Full text of Federal Reserve Bulletin : May 1960
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FEDERAL RESERVE
LET
MAY i960
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
Ralph A. Young
C O M M I T T E E
Woodlief Thomas
Guy E. Noyes
Charles Molony
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
The Current Labor Market
467
Member Bank Earnings, 1959
474
Survey of Common Trust Funds, 1959
478
Survey of Foreign Investments
Law Department
Current Events and Announcements
National Summary of Business Conditions
Financial and Business Statistics, U. S. (Contents on p. 505)
International Financial Statistics (Contents on p. 579)
Board of Governors and Staff
Open Market Committee and Staff; Federal Advisory Council
Federal Reserve Banks and Branches
Federal Reserve Board Publications
Index to Statistical Tables
Map of Federal Reserve System
Inside back
Volume 46
485
486
497
502
506
580
597
598
598
600
602
cover
Number
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month, or $5.00 for 12 months.
THE LABOR MARKET HAS REFLECTED the
high rate of general economic activity prevailing this year. Seasonally adjusted nonfarm employment has risen somewhat further. Total labor income has continued to
increase in both money and real terms, but
not so rapidly as earlier.
Since last summer growth in employment
has been moderate and divergent tendencies
have been evident among industries. In nonindustrial activities, employment has risen
almost without interruption since early 1958,
and is substantially higher than in 1957. In
the industrial sector, where gains were large
following declines during the steel strike,
employment has not reattained the July 1959
level and is considerably below 1957. Farm
employment has continued its downward
trend.
Seasonally adjusted unemployment in
April, at 5.0 per cent of the civilian labor
force, was down from March and was about
the same as last summer. The steel strike
last year and unusually severe weather in
late winter contributed importantly to fluctuations in employment after mid-1959.
Both the total number out of work and the
number unemployed for long periods are
currently above the levels prevailing in the
1955-57 period of cyclical expansion. A
number of major industrial areas continue
to report substantial labor surpluses, but
fewer areas are so classified than a year ago.
Unemployment rates vary considerably
among occupations. Demands for professional, technical, and managerial employees
have remained strong and the number of
unemployed in these occupations is small.
NONAGNCULTURAl IMPIOYMINT
Seasonally adjusted. millions of parsons
NONINOUSTRIAL
INDUSTRIAL
-
..
i
I
1954
I
1956
I
!
195»
24
22
1
20
1960
NOTE.—Bureau of Labor Statistics data. Industrial includes
manufacturing, mining, construction, transportation, and public
utilities; nonindustrial covers trade, service, finance, and government. Domestic service and unpaid family workers and the
self-employed are excluded. Latest figures shown are for April.
Clerical and sales employees continue to
experience less than average unemployment.
Unemployment rates are highest in the semiskilled and unskilled blue-collar occupations.
NONFARM EMPLOYMENT AND HOURS
Seasonally adjusted employment in nonfarm
establishments was at a record level in
April. The total, at 53 million persons, was
1.2 million or 2 per cent higher than a year
earlier. Much of the increase occurred in
the spring and early summer of 1959, when
strong and widespread expansion in employment opportunities was reinforced by inventory accumulation preceding the steel strike.
During the strike most nonindustrial activities continued to show strength, but total
employment declined as curtailments spread
from steel mills to metal consuming and
auxiliary industries.
467
468
FEDERAL RESERVE BULLETIN • MAY 1960
EMPLOYMENT IN NONAGRICULTURAL
ESTABLISHMENTS
[In thousands of persons]
Increase, or decrease (—)
April 1960 from:
Industry
division
April
1960
July
1959
April
1958
April
1957
Total
53,044
486
2,990
801
Industrial
Manufacturing....
23,880
16,512
-134
-68
1,400
1,269
-891
-435
Durable .
Nondurable,
Mining
Contract construction
Transportation....
Public utilities....
9,536
6,976
682
-99
31
-32
970
299
-41
-404
-31
-130
2,756
2,586
1,344
-44
10
0
132
83
-43
-99
-160
-67
Nonindustrial
Trade
Finance and service
Government
29,164
11,571
620
106
1,590
521
1,692
306
9,076
8,517
80
434
368
701
466
920
2,358
6,159
157
277
186
515
131
789
Federal.
State and local..
NOTE.—Bureau of Labor Statistics data adjusted for seasonal
variation. Self-employed and domestic servants are excluded.
Totals exclude Alaska and Hawaii for comparability with earlier
periods. Federal Government employment in April 1960 includes
150,000 temporary Census workers. April 1960 figures are preliminary.
Resumption of steel production in November 1959 was accompanied by sharp advances in economic activity, and employment rose sharply through February of this
year. In March and April the labor market
was heavily influenced by temporary factors
including adverse effects of unusually bad
weather in late winter, a late Easter, and the
hiring of a large force of enumerators for the
1960 Census. The April increase in nonfarm employment was slightly larger than
the March decline.
Industrial activities. Manufacturing establishments employed 16.5 million persons in
April, a slightly smaller number than at the
prestrike high of last summer or in February
of this year. Recent declines in employment
in durable goods lines have been partly offset
by some expansion in nondurables.
Efforts to adjust high output rates to current levels of final takings have resulted in
layoffs since February in the steel, fabricated metals, and automobile industries, and
in some other consumer durable goods lines.
Meanwhile, shifts in defense procurement
have led to further declines in employment
in aircraft plants, with expanded production
of missiles providing only a partial offset.
On the other hand, in machinery industries,
where rising outlays for capital equipment
have imparted some strength, employment
has been maintained this year at a level
a little above that attained before the steel
strike.
Employment in nondurable goods industries, which had been comparatively stable,
increased in April and was above the level
of last July. Employment was higher than
in mid-1959 in printing, chemicals, and apparel, but lower in textiles and leather. Textile employment increased somewhat in
March and April.
Working hours in manufacturing have
been sensitive to fluctuations in demand for
labor. The average workweek, which lengthened from early 1958 until June 1959,
was reduced during the steel strike, and
then increased through January 1960. Since
then, elimination of some overtime and an
increase in part-time work have reduced the
average workweek. In April, at 39.4 hours,
it was almost one hour shorter than a year
earlier. Both durable and nondurable goods
lines showed declines over the year of similar magnitude.
Among other major industrial activities,
employment in transportation and public
utilities in April was little different from
mid-1959. Construction employment, which
recently has shown sizable fluctuations re-
469
THE CURRENT LABOR MARKET
lated to weather conditions, was down a
little. The secular decline in mining employment has continued. In all major industrial activities, including manufacturing,
employment was lower in April than in
1957.
Nonindustrial activities, Nonindustrial activities have continued to show an upward
trend. Employment in trade, services, and
State and local government was at a new
record level in April, with a total increase
of 600,000 since mid-1959. State and local
governments showed the largest gain. Federal government employment rose this
spring because of the temporary hiring of
enumerators for the decennial Census, but
otherwise has continued at about the level
prevailing since 1954.
The average workweek in nonfarm activities has been declining in length in recent years. Currently, almost 12 million
nonfarm workers are employed less than
35 hours per week, an increase of 22 per
cent since early 1957. In large part the
shortening of hours is due to growth in the
number of voluntary part-time workers.
Women and younger persons, whose preference is for part-time work in the service and
trade industries, make up a large and increasing proportion of total employment.
The workweek in manufacturing also is
shorter than three years ago. In this sector,
however, some easing in demand for labor
and less overtime work were major factors.
Despite the increase in nonfarm employment, total manhours worked this spring
were little changed from a year earlier and
were down from early 1957.
Shifts in employment. The industrial structure of employment has changed significantly
in recent years. A major development has
been the growth in both absolute and relative terms of nonindustrial employment and
the decline in industrial employment. Since
1953 nonindustrial employment has increased by 4.5 million, whereas industrial
employment has declined by 1.3 million.
There also has been a marked shift in the
occupational composition of the labor force
as indicated by the changes in employment
shown in the chart.
Technological progress, shifts in con-
OCCUMHONAt U t O t fOICI
PROPORTION OF
NONFARM LABOR FORCE
April 1960
PROFESSIONAL AND MANAGERIAL
CHANGE IN EMPLOYMENT
April 1957 to April 1960
24
CLERICAL AND SALES
UNEMPLOYMENT RATE
April 1960
23
10
SKILLED CRAFTSMEN
15
•
SEMISKILLED OPERATIVES
21
i
UNSKILLED lAftORERS, NONFARM
0
2
Per cent
NOTE.—Bureau of Labor Statistics data. The unemployment
rate is the percentage of labor force unemployed in each occu-
4
6
1 1 0
Per cent
pation.
12
4
2 — 0 + 2
4
6
$
Per cent
April 1960 data include Alaska and Hawaii,
469
THE CURRENT LABOR MARKET
lated to weather conditions, was down a
little. The secular decline in mining employment has continued. In all major industrial activities, including manufacturing,
employment was lower in April than in
1957.
Nonindustrial activities. Nonindustrial ac-
tivities have continued to show an upward
trend. Employment in trade, services, and
State and local government was at a new
record level in April, with a total increase
of 600,000 since mid-1959. State and local
governments showed the largest gain. Federal government employment rose this
spring because of the temporary hiring of
enumerators for the decennial Census, but
otherwise has continued at about the level
prevailing since 1954.
The average workweek in nonfarm activities has been declining in length in recent years. Currently, almost 12 million
nonfarm workers are employed less than
35 hours per week, an increase of 22 per
cent since early 1957. In large part the
shortening of hours is due to growth in the
number of voluntary part-time workers.
Women and younger persons, whose preference is for part-time work in the service and
trade industries, make up a large and increasing proportion of total employment.
The workweek in manufacturing also is
shorter than three years ago. In this sector,
however, some easing in demand for labor
and less overtime work were major factors.
Despite the increase in nonfarm employment, total manhours worked this spring
were little changed from a year earlier and
were down from early 1957.
Shifts in employment. The industrial structure of employment has changed significantly
in recent years. A major development has
been the growth in both absolute and relative terms of nonindustrial employment and
the decline in industrial employment. Since
1953 nonindustrial employment has increased by 4.5 million, whereas industrial
employment has declined by 1.3 million.
There also has been a marked shift in the
occupational composition of the labor force
as indicated by the changes in employment
shown in the chart.
Technological progress, shifts in con-
OCCUPAKONAl U I 0 I FORCE
PROPORTION OF
NONFARM LABOR FORCE
April 1960
M O f i S S I O N A l AND MANAGERIAL
CHANGE IN EMPLOYMENT
April 1957 lo April 1960
Per cent
Per eeni
24
CLERICAL AND SALES
UNEMPLOYMENT RATE
April 1960
23
SKILLED CKAFTSMEM
SEMISKIUID OPERAtlVES
21
UNSKIUfD LABORERS, NONFARM
Per cenl
NOTE.—Bureau of Labor Statistics data. The unemployment
rate is the percentage of labor force unemployed in each occu-
pation.
April 1960 data include Alaska and Hawaii.
470
sumer and other demands for goods and
services, and rapid population growth have
changed employment requirements. Research and development, education, and
health services have expanded considerably.
In most industries employment of professional and managerial personnel has increased sharply. These occupations, which
now account for one-fourth of the nonfarm
labor force, require highly trained and educated workers and the supply has been inadequate to meet current demands. Needs
for clerical, sales, and service personnel have
also expanded considerably. In contrast,
employment of semiskilled and unskilled
workers has declined.
Changes in occupational requirements
have also been evident in manufacturing industries. Earlier divergent trends in production and nonproduction worker employment
in manufacturing have continued, after allowing for cyclical changes. In April 1960
the number of production workers was
750,000 below the 1957 high and 1.5
million below mid-195 3. Salaried worker
employment was 100,000 above the earlier
high in 1957 and 600,000 above mid-1953.
UNEMPLOYMENT
Unemployment in April, after seasonal adjustment, totaled 3.6 million persons. This
was 5.0 per cent of the civilian labor force,
down from March but not much changed
from January and February of this year or
April 1959. The current rate of unemployment is substantially below the 1958
recession high but still above the level prevailing in the 1955-57 period, as can be
seen in the chart.
With both the labor force and total
civilian employment increasing by about
the same number, the distribution of unemployment among major population groups
FEDERAL RESERVE BULLETIN • MAY 1960
UNEMPLOYMENT RATE
Seasonally adjusted, per cent
-
19S6
19S8
4
I960
NOTE.—Bureau of Labor Statistics data. The unemployment
rate is the percentage of the civilian labor force unemployed.
Beginning with January 1960, data include Alaska and Hawaii.
Latest figures shown are for April 1960.
has changed little in the past year. In general, unemployment rates are lower for men
than for women, as is usual during periods
of relatively high activity. Rates are also
lower for heads of families than for single
individuals.
Unemployment rates have been relatively
high among the ybung, the unskilled, and
the nonwhite—groups that usually experience higher than average unemployment.
Persons under 25 years of age for the most
part have little experience and low seniority,
and they change jobs frequently.
Long-term unemployment leveled off beginning last spring, after declining rapidly
during the 1958 and early 1959 recovery
period. Each month over the past year almost one million persons, after allowance for
seasonal influences, were reported as having
been seeking jobs for 15 or more weeks.
This is almost twice the number during the
1955-57 period of cyclical expansion. Older
471
THE CURRENT LABOR MARKET
workers constitute a substantial proportion
of the long-term unemployed. Short-term
unemployment in March and April—that
is, persons out of work for a month or less—
was moderately larger than a year earlier
and accounted for about two-fifths of the
unemployed.
In most of the 149 major labor market
areas the supply of labor is in fairly close
balance with demand. In 33 such areas,
however, substantial labor surpluses were
reported in March, compared with 19 in
early 1957. Areas with high unemployment rates included coal mining communities and one-industry towns where unemployment problems have been chronic, and
also the large cities of Detroit, Buffalo, and
Pittsburgh and a number of smaller centers
producing durable goods.
LABOR INCOME
Wage and salary payments rose further in
April to a record seasonally adjusted annual
rate of $271 billion, which was more than
5 per cent larger than a year earlier. After
allowance for higher consumer prices, the
total was up nearly 4 per cent. Growth in
employee income has slowed since mid1959, as wage rates and employment have
risen less rapidly and the workweek in manufacturing has shortened.
The moderate increase in wage rates
contrasts sharply with experience in other
postwar periods of rising activity and stems
from several factors. Labor is in easier
supply than earlier. Intensified competition
for markets and increased imports have
heightened efforts by domestic producers to
prevent advances in costs. Also the rise in
consumer prices has not been large, and
there has been less demand for wage increases on this account.
Meanwhile, increases in productivity in
manufacturing have been relatively large in
WAG! AND SALARY PAYMENTS
NOTE.—Based on Department of Commerce monthly figures,
seasonally adjusted; figures in 1955 dollars computed by Federal
Reserve on basis of the consumer price index. Latest data
shown are for April 1960; consumer price index for April
estimated by Federal Reserve.
this cyclical expansion. The pattern of
wage and productivity change has tended
to stabilize unit labor costs, in contrast with
the preceding expansion period when unit
labor costs rose sharply. These recent developments have contributed to a lessening
of inflationary expectations.
Changes in earnings. Average hourly earnings of production workers in manufacturing
in April, at $2.28, were down slightly from
March and 2 per cent higher than a year
earlier. Over the preceding year, from the
recession low in April 1958 to April 1959,
hourly earnings had advanced 6 per cent.
The slower rate of increase during the
past year was concentrated in durable goods
industries, reflecting in part some loss of
overtime and other premium payments in a
number of lines and the postponement of
wage rate increases until later in 1960 in the
steel and steel-fabricating industries. In
nondurable goods lines, average hourly earnings rose about as much as during the preceding year. Wage rate increases were recently negotiated in the textile and apparel
472
industries, in which earnings have tended
to lag.
Weekly earnings in manufacturing in
April averaged about $90. In both durable
and nondurable goods lines weekly wages
were little changed from a year earlier, as
the effects of increases in hourly earnings
were about offset by shorter hours. This
contrasts with an increase of 11 per cent in
the previous 12 months, when both weekly
hours and hourly earnings rose rapidly.
In April 1960, weekly earnings were well
above a year earlier in the ordnance, instrument, furniture, chemical, and food industries, but below in the primary metals,
tobacco, and rubber industries. Most other
manufacturing industries showed relatively
little change.
In many nonindustrial activities where demands for labor have been more expansive
and the average workweek more stable,
there have been moderate gains in hourly
and weekly earnings during the past year.
Increases were generally smaller, however,
than the annual average since 1953.
Collective bargaining. Settlement of the
dispute in steel in January followed the longest steel strike on record. The new contract,
covering a period of 30 months, provided for
smaller advances than the previous contract
in wage rates and health and welfare benefits. A maximum cost-of-living increase of
6 cents over the contract period was provided as compared with an actual cost-ofliving increase of 17 cents under the previous three-year contract. Workers received
an increase in take-home pay in January of
this year, as the companies assumed the
total cost of insurance and health premiums.
An advance in wage rates of more than 9
cents an hour, or about 3 per cent, is scheduled for December.
Under contracts negotiated before 1960,
FEDERAL RESERVE BULLETIN • MAY 1960
close to 3 million workers in autos, metals,
trucking, and construction will receive this
year wage rate increases of about the same
amount as last year. The number of workers covered by long-term contracts and by
cost-of-living adjustments has apparently increased little this year. Contract negotiations are under way or are scheduled for
later in 1960 in such major industries as
railroads, aircraft, electrical machinery, and
rubber.
Both management and unions appear to
be more cautious in their approach to wage
negotiations and to be placing increasing
emphasis on problems of work standards
and labor displacement resulting from automation. Tripartite groups representing
management, labor, and the public have
been established by a number of contracts
to study means of handling structural
changes in employment. In some instances,
funds have been set aside to provide retraining, relocation, and severance pay for
displaced workers. Union efforts to organize professional and clerical workers,
most of whom are not in unions, are being
stepped up but so far have apparently met
with little success.
LABOR FORCE
The civilian labor force averaged 69.9 million persons in January-April of this year,
500,000 more than a year earlier. The
increase was less than that indicated by Census Bureau projections based on growth in
the working age population and on long-run
trends in labor force participation rates by
age-sex groups.
In the past four years, annual increases
have been below expectations and the labor
force in January-April 1960 was substantially below the projected level. This contrasts with 1956 when the labor force was
THE CURRENT LABOR MARKET
well above the projected level. The slowerthan-anticipated growth apparently reflects
a combination of factors, including some
easing in demands for certain labor skills,
longer schooling for youth, and earlier retirement among older workers than had previously been expected.
Men under 25 years of age have continued to enter the labor force in large
numbers since January-April 1959, primarily reflecting population growth in this
age-sex group. Almost all men in the prime
working ages of 25 to 54 years are in the
labor force and their number has been relatively stable, owing in part to the low
birth rates in the late 1920's and 1930's.
Among men 55 years of age and older,
declines in labor force participation rates
have been larger than anticipated. Major
influences here include improved pension
plans and the withdrawal from the labor
market of older men who have lost jobs.
Women 45 years of age and older have
473
continued to be a significant factor in labor
force growth. However, the total number
of women in the labor force has been increasing more slowly than projected because
the rate of increase among younger women
has fallen off. Many women, old and young,
have found employment in such expanding
activities as sales, service, and education.
The labor force is expected to increase at
a faster rate than the total population during
the current decade. Official projections suggest a potential increase in the labor force
of almost 14 million persons in the 1960's,
compared with 8 million in the past decade.
About half of this prospective growth is accounted for by youths under 25 years of age.
The size of annual labor force increases will
mount as the decade progresses. Labor
force growth is projected at an annual average of 1.2 million persons from 1960 to
1965 and of 1.5 million in the second half
of the decade. The latter increase is almost
double that experienced in the past five years.
Member Bank Earnings, 1959
GROSS OPERATING EARNINGS of all
FACTORS IN LOWER NET PROFITS
mem-
ber banks for 1959 were $8,075 million,
13 per cent higher than in the preceding
year. This growth was offset only in part
by an increase in current operating expenses,
and net current earnings before income taxes
rose 17 per cent to $2,935 million.1
Profits before income taxes, at $2,032
million, were $574 million lower, however,
than they were in 1958 largely as a result
of a shift from a net gain to a net loss
on nonoperating transactions in securities.
Smaller provisions for Federal and State
income taxes offset a part of these losses,
and net profits for the year totaled $1,257
million or $200 million less than in 1958.
The ratio of net profits to average total capital accounts declined from 9.7 in 1958 to
7.9 per cent in 1959.
Cash dividends declared amounted to
$690 million, $44 million more than in
1958 when banks retained a larger proportion of their higher net profits in capital
accounts. Average total capital accounts
were slightly larger in relation to total assets
in 1959 than in 1958, but they declined
from 15.0 to 14.5 per cent of total assets
less U. S. Government securities and cash
assets.
[In millions of dollars]
Item
Decrease in net profits
Factors decreasing net profits, total.
Increase in operating expenses
Nonoperating transactions
Increase in net losses on securities 2
Decrease in profits on sales of securities
Larger net increase in valuation reserve on loans. .
Factors increasing net profits, total.
Increase in operating earnings
On loans
On U. S. Government securities.
Miscellaneous current earnings..
On other securities
Decrease in provision for taxes on net income
Nonoperating transactions
Change from net increase to net decrease in valuation reserve on securities
,
Decrease in net losses on loans 2
Decrease in miscellaneous losses
Increase in miscellaneous recoveries
-200
-1,881
523
1,358
757
570
31
+ 1,680
948
695
133
87
33
374
358
330
10
10
1
Details may not add to totals because of rounding.
2 Includes recoveries credited and losses charged either to undivided
profits or to valuation reserves.
A summary of factors contributing to the
decline in net profits of member banks in
1959 appears in the accompanying table.
EARNING ASSETS AND EARNINGS
NOTE.—This article was prepared by Theodore A.
Veenstra, Jr., of the Board's Division of Bank Operations.
1
Net current earnings are gross current operating
earnings less gross current operating expenses, before
adjustments for losses, profits on sales of securities,
recoveries, transfers to and from valuation reserves,
and taxes on net income.
Change
from 19581
Earning assets of member banks rose $3
billion during 1959 to a total of $158 billion at the year-end. Loans outstanding
rose $10.7 billion. Banks financed a large
part of these lending operations by reducing
their holdings of U. S. Government securities.
Because of a change in 1959 in loan
classifications, figures for two loan items
are no longer reported on the same basis
as they were for earlier years and comparisons with end-of-1958 totals are not feasible.
474
475
MEMBER BANK EARNINGS, 1959
average holdings and an increase in the
average rate of return from 5.35 to 5.65
per cent.
In spite of a decline in average holdings
of U. S. Government securities, earnings on
these securities increased $133 million, as
the average rate of return rose from 2.45
to 2.79 per cent. It may be noted that the
decline in average holdings of such securities for the year as a whole was only about
one-fifth of that indicated by year-end comparisons. An increase of $33 million in
earnings on other securities during 1959
reflected a slightly larger average rate of
return and larger average holdings for the
year as a whole.
Relative to total earnings, earnings on
loans increased and those on U. S. Government securities declined in 1959. This con-
Among the items for which comparable
year-earlier figures are still available, the
call report data show that real estate loans
and consumer loans, taken together, accounted for nearly half of the total increase
in loans during 1959.
Investments in U. S. Government securities at the end of 1959 were $46.8 billion,
$7.5 billion less than at the end of 1958.
Holdings of bills, notes, and certificates declined $3.9 billion during the year and
bonds $3.6 billion. Member banks reduced
their holdings of other securities slightly
over the year but they increased their investments in State and local government
securities by $0.3 billion.
Earnings on loans increased by $695
million or about 16 per cent over the total
for 1958. This growth reflected both larger
M E M B E R BANK EARNINGS, 1948-59
[Dollar amounts in millions]
Item
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
$2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075
Earnings
855
859
865
929
1,011
1,118
832
1,066
1,101
1,168
On U. S. Government securities
1,266
1,399
158
169
190
296
211
235
252
273
308
339
On other securities
411
445
1,308
1,427
1,634 2,003 2,306 2,632 2,711
3,083 3,725 4,208 4,326 5,021
On loans
141
158
172
187
198
219
252
274
310
354
Service charges on deposit accounts. .
389
422
367
403
373
436
452
523
572
634
Other earnings
477
702
734
788
1,795
876
250
90
579
1,889
926
261
96
605
2,020
1,000
271
109
640
2,232
1,125
306
115
686
2,501
1,244
365
118
775
2,782
1,371
425
125
860
2,999
1,463
494
140
902
3,265
1,571
543
149
Net current earnings before income taxes. 1,033
1,097
1,245
1,437
1,619
1,809
1,828
179
135
95
190
181
251
+
+44
+ 60
45
21
12
65
26
22
2
171
3
122
11
110
4
124
Profits before income taxes
Taxes on net income
854
234
961
275
1,150
369
Net profits
Cash dividends declared2
Ratio of net profits to average total
capital accounts (per cent)
621
294
686
313
781
346
Expenses
Salaries and wages
Interest on time deposits
Taxes other than income
Other expenses
Net of profits and recoveries ( + ) , losses
and charge-offs, and changes in valuation reserves
Profits and recoveries ( + ) , losses and
charge-offs:
On securities*
On loans 1
Other
Net increase (or decrease,+) in valuation reserves:
On securities
On loans
Number of banks at end of year
20
+ 12
4,222
1,877
1,002
3,680
1,735
650
157
1,138
1,327
5,140
2,118
1,280
211
1,531
2,077
2,398
2,549
2,510
2,935
+73
401
654
485
+96
904
129
43
40
+315
30
47
189
39
34
326
81
18
211
59
39
+535
47
49
792
37
31
+ 13
+1
1
+ 37
176
+ 10
51
63
102
+ 32
81
187
189
153
+ 140
184
1,247
491
1,437
608
1,558
692
1,900
804
1,676
691
1,744
718
2,063
895
2,606
1,148
2,032
775
756
371
829
390
865
419
1,096
456
985
501
1,027
547
1,169
604
1,457
646
1,257
690
4,617
1,981
1,123
185
7.2
7.6
8.3
7.6
7.9
7.8
9.3
7.9
7.7
8.3
9.7
7.9
6,918
6,892
6,873
6,840
6,798
6,743
6,660
6,543
6,462
6,393
6,312
6,233
1
Includes recoveries credited and losses charged either to undivided profits or to valuation reserves and excludes transfers to and
261
927
172
1,246
from valuation reserves.
2
Includes interest on capital notes and debentures.
476
FEDERAL RESERVE BULLETIN • MAY 1960
CHANGES IN MEMBER BANK LOANS AND INVESTMENTS
1959
[Dollar amounts in millions]
Item
Change from
Dec. 31, 1958
Amount
Dec. 31,
1959
Amount
Percentage
$157,879
+ $ 3,014
+ 1.9
Loansl
Commercial and industrial
Agricultural
For purchasing and carrying
securities
,
To financial institutions
,
Real estate
Other loans to individuals
All other
94,779
36,826
3,116
+ 10,717
n.a.
+
64
4,472
7,612
22,185
19,877
2,603
n.a.
2,173
2,849
n.a.
+12.7
n.a.
+ 2.1
+ 3.3
n.a.
+ 10.9
+ 16.7
n.a.
U. S. Government securities....
Treasury bills, notes, and
certificates
Bonds2
46,813
-
7,486
-13.8
18,028
28,785
-
3,876
3,611
-17.7
-11.1
Other securities
State and local government..
Other
16,287
13,677
2,610
+
217
272
489
- 1.3
+ 2.0
Total loans and investments
143
-15.8
n.a. Not available.
1 Totals are net (after deduction of valuation reserves); individual
loan items are gross and do not add to totals.
2
Includes small amount of guaranteed obligations.
NOTE.—Figures for December 31, 1959, are based on new classification of loans, including those to financial institutions; the latter were
previously reported as "commercial and industrial" or "all othef."
tinued the trend in the relative proportions
for each of these items that began in 1947.
Although all other items of current operating
earnings rose in 1959, as they have in most
other recent years, their relative importance
did not increase.
EXPENSES
All categories of member bank expenses
continued to rise in 1959. Total expenses
amounted to $5,140 million, about 11 per
cent more than in 1958.
Interest payments on time deposits continued to increase, although at a slower pace
than in 1956, 1957, or 1958. Average
total time deposits rose $3.1 billion during
1959 and the average rate of interest paid
rose from 2.20 to 2.36 per cent. Since 1955
the average rate has risen from 1.36 to 2.36
per cent and average holdings have increased 35 per cent. Interest on time deposits now represents 15.8 per cent of total
earnings, compared with 10.2 per cent in
1955.
Salaries and wages accounted for $137
million of the increase in operating expenses
during 1959 as both the number and the
average compensation of officers and employees continued to expand. Average compensation of officers at all member banks
was about $9,900 while that of employees
was about $3,600. In 1955 these levels
were $8,700 and $3,100, respectively.
PROFITS, RECOVERIES, LOSSES, AND TRANSFERS TO VALUATION RESERVES
Nonoperating transactions reduced net
profits by $904 million in 1959; transactions in securities accounted for $651 million of the reduction, loans for $221 million,
and all other assets for $31 million. This
contrasts sharply with 1958 when the net
effect of nonoperating transactions was to
add $96 million to member bank profits,
largely as a result of a gain on transactions
in securities.
Member banks increased their valuation
reserves on loans by $184 million in 1959.
Such reserves have expanded in each year
since 1948 when banks first began to report
the amounts of these reserves. On the other
hand, they reduced valuation reserves on
securities by $140 million; in recent years
increases in these reserves have occurred
only in 1954 and 1958 when banks reported
substantial profits on securities.
INCOME TAXES
Reflecting the decrease in profits before income taxes, provisions for taxes on net
income in 1959 were reduced by $374 million. The total provided for such taxes,
$775 million, represented 38 per cent of
profits before income taxes compared with
44 per cent in 1958.
477
MEMBER BANK EARNINGS, 1959
crease in net current earnings before income
taxes.
For each class of bank all items of current operating earnings were larger than in
1958, as the accompanying table shows, and
earnings on loans were the principal factor
in the increase. One important difference
between classes of banks is that at country
banks average holdings of U. S. Government
securities increased and earnings on these
securities rose proportionately more than
those on loans. Year-to-year changes in
other items were similar at all classes of
member banks.
Detailed figures on earnings and related
items appear on pages 564-72.
CASH DIVIDENDS
Cash dividends declared in 1959 totaled
$690 million, $44 million more than in
1958. This amount represented 55 per cent
of net profits compared with only 44 per
cent in the earlier year. The ratio of cash
dividends to average total capital accounts
was 4.3 per cent, the same as in 1957 and
1958. Retained earnings declined $244
million to $567 million and accounted for
about 70 per cent of the increase in total
capital accounts in 1959.
EARNINGS AND PROFITS BY CLASS OF BANK
Net profits declined in 1959 at all reserve
classifications of member banks. Nevertheless, each class reported a substantial in-
MEMBER BANK EARNINGS, BY CLASS OF BANK, 1959
AND
1958
[Dollar amounts in millions]
Central reserve city banks
Item
New York
1959
Earnings
On U. S. Government securities.
On other securities
On loans
All other
1958
1958
$8,075 $7,127 $1,306 $1,164
1,399 1,266
170
182
445
411
68
61
5,021 4,326
812
699
1,210 1,123
244
234
$308
60
18
$272 $3,205 $2,835 $3,256 $2,856
649
560
58
508
478
202
183
17
156
151
1,712
1,759 1,968
157 2,059
401
40
482
447
437
Net current earnings before income taxes
1958
1959
1958
2,016
699
315
123
261
300
110
227
158
71
31
56
142
68
25
49
2,040
833
534
672
1,823
111
474
1,742
4,617
1,981
1,123
1,512
572
2,243
899
592
752
2,935
2,510
607
528
150
130
1,165
1,012
1,013
904
+96
+535
196
+48
+ 85
+4
58
+10
341
+41
309
51
+44
+247
13
23
223
30
20
+ 158
792
37
31
47
49
189
+2
+ 12
+ 140
184
189
153
+20
42
Profits before income taxes.
Taxes on net income
2,032
775
2,606
1,148
Net profits
Cash dividends declared2
Ratios (per cent):
Net current earnings before income taxes to
Average total capital accounts
Average total assets
Net profits to—
Average total capital accounts
Average total assets
1,257
690
636
836
515
664
+3
7
3
329
13
15
22
17
+ 10
13
22
2
+78
62
104
67
+ 33
67
42
66
411
171
576
276
92
35
140
69
824
316
1,053
490
704
252
837
313
1,457
646
240
166
300
160
71
26
509
278
563
258
452
217
524
202
18.5
1.48
16.6
1.32
18.3
1.77
16.4
1.55
20.2
1.73
18.4
1.51
19.6
1.49
18.1
1.35
17.2
1.32
15.0
1.16
7.9
0.64
9.7
0.77
7.2
0.70
9.3
0.88
7.6
0.65
9.9
0.82
8.6
0.65
10.1
0.75
7.7
0.59
9.4
0.72
1
Includes recoveries credited and losses charged either to undivided
profits or to valuation reserves and excludes transfers to and from
182
47
1959
Country
banks
1959
5,140
2,118
1,280
1959
Chicago
1958
Expenses
Salaries and wages
Interest on time deposits
All other
Net of profits and recoveries ( + ) , losses and charge-offs,
and changes in valuation reserves
Profits and recoveries ( + ) , losses and charge-offs:
On securities *
On loans*
Other
Net increase (or decrease,+) in valuation reserves:
On securities
On loans
Reserve
city banks
Total
valuation reserves.
2
Includes interest on capital notes and debentures.
31
22
Survey of Common Trust Funds, 1959
THE AGGREGATE MARKET VALUE of
in-
vestments of 373 common trust funds increased $232 million, or 9 per cent, during
1959 to $2,667 million at the year-end. Net
additions to principal of $161 million accounted for 70 per cent of the increase,
appreciation in the market value for $51
million, and realized capital gains for the
remainder. Net additions to principal in
NOTE.—This article was prepared by Charles W.
Bryson of the Board's Division of Bank Operations.
For results of the Fourth Annual Survey of Common
Trust Funds, see the BULLETIN for May 1959, pp.
477-82.
As defined 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."
1959 were the largest for any year since
surveys of common trust funds were started
in 1955, as Table 1 shows. The growth
in number of funds was also the largest
during the period. These are some of the
findings of the Fifth 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
about principal uses of savings.
The Survey includes all common trust
funds operated by banks and trust companies in the United States and administered
under subsection (c) of Section 17 of the
Board's Regulation F. The reporting date
for each fund is the valuation date falling
in the fourth quarter of the calendar year.
The reporting period of funds other than
new ones covers 12 months. For funds
that began operating during 1959, investments are included in end-of-year tabulations of holdings and also in tabulations of
TABLE 1
SUMMARY STATISTICS FROM SURVEYS OF COMMON TRUST FUNDS, 1955-59
[Dollar amounts in millions]
Number
(end of year)
Market value of investments (end of year)
Year
Fixed-income assets
Funds
Banks
Total
Total i
Bonds
Preferred
Stock
Common
Stock
Net realized
Net additions
to principal capital gains and
appreciation
fund
(during year)
(during year)
1955
222
174
$1,868.7
957.8
$712.0
$214.1
910.9
$146.4
1956
243
195
1,974.4
989.4
735.1
209.2
985.1
118.9
-13.2
1957
277
215
1,965.5
1,029.1
780.8
204.6
936.3
101.8
-110.6
1958
322
246
2,434.4
1,141.9
868.0
221.2
1,292.5
157.0
311.9
1959
373
273
2,666.7
1,230.0
961.4
211.5
1,436.6
161.0
71.3
$
1
Includes all bonds, preferred stocks, real estate mortgages,
savings accounts, and principal cash.
$
$126.6
NOTE.—Details may not add to totals because of rounding.
478
479
SURVEY OF COMMON TRUST FUNDS, 1959
purchases and sales; the cash and U. S. Government nonmarketable securities placed
with the new funds by fiduciary accounts are
included in tabulations of net additions to
principal.
For classification purposes, a discretionary common trust fund is one in which all of
the investments of the fund—both as to individual securities and as to proportions of
classes of investments—are made at the sole
discretion of the trustee. Legal common
trust funds differ from State to State depending on the plan and the State statute
under which they operate: In all States except New York and New Jersey, a legal
common trust fund is one in which the plan
limits investments to those authorized by
State statute as legal for funds held in individual fiduciary accounts. In New York and
New Jersey, funds designated by their plan
TABLE 2
INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1959 '
[Dollar amounts in millions]
Holdings, at
end of 1958
Type of holding2
Total holdings (including principal cash).
Bonds, notes, and certificates—total..
(/. S. Government—total
Marketable, maturing:
Within one year
After one year
Nonmarketable
State and political subdivision.
Domestic corporate—total. . . .
Manufacturing
Public utility
Railroad
Other
Proceeds
Cost of
purchases from sales
and other
and
acquiredempsitions
tions
At
market
value
As percentage
of total
$2,434.4
100.0
$545.6
868.0
35.6
394.7
173.9
7.1
197.2
11.3
105.0
57.5
0.5
4.3
2.4
47.1
1.9
16.1
118.3
2.9
6.3
142.3
24.5
87.9
10.0
20.0
597.5
154.3
309.3
61.6
72.2
24.5
6.3
12.7
2.5
3.0
Holdings, at
end of 1959
At
market
value
As percentage
of total
$384.2
$2,666.7
100.0
258.1
961.4
36.1
151.9
67.8
57.3
26.9
210.0
7.9
0.8
5.9
10.1
82.6
26.5
40.9
6.9
8.3
21.5
158.2
30.3
41.8
624.2
143.2
1.6
23.4
5.4
12.7
337.5
62.4
2.3
3.0
81.0
3.2
Other*.
Preferred stocks—total.
Manufacturing....
Public utility
Railroad
Financial
Trade
Other.
49.6
2.0
48.8
13.5
221.2
102.7
101.1
4.0
5.7
7.5
0.2
9.1
4.2
4.2
0.2
0.2
0.3
24.9
13.4
10.3
0.4
0.1
0.7
24.2
11.2
10.5
0.7
0.3
1.6
85.4
211.5
100.8
95.5
3.6
5.2
6.4
0.2
Common stocks—total.
Manufacturing...
Public utility
Railroad
Financial
Trade
Other
1,292.5
796.1
286.7
17.7
126.2
55.2
10.4
53.1
32.7
11.8
0.7
5.2
2.3
0.4
114.0
69.4
20.6
3.7
11.8
5.9
2.5
95.0
58.9
18.2
1.2
9.4
5.0
2.2
1,436.6
891.9
303.9
25.8
138.0
66.5
10.5
53.9
33.4
33.4
1.4
12.0
6.8
38.4
1.4
0.1
0.4
Real estate loans. . .
Savings accounts
Principal cash
1
Survey of common trust funds operated under Sec. 17(c) of
Regulation F of Board of Governors. Except for funds beginning
operation during 1959, data are for 12 months; reporting dates
range from Oct. 10 through Dec. 31, 1959.
Figures for 1958 include one small fund that was taken out of the
1959 Survey when it was found that this fund was not operated under
Regulation F.
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 secu-
0.5
18.8
0.8
18.3
7.9
3.8
3.6
0.1
0.2
0.2
11.4
1.0
5.2
2.5
0.3
0.7
rities 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 add to totals
because of rounding.
3
Mainly quasi-governmental issues and foreign issues.
4
Less than .05 of one per cent.
5 Less than $50,000.
480
as legal common trust funds are specifically
restricted by statute.1 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; these funds may be either
discretionary or legal.
INVESTMENT ACTIVITY
Holdings of all securities except bonds of
States and political subdivisions and preferred stocks increased during 1959. The
most notable increase was in holdings of
marketable U. S. Government securities,
where it appears that large purchases of
Treasury notes of 1964—popularly referred
to as the "magic 5's"—reversed the decline
in holdings of Government securities that
had been in progress since 1955. This increase was offset in part by a further decline
in holdings of nonmarketable securities.
The pronounced increase in holdings of
"other" bonds reflected larger holdings of
quasi-governmental issues, particularly Federal land bank bonds. Despite the over-all
increase in the bond portfolio, holdings of
common stocks continued to constitute more
than half of the total investments of common trust funds at the end of 1959.
Gross investment transactions of these
funds, representing the total of acquisitions,
sales, and redemptions, shown in Table 2,
totaled $930 million in 1959, $167 million
more than in the previous 12 months.
Transaction activity—the ratio of gross
1
"Legal investment" statutes fall into two general
categories: (1) those that restrict all or part of the
investments to specific investments or specific classes
of investments, and (2) those that limit investment
in nonlegal securities to a given percentage of the
account or fund. The statutory limitations on investment in nonlegal securities range from 30 per cent
to 50 per cent of the market value (in one State,
inventory value) of the fund.
FEDERAL RESERVE BULLETIN • MAY 1960
transactions to the aggregate portfolio—
increased from about 31 per cent in 1958 to
35 per cent in 1959. The activity ratio for
U. S. Government securities increased by
more than enough to offset the decline in
the ratio for domestic corporate securities.
New participations in common trust funds
in 1959 totaled $292 million, and withdrawals $ 131 million. Of the net additions
of $161 million during the year, it is estimated that 85 per cent was invested in
bonds, 12 per cent in common stocks, and 3
per cent in real estate loans. Compared
with 1958, larger proportions of new money
were placed in bonds and real estate loans,
and smaller proportions in preferred and
common stocks. Principal (uninvested)
cash held declined slightly during the year.
GROWTH IN FUNDS
Expansion in common trust funds may be
measured both by changes in the number of
funds and by changes in the number and the
average size of their participating fiduciary
accounts.
Number. At the end of 1959 there were
373 common trust funds in 44 of the 49
jurisdictions (48 States and the District of
Columbia) that permit common trust funds,
compared with 322 funds in the same 44
jurisdictions at the end of 1958.2
Forty-eight new funds were established in
1959 and their year-end holdings amounted
to $21 million; this compares with 44 new
funds established in 1958 for which holdings
at the end of 1958 totaled $25 million. The
number of funds added in 1959 was the
largest annual increase since Section 17 (c)
of Regulation F went into effect on December 31, 1937.
2
The State statutes of Iowa and Alaska are silent
on the subject of establishment of common trust funds.
SURVEY OF COMMON TRUST FUNDS, 1959
Mergers and splits also affect the number
of funds in operation. Six existing funds
were each split into two separate funds in
1959; two existing funds within the same
bank were merged; one fund was dissolved,
with the participating accounts being admitted to a common stock fund and a fixedincome fund within the same bank; and one
fund that was included in the 1958 Survey
was taken out of the 1959 Survey when it
was found that this fund was not operated
under Regulation F.
The sharp growth in the number of common trust funds during the past several years
seems to indicate an increased awareness of
their adaptability in handling the investments of relatively small fiduciary accounts,
at lower cost and with greater diversification in holdings than would be possible if
investments of individual accounts were
handled separately. Growth in 1959 was
TABLE 3
COMMON TRUST FUNDS AND THEIR INVESTMENT
HOLDINGS, BY CLASS OF BANK, 1959x
Class of bank
and
type of fund
Market
value of
Num- Num- holdings 3
ber of ber of2 (in millions of
funds banks
dollars)
All banks—total
Diversified discretionary.
Diversified legal
Special
373
185
79
107
273
181
76
63
$2,666.7
1,895.4
361.9
409.4
State member banks—total.
Diversified discretionary..
Diversified legal
Special
121
65
31
25
63
29
15
1,512.0
1,110.2
233.3
168.6
National banks—total
Diversified discretionary.
Diversified legal
Special
204
101
42
61
154
97
41
36
834.4
555.6
118.4
160.4
Insured nonmember banks—total
Diversified discretionary
Diversified legal
Special
31
13
6
12
24
13
6
7
66.0
38.6
10.3
17.1
Noninsured nonmember banks—total.
Diversified discretionary
Diversified legal
Special
17
254.2
190.9
63.3
1 See Table 2, note 1.
2
Details do not add to totals because some banks operate two or
more funds.
3 See Table 2, note 2.
481
sharpest among national banks. The number of such banks operating common trust
funds increased by 22 and the number of
funds administered increased by 40 during
the year.
Total holdings of funds in national banks
increased from 25 per cent of the assets of
all common trust funds at the end of 1958
to 31 per cent at the end of 1959. Some of
this growth reflects the conversion to, or
merger with, national banks of three State
member banks operating seven common
trust funds. At the end of 1959 the total
holdings of these seven funds amounted to
$122 million. However, it should be noted
that common trust funds operated by State
member banks continue to hold the major
part of the assets—57 per cent at the end of
1959—of all common trust funds. The distribution of funds by class of bank at the end
of 1959 is shown in Table 3.
Fiduciary accounts. The number of fiduciary accounts invested in common trust
funds increased by 12,000, or 12 per cent,
to 116,000 during 1959, and the average
participation remained practically unchanged at $23,000. These figures do not
make allowances, however, for accounts
that may be invested in more than one fund.
Furthermore, they do not indicate the total
number of individuals benefiting from participation in common trust funds; for a single
trust account there may be more than one
beneficiary.
Personal trusts, estates, and guardianships
held participations of $2,555 million at the
end of 1959.3 Participations of pension and
3
The first survey of bank-administered personal
trust funds, conducted by the Trust Division of the
American Bankers Association for 1958, estimated
that participation by personal trust accounts in common trust funds amounted to 4 per cent of the holdings of all bank-administered personal trust funds. For
482
FEDERAL RESERVE BULLETIN • MAY 1960
TABLE 4
MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1958-59
[In millions of dollars]
Diversified discretionary
funds
All funds
Type of holding2
1959
Total holdings
Bonds, notes, and certificates—
total
U. S. Government
State and political subdivision
Domestic corporate
Other3
Stocks—total
Preferred
Common
1958
2,666.7 2,434.4
961.4
210.0
41.8
624.2
85.4
868.0
173.9
47.1
597.5
49.6
1,648.2 1,513.7
211.5 221.2
1,436.6 1,292.5
Increase,
or decrease
1958
592.8
117.8
27.2 180.9 162.5
19.5 45.3 34.6
- 6 . 6 6.6 7.3
-6.4 108.5 108.5
20.8 20.5 12.1
134.5 1,243.2 1,182.1
61.1 171.0168.7
-9.7
130.8 144.0 -13.2 51.1 52.0
144.1 1,112.4 1,038.1
74.3 120.0 116.8
38.8
33.9
4.9
19.4
Principal cash
18.3
18.8
-0.5
19.5
421.2
34.2
12.8
161.0
50.8
20.5
i See Table 2, note 1.
See Table 2, note 2.
7
profit-sharing trusts amounted to $ 112 million at the end of the year, as compared with
$83 million at the end of 1958.
CHANGES BY TYPES OF FUNDS
All types of common trust funds experienced
net increases in the market value of their
total holdings in 1959, as shown in Table 4,
but most of the growth occurred in diversified discretionary and special discretionary
funds. Growth in special funds reflected
mainly net additions to principal and a transfer of funds from diversified funds as a result
results of this survey see "Report of National Survey
of Personal Trust Accounts," The Trust Bulletin, Vol.
39, No. 1 (September 1959), pp. 2-7.
19.0
10.4
Legal
Increase,
crease,
91.3 361.9 342.6
620.0
137.3
12.9
414.8
55.0
Discretionary
or de- 1959 1958 or de- 1959 1958 or de- 1959 1958
crease
crease
232.3 1,895.41,804.1
93.4
36.
-5.3
26.7
35.8
Special funds
In-
In-
crease,
1959
Real estate loans and savings
accounts
Factors affecting change during
year:
Net additions to principal
funds
Net appreciation in market
value of investments
Net realized capital gains
Net transfers due to splits, reclassifications, etc
Diversified legal
funds
0.4
6.3
2.4
3.6
19.3 378.2 268.8 109.4 31.1 18.9
12.2
18.4134.5 97.6
36.9 26.0 15.4
3.0 9.3 6.3
10.6
3.0
- 0 . 7 17.2 16.3
90.6 63.3
8.5 2.9
0.9 5.1 4.0
27.3 10.2 4.6
5.6 1.4 .4
1.1
5.6
1.0
2.3 229.3 159.8
24.1
-0.9
3.2 201.9 135.7
69.5 4.7 3.0
3.3 2.2 1.1
66.2 2.5 1.9
1.7
1.1
0.6
10.7 18.1
15.1
6.4
-0.1 12.9
8.5
4.4 0.1 0.1
5.0
1.6
3.0
-1.4 0.3 0.4
-0.1
48.8
3.7
5.1
()
-1.0
51.8
2.1
-1.4
80.3
20.8
12.2
-4.7
4.2
-52.9
3 See Table 2, note 3.
4 Less than $50,000.
of splits of the latter into common stock and
fixed-income funds. The increase in holdings of diversified discretionary funds reflected for the most part net additions to
principal and net appreciation in the market
value of their common stock holdings; increases in these items were more than sufficient to offset statistical transfers between
these funds and special funds, noted earlier.
Increased use of the "split funding"
method of handling participations in common trust funds accounted for most of the
increase in holdings of special funds during
1959. Under this arrangement, banks set
up separate funds to invest in fixed-income
assets and in common stocks, respectively.
One bank uses three funds: one for bonds,
483
SURVEY OF COMMON TRUST FUNDS, 1959
TABLE 5
l
SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1959
[Dollar amounts in millions]
All
funds
Size of fund 2
(total holdings,
in millions of dollars)
Total
holdings
Number
Total
Number
All funds
373
$2,666.7
187
Under 1
1_2
2-5
5-10
10-25 .
25-50
50 and over
111
55
83
44.6
83.4
268 0
385.5
693.6
588 7
602.9
54
8
Number
holdings
Total
Number
Total
holdings
$361.9
107
$409.4
26
13
11.6
21.0
54.9
46
17
24
9
9
1
1
15.0
25.1
77.2
61.4
135.6
39.9
$1,895.4
18.0
37.3
135.9
254.7
406.2
495.4
547.9
7
Special
funds
79
holdings
39
25
41
35
27
13
46
16
Diversified
legal funds
Diversified
discretionary funds
18
10
69.3
151.8
53.3
10
2
55.0
2 See Table 2, note 2.
i See Table 2, note 1.
one for preferred stocks, and one for common stocks. Such an arrangement permits
participation in either or all funds in varying
proportion, in accordance with the needs
and requirements of the individual fiduciary
account, and gives to the trust institution the
flexibility needed to diversify the investments of participating fiduciary accounts
more effectively than is possible with a single fund having a given ratio between fixedincome investments and common stocks.
The number of banks using the split-funding
TABLE 6
x
STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1959
Number of funds
Number of funds
State, with year of
legalization of common
trust funds
44 States, incl. D. C.
Total
Diversified
discretionary
Diversified
legal
79
373
187
Alabama (1943)
Arizona (1941
Arkansas (1947)
California (1947)
Colorado (1947)
3
3
1
16
9
2
I
I
7
4
Connecticut (1943)
Delaware (1935)
Dist. of Columbia (1949)..
Florida (1941)
Georgia (1943)
11
3
6
9
8
11
3
2
7
7
Hawaii (1947)
Illinois (1943)
Indiana (1937)
Kentucky (1938)
Maine (1951)
Maryland (1945)
Massachusetts (1941)
Michigan (1941)
Minnesota (1937)
Mississippi (1950)
Missouri (1940)2
1
See Table 2, note 1
4
7
8
4
4
4
3
8
19
9
8
2
9
4
16
7
1
2
4
Special
Discre- Legal
tionary
87
2
9
4
2
State, with year of
legalization of common
trust funds
2
2
20
1
2
6
Special
Diversified
legal Discre- Legal
tionary
2
1
2
17
3
New York (1937)
North Carolina (1939)
North Dakota (1955)
Ohio (1943)
Oklahoma (1949)..
45
7
2
8
2
2
66
2
4
1
2
10
2
1
1
Tennessee (1953)
Texas (1947)... . .
Utah (1951)
Vermont (1933).
. . . . . . Virginia (1944)
8
12
2
2
21
6
12
2
2
10
11
Washington (1943)
West Virginia (1943)
Wisconsin (1943)
4
1
8
3
1
3
3
1
1
8
2
Diversified
discretionary
Montana (1955)
Nebraska (1953)
New Hampshire (1953)
New Jersey (1945)
New Mexico (1953)
1
4
7
Total
Oregon (1951)
Pennsylvania (1939)
Rhode Island (1956)
South Carolina (1955)
South Dakota (1941)
2
2
1
1
2
19
5
1
7
2
2
1
3
21
6
2
4
6
1
1
1
39
12
3
By court decision; legislation was enacted in 1955.
1
5
484
FEDERAL RESERVE BULLETIN • MAY 1960
arrangement increased from 24 in 1958 to
39 in 1959 and the holdings in these funds
increased from $230 million to $353 million.
31, 1959 (66, 45, and 21, respectively), as
shown in Table 6. On the basis of amounts
held Pennsylvania ranked first, followed by
New York and Massachusetts.
GEOGRAPHIC DISTRIBUTION
During the five years covered by the Surveys, the number of common trust funds has
increased in all geographic sectors. During
1959 the largest increases in number of new
funds were in Pennsylvania, New Jersey, and
Virginia (13, 6, and 6, respectively).
Pennsylvania, New York, and Virginia had
the largest numbers of funds on December
While 55 per cent of the assets and 40
per cent of the number of funds are in the
Boston, New York, and Philadelphia Federal Reserve Districts, the rate of increase in
volume of assets continues to be slower in
these districts than elsewhere. The distribution of funds by Federal Reserve district
at the end of 1959 is shown in Table 7.
TABLE 7
TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1959 *
[Dollar amounts in millions]
Investment holdings
Number of funds
Federal Reserve
district
All districts
Bonds, notes, and certificates
Special
Diversified Diverdis- sified DisTotal crecretion- legal tion- Legal
ary
ary
20
Total 2
State
and
U . S . politGov- ical
Total ernsubment division
Corporate
Stocks
All
other
1.7
4.0
5.2
1.4
0.2
1.3
0.2
1.2
79
87
31
24
12
10
1
23
30
11
4
6
9
7
314.0
546.7
605.4
256.4
112.9
233.4
166.9
106.5
25.3
28.3
62.4
28.3
Richmond
Atlanta
Chicago.
St. Louis
47
28
31
13
23
22
17
9
17
4
5
3
218.1
80.8
143.7
146.5
76.0
35.1
62.2
49.8
14.5
5.8
13.0
4.8
0.9
1.3
0.1
(3)
53.8
25.7
44.7
44.3
6.8
2.2
4.4
0.6
Minneapolis....
Kansas C i t y . . . .
Dallas
13
18
12
31
3
9
12
15
7.5
21.2
13.1
76.9
1.4
9.1
3.4
13.7
()
0.1
16
22.9
75.4
37.
219.5
5.8
9.3
7.6
57.8
0.2
2.7
2.1
5.5
Real
estate Prinloans, cipal
cash
etc.
$18.3
187
36
56
59
29
1 See Table 2, note 1.
2 See Table 2, note 2.
Common
$2,666.7 $961.4 $210.0 $41.8 $624.2 $85.4 $1,648.2 $211.5 $1,436.6 $38.8
373
Boston
New York
Philadelphia....
Cleveland
San Francisco...
Total
Preferred
78.7
184.6
9.6 71.8
29.7 40.0
0.1
20.5
23.1
8.5
3 Less than $50,000.
8.6
198.6
307.9 22.3
433.3 112.1
146.7 27.9
190.0
285.6
321.1
118.8
124.9
43.8
79.9
92.2
9.6
7.7
6.1
1.9
115.3
36.1
73.9
90.3
0.8
1.5
(3)
1.8
16.2
1.7
0.3
3.9
15.2
42.7
23.4
139.6
0.6
2.7
2.8
9.2
14.6
40.0
20.6
130.5
()
10.1
0.5
1.8
1.0
0.3
1.3
0.6
The first postwar survey of U. S. business enterprises under foreign ownership is now being conducted by the Office of Business Economics, U. S.
Department of Commerce, it was announced today. This is the second part of the program,
for which appropriations were made available by
the Congress, to obtain accurate, detailed information on the international investments of the United
States. The first part, a comprehensive survey of
U. S. business investments in foreign countries,
is now being completed and will be issued later
this year.
Reports are required from or on behalf of each
business enterprise in the United States in which,
as of December 31, 1959, a foreign owner or
affiliated group of owners held directly or indirectly 25 per cent or more of the voting stock
or comparable ownerships in case of nonincorporated businesses. All types of businesses are
covered by the mandatory reporting requirement,
including corporations, branches of foreign firms,
proprietorships, partnerships, and real property
acquired primarily for commercial purposes.
Requirements for the survey are published in
the Federal Register dated today—Monday, May
16, 1960.
The last comprehensive study of these foreign
investments in the United States was undertaken
during the war and obtained data for 1941. At
that time such investments were valued at $2.3
billion, and the value has more than doubled in
the interim, largely out of retained earnings, with
important shifts in the composition of these investments. Little detailed information is currently available on the extent and nature of the
changes in these foreign holdings in the United
States that have occurred since the war, and the
new survey will remedy this important gap in our
knowledge.
Information to be provided by the new survey
will include data on the value of the holdings of
foreign individuals and enterprises, broken down
NOTE.—Released to morning papers, May 16, 1960,
by the Office of Business Economics, U. S. Department of Commerce.
485
by country of the investors and showing the U. S.
industries in which the enterprises are located,
total assets employed, capital flows from abroad
and capital obtained from U. S. sources, earnings, and remittances of dividends, interest and
branch profits to foreign owners. These capital
and income flows are significant items in the
balance of international payments of the United
States, and the information to be collected is
necessary for this compilation.
This survey is mandatory, and reports are required by law for the type of foreign investment
in the United States described above in general
terms, and specified in the detail set forth in the
instructions provided with the reporting forms.
Completed reports are to be filed by July 15,
1960, with the Office of Business Economics,
U. S. Department of Commerce, Washington 25,
D. C. Additional information and copies of the
forms and instructions may be obtained from that
agency or from Commerce Department Field Offices in major cities throughout the United States.
In the case of banks and other financial organizations, the following section of the instructions
should be noted:
"2. Foreign beneficial interests.—If the foreign
controlling interest in a United States business enterprise, including commercial real property, was
held, exercised or administered by a United States
estate, trust (including irrevocable trusts), nominee, agent, representative, custodian, or other intermediary of the foreign beneficial owners, such
estate, trust, nominee or other intermediary shall
be responsible for reporting for the business enterprise the required information on Form BE-145,.
or shall instruct the United States business enterprise in question to submit the required information. This does not relieve the United States
business enterprise of responsibility for reporting
if such business enterprise has knowledge of the
direct or indirect foreign controlling interest, but
only one report should be filed for each such)
enterprise."
Law Department
Administrative interpretations, new regulations, and similar material
Order Under Section 3 of Bank Holding
Company Act
this date, that the application of First Bank Stock
Corporation be and hereby is denied.
The Board of Governors of the Federal Reserve
System on April 22, 1960, issued an Order with
respect to an application by a holding company,
pursuant to Section 3(a) (2) of the Bank Holding
Company Act of 1956, for approval of the acquisition of voting shares of a bank. The Board's Order
denying the application and accompanying Statements read as follows:
Dated at Washington, D. C , this 22nd day of
April, 1960.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Szymczak, Robertson, Shepardson,
and King. Voting against this action: Governor Mills.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
FIRST BANK STOCK CORPORATION
In the Matter of the Application of First Bank
Stock Corporation for approval of acquisition
of voting shares of Eastern Heights State Bank
of Saint Paul, St. Paul, Minnesota (Docket No.
BHC-47)
ORDER DENYING APPLICATION FOR PRIOR
APPROVAL UNDER BANK HOLDING COMPANY ACT
There having come before the Board of Governors pursuant to Section 3(a) (2) of the Bank
Holding Company Act of 1956 (12 USC 1843)
and Section 4(a)(2) of the Board's Regulation Y
(12 CFR 222.4(a)(2)), an application on behalf
of First Bank Stock Corporation, Minneapolis,
Minnesota, for the Board's prior approval of the
acquisition of 1,950 voting shares of Eastern
Heights State Bank of Saint Paul, St. Paul, Minnesota; a public hearing on said application having
been held pursuant to Section 7(a) of the Board's
Regulation Y (12 CFR 222.7(a)); opportunity
having been afforded the parties to file proposed
findings and conclusions; the Hearing Officer having filed a Report and Recommended Decision
in which he recommended that said application
be denied; oral argument on the matter having
been held before the Board; and all such steps
having been taken in accordance with the Board's
Rules of Practice for Formal Hearings (12 CFR
263);
IT is HEREBY ORDERED, for the reasons set forth
in the accompanying Statement of the Board of
486
STATEMENT
Pursuant to Section 3 (a) (2) of the Bank Holding Company Act of 1956 ("the Act"), First Bank
Stock Corporation of Minneapolis, Minnesota
("First" or "Applicant"), a bank holding company, has requested the Board's prior approval of
its acquisition of 1,950 of the 2,000 outstanding
voting shares of Eastern Heights State Bank of
Saint Paul, St. Paul, Minnesota ("Eastern").
General background. On December 30, 1957,
First filed with the Board an application (sometimes hereafter referred to as "the earlier application") for approval of its acquisition of 1,190 of
the 1,250 voting shares then proposed to be issued
by a proposed new bank, First Eastern Heights
State Bank of Saint Paul ("First Eastern"). It
was proposed that the new bank would be located
in the Sun Ray Shopping Center, about 4.2 miles
east of St. Paul's downtown business district.
While the application was pending before the
Board, the Minnesota Department of Commerce,
having found a reasonable public demand for
either a savings and loan association or a bank in
the area in which the proposed bank was to be
established, granted to a savings and loan association authorization to commence business in the
vicinity of the Sun Ray Shopping Center if the
bank were not activated by November 25, 1958.
On August 5, 1958, the Board denied First's application to acquire shares of First Eastern.
LAW DEPARTMENT
(1958 Federal Reserve BULLETIN 1061). First
then filed a petition for review of the Board's
decision in the United States Circuit Court of
Appeals for the Eighth Circuit.
Meanwhile, in order that the proposed bank
might be established prior to November 25, 1958,
the deadline set by the State Department of Commerce, stock of that bank was acquired by Minnesota Mining and Manufacturing Company ("3
M"), a manufacturing concern that had established and is further developing a large research
center in the vicinity of the proposed bank; and
the bank opened for business on November 17,
1958, as the Eastern Heights State Bank of Saint
Paul.
In connection with the organization of Eastern,
3 M had the advice and assistance of First; and a
stock purchase agreement was entered into under
which First agreed to acquire the 1,950 shares of
Eastern owned by 3 M, subject to approval of the
Board. The present application, filed with the
Board on November 28, 1958, seeks this approval.
In view of these developments, First's petition
for judicial review of the Board's order denying
the earlier application was dismissed by consent
of the parties. By stipulation entered into in connection with the present proceedings, the parties
agreed that designated portions of the record upon
which the Board's order of August 5, 1958, was
rendered would be a part of the record for purposes of the present application.
In accordance with an order of the Board published in the Federal Register on February 5, 1959,
a public hearing was held on the application before a duly qualified Hearing Officer. Following
First's submission of Proposed Findings of Fact
and Conclusions of Law, with supporting brief,
the Hearing Officer filed his Report and Recommended Decision on September 16, 1959, recommending denial of the application. First filed exceptions to that Report and Recommended Decision, with brief, and thereafter presented oral
argument to the Board.
As required by Section 3(b) of the Act, upon
receipt of the present application, the Board requested the views of the Commissioner of Banks
for the State of Minnesota. In a letter dated
January 20, 1959, the Commissioner submitted
the findings of the Banking Department on certain of the factors set forth in the Act. The Commissioner made no recommendation but, as stated
487
by the Hearing Officer, "did not 'disapprove' the
application". In reference to the Commissioner's
views, Applicant contends that the Hearing Officer
erred in "suggesting that the views of the Commissioner of Banks of the State of Minnesota constitute evidence in this proceeding." In view of
the fact that the Commissioner's letter was by
stipulation made a part of this record, and was
so treated by the Hearing Officer and, further,
considering the requirement in the Act that the
Board request the views of the appropriate supervisory authority on each application, the Board
finds no merit in Applicant's objection to consideration of the Commissioner's views.
Statutory standards. In determining whether
the present application should be approved, the
Board is required by Section 3(c) of the Bank
Holding Company Act (12 U.S.C. 1842(c)) to
take into consideration the following five factors:
(1) the financial history and condition of the holding company and bank concerned; (2) their prospects; (3) the character of their management; (4)
the convenience, needs, and welfare of the communities and the area concerned; and (5) whether
or not the effect of the acquisition would be to
expand the size or extent of the bank holding company system involved beyond limits consistent with
adequate and sound banking, the public interest,
and the preservation of competition in the field of
banking.
Financial condition, prospects, and management. As to the first three factors enumerated in
Section 3(c) of the Act, the record reflects that
the financial history and condition of First and
Eastern, as well as their prospects and the character of their management, are satisfactory.
On the subject of management, First has emphasized what it terms the relative inexperience
of 3 M in banking and, while conceding that this
does not render that Corporation "per se unfit to
engage in banking", contends that it raises the issue of "whether the convenience, needs and welfare of the community and area would be better
served by a bank owned by Bank Stock, with its
extensive banking experience, or by 3-M, a very
large corporation with no banking experience."
In the Board's judgment, ownership by 3 M is not
relevant to the quality of banking service to be
reasonably anticipated. The assertion that ownership of Eastern's stock by a company with no prior
488
banking experience is less desirable than ownership of Eastern by First ignores the distinction
between bank stock ownership and bank management. The record reflects that Eastern's board
of five directors is well qualified. One of the
directors who is also Eastern's managing officer,
has had several years of banking experience. On
the basis of the evidence, including Eastern's
growth within less than a year, the conclusion is
reasonably reached that Eastern's directors and
officers are well qualified to manage and direct its
affairs.
Although not directly related to the competency
of management, an argument advanced by the Applicant may appropriately be noted at this point.
Applicant urges that ownership of Eastern's stock
by 3 M is inconsistent with the view expressed by
the Board that common control of nonbanking
and banking businesses is undesirable regardless of
the number of banks controlled. It cites the
Board's 1958 report to Congress pursuant to the
Bank Holding Company Act, wherein the Board
expressed opposition to the control of any bank
by a nonbanking organization and, accordingly,
recommended amendment of the Act to include
within the definition of "bank holding company"
any company controlling 25 per cent of the stock
of one bank. This recommendation, however, has
not been adopted by Congress. Moreover, without intending to suggest any such purpose in the
present case, it may be noted that adoption of the
argument advanced by Applicant could tend to
encourage evasions of the Act. Finally, in the
present case there is no evidence of the existence
of the abuses that could result from control of a
bank by a nonbanking organization.
The Board concludes that the circumstances
of this case related to the first three factors are
consistent with approval of the application but do
not provide substantial affirmative support for approval.
Convenience and needs of community. The
business and residential growth of the area around
the Sun Ray Shopping Center, in which Eastern
is located, has been rapid. It has been estimated
by Applicant that Eastern's primary service area,
as hereafter described, had a population of about
17,000 in early 1957 and that by mid-March 1959
it had grown to about 21,500. Within the next
10 years, Applicant estimates that Eastern's pri-
FEDERAL RESERVE BULLETIN • MAY 1960
mary service area will have a population of 50,000
to 70,000.
Eastern's primary service area has been designated by Applicant as comprising (1) a portion
of the southeast corner of the City of St. Paul and
adjoining portions of the Village of Maplewood,
both located in Ramsey County, and (2) the portion of Washington County that adjoins Ramsey
County on the east. In general, the area is
bounded on the north by the Chicago-Northwestern Railroad tracks and Maryland Avenue, on the
west by Hazelwood Avenue, on the south by the
Point Douglas Road and the Lower Afton Road,
and on the east by a north-south line approximately WAT miles east of the Ramsey County/
Washington County line. In April 1959, approximately 1,400 persons were employed in the research center which 3 M is developing in the vicinity of the Shopping Center, an increase of 75
per cent over the employment figure of December
1957. Applicant anticipates that employees at the
center will number about 3,000 within the next
two or three years and about 12,000 within 5 to
10 years, assuming future growth by 3 M in proportion to its past growth.
In connection with First's earlier application,
with most of the above data available to it, the
Board concluded that, while no strong need for the
proposed new bank had been demonstrated, it appeared that the convenience and welfare of the
area concerned would be served if a bank were
established at the proposed location. This was a
circumstance favorable to the granting of that application. As previously mentioned, however,
since that time a bank (the one here involved)
has been established and is being operated in the
Sun Ray Shopping Center. Accordingly, the
question now is not whether the proposed acquisition would provide banking facilities in a growing area that now lacks such facilities but, rather,
whether the convenience, needs, and welfare of
that area are being adequately served by an existing bank and the extent, if any, to which they
would be better served if that bank were owned
by the Applicant.
The Commissioner of Banks for the State of
Minnesota stated that "the convenience and needs
of the area are being served by up-to-date banking
methods, lending policy appears to fulfill the needs
of qualified lenders, and the depositors are in no
way subject to unjust policies." Applicant, on the
LAW DEPARTMENT
other hand, both in its application and through
witnesses at the hearing, argues that greater benefits would be realized by the communities and area
concerned if Applicant's request were approved.
It should be noted that Applicant's evidence in this
regard in part dealt with the beneficial effects to be
anticipated from the "establishment of Eastern".
As to this testimony, the Board concurs in the
Hearing Officer's conclusion that it is irrelevant in
view of the fact that Eastern is already established and operating. To the extent that testimony
and documentary evidence offered by Applicant
related to the benefits to be anticipated from
ownership of Eastern by Applicant, such evidence
is relevant and has been considered.
Applicant has stressed the numerous services
and types of assistance that would be made available to Eastern as a subsidiary of Applicant and,
in the main, not otherwise. Particular emphasis
was placed upon the ability of Applicant to provide continuity of management and a source of
capital.
But there is no evidence that either matter
constitutes a problem under the existing arrangement; Eastern patently has a strong capital position and capable management, and there is no
reason to believe that this will not continue to be
the case.
Applicant contends that 3 M's banking needs require specialized service and attention that can
only be gained through Applicant's ownership of
Eastern. Apart from the testimony of a principal
officer of 3M that its primary interest in Eastern
centers on the rendition of banking services to its
employees, rather than in service to the Company
itself, the record further reflects that First National, Applicant's downtown subsidiary bank, is
3 M's prime bank and that Eastern is used chiefly
as a depository for a general checking account, a
petty cash fund and withholding taxes. Despite
testimony of efforts by 3 M to further utilize
Eastern's services, the Board cannot believe that
3 M, regardless of the extent to which it expands
its Center, would utilize the services of Eastern
otherwise than as a "neighborhood bank", as it has
been characterized by Applicant. It seems likely
that 3 M will continue to have recourse to First
National for services now being rendered by that
bank and that as to other services it would continue to be adequately served by Eastern under
its present ownership.
489
Applicant has detailed numerous specialized
services which would result from its ownership
of Eastern and which, it asserts, would enable
Eastern to better serve the convenience, needs, and
welfare of the communities concerned. Conceding that these specialized services would be made
available as a consequence of Applicant's ownership of Eastern, the strength of Applicant's argument is weakened unless it appears that such
services will be substantially utilized by the communities. It is the Board's judgment that, in view
of the nature of the area concerned, the record
does not justify a finding to that effect.
The Board concurs in the Hearing Officer's conclusion that the present and prospective banking
needs of the communities and area concerned,
including those of 3 M's employees, are being and
will continue to be adequately served by existing
banking facilities.
Applicant urges two additional considerations
related to the fourth statutory factor. It asserts,
first, that 3 M's employees are entitled to a degree
of independence and privacy from their employer
as to their financial affairs and, secondly, that
Eastern should be free from pressure to make
accommodations for and loans on unduly favorable terms to employees of the company which
controls Eastern. In raising these points Applicant implies, of course, that these "problems"
either actually exist or could likely arise, and that
they would be solved by its acquisition of Eastern.
As to the ability of 3 M's employees to conduct their financial transactions independent of
pressure from or knowledge of their employer, officials of 3 M testified that there is no pressure
exerted in this respect, that the employees are
free to use Eastern or not as they see fit, and that
employees seeking recommendations for banking
accommodations are given the names of three
banks, one of which is Eastern. The proximity of
those banks, as well as others in the immediate
commercial area of Eastern and in downtown St.
Paul, lends support to the conclusion that adequate freedom of choice is available to 3 M's employees.
As to the suggestion that Eastern might be subjected to pressure to relax its normal loan or other
operational practices or policies to accommodate
3 M's employees, 3 M's Vice President stated that
no instances of this kind had arisen and that he
did not visualize any difficulties in this regard.
490
Further, such a practice by a bank would be subject to any necessary action by appropriate State
and Federal supervisory authorities.
The competitive factor. It remains to be considered whether the acquisition, if effected, would
expand the size or extent of the Applicant's bank
holding company system beyond limits consistent
with adequate and sound banking, the public
interest, and the preservation of competition in
the field of banking.1
As a bank holding company, First controls 84
commercial banks with 91 offices, of which offices
51 are located in Minnesota, 14 in North Dakota,
10 in South Dakota, 14 in Montana, and 2 in
Wisconsin. At June 23, 1958, First's subsidiary
banks had deposits totaling $1,583 million. First's
five-State operation represented, in 1958, control
of 16 per cent of the deposits of all commercial
banks in those States. In Minnesota, First had
7 per cent of the total offices and 31 per cent of
the total deposits of that State's commercial banks.
Eastern is in that part of St. Paul commonly
referred to as "the East Side". It is included in
what may be called "the Greater St. Paul area",
and is described by the Hearing Officer as "the
area with which we are concerned" and by Applicant as "the immediate commercial area of St.
Paul". This area comprises the City of St. Paul,
West and South St. Paul, Lake Elmo and Newport in Washington County, The Village of
Maplewood, White Bear Lake, North St. Paul, and
all other areas in Ramsey County except New
Brighton and certain far northern portions of
that County. Within this area, there are 28 commercial banks, 6 of which are owned by First.
On December 31, 1958, these 6 held 21 per cent
of the offices and 56 per cent of the total deposits
of all commercial banks in the Greater St. Paul
area. First's banks and those controlled by another bank holding company, Northwest Bancorporation, together held 32 per cent of the offices
and 67 per cent of the total deposits of all commercial banks in the same area. In the City of
St. Paul, First's banks alone held 60 per cent of
total deposits, while in downtown St. Paul, its
control of such deposits equaled 66 per cent.
iThe discussion that follows will contain references to data
and conclusions drawn therefrom, portions of which appeared
in the Board's Statement of August 5, 1958, on First's earlier
application. To the extent that the present record reflects that
these data and conclusions continue to obtain and are relevant
to the present application, they will be repeated.
FEDERAL RESERVE BULLETIN • MAY 1960
First urges that any judgment on the significance
to be attributed to the figures above set forth
should take into consideration two facts: (1) that
its position in the Greater St. Paul area is primarily due to the size of a single subsidiary, First
National Bank of St. Paul, and (2) that, as to
the portion of its entire system located in the area
here involved, the percentage of the area's commercial bank deposits held by its banks has declined in the period 1930-1958.
Admittedly, if the deposits of First National
Bank of St. Paul were to be excluded in determining First's position in the Greater St. Paul
area, the total deposits of First's banks would be
substantially less. However, to exclude these
deposits would not conform to reality. The record
reflects that First National's competitive impact
is felt within Eastern's primary service area.2 Regardless of the volume of business obtained by
First National from Eastern's primary service
area, the mere fact that it does draw customers
from that area has significance in view of the
fact that First National and Eastern would be
subsidiaries of the same holding company system
if this application is approved and that, consequently, competition between those banks would
be lessened, if not completely eliminated.
If First National's deposits were excluded in
determining the percentage of deposits held by
Applicant in the Greater St. Paul area, logic
would also compel the exclusion of the deposits
of the other downtown St. Paul banks. Excluding
all such deposits, First's banks in the Greater St.
Paul area held 29 per cent of the area's total
commercial bank deposits at December 31, 1958.
First maintains that, if First National's deposits
are included in determining the over-all competitive position of First's banks in the Greater St.
Paul area, there should at least be excluded from
the total deposit figure First National's correspondent bank deposits originating from banks outside that area, as well as deposits of certain large
national corporations. If these exclusions are appropriate as to First National, they are equally
appropriate as to all commercial banks in the area.
The record does not reflect the correspondent
bank deposits or deposits of large national corporations held by banks other than First National
which originate outside the Greater St. Paul area.
2
Primary service area means the area from which at least
75 per cent of the total amount of deposits arises.
LAW DEPARTMENT
However, record data are available to show that
if all correspondent bank deposits held by all commercial banks in the area are excluded from consideration, the percentage of the area's total commercial bank deposits held by First's banks at
December 31, 1958, was 56.03, as compared with
55.96 for total deposits including correspondent
bank deposits.
As negativing any suggestion that it has an
expansionist tendency in the St. Paul area, Applicant points to the decline in the percentage of its
banks' deposits in that area in the years 19301958. The Hearing Officer minimized the significance of this decline by referring to the fact
that, in the period 1940-1958, First's banks gained
49.6 per cent of the total increase of all bank
deposits in the Greater St. Paul area. The Hearing Officer also found a substantial percentage increase in the same area by First's banks for the
same period, excluding the deposit increases of
First National Bank.
The Board cannot agree with the Applicant's
contention that by using the period 1940-1958,
including the abnormal years of World War II,
the Hearing Officer presented a distorted picture.
There is no more of a distortion in such an analysis than in Applicant's use of a period dating
from 1930, a year of great financial and economic
instability. If 1945 it used as a base year, as
urged by Applicant, comparisons of deposits at
the end of 1945 and 1958 show that Applicant's
banks obtained the following percentages of the
increase in deposits of all commercial banks in
the stated areas: Greater St. Paul Area, 37; Ramsey County, 42; City of St. Paul, 40 (downtown
St. Paul, 44, and St. Paul other than downtown,
39); and in the east portion of the immediate
commercial area of St. Paul, 51. In the latter
area at December 31, 1958, First's banks held 55
per cent of the deposits of banks located therein.
In the area referred to as the "east portion of the
immediate commercial area of St. Paul", there are
located eight commercial banks including Eastern.
(This area is hereafter designated as the "East St.
Paul and Adjacent Area".)
In any event, whatever significance may be
attached to a demonstrated decline in the Applicant's percentage of control of bank deposits during any particular period, this consideration must
be weighed against the extent, if any, to which
the acquisition here proposed will lessen existing
491
competition or adversely affect the competitive
position of other banks. It is necessary, therefore,
to consider whether First's subsidiary banks presently compete with Eastern and, further, whether
First's acquisition of Eastern would have an adverse competitive effect upon banks outside First's
system.
There are no other banks located within Eastern's designated primary service area, nor is there
evidence of actual overlap of the designated primary service areas of other banks with that of
Eastern. However, this is not to say that First's
downtown St. Paul subsidiary, First National, as
well as all the banks located in the East St. Paul
and Adjacent Area, do not compete to some extent
with Eastern. True, the record does not reflect a
high degree of competition between Eastern and
certain of these banks. Whatever the degree of
competition, to the extent it can be shown that
approval of the instant application would result
in the elimination thereof, to that extent the acquisition proposed can be said to be adverse to
the public interest, absent an overriding reason
for approval.
There are 8 commercial banks operating in
the East St. Paul and Adjacent Area. At December 31, 1958, 2 subsidiaries of First held 55 per
cent of the total deposits of those banks, compared to 23 per cent held by Northwestern State
Bank (a subsidiary of Northwest Bancorporation)
and 22 per cent held by the 5 nonholding company banks, including Eastern. Applicant states
that the present accounts in First State Bank and
First Merchants State Bank (its two local subsidiaries) originating in Eastern's primary service
area were acquired before Eastern's establishment
in November 1958; that each expects to lose considerable of such business once Eastern has become well established; and that there will be no
significant continuing competition between Eastern and those banks. It must be noted, however,
that, during the period 1957-1959, both of First's
local banks increased their total accounts derived
from Eastern's primary service area.
As of March 16, 1959, First State Bank had
468 accounts, checking and savings, originating
within Eastern's primary service area, an increase
of 145 accounts over 1957. These figures do not
indicate either a lack of present competition or
substantiation of the assertion that there will be
no significant continuing competition. Eastern
492
can be expected to continue to seek customers
from its primary service area and, similarly, it
may be presumed that First State Bank will at
least attempt to retain the customers it now has
in that area. This is certainly a form of competition.
Similarly, as to competition between Eastern
and First Merchants State Bank, First's other
subsidiary located in the East St. Paul and Adjacent Area, the record reflects that in the first
quarter of 1959, First Merchants had a total of
1,793 accounts, savings and checking, originating
from Eastern's primary service area, representing
an increase of 635 accounts from 1957 and constituting 15 per cent of the total number of First
Merchants' checking and savings accounts. A
logical conclusion, based on Eastern's operating
record to date, would be that, as it becomes
more firmly established, existing competition with
Applicant's two subsidiaries in the East St. Paul
and Adjacent Area will not only continue, but
become keener.
In the same period, 1957-1959, First National
Bank, Applicant's subsidiary in downtown St.
