390
395
398
394
395
304
300
305
307
307
292
295
300
298
300
127
133
130
126
123
146
138
124
127
135
1,506
1,511
1,512
2,923
2,935
2,936
380
372
367
290
286
282
156
164
139
1958
1958
Jan
Feb
Mar
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Loans
outstanding
1957
1957
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Loans
authorized
to date
* 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.
562
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
[In effect April 30. Per cent per annum]
[In effect April 30]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
On
commitments
Portion
for which
institution is
obligated
Percentage of
loan guaranteed
Remaining
portion
On
commitments
3
.3
.8.
3^-6
2 5V
Guarantee fee
(percentage of
interest payable
by borrower)
70 or less
75
80
85
90
95
Over 95
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
3*4-6
A
Interest rate
Commitment rate.
4-6
4-6
4-6
1 Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding
five years.
2
Including loans made in participation with financing institutions.
3
Rate
charged
borrower less commitment rate.
4
Rate charged borrower. 5 Rate charged borrower but not to exceed
1 per cent above the discount rate.
6 Twenty-five per cent of loan rate. Charge of V4 per cent per annum
is made
on undisbursed portion.
7
Charge of 1/A per cent per annum is made on undisbursed portion.
1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debit in millions of dollars]
Debits to demand deposits accounts,
except interbank and
U. S. Government accounts
Year or month
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusted 3
Total, all
reporting
centers
New
York
City
6
other
centers*
337 other
reporting
centers 2
New
York
City
6
other
centersx
337 other
reporting
centers 2
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043 548
2,200,643
2,356,768
509,340
544,367
597,815
632,801
738,925
766,890
815,856
888,455
298,564
336,885
349,904
385,831
390,066
431,651
462,859
489,311
572,208
661,302
695,133
740,436
758,375
845,007
921,928
979,002
31.1
31.9
34.4
36.7
42.3
42.7
45.8
49.5
22.6
24.0
24.1
25.6
25.8
27.3
28.8
30.4
17.2
18.4
18.4
18.9
19.2
20.4
21.8
23.0
Feb
Mar
Apr
May
June
JUly
Aug
Sept
Oct
Nov
Dec
177,536
197,231
192,701
197,257
193,349
200,559
190,539
189,294
204,168
189,246
220,376
67,035
74,786
72,328
71,780
74,512
74,509
68,409
70,953
77,431
71,667
88,584
36,886
42,113
40,182
42,128
39,942
41,711
40,194
39,095
41,761
39,012
43,692
73,615
80,332
80,192
83,349
78,895
84,339
81,936
79,245
84,976
78,567
88,100
48.9
48.7
46.9
47.1
51.4
49.5
44.7
52.2
49.9
51.2
58.9
30.2
32.0
30.3
30.5
30.4
30.6
28.5
31.4
29.6
30.5
32.2
23.0
22.5
22.4
23.2
23.1
23.6
22.1
24 A
22.7
23.5
24.7
50.2
47.5
47.6
48.3
47.6
50.8
51.7
50.9
51.4
51.7
52.1
31.0
29.2
29.4
31.0
29.8
31.2
31.1
31.7
30.5
30.0
30.8
23.1
22.6
23.1
23.7
23.1
24.0
23.5
23.7
22.7
22.3
23.4
1958 Jan
Feb
Mar
Apr
'212,875
r
181,703
'203,844
204,100
84,355
72,803
84,409
85,510
•41,992
'36,188
'40,363
39,354
86,528
'72,712
'79,072
79,236
54.6
55.4
56.2
56.6
30.0
30.1
31.3
*30.3
23.3
22.9
22.2
*22.5
54.3
56.8
54.8
57.5
30.6
30.9
28.6
^29.4
23.1
23.0
22.3
*23.2
1950
1951
1952
1953
I954
1955
1956
I957
1957
. .
' Revised.
» Preliminary.
1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
r
2
New
York
City
6
337 other
reporting
other
2
centers * centers
Prior to April 1955, 338 centers.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
563
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circulation i
Total
Coin
$P
$2
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30,509
31,158
31,790
5,553
8,120
20,683
20,020
19,305
21,450
21,636
21,374
22,021
22,598
590
751
1,274
1,404
1,554
1,750
1,812
1,834
1,927
2,027
559
695
,039
,048
,113
1,228
,249
,256
1,312
,369
36
44
73
65
64
71
72
71
75
78
1,019
1,355
2,313
2,110
2,049
2,143
2,119
2,098
2,151
2,196
1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,561 9,696
6,565 9,819
6,450 9,665
6.617 9.940
6,734 10,194
Dec
30,585
. . 30,519
30,836
31,082
30,933
31,133
31,073
31,090
31,661
31,834
21,639
21,588
21,905
22,123
21,987
22,155
22,088
22,086
22,582
22,626
2,000
2,020
2,029
2,042
2,050
2,060
2,069
2,083
2,099
2,110
1,270
1,276
1,301
1,302
1,292
1,296
1,312
1,330
1,356
1,398
75
75
76
77
77
78
78
77
78
80
2,063
2,055
2,093
2,102
2,069
2,085
2,084
2,089
2,146
2,188
6 473
6,425
6,554
6,615
6,520
6,581
6,533
6,533
6,726
6,662
9 758
9,737
9,852
9,985
9,979
10,055
10,013
9,975
10,177
10,187
1958—Jan
Feb
Mar
30,576
30,554
30,666
21,527
21,544
21,652
2,061
2,057
2,066
1,293
1,285
1,293
78
77
78
2,044
2,044
2,047
6,331
6,355
6,377
9,721
9,724
9,792
End of year or
month
1939
1941
1945...
1947
1950
1952
1953
1954
1955
1956
.
1957—Mar
Apr .
May
July
Sent
Oct
Nov
.
Large denomination currency
Coin and small denomination currency
$5
$10
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$20
Total
$50
$100
$500
2,048
3,044
7,834
8,850
8,438
8,985
9,146
9,136
9.136
460
724
2,327
2,548
2,422
2,669
2,732
2.720
2.736
2,771
919
1,433
4,220
5,070
5,043
5,447
5,581
5,612
5.641
5,704
191
261
454
428
368
343
333
321
307
292
425
556
801
782
588
512
486
464
438
407
20
24
7
5
4
4
4
3
3
2,679
2,674
2,679
2,696
2,695
2,701
2,696
2,695
2,725
2,777
5,573
5,566
5,564
5,575
5,570
5,596
5,611
5,632
5,677
5,752
286
285
284
283
281
280
279
279
279
280
397
395
393
391
388
388
386
385
386
384
3
2,711
2,692
2,689
5,668
5,651
5,656
277
276
277
381
380
381
9,192
8,946
8,931
8,931
8,958
8,946
8,977
8,984
9,003
9,079
0,208
9,049
9,011
9,014
$1,000 $5,000 $10,000
32
46
24
17
12
10
11
15
12
14
3
3
10
4
4
4
3
9
9
8
13
3
3
3
9
8
8
paper currency shown by denomination by amounts of unassorted currency
(not shown separately.)
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United. States notes..
National Bank notes
Total
Mar. 31, 1958
Feb 28 1958
Mar 31 1957
Total outstanding As security
Mar. 31,
against
1958
gold and Treasury
cash
silver
certificates
22,394
21 836
27 618
5,183
21,836
2558
^2,399
82
82
488
2 219
32,399
1 443
180
2 219
35"
Mar. 31,
1958
Feb. 28,
1958
Mar. 31,
1957
2,816
1,525
All
32
26,011
4,624
32
25,948
4,574
33
25,974
4,578
8
263
262
248
333
86
2,066
1,322
481
309
123
2,028
1,314
481
306
124
2,066
1,285
466
315
136
15
5
4
347
125
34
1
(4)
60
24 235
24,536
24,062
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. 556.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
3
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
18,989
38
501
I
For
F. R.
Banks
and
agents
Currency in circulation *
Held by
F. R.
Banks
and
agents
722
695
804
60
18 989
19,284
18,811
4,818
5,065
4,692
30,666
60
30,554
62
30,585
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.
564
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capita]
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,949
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,985
5,008
5,066
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
171,667 60,366
85,730
210,988
217,437 100,031
223,742 110,120
5,741
10,328
23,105
29,049
128,417
107,086
96,560
104,819
96,736
93,161
5,499
8,199
19,417
25,511
101,288
81,199
72,894
77,728
70,052
66,523
216
1,998
2,484
2,254
24,262
22,559
20,778
24,932
24,785
24,915
26
131
1,204
1,284
2,867
3,328
2,888
2,159
,899
,723
11,819
9,863
9,302
8,999
8.577
10,723
14,741
20,439
20,670
20,461
64,698
48,465
75,171
90,637
191,785
188,148
199,009
237,686
244,135
250,757
55,776
42,029
68,359
82,811
180,806
175,348
184,384
218,882
224,943
230,510
8,922
6,436
6,812
7,826
10,979
12,800
14,624
18,806
19,193
20,246
1957—Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27.
24.
29.
6.
26.
31.
28.
25.
30.
27.
31.
22,300
22,300
22,600
22,620
22,600
22,600
22,600
22,600
22,700
22.800
22,781
100
100
100
106
100
100
100
100
100
100
5,146
219,000
221,700
221,600
221,454
222,200
222,700
223,200
223,600
225,200
224,800
229,470
109,600
110,400
110,700
110,938
113,000
112,200
112,700
113,400
113,000
113,000
115,157
88,500
90,200
89,600
89,114
87,800
89,000
88,900
88,400
89,700
'89,400
91,370
63,800
65,400
65,000
64,548
63,400
64,100
64,000
63,700
65,000
'64,500
65,792
23,100
23,200
23,000
23,016
22,900
23,400
23,300
23,200
23,200
23.600
24,238
,700
,600
,600
,550
,600
,500
,500
,500
,500
,400
,340
20,900
21,100
21,400
21,402
21,400
21,400
21,600
21,800
22,500
22,400
22,943
246,400
249,200
249,400
249,180
249,900
250,400
250,900
251,300
253,000
252,700
257,397
225,400
228,200
228,200
227,576
229,100
229,300
229,000
229,500
231,100
231,000
236,372
20,900
20,900
21,200
21,605
20,900
21,100
21,900
21,900
21,900
21,700
21,023
1958—Jan. 29*>
Feb. 26^
Mar. 26?
22,800
22,700
22,500
5,200
5,200
5,200
225,600 112,500
226,700 112,700
230,000 113,900
89,900
90,500
91,900
65,200
65,800
67,100
23,400
23,400
23,500
,300
,300
1,300
23,100
23,500
24,300
253,500
254,600
257,700
231,800
232,500
235,500
21,800
22,100
22,200
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Date
1929—June
1933—June
1939—Dec.
1941_Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1954—Dec.
1955_Dec.
1956—Dec.
29
30
30
31
31
31
30
31
31
31
Foreign
bank
deposits,
net
365
50
1,217
1,498
3,329
3,167
3,306
At
Treas- comury
At
mercial
cash
F. R.
and
hold- savings
Banks
ings
banks
Time deposits 2
Total
Total
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
796 4,510
767 4,038
775 4,038
36
35
634
867
977
870
668
563
394
441
54,790
40,828
63,254
76,336
150,793
170,008
176,916
209,684
216,577
221,950
28,611
21,656
27,059
27,729
48,452
56,411
59,247
75,282
78,378
82,224
19,557
10,849
15,258
15,884
30,135
35,249
36,314
46,844
48,359
50,577
8,905
9,621
10,523
10,532
15,385
17,746
20,009
26,302
28,129
30,000
149
1,186
1,278
1,313
2,932
3,416
2.923
2,136
890
,647
22,540
14,411
29,793
38,992
75,851
87,121
92,272
106,550
109,914
111,391
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,852
28,285
28,335
111,100 85,200 25 ,900
114,300 89.800 24 ,500
129,700 102.800 26 ,900
133,200 105,800 27 ,400
134,400 106,700 27 ,700
3,800
4,400
5,300
3,625
4,800
3,700
4,400
3,900
3,500
3,300
4,179
500
300
500
473
500
500
500
600
500
400
481
217,200
219,600
218,400
219,439
219,700
221,000
220,000
220,900
223,000
223,300
227,681
84,600
84,900
85,700
85,715
86,400
86,700
87,100
87,700
88,100
87,600
89,126
52,600
52,900
53,600
53,605
54,000
54,400
54,700
55,100
55,500
55.000
56,139
30,400
30,400
30,600
30,647
30,900
30,900
31,000
31,200
31,300
31,300
31,662
,600
,500
500
,463
,500
,400
,400
,400
,400
,300
,325
105,200
107,300
104,800
105,706
105,600
106,600
105,100
105,500
107,200
107,200
110,254
27,400
27,400
27,900
28,018
27,800
27,800
27,800
27,800
27,800
28.500
28,301
134,700
135,000
134,600
(5)
135,200
136,000
134,700
133,900
134,200
134,000
133,200
2,400
3,800
5,800
500 224,800 89,800 56,600 31,900
400 223,900 90,900 57,600 32,100
600 224,500 92,500 58,800 32,400
1957_Mar 27
Apr. 24
May 29
June 6
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
3,100
3,200
3,200
3,247
3,400
3,270
800
800
800
792
800
800
800
800
800
800
761
1958—Jan. 29*'r
Feb. 26P
Mar. 26^
3,300
3,700
3,900
800
700
700
r
P1 Preliminary.
Revised.
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for July
1957, pp. 828-29.
Demand
Com- Mutual Postal
demercial savings Savings posits 4
banks banks3 System
Seasonally adjusted series*
,300 107,600 27,300
,300 105,600 27,400
,300 104,600 27,400
107,000 27 ,700
107,300 27 ,700
106,600 28 ,000
300 27,900
108, 000 28,000
106, 800 27,900
106, 200 27,700
106, 500 27,700
105, 900 28,100
105, 100 28,100
132,200 104,700 27 ,500
133,100 105,500 27 ,600
134,000 106,400 27 ,600
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.
565
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1939_Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1956—Dec.
1957—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1958—Jan.
Feb.
Mar.
30
31
31
3H....
30
31
27
6
31
28
25
30
27
31
29*'. . .
26*'...
26*
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Other
Total*
Number
of
banks
Time
Other
50,884 22,165
19,417 9,302 23,292 77,068 68,242 9,874
8,999 27,344 90,908 81,816 10,982
61,126 26,615 25,511
140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065
134,924 43,002
81,199 10,723 38,388 175,091 161,865 13,033
148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039
197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595
195,440 110,800 63,750 20,890 41,550 241,130 215,900 14,480
197,465 111,515
64,548 21,402 40,834 242,647 216,986 14,423
198,530 112,960 64,140 21,430 42,840 245,740 220,640 14,950
199,250 113,590 64,040 21,620 42,080 245,850 219,700 14,370
199,820 114,260 63,720 21,840 42,040 246,370 220,150 14,800
201,450 113,970 '64,990 22,490 42,590 248,660 222,030 14,710
200,910 114,060 '64,460 22,390 43,600 249,150 222,380 14,550
203,849 115,115 65,792 22,943 49,318 257,864 233,020 17,022
201,780 113,400 65,240 23,140 41,950 248,540 222,430 14,830
202,880 113,580 65,770 23,530 42,290 250,060 223,590 15,130
205,990 114,610 67,120 24,260 42,220 253,130 226,810 15,560
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,736 125,308
3,510 114,550
3,320 114t659
3,390 116,690
4,130 115,150
3,580 115,160
3,180 117,100
3,040 118,190
3,903 123,993
2,150lll6,680
3,500,115,040
5,560 114,210
25,852
26,479
45,613
53,105
56,513
80,908
83,360
84,584
85,610
86,050
86,610
87,040
86,600
88,102
88,770
89,920
91,480
8,194
8,414
10,542
11,948
13,837
19,249
19,520
19.879
20,000
20,140
20,210
20,450
20,540
20,428
20,560
20.700
20,830
15,035
14,826
14,553
14,714
14,650
14,167
14,160
14,144
14,135
14,133
14,128
14,113
14,102
14,090
14,081
14,076
14,078
17,238 16,316 7,114 22,474 65,216 57,718 9,874
21,714 21,808 7,225 26,551 79,104 71,283 10,982
26,083 90,606 7,331 34,806 160,312 150,227 14,065
38,057 69,221 9,006 37,502 155,377 144,103 13,032
52,249 62,027 12,399 40,289 168,932 155,265 14,039
90,302 58,552 16,269 48,720 217,460 197,515 17,593
90,630 55,740 16,490 40,700 207,230 185,440 14,480
91,028 56,642 16,845 39,995 208,393 186,308 14,421
92,340 56,280 16,760 42,040 211,310 189,710 14,950
92,840 56,170 16,890 41,320 211,250 188,680 14,370
93,400 55,870 17,050 41,260 211,590 188,930 14,800
'92,970 '57,310 17,620 41,790 213,840 190,740 14,710
'92,940 '56,910 17,420 42,800 214,220 191,050 14,550
93,899 58,239 17,930 48,428 222,696 201,326 17,021
92,020 57,700 17,930 41,070 213,050 190,470 14,830
92,090 58,260 18,230 41,340 214,320 191,480 15,130
92,980 59,550 18,880 41,290 217,090 194,400 15,560
32,513
44,349
105,921
1,343 94,367
2,806 101,917
3,733 125,282
3,510 114,520
3,318 114,633
3,390 116,660
4,130 115,120
3,580 115,130
3,180 117,070
3,040 118,160
3,898 123,967
2,150 116,650
3,500 115,010
5,560 114,180
15,331
15,952
30,241
35,360
36,503
50,908
52,930
53,937
54,710
55,060
55,420
55,780
55,300
56,440
56,840
57,840
59,100
6,885
7,173
8.950
10,059
11,590
16,302
16,520
16,837
16,970
17,090
17,140
17,380
17,440
17,368
17,470
17,580
17,710
14,484
14,278
14,011
14,181
14.121
13,640
13,633
13,619
13,610
13,608
13,603
13,588
13,578
13,568
13,561
13,556
13,558
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,292 106,850
3,183 97,671
2,932 97,612
3,090 99,425
3,715 98,187
3,189 97,997
2,777 99,704
2,681 100,648
3,472
472 '05,547
105
1,855 99,109
3,163 97,759
5,097 97,141
11,699
12,347
24,210
28,340
29,336
40.909
42,557
43,313
43,901
44,184
44,478
44,740
44,366
45,290
45,592
46,436
47,530
5,522
5,886
7,589
8,464
9,695
13,655
13,825
14,058
14,210
14,300
14,341
14,539
14,584
14,554
14,630
14,721
14,828
6,362
6,619
6,884
6,923
6,873
6,462
6,454
6,445
6,430
6,427
6,421
6,411
6.406
6,393
6,390
6,382
6,380
10,521
10,527
15,371
17,745
20,009
30,001
30,430
30,647
30,900
30,990
31,190
31,260
31,300
31,662
31,930
32,080
32,380
1,309
1,241
1,592
1,889
2.247
2,947
3,000
3,042
3,030
3,050
3,070
3,070
3,100
3,059
3,090
3,120
3,120
551
548
542
533
529
527
527
525
525
525
525
525
524
522
520
520
520
40,668
50,746
124,019
116,284
126,675
165,123
162,860
164,515
165,380
165,900
166,320
167,900
167,270
170,068
167,650
168,580
171,410
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
iO56_Dec. 31
1957—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
33,941
43,521
107,183
97,846
107,424
138,768
136,869
137,808
138,573
139,010
139,315
140,475
139,882
142,353
140,122
141,130
143,874
13,962
18,021
22,775
32,628
44,705
78,034
78,318
78,448
79,621
80,103
80,608
80,155
80,097
80,950
79,160
79,225
80,089
14,328
19,539
78,338
57,914
52,365
47,575
45,205
45,829
45,490
45,334
45,007
46,158
45,823
47,079
46,599
47,280
48,572
5,651
5,961
6,070
7,304
10,355
13,159
13,346
13,531
13,462
13,573
13,700
14,162
13,962
14,324
14,363
14,625
15,213
19,782
23,123
29,845
32,845
35,524
42,906
35,823
35,270
37,137
36,594
36,399
36,935
37,862
42,746
36,151
36,457
36,395
55,361
68,121
138,304
132,060
144,660
184,874
175,949
176,507
179,151
179,188
179,283
181,109
181,440
188,828
180,150
181,522
184,191
49,340
61,717
129,670
122,528
133,089
167,906
157,270
157,593
160,652
159,767
159,759
161,229
161,536
170,637
160,793
161,908
164,745
10,216
10,379
16,208
18,641
21,346
31,940
32,580
32,950
33,150
33,350
33,500
33,550
33,640
33,782
34,130
34,300
34,580
4,927
4,901
4,279
4,944
8,137
19,777
20,170
20,487
20,620
20,750
20,860
21,000
21,120
21,216
21,380
21,490
21,630
3,101
3,704
10,682
11,978
10,868
7,971
8,010
7,906
7,860
7,870
7,850
7,680
2,188
1,774
1,246
1,718
2,342
4,192
4,400
4,557
4,670
4,730
4,790
4,870
4,970
5,013
5,210
5,300
5,380
818
793
609
886
797
920
850
839
800
760
780
800
800
890
880
950
930
11,852
11,804
17,020
19,714
22,385
33,311
33,900
34,254
34,430
34,600
34,780
34,820
34,930
35,168
35,490
35,740
36,040
10,524
10,533
15,385
17,763
20,031
30,032
30,460
30,678
30,930
31,020
31,220
31,290
31,330
31,695
31,960
32,110
32,410
7,570
* Preliminary.
# ' Revised.
1
All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise all
nonmember commercial banks and all member banks (including (1) one
bank in Alaska and one in the Virgin Islands that became members on
Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured nondeposit trust company, but excluding three mutual savings banks that
became members in 1941). Stock savings banks and nondeposit trust
companies are included with commercial banks. Number of banks includes a few noninsured banks for which asset and liability data are not
Demand
U.S.
Govt.
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1956—Dec. 31
1957—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 2 9 * ' . . .
Feb. 26*'. . .
Mar. 26*
All mutual savings banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31 4
1950—Dec. 30
1956—Dec. 31
1957—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 2 9 * . . . .
Feb. 26*
Mar. 26*
Interbank 2
Total
capital
accounts
9,410
10,525
13,640
12,403
13,448
16.855
13,859
13,736
14,236
13,681
14,095
14,008
13,841
16,328
14,237
14,550
14,977
()
8
(*)
(5)
(5)
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.
566
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
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—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
9,339
12,896
26,143
20,393
20,612
23,809
23,592
23,293
23,182
23,252
23,258
23,385
23,054
23,828
23,181
23,964
25,006
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
2,105
2,760
5,931
5,088
5.569
6,473
6,444
6,266
6,234
6,289
6,261
6,273
6,275
6,446
6,211
6,261
6,492
Reserve city member banks:
1939—Dec. 30
1941_Dec. 31
1945_Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—Mar. 27
June 6
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
assets 2 bilities
and
capital Total*
accounts 3
Other
Interbank!
Demand
Total
capital
accounts
Number
of
banks
Time
U.S.
Govt.
Other
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
15,987 6,057
16,366 5,357
15,895 5,738
16,006 5,476
16,191
5,298
16,216 5,254
16,115 5,415
15.887 5,423
16,102 5,880
15,501
5,690
15,934 5,934
16,367 6,414
1,272
1,559
1,235
1,242
1,890
1.765
1,869
1,660
1,700
1,763
1,788
1,855
1,744
1,846
1,990
2,096
2,225
6,703
6,637
6,439
7,261
7,922
8.629
7,207
6.692
7,470
7,701
6,984
7,539
7,700
8,984
7,134
7,327
7,656
16,413
19,862
32,887
27,982
28,954
33,381
31,772
30,993
31,685
32,144
31,403
32,103
31,921
33,975
31,612
32,622
33,959
14,507
17,932
30,121
25,216
25,646
29,149
27,056
26,322
26,981
27,070
26,182
27,030
26,935
29,371
26,600
27,412
28,965
4,238
4,207
4,657
4,464
4,638
5,987
5,013
5,033
5,233
4,945
5,108
5,119
5.148
5,781
5,328
5,623
5,842
74
866
6,940
267
451
747
755
688
726
737
535
500
443
737
266
602
1,381
9,459
12,051
17,287
19,040
18,836
19,940
18,520
17,836
18,320
18,698
17,778
18,648
18,591
19,959
18,081
18,089
18,454
736
807
1,236
1,445
1,722
2,475
2,768
2,765
2,702
2,690
2,761
2,763
2,753
2,893
2,925
3,098
3,288
1,592
1,648
2,120
2,259
2,351
2.873
2,886
2,907
3,061
3,059
3,054
3,127
3,133
3,136
3,152
3,166
3,161
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
569
954
1,333
1,801
2,083
3,772
3,685
3,789
3,862
3,915
3,937
3,829
3,781
3,852
3,600
3,487
3,481
1,203
1,430
4,213
2,890
2,911
2,113
2,165
1.884
1,825
1,823
1,783
1,888
1,927
2,032
2,050
2,201
2,404
333
376
385
397
576
588
594
593
547
551
541
556
567
562
561
573
607
1,446
1,566
1,489
1,739
2,034
2,171
1,706
1,821
1,947
1,968
1,939
1,969
1,938
2,083
1,862
1,927
1,808
3,595
4,363
7,459
6,866
7,649
8.695
8,203
8,147
8,239
8,314
8,257
8,310
8,285
8,595
8,137
8,256
8,374
3,330
4,057
7,046
6,402
7,109
7,943
7,127
7,284
7,462
7,440
7,319
7,264
7.320
7,792
7,291
7,374
7,390
888
1,035
1,312
1,217
1,229
1,372
1,212
1,184
1,279
1,185
1,251
1,183
1,145
1,347
1,170
1,211
1,272
80
127
1,552
72
174
184
185
97
196
275
186
148
151
195
86
203
351
1,867
2,419
3,462
4,201
4,604
5,069
4,432
4,691
4,676
4,674
4,573
4,624
4,708
4,904
4,695
4,612
4,418
495
476
719
913
1,103
1,319
1,298
1,312
1,311
1,306
1,309
1,309
1,316
1,345
1,340
1,348
1,349
250
288
377
426
490
660
651
665
671
671
670
679
685
689
688
693
700
14
13
12
14
13
14
14
14
14
14
14
14
14
14
14
14
14
12,272
15,347
40,108
36,040
40,685
53,915
52,677
53,137
53,785
53,831
53,881
54,109
54,201
55,259
54,294
54,626
55,711
5,329
7,105
8,514
13,449
17,906
31,783
31,548
31,435
32,104
32,259
32,576
32,261
32,510
32,805
32,076
31,815
32,072
5,194
6,467
29,552
20,196
19,084
17,368
16,416
16,797
16,798
16,696
16,372
16,755
16,669
17,352
17,156
17,672
18,210
1,749
1,776
2,042
2,396
3,695
4,764
4,713
4,905
4,883
4,876
4,933
5,093
5,022
5,102
5,062
5,139
5,429
6,785
8,518
11,286
13,066
13,998
17,716
14,744
14,532
15,079
14,683
14,930
14,899
15,500
17.540
14,715
14,934
14,629
19,687
24,430
51,898
49,659
55,369
72,854
68,674
68,965
70,164
69,808
70,128
70,389
71,106
74,196
70,471
71,012
71,802
17,741
22,313
49,085
46,467
51,437
66.524
61,808
61,796
63,225
62,521
62,870
62,963
63,556
67,483
63,244
63,710
64,626
3,686
4,460
6,448
5,649
6,448
7.878
6,228
6,373
6.248
6,408
6,367
6,203
7,542
6,364
6,392
6,536
435
491
8,221
405
976
1,201
1,199
1,051
1,264
1,453
1,274
918
1,017
1,358
610
1,349
1,960
9,004
12,557
24,655
28,990
32,366
40,647
36,922
36,874
37,671
36,820
37,103
37,483
38,159
39,960
37,591
36,924
36,646
4,616
4,806
9,760
11,423
11,647
16,797
17,326
17,642
17,917
18,000
18,085
18,195
18,177
18,623
18,679
19,045
19,484
1,828
1,967
2,566
2,844
3,322
5,076
5,121
5,182
5,199
5,242
5,260
5,298
5,338
5,370
5,394
5,428
5,469
346
351
359
353
336
289
285
282
282
282
281
281
280
278
278
278
278
10,224
12,518
35,002
36,324
40,558
54,571
54,156
55,112
55,372
55,638
55,915
56,708
56,352
56,820
56,436
56,279
56,665
4,768
5,890
5,596
10,199
14,988
26,491
26,719
27,330
27,649
27,738
27,879
27,950
27,910
28,191
27,983
27,989
28,169
3,159
4,377
26,999
22,857
21,377
22,037
21,267
21 409
21,391
21,517
21,598
22,100
21,804
21,815
21,703
21,473
21,544
2,297
2,250
2,408
3,268
4.193
6,042
6,170
6,373
6,332
6,383
6,438
6,658
6,629
6,814
6,750
6,817
6,952
4,848
6,402
10,632
10,778
11.571
14,390
12,166
12,224
12,641
12,242
12,546
12,528
12,724
14,139
12,440
12,269
12,302
15,666
19,466
46,059
47,553
52.689
69,945
67,300
68,404
69,063
68,922
69,495
70,307
70.128
72,062
69,930
69,632
70,056
13,762
17,415
43,418
44,443
48,897
64,289
61,279
62,192
62,984
62,736
63,388
63,972
63.725
65,991
63,658
63,412
63,764
598
822
1,223
1,073
1,133
1,618
1,273
1,290
1,351
1,303
1,328
1,339
1,345
1,658
1,375
1,324
1,327
154
225
5,465
432
922
1,160
1,044
1,097
904
1,250
1,194
1,211
1,070
1,181
893
1,009
1,405
7,158
10,109
24,235
28,378
31,977
41,194
37,797
38,211
38,758
37,995
38,543
38,949
39,190
40,724
38,742
38,134
37,623
5,852
6,258
12,494
14,560
14,865
20,317
21,165
21,594
21,971
22,188
22,323
22,473
22,120
22,429
22,648
22,945
23,409
1,851
1,982
2,525
2,934
3,532
5,046
5,167
5,304
5,279
5,328
5,357
5,435
5,428
5,359
5,396
5,434
5,498
5,966
6,219
6,476
6,519
6,501
6,141
6,137
6,131
6,116
6,113
6,108
6,098
6.094
6,083
6,080
6,072
6,070
4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
Deposits
6,361
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.
567
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957 June 6
Dec. 31
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
bilities
assets 2
and
capital
accounts 3
Deposits
Other
Total2
Interbank 2
Demand
U.S.
Govt.
Other
Total
capital
accounts
Number
of
banks
Time
49,290
121,809
114,274
159,164
163,601
163.025
168,595
21,259
25,765
37,583
82,081
89,831
90.571
93,430
21,046
88,912
67,941
60,765
57,837
55.973
57,580
6,984
7,131
8,750
16,318
15,933
16.481
17,585
25,788
34,292
36,926
46,480
48,352
39.713
48,127
76,820
157,544
152,733
208,608
215,514
206.567
220,865
69,411
147,775
141,851
190,512
195,953
184.860
199,876
10,654 1,762
13,883 23 740
12,670 1,325
16,273 3,697
17,282 3,717
14.095 3,310
16,753 3,859
41,298
80 276
92,975
122,149
124,346
113.812
123,127
15,699
29 876
34,882
48.393
50 608
53.643
56,137
6,844
8 671
9,734
14,980
15 988
16.525
17,051
13,426
13 297
131398
13,216
13 195
13J89
13,142
National member banks:
1941—Dec. 31
1945 Dec. 31
1947—Dec. 31
1955—Dec. 31
1956 Dec. 31
1957_j U ne 6
Dec. 31
27,571
69,312
65,280
86,152
88,477
87,910
91,201
11,725
13,925
21,428
43.428
48,109
48.415
50,350
12,039
51,250
38,674
33,579
31,568
30.345
31,234
3,806
4,137
5,178
9,144
8,800
9.150
9,617
14,977
20,114
22,024
25,697
27,006
22.525
26,786
43,433
90,220
88,182
113,412
117,345
112.460
120,153
39,458
84,939
82,023
103,903
107,161
100.989
109,091
6,786 1 088
9,229 14,013
8,410
795
9,317 2 063
9,844 2,074
7,963 1 782
9,475 2,166
23 262
45,473
53 541
65 840
67,434
61 737
66,546
8 322
16,224
19 278
26,683
27,810
2° 506
30,904
3 640
4,644
5 409
7915
8,450
8 111
9,070
5 117
5^017
5 005
4 692
4,651
4 647
4,620
State member banks:
1941 Dec 31
1945—Dec. 31
1947_Dec. 31
1955 Dec. 31
1956—Dec. 31
1957—June 6
Dec 31
15,950
37,871
32,566
49,208
50,291
49.898
51,152
6,295
8,850
11,200
27,554
29,924
30 034
30,600
7,500
27,089
19,240
17,118
16,007
15.483
15,846
2,155
1,933
2,125
4,536
4,359
4.381
4,707
8,145
9,731
10,822
15,719
15,900
12.745
15,960
24,688
48,084
43,879
66.002
67,530
64.047
68,676
22,259
44,730
40,505
59,854
60,744
56.605
61,545
3,739
4,411
3,993
6,549
7,012
5.773
6,853
621
8,166
381
1,264
1,218
1 150
1,306
13,874
24,168
27 068
39,559
39,416
35 874
39,001
4,025
7,986
9 062
12.482
13,098
11 807
14,386
2,246
2,945
3 055
4,868
5,205
5,483
1,502
1,867
1 918
1,851
1.811
1 798
1,773
Insured nonmember
commercial banks:
1941—Dec. 31
1945 Dec. 31 . .
1947_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957_june 6
Dec. 31
5,776
14,639
16,444
23,829
24,859
25,243
26,268
3,241
2,992
4,958
11,108
11,808
12 134
12,493
1,509
10,584
10 039
10,081
10,274
10 156
10,512
1,025
1,063
1,448
2,640
2,777
2.953
3,264
2,668
4,448
4,083
5,067
5,448
4.446
5,383
8,708
19,256
20,691
29.220
30,667
30.088
32,066
7,702
18,119
19,340
26,779
28,073
27.292
29,266
129
244
266
408
427
359
425
53
1,560
149
370
425
178
4 162 3 360
10,635 5,680
12 366 6 558
16 749 9 252
17,497 9,724
16 200 10 155
17 580 10 873
959
1,083
1 271
2 199
2,336
2 4*0
2 500
6 810
6,416
6 478
6 677
6,737
6 748
6 753
Noninsured nonmember
commercial banks:
1941_Dec. 31
1945 Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec 31
1957__June 6
Dec. 31
1,457
2,211
2,009
1,716
1,521
1.490
1,473
455
318
474
520
471
457
761
1,693
1,280
827
714
669
2,283
2,768
2,643
2,126
1,946
1.825
1,831
1,872
2,452
2,251
1,742
1,562
1.448
1,449
329
181
363
370
310
326
268
039
936
821
329
279
325
320
313
852
714
783
660
763
514
576
357
369
282
301
253
365
478
322
300
294
468
241
200
255
370
336
364
345
840
303
317
All nonmember commercial
banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 314
1955 Dec 31
1956—Dec. 31
1957 June 6
Dec. 31
7,233
16 849
18 454
25.546
26 381
26.733
27,741
3 696
3 310
5 432
11.628
12 279
12.591
12,961
12,277
11,318
10.908
10,989
10,825
11,172
1,266
1,262
1,703
3,010
3,113
3,317
3,608
3,431
4,962
4.659
5,424
5,817
4.728
5,684
10,992
22 024
23 334
31,347
32 613
31.913
33,897
9,573
20,571
21,591
28,522
29,635
28.740
30,715
457
425
629
778
737
685
692
5 ! 04
3 613
14 101
6 045
13 758 7 036
382 17,788 9,574
440 18 433 10 024
385 17.021 10.649
427 18,420 11,176
1,288
1 362
1 596
2,519
2 649
2.781
2,817
Insured mutual savings banks:
1941—Dec. 31
1945 Dec 31
1947_Dec. 31
1955 Dec. 31
1956—Dec. 31
1957 June 6
Dec. 31
1 693
10 846
12 683
22.331
24 170
25 185
26 535
642
3 081
3 560
13.563
15 542
16 228
17 194
629
7,160
8,165
5,858
5,518
5 505
5,404
421
151
606
958
1 958
11 424
13,499
23.458
25,282
26 241
27,671
1,789
10,363
12,207
21,237
22,886
23.578
25,022
1 789
10 351
2,910
3,110
3.452
3,937
429
675
164
1 034
1,252
2,006
2,130
2 ?40
2 308
8 687
5 361
5 957
7 567
7 770
7 765
7,246
4 259
1 198
1 384
3 893
4 235
4 259
4,022
3,075
3 522
3 813
2.601
2 453
2 401
2,148
1,353
641
760
1,072
1 082
1.105
1,076
9,846
8,744
5 022
5,556
6.950
7 146
7.100
6,672
Noninsured mutual savings
banks:
1941—Dec. 31
1945 Dec 31
1947 Dec. 314 . .
1955—Dec. 31
1956 Dec 31
1957 June 6
Dec 31
For other notes see preceding two pages.
2,270
785
739
672
719
642
180
211
180
182
167
171
5 596
6 215
7 816
8 028
8 011
7,497
1
2
2
2
388
:9i
1,5 >05
1
18
12
1
16
8
39
392
167
2
3
3
2
3
12
12 12 192
49 21,182
23 22 857
26 23 549
26 24 991
6
2
2
2
2
8 738
5 020
5 553
6 947
7 143
7 098
6,671
1 077
558
637
806
817
802
751
499
444
429
425
7 662
7 130
7*261
7,176
7 181
7.177
7,178
52
192
194
220
223
234
239
496
350
339
307
304
291
283
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
568
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
CommerTotal
cial,
loans
in- Agriand
invest- Total 2 elud- culing
turments
open
al
market
paper
Loans for
purchasing
or carrying
securities
To
brok- To
ers
and othdeal- ers
ers
Investments
U. S. Government obligations
ObligaOther
tions
Direct
of
Real loans
to
States Other
esin- Other
Total
secuand
tate
loans
CertifiGuardiloans vidTotal
cates
an- polit- rities
ical
inteed
uals
Bills of
subdebt- Notes Bonds
diviedsions
ness
All commercial
banks-.3
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
116,284
160,881
165,123
164,515
170,068
38,057
82,601
90,302
91,028
93,899
18,167 1,660 830
33,245 4 ,475 3,263
38,720 4 ,161 2,589
39,020 4 ,077 2,274
40,526 4 ,066 2,601
1,220
1,774
1,691
1,634
1,620
All insured commercial banks:
1941 Dec. 31
1945—Dec. 3 1 . . . .
1947 Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
49 290 21 259
121,809 25,765
114,274 37,583
159,164 82,081
163,601 89,831
163,025 90,571
168,595 93,430
9 214 1 450 614
9,461 ,314 3,164
18,012 1 ,610 823
33,092 4 ,396 3,229
38,571 4 ,101 2,565
38,870 4 ,027 2,251
40,380 4 ,015 2,569
3,606
1,190
1,742
1,669
1,613
1,601
Member banks
total:
1941 Dec. 31 ..
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
43 521
107;183
97,846
135,360
138,768
137.808
142,353
8 671 972
8; 949 855
16,962 1 ,046
31,019 2 ,726
36,296 2 ,478
36,500 2 ,453
37,868 2 ,472
3,378
1,065
1.560
1,473
1,416
1,409
3> 494
3 , 455
7, 130
16, 391
17, 811
17, 768
18, 231
New York City:4'
1941—Dec. 31
12 896 4 072 2,807
1945—Dec. 3 1 . . . . 26,143 7,334 3,044
1947—Dec. 3 1 . . . . 20,393 7.179 5,361
1955—Dec. 3 1 . . . . 23,583 14.640 9,126
1956—Dec. 3 1 . . . . 23,809 15,987 11,266
1957—June 6 . . . . 23.293 15.895 11.344
Dec. 31
23,828 16,102 11,651
412 169
2.453 1,172
545 267
17 2.144
511
1 1,409
402
1 1,152
389
1,280 387
123
80
111
577
617
567
565
Chicago:4
1941—Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
31
31
31
31....
31....
6....
31....
2.760
51 931
5 .088
6,542
6.473
6.266
6,446
1,333
U801
3.342
3.772
3,789
3,852
1,418
2,390
2,781
2.859
2,903
6
2
3
15
17
8
9
22
36
46
128
134
135
143
Reserve city
1941—Dec.
1945—Dec.
1947_Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
banks :
31
31....
31....
31....
31....
6....
31....
15 347
40,108
36,040
52.459
53,915
53.137
55,259
7 105
8.514
13,449
28,622
31,783
31.435
32,805
3 456
3,661
7,088
13,212
15,170
14,919
15,702
300
205
225
566
489
495
494
194
114
427 1,503
170 484
542
696
501
712
672
496
603
673
Country banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
12,518
35,002
36,324
52.775
54.571
55.112
56,820
5,890
5,596
10.199
24.379
26,491
27,330
28,191
1,676
1,484
3,096
6,290
7,080
7,378
7,613
659
648
818
2 ,127
1 ,972
1 ,949
1 ,970
20
42
23
189
334
312
365
183
471
227
255
261
259
252
823
1 881
3^ 827
8 723
9 , 407
9 , 586
9 , 856
Nonmember commercial banks: 3
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
18.454
25,546
26,381
26.733
27,741
5,432
11,628
12,279
12,591
12,961
1,205
2,226
2,424
2,519
2,657
I ,750
] ,683
1 ,625
1 ,594
20
113
143
143
153
156
214
218
219
211
2
4
4
4
4
18 021
22,115
32.628
70,982
78,034
78.448
80,950
954
732
760
594
3,133
811
3,150
2,447
2,132
2,448
1 ,063
3 ,117
3 ,343
3 ,623
3 ,533
78,226
78,280
74,821
73,487
76,169
69,221
61,592
58,552
56,642
58,239
2,193
4,219
5,924
4,761
5,405
4 5 45
662 4 773
4 , 677 2, 361 1 ,181
9 , 266 5, 654 1 ,028
20,692 17, 104 3 ,091
22 394 18, 765 3 .325
22^427 19, 421 3 ,599
2 3 , 003 20, 122 3 ,513
28,031
96,043
76,691
77,083
73,770
72,454
75,164
21,046
88,912
67,941
60,765
57,837
55,973
57,580
2,455
2,124
4,105
5,763
4,658
5,290
25 500 19 539
3 ( 9?
1 ,104 84,408 78,338
952 65,218 57,914
2 ,943 64,377 50,697
3 ,147 60,734 47,575
3 ,399 59,360 45,829
3 ,316 61,403 47,079
2,275
1,987
3,250
4.383
3,439
3,948
598
9 , 393
20, 809
22, 509
22, 530
2 3 , 110
8
614
48
211
73
275
203
172
200
52
233
87
99
97
96
97
5,
17,
18,
19,
20,
1,
4,
14,
15,
16,
16,
900
662
313
765
229
775
7,789
2,318
1,997
3,665
4,813
6, 034 53,191
14, 034 41,010
11, 823 38,796
10, 070138,137
10, 608 j 37,406
14
11
13
9
8
5,276 3,729
12,698 3,990
12,901 3,368
13.314 3,531
13.915 4,014
19,071
7,552
2,292
1,981
3,610
4,758
3 159 12 797 4 102 3 651 3 333
16, 045 5K321
22 3,873 3,'258
14 5,129 3,621
5 , 918 52J34
10 12,465 3,853
13, 856 40.502
1 1 , 722138; 358
13 12,675 3,258
9 , 967137,730
8 13.095 3,386
10, 493 37,031
7 13,688 3,897
16,985
5,816
1,738
1,469
2,798
3,534
3 , 007 11 729 3 832 3 090 2 871
' 16 3 .'254 2,'815
14, 271 44.792
4 , 815 45.286
10 4,199 3,105
9 10,444 3,236
1 1 , 508 34.192
9 , 493132,218
12 10.494 2,665
8 10.768 2,763
7, 952J31.632
7 11,235 3,089
8, 560 31,031
988
971
54
1 623 3 652 1,679
729
8,823 7 265 311
1
287
606
298 18,809 17,574 477 3,433 3 , 325 10.337
564
330 13,214 11.972 1,002
640
558 9.771
638
1, 506 1 ,006 8,943 6,796
552
100 1 ?141 5,002
2 1,609
724
3 1.406
1, 558 1 ,049 7,822 6,057
194
976 4.160
1, 516 1 ,245 7,398 5,738
685
219
781 4.052
1.311
513 ,053 7,726 5,880 648
214 j 093 3 924
1,435
95
51
149
316
439
430
425
40
26
184
178
184
180
1 527
1 !
404
1, 459
855
366
3 , 147 1, 969
6, 962 5, 916 1 ,180
7,654 6, 512 1 ,289
7, 481 6, 630 1 ,300
7, 667 6, 893 1 ,370
n
1,806
4 598
3,287
3,200
2,701
2,477
2,594
1,430
4 213
2,890
2,506
2,113
1,884
2,032
256
133
132
111
112
75
65
903
153
749 1 864
248 2.274
604 1.723
316 1,643
223 1.513
313 1,528
1 467
235
68
42
74
126
119
182
181
213
476
440
460
408
830
629
604
539
358
349
411
193
204
185
219
148
133
154
751 4 ^48 1,173
820
956
8,243 6 467 295
31,594 29,552 1,034 6,982 5, 653 15.878
5 1.126
916
3 1.342 1,053
22,591 20,196 373 2,358 1 901 15.560
5 3.778 1,233
657 4 ; 708 12.643
23,837 18,826 813
441 3, 742 11,995
4 3.820 944
22,132 17,368 1,185
3 3.888 1.017
21,702 16,797 758 1,179 3 , 038 11,819
2 4,027 1,075
22,454 17,352 1,009 1,285 3 , 297 11,760
101
979
575
256
653
944
363
229
573
631
669
713
6,628
29,407
26,125
28,397
28,080
27,782
28,629
4,377
26.999
22,857
22,570
22,037
21,409
21,815
2,926
544)16,713
108 17,681
056 14,825
458 14,420
910 14,248
857 13,819
861
9
6
3
4
4
4
1,222
1,342
2,006
4.581
4.827
5.109
5,365
1,028
1,067
1,262
1,246
1.215
1,265
1,449
266 1 061
428 2 872
708 3 085
773 3 278
891 3 442
111
174
196
224
217
13,021
13,918
14,102
14,141
14,780
11,318 206 1,973 1 219 7,916
580 2, 527 6,829
10,908 970
528 2 330 6,588
10,989 1,541
867 2 119 6,515
10,825 1,323
11,172 1,457 1,279 2 049 6,385
4
2
1
1
1
1.078
2.255
2.409
2,548
2,682
625
755
704
769
926
1
u
1
6
1
1
1
1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings banks
became members of the Federal Reserve System; these banks are in-
723
185
850
508
217
<
30
110
630 * 5;i 62
480 2,583
913
1,774
792
2,362
1,920 1,326
2,226 1,909
481
4,
2,
5,
4,
3,
3,
cluded in member banks but are not included in all insured commercial
banks or all commercial banks. Comparability of figures for classes of
banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual
banks, and by mergers, etc.
For other notes see opposite page.
569
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Time deposits
Re-
Class of bank
and
call date
BalDeserves
mand
Cash ances
with
with
dein
Federal
doposits
vault mestic
Readserve
bankss justed 6
Banks
Interbank
deposits
ForDomestic5 eign
CertiIndiIndi- Bor- CapiU.S. S tates viduals,
States
fied viduals,
tal
Govt. and partnerrow- acand
and
partnerU.S. political offiand polit- ships, ings counts
ships, Interbank
postal
ical
Govt. subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions poraetc.
tions
tions
All commercial
banks: 3
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—jur,e 6 . . . .
Dec. 3 1 . . . .
17,796
18,721
18,706
18,500
18,972
2,216
2,682
3,261
2,737
3,335
10,216
12,050
12,813
9,761
12,342
87,123
109,905
111,405
105,713
110,266
11,362
13,512
14,338
11,247
13,867
1,430
1,546
1,794
1,618
1,769
1,343
3,709
3,733
3,318
3,898
6,799
10,273
10,449
10,603
10,693
2,581
3,904
3,785
2,852
3,620
84,987
109,011
111,048
101,177
109,653
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6
Dec. 3 1 . . . .
12.396
15,810
17.796
18,721
18,706
18,500
18,972
1,358
1,829
2,145
2,656
3,237
2,717
3,311
8,570
11,075
9,736
11,744
12,490
9,515
12,079
37,845
74,722
85,751
108,887
110,487
104,904
109,439
9,823
12,566
11,236
13,390
14,226
11,127
13,752
673
1,248
1,379
1,516
1,755
1,581
1,736
1,762
23,740
1,325
3,697
3,717
3,310
3,859
3,677
5,098
6,692
10,138
10,350
10,500
10,594
1,077
2,585
2,559
3,879
3,744
2,829
3,597
36,544
72,593
83,723
108,131
110,252
100,483
108,936
Member banks,
total:
1941—Dec.
