Full text of Federal Reserve Bulletin : September 1958
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FEDERAL RESERVE
BULLETIN
September
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Ralph A. Young
Winfield W. Rieflcr
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
Interest Rates in Leading Countries
1019
1958 Survey of Consumer Finances: The Financial Position of Consumers 1027
Credit Extended by Banks to Real Estate Mortgage Lenders
1058
Law Department
1059
Current Events and Announcements
1065
National Summary of Business Conditions
1067
Financial and Business Statistics, U. S. (Contents on p. 1069)
1071
International Financial Statistics (Contents on p. 1125)
1126
Board of Governors and Staff
1141
Open Market Committee and Staff; Federal Advisory Council
1142
Federal Reserve Banks and Branches
1142
Federal Reserve Board Publications
1149
Index to Statistical Tables
1151
Map of Federal Reserve System
Volume 44
Inside back cover
Number 9
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DECLINES IN INTEREST RATES during
much of the past 12 months followed worldwide increases over a period of two years. In
most industrial countries the declines continued through the summer of 1958, but in
the United States rates began to rise after
midyear. The general levels of interest rates
in early September, although lower than
the peaks reached in 1957, were higher in
most industrial countries than they had
been at the start of the 1955-57 economic
expansion.
Interest rate movements in leading countries have reflected adjustments of credit
markets to fluctuations in economic activity,
to the impact of inflationary pressures, to
foreign exchange positions, and to monetary
and debt management policies. Differences
among leading countries in the timing and
extent of these factors have changed the
international relationships of interest rates
and influenced the flow of funds from one
country to another.
Abatement of inflationary pressures in
the United States and Canada shortly after
the downturn in economic activity permitted prompt relaxation of restrictive
financial policies and adoption of expansionary measures. In other countries the
danger of further inflation delayed the relaxation of policies. European countries
that sustained large foreign exchange losses
in the summer of 1957 continued their restrictive monetary policies until exchange
positions were substantially improved.
In the last phase of the economic expansion of 1955-57 the rise in interest rates was
accelerated by the expectation of continuing
inflation. Vigorous anti-inflationary actions
by monetary authorities, including the increase in the Federal Reserve discount rate
in August 1957 and the sharp increase in
the Bank of England rate in the following
month, contributed to a change in the
market attitude toward further inflation and
thus to the later downturn in market rates
of interest.
Changes in the direction of monetary
policy have involved adjustments in central
bank discount rates in most countries and,
in some instances, changes in open market
operations and in reserve requirements.
Short-term market rates, as usual, have
moved over a wider range than mediumand long-term rates. As conditions in
money and capital markets have eased,
public and corporate borrowers have been
able to fund short-term debt or to finance
projects that had been postponed during
the economic expansion.
BUSINESS FLUCTUATIONS AND INTEREST
RATES
Industrial production in the United States
turned down sharply toward the end of 1957
but was recovering rapidly by mid-195 8.
The decline was earlier and less pronounced in Canada, and recovery was well
under way by late spring. Output in most
other industrial countries, although it had
declined only moderately from the peak
levels attained in 1957, gave little indication
of renewed expansion by mid-195 8.
In the United States, seasonally adjusted
1019
1020
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
industrial production fell 13 per cent between the late summer of 1957 and the
spring of 1958, but by August it had recovered more than one-half of the decline.
In Canada, the production index fell 7 per
cent from February to December 1957 and
had recovered almost one-half of this loss by
mid-1958.
In Germany and France, the largest industrial countries of Continental Western
Europe, industrial output continued to rise
until the first quarter of 1958. It has remained near its early 1958 high in Germany
but has fallen off slightly in France. In the
United Kingdom, production began to decline gradually in mid-1957 and was down
5 per cent by mid-1958. In Belgium and
the Netherlands, the industrial production
index began to decline in early 1957, but
in the Netherlands it rose slightly during
the first half of 1958.
With the end of rapid economic expansion, inventories and expenditures for capital goods declined, or at least leveled off.
Imports of raw and semifinished materials
were reduced in most industrial countries,
and imports of capital goods were also curtailed in some places. Prices of raw materials went down, and the value of imports
by Canada, the United Kingdom, and many
Continental European countries declined
proportionately more than industrial production.
The decline in economic activity, and
especially the reduction of inventories and
imports, curtailed the demand for credit.
With imports reduced, the balance of payments of industrial countries other than the
United States improved, contributing to
bank liquidity and thus to the decline in
interest rates.
Short-term interest rates generally declined more than medium- and long-term
rates and resumed their usual position below
long-term rates. The differential between
short- and long-term rates had nearly disappeared in the latter part of the economic
expansion, and in a few cases short-term
rates had risen above long-term rates.
Strong demand for long-term credit
helped to retard, and in some cases to halt,
the decline in long-term interest rates. In
many countries, demand was sustained by
government and other institutional borrowing to fund short-term debt, and by financing of public and private construction
projects that had been postponed owing to
congested capital markets. Offerings of
municipal and corporate bonds reached
record postwar volumes in the United
States and Germany during the first half of
1958 and were the largest since 1955 in
the United Kingdom.
THE UNITED STATES
Market interest rates in the United States
declined sharply from the fall of 1957 to
the spring of 1958, reflecting changes in
economic conditions and in Federal Reserve credit policies. Short-term rates declined throughout the period. Long-term
rates had almost leveled off by mid-January
but bond yields fell slightly further from
then until late April. The Federal Reserve
Banks reduced their discount rates from
316, per cent to 1% per cent in four steps
between November 1957 and April 1958.
Heavy selling of United States Government securities in the market during June
initiated a reversal in the trend of interest
rates. Improved prospects for economic
recovery and consequently for greater credit
demand were reflected in a sharp change in
expectations with respect to the future
course of inflationary developments and of
1021
INTEREST RATES IN LEADING COUNTRIES
monetary policy. The impact of the impending large Federal budget deficit on a
business situation characterized by expanding activity was also a matter of concern.
To some extent the decline in Treasury
bond prices resulted from, and was accelerated by, selling of large holdings that
had been acquired, mainly in exchange for
maturing issues, by temporary holders who
had anticipated a continuation of the price
rise. Some of these holdings had been acquired with borrowed funds on thin margins, and selling was forced by disappearance of the margins. In late June and early
July the Treasury mitigated the impact of
these sales by repurchasing $600 million
of newly issued bonds.
In mid-July the situation was complicated
by the emerging crisis in the Middle East,
and by the announcement of a major Canadian Government refunding operation involving sharply higher coupon rates. At the
same time, the United States Treasury announced two large financing operations.
One was the refinancing of $16 billion of
maturing securities, of which $10 billion
were held by the public, and the other was
a cash offering to raise $3 billion or more
of new money. These developments hastened the decline in Government security
prices.
In view of the disturbed atmosphere, the
Federal Open Market Committee on July
18 decided to operate in medium- and longterm as well as in short-term Government
securities. From July 18 to July 23 the
System Account purchased $1.2 billion of
"rights" and "when issued" new securities
as well as $65 million of other bonds and
notes. Thereafter, no further System action
was taken outside the short-term area.
UNITED
INTIMST
P»r
STATES
• ATIS
cent
GOVT.
LONG - TERM
2^
V
^
^
v
,A*/a
DISCOUNT
/
•*«
A
1
\^v
S*J
TESR
RAUY
BILLS
V
!
1
|
!
\
p"—*
:
DISCOUNT
RATE
TREASURY
BILLS
\\
K
)|
y
c—L^
I
|
I
1
1953 = 100
f
t
CND
A A A ^^
no
-
V
UNITED
STATES
V
I
1954
1
19S6
«o
1958
NOTE.—United States: Long-term government, monthly
averages of daily yields on fully taxable, marketable bonds
maturing or callable in 10 years or more; Treasury bills,
monthly average market yields on 90-day issues. Canada:
Long-term government, yields on theoretical 20-year Government of Canada bonds, based on end-of-month quotations;
Treasury bills, average rate on last 3-month issue in month.
For discount rates in 1956-58, see p. 1026.
Industrial production seasonally adjusted. Federal Reserve
index for United States; Bank of Canada index, converted to
1953 = 100, for Canada.
Latest figures: August, except U. S. discount rate, Sept.
12; and long-term rates and production for Canada, June.
1022
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
During the last week of July, System sales
of bills, together with other factors absorbing reserves, more than offset the large volume of reserves supplied to the market as
a result of this unusual intervention, and
in August free reserves were further reduced
as evidence mounted that economic activity
was recovering rapidly. On August 14 the
Board of Governors approved an increase
in the discount rate of the Federal Reserve
Bank of San Francisco from 13A per cent
to 2 per cent. By September 19 ten other
Federal Reserve Banks had similarly raised
their discount rates.
Yields of long-term Government securities rose between mid-June and mid-September from 3.15 to 3.75 per cent, close
to the peak level reached in the fall of
1957. Yields of medium-term Government
securities increased from 2.17 to 3.56 per
cent, compared with a 1957 high of about
4 per cent. Treasury bill rates rose from
0.84 to 2.60 per cent, for the most part after
early August. Despite this rapid advance,
the bill rate in mid-September was still onefourth below the peak level of late 1957.
CANADA
Most Canadian rates began to decline in
September 1957. The Treasury bill rate
fell from 4 per cent in August 1957 to an
average of VA per cent in August 1958.
The discount rate of the Bank of Canada,
set weekly since November 1956 at onefourth of one per cent above the bill tender
rate, declined with the bill rate. The bill
rate has recently been lower in Canada
than in the United States for the first time
in three years.
The decline in long-term rates ended in
December 1957, when prospects of large
Treasury borrowing connected with Canada's adoption of an anticyclical spending
program became apparent. Bond yields
moved approximately in line with corresponding yields in the United States and remained until the summer of 1958 about onehalf of one per cent higher than in the
United States.
Net purchases of Canadian securities by
investors in the United States were only onefourth smaller in the first half of 1958 than
in the record first half of 1957. In July
and August, bond yields rose less in Canada
than in the United States, and the flow of
funds from the United States to Canada
slackened.
In July 1958 the Canadian Government
announced a unique experiment in reconstructing its outstanding debt. It offered to
convert bonds totaling $6.4 billion and representing 40 per cent of the entire Government debt into new securities with coupon
rates up to AVi per cent and maturities up
to 25 years, and to give cash bonuses with
such exchanges. The operation was aimed
at lengthening the maturity of the public
debt, stabilizing bond yields at higher levels
than before, and making Government securities more attractive to nonbank investors. By early September, $5.2 billion had
been converted into the new issues. The
offer remained open until September 15.
THE UNITED KINGDOM
Long-term interest rates in the United Kingdom rose sharply in the spring and summer
of 1957. Prospects of further inflation arising from large wage and price increases led
investors to switch from bonds into equities.
The country's gold and dollar reserves were
depleted by a heavy speculative run on sterling that developed in connection with widespread expectations of a change in relationships among European exchange rates.
1023
INTEREST RATES IN LEADING COUNTRIES
reduced by stages to AV2 per cent, the level
prevailing in the year ended February 1956.
Other short-term rates declined correspondingly. Long-term bond yields, however,
declined only 0.6 percentage point from
November 1957 to August 1958, as the
Government pursued a vigorous policy of
funding the public debt by means of bond
sales in the open market.
UNITED KINGDOM
INTEREST RATES
DISCOUNT KATE
2V3 PER CENT
CONSOIS
GERMANY
2
1
INDUSTRIAL
PRODUCTION
120
110
100
1954
1956
195S
NOTE.—Bank of England data for monthly average yields,
based on daily figures for consols and weekly tenders for
3-month Treasury bills. Industrial production seasonally adjusted, from Central Statistical Office. Latest figures: August
except for production, July.
In September the British authorities
adopted a series of drastic monetary and
fiscal measures to stop inflation and speculation. These included an increase from
5 to 7 per cent in the Bank of England rate,
an intensification of direct credit controls,
and a downward revision in Government
plans for capital investment.
After these moves, cost and price increases slowed down and the attitude toward
inflation changed. Gold and foreign exchange reserves increased sharply and continuously from their September low. While
short-term interest rates moved up sharply
with Bank rate, long-term rates rose little
further.
Restoration of financial stability and the
rebuilding of reserves permitted some relaxation of monetary restraints in 1958.
Between March and August, Bank rate was
Interest rates in Germany began to decline
as early as September 1956, when the central bank first lowered its discount rate from
5XA to 5 per cent in order to stem the inflow of short-term foreign funds. The discount rate was further reduced in 1957 and
1958 until it reached 3 per cent in June
1958. Apparently the reductions were
designed primarily to narrow the differential
between interest rates in Germany and other
Western European countries. Other central
bank measures, especially open market
operations in the first three quarters of 1957,
continued to restrain expansion of bank
liquidity.
The attempt to lower the general level of
interest rates was supported by growing confidence that inflationary forces would be
kept under control. From 1956 to mid1958, average yields of medium-term Treasury bonds fell from a peak of 634 to 3Vi
per cent and yields of long-term industrial
bonds from a peak exceeding 6V4 to 5VA
per cent. Bank lending rates changed little
during this period, and remained above
bond yields.
The domestic capital market revived as
bank liquidity and savings increased and
interest rates declined. The amount of
bonds sold to the public in the first six
months of 1958 nearly equaled that of any
12-month period since World War II.
1024
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
FRANCE AND THE LOW COUNTRIES
GERMANY
INTIIIST
lATIf
INDUSTIIAl BONDS
FRANCE
INTIRIST
RATIf
—
140
— 120
1*54
195*
NOTE.—Germany: Industrial bonds, German Federal Bank
data for average yields on 8 per cent issues, adjusted to
exclude capital yield tax from nominal interest; Treasury
bills, rate on latest 60- to 90-day issue in month. France:
Long-term government, average yield based on end-of-month
data for 13 bonds of various maturities, from Institut National de la Statistique et des Etudes Economiques. Day-today money, end of month; beginning January 1957, rate on
private securities.
Industrial production seasonally adjusted; index for Germany, from Federal Statistical Office (with seasonal adjustment and conversion to 1953 = 100 by Federal Reserve); for
France, from Organization for European Economic Cooperation.
Latest figures: For Germany, July, and for France, June,
except for discount rates (both countries) and short-term for
Germany, August.
The economic upswing in France continued
until early 1958 and brought mounting inflationary pressures that were reflected for
the most part in balance-of-payments deficits. The discount rate of the Bank of
France, which had been 3 per cent since
December 1954, was gradually raised to
5 per cent between April and August 1957.
Penalty rates on discounts above specified
ceilings were also sharply increased beginning in April 1957 and were not lowered
until July 1958. By that time a stabilization
program had helped to reduce the budget
deficit and to slow down the expansion of
private credit, and the balance of payments
had improved. Reflecting the tightening of
credit and fiscal policies, the French discount rate in September 1958 was higher
than that of any other financial center in
North America or Europe. The same appeared to be true of market rates.
In Belgium and the Netherlands, production turned down in the first half of 1957
but restrictive monetary policies were maintained through the fall. They were not relaxed significantly until early 1958, after
foreign exchange positions had improved.
Central bank discount rates were progressively reduced from AVi to 3Vi per cent between March and August in Belgium and
from 5 to 2>V2 per cent between January
and June in the Netherlands. Market rates
in both countries had begun to decline in
the second half of 1957.
INTERNATIONAL RELATIONSHIPS
Although interest rates in leading countries
have followed a similar pattern of movement
in recent years, the international relationships of rates have changed. Rates in Germany have fallen below the level of French
1025
INTEREST RATES IN LEADING COUNTRIES
INTEREST RATES IY
COUNTRIES
GOVERNMENT SECURITIES
Pet cent
LONG - TERM
SHORT - TERM
10
UNITED STATES
1956
1958
1954
1956
1958
NOTE.—Data on short-term series for France and longterm series for Germany represent yields on nongovernment
issues. For details concerning all series see subscripts
charts on pp. 1021, 1023, and 1024.
rates and are little higher than rates in the
United Kingdom. Germany appears to be
changing from a capital importing to a capital exporting country.
Flexibility in market interest rates has
helped to encourage stabilizing international
flows of capital and to moderate domestic
business fluctuations. In late summer 1957,
central bank actions to raise the discount
rate in the United Kingdom and in the Low
Countries, and to lower it in Germany, were
all directed in part toward arresting and
reversing a speculative flow of funds into
Germany. The fact that rates in the United
States, with few exceptions, have remained
lower than rates in other financial centers
has facilitated the flow of dollars to the rest
of the world.
For table of central bank discount rates, see following page.
to
1026
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
CENTRAL BANK DISCOUNT RATES, SELECTED COUNTRIES,
1956-58
[Per cent]
United
2
United
States * Canada King- Belgium
dom
Month
effective
In effect Jan. 1,
1956
2.50
2.75
4.50
3.00
Denmark
France
Germany
5.50
3.00
3.50
Nether- Sweden
lands
2.50
Japan
3.75
7.30
1956 Jan
5 50
Feb
Mar
Apr
May
2.75
*
4.50
3.00
3 00
5 50
June
July
Aug
Sept
3.00
3.25
Oct
Nov
Dec
3 50
3.77
3.92
1957_jan
3.95
4.01
3 95
4.00
4.01
4 06
4 05
4.28
4.05
4.05
3.83
3.87
3.25
5.00
Feb
Mar
Apr
May . . .
June
July
Aug
Sept
Oct
Nov
Dec
-
3.50
3.00
3 75
3.50
i
i
4 66
4.50
5.00
7.67
4.00
8.40
4.50
4.25
5 00
5 00
7.00
5.00
4 00
i
1958—Jan
Feb
Mar
Apr
May
June
July
Aug
! 2.75
i
1 2.25
1 7S
2.00
3.50
3 11
2.52
1.83
1.79
1.97
1 12
1.74
2.00
2.19
\
In effect mid-September, 1958
3.50
6.00
5.50
5.00
4.25
4.50
4.50
3.50
4.50
4.50
4.50
1 Rate is that of the Federal Reserve Bank of New York, except
for2 August 1958, where it represents four other Reserve Banks.
Beginning with Nov. 1, 1956, Canada's discount rate has been
set weekly at one-quarter of 1 per cent above the tender rate on
Treasury bills; end-of-month rate shown.
4.66
5 00
4.00
3.75
3.50
4.50
3.00
5.00
3.50
3.00
3.50
4.50
7.67
7.30
NOTE.—Rates- shown represent those at which the central bank
(Federal Reserve Banks in the United States) either discounts or
makes advances against eligible paper and/or government securities
for commercial banks or brokers.
195$ Survey of Consumer Finances
The Financial Position of Consumers
CONSUMER INCOME, financial assets, and
debt have all grown rapidly and more or less
steadily since World War II. In the latter
part of 1957, however, the trends to everhigher levels of income and assets were
temporarily interrupted—as they had been
in the two previous postwar recessions—and
the expansion in debt abated somewhat.
Personal income turned downward in
September 1957, according to seasonally
adjusted estimates of the Department of
Commerce. The decline, which followed a
long series of increases dating back to the
recovery from the recession of 1953-54,
lasted until February 1958. More recently
personal income has been rising again and
since July has been above the pre-recession
peak. Despite the downturn during 1957
personal income for the year as a whole was
5 per cent above 1956. With consumer
prices in 1957 averaging about 3 per cent
higher than in 1956, "real" income of consumers—current dollar income adjusted for
price changes—rose only moderately.
Total financial asset holdings of consumers at the end of 1957 were about 4 per
cent less than at the previous year-end. All
of the reduction was due to a decline in
prices of corporate stocks in the last half of
1957; the value of other financial assets
continued to rise. By early September of
1958 stock prices had recovered their earlier
losses.
On the liability side of the ledger, shortand intermediate-term consumer debt out-
standing did not turn downward until early
in 1958, when extensions of new instalment
credit dropped below repayments for the first
time since 1954. Residential mortgage debt
continued to grow in 1957 and the first half
of 1958, although at a slower rate than
earlier.
Underlying these summary statistics for
the consumer sector as a whole is a wide
diversity in income, asset, and debt positions
among individual consumer units. The findings of the Board's Survey of Consumer
Finances, conducted in January and February of each year, provide some measure
of these variations. This article, based
largely on data from the 1958 and previous
Surveys, will first discuss consumer financial
positions in the recent period and will then
highlight developments over the past decade.1
MONEY INCOME
In 1957, according to Survey results, onehalf of all consumer spending units had
x
This is the third and final article presenting the
results of the 1958 Survey of Consumer Finances conducted by the Board of Governors of the Federal
Reserve System in cooperation with the Survey Research Center of the University of Michigan. Preliminary findings were published in the Federal Reserve BULLETIN for March, and an analysis of consumer purchases of durable goods appeared in the
July BULLETIN. The present article was prepared by
Arthur L. Broida of the Consumer Credit and Finances
Section of the Board's Division of Research and Statistics. The appendix was prepared by Dorothy
Projector of the same Section. Work at the Survey
Research Center was under the supervision of James
N. Morgan and Charles Lininger.
1027
1028
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
money incomes of more than $4,350. 2 The
corresponding median income in 1956 was
$4,250. 3 These figures are totals for spending units, including any income of wives or
other members. The wife had some income
in about four-tenths of the units in which a
wife was present, or in slightly less than
three-tenths of all units. A third member
had income in nearly one-tenth of all units,
including some in which both the husband
and wife worked.
More spending units reported an income
increase from 1956 to 1957 than reported
a decline. About 45 per cent of the units
interviewed said that their income in 1957
was at least 5 per cent higher than in the
preceding year; 24 per cent reported a decline of the same degree; and 31 per cent
said their income was substantially unchanged.
The general pattern of more units reporting increases than declines is consistent with
previous years, but the numerical margin between the two groups was smaller than in
most years (see Supplementary Table 6).
In most occupational groups fewer units re2
A spending unit, as defined in the Survey, consists
of all related persons living together who pool their
incomes. Husband and wife and children under 18
living at home are always considered to be members
of the same spending unit. Other related persons in
the household are separate spending units if they earn
more than $15 a week and do not pool their incomes.
In early 1958 there were an estimated 56.9 million
spending units in the country.
3
Average (mean) incomes found in the Surveys
were $5,140 for 1956 and $5,160 for 1957, an increase between the two years of less than one-half of
1 per cent. When combined with the estimated increase of about 1.5 per cent in the number of spending
units, this implies an increase in aggregate income of
about 2 per cent, or substantially less than the 5 per
cent indicated in the Department of Commerce data
on personal income cited earlier. The two sets of
data differ conceptually in various ways, as discussed
in the appendix, but the conceptual differences apparently do not account for the different percentages
of change. It is likely that most of the explanation
lies in sampling variability in the Survey.
ported an increase than had done so in the
preceding Survey, but only among farmers
and retired people did the number of units
with a decline exceed the number with an
increase.
Characteristics of spending units. The level
of income of a spending unit is related to
personal characteristics of its members.
This becomes clear when spending units are
distributed among income quintiles—that is,
successive fifths of the population ranked by
income—and the proportions of units in
each quintile with various characteristics are
examined. Such distributions, based on
1957 incomes, are shown in Chart 1.
As indicated in the top panel of the chart,
the lowest income quintile and to a lesser
extent the second include many units in
which the head is at the beginning or the
end of his working career. More than half
of the units in the lowest quintile in 1957
were headed by persons who were less than
25 years of age or more than 64. Units with
heads within the 25-64 year age range became increasingly numerous at each higher
income level until they constituted 95 per
cent of the top quintile.
Similarly, there are marked differences
among income groups with respect to marital status. About half of the units in the
lowest quintile consisted of single persons;
two-fifths were married couples with both
husband and wife present; and one-tenth fell
in the "other" group—mainly widowed or
divorced persons with dependents. In the
top quintile, husband-wife units represented
about 90 per cent of all units.
The proportion of units headed by women
falls steadily across the income scale, from
40 per cent in the lowest quintile to 3 per
cent in the top. Nonwhite units, which made
up about one-eighth of all units in the 1958
Survey, constituted about one-quarter of
1029
THE FINANCIAL POSITION OF CONSUMERS
those in the lowest quintile and progressively smaller proportions at higher levels.
Many spending units attained a higher income status because the wife or some other
member worked to supplement the earnings
of the head. Only about one-fifth of the
units in the lowest quintile had two or more
income receivers, in contrast with more than
half in the top group. This difference is related, of course, to the high proportion of
single-member units among those with low
incomes. But even if only multi-member
units are considered, the proportion with
two or more income receivers was largest in
the top quintile.
For about half of the spending units in
the lowest quintile the head was retired or
unemployed at the time of interview in early
1958. The retired group alone accounted
for about one-third of all units at this income level. This finding, of course, is related to the distribution by age and also to
that by sex of the spending-unit head.4
Heads of other units in the lowest quintile
were employed at the time of interview, but
often in activities with relatively low money
incomes, such as unskilled labor, service
work, and farming. In many cases their
money incomes were probably supplemented by income in kind, such as meals
and lodging provided servants, and food
grown and consumed on farms.
4
The retired group includes not only spending units
whose heads reported that they were retired, but also
units headed by nonworking widows and other women
over 54 years of age, many of whom gave their occupation as "housewife."
NOTE TO CHART 1.—Quintiles represent successive fifths of the
population ranked by money income before taxes in the
calendar year 1957. The lowest quintile consists of spending
units with incomes of less than $1,890. Income ranges for the
other quintiles are: second, $l,890-$3,599; third, $3,600-$5,139;
fourth, $5,140-$7,189; and highest, $7,190 and over. Data for
number of income receivers are for 1957; other data, for
early 1958. Unskilled workers and farmers: unskilled and
service workers, farm operators, protective service workers,
and some miscellaneous categories. Other employed persons:
those in groups classified as professional and semiprofessional,
managerial, clerical and sales, skilled and semiskilled, and
self-employed.
Chart 1
CHARACTERISTICS OF SPENDING UNITS, 1958
PERCENTAGE DISTRIBUTION
All Spending
Units
Lowest
I N C O M E QUINTILE
2nd
3rd
4th Highest
AGE OF HEAD
nioo
UNDER 25
25-64
65 AND OVER
MARITAL STATUS
SINGLE
MARRIED, DOTH
ADULTS PRESENT
OTHER
SEX OF HEAD
MALE
FEMALE
RACE
WHITE
NONWHITE
NUMBER
OF INCOME
RECEIVERS
T O O MR
W
R OE
OCCUPATION OF HEAD
.-.v.v.
UNSKILLED WORKERS
•'•"'"'-""
AND FARMERS
OTHER EMPLOYED
PERSONS
RETIRED
UNEMPLOYED
Lowest 2nd
4th
Highest
1030
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
Some units with low incomes in 1957 had
undoubtedly suffered only temporary reverses, such as unemployment or illness for
part of the year or business losses. Onethird of the units in the lowest quintile in
1957 reported that their incomes had declined from 1956. This was a larger proportion than that reported by units in any
other income group.
Types of income. According to Survey results, spending units in the top fifth of the
income scale in 1957—those with money
incomes of $7,190 or more—had an average (mean) income of $11,590. At the
other extreme, units in the lowest quintile—
those making less than $1,890—had an
average income of $1,080. The average
amounts received and the importance of
different types of income are shown in
Chart 2.
Chart 2
TYPES OF MONEY INCOME, 1957
MEANS,
THOUSANDS
OF
DOLLARS
/SELF-EMPLOYMENT
PROPERTY
-TRANSFER AND OTHER
-
WAGES AND SALARIES
Lowest
2
2nd
3rd
4th Highest
INCOME QUINTILE
NOTE.—Income represents income before taxes for the
calendar year. Self-employment income refers to income of
professional men and artisans, farm income of farmers, and
income from unincorporated businesses; property income, to
interest, dividends, royalties, and rent (except for payments by
roomers); and transfer and other income, to pensions, annuities, social security and veterans' benefits, alimony, etc.,
and payments by roomers and farm income of nonfarmers.
Wages and salaries generally were the
main type of income, accounting for about
75 per cent of total money income for all
spending units together. About 13 per cent
of the total consisted of self-employment income, including profits from unincorporated
business and farm operations and earnings
of self-employed professional workers and
craftsmen. A smaller amount was accounted
for by property income—rent, interest,
dividends, and royalties.5 The remainder
was transfer payments, that is, pensions, annuities, retirement pay, unemployment compensation, alimony, and the like; and miscellaneous types, such as income from
roomers and boarders and the proceeds of
part-time farming.
Some of the differences in spending-unit
characteristics at various income levels are
reflected in the types of income received.
For example, transfer payments accounted
for nearly two-fifths of total income in the
lowest quintile, which, as noted earlier, includes many retired and unemployed people
and widowed or divorced persons with dependents. About half of the units in this
group received some transfer payments (see
Supplementary Table 5). Relative to total
income, transfer payments decreased steadily in importance as income rose.
Self-employment and ownership of property accounted for one-fourth of total income in the top quintile, a larger proportion
than in any other group. Relatively, income
from these sources was more important in
the lowest quintile than in the middle
groups, mainly because of self-employment
of farmers and property income of retired
persons, but the average amounts received
in the lowest quintile were small.
5
As noted in the appendix, the amount of property
income is apparently understated in the Survey.
THE FINANCIAL POSITION OF CONSUMERS
Wage and salary income was of the greatest relative importance in the third and
fourth quintiles, where it accounted for more
than four-fifths of total income. In contrast,
it accounted for less than half of the total in
the lowest quintile.
ASSETS AND DEBTS
At the end of 1957, according to Federal
Reserve estimates, consumers had $630 billion in financial assets and had liabilities
totaling $155 billion. Roughly two-thirds
of the liabilities were mortgages, and most
of the remainder was personal debt—that is,
short- and intermediate-term consumer
credit.6
About two-fifths of consumer financial
assets were in the form of corporate stock.
About one-fifth was almost equally divided
between credit market instruments—Federal Government obligations (other than
United States savings bonds), State and
local government obligations, corporate
bonds, and mortgages—and policy holders'
savings through life insurance. The remaining two-fifths were "liquid" assets: currency, checking accounts, savings accounts
in banks, postal savings, shares in savings
and loan associations and credit unions, and
United States savings bonds.
A balance sheet for the consumer sector
as a whole at the end of 1957 would show
6
The estimates of aggregate consumer financial assets and liabilities presented in this article are taken
from the flow-of-funds accounts, which are compiled
in the Board's Division of Research and Statistics from
various sources and are based mainly on business and
government records rather than reports of consumers.
The consumer assets in these accounts include holdings of personal trust funds. For approximate comparability with Survey data the asset figures given include currency and demand deposits of the farm business sector. The liability figures are for the consumer
sector alone. The conceptual and statistical relations
between the flow-of-funds estimates and Survey data
are discussed in the appendix.
1031
that holdings of these financial assets were
four times total liabilities. In addition, consumers had large sums invested in unincorporated businesses, in homes, farms, and
other real estate, in pension plans and retirement programs, and in automobiles and
other goods. Thus, their total assets were
considerably greater than four times their
liabilities.
No picture of consumer financial positions is complete, however, without information on how aggregate assets and debts are
distributed among the 57 million spending
units in the country. Data from the 1958
Survey are useful in this connection, although their contribution is limited by the
fact that only selected financial assets were
covered—the "liquid" assets mentioned
above with the exception of currency.7 Information from previous Surveys on consumer holdings of corporate stock is used
to fill out the picture.
Financial assets. In early 1958 threequarters of all spending units reported holding some liquid assets, about the same proportion as in the previous year. Many held
only moderate amounts; less than half of all
units reported $500 or more, and only about
one-tenth reported $5,000 or more.
Presumably most of the units without
liquid assets of the types covered held some
currency, and many probably had equities
in life insurance policies. The frequency
with which this group owned tangible assets,
such as homes and automobiles, was lower
7
For the sake of brevity, the term "liquid assets"
is used in the Survey to refer to the total of checking
accounts, savings accounts in banks, postal savings,
shares in savings and loan associations and credit
unions, and United States savings bonds. Questions
about currency holdings have been omitted since the
early Surveys because of unfavorable experience with
accuracy of response. Problems of response error are
important also with respect to the liquid asset and
debt items covered, as discussed in the appendix.
1032
Chart
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
3
FINANCIAL ASSETS
PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP
INCOME
All Spending
Units
LIQUID
Lowest
ASSETS,
EARLY
2nd
QUINTILE
3rd
4th
Highest
1958
1OO
NOME
UNDER $500
5500 - $4,999
$5,000 AND OVER
CORPORATE
STOCK,
EARLY 1 9 5 7
NONE
50
About one-fifth of the units in this group
reported liquid assets of $5,000 or more as
compared with one-tenth for the whole population. However, large holdings were reported about as often in the two lowest
groups as in the third and fourth quintiles.
The amount of liquid assets held tends to
increase with age (see lower panel of Chart
6, page 1034), and many of the larger holdings at lower income levels were those of
older people.
Ownership of corporate stock is more
highly concentrated at upper income levels
UNDER $500
$500 - $4,999
$5,000 AND OVER
All Spending
Lowest
2nd
3rd
4th
Highest
Units
NOTE.—For definition of liquid assets, see Supplementary
Table 8, note 1. Corporate stock includes only stock sold
to the general public.
Chart
4
TYPES OF LIQUID ASSETS, EARLY 1958
PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP
Ail Spending
INCOME
Units
Lowest
CHECKING
than in the rest of the population, but it was
not negligible: one-third of all units without
liquid assets reported that they owned their
homes, and one-half that they owned cars.
In the Survey taken in early 1957 about
one-tenth of all units reported that they
owned some corporate stock, and about
one-third of these reported substantial holdings, $5,000 or more. Marketable bonds
—Federal, State and local, and corporate—
were reported by only 2 per cent of all units.
Relation to income. Since liquid assets
are accumulated to a large extent out of
income, it is not surprising that holdings are
most common at higher income levels. As
indicated in the top panel of Chart 3, practically all units in the highest quintile reported some holdings in early 1958. The
proportion with liquid assets declined steadily to less than half in the lowest quintile.
Holdings of substantial size were most
numerous in the highest income quintile.
2nd
QUINTILE
3rd
4th
Highest
ACCOUNTS
100
NONE
50
UNDER $500
- $ 5 0 0 - $4,999
- $ 5 , 0 0 0 AND OVER
SAVINGS ACCOUNTS
yyyyyyy/ yy^^/y// vyyyytf/
HP
0
1
100
NONE
50
UNDER $500
m.
UNITED
m•
$500-$4,999
$5,000 AND OVER
STATES
.
SAVINGS
0
BONDS
100
NONE
50
UNDER $500
-$500 -$4,999
$5,000 AND OVER
Lowest
2nd
3rd
4th
Highest
NOTE.—For definition of savings accounts, see Supplementary
Table 7, note 1.
1033
THE FINANCIAL POSITION OF CONSUMERS
than liquid assets are, as indicated by the
1957 Survey data shown in the bottom panel
of Chart 3. Only about 5 per cent of the
units in the three lowest quintiles reported
stock ownership, compared with 29 per cent
in the top group. Nearly half of the holders
in the highest quintile reported owning stock
valued at $5,000 or more.
Types of liquid assets. In early 1958
about half of all spending units reported
having checking accounts, about half owned
savings accounts or shares, and more than
one-quarter United States savings bonds.
Each type was held more frequently at
higher than at lower income levels, as indicated in Chart 4. At all income levels
large holdings were more commonly in the
form of savings accounts or shares than in
checking accounts or savings bonds (see
Supplementary Table 7 ) .
Each liquid asset type tended to be held
least frequently by units in which the
head was under 25 years of age. For
older people the differences in frequency of
holdings were not great, although the
various asset types were somewhat more
common in the 45-54 age group than in
other groups (see Supplementary Table 9 ) .
There was a marked tendency, however,
for the frequency of large holdings—particularly of savings accounts or shares—to
increase with age. One-half of the savings
deposit holders who were 65 or older had
$2,400 or more in this form, compared with
a median of $720 for all holders.
owing personal debt. As indicated in the top
panel of Chart 5, these two groups partly
overlapped; two-tenths of all units reported
owing debt of both types.
Units in the two highest income quintiles
owe the bulk of mortgage debt, as the
middle panel of the chart indicates. About
half of the units at these levels owed on
Chart 5
DEBT
STATUS,
All Spending
Units
TYPE
Lowest
I N C O M E QUINTILE
2nd
3rd
4th Highest
O F DEBT
NONE
mi
B88
i
!
MORTGAGE
MORTGAGE AND
PERSONAL
PERSONAL
AMOUNT OF MORTGAGE DEBT
100
NONE
50
UNDER
$5,000
$5,000 • $9,999
iiO.OOO AND OVER . BMMB
AMOUNT OF PERSONAL DEBT
0
100
NONE
UNDER $200
Mortgage and personal debt. About two-
thirds of all spending units had some debt
in early 1958, according to Survey results.
This was about the same proportion as in
the previous year.
Slightly less than three-tenths of the units
had mortgage debt and six-tenths reported
EARLY 1958
PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP
$200 • $499
$500 - $ 9 9 9
$1,000 AND OVER
All Spending
Units
M
Lowest
•
W////
inIH
§§§§§§§!&
lllllll
| | | | | | s
Ill
ll
2nd
50
3rd
4th Highest
NOTE.—For definition of personal debt, see Supplementary
Table 11, note 1.
1034
FEDERAL RESERVE BULLETIN
mortgages in early 1958, and the amounts
involved were often substantial. In contrast,
such debt was much less common in the
three lower income quintiles, and where it
existed the amounts tended to be smaller.
The concentration of mortgage debt at
higher income levels is related to differences
among income groups both in the frequency
of home ownership and in age composition.
Many units at the lower end of the income
scale do not maintain separate residences;
they live with relatives—often parents or
children—or with unrelated persons as
roomers or servants. About one-fifth of the
units in the two lowest quintiles live with
other units, whereas only a negligible proportion of those in the top group do.
Among those who maintain residences, the
proportion who own homes rather than rent
rises from about half in the two lowest quintiles to three-fourths in the highest.
Much of the remaining variation in mortgage debt can be explained by age differences among income groups. Such debt is
most common among those between the
ages of 35 and 44, where about 44 per cent
of all spending units own mortgaged houses
(see top panel of Chart 6). The frequency
falls off rapidly in moving to either older
or younger age groups. As noted earlier,
most of the relatively old and relatively
young are in the lower income quintiles.
Among those who do have mortgage debt,
the median amount of debt outstanding is
highest for the very young and drops steadily
through each older age group, as indicated
in the bottom panel of Chart 6. Young
owners often have bought homes very recently, and hence have had only a short period to reduce the debt. Many older people
who have recently bought homes have incurred smaller debt because they could
SEPTEMBER 1958
Chart 6
FINANCIAL POSITION BY AGE, EARLY 1958
PERCENTAGE OF ALL SPENDING UNITS IN GROUP
100
SPENDING UNITS WITH 80
LIQUID ASSETS
PERSONAL DEBT
60
40
20
0
12
MEDIANS, THOUSANDS OF DOLLARS
10
MORTGAGE DEBT
OF DEBTORS
65 &
OVER
AGE OF HEAD OF SPENDING UNIT
NOTE.—For definition of liquid assets, see Supplementary
Table 8, note 1; of personal debt, see Supplementary Table
11, note 1.
make larger downpayments, by using their
typically larger savings or proceeds from
the sale of a previously owned house.
Personal debt is of various types—instalment debt incurred to purchase cars and
other durable goods or to make additions
and repairs to homes, cash loans of both the
instalment and single-payment variety, debt
to doctors and hospitals, and other borrowings.8 While personal debt is less than half
8
To some extent Survey data on personal debt differ
conceptually from the flow-of-funds data cited earlier,
as discussed in the appendix.
1035
THE FINANCIAL POSITION OF CONSUMERS
as important as mortgage debt in terms of
amount outstanding, it is twice as important
in terms of number of debtors.
Many units in each income group owe
personal debt. The proportion ranged in
early 19,58 from somewhat over four-tenths
in the lowest quintile to about seven-tenths
in the next to highest, and then down somewhat in the highest quintile.
The larger amounts of personal debt—
$1,000 and over—were reported most frequently by units in the upper income groups,
as shown in the bottom panel of Chart 5.
This is partly because new car purchases
are most common in these groups.9 On the
average, the amount of debt incurred is substantially larger on a credit purchase of a
new car than a used one, mainly because
new car prices are higher. Debt incurred in
purchases of used cars and other goods, and
personal debt arising from other sources,
generally involve smaller amounts than new
car purchases and are spread more widely
throughout the population.
Liquid assets of debtors and nondebtors.
Spending units with debt—about two-thirds
of all units in early 1958—reported holding
some liquid assets almost as often as debtfree units. As indicated in Chart 7, however, only about one-third of the debtors
had as much as $500 in assets, whereas
about three-fifths of the debt-free units had
assets of $500 or more.
The differences between asset positions of
the two groups are more clearly revealed
when the comparisons are made by income
quintile. In all except the highest quintile,
debtors held assets less often, and in smaller
9
For a discussion of purchases of new cars and
other durable goods, see the Federal Reserve BULLE-
TIN for July 1958, pp. 760-68.
Chart 7
LIQUID ASSETS OF DEBTORS AND NONDEBTORS
EARLY 1 9 5 8
PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP
All Spending
Units
HOLDINGS
Lowes!
OF
INCOME QUINTILE
2nd
3rd
4th Highest
DEBTORS
100
NONE
UNDER 5500
$500 • $4,999
HOLDINGS
$5,000 AND OVER
OF NONDEBTORS
NONE
UNDER
$500
50
II
All Spending
Units
$500 • $4,999
$5,000
AND OVER
Lowest
2nd
4th
Highest
NOTE.—Debtors refer to spending units with either personal
or mortgage debt. For definition of liquid assets, see Supplementary Table 8, note 1.
amounts, than nondebtors. In the lowest
quintile, for example, only about one-quarter of the debtors held assets, compared with
more than half of the nondebtors. In the
top quintile asset holdings were reported by
practically all units—debtors and nondebtors alike—but as in the other quintiles
those with large holdings were mostly in the
nondebtor group.
The frequency with which both liquid
assets and personal debt (i.e., excluding
mortgages) occur in the same spending unit
is indicated in Chart 8. In the lowest quintile only 12 per cent of the units reported
both; as higher income groups are considered the proportion increases steadily, to 60
per cent in the top quintile. In moving
from low to high income groups there is a
steady decline in the proportion of spending
units with neither personal debt nor liquid
assets, and also in the proportion with some
debt but no assets.
1036
Chart
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
8
PERSONAL DEBT - LIQUID ASSET RELATION, 1958
PERCENTAGE DISTRIBUTION
OF SPENDING
UNITS
IN
GROUP
NO DEBT - NO ASSETS
NO DEBT - SOME ASSETS
8 SOME DEBT - SOME ASSETS
SOME DEBT - NO ASSETS
All Spending
Units
Lowest 2nd 3rd
4th Highest
INCOME QUINTILE
NOTE.—For definition of personal debt, see Supplementary
Table 11, note 1; of liquid assets, see Supplementary Table
8, note 1. Data are for early 1958.
The rather sharp separation between
debtors and liquid asset holders in the lowest
quintile can be accounted for largely in
terms of the characteristics of spending units
heavily represented in this group. Many of
the asset holders are older people, who tend
to owe personal debt rather infrequently.
The debtors, on the other hand, include
many engaged in unskilled labor and other
relatively low-paying activities; such persons
hold liquid assets less often than other units.
POSTWAR CHANGES IN FINANCIAL POSITION
During World War II consumer incomes
after taxes were high and opportunities for
spending, particularly for durable goods,
were limited. As a result, consumers entered
the postwar period with a much larger volume of liquid assets and a smaller amount of
debt than they had before the war.
Over the past decade the income and asset
position of consumers, viewed as a group,
has improved considerably further, as indicated in Chart 9. At the same time con-
sumers have borrowed heavily to purchase
homes and durable goods, with the frequency and average amount of debt rising
sharply. Nevertheless, at the end of 1957
consumers' aggregate financial assets exceeded their liabilities by about $475 billion,
according to flow-of-funds estimates; at the
end of 1948 the excess was about $315
billion.
From 1948 to 1957 personal income rose
by two-thirds. Part of this gain was dissipated in higher prices, for consumer prices
on the average were one-sixth higher
in 1957 than in 1948. Furthermore, income
in 1957 was shared by a population onesixth larger than that of 1948. But after adjustment for both price change and population increase, there was still a growth of
about one-fifth in "real" income per capita.
From the end of 1948 to the end of 1957
the dollar amount of liquid assets held by
consumers increased about 40 per cent.
Their total financial assets increased substantially more—nearly 75 per cent—
largely because of higher market prices of
corporate stocks. But the biggest increase of
all occurred in outstanding debt: total liabilities of consumers were more than three
times as large at the end of 1957 as they
had been at the end of 1948. Accompanying and accounting in good measure for the
growth in liabilities was an increase in
physical assets—homes, automobiles, and
other durable goods.
Postwar changes in the distribution of income, assets, and debts among consumers
are discussed in this section mainly in terms
of Survey data for three years: 1949, 1953,
and 1958. Each Survey was made early in
the year indicated. The income data relate
to the year preceding the date of the Survey
but other data refer to the situation at the
time of interview.
THE FINANCIAL POSITION OF CONSUMERS
Chart
9
AGGREGATE FINANCIAL MEASURES
Billions
of
dollars
Ratio
scale
400
PERSONAL
INCOME
300
200
J
L
FINANCIAL
I
I
1
I
I
I
I
1
700
ASSETS*.
500
CREDIT AND- EQUITY^,'
ASSETS
/
200
LIABILITIES:
100
60
40
SHORT- AND
INTERMEDIATE • TERM
20
J
1948
1950
I
1952 •
J
1954
1956
L
1958
NOTE.—Personal income, U. S. Department of Commerce.
Other data, Federal Reserve (largely from Flow-of-Funds and
Savings Section). Liabilities are for consumer sector only,
whereas assets include currency and demand deposits of farm
sector. Total financial assets include the following categories
not included in components: credit balances with brokers
and security dealers, policy holders' savings through life
insurance, and miscellaneous deposits. Credit and equity
assets: Federal obligations (other than savings bonds), State
and local government obligations, corporate securities, and
mortgages. Liquid assets: currency, demand deposits, time and
savings deposits, shares in sayings and loan associations and
credit unions, and U. S. savings bonds. Total liabilities include the following categories not included in components:
security loans and debit balances at brokers, and loans on
life insurance policies.
Income distribution. The rise in incomes
over the postwar period is reflected in larger
proportions of spending units at higher dollar levels. As the top panel of Chart 10 indicates, the proportion of spending units
with incomes of at least $7,500 was more
than three times greater in 1957 than in
1948, while the proportion receiving less
1037
than $3,000 was substantially reduced. Not
all of the gain in income was "real," of
course, because consumer prices also rose.
But even after adjustment for changes in
prices there was a considerable upward
movement among spending units in the income scale.10
Increases in incomes over this period to a
large extent reflected higher wage rates and
salary scales. Also a factor, however, is the
greater frequency with which wives and
other spending-unit members have been participating in the labor force. By 1957 about
one-third of all spending units had two or
more income receivers, compared with
about one-fifth in 1948. Much of this increase is probably associated in one way or
another with the spread of personal debt in
the population. In some cases wives have
gone to work to help repay debt; in others,
units have incurred debt on the basis of the
wife's earnings.
The income distributions in the different
years are also affected by shifts in relative
importance of occupational categories.
Since 1949, for example, there has been
a growth in the proportion of spending-unit
heads engaged in professional and technical
fields, and a decline in the proportion of
farm operators. Partly offsetting these
changes has been the increasing importance
of retired people.
Asset distribution. Since the inception of
the Survey of Consumer Finances in 1946
the proportion of spending units reporting
liquid asset holdings has been relatively
stable, despite continued growth in aggregate holdings as shown by flow-of-funds
10
For a detailed discussion of postwar changes in
income distributions based on Department of Commerce data, see Selma F. Goldsmith, "Size Distribution of Personal Income," Survey of Current Business,
April 1958, pp. 10-19.
1038
Chart
FEDERAL RESERVE BULLETIN
10
INCOME AND ASSETS, SELECTED YEARS
PERCENTAGE DISTRIBUTION
OF SPENDING
UNITS
INCOME
1OO
UNIER $3,000
$3,101 - $4,999
•
50
$5,000 - $7,499
$7,500 AND OVER
1957
LIQUID
1952
1948
ASSETS
100
NONE
UHBER $500
50
$500 - $4,999
$5,000 AND O E
VR
CORPORATE
1958
STOCK
1953
1949
100
NONE
50
UNDER $500
$500 - $ 4 , 9 9 9
$5,000 AND
1953
1949
HOMES
100
OTHER
RENTS
O N
WS
1958
1953
1949
AUTOMOBILES
100
NONE
ONE
TWO OR MORE
1958
1953
1949
NOTE.—Income represents money income before taxes for
the calendar year. Asset data are for early in the year
indicated. For definition of liquid assets, see Supplementary
Table 8, note 1. Corporate stock includes only stock sold
to the general public. Data on homes are for nonfarm
spending units only; "other" refers to units living with
relatives and others, as well as those receiving housing as part
of compensation.
SEPTEMBER 1958
estimates.11 In both early 1946 and early
1947, 76 per cent of all spending units interviewed reported having some assets in the
form of savings accounts or shares, checking
accounts, or savings bonds. The corresponding proportions in early 1957 and 1958
were 76 and 74 per cent, respectively.
During the intervening years the figure
tended to be somewhat lower, varying from
69 to 74 per cent.
Similarly, the proportion reporting holdings of less than $500 has fluctuated somewhat but in most years has been around 30
per cent. The proportion with $5,000 or
more has been in the range of 8 to 10 per
cent in all years since 1946, when it was 6
per cent. The year-to-year changes in most
of these percentages are within the limits of
sampling variability. Distributions of holdings by size in the three selected years are
shown in the second panel of Chart 10.
Ownership of corporate stock may have
become somewhat more widespread during
the period. As the third panel of the chart
indicates, about 11 per Cent of all spending
units reported owning shares of publicly
traded stock in 1957, compared with about
8 per cent in both 1949 and 1953.12 The
increase in ownership is most apparent with11
Aggregate consumer holdings of liquid assets, as
estimated from the Surveys beginning with 1949, are
compared with the flow-of-funds aggregates in the
appendix. Throughout this period Survey totals are
less than flow-of-funds totals and they show a somewhat smaller net growth. As noted in the appendix,
part of the difference results from the inclusion of
personal trust holdings in the flow-of-funds data. All
of the growth in the Survey aggregate is a result of
the increase in number of spending units; mean holdings per unit were nearly the same in 1958 as in 1949.
12
This comparison is affected not only by sampling
variability, as are all Survey data, but also by differences from year to year in phraseology of questions
about ownership of corporate stock. Probably the
most important of these was the specific reference to
mutual funds in the 1957 questionnaire.
1039
THE FINANCIAL POSITION OF CONSUMERS
in the highest income quintile, where about
29 per cent reported stock holdings in early
1957 in contrast with 21 and 19 per cent
in 1949 and 1953, respectively. Of course,
incomes in the highest quintile as well as in
others rose over the period, as part of the
general movement up the income scale.
Ownership of physical assets such as
homes and automobiles also has become
more common, with an associated increase
in mortgage and personal debt. The proportion of nonfarm spending units owning
their homes rose from 44 per cent in 1949
to 51 per cent in 1958. Renters have been
a relatively stable proportion of the population, but over the period there was a decline
in the proportion of units that shared living
quarters with relatives or others.
Growth of automobile ownership has
been one of the most marked developments
of the postwar period. In 1949 only about
half of all spending units owned a car, including about 3 per cent who had more than
one car. By early 1958 about 70 per cent
of all units owned at least one car, and multi-car owners had risen to 10 per cent of
the total. Moreover, the average age of the
cars owned declined. In 1949 the majority of cars were still of prewar vintage,
whereas in 1958 nearly one-quarter were
less than three years old, and nearly onehalf were less than five years old.
Debt distribution. The large increase in
consumer debt in the postwar period has resulted from growth in both the number of
spending units with debt and in the average
amount owed by debtors. The frequency
with which any kind of debt was reported—
mortgage, personal, or both—rose from
about 40 per cent in 1949 to 60 per cent in
1953, and to 66 per cent in 1958.
Mortgage debt. Several factors contributed to the marked expansion in mortgage
debt from 1949 to 1958. Along with the
growth in population, the number of nonfarm spending units increased from about
46 million to about 54 million. As a result
of population growth and the higher homeownership rates noted earlier, the number
of nonfarm homes owned rose nearly 40 per
cent. And finally, a larger proportion of
homes were mortgaged: 56 per cent in 1958
in contrast with 45 per cent in 1949. Thus,
the number of mortgaged homes rose more
than 70 per cent over the period from 1949
to 1958.
The average balance outstanding on nonfarm home mortgages also rose about 70
per cent, or from about $3,700 in 1949 to
$6,380 in 1958. This increase was substantially greater than the rise in the market
value of the encumbered homes. The average value of mortgaged homes, as estimated
by respondents in the 1958 Survey, was
about 40 per cent above the corresponding
average in the 1949 Survey.
Chart 11
DEBT STATUS, SELECTED
YEARS
PERCENTAGE DISTRIBUTION OF SPENDING UNITS
AMOUNT OF MORTGAGE DEBT
1100
NONE
50
UNDER $5,000
$5,000 - $9,999
$10,000 AND OVER .
AMOUNT OF PERSONAL DEBT
0
1100
NONE
50
UNDER $200
$200 - $499
$500 - $999
$1,000 AND OVER
1958
1953
1949
NOTE.—Data are for early in the year indicated. For definition of personal debt, see Supplementary Table 11, note 1.
1040
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
For all spending units, as indicated in the
top panel of Chart 11, the frequency of
mortgage debt rose from 17 per cent in 1949
to 29 per cent in 1958. The increase affected all income quintiles except the lowest,
where in both years only 6 per cent of the
units owed mortgage debt.
Personal debt. The volume of short- and
intermediate-term consumer credit outstanding at the end of World War II was low even
by standards of the late 1930's. Consumer
credit had contracted during the war period,
mainly as a result of the unavailability of
durable goods and of Government regulation of minimum downpayments and maximum maturities on credit extended to purchase such goods. As durable goods became available again after the war, consumer credit began to expand and by early
1949 the volume outstanding was already
more than half again as large as in the last
prewar year.
As with mortgage debt, the rapid rise in
personal debt after 1949 reflected growth in
both the number of debtors and their average indebtedness. Credit was used with increasing frequency in the growing volume of
durable goods purchases. The amount of
credit extended in individual purchases, particularly of automobiles, moved upward
steadily as percentage downpayments declined in the face of increased prices. The
lengthening of maturities on automobile instalment contracts swelled amounts of credit
outstanding still further.
About 33 per cent of the spending units
interviewed in early 1949 reported owing
personal debt, as shown in the bottom panel
of Chart 11. By early 1953 the proportion
had risen to 54 per cent, and by early 1958
to 59 per cent. Substantial growth in the
frequency of debt, and in the frequency of
debts of larger amounts, occurred in all income quintiles.13
Liquid assets of debtors and nondebtors.
As noted earlier, there has been relatively
little change in successive Surveys in the proportion of spending units reporting liquid
assets, whereas those reporting debt rose
from 40 per cent of all spending units in
1949 to 66 per cent in 1958. Survey data
indicate some increase in the frequency with
which the growing number of debtors have
also reported liquid asset holdings, particularly of medium-sized or small amounts.
The data also suggest that, as nondebtors
have declined in number, the proportion
with substantial holdings of liquid assets has
increased somewhat.
As shown in Chart 12, about 67 per cent
Chart 12
LIQUID ASSETS OF DEBTORS AND NONDEBTORS
SELECTED YEARS
PERCENTAGE
HOLDINGS
DISTRIBUTION
OF
OF
SPENDING
UNITS
DEBTORS
100
NN
OE
U D R $500
NE
50
$500 - $4,999
$5,000
AND O E
VR
HOLDINGS OF
NONDEBTORS
NN
OE
UNDER $500
$500-$4,999
$5,000 AND OVER
1958
NOTE.—For definition of liquid
Table 8, note 1. Debtors refer to
personal or mortgage debt. Data
indicated.
13
1953
1949
assets, see Supplementary
spending units with either
are for early in the year
Various aspects of consumer credit, including
growth in the volume outstanding in the postwar
period, are analyzed in the comprehensive study by
the Board of Governors of the Federal Reserve System, Consumer Instalment Credit (U. S. Government
Printing Office, Washington, D. C , 1957).
1041
THE FINANCIAL POSITION OF CONSUMERS
of all debtors reported some liquid assets in
both 1949 and 1953. In 1958 the proportion was somewhat larger—73 per cent. The
proportion of debtors with liquid assets of
$5,000 or more was consistently small.
Among the debt-free, about three-fourths
reported liquid assets in each year. How-
ever, the proportion with substantial holdings rose from about 13 per cent in 1949 to
around 20 per cent in 1953 and 1958. In
general the data indicate that, in the earlier
years as well as in 1958, debtors held some
liquid assets almost as often as nondebtors
but had substantial holdings much less often.
TECHNICAL APPENDIX
Findings of the Survey of Consumer Finances are subject to various types of errors
arising mainly from three sources: sampling
variability; failure to obtain interviews at
some of the dwellings selected for the sample;
and inaccuracies in the information supplied
by some respondents as a result of incomplete knowledge, lapse of memory, or other
reasons.
For most Survey findings the errors arising
from sampling variability can be quantified
with reasonable accuracy. Approximate
sampling errors for percentages based on
Survey data are given in the first section of
this appendix and some limitations attaching
to sampling errors of certain means and
aggregates estimated from the Survey are
discussed briefly.
The effects of other errors are more difficult to evaluate. One approach is to compare Survey findings with data from other
sources. Such comparisons for aggregate
income, assets, and debts are presented in
a later section.
sample is so designed that, for many statistics, the range of error attributable to the
fact that the findings are based on a sample
and not on reports from all spending units
can be computed.2 For example, according
TABLE 1
APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS
The chances are 95 in 100 that the value being estimated lies within
a range equal to the reported percentage plus or minus the number
of percentage points shown below.
Reported
percentage
50
30 or 70.
20 or 80
10 or 90
5 or 95
1
Number of interviews
3,0001 1,000
3
2
2
2
1
700
500
300
100
5
5
4
3
6
6
5
4
3
8
7
6
5
4
14
13
11
8
4
4
4
3
2
Approximate size of sample, 1952-58.
to the 1958 Survey, 21 per cent of all spending units had incomes of less than $2,000
in 1957. This percentage is based on the
full sample of more than 3,000 cases. As
may be seen in Table 1 relating to sampling
errors of percentages, the approximate sampling error of this finding is 2 percentage
SAMPLING VARIABILITY
Survey findings are based on information
from a sample of spending units.1 The
1
For a detailed discussion of sampling and other
procedures and of factors affecting the reliability of
Survey data see "Methods of the Survey of Consumer
Finances," Federal Reserve BULLETIN, July 1950,
pp. 795-809. Changes in sampling procedures introduced in the 1956 Survey resulted in improved cover-
age of the Survey universe. For a description of these
changes, see Leslie Kish and Irene Hess, "On Noncoverage of Sample Dwellings," Journal of the American Statistical Association, June 1958, pp. 509-24.
2
A discussion of the factors affecting sampling
errors in the Survey of Consumer Finances is available on request from the Division of Research and
Statistics, Board of Governors of the Federal Reserve
System, Washington 25, D. C.
1042
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
points. Thus, if the entire population of
spending units had been interviewed, the
chances are 95 in 100 that the proportion
reporting incomes of less than $2,000 would
lie in the range of 21 per cent plus or minus
2 per cent, or between 19 and 23 per cent.
In order to determine the approximate
sampling error for a Survey finding from
Tables 1 and 2, it is necessary to know the
TABLE 2
SAMPLING ERRORS OF DIFFERENCES 1
Differences required for significance (95 per cent probability) in
comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same
Survey.
Size of sample or group
Size of sample
or group
200
300
500
700
1,000 3,0002
For percentages from abou t 35 per cent
to 65 per cent
14
13
12
11
11
10
200
300
500
700
1 000
3,0002
11
10
10
9
8
9
8
8
7
8
7
6
6
5
4
For percentages around 20 per cent and
80 per cent
200
300
500
700
1 000
3,0002
. .
11
10
9
9
9
8
9
8
8
7
7
7
7
6
5
6
6
5
5
4
3
For percentages around 10 per cent and
90 per cent
300
500
700
1 000
3,0002
g
7
7
6
6
7
6
6
6
5
5
5
5
4
4
4
4
4
3
2
For percentages around 5 per cent and
95 per cent
300
500
700
1 000
3 000 2
1
6
5
5
5
4
5
4
4
4
4
4
4
3
3
3
3
3
3
2
2
The sampling error does not measure the actual error that is
involved in specific Survey measurements. It shows that—except
for nonsampling errors, errors in reporting, in interpretation, etc.—
differences larger than those found in the table will arise by chance
in only 5 cases in 100.
2 Approximate size of annual Survey sample, 1952-58.
number of interviews on which particular
percentages are based. Many proportions,
such as the percentages of units holding
liquid assets or owning automobiles, are
based on the full sample—3,117 interviews
in 1958.3 Others, however, are based on
fewer interviews. For example, the estimated proportion of units in the youngest
age group owning liquid assets is based on
interviews with the 265 spending units
headed by persons who were less than 25
years of age. The number of cases in various spending-unit and family-unit groupings
of the 1958 Survey sample are shown in
Tables 3 and 4.
In order to increase the precision of certain Survey estimates, spending units at
higher economic levels are sampled at a
higher rate than those at lower levels.4 In
other words, units at higher economic levels
are "oversampled." For this reason the
distribution of number of interviews is not
representative of the population as a whole.
The representativeness of Survey results is
maintained by assigning weights to individual interviews to compensate for the different rates at which their groups were sampled.
Thus the interviews from "oversampled"
dwellings are given proportionately smaller
weights so that in the final results they will
account for their proper proportion of the
3
The number of interviews has been about 3,000
in all years except 1948-51 when it was about 3,500.
4
The interviewer is instructed to indicate, from a
preliminary examination of the dwelling's exterior, his
judgment as to the economic level of the occupant.
Largely on this basis dwelling units are classified into
three economic levels, high, medium, and low. In all
Surveys to date medium-group dwellings have been
sampled at twice the rate for the low group. Dwellings in the high group have been sampled at four
times the low-group rate in all years except 1950-52
when they were sampled at six times the low rate.
1043
THE FINANCIAL POSITION OF CONSUMERS
TABLE 4
TABLE 3
SAMPLE SIZE FOR INCOME GROUPINGS OF NONFARM
FAMILIES—1958 SURVEY 1
SAMPLE SIZE FOR SPECIFIED GROUPS
1958 SURVEY
[Number of family units]
[Number of spending units]
Group characteristic
Total
Number
Income grouping
3,117
All incomes 2
Income:1
Under $1,000....
$1,000-$ 1,999....
$2,000-$2,999....
$3,OOO-$3,999....
$4,000-$4,999....
$5,000-$5,999....
$6,000-$7,499....
$7,500-$9,999....
$10,000 and over.
209
358
307
358
374
371
432
368
340
Under $1,000....
$1,000-$ 1,999...
$2,000-$2,999. . .
$3,000-$3,999. . .
$4,000-$4,999...
$5,000-$5,999. . .
$6,000-$7,499. . .
$7,500-$9,999...
$10,000 and over
Income quintile:1
Lowest
Second
Third
Fourth
Highest
525
560
604
664
764
1
In the 1958 Survey data were also collected from 134 farm
families.
2
Money income before taxes for calendar year 1957. Income was estimated for about 2 per cent of the cases shown
on the basis of other information reported in the interview.
Occupation of head:
Professional and semiprofessional .
Managerial
Self-employed businessman
Clerical and sales
Skilled
Semiskilled
Unskilled and service
Farm operator
Miscellaneous
Unemployed
,
Retired
Not ascertained
341
191
220
384
412
384
314
143
145
218
348
17
Age of head:
18-24
25-34
35-44
45-54
55-64
65 or over
Not ascertained.
265
642
723
587
414
423
63
Marital status: 2
Single:
Age 18-44
Age 45 or over
Married:
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 or over, children under 18. . . .
Age 45 or over, no children under 18.
Other
Not ascertained
DISTRIBUTION OF SPENDING UNITS BY INCOME
[Per cent]
Money income before
taxes in 1957
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
All spending units
330
422
203
1,016
343
604
129
70
Region: 3
North East
North Central.
South
West
830
910
887
490
Purchasers of selected goods:
Houses (nonfarm)
New cars
,
Used cars
Television sets
Washing machines
Refrigerators
Furniture
145
274
448
324
260
194
565
1
Money income before taxes for calendar year 1957. Income was estimated for about 2 per cent of the cases shown
on the basis of other information reported in the interview.
2
For definition of marital status, see Supplementary Table
2, note 1.
3
As defined by U. S. Bureau of the Census.
TABLE 5
Unweighted
Weighted
7
11
10
11
12
12
14
12
11
8
13
11
13
12
12
13
10
8
100
100
total.5 Figures on distribution of income
shown in Table 5 are illustrative.
As Tables 3 and 5 indicate, 340 of the
3,117 spending units interviewed, or 11 per
cent, reported that they had income of $10,000 or more in 1957. According to the
5
Some adjustments are also introduced in the
weights to take account of the fact that the response
rate is greater among certain types of spending units.
It might also be noted that inaccuracies in interviewers' ratings of dwelling units reduce the gains in
over-all precision resulting from the oversampling
procedure, but because of the compensatory weighting, do not bias the sample results. For discussions
of oversampling and nonresponse weighting, see
"Methods of the Survey of Consumer Finances,"
Federal Reserve BULLETIN, July 1950, pp. 795-809.
1044
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
weighted distribution an estimated 8 per
cent of all spending units in the population
had income of this amount.
Sampling errors of means can also be
estimated from Survey data although in some
cases such estimates have only limited applicability. For example, a relatively few
spending units in the population, many of
whom have high incomes, own a large
proportion of total liquid assets. In technical
terms, the distribution of liquid assets is
highly skewed. Although spending units
at higher economic levels are sampled at a
greater rate than the rest of the population,
the chances of including in a sample of
3,000 a person with very large holdings of
liquid assets are nevertheless small. Therefore, the mean amount of liquid asset holdings based on reports of spending units in
the sample is likely to understate the mean
for the whole population.
Since the sampling variability of mean
liquid assets is estimated from information
reported in the sample, and since very large
holders are not likely to be included in the
sample, the estimate will not adequately reflect the element of variability contributed
by extreme cases, which may be very important. Other examples of variables with
highly skewed distributions are the value of
corporate stock holdings and amounts of
some kinds of debt, such as security loans.
Although the distribution of a variable
may be skewed, it does not necessarily follow
that the Survey cannot yield useful information about that distribution. Since spending
units with large holdings of liquid assets or
corporate stocks are relatively few in number, their under-representation does not produce serious error in calculating medians or
in distributing spending units by size of holding below a reasonable upper limit.
COMPARISONS OF AGGREGATES
Survey aggregates are obtained by multiplying mean amounts for spending units in the
Survey sample by an estimate of the total
number of spending units in the population.
Non-Survey aggregates with which they may
be compared are derived for the most part
from records of governments, corporations,
and financial institutions.
Evaluating Survey aggregates by comparing them with other aggregates has the obvious limitation that the other data are also
subject to error arising from sampling
variability, inadequate reporting, and other
deficiencies. Furthermore, in many cases
only rough adjustments can be made
for differences in concept and coverage between the two sets of data. At best, comparisons can indicate only the net effect of
all types of error, including sampling error,
and not the relative importance of each.
Nevertheless, such comparisons suggest the
probable direction and approximate magnitude of errors in some Survey data.6
As suggested earlier, given errors in aggregates do not necessarily imply errors of
corresponding importance in medians, percentage distributions, and other statistics.