Paul, also increased the number of its accounts
derived from Eastern's primary service area from
836 to 1,285. Neither the increase nor the total
number of such accounts at the later date are
substantial when compared with First National
Bank's total accounts and the dollar volume of
deposits they represent. However, the accounts
derived by First National from Eastern's primary
service area, representing, during the first quarter
of 1959, balances of $1,191,648, have considerably more significance when compared with Eastern's total deposits of $701,000 at the end of
1958. Regardless of any judgment as to the
extent or impact of the competition thus offered,
the fact is established that First National does
compete for banking customers within Eastern's
primary service area.
The Board concurs in the Hearing Officer's
conclusion that the acquisition of Eastern by First
would eliminate presently existing competition
between Eastern and Applicant's present subsidiaries—First National Bank of St. Paul, First
State Bank of St. Paul, and First Merchants State
Bank of St. Paul—as well as potential competition between Eastern and the three other banks.
Within the East St. Paul and Adjacent Area,
earlier identified, there are five banks in addition
FEDERAL RESERVE BULLETIN • MAY 1960
to First's two banks and Eastern. One of these,
Northwestern State Bank, is a subsidiary of a
bank holding company. As to the latter bank
and as to each of the other banks not affiliated
with First, the Hearing Officer found either that
competition with Eastern did exist or that he was
unable to find that it did not exist.
In the Board's denial of First's earlier application, one of the major considerations was the
Board's conclusion "that [First] Bank Stock's
establishment of First Eastern probably would
have adverse effects on the growth and competitive strength of Hillcrest". Hillcrest State Bank
is located some 3.6 miles to the northwest of
Eastern, in the Hillcrest Shopping Center. Applicant now points to the record of Hillcrest's
growth in the first six months of 1959 as evidence
of the lack of competition between Hillcrest and
Eastern and as evidence also of Hillcrest's favorable business prospects. Conceding that Hillcrest's growth in this period could be evidence
of the lack of competition with Eastern, it is
perhaps even more susceptible of the explanation
that both banks have grown because of the growth
within the area. Consequently, the Board does
not view the evidence of Hillcrest's growth as
invalidating its earlier judgment that operation of
Eastern by First probably would have adverse
effects on the growth and competitive strength
of Hillcrest State Bank. First contends that the
circumstances of the present application differ
from the earlier one in that a bank has now been
established and the effect of its operation, if any,
on existing competitors has already taken place.
This contention, however, ignores the distinction
between the competition offered by Eastern under
control of a nonholding company interest, such
as 3 M, and that which would be offered by
Eastern as a subsidiary of a large holding company system that presently controls two of the
larger banks in the same area.
Applicant contends that, in determining the
degree of competition offered for banking business in a given community or area, competition
provided by savings and loan associations, credit
unions, small loan companies, thrift companies,
and other such institutions, should be taken into
consideration. Stated otherwise, First maintains
that the phrase "competition in the field of banking", as used in Section 3(c)(5) of the Act, includes competition offered by financial institu-
LAW DEPARTMENT
tions of these types. First presented considerable
evidence bearing on the competition offered to
its banks, and all banks in the relevant area, by
such institutions. The Hearing Officer concluded
that such financial institutions do in fact engage
in activities that may be regarded as "banking
activities", but stated that his interpretation of
the Bank Holding Company Act compelled the
conclusion that Congress did not intend to encompass such financial institutions in the phrase
"field of banking".
The Senate Report on the bill which subsequently was enacted as the Bank Holding Company Act of 1956, contained the following statement:
". . . The factors required to be taken into consideration by the Federal Reserve Board under this bill also
require contemplation of the prevention of undue concentration of control in the banking field . . . Under
. . . [the bill's] provisions, the expansion of bank
holding companies in the banking field would not be
prohibited. . . ." (S. R. 1095, 1st Sess., 84th Congress,
p. 10)
Since Section 4 of the statute prohibits any expansion through stock acquisition of companies
other than "banks", and since the definition of a
"bank" does not include savings and loan associations, it seems reasonably clear that such associations and similar institutions are not, for the
purposes of the Act, deemed to be institutions
in the "banking field". Additional support for
the position that only national banks, State banks,
savings banks and trust companies are to be included within the meaning of "banking field" is
found in the following language in the Senate
Committee's Report:
" . . . Nor does it [the bill] attempt to regulate centralized control of such financial institutions as savings and loan associations or insurance companies.
It has been designed to provide appropriate regulation
of centralized control of banking institutions by bank
holding companies as defined in the bill." (p. 11)
In the latter connection, it is significant that Congress has recently enacted a law dealing specifically with holding companies in the savings and
loan association field.
There is no question but that, if one considered
the share and deposit accounts, as well as the loan
accounts, of all financial institutions in the here
involved areas, First's banks' percentages of these
totals would be substantially lowered. This is
exemplified by figures in the record relating to
the Greater St. Paul Area, showing the percentage
493
of the combined deposits of commercial banks
and the share accounts of savings and loan associations in that area held by Applicant's banks.
Similar figures were not presented for the East
St. Paul and Adjacent Area.
Despite the competition for certain types of
banking business offered by financial institutions
other than banks, it is the Board's judgment that
such institutions are not properly considered as
operating in "the field of banking", within the
purview of the Act.
On the basis of all the facts, the Board must
conclude that the proposed acquisition would result in a significant lessening of present competition and would have potentially adverse effects
upon banking competition in the future. To this
extent, the acquisition would not be consistent
with preservation of competition in the field of
banking. The Board rejects Applicant's suggestion that only such a lessening of competition
as would violate Section 7 of the Clayton Act
may be regarded as an adverse consideration
under the Holding Company Act. The latter
Act, however, requires the Board to consider, as
one factor, whether a proposed acquisition would
be consistent with the "preservation of competition"; and in the Board's opinion, in reaching a
decision, any significant lessening of competition,
even though it may not be such as to violate the
Clayton Act, is to be weighed as an adverse consideration against any relevant favorable considerations.
Conclusion. In view of the foregoing discussion, the Board's decision in this case must turn
upon a weighing of its adverse findings with respect to competition under the fifth statutory factor against any favorable considerations with respect to the other factors, particularly the convenience, needs, and welfare of the area and
communities concerned.
At the time of the Board's denial of First's
earlier application, dissenting members of the
Board expresed the view that the crucial issue
was "whether the 'convenience, needs, and welfare' of this growing suburban population must
go unserved, until an independent bank, of which
there is no current prospect, would be organized,"
and they concluded that the needs of the communities concerned constituted an affirmative
494
basis for approval that was not outweighed by
adverse findings under the fifth factor.
The bank then proposed, which both the majority and dissenting members of the Board recognized would serve the communities and area
concerned, has now been established. The record
reflects that Eastern is currently serving the convenience and needs of the area with up-to-date
banking methods. To the extent that considerations under the fourth factor were favorable to
approval of First's earlier application, their weight
is now greatly reduced. Rather than a question
of the needs of the area for additional banking
facilities, the issue here is whether that area would
be benefited by the transfer to First of ownership
of the facility now serving that area. As previously indicated, the Board concurs in the Hearing Officer's finding that the banking needs of
Eastern's primary service area are presently being
served and that, even assuming the growth of the
area as expected, those needs will continue to be
adequately served.
The Board has carefully considered the changes
in circumstances asserted by Applicant to have
occurred since its earlier application that would
justify approval of its request. In the Board's
judgment, however, the present record fails to
establish that acquisition of Eastern by First would
materially meet an existing need in the area concerned or that the convenience and welfare of
the banking public would be benefited by such
acquisition to a degree that would constitute
affirmative grounds for approving the application.
To the extent that more specialized banking services would be made available in the area concerned as a result of First's acquisition of Eastern, it does not appear that such services are likely
to be used by residents of that area. In any
event, any such probable benefits are overshadowed by the facts that the proposed acquisition would lessen competition between Eastern
and certain of First's present subsidiaries in the
Greater St. Paul area, and, in view of the dominant position occupied by First in the area, would
probably result hereafter in further lessening of
competition, particularly within the East St. Paul
and Adjacent Area.
After balancing all considerations in the light
of the factors stated in Section 3(c) of the Act,
it is the Board's judgment that, on the basis of
the record in this case, whatever favorable con-
FEDERAL RESERVE BULLETIN • MAY 1960
siderations may exist are outweighed by adverse
considerations with respect to the effects of the
proposed acquisition upon preservation of competition in the banking field and that, therefore,
the application should be denied. IT IS SO ORDERED.
CONCURRING STATEMENT OF
GOVERNOR BALDERSTON
When First Bank Stock Corporation applied,
two years ago, for approval of the acquisition
of the stock of a bank in the Sun Ray Shopping
Center, I was one of the minority members of
the Board who concluded that the application
merited approval. In the instant case, Bank Stock
again seeks to acquire the stock of a bank in the
Sun Ray Shopping Center, and I concur in the
Board's denial of the application. These circumstances justify a brief statement of the reasons
for these seemingly divergent positions.
As pointed out in the Dissenting Statement in
the earlier case, the question, as we saw it, was
"whether the 'convenience, needs, and welfare' of
this growing suburban population must go unserved until an independent bank, of which there
is no current prospect, would be organized." (44
Federal Reserve BULLETIN 1064, 1958). There
were no banks within three and one-half miles
of the proposed Sun Ray location, and there were
strong indications that the need for banking facilities in the immediate area would increase in
the predictable future. Consequently, we concluded that "consideration of the fourth factor
['the convenience, needs, and welfare of the communities and the area concerned'] provides a substantial basis for approval." Reliance was placed
on the Board's prior decision in South gate National Bank of Milwaukee, (44 Federal Reserve
BULLETIN 10, 1958), in which the Board approved
a similar application to establish a new bank in
a shopping center.
In the Dissenting Statement in the prior case,
we weighed the effect on competition against the
banking-service benefits that would flow from the
new bank and concluded that the impact of the
competitive factor did not "warrant ignoring the
community's need for additional banking facilities in the proximate and foreseeable future."
The instant application presents an entirely different situation from that obtaining two years ago
when Bank Stock first sought to acquire a bank
LAW DEPARTMENT
in the Sun Ray Shopping Center. At that time,
it appeared to me that the decisive factor was the
need for banking facilities in the Sun Ray Shopping Center. Since that date, however, a bank
has been established in this location by interests
other than Bank Stock. The need for banking
services having been satisfied, it is my view that
the former justification for permitting Bank Stock
to hold a bank in the Sun Ray Shopping Center
no longer exists.
DISSENTING STATEMENT OF GOVERNOR MILLS
On the premise that the two proposals that the
First Bank Stock Corporation has made to provide commercial banking facilities for the Sun
Ray Shopping Center area of St. Paul, Minnesota, are inseparable in purpose and effect, the
application which was made in 1957 to acquire
stock in the First Eastern Heights State Bank of
Saint Paul, St. Paul, Minnesota, and the pending
application to acquire stock in the Eastern Heights
State Bank of Saint Paul, St. Paul, Minnesota,
must be considered in conjunction. The stipulation entered into between the Applicant and
this Board that the record in the case of the First
Eastern Heights State Bank application should
be treated as part of the record on its application
to acquire the Eastern Heights State Bank indicates a mutual acknowledgment of the inextricable
relationship between the two applications. The
major distinction between the two applications
is that the First Eastern Heights State Bank case
related to the contemplated establishment and
ownership of a new bank, while the Eastern
Heights State Bank case relates to the acquisition
of ownership in an existing bank. In both cases
the banking site and the trade area served are
identical and most other circumstances surrounding both applications bear a close resemblance.
Bearing these facts in mind, a finding on the
present application must appraise the operating
record of the Eastern Heights State Bank to ascertain (1) whether its services have met a public
need and (2) whether this has been accomplished
without competitive damage to competing banks
operating in the same general trade area. The
growth of the Eastern Heights State Bank in the
time since its organization offers clear proof of
the community need for additional banking facilities while, on the other hand, the continued
growth of the Hillcrest State Bank and other local
495
banking institutions disproves the contention that
has been made that the establishment of the
Eastern Heights State Bank would be injurious
to small competing banks. Taking these factors
into account, approval of First Bank Stock Corporation's application to acquire shares in the
Eastern Heights State Bank has even greater justification than had the position of the dissenting
members of the Federal Reserve Board who favored approval of Bank Stock's original application to acquire shares in the First Eastern Heights
State Bank.
In the case of the earlier application, the unfavorable decision of a majority of the Board was
based largely on the ground that the resulting
bank would increase unduly an assumed dominating position of First Bank Stock Corporation's
subsidiary banks in this sector of the St. Paul
metropolitan business area and would result in
competitive detriment to a small bank located in
the area. In my opinion, the majority Statement
failed to recognize that the "public interest" factor
required to be considered in reaching decisions
under the Bank Holding Company Act is properly
susceptible of some elasticity in interpretationr
and such being the case, mere adequacy of banking services in a geographical area does not signify
that the public interest would not be better served
by the availability of additional banking facilities.
The prohibition against branch banking in the
State of Minnesota has placed the metropolitan
area of the City of St. Paul in a paradoxical situation as compared to metropolitan areas located in
States where branch banking is permitted and
where, under similar circumstances, State and
Federal bank supervisory authorities have frequently acted favorably on applications to establish branches that in effect have extended the
services of the applicant banking association further into an area directly tributary to its central
banking facilities. If the broad view is then taken
that where the public convenience is at issue and
where positive legal impediments are absent, bank
supervisory authorities should give comparable
treatment to comparable situations, the persuasiveness of the arguments that were ranged on
the side of the Dissenting Statement in the First
Eastern Heights State Bank case gather greater
force. The Statement said in part:
"It is not size per se that is the heart of the problem
in this case but whether the starting of a new bank in
496
Sun Ray would increase the extent of Bank Stock's ac-,
tivities contrary to the public interest. . . . If the intent of the statute is neither to kill holding companies
nor to 'freeze' them into their existing molds, the fifth
factor in this case does not warrant ignoring the community's need for additional banking facilities in the
proximate and foreseeable future."
Arguments that were expressed in the Dissenting Statement of the members of the Federal Reserve Board who were in favor of approving the
application of the First Bank Stock Corporation
in the First Eastern Heights State Bank are applicable to the Eastern Heights State Bank application. As has been mentioned, the successful
operation of that bank since the time of its organization is irrefutable evidence that its existence
has added to the convenience and needs of its
trade area and is in the public interest. Furthermore, the concurrent growth of the Hillcrest State
Bank and the other banks operating in this sector
FEDERAL RESERVE BULLETIN • MAY 1960
of the St. Paul metropolitan area removes any
basis for concern lest they be injured by the operations of the Eastern Heights State Bank.
The adventitious circumstances by which the
ownership of the Eastern Heights State Bank
came into the hands of the Minnesota Mining
and Manufacturing Company interests, and the
strength of that ownership, are meaningful only
as proof that responsible interests recognized a
need and were ready and willing to provide a
growing community with banking services pending authority for transfer of their property to
the First Bank Stock Corporation. Ownership of
the Eastern Heights State Bank of Saint Paul by
the Minnesota Mining and Manufacturing Company has no relevance to the equitable, economic,
and legal considerations that stand patently in
favor of approving the proposed acquisition.
Current Events and Announcements
APPOINTMENT OF DIRECTOR
CENTRAL RESERVE CITY BANKS
On April 19, 1960, the Board of Governors announced the appointment of Mr. Frederick P.
Blanks, of Parkdale, Arkansas, as a director of
the Little Rock Branch of the Federal Reserve
Bank of St. Louis for the unexpired portion of a
term ending December 31, 1960. Mr. Blanks is
a planter. As a director of the Little Rock Branch
he succeeds Mr. Robert H. Alexander, OwnerOperator, Land's End Plantation, Scott, Arkansas,
who resigned recently.
DEATH OF DIRECTOR
Mr. E. M. Dodds, Refrigeration Consultant, Kansas City, Missouri, who had served as a Class B
director of the Federal Reserve Bank of Kansas
City since January 1, 1950, died on May 3, 1960.
DISTRICT 2
New York
American Trust Company
Bank of New York
Bankers Trust Company
Chase Manhattan Bank
Chemical Bank New York Trust Company
Colonial Trust Company
First National City Bank
First National City Trust Company
Grace National Bank
Hanover Bank
Irving Trust Company
Manufacturers Trust Company
Marine Midland Trust Company
Morgan Guaranty Trust Company
Schroder Trust Company
United States Trust Company
ELECTION OF DIRECTOR
The Federal Reserve Bank of New York on May 4
announced the election of Mr. B. Earl Puckett as
a Class B director of the Bank to serve for the remainder of a term expiring December 31, 1961.
Mr. Puckett is Chairman of the Board of the Allied
Stores Corporation, New York City. As a director of the New York Bank, he succeeds Mr. Philip
D. Reed, of New York City, who was appointed a
Class C director and designated Chairman of the
New York Bank on January 1, 1960.
RESERVE CLASSIFICATIONS
Central reserve and reserve cities are listed below,
together with the member banks therein that as of
March 15, 1960, were maintaining reserves at the
requirements established by the Board of Governors for banks in such cities.1 Net demand deposits of these banks are subject to reserve requirements of 18 and I6Y2 per cent, respectively.
These deposits are subject to a reserve requirement
of 11 per cent at all other member banks. Time
deposits are subject to a reserve requirement of
5 per cent in all reserve classifications.
1
The names of banks are not necessarily the full legal titles.
497
DISTRICT 7
Chicago
American National Bank and Trust Company
Chicago National Bank
City National Bank and Trust Company
Continental Illinois National Bank and Trust
Company
Drovers National Bank
Exchange National Bank
First National Bank
Harris Trust and Savings Bank
LaSalle National Bank
Live Stock National Bank
Northern Trust Company
RESERVE CITY BANKS
DISTRICT 1
Boston
First National Bank
Merchants National Bank
National Shawmut Bank
New England Trust Company
Old Colony Trust Company
Rockland-Atlas National Bank
Second Bank-State Street Trust Company
United States Trust Company
498
FEDERAL RESERVE BULLETIN • MAY 1960
RESERVE CITY BANKS—Cont.
RESERVE CITY BANKS—Cont.
DISTRICT 5
DISTRICT 2
Richmond
New York
Amalgamated Bank
Federation Bank and Trust Company
Gotham Bank
Merchants Bank
Sterling National Bank and Trust Company
Trade Bank and Trust Company
Buffalo
Liberty Bank
Manufacturers and Traders Trust Company
Marine Trust Company of Western New York
Bank of Virginia
Central National Bank
First and Merchants National Bank
Southern Bank and Trust Company
State-Planters Bank of Commerce and Trusts
Baltimore
Fidelity-Baltimore National Bank
First National Bank
Maryland Trust Company
Union Trust Company
Charlotte
DISTRICT 3
Philadelphia
Central Penn National Bank
Fidelity-Philadelphia Trust Company
First Pennsylvania Banking and Trust Company
Girard Trust Corn Exchange Bank
Philadelphia National Bank
Provident Tradesmens Bank and Trust Company
DISTRICT 4
American Commercial Bank
First Union National Bank of North Carolina
Wachovia Bank and Trust Company, WinstonSalem, North Carolina (Branch in Charlotte)
Washington, D. C.
American Security and Trust Company
First National Bank
National Bank of Washington
National Savings and Trust Company
Riggs National Bank
Cleveland
Central National Bank
Cleveland Trust Company
National City Bank
Society National Bank
Union Commerce Bank
Cincinnati
Central Trust Company
Fifth Third Union Trust Company
First National Bank
Provident Bank
Southern Ohio National Bank
Pittsburgh
Commonwealth Trust Company
Mellon National Bank and Trust Company
Pittsburgh National Bank
Union National Bank
Western Pennsylvania National Bank, McKeesport, Pennsylvania (Branch in Pittsburgh)
Columbus
City National Bank and Trust Company
Huntington National Bank
Ohio National Bank
Toledo
National Bank of Toledo
Ohio Citizens Trust Company
Toledo Trust Company
DISTRICT 6
Atlanta
Citizens and Southern National Bank, Savannah, Georgia (Branch in Atlanta)
Citizens Trust Company
First National Bank
Fulton National Bank
Trust Company of Georgia
Birmingham
Birmingham Trust National Bank
First National Bank
Jacksonville
Atlantic National
Barnett National
Central National
Florida National
Bank
Bank
Bank
Bank
Nashville
Broadway National Bank
Commerce Union Bank
First American National Bank
Third National Bank
New Orleans
Hibernia National Bank
National American Bank
National Bank of Commerce
Progressive Bank and Trust Company
Whitney National Bank
499
CURRENT EVENTS AND ANNOUNCEMENTS
RESERVE CITY BANKS—Cont.
DISTRICT 6—Cont.
Miami
RESERVE CITY BANKS—Cont.
DISTRICT 8—Cont.
Louisville
First National Bank
Florida National Bank and Trust Company
Pan American Bank
DISTRICT 7
Chicago
Central National Bank
Chicago City Bank and Trust Company
Lake Shore National Bank
Lake View Trust and Savings Bank
Mercantile National Bank
Merchandise National Bank
National Boulevard Bank
Northwest National Bank
Sears Bank and Trust Company
Citizens Fidelity Bank and Trust Company
First National Bank
Kentucky Trust Company
Liberty National Bank and Trust Company
Lincoln Bank and Trust Company
Louisville Trust Company
Memphis
First National Bank
National Bank of Commerce
Union Planters National Bank
National Stock Yards
National Stock Yards National Bank of National City
DISTRICT 9
Detroit
Bank of the Commonwealth
City Bank
Detroit Bank and Trust Company
Manufacturers National Bank
Michigan Bank
National Bank of Detroit
Des Moines
Bankers Trust Company
Central National Bank and Trust Company
Iowa-Des Moines National Bank
Indianapolis
American Fletcher National Bank and Trust
Company
Indiana National Bank
Merchants National Bank and Trust Company
Milwaukee
Commonwealth Mutual Savings Bank
First Wisconsin National Bank
Marine National Exchange Bank
Marshall and Ilsley Bank
DISTRICT 8
St. Louis
Boatmen's National Bank
First National Bank
Mercantile Trust Company
Security-Mutual Bank and Trust Company
Little Rock
Bank of Arkansas
Commercial National Bank
First National Bank
Union National Bank
Worthen Bank and Trust Company
Minneapolis
First National Bank
Marquette National Bank
Midland National Bank
Northwestern National Bank
Helena
Commerce Bank and Trust Company
First National Bank and Trust Company
Union Bank and Trust Company
St. Paul
American National Bank
First National Bank
Northwestern National Bank
DISTRICT 10
Kansas City, Missouri
City National Bank and Trust Company
Columbia National Bank
Commerce Trust Company
First National Bank
Livestock National Bank
Mercantile Bank and Trust Company
Merchants-Produce Bank
Traders National Bank
Union National Bank
Denver
American National Bank
Central Bank and Trust Company
Colorado National Bank
Denver United States National Bank
First National Bank
Oklahoma City
City National Bank and Trust Company
Fidelity National Bank and Trust Company
500
FEDERAL RESERVE BULLETIN • MAY 1960
RESERVE CITY BANKS—Cont.
RESERVE CITY BANKS—Cont.
DISTRICT 11—Cont.
DISTRICT 10—Cont.
Oklahoma City—Cont.
First National Bank and Trust Company
Liberty National Bank and Trust Company
Omaha
First National Bank
Omaha National Bank
Packers National Bank
Stock Yards National Bank of South Omaha
United States National Bank
Kansas City, Kansas
Commercial National Bank
Security National Bank
Pueblo
Arkansas Valley Bank
First National Bank
Houston—Cont.
Houston Bank and Trust Company
Houston National Bank
National Bank of Commerce
Texas National Bank
San Antonio
Alamo National Bank
Bexar County National Bank
First National Bank
Frost National Bank
Groos National Bank
National Bank of Commerce
Fort Worth
Continental National Bank
First National Bank
Fort Worth National Bank
Topeka
Fidelity Savings State Bank
First National Bank
Merchants National Bank
Tulsa
First National Bank and Trust Company
Fourth National Bank
National Bank of Commerce
National Bank of Tulsa
DISTRICT 12
San Francisco
American Trust Company
Bank of America, N. T. & S. A.
Bank of California, N.A.
Crocker-Anglo National Bank
Pacific National Bank
Sumitomo Bank (California)
Wells Fargo Bank
Los Angeles
Wichita
First National Bank
Fourth National Bank and Trust Company
Southwest National Bank
Union National Bank
California Bank
Citizens National Bank
Security First National Bank
Union Bank
Portland
DISTRICT 11
Dallas
Empire State Bank
First National Bank
Mercantile National Bank
National Bank of Commerce
Republic National Bank
Texas Bank and Trust Company
EI Paso
El Paso National Bank
Southwest National Bank
State National Bank
Houston
Bank of the Southwest National Association
Citizens State Bank
Fidelity Bank and Trust Company
First City National Bank
First National Bank of Oregon
Portland Trust Bank
United States National Bank
Salt Lake City
Continental Bank and Trust Company
First Security Bank of Utah, National Association, Ogden, Utah (Branch in Salt Lake
City)
Tracy-Collins Trust Company
Walker Bank and Trust Company
Zions First National Bank
Seattle
National Bank of Commerce
Pacific National Bank
Peoples National Bank of Washington
Seattle-First National Bank
Seattle Trust and Savings Bank
501
CURRENT EVENTS AND ANNOUNCEMENTS
In the period between the June 10, 1959, and
March 15, 1960 call dates, the following banks
were granted permission to maintain the same
reserves against deposits as are required to be
maintained by banks outside central reserve and
reserve cities:
Washington, D. C.
McLachlen Banking Corporation
Security Bank
Miami, Florida
Industrial National Bank
Metropolitan Bank
Chicago, Illinois
Amalgamated Trust and Savings Bank
Belmont National Bank
Citizens National Bank
Commercial National Bank
Consumers National Bank
Cosmopolitan National Bank
Devon-North Town State Bank
District National Bank
Drexel National Bank
First Commercial Bank
Gateway National Bank
Kaspar-American State Bank
Lawndale National Bank
Lincoln National Bank
Main State Bank
Manufacturers National Bank
Marquette National Bank
Merchants National Bank
Metropolitan State Bank
Michigan Avenue National Bank
Mid-America National Bank
Mid-City National Bank
Mutual National Bank
National Bank of Albany Park
National Bank of Austin
National Bank of Commerce
National Bank of Hyde Park
National Security Bank
North Shore National Bank
Park National Bank
Peoples National Bank
Skala National Bank
South Chicago Savings Bank
South East National Bank
South Shore National Bank
South Side Bank & Trust Company
State Bank of Clearing
Steel City National Bank
Union National Bank
University National Bank
Chicago, Illinois—Cont.
Upper Avenue National Bank
Uptown National Bank
Milwaukee, Wisconsin
American State Bank
In addition, the following newly organized or
new member banks were granted permission to
maintain the same reserves against deposits as are
required to be maintained by banks outside central reserve and reserve cities during this period:
Des Moines, Iowa
Northwest Des Moines National Bank
Kansas City, Missouri
Broadway National Bank
Leawood National Bank
Oklahoma City, Oklahoma
Penn Square National Bank
El Paso, Texas
Northgate National Bank
Houston, Texas
Medical Center National Bank
South Park National Bank
REVISED INDEXES OF DEPARTMENT STORE SALES
AND STOCKS
Following a review by the Federal Reserve Banks
of the factors used in adjusting the monthly indexes of department store sales and stocks for
seasonal variation, the seasonally adjusted indexes
have been revised for a number of months in
recent years.
The revised figures for the 13 months ending
March 1960 for the United States and each Federal Reserve district are given on page 556 of this
BULLETIN. Data for earlier months may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve
System, Washington 25, D. C.
ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM
The following banks were admitted to Membership in the Federal Reserve System during the
period March 16, 1960, to April 15, 1960:
Alabama
Montgomery.
Indiana
Plainfield.
Peoples Bank & Trust Co.
. Hendricks County Bank and
Trust Company
National Summary of Business Conditions
Released for publication May 16
Consumer buying expanded broadly in April.
Industrial output and factory employment changed
little. Total employment rose and unemployment
declined. From mid-April to mid-May commodity
prices and money rates were relatively stable.
Bank credit increased substantially reflecting
mainly Treasury financing.
INDUSTRIAL PRODUCTION
Increased output of consumer goods in April
offset a further curtailment in steel and the
Board's total index of industrial production was
unchanged from the March rate of 109 per cent
of the 1957 average. Output of consumer goods
had been reduced in February and March from
the sharply advanced rate reached in January in
relation to the level of retail sales. In April,
however, retail sales increased to a new high and
consumer goods output recovered somewhat. The
April rate of consumer goods output was 4 per
cent above last year's average level and the volume of retail sales was larger by about the same
amount.
Auto production rose 3 per cent in April, following a decline of one-sixth in February and
March. Output schedules for May indicate some
further moderate gains. Furniture, television, and
radios increased in April, and apparel and other
nondurable goods production expanded further.
Output of appliances was reduced about one-sixth
during the first quarter to levels that were in
closer balance with retail sales. Activity in most
business equipment industries was maintained at
high levels.
Steel mill operations were curtailed from 92
per cent of capacity in March to 80 per cent in
April, and in mid-May the rate was down to 74
per cent. New orders for steel were reported to
be below current production as steel consuming
industries reduced further their demands for inventories. Output of construction materials generally expanded in April and production of coal and
various other nondurable materials also increased.
CONSTRUCTION
Nonresidential building contracts increased
sharply in March, while residential contracts continued substantially below a year earlier. Reflecting mainly decreases in residential activity, new
construction put in place in April was estimated
to have declined to a seasonally adjusted annual
rate of $52.4 billion, 7 per cent below a year
earlier. Private housing starts changed little at an
annual rate of 1.14 million units.
EMPLOYMENT
INDUSTRIAL PRODUCTION
1957
Total employment increased in April to a new
high level and the unemployment rate declined to
5 per cent from 5.4 per cent in March. The
number unemployed, 3.7 million, was the same
as a year earlier. Construction employment recovered in April from the reduced March level
and finance and State and local government employment continued upward. Manufacturing employment was unchanged. The average workweek
declined somewhat reflecting mainly seasonal influences. Average hourly and weekly earnings at
factories were also somewhat lower.
= 100
DISTRIBUTION
1960
Federal Reserve indexes, seasonally adjusted,
ures, latest shown are for April.
Retail sales increased 3 per cent further in
Monthly fig- April and were 5 per cent above last year's aver-
502
503
NATIONAL SUMMARY OF BUSINESS CONDITIONS
age volume. New auto sales continued to expand
and, including imports, were at an annual rate of
about 7 million units. Sales of household goods
and apparel increased sharply from the reduced
volume in the first quarter to a record rate in
April and early May. Stocks of appliances and
autos remained near earlier advanced levels.
COMMODITY PRICES
Industrial commodity prices generally showed
little change in April and early May. Farm products and foods rose somewhat further to reach
year-earlier levels, although livestock marketings
have expanded about 5 per cent since last autumn.
The consumer price index rose a little further
in March. Small increases in food, apparel, and
services were largely offset by declines in retail
prices for autos.
BANK CREDIT AND RESERVES
Commercial bank credit increased about $3
billion in April. About half the increase reflected
additions to bank holdings of U. S. Government
securities as a result of Treasury financing operations. Security loans related to the financing also
RETAIL
1947-
TRADE
increased and all other loans rose more than usual
for this month. The seasonally adjusted money
supply declined slightly in April, after rising in
March, while deposit turnover rose slightly.
Member bank borrowings from the Federal
Reserve averaged $550 million and excess reserves
$420 million over the four weeks ending May 11.
Reserves were supplied principally by an increase
of $470 million in System holdings of U. S. Government securities. Required reserves rose $410
million reflecting deposit increases as a result
largely of bank purchases of new Treasury securities.
SECURITY MARKETS
Common stock prices declined on balance from
mid-April to mid-May. Yields on corporate and
State and local government bonds and on Treasury securities showed small mixed movements. In
the early May Treasury refunding, investors accepted $3,661 million of 4% per cent one-year
certificates and $2,106 million of five-year 45/s
per cent notes in exchange for the $5,767 million
of issues maturing May 15. The remainder of
maturing issues, totaling $646 million, will be
redeemed for cash.
PRICES
49 = 100
1947^49^=100
RETAIL
SALES
WHOLESALE
OTHER
ALL
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for stocks is March, for other series, April.
COMMODITIES
Bureau of Labor Statistics indexes. Monthly figures; latest
shown: March for consumer prices, and April for wholesale
prices.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; margin requirements; reserve 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.
Business loans
506
510
511
514
516
517
520
522
525
Interest rates
Security prices; stock market credit; open market paper.
Savings institutions
Business finance
Security issues
Federal finance
. . .
Federal business-type activities
Real estate credit
..
Short- and intermediate-term consumer credit.
526
527
528
530
532
533
538
539
542
Industrial production
Selected indexes on business activity
Construction . . . .
Employment and earnings.
Department stores
Foreign trade
Wholesale and consumer prices
National product and income series
Flow of funds, saving, and investment.
546
552
552
554
556
557
558
560
562
Member bank earnings, 1959
Banking and monetary statistics
Principal assets and liabilities of Federal business-type activities.
Index to statistical tables.
564
574
578
602
Tables on the following pages include the principal statistics of current significance relating
to financial and business developments in the
United States. The data relating to Federal
Reserve Banks, member banks of the Federal
Reserve System, and department store trade,
and the consumer credit estimates are derived
from regular reports made to the Board; production indexes are compiled by the Board on
the basis of material collected by other agencies;
figures for gold stock, currency in circulation,
Federal finance, and Federal credit agencies are
obtained from Treasury statements; the remaining data are obtained largely from other sources.
Back figures for 1941 and prior years for banking and monetary tables, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
505
506
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstandingI
U. S. Govt. securities
DisGold
Held counts
stock
under and Float Total 1
Bought
adTotal out- repur- vances
right chase
agreement
Period
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- ForWith AllowTotal 2 F. R. able
Other
ury
eign
in
Banks cash 3
Arerages of
daily figures
1929—June
1933—June
1939—Dec. .
1941—Dec
1945—Dec
1947—Dec......
1950_Dec
1951—Dec
1952—Dec
1953—Dec
1954 Dec.. . .
1955—Dec
1956 Dec
1957—Dec
1958—June
179
25,446
25 661
25 920
25,963
26,422
26,588
26,674
26,517
26,732
27,036
Dec
1,933
2 510
2,219
23,708
21,905
20,336
23,310
23,876
25,218
24,888
24,318
24,498
23,615
24,698
26,216
25,400
25 538
25 882
25,949
26,354
26 548
26,628
26,479
26 628
26,993
4 024
4,030
17 518
22,759
20,047
22 712
22,879
22,483
23,276
22,028
21,711
21,689
21,942
22,769
21,490
20,563
2,018
2,295
2 956
3,239
4,322
4,556
4,629
4,701
4,806
4,885
4,982
5,008
5,064
5,144
5,203
5,230
4 400
5,455
7 609
10 985
28,452
28 937
27,806
29,139
30,494
30,968
30,749
31,265
31,775
31,932
31,039
32,371
954 27,055 20,448 5,244
620
46
694
937 27 323 20 403 5 253
123
784
935 27,669 20,217 5,265
38
14
938 1,009 27,937 20,030 5,278
68
969 1,023 28,441 19,674 5,283
891 28,509 19,596 5,281
40 1,008
46
904 1,088 28,687 19,514 5,278
38
909 1,115 28,563 19,498 5,293
104
886 1,094 28,741 19,581 5,303
43
911 1,426 29,435 19,482 5,311
179
1,933
2 510
2,219
23,708
21,905
20,345
23,409
24,400
25,639
24,917
24,602
24,765
23,982
24,749
26,312
9
99
524
421
29
284
267
367
51
96
978
250
8
5
381
268
142
657
1,633
448
407
840
706
716
1,317
2,208
2,612
2,404
24,744
22,858
1,117 21,606
1,375 25,446
1,262 27,299
1,018 27,107
992 26,317
1,389 26,853
1,633 27,156
1,443 26,186
916 25,851
142
564 1,496 28,412
61
12
83
170
652
681
210
272
2 402
2,189
2,269
1 330
1,290
1,280
1,271
30
81
616
592
625
967
30
376
350
248
164
739
1,531
1,247
1,016
292
493
614
739
796
832
908
929
983
998
1,063
1,132
1,174
2,314
2,211
11 473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899
2,314
2,211
11 473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899
767
271
569
602
920
571
745
466
805
777
772
768
443
434
463
385
439
459
372
345
353
264
290
390
365
394
247
186
701
442
281
350
691
470
262
337
31,227
31 304
31 490
31,813
32,042
31,994
32,019
31,974
32,207
32,775
717
708
708
632
411
399
394
391
413
477
396
524
312
283
274
277
269
260
301
302
317
361
377 1.208 18,429 18,429
347
168 18 664 18 664
369 I 197 18,580 18 580
359
,219 18,451 18,451
344 1,170 18,671 18,671
337 1,239 18,613 18,613
381 1,246 18,593 18,593
388 ,175 18,610 18,610
379
204 18,621 18,621
.195 18,932 18,628
348
32,008
31,580
31,628
31,713
419
445
442
534
515
481
270
214
197
368
406
307
554
185
353
298
339 1.214
336
,212
340 1,214
339 1,218
615
1959
Mar
April
May
June
July
Aug. .
Sept
Oct
Nov
Dec
505
532
495
490
546
543
512
485
304
1960
Jan .
Feb
Mar.
Apr . . .
25,934
25,322
25,310
. . . . 25,488
25,914
25,289
25 261
25,373
20
33
49
115
1,343
1,098
1,066
623 1,082
909
818
637
28,236
27,276
27,048
27,227
19,454
19,429
19,410
19,386
5,315
5,323
5,336
5,344
r
419
18,878 18,568
18,213 17,947
18 027 17,770
890 P 1 8 , 1 0 1 17,843
838
921
970
Week ending:
1959
61
548
35
722
951 26,892
849 26,976
543 1,000 27,048
619
961 27,123
20,479
20,448
20,442
20,442
5,241
5,242
5,244
5,246
31,129
31,215
31,287
31,231
Apr.
629
998 27,151
690
914 27,357
721
816 27 357
767 1,130 27,472
673
900 27,212
20,442
20 442
20 440
20,409
20,330
5,247
5,250
5 253
5,254
5,257
May
102
70
9
693
893 27,424
726
795 27,563
870 1,155 27,989
675
940 27,548
20,262
20,251
20,197
20,188
25,905
25,939
25,944
25,970
25,905
25,939
25,944
25,936 '"'"34
866
853 27,650
996
774 27,736
993 1,029 27,994
894 1,256 28,147
26,045
26,300
26,494
26,449
26,459
26,018
26,255
26,383
26,390
26,408
938 1,032 28,042
27
948 28,319
45 1,044
922 28,462
t i l 1,019
929 1,299 28,705
59
890
998 28,374
51
4
11..
18
25
25,355
25 366
25,471
25,510
25,294
25 331
25,419
25,461
1
8
15
22
29
25,494
25 722
25 789
25,544
25,608
25,462
25,484
25 545
25,511
25,608
6
20
27
Mar.
25,808
26,010
25,935
25,905
25,706
25,940
25,926
25,905
3
10
17
24
1
n::::::::
June
July
8.
15
22
29
For notes see opposite page.
52
49
32
238
244
33
721
534
716
454
31,229
31,280
31 365
31,332
31,244
709
709
523
524
471
5,259
5,262
5,264
5,268
31,368
31,505
31,515
31,473
20,188
20,141
20,136
20,017
5,272
5,275
5,280
5,280
19,712
19,704
19,695
19,669
19,636
5,283
5,283
5.283
5,283
5,284
727
714
437
456
311
290
295
364
296
18,375
18,421
18,439
18,558
18,375
18,421
18,439
18,558
456
279
286
560
271
512 [,181 18,323 18,323
348 1,180 18,711 18,711
343
181 18 698 18 698
362
,178 18,817 18,817
333 [,136 18,551 18,551
711
710
710
708
542
521
504
543
256
269
280
281
360 1,136 18,571 18,571
383 1,139 18,550 18,550
367 ,245 18,829 18,829
363 [,244 18,393 18,393
31,645
31,803
31,876
31,807
701
716
715
626
548
476
436
515
297
260
259
283
376
364
361
349
1,219
1,218
1,226
1,238
18,324
18,314
18,537
18,627
18,324
18,314
18,537
18,627
31,852
32,105
32,194
32,036
31,883
407
412
419
412
403
552
516
394
460
559
296
278
269
255
271
353
360
338
334
340
,190 18,386
1,183 18,452
1,185 18,640
1 183 18,976
1,137 18,702
18,386
18,452
18,640
18,976
18,702
712
705
705
310
266
257
z'258
507
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
Discounts
and Float Total i
advances
Total
Held
Bought under
repuroutright chase
agreement
26,549
26,605
26,531
26,573
26,440
26,597
26,525
26,518
Sept. 2
9
16
23
30
26,691
26,754
26,737
26,637
26,563
26,650
26,663
26,643
26,637
26,563
966
41
91 1,059
94 1,060
860
722
Oct.
26,591
26,637
26,402
26,385
26,563
26,563
26,402
26,364
Nov. 4
11
18
25
26,686
26,763
26,702
26,682
26,544
26,574
26,593
26,652
142
189
109
30
Dec.
26,871
27,194
27,176
27,007
26,829
26,843
27,130
27,142
26,970
26,787
28
64
34
37
42
Gold
stock
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
reserves,
with F. R. Banks
Treasury
cash
holdings Treas- Forury
eign
Member bank
reserves
Other
F. R.
accounts
Total 2
Other
With Allowable
F. R.
in
Banks cash 3
Averages of
daily figures
Week ending:
1959
:
19.
26.
7.
14.
21.
28.
2.
9.
16.
23.
30.
31,922
32,071
32,051
31,951
403
401
397
395
503
475
638
564
277
257
256
257
340
343
349
321
,166
,203
,246
,294
18,696
18,622
18,509
18,586
18,696
18,622
18,509
18,586
19,525
19,523
19,522
19,513
19,493
5,281
5,282
5,282
5,283
5,276
5,274
5,274
5,278
5,287
31,935
32,107
32,197
31,984
31,811
400
401
395
390
388
561
430
421
632
681
260
275
331
298
310
333
341
373
420
403
,260
,259
,260
,264
,196
18,566
18,640
18,653
18,819
18,394
18,566
18,640
18,653
18,819
18,394
1,007 1,005 28,623 19,491
1,051
956 28,667 19,489
824
,417 28,664 19,488
,149 28,353 19,486
796
21
5,289
5,290
5,293
5,297
31,933
32,096
32,026
31,873
387
387
391
396
533
474
518
530
300
326
294
297
420
464
344
335
,194
,197
,193
,136
18,636
18,501
18,679
18,568
18,636
18,501
18,679
18,568
19,585
19,585
19,583
19,582
5,299
5,301
5,303
5,304
31,924
32,105
32,235
32,269
404
414
414
415
471
458
478
515
293
313
304
315
397
396
362
369
,127
,128
,204
,297
18,711
18,724
18,647
18,563
18,711
18,724
18,647
18,563
28 ,867
29,153
29
29,365
29,883
29,629
19,568
19,505
19,478
19,467
19,456
5,306
5,310
5,311
5,312
5,313
32,446
32,601
32,798
32,924
32,893
410
405
396
387
393
547
487
528
523
537
347
362
341
365
387
355
338
342
331
333
,241
,244
,181
,195
,195
18,451
18,797
18,872
19,274
18,997
18,396
18,529
18,567
18,937
18,660
55
268
305
337
337
1,018 1,586 29,318
915
8,633
918
8,098
776
,103 27,370
19,456
19,455
19,455
19,454
5,313
5,315
5,316
5,315
32,524
32,282
31,910
31,650
407
410
424
424
582
519
494
519
348
308
231
217
553
332
326
332
843
840
836
836
19,141
19,029
18,963
18,476
18,831
18,713
18,648
18,161
310
316
315
315
811 1,108 27,406 19,445
853
853 27,135 19,433
974 1,167 27
27,535 19,432
620 1,324 27,235 19,423
31,565
31,599
31,631
31,562
436
443
451
445
510
417
591
529
239
203
224
206
834
333
834
344
896
522
439 1,008
18,537
18,268
18,250
18,061
18,252
18,049
17,974
17,793
285
219
276
268
31,518
31,613
31,726
31,671
31,534
442
435
448
450
439
542
542
446
451
479
219
200
200
180
203
323 1,008 18,105 17,800
293 1,007 17,941 17,731
293
980 18,108 17,849
305
944 18,189 17,934
327
945 17,894 17,600
305
210
259
255
294
790 28,399
109 1,034
771 28,473
8 1,073
945 1,065 28,562
6
941
950 28,485
55
836 28,515
819 28,656
017 28,834
499 29,016
098 28,403
897 28,443
834
947 28,651
916
864 1,165 28,758
829 ' ~" 28,857
875
916
961
985
933
1,086
1,003
1,169
1,818
1,788
19,626
19,619
19,601
19,600
I960
Jan.
6...
13...
20...
27...
26,642
26,395
25,622
25,450
26,607
26,339
25,620
25,450
Feb.
3.
10.
17.
24.
25,447
25,389
25,355
25,253
25,442
25,355
25,300
25,253
Mar. 2
9
16
23
30
25,212
25,270
25,444
25,323
25,239
25,154
25,235
25,313
25,290
25,234
58
35
131
33
5
794 1,061 27,102 19,421
595
174 27,075 19,412
726
994 27,197 19,409
587 1, 245 27,189 19,409
608
898 26,778 19,408
5,319
5,321
5,323
5,325
5,328
5,333
5,335
5,337
5,340
20
27
25,284
25,396
25,701
25,521
25,264
25,285
25,417
25,444
20
111
284
77
735
898 26,950
734
910 27,073
561 1,391 27,690
524
159 27,234
19,406
19,394
19,386
19,373
5,341
5,342
5,344
5,346
31.654
31;826
31,828
31,581
423
417
420
417
509
465
660
553
163
200
188
186
356
349
448
275
17,650
17,634
18,012
18,083
218
236
268
P307
25,218
25,225
25,480
25,107
25,266
25,184
25,225
25,360
25,107
25,264
120
674
869 26,796 19,420
745
815 26,818 19,409
385 1,175 27,072 19,409
362
~"
911 26,412 19,409
835
"'.,956 19,408
823 26
5,330
5,333
5,336
5,339
5,340
31,520
31,662
31,689
31,569
31,558
437
441
460
450
436
451
564
251
467
511
231
200
201
206
223
293 1,004 17,916 17,611
307 1,006 17,591 17,381
945 18,241 17,981
291
306
943 17,473 17,218
316
945 18,010 17,716
305
210
260
255
294
25,321
25,454
25,470
25,490
25,264
25,329
25,403
25,458
57
125
67
32
770
825 261,949
504
i,922
933 26
400 1,107 27,008
545
936 27,001
5,341
5,343
5,345
5,347
31,731
31,838
31,685
31,515
419
426
421
418
417
273
519
596
165
237
206
170
352
344
247
299
942 17,879
852 17,917
862 18,065
856 ^18,160
218
236
268
^307
942
917
864
857
17,868
17,870
18,280
^18,390
Wednesday
1960
Mar. 2.
9.
16.
23.
30.
Apr
20
27
34
19,397
19,386
19,385
19,360
r
* Preliminary.
Revised.
1
Includes industrial loans and acceptances, when held. For holdings
of such items on Wednesday and end-of-month dates, see subsequent
17,661
17,681
17,797
17,853
tables on Federal Reserve Banks. (Industrial loan program discontinued
Aug. 21, 1959.)
2 See note 3.
3 Beginning with December 1959, monthly averages are estimated.
508
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. In millions of dollars]
Central reserve city banks—New York
All member banks
Period
Total
reserves
heldi
Central reserve city banks—Chicago
BorBorBorRerowReTotal
ReTotal
Excess rowFree
Free
Free
Excess rowquired Excess ings
rererere- 3 ings
rere- 3 serves quired
re- 3 ings
re- 3 serves quired
rerereserves 3 F.atR. serves held* serves2 serves F.atR. serves heldi serves2 serves F.atR. serves3
serves 2
Banks •
Banks 4
Banks4
1929—June
1933—June....
1939—Dec
1941_Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954_Dec
1955—Dec
1956—Dec
1957—Dec
1958—June....
Dec
2,314
52,160
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899
2,275
1,797
6,462
9,422
14,536
16,275
16,364
19,484
20,457
19,227
18,576
18,646
18,883
18,843
17,974
18,383
39
363
5,011
3,390
1,491
986
1,027
826
723
693
703
594
652
577
626
516
974
184
3
5
334
224
142
657
1,593
441
246
839
688
710
142
557
-935
179
5,008
3,385
1,157
762
885
169
-870
252
457
-245
-36
-133
484
-41
762
861
5,623
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,448
4,336
4,214
4,033
755
792
3,012
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
4,392
4,303
4,186
4,010
7
69
2,611
989
48
105
125
44
30
14
12
35
57
34
28
23
n.a.
n.a.
192
38
58
151
486
115
62
196
147
139
21
103
-167
69
n.a.
n.a.
-144
67
67
-107
-456
-101
-50
-162
-91
-105
7
-80
1959—Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov
Dec
18,429
18,664
18,580
18,451
18,671
18,613
18,593
18,610
18,621
18,932
17,968
18,247
18,132
18,043
18,271
18,141
18,183
18,164
18,176
18,450
461
417
448
408
400
472
410
446
445
482
601
676
767
921
957
1,007
903
905
878
906
-140
-259
-319
-513
-557
-535
-493
-459
-433
-424
3,994
4,008
3,979
3,933
3,981
3,889
3,848
3,867
3,808
6
3,920
3,965
4,001
3,955
3,926
3,977
3,866
3,866
3,851
3,785
3,930
30
7
24
7
4
23
-18
15
23
-10
13
96
75
22
157
248
209
225
207
99
1960—Jan
Feb
Mar
Apr
18,878 18,334
18,213 17,758
18,027 17,611
18101 ^17,694
544
455
416
*>407
905 -361
816 -361
635 -219
602 2-195
3,907
3,753
3,766
3,765
3,884
3,744
3,755
3,784
23
9
10
-19
22.
29.
18,323
18,711
18,698
18,817
18,551
17,855
18,302
18,254
18,307
18,183
468
409
444
510
368
612
672
703
749
656
144
263
259
239
288
4,007
4,065
3,996
3,997
3,995
Nov. 4 .
11.
18.
25.
18,711
18,724
18,647
18,563
18,311
18,202
18,190
18,130
826
908
856
822
426
386
-399
-389
870
911
956
980
928
161
211
,141
,143
939
,024
,199
,356
,406
,295
,210
,166
,149
,136
,113
,077
161
133
601
848
924
,011
,191
,353
,409
,295
,210
,164
,138
,127
,099
,070
1
78
540
295
14
13
8
3
-4
16
-89
-51
-15
-154
-225
-227
-209
-184
-109 6
,029
,041
,037
,009
,028
,033
,025
,020
,029
1,038
,027
,036
,033
,006
,028
,029
,022
,018
,026
,038
111
59
9
12
-50
1
-31
1,046
996
975
953
1,041
993
970
955
3,936
4,059
3,994
3,982
3,977
68
112
195
37
71
-62
-110
-180
-19
,007
,046
,038
,040
,037
3,911
3,765
3,794
3,786
3,902
3,783
3,768
3,758
177
286
281
116
-169
-304
-255
-87
504
396
513
341
464
3,773
3,876
3,949
4,005
3,953
3,769
3,874
3,938
3,988
3,944
78
4
109
202
86
174
6
5
64
232
37
15
85
97
85
2
39
-62
n.a.
n.a.
n.a.
14
7
3
-61
-236
-36
-16
-83
-86
-77
12
-31
2
5
4
3
124
69
44
66
47
40
46
84
64
104
-122
-64
-41
-63
-47
-35
-44
-82
-61
-104
4
3
6
-1
94
129
157
99
-90
-126
-151
-100
1,004
1,043
1,039
1,036
1,035
146
162
61
46
23
-143
-159
-62
-42
-21
,038
,030
,032
,028
,037
,026
,026
,024
56
70
86
34
-55
-66
-81
-30
-74
-2
-98
-186
-76
,017
,032
,035
1,053
1,054
,019
,030
,031
,049
,049
60
69
84
143
156
-62
-67
-81
-139
-151
-1
2
12
8
14
7
63
n.a.
n.a.
n.a.
Week ending:
1959—Apr. 1.
8.
15.
Dec.
2.
9.
16.
23.
30.
6 18,451
18,797
18,872
19,274
18,997
18,085
18,282
18,429
18,635
18,533
400
522
457
433
366
515
443
639
464
1960—Jan.
6.
13.
20.
27.
19,141
19,029
18,963
18,476
18,620
18,472
18,368
18,074
521
557
595
402
1,013
911
914
773
492
354
319
371
4,018
3,915
3,861
3,837
4,012
3,889
3,858
3,820
221
117
80
49
-215
-91
-77
-32
1,061
1,049
1,046
1,026
,064
,041
,044
,023
153
80
128
29
-156
-72
-126
-26
Feb.
3.
10.
17.
24.
18,537
18,268
18,250
18,061
18,056
17,836
17,742
17,636
481
432
508
425
850
973
620
327
418
465
195
3,858
3,773
3,723
3,740
3,854
3,753
3,722
3,720
67
79
118
15
-63
-59
-116
6
1,031
1,007
993
977
1,031
1,003
997
969
71
137
190
104
-70
-133
-195
-95
Mar. 2 .
9.
16.
23.
30.
18,105
17,941
18,108
18,189
17,894
17,664
17,576
17,598
17,737
17,533
441
365
510
452
361
793
595
726
587
602
352
230
216
135
241
3,751
3,732
3,777
3,802
3,746
3,749
3,731
3,761
3,777
3,743
27
5
22
7
-25
-4
-7
18
3
981
970
973
981
966
981
970
969
978
963
41
133
259
199
-40
-130
-257
-197
17,431
17,?
17,870 17,400
18,280 17,918
^18,390 ^17,912
437
470
362
704
671
561
524
267
201
199
3,743
3,655
3,876
3,861
3,725
3,646
3,863
3,851
18
-16
-14
10
922
933
963
984
920
931
969
982
117
137
95
95
-114
-135
-100
-93
Ap,
6
20.
27.
For notes see opposite page.
BANK RESERVES AND RELATED ITEMS
509
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks
Reserve city banks
Period
Total
reserves
heldi
Required
reserves2
Excess
reserves3
Borrowings at
F.R.
Banks*
Free
reserves3
Total
reserves
heldi
Required
reserves2
Excess
reserves3
Borrowings at
Banks*
Free
reserves3
1929 June
1933—June
1939 Dec
1941 Dec.
1945—Dec
1947 Dec
1950 Dec.
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
1957—Dec
1958—June
Dec
761
648
3,140
4,317
6,394
6,861
6,689
7,922
8,323
7,962
7,927
7,924
8,078
8,042
7,721
7,940
749
528
1,953
3,014
5,976
6,589
6,458
7,738
8,203
7,877
7,836
7,865
7,983
7,956
7,619
7,883
12
120
1,188
1,303
418
271
232
184
120
85
91
60
96
86
102
57
409
58
n.a.
n.a.
96
123
50
354
639
184
117
398
299
314
45
254
-397
62
n.a.
n.a.
322
148
182
-170
-519
-99
-26
-338
-203
-228
57
-198
632
441
1,568
2,210
4,576
4,972
C
4,761
5,756
6,094
5,901
5,634
5,716
5,859
5,906
5,552
5,849
610
344
897
1,406
3,566
4,375
4,099
5,161
5,518
5,307
5,032
5,220
5,371
5,457
5,070
5,419
22
96
671
804
1,011
597
663
596
576
594
602
497
488
449
481
430
327
126
n.a.
n.a.
46
57
29
89
236
105
52
159
144
172
74
162
-305
-30
n.a.
n.a.
965
540
634
507
340
489
550
338
344
277
408
268
1959 Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
7,702
7,825
7,792
7,744
7,838
7,836
7,825
7,820
7,848
6 7,954
7,653
7,791
7,728
7,705
7,809
7,779
7,783
7,766
7,802
7,912
49
34
64
39
29
57
42
55
46
41
111
317
424
574
510
477
433
393
415
490
-228
-284
-360
-536
-482
-420
-391
-339
-369
-449
5,704
5,790
5,772
5,765
5,824
5,855
5,895
5,903
5,936
6 6,020
5,323
5,418
5,415
5,406
5,458
5,467
5,511
5,529
5,564
5,569
381
372
357
359
366
388
384
374
372
450
I960—Jan
Feb
Mar
Apr
..
7,909
7,544
7,429
7,498
7,840
7,503
7,391
7,453
69
42
37
45
508
423
289
298
-439
-381
-252
-253
6,014
5,920
5,857
5,568
5,518
5,494
*>5,501
449
402
363
^383
187
194
224
259
242
242
215
203
192
213
192
205
'180
193
194
178
133
101
124
145
169
171
180
237
257
197
183
1959_A P r.
1
8
15
22
29
7,660
7,848
7,856
7,867
7,808
7,609
7,800
7,818
7,824
7,753
242
303
314
335
347
-192
-254
-276
-292
-292
5,649
5,752
5,809
5,912
5,711
5,306
5,400
5,403
5,465
5,418
343
352
406
447
293
224
139
216
173
249
119
213
190
274
44
Nov
4
11
18
25
7,866
7,900
7,864
7,826
7,828
7,821
7,830
7,775
50
49
38
43
55
38
80
34
51
379
377
347
461
-341
-297
-313
-410
5,896
6,028
5,957
5,924
5,544
5,572
5,566
5,573
352
456
391
351
214
175
142
211
13S
281
249
140
Dec
2
9
16
23
30
6 7,807
7,861
7,957
8,050
8,050
7,760
7,813
7,907
7,998
7,962
47
48
50
52
87
490
587
545
422
487
-443
-539
-495
-370
-399
6 5,854
6,030
5,932
6,165
5,939
5,537
5,565
5,553
5,600
5,578
317
465
379
565
361
242
251
218
213
199
75
214
161
352
162
6
13
20
27
8,000
7,992
7,917
7,775
7,973
7,927
7,866
7,715
26
65
51
60
525
482
565
459
-499
-417
-514
-399
6,063
6,073
6,139
5,837
5,571
5,615
5,600
5,516
492
458
539
321
114
232
141
236
378
226
398
85
Feb. 3
10
17
24
7,703
7,631
7,510
7,498
7,665
7,588
7,468
7,434
38
43
41
64
441
418
491
289
-403
-375
-450
-225
5,945
5,856
6,025
5,846
5,506
5,492
5,555
5,513
439
364
470
332
230
216
174
213
209
148
296
119
Mar. 2
9
16
23
30
7,452
7,414
7,417
7,533
7,396
7,426
7,381
7,370
7,460
7,359
25
33
47
73
36
469
323
389
187
232
-443
-290
-342
-114
-196
5,922
5,825
5,942
5,872
5,786
5,508
5,494
5,497
5,523
5,468
414
331
444
350
318
209
226
182
134
171
Anr
7,369
7,387
7,579
7,572
7,337
7,351
7,547
7,541
32
37
32
31
316
335
269
278
-284
-298
-236
-247
5,834
5,893
5,863
^5,973
5,450
5,473
5,539
384
420
324
271
174
170
151
205
105
262
216
147
113
246
154
^284
Week ending:
I960—Jan.
6
13
20
27
.
.
.
c
p
Corrected.
n.a. Not available.
Preliminary.
* Based on figures at close of business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening
figures for allowable cash. Monthly averages for allowable cash are
estimated.
2
Based on deposits as of opening of business each day. Weekly
averages for country banks prior to Jan. 6, 1960, and monthly averages
for all classes of banks beginning with January 1960 are estimated.
3 Weekly averages for all member and for country banks prior to Jan.
6, 1960, and monthly averages for all classes of banks beginning with
January 1960 are estimated.
4
Based on closing figures.
5
This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
6 Beginning with December 1959, total reserves held include allowable
cash (for definition see the BULLETIN for December 1959, p. 1482). Sec
also note 1.
510
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Rate on
Apr. 30
Boston
New York. . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In effect
beginning:
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Previous
rate
Other secured advances
[Sec. 10(b)]
Rate on
Apr. 30
In effect
beginning :
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
14, 1959
11, 1959
18, 1959
11,1959
11,1959
14, 1959
11, 1959
11, 1959
14, 1959
11, 1959
11, 1959
11, 1959
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate on
Apr. 30
Previous
rate
In effect
beginning:
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
14, 1959
11, 1959
18, 1959
11, 1959
11, 1959
14, 1959
11, 1959
11,1959
14, 1959
11, 1959
11, 1959
11, 1959
Previous
rate
14, 1959
11, 1959
18, 1959
11, 1959
11. 1959
14, 1959
11, 1959
11, 1959
14, 1959
11, 1959
11, 1959
11, 1959
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES i
MARGIN REQUIREMENTS 1
[Per cent per annum]
[Per cent of market value]
Date
effective
Range
(or level)—
all F. R.
Banks
1948
Jan. 12.
19.
Aug. 13.
1950
Aug. 2 1 .
25.
1953
Jan. 16.
23.
1954
Feb. 5 .
15.
Apr. 14.
16.
May 2 1 .
1955
Apr. 14.
May 2 .
Aug. 4 .
12!
Sept.^.
Nov. 18.
23.
1
-WA
42*
F. R.
Bank
of
N. Y.
Date
effective
1957
Aug. 9.
23.
Nov. 15.
Dec. 2.
Range
(or level)—
all F. R.
Banks
F. R.
Bank
of
N. Y.
3 -3%
21.
18.
9.
15.
12.
70
70
90
90
50
70
90
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
Oct. 24.
Nov. 7.
1959
Mar. 6.
Mar. 16.
May 29.
June 12.
Sept. 11.
Sept. 18.
50
50
* 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 require*
ments are the difference between the market value (100%) and the maximum loan value.
13.
[Per cent per annum]
Type of deposit
3
1960
In effect
Apr. 30.
1956
A p , 13.
Aug. 24.
1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, see the BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its discount rate except in the following periods (rates in percentages):
1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2,2.10; Sept. 8,2.15; Nov. 10,
2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50.
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
Regulation U :
For loans by banks on stocks
1958
Jan. 22.
24.
Mar. 7.
Apr.
May
Aug.
Sept.
Jan. 16, Aug. 5, Effec19581958tive
Aug. 4, Oct. 15, Oct. 16,
1958
1958
1958
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. 1,
1933Jan. 31,
1935
Feb. 1,
1935Dec. 31,
1935
Jan. 1,
1936Dec. 31.
1956
Effective
Jan. 1,
1957
Savings deposits
3
2%
2%
3
Postal savings deposits
3
2Vi
2%
3
Other time deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
3
3
3
I*
3
%
1
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in any
event exceed the maximum rate payable by State banks or trust companies
on like deposits under the laws of the State in which the member bank is
located. Effective Feb. 1, 1936, maximum rates that may be paid by
insured nonmember commercial banks, as established by the F.D.I.C.,
have been the same as those in effect for member banks.
511
RESERVE REQUIREMENTS
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
[Averages of daily figures. * In millions of dollars]
Net demand deposits i
Effective date
of change
Central
reserve
city
banks
In effect Dec. 31,1945..
20
1948_Feb. 27
June 11
Sept. 16,24*....
22
24
26
24
1949—May 1 , 5 * . , ,
J u n e 30, July 1 * .
Aug. 1 , 1 1 * . . . .
Aug. 1 6 , 1 8 * . . . .
Aug. 25
Sept. 1
1951—Jan.
11,16*....
Jan. 25,Feb. 1*.
1953_july
\t9*
1954—June 1 6 , 2 4 * . . . .
July 29, Aug. 1*
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1*
17
24
In effect May 1,1960...
Present legal requirements:
Maximum
§*
ga
Reserve
city
banks
20
22
21
20
19%
19
8*
23
24
22
21
20
19
20
19
18
8*
it*
\P
18
16%
210
2 22
Country
banks
14
16
15
14
13
12
13
14
13
Time deposits
Central
reserve
and
reserve
city
banks
Item
Country
banks
Central reserve
city banks
Reserve
city
banks
Chicago
New
York
Country
banks
Four weeks ending Mar. 23, 1960
6
Gross demand:
Total
Interbank
U. S. Government.
Other
Netdemand2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.
Balances with F. R.
Banks
Total reserves held
Required
Excess
6
6
5
6
5
6
6
5
5
12
118,815
12,382
3,757
102,676
101,001
53,670
23,247
3,927
5,794
1,074
4,517
5,014
1,439
46,317
6,080
1,444
38,793
38,582
20,867
43,456
1,301
1,422
40,734
37,727
27,115
72
97
2,080
4,000
135
27
1
665
77
1,345
178
689
202
18,632
19,677
4,250
6,249
2,172
3,765
3,765
3,754
975
976
975
2
256
17,829
18,085
17,644
441
11
7,377
7,454
7,409
5,711
5,889
5,506
384
45
it**
Four weeks ending Apr. 20, 1960
16%
10
222
All
member
banks
11
5
5
7
14
3
6
3
6
* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve city banks.
1
Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
2
Prior to July 28,1959, the minimum and maximum legal requirements
against net demand deposits of central reserve city banks were 13 and
26 per cent, respectively, and the maximum for reserve city banks was
20 per cent.
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.
Balances with F. R.
Banks
Total reserves held
Required
Excess
118,256
12,628
3,293
102,335
100,334
54,095
23,211
4,056
725
18,430
19,592
4,350
5,624
1,186
188
4,250
4,855
1,435
46,166
6,079
1,209
38,878
38,499
20,922
43,255
1,307
1,170
40,777
37,389
27,388
6,297
136
81
2,004
4,075
2,174
254
133
27
1,343
180
17,724
17,978
17,570
408
3,755
3,755
3,744
11
945
946
946
671
72
7,361
7,433
7,398
34
5,663
5,844
5,482
361
1
Balances with Reserve Banks are as of close of business; figures for
all other reported items (that is, excluding total reserves held and excess
reserves) are as of opening of business.
2
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.
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS i
[In thousands of dollars]
Wednesday
Item
1960
Apr. 27
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
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
Apr. 20
Apr. 13
1960
Apr. 6
Mar. 30
April
1959
March
April
545,307
537,505
7,799
3
400,018
394,465
5,546
7
503,850
412,787
91,015
48
769,857
717,248
52,561
48
834,605
804,695
9,840
20,070
571,497
544,320
27,174
3
755,725
725,515
30,150
60
499,575
476,045
23,402
128
29,866
7,362
22,504
30,416
5,003
25,413
31,702
7,160
24,542
31,702
9,877
21,825
31,701
10,174
21,527
29,787
6,495
23,292
33,296
11,059
22,237
30,442
9,823
20,619
25,490, 229 25 .469,929 25,453,679 25,321,479 25,266,479 25,557,729 25,264,479 25,702,962
308,050 '265,460
422,290
362,660
252,950
76,736
231,640
174,100
754,767
796,907
933,310
788,307
790,017
911,231
875,777
789,231
14,433,343 14,413,493 14,308,643 14,284,443 14,284,443 14,456,243 14,307,079 18,996,026
8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 3,881,179
1,178,574 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574
206,495
271,283
271,283
271,283
271,283
271,283
271,283
271,283 1,263,662
1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum" maturity of the agreements.
End of month
512
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1960
Item
Apr. 27
Assets
Gold certificate account
Redemption fund for F. R. notes..
Apr. 20
Apr. 13
1960
Apr. 6
Mar. 30
April
1959
March
April
18,137,643 18,147,642 18,158,643 18 158,642 18,112,642 18,158,642 18,804,895
953,992
910,543
950,572
953,828
953,827
953,993
948,368
18,112,
953;
19,066,470 19,091,470 19,096,010 19,109,215 19,112,635 19,066,470 19,112,634 19,715,438
Total gold certificate reserves.
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances—Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
501 ,203
413 ,530
451 605
396 143
401 736
401 087
423,292
436,469
483,852
460,131
471,569
419,743
471,576
458,765
373,687
395,952
545 ,307
400 :
418 850
85 000
724,857
45,000
814,605
20,000
571,497
735,725
20,000
481,975
17,600
31,702
31,702
31,701 ' " " 2 9 J 8 7
33,296
30,442
" 2 9 866
30
A
1,457,167 1,401,867 1,328,117 1,263,417 1,263,417 1,556,667 1,263,417 1,621,900
8,506,993 8,506,993
13,010,298 13,010,298
2,483,771 2,483,771
8,506
13,010
2,483!
506,993 8,506,993 8,506,993 8,506,993 18 649,726
867,565
010,298 13,010,298 13,010,298 13,010,298
483,771
483,771 2,483,771 2,483,771 2,483,771
25,458, 229 25,402,929 25,329 179 25. 264,479 25 ,264,479 25, 557,729 25,264,479 25 ,622,962
80,000
57,000
2,000
67,000
124 500
32; 000
Total bought outright
,
Held under repurchase agreement.
Total U. S. Government securities.
25,490,229 25,469,929 25,453,679 25,321,479 25,266,479 25,557,729 25,264,479 25,702,962
Total loans and securities
26,065,402 25,900,363 25,989,231 26,123,038 26,132,785 26,159,013 26,053,500 26,232,983
Due from foreign banks
Cash items in process of collection.
Bank premises
Other assets
15
15
15
15
15
15
15
15
5,674. 571 6,390,074 5,853,735 ,984,467 5,147,518 5,411,442 5,112,492 ,315,785
103; 330
102
102678
102,591
102,480
103,225
102,371
95,150
103 537
343; 093
262,132
302
282,767
351,537
265,207
216,969
323 ,414
52,167,614 52,656,621 52,146,982 51,461,854 51,701,548 51,983,014 51,576,560 52,345,979
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
27,207,791 27,315,751 27,434,359 27,380,827 27,302,390 27,258,140 27,341,214 26,983,368
17,853
595
169
299
Total deposits.
078 17,797,178 17,680,611 17,660,645 17,716,177 17 849,773 17,773,
519,187
618,526
272,792
417,178
510,986
548!
853
205,578
194,066
222,912
184;
870
236,982
165,391
246,810
313,301
315,663
354;
475
344,096
351,525
18. 395,501
539,113
265,999
340,905
18,918,276 18,768,753 18,534,481 18,594,739 18,765,738 18,975,666 18,861,001 19,541,518
5,282,699
49,057
4,738
43
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
,920,551 4,159,005
36,078
34,868
,439,131 4,062,
,372,789
41,845
32,186
35;
50,908,223 51,416,260 50,925,469 50,169,439 50,427,827 50,714,782 50,300,313 50,929,861
Capital Accounts
Capital paid in.
Surplus
Other capital accounts.
396,753
774,808
87,830
Total liabilities and capital accounts.
396,391
774,808
69,162
396,306
774,808
50,399
395,757
774,808
121,850
,324,038
35,661
395,340
774,808
103,573
397,615
774,808
95,809
395,358
774,808
106,081
377,469
868,410
170,239
52,167,614 52,656,621 52,146,982 51,461,854 51,701,548 51,983,014 51,576,560 52,345,979
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Government securities held in custody for
foreign account
41.3
41.4
41.5
41.6
41.5
41.2
41.4
42.4
168,203
165,251
169,487
159,007
146,560
167,141
153,223
56,068
4,818,221 4,741,938 4,764,633 4,749,513 4,737,178 4,818,121 4,727,978 3,558,741
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank)..
Collateral held against notes outstanding:
Gold certificate account
,
Eligible paper
U. S. Government securities
,
Total collateral.
28,312,047 28,392,185 28,404,722 28,388,452 28,438,402 28,269,934 28,409,894 27,934,014
,585,000 10,585,000 10,585,000 10,585,000 10,585,000 10,585,000 10,755,000
10,585,000 10
66,481
68,525
120,680
103,761
168,846
145,893
142,361
141,271
19,245,000 19,245,000 19,245,000 19,245,000 19,245,000 19,245,000 19,245,000 18,685,000
29,933,761 29,896,481 29,898,525 .9,950,680 29,998,846 29,975,893
29,972,361 29,581,271
513
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1960
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Richmond
Cleveland
Atlanta Chicago
St.
Louis
San
Fran-
Kansas
City
Minneapolis
Dallas
643,082 2,413,392
Assets
Gold certificate account
Redemption fund for F. R.
notes
827,019 4,868,160 1,078,832 ,587,291
Total gold certificate reserves.
884,476 5,071,815 1,136,197 ,671,581 1,066,152
F. R. notes of other Banks..,
Other cash
Discounts and advances:
Secured by U. S. Govt.
securities
Other
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
Cash items in process of
collection
Bank premises
Other assets
Total assets.
57,457
203,655
57,365
690,526
334,881
668,686
178,415
45,164
23,510
44,276
917,789 3,340,430
735,690
358,391
982,164 856,594 3,162,015
84,290
83,988
61,195
32,345
82,168
712,962 675,427 2,495,560
38,799
25,298
115,498
72,958
28,141
18,566
32,923
40,581
35,118
24,716
89,536
36,357
25,833
73,349
12,403
25,054
12,401
10,645
15,943
15,192
24,878
19,452
40,096
57,575
33,350
80
10,875
12,115
15,565
42,402
72,470
4,000
92,748
37,957
72,892
15,450
95,666
290
44,616
221
20,800
29,787
,373,472 6,374,916 1,463,333 2,195,843
,617,676 1,401,356 4,374,410 1,032,967
593,067 1,096,963 1,029,977 3,003,749
1,406,902 6,415,578 1,475,448 2,211,408 1,660,078 ,477,826 4,467,158 1,070,924
681,409 1,192,919 1,074,814 3,024,549
1
14
1
1
1
1
2
398,195 1,019,951 361,814 453,467 439,144 470,271 854,233 219,690 152,741 268,940 260,650 512,346
4,580
11,928
4,189
9,056
18,623
4,958
12,632
6,884
3,946
6,476 10,251
9,702
16,004
18,893
30,690
19,931
59,300
8,140
14,260 41,407
14,117
20,033
22,148
86,614
2,776,753 12,792,120 3,044,146 4,449,707 3,253,833 3,021,962 8,838,928 2,084,762 1,228,685 2,226,541 2,082,114 6,183,463
Liabilities
1,569,884 6,386,211 1,767,071 2,481,122 2,029,827 1,538,183 5,163,112 1,187,236 600,542 1,092,527 776,274 2,666,151
F. R. notes
Deposits:
740,453 4,802,313 869,220 1,405,779 749,609 968,517 2,706,738 617,560 437,126 821,448 954,788 2,776,222
Member bank reserves....
U. S. Treasurer—general
61,629
43,031
34,086 46,085
48,821
24,393
132,219
16,931
34,573
72,378
53,417
account
50,963
374,661
9,853
15,698
8,684 23,046
7,515
9,686 20,541
Foreign
6,847
3,841
8,183
5,511
252,921
4,192
47,335
1,129
2,714
723
1.164
917
Other
736
427
502
541
773,531 5,262,114 900,196 1,465,637 813,255 1,012,497 2,803 326 674,575 475,480 875,116 1,014,212 2,905,727
Total deposits
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities.
368,479
773,637
300,489
382,448
350,518
402,427
686,770
178,540
2,222
10,012
2,233
4,020
2,319
2,168
6,843
1,512
121,919 204,451! 218,143
1,347
1,645
1,669
451,310
5,855
2,714,116 12,431,974 2,969,989 4,333,227 3,195,919 2,955,275 8,660,051 2,041,863 1,199,288 2,173,739 2,010,298 6,029,043
Capital Accounts
Capital paid in
Surplus
Other capital accounts.
19,518
38,332
4,787
113,636
220,905
25,605
23,227
45,638
5,292
36,662
72,530
7,288
17,730
34,566
5,618
20,885
40,306
5,496
55,079
107,334
16,464
13,322
25,862
3,715
9,181
17,580
2,636
16,645
31,720
4,437
22,962
44,645
4,209
48,768
95,390
10,262
Total liabilities and capital
2,776,753 12,792,120 3,044,146 4,449,707 3,253,833 3,021,962 8,838,928 2,084,762 1,228,685 2,226,541 2,082,114 6,183,463
accounts
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
37.7
43.5
42.6
42.4
37.5
36.0
39.5
33.3 j
36.2
37.7
44.8
6,896
9,756
20,688
i
8,242
4
46,878
9,924
15,811
7,569
8,746
23,211
5,551
3,869
Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding
1,631,852 6,699,925 1,814,743 2,555,930 2,
(issued to Bank)
>,100,954 1,600,713 5,272,159 1,232,816 612,343 1,123,126
Collateral held against notes
outstanding:
Gold certificate account.... 530,000 2,900,000 700,000 920,000 675,000 500,000 1,900,000 430,000 180,000 300,000
Eligible paper
12,115
95,821
37,957
U. S. Govt. securities
,250,000 4,000,000 1,200,000 1,750,000 1,465,000 1,200,000 3,700,000 935,000 450,000 870,000
Total collateral.
,780,000 6,900,000 1,912,115 2,670,000 2,140,000 1,700,000 5,600,000 1,402,957
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $119,405,000 participations of other Federal Reserve
Banks.
63O,OCO 1,265,821
817,274 2,808,099
250,000 1,300,000
625,000 1,800,000
875,000 3,100,000
4 After deducting $120,263,000 participations of other Federal Reserve
Banks.
514
BANK DEBITS
LOANS GUARANTEED UNDER REGULATION V*
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION Vi
[Amounts in millions of dollars]
[In effect Apr. 30]
End of
year or
month
Loans
authorized
to date
Loans
outstanding
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Amount
1,367
1,411
1,468
1,503
1,543
2,500
2,575
2,761
2,912
3,105
472
294
389
395
310
368
226
289
300
236
3,120
3,128
3,169
3,170
3,170
3,174
3,174
3,179
3,179
3,189
335
314
313
317
323
330
342
340
342
340
254
241
240
240
244
249
257
253
255
256
128
142
151
137
129
121
101
107
105
98
1,565
1,565
1,565
3,192
3,195
3,202
333
341
356
250
256
264
103
95
79
Total
amount
10
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
1960
Jan
Feb
Mar
Percentage of
any commitment
fee charged
borrower
70 or less
75
80
85 . . . .
90
95
Over 95
1959
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Guarantee fee
(percentage of
interest payable
by borrower)
10
15
20
25
30
35
40-50
Percentage of
loan guaranteed
273
170
125
135
168
[,550
1,552
1,557
1,557
1,557
1,558
1,560
1,561
1,562
1,563
1954
1955
1956
1957
1958
Number
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
All
reporting
centers
Y ear or month
Unadj.
Adj.
1959- \pr
Adj.
597 815
632,801
738,925
766,890
815 856
888,455
958,721
1,023,605
Unadj.
Tan
U n a dj.
. .
]Leading
New York
85 ,877
84 ,030
79 ,479
86 ,792
85 ,207
86 ,633
89 ,356
91 ,522
89 ,244
88,049
80,725
86,598
89,600
75 233
81,067
89,519
82,273
104,976
46,346
45,156
44,746
46,694
45 899
44,240
45,486
46,257
46,278
45,955
44 646
46,429
48,422
43 265
43,259
46,083
43,810
51 763
92 ,894
Q-> 143
93 ,032
93 ,516
93 109
92 ,017
92 ,216
95 ,067
93 696
91 ,358
90 ,631
95 ,574
97 ,615
89 ,633
91 ,516
94 ,642
91 ,055
104 ,382
230,100
221,965
'245,705
226,007
R4 ,646
90 ,786
88 ,721
86 ,042
88,529
85,058
96,593
86,174
46 218
49,752
46,730
48,445
46 305 94
45,626 98,866
50,410 '95,610
46,893 96,744
95 ,266
91 ,282
'98 ,703
92 ,940
centers
6 others i
337 c>ther
repoirting
cent ers2
Adj. Unadj. Adj. Unadj. Adj. Unadj.
695 ,133
740 ,436
758 375
845 ,007
921 ,928
979 ,00?
993 ,600
1,110 304
349 904
385 831
390,066
431 651
462 859
489 311
487,432
545,258
p
r
Preliminary.
Revised.
Adj.= adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco and Los
Angeles.
2 Prior to April 1955, 338 centers.
Adj.
225,362
216,003
228,601
235,637
208,130
215,843
230,245
217,139
261,121
May
June
July
Aue
Sept
Oct
Nov
Dec
Feb
Mar
Apr
Unadj.
337 other
reporting
centers2
6 others 1
New York
1 642,853
1 ,759,069
1 ,887,366
2 ,043,548
? ,200,643
? ,356,768
? ,439,754
? ,679,167
1952
1953
1954.
1955.
1956
1957.
1958.
1959.
1960
Leading centers
56.6
56.2
53.1
57.3
56.3
57.6
60.1
60.1
60.1
55.7
58.5
57.9
56.4
34.4
36.7
42.3
42.7
45.8
49.5
53.6
56.4
56.4
54.2
56.9
57.2
51.3
55.4
59.2
58.0
67.0
24.1
33.1
32.6
32.1
33.1
33.1
32.1
32.8
33.6
33.2
25.6
25.8
27.3
28.8
30.4
30.0
32.5
33.3
32.5
32.8
32.9
31.3
31.7
32.5
32.7
35.3
18.4
18.9
19.2
20.4
21.8
23.0
22.9
24.5
24.7
24.5
24.6
24.7
24.7
24.6
24.7
25.3
24.9
24.0
24.5
25.1
24.9
24.1
24.7
24.8
25.4
26.4
57.8 33.0 32.9 25.1 25.3
56.3 35.7 33.4 26.4 25.0
60.3 34.0 36.6 25.8 25.8
56.3 ?35.5 ^35.7 ?26.2 ^25.5
NOTE.—Series revised by Federal Reserve beginning with 1950; for
description and revised monthly figures, see the BULLETIN for Jan. 1960,
pp. 8-11. Seasonally adjusted figures for earlier years, prepared by
Federal Reserve Bank of New York, together with unadjusted data
were published in the BULLETIN for May 1959, p. 554.