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
12,396
15,811
17,797
18,722
18,707
18,501
18,973
1,087
1,438
1,672
2,019
2,487
2,065
2,536
6,246
7,117
6,270
7,612
8,124
5,931
7,806
33,754
64,184
73,528
92,435
93,320
88,912
92,191
671 1,709
9,714
12,333 1,243 22,179
10,978 ,375 1,176
13,002 1,511 3,327
13,818 ,749 3,292
10,799 ,568 2,932
13,356 ,726 3,472
3,066
4,240
5,504
8,075
8,211
8,371
8,412
1,009
2,450
2,401
3,638
3,475
2,616
3,331
33,061
62,950
72,704
93,687
95,163
86,624
93,804
New York City:4
1941 Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 31
1957—June 6 . . . .
Dec. 3 1 . . . .
5 105
4,015
4,639
4,431
4,375
4.080
4,564
93
111
151
127
161
143
158
141
78
70
111
99
45
110
10 761
15,065
16,653
16,493
15,974
15,450
15,849
3,595
3,535
3,236
3,364
3,622
2,775
3,480
Chicago:4
1941 Dec.
1945 Dec.
1947—Dec
1955—Dec.
1956—Dec.
1957—June
Dec.
31
31
31
31....
31....
6....
31....
1 021
1 070
1,135
1.158
1,089
1,071
43
36
30
32
37
28
39
298
200
175
141
174
95
148
2 215
3 153
3 737
4,349
4,272
4,087
4,084
1,027
1,292
1,196
1,246
1,318
1,133
1,293
Reserve city
1941—Dec.
1945—Dec.
1947_Dec.
1955—Dec.
1956—Dec.
1957—June
Dec.
banks:
31....
31....
31....
31
31
6
31
4,060
6,326
7,095
7,727
7,649
7,701
7,763
425
494
562
638
787
653
790
2,590
2.174
2,125
2,515
2,656
1,825
2,585
11,117
22,372
25,714
33,757
34,046
32,549
33,583
Country banks:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 31
1955—Dec. 3 1 . . . .
1956—Dec. 31
1957—June 6
Dec. 31
2,210
4,527
4,993
5,429
5,526
5,631
5,576
526
796
929
1,222
1,502
1,241
1,549
3,216
4,665
3,900
4,844
5,194
3,966
4,964
9,661
23,595
27,424
37,836
39,028
36.827
38,676
1,199
1,049
1,488
1,580
1,243
1,621
544
663
774
672
799
3,947
4,439
4 690
3 831
4,536
13 595
17,470
18 085
16 801
18,075
385
510
521
448
511
Nonmember commercial banks: 3
1947 Dec 31
1955—Dec 31
1956 Dec 31
1957 June 6
Dec. 31, ,. .
942
607
866
450
1,338
1,105
1,498
1,172
914
1,284
158
70
54
1,367
1,301
1,388
1,264
140
64
50
1,353
1,289
1,369
1,246
6
11 282
15,712
17
12
17,646
18,919 1,085
965
18,482
16,660 1,009
912
18,377
111
356
330
331
301
59
103
111
356
330
331
301
9
8
12
10
10
243
160
332
941
935
2 152
3 160
3 853
4,781
4,690
4,152
4,493
11
7
16
15
2
6
5
4
3
4,302
6,307
5,497
6,903
7,298
5,648
6,962
54
491
110 8,221
131
405
303 1,288
286 1,201
266 1,051
279 1,358
1,144
1,763
2,282
3,048
3,092
2,911
3,111
286
611
705
11,127
22,281
26,003
35,752
36,519
33,177
35,906
104
30
22
239
294
314
301
790
2
225
8 5,465
7
432
17 1,061
16 1,160
18 1,097
18 1,181
1,370
2,004
2,647
4,425
4,538
4,740
4,669
1,020
1,183
1,027
8,500
21,797
25,203
34,235
35,473
32,635
35,029
55
36
45
50
43
1,295
2,198
2 238
2,232
2,282
180
265
310
236
289
12 284
15,324
15,885
14 553
15,849
167
382
440
385
427
4
787
943
239
435
528
835
2,282
2,329
2,652
2,717
59
36
36
24
34
66
63
85
85
80
77
1,035
1,036
65 10,059
46,019 159 15,300
75 16,302
48,193
50,893 1,446 16,837
77 17,368
53,366
492 15,146
496 29,277
826 33,946
29
20
14
72
44
67
56
io
12
233
237
285
299
294
459
333
127
1 552
866 34,383
2,340
2,384
2,712
2,773
10
215
61
145
56
6,844
8,671
9,734
45,756
14,980
47,949
15,988
50,660 1,430 16,525
66 17,052
53,120
50
418 11,878
4 5,886
99
399 23,712
208 7,589
105
693 27,542
54 8,464
327 1,865 36,972
137 12,783
301 1,839 38,769
48 13,655
302 2,128 40,883 1,374 14,058
275 2,170 42,845
57 14,554
72
222
184
97
195
8
20
21
40
46
35
40
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.
319
237
290
302
286
261
299
1,105 6,940
267
1,217
756
1,151
747
1,400
688
1,249
737
1,389
240
1,585
1,460
1,556
1,385
778
1 648
1,206 * 195 2^120
30 2,259
1,418
1 2,745
2,171
2 2,873
2,395
2,662 326 2,907
2 3,136
2,813
476
719
902
1,313
1,302
1,298
1,332
3
4
101
4
288
377
426
628
660
665
689
20
38
45
106
114
120
113
4,542
9,563
11,045
15,117
15,748
1,089 16,432
1,175 17,335
2
1
82
21
681
21
1,967
2,566
2,844
4,641
5,076
5,182
5,370
30
17
17
18
22
30
18
31
52
45
157
146
142
135
146
6,082
219 12,224
337 14,177
844 18,371
847 19,324
962 20,491
928 21,366
4
11
23
52
21
267
30
1,982
2,525
2,934
4,769
5,046
5,304
5,359
190
231
171
187
138
6
29
29
30
27
12
22
27
72
21
1,596
2,519
2,649
2781
2^818
172
475
546
584
603
6 858
9,071
9 449
10 035
10,546
Central reserve city banks.
5 Beginning June 30, 1942, excludes reciprocal bank balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
6 Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
570
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans 1
Total Loans
and
Comloans investand
Month or date
Loans mercial Agriinvest- ments
ad- l
adculand tural
ments justed
justed 1 industrial
U. S. Government obligations
For purchasing
or carrying securities
CerOther Loans
tifito
secucates
Real Other
estate loans Total Bills ofin- Notes Bonds* rities banks
debtloans
edU.S. Other
Other Govt.
ness
sc- obcuri- liga- curitions ties
To brokers
and dealers
U.S.
Govt.
obligations
To others
TotalLeading Cities
1957
Apr
88,148
87,041 53,039 30,975
418
1,875
1,164
8,692
10,960 26,292 1,134 1,461 5,170 18,527 7,710 1,107
91,137
92,936
89,568 52,942 30,224
91,324 53,053 30,065
446
457
2,394
2,571
1,212
1,293
8,720
8,723
11,090 28,024 2,100 1,153 4,912 19,859 8,602 1,569
11,097 29,397 2,031 1,150 6,187 20,029 8,874 1,612
90,263
90,960
92,083
91,243
88,576
89,408
90,474
89,813
52,434 29,796
52,776 29,927
53,551 30,593
53,006 30,578
445
445
448
448
2,267
2,555
2,682
2,070
1,191
',185
,189
,284
8,709
8,725
8,710
8,734
11,167 27,707 ,963
11,082 28,025 2,069
11,076 28,255 2,247
11,037 28,108 2,120
1,149
1,136
1,170
1,156
4,869
4,913
4,941
4,926
19,726
19,907
19,897
19,906
8,435
8,607
8,668
8,699
1,687
1,552
1,609
1,430
90,945
91,574
94,479
93,702
93,984
89,541
89,834
92,713
92,052
92,483
52,699 30,392
52,962 30,210
53,575 30,208
53,036 29,792
52,995 29,723
450
458
454
460
462
1,983
2,418
2,931
2,776
2,749
,274
,280
,280
,314
,315
8,695
8,712
8,729
8,735
8,746
11,056 28 ,113 2,057
11,035 28 ,055 1,945
11,126 30 ,164 2,092
11,111 30,107 1,918
11,157 30
30,548 2,146
1,140
1,159
1,131
1,149
1,169
4,951
4,994
6,940
6,979
7,074
19,965
19,957
20,001
20,061
20,159
8,729
8,817
8,974
8,909
8,940
1,404
1,740
1,766
1,650
1,501
1958
Mar
Apr
1958
Mar. 5
12
19
26
Apr. 2
9
16
23
30
New York City
1957
Apr
10
385
558 2,134 5,595
369
303
926
3,997 1,865
596
1,115
967
347
380
531 2,188
520 2,168
6,272
6,725
732
756
187 1,011
182 1,349
4,342 2,204
4,438 2,251
774
812
424 1,011
428 1,248
435 1,221
279 979
342
332
339
375
534
544
525
519
2,202
2,193
2,188
2,171
6,162
6,286
6,336
6,302
673
724
778
753
187 1,007
178
997
195 1,036
187 1,004
4,295
4,387
4,327
4,358
2,179
2,212
2,211
2,215
828
714
695
860
905
992
1,005
960
972
381
382
378
380
378
514
517
524
522
522
2,175
2,163
2,170
2,149
2,185
6,356
6,296
6,962
6,878
7,134
768
690
793
684
845
181
176
182
167
206
4,383
4,409
4,410
4,480
4,507
2,209 1,006
2,221
663
2,300
717
784
2,255
2,271
23,675 23,079 15,619 11,658
136 1,057
24,903 24,129 15,653 11,381
25,381 24,569 15,593 11,204
391
662
24,520
24,908
25,250
24,933
23,692
24,194
24,555
24,073
15,351
15,696
16,008
15,556
24,957
24,744
25,848
25,524
25,830
23,951
24,081
25,131
24,740
24,942
15,386 11,402
15,564 11,291
15,869 11,230
15,607 11,052
15,537 11,044
1958
Mar
Apr
1958
Mar. 5
12
19
26
Apr. 2
9
16
23
30
Outside
New York City
11,139
11,253
11,607
11,525
320
527
868
850
745
1,024
1,021
1,577
1,547
1,576
1957
Apr
769
8,134
8,826 20,697
812
8,189
8,203
8,902 21,752 1,368
8,929 22,672 1,275
966 3,901 15,517
968 4,838 15,591
6,398
6,623
795
800
812
796
801
803
849
8,175
8,181
8,185
8,215
8,965 21 ,545
8,889 21,739
8,888 21,919
8,866 21,806
1,290
1,345
',469
,367
962
958
975
969
3,862
3,916
3,905
3,922
15,431
15,520
15,570
15,548
6,256
6,395
6,457
6,484
859
838
914
570
758
899
1,058
966
1,032
851
853
855
887
892
8,181
8,195
8,205
8,213
8,224
8,881 21,757 ,289
8,872 21,759 ,255
8,956 23,202 1,299
8,962 23,229 1,234
%,912 23,414 1,301
959
983
949
982
963
3,927
3,973
5,363
5,432
5,498
15,582
15,548
15,591
15,581
15,652
6,520
398
6,596 1,077
6,674 1,049
6,654
866
6,669
613
64,473 63,962 37,420 19,317
417
682
66,234 65,439 37,289 18,843
67,555 66,755 37,460 18,861
445
456
942
65,743
66,052
66,833
66,310
64,884
65,214
65,919
65,740
37,083
37,080
37,543
37,450
18,657
18,674
18,986
19,053
444
444
447
447
65,988
66,830
68,631
68,178
68,154
65,590
65,753
67,582
67,312
67,541
37,313
37,398
37,706
37,429
37,458
18,990
18,919
18,978
18,740
18,679
449
457
453
459
461
765 1,158 4,244 14,530 5,845
511
1958
Mar
Apr
1958
Mar. 5
12
19
26
Apr. 2
9
16
23
30
832
879
1,026
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
2 Includes guaranteed obligations.
See also NOTE on opposite page.
571
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
Time deposits,
except interbank
Interbank
deposits
BalDeIndiIndiDemand
Reances mand vidvidserves Cash with
uals, States Certideuals, States U.S.
in
with
do- posits part- and
part- and Govt.
fied
F.R. vault mestic ad- 1 ner- polit- and U.S. ner- polit- and
Banks
banks justed ships, ical
offi- Govt. ships, ical Postal DoForand
sub- cers'
and
sub- Sav- mes- eign
cordivi- checks,
cor- divi- ings
tic
pora- sions
pora- sions
etc.
tions
tions
Borrowings
Capital
acFrom
Time F.R. From counts
Banks others
Total—
Leading Cities
1957
Apr
13,559
956 2,437 55,997 58,304 4,058 2,107 2,836 20,871 1,017
183 10,523 1,518
13,335
13,166
955 2,503 55,071 57,485 4,120 2,167 3,005 22,775 1,515
942 2,629 55,584 57,595 4,563 2,350 3,070 23,203 1,624
1,241
844
645 9,136
137 10,725
141 11,193
1,486 2,050
1,512 2,189
113
130
1,007 9,746
951 9,805
142
139
137
137
10,914
10,738
10,749
10,499
1,494 1,984
1,505 2,025
1,491 2,062
1,453 2,130
56 1,195 9,734
155
994 9,745
191 1,129 9,740
48
711 9,763
139
140
141
142
142
11,519
11,199
11,490
10,746
11,009
1,494
1,502
1,505
1,513
1,547
2,142
2,177
2,194
2,211
2,221
53
670 9,785
89 1,145 9,803
255 1,147 9,780
190 1,024 9,803
63
771 9,853
34 2,862 1,215
955
1958
Mar
Apr
1958
Mar. 5
12
19
26
Apr. 2
9
16
23
13,262
13,457
13,512
13,109
890
,000
952
978
2,434
2,510
2,461
2,607
54 ,503
56 ,031
55,243
54,507
56,624
59,231
57,703
56,381
4,216
4,008
4,027
4,227
12,960
13,031
13,560
13,297
12,982
901
965
952
968
922
2,964
2,413
2,623
2,445
2,698
54,119
555,251
566,491
566,361
55;699
56 ,070
56,829
59,290
57,922
57",863
4,286
4,193
4,746
4,651
4,937
4,261
140
56 15,697 17,082
301 1,088
885 2,643
54
4,319
4,181
138
136
51 15,534 17,081
73 15,478 16,919
330 1,190
392 1,339
1,056 2,979
1,146 3,052
175
181
2,973
3,072
,189
,216
,578
,689
465 3,132
489 3,152
4,233
4,472
4,332
4,237
136
145
133
139
47
49
54
53
15,554 17,097
15,256 16,711
350
275
343
350
,132
785 2,913
,241
727 2,985
,015 1,322 2,979
,374 1,388 3,041
174
175
174
178
2,984
2,926
2,971
3,012
,201
,206
,191
,157
,515
,553
,587
,655
617
414
577
254
3,134
3,135
3,127
3,131
3,967
4,369
4,341
4,216
4,013
138
141
140
132
129
155
46
54
53
57
15,345
15,615
15,465
15,648
15,316
334
324
415
364
523
923
,062
,527
,732
,454
3,006
3,056
3,049
3,056
3,094
181
181
183
181
181
3,183
2,889
3,128
2,931
3,227
,199
,207
,206
,221
,249
,657
,685
,687
,704
,710
26
105
10
180
692
770
545
257
3,145
3,148
3,144
3,151
3,170
9,298
816 2,381 40,300 41,222 3,757 1,019
1,951 18,228
963
149 7,661
303
286
613
295 6,268
9,016
8,986
817 2,452 39,537 40,404 3,790
977
806 2,556 40,106 40,676 4,171 1,011
1,949 19,796 1,340
1,924 20,151 1,443
112 7,752
118 8,121
297
296
472
500
100
102
542 6,614
462 6,653
9,029
8,985
9,180
8,872
754
855
819
839
2,387
2,461
2,407
2,554
39,258
39,951
39,689
",251
39
40 ,058
41,283
40
40,606
39,670
3,866
954 1,620 19,665
3,733
924 1,255 19,735
3,684 1,091 2,377 19,853
3,877
939 2,547 19,928
1,300
1,341
1,354
1,362
112
116
114
114
7,930
7,812
7,778
7,487
293
299
300
296
469
472
475
475
56
120
174
48
578
580
552
457
6,600
6,610
6,613
6,632
8,993
8,662
9,219
9,081
8,969
763
824
812
836
793
2,809
2,367
2,569
2,392
2,641
38,774
39,636
41,026
40,713
40,383
39,377
40
42
40,945
40,810
3,952
988
3,869
912
4,331 1,097
4,287 1,038
4,414 1,021
2,026 19,997
1,167 20,082
20,168
2,098 20
927 20,234
2,404 20,273
1,370
1,390
1,442
1,491
1,522
116
117
117
119
119
8,336
8,310
8,362
7,815
7,782
295
295
299
292
298
485
492
507
507
511
53
63
150
180
63
490
453
377
479
514
6,640
6,655
6,636
6,652
6,683
30
2,086 2,405 22 ,578 1,474
2,165 1,,982 22 ,720 1,516
2,106 ,699 22 ,832 1,528
2,313 3,
22,969 1,540
3,935
1,911 3,092 23 ,003 1,551
1,974 1,711 23,138 1,571
2,624 3,471 23,217 1,625
2,770 3,131 23,290 1,672
2,475 3,945 23
" , 3 6 7 1,703
New York C ty
1957
Apr
231
350 2,868
1958
Mar
Apr
1958
Mar. 5
12
19
26
Apr. 2
9
16
23
30
15,245 16,566
16J080 17,948
16,693
16,709
17,161
16,977
17,053
1,066
544
1,373
1,204
1,541
Outside
New York City
1957
Apr
1958
Mar
Apr
1958
Mar. 5
12
19
26
Apr. 2
9
16
23
30
:
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.
572
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
1955—Jan.-June
July-Dec
-540
480
220
71
1956—Jan.-June
Julv-Dec
-302
822
1957—Jan.-June
July-Dec
1958—Feb
Metals Petroleum,
and
coal,
metal chemical,
prodand
ucts 3
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
146
327
171
178
-461
469
589
704
-386
739
134
106
143
370
1,257
3,050
1.078
53,206
-322
98
54
-66
149
176
2,124
2,719
42.243
2,459
-539
420
366
-108
513
183
-12
-49
-54
58
1.404
161
1,249
-296
-125
-80
-23
-44
106
-268
-89
-20
59
1
9
16
43
73
-70
-155
481
-887
-195
572
-855
-14
-13
-25
2
-53
-49
-16
-8
-69
-48
68
5
-61
-8
-20
-8
10
3
-3
21
-2
8
16
-193
-107
139
6
-208
-106
126
-7
18
4
33
18
-34
-27
-7
-13
-111
40
248
-72
-40
-7
49
-22
-11
5
9
6
6
21
12
33
-176
100
594
-36
-210
131
666
-15
14
-5
32
-20
2
-22
-9
-22
-22
51
-87
-90
-14
-73
-4
-18
-4
32
-4
54
-I
2
11
1
2
-13
-40
-196
-205
-20
-381
-84
-186
-182
-2
-416
-69
313
208
153
63
238
-6
424
428
-456
331
148
-159
935
-496
291
150
369
72
214
-161
-126
-46
-177
76
49
-56
111
233
-300
4
-6
-60
45
92
-32
-1
-8
-51
73
23
Week ending:
1958- Feb. 5
12
19
26
-18
-30
-36
-42
26
13
22
16
-25
10
90
36
10
-2
9
-12
11
17
17
Mar. 5
12.
19
26
-18
-18
15
-25
11
16
23
-1
4
34
151
44
-7
8
19
-26
Apr.
-26
-32
-39
-29
-51
3
-6
-7
-33
-12
-28
-14
-25
-141
-92
-14
-3
11
-16
-38
Mar
2
9
16
23
30
6
24
42
20
^
-5
1
-23
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.
Construction
Comm'l
and
All
ind'l
Net
other changes change—
types
all
classi- weekly
of
fied
business
reporting
banks 4
384
27
365
350
177
224
1,362
-71
Apr
Public
utilities
(incl.
transportation)
-21
4
3 Includes machinery and transportation equipment.
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year
or month
Placed
through1
dealers
Placed
directly
(finance
paper) 2
1,745
1,966
1,924
2,020
2,166
552
564
733
510
506
1.193
1,402
1,191
1.510
1,660
M^y
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
2.650
2,485
2.775
2,452
2,781
2,835
2,558
2,654
2,944
2,666
489
466
483
454
459
501
501
516
560
551
1958—Jan..
Feb..
Mar.
3,345
3,628
3,485
654
776
862
Total
1952
1953
1954
1955
1956
1957—Mar.
Held by:
Accepting banks
Total
Total
Own Bills
bills bought
492
574
873
642
967
183
172
289
175
227
126
117
203
126
155
57
55
86
49
72
2,161
2,019
2.292
1,998
2,322
2,334
2,057
2,138
2,384
2,115
1.019
1.018
984
979
1,000
1,227
1,197
1,225
,224
,307
209
195
188
183
154
220
214
197
221
287
150
135
142
142
112
152
149
131
151
194
2,691
2,852
2,623
,422
,523
,529
416
497
422
307
372
318
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Based on:
Goods stored in or
Imshipped between
Exports
ports Dollar
points in:
from
exOthers into
ForUnited United change
eign
States States
United Foreign
States countries
corr.
F. R.
Banks
Own
acct.
28
69
20
24
19
33
50
289
378
565
405
621
232
274
285
252
261
125
154
182
210
329
39
29
17
17
2
64
75
300
63
227
32
43
89
100
148
59
60
46
41
42
68
65
66
70
94
23
24
21
23
19
27
16
16
20
66
58
64
63
62
70
68
66
69
67
76
728
735
713
711
757
913
901
942
916
878
305
272
227
220
231
243
234
248
268
278
425
471
501
502
507
524
483
465
459
456
4
5
21
35
66
75
94
64
46
116
89
73
58
59
212
225
226
222
296
171
182
177
178
169
182
181
192
211
232
109
125
104
41
43
39
127
139
132
838
843
936
273
261
263
461
447
432
65
110
139
386
480
471
237
224
224
2 As reported by finance companies that place their paper directly with
investors.
573
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
Prime
comPrime
company
bankmercial
paper
ers'
paper,
placed accept4- to 6-1 directances,
months
ly,
90
3- to 6- days1
months1
Size of loan (thous. of dol.)
U. S. Government
securities (taxable) 2
All
loans
Area and period
3-month bills
Mar- Rate
ket on new
yield issues
9-to 12- 3-to 5month
year
issues3 issues 4
1955 average
1956 average
1957 average
2.18
3.31
3.81
1.97
3.06
3.55
1.71
>.64
$.45
1.73
2.62
3.23
1.753
>.658
5.267
.89
2.83
5.53
2.50
3.12
3.62
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.63
3.63
3.79
3.88
3.98
4.00
4.10
4.07
3.81
3.38
3.38
3.48
3.63
3.63
3.82
3.88
3.79
3.55
5.20
5.25
5.36
5.38
5.78
5.83
5.75
5.50
5.35
3.06
3.06
3.29
3.16
3.37
3.53
3.58
3.29
3.04
5.113
5.042
5.316
5.165
5.404
5.578
5.591
5.337
5.102
5.41
5.37
5.55
5.71
5.93
1.02
5.94
5.52
$.09
3.48
3.60
3.77
3.89
3.91
3.93
3.99
3.63
3.04
1958—Jan
Feb
Mar
Apr
3.49
2.63
2.33
1.90
3.23
2.18
1.86
1.59
5.06
2.30
.80
1.52
2.44
1.54
1.30
1.13
2.598
1.562
.354
.126
2.56
1.93
.77
1.35
2.77
2.67
2.50
2.33
Week ending:
Apr. 5 . . .
12...
19...
26...
May 3 . . .
2.13
2.00
1.88
1.75
1.75
1.75
1.74
1.63
1.40
1.38
:1.63
.63
1.58
1.38
1.38
1.08
1.10
1.13
1.13
1.23
1.148
.074
1.225
.055
.367
1.54
1.29
1.31
1.32
1.39
2.44
2.40
2.32
2.22
2.30
10
Annual averages,
19 large cities:
1955
1956
1957
Quarterly:1
19 large cities:
1957_june
Sept
Dec .
1958—Mar
New York City:
1957—June
Sept
Dec
1958—Mar
7 Northern & Eastern
cities:
1957—June
Sept
Dec
1958—Mar
11 Southern & Western
cities:
1957—June
Sept
Dec
1958—Mar
1
Average of daily prevailing rates. 2 Except for new bill issues, yields are
averages computed from daily closing bid prices.
34 Consists of certificates of indebtedness and selected note and bond issues.
Consists of selected note and bond issues.
10100
100200
200
and
over
3.7
4.2
4.6
5.0
5.2
5.5
4.4
4.8
5.1
4.0
4.4
4.8
3.5
4.0
4.5
4.40
4.83
4.85
4.49
5.37
5.67
5.66
5.55
4.94
5.29
5.29
5.10
4.61
5.01
5.01
4.75
4.23
4.69
4.71
4.29
4.23
4.69
4.71
4.29
5.24
5.54
5.50
5.42
4.86
5.24
5.23
5.02
4.49
4.93
4.94
4.60
4.12
4.60
4.62
4.17
4.39
4.85
4.86
4.49
5.39
5.69
5.67
5.60
4.94
5.31
5.33
5.08
4.61
5.01
5.02
4.72
4.25
4.73
4.74
4.33
4.65
5.01
5.05
4.77
5.42
5.72
5.73
5.60
4.99
5.31
5.31
5.17
4.70
5.05
5.04
4.87
4.43
4.81
4.87
4.49
i Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-37.
March
1949,
BOND AND STOCK YIELDS1
[Per cent per annum]
<Corporate bonds3
U. S.
Govt.
bonds
(longterm)2
Year, month, or week
State and local
govt. bonds3
By selected
ratings
Stocks5
Dividends/
price ratio
By
groups
Total ^
Total 4
Aaa
Baa
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Number of issues
4-7
20
5
5
120
30
30
40
40
40
14
90
1955 average
1956 average
1957 average
2 84
3.08
3.47
2.57
2.94
3.56
2.18
2.51
3.10
3.14
3.50
4.20
3.25
3.57
4.21
3.06
3.36
3.89
3.53
3.88
4.71
3 19
3.50
4.12
3.34
3.65
4.32
3.22
3.54
4.18
4.01
4.25
4.63
4.08
4.09
4.35
1957 Apr
May
June
July
Aug
Sept
Oct
Nov . .
Dec
3.32
3.40
3.58
3.60
3.63
3.66
3.73
3.57
3 30
3.35
3.48
3.65
3.65
3.84
3.89
3.74
3.67
3.33
2.88
3.00
3.19
3.17
3.37
3.43
3.31
3.24
2.92
3.95
4.10
4.32
4.29
4.43
4.49
4.38
4.35
4.00
3.96
4.02
4.15
4.26
4.37
4.44
4.46
4.49
4.31
3.67
3.74
3.91
3.99
4.10
4.12
4 10
4.08
3.81
4.44
4.52
4.63
4.73
4.82
4.93
4.99
5.09
5.03
3.89
3.96
4.14
4.19
4.29
4.31
4 32
4.34
4.11
4.06
4.13
4.26
4.39
4.49
4.56
4 57
4.65
4 53
3.94
3.98
4.06
4.19
4.33
4.45
4.48
4.49
4.29
4.47
4.53
4.69
4.75
4.83
4.79
4 80
4.78
4.49
4.36
4.18
4.04
3.95
4.17
4.31
4.54
4.67
4.64
1958—Jan
Feb
Mar
Apr
3 24
3 26
3.25
3.12
3.17
3 15
3.23
3.16
2.75
2 72
2.79
2.70
3.81
3 79
3.88
3.78
4.06
4 01
4.04
4.02
3.60
3 59
3.63
3.60
4.83
4 66
4.68
4.67
3.91
3 86
3.86
3.83
4 30
4 29
4.30
4.32
3.99
3 87
3.95
3.90
4.36
4 38
4.42
4.37
4.48
4 47
4.37
4.33
Week ending:
Apr. 5
12
19
26
May 3 .
3.19
3.15
3 10
3.07
3.14
3.23
3.17
3.16
3.09
3.08
2.77
2.70
2.69
2.64
2.64
3.88
3.81
3.78
3.66
3.64
4.04
4.03
4.02
4.00
3.99
3.64
3.62
3.61
3.57
3.55
4.69
4.67
4.66
4.66
4.66
3.86
3.85
3.83
3.81
3.80
4.33
4.34
4.33
4.30
4.29
3.92
3.91
3.89
3.89
3.87
4.44
4.41
4.37
4.30
4.31
4.41
4.41
4.35
4.28
4.21
.
.
.
.
1
Monthly and weekly yields are averages of dailyfiguresfor U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; and of preferred stocks, on Wednesday
figures. Figures for common stocks are as of the end of the period,
except
for annual averages.
2
Series is based on bonds maturing or callable in 10 years or more.
3 Moody's Investors Service. State and local govt. bonds include general obligations only.
Earnings/
price ratio
Common
500
7.81
7.40
7.84
7.10
8.00
8.56
7.87
4
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
5
Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the earnings/price ratio is now computed for the 500 stocks in the price index, but figures prior to June 1957
are based on the 90 stocks formerly included in the daily price index.
The dividend/price ratio has not yet been converted to the broader base.
574
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock prices
Standard and Poor's series
(index, 1941-43= 10)
Corporate
(highgrade)* Total
Volume
of
trading *
(in
Manufacturing
Trade,
thoufiTrans- Pubsands
Minnance,
lic
of
porta- utilTotal
ing shares)
and
Du- Nontion
duservTotal rable
ity
rable
ice
Securities and Exchange Commission series
(index, 1939= 100)
U.S.
Govt.
(longterm)*
Municipal
(highgrade) 3
265
170
98
72
21
29
31
14
1955 average.
1956 average.
1957 average.
102.40
98.91
93.24
123.1
116.3
105.8
114.4
109.1
101.3
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
305
345
331
374
439
422
352
410
391
394
465
451
320
327
275
153
156
156
297
306
277
313
358
342
2,578
2,216
2,222
1957_Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
95.35
94.23
91.77
91.50
91.10
90.70
89.77
91.90
95.63
109.8
106.9
103.5
103.5
101.2
101.3
102.9
103.4
107.5
104.3
103.2
101.1
100.0
98.3
98.1
98.2
98.3
102.7
45.05
46.78
47.55
48.51
45.84
43.98
41.24
40.35
40.33
48.06
50.10
51.30
52.54
49.51
47.52
44.43
43.41
43.29
29.78
30.42
30.11
31.20
29.52
27.17
24.78
22.63
21.39
33.03
34.03
33.35
32.93
31.89
31.09
30.39
30.68
31.79
339
352
355
362
343
328
306
302
298
431
450
457
468
441
419
388
382
376
404
419
421
434
408
386
357
350
336
455
480
489
500
472
450
417
411
413
291
297
293
302
286
263
241
228
215
160
163
160
158
155
153
149
149
152
281
286
283
291
282
277
266
262
258
352
380
390
382
354
334
297
284
274
2,300
2,389
2,224
2,194
1,882
1,844
2,782
2,538
2,594
1958—Jan..
Feb..
Mar..
Apr..
96.48
96.20
96.34
98.23
110.0
109.2
107.9
110.0
105.9
105.7
105.1
105.3
41.12
41.26
42.11
42.34
43.98
44.01
44.97
45.09
22.69
23.00
22.60
23.20
33.30
34.12
34.57
35.54
305
304
311
312
382
378
388
387
347
346
352
340
414
408
422
426
230
231
231
233
158
160
162
166
270
278
283
286
272
267
283
287
2,267
2,010
2,223
2,395
97.21
97.79
98.52
98.96
97.94
108.4
109.1
110.0
111.1
111.3
104.8
105.0
105.3
105.6
105.7
41.78
41.61
42.30
43.01
43.38
44.56
44.32
45.03
45.77
46.17
22.19
22.20
23.37
24.15
24.23
34.77
35.01
35.50
36.05
36.41
305
308
315
320
322
380
381
391
398
401
340
332
340
348
350
416
419
430
437
441
223
228
239
242
244
163
165
167
168
168
280
282
286
294
296
278
282
292
296
296
2,160
2,075
2,445
2,722
2,481
Year, month,
or week
Number of issues.
Week ending:
Apr
- 19..I::
26.
May 3.
15
17
500
Industrial
Railroad
Public
utility
425
25
50
1
Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission
series on common stock prices are based on weekly closing prices.
2
Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond. For back data, see table on
p. 3612.
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 5V£-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
(col.3 +
col. 5)
Bank loans to others (than
Net debit balances with
New York Stock Exchange brokers and dealers) for pur- 2
firms i
chasing and carrying securities
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer
net
free
credit
balances
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
2,445
3,436
4,030
3,984
31
41
34
33
1,665
2,388
2.791
2,823
88
65
32
41
780
,048
,239
,161
88
69
51
46
1,074
1,529
2,246
2,132
713
1,019
894
1957—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,938
3,924
4,031
4,004
3,929
3,882
3,643
3,577
3,576
28
39
31
32
30
35
39
42
68
2,792
2,794
2,887
2,885
2,833
2,789
2,568
2,517
2,482
28
26
25
23
24
21
31
33
60
,146
,130
,144
,119
,096
,093
,075
,060
,094
53
52
52
59
58
63
72
56
125
2,051
2,063
2,104
2,079
2,035
2,046
,708
,641
,706
807
817
820
829
816
838
879
876
896
1958—Jan..
Feb.
Mar.
Apr.
3,554
3,679
3,863
3,980
126
102
111
134
2,487
2,580
2,665
2,735
58
79
86
70
,067
,099
1,198
1,245
188
199
206
230
,552
,647
,784
,822
937
939
954
985
1
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
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.
575
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Government securities
Date
Total
assets
Total
End of year: 3
1941
1945
Business securities
and
United State
local Foreign 2 Total
States (U.
S.)
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
64,020
68,278
73,375
78,533
84,486
90,432
96,011
16,118
13,760
12,905
12,537
12,262
11,829
11,067
13,459
11,009
10,252
9,829
9,070
8,576
7,555
1,152
1,170
1,153
1,298
1,846
2,038
2,273
1.507
1,581
1,500
1,410
1,346
1,215
1,239
25,351
28,111
31,515
34,438
37,300
39,545
41,543
23,248
25,890
29,069
31,865
34,032
35,912
38,040
2,103
2,221
2,446
2,573
3,268
3,633
3,503
16,102
19,314
21,251
23,322
25,976
29,445
32,989
1,445
1,631
1,903
2,020
2,298
2,581
2,817
2,413
2,590
2,713
2,914
3,127
3,290
3,519
2,591
2,872
3,088
3,302
3,523
3,743
4,076
End of month: •
1953 Dec
1954—Dec
1955 Dec
1956—Dec
78,201
84,068
90,267
95,844
12,452
12,199
11,757
10,989
9,767
9,021
8,545
7,519
1,278
1,833
1,998
2,234
1,407
1,345
1,214
1,236
34,265
36,695
38,851
40,976
31,926
33,985
35,930
38,067
2,339
2,710
2,921
2,909
23,275
25,928
29,425
32,994
1,994
2,275
2,557
2,829
2,894
3,087
3,294
3,505
3,321
3,884
4,383
4,551
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
97,074
97,488
97,868
98,239
99,005
99,374
99,812
100,224
100,597
101,043
10,926
10,946
10,895
10,824
10,906
10,880
10,833
10,856
10,782
10,600
7,427
7,430
7,340
7,270
7,306
7,268
7,224
7,233
7,135
6,950
2,251
2,264
2,290
2,290
2 323
2,333
2,340
2,352
2,362
2,375
1,248
1,252
1,265
1,264
1,277
1,279
1,269
1,271
1,285
1,275
41,579
41,772
41,962
42,146
42,567
42,742
42,932
43,170
43,368
43,644
38,638
38,821
39,004
39,190
39,574
39,724
39,922
40,149
40,340
40,637
2,941
2,951
2,958
2,956
2,993
3,018
3,010
3,021
3,028
3,007
33,672
33,840
34,022
34,159
34,356
34,547
34,697
34,859
34,986
35,230
2,883
2,907
2,948
2,983
3,004
3,032
3,059
3,085
3,113
3,134
3,575
3,606
3,633
3,657
3,703
3,731
3,764
3,802
3,833
3,863
4,439
4,417
4,408
4,470
4,469
4 442
4,527
4,452
4 515
4,572
r958—Jan
Feb
Mar
101,672
102,000
102,385
10,819
10,852
10,754
7,113
7,124
7,002
2,418
2,426
2,448
1,288
1,302
I 304
43,859
43,961
44,256
40,862
40,957
41,179
2,997
3,004
3,077
35,410
35,529
35,663
3,156
3,187
3,214
3,896
3,927
3,962
4.532
4,544
4,536
1950
1951
1952
1953
1954
1955
1956
1
Figures are for all life insurance companies in the United States.
2 Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Liabilities
Assets
End of year or month
Total 2
Mortgages 3
U.S.
Govt.
obligations
Borrowings
Cash
Other*
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
1941
1945
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
1950
1951
1952
1953
1954
1955
1956
1957
16,893
19 222
22,660
26,733
31,736
37,719
42 875
48,275
13,657
15,564
18,396
21,962
26,194
31,461
35,729
40,119
1,487
1,603
1,787
1,920
2,021
2,342
2,782
3,169
924
1 066
1,289
1,479
1,980
2,067
2 119
2,144
733
899
1,108
1,297
1,471
1,791
2,199
2,809
13,992
16,107
19,195
22,846
27,334
32,192
37,148
42,038
810
801
860
947
864
1,412
1,225
1,263
90
93
84
80
96
146
122
118
1,280
1,453
1,658
1,901
2,191
2,557
2,950
3,377
1957_Feb
Mar
Apr
May
June.
July
Aue
Sept
Oct
Nov.
Dec
43,419
43,934
44,431
45 085
45,736
45 750
46,188
46,639
47 127
47 600
48,275
36,195
36,559
36,963
37 421
37,886
38 280
38,743
39,106
39 532
39 835
40,119
3,041
3,132
3,162
3 180
3,139
3 180
3,203
3,229
3,219
3 238
3,169
1,907
1,884
1,836
1 874
2,061
1 741
1,635
1,643
1,622
1 705
2,144
2,232
2,316
2,428
2 569
2,610
2,510
2,569
2,624
2,718
2 787
2,809
37,799
38,158
38,471
38 939
39,798
39,730
39,982
40,306
40,673
41 072
42,038
973
958
968
990
1,077
1,037
1,070
1,117
1,129
1 141
1,263
89
83
87
84
103
109
115
115
121
117
118
1958—Jan
Feb
48 423
48,845
340 369
40,623
3 215
3,195
2 023
2,198
2 816
2,829
42 491
42,875
904
788
100
89
i Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
* Includes gross mortgages with no deduction for mortgage pledged
shares.
3,136
3,377
3
Beginning January 1958, no deduction is made for mortgage pledged
shares. These have declined consistently in recent years and amounted
to $34 million at the end of 1957.
* Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
NOTE.—Data for 1957 and 1958 are preliminary.
576
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 b a n k s . . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
To industry, total
Treasury Department...
Commerce Department.
Other agencies
1957
1956
1950
19512
19522
19532
1954
1955
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
377
590
648
2,096
3,076
23
6,929
367
638
701
2,226
2,981
18
6,715
375
689
681
2,348
2,621
1
7,160
395
874
769
2,450
2,671
(5)
6,752
457
734
724
2,488
2,349
(5)
7,261
423
4845
823
2,544
2,626
(5)
6,827
384
997
866
2,586
1,994
(5)
6,466
430
997
880
2,634
1,525
(5)
1,528
1,347
> 181
2,142
1,850
292
2,603 2,930
2,242 2,462
362 ' 300
I 168
2,907
2,461
383
63
3,205
2,641
480
84
3,391
3,680
3,072
464
145
4,076
3,433
488
155
4,381
3,629
521
123
4,680
3,807
691
182
568
589
598
589
598
• 568
588
174
> 413
431
353
79
678
306
' 261
112
2,806
446
138
624
216
216
192
619
209
219
191
629
209
228
192
640
211
219
210
652
254
216
182
To financing institutions
824
814
864
952
870
1,419
1,147
1,233
966
1,084
1,124
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
468
351
117
744
589
155
1,020
894
126
645
500
145
272
112
160
245
90
155
244
109
135
246
106
140
272
120
153
243
94
149
276
186
90
Foreign, total
Export-Import Bank
Treasury Department 6
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 securities^
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
6,078
2,226
3,750
6,110
2,296
3,750
102
63
7,736 8,043
2,496 2,833
3,667 3,620
71,515 1,537
58
53
75
5
69
""63
119
29
90
8,001
2,806
3,570
1,624
1
166
127
39
60
256
209
47
193
136
56
8,223
2,701
3,470
1,995
57
213
156
57
8,237
2,678
3,470
2,035
54
240
184
56
8,300
2,667
3,470
2,084
52
338
275
60
8,316
2,656
3,470
2,139
51
306
246
60
-327
-695
-507
-656
-309
-185
-173
-228
-140
-203
-268
13,228 14,422 17,826 19,883 19,348 20,238 20,331 20,657 21,353 20,980 21,320
3,720
1,054
248
422
1,812
183
3,385
283
3,739
1,018
256
458
1,825
181
3,385
284
3,923
1,095
265
479
1,898
186
3,385
344
3,881
1,017
274
482
1,914
194
3,385
340
3,762
881
264
504
1,917
195
3,385
340
2,075
199
193
244
1,307
132
3,385
266
2,226
249
200
285
1,353
140
3,385
257
2,421
311
208
316
1,437
148
3,385
223
2,602
387
217
319
1,526
152
3,385
219
2,967
641
228
327
1,624
147
3,385
197
3,236
745
241
381
1,720
149
3,385
179
1,774
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
4,356 20,949 21,375 21,303 21,450 21,514
3,362 3,153
3,090
3,651
3,747 3,323
10,994 11,004 11,094 11,105 11,157
6,418 6,517 6,654 7,022 7,092
609
175
193
171
215
201
136
303
428
550
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
288
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company 9
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
2,945
745
728
345
350
360
Bonds, notes, & debentures payable (not guar.), total..
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
1,190
110
520
560
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
18
886
,296
NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury
Bulletin. The revised statement includes a larger number of agencies, and
their activities are classified according to the type of fund they represent.
Funds are combined in the table above, but are shown separately in the
table on the following page. Classifications by supervisory authorities
are those in existence currently. Where current Treasury compilations
do not provide a detailed breakdown of loans, these items have been
classified by Federal Reserve on basis of information about the type of
lending activity involved.
*1 Totals reflect exclusion of agencies reporting other than quarterly.
Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve
for losses.
2
Coverage changed from preceding period (see also NOTE).
3
Adjusted figures; for amounts reported for this date but excluded
from this figure, see BULLETIN for May 1957 p. 550, note 3.
7,988 8,229
2,702 2,692
3,519
3,519
1,958
1,767
1,040
7,822 10,028
4,822 4,548
421
398
1,829
1,712
450
285
278
306
1,302
590
608
300
9,985
4,502
398
1,762
236
276
311
1,298
590
613
9,875
4,470
396
1,751
144
277
317
1,226
590
704
9,979
4,506
401
1,803
114
281
327
1,332
599
616
9,974
4,520
599
1,791
106
281
328
1,341
599
408
2,379
185
665
958
570
2,711
257
721
963
770
2,975
231
803
720
1,220
3,497
190
953
733
1,620
3,647
237
959
765
1,687
2,742
188
865
918
770
4
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.
s Less than $500,000.
6 Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on
information not shown in Treasury
7
compilation.
Figure derived by Federal Reserve.
8 Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
9 Figures prior to 1951 are for the Panama Railroad Company. The
Panama Canal Company, established in 1951, combined the Panama
Railroad Company with the business activities of the Panama Canal
Company
(not reported prior to that time).
10
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $1,980 million.
577
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items 1
Assets, other than interagency items 1
Date, and fund or activity
Loans
Total
Cash
Investments
Bonds, notes,
and debentures payable
Land,
struc-
In-
venand Other Guartories Public Other equipdebt secu- ment
anteed Other
secu- rities
by
rities
U.S.
ceivable
PriU. S. vately
Govt. owned
interOther
interest
liabilities
All activities
1954—Dec. 31
1955—Dec. 31
1956—Sept.
Dec.
1957—Mar.
June
Sept
30
31*
31
30*
30
41,403 1,371 19,348 3,852 2,967 3,432 8,046
45,304 1 338 20 238 4 356 3,236 3 414 7,822
69,143 5,144 20,331 20,949 3,720 3,668 10,028
69,653 4,996 20,657 21,375 3,739 3,669 9,985
69,895 4,441 21,353 21,303 3,923 3,729 9,875
69,059 3 981 20 980 21 450 3 881 3 725 9,979
70,175 4,692 21,320 21,514 3,762 3,725 9,974
2,387
4 900
5,303
5,232
5,272
5 063
5,186
508
33 1,068 4,183 35.610
596
44 2 379 2 703 39,583
693
58 2,742 3.145 62.507
699
67 2 711 3 659 62.516
775
68 2,975 3,713 62.364
3
497
61
144
1,037
3 325
57
60 3,647 2,634 62.778 1,056
Classification by type of fund
and activity, September 30, 1957
Public Enterprise Funds—Total...
Farm Credit Administration: 4
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
18,990 1,542 7,982 3,924
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
13,073 1,422
Certain Other Activities—Total. ..
General Services Administration
Agriculture Department:
Farmers Home Administration
Rural Electrification Administration
Interior Department
International Cooperation Administration
Treasury Department
Commerce Department—maritime activities
National Advisory Committee for Aeronautics
All other
30 780 1 466 9 384 6 306
8 392
636
82 6 295
8
186
5,065
128
57
261
813
2,378
750
274
327
2,715
2 040
465
117
117
25
1 2,362
145
493
1
140
178
39 2 656
105
36
213
72
574
229
9
1,021
245
172
376
67
56
214
857
328
804
2,806
460
2 155
10,110
5,144
484
427
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
4,500
498
1,940
2 062
Certain Trust Revolving Funds—Total.. .
Federal National Mortgage Association
Federal intermediate credit banks
Office of Alien Property
All other
2,832
1 443
1,133
204
52
143 3,301 1,292
504
339
197
522
5
12
445 4,620
128
(5)
50
19
1
7
282
15
27
9
9
(5)
(5)
1 791
399
2
110
37
(5)
59
570
262
1
326
10 2,705
32 2 009
451
14
14
818
11 1 011
2
89
13
6
6
599
132
33
31
97
11,283
221
147
7 580
2 953
106
58
115
127
131
646
49 2 627
55
1 2 139
3,506
'"337
267
123
134
118
(5)
663 12,410
187 8 363
3 033
306
115
47
37
56
6
742
272
27
131
16
788
2 2,804
7
453
2 155
10.110
* * i30 5,014
474
9
393
34
349
3,563
••(5)"
6
2 841
43
1,917
881
208 2,407
53 1 383
16
997
133
6
27
109
(5)
100
(5)
800
237
153
213 30,567
16 8 376
1,546
18
427
3
33 1 119
54
229
221
8
18
7 3 563 6 452 3 602
(5)
1 221
159
6
3
34
226
618
136
40 1.768
6
744
19
99
22
6
623
80
162
(5)
1
9
13
806
570 1,011 17,348
8
186
264
4
752
60
8
142
45
8
832
1 023
8 550
3 339
805
1
44
25 1,266 3,090
38
85
31
14
9
'4^486
281
114
49
15
103,041
50
78
54
39
1,002
(5)
10
20
237
9
765
0
105
7
21
70
9
2,075
1 116
19
19
0
959
2,045
3
222
118 1,823
561
682
772
36
65
32
23
1
9
408 H284
265 1130
119
143
H202
1142
Latest data for agencies not reporting quarterly
Atomic Energy Commission (June 30, 1957)
8,622 1,324
Veterans Administration (June 30, 1957)
1,902
355
Agriculture—other activity (June 30, 1957)
1,418
448
Health Education & Welfare Dept. (June 30, 1957).. 1,055
790
Interior Department (June 30, 1957)
3,752
287
3,197
Treasury Department (June 30 1957)
278
1,684
All other (June 30, 1957)
428
Figure represents total trust interest.
1 749
2
6
2
8
4
44
206
107
5,130
419
1,340
98
879
86
1
260
3
2,891
562
765 2,110
549
85
416
For other notes, see opposite page.
206
137
21
157
376
774
21
8,417
1.765
1,397
898
3,375
2,423
1,663
736
578
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
rects.
Payments to the public,
other than debt
Plus:
Trust
fund
rects.
Less:
IntraGovt.
trans. *
Equals:
Total
Budget
rects.
expendifrom
tures
the 2
public
Plus:
Trust
fund
expenditures
Excess
of rects.
from,
or
Equals: payts.
Total to ( - ) ,
Less:
Adjust-3 payts.
the
to the
ments
public
public
Net Federal cash borrowing or
repayt. (—) of borrowing
Increase,
or de-
Less:
Net
inv. by
Govt.