The unique contribution of the Survey is in
providing information on population distributions rather than aggregate data, and a
set of completed questionnaires that fails to
yield reliable aggregate estimates may nevertheless yield serviceable distribution statistics. By the same token, of course, what
appears to be reasonable accuracy in Survey
aggregates does not necessarily assure accuracy in distributions.
Income. According to Survey estimates,
consumers' aggregate money income before
6
The nature and causes of errors in reports of individual consumer units have been investigated by various groups both here and abroad and further work
along these lines is currently in process.
1045
THE FINANCIAL POSITION OF CONSUMERS
taxes in 1957 totaled $294 billion. The
Department of Commerce estimate of personal income for that year is $348 billion.7
A substantial part of this difference is attributable to differences in universe and
types of income covered.8
The Survey consumer universe consists
of the population living in private households. The personal sector as defined by
the Department of Commerce is more comprehensive, including the transient, institutional, and military population omitted from
the Survey, and also nonprofit organizations,
private trust funds, and private pension,
health, and welfare funds.
Because of this wider universe, personal
income includes certain elements not covered
in Survey income. The most important are:
pay of military personnel living on military
reservations; employer contributions received by private pension plans; and property income of private pension plans, personal trusts, and nonprofit organizations.
The two aggregates differ also because
Survey data are confined to money income
whereas certain types of nonmoney income,
such as wages in kind, food and fuel produced and consumed by farm families, imputed net rental income from owner-occupied dwellings, and imputed interest on
bank deposits are included in personal income. Survey income is gross of the respondent's personal contribution to social
7
For a detailed discussion of the concept and
method of deriving personal income, see U. S. Department of Commerce, National Income, 1954 (a supplement to the Survey of Current Business).
8
For a detailed discussion of conceptual and statistical differences, see papers by Selma F. Goldsmith,
"Appraisal of Basic Data Available for Constructing
Income Size Distributions," Studies in Income and
Wealth, XIII (National Bureau of Economic Research, New York, 1951) and—for more recent statistical information—"The Relation of Census Income
Distribution Statistics to Other Income Data," Studies
in Income and Wealth, XXIII (National Bureau of
Economic Research, New York, 1958).
insurance whereas such contributions are
deducted in deriving personal income (both
series include social security benefits). The
personal income series on proprietors' and
rental income incorporates an inventory
valuation adjustment to exclude inventory
profits and losses; Survey data may reflect
such profits and losses.
Some items of income covered in the Survey are not included in personal income because the personal sector is, generally speaking, on a consolidated basis. Alimony payments, regular contributions from one consumer unit to another, and income distributed by personal trust funds and private pension plans are some examples.
Approximate adjustment of personal income for these conceptual differences reduces the spread between the two 1957
income estimates from $54 billion to $24
billion. The Survey aggregate for 1957 is
92 per cent of the adjusted personal income
total. For most years this proportion is between 87 and 92 per cent, but for a few
years it is higher. For 1953 and 1956, for
example, Survey coverage is 94 and 95 per
cent, respectively.9 These variations in coverage mean that Survey aggregate income
may not always show the same movement as
personal income. The increase in Survey income from 1956 to 1957, for example, is
smaller than that shown by the personal income series.
The remaining discrepancy between personal income and Survey income, after adjustment for conceptual differences, is probably attributable mainly to some downward
9
The increase in coverage from 1952 to 1953 was
substantial—from 89 to 94 per cent. It may have
been caused partly by improved methods of obtaining income figures for spending-unit members other
than the head. However, coverage dropped back to
91 per cent for 1954 and 1955, although these methods were continued.
1046
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
bias for certain types of income covered by
the Survey. Limited data on types of income suggest that property income in particular is seriously understated. As is brought
out later, the assets that give rise to this kind
of income are also seriously understated by
the Survey and some of the explanations for
that condition are relevant for property income.10
Even though Survey income aggregates
correspond reasonably closely with the adjusted Commerce series on personal income,
it does not necessarily follow that such
Survey measures as (1) the distribution of
spending units by size of income or (2) the
shares of income received by various groups
are free of error. For example, findings of
the 1950 Census Quality Check suggest that
the Survey may underrepresent low income
families.11 On the other hand, high income
units undoubtedly receive most of the "missing" property income so that the share of
income received by this group is probably
understated by the Survey.
Financial assets and debts. The Survey
provides estimates of aggregate financial
assets and debts comparable in many respects to certain measures contained in the
flow-of-funds structure of national accounts
prepared by the Board's Division of Research
and Statistics.12 Both the Survey and the
10
Understatements of aggregate consumer property
income and liquid asset holdings have also been found
in British surveys. See "The 1955 Savings Survey,"
Bulletin of the Oxford University Institute of Statistics, May 1958, pp. 119-29.
31
M. G. Sirken, E. S. Maynes, and J. A. Frechtling,
"The Survey of Consumer Finances and the Census
Quality Check," Studies in Income and Wealth, XXIII
(National Bureau of Economic Research, New York,
1958).
12
For detailed descriptions, see Board of Governors
of the Federal Reserve System, Flow of Funds in the
United States, 1939-1953 (Washington, D. C , 1955)
and "Summary Flow-of-Funds Accounts, 1950-55,"
Federal Reserve BULLETIN, April 1957, pp. 372-75.
Since publication of the foregoing sources, there have
flow-of-funds accounts yield estimates that
relate to personal activities of consumers.
However, comparisons are affected by differences in universe and in types of assets and
debts covered.
The comprehensive structure of the flowof-funds system provides periodic measures
of all types of financial assets and debts for
all sectors of the economy within the limitations of available data. The consumer sector of the flow-of-funds accounts is broader
in scope than the Survey universe, covering
the transient, institutional, and military population omitted from the Survey and all personal trusts. Moreover the Survey covers
only selected assets and debts on a regular
basis—liquid assets, mortgage debt, and personal debt.13 In some years the Survey has
ascertained the value of corporate stock
holdings.
For the assets covered, the Survey data
include some amount of business assets not
recorded in the flow-of-funds consumer
sector. Thus the Survey covers all liquid
assets of farm operators; in the flow-of-funds
accounts currency and demand deposits
held for farm business purposes are recorded
in the appropriate business sector. Also,
where owners of unincorporated businesses commingle the liquid assets of their
businesses with their personal holdings, the
Survey does not attempt a separation but
includes the "mixed" holdings with personal
holdings. In the flow-of-funds accounts also
any savings accounts or United States Government securities held for both business and
been substantial statistical and conceptual revisions of
the flow-of-funds accounts. Data in this article reflect
these revisions although they have not yet been published elsewhere.
13
Liquid assets are defined for Survey purposes as
U. S. savings bonds; checking accounts in banks; savings accounts in banks and the postal savings system;
and shares in savings and loan associations and credit
unions.
1047
THE FINANCIAL POSITION OF CONSUMERS
personal use are grouped with consumer
holdings, since for statistical reasons no
holdings of these assets are allocated to the
noncorporate business sector. However,
flow-of-funds estimates of demand deposits
are based on the Board's Survey of Demand
Deposit Ownership, which probably reports
such "mixed" accounts mainly as business
accounts.14
Liquid assets. The accompanying chart
presents a comparison of Survey and flow-offunds data for selected assets, consisting of
liquid assets as defined in the Survey plus
marketable United States Government
bonds. The flow-of-funds data include demand deposit holdings of the farm business
sector. Over the period covered Survey
estimates are roughly half the flow-of-funds
estimates. The dollar amount of discrepancy has increased as asset holdings have
grown.
CONSUMER HOLDINGS OF SELECTED ASSETS
Estimates,
billions
of
dollars
Ratio
scale
300
FLOW
OF
FUNDS
200
SURVEY
100
J
1948
1950
1952
L
1954
50
1956
1958
NOTE.—Flow-of-funds figures are for end of years 1948-57,
inclusive; Survey figures for early in years 1949-58, inclusive.
For composition of series, see Table 6.
The Survey aggregate for these selected
assets was $109 billion in early 1958 compared with a flow-of-funds figure of $226
billion at the end of 1957. As Table 6
shows, the Survey aggregate for each com14
For a description of this survey, see "Ownership
of Demand Deposits," Federal Reserve BULLETIN,
May 1957, pp. 511-16.
TABLE 6
SELECTED ASSETS OF CONSUMERS 1
[In billions of dollars]
Type of asset
Total selected assets
U. S. Government bonds 3 ..
Checking accounts
Savings accounts
Survey
(early
1958)
Flow of
Funds 2
(end of
1957)
Excess of
Flow of
Funds
109
226
117
27
22
60
65
4 32
129
38
10
69
1 Survey designations for assets are used in this table. The corresponding flow-of-funds categories are: Federal obligations, demand
deposits, and a combination of time deposits and shares in savings
and loan associations and credit unions.
2
Consumer sector includes personal trusts.
3 Includes savings bonds and marketable securities.
4
Estimates for the consumer and farm business sectors.
ponent was also well below the corresponding flow-of-funds estimate.
Some of the reasons for the $117 billion
difference between flow-of-funds and Survey
estimates have already been suggested. In
summary there are four major factors that
may cause differences between the two sets
of data. (1) The flow-of-funds consumer
sector account includes assets of personal
trusts but it is unlikely that any sizable
amount of trust assets is reported in the Survey. (2) The flow-of-funds accounts are
subject to errors resulting from inadequacies
in the underlying data. (3) The distribution
of liquid assets is highly skewed, and the
mean amount of liquid assets based on reports of spending units in the Survey sample
is likely to understate the mean, and therefore the estimated aggregate, for the whole
population. (4) Survey data are subject to
reporting error.
The inclusion of assets of personal trust
funds in the flow-of-funds consumer accounts
affects comparisons of all three types of liquid assets, but particularly of United States
Government bonds. Unfortunately, little is
known about assets of personal trusts. Data
for personal trusts administered by banks are
fragmentary and the estimates based on these
1048
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
data are not wholly satisfactory, particularly
for security holdings. There are virtually
no data for trusts administered by law firms
and other nonbank institutions.
For personal trusts administered by banks
two sets of estimates for the period 1952-54
show widely different amounts for holdings
of United States Government securities. One
series shows $29 billion at the end of 1954;
the other $7 billion.15 The flow-of-funds
estimate of United States Government securities for the consumer sector was $60
billion, so that an adjustment to remove
bank-administered trusts would yield either
$31 billion or $53 billion, depending on
which estimate was used. Thus the Survey
aggregate of $26 billion might be as little
as $5 billion or as much as $27 billion less
than the flow-of-funds estimate adjusted for
this particular difference.
Flow-of-funds estimates of United States
Government bonds, savings accounts in
banks, and savings and loan shares held by
the consumer sector may involve errors because of the indirect method of derivation.
Consumer holdings of these assets are residuals derived by deducting estimated holdings of nonconsumer sectors from totals for
the whole economy. Reliable data are available for the whole economy and for some
sectors such as government, corporate business, insurance companies, and banks. However, for some other sectors, such as noncorporate businesses and nonprofit institutions, the data are less adequate and any
15
The first series was published by the Board of Governors of the Federal Reserve System as part of the
broader series on selected liquid asset holdings of individuals and businesses (see Federal Reserve BULLETIN, July 1955, pp. 749-50). The published Federal
Reserve figure has been adjusted to exclude holdings
of private pension funds.
The second series was prepared by Raymond W.
Goldsmith and Eli Shapiro and will be published in a
forthcoming article in the Journal of Finance.
errors in them are reflected in the estimates
for the consumer sector. Such errors would
not necessarily help to explain the discrepancies since they may either narrow or
broaden the differences between Survey and
flow-of-funds aggregates. In any case,
errors of this type in flow-of-funds data are
unlikely to account for more than a small
share of the differences.
Flow-of-funds estimates of consumer demand deposits are based on information
provided by banks in the Survey of Demand
Deposit Ownership. The results of these
surveys are subject to both sampling and
reporting error, and also errors of classification. Banks are not always able to distinguish between consumer and other deposits,
such as those of noncorporate businesses.
Any business accounts reported as consumer
accounts would explain some of the differences between the two sets of data.
Other possible errors in flow-of-funds
estimates of consumer demand deposits result from the necessity for adjusting data
reported by banks to the holder-record basis
used in the flow-of-funds accounts. The
procedure is to estimate the total amount of
"float" in the economic system—checks
clearing through the banking system, checks
in the mail, and checks held undeposited—
and then the part of total float applicable to
each sector of the economy. The estimates
are highly approximate. Here again, errors
may narrow or broaden the difference between the two sets of data.
Another source of difference in consumer
demand deposits is connected with deposits
of businessmen in which their personal and
business assets are commingled. Banks are
instructed to report such accounts under
"business," while in the Survey they are
grouped with personal holdings. However,
the differences between the two sets of data
THE FINANCIAL POSITION OF CONSUMERS
would be widened if they were put on the
same basis in this respect.16
On the whole it seems clear that differences between flow-of-funds and Survey data
can be explained only in part by conceptual
differences and errors of estimate in the
former, and that Survey aggregates involve
substantial understatements. Because comparability with flow-of-funds aggregates
varies among types of assets, it is difficult to
judge from these comparisons whether Survey data yield more reliable aggregates for
some types of assets than for others.
One possibly important source of understatement in Survey aggregates is the highly
skewed distribution of assets noted earlier.
The chance inclusion of a very large holder
would have a sizable effect on the sample
mean and on the aggregate based on that
mean. For example, in the 1957 Survey of
Demand Deposit Ownership, four accounts
totaling $8 million were reported as owned
by individuals—an average of $2 million
per account. If the sample of the 1957
Survey of Consumer Finances had included
one respondent with a checking account of
$2 million, the Survey aggregates for checking accounts and for total liquid assets
would have been increased by about $16
billion.17 Since the Survey aggregate for
checking accounts in early 1957 was about
$11 billion less than the flow-of-funds
estimate, this single report of $2 million
would have placed the Survey estimate
16
The Survey estimate of "mixed" personal-business
liquid assets in early 1958 was about $5 billion, and
probably consisted largely of checking accounts.
17
The estimate of $16 billion is based on the assumption that the dwelling of the hypothetical checking-account holder is included in the high economic
group sampled at four times the rate for the low
group. If his dwelling is assumed to be in the medium
group, his weight would be doubled and the Survey
aggregate increased by $32 billion.
1049
several billion dollars above the flow-offunds estimate.
The problem of large holders undoubtedly
accounts for an important part of the discrepancy between Survey and flow-of-funds
aggregates. But there is also evidence that
the number of bank accounts and of savings
and loan shares is substantially underreported. This suggests that some of the discrepancy between flow-of-funds and Survey
estimates is attributable to inadequate reporting by the spending units who constitute
the Survey sample.
According to the Survey of Demand Deposit Ownership, individuals and farm operators owned 45 million checking accounts
in early 1958 whereas the Survey of Consumer Finances estimate is only 33 million.
The Federal Home Loan Bank Board estimates that there were 22 million savings and
loan shares at the end of 1957 whereas the
Survey estimate for early 1958 is only 8
million.
Underreporting of the number of accounts
probably stems from several sources. In
some cases spending units owning liquid assets may fail to report any. In other cases
the head of the spending unit may report his
own assets, but forget those of other members of the unit, for example, children's accounts. Or the head of the spending unit
may report his principal accounts, but fail to
report inactive or secondary accounts. On
the whole, however, it is likely that accounts
not reported are substantially smaller than
those that are reported.
The large and persistent discrepancy between Survey and flow-of-funds aggregates
does not necessarily invalidate certain important uses of Survey data on liquid assets.
If most of the discrepancy were attributable
to a relatively few large holders, the effects
on such estimates as the proportion of spend-
1050
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
ing units with liquid assets, the median
amount held, and the distribution of spending units by size of holding would be negligible. However, some part of the discrepancy apparently is attributable to inadequate
reporting, and this has more serious implications for the statistics of the types mentioned.
Thus, the Survey finding that about threequarters of all spending units own some
liquid assets probably should be viewed as a
minimum estimate.
Corporate stock. The problems of estimating means and aggregates for consumer
holdings of corporate stock are similar to
those for liquid assets but they are greater
in intensity because the degree of concentration of stock holdings is substantially greater.
The chance inclusion of a single large holder
can have tremendous impact on the estimated aggregate of consumer holdings. For
example, one respondent in the 1953 Survey
reported owning about $1 million in corporate stock. His case alone raised the estimated aggregate from $37 billion to $53
billion.
Aggregate stock holdings of consumers
estimated from Survey data are consistently
far less than the flow-of-funds estimates.
The flow-of-funds estimate for the end of
1956 is $295 billion whereas the Survey estimate for early 1957 is only $75 billion. The
flow-of-funds figures are developed from Securities and Exchange Commission data for
the market value of stock listed on registered
exchanges, and estimates for unlisted stock,
including that not publicly traded.
Two conceptual differences between Survey and flow-of-funds estimates explain part
of the difference. The flow-of-funds data
include holdings of personal trusts, for
which, as noted earlier, information is scant;
and they also include stock not publicly
traded, which the language of the Survey
questionnaire specifically excluded. But any
reasonable allowances for these factors
would still leave a wide divergence between
the estimates.
Clearly the Survey is not a reliable source
of information for aggregate holdings of corporate stock or for holdings by various
groups. The findings are more reliable on
the proportion of spending units owning
stock and the distribution of units by size of
holding below a reasonable upper limit.
Debt. Total indebtedness of consumers,
as estimated in the flow-of-funds accounts,
amounted to $155 billion at the end of 1957.
This compares with a Survey estimate of
$124 billion for early 1958. These figures
differ somewhat in coverage as indicated in
Table 7, which summarizes Survey and flowof-funds estimates for the various debt components.
The Survey estimate of mortgage debt on
owner-occupied nonfarm dwellings is very
close to the flow-of-funds estimate based on
TABLE 7
CONSUMER DEBT OUTSTANDING
[In billions of dollars]
Survey
(early 1958)
Flow of Funds
(end of 1957)
Total outstanding.
124
155
Covered by both series, total
121
98
23
19
5
150
101
49
34
75
4
5
4
1
Coverage, and type of debt
H o m e mortgages ( n o n f a r m ) . . . .
Nonmortgage
Instalment
Noninstalment
Single-payment loans
Security loans *
Policy loans 2
Medical debt
Flow of Funds only, total
Charge accounts
Service credit (excluding medical)
6
5
Survey only, nonmortgage debt to
individuals
1
Includes debit balances at brokers as well as loans owed to banks.
2 On insurance policies.
NOTE.—Both series exclude business debt of owners of unincorporated businesses and farm debt of farmers. The sum of instalment
credit, single-payment loans, medical debt, charge accounts, and
service credit is equivalent to the monthly Federal Reserve series
on short- and intermediate-term consumer credit. The category
"medical debt" is part of the published Federal Reserve series on
service credit and Survey data are used for benchmark purposes.
1051
THE FINANCIAL POSITION OF CONSUMERS
other recent years—that is, the Survey aggregate represents roughly 60 per cent of
the flow-of-funds series based on lender data.
An earlier discussion of sources of the discrepancy in this type of debt concluded that
inaccurate reporting in the Survey is possibly a major factor.18
Reporting error in the Survey may also
account for some of the discrepancy between
the two estimates of noninstalment debt.
However, some types of noninstalment debt,
particularly single-payment loans and security loans, are probably highly concentrated and the sampling problems associated
with this kind of distribution may be more
important than reporting error.
lender data. The two series are in broad
agreement in other years also. While the
flow-of-funds data on mortgage debt involve
some degree of approximation, the close
agreement of the two estimates is generally
reassuring as to the adequacy of Survey data.
It is also reassuring to know that other Survey statistics in the housing and mortgage
area, such as the proportion of nonfarm
dwellings occupied by owners and the proportion of owner-occupied dwellings that
are mortgaged, are in general agreement
with findings of the 1950 Housing Census.
The Survey estimates of nonmortgage
debt, on the other hand, are substantially
less than the flow-of-funds estimates. The
understatement of instalment credit in early
1958 is of the same order of magnitude as in
18
See Federal Reserve BULLETIN, July 1956, pp.
696-701.
SUPPLEMENTARY TABLE 1
INCOME DISTRIBUTION OF SPENDING UNITS AND FAMILY UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES 1
[Per cent]
Family units 3
Spending units 2
Money income
before taxes
Distribution of units
Total money income
Distribution of units
Total money income
1957
Under $1 000 . .
$l,000-$l,999
$2 000-$2,999
$3 000-S3 999
$4,000-54,999
$5 000-55 999
$6,000-57,499
$7 5OO-$9 999
$10,000 and over
1956
1955
1957
1956
1955
1957
1956
1955
1957
1956
8
13
11
13
12
12
13
10
8
9
12
12
12
14
12
12
9
8
11
12
13
14
14
11
11
8
6
1
4
5
9
11
12
16
17
25
1
3
6
8
12
13
15
15
27
1
4
7
10
13
13
15
14
23
7
12
9
11
12
12
14
12
11
8
11
10
11
13
13
12
11
11
11
11
11
13
13
8
1
3
4
7
9
12
16
18
30
1
3
5
7
10
12
15
16
31
100
100
100
100
100
All cases
100
100
100
Median income 4
Mean income 5
$4,350
$5,160
$4,250
$5,140
$3,960
$4,650
1 Income data for each year are based on interviews early in the
following year.
2 A spending unit includes all persons living in the same dwelling
and related by blood, marriage, or adoption, who pool their incomes
to meet major expenses. Single-person spending units are included.
3 A family unit includes all persons living in the same dwelling who
100
100
100
$4,850
$5,650
$4,700
$5,640
1955
6
9
11
} 28
J
15
27
$4,260
$5,060
100
are related by blood, marriage, or adoption. Single-person families
are included.
4
Median income is that of the middle spending unit or family
unit in a ranking of all units by size of money income before taxes.
5
Mean income is obtained by dividing aggregate money income
before taxes by number of spending units or family units.
1052
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
SUPPLEMENTARY TABLE 2
INCOME OF SPENDING UNITS WITHIN SPECIFIED GROUPS,
1957
[Per cent]
1957 money income before taxes
All
income
groups
Group characteristic
Under
$1,000
$1,000- $2,000- $3,000- $4,000- $5,000- $6,000- $7,500- $10,000
$3,999 $4,999 $5,999
$1,999 $2,999
$7,499 $9,999 and over
100
13
11
13
12
12
13
10
21
7
20
9
19
13
11
14
7
16
4
16
3
13
6
6
13
6
19
33
15
18
15
9
13
15
12
9
9
13
10
100
100
100
13
3
3
5
10
25
15
10
3
14
9
1
14
7
3
100
100
10
26
20
27
19
15
19
10
13
9
9
4
4
4
4
2
2
3
100
100
100
100
3
3
7
4
5
5
16
7
12
6
13
7
14
13
10
13
8
15
11
13
14
16
12
13
16
19
11
17
15
15
11
14
12
9
11
13
100
14
28
20
11
8
6
5
4
4
100
100
100
4
7
14
11
13
17
9
11
12
15
12
11
14
12
11
11
10
9
7
9
8
5
9
10
14
12
14
13
7
15
13
9
100
Age of head of spending unit:
18 24
25-34
35-44
45 54
55-64
65 and over
8
100
100
All spending units
17
13
6
100
.
.
.
Marital status: l
Single:
Age 18 44
Age 45 and over
Married, both adults present:
Age 18 44 no children under 18
Age 18 44 children under 18
Age 45 and over, no children under 18..
Age 45 and over, children under 18
Other
Region: 2
North East
North Central
South
West
.. .
i Single spending units include unmarried, widowed, separated,
and divorced persons without children. "Other" includes spending
units with various combinations of adults and children not classified
13
11
6
12
11
4
15
8
1
7
as either single or married. Age refers to head of spending unit.
2 As denned by U. S. Bureau of the Census.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 3
INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS
1
[Per cent]
Money income
before taxes
Professional
and semiprofessional
1957
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
All cases
Median income
Mean income
1956
1
1
2
6
13
13
17
22
25
(2)
100
100
3
10
16
13
18
17
20
Managerial
1957
1956
1 1
Selfemployed
businessman
Skilled
and semiskilled
Unskilled
and
service
Farm
operator
1957
1956
1957
1956
1957
1956
1957
1956
1957
1956
2
4
7
9
9
8
10
18
33
2
8
11
17
14
14
14
13
7
3
7
12
16
17
12
15
12
6
1
4
7
14
18
19
21
13
4
2
6
10
13
20
19
17
9
4
11
23
18
20
11
9
5
3
2
12
16
19
21
12
12
5
2
18
26
16
12
10
6
3
4
4
16
23
25
12
7
5
4
3
4
100
100
100
100
100
100
100
100
100
7
6
15
18
26
25
6
10
15
21
21
23
3
5
9
8
12
9
10
17
27
100
100
100
$7,000 $6,250 $7,520 $7,000 $6,380 $7,500 $4,710 $4,600 3$5,210 3$4,940 $2,850 $3,000 $2,350 $2,320
$8,150 $7,770 $9,190 $8,790 $10,270 $10,750 $5,340 $5,190 3$5,460 3$5,O3O $3,210 $3,250 $3,160 $3,350
1
Income data for each year are based on interviews early in the
following year. Occupation refers to head of spending unit.
2 No cases reported or less than one-half of 1 per cent.
3
The median income of skilled workers was $5,800 in 1957 and
Clerical
and sales
$5,350 in 1956; that of semiskilled workers was $4,800 and $4,400,
respectively. Mean income of skilled was $5,960 in 1957 and $5,640
in 1956; that of semiskilled was $4,980 and $4,480, respectively.
NOTE.—Details may not add to totals because of rounding.
1053
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE 4
1
DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES, BY INCOME TENTHS
Percentage of total money income
Income tenth
Lowest tenth .
Second
Third
Fourth
Fifth
Sixth
Seventh .
Eighth
Ninth
Highest tenth . . .
1957
1956
1955
1
3
4
6
8
9
11
13
16
29
1
3
5
6
8
9
10
12
15
31
4
6
8
9
11
13
16
1
1954
1
3
5
6
8
9
11
r
12
15
29
Mean income within tenth
Lowest income within tenth
1957
1956
1955
1954
1957
1956
1955
1954
$650
1,510
2,300
3,180
3,950
4,760
5,560
6,570
8,010
15,160
$660
1,450
2,310
3,130
3 920
4,660
5,370
6,330
7,850
15,760
$470
1,260
2,070
2,830
3,590
4,260
5,010
5,910
7,330
13,830
$540
1,370
2,110
2,810
3,430
4,020
4,740
5,490
6,770
12,950
$1,140
1,890
2,760
3 600
4,350
5,140
6 010
7,190
9,050
$1,050
1,900
2,740
3 520
4,270
5,000
5 850
7,000
9,050
$900
1,650
2,470
3 240
3,960
4,640
5,380
6,500
8,440
$1,000
1,760
2,500
3 120
3,700
4,350
5,060
6,000
7,720
r
Revised.
i Income data for each year are based on interviews early in the
following year. Tenths were obtained by ranking spending units
according to money income before taxes.
2
Data not available.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 5
RECIPIENTS OF SELECTED TYPES OF INCOME WITHIN INCOME QUINTILES,
1957
[Percentage of spending units]
Wages
and
salaries
Income quintile1
All spending units
Business
income 3
Farm
income 4
10
10
12
3
2
5
5
11
10
7
4
2
2
57
77
91
94
89
Interest
and
dividends5
82
Lowest
Second
Third
Fourth
Highest
Selfemployment
income 2
Rent 6
Transfer
payments 7
18
1
Quintiles were obtained by ranking spending units according to
money income before taxes.
2
Income of professional men and artisans; excludes business
income.
3
Income from unincorporated businesses.
26
7
9
6
9
13
14
14
20
34
48
33
18
20
13
4
Excludes farm income of nonfarmers
5 Interest, dividends, and royalties.
Excludes payments by roomers.
7 Pensions, annuities, social security and veterans' benefits, alimony, etc.
6
SUPPLEMENTARY TABLE 6
INCOME-CHANGE GROUPINGS OF INDIVIDUAL SPENDING UNITS
[Percentage distribution]
Change in income 1
1957
1956
1955
1954
1953
1952
1951
1950
1949
Increase
45
48
46
42
48
52
54
50
No change
31
32
34
34
31
29
29
30
Decrease . .
24
20
20
23
21
19
17
100
100
100
100
100
100
100
All cases2
i A change of 5 per cent or more from the previous year in money
income before taxes is defined as an increase or decrease, depending
on the direction of change.
1948
1947
42
52
49
31
28
31
19
27
20
20
100
100
100
100
2
Excludes cases for which information was not reported.
NOTE.—Details may not add to totals because of rounding.
1054
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
SUPPLEMENTARY TABLE 7
LIQUID ASSETS WITHIN INCOME GROUPS, EARLY
1958
[Percentage distribution of spending units]
All
spending
units
Type and size
of holding
1957 money income before taxes
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$5,999
$6,000$7,499
$7,500$9,999
$10,000
and over
Total liquid assets:
Zero
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000-$9,999
$10,000 and over
26
17
14
11
10
12
5
4
62
12
6
4
5
7
2
1
50
14
12
6
3
8
5
2
37
14
13
12
7
9
4
5
32
20
12
10
9
11
3
3
25
22
20
7
10
13
1
4
16
24
16
11
12
12
6
3
10
21
17
16
14
12
6
4
2
15
16
15
19
21
8
4
1
4
9
15
17
21
15
19
All cases
100
100
100
100
100
100
100
100
100
100
72
10
6
5
3
4
88
5
1
1
2
3
86
6
2
3
2
2
80
5
5
3
2
5
78
10
4
3
2
4
71
12
5
5
3
3
69
12
6
6
3
4
61
14
10
6
4
4
59
13
9
8
6
4
48
15
8
9
6
14
U. S. savings bonds:
Zero
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000 and over
All cases
100
100
100
100
100
100
100
100
100
100
Savings accounts: 1
Zero
$1-$199
$200-$499
$500-$999
$1,000-51,999
$2,000 and over.
50
13
10
7
8
14
81
5
3
2
3
5
69
6
7
4
3
11
64
9
7
8
3
10
55
10
9
5
9
11
48
17
12
5
7
12
37
19
13
8
8
14
34
19
13
9
12
13
28
15
12
12
12
22
29
10
9
9
10
32
All cases
100
100
100
100
100
100
100
100
100
100
47
22
14
8
4
5
76
12
4
5
2
1
69
13
7
7
2
2
60
13
13
7
4
3
61
17
10
8
2
2
51
25
13
5
4
2
40
30
15
7
4
4
30
37
18
7
3
4
16
35
25
11
7
5
8
14
20
21
14
23
100
100
100
100
100
100
100
100
100
100
Checking accounts:
Zero
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000 and over
All cases
1
Includes savings accounts in banks, postal savings, and shares in
savings and loan associations and credit unions.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 8
LIQUID ASSET HOLDINGS OF SPENDING UNITS AND FAMILY UNITS
1
[Per cent]
] distribution
of spending units
Distribution of family units
Amount
1958
1957
1956
1953
1949
1958
1957
1956
1953
1949
Zero
.
$1 $199
$200 $499
$500 $999
$1 000-$l 999
$2 000 $4 999
$5 000-$9 999
$10,000 and over
26
17
14
11
10
12
5
4
24
17
14
12
11
13
5
4
28
15
12
12
11
12
6
4
29
16
12
11
12
11
5
4
29
16
13
11
11
12
5
3
25
16
14
11
11
13
6
5
23
17
13
12
11
13
6
5
28
14
12
11
11
13
6
5
28
14
12
11
12
12
6
5
28
15
12
11
11
13
6
4
All cases
100
100
100
100
100
100
100
100
100
100
1
.
Liquid assets, according to the Survey definition, are U. S. savings
bonds, checking accounts, savings accounts in banks, postal savings,
and shares in savings and loan associations and credit unions; currency is excluded. Data prior to 1957 also include marketable U. S.
Government bonds, which were held by about 1 per cent of all
spending units early in 1957. Data are as of date of interview early
in Survey year. For definition of spending unit and family unit,
see Supplementary Table 1, notes 2 and 3.
NOTE.—Details may not add to totals because of rounding.
1055
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE 9
LIQUID ASSETS WITHIN AGE GROUPS, EARLY
1958
[Percentage distribution of spending units]
All
spending
units i
Type and size of holding
Total liquid assets:
Zero
$1—$199
$200-$499
. .
$500-$999
$1 000-$ 1 999
$2 000-$4 999
$5 000 $9 999
$10,000 and over
.
All cases
Savings accounts: 3
Zero
$1_$199
$200-$499
$500-$999
$l,000-$l,999
$2,000 and over
. .
.
.
.
35-44
45-54
55-64
65
and over
26
17
14
11
10
12
5
4
37
27
21
7
4
4
26
25
16
10
10
9
2
22
18
15
13
14
10
5
3
21
11
13
13
14
16
6
6
28
11
11
8
8
16
10
7
27
10
7
10
7
20
9
11
100
100
100
100
100
100
80
12
3
3
1
73
14
5
4
1
2
72
10
7
6
2
2
64
10
8
5
7
6
69
8
6
4
4
10
73
6
3
6
4
8
100
.
25-34
72
10
6
5
3
4
. .
18-24
100
.
All cases
U. S. savings bonds:
Zero
$1—$199
$200-$499
$500-$999
$1 000-$l 999 .
$2,000 and over
Age of head of spending unit
100
100
100
100
100
100
50
13
10
7
8
14
59
16
14
6
3
2
49
19
10
8
4
8
45
15
11
6
11
12
45
11
9
8
10
17
53
7
7
4
8
21
52
4
5
7
7
26
100
100
100
100
100
100
100
Checking accounts:
Zero .
$1-$199
$200-$499 .
$500-$999
$1 000-$ 1 999
$2,000 and over
47
22
14
8
4
5
70
21
7
2
47
30
12
6
3
2
41
29
15
8
4
3
47
16
13
12
6
6
49
11
12
14
4
9
All cases ..
100
100
100
100
38
18
19
10
8
7
100
100
100
All cases
1
Includes cases in which age of head of spending unit was not
ascertained.
2
No cases reported or less than one-half of 1 per cent.
3
Includes savings accounts in banks, postal savings, and shares in
savings and loan associations and credit unions.
NOTE.—Details may not add to totals because of rounding.
1056
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
SUPPLEMENTARY TABLE
10
LIQUID ASSET COMPOSITION WITHIN INCOME QUINTILES AND AGE GROUPS, EARLY
1958
[Percentage distribution of spending units]
Checking
account
and
savings
account
Checking
account
and
savings
bonds
Savings
account
and
savings
bonds
Checking
account,
savings
account,
and
savings
bonds
All
cases
No
liquid
assets
Some
liquid
assets
Checking
account
only
Savings
account
only 1
All spending units 2 ..
100
26
74
16
13
16
15
Income quintile:
Lowest
Second
Third
Fourth
Highest
100
100
100
100
100
57
35
24
13
2
43
65
76
87
98
14
17
16
16
18
11
18
16
13
7
6
9
17
22
28
4
7
11
21
31
Age of head of spend
ing unit:
18-24
25-34
35-44
45-54
55-64
65 and over
100
100
100
100
100
100
37
26
22
21
28
27
63
74
78
79
72
73
15
17
16
16
16
17
21
14
12
9
11
14
16
21
18
14
14
6
15
17
20
15
13
Income and age
1
Includes savings accounts in banks, postal savings, and shares in
savings and loan associations and credit unions.
2
Includes cases in which age of head was not ascertained.
Savings
bonds
only
3 No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 11
PERSONAL DEBT OF SPENDING UNITS WITHIN INCOME AND AGE GROUPS, EARLY
1958
[Percentage distribution of spending units]
Amount of personal debt 1
Income and age
All
cases
No
debt
Some
debt
$l-$99
All spending units 2
100
41
59
100
100
100
100
100
100
100
100
100
60
53
49
42
31
33
26
34
47
40
47
51
58
69
67
74
66
53
16
14
13
8
10
8
7
8
5
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over
100
100
100
100
100
100
38
23
33
42
55
73
62
77
67
58
45
27
12
9
6
11
11
13
1
Includes all short- and intermediate-term consumer debt other
than charge accounts; excludes mortgage and business debt.
10
5
7
8
9
7
9
7
4
$200$499
$500$999
$1,000
and over
13
10
1957 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-57,499
$7,500-$9,999
$10,000 and over
$100$199
13
15
9
15
17
16
15
10
14
13
7
4
6
8
14
19
20
15
18
10
1
6
6
11
16
22
28
20
27
14
15
15
15
13
4
12
20
16
12
9
5
16
23
22
14
5
1
2
Includes cases in which age of head was not ascertained.
NOTE.—Details may not add to totals because of rounding.
1057
THE FINANCIAL POSITION OF CONSUMERS
SUPPLEMENTARY TABLE
12
PERSONAL DEBT OF SPENDING UNITS AND FAMILY U N I T S 1
Distribution of spending units
Distribution of family units
Amount
1958
Zero
$l-$99
$100-$199
$200-$499
$500-$999 .
$1,000 and over
Not ascertained
All cases
1957
1956
1955
1954
1953
1958
1957
1956
1955
41
10
7
13
13
15
42
9
6
12
11
16
4
46
9
7
14
11
13
45
9
8
15
12
11
46
9
8
13
12
12
48
11
8
14
10
9
38
10
8
13
14
17
44
9
7
14
12
14
42
9
8
15
13
13
(2)
(2)
39
9
6
13
12
17
4
100
100
100
100
100
100
100
100
100
100
1
For definitions of personal debt and of spending unit and
family unit, see Supplementary Tables 11 (note 1) and 1 (notes 2
and 3), respectively.
2
Estimated, if not determined in interview.
NOTE.—Details may not add to totals because of rounding.
SUPPLEMENTARY TABLE 13
TYPES OF DEBT WITHIN AGE GROUPS, EARLY
1958
[Percentage distribution of spending units]
Mortgage debt and:
Personal debt only*
Age of head of
spending unit
All
cases
No
debt
Some
debt
Mortgage
debt
only
All spending units 2 . . .
100
34
66
7
17
18-24
25-34
35_44
45-54
55-64
65 and over
100
100
100
100
100
100
38
18
23
31
46
68
62
82
77
69
54
32
5
10
11
8
5
34
20
15
16
16
7
1 For definition of personal debt see Supplementary Table 11,
note 1.
2
Includes cases in which age of head was not ascertained.
Instalment
Instalment
and noninstalment
debt
Instalment and
noninstalment
Instalment
debt
8
12
10
2
9
10
5
8
9
11
15
20
13
11
6
5
2
14
16
11
7
2
2
3
3
2
1
2
11
15
9
5
1
Noninstalment
Noninstalment
debt
3 No cases reported or less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
Credit Extended by Banks
to Real Estate Mortgage Lenders
Credit extended to real estate mortgage lenders
by weekly reporting member banks as of August
13, 1958 amounted to $1,209 million, $199 million more than reported at the previous survey on
February 12, 1958. Commitments to extend additional credit to these lenders declined $10 million
to $663 million.
Loans to real estate mortgage lenders secured by
the pledge of real estate mortgage loans amounted
to $906 million and accounted for $178 million of
the increase since February. As in previous surveys these loans were largely to real estate mortgage companies.
The foregoing information was obtained by a
special survey of all types of credit extended by
commercial banks to real estate mortgage lenders.
Results of earlier surveys have been published in
the March 1958 and earlier Federal Reserve BULLETINS.
CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES, AUGUST 13, 1958 AND SELECTED PRIOR DATES
[In millions of dollars]
Increase
(or decrease —)
Outstanding on
Item
Aug. 13,
1958
Real estate mortgage loans purchased from real estate mortgage lenders under
resale agreement, total
Feb. 12,
1958
Aug. 14,
1957
Aug. 10,
1955
Feb. 12,
to
Aug. 13,
1958
Aug. 14,
1957 to
Aug. 13,
1958
Mortgage companies
Otheri
Loans to real estate mortgage lenders, not secured, or secured other than by
the pledge of real estate mortgage loans owned by the borrowers, total
Insurance companies
Mortgage companies
Other i
Total loans to real estate mortgage lenders
Unused portions of firm commitments to purchase real estate mortgage loans
from real estate mortgage lenders with or without resale agreement, or to
make secured or unsecured loans to real estate mortgage lenders, total
Insurance companies
Mortgage companies
Other i.
.
. .
1
Savings and loan associations, mutual savings banks, builders
and other organizations (other than banks) that make or hold substantial amounts of real estate loans.
NOTE.—Banks reporting less than $1 million of these loans and
338
-5
-25
33
88
79
235
90
12
-17
8
5
-12
3
-16
906
728
775
982
178
131
4
3
11
852
50
673
50
715
57
911
59
179
1
138
_7
127
100
114
88
26
13
6
37
57
11
38
65
4
24
60
7
16
3
3
15
-5
1,209
. . .
201
39
84
59
14
53
60
.
181
4
Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total
176
22
92
63
Insurance companies
Mortgage companies
Other 1
1,009
1,089
1,408
199
120
663
673
746
1,295
-10
-82
22
495
147
18
541
114
66
562
118
183
894
219
3
-46
33
—44
-68
29
i
commitments at Aug. 14, 1957 were not asked to report at Feb. 12,
1958, but figures for the latter date include their previously reported
figures for comparative purposes. Details may not add to totals
because of rounding.
1058
Law Department
Administrative interpretations, new regulations, and similar material
Small Business Investment Act
By Act of Congress approved August 21, 1958
(Public Law 85-699), Congress enacted the "Small
Business Investment Act of 1958" to provide for
the establishment of small business investment
companies to make equity capital and long-term
credit more readily available for small business
concerns.
Under this Act, Section 13b of the Federal Reserve Act, which authorizes Federal Reserve Banks
to make loans to and commitments for industrial
or commercial businesses, is repealed effective one
year after the date of enactment of the Act, and
advances made by the Secretary of the Treasury
under such Section 13b, to enable Federal Reserve
Banks to make such loans and commitments, shall
be repaid to the United States within 60 days after
the enactment of the Act. The text of these
amendments is as follows:
Sec. 601. Effective one year after the date of enactment of this Act, Section 13b of the Federal Reserve Act (12 U. S. C. 352a) is hereby repealed; but
such repeal shall not affect the power of any Federal
Reserve Bank to carry out, or protect its interest under, any agreement theretofore made or transaction
entered into in carrying on operations under that
section.
Sec. 602. (a) Within sixty days after the enactment
of this Act, each Federal Reserve Bank shall pay to
the United States the aggregate amount which the
Secretary of the Treasury has heretofore paid to such
bank under the provisions of Section 13b of the Federal Reserve Act; and such payment shall constitute a
full discharge of any obligation or liability of the
Federal Reserve Bank to the United States or to the
Secretary of the Treasury arising out of Subsection (e)
of said Section 13b or out of any agreement thereunder.
(b) The amounts repaid to the United States pursuant to Subsection (a) of this Section shall be
covered into a special fund in the Treasury which
shall be available for grants under Section 7(d) of
the Small Business Act. Any remaining balance of
funds set aside in the Treasury for payments under
Section 13b of the Federal Reserve Act shall be
covered into the Treasury as miscellanous receipts.
This Act also contains the following provision
authorizing small business investment companies
to make use of the advisory services of the Federal Reserve System, and authorizing any Federal
Reserve Bank to act as depository or fiscal agent
for any small business investment company:
Sec. 308. (b) Each small business investment company may make use, wherever practicable, of the
advisory services of the Federal Reserve System and
of the Department of Commerce which are available
for and useful to industrial and commercial businesses,
and may provide consulting and advisory services on
a fee basis and have on its staff persons competent to
provide such services. Any Federal Reserve Bank is
authorized to act as a depository or fiscal agent for
any company organized under this act. Such companies may invest funds not reasonably needed for
their current operations in direct obligations of, or
obligations guaranteed as to principal and interest by,
the United States.
In addition, this Act contains the following provision which authorizes national banks and State
member banks to purchase shares of stock in small
business investment companies:
Sec. 302. (b) Shares of stock in small business investment companies shall be eligible for purchase by
national banks, and shall be eligible for purchase by
other member banks of the Federal Reserve System
and nonmember insured banks to the extent permitted
under applicable State law; except that in no event
shall any such bank hold shares in small business
investment companies in an amount aggregating more
than 1 per cent of its capital and surplus.
Participations Between Banks Under Section 6(a)
of the Bank Holding Company Act
The Board's Statement in the matter of General
Contract Corporation, which appears in the Federal Reserve BULLETIN for March 1958, at p. 260,
expressed the view, among other things, that the
nonrecourse purchase of instalment paper constitutes a "discount" within the meaning of Section
6(a)(4) of the Bank Holding Company Act of
1956, which forbids a bank "to make any loan,
discount or extension of credit to a bank holding
company of which it is a subsidiary or to any
other subsidiary of such bank holding company."
In the course of that Statement the Board also
said (p. 269):
"It may be noted, however, that when one bank
seeks participation by another bank to aid in meeting
the credit needs of a borrower, there would seem to be
no conflict with Section 6 if the second bank joined
at the outset in making its portion of the loan, since
this would not involve the second bank in either a
1059
1060
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
direct loan to the first bank or a purchase of paper
from it. This would seem to permit at least a partial
solution of the problems involved in participations."
The Board has been asked further questions as
to when a bank may be considered to have "joined
at the outset in making its portion of the loan"
within the meaning of the principle quoted above.
This principle must be read in the light of a
specific exemption appearing in the last sentence of
Section 6(a) of the Bank Holding Company Act
which provides that:
"Non-interest-bearing deposits to the credit of a
bank shall not be deemed to be a loan or advance
to the bank of deposit, nor shall the giving of immediate credit to a bank upon uncollected items received in the ordinary course of business be deemed
to be a loan or advance to the depositing bank."
This specific exemption must, in turn, be considered against the background of the following
statement by the Committee on Banking and Currency of the House of Representatives appearing
in a report on the Bank Holding Company Act
(H. R. Rep. No. 609, 84th Cong., 1st Sess., 25
(1955)):
"Routine banking transactions between subsidiary
banks are not treated as extensions of credit and do
not fall within the prohibitions of this Section."
It is clear from both the exemption and this
statement in the House Committee Report, that
the exemption refers only to interbank transactions
and does not encompass transactions between bank
and nonbank affiliates of the same bank holding
company. The unique ability of banks to maintain deposit accounts, coupled with the Section
6(a) exemption relating to such accounts, distinguishes bank subsidiaries from nonbank subsidiaries, and makes it possible, at least in some
circumstances, for both an originating bank and a
participating bank to "join at the outset" in making
a loan, even though, the originating bank may
handle all the arrangements with, and disbursements to, the borrower.
Four different factual situations have been considered by the Board from the point of view of
whether they constitute a "joining at the outset" in
the light of the above quotation from the General
Contract Corporation case and the exemption set
forth in the last paragraph of Section 6(a) of the
Act. In each of the four factual situations, there
was in existence prior to or concurrent with the
laying out of funds to the borrower a participation
loan agreement between the originating bank and
the participating bank; the agreement covered a
specific loan or line of credit and a specific borrower, and it did not relate to a mere block of
unidentified paper.
The first of the four factual situations was the
clearest and simplest case. In this situation, in addition to the existence of the participation loan
agreement as mentioned above, the participating
bank had on deposit with the bank originating the
loan a sum sufficient to cover the participating
bank's portion of the loan, and had instructed the
originating bank to debit the account of the participating bank to the extent of the latter's participation in the loan. The Board expressed the
view that in this situation in which the participating
bank has the funds on deposit at the originating
bank, the transaction is exempted as a "joining at
the outset" even though there may be an interval
of time during the day, in accordance with usual
banking practices, between the advancing of the
funds to the borrower and the actual debiting of
the participating bank's account.
The second factual situation was similar to the
first one but differed from it in that funds sufficient to cover the participating bank's portion of
the loan were not physically on hand at the originating bank at the time of the laying out of funds
to the borrower, but, instead, prior to that time
were wire transferred by the participating bank to
the credit of the originating bank at a Federal Reserve Bank or some other correspondent of the
originating bank. This situation was considered
by the Board to be exempt as a "joining" at the
outset" in view of the similarity between funds
actually on deposit with the originating bank and
funds transferred to its credit at a correspondent.
In the third factual situation, while there was a
specific participation loan agreement as in the
other situations, the participating bank did not
have a deposit with the originating bank and also
did not transfer funds to the account of the
originating bank at the latter's correspondence.
Instead, the originating bank had a deposit with
the participating bank. The originating bank also
had instructions from the participating bank that
when the former made funds available to the
borrower, the originating bank would: (1) concurrently or immediately thereafter make an appropriate entry, in the amount of the participating
bank's portion of the loan, to the originating
bank's record of its deposit account with the
1061
LAW DEPARTMENT
participating bank; (2) promptly forward to the
participating bank, in the manner usually followed
in the ordinary course of business, evidence of
that bookkeeping entry together with a certificate of participation in the loan; and (3) advise
the participating bank by telephone or telegraph
of the two preceding steps. The participating
bank, upon receipt of that advice, would credit
the account of the originating bank with the
amount of the participating bank's participation.
In view of the fact that this establishment by the
participating bank of a credit to the account of
the originating bank would be similar to the transfer of funds to the originating bank's account at
a correspondent bank in the second situation, the
Board reached the conclusion that this third factual
situation similarly qualified for exemption as a
"joining at the outset."
The fourth factual situation was the same as the
third except that step (3) mentioned above,
namely, advice by telephone or telegraph from
the originating bank to the participating bank, was
omitted. As much as a day or so could, therefore, elapse before the participating bank would
receive the documents referred to in step (2) and
actually make the entry on its own books to show
the credit to the account of the originating bank.
This fourth situation presented a closer and more
doubtful question than the other three. However,
considering all the circumstances, including the
purposes and legislative history of the last paragraph of Section 6(a), the Board expressed the
opinion that this fourth situation should also be
considered to be exempt as a "joining at the outset."
In connection with each of the four factual situations described above, questions have also been
raised as to whether the originating bank may
handle the receipt of repayments by the borrower
and may transfer the participating bank's portion
of such repayments to the participating bank by
crediting a deposit account of the latter at the
originating bank. The Board expressed the opinion
that these activities are clearly permitted by the
exemption in the last paragraph of Section 6(a).
Questions involving participation loans between
affiliates of the same bank holding company necessarily depend on the particular circumstances involved, and the views outlined above were based
on the Board's understanding of the factual information in the respective situations. If in actual
practice there are material variations from the
factual situations summarized above, the matter
would, of course, need to be considered in the
light of those circumstances.
Order Under Section 3 of Bank Holding
Company Act
The Board of Governors of the Federal Reserve System, on August 5, 1958, issued an Order
denying an application by a bank holding company for approval of the acquisition of voting
shares of a bank. There is printed below a copy
of the Board's Order, the statement of the majority members of the Board who voted for denial,
and the statement of the members who dissented
from this action:
FIRST BANK STOCK CORPORATION
In the Matter of the Application of First Bank
Stock Corporation for Approval of Acquisition of
Voting Shares of First Eastern Heights State Bank
of Saint Paul, St. Paul, Minnesota.
ORDER
The above matter having come before the Board
on the application of First Bank Stock Corporation, Minneapolis, Minnesota, dated December 30,
1957, filed pursuant to the provisions of Section
3 (a) (2) of the Bank Holding Company Act of
1956, for prior approval of the acquisition of
1,190 of the 1,250 voting shares proposed to be
issued by a proposed new bank, First Eastern
Heights State Bank of Saint Paul, St. Paul, Minnesota, and it appearing after due consideration
thereof pursuant to the requirements of the Bank
Holding Company Act of 1956 that such application should be denied,
IT IS ORDERED, That the said application of First
Bank Stock Corporation under Section 3 (a) (2) of
the Bank Holding Company Act of 1956 for the
Board's prior approval of the acquisition by First
Bank Stock Corporation of 1,190 of the 1,250
shares of First Eastern Heights State Bank of Saint
Paul, is hereby denied.
This 5th day of August, 1958.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Szymczak, Robertson and Shepardson; voting
against this action: Vice Chairman Balderston and
Governors Vardaman and Mills.
(SEAL)
(Signed) KENNETH A. KENYON,
Assistant Secretary.
1062
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
STATEMENT
Pursuant to Section 3 (a) (2) of the Bank Holding Company Act of 1956, First Bank Stock Corporation of Minneapolis, Minnesota ("Bank
stock"), a bank holding company, has asked the
Board for prior approval of the acquisition of
1,190 of the 1,250 voting shares proposed to be
issued by First Eastern Heights State Bank, St.
Paul, Minnesota ("Eastern").
Factual background. Bank Stock controls a
total of 91 commercial banking offices, of which
51 are in Minnesota, 14 in North Dakota, 10 in
South Dakota, 14 in Montana, and 2 in Wisconsin. The deposits of these banks at the end of
1957, the date as of which all deposit figures will
be shown in this statement unless otherwise indicated, totaled $1,563 million, of which $748 million were held by Bank Stock's two largest subsidiaries, First National Bank of Minneapolis and
First National Bank of St. Paul.
Eastern is a proposed new bank to be established
by Bank Stock in the Sun Ray Shopping Center,
located at the eastern boundary of the City of St.
Paul, about four and one-half miles from the
downtown financial district. It would start with a
capital structure of $250,000. Anticipated deposits at the end of the first year of operation are
about $1,000,000, and Bank Stock expects Eastern
to have about $6,000,000 of deposits within ten
years.
The Sun Ray Shopping Center is in an area
whose future growth, both business and residential, appears virtually certain. In addition to housing construction in the area, Minnesota Mining
and Manufacturing Company is developing a research center directly east of the Shopping Center,
and it plans also to locate accounting, engineering,
and administrative offices there. In December
1957, 800 were employed at the new development,
and it is expected that this figure will rise to 12,000
in about ten years. It is estimated that more than
17,000 persons live in what Bank Stock describes
as Eastern's primary service area, and in ten years
a population of 50,000 is expected.
The Minnesota Department of Commerce,
which governs the chartering of both State banks
and State savings and loan associations in Minnesota, issued an order in April 1958 permitting the
establishment of a State savings and loan association in the vicinity of Sun Ray Shopping Center,
provided Eastern is not activated by November 25,
1958.
At present there are no banks within approximately three and one half miles of the proposed
location of Eastern. Beyond this distance, there
are seven banks in the eastern part of St. Paul and
adjacent suburban areas, with deposits of individuals, partnerships, and corporations ("IPC deposits") totaling about $40 million. The two
largest, with IPC deposits of nearly $23 million
(57% of the total) are subsidiaries of Bank Stock,
and the next largest, with IPC deposits of over $9
million, is a subsidiary of Northwest Bancorporation, the other major bank holding company operating in Minnesota and neighboring States. The
remaining four banks of the area, which are not
affiliated with any holding company, have aggregate IPC deposits of only about $8 million.
Bank Stock controls 5 of the 20 commercial
banks in the City of St. Paul and 62% of their
$468 million of IPC deposits. In the greater1 St.
Paul area, Bank Stock controls 6 of the 35 commercial banks and 55% of their $534 million of
IPC deposits. It also held 55% of total deposits
in that area, that percentage having declined from
67% in 1930. In Ramsey and Hennepin Counties, which contain the Twin Cities of Minneapolis
and St. Paul, Bank Stock controls 18 of the 69
commercial banking offices and 46% of their
$1,380 million of IPC deposits; if the one savings
bank in Minneapolis is included in the total, Bank
Stock's subsidiaries' percentage of the $1,654 million of IPC deposits in the two counties is reduced
to 39%.
Statutory provision. Section 3(c) of the Bank
Holding Company Act (12 U. S. C. 1842(c)) provides :
"In determining whether or not to approve any
acquisition . . . under this section, the Board shall
take into consideration the following factors: (1)
thefinancialhistory and condition of the company or
companies and the banks 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 such 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."
Discussion. With respect to the first three
factors enumerated in Section 3(c), it appears that
the condition and prospects of Bank Stock are
good and its management competent, and it ap-
LAW DEPARTMENT
pears that Eastern's prospects also would be favorable and its management competent. As pointed
out in the Board's Statement in the matter of First
New York Corporation, these circumstances are
consistent with approval of an application under
Section 3(a), but they do not provide substantial
affirmative support for such approval.
With respect to the fourth factor ("the convenience, needs, and welfare of the communities
and the area concerned"), it appears that there is
not a strong need for the proposed additional banking facility, but the convenience—and to that extent the welfare—of residents and businesses in
the area would be served if a bank were established
in the proposed location. Furthermore, as stated
above, the population of the area is expected to
triple within ten years, and the contribution of
the proposed bank to the area presumably would
increase as the population grows.
The fifth factor prescribed by Section 3(c) relates to whether the effect of the proposed 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." Accordingly, we are obliged to consider the size and extent of the Bank Stock holding company system,
and the proposed acquisition, in the light of these
criteria. We must also weigh the relationship to
each other of the considerations bearing upon the
fourth and fifth factors.
When a proposed extension of banking services
by a bank holding company system would serve
the convenience of and otherwise benefit an area,
and the prospective benefits are not outweighed by
unfavorable considerations, it is appropriate to
authorize the holding company to provide these
advantages. Thus, in the case of Southgate National Bank of Milwaukee, Milwaukee, Wisconsin,
44 Fed. Res. BULLETIN 10 (1958), the Board
granted its approval for a large holding company
to establish a new bank in a shopping center because, considering all the relevant circumstances,
including the population and prospects of the area
concerned and the existing banking facilities, the
probable service to the area was deemed by the
Board to outweigh adverse considerations with
respect to the fifth factor.
On the other hand, the Board has found it
necessary to deny applications for expansion by
1063
bank holding companies when the adverse features were considered to outweigh favorable aspects. Examples are found in the case of Northwestern State Bank, Rochester, Minnesota, 44 Fed.
Res. BULLETIN 11 (1958), where the absence of
a strong need for the banking facility was an important consideration, and the case of Capitol
National Bank of Milwaukee, Milwaukee, Wisconsin, 44 Fed. Res. BULLETIN 15 (1958), where
probably adverse effects upon an independent bank
moving to the area were significant.
As illustrated by the three cases just mentioned,
each case must be decided on the basis of its
particular facts, and the weight to be accorded the
various aspects must depend on the factual circumstances.
In the City of St. Paul and in the greater St.
Paul area, Bank Stock's subsidiaries hold iriore
deposits, as well as more IPC deposits, than all
other banks combined. Bank Stock points out that
this preponderance is chiefly due to its large subsidiary, First National Bank of St. Paul; at the
end of 1957 that bank held about 48% of the deposits and 46% of the IPC deposits in the greater
St. Paul area. However, this does not alter the
fact that First National and Eastern would be subsidiaries of the same holding company. Neither
can the influence of First National in the vicinity
of Eastern be disregarded. First National's
strength is doubtless felt in greater measure in
the downtown section of St. Paul than in the outlying areas, but it is by no means limited to the
former.
Moreover, as previously noted, while there are
no banks within about 3Vi miles of Eastern's proposed location, beyond that distance in the eastern
part of St. Paul and adjacent areas there are seven
banks, of which the two largest are Bank Stock
subsidiaries. Those two had about $23 million
(57%) of the $40 million IPC deposits of the
seven banks. The four banks of the area which
are not affiliated with any holding company had,
all told, only about $8 million of IPC deposits.
One of the smallest of these four is Hillcrest
State Bank, established less than three years ago,
and located in another shopping center approximately 3.6 miles north of the proposed site of
Eastern. Although the depressed tracks and rightof-way of a railroad, with very few street crossings
in the area, run between the location of Hillcrest
State Bank and the proposed location of Eastern, it
1064
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
appears that the two banks would to some degree
serve overlapping areas. It is unlikely that the
continued existence or soundness of Hillcrest or
any other institution would be seriously endangered by Eastern, particularly in view of prospective growth in the general area. However, on
the basis of all the relevant facts we conclude that
Bank Stock's establishment of Eastern probably
would have adverse effects on the growth and
competitive strength of Hillcrest.
Bank Stock points out that it has not followed
an expansionistic program in the St. Paul area,
that its percentage of deposits in the greater St.
Paul area has declined since 1930, and that the deposits of Eastern would not add a substantial percentage to the total deposits of Bank Stock's subsidiaries in the St. Paul area. While these facts to
some degree tend to moderate unfavorable aspects of the present application in relation to the
fifth factor, it must be remembered that Bank
Stock still has more deposits than all other banks
combined in the greater St. Paul area, and that
the relatively small percentage which Eastern
would add to Bank Stock's deposits in the area is
partly a reflection of Bank Stock's present large
size. Furthermore, as previously noted, of the
seven banks in the area adjoining what Bank Stock
considers the primary area of Eastern, the two
largest, holding 57% of the IPC deposits, are
Bank Stock subsidiaries.
As indicated above, difficult questions of degree are presented in weighing opposing considerations such as those involved in the present case.
Circumstances can change, and each application
must be evaluated in the light of the situation at
the time. Considering all relevant aspects of the
present matter, the Board concludes that considerations unfavorable to the application outweigh those favorable to it, and that the application therefore should be denied. IT IS SO ORDERED.
DISSENTING STATEMENT OF VICE CHAIRMAN
BALDERSTON AND GOVERNORS VARDAMAN
AND MILLS
We are convinced that the present case is essentially the same in principle as the case of Southgate National Bank of Milwaukee, Milwaukee,
Wisconsin, 44 Fed. Res. BULLETIN 10 (1958) in
which a holding company controlling a substantial percentage of the total commercial bank deposits in the same city received the Board's ap-
proval to establish a new bank in a shopping
center. It was the Board's judgment in that case
that the establishment of the new bank would
serve the "convenience, needs, and welfare" of the
community and would not unduly "expand the
size or extent of the bank holding company." Accordingly, we believe that approval should be
granted here as it was there and, as indicated below, we are unable to agree with the decision of
the majority of the Board to deny the application.
The elements of the fourth factor—"convenience, needs, and welfare"—should be appraised
with reference to their extent both at present and
in the proximate or visible future. Currently, the
need is not strong. However, Minnesota Mining
and Manufacturing Company has already brought
approximately 1,000 employees into the area and
within ten years, plans to bring in a total of 12,000.
Within a decade the population of the area to be
served by the proposed bank is expected to triple.
The question at issue with respect to the fourth
factor is 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.
Since existing banks are ZXA miles or more from
the proposed Sun Ray location, and strong indications point to an increase in the banking needs
of the area in the proximate and predictable future, consideration of the fourth factor provides a
substantial basis for approval.
Does, then, the fifth or competitive factor overbalance the fourth? Would the "size or extent" of
Bank Stock's operations be expanded "beyond
limits consistent with adequate and sound banking,
the public interest, and the preservation of competition in the field of banking"? One must approach this factor by seeking to interpret the intent of the statute as passed. It clearly did not
impose a death sentence upon existing holding
companies, nor does the Act indicate an intent to
"freeze" them at precisely their present "size or
extent." The central question, therefore, is
whether the proposal would change the "size or
extent" in such fashion as to be detrimental to
the public interest.
The size of Bank Stock in an absolute sense is
large. Its deposits are also large relative to the
total deposits of both the greater St. Paul area
and of the east side of St. Paul and adjacent suburban communities. However, its magnitude, both
1065
LAW DEPARTMENT
absolute and relative, must be analyzed as to its
nature and the direction in which it is moving. Of
the 55% of the deposits of the greater St. Paul
area controlled by Bank Stock, First National
Bank of St. Paul contributes 48%; and, while
figures are not available, ordinarily the largest
bank in a city does more out-of-town business than
the other banks.
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 Sun Ray would increase the extent
of Bank Stock's activities contrary to the public
interest. The proposed location is not remote from
present Bank Stock banks; Bank Stock is not leapfrogging into distant territory but is seeking to
adjust itself to the centrifugal forces that are
causing population growth in the outlying areas of
great cities. Not to be permitted to increase the
current extent of its banking service would be
tantamount to "freezing" the size of Bank Stock
except for such growth as its banks can accomplish in their present locations.
Does the expansion policy of Bank Stock then
justify such a freeze? Its record of the past 28
years does not so indicate. Since 1930, Bank
Stock's relative control of the deposits of the
greater St. Paul area has shrunk from 67% to
55%. In that period it has acquired only one
bank in the area—an existing bank that it bought
in 1956. To argue that it must now in the future
content itself with such growth as it may achieve
in its present locations, be they good or bad, is to
bar it from adapting itself to the ebb and flow of
business and of population. To rule adversely
would in reality be a "freeze" of Bank Stock's
banking structure, despite the evidence that independent banks can start and survive in the region
in which Bank Stock operates. There are 29
commercial banks in the area not affiliated with
Bank Stock, and since 1944 five new banks have
been chartered. The record and behavior of the
past ought not to be ignored in ruling upon the
application of the statute to the instant case. 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. We would approve the application.
Current Events and Announcements
FEDERAL RESERVE MEETINGS
A meeting of the Presidents of the Federal Reserve
Banks was held in Washington on September 8,
1958, and on September 9 the Presidents met with
the Board of Governors.
A meeting of the Federal Open Market Committee was held in Washington on September 9.
The Federal Advisory Council held a meeting
in Washington on September 15, and met with the
Board of Governors on September 16.
INCREASES IN FEDERAL RESERVE DISCOUNT RATES
Since mid-August 1958 the Board of Governors of
the Federal Reserve System has approved actions
by the directors of ten Federal Reserve Banks
raising the discount rates of these banks from 13A
to 2 per cent. The effective dates of the new rate
at the several banks were as follows:
Dallas
Atlanta
Kansas City
Chicago .
Minneapolis
New York
Cleveland
Richmond
St. Louis
Philadelphia
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
22,
26,
29,
5,
5,
12,
12,
12,
12,
19,
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
Increase of the discount rate of the Federal
Reserve Bank of San Francisco from 1% to 2 per
cent, effective August 15, 1958, was announced in
the August BULLETIN.
RESIGNATION OF BRANCH DIRECTOR
Effective August 18, 1958, the Board of Governors accepted the resignation of Mr. Ben Moreell,
1066
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
formerly Chairman of the Board of Jones &
Laughlin Steel Corporation, Pittsburgh, Pennsylvania, as a director of the Pittsburgh Branch of the
Federal Reserve Bank of Cleveland. Admiral
Moreell had served the Branch as a director since
January 1, 1957.
DEATH OF DIRECTOR
Mr. William J. Fischer, who had served as a director of the New Orleans Branch of the Federal
Reserve Bank of Atlanta since January 1, 1956,
died on September 4, 1958. Mr. Fischer was
Chairman of the Progressive Bank and Trust
Company, New Orleans, Louisiana.
OWNERSHIP OF DEMAND DEPOSITS
Results of the Federal Reserve System's Survey of
Demand Deposit Ownership as of January 29,
DEMAND DEPOSITS: TRUST DEPARTMENTS
OF BANKS AND FOREIGNERS
1958, published in the Federal Reserve BULLETIN
for May 1958, pp. 532-534, have been revised to
correct an error in the processing of the data and
to incorporate data collected from a supplemental
sample of banks. New figures for trust departments of banks and for foreigners, the two categories affected by the revisions, are shown in the
table in the opposite column. The revised data
replace the data in the last two lines of Table 1
on page 533 of the May BULLETIN.
HISTORICAL SUPPLEMENT TO MONTHLY CHART
BOOK ON FINANCIAL AND BUSINESS STATISTICS
The 1958 edition of the historical supplement to
the monthly Federal Reserve Chart Book on
Financial and Business Statistics will be available
for distribution early in October, on the terms indicated on page 1149. Charts will include the
latest data available on September 2, 1958.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
[Revised estimates for insured commercial banks]
Item
Number of accounts (millions):
Jan. 29, 1958
Jan. 30, 1957
Absolute change
Percentage change
Amount of deposits (billions of dollars):
Jan. 29, 1958
Jan. 30, 1957
Absolute change
Percentage change
1 Less than 50,000.
2 Decrease less than 50,000.
3 Increase less than 50,000.
Trust
departments
of banks
0)
0)
Foreigners
0.1
0.1
-6.0
+14.3
$1.8
2.1
-0.3
-15.4
$1.0
1.2
-0.2
-17.5
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of.... Aug. 1958
On, and not on, Federal Reserve Par
List, number of
Aug. 1958
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks
Insured commercial banks
Banks and branches, number of, by class
and State
Operating ratios, member banks
Stock Exchange firms, detailed debit and
credit balances
Banking and monetary statistics, 1957..