515
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
1939
1941
1945
1947
1950
1954
1955
1956
1957
1958
1959
Mar
Apr
May....
June
July
Aug
Sept . .
Oct
Nov
Dec
1960 Jan
Feb
Mar
Total
in circulation i
Total
Coin
$12
$2
$5
$10
7 598
11,160
28,515
28,868
27 741
30,509
31,158
31,790
31 834
32,193
End of year or
month
5,553
8,120
20,683
20,020
19,305
21,374
22,021
22,598
22,626
22,856
590
751
1,274
1,404
1,554
1,834
1,927
2,027
2,110
2,182
559
695
1,039
1,048
1,113
1,256
1,312
1,369
1,398
1,494
36
44
73
65
64
71
75
78
80
83
1,019
1,355
2,313
2,110
2,049
2,098
2,151
2,196
2,188
2,186
31,250
31,349
31,638
31,914
31,898
31,973
31,848
31 905
32,489
32,591
22,111
22,209
22,479
22,731
22,721
22,784
22,672
22,752
23,277
23,264
2,164
2,175
2,193
2,215
2,224
2,241
2,259
2,269
2,294
2,304
1,414
1,429
1,447
1,449
1,436
1,444
1,464
1,474
1,488
1,511
80
80
81
83
82
83
82
83
84
85
2,075
2,083
2,112
22,409
22,440
22,539
2,268
2,275
2,294
1,419
1,409
1,410
82
83
82
Large denomination currency
1,772
2,731
6,782
6,275
5,998
6,450
6,617
6,734
6,662
6,624
6,410
6,452
6,534
6,584
6,562
6,572
6,521
6 544
6,734
6,672
31,569
31,552
31,633
In millions of dollars]
Coin and small denomination currency
$20
1,576
2,545
9,201
9,119
8,529
9,665
9,940
10,194
10,187
10,288
9,968
9,989
10,112
10,282
10,312
10,333
10,233
10,261
10,491
10,476
6,415 10,123
6,456 10,120
6,494 10,154
2,117
2,104
2,111
2,112
2,122
2,185
2,216
2,102
2,098
2,105
l Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
Total
$100
$50
2,048
460
724
3,044
7,834 2,327
8,850 2,548
8,438 2,422
9,136 2,720
9,136 2,736
9,192 2,771
9,208 2,777
9,337 2,792
9,139 2,704
919
1,433
4,220
5,070
5,043
5,612
5,641
5,704
5,752
5,886
$500
$1,000 $5,000 $10,000
307
292
280
275
425
556
801
782
588
464
438
407
384
373
20
24
7
5
4
3
3
3
3
3
32
46
24
17
12
15
12
14
13
9
3
3
3
3
3
3
3
3
3
3
3
3
3
g
8
8
8
8
8
7
5
5
5
191
262
454
428
368
321
9,140
9,158
9,184
9,178
9,189
9,176
9,154
9,213
9,326
2,710
2,721
2,742
2,742
2,741
2,733
2 725
2,753
2,803
5,789
5,787
5,796
5,808
5,804
5,820
5,823
5 815
5,850
5,913
270
269
269
265
266
264
263
261
260
261
366
363
361
357
355
352
347
344
342
341
9,160
9,112
9,094
2,739
2,719
2,715
5,825
5,795
5,787
254
256
255
334
334
330
5
5
paper currency shown by denomination by amounts of unassorted currency (not shown separately).
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Mar. 31, 1960
Feb. 29, 1960
Mar. 31, 1959
19,408
19,143
28,410
5,341
2,251
12,399
19,143
16,297
24
3
4
I
550
347
103
56
21,542
21,548
22,309
413
427
689
16,297
16,318
17,045
Mar. 31,
1960
Feb. 29,
1960
Mar. 31,
1959
2,816
1,540
459
31
26,786
4,817
31
26,761
4,760
31
26.461
4.758
298
280
344
66
8
32
1
For
F. R.
Banks
and
agents
147
2,251
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. 507.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5
Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
N OTE .—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
2265
84
65
1,544
Currency in circulation *
Held by
F. R.
Banks
and
agents
299
Total outstanding As security
against
Mar. 31,
Treasury
gold and
1960
cash
silver
certificates
2,055
1,455
540
2,018
2.114
4,815
5,084
4,718
31,633
310
102
56
1.440
536
308
103
56
31.552
1.380
504
310
112
58
31.250
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.
516
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
Total
Bank credit
Date
Gold
Treasury
currency
outstanding
Other
securities
netTotal
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
1929—June 29.
1933—June 30.
1939—Dec. 30.
1941—Dec. 31
1945—Dec. 31.
1947—Dec. 31
1950—Dec. 30.
1955- Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
21,949
22,781
21,356
20,534
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,008
5,066
5,146
5,204
5,234
58,642
42,148
54,564
64,653
167,381
160,832
171,667
217,437
223,742
229,470
240,451
249,082
41,082
21,957
22,157
26,605
30,387
43,023
60,366
100,031
110,120
115,157
116,842
121,602
5,741
10,328
23,105
29,049
128,417
107,086
96,560
96,736
93,161
91,370
97,849
101,207
5,499
8,199
19,417
25,511
101,288
81,199
72,894
70,052
66,523
65,792
71,611
73,641
216
1,998
2,484
2,254
24,262
22,559
20,778
24,785
24,915
24,238
25,000
26,347
26
131
,204
,284
2,867
3,328
2,888
,899
,723
,340
,238
,219
11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,670
20,461
22,943
25,760
26,273
64,698
48,465
75,171
90,637
191,785
188,148
199,009
244,135
250,757
257,397
267,011
274,850
55,776
42,029
68,359
82,811
180,806
175,348
184,384
224,943
230,510
236,372
244,131
252,022
8,922
6,436
6,812
7,826
10,979
12,800
14,624
19,193
20,246
21,023
22,880
22,829
1959—Apr. 29
M a y 27
June 24
July 29
Aug. 26.
Sept. 30
Oct. 28
Nov. 25
Dec. 31.
20,300
20,200
19,800
19,600
19,600
19,500
19,500
19,600
19,456
5,300
5,300
5,300
5,300
5,300
5,300
5,300
5,300
5,311
247,900
248,300
218,500
250,700
251,200
252,100
251,800
251,400
255,435
123,500
124,800
126,900
128,400
129,800
131,600
131,500
132.300
135^67
97,800
97,100
95,200
96,000
95,200
94,100
94,000
93,100
93,497
71,000
70,000
68,200
68,400
67,600
66,500
66,600
65,400
65,801
25,600
25,900
25,900
26,500
26,500
26,600
26,400
26,700
26,648
,200
,200
,200
,100
,100
,100
,100
,100
,048
26,600
26,400
26,300
26,300
26,200
26,500
26,200
25,900
26,071
273,500
273,700
273,600
275,700
276,100
276,900
276,600
276,300
280,202
249,800
249,400
249,400
251,400
251,100
252,100
251,700
251,100
256,020
23,700
24,300
24,200
24,200
25,000
24,800
24,900
25,200
24,186
l%0—Jan. 27
Feb. 24
Mar. 30
Apr. 27
19,500
19,400
19,400
19,400
5,300
5,300
5,300
5,300
250,200
248,300
247,600
251,000
133,000
133,400
134,600
136,300
91,300
89,200
87,300
89,100
64,800
63,000
61,100
62,700
25,400
25,200
25,300
25,500
,000
,000
,000
,000
25,800
25,700
25,700
25,600
274,900
273,000
272,400
275,700
250,500
248,000
247,300
250,400
24,400
25,000
25,100
25,300
Details of Deposits and Currency
Date
Foreign
bank
deposits,
net
1929—June
1933—June
1939—Dec,
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1955_Dec.
1956—Dec.
1957_Dec.
1958—June
Dec.
29
30
30
31
31
31
30
31
31
31
23....
31
365
50
1,217
1,498
2,141
1,682
2,518
3,167
3,306
3,270
3,953
3,870
1959_Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29
27
24
29
26
30
28
25
31
3,700
3,700
3,600
3,400
3,300
3,300
3,100
3,000
3,203
I960—Jan.
Feb.
Mar.
Apr.
27
24
30^
27*>
2,800
2.600
2,700
2,800
At
TreascomAt
ury
mercial
cash
F. R.
and
holdBanks
ings savings
banks
Time deposits2
Total
Total
Demand
Com- Mutual Postal
demercial savings Savings posits4
banks banks' System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
381
204
852
264
846
2,409
1,895
2,215
2,287 24,608
1,336 1,452
1,293 2,989
767 4,038
775 4,038
761 4,179
700 9,471
683 4,558
36
35
634
867
977
870
668
394
441
481
524
358
54,790
40,828
63,253
76,336
150,793
170,008
176,916
216,577
221,950
227,681
229,483
242,553
28,611
21,656
27,059
27,729
48,452
56,411
59,247
78,378
82,224
89,126
95,524
98,306
19,557
10,849
15,258
15,884
30,135
35,249
36,314
48,359
50,577
56,139
61,473
63,166
8,905
9,621
10,523
10,532
15,385
17,746
20,009
28,129
30,000
31,662
32,837
34,006
149 22,540
186 14,411
,278 29,793
,313 38,992
,932 75,851
,416 87,121
,923 92,272
,890 109,914
,647 111,391
,325 110,254
214 106,169
,134 115,507
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,285
28,335
28,301
27,790
28,740
110,500
114,600
133,500
134,500
133,600
135,300
138,800
84,400
90,000
106,100
107,100
105,800
107,500
110,700
,100
26
,600
24
,400
27
,400
27
27
,800
,800
27
28
,100
700
700
400
400
400
400
400
400
391
4,600
5,200
4,700
5,000
6,000
6,400
5,500
4,700
5,319
500
500
500
600
500
700
500
400
504
240,300
239,300
240,100
242,000
240,800
241,400
242,200
242,600
246,603
99,900
100,400
101,000
100,900
101,200
101,500
101,100
100,300
101,779
64,500
65.000
65,400
65,300
65,600
65,700
65,500
64,800
65,884
34,300
34,400
34,600
34,500
34,600
34,800
34,600
34,600
34,947
,100
,100
,100
,000
,000
,000
,000
,000
948
112,500
110,700
110,700
112,700
111,100
111,400
112,700
113,100
115,402
27,900
28,100
28,300
28,400
28,500
28,500
28,300
29,100
29,422
140,400
140,600
140,900
141,200
140,900
140,800
140,400
140,100
140,200
112,200
112,400
112,600
112,900
112,600
112,400
112,000
111,800
112,000
28
,200
28
,200
28
,300
28
,300
28
,300
28
,400
28
,400
28
,300
28
,200
400
500
400
400
3,800
4,800
4,700
4,700
600
500
500
600
242,900 101,000
239,600 101,200
239,0001102,200
241,9001102,400
65,200
65,400
66,000
66,200
34,900
34,900
35,300
35,300
900 114,000
900 110,500
900J108,800
900 111,500
27,900
28,000
28,100
27,900
140,000
139,100
139,500
139,400
111,700
110,800
111,100
111,200
,300
28
,300
28
,400
28
,200
28
P Preliminary.
1
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a small amount of demand deposits.
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 1946 and are available only for last
Wednesday of the month. For description of series and for back data
see the BULLETIN for February 1960, pp. 133-36. Special adjustment
in seasonal factor for demand deposits adjusted for March 30, 1960,
Seasonally adjusted series 5
Deposits adjusted and currency
U. S. Govt. balances
shown on page 135, footnote 3, of that BUILETIN has been revised from
- 0 . 9 to - 0 . 5 . The new factor is 97.9.
NOTE.—For description of statement and back figures, see the 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.
517
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:
1941—Dec.
1945_Dec.
1947—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
1959—Apr.
June
Aug.
Sept.
Oct.
Nov.
Dec.
1960—Jan.
Feb.
Mar.
Apr.
31..
31..
3H.
31..
31..
23..
31..
29..
24..
26..
30..
28..
25..
31 . .
29..
24. .
30*.
27*.
61,126 26,615
140,227 30,362
134,924 43,002
197,063 110,079
203,849 115,115
215,179 117,808
221,485 121.571
222,610 125,010
223,200 128,690
225,780 131,970
225,530 132,610
225,870 133,050
225,810 134,520
227,831 135,958
225,530 134,860
224,410 135,710
223,770 137,010
226,990 138,710
All commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 4 . .
1956—Dec. 3 1 . . .
1957—Dec. 3 1 . . .
1958—June 2 3 . . .
21,71
26,083
38,057
90,302
93,899
95,571
98,214
101,210
104.450
107;370
107,830
108,160
109,470
110,832
109,550
110,250
11,390
12,950
Dec. 31...
1959- -Apr. 29...
June 24...
Aug. 26...
Sept. 30...
Oct.
Nov.
Dec.
I960—Jan.
Feb.
Mar.
Apr.
28
25
31
27
24
30^
27 *
>
AH member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959__Apr. 29
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1960—Jan. 27
Feb. 24
Mar. 3
Apr. 27?
All mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31«
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31..
1959—Apr. 29
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27
Feb. 24
Mar. 30?
Apr. 27?
Loans
,521
,183
,846
,768
,353
,589
.865
,150
,007
53'
938
328
14:
879
509
405
76:
570
18,021
22,775
32,628
78,034
80,950
82.146
84,061
86,659
89,301
91,757
92,063
92,328
93,525
94,779
93,567
94,111
95,086
96,387
10,379
16,208
18,641
31,940
33,782
35,274
36.320
36,870
37,280
37,590
37,740
37,490
37,530
37,561
37,750
37,870
38,090
38,180
4,901
4,279
4,944
19,777
21,216
22,237
23.357
23 ,'800
24,240
24,600
24,780
24,890
25,050
25,126
25,310
25,460
25,620
25,760
Total
assets—
Total
liaCash
U. S. Other assets bilities
Govt. secuand
obliga- rities
capital Total*
tions
accounts 3
27,344 90,908 81
8
35,415 177,332 165
8,
10,723 38,388 175,091 161;865
20
49,64
770 227,
49,318
22
864 233!
25.760 44.423 264,525 237,204
i;611
73,641 26.273 49,91 276 .430 250,
71,010 26,590 43,300 270 ,990 242.
68,170 26 ,340 42,730 270 ,990 241;
67,570 26 ,240 42,150 273,,010 242;
66,470 26;,450 44,630 275;,500 246;
66,580 26 ,240 44,030 275 160 244; 85<
65,360 25,930 44,870 275; 990 244,83"
65,801 26,07 50,296 283,629 254,
64,840 25
43,160
270 243;
63,000 25
43,490
,430 241;
61,060 25
42,530
,990 239,
62,670 25
43,400
,010 243;
25,511
01,288
81,199
66,523
65,792
1,774
1,246
1,718
4,192
5,013
5,620
5,698
5,690
5,730
5,710
5,720
5,640
5,600
5,570
5,580
5,580
5,570
5,580
793
609
886
920
890
916
921
750
800
720
720
700
720
829
690
710
750
690
11,804
17,020
19,714
33,311
35,168
36,678
37,779
38,160
38,610
38,840
39,000
38,720
38,780
38,943
38,990
39,130
39,400
39,430
10,533
15,385
17,763
30,032
31,695
32.869
34.040
34,300
34,600
34,640
34,840
34,650
34,620
34,983
34,900
34,950
35,280
35,320
Borrowings
U.S.
Govt.
1,910
1,780
1,710
1,610
1,443
1,390
1,290
1,270
1,470
140
64
50
1,289
1,246
2,266
2,187
2,175
1,889
1,767
1,634
1,564
1,462
1,338
1,288
1,187
1,165
1,362
Other
44,355
105,935
125,960 99,660
131
101,116
125
100,380!
122
100,560
119.
101,550
101810
123,
23 8,414 14,826
~
227 10.542 14,553
66 11,948 14.714
78 19,249 14,167
80 20 428 14,090
,137 21 359 14.055
81 21,705 14,020
2,090 22
14,009
2,710 22
13,997
2,770 22
14,004
1,410 22,
13,996
2,480 22,
13,995
2,860 22,
13,993
624 22;
13,991
2,340 23,
13,997
2,820 23,
13,999
3,290 23,
13,999
3,000 23,
13,994
44,349
15,952!
105.921
30,241!
1,343 94 ,367 35.360!
3,733 125 ,282 50,908'
3,898 123 ,967 56,440!
9,205 117 .086 61.759!
4.250 130 ,104 63,493|
4,280 123 }440 64,870;
4,420 121 ,570 65,740
5,720 121 ,460 65,920!
6,140 123 ,830 66,0301
5,190 124 .320 65,830!
4,400 125 930 65,070J
5,050 13^593 66,169
3,540
290 65,510
4,480
690 65,640
4,410
690 66,300
4,480 123 190 66,520
23| 7 .173! 14,278
-.950 14.011
219| 8
65 10,059 14.181
*"
75 16,30? 13,640
77 17.368 13,568
1,136 18.178 H.535
73 1« 4 6 | H 501
2,090 18 s 890|13,491
2,710 19 ,030 13,479
2,770 19 ,340113,486
1,410 19,440 13.478
2,480 19,500 13,478
2,860
59O|13,476
615 ,556113.474
2.340
,650 13,480
,730il3,482
2,820
,86O|13,482
3,290
960 13,478
3,000
1,346
3,736
3,903
9,209
4,253
4,280
4,420
5,720
6,140
5,190
4,400
5,054
3,540
4,480
4,410
4,480
1,709
22,179
1,176
3,292
3,472
8,658
3,822
3,863
3,943
5,095
5,522
4,628
3,870
4,504
3,077
3,967
3,904
4,074
26,479
45,613|
94,381 53,105;
308 80,908
993 88,102
113 94,596
132 97,498
470 99,140
77,1TV
121,600 100,310
121,490 100,530
123,860 100,840
124,350 100,450
37 136 12,347!
69 640 24,210
80 609 28,340
106 850 40,909|
105 547 45,290!
99 812 49.893
110 448 51,132
104 688 52,226
102; 992 52.892
102; 552 52,798
104; 492 52,884
104; 901 52,685
106; 183 52,042
110; 989 52,827
105; 445 52,218
103; 152 52,281
100; 641 52,798
103; 688 52,952
6
14
10,527
15.371
14 17,745
25 30,001
26 31 .662
26 32,:
,837
29 34.006
30 34,:
,270
30 34,570
30 34,610
,
,810
30 34,!
,620
30 34,590
29 34,948
34
()
(5)
(5)
Total Numcapital ber
acof
counts backs
Time I
Time
10,982
14,065
12,793
240
16,133 1,462
15,636 1,386
13,789 2,497
15,799 2.374
12,850 2,360
12,870 2,030
23,123 68,121 61,717 10,385
,539
,338
29,845 138,304 129,670 13,576
914
304 32,845 132,060 122,528 12,353
575 13,159 42,906 184,874 167,906 15,567
079 14,324 42,746 188,828 170,637 15,082
165 16,277 38,489 194,003 173,904 13.274
299 16,504 43,188 202.017 182,816 15,227
669 .82:
196,711 175,323 12,371
164 16,542
196,182 174,073 12,357
370 16,410
197,076 174,568 12,356
307 16,568 38,834 198,984 177,713 13,181
571 16,429 38,314 198,793 176,368 12,590
436 16,181 39,026 199,373 176,195 12,638
813 16,28' 43,509 205,726 184,706 15,048
875 16,067 37,332 197,279 174,440 12,412
314 15,980 37,689 196,501 172,827 12,240
686 15,990 36,770 195,092 170,715 12,207
289 15,894 37,562 198,618 174,123 12,047
3,704
10,682
11,978
7,971
7,552
7,417
7.265
7,380
7,310
7,280
7,240
6,960
6,880
6,864
6,860
6,830
6,900
6,840
Other
Demand
Demand
10, 982
26,551 79,104 71,28
21,808
14. 065
34,806 160,312 150,227
90,606
37,502 155,377 144,103 12,792
69,221
240
58,552 16,269 48,720 217,460 197,515 16,133 1,460
58,239 17,930 48,428 222; 696 201,32i 15,636 1,385
64,194 20,140 43,507 227 847 204,335 13,789 2,495
48.990 238.651 216,017 15,799 2,372
66,376 20
42,550 232. 830 207,80C 12,850 2,360
63,630 20:
60,860 20,610 41,930 232; 380 206,630 12,870 2,030
60,290 20;530 41,430 234 170 207,910 12,900 1,910
59,230 20;730 43,910 236 500 211,480 13,700 1,780
59,620 20;600 43,330 236,440 210,20C 13,150 1,710
58,480 20;330 44,150 237,210 210,21C 13,200 1,610
,
15,649 1,441
58,937 20,501 49,467 244,686
219,903
57,980 20 250 42,470
280 208,650 12.920 1,390
208650 12,710 1,290
56,170 20 120 42,780
300 206,81C
590 204,350 12,680 1,270
54,160 20;130 41,780
~~
580 208,180 12,520 1,470
55,830 20,030 42,710
v Preliminary.
1 All banks" in the United States. Beginning with January 1959,
all banks in Alaska with total deposits of $172 million were included
in the series (a national member bank has been included since April
1954); beginning with August 1959, all banks in Hawaii with total deposits
of $365 million were included in the series (a national member bank
with total deposits of $220 million has been included in the series since
April 1959).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member commercial banks. Member banks include (1) a national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) two (three prior to I960)
Interbank 2
30
30
30
30
34,870
34,920
35,250
35,290
4
208
54
48
57
1,078
54
1,944
2,619
2,685
1,358
2,387
2,780
581
2,275
2,759
3,216
2,942
5,886
7,589
8.464
13,655
14.554
15,181
15,460
15,779
15,875
16,090
16,169
16,209
16,280
16,264
16,327
16,387
16,495
16,581
6,619
6,884
6.923
6.462
6,393
6,357
6.312
6,291
6.279
6,263
6,249
6,248
6.240
6,233
6,224
6,223
6,219
6,217
1,241
1.592
1.889
2,947
3,059
181
3,219
3,240
3,330
3,360
3,400
3,370
3,400
3,359
3,390
3,420
3,400
3,410
548
542
533
527
522
520
519
518
518
518
518
517
517
517
517
517
517
516
mutual savings banks that became members in 1941 (these banks are
excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
commercial banks. Number of banks includes a few noninsured banks
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
2 Beginning with 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.
518
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank2
Other
liaCash 2 bilities
U.S. Other assets
Govt.
and
2
Demand
Loans obliga- secucapital Total
Detions rities
ac- 3
mand Time U.S.
counts
Govt. Other
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Apr. 29
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27
Feb. 24
Mar. 30^
Apr. 27*>
Chicago:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—June 2 3 . .
Dec. 31..
1959—Apr. 2 9 . .
June 2 4 . .
Aug. 26. .
Sept. 30. .
Oct. 2 8 . .
Nov. 2 5 . .
Dec. 31. .
I960—Jan. 2 7 . .
Feb. 24. .
Mar. 30*>.
Apr. 27*.
Total
12,896
26,143
20,393
23,809
23,828
27,149
25.966
25,886
25,488
25,636
25,194
25,061
25,020
25,291
24,713
24,460
24,342
25,355
4,072 7,265 1,559 6,637
7,334 17,574 1,235 6,439
7,179 11,972 1,242 7,261
15,987 6,057 1,765 8,629
16,102 5,880 1,846 8,984
16.764 8,035 2,350 8,272
16,165 7,486 2,315 9,298
16,307 6,971 2,608 7,521
16,681 6,426 2,381 7,204
17,206 6,087 2,343 6,815
17,244 5,570 2,380 7,690
17,404 5,395 2,262 7,800
17,990 4,958 2,072 7,834
18,121 5,002 2,168 9,174
17,614 4,981 2,118 7,374
17,610 4,696 2,154 7,664
17,862 4,283 2,197 7,776
17,991 5,249 2,115 7,77:
19,862
32,887
27,982
33,381
33,975
36,664
36,398
34,533
33,869
33,594
34,101
34,024
34,054
35,750
33,440
33,553
33,609
34,569
17,932
30,121
25,216
29,149
29,371
31,469
31.679
29,410
28,415
27,859
29,141
28,545
28,252
30,647
27,801
27,543
27,431
28,184
4,202
4,640
4,453
5,022
4,869
4,345
4,786
3,991
4,008
3,897
4,315
3,848
3,892
4,765
3,971
4,009
3,906
3,909
2,760
5,931
5,088
6,473
6,446
6,942
6,830
6,602
6,516
6,677
6,727
6,701
6,606
6,885
6,673
6,634
6,630
6,531
954
1,333
1,801
3,772
3,852
3,594
3,637
3,575
3,687
3,954
4,011
3,944
3,908
4,206
4,072
4,165
4,135
4,156
1,430
4,213
2,890
2,113
2,032
2,694
2,562
2,344
2,137
2,067
2,052
2,092
2,015
1,985
1,928
1,81
1,866
1,745
376
385
397
588
562
654
631
683
69:
656
664
665
683
694
673
657
629
630
1,566
1,489
1,739
2,171
2,083
1,914
2,158
1,883
1,842
1,815
1,992
1,877
1,879
2,003
1,869
1,882
1,604
1,783
4,363
7,459
6,866
8,695
8,595
8,929
9,071
8,575
8,440
8,567
8,805
8,662
8,564
8,967
8,629
8,599
8,329
8,410
4,057
7,046
6,402
7,943
7,792
8,022
8,214
7,616
7,423
7,530
7,681
7,556
7,578
8,062
7,550
7,288
6,978
7,281
1,035
1,312
1,217
1,364
1,333
1,249
1,357
1,153
1,123
1,105
1,204
1,126
1,115
1,231
1,061
1,099
1,219
1,087
Reserve city member banks:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959_Apr. 29
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27
Feb. 24
Mar. 30*
Apr. 27*
15,347
40,108
36,040
53,915
55,259
59,273
60,558
60,439
60,617
61,143
60,647
60,879
60,790
61,621
60,334
58,848
58,445
59,649
7,105
8,514
13,449
31,783
32,805
32,851
34,003
35,490
36,616
37,780
37,733
37,757
38,171
38,686
38,282
38,116
38,392
38,990
6,467
29,552
20,196
17,368
17,352
20,436
20,645
19,10'
18,224
17,665
17,169
17,416
16,954
17,292
16,490
15,340
14,690
15,305
1,776
2,042
2,396
4,764
5,102
5,986
5,910
8,518
11,286
13,066
17,716
17,540
15,443
17.701
15,708
15,762
15,441
16,298
15,930
16,463
18,211
15,624
15,600
15,044
15,412
24,430
51,898
49,659
72,854
74,196
76,155
79.781
77,773
77,887
78,068
78,511
78,391
78,852
81,443
77,625
76,065
75,183
76,723
22,313
49,085
46,467
66,524
67,483
68,672
72 647
69,509
69,448
69,679
70,496
69,942
69,951
73,675
69,116
67,435
66,202
67,699
4,356
6,418
5,627
7,584
7,241
6,397
7,506
5,969
5,994
6,093
6,377
6,295
6,273
7,450
6,029
5,877
5,831
5,803
Country member banks:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957_Dec. 31
1958—June 23
Dec. 31
1959_Apr. 29
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27
Feb. 24
Mar. 30*
Apr. 27*
12,518
35,002
36,324
54,571
56,820
58,225
61.511
62,223
62,386
63,081
63,370
63,687
63,726
64,082
63,789
64,463
64,345
65,035
5,890
5,596
10,199
26,491
28,191
28,937
30,257
31,287
32,317
32,817
33,075
33,223
33,456
33,766
33,599
34,220
34,697
35,250
4,377
26,999
22,857
22,037
21,815
22,000
23,606
23,247
22,377
22,551
22,516
22,668
22,509
22,535
22,476
22,466
21,847
21,990
2,250 6,402
2,408 10,632
3,268 10,778
6,042 14,390
6,814 14,139
7,288 12,860
7,648 14,03
7,689 12,42
7,692 12,363
7,713 12,476
7,779 12,854
7,796 12,707
7,76' 12,850
7,78: 14,122
7,71' 12,465
7,77' 12,543
7,80 12,346
7,795 12,595
19,466
46,059
47,553
69,945
72,062
72,255
76,767
75,830
75,986
76,847
77,567
77,716
77,903
79,567
77,585
78,284
77,971
78,916
17,415
43,418
44,443
64,289
65,991
65,741
70,27^
68,788
68,787
69,500
70,395
70,325
70,414
72,323
69,97:
70,56
70,104
70,959
792
1,207
1,056
1,597
1,640
1,282
1,578
1,258
1,232
1,261
1,285
1,321
1,358
1,602
1,351
1,255
1,251
1,248
5,777
5,698
5,745
5,706
5,665
5,643
5,562
5,392
5,363
5,354
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
rom noninsured mutual savings to nonmember commercial banks.
104
30
2:
294
301
416
377
367
341
34:
318
299
303
303
297
256
228
278
36
37
37
18
18
18
18
17
17
17
16
16
16
16
16
16
16
16
476
719
913
1,319
1,345
1,403
1,438
1,393
1,424
1,427
1,426
1,427
1,440
1,468
1,450
1,417
1,399
1,402
4
4
80
3
90
164
182
253
235
108
40
208
431
467
241
288
377
426
660
689
708
733
738
740
749
753
751
754
762
755
747
752
755
13
12
14
14
14
14
14
14
14
14
14
14
14
14
13
11
11
11
12,557 4,806
24,655 9,760
28,990 11
1,423
40,647 16,797
39,960 18
'-,623
, 003 20,706
38,
,075
42, 259 21,468
21
40, 248 21,792
39,721 21
~\609
3 9 ,554 ,605
~
39, 914 21
21,529
40,073 21,257
590 21
40,590 21,555
42,668 212 2 9
426 " ,
40,42" 20 ,685
956
38,95
,675
3 7 ,994 20
" 20,708
39,333
2
1
21
21
350
14
909
1,140
972
555
901
1,175
238
943
1,004
1,298
1,192
1,967
2,566
2,844
5,076
5,370
5,617
5.760
5,906
5,945
6,004
6,044
6,053
6,083
6,106
6,120
6,082
6,115
6,147
351
359
353
289
278
280
274
273
273
271
270
270
270
265
267
233
228
225
10,109 6,258
24,235 12,494
28,378 14,560
4 1 ,194 20 1 7
" " ~3
40, 724 22 ,429
38, 286 24 ,277
42,3 25 ,137
349
40,4 25 ,818
464
40,115 26,094
40,270 26
270 26,260
41,105 26,286
41,149 26,281
149 26
41,625 25,960
42,832 26,356
41,138 26,221
138 26
40,975 26,878
40,147 27,279
4 1 139 274 1 0
/ " -,
11
23
21
30
164
37
426
510
531
306
481
529
71
487
47:
500
453
1,982
2,525
2,934
5,046
5,359
5,641
5,685
5,845
5,898
6,003
6,030
6,065
6,106
6,035
6,092
6,177
6,244
6,280
6,219
6,476
6,519
6,141
6,083
6,045
6,006
5,987
5,975
5,961
5,949
5,948
5,940
5,938
5,928
5,963
5,967
5,965
12,051
17,287
19,040
19,940
19,959
18,898
20,704
19,243
18.570
18,043
18,795
18,930
19,183
20,419
19,032
18,685
18,397
18,696
2,419
3,462
4,201
5,069
4,904
4,626
5.136
4,733
4,586
4,685
4,678
4,749
4,785
5,070
4,849
4,535
4,103
4,520
491
8,221
405
1,201
1,358
3,150
1,429
1,457
1,600
2,081
2,282
1,746
1,528
1,698
1,135
1,661
1,474
1,577
225
5,465
432
1,160
1,181
1,857
1,175
1,211
1,309
1,675
1,685
1,540
1,437
1,508
1,229
1,429
1,403
1,138
Time
1,648
807
1,236
195 2,120
1,445
30 2,259
2,475
2 2,873
3,136
2,893
3,506
483 3,214
3,282
3,482
3,547
519 3,290
3,582
805 3,292
3,502 1,000 3,334
3,567
244 3,342
3,448
770 3,340
3,385
968 3,337
3,448
232 3,361
3,318
637 3,360
3,301
852 3,381
3,445
951 3,384
3,432 1,056 3,399
866
6,940
267
747
737
2,946
968
889
775
1,054
1,208
1,114
692
1,027
547
664
794
1,124
127
1,552
72
184
195
705
249
306
259
285
347
228
213
272
166
213
233
235
6
17
12
965
912
1,774
1,739
1,740
1,480
1,363
1,256
1,205
1,100
988
933
884
889
1,023
Bor- Total Numrow- capital ber
of
acings counts banks
5
Less than $5 million. Because preliminary data are rounded to the
nearest $10 million no amount is shown except on call dates.
6
Beginning with February 1960 reserve city banks with total loans and
investments of $950 million and total deposits of $1,070 million were
reclassified as country banks.
For other notes see preceding and opposite pages.
519
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
Loans
Total
assets—
Total
liaCash
U . S . Other assets: bilities
Govt. secuand
2
obliga- rities
capital Total
tions
ac- 3
counts
Interbank2
I
3,806 14,977 43,433 39,458
4,137 20,114 90,220 84,939
5.178 22
22,024 88,182 82,023
8.800 27 ,006 117,345 107,161
9,617 26,786 120,153 109,091
10 ,936 26
26,781 128,39' 116,714
li;01423 ,835 126,255 112.659
10,892 27 ,464 132,636 119,638
Time
U. S.
Govt.
Other
762
740
325
717
3^859
4,241
2,766
5,037
10
13.426
41 ,298 15,699
80; 276 29,876
215 8,671 13.297
,975 34,882
61 9,734 13,398
,734
124,346 50,608
5615,988 13,195
123',127 56,137
13,142
129,214 63,168
13,101
122,744 65,288 2.76218:76213,086
130,720 65,858
60219,20613,107
6,786
9,229
8,3751
35
9,322
8,958
9,035
7,818
8,947
1,088
14,013
795
2,074
2,166
2,292
1,526
2,742
23,262 8,322
3,640 5,117
45,473 16,224
4,644 5,017
53,541 19,278
5,409 5,005
67,434 27
",810
8,450 4,651
66,546 30,904
9,070 4,620
69,808 34
,812
9,643 4,578
66,433 36.177 1,42010.041 4 559
71,015 36,421
34010,302! 4,542
3,739
4,411
3,978
15
6,245
767
6,124
729
6,192 1,420
5,127 1,285
6,102
825
621
8,166
381
1,218
1,306
1,530
880
1,763
11,725
13,925
21,428
48,109
50,350
52,627
55,816
59,962
12,039
51,250
38,674
31,568
31,234
35,714
33,152
31,761
State member banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1956—Dec. 31 . .
1957_Dec. 3 1 . .
1958—Dec. 3 1 . .
1959—June 10..
Dec. 31. .
15,950
37,871
32,566
50,291
51,152
55,588
55,307
55,264
6,295
8,850
11,200
29,924
30,600
31,435
32,616
34,817
7,500
27,089
19,240
16,007
15,846
18,585
17,072
15,052
2,155
1,933
2,125
4,359
4,707
5,568
5,619
5,396
8,145
9,731
10,822
15,900
15,960
16,407
14,021
16,045
24,688
48,084
43,879
67,530
68,676
73,620
71,010
73,090
22,259
44,730
40,505
60,744
61,545
66,io:
62,152
65,069
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
5,776
14,639
16,444
24,859
26.268
28,759
29,371
30,939
3,241
2,992
4,958
11,808
12,493
13,68:
14,484
15,534
1,509
10,584
10,039
10,274
10,512
11,381
11,183
11,546
1,025
1,063
1,448
2,777
3,264
3,696
3,704
3,85'
2,668
4,448
4,083
5,448
5,383
5,504
4,770
5,651
8,708
19,256
20,691
30,667
32,066
34,737
34.64:
37,13:
7,702
18,119
19,340
28,073
29,266
31,696
31.365
33,795
262
414
407
426
392
451
1,457
2,211
2,009
1,521
1,473
1,568
1,518
1,480
455
318
474
471
468
484
504
534
761
1,693
1,280
714
660
707
639
589
241
200
255
336
34
37'
375
358
763
514
576
369
301
301
271
309
2,283
2,768
2,643
1,946
1,831
1,927
1,850
1,858
1,87:
2,45:
2,251
1,56:
1,449
1,53"
1,444
1,429
177
152
147
146
143
150
185
159
121
163
122
83
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 314
1956—Dec. 31
1957_Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
7,233
16,849
18,454
26,381
27,741
30,327
30,889
32,419
3,696
3,310
5,432
12,279
12,961
14,165
14,988
16,068
2,270
12,277
11,318
10,989
11,172
12,088
11,821
12,134
1,266
1,262
1,703
3,113
3,608
4,074
4,079
4,216
3,431
4,962
4,659
5,817
5,684
5,805
5,041
5,961
10,99:
22,024
23,334
32,613
33,897
36.664
36,491
38,990
9,573
20,571
21,591
29,635
30,715
33,227
32,810
35,224
439
566
554
572
536
601
457
425
190
171
138
185
144
103
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959_j U ne 10
Dec. 31
1,693
10,846
12,683
24,170
26,535
28,980
30,150
30,580
64:
3,081
3,560
15,542
17,194
19,180
20,106
20,942
629
7,160
8,165
5,518
5,404
5,215
5,324
5,016
421
151
429
675
739
719
752
630
686
1,958
11,424
13,499
25,282
27,671
30,189
31,228
31,743
1,789
10,363
12,207
22,886
25,022
27,277
28,041
28,577
12
2
3
3
3
2
3
8,687
5,361
5,957
7,770
7,246
7,341
7,071
6,981
4,259
1,198
1,384
4,235
4,022
4,177
4,043
4,184
3,075
3,522
3,813
2,453
2,148
2,050
2,025
1,848
642
180
211
182
171
169
150
143
9,846
5,596
6,215
8,028
7,497
7,589
7,298
7,200
8,744
5,022
5,556
7,146
6,672
6,763
6,461
6,405
6
2
1
1
1
1
1
1
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31 *
1956—Dec. 31
1957_Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
For other notes see preceding two pages.
606
958
3,110
3,937
4,585
4,721
4,622
1,353
641
760
1,082
1,076
1,113
1,003
949
I
Total Number
of
banks
Time
27,571
69,312
65,280
88,477
91,201
99,277
99,982
102,615
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 314
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958_Dec. 31
1959—June 10
Dec. 31
mgs
Demand
Demand
All insured commercial banks:
49,290 21,259 21,046 6,984 25,788 76,820 69,411
10,654
1941—Dec. 31
L21,809 25,765 88,912 7,131 34,292 157,544 147,775
1945—Dec. 31
13,883
750 36.926i 152,733141,851 12,615
114,274 37,583 67,941
1947—Dec. 31
54
,933 48!352 215,514 195,953 15,981 1,301
163,601 89,831 57,837
1956—Dec. 31
168,595 93,430 57,580 17 ,585 48!127 220,865 199,876 15,489 1,264
1957—Dec. 31
724
183,596 97,730 65,669 20,198 48;689 236," 214,485 15,653 2,209
1958—Dec. 31
231,876 206,149 13,338 2,013
184,632 102,902 61,396 20 334 42;
1959—June 10
188,790 110,299 58,348 20, 143 49,
15,500 1,358
Dec. 31
242,828: 218,474
National member banks:
1941_Dec. 31
1945_Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
Other
129
244
53
,560
149
425
388
419
361
533
329
181
13,874 4,025^
1 2,246!
24,168 7,986;
130 2,945
27,068 9,062!
9 3.055
39,416 13,098|
29 5,205)
39,001 14,3861
18 5,4831
40,640 16,320
10 5,817|
38,237; 16.622 1,266 5.8791
39,974|16,406
240 5,962!
4,162 3,360
10,635 5,680!
12,366i 6,558j
17,497 9,724!
17,580 10,873!
18,766 12,063
18,074 12,516
19,732 13,059
,
9!
13
76
21
,502
,867
,918
,811
,773
,734
,721
,691
959 6,810
1,083 6,416
1,271 6,478
2,336 6,737
2,500! 6,753
2,696! 6,793
2,846 6.810
2,944| 6,878
253
365
478
300
303
325
342
311
3291
279
325
313
317
332
338
350
852
714
783
444
425
399
383
366
5,504
3,613
14,101
6,045
167 13,758 7,036
440 18,433 10,024
427 18,420 11,176
420
428 19,655 12,387
368 18,903 12,858
545 20,605 13,370
1,288
1,362
1,596
2,649
2,817
3,0281
3,183!
3,294
7,662
7,130
7,261
7,181
7,178
7,192
7,193
7,244
164
1,034
1,252
2,130
2,308
2,473
2,608
2,654
52
192
194
223
239
241
251
268
1,077
558
637
817
751
746
707
705
496
350
339
304
283
278
267
249
1,291
1,905
1,392
936
840
890
830
873
1,789
10,351
12 12,192
23 22,857
26 " ,991
24
28 27,243
27 28,011
28 28,544
8,738
5,020
5,553
7,143
6,671
6,762
6,460
6,404
NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.
520
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of
commercial
bank and
call date
Total
loans
and
invest- Total 2
ments
Investments
Loans for
Loans
Compurchasing
to
meror carrying
financial
cial
Other
institutions
in- Agri- securities
Real loans
clud- culto
ing
in- Other
loans
tate
open tur- To
dial broloans vidmarkers To
To
To
ket
uals
and others banks others
padealper
ers
Total Bills
Total: 3
1947_Dec. 31..
1958—Dec. 31..
1959—June 10..
June 10*"
Dec. 31..
116,284
185,165
186,151
186,151
190,270
All insured:
1941_Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959—June 10..
June 10*.
Dec. 31...
49,290 21 ,259 9,214 1,450 614 662
4,505
21,046 988
4,773
40
121,809 25 ,765 9,461 1,314 3,164 3,606
4,677 2,361
132 881912 2,455
49
37,583 18,012 1,610 823 '1,190
5,654
114,274
9,266
—
""
2,124
114
97,730 40,289 4 ,913 2,797 1,810
25,"148 20,589 3,
""
183,596 97
6,159
713
,264 3, 549 61;396 5,025
26,
184,632 102,902 41,459 5,046 2^312 1,884 1,847
1,884 1,846 5,553 26, 550 22,264 2,444
184,632 102,902 37,013
188,790 110,299 40,022 4,'973 2,982 1,827
813 7,105 27, 948 24,032 2,767 58,348 6,189
Member, total:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959—June 10..
June 10*.
Dec. 31..
972
43,521 18,021 8,671
594 598
183
107,183 22,775 8,949 855 3, 133 3,378
97,846 32,628 16,962 ,046 811 ,065
154,865 84,061 37,444 3,052 2,730 ,599
289
155,"" 88,431 38,469
132 2,260 ,669
155,289 88,431 34,172 3 132 2,260 ,669
157,879 94,779 36,826 3 116 2,885 ,587
38,057 18,167 1,660
98,214 40,425 4,973
103,406 41,613 5,098
'" '
103,406 37,158 5,098
110,832 4 0 , '174 5,018
""
830
2,832
2,333
2,333
3,018
9,393 5,723
25,255 20,698
22,382
26,669 22
....
,569 26,669 22,382
118 28,060 24,166
,220
115
,829
719
,903 1,852
,903 1,850
,850
819
39
47
113
710
,821
,820 5,277
811 6,801
Obligations
of
States Other
and secupolit- rities
Cerical
tifi- Notes Bonds subdivicates
sions
U. S. Government obligations
947 69,221 2,193 7,789
3, 437 66;376 6,294 7,399
3, 567 62,035 5,149 4,722
2,455
2,784 58,937 6,300 2,420
19,071
7,552
7,362
4,690
6,034 53,205 5,276 3,729
13,396 39
~~,287 16,505 4 ,070
14,037 38 ,127 16,
i,984 3 ,725
14,856 35,360 16,958 3,543
3,159 16,899
16,045 51,342
5,918 52
"",347
13,240 38 ,908
13,928 37 ,754
3,651 3,333
3,873 3,258
3,621
5,129 3
16,266 3 ,932
3,591
16,743
2,404 14,729 35,027 16,721 3,422
3,494
19,539 971
3,653
3,455 1,900 1,057 78,338 2 ,275 16,985
839 57,914 1,987 5,816
7,130 4,662
20,013 17,028 3,211 54,299 4,644 6,143
,
276
21,180 18,397 3,'"" 50,225 3,854 3,688
21,180 18,397 2,298
22,185 19,877 2,603 46,813 4,612 1,812
,090 2,871
3,007 15,561 3,
14,271 44,807 3,254 2,815
'",295 4,199 3,105
4,815 45
199
11,117 32J396 13
~,405 3,100
11,410 31,273
820 2,813
2
11,604 28,785 13,677 2,610
New York City:6'
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—June
June
Dec.
31..
31..
31..
31..
10..
10*.
31..
12,896
26,143
20,393
25,966
25,648
25,648
25,291
4,072
7,334
7,179
16,165
16,514
16,514
18,121
2,807
3,044
5,361
10,928
10,731
9,523
10,549
412
2,453
545
1,652
1,556
1,556
1,740
169
,172
267
382
409
409
403
31..
31..
31..
31..
10..
10*.
31..
2,760
5,931
5,088
6,830
6,581
6,581
6,885
954
1,333
1,801
3,637
3,643
3,643
4.206
732
760
1,418
2,628
2,678
2,308
2,527
48
211
73
266
146
146
268
52
233
87
97
107
107
124
Reserve city:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—June 10..
June 10*.
Dec. 31..
15,347 7,105
40,108 8,514
36,040 13,449
60,558 34,003
36,315
60,812 36
60,812 36,315
61,621 38,686
3,456
3,661
7,088
15,808
16,410
14,285
15,252
Country:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959—June 10..
June 10*.
Dec. 31..
12,518
35,002
36,324
61,511
62,248
62,248
64,082
Nonmember:3
1947_Dec. 31..
1958—Dec. 31..
1959—June 10..
Dec. 31..
18,454
30,327
30,889
32,419
32
26
93
503
967
966 1,344
531 1,788
123
80
522
936
287
564
1,502
1,625
1,625
1,739
22
36
46
161
181
181
183
51
149
357
386
386
435
641
746
272
238
921
852
717
833
1,623
7,265 311
17,574 477 3,433 3,325
11,972 ,002
640
558
7,486 643 1,106 1,602
6,745 1,165
350 1,717
5,331
729
10,339
606
9,772
638
4,135 1,869
3,513 1,978
830
629
604
446
411
227 1,277 2,859 1,833
335
5,002
639
1,430
4,213
2,890
2,562
2,235
256
133
132
232
178
,467
235
361
205
153 1,022
749 1,864
248 2,274
522 1,446
1,414
182
181
213
491
193
204
185
140
139
1,985
108
78
467 1,332
562
133
Chicago:*
1941_Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—June
June
Dec.
300
205
225
669
753
753
765
114
194
427 1,503
170 484
518
851
404
860
404
860
580 776
4
17
15
191
715
714 2,635
235 3,369
659
5,890 1,676
648
5,596 1,484
10,199 3,096
818
30,257 8,080 2,368
31,960 8,650 2,362
31,960 8,057 2,362
33,766 8,498 2,321
20
42
23
294
154
154
298
471
227
268
293
293
284
2
4
5
6
102
101
5,432
14,165
14,988
16,068
20
102
73
133
156
230
234
263
1,205 614
2,981 1,921
3,144 1,967
3,348 1,902
1,823
1,881
3,827
10,806
11,267
879 11,267
1,056 11,816
« Estimated.
* For a discussion of revision in loan schedule, see the BULLETIN for
January 1960, p. 12.
i All commercial banks in the United States. These figures exclude
data for banks in U. S. territories and possessions except for member
banks. During 1941 three mutual savings banks became members of
1,527
1,459
3,147
8,405
8,986
8,986
9,251
95
40
26
210
203
155
148
1,508
855
387
1,969
351
6,930 1,301
7,513 1,358
7,513
848
8,211
980
1,528
707
1,979
8,239
8,872
8,872
9,491
2,266 1,061
5,256 3,671
5,502 3,985
317 5,r~ 4,289
6,467 295
751 5,421
29,552 1,034 6,982 5,653 15,883
20,196
373 2,358 1,901 15,563
20,645 1,293 2,370 4,497 12,484
18,663 870 1,512 4,230 12,051
17,292 1,484
4,377 110
359 26,999 630
224 22,857 480
779 23;606 2,475
864 22,581 1,642
578
643 22,535 2,381
109
226
291
181
820
956
1,126 916
1,342 1,053
4,864 ,047
4,885 949
645 4,109 11,054 4,830
813
1,222
1,342
2,006
6,181
6,392
1,028
1,067
1,262
1,467
1,315
5,102
2,583
2,306
1,622
481
4,544
2,108
4,495
5,023
3,787
16,722
17,687
14,330
14,295
863 5,751 13,540 6,452 1,330
11,318 206 1,973
12,088 1,651 1,255
11,821 1,295 1,034
12,134 1,689
608
1,219
2,280
2,629
3,254
7,920
6,901
6,864
6,584
1,078
3,102
3,166
3,283
625
971
913
934
the Federal Reserve System; these banks are included in member banks
but are not included in all insured or total 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.
521
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Class of
commercial
banks and
call date
Total: 3
1947_Dec.
1958—Dec.
1959—June
Dec.
ReBalDeserves
with
Cash ances mand
dewith
Federal in
posits
vault
doReadmestic
serve
banks 5 justed 6
Banks
Demand deposits
Interbank
deposits
DoFormestic 5 eign
Time deposits
CertiIndiU. S. States Indi- I Bor- j CapiStates
fied viduals,
Govt. and viduals,; row- j tal
U. S.
and
and
partner- Inter- and polit- partner-j ings I acships, bank Postal ical
Govt. political offiships,
I counts
subdi- cers' and corSav- subdi- and corvisions checks, poraings
poraetc.
tions
tions
17,796
18,427
18,084
17,931
2,216
3,249
3,118
3,012
10,216
12,609
10,371
12,237
87,123
115,518
112,353
115,420
11,362
14,142
11,934
13,944
,430
,657
,547
,705
1,343 6,799
4,250 10,928
2,774 10,485
5,050 11,459
2,581 84,987
240
4,043 115,132 2,372
3,407 109,681 2,135
3,910 116,225 1,441
111
866 34,383
6510,059
327 3,576 59,590
7318,486
322 3,747 61,562 ',77019,100
285 3,166 62,718 615 19,556
All insured:
1941—Dec. 31...
1945—Dec. 31...
1947—Dec. 31...
1958—Dec. 31...
1959—June io...
Dec. 31...
12,396
15,810
17,796
18,427
18,084
17,931
1,358
1,829
2,145
3,227
3,096
2,990
8,570 37,845
11,075 74,722
9,736 85,751
12,353 114,645
111,537
10,140 111
11,969 114,563
9,823
12,566
11,236
14,025
11,821
13,825
673
248
,379
,629
,517
,675
1,762 3,677
23,740 5,098
1,325 6,692
4,241 10,841
2,766 10,390
5,037 11,372
158
1,077 36,544
2,585 72,593
70
2,559 83,723
54
4,001 114,372 2,209
3,376 108,979 2,013
3,866 115,482 1,358
59
492 15,146
10 6,844
103
496 29,277 215 8,671
111
826 33,946
61 9,734
327 3,512 59,329
6718,154
322 3,674 61,292 :,76218 762
285 3,095 62,478 60219,206
Member, total:
1941—Dec. 31...
1945_Dec. 31...
1947_Dec. 31...
1958—Dec. 31...
1959—Juno 10...
Dec. 31...
12,396
15,811
17,797
18,428
18,086
17,932
1,087
1,438
1,672
2,441
2,351
2,222
6,246
7,117
6,270
7,977
6,375
7,532
33,754
64,184
73,528
96,218
93,722
95,274
9,714
12,333
10,978
13,614
11,446
13,389
671 ,709
,243 221,179
,375 ,176
,613 3,822
,499 2,406
,659 4,504
3,066
4,240
5,504
8,603
8,207
8,915
1,009
2,450
2,401
3,712
3,110
3,542
33,061
140
62,950
64
72,704
50
98,133 2,187
93,353 1,990
98,532 1,338
50
41 5,886
418 11,878}
99
399 23,712 208 7,589
105
693 27,542
54 8,464
300 2,829 48,004
5415.460
297 2,937 49,5652,68615.919
259 2,383 50,185 581116,264
31...
31...
31...
31...
10...
31...
5,105
4,015
4.639
4,454
4.090
3,908
93
111
151
161
148
151
141
78
70
92
66
138
10,761
15,065
16,653
16,170
16,010
15,494
3,595
3,535
3,236
3,519
2,888
3,462
866
607
1,105 6,940
267
1,217
968
1,267
479
1,148
1,303 1,027
319
237
290
329
295
310
450
1,338
1,105
1,540
1,259
1,536
11,282
6
15,712
17
17,646
12
18,835 1,739
17,657 1,564
18,573
988
1941—Dec. 31...
1945—Dec. 31...
1947—Dec. 31...
1958—Dec. 31...
1959—June 10...
Dec. 31...
1,021
942
1,070
1,058
998
920
298
200
175
185
105
142
2,215
3,153
3,737
4,271
3,947
4,171
1,027
1,292
1,196
1,314
1,119
1,187
127
1,552
72
249
120
272
233
237
285
302
235
329
34
66
63
88
77
105
2,152
3,160
3,853
4,746
4.345
4,636
Reserve city:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1 9 5 9 _ j u n e 10...
Dec. 3 1 . . .
4,060
6,326
7,095
7,472
7,350
7,532
425
494
562
768
750
681
2,590
2,174
2,125
2.670
2,110
2,381
11,117
22,372
25,714
35,505
34,625
35,095
4,302
6,307
5,497
7,217
6.159
7,162
491
54
110 8,221
405
131
289 1,429
858
291
288 1,698
1,144
1,763
2,282
3,153
2.959
3,304
286
611
705
1,052
830
1,043
11,127
22,281
26,003
38,054
36,201
38,321
Country:
1941—Dec.
1945_Dec.
l947_Dec.
1958—Dec.
1959—June
Dec.
526
2,210
4,527
796
4,993
929
5,444 1,476
5,647 1,423
5,573 1,357
3,216
4,665
3,900
5,030
4,093
4,870
9,661
23,595
27,424
40,272
39.140
40,514
790
1,199
1,049
1,565
,281
,578
225
5,465
432
1,175
950
1,508
1,370
2,004
2,647
4,819
4,718
4,972
239
435
528
1,032
944
857
8,500
21,797
25,203
36,498
35,150
37,003
544
774
3,947
4,690
4,633
3,996
4,706
13,595
18,085
19,300
18.632
20,146
385
521
528
487
555
167
440
428
368
545
1,295
2,238
2,325
2,279
2,544
180
310
331
297
369
12,284
15,885
16,999
16,328
17,692
31...
31...,
10...
31...
New York City:*
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.
Chicago:*
Nonmember:3
1947—Dec.
1956—Dec.
1958—Dec.
I959_j u ne
Dec.
31...
31...
31...
31...
TO...
31...
31.
31.
31.
10.
31.
767
790
2 Beginning with 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.
29
20
14
100
140
65
778|.
1,648
l,206j 195 2,120
1,4181 30 2,259
3,282
3,3451.
3,423 809 3,300
3,359! 232 3,361
476
719
902
1,423
1,387
1,449
104
30
22
377
361
303
20
243
38
160
45
332
124 1,471
122 1,466
95 1,229
3
272
40
288
377
426
733
743
762
4,542
1,967
9,563
2,566
2,844
11,045
14 5,760
19,480
20,1361 ,141 5,930
20,23!; 238 6,106
31
146 6,082i
52
219 12,224;
45
337 14,177|
132 1,250 23,755
140 1.320 24,620
132 1,077 25,1461
15.146
190
171
185
144
103
41 1,982
11 2,525
23 2,934
37 5,685
463 5.946
71 6,035
172 6.858
546 9.449
747 II,6131
810 12,024!
783 12,560
1,596
2.649
20| 3.027
84! 1.183
34 3,294
4
Central reserve city banks.
5 Beginning with 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.
522
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments
Loans
and
investments
adjusted1
Loans
adjusted i
Commercial
and
industrial
To brokers
and dealers
Financial institutions
To others
Agricultural
U.S.
U.S.
Govt. Other Govt. Other
seobobliga- curiliga- cunties
ties
tions
tions
Nonbank
institutions
Banks
Foreign
Domestic
commercial
Personal
and
sales
fiOther
nance
companies
etc.
Real
estate
All
other
loans
Valuation
reserves
TotalLeading Cities
1960
3
10
17
24
103,273
102,931
103,013
102,759
102,177
101,699
101,597
101,375
66,036
65,918
66,189
66,210
29,957
30,063
30,278
30,178
901
903
897
899
355
312
247
296
1,583
1,492
1,466
1,515
157 1,149
149 ',151
141
,145
146
,145
753
769
764
761
1,096
1,232
1,416
1,384
3,783
3,713
3,821
3,840
1,721
1,708
1,707
1,705
12,615
12,610
12,645
12,637
14,503
14,490
14,522
14,533
,441
,442
,444
,445
Mar. 2
9
16
23
30
102,726
102,191
103,452
102,767
102,446
101,572
100,986
102,153
101,510
101,040
66,532
66,206
67,273
67,000
66,890
30,320
30,331
31,076
31,054
31,026
896
888
890
893
904
254
219
275
167
144
1,515
1,492
1,447
1,390
1,335
149
136
140
135
136
,140
,130
,128
,125
,130
751
754
769
759
758
1,154
1,205
1,299
1,257
1,406
4,095
3,909
4,217
4,185
4,067
1,694
1,674
1,660
1,646
1,691
12,605
12,587
12,585
12,576
12,586
14,559
14,535
14,537
14,524
14,573
,446
,449
,451
,454
,460
Apr.
101,986
102,902
105,033
104,669
100,849
101,314
103,605
103,055
66,837
67,112
67,728
67,492
30,889
30,974
30,986
30,940
897
892
901
213
292
603
370
1,335
1,375
1,500
1,442
133
,120
131
,112
138
,114
135 1,116
777
763
754
766
1,137
1,588
1,428
1,614
4,118
4,159
4,271
4,243
1,645
1,637
1,620
1,635
12,550
12,564
12,577
12,581
14,620
14,668
14,728
14,818
1,461
1,460
1,455
1,455
24,565
24,477
24,576
24,526
24,053
23,797
23,848
23,859
17,073
16,901
17,000
17,059
10,285
10,300
10,382
10,333
201 1,019
174
905
112
867
172
878
341
339
337
336
471
480
479
487
512
680
728
667
,164
,131
,214
,253
394
397
401
403
939
933
948
942
2,629
2,612
2,631
2,627
412
412
412
412
24,589
24,270
24,998
24,574
24,399
24,072
23,691
24,451
23,907
23,721
17,231
16,980
17,593
17,356
17,270
10,399
10,369
10,714
10,688
-10,688
128
119
194
86
82
895
864
844
779
755
333
330
327
326
330
480
477
485
478
475
517
579
547
667
678
,432
,280
,470
,462
,380
401
397
389
387
386
932
925
912
910
913
2,601
2,590
2,628
2,614
2,635
412
412
415
415
414
24,181
24,774
25,468
25,408
23,723
23,884
24,849
24,598
17,176
17,259
17,433
17,277
10,594
10,565
10,488
10,467
133
179
320
232
744
771
862
816
330
327
330
328
487
475
466
478
458
890
619
810
,387
,445
,489
,432
362
365
357
352
897
893
892
895
2,618
2,615
2,599
2,648
415
415
409
409
3
10
17
24
78,708
78,454
78,437
78,233
78,124
77,902
77,749
77,516
48,963
49,017
49,189
49,151
19,672
19,763
19,896
19,845
891
893
887
889
154
138
135
124
564
587
599
637
125
117
110
116
808
812
808
809
28!
289
285
274
584
552
688
717
2,619
2,582
2,607
2,587
1,327
1,311
1,306
1,30'
11,676
11,677
11,697
11,695
11,874
11,878
11,891
11,906
,029
,030
,032
,033
Mar. 2
9
16
23
30
78,137
77,921
78,454
78,193
78,047
77,500
77,295
77,702
77,603
77,319
49,301
49,226
49,680
49,644
49,620
19,921
19,962
20,362
20,366
20,338
885
877
879
882
893
126
100
81
81
6:
620
628
603
611
580
118
106
106
105
107
807
800
801
799
800
271
27'
284
281
283
637
626
752
590
728
2,663 1,293
2,629 1,277
2,747 1,271
2,723 1,259
2,68^
1,305
11,673
11,662
11,673
11,666
11,673
11,958
11,945
11,909
11,910
11,938
,034
,037
,036
,039
,046
Apr. 6
13
20
27
77,805
78,128
79,565
79,261
77,126
77,430
78,756
78,457
49,661
49,853
50,295
50,215
20,295
20,409
20,498
20,473
80
113
283
138
591
604
638
626
104
887
882
891
790
785
784
788
290
288
288
288
679
698
809
804
2,731
2,714 1,272
2,782 1,263
2,811 1,283
11,653
11,671
11,685
11,686
12,002 ,046
12,053
,045
12,129 1,046
12,170 1,046
Feb.
6
13
20
27
New York City
1960
Feb.
3
10
17
24
Mar. 2
9
16
23
30
Apr.
6
13
20
27
Outside
New York City
1960
Feb.
c
Corrected.
i Exclusive of loans to domestic commerical banks and deduction of
valuation reserves; individual loan items are shown gross.
109
107
NOTE.—For description of changes in the series, beginning July 1, 1959,
see the BULLETIN for August 1959, p. 885.
523
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets, excluding cash items in process
of collection
Investments
U. S. Government obligations
Wednesday
Notes and bonds
maturing:
Total
Bills
Certificates
Other
securities
Total
With1 to
After
in
1 year 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
coin
Reserves
with
F.R.
Banks
All
other
assets
Total
assets —
total
liabilities
and
capital
accounts
Total—
Leading Cities
1960
26,444
26,117
25,713
25,525
2,001
1,753
1,630
1,572
1,203
1,188
490
475
1,718
1,702
1,644
1,596
15,032
14,981
16,675
16,779
6,490
6,493
5,274
5,103
9,697
9,664
9,695
9,640
17,025
16,898
17,070
16,745
2,648
2,644
2,783
2,752
96
90
90
84
,140
,212
,165
,260
13,141
12,952
13,032
12,649
3,484
3,544
3,442
3,427
134,250
133,093
134,935
133,752
Mar. 2
9
16
23
30.........
25,352
25,068
25,107
24,843
24,495
1,617
1,486
1,598
1,388
1,069
464
425
411
423
431
1,582
1,579
1,531
1,506
1,525
16,673
16,584
16,654
16,705
16,695
5,016
4,994
4,913
4,821
4,775
9,712
9,773
9,667
9,655
16,844
16,644
17,323
16,826
17,103
2,774
2,584
2,932
2,839
2,696
94
92
90
93
87
,114
149
,147
,191
,216
12,862
12,819
13,154
12,703
13,104
3,457
3,446
3,394
3,398
3,587
133,558
131,573
135,699
132,813
132,877
Apr.
24,361
24,504
26,187
25,991
911
1,078
1,599
1,474
433
426
441
444
1,552
1,514
1,560
1,531
16,745
16,725
17,772
17,807
4,720
4,761
4,815
4,735
9,651
9,698
9,690
9,572
16,770
16,958
17,134
17,136
2,581
2,704
2,691
2,623
101
91
95
101
,102
,233
,227
,232
12,986
12,930
13,121
13,180
3,552
3,549
3,510
3,512
132,331
135,064
136,850
135,642
4,841
4,758
4,647
4,635
659
597
558
584
280
282
99
108
125
145
152
153
2,542
2,501
2,936
2,918
1,235
1,233
902
872
2,139
2,138
2,201
2,165
4,047
4,115
3,972
3,823
56
56
69
58
155
174
153
162
3,794
3,845
3,711
3,569
1,391
1,458
1,436
1,423
33,352
33,177
33,670
33,609
4,605
4,454
4,557
4,353
4,241
599
476
579
393
220
113
85
85
77
98
159
166
165
158
178
2,859
2,854
2,853
2,847
2,862
875
873
875
878
883
2,236
2,257
2,301
2,198
2,210
3,981
4,133
3,957
4,024
4,432
57
49
61
62
181
150
153
151
147
157
3,732
3,888
3,705
3,774
4,054
1,401
1,390
1,335
1,360
1,482
33,279
32,889
33,908
33,319
33,659
4,346
4,428
5,223
5,193
319
384
740
710
91
89
93
104
196
209
239
227
2,858
2,864
3,266
3,274
882
882
885
878
2,201
2,197
2,193
2,128
4,187
3,879
4,272
4,400
62
61
74
58
149
166
153
162
3,927
3,617
4,008
4,138
1,467
1,464
1,453
1,430
33,126
33,763
34,837
34,621
3
10
17
24
21,603
21,359
21,066
20,890
1,342
1,156
1,072
988
923
906
391
367
,593
,557
,492
,443
12,490
12,480
13,739
13,861
5,255
5,260
4,372
4,231
7,558
7,526
7,494
7,475
12,978
12,783
13,098
12,922
2,592
2,588
2,714
2,694
985
1,038
1,012
1,098
9,347
9,107
9,321
9,080
2,093
2,086
2,006
2,004
100,898
99,916
101,265
100,143
Mar. 2
9
16
23
30
20,747
20,614
20,550
20,490
20,25-'
1,018
1,010
1,019
995
849
351
340
326
346
333
,423
,413
,366
,348
,347
13,814
13,730
13,801
13,858
13,833
4,141
4,121
4,038
3,943
3,892
7,452
7,455
7,472
7,469
7,445
12,863
12,511
13,366
12,802
12,671
2,717
2,535
2,871
2,777
2,515
964
996
996
1,044
1,059
9,130
8,931
9,449
8,929
9,050
2,056
2,056
2,059
2,038
2,105
100,279
98,684
101,791
99,494
99,218
20,015
20,076
20,964
20,798
592
694
859
764
342
337
348
340
,356
,305
,321
,304
13,887
13,861
14,506
14,533
3,838
3,879
3,930
3,857
7,450
7,501
7,497
7,444
12,583
13,079
12,862
12,736
2,519
2,643
2,617
2,565
953
1,067
1,074
1,070
9,059
9,313
9,113
9,042
2,085 99,205
2,085 101,301
2,057 102,013
2,082 101,021
Feb.
3
10
17
24
6
13
20
27
New York City
1960
Feb.
3
10
17
24.........
Mar. 2
9
16
23
30
Apr
-n:::::::::
20
27
Outside
New York City
1960
Feb.
Apr.
6
\3
20
27
.
For notes see opposite page.
524
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits
Borrowings
Demand
Wednesday
DeInterbank
mand
deposits
adjusted i Domes- Foreign
tic
Time
U.S.
Govt.
States
and
political
subdivisions
Certified
and
officers'
checks,
etc.
Individuals,
partnerships,
and
corporations
Interbank
U. S.
Govt.
and
postal
savings
States
and
political
subdivisions
Individuals
partner
ships,
and
corporations
From
F. R.
Banks
From
others
Other Capital
acliabilcounts
ities
TotalLeading Cities
1960
Feb.
60,616
60,597
59,395
59,744
10,760
10,681
10,568
10,120
1,345
1,347
1,365
1,383
2,607
1,888
3,089
2,886
4,921
4,752
4,653
4,677
2,436
2,075
2,280
2,609
63,727
63,490
63,872
63,279
,198
,177
,142
,131
145
147
145
146
,518
.517
,545
,534
28,483
28,484
28,469
28,447
635
432
588
236
1,573
2,082
2,082
2,200
3,546
3,660
3,773
3,743
11,356
11,361
11,364
11,361
59,536
59,594
^60,255
r
59,172
'59,085
10,331
10,330
10,881
10,390
10,054
1,330
1,400
1,388
1,378
1,407
2,954
1,701
'2,890
r
3,097
r
2,843
4,920
'4,656
r
4,366
r
4,658
r
4,836
2,309
2,118
2,307
171
100
62,838
62,112
65,112
62,165
61,890
,122
,129
,133
,131
,136
144
143
142
143
142
,521
,518
,528
,544
,550
28,481
28,566
28,619
28,705
28,731
552
528
277
238
665
1,888
2,164
1,945
1,999
2,228
3,769
3,809
3,728
3,815
3,864
11,399
11,399
11,383
11,379
11,431
58,797
60,138
61,285
60,702
10,947
10,834
10,542
9,934
1,387
1,375
1,374
1,371
1,574
1,199
2,682
3,219
4,503
4,431
4,989
4,981
264
391
595
2,276
62,053
64,971
64,874
63,770
,160
,243
1,253
1,333
136
135
135
135
,572
,581
,616
,640
28,740
28,705
28,651
28,679
556
315
269
405
2,036
2,402
2,267
2,300
3,940
4,011
4,149
4,100
11,463
11,471
11,454
11,499
22
52
700
1,056
888
853
,673
,768
,765
,763
3,366
3,368
3,370
3,364
883
987
726
752
963
,756
,772
,708
,750
,832
3,368
3,366
3,356
3,358
3,367
3
10
17
24
Mar. 2
9
16
23
30
Apr.
6
13
20
27
r
New York City
1960
3
10
17
24
Mar. 2
9
16
23
30
15,269
15,098
15,013
14,972
2,963
2,971
2,956
2,937
,051
,037
,054
,072
761
513
782
672
312
282
292
289
1,321
1,095
1,238
1,546
16,985
16,848
17,169
16,974
884
879
856
849
24
24
24
24
60
60
60
60
3,230
3,224
3,216
3,206
15,277
15,113
15,517
14,841
15,154
2,782
2,790
2,967
3,008
2,829
,020
,083
,060
,056
,077
744
475
729
922
802
328
308
262
283
391
1,255
1,174
1,218
1,192
1,140
17,002
16,727
17,655
16,727
16,969
854
858
862
872
875
25
24
24
24
24
59
60
60
61
64
3,203
3,252
3,271
3,314
3,326
Apr. 6
13
20
27
14,806
15,161
15,537
15,443
3,024
2,998
2,892
2,847
,045
,044
,066
,055
438
315
924
1,116
257
261
348
345
1,247
1,325
1,510
1,268
16,593
17,221
17,323
17,213
896
952
949
1,009
24
24
24
24
65
66
67
70
3,302
3,287
3,275
3,307
90
960
993
1,048
1,061
,892
,893
,936
,924
3,383
3,384
3,385
3,382
10
17
24
45,347
45,499
44,382
44,772
7,797
7,710
7,612
7,183
294
310
311
311
1,846
1,375
2,307
2,214
4,609
4,470
4,361
4,388
1,115
980
1,042
1,063
46,742
46,642
46,703
46,305
314
298
286
282
121
123
12t
122
1,458
1,457
1,485
1,474
25,253
25,260
25,253
25,241
613
380
588
236
873
1,026
1,194
1,347
1,873
1,892
2,008
1,980
7,990
7,993
7,994
7,997
Mar. 2
9
16
23
30
44,259
"44,481
"44,738
"44,331
»"43,931
7,549
7,540
7,914
7,382
7,225
310
317
328
322
330
4,592
4,348
'4,104
'4,375
'4,445
1,054
944
1,089
979
960
45,836
45,385
47,457
45,438
44,921
268
271
271
259
261
119
119
118
119
118
1,462
1,458
1,468
1,483
1,486
25,278
25,314
25,348
25,391
25,405
552
515
267
238
665
1,005
1,177
1,219
1,247
1,265
2,013
2,037
2,020
2,065
2,032
8,031
8,033
8,027
8,021
8,064
43,991
7,923
7,836
7,650
7,087
342
331
308
316
4,246
4,170
4,641
4,636
1,017
1,066
1,085
1,008
45,460
47,750
47,551
46,557
264
291
304
324
112
111
111
111
1,507
1,515
1,549
1,570
25,438
25,418
25,376
25,372
556
315
179
405
1,076
1,409
1,219
1,239
2,048
2,118
2,213
2,176
8,080
8,087
8,069
8,117
Feb.
Outside
New York City
1960
Feb.
Apr
3
- . ! : : : : : : : 44,977
20
27
45,748
45,259
2,210
1,226
2,161
•2,175
2,041
r
1,136
884
1,758
2,103
r
r
Revised.
1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
NOTE.—For description ot changes in the series, beginning July 1, 1959,
see the BULLETIN for August 1959, p. 885.
525
BUSINESS LOANS OF BANKS
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, ( —).
In millions of dollars]
Manufacturing and mining
PetroFood, Textiles, Metals
leum,
and
liquor, apparel, metal
coal,
and
and
prod- chemical
3
tobacco leather
and
ucts
rubber
Period 2
1958—Jan.-June4
July-Dec.4.
-658
522
1959—Jan.-July 1
July 8-Dec,
-519
698
1960—Feb.......
Mar
Apr
Week ending:
I960—Feb. 3 . . .
10...
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Public
utilities
(incl.
transportation)
All
Construction
other
types
of
business
Comm'l
and
ind'l
Net
changes
classified
change—•
all
weekly
reporting
banks
146
-454
-140
-14
157
-121
-158
162
-283
410
-177
234
56
50
69
362
-905
920
-1,085
723
218
-58
864
-148
-162
248
188
26
284
151
-364
738
-141
480
106
11
145
-31
620
2,114
762
1,983
-109
-101
-170
137
101
-38
259
444
-30
-37
-13
63
121
45
93
181
102
-120
11
-185
-89
-50
37
-63
27
31
21
27
84
39
290
702
-173
316
848
-86
-26
34
38
44
21
59
64
100
37
-26
2
-9
-4
2
35
23
3
35
22
23
15
-3
-56
-42
-19
9
12
62
11
6
3
7
25
7
10
-15
101
94
193
-99
95
106
215
-100
—4
31
73
11
9
50
10
94
24
3
-41
-25
-42
-22
-56
17
36
95
25
21
-8
4
31
-3
7
14
10
48
-21
34
32
17
-5
1
-9
32
73
6
-25
-29
-21
-14
30
31
14
12
7
6
3
5
-31
21
13
35
-31
30
17...
24...
-82
84
-232
Mar. 2 . . .
9...
16...
23...
30...
14
-75
30
-27
-43
22
20
69
76
44
239
51
35
-18
-6
40
-20
Apr.
-49
-43
-11
-67
3
-11
-17
-13
-62
35
-29
25
21
20
6...
13...
20...
27...
Q
6
-36
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.
3 Includes machinery and transportation equipment.
4
January-June includes 25 weeks; July-December, 27 weeks.
-22
142
11
745
-22
-28
i
-137
85
12
-46
J
NOTE.—Beginning with the week ended July 8, 1959, changes in commercial and industrial loans exclude loans to sales finance companies
and certain other nonbank financial concerns (for description of revisions,
see the BULLETIN for August 1959, p. 885.) Figures for earlier periods in the
last two columns have been adjusted only to exclude loans to sales finance
companies. Thus, these data are not strictly comparable with current
figures.
BANK RATES ON SHORT-TERM BUSINESS LOANS i
[Per cent per annum]
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
Annual averages,
19 large cities:
1951
1952
1953
1954
3.1
3.5
3.7
3 6
4.0
4.2
4.4
4 3
3.4
3.7
3.9
3.9
2.9
3.3
3.5
3 4
3.7
4.2
4.6
4.3
5.0
4.7
4.9
5.0
5 0
5.0
5.2
5.5
5.5
5.8
1955 . .
1956
1957
1958
1959
4.4
4.8
5 1
5.0
5.5
4.0
4.4
4 8
4.6
5.2
3.5
4.0
4.5
4.1
4.9
4.51
4.87
5.27
5.27
5.36
5.34
5.53
5.68
5.91
5.92
5.99
6.01
5.09
5.33
5.65
5.66
5.74
5.75
4.74
5.06
5.43
5.44
5.54
5.50
4.32
4.72
5.15
5.15
5.24
5.21
2
Quarterly:
19 large cities:
1959 Mar
June. . . .
Sept
Sept 3
Dec 3
I960—Mar
1 For description see the BULLETIN for March 1949, pp. 228-37.
Based on figures for first 15 days of month.
Coverage of Survey revised in accordance with changes in the loan
schedule of the call report of condition to exclude loans to nonbank
financial institutions.
2
3
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
4.29
4.71
5.15
5.14
5 19
5 18
5.30
5.55
5.79
5.79
5 82
5 81
4.93
5.24
5.60
5.61
5 61
5 63
4 56
4.97
5 36
5.36
5 41
5 41
4 18
4.61
5.07
5.06
5 12
5 10
7 Northern and Eastern
cities:
1959—Mar
June
Sept
Sept. 3
Dec 3
1960—Mar
4.49
4.90
5.27
5.28
5.39
5.34
5.54
5.67
5.88
5.89
5.95
5 95
5.06
5.33
5.69
5.70
5.77
5 73
4.71
5.06
5.42
5.42
5.50
5 47
4.35
4.78
5.17
5.17
5.30
S 24
11 Southern and
Western cities:
1959 Mar . .
June
Sept
Sept 3 . . .
Dec.3
I960 Mar
4.84
5.07
5.44
5.46
5.56
5.57
5.62
5.74
5.97
5.99
6 08
6.12
5.20
5.37
5.65
5.68
5 81
5.83
4.87
5.13
5.50
5.51
5.64
5.57
4.60
4.87
5.29
5.30
5 38
5.40
Quarterly (cont.): 2
New York City:
1959—Mar
June...
Sept
Sept.3
Dec 3
1960—Mar
NOTE.—Bank prime rate was 2*4 per cent Jan. 1-Jan. 7,1951. Changes
thereafter occurred on the following dates (new levels shown, in per cent):
1951—Jan. 8, 2Vi; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3V4; 1954—
Mar. 17, 3; 1955—Aug. 4, 3*4; Oct. 14, 3 ^ ; 1956—Apr. 13, 3 % ; Aug. 21,
4; 1957—Aug. 6, 4y 2 ; 1958—Jan. 22, 4; Apr. 21, 3V2; Sept. 11, 4; and
1959—May 18, 4 ^ ; Sept. 1, 5.
526
INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
Finance
company
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days 3
3.81
2 46
3.97
3.55
2 12
3.82
3.42
3.56
3.83
3.98
3.97
4.63
4.73
4.67
4.88
Year, month, or week
3-month bills
6-month bills
Others
3.79
3.53
2.09
4.11
3.62
2.90
4.33
3.277
3.368
3.531
3.885
3.840
4.626
4.646
4.585
4.915
3.27
3.32
3.52
3.82
3.87
4.70
4.53
4.54
4.85
4.31
4.83
4.69
4.54
4.99
3.66
3.92
3.97
4.30
4.32
4.80
4.65
4.70
4.98
4.03
4.16
4.33
4.40
4.45
4.78
4.69
4.74
4.95
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
4.35
3.96
3.31
3.23
4.840
4.321
3.693
3.548
4.74
4.30
3.61
3.55
4.95
4.45
3.68
3.83
4.93
4.58
3.93
3.99
4.87
4.66
4.24
4.23
Apr
Week ending:
1960 Apr 2
9
2.88
2.96
3.56
3.34
3.19
3.187
2.927
3 854
3.705
3.705
3.21
3.18
3 86
3.73
3.58
3.32
3.30
3.91
4.17
4.08
3.69
3.57
4.23
4.17
4.14
4.11
4.06
4.25
4.32
4.34
16
23
30
Market
yield
Rate
on new
issue
Market
yield
3.45
2 04
3.49
3.267
1 839
3.405
3.23
1.78
3.37
3.832
3.36
3.44
3.66
3 81
3.87
4.52
4.70
4.38
4.82
2.98
3.17
3.31
3 45
3.56
4.07
4.25
4.25
4.47
2.960
2.851
3.247
3 243
3.358
3.998
4.117
4.209
4.572
2.95
2.84
3.21
3.20
3.38
4.04
4.05
4.15
4.49
5.02
4.50
4.16
3.74
4.78
4.44
3.96
3.88
4.436
3.954
3.439
3.244
4.13
4.05
4 09
4.25
4.25
Apr
Mav
June
July
3 58
3.50
3 78
3 88
3.88
3.63
3.63
3 94
4.00
4.00
2.792
2.731
3 622
3.306
3.317
* Average of daily offering rates of dealers.
Average of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3 Average of daily prevailing rates.
2
9- to 12-month issues
3- to 5year
issues6
Rate
on new
issue
4.91
4.66
4.49
4.16
1958 averaee
1959 average
1959
L f. S. Government Securities (taxable) 4
Prime
commercial
paper,
4- to 6months *
Bills
(market
yield)
4
Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Consists of certificates of indebtedness and selected note and bond
issues.