(direct agen. &
& agcn.) tr. funds
Other
noncash
debt*
Equals:
Net
cash
borrowing or
7-T
Cal. year—1955
1956
1957
63,358
70,994
72,285
10,624
12,398
15,367
2,511
3,027
'3,079
71,448
80,330
'84,521
66,129
67,216
71,692
9,331
10,342
14,792
3,282 72,178
2,751 74,805
'3,155 '83,328
-729
5,525
1,194
3,484
-3,561
467
2,476
2,481
1,572
566
-136
63
448
-5,910
-1,168
Fiscal year—1954
64,655
60,390
68,165
71,029
9,155
9,536
11,685
14,369
2,110
2,061
2,739
'3,242
71,627
67,836
77,088
82,107
67,772
64,570
66,540
69,433
7,204
8,546
9,436
12,961
3,117 71,860
2,578 70,538
3,358 72,617
'2,386 '80,008
-232
-2,702
4,471
2,099
5,186
3,986
-578
-1,053
2,055
1,533
3,166
2.339
618
644
623
-292
2,512
1,809
-4,366
25,240
42,925
28,069
42,960
29,325
5,456
6,229
6,169
8,200
7,167
,289
,450
,573
,669
,410
29,397
47,691
32,643
'49,464
35,057
33,125
33,415
33,801
35,632
36,060
4,396
5,040
5,302
7,659
7,133
1,096
2,262
485
'1,901
1,254
36,426
36,191
38,618
'41,390
41,938
-7,028
11,499
-5,974
8,073
-6,881
7,019
-7,597
4,036
-5.089
5,556
1,331
1,835
646
1,693
-120
369
254
-390
98
-35
5,323
-9,689
3,779
-6,879
5,711
10,737
4,256
5,282
96
90
117
1,182
113
115
126
167
186
703
11,704
5,244
7,280
12,322
3,801
6,786
8,066
3,896
6,075
6,433
5,584
5,987
5,944
6,279
6,347
5,930
5,667
6,501
5,806
5,809
1,342
1,491
1,344
1,275
1,220
1,075
1,086
1,387
964
1,402
296
258
367
122
408
-180
5,073
-1,976
358
4.891
-3,359
-399
1,311
-3,605
-144
-686
-1,160
-813
1,432
-4,496
1,992
1,462
634
476
655
337
108
-469
1,241
728
-382
646
-310
9
4
-87
-126
-174
257
-123
386
550
92
6,630
7,220
6,923
7,431
7,160
7,185
6,754
7,501
6,219
7,119
-1,142
11,688
3,057
5,128
7,225
3.131
4,827
5,956
1,068
1,083
2,121
1,820
858
1,778
972
938
1,438
1,184
40
-69
-32
-13
40
-67
-5,100
2,373
776
1,014
500
665
383
4,786
6,299
9,501
820
1,684
1,127
227
217
148
5,374
7,759
10,473
6,011
5,528
5,749
1,651
1,317
1,564
1,286
105
816
6,377
6,740
6,497
-1,003
1,020
3,976
-137
145
-2,168
-119
305
14
18
-52
-67
-36
-107
-2,115
1955
1956
1957
Semiannually:
1955—July-Dec
1956—Jan.-June....
July-Dec
1957—Jan.-June....
July-Dec
Monthly:
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar.*
-3,100
-170
Effects of operations on Treasurer's account
Financing transactions
Operating transactions
Period
Net
Budget
surplus,
or
deficit
Fiscal year—1954
-3,117
1955
1956
1957
-4,180
Trust
fund
Reconaccumu- ciliation
lation, to Treas.
or
cash
deficit
Net
market
issuance
(+)of
Govt.
agency
obligations'
1,626
1.596
1,951
991
2,250
1,409
-46
-29
309
-518
1,085
Semiannually:
1955—July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
-7.885
9,511
-5,732
7,328
-6,735
1,060
1,190
866
543
34
92
-139
217
312
-482
-36
159
Monthly:
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,153
-1,731
-662
5,409
-3,290
-802
1,559
-3,370
-979
147
-274
-408
777
547
-362
703
-115
-449
474
-218
275
333
59
-894
384
-288
43
282
382
-644
1958—Jan
Feb
Mar
-1,225
771
3,753
367
-437
600
-314
444
Increase,
Net
or
inv. ( - )
in Fed. decrease
Held
(-).in
sec. by
outside
gross
Govt.
Treasury
direct
agency
public
& trust
debt
funds'
Account of Treasurer of United
States (end of period)
Deposits in—
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
-1,609
-1,362
-2,617
-2,300
5,189
3,115
-1,623
-2,224
257
-312
-213
5
2,096
-551
331
-956
6,766
6,216
6,546
5,590
875
380
522
498
4,836
4,365
4,633
4,082
(055
-5
1,090
-1,217
-1,400
-697
-1,603
1,007
21
6,394
-8,017
3,877
-6,101
4,371
-24
-189
-55
60
-160
-1,671
2,002
-2,119
1,163
-984
4,545
6,546
4,427
5,590
4,606
397
522
441
498
481
3,036
4,633
2,924
4,082
3,084
,112
,391
062
,010
,041
298
253
153
-1,271
-991
1,226
-4,707
1,942
1,376
567
-345
679
151
112
1
-11
44
131
-40
-106
-72
-33
-40
3,824
19
87
-6
745
-23
186
-245
402
-1,255
-708
324
-694
282
36
-8
80
-250
-1,115
423
2,436
-3,028
558
-259
7,673
5,532
5,840
5,590
4,475
4,898
7,335
4,307
4,865
4,606
591
509
568
498
504
477
429
552
243
481
5,912
3,516
4,318
4,082
2,833
3,331
5,818
2,572
3,583
3,084
,170
,507
954
,010
,138
,090
,088
,183
,039
,041
225
142
101
541
-171
64
-343
124
-2,055
187
-1,101
888
1,682
3,505
4,394
6,076
469
516
474
1,767
2,837
4,596
,269
,041
,006
-14
602
173
147
v Preliminary.
' Revised.
* Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement
funds.
2
Small adjustments to arrive at this total are not shown separately.
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
Cash balances:
inc., or dec. (—)
68
30
-2,142
308
,471
,391
,010
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4, described in note 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
579
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
(Ink Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to—
Oldage
trust
fundi
High- R.re-R.
way
tiretrust ment
fund acct.
Refunds
of
receipts
Income and
profits taxes
Total
Budget
receipts
Individual
Other
10,747
10,396
11,322
12,302
Fiscal year—1954..
1955..
1956..
1957..
64,655
60,390
68,165
71,029
4,537
5,040
6,337
6,634 1,479
603
599
634
616
3,377
3,426
3,684
3,917
73,173
69,454
78,820
83,675
21,635
21,254
24,012
26,728
Semiannually:
1955—July-Dec.
1956—Jan.-June
July-Dec.
1957—Jan.-June
July-Dec.
25,240
42,925
28,069
42,960
29,325
2,927
3,410
2,559
643
4,075
836
3,135 1,151
318
316
312
304
305
496
3,188
463
3,454
655
28,981
49,839
32,045
51,630
34,571
11,312
12,700
13,020
13,708
13,760
10,737
4,256
5,282
120
124
109
137
174
219
207
183
203
165
50
15
83
52
19
84
54
30
69
49
606 12,145
1,130 6,142
1,057 7,759
406 12,819
138 3,734
124 6,475
137 8,109
120 3,796
76 5,845
59 6,611
151
190
150
19
78
43
-25
5,243
235 7,756
855 11,182
Monthly:
1957—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
11,688
3,057
5,128
7,225
3,131
4,827
5,956
632
617
1,229
536
346
919
486
332
671
382
1958—Jan
Feb
Mar
4,786
6,299
9,501
313
955
632
Corporation
Withheld
Excise
taxes
21,523 10,014
18,265 9,211
21,299 10,004
21,531 10,638
Employment
taxes 2
Other
receipts
Liquor
Mfrs.'
Torebacco and
tailers'
5,425
6,220
7,296
7,581
3,829
4,108
4,887
4,895
2,798
2,743
2,921
2,973
1,581
1,571
1,613
1,674
3,127
3,177
3,778
4,098
1,890
1,888
1,876
2,222
2,226
2,699 4,109
8,623 17,190
3,004 5,553
9,298 15,978
2,874 6,273
5,052
4,952
5,325
5,313
5,595
3,283
4,013
2,876
4,705
3,445
2,526
2,361
2,267
2,628
2,625
1,524
1,397
1,648
1,325
1,574
792
821
817
857
848
2,083
819
3,690
2,252
1,047
3,678
2,163
1,333
3,415
2,125
785
2,827
897
1,818
269
128
1,823
204
97
352
7,327
520
502
6,722
541
355
2,304
429
367
2,277
931
812
965
875
955
965
922
1,088
840
824
692
633
1,314
589
366
1,003
540
363
740
432
327
531
391
563
556
346
357
379
386
601
231
214
243
257
244
241
260
323
285
221
138
133
161
142
146
157
146
159
133
106
981
3,953
2,000
2,053
788
658
486
406
6,538
892
864
860
385
1,302
680
446
443
446
197
201
154
130
n.a.
1,102
1,124
1,102
Budget expenditures 3
Major national security
Period
Total
TotaH
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military program energy
Agriculture
VetGenand
Naterans' Labor
Comeral
agriural
Interservmerce
and
culregovernand
est ices and welfare
tural sources housing ment
benerefits
sources
Fiscal year:
1953
1954
1955
1956
1957
74,274
67,772
64,570
66,540
69,433
51,830
47,872
42,089
41,825
44,414
43,611
40,335
35,533
35,791
38,440
5,421
4,596
3,755
3,795
3,495
1,791
1,895
1,857
1,651
1,990
749
765
719
662
832
6,583
6,470
6,438
6,846
7,308
4,298
4,256
4,457
4,756
4,793
2,426
2,485
2,552
2,776
2,966
2,936
2,557
4,411
4,913
4,582
1,476
1,315
1,202
1,104
1,296
2,502
814
1,502
2,028
1,453
1,474
1,239
1,201
1,629
1,789
Semiannually:
1955—July-Dec-6
1956—July-Dec..
1957—Jan.-June 7
July-Dec..
33,125
33,801
35,632
36,060
20,421
21,145
23,269
22,164
17,917
18,547
19,893
19,370
1,383
1,464
2,031
1,471
797
930
1,060
1,080
212
382
450
776
3,349
3,587
3,721
3,912
2,330
2,291
2,502
2,400
1,348
1,421
1,545
1,636
2,775
2,183
2,399
2,651
614
736
560
850
1,137
879
574
1,003
940
1.181
608
661
6,095
5,743
5,584
5,987
5,944
6,279
6,347
5,931
5,666
6,501
5,806
5,809
3,833
3,654
3,788
4,011
3,869
4,114
3,628
3,989
3,589
3,700
3,506
3,752
3,335
3,245
3,224
3,544
3,279
3,266
3,108
3,545
3,148
3,222
3.035
3,312
269
214
349
253
377
569
311
215
226
240
254
225
182
150
169
183
184
192
170
190
169
190
183
178
29
65
43
44
57
212
77
96
53
360
104
86
655
592
606
611
610
647
665
635
638
647
646
681
410
407
414
419
444
408
377
382
362
421
432
426
330
236
209
285
208
277
317
272
239
358
226
224
551
312
397
455
308
376
664
215
386
529
404
453
87
94
85
82
106
106
129
161
138
158
147
117
85
268
-19
-6
139
107
241
108
269
222
196
-33
100
98
81
101
124
104
120
100
104
115
119
103
6,011
5,528
3,765
3,590
3,146
3,183
298
163
211
173
91
98
697
612
433
429
360
222
223
249
112
100
229
133
100
99
Monthly:
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
n.a. Not available.
1 Beginning February 1957, includes transfers to Federal disability
insurance trust fund.
2 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 For more details, see the 1959 Budget document, pp. 890-96 and
pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts
and expenditures.
* Includes stockpiling and defense production expansion not shown
separately.
5 Periodic revisions of Treasury statement data for fiscal years given
without corresponding monthly revisions; consequently monthly and
semiannual
data may not add to totals.
6
Data, are from Treasury Bulletin for June 1956 and are not fully comparable with data in subsequent Bulletins or with other data in this
table.
i Derived by subtracting totals for July-December from totals for fiscal
year.
580
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.
In billions of dollars]
Public issues 3
End of
month
Total
gross
debt*
Total
gross
direct
debt 2
Nonmarketable
Marketable
Bonds
Total
Total
Bills
Certificates of
indebtedness
Notes
Bank
eligible 4
Bank
restricted
52.2
49.6
36 0
21.0
13.4
5.7
1941_Dec
1945—Dec
1947—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
57.9
278.1
256.9
259 4
267.4
275.2
278.8
280.8
276.6
50.5
255.7
225.3
221.2
226.1
231.7
233.2
233.9
228.6
41.6
198.8
165.8
142.7
148.6
154.6
157.8
163.3
160.4
2.0
17.0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
38.2
21.2
29 1
16.7
26.4
28.5
15.7
19.0
6.0
23.0
11.4
18 4
30.3
31.4
28.0
43.3
35.3
33.6
68 4
68.4
41 0
58.9
63.9
76.1
81.9
80.9
1957—Apr
May
June
July . .
Aug
Sept
Oct
Nov
Dec
1958—Jan . .
Feb
Mar
Apr
274.1
275.3
270 6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275.2
274.0
275 2
270 5
272.5
273.8
274.4
274.1
274.7
274.9
274.6
21 A.I
272.6
275.1
226.9
226 9
221 7
224.3
225.3
226.5
226.3
227.1
227.1
227.3
227.0
225.1
228.0
160.0
160.3
155 7
158.8
160.2
161.8
162.2
163.4
164.2
164.6
164.5
162.9
166.0
25.3
26.8
23 4
26.4
28.2
26.7
26.7
26.7
26.9
27.3
26.1
23.0
22.4
19.4
21 8
20 5
20.5
34 1
35.0
34.7
34 7
34.6
34.6
31 5
31.5
31.1
34.4
30 9
31 0
31.1
17.1
19.3
19.4
20 6
20.7
20.7
20 5
20.7
24.7
80.9
80 8
80 8
80.8
80 8
80.8
81.5
81 5
82.1
82.1
86 4
87.7
87.7
1
Includes some debt not subject to statutory debt limitation (amounting
to $433 million on Apr. 30, 1958) and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,549 million on Mar. 31, 1958.
Convertible
bonds
Total 5
Savings
bonds
Tax
and
savings
notes
12.5
12.0
11.8
11.4
10.8
8.9
56.9
59.5
66 4
65.0
65.1
63.6
59.2
57.4
6.1
48.2
52.1
57.6
57.9
57.7
57.7
57.9
56.3
2.5
8.2
5.4
7.5
5.8
6.0
4.5
(e)
10.4
10 3
10 3
10.2
10 1
9.9
9.7
9 6
9.5
9.5
9 3
9.1
9.0
56.5
56 3
55 7
55.3
55 0
54.8
54.4
54 1
53.4
53.2
53.2
53.1
53.0
55.4
55.2
54 6
54.3
54.0
53.8
53.5
53.2
52.5
52.3
52.3
52.3
52.2
ii i
Special
issues
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
45.2
46.1
46 8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
4 Includes Treasury bonds and minor amounts of Panama Canal and
Postal Savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, and adjusted service bonds, not shown separately.
6 Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies and
trust funds i
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941—Dec
1945—Dec
1947—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—June
Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
272.8
276.7
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.1
45.6
2.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
8.4
8.4
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
219.3
222.7
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
23.8
24.9
1957_Feb
Mar
276.4
275.1
274.1
275.3
270.6
272.6
274.0
274.5
274.2
274.9
275.0
21 A.I
274.8
45.5
45.6
45.2
46.1
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
8.6
8.6
8.5
8.7
8.7
8.8
9.1
9.2
9.4
9.3
9.4
9.6
9.4
222.3
221.0
220.4
220.5
215.1
217.4
218.2
219.1
218.7
219.5
219.8
219.6
219.4
22.9
23.1
23.2
23.1
23.0
23.4
23.5
23.3
23.3
23.7
24.2
23.3
23.2
End of
month
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
1
2
Held by the public
Total
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to about $284 million on Dec. 31, 1957.
Individuals
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
57.1
59.3
3.7
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.4
8.0
8.2
24.0
23.9
16.5
16.1
15.8
15.0
14.3
13.3
12.8
4.0
22.2
14.1
20.7
19.9
'21.5
19.2
23.3
17.4
18.6
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
15.7
16.1
5.4
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.3
50.1
8.2
21.2
19.4
15.5
16.0
'15.5
13.7
15.4
'17.1
r
16.8
.9
9.1
8.4
10.6
11.7
13.2
13.9
15.6
16.3
16.1
57.7
58.1
58.0
57.7
55.8
56.8
56.6
58.3
58.1
58.1
58.9
58.5
59.2
8.1
8.1
8.0
8.0
7.9
7.9
7.9
7.9
7.8
7.6
7.6
7.6
7.6
12.8
12.6
12.5
12.4
12.3
12.3
12.2
12.2
12.2
12.1
12.0
12.0
11.9
20.9
18.0
17.9
18.5
15.7
16.3
16.8
16.1
'16.3
'16.9
16.9
r
17.7
17.8
16.3
16.6
16.8
16.8
16.9
16.9
17.1
17.2
17.2
17.3
17.0
17.3
17.3
49.7
49.6
49.4
49.3
49.1
48.9
48.8
48.6
48.4
48.3
48.2
48.2
48.2
17.6
18.5
18.5
18.3
18.4
18.7
19.3
19.6
19.1
19.0
18.3
18.6
18.3
16.4
16.4
16.1
16.4
16.0
16.2
15.9
15.9
16.3
16.5
16.5
16.2
15.9
Federal ComReserve mercial
Banks banks 2
Other
Savings
bonds securities
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
581
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 19581
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 2
May 1,1958
May 8,1958
May 15, 1958
May 22, 1958
May 29,1958
June 5,1958
June 12, 1958
June 19, 1958
June 26, 1958
July 3,1958
July 10, 1958
July 17, 1958
July 24,1958
Amount
Issue and coupon rate
Treasury notes
June 15, 1958
Oct. 1,1958
Feb. 15, 1959....
Apr. 1,1959....
Oct. 1,1959....
Apr. 1,1960....
May 15, I960....
Oct. 1,1960....
Apr. 1, 1961
Aug. 1,1961....
Oct. 1,1961
Feb. 15, 1962
Apr. 1,1962
Aug. 15, 1962
Oct. 1,1962
Nov. 15, 1962
11,519
9,833
Feb. 15, 1963
9,770
Apr. 1,1963
1,701
1,700
1,709
1,801
1,802
1,800
1,700
1,700
1,701
1,700
1,700
1,701
1,700
Certificates
Aug. 1,1958
Dec. 1,1958
Feb. 14, 1959
4
3V4
2ft
Amount
2
1
lft,
3%
\ft
4
lft
334
2%
11/2
4,392
121
5,102
119
99
198
2,406
278
144
2,609
332
647
551
2,000
590
1,143
3,971
30
1
Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 573.
Issue and coupon rate
Treasury bonds
Sept. 15, 1956-59 3.. 214
Mar. 15, 1957-593..2%
June 15, 1958
2%
June 15, 1958-63*..234
Dec. 15, 1958
2ft
June 15, 1959-62... 2V4
Dec. 15, 1959-62...214
Nov. 15, 1960
2i/8
Dec. 15, 1960-65 5.. 234
Sept. 15, 1961
234
Nov. 15, 1961
2ft
Aug. 15, 1963
2ft
June 15 1962-67... 2 ^
Dec. 15, 1963-68... 2ft
Feb. 15, 1964
3
June 15, 1964-69... 2ft
Dec. 15, 1964-69... 2ft
Amount
Issue and coupon rate
Treasury bonds—Cont.
3,818
Mar. 15, 1965-70.. .2ft
927
Aug. 15, 1966
3
4,245
Mar. 15, 1966-71.. .2ft
919
June 15, 1967-72... 2ft
2,368
Sept. 15, 1967-72... 2ft
5,268
Dec. 15, 1967-72... 2ft
3,457
Oct. 1,1969
4
3,806
Nov. 15, 1974
3%
1,485
June 15, 1978-83...314
2,239
Feb. 15, 1990
3ft
11,177
Feb. 15, 1995
3
6,755
2,113 Panama Canal L o a n . . . . 3
2,821
3,854 Convertible bonds
3,746
Investment Series B
3,821
Apr. 1, 1975-80... 2 y4
Amount
4,704
1,484
2,951
1,850
2,716
3,745
657
654
1,604
1,727
2,742
50
8,986
3
Not called for redemption on first call date. Callable on succeeding
interest
payment dates.
4
Called for redemption on June 15.
5 Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Marketable securities, by maturity class
Type of holder and date
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds 2 bonds
166,882
166,050
165,985
173,718
174,096
173,817
19,514
20,808
23,420
26,857
27,260
26,127
13,836
16,303
20,473
34,554
34,554
31,475
40,729
35,952
30,973
20,664
20,703
20,483
81,128
81,890
80,839
82,117
82,110
86,398
7,162
8,236
8,554
9,260
9,438
9,236
40
273
130
130
330
221
8
355
416
657
673
597
119
688
1,282
1,617
1,621
1,481
3,556
3,575
3,664
3,933
3,910
4,063
Federal Reserve Banks:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Jan. 31
Feb. 28
23,607
23,758
23,035
24,238
23,331
23,240
886
855
287
1,220
595
504
8,274
10,944
11,367
20,104
19,934
19,946
11,646
9,157
8,579
87
2,802
2,802
2,802
2,827
2,802
2,789
Commercial banks:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Jan. 31
Feb. 28
55,667
49,673
48,734
51,712
51,300
52,159
2,721
2,181
2,853
4,332
3,892
3,999
1,455
1,004
2,913
4,046
4,200
2,740
15,385
11,620
8,984
9,672
9,532
9,513
35,942
34,712
33,839
33,529
33,545
35,776
Mutual savings banks:
1955—June 30
1956—June 30
1957_june 30
Dec. 31
1958—Jan. 31
Feb. 28
8,069
7,735
7,397
7,209
7,254
7,217
84
107
163
122
161
134
53
37
114
167
208
131
289
356
367
438
434
421
Insurance companies:
1955—June 30
1956—June 30
1957_jUne 30
Dec. 31
1958—Jan. 31
Feb. 28
13,117
11,702
10,936
10,801
10,919
10,825
630
318
326
291
416
358
74
44
136
248
251
125
Other investors:
1955—June 30
1956—June 30
1957-June 30
Dec. 31
1958—Jan. 31
Feb. 28
59,260
64,947
67,329
70,499
71,856
71,139
15,153
17,074
19,661
20,762
21,867
20,910
3,973
3,919
5,527
9,331
9,288
7,937
All holders:
1955_j un e
1956—June
1957_june
Dec.
1958—Jan.
Feb.
30
30
30
31
31
28
U. S. Govt. agencies and trust funds:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—Jan. 31
Feb. 28
1 Direct public issues.
2
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
11,676
11,098
10,280
9,527
9,469
9,334
155,206
154,953
155,705
164,191
164,627
164,483
49,703
58,714
71,033
74,368
74,772
74,979
38,188
31,997
39,184
46,513
46,551
41,562
33,687
31,312
14,732
11,272
11,272
14,194
33,628
32,930
30,756
32,038
32,031
33,748
3,439
3,345
3,063
2,923
2,904
2,875
3,723
4,891
5,491
6,337
6,534
6,362
74
927
1,138
1,236
1,495
1,344
199
500
1,210
1,782
1,713
1,531
506
434
295
260
260
321
2,944
3,030
2,848
3,059
3,066
3,165
23,607
23,758
23,035
24,238
23.331
23,240
17,405
20,242
20,246
21,427
20,541
20,451
3,773
1,087
681
1,397
1,374
1,374
1,014
1,014
750
57
57
57
1,415
1,415
1,358
1,358
1,358
1,358
164
155
144
133
132
131
55,503
49,517
48,590
51,579
51,168
52,028
7,187
7,433
12,268
13,066
12,703
14,001
21,712
18,234
23,500
26,526
26,407
23,749
21,110
19,132
8,600
7,364
7,409
9,340
5,494
4,719
4,222
4,623
4,648
4,937
6,422
6,074
5,655
5,470
5,440
5,529
1,222
1,161
1,098
1,012
1,011
1,003
6,848
6,574
6,299
6,197
6,243
6,214
164
247
576
453
557
417
533
540
1,082
1,227
1,196
1,118
1,405
1,319
601
476
465
529
4,746
4,468
4,040
4,041
4,025
4,150
789
760
648
683
702
685
8,479
7,789
7,277
7,231
7,210
7,347
3,145
2,791
2,549
2,347
2,340
2,309
9,972
8,911
8,387
8,454
8,579
8,516
810
632
955
938
1,070
1,030
1,339
1,192
1,775
2,074
2,069
1,843
2,027
1,802
1,022
718
720
729
5,796
5,285
4,634
4,724
4,718
4,913
12,502
13,371
11,113
8,167
8,414
8,383
23,927
26,896
27,602
29,127
29.204
30,894
3,706
3,646
3,426
3,112
3,083
3,016
55,554
61,301
63,904
67,387
68,772
68,123
24,062
29,233
35,850
37,249
38,405
37,736
10,633
10,443
10,936
13,508
13,791
11,946
7,626
7,612
3,464
2,397
2,361
3,217
13,233
14,013
13,654
14,233
14,215
15,224
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.
582
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
State
and
FedU.S.
mu- Others Total
eral
Govt.8 agency* nicipal
n
1939
1941
1945
5,687
15,157
54,712
?
33?
11 466
47, 353
506
1,128
956
795
50
30
47
1950
1951
1952
1953
1954
1955
1956
1957
19,893
21,265
26,929
28,824
29,765
26,772
22,405
30,631
9, 687
9 778
577
J 957
n
1? 532
9 6?8
517
9, 601
30
110
459
106
458
746
169
572
3,532
3,189
4,121
5,558
6,969
5,977
5,446
6,958
282
446
237
306
289
182
334
559
503
763
539
388
516
595
437
683
639
640
1957—Mar
Apr
May
Sept
Oct
Nov
Dec
394
36?
400
392
2 263
894
1 374
925
215
1958—Jan
Feb
Mar
'3,473
'2,487
3,942
511
407
1 802
1,163
251
July
....
Total
2,164 1,980
2,667 2,390
6,011 4,855
Pre- ComNew
PubPri- ferred mon Total money 7
licly
vately stock stock
offered placed
Retirement
of
securities
Miscellaneous
purposes
Retirement
of
bank
debt,8
etc.
26
28
133
69
144
134
1,695
1,583
4,555
1,271
486
664
260
1,875
1,227
364
248
325
87
420
868
110 1,041
397 l|347 1 ,080
703
811
1,004
98
167
758
4,920
5,691
7,601
7,083
7,488
7,420
8,002
10,035
2,360
2,364
3,645
3,856
4,003
4,119
4,225
6,113
2,560
3,326
3,957
3 228
3,484
3,301
3,777
3,923
631
838
564
489
816
635
636
408
811
1,212
1,369
1,326
1,213
2,185
2 301
2,497
4,990
7 120
8,716
8,495
7 490
8,821
10 384
12,473
r,957
>,663
11 ,830
364
620
363
226
537
535
709
864
721
643
32
128
51
44
38
10
37
15
65
2
1,386 1,072
956
647
802
691
1,547 1,074
1,022
770
937
830
1,028
913
1,078
911
849
676
1,125
773
643
385
437
633
459
540
587
608
485
182
429
254
441
311
290
327
303
191
592
38
46
25
66
22
31
19
68
24
10
276
264
85
407
230
76
96
100
150
341
1,344
924
771
1,489
991
914
973
1,055
792
1,086
1 ,271
864
707
1 ,419
930
905
949
1 ,026
765
1 ,043
73
61
64
69
60
9
24
29
28
43
21
13
15
31
15
9
40
10
41
21
782 '201
'899 '55
507
9
'816 '744
'875 '607
1,623 1,494
505
398
1,165
'239
'209
330
28
85
69
'44 '723
182 '851
61 1,561
'711
'832
,525
'11
'19
35
'82
5
47
125
390
Bonds
1,276
1,578
3,851
1
3,248
2,362
1,785
2,401
1,977
1,934
3,980
2,670
3,027
2,692
New d ipital
Corporate
60
100
6,361
7,741
9,534
8,898
9,516
10,240
10,939
12,941
AL006
f>,531
fL180
',960
f5,780
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
ment of
ment of
New
ment of
ment of
New
secu- capital"
secusecu- capital" secu- capital"
secu- capital"
secu- capital"
capital"
rities
rities
rities
rities
rities
rities
1957—Mar
Apr
May
June
July
149
221
261
90
190
4
533
243
62
474
462
512
502
831
769
682
612
Sept
Oct
Nov
Dec
366
314
135
626
234
242
331
126
222
575
4
21
5
(9)
3
1
7
32
53
55
29
71
50
36
48
42
61
1958—Jan
Feb
Mar
'147
'171
196
'7
'3
41
'28
'26
47
4
63
56
24
40
93
51
51
49
4
3
1
10
6
(4
13
r(9)
' Revised.
1 Estimates of new issues maturing in more than one year sold for cash
in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign governments, International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
609
437
758
553
501
544
694
820
85
65
80
51
45
30
76
45
62
149
'82
'48
63
196
53
225
36
270
338
20
14
8
(9)
6
24
5
1,927
2,326
2,539
2,905
2,675
2,254
2,474
3,801
682
85
88
67
990
174
14
56
314
600
747
871
651
1,045
1,384
1,443
490
351
348
436
244
251
418
310
287
172
16
5
8
281
47
82
137
54
126
65
369
92
41
'321
'366
409
o3333:
1,026
2,846
3,712
2,128
2,044
2,397
3,336
4,097
1950
1951
1952
1953
1934
1955
1956
1957
2
'1
'34
'35
797
81
i
3
6C)
11r
21
3
1
(9 )
(9
)
1
(9 )
(9 )
(9 )
(9 )
5()
639
449
448
1,536
788
1,812
1,815
1,701
91
93
72
210
343
215
47
158
88
88
'109
'205
49
100
66
60
24
273
56
17
64
(9)
1
30
30
'1
2
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.
* Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
1
o Represents all issues other than those for retirement of securities.
583
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
Industry
1956
1952
1953
1954
1955
1956
1957
1957
3
2
1
4
2
3
4
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.) :*
Sales
54, 517 63 343 58, 110 69, 876 71 ,901 75, 987 8 457 16 ,119 19 ,193 19, 754 19, 424 18 ,058 18,753
509 1 ,700
751 ? 575 ? ,04? 2,196
7. 308 8. 375 7, 744 10, 750 9 .753 9, 564
441
914 1 ,321 i; 420 1,J 339 1,107 1,232
3, 192 3 649 3, 825 5, 231 4 ,842 5, 098 1 305
073
,97?
3,
115
384
154
706
841
849
877
7?3
75?
757
757
19, 266 20 694 20, 620 23, 106 24 ,762 26, 233 6 135 6 ,084 6 ,464 6, 604 6, 510 6 ,558 6,561
808
876
877
941
841
853 3 078
753 3, 413 3 ,468 3, 437
873
782
39? 1 5?6 i! 581 1, 918
,985
005
491
491
503
466
5?6
474
537
946
1,?49 1J 373
795
305
359
315
319
97? 1, 064
318
371
S
Profits after taxes
Dividends
Durable goods industries (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
35 ?51 4? 649 37, 490 46, 770 47 ,139 49 754 12 37? 10 ,036 1? ,730 13, 150 1? 914 11 498 12,192
1 633
89? 1 564 1, 810 1, 70? 1
4, 455 5 346 4, 491 6, 836 5 ,784 6
1,414
1, 800
1, 127
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
,
,
,
,
,
182
? 123
2, 244 3, 313
1. 320 1, 625
2 ,857 3, 092
1,724 1, 792
794
482
883
437
5, 042 5 411 5, 476 5, 833
453
465
499
46?
203
212
224
244
154
156
154
160
6 ,300 6 621 1 ,569 1 ,561 1 ,640
149
145
561
60?
141
275
294
71
74
71
175
166
50
41
38
1, 618
133
63
39
5, 965 6 373 6 18? 7,
1, 759
308 1 153 1, 535
7 ,776 8 703 1 957 1,889
1 ,500 1 555
34?
380
776
798
178
195
639
143
60?
141
486
396
5, 411
778
524
783
, 11, 564
1, 147
564
,
369
,
520
417
593
499
782
597
448
418
815
411
?
,001
045
395
047
394
207
181
197
150
202
15?
048
798
220
91
1, 941
7 ,185 7 814 1 ,74? 1 ,770 1 ,909
916
773
??6
867
184
688
701
163
163
89
93
346
374
8?
13 750 11 57? 14, 95? 16 ,06? 16 073 4 ,415 3 ,098 4 ,340
,817 1 357 2, 377 2 ,366
316
267
697
712
705 1, 195 1 ,?33
195
145
790
363
378
57?
651
606
140
188
407
377
137
9 ,798 10 914
943 1 177
460
578
379
?
,463
767
139
?
?
?
4, 77?
678
344
157
,746
743
170
87
674
796
14?
79
13, 038 16 611 14 137 18, 8?6 16 ,336 17 480 4 ,195 3 ,347 4 ,715
509
789 3, 073
1, 98?
,078
1 ,940
11?
77?
470
709
863 1, 394
898 1 060
118
718
758
74?
,
469
536
469
693
656
164
166
671
164
,
4, 993
,
,
,
,
78
,4??
733
175
79
713
337
167
616
438
758
478
1, 642 1,669 1,691
154
158
157
75
79
77
40
54
41
389
5 883 6 015 6, 556
751
841
854
603
567
624
790
794
317
7, 077 8 ,005 7 745 8, 477
91?
971
914
011
465
465
375
40?
199
763
737
?
836
439
172
91
?
,065 2,047
397
369
197
201
150
187
1 ,9?0 1,906
193
156
144
164
95
97
4, 770 3 ,856 3,675
652
473
512
260
764
3?7
157
158
179
750
305
148
81
?
,669 2,871
770
306
135
152
8?
86
4, 57? 3 ,689 4,277
603
791
506
79?
151
279
166
164
173
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits after taxes
581 10 ,664 q 371 10, 106 10 ,551 10 491
1 ,768 1 0S6
1,436
908 \t 341
682
903
927
734
876
435
379
448
46?
41?
,675 2,582
183
110
549
731
393
769
7 318
586
331
76?
191
199
121
8?
,339 2,464
600
630
376
357
765
273
5 ,966 6 ,467 1 ,480 1 ,495 1 ,552
1 ,430 ,56?
359
380
35?
715
190
788
176
180
137
147
552
613
136
1 560
387
195
148
344
238
825
338
6, 549 7 ,136 7 588 8 360
740 1 ,895
,049
304
1
947 1 ,030 1 134 1, 744
7?5
780
868
94?
4 136 4 ,525 4 ,902 5 425
9?5 1 ,050 1
787
45?
575
384
638
355
412
448
496
1 Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).
2 Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
660
?64
161
1??
,703
438
9 ,059 9 670
557
,457
1 ,379 1 403
1 ,013
077
?
,185
59?
371
756
?
,590
,77?
209
73
267
153
,175
568
30?
748
574
?47
375
?
,30?
?
596
327
?70
286
?
259
1 611 1 ,623 1,673
400
388
387
195
195
203
150
155
160
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing);
pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
584
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
Profits
before
taxes
Income
taxes
Profits
after
taxes
1950
1951
1952
1953
1954
1955
1956
1957
40.0
41.2
35.9
37.0
33.5
42.5
43.0
41.2
17.8
22.5
19.8
20.3
17.4
21.5
22.0
21.0
22.1
18.7
16.1
16.7
16.0
21.0
21.0
20.2
9.2
9.1
9.0
9.3
9.9
11.0
11.9
12.1
12.9
9.6
7.1
7.4
6.1
9.9
9.2
8.1
1956—1
2
3
4
43.3
42.4
40.8
45.6
22.1
21.6
20.8
23.3
21.2
20.7
19.9
22.3
11.7
12.0
12.1
11.5
9.5
8.7
7.8
10.8
1957—1
2
3
4
43.9
42.0
41.8
37.5
22.4
21.4
21.3
19.1
21.5
20.5
20.4
18.3
12.4
12.5
12.6
11.7
9.1
8.0
7.8
6.6
Year or
quarter
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
In billions
[Securities and Exchange Commission estimates.
All types
Cash Undisdivi- tributed
dends profits
NOTE.—Quarterly data are at seasonally
annual rates.
Year or
quarter
1950
1951
1952
1953
1954
1955
1956
1957
In millions of dollars]
Bonds and notes
Stocks
New RetireNew RetireNet
Net
issues ments change issues ments change
Net
New Retireissues ments change
7,224
9,048
10,679
9,550
11,694
12,474
13,033
14,289
2,418
3,366
3,335
2,898
3,862
4,903
5,099
4,598
698
667
348
533
1,596
2,216
1,787
923
1,720
2,700
2,987
2,366
2,265
2,687
3,313
3,675
3,501 3,724
2,772 6,277
2,751 7,927
2,429 7,121
5,629 6,065
5,599 6,875
4,968 8,065
3,159 11,129
1956—4
3,462
1,105
1957—1
2.
3
4
3,666
3,739
3,474
3,409
783
867
802
708
4,806
5,682
7,344
6,651
7,832
7,571
7,934
9,691
2,802
2,105
2,403
1,896
4,033
3,383
3,181
2,236
2,357 1,821
701
1,120 1,641
404
1,237
2,884
2,873
2,672
2,701
553
626
554
503
1,824 1,289
1,741 1,373
2,000
920
1,890 1,016
230
241
248
205
1,059
1,132
672
811
2,377
2,367
2,554
2,393
2,004
3,577
4,940
4,755
3,799
4,188
4,752
7,455
i Reflects cash transactions only. As contrasted with data shown on p. 582, 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. 582.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchanges Commission estimates.
In billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
U.S.
Govt. 2
Other
Inventories
Notes and accts.
payable
Other
U.S.
Govt. 2
Other
Federal
income
tax
liabilities
Total
Other
81.6
86.5
90.1
91.8
91.8
98.9
161.5
179.1
186.2
190.6
194.6
214.6
28.1
30.0
30.8
31.1
33.4
34.0
19.7
20.7
19.9
21.5
19.2
23.3
1.1
2.7
2.8
2.6
2.4
2.3
55.7
58.8
64.6
65.9
71.2
81.6
55.1
64.9
65.8
67.2
65.3
70.0
1.7
2.1
2.4
2.4
3.1
3.5
79.8
92.6
96.1
98.9
102.8
115.7
.4
1.3
2.3
2.2
2.4
2.3
47.9
53.6
57.0
57.3
61.4
69.9
16.7
21.3
18.1
18.7
15.5
18.4
14.9
16.5
18.7
20.7
23.5
25.1
1956—3
4
103.4
104.4
220.4
225.7
32.6
34.7
17.5
18.6
2.4
2.6
88.1
88.8
76.0
77.3
3.8
3.6
117.0
121.3
2.5
2.4
73.0
74.9
14.4
16.8
27.1
27.2
1957_1
2
3
4
106.0
107.0
107.7
108.4
224.9
224.5
228.9
228.9
31.9
32.5
33.2
34.1
18.0
15.7
16.1
16.9
2.5
2.5
2.4
2.8
89.4
90.5
92.9
91.5
79.1
79.3
80.0
79.3
4.0
4.0
4.2
4.4
118.9
117.6
121.2
120.6
2.5
2.6
2.6
2.3
74.1
74.4
75.2
74.3
14.4
12.2
13.8
15.0
28.0
28.3
29.6
28.9
1950
1951.
1952
1953
1954
1955
1
Excludes banks and insurance companies.
2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.
In billions of dollars]
Transportation
Year
1950
1951
1952..
1953
1954
1955
1956
1957
1958+
1
2
Total
20 6
25.6
26 5
28 3
26.8
28 7
35 1
37.0
32.1
Manufacturing
Mining
7 5
10 9
11 6
11 9
11.0
11 4
15 0
16.0
13.2
7
.9
1 0
1 0
1.0
1 0
1 2
1.2
1.1
Railroad
Other
1 1
1.5
1 4
1.3
.9
9
1.2
1.4
.9
1 2
1.5
1 5
1 6
1.5
1 6
1.7
1.8
1.4
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
Public Comutili- muni- Other2
ties
cations
3 3
3 7
3 9
4 6
4.2
4 3
4 9
6.2
6.4
1 i
1 3
1 5
1 7
1.7
2 0
2 7
3.0
9 1
5 7
5 9
5 6
6 3
6.5
7 5
8 4
7.4
Quarter
Total
Manufactur- Transing
portaand
tion
mining
All
Public
utili- other 3
ties
1956 4
9 8
4 8
3
1 5
2 8
1957 1
2
3
4
8 3
9 6
9.4
9 7
3 8
4 5
4.3
4 6
7
'g
!8
3
2
5
.7
3
2 6
2 7
2.5
2 6
1958—H
2«
8.2
8.4
3.7
3.6
.7
.6
.5
7
2.3
2.5
3 Includes communications and other.
4
Anticipated by business.
585
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
Nonfarm
Other
holders
Financial
insti- Selected IndiFederal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
All
holders
Financial
Other
insti- holders 2
tutions
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1.3
4.9
3.4
1950
1951
1952
1953
1954
1955
1956
1957*>
72.8
82.3
91.4
101.3
113.8
130.0
144.5
156.3
51.7
59.5
66.9
75.1
85.8
99.4
111.2
119.9
1.4
2.0
2.4
2.8
2.8
3.1
3.6
4.7
19.8
20.8
22.1
23.5
25.2
27.5
29.7
31.7
66.7
75.6
84.2
93.6
105.5
120.9
134.6
145.8
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
35.4
41.1
46.8
53.6
62.5
73.8
83.4
90.2
9.8
10.7
11.7
12.5
13.2
14.4
15.6
17.4
21.6
23.9
25.7
27.5
29.8
32.7
35.6
38.2
14.0
15.9
17.2
18.5
20.0
21.9
23.9
25.6
7.6
8.0
8.4
9.0
9.8
10.8
11.7
12.6
6.1
6.7
7.3
7.8
8.3
9.1
9.9
10.5
2.3
2.6
2.8
3.0
3.3
3.6
3.9
4.0
3.7
4.1
4.4
4.8
5.0
5.4
6.0
6.5
1956—Sept..
Dec...
141.3
144.5
108.7
111.2
3.3
3.6
29.3
29.7
131.5
134.6
96.6
99.0
81.4
83.4
15.2
15.6
34.9
35.6
23.4
23.9
11.5
11.7
9.8
9.9
3.9
3.9
5.9
6.0
1957—Mar.p
Junep.
Sept.p
Dec. P.
147.2
150.2
153.4
156.3
113.0
115.3
117.7
119.9
4.0
4.2
4.5
4.7
30.2
30.7
31.2
31.7
137.1
139.9
143.0
145.8
101.0
103.
105.
107.6
84.9
86.8
88.6
90.2
16.2
16.5
17.0
17.4
36.1
36.6
37.4
38.2
24.2
24.6
25.1
25.6
11.9
12.0
12.3
12.6
10.1
10.3
10.4
10.5
3.9
4.0
4.0
4.0
6.2
6.4
6.4
6.5
1958—Mar.*
158.6
121.6
4.9
32.1
148.0
109.2
91.5
17.6
38.8
26.0
12.8
10.6
4.1
6.6
1941
1945
p
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.
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Mutual savings bank holdings 3
Commercial bank holdings 2
Total
Total
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957^
.
.
.
1956—Sept
Dec
1957—Mar....
June
Sept
Dec.
1958—Mar P
p
Residential
Residential
End of year
or quarter
....
FHAinsured
VAguaranteed
Conventional
Farm
Total
Total
FHAinsured
VAguaranteed
1,164
1,274
1,444
1,556
1,740
1,831
1,984
2,102
44
47
53
53
56
58
59
57
6,840
7,139
6,028
6,155
1,944
1,984
63
59
4,455
4,500
4,575
4,669
7,330
7,520
7,660
7,790
6,250
6,364
6,452
6,551
2,010
2,033
2,068
2,102
60
58
57
57
4,785
7,920
6,665
2,137
58
3,884
3,387
4,929
5,501
5,951
6,695
7,617
8,300
8,735
2,264
2,458
2,621
2,843
3,263
3,819
4,379
4,823
968
1,004
1,058
1,082
1,159
1,297
1,336
1,367
8,261
9,916
11,379
12,943
15,007
17,457
19,745
21,169
7,054
8,595
9,883
11,334
13,211
15,568
17,703
19,010
2,567
3,168
3,489
3,800
4,150
4,409
4,669
1,726
2,237
3,053
4,262
5,773
7,139
7,790
3,890
3,902
8,210
8,300
4,282
4,379
1,358
1,336
19,225
19,745
17,218
17,703
4,350
4,409
4,770
4,730
4,750
4,823
3,810
3,720
3,660
3,589
8,300
8,440
8,660
8,735
4,440
4,500
4,660
4,823
1,350
1,370
1,375
1,367
20,105
20,475
20,812
21,169
18,035
18,384
18,687
19,010
4,820
3,490
8,830
4,880
1,390
21,565
19,370
10 431
11,270
12,188
12,925
14,152
15,888
17,004
17,147
3,421
3,675
3,912
4,106
4,560
4,803
4,823
2,921
3,012
3,061
3,350
3,711
3,902
3,589
22,500
22,719
16,860
17,004
4,760
4,803
22,670
22,760
23,105
23,337
16,880
16,890
17,070
17,147
23,410
17,140
Farm
4,303
4,477
4,792
5,149
5,645
6,155
6,551
4,812
4,208
13,664
14,732
15,867
16,850
18,573
21,004
22,719
23,337
Other
nonfarm
28
24
566
521
3,292
3 395
Conventional
900
797
1,048
856
4,906
4 772
Preliminary.
Represents all banks in the United States and possessions.
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
1
2
Other
nonfarm
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.
586
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
1941
1945
Vaguaranteed
Farm
Total
Other
Total
976
FHAinsured
6,442
6,636
5,529
5,860
815
1,394
VAguaranteed
Farm
Other
4,714
4,466
913
776
4,894
5,134
3,978
4,345
5,344
6,623
6,715
5,231
4,532
4,723
3,606
3,925
4 931
6,108
6,201
4,823
1,486
1,058
864
817
672
971
842
686
938
1,294
429
455
1,378
1,839
1,652
833
2,108
2,371
2 313
2,653
2 881
3,298
3,707
3,304
362
411
372
420
413
515
514
408
16,102
19,314
21,251
23,322
25,976
29,445
32,989
35,230
14,775
17,787
19,546
21,436
23,928
27,172
30,508
32,640
4,573
5,257
5,681
6,012
6,116
6,395
6,627
6,766
2,026
3,131
3,347
3,560
4,643
6,074
7,304
7,750
8,176
9,399
10,518
11,864
13,169
14,703
16,577
18,124
1,327
1,527
1,705
1,886
2,048
2,273
2,481
2,590
Sept
Oct
Nov
Dec
429
454
426
367
432
435
408
435
362
528
376
419
391
338
404
412
383
404
335
493
43
49
44
48
53
50
82
67
60
96
73
93
94
53
64
58
43
51
38
27
260
277
253
237
287
304
258
286
237
370
53
35
35
29
28
23
25
31
27
35
33,672
33,840
34,022
34,159
34,356
34,547
34,697
34,859
34,986
35,230
31,179
31,334
31,498
31,620
31,794
31,978
32,122
32,274
32,396
32,640
6,666
6,671
6,673
6,670
6,671
6,677
6,690
6,706
6,720
6,766
7,556
7,603
7,656
7,677
7,702
7,725
7,736
7,753
7,758
7,750
16,957
17,060
17,169
17,273
17,421
17,576
17,696
17,815
17,918
18,124
2,493
2,506
2,524
2,539
2,562
2,569
2,575
2,585
2,590
2,590
1958—Jan
Feb
Mar
525
227
390
482
236
344
122
49
93
41
18
22
319
169
229
43
41
46
35,410
35,529
35,663
32,816
32,926
33,049
6,818
6,849
6,896
7,748
7,737
7,720
18,250
18,340
18,433
2,594
2,603
2,614
1950
1951.
1952
1953
1954
1955
1956
1957
1957—Mar
Apr
Mav
July
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDING OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
FHAinsured
ConVAven- 2
guaranteed tional
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1950
1951
1952
1953
1954
1955
1956
1957
5,237
5,250
6,617
7,767
8,969
11,432
10,545
10,402
1,767
1,657
2,105
2,475
3,076
4,041
3,771
3,562
2,246
2,357
2,955
3,488
3,846
5,241
4,727
4,708
13,657
15,564
18,396
21,962
26,194
31,461
35,729
40,119
848
866
904
1,048
1,172
1,405
1,486
1,643
2,973
3,133
3,394
3,979
4,721
5,891
6,643
7,013
9,836
11,565
14,098
16,935
20,301
24,165
27,600
31,463
709
842
899
968
925
969
1,001
891
980
768
734
243
298
317
360
319
318
331
292
341
250
248
318
366
391
412
415
462
470
423
443
358
324
36,195
36,559
36,963
37,421
37,886
38,280
38,743
39,106
39,532
39,835
40,119
1,493
1,499
1,508
1,520
1,530
1,545
1,560
1,573
1,591
1,597
1,643
6,682
6,724
6,774
6,833
6,889
6,904
6,920
6,933
6,946
6,963
7,013
28,020
28,336
28,681
29,068
29,467
29,831
30,263
30,600
30,995
31,275
31,463
723
704
245
233
308 40,369
289 40,623
1,651
1,685
7,048 31,670
7,015 31,923
1957
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct . . . .
Nov
Dec
Year or
month
Season- Without
ally
seasonal
adadjust-2
justed 1
ment
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
4,732
5,650
1,490
2,017
404
ISO
1,165
1,097
218
1950
1951
1952
1953
1954
1955
1956
1957
16,179
16,405
18,018
19,747
22,974
28,484
27,088
24,244
5,060
5,295
6,452
7,365
8,312
10,452
9,532
9,217
,618
1,615
1,420
1,480
1,768
1,932
1,799
1.472
3,365
3,370
3,600
3,680
4,239
5,617
5,458
4,264
1,064
1,013
1,137
1,327
1,501
1,858
1,824
1.429
2,032
2,022
2,012
2,008
1,999
2,026
2,032
2,013
1,995
1,954
1,937
2,044
2,144
2,028
2,211
2,208
2,026
2,226
1,877
1,851
744
798
840
795
852
883
796
855
686
666
115
116
125
119
130
132
124
132
117
125
334
357
374
363
390
378
354
395
333
325
99
110
121
126
142
137
121
131
117
113
1,976
1,949
1,782
1,701
1,866
628
638
705
111
101
108
322
304
345
98
87
94
July
Aug
Sect
Oct
Nov
Dec
1958
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.
217
1957
Mar
Apr
May
1958
Jan
Feb
By type of lender
(without seasonal adjustment)
Total
Jan
Feb
Mar
1 Three-month moving average, seasonally adjusted by Federal Reserve.
2 Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
587
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
Proj-
New
properties
Existing
properties
type
mortgages i
Property
imTotal 3
provement2
loans
Home
mortgages
New
properties
Existing
properties
665
257
217
20
171
192
1950
1951
1952
1953
1954
1955
1956
1957
4,343
3,220
3,113
3,882
3,066
3,807
3,461
3,715
1.637
1,216
969
1,259
1,035
1,269
1,157
582
322
259
232
76
130
595
694
880
856
713
974
1,030
907
1,816
1,505
1,371
708
848
1,334
891
646
692
869
3,072
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,202
942
890
1,014
1,566
2,564
1,948
863
317
264
292
86
90
94
104
124
122
116
145
145
152
96
41
80
18
76
67
14
79
33
12
60
66
58
65
65
88
85
111
65
71
380
350
286
276
268
251
295
280
213
176
285
271
218
213
206
193
228
229
182
155
94
78
68
333
340
273
422
329
332
75
68
60
60
67
63
57
87
86
97
418
386
120
115
186
164
55
64
435
127
192
56
43
160
142
142
129
110
18
13
13
1957—Mar
Apr
May
247
July
Sept
Oct
Nov
Dec .
.
1958 Jan
Feb
62
53
123
62
62
58
66
50
30
20
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.
18.6
45 2
1945
FHA- VAinguarsured anteed
4.3
4.1
51.7
58.5
66.1
75.7
88.2
99.0
107.6
18 9
22.9
25.4
28.1
32.1
38.9
43.9
47.2
8.6
9.7
96.6
99.0
42.5
43.9
101.0
103.3
105.6
107.6
45.1
45.9
46.5
47.2
10.8
12.0
12.8
14.3
15.5
16.5
15.2
15.5
15.7
15.9
16.1
16.5
1958—Mar.?.... 109.2
47.7
17.1
1950
1951
1952
1953..
1954
1955
1956
1957*
1956—Sept
Dec
1957—Mar.*....
June**. . . .
Sept.P
Dec.p
.2
10 3
13.2
14.6
16 1
19.3
24 6
28.4
30.7
27.3
54.1
55.1
29.4
30.0
30.4
55.9
57.4
59.1
30.7
30.6
60.4
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 HOME LOAN BANK LENDING
[In millions of dollars]
I 2nd of year
or month
1950.
1951.
1952.
1953
1954.
1955.
1956.
1957.
1957_Anr
May
June
July
Aug
Sept
.
Oct
Nov
Der
1958
Tan
Feb
Mar
Apr
.
.
Total
FHAinsured
VAguaranteed
1,347
1,850
2,242
2,462
2,434
2,615
3,047
3,974
169
204
320
621
802
901
978
1,044
1,237
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
1,119
469
111
56
221
575
6?
5
?,
3,491
3,551
3,605
3,654
3,718
3,783
3 849
3,909
3,974
1,074
1,087
1,100
1,112
1,132
1,152
1,170
1,197
1,237
2,417
2,464
2,505
2,541
2,586
2,631
2 679
2,712
2,737
95
75
69
1
1
4,038
4,071
4,073
4,019
1,283
1,319
1,346
1,345
2,755
2,752
2,726
2,674
77
Purchases
677
538
542
614
411
609
Sales
Commitments
undisbursed
Total
term 1
Long-2
term
278
213
195
176
19
675
423
586
728
734
1,251
745
1,116
292
433
528
640
818
702
934
816
806
864
952
867
1 ,417
1 ,228
1 ,265
547
508
565
634
612
991
798
731
269
298
299
317
255
426
430
534
493
1957—Apr.,
518
525
726
717
764
786
761
745
842
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Advances outstanding
(end of period)
1950
1951
1952
1953
1954
1955
1956
1957
680
712
9
29
75
Repayments
1945
79
75
80
Advances
485
239
323
638
476
76
360
764
78
82
56
45
38
Year or month
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
626
83
61.5
v
[In millions of dollars]
Mortgage
transactions
(during
period
14.3
26 3
28.8
33.1
38 0
43.6
49 3
55.1
60.4
28.4
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
Mortgage holdings
Conventional
Total
Total
1945
.•m
Governmentunderwritten
End of
year or
quarter
1958—Jan..
Feb.,
Mar.
Apr.,
1
2
1,079
73
73
135
131
83
96
83
74
196
62
52
48
171
50
49
70
62
74
971
993
1,079
1,040
1,072
1,119
1,131
1,143
1,265
544
559
614
638
663
688
686
689
731
427
434
465
402
409
431
445
454
534
58
41
53
212
417
158
146
93
906
790
696
815
527
451
394
304
379
339
302
511
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.
588
CONSUMER CREDIT
C O N S U M E R CREDIT, BY M A J O R PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper1
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7 222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
1950
1951
1952
1953
1954
1955
1956
1957
21,395
22 617
27,401
31,243
32,292
38,670
42 097
44,776
14,703
15,294
19,403
23,005
23,568
28,958
31,827
34,105
6,074
5,972
7,733
9,835
9,809
13,472
14,459
15,496
4,799
4,880
6,174
6,779
6,751
7,634
8,510
8,687
1,016
1,085
1,385
1,610
1,616
1,689
1,895
1,984
2,814
3,357
4,111
4,781
5,392
6,163
6,963
7,938
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,821
1,934
2,120
2,187
2,408
3,002
3,253
3,502
3,291
3,605
4,011
4,124
4,308
4,579
4 735
4,760
1,580
1,784
1,867
1,927
2 008
2,131
2 282
2,409
40,735
41,247
41,937
42,491
42,668
43,101
43,270
43,274
43,530
44,776
31,524
31,786
32,158
32,608
32,968
33,303
33,415
33,504
33,596
34,105
14,528
14,691
14,883
15,127
15,329
15,490
15,556
15,579
15,542
15,496
8,043
8,017
8,081
8,165
8,189
8,229
8,228
8,236
8,300
8,687
1.856
,862
1,886
1,905
1,921
1,954
1,969
1,988
.996
1,984
7,097
7,216
7,308
7,411
7,529
7,630
7,662
7,701
7,758
7,938
9,211
9,461
9,779
9,883
9,700
9,798
9,855
9,770
9,934
10,671
3,370
3,374
3,582
3,530
3,406
3,458
3,493
3,405
3,458
3,502
3,534
3,735
3,834
3,948
3,886
3,925
3,942
3,991
4,135
4,760
2 307
2,352
2,363
2,405
2,408
2,415
2,420
2,374
2 341
2,409
43,966
43,043
42,562
33,737
33,302
32,983
15,326
15,122
14,889
8,499
8,277
8,192
1,963
1,936
1,915
7,949
7,967
7,987
10,229
9,741
9,579
3,514
3,542
3,542
4,264
3,710
3,528
2,451
2,489
2,509
1957
Mar
Apr
M^ay
June
July
Aug
Sent
Oct
Nov
Dec
1958
Jan
Feb
Mar
.
..
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 part for business.
2 Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
NOTE.—Monthly figures for the period December 1939
and a general description of the series are shown on pp.
BULLETIN for April 1953; monthly figures for 1948-56, in
for October 1956, pp. 1035-42, and December 1957,
A detailed description of the methods used to derive the
be obtained from Division of Reserach and Statistics.
518
597
845
through 1947,
336-54 of the
the BULLETINS
pp. 1420-22.
estimates may
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
End of year
or month
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1941
1945
4 503
6,085
2,462
3 065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
1950
1951
1952
1953
1954
1955
1956
1957
14,703
15,294
19,403
23 005
23,568
28,958
31 827
34,105
11,805
12,124
15,581
18 963
19,450
24,450
27 084
29,375
5,798
5,771
7,524
8,998
8,796
10,601
11,707
12,714
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
590
635
837
1,124
1,342
1,678
2,014
2,472
Retail outlets
Consumer
finance
companies i
Other i
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
1,286
1,555
1,866
2,137
2,257
2,656
3,056
3,332
420
509
643
111
911
1,072
1,207
1,284
2,898
3,170
3,822
4,042
4,118
4,508
4,743
4,730
746
924
1.107
1 064
1,242
1,511
I 408
I 393
827
810
943
1 004
984
1,044
1 187
1,146
267
243
301
377
377
365
311
374
287
290
389
527
463
487
502
529
1
1
1
1
1
1
339
395
270
771
903
082
070
052
101
269
288
1957
Mar . .
Apr
M^ay
June
July
Aug
Sept
Oct
Nov
Dec
31 524
31,786
32,158
32 608
32,968
33,303
33,415
33,504
33,596
34,105
27,148
27,544
27,864
28,263
28,726
29,014
29,128
29,241
29,239
29,375
11,736
11,981
12,143
12,323
12,508
12,607
12,656
12,749
12,717
12,714
9,048
9,104
9,176
9,300
9,476
9,565
9,598
9,585
9,564
9,573
2,076
2,127
2,167
2,227
2,284
2,344
2,377
2,415
2,439
2,472
3,063
3,105
3,123
3,155
3,209
3,234
3,231
3,229
3,248
3,332
1,225
1,227
1,255
1,258
1,249
1,264
1.266
,263
1,271
1,284
4 376
4,242
4,294
4 345
4,242
4,289
4 287
4,263
4,357
4,730
[ 304
[ 176
1,229
I 249
I 144
1,161
167
1 134
1,199
1,393
1 090
1 075
1,077
1 077
1 072
1,083
1 077
1 080
1,092
1,146
356
354
355
359
361
360
363
365
365
374
501
505
510
518
525
530
533
533
531
529
1 125
1 132
1,123
1 142
1 140
1,155
J 147
151
,170
1,288
1958
Jan
Feb
Mar
33,737
33,302
32,983
29,125
28,864
28,621
12,611
12,415
12,310
9,464
9,405
9,284
2,446
2,451
2,461
3,320
3,306
3,286
1,284
1,287
1,280
4,612
4 438
4,362
1,381
1 326
1,343
1,108
1 079
1,045
367
363
359
522
514
504
,234
156
111
1 Consumer finance companies included with "other" financial institutions until September 1950.
2
Includes mail-order houses.
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
589
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
End of year
or month
Automobile
paper
Other
con-
Purchased
Direct
goods
paper
178
338
166
309
Repair
and
modernization
loans
1,079
1,726
745
237
447
66
143
114
110
312
1950
1951
1952
1953
1954
1955
1956
1957
.. . 5 798
5,771
7,524
8 998
8,796
10,601
11 707
12,714
1,177
1,135
1,633
2,215
2,269
3,243
3,651
4,054
1,294
1,311
1,629
1,867
1,668
2,062
2,075
2,335
1,456
1,315
1,751
2,078
1,880
2,042
2,394
2,435
834
1,137
1,317
1,303
1,338
1,469
1,527
1,037
1,122
1,374
1,521
1,676
1,916
2,118
2,363
May
June
July
Aug
Sept
Oct
Nov
Dec
11,736
11,981
12 143
12,323
. . 12 508
12,607
12,656
12,749
12,717
12,714
3,723
3,789
3,851
3,921
3 976
4,026
4,050
4,082
4,067
4,054
2,149
2,200
2,246
2,282
2,310
2,330
2,334
2,334
2,333
2,335
2,280
2,363
2,368
2,395
2 456
2,434
2,437
2,471
2,448
2,435
1,432
1,436
1,450
1,466
I 480
1,503
1,514
1,531
1,537
1,527
2,152
2,193
2,228
2,259
2,286
2,314
2,321
2,331
2,332
2,363
1958—yan
Feb
Mar
12,611
12,415
12,310
4,016
3,966
3,906
2,330
2,312
2,305
2,378
2,272
2,236
1,508
1,484
1,467
2,379
2,381
2,396
1957—Mar
Apr
135
161
888
363
471
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
789
957
81
122
24
36
15
14
731
54
20
14
643
1950
1951
1952
1953
1954
1955
1956
1957
2,296
2,699
3,346
4,038
4,510
5 406
6,277
7 088
360
200
121
373
452
538
539
761
948
1,108
233
310
370
375
537
648
638
134
188
247
282
326
403
437
1,615
1,959
2,396
2,883
3,314
3,782
4,278
4,905
1957—Mar
Apr .
May
June
July
Aug
Sept
Oct
Nov
Dec
6,364
6 459
6,545
6,640
6.742
6,842
6 874
6,907
6 958
7,088
965
985
1,004
1,030
1,052
1,072
I 082
1,093
I 101
1,108
633
638
644
647
402
404
414
417
647
419
645
638
638
434
438
437
4,364
4,432
4.483
4,546
4,624
4,689
4,711
4,735
4,781
4,905
7 050
7,044
7,027
1,095
1.093
1^094
627
617
606
435
432
429
4,893
4,902
4,898
1958 Jan
Feb
Mar
. . .
. ..
652
648
429
433
56
66
54
532
452
680
816
841
162
276
341
377
402
465
567
670
1950
1951
1952
1953
1954
1955
1956
1957
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
2,956
2,863
3,630
4,688
4,870
6,919
7,283
7,470
1,034
1,227
1,413
61
63
60
46
31
25
23
20
1957—Mar.
Apr.,
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
9,048
9,104
9,176
9,300
9,476
9,565
9,598
9,585
9,564
9,573
7,190
7,212
7,272
7,376
7,466
7,532
7,557
7,537
7,510
7,470
1,255
1,279
1,285
1,296
1,369
1,384
1,389
1,390
1,388
1,413
22
22
22
22
22
22
22
23
21
20
581
591
597
606
619
627
630
635
645
670
1958—Jan..
Feb..
Mar.
9,464
9,405
9,284
7,363
7,237
7,080
1,404
1,464
1,492
20
20
19
677
684
693
878
300
164
Personal
loans
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
noninstalment
credit
669
785
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.
148
201
58
1,363
Personal
loans
1939
1941
1945
115
167
24
1,197
1,797
[Estimated amounts outst anding, in millions os dollars
Total
instalment
credit
Repair
and
modernization
loans
1939
1941
1945
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Other
consumer
goods
paper
credit
End of year
or month
loans
1939
1941
1945
Total
instal-
Automobile
paper
Per-
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
DepartOther ment
stores 1
Service
credit
Other
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,576
1,684
1,844
1,899
2,096
2,635
2,843
3,095
245
250
276
288
312
367
410
407
650
698
728
772
793
862
893
876
2,641
2,907
3,283
3,352
3,515
3,717
3,842
3,884
1,580
1,784
1,867
1,927
2,008
2,131
2,282
2,409
1957—Mar
Apr.. . .
May
June
July
Aug
Sept
Oct
Nov
Dec
9,211
9,461
9,779
9,883
9,700
9,798
9,855
9,770
9,934
10,671
2,874
2,920
2,996
3,029
2,996
3,002
3,023
3,022
3,028
3,095
496
454
586
501
410
456
470
383
430
407
566
592
593
579
533
535
588
612
658
876
2,968
3,143
3,241
3,369
3,353
3,390
3,354
3,379
3,477
3,884
2,307
2,352
2,363
2,405
2,408
2,415
2,420
2,374
2,341
2,409
1958—Jan
Feb
Mar
10,229
9,741
9,579
3,054
3,057
3,054
460
485
488
725
601
573
3,539
3,109
2,955
2,451
2,489
2,509
1939
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957 .
1
...
Includes mail-order houses.
590
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
5,043
6,294
7,347
8,006
8,866
10,272
11,342
12,613
835
7,150
7,485
9,186
9,227
9,117
10,634
11,590
11,599
841
1,217
1,344
1,261
1,388
1,568
1,518
Sept
Oct
Nov
Dec
3,426
3,470
3,535
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,347
3,594
3,748
3,674
3,837
3,704
3,388
3,545
3,439
4,069
1.374
1,371
1,363
1,356
1,381
1,355
1,392
1,435
1,404
L423
1.380
,468
1,513
1,494
1,563
1,467
1,364
,404
1,250
,305
931
937
995
1,007
999
1,027
973
912
964
959
846
901
1,016
998
995
1,022
927
976
1,020
1,333
123
123
134
128
130
137
127
126
120
118
111
123
147
133
143
150
138
141
123
112
Jan
Feb
Mar .. . . .
3,504
3,235
3,193
3,108
2,754
3,164
1,346
1,179
1,077
,190
1,020
1.104
940
900
981
799
717
902
131
116
115
102
91
105
1957—Mar
Apr
May
June
July
1958
8,530
8,956
11,764
12,981
11,807
16,745
15,563
16,681
21,558
23,576
29.514
31,558
31,051
39,039
40,063
42,411
1950
1951
1952
1953
1954
1955
1956
1957
998
1,039
1,043
1,056
1,089
1,072
1,054
1,068
1,071
1,115
1,087
1,040
L020
1.010
1,102
1,072
1,049
1,136
1,065
959
,024
1,046
L319
1,017
926
1,053
Repayments
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
1950
1951
1952
1953
1954
1955
1956
1957
1957_Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
. . .
1958—Jan
Feb
Mar
7,011
9,058
10,003
10,879
11,833
13,082
14,576
15,644
6,057
7,404
7,892
8,622
9,145
9,751
10,714
11,422
717
772
917
1,119
1,255
1,315
1,362
1,429
3,255
3,284
3,313
3,339
3,382
3,343
3,418
3,358
3,394
3,498
3,311
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1.272
1,294
1,305
1,289
1,317
1,276
1,318
1,317
1,292
.368
1.284
1,305
1,321
1,250
1,361
1,306
,298
,381
1,287
1,351
935
908
919
951
964
976
990
945
981
978
963
927
952
914
971
982
928
968
956
946
113
117
121
120
125
117
124
118
113
124
114
117
123
114
127
117
123
122
115
124
935
965
968
979
976
974
986
978
1,008
1,028
3,421
3,401
3,373
3,476
3,189
3,483
1,368
1,317
1,300
,360
1,224
1.337
925
966
952
987
939
987
120
125
123
123
118
126
1,008
993
998
4,660
5,751
6,593
7,336
8,255
9,501
10,542
11,638
950
983
980
946
1,018
964
927
985
989
1,139
1,006
908
1,033
Change in outstanding credit1
+3,113
+591
+4,109
+3,602
+563
+5,390
+2,869
+2,278
1950
1951
1952
1953
1954
1955
1956
1957
1957—Mar
Apr
May
July
Aug
Sept
Oct .
Nov
Dec
1958 Jan
Feb
Mar
. ..
.
.
+36
+ 171
+ 186
+222
+208
+217
+248
+ 128
+ 183
+ 165
+ 117
+262
+372
+450
+360
+335
+ 112
+89
+92
+509
+83
-166
-180
-368
-435
-319
+ 1,519
-102
+ 1,761
+2,102
26
+3,663
+987
+ 1,037
+ 102
+77
+58
+96
+29
+76
+56
+35
+51
+55
-22
-138
-223
-170
-204
-233
+ 15
+67
+64
+79
+74
+ 118
+112
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of
the BULLETIN for October 1956; for
1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
-4
+ 163
+ 192
+244
+202
+ 161
+66
+23
-37
-46
-17
-33
-17
-19
-66
+29
-117
-26
+64
+84
+24
+40
+8
+64
+387
-188
-222
-85
+383
+543
+754
+670
+611
+771
+800
+975
+118
+69
+300
+225
+ 1,093
+81
+ 1,294
+605
28
+883
+876
+ 177
+6
+73
+206
+89
+10
+6
+ 13
+8
+5
+20
+3
+8
+7
-6
+ 11
-9
-8
-3
+6
+24
+ 19
+ 16
+33
+15
+ 19
+8
-12
-21
-27
-21
+63
+74
+75
+77
+ 113
+98
+68
+90
+63
+87
+79
+47
+22
+60
+119
+92
+ 103
+ 118
+ 101
+32
+39
+57
+ 180
+ 11
+ 18
+20
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.
591
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
Sales finance
companies
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1950
1951
1952
1953
1954
1955
1956
1957
8,135
8,358
11,123
12,099
11,267
14,109
14,387
15,188
21,558
23,576
29,514
31.558
31,051
39,039
40,063
42,411
5,098
5^67
6,982
7,560
7,260
10,200
9,600
10,200
3,826
4,788
5,659
6,375
6,983
8,449
9,474
10,453
4,499
4,963
5,750
5,524
5,541
6,281
6,602
6,570
Sept
Oct.i
Nov
Dec
3,426
3,470
3,535
3,547
3,599
3,591
3,546
3,541
3,559
3,615
3,347
3,594
3,748
3,674
3,837
3,704
3,388
3,545
3,439
4,069
1.208
1,236
1,245
1,268
1^291
1,284
1,289
1,325
[,252
1,252
1,212
1,348
1,362
1,333
1,382
1,320
1,239
1,302
1,150
1,228
852
845
832
830
890
819
834
856
835
873
821
855
886
904
1,022
903
829
860
779
865
836
865
877
870
905
907
869
871
893
902
843
901
904
871
946
906
797
850
877
1,069
530
524
581
579
513
581
554
489
579
588
471
490
596
566
487
575
523
533
633
907
1958—Jan. i
Feb. i
Mar 1
3,504
3,235
3,193
3,108
2,754
3,164
1,247
1,146
.109
1,174
1,008
1,132
828
769
742
720
642
724
875
819
805
793
730
828
554
501
537
421
374
480
1957 Mar
Apr. i
June
Julyi
..
.
....
AUK
Repayments
6,776
8,385
9,370
10,625
11,469
12,304
13,320
14,252
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
1950
1951
1952
1953
1954
1955
1956
1957
1957—Mar
Apr. i
May
Julyi
Aug
Sept
Dec
1958—Jan. i
Feb i
Mar. i
4,331
5,524
5,925
6,344
7,043
7,901
8,943
9,727
3,404
4,385
5,012
5,683
6,511
7,553
8,603
9,642
3,934
4,691
5,098
5,304
5,465
5,891
6,328
6,512
3,255
3,284
3,313
3,339
3,382
3,343
3,418
3,358
3,394
3,498
3,311
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
3,560
1.141
1,155
1,168
1,196
1,189
1,196
1,228
[,200
1,208
[,232
1.138
1,187
1,200
1,153
1,242
1,221
1,190
1,226
1,182
1,231
791
801
817
805
831
797
808
820
795
848
808
799
814
780
846
814
796
873
800
856
778
793
805
800
817
819
815
810
838
843
790
806
818
776
844
806
765
817
826
939
545
535
523
538
545
531
567
528
553
575
575
540
544
515
545
528
525
540
539
534
3,421
3,401
3,373
3,476
3,189
3,483
1,216
,232
L198
1,237
1,147
1.219
844
820
813
829
758
845
837
799
818
831
736
845
524
550
544
579
548
574
Change in outstanding credit 2
+767
-57
+ 1,057
+1,216
+217
+2,299
+657
+473
+ 1 359
27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,106
+ 1,007
+3,113
+591
+4,109
+3,602
+563
+5,390
+2,869
+2,278
1950
1951
1952 .
1953
1954
1955
1956
1957
+422
+403
+647
+692
+472
+896
+871
+811
+565
+272
+652
+220
+76
+390
12
June
Julyi
Aug
Sept
Oct 1
Nov
Dec
+ 171
+186
+222
+208
+217
+248
+ 128
+ 183
+165
+ 117
+36
+262
+372
+450
+360
+335
+ 112
+89
+92
+509
+67
+ 165
+77
+72
+ 147
+88
+61
+ 142
+44
+20
+74
+245
+ 162
+ 180
+ 185
+99
+49
+93
-32
-3
+61
+44
+ 15
+25
+59
+22
+26
+36
+40
+25
+ 13
+56
+72
+ 124
+ 176
+89
+33
-13
-21
+9
+58
+72
+72
+70
+88
+88
+54
+61
+55
+59
+53
+95
+86
+95
+ 102
+ 100
+32
+33
+51
+130
-15
-95
+58
+41
-77
+50
-13
-56
+26
+ 13
-104
-134
+52
+51
— 103
+47
-2
-24
+94
+373
1958 Jan i
Feb. i
Mar.i
+83
-166
-180
— 368
-435
-319
-9
-143
-107
-103
-196
-105
-16
+6
-71
-109
-59
-121
+38
+20
-13
-38
-6
-17
+70
-49
+ 11
— 118
-174
1957—Mar
Apr. i
May
1 Data on extensions and repayments have been adjusted to avoid
duplications resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types of holders do not equal the changes in outstanding credit.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54
of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
-76
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets 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.
592
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise noted.
The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
Industrial production
(physical volume)*
Employment and payrolls 2
Depart-
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Min- Total
erals
NonagriculResi- All
den- other tural
emtial
ployment
Manufacturing
production workers
Employment
carloadings*
Payrolls
AdAd- Unad- AdAdAd- Unad- Unad- Unad- AdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
38
39
30
39
45
43
1926
1927
1928
1929
1930
51
51
53
59
49
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61 3
61.9
55.2
58 5
64.3
63 5
65.2
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
67
68
70
70
62
67.5
67.9
67 9
71.0
66.6
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
41
13
20
18
24
25
60.3
53.4
53.6
58.8
61.3
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
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
1941
1942
1943..
1944
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
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
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
82
84
102
113
159
86
98
111
91
100
106
94
105
87
99
102
99
116
185
79 94.4
83 99.4
105 101.6
111 99.0
142 102.3
1951
1952
1953
1954
1955
1956
1957
120
121
128
114
115
171
170
172
1931
1932
1933
1934
1935
. ..
.
. .
1936
1937
1938
1939
1940
69
96
95
76
52
30
8
7
7
125
139
143
143
127
140
144
145
137
155
159
160
116
126
129
130
111
122
129
128
215
261
199
101
232
280
199
101
204
248
199
101
108.2
110.4
113.6
110.7
114.4
118.6
120.1
144
144
145
145
145
144
142
139
135
145
143
145
135
145
146
146
141
145
145
147
147
147
146
143
141
134
130
131
131
131
132
131
130
128
137
160
160
163
162
163
160
156
154
146
131
130
127
128
129
129
127
123
123
105
128
121
109
106
96
98
89
75
114
120
105
119
119
107
108
86
70
98
133
132
102
97
89
92
91
78
120.2
120.5
120.6
120.7
120.8
120.4
120.0
119.4
118.8
133
132
'135
131
130
142
'127
125
124
78
72
137
135
124
134
125
136
136
153
114
118
114
116
183
192
183
178
183
201
68.7
69.0
52.8
58.4
66.9
62 A
64.2
65.5
64.1
64.2
68.3
59.5
50.2
42.6
47.2
55.1
58.8
63.9
70.1
59.6
66.2
71.2
87.9
103.9
121.4
118.1
104.0
97.9
103.4
102.8
93.8
99.6
106.4
106.3
111.8
101.8
105.6
106.7
104.5
WholeConsales
store sumer
comsales* prices2 modity
(retail
prices2
value)
Freight ment
Adjusted
Unadjusted
Unadjusted
31.1
37.1
24.0
25.7
32.6
30.4
32 A
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74 0
85.7
76.4
71.6
72.9
73 1
75.0
33.0
32.4
32.8
35.0
28.3
21.5
14.8
15.9
20.4
23.5
27.2
32.6
25.3
29.9
34.0
49.3
72.2
99.0
102.8
87.8
81.2
97.7
105.1
97.2
111.7
129.8
136.6
151.4
137.7
152.9
161.4
162.7
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52.0
81
84
67
76
83
32
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50.1
51.1
98
104
104
106
102
44
49
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67.0
67.6
68.8
100
108
104
88
90
98
104
99
107
83 4
95.5
102 8
101.8
102.8
78.7
96.4
104 4
99.2
103.1
112
111.0
113.5
114.4
114.8
114.5
116.2
114.8
111.6
110.1
110.3
110.7
114.3
161.5
161.0
163.8
160.5
164.7
164.7
162.6
160.9
157.4
97
101
95
96
114
118
86
95
97
90
118
128
135
136
91
90
90
85
92
131
135
138
138
119.3
119.6
120.2
120.8
121.0
121.1
121 1
121.6
121.6
117.2
117.1
117.4
118.2
118.4
118.0
117 8
118.1
118.5
130
124
122.3
122.5
123.3
118.9
119.0
119.7
P119.4
1957
Apr
May
June
July
AUK
Sept
Oct
Nov
Dec
127
105.9
105.7
105.3
104.9
104.4
103.3
102.8
101.8
100.3
104.8
104.2
104.7
103.4
105.3
105.0
104.2
102.7
100.7
87
86
85
83
144
136
129
133
138
1958
Feb
Mar .
Apr
130
128
131
130
P127
122
119
113
74
102
r
e
Preliminary.
Revised.
Estimated.
n.a. Not available.
* Average per working day.
1
Indexes beginning 1956 are based on data for 48 States from F. W.
Dodge Corporation, 1956-57= 100. Figures for earlier years are threemonth moving averages, based on data for 37 States east of the Rocky
Mountains, 1947-49= 100; the data for 1956 on this basis were: Total,
268; Residential, 271; and all other, 266. A description of the old index,
67
99
82 118.2
98.0 97.3 149.3
78 116.7
95.6 '95.2 '145.0
93.7 93.5 e 143.8
105 116.0
"115.6 *>92.5
139.6
82
77
75
«134
including seasonal adjustments, may be obtained from the Division of
Research
and Statistics.
2
The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer price index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and
revised weights; prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes converted to the base 1947-49= 100.
593
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1957
1947-49 Annual
1958
average
proportion
1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL
100.00
143
MANUFACTURES—TOTAL
90.02
144
Durable Manufactures—Total
45.17
159
Primary metals
145
144
144
145
145
145
144
142
139
135
133
130
128
145
147
145
145
147
147
147
146
143
141
137
135
131
130
160
265
160 160
135
134
143
163
162
163
160
156
154
146
142
137
132
132
134
136
131
128
121
107
100
95
91
6.70
138
132
137
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
172
135
171
153
207
199
125
310
166
176
139
168
150
204
213
128
344
172
179 176 176
138 138 138
172 167 168
155 152 152
204 196 199
219 216 216
131 124 127
355 357 352
173 172 173
179
139
171
153
207
220
132
355
173
179
141
173
152
215
216
128
351
173
178
140
172
151
215
216
131
345
174
176
139
170
150
209
212
129
340
173
172
137
164
148
197
208
126
334
170
170
141
163
143
203
203
125
322
170
163
135
156
137
194
194
113
315
168
159
129
151
130
192
191
107
318
166
153
n24
'144
127
177
'185
99
r
312
r
163
150
123
141
127
170
181
91
315
160
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
140
158
123
133
155
114
134
155
115
134 136
155 157
115 117
140
156
125
133
155
113
136
159
116
134
159
112
131
155
109
128
151
107
124
148
103
125
142
110
120
134
108
120
133
109
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
135
122
144
132 132 132 132
120 119 120 120
140 140 141 141
133
121
142
133
122
141
135
123
143
135
122
143
132
120
140
129
118
136
125
116
131
123
114
129
120
111
126
121
111
128
44.85
129
130 1S1 130
131
131
131
132
131
130
128
127
127
125
124
11.87
6.32
5.55
108
104
112
105
99
111
106 106 106
101 100 100
112 112 113
106
100
113
107
101
113
106
101
112
106
101
112
104
98
110
101
95
107
97
91
104
97
92
103
r97
91
103
95
91
98
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
117
133
104
118
135
104
124 118 118
145 132 134
105 105 104
119
135
106
119
136
105
122
141
106
120
138
104
117
135
103
116
131
103
108
117
100
108
116
100
114
107
116
Paper and printing
Paper and allied products
Printing and publishing
Newsprint consumption
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
145
159
136
132
138
148
158
141
131
146
147 146 148
157 156 158
141 140 141
132 128 132
145 146 145
148
159
141
132
146
146
156
140
129
146
149
163
141
129
146
149
161
142
131
147
149
161
142
130
148
149
162
141
129
148
146
152
142
131
148
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
167
177
196
141
172 171 171 173
184 182 182 185
203 202 202 204
141 141 142 142
172
184
204
139
174
185
205
142
175
186
206
143
174
185
207
141
173
185
206
139
171
184
201
135
169
181
196
137
168
182
195
131
165
178
190
129
11.51
10.73
8.49
2.24
.78
112
113
113
112
107
112
112
112
113
111
114 HI
114 112
114 112
115 109
111 109
112
112
112
112
110
113
114
113
116
112
113
113
114
109
114
112
113
112
113
111
113
113
112
113
114
111
112
111
112
110
110
110
110
110
107
113
114
113
118
106
114
114
113
116
112
114
112
118
112
MINERALS—TOTAL
9.98
129
128
132
130
127
128
129
129
127
123
123
122
119
113
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
129
85
55
90
150
137
190
128
83
49
88
150
137
198
132 131 130
92
87
83
49
52
56
99
93
88
151 151 153
142 140 141
198 200 204
127
86
60
90
146
136
194
127
84
40
90
148
134
197
128
84
50
89
149
134
198
129
82
48
88
151
136
196
128
80
45
85
150
136
199
123
77
43
82
145
132
198
122
71
40
76
146
131
193
121 118
69
43
43
73
H4
145 142
130 '128
198 *>201
no
70
41
74
131
116
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
127
114
141
129
116
143
132 130 128
121 121 114
143 140 142
131
121
142
132
122
143
133
121
146
129
115
144
125
107
143
120
100
140
125
110
141
127
110
144
119
106
133
120
102
138
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
Nondurable
Manufactures—Total...
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages
Tobacco manufactures
• Corrected.
p
Preliminary.
r
Revised.
131
For other notes see end of table.
r
98
'146 144
155
153
140 139
126 124
147 146
142
149
138
124
146
165
178
113
114
112
594
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
1957
1958
average
proportion 1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
industry
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL... 100.00
90.02
MANUFACTURES TOTAL
143
143
148
145
143
145
135
145
146
146
141
134
132
131
130
144
145
149
146
144
146
137
147
148
148
144
135
134
133
132
Durable Manufactures—Total
45.17
159
160
166
163
159
162
151
160
160
159
156
147
143
139
137
6.70
5.03
3.51
.37
3.05
2.62
.43
138
135
142
131
143
139
167
132
130
140
137
139
138
143
144
144
154
147
154
152
163
140
138
148
144
147
146
151
135
133
143
141
142
141
149
136
134
141
139
140
141
136
118
118
130
136
128
129
123
128
127
135
137
134
133
137
128
126
136
139
134
134
132
129
126
135
132
134
132
143
121
118
126
121
126
125
132
106
102
108
107
107
107
108
102
95
99
98
99
96
111
r
98
91
94
91
93
92
100
95
89
92
90
91
90
95
1.52
1.29
.23
119
117
126
108
107
113
122
119
137
115
113
124
109
108
116
119
117
126
90
90
89
106
107
103
105
104
110
106
105
107
99
99
98
87
87
88
85
84
92
'85
83
92
83
83
86
1.67
.38
.09
.06
.04
.10
.09
144
164
133
132
115
123
280
136
164
129
135
114
123
275
142
167
132
141
116
132
267
145
175
140
146
129
137
283
140
172
131
149
115
133
285
142
167
134
137
110
128
780
117
157
114
126
104
118
279
132
160
122
126
107
115
282
134
153
120
120
116
110
263
138
156
126
128
115
113
263
129
159
125
131
112
114
274
117
161
128
134
112
120
275
121 '121
160 155
134 '128
134 140
106 r 116
114 106
275 265
114
147
122
128
96
101
263
.13
1.16
.63
.20
.33
118
140
115
215
146
112
129
104
198
136
170
137
105
206
157
118
138
113
213
141
110
132
108
215
131
108
138
115
211
140
86
107
73
214
109
106
125
105
192
125
114
130
109
200
131
117
134
110
199
140
112
121
98
167
138
99
104
80
159
118
r
98
110
88
167
120
95
113
91
174
117
105
82
171
111
28.52
172
176
184
179
174
176
167
174
174
173
174
166
161
156
154
5.73
2.68
2.12
.30
.63
135
141
125
151
110
139
152
125
146
99
138
149
129
127
101
140
148
176
190
98
136
149
124
122
95
139
152
124
149
104
134
149
118
163
81
141
153
121
205
105
145
156
122
195
122
142
156
124
146
115
139
156
125
112
99
133
154
120
110
76
111
146
111
116
80
nu
138
105
126
94
123
136
103
139
97
13.68
171
168
177
169
166
168
158
167
173
170
165
157
153
148
146
9.04
8.13
1.02
7.11
.68
.69
153
147
86
156
197
168
150
146
84
155
182
151
161
154
92
163
202
190
157
152
90
161
198
164
154
149
87
158
193
158
153
148
85
157
188
160
146
144
82
152
179
129
143
141
80
150
175
119
149
143
82
152
175
159
145
140
82
148
164
149
140
136
78
144
154
138
138
135
80
143
153
119
133 r131
130 '125
80 r81
137 '132
144 r133
120 144
132
124
83
130
128
165
4.64
3.23
.74
204
201
205
208
208
196
194
204
159
189
200
153
197
200
180
183
195
143
213
196
256
220
201
269
194
197
176
192
190
187
181
183
159
173
178
139
213
128
146
104
100
50
194
137
123
228
142
171
109
105
52
193
162
134
223
135
155
120
107
69
224
154
127
214
127
144
113
101
60
215
148
121
217
130
156
119
108
62
228
156
118
205
114
134
103
96
52
208
109
106
209
123
148
103
97
48
195
146
113
194
100
84
85
69
29
184
136
114
220
196
282
198
110
88
93
95
46
161
122
127
215
198
260
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
207
198
224
199
125
138
112
92
58
218
167
121
213
139
171
100
118
47
157
116
131
203
124
151
95
99
40
183
101
116
196 '191
r
113 108
132 122
92
91
85
83
29
26
216 210
'93 101
108 104
187
99
106
94
83
26
226
102
2.74
1.30
.81
.53
.35
310
548
118
63
54
344
608
129
77
80
359
633
132
88
98
357
633
132
81
86
348
614
134
76
81
351
615
136
84
88
344
609
131
73
71
341
606
128
69
84
340
597
126
83
85
334
592
123
74
76
322
569
121
71
72
322
571
125
61
59
321 315
570 '562
123 r121
64
56
66
56
318
565
125
58
59
1.29
166
172
174
174
171
171
168
172
174
172
172
170
166 '163
162
5.91
140
133
132
135
137
144
127
143
141
139
128
117
117
117
118
2.82
1.09
.60
.47
.26
.23
158
140
164
165
132
87
155
140
161
164
136
153
144
164
166
138
100
155
141
160
163
132
100
158
141
159
161
137
97
159
139
157
160
144
85
150
132
149
151
137
78
163
142
156
159
154
91
162
141
163
167
138
90
161
144
165
170
143
92
152
141
165
170
128
145
134
161
166
117
136
130
150
153
128
79
130
128
131
123
135
134
134
82
.32
.35
.12
.20
157
137
134
142
148
129
115
140
133
121
101
138
145
129
119
138
161
130
122
138
161
133
123
143
119
134
122
145
185
137
129
145
187
135
124
144
177
134
126
143
152
126
113
138
132
117
95
133
109
105
84
121
92
99
77
115
105
.48
.58
194
173
188
174
181
177
185
176
194
177
200
177
198
173
201
175
198
175
193
173
182
166
172
165
165 '156
157 '151
166
151
Ferrous metals
Steel
Alloy steel
Ferrous castings and forgings
Primary nonferrous metals
CoDoer refining
Lead
Zinc
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Tin cans
Farm and industrial machinery...
Industrial and commercial machinery....
Machine tools and presses
Electrical apparatus and parts
TransDortation eauioment
Light trucks
Medium trucks
. ...
Aircraft and parts
Clay, Glass, and Lumber Products
Glass and pottery products . .
Flat glass and vitreous products
Glass containers .
H o m e glassware and pottery
Brick
Clay firebrick pipe, and tile
Concrete and plaster products
Revised.
.
For other notes see end of table.
r
r
r
142
r
144
132
85
114
595
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49
proportion
Industry
Annual
average
1957
1956 1957 Mar. Apr. May June July
1958
Aug. Sept. Oct.
Nov. Dec.
Jan. Feb.
125
106
106
89
100
81
Mar.
WITHOUT SEASONAL ADJUSTMENT
—Continued
3.09
2.05
L u m b e r and products
.60
.39
.12
Millwork
W o o d containers
Furniture and Misc.
Manufacturing....
furniture and fixtures
Household furniture
Fixtures and office furniture
..
•
Textile mill products.
Synthetic fabrics
W o o l textiles
W o o l apparel yarns
Knit goods
Full-fashioned hosiery
Knit garments . . . . .
...
M e n ' s suits and coats
M e n ' s outercoats.
Shirts and w o r k clothing
.
W o m e n ' s suits and coats
...
M i s c apparel and allied mfrs ...
Rubber and Leather Products•
Rubber Dro ducts
Tires and tubes
A u t o tires
Truck and bus tires
.
...
Leather and products
Leather
Cattlehide leathers
189
121
301
114
96
187
112
312
112
100
170
102
282
117
100
191
107
330
118
99
196
110
339
131
110
219
146
339
105
88
168
101
277
209
144
314
121
103
205
132
327
119
98
207
124
344
178
100
307
92
75
155
80
280
181
76
358
105
87
189
95
346
106
89
182
95
328
.29
91
84
86
87
88
88
83
83
83
82
78
77
74
4.04
135
132
131
129
128
130
125
136
141
139
134
128
120
1.64
1.10
.54
111
121
122
120
120
120
119
119
121
117
117
118
115
114
118
118
117
119
116
115
118
124
124
124
126
126
125
125
127
122
121
123
116
120
122
116
2.40
144
140
139
137
137
139
131
144
150
148
143
134
44.85
129
130
132
129
129
130
122
134
135
137
131
123
11.87
108
105
113
108
106
104
91
108
104
108
102
92
6 32
3.72
2.30
104
99
105
102
100
99
86
101
101
103
98
89
97
108
102
118
105
95
119
112
102
124
103
95
118
107
99
111
104
96
111
86
75
110
105
98
113
107
97
121
106
97
122
107
97
121
97
84
116
.45
98
94
111
89
109
102
64
94
94
86
97
90
82 103
102
.97
.16
.75
86
88
86
75
78
75
79
85
78
78
82
77
81
89
79
87
88
88
67
71
67
82
86
81
79
79
80
71
66
74
65
66
65
55
61
54
55
59
55
61
69
60
64
71
63
1 15
108
104
109
103
103
107
96
110
110
109
104
92
98
98
100
93
106
92
90
92
76
94
.65
95
95
98
93
78
90
94
91
.45
20
.50
102
96
89
102
109
98
91
94
87
96
87
104
69
92
88
114
87
116
88
121
88
107
74
86
91
103
88
99
119
118
113
117
119
125
123
128
129
87
99
125
118
111
99
104
107
'69
73
121
120
113
114 113
111 109
mi
111
112
109
125
126
127
125
126
126
99
103
101
93
95
94
102 104
94
94
110 107
103
93
108
r
48
.31
83
71
91
85
69
64
46
68
75
59
59
61
62
70
69
5.55
1 78
112
110
111
102
114
100
112
111
110
104
96
74
116
110
109
100
112
99
95
93
107
98
96
90
106
94
113
100
r
108
104
73
50
86
87
123
114
.13
.99
78
118
60
112
63
121
60
106
86
115
80
111
48
83
93
117
68
113
53
116
41
113
40
100
1 85
.76
112
128
112
128
148
169
119
102
115
96
111
127
101
130
118
148
109
133
108
134
102
123
80
85
101
104
88
90
102
100
91
88
55
54
98
93
78
76
72
73
73
77
72
76
69
73
74
78
r
71
73
41
116
45
125
105 129
122 156
114
138
35
110
1.92
113
117
118
112
110
113
113
120
122
123
121
117
112
114
113
3.20
117
118
130
119
114
117
101
123
121
123
116
104
112
113
113
1.47
70
133
121
135
123
148
134
112
109
135
120
139
124
US
129
135
119
139
124
114 123
106 106
113
111
120
112
118
108
119
144
107
147
111
161
133
125
137
108
140
132
123
.30
.77
135
121
135
103
147
105
141
91
114
105
150
110
153
117
160
112
150
97
122
99 104
140 1 2 7
98
128
1 73
104
104
115
106
98
105
92
112
105
104
99
91
89
95
89
88
97
74
92
87
94
44
90
88
80
83
.29
15
99
76
98
72
103
81
96
76
94
75
107
77
82
58
103
72
97
69
101
71
98
68
89
63
92
r
67
40
.
123
107
123
134
151
136
122
131
135
101
118
115
108
no
97
72
90
Miscellaneous leather products
Paper and allied products
Pulp and paper
.39
97
94
96
90
87
92
92
100
98
98
98
95
87
93
8.93
145
148
151
ISO
149
148
136
147
151
156
152
141
143
145
146
3.46
1 76
159
157
158
154
163
159
161
159
158
157
161
155
139
132
165
157
163
153
170
163
163
156
172
187
183
140 153
137 151
158
156
155
153
1.25
22
148
140
145
133
150
137
150
136
147
136
147
136
124
121
147
132
146
125
154
135
145
132
131
123
141
132
147
135
144
133
.14
145
140
152
147
143
142
107
139
145
143
138
131
135
145
149
.20
.18
136
170
127
179
131
186
131
192
125
182
123
184
102
160
127
175
124
171
135
185
129
172
114 123
167 181
126
183
124
176
.41
155
153
158
155
157
154
128
158
160
166
157
134 145
155
151
.10
131
124
120
126
124
127
118
134
134
141
120
101
114
120
116
1.70
162
163
167
163
160
166
147
173
173
177
171
142
155
160
158
.51
.11
159
170
157
179
163
177
155
184
155
174
160
183
141
163
172
175
170
178
168
204
167
182
132
171 190
149
192
148
185
.51
Paper and board
Printing paper
.
Coarse paper
Miscellaneous paper
Building paper and board..
Converted paper products
Shipping containers
'Revised.
. .
179
176
181
182
182
For other notes see end of table.
175
152
181
r
153 177
177
173
596
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
1958
1957
average
proportion 1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing
Newsprint consumption
Job printing and periodicals
5.47
1.85
3.62
Chemical and Petroleum Products.
9.34
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
6.84
2.54
.57
1.97
.24
.11
.59
1.03
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
Soap and allied products.
Paints
Fertilizers
141
131
146
144
137
147
143
137
146
142
140
144
140
132
144
134
112
144
136
116
146
144
133
150
146
140
150
145
140
148
142
129
149
136
116
146
167
172
174
172
172
168
165
171
174
176
173
171
170
r
167
167
177
196
189
197
256
236
181
189
184
203
202
204
272
245
199
186
186
206
206
206
280
242
196
190
184
206
210
205
275
219
203
188
184
206
209
205
278
245
198
188
179
200
197
201
266
225
189
191
174
195
189
196
240
209
191
188
181
200
196
202
269
241
198
184
185
205
203
205
283
252
202
184
190
208
209
207
299
274
206
179
187
203
205
203
276
282
201
178
183 183
198 197
198 '201
198 196
259 '270
268 265
194 189
179 176
181
r
194
r
191
269
233
r
182
r
173
181
132
124
158
130
121
154
134
129
150
121
113
146
116
103
155
109
94
154
107
95
142
113
100
153
120
110
151
150
148
159
149
147
156
136
132
147
141
136
156
136
130
154
178
175
125
122
135
.71
.66
.23
111
124
129
112
121
132
128
120
166
113
122
181
115
122
172
104
125
119
80
126
104
115
125
108
115
122
119
126
119
122
110
115
115
105
114
115
111
113
124
107
111
126
108
111
162
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline....
2.50
1.97
1.04
.98
.06
141
150
159
153
254
141
150
162
157
249
139
149
156
150
254
137
145
154
149
247
139
148
161
155
255
139
147
162
156
258
139
146
161
155
260
144
152
168
163
265
144
152
170
166
233
139
145
162
157
242
136
147
160
156
233
138
153
165
161
236
134
148
159
156
212
130
144
155 P150
151
223
Fuel oil
Distillate fuel oil.
Residual fuel oil.
.56
.30
.26
147
193
95
147
194
93
151
197
99
143
187
93
143
190
90
142
188
90
141
185
89
144
191
89
142
188
90
137
181
86
139
184
87
150
200
93
146
195
140
182
91
Kerosene
Lubricating oil.