Summary flow-of-funds a c c o u n t s ,
1954-56
Bank holding companies, Dec. 31, 1957
Page
988
989
Feb. 1958
June 1958
June 1958
200-01
710-18
719
Apr. 1958
June 1958
492-93
720-22
Mar. 1957
{ ] J b y f9\\
336
^04-10
Oct. 1957
Feb. 1958
1190-94
211
National Summary of Business Conditions
Released for publication September 12
Rapid recovery in economic activity continued
in August. Industrial and construction activity,
nonfarm employment, and consumer buying rose
further. From early August to early September,
prices of industrial commodities generally changed
little. Total commercial bank credit declined;
member bank borrowings from the Reserve Banks
increased; and market interest rates in all maturity
ranges rose sharply further.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production rose 2 per cent in August to
137 per cent of the 1947-49 average. Indexes for
July and June were revised upward one point, to
134 and 132, respectively. Thus, by August industrial production had recovered more than onehalf the decline from August 1957 to the April
low. Increases in activity since early spring have
been widespread, and have included advances in
industries producing capital equipment. The rise
in equipment industries is in contrast to continued
declines after the total index had reached its low
in the two earlier postwar recessions.
In August, output of both durable and nondurable manufactures and of minerals rose further, and utility output of electricity advanced to
a new high. Steel ingot production, at 61 per cent
PRODUCTION
INDUSTRIAL
1947-49-100
160
-
TOTAL
-
/ * J
El
,
\
~
,
L
-
/ V
—
,
|
m i
,|lmlllw
J
NONDURABLE A^'
MANUFACTURES
Nonfarm employment continued to advance
slowly in August, reflecting mainly increases in
retail trade, government, and manufacturing. At
50.5 million, seasonally adjusted employment was
about 500,000 above the April low. The number
of persons unemployed declined to 4.7 million in
August. After seasonal adjustment, the rate of
unemployment—which has changed little since
April—was 7.6 per cent of the civilian labor force.
100
AGRICULTURE
AHJ i n i' (i 1 i i: 11 M . n 111. n r 11 n 111111 M r i M , 111,111,11 y j
1958
Federal Reserve indexes, seasonally adjusted, Monthly figures, latest shown are for August.
EMPLOYMENT
Seasonally adjusted retail sales rose 1 per cent
further in August, with expansion in most lines
other than automotive, and were close to the
record high of the summer of 1957. Sales at department stores increased to a level 3 per cent
above the previous high reached a year ago. At
the end of July, department store stocks were 4
per cent below a year earlier.
120
120
„
Total new construction activity increased further in August, to a seasonally adjusted annual
rate of $49.4 billion, owing mainly to a larger
volume of private residential building. Public
utility construction activity was unchanged, commercial decreased slightly, and industrial continued its year-long decline.
DISTRIBUTION
DURABLE
MANUFACTURES
140
MM.,.,.
CONSTRUCTION
140
MINERALS ^
_
of capacity, showed more than the usual seasonal
rise from July, and in the second week of September operations were scheduled at a 65 per cent
rate. Coal and crude oil production rose more
than 5 per cent in August, and output of most
other major materials for manufacturing and construction uses was considerably higher than last
spring when inventories were being liquidated
rapidly. Auto assemblies were sharply reduced
in August by model-changeovers. Recovery in
output of appliances, apparel, and most other consumer goods was indicated to have continued.
Crop prospects improved sharply further during
August, and the total harvest will exceed by a wide
1067
1068
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
margin that of any earlier year. As of September
1, output was officially forecast at 9 per cent above
the large 1957 harvest, and 16 per cent above the
1947-49 average. Commercial meat production
expanded in August, as marketings of hogs increased, and approached the relatively high yearago level.
COMMODITY PRICES
The wholesale commodity price index was about
stable from early August to early September.
Prices of hogs declined as supplies increased.
Meat prices also decreased, but eggs advanced
sharply. Among industrial commodities, prices
generally changed little, following a period of increases for a number of materials.
BANK CREDIT AND RESERVES
Total credit at city banks declined over $1
billion during the four weeks ending September 3
as reductions in holdings of U. S. Government
securities were offset only in part by increases in
loans and in holdings of other securities. While
security loans declined further, business and real
estate loans increased. The decline in holdings of
U. S. Government securities followed an increase
of $2.2 billion in the first week of August.
Member bank borrowings from the Federal Reserve averaged $365 million over the four weeks
ending September 10, $230 million more than in
the previous four weeks, and excess reserves averaged $625 million, or $40 million less. Between
mid-August and mid-September, a substantially
larger volume of bank reserves was absorbed by
reductions in Federal Reserve holdings of U. S.
Government securities and by currency and gold
outflows than was supplied, largely through declines in required reserves.
SECURITY MARKETS
Short-term interest rates rose very sharply from
mid-August to early September; the Treasury bill
yield increased to nearly 2.35 per cent. Yields on
U. S. Government, corporate, and State and local
government bonds also rose sharply further, and
yields on long-term issues were at or close to the
1957 highs. Meanwhile, common stock prices
reached a new high for this year.
RETAIL TRADE
1947-49-100
INTEREST RATES
TOTAL RETAIL SALES
Per cent
160
150
.140
130
11
.
1 1 1 1 1 II 1M 1 II 1 II 1 II M II 1 1 120 !_
1
J J 1 1 1 1 I M I 1 1 1 1 1 1 M I I 1 1MI M
I M
170
DEPARTMENT STORES
160
STOCK?
"150
t
/\/v
.
A W -
140
^y v
-—"Ty^M
SALES
M I . M M I
lllll.n
ML
Federal Reserve indexes, seasonally adjusted: retail sales
based on Department of Commerce data. Monthly figures;
latest shown for department store stocks is July, for other
series, August.
Weekly average market yields for long-term U. S. Government 2Vi per cent bonds and for longest Treasury bills; latest
shown are for week ending September 15.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; reserve requirements; margin requirements. .
Federal Reserve Banks
Bank debits; currency in circulation
All banks: consolidated statement of monetary system; deposits and currency. .
All banks, by classes
Commercial banks, by classes
Weekly reporting member banks
1071
1074
1075
1078
1080
1081
1084
1086
Commercial loans; commercial paper and bankers' acceptances
Interest rates
Security prices; stock market credit
Savings institutions
Federal business-type activities...
Federal
finance
Security i s s u e s . . . .
Business finance. . .
.
Real estate credit
Short- and intermediate-term consumer credit. . . .
Selected indexes on business activity
1088
1089
1090
1091
1092
1094
1098
1099
1101
1104
1108
Production
Employment and earnings. .
Department stores. .
Foreign trade
Wholesale and consumer prices
National product and income series. .
1109
1116
1118
1119
1120
1122
Tables published in BULLETIN, annually or semiannually—list, with references. .
Index to statistical tables
1066
1151
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating for gold stock, currency in circulation, Federal
to financial and business developments in the finance, and Federal credit agencies are obtained
United States. The data relating to Federal from Treasury statements; the remaining data
Reserve Banks, member banks of the Federal are obtained largely from other sources. Back
Reserve System, and department store trade, and figures for 1941 and prior years for banking and
the consumer credit estimates are derived from monetary tables, together with descriptive text,
regular reports made to the Board; production may be obtained from the Board's publication,'
indexes are compiled by the Board on the basis Banking and Monetary Statistics.
1069
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions of
dollars
MEMBER BANK
RESERVE BALANCES
CURRENCY IN CIRCULATION
RESERVE BANK CREDIT
GOLD STOCK
TREASURY CASH AND DEPOSITS
i
I
NONMEMBER DEPOSITS
FEDERAL RESERVE CREDIT
U. S. GOVERNMENT SECURITIES
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
-
1952
1953
1954
1955
1956
1957
Latest averages shown are for week ending August 27. See p. 1071.
1070
1958
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
Total
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
Other
F. R.
accounts
DisHeld counts
Bought under
and
Float Total i
outrepuradright
chase vances
agreement
Gold
stock
22,623
22,623
22,625
22,625
22,626
5,107
5,108
5,108
5,108
5,110
31,150
31,313
31,184
30,999
30,910
763
765
770
774
770
546
431
455
507
494
420
339
413
385
370
296
290
279
267
278
,077 18,865
,077 19,308
,073 19,200
,070 19,189
961 18,885
18,521
18,732
18,636
18,568
18,493
344
576
564
621
392
38 1,060
928 25,124 22,627
1,161
874 25,102 22,627
931 1,227 25,211 22,625
977 25,133 22,626
915
5,113
5,114
5,116
5,118
30,983
31,069
31,055
30,998
767
764
762
764
498
475
513
475
355
363
343
339
277
273
270
268
,116
,113
,203
,203
18,868
18,786
18,806
18,831
18,331
18,195
18,254
18,397
537
591
552
434
31,149
31,256
31,184
31,052
759
759
755
769
485
431
510
759
340
357
429
386
281
279
287
255
,197 18,760
,194 18,876
,196 19,108
,189 18,963
18,346
18,301
18,484
18,416
414
575
624
547
31,039
31,129
31,191
31,129
31,008
776
774
776
781
786
493
498
506
464
518
356
373
333
317
318
253
260
252
265
251
,112 19,034
,112 19,189
,110 19,068
,109 19,137
,057 18,837
18,685
18,625
18,574
18,574
18,474
349
564
494
563
363
Treas- Foreign
ury
ReExTotal quired 2 cess2
Other
Averages of
daily figures
1957
3
10
17
24
31
23,098
23,443
23,319
23,342
23,360
23,031
23,260
23,252
23,235
23,084
21
28.
23,116
23,047
23,034
23,220
23,078
23,047
23,034
23,215
18.
25.
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
2.
9.
16.
23.
30.
23,346
23,545
23,371
23,267
23,195
23,294
23,312
23,281
23,222
23,179
52
942
233 1,009
90
992
45
605
16
710
Nov. 6.
13.
20.
27.
23,441
23,498
23,288
23,318
23,256
23,332
23,282
23,167
Dec. 4.
11.
18.
25.
23,732
23,886
23,907
23,950
1958
1....
8....
15....
22....
29....
Feb.
July
67 1,068
183 1,213
67 1,062
107
739
276
553
1,198 25,387
1,111 25,792
1,236 25,641
1,351 25,456
998 24,932
832
858 25,228
1,031
953 25,408
950 1,442 25,719
1,106 1,318 25,622
22,626
22,626
22,627
22,628
25,304
25,563
25,451
25,407
24,972
22,634
22,646
22,658
22,665
22,671
5,118
5,119
5,121
5,123
5,125
5,127
5,128
5,131
5,132
185
166
6
151
824
943 25,225
911
997 25,424
752 1,430 25,489
777 1,209 25,325
22,707
22,731
22,757
22,762
5,135
5,136
5,137
5,139
31,115
31,287
31,336
31,431
792
795
801
794
461
505
503
469
367
329
315
301
313
407
386
294
,056 18,963
,057 18,911
,054 18,987
,030 18,907
18,509
18,354
18,459
18,461
454
557
528
446
23,480
23,574
23,600
23,617
252
312
307
333
626
676
751
786
1,005
1,020
1,525
1,894
25,387
25,617
26,218
26,687
22,763
22,766
22,770
22,770
5,141
5,142
5,143
5,145
31,668
31,827
31,973
32,089
770
769
768
764
305
318
339
483
291
318
334
359
191
186
183
179
,041
,080
,050
,061
19,023
19,027
19,483
19,666
18,580
18,600
18,873
19,014
443
427
610
652
24,344
24,011
23,720
23,315
23,372
23,735
23,645
23,581
23,266
23,335
609
366
139
49
37
661
707
580
359
295
1,550 26,623
1,328 26,100
1,039 25,390
1,230 24,949
919 24,632
22,774
22,781
22,781
22,782
22,783
5,147
5,146
5,147
5,149
5,151
31,962
31,553
31,207
30,878
30,625
773
768
771
781
789
458
529
503
511
521
397
337
306
275
275
201 1,045 19,707 19,042
186
996 19,658 18,982
190
994 19,348 18,769
992 19,216 18,624
227
992 19,089 18,509
275
665
676
579
592
580
5.
12.
19.
26.
23,364
23,422
23,373
23,380
23,321
23,292
23,285
23,380
43
130
88
189
286
361
153
803 24,397
793 24,543
1,054 24,830
952 24,527
22,783
22,784
22,785
22,714
5,157
5,159
5,161
5,165
30,581
30,675
30,642
30,542
777
734
685
695
378
296
501
508
265
284
337
284
294
325
293
276
046 18,997
,118 19,054
,195 19,122
,193 18,909
18,498
18,483
18,427
18,426
499
571
695
483
Mar.
5.
12.
19.
26.
23,256
23,466
23,500
23,552
23,251
23,432
23,480
23,518
118
131
126
167
892 24,309
816 24,456
973 24,638
983 24,742
22,686
22,615
22,541
22,498
30,563
30,641
30,592
30,524
701
712
804
790
486
479
257
580
270
273
257
258
320
293
368
400
,151 18,674
,148 18,699
150 18,930
,143 18,725
18,084
18,096
18,332
18,037
590
603
598
688
Apr.
2.
9.
16.
23.
30.
23,625
23,628
23,633
23,712
23,626
23,625
23,628
23,611
23,704
23,612
144
90
199
112
125
776 24,586
879 24,638
829 24,701
990 24,854
777 24,566
22,394
22,294
22,199
22,081
22,024
5,169
5,174
5,178
5,180
5,184
5,187
5,192
5,193
5,194
30,637
30,744
30,733
30,617
30,520
724
729
731
721
732
523
479
457
417
601
277
269
319
242
235
368
493
381
376
397
,109 18,526
,106 18J3OO
,104 18,369
,102 18,654
,051 18,249
17,830
17,673
17,754
18,055
17,654
696
627
615
599
595
21...
28...
23,799
23,931
23,876
24,053
23,799
23,931
23,876
24,053
118
123
104
119
808 24,763
760 24,854
994 25,016
780 24,994
21,967
21,886
21,779
21,661
30,659
30,812,
30,822
30,813
738
741
732
722
533
470
459
437
287
294
309
276
386
386
381
391
,049
,046
,043
,023
18,276
18,190
18,248
18,194
17,647
17,528
17,545
17,513
629
662
703
681
4.
11.
18.
25.
24,194
24,397
24,682
25,002
24,194
24,391
24,581
24,891
135
869 25,240
184
815 25,440
175 1,036 25,939
99 1,024 26,170
21,594
21,594
21,540
21,374
5,197
5,199
5,200
5,201
5,201
5,203
5,204
5,204
30,989
31,052
31,070
30,975
709
709
698
698
411
424
459
440
238
267
331
280
484
370
359
229
,057 18,147
,139 18,274
,146 18,619
144 18,983
17,574
17,687
17,984
18,314
573
587
635
669
2...
9...
16...
23...
30...
25,422
25,456
25,262
25,157
25,035
25,419
25,456
25,262
25,157
25,035
97
815 26,380
143
947 26,589
11
979 26,398
85 1,045 26,328
823 26,005
108
21,349
21,306
21,300
21,280
21,252
5,203
5,202
5,202
5,203
5,206
31,163
31,385
31,375
31,217
31,086
687
677
686
692
697
446
489
497
465
543
268
265
358
293
300
405
377
371
340
333
,105
,097
,095
,091
,041
18,204
18,051
17,949
17,924
17,824
655
758
569
788
638
25,240
25,646
25,406
25,257
25,240
25,626
25,406
25,25^
11
828 26,212
774 26,685
229
216 1,008 26,665
85~ 26,417
271
21,195
21,154
21,086
21,086
5,207
5,210
5,210
5,211
31,171
31,291
31,295
31,249
696
699
696
688
662
504
528
486
291
300
259
234
350
329
301
320
,148 18,296 17,738
,166 18,760 18,073
,233 18,648 *>18,009
212 18,526 ^17,928
558
687
20
27
Oct.
Jan.
June
July
6
101
111
20
1,000
991
1,071
1,517
1,051
For other notes see following page.
Preliminary.
1071
18,859
18,809
18,518
18,712
18,462
1072
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
DisHeld counts
under
Bought repur- and Float Total
adTotal outchase
right agree- vances
ment
Gold
stock
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
with F. R. Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForReExTotal quired2 cess2
ury eign Other
Averages of
daily figures
1957
23,146
23,325
23,348
23,417
23,982
23,129
23,302
23,252
23,276
23,615
989 25,166 22,626 5,115
17 1,010
23
994 1,147 25,489 22,627 5,121
96
818 1,143 25,326 22,660 5,129
126
810 1,'"' 25,373 22,743 5,137
141
716 1,443 26,186 22,769 5,144
367
23,608
23,378
23,486
23,649
23,939
24,749
25,218
25,410
23,458
23,313
23,465
23,638
23,939
24,698
25,218
25,406
150
65
21
11
216
1,998
2,484
2,254
24,262
22,559
20,778
24,932
24,785
23,758
24,915
148
1,998
2,484
2,254
24,262
22,559
20,725
24,888
24,391
23,712
24,610
23,539
23,312
23,338
23,733
24,238
23,475
23,312
23,218
23,448
23,719
23,331
23,240
23,628
23,681
24,162
25,438
24,480
25,346
Aug
Sept
Oct
Nov
Dec
23,331
23,240
23,628
23,681
24,162
25,438
24,480
25,346
24,267
24,517
24,786
25,000
24,267
24,509
24,664
24,956
25,458
25,440
25,315
25,223
24,916
25,358
25,519
25,313
25,217
31,035
31,143
31,109
31,335
31,932
764
763
780
793
768
490
547
495
464
385
349
378
338
322
345
273
271
258
337
186
,163 18,834
,180 18,956
,097 19,040
,044 18,958
,063 19,420
18,300
18,434
18,573
18,447
18,843
534
522
467
511
577
454 1,118 25,229 22,782 5,148 31,059
907 24,568 22,759 5,161 30,608
242
893 24,559 22,548 5,177 30,589
139
864 24,682 22,166 5,191 30,654
130
24,939 21,801 5,200 30,798
119
916 25,851 21,490 5,203 31,039
142
942 26,310 21,285 5,203 31,264
109
858 26,554 21,112 5,210 31,268
252
777
717
750
728
731
701
687
695
512
421
457
494
466
442
498
541
297
294
265
267
286
281
302
274
224
299
350
410
401
350
358
324
993 19,296
,150 19,000
,142 18,730
092.18,394
,036 18,223
,132 18,600
,081 18,609
,194 18,580
18,723
18,434
18,097
17,772
17,557
17,974
17,953
573
566
633
622
666
626
656
23
475
5,209
3,085
1,458
1,499
1,172
258
102
-6
-30
1958
Jan
Feb
Mar
Apr
May
June
July
Aug
"51
Midyear or
year-end
1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1954—Dec
1955—Dec
1956—June
Dec
249
85
67
143
108
232
50
1,400
2,220
2,593
2,361
578 ~5,091
25
3,181
535 23
1,368 22,216
808 25,885
,585 26,507
,210 25,219
,665 26,699
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,799
21,949
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,985
5,008
5,032
5,066
4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,509
31,158
30,715
31,790
204
264
2,409
2,215
2,287
1,336
1,293
796
767
768
775
36
35
634
867
977
870
668
563
394
522
441
6
15
397
774
862
392
895
490
402
297
322
21
151
256
586
446
569
565
441
554
313
426
374
346
251
291
495
563
714
907
925
992
901
2,356
2,292
11,653
12,450
15,915
17,899
17,681
18,876
19,005
18,443
19,059
2,333
1,817
6,444
9,365
14,457
16,400
16,509
18,618
18,903
18,449
19,089
986
396
789
819
55
865 25,418
898 24,622
062 25,206
942 25,515
424 25,784
22,626
22,635
22,691
22,763
22,781
5,118
5,125
5,135
5,139
5,146
31,133
31,073
31,090
31,661
31,834
752
773
784
761
761
477
429
552
243
481
342
337
378
283
356
285
261
256
196
246
1,198
1,111
1,056
1,000
998
18 ,975
18,399
18,917
19,274
19,034
18,305
670
18,694 -295
18,541
376
18,578
696
19,091 - 5 7
217
122
137
156
144
41
94
555
763 24,352 22,784
924 24,330 22,686
765 24,570 22,394
797 24,672 21,996
965 25,313 21,594
758 26,283 21,356
868 25,477 21,210
805 26,739 ^21,011
5,158 30,576
5,169 30,554
5,183 30,666
5,196 30,565
5,201 30,994
5,203 31,172
5,207 31,171
'5,212 *>31,363
771
695
722
734
703
692
685
P692
469
516
474
594
382
410
617
540
249
265
266
257
234
269
288
313
279
336
378
411
624
420
329
332
990
,151
,108
,050
994
,096
,039
,184
142
173
154
128
836 25,286
833 25,565
984 25,967
796 25,967
5,201
5,204
5,204
5,204
30,988
31,048
30,996
30,973
716
708
703
700
416
356
334
524
272
259
289
268
365
377
182
385
1,140
1,138
1,158
1,110
18,184
18,478
18,964
18,568
17,654
17,796
18,279
18,264
530
682
685
304
25,458
25,440
25,315
25,223
24,916
888 26,470 21,306 5,202
80
844 26,455 21,307 5,202
129
113 1,052 26,521 21,283 5,202
858 26,193 21,259 5,205
74
737 25,814 21,209 5,207
126
31,358
31,378
31,280
31,108
31,099
675
690
693
698
699
468
643
418
512
561
256
264
358
295
287
387
380
353
319
333
1,097
1,096
1,093
1,089
1,040
18,737
18
18,513
18,811
18,634
18,211
18,232
18,031
17,978
17,886
17,809
505
482
833
748
402
25,358
25,519
25,313
25,217
266
182
240
189
5,209
5,210
5,210
5,211
31,220
31,270
31,248
31,246
702
701
689
692
461
483
448
475
287
327
253
256
325
322
309
320
1,166
1,165
1,232
1,184
18,549 17,721
18,587 18,073
18,578 ^17,982
18,240 ^17,920
828
514
*>596
68 1,037
164
7
53
44
394
46
305
End of month
1957
Aug
Sept
Oct.
Nov
Dec
64
'iio
285
519
1958
Jan
Feb
Mar
Apr
May
June
July
Aug
18,958 18,543
18,667 18,186
18,532 17,857
18,254 17,686
18,176 17,543
18,784 18,158
17,764 17,801
18,538 *>17,835
415
481
675
568
633
626
-37
*>703
Wednesday
1958
June
4
11
18
25
July 2
9
16
23
30
A u 8
i!:::::
20
27
122
44
684 26,341
765 26,500
875 26,460
676 26,114
21,594
21,594
21,456
21,356
21,160
21,146
21,086
21,086
* Preliminary.
i Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.
2
These figures are estimated.
1073
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. 1 In millions of dollars]
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
19,129
18,834
18,956
19,040
18,958
19,420
4,294
4,170
4,211
4,231
4,162
4,336
1,131
1,123
1,122
1,116
1,101
1,136
7,906
7,790
7,800
7,836
7,849
8,042
5,799
5,750
5,823
5,857
5,847
5,906
1957—July
Aug
Sept
Oct
Nov
Dec
534
534
522
467
512
577
16
34
1958—Jan
Feb
Mar
19,296
19,000
18,730
18,394
18,223
18,600
18,609
4,251
4,204
4,272
4,122
4,030
4,214
4,132
1,125
1,114
1,098
1,052
1,054
1,113
1,088
8,007
7,871
7,701
7,651
7,614
7,721
7,772
5,914
5,811
5,659
5,569
5,525
5,552
5,617
573
567
633
623
666
626
656
34
22
44
15
53
28
32
18,518
18,712
18,462
4,110
4,117
4,085
1,093
1,083
1,083
7,776
801
813
569
789
638
18,296
18,760
18,648
18,526
3,946
4,081
3,990
3,987
1,079
1,119
1,103
1,092
696
861
842
7,804
5,539
5,711
5,481
5,575
5,698
5,713
5,642
1958—Jan
Feb
Mar
Apr
May
June
July
Week ending:
1958—July 16
23
30
18,595
18,300
18,434
18,573
18,447
18,843
4,288
4,152
4,203
4,231
4,147
4,303
1,124
1,121
1,117
1,116
1,100
1,127
7,840
7,722
7,749
7,797
7,786
7,956
5,344
5,306
5,366
5,429
5,414
5,457
18,723
18,434
18,097
17,772
17,557
17,974
17,953
4,216
4,182
4,228
4,107
3,977
4,186
4,101
1,121
1,109
1,087
1,049
1,046
1,099
1,084
7,928
7,773
7,603
7,572
7,482
7,619
7,667
5,458
5,369
5,179
5,043
5,051
5,070
5,101
17,949
17,924
17,824
4,083
4,069
4,031
1,086
1,072
1,071
690
668
631
17,738
18,073
*>18,009
*>17,928
3,969
4,039
4,001
3,960
1,081
1,111
1,100
1,088
7,608
7,787
7,774
7,748
5,090
5,115
5,091
5,080
5,136
5134
Week ending:
1958—July 16
30'.'.'.'.'.'.'.'.
Aug. 6
13
20
27
Required reserves:2
1957—July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
July
Week ending:
1958—July 16
30'.'.'.'.'.'.'.'.
Aug. 6
13
20
27
July 1957
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3
Time deposits
Demand balances due
from domestic banks. .
116,304
12,973
103,331
99,728
45,057
23,340
4,232
19,108
20,527
3,650
6,062
1,178
4,884
5,287
1,331
45,593
6,193
39,400
38,502
18,185
41,309
1,370
39,938
35,412
21,891
6,421
56
103
1,981
4,281
July 1958
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 ...
Time deposits
Demand balances due
from domestic banks...
119,654
14,003
105,651
102,141
52,644
24,432
4,442
19,990
21,312
5,291
6,382
1,324
5,058
5,622
1,438
47,365
6,843
40,521
40,002
21,342
41,475
1,393
40,082
35,206
24,572
7,107
82
131
2,205
4,690
Preliminary.
Averages of daily closing figures for reserves and borrowings and of
i Averages oi daily closing figures tor reserves and borrowings and ot
daily opening figures opening ofitems, inasmuch as reserves required are
based on deposits at for other business.
2 Weekly figures of required, excess, and free reserves of all member
1
Country
banks
Excess reserves:2
Total reserves held:
1957_j u ly
Aug
Sept
Oct
Nov
Dec
MPay!!l'.'.'.'/.'.'.'.
June
July
Reserve
city
banks
66
69
51
39
63
86
455
444
457
428
432
449
4
5
11
3
8
14
5
78
98
98
79
131
102
104
456
442
479
526
474
481
515
27
48
54
7
11
12
86
133
182
449
596
390
558
686
*640
P597
-23
42
-11
27
-2
8
3
88
74
68
56
495
562
*580
"510
1957—July
Aug
Sept
Oct
Nov
Dec
917
1,005
988
811
804
710
186
308
263
141
96
139
34
28
120
115
123
85
519
468
485
428
405
314
177
201
121
127
181
172
1958—Jan
Feb
Mar
Apr
May
June
July
451
242
138
130
119
142
109
80
46
2
18
2
21
16
29
11
29
9
1
2
1
222
96
36
35
42
45
49
119
89
71
67
74
74
44
115
85
108
64
50
40
42
35
66
112
229
216
270
45
115
99
91
48
93
80
116
Aus
-if::::::::
20
27
Borrowings at Federal
Reserve Banks:
Week ending:
1958—July 16
30.'.'.'.'.'.'.'.
Aug
-.?::::::::
20
27
Free reserves:2
1957_j u ly
Aug
Sept
Oct
Nov
Dec
4
383
471
467
344
293
133
-181
-289
-254
-141
-80
-105
-28
-26
-115
-115
-123
-77
-452
-400
-433
-389
-342
-228
278
244
335
301
251
277
1958—Jan
Feb
Mar
Apr
May
June
July
122
324
495
493
547
484
546
-46
-25
42
51
7
16
-25
-6
-18
-7
7
12
4
-144
1
62
44
89
57
56
337
353
408
459
399
408
471
Week ending:
1958—July 16
23
30
454
704
530
18
48
52
7
11
12
22
83
142
407
561
324
446
457
-41
26
-47
-33
-3
3
2
1
43
-41
-31
-35
447
469
"500
Aug. 6
13
20
27
"j
banks and of country banks are estimates.
3 Demand deposits subject to reserve requirements, i.e., gross demand
Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cashdomestic banks.as in process of collection and demand
balances due from items reported
4 Free reserves are excess reserves less borrowings.
1074
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 1 3 a n d l 3 a ) i
Federal Reserve Bank
Rate on
Aug. 31
In effect
beginning—
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond.. .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Apr.
Apr.
Apr.
Apr.
Apr.
Aug.
Apr.
Apr.
Apr.
Aug.
Aug.
Aug.
Previous
rate
22,1958
18,1958
18,1958
25,1958
25,1958
26, 1958
18,1958
18,1958
18,1958
29, 1958
22, 1958
15, 1958
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Aug. 31
In effect
beginning—
Previous
rate
Rate on
Aug. 31
In effect
beginning—
Mar. 11,
Mar. 7,
Apr. 18,
Apr. 25,
Apr. 25,
Aug. 26,
Jan. 24,
Apr. 18,
Mar. 21,
Aug. 29,
Mar. 14,
Aug. 15,
Apr. 22, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 25, 1958
Apr. 25, 1958
Aug. 26, 1958
Apr. 18, 1958
Apr. 18, 1958
Apr. 18, 1958
Aug. 29, 1958
Aug. 22, 1958
Aug. 15, 1958
Previous
rate
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
* Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934_Feb.
1937_Aug.
1942—Oct.
1946_Apr.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
30
25
Date effective
Rate
I*
8
Net demand deposits 1
Rate
1948—Jan. 12
Aug. 13
1950—Aug. 21
1953—Jan. 16
1954—Feb. 5
Apr. 16
1955—Apr. 15
Aug. 5
Sept. 9
Nov. 18
1956-Apr. 13
Aug. 24
1957_Aug. 23
Nov. 15
1958—Jan. 24
Mar. 7
Apr. 18
In effect Sept. 1, 1958
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
Country
banks
*%
1917—June 21
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Apr. 23, Jan. 16, Effec19551958tive
Jan. 15, Aug. 4, Aug. 5,
1958
1958
1958
70
70
50
50
70
70
70
50
70
i Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value.
10
19%
22y4
26
22y4
15
10%
1
20
14
3
26
24
22
20
1948—Feb.
June
Sept,
1949—May
June
Aug.
Aug.
Aug.
Sept.
27
11
16, 2 4 * . . . .
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
22
24
26
24
1951—-Jan.
Jan.
1953—July
1954—June
July
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1».
23
24
22
21
20
19
20
19
13
14
13
18
12
1958—Feb.
Mar.
Apr.
Apr.
27, Mar. 1*
20, Apr. 1*
17
24
19%
19
18%
18
16%
Present legal requirements:
Minimum
Maximum
13
26
10
20
Country
banks
V*
18
Central
reserve
and
reserve
city
banks
7
16
1
1
16
l941_Nov.
1942—Aug.
Sept.
Oct.
* Under Sees. 13 and 13a, as described in table above.
• Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and
1957 this rate was the same as the discount rate except in the following
periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept.
1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75;
1957—Aug. 22, 3.50.
13
1936—Aug.
1937—Mar.
May
1938—Apr.
In effect Sept. 1, 1958..
3%
Time deposits
S*
\f
17%
12
20
14
22
21
20
16
15
14
13
12
g*
8*
f f
6
6
6
5
6
6
6
5
5
11
5
5
7
14
3
6
3
6
5
16%
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).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thurs.) are at central reserve or reserve city banks.
1075
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1958
Aug. 27
Aug. 20
Aug. 13
1958
Aug. 6
July 30
Aug.
1957
July
Aug.
Assets
Gold certificate account
Redemption fund for F. R. notes..
19,630,891 19,630,893 19,691,892 19,708,893 19,758,892 19,555,892 19,758,894 21 100,392
868,402
871,167
861,984
860,089
862,162
868,402
862,160
838,306
Total gold certificate reserves.
20,499,293 20,502,060 20,553,876 20,568,982 20,621,054 20,424,294 20,621,054 21,938,698
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances—Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
,
Held under repurchase agreement.
Total U. S. Government securities.
353,970
374,177
337,749
374,741
342,955
368,782
346,875
367,845
375,887
375,587
329,677
374,475
363,072
379,007
382,814
398,413
189,367
240,174
181,819
266,367
126,420
554,588
94,200
985,986
341
31,080
341
32,074
342
32,590
342
32,680
342
34,193
341
32,547
342
34,029
619
25,357
1,740
1,215,960 1,311,610 1,518,310 1,356,710 2,005,560 1,345,060 1,569,260
21,507,291 21,507,291 21,507,291
10,000
10,000
10,000
2,483,771 2,483,771 2,483,771
507,291 19,946,105
10,000
10,000
483,771 2,954,607
507,291 19,946
10,000
10
483,771 2,954
739,673
19,933,612
2,801,750
25,217,022 25,312,672 25,519,372 25,357,772 24,916,272 25,346,122 24,479,972 23,475,035
63,900
25,217,022 25,312,672 25,519,372 25,357,772 24,916,272 25,346,122 24,479,972 23,538,935
Total loans and securities
25,437,810 25,585,261 25,734,123 25,657,161 25,077,227 25,933,598 24,608,543 24,552,637
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
15
15
15
15
15
15
15
22
4,495,400 5,133,916 5,158,769 4,428,028 4,628,586 4,
,194,129 4,626 ,824 4,185,445
89,919
89,879
89,858
90,056
89,763
89,679
89 ,723
81,175
118,099
165,060
124,509
106,829
152,870
270,341
271 ,744
86,333
Total assets.
51,368,683 52,130,627 52,413,459 51,611,539 51,438,376 51,470,555 50,959,982 51,625,537
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
26,867,569 26,855,290 26,881,378 26,836,687 26,754,240 26,960,980 26,802,387 26,860,818
18,239,
475;
255i
319;
18,578,077 18,587,351 18,549,244 18 211,059
448,326
482,911
461,100
561,237
252,809
326,924
286,709
287,290
308,515
321,749
324,968
332,826
: 537,527
,
17,764
540,136
617;
313,238
288!
332,022
329;
18 974,701
477,354
341,920
284,988
19,290,323 19,587,727 19,718,935 19,622,021 19,392,412 19,722,923 18,998,504 20,078,963
Total deposits.
3,818,
16
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
4,258,974 4,393,366 3,744,111 3,891,669
14,836
15,777
14,115
15,886
,388,779 3,758.
17,352
14;
3,,320,427
19,186
49,993,800 50,716,827 51,009,456 50,216,934 50,054,207 50,090,034 49,574,059 50,279,394
Capital Accounts
355,757
809,198
27,543
182,385
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments
355,693
809,198
27,543
221,366
354,983
809,198
27,543
212,279
354,851
809,198
27,543
203,013
354,759
809,198
27,543
192,669
355,913
809,198
27,543
187,867
354,771
809,198
27,543
194,411
338,138
747,593
27,543
232,869
51,368,683 52,130,627 52,413,459 51,611,539 51,438,376 51,470,555 50,959,982 51,625,537
44.4
44.1
44.1
44.3
44.7
43.8
45.0
46.7
93,213
1,036
98,154
1,036
106,052
1,041
107,257
986
108,405
986
90,807
1,036
107,978
986
67,705
1,815
554,588
550,783
3,805
94,200
91,904
2,296
Maturity Distribution of Loans and U. S. Government Securities1
Discounts and advances—total
Within 15 days
16 days to 90 d a y s . . . . . . . . . . . . . . .
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
189,367
186,762
2,605
240,174
1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
181,819
179,589
2,230
266,367
264,867
1,500
126,420
123,949
2,471
985,986
962,674
23,155
157
341
342
342
341
342
341
342
619
170
170
170
161
179
170
170
61
29
20
29
29
20
20
20
70
63
68
63
68
63
68
68
317
79
84
79
84
79
84
84
171
31,080
32,590
32,074
32,680
34,193
32,547
34,029
27,097
9,787
11,534
11,693
13,049
9,296
13,298
12,612
5,630
21,293
21,056
20,381
19,631
20,895
23,251
21,417
21,467
25 ,217,022 25 312,672 25 ,519,372 25 ,357,772 24,916,272 25 346,122 24 479,972 23 ,538,935
355,010
464,800
576,660
226,500 " 960,397
151,710 ' 612,597
135,160
860,950
734,950 ,053,510 1,130,210
009,046
097,546 1,193,350
654,913
507,291 21,507,291 21,507,291 21,507,291 13,364,558 21,507,291 13,364,558 ,959,605
023,614 ,023,614
023,614
023,614 ,023,614
023,614 ,023,614
680,635
83,910
83,910
83,910
83,910
83,910
83,910
83,910
750,375
,386,247
386,247
386,247
386,247 ,386,247
386,247
386,247 ,358,247
237,254
2,920
1076
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1958
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
,
Redemption fund for F. R.
notes
,
917,874 5,149,282 1,028,129 ,589,608 ,130,898 867,361 3,500,471 758,262
464,084
838,796
160,704
42,540
21,250
42,181
Total gold certificate reserves.
970,318 5,325,602 1,085,076 1,668,212 1,204,892 915,887 3,661,175
800,802
485,334
880,977
F. R. notes of other Banks...
Other cash
Discounts and advances:
Secured by U. S. Govt.
securities
Other
Industrial loans
Acceptances:
Bought outright
Held under repurchase
agreement
U. S. Govt. securities:
Bought outright
Held under repurchase
agreement
52,444
176,320
56,947
78,604
73,994
48,526
Total assets.
28,366
86,526
855,121 2,570,898
34,726
29,051
60,401
78,222
42,015
21,925
15,222
38,717
26,501
20,109
53,199
30,256
21,303
59,353
9,657
20,954
16,318
7,706
8,238
11,034
17,733
16,747
24,364
40,401
43,075
209,140
29,940
70,005
39,540
26,050
64,075
34,600
10,358
24,705
1,100
2,000
327
14
32,547
,380,046 6,391,481 1,456,996 2,243,765 1,649,830 1,289,687 4,427,461 [,033,970
Total loans and securities.... 1,423,448 6,633,168 1,486,936 2,313,770 1,689,370 1,315,737 4,491,536 1,068,570
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
826,755 2,484,372
1
283,955
4,733
6,624
1
1
14
1
1
2
796,551 255,102 384,252 341,293 330,205 670,882
9,981
10,479
4,335
6,706
8,603
8,651
30,077
6,881
11,229
7,947
6,520 23,232
1
164,983
6,882
4,920
533,206 1,081,848
992,833 2,864,999
543,578 [,106,553 993,933 2,866,999
1
1
1
115,814 206,336 243,854 400,902
5,230
4,876
7,646
11,736
2,621
5,746
4,955
13,757
2,752,856 12,934,504 2,902,271 4,441,384 3,296,819 2,660,408 8,936,134 2,076,769 ,176,601 2,223,761 2,139,990 5,929,058
Liabilities
F. R. notes
Deposits:
Member bank reserves.
U. S. Treasurer—general
account
Foreign
,
Other
,582,141 6,354,167 1,669,626 2,488,523 2,080,673 1,316,038 5,214,096 1,190,385 555,701 ,076,103
Total deposits
830,774 5,619,556
Deferred availability cash
items
,
Other liabilities and accrued
dividends
Total liabilities
773,351 5,170,368
39,691
17,043
689
83,921
398,556
266,711
873,529 1,434,633 798,347
745,866 2,687,661
947,277 2,875,608
659,069
454,139
879,863 1,050,467 2,620,876
64,153
42,757
842
31,862
11,063
1,836
933,661 1,510,367 858,069 1,005,856 2,983,360
703,830
25,179
7,176
240
486,734
35,244
44,085
52,729
15,548
33,488
11,661
2,126
44,014
615
927,383 1,112,226 2,751,107
29,879
20,631
9,622
258,865
578,164
203,468
1,201
3,965
789
47,720
26,611
1,403
42,034
15,249
2,439
317,473 283,931
2,150
818
43,639
13,455
1,485
272,456
535,348
128,671
98,866
164,490
210,673
336,374
851
2,698
614
741
706
623
2,196
2,672,981 12,555,852 2,807,544 4,318,513 3,223,491 2,595,201 8,735,502 2,023,500 1,142,042 2,168,682 2,069,388 5,777,338
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,912
47,013
3,011
11,939
103,667
223,963
7,319
43,703
21,665
55,923
4,489
12,650
33,412
71,550
1,006
16,903
16,118
41,236
3,349
12,625
17,993
36,192
762
10,260
48,839
121,504
1,429
28,860
12,061
31,586
521
9,101
8,205
19,697
14,516
30,533
20,112
1,073
1,137
1,307
5,584
8,893
40,871
8,312
41,413
89,130
2,140
19,037
Total liabilities and capital
2,752,856 12,934,504 2,902,271 4,441,384 3,296,819 2,660,408 8,936,134 2,076,769 1,176,601 2,223,761 2,139,990 5,929,058
accounts
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
40.2
44.5
41.7
41.7
41.0
39.4
44.7
42.3
46.6
44.0
46.0
47.3
Contingent liability on acceptances purchased for
foreign correspondents.
5,313
423,889
6,431
8,295
4,753
4,194
13,328
3,448
2,237
3,635
4,846
10,438
Industrial loan commitments,
T
96
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $214,682,000 participations of other Federal Reserve
Banks.
940
4
After deducting $66,918,000 participations of other Federal Reserve
Banks.
1077
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
End of month
1958
Item
Aug. 27
Aug. 20
Aug. 13
1958
Aug. 6
July 30
1957
Aug.
July
Aug.
27,815,048 27,753,912 27,748,208 27,691,875 27,685,853 27,827,273 27,681,938 27,779,876
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
11,593,000 11,593,000 11,593,000 11,593,000 11,593,000 11,593,000 11,593,000 11,978,000
30,820
15,495
28,761
89,245
28,765
25,565
13,011
189,265
17,520,000 17,520,000 17,420,000 17,420,000 17,420,000 17,520,000 17,420,000 16,995,000
Total collateral
29,143,820 29,141,765 29,038,565 29,028,495 29,041,761 29,202,245 29,026,011 29,162,265
EACH FEDERAL RESERVE BANK ON AUGUST 31, 1958
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,643,907 6 ,564,082 1,723,643 2,550,983 2 143,310 ,379,031 5,304,029 1,239,271 569,667 1,107,738 793,913 2,807,699
Collateral held:
Gold certificate acct.. 700,000 3 ,270,000 640, 000 1,000,000 775,000 425,000 2 ,300,000 430,000 170,000 300,000 283 ,000 1,300,000
29,940
34,600
24,705
Eligible paper
o*666 1,200,000 i ^ 6o6 * 666
', 666] ooo\266\666 900,""" 425 ^ 666 820,000 525 ^666 i ^ 7o6 i 666
3
U. S. Govt. securities. ;i5o*666 3
000
Total collateral.... 1,850,000 6,870,000 1,869,940 2,600,000 2,175,000
425,000 5,500,000 1,364,600 595,000 1,144,705 808,000 3,000,000
LOANS GUARANTEED UNDER REGULATION
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in millions of dollars]
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
Participations
Commit- of financproved
Loans
ments
ing instibut not
outouttutions
comstanding2 standing
pleted^ (amount) (amount)
out(amount)
standing 3
(amount)
Number
1952....
1953....
1954....
1955....
1956....
Amount
3,753
3,765
3,771
3,778
3,782
766,492
803,429
818,224
826,853
832,550
1,638
1,951
520
305
3,921
1,900
719
702
794
3,210
3,569
1,148
2,293
2,365
3,289
3,469
1,027
1,103
1,129
3,784
3,784
3,785
3,786
3,786
3,786
836,636
837,410
838,714
840,504
840,814
841,290
155
80
760
608
628
620
586
581
524
1,795
1,815
1,323
1,165
1,130
1,109
812
816
684
1,169
1,126
1,122
3,786
3,786
3,786
3,786
3,786
3,787
3,787
841,691
842,232
842,472
842,723
843,078
843,321
843,321
535
506
502
503
489
343
342
1,058
1,063
1,001
998
991
991
986
1,087
1,063
965
964
944
799
798
Jan
Feb
Mar
Apr
May
June
July
Portion
guaranteed
2,124
2,358
2,500
2,575
2,761
979
805
472
294
389
803
666
368
226
289
586
364
273
170
125
2,878
2,880
2,882
2,888
2,906
2,912
412
390
395
398
394
395
307
292
295
300
298
300
123
146
138
124
127
135
1,506
1,511
1,512
1,514
1,516
1,522
1,523
2,923
2,935
2,936
2,937
2,952
3,029
3,033
380
372
367
343
326
330
306
290
286
282
265
252
254
235
156
164
139
157
168
177
194
Loans
outstanding
1957
1958
1958
Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Total
amount
1,496
1,497
1,498
1,498
1,500
1,503
July
Aug
Sept
Oct
Nov
Dec
Amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1,159
1,294
1,367
1,411
1,468
1952
1953
1954
1955
1956
1957
July
Aug.. . .
Sept
Oct
Nov
Dec
Loans
authorized
to date
Number
End of
year or
month
75
75
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3 Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
1078
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION Vi
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
[In effect Aug. 31. Per cent per annum]
[In effect Aug. 31]
To industrial or
commercial
businesses
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
Boston
New Y o r k . . .
Philadelphia. .
Cleveland....
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
On
commitments
Portion
ibr which
institution is
obligated
Remain-
On
commitments
ing
portion
I
31^6
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
Percentage of
loan guaranteed
10
15
20
25
30
35
40-50
70 or less
75
80
85
90
95
Over 95
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
4-6
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding five years.
2
Including loans made in participation with financing institutions.
3 Rate charged borrower less commitment rate.
4
Rate charged borrower. 5 Rate charged borrower but not to exceed
1 per cent above the discount rate.
6
Twenty-five per cent of loan rate. Charge of Vi per cent per annum
is made on undisbursed portion.
7
Charge of V per cent per annum is made on undisbursed portion.
4
i Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debit in millions of dollars]
Year or month
Debits to demand deposits accounts,
except interbank and
U. S. Government accounts
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusted 3
Total, all
reporting
centers
6
other
centers*
337 other
reporting
centers 2
New
York
City
6
other
centers1
337 other
reporting
centers 2
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
2,200,643
2,356,768
1950
1951
1952
1953
1954
1955
1956
1957
New
York
City
509,340
544,367
597,815
632,801
738,925
766,890
815,856
888,455
298,564
336,885
349,904
385,831
390,066
431,651
462,859
489,311
572,208
661,302
695,133
740,436
758,375
845,007
921,928
979,002
31.1
31.9
34.4
36.7
42.3
42.7
45.8
49.5
22.6
24.0
24.1
25.6
25.8
27.3
28.8
30.4
17.2
18.4
18.4
18.9
19.2
20.4
21.8
23.0
83,349
78,895
84,339
81,936
79,245
84,976
78,567
88,100
47.1
51.4
49.5
44.7
52.2
49.9
51.2
58.9
30.5
30.4
30.6
28.5
31.4
29.6
30.5
32.2
23.2
23.1
23.6
22.1
24.1
22.7
23.5
24.7
48.3
47.6
50.8
51.7
50.9
51.4
51.7
52.1
31.0
29 8
31.2
31.1
31.7
30.5
30.0
30 8
23.7
23 1
24.0
23.5
23 7
22.7
22.3
23 4
86,577
54.6
55.4
56.2
56.6
51.2
65.7
54.8
30.0
30.1
31.3
30.2
28.2
31.4
29.6
23.3
22.8
22.2
22.1
22.0
23.8
22.9
54.3
56.8
54.8
57.5
52.5
60.8
56.2
30 6
30.9
28.6
29.3
28.6
30.8
30.2
23 1
22 9
22.3
22.8
22 4
23.8
23.2
1957
May
June
July
Aug
Sept
Oct
Nov
Dec
197,257
193,349
200,559
190,539
189,294
204,168
189,246
220 376
71,780
74,512
74,509
68,409
70,953
77,431
71,667
88,584
42,128
39,942
41,711
40,194
39,095
41,761
39,012
43,692
1958
Jan
Feb
Mar
Apr
May
June
July
'212,924
181,743
'203,885
'204,140
'195,130
r
219,480
206,524
84,355
72,803
84,409
85,510
77,315
95,473
82,214
41,992
36,188
40,363
39,354
38,645
41,228
40,701
' Revised.
i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
r
r
12,152
r
19,\\2
'79,276
'79,170
'82,780
83,609
2
New
York
City
6
337 other
other
reporting
centers * centers 2
Prior to April 1955, 338 centers.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
1079
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circulation i
Total
Coin
$12
1939
1941
1945
1947
1950
1952
1953
1954
1955
1956
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30,509
31,158
31,790
5,553
8,120
20,683
20,020
19,305
21,450
21,636
21,374
22,021
22,598
590
751
1,274
1,404
1,554
1,750
1,812
1,834
1,927
2,027
1957_july
Aug
Sept . .
Oct
30,933
31,133
31,073
31,090
31,661
31,834
21,987
22,155
22,088
22,086
22,582
22,626
30,576
30,554
30,666
30,565
30,994
31,172
31,171
21,527
21,544
21,652
21,565
21,977
22,138
22,134
End of year or
month
Nov
Dec
. ..
1958 Jan .
Feb
Mar
May
June
July
Coin and small denomination currency
$2
$5
1,039
1,048
1,113
1,228
1,249
1,256
1,312
1,369
36
44
73
65
64
71
72
71
75
78
1,019
1,355
2,313
2,110
2 049
2,143
2,119
2 098
2,151
2,196
2,050
2,060
2,069
2,083
2,099
2,110
1,292
1,296
1,312
1,330
1,356
1,398
77
78
78
77
78
80
2,061
2,057
2,066
2,075
2,090
2,101
2,108
1,293
1,285
1,293
1,305
1,349
1,368
1,376
78
77
78
81
81
81
81
559
695
$10
Large denomination currency
$1,000 $5,000 $10,000
Total
$50
$100
$500
1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5 998 8 529
6,561 9,696
6,565 9,819
6 450 9,665
6,617 9,940
6,734 10,194
2,048
3,044
7,834
8,850
8 438
8,985
9,146
9,136
9,136
9,192
460
724
2 327
2,548
2 422
2,669
2,732
2 720
2,736
2,771
919
1,433
4 220
5,070
5 043
5 447
5,581
5 612
5,641
5,704
191
261
454
428
368
343
333
321
307
292
425
556
801
782
588
512
486
464
438
407
20
24
7
5
4
4
4
3
3
32
46
24
17
12
10
11
15
12
14
2,069
2,085
2,084
2,089
2,146
2,188
6,520
6,581
6,533
6,533
6,726
6,662
9,979
10,055
10,013
9,975
10,177
10,187
8,946
8,977
8,984
9,003
9,079
9,208
2,695
2,701
2,696
2,695
2,725
2,777
5,570
5,596
5,611
5,632
5,677
5,752
281
280
279
279
279
280
388
388
386
385
386
384
3
4
4
4
3
3
8
8
9
9
8
13
2,044
2,044
2,047
2,035
2,081
2,081
2,064
6,331 9,721
6,355 9,724
6,377 9,792
6,319 9,750
6,465 9,910
6,489 10,019
6,450 10,056
9,049
9,011
9,014
9,000
9,018
9,033
9,037
2,711
2,692
2,689
2,682
2,690
2,701
2,705
5,668
5,651
5,656
5,651
5,662
5,669
5,671
277
276
277
275
275
275
274
381
380
381
379
378
377
376
3
3
3
9
8
8
9
8
9
8
I Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$20
3
3
3
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—July 31, 1958
June 30 1958
July 31 1957
Total outstanding As security
against
July 31,
gold and Treasury
1958
cash
silver
certificates
21,210
20,653
27,682
5,207
20,653
2557
12,423
73
55
488
2 231
192
2,231
I
F. R.
Banks
and
agents
17,805
2,816
1,243
379
685
692
759
June 30,
1958
July 31,
1957
32
26,366
4,773
32
26,342
4,798
32
26,225
4,676
7
(4)
23,076
23,220
24,386
July 31,
1958
270
268
255
250
76
15
29
25"
6
3
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. 1072.
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.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
For
F. R.
Banks
and
agents
2,173
1,349
489
314
2,201
1,346
487
317
2,114
1,319
476
318
119
59
120
59
131
61
19
1 451
511
347
120
60
Currency in circulation*
Held by
(4)
17,805
17,951
19,131
4,437
4,243
4,601
31,171
31,172
30,933
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.
1080
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM *
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
1957—June
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
6.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,713
21,690
21,949
22,620
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,985
5,008
5,066
5,106
58,642 41,082
42,148 21,957
54,564 22,157
26,605
64,653
30,387
167,381
160,832 43,023
171,667 60,366
85,730
210,988
217,437 100,031
223,742 110,120
221,454 110,938
5,741
10,328
23,105
29,049
128,417
107,086
96,560
104,819
96,736
93,161
89,114
5,499
8,199
19,417
25,511
101,288
81,199
72,894
77,728
70,052
66,523
64,548
216
1,998
2,484
2,254
24,262
22,559
20,778
24,932
24,785
24,915
23,016
26
131
1,204
1,284
2,867
3,328
2,888
2,159
,899
,723
,550
11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,439
20,670
20,461
21,402
64,698
48,465
75,171
90,637
191,785
188,148
199,009
237,686
244,135
250,757
249,180
55,776
42,029
68,359
82,811
180,806
175,348
184,384
218,882
224,943
230,510
227,576
8,922
6,436
6,812
7,826
10,979
12,800
14,624
18,806
19,193
20,246
21,605
1957—July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
28.
25.
30.
27.
31.
22,600
22,600
22,600
22,700
22.800
22,781
5,100
5,100
5,100
5,100
5,100
5,146
222,700
223,200
223,600
225,200
224,800
229,470
112,200
112,700
113,400
113,000
113,000
115,157
89,000
88,900
88,400
89,700
89,400
91,370
64,100
64,000
63,700
65,000
64,500
65,792
23,400
23,300
23,200
23,200
23.600
24,238
,500
,500
,500
,500
,400
,340
21,400
21,600
21,800
22,500
22,400
22,943
250,400
250,900
251,300
253,000
252,700
257,397
229,300
229,000
229,500
231,100
231,000
236,372
21,100
21,900
21,900
21,900
21,700
21,023
1958—Jan.
Feb.
Mar.
Apr.
May
June
July
29*
26*
26*
30*
28*
25*
30*
22,800
22,700
22,500
22,000
21,600
21,400
21,200
5,200
5,200
5,200
5,200
5,200
5,200
5,200
225,600
226,700
230,000
234,400
234,900
240.400
238,500
112,500
112,700
113,900
114,400
113,900
116,400
115,200
89,900
90,500
91,900
95,300
96,000
98,400
97,900
65,200
65,800
67,100
70,300
70,700
72,100
71,700
23,400
23,400
23,500
23,700
24,100
25,000
24,900
,300
,300
,300
,300
,300
,200
,300
23,100
23,500
24,300
24,800
25,000
25,600
25,500
253,500
254,600
257,700
261,600
261,700
266,900
265,000
231,800
232,500
235,500
239,200
238,900
244,300
242,200
21,800
22,100
22,200
22,500
22,800
22,700
22,800
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Date
Foreign
bank
deposits,
net
1929—June 29..
1933—June 30..
1939_Dec. 30..
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1950—Dec. 30..
1954—Dec. 31..
1955—Dec. 31..
1956—Dec. 31..
1957—June 6..
365
50
1,217
1,498
2,141
1,682
2,518
3,329
3,167
3,306
3,247
1957_July
Aug.
Sept.
Oct.
Nov.
Dec.
31.,
28.,
25.,
30.,
27.,
31..
3,300
3,200
3,300
3,300
3,200
3,270
1958—Jan.
Feb.
Mar.
Apr.
May
June
July
29*
26*
26*,
30*,
28*.
25*,
30*.
3,300
3,700
3,900
4,000
4,000
4,000
4,000
At
Treas- comAt
ury mercial
F. R.
cash
and
hold- savings Banks
ings
banks
Time deposits 2
Total
Total
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
796 4,510
767 4,038
775 4,038
792 3,625
36
35
634
867
977
870
668
563
394
441
473
54,790
40,828
63,254
76,336
150,793
170,008
176,916
209,684
216,577
221,950
219,439
28,611
21,656
27,059
27,729
48,452
56,411
59,247
75,282
78,378
82,224
85,715
19,557
10,849
15,258
15,884
30,135
35,249
36,314
46,844
48,359
50,577
53,605
8,905
9,621
10,523
10,532
15,385
17,746
20,009
26,302
28,129
30,000
30,647
149
1,186
1,278
1,313
2,932
3,416
2,923
2,136
',890
,647
,463
22,540
14,411
29,793
38,992
75,851
87,121
92,272
106,550
109,914
111,391
105,706
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,852
28,285
28,335
28,018
111,100 85,200 25 ,900
114,300 89,800 24 ,500
129,700 102,800 26 ,900
133,200 105,800 27 ,400
134,400 106,700 27 ,700
5
(s)
800
800
800
800
800
761
3,700
4,400
3,900
3,500
3,300
4,179
500
500
600
500
400
481
221,000
220,000
220,900
223,000
223,300
227,681
86,700
87,100
87,700
88,100
87,600
89,126
54,400
54,700
55,100
55,500
55.000
56,139
30,900
31,000
31,200
31,300
31,300
31,662
,400
,400
,400
400
300
325
106,600
105,100
105,500
107,200
107,200
110,254
27,800
27,800
27,800
27,800
28,500
28,301
136,000
134,700
133,900
134,200
134,000
133,200
108,000 28 ,000
106,800 27 ,900
106,200 27 ,700
106,500 27 ,700
105,900 28 ,100
105,100 28 ,100
800
700
700
700
700
700
700
2,400
3,800
5,800
5,400
5,700
9,700
4,300
500
400
600
600
400
500
600
224,800
223,900
224,500
228,400
228,100
229,400
232,700
89,800
90,900
92,500
93,600
94,600
95,900
96,700
56,600
57,600
58,800
59,900
60,700
61,700
62,400
31,900
32,100
32,400
32,500
32,700
33,000
33,100
,300 107,600
,300 105,600
,300 104,600
200 107,200
200 105,800
200 105,700
200 108,200
27,300
27,400
27,400
27,600
27,800
27,800
27,800
132,200
133,100
134,000
135,000
135,500
135,400
137,600
104,700 27 ,500
105,500 27 ,600
106,400 27 ,600
107,200 27 ,800
107,600 27 ,900
107,400 28 ,000
109,600 28 ,000
* 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.
* Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for July
1957, pp. 828-29.
Demand
Com- Mutual Postal
demercial savings Savings posits*
banks banks 3 System
Seasonally adjusted series'
C)
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
1081
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
TotaP
Interbank*
50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874
61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982
140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065
134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033
148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039
197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595
197,465 111,515 64,548 21,402 40,834 242,647 216,986 14,423
198,530 112,960 64,140 21,430 42,840 245,740 220,640 14,950
530 112
199,820 114,260 63,720 21,840 42,040 246,370 220,150 14,800
201,'"" 113
450 ",970 64,990 22,490 42,590 248,660 222,030 14,710
200, 910 114,060 64,460 22,390 43,600 249,150 222,380 14,550
203,849 115,115 65,792 22,943 49,318 257,864 233,020 17,022
201,780 113,400 65,240 23,140 41,950 248,540 222,430 14,830
202,880 113,580 65,770 23,530 42,290 250,060 223,590 15,130
205,990 114,610 67,120 24,260 42,220 253,130 226,810 15,560
210,290 115,220 70,310 24,760 43,730 259,000 232,360 16,320
2 1 0 , " 114
',790 70,670 24,980 42,000 257,240 230,280 15,980
440
214, 860 117,150 72,130 25,580 43,270 262,960 236,330 16,130
212,980 115,790 71,730 25,460 42,750 260,760 234,030 16,560
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 2 9 * . . . .
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
July 30*
40,668
50,746
124,019
116,284
126,675
165,123
164,515
165,380
166,320
167,900
167,270
170,068
167,650
168,580
171,410
175,560
175,440
179,660
177,560
17,238
21,714
26,083
38,057
52,249
90,302
91,028
92,340
93,400
92,970
92,940
93,899
92,02G
92,090
92,980
93,450
92,800
94,920
93,400
16,316
21,808
90,606
69,221
62,027
58,552
56,642
56,280
55,870
57,310
56,910
58,239
57,700
58,260
59,550
62,830
63,240
64,740
64,330
7,114
7,225
7,331
9,006
12,399
16,269
16,845
16,760
17,050
17,620
17,420
17,930
17,930
18,230
18,880
19,280
19,400
20,000
19,830
22,474
26,551
34,806
37,502
40,289
48,720
39,995
42,040
41,260
41,790
42,800
48,428
41,070
41,340
41,290
42,850
41,120
42,350
41,890
65,216
79,104
160,312
155,377
168,932
217,460
208,393
211,310
211,590
213,840
214,220
222,696
213,050
214,320
217,090
222,870
220,840
226,290
223,940
57,718
71,283
150,227
144,103
155,265
197,515
186,308
189,710
188,930
190,740
191,050
201,326
190,470
191,480
194,400
199,850
197,590
203,340
200,950
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
July 30*
33,941
43,521
107,183
97,846
107,424
138,768
137,808
138,573
139,315
140,475
139,882
142,353
140,122
141,130
143,874
147,485
147,272
151,386
149,280
13,962
18,021
22,775
32,628
44,705
78,034
78,448
79,621
80,608
80,155
80,097
80,950
79,160
79,225
80,089
80,423
79,713
81,707
80,179
14,328
19,539
78,338
57,914
52,365
47,575
45,829
45,490
45,007
46,158
45,823
47,079
46,599
47,280
48,572
51,505
51,916
53,470
53,028
5,651
5,961
6,070
7,304
10,355
13,159
13,531
13,462
13,700
14,162
13,962
14,324
14,363
14,625
15,213
15,557
15,643
16,209
16,073
19,782
23,123
29,845
32,845
35,524
42,906
35.270
37;137
36,399
36,935
37,862
42,746
36,151
36,457
36,395
37,834
36,210
37,385
36,864
55,361
68,121
138,304
132,060
144,660
184,874
176,507
179,151
179,283
181,109
181,440
188,828
180,150
181,522
184,191
189,304
187,301
192,584
190,132
49,340
61,717
129,670
122,528
133,089
167,906
157,593
160,652
159,759
161,229
161,536
170,637
160,793
161,908
164,745
169,551
167,367
172,914
170,425
10,216
10,379
16,208
18,641
21,346
31,940
32,950
33,150
33,500
33,550
33,640
33,782
34,130
34,300
34,580
34,730
35,000
35,200
35,420
4,927
4,901
4,279
4,944
8,137
19,777
20,487
20,620
20,860
21,000
21,120
21,216
21,380
21,490
21,630
21,770
21,990
22,230
22,390
3,101
3,704
10,682
11,978
10,868
7,971
7,906
7,860
7,850
7,680
550
552
540
510
7; 570
7,480
7,430
7,390
7,400
2,188
1,774
1,246
1,718
2,342
4,192
4,557
4,670
4,790
4,870
4,970
5,013
5,210
5,300
5,380
5,480
5,580
5,580
5,630
818
793
609
886
797
920
839
800
780
800
800
890
880
950
930
880
880
920
860
11,852
11,804
17,020
19,714
22,385
33,311
34,254
34,430
34,780
34,820
34,930
35,168
35,490
35,740
36,040
36,130
36,400
36,670
36,820
10,524
10,533
15,385
17,763
20,031
30,032
30,678
30,930
31,220
31,290
31,330
31,695
31,960
32,110
32,410
32,510
32,690
32,990
33,080
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1950—Dec. 30
1956—Dec. 31
1957_june 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—-Jan. 29*
Feb. 2 6 * . . . .
Mar. 26*
Apr. 30*
May 28*
June 25*
July 30*
v Preliminary.
1 All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise all
nonmember commercial banks and all member banks (including (1) one
bank in Alaska and one in the Virgin Islands that became members on
Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured nondeposit trust company, but excluding three mutual savings banks that
became members in 1941). Stock savings banks and uondeposit trust
companies are included with commercial banks. Number of banks includes a few noninsured banks for which asset and liability data are not
Demand
U.S.
Govt.
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 4 . . . .
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 2 9 * . . . .
Feb. 26*
Mar. 2 6 * . . . .
Apr. 30*
May 28*
June 25*
July 3 0 * . . . .
Total
capital
accounts
Number
of
banks
Time
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,736 125,308
3,320 114,659
3,390 116,690
3,580 115,160
3,180 117,100
3,040 118,190
3,903 123,993
2,150 116,680
3,500 115,040
5,560 114,210
5,180 118,190
5,420 115,260
9,460 115,790
3,990 117,700
25,852
26,479
45,613
53,105
56,513
80,908
84,584
85,610
86,610
87,040
86,600
88,102
88,770
89,920
91,480
92,670
93,620
94,950
95,780
8,194
8,414
10,542
11,948
13,837
19,249
19,879
20,000
20,210
20,450
20,540
20,428
20,560
20,700
20,830
20,910
21,040
21,140
21,310
15,035
14,826
14,553
14,714
14,650
14,167
14.144
14,135
14,128
14,113
14,102
14,090
14,081
14,076
14,078
14,071
14,065
14,056
14,040
9,874
10,982
14,065
13,032
14,039
17,593
14,421
14,950
14,800
14,710
14,550
17,021
14,830
15,130
15,560
16,320
15,980
16,130
16,560
32,513
44,349
105,921
1,343 94,367
2,806 101,917
3,733 125,282
3,318 114,633
3,390 116,660
3,580 115,130
3,180 117,070
3,040 118,160
3,8 123.967
2,150 116,650
3,500 115,010
5,560 114,180
5,180 118,160
5,420 115,230
9,460 115,760
3,990 117,670
15,331
15,952
30,241
35,360
36,503
50,908
53,937
54,710
55,420
55,780
55,300
56,440
56,840
57,840
59,100
60,190
60,960
61,990
62,730
6,885
7,173
8,950
10,059
11,590
16,302
16,837
16,970
17,140
17,380
17,440
17,368
17,470
17,580
17,710
17,810
17,920
18,010
18,150
14,484
14,278
14,011
14,181
14,121
13.640
13,619
13,610
13,603
13,588
13,578
13,568
13,561
13,556
13,558
13,551
13,545
13,536
13,521
9,410
10,525
13,640
12,403
13,448
16,855
13,736
14,236
14,095
14,008
13,841
16,328
14,237
14,550
14,977
15,720
15,402
15,508
15,921
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,292 106,850
2,932 97,612
3,090 99,425
3,189 97,997
2,777 99,704
2,681 100,648
3,472 105,547
1,855 99,109
3,163 97,759
5,097 97,141
4,818 100,584
4,891 98,000
8,832 98,550
626 ",262
3 , " ' 100
11,699
12,347
24,210
28,340
29,336
40,909
43,313
43,901
44,478
44,740
44,366
45,290
45,592
46,436
47,530
48,429
49,074
50,024
50,616
5,522
5,886
7,589
8.464
9,695
13,655
14,058
14,210
14,341
14,539
14,584
14,554
14,630
14,721
14,828
14,918
15,009
15,099
15,208
6,362
6,619
6,884
6,923
6,873
6,462
6,445
6,430
6,421
6,411
6,406
6,393
6,390
6,382
6,380
6,372
6,364
6,357
6,346
10,521
10,527
15,371
17,745
20,009
30,001
30,647
30,900
31,190
31,260
31,300
31,662
31,930
32,080
32,380
32,480
32,660
32,960
33,050
1,309
1,241
1,592
1,889
2,247
2,947
3,042
3,030
3,070
3,070
3,100
3,059
3,090
3,120
3,120
3,100
3,120
3,130
3,160
551
548
542
533
529
527
525
525
525
525
524
522
520
520
520
520
520
520
519
(5)
8
(5)
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
2 Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other notes see following two pages.