6 Consists of selected note and bond issues.
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 3
Government bonds
Year, month, or week
State
and local
By selected
ratings
Stocks5
By
groups
Dividend /
price ratio
United
States
(longterm) 2
Total 4
Number of issues
4-7
20
5
5
120
30
30
40
40
40
1957 average
1958 average
1959 average
3.47
3.43
4.07
3.10
2.92
3.35
4.20
3.95
4.24
4.21
4.16
4.65
3.89
3.79
4.38
4.71
4.73
5.05
4.12
3.98
4.51
4.32
4.39
4.75
4.18
4.10
4.70
1959
4.01
4.08
4.09
4.11
4 10
4.26
4.11
4 12
4.27
3.56
3.36
3.74
3.53
3.70
3.80
3.92
3.84
3.95
3.90
3.81
3.84
3.12
3.29
3.37
3.51
3.44
3.60
3.57
3.44
3.43
4.02
4.20
4.28
4.43
4.36
4.42
4.38
4.30
4.37
4.47
4.60
4.69
4.72
4.71
4.82
4.87
4.85
4.87
4.23
4.37
4.46
4.47
4.43
4.52
4.57
4.56
4.58
4.86
4.96
5.04
5.08
5.09
5.18
5.28
5.26
5.28
4.35
4.46
4.55
4.58
4 56
4.68
4.70
4 69
4.70
4.56
4.67
4.76
4.79
4 80
4 88
4.96
4 99
5.05
4.49
4.67
4 77
4.79
4 77
4 89
4.95
4 86
4 86
4.51
4.68
4 79
4 75
4 70
4 80
4 81
4 81
4 85
3.26
3 21
3 23
3 11
3 14
3 26
3 26
3 24
3 18
4.37
4.22
4.08
4 17
3.92
3.84
3.77
3 72
3.49
3.40
3.34
3 30
4.43
4.35
4.29
4 24
4.91
4.88
4.81
4 76
4.61
4.56
4.49
4 45
5.34
5.34
5.25
5 20
4 74
4.71
4.64
4 61
5 08
5 05
4.99
4 97
4 92
4 89
4.79
4 70
4
4
4
4
3
3
3
3
4 07
4 10
4.18
4 21
4.20
3 70
3.70
3.71
3 70
3.75
3 28
3.28
3.29
3 29
3.34
4.22
4.22
4.24
4 23
4.28
4 75
4.74
4.75
4 76
4.78
4 45
4.44
4.45
4 45
4.46
5 18
5 17
5.18
5 21
5.23
4 59
4 58
4.59
4 61
4.63
4 95
4 96
4 96
4 96
4.98
4 71
4 68
4 68
4 70
4.72
4 72
4 70
4 71
4 71
4.72
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
. ..
I960 Jan
Feb
Mar
Apr
Week ending:
I960 Apr 2
9
16
23
30
Total 4
Aaa
Aaa
Baa
1 Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
stocks are as of end of period.
2
Series is based on bonds maturing or callable in 10 years or more.
3
Moody's Investors Service. State and local govt. bonds include genral obligations only.
Baa
Industrial
Railroad
Public
utility
Preferred
Earnings /
price ratio
Common
Common
14
500
500
4.63
4.45
4.69
4 35
3.97
3.23
8 43
5.23
87
82
76
71
5 81
6 03
27
40
43
40
3 41
3 36
3 37
3 43
3.45
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 ratios beginning with July 1957
are based on the 500 stocks in the price index; prior to mid-1957, on the
90 stocks formerly included in the daily price index.
527
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Year, month,
or week
Common stock prices
CorU.S.
poMuGovt. nicipal rate
(long(high- 3 (highterm) 2 grade) grade) 3 Total
Number of issues.
500
15
17
1957 average.
1958 average.
1959 average.
93.24
94.02
85.49
105.8
106.4
100.7
101.3
102.9
95.0
1959—Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
86.21
85.31
85.16
85.00
85.11
83.15
84.95
84.82
83.00
102.2
100.4
99.4
99.4
100.6
98.3
100.2
100.9
99.3
1960—Jan..
Feb..
Mar..
Apr..
81.81
83.60
85.32
84.24
85.48
85.06
84.08
83.70
83.87
Week ending:
I960—Apr. 2
16.
23.
30.
Volume
of
trading 4
(in
Trade,
Manufacturing
thouTrans- Pubfisands
porta- lic- nance, MinTotal
of
Du- Non- tion
utiland
shares)
ity
servTotal rable duice
rable
Standard and Poor's series
(index, 1941-43= 10)
Securities and Exchange Commission series
(index, 1939= 100)
Industrial
Railroad
Public
utility
425
25
50
265
170
72
21
29
31
14
44.38 47.66 28.11 32.19
46.24 49.36 27.05 37.22
57.40 61.45 35.09 44.15
331
341
420
422
426
522
391
385
495
451
458
536
275
270
347
156
173
216
277
314
418
342
314
322
2,222
2,965
3,242
97.0
95.0
94. %
93.8
94.3
93.0
92.8
92.9
92.4
57.10
57.96
57.46
59.74
59.40
57.05
57.00
57.23
59.06
60.92
62.09
61.75
64.23
63.74
61.21
61.04
61.46
63.56
35.94
36.07
36.02
36.86
35.56
33.78
34.32
32.80
33.57
45.12
44.30
42.58
44.21
45.15
43.59
44.11
43.71
44.31
419
425
419
434
434
417
416
417
429
514
527
521
543
542
520
517
519
538
481
495
496
522
516
500
498
496
518
536
547
534
551
556
529
524
530
547
360
358
357
364
349
333
339
322
328
226
221
213
218
219
211
213
211
213
405
409
418
429
425
424
428
434
440
340
334
326
321
324
305
292
285
297
3,449
3,379
2,925
3,222
2,431
2,739
2,788
3,398
3,284
98.3
100.4
101.9
102.3
92.0
92.8
93.9
94.2
58.03
55.78
55.02
55.73
62.27
59.60
58.71
59.46
33.68
32.54
31.01
30.59
44.50
44.38
44.60
45.53
419
405
396
398
318
494
478
478
499
474
458
460
526
502
487
486
323
312
295
292
219
224
226
233
434
420
425
433
292
279
268
261
3,197
3,027
2,857
2,865
102.5
102.8
102.4
102.1
101.8
94.3
94.4
94.1
94.0
94.2
55.61
56.17
56.30
55.83
54.77
59.32
59.98
60.14
59.58
58.32
30.99
30.86
30.87
30.56
30.10
45.35
45.52
45.58
45.59
45.51
398
404
404
397
389
479
487
485
475
464
459
469
468
457
446
489
495
491
483
472
291
295
296
290
287
230
233
238
232
230
432
436
437
435
426
265
265
266
257
251
2,442
2,928
2,613
2,994
2,995
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.
3 Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
4
Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 2
Customer credit
End of month i
Totalsecurities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for purfirms 2
chasing and carrying securities 3
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
Customers'
net
free
credit
balances
1955 Dec
1956—Dec
1957 Dec
1958—Dec
4,030
3,984
3,576
4,537
34
33
68
146
2,791
2,823
2,482
3,285
32
41
60
63
1,239
1,161
1,094
1,252
51
46
125
234
2 246
2,132
1,706
2,071
1959 Apr
May
June
July
Au2
Sept
Oct
Nov
Dec
4,764
4,758
4,734
4,648
4,528
4,443
4,401
4,460
4,454
166
55
58
58
164
166
162
158
158
164
1.363
1,373
1,346
1,274
1,259
1,193
1,191
t ,187
1,174
252
153
154
156
168
165
150
3,401
3,385
3,388
3,374
3,269
3,250
3,210
3,273
3,280
228
217
231
227
236
221
2 156
2,159
2,246
2,205
2,199
2,149
2,178
2,256
2,362
1 205
1,188
1 094
1,079
1,035
1,039
I960 Jan
Feb
Mar
Apr
4,365
4,274
4 158
4,153
134
138
117
113
3,198
3,129
3 028
3,037
154
1,167
t. 145
1 130
1,116
190
202
161
199
2,233
2,194
2,059
2,153
1,001
981
988
940
163
158
1
Data for cols. 4-7 are for last Wednesday of month.
2
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.
146
136
135
252
237
894
880
896
1,159
967
974
996
3 Figures are for weekly reporting member banks. Prior to July 1959,
loans for purchasing or carrying U. S. Government securities were reported separately only by New York and Chicago banks. Accordingly,
for that period col. 5 includes any loans for purchasing or carrying such
securities at other reporting banks. Composition of series also changed
beginning with July 1959; revised data for the new reporting series (but
not for the breakdown of loans by purpose) are available back through
July 1958 and have been incorporated.
528
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
Held by:
End of year
or month
Placed
Placed
directthrough
ly
dealers 1 (finance
paper) 2
Total
733
510
,
1,924
2,020
2,166
2,666
3 2,744
S 959—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,267
3,334
3,555
3,401
3,552
3,646
3,334
3,784
3,664
3,118
883
822
791
729
759
I960—Jan..
Feb..
Mar.
3,889
4,085
4,320
1954
1955......
1956
1957
1958
Accepting banks
Total
Based on:
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
from
exOthers into
United United change
ForStates States
eign
United Foreign
corr.
States countries
F. R.
Banks
To- Own Bills Own
tal bills bought
acct.
1,191
1,510
1,660
2,115
3 1,904
873
642
967
,307
,194
289
175
227
287
302
203
126
155
194
238
86
49
72
94
64
28
69
66
49
19
33
50
76
68
565
405
621
878
775
285
252
261
278
254
182
210
329
456
349
17
17
2
46
83
300
63
227
296
244
89
100
148
232
263
763
755
784
627
2,384
2,512
2,764
2,672
2,793
2,851
2,571
3,029
2,880
2,491
,054
,029
,038
983
957
946
954
945
,029
,151
271
269
242
213
198
169
205
182
232
319
227
208
193
175
160
127
158
145
187
282
44
60
49
38
38
42
47
36
44
36
30
30
28
26
25
21
20
28
34
75
60
56
79
76
74
72
67
62
71
82
692
673
689
668
661
685
662
673
693
675
278
292
286
256
259
287
316
304
355
357
329
348
350
327
334
322
301
290
283
309
111
78
103
111
85
56
45
36
46
74
82
48
43
33
26
29
46
81
119
162
253
263
256
256
253
251
246
234
226
249
664
718
805
3,225
3,367
3,515
,229
,240
,366
230
218
250
193
170
178
36
48
72
42
35
33
124
119
153
833
868
929
341
350
364
337
336
413
149
193
201
158
131
144
245
229
244
506
551
840
795
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2 As reported by finance companies that place their paper directly with
investors.
3 Beginning with November 1958, series revised to include all paper
with maturity of 270 days and over. Figures on old basis for December
were (in millions of dollars): Total, 2,731; placed directly, 1,891.
MUTUAL SAVINGS BANKS
[Data from National Association of Mutual Savings Banks unless otherwise noted.
Securities
Loans
End of year
or month
1941
1945
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
Corporate
and
other*
Surplus
accounts
Mortgage loan
commitments 2
Number Amount
11,772
16,962
10,503
15,332
38
48
1.231
1,582
n.a.
n.a.
n.a.
n.a.
917
982
25,300
27,199
29,350
31,346
33,381
35,215
37.784
38,934
22,610
24,388
26,351
28,182
30,026
31,683
34.031
34,967
163
203
261
310
369
427
526
604
2,527
2,608
2,738
2,854
2,986
3,105
3,227
3,363
n.a.
n.a.
966
920
889
921
837
304
330
380
414
448
490
535
553
n.a.
n.a.
n.a.
n.a.
89,912
65,248
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,664
1,170
821
866
752
760
803
724
727
538
559
541
550
547
549
547
725
698
561
553
718
837
556
553
37,855
38 185
38.175
38,392
38 560
38.592
38,784
38,947
38 664
38,729
38,934
33,974
34 287
34,293
34,413
34,624
34,570
34,650
34,847
34,660
34,633
34,967
641
629
630
699
643
710
798
730
730
4,937
4,908
4,967
4,947
4,965
4,918
4,931
4,929
4,874
4,846
4,844
724
604
3,240
3,269
3.252
3,280
3,293
3,312
3,336
3,370
3,339
3,372
3,363
85,696
82,783
86,488
85,913
91,397
86,894
79,862
77,316
73,699
76,612
65,248
1,596
1,564
1,620
,581
,572
,503
,460
,439
1,294
,245
,170
715
706
4,833
4,824
698
735
565
569
38,934
39,101
34,909
34,959
660
742
3,365
3,400
62,285
55,775
,099
,029
3,592
10,650
1952
1953. .
1954
1955
1956
1957
1958
I9593
11,231
12,792
14,845
17 279
19,559
20 971
23.038
24,754
144
165
188
211
248
253
320
359
9,443
9,191
8,755
8,464
7,982
7,583
7,270
6,857
336
428
608
646
675
685
729
730
2,925
3,311
3,548
3,366
3,549
4,344
4,971
4,844
1959
239
256
242
278
318
304
339
366
359
7,364
7 426
7,382
7,395
7 301
7,288
7,276
7,244
6,963
6,878
6,857
724
763
729
739
747
751
750
Sept
Oct
Nov
Dec
23,232
23 407
23,562
23.723
23 879
24,058
24,214
24,374
24 511
24,635
24,754
I960—Jan
Feb
24,928
25,044
333
372
6.862
6,851
1,786
1,257
758
738
n.a. Not available.
1
Includes securities of foreign governments and international organizations and obligations of Federal agencies not guaranteed by the U. S.
Government, as well as corporate securities.
2
Not a balance-sheet item. Data represent commitments outstanding
of banks in New York State as reported to the Savings Banks Association
of the State of New York.
Other
liabilities
689
185
89
62
356
327
Other
assets
Total
assets—
Total
liabili- Deposits
ties
and
surplus
accts.
829
606
4,787
4,202
Feb
Mar
Apr
May
June
July
Cash
assets
Amounts in millions of dollars]
1,026
730
665
3
Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN: the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.
529
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Business securities
Government securities
Total
assets
Date
Mortgages
Real
estate
Policy
loans
Other
assets
1959—Feb
Mar
Apr
Mav
June
July
.
Aug
Sect
Oct
Nov
Dec
I960—Jan
Feb
... .
Bonds
Stocks
9 478
22,545
6 796
20,583
1 995
722
10 174
11,059
9 573
10,060
999
6 442
6,636
1 878
857
2 919
1,962
1 840
1,738
12,905
12,537
12 262
11,829
11,067
10 690
11,234
10,252
9.829
9 070
8,576
7,555
7,029
7,183
1,153
1,298
1 846
2,038
2,273
2,376
2,681
1,500
1 410
,215
,239
,285
,370
31.515
34.438
37 300
39 545
41,543
44 057
47,108
29.069
31,865
34 032
35,912
38,040
40,666
42,999
2.446
2.573
3 268
3,633
3.503
3 391
4,109
21,251
23,322
25 976
29,445
32.989
35,236
37,062
1,903
2,020
2 298
2,581
2,817
3 119
3,364
2,713
2,914
3 127
3,290
3,519
3 869
4,188
3,088
3,302
3 523
3,743
4,076
4 338
4,624
101,309
107,580
End of month: 4
1957—Dec
1958—Dec.
Total
73,375
78.533
84 486
90 432
96,011
101 309
107,580
1952
1953
1954
1955
1956
1957
1958
United State and
States
local Foreign 2
(U.S.)
32 731
44,797
End of year: 3
1941
194^
Total
10,691
11,242
7,028
7,182
2,377
2,691
,286
,369
43,750
46,420
40,737
43,044
3,013
3,376
35,271
37,092
3,120
3,387
3,872
4,186
4,605
5,253
108 583
108,945
109.430
109,928
110,424
111,152
111,646
111,846
112 405
112,904
113,626
11,596
11,479
11,568
11,644
11,679
11,807
11,938
11,772
11,770
11,668
11,536
7 414
7,229
7,251
7,235
7,246
7,259
7,354
7,169
7 147
7.016
6,848
2 774
2,840
2,889
2,968
2,991
3,085
3,115
3.130
3,138
3,154
3,177
,408
,410
,428
,441
1,442
1,463
1,469
,473
,485
1,498
1,511
46 829
47,093
47,343
47,545
47,800
48.024
48;096
48,224
48,444
48,662
48,908
43,442
43,672
43,904
44,086
44,314
44,477
44,539
44,658
44,853
45,032
45,206
3,387
3,421
3,439
3,459
3,486
3,547
3,557
3,566
3 591
3,630
3,702
37 350
37,486
37,602
37,737
37,894
38,108
38,282
38,493
38 744
38,984
39,299
3 414
3,450
3,469
3,493
3,522
3,583
3.603
3,624
3 631
3,673
3,670
4 253
4,284
4,317
4,346
4,380
4,389
4,423
4,464
4,511
4,555
4,605
5 141
5,153
5,131
5,163
5.149
5,241
5,304
5,269
5,305
5,362
5,608
114,202
114,666
11,731
11,755
7.011
6,975
3,197
3,222
1,523
1,558
49,047
49,170
45,330
45,435
3,717
3,735
39,573
39,769
3,688
3,698
4,651
4,709
5,512
5,565
687
1,240
346
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 amortized basis and stocks at end-of-year market value.
601
4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Liabilities
Assets
End of year
or month
Mortgages 2
U.S.
Govt.
obligations
Cash
Other 3
Total
assets—2
Total
liabilities
Savings
capital
Reserves
and
undivided
profits
Borrowed
money 4
1941
1945
1952
1953
1954
1955
1956
1957
1958
1959
4,578
5,376
107
2,420
344
450
775
356
6.049
8,747
4,682
7,365
475
644
256
336
18,396
21,962
26,108
31,408
35,729
40,007
45,627
53,087
1,787
1,920
2,013
2,338
2,782
3.173
3,819
4,471
1,289
1,479
1,971
2.063
2,119
2,146
2,585
2,189
1.108
1,297
1,469
1,789
2,199
2,770
3,108
3,725
22,660
26,733
31.633
37,656
42,875
48,138
55,139
63,472
19,195
22,846
27,252
32,142
37.148
41,912
47.976
54,548
1,658
1,901
1,027
2,187
2.557
2.950
3,363
3,845
4,387
950
,546
.347
.379
.444
,384
1959—Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
46,456
47,049
47.754
48,508
49,348
50,131
50,858
51,528
52,149
52,608
53,087
4.213
4,289
4,394
4,417
4.413
4,517
4,534
4.527
4,534
4,500
4,471
2,261
2,259
2,077
2,103
2,348
1,916
1,873
1,820
1,752
1,817
2,189
3,133
3,231
3,382
3.560
3; 570
3,462
3,484
3,549
3,637
3.777
3,725
56,063
56,828
57,607
58,588
59,679
60.026
60,749
61,424
62,072
62,702
63,472
48,818
49,347
49,767
50,371
51.461
51,651
52,045
52.489
52,888
53,371
54,548
3,866
3,868
3.872
3,883
4,093
4.099
4,111
4,116
4,121
4,133
4,387
.207
,202
.299
,362
.675
.706
,824
,972
i960—Jan..
Feb..
53,410
53,809
4,647
4,731
1,898
1,864
3,609
3,645
63.564
64,049
54,985
55,480
4,400
4,405
n.a. Not available.
1
Figures are for all savings and loan associations in the United States.
Data beginning with 1951 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 21951 are based entirely on annual reports.
Prior to 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets which include gross mortgages with
no deductions for mortgage pledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have
944
2.108
2,165
2,384
,935
,805
Loans in
process
Other
Mortgage
loan
commitments 5
636
402
863
959
1,244
1,411
1,430
1,484
,161
,282
,166
.281
1378
,475
,589
,597
,585
,539
,476
,374
,282
713
871
n.a.
n.a.
n.a.
833
843
862
,475
,283
1,006
1,130
1.291
1.497
861
973
1,184
1,308
1,479
1,659
871
,628
,753
,920
,975
,979
,951
,862
,779
,626
,470
,283
,181
,169
1,063
1,190
1.316
1,386
n.a.
n.a.
declined consistently in recent years and amounted to $42 million at the
end of 1957.
3
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.
4
Consists of FHLB advances and other borrowing.
5 Not a balance-sheet item.
NOTE.—Data for 1959 and 1960 are preliminary.
530
BUSINESS FINANCE
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
In billions
Profits
before
taxes
Income
taxes
1951
1952
1953
1954
1955
1956
1957
1958
42.2
36.7
38.3
34.1
44.9
44.7
43.3
37.1
22.4
19.5
20.2
17 2
21.8
21.2
21.1
18.2
19.7
17.2
18.1
16.8
23.0
23.5
22.2
18.9
1957—4
39.4
19.2
20.2
l.. .
2
3
4.. ..
32.0
33.6
38.3
44.6
15.7
16.5
18.8
21.9
16.3
17.1
19.5
22.7
12.0
l ....
2
3
4
46.5
52.6
46.4
45.7
22.6
25.6
22.6
22.2
23.8
27.0
23.8
23.4
12.8
13.0
13.4
13.6
Year or
quarter
1958
1959
[Securities and Exchange Commission estimates.
All types
Profits Cash Undisdivi- tributed
after
taxes dends profits
Year or
quarter
10.7
9.0
9.0
1952
1953
1954
1955
1956
1957
1958
1959
12.2
12.7
12.6
12.6
NOTE.—Quarterly data are at seasonally
annual rates.
New Retire- Net
New Retire- Net
Net
New Retireissues ments change issues ments change issues ments change
7.0
11.8
11.4
9.7
6.5
2,751 7,927 7,344
2,429 7,121 6,651
5,629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,296 9,465 9,673
4,607 8,144 7,150
8.0
3.6
4.5
6.9
10.7
11.0
14.0
10.4
9.8
.
10,679
9,550
11,694
12,474
13,201
14,350
14,761
12,751
3,590
1,324
2,265 2,184
781
1,403
1,405
543
862
1959—1
2
3
4
8.9
12.4
Stocks
Bonds and notes
1958-^
8.3
9.2
9.8
11.2
12.1
12.5
In millions of dollars]
2,403
1,896
4,033
3,383
3,203
2,584
3,817
2,891
4,940
4,755
3,799
4,188
4,731
7,053
5,856
4,259
3,335
2,898
3,862
4,903
5,267
4,712
5,088
5,601
348
533
1,596
2,216
1,836
1,024
1,479
1,716
2,987
2,366
2,265
2,687
3,432
3,688
3,609
3,886
3,054
3,410
2,788
3,499
1,165
1,266
1,126
1,051
1,890
2,144
1,663
2,448
1,592
1,818
1,647
2,093
688
834
681
687
903
983
967
1,406
1,462
1,593
1,141
1,405
476
432
445
363
986
1,161
696
1,042
1
Reflects cash transactions only. As contrasted with data shown on p. 532, 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. 532.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
U.S.
Govt.
securities
Cash
Total
Notes and accts.
receivable
U.S.
Govt. 2
2.8
2.6
64.6
65.9
71.2
90.1
91.8
94.9
103 0
107.4
111.6
186.2
190.6
194.6
224.0
237.9
244.7
30.8
31.1
33.4
34.6
34.8
34.9
19.9
21.5
19.2
23.5
19.1
18.6
1958—3
4
116 9
119.7
240 4
246.4
35 4
37.3
16 3
19.6
2.8
1959
122 2
125.3
126 9
128.8
249.8
257.6
262.1
268.3
34 5
35.8
35 5
37.2
21.0
21.5
22.9
23.5
2.7
2.7
2.9
4
1
Notes and accts.
payable
U. S.
Govt. 2
Inventories
Other
Federal
income
tax
liabilities
96.1
98.9
99.7
121.0
130.5
133.1
Other
2.3
2.2
57.0
57.3
59.3
73.8
81.5
84.3
18.1
18.7
15.5
19 3
17.6
15.4
22.5
25.7
29.0
31.1
1 8
79 4
81.0
11 1
13.0
31.2
31.0
81.5
84.3
85.8
89.4
12 6
13.5
14.4
15.4
31.9
32.9
33.3
32.9
Total
Other
1952
1953
1954
1955
1956
1957
1
2
3
Current liabilities
2.4
2 3
2.6
2.8
2 7
2 8
2.4
2.4
86.6
95.1
99.4
65.8
67.2
65.3
72.8
80.4
82.2
101.7
102.1
77 2
77.5
7 2
7.0
123 5
126.7
103.8
107.7
110.6
112.7
80.0
81.7
82.1
83.6
7.8
8.3
8.4
8.3
127.6
132.4
135.2
139.5
3.1
4.2
5.9
6.7
2.4
2.3
2.4
2.3
1.7
1 7
1.7
1.7
1.7
Other
18.7
20.7
2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.
Transportation
Year
1952
1953
1954
1955
1956
1957
1958
1959
I960*
Total
26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.5
37.0
Manufacturing
Mining
11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.1
15.1
1.0
1.0
1.0
1.0
1.2
.2
.9
1.0
1.0
Railroad
Other
1.4
1.3
.9
.9
1.2
1.4
.8
.9
1.0
1.5
.6
1.5
1.6
1.7
.8
1.5
Z.O
1.1
Public Comutilimuni- Other 2
ties
cations
3.9
4.6
4.2
4.3
4.9
6.2
6.1
5.7
6.1
1 Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
2
1.5
1.7
1.7
2.0
2.7
3.0
2.6
2.7
11 .7
Quarter
Total
In billions of dollars]
Manufactur- Transing
portaand
tion
mining
Total
(seasonPublic
All
ally adutili- other 3 justed
ties
annual
rate)
1958—4
3.2
.6
1.7
2.5
30.0
6.9
8.3
8.3
9.0
2.7
3.3
3.3
3.8
.6
.8
.8
.8
1.2
1.5
1.5
1.5
2.5
2.8
2.7
2.9
30.6
32.5
33.4
33.6
I960—14....
24....
3
8.0
1959—1
2
3
4
5.6
6.3
6.5
7.5
8.4
7.4
7.2
8.2
7.9
9.5
3.3
4.0
.8
.9
1.2
1.5
2.7
3.0
35.3
36.9
Includes communications and other.
* Anticipated by business.
531
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Qus irterly totals
Annual totals
1958
Industry
1955
1956
1957
1958
1959
1959
2
4
3
2
i
3
4
Manufacturing
Total (180 corps.):
Sales
Dividends
•
Nondurable goods industries (79 corps.): i
Sales
Profits before taxes
Profits after taxes
Dividends
• .
Durable goods industries (101 corps.):2
Sales
Profits after taxes
Selected industries:
Foods and kindred products (25 corps.):
Dividends
Chemicals and allied products (21 corps.):
Sales
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Machinery (25 corps.):
Sales
Profits after taxes
Automobiles and equipment (14 corps.):
Sales
Profits after taxes
Dividends . • . •
105,006 108,307 114,834 105,251 115,925 25,620 25,367 28,722 29,555 32,452 26,872 27,046
14,803 13,418 13,349 10,524 14,009 2,249 2,436 3,531 3,899 4,643 2,440 3,027
7,564 7,094 7,177 5,737 7,257 1,194 1,287 2,013 2,016 2,499 1,099
1,643
3,847 4,068 4,192 4,078 4,367 1,011
1,042 1,033 1,029 1,051
987
1 253
37,462 40,053 42,309 41,820 45,769 10,113 10,626 11,069 11,085 11,450 11,414 11,820
5,013 5,146 5,010 4,421 5,604
1,191
1,297 1,376 1,482 1,391
947
1 354
2,814 2,943 2,944 2,572 3,131
541
679
778
769
780
775
808
1,588 1,683 1,776
1,785 1,925
440
430
463
459
448
573
445
67,544 68,254 72,525 63,430 70,156 15,506 14,741 17,653 18,470 21,001 15,458 15,226
9,790 8,272 8,339 6,102 8,405 1,303 1,245 2,234 2,523 3,161 1,049
1,673
652
608
4,750 4,151 4,233 3,165 4,126
1,235 1,247
1,692
319
869
2,259 2,385 2,416 2,293 2,442
572
557
578
575
603
680
585
9,236
9,984 10,592 11,085 11,989
955
1,024 1,151 1,273
2,760
2,828
2 865
2,786
2,947
2 986
283
138
72
310
149
72
308
149
88
287
85
322
153
78
340
162
79
324
154
100
9,584 10,199 10,669 10,393 11,593
1,866 1,804 1,823 1,541 2,133
955
831
1,107
942
948
690
717
808
698
737
2,533
2,679
2,760
2,770
3,054
2,964
2,804
339
179
398
208
475
271
493
254
595
302
550
282
495
269
178
172
185
180
111
179
273
11,515 12,454 13,463 12,790 13,413
941
1,344 1,444 1,325
1,194
913
979
788
1,068 1,075
523
438
516
481
512
2,982
3,210
3,404
3,447
3,228
3,281
3,458
20,744 22,365 22,468 19,100 20,978
3,267 3,331 2,977 2,205 2,329
1,652 1,727 1,540 1,163 1,127
4,644
481
255
201
4,881
562
294
3,669
3,703
868
414
260
730
460
497
277
289
880
873
555
312
801
604
343
830
12,480 13,908 15,115 14,654 16,472
1,253 1,209 1,457 1,470 1,853
637
368
607
403
729
416
741
422
933
458
146
274
136
219
130
127
344
174
102
194
395
204
104
274
234
129
5,193
771
409
203
3,796
426
212
104
24,624 21,217 23,453 18,483 20,593
4,011 2,473 2,701 1,330 2,985
1,841
706
1,470
1,186 1,354
872
791
758
810
805
4,472
194
183
183
10,106 10,551 10,491
1,341 1,268 1,058
2,299
234
101
3,329
-15
-44
5,679
715
446
136
360
263
133
5,621
821
416
201
3,853
422
212
113
300
220
128
7,110
1,183
695
259
215
128
3,644
-88
-215
3 270
274
215
134
4,603
413
231
204
204
4,189
4,100
504
254
106
462
231
123
465
236
117
221
4 331
4,624
3,124
570
356
155
501
253
184
196
197
233
2 437
6,259
1,012
491
6,585
1,117
Public Utility
Railroad:
927
448
Electric Power:
Operating revenue
Profits after taxes
8,360
2,304
1,244
942
Telephone:
Operating revenue
Profits after taxes
5,425
1,282
638
496
876
462
737
438
844
602
410
9,826
848
578
403
2,466
2,555
2,368
272
195
77
2,388
2,633
144
102
79
366
271
157
167
99
116
310
207
82
127
86
78
243
186
127
2,469
650
2,655
682
2,688
713
2,840
739
9,049
2,462
1,326
1,022
9,644 10,205 11,117
2,557 2,721 2,987
1,413 1,517 1,668
1,212
1,077 1,134
2,410
615
5,966
1,430
715
552
6,467
1,562
788
613
7,572
2,153
1,073
743
1,715
454
226
166
1 Includes 17 companies in groups not shown separately.
2
Includes 27 companies in groups not shown separately.
NOTE.—Manufacturing corporations. Data are obtained primarily
from published company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
9,564
6,939
1,860
921
674
349
287
357
276
1,745
494
244
171
2,623
688
390
290
1,807
510
251
173
2,936
853
469
303
1,825
522
258
178
385
302
1,891
551
272
183
392
301
1,909
537
268
190
422
306
1,947
543
275
192
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949
(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public
utilities); and p. 908 of the BULLETIN for September 1944 (electric power).
For back data for manufacturing, see pp. 792-93 of the BULLETIN for
July 1959; back data for other series are available from the Division of
Research and Statistics.
532
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed use of net proceeds,
all corporate issuers6
Gross proceeds , all isSIjers 2
Noncorporate
fear or
month
Total
?7 ,709
?8
29 ,765
?6 ,77?
22 ,405
30 ,571
14 ,441
31 ,134
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
Federal
agency 4
U.S.
Govt. 3
P
11 ,95'
12 ,532
9 ,6?8
5 ,51-J
9 ,601
1? ,061
12 ,322
9
459
106
458
746
169
572
2,321
707
47C
443
,581
1959- Feb
Mar
Apr..
May.
June
July.
Aug.
Sept. . . .
Oct..
Nov
Dec.
,45?
1 ,688
1 ,749
4 ,122
1 ,735
1 ,982
15(1
309
300
2 ,574
332
38C
1960-—Jan .
Feb .
1,979
2 ,128
47(1
435
1 !921
4 ,511
1 ,787
?
175
775
i
98
150
86
182
150
State
and
municipal
4,401
5,558
6,969
5,977
5,446
6,958
7,449
7,681
Corporate
Bonds
Others
Total
9 514
8 898
7 ,601
289
182
334
557
1,052
621
9 ,516
10 ?40
10 939
12 884
11 558
9 803
1 ,488
7 ,470
8 ,002
9 ,957
q .651
7 ,253
3,645
3,856
4,003
4,119
4,225
6,118
6,332
3,556
62
11
60
770
656
481
457
619
6?4
614
411
New
capital 8
C
3,713
2,128
2,044
2,397
3,336
4,104
3,265
1,966
1952
1953.
1954
1955
380
270
173
306
5
44
39
52
72
696
622
151
,081
978
8?9
910
55?
753
736
923
893
969
51
47
93
9
623
592
644
659
783
549
1956
1957
1958
1959
1959
Feh
123
92
Mar..
Apr..
M^ay
June.
July
Aug..
Sept..
Oct .
Nov..
Dec.
277
248
221
146
126
205
97
115
167
1960-—Jan .
Feb
82
80
512
502
831
533
243
49
195
87
769
682
579
867
838
5
6
105
46
7
10
6
3
15
6
4
1
7
6
2
78
56
127
59
45
42
85
63
70
86
101
3 697
816
635
636
411
571
535
794
262
109
55
47
92
?44
141
?60
38
43
26
209
372
314
263
506
13
24
48
61
52
335
29
323
253
26
Transportation
RetireNew
ment of
secu- capital 8
rities
24
40
93
51
51
29
13
31
1
1
2
8
(9)
2
2
4
2
2
2
2
c
Corrected.
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 Reconstruc-
564
489
3
1
3
3
1
1,369
1,326
1,213
2,185
2,301
2,516
1,334
2,015
Total
New Other
purmoney 7 poses
Total
8 716
8 ,495
8 180
7 960
9, 365 7 ,490
871
10 049
10, 749 10 ,384
12, 661 12 ,447
11 177 10
9 , 588 9 ,427
6 ,780
7 957
9 ,663
11 ,784
9 907
8 ,654
180
8, 755
9
Retirement
of
securities
517
664
515
260
709 1,875
864 1,227
721
364
663
214
915
549
774
160
234
151
217
167
254
93
117
120
231
173
134
908
809
890
518
737
721
899
873
950
745
631
899
791
874
511
600
539
817
764
814
480
77
60
51
718
709
887
865
936
677
665
799
803
886
42
44
89
62
50
98
153
657
753
739
567
9
9
9
17
15
7
19
12
11
8
14
145
92
66
10
51
754
640
596
688
61
14
uses of ne t proceeds, major groups of corporate is suers
Commercial and
miscellaneous
90
190
957
484
101
111
839
1
414
219
330
396
277
587
677
770
Retirement of
New
secu- capital 8
rities
261
Pre- Common
Pri- ferred stock
stock
vately
placed
187
195
310
237
881
637
940
569
995
457
523
520
587
458
476
Manufe icturing
Publicly
offered
Total
] Proposed
Year or
month
New capital
758
553
501
544
694
802
778
960
154
51
75
38
96
34
97
142
101
17
74
25
14
Public utility
RetireNew
ment of
secu- capital 8
rities
,539
??5
?
36
770
2 ,905
70
14
18
14
,675
,254
9 ,474
,821
1 ,605
,178
1
Retirement of
secu- capita
rities
88
67
990
188
331
2
314
338
313
170
192
109
341
241
346
(9)
236
(9)
1
1
2
T
151
Communication
174
14
51
138
12
8
Retirement of New 8
secu- capital
rities
74"
871
651
1
1
1
1
6
3
60
04^
77
21
4
118
184
441
?94
Real estate
and financial
448
1,536
788
1,812
1,815
1 701
1,014
1,777
6?
4
i"
5
139
105
95
114
223
156
137
167
207
223
60
24
273
56
17
67
47
17
111
102
16
f
22
Retirement of
securities
36
56
177
262
72
(9)
78
227
1
52
7
tion and Development, and domestic eleemosynary and other nonprofit
organizations.
6 Estimated net proceeds are equal to estimated gross proceeds less cost
of 7
notation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8
Represents all issues other than those for retirement of securities.
9 Less than $500,000.
533
SECURITY ISSUES; FEDERAL FINANCE
NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1
[Investment Bankers Association data.
Par amounts of long-term issues in millions of dollars]
All issues (new capital and refunding)
Type of issuer 2
Type of issue
Period
Total
Public FederReve- Housal
ing
nue Author- Govt.4
loans
ity 3
Use of proceeds 2
Special
district
and
State statu- Others
tory
authority
4,410
5,558
6,969
5,976
5,446
87,150
7,832
7,880
1952
1953
1954
1955
1956
1957
1958
1959
1959
General
obligation
Issues for new capital
2,633
3,495
3,380
3,770
3,577
4,795
5,446
4,766
1,463
1,558
3,205
1,730
1,626
1,964
1,778
2,397
305
496
374
474
199
66
187
333
9
9
9
2
44
324
420
384
718
767
2,047
1,408
800
1,508
2,016
1,609
1,305
2,091
1,463
1,097
983
1,279
1,368
2,094
2,387
2,701
3,459
3,472
3,664
4,362
4,448
4,177
882
647
940
596
1,010
567
515
515
594
517
455
492
447
495
369
545
224
392
398
357
371
380
264
185
431
93
426
192
117
112
128
73
59
103
1
23
14
15
29
40
150
6
5
7
73
15
142
185
186
50
271
150
177
133
30
106
125
255
139
397
147
359
62
80
93
125
59
75
447
347
244
132
47
12
176
7
179
161
Feb
Mar
Apr
May....
June....
July
Aug.. . .
Sept
Oct
Nov.. . .
Dec
I960—Jan
Feb
'739
595
r
105
(9)
102
103
r
r
n.a. Not available.
Revised.
1 Data prior to 1957 are from the Bond Buyer as classified by Federal
Reserve.
2
Classifications prior to 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated relative to later data.
3 Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by a contract requiring the Public Housing Administration to make annual contributions to the local authority.
4
Beginning with 1957, coverage is considerably broader than earlier.
Total
amount
delivered 6
Total
Education
Water,
Roads sewer
and
and
bridges other
utilities
Residential
housing 7
Veter- Other
ans'
puraid
poses
4,096
5,477
6,789
5,911
5,383
7,099
7,746
7,773
969
1,320
1,432
1,516
1,455
2,551
2,644
2,238
938
1,588
2,136
1,362
698
1,041
1,172
834
642
803
1,270
881
1,399
1,524
1,403
1,961
424
506
456
570
258
299
530
701
484
323
357
399
381
355
258
290
439
351
255
563
858
907
646
618
931
904
593
613 1,006
985
567
538
514
401
468
502
593
603
513
431
453
162
196
264
191
225
155
151
168
168
153
252
91
49
166
25
134
159
59
43
28
37
16
123
142
334
188
321
50
86
82
135
106
57
124
12
10
121
29
145
4
1
102
126
4
100
'384
427
'480
629
218
165
31
77
107
98
39
108
50
n.a.
n.a.
n.a.
n.a.
n.a.
6,568
7,708
7,415
r
734
587
r
r
100
141
162
169
110
333
339
355
50
33
120
32
1,024
1,119
1,333
1,414
1,464
1,352
1,657
1,683
357
198
124
68
197
58
94
141
160
91
126
289
139
5 Consists of municipalities, counties, townships, school districts and,
prior to 1957, small unclassified issues.
6
Excludes Federal Government loans. These data are based on date
of delivery of bonds to purchaser (and of payment to issuer) which occurs
after date of sale. Other data in table are based on date of sale.
7
Includes urban redevelopment loans.
8 Beginning in 1957 this figure differs from that shown on the opposite
page, which is based on Bond Buyer data. The principal difference is in
the treatment of Federal Government loans.
9 Less than $500,000.
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 19601
[On basis of daily statements of United States Treasury.
Issue and coupon rate
Treasury bills2
M a y 5, 1960.
M a y 12, 1960.
M a y 19, 1960.
M a y 26, 1960.
June 2, 1960.
June 9, 1960.
June 16, 1960.
June 22, I960"
June 23, 1960.
June 30, 1960.
July 7, 1960.
July 14, 1960.
July 15, 1960.
July 21, 1960.
July 28, 1960.
Aug. 4, 1960.
Aug. 11, 1960.
Aug. 18, 1960.
Aug. 25, 1960.
Sept. 1, 1960.
Sept. 8, 1960.
Sept. 15, 1960.
Sept. 22, 1960.
Sept. 29, 1960.
Amount
Issue and coupon rate
Treasury bills—Cont.
,400
Oct. 6,1960
,606
Oct. 13, 1960
,603
Oct. 17, 1960
,604
Oct. 20, 1960
,501
Oct. 27, 1960
,700
Jan. 15,1961
,700
Apr. 15, 1961
4,018
,700 Certificates
,600
May 15, 1960
,500
Nov. 15, 1960
,500
Feb. 15, 1961
,001
,400 Treasury notes
,401
May 15, 1960
400
May 15, 1960
396
Aug. 15, 1960
400
Oct. 1,1960
401
Apr. 1,1961
400
May 15, 1961
400
Aug. 1,1961
400
Oct. 1, 1961
400
Feb. 15, 1962
400
Feb. 15, 1962
Amount
500
500
2,007
400
400
1,504
2,001
In millions of dollars]
Issue and coupon rate
Amount
Treasury notes—Cont.
Apr. 1, 1962
iy 2
May 15, 1962
4
Aug. 15, 1962
4
Oct. 1,1962
11/2
Nov. 15, 1962
334
Feb. 15, 1963
2%
Apr. 1,1963
IV2
May 15, 1963
4
Oct. 1,1963
1%
Nov. 15, 1963
4%
Apr. 1,1964
11/2
May 15, 1964
434
Aug. 15, 1964
5
Oct. 1,1964
11/2
Nov. 15, 1964
4%
Apr. 1,1965
11/2
551
2,211
158
590
1,143
3,971
533
1,743
506
3,011
457
4,933
2,316
490
4,195
4
434
4%
1,269
7,037
6,938
3*4
3VZ
434
IVi
iy 2
3%
4
11/2
3%
4
2,738
2,406
9,561
278 Treasury bonds
144
June 15, 1959-62... 2*4
4,078
Dec. 15, 1959-62... 214
2,136
Nov. 15, 1960
2i/8
332
Dec. 15, 1960-65 3.. 23^
647
Sept. 15, 1961
234
1,435
Nov. 15, 1961
21/2
June 15, 1962-67... 21/2
* Tax anticipation series.
1
Direct public issues.
5,264
3,452
3.806
1,485
2,239
11,177
2,110
Issue and coupon rate
Treasury bonds—Cont.
Aug. 15, 1963
2%
Dec. 15, 1963-68... 2 Vi
Feb. 15, 1964
3
June 15, 1964-69... 2Vi
Dec. 15, 1964-69... 2Vi
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2%
Aug. 15, 1966
3
Mar. 15, 1966-71.. . 2 %
June 15, 1967-72... 2*4
Sept. 15, 1967-72... 2 Vi
Dec. 15, 1967-72...2Vi
Oct. 1, 1969
4
Nov. 15, 1974
V/%
May 15, 1975-85.. .4*4
Feb. 15, 1980
4
June 15, 1978-83... 314
May 15, 1985
3*4
Feb. 15, 1990
31/2
Feb. 15, 1995
3
Panama Canal L o a n . . . . 3
Convertible bonds
Investment Series B
Apr. 1, 1975-80.... 234
Amount
6,755
2,816
3,854
3,739
3,813
6,896
4,692
1,484
2,940
1,810
2,716
3,645
1,276
654
438
884
1,601
1,135
1,727
2,729
50
6,489
2
Sold on discount basis. For discounts on individual issues, see tables
3
on Money Market Rates, p. 526.
Partially tax-exempt.
534
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.
In billions of dollars]
Public issues 3
Total
gross
debti
End of
month
Total
gross
direct
debt2
Marketable
Bonds
Total
Total
1941 Dec
1945 Dec
1947_Dec
1951 Dec
1952 Dec
1953_Dec
1954 Dec
1955 Dec
1956 Dec
1957 Dec
1958—Dec
1959
I960
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Nonmarketa ible
Bills
Certificates
Notes
Bank
eligible *
Bank
restricted
Convertiible
bonds
Totals
Savings
bonds
12.1
12.5
12.0
11.8
11.4
10.8
9.5
8.3
8.9
56.9
59.5
66.4
65.1
65.1
63.6
59.2
57.4
53.4
52.1
6.1
48.2
52.1
57.6
57.9
57.7
57.7
57.9
^56.3
52.5
51.2
Tax
and
savings
notes
Special
issues
... .
57.9
278.1
256.9
259.4
267.4
275.2
278.8
280.8
276 6
274.9
282.9
50.5
255.7
225.3
221.2
226.1
231.7
233.2
233.9
228.6
227.1
236.0
41.6
198.8
165.8
142.7
148.6
154.6
157.8
163.3
160.4
164.2
175.6
2.0
17.0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
26.9
29.7
38.2
21.2
29.1
16.7
26.4
28.5
15.7
19 0
34.6
36.4
6.0
23.0
11.4
18.4
30.3
31.4
28.0
43.3
35.3
20.7
26.1
33 6
68.4
68.4
41.0
58.9
63.9
76.1
81.9
80 9
82.1
83.4
285.5
286.4
284.8
288 8
290.5
288.4
291.4
290.7
290 9
285.4
286 3
284.7
288 7
290.4
288.3
291 3
290.6
290 8
240.2
240.3
237.1
241 8
242.9
241.1
244 9
244.2
244 2
180.7
181.0
178.0
183 1
184.5
183.1
187 4
187.0
188 3
34.2
35.0
32.0
37 0
38.6
37.1
39 1
39.1
39 6
34.4
33.8
33.8
33 8
20 3
20.3
20 3
19.7
19 7
27.2
27.3
27.3
27 3
40.7
40.8
43 1
43.3
44 2
84.9
84 9
84.9
84 8
84 8
84.8
84 8
84.8
84 8
7.8
7.7
7.7
7 6
7.6
7.5
7.3
7.2
7 1
51.7
51 5
51.4
51 1
50.8
50.6
50 2
50.0
48 9
50.8
50.7
50.5
50 2
50.0
49.7
49 4
49.3
48 2
43.3
44 2
44.8
44 1
44.7
44.4
43 6
43.6
43 5
291.2
290 7
287.0
288.9
..
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
275.0
283.0
291.1
290 6
286.8
288.8
245.5
244 8
240.5
242.9
189.9
189 4
185.4
188.1
41.2
41 2
37.2
37.1
19.7
15 2
15.2
15.2
44.2
48 2
48.3
50.6
84.8
84 8
84.8
85.2
7.0
6 9
6.6
6.5
48.6
48 5
48.4
48.3
47.9
47 8
47.8
47.6
42.6
42 8
43.3
42.8
1 Includes some debt not subject to statutory debt limitation (amounting
to $408 million on Apr. 30, 1960) 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 $10,402 million on Mar. 31, 1960.
52.2
49.6
36.0
21.0
13.4
5.7
2.5
8.2
5.4
7.5
5.8
6.0
4.5
(6)
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
45.8
44.8
* 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 *
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941_Dec
1945—Dec
1947_Dec
1951 Dec
1952—Dec
1953 Dec
1954 Dec
1955 Dec
1956—Dec
1957 Dec
1958 June
Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
275.0
276.4
283.0
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
45.8
46.2
44.8
1959_Feb
Mar
Apr .
May
285.2
282.2
285.5
286.4
284.8
288.8
290.5
288.4
291A
290.7
290.9
291.2
290.7
End of
month
Julv..
Aue
Sept
Oct
Nov
Dec
I960—Jan
Feb
Held by the public
State
Individuals
Misc.
Federal
Reserve
Banks
Commercial
banks 2
Mutual
savings
banks
companies
Other
corporations
local
govts.
2.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
8.4
9.4
9.7
9.6
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
222.7
219.8
220.5
228.6
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
24.9
24.2
25.4
26.3
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
59.5
59.5
65.3
67.5
3.7
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.0
7.6
7.4
7.3
8.2
24.0
23.9
16.5
16.0
15.9
15.3
14.6
13.2
12.5
12.2
12.7
4.0
22.2
14.1
20.7
19.9
21.5
19.2
23.5
19.1
r
18.6
r
15.3
r
19.6
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
16.1
17.0
16.9
16.7
5.4
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.1
48.2
48.0
47.7
8.2
21.2
19.4
15.5
16.0
15.4
13.5
14.8
15.6
r
15.5
r
14.7
r
14.4
.9
9.1
8.4
10.6
11.7
13.2
13.9
15.6
16.1
16.5
15.2
16.5
43.9
43.9
43.3
44.2
44.8
44.1
44.7
44.4
43.6
43.6
43.5
9.8
9.8
9.8
10.0
9.9
10.0
9.9
9.8
10.0
10.2
10.2
231.6
228.4
232.4
232.2
230.2
234.7
235.9
234.2
237.8
236.9
237.3
25.3
25.5
25.7
25.9
26.0
26.5
26.7
26.6
26.6
26.9
26.6
66.3
63.2
64.7
63.2
61.3
61.8
60.8
60.0
60.4
59.0
59.8
7.4
7.4
7.4
7.4
7.3
7.3
7.3
7.3
7.0
6.9
6.9
12.8
12.6
12.6
12.6
12.5
12.6
12.7
12.6
12.6
12.5
12.3
'21.6
'21.0
'22.4
'22.9
'21.5
'23.4
'24.4
'22.9
'24.1
r
24.2
'23.5
16.9
16.8
16.9
16.8
16.7
17.0
17.2
17.3
17.4
17.4
17.5
47.6
47.5
47.3
47.2
47.0
46.9
46.7
46.5
46.3
46.2
45.9
r
16.3
17.2
r
17.7
r
18.0
r
18.3
r
18.8
r
19.4
'20.2
'21.6
'21.9
'22.9
17.3
17.2
17.8
18.2
19.4
20.4
20.6
21.0
21.7
21.9
21.8
42.6
42.8
10.6
10.4
238.0
237.5
25.5
25.2
58.6
56.6
6.9
6.9
12.5
12.4
'25.5
26.6
17.6
17.7
45.8
45.8
'23.7
23.9
22.0
22.4
r
Revised.
1 Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to about $293 million on Dec. 31, 1958, and to about
$85 million on Jan. 31, 1960. Starting with September 1959, banks in
Alaska and Hawaii are being gradually recJassified as continental U. S.
banks.
2
Insur-
Total
„
j
Other
Savings
bonds securities
tors 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.
535
FEDERAL FINANCE
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data.
Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds2 bonds
30.
30.
30.
30.
30.
31.
166,882
166,050
165,985
175,573
185,709
195,346
19,514
20,808
23,420
22,406
32,017
39,643
13,836
16,303
20,473
32,920
33,843
19,669
40,729
35,952
30,973
20,416
27,314
44,152
81,128
81,890
80,839
90,932
84,853
84,804
1960—Jan. 31 .
Feb. 29.
196,886
196,246
41,156
41,160
19,669
15,245
44,235
48,198
84,796
84,781
7,162
8,236
8,554
9,477
9,681
9,982
40
273
130
173
86
260
8
355
416
599
537
363
119
688
1,282
1,169
1,389
1,700
3,556
3,575
3,664
4,703
4,988
5,071
3,439
3,345
3,063
2,833
2,680
2,587
10,380
10,207
526
364
366
357
1,719
1,762
5,080
5,093
2,689
2,631
23,607
23,758
23,035
25,438
26,044
26,648
886
855
287
2,703
2,032
2,626
8,274
10,944
11,367
19,946
18.650
10,508
11,646
9,157
8,579
25,464
25,209
1,463
1,199
Commercial banks:
1955—June 3 0 . .
1956—June 3 0 . .
1957—June 3 0 . .
1958—June 3 0 . .
1959—June 3 0 . .
Dec. 3 1 . .
55,667
49,673
48,734
57,509
53,513
51,945
1960—Jan. 3 1 . .
Feb. 29. .
Total
Within
1 year
1-5
5-10
years
Over 10
years
155,206
154,953
155,705
166,675
178,027
188,269
49,703
58,714
71,033
67,782
72,958
78,456
38,188
31,997
39,184
41,071
56,819
61,609
33,687
31,312
14,732
22,961
18,538
23,625
33,628
32,930
30,756
34,860
29,713
24,579
7,030 189,856
6,862 189,384
79,969
75,250
61,691
72,849
23,623
16,725
24,573
24,560
3,723
4,891
5,491
6,644
7,001
7,394
74
927
1,138
899
930
1,037
199
500
1,210
1,565
1,679
1,909
506
434
295
913
1,448
1,882
2,944
3,030
2,848
3,267
2,944
2,567
7,691
7,576
1,315
1,150
1,923
2,573
1,886
1,285
2,567
2,567
2,879
11,016
2,802
2,802
2,802
2,789
2.484
2,498
23,607
23,758
23,035
25,438
26,044
26,648
17,405
20,242
20,246
23,010
20,687
18,654
3,773
1,087
681
1,014
3,887
6,524
1,014
1,014
750
57
410
677
1,415
1,415
1,358
1,358
1,060
793
10,507
8,515
11,010
13,011
2,484
2,484
25,464
25,209
17,470
15,214
6,524
8,545
677
657
793
793
2,721
2,181
2,853
3,796
3,563
5,011
1,455
1,004
2,913
3,331
3,883
2,094
15,385
11,620
8,984
11,532
12,417
13,172
35,942
34,712
33,839
38,720
33,531
=31,565
164
155
144
130
120
104
55,503
49,517
48,590
57,379
53,394
51,841
7,187
7,433
12,268
13,431
10,045
11,198
21,712
18,234
23,500
24,494
31,304
28,778
21,110
19,132
8,600
14,259
8,233
9,235
5,494
4,719
4,222
5,195
3,812
2,629
50,916
49,139
4,793
3,796
2,112
12,704
13,151
31,203
30,868
103
101
50,812
49,038
10,783
8,690
28,200
32,218
9,199
5,522
2,631
2,608
Mutual savings banks:
1955—June 30
1956—June 30
1957—June 30
1958—June 30
1959—June 30
Dec. 31
8,069
7,735
7,397
7,110
7,079
6,773
84
107
163
89
175
191
53
37
114
132
209
158
289
356
367
465
684
6,422
6,074
5,655
5,493
5,228
4,892
1,222
1,161
1,098
931
783
644
6,848
6,574
6,299
6,179
6,296
6,129
164
247
576
303
480
486
533
540
1,082
1,106
1,360
1,401
1,405
1,319
601
675
1,700
2,254
4,746
4,468
4,040
4,094
2,756
1,987
1960—Jan. 31.
Feb. 29.
6,791
6,794
287
313
229
139
883
1,056
4,818
4,788
574
498
6,217
6,296
654
600
1,384
1,656
2,232
2,109
1,947
1,931
Insurance companies:
1955—June 30
1956—June 30
1957—June 30
1958—June 30
1959—June 30
Dec. 31
13,117
11,702
10,936
10,580
10,947
10,933
630
318
326
254
503
416
74
44
136
112
347
231
789
760
648
614
798
1,074
8.479
7.789
7,277
7,398
7,371
7,454
3,145
2,791
2,549
2,202
1,928
1,758
9,972
8,911
8,387
8,378
9,019
9,175
810
632
955
651
1,092
1,023
1,339
1,192
1,775
1,650
2,085
2,279
2,027
1,802
1,022
1,004
1,678
2,422
5,796
5,285
4,634
5,074
4,164
3,450
I960—Jan. 31.
Feb. 29.
11,106
11,056
627
586
246
138
1,071
1,158
7,467
7,491
1,696
1,684
9,410
9,372
1,246
1,108
2,291
2,758
2,431
2,049
3,441
3,458
Other investors:
1955—June 30.
1956—June 30.
1957—June 30.
1958—June 30.
1959__jUne 30.
Dec. 31.
59,260
64,947
67,329
65,459
78,444
89,066
15,153
17,074
19,661
15,392
25,659
31,140
3,973
3,919
5,527
8,799
10,216
6,315
12,502
13,371
11,113
6,636
9,147
16,302
23,927
26,896
27,602
31,829
31,252
33,325
3,706
3,646
3,426
2,802
2,171
1,985
55,554
61,301
63,904
62,657
76,273
87,082
24,062
29,233
35.850
29;489
39,724
46,057
10,633
10,443
10,936
11,243
16,503
20,717
7,626
7,612
3,464
6,054
5,069
7,154
13,233
14,013
13,654
15,872
14,977
13,153
92,230
93,841
33,461
34,902
6,210
4,874
16,847
18,060
33,745
34,057
1,968
1,949
90,263
91,893
<48,503
48,488
21,368
25,098
7,198
5,104
13,193
13,202
All holders:
1955—June
1956—June
1957—June
1958—June
1959—June
Dec.
U. S Govt. agencies and trust funds:
1955—June 30.
1956—June 30.
1957--June 30.
1958—June 30.
1959—June 30.
Dec. 31.
I960—Jan. 31.
Feb. 29.
Federal Reserve Banks:
1955—June 30
1956—June 30
1957_j u ne 30
1958—June 30
1959—June 30
Dec. 31
1960—Jan. 31.
Febl 29.
I960—Jan. 31.
Feb. 29.
c
1,223
Corrected.
1 Direct public issues.
Includes minor amounts of Panama Canal and postal savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
11,676
11,098
10,280
8,898
7,681
7,077
panies included in the survey account for more than 90 per cent of total
holdings by these institutions. Data are complete for U. S. Govt.
agencies and trust funds and Federal Reserve Banks.
536
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
Payments to the public,
other than debt
Net Federal cash borrowing or
repayt. ( —) of borrowing
Excess
of rects.
Infrom
Less :
Equals:
crease,
or
Equals : payts.
Net
or deTotal
cash
Net
payts. to(-), (crease inv. by
Other borrow- ) , in
the
to the
noning or
public
Govt.
debt
public
cash
(direct agen. & debt 4 repayt.
()
& agen.) tr. funds
Less : Equals : Budget
Total
Plus:
Net
Intrarects.
Trust
exBudget
Govt.
fund
from
pendireceipts receipts transthe
tures
actions * public 2
Plus:
Trust
fund
expenditures
Less:
Adjustments 3
Cal. year—1957...
1958...
1959...
72,284
68,694
73,282
15,368
16.797
18,830
3,079
3,710
4,509
84,521
81,728
87,552
71,692
75.782
80,321
14,794
17,856
20,244
3,155
4,622
5,009
83,328
89,014
95,560
Fiscal year—1956..
1957..
1958..
1959..
68,165
71,029
69,117
68,270
11,685
14,369
16,329
17,084
2,739
3,242
3,493
3,650
77,088
82,107
81,893
81,660
66,540
69,433
71.936
80,697
9,436
12,961
16,069
18,597
3,358
2.386
4,592
4,491
Semiannually:
1958—Jan.-June.
July-Dec..
1959—Jan.-June.
July-Dec..
39,792
28,902
39.368
33,914
9,162
7,635
9,449
9,381
2,083
1,627
2,023
2,486
46.836
34,892
46.768
40,784
35,876
39,906
40,791
39,530
8,936
8,921
9,676
10,568
Monthly:
1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,426
4,258
5,425
10,154
3,246
5,679
8,486
3,023
5,897
7,582
1.322
1,302
2,479
1,950
1,214
2,444
1,236
1,009
2,004
1,474
162
171
189
,052
486
217
230
348
316
889
9,581
5,384
7,708
11,048
3,973
7,903
9,488
3,678
7.579
8,163
6,461
6,427
6,164
8,631
6,557
6,305
6,357
6,868
6,598
6,844
1960—Jan
Feb
Mar
4,909
7,265
9,581
828
2,329
1,708
272
359
199
5,461
9,231
11,084
6,199
6,170
6,424
1,573
-111
-543
64
487
2,081
-1,168
7,762
8,580
72.617
80,008
83,413
94,804
- 5 7 8 3,166
4,471
2,099 - 1 , 0 5 3 2,339
6,216
657
-1,520
9,656 -1,181
-13,144
623
-292
-200
2,160
-4,366
-3,100
5,760
8,678
3,338
1,285
3,205
1,804
41,475
47,539
47,265
48,295
5,362
-12,649
-495
-7,511
660
777
6,873 -1,494
2,783
313
7,329
-856
-166
653
1,507
574
49
7,713
965
7,615
1,451
1,905
1,426
1,548
2,174
1,528
,735
,886
,496
,748
789
328
-288
1,533
561
-664
383
861
-134
797
7.124
8,005
7,879
8,646
8,171
8.498
7,709
7,894
8,228
7,795
2.457
-2,621
-171
2,403
-4,198
-594
1,779
-4,216
-649
368
-3,016
3,491
1,248
-1,307
4,339
1,943
-1,866
3,077
-423
259
93
-665
1,148
454
-505
573
-399
-683
242
-84
145
69
84
1,042
239
31
-9
105
97
111
-3,253
4,086
15
-2,803
4,606
1,339
,974
,613
,868
1.406
-615
1,193
6,767
8.075
7,099
-1.306
1,156
3,984
229
-686
-3.632
-472
32
507
147
554
-744
-4,039
1,191
-7,287
-8,006
467
7,533
10,112
26
-100
-1,457
3,656
-763
233
Effects of operations on Treasurer's account
Operating transactions
Period
Net
Budget
surplus,
or
deficit
Trust
fund
accumu- Reconlation,
ciliation
to Treas.
or
deficit
cash
Financing transactions
Net
market
issuance
(-f-)of
Govt.
agency
obligations 5
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5
173
Cash balances:
inc., or dec. ( —)
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Treasurer's
account
Account of Treasurer of United
States (end of period)
Deposits in:
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
Fiscal year—1956. .
1957..
1958..
1959. .
1,626
1,596
-2,819
-12,427
2,250
1,409
262
-1.511
320
-518
670
-29
-2,617
-2,300
-197
1,112
-1,623
-2,224
5,816
8,363
-202
5
140
-23
331
1,085
567
71
-956
4,159
-4.399
6,546
5.590
9,749
5,350
522
498
410
535
4,633
4,082
8,218
3.744
,391
,010
,121
,071
Semiannually:
1958—Jan.-June.
July-Dec..
1959—Jan.-June.
July-Dec..
3,916
-11,004
-1,423
-5,617
228
-1,286
-225
511
-232
203
-437
-440
-121
192
366
-218
1,144
-32
911
1.445
6,579
1,784
6.092
300
-131
108
-105
5.143
-4,788
389
233
9.749
4.961
5,350
5,583
410
358
535
504
8,218
3,468
3,744
4,216
.121
,135
.071
863
Monthly:
1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,965
-2,169
-739
1,524
-3,311
-626
2,129
-3.846
-701
738
-130
-603
1,053
404
-960
916
-499
-877
507
-274
507
355
-432
6
78
-211
35
-641
323
541
-537
-158
53
-1
51
155
3
56
102
-12
-3.069
3,319
950
-1,597
3,976
1,714
-2,100
2,957
-664
209
45
-60
-67
143
-77
-33
-73
86
1
-10
-836
1.531
-81
-538
486
781
399
-641
-1,408
615
4.438
5,969
5,888
5,350
5,837
6.617
7,017
6.376
4,968
5,583
398
539
567
535
522
537
704
488
582
504
2,787
3,844
4,117
3,744
4.364
5,227
5,353
4,990
3.559
4,216
,253
,586
,204
,071
951
853
960
898
827
863
I960—Jan..
Feb..
Mar..
-1,290
1,095
3,157
-1,146
716
-160
634
-838
994
3
105
104
764
-160
-386
287
-501
-3,757
-26
-33
75
-722
450
4,862
5,311
5,189
567
453
549
3,246
3,843
3,738
1,049
1.015
902
-1,187
1
-70
491
-980
-568
670
-666
317
667
-67
n.a. Not available.
1
Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
— 122
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2
Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.
537
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to:
Old- High- R. R.
reage
way
trust
trust tirefund 6 fund ment
acct.
Refunds
of
receipts
Income and
profit taxes
Total
Budget
receipts
Excise
taxes
Employment7
taxes
Other
receipts
Liquor
Mfrs.
Tobacco and retailers'
21,299
21,531
20,533
18,092
10,004
10.638
10,814
10,760
7,296
7,581
8,644
8,854
4,887
4,895
5,414
5,464
2,921
2,973
2,946
3,002
1,613
1,674
1,734
1,807
3,778
4,098
4,316
4,315
8,654 14,260
2,827 6,174
8,906 11,918
3,041 8,323
5,219
5,364
5,396
5,948
5,199
3,653
5,201
4,127
2,789
2,509
2,956
2,944
1,372
1,600
1,402
1,703
886
931
876
984
2.090
1,963
2,352
2,408
927
852
1 ,020
842
971
1 ,027
1 ,007
977
936
1 ,031
857
558
1,488
696
332
1,321
704
278
965
527
540
486
424
682
462
356
430
413
402
879
245
243
276
228
243
288
300
319
296
258
150
159
156
114
150
172
169
179
162
152
1,194
564
483
794
954
6.192
1.044
341
1,611
1,149
722
522
500
186
214
n.a.
138
151
n.a.
Individual
Corporation
Withheld
Other
11,322
12,302
11,528
11,733
Fiscal year—1956.
1957.
1958.
1959.
68,165
71,029
69,117
68,270
6,337
6,634 1.479
7,733 2.116
8,004 2,171
634
616
575
525
3,684
3,917
4,433
4,933
78,820
83,675
83,974
83,904
24,012
26,728
27,041
29,001
Semiannually:
1958—Jan.-June
July-Dec.
1959—Jan.-June
July-Dec.
39,792
28,902
39,368
33,914
4,598
965
3,383 1,112
4,621 1,059
3,815 1,281
270
265
260
307
3,778
634
4,299
718
49,403
34,296
49,608
40,035
13,281
13,769
15,232
15,652
Monthly:
1959—Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
8,426
4,258
5,425
10.154
3,246
5,679
8,486
3,023
5,897
7,582
799
540
1,417
649
311
1,235
652
259
882
476
152
148
214
191
192
237
201
198
219
233
43
16
70
46
20
85
52
16
82
51
1,301 10,722
1,412 6,375
1,030 8,155
208 11,247
167 3,936
181 7,418
161 9,552
129 3,626
72 7,152
7 8,350
2,213
969
4,196
2,552
1,239
4,223
2,264
1,211
4,345
2,371
725
3,033
617
1,689
364
123
1,837
257
99
362
4,909
7,265
9,581
298
1,243
1,078
218
264
191
16
84
50
- 1 6 5,425
432 9,289
1,317 12,217
860
4,835
2,541
2,144
884
791
1960—Jan
Feb
Mar
5,459
477
410
4,786
568
368
3,311
491
405
3,180
1,157
1,271
1,137
Budget expenditures8
Major national security
Period
Total
Total 9
Intl.
affairs
Military Atomic and
Military assistenergy finance
defense
ance
Agriculture
Vetand
erans' Labor
NatGenComagriInterservural
eral
merce
and
reand
est ices and welfare culgovern
tural sources housing ment
benerefits
sources
Fiscal year—1956
1957
1958
1959
66,540
69,433
71,936
80,697
40,641
43,270
44,142
46,426
35,791
38,439
39,062
41,233
2,611
2,352
2,187
2,340
1,651
1,990
2,268
2,541
1,843
1,973
2,231
3,780
6,846
7,308
7,689
7,671
4,756
4,793
5,026
5,174
2,821
3,022
3,447
4.421
4,867
4,525
4,389
6,529
1,105
1,297
1,544
1,669
2,030
1,455
2,109
3,421
1,630
1,790
1,359
1,606
Semiannually:
1958—Jan.-June
July-Dec
1959—Jan.-June
July-Dec
35,876
39,906
40,791
39,530
22,418
23,246
23,180
23,119
19,692
20,619
20,614
20,975
1,156
1,145
1,195
715
1,188
1,269
1,272
1,290
1,015
1,206
2,574
650
3,777
3,686
3,985
4,494
2,626
2,580
2,594
2,493
1,811
2,158
2,263
2,086
1,738
3,922
2,607
2,961
694
896
773
941
1,106
1,438
1,983
1,950
698
765
841
833
6,331
6,461
6,427
6,164
8,631
6,557
6,305
6,357
6,868
6,598
6,844
3,596
3,864
3,898
3,642
4,487
3,772
3,710
3,783
3,980
3,643
4,231
3,218
3,434
3,465
3,253
3,946
3,435
3,375
3,412
3.622
3,275
3,856
143
195
209
165
320
95
90
122
135
148
125
203
217
211
214
214
224
208
205
204
212
237
176
184
162
167
1,673
159
144
136
-85
173
123
636
657
656
658
698
735
734
725
740
747
813
440
441
361
433
474
406
400
428
405
424
430
317
326
482
355
351
330
352
364
405
317
318
610
394
351
273
181
506
346
403
675
495
536
114
106
125
122
200
143
150
176
173
165
134
320
343
242
389
379
388
346
178
446
467
125
131
147
150
129
187
131
114
143
166
130
149
6,199
6,170
3,523
3,684
3,160
3,371
136
103
210
210
157
169
831
788
419
420
393
362
470
322
105
119
195
161
127
127
Monthly:
1959—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1960—Jan
Feb
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6)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.
6
Includes transfers to Federal disability insurance trust fund.
7
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
8
The 1961 Budget Document shows certain revisions in fiscal year data.
For more details, see the 1961 Budget Document and the Treasury Bulletin,9 Budget Receipts and Expenditures, Table 4.
Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
538
FEDERAL BUSINESS-TYPE ACTIVITIES
S ELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of year
Asset or liability, and activity
End of quarter
1
1958
1953
1954
1955
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
6,752 6,681
457
454
734
935
724
832
2,488 2,688
2,349 1,778
(3)
(3)
7,402
473
1,247
900
2,820
1,962
(3)
8,672
511
1,169
819
2,874
3,298
(3)
9,630
518
1,313
935
2,919
3,944
(3)
8,490
526
1,547
963
2,973
2,480
(3)
7,636
576
1,562
972
3,029
1,498
(3)
2,603
2,242
• 362
2,930
2,462
300
168
2,907
2,461
383
63
3,205
2,641
480
84
3,680
3,072
464
145
4,769
3,998
770
1
4,607
3,716
890
1
4,860
3,924
936
1
5,352
4,362
989
1
5,873
4,815
1,056
1
6,352
5,238
1,113
1
To industry, total
Treasury Department...
Commerce Department.
Other agencies
598
588
174
» 413
431
353
598
678
306
I 261
r 112
619
209
219
191
674
251
217
206
658
221
190
247
680
216
187
278
695
212
182
301
717
201
174
342
726
197
170
358
To financing institutions
864
952
870
1,419
1,233
1,270
1,010
1,298
1,087
1,539
1,797
1,020
894
126
645
500
145
272
112
160
245
90
155
246
106
140
264
105
159
294
106
188
293
106
187
291
91
200
293
89
204
308
91
217
7,736
2,496
3,667
51,515
58
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
1
7,988 8,223
2,702 2,701
3,519 3,470
1,767 1,995
8,754
3,040
3,470
2,195
49
9,271
3,239
3,470
2,514
47
9,510
3,362
3,419
2,682
46
9,712
3,439
3,419
2,782
73
75
5
69
119
29
90
166
127
39
489
423
66
548
458
562
497
66
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks 2 ..
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
Foreign, total
Export-Import Bank
Treasury Department 4
International Cooperation Administration.
Other agencies
All other purposes, total
Housing and Home Finance Agency.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Federal Housing Administration
Federal Deposit Insurance Corporation....
Other agencies
Investment in international institutions
Other securities6
79
1956
1959
1952
57
256
209
47
213
156
57
1957
344
283
62
9,904 10,084
3,504 3,513
3,425 3,425
2,874 2,998
101
147
627
563
64
686
623
63
-451
-228
-268
-368
-140
-203
-309
-367
-450
-654
-353
17,826 19,883 19,348 20,238 20,657 22,395 23,280 25,493 26,977 26,788 27,138
3,804
896
274
471
1,937
226
3,420
298
4,365
1,250
278
559
2,034
245
3,420
283
4,198
995
288
567
2,049
300
3,420
283
4,533
1,202
296
586
2,139
310
3,420
282
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
1,280
978
2,515
2,087
3,852
3,302
- 303
428
550
4,356 21,375 21,628 20,743, 20,810 20,504 20,821 21,879
3,614 4,527
3,747 3,651 3,025 3,013 3,036 2,906
11,004 11,136 9,730 9,681
9,421 8,751 8,823
f6,517 7,282 7,809
7,919 7,987 8,278 8,347
609 [ 201
174
185
191
191
178
183
3,213
8,062
4,834
363
1,475
1,040
8,046
4,798
421
1,739
728
7,822
4,822
421
1,829
450
345
350
360
Bonds, notes, & debentures payable (not guar.), total... 1,330
Banks for cooperatives
181
Federal intermediate credit banks
704
Federal home loan banks
445
Federal National Mortgage Association
1,182
150
619
1,068
156
640
272
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Aeronautics and Space Administration....
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
415
1,251
1,202
414
1 Figures exclude interagency items. Prior to 1956, data for trust
revolving funds included such items.
2
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
5
Figure derived by Federal Reserve.
3,739
1,018
256
458
1,825
181
3,420
249
4,442
1,064
4,478
1,046
310
590
320
622
2,154
2,162
324
329
4,795
4,795
331
335
9,962 10,422 10,670 10,753
4,535 4,550 4,721 4,736
396
402
398
398
1,801 1,790 1,777 1,802
25
88
26
20
285
289
283
282
372
373
342
371
1,308 1,319 1,322 1,237
637
637
599
637
608 1,050 1,134 1,257
8,869
2,856
640
640
300
9,985
4,502
398
1,762
236
276
311
1,298
590
613
1,175
1,181
2,379
185
665
958
570
2,711
257
721
963
770
4,662
247
902
825
2,688
4,882
314
1,488
992
2,087
5,582
360
1,532
1,402
2,287
3,981
260
1,211
612
1,898
4,038
303
1,124
714
1,898
4,212
310
1,256
699
1,947
8,938
2,899
409
408
1,878
1,907
9
304
357
9
305
354
1,241
1,234
6
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.
NOTE.—Coverage has changed in some of the periods shown. Beginning with 1956, changes reflect the expanded coverage and the new
classification of activities by type of fund now reported in the Treasury
Bulletin. 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.
539
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
]Nonfarm
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Total
All
holders
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
FinanOther
cial
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
1951
1952
1953
1954
1955
1956
1957
1958
1959^
82.3
91.4
101.3
113.7
129.9
144.5
156.6
171.9
191.0
59.5
66.9
75.1
85.7
99.3
111.2
119.7
131.5
145.4
2.0
2.4
2.8
2.8
3.1
3.6
4.7
4.8
6.7
20.8
22.1
23.5
25.2
27.5
29.7
32.1
35.6
38.9
75.6
84.2
93.6
105.4
120.9
134.6
146.1
160.7
178.7
51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.7
131.0
41.1
46.8
53.6
62.5
73.8
83.4
89.9
98.5
109.3
10.7
11.7
12.5
13.2
14.4
15.6
17.7
19.2
21.7
23.9
25.7
27.5
29.7
32.6
35.6
38.5
43.0
47.7
15.9
17.2
18.5
19.9
21.8
23.9
25.8
28.8
31.6
8.0
8.4
9.0
9.8
10.8
11.7
12.7
14.2
16.1
6.7
7.3
7.8
8.3
9.1
9.9
10.5
r
ll.3
12.3
2.6
2.8
3.0
3.3
4.1
4.4
4.8
5.0
5.4
6.0
1958—Sept
Dec
167.1
171.9
127.9
131.5
4.6
4.8
34.6
35.6
156.0
160.7
114.5
117.7
95.9
98.5
18.6
19.2
41.5
43.0
27.8
28.8
13.7
14.2
11.1
r
11.3
4.2
4.2
6.9
•7.1
1959
Mar P
June p
Sept.*
Dec v
176.0
181.5
186.8
191.0
134.3
138.4
142.2
145.4
5.3
5.8
6.3
6.7
36.4
37.3
38.2
38.9
164.5
169 6
174.6
178.7
120.6
124.4
128.1
131.0
100.7
103 9
106.9
109.3
19.8
20 5
21.2
21.7
43.9
45.2
46.5
47.7
29.3
30 1
30.8
31.6
14.6
15 1
15.6
16.1
11.5
11 9
12.2
12.3
4.3
4 4
4.4
4.5
7.2
7 5
7.7
7.8
1960—Mar.P
194.5
148.0
6.9
39.5
182.0
133.4
111.3
22.0
48.6
32.2
16.4
12.5
4.5
8.0
1941
1945
,
v
1
r
Preliminary.
Revised.
Derived figures, which include negligible amount of farm loans held
by 2savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
316
3.9
4.0
4.2
4.5
7.8
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts held by HOLC, in 1941 and 1945; by FNMA in other periods
shown). Other Federal agencies (amounts small and separate data not
readily available currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS»
[In millions of dollars]
Commerc ial bank holdings 2
End of year
or quarter
Residential
Total
Total
FHAinsured
1941
1945
4,906
4,772
14 732
15,867
16,850
18,573
21,004
22,719
23,337
25,523
28,145
11,270
12,188
12,925
14,152
15,888
17,004
17,147
18,591
20,320
3,421
3,675
3,912
4,106
4,560
4,803
4,823
5,476
6,122
24,700 18,049
25,523 18,591
Conventional
3,292
3,395
1951
1952
1953
1954
1955
1956
1957
1958
1959
VAguaranteed
.
1958—Sept
Dec
1959—Mar
Sept
Dec
I960—Mar.p
. . . .
Other
nonfarm
Residential
Farm
Total
Total
FHAinsured
VAguaranteed
1,048
856
566
521
4,812
4,208
2 921 4 929
3,012 5,501
3,061 5,951
3,350 6,695
3,711 7,617
3,902 8,300
3,589 8,735
3,335 9,780
3,161 11,037
2 458
2,621
2,843
3,263
3,819
4,379
4,823
5,461
6,237
t 004
1,058
1,082
1,159
1,797
1,336
,367
1,471
1,588
9 916
11,379
12,943
15,007
17,457
19,746
21,169
23,263
24,992
8 595
9,883
11,334
13,211
15,568
17,703
19.010
20,935
22,486
2 567
3,168
3,489
3,800
4,150
4,409
4,669
5,501
6,275
1 726
2,237
3,053
4,262
5,773
7,139
7,790
8,361
8,589
5,205
5,476
3,355
3,335
9,489
9,780
5,190
5,461
1,461 22,746 20,460
1,471 23,263 20,935
5,280
5,501
19,020
19,615
20,040
20,320
5,660
5,885
6,045
6,122
3,305
3 230
3 175
3,161
10,055
10,500
10,820
11,037
5,605
5,875
6,010
6,237
,505 423,638 21,257
1,570 24,110 21,676
[.585
24,610 22,134
1^588 24,992 22,486
28,350 20,430
6,160
3,150 11,120
6,320
1,600 25,435 22,890
Conventional
3,884
3,387
426,130
27,060
27,635
28,145
P Preliminary.
1 Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies, but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
Mutual savings bank holdings 3
Other
nonfarm
Farm
900
797
28
24
4 303
4,477
4,792
5,149
5,645
6,155
6,551
7.073
7,622
1 274
1,444
1,556
1,740
1,831
1,984
2,102
2,275
2,451
47
53
53
56
58
59
57
53
55
8,276
8,361
6 904
7,073
2,231
2,275
55
53
5,684
5,915
6,096
6,275
8,435
8,510
8,584
8,589
7,138
7,251
7,454
7,622
2,328
2 380
2 422
2,451
53
54
54
55
6,465
8,595
7,830
2,490
55
estimates based in part on data from National Association of Mutual
Savings Banks.
4
On Jan. 1, 1959, holdings of commercial banks increased by $143
million, and those of mutual savings banks declined by that amount,
as a result of the absorption of a mutual savings bank by a commercial
bank.
Source.—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.
540
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Year or month
Total
Total
FHAinsured
Nonfarm
VAguaranteed
Farm
Other
Total
1941
1945
976
1952
1953
1954
1955
1956
1957
1958
1959.
3,978
4,345
5,344
6,623
6,715
5,230
5,277
P5,91Q
3,606
3,925
4,931
6,108
6,201
4,823
4,839
^5,472
864
817
672
971
842
653
1,301
^1,549
429
455
1,378
1,839
1,652
831
195
^201
2,313
2,653
2,881
3,298
3,707
3,339
3,343
*>3,722
July
Aug
Sept
Oct
Nov
Dec
473
432
433
469
535
470
517
539
507
667
410
385
386
428
501
438
488
506
477
619
130
120
105
116
124
118
134
146
123
153
10
13
18
17
11
9
21
22
24
36
I960—Jan
Feb
Mar
582
445
544
530
405
483
139
117
122
86
28
28
1959—Mar
Apr
May
Farm
Total
FHAinsured
6,442
6,636
5,529
5,860
815
1,394
372
420
413
515
514
407
438
*>498
21,251
23,322
25,976
29,445
32,989
35,236
37,062
39,197
19,546
21,436
23,928
27,172
30,508
32,652
34,395
36,353
5,681
6,012
6,116
6,395
6,627
6,751
7,443
8,273
270
252
263
295
366
311
333
338
330
430
63
47
47
41
34
32
29
33
30
48
37,486
37,602
37,737
37,894
38,108
38,282
38,493
38,744
38,984
39,299
34,753
34,851
34,958
35,094
35,335
35,496
35,698
35,936
36,169
36,475
305
260
333
52
40
61
39,573
39,769
40,011
36 753
36,933
37,155
VAguaranteed
Other
4,714
4,466
913
776
3,347
3,560
4,643
6,074
7,304
7,721
7,433
7,086
10,518
11,864
13,169
14,703
16,577
18,180
19,519
20,994
1,705
1 886
2,048
2,273
2 481
2,584
2,667
2,844
7,693
7,758
7,813
7,877
7,945
8 005
8,082
8,176
8,257
8,318
7,347
7,314
7,286
7,258
7,220
7,181
7,153
7,132
7,116
7,115
19,713
19,779
19,859
19,959
20,170
20,310
20,463
20,628
20,796
21,042
2,733
2,751
2,779
2,800
2,773
2,786
2,795
2,808
2,815
2,824
8,411
8,484
8,559
7,162
7,150
7,135
21,180
21,299
21,461
2,820
2,836
2,856
» Preliminary.