.10
.17
111
119
98
113
109
116
93
126
83
104
82
111
82
112
90
108
87
107
106
109
117
105
118
100
125
101
.26
.15
102
104
104
94
111
73
107
92
89
122
108
80
107
104
106
107
106
106
119
103
121
95
81
85
54
79
59
75
57
72
77
128
124
113
106
104
104
105
128
131
130
154
109
125
126
140
156
124
113
116
133
140
122
107
109
131
136
122
103 103
106 103
134 121
149 134
118 107
105
102
120
129
101
87
105
78
117
91
88
100
77
96
85
87
92
73
84
88
97
98
80
82
92
104
101
84
84
112
105
87
89
106
121
117
99 '
96
Coke
Asphalt roofing and siding.
136
132
138
137
121
145
r
141
129
147
189
2i6*
122
Foods, Beverages, and Tobacco.
11.51
112
112
105
104
108
117
115
Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
10.73
8.49
1.48
.46
.83
113
113
133
151
119
112
112
128
148
110
105
104
131
144
117
104
102
123
139
108
108
104
124
148
104
116
111
120
148
97
116
114
116
150
91
.69
.14
.07
.19
.28
110
107
117
101
112
111
109
119
102
111
109
117
115
105
101
122
122
135
128
109
140
139
161
151
122
151
145
165
142
149
134
113
137
114
151
111
123
118
150
94
120
97
119
97
141
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
1.13
1.16
.46
.70
133
101
84
113
126
100
87
109
82
99
90
106
89
95
82
104
91
97
81
108
111
98
87
106
163
98
78
111
213
105
88
117
230
108
94
117
158
105
92
114
109
98
89
104
99
97
86
104
87
100
90
106
85
101
92
107
101
93
107
Bakery products.
Sugar
Cane sugar
Beet sugar
1.64
.27
.11
.13
98
122
116
121
100
120
112
121
96
54
107
98
60
110
13
99
68
117
21
102
88
140
38
104
74
122
27
103
80
123
38
102
117
125
105
101
262
108
390
101
279
97
431
101
233
93
350
98
129
100
149
r98
97
65
104
26
Confectionery
Miscellaneous food preparations.
.71
1.41
107
105
112
108
119
103
96
102
84
106
95
114
81
113
103
113
155
113
147
112
132
110
99
108
113
107
124
109
2.24
.54
1.70
1.02
.17
.37
112
113
111
111
120
138
122
120
118
121
105
99
93
102
105
101
78
119
103
101
83
111
106
104
86
111
103
109
82
95
108
117
81
97
123
130
67
127
105
127
34
84
102
111
47
101
108
97
109
125
117
88
140
158
100
73
99
151
89
81
88
101
89
85
83
99
94
95
105
.78
.46
.17
107
111
104
111
116
106
111
115
110
104
109
102
113
121
104
121
129
111
102
114
81
120
126
115
118
123
116
119
122
121
110
111
116
87
90
86
112
118
105
112
116
111
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Beverages
Bottled soft drinks..
Alcoholic beverages.
Beer and ale
Liquor distilling. .
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
Preliminary.
r
Revised.
122
For other notes see end of table.
109
109
597
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1947-49 Annual
1957
average
proportion
1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
1958
Feb. Mar.
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.
129
128
131
131
132
131
123
130
130
129
123
122
121
118
111
8.35 129
128
134
132
130
127
119
126
127
127
124
125
124
121
113
88
43
95
83
46
89
82
50
87
88
64
92
65
32
71
86
52
92
86
52
91
87
49
93
46
86
74
42
79
73
48
77
no
66
36
71
9.98
2.68
.36
2.32
85
55
90
44
•74
5.67 150
4.82 145
4.12 137
.70 190
.34 199
.36 182
.85 180
150
146
137
198
212
184
171
156
156
148
206
225
189
151
155
153
145
200
214
188
168
153
150
143
194
202
186
168
145
143
136
184
192
177
156
145
139
132
181
196
167
179
145
138
130
186
194
179
185
147
140
132
188
196
180
185
146
140
131
193
203
182
177
144
141
131
204
221
189
160
149 148 145
143 144 143
133 132 p130
206 P216
228
186 184 183
177 172 159
135
1.63 127
129
114
124
140
149
143
147
145
138
117
110
106
103
104
133
120
143
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
114
104
120
136
88
87
116
114
117
133
85
84
95
48
127
141
94
99
111
87
127
140
97
100
135
159
119
133
88
151
193
123
139
87
92
137
181
108
121
80
80
139
182
110
124
82
79
137
172
113
132
79
70
124
143
110
125
83
74
92
65
110
131
71
68
82
42
109
131
70
67
83
43
111
129
76
72
'85
43
113
131
78
'71
104
129
52
66
Stone and earth minerals
.81
141
143
133
137
145
148
149
155
153
152
143
138
130
121
129
c
r
Corrected.
* Preliminary.
Revised.
i Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-71.
For description and back figures, see BULLETIN for December 1953
pp. 1247-93 and pp. 1298-1328, respectively.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
Series
1947-49
protion
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
.
Electricity
Residential
100.00
41.34
58.66
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
Annual
average
1957
1956 1957 Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
218
241
201
232
260
212
226
252
208
228
253
210
230
256
211
232
260
212
235
263
216
237
267
216
236
268
214
236
267
213
237
272
213
Jan.
Feb.
Mar.
237 *>239 P241 »239
273
212
218 233 228 230 232 233 237 238 237 234 236 235 236 238 *?•*
250 273 266 266 270 274 277 281 280 277 282 282 285 290
206 213 209 214 215 214 217 217 215 213 210 207 205 202
186 193 188 193 194 193 198 198 196 194 191 188 '186 183
2697 2676 2750 2790 2880 2790 2560 2530 2580 2610 2580 2580 '2590 2590
194 208 204 205 207 208 213 212 210 208 209 209 212 215
218
223
218
228
234
226
221
225
220
222
228
215
223
230
215
226
232
221
197
212
207
209
210
212
P Preliminary.
' Revised.
NOTE.—For description and back figures see BULLETIN for October
1956, pp. 1055-69.
1958
229
236
225
212
233
239
231
213
235
243
232
214
240
248
233
243
252
234
245 P247 ^250
255
236
220
223
226
Indexes without seasonal adjustment may be obtained from the Division
of Research and Statistics.
598
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average^ 100]
Annual
1947-49 average
1957
proportion
1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
Product
1958
Feb. Mar.
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL
Major Durables
Autos
Major household goods
Household furniture .
Major a p p l i a n c e s . . .
. . .
Laundry appliances
Radio and television sets
Radio sets
,
Auto parts and t i r e s . . . . . . .
Misc. home and personal goods
100.00
131
130
132
123
126
134
132
135
134
129
128
119
113
110
105
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
139
149
132
114
119
129
136
123
114
120
134
144
127
113
119
144
157
134
114
121
141
147
138
116
121
145
154
139
115
123
142
150
137
114
122
137
143
134
111
120
136
142
134
112
120
125
127
124
112
119
117 111
117 107
118 116
110 106
116 1 1 3
103
92
115
106
112
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
132
139
98
150
177
108
188
80
395
118
122
88
136
136
108
167
75
343
121
127
86
141
152
104
187
68
413
124
129
83
139
167
108
226
69
524
124
130
77
140
177
106
245
72
575
127
136
86
140
195
96
247
75
575
129
137
85
138
203
101
232
82
517
129
138
85
141
203
101
212
80
465
132
141
92
148
196
104
203
78
441
115
119
87
125
152
103
188
66
419
106
110
86
111
142
93
181
66
401
115
117
81
129
142
110
151
55
335
159
133
44
302
30.28
14.00
16.28
111
105
116
111
114
113
115
110
105
114
109
104
113
110
108
112
111
110
112
112
110
115
114
110
118
112
110
113
110
107
105
107
108
114
112
109
105
104
105
100.00
131
130
142
130
124
131
116
132
119
119
141
124
117 116
112
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
155
171
143
116
119
140
155
128
113
117
131
144
122
108
114
140
156
129
110
117
121
134
110
105
115
139
148
133
116
124
118
84
150
119
t26
119
88
148
118
127
153
171
138
115
123
132
151
118
114
122
123 120
132 122
117 121
108 r 108
114 113
114
106
124
108
112
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
151
166
114
188
195
104
196
84
411
131
140
92
173
140
103
159
72
326
125
133
82
163
144
99
153
67
318
131
136
88
164
150
114
180
57
414
105
108
59
130
126
94
143
40
339
109
109
77
102
164
109
256
62
627
141
144
93
133
229
134
268
81
625
133
136
90
119
229
121
282
101
627
121
126
89
112
206
104
259
108
547
102
109
79
106
156
80
176
76
365
103
111
86
113
140
78
187
66
417
121
128
91
137
161
99
159
56
355
175
139
47
314
30.28
14 00
16.28
111
105
116
111
111
107
114
107
101
112
106
103
109
108
107
108
106
109
104
116
114
117
121
120
121
120
118
122
114
106
102
105
105
120
110
101
104
104
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL
Major Durables
Autos
Major household goods . . . .
Furniture and floor coverings
Major appliances
Refrigeration appliances
Laundry appliances
Radio and television sets
Television sets
Other Consumer Durables
Auto Darts and tires
Misc home and personal goods
114
r
Revised.
Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-47.
1
Individual indexes without seasonal adjustment for woven carpets,
ating apparatus, radio sets, and televis"
appliances, heating
television sets may be
obtained from the Di
•* of"Research
~
' and. Statistics.
.......
Division
••*"%*». * *•«•%****
u
i
w
v
a
w
i
_
^
. .
_
.
x
w
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
:Private
Year or month
Business
Total
Total
1950
1951
1952
1953
1954
1955
1956
1957
1957—Apr
May
Julv
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb.P
Mar.?
Apr.?
p
Preliminary.
Public
Residential
Total
14,100 5,680
12,529 7,217
12,842 7,460
13,777 8,436
15,379 8,526
18,705 10,160
17,632 11,828
16,571 12,562
Indus- Com- Public
mercial utility
trial
Other
nonresidential
Total
Military
Highway
Conservation
All
other
1,062
2,117
2,320
2,229
2,030
2,399
3,084
3,162
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,570
3,330
3,729
4,003
4,416
4,284
4,543
5,113
5,830
3,174
3,574
3,547
3,511
3,774
3,755
3,782
4,180
7,001
9,419
10,901
11,394
11,922
11,961
12,818
13,942
177
887
1,388
1,307
1,030
1,313
1,395
1,275
2,272
2,518
2 820
3,160
3 870
4 050
4,470
4,840
942
912
900
892
773
701
826
975
3 610
5,102
5 793
6,035
6 249
5 897
6,127
6,852
407
401
406
366
374
392
429
427
423
76
78
79
80
90
92
94
85
79
571
570
574
544
574
594
597
585
595
461
458
462
457
77
79
79
80
593
576
584
591
29,955
32,739
34,750
37,118
39,601
44,581
46,060
47,255
22,954
23,320
23,849
25,724
27,679
32,620
33,242
33,313
3,906
3,905
3,900
3,833
3,942
3,979
4,064
4,043
4,051
2,754
2,751
2,742
2,739
2,787
2,790
2,833
2,843
2,854
1.361
1,321
,324
1,349
,377
1,388
,414
1,434
,444
1.044
1,079
1,065
1,050
1,056
1,050
1,069
1,055
1,054
277
278
273
265
266
257
251
246
243
295
304
303
293
297
298
308
306
303
472
497
489
492
493
495
510
503
508
349
351
353
340
354
352
350
354
356
1.152
1,154
1,158
1,094
1,155
1,189
1,200
1,197
98
105
99
104
117
111
111
103
100
4,016
3,983
3,972
3,920
2,786
2,778
2,761
2,713
,403
,408
1,389
1,353
,027
1,013
,015
1,002
235
231
222
208
285
276
285
290
507
506
508
504
356
357
357
358
,230
1,205
1,211
I 207
99
92
86
79
599
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public
Private
Residential
building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
Nonresidential building
31,612
32,173
10,666
11,238
20,946
20,935
12,862
13,039
2,381
2,168
3,140
3,267
2,883
2,936
2,804
2,922
7,542
7,841
Sept
Oct
Nov
Dec
3,078
2,778
3,398
3,223
2,901
2,818
2,550
2 614
2,371
1,982
1,018
880
1,279
1,323
1,002
802
816
787
867
734
2,060
1,897
2,119
1,900
1.898
2,016
1,734
1,827
1,504
1,249
1.107
,233
1,296
,135
1,287
,284
1,151
.165
930
759
212
154
215
243
165
181
135
167
147
137
348
246
306
322
298
324
232
248
264
204
274
227
291
273
220
265
242
265
244
190
259
211
308
348
277
239
257
230
223
167
878
707
983
902
653
526
533
538
562
525
1958—Jan
Feb
Mar
2 066
1,953
2 721
758
769
1,308
1,185
777
727
1,071
107
102
131
247
205
285
214
224
268
191
220
283
530
475
684
Kansas
City
Dallas
San
Francisco
1956
1957
1957—Mar
Apr
June.. .
July
. . .
NOTE.—This series for 48 States replaces the old series for 37 States.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Month
1957
All
districts
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Jan
Feb
Mar
2,300
2,161
3,078
75
90
117
266
186
476
98
87
128
127
172
250
218
199
225
274
277
289
323
331
403
116
130
134
56
42
98
137
142
153
166
133
253
444
372
552
1958—Jan
Feb
Mar
2,066
1,953
2,721
85
72
145
329
214
291
85
58
111
154
143
208
183
169
218
216
234
291
236
210
348
99
110
122
35
56
93
100
158
167
164
140
191
379
388
537
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
Total
private
(seasonally
adjusted
annual rate)
Total
Metropolitan
areas
politan
areas
Government-underwritten l
Private
NonTotal
1family
2family
Multifamily
Public
Total
FHA
VA
J. 396
,091
1,127
1,104
1,220
1,329
,118
.042
1,022
111
795
804
897
976
780
700
374
315
332
300
324
353
338
342
1.352
1,020
1,069
1,068
1,202
1,310
.094
993
1,151
892
939
933
1,077
1,190
981
840
42
40
46
42
34
33
31
33
159
88
84
94
90
87
82
120
44
71
59
36
19
20
24
49
686
412
421
409
583
670
463
313
486
264
280
252
276
111
192
185
200
149
141
157
307
393
271
128
July
Aue
Sept
Oct
Nov
Dec
962
994
995
1,015
1,056
1,012
1,020
1,009
1,000
94
103
100
98
100
92
97
78
63
64
68
69
63
68
62
62
53
43
30
35
31
34
32
30
35
26
20
91
97
95
94
97
90
88
76
63
79
82
80
81
82
77
74
64
51
3
3
3
3
3
3
3
3
3
10
13
11
10
12
10
11
9
9
2
6
5
4
3
2
9
3
1
26
28
29
29
31
30
31
25
20
12
16
16
17
20
19
21
19
15
13
12
13
12
12
12
10
6
5
1958—Jan
Feb
Mar
Apr
1,020
*890
*880
*950
68
*65
45
43
54
64
23
22
25
31
63
*60
*75
*91
50
n.a.
n.a.
n.a.
2
n.a.
n.a.
n.a.
10
n.a.
n.a.
n.a.
5
*5
*4
H
19
14
20
28
15
12
17
23
4
3
3
5
1950
1951
1952
1953
1954
1955
1956
1957
1957
Apr
May
j>79
»95
* Preliminary.
n.a. Not available.
i Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
600
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1950
1951
1952
1953
1954
1955
1956
1957
110,780
111,924
113,119
115,095
116,220
117,388
118,734
120,445
64,599
65,832
66,410
67,362
67,818
68,896
70,387
70,746
63,099
62,884
62,966
63,815
64,468
65,848
67,530
67,946
59,957
61,005
61,293
62,213
61,238
63,193
64,979
65,011
52,450
53,951
54,488
55,651
54,734
56,464
58,394
58,789
7,507
7,054
6,805
6,562
6,504
6,730
6,585
6,222
3,142
1,879
1,673
1,602
3,230
2,654
2,551
2,936
46,181
46,092
46,710
47,732
48,402
48,492
48,348
49,699
1957—Apr.2
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
1958—Jan..
Feb..
Mar..
Apr..
120,057
120,199
120,383
120,579
120,713
120,842
120,983
121,109
121,221
121,325
121,432
121,555
121,656
69,771
70,714
72,661
73,051
71,833
71,044
71,299
70,790
70,458
69,379
69,804
70,158
70,681
66,951
67,893
69,842
70,228
68,994
68,225
68,513
68,061
67,770
66,732
67,160
67,510
68,027
64,261
65,178
66,504
67,221
66,385
65,674
66,005
64,873
64,396
62,238
61,988
62,311
62,907
58,506
58,519
58,970
59,449
59,562
59,156
59,168
59,057
59,012
57,240
57,158
57,239
57,349
5,755
6,659
7,534
7,772
6,823
6,518
6,837
5,817
5,385
4,998
4,830
5,072
5,558
2,690
2,715
3,337
3,007
2,609
2,552
2,508
3,188
3,374
4,494
5,173
5,198
5,120
50,286
49,485
47,722
47,528
48,880
49,797
49,684
50,318
50,763
51,947
51,627
51,397
50,975
1
2
Includes self-employed, unpaid family, and domestic service workers.
Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered, as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.
Year or month
1950
1951
1952
1953
1954
1955
1956
1957
Total
Manufacturing
Mining
44,738
47,347
48 303
49 681
48,431
50,056
51,878
52,545
14 967
16,104
16 334
17 238
15,995
16 563
16,905
16,793
889
916
885
852
52,593
52,698
52 773
52,815
52,844
52,662
52,469
52,218
51,980
51,709
51,055
50 739
50,579
16,965
16,946
16 924
16,880
16 836
16,681
16,604
16,463
16 265
15,969
15,652
15 401
15,234
841
843
854
861
853
849
837
825
821
803
784
771
52 270
52,482
52,881
52,605
52,891
53,152
53,043
52,789
53,084
50,937
50,223
50.176
50,232
16 822
16,762
16,852
16,710
16 955
16,905
16,783
16 573
16,316
15,877
15,603
15,366
15,095
833
835
In thousands of persons]
111
777
816
840
Federal
State and
local
government
Transportation and
public
utilities
Trade
Finance
Service
2 333
2,603
2 634
2 622
2,593
2 759
2,993
3,026
3 977
4,166
4 185
4 221
4,009
4,062
4,157
4,157
9,645
10,012
10 281
10 527
10,520
10,846
11,292
11,551
1,824
1,892
1 967
2 038
2,122
2,219
2,306
2,343
5 077
5,264
5 411
5 538
5,664
5,916
6,231
6,453
6 026
6 389
6 609
6 645
6,751
6 914
7,178
7,381
3,059
3,097
3 108
3,061
3,032
3,028
3,013
2,956
2,923
2,896
2,682
2 820
2,893
4,160
4,159
4 164
4,168
4,184
4,175
4,148
4,113
4,076
4,055
4,000
3,939
3,902
11,501
11,542
11 579
11,636
11,669
11,620
11,590
11,567
11 508
11,601
11,538
11 411
11,335
2,320
2,329
2 336
2,343
2 354
2,361
2,368
2,367
2 361
2,364
2,363
2 357
2,355
6,400
6,424
6 454
6,492
6 477
6,508
6,482
6,512
6 538
6,527
6,530
6 509
6,539
7,347
7,358
7 354
7,374
7 439
7,440
7.427
7.415
7 488
7,494
7,506
7 531
7 547
2 906
3,082
3,232
3,275
3,305
3,285
3,224
3,059
2,850
2,606
2,374
2,538
2,748
4,153
4,156
4,181
4,199
4,215
4,206
4,159
4,123
4,100
3,995
3,954
3,919
3,895
11 428
11,411
11,505
11,493
11,499
11,620
11,664
11,840
12,365
11,432
11,244
11,230
11,222
2 320
2,329
2,359
2,390
2 389
2,361
2,356
2,355
2,349
2,340
2,339
2,345
2,355
6 432
6 520
6,551
6,524
6 509
6,541
6,547
6 512
6,473
6,396
6 399
6,444
6,572
7 376
7 387
7,343
7,157
7 157
7,381
7,473
7 498
7,806
7,488
7 526
7,563
7,579
Contract
construction
SEASONALLY ADJUSTED
1957
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958 Jan
. .
Feb
Mar
Apr
774
WITHOUT SEASONAL ADJUSTMENT
1957—Apr
May
June
July
Aug
Sept
Oct
Nov
.
.
.
Dec
1958—Jan
Feb
Mar
Apr
858
857
862
853
837
829
825
803
784
771
766
NOTE.—Data include all full- and part-time employees who worked
" the
' pay period
' 'ending
" nearest
rarest the
the 15th
15th of
of the
the
during, or received pay for,
tic servants, unpaid
month. Proprietors, self-employed persons, domesti
IIUIL«
i^aiu
niviuuv
c*n
iuii"
aiiu
JL/CH L-LXIJ.IV
VIIAJJIV
family workers, and members of the armed forces are excluded. Figures,
for March and April 1958 are preliminary. Back data may be obtained
from the Bureau of Labor Statistics.
601
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1957
Without seasonal adjustment
1958
1957
1958
Apr.
Feb.
Mar.
Apr.
Apr.
Feb.
Mar.
Apr.
13,094
11,823
11,587
11,442
12,960
11,777
11,560
11,315
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
7,637
78
628
1,101
889
1,258
853
1,446
229
386
6,621
65
574
287
409
906
792
1,056
757
1,214
210
351
6,462
66
564
284
401
882
774
1,036
740
1,163
205
347
6,324
66
559
282
399
853
767
1,016
729
1,098
203
352
7,635
78
612
312
455
1,101
889
1,277
853
1,446
230
382
6,631
65
548
293
403
911
800
1,072
765
1,214
210
351
6,484
66
547
287
399
886
782
1,052
747
1,163
207
349
6,321
66
545
281
399
853
767
1,031
729
1,098
204
348
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
5,457
1,077
86
919
1,091
472
562
544
175
194
337
5,202
1,055
82
847
1,021
452
557
505
168
190
325
5,125
1,043
83
835
989
449
557
502
165
183
319
5,118
1,037
80
832
1,003
449
557
505
166
182
307
5,325
990
74
919
1,069
467
559
549
173
191
334
5,146
956
78
855
1,057
450
554
508
165
191
333
5,076
948
74
843
1,024
447
557
510
163
183
327
4,994
953
69
832
983
445
554
510
164
179
304
Total
314
455
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 March and April 1958
are preliminary.
Statistics.
Back data may be obtained from the Bureau of Labor
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group
1957
1958
Average hours worked
(per week)
1957
1958
Feb.
Mar.
Apr.
38.6
38.3
2.05
39.0
40.6
39.1
38.6
39.2
37.1
39.2
39.5
39.1
39.5
39.5
39.2
38.8
40.4
38.9
38.2
38.8
36.8
39.0
39.0
38.9
39.7
39.4
38.8
2.18
2.31
1.80
1.72
2.01
2.46
2.15
2.28
2.06
2.37
2.10
1.81
2.10
2.24
2.44
1.81
1.77
2.09
2.56
2.22
2.35
2.13
2.46
2.16
1.85
2.11
2.25
2.45
1.81
1.77
2.08
2.57
2.23
2.36
2.14
2.48
2.17
1.85
2.11
2.24
2.45
1.83
1.78
2.08
2.56
2.23
2.36
2.14
2.47
2.18
1.85
38.1
39.7
37.2
37.5
34.7
41.4
37.9
40.7
40.2
38.0
36.2
37.6
39.7
38.1
36.4
34.1
41.0
37.6
40.6
40.7
37.8
33.9
1.87
1.93
1.55
1.50
1.48
2.00
2.49
2.17
2.59
2.19
1.54
1.92
2.01
1.56
1.50
1.50
2.08
2.56
2.27
2.72
2.28
1.56
1.93
2.01
1.59
1.50
1.49
2.08
2.56
2.27
2.72
2.29
1.57
1.94
2.00
1.63
1.50
1.49
2.08
2.55
2.27
2.74
2.30
1.57
Mar.
Apr.
Apr.
Feb.
Mar.
Total
81.59
80.64
81.45
80.81
39.8
38.4
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. .
88.29
95.63
72.00
68.28
81.20
97.91
87.94
94.39
83.02
96.22
85.26
72.22
86.46
99.06
70.05
67.79
80.88
94.21
86.36
92.12
83.07
95.20
84.89
72.15
87.75
99.47
70.77
68.32
81.54
95.35
87.42
93.22
83.67
97.96
85.72
72.52
86.91
98.98
71.19
68.00
80.70
94.21
86.97
92.04
83.25
98.06
85.89
71.78
40.5
41.4
40.0
39.7
40.4
39.8
40.9
41.4
40.3
40.6
40.6
39.9
38.6
40.6
38.7
38.3
38.7
36.8
38.9
39.2
39.0
38.7
39.3
39.0
72.74 73.15 73.53 72.94
77.20 79.80 79.80 79.40
57.04 58.97 59.15 62.10
57.90 56.70 56.25 54.60
52.84 52.65 51.70 50.81
84.20 85.49 86.11 85.28
95.87 96.51 97.02 95.88
89.40 92.16 92.39 92.16
106.71 108.53 109.34 111.52
87.60 85.04 87.02 86.94
56.83 57.56 56.83 53.22
38.9
40.0
36.8
38.6
35.7
42.1
38.5
41.2
41.2
40.0
36.9
38.1
39.7
37.8
37.8
35.1
41.1
37.7
40.6
39.9
37.3
36.9
1958
Apr.
Feb.
NOTE.—Data are for production and related workers. Figures for
March and April 1958 are preliminary. Back data are available from
the Bureau of Labor Statistics.
1957
Apr.
Apr.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
Average hourly earnings
(dollars per hour)
602
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
107
112
114
118
118
128
135
136
105
109
110
114
117
123
126
122
102
107
104
105
108
113
120
124
107
112
113
117
116
125
131
132
107
114
115
119
112
122
128
129
107
115
122
127
129
140
146
148
111
117
127
131
135
149
164
169
105
110
109
114
112
122
128
128
106
111
116
120
121
132
138
138
107
107
109
110
113
117
126
128
112
117
121
123
129
140
144
142
115
120
129
132
136
149
158
160
106
112
120
122
122
132
141
141
137
122
124
133
130
131
144
118
124
130
133
122
126
'161
162
172
139
117
123
'153
148
148
131
131
135
125
128
136
137
123
126
137
141
'159
151
158
137
141
138
138
144
122
125
130
125
126
135
139
131
138
128
132
139
152
147
158
175
175
179
129
131
139
139
139
147
126
130
138
142
145
147
168
170
170
148
141
144
163
152
141
134
161
156
139
139
Minne- Kansas
Dallas
City
apolis
San
Francisco
SALESi
1950
1951
1952
1953
1954
1955
1956
1957
SEASONALLY ADJUSTED
1957—Mar
Apr
May
July
146
136
129
114
116
122
119
128
129
134
121
144
141
172
159
130
121
145
126
130
119
147
136
Nov
Dec
133
138
118
128
124
128
128
133
129
133
142
148
166
174
125
130
135
141
125
132
139
142
1958 Jan
Feb
Mar
130
124
116
111
114
125
115
126
126
114
126
125
117
119
146
134
157
147
121
115
124
132
125
126
121
132
138
135
156
143
153
132
135
137
117
134
138
129
114
132
143
138
163
238
'104
118
134
139
137
128
141
149
142
161
246
'137
'114
124
127
116
104
130
139
138
145
220
148
156
153
151
158
157
158
183
270
133
134
139
125
139
141
135
162
247
100
96
103
99
123
112
137
'104
P121
Sept
Oct.
....
WITHOUT SEASONAL ADJUSTMENT
1957 Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
Dec
.
....
.
1958—Jan
Feb
Mar
..
STOCKS i
114
131
132
131
111
127
139
134
162
241
99
104
115
105
109
116
120
121
92
104
126
126
158
226
129
131
130
96
110
134
132
171
236
126
122
120
107
123
134
125
159
233
126
149
146
140
118
135
150
148
178
272
'148
121
123
122
90
102
122
117
144
232
165
165
153
145
161
165
167
193
301
124
126
126
104
124
136
127
153
100
95
91
84
100
100
91
113
95
86
118
97
90
108
103
96
122
121
131
128
136
148
152
112
129
117
124
126
132
141
138
106
127
115
120
117
119
130
137
110
132
120
129
127
135
148
154
108
132
115
125
122
124
133
136
109
129
127
141
138
159
175
178
150
152
152
153
154
153
154
155
154
150
140
138
140
138
139
136
138
138
137
136
137
137
137
137
137
138
138
138
138
138
150
149
153
156
154
157
159
156
158
154
135
136
135
136
136
137
139
139
138
134
133
H16
110
131
121
1950
1951
1952
1953
1954
1955
1956
1957
221
92
86
108
nil
92
90
109
123
145
143
155
152
170
195
203
108
125
112
122
120
127
138
143
108
130
120
131
125
135
148
149
106
121
113
123
124
130
142
146
114
137
176
181
182
184
184
180
181
174
175
171
202
203
198
198
204
203
201
208
206
207
139
140
142
146
149
145
144
147
141
140
148
147
151
151
153
149
151
151
151
141
145
150
148
145
141
145
145
148
150
143
'202
135
135
131
143
142
140
138
'138
212
213
200
188
190
199
209
227
233
180
141
149
147
142
143
139
150
161
161
124
154
156
151
141
142
148
158
169
169
127
149
153
147
136
134
142
151
164
170
132
184
197
123
127
132
127
138
146
105
115
114
112
135
137
129
143
140
153
168
174
131
140
135
142
156
159
161
161
159
160
158
159
163
165
158
'168
'154
172
175
176
178
176
173
176
179
169
161
160
159
159
159
162
163
162
152
153
151
170
163
130
146
141
152
164
161
158.
SEASONALLY ADJUSTED
1957—Mar
Apr
May •
June
.
Julv
Sept
Oct
Nov
Dec
1958 Jan ..
Feb
Mar
147
146
137
154
'134
129
134
149
133
130
126
167
166
2143
155
159
155
146
144
150
160
172
174
135
142
144
143
130
125
132
144
156
161
127
141
143
140
129
124
134
145
155
159
127
155
159
156
145
138
151
167
180
182
139
139
142
139
129
125
131
144
154
156
122
187
190
183
170
168
175
187
198
198
156
132
139
119
122
127
138
136
'126
'145
117
125
130
149
159
199
132
152
151
j>149
WITHOUT SEASONAL ADJUSTMENT
1957—Mar
Apr
May
. .
July
AUK
Sept
Oct .
Nov
Dec
1958 Jan
Feb
Mar
.
131
154
r
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.
*>204
165
169
163
153
152
156
164
177
183
144
'177
179
173
164
169
176
184
193
197
157
156
164
159
153
154
160
168
183
182
139
'132
137
145
149
158
137
142
136
P153
127
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.
603
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (In millions of dollars)
Sales!
(total
for
month)
Period
Stocks*
(end
of
month)
OutRestandceipts 2
ing
(total
orders *
fr»r
I Or
(end of
month) month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
361
376
391
397
406
409
437
454
458
1949
1950
1951
1952
1953
1954
1955
1956
1957
925
,012
,202
,097
,163
,140
1,195
1,286
1,338
373
495
460
435
421
388
446
470
460
358
391
390
397
408
410
444
459
460
358
401
379
401
401
412
449
458
457
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
3.1
1.1
1.4
1.3
1.2
1.1
1.0
1.1
1.1
1.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1
4.2
1.0
l.l
1L.O
L.O
L.O
L.O
1.0
L.O
L.O
1,343
1,381
1,353
1,257
1,245
1,300
1,400
1,518
1,562
1,229
'409
'487
466
421
313
344
487
538
599
598
506
'435
398
430
477
425
456
536
561
496
386
3.4
3.1
3.0
3.1
3.5
3.0
3.2
3.2
2.8
1.5
'1.0
0.8
0.8
1.3
1.7
1.3
1.3
1.1
0.8
0.4
'4.4
3.9
3.8
4.3
5.2
4.3
4.5
4.3
3.6
1.8
r 1.2
1,203
1,259
L.302
383
398
340
365
459
416
380
3.3
4.1
3.1
1.0
1.3
0.8
4.3
5.4
4.0
Month:
1957—Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
'396
441
449
409
356
432
438
481
554
839
1958—Jan...
Feb...
Mar.*
366
309
416
f
»1 Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1957,
sales by these stores accounted for about 45 per cent of estimated total
department
store sales.
2
Derived from the reported figures on sales and stocks.
r
346
355
519
600
569
567
529
427
307
351
412
LI
(3.9
).8
1.0
1.1
1.2
1.2
l.l
( 3.6
i
(
3.9
L.2
L.l
3 Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan.-^M^ar
.
.
1956
1957
1958
1956
1957
1958
1956
1957
1958
1.284
1,363
1,583
L 512
1,717
I 697
1,640
I 536
1,534
1,671
1,511
1,345
1,557
1.202
1,273
1,479
L 400
1,522
L 492
1,289
L 378
1,427
L 561
I 425
1.073
1,051
1,102
991
,095
L 034
1,052
1,115
1,095
885
1,583
1,490
2,021
1 780
1 711
1 652
1,505
1 536
1,437
1 600
1 596
1 543
1,402
1,245
1,442
2,007
1.680
1,611
2,151
L 864
1,813
L 786
1,692
L 677
1.540
1^674
1 683
1,639
4,230
5,442
4,413
3,954
5,094
4,089
545
••
••
•
1 Exports of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
2
993
1,059
1,133
L,119
1,106
984
1,146
1,043
1,009
L ,148
[ 043
L141
3,226
3,241
055
'995
1,121
987
962
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
604
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
Gas
and
electricity
Rent
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
Transportation
Medical
care
Personal
care
Read- Other
good
ing
and
and
recrea- services
tion
1929
1933
1941
1945
73.3
55 3
62.9
76.9
65.6
41 6
52.2
68.9
1949
1950
1951
1952
1953
1954
1955
1956
101.8
102.8
111.0
113.5
114.4
114.8
114.5
116.2
100.0
101.2
112.6
114.6
112.8
112.6
110.9
111.7
103.3
106.1
112.4
114.6
117.7
119.1
120.0
121.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3
132.7
102.5
102.7
103.1
104.5
106.6
107.9
110.7
111 8
106.8
110.5
116.4
118.7
123.9
123.5
125.2
130 7
99.6
100.3
111.2
108.5
107.9
106.1
104.1
103.0
100.1
101.2
109.0
111.8
115.3
117.4
119.1
122.9
99.4
98.1
106.9
105.8
104.8
104.3
103.7
105.5
108.5
111.3
118.4
126.2
129.7
128.0
126.4
128.7
104.1
106.0
111.1
117.3
121.3
125.2
128.0
132.6
101.1
101.1
110.5
111.8
112.8
113.4
115.3
120.0
104.1
103.4
106.5
107.0
108.0
107.1
106.6
108.1
103.4
105.2
109.7
115.4
118.2
120.2
120.2
122.0
1957—Mar
Apr
May .
June
July
Aus
Sept
Oct
Nov
Dec
118.9
119.3
119.6
120.2
120.8
121.0
121.1
121.1
121.6
121.6
113.2
113.8
114.6
116.2
117.4
117.9
117.0
116.4
116.0
116.1
124.9
125.2
125.3
125.5
125.5
125.7
126.3
126.6
126.8
127.0
134.4
134.5
134.7
135.0
135.2
135.4
135.7
136.0
136.3
136.7
112 4
112.4
112.3
112.3
112.3
113.3
113.7
113.8
114.3
114.3
139 2
138.1
135.4
135.3
135.9
135.7
136.8
137.6
138.0
138.3
104.9
105.1
104.2
104.6
104.1
103.9
104.8
104.8
104.5
104.9
126.2
126.4
127.3
127.6
127.9
128.0
128.3
128.7
129 A
129.6
106.8
106.5
106.5
106.6
106.5
106.6
107.3
107.7
107.9
107.6
135.1
135.5
135.3
135.3
135.8
135.9
135.9
135.8
140.0
138.9
136.4
136.9
137.3
137.9
138.4
138.6
139.0
139.7
140.3
140.8
122 9
123.3
123.4
124.2
124.7
124.9
125.1
126.2
126.7
127.0
110.5
111.8
111.4
111.8
112.4
112.6
113.3
113.4
114.4
114.6
124.2
124.2
124.3
124.6
126.6
126.7
126.7
126.8
126.8
126.8
1958_Jan
Feb
Mar
122.3
122.5
123.3
118.2
118.7
120.8
127.1
127.3
127.5
136.8
137.0
137.1
115.7
115.9
115.9
138.4
137.2
136.7
104.2
104.9
103.9
129.7
129.9
130.7
106.9
106.8
106.8
138.7
138.5
138.7
141.7
141.9
142.3
127.8
128.0
128.3
116.6
116.6
117.0
127.0
127.0
127.2
117.4
83 6
88 4
90 9
60.3
45 9
55 6
76.3
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
1949
1950
1951
1952
1953
1954
1955
1956
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan.'
Feb.'
Mar
r
All
com- Farm Processed
modi- products foods Total
ties
99.2
103.
114.8
111.6
110.
110.3
110.7
114.3
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Chemicals
and
allied
products
Pulp,
Rub- Lumber paper, Metals
and
ber
and
and
and wood
allied metal
prodprod- prod- products
ucts
ucts
ucts
101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8
105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3
115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8
113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0
114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9
114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0
117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6
.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4
1957
116.9
117.2
117.
117.4
118.2
118.4
118.0
117.8
118.
118.5
Fuel,
power,
and
lighting
materials
125.4
125.4
125.2
125.2
125.7
126.0
126.0
125.8
125.9
126.1
95.4
95.3
95.4
95.5
95.4
95.4
95.4
95.1
95.0
94.9
118.9 93.7 109.5 126.1
119.0 96.1 109.9 125.7
119.7 100.5! 110.7 125.7
94.6
94.1
93.9
90.6
89.5
90.9
92.8
93.0
91.0
91.5
91.9
92.6
103.7
104.3
104.9
106.1
107.2
106.8
106.5
105.5
106.5
107.4
98.4
98.6
98.9
99.8
100.6
100.3
100.0
100.1
100.0
99.5
Machinery
and
motive
products
106.6
108.6
119.0
121.5
123.0
124.6
128.4
137.8
Furni- Non- Toture
me- bacco
and
mfrs. Misother tallic
minand cellahouse- erals— bottled
hold struc- bev- neous
dura- tural erages
bles
103.1
105.3
114.1
112.0
114.2
115.4
115.9
119.1
104.4
106.9
113.6
113.6
118.2
120.91
124.2
129.6
101.6
102.4
108.1
110.6
115.7
120.6
121.6
122.3
119.2 108.8 144.3 120.1 128.7 151.0 144.8 121.9 133.2 124.1
124.5
124.5
124.7
127.7
127.7
127.7
127.7
127.8
128.0
92.0
91.4
89.4
87.3
88.8
90.1
89.4
87.7
86.8
87.2
99.5 116.1 110.8 145.1 116.3 130.8 149.8 149.4 123.8 136.4 128.1
99.6 113.6 110.6 144.6 115.8 130.8 150.0 149.3 123.6 136.5 128.1
99.7 112.5 110.6 144.6 115.3 130.5 149.7 149.3 123.5 136.0 128.1
88.3
89.3
94.2
119.5
118.5
117.2
116.4
116.3
116.1
115.8
115.7
116.2
109.1
109.1
109.3
109.5
109.8
110.2
110.4
110.3
110.6
144.5
144.7
145.1
144.9
146.9
146.5
146.2
144.7
145.7
120.2
119.7
119.7
119.3
118.6
117.8
117.3
116.9
116.3
128.6
128.9
128.9
129.5
129.9
130.1
130.9
130.9
131.0
150.1
150.0
150.6
152.4
153.2
152.2
150.8
150.4
150.4
145.0
145.1
145.2
145.8
146.2
146.9
147.7
149.2
149.4
121.5
121.6
121.7
122.4
122.6
122.3
122.6
122.7
123.5
134.6
135.0
135.1
135.2
135.3
135.2
135.3
135.4
135.7
1958
Revised.
605
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1958
1957
Subgroup
:
Feb.
1
Mar.
Jan.
94.1
87.5
76.6
104.0
95.6
63.8
85.1
146.0
121.2
79.0
86.2
103.4
98.4
73.9
79.2
143.7
127.9
79.9
91.1
102.8
98.3
74.2
79.0
142.2
116.7
84.6
111.3
105.9
112.3
190.9
95.1
118.0
101.7
114.2
105.6
115.2
173.3
95.5
118.1
102.7
114.2
105.7
115.6
173.3
95.2
Pulp, Paper, arid Allied Products
iCont.):
142.8
82.2
Paperboard
95.8
Converted paper and paperboard
Building paper and board
101.7
96.1
93.6 Metals and Metal Products:
79.4
143.4
Iron and steel
Nonferrous metals
Metal containers
Hardware
117.8
Plumbing equipment
105.9
Heating equipment
113.4
Fabricated structural metal products.
106.8
Fabricated
nonstructural
metal
114.4
products
168.4
96.4 Machinery and Motive Products:
91.1
109.0
81.7
123.0
99.6
76.1
90.2
105.1
81.3
119.5
99.4
74.7
89.3
103.8
81.2
117.5
99.2
74.2
89.0
102.8
81.0
116.1
99.2
73.8
51.0
88.6
120.7
97.8
50.5
90.7
122.1
98.5
51.2
90.6
122.2
98.5
130.7
126.1
161.9
100.0
100.0
123.0
126.2
161.9
101.5
100.1
118.9
51.2
91.0 Furniture and Other Household Dura122.1
bles:
98.2
Household furniture
Commercial furniture
Floor covering
126.2
Household appliances
161.9
Radio
101.5
Television
100.1
Other household durable goods
117.0
Nonmetallic Minerals—Structural
122.9
124.1
100.1
93.2
57.9
108.5
106.8
105.2
123.9
128.4
104.8
93.6
63.1
112.2
110.7
106.9
123.6
128.4
104.7
93.6
62.9
111.9
110.4
106.9
Flat glass
123.5
Concrete ingredients
128.4
Concrete products
104.4
Structural clay products
93.9
Gypsum products
64.2
Prepared asphalt roofing
111.6
Other nonmetallic minerals
110.3
106.8 Tobacco Manufactures and
Beverages:
142.0
149.0
140.0
133.7
152.1
143.3
131.2
152.1
143.3
131.3
152.1
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
1957
Mar.
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
123.6
161.9
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics. . .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products:
Crude rubber
,
Tires and tubes
Other rubber products.
Lumber and Wood Products:
Lumber. .
Millwork.
Plywood..
121.2
128.7
96.2
116.5
127.7
95.6
116.2
127.6
93.6
115.8
127.6
92.5
118.0
75.4
140.1
121.2
83.6
143.2
121.2
83.6
143.1
121.2
75.3
142.9
Pulp, Paper, and Allied Products:
Woodpulp. .
Wastepaper.
Paper
r
Revised.
Subgroup
1958
Feb.
Mar.
136.3
127.2
141.7
136.3
127.2
141.7
136.1
127.2
142.5
163.8
143.2
148.0
162.2
132.0
121.6
133.4
166.6
128.7
152.8
168.4
127.3
121.8
134.6
167.6
127.8
152.8
168.6
125.9
121.6
134.7
167.3
127.0
155.7
168.6
124.8
121.1
134.5
142.8
146.2
146.0
146.0
132.4
138.4
138.3
138.3
156.7
164.9
165.6
171.4
165.6
170.9
165.4
170.9
155.9
143.3
160.8
148.8
159.8
148.8
159.4
148.8
147.5
134.6
151.2
139.1
151.3
139.1
151.3
139.1
122.2
146.9
134.3
106.8
91.1
69.5
147.0
123.1
154.1
131.9
105.4
93.0
71.2
155.0
123.3
154.2
130.1
105.3
92.5
70.7
155.0
122.8
154.2
130.1
105.3
92.6
70.7
155.0
,
135.7
135.1
125.7
150.8
127.1
118.2
127.5
135.7
138.9
127.8
155.4
127.1
124.6
131.1
135.7
139.0
127.9
155.4
127.1
124.6
131.1
135.7
138.7
128.0
155.4
133.1
115.2
131.1
,
124.0
105.1
126.0
119.0
149.0
134.8
106.0
144.3
120.3
149.3
134.8
106.0
144.3
120.3
149.3
134.8
106.0
144.3
120.3
149.3
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..,
Other miscellaneous
117.5
72.0
96.7
107.6
126.5
119.4
64.0
97.4
107.1
131.5
119.5
65.7
97.5
107.3
131.7
119.0
74.6
97.5
107.3
131.9
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
,
Mar.
Jan.
136.2
125.6
141.1
r
Bottled
Miscellaneous:
606
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1958
1957
1929
1933
1941
1950
1953
1954
1955
1956
1957
1
104.4
8.6
7.0
Less • Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
.6
.3
— .1
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursePlus: Government transfer payments
Net interest paid by government.. i . . . .
Dividends. .*.
.'.7.
Business transfer payments
Less: Personal tax and related payments
Federal
State and local
Less: Personal consumption expenditures....
2
3
4
1
56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 422.0
7.2
9.0 20.5 26.5 28.9 31.6 34.3 37.1 36.1 36.6 37.4 38.2 38.7
7.1 11.3 23.7 30.2 30.1 32.9 35.0 36.9 36.4 36.6 37.1 37.4 37.5
.7
.9
.5
.4
.8
.0
.1
.2
1.4
2.6
1.3
1.7
1.3
2.1
1.3
1.6
1.3
2.3
1.3
1.8
1.3
4.1
1.3
3.4
1.3
1.1
.2
1.1
1.3
1.4
1.6
1.7
1.4
1.0
40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1
n.a.
10.1 - 2 . 0
.3
.0
.0
.9
1.0
5.8
.6
1.5
1.2
2.1
.7
85.8
2.6
1.3
47.2
1.5
1.4
1.0
83.1
45.7
79.0
46.4
4.2
-.6
14.5
2.8
.0
2.6
1.3
4.5
.5
35.1
6.9
.0
14.3
4.7
9.2
.8
— .4 — .2
36.0
8.7
-.1
12.9
5.0
9.3
1.4
33.1
9.7
.0
15.0
5.2
9.9
1.3
40.7
11.0
.0
16.1
40.4
12.4
11.0
5.2
1.3
1.3
n.a.
.0
17.2
39.7
14.4
.0
19.9
41.2
14.2
.0
18.4
40.7
14.3
.0
20.0
40.9
14.6
.0
20.0
36.3
14.5
.0
21.2
n.a.
14.4
.0
22.4
11.9
12.1
12.4
12.5
12.6
11.7
12.2
5.7
1.3
6.0
1.3
6.0
1.3
6.0
1.3
6.0
1.3
6.1
1.3
6.2
1.3
96.3 227.1 286.0 287.4 305.9 326.9 343.4 338.3 343.2 346.9 345.5 342.5
3.3 20.9 35.8 33.0 35.5 39.7 42.8 42.2 42.9 43.6 43.4 42.4
2.0 18.2 32.4 29.2 31.5 35.1 37.8 37.4 38.0 38.6 38.3 37.1
.5
1.3
2.7
3.4
3.8
4.2
4.6
5.0
4.9
4.9
5.0
5.1
5.3
93.0 206.1 250.2 254.5 270.2 287.2 300.6 296.1 300.4 303.3 302.1 300.1
81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.2
11.1 12.1 19.7 17.9 15.8 20.0 20.2 19.5 21.4 19.7 19.8 18.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
National income.
Compensation of employees
,
Wages and salaries1
,
Private
,
Military
Government civilian
,
Supplements to wages and salaries.
Proprietors' and rental income2
Business and professional...
Farm
Rental income of persons...
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
,
Corporate profits tax liability
Corporate profits after tax
,
Inventory valuation adjustment
,
Net interest
87.8
51.1
50.4
45.5
4i6
.7
20.2
8.8
6.0
5.4
1933
1941
1953
1954
1955
1956
1958
1957
40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1
29.5 €4.8 154.3 208.1 206.8 223.1 241.4 254.4 251.1 254.0 257.0 255.3 250.5
29.0
23.9
A.9
.5
7.6
3.2
2.4
2.0
62.1 146.5 197.3 195.5 210.3 227.2 238.8 235.9 238.6 241.3 239.5 235.1
51.9 124.3 163.5 161.2 174.4 189.4 199.0 196.8 199. 200.9 199.1 194.5
5.0 10.3 10.0 9.8
1.9
9.7
9.7
9.6
9.5
9.4
9.7
9.8
8.3 17.2 23.5 24.4 26.1 28.2 30.1 29.4 29.7 30.6 30.8 31.6
2.7
7.8 10.8 11.3 12.7 14.1 15.6 15.3 15.4 15.7 15.8 15.4
20.9 44.6 49.3 49.1 49.4 49.9 51.2 50.9 51.2 51.7 51.3 51.0
10.9 22.9 25.9 25.9 27.3 28.0 28.7 28.4 28.7 29.1 28.6 27.9
6.5 13.3 13.3 12.7 11.9 11.6 12.1 12.0 12.1 12.2 12.2 12.8
8.5 10.2 10.6 10.2 10.3 10.4 10.4 10.4 10.4 10.4 10.3
3.5
10.1 - 2 . 0 14.5 35.1 36.0
9.6
.2 17.0 40.0 37.0
.5
1.4
7.6 17.8 20.3
9.4 22.1 16.7
8.3 - . 4
.5 - 2 . 1 - 2 . 5 - 4 . 9 - 1 . 0
6.4
5.0
4.5
5.9
8.7
n.a. Not available.