1082
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958_jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
July 30*
9,339
12,896
26,143
20,393
20,612
23,809
23,293
23,182
23,258
23,385
23,054
23,828
23,181
23,964
25,006
25,891
25,540
27,177
25,803
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar.26*
Apr. 30*
May 28*
June 25*
July 30*
2,105
2,760
5,931
5,088
5,569
6,473
6,266
6,234
6,261
6,273
6,275
6,446
6,211
6,261
6,492
6,647
6,484
6,846
6,576
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
July 30*
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1956—Dec. 31
1957—June 6
July 31
Sept. 25
Oct. 30
Nov. 27
Dec. 31
1958—Jan. 29*
Feb. 26*
Mar. 26*
Apr. 30*
May 28*
June 25*
July 30*
Loans
U.S.
Govt.
obligations
Other
securities
Cash
assets2
Deposits
Other
Interbank2
Total
capital
accounts
Demand
Number
of
banks
Time
U.S.
Govt.
Other
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
15,987 6,057
15,895 5,738
16,006 5,476
16,216 5,254
16,115 5,415
15,887 5,423
16,102 5,880
15,501 5,690
15,934 5,934
16,367 6,414
16,360 7,252
15,833 7,569
16,608 8,195
15,550 7,905
1,272
1,559
1,235
1,242
1,890
1,765
1,660
1,700
1,788
1,855
1,744
1,846
1,990
2,096
2,225
2,279
2,138
2,374
2,348
6,703
6,637
6,439
7,261
7,922
8,629
6,692
7,470
6,984
7,539
7,700
8,984
7,134
7,327
7,656
7,973
7,023
7,661
7,185
16,413
19,862
32,887
27,982
28,954
33,381
30,993
31,685
31,403
32,103
31,921
33,975
31,612
32,622
33,959
35,177
33,777
36,055
34,240
14,507
17,932
30,121
25,216
25,646
29,149
26,322
26,981
26,182
27,030
26,935
29,371
26,600
27,412
28,965
30,120
28,796
31,086
29,180
4,238
4,207
4,657
4,464
4,638
5,987
5,033
5,233
5,108
5,119
5,148
5,781
5,328
5,623
5,842
6,202
6,062
6,015
6,144
74
866
6,940
267
451
747
688
726
535
500
443
737
266
602
1,381
1,537
1,128
2,984
939
9,459
12,051
17,287
19,040
18,836
19,940
17,836
18,320
17,778
18,648
18,591
19,959
18,081
18,089
18,454
19,045
18,219
18,550
18,539
736
807
1,236
1,445
1,722
2,475
2,765
2,702
2,761
2,763
2,753
2,893
2,925
3,098
3,288
3,336
3,387
3,537
3,558
1,592
1,648
2,120
2,259
2,351
2,873
2,907
3,061
3,054
3,127
3,133
3,136
3,152
3,166
3,161
3,200
3,210
3,221
3,235
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
18
18
569
954
1,333
1,801
2,083
3,772
3,789
3,862
3,937
3,829
3,781
3,852
3,600
3,487
3,481
3,592
3,417
3,492
3,329
1,203
1,430
4,213
2,890
2,911
2,113
1,884
1,825
1,783
1,888
1,927
2,032
2,050
2,201
2,404
2,434
2,434
2,702
2,611
333
376
385
397
576
588
593
547
541
556
567
562
561
573
607
621
633
652
636
,446
,566
,489
,739
2,034
~,171
,821
,947
,939
,969
,938
2,083
,862
,927
,808
,873
,985
2,029
1,938
3,595
4,363
7,459
6,866
7,649
8,695
8,147
8,239
8,257
8,310
8,285
8,595
8,137
8,256
8,374
8,600
8,553
8,951
8,589
3,330
4,057
7,046
6,402
7,109
7,943
7,284
7,462
7,319
7,264
7,320
7,792
7,291
7,374
7,390
7,665
7,692
8,082
7,759
888
1,035
1,312
1,217
1,229
1,372
1,184
1,279
1,251
1,183
1,145
1,347
1,170
1,211
1,272
1,320
1,317
1,333
1,384
80
127
1,552
72
174
184
97
196
186
148
151
195
86
203
351
302
292
678
229
1,867
2,419
3,462
4,201
4,604
5,069
4,691
4,676
4,573
4,624
4,708
4,904
4,695
4,612
4,418
4,671
4,708
4,669
4,751
495
476
719
913
1,103
1,319
1,312
1,311
1,309
1,309
1,316
1,345
1,340
1,348
1,349
1,372
1,375
1,402
1,395
250
288
377
426
490
660
665
671
670
679
685
689
688
693
700
705
709
708
714
14
13
12
14
13
14
14
14
14
14
14
14
14
14
14
14
14
14
14
12,272
15,347
40,108
36,040
40,685
53,915
53,137
53,785
53,881
54,109
54,201
55,259
54,294
54,626
55,711
57,243
57,687
59,120
58,639
5,329
7,105
8,514
13,449
17,906
31,783
31,435
32,104
32,576
32,261
32,510
32,805
32,076
31,815
32,072
32,012
32,042
32,666
32,336
5,194
6,467
29,552
20,196
19,084
17,368
16,797
16,798
16,372
16,755
16,669
17,352
17,156
17,672
18,210
19,627
19,869
20,488
20,367
1,749
1,776
2,042
2,396
3,695
4,764
4,905
4,883
4,933
5,093
5,022
5,102
5,062
5,139
5,429
5,604
5,776
5,966
5,936
6,785
8,518
11,286
13,066
13,998
17,716
14,532
15,079
14,930
14,899
15,500
17,540
14,715
14,934
14,629
15,356
15,030
15,286
15,207
19,687
24,430
51,898
49,659
55,369
72,854
68,965
70,164
70,128
70,389
71,106
74,196
70,471
71,012
71,802
74,086
74,174
75,840
75,340
17,741
22,313
49,085
46,467
51,437
66,524
61,796
63,225
62,870
62,963
63,556
67,483
63,244
63,710
64,626
66,642
66,492
68,344
67,887
3,686
4,460
6,448
5,649
6,448
7,878
6,228
6,373
6,408
6,367
6,203
7,542
6,364
6,392
6,536
6,794
6,759
6,853
7,054
435
491
8,221
405
976
1,201
1,051
1,264
1,274
918
1,017
1,358
610
1,349
1,960
1,886
1,884
3,283
1,349
9,004
12,557
24,655
28,990
32,366
40,647
36.874
37,671
37,103
37,483
38,159
39,960
37,591
36,924
36,646
38,028
37,465
37,462
38,477
4,616
4,806
9,760
11,423
11,647
16,797
17,642
17,917
18,085
18,195
18,177
18,623
18,679
19,045
19,484
19,934
20,384
20,746
21,007
1,828
1,967
2,566
2,844
3,322
5,076
5,182
5,199
5,260
5,298
5,338
5,370
5,394
5,428
5,469
5,506
5,573
5,627
5,645
346
351
359
353
336
289
282
282
281
281
280
278
278
278
278
278
281
280
279
10,224
12,518
35,002
36,324
40,558
54,571
55,112
55,372
55,915
56,708
56,352
56,820
56,436
56,279
56,665
57,704
57,561
58,243
58,262
4,768
5,890
5,596
10,199
14,988
26,491
27,330
27,649
27,879
27,950
27,919
28,191
27,983
27,989
28,169
28,459
28,421
28,941
28,964
3,159
4,377
26,999
22,857
21,377
22,037
21,409
21,391
21,598
22,100
21,804
21,815
21,703
21,473
21,544
22,192
22,044
22,085
22,145
2,297
2,250
2,408
3,268
4,193
6,042
6,373
6,332
6,438
6,658
6,629
6,814
6,750
6,817
6,952
7,053
7,096
7,217
7,153
4,848
6,402
10,632
10,778
11,571
14,390
12,224
12,641
12,546
12,528
12,724
14,139
12,440
12,269
12,302
12,632
12,172
12,409
12,534
15,666
19,466
46,059
47,553
52,689
69,945
68,404
69,063
69,495
70,307
70,128
72,062
69,930
69,632
70,056
71,441
70,797
71,738
71,963
13,762
17,415
43,418
44,443
48,897
64,289
62,192
62,984
63,388
63,972
63,725
65,991
63,658
63,412
63,764
65,124
64,387
65,402
65,599
598
822
1,223
1,073
1,133
1,618
1,290
1,351
1,328
1,339
1,345
1,658
1,375
1,324
1,327
1,404
1,264
1,307
1,339
154
225
5,465
432
922
1,160
1,097
904
1,194
1,211
1,070
1,181
893
1,009
1,405
1,093
1,587
1,887
1,109
7,158
10,109
24,235
28,378
31,977
41,194
38,211
38,758
38,543
38,949
39,190
40,724
38,742
38,134
37,623
38,840
37,608
37,869
38,495
5,852
6,258
12,494
14,560
14,865
20,317
21,594
21,971
22,323
22,473
22,120
22,429
22,648
22,945
23,409
23,787
23,928
24,339
24,656
1,851
1,982
2,525
2,934
3,532
5,046
5,304
5,279
5,357
5,435
5,428
5,359
5,396
5,434
5,498
5,507
5,517
5,543
5,614
5,966
6,219
6,476
6,519
6,501
6,141
6,131
6,116
6,108
6,098
6,094
6,083
6,080
6,072
6,070
6,062
6,051
6,045
6,035
* 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
Total
assets—
Total
liabilities
2
and
capital Total
accounts 3
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million. Because preliminary data are rounded to the
nearest $10 million no amount is shown except on call dates.
For other notes see preceding and opposite pages.
1083
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
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Total
Loans
U.S.
Govt.
obligations
Total
assets—
Total
liaCash2 bilities
Other assets
and
secucapital Total*
rities
accounts3
Other
Interbank2
Total Numcapital ber
acof
counts banks
Demand
Time
U.S.
Govt.
Other
49,290
121,809
114,274
159,164
163,601
163,025
168,595
21,259
25,765
37,583
82,081
89,831
90,571
93,430
21,046
88,912
67,941
60,765
57,837
55,973
57,580
6,984
7,131
8,750
16,318
15,933
16,481
17,585
25,788
34,292
36,926
46,480
48,352
39,713
48,127
76,820
157,544
152,733
208,608
215,514
206,567
220,865
69,411
147,775
141,851
190,512
195,953
184,860
199,876
10,654
13,883
12,670
16,273
17,282
14,095
16,753
1,762
23,740
1,325
3,697
3,717
3,310
3,859
41,298
80,276
92,975
122,149
124,346
113,812
123,127
15,699
29,876
34,882
48,393
50,608
53,643
56,137
6,844
8,671
9,734
14,980
15,988
16,525
17,051
13,426
13,297
13,398
13,216
13,195
13,189
13,142
National member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
27,571
69,312
65,280
86,152
88,477
87,910
91,201
11,725
13,925
21,428
43,428
48,109
48,415
50,350
12,039
51,250
38,674
33,579
31,568
30,345
31,234
3,806
4,137
5,178
9,144
8,800
9,150
9,617
14,977
20,114
22,024
25,697
27,006
22,525
26,786
43,433
90,220
88,182
113,412
117,345
112,460
120,153
39,458
84,939
82,023
103,903
107,161
100,989
109,091
6,786
9,229
8,410
9,317
9,844
7,963
9,475
1,088
14,013
795
2,063
2,074
1,782
2,166
23,262
45,473
53,541
65,840
67,434
61,737
66,546
8,322
16,224
19,278
26,683
27,810
29,506
30,904
3,640
4,644
5,409
7,915
8,450
8,722
9,070
5,117
5,017
5,005
4,692
4,651
4,647
4,620
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec 31
1957—June 6
Dec. 31
15,950
37,871
32,566
49,208
50,291
49,898
51,152
6,295
8,850
11,200
27,554
29,924
30,034
30,600
7,500
27,089
19,240
17,118
16,007
15,483
15,846
2,155
1,933
2,125
4,536
4,359
4,381
4,707
8,145
9,731
10,822
15,719
15,900
12,745
15,960
24,688
48,084
43,879
66,002
67,530
64,047
68,676
22,259
44,730
40,505
59,854
60,744
56,605
61,545
3,739
4,411
3,993
6,549
7,012
5,773
6,853
621
8,166
381
1,264
1,218
1,150
1,306
13,874
24,168
27,068
39,559
39,416
35,874
39,001
4,025
7,986
9,062
12,482
13,098
13,807
14,386
2,246
2,945
3,055
4,868
5,205
5,337
5,483
1,502
1,867
1,918
1,851
1,811
1,798
1,773
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
5,776
14,639
16,444
23,829
24,859
25,243
26,268
3,241
2,992
4,958
11,108
11,808
12,134
12,493
1,509
10,584
10,039
10,081
10,274
10,156
10,512
1,025 2,668
1,063 4,448
1,448 4,083
2,640 5,067
2,777 5,448
2,953 4,446
3,264 5,383
8,708
19,256
20,691
29,220
30,667
30,088
32,066
7,702
18,119
19,340
26,779
28,073
27,292
29,266
129
244
266
408
427
359
425
53
1,560
149
370
425
378
388
4,162
10,635
12,366
16,749
17,497
16,200
17,580
3,360
5,680
6,558
9,252
9,724
10,355
10,873
959
1,083
1,271
2,199
2,336
2,469
2,500
6,810
6,416
6,478
6,677
6,737
6,748
6,753
1,457
2,211
2,009
1,716
1,521
1,490
1,473
455
318
474
520
471
457
468
761
1,693
1,280
827
714
669
660
241
200
255
370
336
364
345
763
514
576
357
369
282
301
2,283
2,768
2,643
2,126
1,946
1,825
1,831
1,872
2,452
2,251
1,742
1,562
1,448
1,449
329
181
363
370
310
326
268
1,291
1,905
18
1,392
12
1,039
16
936
8
821
840
39
253
365
478
322
300
294
303
329
279
325
320
313
312
317
852
714
783
499
444
429
425
7,233
16,849
18,454
25,546
26,381
26,733
27,741
3,696
3,310
5,432
11,628
12,279
12,591
12,961
2,270
12,277
11,318
10,908
10,989
10,825
11,172
1,266
1,262
1,703
3,010
3,113
3,317
3,608
3,431
4,962
4,659
5,424
5,817
4,728
5,684
10,992
22,024
23,334
31,347
32,613
31,913
33,897
9,573
20,571
21,591
28,522
29,635
28,740
30,715
457
425
629
778
737
685
692
5,504
3,613
14,101
6,045
167 13,758 7,036
382 17,788 9,574
440 18,433 10,024
385 17,021 10,649
427 18,420 11,176
1,288
1,362
1,596
2,519
2,649
2,781
2,817
7,662
7,130
7,261
7,176
7,181
7,177
7,178
1,693
10,846
12,683
22,331
24,170
25,185
26,535
642
3,081
3,560
13,563
15,542
16,228
17,194
629
7,160
8,165
5,858
5,518
5,505
5,404
421
606
958
2,910
3,110
3,452
3,937
151
429
675
785
739
672
719
1,958
11,424
13,499
23,458
25,282
26,241
27,671
1,789
10,363
12,207
21,237
22,886
23,578
25,022
1,789
10,351
12,192
21,182
22,857
23,549
24,991
164
1,034
1,252
2,006
2,130
2,240
2,308
52
192
194
220
223
234
239
8,687
5,361
5,957
7,567
7,770
7,765
7,246
4,259
1,198
1,384
3,893
4,235
4,259
4,022
3,075
3,522
3,813
2,601
2,453
2,401
2,148
1,353
641
760
1,072
1,082
1,105
1,076
642
180
211
180
182
167
171
9,846
5,596
6,215
7,816
8,028
8,013
7,497
8,744
5,022
5,556
6,950
7,146
7,100
6,672
8,738
5,020
5,553
6,947
7,143
7,098
6,671
1,077
558
637
806
817
802
751
496
350
339
307
304
291
283
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3M
1955—Dec. 31
1956—Dec. 31
1957—June 6
Dec. 31
For other notes see preceding two pages.
12
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
1084
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
CommerTotal
cial,
loans
inand
clud- Agriculinvest- Total 2 ing
ments
open tural
market
paper
Loans for
purchasing
or carrying
securities
To
brok- To
ers
and othdeal- ers
ers
Investments
U. S. Government obligations
ObligaOther
tions
Direct
loans
of
Real
to
States Other
esin- Other Total
and secuCertifitate
Guar- polit- rities
di- loans
cates
loans vidTotal
anical
of in- Notes Bonds teed subuals
Bills debtdiviedsions
ness
All commercial
banks: 3
1947_Dec. 31...
1956—Dec. 31...
1957—June 6...
Dec. 31...
1958—Mar. 4«..
16,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,034 53 ,191
. ..
58,552 5,924 1,997 11,823 38 ,796
1,691 22,509 18 ,850 3,343 74 ,
65,123 90,302 38,720 ',161 2,589 :
,508 3 623 73,487 56,642 4,761 3,665 10,070 38 ,137
64,515 91,028 39,020 4 ,077 2,274 1,634 22j 530 19
70,068 93,899 40,
,526 4 ,066 2,601 1,620 23,110 20 ,217 3,533 76,169 58,239 5,405 4,813 10,608 37 ,406
58,790 5,120 3,650 10,500 39 ,510
70,040 92,670 38,
,580 4 ,200 2,740 1,660 23,110 19 ,700 4,470 77
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947 Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
28,031 21,046
4,545
49,290 21,259 9,214 1,450 614 662 4,773
_,_
88
:21,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912
1 "'
14,274 37,583 18.012 1 ,610
'
" 823 1,190 9,266 5,654 1,028 76.691 67,941
63,601 89,831 38J5714 ,101 2,565 1,669 22,394 18,765 3J325 73,770 57,837
57
3,599 72,454
63,025 90,571 38,
,870 4,027 2,251 1,613 22,427 19,4213,
68,595 93,430 40,
64 57^580
',380 4,015 2,569 1,601 23,003 20,122 3,
Member banks,
total:
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1956—Dec. 31....
1957—June 6....
Dec. 31....
1958—Mar. 4....
43,521
107,183
97,846
138,768
137,808
142,353
'42,571
18,021 8,671
972 594 598
22,775 8,949 855 3,133 3,378
32,628 16,962 1 ,046 811 1,065
78,034 36,296 2^78 2
.
:,447 1,473
78,448 36,500 2,453 2,132 1,416
80,950 37,
2,448 1, 409
:,472
79,784 35,936 2 ,615 2,586 1,457
988
2,455
2,124
5,763
4,658
5,290
19,071
7.552
1,981
3,610
4,758
25,500 1 ,
19,539 971
3,494
3, 692
78,338 275 16,985
3,455 1,900 1 ,104 84,408 78,
7,130 4,662 952 65,218 57,914 1,987 5,816
17,811 15,765 3,147 60J34 47 ,575 4,383 1,469
17,768 16,229 3,399 59,360 45 ,829 3,439 2,798
403 47,079 3,948 3,534
18,231 16,
,316
18,259 16,270 4-,251 62,'787 47,867 3,700 2,396
3,159
16,045
5,918
11,
9,967
10,493
123
80
111
617
567
565
559
287
564
1,558
1,516
1,513
1,459
52
233
87
97
96
97
92
22
36
46
134
135
143
150
51
149
439
430
425
345
4,072
7,334
7,179
15,987
15,895
16,102
16,208
2,807
3,044
5,361
11,266
11,344
11,651
11,252
2,760
5,931
5,088
6,473
6,266
6,446
6,359
954
1,333
1,801
3,772
3,789
3,852
3,492
732
760
1.418
2,781
2,859
2,903
2,676
banks:
31....
31....
31....
31....
6....
31....
4....
15,347 7,105
40,108 8,514
36,040 13,449
53,915 31,783
53,137 31,435
55,259 32,805
55,226 32,054
3,456
3,661
7,088
15,170
14,919
15,702
14,639
300
205
225
489
495
494
504
Country banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_june 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
12,518 5,890
35,002 5,596
36,324 10,199
54,571 26,491
55,112 27,330
56,820 28,191
56,321 28,030
1,676
1,484
3,096
7,080
7,378
7,613
7 , 369
-"
659
648
818
,972
1,949
1,970
",102
2
20
42
23
334
312
365
295
183
471
227
261
259
252
256
18,454
26,381
26,733
27,741
1,205 614
2,424 1 ,683
,424
2,519 1,625
2,657 1,594
20
143
143
153
156
218
219
211
Chicago:*
1941—Dec. 31....
1945—Dec. 31....
1947_Dec. 31....
1956—Dec. 31....
1957—June 6
Dec. 31....
1958—Mar. 4....
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957_j U ne
Dec.
1958—Mar.
Nonmember com-3
mercial banks:
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_june 6 . . . .
Dec. 3 1 . . . .
5,43:
12,279
12,591
12,961
8,823 7,265
554
7,574
298 18,809 17;
412 169
2,453 1 ,172
545 267
1,409 402
1,152 389
1,280 387
1,433
396
12,896
26,143
20.393
23,809
23,293
23,828
24,664
48
211
73
203
172
200
153
95
40
26
178
184
180
174
311
477 3,433
13.214 11,972 1,002
3.214
640
7; 822 6,057 724
194
685
219
7,398 5,738
214
7,726 5,880 648
168
8,457 6,295 733
1,806
4,598
3,287
2,701
2,477
2,594
2,867
1,430
4,213
2,890
2,113
1,884
2,032
2,266
256
133 1,467
132
235
112
42
75
74
65
126
265
68
1,623
3,325
558
976
781
1,093
1,037
153
749
248
316
223
313
324
830
629
604
358
349
411
516
119
182
181
213
440
460
408
451
193
204
185
148
133
154
150
4,248 1,173
15,878
5
15,560
3
11,995
4
11,819
3
11,760
2
12,790
1
956
1,126
1,342
3,820
3,888
4,027
4,104
820
916
1,053
944
1,017
1,075
1,125
861
9
6
4
4
4
4
2,006
4,827
5,109
5,365
5,440
903
1,864
2,274
1,643
1,513
1,528
1,609
6,982
2,358
441
1,179
1,285
775
751
5,653
1,901
3,742
3,038
3,297
3,426
1,823
1,881
3,827
9,407
9,586
9,856
9,906
6,628 4,377 110
1,530
707 363 29;407 26,999 630
1,979 229 26,125 22,857 480
7,256 631 28,080 22,037 2,362
080
7,653
669 27,782 21,409 1,920
7,944 713 281629 21,815 2,226
28 "
7,840 791 28,292 21,363 1,752
5,102
2,583
792
1,326
1,909
1,385
481 2,926
6,713
4,544 16
2,108 17,681
4,458 14,420
",248
3,910 14
3,857 13 ,819
3,718 14,506
2,266
4,708
4,773
4,891
1,061
3,085
3,278
3,442
111
196
224
217
13,021
14,102
14,141
14,780
3,651 3,333
3,873 3,258
5,129 3.621
12,675 3; 258
",386
13,095 3
13,
,688 3 ,897
3,652 1,679
729
10,337
1
606
9,771
638
4,160
1,406
4,052
1,311
3,924
1,435
4,357
1,645
8,243 6,467 295
1,512
114 194 1,527
594 19,552 ,034
427 1,503 1,459
855 404 31,594 29
-,591 20,196 373
366 22
170 484 3,147 1,969
501 712 7,654 6,512 1,289 22 ,132 17,368 1,185
.
496 672 7,481 6,630 1,300 21,702:16,797 758
603 673 7,667 6,893 1,370 22,454 17,352 1,009
'
—I
705 712 7,645 6,627 1,826 23,172 17 942 950
• Estimated.
1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings banks
became members of the Federal Reserve System; these banks are in-
330
1,049
1,245
1,053
1,460
12,797 4,102
22
14
,358
13
,730
8
37
7
37 ,031
51
-,321
52 ,334
3,007 11,729 3,832 3,090 2,871
"',792
14,271 44
16 3,254 2,815
4,815 45 ,286
10 4,199 3
199 3,105
9,493 32 ,218
12 10,494 2,665
7,952 31 ,632
8 10,""* 2 ,763
768
8,560 31 ,031
7 11, 235 3 ,089
8,504 33 ,262
5 11,641 3,279
New York City:*
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1956—Dec. 31....
1957—June 6....
Dec. 31....
1958—Mar. 4....
,276 3 ,729
5,
12,901 3,368
13,314 ,531
13,915 4 ,014
14,360 4 ,220
11,318 206 1,973 1,219 7,916
10,989 1,541
528 2,330 6,588
10,825 1,323
867 2,119 6,515
11,172 1,457 1,279 2,049 6,385
1,222 1,028
1,342 ,067
1 ,262
1,215
1,265
1,449
1,488
1,078 625
2,409 704
2,548 f769
2,682 T926
cluded in member banks but are not included in all insured commercial
banks or all commercial banks. Comparability of figures for classes of
banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual
banks, and by mergers, etc.
For other notes see opposite page.
COMMERCIAL BANKS
1085
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Jve-
Class of bank
and
call date
BalDeserves
ances mand
with Cash with
dein
Federal
dovault mestic posits
Readserve
banks 5 justed ^
Banks
Do]Formestics eign
CertiIndiIndiU.S. States viduals, Bor- Capified viduals,
States
tal
and
and partner- Inter- Govt. polit- partner- row- acand
U.S. political offiand
ships, bank Postal ical ships, ings counts
Govt. subdi- cers* and corSav- subdi- and corvisions checks, poraings visions poraetc.
tions
tions
11,362
14,338
11,247
13,867
12,130
1,343
3,733
3,318
3,898
3,630
Interbank
deposits
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4«...
17,796
18,706
18,500
18,972
18,570
2,216
3,261
2,737
3,335
2,650
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,706
18,500
18,972
1,358 8,570 37,845 9,823
673 1,762 3,677
1,829 11,075 74,722 12,566 1,248 23,740 5,098
2,145 9,736 85,751 11,236 1,379 1,325 6,692
3,237 12,490 110,487 14,226 1,755 3,717 10,350
2,717 9,515 104,904 11,127 1,581 3,310 10,500
3,311 12,079 109,439 13,752 1,736 3,859 10,594
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957_june 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
12,396
15,811
17,797
18,707
18,501
18,973
18,569
1,087
1,438
1,672
2,487
2,065
2,536
2,015
6,246
7,117
6,270
8,124
5,931
7,806
6,690
33,754
64,184
73,528
93,320
88,912
92,191
88,779
9,714
12,333
10,978
13,818
10,799
13,356
11,703
New York City:*
1941 Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
5 105
4,015
4,639
4,375
4,080
4,564
4,230
93
111
151
161
143
158
127
141
78
70
99
45
110
55
10 761
15,065
16,653
15,974
15,450
15,849
15,483
Chicago:*
1941—Dec.
1945 Dec.
1947—Dec.
1956—Dec.
1957—June
Dec.
1958—Mar.
31
31....
31
31....
6....
31....
4....
1,021
942
1,070
1,158
1,089
1,071
1,144
43
36
30
37
28
39
32
298
200
175
174
95
148
99
Reserve city banks:
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . . .
4,060
6,326
7,095
7,649
7,701
7,763
7,523
425
494
562
787
653
790
628
Country banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1957—June 6 . . . .
Dec. 3 1 . . . .
1958—Mar. 4 . . .
2,210
4,527
4,993
5,526
5,631
5,576
5,672
Nonmember commercial banks: 3
1947_Dec. 31
1956 Dec 31
1957—June 6
Dec. 31
10,216
12,813
9,761
12,342
10,830
87,123
111,405
105,713
110,266
105,930
1,430
1,794
1,618
1,769
1,570
6,799
10,449
10,603
10,693
10,630
2,581
3,785
2,852
3,620
3,110
84,987
111,048
101,177
109,653
102,670
240
1,460
1,556
1,385
2,140
1,077 36,544
158
2,585 72,593
70
2,559 83,723
54
3,744 110,252 1,301
2,829 100,483 1,388
3,597 108,936 1,264
111
330
331
301
280
866
2,384
2,712
2,773
3,180
34,383
65 10,059
48,193
75 16,302
50,893 1,446 16,837
53,366
77 17,368
54,760 1,170 17,660
59
492 15,146
10 6,844
103
496 29,277 215 8,671
111
826 33,946
61 9,734
330 2,329 47,949
56 15,988
331 2,652 50,660 1,430 16,525
301 2,717 53,120
66 17,052
1,709
22,179
1,176
3,292
2,932
3,472
3,231
3,066
4,240
5,504
8,211
8,371
8,412
8,430
1,009
2,450
2,401
3,475
2,616
3,331
2,831
33,061
62,950
72,704
95,163
86,624
93,804
87,729
140
64
50
1,289
1,369
1,246
2,004
50
99
105
301
302
275
242
418
399
693
1,839
2,128
2,170
2,558
11,878
4 5,886
23,712 208 7,589
27,542
54 8.464
38,769
48 13,655
40,883 1,374 14,058
42,845
57 14,554
43,936 1,144 14,795
3 595
3,535
3,236
3,622
2,775
3,480
2,979
607
866
1,105 6,940
1,217
267
1,400
747
1,249
688
1,389
737
1,224
792
319
237
290
286
261
299
370
450
1,338
1,105
1,172
914
1,284
1,226
11,282
6
15,712
17
17,646
12
18,482
965
16,660 1,009
18,377
912
17,012 1,523
10
12
36
36
24
23
29
20
14
44
67
56
161
778
1 648
1,206 " l 9 5 2^120
1,418
30 2,259
2,395
2 2,873
2,662 326 2,907
2,813
2 3,136
2,959 470 3,161
2,215
3 153
3,737
4,272
4,087
4,084
3,945
1,027
292
,196
1,318
1,133
1,293
1,167
8
127
20 1 552
21 ' 72
184
46
35
97
40
195
36
192
233
237
285
294
459
333
357
34
66
63
85
80
77
73
2,152
3 160
3,853
4,690
4,152
4,493
4,161
7
16
15
38
2
5
4
3
3
9
12
10
10
10
2,590
2,174
2,125
2,656
1,825
2,585
2,046
11,117
22,372
25,714
34,046
32,549
33,583
32,251
4 302
6,307
5,497
7,298
5,648
6,962
6,200
54
110
131
286
266
279
256
491
8,221
405
1,201
1,051
1,358
1,278
1 144
1,763
2,282
3,092
2,911
3,111
2,989
286
611
705
1,036
787
943
721
11 127
22,281
26,003
36,519
33,177
35,906
33,418
104
30
22
294
314
301
423
526
796
929
1,502
1,241
1,549
1,228
3,216
4,665
3,900
5,194
3,966
4,964
4,491
9,661
23,595
27,424
39,028
36,827
38,676
37,100
790
1,199
1,049
1,580
1,243
1,621
1,358
2
8
7
16
18
18
17
225
5,465
432
1,160
1,097
1,181
969
1,370
2,004
2,647
4,538
4,740
4,669
4,714
239
435
528
1,183
835
1,027
811
8,500
21,797
25,203
35,473
32,635
35,029
33,138
30
17
17
22
30
18
19
544
774
672
799
3,947
4 690
3 831
4,536
13,595
18 085
16 801
18,075
448
385
521
55
45
50
43
167
440
385
427
1,295
2,238
2*232
2,282
180
310
236
289
12,284
15 885
14 553
15,849
190
171
187
138
511
671
1,243
1,375
1,749
1,568
1,726
[,532
2 Beginning June 30, 1948, figures for various loan items are shown
gross (i.e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans
continue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
Time deposits
476
719
902
1,302
1,298
1,332
1,339
4
101
4
158
288
377
426
660
665
689
695
20
243 4,542
160 9,563
38
45
332 11,045
114
935 15,748
120 1,089 16,432
113 1,175 17,335
85 1,340 17,740
2
1
21
681
21
423
1 967
2,566
2,844
5,076
5,182
5,370
5,433
31
146
52
219
45
337
146
847
142
962
135
928
130 1,047
6,082
12,224
14,177
19,324
20,491
21,366
21,897
4
11
23
21
267
30
93
1,982
2,525
2,934
5,046
5,304
5,359
5,506
172 6,858
546 9,449
584 10,035
603 10,546
12
27
72
21
1,596
2 649
2,781
2,818
6
29
30
27
4
Central reserve city banks.
5 Beginning June 30,1942, excludes reciprocal bank balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
6 Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
1086
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1
U. S. Government obligations
For purchasing
or carrying securities
Loans
Total
Cerand
Other Loans
loans investComtifiTo brokers To others
to
secuand
merMonth or date
cates
Real Other
invest- ments Loans cial Agri- and dealers
2 rities banks
Total Bills of in- Notes Bonds
adadculestate
ments justed i justed 1 and tural
debtloans loans
indusedU.S.
U.S.
trial
ness
Govt. Other Govt. Other
ob- cunobliga- ties liga- ties
tions
Total—
Leading Cities
1957
1,501 1,628 3,647 18,145 7,598 1,254
•. 87,570 86,316 53,797 31,558
426
1,689
1,132
8,682 11,36824,921
95,723 94,254 52,736 29,403
96,420 94,859 51,926 29,216
Aug
524
560
2,496
1,861
1,400
1,245
8,930 11,163 32,227 2,024 1,648 6,927 21,628 9,291
9,028 11,19833,509 1,770 4,578 7,011 20,150 9,424
,469
,561
96,756
96,141
95,547
95,319
94,855
95,262
94,522
94,153
93,825
93,512
53,513 29 ,861
52,941 29,611
52,696 29
",425
52,378 29 ,119
52,156 29 ,001
510
514
520
532
544
2,819
2,510
2,405
2,438
2,308
1,433
1,427
1,417
1,377
1,344
8,890
8,901
8,942
8,950
8,970
11,18232,575 2,294
11,159 32,337 2,093
,
" 16632,154 1,923
11,
11,14232,066 1,888
11,168 32,002 1,923
1,650
1,633
1,619
1,672
1,663
6,868
6,896
6,930
6,953
6,988
21,763
21,715
21,682
21,553
21,428
9,174
9,244
9,303
9,381
9,354
,494
,619
,394
,494
,343
97,090
96,533
96,098
95,961
95,466
94,890
94,756
94,327
51,920 29 ,056
51,
,826 29,121
52,045 29,358
51,916 29,331
541
556
574
570
2,075
1,894
1,809
1,665
1,275
1,240
1,232
1,234
8,967
9,019
9,059
9,067
11,187 34,172 2,149
11,178 33,665 1,830
11,19533,297 1,651
11,23232,902 1,451
4,687
4,631
4,540
4,453
7,015
7,050
7,005
6,974
20,321
20,154
20,101
20,024
9,374
9,399
9,414
9,509
,624
,643
,342
,634
199
735
3,904 1,728
618
958
310 1,720
633 1,239 1,708
4,983 2,309
4,668 2,408
834
722
1958
July
Aug
1958
July
2
9
16
23
30
Aug. 6
13
20
27
New York City
1957
874
373
555 2,144 5,179
518 1,066
936
352
345
548
554
2,173 7,971
2,191 8,248
695
495
439
519
442
,093
1,110
1,072
1,052
1,005
358
354
352
347
347
536
541
552
557
556
2,181
2,166
2,175
2,168
2,176
8,194 1,144
7,990 962
7,958 948
7,913 912
7,802 825
377
285
186
139
958
958
928
899
343
346
343
346
540
552
561
565
2,184
2,190
2,185
2,205
8,604
8,330
8,124
7,933
23,064 22,446 15,539 11,789
115
26,261 25,427 15,147 10,764
25,930 25,208 14,552 10,607
Aug
247
26,901
26,348
26,189
26,103
25,764
26,093
25,534
25,357
25,246
24,907
15,651 11,064
15,253 10,867
15,088 10,769
14,982 10,607
'-,514
14,762 10
26,338
26,018
25,740
25,625
25,658
25,303
25,069
24,802
14,685
14,578
14,533
14,413
341
1958
July
Aug
July
Au8
1958
2
9
16
23
30
i!::::::::
20
27
10,596
10,578
10,662
10,593
904
671
517
437
302
309
292
323
325
1,736
1,745
1,752
1,683
1,682
5,012
4,974
4,966
4,995
4,970
2,248
2,291
2,311
2,351
2,343
808
814
832
857
857
1,306
1,261
1,229
1,162
1,691
1,721
1,715
1,706
4,703
4,677
4,663
4,628
2,369
2,395
2,412
2,456
680
715
671
823
Outside
New York City
1957
Aug
64,506 63,870 38,258 19,769
425
700
750
8,127
9,22419,742 1,160 1,429 2,912 14,241 5,870
636
69,462 68,827 37,589 18,639
70,490 69,651 37,374 18,609
523
559
912
678
961
867
8,382
8,474
8,99024,256 1,066 1,338 5,207 16,645 6,982
9,007 25,261 1,137 3,339 5,303 15,482 7,016
635
839
69,855
69,793
69,358
69,216
69,091
69,169
68,988
68,796
68,579
68,605
37,862
37,688
37,608
37,396
37,394
18,797
18,744
18,656
18,512
18,487
509
513
519
531
543
1,031
905
894
867
861
989
991
975
937
915
8,354
8,360
8,390
8,393
8,414
9,00124 ,381 ,150 1,348 5,132 16,751 6,926
8,99324 ,347 ,131 1,324 5,151 16,741 6,953
8,99124 ,196 975 1,327 5,178 16,716 6,992
8,97424 ,153 976 1,349 5,270 16,558 7,030
8,99224 ,200 1,098 1,338 5,306 16,458 7,011
686
805
562
637
486
70,752
70,515
70.358
70,336
69,808
69,587
69,687
69,525
37,235 18,460
37,248 18,543
37,512 18
18,696
37,503 18,738
540
555
573
569
740
651
695
627
884
864
860
861
8,427
8,467
8,498
8,502
9,003 25,568
8,98825,335
9,01025,173
9,02724.969
944
928
671
811
1958
July
Aug
1958
July
2
9
16
23
30
Aug. 6
13
20
27
i Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
1,245
1,159
1,134
1,014
3,381
3,370
3,311
3,291
2 Includes guaranteed obligations.
See also NOTE on opposite page.
5,324
5,329
5,290
5,268
15,618
15,477
15,438
15,396
7,005
7,004
7,002
7,053
1087
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
Time deposits,
except interbank
Interbank
deposits
BalDeIndiIndiDemand
Revidvidserves Cash ances mand uals, States Certidewith
uals, States U.S.
with
and
fied
and
posits part- polit- and
doin
part- polit- Govt.
F. R.
mestic adnernerand
Banks vault banks justed1 ships, ical
offi- U.S. ships, ical
Govt.
Postal Dosubcers'
subForand
and
divi- checks,
divi- Sav- meseign
corcorings
tic
pora- sions etc.
pora- sions
tions
tions
Borrowings
Time
Capital
acFrom From counts
F. R. others
Banks
TotalLeading Cities
1957
13,031
991
2,355 54,808 57,399 3,916 1,909 2,126 21,279 1,131
186 10,436 1,733 1,209
557
816 9,419
13,208
13,069
Aug
993 2,768 55,629 58,267 4,221 2,399 4,185 24,282 1,910
981 2,498 55,628 58,074 4,127 1,944 4,129 24,472 1,841
167 11,738 1,589 2,168
168 11,568 1,614 2,110
63
154
^782 9,979
972 10,033
1958
July
Aug
1958
July
13,318
968 2,962 54,560 57 ,176
13,122 1,003 2,722 54,844 57 ,352
13,370
984 2,780 55, 654 59,376
13,224
56i440 58 ,910
990 2,662 56,
13,007 1,022 2,713 56,647 58,520
2
9
16
23
30
Aue
-it::::::::::
20
4,426
4,277
4,054
4,124
4,222
2,474
2,144
2,222
3,006
2,149
6,372 24 ,168
4,641 24,199
4,031 24,322
3,185 ~',347
24
2,695 24;
,376
1,956
1,943
1,882
1,883
ir~
171
166
166
168
168
12,061
12,123
11,899
11,389
11,222
1,530
1,486
1,655
1,647
1,627
2,206
13,103
906 2,573 55,763 57,650
13,156 1,010 2,575 55,584 58,870
13,096
969 2,500 55,323 57,838
12,921 1,040 2,343 55,844 57,936
4,271
4,051
4,061
4,124
2,157
1,948
1,881
1,795
4,353 24 ,461
4,076 24 ,478
,460
4,:
3,734 24 ,487
1,876
1,868
1,825
1,797
168
169
168
168
11,859
11,956
11,426
11,030
1,643
1,608
1,592
1,612
2,119
2,098
2,105
2,120
964
35 2,768 1,425
901
2,127
2,132
2,131
52 783 9,976
100 1,049 9,990
677 9,959
78
805 9,969
28
597 9,998
58
IWi
985 10,026
215
101 1,077 10,032
837 10,027
192
989 10,046
109
27
New York City
1957
4,039
139
43 15,131 16,536
245
598 2,508
74
4,08!
3,982
143
140
15,338 16,896
48 15,175 16,542
294 1,349 1,583 3,235
296
957 1,454 3,245
251
214
3,291
3,021
1,270 1,728
1,258 1,679
4,212
4,100
3,947
4,087
4,063
155
149
137
136
14:
44 15,059
15,019
15,316
15,621
15,675
16,693
16,566
16,951
17,159
17,110
284
293
330
325
236
3,216
3,209
3,248
3,244
3,259
271
273
238
236
238
3,432
3,361
3,228
3,286
3,146
1,230
1,191
1,335
1,317
1,279
1,752
1,783
1,698
1,705
1,702
4,100
3,976
3,954
3,898
139
143
134
143
15,217
15,133
15,081
15,271
16,428
16,620
16,448
16,674
275 1,159 1,654 3,249
954 1,510 3,246
298
900 1,450 3,235
299
815 1,200 3,248
313
229
227
207
195
3,108
3,088
2,964
2,925
1,288
1,249
1,242
1,256
1,689
1,675
1,672
1,681
8,99:
85:
1,528 18,771 1,057
151 7,668
308
9,126
9,087
850 2,716 40,291 41,371 3,927 1,050 2,602 21,047
841 2,450 40,453 41,53f 3,831
98"' 2,675 21,227
,659
,62"
140 8,447
141 8,547
9,106
9,022
9,423
9,137
8,944
813
854
84'
85880
2,918 39 ,501 40,483
2,67: 39,825 40,786
2,723 40,338 42,425
42
2,608 40,819 41,751
40
2,659 40,972 41
',410
4,14!
3,984
3,724
3,799
3,986
20 ,95:
20 ,990
21,074
21
21,103
21,117
,685
,670
,644
,647
,650
144
140
140
140
140
9,003
9,180
9,142
9,023
767
867
835
89'
2,527 40,546 41 ,222
2,527 40,451 42,250
2,444 40,242 41,390
40
2,301 40,573 41,262
3,996
3,753
3,762
3,811
2,699 21,21:
2,566 21,23:
902 21,225
534 21,239
,647
,641
,618
,602
140
141
14:
144
112
406
3,030
Aug
1958
July
1
51
349 3,206
472 3,223
Aug
1958
July
2
9
16
23
30
Aug
-.!:::::::::::
20
27
,325
,123
,162
,969
,167
2,498
1,752
1,554
1,176
934
7
380
562
222
309
274
3,204
3,206
3,205
3,209
3,206
120
3
71
11
553
543
425
365
3,225
3,226
3,219
3,221
308
445
410 6,389
319
356
440
431
62
103
433 6,773
500 6,810
8,629
8,762
8,671
8,103
8,076
300
295
320
330
348
454
459
429
427
429
52
100
78
28
51
403
487
455
496
323
6,772
6,784
6,754
6,760
6,792
8,751
8,868
8,462
8,105
35;
359
350
356
430
423
433
439
95
98
121
98
432
534
41:
624
6,801
6,806
6,808
6,825
Outside
New York City
1957
Aug
2,312 39,677 40,863 3,671
945
1958
July
Aug
1958
July
2
9
16
23
30
Aug
- if:::::::::::
20
27
1,149 3,874
1,021 2,889
1,060 2,477
1,037 2,009
98" 1,761
998
994
981
980
1 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55.
1088
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, (—). In millions of dollars]
Manufacturing and mining
Period*
Food, Textiles,
liquor, apparel,
and
and
tobacco leather
Other
Commodity
dealers
Sales
finance
companies
146
327
171
178
-461
469
589
704
384
27
134
106
143
370
1,257
3,050
1,078
53,206
-386
739
-322
98
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
-1
-8
-539
420
366
-108
513
183
-12
-49
-54
58
1,404
161
1,249
-296
Construction
313
208
153
63
238
-6
177
224
1,362
-71
424
428
-456
331
148
-159
935
-496
291
150
369
72
214
-161
-658
84
146
-140
157
-165
-177
56
69
-1,765
-1,945
-116
104
136
-358
-85
31
-85
24
57
-11
-6
11
-14
15
-283
^
20
99
-853
6
-22
15
58
-115
48
73
-126
-7
30
10
27
78
29
56
474
-788
291
538
-855
330
5
-19
20
-6
-9
6
6
3
-23
3
160
-3
2
-23
44
9
4
20
23
10
-9
8
19
-6
-15
-11
12
10
-15
-10
112
-29
-56
48
90
-10
8
1
11
9
-1
29
47
3
-110
52
542
-10
-119
106
574
-23
-31
-23
-33
-29
4
3
-2
-16
-11
-130
-68
-23
-64
-73
-71
-2
2
-12
-1
9
-4
5
-10
-11
-6
-5
13
-10
-5
-10
6
1
-4
26
274
-147
-123
-79
-40
-29
-16
3
-78
-5
1
2
8
-12
26
-2
2
15
-4
-230
-158
-298
-98
5
-250
-186
-306
-118
11
24
34
35
2
8
5
-83
-12
19
-8
8
5
20
-8
-4
5
-10
16
4
56
21
20
2
68
-21
60
-59
-32
7
33
-14
-4
19
-1
14
56
2
3
-5
84
41
210
-44
55
65
237
-27
1955—Jan.-June
July-Dec
-540
480
220
71
1956—Jan.-June
July-Dec
-302
822
1957—Jan.-June
July-Dec
1958—Jan.-June
1958—June
July
Aug .
1
Week ending:
June 4
11
18
25
July
Metals Petroleum,
and
coal,
metal chemical,
prodand
ucts 3
rubber
Comm'l
and
All
ind'l
Net
other changes change—
types
all
classi- weekly
of
fied
business
reporting
banks*
Public
utilities
(incl.
transportation)
Trade
(wholesale
and
retail)
2
9
16
23
30
AUS
- ?3
20
27
2
-4
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
4
Includes machinery and transportation equipment.
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year
or month
Total
Placed
through
dealers i
Placed
directly
(finance
paper) 2
Accepting banks
Total
Total
Own Bills
bills bought
1952
1953
1954
1955
1956
1,745
1 966
1,924
2,020
2,166
552
564
733
510
506
1,193
1 402
1,191
1 510
1,660
492
574
873
642
967
183
172
289
175
227
126
117
203
126
155
57
55
86
49
72
1957—July
Aue
Sept
Oct
Nov
Dec
2,781
2,835
2,558
2,654
2,944
2,666
459
501
501
516
560
551
2,322
2,334
2,057
2 138
2,384
2,115
1,000
J 117
1,197
1,225
,224
,307
154
220
214
197
221
287
112
152
149
131
151
194
1958 Jan
Feb
Mar
Apr
May
June
July
3,345
3,628
3,485
3,658
3,709
3,373
3,627
654
776
862
919
946
965
966
2,691
2,852
2,623
2,739
2,763
2,408
2,661
,422
,523
,529
,479
441
1,352
,353
416
497
422
459
474
396
426
307
372
318
350
372
292
328
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Based on:
Held by:
F. R.
Banks
Own
acct.
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
Others into
from
exForUnited United change
eign
States States
United Foreign
corr.
States countries
28
69
20
24
19
33
50
289
378
565
405
621
232
274
285
252
261
125
154
182
210
329
39
29
17
17
2
64
75
300
63
227
32
43
89
100
148
42
68
65
66
70
94
19
27
16
16
20
66
70
68
66
69
67
76
757
913
901
942
916
878
231
243
234
248
268
278
507
524
483
465
459
456
35
66
75
94
64
46
59
212
225
226
222
296
109
125
104
109
102
104
98
41
43
39
37
42
45
34
127
139
132
131
119
113
108
838
843
936
852
806
798
785
273
261
263
278
296
282
269
461
447
432
416
396
375
380
65
110
139
131
130
121
141
386
480
471
416
371
325
313
169
182
181
192
211
232
237
224
224
239
247
248
251
2 As reported by finance companies that place their paper directly with
investors.
1089
INTEREST RATES
MONEY MARKET RATES
Year,
month, or
week
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
Prime
Prime
combankcompany
ers'
mercial paper
acceptpaper,
placed
ances,
4 - t o e - direct90
months1
ly,
days1
3- to 6-1
months
U. S. Government
securities (taxable)2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
9-to 12- 3-to 5month year
Mar- Rate issues 3 issues4
ket on new
yield issues
1955 average..
1956 average..
1957 average..
2.18
3.31
3.81
1.97
3.06
3.55
1.71
2.64
3.45
1.73
2.62
3.23
1.753
2.658
3.267
1.89
2.83
3.53
2.50
3.12
3.62
1957—Aug....
Sept...
Oct....
Nov....
Dec
3.98
4.00
4.10
4.07
3.81
3.63
3.82
3.88
3.79
3.55
3.78
3.83
3.75
3.50
3.35
3.37
3.53
3.58
3.29
3.04
3.404
3.578
3.591
3.337
3.102
3.93
4.02
3.94
3.52
3.09
3.91
3.93
3.99
3.63
3.04
1958—Jan
Feb....
Mar....
Apr....
May...
June...
July....
Aug....
3.49
2.63
2.33
1.90
1.71
1.54
1.50
1.96
3.23
2.18
1.86
1.59
1.38
.38
.31
.52
3.06
2.30
1.80
1.52
1.30
.13
.13
.65
2.44
1.54
1.13
.91
.83
.91
1.69
2.598
1.562
1.354
1.126
1.046
.881
.962
1.686
2.56
1.93
1.77
1.35
1.21
.98
1.34
2.14
2.77
2.67
2.50
2.33
2.25
2.25
2.54
3.11
Week ending:
Aug. 2
9
16
23
30
1.50
1.50
1.68
2.14
2.63
.13
.15
.58
.88
2.13
.94
1.20
1.58
1.91
2.23
.984
1.165
1.524
1.895
2.162
1.49
1.68
1.97
2.39
2.62
Annual averages,
19 large cities:
1955
1956
1957
2.65
2.86
3.03
3.19
3.44
1.30
10100
100200
200
and
over
3.7
Quarterly:1
19 large cities:
1957—Sept
Dec
1958 Mar. . . .
June
New York City:
1957—Sept
Dec
1958—Mar
June
7 Northern & Eastern
cities:
1957—Sept
Dec
1958—Mar
June..
...
11 Southern & Western
cities:
1957—Sept
Dec
1958 Mar
June
1
Average of daily prevailing rates. 2 Except for new bill issues, yields are
averages computed from daily closing bid prices.
3
Consists of certificates of indebtedness and selected note and bond issues.
4
Consists of selected note and bond issues.
110
5.0
4.4
4.0
3.5
4.83
4.85
4.49
4.17
5.67
5.66
5.55
5.45
5.29
5.29
5.10
4.88
5.01
5.01
4.75
4.40
4.69
4.71
4.29
3.95
4.69
4.71
4.29
3.88
5.54
5.50
5.42
5.18
5.24
5.23
5.02
4.72
4.93
4.94
4.60
4.13
4.60
4.62
4.17
3.74
4.85
4.86
4.49
4.17
5.69
5.67
5.60
5.48
5.31
5.33
5.08
4.85
5.01
5.02
4.72
4.39
4.73
4.74
4.33
3.99
5.01
5.05
4.77
4.58
5.72
5.73
5.60
5.56
5.31
5.31
5.17
4.99
5.05
5.04
4.87
4.57
4.81
4.87
4.49
4.31
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-37.
March 1949,
BOND AND STOCK YIELDS1
[Per cent per annum]
Corporate bonds 3
Year, month, or week
State and local
govt. bonds 3
U.S.
Govt.
bonds
Gongterm)2
By selected
ratings
Stocks*
Dividends/
price ratio
By
groups
Earnings/
price ratio
TotaH
Total4
Aaa
Baa
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Number of issues
4-7
20
5
5
120
30
30
40
40
40
14
500
1955 average
1956 average
1957 average .
2.84
3.08
3.47
2.57
2.94
3.56
2.18
2.51
3.10
3.14
3.50
4.20
3.25
3.57
4.21
3.06
3.36
3.89
3.53
3.88
4.71
3.19
3.50
4.12
3.34
3.65
4.32
3.22
3.54
4.18
4.01
4.25
4.63
4.08
4.09
4.35
1957—Aug
Sent
Oct
Nov
Dec
3.63
3 66
3.73
3 57
3.30
3.84
3.89
3.74
3.67
3.33
3.37
3.43
3.31
3.24
2.92
4.43
4.49
4.38
4.35
4.00
4.37
4.44
4.46
4.49
4.31
4.10
4.12
4.10
4.08
3.81
4.82
4.93
4.99
5.09
5.03
4.29
4.31
4.32
4.34
4.11
4.49
4.56
4.57
4.65
4.53
4.33
4 45
4.48
4.49
4.29
4.83
4.79
4.80
4.78
4.49
4.17
4.31
4.54
4.67
4.64
1958 Jan
Feb
Mar
Apr
May
June..
July
Aug
3.24
3 26
3.25
3 12
3 14
3.19
3.36
3.60
3.17
3.15
3.23
3.16
3.12
3.15
r
3.23
3.50
2.75
2.72
2.79
2.70
2.69
2.74
2.79
3.07
3.81
3.79
3.88
3.78
3.71
3.78
3.83
4.07
4.06
4.01
4.04
4.02
4 00
3.98
4.02
4.17
3.60
3.59
3.63
3.60
3 57
3.57
3.67
3.85
4.83
4.66
4.68
4.67
4.62
4.55
4.53
4.67
3.91
3.86
3.86
3.83
3 80
3 77
3.81
3.94
4.30
4 29
4.30
4.32
4 30
4 28
4.30
4.42
3.99
3.87
3.95
3.90
3 89
3 88
3.94
4.16
4.36
4.38
4.42
4.37
4 31
4 28
4.36
4.45
4.48
4.47
4.37
4.33
4 19
4.08
3.98
3.78
Week ending:
Aug 2 . .
9
16
23 . .
30
3.44
3 53
3 61
3.62
3.67
3.25
3.34
3 47
3.55
3.66
2.84
2.91
3 04
3.12
3.22
3.83
3.92
4 03
4.10
4.21
4.06
4.11
4 16
4.20
4.25
3.71
3.77
3 83
3.89
3.94
4.56
4.60
4 66
4.71
4.74
3.84
3.87
3 92
3.96
4.01
4.34
4.38
4 41
4.44
4.47
4.01
4.07
4 14
4.20
4.27
4.42
4.42
4 39
4.48
4.49
Common
3.87
3.79
3 77
3.80
3.76
r
1
....
Revised
Monthly and weekly yields are averages of dailyfiguresfor U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; and of preferred stocks, on Wednesday
figures. Figures for common stocks are as of the end of the period,
except for annual averages.
2
Series is based on bonds maturing or callable in 10 years or more.
3 Moody's Investors Service. State and local govt. bonds include general obligations only.
500
7.78
7.17
8.21
7.91
8.21
7.34
6 37
4
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
5 Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the dividend/price and the earnings/
price ratios are now computed for the 500 stocks in the price index, but
figures prior to mid-1957 are based on the 90 stocks formerly included in
the daily price index.
1090
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock prices
Standard and Poor's series
(index, 1941-43= 10)
Year, month,
or week
CorU.S.
MupoGovt. nicipal rate
(long- (high- (highterm) 2 grade) 3 grade) 3
Total
Number of issues
15
500
17
Industrial
Railroad
Public
utility
425
25
50
Volume
of
trading 4
(in
Trade,
Manufacturing
thoufiTrans- Pub- nance, Min- sands
licporta- utilof
Total
and
ing shares)
Du- Non- tion
servity
Total rable duice
rable
Securities and Exchange Commission series
(index, 1939= 100)
265
170
72
21
29
1955 average
1956 average
1957 average
102.40
98.91
93.24
123.1
116.3
105.8
114.4
109.1
101.3
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
305
345
331
374
439
422
352
410
391
394
465
451
320
327
275
153
156
156
297
306
277
313
358
342
2,578
2,216
2,222
1957—Aug..
Sept..
Oct..
Nov.,
Dec.
91.10
90.70
89.77
91.90
95.63
101.2
101.3
102.9
103.4
107.5
98.3
98.1
98.2
98.3
102.7
45.84
43.98
41.24
40.35
40.33
49.51
47.52
44.43
43.41
43.29
29.52
27.17
24.78
22.63
21.39
31.89
31.09
30.39
30.68
31.79
343
328
306
302
298
441
419
388
382
376
408
386
357
350
336
472
450
417
411
413
286
263
241
228
215
155
153
149
149
152
282
277
266
262
258
354
334
297
284
274
1,882
1,844
2,782
2,538
2,594
1958_Jan..
Feb..
Mar..
Apr..
May.
June.
July.,
Aug..
96.48
96.20
96.34
98.23
97.94
97.17
94.78
91.51
110.0
109.2
107.9
110.0
111.1
110.8
108.0
103.7
105.9
105.7
105.1
105.3
105.6
105.5
104.2
102.0
41.12
41.26
42.11
42.34
43.70
44.75
45.98
47.70
43.98
44.01
44.97
45.09
46.51
47.62
48.96
51.00
22.69
23.00
22.60
23.20
24.74
25.54
26.86
28.43
33.30
34.12
34.57
35.54
36.57
37.31
37.82
37.50
305
304
311
312
323
331
339
352
382
378
388
387
401
412
424
442
347
346
352
340
353
362
376
399
414
408
422
426
438
450
459
473
230
231
231
233
249
259
269
283
158
160
162
166
169
171
173
174
270
278
283
286
301
305
312
325
272
267
283
287
300
319
331
341
2,267
2,010
2,223
2,395
2,580
2,696
3,159
2,970
Week ending:
Aug. 2.
9.
16.
23.
30.
93.71
92.42
91.31
91.26
90.54
106.9
105.2
104.5
103.4
101.7
103.6
103.1
103.0
101.5
100.5
47.18
47.79
47.83
47.44
47.79
50.35
51.08
51.14
50.73
51.12
28.04
28.47
28.40
28.20
28.68
37.76
37.76
37.60
37.25
37.30
350
354
350
352
352
440
446
440
442
442
399
402
397
400
400
469
479
471
472
473
282
286
279
284
282
175
174
173
174
174
317
320
323
332
331
340
346
341
341
337
3,752
3,705
2,924
2,454
2,716
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.
14
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 1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Net debit balances with
New York Stock Exchange
firms1
Secured by
U. S. Govt.
obligations
Secured by
other
securities
Bank loans to others (than
brokers and dealers) for purchasing and carrying securities 2
U. S. Govt.
obligations
Other
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer
net
free
credit
balances
1953—Dec.
1954_Dec.
1955—Dec.
1956—Dec.
2,445
3,436
4,030
3,984
31
41
34
33
1,665
2,388
2,791
2,823
65
32
41
780
1,048
1,239
1,161
69
51
46
1,074
1,529
2,246
2,132
713
1,019
894
880
1957_Jul y .
Aug.
Sept.
Oct..
Nov.
Dec.
4,004
3,929
3,882
3,643
3,577
3,576
32
30
35
39
42
68
2,885
2,833
2,789
2,568
2,517
2,482
23
24
21
31
33
60
1,119
1,096
1,093
1,075
1,060
1,094
59
58
63
72
56
125
2,079
2,035
2,046
1,708
1,641
1,706
829
816
838
879
876
896
1958—Jan.
Feb.
Mar.
Apr.
May
June
July.
3,554
3,679
3,863
3,980
4,069
4,226
4,251
126
102
111
134
141
240
149
2,487
2,580
2,665
2,735
2,856
2,929
3,020
58
79
86
70
75
84
113
1,067
1,099
1,198
1,245
1,213
1,297
1,231
188
199
206
230
244
'468
306
1,552
1,647
1,784
1,822
1,808
r
l,93O
1,903
937
939
954
985
979
1,047
1,080
r
Revised.
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
1
2
Figures are for last Wednesday of month for weekly reporting member
banks, which account for about 70 per cent of all loans for this purpose
Column 5 includes some loans for purchasing or carrying U. S. Govt.
securities (such loans are reported separately only by New York and
Chicago banks). On June 30, 1956, reporting banks outside New York
and Chicago held $51 million of such loans. On the same date insured
commercial banks not reporting weekly held loans of $28 million for
purchasing and carrying U. S. Govt. securities and of $384 million for
other securities. Noninsured banks had $33 million of such loans,
probably mostly for purchasing or carrying other securities.
1091
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Date
Total
assets
Business securities
Total
United State and
local Foreign 2
States
(U. S.)
32,731
44,797
9,478
22,545
6,796
20,583
64,020
68,278
73,375
78,533
84,486
90,432
96,011
16,118
13,760
12,905
12,537
12,262
11,829
11,067
78,201
84,068
90,267
95,844
1957_june. . .
July. . .
Aug
Sept.. . .
Oct
Nov....
Dec.. . .
1958—Jan....
Feb.. . .
Mar....
Apr.. . .
May...
June.. .
End of year: 3
1941
1945
1950
1951
1952
1953
1954
1955
1956
End of month: 4
1953—Dec...
1954—Dec
1955—Dec...
1956—Dec...
Mortgages
Total
Bonds
Policy
loans
Real
estate
Other
assets
Stocks
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
,840
,738
13,459
11,009
10,525
9,829
9,070
8,576
7,555
1,995
722
1,152
1,170
1,153
1,298
1,846
2,038
2,273
1,507
1,581
1,500
1,410
1,346
1,215
1,239
25,351
28,111
31,515
34,438
37,300
39,545
41,543
23,248
25,890
29,069
31,865
34,032
35,912
38,040
2,103
2,221
2,446
2,573
3,268
3,633
3,503
16,102
19,314
21,251
23,322
25,976
29,445
32,989
1,445
1,631
1,903
2,020
2,298
2,581
2,817
2,413
2,590
2,713
2,914
3,127
3,290
3,519
2,591
2,872
3,088
3,302
3,523
3,743
4,076
12,452
12,199
11,757
10,989
9,767
9,021
8,545
7,519
1,278
1,833
1,998
2,234
1,407
1,345
1,214
1,236
34,265
36,695
38,851
40,976
31,926
33,985
35,930
38,067
2,339
2,710
2,921
2,909
23,275
25,928
29,425
32,994
1,994
2,275
2,557
2,829
2,894
3,087
3,294
3,505
3,321
3,884
4,383
4,551
98,239
99,005
99,374
99,812
100,224
100,597
101,043
10,824
10,906
10,880
10,833
10,856
10,782
10,600
7,270
7,306
7,268
7,224
7,233
7,135
6,950
2,290
2,323
2,333
2,340
2,352
2,362
2,375
1,264
1,277
',279
,269
,271
,285
,275
42,146
42,567
42,742
42,932
43,170
43,368
43,644
39,190
39,374
39,724
39,922
40,149
40,340
40,637
2,956
2,993
3,018
3,010
3,021
3,028
3,007
34,159
34,356
34,547
34,697
34,859
34,986
35,230
2,983
3,004
3,032
3,059
3,085
3,113
3,134
3,657
3,703
3,731
3,764
3,802
3,833
3,863
4,470
4,469
4,442
4,527
4,452
4,515
4,572
101,672
102,000
102,385
102,717
103,150
103,634
10,819
10,852
10,754
10,792
10,766
10,847
7,113
7,124
7,002
7,009
6,936
6,979
2,418
2,426
2,448
2,460
,288
,302
,304
,323
,343
,347
43,859
43,961
44,256
44,467
44,633
44,837
40,862
40,957
41,179
41,383
41,538
41,705
2,997
3,004
3,077
3,084
3,095
3,132
35,410
35,529
35,663
35,773
35,884
35,983
3,156
3,187
3,214
3,244
3,265
3,305
3,896
3,927
3,962
3,996
4,022
4,049
4,532
4,544
4,536
4,445
4,580
4,613
2,487
2,521
* Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
2
3
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS *
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year or month
Total 2
Mortgages 3
U. S.
Govt.
obligations
Liabilities
Borrowings
Cash
Other
4
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
1941
1945
1950
1951
1952
1953
1954
1955
1956
1957
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
16,893
19,222
22,660
26,733
31,736
37,719
42,875
48,275
13,657
15,564
18,396
21,962
26,194
31,461
35,729
40,119
1,487
1,603
1,787
1,920
2,021
2,342
2,782
3,169
924
1,066
1,289
1,479
1,980
2,067
2,119
2,144
733
899
1,108
1,297
1,471
1,791
2,199
2,809
13,992
16,107
19,195
22,846
27,334
32,192
37,148
42,038
810
801
860
947
864
1,412
1,225
1,263
90
93
84
80
96
146
122
118
1,280
1,453
1,658
1,901
2,191
2,557
2,950
3,377
1957—June
July
Aug
Sept
Oct
Nov
Dec
45,736
45,750
46,188
46,639
47,127
47,600
48,275
37,886
38,280
38,743
39,106
39,532
39,835
40,119
3,139
3,180
3,203
3,229
3,219
3,238
3,169
2,061
1,741
1,635
1,643
1,622
1,705
2,144
2,610
2,510
2,569
2,624
2,718
2,787
2,809
39,798
39,730
39,982
40,306
40,673
41,072
42,038
1,077
1,037
1,070
1,117
1,129
1,141
1,263
103
109
115
115
121
117
118
3,136
1958—Jan
Feb
Mar
Apr
May
June
48,423
48,845
49,406
50,068
50,762
51,573
340,369
40,623
40,967
41,367
41,908
42,498
3,215
3,195
3,192
3,229
3,244
3,326
2,023
2,198
2,407
2,816
2,829
2,840
2,948
3,048
3,007
41,491
42,875
43,366
43,729
44,250
45,195
904
788
694
813
801
928
100
89
94
87
67
107
n.a. Not available.
1
Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
2
Includes gross mortgages with no deduction for mortgage pledged
shares.
2,524
2,562
2,742
3,377
3
Beginning January 1958, no deduction is made for mortgage pledged
shares. These have declined consistently in recent years and amounted
to 4$34 million at the end of 1957.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
NOTE.—Data for 1957 and 1958 are preliminary.
1092
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of year
End of quarter
Asset or liability, and activity1
1957
19512
19522
19532
1954
1955
1958
1956
2*
Loans, by purpose and agency:
To aid agriculture, total..