NOTE.—Certain mortgage loans secured by land on which oil drilling
or extracting operations are in process are classified with farm through
June 1959 and with "other" nonfarm thereafter. These loans totaled
$38 million on July 31, 1959.
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 RECORDINGS OF $20,000 OR
[In millions of dollars]
Loans made
Year or
month
Loans outstanding (end of period)
Total
Total i
New
construction
Home
purchase
Total*
FHAinsured
ConVAguarvenantecd tional*
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1953
1954
1955
1956
1957
1958
1959
7,767
8,969
11,432
10,545
10,402
12,346
15,463
2,475
3,076
4,041
3,771
3,562
4,096
5,296
3,488
3,846
5,241
4,727
4,708
5,251
6,766
21,962
26,108
31,408
35,729
40,007
45,627
53,087
1,048
1,170
1,404
1,486
1,643
1,206
1,986
3,979
4,709
5,883
6,643
7,011
7,077
7,187
16,935
20,229
24,121
27,600
31,353
36,344
42,914
J 012
1,257
1,359
1,434
1,555
1,529
1,421
1,374
1,329
1,086
1,094
326
439
480
522
554
520
472
450
465
373
377
429
515
562
601
674
695
662
645
590
486
465
46,456
47,049
47,754
48,508
49,348
50,131
50,858
51,528
52,149
52,608
53,087
1 328
1,388
1,461
1,528
1,605
1,685
1,760
1,818
1,883
1,939
1,986
7,110
7,100
7,111
7,119
7,119
7,125
7,136
7,138
7,159
7,172
7,187
37,018
37,561
38,182
38,861
39,624
40,321
40,962
41,572
42,107
42,497
42,914
884
992
,155
296
344
404
385 ^53,410
413 ^53,809
465 54,316
5,031
5,065
5,116
7,191 43,188
7,196 43,548
7,196 44,004
Year or
month
By type of lender
(without seasonal adjustment)
Season- Without
seasonal
ally
adjustadment 2
justed 1
Savings &
loan
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941.
1945.
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
1953.
1954.
1955.
1956.
1957.,
1958.,
1959.
19,747
22,974
28,484
27,088
24,244
27,388
32,235
7,365
8,312
10,452
9,532
9,217
10,516
13,094
1,480
1,768
1,932
1,799
1,472
1,460
1,523
3,680
4,239
5,617
5,458
4,264
5,204
5,832
1,327
1,501
1,858
1,824
1,429
1,640
1,780
2,631
2,683
2,683
2,757
2,780
2,787
2,769
2,650
2,639
2,589
2,485
2,245
2,586
2,776
2,768
2,974
3,100
2,871
2,834
2,799
2,442
2,487
865
,059
,148
,151
,261
,286
,203
,184
,152
953
963
106
116
115
112
120
138
137
136
146
137
138
426
492
553
534
543
561
505
481
463
409
410
113
112
124
140
168
187
167
173
168
152
152
2,487
2,079
2,149
777
859
107
103
343
342
115
104
1959
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
. .
LESS
[In millions of dollars]
1959
Feb...
Mar..
Apr..,
May.,
June.,
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1960
Jan
Feb
Mar.p
v Preliminary.
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.
1960
Jan..
Feb..
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.
541
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projecttype
mortgages i
Property
improve- Total 3
ment2
loans
Home
mortgages
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Conventional
Total
Total
1945
665
257
217
20
171
192
1951
1952
1953
1954
1955
1956
1957
1958
1959
3,220
3,113
3,882
3,066
3,807
3,461
3,715
6,349
7,694
1,216
969
1,259
1,035
1,269
1,133
880
1,666
2,563
713
974
1,030
907
1,816
1,505
1,371
2,885
3,507
582
322
259
232
76
130
595
929
628
708
848
1,334
891
646
692
869
868
997
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,787
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,311
2,051
942
890
1,014
1,566
2,564
1,948
863
549
730
1959—Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
643
639
652
680
694
660
656
649
583
540
211
196
186
208
214
215
226
237
223
233
319
294
291
312
310
288
284
286
225
218
33
80
86
68
71
67
52
35
50
11
81
69
88
92
99
89
94
90
85
78
260
231
211
221
227
202
221
238
220
241
201
179
161
165
168
150
157
167
158
177
59
52
50
56
59
52
63
70
61
64
1960—Jan..
Feb..
Mar.
514
464
463
221
198
193
196
170
168
19
28
35
78
68
67
195
170
173
148
133
137
47
36
36
1 Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
2
3
FHA- VAinguarsured anteed
1945
18.6
4.3
4.1
.2
14.3
1951
1952
1953
1954
1955
1956
1957
1958
1959*
51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.7
131.0
22.9
25.4
28.1
32.1
38.9
43.9
47.2
50.1
53.8
9.7
10.8
12.0
12.8
14.3
15.5
16.5
19.7
23.8
13.2
14.6
16.1
19.3
24.6
28.4
30.7
30.4
30.0
28.8
33.1
38.0
43.6
49.3
55.1
60.4
67.6
77.2
1958—Sept
Dec
114.5
117.7
49.1
50.1
18.6
19.7
30.5
30.4
65.4
67.6
1959—Mar.*....
June*....
Sept.*
Dec.*
120.5
124.3
128.1
131.0
51.3
52.1
53.1
53.8
20.9
21.8
22.9
23.8
30.4
30.3
30.2
30.0
69.2
72.2
75.0
77.2
1960—Mar.*.... 133.2
54.5
24.6
29.9
78.7
* Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY *
FEDERAL HOME LOAN BANKS
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
End of year
or month
Total
Mortgage
transactions
(during
period)
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1,850
2,242
2,462
2,434
2,615
3,047
3,974
3,901
5,531
204
320
621
802
901
978
1,237
1,483
2,546
1,646
1,922
1,841
1,632
1,714
2,069
2,737
2,418
2,985
677
538
542
614
411
609
1 096
623
1,907
111
56
221
525
62
5
3
482
5
239
323
638
476
76
360
764
1,541
568
1959—Mar
Apr
May
June
July
Aug
Sent . . . .
Oct
Nov
Dec
. .
4,340
4,508
4,641
4,793
4,948
5,085
5,216
5,335
5,441
5,531
1,740
1,831
1,900
2,000
2,104
2,198
2,288
2,383
2,471
2,546
2,600
2,677
2,740
2,794
2,844
2,887
2,928
2,953
2,970
2,985
175
193
154
177
178
165
155
143
127
C
115
1
1
1,182
1,063
982
875
788
714
672
611
573
568
I960
5,508
5,577
5,693
2,621
2,713
2,821
2,887
2.864
2.873
c
110
C
115
49
23
600
601
580
c
1
138
162
1
1
Corrected.
Operations beginning with Nov. 1, 1954, are on the basis of FNMA's
new charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Advances outstanding
(end of period)
Total
Shortterm 1
Longterm 2
Members*
demand
and time
deposits
1945
1951
1952
1953
1954
1955
1956
1957
1958
1959
Tan
Feb
Mar
Year or month
Ad- Repayvances ments
278
213
195
176
19
46
1952
1953
1954
1955
1956
1957
1958
1959
586
728
734
1,251
745
1,116
1,364
2,067
528
640
818
702
934
1,079
1,331
1,231
864
952
867
1.417
1,228
1,265
1,298
2,134
565
634
612
991
798
731
685
1,192
299
317
255
426
430
534
613
942
420
558
802
698
683
653
819
589
1959_Apr
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
157
116
351
235
171
200
199
129
281
62
53
60
214
63
70
78
82
109
1,183
1,246
1,537
1,557
1,665
,795
1,916
,963
2; 134
570
596
750
807
892
1,042
1,080
1,109
1,192
612
650
786
750
773
753
835
854
942
695
692
776
613
587
570
524
506
589
I960—Jan
Feb
Mar
Apr
136
58
88
155
531
169
196
117
1,740
1,628
1,520
1,558
1,042
963
858
827
697
665
662
730
499
488
'534
571
r
1
Revised.
Secured or unsecured loans maturing in one year or less.
2 Secured loans, amortized quarterly, having maturities of more tha
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
542
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Noninstalment credit
Instalment credit
Total
Automobile
paper i
7,222
9 172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1 929
816
1953
1954
1955
1956
1957
1958
19593
31,393
32,464
38,882
42,511
45,286
45,586
52,046
23,005
23,568
28,958
31,897
34,183
34,080
39,482
9,835
9,809
13,472
14,459
15,409
14,237
16,590
1959—Mar
Apr
May
June.
July
Sent
Oct
Nov
Dec
44,925
45,708
46,603
47,522
48,047
48,841
49,350
49,872
50,379
52,046
34,234
34,762
35,357
36,135
36,757
37,510
37,962
38,421
38,723
39,482
Jan
Feb
Mar
51,356
51,021
51,162
39,358
39,408
39,648
End of year or month
Total
1939
1941
1945
I960
Other
consumer
goods
paper i
Repair
and modernization
loans 2
Singlepayment
loans
Charge
accounts
Service
credit
Personal
loans
Total
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
6,779
6,751
7,634
8,580
8,782
8,923
10,243
1,610
1,616
1,689
1,895
2,089
2,350
2,704
4,781
5,392
6,163
6,963
7,903
8,570
9,945
8,388
8,896
9,924
10,614
11,103
11,506
12,564
2,187
2,408
3,002
3,253
3,364
3,646
4,176
4,274
4,485
4,795
4,995
5,146
5,060
5,351
1,927
2,003
2,127
2,366
2,593
2,800
3,037
14,494
14,810
15,128
15,566
15,923
16,288
16,470
16,659
16,669
16,590
8,691
8,755
8,887
9,040
9,134
9,289
9,390
9 534
9,687
10,243
2,338
2,364
2,419
2,467
2,517
2,569
2,613
2,653
2,683
2,704
8,711
8,833
8,923
9,062
9,183
9,364
9,489
9,575
9,684
9,945
10,691
10,946
11,246
11,387
11,290
11,331
11,388
11,451
11,656
12,564
3,755
3,812
3,925
3,991
3,954
4,034
4,084
4,050
4,117
4,176
4,004
4,160
4,359
4,446
4,407
4,365
4,390
4,525
4,614
5,351
2,932
2,974
2,962
2,950
2,929
2,932
2,914
2,876
2,925
3,037
16,568
16,677
16,876
10,129
9,997
9,940
2,691
2,695
2,706
9,970
10,039
10,126
11,998
11,613
11,514
4,092
4,151
4,222
4,816
4,305
4,118
3,090
3,157
3,174
1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in 2
part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
3
Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.
NOTE.—Monthly figures for the period December 1939 through 1946,
and a general description of the series, are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1947-58, in the BULLETIN
for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957,
pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17.
A detailed description of the methods used to derive the estimates may
be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
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
23,005
23,568
28,958
31,897
34,183
34,080
39,482
18,963
19,450
24,450
27,154
29,515
29,097
33,838
8,998
8,796
10,601
11,777
12,843
12,780
14,922
5,927
6,144
8,443
9,100
9,573
8,740
10,145
1,124
1,342
1,678
2,014
2,429
2,668
3,232
1959—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
34,234
34,762
35,357
36,135
36,757
37,510
37,962
38,421
38,723
39,482
29,499
30,010
30,540
31,245
31,861
32,540
32,954
33,318
33,519
33,838
13,086
13,374
13,645
13,963
14,230
14,497
14,664
14,817
14,853
14,922
8,780
8,921
9,089
9,350
9,592
9,806
9,949
10,071
10,117
10,145
I960—Jan..
Feb.,
Mar.
39,358
39,408
39,648
34,003
34,246
34,432
15,066
15,134
15,139
10,168
10,276
10,357
Consumer
finance
companies i
132
198
102
1953
1954
1955
1956
1957
1958
19594
Retail outlets
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
2,137
2,257
2,656
3,056
3,333
3,384
3,764
777
911
1,072
1,207
1,337
1,525
1,775
4,042
4,118
4,508
4,743
4,668
4,983
5,644
,064
,242
,511
,408
,393
,882
,298
1,004
984
,044
,187
,210
,128
,167
377
377
365
377
361
292
295
527
463
487
502
478
506
588
,070
,052
,101
,269
,226
,175
,296
2,710
2,766
2,815
2,895
2,946
3,044
3,093
3,143
3,183
3,232
3,378
3,387
3,394
3,424
3,463
3,515
3,542
3,570
3,622
3,764
,545
,562
,597
,613
,630
,678
,706
,717
,744
,775
4,735
4,752
4,817
4,890
4,896
4,970
5,008
5,103
5,204
5,644
,781
,781
,807
,839
,826
1,868
1,907
1,967
2,045
2,298
,045
,043
,044
,052
,055
,072
,078
,089
,107
,167
282
282
283
283
284
288
288
286
290
295
513
524
535
551
565
578
586
593
592
588
,114
,122
,148
,165
,166
,164
,149
,168
,170
,296
3,225
3,259
3,331
3,777
3,795
3,811
,767
,782
,794
5,355
5,162
5,216
2,109
2,002
2,103
,132
,111
,089
289
285
281
587
590
595
,238
,174
,148
1 Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.
Other i
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
4 See note 3 to table above.
543
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Other
consumer
goods
Direct paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1953
1954
1955
1956
1957
1958
19591
8,998
8,796
10,601
11,777
12,843
12,780
14,922
2,215
2,269
3,243
3,651
4,130
4,014
4,798
1,867
1,668
2,062
2,075
2,225
2,170
2,511
2,078
1,880
2,042
2,464
2,557
2,269
2,553
1,317
1,303
1,338
1,469
1,580
1,715
1,941
1,521
1,676
1,916
2,118
2,351
2,612
3,119
1959—Mar..
Apr..,
May..
June..
July..
Aug. 1
Sept..
Oct...
Nov..
Dec...
13,086
13,374
13,645
13,963
14,230
14,497
14,664
14,817
14,853
14,922
4,133
4,241
4,340
4,475
4,580
4,682
4,746
4,816
4,825
4,798
2,262
2,324
2,376
2,425
2,465
2,495
2,500
2,517
2,519
2,511
2,288
2,310
2,347
2,383
2,424
2,472
2,494
2,512
2,513
2,553
,700
,720
,754
,788
,825
,855
,882
,912
,928
,941
2,703
2,779
2,828
2,892
2,936
2,993
3,042
3,060
3,068
3,119
I960—Jan...
Feb...
Mar..
15,066
15,134
15,139
4,793
4,822
4,876
2,522
2,549
2,597
2,689
2,684
2,562
,932
,928
,927
3,130
3,151
3,177
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1953
1954.......
1955
1956
1957
1958
19591
5,927
6,144
8,443
9,100
9,573
8,740
10,145
4,688
4,870
6,919
7,283
7,470
6,404
7,328
816
841
,034
,227
,413
,567
,883
46
31
25
23
20
19
35
377
402
465
567
670
750
899
1959—Mar..
Apr..
May.
June.
July..
Aug. i
Sept..
Oct...
Nov..
Dec..
8,780
8,921
9,089
9,350
9,592
9,806
9,949
10,071
10,117
10,145
6,429
6,543
6,679
6,884
7,063
7,240
7,328
7,406
7,388
7,328
,561
,582
,605
,647
,695
,723
,761
1,788
1,830
1,883
21
20
22
23
25
26
30
33
34
35
769
776
783
796
809
817
830
844
865
899
I960—Jan...
Feb..
Mar..
10,168
10,276
10,357
7,305
7,342
7,407
1,922
1,982
1,988
36
37
39
905
915
923
End of year
or month
1939
1941
1945
Personal
loans
i Includes data for Hawaii, beginning with August 1959.
i Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
NONINSTALMENT CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
789
957
731
81
122
54
24
36
20
15
14
14
4,038
4,510
5,406
6,277
7,099
7,577
8,771
538
539
761
948
1,106
',143
,365
370
375
537
648
622
610
751
247
282
326
403
489
616
728
2,883
3,314
3,782
4,278
4,882
5,208
5,927
1959—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
7,633
7,715
7,806
7,932
8,039
8,237
8,341
8,430
8,549
8,771
,157
,178
,198
,231
,250
,293
,310
,327
,345
,365
620
635
653
671
684
702
713
724
732
751
617
624
643
656
667
688
701
708
721
728
5,239
5,278
5,312
5,374
5,438
5,554
5,617
5,671
5,751
5,927
1960—Jan..
Feb..
Mar.
8,769
8,836
8,936
,361
,374
1,401
750
759
769
723
730
740
5,935
5,973
6,026
End of year
or month
669
785
643
1953
1954
1955
1956
1957
1958
19591
Singlepayment
loans
1939
1941
1945
i Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
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.
Charge accounts
Total
nonService
instalOther
credit
Dement Com- finanOther Credit
part- retail
credit mercial
cial
ment outlets cards 2
instibanks tutions stores!
2,719
3,087
3,203
625
693
674
162
152
72
236 1,178
275 1*370
290 1,322
1953
1954
1955
1956
1957
1958
19593
8,388
8,896
9,924
10,614
11,103
11,506
12,564
1,899
2,096
2,635
2 843
2,937
3,156
3,542
288
312
367
410
427
490
634
772
793
862
893
876
907
960
3,352
3,515
3,717
3*842
3,953
3 808
3,985
150
177
216
260
317
345
406
1,927
2 003
2,127
2*366
2,593
2,800
3,037
1959—Mar
Apr...
May..
June..
July...
Aug 3 .
Sept...
Oct...
Nov...
Dec...
10,691
10,946
11,246
11,387
11,290
11,331
11,388
11,451
11,656
12,564
3,208
3,291
3,337
3,417
3,407
3,431
3,455
3,466
3,472
3,542
547
521
588
574
547
603
629
584
645
634
608
601
609
599
558
562
606
647
717
960
3,047
3,208
3,405
3,494
3,467
3,408
3,383
3,491
3,506
3,985
349
351
345
353
382
395
401
387
391
406
2,932
2,974
2,962
2,950
2,929
2,932
2,914
2,876
2,925
3,037
I960—Jan....
Feb...
Mar
11,998 3,499
11,613 3,496
11,514 3,503
593
655
719
825 3,577
686 3,204
622 3,070
414
415
426
3,090
3,157
3,174
1939
1941
1945
. . . .
518
597
845
1 Includes mail-order houses.
2
Service station and miscellaneous credit-card accounts and homeheating-oil accounts.
3 Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
544
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]
Other consumer
goods paper
Automobile paper
Total
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1953
1954
1955
1956
1957
1958
19591
31,558
31,051
39,039
40,175
42,545
40,818
48,476
12,981
11,807
16,745
15,563
16,545
14,316
18,001
9,227
9,117
10,634
11,702
11,747
11,638
13,512
8,006
8,866
10,272
11,342
12,593
12,974
14,876
1,344
1,261
1,388
1,568
1,660
1,890
2,087
1959—Mar
Apr
May
June
July
Augi
Sept
Oct
Nov
Dec
3,809
3,989
4,112
4,032
4,159
4,132
4,172
4,219
4,083
4,046
3,830
4,073
4,092
4,454
4,315
4,193
4,061
4,185
3,928
4,686
1,435
1,527
1,533
1,509
1,557
1,538
',521
,622
,466
,377
,491
,598
,580
,780
,720
,627
,515
,564
,313
,293
1,075
1,146
1,160
1,130
1,154
1,138
1,138
',124
,133
,146
995
1,090
1,128
1,173
1,109
1,123
1,123
1,198
1,172
1,616
168
176
190
178
183
185
175
174
171
173
157
173
198
195
197
199
191
190
175
166
,131
,140
,229
,215
,265
,271
,338
,299
,313
,350
1,187
1,212
1,186
1,306
1,289
1,244
1,232
1,233
1,268
1,611
1960—Jan
Feb
Mar
4,217
4,115
4,119
3,534
3,723
4,201
,535
,560
,555
,278
,427
,633
,208
,094
,118
976
934
1,062
165
175
172
124
146
163
,309
,286
,274
1,156
1,216
1,343
Repayments
1953
1954
1955
1956
1957
1958
19591
27,956
30 488
33,649
37,236
40,259
40 921
43,239
...
1(),879
1 833
i:L082
141576
V.
>,595
\*5,488
V.
5,715
1959—Mar.
Apr..
May.
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,455
3,540
3,628
3,542
3,636
3,635
3,660
3,697
3,700
3,776
3,621
3,545
3,497
3,676
3,693
3,578
3,609
3,726
3,626
3,927
1,276
1,296
1,318
1,289
[,334
1,325
1,315
1,341
1,311
1,361
[,336
[,282
1,262
1,342
1,363
[,318
1,333
[,375
1,303
1,372
1960—Jan..
Feb.
Mar.
3,824
3,707
3.711
3,658
3,673
3,961
1,386
1,338
1,345
1,300
1,318
1,434
11 4Q7
12,225
984
1,013
1,014
992
1,011
1 ,031
1 ,026
996
138
149
149
,020
[,015
145
146
1,012
1,045
1,048
1,069
1,066
1,022
1,054
1,019
1,060
152
147
147
142
144
1,089
1,046
1,042
1,090
[,066
1,119
141
143
144
993
7,336
8'255
9,501
10,542
11,653
12 307
13,561
1,119
1 255
1,315
1,362
1,466
1 629
1,738
i5,622
c),145
c),751
1(),756
11 ,545
143
147
143
147
147
151
147
150
145
145
[,057
1,082
1,147
1,116
1,145
1,146
1,153
1,161
1,178
1,205
1,111
1,090
1,096
[,167
[,168
1,116
[,107
1,147
1,159
1,350
137
142
152
1,208
1,180
1,180
1,131
1,147
1,256
Change in outstanding credit 2
+3,602
+563
+5,390
+2,939
+2,286
-103
+5,402
1953
1954
1955
1956
1957
1958
19591
1959—Mar...
Apr...
May..
June..
July...
Aug. i.
Sept...
Oct...
Nov...
Dec...
+354
+449
+484
+490
+523
+635
+512
+522
+383
+270
+209
+528
+595
+778
+622
+753
+452
+459
+302
+759
I960—Jan..
Feb..
Mar..
+393
+408
+408
+2,102
-26
+3,663
+987
+950
-1,172
+2,353
+50
+240
+ 159
+231
+215
+220
+223
+269
+206
+281
+ 155
+ 16
+ 149
+222
+210
-124
+ 155
+316
+318
+438
+357
+365
+ 182
+ 189
+ 10
-79
-22
+ 109
+ 199
1 Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances for these two States.
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. 1043-48 of
the BULLETIN for October
1956; for 1955-58, in
the
BULLETIN for
+605
-28
+883
+946
+202
+ 141
+ 1,320
+91
+ 133
+146
+ 138
+ 143
+ 151
+93
+76
+64
+80
+ 119
+48
+76
+670
+611
+771
+800
+940
+667
+ 1,375
+225
+6
+73
+206
+ 194
+261
+354
-36
+64
+ 132
+ 153
+94
+ 155
+101
+ 144
+ 153
+556
+30
+27
+41
+33
+37
+37
+28
+27
+29
+29
+14
+26
+55
+48
+50
+52
+44
+40
+30
+21
+74
+58
+82
+99
+ 120
+ 178
+ 185
+ 138
+ 135
+ 145
+76
+ 122
+90
+ 139
+ 121
+ 181
+ 125
+86
+ 109
+261
-114
+24
+32
+28
-13
+4
+11
+ 101
+ 106
+94
+25
+69
+87
-132
-57
December 1957, pp. 1420-22, and November 1959, p. 1418.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
545
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]
Sales finance
companies
Commercial banks
Total
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1953
1954
1955
19561
19571
19581
195912
1959—Mar..
Apr..
May.,
June.,
July..
Aug. 2
Sept..
Oct.. .
Nov..
Dec..
1960—Jan. i.,
Feb.*.
Mar.i.
12,099
11,267
14,109
14,463
15,355
14,860
17,522
31,558
31,051
39,039
40,175
42,545
40,818
48,476
5,524
5,541
6,281
6,638
6,495
6,563
7,912
6,375
6,983
8,449
9,474
10,495
10,488
12,035
7,560
7,260
10,200
9,600
10,200
8,907
11,007
3,809
3,989
4,112
4,032
4,159
4,132
4,172
4,219
4,083
4,046
3,830
4,073
4,092
4,454
4,315
4,193
4,061
4,185
3,928
4,686
,374
,447
,496
,428
,535
,521
,510
,521
,440
,424
1,430
1,559
1,518
1,623
1,612
1,530
1,473
1,482
1,322
1,425
945
944
918
948
917
941
992
900
860
883
933
940
1,074
1,061
988
950
973
843
886
912
929
,012
,002
,018
,031
,069
,053
,068
,096
950
955
981
1,069
1,041
1,021
996
1,014
1,052
1,314
635
668
660
684
658
663
652
653
675
666
567
626
653
688
601
654
642
716
711
1,061
4,217
4,115
4,119
3,534
3,723
4,201
,519
,495
1,441
1,346
1,393
1,511
985
973
951
802
860
967
,063
,058
,068
912
996
1,112
650
589
659
474
474
611
Repayments
5,304
5,465
5,891
6,328
6,499
6,490
7,293
1953
1954
1955
19561
19571
19581
195912
1959—Mar
Apr
May
June
July 2
Aug.
Sept
Oct
Nov
Dec
3,455
3,540
3,628
3,542
3,636
3,635
3,660
3,697
3,700
3,776
3,621
3,545
3,497
3,676
3,693
3,578
3,609
3,726
3,626
3,927
1,236
1,257
1,287
1,250
1,311
1,310
1,312
1,326
1,312
1,331
1,282
1,271
1,247
1,305
1,345
1,299
1,306
1,329
1,286
1,356
781
808
819
787
807
793
804
816
794
832
827
792
772
813
819
795
807
851
797
858
852
876
924
905
923
920
930
935
943
970
893
873
890
943
934
892
892
925
933
1,092
586
599
598
600
595
612
614
620
651
643
619
609
588
615
595
592
604
621
610
621
I960—Jan.i
Feb.i
Mar.i
3,824
3,707
3,711
3,658
3,673
3,961
1,389
1,340
1,321
1,323
1,325
1,394
844
808
821
779
792
886
970
953
956
914
929
1,012
621
606
613
642
627
669
10,625
11,469
12,304
13,362
14,360
14,647
15,406
27,956
30,488
33,649
37,236
40,259
40,921
43,239
5,683
6,511
7,553
8,603
9,673
10,010
10,917
6,344
7,043
7,901
8,943
9,727
9,774
9,623
Change in outstanding credit3
+3,602
+563
+5,390
+2,939
+2,286
-103
+5,402
1953
1954
1955
19561
19571
19581
195912
+ 1,474
-202
+ 1,805
+ 1,176
+ 1,066
-63
+2,142
1959—Mar...
Apr...
May..
June..
July...
Aug.2.
Sept...
Oct
Nov...
Dec...
+ 354
+449
+484
+490
+ 523
+635
+512
+522
+383
+270
+209
+528
+595
+778
+622
+753
+452
+459
+302
+759
+ 138
+ 190
+209
+ 178
+224
+247
+ 198
+ 195
+ 128
+93
+ 148
+288
+271
+ 318
+267
+267
+ 167
+ 153
+36
+69
+
+
+
+
1960—Jan. i..
Feb.i.
Mar.i.
+393
+408
+408
-124
+50
+240
+251
+ 155
+ 144
+68
+5
+11
4
+8
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
Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances for these two States.
3
Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in notes 1 and 2.
+692
+472
+896
+ 1,216
+217
+2,299
+657
+473
-833
+ 1,405
107
137
125
131
+11
4
+ 145
+ 137
+ 176
+ 106
+28
+205
+ 130
+56
+11
4
+ 168
+261
+242
+214
+ 143
+ 122
+46
+28
+23
+ 108
+81
+220
+76
+390
+235
-75
+315
+661
+ 871
+822
+478
+ 1,194
+60
+53
+88
+97
+95
+ 180
+ 139
+ 118
+ 125
+ 126
+93
+ 105
+ 112
+91
+ 126
+ 107
+ 198
+ 104
+89
+ 119
+222
+49
+69
+62
+84
+63
+63
+38
+33
+24
+23
-52
+ 17
+65
+73
+6
+74
+ 38
+95
+ 101
+440
-2
+67
+ 100
-92
-57
+ 158
-289
-193
+ 54
+57
+82
NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of
the BULLETIN for October 1956; for 1955-58, in the BULLETINS for
December 1957, pp. 1421-22, and November 1959, p.1419.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
546
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49=100
[Seasonally adjusted]
Grouping
Annual
average
1959
1958 1959 Mar. Apr. May June July
1960
Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar,
INDUSTRY GROUPINGS
141
159
157
162
166
166
163
139
141
141
120
244
158
165
155
125
268
156
165
151
126
261
161
171
155
129
262
165
177
156
131
266
166
179
156
129
271
163 '157 156
171 159 '158
159 159 159
123 120 119
271 269 273
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
110
99
94
125
138
125
114
107
142
150
139
139
140
138
148
144
145
146
142
154
153
155
155
149
159
151
150
148
152
163
122
103
89
151
162
Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories
166
140
117
175
197
112
376
175
197
169
141
212
229
147
390
209
190
157
132
198
231
151
389
195
196
163
138
204
238
158
395
197
203
170
143
213
244
163
401
204
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
124
137
110
143
159
125
138
152
123
144
160
127
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
126
137
116
147
164
133
140
157
127
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
117
109
129
109
136
126
153
119
Paper and printing
Paper and products
Printing and publishing.
Newspapers
142
155
133
126
Chemical, petroleum, and rubber products.,
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
188
210
247
148
166
Total index.
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
156
165
168
166
165
154 154
155 ••156
157 157
120 126
274 273
164
174
158
130
278
168 166
180 nil
159 157
129 126
280 281
164
175
157
125
282
87
56
38
135
138
113
101
95
130
136
145 148 r143
145 147 140
148 149 '142
143 '148 '148
149 156 155
140
135
136
146
154
206
175
148
217
244
165
397
212
209 204 r203
186
177 '175 177 '175
149 146 148 147 171
145
223 '222 '224 '220 '212
247 237 230 229 184
167 155 151 152
92
400 400 386 378 378
215 215 218 220 220
200 212 '210
177 180 '111
147 148 r141
227 232 227
217 251 '249
137 '186 '184
375 365 '362
223 220 218
208
178
148
228
240
173
363
221
147
162
131
147
167
123
151
170
129
147
165
125
144
162
124
143
161
123
142
159
123
144 143
160 158
127 '127
138
153
122
144
161
131
148
166
134
150
167
135
153
ill
138
150
167
136
149
165
136
150
166
136
150
168
135
152
172
136
153 '152 757
173 '171 166
136 136 139
131
123
145
114
137
127
152
120
139
129
155
127
140
132
156
121
142
135
156
124
139
130
154
120
137
127
154
117
136
123
156
117
137
124
159
116
139
124
160
118
138
124
157
119
135
124
155
110
136
123
158
154
170
144
135
149
164
139
131
153
173
141
136
154
172
142
135
153
169
142
132
156
175
145
139
157
174
146
140
158
175
148
138
157
175
146
137
155
167
147
137
158
173
148
140
159
176
148
139
158
173
148
137
157
171
147
136
215
240
298
158
199
209
230
282
163
196
238
290
157
182
212
241
296
158
183
219
244
306
162
205
223
245
310
163
223
221
246
310
161
210
223
250
315
159
209
218
245
307
159
201
218
246
309
158
198
219
248
313
153
203
'222
250
'314
'157
'206
'275
'248
311
'153
201
220
251
r
157 157
155
Durable Manufactures
94
60
39
145
150
92
58
38
144
149
143
159
126
Nondurable Manufactures
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
i59*
123
123
125
112
121
128
128
131
117
127
125
126
129
112
122
130
130
132
121
135
130
131
133
120
126
127
128
131
112
117
127
127
129
114
134
130
131
131
126
130
130
130
131
125
126
128
128
129
119
130
129
129
132
116
127
129 131
130 131
133 134
114 120
131 130
129
130
132
117
123
729
130
133
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling....
117
68
140
138
129
196
152
122
68
147
145
135
210
159
120
67
145
143
134
205
151
123
69
148
147
138
207
152
125
73
150
148
139
209
155
124
68
150
147
139
213
161
120
58
148
146
135
217
162
119
59
146
143
133
214
163
120
61
146
144
134
212
161
121
63
147
145
135
215
159
124
71
149
146
136
215
164
127 r125 '727
78
75
69
149 '148 '145
146 '145 '144
135 '135 '134
219
170 164 146
779
71
142
142
132
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
142
114
171
146
107
188
159
139
179
163
136
190
164
140
189
160
130
190
145
100
192
128
66
193
118
53
189
120
57
188
142
94
192
152
111
196
153 P757
119 131
188 183
759
143
174
244
244
270
265
261
265
262
265
267
266
273
266
275
261
274
259
279
259
279
263
274
272
278
283
279
280
279
145
140
165
138
162
155
188
157
157
151
179
158
161
156
184
163
164
157
190
167
164
157
193
167
166
159
196
160
170
158
'194
148
'170 170 '166 '1 71 170 '167
'158 '158 154 159 164 160
'194 '194 '192 194 195 '194
'149 '146 '152 165 167 165
166
159
194
163
Mining
133
Utilities
Electric.
Gas
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
' Revised.
547
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-^*9 = 1 0 0
[Without seasonal adjustment]
Annual
average
Grouping
1959
1958 1959 Mar. Apr. May June July
1960
Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar,
INDUSTRY GROUPINGS
159
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
163
165
167
154
156
159
160
157
168
167
158
165
155
125
268
Total index.
163
173
155
128
164
177
155
132
167
180
156
131
153
161
149
119
154
152
162
120
158
157
163
120
159
159
164
122
156
158
159
126
168
181
158
126
757
179
158
124
Durable Manufactures
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
110
99
94
125
138
125
114
107
142
150
144
148
147
137
148
148
151
151
142
153
152
155
154
146
157
154
156
154
151
162
HI
88
77
145
156
91
55
37
146
148
94
56
38
151
150
90
57
40
139
141
114
102
96
133
140
142
141
145
143
154
149 147
150 148
152 148
146 146
156 154
144
143
142
145
153
Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories
166
140
117
175
197
112
376
175
197
169
141
212
229
147
390
209
196
162
137
202
240
160
398
197
199
165
142
201
244
163
400
200
202
169
146
206
244
164
395
203
205
174
149
214
243
164
395
211
197
164
142
198
238
158
393
209
189
168
139
213
203
113
391
212
198
178
145
233
210
125
382
218
205
179
145
234
231
155
376
221
189
173
143
222
192
103
376
222
204 216 r216
178 181 182
148 150 152
226 229 232
230 '262 r259
154 199 196
377 373 p370
225 220 220
214
183
153
232
251
183
371
224
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
134
149
116
143
159
125
150
165
135
154
171
136
147
168
123
156
171
139
153
169
136
142
160
122
136
151
119
133
149
115
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
140
157
125
140
157
126
143
159
129
147
164
133
145
164
128
153
170
139
157
171
144
155
171
142
r
151
170
134
750
165
137
Nondurable Manufactures
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
117
109
129
109
136
126
153
119
136
125
152
124
142
132
160
121
140
130
157
119
137
128
152
118
123
118
134
110
143
132
161
126
136
127
152
119
142
131
162
118
138
127
159
113
125
117
140
108
140
127
160
121
145
127
170
122
141
124
165
Paper and printing
Paper and products.
Printing and publishing.
Newspapers
142
155
133
126
154
170
144
135
153
169
142
136
157
178
144
145
155
173
144
144
153
\12
141
133
145
158
137
121
155
176
141
125
160
176
150
139
165
186
152
148
159
170
152
149
152
156
149
138
755
172
144
128
755
177
146
133
750
176
150
141
Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
,
Rubber and plastics products
,
188
210
247
148
166
215
240
298
158
199
214
236
289
162
206
213
244
296
152
187
212
243
298
155
179
217
243
302
162
199
207
231
292
161
187
218
242
299
165
203
224
251
312
163
212
222
249
310
158
211
218
246
310
156
203
216 r223 '223 226
244 250 '252 257
313 '314 321
157 157 •155 i58*
194 r216 212 205
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
123
123
125
112
121
128
128
131
117
127
118
118
120
110
122
123
123
123
123
130
126
125
125
129
130
130
130
129
137
127
129
130
130
130
122
141
141
143
134
139
142
143
147
126
131
139
138
143
120
139
131
131
137
106
127
123
124
130
101
106
123
123
128
98
130
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling
117
68
140
138
129
196
152
122
68
147
145
135
210
159
123
68
148
148
138
214
146
123
67
149
149
139
207
148
124
71
149
147
139
202
155
123
71
147
145
136
200
160
113
46
143
139
130
199
164
118
62
143
139
130
202
168
119
64
144
141
132
203
166
121
68
145
143
133
209
161
124
74
147
145
134
221
162
128
16
152
150
138
230
166
'128
74
152
'150
139
145
129
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
142
114
171
146
107
188
141
114
168
157
129
186
177
161
193
180
161
198
156
115
200
139
76
205
129
62
201
128
63
198
138
86
193
137
89
189
137
108
167
140
117
164
244
244
270
265
265
257 254 264 273 280 284 267 265 283 297 291
284
145
140
165
138
162
155
188
157
159
153
183
160
161
154
187
164
,
,
121
121
125
102
124
122
122
124
Mining
122
71
146
147
136
Utilities
Electric.
Gas
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
' Revised.
162
154
191
167
165
157
195
168
159
150
191
150
165
159
190
147
168
161
193
151
170
165
192
150
162
154
189
154
162
153
194
163
169 169
162 162
197 196
167 167
169
161
198
166
548
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Seasonally adjusted]
Grouping
1957
proportion
Annual
average
1960
1959
1958 1959 Mar. Apr. May June July
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
100.00
Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
93
105
104
107
109
110
108
104
103
102
103
109
111
110
109
86.49
49.66
36.83
8.55
4.96
92
87
100
91
105
105
102
110
95
115
104
101
107
95
112
107
105
110
98
112
110
109
111
99
114
110
110
111
98
116
108
105
113
94
116
104
98
113
91
116
104
97
113
91
117
102
96
111
91
118
102
96
111
96
117
109
107
112
99
119
112
111
113
r 98
120
110
109
112
'96
121
109
108
112
95
121
705
106
109
107
103
Durable Manufactures
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
13.15
7.73
6.21
5.42
2.91
95
90
86
104
101
106
109
112
101
99
110
113
117
104
103
117
122
124
109
106
115
118
119
112
109
93
81
71
111
108
71
47
31
106
100
70
45
30
106
99
67
44
31
99
92
86
79
76
95
91
Machinery and related products...,
Machinery
,
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..,
Instruments and related products.
Ordnance and accessories
28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25
102
103
99
108
98
100
94
112
98
96
93
100
99
103
94
105
101
100
97
103
102
108
95
106
105
104
101
107
104
111
97
110
106
107
104
110
105
113
96
114
108
108
105
113
106
114
96
115
106
107
103
113
102
106
96
116
105
108
104
113
98
103
93
117
104
107
103
112
98
104
91
118
96
104
102
108
79
63
91
119
110 113 109
114 '115 'iio
119 119
105 109 113
100 104 '108
104
103 r109 r108
108 110 '108
103 104 '103
115 118 115
93 108 '106
94 '127 126
'87
90
88
120 118 117
707
109
104
115
103
118
87
119
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.57
2.92
1.65
97
95
100
HI
110
113
108
106
112
112
111
115
114
112
118
114
116
112
118
118
117
114
115
114
112
112
113
111
111
111
111
110
112
113
111
115
112
110
115
112
110
115
108
106
111
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
2.96
1.48
1.48
96
96
95
112
115
109
107
110
104
110
112
107
113
116
109
114
117
110
116
120
113
114
116
111
113
115
111
114
116
111
114
118
111
116
120
111
116
121
112
115
119
111
775
116
114
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
7.32
2.78
3.44
1.10
99
98
101
97
115
113
120
106
777
111
114
101
116
114
120
107
118
115
122
113
119
119
122
107
120
121
122
110
117
117
121
107
116
114
121
105
115
111
122
104
116
111
125
104
117
111
126
105
116
112
124
106
114
111
122
98
775
110
124
Paper and printing
Paper and products
Printing and publishing.
Newspapers
7.93
3.27
4.66
1.53
99
101
98
96
108
111
105
104
104
107
102
100
107
112
104
104
108
112
104
103
107
110
104
101
109
114
106
106
110
113
107
107
111
114
108
106
110
114
107
105
109
109
108
104
HI
111
115
109
106
'110
113
109
105
709
111
108
104
Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
10.95
7.10
3.61
1.93
1.91
99
100
98
99
95
113
114
118
105
114
110
110
112
108
112
110
113
115
104
104
111
115
117
105
105
115
116
122
108
117
117
111
123
108
128
116
117
123
107
120
117
119
125
106
120
117
122
106
115
117
123
105
113
115 116
118 119 '118
124 '125
123
102 '104 '102
116 '118 115
775
120
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
10.64
9.87
8.31
1.56
.77
102
102
102
102
106
107
106
106
106
112
104
104
105
102
107
108
107
107
110
119
108
108
108
109
110
105
106
106
102
102
106
105
105
103
117
108
108
107
114
114
108
108
107
113
111
106
106
105
108
114
107
107
107
105
111
108
107
108
104
115
109 r107
109 '107
109 '107
109
106
114 108
707
107
108
7.05
96
82
99
99
98
106
93
94
82
97
98
97
104
96
84
99
101
100
105
89
98
89
100
102
101
106
91
97
83
100
101
101
108
94
94
71
99
100
98
110
95
93
72
98
98
97
109
95
94
74
98
99
97
107
94
94
76
99
99
98
109
93
97
87
100
100
99
109
96
99
94
100
100
98
111
99
Nondurable Manufactures
113
109
107
io6
Mining
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids. .
Oil and gas drilling
4.98
4.33
.65
.77
92
83
94
94
93
100
89
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
1.50
.70
.80
91
83
98
94
11
108
102
101
103
104
99
109
105
102
109
102
94
109
93
73
111
82
48
111
76
39
109
77
42
108
91
68
110
98
80
113
3.76
1.20
104
105
115
114
111
114
112
114
114
115
117
115
118
113
117
111
119
111
119
113
117
117
119
122
1.30
5.75
r
91
'99
'100
'98
95
84
'97
'99
'97
93
86
95
98
96
"96' "85* "78*
87
108
'707
'95
'106
702
104
100
119
119
119
Utilities
Electric.
Gas....
For notes see opposite page.
549
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Seasonally adjusted]
Grouping
Total index.
1957
proportion
Annual
average
1958 1959
1959
Mar. Apr. May June July
1960
Aug. Sept. Oct. Nov. Dec. Jan.
Feb.
Mar.
100.00
Final products, total
Consumer goods
Equipment, including defense.
Materials
105
104
107
109
110
108
103
103
102
103
109
111
no
109
46.75
31.13
15.62
53.25
707
110
100
104
103
107
95
104
106
111
97
108
108
111
100
110
108
111
102
110
109
112
103
106
109
112
103
98
109
112
103
99
109
112
103
97
106
109
101
100
109
112
102
109
772
116
103
110
770
113
103
109
709
113
102
108
Consumer Goods
Automotive products
Autos
Auto parts and allied products.
3.35
2.03
1.32
83
71
100
103
96
113
106
102
112
108
108
108
110
110
109
113
112
115
116
113
119
105
97
118
98
89
114
105
98
117
73
48
111
99
87
117
727
134
117
722
125
117
114
113
117
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Misc. home goods
Apparel, incl. knit goods and shoes.
9.60
4.40
1.75
1.26
.49
1.18
1.47
5.20
96
94
99
83
98
97
100
116
115
114
119
102
119
113
116
110
107
103
107
92
114
107
113
115
112
110
115
96
117
111
118
117
116
115
121
100
121
112
118
118
117
115
118
108
121
115
119
120
120
119
121
112
123
117
120
118
120
121
130
97
121
118
117
119
121
125
130
111
119
118
117
119
121
124
129
113
120
118
118
120
111
126
138
98
120
114
119
122
124
133
143
108
122
116
120
727
123
130
139
106
122
117
118
775
117
117
121
105
118
116
116
116
114
113
115
107
113
117
118
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
18.18
8.11
2.32
2.73
1.44
3.45
1.19
2,26
1.57
.69
102
102
103
102
99
105
98
108
108
107
108
106
108
111
106
113
104
117
118
115
106
104
104
108
103
111
107
113
113
109
107
113
111
104
110
105
113
113
109
108
109
110
104
111
103
114
115
108
107
102
111
105
112
105
115
116
108
106
108
111
106
113
104
117
119
110
107
114
112
108
113
105
118
120
111
107
112
115
110
114
101
121
124
109
104
110
114
108
115
100
123
126
110
107
107
115
109
116
105
121
122
110
107
107
113
109
116
103
122
121
772
109
111
115
110
117
104
123
122
r
77O
107
106
114
109
117
105
123
120
777
108
93
90
97
95
112
96
92
100
97
119
100
97
102
99
128
102
100
105
97
132
104
101
107
101
132
103
102
108
96
109
103
101
109
92
129
103
101
111
91
112
102
102
112
87
106
703
104
113
90
105
705
104
114
'99
109
4
104
89
100
99
97
104
95
115
104
104
115
95
92
100
101
103
107
104
102
100
106
705
107
102
111
772
113
106
114
772
117
109
113
703
111
106
113
90
103
102
107
91
105
101
105
95
103
102
93
76
102
101
107
106
107
770
121
107
'109
709
120
106
108
707
116
106
106
770
111
111
111
119
709
109
111
109
119
709
108
109
108
119
110
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment.
12.16
7.29
2.46
1.83
.58
3.46
Materials
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c
27.57
3.67
8.10
9.05
6.99
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.44
8.87
2.91
5.96
7.05
97
98
101
97
98
707
108
109
107
115
104
104
108
102
110
108
107
111
106
116
108
107
110
106
116
709
107
108
106
118
70P
110
111
109
122
707
110
111
109
118
707
110
110
110
117
707
107
106
107
117
705
109
107
110
117
777
112
113
9.52
6.29
2.70
2.19
.99
.08
1.12
.51
.33
94
92
102
102
98
97
105
102
100
96
113
113
110
97
118
113
99
95
111
110
109
97
112
114
101
97
112
111
109
96
115
115
103
99
114
113
111
96
117
116
103
97
117
117
117
97
118
117
99
94
116
117
116
97
118
112
97
93
113
115
109
97
120
109
98
94
114
116
109
97
123
109
98
95
113
114
106
97
122
109
101
97
114
114
106
97
122
113
104
99
117
117
114
97
121
118
103
'98
117
117
114
'95
102
'96
118
118
116
95
121
102
95
90
102
110
110
107
107
110
111
113
111
115
110
118
111
114
112
111
112
114
111
100
112
114
112
125
113
119
111
114
113
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Atomic energy.
Commercial and other.
Gas
Industrial
Commercial and other.
119
.18
Supplementary groups of consumer goods
Automotive and home goods.
Apparel and staples
7.75
23.38
r
9 Preliminary.
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. For summary description and historical data, see
the BULLETIN for December 1959, pp. 1451-74. Availability of detailed
descriptive and historical data will be announced in a forthcoming
BULLETIN. Figures for industrial series and subtotals without seasonal
adjustment are published in the monthly Business Indexes release which
is available on request from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
550
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957=100
[Without seasonal adjustment]
Grouping
1957
proportion
Annual
average
1960
1959
1958 1959 Mar Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
Total index
100.00
93
105
105
107
109
110
102
103
105
105
104
107
Ill
Ill
110
92
87
100
91
105
105
102
110
95
115
106
104
108
95
108
106
110
97
109
109
110
100
///
111
111
100
102
99
106
90
103
93
115
92
105
97
116
91
106
98
117
92
104
97
113
96
107
107
107
98
111
111
111
r
97
112
Durable
Nondurable
Mining
Utilities
86.49
49.66
36.83
8.55
4 96
nn
112
111
110
112
95
13.15
7.73
6.21
5.42
2.91
84
78
75
92
93
95
90
86
104
101
no
116
117
101
99
113
119
121
104
102
116
121
123
107
105
117
122
123
111
108
85
69
61
106
104
70
43
29
107
99
71
44
30
110
100
68
45
32
102
94
87
80
77
97
93
109
111
116
105
103
112
116
118
107
103
110
113
114
106
28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25
86
85
83
89
84
77
91
94
102
103
99
108
98
100
94
112
101
99
97
102
103
110
96
106
103
101
100
102
104
111
96
107
104
103
103
105
104
112
95
109
106
106
105
108
104
112
95
113
102
100
100
101
102
108
95
112
98
102
98
108
87
77
94
114
102
109
102
118
90
85
92
117
106
109
102
119
99
106
91
119
98
105
100
113
82
70
91
119
106
109
104
115
98
105
91
121
112
111
117
111
134
r
89
118
107
125
89
120
Clay gloss ondlumber.
4.57
2.92
1.65
97
95
100
111
110
113
104
103
105
112
111
113
117
114
122
120
119
123
115
117
112
121
119
126
119
117
123
119
116
122
HI
111
111
105 102
108 103
100 '101
106
105
108
104
104
104
Furniture and miscellaneous
2.96
1.48
1.48
96
96
95
112
115
109
106
110
102
107
110
104
108
111
106
112
115
109
no
115
105
116
119
114
119
120
118
120
122
119
118
119
116
117
122
112
113 *U5
119 119
107 110
114
116
112
Textile, apparel, and leather products
Textile mill products
Apparel products
7.32
2.78
3.44
1.10
99
98
101
97
115
113
120
106
115
112
120
110
121
119
126
108
118
117
123
106
116
115
119
105
104
106
105
98
121
118
127
112
115
114
119
106
120
117
127
105
117
114
125
101
106
105
110
96
118
114
126
107
123
114
134
109
120
111
Printing and publishing
7.93
3.27
4.66
1.53
99
101
98
96
108
111
105
104
107
110
104
104
110
116
106
111
108
112
106
110
107
112
104
102
101
103
100
92
108
115
104
96
112
115
110
107
115
121
111
113
///
111
112
114
106
102
110
106
108
112
106
98
110
115
107
102
112
115
10.94
7.10
3.61
1.93
1.91
99
100
98
99
95
113
114
118
105
114
113
112
115
108
118
112
116
117
101
107
HI
116
118
103
103
114
116
120
108
114
109
110
116
107
107
115
115
119
110
117
118
119
124
109
121
117
119
123
105
121
115
117
123
104
116
113 117 r 117
116 119 120
124 M25 128
104 r104 r 103
111 '124 ••122
119
122
r
96
Durable Manufactures
Fabricated metal products
Nonelectrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Furniture and fixtures • • • •
Misc. manufactures.
r
113
118
122
107
104
112
110
106
116
112
136
90
119
r
r
r
lll
r
107
r
102
112
108
117
Nondurable Manufactures
Chemical, petroleum, and rubber products
Industrial chemicals
Rubber and plastics products
Beverages
.. .. .
r
r
10.64
9.87
8.31
1.56
.77
102
102
102
102
106
107
106
106
106
112
98
98
97
100
107
102
101
100
111
114
105
104
101
117
114
108
108
105
124
112
107
107
105
118
108
117
117
116
121
122
118
119
119
115
115
115
115
116
109
122
109
109
111
96
111
102
103
105
91
93
7.05
1.30
5.75
4.98
4.33
.65
.77
92
83
94
94
93
100
89
96
82
99
99
98
106
93
96
83
99
101
100
109
86
96
82
100
102
101
105
87
97
86
100
101
101
102
91
96
86
99
99
99
101
94
88
55
96
95
95
101
96
92
75
96
95
94
102
99
93
78
97
97
96
103
97
95
83
97
98
96
106
94
97
90
99
99
91
112
95
100 r100 r98
92
89
85
102 '102 1 0 1
102 r103 '103
r
100 101 r 101
117
97
96
85
1.50
.70
.80
91
83
98
94
77
108
90
82
97
101
93
107
114
117
111
115
116
114
100
83
115
89
55
118
83
45
116
82
46
114
88
62
111
88
64
109
84
68
98
3.76
1.20
104
105
115
114
113
110
108
113
116
120
121
114
113
121
127
102
101
104
89
114
101
100
101
93
130
110
108
105
101
101
101
109
Mining
Coal
Crude oil and natural gas
Crude oil
Oil and gas drilling
Metal stone and earth minerals
Stone and earth minerals
r
96
87
98
101
99
76
88
78
96
90
85
94
124
121
Utilities
Electric
Gas
For notes see opposite page.
551
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Without seasonal adjustment]
1957
proportion
Grouping
Annual
average
1959
1958 1959 Mar. Apr. M a y
1960
June July Aug. Sept. Oct. Nov. Dec.
Jan. Feb.
100.00
105
105
107
109
110
102
103
105
105
104
107
Ill
95
107
106
108
111
109
107
113
100
97
112
117
101
705
109
103
111
101
99
110
114
106
108
103
108
111
110
100
104
107
109
101
110
105
99
87
91
104
108
97
106
3.35
2.03
1.32
83
71
103
96
114
117
109
116
114
no
113
115
117
113
114
118
100
118
113
9.60
Consumer goods
Materials
93
46.75
31.13
15.62
53.25
Total index
98
116
115
113
115
128
116
112
113
126
116
115
116
126
91
116
105
117
106
116
117
112
113
126
78
116
109
120
103
105
105
101
116
109
99
109
102
100
99
100
102
115
104
110
Mar.
Ill
110
lll
rl 15
111
r
lll
114
104
110
124
129
104
r
Consumer Goods
Automotive products
A u t o parts a n d allied p r o d u c t s
. . . .
4.40
1.75
1.26
Home goods
TV and home radios
Furniture and rugs
. . . .....
Apparel incl knit goods and shoes. . . . .
1.18
1.47
5.20
115
94
99
114
119
83
98
97
102
119
113
100
116
18.18
8.11
2.32
2.73
1.44
3.45
1.19
Newspapers magazines and books
Consumer fuel and lighting
102
98
108
104
117
1.57
.69
Beverages and tobacco
Residential utilities
Electricity
.49
96
108
107
12.16
7.29
2.46
1.83
.58
85
2.26
. .
Gas
102
103
102
99
105
108
106
108
111
106
113
83
97
102
109
107
99
104
114
105
112
111
104
109
100
118
115
121
99
80
114
110
118
77
51
118
95
103
120
116
108
108
73
115
109
110
122
120
80
53
121
111
103
98
136
149
133
143
111
116
118
117
125
129
131
121
157
126
129
122
119
120
119
116
112
118
123
122
117
115
121
121
114
118
116 127
120 136
128
140
125
123
121
102
125
106
120
110
96
115
116
120
125
123
110 108
109
108
108
105
92
113
103
97
115
101
98
114
100
116
109
112
104
109 109 109
120 r
127 124
107 108 1 0 5
117
105
124
108
107
106
114
104
117
120
114
105
120
115
116
122
114
115
118
109
113
105
76
55
107
105
120
122
127
130
127
139
123
126
117
115
118
111
101
113
107
103
109
103
113
106
113
114
103
113
117
110
109
99
106
112
117
121
113
115
129
106
104
106
r
121
114
141
103
106
101
110
104
107
104
113
105
109
109
117
112
107
136
Equipment
Business equipment
Industrial equipment
Commercial equipment •
Freight and passenger equipment
. .
r
82
97
95
90
98
92
101
97
104
101
101
100
100
101
102
102
102
102
98
100
129
101
103
136
104
102
133
103
99
116
106
93
95
110
87
112
104
105
112
88
111
103
104
95
115
100
103
138
100
100
88
89
100
106
105
113
84
94
115 115
87 '98
101 112
115
rgg
107
116
100
104
86
77
100
101
106
106
109
106
112
108
114
110
97
97
104
106
108
110
128
110
128
109
121
110
114
118
90
101
102
107
102
102
108
103
109
95
98
110
101
107
115
103
103
101
110
94
85
103
107
88
'88
91
101
86
109
103
108
103
108
109
113
107
108
101
107
109
108
114
101
105
117
116
100
109
110
119
116
113
118
111
117
120
109
110
103
113
120
108
106
97
110
116
109
121
111
109
108
109
123
111
110
109
111
123
105
100
104
rgg
103
98
105
3.46
Materials
Durable goods materials
Consumer durable.
Construction
Nondurable materials
General business supplies
Business fuel and power.
Nonresidential utilities
General industrial
27.81
3.67
8.10
9.05
6-99
25.44
8.87
2.91
5.96
7.05
9.52
6.29
2.70
2.19
.99
.08
Commercial and other
Gas
1.12
Commercial and other
97
107
108
109
107
115
106
106
107
105
113
109
98
101
97
98
111
114
109
117
105
105
110
109
113
114
112
r
103
r
lll
r
108
105
94
92
100
96
101
98
101
98
102
98
102
96
95
87
98
91
99
93
98
95
101
97
105
100
102
102
98
97
105
102
113
113
110
97
118
113
108
108
97
108
108
109
96
107
111
112
96
110
117
117
97
119
119
112
97
128
121
110
97
133
121
110
97
133
115
109
97
122
112
108
97
116
115
114
97
118
117
115
96
120
115
113
95
117
90
102
110
110
114
106
113
108
113
108
115
110
107
107
99
117
107
117
121
116
101
112
111
108
124
112
126
112
r
.18
51
.33
Supplementary groups of consumer goods
Automotive and home goods.
Apparel and staples
7.75
23.38
r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. For summary description and historical data, see
the BULLETIN for December 1959, pp. 1451-74. Availability of detailed
descriptive and historical data will be announced in a forthcoming
122
112
BULLETIN. Figures for individual series and subtotals without seasonal
adjustment are published in the monthly Business Indexes release which is
available on request from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington 25, D. C.
552
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-^9 =100, unless otherwise indicated]
Industrial production
Major industry
groupings
Year or
month
Construction
contracts *
Manufacturing 3
Nonagricultural
employ- EmResiAll
den- other ment— ployMate- tial
total 2 ment
Prices
Major market groupings
Final products
Total
ManuMinfacing
turing
Utilities
Total
DepartFreight ment
carstore
loadsales
ings
(retail
Convalue) sumer
Payrolls
Conrials
sumer Equipgoods ment
Wholesale
commodity
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
1947
1948
1949
1950
1951
1952
99
103
98
113
123
127
99
103
97
113
123
127
101
106
94
105
115
114
91
101
108
123
140
152
99
102
99
112
121
130
98
101
101
115
114
116
100
105
94
102
142
170
100
104
96
114
124
125
86
98
116
185
170
183
83
105
111
142
172
183
99.4
101.6
99.0
102.3
108.2
110.4
103.4
102.8
93.8
99.6
106.4
106.3
97.7
105.1
97.2
111.7
129.8
136.6
108
104
88
97
101
95
98
104
99
107
112
114
95.5
102.8
101.8
102.8
111.0
113.5
96.4
104.4
99.2
103.1
114.8
111.6
1953
1954
1955
1956
1957
1958
1959
138
130
146
151
152
141
159
139
129
145
150
150
139
158
117
113
125
132
132
120
125
166
178
199
218
233
244
268
138
132
144
150
152
145
162
124
123
136
139
141
140
155
182
161
172
188
189
165
188
137
128
147
151
151
138
157
178
232
280
• 99
100
113
132
201
204
248
•98
100
107
101
113.6
110.7
114.4
118.3
119.2
115.5
118.8
111.8
101.8
105.6
106.7
104.4
94.3
98.9
151.4
137.7
152.9
161.4
162.7
148.7
167.3
96
86
95
97
90
78
81
118
118
128
135
135
136
144
114.4
114.8
114.5
116.2
120.2
123.5
124.6
110.1
110.3
110.7
114.3
117.6
119.2
119.5
1959—Mar
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
157
162
166
166
163
157
156
155
156
165
156
161
165
166
163
156
156
154
154
164
126
129
131
129
123
120
119
120
126
130
261
262
266
271
271
269
273
274
273
278
157
161
164
164
166
165
168
170
161
166
151
156
157
157
159
159
161
165
154
159
179
184
190
193
196
190
193
192
189
194
158
163
167
167
160
147
151
150
154
165
142
169
154
162
156
143
135
139
101
91
113
122
117
119
123
96
100
102
80
77
117.6
118.6
119.2
119.8
120.2
118.9
119.2
118.9
119.4
120.4
98.2
99.5
100.9
101.9
102.0
97.4
98.3
97.3
98.4
100.4
165.1
167.0
169.6
174.4
170.2
164.9
169.1
165.9
166.8
175.4
85
87
89
87
73
72
72
74
81
91
138
144
144
144
147
144
144
147
146
146
123.7
123.9
124.0
124.5
124.9
124.8
125.2
125.5
125.6
125.5
119.6
120.0
119 9
119.7
119.5
119.1
119.7
119 2
118.9
118.9
I960—Jan...
Feb..
Mar..
Apr..
168
166
165
P165
168
166
164
2>164
129
126
125
2>128
280
281
282
170
167
166
164
160
159
195
194
194
85
91
119
79
79
110
P167
120.9 101.4 175.5
121.1 101.4 1 7 3 . 9
120.7 100.8 172.8
*121.3 *>100.9 *>169.3
90
86
83
85
146
142
138
*>278
167
165
163
*163
125.4
125.6
125.7
119.3
119.3
120.0
120.0
2>193
r
* Preliminary.
Revised.
Adj. =adjusted for seasonal variation.
Unadj. =without seasonal
adjustment.
* See note 1.
i Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957=100. Figures for earlier years are
three-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49=100; the data for 1956 on this basis
Adj.
Unadj. Unadj.
Adj.
Unadj.
Adj.
Unadj. Unadj.
Adj.
were: residential, 271: all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
2
Employees only, excluding personnel in the armed forces.
3
Production workers only.
NOTE.—Indexes for employment (excluding Alaska and Hawaii),
payrolls, and prices are compiled by the Bureau of Labor Statistics.
CONSTRUCTION CONTRACTS
[Figures for the 48 States, as reported by the F. W. Dodge Corporation.
1959
Annua i totals
Type of ownership and
type of construction
TotaS construction
1958
1959
Mar.
Apr.
May
June
July
Aug.
1960
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
M ar.
• 35 ,090 36 ,269 3 ,340 3 ,778 3,542 3 ,659 3 ,657 3, 084 3 ,058 3 ,135 2,373 2,224 2,193 2,240 3, 046
By type of ownership:
Public
Private
71 ,661 75 701
7 ,471
By type of construction:
Residential
Nonrcsidential
Public works and utilities
14 696 17 J 5 0
10 ,948 11 187
9 ,446
7 ,732
1 ,541
911
886
11 477 11 068
869 1 7,07 1,094 1 167 1 186
850
840
7 ,571 2,447 7 497 7 ,470 7, 714 7 718
1 811
187
760
914
1,677 1 767 1 690 1, 551 1 466 1 515
1 ,006 1 ,001
1,072 1 055 1 ,191
842
793
776
571
586
616
NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change
Value of contracts, in millions of dollars]
701
711
727
702
1 672 1 513 1 466 1 537
'801
480
993
790
441
927
801
465
988
698 1 061
554
685
in policy of accounting for negative adjustments in monthly data after
original figures have been published.
553
CONSTRUCTION
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
1951
1952
1953
1954
1955
1956
1957
1958
1959
Public
Residential
Total
Indus- Com- Public
trial mercial utility
Other
nonresidential
Total
Military
Highway
Conservation
All
other
XS7
32,700
34,670
37,019
39,362
44,164
45,779
47,795
48,903
54,258
1959 Apr
May
June....
July
Sent
Oct
Nov
Dec
I960 Jan 3
Feb.*v
Mar
Aprv
23,447
23,889
25,783
27,684
32,440
33,067
33,778
33,491
38,281
12,529
12,842
13,777
15,379
18,705
17,677
17,019
18,047
22.322
7,344
7,500
8,495
8,531
9,980
11,608
12,535
11,076
11,195
2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,382
2,008
1,498
1,137
1,791
2,212
3,218
3,631
3,564
3,589
3,914
3,729
4,043
4,475
4,289
4,363
4,893
5,414
5,105
5,273
3 574
3,547
3,511
3 774
3,755
3,782
4,224
4,368
4,764
9 253
10,781
11,236
11 678
11,724
12,712
14,017
15,412
15,977
,387
,290
,003
,287
1,360
,287
.402
1J433
2,353
2,679
3,015
3,680
3,861
4,395
4,892
5,500
5,800
912
900
892
773
701
826
97J
1,019
1,121
5,101
5,815
6,039
6,222
5,875
6,131
6,867
7,491
7,623
4,667
4,713
4,705
4,671
4,566
4,427
4,313
4,221
4,331
3,243
3,296
3,287
3,301
3,260
3,196
3,129
3,085
3,144
1,952
1,981
1,939
1,924
1,875
1,855
1,811
1,748
1,760
915
936
954
970
966
933
910
921
955
153
157
163
170
175
168
169
180
196
311
334
344
351
347
329
318
317
331
451
445
447
449
444
436
423
424
428
376
379
394
407
419
408
408
416
429
1,424
1,417
1,418
1,370
1,306
1,231
1,184
1,134
1,187
143
144
139
113
113
102
95
105
111
517
513
511
514
475
443
418
381
381
99
101
112
90
86
88
91
77
95
665
659
656
653
632
598
580
571
600
4,489
4,521
4,437
4,363
3,211
3,230
3,166
3,087
,804
1,779
1,747
1,669
993
1,041
1,009
1,012
203
218
215
211
345
363
344
339
445
460
450
462
414
410
410
406
1,278
1 291
1,271
1,276
95
77
80
90
483
481
482
481
91
103
103
98
609
630
606
607
Preliminary.
• Beginning with June 1959 ,data are from Bureau of Census.
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates.* In thousands of units]
Year or month
Total
private
(seasonally
adjusted
annual rate)
1951
1952
1953
1954
1955
1956
1957
1958
1959
Total
1.091
Metropolitan
areas
Total
1family
2family
Multifamily
40
46
42
34
33
31
33
39
88
84
94
90
87
82
120
170
'215
24
21
20
18
17
18
15
15
16
JUly
Aug
Sept
Oct
Nov
827
946
382
432
1,142
1.343
892
939
933
1,077
1,190
981
840
933
1,079
1,434
,370
1,368
,375
1,340
,323
1,180
,210
142
137
137
129
129
120
106
93
84
97
94
93
88
86
83
75
66
59
45
43
44
41
43
38
30
27
24
137
134
131
127
125
117
102
91
83
109
107
107
105
104
95
83
73
64
1,216
1,115
1,125
^1,135
76
77
98
53
53
64
70
23
23
34
41
75
74
95
*>109
58
60
75
n.a.
Dec
1960 Jan
Feb
Mar
Apr
2>110
976
780
700
315
332
300
324
353
338
342
p
r
n.a. Not available.
Preliminary.
Revised.
• Beginning June 1959 data are from the Bureau of the Census.
l Data from Federal Housing Administration and Veterans' Administration represent units started under commitments of FHA or VA to in-
Government-underwritten *
Private
1,127
1,104
1,220
1,329
1,118
1,042
1,209
1.379
1959 Apr
May
111
795
804
897
Nonmetropolitan
areas
1.020
L 069
1,068
1,202
t 310
1,094
993
r49
5
5
4
4
4
4
4
4
3
3
3
4
n.a.
14
12
16
n.a.
Public
Total
FHA
VA
68
36
412
421
409
583
670
465
322
439
458
264
280
252
276
277
195
193
337
349
149
141
157
307
393
271
128
102
109
5
4
6
2
4
3
3
2
1
46
47
47
45
45
42
37
31
26
35
36
36
34
35
32
28
23
20
11
10
11
11
10
10
9
g
6
1
2
20
22
27
33
16
18
22
25
4
5
5
7
71
59
36
19
19
24
49
3
sure or guarantee the mortgages. VA figures after June 1950 and all FHA
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
554
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of Labor Statistics estimates, without seasonal adjustment.
In thousands of persons unless otherwise indicated]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed i
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment
rate
(per cent) 2
1953
1954
1955
1956
1957
1958
1959
115,095
116,220
117,388
118,734
120,445
121,950
123,366
67,362
67,818
68,896
70,387
70,746
71,284
71,946
63,815
64,468
65,848
67,530
67,946
68,647
69,394
61,945
60,890
62,944
64,708
65,011
63,966
65,581
55,390
54,395
56,225
58,135
58,789
58,122
59,745
6,555
6,495
6,718
6,572
6,222
5,844
5,836
1,870
3,578
2 904
2,822
2 936
4 681
3,813
47,732
48,401
48,492
48,348
49,699
50,666
51,420
2.9
5.6
4 4
4.2
4 3
6.8
5.5
1959_Apr
May
123,059
123,180
123,296
123,422
123,549
123,659
123,785
123,908
124,034
71,210
71,955
73,862
73,875
73,204
72,109
72,629
71,839
71,808
68,639
69,405
71,324
71,338
70,667
69,577
70,103
69,310
69,276
65,012
66,016
67,342
67,594
67,241
66,347
66,831
65,640
65,699
59,163
59,608
60,111
60,769
60,884
60,105
60,707
60,040
60,888
5,848
6,408
7,231
6,825
6,357
6,242
6,124
5,601
4,811
3,627
3,389
3 982
3,744
3 426
3 230
3,272
3 670
3 577
51,849
51,225
49,435
49,547
50 345
51,550
51,155
52 068
52,225
5.1
4.9
5 1
5.1
5 4
5.6
6.0
5 9
5.5
124,606
124,716
124,839
124,917
70,689
70,970
70,993
72,331
68,168
68,449
68,473
69,819
64,020
64,520
64,267
66,159
59,409
59,901
59,702
60,765
4,611
4,619
4,565
5,393
4 149
3,931
4,206
3,660
53,917
53,746
53,845
52,587
5.2
4.8
5.4
5.0
July
Aus
Sent
Oct
Nov
Dec
. .
1960 Jan 3
Feb
Mar
Apr
1
Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force. Monthly data are seasonally
adjusted.
3 Beginning with January 1960, data include Alaska and Hawaii.
Figures for population increased by about 500,000 and total labor force
by nearly 300,000, most of which was in nonagricultural employment.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Total i
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
49,681
48,431
50,056
51,766
52,162
50,543
51,975
17,238
15 995
16 563
16,903
16,782
15 468
16,168
852
111
111
807
809
721
676
2,622
2,593
2,759
2,929
2,808
2,648
2,767
4,221
4,009
4,062
4,161
4,151
3 903
3,902
10,527
10,520
10,846
11,221
11,302
11,141
11,385
2,038
2,122
2,219
2,308
2,348
2,374
2,425
5,538
5,664
5,916
6,160
6,336
6,395
6,525
6,645
6,751
6,914
7,277
7,626
7,893
8,127
Sept
Oct
Nov
Dec
51,887
52,125
52,407
52,558
52,023
52,154
52,002
52,253
52,674
16,182
16,372
16,527
16,580
16 037
16,141
16,022
16,174
16,436
701
708
709
714
633
617
621
657
665
2,829
2,787
2,799
2,800
2,814
2,776
2,762
2,792
2,800
3,886
3,917
3,928
3,920
3 893
3,899
3,900
3,902
3,917
11,333
11,363
11,425
11,465
11,529
11,464
11,478
11,452
11,486
2,403
2,413
2,418
2,426
2,437
2,452
2,453
2,450
2,450
6,479
6,486
6,525
6,570
6,549
6,584
6,549
6,593
6,613
8,074
8,079
8,076
8,083
8,131
8,221
8,217
8,233
8,307
Jan
Feb
Mar
Apr
52,880
52,972
52,803
53,044
16,562
16,567
16 512
16,512
658
669
669
682
2,775
2,781
2,594
2,756
3,941
3,933
3 920
3,930
11,594
11,627
11 584
11,571
2,454
2,464
2,456
2,467
6,606
6,616
6,574
6,609
8,290
8,315
8 494
8,517
July
Aus
Sent
Oct
Nov
Dec
51,430
51,982
52,580
52,343
52,066
52,648
52,569
52,793
53,756
16,034
16,187
16,455
16,410
16,169
16,367
16,197
16,280
16,484
694
701
713
710
639
620
621
660
668
2,662
2,834
2,986
3,035
3,107
3,043
2,961
2,856
2,699
3,879
3,914
3,944
3,949
3,922
3,927
3,910
3,912
3,940
11,136
11,234
11,352
11,324
11,360
11,464
11,551
11,723
12,345
2,403
2,413
2,442
2,475
2,474
2,452
2,441
2,438
2,438
6,511
6,583
6,623
6,603
6,582
6,617
6,614
6,593
6,547
8,111
8,116
8,065
7,837
7,813
8,158
8,274
8,331
8,635
Jan
Feb
Mar
Apr
52,078
52 060
52,150
52,760
16,470
16 520
16 478
16,365
658
669
669
675
2,453
2,389
2,306
2,593
3,882
3 887
3,900
3,923
11,424
11 329
11,314
11,540
2,429
2,439
2,444
2,467
6,474
6,484
6,508
6,642
8,288
8 343
8,531
8,555
Year or month
1953
1954
1955
1956
1957
1958
1959
SEASONALLY ADJUSTED
1959 Apr
May
July
I960
WITHOUT SEASONAL ADJUSTMENT
1959 Apr
May
I960
1
Excludes data for Alaska and Hawaii.
NOTE:—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for March and April 1960 are preliminary. Back data may be obtained
from the Bureau of Labor Statistics.
555
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1959
Without seasonal adjustment
1960
1959
1960
Apr.
Feb.
Mar.
Apr.
Apr.
Feb.
Mar.
Apr.
12,303
12,537
12,471
12,477
12,167
12,494
12,444
12,341
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
7,028
73
583
319
444
1,037
840
1,109
803
1,229
215
376
7,255
75
587
322
452
1,047
854
1,173
881
1,245
231
388
7,184
75
571
324
446
1,036
846
1,174
872
1,221
229
390
7,127
585
328
449
1,016
837
1,169
862
1,178
230
397
7,025
73
568
317
444
1,037
840
1,126
803
1,229
216
372
7,268
75
561
328
445
1,052
863
1,191
890
1,245
231
388
7,209
75
554
327
444
1,041
854
1,192
881
1,221
231
392
7,125
76
570
326
449
1,016
837
1,187
862
1,178
231
393
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
5,275
1,048
81
869
5,282
1,042
80
851
1,077
447
1,073
448
556
530
161
179
327
568
534
157
208
321
5,287
1,038
80
854
1,081
447
568
535
157
207
320
5,350
1,043
80
864
1,109
452
573
544
157
207
321
5,142
958
70
869
1,055
443
553
535
159
176
324
5,226
939
76
860
1,111
446
565
537
155
209
329
5,235
935
71
863
1,119
445
568
543
155
207
328
5,216
953
69
864
1,087
447
570
549
155
204
318
Total
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for March and April 1960 are
preliminary.
Statistics.
16
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
1959
1960
Average hours worked
(per week)
1959
1960
Average hourly earnings
(dollars per hour)
1959
1960
Apr.
Total
Feb.
Mar.
Apr.
Apr.
Feb.
Mar.
Apr.
Apr.
89.83
97.60
106.49
80.00
74.37
91.71
113.43
97.28
104.04
89.60
106.65
95.41
76.81
79.31
86.72
61.95
63.60
53.40
92.77
103.85
103.58
118.55
95.34
58.55
40.3
39.8
40.4
41.1
39.4
40.3
40.2
40.3
40.5
41.0
39.9
40.8
40.2
39.9
39.0
39.6
36.1
40.1
36.2
42.1
38.0
41.3
40.3
40.0
37.2
39.4
40.0
40.8
40.0
40.2
40.4
39.8
40.2
40.8
39.3
38.5
40.6
39.8
38.5
39.6
35.2
39.5
34.9
41.6
37.9
41.6
40.6
38.6
35.7
2.39
2.52
1.94
1.81
2.21
2.83
2.35
2.49
2.21
2.63
2.26
1.90
39.5
40.2
37.8
40.3
36.6
42.6
38.1
41.6
40.9
41.8
37.0
39.7
40.3
41.3
39.0
38.9
40.0
40.2
40.5
41.1
40.1
40.6
40.8
40.3
38.8
39.7
35.0
39.4
35.7
42.0
38.2
41.3
40.3
39.4
37.1
2.23
40.9
41.0
40.7
40.0
41.3
41.2
41.1
41.4
40.2
41.0
40.8
40.3
2.00
2.10
1.72
1.57
1.52
2.18
2.68
2.36
2.89
2.43
1.61
2.05
2.18
1.70
1.60
1.55
2.25
2.74
2.46
2.90
2.50
1.63
89.87
91.14
90.91
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 p r o d u c t s . . . . . . . .
Miscellaneous manufacturing industries...
97.75
103.32
78.96
72.40
91.27
116.60
96.59
103.09
88.84
107.83
92.21
76.57
98.98
107.68
78.01
74.56
90.85
115.26
98.42
104.55
90.97
111.79
94.07
77.81
98.74
108.62
77.61
72.35
90.80
114.57
98.01
105.22
91.43
110.84
95.88
78.18
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
79.00
84.42
65.02
63.27
55.63
92.87
102.11
98.18
118.20
101.57
59.57
79.95 79.93
86.33 86.94
61.37 60.20
64.16 63.83
56.11 55.34
94.73 94.08
104.12 105.05
101.60 102.01
116.87 116.87
100.00 97.71
60.64 60.84
NOTE.—Data are for production and related workers. Figures for
March and April 1960 are preliminary. Back data are available from
the Bureau of Labor Statistics.
Feb.
Mar.
Apr.
2.29
2.29
2.28
2.45
2.62
1.98
1.85
2.26
2.86
2.43
2.55
2.28
2.74
2.34
1.95
2.45
2.63
1.99
1.86
2.27
2.85
2.42
2.56
2.28
2.73
2.35
1.94
2.44
2.61
2.00
1.85
2.27
2.85
2.42
55
2.28
2.70
2.35
1.93
2.06
2.19
1.72
1.62
1.55
2.24
2.75
2.47
2.90
2.48
1.64
2.06
2.19
1.76
1.61
1.53
2.23
2.74
2.49
2.92
2.47
1.64
556
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average = 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
114
118
118
128
135
135
136
144
110
114
117
123
126
122
122
126
104
105
108
113
120
124
127
131
113
117
116
125
131
132
133
139
115
119
112
122
128
129
127
136
122
127
129
140
146
148
148
156
127
131
135
149
164
166
169
181
109
114
112
122
128
128
125
133
116
120
121
132
138
138
137
144
June
July
Aug
Sept
Oct
Nov
Dec
138
144
144
144
147
144
144
147
146
146
120
125
125
124
126
121
127
129
129
129
123
130
130
130
134
128
131
134
134
135
133
139
140
142
142
134
138
140
140
140
128
137
136
135
142
137
135
138
138
141
151
157
157
156
157
152
154
158
156
156
167
177
178
180
185
184
186
188
189
185
125
135
136
135
138
134
134
139
135
134
I960—Jan
Feb
Mar
146
142
138
131
130
122
135
133
126
146
143
135
139
136
139
156
149
140
180
175
160
June
July
Aug
Sept
Oct
Nov
Dec
125
130
141
136
121
132
145
150
176
260
103
114
124
118
95
103
132
131
154
251
112
116
126
125
100
102
132
141
170
245
124
128
138
132
108
112
140
144
183
257
117
123
132
127
115
126
135
139
170
252
138
138
156
146
129
138
155
165
190
289
I960—Jan
Feb
Mar
111
106
115
99
93
95
108
102
107
108
102
113
105
105
113
121
131
128
136
148
152
148
156
117
124
126
132
141
138
136
142
115
120
117
119
130
138
136
142
120
129
127
135
148
154
152
159
1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
150
151
152
155
158
159
160
158
160
161
137
138
138
142
145
147
147
145
145
145
139
138
139
141
142
145
144
143
144
144
1960—Jan
Feb
Mar
161
160
161
144
143
144
June
July
Aug
Sept
Oct
Nov
Dec
153
158
153
148
149
156
168
177
182
145
I960—Jan
Feb
Mar
144
152
164
Minne- Kansas
Dallas
apolis
City
San
Francisco
109
110
113
117
126
128
128
134
121
123
129
140
144
142
146
155
129
132
136
149
158
159
159
172
120
122
122
132
141
140
143
156
144
144
148
140
145
144
140
148
149
143
133
135
132
140
133
132
136
137
131
133
152
157
154
155
154
153
151
162
156
155
165
174
172
174
174
179
167
173
179
170
153
155
154
157
160
157
157
158
155
158
134
127
125
150
134
131
134
135
123
156
144
142
171
163
164
156
158
157
165
165
175
162
157
177
173
186
217
325
114
123
134
130
111
124
138
142
164
233
128
129
149
130
120
138
144
151
177
250
119
122
127
135
107
132
146
150
148
230
134
141
154
147
135
156
155
162
179
266
152
157
172
160
155
176
160
177
208
291
132
139
146
151
143
157
154
154
181
281
112
105
114
139
137
148
101
95
108
111
102
110
96
99
105
115
105
119
135
122
143
121
121
126
115
125
122
124
133
136
129
134
127
141
138
159
175
178
172
179
143
155
152
170
195
203
197
210
112
122
120
127
138
143
139
148
120
131
125
135
148
'150
'143
144
113
123
124
130
142
146
137
143
130
146
141
152
164
160
153
157
129
143
140
153
168
174
165
178
131
140
135
142
156
158
155
167
154
155
156
164
163
162
161
159
160
166
127
127
128
131
138
136
139
139
142
138
176
178
173
180
182
184
183
179
179
180
195
201
200
202
212
217
222
225
223
227
139
142
142
147
149
155
157
151
152
154
142
143
145
145
147
147
145
143
142
146
139
138
140
141
143
148
146
147
149
146
154
153
154
154
156
157
159
161
161
162
169
174
175
181
180
182
182
185
188
183
167
166
167
167
168
167
167
163
171
174
146
146
147
164
160
158
142
142
145
178
179
176
227
225
220
150
147
151
149
145
148
147
145
146
162
162
160
186
180
177
178
179
180
138
144
141
134
132
143
154
164
170
135
141
143
140
132
129
142
151
162
167
134
158
166
159
152
147
156
169
183
185
149
131
133
132
125
127
130
145
156
160
126
181
184
173
169
168
181
193
205
207
165
204
211
202
192
197
212
230
245
252
197
139
150
145
144
146
152
163
167
171
134
143
149
143
136
140
145
154
163
162
132
143
140
139
133
136
145
152
163
168
136
157
159
156
151
150
155
164
174
182
146
177
181
174
169
171
182
192
203
207
170
166
169
166
162
165
166
176
182
196
160
128
134
146
132
136
149
144
154
163
125
136
149
158
167
180
207
223
231
135
139
151
133
138
150
135
139
149
146
156
164
163
175
185
158
165
182
SALES i
1952
1953
1954
1955
1956
1957
1958
1959
SEASONALLY ADJUSTED
1959—Mar
WITHOUT SEASONAL ADJUSTMENT
1959—Mar
Mwl\V^V//.'.V.'.'.'.'.'.'.'.V.