1
Includes employee contributions to social insurance funds.
1950
2
33.1 40.7 40.4 39.7 41.2 40.7
33.5 ¥2.5 43.0 41.2 43.9 42.0
17.4 21.5 22.0 21.0 22.4 21.4
16.0 21.0 21.0 20.2 21.5 20.5
- . 3 -1.7 -2.6 -1.5 -2.7 -1.3
9.8 10.9 11.9 12.8 12.5 12.7
40.9 36.3
41.8 37.5
21.3 19.1
20.4 18.3
- . 9 -1.2
n.a.
n.a.
n.a.
n.a.
-.5
13.0
13.4
Includes noncorporate inventory valuation adjustment.
13.3
607
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
Gross national product
1933
104.4
79.0
9.2
37.7
32.1
Personal consumption expenditures
Durable goods
Nondurable goods
Services
.2
Net foreign investment
Government purchases
services
Federal
of
goods
and
National security
Other
Less: Government sales2
State and local
8.5
1.3
.0
7.2
1950
1953
1954
1955
1956
8.0
2.0
2.0
.0
6.0
18.
6,
3,
6,
4.
4.
1.1 -2.2
24.8
16.9
13.8
3.2
.0
7.8
-2.0
42.0
22.1
18.5
3.9
.3
19.9
i Includes expenditures for crude petroleum and natural gas drilling.
84.4
59.5
51.5
8.4
.4
24.9
1958
1957
363.2 361.2 391.7 414.7
230.5 236.6 254.4 267.2
29.4
35.6
33.9
29.8
119.1 120.6 126.0 133.3
86.6
81.7
92.8
99.9
60.6
51.2
48.4
65.9
50.3
32.7
27.8
33.3
22.7
25.8
16.6
13.5
15.3
12.6
11.9
14.3
16.1
18.0
10.1
13.8
22.5
23.7
21.1
24.3
28.1
4.2 4.6
7.4
.3 -1.9
4.0
5.0
6.4
.9 -2.4
56.0 125.8 285.1
46.4
81.9 194.0
3.5
9.7 28.6
22.3
43.2 100.4
20.7
29.0
65.0
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 -1.6
1.8 -1.4
Gross private domestic investment
New construction*
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
1941
434.4 429.9 435.5 440.0 432.6 422.0
280.4 276.7 278.9 283.6
35.1
35.9
35.0 35.0
139.9 137.3 139.1 142.5
105.4 103.4 104.9 106.1
64.4
63.6 66.2
66.5
33.2
32.8 32.7
33.0
14.2
14.4 13.9
14.0
19.0
18.5 18.9
19.0
30.4
30.7 30.5
30.5
.0 2.9
.8
3.0
.2 -.3
2.2 2.3
1.4
3.2 4.1
3.5 3.2
-.4
-.4
76.6
48.9
43.1
6.2
.4
27.7
46.8
41.3
5.9
.4
30.3
77.1
80.2
47.2
42.4
5.2
.4
33.0
86.4
50.4
45.7
5.2
.4
36.0
85.6
50.3
45.5
5.2
35i3
86.9
51.1
46.3
5.2
.4
35.8
282.4 281.2
31.5
34.4
140.8 141.5
107.2 108.2
51.8
61.3
33.3
34.0
14.3
14.5
19.0
19.5
30.0
27.5
-2.7 -9.0
-3.4 -8.8
86.7
50.6
45.8
5.2
.4
36.1
2.0
1.5
87.0
49.7
45.0
5.0
.4
37.3
87.5
49.5
44.8
5.1
.4
38.0
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Personal
income
Total
1929
1933
1941
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
1952
1953
1954
1955
1956
1957
271.8
286.0
287.4
305.9
326.9
343.4
184.9
197.4
195.5
210.3
227.2
238.8
1957 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
341.1
343.2
345.1
346.3
347.3
347.2
346.8
346.2
343.6
1958—Jan
Feb
Mar
Apr p
343.6
341.7
342.2
342.8
Year or month 1
Commodity Distributive
produc- indusing intries
dustries
Transferpayments4
Less
personal
Noncontributions agriculfor
tural
social income6
insurances
Service
industries
Government
15.6
8.8
16.3
8.4
5.2
8.1
4.9
5.1
10.2
.6
.4
.7
20.2
7.6
20.9
13.2
8.3
10.3
1.5
2.1
3.1
.1
.2
.8
77.7
43.6
88.0
80.4
87.7
83.6
90.9
98.3
102.0
48.7
51.3
51.9
55.4
60.1
63.7
23.0
24.5
25.8
28.2
31.1
33.3
32.9
33.9
34.3
35.9
37.9
39.8
5.3
6.0
6.2
6.9
7.5
7.9
50.8
49.3
49.1
49.4
49.9
51.2
21.3
23.0
24.9
27.1
29.5
31.0
13.2
14.3
16.2
17.4
18.5
21.2
3.8
3.9
4.6
5.2
5.7
6.8
253.1
269.2
271.3
290.6
311.7
327.5
237.1
238.3
240.1
240.9
241.7
241.5
240.1
239.5
238.8
102.4
102.4
103.3
103.0
102.8
102.2
101.3
100.9
99.8
62.7
63.4
63.8
64.5
64.7
64.8
64.3
64.2
64.4
32.9
33.0
33.2
33.4
33.7
33.9
34.0
34.1
34.2
39.1
39.5
39.8
40.0
40.5
40.6
40.5
40.3
40.4
7.8
7.8
7.9
7.9
8.0
8.0
8.0
8.0
8.0
51.1
51.1
51.2
51.7
51.7
51.7
51.7
51.2
50.9
31.0
31.2
31.2
31.4
31.6
31.6
31.7
31.7
29.7
20.8
21.6
21.5
21.3
21.2
21.2
22.1
22.6
23.0
6.7
6.8
6.8
6.9
6.9
6.8
6.8
6.8
6.8
325.3
327.5
329.3
330.5
331.3
331.3
331.0
330.3
327.6
237.0
234.4
233.8
233.3
97.6
95.3
95.1
94.7
64.8
64.3
63.7
63.4
34.2
34.3
34.3
34.4
40.4
40.5
40.7
40.8
7.9
7.8
7.7
7.7
50.5
51.0
51.3
51.3
31.7
31.8
31.7
31.8
23.3
23.5
24.4
25.4
6.8
6.8
6.7
6.7
327.6
325.2
325.4
325.8
l Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
1
2
Other
labor
income2
DiviProdends
prietors' and
and
perrental
sonal
income3 interest
income
well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not6 included in personal income.
Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
608
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Total
Commercial
and
savings
banks
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
100,008
100,935
97,572
96,736
90,511
93,161
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
72,610
71,947
70,052
64,917
66,523
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
25,916
23,607
24,785
23,758
24,915
26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,571
2,409
2,018
',899
,836
,723
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,374
18,370
20,951
20,670
20,632
20,461
64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
220,865
226,715
236,552
244,135
243,394
250,757
55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
204,220
209,175
217,595
224,943
223,585
230,510
8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,647
17,538
18,956
19,193
19,807
20,246
90,800
89,400
88,500
90,200
89,600
89,114
87,800
89,000
88,900
88,400
89,700
89,400
91,370
65,700
64,800
63,800
65,400
65,000
64,548
63,400
64,100
64,000
63,700
65,000
64,500
65,792
23,400
22,900
23,100
23,200
23,000
23,016
22,900
23,400
23,300
23,200
23,200
23,600
24,238
,700
,700
,700
,600
,600
,550
,600
,500
,500
,500
,500
,400
,340
20,400
20,600
20,900
21,100
21,400
21,402
21,400
21,400
21,600
21,800
22,500
22,400
22,943
246,600
245,500
246,400
249,200
249,400
249,180
249,900
250,400
250,900
251,300
253,000
252,700
257,397
226,400
225,100
225,400
228,200
228,200
227,576
229,100
229,300
229,000
229,500
231,100
231,000
236,372
20,300
20,500
20,900
20,900
21,200
21,605
20,900
21,100
21,900
21,900
21,900
21,700
21,023
Loans,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—June
Dec.
1956—June
Dec.
29,
30,
30,
31,
31,
31,
30,
31,
31,
31,
30,
31,
30
31,
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,187
22,030
21,678
21,690
21,799
21,949
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,894
5,002
5,008
5,032
5,066
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
171,667 60,366
181,323 67,597
192,866 75,484
80,486
199,791
209,872 91,349
217,437 100,031
216,563 105,420
223,742 110,120
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30,
27,
27,
24,
29
6
26
31
28,
25
30
27,
31
22,300
22,300
22,300
22,300
22,600
22,620
22,600
22,600
22,600
22,600
22,700
22,800
22,781
5,100
5,100
5,100
5,100
5,100
5,106
5,100
5,100
5,100
5,100
5,100
5,100
5,146
219,300
218,100
219,000
221,700
221,600
221,454
222,200
222,700
223,200
223,600
225,200
224,800
229,470
108,000
108,200
109,600
110,400
110,700
110,938
113,000
112,200
112,700
113,400
113,000
113,000
115,157
Federal
Reserve
Banks
Other
Details of Deposits and Currency
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—June
Dec.
1956—June
Dec.
29,
30
30
31
31
31
30
31
31
31
30
31
30
31
365
50
1,217
1,498
2,141
1,682
518
279
2,501
2,694
3,247
3,167
3,115
3,306
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
27
27
24
29
6
26
31
28
25
30
27
31
3,100
3,100
3,100
3,200
3,200
3,247
3,400
3,300
3,200
3,300
3,300
3,200
3,270
At
Treas- comury
cash mercial
and
hold- savings
ings
banks
Time deposits 2
At
F. R.
Banks
Total
Total
Com- Mutual Postal
mercial savings Savings
banks banks3 System
Demand
deposits 4
Currency
outside
banks
204
381
852
264
846
2,409
1,895
2,215
2,287 24,608
1,452
1,336
2,989
1,293
3,615
1,270
5,259
1,270
4,457
761
812 5,418
767 4,038
768 5,537
775 4,038
36
35
634
867
977
870
668
247
389
346
380
394
522
441
54,790
40,828
63,253
76,336
150,793
170,008
176,917
185,999
194,801
200,917
207,738
216,577
213,643
221,950
28,611
21,656
27,059
27,729
48,452
56,411
59,247
61,450
65,799
70,375
77,129
78,378
80,615
82,224
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
40,666
43,659
47,846
48,359
49,698
50,577
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
22,586
24,358
27,277
28,129
29,152
30,000
149
1,186
1,278
1,313
2,932
3,416
2,923
2,704
2,547
2,359
2,007
1,890
',765
,647
22,540
14,411
29,793
38,992
75,851
87,121
92,272
98,234
101,508
102,451
103,234
109,914
104,744
111,391
3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
27,494
28,091
27,375
28,285
28,284
28,335
1,900
2,800
3,800
4,400
5,300
3,625
4,800
3,700
4,400
3,900
3,500
3,300
4,179
600
300
500
300
500
473
500
500
500
600
500
400
481
219,900
218,000
217,200
219,600
218,400
219,439
219,700
221,000
220,000
220,900
223,000
223,300
227,681
82,900
83,600
84,600
84,900
85,700
85,715
86,400
86,700
87,100
87,700
88,100
87,600
89,126
51,200
51,800
52,600
52,900
53,600
53,605
54,000
54,400
54,700
55,100
55,500
55,000
56,139
30,100
30,200
30,400
30,400
30,600
30,647
30,900
30,900
31,000
31,200
31,300
31,300
31,662
,600
,600
,600
,500
,500
,463
,500
,400
,400
,400
,400
,300
,325
109,500
107,000
105,200
107,300
104,800
105,706
105,600
106,600
105,100
105,500
107,200
107,200
110,254
27,400
27,400
27,400
27,400
27,900
28,018
27,800
27,800
27,800
27,800
27,800
28,500
28,301
800
800
800
800
800
792
800
800
800
800
800
800
761
1
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury
currency account, and Exchange Stabilization Fund).
2
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
* 5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for
July 1957, pp. 828-29, and this table in subsequent issues.
Seasonally adjusted series 5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
111,100
114,300
120,100
124,700
126,800
132,000
133,200
134,300
134,400
85,200
89,800
94,500
97,800
99,500
104,900
105,800
106,700
106,700
25,900
24,500
25,600
26,900
27,300
27,100
27,400
27,600
27,700
134,100
134,500
134,700
135,000
134,600
106,500
106,900
107,000
107,300
106,600
135,200
136,000
134,700
133,900
134,200
134,000
133,200
107,300
108,000
106,800
106,200
106,500
105,900
105,100
27,600
27,600
27,700
27,700
28,000
(5)
27,900
28,000
27,900
27,700
27,700
28,100
28,100
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.
609
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—June
Dec.
1956—June
Dec.
30..
31..
3 1 4. .
31 .
30..
31..
31..
31..
30..
31. .
30..
31. .
Loans
U.S.
Govt.
obligations
Other
securities
Cash
assets2
Total
assets—
Total
liabilities
and
capital
accounts 3
Deposits
Other
Total 2
Interbank 2
Demand
U.S.
Govt.
Total
capital
accounts
Number
of
banks
Time
Other
50,884 22,165 19,417 9,302
61,126 26,615 25,511 8,999
140,227 30,362 101,288 8,577
134,924 43,002 81,199 10,723
148,021 60,386 72,894 14,741
154,869 67,608 71,343 15,918
165,626 75,512 72,740 17,374
171,497 80,518 72,610 18,370
184,253 91,355 71,947 20,951
190,780 100,057 70,052 20,670
191,074 105,525 64,917 20,632
197,063 110,079 66,523 20,461
23,292
27,344
35,415
38,388
41,086
45,531
45,584
45,811
42,014
47,803
43,361
49,641
77,068
90,908
177,332
175,091
191,317
202,903
213,837
220,140
229,631
242,008
238,133
250,770
68,242
81,816
165,612
161,865
175,296
185,756
195,552
201,100
208,850
220,441
215,510
227,546
9,874
10,982
14,065
13,033
14,039
15,087
15,321
15,957
15,245
16,646
15,242
17,595
32 ,516
44 ,355
105 ,935
1,346 94,381
2,809 101,936
3,362 108,282
4,944 111,690
4,149 112,639
5,081 113,034
3,712 123,238
5,235 115,850
3,736 125,308
25,852
26,479
45,613
53,105
56,513
59,025
63,598
68,354
75,491
76,844
79,182
80,908
8,194
8,414
10,542
11,948
13,837
14,623
15,367
16,118
17,663
18,112
18,811
19,249
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,509
14,309
14,243
14,206
14,167
1957__j an . 30..
Feb. 2 7 . .
Mar. 27..
Apr. 24. .
May 29..
June 6. .
June 26..
July 31. .
Aug. 2 8 . .
Sept. 25. .
Oct. 30..
Nov. 27. .
Dec. 3 1 . .
194,950
194,810
195,440
197,810
197,980
197,465
198,600
198,530
199,250
199,820
201,450
200,910
203,849
108,830
109,350
110,800
111,260
111,620
111,515
113,810
112,960
113,590
114,260
113,970
114,060
115,115
65,680
64,820
63,750
65,410
65,010
64,548
63,360
64,140
64,040
63,720
64,990
64,460
65,792
20,440
20,640
20,890
21,140
21,350
21,402
21,430
21,430
21,620
21,840
22,490
22,390
22,943
41,640
42,350
41,550
42,050
41,570
40,834
42,250
42,840
42,080
42,040
42,590
43,600
49,318
240,730
241,310
241,130
244,110
243,790
242,647
245,050
245,740
245,850
246,370
248,660
249,150
257,864
216,040
216,170
215,900
218,930
218,010
216,986
219,790
220,640
219,700
220,150
222,030
222,380
233,020
14,180
14,280
14,480
14,450
13,700
14,423
14,380
14,950
14,370
14,800
14,710
14,550
17,022
1,620
2,510
3,510
4,050
5,040
3,320
4,490
3,390
4,130
3,580
3,180
3,040
3,903
118,600
117,070
114,550
116,720
114,770
114,659
115,690
116,690
115,150
115,160
117,100
118,190
123,993
81,640
82,310
83,360
83,710
84,500
84,584
85,230
85,610
86,050
86,610
87,040
86,600
88,102
19,340
19,480
19,520
19,590
19,710
19,879
19,760
20,000
20,140
20,210
20,450
20,540
20,428
14,163
14,158
14,160
14,154
14,145
14,144
14,138
14,135
14,133
14,128
14,113
14,102
14,090
All commercial banks
1939—Dec. 30..
1941—Dec. 3 1 . .
1945__Dec. 3 1 . .
1947—Dec. 3 H .
1950—Dec. 30..
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1955_j U ne 30..
Dec. 3 1 . .
1956—June 30..
Dec. 31. .
40,668
50,746
124,019
116,284
126,675
132,610
141,624
145,687
155,264
160,881
160,008
165,123
17,238
21,714
26,083
38,057
52,249
57,746
64,163
67,593
75,183
82,601
86,887
90,302
16,316
21,808
90,606
69,221
62,027
61,524
63,318
63,426
63,271
61,592
56,620
58,552
7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,668
16,809
16,688
16,502
16,269
22,474
26,551
34,806
37,502
40,289
44,645
44,666
44,828
41,025
46,838
42,444
48,720
65,216
79,104
160,312
155,377
168,932
179,465
188,603
193,010
199,249
210,734
205,712
217,460
57,718
71,283
150,227
144,103
155,265
164,840
172,931
176,702
181,516
192,254
186,326
197,515
9,874
10,982
14,065
13,032
14,039
15,086
15,319
15,955
15,242
16,643
15,239
17,593
32 513
44 ,349
105 ,921
1,343 94,367
2,806 101,917
3,359 108,259
4,941 111,659
4,146 112,604
5,078 112,983
3,709 123,187
5,232 115,824
3,733 125,282
15,331
15,952
30,241
35,360
36,503
38,137
41,012
43,997
48,214
48,715
50,030
50,908
6,885
7,173
8,950
10,059
11,590
12,216
12,888
13,559
14,906
15,300
15,927
16,302
14,484
14,278
14,011
14,181
14,121
14,089
14,046
13,981
13,781
13,716
13,679
13,640
162,810
162,490
162,860
165,120
165,070
164,515
165,600
165,380
165,900
166,320
167,900
167,270
170,068
88,930
89,340
90,630
90,990
91,180
91,028
93,280
92,340
92,840
93,400
92,970
92,940
93,899
57,710
56,830
55,740
57,460
57,070
56,642
55,500
56,280
56,170
55,870
57,310
56,910
58,239
16,170
16,320
16,490
16,670
16,820
16,845
16,820
16,760
16,890
17,050
17,620
17,420
17,930
40,800
41,510
40,700
41,260
40,770
39,995
41,380
42,040
41,320
41,260
41,790
42,800
48,428
207,290
207,680
207,230
210,160
209,600
208,393
210,710
211,310
211,250
211,590
213,840
214,220
222,696
185,930
185,940
185,440
188,460
187,370
186,308
188,880
189,710
188,680
188,930
190,740
191,050
201,326
14,180
14,280
14,480
14,450
13,700
14,421
14,380
14,950
14,370
14,800
14,710
14,550
17,021
1,620
2,510
3,510
4,050
5,040
3,318
4,490
3,390
4,130
3,580
3,180
3,040
3,898
51,560
52,110
52,930
53,270
53,890
53,937
54,350
54,710
55,060
55,420
55,780
55,300
56,440
16,380
16,500
16,520
16,580
16,680
16,837
16,750
16,970
17,090
17,140
17,380
17,440
17,368
13,636
13,631
13,633
13,628
13,619
13,619
13,613
13,610
13,608
13,603
13,588
13,578
13,568
33,941
43,521
107,183
97,846
107,424
112,247
119,547
122,422
130,788
135,360
134,428
138,768
13,962
18,021
22,775
32,628
44,705
49,561
55,034
57,762
64,315
70,982
74,783
78,034
14,328
19,539
78,338
57,914
52,365
51,621
52,763
52,603
52,543
50,697
46,226
47,575
5,651
5,961
6,070
7,304
10,355
11,065
11,751
12,057
13,930
13,680
13,419
13,159
19,782
23,123
29,845
32,845
35,524
39,252
39,255
39,381
36,300
41,416
37,536
42,906
55,361
68,121
138,304
132,060
144,660
153,439
160,826
163,983
169,686
179,414
174,820
184,874
49,340
61,717
129,670
122,528
133,089
141,015
147,527
150,164
154,670
163,757
158,388
167,906
9,410
743 27,489 11,699 5,522
10,525 1,709 37,136 12,347 5,886
13,640 22,179 69,640 24,210 7,589
12,403 1,176 80,609 28,340 8,464
13,448 2,523 87,783 29,336 9,695
14,425 3,101 92,867 30,623 10,218
14,617 4,567 95,453 32,890 10,761
15,170 3,756 96,024 35,213 11,316
14,462 4,656 96,742 38,810 12,461
15,865 3,327 105,400 39,165 12,783
14,508 4,806 98,904 40,171 13,293
16,855 3,292 106,850 40,909 13,655
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,743
6,611
6,543
6,499
6,462
136,579
136,387
136,869
138,562
138,307
137,808
138,848
138,573
139,010
139,315
140,475
139,882
142,353
76,742
77,082
78,318
78,558
78,590
78,448
80,529
79,621
80,103
80,608
80,155
80,097
80,950
46,767
46,097
45,205
46,536
46,159
45,829
44,808
45,490
45,334
45,007
46,158
45,823
47,079
13,070
13,208
13,346
13,468
13,558
13,531
13,511
13,462
13,573
13,700
14,162
13,962
14,324
35,909
36,634
35,823
36,360
36,074
35,270
36,660
37,137
36,594
36,399
36,935
37,862
42,746
175,762
176,292
175,949
178,277
177,720
176,507
178,816
179,151
179,188
179,283
181,109
181,440
188,828
157,485
157,623
157,270
159,677
158,655
157,593
160,116
160,652
159,767
159,759
161,229
161,536
170,637
13,559
13,674
13,859
13,803
13,067
13,736
13,704
14,236
13,681
14,095
14,008
13,841
16,328
1957_jan. 30..
Feb. 27..
Mar. 27..
Apr. 24..
M a y 29. .
June 6. .
June 26..
July 31..
Aug. 28. .
Sept. 25. .
Oct. 30..
Nov. 27. .
Dec. 31..
All member banks:
1939—Dec. 30..
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1950—Dec. 30. .
1951—Dec. 31..
1952—Dec. 31..
1953—Dec. 31..
1955—June 30. .
Dec. 31..
1956—June 30..
Dec. 31..
1957—Jan. 30..
Feb. 27..
Mar. 27. .
Apr. 24..
M a y 29..
June 6. .
June 26..
July 31..
Aug. 28..
Sept. 25. .
Oct. 30..
Nov. 27..
Dec. 31..
For notes see end of table.
1,408
2,244
3,183
3,582
4,514
2,932
4,086
3,090
3,715
3,189
2,777
2,681
3,472
118,570
117,040
114,520
116,690
114,740
114,633
115,660
116,660
115,120
115,130
117,070
118,160
123,967
101,084
99,838
97,671
99,511
97,773
97,612
98,673
99,425
98,187
97,997
99,704
100,648
105,547
41,434
41,867
42,557
42,781
43,301
43,313
43,653
43,901
44,184
44,478
44,740
44,366
45,290
13,713
13,813
13,825
13,863
13,947
14,058
14,004
14,210
14,300
14,341
14,539
14,584
14,554
6,459
6,456
6,454
6,450
6,445
6,445
6,438
6,430
6,427
6,421
6,411
6,406
6,393
610
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i
Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
Loans
Total
U.S.
Govt. Other
obliga- securities
tions
Total
liaCash bilities
assets 2 and
capital
accounts3
Other
TotaP
Interbank 2
Demand
U. S.
Govt.
Time
10,216
10,379
16,208
18,641
21,346
22,259
24,003
25,810
28,990
29,898
31,066
31,940
4,927 3,101
3,704
4,901
4,279 10,682
4,944 11,978
8,137 10,868
9,862 9,819
11,349 9,422
12,925 9,184
16,172 8,675
17,456 8,460
18,639 8,297
19,777 7,971
2,188
1,774
1,246
1,718
2,342
2,579
3,231
3,701
4,142
3>982
4,130
4,192
818
793
609
886
797
886
918
983
989
965
917
920
11,852
11,804
17,020
19,714
22,385
23,439
25,233
27,130
30,382
31,274
32,421
33,311
10,524
10,533
15,385
17,763
20,031
20,915
22,621
24,398
27,334
28,187
29,184
30,032
3
6
14
3
3
3
3
3
3
4
3
3
14
19
23
30
35
51
51
26
25
1957—Jan. 3 0 . . . .
Feb. 2 7 . . . .
Mar. 2 7 . . . .
Apr. 24
May 2 9 . . . .
June 6 . . . .
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 3 1 . . . .
32,140
32,320
32,580
32,690
32,910
32,950
33,000
33,150
33,350
33,500
33,550
33,640
33,782
19,900
20,010
20,170
20,270
20,440
20,487
20,530
20,620
20,750
20,860
21,000
21,120
21,216
7,970
7,990
8,010
7,950
7,940
7,906
7,860
7,860
7,870
7,850
7,680
7,550
7,552
4,270
4,320
4,400
4,470
4,530
4,557
4,610
4,670
4,730
4,790
4,870
4,970
5,013
840
840
850
790
800
839
870
800
760
780
800
800
890
33,440
33,630
33,900
33,950
34,190
34,254
34,340
34,430
34,600
34,780
34,820
34,930
35,168
30,110
30,230
30,460
30,470
30,640
30,678
30,910
30,930
31,020
31,220
31,290
31,330
31,695
(55)
(5)
()
(55)
()
2
30
30
30
30
30
27
Central reserve city
member banks:
New York City:
1939—Dec. 3 0 . . . .
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 . . . .
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 3 1 . . . .
1955—June 30
Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
9,339
12,896
26,143
20,393
20,612
21,379
22,130
22,058
23,099
23,583
23,270
23,809
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
11,146 8,129
12,376 7,678
12,289 7,765
13,016 7,782
14,640 6,796
15,373 6,011
15,987 6,057
1,272
1,559
1,235
1,242
1,890
2,104
2,076
2,004
2,300
2,148
\885
,765
6,703
6,637
6,439
7,261
7,922
8,564
8,419
8,074
7,748
8,948
7,753
8,629
16,413
19,862
32,887
27,982
28,954
30,464
31,053
30,684
31,559
33,228
31,801
33,381
14,507
17,932
30,121
25,216
25,646
26,859
27,309
27,037
27,791
29,378
27,775
29,149
4,238
4,207
4,657
4,464
4,638
4,832
4,965
5,214
5,454
5,600
5,327
5,987
1957_jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 6 . . . .
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31
23,101
23,134
23,592
23,562
23,279
23,293
23,686
23,182
23,252
23,258
23,385
23,054
23,828
15,665
15,762
16,366
16,176
15,907
15,895
16,776
16,006
16,191
16,216
16,115
15,887
16,102
5,645
5,506
5,357
5,586
5,706
5,738
5,270
5,476
5,298
5,254
5,415
5,423
5,880
,791
,866
,869
,800
,666
,660
,640
1,700
1,763
1,788
1,855
1,744
1,846
7,046
7,260
7,207
7,137
7,300
6,692
7,384
7,470
7,701
6,984
7,539
7,700
8,984
31,151
31,383
31,772
31,701
31,556
30,993
32,053
31,685
32,144
31,403
32,103
31,921
33,975
26,497
26,605
27,056
26,907
26,914
26,322
27,565
26,981
27,070
26,182
27,030
26,935
29,371
4,927
5,059
5,013
5,001
4,962
5,033
5,158
5,233
4,945
5,108
5,119
5,148
5,781
30
31
31
31
30
31
31
31
30
31
30
31
2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,204
6,288
6,542
6,336
6,473
569
954
1,333
1,801
2,083
2,468
2,748
2,776
2,846
3,342
3,572
3,772
1,203
1,430
4,213
2,890
2,911
2,711
2,912
2,856
2,742
2,506
2,088
2,113
333
376
385
397
576
552
581
572
699
695
676
588
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,115
1,763
2,132
1,959
2,171
3,595
4,363
7,459
6,866
7,649
7,972
8,297
8,366
8,102
8,720
8,349
8,695
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,724
7,431
8,010
7,631
7,943
,035
,312
,217
,229
,307
,350
,387
,180
,296
,195
,372
30
27
27
24
29
6....
26....
31
28
25
30
27
31
6,120
6,171
6,444
6,303
6,249
6,266
6,293
6,234
6,289
6,261
6,273
6,275
6,446
3,494
3,514
3,685
3,758
3,776
3,789
3,893
3,862
3,915
3,937
3,829
3,781
3,852
2,074
2,073
2,165
1,933
1,876
1,884
1,847
1,825
1,823
1,783
1,888
1,927
2,032
552
584
594
612
597
593
553
547
551
541
556
567
562
1,905
2,029
1,706
1,893
1,941
1,821
1,912
1,947
1,968
1,939
1,969
1,938
2,083
8,077
8,254
8,203
8,251
8,247
8,147
8,258
8,239
8,314
8,257
8,310
8,285
8,595
7,280
7,315
7,127
7,313
7,259
7,284
7,407
7,462
7,440
7,319
7,264
7,320
7,792
,125
,140
,212
,182
,081
,184
,153
,279
,185
,251
,183
,145
,347
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
For notes see end of table.
Number
of
banks
Other
All mutual savings banks
1939—Dec. 30
1941_Dec. 3 1 . . . .
1945_Dec. 31
1947_Dec. 3 1 4 . . .
1950—Dec. 3 0 . . . .
1951—Dec. 31
1952—Dec. 3 1 . . . .
1953—Dec. 31
1955—June 30
Dec. 31
1956—June 30
Dec. 31
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955_j u n e
Dec.
1956—June
Dec.
Total
capital
accounts
10,521
10,527
15,371
17,745
20,009
20,888
22,586
24,358
27,277
28,129
29,152
30,001
1,309
1,241
1,592
1,889
2,247
2,407
2,479
2,559
2,757
2,812
2,885
2,947
551
548
542
533
529
529
529
528
528
527
527
527
2,960
2,980
3,000
3,010
3,030
3,042
3,010
3,030
3,050
3,070
3,070
3,100
3,059
527
527
527
526
526
525
525
525
525
525
525
524
522
()
30
30
30
26
30,080
30,200
30,430
30,440
30,610
30,647
30,880
30,900
30,990
31,190
31,260
31,300
31,662
74
866
9,459
12,051
17,287
19,040
18,836
19,490
19,361
18,895
18,926
20,719
18,902
19,940
736
807
1,236
1,445
1,722
1,679
1,840
2,150
2,281
2,303
2,381
2,475
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,572
2,715
2,745
2,805
2,873
36
36
37
37
23
22
22
22
18
18
18
18
18,905
18,636
18,520
18,467
18,084
17,836
18,722
18,320
18,698
17,778
18,648
18,591
19,959
2,477
2,516
2,768
2,753
2,836
2,765
2,747
2,702
2,690
2,761
2,763
2,753
2,893
2,878
2,892
2,886
2,902
2,904
2,907
2,909
3,061
3,059
3,054
3,127
3,133
3,136
18
18
18
18
18
18
18
18
18
18
18
18
18
72
174
242
343
259
343
222
350
184
1,867
2,419
3,462
4,201
4,604
4,710
4,789
4,836
4,606
5,165
4,781
5,069
495
476
719
913
,103
,143
,205
,242
,303
,327
,304
,319
250
288
377
426
490
513
541
566
612
628
639
660
14
13
12
14
13
13
13
13
13
13
13
14
68
139
185
175
195
97
305
196
275
186
148
151
195
4,784
4,727
4,432
4,653
4,669
4,691
4,630
4,676
4,674
4,573
4,624
4,708
4,904
,303
,309
,298
,303
,314
,312
,319
,311
,306
,309
,309
,316
,345
660
658
651
655
662
665
663
671
671
670
679
685
689
14
14
14
14
14
14
14
14
14
14
14
14
14
i((555))
4
6,940
267
451
858
1,143
778
1,131
756
1,166
747
188
394
755
686
1,032
688
938
726
737
535
500
443
737
80
127
1,552
30
30
30
611
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1955—June 30
Dec. 31
1956—June 30
Dec. 31
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Country member
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—June
Dec.
1956—June
Dec.
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Loans
U.S.
Govt.
obligations
Other
securities
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Total
capital
accounts
Demand
Number
of
banks
Time
U. S.
Govt.
12,272
15,347
40,108
36,040
40,685
42,694
45,583
46,755
50,596
52,459
52,071
53,915
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,763
25,654
28,622
30,12'
31,783
5,194
6,467
29,55:
20,196
19,084
19,194
19,624
19,559
19,697
18,826
17,051
17,368
1,749
1,776
2,042
2,396
3,695
3,849
4,26:
4,434
5,245
011
898
4,764
6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
14,696
16,994
15,361
17,716
19,68
24,430
51,898
49,659
55,369
58.654
61,941
63,547
66,293
70,478
68,524
72,854
17,741
22,313
49,085
46,467
51,437
54,466
57,357
58,663
60,854
64,733
62,392
66,524
3,686
4,460
6,448
5,649
6,448
6,976
7,001
7,254
6,545
7,446
6,633
7,878
435
491
8,221
405
976
1,124
1,814
1,504
30
27
27
24
29
6
26
31
28
25
30
27
31
52,978
52,897
52,677
53,672
53,401
53,137
53,649
53,785
53,831
53,881
54,109
54,201
55,259
31,234
31,308
31,548
31,644
31,574
31,435
32,168
32,104
32,259
32,576
32,261
32,510
32,805
17,056
16,898
16,416
17,207
16,830
16,797
16,529
16,798
16,696
16,372
16,755
16,669
17,352
4,688
4,691
4,713
4,821
4,997
4,905
4,95:
4,883
4,876
4,933
5,093
5,022
5,102
14,802
15,161
14,744
15,029
14,807
14,532
15,150
15,079
14,683
14,930
14,899
15,500
17,540
69,034
69,310
68,674
70,001
69,518
68,965
70,083
70,164
69,808
70,128
70,389
71,106
74,196
62,111
62,253
61,808
63,070
62,29r
61,796
62,886
63,225
62,521
62,870
62,963
63,556
67,483
banks:
30
31
31
31
30
31
31
31
30
31
30
31
10,224
12,518
35,002
36,324
40,558
42,444
45,594
47,404
50,806
52,775
52,752
54,571
4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,934
22,799
24,379
25,716
26,491
3,159
4,377
26,999
22,857
21,377
21,587
22,549
22,423
22,321
22,570
21,076
22,037
2,297
2,250
2,408
3,268
4,193
4,561
4,832
5,047
5,685
5,826
5,959
6,042
4,3
6,402
10,632
10,778
11,571
13,292
13,281
13,268
12,092
13,342
12,463
14,390
15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
63,732
66,988
66,147
69,945
30
27
27
24
29
6
26
31
28
25
30
27
31
54,380
54,185
54,156
55,025
55,378
55,112
55,220
55,372
55,638
55,915
56,708
56,352
56,820
26,349
26,498
26,719
26,980
27,333
27,330
27,692
27,649
27,738
27,879
27,950
27,919
28,191
21,992
21,620
21,267
21,810
21,747
21,409
21,162
21,391
21,517
21,598
22,100
21,804
21,815
6,039
6,067
6,170
6,235
6,298
6,373
6,366
6,332
6,383
6,438
6,658
6,629
6,814
12,156
12,184
12,166
12,301
12,026
12,224
12,214
12,641
12,242
12,546
12,528
12,724
14,139
67,500
67,345
67,300
68,324
68,399
68,404
68,422
69,063
68,922
69,495
70,307
70,128
72,062
1
All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise
all nonmember commercial banks and all member banks (including (1)
one bank in Alaska and one in the Virgin Islands that became members
on April 15, 1954, and May 31, 1957, respectively, and (2) a noninsured
nondeposit trust company, but excluding three mutual savings banks
that became members in 1941). Stock savings banks and nondeposit
trust companies are included with commercial banks. Number of banks
includes a few noninsured banks for which asset and liability data are
not 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.
Total
assets—
Total
liabilities
and
capital
accounts 3
Other
l',288
1,918
1,201
9,004
12,557
24,655
28,990
32,366
34,094
35,281
35,773
36,459
39,835
37,324
40,647
4,616
4,806
9,760
11,423
11,647
12,272
13,261
14,132
16,007
16,164
16,517
16,797
1,828
1,96^
2,566
2,844
3,322
3,521
3,745
3,984
4,49f
4,641
4,902
5,076
346
351
359
353
336
321
319
319
297
292
291
289
6,224
6,223
6,361
6,307
5,809
6,228
6,138
6,373
6,248
6,408
6,367
6,203
7,542
474
865
1,199
1,31"
1,716
1,051
1,634
1,264
1,453
1,274
918
1,017
1,358
38,393
37,979
36,922
38,029
37,153
36,874
37,276
37,671
36,820
37,103
37,483
38,159
39,960
17,020
17,186
17,326
17,422
17,621
17,642
17,838
17,917
18,000
18,085
18,195
18,177
18,623
5,082
5,370
290
290
285
283
282
282
282
282
282
281
281
280
278
13,762
17,415
43,418
44,443
48,897
52,288
55,175
56,740
58,594
61,636
60,591
64,289
598
822
1,223
1,073
1,133
1,309
1,301
1,315
1,283
1,523
1,353
1,618
154
225
5,465
432
922
876
1,267
1,216
1,339
1,061
1,372
1,160
7,158
10,109
24,235
28,378
31,977
34,572
36,022
36,519
36,751
39,681
37,897
41,194
5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,690
19,220
19,372
19,969
20,317
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,194
4,642
4,769
4,947
5,046
5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,283
6,220
6,177
6,141
61,597
61,450
61,279
62,387
62,183
62,192
62,258
62,984
62,736
63,388
63,972
63,725
65,991
1,283
1,252
1,273
1,313
1,215
1,290
1,255
1,351
1,303
1,328
1,339
1,345
1,658
678
846
1,044
1,409
1,571
1,097
1,209
904
1,250
1,194
1,211
1,070
1,181
39,002
38,496
37,797
38,362
37,867
38,211
38,045
38,758
37,995
38,543
38,949
39,190
40,724
20.634
20,856
21,165
21,303
21,530
21,594
21,749
21,971
22,188
22,323
22,473
22,120
22,429
5,093
5,139
5,167
5,186
5,213
5,304
5,237
5,279
5 328
5 357
5,435
5,428
5,359
6,137
6,134
6,137
6,135
6,131
6,131
6,124
6,116
6,113
6,108
6,098
6,094
6,083
5,242
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.
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from
noninsured mutual savings to nonmember commercial banks.
5
Less than $5 million.
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
612
SECURITY MARKETS
INDEX OF PRICES ON LONG-TERM BONDS OF THE UNITED STATES GOVERNMENT
Year
or
month
Price
99.13
107.03
102.40
98.91
93.24
19531
1954
1955
1956
1957
1953
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov .
Dec
295.68
295.28
294.31
100.45
98.23
98.08
99.41
99.26
99.85
101.97
102.13
103.21
Month,
or week
ending:
Feb
Mar
Apr
May .
June
July
Aug....
Sept
Oct
Nov
Dec
Aus
Sept
Oct
Nov . .
Dec
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
95.07
96.77
96.20
95.35
94.23
91.77
91.50
91.10
90 70
89.77
91.90
95 63
Jan.
Apr.
May
Feb.
June
13
20
27...
104.93
103.52
103.36
102.74
102.90
102.74
101.36
100.75
101.21
101.97
101.66
101 36
101 82
102.28
101.06
98 96
100.45
101.06
100.00
97.50
96.92
97.06
95.63
94.23
July
4
11..
18
25..
Aug.
1...
8
15
22
29
Sept. 5
12
19
26
20
Mar
6
Apr.
99.26
98.52
98.52
98.37
97.79
97.21
97 94
98.08
98.67
99.41
99.56
99.70
99.85
! 00.56
99 85
00 70
i 00 85
99.70
99.41
99 56
99 85
101.06
3
10
17
24
1
8
15
22
29
June
5
12
19
3
24
31..
Aug. 7 . . .
14
21
28. . .
Sept. 4
11
18
25
Oct.
2
9
16
23
30
Nov. 7 . . .
14.
21...
28...
102.59
102 13
102.13
101.82
11
18
25
Dec.
102.28
103.21
103.36
103.36
24
31
5...
12...
19...
26...
20
27
Dec.
4
..
26
Apr.
107.67
107.51
107 51
107 34
107.34
107.51
107 51
107 02
106.86
106.86
106 70
106 70
106.53
106.53
106.70
106 53
106.21
30
1
8
15
22
29
106.21
105.57
105.09
104.93
104.61
7
14
21 .
28
4
11
18
25
July 2
9
16
23 . . .
30
Price
Week
ending:
6
103.05
103.36
103.67
103 67
103.05
102.74
102 74
102.74
102.74
102.74
102 90
103.05
103.05
103.21
103.05
102 90
102 59
102 13
102.13
101.82
101.21
100.60
27
Sept. 3
10
17
24
100.75
101.21
101.06
101.21
1
8
15
22
29
101.51
101.82
102.13
102 13
102 13
Nov. 5
12
102.43
101.97
101 66
101 36
13
20
Oct.
19
26
Dec.
3
10
17
24
Price
101.36
101.51
101 36
101 36
101.21
1957
Mar. 3
101.97
101.66
101.21
100.75
. . 100.30
10.
17
24
31.
7..
14
..
21
28
May
5
99.56
100 00
100.30
100.91
12
19
26
June
2
101.21
101 21
101.36
101.21
100.75
9
16
23
30
July
99.41
98.96
98 52
98.67
27
29
6
13
20
27
Nov. 3
10
17
24
Dec.
8
15
22
29
22
29
5. . . .
13
20
27
Aug. 3
10
17
96.77
96.48
96 63
97.21
97.06
Oct.
96.06
95.91
95 91
95 63
94.93
94.93
94 65
93 54
93.68
26
Jan
7
14
21
28
101 21
101.51
101.97
101.97
Feb.
2..
9
16
23
96 48
97.35
97.21
96.20
Feb.
4
11
18
25
102.28
102.28
102.43
101.97
Mar
2
9
16
23
30
96.06
95.91
96.20
96.20
96.48
12
19
1956
91.63
92.04
91.63
90.83
6
July
.
.
5
12
.
19
26
Nov.
9 ...
16
23
30
7
14
21. . .
Dec.
2R
89.91
90.04
89 38
89.64
89.64
90.44
91.23
92.99
93.13
94.65
95.49
95.77
96 20
1958
Jan
4
11
18
25
1957
Jan.
.
93.26
92.99
92 58
90.70
90.97
91.63
91.50
90.04
89.91
97.50
97.35
97.21
96 48
.
1
8
15
Sept. 7
14 . . .
21
28 .
1
Oct.
25
June
98.67
98.37
97.64
96.77
Aug. 4
11
18
25
8
15
22
94.51
94.65
94.23
94 09
4
11
18
24
31
28
Sept
96.34
95.91
95.07
94.51
6
13
20
91.10
91.10
90.70
91 10
91.23
100.91
100.45
99 85
99.26
7
14.
21
92.85
93.54
95 21
96.20
31
Apr.
May
Apr.
Price
Week
ending:
1956
104.14
103.83
103.36
102.74
100 45
100.91
100 91
100.75
Aug
1955
Jan.
2
9 ..
16
23
June
1
Figures for January-March included in this average are for bonds
maturing
or callable in 12 years or more (old series).
2
Averages for bonds due or callable in 12 years or more (old series).
26
108.33
108.00
107 34
106 86
106.53
108.66
108 16
108.00
107 83
5
12
19 . . .
Mar. 5
12
19
Mo
107 51
108.00
108 49
108.49
108.49
10
17
Feb.
107.67
108 16
108 00
108.16
106.37
106.70
107 18
107.51
26
July
Nov. 6
13
3...
10
17..
107 02
107 18
107.51
107.51
27
101.97
102 59
102 43
102 59
102 74
Oct.
105.57
106.05
105 89
106 53
27
4 . . . •• 101.36
11
101 36
100 45
18
100.00
25...
6
6
13
13
20
96.48
96.20
96 34
98 23
2...
9
16...
23...
30...
9
30
May
104.77
105 89
107.34
108 16
107.18
107.02
108.33
108.16
107.51
107.18
106.70
106 37
103.99
103.99
104 30
105.09
105.57
23
1958
Mar
Apr
Week
ending:
1955
2
16
1953
1956
Jan
..
Price
1954
i
Jan..
Feb
1955
Jan
Feb
Mar
Apr . .
May
June
July
Week
ending:
1
1957
Jan.
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept
Oct..
Nov.
Dec
1954
Jan
Price
Feb
8
15
22
Mar. 1
8
15
22
29
96 77
97.06
96.92
96.06
95 91
96.06
96.34
96 34
96.06
96.06
96.06
96.48
96.92
Apr.
5
12
19
26
97.21
97.79
98.52
98.96
May
3
97.94
NOTE.—Prices are derived from average yields on basis of an assumed
3 per cent, 20-year bond. The yield averages used are those on bonds
maturing or callable in 10 years or over.
Financial Statistics
* International *
International capital transactions of the United States
614
Gold production.
618
Net gold purchases and gold stock of the United States
619
Reported gold reserves of central banks and governments
620
Estimated foreign gold reserves and dollar holdings
621
International Bank and Monetary Fund
622
Central banks .
622
Money rates in foreign countries.
627
Foreign exchange rates. .
628
Index to statistical tables.
639
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
613
614
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]
In-
ternational
institutions 2
Date
Total foreign
countries
France
Official
Official
and
Germany,
Fed.
Rep.
of
Italy
Switz- United
erKingdom
land
Latin
Canada America
Asia
All
other
1,906
2,000
2,346
1,821
2,181
2,415
265
360
346
1,496
1,521
1,619
1,591
[,659
1,724
1,655
1,739
1,735
1,623
2,345
2,509
2,549
2,687
2,673
2,683
2,723
2,672
2,593
2,556
2,243
2,160
2,053
1,990
1,986
1,981
2,015
1,975
1,946
1,940
388
396
398
391
384
377
373
375
356
351
1,597
1,662
1,627
2,516
2,495
2,468
1,950
1,993
1,988
382
355
365
Other
Europe
Total
Europe
1,642
1,519
1,627
5,621
6,147
6,865
1,536
1,032
1,516
6,530
6,507
6,502
6,623
6,563
6,502
6,569
6,993
6,976
7,141
7,240
7,258
7,317
private
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1,770
1,881
1,452
11,149
11,720
13,487
6,770
6,953
8,045
1,081
626
1.373
,454
,835
579
785
930
672
757
836
1957—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31....
30....
31....
30
31....
31....
30....
31....
30....
31*...
1,558
1,358
1,700
1,573
1,545
1,635
[,512
1,517
1,538
1,517
13,002
13,093
13,121
13,282
13,265
13,267
13,336
13,753
13,605
13,611
7,549
47,808
7,810
7,941
7,808
7,627
7,644
7,934
7,816
7,893
423
420
367
403
514
450
411
398
352
355
,764
,728
,732
,690
,559
,577
,664
,573
,567
,557
886
909
937
959
979
1,009
1,029
1,056
1,021
1,079
774
742
775
809
778
769
802
857
865
965
1,161
1,199
1,275
1,754
1,804
1,764
1,793
[,725
1,754
1,855
,948
1,972
,910
1958—Jan. 3 1 * . . .
Feb. 28*...
Mar. 3 1 * . . .
1,619
1,464
1,374
13,684
13,763
13,765
7,998
8,073
7,978
331
285
301
,520 1,083
,494 1,078
,508 1,066
940
932
918
1,330
1,244
1,260
2,036
2,225
2,263
715
Table la.
640
550
1,012
929
903
926
969
1,008
944
807
Other Europe
NethFinerland Greece lands
Norway
Portugal
103
82
91
132
67
137
1
76
73
75
87
123
117
120
120
1
1
1
1
Other
Europe
Austria
Belgium
Denmark
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,642
I 519
1,627
273
261
100
108
296
117
71
60
65
41
49
53
177
134
1957—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,754
296
298
298
302
141
142
120
119
59
60
59
59
61
55
62
68
66
65
178
181
175
166
120
110
111
110
156
143
139
144
146
154
98
115
172
186
218
203
85
87
94
97
95
93
115
116
124
129
127
142
64
65
61
154
156
154
240
347
323
117
122
107
137
144
155
Date
31
30
31
30
31 .
31
30
31
30
31*
804
764
,793
,725
.754
,855
,948
,972
910
2,036
2,225
2,263
1958—Jan. 31*
Feb. 28^
Mar. 31*
315
328
337
345
347
349
120
123
132
137
131
130
76
71
65
61
97
101
102
97
100
112
372
351
355
113
133
110
126
124
131
Table lb.