Banks for cooperatives
Federal intermediate credit b a n k s . . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
377
590
648
2,096
3,076
23
6,929
367
638
701
2,226
2,981
18
6,715
375
689
681
2,348
2,621
1
6,752
457
734
724
2,488
2,349
(4)
7,261 6,827
423
384
3845
997
823
866
2,544 2,586
2,626 1,994
(4)
(4)
6,466
430
997
880
2,634
1,525
(4)
6,681
454
935
832
2,688
1,778
(4)
7,605
428
1,040
906
2,732
2,499
(4)
2,142
1,850
> 292
2,603 2,930
2,242 2,462
362 / 300
\ 168
2,907
2,461
383
63
3,205
2,641
480
84
3,680
3,072
464
145
4,076
3,433
488
155
4,381
3,629
521
123
4,680
3,807
691
182
4,769
3,998
770
1
4,917
4,096
820
1
431
353
79
678
306
f 261
I 112
619
209
219
191
629
209
228
192
640
211
219
210
652
254
216
182
674
251
217
206
645
224
203
219
To industry, total
Treasury Department...
Commerce Department.
Other agencies
589
598
589
598
588
174
413
To financing institutions
814
864
952
870
1,419
1,233
966
1,084
1,124
1,270
701
To aid States, territories, etc., total
Public Housing Administration
Other agencies
744
589
155
1,020
894
126
645
500
145
272
112
160
245
90
155
246
106
140
272
120
153
243
94
149
276
186
90
264
105
159
275
107
167
7,736 8,043
2,496 2,833
3,667 3,620
1,515 1,537
58
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
57
8,237
2,678
3,470
2,035
54
8,300
2,667
3,470
2,084
52
8,316
2,656
3,470
2,139
51
8,754
3,040
3,470
2,195
49
8,965
3,111
3,470
2,338
46
240
184
56
338
275
60
306
246
60
344
283
62
393
Foreign, total
Export-Import Bank
Treasury Department*
International Cooperation Administration.
Other agencies
All other purposes, total
Housing and Home Finance Agency.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Federal Housing Administration
Federal Deposit Insurance Corporation....
Other agencies
Investment in international institutions
Other securities7
6,110
2,296
3,750
64
35
75
5
69
119
29
90
166
127
39
256
209
47
213
156
57
331
62
-173
-140
-203
-228
-268
-309
-327
-695
-367
-354
-501
14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 23,147
3,762
881
264
504
1,917
195
3,385
340
3,804
896
274
471
1,937
226
3,385
333
4,523
1,456
283
533
2,013
238
3,385
368
2,226
249
200
285
1,353
140
3,385
257
2,421
311
208
316
1,437
148
3,385
223
2,602
387
217
319
1,526
152
3,385
219
2,967
641
228
327
1,624
147
3,385
197
3,236
745
241
381
1,720
149
3,385
179
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
288
303
428
550
4,356 21,375 21,303 21,450 21,514 21,628 21,206
3,025 2,636
3,747 3,651 3,362 3,153 3,090
11,004 11,094 11,105 11,157 11,136 10,866
7,528
6,517 6,654 7,022 7,092 7,282
609
175
193
175
185
171
201
Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities).
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
3,358
3,213
298
1,048
1,284
415
1,251
1,202
8,062
4,834
363
1,475
1,040
8,046
4,798
421
1,739
728
728
345
350
360
Bonds, notes, & debentures payable (not guar.), total..
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
NOTE.—-Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury
Bulletin. The revised statement includes a larger number of agencies, and
their activities are classified according to the type of fund they represent.
Funds are combined in the table above, but are shown separately in the
table on the following page. Classifications by supervisory authorities
are those in existence currently. Where current Treasury compilations
do not provide a detailed breakdown of loans, these items have been
classified by Federal Reserve on basis of information about the type of
lending activity involved.
• Totals reflect exclusion of agencies reporting other than quarterly.
1 Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
2 Coverage changed from preceding period (see also NOTE).
7,822
4,822
421
1,829
450
3,739
1,018
256
458
1,825
181
3,385
284
3,923
1,095
265
479
1,898
186
3,385
344
3,881
1,017
274
482
1,914
194
3,385
340
300
9,985
4,502
398
1,762
236
276
311
1,298
590
613
9,875
4,470
396
1,751
144
277
317
1,226
590
704
9,979
4,506
401
1,803
114
281
327
1,332
599
616
9,974
4,520
599
1,791
106
281
328
1,341
599
408
9,962 10,020
4,535 4,568
398
396
1,801
1,789
88
77
283
274
342
345
1,308
1,327
599
599
608
644
2,379
185
665
958
570
2,711
257
721
963
770
2,975
231
803
720
1,220
3,497
190
953
733
1,620
3,647
237
959
765
1,687
4,662
247
902
825
2,688
4,749
224
992
468
3,065
3 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.
* Less than $500,000.
5
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
6 Figure derived by Federal Reserve.
7
Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
8
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $1,966 million.
1093
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items 1
Assets, other than interagency items 1
Date, and fund or activity
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, Other
est
liabil- est
and
Guarities
equipanteed Other
ment
by
U.S.
All activities
1954 Dec 31
1955—Dec. 31
1956—Dec. 31 *
1957—Mar.
June
Sept.
Dec.
1958—Mar
.
...
31
30*
30
31
31
41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387
45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900
69,653 4,996 20,657 21,375 3,739 3,669 9,985 5,232
33 1,068 4,183 35,610
44 2,379 2,703 39,583
67 2,711 3,659 62,516
69,895
69,059
70,175
71,139
72,242
68
57
60
49
49
4,441
3,981
4,692
4,291
4,158
21,353
20,980
21,320
22,395
23,147
21,303
21,450
21,514
21,628
21,206
3,923
3,881
3,762
3,804
4,523
20,228 1,119 9,634 3,756
861
3,729
3,725
3,725
3,718
3,753
9,875
9,979
9,974
9,962
10,020
5 272
5,063
5,186
5,340
5,436
2 975
3 497
3,647
4 662
4,749
3 713 62 364
3'325 61 144
2,634 62,778
2 916 62 391
3,472 62,789
508
596
699
775
1 037
1,056
1 121
1,183
Classification by type of fund
and activity, March 31, 1958
Public Enterprise Funds—Total
Farm Credit Administration:
Federal Farm Mortgage Corporation . . .
Agricultural Marketing Act, revolving fund
Agriculture Department:
Commodity Credit Corporation
Disaster loans etc revolving fund
All other.
Housing and Home Finance Agency:
Public Housing Administration
.
.
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
Federal Savings and Loan Insurance Corporation...
Small Business Administration
Export-Import Bank
Panama Canal Company . .
Veterans Administration
Treasury Department .
.
. . . .
Post Office Department—postal fund
All other
Intragovernmental Funds—Total
Defense Department:
Army...
Air Force
All other
.
Certain Other Activities—Total
General Services Administration
Agriculture Department:
Farmers Home Administration
Rural Electrification Administration
Interior Department
International Coooeration Administration
Treasury Department
.
Commerce Department—maritime activities
All other
Certain Deposit Funds—Total
Federal Deposit Insurance Corporation . . .
Certain Trust Revolving Funds—Total
Federal National Mortgage Association . . .
Federal intermediate credit banks
Office of Alien Prooertv
All other
.
...
8
186
5,618
126
54
187
855
2 395
826
296
325
3,139
2,070
464
842
1,293
226
873
263
182
106 (4)
59
21
2 377
2
141
406
1
207
112
1 3,111 (4>
46
91
8
35
4
112
678
64
1,036
6
214
233
13
11
60
6
21
43
6
13,053 1,693
8,483
3,375
858
337
978
419
209
87
669
119
49 2,724
42
39 2,338
3 479
249
245
88
144
65
4,781
493
2,036
2,252
3,174
1 706
1,168
214
86
533
8
186
406
4
1
876 4,742
125
50
16
1
6
300
15
220
12
6
26
145
25
2
65
5
27
48
112
(4)
(4)
283
(4)
1
45
"TO-
48
TO
1 600
(4)
144
512 12,542
105
58
38
44
4
135 8 348
230 3,145
94
764
52
285
7 3,563 6,514 3,719
1,189
187
220 30,785
16 8,301
117
2
7
3
2
(4)
795
17
2 2,907
6
439
2,395
10 174
142 4,971
442
11
362
27
23
135
31
18
3 563
83 131
4,568
48
(4)
274
87
6
115
58
366
3,512
43
2,013
1,456
(4)
36
151
138
669
51
744
5
820
281
16
323
2
53 3,086
35 2 036
447
18
12
830
24 1 268
226
213
660
14
249
18
163
222
C
O
7,343
2,918
605
128
(4)
1,789
396
2
127
599
138
10,994
62 1,122
425
15
3
44
219 2,708
55 1 641
10 1,040
149
5
49 1,600 1,516 17,064
8
142
31,006 1,066 9,683 6,455
81 6,442
8,317
418
812
2,908
445
2,395
10 174
5,114
452
389
143 3,284 1,432
155
1
44
18 2,403 2,636
85
37
16
37
144
47
(4)
47
(4)
(4)
100
44
(4)
39
10
19
9
103
10
18
65
10
692 1,148 2,103
224
3
223
156 1,880
988
468
2,457
1 466
992
76
46
19
1
10
296
156
140
206
137
21
157
376
774
21
8,417
1,765
1,397
898
3,375
2,423
1,663
Latest data for agencies not reporting quarterly
Atomic Energy Commission (June 30, 1957)
Veterans Administration (June 30 1957). . . .
Agriculture—other activity (June 30 1957)
Health Education & Welfare Dept. (June 30, 1957)..
Interior Department (June 30 1957)
Treasury Department (June 30, 1957)
All other (June 30 1957)
9 Figure represents total trust interest
1,749
8,622 1,324
2
1,902
355 "*iO7
6
1,418
448
2
1,055
790
8
3,752
287
4
44
3,197
278
206
1,684
428
419
5,130
98
1,340
86
879
3
260
i 2,891 562
765 2,110
416
549
85
For other notes, see opposite page.
838
42
796
9345
938
917
9213
977
1094
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
Pa Lyments to the public,
other than debt
Net Federal cash borrowing or
repayt. ( —) of borrowing
Excess
of rects.
from,
InEquals:
Less:
or
Equals :
crease,
Net
Total
payts.
cash
or depayts. t o ( - ) , crease
Other borrowNet
nonto the
the
( - ) , in inv. by
ing or
cash
public
public
debt
Govt.
rep ay t.
(direct agen. & debt 4
& agen.) tr. funds
Net
Budget
receipts
Plus:
Trust
fund
receipts
Less:
IntraGovt.1
trans.
Equals:
Total
rects.
from
the
public2
Budget
expenditures
Plus:
Trust
fund
expenditures
Less:
Adjustments 3
Cal year—1955 . . .
1956
1957
63,358
70,994
72,284
10,625
12,398
15,368
2,511
3,023
3,079
71,448
80,334
84,521
66,129
67,216
71,692
9,334
10,339
14 794
3,272
2,747
3,155
72,188
74,809
83,328
Fiscal year—1955
1956 .,
1957
1958^....
60,390
68,165
71,029
69,083
9,536
11,685
14,369
16,326
2,061
2,739
3,242
3,495
67,836
77,088
82,107
81,856
64,570
66,540
69,433
71,897
I $,546
c),436
i : >,961
K5,081
2,578
3,358
2,386
4,647
70,538
72,617
80,008
83,328
-2,702
4,471
2,099
-1,473
Semiannually:
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
1958—Jan.-June* 3 ...
42,925
28,069
42,960
29,325
39,758
6,229
6,169
8,200
7,167
9,159
1,450
1,573
1,669
1,410
2,085
47,691
32,643
49,464
35,057
46,799
33,415
33,801
35,632
36,060
35,837
c 5,040
2,262
485
1,901
1,254
3,393
36,191
38,618
41,390
41,938
41,390
3,057
5,128
7,225
3,131
4,827
5,956
858
1 778
113
115
972
938
,438
,184
126
167
186
703
3,801
6,786
8,066
3,896
6,075
6,433
6,347
5,930
5,667
6,501
5,806
5,809
,220
,075
,086
,387
1,402
820
227
5,374
7,759
10,485
4,626
6,908
11,647
3,787
6,011
5,528
5,749
6,122
5,846
6,581
6,613
1,651
1,317
1,564
1,479
1,363
1,574
,786
Monthly:
1957_j u ly
Aue
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June23
July?
4,786
6,299
9,501
3,496
4,925
10,751
2,946
,684
,127
.331
2^066
,111
217
135
194
144
1,168
268
5,302
7,659
7,133
I $,948
408
— 180
-2
386
550
92
964
1,286
105
803
786
187
226
484
2,476
2,481
1,573
566
-136
64
458
-5,910
-1,168
3,986
-578
-1,053
6,226
1,533
3,166
2,339
657
644
623
-292
-200
1,809
-4,366
-3,100
5,769
11,499 -7,596
-5,974
4,036
8,073 -5,089
-6,882
5,556
5,409
670
1,835
646
1,693
-120
111
254
-390
98
-34
-166
-9,689
3,779
-6,879
5,711
58
7,160
7 185
6,754
7,501
6,219
7,119
-3,359
— 399
1,311
-3,605
-144
-686
-382
646
-310
6,377
6,740
6,509
6,814
7,021
7,929
7,915
-1,003
-137
1,020
145
3,976 -2,168
-2,188
2,380
-114
591
3,718
-140
-4,128
-835
-739
3,493
5,525 -3,560
1,191
467
1,992
1 462
634
476
655
337
9
4
-87
-119
305
14
-181
618
141
-338
40
-69
-32
-13
40
18
-52
-67
-125
68
-6
70
2,373
776
1,014
500
665
383
-36
-107
-2,114
2,686
-96
-275
-567
Effects of operations on Treasurer's account
Operating transactions
Financing transactions
Net
Budget
surplus,
or
deficit
(-)
Trust
fund
accumulation,
or
deficit
(-)
Reconciliation
to Treas.
cash
Fiscal year—1955
1956
1957
1958?
-4,180
1,626
1,596
-2,813
991
2,250
1,409
246
-29
309
-518
728
602
173
1,085
577
-1,362
-2,617
-2,300
-197
3,115
-1,623
-2,224
5,816
Semiannually:
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
1958—Jan.- June?
9,510
-5,732
7,328
-6,735
3,922
1,191
866
543
33
213
217
-482
-36
159
569
313
-7
1,092
1,008
-431
-1,400
-698
-1,602
20
-217
Monthly:
1957_july
Aug
Sept
Oct
Nov
Dec
-3,290
-802
1,559
-3,370
-979
147
-362
703
-115
-449
474
-218
384
-288
43
282
382
-644
19
87
-6
745
-23
186
-1,225
771
3,753
-2,626
-920
4,170
-3,667
-831
367
-437
-148
768
493
-675
600
-314
444
711
-17
-856
225
225
142
101
-144
-34
-719
-31
Period
1958—Jan
Feb
Mar
Apr
May
June33
July
c
1
Net
market
issuance
(+)of
Govt.
agency
obligations5
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Account of Treasurer of United
States (end of period)
Deposits in—
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
-312
-213
5
197
-551
331
-956
4,159
6,216
6,546
5,590
9,749
380
522
498
410
4,365
4,633
4,082
8,218
1,471
1,391
1,010
1,121
-8,017
3,877
-6,101
4,370
1,446
-189
-55
60
-160
357
2,002
-2,119
1,163
-984
5,143
6,546
4,427
5,590
4,606
9,749
522
441
498
481
410
4,633
2,924
4,082
3,084
8,218
1,391
1,062
1,010
1,041
1,121
324
-694
282
36
-8
80
1,942
1,376
567
-345
679
151
131
-40
-106
-72
-33
-40
-1,115
423
2,436
-3,028
558
-259
4,475
4,898
7,335
4,307
4,865
4,606
504
477
429
552
243
481
2,833
3,331
5,818
2,572
3,583
3,084
1,138
1,090
1,088
1,183
1,039
1,041
541
-171
64
278
-597
-333
330
-343
124
-2,055
2,433
595
691
-877
68
30
187
94
152
-174
-65
-1,101
888
1,682
412
-357
3,619
-4,630
3,505
4,394
6,076
6,487
6,130
9,749
5,119
469
516
474
594
395
410
617
1,767
2,837
4,596
4,558
4,730
8,218
3,262
1,269
1,041
1,006
1,335
1,005
1,121
1,240
p
Corrected.
Preliminary.
Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
Cash balances:
inc., or dec. ( —)
Other
net
assets
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6) net operating transactions of Govt. sponsored enterprises.
* 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.
1095
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.
age
way
re-
trust
fund!
trust
fund
tirement
acct.
Refunds
of
receipts
Income and
profit taxes
Total
Budget
receipts
Individual
Ex-
Corporation
Withheld
ployment
taxes2
Other
receipts
Liquor
Mfrs.'
Tobacco and retailers'
Other
10,747
10,396
11,322
12,302
11,527
Em-
cise
taxes
wmmmmam
Fiscal year—1954...
1955...
1956...
1957...
1958^..
Semiannually:
1956—Jan.-June. .
July-Dec.. .
1957—Jan.-June. .
July-Dec...
1958—Jan.- June*3.
64,655
60,390
68,165
71,029
69,083
4
5
6
6
7
537
040
337
634 1,479
733 2,116
603
599
634
616
575
3,377
3,426
3,684
3,917
4,523
73,173
69,454
78,820
83,675
84,030
21,635
21,254
24,012
26,728
27,041
42,925
28,069
42,960
29,325
39,758
3
2
4
3
4
410
559
075
135
598
965
316
312
304
305
270
3,188 49,839
463 32,045
3,454 51,630
655 34,571
3,868 49,459
12,700
13,020
13,708
13,760
13,281
643
836
1,151
21,523
18,265
21,299
21,531
20,533
10,014
9,211
10,004
10,638
10,814
5,425
6,220
7,296
7,581
8,644
3,829
4,108
4,887
4,895
5,471
2,798
2,743
2,921
2,973
n.a.
1,581
1,571
1,613
1,674
n.a.
3,127
3,177
3,778
4,098
n.a.
8,623 17,190
3,004 5,553
9,298 15,978
2,874 6,273
8,653 14,260
4,952
5,325
5,313
5,595
5,219
4,013
2,876
4,705
3,445
5,199
361
267
628
625
2,846
1,397
1,648
1,325
1,574
n.a.
821
817
857
848
n.a.
1,888
1,876
2,222
2,226
n.a.
955
965
922
366
1,003
556
346
357
379
386
601
244
241
260
323
285
221
146
157
146
159
133
106
446
443
446
472
416
623
411
197
201
225
218
256
n.a.
n.a.
154
130
137
147
157
n.a.
n.a.
Monthly:
1957_Jul y ..
Aug..
Sept..
Oct..
Nov..
Dec.
3,057
5,128
7,225
3,131
4,827
5,956
346
919
486
332
671
382
174
219
207
183
203
165
19
84
54
30
69
49
138
124
137
120
76
59
3,734
6,475
8,109
3,796
5,845
6,611
1,047
3,678
2,163
1,333
3,415
2,125
269
128
1,823
204
97
352
541
355
2,304
429
367
2,277
1958—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
4,786
6,299
9,501
3,496
4,925
10,751
2,946
313
955
632
703
1 221
774
338
151
190
150
145
168
161
177
19
78
43
17
70
43
17
-25
235
855
5,243
7,756
11,182
6,039
7,334
11,905
3,624
981
3,953
2,000
792
3,614
1,941
1,195
2,053
788
658
2,792
640
1,723
258
486
406
6,538
476
449
5,906
479
1,678
950
176
147
1,088
840
824
892
864
860
785
922
894
926
540
363
740
432
385
1,302
680
722
1,293
818
355
1,124
1,102
1,129
n.a.
n.a.
Budget expenditures 3
Major national security
Period
Fiscal year—1954
1955
1956
1957
1958^
Semiannually:
1956—Jan.-June
July-Dec
1957—Jan.-June
July-Dec
1958—Jan.- June?
Total
Intl.
affairs
Defense Mutual Atomic and
Total 4 Dept., security, energy finance
military program
Veterans' Labor
servInterand
est ices and welfare
benefits
GenComNatmerce
eral
ural
and
governresources housing ment
,315
,202
,104
,296
,543
814
1,502
2,028
1,453
2,085
,239
,201
,629
,789
,353
2,138
2,183
2,399
2,651
1,969
490
736
560
850
693
891
879
574
1,003
1,082
689
,181
608
661
692
277
317
272
239
358
226
224
376
664
215
386
529
404
453
106
129
161
138
158
147
117
107
241
108
269
222
196
-33
104
120
100
104
115
119
103
360
222
235
317
291
320
223
249
347
427
235
488
112
100
90
108
121
162
229
133
149
298
252
21
100
99
102
135
132
124
67,772
64,570
66,540
69,433
71,897
47,872
42,089
41,825
44,414
44,968
40,335
35,533
35,791
38,440
39,015
4,596
3,755
3,795
3,495
3,052
1,895
1,857
1,651
1,990
2,275
765
719
662
832
1,234
6,470
6,438
6,846
7,308
7,694
4,256
4,457
4,756
4,793
5,026
2,485
2,552
2,776
2,966
3,381
33,415
33,801
35,632
36,060
35,837
21,190
21,145
23,269
22,164
22,804
17,873
18,547
19,893
19,370
19,645
2,197
1,464
2,031
1,471
1,581
854
930
1,060
1,080
1,195
664
382
450
776
458
3,497
3,587
3,721
3,912
3,782
2,426
2,291
2,502
2,400
2,626
1,428
1,421
1,545
1,636
1,745
Monthly :
1957_june
July
Aug
Sept
Oct
Nov
Dec
6,279
6,347
5,930
5,667
6,501
5,806
5,809
4,114
3,628
3,989
3,589
3,700
3,506
3,752
3,266
3,108
3,545
3,148
3,222
3,035
3,312
569
311
215
226
240
254
225
192
170
190
169
190
183
178
212
77
96
53
360
104
86
647
665
635
638
647
646
681
408
377
382
362
421
432
426
1958—Jan
Feb
Mar.
Apr
May
J
6,011
5,528
5,749
6,122
5,846
6,581
3,765
3,590
3,672
3,730
3,712
4,335
146
183
061
216
195
3,844
298
163
342
272
271
235
211
173
195
200
201
215
91
98
96
16
68
89
697
612
624
619
603
627
433
429
432
465
436
431
p
1
Preliminary.
n.a. Not available.
Includes transfers to Federal disability insurance trust fund.
2 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 For more details, see the 1959 Budget document, pp. 890-96 and
pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts
and expenditures.
4
Includes stockpiling and defense production expansion not shown
separately.
1096
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.
In billions of dollars]
Public issues3
Marketable
Total
gross
debt 1
End of
month
Total
gross
direct
debt 2
Total
Total
Bills
Nonmarketable
Bonds
Certificates of
indebtedness
Notes
Bank
eligible 4
Bank
restricted
Convertiible
bonds
Totals
Savings
bonds
Tax
and
savings
notes
12.1
12.5
12.0
11.8
11.4
10.8
8 9
56.9
59.5
66.4
65.0
65.1
63.6
59.2
57.4
6 1
48.2
§2.1
57.6
57.9
57.7
57.7
57.9
56.3
2 5
8.2
5.4
7.5
5.8
6.0
4.5
(6)
55.0
54.8
54.4
54.1
53.4
53.2
53.2
53.1
53.0
53.0
52.9
52.8
52.8
54.0
53.8
53.5
53 2
52.5
52.3
52 3
52.3
52 2
52.1
52.0
51 9
51.9
52.2
49.6
36.0
21.0
13.4
5.7
1941 Dec
1945 Dec
1947—Dec
1951 Dec .
1952—Dec
1953 Dec
1954—Dec
1955—Dec
1956—Dec. . . .
64 3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
57 9
278.1
256 9
259.4
267.4
275.2
278.8
280.8
276.6
50 5
255.7
225 3
221.2
226.1
231.7
233.2
233.9
228.6
41 6
198.8
165.8
142.7
148.6
154.6
157.8
163.3
160.4
2 0
17.0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
38.2
21.2
29.1
16.7
26.4
28.5
15.7
19.0
6 0
23.0
11.4
18.4
30.3
31.4
28.0
43.3
35.3
33 6
68.4
68.4
41.0
58.9
63.9
76.1
81.9
80.9
1957 Aug
Sept
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275.2
275.7
276.4
275.6
278.6
273.8
274.4
274.1
274.7
274.9
274.6
274.7
272.6
275.1
275.7
276.3
275.5
278.5
225.3
226.5
226.3
227.1
227.1
227.3
227.0
225.1
228.0
227.9
228.5
228.0
230.6
160.2
161.8
162.2
163.4
164.2
164.6
164.5
162.9
166 0
166.0
166.7
166.4
169.2
28.2
26.7
26.7
26 7
26.9
27.3
26.1
23.0
22.4
22.4
22.4
22.4
22.4
34.1
35.0
34.7
34.7
34.6
34.6
31.5
31.5
31.1
31.1
32.9
32.9
38.5
17.1
19.3
19.4
20.6
20.7
20.7
20.5
20.7
24.7
24.8
20.4
20.5
20.7
80.8
80.8
81.5
81.5
82.1
82.1
86.4
87.7
87.7
87.7
90.9
90.6
87.7
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June..
July
Aug
1 Includes some debt not subject to statutory debt limitation (amounting
to $428 million on Aug. 31, 1958) and fully guaranteed securities, not
shown separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,737 million on July 31, 1958.
10.1
9.9
9.7
9.6
9.5
9.5
9.3
9.1
9.0
9.0
8.9
O Q
8.6
Special
issues
7 0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
46.1
46.2
45.9
46.3
4 Includes Treasury bonds and minor amounts of Panama Canal and
Postal Savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, and adjusted service bonds, not shown separately.
6 Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941—Dec
1945—Dec
1947—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—June
Dec
64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
272.8
276.7
7.0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.1
45.6
1957_jUne
July
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
270.6
272.6
274.0
274.5
274.2
274.9
275.0
274.7
274.8
272.7
275.2
275.7
276.4
46.8
46.3
46.7
46.2
46.1
46.0
45.8
45.5
46.0
45.8
45.4
46.1
46.2
End of
month
Held by
U. S. Govt.
agencies and
trust funds *
Held by the public
Federal
Reserve
Banks
2.6
7.0
5.4
6.4
6.7
7.1
7.0
7.8
8.4
8.4
54.7
251.6
222.6
217.2
221.6
226.9
229.2
229.1
219.3
222.7
2.3
24.3
22.6
23.8
24.7
25.9
24.9
24.8
23.8
24.9
21.4
90.8
68.7
61.6
63.4
63.7
69.2
62.0
57.1
59.3
8.7
8.8
9.1
9.2
9.4
9.3
9.4
9.6
9.4
9.5
9.7
9.7
9.7
215.1
217.4
218.2
219.1
218.7
219.5
219.8
219.6
219.4
217.4
220.0
220.0
220.5
23.0
23.4
23.5
23.3
23.3
23.7
24.2
23.3
23.2
23.6
23.7
24.2
25.4
55.8
56.8
56.6
58.3
58.1
58.2
59.1
58.6
59.3
59.3
63.0
63.3
64.6
1
Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which amounted to about $284 million on Dec. 31, 1957.
Individuals
Insurance
companies
Other
corporations
State
and
local
govt's
3.7
10.7
12.0
9.8
9.5
9.2
8.8
8.5
8.4
8.0
8.2
24.0
23.9
16.5
16.1
15.8
15.0
14.3
13.3
12.8
4.0
22.2
14.1
20.7
19.9
21.5
19.2
23.0
17.1
18.2
.7
6.5
7.3
9.6
11.1
12.7
14.4
15.1
15.7
16.1
5.4
42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.3
50.1
8.2
21.2
19.4
15.5
16.0
15.5
13.7
15.6
17.4
17.2
.9
9.1
8.4
10.6
11.7
13.2
13.9
15.6
16.3
16.1
7.9
7.9
7.9
7.9
7.8
7.6
7.6
7.6
7.6
7.6
7.6
7.5
7.4
12.3
12.3
12.2
12.2
12.2
12.1
12.0
12.0
11.9
11.8
11.8
11.7
11.7
15.4
16.0
16.5
15.7
15.9
16.5
16.5
17.3
17.2
15.4
14.5
14.5
12.9
16.9
16.9
17.1
17.2
17.2
17.3
17.0
17.3
17.3
17.3
17.1
17.0
16.9
49.1
48.9
48.8
48.6
48.4
48.3
48.2
48.2
48.2
48.1
48.1
48.1
48.0
18.7
19.0
19.6
19.9
19.4
19.3
18.6
18.9
18.8
18.9
18.6
18.5
18.4
16.0
16.2
15.9
15.9
16.3
16.5
16.5
16.2
15.9
15.4
15.7
15.4
15.2
Com- Mutual
mercial savings
banks 2 banks
Total
Savings
Other
bonds securities
Misc.
investors 3
3 Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
1097
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 31, 19581
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 2
Sept. 4,1958
Sept. 11 ,1958
Sept. 18, 1958
Sept. 25, 1958
Oct. 2,1958
Oct. 9, 1958
Oct. 16, 1958
Oct. 23, 1958
Oct. 30, 1958
Nov. 6, 1958
Nov. 13, 1958
Nov. 20, 1958
Nov. 28, 1958
Certificates
Dec. 1,1958
Feb. 14, 1959
Mar. 24, 1959*
May 15, 1959
Aug. 1,1959
Amount
Issue and coupon rate
Treasury notes
Oct. 1,1958
Feb. 15, 1959
Apr. 1,1959
Oct. 1,1959
Apr. 1,1960
May 15, 1960
Oct. 1,1960
Apr. 1,1961
Aug. 1,1961
Oct. 1,1961
Feb. 15, 1962
Apr. 1,1962
Aug. 15, 1962
Oct. 1,1962
Nov. 15,1962
9,833
Feb. 15, 1963
9,770
Apr. 1,1963
3,567
1,816
13,501
1,800
1,700
1,701
1,700
1,700
1,700
1,699
1,700
1,700
1,700
1,699
1,800
1,800
3%
2Vi
W2
WA
IY&
%
1%
\Vi
4
\Vi
3*4
2%
\y2
Amount
121
5,102
119
99
198
2,406
278
144
2,609
332
647
551
2,000
590
1,143
3,971
355
* Tax anticipation series.
i Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 1089.
Issue and coupon rate
Treasury bonds
Sept. 15, 1956-593.
Mar. 15, 1957-593.
Dec. 15, 1958
June 15, 1959-62..
Dec. 15,1959-62..
Nov. 15, 1960
Dec. 15, 1960-65*.
Sept. 15, 1961
Nov. 15, 1961
Aug. 15,1963
June 15, 1962-67..
Dec. 15, 1963-68..
Feb. 15, 1964
June 15, 1964-69..
Dec. 15, 1964-69..
Feb. 15, 1965
Mar. 15, 1965-70..
Amount
Issue and coupon rate
Treasury bonds—Cont.
1,612
Aug. 15, 1966
3
267
Mar. 15, 1966-71...2%
2,368
June 15, 1967-72... 2 Vi
5,268
Sept. 15, 1967-72...2Vi
3,456
Dec. 15, 1967-72... 2%
3,806
Oct. 1,1969
4
1,485
Nov. 15, 1974
3%
2,239
June 15, 1978-83... 3 VA
11,177
May 15, 1985
3V4
6,755
Feb. 15, 1990
3Vi
2,113
Feb. 15, 1995
3
2,821
3,854
3,745 Panama Canal L o a n . . . . 3
3,820
6,896 Convertible bonds
4,702
Investment Series B
Apr. 1, 1975-80... 2y4
Amount
1,484
2,950
1,846
2,716
3,731
657
654
1,604
1,135
1,727
2 742
50
8,618
3 Called for redemption on Sept. 15, 1958.
4 Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES *
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds 2 bonds
166,882
166,050
165,985
173,718
174,943
175,573
19,514
20,808
23,420
26,857
22,405
22,406
13,836
16,303
20,473
34,554
31,122
32,920
40,729
35,952
30,973
20,664
24,765
20,416
81,128
81,890
80,839
82,117
87,697
90,932
7,162
8,236
8,554
9,260
9,487
9,477
40
273
130
130
335
173
8
355
416
657
512
599
119
688
1,282
1,617
1,605
1,169
3,556
3,575
3,664
3,933
4,190
4,703
Federal Reserve Banks:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—May 31
June 30
23,607
23,758
23,035
24,238
24,162
25,438
886
855
287
1,220
1,426
2,703
8,274
10,944
11,367
20,104
19,946
19,946
11,646
9,157
8,579
87
2,802
2,802
2,802
2,827
2,789
2,789
Commercial banks:
1955—June 30
1956—-June 30
1957—June 30
Dec. 31
1958—May 31
June 30
55,667
49,673
48,734
51,712
56,192
57,509
2,721
2,181
2,853
4,332
3,522
3,796
1,455
1,004
2,913
4,046
2,841
3,331
15,385
11,620
8,984
9,672
12,682
11,532
35,942
34,712
33,839
33,529
37,016
38,720
Mutual savings banks:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—May 31
June 30
8,069
7,735
7,397
7,209
7,144
7,110
84
107
163
122
106
89
53
37
114
167
128
132
289
356
367
438
556
465
Insurance companies:
1955—June 30
1956—June 30
1957__june 30
Dec. 31
1958—May 31
June 30
13,117
11,702
10,936
10,801
10,571
10,580
630
318
326
291
329
254
74
44
136
248
111
112
Other investors:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—May 31
June 30
59,260
64,947
67,329
70,499
67,387
65,459
15,153
17,074
19,661
20,762
16,687
15,392
3,973
3,919
5,527
9,331
7,583
8,799
All holders:
1955_june
1956—June
1957—June
Dec.
1958—May
June
30
30
30
31
31
30
U. S. Govt. agencies and trust funds:
1955—June 30
1956—June 30
1957—June 30
Dec. 31
1958—May 31
June 30
1 Direct public issues.
2 Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
11,676
11,098
10,280
9,527
8,954
8,898
155,206
154,953
155,705
164,191
165,989
166,675
49,703
58,714
71,033
74,368
75,538
67,782
38,188
31,997
39,184
46,513
41,028
41,071
33,687
31,312
14,732
11,272
15,692
22,961
33,628
32,930
30,756
32,038
33,731
34,860
3,439
3,345
3,063
2,923
2,845
2,833
3,723
4,891
5,491
6,337
6,642
6,644
74
927
1,138
1,236
1,430
899
199
500
1,210
1,782
1,627
1,565
506
434
295
260
420
913
2,944
3,030
2,848
3.059
3,165
3,267
23,607
23,758
23,035
24,238
24,162
25,438
17,405
20,242
20,246
21,427
21,733
23,010
3,773
1,087
681
1,397
1,014
1,014
1,014
1,014
750
57
57
57
1,415
1,415
1,358
1,358
1,358
1,358
164
155
144
133
130
130
55,503
49,517
48,590
51,579
56,062
57,379
7,187
7,433
12,268
13,066
16,419
13,431
21,712
18,234
23,500
26,526
24,347
24,494
21,110
19,132
8,600
7,364
10,265
14,259
5,494
4,719
4,222
4.623
5,031
5,195
6,422
6,074
5,655
5,470
5,416
5,493
1,222
1,161
1,098
1,012
938
931
6,848
6,574
6,299
6,197
6,206
6,179
164
247
576
453
424
303
533
540
,082
,227
,135
,106
1,405
1,319
601
476
581
675
4,746
4,468
4,040
4.041
4,067
4,094
789
760
648
683
728
614
8,479
7,789
7,277
7,231
7,195
7,398
3,145
2,791
2,549
2,347
2,207
2,202
9,972
8,911
8,387
8,454
8,364
8,378
810
632
955
938
966
651
,339
,192
,775
,074
,747
,650
2,027
1,802
1,022
718
789
1,004
5,796
5,285
4,634
4.724
4; 862
5,074
12,502
13,371
11,113
8,167
9,193
6,636
23,927
26,896
27,602
29,127
31,090
31,829
3,706
3,646
3,426
3,112
2,834
2,802
55,554
61,301
63,904
67,387
64,553
62,657
24,062
29,233
35,850
37,249
34,565
29,489
10,633
10,443
10,936
13,508
11,159
11,243
7,626
7,612
3,464
2,397
3,580
6,054
13,233
14,013
13,654
14.233
15,249
15,872
panies included in the survey accounts for over 90 per cent of total holdings
by these institutions. Data are complete for U. S. Govt. agencies and
trust funds and Federal Reserve Banks.
1098
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers 6
Gross proceeds, all issuers2
Noncorporate
Year or
month
Total
Federal
U.S.
Govt. 3 agency4
Corporate
State
and
mu- Others Total
nicipal
19,893 9,687
21,265 9,778
26,929 12,577
28,824 13,957
29,765 12,532
26,772 9,628
22,405 5,517
30 571 9,601
1950
1951
1952
1953
1954
1955
1956
1957
30
110
459
106
458
746
169
572
3,532
3,189
4,121
5,558
6,969
5,977
5,446
6,958
78?
446
362
400
392
2,262
894
1,374
925
60
388
516
595
437
683
639
640
44
38
10
1957—June.
July..
Aug
Sept..
Oct
Nov..
Dec.
2,349
1,982
1 944
3,975
2 705
3,022
2,681
1958—Jan...
Feb..
Mar..
Apr..
May.
June.
3,473
2,487
3,959
'6,963
'2,160
3,050
215
100
511 1,163
407
251
1,802
4,269 ' " 5 2 3
368
1,411
306
789
18?
334
5S7
37
Bonds
PubTotal licly
offered
Pre- Common
Pri- ferred stock
stock
vately
placed
Total
Total
MiscelNew 7 lanemoney ous
purposes
Retirement
of
bank
debt,
etc. 8
Retirement
of
securities
4,920
5,691
7,601
7,083
7,488
7,420
8,002
9,957
2,360
2,364
3,645
3,856
4,003
4,119
4,225
6,118
2,560
3,326
3,957
3,228
3,484
3,301
3,777
3,839
631
838
564
489
816
635
636
411
1,495 1,013
775
1,028
840
947
1,023
907
944
1 113
844
671
1,114
761
633
459
540
587
608
485
185
380
316
299
320
336
186
576
66
21
31
19
68
24
11
416
231
76
97
101
150
343
1,373
941
916
952
1 060
764
1,023
79
61
8
21
30
25
53
15
8
9
34
9
39
21
505
398
1,165
'921
391
370
239
209
330
'180
'203
497
28
85
69
41
36
58
44
723
805
711
851
832
182
856
61 1,608 1,561 1,525
"90 '1,213 '1,141 '1,037
'600
84
'699
'532
881
38
948
709
11
19
35
'104
'68
172
82
5
47
'72
'99
67
6,361
7,741
9,534
8,898
9,516
10,240
10,939
12,884
65
2
701
744
816
875
607
55
9 1,623 1,494
141 '1,232 '1,101
'714 '594
202
963
866
122
782
899
524
798
877
554
New capital
811 6,261 4,990 4,006
1,212 7,607 7,120 6,531
1,369 9,380 8,716 8,180
1,326 8,755 8,495 7,960
1,213 9,365 7,490 6,780
2,1 8S 10,049 8,821 7,957
2,301 10,749 10,384 9,663
2,516 12,661 12,447 11,784
1,467
1,011
932
1,007
1 099
828
1,097
1,453
1,003
924
973
1 090
789
1,076
364 620 1,271
226 363
486
537
664
535
260
709
1,875
864
1,227
721
364
214
663
Proposed uses of net proceeds , major groups of corporate issuers
ifear or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Communication
Public utility
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
ment of
ment of
ment of
New
New
New
ment of
New
New
ment of
ment of
capital io secu- capital io secu- capital io secu- capital i o secu- capital io secu- capital io securities
rities
rities
rities
rities
rities
J950
1951
1952
1953
1954
1955
1956
1957
.
1957—June..
July
Aug
Sept..
Oct
Nov
Dec
1958—Jan.. .
Feb
Mar.
Apr...
May
June..
1,026
2,846
3,712
2,128
2,044
2,397
3,336
4,104
149
221
261
90
190
533
243
623
5
248
243
320
129
220
572
147
171
196
'620
'163
267
49
5
474
462
512
502
831
769
682
579
35
C9)
8
69
51
38
51
38
60
7
3
41
'12
'26
49
28
26
47
'62
'24
29
4
2
63
56
24
40
93
51
51
29
610
437
758
553
501
544
694
225
36
270
338
20
802
14
2
3
5
50
(9)
(9)
(9)
12
(9)
1
'5
r
Revised.
1 Estimates of new issues maturing in more than one year sold for cash
in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign governments. International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
45
31
80
49
54
138
82
48
63
'86
'23
106
196
53
8
(9)
6
24
5
1,927
2,326
2 539
2,905
2,675
2,254
2,474
3,821
431
244
251
417
333
287
173
321
366
409
'293
'303
390
682
85
88
67
990
174
14
51
(9)
(9)
Q
(9)
1
22
'37
16
•
314
600
747
871
651
1,045
1,384
1,441
136
54
124
65
369
92
41
34
35
797
'40
'11
12
81
5
6
3
60
77
21
4
639
449
448
1,536
788
1,812
1 815
1,701
100
66
60
24
273
56
17
67
178
3
(9)
(9)
50
37
30
343
224
53
159
98
92
109
205
49
'40
'74
78
1
30
30
1
2
(9)
r(9)
2
6 Estimated net proceeds are equal to estimated gross proceeds less cost
of 7flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8 Represents proceeds for the retirement of mortgages and bank debt
with original maturities ©f more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
10 Represents all issues other than those for retirement of securities.
1099
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Industry
1952
1953
1954
1955
Quarterlj' totals
1956
1957
1956
1957
1
4
2
1958
1
4
3
2
Manufacturing
Total (200 corps.):
Sales
54,517 63,343 58,110 69,876 71,925 76,032 19,194 19,786 19,438 18,056 18,752 16,718 16,796
Profits before taxes
7 308 8 375 7 244 10 250 9,290 9,559 2,483 2,752 2,575 2 042 2,190 '1,622 1,624
'852
864
Profits after taxes .
3,192 3,649 3,825 5,231 4,880 5,109 1,362
1,432 1,339 1,107 1,232
'755
Dividends
747
848
750
757
2,073 2,154 2,384 2,827 2,980 3,113
849
757
Nondurable goods industries (94 corps.): l . .
19,266 20,694 20,620 23,106 24,784 26,278 6,464 6,636 6,524 6,558 6,560 '6,133 6,203
Sales
r
648
625
867
841
Profits before taxes
947
873
2 853 3 028 2 753 3,413 3 457 3,438
111
r
359
503
491
377
1 392 1,526 1,581 1,918
1,979 2,019
521
551
414
325
318
319
'326
Dividends
...
972 1,064 1,202 1,248 1,323
358
314
946
371
Durable goods industries (106 corps.):2
46,770 47,141 49,754 12,730 13,150 12,914 11,498 12,192 '10,585 10,593
35,251 42,649 37,490
Sales
974 1,000
Profits before taxes
4 455 5 346 4 491 6 836 5 833 6,120 1 616 1 804 1,702 1 201 1 413
504
841
836
616
475
Profits after taxes
1 800 2,123 2,244 3,313 2,901 3,090
881
758
422
1,791
439
438
429
Dividends
489
478
1,127 1,182 1,320 1,625 1,731
436
Selected industries:
Foods and kindred products (28 corps.) :
Sales
1 618 1,642
1,669
1,691
'1,616
1,663
154
158
153
140
152
75
40
77
41
79
54
67
41
Chemicals and allied products (26 corps.):
Sales
74
41
Profits after taxes
2 045 2,047 2,065
2,047
1,858
1,903
281
144
284
146
154
6,620
1,641
453
Profits after taxes
465
462
499
557
600
145
135
203
154
212
154
224
156
244
160
273
166
295
174
74
50
65
39
5 965 6 373 6 182 7,222
1,259 1,308 1,153 1,535
2,001
5 042 5,411 5 476 5,833
7,729
1,488
8,203
1,556
782
597
769
602
798
639
377
201
181
5 411 5,883 6 015 6 556
7,185
7,814
1,909
854
624
317
917
689
346
867
711
374
228
186
93
11 564 13,750 11,522 14,952 16,062 16,073
1,147 1,817 1,357 2,377 2,370 2,313
564
705 1,195
790
1,232
1,193
4,340
486
396
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
. .
. .
Dividends
Primary metals and products (39 corps.):
Sales
Profits after taxes
728
524
283
369
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
6 299
520
417
841
603
290
377
593
499
751
567
294
407
522
7 077 8,005 7 745 8,477
912
971 1,011
914
375
199
402
237
465
263
465
281
606
651
9,798 10,914
1,175
942
458
321
577
329
13,038 16,611 14,137 18,826 16,336 17,480
1 982 2 078 1 789 3 023 1,984 2,110
1,059
942
863 1,394
758
709
469
469
536
693
656
670
702
378
188
2,746
245
123
87
4,215
513
262
166
394
202
152
397
201
150
369
197
187
2 048 1,941
1,920
1,906
193
164
95
156
144
97
4,272 4,270 3,856
3,675
395
197
150
299
230
91
219
172
91
652
327
157
95
3,047
'302
1,774
113
103
95
3,133
2,871
2,454
2,621
306
152
86
227
'111
83
259
127
81
2,624 2,750 2,669
270
135
82
4,993 4,522 3,689
305
148
81
1,801
'146
r
125
370
190
146
473
260
179
293
141
79
156
157
147
512
264
158
676
342
157
r
4,277
3,853
3,543
291
151
164
506
279
173
346
161
164
271
137
160
2,574 2,660 2,675
711
336
166
603
292
166
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
r
1
.
10 581 10 664 9 371 10,106 10,551 10,491
908 1,341
1,268
1,056
1 438 1 436
375
267
153
876
462
734
435
6,549 7,136 7,588 8,360
1 740 1 895 2 049 2,304
947 1 030 1 134 1 244
9,644
2,557
1,403
1,077
2,303
942
9,049
2,462
1 326
1,022
4,137 4,525 4,902 5,425
925 1 050 1,282
787
5,966
1,430
6,467
1,562
1,552
380
715
552
788
613
190
147
725
384
355
903
412
780
452
412
682
379
868
525
448
638
496
Revised.
Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
2,722
927
448
825
338
594
334
270
2,582
2,239
2,294
286
191
82
259
199
121
59
31
96
135
93
79
2,540 2,312 2,335
247
161
122
264
183
110
2,457
'2,707
2,390
600
326
265
630
357
273
768
421
281
615
349
287
1,560 1,611 1,623
387
388
387
1,673
400
1,672
402
1,715
454
203
160
200
164
226
166
731
393
269
195
148
596
327
270
195
150
195
155
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing);
pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 90&
of the BULLETIN for September 1944 (electric power).
1100
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
In billions
Profits
before
taxes
Income
taxes
1950
1951
1952,
1953
1954,
1955
1956
1957
40.6
42.2
36.7
38.3
34.1
44.9
45.5
43.4
17.9
22.4
19.5
20.2
17.2
21.8
22.4
21.6
22.8
19.7
17.2
18.1
16.8
23.0
23.1
21.8
9.2
9.0
9.0
9.2
9.8
11.2
12.0
12.4
44.8
44.3
46.7
22.1
21.8
23.0
22.7
22.4
23.7
12.0
12.2
11.8
10.7
10.2
11.9
1957—1
2
3
4
46.1
43.5
44.2
39.9
23.0
21.7
22.0
19.9
23.1
21.8
22.1
20.0
12.5
12.6
12.7
12.0
10.6
9.2
9.4
8.0
1958—1
31.7
16.1
15.5
12.5
All types
13.6
10.7
8.3
8.9
7.0
11.8
11.0
9.4
1956—2
3
4
[Securities and Exchange Commission estimates.
3.0
Year or
quarter
Profits Cash Undisdivi- tributed
after
taxes dends profits
NOTE.—Quarterly data are at seasonally
annual rates.
Year or
quarter
In millions of dollars]
Stocks
Bonds and notes
New RetireNew RetireNet
Net
issues ments change issues ments change
7,224
9,048
10,679
9,550
11,694
12,474
13,033
14,289
1950
1951
1952
1953
1954
1955
1956
1957
Net
New Retireissues ments change
2,418
3,366
3,335
2,898
3,862
4,903
5,099
4,598
698
667
348
533
1,596
2,216
1,787
923
1,720
2,700
2,987
2,366
2,265
2,687
3,313
3,675
3,501 3,724
2,772 6,277
2,751 7,927
2,429 7,121
5,629 6,065
5,599 6,875
4,968 8,065
3,159 11,129
4,806
5,682
7,344
6,651
7,832
7,571
7,934
9,691
2,802
2,105
2,403
1,896
4,033
3,383
3,181
2,236
2,004
3,577
4,940
4,755
3,799
4,188
4,752
7,455
1957—1
2
3
4
3,666
3,739
3,474
3,409
783
867
802
708
2,884
2,873
2,672
2,701
2,377
2,367
2,554
2,393
553
626
554
503
1,824 1,289
1,741 1,373
2,000
920
1,890 1,016
230
241
248
205
1,059
1,132
672
811
1958—1
3,566
784
2,782 2,799
537
2,262
247
520
767
i Reflects cash transactions only. As contrasted with data shown on p. 1098, 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. 1098.
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchanges Commission estimates.
In billions of dollars]
Current assets
End of year
or quarter
1950
1951
1952
1953
1Q54
1955
1956
1957—1
2
3
4
1958—1
Net
working
capital
81.6
86.5
90.1
91.8
94.9
103.0
.. . 109.1
111.0
112.1
112.9
113.5
114.8
Total
161.5
179.1
186.2
190.6
194.6
224.5
235.9
235.2
234.9
239.5
239.9
232.8
Cash
U.S.
Govt.
securities
28.1
30.0
30.8
31.1
33.4
34.6
35.1
32.3
33.0
33.7
35.0
32.6
Current liabilities
Notes and accts.
receivable
Inventories
Notes and accts.
payable
U. S.
Govt. 2
Other
Federal
income
tax
liabilities
79.8
92.6
96.1
98.9
99.7
121.5
126.8
.4
1 3
2.3
2.2
2.4
2.3
2.4
47.9
53.6
57.0
57.3
59.3
73.5
78.0
16.7
21.3
18.1
18.7
15.5
19.3
17.9
14.9
16.5
18.7
20.7
22.5
26.5
28.6
5.5
5.4
5.7
5.9
124.2
122 8
126.6
126.5
2.5
2 6
2.6
2.3
77.0
77.3
78.3
77.6
15.4
13 1
14.8
16.0
29.4
29.7
31.0
30.6
6.2
118.0
2.1
73.2
12.8
29.9
Other
U.S.
Govt. 2
Other
1.1
2.7
2.8
2.6
2.4
2.3
2.6
55.7
58.8
64.6
65.9
71.2
87.1
94.5
55.1
64.9
65.8
67.2
65.3
72.8
80.4
1.7
2.1
2.4
2.4
3.1
4.7
5.1
2.5
2 5
2.4
2.8
94.9
96.1
98.7
97.5
82.3
82.4
83.2
82.2
2.7
94.6
81.4
Total
19.7
20.7
19.9
21.5
19.2
23.0
18.2
17.7
15.4
15.7
16.5
15.4
i Excludes banks and insurance companies.
Other
2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Year
1950
1951
1952
1953
1954
1955
1956
1957
19584*-
Total
20 6
25.6
26.5
28.3
26.8
28 7
35.1
37.0
31.0
Transportation
Manufacturing
Mining
7.5
10.9
11.6
11.9
11.0
11 4
15.0
16.0
12.0
.7
.9
1.0
1.0
1.0
1.0
1.2
1.2
.9
Railroad
Other
J-1
1.5
L.4
)1
.5
.5
6
1.5
L.6
7
1.8
1.5
.9
.9
1 ?,
1.4
.8
r
Revised.
1 Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
Public Comutili- muni- Other 2
ties
cations
3 3
3.7
3.9
" 4.6
4.2
4 3
4.9
6.2
6.3
1.1
1.3
1.5
1.7
1.7
2 0
2.7
3.0
9 5
5.7
5.9
5.6
6.3
6.5
7 5
8.4
7.4
Quarter
Total
Manufactur- Trans- Public
All
ing
porta- utili- other 3
and
ties
tion
mining
1957 1
2
3
4
8 3
9 6
9.4
9.7
3 8
4 5
4 3
4.6
7
g
.8
.8
J 5
[ 5
1.7
1.8
2 6
2.7
2.5
2.6
1958 1r
2 r
3« . .
44
7 3
7.8
8.2
7.7
3 1
3.2
3 4
3.3
7
.6
.5
.5
I 2
.5
1.9
1.7
2 3
2.5
2.4
2.2
3
Includes communications and other.
* Anticipated by business.
1101
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agen- and
cies
1941
1945
37.6
35.5
1950
1951
1952
1953 . . . .
1954
1955
1956
195JP
72.8
82.3
2.0
.9
1.4
2.0
20.7
21.0
51.7
59.5
66.9
75.1
85.8
99.4
111.2
119.9
91.4
101.3
113.8
130.0
144.5
156.4
1956—Dec
144.5
1957—Mar.p
Sept v
Dec.2*
147.2
150.3
153.5
156.4
1958—Mar.p
Junep
158.7
162.2
Nonfarm
2.4
2.8
2.8
3.1
3.6
4.7
3.6
4.0
111.2
113.0
1- to 4-family houses
13.7
19.8
20.8
22.1
23.5
25.2
27.5
29.7
31.8
31.2
30.8
66.7
75.6
84.2
93.6
105.5
120.9
134.6
145.9
134.6
30.2
30.7
31.3
31.8
137.1
139.9
143.0
145.9
4.9
4.6
121.6
124.6
29.7
4.2
4.5
4.7
115.3
117 7
119.9
Multi-family and
commercial properties*
Finan- Other
cial
Total insti- holdtutions ers
Total
Financial
institutions
Other
holders
12.9
12.2
8.1
7.4
21.6
23.9
25.7
14.0
15.9
17.2
18.5
20.0
21.9
23 9
25.6
23.9
24.2
24.6
4.8
4.7
7.6
80
Finan-
All
holders
others
14.9
Farm
32.2
33.0
148.1
151.3
* Preliminary.
1 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.
18.4
18.6
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
99.0
101.0
11.-2
12.2
35.4
41.1
46.8
53.6
62.5
73.8
83.4
90.2
%
83.4
103.3
105.6
107.6
84.9
86.8
88.6
90.2
109.2
111.5
91.5
93.9
7.2
6.4
9.8
10.7
11.7
12.5
13.2
14.4
15.6
17.4
15.6
16.2
27.5
29.8
32.7
35.6
38.3
35.6
16.5
17.0
17.4
36.1
36.6
37 4
38.3
17.6
17.6
38.9
39.9
All
cial
Other
hold- insti- holders2
ers tutions
6.4
4.8
6.1
67
8.4
11.9
25 1
25.6
12.1
12 4
12.7
26.0
26.6
12.9
13.2
10 6
10.9
6.4
4 0
4 0
10.3
10 4
10 5
3.7
4 1
4 4
4.8
5 0
5.4
6 0
6.5
4.0
9.9
10.1
9.0
9.8
10.8
11 7
12.7
4.9
3.4
2.3
2 6
2 8
3.0
33
3.6
3 9
4.0
3.9
3 9
7.3
7.8
8 3
9.1
9 9
10.5
11.7
1.5
1.3
6 4
6 5
6.0
6 2
41
6 6
4.1
6.7
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS 1
[In millions of dollars]
Mutual savings bank holdings 3
Commercial bank holdings 2
Residential
End of year
or quarter
Total
Total
FHAinsured
VAguaranteed
Residential
Conventional
Other
nonfarm
Farm
Total
Total
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
1941
1945
4,906
4,772
3,292
3,395
1,048
856
566
521
4,812
4,208
3,884
3,387
900
797
24
1950
1951
1952
1953
1954
1955
1956
1957P
13,664
14,732
15,867
16,850
18,573
21,004
22,719
23,337
10,431
11,270
12,188
12,925
14,152
15,888
17,004
17,147
3,421
3,675
3 912
4,106
4,560
4,803
4,823
2,921
3,012
3,061
3,350
3,711
3,902
3,589
4,929
5,501
5,951
6,695
7,617
8,300
8,735
2,264
2,458
2,621
2,843
3,263
3,819
4,379
4,823
968
1,004
1,058
1,082
1,159
1,297
1,336
1,367
8,261
9,916
11,379
12,943
15,007
17,457
19,745
21,169
7,054
8,595
9,883
11,334
13,211
15,568
17,703
19,010
2,567
3,168
3,489
3,800
4,150
4,409
4,669
1,726
2,237
3,053
4,262
5,773
7,139
7,790
4,303
4,477
4,792
5,149
5,645
6,155
6,551
1,164
1,274
1,444
1,556
1,740
1,831
1,984
2,102
44
47
53
22,719 17,004
59
. .
1956—Dec
1957
Mar
June
Sept
Dec
1958—Mar.p
June p
.
4,803
3,902
8,300
4,379
1,336 19,745 17,703
4,409
7,139
6,155
1,984
16,880
16,890
17,070
17,147
4,770
4,730
4,750
4,823
3,810
3,720
3,660
3,589
8,300
8,440
8,660
8,735
4,440
4,500
4,660
4,823
1,350
1,370
1,375
1,367
18,035
18,384
18,687
19,010
4,455
4,500
4,575
4,669
7,330
7,520
7,660
7,790
6,250
6,364
6,452
6,551
2,010
2,033
2,068
2,102
23,410 17,140
. . . . 23,990 17,500
4,820
4,965
3,490
3,435
8,830
9,100
4,880
5,060
1,390 21,565 19,370
1,430 22,170 19,940
4,785
4,955
7,920
8,135
6,665
6,850
2,137
2,172
22,670
22,760
23,105
. . . 23,337
* 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
20,105
20,475
20,812
21,169
28
53
56
58
59
57
60
58
57
57
58
58
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Sources.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
1102
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
Total
FHAinsured
VAguaranteed
Farm
Total
976
1950
1951
1952
1953
1954
1955
1956
1957
4,894
5,134
3,978
4,345
5,344
6,623
6,715
5,230
4,532
4,723
3,606
3,925
4,931
6,108
6,201
4,822
1,486
1,058
432
435
408
435
404
412
383
404
53
50
82
67
1957
Julv
AUK
Sept
Oct
Nov
Dec
864
817
672
971
842
687
831
4,573
5,257
5,681
6,012
6,116
6,395
6,627
6,751
2,026
3,131
3,347
3,560
4,643
6,074
7,304
7,721
8,176
9,399
10,518
11 864
13,169
14,703
16,577
18,180
1,327
1,527
1,705
1,886
2,048
2,273
2 481
2,584
64
58
43
51
287
304
258
286
28
23
25
31
27
34,356
34,547
34,697
34,859
34,986
35,230
31,794
31,978
32,122
32 274
32,396
32,640
6,671
6,677
6,690
6 706
6,720
6,766
7,702
7 725
7,736
7 753
7,758
7,750
17,421
17 576
17,696
17 815
17,918
18,124
2,562
2 569
2,575
2 585
2,590
2,590
35,410
35,529
35,663
35,773
35,884
35,983
36,183
32,816
32,926
33,049
33,142
33,241
33.330
33,519
6,818
6,849
6,896
6,939
6,985
7,027
7,076
7 748
7,737
7,720
7,716
7,696
7 674
7,651
18 250
18,340
18,433
18 487
18,560
18 629
18,792
2 594
2,603
2,614
2,631
2,643
2 653
2,664
1,378
1,839
1,652
60
38
237
96
27
370
35
525
482
122
41
319
43
227
236
49
18
169
41
390
400
380
366
344
358
348
339
93
93
97
95
22
26
16
20
229
239
235
224
46
42
32
27
428
398
103
16
279
30
May
June
July
913
776
14,775
17,787
19,546
21,436
23,928
27,172
30,508
32,652
335
Apr
4 714
4 466
815
16,102
19,314
21,251
23,322
25,976
29,445
32,989
35,236
493
Mar
1,394
Farm
Other
362
411
372
420
413
515
514
408
429
455
362
1958 Jan
Feb
5 529
5,860
VAguaranteed
2,108
2,371
2,313
2,653
2,881
3,298
3,707
3,304
938
1,294
528
. . .
FHAinsured
6 442
6,636
1941
1945
.
Total
Other
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
TotaP
1941
1945
1 379
1,913
437
581
181
1,358
5 237
5,250
6,617
7,767
8,969
11,432
10,545
10,402
1,767
1,657
2,105
2,475
3,076
4,041
3,771
3 562
2,246
2,357
2,955
3,488
3,846
5,241
4,727
4,708
13,657
15,564
18,396
21,962
26,194
31,461
35,729
40,119
415
462
470
423
FHAinsured
866
904
1,048
1,172
1,405
1,486
1,643
2,973
3,133
3,394
3,979
4,721
5,891
6,643
7,013
9,836
11,565
14,098
16,935
20,301
24,165
27,600
31,463
1,530
1,545
1,560
1,573
1,591
1,597
1,643
6,889
6,904
6,920
6,933
6,946
6,963
7,013
29,467
29,831
30,263
30,600
30,995
31,275
31,463
1,651
1,685
1,715
1,749
1,789
1,837
7,048
7,015
7,005
6,982
6,978
6,993
31,670
31,923
32,247
32,636
33,141
33,668
848
1957
Aug
1 001
Sept
891
318
331
292
980
768
341
250
734
248
37,886
38,280
38 743
39,106
443 39,532
358 39,835
324 40,119
723
704
233
308 40,369
289 40,623
June
July
Oct
Nov
Dec
925
969
Year or
month
1941
1945
819
920
1,019
1,107
281
316
346
379
318 40,967
354 41,367
406 41,908
461 42,498
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.
LESS
Season- Without
ally
seasonal
adadjustjusted i
ment 2
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
16,179
16,405
18,018
19,747
22,974
28,484
27,088
24,244
5,060
5,295
6,452
7,365
8,312
10,452
9,532
9,217
] £1R
,615
,420
,480
,768
,932
,799
472
3,365
3,370
3,600
3,680
4,239
5,617
5,458
4,264
1,064
1,013
1,137
1,327
1,501
1,858
1,824
1,429
2,027
2,008
2,026
2,013
2,003
1,995
1,954
2,028
2,211
2,208
2,026
2,226
1,877
1,851
795
852
883
796
855
686
666
119
130
132
124
132
117
125
363
390
378
354
395
333
325
125
142
137
121
131
117
113
1,976
1,959
1,971
1,993
2,087
1,782
1,701
1,866
2,022
2,151
2,275
628
638
705
787
845
910
111
101
108
106
113
110
322
304
345
385
418
429
98
87
94
103
120
140
. . .
1950 .
1951
1952
1953
1954
1955 .
1956
1957 .
1957
June
July
Aug
Sent
Oct
Nov
Dec
1958
Jan
Feb
M^ar
Apr
May
June
OF $20,000 OR
By type of lender
(without seasonal adjustment)
Total
VAConvenguaranteed tional 2
4 578
5,376
1950
1951
1952
1953
1954
1955
1956
1957
RECORDING
[In millions of dollars]
. . . .
1958
Jan
Feb
Mar
Apr
May
June
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
1103
REAL ESTATE CREDIT
GOVERNMENT-UISfDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projtype
mortgages^
VA-guaranteed loans
Property
improvement2
loans
Home
mortgages
TotaP
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
1945
665
257
217
20
171
192
1950
1951
1952
1953
1954
1955
1956
1957
4,343
3,220
3,113
3,882
3,066
3,807
3,461
3,715
1,637
1,216
969
1,259
1,035
1,269
1,133
880
856
713
974
1,030
907
1,816
1,505
1,371
1,157
582
322
259
232
76
130
595
694
708
848
1,334
891
646
692
869
3,072
3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,667
1,823
2,044
2,686
4,582
3,910
2,890
1 202
942
890
1,014
1 566
2,564
1,948
863
1957_jul y
Aug
Sept
Oct
Nov
Dec
333
340
273
422
329
332
67
63
57
87
86
97
124
122
116
145
145
152
76
67
14
79
33
12
65
88
85
111
65
71
268
251
295
280
213
176
206
193
228
229
182
155
62
58
66
50
30
20
1958 Jan
Feb
Mar
Apr
May
June
July
418
386
435
423
431
551
524
120
115
127
119
110
126
132
186
164
192
186
201
217
236
56
43
62
57
55
128
98
55
64
53
61
65
81
58
160
142
123
85
73
97
127
142
129
110
72
57
71
83
18
13
13
13
15
27
43
i Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
1
Conventional
Total
1945 .
FHA- VAinguarsured anteed
18.6
4.3
4.1
.2
14.3
45.2
51.7
58.5
66.1
75.7
88.2
99.0
107.6
18.9
22.9
25.4
28.1
32.1
38.9
43.9
47.2
8.6
9.7
10.8
12.0
12.8
14.3
15.5
16.5
10.3
13.2
14.6
16.1
19.3
24.6
28.4
30.7
26.3
28.8
33.1
38.0
43.6
49.3
55.1
60.4
96.6
99.0
42.5
43.9
15.2
15.5
27.3
28.4
54.1
55.1
101.0
103.3
105.6
107.6
45.1
45.9
46.5
47.2
15.7
15.9
16.1
16.5
29.4
30.0
30.4
30.7
55.9
57.4
59.1
60.4
1958—Mar.*.... 109.2
J u n e * . . . . 111.5
47.7
48.3
17.1
17.7
30.6
30.6
61.5
63.2
1950..
1951
1952
1953
1954
1955
1956
1957*,
.
1956—Sept
Dec
1957—Mar.*....
June*....
Sept.*
Dec*
* 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 1
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage
transactions
(during
period)
Advances outstanding
(end of period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1945
278
213
195
176
19
1,347
1,850
2,242
2,462
2,434
2,615
3,047
3,974
169
204
320
621
802
901
978
1,237
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
1,044
677
538
542
614
411
609
1,119
469
111
56
221
525
62
5
2
485
239
323
638
476
76
360
764
1950
1951
1952
1953
1954
1955
1956
1957
675
423
586
728
734
1,251
745
1,116
292
433
528
640
818
702
934
1,079
816
806
864
952
867
1,417
1,228
1,265
547
508
565
634
612
991
798
731
269
298
299
317
255
426
430
534
3,654
3,718
3,783
3,849
3,909
3,974
J 112
1,132
1,152
I 170
1,197
[,237
2 541
2,586
2,631
2 679
2,712
2,737
83
78
82
79
75
80
626
680
712
726
717
764
1957—July.
Aug.
Sept.
Oct..
Nov.
Dec.
131
83
96
83
74
196
171
50
49
70
62
74
1,040
1,072
1,119
1,131
1,143
1,265
638
663
688
686
689
731
402
409
431
445
454
534
4,038
4,071
4,073
4,019
3,928
3,753
3,703
1,283
1,319
1,346
1,345
1,342
1.309
1,300
2,755
2,752
2,726
2,674
2,586
2,444
2,403
77
56
45
38
33
22
17
786
761
745
842
1,001
1,142
1,308
1958—Jan..
Feb..
Mar.
Apr.,
May,
June
July.
58
41
53
212
56
178
108
417
158
146
93
68
50
137
906
790
696
815
803
929
901
527
451
394
304
288
372
392
379
339
302
511
515
557
509
Mortgage holdings
End of year
or month
1950
1951
1952
1953
1954
1955
1956
1957
1957
July
Aug
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
July
• • • •.
.
. .
9
29
75
109
176
51
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Year or month
Ad- Repayvances ments
Total
Shortterm 1
Longterm 2
1
Secured or unsecured loans maturing in one year or less.