STOCKS*
1952
1953
1954
1955
1956
1957
1958
1959
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
1959—Mar
r
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.
NOTE.—Monthly data reflect the revisions in seasonal adjustment
factors announced on page 501.
For description of the series see the BULLETIN for December 1957,
pp. 1323-36. Figures prior to March 1959 may be obtained from the
Division of Administrative Services.
557
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4
Amounts (in millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
OutRestandceipts 2
ing
(total
orders *
for
(end of month)
month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1951
1952
1953
1954
1955
1956
1957
1958
1959
391
397
406
409
437
454
459
462
485
460
435
421
388
446
470
461
437
510
390
397
408
410
444
459
461
462
492
379
401
401
412
449
458
458
464
496
3.2
2.9
3.0
3.0
2.9
3.0
3.1
3.0
3.0
1.3
1.2
1.1
1.0
1.1
1.1
1.1
1.0
1.1
4.4
4.1
4.1
4.0
4.0
4.1
4.1
4.1
4.1
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.1
l,366
1,404
1,365
1,299
1,304
1,380
1,483
1,578
1,639
1,310
422
388
418
603
664
631
627
604
521
372
••521
475
414
380
394
503
575
626
639
611
'493
441
444
565
455
470
571
603
556
462
3.1
3.3
3.0
2.9
3.4
3.2
3.1
3.0
2.8
1.4
1.0
0.9
0.9
1.4
1.7
1.5
1.3
1.1
0.9
0.4
4.1
4.2
3.9
4.3
5.1
4.7
4.5
4.1
3.7
1.8
1.2
1.1
0.9
0.9
1.0
1.2
1.2
1.2
1,299
1,362
1,465
459
514
455
373
425
519
460
480
460
3.4
3.8
3.5
1.2
1.4
1.1
4.6
5.2
4.6
1.0
1.2
1.2
1,202
1,097
1,163
1,140
1,195
1,286
1,338
1,323
1,385
M onth:
1959—Mar..
Apr...
'438
431
453
446
389
427
472
531
578
940
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
384
362
416
1960—Jan...
Feb...
p
1
r
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 1959,
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
0'.7
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 the
BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports*
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
1958
Jan
Feb
Mar
Apr
May
June
J U ly
Aug
Sept
Oct
Nov
Dec
Jan -M^ar
••
.
.
.
.
..
.
1959
1960
1958
1959
1960
1958
1959
1960
[,505
1,346
1,555
1,530
I 638
1,408
1,418
I 401
[,363
1,607
1,599
594
1,400
1,280
1,456
1,479
1 551
1,423
1,468
1 397
1,479
1,482
1,479
1 675
1,562
1,576
1,751
1,397
1,246
1,440
1 408
1 507
1,309
1,289
1 287
1,242
1,426
1,410
1 389
[,286
1,183
1,375
I 343
I 411
1,347
1,353
I 300
,399
,398
1,484
1,497
1,634
1,096
956
1,072
1 057
1 061
1,031
1,049
950
1,073
1,150
1,086
1 254
1,154
1,137
1,288
1,375
4,406
4,136
4,889
4,083
3,844
4,615
3,124
3,567
1
Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
376
S6Q
1 118
1,295
I 221
I 264
I 369
[,248
[ 189
1,392
1,202
I 282
47 R
3,800
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
558
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
All
items
Year or month
Foods
Total
Rent
Gas
and
electricity
Transportation
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
Medical
care
Personal
care
Read- Other
goods
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
1952
1953
1954
1955
1956
1957
1958
1959
113.5
114.4
114.8
114.5
116.2
120.2
123.5
124.6
114.6
112.8
112.6
110.9
111.7
115.4
120.3
118.3
114.6
117.7
119.1
120.0
121.7
125.6
127.7
129.2
117.9
124.1
128.5
130.3
132.7
135.2
137.7
139.7
104.5
106.6
107.9
110.7
111 8
113.0
117.0
119.9
118.7
123.9
123.5
125.2
130.7
131.4
134.9
136.6
108.5
107.9
106.1
104.1
103.0
104.6
103.9
103.9
111.8
115.3
117.4
119.1
122 9
127.5
131.4
134.3
105.8
104.8
104.3
103.7
105.5
106.9
107.0
107.9
126.2
129.7
128.0
126.4
128.7
136.0
140.5
146.3
117.3
121.3
125.2
128.0
132.6
138.0
144.4
150.8
111.8
112.8
113.4
115.3
120 0
124.4
128.6
131.2
107.0
108.0
107 1
106.6
108 1
112.2
116.7
118.6
115.4
118.2
120.1
120.2
122.0
125.5
127.2
129.7
123.7
123.9
124.0
124.5
124.9
. .
124.8
125.2
125.5
125.6
125.5
117.7
117.6
117.7
118.9
119.4
118.3
118.7
118.4
117.9
117.8
128.7
128.7
128.8
128.9
129.0
129.3
129.7
130.1
130.4
130.4
139.1
139.3
139.3
139.5
139.6
139.8
140.0
140.4
140.5
140.8
118.5
118.2
118.7
119.3
119.5
120.1
121.6
121.7
121.7
122.7
140.3
138.7
135.3
133.9
134.0
133.9
135.0
135.5
135.9
137.3
103.8
103.8
103.7
104.1
104.0
103.6
104.0
104.1
104.4
104.2
133.7
133.8
133.8
133.9
134.3
134.6
135.2
135.3
135.4
135.5
107.0
107.0
107.3
107.3
107.5
108.0
109.0
109.4
109.4
109.2
144.9
145.3
145.4
145.9
146.3
146.7
146.4
148.5
149.0
148.7
149 2
149.6
150.2
150.6
151.0
151.4
152.2
152.5
153 0
153.2
129 7
130.0
130.7
131.1
131.3
131.7
132.1
132.5
132 7
132.9
117 3
117.7
117.8
118.1
119.1
119.1
119.6
119.7
120 0
120.4
127.3
128.2
128.4
129.2
130.8
131.1
131.5
131.6
131 6
131.7
125.4
125.6
125.7
117.6
117.4
117.7
130.7
131.2
131.3
140.9
141.0
141.2
123.2
124.0
124 A
139.0
139.0
137.2
104.0
104.3
104.7
135.9
136.3
136.9
107.9
108.4
108.8
r
147.6
r
153.5
154.7
155.0
132.7
132.6
132.7
120.3
120.6
120.9
131.8
131.8
131.7
1959 Mar
Apr
May
July
AU2
Sept
Oct
Nov
Dec
I960 Jan
Feb
Mar
. .
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
r
Revised.
NOTE.—Revised index, reflecting, beginning with January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
147.5
146.5
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
All
Tex- Hides, Fuel,
power,
com- Farm Proctile
essed
prod- skins, and
modi- prod- foods
and
ties
Total ucts leather lightand proding
apmaparel ucts terials
Chemicals
and
allied
products
MaPulp
Rub- Lum- paper, Metals chinber
ery
ber
and
and
and
and
and wood allied metal moprod- prod- prod- prod- tive
ucts
ucts products
ucts
ucts
Furni- Nonture
meand
other tallic
minhousehold erals—
dura- strucbles tural
Tobacco
mfrs. Misand cellabottled neous
beverages
111.6 107.0 108.8 113.2
110.
97.0 104.6 114.0
110.3 95.6 105.3 114.5
110.7 89.6 101.7 117.0
114.3 88.4 101.7 122.2
117.6 90.9 105.6 125.6
119.2 94.9 110.9 126.0
119.5 89.1 107.0 128.2
99.8 97.2 106.6
97.3 98.5 109.5
95.2 94.2 108.1
95.3 93.8 107.9
95.3 99.3 111.2
95.4 99.4 117.2
93.5 100.6 112.7
95.0 114.3 112.7
104.5
105.7
107.0
106.6
107.2
109.5
110.4
109.9
134.0
125.0
126.9
143.8
145.8
145.2
145.0
144.8
120.3
120.2
118.0
123.6
125.4
119.0
117.7
125.8
116.5
116.1
116.3
119.3
127.2
129.6
131.0
132.2
123.0
126.9
128.0
136.6
148.4
151.2
150.4
153.6
121.5
123.0
124.6
128.4
137.8
146.1
149.8
153.0
112.0
114.2
115.4
115.9
119.1
122.2
123.2
123.4
113.6
118.2
120.9
124.2
129.6
134.6
136.0
137.7
110.6 108.3
115.7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
89.6
126.
128.2 94.2
131.4 94.5
119.6
120.0
119.9
119.7
119.5
119.1
119.7
119.
118.9
118.9
1952
1953
1954
1955
1956
1957
1958
1959
90.8
92.4
90.8
89.8
88.4
87.1
88.9
86.5
85.4
85.9
93.9
94.1
94.5
94.9
95.3
95.7
95.9
95.9
96.3
96.7
109.8
110.0
110.0
110.0
109.9
109.7
109.9
110.0
110.0
110.0
146.0
147.5
148.8
147.3
146.4
141.0
142.0
142.3
144.9
142.5
124.2
126.3
128.2
128.9
128.3
128.5
127.2
126.2
124.3
124.8
132.0
132.2
132.0
132.3
132.4
132.3
132.4
132.5
132.3
132.4
153.6
152.8
153.0
153.3
152.7
152.8
153.8
154.5
155.8
155.2
152.2
152.1
152.5
153.0
153.6
153.8
153.9
153.7
153.6
153.7
123.5
123.4
123.5
123.6
123.8
123.5
123.4
123.3
123.3
123.2
137.7
138.3
138.4
137.4
137.5
137.4
137.5
137.5
137.7
137.8
132.1
132.2
132.2
132.2
134.5
134.5
131.8
131.7
131.7
131.7
97.0
98.8
95.2
91.0
92.9
92.0
88.6
91.8
93.7
94.2
119.3
119.3
120.0
86.5 105.6 128.8
87.0 105.7 128.7
90.4 107.3 128.6
96.6 112.7 111.9 109.9 143.5 125.1 133.7 155.5 r153.8 123.4 138.4 131.7
96.5 112.0 112.0 110.0 145.1 124.9 133.2 '155.3 153.9 123.5 •138.2 131.7
96.3 111.8 112.2 110.1 145.2 124.5 133.1 154.5 153.9 123.7 138.2 131.7
95.3
93.4
94.0
1959
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
107.2
107.2
107.7
108.1
107.5
105.8
107.8
106.4
104.9
104.7
128.1
128.3
128.4
128.2
128.4
128.4
128.4
128.4
128.5
128.6
108.5
117.8
118.5
118.9
119.3
119.7
119.1
116.2
111.7
112.3
115.0
114.0
113.4
111.2
111.1
112.2
111.9
111.4
111.2
111.7
1960
Jan
Feb..
Mar
r
Revised.
559
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1960
1959
Subgroup
1959
Subgroup
Mar.
Jan.
Feb.
93.6
77.7
91.1
99.5
93.5
70.5
78.4
133.8
104.9
77.2
78.5
95.9
99.3
56.9
77.5
127.4
100.5
76.7
80.8
96.1
'99.0
58.4
77.1
128.9
119.0
99.6
113.0
111.2
112.9
148.0
95.7
120.7
92.4
118.8
104.5
113.3
145.2
103.9
'120.6
r
93.1
118.4
105.0
113.9
145.2
101.6
90.2
97.7
80.1
112.1
99.3
76.1
95.9
104.0
79.4
122.0
100.8
79.3
95.8
103.2
79.8
119.5
100.6
79.8
95.6
102.8
79.4
116.6
100.7
80.5
87.7
103.6
123.6
103.4
73.7
105.5
134.2
108.0
69.8
104.8
134.2
107.2
124.6
170.4
113.1
100.9
119.9
124.1
170.4
116.6
101.3
114.4
124.1
170.4
'114.5
101.8
114.6
72.0
102.8 Furniture and Other Household Durables:
134.2
107.1
Household furniture
Commercial furniture
Floor covering
Household appliances
124.0
Television, radios, phonographs
170.4
Other household durable goods
114.5
101.8
115.0 Nonmetallic Minerals—Structural:
123.6
128.4
101.3
92.8
60.3
110.0
107.5
106.1
124.1
128.3
103.0
93.8
49.2
109.9
108.8
106.5
124.2
128.3
103.0
94.0
49.4
110.3
108.8
106.5
Flat glass
Concrete ingredients
124.2
Concrete products
128.3
Structural clay products
102.8
Gypsum products
94.2
Prepared asphalt roofing
50.6
Other nonmetallic minerals
110.1
108.8 Tobacco Manufactures and Bottled
106.5
Beverages:
142.4
151.9
141.9
162.8
133.3
144.6
160.7
138.1
144.6
161.1
138.1
144.6
125.5
130.2
104.0
126.1
137.8
98.2
126.1
137.7
97.0
125.9
137.7
95.6
121.2
115.7
142.1
121.2
108.0
144.5
121.2
93.6
144.5
121.2
89.3
144.7
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
Mar.
Pulp, Papert and Allied Products
{Cont.):
104.4
Paperboard
78.2
Converted paper and paperboard...
86.2
Building paper and board
96.0
98.1
75.8 Metals and Metal Products:
76.7
Iron and steel
127.9
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
120.8
Heating equipment
97.9
Fabricated structural metal products
117.7
Fabricated
nonstructural
metal
105.9
113.7
products
145.2
101.7 Machinery and Motive Products:
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products
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
Paper
r
Revised.
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Mar.
Jan.
Feb.
Mar.
136.2
127.6
144.2
135.9
130.0
147.6
135.9
130.0
147.6
135.9
130.0
146.8
171.9
136.1
156.3
173.0
129.2
121.9
132.3
172.4
142.2
152.9
173.4
134.0
120.9
135.4
171.6
142.1
154.8
173.4
133.9
120.3
135.6
170.5
140.3
154.8
173.8
133.9
120.0
136.2
145.9
146.3
146.4
146.1
143.1
144.3
145.3
145.3
171.7
172.5
173.6
177.7
173.9
177.6
174.2
178.3
163.3
149.2
167.8
149.7
168.2
149.6
167.8
149.9
153.1
143.2
156.0
141.6
156.0
141.6
155.9
141.6
124.1
155.0
127.2
105.2
92.8
156.0
124.7 r124.9
155.8 155.8
129.6 129.6
103.3 '103.3
91.7 r 91.8
157.8 158.1
124.9
156.6
130.6
103.2
91.8
158.3
135.2
140.2
129.3
159.9
133.1
119.4
132.7
135.3 135.3
142.0 142.0
130.5 131.1
161.3 161.5
133.1 133.1
113.6 107.6
132.8 133.7
135.3
142.1
131.0
161.5
133.1
107.6.
133.7
134.8
106.6
150.9
121.7
171.1
134.8
106.6
155.7
120.5
171.1
134.8
106.5
155.7
120.6
171.1
134.8106.5
155.7
120.6
171.1
117.2
79.6
97.5
108.2
132.6
117.7
75.6
97.5
110.6
131.9
117.8
72.2
97.5
110.6
131.5
117.8;
73.2
97.5
110.6
131.6
Miscellaneous:
r
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
1960
Toys, sporting goods, small arms. . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
560
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
1959
1929
1933
1941
1950
1955
1956
1957
1958
1
Gross national product
104.4
79.0
9.2
37.7
32.1
Personal consumption expenditures
Durable goods
Services
1960
1959
2
3
4
1
56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 470.4 4S4.8 478.6 483.5 500.2
81.9 195.0 256.9 269.9 284.8 293.0 311.6 303.9 311.2 313.3 317. § 321.1
9.7 30.4 39.6 38.5 40.3 37.6 43.0 41.3 44.1 43.6 42.8 43.7
43.2 99.8 124.8 131.4 137.7 141.9 147.9 145.3 147.7 148.0 150.1 151.1
29.0 64.9 92.5 100.0 106.7 113.4 120.7 117.4 119.4 121.6 124.1 126.3
46.4
3.5
22.3
20.7
16.2
1.4
1.4
8.7
.5
3.6
1.0
5.1
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
63.8
34.9
18.7
16.2
23.1
5.8
5.5
67.4
35.5
17.7
17.8
27.2
4.7
5.1
66.6 54.9
36.1 35.8
17.0 18.0
19.0 17.7
28.5 22.9
2.0 - 3 . 8
1.2 - 4 . 9
71.1
40.2
22.2
18.0
26.1
4.8
3.9
70.0
39.7
21.9
17.8
23.9
6.3
5.4
77.7 67.0
41.0 41.0
23.1 22.6
17.9 18.3
26.0 27.0
10.7 - 1 . 0
9.8 - 1 . 8
69.7
39.2
21.3
17 9
27.5
3.0
2.3
79.2
40.4
21.3
19.1
28.1
10.6
10.1
7.0
6.3
New Construction ^
Residential nonfarm
Other
Producers' durable equipment .
Change in business inventories
2
2
2.4
2.3
21.1
6.0
4.8
.6
13.1
12.5
1.1
19.4
18.3
2.9
23.1
20.2
4.9
26.2
21.3
1.2
22.6
21.3
- 8
22.8
23.6
o
— 9 — 1 ft
21.5 22.1 24.1
22.4 23.9 24.1
—6
23.4
24.1
1.2
24.8
23.6
8.5
1.3
8.0
2 0
24.8
16.9
J 13.8
.0
7.2
2.0 1 3.2
.0
.0
6.0
7.8
39.0
19.3
14.3
5.2
.1
19.7
75.6
45.3
39.1
6.6
.4
30.3
79.0
45.7
40.4
5.7
.3
33.2
86.2
49.4
44.3
5.5
.4
36.8
92.6
52.2
44.5
8.1
.5
40.5
97.6
53.5
45.8
8.1
.4
44.1
97.4
53.M
45.8
8.3
.3
43.6
97.4
52.7
45.3
7.8
.4
44.7
98.8
52.3
44.8
7.8
.4
46.5
2 g
Government purchases of goods and services
Federal
I
)
Other
State and local
Addendum: Gross national product in constant (1954) dollars
1 i
*'3
97.7
53.9
46.2
8.0
.3
43.8
98.4
53.6
45.9
8.1
.4
44.8
181.8 126.6 238.1 318.1 392.7 400.9 408.3 399.0 426.0 420.7 432.1 424.3 426 8 439.3
1 Includes expenditures for crude petroleum and natural gas drilling.
2 Net exports of goods and services and net foreign investment have
been equated, since foreign net transfers by government were negligible
during the period 1929-45.
3 This category corresponds closely to the major national security
classification in the Budget of the United States Government for the fiscal
year ending June 30, 1960.
4
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the July 1959 issue
of the Survey of Current Business.
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars)
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1959
1929
1933
1QCO
fQC/T
1Q41
1JO /
1960
•1QCQ
1
2
3
4
i
National income
87.8
Compensation of employees
51.1
29.5
64.8 154.2 223.9 242.5 255.5 256.8 277.4 269.9 278.9 279.3 281.6 290.1
Wages and salaries1
Private
Military
Government civilian
50.4
45.5
29.0
23.9
.3
4.9
62.1 146.4 210.9 227.6 238.5 239.4 257.8 250.9 259.4 259.5 261.5 268.
51.9 124.1 174.9 189.6 198.4 196.2 212.1 206.2 214.0 213.5 214.8 221.2
5.0
1.9
9.8
9.7
9.6
9.7
9.8
9.8
9.8
9.8
9.8
9.9
8.3 17.3 26.2 28.4 30.5 33.5 35.9 34.8 35.6 36.3 36.9 37.6
Supplements to wages and salaries
Proprietors' income2
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Inventory valuation adjustment
Net interest
4.6
40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 389.4 403.9 398.2 402.6
.7
.5
2.7
7.8
13.0
14.9
17.0
17.4
19.6
19.0
19.6
19.8
20.0
21.4
14.8
5.6
17.4
37.5
42.1
43.7
44.5
46.6
46.3
46.9
46.6
45.1
46.7
46.3
8.8
6.0
3.2
2.4
10.9
6.5
23.5
14.0
30.4
11.8
32.1
11.6
32.7
11.8
32.4
14.2
34.5
11.8
33.7
13.2
34.5
12.1
34.8
10.3
35.1
11.6
35.4
10.8
5.4
2.0
3.5
9.0
10.7
10.9
11.5
11.8
12.0
12.0
12.0
12.0
12.0
12.2
10.1 - 2 . 0
14.5
35.7
43.1
42.0
41.7
36.7
47.2
45.5
51.0
46.0
46.2
9.6
1.4
8.3
.2
.5
-.4
17.0
7.6
9.4
40.6
17.9
22.8
44.9
21.8
23.0
44.7
21.2
23.5
43.3
21.1
22.2
37.1
18.2
18.9
47.8
23.3
24.5
46.5
22.6
23.8
52.6
25.6
27.0
46.4
22.6
23.8
45.7
22.2
23.4
.5
-2.1
-2.5
-5.0
-1.7
-2.7
-1.5
-.4
-.6
-.9
-1.6
-.3
6.4
5.0
4.5
5.5
10.4
11.7
13.3
14.3
15.6
15.1
15.4
15.8
* Includes employe© contributions to social insurance funds.
2
Includes noncorporate inventory valuation adjustment.
.5
16.1
16.4
561
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1959
1929
1933
1941
1950
1955
1956
1957
1958
104.4
Gross national product
7.2
9.0
19.1
32.0
34.4
36.9
37.9
40.2
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
32.9 35.7
1.5
1.6
1.0 - 2 . 4
38.1
1.7
.5
39.0
1.7
-2.1
42.0
1.7
-2.3
.0
.1
.2
1.1
1.0
.7
-.1
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
1
56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 470.4 484.8 478.6 483.5 500.2
8.6
Equals: National iacome
4
3
2
1
Less i Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
I960
1959
.0
.9
39.9
40.5
41.2
41.9
40.7 41.7
1.7
1.7
.2 - 1 . 7
42.3
1.7
-3.6
43.1
1.7
-4.4
43.9
1 7
.7
.6
.6
39.3
.8
40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 389.4 403.9 398.2 402.6
10.1 - 2 . 0
.2
.3
14.5
2.8
35.7
6.9
43.1
11.0
42.0
12.6
41.7
14.6
36.7
15.1
47.2
17.9
45.5
17.5
51.0
17.9
46.0
18.1
46.2
18.2
" 20." 8
.0
2.6
1.3
4.5
.0
14.3
4.8
9.2
.8
.0
16.0
5.4
11.2
1.5
.0
17.2
5.7
12.1
1.6
.0
20.0
6.2
12.5
1.7
.0
24.4
6.2
12.4
1.7
.0
25.1
6.8
13.2
1.7
.0
24.7
6.3
12.8
1 7
.0
24.8
6.6
13.0
1 7
.0
24.8
7.0
13.4
1.7
.0
26.0
7.4
13.6
1 7
.0
25.7
7.9
13.6
1 7
.0
.9
1.0
5.8
.6
85.8
State and local
7.5
3.3
20.8
35.7
40.0
42.7
42.6
45.5
44.4
45.8
45.9
46.1
47.7
1.3
1.4
Federal
47.2
2.6
Equals: Personal income
Less: Personal tax and nontax payments
.0
1.5
1.2
2.1
.7
.5
1.9
2.0
1.3
18.2
2.6
31.5
4.2
35.2
4.8
37.4
5.4
36.7
5.8
39.2
6.3
38.2
6.2
39.5
6.3
39.5
6.4
39.7
6.4
41.0
6.7
96.3 228.5 310.2 332.9 350.6 359.0 380.2 371.8 381.1 381.0 386.8 393.1
83.1
Less: Personal consumption expenditures....
Equals: Personal saving
Addendum: Disposable personal income
constant (1954) dollars
45.7
93.0 2«7.7 274.4 292.9 307.9 316.5 334.6 327.4 335.3 335.1 340.8 345.4
79.0
Equals: Disposable personal income
46.4
81.9 195.0 256.9 269.9 284.8 293.0 311.6 303.9 311.2 313.3 317.0 321.1
4.2
-.6
11.1
12.6
17.5
23.0
23.1
23.5
23.1
23.5
24.1
21.9
23.7
24.4
134.9 102.1 175.1 231.0 273.4 286.9 292.9 295.2 309.0 304.3 310.7 308.9 312.9 315.7
PERSONAL INCOME
fDepartment of Commerce estimates.
In billions of dollars)
1959
Item*
1958
Total personal income
Wage and salary disbursements
Commodity-producing industries.
Manufacturing only
Distributive industries
Service industries
Government
1959
Apr.
May
June
July
Aug.
1960
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.?3
359.0 380.2 379.0 381.3 383.8 383.4 380.0 380.9 382.6 387.0 392.1 392.8 393.0 394.0 397.4
239.4 257.8 257.3 259.
261.7 261.5 258.8 259.2 259.2 261.1 265.4 268.1 268.8 269.4 271.3
97.8 107.3 108.6 109.
110.9 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7 112.2 113.0
85.4
86,
83.6
76.7 84.6
87.7 86.9
84.0 84.4
89.3 89.0
87.6
84.2
88.7
88.4
63.8 67.6 66.9 67.
68.0 68.4 68.3 68.3 68.5 68.6 68.8 69.5 69.7 70.1 70.6
34.6 37.2 36.8 37.
37.2 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.0 39.1 39.4
43.2 45.7 45.0 45.
45.6 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.4 48.1 48.3
9.3
10.0
9.9
9.9
10.0
10.1
10.1
10.2
10.2
10.3
10.3
10.4
10.4
10.4
10.5
Proprietors' income:
Business and professional
Farm
32.4
14.2
34.5
11.8
34.3
12.2
34.5
12.0
34.7
12.1
34.9
11.4
34.9
10.0
34.8
9.6
35.0
10.5
35.1
11.6
35.
12.6
35.4
11.6
35.4
10.7
35.4
10.3
35.6
10.9
Rental income
11.8
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.
12.2
12.2
12.2
Dividends
12.4
13.2
12.9
13.0
13.1
13.2
13.4
13.5
13.6
13.7
13.5
13.6
13.6
13.6
13.6
20.4
22.4
21.8
22.0
22.2
22.4
22.7
23.0
23.3
23.5
23.8
24.1
24.3
24.6
24.9
26.1
26.8
26.9
26.4
26.4
26.3
26.5
27.0
27.2
28.0
27.7
27.2
27.3
27.9
28.2
7.0
8.3
8.3
8.3
8.4
8.4
8.4
8.4
8.4
8.4
9.7
9.7
9.
9.8
Other labor income
Personal interest income
Transfer payments
2
r
Less: Personal contributions
social insurance
Nonagricultural income 3
Agricultural income
for
341.1 364.4 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 378.2 379.5 382.3
17.9
15.8
16.3
16.0
16.0
P Preliminary.
farm
15.2
13.7
13.4
14.5
15.5
16.7
15.7
14.8
14.5
15.1
enterprises, farm wages, agricultural net interest, and net dividends paid
by corporations.
NOTE.—For description of series see U. S. Income and Output, a supplement to the Survey of Current Business.
562
FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1955
A
B
C
D
E
F
G
Net national saving1
Consumer and nonprofit
Farm and noncorp. business 2 . . .
Corporate nonfinancial business.
Federal Government1
State and local governments*...
Financial sectors
H Capital consumption3
I
Consumer and nonprofit
J
Consumer durable goods
K
Owner-occupied homes
L
Plant and equip, (nonprofit)...
M
Farm business
N
Noncorp. nonfinan. business....
0
Corporate nonfinancial business.
P
Q
R
S
T
U
V
Gross national saving1
Consumer and nonprofit
Farm and noncorp. business....
Corporate nonfinancial business.
Federal Government *
State and local governments 1 ...
Financial sectors
W Gross national investment*
X
Consumer durable goods
Y
Z
a
b
c
d
e
f
Other gross private domestic fixed
investment
Consumer and nonprofit
Nonfarm residen. constr.*...
Plant and equip, {nonprofit)..
Farm business
Noncorp. nonfinan. business*,
Corp. nonfinan. business 4 ....
Financial sectors
g
h
1
j
Change in inventories 5
Farm business
Noncorp. nonfinan. business..
Corp. nonfinan. business
k
1
m
n
o
p
q
r
s
t
Net financial investment«
Consumer and nonprofit
Net acquis. offinan. assets. .
Net increase in liabilities....
Farm and noncorp. business..
Net acquis. offinan. assets. .
Net increase in liabilities....
Corp. nonfinan. business
Net acquis. offinan. assets..
Net increase in liabilities....
u
v
w
x
y
z
aa
bb
cc
dd
Federal Government
Net acquis. offinan. assets. .
Net increase in liabilities....
State and local governments..
Net acquis. offinan. assets. .
Net increase in liabilities
Financial sectors
Net acquis. offinan. assets..
Net increase in liabilities....
Financial trans, discrep
ee Discrepancy ( P - W ) 7
1956
39.4
26.6
41.4
29.3
*
1957
1957
1959
1958
36.5
30.0
*
5.8
5.8
37.5
27.9
1958
18.9
25.5
*
*
12.4
2.7 11.7
5.4
.4
3.6 -8.2 - 4 . 5
-3.2 -2.7 -3.3 -4.6 - 5 . 0
4.3
3.3
3.2
3.4
3.9
4.7
6.7
5.4
6.7
3.1 - 1 . 1
2.4 - 3 . 1
-5.0
3.5
-1.3
-.4
.1
1.0
2.8
4.5
-1.
-1.3
1.3
-1.1
5.4
8.1
-.8
3.3
-5.4
-1.5
1.7
4.0
6.2
3.1
3.8
-7.7
-1.6
.2
10.3
8.3
-.7
1.2
.7
-.5
1.4
9.8
7.7
-2.2
3.9
1.2
-1.5
.6
9.0
8.7
-1.9
3.4
-1.6
-1.3
1.7
7.4
5.2
4.8
3.2
-4.8
-1.7
.6
A
B
C
D
E
F
G
78.4
43.1
38.2
4.3
.6
4.1
8.5
22.7
18.7
10.2
9.1
.9
.1
1.0
2.1
5.5
18.1
10.3
9.2
1.0
.1
1.0
2.0
4.9
18.5
10.4
9.2
1.0
.1
1.0
2.0
5.2
18.9
10.4
9.3
1.0
.1
1.0
2.0
5.5
19.4
10.5
9.3
1.0
.1
1.0
2.1
5.8
19.1
10.6
9.4
1.0
.2
1.0
2.1
5.5
19.4
10.7
9.5
1.1
.2
1.0
2.
5.6
19.7
10.8
9.6
1.1
.2
1.0
2.2
5.7
20.2
11.1
9.8
1.1
.2
1.0
2.2
5.9
H
I
J
K
L
M
N
O
93.8 114.9
67.2 73.1
12.0
12.6
34.4
24.1
5.8
.4
3.6 -8.2 - 4 . 5
-3.2 -2.7 -3.3 -4.6 - 5 . 0
23.4
15.6
6.1
7.9
-5.0
-1.3
21.3
14.9
1.8
3.9
1.3
-1.1
.4
24.3
18.6
2.2
8.7
-5.4
-1.5
1.7
23.4
16.6
6.1
9.7
-7.6
-1.6
.2
29.4
18.9
2.3
6.7
.7
-.5
1.4
29.2
18.4
.9
9.5
1.2
-1.5
.6
28.8
19.5
S
T
U
V
W
X
62.3
33.9
30.4
67.4
36.9
33.0
72.7
40.0
35.8
74.9
41.6
37.0
3.1
.5
3.7
7.0
3.4
.5
3.7
7.5
3.7
.5
3.9
8.1
4.0
.6
4.0
8.0
17.6
19.3
20.7
21.4
.1
24.8
17.0
1.8
1.8
3.5
-.4
1.0
1.7
27.6
16.3
8.1
9.0
-4.8
-1.7
.6
92.9 112.5
37.6 43.0
27.6
11.3
21.7
8.3
21.6
9.1
23.0
26.6
11.4
26.1
9.4
29.8
11.1
26.8
10.3
29.9
12.3
66.5
22.2
18.5
3.7
5.1
10.7
27.5
16.7
4.9
4.0
.9
.8
2.3
8.4
.2
13.1
4.4
3.6
.8
1.0
1.7
5.8
.2
14.7
4.0
3.1
.8
1.3
2.5
6.7
.2
15.1
4.6
3.6
.9
1.2
2.5
6.6
.2
15.8
5.2
4.3
.9
1.0
2.4
7.0
.2
14.0
5.2
4.3
.9
1.2
2.1
5.3
.2
17.3
4.9
4.1
.9
1.5
3.2
7.4
.2
17.7
5.9
4.9
1.0
1.4
2.9
7.3
17.5
6.2
5.3
1.0
1.0
2.5
7.5
.2
-2.4
.3
.2
.2
.6 - . 3
.1
-1.0 -2.4 - 1 . 1
-.6
.2
-.5
4
3.2
.2
.9
2.0
1.8
.2
.1
101.8 108.9 110.2
66.2 67.9
60.5
11.3
10.7
11.9
25.1
30.1
26.1
3.3
3.2
3.9
103.8 108.0 111.1
39.6 38.5 40.3
3.4
62.7 64.6 58.7
18.9 18.2 18.2
16.1 14.9 14.7
2.7 2.8 3.3 3.4
3.8
4.2
4.6
4.0
10.1
10.1
9.2
9.7
+24 1 29.1 32.0 26.1
.7
\l
.7
.8
58.4
19.3
16.6
5.8
.3
.6
4.9
*
5.4
25.8
20.4
-4.4
.6
5.0
2.0 -3.8
1.1
.8
* -.1
1.2 -4.8
2.1
12.6
4.2
.4
2.9
.7
3.2
-2.9 -12.2 -6.9
16.8
4.2 2.8
19.6 16.4
9.7
5.8
A
.9 7.5
.5 -4.3
-2.6
2.2
4.8
3.6
26.9
23.3
.5
-2.0
4.8
.8
A
3.5
-1.1
.2
-.8
-.5
.4 - 1 . 7
.7
12.3
1.8
12.5
5.4
24.6 33.1
3.6
12.1 20.8
3.6
-2.8 - 4 . 5
.5
7.5 — .2
4.3 4.2 -3.1
-.3
A -4.0
1.5
7.4 12.9
1.9
7.0 16.8
4.7
-.4
.2
4.9
11.3
27.6 23.1
15.0 11.8
-2.5 -2.5
4.3
-.9
.9
9.2
-1.6
-1.3
.2
.2
-.5
.5
1.5
.3
.2
-.1
4.8
-.6
5.5
5.2
3.2
7.4
.4
3.9
1.9
-1.9 -1.9 -1.9
— .2
.5
.3
1.7
2.5
2.2
-4.3
A
2.6
-6.2
1.4
6.8
-1.9
1.3
4.3
2.8
8.7
5.9
3.0
.8
-2.1
2.0
5.4
3.4
-A
-.4
2.1
4.0
8.1
7.0
6.0
3.0
-2.1 -4.1
.7
-.5
4.2
7.7
-1.7
.6
.3
5.4
4.8
2.0
3.7
8.6
5.0
-3.1
-.2
2.9
.3
3.4
3.1
-5.0
-2.1
2.8
-.6
1.0
1.6
-A
9.0
9.4
1.5
3.5
1.4
-2.2
-1.2
1.2
2.4
.5
2.7
2.2
-1.2
1.3
3.9
2.6
-.7
7.5
2.2
1.2
16.1
14.9
-5.4
-4.4
1.0
-2.7
-.8
1.9
2.2
7.5
-.8
-.4
-7.6
.7
1.2
.2
.7
4.1
8.4
— .4
2.9
- . 3 - 1 . 7 -1.4
.2
1.0
.6
1.8
1.4
2.0
1.7
-.5
.9
75.0
* 10.3
75.5 - 7 . 7
9.5
.7 - 1 . 3
A
-1.6
3.0
4.7
-1.5
.8
2.4
1.9
8.1
6.1
-.4
2.4 - 4 . 2
3.1
-.2
1.3
3.6 -8.2 - 4 . 5
6.5
3.2 7.5
-.4
9.8 11.0
-2.2 -3.0
4.9 -AA
2.6 3.5
3.0 2.8
4.8 6.5 7.9 7.2
4.2
2.5
3.4
2.6
22.4 23.7 35.3 28.7
19.9 21.1 31.8 24.5
•
-.9
-2.0
-.8
.8
1.3
-3.2
3.4
-.6
.1
2.5
9.3
6.8
4.9
.3
-4.5
-3.1
3.9
6.9
-4.8
-.9
3.9
.2
1.2
1.0
-.3
10.2 bb
10.6 cc
.5 dd
2.0 - 2 . 3
ee
* Less than $50 million.
» Preliminary.
t Includes $0.3 billion of existing facilities purchased from Federal
Government.
* For govt. sectors, saving is excess of all nonfinancial receipts over all
nonfinancial outlays; investment, changes in financial assets and liabilities
only. Govt. current outlays include, and govt. (and national) investment
excludes, govt. purchases of tangible assets.
2 Annual figures for farm sector are retained earnings of corporate
farms; farm and nonfarm unincorporated businesses shown as having
zero annual net saving. Quarterly figures for both sectors include seasonal
net3 saving. See p. 838 of the BULLETIN for August 1959.
Depreciation, accidental damage to fixed capital, and capital outlays
charged to current account. Line H includes amounts for financial
sectors not shown separately. See discussion on p. 836 of the BULLETIN
for4 August 1959.
For consumers, 1- to 4-family dwellings completed and purchases of
additions and alterations. Investment of nonfarm business sectors
includes work in process on 1- to 4-family dwellings and other private
residential construction.
5 After inventory valuation adjustment.
6 Financial component of national investment equals net lending to
rest of world; financial flows among domestic sectors cancel out in
national total. (Discrepancies in financial transactions attributed entirely
to domestic transactions.) Differs from U. S. "net foreign investment"
(net exports minus net unilateral transfers in national income accounts)
by discrepancy in rest-of-world account, which equals "errors and
omissions" in Dept. of Commerce balance-of-payments statement for
the United States.
7 Saving and investment are equal in concept but may differ statistically
because of discrepancies. See p. 857 of the BULLETIN for August 1959.
NOTE.—Discriptions of sectors and of transaction categories are given
in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN
for August 1959. For latest detailed flow of funds/saving tables, see
the BULLETIN for April 1960.
Notes to table on opposite page.
1 Demand deposit liabilities of banking system are net of F. R. float
and cash items in process of collection as reported by commercial banks.
Sum of sector holdings (partly on holder-record basis) differs from liability
total mainly because of mail float (checks in transit from drawers to
drawees). For further discussion, see p. 853 of the BULLETIN for August
1959.
2 Consumer-held only; includes net interest accruals. Savings bonds
held by other sectors included in Federal obligations category.
3 Mainly time deposits of State and local governments, corporate
businesses, and savings institutions.
4
Assets in these categories shown as consumer holdings.
5 Marketable issues maturing within one year and, prior to 1956r
savings notes.
6 Excludes loans to domestic commercial banks. Gross of valuation
reserves.
563
FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1957
1955
1956
1957
1958
1958
1959
1959*
4*
I. Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K
Net increase in commercial bkg.
system liability1
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate bus...
Corporate nonfinancial b u s —
State and local government...
Financial sectors
Rest of the world
Discrepancy (A—B)
2.3
.8
-.6
1.5
-.8
.3
1.0
.4
.6
1.7
1.8
-.2
1.7
1.0
.1
.1
.2
.2
.2
1.5
-.8
.3
.2
5.8
6.3
.1
6.2
2.5
1.3
1
.2
.4
1.1
2.0
.7
1.2
1.
-.6
.2
.5
3.1
1.4
-2.7
4.0
1.3
.1
1.3
.6
1.7
.5
2
\l
.3
.2
-1.1
-.5
.1
-.9
-3.4
-2.4
-5.0
2.7
2.4
.3
1.0
-.7
3
-5.2
-3.2
1.5
-4.4
-1.3
.3
-3.1
-.3
-.1
-.3
-1.9
6.4
5.7
3.6
1.8
-.8
.3
1.3
.6
.3
.2
.7
-1.0
1.6
5.5
4.3
1.3
-.1
5.0
3.3
1.8
-.1
2.5
1.6
1.0
-.2
3.1
.9
2.3
-.2
2.3
1.1
1.4
-.2
3.0
1.
2.3
1.8
1.5
-.2
2.2
-.6
A
B
C
D
5.5
5.0
-.2
2.8
2.4
2.5
-.2
1.1
1.5
3.1
-.2
.5
2.8
2.3
-.2
.6
2.0
3.0
-.6
.9
2.6
.8
-.6
1.5
-.6
-.2
2.4
E
F
G
H
1.5
2.0
-.2
-.3
I
J
K
L
-\\
8.0
6.3
-7.3
-5.6
£
6.1
2.
-4*.9
-1.1
—. 2
2^5 - 2 . 9
.6 - . 4
.4
3
2.4
2.3
1.0
1.2
1.5
.1
2.1
3.8
2.1
3.2
1.5 - 1 . 3
4.5
i!o
1.6
-.2
1.8
.6
.6
I
'.7
II. Fixed-value redeemable claims
A
B
C
D
Net increase by type
Time deposits
Savings shares
U.S. savings bonds 2
8.4
2.9
5.3
.3
8.9
3.6
5.4
10.1
6.8
5.2
-1.9
16.0
10.1
6.5
-.5 -
7.5
2.2
7.2
1.
2.8
1.4
1.8
E
F
G
H
Net increase in liab., by sector
Federal Government
Commercial banking
Savings institutions
8.4
1.3
7.1
9.0
-.3
2.
7.3
10.1
-2.2
5.5
6.9
7.5
16.1
- . 7 -2.0
8.0
1.1
8.8
8.4
2.9
-.5
1.0
2.3
I
J
K
L
Net increase in assets, by sector
Consumer and nonprofit
Other domestic sectors 3
Rest of the world (time deposits),
8.4
8.7
-.1
-.1
8.9
9.0
.1
-.1
10.1
9.8
.4
16.0
7.5
13.6
9.5
1.3 - 1 . 0
.9 - 1 . 0
2.8
2.8
5.5
3.3
1.2
1.0
5.0
3.7
1.2
2.5
3.0
-.4
3.1
3.6
-.6
2.3
2.3
3.0
3.6
— .2
-.4
III.
A
2.0
Savins through life insurance
and pension funds
A
B
C
Net increase, by type.
Life insurance
Pension funds
8.4
3.2
5.1
9.3
3.8
5.6
9.0
2.8
6.2
10.3
3.4
6.9
10.9
3.5
7.4
2.3
.7
1.6
2.6
.8
1.8
2.2
.7
1.5
2.6
.9
1.7
2.8
1.0
1.8
2.7
.8
1.9
3.0
1.1
1.9
2.4
.8
1.7
2.9
.9
2.0
D
E
F
G
H
Net increase in liab., by sector4
Federal Government
State and local government
Life insurance companies
Private noninsured pension plans
8.4
.6
1.2
4.6
2.0
9.3
1.0
1.4
4.8
2.1
9.0
.6
1.6
4.3
2.6
10.3
1.0
1.9
4.8
2.6
10.9
1.0
2.1
4.8
2.9
2.3
.1
.4
1.2
.6
2.6
.2
.4
1.1
.9
2.2
.4
.5
1.0
.4
2.6
.3
.5
1.3
.6
2.8
.1
.5
1.4
2.7
.2
.5
1.1
.9
3.0
.4
2.4
.3
c
i!o
2.9
.1
.6
1.4
43.8 30.6 36.7 45.4
.8 - 5 . 4
9.1
1.3
5.5 - 1 . 2
-7.1
7.4
7.9 -12.8 - 4 . 2 10.3
4.7
3.2
5.7
3.5
7.5
5.0
6.9
4.0
4.0 4.2
3.8
3.0
8.6 10.4
12.6 10.8
3.5 4.2
3.8
3.6
2.7
3.4
.3
6.4
-.4
1.4
.9 - . 7
2.3
1.4
5.9
8.0
2.6
1.1
61.8
11.5
5.5
5.9
4.9
4.7
4.5
13.6
5.6
6.3
IV.
l!3
.7
Credit and equity market
instruments
A Net increase, by type
B
Federal obligations 5
C
Short-term direct
D
Other
E
State and local obligations
F
Corporate and foreign bonds.
G
Corporate stock
H
1- to 4-family mortgages
I
Other mortgages
J
Consumer credit
K
Security credit
L
Bank loans n.e.c
M
Other loans
,
,
,
,
N
0
P
Q
R
S
T
U
V
Funds raised, by sector
Consumer and nonprofit
Farm business
Noncorporate nonfinancial bus.. .
Corporate nonfinancial business..
Federal Government
State and local government
Financial sectors
Rest of the world
W
X
Y
Z
a
b
c
d
e
f
g
h
1
j
k
Funds advanced, by sector
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfinancial business..
Federal Government
State and local government
Commercial banking system
Monetary authorities
Commercial banks
Securities
Loans6
Savings institutions
Insurance sector
Finance n.e.c
Rest of the world
44.0
20.3
1.2
4.0
9.0
30.9
14.9
.9
3.4
11.4
i
-5.4
3.3
5i8
1.3
.3
1.0
36.6
11.7
1.1
2.6
11.3
1.0
4.9
2.6
1.4
43.8 30.6 36.7
8.0
7.9 9.7
.2
.2
.3
5.0 -3.9 - 1 . 2
1.4
2.3
1.1
1.9
2.3 2.8
4.8 4.3
4.8
.3
-.3
4.5
5.0
5A
1.3
-7.0
-3.5
12.1
8.0 3.8
8.1
7.3 7.2
8.3
8.1
7.9
2.3
1.6
5.3
.6
1.3
1.0
45.2
12.0
1.4
4.2
8.5
9.3
5.9
1.5
2.4
45.4 61.8
3.6 16.7
.2
.4
1.2
5.1
1.7
3.9
2.0
2.7
17.0
5.2
2.2
.3
14.9
4.9
10.4 -7.5
4.5
12.5
9.1 10.6
8.8
9.6
1.8
4.6
-.1
3.1
* Less than $50 million.
* Preliminary.
>
NOTE.—Data for excluded categories—trade credit, proprietors' net
investment, gold, Treasury currency, and misc.—and more detail on
7.9
2.9
61.9
20.8
1.9
6.2
10.4
10.9
5.1
5.8
5.9
13.7
.9
2.6
1.2
-4.3
-.3
6.9
1.3
1.6
1.9
1.4
1.5
2.4
1.0
1.4
.8
3.1
2.4
1.7
1.0
1.1
.8
.1
.6
-2.3
2.
-2.1
*
.7 - . 3
-1.7
-.3
-.2
1.4
6.1
11.9
2.8 13.6
3.6
1.9
3.9
.4
.2
-.2
.4
.9
1.5
.2
.9
-.8
1.8
2.6
2.0
2.4
2.3 - 2 . 0
2.2
1.1
1.1
2.0
1.7
1.4
1.1
1.5 - 1 . 7
-.4
.6
.6
.5
.5
22.7
5.9
-.1
3.9
1.5
7.9
.8
2.1
.7
11.8
5.9
3.0 13.7
-.6
.2
1.9
.2
.4 - . 5
1.8 - 1 . 8 - 2 . 3
1.1
.3
.5
.9
*
.2
.3
.4
.9
3.6 - 1 . 2
10.8 - . 6
-.4
.9 - . 6
1.8
-.2
9.0
2.7
-.5
6.5
1.0
1.6
1.2
2.5 -1.2
1.1 -1.7
2.3
2.8
1.3
1.7
1.7
2.3
2.0
2.3
1.7 - 2 . 1
.8
.1
-.6
.4 - . 5
22.7
1.4
.5
4.2
.9
.6
8.0
1.4
6.6
1.7
4.9
2.3
2.5
2.1
.3
11.8
2.0
2.2
-.2
1.1
1.8
.9
1.9
1.0
1.6
*
.1
1.4
3.0
-2.0
-1.9
22.7
7.3 18.5
1.9
7.7
3.8 - 4 . 6
4.7
3.9
4.6 - 2 . 8
1.3
1.4
.8
1.1
1.1
1.6
1.2
1.3
1.1
2.9
3.8
3.2
1.2
1.6
1.2
-.9
2.6
1.9
-.2
-.2
1.4
-.4
3.6
2.8
1.0
1.3
.9
18.3
5.3
.7
4.6
1.8
1.1
.8
3.7
1.5
1.7
-.4
2.8
.1
17.7 A
4.2 B
4.7 C
-.5 D
.4 E
1.5
F
1.2 G
3.2 H
1.3
I
2.7
J
.8 K
1.9 L
.5 M
7.3
3.0
.7
-.3
1.9
-.2
1.3
.8
.2
18.3
5.0
l!8
2.8
5.2
1.9
1.2
.3
17.7
6.8
7.3 18.5 18.3
4.5
3.2
4.8
*
-.3
.3
1.2
1.0
1.3
1.6
.7
.4
.6
4.5
-5.6
2.9
.6
.5
g
4.0
2.4
-A.I
-1.3
-1.2
-4.5
5.3
3.6
-.3
3.2
3.0
2.8
2.5
2.0
2.4
.9
.8
1.0
1.0
1.3
.1
17.7
4.2
.5
1.6
.5
.6
3.4
.1
3.3
-.5
3.8
1.6
2.7
2.0
.7
18.5
6.0
1.1
3.0
3.4
1.7
1.5
1.5
.4
~L8
2.3
4.2
.5
2.3
N
O
P
s
T
U
V
w
X
Y
z
sector transactions appear in other flow of funds/saving tables in the
BULLETIN for April 1960.
For other notes see opposite page.
564
MEMBER BANK EARNINGS, 1959
EARNINGS OF ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks 1
All
State
member
banks
Central reserve
city member banks
New York
1956
1957
1958
1959
Reserve
city
member
banks
Country
member
banks
Chicago
Year 1959
Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits. . .
Other charges, fees, etc
Trust department
Other current earnings
6,078,173
6,770,958
7,126,594
8,074,868 5,183,069 2,891,799 1,306,202
307,695 3,204,840 3,256,131
1,100,589
307,846
3,662,480
62,685
310,165
121,585
309,105
203,719
1,167,739
339,451
4,136,112
71,803
354,187
136,558
340,234
224,875
1,266,176
411,403
4,245,404
80,902
388,500
139,686
364,360
230,163
475,224
1,398,835
923,611
444,652
291,174
153,478
4,925,848 3,187,398 1,738.450
61,580
95,397
33;817
294,758
421,689
126,931
149,399
90,949
58,450
408,503
182,016
226,487
230,545
151,583
78,962
181,786
68,483
798,116
14,121
27,059
24,710
136,920
55,007
508,024
59,753
649,272
18,372
202,000
155,797
179,969 2,011,200 1,936,563
2,160
48,094
31,022
2,552
174,740
217,338
5,650
56,489
62,550
159,540
32,469
79,574
6,770
90,956
77,812
Expenses
Salaries—officers
Salaries and wages—others. . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money. .
Taxes other than income
Recurring depreciation
Other current expenses
3,679,898
553,292
1,181,906
29,161
649,679
43,793
157,227
102,854
961.985
4,222,375
592,380
1,284,885
30,856
927,199
47,875
172,171
117,071
1,049,938
4,616,925
632,081
1,349,170
32,485
1,123,415
23,183
185,234
134,749
1,136,608
5,139,614 3,338,249 1,801,365
680,090
449,125
230,965
898,917
1,438,261
539,344
23,790
34,586
10,796
866,701
1,279,719
413,018
42,437
75,898
33,461
143,417
211,003
67,586
104,701
153,411
48,710
809,161
1,266,646
457.485
698,961
73,592
241,306
1,694
122,899
25,086
17,650
14,258
202,476
157,949 2,039,653 2,243,051
19,188
233,503
353,807
51,723
599,748
545,484
308
6,045
26,539
30,793
534,350
591,677
5,618
33,385
11,809
6.463
95,347
91,543
1,425
52,648
85,080
42,431
484,627
537,112
Net current earnings before income taxes
2,398,275
2,548,583
2,509,669
2,935,254 1,844,820 1,090,434
607,241
149,746 1,165,187 1,013,080
225,807
169,938
777,390
296,179
170,507
125,672
62,769
40,997
108,133
84,280
12,578
39,745
27.526
8,190
19,345
57,162
8,157
54,261
611,514
25,448
106,235
41,693
15,741
69,682
24,799
9,707
36,553
16,894
3,269
13,516
10,449
2,434
28,285
7,214
13,795
37,442
13,071
5,950
26,992
10,959
14,309
73,279
58,370
14,037
36,848
34,357
15,848
39,679
47,931
13,892
53,173
55,738
9,367
23,650
27,268
4,525
29,523
28,470
303
15,731
19,501
551
2,081
432
2,190
24,390
17,245
10,848
10,971
18,560
879,830
655,063
681,456
1,199,926
708,519
491,407
258,855
99,165
448,865
393,041
276,573
97,001
206,908
78,269
74,869
253,282
666,514
157,997
361,631
96,654
304,883
61,343
181,158
15,154
57,026
21,241
218,753
96,705
209,577
24,897
21,851
407,544
76,862
15,675
280,887
73,324
15.109
240,813
97,383
15,382
273,068
86,965
11,090
184,273
54,871
4,292
88,795
32,094
140
55,250
7,153
504
11,654
8,740
1,106
99,990
32,311
13,632
106,174
38,761
1,744,253
2,063,459
2,605,603
2,031,507 1,306,808
724,699
411,155
91,578
824,455
704,319
717,688
677,206
40,482
894,515
848,679
45,836
1,148,409
1,081,498
66,911
774,622
728,418
46,204
506,497
482,489
24,008
268,125
245,929
22,196
171,424
153,798
17,626
34,990
34,990
315,931
298,962
16,969
252,277
240,668
11,609
1,026,565
1,168,944
1,457,194
1,256,885
800,311
456,574
239,731
56,588
508,524
452,042
546,931
1,592
545,339
603,767
1,485
602,282
646,178
1,566
644,612
689,721
1,461
688,260
422,868
165
422,703
266,853
1,296
265,557
166,346
27
166,319
28,119
68
28,051
278,080
287
277,793
217,176
1,079
216,097
3,185
35,443
2,099
43,673
8,919
61,132
2,848
66,050
2,603
45,373
245
20,677
17
14,125
5,783
1,294
21,693
1,537
24,449
92,830
108,536
71,394
100,611
18,823
109,169
195,044
101,989
121,895
69,417
73,149
32,572
21,522
11,907
3,205
2,440
138,245
35,482
32,072
52,160
74,279,000
47,554,000
13,421,000
36,924,000
2,883,000
79,024,000
46,081,000
13,579,000
37,435,000
3,450,000
80,819,000
51,604,000
15,721,000
37,916,000
3,893,000
88,848,000
50,125,000
16,476,000
38,402,000
4,047,000
16,829,000 3,753,000 36
,340,000 31 ,925,000
6,405,000 2,263,000 18
,544,000 22
,914,000
2,339,000
664,000 5,777,000 7,696,000
7,649,000 1,910,000 16,101,000 12,742,000
1,173,000
82,000 1,536,000 1,256,000
Total assets
175,061,000 179,568,000 189,953,000 197,898,000
34,395,000 8,673,000 78,298,000 76,532,000
Time deposits
Total deposits
Total capital accounts
41,200,000 44,596,000 51,054,000 54,142,000
157,561,000 160,753,000 170,058,000 176,303,000
13,270,000 14,108,000 15,086,000 15,898,000
4,980,000 1,451,000 21,810,000 25
,900,000
29,083,000 7,675,000 70
,101,000 69
,443,000
3,310,000
742,000 5,941,000 5,905,000
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs....
Transfers to reserves
On loans:
Losses and charge-offs....
Transfers to reserves
All other
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
Number of officers
Number of employees
Number of banks
For notes see following two pages.
61,325
363,639
63,410
378,317
65,694
381,086
68,70:
399,28:
47,825
258,746
20,87
140,539
4,689
53,823
1,122
12,018
21,205
161,561
41,686
171,883
6,462
6,393
6,312
6,233
4,542
1,691
16
14
265
5,938
565
MEMBER BANK EARNINGS, 1959
EARNINGS O F ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Cleveland
Richmond
418,870
639,867
366,389
Philadelphia
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
222,084
348,409
424,727
1,400,157
Dallas
San
Francisco
Earnings
,
Interest and dividends on
securities:
U . S . Govt
Other
Interest and discount on loans,
Other charges on loans
Service charges on deposits...
Other charges, fees, etc
Trust department
Other current earnings
389,406 2,001,638
1,226,005
22,306
76,386
35,082
156,048
71,325
68,839
25,242
260,849
3,045
16,660
5,664
29,640
8,931
127,856
67,704
38,467
17,300
379,979 223,651
5,088
3,265
29,259
22,582
8,206
9,219
33,250
14,041
17,762
8,627
84,278
24,679
272,788
5,528
29,069
10,836
12,843
14,599
259,492
70,047
653,846
10,687
49,915
19,905
56,506
24,098
41,904
70,628
12,902
18,771
132,564 209,515
2,186
2,185
21,680
13,792
5,059
7,465
9,455
5,946
11,115
5,326
72,468
23,455
269,515
3,577
20,148
6,004
9,020
20,540
196,139
63,373
905,144
33,351
106,394
26,596
39,820
29,340
Expenses
Salaries—officers
Salaries and wages—others.
Directors' fees, etc
Interest on time deposits.. .
Interest on borrowed money
Taxes other than income...
Recurring depreciation
Other current expenses
243,129 1,201,167
35,903
133,164
77,802
369,844
2,014
5,679
35,876
276,547
2,413
28,577
10,152
33,742
31,250
8,342
70,627
322,364
274,360
36,127
77,482
3,882
61,425
3,079
12,708
9,912
69,745
410,320 239,767
50,602
37,180
107,518
66,126
2,984
2,518
113,878
51,673
3,988
2,915
9,933
28,757
9,899
12,997
89,596
59,523
304,045
43,126
81,228
2,436
64,824
4,688
14,614
11,564
81,565
731,284 161,203 147,218 215,343
96,129
42,073
27,904
24,637
201,792
42,022
35,029
54,951
2,125
1,413
2,331
4,897
36 170
194,182
30,797
38,318
2,442
9,882
1,899
3,920
4,623
7,814
6,859
29,857
4,407
4,846
7,802
18,101
176,444
59,089
43,796
38,497
269,118
46,279
62,324
2,515
52,168
4,404
20,750
10,848
69,830
942,660
106,966
262,143
1,792
323,861
7,691
31,194
23,443
185,570
Net current earnings before income taxes
146,277
800,471
144,510
229,547
126,622
150,575
413,212
103,002
74,866
133,066
155,609
457,497
21,316
82,103
9,546
25,634
10,535
10,566
65,824
13,350
4,723
9,085
9,638
33,859
582
11,332
1,750
3,868
17,293
14,505
1,703
3,363
949
2,927
9,522
1,825
514
3,688
872
2,299
2,517
1,909
7,810
34,909
10,293
2,223
5,405
1,511
405
1,582
700
1,365
1,936
1,813
183
3,172
1,149
1,569
11,516
A,All
638
2,512
4,502
1,992
21,282
23,163
1,147
1,290
1,094
977
7,320
3,063
431
1,492
3,538
1,082
1,218
1,541
1,581
5,880
5,351
375
2,534
1,302
957
179
900
1,497
557
1,917
2,435
823
1,876
780
8,086
7,491
65,418
351,792
53,538
94,070
43,441
66,631
217,503
42,911
22,577
41,680
43,381
156,984
38,348
4,966
217,139
32,614
33,027
2,490
37,457
34,108
23,476
5,880
37,786
4,020
128,485
35,120
25,640
5,892
12,509
927
21,929
3,818
16,813
3,473
73,905
24,689
544
12,724
8,836
959
86,206
14,874
657
12,199
5,165
835
15,819
5,851
655
10,071
3,359
1,604
18,274
4,947
2,334
35,033
16,531
546
5,905
4,928
1,422
6,159
1,560
2,004
9,046
4,883
2,840
15,318
4,937
982
46,314
11,094
100,518
161,111
93,716
94,510
261,533
73,441
57,012
100,471
121,866
334,372
51,236
51,178
58
138,598
126,319
12,279
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves. .
Profits on securities
On loans:
Recoveries
Transfers from reserves. .
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs. . .
Transfers to reserves
On loans:
Losses and charge-offs...
Transfers to reserves
All other
Profits before income taxes. . .
57,215
16,201
231,501
2,566
24,115
10,653
34,025
13,130
296,013
118,473
102,175
530,782
Taxes on net income
Federal
State
38,300
32,795
5,505
204,870
183,242
21,628
36,597
36,346
251
48,007
48,007
37,687
36,866
Net profits
63,875
325,912
63,921
113,104
Cash dividends declared
On preferred stock 2
On common stock
35,780
52
35,728
217,031
1,083
215,948
42,233
2
42,231
49,982
154
1,877
505
19,008
10
2,275
8,473
6,098
42,375
24,026
2,955
5,877
454,620 1,144,496 264,205
Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
Total a s s e t s . . . .
Time deposits
Total deposits
Total capital accounts
Number of officers
Number of employees
Number of banks
4,710
7,909
5,752
821
33,612
32,804
808
94,574
94,313
261
25,650
25,184
466
23,638
21,209
2,429
41,853
40,155
1,698
56,029
60,898
166,959
47,791
33,374
58,618
70,630
195,774
27,800
1
27,799
27,922
10
27,912
79,353
253
79,100
21,013
28
20,985
16,667
7
16,660
23,945
37,623
23,945
37*,623
110,372
25
110,347
834
7,496
348
1,271
84
3,006
109
12,762
22
1,497
1,251
17
3,459
159
4,386
605
7,762
58,748
6,539
8,328
3,734
8,051
10,533
21,029
12,023
9,717
2,420
48
2,178
3,964
4,842
1,852
8,978
29,504
14,741
4,110,000 24,124,000 4,624,000 7,096,000 3,787,000 4,513,000 12,056,000 2,890,000 2,243,000 3,562,000
10,440,000 2,480,000 4,473,000 2,460,000 2,998,000 9,455,000 2,002,000 1,451,000 2,493,000
689,000 4,241,000
933,000 1,351,000 672,000
913,000 2,657,000 575,000 462,000 730,000
1,654,000 9,935,000 1,834,000 2,861,000 ,847,000 2,403,000 5,604,000 1,489,000 965,000 2,065,000
366,000
192,000
85,000 127,000
169,000 1,442,000
237,000 161,000
211,000
81,000
8,604,000 50,181,000 10,064,000 16,018,000 8,927,000 11,039,000 30,138,000
5,207,000 8,977,000
7,037,000
1,602,000 11,242,000 2,979,000 5,168,000 2,295,000 2,538,000 9,224,000
1,572,000 1,582,000
1,553,000
,085,000
",586,000 43,346,000 8,934,000 14,303,000 8,010,000 9,988,000 27,300,000 6,344,000 4,690,000 8,085,000
1,420,000 713,000
797,000 4,450,000
934,000
816,000 2,229,000 579,000 388,000 723,000
4,673,000
2,609,000
834,000
2,684,000
280,000
15,169,000
7,281,000
2,417,000
5,063,000
695,000
3,620
23,381
10,740
90,703
23,212
277
508
49,982
4,938
29,950
499
4,122
i Includes figures for all banks that were members of the Federal Reserve
System at the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year);
and in addition includes appropriate adjustments for member banks in
operation during part of the year but not at the end of the year. Data
may not add to totals because of rounding.
56,299
15,742
160,491
1,613
11,689
11,080,000 30,625,000
2,125,000 1
12,263,000
",996,000 -^,722,000
9,996,000 :
27,722,000
901,000 ,949,000
4,584
25,875
44'
8,794
55,069
3,284
13,805
2,951
11,14."
4,864
17,194
5,020
19,209
11,611
68,818
403
4,174
20,927
1,008
488
477
756
633
165
2
3
Includes interest on capital notes and debentures.
Not available on the 13-month basis used for all member banks. See
NOTE on following page.
For other notes see following page.
566
MEMBER BANK EARNINGS, 1959
EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Earnings
Interest and dividends o
securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits..
Other charges, fees, etc
Trust department
Other current earnings
137,889
90,125
172,752
379,652
162,147
185,080
344,069
123,025
69,083
164,087
205,550 1,171,381
17,219
3,800
81,697
1,399
4,022
6,145
17,738
5,869
11,329
5,861
59,320
1,253
5,158
1,388
1,978
3,838
20,649
8,246
109,801
1,500
6,755
2,749
19,498
3,554
70,107
23,546
224,151
3,532
15,209
4,607
28,088
10,412
28,478
6,792
95,804
1,453
10,386
4,895
9,570
4,769
30,762
8,219
114,992
2,982
8,773
4,433
7,257
7,662
80,189
21,536
196,219
3,462
18,930
5,245
13,300
5,188
21,747
6,264
78,254
847
4,540
2,144
6,448
2,781
8,572
3,242
45,206
811
2,797
1,677
4,773
2,005
28,555
7,565
104,334
882
6,839
1,260
7,759
6,893
30,079
8,883
136,559
2,529
4,198
2,055
7,071
14,176
160,338
51,843
764,863
27,444
87,133
19,891
36,060
23,809
Expenses
Salaries—officers
Salaries and wages—others.,
Directors' fees, etc
,
Interest on time deposits
Interest on borrowed money,
Taxes other than income
Recurring depreciation
Other current expenses
70,318
10,588
27,081
247
3,713
800
3,287
1,913
22,689
62,649
6,830
17,480
303
17,061
756
1,561
1,378
17,280
105,538
12,545
37,839
455
11,885
2,351
5,745
3,087
31,631
231,651 103,804
14,770
24,628
33,224
67,497
694
584
62,231
16,463
2,182
3,432
4,886
16,437
4,368
5,857
50,985
27,217
119,842
14,603
34,735
522
21,791
3,061
7,158
3,423
34,549
230,157
22,386
71,162
858
62,559
2,974
9,509
5,124
55,585
68,953
9,614
21,058
298
10,366
1,552
3,312
1,377
21,376
43,183
96,470
5,269
14,032
203
6,389
2,023
846
803
13,618
13,237
28,483
414
15,457
3,077
3,176
3,706
28,920
122,245
15,136
27,4161
352
27,169!
3,943
12,072
4,497
31,660
784,843
83,897
219,741
1,115
279,266
7,234
27,358
17,115
149,117
Net current earnings before income taxes
,
67,571
27,476
67,214
148,001
58,343
65,238
113,912
54,072
25,900
67,617
83,305
386,538
12,646
3,839
4,288
18,741
7,044
6,085
12,049
9,809
624
4,914
2,451
25,643
1
7,573
1,243
164
182
771
4
2,910
213
2,580
6,435
1,175
113
2,647
181
2,242
1,625
1,243
4,524
1,493
1,202
1,723
4,504
977
9
70
103
979
1,156
1,385
2
919
691
1,454
7,928
3,887
171
1,703
1,955
22
2,150
550
453
538
170
355
6,112
2,084
41
1,384
2,678
289
207
479
310
1,977
2,543
6
2,300
299
125
49
268
74
81
1,239
39
139
661
305
7,750
4,319
28,734
16,246
27,517
68,500
24,240
34,769
56,492
27,062
7,060
19,661
15,607
122,977
16,825
3,012
1,126
8,018
20,420
13
11,815
4,756
23,189
3,272
30,756
12,329
17,214
4,333
4,528
70
11,776
2,629
7,574
1,832
50,429
23,649
5,387
3,510
5,866
1,236
4,455
2,629
23,101
32,792
48
8,705
3,854
5
5,293
2,371
240
6,565
1,503
224
10,025
3,158
6
2,492
3,017
319
1,742
401
150
3,521
1,585
9
5,258
934
105
40,681
8,113
Profits before income taxes
51,483
15,069
43,985
98,242
41,147
36,554
69,469
36,819
19,464
52,870
70,149
289,204
Taxes on net income.
Federal
State
Net profits
21,624
18,399
3,840
3,203
637
16,485
16,485
24,432
24,432
15,511
15,141
370
12,507
12,192
22,502
22,398
9,582
8,575
1,007
22,971
22,271
700
32,761
104
12,456
12,124
332
32,761
121,260
110,981
10,279
11,229
27,500
73,810
25,636
46,967
24,363
9,882
29,899
37,388
167,944
24,621
11,807
115
24,506 ' Yl',807
6,077
12,272
22,754
6,077
12,272
' 22/754
96,569
5
96,564
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves. . .
Profits on securities
On loans:
Recoveries
Transfers from reserves. . .
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs...
Transfers to reserves
On loans:
Losses and charge-offs...
Transfers to reserves
All other
Cash dividends declared.
On preferred stock 2. .
On common stock....
Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
,
Loans
U. S. Govt. securities.
Other securities
Cash assets
Other assets
3,225
29,859
315
24,047
8,703
167
8,536
21,154
126
242
820
805
797
5,628
311
972
73
3,257
22
525
97
4
1,377
158
1,228
114
6,431
4,582
2,287
9,444
2,100
1,908
56,467
2,411
6,225
1,180
6,783
3,963
15,845
3,393
7,839
589
625
2,426
1,710
982
3,110
27,652
12,206
15,057
32,666
13,345
' '32,666 ' '1*3,345
13,055
13,055
' '1*5,057
,572,000
565,000
163,000
668,000
71,000
988,000 2,025,000 4,394,000 1,739,000 2,064,000 3,652,000
404,000
729,000 2,397,000 1,051,000 1,125,000 2,935,000
214,000
296,000
305,000
827,000
790,000 272,000
358,000
948,000 1,856,000 961,000 1,210,000 1,848,000
34,000
128,000
86,000
82,000
84,000
137,000
1,519,000 825,000 1,943,000 2,592,000 13,027,000
769,000 331,000 1,044,000 1,148,000 6,048,000
222,000 115,000 297,000
256,000 2,021,000
835,000 433,000 1,193,000 1,436,000 4,354,000
599,000
37,000
78,000
29,000
172,000
Total assets.
3,038,000 1,998,000 4,083,000 9,574,000 4,104,000 4,788,000 9,389,000 3,382,000 ,734,000 4,554,000 5,605,000 26,049,000
Time deposits
Total deposits
Total capital accounts.
219,000
534,000 2,655,000 754,000
875,000 3,071,000 497,000 267,000 622,000 1,106,000 10,570,000
642,000
2,623,000 1,800,000 3,584,000 8,486,000 3,679,000 4,287,000 8,556,000 3,016,000 ,513,000 4,060,000 4,986,000 23,512,000
",556,000 ,016,000 513,000 ,060,000 ',986,000 ",512,000
315,000
374,000
357,000
475,000 ,650,000
155,000
875,000 300,000
638,000 285,000 144,000 372,000
N u m b e r of officers
N u m b e r of employees.
N u m b e r of banks
895
7,507
589
4,732
989
10,284
1,728
17,182
1,282
9,977
1,275
10,415
1,673
18,609
824
6,633
452
3,915
1,163
8,183
1,161
7,808
9,174
56,316
21
19
23
62
19
10
38
26
24
* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle,
and end of each year, plus the last-Wednesday-of-the-month figures for
the 10 intervening months. The number of officers, employees, and banks
are as of the end of the year. Cash assets are comprised of cash, balances
with other banks (including reserves balances), and cash items in process
of collection. Total capital accounts are comprised of the aggregate
book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
For other notes see preceding page.
567
MEMBER BANK EARNINGS, 1959
EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
251,517
Earnings
Interest and dividends on
securities:
39,996
U. S. Govt
12,401
Other
Interest and discount on loans. 149,804
1,167
Other charges on loans
20,093
Service charges on deposits..
4,508
Other charges, fees, etc
16,287
Trust department
7,261
Other current earnings
605,311
246,118
260,215 204,242
269,540
492,732
141,180
153,001
184,322
219,177
228,776
102,898
44,129
368,569
6,932
44,169
8,984
17,150
57,749
14,921
155,828
1,556
14,050
3,599
5,162
7,350
39,226
10,508
127,847
1,812
12,196
4,324
53,516
16,460
157,796
2,546
20,296
6,403
5,586
6,937
119,550
30,139
277,658
5,065
28,433
9,010
34,552
9,478
82,237
766
7,149
2,566
1,461
2,971
33,332
9,660
87,358
1,374
10,995
5,788
1,173
3,321
42,073
11,206
105,181
12,480
48,190
16,996
151,048
1,545
9,905
2,915
10,142
5,377
14,841
3,799
1,696
4,222
42,389
14,572
132,956
1,048
15,950
3,949
1,949
6,364
35,801
11,530
140,281
5,907
19,261
6,705
3,760
5,531
Expenses
Salaries—officers
Salaries and wages—others..
Directors' fees, etc
Interest on time deposits....
Interest on borrowed money.
Taxes other than income....
Recurring depreciation
Other current expenses
172,811
25,315
50,721
1,767
32,163
1,613
6,865
6,429
47,938
439,557
52,742
111,058
3,682
136,587
2,735
14,531
15,614
102,608
168,822
23,582
39,643
3,427
49,540
728
6,963
6,825
38,114
178,669 135,963
22,410
25,974
32,902
40,021
1,824
2,400
35,210
51,647
733
556
5,047
12,320
5,531
7,140
32,306
38,611
184,203
343,178
54,555
78,907
100,830
1,290
13,885
11,552
78,428
92,250 104,035 118,873
18,290
19,368
28,836
20,964
20,997
26,468
1,827
1,210
1,917
29,781
20,431
22,861
347
419
843
4,502
3,777
3,683
3,469
3,604
4,096
22,420
24,879
30,169
146,873
31,143
34,908
2,163
24,999
461
8,678
6,351
38,170
157,817
23,069
42,402
677
44,595
457
3,836
6,328
36,453
Net current earnings before income taxes
78,706
165,754
77,296
81,546
68,279
85,337
149,554
48,930
48,966
65,449
72,304
70,959
8,670
15,495
5,258
6,893
3,491
4,481
12,778
3,541
4,099
4,171
7,187
8,216
581
3,759
507
435
3,595
3,285
1,699
453
736
347
3,087
650
401
1,041
691
57
892
666
852
5,131
1,877
500
901
534
396
1,512
597
386
780
428
181
2,253
458
115
3,588
530
467
809
2,547
1,667
3,401
3,112
694
752
924
622
1,208
390
108
860
793
1,011
1,062
720
1,822
2,376
369
234
979
1,003
832
130
632
1,423
476
678
2,396
684
1,215
475
336
3,172
36,684
76,691
26,021
25,570
19,201
31,862
61,846
15,849
15,517
22,019
27,774
34,007
21,523
1,954
34,855
9,442
12,607
2,477
14,356
1,316
11,661
1,124
14,597
748
40,703
1,550
8,426
1,559
7,981
857
10,153
1,189
9,239
1,641
23,476
1,040
544
7,337
5,326
819
25,090
6,485
657
7,744
2,536
787
7,114
1,997
650
4,778
988
1,364
11,709
3,444
1,606
13,354
4,633
540
3,413
1,911
1,103
4,417
1,159
1,854
5,525
3,298
2,831
10,060
4,003
877
5,633
2,981
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves. ..
Profits on securities
On loans:
Recoveries
Transfers from reserves. ..
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs....
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
Allother
4,471
3,858
28,523
46,493
1,914
43,033
1,627
7,456
8,141
47,016
10,737
12,140
3,731
1,304
Profits before income t a x e s . . . .
50,692
104,558
56,533
62,869
52,569
57,956
100,486
36,622
37,548
47,601
51,717
45,168
Taxes on net income
Federal
State
16,676
14,396
2,280
29,606
26,241
3,365
20,112
19,861
251
23,575
23,575
22,176
21,725
451
21,105
20,612
493
37,082
36,925
157
13,194
13,060
134
14,056
12,634
1,422
18,882
17,884
998
18,475
18,417
58
17,338
15,338
2,000
Net profits
34,016
74,952
36,421
39,294
30,393
23,428
23,492
28,719
33,242
27,830
Cash dividends declared
On preferred stock 2
On common stock
20,723
52
20,671
41,982
889
41,093
21,079
2
21,077
10,590 11,673
7
10,583 ' Vl',673
14,869
' *14,869
13,803
20
13,783
28
1,635
488
4,063
10
1,470
3,891
3,811
11,409
10,019
2,955
3,969
Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
36,851
63,404
17,316 14,455
1
* 1*7,316 14,454
14,867
10
14,857
26,613
70
26,543
9,206
28
9,178
348
960
84
2,034
36
3,722
972
1
1,154
13
2,082
1
3,158
491
1,331
1,878
1,831
48
1,553
1,538
3,132
870
5,868
1,852
2,535
37
1,868
2,103
1,979
1,268
6,190
6,570
2,554
2,701,000 2,049,000 2,449,000 4,651,000
'
2,076,000 1 ,409,000 1,873,000 4,257,000
562,000 400,000
608,000 1,166,000
1,004,000 886,000 1,194,000 1,846,000
156,000
101,000 79,000
127,000
2,281
4,128
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
2,538,000 6,307,000 2,600,000
',417,000 3,632,000 1,751,000
527,000 1,688,000
637,000
986,000 1,927,000 886,000
99,000
235,000
106,000
Total assets
5,565,000 13,788,000 5,981,000 6,444,000 4,823,000 6,251,000 12,075,000 3,655,000 3,473,000 4,423,000 5,475,000 4,577,000
Time deposits
Total deposits
Total capital accounts
1,383,000 5,620,000 2,446,000 2,513,000 1,541,000 1,663,000 4,701,000 1 ,056,000 1,306,000 960,000 1,019,000 1,693,000
,963,000 ",463,000
,817,000 4,331
4,963,000 12,463,000 5,350,000 5;817;OOO 4,331,000 5,700,000 11 ,068,000 3,329,000 3,177,000 4,024,000 5,010,000 4,210,000
482,000
299,000
985,000
560,000
545,000 412,000
849,000 293,000 244,000 351,000 426,000
459,000
Number of officers
Number of employees
2,725
15,874
5,462
32,148
3,133
12,928
3,210
12,768
2,892
10,950
3,309
15,460
5,999
24,442
2,460
7,172
269
483
493
551
428
380
932
469
Number of banks
For notes see preceding two pages.