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
113
176
249
164
Rumania Spain
8
8
8
9
43
217
20
17
32
28
25
25
228
245
253
268
14
20
12
14
14
11
12
11
278
272
273
260
270
259
12
16
12
19
16
18
9
11
12
9
11
11
396
446
439
449
351
362
371
425
418
348
264
266
258
16
12
13
7
7
7
403
473
558
25
24
24
30
26
25
22
24
28
J
Tur- Yugo- All
key slavia other
141
153
71
104
1
1
Sweden
9
13
363
201
281
Latin America
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Reico Indies
mala
and
pubSurilic
nam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1,906
2 000
2 346
160
138
146
29
26
29
120
143
225
70
95
91
222
131
153
237
253
211
60
65
68
35
45
64
329
414
433
49
47
69
74
86
109
83
92
84
30
24
25
90
65
73
194
265
455
124
112
111
31
30
31..
30
31
31 .
30
31
30
31*
2 345
2 509
2 549
2 687
2 673
2 683
2 723
2 671
2 593
2,556
138
211
185
164
142
135
147
160
151
137
25
26
25
24
27
28
28
24
24
26
232
216
184
143
127
133
133
145
149
132
91
86
79
88
73
78
77
76
76
75
193
203
206
205
213
195
186
202
175
153
218
226
241
257
274
285
280
235
235
235
78
85
82
87
94
67
59
57
58
54
74
77
72
70
67
65
60
60
62
65
409
393
375
339
352
393
371
367
360
375
66
68
68
64
74
71
75
75
72
73
117
116
118
135
129
132
129
140
133
136
82
75
77
75
73
72
61
64
62
60
41
39
43
50
46
39
34
26
22
27
74
70
66
65
60
56
60
55
55
55
374
479
588
781
788
798
896
858
835
829
133
139
139
138
133
136
129
126
124
124
1958—Jan. 31*
Feb. 28P
Mar. 31*
2,516
2,495
2,468
138
137
144
23
25
23
120
118
116
78
72
77
148
140
135
240
239
244
51
49
48
68
69
66
386
370
364
71
69
66
123
141
144
56
66
62
32
32
31
72
85
86
773
749
709
136
135
152
1954_Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—Mar.
Apr
May
June
July
Aug.
Sept.
Oct
Nov.
Dec.
9
Preliminary.
..
For other notes see following page.
615
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc.
Asia and All Other
All other
Asi a
Date
Total
Korea,
Hong India Indo- Iran Israel Japan Re- PhilTaiipKong
nesia
pub- pines
wan
lic
of
Union
Belof
Thai- Other Total Aus- gian
tralia Congo Egypt South Other
land
Africa
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,821
2,181
2,415
61
55
66
87
73
76
100
174
186
31
37
20
41
53
45
1,017
96
88
99
257
252
272
34
39
61
123
138
148
270
380
425
265
360
346
48
75
84
44
42
44
47
72
50
33
53
53
94
119
114
1957—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2,243
2,160
2,053
1,990
1,986
1,981
2,015
1,975
1,946
1,940
56
58
56
59
65
66
72
72
71
70
77
77
78
76
79
78
82
88
89
82
145
129
126
128
139
167
179
190
187
151
40
33
29
35
31
30
49
43
42
55
35
30
40
36
46
41
53
47
46
52
875
835
728
626
605
586
570
564
555
580
104
106
106
107
106
106
106
110
112
117
244
227
218
217
206
217
215
195
174
175
68
75
75
79
79
78
76
83
85
86
167
165
166
167
167
170
163
162
159
157
433
425
432
461
463
443
450
420
426
416
388
396
398
391
384
377
373
375
356
351
80
85
88
75
80
78
81
85
84
85
42
42
41
40
42
41
39
41
42
39
60
61
59
58
57
53
54
50
45
40
60
56
58
60
51
49
47
45
39
38
147
152
153
158
153
156
152
153
146
149
1958—Jan. 31 P . . . . 1,950
Feb. 2 8 * . . . . 1,993
Mar. 31^
1,988
65
66
68
78
77
79
138
132
89
55
44
52
49
50
48
594
649
698
118
121
121
184
189
188
87
88
92
156
159
157
426
419
396
382
355
365
82
80
82
41
39
46
42
41
42
59
36
38
157
158
156
31
30
31
30
31
31
30
31
30
31^....
Table Id.
721
893
Supplementary Areas and Countries5
End of year
End of year
Area or country
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia6
Eastern Germany
Estonia
Hungary
Iceland
Ireland Republic of
Latvia
Lithuania
Luxembourg
M^onaco .
Poland 6
Trieste
U. S. S. R. 6
. .
1954
1955
1956
1957
.2
.6
.6
.4
.4
.7
.3
.4
.2
.'3
n.a.
1.2
1.9
1.0
8.9
1.3
1.8
n.a
1.7
7
2.9
na
14 3
4.8
13 7
9 1
1.0
1.0
.6
.3
3.1
5 6
2 5
.4
13.2
4 3
3 3
.5
16.4
5 4
3 2
1.4
1.4
.8
1.2
.7
14.9
.6
12.1
9.7
12.8
24.1
14 6
18.0
1.0
8 9
10.2
11.8
24.0
16 4
22.7
.8
11 2
12.6
12 7
3.6
4.0
.5
4.5
5 3
2.1
2.2
1.8
Other Latin America:
British dependencies
19.0
Costa Rica
15 3
Ecuador
21.2
.4
French West Indies and French Guiana...
Haiti
12.7
Honduras
17.3
10.3
Nicaragua
3.6
Paraguay
Other Asia:
Afghanistan
1 2
1.9
8
3.1
5.1
.6
1 0
.7
16.6
17 6
4.1
.5
5.3
1.7
.5
Other Asia (Cont.):
British dependencies
Burma
Cambodia
China Mainland 6 .
Iraq
Jordan
Kuwait
Laos
Lebanon
Pakistan
Portuguese dependencies
Ryukyu Islands
Saudi Arabia
Syria
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya . .
Morocco:
Morocco (excl Tangier)
Tangier
5.1
New Zealand
Portuguese dependencies .
4.7
Spanish dependencies
Sudan
n.a.
Tunisia
^Preliminary.
n.a. Not available.
1 Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under Other Europe.
3 Represents funds held with banks and bankers in the United States
(and in accounts with the U.S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
Area or country
...
1954
1955
1956
1957
9.8
29.7
.2
18.8
35.7
10.0
.8
10.7
.1
16.5
3.8
1.8
26 9
61 5
21.5
8.1
9.8
19.1
13.1
32.9
36.2
14.7
1.2
3.5
23.1
18.0
5.7
2.0
34 0
79.5
13.1
62.3
8.8
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
20.2
2.7
30 6
97.4
17.1
50.1
8.0
n.a.
20.0
34.2
36.3
19.6
1.6
5.9
n.a.
28.2
12.8
3.1
na
n.a.
1.4
18 0
8.7
5.6
2.4
23 7
8.0
13.1
3.8
24.2
10.5
23.7
2.3
35 1
10.7
n.a.
3.5
n.a.
1.7
9.9
3.7
6.7
7.6
35.7
2.3
8.3
.5
n.a.
14.8
33.5
1.9
5.3
.7
n.a.
13.6
22.4
2.2
2.8
.3
.4
.4
.7
.5
32.2
19.2
1.9
4.4
.7
n.a.
n.a.
4
Beginning Apr. 30, data include certain accounts previously classified
as 5"private."
These data are based on reports by banks in the Second (New York)
Federal Reserve District and include funds held in an account with the
U. S. Treasury. They represent a partial breakdown of the amounts
shown
in the "other" categories in tables la-lc.
6
Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-45.
616
INTT CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*
[Amounts outstanding, in millions of dollars]
Date
Total
GerFrance many,
Fed.
Rep. of
Switz- United
erKing- Other Total
land
dom Europe Europe
Italy
Canada
Latin
America
Asia
All
other
1954_Dec. 31.
1955—Dec. 31.
1956—Dec. 31.
1,387
1,549
1,946
14
12
18
70
88
157
20
30
43
16
26
29
173
109
104
109
158
216
402
423
568
76
144
157
728
706
840
143
233
337
37
43
43
1957_Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31*
2,060
2,150
2,141
2,174
2,202
2,135
2,160
2,161
2,259
2,196
2,244
18
26
60
72
82
96
113
113
106
108
114
176
177
177
174
159
150
149
150
138
136
140
55
59
58
61
60
59
55
54
54
54
57
33
26
27
27
28
31
33
32
35
37
37
127
160
151
176
159
123
115
110
124
111
109
211
219
208
188
197
189
192
209
203
207
218
621
667
680
699
686
646
657
668
661
653
675
157
161
108
114
125
125
120
111
177
147
150
861
898
919
889
894
896
935
941
966
959
984
375
375
392
426
451
421
396
389
407
387
386
46
49
41
46
46
46
52
52
48
49
50
1958—Jan. 31^
Feb. 28*
2,287
2,246
110
98
136
126
53
53
31
30
110
107
235
233
675
646
149
154
1,018
996
400
406
45
44
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
2
9
23
17
18
17
16
16
17
17
18
16
19
23
23
25
4
5
8
4
7
13
41
78
88
1
2
(2)
5
7
7
14
14
14
14
14
13
9
9
9
11
10
86
83
79
67
75
63
68
72
81
77
76
2
2
(2)
2
7
11
10
11
12
12
19
24
10
10
11
8
8
9
10
9
9
9
11
13
11
10
2
2
22
26
11
11
77
71
Table 2a. Other Europe
Date
Other
Europe
Austria
Belgium
1954—Dec. 31
1955 Dec 31
1956—Dec. 31
109
(2)
158
216
7
1957_Feb.
Mar.
Apr
May
June
July
Aug.
Sept
Oct.
Nov
Dec
211
219
208
188
197
189
192
209
203
207
218
7
8
8
6
5
4
6
7
7
6
6
16
28
29
34
29
28
25
23
25
25
24
25
33
235
7
233
9
28
31
30 . .
31
30
31 .
31
30 .
31
30
31*
1958—Jan 31 *
Feb. 28*
Denmark
Finland
Greece
3
3
13
12
3
4
4
4
16
11
21
10
11
9
8
8
7
7
6
9
9
11
3
3
3
4
3
4
4
3
4
5
4
4
5
5
4
4
6
6
7
7
6
6
21
20
23
19
23
27
21
24
22
24
24
36
9
4
35
9
3
5
6
28
27
20
10
(2)
2
2
1
2
2
1
2
P)
2
2
2
2
2
(2)
1
1
All
other
9
8
Table 2b. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
NetherDolands Panminican Guate- Mex- West ama,
ReRe- mala
ico Indies puband
pubSuri- lic of
lic
nam
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
728
706
840
6
7
15
3
4
4
273
69
72
14
14
16
107
143
145
71
92
90
3
5
7
4
5
7
116
154
213
1957_Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28
31
30
31
30
31
31
30
31
30
31*
861
898
919
889
894
896
935
941
966
956
984
25
37
42
43
48
47
35
29
27
28
28
4
5
5
5
5
4
5
5
5
4
3
72
76
78
73
77
94
115
123
111
96
100
20
22
25
26
35
33
40
28
38
40
36
148
158
151
144
123
98
91
101
124
119
107
90
89
92
93
93
91
91
85
82
106
113
13
10
11
9
9
15
19
17
20
18
19
7
8
8
7
7
8
8
8
8
9
8
219
216
213
207
208
212
246
246
246
221
239
3
5
3
3
4
3
3
2
3
3
4
3
2
1958—Jan. 31*
Feb. 28^
1,018
996
26
27
3
3
141
46
41
107
91
130
111
17
16
9
9
229
228
2
2
*>
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 foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
maturity of more than one year reported by U. S. banking institutions
Other
Vene- Latin
zuela America
Peru
El
Salvador
Uruguay
9
17
12
16
29
35
10
8
11
7
18
15
63
105
144
27
34
49
10
13
15
13
12
13
13
16
16
17
17
32
37
36
35
32
36
34
33
34
35
36
8
8
9
8
8
8
7
6
8
9
8
11
12
12
13
18
24
30
39
38
40
42
144
152
163
154
159
158
151
152
154
159
175
54
51
56
58
56
53
49
50
52
54
51
19
20
35
34
9
7
52
53
170
162
53
52
(excluded from these statistics) amounted to $1,167 million on Feb. 28,
1958. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
3 Includes transactions of international institutions.
617
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»— Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Date
PhilTaiIsrael Japan ippines
wan
Iran
Thailand
Union
Belof
Ausgian Egypt South
Other
tralia Congo
Africa
Other
Total
39
60
91
37
43
43
14
11
11
6
5
6
1
1
2
6
8
8
10
17
17
2
7
7
8
8
11
12
12
11
12
14
12
22
22
17
18
17
15
21
24
20
19
19
9
7
17
16
143
233
337
3
3
4
5
5
6
16
18
20
11
10
16
50
103
170
7
19
16
5
6
6
6
8
9
1957_Feb. 28
Mar. 31
Apr. 30
May 31
June 30 . .
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31^
375
375
392
426
451
423
396
389
407
387
386
6
6
7
7
7
7
9
9
7
8
7
. 7
9
10
11
11
11
24
24
22
25
24
22
24
23
26
25
24
192
193
210
244
258
250
216
188
174
150
6
5
5
5
5
6
6
6
14--5
18
18
19
24
30
28
40
51
51
56
53
10
10
10
13
12
11
12
8
11
12
14
89
86
87
*75
81
63
58
71
r
100
100
110
46
49
41
46
46
46
52
52
48
49
50
11
13
10
13
12
12
11
11
11
10
13
5
5
5
6
5
6
6
5
4
5
5
1958—Jan. 31?
Feb. 28?
400
8
22
21
54
7
7
7
152
406
22
23
24
23
22
24
24
24
24
24
22
23
26
58
6
13
13
115
122
45
44
13
13
6
6
7
6
147
6
ONON
ONONOC
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
3N
Total Hong
Kong India
All other
r
r
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
1954
1955
1956
1957P
Purchases
Sales
801
793
812
1,018
711
1,341
883
666
1957_Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct.. .
Nov...
Dec.P.
134
68
53
102
57
29
18
16
35
38
73
42
48
8
157
1958—Jan.*.
Feb.*.
107
242
113
31
122
175
10
19
30
40
124
U. S. corporate securities
Net pur- Purchases, or chases
sales ( - )
Sales
Foreign stocks
Foreign bonds
Net pur- Purchases.or chases
sales ( - )
Sales
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchascs.or
sales ( - )
529
-135
-45
1,405
1,886
1,907
1,617
1,264
1,730
1,615
1,422
141
156
291
195
792
693
607
695
841
509
992
1,385
-49
184
-385
-690
393
664
749
592
645
878
875
621
-252
-214
-126
-29
91
20
44
-55
26
-93
-157
6
17
7
33
146
117
134
179
170
161
135
92
107
111
101
91
104
113
160
135
153
119
103
143
94
101
55
13
21
19
35
8
16
-11
-36
17
1
34
43
69
57
45
130
23
49
123
38
34
133
67
215
193
43
191
36
80
106
94
55
-99
-24
-146
-136
2
-61
-13
-31
18
-56
-21
43
44
54
59
76
69
46
41
44
36
29
42
51
59
81
90
60
44
46
43
28
25
1
-7
-5
-21
-14
9
2
-6
1
8
4
-6
118
94
97
102
99
40
51
178
157
-138
-106
28
122
54
210
-26
-2
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( - ) . In millions of dollars]
International
institutions
Year or month
1954
1955
1956
1957*
78
-21
82
-157
1
1
1
-25
1
1957_Feb
Mar
Apr.
May
July..
Aug
Sept
Oct
Nov
Dec.?
-141
1
(2)
j
(2)
1958—Jan.*>
Feb.p
9
Preliminary.
135
r
Revised
Total
foreign
countries
France
Germany,
Federal
Republic of
72
706
75
307
17
-2
-121
10
145
33
65
-11
61
-85
1
-6
-21
24
33
2
1
()
2
(2)
-14
-18
1
-3
-5
<37
3
2
8
8(2)
i
(2)
(2)
Italy
-1
-7
( ?
1
(2)
1(2)
k(2)
(?)
(2)
(2)
Switzer- United
Kingland
dom
Total
Europe
Canada
139
329
161
299
86
36
42
27
51
-59
15
-187
265
-124
-8
113
76
34
9
54
-4
21
-34
5
-27
-17
5
1
73
147
234
98
70
96
8
79
-20
85
33
108
24
11
9
7
5
7
17
-2
-21
11
3
41
21
21
7
50
-78
-1
17
3
10
11
c
-8
e
Latin
America
Other
Europe
-6
13
2
2
-2
15
4
11
2
25
-8
12
43
34
10
-34
9
-8
7
For other notes sec opposite page.
—5
— 13
7
1
Q
-29
34
1
2
1
3
-11
3
3
Asia
All
other
3
29
-1
5
1
3
7
4
4
8
i?l
l
-2
1
&
1
(2)
(2)
f2)
(2)
(2)
618
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. N E T P U R C H A S E S BY F O R E I G N E R S O F L O N G - T E R M
F O R E I G N SECURITIES O W N E D I N T H E UNITED STATES,
BY AREAS
[Net sales, ( - ) .
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS *
[In millions of dollars]
In millions of dollars]
Assets in custody
Total
International foreign
couninstitutions
tries
Year or
month
Europe
1954
1955
1956
1957*>
— 164
-27
-33
— 384
-137
-4
-478
-335
—9
-46
8
235
1957—Feb....
Mar....
Apr....
May...
June...
July....
Aug
Sept
Oct
Nov....
Dec.p..
9
-1
-5
-81
-1
-101
-6
2
-77
-53
-7
1
10
1
-12
117
15
0)
-107
-31
-146
-76
-11
49
-5
-39
96
4
-18
1958—Jan.P...
Feb.P. .
-135
-12
-29
-182
Latin
Amer- Asia
Canada
-133
74
-447
-553
-97
-14
33
24
17
15
-34
-49
-40
-45
7
-7
-16
13
2
-6
-2
1
-16
C1)
86
9
10
-84
-11
-70
-21
-30
13
4
-18
-1
10
2
2
2
2
1
-4
-3
-10
-88
-4
-94
4
1
-153
Q
0)
2
-4
-3
1
14
1
1
-1
—1
-2
—1
C1)
0)
-4
-5
-7
-5
-3
Date
All
other
1
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
1956—Dec. 31
322
3,856
139
1957_Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
316
360
449
364
342
337
378
283
356
3,727
3,600
3,685
3,730
3,523
3,421
3,774
3,787
3,729
165
164
164
278
280
278
349
344
353
1958—Jan.
Feb.
Mar.
Apr.
31
28
31
30
249
265
266
257
3,755
3,552
3,315
3,068
405
428
421
422
Apr.
2
9
16
23
279
253
259
227
3,301
3,267
3,217
3,152
428
431
426
420
-15
2
37
Preliminary.
i Less than $500,000.
1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See note 4 at bottom of following page for total gold under earmark
at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
864.5
840.0
868.0
864.5
913.5
959.0
994.0
1950
1951
1952
1953
1954
1955
1956
1957
1957
Estimated
world
production
(excl.
U.S.S.R.)
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
.
South
Africa
Rhodesia
777.1
758 3
780.9
776.5
826.2
873.8
910.6
408.2
403 1
413.7
417 9
462.4
510.7
556.2
596.2
17.9
17 0
17.4
17 5
18.8
18.4
18.8
18.8
73.7
79.7
78 2
278.8
277 ".7
280.8
280.0
279.5
282.0
46.3
49.2
49.1
50.6
50.1
51.4
51.1
50 3
50.9
1.5
1.5
6
1.5
6
.5
.5
6
49.8
49.0
49.6
47 5
6
.6
United
Ghana Belgian
Congo States
Canada
Mexico
Colom- Chile
bia
24.1
22.9
23.8
25.4
27.5
23.8
21 9
27.7
2.3
2.2
2.2
2.2
2.2
2.3
2.4
2.4
12.0
12.3
12.9
13.0
12.8
13.0
13.1
13.1
80.1
66 3
67.4
69 0
65.1
65.7
65 3
63.6
155.4
153.7
156.5
142.4
152.8
159.1
153.4
154.7
14.3
13 8
16.1
16.9
13.5
13.4
12.3
13.3
15.1
14.8
15.3
13.2
13.3
15.3
11.4
6.7
6.1
6.2
4.6
4.4
4.3
3.3
1.1
1.5
1.1
1.0
.9
1.2
1.1
1.2
4.4
5.1
4 7
5.0
4.9
5.8
5.8
5 7
.8
1.4
1 0
1.1
6.5
2.4
2.4
1.0
.9
5.1
5.5
1.2
1.0
.7
.9
.7
.9
.8
.9
.8
1.1
.9
.2
.3
.5
.3
.2
.2
.5
.2
2.4
12.0
13.2
12.9
13.1
12.6
12.8
12.6
13.1
13.9
13.1
12.9
2.5
2.5
1.4
.9
4.4
4.4
13.2
12.5
1 Gold exports, representing about 90 per cent of total production.
2 Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Other
North and South America
Africa
Total
1.5
.4
Nica- Austra- India
ragua1
lia
8.0
8 8
8.9
9.1
8.2
8.1
7.6
6.9
.5
.6
.6
.6
.6
.6
.6
.6
.6
.6
.5
30.4
31.3
34.3
37.7
39.1
36.7
36.1
6.7
7.9
8.9
7.8
8.4
7.4
7 3
6.3
2.8
3.1
3 2
3.1
3.4
3.7
3.0
3.1
3.1
3.2
.5
.5
.6
.5
.5
.5
.5
.5
.5
.5
.5
.6
5
Ghana and Belgian Congo, data for which are from American Bureau of
Metal Statistics. For the United States, annual figures through 1956
are from the U. S. Bureau of the Mint and figures for 1957 and 1958 are
from American Bureau of Metal Statistics.
619
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1957
1956
Area and country
1950
Continental Western Europe:
Belgium
France
Germany (Fed. Rep. of)
Netherlands
Sweden
Switzerland
Bank for Intl. Settlements
Other
1952
1951
1-58.0 1 - 1 8 . 3 1-5.8
— 84 8 — 20 0
-10.0
-100.0
'"-79.8
— 15 0 — 34 9 — 5 0
-22.9 -32.0
— 38 0 — 15 0 ' "22*5
-65.3 -30.4
-16.4 -29.7 -17.3
-380.2 - 1 8 4 . 8 -115.6
Total
Sterling Area:
United Kingdom
Union of South Africa
Other
— 1 020 0 469 9
52.1
13.1
3.6
3.5
— 1 003 4 525 6
440 0
11.5
-.3
451 2
Canada
— 100 0 — 10 0
72
Latin America:
Argentina
Colombia
Cuba
Miexico
Uruguay
Venezuela
Other
-49.9 -20.0
— 10 0 17 5 - 2 2 . 8
28.2 - 2 0 . 0
-118.2 - 6 0 . 2
87.7
14.9
-64 8
22.2
Total
1954
1953
1955
1-94.8
-67.5
-130.0 -225.6 -10.0
-65.0
-5.6
— 59.9
-20.0 -15.0
— 65 0 — 15 5
-94.3 -20.0
4.0
-17.5
2.6
-546.4 -328.3
-78.5
-.5
— 480 5 — 50 5
-i
_ |
-84.8
-3.5
-28.1
-15.0
-34.7
-2.4
-.3
80.3
-5.0
-30.0
17.2
-172.0 -126.0
57.5
-131.8
62.5
14.0
Asia
4-38.9 4-53.7
-6.7
-5.7
-9.9
-4.9
All other
5-30.6 5-76.0
-.4
1.0
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
-68.5
Q
-7.2
Total
Total foreign countries. . -1,725.2
75.2
-1,725.2
75.2
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
1 Includes sales of gold to Belgian Congo as follows (in millions): 1950,
$3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes purchase of $31.5 million of gold from Spain.
3.4
-33.8
3.4
Apr.June
JulySept.
3.0
339.3
67.7
'"iolo
18.6
••••5:6
7.0
1.0
331.3
30.4
6.0
31.3
100 3
100 3
100 3
14 6
5 2
14 6
5 2
115.3
28.1
75.4
40.1
10.0
10.1
3.1
27.1
-200.0
2
-3.6
2.8
80.9 - 1 3 3 . 0
6.5
12.9
-.2
-.4
-.5
-28.3
Dec,
15.2
-20.2
29.1
-200.0
-.7
Oct.-
3.4
3.4
" " 2 5 .'6
3.0
-68.5
Jan.Mar.
Oct.Dec.
15.2
-8 0
11.0
International institutions
Grand total
1957
100.3
— 480 0 — 50.0
c
1956
2.4
18.0
40.2
3.1
-.2
14.1
15.0
3.3
15.0
46.&
4.0
143
-.1
80.2
171.6
.2
41.5
18.4
6200.0
6600.0
625.0
6300.0
6300.0
280.2
771.6
25.2
341.5
318.4
18.9
92. »
18.9
92.8
4 Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
5 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and
1951,
$76.0 million.
6
Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Domestic gold
production
Total 1
EarNet
marked
gold
import. gold: decrease,
or
or inexport
crease
-547.8
20,083
623.1
20,706
22,868 22,162.1
1,530.4
24,399
24,563
164.6
22,820 - 1 , 7 4 3 . 3
-106.3
-356.7
311.5
465.4
1,866.3
210.0
1,680.4
-159.2
686.5
-495.7
-371.3 -1,352.4
32.0
51.2
75.8
70.9
67.3
80.1
52.7 - 5 4 9 . 0
22,873
617.6
684.1
23,252
379.8
-304.8
2.0 -1,170.8
22,091 - 1 , 1 6 1 . 9
-297.2
-325.2
21,793
16.1
-132.4
97.3
-40.9
21,753
305.9
318.5
22,058
106.1
104.3
600.1
798.8
22,857
66.3
67.4
69.0
65.1
65.7
65.3
63.6
Gold stock
(end of year)
Year
Treasury
1945
1946
1947
1948
1949
1950
20,065
20,529
22,754
24,244
. . . . 24 427
22,706
1951
1952
1953
1954
1955
1956
I957
22,695
23,187
22 030
21,713
21,690
21,949
22,781
Increase
in total
gold
stock
P Preliminary.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treasury
Total 1
1957_Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
22,318
22,620
22,623
22,627
22,626
22,635
22,691
22,763
22,781
22,424
22,726
22,732
22,735
22,735
22,759
22,835
22,837
22,857
1958—Jan
Feb
Mar
Apr
22,784
22,686
22,394
*>21,996
3
4
Increase
in total
gold
stock
Net
Eargold
marked Domesimport, gold: de- tic gold
or
crease,
producexport
or intion
crease
17 4
302.6
5.5
3.8
— 5
24.1
75.4
2.4
20.2
20 8
20.0
10 0
2.7
28 6
18.9
42.8
34 3
18.8
22,860
2.3
22,736
-123.7
22,487
-248.7
*>22,042 P - 4 4 5 . 3
45 0
38.9
6.0
—5 8
285 4
—6 0
— 8
— 11 4
—9 0
36.9
— 31 2
2 0
4
— 37 3
— 167 6
-252.0
4 7
5 0
49
5 8
5 8
5 7
6.5
5 1
5 5
4 4
4 4
(3)
-471.5
Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,951.0 million on Apr. 30, 1958.
Gold under earmark is not included in the gold stock of the United States'
620
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total
world i
Treasury Total 2
End of
month
1951 Dec
1952—Dec
1953—Dec
1954 Dec
1955—Dec
1956 Dec
35,660
35,970
36,390
37,060
37,720
38 210
22,695
23,187
22,030
21,713
21,690
21 949
22,873
23,252
22,091
21,793
21,753
22 058
1957
38,520
*38,950
22,306
22,318
22,620
22,623
22,627
22,626
22,635
22,691
22,763
22,781
22,406
22,424
22,726
22,732
22,735
22,735
22,759
22,835
22,837
22,857
^39,090
22 784
22 686
22,394
22 860
22 736
22,487
Mar
Apr
Mi ay
June
July
Aug
Sept
Oct
.
38 720
38,800
Nov
Doc
1958 Jan
Feb
Mar
. ...
End of
month
Argentina
268
371
371
371
182
181
181
181
181
166
127
126
Germany,
France 3 Federal GuateRepublic mala
of
Finland
1951—Dec
1952 Dec
1953 Dec
1954_Dec
1955 Dec
1956—Dec
26
548
26
26
573
576
140
326
31
576
626
1957—Mar
Apr
M.ay
June
July
Aug . . .
Sept
28
40
40
40
136
136
136
31
31
31
188
188
174
Iran
138
Italy
333
Mexico
208
Netherlands
50
27
38
38
62
796
865
844
50
52
45
45
50
48
49
45
48
49
49
47
46
35
35
49
49
35
35
45
45
49
49
35
35
806
806
390
422
793
747
247
247
247
247
138
138
138
138
428
443
453
452
164
163
27
27
27
27
41
41
41
39
138
138
27
247
247
39
39
138
138
457
40
41
152
51
54
56
56
56
184
218
265
276
266
56
56
56
252
249
231
458
31
234
56
231
31
31
31
31
31
31
226
226
215
215
218
217
56
56
56
56
56
56
233
241
235
226
227
219
31
206
56
215
212
193
182
182
181
180
39
Sweden Switzerland
56
56
209
203
1.452
,411
,459
,513
,597
,676
Thailand
113
Turkey
151
113
113
113
112
112
143
143
144
144
144
,636
,621
,615
,633
,674
694
1,725
,733
,718
,718
112
112
112
144
144
144
112
112
112
112
112
112
144
144
144
144
144
144
,727
,733
720
112
112
144
112
144
144
144
Peru
316
814
809
247
247
Pakistan
544
737
165
165
27
27
Norway
144
158
166
166
r
v Preliminary.
Revised.
1 Excludes U.S.S.R. and other Eastern European countries.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
1 116
1,086
1,096
359
364
32
32
31
31
31
324
324
324
364
359
461
461
463
454
454
188
188
188
188
188
188
138
138
170
176
199
212
224
233
230
235
454
31
31
31
31
31
31
138
138
41
40
51
Mar
136
136
136
136
136
136
43
42
247
247
190
Feb
58
58
58
60
61
247
247
27
27
Spain
1958—Jan
43
40
40
40
40
40
27
27
South
Africa
461
466
467
464
469
461
188
174
183
188
1,756
1,834
1,923
2,029
2,124
2,261
2,399
2,548
2,557
2,542
El Salvador
29
29
29
28
28
31
31
31
31
346
575
286
361
429
428
448
280
136
136
136
136
138
35
Oct
247
Indonesia
57
57
57
58
81
Mar
Nov
Dec
India
46
46
46
43
324
324
324
324
324
324
[,112
1,114
1,116
1,121
[,120
1,135
1,136
1,136
1,127
1.115
1,080
1,141
1,113
247
2,501
2,489
2,460
May
June
July
Aug..
Sept
946
967
998
174
174
174
174
174
188
27
575
575
Apr
846
882
874
876
875
913
Egypt
31
31
31
31
31
31
346
346
35
35
1957_Mar
116
116
116
119
123
126
Denmark
311
214
186
186
136
136
142
167
861
575
26
324
324
324
324
Cuba
48
76
86
86
86
57
352
338
861
861
265
848
849
849
842
Colombia
45
42
42
42
44
46
138
137
Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
113
113
116
116
Chile
138
138
35
35
Portugal
317
317
321
322
323
324
235
145
1958 Jan
Feb
End of
month
621
706
776
778
929
928
247
247
575
575
575
575
Nov
850
896
996
112
112
117
138
144
107
27
27
35
35
35
35
Oct
Canada
81
45
35
35
575
575
Brazil
247
247
920
1,494
35
35
Belgium
27
27
861
861
35
35
27
Australia
United
King-4
dom
700
700
700
744
45
45
46
45
38
46
46
36
35
35
35
49
49
49
49
35
28
28
28
792
828
45
45
49
49
847
43
28
20
49
20
Venezuela
Intl.
Monetary
Fund
Uruguay
2,335
1,846
2,518
2,762
2,120
2,133
221
207
227
227
216
186
373
373
403
403
603
2,209
2,320
2,345
2,381
2,367
2,142
1,850
2,093
2,185
2,273
183
183
183
669
669
669
183
669
2,404
2,539
2,770
180
183
183
183
183
183
180
373
1,530
1,692
1,702
1 740
1,808
1,692
719
719
719
719
719
719
1,438
1,439
1 141
J 147
1,148
157
,167
,177
1,180
I 180
719
I 180
719
719
189
> «->
Bank for
Intl.
Settlements
115
196
193
196
217
179
168
160
148
205
165
184
138
130
143
165
171
162
182
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."
3
Represents holdings of Bank of France (holdings of French Exchange
Stabilization
Fund are not included).
4
Exchange Equalization Account holdings of gold and of United
State and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
621
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1955
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark
.
Finland
France (and dependencies) 1
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other*
.
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Guatemala
M^exico
Panama Republic of
Peru
El Salvador
Uruguay
Venezuela
Other
10
10
7
5
151
8
1,100
127
601
221
429
2,354
153
872
44
13,214
343
2,600
84
219
320
265
214
282
4
.
Total
361
1,227
96
88
1,505
3,329
187
1,268
10
12
6
5
7
14
1,071
117
628
160
483
2,512
164
917
9
87
||
368
1,170
107
94
1,302
3,520
189
1,250
9
11
6
5
8
14
10
93
12
1,024
121
628
148
480
2,410
158
898
14,113
298
13,867
203
4
1
1
14
2,854
93
193
324
293
226
238
4
7
2,812
103
191
323
277
228
3,702
295
3,934
223
2,173
437
2,629
2
549
4
2
53
3
44
509
26
Total
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
. .
326
1,201
91
84
1,957
2,374
187
1,137
466
...
Mar. 31,1957
June 30, 1957
Sept. 30, 1957
Dec. 31 , 1957?
Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U . S .
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term
bonds
term
bonds
term
term
bonds
bonds
term
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Area and country
Total
Dec. 31, 1956
2
2
8
11
6
5
9
14
1,004
133
622
142
499
2,442
158
1,188
10
86
2
418
1,165
133
97
1,004
4,063
152
1 457
8
8
6
5
9
14
12
81
2
446
1,182
143
100
947
4,099
167
1 531
g
8
6
5
9
14
v
2
12
971
139
636
140
508
2,527
156
873
14,098
298
14,439
294
14,736
330
264
4
30
2,875
104
211
329
255
224
208
4
1
1
29
2,507
109
197
329
262
227
180
4
1
1
25
2,894
96
191
323
294
226
3,983
269
4,024
299
3,631
216
3,998
244
367
2,608
438
2,712
457
2,791
443
2,738
456
556
1
467
1
2
12
131
263
393
98
97
504
135
110
81
248
1,450
140
456
3
12
137
250
354
89
101
575
117
117
73
257
1,043
134
1
1
263
26
(3^
1
131
360
29
332
25
3
f
15
308
139
217
389
77
72
556
86
127
52
281
668
124
(33)
()
169
3
15
137
210
347
79
91
600
109
119
53
259
1,058
113
3,789
195
4,113
190
4,160
190
255
175
1,021
268
250
647
15
6
1
6
188
178
1,003
267
279
730
(3)
4
6
1
4
231
158
1,145
294
260
707
2,616
30
2,795
17
246
135
8
238
129
381
8
367
(3)
376
1,133
92
94
2996
3,719
177
1,323
(3)
132
345
24
i
1
313
28
457
2
11
117
244
416
70
87
553
129
96
65
243
1,615
128
4,486
188
4,561
4
6
1
6
168
173
754
243
279
767
2
6
1
7
220
187
698
235
275
768
2,645
17
2,384
16
8
248
163
8
246
175
8
411
8
421
167
4
1
167
4
1
(3)
(3)
167
4
1
1
<?1
1,044
138
651
115
478
2,683
162
850
16
109
1
2
13
115
5214
371
65
92
555
136
88
58
235
1,548
125
189
4,347
167
1
3
7
128
15
30
1
1
154
f3=v
3
1
(3)
i
2
13
176
2
6
1
7
190
193
708
181
269
111
2 383
16
2 318
17
7
242
166
7
228
162
7
7
408
7
390
7
(
(3
,>
5
1
9
All other:
Other
Total
Total foreign countries 6
25,875 1,308
3,689
Grand total 6
321
29,564 1,629
27,951 1,103
3,144
P Preliminary.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2
Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3
Less than $500,000.
4
Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
5 Includes latest reported figure (Nov. 30) for gold reserves.
6
Excludes gold reserves of the U. S. S. R. and other Eastern European
countries.
391
31,095 1,494
27,674 1,230
2,996
391
30,670 1,621
28,125 1,265
2,720
366
30,845 1,631
28,213 1,165
2,679
222
30,892 1,387
28,527 1,230
2,697
222
31,224 1,452
7 Represents International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-05.
622
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
1957
Item
Mar.
Dec.
Sept.
June
Jan.
Mar.
Dollar deposits and U. S. securities
Other currencies and securities 1. .
Effective Ioans2
Other assets-*
683
602
524
484
430
767
813
858
873
901
2,795 2,606 2,549 2,437 2,378
90
75
76
72
54
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
'
Capitals
1,405 1,269 1,141 1,034
948
699
620
676
670
676
24
21
20
19
20
335
319
303
289
266
1,872 1,867 1,867 1,854 1,853
9,016 9,016 8,941 8,932 8,929
-2
-6
3
-10
2
4
2
2
Country 9
Disbursed
Repaid
Continental W. Europe, total.
Belgium and Luxembourg..
France
Italy
Netherlands
Other
1,272
173
267
238
236
358
1,061
201
14
18
Sterling area, total
Australia
India
Pakistan
Union of S. Africa
United Kingdom
Other
1,142
318
356
112
160
146
49
Latin America, total
Brazil
Colombia
Mexico
Other
Asia (excl. Sterling area), total
Thailand
Other
Sold
to
Total
others^
860
84
30
14
8
25
6
849
292
245
57
140
87
28
143
25
94
19
26
11
27
4
7
116
249
106
93
296
755
273
219
46
113
83
21
101
25
29
4
20
23
743
182
111
152
297
591
167
91
144
189
70
18
19
11
22
520
149
72
132
167
24
1
3
8
12
320
107
213
194
39
155
6
4
3
188
35
153
16
2
14
2,703
373
2,331
7226
130
267
107
236
320
24
Africa (excl. Sterling area). . .
63,500
Total
Apr. Jan,
Member subscriptions
Accumulated net income
Reserves and liabilities
Outstanding
Principal
July
1,180 1,177 1,148 1,439 1,420
200
200
200
200
200
811
769
992
977 1,423
5,992 5,948 5,777 5,489 5,051
874
874
818
817
824
6
3
5
Cumulative net drawings
on the Fund
Quota
Area and member country
Oct.
Gold
Investments8
Currencies: United States 1
Otheri
Unpaid member subscriptions
Other assets
Loans by country, Mar. 31, 1958
4
1957
Item
Total
Argentina
Belgium
Brazil
Chile
Colombia
Cuba
Denmark
Egypt
France
India
Indonesia
Iran
Japan
Netherlands
United Kingdom
United States. . .
1958
Paid
in
gold
150
225
150
50
50
50
68
60
525
400
110
35
250
275
1,300
2,750
Jan.
Feb.
38
56
38
9
13
13
6
10
108
28
16
9
63
69
236
688
1957
Feb.
75
75
50
50
75
75
38
37
31
12
35
25
25
25
25
23
34
34
30
30
30
263
263
40
200
200
60
55
55
55
25
25
25
125
125
64
64
562
562
562
10-1,956 io_l,943 io-l,123
Notes to tables on international institutions:
1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold
to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5
Includes also effective loans agreed to be sold but not yet disbursed.
6 Includes $98 million in loans not yet effective.
7
Includes $204 million not guaranteed by the Bank.
8 U. S. Treasury bills purchased with proceeds of sales of gold.
9 Countries shown are those with cumulative net drawings of $25
million or more on the latest date.
i o Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAI, BANKS
Bank of England (millions of pounds sterling)
Date
Assets of issue
department
Gold
Liabilities of banking department
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
Notes
Discounts
and advances
Securities
Note
circulation i
Deposits
Bankers'
Public
ECA
Other
Capital
and
surplus
7.2
9.6
3.2
70.4
66.3
71.7
74.9
18.2
18.1
18.1
18.1
1953
1954
1955
1956
Dec
Dec.
Dec
Dec
30
29
28
26
.4
.4
.4
.4
1,675.0
1,775.0
1,900.0
2 025.0
2.4
2.4
2.3
1.9
55.4
23.7
10.7
27.7
4.9
8.9
37.7
11.0
338.1
350.7
299.6
267.7
1.619.9
,751.7
,889.6
1,997.7
290.2
276.1
245.2
203.6
14.9
15.4
12.0
11.6
1957
Anr
May
June
July
Aug
Sept
Oct
Nov
Dec
24
29
26
31
28
25
30
27
25
.4
4
.4
.4
4
.4
4
4
.4
1 975.0
1 975 0
2 000 0
2 075.0
2 025 0
2 000.0
2 000 0
2 050 0
2 150.0
2.4
24
2.4
2.4
24
2.5
25
2.4
2.4
23.1
21.7
14.9
15.9
29.9
32.9
33 4
48.9
22.4
21.5
40 5
32.6
29.9
17 6
15.1
13 7
19.8
21.0
259.2
243.2
268.4
262.4
253.5
271.0
288.7
260.3
263.6
1,952.2
1,953.7
1,985.5
J,059.5
1,995.5
1,967.5
.967.0
2!b6l.4
2,128.0
202.4
204.4
216.3
205.0
199.3
216.8
234.6
226.9
199.5
11.5
10.1
12.2
13.4
11.6
13.0
10.1
10.1
9.8
74.5
75.3
71.8
73.9
74.2
73.1
75.7
76.4
81.9
17.8
18.0
18.1
18.3
18.5
18.5
17.8
18.0
18.1
.4
2,000.0
2 000 0
2,000.0
2.4
24
2.4
43.2
38.2
57.6
25.3
27 9
16.6
239.4
258.3
253.2
1,957.2
1,962.1
1,992.7
205.1
224.0
214.6
12.2
11.4
17.2
74.6
73.0
79.5
18.3
18.5
18.5
1958 Jan 29
Feb 26
Mar. 26
4
.4
For notes sec opposite page.
623
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets2
Date
Sterling
and
United
States
dollars
Liabilities
Dominion and provincial govt. securities
Shortterm
Deposits
Other
assets
Note
circulation
Other
Chartered
banks
Dominion
govt.
Other
liabilities
and
capital
Other
54.9
54.2
57.4
60.8
,376.6
,361.5
,283.8
,025.0
893.7
871.1
1,093.7
1,392.0
112.0
114.1
185.2
69.9
1,599.1
1,623.5
1,738.5
1,868.7
623.9
529.6
551.0
511.5
51.5
56.3
89.2
38.8
29.5
30.5
34.0
31.2
133.1
161.0
207.5
97.5
1957—Apr. 30,
May 31,
June 29,
July 31,
Aug. 31,
Sept. 30,
Oct. 31,
Nov. 30,
Dec. 31
50.3
52.3
57.3
63.1
62.4
55.3
56.6
56.2
63.5
,158.0
,165.9
,213.3
,197.7
,251.8
,208.4
,297.5
,321.5
,246.2
1,190.2
1,185.1
1,194.3
1,202.3
1,208.4
1,204.2
1,192.1
1,152.0
1,217.5
119.2
188.7
210.3
100.7
203.9
110.9
163.5
252.8
131.5
1,756.3
1,751.5
1,784.3
1,817.7
1,815.5
1,819.1
1,824.0
1,828.0
1,903.7
546.9
526.3
545.5
490.5
542.8
480.8
623.7
543.4
517.6
62.9
43.9
44.4
54.2
64.0
66.9
40.1
64.3
35.4
22.5
32.0
28.9
26.9
33.3
28.7
25.8
30.7
31.2
129.2
238.3
272.1
174.5
270.9
183.3
196.0
316.1
170.8
1958—Jan. 31.
Feb. 28,
Mar. 31,
63.0
63.2
61.2
,265.5
,293.0
1,373.9
1,105.0
1,103.2
1,074.3
182.2
198.1
157.6
1,776.5
1,783.7
1,809.7
533.8
555.2
579.5
57.3
46.1
53.8
23.3
26.8
24.6
224.8
245.6
199.3
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
31,
31,
31,
31,
Bank of France (billions of francs)
Assets
Date
Gold
Foreign
exchange
Liabilities
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
Other
assets
Note
circulation
Deposits
GovernOther3
ment
Other
liabilities
and
capital
31
30
29,
27
201.3
201.3
301.2
301.2
15.4
57.3
200.2
49.6
292.5
236.8
226.7
289.2
61.1
48.9
45.2
30.5
891.6
1,130.2
1,194.7
1,753.7
200.0
195.0
190.0
179.0
679.8
617.6
539.8
479.8
170.0
277.2
336.8
236.4
2,310.5
2,538.5
2,820.0
3,046.9
144.9
157.8
142.9
173.8
56.3
67.9
71.8
98.8
1957—Apr. 25
May 29
June 27,
July 25,
Aug. 29,
Sept. 26,
Oct. 31,
Nov. 28,
Dec. 26,
301.2
301.2
201.2
201.2
201.2
201.2
201.2
201.2
201.2
12.2
12.0
12.0
11.9
11.9
11.9
12.0
12.0
11.9
325.2
322.9
274.9
273.6
307.2
322.7
315.2
282.0
290.2
24.9
20.2
16.1
7.3
6.2
18.3
44.0
44.6
52.3
1,871.9
1,948.1
2,014.1
2,027.1
1,931.4
1,886.7
1,914.9
1,893.9
1,951.2
158.3
175.0
175.0
175.0
175.0
175.0
175.0
175.0
175.0
479.8
479.8
594.1
752.1
789.8
804.8
829.8
820.1
796.4
196.9
192.4
267.0
306.6
271.1
266.2
341.1
296.2
295.0
3,044.1
3,106.9
3,130.0
3,238.3
3,219.7
3,214.4
3,292.5
3,139.9
3,174.9
222.7
263.1
330.9
397.7
376.6
359.5
417.0
467.1
475.3
103.6
81.6
93.6
118.9
97.4
112.9
123.6
118.0
122.9
1958—Jan. 30.
Feb. 27,
Mar. 27.
201.2
201.2
5201.2
11.9
11.8
11.8
260.3
290.2
287.8
53.4
50.6
34.8
1,868.9
1,827.7
1,932.3
175.0
175.0
175.0
949.4
948.9
268.8
259.7
5253.2
191.7
197.9
3,192.1
469.0
455.5
478.5
128.1
111.8
125.5
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
1958
Central bank, monetary unit,
and item
Mar.
Central Bank of the Argentine
Republic
(millions of pesos): 6
Gold and foreign exchange (net)...
Net claim on Intl. Fund 7
Advances to Government
Government securities
Loans and discounts
Other assets
Currency in circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Feb.
1957
Jan.
Mar.
(Dec.)*
(1957)
618
-675
2,581
32,230
69,939
3,963
50,450
346
5,601
257
51,001
Notes to central bank table on this and opposite page:
* Latest month available.
1 Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July
1940, pp. 677-78).
3 Includes Economic Cooperation Administration.
4 Less than 50 million francs.
5 Other assets include 100.0 billion francs of gold loaned to Stabilization Fund.
1957
1958
Central bank, monetary unit,
and item
Mar.
Commonwealth Bank of Australia
(millions of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Govt. and Treasury bills)
Other assets.
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Feb.
Jan.
Mar.
458
5
463
4
470
4
394
4
464
54
390
476
54
387
473
46
391
485
73
382
325
18
248
340
27
243
340
21
241
322
30
223
6 Under the banking reform, effective Dec. 2, 1957, the Central Bank
has been reorganized. The balance sheet has been substantially modified,
and figures are not comparable with those shown previously.
7 This figure represents the amount of the country's subscription to
the Fund less the bank's local currency liability to the Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443.
624
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1958
Central bank, monetary unit,
and item
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
(francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary
dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Gold contribution to Intl. Fund. .
Loans and discounts
Govt. securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
Advances to Govt
Govt securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos):
Gold
Foreign exchange (net)
Net claim on Intl. Fund 1
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund 1
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund*
Loans and discounts
Securities
Other assets.
Note circulation
Demand deposits
Other liabilities and capital
r
Mar.
1957
Feb.
Jan.
2,654 2,653 2.653
10,341 10,388 10,375
5,683 5,695 5,908
1,342 1,342 1,342
834
823
826
15,019 14,992 14,846
1,777 1,866 2,240
965
926
1,017
1,049 1,104 1,122
1,991 1,974 1,970
49,905
10,600
7,562
34,243
8,405
6,063
09,629
2,531
19
4,598
48,369
10,279
9,043
34,397
9,006
5,964
109,468
2,880
19
4,691
47,321
9,919
11,938
34,397
6,033
6,269
108,904
2,416
20
4,538
(Dec.
1957)"
7,075
-27,758
21,375
373,223
7,897
10,203
220,695
20,550
150,778
598
595
76
15
472
21
84
112
78
4
463
13
95
105
593
13
60
7
461
3
88
120
4,261
670
-2,73:
18,894
37,864
64,003
36,106
86,750
7,78'
4,528
60,006
4,533
666
-2,732
17,675
30,864
59,772
36,577
81,045
7,932
3,020
55,359
5,463
523
-2,044
13,902
30,864
56,896
40,161
77,292
8,466
4,444
55,56:
286
5:
1,668
639
311
99:
1,194
770
304
5:
1,627
640
301
989
1,101
835
310
5:
1,524
629
298
1,008
1,016
789
1
69
1
71
150
15
34
179
52
57
150
148
15
33
177
51
57
Mar.
Revised.
• Latest month available.
* This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 For last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively), see BULLETIN for September 1950,
pp. 1262-63.
Mar.
National Bank of Cuba (millions of
pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Net claim on Intl. Fund 1
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakia 2
rational Bank of Denmark (millions
42,379 Ni
10,476 of kroner):
10,530
Gold
34,456
Foreign exchange
8,899
Loans and discounts
5,752
Securities
109,388
Govt. compensation account
1,521
Other assets.
20
Note circulation
1.562
Deposits—Government
Other
Other liabilities and capital
193 Central Bank of the Dominican Re20,740 public (thousands of pesos):
475
Gold
255,552
Foreign exchange (net)
7,952
Net claim on Intl. Fund 1
2,473
Loans and discounts
171,459
Govt. securities
22,114
Other assets
93,813
Note circulation
Demand deposits
Other liabilities and capital
703 Central
tral Bank
]
of Ecuador (millions of
sucres):
11
Gold
7
Foreign exchange (net)
441
Net claim on Intl. Fund 1
71
Credits—Government
106
Other
Other assets
Note circulation
Demand deposits—Private banks.
7,257
Other
999
Other liabilities and capital
ational
Bank
of
Egypt
(millions of
19 Ni
7,550 pounds):
26,245
Gold
42,506
Foreign assets3
33,059
Egyptian Govt. securities
68,983
Clearing and other accounts (net).
7,797
Loans and discounts
2,75f
Other assets
38,102
Note circulation
Deposits—Egyptian Government.
Other
286
Other liabilities and capital
52 Central Reserve Bank of El Salvador
646 (thousands of colones):
667
Gold
390
Foreign exchange (net)
781
Net claim on Intl. Fund 1
949
Loans and discounts
312
Govt. debt and securities
Other assets
Note circulation
12
Deposits
96
Other liabilities and capital
Bank of Finland (millions of markkaa):
91
Gold
18
Foreign assets and liabilities (net).
26
Loans and discounts
156
Securities—Government
55
Other
38
Other assets
Note circulation
Deposits
Other liabilities and capital
2,004
8,287
6,654
1,385
574
13,909
1,104
1,018
1,114
1,760
1958
Central bank, monetary unit,
and item
Feb.
1957
Jan.
Mar.
136
119
136
98
136
99
136
171
144
-12
771
185
731
466
220
35
149
-12
76
193
74
449
230
34
148
-13
81
183
72
442
231
33
163
-10
53
107
74
444
224
26
68!
68
68
976
948
959
212
167
229
374
365
419
2,979 2,981 2,981
647
896
754
2,327 2,290 2,302
1,396 1,442 1,448
1,270 1,403 1,374
263
2901
286
68
645
208
496
3,047
913
2,248
1,533
1,357
238
11 405
9 471
2 500
10 373
7 500
27 335
53 428
11 464
3 692
11 405
9 594
2 500
10 505
7 .500
26 058
52 904
11 091
3,567
11,405
10,562
2,500
8,990
7,500
26,096
53,127
10,489
3,436
11,396
12,081
2,500
5,987
7,830
19,617
47,559
8,616
3,236
325
-31
38
466
317
273
685
206
210
286
325
-32
38
463
328
253
693
203
210
268
325
57
-37
453
352
240
707
226
194
262
325
11
38
511
229
224
661
217
184
276
61
84
188
-37
28
2
188
21
97
19
66
81
188
-37
30
3
195
18
99
19
66
80
190
-39
40
2
198
15
107
19
66
107
164
-10
34
2
217
9
4119
17
78 ,541
30,429
4 ,689
91 ,015
7 ,343
7 ,607
104,683
103,255
11,686
7 ,850
39,100
29,957
7,500
1,236
16,673
55 ,877
13,614
32,825
78,550 78.559 78,827
32,635 28,729 60,281
4 ,689 4,689
1,562
92,067 94,854 75,482
10,076 12,406 12,660
7,085
7 ,590 7,583
106,344 106,909 111,553
106,797 107,093 112,802
12,465 12,818 11,542
7 ,850
37,434
30,905
8,750
1,246
16,871
56,793
9,844
36,419
7,850
32,858
30,581
11,250
1,247
17,138
52,837
9,954
38,13:
7,849
15,656
50,146
17,500
1,620
11,013
54,967
11,987
36,830
3
Beginning Mar. 27, 1958, includes gold in Banking Department,
previously
combined with gold in Issue Department.
4
Includes figure for Sudan Government.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
625
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1958
Central bank, monetary unit,
and item
Mar.
Feb.
1957
Jan.
Mar.
German Federal Bank 4 (millions of
German marks) *
10,261 10,383 10,430
Gold
13,165 12,904 12,990
Foreicn exchange
983 1,033
Loans and discounts
1,372
3,362 3,576 3,433
Loans to Government
.
1,529 1,540 1,414
Other assets
16,653 16 554 16,077
Note circulation
4,196 4,126 4,631
Deposits Government
5,815 5,438 5,453
Banks
474
545
515
Other
2,551 2,722 2,622
Other liabilities and capital
Bank of Greece (millions of drachmae):
5,787 5,796
Gold and foreign exchange (net)..
214
226
Loans and discounts
5,340 5,262
5,971
5,967
Other
2,316 2 326
Other assets
6,629 6,700
1 187 1 106
Denosits Government
Reconstruction and
3,684 3,681
relief accts
6 694 6 535
Other
1,429 1,559
Bank of Guatemala (thousands of
quetzales):
27,273
Gold
43,141
Foreien exchange (net)
1,250
Gold contribution to Intl. F u n d . .
19,309
Rediscounts and advances
44,355
Other assets
62,847
Circulation—Notes
4,487
Coin
9,131
Deposits—Government
27,699
Banks
31,164
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees) *
Issue department:
Gold at home and abroad . . . . 1,178 1 178 1,178
1,712 2,455 2,455
Foreign securities
11,711 10,768 10,568
1,293 1,302 1,318
Rupee coin
15,791 15,453 15,312
Banking department:
102
207
251
Notes of issue department
'342
378
958
Balances abroad
77
Loans to Government . . .
Other assets
Deoosits
Other liabilities and capital
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Advances to Government
Other assets
Note circulation
Derjosits EC A
Other
Other liabilities and capital. . .
Bank Melli Iran (millions of rials):
Gold
.
Foreien exchanse
Gold contribution to Intl. Fund. .
Govt -secured debt
.
.
Govt. loans and discounts
Other loans 5and discounts
Other assets
Note circulation
Deposits Government
Banks
Other
Special Account—Profits of revaluation
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterlins funds
Note circulation
212
3,311
2,885
1,775
35
383
3,198
2 606
1,603
12
360
3,372
2,744
1,585
28
258
131
1,312
991 1,170
20,632 20,046 19,287
944
810
899
14,003 13,899 13,898
109
171
109
4,733 4,939 4,199
4,071 3,119 3,257
5,536
1 038
4,533
1 040
4,533
1 040
663
663
663
7,923
12,823
8,738
16,735
13,879
6,100
2,097
19,960
7 923
12,534
8,198
17,467
12,473
6,719
1,873
20,041
7,923
12,208
7,938
18,441
12,334
8,034
1,616
19,455
7,110
4,309
7,110
4,144
7,110
4,198
2,646 2,646 2,646
74,288 73,239 73,188
76,934 75,885 75,834
7,334
11,590
2,083
4,014
1,168
14 670
5,077
4,075
226
2,141
Bank of Israel (millions of pounds):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government.. . .
Other Govt. accounts
Govt securities
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
5,879 Bank of Italy (billions of lire):
171
Gold
7,896
Foreign exchange
4,770
2,322
Loans and discounts
5,669
947
Other assets
Note circulation
7,109
5 102
Demand
2,211
Other
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
27,237
48,928
Advances to Government
1,250
Loans and discounts
8,235
Govt. securities
41 009
Other assets
58,527
4,178
Deposits—Government
7,952
Other
26,633
Other liabilities
29,368 Bank of Mexico (millions of pesos):
"Authorized" holdings of secuBills and discounts
1 178
Other assets
4,125
Note circulation
8,850
Demand liabilities
1,226
Other liabilities and capital....
15,261 N e t h e r l a n d s B a n k (millions of
guilders):
118
Gold
1,143
Silver (including subsidiary coin).
30
Foreign assets (net)
77
Loans and discounts
2,629
Govt. debt and securities
Other assets
2 286
1,710
Deposits—Government
313
Other
968
11,442
Other liabilities and capital
,
539 Reserve Bank of New Zealand (thou9,196 sands of pounds):
Gold
282
2,192
Foreign exchange reserve
1,591
Loans and discounts
Advances to State or State un4 340
624
In vestments
282
Other assets
7 923
12,908
Demand deposits
Other liabilities and capital
6,455
3,660 Bank of Norway (millions of kroner):
12,232
Gold
3,466
Foreign assets (net)
Clearing accounts (net)
1,316
15,636
Loans and discounts
Securities
Occupation account (net)
3,542
Other assets
Note circulation
Deposits—Government
2,646
Banks
FOA
72,249
Other liabilities and capital
74,895
4
On Aug. 1, 1957, the Land Central Banks and the Berlin Central
Bank were merged with the Bank of German States (Bank deutscher
Lander) and the latter became the German Federal Bank (Deutsche
Bundesbank).
5 Includes (1) gold and foreign exchange in banking department and
(2) in May 1957, the profit resulting from revaluation of gold from
Central bank, monetary unit,
and item
1958
Mar.
6
124
-7
132
65
149
7
258
3
188
27
4
71
567
436
412
Feb.
-11
43
88
130
149
6
252
149
6
249
65
150
65
240
4
71
567
4
71
567
4
71
567
445
416
458
423
966
480
406
173
(6)
79
150
20
80
_4
51
25
210
26
12
116
751
383
184
689
241
Mar.
26
216
27
13
134
770
3
588
6
98
-9
59
65
134
1 251
1,726
172
Jan.
6
110
1 365
1 766
(6)
1957
1 282
1,751
11
127
726
169
6
166
15
1 647
12
119
557
154
(6)
j
569
236
156
690
55
80
137
504
295
150
693
41
84
131
278
510
248
666
237
35
99
1,907
1,892
1,873
1,903
5,012
5,067
5,202
5 299
860
596
878
485
776
421
786
334
5,535
2,092
5,470
2,096
5,505
1,988
5,122
2,491
747
755
779
709
3,203
16
1,226
113
326
3,132
15
1,368
26
628
2,995
11
3,077
6
985
695
353
346
360
439
76
628
161
660
4,147
467
17
401
3,949
743
17
563
3,967
501
17
331
3,869
49
368
510
206
242
238
243
6,162 6,162 6,162
15,710 12,804 12,798
49 618 47,080 42,222
6,162
35,084
39 922
55,000
44 024
2,038
77 020
84,586
10,946
65,062
43 024
1,858
74 916
90,362
10,712
50,310
38 173
1,636
71 998
87,989
11,300
192
206
298
-14
88
164
5,545
168
3,231
1,779
286
1
1,144
58,229
41 958
2,078
75 159
77,891
10,397
206
157
-1
111
-31
79
76
112
5,545
128
3,197
1,253
509
1
1,266
207
317
-59
103
99
5,545
108
5,546
3,236
1,262
522
1
1,230
3,210
1,736
386
26
967
178
103
.0275557 to .0117316 grams of fine gold per rial.
6 Holdings in each month were 448 million yen.
7
Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other notes see opposite page.
626
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Mar.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign exchange—Approved. .
Other
Pakistan Govt. securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net)
Net claim on Intl. Fund *
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund i
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government. .
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1957
1958
Central bank, monetary unit,
and item
116
785
57
2,064
430
42
3,369
Feb.
116
786
57
2,123
430
43
3,414
Jan.
116
752
57
2,138
430
45
3,442
127
142
95
155
861
972
171
113
827
920
162
138
885
971
148
11
552
113
1,614
734
353
1,227
419
339
1,392
13
577
83
1,594
737
333
1,222
443
316
1,354
144
67
1,364
1,763
110
2,406
850
191
15
193
117
832
164
725
87
329
179
14
210
120
804
168
716
87
330
182
13
194
117
786
171
708
87
306
179
5,973 5,947 5,960
13,799 13,667 13,634
1,654 1,695 1,788
1,365 1,366 1,364
2,272 2,212 2,200
11,889 11,895 11,936
1,803 1,839 1,789
20
20
19
7,844 7,668 7,742
3,507 3,464 3,460
68
20
79
63
114
86
31
75
19
72
63
113
86
30
73
28
62
60
113
79
31
618
319
15,551
59,861
68,653
65,638
1,813
13,463
64,087
618
319
15,563
59,827
66,409
64,739
2,831
13,216
61,949
618
319
14,940
59,424
69,271
63,837
3,624
13,123
63,988
Mar.
Mar.
Bank of Sweden (millions of kronor):
Gold
Foreign assets
115
Net claim on Intl. Fund 1
1,083
Swedish Govt. securities and ad-2
57
vances to National Debt Office
1,676
Other domestic bills and advances
430
Other assets
53
Note circulation
,
3,276
Demand deposits—Government.,
Other
139
Other liabilities and capital
1 Swiss National Bank (millions of
3 francs):
805
Gold
763
Foreign exchange
186
Loans and discounts
,
Other assets
,
Note circulation
,
10
Sight liabilities
629
Other liabilities and capital
53 C<
Central Bank of the Republic of Turkey
1,613 (millions of pounds):
609
Gold
,
194
Foreign exchange and foreign
1,109
clearings
,
425
Loans and discounts
,
269
Securities
,
Other assets
,
1,306
Note circulation
,
Deposits—Gold
,
684
Other
67
Other liabilities and capital
851 Bank of the Republic of Uruguay (mil1,577 lions of pesos):
140
Gold
2,276
Silver
821
Advances to State and Govt.
222
bodies
Other loans and discounts
Other assets
47
Note circulation
303
Deposits—Government
66
Other
548
Other liabilities and capital
155 Centr;al Bank of Venezuela (millions
697 of bolivares):
86
Gold
245
Foreign exchange (net)
91
Other assets
Note circulation
5,889
Deposits
13,729
Other liabilities and capital
1,227 ational Bank of Federal People's Re1,374 public of Yugoslavia (billions of
1,868 dinars):
11,129
Gold
1,482
Gold contribution to Intl. Fund. .
90
Foreign assets
8,385
Loans (short-term)
3,001
Govt. debt (net)
Other assets
Notes and coin in circulation
83
Demand deposits
53
Foreign liabilities
33
Long-term liabilities (net)
43
Other liabilities and capital
111 Bank for International Settlements
89 (millions of Swiss gold francs):
12
Gold in bars
Cash on hand and with banks
617
Rediscountable bills and accept323
ances (at cost)
16,253
Time funds at interest
50,634
Sundry bills and investments
60,684
Funds invested in Germany
55,869
Other assets
2,708
Demand deposits—Gold
15,240
Other
54,695
Long-term deposits: Special
Other liabilities and capital
1 This figure represents the amount of the country's subscription to the
Fund
less the bank's local currency liability to the Fund.
2
Includes small amount of nongovernment bonds.
1958
Central bank, monetary unit,
and item
1957
Feb.
Jan.
Mar.
448
1,203
129
460
1,166
129
474
1,213
129
556
1,158
129
4,468
252
865
5,443
87
54
1,782
4,579
129
895
5,507
159
42
1,651
4,761
11
922
5,547
277
41
1,646
4,322
19
1,007
5,271
316
146
1,458
7,394
654
146
89
5,560
2,492
230
7,448
557
151
85
5,498
2,514
229
7,422
589
165
87
5,494
2,542
227
6,931
496
154
142
5,491
2,012
219
403
403
403
402
452
5,150
33
260
3,225
156
2,081
835
456
5,054
33
264
3,205
156
2,038
812
485
5,001
33
255
3,125
156
2,100
797
267
4,265
30
245
2,582
155
1,755
717
273
9
278
10
316
725
982
610
174
423
1,097
293
564
761
561
197
365
782
1,999
1,570
160
1,486
794
1,448
1,999
1,791
178
1,477
713
1,777
1,999
2,025
188
1,510
526
2,176
1,947
788
157
1,257
547
1,087
4
2
24
872
58
12
121
433
81
295
43
4
2
26
785
76
15
121
371
82
288
47
4
2
25
777
79
13
121
377
77
286
39
5
2
37
725
59
34
90
283
77
293
119
558
77
496
42
525
51
513
57
560
303
665
297
1
554
1,356
229
323
621
223
658
297
1
502
,286
229
321
586
197
552
297
1
509
1,152
229
319
696
146
697
297
3
627
1,249
229
305
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
627
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since December 1956
Month
effective
Belgium
In effect
Dec. 31, 1956. 3.50
DenGermark France many
5.5
5.0
3.0
1957_jan
Feb
Mar. .
Apr
May...
June...
July.... 4.50
Aug .
Sept
Oct
Nov..
Dec
1958—j an
Feb .
Mar.... 4.25
Apr....
5.0
In effect
Apr. 30, 1958. 4.25
5.0
Netherlands
Spain
Sweden
3.75
4.25
4.00
Switz- United
erKingland
dom
1.5
5.5
4.5
5.0
4.0
2.5
4.25
5 00
5 0
5.66
5.00
7 0
4.0
4.50
3.5
4.00
5.0
4.00
3.5
6 0
5.00
5.00
2.5
Canada
India
El
2
Ja- Philip- ArgenChile 2 Cuba 2 Sal- 2
pan 2 pines tina
vador
33.92
3.50
8.03
3 95
4.01
3 95
4.00
4.01 44.00
4.06
4.05
4 28
4.05
4.05
3 83
3.87
1.5
3.5
4.5
4.5
3.0
6.0
8 40
2 0
9.13
4.0
4 5
6 0
5 5
3 50
3 11
2.52
1.62
1.62
6.0
4.00
9.13
4.5
6.0
5.5
6.0
4.0
Other selected central banks—rates in effect on Apr. 30, 1958
Area and
country
Europe:
Austria
Greece
Italy
Norway
Portugal
Rate
5.0
10.0
4.0
3.5
2.5
Month
effective
Nov.
May
Apr.
Feb.
Jan.
Area and
country
Europe—Cont.:
Turkey
6.0
Asia:
Burma
3.0
Ceylon
2.5
Indonesia 2 ... 3.0
Pakistan
3.0
1955
1956
1950
1955
1944
Month
effective
Rate
June 1956
Feb.
June
Apr.
July
1948
1954
1946
1948
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 the following note.
2
Discounts or advances at other rates include: Japan—various rates
depending on type of paper or transaction and extent of borrowing from
central bank, including 8.40 per cent for discount of paper related to domestic commercial transactions (rate shown is for advances on commercial
paper and miscellaneous collateral); Argentina—3 and 5 per cent for certain
rural and industrial paper, depending on type of transaction; Chile—
Area and
country
Asia—Cont.:
Rate
T h a i l a n d . . . . 7.0
Latin America:2
Costa Rica . 3.0
Mexico
4.5
Peru 2
6.0
Month
effective
Area and
country
Feb. 1945
Apr. 1939
June 1942
Nov. 1947
Month
effective
Rate
Latin America—
Cont.:
Venezuela... 2.0
All other:
New Zealand. 7.0
South Africa. 4.5
May 1947
Oct. 1955
Sept. 1955
rates in excess of 6 per cent are applied to rediscounts in excess of 50 per
cent of the rediscounting bank's capital and reserves, rates of 4 and 2 per
cent apply to certain types of agricultural paper; Cuba—4.5 per cent
for sugar loans and 4 per cent for loans secured by national public
securities; El Salvador—3 per cent for agricultural and industrial paper
and 2 per cent for special cases; Indonesia—various rates depending on
type of paper, collateral, commodity involved, etc.; Costa Rica—5 per
cent for paper related to commercial transactions (rate shown is for
agricultural and industrial paper); and Peru—4 per cent for industrial
paper
and mining paper, and 3 per cent for most agricultural paper.
3
Since Nov. 1, 1956, the discount rate is set each week at *4 per cent
above
the latest average tender rate for Treasury bills.
4
Since May 16, this rate applies to advances against commercial paper
as well as against government securities and other eligible paper.
OPEN MARKET RATES
[Per cent per annum]
Month
France
United Kingdom
Canada
Treasury Day-tobills
day
3 months * money 2
Bankers' Treasury Day-toacceptbills
day
ances
3 months 3 months money
Bankers'
allowance Day-today 3
on
deposits money
Netherlands
Treasury Day-tobills
day
3 months money
1955 Dec
1956 Dec
2.59
3.61
2.42
3.18
4.22
5.07
4.08
4.94
3.10
4.15
2.50
3.50
2.99
3.55
1.06
3.48
.62
3.23
1957 Apr
May
June
July
Sept
Oct
Nov
Dec
3.72
3.77
3.80
3.81
4.02
3.94
3.84
3.66
3.65
3.69
3.71
3.80
3.72
3.88
2.96
3.57
3.52
3.60
4.18
4.04
4.08
4.06
4.17
5.40
6.81
6.78
6.67
4.01
3.84
3.87
3.85
3.97
5.42
6.60
6.54
6.43
3.59
3.48
3.45
3.45
3.60
4.33
5.53
5.63
5.67
3.00
3.00
3.00
3.00
3.00
3.80
5.00
5.00
5.00
4.61
5.19
5.78
7.82
7.94
5.77
4.94
4.87
5.72
3.63
3.59
3.60
3.81
4.45
4.86
4.87
4.66
4.64
1958_Jan
Feb
Mar
3.54
2.99
2.44
3.34
3.05
2.61
6.51
6.17
5.98
6.27
6.02
5.78
5.56
5.57
5.23
5.00
5.00
4.65
5.17
4.43
3.88
3.14
1 Based on average yield of weekly tenders during the month.
2 Based on weekly averages of daily closing rates.
5.25
5.96
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
&$
1.50
1.50
3.50
2.88
2.70
3.08
3.51
3.64
3.75
3.35
3.33
534-8
534-8
534-8
534-8
534-8
534-8
1.75
1.75
2.50
2.50
2.50
2.50
2.50
2.50
2.50
3.50
3.26
2.77
53^-8
534-8
534-8
4
2.50
2.50
2.50
3
Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.
628
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Preferential
Basic
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
14.492
Free
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
15.556
5.556
7.163
7.198
7.198
7.183
22.835
2.506
222.63
224.12
223.80
222.41
222.76
222.57
3.8580
3.8580
3.8580
3.8580
3.8539
1.9878
2.0009
1.9975
1.9905
2.0030
1.9906
102.149
101.650
102.724
101.401
101.600
104.291
20.903
21.046
21.017
20.894
20.946
20.913
1957—Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
5.556
5.556
556
556
556
556
556
556
5.556
2.478
2.564
2 All
2.365
2.303
2.216
2.487
2.595
2.707
222.22
222.39
222.33
222.14
221.73
221.92
223.09
223.32
223.57
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9887
1.9862
1.9875
1.9908
1.9865
1.9874
1.9929
1.9983
1.9991
104.184
104.638
104.891
105.150
105.470
104.241
103.636
103.921
102.304
20.890
20.895
20.898
20.890
20.862
20.867
20.928
20.935
20.969
1958—Jan..
Feb..
Mar.
Apr..
5.556
5.556
5.556
5.556
2.696
2.656
2.610
2.444
224.16
224.36
224.33
224.47
3.8536
3.8536
3.8536
3.8536
1.9986
2.0024
2.0041
2.0047
101.535
101.934
102.312
103.011
21.045
21.078
21.072
21.088
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
4.2376
23.838
23.765
23.786
23.798
20.922
21.049
21.020
20.894
20.934
20.910
279.68
281.27
280.87
279.13
279.57
279.32
.2779
.2779
32.601
32.595
32.641
32.624
32.582
32.527
11.588
11.607
9.052
8.006
8.006
8.006
20.890
20.896
20.896
20.884
20.844
20.858
20.940
20.951
20.975
278.89
279.10
279.02
278.78
278.27
278.51
279.98
280.26
280.58
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.512
32.526
32.523
32.495
32.431
32.448
32.556
32.580
32.644
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
1952
1953
1954
1955
1956
1957
Finland
(markka)
Year or month
France
(franc)
1952
1953
1954
1955
1956
1957
.4354
.4354
.4354
.4354
.4354
3.3995
.2856
.2856
.2856
.2856
.2855
1957_Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
.4354
.4354
.4354
.4354
.4354
3.3674
.3118
.3118
.3118
.2855
.2856
.2855
.2856
4.2857
.2858
.2858
.2858
.2858
4.2376
.2375
.2375
.2375
.2376
23.790
23.796
23.798
23.800
23.800
23.800
23.800
23.800
23.799
1958—Jan..
Feb..
Mar.
Apr..
.3118
.3118
.3118
.3118
.2858
.2858
.2858
.2858
.2376
.2375
.2376
.2376
23.795
23.795
23.793
23.808
21.050
21.099
21.086
21.101
281.32
281.57
281.54
281.71
.2779
.2779
.2779
.2779
32.769
32.818
32.811
32.830
8.006
8.006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1952
1953
1954
1955
1956
1957
26.315
26.340
26.381
26.230
26.113
26.170
276.49
278.48
278.09
276.36
276.80
276.56
14.015
14.015
14.008
14.008
14.008
14.008
49.675
49.676
49.677
49.677
49.676
49.693
3.4853
3.4887
3.4900
3.4900
3.4900
3.4900
278.20
280.21
279.82
278.09
278.52
278.28
19.326
19.323
19.333
19.333
19.333
19.331
23.148
23.316
23.322
23.331
23.334
23.330
279.26
281.27
280.87
279.13
279.57
279.32
1957_Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
26.137
26.134
26.106
26.121
26.103
26.102
26.287
26.363
26.367
276.12
276.33
276.26
276.02
275.52
275.75
277.21
277.49
277.80
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.695
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
3.4900
277.84
278.05
277.98
211.1A
277.23
277.47
278.94
279.21
279.53
19.333
19.333
19.333
19.333
19.329
19.328
19.328
19.328
19.328
23.329
23.335
23.335
23.332
23.335
23.335
23.335
23.335
23.335
278.89
279.10
279.02
218.IS
278.27
278.51
279.98
280.26
280.58
1958—Jan..
Feb..
Mar..
Apr..
26.373
26.367
26.378
26.388
278.54
278.78
278.75
278.92
14.008
14.008
14.008
14.008
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
280.27
280.52
280.49
280.65
19.328
19.328
19.328
19.328
23.334
23.335
23.335
23.335
281.32
281.57
281.54
281.71
Year or month
23.838
1 Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.
2 New free market rate became effective Oct. 28, 1955.
3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
52.3810
2.3810
2.3810
2.3810
4 On Aug. 12, 1957, the French authorities established an effective rate
of 420 francs per U. S. dollar applicable to most foreign exchange transactions. Since Oct. 28, 1957, this rate has applied to all foreign exchange
transactions. The official rate remains at 350 francs per U. S. dollar.
5 Based on quotations beginning Jan. 2, 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C. CANBY
BALDERSTON,
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, J R .
CHAS. N, SHEPARDSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
Economic Adviser to the Board
CHARLES MOLONY,
Vice Chairman
WINFIELD W. RIEFLER,
JEROME
Assistant to the Chairman
W. SHAY, Legislative Counsel
Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
ROBERT F. LEONARD, Director
Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
GERALD
MERRITT SHERMAN,
M. B. DANIELS, Assistant Director
LEGAL DIVISION
HOWARD
M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
DIVISION OF EXAMINATIONS
H. HACKLEY, General Counsel
ROBERT C. MASTERS, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
FREDERIC SOLOMON, Assistant General Counsel
B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
DAVID
ARTHUR H. LANG, Chief Federal Reserve
Examiner
M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
GLENN
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
DIVISION OF PERSONNEL ADMINISTRATION
R. GARFIELD, Adviser
E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
FRANK
EDWIN J. JOHNSON, Director
GUY
H. FRANKLIN SPRECHER, JR., Assistant Director
SUSAN S. BURR, Associate Adviser
DIVISION OF ADMINISTRATIVE SERVICES
ALBERT R. KOCH, Associate Adviser
B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
JOSEPH E. KELLEHER, Director
KENNETH
OFFICE OF DEFENSE LOANS
GARDNER
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser
L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant Controller
629
630
FEDERAL RESERVE BULLETIN • MAY 1958
Federal Open Market Committee
W M . M C C . MARTIN, JR., Chairman
C. CANBY BALDERSTON
W. D. FULTON
WATROUS H. IRONS
ALFRED HAYES, Vice Chairman
HUGH LEACH
H. N. MANGELS
A. L. MILLS, JR.
J. L. ROBERTSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, J R .
L. MERLE HOSTETLER, Associate Economist
ARTHUR W. MARGET, Associate
Economist
H. V. ROELSE, Associate Economist
CHARLS E. WALKER, Associate Economist
O. P. WHEELER, Associate
Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market
Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN
M.
HOMER J. LIVINGSTON, CHICAGO,
Vice President
MASSIE, NEW YORK
CASIMIR A . SlENKIEWICZ,
PHILADELPHIA
FRANK R. DENTON, CLEVELAND,
WlLLIAM A . MCDONNELL,
GORDON MURRAY,
President
R.
ST. LOUIS
MINNEAPOLIS
CROSBY KEMPER, KANSAS CITY
JOHN S. ALFRIEND, RICHMOND
WALTER B. JACOBS, DALLAS
JOHN A. SIBLEY, ATLANTA
FRANK L. KING, SAN FRANCISCO
HERBERT
V.
PROCHNOW,
Secretary
WILLIAM
J.
KORSVIK,
Assistant Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
Harvey P. Hood, Deputy Chairman
Stanley M. Cooper
Milton P. Higgins
Harry E. Umphrey
Oliver B. Ellsworth
William D. Ireland
Nils Y. Wessell
Arthur F. Maxwell
J. A. Erickson, President
E. O. Latham, First Vice President
Vice Presidents
D. H. Angney
Ansgar R. Berge
George H. Ellis
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
Charles W. Bitzer
Cyrus M. Higley
Howard C. Sheperd
Clarence Francis
Augustus C. Long
Lansing P. Shield
Franz Schneider
FEDERAL RESERVE BANKS A N D BRANCHES
63J.
District 2—FEDERAL RESERVE BANK OF NEW YORK-Contmued
Alfred Hayes, President
William F. Treiber, First Vice President
Vice
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
Presidents
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
Vernon Alexander
Leland B. Bryan
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
Daniel M. Dalrymple
Raymond E. Olson
Ralph F. Peo, Chairman
John W. Remington
E. Perry Spink
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
Henderson Supplee, Jr., Chairman and Federal Reserve Agent
William B. Brosius
Bayard L. England
Lester V. Chandler, Deputy
Walter E. Hoadley, Jr.
Lindley S. Hurff
Charles E. Oakes
Karl R. Bopp, President
Chairman
R. Russell Pippin
Geoffrey S. Smith
Robert N. Hilkert, First Vice President
Vice Presidents
David P. Eastburn
Murdoch K. Goodwin
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
Richard G. Wilgus
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent
Joseph H. Thompson, Deputy Chairman
Aubrey J. Brown
John A. Byerly
King E. Fauver
Joseph B. Hall
Charles Z. Hardwick
W. D. Fulton, President
Donald S. Thompson, First Vice President
Vice
Dwight L. Allen
Roger R. Clouse
Clyde Harrell
Presidents
L. Merle Hostetler
R. G. Johnson, in charge of
Cincinnati Branch
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Roger Drackett
W. Bay Irvine
Anthony Haswell, Chairman
Ivan Jett
Franklin A. McCracken
Lawrence O. Hotchkiss
Frank C. Irvine
Douglas M. Moorhead
George P. MacNichol, Jr.
Paul A. Warner
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
William A. Mitchell
Thomas M. Wolfe
John C. Warner,
Chairman
Irving W. Wilson
632
FEDERAL RESERVE BULLETIN • MAY 1958
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent
Alonzo G. Decker, Jr., Deputy
Joseph E. Healy
L. Vinton Hershey
Robert O. Huffman
D. W. Colvard
Robert Gage
Hugh Leach, President
Chairman
Denver L. Morgan
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
J. M. Nowlan
James M. Slay
Thomas I. Storrs
C. B. Strathy
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
James W. McElroy
Wm. Purnell Hall, Chairman
J. N. Shumate
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
George H. Aull
Charles D. Parker
William H. Grier, Chairman
Ernest Patton
I. W. Stewart
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Roland L. Adams
W. C. Bowman
Malcolm Bryan, President
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
John L. Liles, Jr.
Robert M. Cleckler
John R. Downing
Linton E. Allen
W. E. Ellis
Harllee Branch, Jr., Deputy
William C. Carter
Henry G. Chalkley, Jr.
Donald Comer
Chairman
Joseph T. Lykes
Pollard Turman
Lewis M. Clark, First Vice President
Vice Presidents
J. E. McCorvey
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
E. W. McLeod
John C. Persons
Selden Sheffield
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James G. Garner
C. B. McLeod
J. Wayne Reitz
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
John E. Urquhart, Chairman
Adolph Weil, Sr.
Harry M. Smith, Chairman
McGregor Smith
633
FEDERAL RESERVE BANKS A N D BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Coiitiiiiie*
NASHVILLE BRANCH—BOARD OF DIRECTORS
Jo H. Anderson
Stewart Campbell
Frank B. Ward, Chairman
C. L. Wilson
P. D. Houston, Jr.
V. S. Johnson, Jr.
W. N. Krauth
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
William J. Fischer
Frank A. Godchaux, III
J. Spencer Jones
G. H. King, Jr., Chairman
D. U. Maddox
H. A. Pharr
E. E. Wild
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Vivian W. Johnson
Carl E. Allen, President
Neil B. Dawes
W. R, Diercks
A. M. Gustavson
Paul C. Hodge
J. Stuart Russell, Deputy Chairman
G. F. Langenohl
Nugent R. Oberwortmann
E. C. Harris, First Vice President
Vice Presidents
H. J. Helmer
H. J. Newman
A. L. Olson
C. T. Laibly
R. A. Swaney, in charge
George W. Mitchell
of Detroit Branch
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
William A. Maybeny
Ira A. Moore
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
J. H. Longwell, Deputy Chairman
Pierre B. McBride, Chairman and Federal Reserve Agent
Leo J. Wieck
S. J. Beauchamp, Jr.
Kenton R. Cravens
H. Lee Cooper
J. E. Etherton
Jesse D. Wooten
Harold O. McCutchan
Delos C. Johns, President
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
R. H. Alexander
Donald Barger
Guy S. Freutel, First Vice President
Vice Presidents
Darryl R. Francis, in charge
of Memphis Branch
Donald L. Henry, in charge
of Louisville Branch
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
T. Winfred Bell, Chairman
J. W. Bellamy, Jr.
E. C. Benton
Geo. E. Kroner
Dale M. Lewis
H. H. Weigel
J. C. Wotawa
J. V. Satterfield, Jr.
Waldo E. Tiller
634
FEDERAL RESERVE BULLETIN • MAY 1958
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
Merle E. Robertson
John G. Russell
Magnus J. Kreisle
W. Scott Mclntosh
J. D. Monin, Jr.
David F. Cocks, Chairman
Philip Davidson
MEMPHIS BRANCH—BOARD OF DIRECTORS
John D. Williams
John K. Wilson
S. L. Kopald, Jr.
Simpson Russell
Frank Lee Wesson, Chairman
John E. Brown
J. H. Harris
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
John A. Moorhead
Frederick L. Deming, President
O. B. Jesness, Deputy Chairman
Harold C. Refling
Harold N. Thomson
A. W. Mills, First Vice President
Vice
Presidents
H. G. McConnell
M. H. Strothman, Jr.
Sigurd Ueland
M. B. Holmgren
A. W. Johnson
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
Carl McFarland, Chairman
J. Willard Johnson
O. M. Jorgenson
John M. Otten
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Presidents
Cecil Puckett, in charge
R. L. Mathes, in charge
of Denver Branch
of Oklahoma City Branch
Vice
John T. Boysen
George H. Clay
P. A. Debus, in charge
of Omaha Branch
Joseph S. Handford
E. U. Sherman
Clarence W. Tow
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Stewart Cosgriff
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
C. P. Stuart
635
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CrTY-Continued
C. Wheaton Battey
George J. Forbes
OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten
James L. Paxton, Jr.,
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
John M. Griffith
Lamar Fleming, Jr.
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
T. W. Plant
W. E. Eagle, in charge of
L. G. Pondrom
San Antonio Branch
Morgan H. Rice
T. A. Hardin
Harry A. Shuford
W. H. Holloway
C. E. Walker
F. W. Barton
John P. Butler
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
William R. Mathews
Thomas C. Patterson
I. F. Betts
L. R. Bryan, Jr.
HOUSTON BRANCH—BOARD OF DIRECTORS
W. B. Callan
A. E. Cudlipp
John C Flanagan, Chairman
Clarence E. Ayres
J. W. Beretta
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
E. C. Breedlove
Burton Dunn
Donald D. James
D. F. Stahmann
E. J. Workman,
Chairman
S. Marcus Greer
Tyrus R. Timm
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
N. Loyall McLaren
Philip I. Welk
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
E. R. Millard
Eliot J. Swan, First Vice President
Vice Presidents
R. H. Morrill
H. F. Slade
John A. O'Kane
W. F. Volberg,
J. A. Randall, in charge of
in charge of
Portland Branch
Los Angeles Branch
O. P. Wheeler
636
FEDERAL RESERVE BULLETIN • MAY 1958
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continoed
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Robert J. Cannon
Leonard K. Firestone,
Chairman
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley
J. H. McNally
John B. Rogers
William H. Steiwer, Sr., Chairman
C. B. Stephenson
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
George S. Eccles
Russell S. Hanson
Oscar Hiller
Joseph Rosenblatt, Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
Henry N. Anderson
James Brennan
Lyman J. Bunting,
Chairman
Joshua Green, Jr.
S. B. Lafromboise
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 1447-50 of the December 1957 Bulletin.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS.
April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
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50 cents each; elsewhere 70 cents each.
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President, are being distributed through the Superintendent of Documents.
Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60
Part III—Views on Regulation, $1.00
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Requests and remittances for these six books should be directed to the Superintendent of Documents,
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637
638
FEDERAL RESERVE BULLETIN • MAY 1958
REPRINTS
{From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
1952, 1953, 1954, 1955, and 1956 BULLETINS.)
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
April 1957. 20 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
SURVEY
OF FINANCE
COMPANIES,
STABILITY.
May 1953. 7 pages.
May 1957.
6 pages.
INTEREST RATES IN LEADING COUNTRIES.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
1957.
August
7 pages.
WINNING THE BATTLE AGAINST INFLATION.
Au-
gust 1957. 12 pages.
WORLD PAYMENTS STRESSES IN
1957.
1956-57. October
8 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
96 pages.
NEW INDEXES OF OUTPUT OF CONSUMER D U -
RABLE GOODS.
MID-1955.
April 1957. 17 pages.
OWNERSHIP OF DEMAND DEPOSITS.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
1953.
1957 SURVEY OF CONSUMER FINANCES. March,
June, and August 1957. 54 pages. (Similar
Surveys are available for earlier years from
May 1954. 15 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
DEXES. December 1957. 30 pages.
BANKING AND MONETARY STATISTICS, 1957.
(Se-
lected series of banking and monetary statistics
for 1957 only) February and May 1958. 11
pages. (Similar reprints of 1954, 1955, and
1956 data, February and May 1955, February
and May 1956, and February and May 1957
BULLETINS.)
BANK CREDIT AND MONEY IN 1957.
February
1958. 9 pages. (Also, similar reprint from
July 1957 BULLETIN.)
SEASONAL FACTORS AFFECTING BANK RESERVES.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Reprints on a similar
Survey are available from March, May, June,
July, and August 1947 BULLETINS.)
FINANCING OF LARGE CORPORATIONS,
1951-55
June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
February 1958. 12 pages.
INTERNATIONAL
GOLD
AND DOLLAR
FLOWS.
March 1958. 7 pages.
1958 SURVEY OF CONSUMER FINANCES. PRELIMINARY FINDINGS. March 1958. 4 pages.
MEMBER BANK LENDING TO SMALL BUSINESS,
1955-57. April 1958. 19 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
tober 1956. 24 pages. (Also similar reprint
from April 1953 BULLETIN.)
GROWTH AND STRUCTURE OF TIME DEPOSITS.
Octo-
OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3
November 1956
SURVEY OF COMMON TRUST FUNDS, 1957. May
INDEX OF ELECTRICITY AND GAS OUTPUT.
ber 1956. 15 pages.
AGRICULTURAL LOAN SURVEY.
pages.
and January, February, and March 1957 BULLETINS. 52 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
April 1958. 5 pages.
1958. 5 pages. (Also, similar reprints from
August 1956 and June 1957 BULLETINS.)
THE BATTLE AGAINST RECESSION.
pages.
May 1958.
8
Index to Statistical Tables
Demand deposits—Continued
Banks, by classes, 565, 571, 609
Type of holder, at commercial banks, 569
Department stores:
Merchandising data, 603
Sales and stocks, 592, 602
Deposits (See also specific types of deposits):
Adjusted, and currency, 564, 608
Banks, by classes, 565, 569, 571, 609
Federal Reserve Banks, 559, 560, 618
Postal savings, 564, 608
Turnover of, 562
Deposits, reserves, and borrowings, by class of member bank, 557
Discount rates, 558, 627
Discounts and advances by Federal Reserve
Banks, 555, 559
Dividends, corporate, 583, 584
Dollar assets, foreign, 618, 619
Dwelling units started, 599
Acceptances, bankers', 572, 573
Agricultural loans of commercial banks, 568, 570
Agriculture, Goyt. agency loans, 576, 577
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 564, 608
Corporate, current, 584
Domestic banks, by classes, 565, 568, 570, 609
Federal business-type activities, by fund or
activity, 576, 577
Federal Reserve Banks, 559, 560
Foreign central banks, 622
Automobiles:
Consumer instalment credit, 588, 589, 590
Production index, 594, 598
Bankers' balances, 569, 571
(See also Foreign liabilities and claims reported
by banks)
Banking and monetary statistics for 1957, 608
Banks and the monetary system, consolidated statement, 564, 608
Bonds (See also U. S. Govt. securities):
New issues, 582, 584
Prices and yields, 573, 574, 612
Brokers and dealers in securities, bank
loans to, 568, 570
Business expenditures on new plant and equipment, 584
Business indexes, 592
Business loans (See Commercial and industrial loans)
Earnings and hours, manufacturing industries, 592, 601
Employment, 592, 600, 601
Export-Import Bank, loans, etc., 576, 577
Farm mortgage loans, 576, 585, 586
Federal business-type activities, assets and liabilities,
by fund or activity, 576, 577
Federal Deposit Insurance Corporation,
assets, etc., 576, 577
Federal finance:
Cash transactions, 578
Receipts and expenditures, 571
Treasurer's balance, 578
Federal home loan banks, loans, etc., 576, 577, 587
Federal Housing Administration,
loans, etc., 576, 577, 585, 586, 587
Federal National Mortgage Association,
loans, etc., 576, 577, 587
Federal Reserve Banks:
Condition statement, 559, 560
U. vS. Govt. securities held by, 555, 559, 560,
580, 581
Federal Reserve credit, 555, 559, 560
Federal Reserve notes, 559, 560, 561, 563
Finance company paper, 572, 573
Foreign central banks, 620, 622, 627
Foreign deposits in U. S. banks, 555, 559, 560, 564,
569, 571, 608
Foreign exchange rates, 628
Foreign liabilities and claims reported by
banks, 614, 616, 618
Foreign trade, 603
Capital accounts:
Banks, by classes, 565, 569, 571, 609
Federal Reserve Banks, 559, 560
Carloadings, 592
Central banks, foreign, 620, 622, 627
Coins, circulation of, 563
Commercial banks:
Assets and liabilities, 565, 568, 609
Consumer loans held, by type, 589
Number, by classes, 565, 609
Real estate mortgages held, by type, 585
Commercial and industrial loans:
Commercial banks, 568
Weekly reporting member banks, 570, 572
Commercial paper, 572, 573
Commodity Credit Corporation, loans, etc., 576, 577
Condition statements (See Assets and liabilities)
Construction, 592, 598, 599
Consumer credit:
Instalment credit, 588, 589, 590, 591
Major parts, 588, 590
Noninstalment credit, by holder, 589
Consumer durable goods output indexes, 598
Consumer price indexes, 592, 604
Consumption expenditures, 606, 607
Corporate sales, profits, taxes, and
dividends, 583, 584
Corporate security issues, 582, 584
Corporate security prices and yields, 573, 574
Cost of living (See Consumer price indexes)
Currency in circulation, 555, 563
Customer credit, stock market, 574
Debits to deposit accounts, 562
Demand deposits:
Adjusted, banks and the monetary
system, 564, 608
Adjusted, commercial banks, by classes, 569
Gold:
Earmarked, 619
Net purchases by U. S., 619
Production, 618, 619
Reserves of central banks and governments, 620
Reserves of foreign countries and international
institutions, 621
Stock, 555, 564, 608, 619
Gold certificates, 559, 560, 561, 563
Govt. debt (See U. S. Govt. securities)
Gross national product, 606, 607
Home owners, Govt. agency loans, 576, 577
Hours and earnings, manufacturing industries, 592, 601
639
640
Industrial advances by Federal Reserve
Banks, 559, 560, 561, 562
Industrial production indexes, 592, 593, 598
Instalment loans, 588, 589, 590, 591
Insurance companies, 575, 580, 581, 586
Insured commercial banks, 567, 568
Interbank deposits, 565, 569, 571, 609
Interest rates:
Bond yields, 573
Business loans by banks, 573
Federal Reserve rates, 558, 562
Foreign countries, 627
Open market, 573, 627
Regulation V loans, 562
Stock yields, 573
International capital transactions of the
U. S., 614
International financial institutions, 620, 621, 622
Inventories, 607
Investments (See also specific types of investments):
Banks, by classes, 565, 568, 570, 609
Federal Reserve Banks, 559, 560
Govt. agencies, etc., 576, 577
Life insurance companies, 575
Savings and loan associations, 575
Labor force, 600
Loans (See also specific types of loans):
Banks, by classes, 565, 568, 570, 609
Federal Reserve Banks, 555, 557, 559, 560,
561, 562
Govt. agencies, etc., 576, 577
Insurance companies, 575, 586
Savings and loan associations, 575, 586
Loans insured or guaranteed, 561, 585, 586, 587
Manufacturers, production indexes, 592, 593, 598
Margin requirements, 558
Member banks:
Assets and liabilities, by classes, 565, 568, 609
Borrowings at Federal Reserve Banks, 555, 557
Deposits and reserves, by classes, 557
Number, by classes, 565, 609
Reserve requirements, by classes, 558
Reserves and related items, 555
Weekly reporting series, 570
Minerals, production indexes, 592, 593
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 564, 565, 567, 580, 581, 585,
608, 610
National banks, 567
National income, 606
National security expenditures, 579, 607
Nonmember banks, 559, 567, 568
Payrolls, manufacturing, index, 592
Personal income, 607
Postal Savings System, 564, 608
Prices:
Consumer, 592, 604
Security, 574, 612
Wholesale commodity, 592, 604
Production, 592, 593, 597, 598
Profits, corporate, 583, 584
Real estate loans:
Commercial banks, 568, 570, 585
FEDERAL RESERVE BULLETIN • MAY 1958
Real estate loans—Continued
Type of mortgage holder, 585, 586, 587
Type of property mortgaged, 585, 586, 587
Regulation V, loan guarantees, 561, 562
Reserve requirements, member banks, 558
Reserves:
Commercial banks, 569
Federal Reserve Banks, 559, 560
Foreign central banks and governments, 620
Foreign countries and international institutions, 621
Member banks, 555, 557, 559, 560, 569, 571
Residential mortgage loans, 585, 586, 587
Sales finance companies, consumer
loans of, 588, 589, 591
Savings, 606
Savings deposits (See Time deposits)
Savings institutions, principal assets, 575
Savings and loan associations, 575, 576
Securities, international transactions, 617, 618
Security issues, 582, 584
Silver coin and silver certificates, 563
State member banks, 567
State and municipal securities:
New issues, 582
Prices and yields, 573, 574
States and political subdivisions:
Deposits of, 569, 571
Holdings of U. S. Govt. securities, 580
Ownership of obligations of, 568, 575
Stock market credit, 574
Stocks:
New issues, 582
Prices and yields, 573, 574
Tax receipts, Federal, 579
Time deposits, 557, 564, 565, 569, 571, 608, 609
Treasurer's account balance, 578
Treasury cash, 555, 564, 608
Treasury currency, 555, 563, 564, 608
Treasury deposits, 555, 559, 560, 578
Unemployment, 600
U. S. Govt. balances:
Commercial bank holdings, by classes, 569, 571
Consolidated monetary statement, 564, 608
Treasury deposits at Federal Reserve
Banks, 555, 559, 560, 578
U. S. Govt. securities:
Bank holdings, 564, 565, 568, 570, 580, 581,
608, 609
Federal Reserve Bank holdings, 555, 559, 560,
580, 581
Foreign and international holdings, 621
International transactions, 617
New issues, gross proceeds, 582
Outstanding, by type of security, 580, 581
Ownership of, 580, 581
Prices and yields, 573, 574, 612
United States notes, outstanding and in circulation, 563
Utility output index, 597
Veterans Administration, loans, etc., 576, 577, 585,
586, 587
Yields (See Interest rates)
(o THE FEDERAL RESERVE SYSTEM o)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
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Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
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