2 Secured loans, amortized quarterly, having maturities or more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
1104
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper i
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1950
1951
1952
1953
1954
1955
1956
1957
21,395
22,617
27,401
31,243
32,292
38,670
42,097
44,776
14,703
15,294
19,403
23,005
23,568
28,958
31,827
34,105
6.074
5,972
7,733
9,835
9,809
13,472
14,459
15,496
4,799
4,880
6,174
6,779
6,751
7,634
8,510
8,687
1,016
1,085
1,385
1,610
1.616
1,689
1,895
1,984
2,814
3,357
4,111
4,781
5,392
6,163
6,963
7,938
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,821
1,934
2,120
2.187
2,408
3,002
3,253
3,502
3,291
3,605
4 011
4,124
4,308
4,579
4,735
4,760
1,580
1,784
1,867
1,927
2,008
2,131
2,282
2,409
42,668
43,101
43,270
43,274
43,530
44,776
32,968
33,303
33,415
33,504
33,596
34,105
15,329
15,490
15,556
15,579
15,542
15,496
8,189
8,229
8,228
8,236
8,300
8,687
1,921
1,954
1,969
1,988
1,996
1,984
7,529
7,630
7,662
7,701
7,758
7,938
9,700
9,798
9,855
9,770
9,934
10,671
3,406
3,458
3,493
3,405
3,458
3,502
3,886
3,925
3 942
3,991
4,135
4,760
2,408
2,415
2,420
2,374
2,341
2,409
43,966
43,043
42,562
42,665
43,027
43,122
43,026
33,737
33,302
32,983
32,932
32,957
33,054
33,133
15,326
15,122
14,889
14,788
14,713
14,691
14,673
8,499
8,277
8,192
8,134
8 176
8,203
8,220
1,963
1,915
1,914
1,933
1,942
1,952
7,949
7,967
7,987
8,096
8,135
8,218
8,288
10,229
9,741
9,579
9,733
10,070
10,068
9,893
3,514
3,542
3,542
3,501
3,616
3,645
3,531
4,264
3,710
3 528
3,694
3 956
3 949
3,901
2,451
2,489
2 509
2,538
2 498
2 474
2,461
1957
July
Sept
Oct
Nov
Dec
1958
Jan
Feb
Mar
May
June
July
. . .
. .
i Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in part for business.
* Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
NOTE.—Monthly figures for the period December 1939
and a general description of the series are shown on pp.
BULLETIN for April 1953; monthly figures for 1948-56, in
for October 1956, pp. 1035-42, and December 1957,
A detailed description of the methods used to derive the
be obtained from Division of Research and Statistics.
through 1947,
336-54 of the
the BULLETINS
pp. 1420-22.
estimates may
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
1939
1941
1945
4 503
6,085
2 462
1950
1951
1952
1953
1954
1955
1956
1957
End of year
or month
1957
1958 Jan .
Feb
Mar
Apr
May
June
July
. . .
Credit
unions
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
11,805
12,124
15,581
18,963
19,450
24,450
27,084
29,375
5,798
5,771
7,524
8,998
8,796
10,601
11,707
12,714
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
590
635
837
1,124
1,342
1,678
2,014
2,472
28,726
29,014
29,128
29,241
29,239
29,375
12,508
12,607
12,656
12,749
12,717
12,714
9,476
9,565
9,598
9,585
9,564
9,573
33,737
33,302
32,983
32,932
32,957
33,054
33,133
29,125
28,864
28,621
28,701
28,674
28,750
28,897
12,611
12,415
12,310
12,421
12,442
12,494
12,581
9,464
9,405
9,284
9,200
9,129
9,105
9,121
Consumer
finance
companies l
132
198
102
32,968
33,303
33 415
33,504
33,596
34,105
Sept
Oct
Nov
Dec
Sales
finance
companies
14,703
15,294
19,403
23 005
23,568
28,958
31,827
34,105
July
Commercial
banks
Retail outlets
Total
Department
stores2
Furniture
stores
HouseAutohold
mobile
applidealers 3
ance
stores
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1,286
1,555
1,866
2,137
2,257
2,656
3,056
3,332
420
509
643
111
911
1,072
1,207
1,284
2,898
3,170
3,822
4,042
4,118
4,508
4,743
4,730
746
924
1,107
1,064
1,242
1,511
1,408
[,393
827
810
943
1,004
984
1,044
1,187
1,146
267
243
301
377
377
365
377
374
287
290
389
527
463
487
502
529
771
903
1 082
1 070
1,052
1,101
1 269
1,288
2,284
2,344
2,377
2,415
2,439
2,472
3,209
3,234
3,231
3,229
3,248
3,332
1,249
[,264
[,266
1,263
1,271
1,284
4,242
4,289
4,287
4,263
4,357
4,730
1,144
1,161
1,167
1,134
1,199
1,393
1,072
1,083
1,077
1,080
1,092
1,146
361
360
363
365
365
374
525
530
533
533
531
529
1 140
1,155
1 147
1 151
1,170
1,288
2,446
2,451
2,461
2,506
2,531
2,565
2,606
3,320
3,306
3,286
3,290
3,273
3,279
3,288
[,284
1,287
1.280
1,284
1,299
1,307
1,301
4,612
4,438
4,362
4,231
4,283
4,304
4,236
1,381
1,326
1,343
1,241
1,278
1,310
1,241
1,108
1,079
1,045
1.033
1^034
1,035
1,035
367
363
359
354
353
351
350
522
514
504
498
494
492
491
1,234
1 156
1 111
1,105
1 124
1 116
1,119
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.
1105
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]
Automobile
paper
Purchased
Total
instalment
credit
End of year
or month
Direct
Other
consumer
goods
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
1950
1951
1952
1953
1954
1955
1956
1957
5,798
5,771
7,524
8,998
8,796
10,601
11,707
12,714
1,177
1,135
1,633
2,215
2,269
3,243
3,651
4,054
1,294
1,311
1,629
1,867
1,668
2,062
2,075
2,335
1,456
1,315
1,751
2,078
1,880
2,042
2,394
2,435
834
888
1,137
1.317
,303
,338
,469
,527
1,037
1,122
1,374
1,521
1,676
1,916
2,118
2,363
12,508
. 12 607
12,656
12,749
12,717
12,714
3,976
4 026
4,050
4,082
4 067
4 054
2,310
2,330
2,334
2,334
2,333
2,335
2,456
2,434
2,437
2,471
2,448
2,435
,480
,503
1,514
1,531
1,537
1,527
2,286
2,314
2,321
2,331
2,332
2,363
12,611
12,415
12 310
12,421
12,442
12 494
12,581
4,016
3,966
3,906
3,893
3,889
3,892
3,905
2,330
2,312
2,305
2,321
2,325
2,335
2,339
2,378
2,272
2,236
2,281
2,262
2,253
2,273
1,508
1,484
1,467
1,465
1,477
1,485
1,494
2,379
2,381
2,396
2,461
2,489
2,529
2,570
1957—July
Aug
Sect
Oct.
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
JUly
...
....
.. .
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1950
1951
1952
1953
1954
1955
1956
1957
3,711
3,654
4,711
5,927
6,144
8,443
9,100
9,573
2,956
2,863
3,630
4,688
4,870
6,919
7,283
7,470
532
452
680
816
841
,034
,227
,413
61
63
60
46
31
25
23
20
162
276
341
377
402
465
567
670
1957—July.
Aug.
Sept.
Oct..
Nov.
Dec.
9,476
9,565
9,598
9,585
9,564
9,573
7,466
7,532
7,557
7,537
7,510
7,470
,369
,384
,389
,390
,388
,413
22
22
22
23
21
20
619
627
630
635
645
670
1958—Jan..
Feb.
Mar.
Apr.
May
June
July.
9,464
9,405
9,284
9,200
9,129
9,105
9,121
7,363
7,237
7,080
6,968
6,888
6,844
6,795
,404
,464
,492
,515
,520
,532
,592
20
20
19
20
20
20
21
677
684
693
697
701
709
713
1939
1941
1945
,
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1950
1951
1952
1953
1954
1955
1956
1957
2,296
2,699
3,346
4,038
4,510
5,406
6,277
7,088
360
373
452
538
539
761
948
1,108
200
233
310
370
375
537
648
638
121
134
188
247
282
326
403
437
1,615
1,959
2,396
2,883
3,314
3,782
4,278
4,905
6,742
6,842
6,874
6,907
6,958
7,088
1.052
,072
1,082
I 093
1,101
1,108
647
652
648
645
638
638
419
429
433
434
438
437
4,624
4,689
4,711
4 735
4,781
4,905
7,050
7 044
7,027
7,080
7,103
7,151
7,195
LO95
I 093
[,094
1,108
1,117
1,128
I 143
627
617
606
605
605
606
610
435
432
429
429
436
437
437
4,893
4 902
4,898
4 938
4,945
4,980
5,005
1957 July
Au$j
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
July
. . .
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
DepartOther
ment
stores i
Service
credit
Other
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
J52
72
236
275
290
1,178
1,370
1,322
518
597
845
1950
1951
1952
1953
1954
1955
1956
1957
6,692
7,323
7,998
8,238
8,724
9,712
10,270
10,671
1,576
1,684
1,844
1,899
2,096
2,635
2,843
3,095
245
250
276
288
312
367
410
407
650
698
728
772
793
862
893
876
2,641
2,907
3,283
3,352
3,515
3,717
3,842
3,884
1,580
1,784
1,867
1,927
2,008
2,131
2,282
2,409
1957—July.
Aug.
Sept.
Oct..
Nov.
Dec..
9,700
9,798
9,855
9,770
9,934
10,671
2,996
3,002
3,023
3,022
3,028
3,095
410
456
470
383
430
407
533
535
588
612
658
876
3,353
3,390
3,354
3,379
3,477
3,884
2,408
2,415
2,420
2,374
2,341
2,409
1958—Jan..
Feb..
Mar.
Apr..
May,
June.
July.
10,229
9,741
9,579
9,733
10,070
10,068
9,893
3,054
3,057
3,054
3,067
3,103
3,172
3,140
460
485
488
434
513
473
391
725
601
573
580
584
575
533
3,53%
3,109
2,955
3,114
3,372
3,374
3,368
2,451
2,489
2,509
2,538
2,498
2,474
2,461
* Includes mail-order houses.
1106
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Automobile paper
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1950
1951
1952
1953
1954
1955
1956
1957
8,530
8,956
11,764
12,981
11,807
16,745
15,563
16,681
21,558
23 576
29 514
31,558
31,051
39,039
40,063
42,411
7 150
7 485
9,186
9 227
9,117
10,634
11,590
11,599
5 043
6,294
7,347
8,006
8,866
10,272
11,342
12,613
835
841
1,217
1,344
1,261
1,388
1,568
1,518
Sept
Oct
Nov
Dec
3,599
3,591
3,546
3,541
3,559
3,615
3,837
3,704
3,388
3,545
3,439
4,069
1.381
1,355
1,392
1,435
1,404
1,423
1,563
1,467
1,364
1,404
1,250
1,305
999
1,027
973
912
964
959
995
1,022
927
976
1,020
1,333
130
137
127
126
120
118
143
150
138
141
123
112
1.089
1,072
1,054
1,068
1,071
1,115
1,136
1,065
959
1,024
1,046
1,319
1958—Jan
Feb
Mar
Apr
May
June
July
3,504
3,235
3,193
3,278
3,252
3,265
3,342
3,108
2,754
3,164
3,345
3,386
3,484
3,494
1,346
1,179
1,077
1,161
1,113
1,190
1,020
1,104
1,222
1,212
1,266
1,291
940
900
981
914
994
957
969
799
717
902
874
1,008
969
963
131
116
115
125
126
129
125
102
91
105
124
136
139
136
1,087
1,040
1,020
1,078
[,019
1,070
,079
1,017
926
1,053
1,125
1,030
1,110
1,104
1957 July
10Q
1,169
Repayments
1950
1951
1952
1953
1954
1955
1956
1957
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
1957 j u iy
Sept
Oct
Nov
Dec
1958
Jan
Feb
Mar
Apr
May
July
7,011
9,058
10,003
10,879
11,833
13,082
14,576
15,644
3,382
3,343
3,418
3,358
3,394
3,498
3,477
3,369
3,276
3,456
3,347
3,560
1.317
,276
,318
,317
,292
,368
1,361
1,306
1,298
1,381
1,287
1,351
3,421
3,401
3,373
3,401
3,352
3,392
3,374
3,476
3,189
3,483
3,396
3,361
3,387
3,415
,368
,317
,300
,338
,296
.278
1,292
1,360
1,224
1,337
1,323
1,287
1,288
1,309
6,057
7,404
7 892
8,622
9,145
9,751
10,714
11,422
4,660
5,751
6,593
7,336
8,255
9,501
10,542
11,638
717
772
917
1,119
1,255
1,315
1,362
1,429
964
976
990
945
971
982
928
968
125
117
124
118
127
117
123
122
981
978
956
946
113
124
115
124
976
974
986
978
1,008
1,028
1,018
964
927
985
1,139
1,006
908
1,033
1,016
989
925
987
120
123
966
952
921
939
987
932
125
123
126
118
126
125
1,008
993
998
1,016
941
963
945
966
942
946
118
132
125
117
130
126
997
991
1,019
1,012
1,027
1,034
+ 113
+98
+68
+90
+63
+87
+79
+47
+22
+62
+22
+ 51
+ 67
+ 383
+ 543
+754
+670
+611
+771
+800
+975
+ 118
+ 101
+32
+39
+57
+ 180
+ 11
+ 18
+20
+ 109
+39
+83
+70
Change in outstanding credit 1
1950
1951
1952
1953
1954
1955
1956
1957
1957
j u iy
AUE
Sept
Oct
Nov
Dec
1958
Jan
Feb
Mar
Apr
May
June
July
+217
+248
+ 128
+ 183
+ 165
+ 117
+83
-166
-180
-123
-100
-127
-32
+3,113
+591
+4,109
+ 3,602
+563
+5,390
+2,869
+2,278
+360
+335
+ 112
+89
+92
+509
-368
-435
-319
-51
+25
+97
+79
+64
+79
+74
+ 118
+ 112
+55
-22
-138
-223
-177
-183
-169
-123
+ 1,519
-102
+ 1,761
+2,102
-26
+3,663
+987
+ 1,037
+202
+ 161
+66
+23
-37
-46
-170
-204
-233
-101
-75
-22
-18
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of
the BULLETIN for October
1956; for 1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+35
+51
-17
-33
-17
-19
+ 15
-66
+29
+53
-6
+ 24
+ 1,093
+ 81
+ 1,294
+605
— 28
+ 883
+876
+ 177
+24
+40
-1
+8
+64
+387
-188
-222
-85
-58
+42
+27
+ 17
+5
+20
+3
+8
+7
-6
+ 11
—9
-8
-1
+8
0
+ 118
+69
+ 300
+225
+6
+73
+206
+89
+ 16
+33
+ 15
+ 19
+8
-12
-21
-27
-21
-1
+ 19
+9
+ 10
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.
1107
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
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
21,558
23,576
29,514
31,558
31,051
39,039
40,063
42,411
1950
1951
1952
1953
1954
1955
1956
1957
8,135
8 358
11,123
12,099
11,267
14,109
14,387
15,188
3,826
5,098
5,467
6,982
7,560
7,260
10,200
9,600
10,200
4,499
4 963
5,750
5,524
5,541
6,281
6,602
6,570
4 788
5,659
6,375
6,983
8,449
9,474
10,453
1957
Julyi
Aug
Sept
Oct i
Nov
Dec
3,599
3,591
3,546
3,541
3,559
3,615
3,837
3,704
3,388
3,545
3,439
4,069
J.2Q1
1,284
1,289
1,325
1,252
1,252
J 1R2
,320
1,239
,302
1,150
1,228
890
819
834
856
835
873
1,022
903
829
860
779
865
905
907
869
871
893
902
946
906
797
850
877
1,069
513
581
554
489
579
588
487
575
523
533
633
907
1958
Jan 1
Feb. i
Marl
Apr 1 . . .
May
June
July
3,504
3,235
3,193
3,278
3,252
3,265
3,342
3,108
2,754
3,164
3,345
3,386
3,484
3,494
1,247
1,146
1,109
1,204
1,153
1,171
1,252
1,174
1,008
1,132
1,286
.228
1,277
1,312
828
769
742
769
715
688
757
720
642
875
819
793
730
554
501
421
374
724
805
828
537
848
813
845
859
871
828
879
881
480
759
743
776
851
457
571
561
474
429
587
552
450
Repayments
4,331
5,524
5,925
6,344
7,043
7,901
8,943
9,727
6,776
8,385
9,370
10,625
11,469
12,304
13,320
14,252
18,445
22,985
25,405
27,956
30,488
33,649
37,194
40,133
1950
1951
1952
1953
1954
1955
1956
1957
3,404
4,385
5,012
5,683
6,511
7,553
8,603
9,642
3,934
4,691
5,098
5,304
5,465
5,891
6,328
6,512
3,382
3,343
3,418
3,358
3,394
3,498
3,477
3,369
3,276
3,456
3,347
3,560
1.189
1,196
1,228
1,200
1,208
1,232
1.242
1,221
1,190
1,226
1,182
1,231
831
797
808
820
795
848
846
817
844
814
796
873
800
856
819
815
810
838
843
806
765
817
826
939
545
531
567
528
553
575
545
Sept
Oct 1
Nov
Dec
1958—Jan. *
Feb i
Mar i
Apr. i
May
June
July
3,421
3,401
3,373
3,401
3,352
3,392
3,374
3,476
3,189
3,483
3,396
3,361
3,387
3,415
1,216
1,232
1,198
1,203
1,201
1,220
1,195
1,237
1,147
1.219
i;215
1,207
1,225
1,225
844
820
813
829
758
845
837
799
818
831
736
845
524
550
544
862
830
793
837
843
814
800
835
579
548
574
819
806
824
824
818
805
831
837
517
515
555
518
520
535
531
518
1957
Julyl
AUR
528
525
540
539
534
Change in outstanding credit2
1950
1951
1952
1953
1954
1955
1956
1957
1957
1958
July l
Aug . . .
Sept
Oct i
Nov
Dec
. .
Jan i
Feb. i
Mar.i
Apr i
May
June
July
+217
+248
+ 128
+ 183
+ 165
+ 117
+83
-166
-180
-123
-100
-127
-32
+3,113
+591
+4,109
+3,602
+ 563
+5 390
+2,869
+2,278
+360
+ 335
+ 112
+89
+92
+509
-368
-435
-319
-51
+25
+97
+79
+ 1,359
—27
+ 1,753
+ 1,474
-202
+ 147
+88
+61
+ 142
+44
+20
-9
-143
-107
+41
-48
-49
+57
+ 1 805
+ 1,106
+ 1,007
+ 185
+99
+49
+93
-32
-3
-103
-196
-105
+ 111
+21
+52
+ 87
1 Data on extensions and repayments have been adjusted to avoid
duplications resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types of holders do not equal the changes in outstanding credit.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54
of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for
December 1957, pp. 1420-22.
+59
+22
+26
+ 36
+40
+25
-16
+6
-71
-93
-115
-105
-80
+767
— 57
+ 1,057
+ 1,216
+217
+2,299
+657
+473
+ 176
+ 89
+33
-13
-21
+9
-109
-59
-121
-84
-71
-24
+ 16
+88
+88
+ 54
+61
+55
+59
+38
+20
-13
+29
+7
+21
+ 35
+422
+403
+647
+692
+472
+896
+871
+811
+ 102
+ 100
+32
+33
+51
+130
-38
-6
-17
+53
+23
+48
+44
+565
+272
+652
+220
+76
+390
+235
-13
-77
+50
-103
+47
-13
-56
+26
+ 13
+70
-24
+94
+373
-49
-118
-174
+ 11
-100
+56
+6
-131
+52
-44
-76
+21
-68
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
1108
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise notec1. The terms f 'adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)1
Industrial production
(physical volume)*
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Min- Total
erals
Employment and payrolls2
NonagriculResi- All
den- other tural
emtial
ployment
Manufacturing
production workers
Employment
Freight
carloadings*
Payrolls
AdAd- Unad- AdAdAd- Unad- Unad- Unad- AdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
DepartWholement
Consales
store sumer comsales* prices2 modity
(retail
prices2
value)
Adjusted
Unadjusted
Unadjusted
41
31
39
47
44
49
39
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.3
61.9
55.2
58 5
64.3
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25 7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.1
75.0
1926
1927
1928
1929
1930
51
51
53
59
49
50
50
52
58
48
52
49
53
60
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.5
67.9
67.9
71.0
66.6
65.5
64.1
45
48
50
51
56
51
64.2
68.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
59.5
33.0
32.4
32.8
35.0
28.3
65.0
62 0
62.9
61 9
56.1
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
41
20
18
24
25
60.3
53.4
53.6
58.8
61 3
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52 0
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
65.8
70.2
66.1
69.3
73.3
63.9
70.1
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
32
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50 1
51.1
1941
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
126
162
159
84
93
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
116
45
30
90.9
96.3
95.0
91.5
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
98
104
104
106
102
44
49
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67 0
67.6
68.8
1946
1947
1948
1949
1950
90
100
104
90
100
91
100
106
94
105
82
84
102
113
87
86
98
116
185
83
105
111
142
94.4
99.4
101.6
99.0
102 3
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99 6 HI 7
100
108
104
88
97
90
98
104
99
107
83.4
95.5
102.8
101 8
102 8
78.7
96.4
104.4
99.2
103 1
1951
1952
1953
1954
1955
1956
1957
120
124
134
125
139
172
183
201
204
248
199
101
108.2
110 4
113.6
110 7
114 4
118 3
119.2
106.4
106 3
111.8
101.8
105 6
106.7
104.4
129.8
136 6
151.4
137.7
152 9
161.4
162.7
101
95
96
86
95
97
90
112
114
118
118
128
135
111.0
113 5
114.4
114 8
114 5
116.2
120.2
114.8
111 6
110.1
110 3
110 7
114.3
117.6
119.9
119.4
118.9
118.3
117.8
104.4
103.3
102.8
101.8
100.3
105.3
105.0
104.3
102.6
100.6
164.6
164.7
162.6
160.7
157.3
92
117.1
115.6
114.8
114.4
114.6
115.0
115.3
98.0 97.2 149 9
95.5 95.1 144.9
93.5 93.3 143.6
92.5 91.4 139 6
92.3 90.9 140.9
92.8 »"92.3 144.9
93.2 91.9 145.0
*93.5 2-94.4 ^149.0
....
97
112
143
143
91
123
103
99
96
8
7
7
13
103
97
113
86
101
104
95
99
102
95
116
99
111
121
125
136
127
140
144
128
136
153
137
155
159
115
114
116
111
122
129
171
183
192
215
261
199
128
101
170
183
178
232
280
199
101
132
129
106
145
160
114
114
118
116
126
129
130
147
163
160
156
154
146
131
130
128
127
159
44
74
50
79
59.6
66.2
71.2
82.8
136
71.4
65.0
1957
Aug
Sept
Oct.
Nov
Dec
145
144
142
139
135
145
146
146
142
134
146
143
141
137
132
135
131
129
128
130
134
137
119
97
96
98
89
75
107
108
86
70
89
92
91
78
121
78
118
112
109
109
112
115
74
102
109
128
144
136
72
67
99
115
124
126
144
78
105
104
130
156
130
129
127
123
123
144
87
86
85
83
136
129
133
138
121.0
121.1
121.1
121.6
121.6
118 4
118.0
117 8
118.1
118.5
82
130
124
131
130
134
133
122 3
122.5
123.3
123 5
123.6
123.7
123.9
118 9
119.0
119.7
119 3
119.5
119.2
119.2
119.1
1958
Jan
Feb
Mar
Apr
May
June
July
Aug
133
130
128
126
128
132
134
131
129
127
127
132
126
^136
142
137
135
131
134
139
141
H44
127
125
124
125
126
129
132
r
•Estimated.
* Preliminary.
Revised.
* Average per working day.
1
Indexes beginning 1956 are based on data for 48 States from F. W.
Dodge Corporation, 1956-57= 100. Figures for earlier years are threemonth moving averages, based on data for 37 States east of the Rocky
Mountains, 1947-49= 100; the data for 1956 on this basis were: Total,
268; Residential, 271; and all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
82
77
75
72
73
77
70
79
148
2
The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Non agricultural employment covers employees only and excludes personnel in the armed forces. The consumer price index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and
revised weights; prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes converted to the base 1947-49= 100.
1109
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
propor1956 1957 July
tion
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
00.00
143
143
145
145
144
142
139
135
133
130
128
126
128
132
134
MANUFACTURES—TOTAL
90.02
144
145
147
147
146
143
141 137
135
131
129
128
130
134
137
Durable Manufactures—Total
45.17
159
160
162
163
160
156
154
146
142
137
135
131
134
139
141
6.70
138
131
134
136
131
128
121
107
100
95
91
86
91
103
102
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
172
135
171
153
207
199
125
310
166
176
139
168
150
204
213
128
344
172
179
141
173
152
215
216
128
351
173
178
140
172
151
215
216
131
345
174
176
139
170
150
209
212
129
340
173
172
137
164
148
197
208
126
334
170
170
141
163
143
203
203
125
322
170
163
135
156
137
194
194
113
315
168
159 153
129 124
151 144
130 127
192 177
191 185
107
99
318 '313
166 163
150
122
141
126
170
183
93
316
160
146 r148 151
118 120 125
137 137 141
122 122 125
166 167 171
178 182 185
93 '95
86
316 314 '320
159 158 160
154
129
144
126
181
185
96
318
162
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
140
158
123
133
155
114
133
155
113
136
159
116
134
159
112
131
155
109
128
151
107
124
148
103
125
142
110
120
134
108
120
133
109
120
135
105
124
139
110
129
145
114
135
152
119
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
135 132
122. 120
144 140
133
122
141
135
123
143
135
122
143
132
120
140
129
118
136
125
116
131
123 120
114 111
129 1 2 7
121
111
128
121
110
129
122
113
129
126
116
132
129
119
136
44.95
129
130
131
132
151
130
128
127
127
125
124
125
126
129
132
11.87
6.32
5.55
108
104
112
105
99
111
107
101
113
106
101
112
106
101
112
104
98
110
101
95
107
97
91
104
97
92
103
97
91
103
95
99
92
106
102
95
110
108
101
116
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
117
133
104
118
135
104
119
136
105
122
141
106
120
138
104
117
135
103
116
131
103
108
117
100
108
116
100
105
114
98
99
106
116
98
98
92
106
102
112
94
104
113
97
111
125
100
114
125
Paper and printing..
Paper and allied products
Printing and publishing
Newsprint consumption
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
145
159
136
132
138
148
158
141
131
146
146
156
140
129
146
149
163
141
129
146
149
161
142
131
147
149
161
142
130
148
149
162
141
129
148
146
152
142
131
148
146
155
140
126
147
144
153
139
124
146
142
149
138
124
145
143
152
137
123
145
143 146
153 157
137 138
124 125
144 145
149
164
139
126
146
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
167
177
196
141
172
184
203
141
174
185
205
142
175
186
206
143
174
185
207
141
173
185
206
139
171
184
201
135
169
181
196
137
168 164 163 164 165 168
182 177 176 178 1 7 8 181
195 1 8 7 1 8 4 1 8 2 1 8 2 187
131 129 127 127 129 131
173
184
11.51
10.73
8.49
2.24
.78
112
113
113
112
107
112
112
112
113
111
113
113
114
109
114
112
113
112
113
111
113
113
112
113
114
HI
112
111
112
110
110
110
110
110
107
MINERALS—TOTAL
9.98
129
128
128
129
129
127
123
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
129
85
55
90
150
137
190
128
83
49
88
150
138
198
127
84
40
90
148
134
197
128
84
50
89
149
134
198
129
82
48
88
151
136
196
128
80
45
85
150
136
199
123
77
43
82
145
132
198
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
127
114
141
129
116
142
132
122
143
133
121
146
129
115
144
125
107
143
120
100
140
113 114
114 114
113 113
118 117
106
112
123
121
122 '120
71
69
40
43
76
73
146 144
131 130
193 191
125 127
110 110
141 144
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
Nondurable
Manufactures—Total....
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages
Tobacco manufactures
Preliminary.
r
Revised.
For other notes see end of table.
r
r91
r
r
114
114
112
120
112
113
113
112
114
112
113
113
115
108
117
114
114
114
114
115
118
112
109
109
116
116
116
116
116
116
116
116
iii'
115
118 111 108 109 112
70
70
62
66
63
43
41
41
45
40
74
74
65 '69
67
141 130 130 131 135
128 116 117 118 122
194 196 *>196 *>198
115
65
38
69
139
127
107 r112
73 '80
142 145
111
11
146
119
106
133
119
100
138
113
88
139
1110
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
195S
1947-49 average
1957
proportion 1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Industry
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL... 100.00
90.02
MANUFACTURES TOTAL
143
143
135
145
146
146
142
134
132
131
129
127
127
132
126
144
145
137
147
148
148
144
135
134
133
131
129
129
133
127
Durable Manufactures—Total..... ... ..... 45.17
159
160
151
160
160
159
156
147
143
139
138
133
133 1 3 9
132
6.70
5.03
3.51
.37
3.05
2.62
.43
138
135
142
131
143
139
167
131
130
140
137
139
138
143
118
118
130
136
128
129
123
128
127
135
137
134
133
137
128
126
136
139
134
134
132
129
126
135
132
134
132
143
121
118
126
121
126
125
132
106
102
108
107
107
107
108
102
95
99
98
99
96
111
99
91
94
91
93
92
100
95
89
92
90
91
90
95
89
81
83
80
82
83
77
1.52
1.29
.23
119
117
126
108
107
113
90
90
89
106
107
103
105
104
110
106
105
107
99
99
98
87
87
88
85
84
92
85
83
92
83
83
86
78
79
74
1.67
.38
.09
.06
.04
.10
.09
144
164
133
132
115
123
280
136
164
129
135
114
123
275
117
157
114
126
104
118
279
132
160
122
126
107
115
282
134
153
120
120
116
110
263
138
156
126
128
115
1L3
263
129
159
125
131
112
114
274
117
161
128
134
112
120
275
121 '122
160 '157
134 128
134 140
106 116
114 106
275 273
114
149
122
128
96
101
271
.13
1.16
.63
.20
.33
118
140
115
215
146
111
129
104
198
136
86
107
73
214
109
106
125
105
192
125
114
130
109
200
131
117
134
110
199
140
112
121
98
167
138
99
104
80
159
118
98
110
88
167
120
93
113
92
174
117
172
176
167
174
174
173
174
166
161
135
141
125
151
139
152
124
146
99
134
149
118
163
81
141
153
121
205
105
145
156
122
195
122
Ul
133
156
124
146
115
139
156
125
112
99
127
154 146
120 111
110 116
80
76
Ferrous metals
Pig iron
Steel
Alloy steel
Ferrous castings and forgings
Nonfcrrous metals .*
...
Copper refining
Lead
Zinc
Secondary nonferrous metals
Copper mill shapes
28.52
Metal Fabricating
Structural metal parts
....
Stampings and misc. metal products
5.73
2.68
2.12
.30
.63
93
87
91
83
91
91
86
106
100
105
93
105
108
91
90
85
92
87
92
94
81
78
79
70
87
88
81
70
72
58
112
146
124
122
94
101
261
112 124
141 134
112 105
114 '110
105 102
99 '95
256 241
102
127
90
108
86
90
240
88
106
83
170
111
94
102
77
189
99
83 ^88
105 '125
84 110
187 '213
98 101
97
74
198
83
156
154
148
146
149
144
124
138
105
126
94
122
135
103
139
97
118
131
99
120
97
119
132
98
137
96
125
138
101
160
110
122
137
100
171
r
13.68
10
1
11
7
168
158
167
173
170
165
157
153
148
146
139
135
138
133
153
147
86
156
197
168
150
146
84
155
182
151
146
144
82
152
179
129
143
141
80
150
175
119
149
143
82
152
175
159
145
140
82
148
164
149
140
136
78
144
154
138
138
135
80
143
153
120
133 131
130 '126
81
80
137 132
144 133
120 144
132
124
83
130
128
158
126
121
84
126
119
131
124 125
118 117
81 '80
123 123
115 '114
137 159
120
115
81
120
111
Laundrv and refrigeration aDDliances
9.04
8.13
1.02
7.11
.68
.69
Radio and television sets
4.64
3.23
.74
207
198
224
204
201
205
183
195
143
213
196
256
220
201
269
220
196
282
215
198
260
194
197
176
192
190
187
181
183
159
174
179
139
165
172
125
159 162
168 '168
112 123
157
166
115
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
199
125
138
112
92
58
218
167
121
213
128
146
104
100
50
194
137
123
205
114
134
103
96
52
208
109
106
209
123
148
103
97
48
195
146
113
194
100
84
85
69
29
184
136
114
198
110
88
93
95
46
161
122
127
213
139
171
99
118
47
157
116
131
203
124
151
95
99
40
183
101
116
196 191
113 108
132 122
92
91
83
85
29
26
216 210
'95 '102
108 104
189
101
106
'95
83
26
226
r
104
100
182
92
89
90
79
26
213
103
181 183
94 '94
99 100
92
96
79
78
29
26
239 211
r
lll '114
175
84
87
76
68
23
163n
106
2.74
1.30
.81
.53
.35
310
548
118
63
54
344
608
129
77
80
344
609
131
73
71
341
606
128
69
340
597
126
83
322
569
121
320
566
128
58
59
r
85
322 r322 '316
571 570 562
125 ••125 '124
56
61
64
59
66
56
316
561
127
51
84
334
592
124
74
76
311 '317
553 '568
131 '131
32
39
24
34
312
561
129
28
19
1.29
166
172
168
172
174
172
172
170
166
163
161
160
157
5.91
140
133
127
143
141
139
128
117
117
117
118
120
125
2.82
1.09
.60
.47
.26
.23
158
140
164
165
132
87
155
141
161
164
136
92
150
132
149
151
137
78
163
142
156
159
154
91
162
141
163
167
138
90
161
144
165
170
143
92
152
140
165
170
128
90
145
135
161
166
117
86
136 130
130 128
150 '143
153 144
128 132
85
79
131
124
137
137
134
82
135
118
130
129
126
77
141 148
118 123
126 '130
127 '132
133 144
'78
81
147
122 '
133
135
139
Cement
.
Structural clay products
Brick
.32
.35
.12
.20
157
137
134
142
148
128
114
140
119
134
122
145
185
137
129
145
187
135
124
144
177
134
126
143
152
126
113
138
132
117
95
133
109
105
84
121
92
99
77
115
105
102
87
114
146
112
115
111
172
183
121
123
121
175
Concrete and plaster products •
.48
.58
194
173
188
174
198
173
201
175
198
175
193
173
182
166
172
165
165 '155
157 151
163
151
170
147
183 '195
147 '153
200
150
Furnaces gas ranges and heaters
Nonelectrical machinery
F a r m and industrial machinery
••
....
Industrial and commercial machinery....
Autos trucks and parts
.
Trucks
Light trucks
M e d i u m trucks
Auto and truck parts
Other transportation equipment
Aircraft and parts
Railroad equipment
Railroad cars
Instruments and related products
.
..
Clay, Glass, and Lumber Products
Glass and pottery products
Flat and other glass
Glass containers
r
Revised.
71
72
For other notes see end of table.
r
49
r
116
r
121
114
159
157
134
128
r
124
1111
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 averages 100]
Annual
1947-49 average
propor1956 1957 July
tion
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber and products
Millwork and plywood
Millwork
Softwood plywood . . .
W o o d containers
3.09
2.05
.60
.39
••
*•
123
107
114 105 125 121
96
88
106
103
119
98
106
89
92
75
100
81
105
87
106
89
105
88
111
93
121
100
110
88
189
121
187
112
168
101
209
144
205
132
207
124
178
100
155
80
181
76
189
95
182
95
183
91
190
99
209
120
196
101
12
301
312
277
314
327
344
307
280
358
346
328
.29
83
83
83
82
78
77
74
69
73
73
77
79
77
125
136
141
139
134
128
120
121
121
118
118
123
121
111
121
120
120
116
115
114
124
126
126
125
127
111
123
120
122
113
114
111
113
111
113
108
108
108
108
113
108
112
113
115
144
140
131
144
150
148
143
134
125
127
127
125
125
130
126
129
130
122
134
135
137
131
123
125
126
125
125
124
128
123
11.87
108
105
91
108
104
108
102
92
99
103
101
100
99
100
92
6.32
3.72
2.30
104
108
95
119
86
86
75
110
101
105
101
107
103
106
98
107
97
121
89
97
84
116
93
102
95
103
94
103
93
109
94
96
86
104
93
98
89
99
94
99
88
105
86
86
.97
102
118
99
105
72
107
.45
98
94
64
94
94
86
97
90
82
102
102
89
104
104
78
.97
86
75
67
82
79
71
65
55
55
61
64
71
82
67
.16
88
78
71
86
79
67
66
66
61
59
69
71
68
77
81
71
.75
86
75
67
81
80
74
65
54
55
60
63
67
70
83
67
1 15
108
104
96
110
110
109
104
92
94
98
98
98
101
103
98
.54
Nondurable Manufactures—Total.
Textiles and Apparel.
84
132
44.85
Furniture and fixtures
•
Household furniture
Fixtures and office furniture
91
135
1.64
1.10
Manufacturing,...
4.04
2.40
Furniture and Misc.
•
Textile mill products
Cotton and synthetic fabrics
Synthetic fabrics
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
122
120
118
124
98
113
125
97
121
122
97
122
116
116
111
94
110
109
94
107
109
106
109
.65
Men's outercoats
Shirts and work clothing
Women's outerwear
Tires and tubes
Auto tires
95
98
93
78
90
94
91
90
91
86
80
88
114
87
116
88
121
88
107
74
86
87
99
91
103
88
99
87
98
87
100
79
103
72
97
119
118
123
128
129
125
118
111
99
104
107
107
115 125
121
83
71
46
68
75
59
59
61
62
70
69
62
48
50
112
111
96
116
109
112
107
96
113
109
108
105
106
.73
.50
13
110
95
93
78
102
86
87
61
74
55
54
48
no
98
93
93
100
78
76
68
106
99
72
73
53
98
73
77
41
90
72
76
40
94
69
73
35
100
74
78
41
104
71
73
45
95
74
72
64
104
83
77
89
101
81
73
91
.99
118
112
83
117
113
116
113
100
110
116
125
107
117
113
91
112
112
101
118
109
108
102
105
129
114
117
106
109
107
128
128
130
148
80
133
134
123
85
122
156
137
96
94
123
138
113
117
113
120
122
123
121
117
112
114 113 106 106 112
112
117
118
101
123
121
123
116
104
112
113
112
104
101
110
97
1.47
Men's outerwear
Men's suits and coats
95
69
92
3.20
...
76
89
102
1.92
.
93
102
96
.76
Woven carpets
100
.45
.20
.50
1 85
Full-fashioned hosiery
133
135
111
135
139
145
135
124
135
110
179
139
117
123
120
120
131
105
118
115
106
111
99
112
118
104
108
115
98
103
112
91
111
111
117
103
119
124
112
114
106
113
97
48
.31
5.55
1.78
.70 121
. .. . .. .. .
Miscellaneous rubber products
40
.30
123
119
123
134
107
109
122
91
.77
144
147
114
150
153
160
150
122
140
127
128
125
112
105
104
99
94
108
87
97
69
101
107
95
90
101
71
88
98
68
80
89
63
83
92
67
88
97
72
82
89
69
79
85
65
1.73
Leather
Cattlehide leathers
Skin leathers
104
104
92
44
.29
91
99
76
89
98
72
74
82
58
92
103
72
ioo
.15
Paper and board
Printing paper
Miscellaneous paper
Building paper and board
Converted paper products
Shipping containers
f
Revised.
97
94
92
145
148
136
3.46
1.76
.51
1.25
.22
.14
159
157
179
158
154
176
139
132
152
148
145
140
145
133
139
.20
Pulo and Daoer
90
.39
8.93
Miscellaneous leather products
136
.18
.41
.10
1.70
.51
.11
102
113
88
131
99
121
127
92
96
105
85
108
99
81
88
68
99
77
52
47
59
84
90
71
r
98
98
98
95
87
'92
90
82
82
90
151
156
152
141
143
145
146
146
144
146
138
165
157
181
163
153
172
170
163
187
163
156
183
140
137
153
156
152
171
147
146
154
131
141
147
144
145
121
107
132
139
125
145
135
143
132
138
123
131
132
135
135
145
131
148
137
145
127
102
127
124
135
129
114
123
126
123
124
170
155
131
179
153
124
160
128
118
175
158
134
171
160
134
185
166
141
172
157
120
167
134
101
181
145
114
183
155
120
176
151
115
184
146
126
153 159
147 '153
166 171
139 r146
134 '138
138 r146
113 '120
170 '175
145 r154
131 '133
146
138
156
145
158
156
177
155
152
173
124
153
151
177
162
159
170
163
157
179
147
141
163
173
172
175
173
170
178
177
168
204
171
167
182
142
132
171
155
143
190
160
149
192
158
148
185
160
146
201
159 165
151 156
183 '191
154
146
176
147
For other notes see end of table.
130
120
119
109
157
138
130
1112
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
proportion
1956 1957 July
Industry
1957
1958
Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing
Newsprint consumption
Job printing and periodicals
5.47
1.85
3.62
Chemical and Petroleum Products.
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
136
132
138
141
134
112
144
136
116
146
144
133
150
146
140
150
145
131
146
140
148
142
129
149
9.34
167
172
165
171
174
176
173
6.84
2.54
.57
1.97
.24
.11
.59
1.03
177
196
189
197
256
236
181
189
184
203
202
204
272
245
199
186
VIA
195
189
196
240
209
191
188
181
200
196
202
269
241
198
184
185
205
203
205
283
252
202
184
190
208
209
207
299
274
206
179
187
203
205
203
276
282
201
178
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
132
124
158
130
121
154
107
95
142
113
100
153
120
110
151
150
148
159
Soap and allied products.
Paints
Fertilizers
.71
.66
.23
111
124
129
112
121
132
80
126
104
115
125
108
115
122
119
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline....
2.50
1.97
1.04
.98
.06
141
150
159
153
254
141
150
162
157
249
139
146
161
155
260
144
152
168
163
265
Fuel oil
Distillate fuel oil.
Residual fuel oil.
.56
.30
.26
147
193
95
147
194
93
141
185
89
Kerosene
Lubricating oil.
.10
.17
111
119
98
113
.26
.15
102
104
105
94
Foods, Beverages, and Tobacco.
11.51
112
112
Food and beverage manufactures
Food manufactures
Meat products
Beef.
Pork
10.73
.46
.83
113
113
133
151
119
112
112
128
148
110
.69
.14
.07
.19
.28
110
107
117
101
112
111
109
119
102
111
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
1.13
1.16
.46
.70
133
101
84
113
Bakery products.
Sugar
Cane sugar
Beet sugar
1.64
.27
.11
.13
Confectionery
Miscellaneous food preparations.
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Beverages
Bottled soft drinks..
Alcoholic beverages.
Beer and ale
Liquor distilling..
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
,
Preliminary.
r
Revised.
137
121
145
140
129
147
171
170
167
165 165
183
198
198
198
259
268
194
179
183
197
203
195
270
265
184
176
180
190
199
188
269
233
172
174
179
188
202
183
'263
216
164
173
149
147
156
136
132
147
141
136
156
136
130
154
126
122
135
126
119
122
110
115
115
105
114
115
111
113
124
107
111
126
108
144
152
170
166
233
139
145
162
157
242
136
147
160
156
233
138
153
165
161
236
134
148
159
156
212
144
191
89
142
188
90
137
181
86
139
184
87
150
200
93
82
111
82
112
90
108
87
107
106
109
106
107
106
122
106
119
103
121
115
122
128
116
114
116
150
91
122
123
118
150
94
128
131
130
154
109
134
113
137
114
151
120
97
119
97
141
126
100
87
108
163
98
78
111
98
122
116
121
100
122
112
125
.71
1.41
107
105
2.24
.54
1.70
1.02
.17
.37
.78
.46
.17
Coke
Asphalt roofing and siding.
136
116
146
8.49
1.48
139 137
132 125
143 143
140
131
145
132
110
144
r
164
164
164
180 177
186 1 8 4
202 193
181 181
262 261
196 197
159 160
174 172
177
184
185
183
266
197
164
174
173
124
118
139
117
110
138
110
99
145
108
98
138
161
101
111
189
97 106
112 118
174 118
119
102
130
144
155
151
223
125
137
149
145
212
124
134
148
144
223
127
136
152
149
202
146
195
89
140
182
91
132
175
83
125
166
78
128
173
75
126
171
75
117
105
118
100
125
101
110
95
89
100
74
103
76
104
95
81
85
54
79
59
75
57
72
77
66
107
65
132
68
137
124
113
106
104
104
104
106
110
125
126
140
156
124
113
116
133
140
122
107
109
131
136
122
104
106
134
149
118
104
103
121
134
107
104
102
120
129
109
106
104
123
131
111
110
106
115
133
99
119
114
121
144
102
119
116
115
141
94
101
87
105
78
117
91
88
100
77
96
85
87
92
73
84
88
97
98
80
82
92
104
101
84
84
97
112
105
87
89
106
121
117
99
96
119
120
133
116
111
137
135
157
143
122
146
138
162
142
142
136
117
148
213
105
88
117
230
108
94
117
158
105
92
114
109
98
89
104
99
97
86
104
87
100
90
106
85
101
92
107
82
101
93
107
91
98
84
106
98
99
84
109
122
106
87
118
158
105
85
118
104
74
122
27
103
80
123
38
102
117
125
105
101
262
108
390
101
279
97
431
101
233
93
350
98
129
100
149
98
65
104
26
98
54
106
98
68
114
23
100
83
112
53
103
82
125
41
104
112
108
81
113
103
113
155
113
147
112
132
110
99
108
113
107
124
109
109
108
104
108
95
92
114 119
86
120
112
113
122
120
118
121
105
99
93
104
110
110
122
138
105
101
78
119
103
101
83
111
105
127
34
84
102
111
47
101
108
97
109
125
117
88
140
158
100
73
99
151
89
81
88
101
89
85
83
99
94
95
105
106
102
94
113
101
102
85
99
112
116
74
114
125
136
58
124
107
111
104
111
116
106
102
114
81
120
126
115
118
123
116
119
122
121
110
111
116
87
90
86
112
118
105
112
116
111
112
117
109
112
119
104
118
126
109
125
134
113
For other notes see end of table.
HI
185
i99*
173
180
131
141 3*146
162
157
237
'131
109
118
133
109
119
92
1113
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-^49 average= 100]
1947_49 Annual
1957
average
propor1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan.
tion
Industry
1958
Feb. Mar. Apr. May June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
9.98
Mineral
123
130
130
129
123
122 120
128
119
126
127
127
124
125
85
55
90
83
49
88
65
32
71
86
52
92
86
52
91
87
49
93
80
46
86
74
42
79
5.67
4.82
4.12
.70
.34
.36
.85
Metal, Stone, and Earth Minerals.
128
129
2.68
.36
2.32
Fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and gas liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
129
8.35
MINERALS—TOTAL
150
145
137
190
199
182
180
150
146
138
198
212
184
171
145
139
132
181
196
167
179
145
138
130
186
194
179
185
147
140
132
188
196
180
185
146
140
131
193
203
182
177
144
141
131
204
221
189
160
149 1 4 7
143 143
133 132
206 208
228 233
186 184
177 172
r
118
111
109
110
112
109
109
67
36
71
60
36
64
61
37
65
'72
47
»75
46
30
49
145 1 3 4
142 1 3 2
130 120
210 204
237 230
183 180
159 143
132
131
121
131
129
119
134
131
122
»185
136
133
125
173
136
168
140
167
150
123
121
73
48
77
70
44
74
r
r
115
109
107
r
1.63
127
129
143
147
145
138
117
110
106
103
103
10$
115 '125
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
114
104
120
136
88
87
116
114
117
133
85
84
137
181
108
121
80
80
139
182
110
124
82
79
137
172
113
132
79
70
124
143
110
125
83
74
92
65
110
131
71
68
82
42
109
131
70
67
83
43
111
129
76
72
85
43
113
131
78
71
79
39
106
129
56
69
81
39
109
125
78
77
86 1 0 0
88
69 108
98
94 "77*
86
112 105
62
71 r 72
67
67
55
Stone and earth minerals
.81
141
142
149
155
153
152
143
138
130
121
128
136
144 1 5 0
r
» Preliminary.
Revised.
1 Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
119
151
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-71.
For description and back figures, see BULLETIN for December 1953
pp. 1247-93 and pp. 1298-1328, respectively.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
proportion
1956 1957 July
Series
100.00
41.34
58.66
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
Atomic energy
.
Commercial and other
76.18
27.48
23.68
23.49
.19
25.02
Gas
Residential
Industrial
Commercial and other
23.82
13 86
6.16
3.80
Electricity
Residential
Industrial
.
. . . .
218
241
201
233
261
213
236
264
217
Aug. Sept. Oct. Nov. Dec. Jan.
238
268
217
238
269
216
237
269
214
238
273
214
218 233 237 238 237 234 236
250 273 277 281 280 277 282
206 213 217 217 215 213 210
186 193 198 198 196 194 191
2697 2676 2560 2530 2580 2610 2580
194 208 213 212 210 208 209
218
223
218
197
232
236
230
218
233
238
230
219
9 Preliminary.
NOTE.—For description and back figures see BULLETIN for October
1956, pp. 1055-69.
1958
1957
237
242
235
221
240
247
237
222
245
254
239
224
246
255
240
224
Feb.
Mar. Apr. May June July
237 238 239 238 ,235 3>237 , 2 4 0 . 2 4 4
273 275 278 282
212 212 211 207
235 236 238 238 235 237 242 p ? 4 6
282 285 290 295 291 290 296
207 205 202 196 197 199 203
188 186 183 177 178 180 184
2580 2590 2590 2610 2590 2590 2580
209 212 215 214 209 214 220
246
255
238
223
244
256
231
221
242
256
225
218
240
257
219
214
*>236
Indexes without seasonal adjustment may be obtained from the Division
of Research and Statistics.
Revised indexes for the first five months of 1957 may be obtained from
the Division of Research and Statistics.
1114
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
proportion
1956 1957 July
Product
1958
1957
Aug. Sept. Oct.
Nov. Dec. Jan.
Feb. Mar. Apr. May June July
SEASONALLY ADJUSTED
100.00
CONSUMER DURABLES—TOTAL
Autos
Major appliance?
....
Refrigeration appliances
Radio and television sets
Television sets
Auto parts and tires
Misc. home and personal goods
..
131
130
132
135
134
129
128
119
113
110
104
97
105
111
114
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11 88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
140
138
144
117
121
138
146
132
114
120
141
147
138
116
121
145
154
139
115
123
142
150
137
114
122
137
143
134
111
120
136
142
134
112
120
125
127
124
112
119
117 111
117 107
118 117
110 106
116 113
103
92
114
106
113
94
81
107
104
111
104
96
111
99
116
99
113
123
m
116
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
124
130
77
140
177
106
245
72
575
127
136
86
140
195
96
247
75
575
129
137
85
138
203
101
232
82
517
129
138
85
141
203
101
212
80
465
132
141
92
148
196
104
203
78
441
115
119
87
125
152
103
188
66
419
106
110
86
111
142
93
181
66
401
115
117
81
129
142
110
151
55
335
115
118
80
122
159
107
133
44
302
102
101
82
106
116
105
131
46
293
30.28
14 00
16.28
111
105
116
111
111
110
112
112
110
115
114
110
118
112
110
113
110
107
105
107
108
106
112
109
105
104
105
103
114
106 109
114 116
121
112
113
125
128
79
121
140
110
138
42
79
140
157
116
155
51
191
64
320
355
435
105
111
111
104
106
110
109
100
174
WITHOUT SEASONAL ADJUSTMENT
Furniture and floor coverings
Household furniture
Appliances and heaters
Ranges
Refrigeration appliances
Heating apparatus
Television sets
Auto parts and tires
131
130
116
132
119
119
141
124
117
116
111
101
103
140
138
144
117
121
138
146
132
114
120
121
134
110
105
115
139
148
133
116
124
118
84
150
119
126
119
88
148
118
127
153
171
138
115
123
132
151
118
114
122
123
132
117
108
114
120
122
121
108
113
114
106
122
108
113
100
89
103 109
99 100
108 119
101 1 0 5
143
151
103
150
216
118
224
70
519
127
133
89
140
180
104
205
75
453
105
108
59
130
126
94
143
40
339
109
109
77
102
164
109
256
62
627
Hi
144
121
126
89
112
206
104
259
108
547
102
109
79
106
156
80
176
76
365
103
111
86
113
140
78
187
66
417
121
128
91
137
161
99
159
56
355
131
140
93
152
175
103
139
47
314
112
115
132
93
133
229
134
268
81
625
133
136
90
119
229
121
282
101
627
116
86
135
120
101
125
44
279
118
75
139
133
106
112
41
246
135
84
165
141
123
122
39
281
114
40
257
30.28
14.00
16.28
Autos
100.00
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2 60
4.98
2.51
3.72
5.21
3.42
1.79
CONSUMER DURABLES—TOTAL
111
105
116
111
106
109
104
116
114
117
121
120
121
120
118
122
114
106
102
105
105
103
102
108
106
120
110
101
104
104
100
100
103
102
114
r
Revised.
i Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-47.
110
104
108
108
113
97
87
108
105
115
124
Individual indexes without seasonal adjustment for woven carpets,
appliances, heating apparatus, radio sets, and television sets may be
obtained from the Division of Research and Statistics.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
Public
Private
:
Year or month
Total
1950
1951
1952
1953
1954
1955
1956
1957
1957
Com- Public
mercial utility
14,100 5,680
12,529 7,217
12,842 7,460
13,777 8,436
15,379 8,526
18,705 10,160
17,677 11,828
17.019 12.895
1,062
2,117
2,320
2,229
2,030
2.399
3,084
3,557
1,288
1,371
1,137
1,791
2,212
3 218
3,631
3,564
3,330
3,729
4,003
4,416
4,284
4,543
5,113
5,774
3,174
3,574
3,547
3,511
3,774
3 755
3 782
4 224
7,001
9,419
10,901
11,394
11,922
11.961
13 005
14.354
177
887
1,388
1,307
1,030
1 313
1 395
1,322
2,272
2,518
2,820
3,160
3,870
4 050
4 655
5 215
912
900
892
773
701
826
971
3,610
5,102
5,793
6.035
6,249
5,897
6,129
6,846
Residential
Total
Military
Highway
Conservation
All
other
942
29,955
32,739
34,750
37,118
39,601
44,581
46,292
48,492
July
Sept
Oct
Nov
Dec
1958
Total
Industrial
Other
nonresidential
Business
Total
Jan
Feb
Mar
Apr
May
JulyP
Aug. p
Preliminary.
22,954
23,320
23,849
25,724
27,679
32,620
33,287
34,138
3,934
4,034
4,078
4,166
4,137
4,211
2,811
2,854
2,870
2,912
2,917
2,895
,383
1,412
1,432
1,461
1,472
1,461
1,085
1,084
1,080
1,093
1,086
1,072
300
301
290
283
281
272
292
296
298
306
305
304
493
487
492
504
500
496
343
358
358
358
359
362
1,123
1,180
[,208
1,254
[,220
1,316
108
120
114
111
104
110
391
393
410
451
443
538
80
91
91
93
85
74
544
576
593
599
588
594
4,156
4,079
4,053
3,960
3,929
3,969
4,058
4,120
2,863
2,834
2,792
2,734
2,716
2,743
2,804
2,856
1,445
1,441
1,397
1,350
1,058
1,030
1,033
1,019
1,011
.000
993
971
269
252
240
222
210
195
187
179
288
281
288
294
302
311
308
294
501
497
505
503
499
494
498
498
360
363
362
365
371
375
380
379
1,293
1,245
1,261
1,226
1,213
776
1,254
1,264
107
96
95
88
90
86
94
102
510
500
500
463
450
453
460
459
79
77
78
82
77
85
86
90
597
572
588
593
596
602
614
613
1,334
1,368
I 431
,506
1115
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
31,612
32,173
10,666
11,238
20,946
20,935
12,862
13,039
2,381
2,168
3,140
3,267
2,883
2,936
2,804
2.922
7,542
7,841
July
Aug
Sept
Oct
Nov
Dec
2,901
2,818
2,550
2,614
2,371
1,982
1,002
802
816
787
867
734
1,898
2,016
J.734
,827
,504
,249
1,287
1,284
1,151
1,165
930
759
165
181
135
167
147
137
298
324
232
248
264
204
220
265
242
265
244
190
277
239
257
230
223
167
653
526
533
538
562
525
1958—Jan
Feb
Mar
Apr
May
June
July
2,066
1,953
2,721
2,885
3,399
3,820
3 607
758
769
1,027
1,053
1,463
1,720
,308
,185
694
l',832
1,936
2,100
777
727
1,071
1,244
1,343
1 364
1,557
107
102
131
129
146
80
150
247
205
285
293
265
235
282
214
224
268
235
286
264
264
191
220
283
300
427
397
381
530
475
684
683
932
1,479
974
Kansas
City
Dallas
San
Francisco
1956
1957
1957
NOTE.—This series for 48 States replaces the old series for 37 States.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
All
districts
Month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
1957—May
June
July
3,398
3,223
2,901
192
138
170
403
401
346
171
146
141
278
276
261
175
218
189
317
272
294
568
465
430
157
112
127
136
140
114
147
217
179
224
157
163
632
683
486
1958—May
June
July
3,399
3,820
3,607
182
166
176
361
562
398
141
149
127
288
312
342
233
262
311
316
419
335
492
454
453
190
174
140
184
153
122
178
243
246
208
288
293
628
639
665
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Total
private
(seasonally
adjusted
annual rate)
Year or month
1958 Jan
Feb.
Mar
Apr
May .
June
July
Aug
Metropolitan
areas
Nonmetropolitan
areas
Total
1family
2family
Multifamily
Public
Total
FHA
VA
1 022
111
795
804
897
976
780
700
374
315
332
300
324
353
338
342
1 352
1,020
1,069
1,068
1,202
1 310
1,094
993
1 151
892
939
933
1,077
1 190
981
840
42
40
46
42
34
33
31
33
159
88
84
94
90
87
82
120
44
71
59
36
19
20
24
49
686
412
421
409
583
670
463
313
486
264
280
252
276
277
192
185
200
149
141
157
307
393
271
128
. .
1,056
1,012
1,020
1,009
1,000
100
92
97
78
63
68
62
62
53
43
32
30
35
26
20
97
90
88
76
63
82
77
74
64
51
3
3
3
3
3
12
10
11
9
9
3
2
9
3
1
31
30
31
25
20
20
19
21
19
15
12
12
10
6
5
. .
1,020
915
918
983
1,039
PI,090
*l,160
^1,170
68
66
81
99
109
*>115
Pill
45
44
55
67
74
77
76
76
23
22
27
32
35
38
35
33
63
61
77
94
101
P105
P107
P109
50
49
62
77
84
n.a.
n.a.
n.a.
2
2
3
4
4
n.a.
n.a.
n.a.
10
10
12
14
17
n.a.
n.a.
n.a.
5
5
4
5
7
19
14
20
29
33
39
42
45
15
12
17
24
27
30
33
32
4
3
3
5
6
8
11
13
.
P Preliminary.
n.a. Not available.
i Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Government-underwritten i
Private
1 396
1,091
1 127
1,104
1,220
1 329
1,118
1,042
1950 .
1951
1952
1953
1954
1955
1956
1957
1957—Aug
Sept
Oct
Nov
Dec
Total
ni
H
P10
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
1116
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed i
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1950
1951
1952
1953
1954
1955
1956
1957
110,780
111,924
113,119
115,095
116,220
117,388
118,734
120,445
64,599
65,832
66,410
67,362
67,818
68,896
70,387
70,746
63,099
62,884
62,966
63,815
64,468
65,848
67,530
67,946
59,957
61,005
61,293
62,213
61,238
63,193
64,979
65,011
52,450
53,951
54,488
55,651
54,734
56,464
58,394
58,789
7,507
7,054
6,805
6,562
6,504
6,730
6,585
6,222
3,142
1,879
1,673
1,602
3,230
2,654
2,551
2,936
46,181
46,092
46,710
47,732
48,402
48,492
48,348
49,699
1957 Aug
Sept
Oct
Nov
Dec
1958 Jan
Feb
Mar
Apr
May
June.
July
120,713
120,842
120,983
121,109
121,221
121,325
121,432
121,555
121,656
121,776
121,900
121,993
122,092
71,833
71,044
71,299
70 790
70,458
69,379
69,804
70,158
70 681
71,603
73,049
73,104
72,703
68 994
68,225
68,513
68 061
67,770
66,732
67,160
67,510
68 027
68,965
70,418
70,473
70,067
66,385
65,674
66,005
64,873
64,396
62,238
61,988
62,311
62,907
64,061
64,981
65,179
65,367
59,562
59,156
59,168
59,057
59,012
57,240
57,158
57,239
57,349
57,789
58,081
58,461
58,746
6,823
6,518
6,837
5,817
5,385
4,998
4,830
5,072
5,558
6,272
6,900
6,718
6,621
2,609
2,552
2,508
3,188
3,374
4,494
5,173
5,198
5,120
4,904
5,437
5,294
4,699
48,880
49,797
49,684
50,318
50,763
51,947
51,627
51,397
50,975
50,173
48,851
48,889
49,389
1 Includes self-employed, unpaid family, and domestic service workers.
2
Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
1950
1951
1952
1953
1954
1955
1956
1957
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
44,738
47,347
48,303
49,681
48,431
50,056
51,766
52,162
Year or month
14,967
16,104
16,334
17,238
15,995
16,563
16,903
16,782
889
916
885
852
777
777
807
809
2,333
2,603
2 634
2,622
2,593
2,759
2,929
2,808
3,977
4,166
4 185
4 221
4,009
4,062
4 161
4,151
9,645
10,012
10,281
10 527
10,520
10,846
11,221
11,302
1,824
1,892
1 967
2 038
2,122
2,219
2 308
2,348
5,077
5,264
5,411
5 538
5,664
5,916
6,160
6,336
6 026
6,389
6 609
6 645
6,751
6 914
7 277
7,626
52,457
52,224
52,015
51,758
51,516
51,223
50,575
50,219
50,054
50,147
50,315
50,431
50,529
16,826
16,678
16,604
16,455
16,252
15,965
15,648
15,389
15,243
15,202
15,275
15,319
15,354
820
814
802
789
784
766
747
733
723
718
713
711
705
2,805
2,782
2,763
2,710
2,679
2,652
2,455
2,573
2,624
2,698
2,698
2,699
2,699
4,179
4,170
4,141
4 104
4,070
4 045
3,990
3,930
3,890
3,877
3,888
3,878
3,874
11,402
11,349
11,315
11,290
11,237
11,305
11,235
11,116
11,050
11,087
11,105
11,123
11,171
2,359
2,366
2,373
2 372
2,365
2,368
2,367
2,360
2,356
2,370
2,367
2,363
2,374
6,372
6,380
6,343
6 367
6,382
6 368
6,367
6,330
6,352
6,360
6,392
6,438
6,417
7,694
7,685
7,674
7 671
7,747
7 754
7,766
7 788
7,816
7,835
7,877
7,900
7,935
52,477
52,692
52,570
52,316
52,610
50,477
49,777
49,690
49,726
49,949
50,413
50,202
50,541
16,949
16,903
16,783
16,561
16,302
15,865
15,593
15,355
15,104
15,023
15,206
15,172
15,489
828
818
802
793
788
766
747
733
716
711
717
707
712
3,057
3,018
2,956
2,805
2,612
2,387
2,173
2,316
2,493
2,685
2,806
2,888
2,942
4,210
4,201
4,152
4,114
4,094
3,985
3,944
3 910
3,883
3,874
3,904
3,908
3,904
11,236
11,349
11,387
11,557
12,076
11,140
10,948
10 939
10,940
10,961
11,035
10,986
11,008
2,394
2,366
2,361
2,360
2,353
2,344
2,343
2 348
2,356
2,370
2,391
2,410
2,410
6,404
6,412
6,406
6,367
6,318
6,241
6,240
6 267
6,384
6,455
6,488
6,470
6,449
7,399
7,625
7,723
7,759
8,067
7,749
7,789
7 822
7,850
7,870
7,866
7,661
7,627
SEASONALLY ADJUSTED
1957 Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
JUly
Aug
WITHOUT SEASONAL ADJUSTMENT
1957 Aug
Sent
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
July
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 July and August 1958 are preliminary. Back data may be obtained
from the Bureau of Labor Statistics.
1117
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1957
Without seasonal adjustment
1958
1957
1958
Aug.
June
July
Aug.
Aug.
June
July
Aug.
12,913
11,484
11,532
11,562
13,020
11,415
11,373
11,681
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.
7,534
77
588
324
458
1,085
894
1,247
878
1,352
229
402
6,344
68
558
296
415
859
111
1,004
723
1,084
200
360
6,383
68
568
298
427
861
788
1,008
736
1,063
200
366
6,393
69
561
304
429
870
788
1,022
753
1,021
206
370
7,489
77
612
319
463
1,080
885
1,216
860
1,352
226
400
6,350
68
578
287
417
859
113
1,014
716
1,084
199
355
6,281
68
579
286
423
852
764
993
710
1,063
196
348
6,355
69
583
299
433
866
780
996
738
1,021
203
368
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
5,379
1,058
84
921
1,061
455
553
546
167
206
328
5,140
1,055
80
840
1,035
433
541
508
156
176
316
5,149
1,035
80
856
1,039
432
544
509
155
180
319
5,169
1,046
81
869
1,023
437
547
512
155
182
317
5,531
1,194
93
912
1,082
457
547
538
170
204
335
5,065
1,039
70
840
994
433
541
500
158
176
314
5,092
1,085
70
830
992
428
539
499
158
175
316
5,326
1,188
89
860
1,043
439
542
504
158
180
323
Total
NOTB.—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 July and August 1958 are
preliminary. Back data may be obtained from the Bureau of Labor
Statistics,
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group
1957
1958
Average hours worked
(per week)
1957
Average hourly earnings
(dollars per hour)
1958
1957
1958
Aug.
June
July
Aug.
Aug.
June
July
Aug.
Aug.
June
July
Aug.
Total
82.80
83.10
83.50
83.53
40.0
39.2
39.2
39.4
2.07
2.12
2.13
2.12
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
89.06 89.89 89.83 90.52
93.83 100.94 101.18 99.94
75.62 76.14 74.82 77.90
71.63 69.06 69.06 70.13
84.05 84.63 84.40 85.46
99.82 99.96 102.53 102.38
89.98 90.80 91.20 92.06
93.15 94.25 93.77 94.01
82.81 85.14 84.50 85.36
97.04 99.50 99.79 100.69
84.00 87.16 87.34 87.52
72.00 73.08 72.13 72.31
40.3
40.1
41.1
40.7
40.8
39.3
40.9
40.5
40.2
40.1
40.0
40.0
39.6
40.7
40.5
38.8
40.3
38.3
40.0
39.6
39.6
39.8
39.8
39.5
39.4
40.8
39.8
38.8
40.0
38.4
40.0
39.4
39.3
39.6
39.7
39.2
39.7
40.3
41.0
39.4
40.5
38.2
40.2
39.5
39.7
39.8
39.6
39.3
2.21
2.34
1.84
1.76
2.06
2.54
2.20
2.30
2.06
2.42
2.10
1.80
2.27
2.48
1.88
1.78
2.10
2.61
2.27
2.38
2.28
2.48
1.90
1.78
2.11
2.68
2.29
2.38
2.50
2.19
1.85
2.28
2.48
1.88
1.78
2.11
2.67
2.28
2.38
2.15
2.52
2.20
1.84
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
74.26 75.08 75.47 75.46
77.71 81.81 82.00 80.38
56.83 66.30 66.13 61.99
58.65 57.98 57.75 58.89
55.20 52.50 53.40 54.96
87.55 88.20 88.62 89.46
96.89 97.38 97.38 98.54
92.25 94.94 94.83 94.60
109.21 111.93 113.16 110.70
92.84 91.10 92.12 92.59
58.67 57.46 57.82 57.56
39.5
40.9
38.4
39.1
36.8
42.5
38.6
41.0
40.6
40.9
38.1
38.7
40.7
39.7
38.4
35.0
38.9
41.0
39.6
38.5
35.6
41.8
41.8
39.1
40.8
38.5
39.0
36.4
42.0
37.9
40.6
40.4
39.4
36.9
1.88
1.90
1.48
1.50
1.50
2.06
2.51
2.25
2.69
2.27
1.54
1.94
2.01
1.67
1.51
1.50
2.11
2.59
2.31
2.73
2.33
1.57
1.94
2.00
1.67
1.50
1.50
2.12
2.59
2.33
2.76
2.35
1.55
1.93
1.97
1.61
1.51
1.51
2.13
2.60
2.33
2.74
2.35
1.56
NOTE.—Data are for production and related workers. Figures for
July and August 1958 are preliminary. Back data are available from the
Bureau of Labor Statistics.