,371,000 1,418,000 1,620,000 2,081,000 2,142,000
,233,000 1,120,000 1,450,000 1,462,000 1,233,000
396,000
354,000 347,000 434,000 578,000
654,000 532,000 872,000 1,248,000 709,000
96,000
107,000
57,000
49,000
44,000
2,499
7,227
467
3,701
9,011
3,859
11,401
2,437
12,502
718
607
141
568
MEMBER BANK EARNINGS, 1959
EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
Less than
2,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
100,000500,000
500,000
Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
8,002,714
56,350
284,727
437,563
705,623
583,113
617,294 1,876,711 3,441,333
1,388,840
441,077
4,902,798
94,877
418,666
148,766
378,617
229,073
13,933
3,145
33,711
194
2,868
1,631
60
67,492
19,171
169,741
1,051
15,901
6,034
556
4,781
97,309
30,685
258,539
2,694
29,635
8,768
2,475
7,458
149,235
47,080
408,463
5,618
53,729
14,813
11,414
15,271
120,310
35,771
338,290
5,663
41,139
10,765
14,769
16,406
117,656
503,188
319,717
36,004
93,358
175,863
367,238 1,143,165 2,183,651
6,336
20,582
52,739
38,651
95,789
140,954
10,267
31,473
65,015
22,979
215,985
110,379
18,163
103,938
62,248
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses
5,091,753
672,886
1,422,091
34,292
1,273,923
75,745
209,562
152,376
1,250,878
38,933
12,572
5,514
1,113
8,449
115
1,770
1,162
8,238
196,633
48,031
34,550
5,276
51,102
562
8,329
7,506
41,277
303,561
58,015
63,266
5,868
83,777
797
12,608
11,896
67,334
495,402
78,376
116,938
6,438
135,979
1,485
19,484
19,724
116,978
403,928
57,033
102,136
3,513
107,889
2,275
16,388
15,276
99,418
418,659 1,219,653 2,014,984
56,463
150,118
212,278
111,683
360,796
627,208
2,785
5,560
3,739
103,869
519,970
262,888
3,656
47,280
19,575
77,608
55,528
17,847
45,340
36,281
15,191
107,165
481,561
328,907
Net current earnings before income taxes.
2,910,961
17,417
88,094
134,002
210,221
179,185
198,635
293,3<Y
1,570
5,581
7,361
15,605
13,928
16,088
68,211
165,050
24,958
105,146
<1,501
25
231
304
842
657
948
1,216
1,682
3,742
2,262
947
4,626
1,597
1,735
5,651
1,970
11,468
26,815
9,852
8,213
63,060
23,656
449
2,758
3,525
2,305
7,411
10,360
1,962
37,447
30,712
Recoveries, transfers from reserves, and
profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to
reserves
On securities:
Losses and charge-offs
,
Transfers to reserves
,
On loans:
Losses and charge-offs
,
Transfers to reserves
,
All other
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves (not
included in recoveries above):
On securities
On loans
Losses charged to reserves (not included in losses above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
iO6
657,058 1,426,349
13,494
53,153
55,14f
1,089
81
269
2,622
533
1,049
2,060
805
1,675
2,355
2,122
3,442
652
1,996
4,110
1,189,812
4,021
23,346
42,947
76,875
71,727
81,115
291,017
598,764
659,764
156,620
933
37
9,963
539
21,682
1,231
39,539
3,907
43,930
2,312
42,860
8,697
160,207
44,368
340,650
95,529
14,662
272,658
86,108
1,650
899
502
3,951
6,127
2,766
2,422
12,564
5,048
3,005
22,196
8,228
741
19,254
5,490
380
23,168
6,010
1,760
58,742
25,940
753
129,708
32,124
2,014,543
14,966
70,329
98,416
148,951
121,386
133,608
434,252
992,635
767,833
722,287
45,546
3,847
3,694
153
20,074
19,210
864
33,720
32,405
1,315
57,864
55,485
2,379
47,038
45,572
1,466
49,991
48,296
1,695
164,966
157,449
7,517
390,333
360,176
30,157
1,246,710
11,119
50,255
64,696
91,087
74,348
83,617
269,286
602,302
683,206
419,864
263,342
4,110
2,928
l,18f
19,195
14,464
4,731
27,047
20,899
6,148
41,586
31,654
9,932
34,339
25,619
8,720
41,129
28,557
12,57:
151,627
99,046
52,581
364,173
196,697
167,476
2,846
66,013
362
2,383
51
4,449
215
6,084
277
4,170
461
4,895
1,708
7,924
127
35,746
194,03'
101,886
4
539
24:
3,97!
1,620
8,272
4,547
12,036
4,262
8,498
12,840
10,456
55,333
23,47'
115,186
34,640
531,109 2,797,608 4,304,929 7,066,715 6,009,125 6,627,415
486,138 2,341,534 3,390,881 5,242,577 4,256,219 4,103,189
114,844
731,272 1,194,306 1,832,288 1,379,117 1,432,729
281,645 1,348,877 1,994,481 3,134,484 2,609,692 2,948,055
11,975
264,629
87,423
153,25:
287,526
282,294
21,996,821
11,003,316
3,424,253
10,811,583
903,208
45,344,297
15,847,898
6,129,737
20,254,928
2,330,232
94,678,01
46,671,752
16,238,546
43,383,745
4,320,539
Total assets
205,292,601 1,425,711 7,306,714 11,037,84! 17,563,590 14,518,78: 15,393,682 48,139,181 89,907,092
Time deposits
Total deposits
Total capital accounts
402,224 2,407,195 3,899,544 6,234,312 4,826,365 4,532,47: 11,312,881 20,467,743
54,082,736
184,367,145 1,267,86" 6,605,033 10,045,199 16,027,073 13,265,868 13,989,31' 43,631,276 ^9,535,517
276 79
16,191,683
895,590 1,319,305 1.028,843 1,124,019 3,569,396 7,442,632
660,749
151,149
Number of officers
Number of employees
Number of banks
1
68,32!
396,54!
2,55:
2,549
7,573
12,914
7,629
21,359
8,875
37,440
5,677
31,540
5,312
34,351
12,995
102,962
17,712
153,428
6,19:
910
1,971
1,434
1,058
38:
197
197
49
Totals are for banks operating during the entire year, except two
trust companies having no deposits.
2
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of
officers and employees, and number of banks are as of the end of the
year. See note on second preceding page regarding the composition of
cash assets and total capital accounts.
569
MEMBER BANK EARNINGS, 1959
EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Central reserve
city member
banks
All member banks
Item
New
York
1956
1957
1958
Chicago
Reserve
city
member
banks
Country
member
banks
1959
Year 1959
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
,
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net losses including transfers (or recoveries and profits+)
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities
Net losses (or recoveries and profits+) 1
Return on loans:
Earnings on loans
Net losses (or recoveries-}-)1
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities and cash assets..
Total deposits
Time to total deposits
Interest on time deposits to time deposits
Number of banks
18.1
13.1
7.7
4.1
3.47
1.37
.59
3.77
1.42
.65
16.6
17.3
9.7
4.3
3.75
1.32
.77
18.1
5.1
61.3
5.1
10.4
17.3
5.0
62.1
5.2
17.8
5.8
60.7
5.4
100.0
28.5
10.7
21.3
100.0
100.0
27.7
13.7
21.0
27.8
15.8
21.2
60.5
39.5
10.8
11.8
16.9
62.4
64.8
35.2
10.4
37.6
7.1
13.2
17.3
10.3
+ 1.3
16.1
20.4
18.5
12.8
7.9
4.3
4.08
1.48
.64
17.3
5.5
62.2
5.2
9.8
100.0
26.2
15.8
21.6
63.6
36.4
11.2
9.6
15.6
18.3
12.4
7.2
5.0
20.2
12.3
7.6
3.8
3.80
3.55
1.77
1.73
.70
13.9
5.2
62.2
2.1
16.6
100.0
24.1
9.4
20.0
53.5
46.5
15.0
13.1
18.4
.65
19.4
6.0
59.2
.8
14.6
100.0
23.0
10.0
18.3
51.3
48.7
18.9
11.4
18.4
19.6
13.9
4.7
4.09
1.49
.65
17.2
11.9
7.7
3.7
4.25
1.32
.59
15.8
4.9
64.3
5.4
9.6
19.9
6.2
60.4
6.7
6.8
100.0
100.0
26.0
16.7
20.9
27.6
18.2
23.1
68.9
63.6
36.4
10.6
9.9
15.9
31.1
9.5
7.7
13.9
2.31
2.29
.53
2.53
2.50
.35
2.45
2.62
+ .79
2.79
2.70
1.19
2.84
2.93
2.16
2.64
2.77
1.73
2.74
2.70
1.35
2.83
2.62
.73
5.02
.11
5.32
.07
5.35
.06
5.65
.04
+ .01
4.83
4.85
+ .09
5.67
.03
6.16
.10
27.2
7.7
42.4
21.1
1.6
25.7
7.6
44.0
20.8
1.9
27.2
8.3
42.5
20.0
2.0
25.3
8.3
44.9
19.4
2.1
18.6
6.8
48.9
22.3
3.4
26.1
7.7
43.3
22.0
.9
23.7
7.4
46.4
20.6
1.9
29.9
10.1
41.7
16.7
1.6
7.6
14.6
8.4
26.1
1.58
7.9
14.7
7.9
15.0
8.9
9.6
16.3
11.4
30.0
2.20
17.1
2.47
8.6
16.5
9.7
18.9
2.12
7.6
13.6
8.5
31.1
2.45
7.7
14.4
8.5
27.7
2.08
8.0
14.5
9.0
30.7
2.36
16
14
265
6,462
i Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.
NOTE.—The ratios in this and the following three tables were computed
from the dollar aggregates shown in preceding tables. Many of these
ratios vary substantially from the average of individual bank ratios,
which will be published in a subsequent issue of the BULLETIN, in which
each bank's figures—regardless of size or amount—are weighted equally
and in general have an equally important influence on the result. In
18.1
14.6
8.3
4.3
6,393
6,312
6,233
37.3
2.28
5,938
the ratios based on aggregates presented here, the experience of those
banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example,
the 110 largest member banks have total earnings which, combined, are
larger than those of all the other member banks, numbering about 6,100.)
Ratios based on aggregates show combined results for the banking
system as a whole, and, broadly speaking, are the more significant for
purposes of general analyses of credit and monetary problems, while
averages of individual ratios are useful primarily to those interested in
studying the financial results of operations of individual banks.
570
MEMBER BANK EARNINGS, 1959
EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
New
Boston York
18.4
12.8
8.0
4.5
18.0
11.9
7.3
4.9
Phila- Cleve- Richdelland mond
phia
15.5
10.8
6.8
4.5
16.2
11.3
8.0
3.5
17.8
13.1
7.9
3.9
Atlanta
Chicago
St.
Louis
18.5
11.6
7.5
3.4
18.5
11.7
7.5
3.6
17.8
12.7
8.3
3.6
Minneapolis
Kansas
City
19.3
14.7
8.6
4.3
18.4
13.9
8.1
3.3
Dallas
San
Francisco
17.3
13.5
7.8
4.2
23.5
17.2
10.0
5.7
Percentage of total assets:
3.88
3.99
4.27
4.16
3.75
3.83
4.53
3.99
3.80
4.10 4.12
Total earnings
1.48
1.60
1.36
1.44
1.46
1.44
1.40
1.70
1.37
1.43
1.42
Net current earnings before income taxes.
.55
.65
.64
.65
.64
.68
.64
.74
.55
.71
.63
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on :
14.8
14.7
16.4 20.0
18.6 22.7
18.9 20.3
17.1
U. S. Govt. securities
21.3
18.5
5.9
5.4
4.2
5.4
5.8
5.5
6.0
6.0
Other securities
6.0
6.1
4.7
60.8
64.3
60.1
62.4
61.2
61.4
63.0
60.7
Earnings on loans
60.2
58.1
61.9
6.2
6.2
3.8
6.4
4.4
6.2
4.7
4.0
Service charges on deposit accounts
4.6
4.3
6.2
7.3
6.9
13.1
8.4
8.4
14.8
10.6
Other current earnings
9.2
8.8
8.7
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total earnings
27.8 25.6
29.2 25.1 27.1
26.5
26.9
Salaries and wages
26.0
24.7
28.2 27.3
11.0
13.8
12.3
14.3
16.3
9.2
14.7
11.6
Interest on time deposits
17.0
17.8
14.1
23.1 23.0 25.5
Other current expenses
, 24.0 21.1
23.7
22.9
21.6 23.1 25.3 20.9
61.8
63.4
66.9
61.0
66.3
62.4 60.0
65.5
Total expenses
64.1
63.9
65.4
Net current earnings before income
taxes
33.7
38.2
37.6 40.0
34.5
33.1
39.0
36.6
35.9
34.6
36.1
9.4
8.0
12.3
11.2
7.9
13.5
10.5
Net losses including transfers
, 11.3
13.2
10.7
9.0
12.0
7.4
10.7
12.1
10.2
9.7
9.9
8.7
Taxes on net income
8.3
7.5
10.3
16.8
13.4
16.6
16.3
15.0
16.4
18.1
Net profits
15.3
14.6
17.7
15.3
Rates of return on securities and loans:
Return on securities:
2.83
2.78
2.84
2.89
2.81
2.81
2.89
Interest on U. S. Govt. securities
2.78
2.86
2.74
2.75
2.79
2.57
2.74
2.79
2.81
2.35
2.71
2.70
Interest and dividends on other securities,
2.64
2.85
2.57
1
1.64
.60
.70
1.23
.50
Net losses
1.66
.98
1.06
1.08
1.56
.96
Return on'- oans:
5.94
5.84
6.01
5.70
5.61
5.17
5.71
6.17
Earnings on loans
,
5.43
5.51
5.99
.05
.11
.04
.06
.10
.02
.07 + .02
.18
Net losses (or recoveries+)1
2.0
.07
Distribution of assets:
Percentage of total assets:
27.8
23.6
27.9
20.8
24.6 27.9
23.1
U. S. Govt. securities
31.4 28.4
27.6 27.1
8.1
7.5
8.3
8.9
8.2
8.4
9.3
8.0
Other securities
8.8
8.4
7.5
39.7 42.2
43.1
48.1
46.0 44.3 42.4 40.9
47.8
Loans
40.0 41.1
18.5 23.0 24.2
21.8
19.8
18.2
Cash assets
, 19.2
18.6 21.2
17.9 20.7
1.4
1.6
2.5
1.9
1.1
Other assets
,
1.9
2.9
1.9
1.2
1.5
1.8
Other ratios:
Total capital accounts to:
8.2
7.4
8.1
8.1
Total assets
7.4
7.5
9.3
8.9
9.3
8.0
8.9
Total assets less U. S. Govt. securities
16.4
13.9
15.6
14.5
16.3
16.0
14.9
16.2
and cash assets
16.4
15.4
14.8
8.9
9.0
8.3
8.2
9.1
10.5
10.3
Total deposits
10.5
9.9
8.9
8.2
33.5
24.5
25.9
Time to total deposits
33.3
36.1
33.8
28.7 25.4
21.
19.6 21.3
2.45
2.55
1.98
2.30
2.46
2.06
2.20
2.11
2.25
2.24
Interest on time deposits to time deposits..
2.42
Number of banks
403
277
477
572
1,008
508
499
488
756
633
447
1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
4.57
1.49
.64
14.0
4.5
67.0
7.6
6.9
100.0
26.4
23.1
17.8
67.3
32.7
9.9
14.0
2.69
2.62
1.00
6.19
.05
23.8
7.9
49.5
16.5
2.3
6.4
10.7
7.0
44.2
2.64
165
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.
2 Ratio of less than .05.
571
MEMBER BANK EARNINGS, 1959
EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Phila- Cleve- Richdelland mond
phia
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts
21.5
16.3
17.7
9.7
4.8
4.51
1.38
.56
Chicago
St.
Louis
Minneapolis
Kansas
City
16.9
11.2
18.3
10.2
17.9
10.9
19.0
12.9
18.0
13.5
18.2
14.2
17.5
14.8
4.2
3.3
4.8
3.64
1.60
.72
3.98
1.49
.57
3.60
1.48
.66
3.67
1.49
.67
5.6
4.54
2.22
.98
Atlanta
4.1
New
Boston York
18.0
11.8
7.2
9.5
8.4
7.4
4.23
1.65
.67
3.97
1.55
.77
••
Net current earnings before income
taxes
Net losses including transfers
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities.
Net losses1
Return on loans:
Net losses (or recoveries+)*
Distribution of assets:
Percentage of total assets:
U S Govt securities
Other securities
...
Cash assets
Other assets
Other ratios:
Total capital accounts to :
Total assets
Total assets less U. S. Govt. securities
and cash assets
.
Total deposits
Time to total deposits
Interest on time deposits to time deposits...
Number of banks .
12.0
4.8
64.4
3.9
14.9
18.4
6.2
60.0
4.0
11.4
100.0
27.3
2.7
21.0
27.0
18.9
23.6
100.0
29.2
6.9
25.0
51.0
Other current expenses
12.6
6.5
67.2
5.7
8.0
100.0
Total earnings
Salaries and wages
12.5
2.8
60.2
2.9
21.6
69.5
49.0
11.6
15.7
21.7
30.5
13.7
4.3
12.5
8.5
3.95
1.42
.62
6.7
3.87
1.36
.50
7.4
3.66
1.21
.50
8.5
6.9
8.0
23.3
6.3
58.0
5.5
6.9
17.7
5.1
64.3
3.7
9.2
12.4
4.7
66.6
4.1
12.2
17.4
4.6
64.1
4.2
9.7
100.0
27.2
18.2
21.5
100.0
24.9
8.4
22.7
100.0
26.7
11.8
26.3
27.9
9.3
25.3
100.0
25.4
9.4
24.0
64.0
64.8
66.9
56.0
62.5
36.0
10.6
9.6
15.8
35.2
33.1
12.9
6.5
13.7
44.0
14.1
10.1
19.8
37.5
100.0
17.5
4.2
60.0
6.4
11.9
100.0
16.6
4.4
63.7
4.8
10.5
100.0
24.3
16.4
20.3
29.5
10.2
24.3
61.1
61.0
38.9
13.5
9.5
15.9
39.0
13.1
6.4
19.5
15.5
6.7
13.0
9.3
13.9
14.3
7.9
23.4
17.5
10.2
5.9
4.50
1.48
.64
14.6
4.3
67.7
2.1
11.3
100.0
100.0
20.7
13.2
25.6
25.9
23.9
17.2
58.8
59.5
67.0
41.2
9.0
14.0
18.2
40.5
6.4
15.9
18.2
33.0
8.3
10.4
14.3
13.7
4.4
67.7
7.4
6.8
3.05
2.33
2.75
2.80
2.74
1.56
2.83
2.79
1.97
2.92
2.98
2.35
2.71
2.50
1.34
2.73
2.69
1.85
2.73
2.60
1.08
2.83
2.82
2.25
2.59
2.82
.99
2.74
2.55
.88
2.62
3.47
.55
2.65
2.57
.90
5.29
.12
6.13
.13
5.50
.03
5.18
+ .08
5.59
.05
5.72
.14
5.47
2.0
5.21
2.0
5.58
.09
5.42
.02
5.37
.07
6.08
.04
23.5
6.4
43.1
25.3
1.7
31.2
8.8
38.9
19.7
1.4
19.1
6.6
47.6
25.0
1.7
22.9
6.5
42.7
26.2
1.7
20.5
4.6
46.2
25.6
3.1
23.2
7.8
50.0
16.7
2.3
18.6
5.4
51.7
22.0
2.3
20.2
10.7
49.5
17.9
1.7
10.4
17.5
12.0
8.3
1.70
7.8
9.2
9.1
7.3
7.5
6.8
8.4
8.3
8.2
8.5
6.3
12.5
8.6
35.7
2.66
15.5
10.4
14.9
2.23
16.4
10.3
31.3
2.34
14.3
8.2
20.5
2.18
14.6
8.3
20.4
2.49
13.9
7.5
35.9
2.04
16.0
9.4
16.5
2.09
14.8
9.5
17.6
2.39
16.1
9.2
15.3
2.49
15.7
9.5
22.2
2.46
10.5
7.0
45.0
2.64
8
9
6
21
19
23
62
19
10
38
26
24
25.0
8.3
45.9
19.4
1.4
17.9
7.2
49.6
23.2
2.1
* Not including central reserve city banks.
i Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
19.4
13.7
San
Dallas Francisco
25.6
6.6
42.4
23.4
2.0
22.7
6.6
44.9
24.7
1.1
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.
2 Ratio of less than .05.
572
MEMBER BANK EARNINGS, 1959
EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Boston
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
.
Percentage of total assets:
Total earnings.
....
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U S Govt securities
Other securities.
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
16.3
10 5
16.8
10.6
16.6
12.8
18.6
12.6
17.6
11.8
16.7
12.5
20.1
15.4
18.6
13.6
17.0
12.1
23.7
15.1
7.6
13.8
10 1
65
3.8
15.0
11.5
7.1
7.2
7.4
8.0
7.5
8.0
8.2
3.5
3.2
3.1
3.1
9.6
4.3
3.3
7.8
9.3
4.23
1.42
.63
4.31
1.37
.59
4.08
1.24
.53
3.86
1.34
.64
4.41
1.41
.68
4.17
1.48
.65
4.00
1.32
.61
5.00
1.55
.61
4.3
4.3
4 52
1.41
.61
4.39
1.20
.54
17.0
7.3
62.0
7.3
6.4
100.0
.
15.9
49
60.0
8.0
11.2
100.0
4 11
1.29
.61
3.2
4.04
1.27
.61
19.6
69
62.0
4.0
7.5
100.0
22.2
5.7
60.5
5.4
6.2
19.2
5.1
63.5
6.0
6.2
19.9
6.1
59.5
7.5
7.0
24.2
6.1
57.4
5.8
6.5
24.5
6.7
58.8
5.1
4.9
21.8
6.3
58.0
7.2
6.7
100.0
100.0
100.0
100.0
100.0
27.1
17.2
22.3
27.8
16.0
24.5
27.1
20.5
22.1
27.8
14.5
23.0
3.5
4.6
19.4
6.6
61.1
7.3
5.6
15.7
5.0
63.9
8.4
7.0
100.0
22.8
6.1
57.8
8.0
5.3
100.0
100.0
100.0
26.4
19.5
22.1
30.0
12.4
22.1
30.1
11.4
25.5
28.6
19.5
20.9
30.2
12.8
25.7
27.1
22.5
23.0
25.7
20.1
22.8
25.4
19.8
23.5
Total expenses
68.7
72.6
68.6
68.7
66.6
68.3
69.7
65.3
68.0
64.5
67.0
69.0
Net current earnings before income
taxes
31.3
27.4
31.4
31.3
33.4
31.7
30.3
34.7
32.0
35.5
33.0
31.0
11.2
6.6
13.5
10.1
4.9
12.4
8.4
8.2
14.8
7.2
9.0
15.1
7.7
10.8
14.9
10.2
7.8
13.7
10.0
7.5
12.8
8.7
9.4
16.6
7.4
9.2
15.4
9.7
10.2
15.6
9.4
8.4
15.2
11.3
7.5
12.2
Salaries and wages
Interest on time deposits
Other current expenses
.
....
Net losses including transfers
Taxes on net income
Net profits
.
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities.
Return on loans:
Earnings on loans
Net losses 1
.
Distribution of assets:
Percentage of total assets:
U S Govt securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets .
Total deposits
Time to total deposits
Interest on time deposits to time deposits...
Number of banks. .
2.82
2.35
1.25
2.83
2.61
.79
2.75
2.67
.55
2.78
2.65
.59
2.78
2.63
.68
2.86
2.71
.61
2.81
2.58
.74
2.80
2.68
.58
2.98
2.78
.48
2.90
2.58
.58
2.90
2.52
.46
2.90
2.91
1.49
5.95
.09
5.95
.08
5.87
.09
5.83
.09
6.33
.09
6.55
.21
6.08
.07
6.05
.08
6.26
.05
6.57
.09
6.44
.15
6.82
.07
25 4
9.5
45.6
17 7
26.4
12.2
45.7
14 0
29.3
10.6
43.5
14 8
32.2
8.7
41.9
15 6
29.2
8.3
42.5
18.4
30.0
9.7
39.2
19.1
35.2
9.7
38.5
15.3
33.7
9.7
37.5
17.9
32.2
10.0
40.8
15.3
32.8
9.8
36.6
19.7
26.7
10.6
38.0
22.8
26.9
8.7
46.8
15.5
1.8
1.7
1.8
1.6
1.6
2.0
1.3
1.2
1.7
1.1
1.9
2.1
8.7
7.1
9.4
8.5
8.5
7.3
7.0
8.0
7.0
7.9
7.8
6.5
15.2
9.7
12.0
7.9
16.7
10.5
16.2
9.4
16.3
9.5
14.4
8.1
14.2
7.7
16.6
8.8
13.4
7.7
16.7
8.7
15.4
8.5
11.3
7.1
27.9
2.33
45.1
2.43
45.7
2.03
43.2
2.06
35.6
2.28
29.2
2.59
42.5
2.14
31.7
1.93
23.9
2.38
20.3
2.45
40.2
2.63
269
483
493
551
428
380
932
469
41.1
2.28
467
718
607
141
1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves. Transfers to and from valuation reserves are excluded.
BANK EARNINGS, 1959
573
EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1956-59
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System
All insured commercial banks 1
Item
1956
1957
1958
1959
Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
7,231,921
8,050,416
8,500,949
1,342,842
370,045
4,339,866
73,562
385,927
168,497
322,117
229,068
1,442,379
412,497
4,879,676
83,815
440,892
186,815
354,520
249,828
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses
4,457,198
720,866
1,372,262
42,614
805,857
45,392
187,526
128,085
5,119,182
773,769
1,493,778
45,396
1,141,715
49,538
205,903
146,262
1,544,023
1,732,174
501,978
546,253
5.046,782
5,856,688
94,674
111,991
486,5071
531,916
191,408!
205,935
379,395!
426,016
256,183*1
258,381
I
5,612,723! 6,264,207
827,1421
892,657
1,573,3301 1,684,159
48,271!
51,866
1,380,5751 1,580,250
24,161
78,350
221,571*
252,763
168.371!
191,424
1,154,600
1,262,823
1,369,305
2,931,235
2,888,223
Net current earnings before income taxes
Recoveries, transfers from reserves, and profits..
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves....
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves (not included
in recoveries above):
On securities
On loans
Losses charged to reserves (not included in
losses above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets
1956
1957
1958
1959
9,669,352 1,154,684 1,280,472 1,375,467 1,595,680
274,952
73,124
744,120
12,017
86,705
50,265
14,329
24,965
278,143
90,656
802,024
13,780
98,007
51,729
15,094
26,035
778,055
167,671
190,430
13,459
156,635
1,599
30,318
25,238
897,653
181,498
208,973
14,546
215,034
1,663
33,751
29,202
212,987
996,746 1,125,626
212,689
195,174
224,244
245,985
15,793
17,288
257,762
301,185
978
2,452
36,356
41,784
33,633
38,024
232,809
266,220
382,821
2,774,724
242,577
62,275
677,862
10,888
75,762
46,923
13,043
25,356
378,718
470,054
28,480
90,738
32,712
1,532,739
192,710
3,405,145
376,630
333,645
101,689
931,548
16,605
110,227
56,550
17,574
27,844
250,171
14,090
41,001
31,151
198,413
9,295
20,751
64,368
868,115
9,646
57,145!
681,554
328,889
27,946
111,447
47,277
24,365
1,512
1,256
3,625
1,105
1,406
7,207
1,489
2,884
70,046
2,498
5,212
5,585
20,762
77,606
65,563
21,183
39,757
43,063
22,439
42,158
55,176
20,551
57,607
64,062
6,453
4,327
7,193
7,149
2,909
8,707
6,595
2,479
7,248
6,660
4,434
8,324
993,534
757,432
783,213
1,361,515
113,710
102,380
101,767
161,615
30,579
6,727
18,793
14,877
78,590
10,006
317,381
101,830
237,480
84,996
93,657
268,159
745,081
168,003
40,810
4,829
32,018
452,940
89,369
25,636
321,870
87,452
25,053
282,227
114,117
25,459
318,965
104,006
10,167
45,396
12,511
9,962
40,983
14,131
9,946
41,414
16,737
10,078
45,897
17,043
2,031,360
2,372,217
2,973,128
2,372,519
287,283
308,921
367,692
341,151
814,636
769,843
44,793
998,397
947,998
50,401
1,271,459
1,198,890
72,570
884,458
832,797
51,661
96,952
92,641
4,311
103.886
99,323
4,565
123,059
117,401
5,659
109,842
104,385
5,457
1,216,725
1,373,821
1,701,667
1,488,061
190,332
205,036
244,631
231,309
616,890
2,389
614,501
678,101
2,234
675,867
725,866
2,366
723,500
776,386
2,219
774,167
69,979
797
69,182
74,354
749
73,605
79,708
800
78,908
86,686
758
85,928
3,332
42,717
2,646
50,824
10,410
69,073
5,585
73,790
147
7,274
547
7,151
1,491
7,941
2,737
7,740
95,505
123,529
74,529
117,937
19,741
127,515
207,061
122,315
2,675
14,993
3,135
17,326
918
18,346
12,017
20,326
86,291,628
58,257,149
16,179,498
45,728,691
3,255,814
91,493,989
57,238,574
16,725,206
45.474,318
3,858,353
95,666,835
62,355,819
19.237,561
46.766,041
4,333,431
103.872,351
61,878,548
20,284,525
46,881,654
4,660,311
11,701,999
10,103,450
2,762,758
5,111,725
357,596
12,361,621
10,422,551
3,056,686
5,169,492
405,218
13,293,5
14,795,537
10,852,502 11,443,907
3,538,456 3,812,538
5,294,095 5,366,751
519,632
460,770
Total assets
209,712,780 214,790,440 228,359,687 237,577,389 30,037,528 31,415,568 33,439,631 35,938,365
Time deposits
Total deposits
Total capital accounts
51,096,090 54,969,887 62,382,540 66,829,234 9,701,782 10,523,431 11,737,021 12,765,115
190,786,522 193,993,484 206
32
06,196,015 213
979
28
13,428,979 27,461,076 "18,640,531 30,436,830 "12,678,186
15,553,298 16,554,663 17,723,575 18,738,160 2,312,174 2,468,571 2,661,655 2,859,940
Number of officers
Number of employees
Number of banks
88,462
433,563
91,597
452,218
95.308
457,023
98,934
481,666
27,153
69,949
28,203
73,927
29,630
75,964
30,249
82,404
13,218
13,165
13,124
13,114
6,760
6,776
6,816
6,885
1
Excludes three mutual savings banks and starting in 1955 a noninsured nondeposit trust company; these are State member banks of the
Federal Reserve System and are included in member banks figures on
preceding pages.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages
of the amounts reported for call dates at the beginning, middle, and end
of each year. The number of officers, employees, and banks are as of the
end of each year.
574
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Assets
Liabilities
and Capital
Bank credit
Date
Gold
Treasury
currency
outstand-
U. S . Government obligations
Commercial
Loans,
net
Total
ing
and
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953_Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
29....
30....
30....
31....
31
31....
30....
31....
31....
31....
31....
31....
31....
23....
31
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,187
22,030
21,690
21,949
22,781
21,356
20,534
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,894
5,008
5,066
5,146
5,204
5,234
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
192,866
199,791
217,437
223,742
229,470
240,451
249,082
1959—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28....
25....
25....
29....
27....
10
24....
29....
26....
30....
28....
25....
31....
20,500
20,500
20,400
20,300
20,200
20,137
19,800
19,600
19,600
19,500
19,500
19,600
19,456
5,200
5,200
5,200
5,300
5,300
5,279
5,300
5,300
5,300
5,300
5,300
5,300
5,311
247,300
245,300
244,900
247,900
248,300
248,626
248,500
250,700
251,200
252,100
251,800
251,400
255,435
4 1,082
2 1,957
22,157
26,605
30,387
43,023
60,366
67,597
75,484
80,486
100,031
110,120
115,157
116,842
12 1,602
119,800
119.800
12 1,400
123,500
124,800
125,715
126,900
128,400
129,800
13 1,600
13 1,500
132;300
135,867
savings
banks
Federal
Reserve
Banks
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
100,008
100,935
96,736
93,161
91,370
97,849
101,207
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
72,610
70,052
66,523
65,792
71,611
73,641
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
25,916
24,785
24,915
24,238
25,000
26,347
101,500
99,400
97,200
97,800
97,100
96,478
95,200
96,000
95,200
94,100
94,000
93,100
93,497
74,900
72,900
70,600
71,000
70,000
69,384
68,200
68,400
67,600
66,500
66,600
65,400
65,801
Other
25,400
25,300
25,500
25,600
25,900
25,944
25,900
26,500
26,500
26,600
26,400
26,700
26,648
216
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
net
,899
,723
,340
,238
,219
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,374
18,370
20,670
20,461
22,943
25,760
26,273
64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
220,865
226,715
244,135
250,757
257,397
267,011
274,850
55,776
42,029
68,359
82,811
180,806
175,348
184,384
193,410
204,220
209,175
224,943
230,510
236,372
244,131
252,022
8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,647
17,538
19,193
20,246
21,023
22,880
22,829
,200
,200
,100
,200
,200
,150
,200
,100
,100
,100
,100
,100
,048
26,000
26,100
26,300
26,600
26,400
26,433
26,300
26,300
26,200
26,500
26,200
25,900
26,071
273,100
271,000
270,600
273,500
273,700
274,042
273,600
275,700
276,100
276,900
276,600
276,300
280,202
249,600
247,100
246,700
249,800
249,400
249,547
249,400
251,400
251,100
252,100
251,700
251,100
256,020
23,500
23,900
23,900
23,700
24,300
24,494
24,200
24,200
25,000
24,800
24,900
25,200
24,186
26
131
1 ,204
1 ,284
2 ,867
3 ,328
2 ,888
2 ,664
2 ,571
2 ,409
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
Date
de-
ury
posits,
net
Time deposits 2
At
Treascash
holdings
commercial
md
savings
banks
1929—June
1933_j u ne
1939—Dec.
1941 Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—Dec.
1956—Dec.
1957_Dec.
1958—June
Dec.
29
30
30
31
31
31....
30
31....
31....
31
31....
31....
31....
23....
31....
1,217
1,498
2,141
1,682
2,518
2,279
2,501
2,694
3,167
3,306
3,270
3,953
3,870
2,409
2215
2*287
1^336
1,293
1,270
1,270
761
767
775
761
700
683
24'^ns
1,452
2,989
3,615
5,259
4,457
4,038
4,038
4,179
9,471
4,558
1959—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28....
25....
25
29
27....
10
24....
29....
26....
30
28....
25....
31....
3,800
3,700
3,900
3,700
3,700
3,587
3,600
3,400
3,300
3,300
3,100
3,000
3,203
700
700
700
700
700
717
400
400
400
400
400
400
391
4,800
4,500
3,900
4,600
5,200
3,077
4,700
5,000
6,000
6,400
5,500
4,700
5,319
365
50
204
264
381
852
846
f «Q<%
De
At
F . R.
Banks
mand
Total
Com- Mutual Postal
Total mercial savings Savings
banks banks 3 System
54,790 28,611
36
35
40,828 21,656
63,253 27,059
634
867
76,336 27 729
977 150,793 48,452
870 170,008 56,411
668 176,916 59,247
247 185,999 61,450
389 194,801 65,799
346 200,917 70,375
394 216,577 78,378
441 221,950 82,224
481 227,681 89,126
524 229,483 95,524
358 242,553 98,306
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
40,666
43,659
48,359
50,577
56,139
61,473
63,166
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
22,586
24,358
28,129
30,000
31,662
32,837
34,006
1,186
1,278
1 313
2,932
3,416
2,923
2,704
2,547
2,359
,890
,647
,325
,214
,134
98,400
98,700
99,500
99,900
100,400
100,838
101,000
100,900
101,200
101,500
101,100
100,300
101,779
63,400
63,700
64,100
64,500
65,000
65,309
65,400
65,300
65,600
65,700
65,500
64,800
65,884
33,800
34,000
34,300
34,300
34,400
34,471
34,600
34,500
34,600
34,800
34,600
34,600
34,947
,100
,100
,100
,100
,100
,058
,100
,000
,000
,000
,000
,000
500
500
500
500
500
414
500
600
500
700
500
400
504
239,800
237,700
237,600
240,300
239,300
241,752
240,100
242,000
240,800
241,400
242,200
242,600
246,603
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 1946 and are available only for last
Wednesday of the month. For description of series and for back data
see the BULLETIN for February 1960, pp. 133-36.
Seasonally adjusted series 5
de-
posits'*
Currency
outside
banks
101,
102,
109,
111,
110,
106,
115,
540
411
793
992
851
121
272
234
508
451
914
391
254
169
507
3,639
4,761
6,401
9,615
26 490
26,476
25,398
26,315
27,494
28,091
28,285
28,335
28,301
27,790
28,740
113,
111,
110,
112,
110,
112,
110,
112,
111,
111,
112,
113,
948 115,
800
300
300
500
700
351
700
700
100
400
700
100
402
27,600
27,700
27,900
27,900
28,100
28,563
28,300
28,400
28,500
28,500
28,300
29,100
29,422
149
22,
14'
29,
38^
75'
87,
92,
98,
Total
demand
deposits
adjusted
posits
currency
justed
Currency
outside
banks
110,500
114,600
120,200
124,100
126,600
133,500
134,500
133,600
135,300
138,800
84,40C
90,00C
94,80C
97,10C
99,30C
106,10C
107,10C
105,80C
107,50C
110,70C
26,100
24,600
25,400
27,000
27,300
27,400
27,400
27,800
27,800
28,100
139,500
139,600
140,300
140,400
140,600
lll,50C
111,60C
112,10C
112,20C
112,40C
)
112,60C>
112,90C
112,60C
112,40C)
112,00C)
111,80C)
112,0(X)
28,000
28,000
28,200
28,200
28,200
(5)
28,300
28,300
28,300
28,400
28,400
28,300
28,200
and
(5)
140,900
141,200
140,900
140,800
140,400
140,100
140,200
Demand
de-
ad-
NOTE.—For description of statement and back figures, see the 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.
575
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
Total
assets—
Total
Interbank 2
Other
liaCash 2 bilities
U.S.
Other assets
Govt.
and
Demand
Loans obliga- secucapital Total* Detions rities
ac- 3
Time
mand
counts
U. S. Other
Govt.
Loans and investments
Class of bank
and date
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951_Dec.
1952—Dec.
1953—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
30
31
31
3H
30
31
31
31
31
31
31
23 . . . .
31
1959—Jan. 28
Feb. 2 5 . . . . . . . .
Mar. 25
Apr. 29
May 27
June 10
June 24
July 29
Aug. 2 6 . . . .
Sept. 30
Oct. 28
Nov. 25
Dec. 31
All commercial banks:
1939—Dec. 30
1941_Dec. 31
1945_Dec. 31
1947_Dec. 314
1950—Dec. 30
1951_Dec. 31
1952—Dec. 31
1953—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 10
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
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—Dec. 31
1956—Dec. 31
1957_Dec. 3 1 . . . . . . . .
(958—June 23
....
Dec. 31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 10
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
For notes see end of table.
Total
50,884
61,126
40,227
34,924
48,021
54,869
165,626
171,497
190,780
197,063
203,849
215,179
221,485
221,92C
220,34C
219,69C
222,61C
222,880
223,372
223,200
225,06C
225,780
225,531
225,871
225,811
227,83
22,165
26,615
30,362
43,002
60,386
67,608
75,512
80,518
100,05
no;o7
115,115
117,80!
121,57
121,03C
121,37C
122,85C
125,OK
126,440
127,555
128,69!"
130,35!
131,97(
132,61
133,05C
134,52C
135,95
19,417
25,511
101,288
81,199
72,894
71,343
72,740
72,610
70,052
66,523
65,792
71,611
73,64
74,850
72,880
70,580
71,010
70,010
69,38.
68,17C
68,40C
67,57C
66,47C
66,58C
65,36C
65,80
23,292 77,068 68, 242
9 874
27,344 90,908 81, 816
10,982
577 35,415 177,332 165,612
14,065
723 38,388 175,091 161,865 12,
240
741 41,086 191,317 175,296 13;
462
551
918 45,531 202,903 185,756 14;
746
37' 45,584 213,83' 195,552 14;
1,169
370 45!
220,140 201,100 14
1,58^
670 47! 803 242;008 220,44 15
1,462
49,64 250,770 227,546 16
49,31 257,864 233,02C 15,636 1,386
44,423 264,525 237,204 13,789 2,49^
49,91 276,430 250,057 15,799 2,374
Bor- Total Numrow- capita ber
acof
ings count; banks
Time
32,516
44,355
105,935
1,346 94,38
2,809 101,936
3,362 108,282
4,944 111,690
4,149 112,635
3,712 123,23*
3,736 125,308
3,903 123,993
9,209 117,113
4,253 130,132
25,852
26 8,194 15,035
26,479
23 8,414 14,826
45,613
227 10,542 14,553
53,105
61 11,948 14,714
56,513
91 13,837 14,650
59,025
3: 14,623 14,618
63,598
181 15,367 14,575
68,354
6: 16,118 14,509
76,844
16: 18,112 14,243
80,908
7! 19,249 14,167
88,102
8( 20,428 14,090
94,596 1,13' 21,359 14,055
97,49r
21,705 14,020
97,581
97,931
98,7K
99,14<
99,68)
100,10
100,311
100,14C
100,53C
100,84C
100,45C
99,66C
101,11
26,04C 43,20C 270,10C
26,09C 43,56C 268,75C
2 6 , 260 42 ,24C 266,88C
""
26, 590 43 ,30C 270,99C
26,430 42,510 270,480
26,433 43,675 272,253
26,340 42,730 270,990
26,31C 42,29C 272,52C
26,24C 42,15f 273,01C
26,45!' 44,63< 275,50C
26,24! 44,03( 275,16C
25,93! 44,87( 275,99C
26,07 50,296 283,629
241,83C
239,74!"
238,15!
242,10C
241,090
242,096
241,230
242,69C
242,55C
246,32C
244,85C
244,83C
254,88.
13,110
12,850
13,030
12,850
12,750
13,481
12,870
12,630
12,900
13,700
13,150
13,200
15,650
2,41C
2,29C
2,34C
2,36C
2,23C
2,13^
2,03C
1,99C
1,91(
1,78(
1,711
1,61(
1,44:
4,490 124,241
4,150 122,521
120,48C
3,590 120
4,280 123,47f
4,890 121,54C
123,601
2,776 123
4,420 121,60C
4,680 123,25C
5,720 121,49C
6,140 123,86C
5,190 124,35C
4,400 125,96C
5,054 131,62:
22,474 65,21
16,316 7
26,55 79,104
21,808 7
90,606 7
34,80< 160,31:
69,22 9; 006 37; 50: 155,37'
62,027 12,39S 40,285 168,93:
61,524 13,33! 44,64. 179,46:
63,31 14,14. 44,66! 188,60:
63,426 14,661 44,82* 193,01!
61,59f 16! 68! 46,83* 210,73.
58,55: 16 26S 48,72C 217,46C
58,23S 17,93C 48,42* 222,69i
64,194 20,14C 43,50' 227,84'
66,376 20,57. 48,99C 238,65
57,71
71,28
150,22'
144,10:
155,26*
164,84C
172,93
176,70:
192,25.
197,51
201,32<
204,33
216,01
9,874
10,982
14,065
12,792
24C
13,57'
46:
14,53<
550
14,57.
744
14,78! 1,167
15,05! 1,58.
16,13. 1,46C
15,636 1,38:
13,785 2,49.
15,795 2,37:
32,513
44,349
105,921
1,34. 94,36'
2,806 101,91'
3,359 108,25!
4,941 111,65'
4,14i 112,604
3,705 123,187
3,73 125,28:
3,89! 123,96'
9,20f 117,086
4,25C 130,104
2< 6,
15,33
14,484
2. 7,173 14,278
15,95:
30,24
21S 8,950 14,011
35,36C
6: 10,055 14,181
36,502
90 11,59C 14,121
38,13'
34 12,21 14,089
18! 12,888 14,046
41,01:
6: 13,559 13,981
43,99'
159 15,300 13,716
48,71.
75 16,302 13,640
50,90,
7' 17,368 13,568
56,44C
61,755 1,136 18,178 13,535
7. 18,48! 13,501
63,49.
42,40C 232,47C
42,74C 230,90C
41,38C 228,71C
42,55C 232,83C
41,76C 232,10C
42,894 233,726
894 233
41,93C 232,38C
41,571 233,87C
41,431 234,17C
43,91( 236,50C
43,33( 236,44C
44,15( 237,210
49,46' 244,686
207,96C
205,76C
203,85C
207,80C
206,67C
207,59'
206,63C
208,13C
207,91C
211,48C
210,20C
210,21C
219,902
13,11'
12,85*
13,O3C
12,85C
12,751
13,48
12,87(
12,631
12,90C
13,70C
4,49C
4,15C
3,59C
4,28C
4,890
2,774
4,420
4,68C
5,72C
6,14C
5,19C
4,40C
5,05*
63,74C
63,98C
64,44C
64,87C
65,29C
65,631
65,74C
65,61C
65,92C
66,03C
65,83C
65,07C
66,165
1,771 21,78!
2,211 21,86C
2,05C 21,98C
2,09C 22,13C
2,24C 22,270
2,77: 22,415
2,711 22,360
2,58C 22,51C
2,IK 22,70C
1,411 22,84C
2,48C 22,87C
2,860 22,990
624 229 1 5
",
14,030
14,022
14,012
14,009
14,000
13.988
13,997
13,994
14,004
13,996
13,995
13,993
13,991
40,66*
50,74i
124,019
116,284
126,67.
132,6H
141,62^
145,68'
160,88
165,12:
170,06*
179,90!
185,16:
17,23,
21,714
26,08.
38,05
185,62C
183,84C
182,94C
185,74C
185,8K
186,15
185,92C
187,66C
188,19C
187,79!
188,38C
188,28C
190,27C
97,7H
97,89!
99,191
101,21!
102,440
103,406
104,450
105,94C
107,37i
107,83i
108,16C
109,470
110,832
67,53! 20,38C
65,52( 20,43C
63,16( 20,59C
63,63! 20,90C
62,620 20,75'
62,035 20,71i
60,860 20,61'
61,11C 20,61!
60,29C 20,53!
59,23C 20,73C
59,62C 20,60C
58,480 20,33C
58,937 20,50
,941
,521
,183
,846
,424
,247
,547
422
360
768
353
589
865
13,962
18,021
22,775
32,628
44,705
49,56
55,034
57,762
70,982
78,034
80,950
82,146
84,061
19,782 55,36 49,340 9,257
14,328
19,539
23,123 68,12: 61,717 10,385
78,338 6,070 29,845 138,304 129,670 13,576
57,91 7,304 32,845 132,060 122,528 12,353
,35: 35,524 144,66C 133,089 13,106
52,36:
51,621 11,065 39,252 153,439 141,015 14,003
52,763 11,751 39,255 160.826 147,527 14,025
52,603 12,057 39,381 163,983 150,164 14,149
50,697 13,680 41,416 179,414 163,757 14,512
47,575 13,159 42,906 184,874 167,906 15,567
47,079 14,32 42,746 188,828 170,637 15,082
53,165 16,277 38,489 194,003 173,904 13,274
54,299 16,504 43; 188 202,017 182,816 15,227
154
743 27,48!
140 1,709 37,136
",179 69,640
64 22
5C 1,176 80,609
34 2,523 87,783
422 3,10 92,867
592 4,56' 95,453
1,02 3,756 96,024
1,353 3,32^ 105,400
1,289 3,292 106,850
1,246 3,472 105,547
2,266 8,658 99,812
2,187 3,822 110,448
11,699
5,522
12,34^
208 7^589
24,21!
54 8,464
28,341
79 9,695
29,33'
26 10,218
30,622
165 10,761
32,890
43 11,316
35,213
13' 12,783
39,165
48 13,655
40,909
57 14,55
45,290
49,893 1,078 15,181
51,132
54 15,460
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,743
6,543
6,462
6,393
6,357
6,312
55,054
53,504
52,813
55,150
55,067
55,289
55,007
56,558
56,537
55,938
56,328
56,142
57,879
83,588
83,728
84,882
86,659
87,660
88,431
89,301
90,697
91,757
92,063
92,328
93,525
94,779
55,136
53,403
51,392
51,669
50,731
50,225
49,164
49,340
48,370
47,307
47,571
46,436
46,813
2,224
2,10:
2,155
2,175
2,046
1,990
1,889
1,842
1,767
1,634
1,564
1,462
1,338
51,322
51,498
51,857
52,226
52,553
52,799
52,89:"
52,743
52,798
52,884
52,685
52,042
52,827
6,302
6,295
6,289
6,291
6,292
6,280
6,279
6,271
6,263
6,249
6,248
6,240
6,233
52,24S
57,746
64,16;
67,59!
82,60
90,30:
93,89'
95,57
98,21.
2,411
2,29C
2,34C
2,36C
2,23C
2,13.
2,03C
1,99C
1,91
1,78C
1,71
13,'200 1,61C
15,649 1,44
16,330 37,336 196,333 175,364 12,619
16,373 37,681 195,014 173,459 12,394
16 ~~~ 36
539 ^6,382 193,065 171,785 12,582
16,822 7,533 196,711 175,323 12,371
6,676 36,935 195,986 174,225 12,253
6,633 37,856 197,265 174,811 2,945
6,542 37,171 96,182 174,073 2,357
6,521 36,765 97,411 175,344 2,119
6,410 36,547 97,076 74,568 2,356
6,568 38,834 98,984 77,713 3,181
6,429 !8,314 198,793 76,368 2,590
6,181 19,026 199,373 76,195 2,638
6,287 ^3,509 205,726 84,706 5,048
3,979
3,716
3,203
3,863
4,365
2,406
3,943
4,250
5,095
5,522
4,628
3,870
4,504
124,21
122,49C
120,45C
123,44C
121,510
123,574
121,570
123,22C
121,46C
123,83C
124,32C
125,93C
131,59.
105,220
103,749
101,988
104,688
103,008
104,671
102,99:
104,390
02,552
04,492
04,901
06,183
10,989
1,771
2,211
2,051
2,09C
2,241
2,771
2,711
2,58C
2,77C
1,41"
2,48C
2,86C
61
18,57C 13,512
18,62C 13,504
18,73C 13,494
18,89C 13,491
18,99C 13,482
19,10C 13,470
19,03C 13,479
19,17C 13,476
19,34C 13,486
19,44C 13,478
19,500 13,478
19,590 13,476
19,556 13,474
1,684 15,509
2,083 15,556
1,949 15,642
1,944 15,779
2,097 15,856
2,686 15,919
2,619 15,875
2,500 15,980
2,685 16,090
1,358 16,169
2,387 6,209
2,780 6,280
581 6,264
576
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Contii lued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank2
Other
liaCash 2 bilities
U.S. Other assets
Govt.
and
Demand
obliga- secucapital Total 2 Detions rities
ac- 3
mand Time U . S .
counts
Govt. Other
Loans and investments
Class of bank
and date
All mutual savings banks
1939—Dec. 30
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947—Dec. 3 H . ..
1950—Dec. 30
1951—Dec. 3 1 . . . .
1952—Dec. 31
1953—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959_jan. 28
Feb. 2 5 . . . .
Mar. 25
Apr. 2 9 . . . .
May 2 7 . . . .
June 10
June 24
July 29
Aug. 26
Sept. 30
Oct. 2 8 . . . .
Nov. 25
Dec. 31
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 . . . .
1950—Dec. 30
1951—Dec. 31
1952—Dec. 3 1 . . . .
1953—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
Total
Loans
10,216
10,379
16,208
18,641
21,346
22,259
24,003
25,810
29,898
31,940
33,782
35,274
36,320
4,927 3,101 2,188
4,901
3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
8,137 10,868 2,342
9,862 9,819 2,579
11,349 9,422 3,231
12,925 9,184 3,701
17,456 8,460 3,982
19,777 7,971 4,192
21,216 7,552 5,013
22,237 7,417 5,620
23,357 7,265 5,698
818
793
609
886
797
886
918
983
965
920
890
916
921
11,852
11,804
17,020
19,714
22,385
23,439
25,233
27,130
31,274
33,311
35,168
36,678
37,779
10,524
10,533
15,385
17,763
20,031
20,915
22,621
24,398
28,187
30,032
31,695
32,869
34,040
36,300
36,500
36,750
36,870
37,070
37,221
37,280
37,400
37,590
37,740
37,490
37,530
37,561
23,320
23,480
23,660
23,800
24,000
24,149
24,240
24,410
24,600
24,780
24,890
25,050
25,126
7,320 5,660
7,360 5,660
7,420 5,670
380 5,690
390 5,680
7,349 5,724
800
820
860
750
750
780
800
720
720
720
700
720
829
37,630
37,850
38,170
38,160
38,380
38,526
38,610
38,650
38,840
39,000
38,720
38,780
38,943
33,870
33,980
34,300
34.300
34,420
34,503
34.600
34,560
34,640
34,840
34,650
34,620
34,983
9,339
12,896
26,143
20,393
20,612
21,379
22,130
22,058
23,583
23,809
23,828
27,149
25,966
3,296 4,772 1,272 6,703
4,072 7,265 1,559 6,637
7,334 17,574 1,235 6,439
7,179 11,972 1,242 7,261
9,729 8,993 1,890 7,922
11,146 8,129 2,104 8,564
12,376 7,678 2,076 8,419
12,289 7,765 2,004 8,074
14,640 6,796 2,148 8,948
15,987 6,057 1,765 8,629
16,102 5,880 1,846 8,984
16,764 8,035 2,350 8,272
16,165 7,486 2,315 9,298
16,413
19,862
32,887
27,982
28,954
30,464
31,053
30,684
33,228
33,381
33,975
36,664
36,398
14,507
17,932
30,121
25,216
25,646
26,859
27,309
27,037
29,378
29,149
29,371
31,469
31,679
7
4,231
74 9,459
4,202
866 12,051
6
4,640
17 6,940 17,287
4,453
12
267 19,040
4,370
451 18,836
268
4,514
858 19,490
318
4,500
465 1,143 19,361
4,383
831
778 18,895
4,515 1,085
756 20,719
5,022
965
747 19,940
4,869
737 19,959
912
4,345 1,774 2,946 18,898
4,786 1,739
968 20,704
7,310
730
7,290
700
7,280
710
7,240
720
6,960 ,640
6,880 5,600
6,864 5,570
28
25
25
29
27
10
24....
29
26
30
28
25
31
25,959
25,549
25,594
25,886
25,687
25,648
25,488
26,112
25,636
25,194
25,061
25,020
25,291
16,011
15,864
16,147
16,307
16,580
16,514
16,681
17,062
17,206
17,244
17,404
17,990
18,121
7,650
7,361
6,997
6,971
6,657
6,745
6,426
6,699
6,087
5,570
5,395
4,958
5,002
2,298
2,324
2,450
2,608
2,450
2,389
2,381
2,351
2,343
2,380
2,262
2,072
2,168
7,314
7,624
7,066
7,521
7,114
7,555
7,204
6,984
6,815
7,690
7,800
7,834
9,174
34,447
34,353
33,808
34,533
33,936
34,387
33,869
34,262
33,594
34,101
34,024
34,054
35,750
29,191
28,900
28,627
29,410
28,730
28,879
28,415
28,688
27,859
29,141
28,545
28,252
30,647
3,897
3,964
4,079
3,991
3,999
4,036
4,008
3,883
3,897
4,315
3,848
3,892
4,765
30
31
31....
31
30
31....
31
31
31
31
31
23
31....
2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,204
6,542
6,473
6,446
6,942
6,830
569
954
1,333
1,801
2,083
2,468
2,748
2,776
3,342
3,772
3,852
3,594
3,637
1,203
1,430
4,213
2,890
2,911
2,711
2,912
2,856
2,506
2,113
2,032
2,694
2,562
333
376
385
397
576
552
581
572
695
588
562
654
631
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,115
2,132
2,171
2,083
1,914
2,158
3,595
4,363
7,459
6,866
7,649
7,972
8,297
8,366
8,720
8,695
8,595
8,929
9,071
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,724
8,010
7,943
7,792
8,022
8,214
1959—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28
25....
25
29
27....
10
24
29
26
30
28
25....
31....
6,651
6,637
6,759
6,602
6,630
6,581
6,516
6,631
6,677
6,727
6,701
6,606
6,885
3,433
3,440
3,551
3,575
3,637
3,643
3,687
3,811
3,954
4,011
3,944
3,908
4,206
2,611
2,572
2,576
2,344
2,288
2,235
2,137
2,120
2,067
2,052
2,092
2,015
1,985
607
625
632
683
705
703
692
700
656
664
665
683
694
1,881
1,952
1,745
1,883
1,856
1,850
1,842
1,949
1,815
1,992
1,877
1,879
2,003
8,617
8,667
8,583
8,575
8,574
8,520
8,440
8,661
8,567
8,805
8,662
8,564
8,967
Time
1,764
1,689
1,773
1,740
1,614
1,564
1,480
1,438
1,363
1,256
1,205
1,100
988
10,521
10,527
15,371
14 17,745
19 20,009
23 20,:
30 22 ,586
35 24,358
51 28,129
25 30,001
26 31,662
26 ",837
32
29 34 ,006
1,309
1,241
1,592
1,889
2,247
2,407
2,479
2,559
2,812
2,947
3,059
3,181
3,219
551
548
542
533
529
529
529
528
527
527
522
520
519
30 33,840
30 33,950
30 34,270
30 34,270
30 34,390
28 34,471
30 34,570
30 34,530
30 34,610
30 34,810
30 34,620
30 34,590
29 34,948
3
6
14
1959—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
For notes see end of table.
Bor- Total Numrow- capital ber
acof
ings counts banks
3,210
3,240
3,250
3,240
3,280
3,315
3,330
3,340
3,360
3,400
3,370
3,400
10 3,359
518
518
518
518
518
518
518
518
518
518
517
517
517
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,572
2,745
2,873
3,136
3.214
3,282
36
36
37
37
23
22
22
22
18
18
18
18
18
3,475
543 3,272
3,486
723 3,281
3,605
513 3,277
3,547
519
3,555
530
3,589
809
3,582
805
3,509
894
3,502 1,000
3,567
244 3,342
3,448
770 3,340
3,385
968 3,337
3,448
232 3,361
18
18
18
17
17
17
17
17
17
16
16
16
16
250
288
377
426
490
513
541
566
628
660
689
708
733
14
13
12
14
13
13
13
13
13
14
14
14
14
726
725
728
738
739
743
740
743
749
753
751
754
76:
14
14
14
14
14
14
14
14
14
14
14
14
14
736
807
1,236
1,445
1,722
1,679
1,840
2,150
2,303
2,475
2,893
3,506
3,482
925
815
691
889
1,009
479
775
1,250
1,054
1,208
1,114
692
1,027
19,130
18,946
18,479
19,243
18,553
19,211
18,570
18,608
18,043
18,795
18,930
19,183
20,419
,035
,312
,217
,225
,307
,345
,378
,286
,364
,333
,249
,357
80
127
1,552
72
174
242
343
259
222
184
195
705
249
1,867
2,419
3,462
4,201
4,604
4,710
4,789
4,836
5,165
5,069
4,904
4,626
5,136
495
476
719
913
1,103
1,143
1,205
1,242
1,327
1,319
1,345
1,403
1,438
7,695 ,138
7,726 ,163
7,438 ,135
7,616 ,153
7,582 ,109
7,375 ,160
7,423 ,123
7,677 ,116
7,530 ,105
7,681 ,204
7,556 ,126
7,578 ,115
8,062 1,231
201
233
223
306
304
120
259
273
285
347
228
213
272
4,913
4,900
4,655
4,733
4,734
4,657
4,586
4,823
4,685
4,678
4,749
4,785
5,070
1,409
1,397
1,395
1,393
1,402
1,407
1,424
1,433
1,427
1,426
1,427
1,440
1,468
195
30
70
5
132
23
1
2
2
483
3
4
4
80
3
68
79
296
90
125
272
164
137
182
253
235
108
40
577
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
Total
assets—
Total
Interbank2
Other
liaCash
U.S. Other assets bilities
Govt.
and
Demand
Loans obliga- secucapital Total 2 Detions rities
ac- 3
mand Time U. S.
counts
Govt. Other
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—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958_JUne 23
Dec. 31
1959_j a n .
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—Dec.
1956—Dec.
1957—Dec.
1958—June
Dec.
5,194
6,467
29,552
20,196
19,084
19,194
19,624
19,559
18,826
17,368
17,352
20,436
20,645
1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,434
5,011
4,764
5,102
5,986
5,910
6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
16,994
17,716
17,540
15,443
17,701
19,687
24,430
51,898
49,659
55,369
58,654
61,941
63,547
70,478
72,854
74,196
76,155
79,781
17,741
22,313
49,085
46,467
51,437
54,466
57,357
58,663
64,733
66,524
67,483
68,672
72,647
3,565
4,356
6,418
5,627
6,391
6,887
6,891
7,088
7,207
7,584
7,241
6,397
7,506
120
435 9,004 4,616
104
491 12,557 4,806
30 8,221 24,655 9,760
22
405 28,990 11
1,423
976 32,366 11,647
57
,124 34,094 12,272
90
,814 35,281 13,261
109
,504 35,773 14,132
166
,288 39,835 16,164
239
,201 40,647 16,797
294
,358 39,960 18,623
301
20
,150 38,003 ",706
416
,429 42,
377
,259 21 ,075
6,232
6,011
6,122
5,969
5,918
6,450
5,994
5,896
6,093
6,377
6,295
6,273
7,450
382
336
316
367
362
361
341
338
342
318
299
303
303
60,698
60,033
59,524
60,439
60,550
60,812
60,617
61,096
61,143
60,647
60,879
60,790
61,621
34,083
34,279
34,720
35,490
35,806
36,315
36,616
37,301
37,780
37,733
37,757
38,171
38,686
20,776
19,928
18,946
19,107
18,907
18,663
18,224
18,046
17,665
17,169
17,416
16,954
17,292
5,839 15,626
5,826 15,672
5,858 15,381
5,84f 15,708
5,83' 15,672
5,834 15,611
5,777 15,762
5,749 15,447
5,698 15,441
5,745 16,298
15,930
16,463
5,643 18,211
77,845
77,155
76,360
77,773
77,717
77,952
77,887
78,087
78,068
78,511
78,391
78,852
81,443
69,800
68,876
68,272
69,509
69,291
69,382
69,448
69,734
69,679
70,496
69,942
69,951
73,675
banks:
30
31
31
31
30
31
31
31
31
31
31
23
31
10,224
12,518
35,002
36,324
40,558
42,444
45,594
47,404
52,775
54,571
56,820
58,225
61,511
4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,934
24,379
26,491
28,191
28,937
30,257
3,159
4,377
26,999
22,857
21,377
21,587
22,549
22,423
22,570
22,037
21,815
22,000
23,606
2,297 4,848
2,250 6,402
2,408 10,632
3,268 10,778
4,193 11,571
4,561 13,292
4,832 13,281
5,047 13,268
5,826 13,342
'
6,042 14 ,390
6,814 14,139
7,288 12,860
7,648 14,031
15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
66,988
69,945
72,062
72,255
76,767
61,746
61,285
60,936
62,223
62,200
62,248
62,386
62,719
63,081
63,370
63,687
63,726
64,082
30,061
30,145
30,464
31,287
31,637
31,960
32,317
32,523
32,817
33,075
33,223
33,456
33,766
24,099
23,542
22,873
23,247
22,879
22,581
22,377
22,475
22,551
22,516
22,668"
22,509
22,535
7,586 12 ,515
7,598 12,433
7,599 12,190
7,689 12,421
7,684 12,293
7,707 12,840
7,692 12,363
7,721 12,385
7,713 12,476
7,779 12,854
7,796 12,707
1
7,761 12,850
7,781 14,122
75,424
74,839
74,314
75,830
75,759
76,405
75,986
76,401
76,847
77,567
77,716
77,903
79,567
68,678
67,957
67,448
68,788
68,622
69,175
68,787
69,245
69,500
70,395
70,325
70,414
72,323
1
All banks in the United States. Beginning with January 1959,
all banks in Alaska with total deposits of $172 million were included
in the series (a national member bank has been included since April
1954); beginning with August 1959, all banks in Hawaii with total deposits
of $365 million were included in the series (a national member bank
with total deposits of $220 million has been included in the series since
April 1959).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member commercial banks. Member banks include (1) a national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) three mutual savings
banks that became members in 1941 (these banks are excluded from all
commercial banks).
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
Time
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,763
28,622
31,783
32,805
32,851
34,003
28
25
25
29
27
10
24
29
26
30
28
25
31
1959—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 10
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
Bor- Total Numrow- capita] ber
of
ings
banks
82
21
21
350
14
1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,984
4,641
5,076
5,370
5,617
5,760
346
351
359
353
336
321
319
319
292
289
278
280
274
,439
,479
,226
,457
,680
858
,600
,494
,081
,282
,746
,528
,698
40,452 21 ,295
39,708 21,342
39,233 21,375
40," " 21
248 ",468
39,722 21 ,609
39,990 21 ,724
39,721 21,792
4 0 ,368 21,638
-" "
39,554 21 ,609
39,914 21 ,605
40,073 21 ,529
40, 590 21 ,257
42, 668 21 ,555
832
932
839
909
973
1,141
1,140
1,049
972
555
901
1,175
238
5,782
5,802
5,845
5,906
5,932
5,930
5,945
5,976
6,004
6,044
6,053
6,083
6,106
273
272
273
273
273
273
273
272
271
270
270
270
1265
572
13,762
792
17,415
43,418 1,207
,056
44,443
,121
48,897
,296
52,288
,289
55,175
,300
56,740
,505
61,636
,597
64,289
,640
65,991
,282
65,741
,578
70,277
154
225
5,465
432
922
876
1,267
1,216
1,061
1,160
1,181
1,857
1,175
7,158 5,852
10,109 6,258
24,235 12,494
28,378 14,560
31,977 14,865
34,572 15,530
15
36,022 16,585
36,519 17,690
39,681 19,372
41,194 ",317
20
40,
',724 22,429
38,
,286 24 ,277
42,
,349 25 ,137
3
4
11
23
9
16
25
20
52
21
30
164
37
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,194
4,769
5,046
5,359
5,641
5,685
5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,220
6,141
6,083
6,045
6,006
,352
,256
1,246
1,258
1,227
1,299
1,232
1,224
1,261
1,285
1,321
1,358
1,602
,414
,189
,063
,211
,372
950
,309
,233
,675
,685
,540
,437
,508
40,725 25 ,143
40, 195 25 ,273
39,621 25,482
40,464 25
" "",818
39,999 25,987
40,812 26,080
40,115 26,094
40,591 26,163
4 0 , — 26
270 "',260
41,105 26 ,286
41,149 26 ,281
41,625 25,960
42,832 26,356
241
349
301
426
469
463
510
420
531
306
481
529
71
5,729
5,748
5,792
5,845
5,883
5,946
5,898
5,947
6,003
6,030
6,065
6,106
6,035
5,997
5,991
5,984
5,987
5,988
5,976
5,975
5,968
5,961
5,949
5,948
5,940
5,938
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 with 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. Because estimated data are rounded to the
nearest $10 million no amount is shown except on call dates.
NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.
578
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 !
Date, and fund or activity
Total
Cash
Investments
Loans Inrevenceiv- tories Public
able
debt Other
secu- securities rities
Bonds, notes,
PriU.S. vately
and debenLand,
Govt. owned
tures payable
strucinter- interOther
tures,
est
liabil- est
and Other
Guarities
equipanteed
ment
Other
by
U.S.
All activities
1955—Dec. 31
1956—Dec. 31
1957—Dec. 31
45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900
,657
69,863 5,139 20; 657 21,375 3,739 3,669 9,985 5,299
71,124 4,291 22,388 21,628 3,804 3,718 9,962 5,332
2,379 2,703 39,583
596
2,711 3 ,658 62,509
918
""
4,662 2,914 62,377 1,121
1958—Sept. 30
Dec. 31
73,748 5,870 23,267 20,743 4,365 3,703 10,422 5,377
76,475 6,110 25,483 20,810 4,198 3,703 10,670 5,500
3,981 3,642 64,841 1,229
4,038 3,909 67,180 1,298
1959—Mar. 31
June 30
Sept. 30
77,442 5,644 26,977 20 ,504 4,533 3,702 10,753 5,329
76,795 5,291 26,788 20,821 4,442 5,127 8,869 5,458
80,136 6,982 27,138 21,879 4,478 5,130 8,938 5,590
"
"
4,212 3,642 68,157 1,374
4,882 3,758 66,710 1,397
5,582 3,530 69,549 1,423
Classification of agencies reporting quarterly,
by type of fund and activity, Sept. 30, 1959
Public Enterprise Funds—Total
Farm Credit Administration:
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund
Agricultural 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
26,025 2,739 10,719 6,026 1,012
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
10,930 1,598
752
419
323
104
Certain Other Activities—Total
General Services Administration
Agricultural Department:
Farmers Home Administration
Rural Electrification Administration
Veterans Administration
Nat. Aeronautics and Space Administration
Interior Department
International Cooperation Administration
Treasury Department
.
Commerce Department—maritime a c t i v i t i e s . . . . . . . .
All other
33,594 2,337 10,762 6,883
79 6,867
619
9,156
4
186
6,270
123
100
53
797 1,801 23,374
4
60
4
186
288
4
13
711 5,559
123
(2)
90
10
126
17 1,301 4,527
51
68
50
38
243
145
90
1,032
32
3,481
5 3,458
1,131
180
744
2
333
315
344
676
6 3.513 ()
3,555
2,149
84
38
30
464
8
860
203
1,144
4
32
1,588
1,417
4
178
188
1,027
19
337
15
423
6
124
1,909 1,044
128
6
6,415
3,311
812
392
177 3,902 1,449
137
640
169
544
3
375
18
205
11
16
34
120
18
3
55
6
30
108
139
8,970
249
113
639 10,291
5,502
2,872
449
147
114
47
21
40
6
176 6,239
266 3,045
115
697
82
310
4,938 4,786 3,882
463
1,127
(2)
290 33,304
9,119
29
148
66
122
36
32
32,746
54
185
904
3,297
321
1,095
469
3,029
1,123
151 3,444
504
35
622
320
()
1,907
408
3
85
70
48
135
52
797
923
3,299
328
1,111
477
3,043
11,123
3,595
539
754
137
131 3,019
8
254
678
60
12 2,998
3,438
"482
201
209
17
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
Federal intermediate credit banks 4
7,470
643
2,185
2,920
1,722
98 3,929
19
572
3
52 1,795
25 1,562
3,355
43
2,162
1,046
104
71
9
20
12
30
3,294
360
Certain Trust Revolving Funds—Total
Federal National Mortgage Association
Office of Alien Property
All other
2,116
1,771
206
139
209 1,728
52 1,706
148
22
9
105
73
13
58
2
1,490
1,490
1 Prior to 1956, figures for trust revolving funds include interagency
items.
2 Less than $500,000.
3 Includes $815 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 $1,704 million.
* Prior to Jan. 1, 1959 was classified as a trust revolving fund.
5
Figure represents total trust interest.
305
375
4,938
2,854
122
105
1,402
1,532
43
135
47
7
16
3
6
35
16
47
11
1
243
13
456
200
845
2,636
1,124
317
673
3,549
2,114
448
1,097
1,577
188
784
409
1,452
747 2,400 1,029
5
215
63
125 2,060
590
928
27
38
124
52
39
1
13
180
190
5 394
5 53
5 205
5 136
NOTE.—Coverage has changed in some of the years shown. Beginning 1956, changes reflect the expanded coverage and the new classification of agencies now reported in the Treasury Bulletin. The revised
statement includes a larger number of agencies, and their activities arc
classified according to the type of fund they represent.
Historical data for loans by purpose and agency and for other selected
assets and liabilities by agency are shown on p. 538.
Financial Statistics
* International *
International capital transactions of the United States
580
Net gold purchases and gold stock of the United States.
588
Estimated foreign gold reserves and dollar holdings.
589
Reported gold reserves of central banks and governments
590
Gold production
591
International Bank and Monetary Fund.
592
United States balance of payments.
593
Money rates in foreign countries.
593
Foreign exchange rates
595
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and the balance of payments of the
United States. The figures on international capital transactions are collected by the Federal Reserve Banks from banks, bankers, brokers, and
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.
579
580
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Grand
total
Interna- Foreign countries
tional
institutions 2 Total Official
Ger-
R
United
Kingdom
ot
Other
Europe
550
Italy
Total
Latin
Europe Canada America
Asia
All
other
1955 Dec.
1956—Dec.
1957—Dec.
1958 Dec
31
31
31
31
13,601
14,939
15,158
16,159
1.881
1,452
1,517
1,544
11,720
13,487
13,641
14,615
6,953
8,045
7,917
8,665
J.454
,835
,557
,755
785
930
1,079
1,121
,012
1,275
873
3,357
3,089
3,231
3,960
6,147
6,865
7,142
7,708
1,032
1,516
1,623
2,019
2,000
2! 346
2,575
2,403
2,181
2 415
1,946
2,205
360
346
355
279
1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
31
30
31
30
31
16,655
16,803
17,153
18,428
18,724
18,812
19,197
r
19,016
19,303
19,337
1,676
1.668
l!719
42,756
2,780
2,720
2,991
3,049
3,160
3,158
14,980
15,135
15,434
15,673
15,944
16,092
16,206
r
15,967
16,144
16,179
8,623
8,438
8,802
8,967
9,141
9,175
9,226
9,096
9,082
9,139
,385
1,299
,409
,467
1,446
1,409
[,436
,544
1,706
1,987
1,231
1,245
1,298
1,409
1,476
1,570
1,578
1,543
1,523
1,369
,123
228
,094
,084
1,091
1,093
1.056
874
955
971
4,005
4,083
4,183
4,279
4,402
4,503
4,611
4,454
4,300
4,127
7,744
7,855
7,984
8,238
8,415
8,575
8,681
8,415
8,484
8,454
2,087
2,171
2,094
2,122
2,231
2,135
2,245
r
2,256
2,330
2,195
2,522
2,463
2,661
2,551
2,439
2,515
2,364
2,300
2,302
2,406
2,337
2,357
2,391
2,439
2,532
2,526
2,560
2,627
2,658
2,748
290
290
304
322
19,342
19,439
19,592
3,138
3,285
3,300
16,204
16,154
16,293
8,889
8,865
8,985
[,899
.908
2,012
1,358
1,245
1,159
993
1,143
1,227
4,051
4,036
3,945
8,301
8,331
8,344
2,318
2,270
2,349
2,393
2,377
2,383
2,803
2,779
2,830
391
397
1960 Jan 31 .
Feb 29*
Mar 31*
327
340
355
369
369
376
387
Table la. Other Europe
Neth- Norerlands way
Portugal Spain
Sweden
Switzerland
Turkey
82
67
93
130
132
137
142
163
104
43
24
36
153
217
260
303
757
836
967
852
9
20
18
20
13
17
11
9
209
282
349
685
347
361
363
356
108
104
108
113
30
29
33
35
294
321
322
350
846
853
857
878
397
423
435
426
429
109
102
103
101
351
343
330
868
869
97
95
32
59
67
71
79
485
175
171
162
151
153
155
151
142
138
138
86
241
243
213
905
889
902
966
20
25
22
21
27
29
32
28
34
31
6
7
6
7
6
7
6
6
5
6
650
651
582
544
538
528
557
582
578
583
496
496
480
95
94
99
128
131
125
93
99
111
151
196
217
973
943
922
30
35
30
10
10
12
559
521
448
Other
Europe
Austria
Belgium
Denmark
Finland
31
31
31
31
3,357
3,089
3,231
3,960
261
296
349
411
108
117
130
115
60
65
112
169
49
53
64
69
1,081
626
354
532
176
177
154
126
164
134
203
339
1959—Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec 31
4,005
4,083
4,183
4,279
4,402
4,503
4,611
4,454
4,300
4,127
417
410
409
390
390
117
151
124
118
122
138
130
110
110
119
75
74
73
71
391
394
386
119
129
98
113
364
331
125
132
138
113
122
137
81
77
644
649
855
981
1,054
1,139
1,157
1,095
903
655
138
145
156
154
164
165
161
172
192
186
I960—Jan. 31
Feb. 29*
Mar. 31*
4,051
4,036
3,945
308
300
264
152
137
157
120
112
114
83
90
87
664
675
719
188
197
160
Date
I955 Dec
1956—Dec.
1957—Dec.
1958—Dec.
72
76
71
79
France Greece
YugoAll
slavia other*
Table lb. Latin America
Date
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
NetherDolands
minEl
West
ican
Sal- Guate- Mex- Indies
Reico
mala
and
pub- vador
Surilic
nam
Panama,
Republic of
Peru
Other
Uru- Vene- Latin
guay zuela America
31
31
31
31
2,000
2,346
2,575
2,403
138
146
137
150
26
29
26
22
143
225
132
138
95
91
75
100
131
153
153
169
253
211
235
286
65
68
54
40
24
25
27
26
45
64
65
42
414
433
386
418
47
69
73
79
86
109
136
146
92
84
60
77
65
73
55
82
265
455
835
494
112
111
124
133
1959—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
2,522
2,463
2,661
2,551
2,439
2,515
2,364
2,300
2,302
2,406
180
180
211
206
222
245
268
291
310
337
20
20
22
22
23
20
20
23
22
24
178
151
176
154
154
163
169
150
141
151
95
92
102
130
121
144
171
141
139
185
189
199
210
204
206
212
197
203
215
217
263
257
250
242
227
206
202
191
168
164
41
49
46
44
43
40
37
39
41
37
33
38
39
38
33
29
25
22
27
28
43
43
44
42
39
36
35
35
36
37
401
412
445
406
402
416
400
396
420
442
74
79
78
78
80
79
85
83
85
86
156
157
150
147
159
155
157
151
144
129
74
81
82
77
77
81
88
96
88
82
96
84
85
89
77
85
71
70
68
62
508
443
549
500
407
428
278
254
251
277
170
178
172
170
169
175
161
154
148
148
I960—Jan. 31
Feb. 29*
Mar. 31*
2,393
2,377
2,383
360
380
388
25
23
21
152
164
156
170
159
152
222
232
204
163
151
149
36
35
29
31
35
33
44
52
53
425
421
432
86
83
85
131
125
128
83
70
72
62
68
62
250
209
245
154
171
175
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
* Preliminary.
r
Revised.
For other notes see following page.
581
1NTL 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
Ask i
All other
Ko-
Date
Total
Hong
Kong India
Indonesia Iran Israel Japan
r
3 Phil- TaiReipwan
pub- pines
lic
of
Union
ThaiAus- Belof
land Other Total tralia gian Egypt* South Other
Congo
Africa
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
31
31
31
31
2,181
2,415
1,946
2,205
55
66
70
62
73
76
82
77
174
186
151
108
37
20
55
43
53
45
52
56
893 88
1,017 99
586 117
935 145
252
272
175
176
39
61
86
99
138
148
157
133
380
425
417
371
360
346
355
279
75
84
85
79
42
44
39
30
72
50
40
16
53
53
38
30
119
114
153
125
1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
31
30
31
30
31
2,337
2,357
2,391
2,439
2,532
2,526
2,560
2,627
2,658
2,748
62
57
58
57
56
57
58
59
61
59
90
91
94
99
113
103
119
122
115
114
119
108
81
77
88
92
108
116
126
139
55
54
51
39
27
28
27
21
24
47
62
65
70
86
86
94
78
80
81
87
998
1,028
1,068
1,101
1,131
1,106
1,141
1,169
1,215
1,260
147
146
142
145
147
148
150
152
148
148
173
164
175
168
163
182
180
176
179
172
94
91
92
90
90
90
87
91
92
94
138
133
133
134
133
126
127
129
133
136
400
418
427
443
497
501
484
511
483
494
290
290
304
322
327
340
355
369
369
376
83
83
83
91
84
85
109
112
114
114
33
33
33
35
39
31
29
29
26
31
16
15
16
16
16
16
16
17
18
20
28
28
33
36
48
53
43
48
51
49
130
132
139
144
140
155
159
163
161
162
2,803
I960—Jan. 31
Feb. 29*>.... 2,779
Mar. 3 1 * \ . . . 2,830
60
61
63
113
90
104
146
153
150
46
43
45
93
87
87
1,293 149
1,291 145
1,336 141
174
177
178
94
95
93
142
142
146
493
494
486
391
397
387
110
115
114
33
34
42
25
38
33
62
57
43
162
152
157
Table Id. Supplementary Areas and Countries7
End of year
Area or country
End of year
1956
1957
1958
1959
.3
.4
.2
.5
1.2
1.9
.8
3.1
9.1
.6
.4
13.2
4.3
3.3
.9
1.4
.8
.1
.3
.6
.7
3.1
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
.8
1.2
.7
.3
.4
.3
.6
1.4
1.7
.9
3.5
10.0
.6
.7
16.1
5.9
4.9
.9
.5
2.2
.3
.8
1.2
.7
1.5
n.a.
1.3
2.7
5.4
.6
.6
8.2
5.3
4.0
.9
n.a.
2.6
Other Latin America:
24.1
British dependencies
14.6
Costa Rica
18.0
Ecuador
.
French West Indies and French Guiana.. 1.0
8.9
Haiti
10.2
Honduras
11.8
4.0
Paraguay
•
24.0
16.4
22.7
.8
11.2
12.6
12.7
5.1
40.9
24.5
17.4
.5
7.7
6.3
11.3
3.4
46.9
18 9
21.7
.5
10.5
12.8
12.5
6.7
4.7
.9
8.0
4.5
.9
4.3
n.a.
.9
5.7
Area or country
Other Europe:
British dependencies
Czechoslovakia 8
Eastern Germany
Hungary
.
Ireland, Republic of.