37.6
41.1
41.0
39.1
36.6
37.6
40.7
41.0
39.2
37.3
2.15
2.15
2.53
2.21
1.84
1118
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
107
112
114
118
118
128
135
136
105
109
110
114
117
123
126
122
102
107
104
105
108
113
120
124
107
112
113
117
116
125
131
132
107
114
115
119
112
122
128
129
107
115
122
127
129
140
146
148
111
117
127
131
135
149
164
169
105
110
109
114
112
122
128
128
106
111
116
120
121
132
138
138
July
138
144
125
130
126
135
131
138
132
139
147
158
173
179
131
139
Sept
Oct
Nov
Dec
136
129
114
116
122
119
128
129
134
121
144
141
172
159
130
121
133
118
124
128
129
142
166
125
138
128
128
133
133
148
174
130
130
116
125
126
125
146
157
121
124
131
130
134
133
115
127
121
124
124
133
114
126
135
129
129
141
117
119
121
124
122
132
134
138
147
146
146
153
147
158
155
164
176
^140
111
114
114
117
115
130
^174
115
124
118
124
119
130
111
127
139
134
162
241
90
102
122
117
144
232
92
104
126
126
158
226
96
110
134
132
171
236
107
123
134
125
159
233
118
133
150
148
178
272
143
161
165
167
193
301
100
95
116
123
130
126
91
84
100
109
117
115
100
91
113
114
120
120
95
86
118
125
128
121
97
90
108
113
120
115
103
96
126
136
144
135
93
97
103
107
Minne- Kansas
Dallas
apolis
City
San
Francisco
107
107
109
110
113
117
126
128
112
117
121
123
129
140
144
142
115
120
129
132
136
149
158
160
106
112
120
122
122
132
141
141
139
147
130
138
146
147
169
170
141
144
145
126
130
119
147
136
163
152
141
134
135
125
139
161
139
141
132
142
156
139
132
126
138
156
132
125
134
130
136
133
139
121
132
120
126
123
129
135
144
136
148
141
143
153
151
161
162
162
135
137
142
142
143
140
104
124
136
127
153
221
114
132
143
138
163
238
104
130
139
138
145
220
128
141
149
142
161
246
151
158
157
158
183
270
125
139
141
135
162
247
122
121
150
153
158
153
92
86
107
112
122
117
100
96
117
123
137
124
103
99
121
131
145
136
123
112
137
143
159
147
105
104
115
130
135
135
123
P144
92
90
109
117
121
119
103
114
103
144
124
SALES i
1950
1951
1952
1953...
1954
1955
1956
1957
.
SEASONALLY ADJUSTED
1957
1958
Jan
Feb
Mar
Apr
May
June
July
WITHOUT SEASONAL ADJUSTMENT
1957—July
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
July
STOCKSi
110
131
121
131
128
136
148
152
112
106
no
108
109
123
108
108
106
112
127
115
120
117
119
130
137
132
120
129
127
135
148
154
132
115
125
122
124
133
136
129
127
141
138
159
175
178
145
143
155
152
170
195
203
125
112
122
120
127
138
143
130
120
131
125
135
148
149
121
113
123
124
130
142
146
114
137
130
146
141
152
164
160
114
129
117
124
126
132
141
138
135
129
143
140
153
168
174
137
131
140
135
142
156
158
1957_july
Aug
Sept
Oct
Nov
Dec
155
153
154
155
154
150
139
136
138
138
137
136
140
138
138
138
138
138
154
157
159
156
158
154
136
137
139
139
138
134
183
180
181
174
175
171
204
203
201
208
206
207
149
145
144
147
141
140
153
149
151
151
151
141
141
145
145
148
150
143
160
158
159
163
165
158
178
176
173
176
179
169
159
159
162
163
162
152
1958—Jan
Feb
Mar
147
146
142
143
144
133
134
129
131
133
137
135
133
134
133
154
151
149
149
152
133
130
126
124
128
167
166
163
167
169
202
199
193
190
191
135
135
131
131
133
143
142
140
141
140
138
138
132
129
133
153
151
148
145
146
170
163
160
163
164
148
135
140
136
135
157
153
126
129
173
171
191
P192
138
142
149
146
136
136
152
2*149
168
163
152
151
149
151
152
156
1950
1951
1952
1953
1954
1955
1956
1957
SEASONALLY ADJUSTED
May
June
July
WITHOUT SEASONAL ADJUSTMENT
1957_july
Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
June
July
144
125
126
138
125
167
190
143
142
134
152
169
150
160
172
174
135
132
144
156
161
127
134
145
155
159
127
151
167
180
182
139
131
144
154
156
122
175
187
198
198
156
199
209
227
233
180
139
150
161
161
124
148
158
169
169
127
142
151
164
170
132
156
164
177
183
144
176
184
193
197
157
154
160
168
183
182
139
132
139
147
149
146
140
119
126
131
136
135
126
126
122
127
137
139
136
127
122
136
145
153
160
155
146
138
117
125
130
130
131
120
119
149
159
173
175
170
160
156
184
197
202
200
193
180
123
127
132
139
137
134
136
127
138
146
149
140
138
136
127
132
136
132
132
128
129
137
145
153
153
148
146
149
158
168
169
163
156
155
137
142
150
154
151
150
^138
r
* Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
»178
^142
NOTE.—For description of the series and for monthly indexes beginning
1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to
1947 may be obtained from the Division of Research and Statistics.
1119
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)
Outstanding
orders i
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
373
495
460
435
421
388
446
470
460
358
391
390
397
408
410
444
459
460
358
401
379
401
401
412
449
458
457
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
3.1
1-1
1.4
1.3
1.2
l.l
1.0
l.l
1.1
1.1
3.8
4.2
4.4
4.1
4.1
4 0
4.0
4.1
4.2
419
456
536
561
496
386
3.5
3.0
3.2
3.2
2.8
1.5
1.7
1.3
1.3
l.l
).8
().4
5.2
4.3
4.5
4.3
3.6
1.8
416
380
408
421
414
486
431
3.3
4.1
3.1
3.2
3.0
3.1
3.3
1.0
1.3
().8
().7
().7
1.2
I 5
4.3
5.4
4.0
4.0
3.7
4.3
4.9
Receipts
Annual average:
925
361
376
391
397
406
409
437
454
458
1,012
1,202
1,097
1,163
1,140
1,195
1,286
1,338
356
432
438
481
554
839
1,242
1,300
1,400
1,518
1,562
1,229
366
309
416
416
441
402
365
1,203
1,259
1.299
i;344
1,308
1,230
1,214
1-0
l.l
0
0
1.0
0
ooo
1949
1950
1951
1952
1953
1954
1955
1956
1957
Month:
AUK.
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
7
July*
r
* Preliminary.
Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1957,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
r
r
601
569
567
529
427
307
383
398
350
310
319
481
563
r
341
487
538
599
598
506
340
365
456
461
405
324
349
o
1957_j u ly
?
?
l.l
)6
(> 9
1.2
1
1
0.9
0.8
1.0
3
Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept .
Oct
Nov
Dec
June—July
.
. .
.
1957
1958
1956
1957
1958
1956
1957
1958
1.284
1,363
1,583
1,512
1,717
1,697
1,640
1,536
1,534
I 671
.545
2 007
1.680
1,611
S, 151
1,864
,813
,786
,692
,677
,540
1.511
1,345
1,557
1,531
1,638
1,408
1.202
1,273
1,479
1,400
1,522
1,492
1,289
1,378
1,427
I 561
1,425
1,402
1,245
1,442
1,409
1,507
1,309
1,290
1,073
1,051
1,102
991
1,095
1,034
1,052
1,055
995
1,121
987
1,059
1,115
993
1,133
1,119
1,106
984
,146
,043
.009
1 ^ 148
1,043
1,141
1,095
962
1,072
1,057
1,063
1,037
R8S
1.583
1,490
it, 021
1,780
1,711
1,652
,505
.536
1*437
1 600
1,596
1 543
10,796
12,597
9,657
11,742
9,604
7,398
7,596
4fQ
674
,683
659
1 Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
5
10,409
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
1120
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
1950
1951
1952
1953
1954
1955
1956
1957
102.8
111.0
113.5
114.4
114.8
114.5
116.2
120.2
101.2
112.6
114.6
112.8
112.6
110.9
111.7
115.4
106.1
112.4
114.6
117.7
119.1
120.0
121.7
125.6
108.8
113.1
117.9
124.1
128.5
130.3
132.7
135.2
102.7
103.1
104.5
106.6
107.9
110.7
111.8
113.0
110.5
116.4
118.7
123.9
123.5
125.2
130.7
137.4
100.3
111.2
108.5
107.9
106.1
104.1
103.0
104.6
101.2
109.0
111.8
115.3
117.4
119.1
122.9
127.5
98.1
106.9
105.8
104.8
104.3
103.7
105.5
106.9
111.3
118.4
126.2
129.7
128.0
126.4
128.7
136.0
106.0
111.1
117.3
121.3
125.2
128.0
132.6
138.0
101.1
110.5
111.8
112.8
113.4
115.3
120.0
124.4
103.4 105.2
106.5 109.7
107.0 115.4
108.0 118.2
107.1 120.1
106.6 120.2
108.1 122.0
112.2 125.5
1957-—July
Aug
Sept
Oct
Nov.
Dec.
120.8
121.0
121.1
121.1
121.6
121.6
117.4
117.9
117.0
116.4
116.0
116.1
125.5
125.7
126.3
126.6
126.8
127.0
135.2
135.4
135.7
136.0
136.3
136.7
112.3
113.3
113.7
113.8
114.3
114.3
135.9
135.7
136.8
137.6
138.0
138.3
104.1
103.9
104.8
104.8
104.5
104.9
127.9
128.0
128.3
128.7
129.4
129.6
106.5
106.6
107.3
107.7
107.9
107.6
135.8
135.9
135.9
135.8
140.0
138.9
138.4
138.6
139.0
139.7
140.3
140.8
124.7
124.9
125.1
126.2
126.7
127.0
112.4
112.6
113.3
113.4
114.4
114.6
126.6
126.7
126.7
126.8
126.8
126.8
1958—-Jan
Feb
Mar
Apr.
May
122.3
122.5
123.3
123.5
123.6
123.7
123.9
118.2
118.7
120.8
121.6
121.6
121.6
121.7
127.1
127.3
127.5
127.7
127.8
127.8
127.7
136.8
137.0
137.1
137.3
137.5
137.7
137.8
115.7
115.9
115.9
116.0
116.5
116.9
117.0
138.4
137.2
136.7
134.2
131.6
131.7
132.3
104.2
104.9
103.9
104.0
104.0
104.1
104.0
129.7
129.9
130,7
130.9
130.9
131.1
131.2
106.9
106.8
106.8
106.7
106.7
106.7
106.7
138.7
138.5
138.7
138.3
138.7
138.9
140.3
141.7
141.9
142.3
142.7
143.7
143.9
144.6
127.8
128.0
128.3
128.5
128.5
128.6
128.9
116.6
116.6
117.0
117.0
116.6
116.7
116.6
127.0
127.0
127.2
127.2
127.2
127.2
127.2
July
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
Jan
Feb
Mar.
Apr
May
June
July
Fuel,
power,
and
lighting
materials
MaChem- Rub- Lum- Pulp, Metals chinery
icals
ber paper, and
ber
and
and
and
and
and
allied prod- wood allied metal moprod- ucts prod- prod- prod- tive
ucts products
ucts
ucts
ucts
3
103. 1 97.5 99.8 105. 0 99.2 104. 6 103.0 96. n 120.5 113. 9
114. 8 113.4 111.4 115. 9 110.6 120 3 106.7 110
148 0 123. 9
111. 6 107.0 108.8 113. 2 99.8 97. 2 106.6 104. 5 134.0 120. 3
110. 1 97.0 104 6 114. 0 97.3 98 5 109.5 105 7 125 0 120 2
110. 3 95.6 105.3 114. 5 95.2 94. 2 108.1 107. 0 126.9 118. 0
110. 7 89.6 101.7 117. 0 95.3 93. 8 107.9 106. 6 143.8 123. 6
114. 3 88.4 101.7 122. 2 95.3 99. 3 111.2 107. 2 145.8 125. 4
117. 6 90.9 105.6 125. 6 95.4 99. 4 117.2 109. 5 145.2 119. 0
1950
1951
1952
1953
1954
1955
1956
1957
July
Aug... *
Sept
Oct
Nov
Dec
Tex- Hides,
All
tile
com- Farm Processed
prod- skins,
modi- prod- foods
and
ucts
ties
Tota 1 ucts leather
and
prodapparel ucts
1957
118.
118. 4
118. 0
117. 8
118. 1
118. r
1958
'Revised.
92.8
93.0
91.0
91.5
91.9
92.6
107.2
106.8
106.5
105.5
106.5
107.4
125. 7
126. 0
126. 0
125. 8
125. 9
126. 1
118. 9 93.7 109.5 126. 1
119. 0 96.1 109.9 125. 7
119. 7 100.5 110.7 125. 7
119. 3 97.7 111.5 125. 5
119.
98.5 112.9 125.
M19 2 95.6 H13.5 125 3
119 2 95.0 112 ' 125 7
100. 6
100. 3
100. 0
100. 1
100 0
99. 5
116.4
116.3
116.1
115.8
115.7
116.2
109. 5
109. 8
110. 2
110.4
110. 3
110. 6
144.9
146.9
146.5
146.2
144.7
145.7
119 3
118 6
117. 8
117. 3
116. 9
116. 3
94.6 99 5
94.1 99 6
94.0 99 5
93.7 99.7
93.5 99 9
93.3 100 3
93.3 100 4
116.1
113.6
112.4
111.0
110.3
110.7
111.9
110. 8
110. 6
110. 7
111. 0
110. 8
'110. 7
110.4
145.1
144.6
144.6
144.5
143.8
144.2
144.7
116. 3
115. 8
115 5
115 7
115 9
r
116 4
116 8
95.4
95.4
95.4
95.1
95.0
94.9
Furniture
and
other
household
durables
Non- Tome- bacco
tallic mfrs. Mismin- and cellaerals— bottled neous
struc- bevtural erages
100. 9
119
116. 5
116 1
116. 3
119. 3
127. 2
129. 6
110. 3
122. 8
123. 0
126 9
128. 0
136. 6
148.4
151 2
108.6
119 0
121.5
123 0
124.6
128.4
137.8
146.1
105. 3
114 1
112. o
114 2
115.
115. 9
119. 1
122. 2
106.9
113.6
113.6
118 2
120.9
124.2
129.6
134.6
102.4 96 6
108.1 104 9
110.6 108
115.7 97 g
120.6 102 5
121.6 92 0
122.3 91.0
126.1 89 6
129 5
129 9
130 1
130 9
130 9
131. 0
152
153
152
150
150
150
4
2
2
8
4
5
145 8
146 2
146.9
147.7
149.2
149.4
122 2
122. 4
122. 3
122. 6
122. 7
123. 5
135.2
135.3
135.2
135.3
135.4
135.7
127.7
127.7
127.7
127.7
127.8
128.0
88 .8
90 .1
89 .4
87 .7
86 .8
87 .2
8 150 0 149.4
8 150 1 149.3
5 149 8 149.2
148 6 149.4
148 6 149.4
'148 8 149.5
0 148 8 149.5
123. 8
123 6
123 5
123 4
123 2
••123 C
123
136.4
136.5
135.3
135.4
135.7
135.5
135.6
128.1
128.1
128.0
128.0
128.0
128.0
128.0
88 .3
89 .3
94 .3
97 .8
96 .2
93 .7
97 .2
130
130
130
130
130
130
131
1121
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1957
Subgroup
June
May
108.0
82.7
86.5
105.0
93.1
76.2
82.4
142.9
123.4 '103.0
84.2
81.3
99.8
98.8
101.6 101.9
90.5
90.2
75.7
74.9
79.7
79.3
142.0 141.4
117.7
99.2
108.2
102.3
114.3
183.7
94.8
117.9 '118.5
112.8 114.1
110.8 111.1
108.2 110.3
116.1 117.1
168.4 168.4
96.9
96.9
Pulp, Pi
', Paper, and Allied Products
{Cont.):
105.4
79.8
Paperboard
97.1
Converted paper and paperboard...
101.8
Building paper and board
91.9
76.1 Metals and Metal Products:
76.2
Iron and steel
139.9
Nonferrous metals
Metal containers
Hardware
117.5
Plumbing equipment
112.1
Heating equipment
111.6
Fabricated structural metal products
111.6
Fabricated
nonstructural
metal
117.1
products
165.2
97.1 Machinery and Motive Products:
,
,
,
90.5
111.3
81.9
121.5
99.5
75.8
88.3
100.5
80.3
116.1
99.1
75.4
87.6
101.3
80.4
109.9
99.1
73.6
87.4
101.1
80.1
116.2
99.2
74.8
62.1
92.2
121.0
98.5
55.4
91.1
122.0
'97.3
57.0
91.8
122.0
97.3
124.0
161.9
n.a.
n.a.
126.4
119.7
161.9
98.3
100.0
114.7
120.3
161.9
97.4
100.1
115.3
58.1
91.5 Furniture and Other Household Dura122.0
bles:
97.3
Household furniture
Commercial furniture
Floor covering
121.1
Household appliances
161.9
Television, radios, phonographs . . . .
98.5
Other household durable goods
100.1
117.1 Nonmetallic Minerals—Structural
123.5
128.1
99.9
93.4
61.0
108.3
106.3
105.4
123.9
128.4
103.9
94.3
61.5
111.4
110.3
107.2
123.5
128.2
103.4
'94.5
61.9
111.4
110.3
r
107.4
Flat glass
Concrete ingredients.
123.1
Concrete products.
128.2
products
Structural clay i
103.4
Gypsum products
94.5
Prepared asphalt roofing....
62.5
Other nonmetallic minerals.
111.6
108.0 Tobacco Manufactures and Bottled
107.0
Beverages:
145.0
149.0
140.0
127.7
152.1
143.0
129.4
152.1
143.0
133.0
152.1
142.7
120.0
128.3
96.9
116.7
127.1
92.2
116.8
127.1
94.9
116.7
127.3
98.3
118.0
68.0
142.8
121.2
71.8
141.8
121.2
71.8
141.8
121.2
86.1
141.8
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
July
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
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
r
Revised.
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages.
1958
July
May
June
July
136.2
126.1
141.7
136.0
128.0
144.1
136.0
127.9
144.1
136.0
127.9
143.8
170.3
134.1
152.8
164.5
129.1
122.8
134.5
166.2
123.9
155.7
170.7
123.7
121.1
134.1
166.7
124.8
155.7
171.7
123.8
121.3
133.7
167.0
125.0
155.7
171.7
120.9
121.4
133.1
145.3
145.9
145.0
145.0
132.3
138.4
138.3
138.4
157.9
166.1
165.5
169.6
165.5
169.4
165.5
169.7
157.4
144.5
159.8
147.6
160.4
147.5
149.5
134.7
152.3
139.0
160.3
147.7
152.6
139.0
122.8
153.6
132.5
104.9
94.8
147.9
122.8
154.2
128.9
104.9
94.3
155.1
122.5
154.2
'128.3
104.9
'93.7
r
155.2
122.6
154.2
127.3
104.8
95.0
155.3
135.7
136.4
126.4
155.1
127.1
125.8
128.3
135.7
139.0
128.4
155.6
133.1
108.6
131.2
135.7
138.9
128.5
155.6
133.1
105.8
131.2
135.7
139.0
128.5
155.6
133.1
105.8
131.2
134.8
105.1
143.8
119.6
149.3
134.8
106.0
139.7
120.3
149.3
134.8
106.0
139.7
120.3
149.3
134.8
106.0
139.7
120.3
149.3
117.5
66.0
97.4
106.8
128.8
119.1 119.1
78.0
73.3
97.5
97.5
107.3 107.8
132.4 '132.6
119.1
79.7
97.5
107.8
132.3
152.6
139.0
Miscellaneous:
Lumber and Wood Products:
Lumber
Millwork
Plywood
1957
Subgroup
July
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
I
1958
Toys, sporting goods, small arms.
Manufactured animal feeds
Notions and accessories.
Jewelry, watches, photo equipment..
Other miscellaneous
1122
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
1957
1933
1929
1941
1950
1953
1954
1955
1956
2
104.4
1958
1957
3
4
1
2
56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0
8.6
7.2
9.0
19.1
26.5
28.8
32.0
34.7
37.7
37.5
38.1
38.5
38.9
39.3
7.0
.6
.3
Indirect business tax and related liabilities
Business transfer payments
7.1
.7
.9
11.3
.5
23.7
.8
-.7
30.2
1.4
1.3
30.2
1.3
.9
32.9
1.5
1.0
35.6
1.5
-.9
37.6
1.6
.7
37.8
1.6
1.5
37.9
1.6
.7
37.7 38.0
1.6
1.6
.7 - 1 . 7
38.3
1.6
.0
.1
.2
-.4
-.2
.0
1.0
1.3
1 4
1.3
1.6
1.5
Plus: Subsidies less current surplus of government ent©rprisesT t T . , T T
t..T_tTT.
— .1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
14.5
2.8
10.1 - 2 . 0
.2
.3
Excess of wage accruals over disburse-
1 2
40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6
35.7
6.9
37.3
8.7
33.7
9.7
43.1
11.0
42.9
12.3
41.9
14.2
42.0
14.1
43.1
14.3
38.8
14.2
31.3
14.2
.0
20.0
6.2
12.7
1.6
.0
21.3
.8
22.5
.8
24.6
12.0
1.6
12.5
1.6
12.4
1.6
.0
.9
.0
1.5
.0
2.6
.0
14.3
-.1
12.9
.0
15.0
.0
16.0
.0
17.1
.0
19.9
.0
19.9
5.8
.6
2.1
.7
4.5
.5
9.2
.8
9.2
1.4
9.8
1.3
11.2
1.5
12.0
1.5
12.4
1.6
12.6
1.6
85.8
47.2
2.6
1.5
3.3
20.8
35.8
32.9
35.7
40.1
42,
42.7
43.1
43.0
42.3
42.3
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.6
32.4
3.4
29.2
3.8
31.5
4.2
35.2
4.8
37.4
5.4
37.3
5.3
31.1
5.4
37.5
5.5
36.6
5.7
36.5
5.8
i
Business transfer payments
Less: Personal tax and related payments
Federal
State and local
i\
96.3 228.5 288.3 289.8 310.2 330.5 347.9 348.4 351.8 349.7 347.3 349.8
83.1
45.7
93.0 207.7 252.5 256.9 274.4 290.5 305.1 305.7 308.7 306.8 305.0 307.5
79.0
46.4
81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3
4.2
Less: Personal consumption expenditures....
-.6
11.1
12.6
19.8
18.9
17.5
21.1
20.7
23.2
20.4
19.6
18.8
19.2
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1957
1929
1933
1941
1950
1953
1954
1955
1956
1958
1957
National income
87.8
40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries.
51.1
50,4
45.5
29.5
29.0
23.9
4^6
.7
4*.9
.5
64. 3 154.2 208.8 207.6 223.9 241.8 254.6 254.9 257.3 254.8 250.9 250.7
62.1 146.4 198.0 196.3 210.9 227.3 238.1 238.4 240.5 238.0 234.4 234.2
51.9 124.1 164.2 161.9 174.9 189.3 198.0 198.6 199.9 197.4 192.7 191.8
1.9
5.0 10.3 10.0
9.8
9.7
9.6
9.8
9.5
9.7
9.4
9.6
8.3 17.3 23.5 24.4 26.2 28.4 30.5 30.2 30.8 31.
32.3 32.8
2.7
7.8 10.8 11.3 13.0 1*4.5 16.5 16.4 16.8 16.8 16.5 16.4
Proprietors' and rental income2
Business and professional...
Farm
Rental income of persons...
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
Corporate profits and inventory valuation
a djustment
Corporate profits before tax
,
Corporate profits tax liability
Corporate profits after tax
,
Inventory valuation adjustment
,
10.1 - 2 . 0 14.5 35.7 37.3
9.6
.2 17.0 40.6 38.3
1.4
7.6 17.9 20.2
.5
9.4 22.8 18.1
8.3
-2.5 -5.0 -1.0
.5
Net interest.
1
6.4
5.0
Includes employee contributions to social insurance funds.
4.5
46.6
23.5
14.0
9.0
5.5
51.3
27.4
13.3
10.5
8.2
2
51.3
27.8
12.7
10.9
52.8
30.4
11.8
10.7
53.3
30.8
11.6
10.9
54.8
31.4
11.6
11.8
56.2
30.7
13.4
12.1
55.0
31.3
11.5
12.2
55.3
30.6
12.6
12.1
33.7 43.1 42.9 41.9 42.0 43.1 38.8
34.1 44.9 45.5 43.4 43.5 44.2 39.9
17.2 21.8 22.4 21.6 21.7 22.0 19.9
16.8 23.0 23.1 21.8 21.8 22.1 20.0
- . 3 -1.7 -2.6 -1.5 -1.5 -1.1 -1.1
31.3
31.7
16.1
15.5
-.3
.5
13.0
13.1
9.1
10.4
11.3
12.6
54.7
31.4
11.6
11.7
12.5
55.5
31.7
11.8
12.0
12.8
12.9
Includes noncorporate inventory valuation adjustment.
1123
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
1933
1941
1950
1953
1954
1955
1956
1957
2
104.4
79.0
9.2
37.7
32.1
Durable goods
Nondurable goods
Services
.8
purchases
of
goods
and
8.5
1.3
Federal,
} ,.3
Other
Less: Government sales^
State and local
1
.0
7.2
3
4
2
1
56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0
46.4
3.5
22.3
20.7
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
Other
Producers* durable equipment
Change in business inventories
Gerernment
1958
1957
1929
.2
81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3
9.7 30.4 32.9 32.4 39.6 38.4 39.9 39 5 40 4 39 6 36 3 35.6
43.2 99.8 118.0 119.3 124.8 131.4 138.0 137.1 140.5 138.8 139.8 141.4
29.0 64.9 81.8 86.3 92.5 99.6 106.5 105.9 107.4 108.7 110.1 111.3
18.1
6.6
3.5
3.1
6.9
4.5
4.0
1.1
24.8
8.0
2.0 16.9
/ 13.8
2.0 I 3.2
.0
.0
6.0
7.8
50.0
24.2
14.1
10.1
18.9
6.8
6.0
50.3 48.9
27.6 29.7
13 8 15 4
13.8 14.3
22.3 20.8
.4 - 1 . 6
1.1 - 2 . 1
-2.2
-2.0
.4
41.8
22.1
18.5
3.9
3
19.7
84.4
59.5
51.5
8.4
4
24.9
76.6
48.9
43.0
6.2
4
27.7
Includes expenditures for crude petroleum and natural gas drilling.
63.8
34.9
18 7
16.2
23.1
5.8
5.5
68.2
35.7
17 7
18.1
27.0
5.4
5.9
-.4
1.4
77.1
46.8
41.3
5.9
4
30.3
80.3
47.1
42.5
5.0
4
33.1
65.3
36 5
17 0
19 5
27.9
1.0
.2
3.5
87.1
50.8
46.5
4.8
5
36.3
67.0
36.1
16 5
19 6
28.1
2.9
2.0
4.2
87.5
51.5
47.4
4.5
4
36.0
66.7 61.5 49.6 49.2
36 6 37 1 36.3 34.9
16 9 17 6 17 1 16 2
19 7 19 6 19 2 18 7
28.0 26.7 22.9 22.3
2.2 - 2 . 3 - 9 . 5 - 8 . 0
1.3 - 3 . 1 - 9 . 3 - 7 . 8
3.6
1.9
.5
.5
87.0
50.9
46.9
4 5
5
36.1
88 3
50.5
46.0
5 0
5
37.8
89 5
50.9
45.6
5 7
4
38.6
90.9
51.9
46.0
6.2
4
39.1
2 Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Personal
income
Total
1929
1933
1941
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
1952
1953
1954
1955
1956
1957
273.1
288.3
289.8
310.2
330.5
347.9
184.9
198.1
196.3
210.9
227.3
238.1
1957_Aug
Sept
Oct
Nov
Dec
352.1
351.4
350.6
350.2
348.4
1958 Jan
Feb
Mar
Apr
May
June
July p
Aug
348.2
346.4
347.1
348.1
349.9
352.0
358.8
355.6
Year or month*
Commodity Distributive
produc- indusing intries
dustries
Transferpayments4
Less
personal
contriNonbutions agricultural
for
social income*
insurance*
Service
industries
Government
15.6
8.8
16.3
8.4
5.2
8.1
4.9
5.1
10.2
.6
.4
.7
20.2
7.6
20.9
13.2
8.3
10.3
1.5
2.1
3.1
.1
.2
.8
77.7
43.6
88 0
80.5
88.1
84.1
91.4
98.7
102.2
48.7
51.8
52.3
55.8
60.1
63.3
22.6
24.3
25.5
27.8
30.5
32.6
32.9
33.9
34.4
36.0
38.0
40.1
5.3
6.0
6.2
7.1
7.9
8.9
52.4
51.3
51.3
52.8
53.3
54.8
21.1
22.6
24.4
27.0
29.1
31.1
13.2
14.3
16.2
17.5
18.6
21.5
3.8
3 9
4.6
5.2
5.7
6.6
254.3
271 5
273.8
295.0
315.4
332.7
240.8
240.2
238.6
238.0
237.3
103.1
102.4
101.5
101.0
99.8
64.2
64.2
63.5
63.6
63.7
32.9
32.9
32.9
32.9
33.2
40.6
40.7
40.7
40 5
40.6
9.1
9.1
9.2
9.2
9.2
55.6
55.4
55.1
54.8
55.2
31.8
31.8
31.8
31.8
30.0
21.5
21.5
22.6
23 0
23.3
6.7
6.6
6.6
6 6
6.6
336.6
336.1
335.7
335 2
333.0
235.1
233.2
232.6
232.0
233.1
235.8
242.2
238.4
97.9
95.6
95.3
95.0
95.6
96.6
97.1
97.4
63.5
63.4
62.9
62.4
62.6
63.3
63.5
63.6
33.1
33.2
33.3
33.4
33.4
33.6
33.7
33.8
40.7
41.0
41.1
41.2
41.5
42.4
48.0
43.6
9.1
9.0
8.9
8.9
8.9
8.9
9.0
9.1
55.1
55.3
55.7
56.1
56.5
56.2
56.3
56.4
31.8
31.8
31.7
31.7
31.7
31.8
31.8
31.9
23 9
23.8
24.8
26.1
26.4
26.0
26.5
26.7
6 7
6.7
6.6
6.6
6.7
6.7
7.0
6.8
332 5
330.1
330 5
331.0
332.4
335.1
342.0
338.9
» Preliminary.
i Monthly data are seasonally adjusted totals at annual rates.
* Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
' Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
* Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
Other
labor
income2
DiviProdends
prietors' and
and
perrental
sonal
income3 interest
income
well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
« Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
* International *
International capital transactions of the United States. .
1126
Gold production. . .
1130
Net gold purchases and gold stock of the United States. .
1131
Reported gold reserves of central banks and governments.
1132
Estimated foreign gold reserves and dollar holdings. .
1133
International Bank and Monetary Fund. .
1134
Central banks. .
1134
Money rates in foreign countries. .
1139
Foreign exchange rates. .
1140
Index to statistical tables. .
1151
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
1125
1126
INTL CAPITAL TRANSACTIONS OF THE U. S,
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*
[Amounts outstanding, in millions of dollars]
International
institutions2
Date
Total foreign
countries
France
Official
and
private
Germany,
Fed.
Rep.
of
Official
Italy
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—Dec. 3 1 . . . .
1.770
1,881
1,452
11,149
11,720
13,487
6,770
6,953
8,045
715
1,081
626
1.373
,454
1,835
579
785
1957-July
Aug.
Sept.
Oct.
Nov.
1,545
1,635
1,512
1,517
1,538
1,517
13,265
13,267
13,332
13,753
13,608
'13,637
7,808
7,627
7,647
7,934
'7,817
'7,913
514
450
411
398
352
354
1,559
1,577
1,664
1,573
1,567
1,557
979
[,009
1,030
1,056
1,021
1,079
'334
r 1,515
316
319
317
250
301
310
1,494
1,508
1,549
1,596
1,465
1,588
1,084
1,078
1,066
1,129
1,134
1,071
1,053
31....
31....
30....
31....
30....
Dec. 3 1 . . . .
1958—Jan. 3 1 . . . .
Feb. 2 8 . . . .
Mar. 3 1 . . . .
Apr.
May
June
July
30*...
31*...
30*\..
31*>...
1,619
1,471
1,377
1,373
1,514
1,447
1,459
'13,719
'13,840
13,805
13,661
13,690
13,813
13,917
'8,017
'8,118
8,016
7,916
7,920
7,917
8,087
930
Table la.
Switz- United
erKingdom
land
Other
Europe
Total
Europe
Asia
All
other
672
757
836
640
550
1,012
1.642
1,519
1,627
5,621
6,147
6,865
1.536
,032
,516
1,906
2,000
2,346
1,821
2,181
2,415
265
360
346
778
1,008
944
807
1,161
1,199
1,275
1,725
1,754
1,855
1,948
1.972
l',910
6,563
6,502
6,570
6,993
'6,979
'7,142
,659
,724
,650
,739
,735
1,623
2,673
2,683
2,723
2,672
2,593
'2,575
1,986
1,981
2,015
1,979
1,946
'1,946
384
377
373
370
356
351
1,330
1,244
1,260
1,017
1,061
1,060
1,098
2,035
2,242
2,280
2,211
2,183
2,230
2,273
'7,243
'7,297
7,338
7,118
7,069
6,959
7,134
1,597
1,662
1,626
1,662
1,789
2,001
1,962
'2,536
'2,515
2,474
2,551
2,487
2,499
2,403
'1,962
2,011
2,002
1,987
2,033
2,067
2,134
382
769
802
857
'868
'967
'945
'923
904
895
845
833
812
355
365
343
312
288
285
Other Europe
Neth- NorFinerland Greece lands way
Portugal
Other
Europe
Austria
Belgium
Denmark
1954—Dec. 31
1955 Dec 31
1956—Dec. 31
1.642
1,519
1,627
273
261
296
100
108
117
71
60
65
41
49
53
113
176
177
249
164
134
103
82
67
91
132
137
1957_-j u l y
Aug
Sept.
Oct.
Nov.
Dec.
31
31 .
30
31
30
31
1,725
1,754
1,855
1,948
1,972
1.910
315
328
337
345
347
349
120
123
132
137
131
130
97
101
102
97
100
112
61
55
62
68
66
64
156
143
139
144
146
154
98
115
172
186
218
203
85
87
94
97
95
93
1958—Jan.
Feb.
Mar.
Apr
May
June
July
31
28
31
30»
31"
301*
31 p
2,035
2,242
2,280
2,211
2,183
2,230
2,273
355
353
355
353
354
363
377
130
133
110
118
114
109
100
126
124
131
142
143
114
127
64
65
61
59
50
47
51
154
157
154
142
131
122
116
239
350
323
295
292
293
285
117
122
107
108
104
108
101
Date
Latin
Canada America
Rumania Spain
8
8
1
Sweden
Tur- Yugo- All
key slavia other
71
104
43
141
153
217
8
9
20
9
13
17
363
201
281
115
116
124
129
127
142
25
24
24
30
26
24
278
272
273
260
270
260
12
16
12
19
16
18
9
11
12
9
11
11
351
362
371
425
418
348
137
144
155
157
153
154
161
22
24
28
27
34
31
28
265
266
258
257
251
254
268
16
12
13
12
15
12
11
7
7
7
5
9
6
9
403
485
576
534
534
618
639
Table lb. Latin America
Latin
BoAmer- Argen- livia
tina
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands Panican Guate- Mex- West ama,
ReRemala
ico Indies pubpuband lic of
lic
Surinam
Peru
Other
El
Sal- Uru- Vene- Latin
vador guay zuela America
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,906
2,000
2,346
160
138
146
29
26
29
120
143
225
70
95
91
222
131
153
237
253
211
60
65
68
35
45
64
329
414
433
49
47
69
74
86
109
83
92
84
30
24
25
90
65
73
194
265
455
124
112
111
1957—July
Aug.
Sept.
Oct.
Nov.
Dec.
31
31
30
31
30
31
2,673
2,683
2,723
2,672
2,593
'2,575
142
135
147
160
151
137
27
28
28
24
24
26
127
133
133
145
149
132
73
78
77
76
76
75
213
195
186
202
175
153
274
285
280
236
235
235
94
67
59
57
58
54
67
65
60
60
62
65
352
393
371
367
360
'386
74
71
75
75
72
73
129
132
129
140
133
136
73
72
61
64
62
60
46
39
34
26
22
27
60
56
60
55
55
55
788
798
896
858
835
835
133
136
129
126
124
124
1958—Jan.
Feb.
Mar.
Apr.
May
June
July
31
28
31
'2,536
'2,515
2,474
2,551
2,487
2,499
2,403
138
137
144
139
137
140
147
23
25
23
22
22
23
21
120
118
116
120
139
125
126
78
72
77
78
77
86
74
150
146
135
125
119
125
129
240
239
235
266
261
281
277
52
49
48
50
49
53
54
68
69
66
62
64
64
59
'397
'382
378
379
361
332
322
71
69
66
66
67
62
67
123
141
144
137
135
134
138
56
66
62
62
74
73
74
32
33
31
37
36
33
30
72
85
86
81
76
77
79
780
749
709
770
712
740
664
136
135
152
155
156
150
142
30P
31P
30*
31»
* Preliminary.
r
Revised.
For other notes see following page.
1127
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
Asia
Date
Total
All other
Korea,
Hong India Indo- Iran Israel Japan Re- Phil- TaiipKong
pub- pines wan
nesia
lic
of
Union
BelThai- Other Total Aus- gian Egypt* of Other
South
land
tralia Congo
Africa
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1,821
2,181
2,415
61
55
66
87
73
76
100
174
186
31
37
20
41
53
45
721
893
1,017
96
88
99
257
252
272
34
39
61
123
138
148
270
380
425
265
360
346
48
75
84
44
42
44
47
72
50
33
53
53
94
119
114
1957—July
Aug.
Sept.
Oct.
Nov.
Dec.
1,986
1,981
2,015
1,979
1,946
r
l,946
65
66
72
72
71
70
79
78
82
88
89
82
139
167
179
190
187
151
31
30
49
43
42
55
46
41
53
47
46
52
605
586
570
564
555
'586
106
106
106
110
112
117
206
217
215
195
174
175
79
78
76
83
85
86
167
170
163
162
159
157
463
443
450
425
426
417
384
377
373
370
356
351
80
78
81
85
84
85
42
41
39
41
42
39
57
53
54
50
45
40
51
49
47
45
39
38
153
156
152
149
146
149
r
65
66
68
66
65
64
68
78
77
79
75
76
84
80
138
132
89
86
88
84
89
55
44
52
47
43
64
55
49
50
48
52
51
48
51
'600
655
704
732
772
803
858
118
121
121
122
116
117
119
184
189
188
169
180
164
168
87
88
92
92
91
88
91
156
159
157
145
146
148
145
'432
430
404
403
403
403
411
382
355
365
343
312
288
285
82
80
82
77
77
75
86
41
39
46
54
35
34
35
42
41
42
41
29
18
16
59
36
38
21
27
24
22
157
158
156
150
144
137
126
31
31
30
31
30
31
l,962
2,011
2,002
Apr. 3 0 P . . . . 1,987
May 3 1 * \ . . . 2,033
2,067
June 30^
July 3 1 * . . . 2,134
1958—Jan. 31
Feb. 28
Mar. 31
Table Id. Supplementary Areas and Countries'
End of year
Area or country
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia 6
Eastern Germany
Estonia
1954
.
.
.
Iceland
Ireland, Republic of
Lithuania
Luxembourg
Monaco
Poland 6
Trieste
U.S.S.R.6
.
.
.
Other Latin America:
British dependencies
Costa Rica
Ecuador
..
.
. . . .
French West Indies and French Guiana...
Haiti
Honduras
Paraguay
Other Asia:
End of year
1955
1956
1957
.2
.6
.6
.7
1.2
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
4
.4
.7
.7
1.3
1.8
1.0
4.8
13.7
1.0
3
3.1
5 6
2.5
1.4
.7
3
.4
.2
.5
1.2
1.9
.8
3.1
9.1
.6
4
13.2
4 3
3.3
1.4
.8
1
.3
n.a.
.7
n.a.
1.7
.7
2.9
n.a.
.5
5
16.4
5 4
3.2
1.2
.7
19.0
15 3
21.2
.4
12.7
17 3
10.3
3.6
16.6
17.6
14.9
.6
12.1
9 7
12.8
3.6
24.1
14.6
18.0
1.0
8.9
10 2
11.8
4.0
24.0
16 4
22.7
.8
11.2
12 6
12.7
5.1
5.1
.6
4.1
.5
5.3
1.7
4.7
n.a.
r
* Preliminary.
Revised
n.a. Not available.
1
Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under Other Europe.
3
Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
Area or country
Other Asia (Cont.):
British dependencies
Burma
Cambodia
Ceylon
China Mainland6
Jordan
Kuwait
Laos .
. . . . .
Pakistan
Portuguese dependencies
Ryukyu Islands
Saudi Arabia
Syria*
Viet-Nam
AH other:
Ethiopia and Eritrea
French dependencies
Libya
M^orocco •
Tangier.
New Zealand
Spanish dependencies
Tunisia
1954
1955
1956
1957
9 8
29.7
.2
18.8
35.7
10.0
.8
10.7
.1
16.5
3 8
1.8
26 9
61.5
21.5
8.1
9 8
19.1
13.1
32.9
36.2
14.7
1.2
3.5
23.1
18.0
5.7
2.0
34 0
79.5
13.1
62.3
8.8
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
20.2
2.7
30 6
97.4
17.1
50.1
8 0
n.a.
20.0
34.2
36.3
19.6
1.6
5.9
n.a.
28.2
12 8
3.1
na
n.a.
3.5
n.a.
1.4
18.0
8.7
5.6
1.7
2.4
23.7
8.0
13.1
9.9
3.8
24.2
10.5
23.7
3.7
2.3
35.1
10.7
n.a.
6.7
7.6
35.7
2.3
8.3
.5
n.a.
.4
14.8
33.5
1.9
5.3
.7
n.a.
.7
13.6
22.4
2.2
2.8
.3
32.2
19.2
1.9
4.4
.7
n.a.
n.a.
•5
* Part of United Arab Republic since February 1958.
5
These data are based on reports by banks in the Second (New York)
Federal Reserve District and include funds held in an account with the
U. S. Treasury. They represent a partial breakdown of the amounts
shown in the "other" categories in tables la-lc.
6 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-45.
1128
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
Total
GerFrance many,
Fed.
Rep. of
Italy
Canada
Switz- United
erKing- Other Total
land
dom Europe Europe
Latin
America
Asia
All
other
1,387
1,549
1,946
14
12
18
70
88
157
20
30
43
16
26
29
173
109
104
109
158
216
402
423
568
76
144
157
728
706
840
143
233
337
37
43
43
1957—June 30.
July 31.
Aug. 31.
Sept. 30.,
Oct. 31.
Nov. 30.
Dec. 31.
'2,203
'2,137
'2,158
'2,154
'2,250
'2,201
2,229
82
96
113
113
106
108
114
159
150
149
150
138
136
140
60
59
55
54
54
54
58
28
31
33
32
35
37
34
159
123
115
110
124
111
109
192
196
'212
'207
'213
'223
'688
'650
'661
'671
'665
'659
'680
125
125
120
111
177
147
154
893
895
930
931
953
959
'960
451
421
396
389
407
387
386
46
46
52
52
48
49
50
1958—-Jan. 31.
Feb. 28.,
Mar. 31.,
Apr. 30».
May 31*>.
June 30*>.
'2,266
'2,249
2,303
2,419
2,510
2,490
101
98
104
92
93
84
136
126
130
134
138
123
53
53
55
49
45
48
31
30
27
30
27
36
110
107
95
95
93
105
'240
238
269
278
290
273
'671
651
680
678
686
671
'152
154
186
220
229
261
'998
'994
1,010
1,009
1,056
1,028
400
406
383
461
465
451
45
44
44
50
73
79
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
(2)
4
5
8
4
7
13
41
78
88
1
2
5
7
14
13
9
9
9
11
10
75
63
68
72
81
77
76
1
2
2
2
12
12
19
24
10
10
11
9
9
9
11
13
11
10
2
2
2
2
2
2
22
26
39
45
49
47
11
11
13
17
18
16
77
71
75
81
81
78
1954—Dec. 31.
1955—Dec. 31.
1956—Dec. 31.
Table 2a. Other Europe
Other
Europe
1957__june
July
Aug.
Sept.
Oct.
Nov.
Dec.
'240
238
269
278
290
273
30
31
31
30
31
30
31
1958—Jan. 31
Feb. 28
Mar. 31
Apr. 30^
May 3 1 P
June 30 p
(2)
'199
'192
'196
'212
'207
'213
'223
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
Austria
109
158
216
Date
Belgium
Denmark
Finland
10
13
12
3
3
4
3
4
4
16
11
21
5
4
6
7
7
6
6
20
16
28
25
23
25
25
24
25
33
8
7
7
6
9
9
11
3
4
4
3
4
5
4
4
6
6
7
7
6
6
'24
'31
'25
'28
'26
'29
'29
2
9
23
16
17
17
18
16
19
23
7
9
9
8
5
8
36
35
33
33
35
24
9
9
8
6
7
8
4
3
6
5
5
4
5
6
7
7
9
7
'33
32
39
35
46
41
23
25
27
29
24
26
2
7
Greece
2
2
2
2
2
(2)
1
1
1
1
9
8
11
10
9
9
Table 2b. Latin America
Date
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
1957—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
30
31
30
31
1958—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30?
31P
30^
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
728
706
840
6
7
15
3
4
4
273
69
72
14
14
16
107
143
145
71
92
90
3
5
7
4
5
7
116
154
213
1
3
5
9
17
12
16
29
35
10
8
11
7
18
15
63
105
144
27
34
49
893
895
930
931
953
959
'960
48
47
35
29
27
28
28
5
4
5
5
5
4
3
77
94
115
123
111
96
100
35
33
40
28
38
40
33
123
98
91
101
124
119
107
93
91
91
85
82
106
113
8
14
17
13
16
18
15
7
8
8
8
8
9
8
208
212
243
240
238
221
'231
3
2
3
3
4
3
2
12
13
13
16
16
17
18
32
36
34
33
34
35
'31
8
8
6
8
9
8
18
24
30
39
38
40
42
159
158
151
152
154
159
'170
56
53
49
50
52
54
51
'998
'994
1,010
1,009
1,056
1,028
26
27
26
24
22
37
3
3
3
3
3
3
110
141
168
184
202
189
43
41
40
42
50
54
107
91
89
84
83
78
130
126
116
99
123
105
13
12
12
10
11
7
9
9
9
9
9
8
'224
'223
224
245
257
253
2
2
3
3
3
3
19
20
24
21
19
24
31
30
35
37
38
33
9
7
6
6
6
7
52
53
47
44
37
39
166
158
157
150
144
136
53
52
51
48
50
52
P 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 foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
maturity of more than one year reported by U. S. banking institutions
NethDoerminlands Panican Guate- Mex- West ama,
ReRe- mala
ico Indies pubpuband lic of
lic
Surinam
(excluded from these statistics) amounted to $1,218 million on June 30,
1958. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
3 Part of United Arab Republic since February 1958.
* Includes transactions of international institutions.
1129
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Date
Total Hong India
Kong
Iran
All other
PhilIsrael Japan ippines Taiwan
Union
BelAus- gian
of
3
tralia Congo Egypt South Other
Africa
Thai- Other Total
land
1954—Dec. 31
1955—Dec. 31
1956—Dec. 31
143
233
337
3
3
4
5
5
6
16
18
20
11
10
16
50
103
170
7
19
16
5
6
6
6
8
9
39
60
91
37
43
43
14
11
11
6
5
6
6
8
8
10
17
17
1957 June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
% 451
421
396
389
407
387
386
7
7
9
9
7
8
7
11
11
9
9
8
7
6
22
24
24
24
24
24
22
24
22
24
23
26
25
24
258
248
216
188
174
150
r
146
30
28
40
51
51
56
53
5
6
6
6
6
6
6
12
11
12
,8
11
12
14
81
63
58
71
100
100
110
46
46
52
52
48
49
50
12
12
11
11
11
10
13
5
6
6
5
4
5
5
11
12
12
11
12
14
12
17
15
21
14
20
19
19*
400
406
383
461
465
451
8
7
8
8
7
8
7
7
7
8
6
6
23
26
28
40
29
29
22
21
21
19
19
18
152
148
139
214
224
230
54
58
53
42
45
32
6
6
6
6
5
6
13
13
12
12
16
17
115
122
108
114
114
106
45
44
44
50
73
79
13
13
13
13
13
14
5
6
6
6
8
9
9
7
12
14
36
38
17
16
12
16
14
17
1958—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30^
31^
30^
2
2
TABLE 3. PURCHASES AND .SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES4
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
Foreign bonds
U. S. corporate securities
Net pur- Purchases,or chases
sales ( - )
Net pur- Purchases,or chases
sales ( - )
Purchases
801
1,341
883
666
793
812
1,018
718
8
529
-135
-52
1,405
1,886
1,907
1,617
1,264
1,730
1,615
1,423
141
156
291
194
792
693
607
699
57
29
18
16
35
38
73
1954
1955
1956
1957
Sales
31
122
175
10
19
30
42
26
-93
-157
6
17
7
31
170
161
135
92
107
111
101
135
153
119
103
143
94
101
35
8
16
-11
-36
17
(2)
45
130
23
49
123
38
38
104
100
128
124
124
153
-2
1
-20
-7
-17
39
54
39
52
79
147
1957_june
July
Sept
Oct
Nov
Dec
r
114
246
65
72
47
249
1958 Jan
Feb
Mar
Apr. p
June2* .
113
133
52
95
83
311
113
13
-23
-35
-63
93
98
129
105
117
136
Sales
r
Sales
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases, or
sales ( - >
-49
184
-385
-693
393
664
749
593
645
878
875
622
-252
-214
-126
—29
43
191
36
80
106
r
97
60
2
-61
-13
-31
18
r
-58
-22
76
69
46
41
44
36
30
90
60
44
46
43
28
26
— 14
9
2
-6
179
143
87
143
361
189
r
841
509
992
l,392
Foreign stocks
-140
-89
-48
-91
-283
-42
28
122
22
22
20
25
51
202
40
34
39
42
— 23
— 8Q»
— 18
— 12
r
8
4
-17
TABLE 4. NET P U R C H A S E S BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( - ) .
Year or month
International
institutions
1
1
1
ScDt
Oct
Nov
Dec
(2)
(2)
Jan
Feb
135
Mar
Apr P
May**
Preliminary.
P>
2
88
r
17
—2
-121
10
61
-85
1
-6
-21
24
29
-157
1957__June
July
France
72
706
75
299
78
—21
82
1954
1955
1956
1957
1958
Total
foreign
countries
(2)
9
7
3
2
-10
-23
13
-48
44
-167
Revised.
Germany,
Federal
Republic of
—1
(2)
-3
-5
1
-1
2
5
(2)
1
8
(2)
2
-(5)
Italy
-1
-7
1
1
s22
(( ))
((22))
3
In millions of dollars]
Switzer- United
Kingland
dom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
73
147
234
98
70
96
8
79
-20
85
33
101
139
329
161
291
-187
265
-124
-8
113
76
34
8
3
29
5
7
17
-6
13
-2
4
11
2
23
51
-59
15
-2
-8
12
40
5
-27
-17
-5
-13
7
1
4
1
2
1
3
-12
-1
-21
11
3
50
-78
-1
-5
2
-2
15
-5
-7
-1
-10
-12
-23
34
3
9
2
5
-26
-28
3
22
-2
-15
-2
-4
33
-11
-8
-60
-9
-22
-15
-16
-9
-105
1
3
-4
-21
-28
For other notes see opposite page.
5
(2)
1
—2
1
(2)
Alii
other
7
4
4
(2)
I
«\
(2)
(2)
(2).
(2)
(2)
(2)
(2)
1
(2)
8
1130
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENT Si
[In millions of dollars]
[Net sales, (—). In millions of dollars]
Assets in custody
Year or
month
InterTotal
national foreign Europe
couninstitutions
tries
Latin
Amer- Asia
Canada
-164
-27
— 33
— 384
— 137
—4
—478
r
—338
_9
-46
8
231
— 133
74
— 447
r
— 552
33
24
17
15
1957—June...
July....
Aug
Sept....
Oct
Nov....
Dec.. . .
-1
-101
-6
2
-77
-53
-11
49
-5
-39
96
-11
-70
-21
-30
13
2
2
2
2
1
0)
-18
-12
117
15
-9
86
9
6
-14
-3
1958—Jan
Feb....
Mar....
Apr.?..
May?..
June**..
-135
-13
-4
-11
-156
-93
-27
-157
-63
-91
-146
-6
-64
-23
-5
2
-6
-93
-36
-86
4
2
81
Deposits
U. S. Govt.
securities 2
other
ica
1954
1955
1956
1957
34
Date
All
r\
7
— 34
—7
-49
— 40 — 1 6
— 45
13
-3
-1
-2
-1
—4
-5
-7
A
-
1
C)
3
4
2
-123
-40
5
3
3
3
4
2
14
1
i
0)
0)
-15
2
0)
1956—Dec. 31
322
3,856
139
1957—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
342
337
378
283
356
3,523
3,421
3,774
3,787
3,729
280
278
349
344
353
1958—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
249
265
266
257
234
269
288
313
3,755
3,552
3,315
3,068
3,037
2,974
3,167
3,344
405
428
421
422
405
491
541
523
287
327
253
256
3,226
3,312
3,372
3,389
537
535
531
526
1
-25
^
P Preliminary. rRevised.
i Less than $500,000.
Miscellaneous 3
Aug
-i63.-.:::::.:::::
20
27
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See note 4 at botton of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for,May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
Estimated
world
production
U.S.S.R.)
1950
1951
1952
1953
1954
1955
1956
1957
1957
. ...
June...
July
Aug . . . .
Sept
Oct
Nov
Dec
1958 Jan .
Feb
Mar . . .
Apr
M!ay . .
June....
864.5
840.0
868.0
864.5
913.5
959.0
994.0
1,036.7
North and South America
1
Africa
Total
South
Africa
Rhodesia
r
781.7
'763.1
r
785.7
'780.5
'830.4
r
877.7
r
914.8
r
956.2
408.2
403.1
413.7
417.9
462.4
510.7
556.2
596.2
n 9
11 .0
rr 4
r .5
r
79.3
r
50.1
51.4
51.1
50.3
50.9
49.8
49.0
.6
82.0
'81.3
2r
79.8
2r
. 2 r 82.3
79.0
2
'78.0
49 6
47.5
50.1
50.3
51 6
50.7
is1.8
1* 4
uL8
\f I 8
]
s
.5
6
.6
6
.6
]
i
1
.5
6
6
Ghana Belgian United
Congo States
Canada
Mexico
Nicaragua1
Brazil
Chile
Colom- Austra- India
lia
bia
24.1
22.9
23.8
25.4
27.5
23.8
21.9
27.7
12.0
12.3
12.9
13.0
12.8
13.0
13.1
13.1
80.1
66.3
67.4
69.0
65.1
65.7
65.3
63.0
155.4
153.7
156.5
142 A
152.8
159.1
153.4
154.7
14.3
13.8
16.1
16.9
13.5
13.4
12.3
12.5
8.0
8.8
8.9
9.1
8.2
8.1
7.6
6.9
4.6
4.8
4.9
4.0
4.2
3.9
4.3
4.2
6.7
6.1
6.2
4.6
4.4
4.3
3.3
3.6
13.3
15.1
14.8
15.3
13.2
13 3
15.3
11.4
30 4
31.3
34.3
37.7
39.1
36 7
36.1
37 9
6.7
7.9
8.9
7.8
8.4
7.4
7.3
6.3
2.2
2.3
2.4
2.4
2.4
2.4
2.4
.9
1.2
1.1
1.2
1.1
1.0
.9
4.9
5.8
5.8
5.7
6.5
5.1
5.5
12.6
12.8
12.6
13.1
13.9
13.1
12.9
1.3
.7
.9
.6
.6
.6
.6
.6
.6
.5
.3
.4
.4
.3
.3
.3
.3
.2
.2
.5
.2
.4
.2
.2
.7
9
.8
.9
.8
1 1
.9
3.4
3 7
3.0
3 1
3.1
3 2
3.3
.5
.5
.5
.5
.5
.5
.5
2 5
2.5
2 5
2.4
2 4
2.5
1 4
.9
.9
1.2
1 0
1.4
4.4
4.4
4.3
4.5
13 2
12.5
13.7
13.4
13.3
13.3
6
.5
.5
.6
.6
.6
.4
1 5
1.0
.9
1.0
1 i
3 2
2.9
3 0
5
.5
r
Revised.
1 Gold exports, representing about 90 per cent of total production.
Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
2
Other
4.6
4.9
.3
.4
.3
.4
.3
Production reported monthly: reports from individual countries except
Ghana, Belgian Congo and Brazil, data for which are from American
Bureau of Metal Statistics. For the United States, annual figures are
from the U. S. Bureau of the Mint and monthly figures are from American
Bureau of Metal Statistics.
1131
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1957
Area and country
1950
Continental Western Europe:
Belgium
France
Germany (Fed. Rep. of)
Netherlands
Portugal.
Sweden
Switzerland
Bank for Intl. Settlements
Other
1951
1952
1953
1954
1955
Sterling Area:
United Kingdom
Union of South Africa
Other
-546.4 -328.3 - 7 8 . 5
3.4
-33.8
-130.0 -225.6 - 1 0 . 0
-65.0
-59.9 -54.9 - 5 . 0
"*i5.'2
-20.0 -15.0
-65.0 -15.5
-8.0
-94.3 -20.0
-17.5
2.6
4.0
3.0
339.3
1.0
-20.2
67.7
6.0
-1,020.0
13.1
3.5
440.0
11.5
-.3
-480.0
-50.0
-.5
-.5
525.6
451.2
-480.5 - 5 0 . 5
-100.0 - 1 0 . 0
Latin America:
Argentina
Colombia
Mexico
469.9
52.1
3.6
-1,003.4
Total
Canada
7.2
-49.9 -20.0
17.5 - 2 2 . 8
-118.2 - 6 0 . 2
87.7
22.2
-64.8
14.9
.9
21.0 - 5 4 . 7
-2.4
Other
Total
-172.0 -126.0
Asia
-38.9
-53.7
All other
-30.6
75.2
3.4
-84.8
-3.5
-28.1
-15.0
-1,725.2
75.2
331.3
" - 5 . 0 * * — 135Ii
-74.4
-15.1
4-187.3
31.3 - 7 6 . 2
-623.2
-300.0
-450.0
-300.0
-450.0
100.3
-.1
— 1 100.3
-.3
80.3
-5.0
30 0
17.2
57.5
-131.8
62.5
-6.7
-5.7
-9.9
-.4
5.2
115.3
28.1
75.4
10.1 15.0
40.2
29.1
200 0
-.7
2.4
3.3
-.1
-.4
14.0 - 2 8 . 3
80.9
12.9 15.0
46.6
-.1
-.4
-4.9
-.2
18.0
-.5
14.9
-.6
-.4
1.0
14.1
— .2
11.0
3.0
3.1
3.1
2.8
4.0
-.1
80.2
171.6
600.0
393.6 -1,164.3 -326.6 - 6 8 . 5
280.2
771.6
318.4 18.9
-.5
92.8 -377.4 -1,074.1
300.0
393.6 -1,164.3 -326.6 - 6 8 . 5
1
Includes sales of gold to Belgian Congo as follows (in millions): 1950,
$3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes purchase of $31.5 million of gold from Spain.
-143.6
'"-62*9
-20.0
200.0
Grand total
Apr,
June
""5.6
14.6
-76.0
Total foreign countries.. -1,725.2
July- OctSept. Dec.
Jan.Mar.
-14.2
AprJune
1957
1-94.8
-380.2 -184.8 -115.6
Total
1-58.0 1-18.3 1-5.8
-84.8 -20.0
-10.0
-100.0
-15.0 -34.9
-5.0
-22.9 -32.0
- 3 8 . 0 - 1 5 . 0 "'2215
-65.3 -30.4
-16.4 -29.7 -17.3
1956
1958
18.4 18.9
5-7.1
92.8 -377.4 -1,081.2
4
Includes sale of $168.8 million of gold to Italy.
5 Figures represent purchase of gold from, or sale to (—), International
Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
EarNet
Increase gold
marked Domesin total import, gold: de- tic gold
gold
or
crease, producstock
Treastion
or inexport
ury
Total 1
crease
(-)
Gold stock
(end of month)
Gold stock
(end of year)
Year
Month
(-)
1945
1946
1947
1948
1949
1950
20,065
20,529
22,754
24,244
24,427
22,706
20,083 -547.8 -106.3 — 356.7
20,706
623.1 311.5
465.4
22,868 22,162.1 1,866.3
210.0
24.399 1,530.4 1,680.4 -159.2
24,563
164.6 686.5 -495.7
22,820 -1,743.3 — 371.3 -1,352.4
32.0
51.2
75.8
70.9
67.3
80.1
1951
1952
1953
1954
1955
1956
1957
22,695
23,187
22,030
21,713
21,690
21,949
22,781
52.7 -549.0
22,873
617 6
23,252
379.8 684.1 -304.8
22,091 -1,161.9
2.0 -1,170.8
21,793 -297.2
16.1 -325.2
21,753
97.3 -132.4
—40.9
22,058
305.9 106.1
318.5
22,857
798.8 104.3
600.1
66 3
67.4
69.0
65.1
65.7
65.3
63.0
v Preliminary.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Net
EarIncrease gold
marked Domesin total import, gold: de- tic gold
gold
or
crease, producTreasstock
tion
export
or inury
Total 1
crease
(-)
1957—Aug
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June.....
July
Aug
22,626
22,635
22,691
22,763
22,781
22,735
22,759
22,835
22,837
22,857
-.5
24.1
75.4
2.4
20.2
22,784
22,686
22,394
21,996
21,594
21,356
21,210
^21,011
22,860
22,736
22,487
22,042
21,674
21,412
21,275
^21,082
2.3
-123 7
—248.7
-445.1
-367.8
-262.4
-136.5
P-193.3
— 11.4
—9.0
36.9
— 31.2
2.0
5.8
5.7
6.5
5.1
5.5
45.0
-37.3
38.9 — 167.6
6.0 —252.0
26.0 -471.5
17.9 —355.2
3 4 -285 0
18.0 -164.3
3
4-196.7
()
4.4
4 4
4 3
4.5
4.6
4.9
28.6
18.9
42.8
34.3
18.8
(3)
(3)
3 Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $7,952.2 million on Aug. 31,1958.
Gold under earmark is not included in the gold stock of the United States.
1132
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total
world 1 Treasury Total 2
End of
month
1952—Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
Argentina
Australia
Austria
Belgium
Brazil
Canada
Chile
Colombia
Cuba
Denmark
23,187
22,030
21,713
21,690
21,949
23,252
22,091
21,793
21,753
22,058
287
'372
'372
'372
224
112
117
138
144
107
52
52
62
71
71
706
776
778
929
928
317
321
322
323
324
1,080
1,141
1,113
42
42
42
44
46
76
86
86
86
57
214
186
186
136
136
31
31
31
31
31
38,825
. . .
35,985
36,415
37,075
37,740
38,245
22,627
22,626
22,635
22,691
22,763
22,781
22,735
22,735
22,759
22,835
22,837
22,857
181
181
166
127
126
126
116
116
116
119
123
126
84
87
87
83
103
103
846
882
874
876
875
913
324
324
324
324
324
324
1,120
1,135
1,136
1,136
1,127
1,115
43
40
40
40
40
40
58
58
58
60
61
62
136
136
136
136
136
136
31
31
31
31
31
31
22,784
22 686
22,394
21,996
21 594
21 356
21,210
22,860
22 736
22,487
22,042
21 674
21,412
21,275
126
126
126
126
103
103
103
103
103
103
107
946
967
998
1,028
1 099
1 143
1,182
324
324
324
324
324
325
[ 116
I 086
1,096
1,101
I 089
I 086
1,096
40
40
40
40
40
40
40
63
64
136
136
136
136
136
136
31
31
31
31
31
31
31
Mexico
Netherlands
1957__july
Sept
Oct
Nov
Dec
38,975
1958 Jan
Feb
Mar
Apr
May
June
July
^39,125
z>39 350
End of
month
Egypt3
Finland
Germany,
France4 Federal GuateRepublic mala
of
India
Indonesia
Iran
896
QQfi
Italy
Norway
Pakistan
1952—Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
174
174
174
174
188
26
26
31
35
35
573
576
576
861
861
140
328
626
920
1,494
27
27
27
27
27
247
247
247
247
247
235
145
81
81
45
138
137
138
138
138
346
346
346
352
338
144
158
62
142
167
544
737
796
865
844
50
52
45
45
50
38
38
38
48
49
1957 July
188
188
188
188
188
188
35
35
35
35
35
35
575
575
575
575
575
575
2,124
2,261
2,399
2,548
2,557
2,542
27
27
27
27
27
27
247
247
247
247
247
247
40
41
41
41
41
39
138
138
138
138
138
138
390
422
428
443
453
452
164
163
182
182
181
180
793
747
700
700
700
744
45
45
45
45
46
45
49
49
49
49
49
49
188
188
174
174
174
174
174
35
35
35
35
35
35
35
575
575
575
575
575
575
589
2,501
2,489
2,460
2,492
2 499
2,575
2,581
27
27
27
247
247
247
247
247
247
247
39
39
39
38
38
38
38
138
138
138
138
138
138
138
457
462
462
417
159
159
158
156
792
828
847
862
881
910
920
45
45
43
43
43
43
43
49
49
49
49
49
49
49
Portugal
El Salvador
South
Africa
Sweden Switzerland
Thailand
Turkey
United
Kingdom 5
Sept. . .
Oct
Nov
Dec
1958 Jan
Feb
Mar .
Apr
May
June
July
...
End of
month
Peru
Uruguay
Venezuela
Intl.