Latvia
Lithuania
Monaco
Poland 8
Rumania'
Trieste
U. S. S. R.8
Other Asia:
Afghanistan
Bahrein Islands
British dependencies
.
5.3
1.7
7.4
n.a. Not available.
» Preliminary.
1 Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $12 million on Mar. 31, 1960.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade and shipping missions, diplomatic and consular establishments, etc.).
^ Includes $1,031 million representing increase in United States dollar
subscription to the International Monetary Fund paid in June 1959.
5 Includes Bank for International Settlements.
« Part of the United Arab Republic since February 1958.
7
Except where noted, these data are based on reports by banks in
1956
7.0
. . . . 17.2
41.2
35 5
16.9
2.0
5 3
37.3
22.3
.
. 1 4
20.2
2.7
30.6
97 4
17.1
50.1
.
Kuwait
Malaya, Fed. of .
Pakistan
.
Ryukyu Islands
Saudi Arabia
Syria*
Viet-Nam
1958
6.7
20.0
34.2
36 3
19.6
1.6
5 9
33.1
28.2
1 6
12.8
3.1
32.7
94 8
3.5
58.5
5.9
na
24.9 19.7
44.1
n.a.
36 0 35 8
18.0
n.a.
2.8
2 5
10 3
9 4
20 9
na
37.9 38 0
1 2
1 4
5.6 23 5
3.1
2.4
15.2 14.8
60 2 111 6
4.7
5.0
48.8 68.3
3.8
24.2
10 5
23.7
3.7
Other Asia (Cont.):
Burma
Cambodia
Ceylon
China Mainland*
Iraq
1957
2.3
35.1
10 7
23.0
10.7
1.8
27.8
6 5
13.0
6.4
2.4
18.7
5 8
20 3
17.6
13.6
22.4
2.2
2.8
.9
.3
.4
.5
32.2
19.2
1.9
4.4
1.3
.7
1.7
.8
25 4
18.1
6.9
4.0
1 3
.4
5.2
.3
41 9
16 0
6 8
2.9
na
.2
na
8.4
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Libya
Morocco:
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
.
Spanish d e p e n d e n c i e s . . .
Sudan
Tunisia
.
.
.
1959
the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
Tables la-lc.
* Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.
582
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
To banks and official institutions
Date, or area
and country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and 1
certificates
Other 2
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 2
Total amounts outstanding
1955 Dec
1956—Dec.
1957 Dec
1958 Dec
1959 Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
31
30
31
30
31
31
30
31
30
31
13,601
14,939
15,158
16,159
. . .
I960 Jan 31
Feb 29*\.
Mar. 31?
11,777
12,860
12,847
13,669
5,451
5,979
5,875
6,772
5,670
5,990
5,840
5,823
891
1,132
1,075
656
1,783
2,030
2,252
2,430
1.543
1,653
1,766
1,951
184
243
278
306
56
134
209
174
40
49
59
59
16,655
16,803
17,153
18,428
18,724
18,812
19,197
19,016
19,303
19,337
14,115
14,196
14,569
15,794
16,082
16,131
16,549
16,450
16,805
16,857
6,936
6,864
6,775
6,694
6,497
6,374
6,560
6,132
6,331
6,341
6,079
6,242
6,633
7,940
8,409
8,546
8,768
9,046
9,181
9,240
1,099
1,090
1,161
J.I 60
1,175
1,211
1,220
1,271
1,292
1,277
2,488
2,537
2,523
2,557
2,576
2,615
2,578
r
2,498
2,433
2,403
1,970
1,966
1,975
1,999
1,026
2,045
1,963
.913
1,857
1,833
311
338
305
314
301
303
331
310
290
299
205
234
243
244
249
267
283
r
276
286
271
54
69
62
77
67
66
71
68
65
77
19,342
19,439
19,592
31
31
31
31
16,928
17,100
17,287
6,149
6,065
6,275
9,255
9,427
9,355
1,524
1,608
1,657
2,358
2,283
2,243
1,766
1,750
1,731
298
228
212
294
305
300
56
56
62
1
1
2
(3)
8
(33
)
C)
4
2
4
3
6
16
2
1
4
Area and country detail, January 31, 1960
Europe:
Austria
Belgium
Denmark
Finland
France
308
152
120
83
664
306
107
110
82
613
153
63
16
9
231
137
11
91
69
336
17
33
2
4
46
2
45
10
1
50
1
36
8
1
44
1,899
188
1,358
496
95
25
13
30
36
40
18
13
22
17
38
128
93
151
973
30
251
17
155
115
45
72
75
63
268
28
1,398
158
989
247
7
Portugal
Spain
Sweden
Switzerland
Turkey
993
10
559
364
9
54
226
70
341
(3)
8,301
7,443
1,988
4,232
144
1,224
47
17
7
165
2
299
1
19
45
17
7
87
2
United Kincdom
1,873
175
1,328
454
54
81
76
143
804
28
660
9
540
225
Italy
Netherlands
Norway .
2,318
2,001
1,469
490
360
25
152
170
222
163
286
9
47
120
161
67
128
9
43
120
150
56
126
36
31
44
425
6
14
26
296
6
11
10
273
86
39
12
131
83
62
250
154
27
38
26
85
83
26
38
24
85
62
2,393
1,330
1,053
Germany, Fed. Rep. of
Other Europe
Total
Canada
...
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican ReDublic . . .
El Salvador
Guatemala
Mexico
Neth. W. Indies and Surinam
Peru
Uruguay
Venezuela
Other Latin America
Total
92
2
10
1
37
357
43
178
(3)
(3)
1
(3)
(3)
$
20
58
(3)
(3)
111
1
11
116
71
34
4
4
(3)
812
482
176
155
45
43
308
184
89
34
9
32
(3)
4
1
11
2
74
16
105
49
61
96
71
15
95
49
60
86
?l3)
(3
3
(3)
8
(3)
1
10
(3)
2
8
21
29
16
17
121
(3)
1
1
7
2
30
17
18
129
5
2
19
8
48
15
9
23
(3)
2
(3)
6
104
44
36
165
71
65
42
27
159
67
6
1
2
2
2
33
2
7
4
2
(3)
(3)
77
1,062
933
30
98
l
(3)
(3)
9
s
200
r
P Preliminary.
Revised.
i Includes International Monetary Fund's holdings of nonnegotiable,
non-interest-bearing demand notes of the United States which amounted
to $2,181 million on Mar. 31, 1960.
184
(3)
2
()
$
4
$
(3)
(3)
(3)
8
Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.
583
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable 1n dollars
To banks and official institutions
Area and
country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 1
Total
Deposits
U. S.
Treasury
bills and
certificates
Other 1
Area and country detail, January 31, 1960—Continued
Asia:
Hong Kong
India
Indonesia
Iran .
Israel
60
113
146
46
93
34
100
145
42
89
27
29
71
Japan
Korea, Rep. of
Philippines
Taiwan
Thailand
Other Asia
1,293
149
174
94
142
493
1,279
146
155
87
139
455
645
99
122
83
31
175
Total
2,803
2,668
110
33
25
62
162
106
32
23
59
128
391
16,204
.
....
All other:
Australia
Belgian Congo
Egypt 3
Union of South A f r i c a . . . .
Other
Total
Total foreign countries.
International i n s t i t u t i o n s . . . .
Grand total
..
. .
26
12
2
4
•56"
581
47
18
1
25
12
2
4
4
1
15
68
74
!
p>
(2)
j--
103
245
15
4
5
34
20
7
3
38
14
3
19
7
3
37
(2>
1
1,342
1,192
134
134
129
2
3
n
72
2
6
17
20
28
97
28
16
3
14
4
1
1
2
34
3
1
1
2
30
348
185
121
41
42
37
13,791
6,037
6,234
1,519
2,358
2,358
3,138
3,138
112
3,021
16,928
6,149
9,255
1,524
1
1
(2\
P
(2)
3
l
4
f
1 ,766
298
294
56
1,766
298
294
56
5
19,342
(2)
1
Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Switzerland
157
140
77
30
43
56
36
26
29
34
42
109
104
98
124
158
216
211
315
102
103
99
94
91
89
81
65
60
57
60
58
52
54
52
45
44
41
48
54
36
33
34
37
31
34
33
29
28
30
39
45
39
34
36
34
39
36
37
38
94
105
105
122
142
151
150
174
138
46
38
25
51
51
53
41
41
30
51
39
37
131
141
123
France
1,549
1,946
2,199
2,542
12
18
114
102
31
30.
31.
30.
31.
31.
30.
31.
30.
31.
2,419
2,399
2,427
2,441
2,384
2,356
2,392
'2,396
2,482
2,635
I960—Jan. 31.
Feb. 29
Mar. 31
2,716
2,691
2,729
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
!959_Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
v
31
31.
31.
31.
Germany,
Fed.
Rep. of
Italy
Total
r
Preliminary.
Revised.
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
United
Kingdom
Canada
Latin
America
Asia
All
other
423
568
654
696
144
157
154
243
706
840
956
1,099
233
337
386
435
43
43
50
69
264
255
236
220
234
222
239
230
225
234
589
588
565
544
566
567
586
551
573
552
246
242
236
229
245
241
272
311
282
272
1,068
1,027
1,064
1,082
1,000
965
968
'978
1,045
1,169
454
481
502
520
510
518
511
503
528
586
61
61
61
65
64
66
54
52
54
56
229
229
231
548
538
499
255
234
246
1,235
1,240
1,248
624
626
682
55
53
54
Other
Total
Europe Europe
foreigners; drafts drawn against foreigners that are being collected by
banks and bankers on behalf of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and their
customers in the United States.
584
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table 3a. Other Europe
Other AusEurope tria
Date
Belgium
Denmark
16
28
25
65
13
12
11
14
3
4
4
6
63
62
51
50
53
48
50
50
51
56
12
10
9
8
9
9
10
11
14
18
56
53
49
18
15
12
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
31
31
31
31
158
216
211
315
1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
31
30
31
30
31
264
255
236
220
234
222
239
230
225
234
2
7
6
7
5
5
5
6
6
5
6
5
5
4
229
229
231
4
3
3
I960 Jan 31
Feb. 29»
Mar. 31»
Finland
Greece
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
78
88
76
72
2
7
7
10
9
50
51
51
49
57
70
75
72
62
47
50
66
69
1
1
2
2
3
4
3
2
3
9
14
16
13
14
15
17
17
17
18
7
8
9
16
16
14
11
21
29
56
9
23
23
22
2
2
2
2
5
8
8
30
5
5
6
5
5
5
7
8
8
8
4
4
6
7
6
7
8
7
7
7
7
7
7
5
52
40
34
31
32
24
22
23
25
38
2
3
2
2
2
2
2
1
2
2
27
29
28
26
25
11
11
9
8
8
8
9
9
3
3
3
33
26
30
15
14
11
10
8
10
10
9
9
7
8
7
8
7
13
10
24
16
14
15
10
12
13
19
15
16
19
2
2
2
7
6
6
17
17
18
Yugoslavia
AH
other
Table 3b. Latin America
Date
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
NetherDoPanminEl Guate- Mex- lands ama,
West Reican
Sal- mala
Reico Indies puband
pub- vador
Suri- lic of
lic
nam
Peru
Other
Uru- Vene- Latin
guay zuela America
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
31
31
31
31
706
840
956
1,099
7
15
28
40
4
4
3
3
69
72
100
148
14
16
33
52
143
145
103
51
92
90
113
166
5
7
15
19
8
11
8
10
5
7
8
12
154
213
231
293
3
5
2
6
17
12
18
23
29
35
31
31
18
15
42
52
105
144
170
142
34
49
51
53
1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
31
30
31
30
31
1,068
1,027
[,064
1,082
1,000
965
968
r
978
1,045
1,169
38
40
43
45
44
44
48
51
63
63
3
3
3
3
3
3
3
3
3
3
172
136
156
167
151
134
125
112
113
118
50
52
58
65
40
36
42
46
47
59
49
50
50
53
53
55
55
'60
61
68
149
149
140
130
119
92
91
91
101
103
25
25
23
27
29
28
30
29
31
29
5
5
5
6
6
7
9
14
16
15
9
10
10
10
9
11
10
13
10
10
263
263
278
279
271
269
267
265
275
291
4
4
3
3
3
3
3
3
4
4
25
27
28
22
21
24
22
23
17
18
34
38
37
31
34
34
32
34
34
36
45
33
34
38
27
39
40
39
45
47
144
139
143
151
139
136
142
146
174
247
53
54
52
51
49
50
49
49
52
59
1,235
1,240
1,248
64
64
66
3
3
3
139
150
151
58
57
51
71
70
71
91
83
83
29
27
23
10
5
5
12
13
12
288
257
282
3
5
5
18
19
18
35
38
36
47
46
51
314
346
333
54
56
56
I960—Jan. 31
Feb. 29*
Mar. 31*
Table 3c. Asia and All Other
Asia
Date
Total Hong India
Kong
Iran
All other
PhilIsrael Japan ippines Taiwan
Union
BelThai- Other Total Aus- gian Egypt* of
tralia Congo
land
South Other
Africa
31
31
31
31
233
337
386
435
3
4
7
6
5
6
6
4
18
20
22
27
10
16
24
23
103
170
146
179
19
16
53
67
6
6
6
6
8
9
14
13
60
91
110
111
43
43
50
69
11
11
13
13
5
6
5
4
1
2
1
3
8
8
12
r
21
17
17
19
r
29
1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
31
30
31
30
31
31
30
31
30
31
454
481
502
520
510
518
511
503
528
586
6
8
8
7
8
9
9
9
10
10
5
6
5
5
6
5
6
7
6
6
34
34
32
35
31
29
30
29
29
29
19
18
16
16
17
15
13
12
9
14
204
224
242
260
256
269
262
262
275
324
8
9
10
9
8
8
8
8
8
9
14
17
17
20
12
13
12
12
14
15
130
137
142
143
153
151
155
154
157
155
61
61
61
65
64
66
54
52
54
56
11
11
12
15
14
16
18
19
4
4
3
3
3
3
3
3
3
3
1
2
2
2
1
1
2
2
2
2
r
19
r
r
26
r
624
626
682
11
12
12
6
6
6
30
30
31
14
17
13
362
372
420
34
29
29
24
18
18
17
11
20
24
24
18
22
9
9
9
14
12
13
154
148
154
55
53
54
3
3
3
2
2
v
Preliminary.
' Revised.
i See note 1 on preceding page.
OOVC
I960 Jan. 31
Feb. 29*
Mar. 31P
0000
1955—Dec.
1956 Dec.
1957—Dec.
1958—Dec.
18
2 Less than $500,000.
J Part of the United Arab Republic since February 1958.
17
'17
r
17
r
18
'19
'12
'10
'11
12
26
'27
'28
'27
'27
'20
'19
'20
21
10
11
10
22
21
23
585
INFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
Date, or area
and country
Longterm—
total i
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Total
Deposits
with
foreigners
Other
Total amounts outstanding
31..
31..
31..
31..
671
839
,174
,362
1,549
1,946
2,199
2,542
1,385
1,796
2,052
2,344
489
582
627
840
236
330
303
428
353
440
423
421
307
444
699
656
164
150
147
198
144
131
132
181
20
19
15
16
1959—Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
,361
,379
,402
,440
,482
,501
,507
,516
,497
,526
2,419
2,399
2,427
2,441
2,384
2,356
2,392
'2,396
2,482
2,635
2,258
2,247
2,264
2,280
2,204
2,178
2,193
'2,170
2,270
2,400
746
738
731
743
717
708
743
728
805
839
424
434
424
413
413
421
424
r
441
456
463
428
427
434
455
437
442
453
458
475
516
660
648
674
669
637
607
573
543
533
582
161
152
164
161
180
178
199
226
212
235
146
136
149
144
153
152
163
192
182
203
15
16
15
17
27
26
36
34
30
32
I960—Jan. 3 1 . .
Feb. 29*.
Mar. 31*.
,501
,493
2,716
2,691
2,729
2,488
2,481
2,514
864
835
797
431
416
401
517
526
538
676
704
778
229
210
215
195
175
179
34
36
37
1955—Dec.
1956—Dec.
1957_Dec.
1958_Dec.
,513
Area and country detail, January 31, 1960
Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of.,
Greece
Italy
Netherlands
Norway
4
22
1
3
19
12
6
31
12
130
56
18
8
46
3
55
17
8
45
1
38
1
2
9
2
1
10
12
25
3
11
15
4
51
3
41
33
44
3
40
25
7
(2)
15
2
1
1
23
46
Portugal
Spain
Sweden
Switzerland
Turkey
7
33
3
2
7
17
51
50
2
7
16
41
50
United Kingdom
Yugoslavia
Other Europe
50
(2)
10
131
7
16
25
6
16
9
2
343
548
410
162
47
122
98
255
199
12
167
69
64
3
139
58
71
91
39
3
139
58
71
91
()
()
53
17
7
44
29
10
12
285
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic....
El Salvador
Guatemala
Mexico
Netherlands W. Indi<
and Surinam
Panama, Rep. of
,
Peru
Uruguay
Venezuela
,
Other Latin America....
Total
262
48
26
70
2
1
7
5
3
9
(2)
105
9
(2)
81
25
79
138
112
26
7
13
56
53
3
19
3
18
13
28
28
25
25
23
14
10
4
44
14
27
14
7
4
3
123
6
1
2
60
4
3
6
30
12
2
2
72
14
4
5
179
29
10
12
288
37
13
1
30
58
18
35
47
314
54
18
35
47
311
54
()
24
99
5
10
4
3
51
12
4
17
2
50
27
4
13
18
112
11
797
1,235
1,204
390
205
253
356
()
*( 2 )'
3
r
P Preliminary.
Revised.
1 Represents mainly loans with an original maturity of more than ono
year.
6
11
()
1
2
7
30
1 Less than $500,000.
8
8
"l
28
586
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total *
Area and
country
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Total
Deposits
with
foreigners
Other
Area and country detail, January 31, 1960—Continued
Asia:
2
11
56
9
3
. . .
7
2
2
3
30
14
30
14
j
(2)
29
2
(2)
362
20
6
9
136
1
45
1
2
2
15
202
24
9
14
153
362
1
24
9
14
153
624
623
296
5
102
220
1
1
7
3
8
5
9
13
10
2
116
Total
All other:
Australia,
Belgian Congo
1
<2)
(2)
25
21
1
1
114
17
3
11
1
2
2
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
2
( )
(2)
n\
1
1
1
(2)
10
21
?
55
52
4
7
33
9
3
1
i
1,501
Total
19
80
(2)
\)
(2)
(2)
146
Union of South Africa
Other
18
3
2
10
22
2,716
2,488
864
431
517
676
229
195
34
i
(
(2 }
I
33:
Taiwan
.
Thailand
Other Asia
11
6
7
Korea Rep. of
11
6
16
India
Indonesia
Iran
Israel
International institutions....
Grand total
2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.
l Represents mainly loans with an original maturity of more than
one year.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES *
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
U. S. corporate securities2
Net pur- Purchases, or chases
sales ( - )
Net pur- Purchases, or chases
sales ( - )
Net pur- Purchases,or chases
sales ( - )
Sates
Net purchases, or
sales (->
992
1,392
1,915
1,458
-385
-693
-1,026
-512
749
593
467
566
875
622
804
'804
-126
-29
-336
-238
63
49
111
45
60
27
157
52
53
95
89
74
169
45
163
27
208
75
93
'145
-26
-25
-57
-102
84
76
83
'57
53
50
44
35
51
63
-39
-25
-36
r
-8
-5
-23
-40
'-49
45
51
47
49
48
44
44
58
41
53
57
77
57
59
238
174
-1
-161
-117
56
41
42
45
36
44
II
5
-2
Purchases
Sales
883
1,224
1,214
1,018
718
1,188
528
-135
-52
36
686
1,907
1,617
1,759
2,593
1,615
1,423
1,798
2,158
291
194
-39
435
607
699
889
946
1959—Mar...
Apr...
May..
June..
July..
Aug...
Sept..,
Oct...
Nov..
Dec...
37
60
39
24
63
259
106
163
166
92
18
19
23
23
40
25
40
77
99
55
19
41
16
1
23
234
66
86
68
37
231
226
240
222
229
190
177
191
234
254
224
196
203
181
190
145
134
151
175
200
7
30
37
41
39
45
44
40
59
54
1960—Jan.. .
Feb. P.
Mar.**
104
119
113
53
88
70
50
32
42
229
194
199
152
149
153
77
46
46
1956
1957
1958
1959
r
P Preliminary.
Revised.
i Includes transactions of international institutions.
Sales
Foreign stocks
Foreign bonds
Sales
2 Includes small amounts of U. S. municipal securities.
3 Less than $500,000.
-6
%
-10
-10
587
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, (— ).
In millions of dollars]
Type of security
Year or month
Country
Total 2
Stocks
Bonds
291
194
-39
435
256
143
-56
363
7
30
37
41
39
45
44
40
59
54
2
25
36
36
34
35
26
30
48
58
72
34
31
-7
35
-8
31
147
101
19
254
87
77
-1
15
2
5
5
5
8
5
20
27
21
21
19
18
35
26
23
20
-12
-2
4
4
-1
7
-4
9
7
4
5
6
10
18
10
11
-4
77
46
46
Switzerland
3
-6
10
28
34
23
France
5
5
I960—Jan..
Netherlands
11
6
35
51
17
73
1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Belgium
5
11
14
1956
1957
1958
1959
p
1
23
14
—3
5
23
8
2
40
1
()
4
1
1
2
United
Kingdom
Total
Europe
Canada
7
20
1
35
280
255
10
379
11
13
1
4
5
4
2
1
2
4
5
4
31
33
31
27
42
40
34
58
46
13
-6
6
17
7
-4
71
37
41
Latin
America
-53
-99
-86
-30
-1
Other
Europe
All
other 2
38
23
23
40
27
15
14
46
-6
-8
2
2
1
-1
-5
-4
2
-6
2
2
3
2
4
4
6
5
3
5
3
4
4
5
7
-2
2
7
7
1
3
4
1
2
Preliminary.
Includes small amounts of U. S. municipal securities.
Includes transactions of international institutions.
3 Less than $500,000.
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[Net sales, (—). In millions of dollars]
[In millions of dollars]
Year or
month
1956
1957
1958
1959
1959—Mar....
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
I960—Jan...
Feb.P
Mar.*
InterTotal
national foreign Europe
couninstitutions
tries
Latin
Amer- Asia
-478
-338
-805
r
-593
8
231
-72
-50
—447
-552
-543
r
— 443
17
15
5
11
-40
-45
-45
-97
-5
-8
-50
-8
-60
-42
-22
-28
18
5
-4
-24
-9
-3
3
3
-
-43
'1
- -3 7
'2
-107
-6
-17
7
- 61
C)
'-59
29
-101
7
-126
(
-44
-20
-56
r
Revised.
-4
42
24
-13
-16
-17
9
-3
Assets in custody
All
other
Date
Deposits
ica
-33
-384
-558
-157
Preliminary.
Less than $500,000.
Canada
2
-61
r— I
-100
r
-42
-21
-29
-39
2
-43
-89
j
0)
3
4
5
0)
-20
-32
8
8
4
7
4
3
1
-6
-11
-6
-3
-4
— 16
13
-150
— 15
3
—1
2
2
-1
1
-21
0)
0)
1
1
2
U. S. Govt.
securities2
Miscellaneous 3
1958—Dec. 31
272
3,695
480
1959—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
266
291
294
278
252
312
284
332
345
3,559
3,750
3,900
4,131
4,286
4,346
4,409
4,396
4,477
504
524
528
525
520
548
547
556
570
I960—Jan.
Feb.
Mar.
Apr.
31
29
31
30
249
191
184
194
4,444
4,707
4,728
4,818
593
466
615
639
1 Excludes assets held for international institutions, and earmarked
gold. See note 5 at bottom of next page for total gold under earmark
at 2
Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
588
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]
larterly totals
Annual totals
1958
Area and country
1952
1953
Continental Western Europe:
Beleium
1-6
Germany (Fed. Rep. of)
Italy
Portusal
Sweden
Switzerland
Bank for Int'l Settlements
Other
-130
-100
-5
23
-V
-226
— 55
-15
15
— 65
-94
-18
— 16
-20
9
—8
25
-50
-1
-481
-51
Latin America:
Argentina
TVlexico
-25
-5
-15
-17
-20
68 - 1 , 4 2 8
-477
-281
-38
-118
-124
-197
100
-900
-350
-100
-200
-150
-900
-350
-100
-200
-150
-20
-10
(2)
-2
100
-10
Total
-19
58
Other
-132
62
-6
-10
-7
14
12
75
67
56
6
2
-28
81
(2)
18
-200
14
-5
C2)
(2)
1
14
394 - 1 , 1 6 4
-327
-68
80
394 - 1 , 1 6 4
-327
-68
....
Total foreign countries...
International institutions 5
3
*-176
(2)
58
31
69
4-27
55
-30
65
-4
20
4-45
-12
64
4-62
-19
-1
(2)
C2)
(2)
(2)
(2)
(2)
-969
-347
-84
-389
-348
-14&
-347
-93
(2)
600
-7
772 -2,294
-1,041
r\ 5-344
-73
280
1 Includes sales of gold to Belgian Congo as follows (in millions): 1952,
$2; and 1953, $10.
2 Less than $500,000.
3 Includes purchases of gold from Spain as follows (in millions): 1957,
$31; and 1958, $32.
-20
4-50
(2)
4-23
65
-1
172 -2,287
200
Grand total
— 10
5
115
80
-30
-30
-7
-1
339
15
-85
-28
-200
329
(2)
-20
88
-66
— 56
-110
-28
7
Canada
-43
20
-32
-38
(2)
451
-39
-39
Oct.Dec.
—215
-178
38
3
-79
-480
-58
-58
JulySept.
-30
-10
4
-328
— 349
-261
Apr.June
-20
__ e
-546
-83
-39
-266
-84
-329
Jan.Mar.
Oct.Dec.
1959
1958
3
-65
-60
-20
440
11
Total
1957
3
-34
-68
-10
-116
Total
Sterling Area:
United Kingdom.. .
Other
All other
1956
-6
1-95
-10
...
1955
1954
1959
-732
189
91
-159
-57
4
Includes sales of gold to Japan as follows (in millions): 1958, $30;
and 1959, $157 (Jan.-Mar., $50; Apr.-June, $45; and July-Sept., $62).
5 Figures represent purchase of gold from, or sale to (—) International
Monetary Fund; includes payment of $344 million in June 1959 as
increase in United States gold subscription.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
Treasury
Total i
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713
21,690
21,949
22 781
20,534
19,456
22,868
24,399
24,563
22,820
22,873
23,252
EarTotal
Net
marked
gold
gold
stock: import, gold: de- Domestic gold
increase,
crease, producor
or inor deexport
tion
crease
crease
2 2,162
1,530
165
-1,743
53
380
22,091 - 1 , 1 6 2
-297
21,793
-41
21,753
306
22,058
799
22 857
20,582 - 2 , 2 7 5
19,507 3-1,076
1,866
1,680
686
-371
-549
684
2
16
97
106
104
260
302
210
-159
-496
-1,352
618
-305
-1,171
-325
-132
319
600
-2,515
-1,324
76
71
67
80
66
67
69
65
66
65
63
62
49
v Preliminary.
1 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Reserve Bank Credit, and Related Items" or in the Treasury statement,
"Circulation Statement of United States Money."
2 Net after payment of $688 million as United States gold subscription
to the International Monetary Fund.
Gold stock
(end of month)
Month
Treas- Total i
ury
1959—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
20,305
20,188
19,705
19,626
19,524
19,491
19,585
19,566
19,456
Total
EarNet
gold
marked
gold
stock: import, gold: de- Domestic gold
increase,
crease,
or
producor deor inexport
tion
crease
crease
20,358
20,227
19,746
19,672
19,568
19,579
19,647
19,617
19,507
-129
-130
3-482
-73
-104
10
68
-30
-110
3
10
15
25
76
55
19,444 19,494
19 421 19 471
19,408 19,457
*>19,360 *>19,403
-13
2
4
17
— 23
-14
24
48
9
-127
-137
492
-98
-176
— 35
52
-71
-112
— 12
21
-13
5-71
4
4
5
5
4
4
4
3
4
3
3
4
3
Includes payment of $344 million as increase in United States gold
subscription to the International Monetary Fund.
4 Not yet available.
5 Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $9,979 million on Apr. 30, 1960.
Gold under earmark is not included in the gold stock of the United States.
589
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31 , 1957
Gold&
shortterm
dollars
Area and country
Continental Western Europe:
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
France (and dependencies)
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Dec. 3 , 1958
Mar. 3 I, 1959
452
1,184
143
99
952
4,099
167
1,531
8
8
6
5
9
14
1,044
138
651
126
479
2,685
162
846
14
105
605
1,522
200
104
1,295
4,394
143
2,207
7
6
6
1
12
13
"I
629
1,489
169
113
1,469
4,063
158
2,421
7
6
43
1
12
15
17
125
Union of South Africa
Other
.
...
Total
Canada
Latin America:
Argentina
Chile
Colombia.
Panama Reoublic of
Peru
Venezuela
Total
Asia:
Thailand
Other
Total
AUother:
EgVDt 3
Other
Total
Total foreign countries4
•<
319
17,598
274
17,652
205
4
194
4
1
1
34
3,723
109
241
324
241
251
245
4,889
2,723
Sterling Area:
United Kingdom
United Kincdom dependencies
3
1,614
151
728
88
498
2,781
164
1,117
4,002
Total
15
120
12
1,497
173
707
94
507
2,777
164
1,209
2,875
104
211
329
255
228
Turkey
Other 2
457
3,097
1
210
463
140
0)
0)
18,573
3,923
110
246
337
221
250
184
4
242
341
<*)
m
43
16
19,070
201
4
49
3,909
105
226
346
237
199
55
3,956
106
252
366
268
199
5,087
238
5,022
261
3,159
344
3,195
342
0)
2
13
263
480
170
278
317
67
566
147
96
269
1,219
302
107
4,174
1
1
7
118
179
1,380
178
246
931
250
2
11
4,368
176
4,017
106
4,134
190
193
714
181
269
777
0)
2
5
1
8
145
184
1,094
186
245
778
2,324
16
2,632
146
96
262
0)
0)
86
(i)
4
2
0)
a
0)
(1)
0)
W
86
0)
3
2
0)
12
2,831
13
3,032
190
149
8
339
10
190
171
361
330
8
28,565 1,220
32,563
983
2,876
495
222
0)
3
1
7
7
31,262 1,442
31
80
156
195
1,232
180
250
818
190
140
228
162
35,439 1,478
(l)
396
1,213
69
561
P Preliminary.
1 Less than $500,000.
2
Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
3 Part of the United Arab Republic since February 1958.
4
Excludes gold reserves of the U. S. S. R.t other Eastern European
countries, and China Mainland.
16
358
10
76
(l)
7
7
54
1
32
16
26
136
1
3
68
90
2
13
3
1
"I
685
1,484
144
109
2,091
4,057
187
3,054
1,711
133
723
123
521
2,805
176
1,067
0)
TAX
366
7
7
44
1
32
16
22
133
237
504
135
262
339
70
543
156
93
276
1,227
292
2,697
Grand total 4
5
128
646
1,510
141
109
1,893
4,171
179
2,720
1,627
156
711
92
555
2,787
165
1,111
263
456
115
215
371
92
566
136
88
235
1,554
277
390
Sept. 30, 1959
Dec. 31 , 1959"
U . S . Gold& U . S . Gold& U . S . Gold& U . S . Gold& U.S. Gold& U . S .
Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
bonds term
bonds term
bonds term
bonds
term
bonds
bonds term
& notes dollars & notes dollars & notes dollars & notes dollars ¬es dollars & notes
14,758
Spain (and dependencies)
Sweden
June 30, 1959
0)
1
3
33,202 1,070
3,027
523
36,229 1,593
7
7
64
1
35
16
(l)
29
141
1
3
101
88
8
1,732
125
731
141
404
2,900
164
1,076
456
19,451
510
264
4
323
4
57
3,471
115
268
361
287
211
5,147
326
4,713
404
3 284
450
3,155
452
0)
2
13
325
495
212
266
277
59
565
157
107
251
997
268
13
393
478
228
288
214
61
584
129
110
242
931
253
104
3,979
105
3,911
105
1
1
2
3
1
7
149
167
1 420
187
239
1,013
2
5
1
12
172
187
1,539
181
248
1,027
2
3
1
16
14
3 175
21
3,354
23
194
170
8
364
10
31
82
(i)
0)
8
82
2
0)
0)
0)
0)
0)
0)
82
0)
2
0)
0)
0)
190
176
10
34,357 1,127
4,665
623
1,361
168
115
1,957
4,624
212
3,118
523
39,022 1,650
366
11
35,021 1,369
5,043
605
40,064 1,974
17
/•j\
1
76
^J
82
3
1
4
12
1
34,948 1,504
5 565
660
40,513 2,164
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in "Short-term
Liabilities to Foreigners Reported by Banks in the United States by
Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings with original maturities
of more than one year; these estimates are based on a survey of selected
U. S. banks and on monthly reports of security transactions.
590
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world i
1953
1954
1955
1956
1957
1958
Dec
Dec
Dec
Dec
Dec
Dec
1959—Mar
Apr
May
Estimated
rest of
world
Argentina
[,702
1,740
1,808
1,692
1,180
1,332
22,091
21,793
21,753
22,058
22,857
20,582
12,630
13,540
14,170
14,485
14,925
17,950
372
372
372
224
126
60
117
138
144
107
126
162
52
62
71
71
103
194
101
115
116
122
81
83
40,060
. ...
United
States
36,425
37,075
37,730
38,235
38,960
39,865
. ..
Int'l
Monetary
Fund
1,352
1,353
1,522
,910
18,220
2^025
2,052
2,210
2 389
2,407
20,486
20,358
20,227
19,746
19,672
19,568
19,579
19,647
19 617
19,507
57
57
57
57
57
57
57
57
57
56
163
166
169
135
138
141
143
146
150
154
212
222
222
256
280
291
291
291
291
292
2 416
2,421
2,454
End of
month
19 494
19,471
19,457
292
292
292
Denmark
Dominican
Republic
Ecuador
Egypt2
El Salvador
40,340
July
Aug
Sent
Oct
Nov
Dec
. ...
40,445
r
40,685
1960 Jan
Feb
Mar
End of
month
Cuba
69
65
63
63
53
53
48
42
42
42
1,246
1,265
1,289
1,270
1,281
,276
1,254
1,187
1,156
1,134
326
326
326
326
326
326
326
326
327
327
1,072
,071
1,074
1,073
1,061
1,053
42
38
I 143
1,175
1,183
326
326
294
952
952
950
Germany,
France3 Federal Greece
Republic
of
Guatemala
42
42
44
46
40
40
86
86
86
57
62
72
40
40
40
40
40
41
41
42
41
r
43
73
73
74
74
74
75
69
70
70
71
r
71
72
72
986
967
960
960
42
41
41
India
Indonesia
617
708
942
924
581
750
328
626
920
1,494
2,542
2,639
11
11
11
10
13
17
27
27
27
27
27
27
247
247
247
247
247
247
145
81
81
45
39
37
76
76
76
75
75
75
75
75
60
50
31
31
31
31
31
31
31
31
31
31
11
11
11
11
12
12
12
12
12
10
22
20
20
20
20
20
20
20
20
20
174
174
174
174
174
174
174
174
174
174
31
31
31
31
31
31
30
30
30
30
38
38
38
38
38
38
38
38
38
38
812
718
859
899
939
930
2,678
2,678
2,684
2,704
2,721
2,721
2,621
2,626
2,626
2,637
20
21
23
25
26
26
26
26
26
26
27
27
25
25
24
24
24
24
24
24
247
247
247
247
247
247
247
247
247
247
37
36
41
41
41
41
41
33
33
33
31
31
31
10
10
10
20
20
20
174
174
174
30
30
30
38
38
38
2,638
2 652
2,670
26
26
247
247
247
33
33
33
Philippines
Portugal
Iran
Dec
Dec
Dec
Dec
Dec
Dec
Revised.
1,073
1,134
1,103
1,100
,078
26
31
35
35
35
35
....
End of
month
r
J 270
321
322
323
324
324
325
Colombia
29
29
28
28
31
31
Mar
Mar
Finland
776
778
929
925
915
Chile
174
174
174
188
188
174
Feb
Feb
56
Canada
23
23
23
22
22
22
1960 Jan
I960—Jan
18 770
Brazil
50
21
Sent
Oct
Nov
Dec
Sept
Oct
Nov
Dec
r
Belgium
12
12
12
11
11
11
Mar
Apr
May
1959 Mar
Apr
May
June
July
18,815
Belgian
Congo
31
31
31
31
31
31
J u ly
1953
1954
1955
1956
1957
1958
18,685
Austria
186
186
136
136
136
80
1953 Dec
1954 Dec
1955 Dec
1956 Dec
1957 Dec
1958—Dec
1959
<m
Australia
.. .
.. .
•
. •
Iraq
137
138
138
138
138
141
140
140
140
140
140
140
140
140
140
140
140
131
Ireland,
Republic of
Italy
Lebanon
Mexico
921
1,055
1,122
1,290
,285
I 298
NetherNew
lands Zealand
Norway
Pakistan
Peru
8
14
20
34
18
18
18
18
18
18
346
346
352
338
452
1.086
35
63
74
77
91
91
158
62
142
167
180
143
737
796
865
844
744
1.050
33
33
33
33
33
33
52
45
45
50
45
43
38
38
48
49
49
49
36
35
35
35
28
19
9
9
16
22
6
10
361
429
428
448
461
493
34
34
34
34
73
84
84
84
84
84
18
18
18
18
18
18
18
18
18
18
1,190
1,222
1,263
1,311
1,381
1,433
1.476
l|583
1,635
1,749
102
102
102
102
102
102
102
102
102
102
142
142
142
160
158
156
165
165
143
142
1,164
1.164
1,164
1,164
1,164
1,162
1,162
1,126
1,132
1,132
33
33
33
33
33
33
33
33
33
33
43
43
43
43
30
30
30
30
30
30
49
49
50
50
50
50
50
50
50
50
19
19
19
19
19
19
19
19
29
28
7
9
9
10
6
6
7
8
8
9
501
502
507
512
513
525
525
530
546
548
I 132
1,141
,142
33
33
33
30
30
30
52
52
52
28
28
10
11
12
548
548
18
18
18
For notes see following page.
102
102
102
591
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
Sweden Switzerland
South
Africa
End of
month
Syria2
.
1,459
1.5H
,597
1,676
1,718
1,925
14
17
19
19
24
24
191
191
1,935
1,931
1,912
1,909
[,925
1,919
1,900
1,868
1,816
1,934
24
24
24
24
24
19
19
19
19
191
171
171
.
218
265
276
224
217
.
266
219
211
204
193
190
204
204
217
1959 Mar
Apr
205
197
201
May
June
July
Aug
Sect
Oct
204
225
231
230
238
NOV
Dec
1960 Jan
Feb
248
244
256
Mar
United
Kingdom 4
113
113
112
112
112
112
143
144
144
144
144
144
2,518
2,762
2,120
2,133
2,273
3,069
112
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
1,826
1,807
1 777
176
199
212
1953 Dec
1954—Dec
1955—Dec
1956 Dec
1957 Dec
1958—Dec
Turkey
204
205
191
191
191
European
Payments
Union
17
13
17
193
196
217
179
165
339
244
378
533
479
486
436
434
427
367
383
381
445
513
510
Yugoslavia
227
227
373
403
13
14
216
403
186
180
603
719
16
180
719
180
180
719
719
133
133
3,139
3,251
3,119
3,172
3,220
3,248
3,284
3,024
2,974
2,736
2,685
2,722
2,780
133
Uruguay
Bank
for
Int'l
Settlements
Venezuela
133
133
133
1
Excludes U.S.S.R., other Eastern European countries, and China
Mainland.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received.
Thailand
180
719
180
180
654
654
17
15
10
10
10
10
10
10
10
16
180
180
654
654
654
10
10
10
180
180
719
719
180
719
180
180
719
719
153
153
268
254
126
2
Part of the United Arab Republic since February 1958.
3 Represents holdings of Bank of France and French Exchange Stabilization Fund.
4 Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and United
States and Canadian dollars.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
Estimated
world
production
U.S.S.R.)
1953
1954
1955
1956
1957
1958
1959
1959
. ...
. .
Feb
Mar
Apr
May
June....
July . . .
AUE
Sect . . . .
Oct
Nov
Dec
I960
Jan
Feb
1
2
864.5
910.0
955.5
994.0
1,036.0
1,064.0
Africa
Total
]Ntorth
Ghana Belgian United
Congo States
South
Africa
Rhodesia
780.5
830.4
877.7
914.8
956.3
984.0
417.9
462.4
510.7
556.2
596.2
618.0
702 2
17.5
18.8
18.4
18.8
18.8
19.4
19 8
25.4
27.5
23.8
21.9
27.7
29.2
31.8
81 2
85.0
86.6
88 1
89.4
2 91 4
2 88.8
2 89.5
2
91 4
52 8
55.9
57.9
58 7
59.5
60.8
60.7
60.9
61 3
60 3
59.3
1.5
60 8
60.0
13.0
12.8
13.0
13.1
13.1
12.8
12.0
69.0
4.1
2.6
.9
1.7
1.6
2.6
2.6
1.6
1.8
1.6
2.7
2.8
1.3
1.0
.8
4.1
1.4
2.0
2.6
2.6
2.7
1.0
.8
1.7
2.8
1.1
.9
.8
3.5
1 7
1.6
1 6
2 7
2.7
1.4
.7
3.8
3.8
4.6
5.3
4.2
3.8
3 4
3.7
2 6
3 4
2.6
3.1
Gold exports, representing about 90 per cent of total production.
Excluding Chile.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
65.1
65.7
65.3
63.0
61.6
48.6
and South America
Other
Canada
Mexico
142.4
152.8
159.1
153.4
155.2
158.8
156.9
16.9
13.5
13.4
12.3
12.1
11.6
9.1
8.2
8.1
7.6
6.9
7.2
7.3
4.0
4.2
3.9
4.3
4.2
3.9
3.9
4.6
4.4
4.3
3.3
3.6
3.9
12.5
13.2
13.2
13.3
12.5
13.2
12.2
12.7
13.9
13 6
13.2
1.0
.8
.6
.5
.7
.3
.1
.3
.3
13 2
13.0
1.0
1.2
.9
.9
.9
.6
.8
1.1
Nicaragua * Brazil
.7
.6
.3
.3
.4
Chile
.4
.3
.2
.2
Colom- Ausbia
tralia
15.3
13.2
13.3
15.3
11.4
13.0
13.9
37.7
39.1
36.7
36.1
37.9
38.6
7.8
8.4
7.4
7.3
6.3
1.1
3.0
3.3
2.9
2.9
3.5
.5
.7
1.0
1.0
1.3
1.4
.6
.5
.3
.3
.6
6
.4
4
1.2
.6
.4
1.2
5
1.2
1.2
1 3
3.2
3.0
3.3
3 3
3 4
6.0
5.8
,5
.5
.5
.5
.5
.5
.5
.5
5
.5
4
.6
India
.4
Ghana, Belgian Congo and Brazil, data for which are from American
Bureau of Metal Statistics. For the United States, annual figures through
1958 are from the U. S. Bureau of the Mint and figures for 1959 and!
1960 are from American Bureau of Metal Statistics.
592
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures.
In millions of dollars]
1959
Item
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
Mar.
June
1959
1960
Sept.
Dec.
Item
Jan.
Mar.
Dollar deposits and U. S. securities
Other currencies and securities1 —
Effective loans*
Other assets*
937 r952 rl,O33 1,023 1,109
636 '671 '630
666
648
3,408 3,387 3,548 3,531 3,642
92
104
138
93
137
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital*
1,840 1,905 1,963 1,990 2,067
893
839
960
893
952
28
28
31
28
27
401
420
440
462
485
1,911 1,911 1,920 1,985 2,005
Loans by country, Mar. 31, 1960
Gold
Investments*
Currencies: 1
United States
Other
Gold and currency
separate
accounts: * °
Gold
Currency
Unpaid member subscriptions
Other assets
Apr.
1960
July
Oct.
Jan.
1,332 1,352 1,371 2,210 2,416
200
500
200
500
200
780
951
998 2,028 2,141
5,958 5,807 5,839 8,283 8,349
1
551
4 1,542
979
9
944
9
680
854
8 1M05
640
^59
Member subscriptions
, 9,228 9,228 9,228 13,644 13,999
Member subscriptions in separate
account * o
,
2,093 1
Reserves and liabilities
30
42
35
162 1U06
Outstanding
Area and member country *
Principal
Disbursed
Repaid
Total
Quota
Sold
to
others*
Country
Total
Continental Western Europe,
total
Austria
Belgium and Luxembourg..
Denmark
Finland
France
Italy
Netherlands
Norway
Turkey.
Yugoslavia
1,643
100
213
60
102
418
298
236
95
61
61
1,260
67
162
46
72
273
213
236
70
60
61
266
1
24
6
17
28
8
161
3
8
10
993
66
138
40
56
245
204
75
67
52
50
243
5
35
3
8
32
62
75
22
Sterling area, total
Australia
Ceylon
India
Pakistan
Union of S. Africa
United Kingdom
Other
1,500
318
24
592
151
197
193
25
1,275
318
14
462
96
197
168
20
169
47
1
39
19
52
10
1
1,106
270
14
422
77
145
158
19
107
21
1
32
3
28
23
Latin America, total
Brazil
Chile
Colombia
Ecuador
El Salvador
Mexico
Nicaragua
Peru
Uruguay
Other
976
267
106
148
45
32
186
23
47
71
50
730
193
52
109
22
24
164
22
42
60
42
139
33
9
34
2
590
160
43
75
19
21
144
14
34
51
29
14
Asia (excluding Sterling area),
total
Iran
Japan
Lebanon
Malaya
Philippines
Thailand
Other
726
194
338
27
36
19
107
6
410
91
231
7
2
16
57
6
43
20
367
71
223
7
2
16
48
29
12
14
Africa (excluding Sterling
area), total
Ethiopia
Sudan
United Arab Republic
119
24
39
57
3,731
620
3,111
8402
Total
7
4,964
20
7
9
10
13
Cumulative net drawings
on the Fund
Paid
in
gold
1959
1960
Mar.
Feb.
Mar.
Argentina
Bolivia
Brazil
Burma
Chile
280
23
150
15
75
70
6
70
1
15
91
9
113
12
42
155
10
92
8
42
162
10
92
8
42
Colombia
Cuba
Dominican Rep...
El Salvador
France
75
50
15
11
788
19
13
4
3
174
30
25
394
15
25
5
6
181
3
25
7
3
181
Haiti
Iceland
India
Indonesia
Iran
11
11
600
165
70
3
3
78
29
18
200
55
17
5
3
150
46
5
5
3
150
46
5
9
50
2
13
10
2
22
5
9
50
6
36
5
6
50
6
36
Paraguay
Philippines
Spain
Sudan
Turkey
United Arab Republic—Egypt..
United Kingdom.
United States
Yugoslavia
r
100
15
86
60
1,950
4,125
66
4
6
21
10
30
27
20
399
296
345
282
1,031 12-1,757 ^ - 1 , 5 4 8 ^ - 1 , 5 0 5
9
23
23
23
Revised.
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.
* Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
« Less than $500,000.
7
Includes $281 million in loans not yet effective.
8 Includes $383 million not guaranteed by the Bank.
9 U. S. Treasury bills purchased with proceeds from sale of gold.
I
° Paid by members pending increases in quotas becoming effective.
I1
Includes subscriptions due from members on increases in quotas
consented to but not yet effective.
1
2 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
1
593
U. S, BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates. Quarterly totals in millions of dollars]
1956
1957
1959
1958
Item
Exports of goods and services, total 1 .
Merchandise
Services2
6,563
4,887
1,676
6,743
5,108
1,635
7,010
5,158
1,852
6,326
4,462
1,864
6,654
4,662
1,992
5,566
4,054
1,512
5,920
4,191
1,729
5,571
3,806
1,765
6,142
4,176
1,966
5,381
3,798
1,583
5,798
4,061
1,737
5,876 6,282
4,032 4,320
1,844 1,962
Imports of goods and services, total...
Merchandise
Services
Military expenditures
4,849
3,220
948
681
5,092
3,297
915
5,318
3,344
1,124
850
5,361
3,265
1,381
715
5,152
3,385
1,047
720
4,904
3,139
936
829
5,250
3,166
1,176
908
5,372
3,124
1,407
841
5,425
3,517
1,070
838
5,422
3,604
1,017
801
5,992
3,885
1,286
821
6,166 5,894
3,852 3,994
1,541 1,161
739
773
Balance on goods and services1
1,714
1,651
1,692
965
1,502
662
670
199
717
-41
-194
-290
388
Unilateral transfers (net) 3
Private remittances and pensions...
Government nonmilitary grants....
-645
-184
-461
-576
-184
-392
-662
-174
-488
-499
-164
-335
-581
-180
-401
-562
-178
-384
-599
-170
-429
-541
-173
-368
-616
-186
-430
-619
-186
-433
-575
-185
-390
-534
-203
-331
-672
-203
-469
U.S. long- and short-term capital (net) 3 -1,179 -1,070 -1,563
Private, total
-lt077
-813 -1,564
Direct investment
-694
-402
-993
Portfolio and short-term investment
-383
-411
-371
Government
-102
-257
-199
-544
-410
-339
-956
-588
-324
-888 -1,247
-642 -1,025
-411
-155
-783
-451
-156
-892
-726
-372
-472 <-l,020
-383
-752
-267
-450
-641
-405
-229
-366
-605
-258
-71
-134
-264
-368
-487
-246
-614
-222
-295
-332
-354
-166
-116
-89
-302
•-268
-176
-236
-347
239
Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign a s s e t s . . . .
Gold sales by United States
-381
316
-269
227
585
1,069
907
878
915
<1,432
1,403
510
-283
115
-27
-199
166
-348
514
127
-325
-260
18
-27
275
50
-98
202
13
370
9
-15
1,075
450
-26
483
479
52
347
744
75
96
<845
190
<397
1,078
158
167
303
135
72
305
Errors and omissions
-195
376
217
347
-192
203
107
218
-87
217
357
62
140
» Preliminary.
1 Excluding military transfers under grants.
2
Including military transactions.
3 Minus sign indicates net outflow.
4
Excluding additional U.S. subscription to IMF of $1,375 million,
of which $344 million was transferred in gold and $1,031 million in
noninterest bearing U.S. Government securities.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills,
day
3 months 1 money 2
Bankers' Treasury Day-toacceptbills,
day
ances,
3 months 3 months money
France
Bankers'
allowance Day-today 3
on
deposits money
Germany
Treasury
bills,
60-90
days*
Day-today
moneys
Netherlands
Switzerland
Treasury Day-tobills,
day
3 months money
Private
discount
rate
1957—Dec
1958—Dec
3.65
3.46
3.60
2.07
6.67
3.34
6.43
3.16
5.67
2.70
5.00
2.00
5.72
6.07
3.75
2.38
3.25
2.63
4.64
2.26
3.33
1.50
2.50
2.50
1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4.16
4.57
4.98
5.15
5.23
5.82
5.68
5.05
4.87
5.02
4.00
4.41
4.26
4.49
4.52
5.72
5.01
4.28
4.16
4.30
3.41
3.40
3.43
3.54
3.57
3.60
3.59
3.58
3.55
3.72
3.30
3.25
3.33
3.45
3.46
3.48
3.48
3.43
3.39
3.61
2.67
2.69
2.67
2.74
2.79
2.76
2.78
2.82
2.77
2.85
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
4.36
4.13
3.88
3.67
4.27
3.93
4.05
3.87
4.02
4.07
2.25
2.00
2.00
2.00
2.00
2.00
2.75
3.63
3.63
3.75
2.44
2.31
2.56
2.50
2.25
2.44
2.75
2.38
3.94
3.56
1.68
1.61
1.63
1.82
1.79
1.63
1.66
2.03
2.01
2.52
1.42
1.50
1.34
1.46
1.48
1.15
1.31
1.50
1.50
1.50
2.25
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1960—Jan
Feb
Mar
4.81
4.69
4.09
3.60
4.14
3.98
4.14
4.69
4.74
4.07
4.55
4.59
3.07
3.78
3.91
2.35
3.00
3.00
3.91
4.11
4.17
3.75
3.88
4.00
3.69
3.94
4.06
2.53
2.48
2.33
1.50
1.54
1.65
2.00
2.00
2.00
1
2
Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
* Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
594
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Rate as of
Apr. 30, 1959
Changes during the last 12 months
1959
Country
Per
cent
Month
effective
Argentina ^
Austria
Belgium
Brazil2
Burma
6.0
4.5
3.25
10.0
3 0
Dec.
Apr.
Jan.
Apr.
Feb
5.01
2.5
15.90
4.0
3.0
Apr.
June
Apr.
July
Apr.
1959
1954
1959
1933
1939
Cuba 2
Denmark
... .
Ecuador
Egypt
El Salvador 2
5.5
4.5
10.0
3.0
4.0
Dec.
Aug.
May
Nov.
Apr.
6.0
4.0
2.75
10.0
2.0
Mar.
Apr.
Jan.
May
Jan.
7.0
4.0
3.0
4.0
4.25
Apr.
May
Apr.
Aug.
Nov.
6.0
3.5
6.94
4 5
2.75
Feb.
June
Feb.
June
Jan.
7.0
6.0
3.5
4.0
6.0
Oct.
Apr.
Feb.
Jan.
Nov.
1955
1954
1955
1959
1947
Philippine Republic 2
Portugal
South Africa
Spain
Sweden
6.5
2.0
4.0
5.0
4.5
Feb.
Jan.
Jan.
July
May
1959
1944
1959
1957
1958
Switzerland
Thailand
Turkey
United Kingdom
Venezuela 2
2.0
7.0
6.0
4.0
2.0
Feb.
Feb.
June
Nov.
May
1959
1945
1956
1958
1947
Oct.
1955
1958
1959
1942
1959
New Zealand
Nicaragua
Norway
Pakistan
Peru 2
. .
Sept.
Nov.
Dec.
1952
1957
1946
1948
1958
Israel
Italy
Japan 2
Mexico
Netherlands
Aug.
1959
1959
1959
1956
1953
Iceland
India 7
Indonesia 2
Iran
Ireland
July
1957
1958
1948
1952
1957
Finland 2
France
Germany
Greece
Honduras 6
June
1957
1959
1959
1958
1948
Canada3
Ceylon
Chiles
Colombia 2 2
Costa Rica
May
5.36 5.72
5.58
5.85
5.27
5.11
J6.25
1
Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and /or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates for these countries are given in note 2.
2
Discounts or advances at other rates include:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—3 per cent for agricultural paper and for loans on products
in bonded warehouses;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper) ;
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
El Salvador—4.5 per cent for agricultural and industrial paper and 3.5
per cent for special cases;
Finland—rates ranging up to 7.25 per cent for longer term paper (rate
shown is for 3 months commercial paper);
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Jan.
Feb.
5.37
42 5
Mar.
Apr.
6.0
5.0
4.0
10.0
3.0
5 0
4 0
5.15
Rate
as of
Apr. 30,
1960
1960
4.85
4.86
3.26
3.51
16 40
6 0
5.6
6.0
5.5
10.0
3.0
5.5
5.5
5.5
3 6
3.51
2.5
16.40
4.0
3.0
6.0
4.0
4.0
10.0
2.0
4.0
11 0
11.0
4.0
3.0
4.0
4.75
4.75
3.5
6.0
3.5
7.3
4.5
3.5
9.5
6.0
6.0
3.5
4.0
9.5
7.3
6.0
6.25
5 6
5.0
4.5
5.75
6.5
2.0
4.0
5.75
5.0
2.0
7.0
6.0
5.0
4.5
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper;
Philippine Republic-^4.5 per cent for crop loan paper and 5 per cent for
export packing credit paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against government bonds or gold and 5 per cent on advances against securities of Venezuelan companies.
3 Since Nov. 1, 1956, the discount rate has been set each week at
VA of one per cent above the latest average tender rate for Treasury bills;
end-of-month rate shown.
4
The discount rate was advanced from 2.5 to 3 per cent on Dec. 16,
and lowered again to 2.5 per cent on Dec. 24, 1959.
5 Since April 1, 1959, new rediscounts are granted at the average rate
charged by banks in the previous half year. Old rediscounts remain subject
to old rates provided their amount is reduced by one-eighth each month
beginning May 1, 1959, but the rates are raised by 1.5 per cent for each
month in which the reduction does not occur. All rediscounts were repaid
by 6January 1960.
Rate shown is for advances only.
7 Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.
FOREIGN EXCHANGE RATES
595
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
In cents per unit of foreign currency]
Australia
(pounds)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
7.198
7.183
2.835
5.556
2.506
5.556
2.207
5.556
U.2730
223.80
222.41
222.76
222.57
223.88
223.81
3.8580
3.8580
3.8580
3.8539
3.8536
3.8619
1.9975
1.9905
2.0030
1.9906
2.0044
2.0012
102.72
101.40
101.60
104.29
103.03
104.27
21.017
20.894
20.946
20.913
21.049
21.055
.4354
.4354
.4354
.3995
.3118
.3115
1959—Apr..
May.
June.
July..
Aug..
Sept..
Oct..,
Nov..
Dec..
1.3680
1.1774
1.1091
1.1851
1.1922
1.2037
1.2213
1.2084
1.2003
224.42
224.27
224.11
224.04
223.86
223.40
223.61
223.32
222.98
8487
8488
8510
8506
8502
8525
8526
8526
8523
2.0037
2.0057
2.0027
2.0031
2.0013
1.9989
1.9993
1.9990
1.9996
103.77
103.84
104.28
104.46
104.75
105.08
105.51
105.22
105.12
21.089
21.081
21.072
21.062
21.060
21.037
21.048
21.031
20.995
.3114
.3114
.3120
.3120
.3116
.3113
.3113
.3113
.3113
I960—Jan...
Feb..
Mar..
Apr..
1.2035
1.2032
1.2030
1.2004
223.09
223.37
223.57
223.86
8449
8419
8418
3.8407
2.0037
2.0048
2.0051
2.0061
104.91
105.07
105.15
103.84
21.014
21.031
21.044
21.062
.3113
.3113
.3113
.3112
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
32.641
32.624
32.582
32.527
32.767
32.857
9.0515
8.0056
8.0056
8.0056
8.0056
8.0056
26.381
26.230
26.113
26.170
26.418
26.492
Year or month
Official
1954.
1955.
1956.
1957.
1958.
1959.
Finland
(markka)
Free
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
.2376
2.2374
.2038
23.838
23.765
23.786
23.798
23.848
23.926
21.020
20.894
20.934
20.910
21.048
21.031
280.87
279.13
279.57
279.32
280.98
280.88
3.1610
.2779
.2779
.2779
.2778
.2039
.2039
.2039
.2038
.2039
.2038
.2037
.2038
.2038
23.913
23.911
23.931
23.918
23.901
23.901
23.931
23.971
23.974
21.101
21.087
21.049
21.032
21.028
20.999
21.010
20.954
20.928
281.65
281.45
281.25
281.17
280.95
280.37
280.63
280.27
279.84
.1610
.1610
.1611
.1611
.1610
.1611
.1610
.1611
.1610
.2779
.2779
.2779
.2779
.2779
.2777
.2776
.2776
.2776
32.975
32.951
32.870
32.856
32.837
32.784
32.794
32,798
32.766
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.501
26.488
26.504
26.515
26.463
26.459
26.493
26.471
26.506
23.975
23.977
23.978
23.978
20.935
20.951
20.963
20.978
279.98
280.33
280.59
280.95
.1610
.1610
.1610
.1611
.2775
.2773
.2773
.2776
32.776
32.771
32.767
32.833
8.0056
8.0056
8.0056
8.0056
26.502
26.512
26.511
26.516
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1954
1955
1956
1957
1958
1959
278.09
276.36
276.80
276.56
278.19
278.10
14.008
14.008
14.008
14.008
14.008
14.028
49.677
49.677
49.676
49.693
49.695
49.721
3.4900
3.4900
3.4900
3.4900
3.4900
3.4967
279.82
278.09
278.52
278.28
279.93
279.83
2.3810
62.0579
19.333
19.333
19.333
19.331
19.328
19.324
23.322
23.331
23.334
23.330
23.328
23.142
280.87
279.13
279.57
279.32
280.98
280.88
1959—Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
278.86
278.67
278.47
278.38
278.17
277.59
277.85
277.49
277.07
14.048
14.041
14.052
14.050
14.038
14.011
14.023
14.008
13.994
49.695
49.695
49.695
49.695
49.713
49.770
49.770
49.770
49.770
3.5026
3.5019
3.5004
3.5001
3.4990
3.4947
3.4958
3.4915
3.4861
280.60
280.40
280.20
280.12
279.90
279.32
279.58
279.22
278.80
2.3810
2.3810
2.3810
62.0679
1.6600
1.6607
1.6607
1.6607
1.6607
19.330
19.326
19.327
19.330
19.327
19.325
19.325
19.308
19.303
23.134
23.133
23.194
23.204
23.178
23.121
23.048
23.040
23.127
281.65
281.45
281.25
281.17
280.95
280.37
280.63
280.27
279.84
I960—Jan..
Feb..
Mar.
Apr..
277.20
277.55
277.81
278.17
13.985
13.990
14.006
14.035
49.770
49.770
49.770
549.770
3.4844
3.4898
3.4923
3.4957
278.93
279.28
279.54
279.90
1.6607
1.6625
1.6637
1.6637
19.302
19.311
19.314
19.359
23.112
23.054
23.058
23.048
279.98
280.33
280.59
280.95
Year or month
1954.
1955.
1956.
1957.
1958.
1959.
i959_Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
France
(franc)
420.366
20.369
20.376
20.384
1960—Jan..
Feb..
Mar.,
Apr..
Year or month
1 Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29,1958, the franc
was further devalued to 493.706 francs per U. S. dollar.
3
Based on quotations beginning with Mar. 2, 1959.
4
A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
5 Based on quotations through Apr. 22, 1960.
6 Effective July 20, 1959, the par value for the Spanish peseta was set
at 60 pesetas per U. S. dollar.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C. CANBY BALDERSTON, Vice Chairman
J. L. ROBERTSON
A. L. MILLS, JR.
CHAS. N. SHEPARDSON
G. H. KING, JR.
WOODLIEF THOMAS, Adviser to the Board
RALPH A. YOUNG, Adviser to the Board
JEROME W. SHAY, Legislative Counsel
CHARLES MOLONY, Assistant to the Board
CLARKE L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
MERRITT SHERMAN, Secretary
FREDERIC SOLOMON, Director
KENNETH A. KENYON, Assistant
Secretary
ROBERT C. MASTERS, Associate
ELIZABETH L. CARMICHAEL, Assistant Secretary
C. C. HOSTRUP, Assistant
FRED A. NELSON, Assistant
LEGAL DIVISION
Director
Director
Director
HOWARD H. HACKLEY, General Counsel
G L E N N M. GOODMAN, Assistant
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
HENRY BENNER, Assistant
THOMAS J. O'CONNELL, Assistant General
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
JAMES C. SMITH, Assistant
Counsel
Director
Director
Director
DIVISION OF RESEARCH AND STATISTICS
GUY E. NOYES, Director
DIVISION OF PERSONNEL ADMINISTRATION
FRANK R. GARFIELD, Adviser
ALBERT R. KOCH, Adviser
EDWIN J. JOHNSON, Director
ROLAND I. ROBINSON, Adviser
H. FRANKLIN SPRECHER, JR., Assistant Director
DANIEL H. BRILL, Associate Adviser
SUSAN S. BURR, Associate Adviser
LEWIS N . DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
DIVISION OF INTERNATIONAL FINANCE
HARRY E. KERN, Assistant
Director
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate
A. B. HERSEY, Associate
Adviser
Adviser
ROBERT L. SAMMONS, Associate
OFFICE OF THE CONTROLLER
Adviser
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant
DIVISION OF BANK OPERATIONS
Controller
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant
M. B. DANIELS, Assistant
JOHN N . KILEY, JR., Assistant
Director
Director
OFFICE OF DEFENSE PLANNING
Director
INNIS D. HARRIS, Coordinator
597
598
FEDERAL RESERVE BULLETIN - MAY 1960
Federal Open Market Committee
WM.
M C C . MARTIN, J R . ,
Chairman
C. CANBY BALDERSTON
A L F R E D HAYES,
W. D. FULTON
Vice Chairman
J. L. ROBERTSON
KARL R. B O P P
G. H. KING, JR.
CHAS. N. SHEPARDSON
MALCOLM BRYAN
H. G. LEEDY
M.
S. SZYMCZAK
A. L. M I L L S , JR.
RALPH A. YOUNG, Secretary
DAVID P. EASTBURN, Associate
Economist
MERRITT SHERMAN, Assistant Secretary
L. MERLE HOSTETLER, Associate Economist
KENNETH A KENYON, Assistant Secretary
ARTHUR W M A R G E T > A s s o c i a t e Economist
HOWARD H. HACKLEY, General Counsel
^
„ ^T
.
„
A
G u Y E
DAVID B. HEXTER, Assistant General Counsel
* N o Y E S ' A s s o c i a t e Economist
WOODLIEF THOMAS, Economist
ROBERT V. ROOSA, Associate Economist
HARRY BRANDT, Associate Economist
CLARENCE W. TOW, Associate Economist
ROBERT G. ROUSE, Manager, System Open Market Account
Federal Advisory Council
OSTROM ENDERS, BOSTON
HOMER
J. LIVINGSTON,
CHICAGO,
JOHN J. MCCLOY, NEW YORK
NORFLEET TURNER, ST. LOUIS
CASIMIR A . SIENKIEWICZ, PHILADELPHIA,
G o R D Q N
President
M u R R A y ?
MINNEA
pOLls
Vice President
R
REUBEN B. HAYS, CLEVELAND
-
O T I S
MCCLINTOCK, KANSAS CITY
JOHN S. ALFRIEND, RICHMOND
I- F- BETTS, DALLAS
JOHN C. PERSONS, ATLANTA
CHARLES F. FRANKLAND, SAN FRANCISCO
HERBERT
V.
PROCHNOW,
Secretary
WILLIAM
J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F —
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY CHAIRMAN
BOSTON
ROBERT C. SPRAGUE
NILS Y. WESSELL
N E W YORK
PHILIP D. REED
FORREST F. HILL
PHILADELPHIA
HENDERSON SUPPLEE, JR.
WALTER E. HOADLEY, JR.
CLEVELAND
ARTHUR B. V A N BUSKIRK
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
D. W. COLVARD
ATLANTA
WALTER M. MITCHELL
HENRY G. CHALKLEY, JR.
CHICAGO
BERT R. PRALL
ROBERT P. BRIGGS
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
O. B. JESNESS
ATHERTON BEAN
KANSAS CITY
RAYMOND W. HALL
JOE W. SEACREST
DALLAS
ROBERT J. SMITH
LAMAR FLEMING, JR.
SAN FRANCISCO
F. B. WHITMAN
Y. FRANK FREEMAN
599
FEDERAL RESERVE BANKS AND BRANCHES
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are
listed in lower section of this page)
Boston
J. A. Erickson
E. O. Latham
D. Harry Angney
Ansgar R. Berge
George H. Ellis
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
Charles E. Turner
New York
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris
Herbert H. Kimball
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. L. Sanford
Todd G. Tiebout
Philadelphia
Karl R. Bopp
Robert N. Hilkert
Joseph R. Campbell
Murdoch K. Goodwin
Wallace M. Catanach Philip M. Poorman
David P. Eastburn
Cleveland
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
E. A. Fink
Martin Morrison
Clyde Harrell
W. Braddock Hickman Paul C. Stetzelberger
L. Merle Hostetler
Richmond
Hugh Leach
Edward A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
Joseph M. Nowlan
James M. Slay
Atlanta
Malcolm Bryan
Harold T. Patterson
J. E. Denmark
J. E. McCorvey
L. B. Raisty
Earle L. Rauber
Brown R. Rawlings
Chicago
Carl E. Allen
C. J. Scanlon
Ernest T. Baughman
W. R. Diercks
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge
Robert C. Holland
L. H. Jones
C. T. Laibly
George W. Mitchell
H. J. Newman
Harry S. Schultz
St. Louis
Delos C. Johns
Darryl R. Francis
Marvin L. Bennett
Homer Jones
George E. Kroner
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Minneapolis
Frederick L. Deming
A. W. Mills
J. Dewey Daane
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, h
Kansas City
H. G. Leedy
Henry O. Koppang
John T. Boysen
George H. Clay
C. A. Cravens
Joseph S. Handford
L. F. Mills
E. U. Sherman
Clarence W. Tow
Dallas
Watrous H. Irons
Harry A. Shuford
James L. Cauthen
Thomas A. Hardin
G. R. Murff
James A. Parker
Thomas W. Plant
L. G. Pondrom
Morgan H. Rice
San Francisco
H. N. Mangels
Eliot J. Swan
J. L. Barbonchielli
R. S. Einzig
H. E. Hemmings
A. B. Merritt
E. R. Millard
R. H. Morrill
John A. O'Kane
James V. Vergari
Richard G. Wilgus
Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Branch
Vice Presidents
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
I. B. Smith
R. G. Johnson
J. W. Kossin
D.F. Hagner
Thomas I. Storrs
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
Detroit
Little Rock
Louisville
Memphis
R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Kansas City
Helena
Denver
Oklahoma City
Omaha
Kyle K. Fossum
Cecil Puckett
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
Howard Carrither
J. L. Cook
Carl H. Moore
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
E. R. Barglebaugh
J. M. Leisner
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ALL-BANK STATISTICS, 1896-1955. Revised statistics for all banks in the United States, by class
of bank, together with descriptive and explanatory material. Part I, U. S. Summary. Part II,
Summaries by States and other areas. April
1959.
1,229 pages. $4.00.
THE FEDERAL RESERVE ACT, as amended through
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the flow of funds through the major sectors of
the national economy. December 1955. 390
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A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
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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-
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DEBITS AND CLEARINGS STATISTICS AND THEIR
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
ERNMENT SECURITIES MARKET.
FEDERAL FUNDS MARKET—A Study by a
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS.
THE
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April 1954. 208 pages.
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
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108 pages. Part II. February 1960.
159 pages. Part III. February 1960. 112
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THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; P t II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV—
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600
601
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
GOLD AND DOLLAR FLOWS IN
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY.
May 1953. 7 pages.
•DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
vember 1953. 65 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. OctoSURVEY 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.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
AGRICULTURAL LOAN SURVEY.
November 1956
and January, February, and March 1957 BULLETINS. 52 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
April 1957. 20 pages.
COMPANIES,
MID-1955.
April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES. December 1957. 30 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in the
United States, by class of bank, together with
revised statistics. April 1959. 100 pages.
•PART
1959 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1959. 4 pages. The Financial Position of Consumers. July 1959. 24
pages. Housing of Nonfarm Families. September 1959. 17 pages. (Similar Surveys are
available for earlier years from 1952, 1953,
1955, 1956, 1957, and 1958 BULLETINS.)
1959.
July
6 pages.
pages.
THE GOVERMENT SECURITIES MARKET.
1959.
August
22 pages.
SECURITY PLEDGED ON BUSINESS LOANS AT MEM-
BER BANKS. September 1959. 16 pages.
ber 1955. 40 pages.
OF FINANCE
LENDING TO BUSINESS,
1955-57. April 1959. 16 pages.
A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49
96 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
SURVEY
MEMBER BANK TERM
INTEREST RATES IN LEADING COUNTRIES.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
1953.
1958. March 1959.
6 pages.
(From Federal Reserve Bulletin unless preceded
by an asterisk)
REVISED INDUSTRIAL PRODUCTION INDEX.
De-
cember 1959. 24 pages.
CAPITAL MARKETS and MONEY AND BANK CREDIT
IN 1959. Combined reprint. January and February 1960. 14 pages.
MONETARY
POLICY
AND ECONOMIC
GROWTH.
February 1960. 7 pages.
GOLD AND DOLLAR TRANSFERS IN
1960.
1959. March
6 pages.
OWNERSHIP OF DEMAND DEPOSITS.
April 1960.
4 pages.
BANKING AND MONETARY STATISTICS, 1959.
Se-
lected series of banking and monetary statistics
for 1959 only. February and May 1960. 13
pages. (Similar reprint of 1958 data, February
and May 1959 BULLETINS.)
SURVEY OF COMMON TRUST FUNDS, 1959.
May
1960. 7 pages. (Also, similar reprints from
August 1956, June 1957, May 1958, and May
1959 BULLETINS.)
Index to Statistical Tables
Acceptances, bankers', 526, 528
Agricultural loans of commercial banks, 520, 522
Agriculture, Govt. agency loans, 538, 578
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 516, 574
Corporate, current, 530
Banks, by classes, 517, 520, 522, 528, 575
Federal business-type activities,
by fund or activity, 538, 578
Federal Reserve Banks, 512
Automobiles:
Consumer instalment credit, 542, 543, 544
Production index, 546, 549
Bankers' balances, 521, 523
(See also Foreign liabilities and claims reported
by banks)
Banking and monetary statistics for 1959, 574
Banks and the monetary system, consolidated statement, 516, 574
Bonds (See also U. S. Govt. securities):
New issues, 530, 532, 533
Prices and yields, 526, 527
Brokers and dealers in securities, bank
loans to, 520, 522
Business expenditures on new plant and equipment, 530
Business indexes, 552
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 517, 521, 524, 575
Federal Reserve Banks, 512
Carloadings, 552
Central banks, foreign, 590, 594
Coins, circulation of, 515
Commercial banks:
Assets and liabilities, 517, 520, 575
Consumer loans held, by type, 543
Number, by classes, 517, 575
Real estate mortgages held, by type, 539
Commercial and industrial loans:
Commercial banks, 520
Weekly reporting member banks, 522, 525
Commercial paper, 526, 528
Commodity Credit Corporation, loans, etc., 538, 578
Condition statements (See Assets and liabilities)
Construction, 552, 553
Consumer credit:
Instalment credit, 542, 543, 544, 545
Major parts, 542, 544
Noninstalment credit, by holder, 543
Consumer price indexes, 552, 558
Consumption expenditures, 560, 561
Corporate sales, profits, taxes, and dividends, 530, 531
Corporate security issues, 530, 532
Corporate security prices and yields, 526, 527
Cost of living (See Consumer price indexes)
Currency in circulation, 507, 515
Customer credit, stock market, 527
Debits to deposit accounts, 514
Demand deposits:
Adjusted, banks and the monetary
system, 516, 574
Adjusted, commercial banks, by classes, 521
Banks, by classes, 517, 524, 575
Turnover of, 514
Demand deposits—Continued
Type of holder, at commercial banks, 521
Department stores:
Merchandising data, 557
Sales and stocks, 552, 556
Deposits (See also specific types of deposits):
Adjusted, and currency, 516, 574
Banks, by classes, 511, 517, 521, 524, 528, 575
Federal Reserve Banks, 512, 587
Postal savings, 514, 516, 574
Discount rates, 510, 594
Discounts and advances by Federal Reserve
Banks, 506, 511, 512
Dividends, corporate, 530, 531
Dollar assets, foreign, 587, 589
Dwelling units started, 553
Earnings and expenses:
Insured commercial banks, 573
Member banks, 564
Earnings and hours, manufacturing industries, 552, 555
Employment, 552, 554, 555
Export-Import Bank, loans, etc., 538, 578
Farm mortgage loans, 538, 539, 540, 578
Federal business-type activities, assets and liabilities,
by fund or activity, 538, 578
Federal Deposit Insurance Corporation,
assets, etc., 538, 578
Federal finance:
Cash transactions, 536
Receipts and expenditures, 537
Treasurer's balance, 536
Federal home loan banks, loans, etc., 538, 541, 578
Federal Housing Administration, loans, etc., 538, 539,
540, 541, 578
Federal National Mortgage Association,
loans, etc., 538, 541, 578
Federal Reserve Banks:
Condition statement, 512
U. S. Govt. securities held by, 506. 511, 512,
534,535
Federal Reserve credit, 506, 511, 512
Federal Reserve notes, 512, 515
Finance company paper, 526, 528
Financial institutions, loans to, 522
Flow of funds, saving and financial flows, 562
Foreign central banks, 590, 594
Foreign deposits in U. S. banks, 506, 512, 516, 521,
524, 574
Foreign exchange rates, 595
Foreign liabilities and claims reported by
banks, 580, 582, 585, 587
Foreign trade, 557
Gold:
Earmarked, 588
Net purchases by U. S., 588
Production, 588, 591
Reserves of central banks and governments, 590
Reserves of foreign countries and international
institutions, 589
Stock, 506, 516, 574, 588
Gold certificates, 512, 515
Govt. debt (See U. S. Govt. securities)
Gross national product, 560, 561
Home owners, Govt. agency loans, 538, 578
Hours and earnings, manufacturing industries, 552, 555
602
603
INDEX TO STATISTICAL TABLES
Industrial production index, 546, 552
Instalment loans, 542, 543, 544, 545
Insurance companies, 529, 534, 535, 540
Insured commercial banks, 519, 520, 573
Interbank deposits, 511, 517, 521, 524, 575
Interest rates:
Bond yields, 526
Business loans by banks, 525
Federal Reserve Bank discount rates, 510
Foreign countries, 593, 594
Open market, 526, 593
Regulation V loans, 514
Stock yields, 526
Time deposits, maximum rates, 510
International capital transactions of the U. S., 580
International financial institutions, 588, 589, 590, 592
Inventories, 560
Investments (See also specific types of investments):
Banks, by classes, 517, 520, 523, 528, 575
Federal Reserve Banks, 511, 512
Govt. agencies, etc., 538, 578
Life insurance companies, 529
Savings and loan associations, 529
Labor force, 554
Loans (See also specific types of loans):
Banks, by classes, 517, 520, 522, 528, 575
Federal Reserve Banks, 506, 511, 512
Govt. agencies, etc., 538, 578
Insurance companies, 529, 540
Savings and loan associations, 529, 540
Loans insured or guaranteed, 514, 539, 540, 541
Manufacturers, production index, 546, 552
Margin requirements, 510
Member banks:
Assets and liabilities, by classes, 517, 520, 575
Borrowings at Federal Reserve
Banks, 506, 512, 524
Deposits, by classes, 511
Earnings and expenses, 564
Number, by classes, 518, 575
Reserve requirements, by classes, 511
Reserves and related items, 506
Weekly reporting series, 522
Mining, production index, 546, 552
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 516, 517, 519, 528, 534, 535.
539, 574, 576
National banks, 519, 564
National income, 560, 561
National security expenditures, 537, 560
Nonmember banks, 512, 519, 520, 521, 573
Payrolls, manufacturing, index, 552
Personal income, 561
Postal Savings System, 510, 516, 574
Prices:
Consumer, 552, 558
Security, 527
Wholesale commodity, 552, 558
Production, 546, 552
Profits, corporate, 530, 531
Real estate loans:
Banks, by classes, 520, 522, 528, 539
Type of mortgage holder, 539, 540, 541
Type of property mortgaged, 539, 540, 541
Regulation V, loan guarantees, 514
Reserve requirements, member banks, 511
Reserves:
Commercial banks, 521
Federal Reserve Banks, 512
Foreign central banks and governments, 590
Foreign countries and international institutions, 589
Member banks, 506, 512, 521, 523
Residential mortgage loans, 539, 540, 541
Sales finance companies, consumer loans of, 542.
543, 545
Saving:
Flow-of-funds series, 562
National income series, 561
Savings deposits (See Time deposits)
Savings institutions, principal assets, 528, 529
Savings and loan associations, 529, 540
Securities, international transactions, 586, 587
Security issues, 530, 532, 533
Silver coin and silver certificates, 515
State member banks, 519, 564
State and municipal securities:
New issues, 532, 533
Prices and yields, 526, 527
States and political subdivisons:
Deposits of, 521,524
Holdings of U. S. Govt. securities, 534
Ownership of obligations of, 520, 528, 529
Stock market credit, 527
Stocks:
New issues, 532
Prices and yields, 526, 527
Tax receipts, Federal, 537
Time deposits, 510, 511, 516, 517, 521, 524, 574, 575
Treasurer's account balance, 536
Treasury cash, 506, 515, 516, 574
Treasury currency, 506, 515, 516, 574
Treasury deposits, 506, 512, 536
Unemployment, 554
U. S. Balance of payments, 593
U. S. Govt. balances:
Commercial bank holdings, by classes, 521, 524
Consolidated monetary statement, 516, 574
Treasury deposits at Federal Reserve
Banks, 506, 512, 536
U. S. Govt. securities:
Bank holdings, 516, 517, 520, 523, 528, 534,
535, 574, 575
Federal Reserve Bank holdings, 506, 511, 512,
534, 535
Foreign and international holdings, 512, 589
International transactions, 586, 587
New issues, gross proceeds, 532
Outstanding, by type of security, 533, 534, 535
Ownership of, 534, 535
Prices and yields, 526, 527
United States notes, outstanding and in circulation, 515
Utilities, production index, 546, 552
Vault cash, 506, 521
Veterans Administration, loans, etc., 538, 539,
540, 541, 578
Weekly reporting member banks, 522
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
I
)
Minneapolis^
i> ( THE FEDERAL RESERVE SYSTEM Q)
o
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
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@FedFRASER