Bank for
MoneIntl.
tary
SettleFund
ments
1952 Dec
1953—Dec
1954 Dec
1955 Dec
1956—Dec
46
36
35
35
35
286
361
429
428
448
29
29
29
28
28
170
176
199
212
224
184
218
265
276
266
1.411
,459
,513
1,597
1,676
113
113
113
112
112
143
143
144
144
144
1,846
2,518
2,762
2,120
2,133
207
227
227
216
186
373
373
403
403
603
1.692
1
1,702
1,740
,808
,692
196
193
196
217
179
1957 j u iy
35
35
35
28
28
28
461
466
467
464
469
461
31
31
31
31
31
31
226
226
215
215
218
217
233
241
235
226
227
219
1,674
1,694
1,725
1,733
,718
1,718
112
112
112
112
112
112
144
144
144
144
144
144
2,367
2,142
1,850
2,093
2,185
2,273
183
183
183
183
183
180
719
719
719
719
719
719
,148
,157
,167
1,177
1,180
1,180
165
184
138
130
143
165
28
20
20
20
20
20
454
454
454
454
474
474
474
31
31
31
31
31
31
31
206
212
193
179
161
159
167
215
209
203
203
203
204
204
,727
,733
,720
1,770
1,836
1.857
1,907
112
112
112
112
112
112
144
144
144
144
144
144
144
2,404
2,539
2,770
2,914
3,039
3,076
3,084
180
180
180
180
180
180
719
719
719
719
720
720
1,180
1,182
1,186
1,238
1,241
.242
171
162
182
212
254
200
167
Sept
Oct
Nov
Dec
1958—Jan
Feb
Mar
Apr
May
June
July
. ...
.
P Preliminary.
' Revised.
1 Excludes U.S.S.R. and other Eastern European countries.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
2 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3 Part of United Arab Republic since February 1958.
4
Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund ar« not included).
5 Exchange Equalization Account holdings of gold and of United
State and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
1133
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1956
Area and Country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo).
Denmark
Finland
France (and dependencies)x
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other*
Total
Gold&
shortterm
dollars
June 30, 1957
Sept. 30, 1957
U. S. Gold & U. S. Gold &
Govt. short- Govt. shortbonds
term I bonds
term
& notes dollars & notes dollars
Dec. 31, 1957
452
382
1,133
92
94
2996
3,719
177
1,323
424
1,165
133
97
1,004
4,063
152
1,458
1,182
143
99
946
4,099
167
1,531
1,071
117
628
160
483
2,512
164
933
1,004
133
622
142
499
2,442
158
1,204
971
139
636
140
508
2,527
156
1,044
138
651
114
(3) r 479
2,685
134
162
(3)
863
0)
()
132
8
12
81
(3)
12
294
248
205
4
3,810
99
5201
331
183
229
226
4
()
1
34
3,460
102
5208
326
231
230
241
4
1
30
2,875
104
211
329
255
224
3,631
216
3,998
245
4,557
284
4,853
269
457
2,786
443
2,738
457
2,722
441
3,087
341
()
263
456
115
215
371
92
'566
136
88
235
1,554
277
266
450
126
5189
417
91
5488
134
93
257
1,460
301
()
1
(3)
98
(3)
3
12
97
504
135
110
248
1,450
345
1
(3)
167
(3)
4
1
3
()
2
11
313
457
117
244
416
87
553
129
96
243
1,615
293
190
4,488
188
4,563
4,272
120
2,812
103
191
323
277
228
203
2,894
96
191
323
294
226
264
4
2,507
109
197
329
262
227
180
3,934
223
4,024
299
Canada
2,629
367
2,712
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other
370
549
137
210
347
91
600
109
119
259
1,058
274
()
345
467
131
263
393
1
(3)
167
(3)
1
(3)
231
158
1,145
294
260
707
Total
2,795
All other:
Egypte
Other
17
International institutions
Grand total
7
421
27,983 1,103
3,144
391
31,127 1,494
2,720
167
1
2,383
7
366
30,868 1,631
408
13
4,368
176
190
193
'714
181
269
777
16
'2,324
7
390
16
()
146
1
r
7
2,697
222
31,270
1,442
r
2,389
168
()
1
1
7
15
13
122
202
932
175
260
764
2,455
15
192
151
343
386
29,255 1,212
2,563
37
1 1
216
170
••28,573 1,220
222
4,246
128
190
833
196
269
773
228
162
30,912 1,387
270
440
117
5199
371
93
536
144
82
266
1,428
300
12
r
189
28,233 1,165
2,679
()
154
1
242
166
28,148 1,265
r
v Preliminary.
Revised.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2 Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3 Less than $500,000.
4 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
5 Includes latest reported figures for gold reserves as follows: Australia
(Dec. 31, 1957); Colombia (Feb. 28); and Mexico (Apr. 30).
16
246
175
367
Total foreign countries i
2,383
1
(3)
220
187
698
235
275
768
168
173
754
243
279
766
238
129
Total
4
83
15,500
14,462
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
s
118
(3)
6
1,289
151
678
120
458
2,690
156
1,129
296
298
4,123
5
128
14
95
13
86
1,260
150
658
118
461
2,624
157
978
14,955
14,120
Total
14
105
(3)
7
7
6
5
16
10
319
298
Total
466
1,394
145
82
893
4,040
135
1,674
458
1,259
162
96
911
3,968
167
1,528
14,755
14,135
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
June 30, 1958?
U. S. Gold& U . S . Gold& U. S. Gold& U . S .
Govt. short- Govt. short- Govt. short- Govt.
term bonds
bonds
term bonds
term bonds
& notes dollars & notes dollars & notes dollars & notes
367
1,227
96
88
1,505
3,329
187
1,268
131
(3)
12
Mar. 31, 1958
356
31,818 1,568
30,510 1,001
2,689
446
33,199 1,447
6 Part of United Arab Republic since February 1958.
7 Excludes gold reserves of the U. S. S. R. and other Eastern European
countries.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-05.
1134
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. I n i millions of dollars]
1957
1958
1957
June
Sept.
Dec.
Mar.
1,034 1,141 1,26S> 1,405 1,658
62() 699
670
61ti
675
19
2C
)
2]
24
27
31S)
289
30:
335
350
1,854 1,86'i 1,86"1 1,872 1,881
Other liabilities
Capital
Apr . July
June
484
524\ 601I 683
917
Dollar deposits and U. S. securities.
85S
752
873
8i:\
161
Other currencies and securities 1 . . .
2,437 2,54S 2,60( > 2,795 2,829
Effective loans2
72
It J
it
90
93
Other assets3
IBRD bonds outstanding
8,932 8,941 9,016 9,016 9,088
-6
-2
3
2
2
4 m
2
Country io
Continental W. Europe, total..
Belgium and Luxembourg...
Italy
Netherlands
Other
Repaid
1, 282
173
267
1 ,083
131
267
121
236
328
923
303
283
62
150
95
30
210
15
21
2
147
27
873
116
247
119
90
301
102
31
13
20
30
8
101
20
27
11
31
5
7
822
283
256
51
118
90
24
110
32
29
4
22
24
611
167
95
147
203
78
20
22
11
25
533
147
73
136
178
24
202
80
41
81
8
4
4
194
77
36
81
15
7
236
368
1, 268
318
422
P6
160
193
49
Australia
•
India
Pakistan
Union of S Africa
United Kingdom
Other
798
182
111
Latin America total
Brazil
186
318
Other
Asia (excl. Sterling area), total.
Japan
Thailand
Other
Africa (excl. Sterling a r e a ) . . . .
415
185
107
123
Sold
Total
to
others5
2
10
12
2
6
63
10
1
9
1
63,826
Total
2,830
399
2,431
7253
Apr.
Member subscriptions
Accumulated net income
Reserves and liabilities
Outstanding
Disbursed
Jan.
1,439 1,148 1,177 1,180 1,238
200
200
200
200
200
977
992
696
769
811
5,489 5,777 5,948 5,992 6,060
818
874
898
817
874
5
6
8
Quota
Principal
Oct.
Gold
Investments8
Currencies: United States 1 ...
Otheri
Unpaid member subscriptions
Other assets
Cumulative net drawings
on the Fund
Loans by country, July 31, 1958
Area and member country*
1958
Item
Item
Total
Paid
in
gold
150
Argentina
Belgium
225
Brazil
150
Chile
50
50
Colombia
France
525
India...
400
110
Indonesia
250
Japan
275
Netherlands
100
Un. of S.Africa...
60
United Arab Rep..
United Kingdom.. 1,300
United States
2,750
38
56
38
9
13
108
28
16
63
69
25
10
236
688
1957
1958
May
June
June
75
50
38
12
25
263
200
55
75
75
50
50
75
113
37
37
35
35
328
394
200
200
55
55
125
125
64
64
25
36
30
30
30
562
562
550
11-1,611 H - 1 ,991 H-2,046
Notes to tables on international institutions:
1 Currencies include demand obligations held in lieu of deposits.
2 Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4 Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes $292 million in loans; not yet effective.
7 Includes $232 million not guaranteed by the Bank.
* U. S. Treasury bills purchased with proceeds of sales of gold.
9
Transferred to General Reserve.
i ° Countries shown are those with cumulative net drawings of $25
million or more on the latest date.
11 Represents sales of U. S. dollars by the Fund to member countriei
for local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Assets of issue
department
Date
Gold
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
Notes
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 1
Deposits
Bankers'
Public
ECA
Other
Capital
and
surplus
7.2
9.6
3.2
70.4
66.3
71.7
74.9
18.2
18.1
18.1
18.1
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
30
29
28
26
.4
.4
.4
.4
1,675.0
1,775.0
1,900.0
2,025.0
2.4
2.4
2.3
1.9
55.4
23.7
10.7
27.7
4.9
8.9
37.7
11.0
338.1
350.7
299.6
267.7
1,619.9
1,751.7
1,889.6
1,997.7
290.2
276.1
245.2
203.6
14.9
15.4
12.0
11.6
1957_Aug.
Sept.
Oct.
Nov.
Dec.
28
25
30
27
25
.4
.4
.4
.4
.4
2,025.0
2,000.0
2,000.0
2,050.0
2,150.0
2.4
2.5
2.5
2.4
2.4
29.9
32.9
33.4
48.9
22.4
17.6
15.1
13.7
19.8
21.0
253.5
271.0
288.7
260.3
263.6
1,995.5
1,967.5
1,967.0
2,001.4
2,128.0
199.3
216.8
234.6
226.9
199.5
11.6
13.0
10.1
10.1
9.8
74.2
73.1
75.7
76.4
81.9
18.5
18.5
17.8
18.0
18.1
1958—Jan.
Feb.
Mar.
Apr.
May
June
July
29
26
26
30
28
25
30
.4
.4
.4
.4
.4
.4
.4
2,000.0
2,000.0
2,000.0
2,050.0
2,050.0
2,050.0
2,150.0
2.4
2.4
2.4
2.4
2.4
2.4
2.3
43.2
38.2
57.6
39.9
16.5
12.1
21.5
25.3
27.9
16.6
29.1
28.7
12.9
11.1
239.4
258.3
253.2
249.8
264.9
306.6
276.6
1,957.2
1,962.1
1,992.7
2,010.4
2,033.9
2,038.3
2,128.9
205.1
224.0
214.6
200.4
209.9
230.5
204.6
12.2
11.4
17.2
9.9
12.9
13.3
16.5
74.6
73.0
79.5
73.1
71.6
72.1
72.1
18.3
18.5
18.5
17.8
18.0
18.1
18.3
, , .
For notes see opposite page.
1135
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets
Date
Sterling
and
United
States
dollars
2
Liabilities
Dominion and provincial govt securities
Shortterm
Deposits
Other
assets
Note
circulation
Other
Chartered Dominion
banks
govt.
Other
liabilities
and
capital
Other
1953—Dec. 31.
1954—Dec. 31,
1955—Dec. 31.
1956—Dec. 31,
54.9
54.2
57.4
60.8
,376.6
,361.5
,283.8
,025.0
893.7
871.1
,093.7
,392.0
112.0
114.1
185.2
69.9
,599.1
,623.5
,738.5
,868.7
623.9
529.6
551.0
511.5
51.5
56.3
89.2
38.8
29.5
30.5
34.0
31.2
133.1
161.0
207.5
97.5
1957_Aug. 31
Sept. 30,
Oct. 31
Nov. 30
Dec. 31
62.4
55.3
56.6
56.2
63.5
,251.8
,208.4
,297.5
,321.5
,246.2
,208.4
,204.2
,192.1
,152.0
,217.5
203.9
110.9
163.5
252.8
131.5
,815.5
,819.1
,824.0
,828.0
,903.7
542.8
480.8
623.7
543.4
517.6
64.0
66.9
40.1
64.3
35.4
33.3
28.7
25.8
30.7
31.2
270.9
183.3
196.0
316.1
170.8
1958—Jan. 31
Feb. 28,
Mar. 31
Apr. 30
May 31
June 30
63.0
63.2
61.2
51.3
58.0
50.4
49.5
,265.5
,293.0
,373.9
,329.7
,002.4
,496.1
,501.9
,105.0
,103.2
,074.3
,144.1
,472.7
,087.4
,123.6
182.2
198.1
157.6
117.3
202.3
150.7
120.7
,776.5
,783.7
1,809.7
1,832.0
1,843.5
1,876.1
1,902.9
533.8
555.2
579.5
554.2
540.7
609.8
619.9
57.3
46.1
53.8
60.4
65.5
60.8
61.3
23.3
26.8
24.6
25.1
27.1
30.6
26.7
224.8
245.6
199.3
170.6
258.5
207.3
185.0
July 31,
Bank of France (billions of francs)
Assets
Date
Gold
Foreign
exchange
Liabilities
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
Deposits
Note
circulation
GovernOther*
ment
Other
Other
liabilities
and
capital
31,
30,
29,
27,
201.3
201.3
301.2
301.2
15.4
57.3
200.2
49.6
292.5
236.8
226.7
289.2
61.1
48.9
45.2
30.5
891.6
,130.2
,194.7
,753.7
200.0
195.0
190.0
179.0
679.8
617.6
539.8
479.8
170.0
277.2
336.8
236.4
2,310.5
2,538.5
2,820.0
3,046.9
144.9
157.8
142.9
173.8
56.3
67.9
71.8
98.8
1957_Aug. 29,
Sept. 26,
Oct. 31,
Nov. 28,
Dec. 26.
201.2
201.2
201.2
201.2
201.2
11.9
11.9
12.0
12.0
11.9
307.2
322.7
315.2
282.0
290.2
6.2
18.3
44.0
44.6
52.3
,931.4
,886.7
,914.9
,893.9
,951.2
175.0
175.0
175.0
175.0
175.0
789.8
804.8
829.8
820.1
796.4
271.1
266.2
341.1
296.2
295.0
3,219.7
3,214.4
3,292.5
3,139.9
3,174.9
376.6
359.5
417.0
467.1
475.3
97.4
112.9
123.6
118.0
122.9
201.2
201.2
201.2
201.2
201.2
201.2
5247.6
11.9
11.8
11.8
11.9
11.9
11.8
14.2
260.3
290.2
287.8
322.6
310.7
289.3
248.2
53.4
50.6
34.8
27.1
22.7
16.2
8.4
,868.9
,827.7
,932.3
,881.2
2,011.6
1,975.7
2,030.6
175.0
175.0
175.0
175.0
175.0
175.0
175.0
949.4
948.9
899.9
946.4
929.8
948.9
966.1
268.8
259.7
253.2
305.0
270.3
264.3
6319.2
3,191.7
3,197.9
3,192.1
3,295.5
3,286.3
3,266.9
3,438.0
469.0
455.5
478.5
470.8
550.2
492.9
460.1
128.1
111.8
125.5
104.1
96.7
122.7
111.1
1953—Dec.
1954—Dec.
1955—Dec.
1956—Dec.
1958—Jan. 30,
Feb. 27.
Mar. 27.
Apr. 30.
May 29,
June 26,
July 31.
Central bank, monetary unit,
and item
Central Bank of the Argentine Republic
(millions of pesos): 7
Gold and foreign exchange (net)...
Net claim on Intl. Fund 8
Advances to Government
Government securities
Loans and discounts
Other assets
Currency in circulation
Deposits—Government
Banks
Other
Other liabilities and capital
1958
July
1957
June
May
-1,214
-675
2,175
63,485
6,243
4,000
53,486
335
13,599
340
6,253
July
-1,006
-675
2,375
63,297
6,220
3,670
52,796
444
11,736
339
8,566
Notes to central bank table on this and opposite page:
1
Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July
1940, pp. 677-78).
3 Includes Economic Cooperation Administration.
4 Less than 50 million francs.
5 On July 31, 1958, gold reserves were revalued on the basis of 420
francs per U. S. dollar.
6 Includes 120.1 billion francs of gold loaned to Stabilization Fund.
Central bank, monetary unit,
and item
Commonwealth Bank of Australia
(millions of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Govt. and Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
1958
July
June
1957
May
July
419
3
491
30
390
433
4
446
471
3
467
40
388
452
45
385
465
47
383
265
31
257
275
27
253
290
25
247
340
32
231
7 Under the banking reform, effective Dec. 2, 1957, the Central Bank
has been reorganized. The balance sheet has been substantially modified,
and figures are not comparable with those shown previously.
8 This figure represents the amount of the country's subscription to
the Fund less the bank's local currency liability to the Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443.
1136
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets
Note circulation
,
Deposits—Demand
ECA
Other liabilities and c a p i t a l . . . . . .
Central Bank of Bolivia—Monetary
dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Gold contribution to Intl. Fund. •
Loans and discounts
Govt. securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
,
Advances to Govt
Govt. securities
Other assets
Currency in circulation
Deposits—Government
,
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos):
Gold
Foreign exchange (net)
Net claim on Intl. Fund 1
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund *
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund*
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
r
1
1958
July
June
1957
May
2,745 2,655 2,654
11,561 10,815 10,352
5,896 6,010 5,887
1,345
1,345
1,342
850
852
849
16,042 15,686 15,174
2,390 2,077 1,925
878
943
993
1,101
1,059
1,091
1,984
1,912
1,902
59,107
9,818
6,664
34,243
8,105
6,128
117,394
57,133 54,971
10,456 10,975
5,343 6,997
34,243 34,243
6,805 6,280
6,131 6,033
2,140
112I989 112
1,540 2,161 2,468
19
19
19
5,111 4,940 4,871
(Mar.)*
7,045
-52,781
21,375
362,275
7,872
44,910
195,229
18,428
177,039
509
47
125
46
517
2
79
129
493
58
119
42
516
7
81
108
497
68
108
24
508
5
80
104
5,447
339
-2,952
18,288
40,650
61,038
44,055
90,394
12,075
6,566
57,831
4,265
398
-2,732
19,959
39,079
68,302
37,676
90,090
8,559
6,786
61,511
4,263
551
-2,732
22,134
39,078
66,462
36,731
87,486
9,382
2,977
66,643
301
52
1,858
641
351
1,059
1,344
801
266
52
1,838
631
338
1,045
1,278
801
256
52
1,773
635
337
988
1,233
832
12
103
7
110
13
32
164
54
60
12
111
7
105
13
34
167
56
58
12
105
7
112
14
35
171
51
61
July
National Bank of Cuba (millions of
pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Net claim on Intl. Fund 1
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakiai2
42,298 Natioi
Bank of Denmark (millions
9,305 of kroner):
15,140
Gold
34,456
Foreign exchange
9,525
Loans and discounts
5,802
Securities
110,801
Govt. compensation account
1,154
Other assets
20
Note circulation
4,551
Deposits—Government
Other
Other liabilities and capital
239 Centra Bank of the Dominican Reral
28,176 public (thousands of pesos):
475
Gold
287,803
Foreign exchange (net)
7,920
Net claim on Intl. Fund 1
22,497
Loans and discounts
175,982
Govt. securities
16,523
Other assets
161,605
Note circulation
Demand deposits
Other liabilities and capital
598 Central ]
tral Bank of Ecuador (millions of
31 sucres):
34
Gold
11
Foreign exchange (net)
459
Net claim on Intl. Fund *
7
Credits—Government
97
Other
112
Other assets
Note circulation
Demand deposits—Private banks.
4,254
Other
1,081
Other liabilities and capital
ional Bank of Egypt (millions of
19 Natio
13,099 pounds):
26,077
Gold....,
51,738
Foreign assets3
22,811
Egyptian Govt. securities
69,329
Clearing and other accounts (net).
7,428
Loans and discounts
2,355
Other assets
40,033
Note circulation
Deposits—Egyptian Government.
Other
409
Other liabilities and capital
52 Central !
tral Reserve Bank of El Salvador
(thousands of colones):
699
Gold
606
Foreign exchange (net)
931
Net claim on Intl. Fund 1
,274
Loans and discounts
460
Govt. debt and securities
Other assets
Note circulation
12
Deposits
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
98
Gold
16
Foreign assets and liabilities (net),
22
Loans and discounts
153
Securities—Government
,
53
Other
,
37
Other assets
,
Note circulation
,
Deposits
,
Other liabilities and capital
,
2 For the last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively), see BULLETIN for September 1950,
pp. 1262-63.
July
2,169
9,793
6,286
1,343
612
14,773
1,731
988
902
1,807
* Latest month available.
Revised.
This figure represents the amount of the country's subscription to the
tnd
FUL less the bank's local currency liability to the Fund.
.„ . ..
1958
Central bank, monetary unit,
and item
June
1957
May
July
136
139
136
188
117
13
76
220
66
485
243
38
68
1,110
107
373
2,953
136
101
141
13
95
196
73
501
216
38
201
13
45
119
76
446
300
33
68
68
820
145
493
2,978
853
2,327
1,255
1,245
637
68
1,062
152
335
2,954
674
2,367
1,263
1,338
277
11,432
10,275
2,500
10,115
7,300
29,611
53,979
13,163
4,093
1,062
176
323
3,023
886
755
2,304
1,380
1,533
2,151
1,519
1,382
277
252
11,432
11,494
2,500
10,118
7,300
28,995
55,415
12,254
4,171
11,432
10,211
2,500
10,118
7,300
28,323
54,345
11,497
4,042
11,405
15,758
2,500
2,973
7,830
22,682
48,120
11,558
3,472
325
-85
38
474
382
314
736
216
185
310
325
-98
38
502
340
281
695
210
169
313
325
-71
38
495
313
264
686
190
179
309
325
46
-37
530
302
246
714
234
171
293
61
65
187
-39
38
3
183
14
96
20
61
66
187
-37
40
2
191
18
89
19
61
70
185
-38
37
4
185
23
91
19
66
99
167
-26
22
2
188
8
114
20
78,508
29,828
4,689
79,713
2,544
9,484
93,607
98,235
12,924
7,866
45,855
28,571
8,125
1,643
15,523
56,824
14,471
36,288
78,526 78,663
34,571 70,563
4,689
1,562
85,921 65,296
3,979 12,145
9,387
7,462
97,052 100,806
107,106 123,042
12,914 11,844
7,850
41,238
35,699
8,125
1,665
16,121
59,332
15,757
35,609
7,850
37,882
31,014
8,125
1,614
17,029
59,038
9,311
35,165
7,849
15,241
37,679
16,250
1,510
13,656
53,471
5,132
33,582
3 Beginning Mar. 27, 1958, includes gold in Banking Department,
previously combin with gold in Issue Department.
led
NOTE—All flew
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month
1137
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1958
July
June
1957
May
4
German Federal Bank (millions of
German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
,
Banks
Other
,
Other liabilities and capital
,
Bank of Greece (millions of drachmae)
Gold and foreign exchange (net).,
Loans and discounts
,
Advances—Government
,
Other
,
Other assets
Note circulation
Deposits—Government
,
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Intl. Fund.,
Rediscounts and advances
,
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
,
Other liabilities and capital
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
,
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. Fund. .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Other assetss
Note circulation
Deposits—Government
Banks
Other
Special Account—Profits of revaluation
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds...
Note circulation.
10,766 10,695 10,423
14,406 13,843 13,872
922 1,586
946
2,248 2,676 2,229
1,578
1,623
1,475
17,111 16,974 16,738
4,311
4,801
3,960
5,786 5,989 5,455
176
437
419
2,538 2,240 2,355
5,432
193
4,799
6,238
2,471
6,946
1,244
5,771
190
4,651
6,135
2,370
7,074
1,051
3,693
6,034
1,216
27,270
33,528
1,250
20,525
46,321
58,950
4,465
11,540
21,647
32,292
3,688
6,156
1,149
27,270
36,999
1,250
17,501
46,485
59,953
4,456
9,416
22,375
33,305
27,271
39,584
1,250
19,062
37,938
59,293
4,469
9,988
24,163
27,192
1,178
1,178
1,178
1,847
1,997 2,097
11,296 11,676 11,576
1,351
1,313
1,306
15,418 15,771 15,878
253
125
24
148
4,308
3,499
1,360
392
180
7
267
3,730
2,842
1,734
279
327
7
541
3,213
2,701
1,666
1,127
1,085
1,277
1,670
1,447
1,468
23,256 22,497 21,864
1,016
1,007
952
15,849 15,554 15,179
77
77
73
4,957 5,110 5,167
5,337 5,138
6,148
5,536
962
663
7,923
12,962
9,528
19,291
13,079
8,050
2,545
23,762
6,190
3,238
5,536 5,536
962
962
663
663
7,923 7,923
14,142 12,948
9,075 8,991
15,901 15,905
12,784 12,584
6,508 6,607
2,567 2,160
21,558 20,460
6,190
4,595
7,110
4,006
2,646 2,646 2,646
72,739 72,456 72,867
75,385 75,102 75,513
July
Bank of Israel (millions of pounds):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation.
Deposits—Government
Other
Other liabilities and capital
6,150 Bank of Italy (billions of lire):
158
Gold
8,003
Foreign exchange
5,000
Advances to Treasury
,
2,260
Loans and discounts
,
6,012
Govt. securities
,
1,104
Other assets
Note circulation
,
7,113
Deposits—Government
5,647
Demand
1,695
Other
Other liabilities and capital
Bank of Japan (billions of yen):
27,263
Bullion
42,142
Loans and discounts
1,250
Govt. securities
7,750
Other assets
40,107
Note circulation
57,314
Deposits—Government
4,168
Other
8,948
Other liabilities
22,033 Bank of Mexico (millions of pesos):
26,049
Monetary reserve?
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
1,178
Note circulation
4,005
Demand liabilities
8,868
Other liabilities and capital
1,302 N e t h e r l a n d s Bank ( m i l l i o n s of
14,988 guilders):
Gold
364
Silver (including subsidiary coin). ,
197
Foreign assets (net)
31
Loans and discounts
262
Govt. debt and securities
,
3,548
Other assets
3,090
Note circulation
1,313
Deposits—Go vernment
ECA
448
Other
826
Other liabilities and capital
15,787 Reserve Bank of New Zealand (thou685 sands of pounds):
11,396
Gold
282
Foreign exchange reserve
4,221
Loans and discounts
1,847
Advances to State or State undertakings
4,533
Investments
Other assets
663
Note circulation
7,923
Demand deposits
12,312
Other liabilities and capital
6,560 Bank of Norway (millions of kroner):
15,930
Gold
11,249
Foreign assets (net)
7,127
Clearing accounts (net)
1,659
Loans and discounts
17,153
Securities
Occupation account (net)
7,110
Other assets
3,624
Note circulation
Deposits—Government
Banks
2,646
FOA
70,767
Other liabilities and capital
8,887
12,571
1,962
4,229
1,029
15,545
5,781
4,861
187
2,304
1958
July
June
1957
May
6
160
-9
22
115
99
148
11
267
44
211
30
6
167
-6
22
116
98
148
10
261
43
227
30
6
170
-3
42
85
97
148
8
258
42
224
29
5
71
567
429
394
1,620
1,839
16
133
888
210
4
71
567
427
393
1,467
1,774
13
152
788
201
4
70
567
413
395
1,429
1,768
11
128
796
174
)
495
275
183
689
51
69
145
553
216
185
701
39
67
499
253
147
183
660
52
73
150
1,862
4,356
1,187
9
102
-2
24
65
120
150
12
241
35
179
27
4
71
567
440
418
1,111
1,712
4
147
576
173
)
484
243
137
664
44
68
1,794
4,675
1,002
821
749
5,349
2,100
5,342
2,209
776
3,480
18
1,212
32
322
275
4,275
July
763
3,442
3,332
4,217
1,061
853
5,140
2,037
748
3,020
9
641
200
732
369
4,166
17
16
1,267
1,272
101
170
292
32
137
315
4,205
4,139
293
247
594
197
525
192
17
575
214
6,163
6,162
6,162
31,112 23,424 23,964
50,143 43,993 44,634
6,162
57,478
32,151
32,195
36,377
1,438
73,533
75,489
8,405
44,069
36,377
1,678
73,882
73,652
8,168
44,043
36,377
1,875
74,370
71,473
11,214
26,398
38,124
1,502
72,030
80,679
9,107
192
202
16
97
215
5,440
216
3,292
1,517
411
192
174
-19
93
210
5,440
200
3,285
1,565
318
192
240
99
221
5,440
192
3,164
1,746
335
1,157
1,122
1,124
205
220
10
85
114
5,546
86
3,287
1,482
465
26
1,008
857
207
-14
73,413
4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central
Bank were merged with the Bank of German States (Bank deutscher
Lander) and the latter became the German Federal Bank (Deutsche
Bundesbank).
5 Includes (1) gold and foreign exchange in banking department and
(2) in May 1957, the profit resulting from revaluation of gold from
Central bank, monetary unit,
and item
.0275557 to .0117316 grams of fine gold per rial.
6
Holdings in each month were 448 million yen.
7 Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other notes see opposite page.
1138
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign exchange—Approved..
Other
Pakistan Govt. securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold
•
Foreign exchange (net)
Net claim on Intl. Fund i
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange.
Net claim on Intl. Fund*
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
Sooth African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1958
July
117
524
57
2,166
430
50
3,232
June
1957
May
116
660
57
2,192
2,190
430
42
430
43
3,373
3,347
92
40
110
149
1
139
1,021
1,077
1,041
1,149
187
181
10
447
113
10
431
113
1,601
112
17
46
1,064
1,069
169
117
627
57
1,598
732
527
312
315
1,416
23
148
230
827
169
701
88
441
166
1,349
357
323
129
67
1,393
2,004
106
2,838
591
271
679
552
1,333
1,406
83
67
109
67
1,320
2,029
1,364
1,812
138
169
2,661
2,765
667
309
437
319
22
157
217
842
168
710
87
448
161
20
188
131
826
169
736
87
346
166
6,016 6,040
14,007 13,913
1,275 1,456
1,365 1,362
1,317 1,304
12,035 11,917
2,050 2,119
21
21
7,389 7,556
2,485 2,462
59
20
76
57
118
63
31
56
20
65
67
116
64
28
57
15
63
65
116
54
32
618
313
17,216
60,750
73,412
64,905
5,902
12,132
69,370
618
313
16,603
58,884
64,900
64,699
3,041
11,727
61,851
July
Bank of Sweden (millions of kronor):
Gold
Foreign assets
115
Net claim on Intl. Fundi
739
Swedish Govt. securities and ad57
vances to National Debt Office 2.
1,820
Other domestic bills and advances.
430
Other assets
58
Note circulation
3,071
Demand deposits—Government..
Other
Other liabilities and capital
149
Swiss National Bank (millions of
francs):
Gold
1,143
Foreign exchange
1,120
172
Loans and discounts
Other assets
Note circulation
10
Sight liabilities
Other liabilities and capital
460
113 Central Bank of the Republic of Turkey
1,677 (millions of pounds):
Gold
662
Foreign exchange and foreign
492
clearings
1,224
Loans and discounts
545
Securities
257
Other assets
1,387
Note circulation
Deposits—Gold
Other
673
Other liabilities and capital
67
953 Bank of the Republic of Uruguay (mil1,619 lions of pesos):
Gold
127
Silver
2,549
Advances to State and Govt.
667
bodies
224
Other loans and discounts
Other assets
Note circulation
52
237
Deposits—Government
137
Other
524
Other liabilities and capital
164 Central Bank of Venezuela (millions
681 of bolivares):
Gold
86
Foreign exchange (net)
222
Other assets
124
Note circulation
Deposits
5,942
Other liabilities and capital
13,566
609
1 " ~ National Bank of Federal People's Re1,370 public of Yugoslavia (billions of
1,918 dinars):
11,496
Gold
2,140
Gold contribution to Intl. Fund..
18
Foreign assets
7,675
Loans (short-term)
3,076
Govt. debt (net)
Other assets
Notes and coin in circulation
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
114 Bank for International Settlements
55 (millions of Swiss gold francs):
15
Gold in bars
Cash on hand and with b a n k s . . . .
618
Rediscountable bills and accept323
ances (at cost)
16,365
Time funds at interest
56,959
Sundry bills and investments
66,551
Funds invested in Germany
60,280
Other assets
2,245
Demand deposits—Gold
17,282
Other
61,009
i This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 Includes small amount of nongovernment bonds.
Central bank, monetary unit,
and item
Long-term deposits: Special
Other liabilities and capital
1958
July
June
1957
May
July
449
1,320
129
449
1,260
129
448
1,241
129
513
1,300
129
3,773
54
84:
5,359
126
71
1,012
4,597
382
875
5,513
136
56
1,988
4,586
246
841
5,358
107
45
1,981
4,616
15
932
5,246
241
279
1,739
8,251
539
140
90
5,544
3,236
240
8,034
572
142
86
5,569
3,025
239
7,943
506
143
86
5,494
2,948
235
7,095
527
176
98
5,531
2,135
229
403
403
403
402
306
5,779
33
274
3,827
156
1,960
852
331
5,637
33
262
3,728
156
1,957
825
367
5,391
32
252
3,355
156
2,096
838
486
4,405
33
265
2,801
155
1,916
719
273
278
9
319
695
975
651
199
396
1,026
264
615
797
559
203
371
829
1,999
1,567
150
1,440
820
1,455
1,999
1,738
138
1,468
824
1,582
1,999
1,651
107
1,468
915
1,374
2,099
2,020
203
1,295
499
2,527
4
2
24
875
95
19
125
444
78
304
67
4
2
23
879
83
17
122
439
81
303
65
4
2
23
892
68
15
119
452
79
309
46
6
2
37
774
86
52
101
353
87
297
119
510
60
613
54
776
52
504
48
488
551
854
297
1
783
1,429
229
319
405
581
796
297
291
452
718
297
1
762
1,272
229
324
508
410
649
297
1
780
,099
229
308
840
1,353
229
326
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1139
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS *
[Per cent per annum]
Central banks with new rates since June 1957
Month effective
France
Germany
Italy
In effect June 30, 1957
3.50
5.5
4.0
4.5
4.0
1957_j u ly
Aug
Sept
Oct
Nov
Dec
4.50
1958—Jan
Feb
Mar
5.0
4.0
3.5
4.25
May
June
July
Aug
.
In effect August 31, 1958
4 00
3.75
3.50
Sweden
United
Kingdom
Canada 2
3.75
4.25
4.0
5.0
4.06
5.00
5.0
4.05
4.28
4.05
4.05
3 83
3.87
4.50
4 5
4.5
5.0
3.5
3.0
3.5
3.50
3.50
1.74
6 0
5 5
5 0
4.5
4.5
3.0
3.50
3.11
2 52
1.62
1 79
1 97
1.12
1 74
4.5
4 00
5.0
3.50
. . . .
Spain
7.0
Denmark
Netherlands
4.25
5.00
Belgium
5.00
4.5
Japan3 Philip- Argen- Cuba'
pines
tina 3
8.40
3.5
4.5
6.0
5.5
6.0
1.5
5.5
4 5
7 67
7.67
4.5
Other selected central banks—rates in effect on August 31, 1958
Area and
country
Rate
Month
effective
Europe:
Austria
Greece
Norway
Portugal
Switzerland...
Turkey
5.0
10.0
3.5
2.5
2.5
6.0
Nov. 1955
May 1956
Feb. 1955
Jan. 1944
May 1957
June 1956
Area and
country
Month
effective
Rate
Asia:
3.0
Ceylon
2.5
India*
4.0
Indonesia 3.... 3.0
Pakistan
3.0
Thailand
7.0
Feb.
June
May
Apr.
July
Feb.
1948
1954
1957
1946
1948
1945
1 Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates for these countries are given in note 3.
2 Since Nov. 1, 1956, the discount rate is set each week at VA per cent
above the latest average tender rate for Treasury bills.
3 Discounts or advances at other rates include: Japan—commercial
bank borrowings from the Central bank in excess of individual bank
quotas are charged penalty rates exceeding the basic rate shown; Argentina
—3 and 5 per cent for certain rural and industrial paper, depending on
type^of transaction; Cuba—4.5 per cent for sugar loans and 4 per cent
Area and
country
Rate
Latin America:
Chile3
Costa Rica3...
El Salvador3..
Mexico
Peru3
6.0
3.0
4.0
4.5
6.0
Month
effective
Area and
country
Rate
Latin America—
Cont.:
Feb. 1957
V e n e z u e l a . . . . 2.0
Apr. 1939
All other:
Apr. 1957
New Zealand.. 7.0
June 1942
South Africa.. 4.5
Nov. 1947
Month
effective
May 1947
Oct. 1955
Sept. 1955
for loans secured by national public securities; Indonesia—various rates
depending on type of paper, collateral, commodity involved, etc.; Chile—
rates in excess of 6 per cent are applied to rediscounts in excess of 50 per
cent of the rediscounting bank's capital and reserves, rates of 4 and 2
per cent apply to certain types of agricultural paper; Costa Rica—5
per cent for paper related to commercial transactions (rate shown is for
agricultural and industrial paper); El Salvador—3 per cent for agricultural
and industrial paper and 2 per cent for special cases; and Peru—4 per
cent for industrial paper and mining paper, and 3 per cent for most
agricultural paper.
4
Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-to- Bankers' Treasury Day-toacceptday
bills
bills
day
ances
3 months i money 2 3 months 3 months money
France
Netherlands
Bankers'
allowance Day-to- Treasury Day-today
bills
day
on
deposits money 3 3 months money
1955 Dec
1956—Dec
2.59
3.61
2.42
3.18
4.22
5.07
4.08
4.94
3.10
4.15
2.50
3.50
2.99
3.55
1.06
3.48
.62
3.23
1957__july
Sent
Oct
Nov
Dec
3.81
4.02
3.94
3.84
3.66
3.65
3.72
3.88
2.96
3.57
3.52
3.60
4.06
4.17
5.40
6.81
6.78
6.67
3.85
3.97
5.42
6.60
6.54
6.43
3.45
3.60
4.33
5.53
5.63
5.67
3.00
3.00
3.80
5.00
5.00
5.00
7.82
7.94
5.77
4.94
4.87
5.72
3.81
4.45
4.86
4.87
4.66
4.64
3.08
3.51
3.64
3.75
3.35
3.33
1958 Jan
Feb
Mar
Apr
May
June
July
3.54
2.99
2.44
1.65
1.56
1.75
1.31
3.34
3.05
2.61
1.64
1.55
1.72
1.18
6.51
6.17
5.98
5.47
5.24
4.65
4.31
6.27
6.02
5.78
5.28
5.02
4.45
4.15
5.56
5.57
5.23
4.71
4.53
3.95
3.62
5.00
5.00
4.65
4.00
3.85
3.30
3.00
5.17
5.25
5.96
6.78
10.04
7.51
4.43
3.88
3.14
3.18
2.97
2.90
2.84
3.50
3.26
2.77
2.93
2.39
2.34
2.49
.. .
1 Based on average yield of weekly tenders during the month.
2 Based on weekly averages of daily closing rates.
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
4V4—6%
5%-8
5^-8
5i£_8
534 _8
5^-8
5^4—8
51/8
5^-8
51/_71A
SVi m
'
1.50
1.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
3 Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.
1140
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Preferential
Basic
In cents per unit of foreign currency]
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
14.492
Free
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
15.556
5.556
7.163
7.198
7.198
7.183
22.835
2.506
222.63
224.12
223.80
222.41
222.16
222.57
3.8580
3.8580
3.8580
3.8580
3.8539
1.9878
2.0009
1.9975
1.9905
2.0030
1.9906
102.149
101.650
102.724
101.401
101.600
104.291
20.903
21.046
21.017
20.894
20.946
20.913
1957—Aug.
Sept.
Oct..
Nov.
Dec.
5.556
5.556
5.556
5.556
5.556
2.303
2.216
2.487
2.595
2.707
221.73
221.92
223.09
223.32
223.57
3.8536
3.8536
3.8536
3.8536
3.8536
1.9865
1.9874
1.9929
1.9983
1.9991
105.470
104.241
103.636
103.921
102.304
20.862
20.867
20.928
20.935
20.969
1958—Jan..
Feb.,
Mar.
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
2.696
2.656
2.610
2.444
2.377
2.376
2.352
2.221
224.16
224.36
224.33
224.47
224.36
223.99
223.42
223.51
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9986
2.0024
2.0041
2.0047
2.0050
2.0050
2.0049
2.0050
101.535
101.934
102.312
103.011
103.396
103.960
104.162
103.645
21.045
21.078
21.072
21.088
21.085
21.066
20.996
21.020
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
23.838
20.922
21.049
21.020
20.894
20.934
20.910
279.68
281.27
280.87
279.13
279.57
279.32
.2779
.2779
32.601
32.595
32.641
32.624
32.582
32.527
11.588
11.607
9.052
8.006
8.006
8.006
1952
1953
1954
1955
1956
1957
May
June
July.
Aug.
Finland
(markka)
Year or month
France
(franc)
1952.,
1953.,
1954.,
1955.,
1956.,
1957.,
.4354
.4354
.4354
.4354
.4354
3.3995
.2856
.2856
.2856
.2856
.2855
4
.2856
4.2376
23.838
23.765
23.786
23.798
1957_Aug..
Sept..
Oct..
Nov..
Dec.
.4354
3.3674
.3118
.3118
.3118
4.2857
.2858
.2858
.2858
.2858
4.2376
.2375
.2375
.2375
.2376
23.800
23.800
23.800
23.800
23.799
20.844
20.858
20.940
20.951
20.975
278.27
278.51
279.98
280.26
280.58
.2779
.2779
.2779
.2779
.2779
32.431
32.448
32.556
32.580
32.644
8.006
8.006
8.006
8.006
8.006
1958—Jan...
Feb..
Mar..
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.2858
.2858
.2858
.2858
.2858
5.2858
.2376
.2375
.2376
.2376
.2376
.2376
.2379
.2382
23.795
23.795
23.793
23.808
23.858
23.853
23.856
23.861
21.050
21.099
21.086
21.101
21.092
21.062
21.000
21.019
281.32
281.57
281.54
281.71
281.57
281.11
280.40
280.51
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.769
32.818
32.811
32.830
32.821
32.775
32.688
32.701
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
26.315
26.340
26.381
26.230
26.113
26.170
276.49
278.48
278.09
276.36
276.80
276.56
14.015
14.015
14.008
14.008
14.008
14.008
49.675
49.676
49.677
49.677
49.676
49.693
3.4853
3.4887
3.4900
3.4900
3.4900
3.4900
278.20
280.21
279.82
278.09
278.52
278.28
19.326
19.323
19.333
19.333
19.333
19.331
23.148
23.316
23.322
23.331
23.334
23.330
279.26
281.27
280.87
279.13
279.57
279.32
1957_Aug.
Sept.
Oct..
Nov.
Dec..
26.103
26.102
26.287
26.363
26.367
275.52
275.75
277.21
277.49
277.80
14.008
14.008
14.008
14.008
14.008
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
277.23
211 Al
278.94
279.21
279.53
19.329
19.328
19.328
19.328
19.328
23.335
23.335
23.335
23.335
23.335
278.27
278.51
279.98
280.26
280.58
1958—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.,
26.373
26.367
26.378
26.388
26.388
26.380
26.391
26.409
278.54
278.78
278.75
278.92
278.78
278.33
277.62
277.73
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.695
49.695
49.695
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
280.27
280.52
280.49
280.65
280.52
280.06
279.35
279.46
19.328
19.328
19.328
19.328
19.328
19.328
19.328
19.328
23.334
23.335
23.335
23.335
23.335
23.335
23.335
23.335
281.32
281.57
281.54
281.71
281.57
281.11
280.40
280.51
May!
June.
July..
Aug..
Year or month
1952
1953
1954
1955
1956
1957
,
,
1 Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.
2 New free market rate became effective Oct. 28, 1955.
3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
62.3810
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
2.3810
4 On Aug. 12, 1957, the French authorities established an effective rate
of 420 francs per U. S. dollar applicable to most foreign exchange transactions. Since Oct. 28, 1957, this rate has applied to all foreign exchange
transactions. The official rate of 350 francs per U. S. dollar was changed
to 420 francs on June 23, 1958.
5 Based on quotations through June 20, 1958.
6 Based on quotations beginning Jan. 2, 1958.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, J R . ,
Chairman
M. S. SZYMCZAK
C. CANBY
BALDERSTON,
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, J R .
CHAS. N. SHEPARDSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
Economic Adviser to the Board
CHARLES MOLONY,
Vice Chairman
WINFIELD
W. RIEFLER, Assistant to the Chairman
JEROME
W. SHAY, Legislative Counsel
Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
Assistant Secretary
A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
MERRITT SHERMAN,
ROBERT F. LEONARD, Director
JOHN R. FARRELL, Associate Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
KENNETH
LEGAL DIVISION
DIVISION OF EXAMINATIONS
HOWARD H. HACKLEY, General Counsel
C. MASTERS, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
ROBERT
Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
FREDERIC SOLOMON,
THOMAS J. O'CONNELL, Assistant General
Counsel
JAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF RESEARCH AND STATISTICS
RALPH
A. YOUNG, Director
DIVISION OF PERSONNEL ADMINISTRATION
FRANK R. GARFIELD, Adviser
EDWIN
GUY E. NOYES, Adviser
H. FRANKLIN SPRECHER, JR., Assistant Director
ROLAND I. ROBINSON, Adviser
SUSAN S. BURR, Associate Adviser
R. KOCH, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
ALBERT
J. JOHNSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH
E. KELLEHER, Director
OFFICE OF DEFENSE LOANS
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser
GARDNER
L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON
1141
H. BASS, Assistant Controller
1142
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
Federal Open Market Committee
W M . M C C . MARTIN, JR., Chairman
C. CANBY BALDERSTON
W. D. FULTON
WATROUS H. IRONS
HUGH
H. N.
A. L.
J. L.
ALFRED HAYES, Vice Chairman
LEACH
MANGELS
MILLS, JR.
ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
L. MERLE HOSTETLER, Associate Economist
ARTHUR W. MARGET, Associate Economist
H. V. ROELSE, Associate Economist
CHARLS E. WALKER, Associate Economist
FREDERIC SOLOMON, Assistant General Counsel
O. P. WHEELER, Associate
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market
Economist
Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
HOMER J. LIVINGSTON, CHICAGO,
ADRIAN M. MASSIE, NEW YORK
Vice
CASIMIR A. SlENKIEWICZ, PHILADELPHIA
FRANK R.
DENTON, CLEVELAND,
President
President
WlLLIAM A. McDONNELL, ST. LOUIS
GORDON MURRAY, MINNEAPOLIS
R.
CROSBY KEMPER, KANSAS CITY
JOHN S. ALFRIEND, RICHMOND
WALTER B. JACOBS, DALLAS
JOHN A.
FRANK L. KING, SAN FRANCISCO
SIBLEY, ATLANTA
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant
Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
Harvey P. Hood, Deputy Chairman
Stanley M. Cooper
Milton P. Higgins
Harry E. Umphrey
Oliver B. Ellsworth
William D. Ireland
Nils Y. Wessell
Arthur F. Maxwell
J. A. Erickson, President
E. O. Latham, First Vice President
Vice Presidents
D. H. Angney
Ansgar R. Berge
George H. Ellis
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
Charles W. Bitzer
Cyrus M. Higley
Howard C. Sheperd
Clarence Francis
Augustus C. Long
Lansing P. Shield
Franz Schneider
FEDERAL RESERVE BANKS AND BRANCHES
1143
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
William F. Treiber, First Vice President
Vice Presidents
Robert V. Roosa
I. B. Smith, in charge
Robert G. Rouse
of Buffalo Branch
Walter H. Rozell, Jr.
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
Vernon Alexander
Leland B. Bryan
Daniel M. Dalrymple
Raymond E. Olson
Ralph F. Peo, Chairman
John W. Remington
E. Perry Spink
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
Henderson Supplee, Jr., Chairman and Federal Reserve Agent
Lester V. Chandler, Deputy Chairman
William B. Brosius
Walter E. Hoadley, Jr.
R. Russell Pippin
Bayard L. England
Lindley S. Hurff
Geoffrey S. Smith
Charles E. Oakes
Karl R. Bopp, President
Robert N. Hilkert, First Vice President
Vice Presidents
Murdoch K. Goodwin
E. C. Hill
P. M. Poorman
W. N. Catanach
David P. Eastburn
J. V. Vergari
Richard G. Wilgus
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman
Aubrey J. Brown
King E. Fauver
George P. MacNichol, Jr
John A. Byerly
Joseph B. Hall
Paul A. Warner
Charles Z. Hardwick
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
Clyde Harrell
Donald S. Thompson, First Vice President
Vice Presidents
L. Merle Hostetler
Martin Morrison
R. G. Johnson, in charge of
H. E. J. Smith
Cincinnati Branch
Paul C. Stetzelberger
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Roger Drackett
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
Franklin A. McCracken
William A. Mitchell
Thomas M. Wolfe
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Lawrence O. Hotchkiss
Frank C. Irvine
Douglas M. Moorhead
Sumner E. Nichols
(Vacancy)
John C. Warner,
Chairman
Irving W. Wilson
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
1144
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent
D. W. Colvard
Robert Gage
Alonzo G. Decker, Jr., Deputy Chairman
Joseph E. Healy
L. Vinton Hershey
Robert O. Huffman
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Denver L. Morgan
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
J. M. Nowlan
Baltimore Branch
James M. Slay
Aubrey N. Heflin
Thomas I. Storrs
Upton S. Martin
C. B. Strathy
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
James W. McElroy
Wm. Purnell Hall, Chairman
J. N. Shumate
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTOR?
George H. Aull
Charles D. Parker
William H. Grier, Chairman
Ernest Patton
I. W. Stewart
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
Joseph T. Lykes
Henry G. Chalkley, Jr.
W. C. Bowman
Pollard Turman
Donald Comer
Malcolm Bryan, President
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
John L. Liles, Jr.
Robert M. Cleckler
E. W. McLeod
Linton E. Allen
W. E. Ellis
Lewis M. Clark, First Vice President
Vice Presidents
J. E. McCorvey
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
R. J. Murphy
John C. Persons
Selden Sheffield
John E. Urquhart, Chairmc
Adolph Weil, Sr.
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James G. Garner
C. B. McLeod
J. Wayne Reitz
Harry M. Smith, Chairman
McGregor Smith
1145
FEDERAL RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
Jo H. Anderson
Stewart Campbell
Frank B. Ward, Chairman
C. L. Wilson
P. D. Houston, Jr.
V. S. Johnson, Jr.
W. N. Krauth
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
G. H. King, Jr., Chairman
D. U. Maddox
(Vacancy)
Frank A. Godchaux, III
J. Spencer Jones
H. A. Pharr
E. E. Wild
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Vivian W. Johnson
Carl E. Allen, President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
Paul C. Hodge
J. Stuart Russell, Deputy Chairman
G. F. Langenohl
Nugent R. Oberwortmanu
E. C. Harris, First Vice President
Vice Presidents
H. J. Helmer
H. J. Newman
C. T. Laibly
A. L. Olson
R. A. Swaney, in charge
George W. Mitchell
of Detroit Branch
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
William A. Mayberry
Ira A. Moore
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
Pierre B. McBride, Chairman and Federal Reserve Agent
S. J. Beauchamp, Jr.
Kenton R. Cravens
H. Lee Cooper
J. E. Etherton
Harold O. McCutchan
Delos C. Johns, President
Fred Burton, in charge of
Little Rock Branch
Darryl R. Francis, in charge
of Memphis Branch
J. H. Longwell, Deputy Chairman
Leo J. Wieck
Jesse D. Wooten
Guy S. Freutel, First Vice President
Vice Presidents
Geo. E. Kroner
Donald L. Henry, in charge
Dale M. Lewis
of Louisville Branch
H. H. Weigel
Homer Jones
J. C. Wotawa
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
R. H. Alexander
Donald Barger
T. Winfred Bell, Chairman
J. W. Bellamy, Jr.
E. C. Benton
J. V. Satterfield, Jr.
Waldo E. Tiller
1146
FEDERAL RESERVE BULLETIN * SEPTEMBER 1958
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Philip Davidson
Magnus J. Kreisle
W. Scott Mclntosh
J. D. Monin, Jr.
Merle E. Robertson
John G. Russell
MEMPHIS BRANCH—BOARD OF DIRECTORS
John E. Brown
J. H. Harris
S. L. Kopald, Jr.
Simpson Russell
Frank Lee Wesson, Chairman
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Ray C. Lange
Thomas G. Harrison
John A. Moorhead
Harold C. Refling
Frederick L. Deming, President
O. B. Jesness, Deputy Chairman
Harold N. Thomson
John H. Warden
A. W. Mills, First Vice President
Vice Presidents
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
HELENA BRANCH—BOARD OF DIRECTORS
J. Willard Johnson
Geo. N. Lund
Carl McFarland, Chairman
O. M. Jorgenson
John M. Otten
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
George H. Clay
P. A. Debus, in charge
of Omaha Branch
Joseph S. Handford
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
of Denver Branch
E. U. Sherman
Clarence W. Tow
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Stewart Cosgriff
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
C. P. Stuart
1147
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
OMAHA BRANCH—BOARD OF DIRECTORS
C. Wheaton Battey
George J. Forbes
James L. Paxton, Jr.,
Manville Kendrick
William N. Mitten
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
Lamar Fleming, Jr.
John M. Griffith
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
W. E. Eagle, in charge of
San Antonio Branch
T. A. Hardin
G. R. Murff
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
C. E. Walker
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
William R. Mathews
Thomas C. Patterson
F. W. Barton
John P. Butler
D. F. Stahmann
E. J. Workman,
Chairman
HOUSTON BRANCH—BOARD OF DIRECTORS
I. F. Betts
L. R. Bryan, Jr.
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
S. Marcus Greer
Tyrus R. Timm
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
Burton Dunn
Donald D. James
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy
Carroll F. Byrd
M. Vilas Hubbard
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
A. B. Merritt
Walter S. Johnson
N. Loyall McLaren
John A. Schoonover
Chairman
Reese H. Taylor
Philip I. Welk
Eliot J. Swan, First Vice President
Vice Presidents
E. R. Millard
R. H. Morrill
John A. O'Kane
J. A. Randall, in charge of
Portland Branch
W. F. Volberg,
in charge of
Los Angeles Branch
O. P. Wheeler
1148
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
Anderson Borthwick
Robert J. Cannon
Warren W. Braley
J. H. McNally
George S. Eccles
Russell S. Hanson
Henry N. Anderson
James Brennan
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Leonard K. Firestone,
Joe D. Paxton
James E. Shelton
Chairman
PORTLAND BRANCH—BOARD OF DIRECTORS
John B. Rogers
William H. Steiwer, Sr., Chairman
C. B. Stephenson
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Joseph Rosenblatt, Chairman
Oscar Hiller
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
Joshua Green, Jr.
Lyman J. Bunting,
S. B. Lafromboise
Chairman
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 747-750 of the June 1958 Bulletin.
Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
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$7.00 per annum or 70 cents per copy. Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages.
$1.00.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum, 60 cents per copy, or 50 cents each
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annum or 70 cents each.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK. Issued annually in September. An-
nual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President, are being distributed through the Superintendent of Documents.
Part
Part
Part
Part
I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60
III—Views on Regulation, $1.00
IV—Financing New Car Purchases, $.60
Requests and remittances for these six books should be directed to the Superintendent of Documents,
Government Printing Office, Washington 25, D. C.
1149
1150
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)
SURVEY
OF FINANCE
COMPANIES,
MID-1955.
April 1957. 17 pages.
WINNING THE BATTLE AGAINST INFLATION.
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON
ECONOMIC STABILITY.
March 1953.
16
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY.
1957.
8 pages.
May 1953.
7 pages.
ODS 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.
FEDERAL RESERVE MONTHLY INDEX OF INDUS-
TRIAL PRODUCTION, 1953 Revision.
December
December 1957. 30 pages.
Se-
lected series of banking and monetary statistics
for 1957 only. February and May 1958. 12
pages. (Similar reprints of 1954, 1955, and
1956 data are available from earlier BULLETINS.)
BANK CREDIT AND MONEY IN 1957.
1958.
9 pages.
February
(Also, similar reprint from
July 1957 BULLETIN.)
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
90 pages.
INDEXES OF OUTPUT OF CONSUMER D U R -
ABLE GOODS.
DEXES.
BANKING AND MONETARY STATISTICS, 1957.
•DETAILED DESCRIPTION OF SOURCES AND METH-
NEW
WORLD PAYMENTS STRESSES IN 1956-57. October
REVISION OF MONTHLY DEPARTMENT STORE I N -
pages.
1953.
Au-
gust 1957. 12 pages.
May 1954.
INTERNATIONAL
GOLD
AND DOLLAR
FLOWS.
March 1958. 7 pages.
15 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
1958 SURVEY OF CONSUMER FINANCES.
NARY FINDINGS.
BANKS. March 1955. 4 pages.
A
chases of Durable Goods. July 1958. 16
pages. The Financial Position of Consumers.
September 1958. 31 pages. (Similar Surveys
are available for earlier years from 1952, 1953,
FLOW-OF-FUNDS
SYSTEM OF NATIONAL A C -
COUNTS, ANNUAL ESTIMATES, 1939-54.
Octo-
ber 1955. 40 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL
PURPOSES.
Business
Loans
of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Reprints on a similar
Survey are available from March, May, June,
July, and August 1947 BULLETINS.)
FINANCING
OF LARGE CORPORATIONS,
1951-55.
June 1956. 9 pages.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
Oc-
tober 1956. 15 pages.
52 pages.
December 1956. 16 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS
BANK
1955-57.
LENDING
TO SMALL
BUSINESS,
April 1958. 19 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
GROWTH
AND STRUCTURE
OF TIME
DEPOSITS.
April 1958. 5 pages.
OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3
BULLETIN.)
SURVEY OF COMMON TRUST FUNDS, 1957. May
1958. 5 pages. (Also, similar reprints from
August 1956 and June 1957 BULLETINS.)
May 1958.
8
pages.
MONEY AND CREDIT IN THE RECESSION. July 1958.
7 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
April 1957. 20 pages.
1955, 1956, and 1957 BULLETINS.)
THE BATTLE AGAINST RECESSION.
November 1956
and January, February, and March 1957 BULLETINS.
4 pages. Pur-
pages. (Also, similar reprint from May 1957
REVISION OF CONSUMER CREDIT STATISTICS.
AGRICULTURAL LOAN SURVEY.
1954,
MEMBER
March 1958.
PRELIMI-
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
THE
BALANCE SHEET
OF AGRICULTURE,
1958.
August 1958. 9 pages.
1950-55.
INTEREST RATES IN LEADING COUNTRIES.
tember 1958. 8 pages.
Sep-
Index to Statistical Tables
Acceptances, bankers', 1088, 1089
Agricultural loans of commercial banks, 1084, 1086
Agriculture, Govt. agency loans, 1092, 1093
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 1080
Corporate, current, 1100
Domestic banks, by classes, 1081, 1084, 1086
Federal business-type activities, by fund or
activity, 1092, 1093
Federal Reserve Banks, 1075, 1076
Foreign central banks, 1134
Automobiles:
Consumer instalment credit, 1104, 1105, 1106
Production index, 1110, 1114
Bankers' balances, 1085, 1087
(See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated
statement, 1080
Bonds (See also U. S. Govt. securities):
New issues, 1098, 1100
Prices and yields, 1089, 1090
Brokers and dealers in securities, bank
loans to, 1084, 1086
Business expenditures on new plant and equipment, 1100
Business indexes, 1108
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1081, 1085, 1087
Federal Reserve Banks, 1075, 1076
Carloadings, 1108
Central banks, foreign, 1132, 1134, 1139
Coins, circulation of, 1079
Commercial banks:
Assets and liabilities, 1081, 1084
Consumer loans held, by type, 1105
Number, by classes, 1081
Real estate mortgages held, by type, 1101
Commercial and industrial loans:
Commercial banks, 1084
Weekly reporting member banks, 1086, 1088
Commercial paper, 1088, 1089
Commodity Credit Corporation,
loans, etc., 1092, 1093
Condition statements (See Assets and liabilities)
Construction, 1108, 1114, 1115
Consumer credit:
Instalment credit, 1104, 1105, 1106, 1107
Major parts, 1104, 1106
Noninstalment credit, by holder, 1105
Consumer durable goods output indexes, 1114
Consumer price indexes, 1108, 1120
Consumption expenditures, 1122, 1123
Corporate sales, profits, taxes, and
dividends, 1099, 1100
Corporate security issues, 1098, 1100
Corporate security prices and yields, 1089, 1090
Cost of living (See Consumer price indexes)
Currency in circulation, 1071, 1079
Customer credit, stock market, 1090
Debits to deposit accounts, 1078
Demand deposits:
Adjusted, banks and the monetary system, 1080
Adjusted, commercial banks, by classes, 1085
1151
Demand deposits—Continued
Banks, by classes, 1081, 1087
Type of holder, at commercial banks, 1085
Department stores:
Merchandising data, 1119
Sales and stocks, 1108, 1118
Deposits (See also specific types of deposits):
Adjusted, and currency, 1080
Banks, by classes, 1081, 1085, 1087
Federal Reserve Banks, 1075, 1076, 1130
Postal savings, 1080
Turnover of, 1078
Deposits, reserves, and borrowings, by class
of member bank, 1073
Discount rates, 1074, 1139
Discounts and advances by Federal Reserve
Banks, 1071, 1075
Dividends, corporate, 1099, 1100
Dollar assets, foreign, 1130, 1131
Dwelling units started, 1115
Earnings and hours, manufacturing industries, 1108, 1117
Employment, 1108, 1116, 1117
Export-Import Bank, loans, etc., 1092, 1093
Farm mortgage loans, 1092, 1101, 1102
Federal business-type activities, assets and
liabilities, by fund or activity, 1092, 1093
Federal Deposit Insurance Corporation,
assets, etc., 1092, 1093
Fedefal finance:
Cash transactions, 1094
Receipts and expenditures, 1095
Treasurer's balance, 1094
Federal home loan banks, loans, etc., 1092, 1093, 1103
Federal Housing Administration,
loans, etc., 1092, 1093, 1101, 1102, 1103
Federal National Mortgage Association,
loans, etc., 1092, 1093, 1103
Federal Reserve Banks:
Condition statement, 1075, 1076
U. S. Govt. securities held by, 1071, 1075, 1076,
1096, 1097
Federal Reserve credit, 1071, 1075, 1076
Federal Reserve notes, 1075, 1076, 1077, 1079
Finance company paper, 1088, 1089
Foreign central banks, 1132, 1134, 1139
Foreign deposits in U. S. banks, 1071, 1075, 1076,
1080, 1085, 1087
Foreign exchange rates, 1140
Foreign liabilities and claims reported by
banks, 1126, 1128, 1130
Foreign trade, 1119
Gold:
Earmarked, 1131
Net purchases by U. S., 1131
Production, 1130, 1131
Reserves of central banks and governments, 1132
Reserves of foreign countries and international
institutions, 1133
Stock, 1071, 1080, 1131
Gold certificates, 1075, 1076, 1077, 1079
Govt. debt (See U. S. Govt. securities)
Gross national product, 1122, 1123
Home owners, Govt. agency loans, 1092, 1093
Hours and earnings, manufacturing industries, 1108, 1117
1152
FEDERAL RESERVE BULLETIN • SEPTEMBER 1958
Industrial advances by Federal Reserve
Banks, 1075, 1076, 1077, 1078
Industrial production indexes, 1108, 1109, 1114
Instalment loans, 1104, 1105, 1106, 1107
Insurance companies, 1091, 1096, 1097, 1102
Insured commercial banks, 1083, 1084
Interbank deposits, 1081, 1085, 1087
Interest rates:
Bond yields, 1089
Business loans by banks, 1089
Federal Reserve rates, 1074, 1078
Foreign countries, 1139
Open market, 1089, 1139
Regulation V loans, 1078
Stock yields, 1089
International capital transactions of the
U. S., 1126
International financial institutions, 1131, 1132,
1133, 1134
Inventories, 1123
Investments (See also specific types of investments):
Banks, by classes, 1081, 1084, 1086
Federal Reserve Banks, 1075, 1076
Govt. agencies, etc., 1092, 1093
Life insurance companies, 1091
Savings and loan associations, 1091
Labor force, 1116
Loans (See also specific types of loans):
Banks, by classes, 1081, 1084, 1086
Federal Reserve Banks, 1071, 1073, 1075,
1076, 1077, 1078
Govt. agencies, etc., 1092, 1093
Insurance companies, 1091, 1102
Savings and loan associations, 1091, 1102
Loans insured or guaranteed, 1077, 1101, 1102, 1103
Manufacturers, production indexes, 1108, 1109, 1114
Margin requirements, 1074
Member banks:
Assets and liabilities, by classes, 1081, 1084
Borrowings at Federal Reserve Banks, 1071, 1073
Deposits and reserves, by classes, 1073
Number, by classes, 1081
Reserve requirements, by classes, 1074
Reserves and related items, 1071
Weekly reporting series, 1086
Minerals, production indexes, 1108, 1109
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks. 1080, 1081, 1083, 1096,
1097, 1101
National banks, 1083
National income, 1122
National security expenditures, 1095, 1123
Nonmember banks, 1075, 1083, 1084
Payrolls, manufacturing, index, 1108
Personal income, 1123
Postal Savings System, 1080
Prices:
Consumer, 1108, 1120
Security, 1090
Wholesale commodity, 1108, 1120
Production, 1108, 1109, 1113, 1114
Profits, corporate, 1099, 1100
Real estate loans:
Commercial banks, 1084, 1086, 1101
Type of mortgage holder, 1101, 1102, 1103
Type of property mortgaged, 1101, 1102, 1103
Regulation V, loan guarantees, 1077, 1078
Reserve requirements, member banks, 1074
Reserves:
Commercial banks, 1085
Federal Reserve Banks, 1075, 1076
Foreign central banks and governments, 1132
Foreign countries and international institutions, 1133
Member banks, 1071, 1073, 1075, 1076,
1085, 1087
Residential mortgage loans, 1101, 1102, 1103
Sales finance companies, consumer
loans of, 1104, 1105, 1107
Savings, 1122
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1091
Savings and loan associations, 1091, 1102
Securities, international transactions, 1129, 1130
Security issues, 1098, 1100
Silver coin and silver certificates, 1079
State member banks, 1083
State and municipal securities:
New issues, 1098
Prices and yields, 1089, 1090
States and political subdivisions:
Deposits of, 1085, 1087
Holdings of U. S. Govt. securities, 1096
Ownership of obligations of, 1084, 1091
Stock market credit, 1090
Stocks:
New issues, 1098
Prices and yields, 1089, 1090
Tax receipts, Federal, 1095
Time deposits, 1073, 1080, 1081, 1085, 1087
Treasurer's account balance, 1094
Treasury cash, 1071, 1080
Treasury currency, 1071, 1079, 1080
Treasury deposits, 1071, 1075, 1076, 1094
Unemployment, 1116
U. S. Govt. balances:
Commercial bank holdings, by classes, 1085, 1087
Consolidated monetary statement, 1080
Treasury deposits at Federal Reserve
Banks, 1071, 1075, 1076, 1094
U. S. Govt. Securities:
Bank holdings, 1080, 1081, 1084, 1086,
1096, 1097
Federal Reserve Bank holdings, 1071, 1075,
1076, 1096, 1097
Foreign and international holdings, 1133
International transactions, 1129
New issues, gross proceeds, 1098
Outstanding, by type of security, 1096, 1097
Ownership of, 1096, 1097
Prices and yields, 1089, 1090
United States notes, outstanding and in circulation, 1079
Utility output index, 1113
Veterans Administration, loans, etc., 1092, 1093,
1101, 1102, 1103
Yields (See Interest rates)
( THE FEDERAL RESERVE SYSTEM g)
g
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
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Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
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® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER