Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
FEDERAL RESERVE
B U LLETINApril 19 £9
BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
E D I T O R I A L C O M M I T T E EElliott Thurston Woodlief Thomas Winfield W. Riefler
Ralph A. Young Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for opinions expressed, except in official state-ments and signed articles.
Contents
Expansion in Instalment Credit 347
Member Bank Term Lending to Business, 1955-57 353
Proposed Revision of Reserve Requirements 369
Ownership of Demand Deposits 378
Current Events and Announcements 381
Law Department 382
National Summary of Business Conditions 384
Financial and Business Statistics, U. S. (Contents on p. 387) 389
International Financial Statistics (Contents on p. 445) 446
Board of Governors and Staff 463
Open Market Committee and Staff; Federal Advisory Council 464
Federal Reserve Banks and Branches 464
Federal Reserve Board Publications 466
Index to Statistical Tables 468
Map of Federal Reserve System Inside back cover
Volume 4£ Number 4
Subscription Price of Bulletin
A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription pricein the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, DominicanRepublic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay PeruEl Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annumor 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address 50cents per copy per month, or $5.00 for 12 months.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Expansion in Instalment Credit
INSTALMENT CREDIT resumed expansionlate last year, and new borrowing has risenabove former highs in recent months. Theoutstanding amount increased at a season-ally adjusted rate of $360 million in Januaryand February of this year, somewhat lessthan the record rate in 1955 but more thanin any month since early 1956.
Most types of instalment credit began torise in the spring of 1958 but the total, helddown by lagging automobile demand, didnot turn up until the last quarter of the year.Since October, automobile credit has ac-counted for about one-half of the increasein the total.
Renewed growth in instalment credit hasprovided additional funds for consumerspending and has contributed to the revivalof business activity. Although credit salesof some types of goods, such as new auto-mobiles, have lagged behind cash sales,total borrowing by consumers has increasedat a faster rate than total consumption ex-penditures. Demand for funds by consumershas added to other pressures in credit mar-kets and has contributed to the increase ininterest rates.
RECESSION EXPERIENCE
Instalment credit responded slowly to thebusiness downturn in 1957. Extensions ofsuch credit, the most sensitive indicator ofchanges in the flow of credit, remained athigh levels throughout the second hah* of1957. Industrial production and personalincome, two common measures of generalbusiness activity, turned down late in thethird quarter.
CONSUMER INSTALMENT CREDIT
_ EXTENDED
NET CHANGE IN OUTSTANDINGS
1.01.0
NOTE.—Adjusted for seasonal variation. Latest data shown,February.
After extensions of credit began todecline, they fell more rapidly than eitherindustrial production or personal income.Percentagewise, the decrease was somewhatsmaller than that in industrial productionbut considerably larger than that in personalincome. Extensions of automobile credit,which dropped 25 per cent from the Octo-ber 1957 high to the March 1958 low, ac-counted for most of the decline in the total.
The slower rate at which consumers in-curred new obligations helped to check thegrowth of repayments, which remained atthe pre-recession rate throughout 1958. Withthe decline in income, there was a small in-crease in the ratio of repayments to dispos-able personal income.
347
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
348 FEDERAL RESERVE BULLETIN • APRIL 1959
SELECTED BUSINESS INDEXES19*7 - 49 = 100
INSTALMENT CREDIT EXTENDED
PERSONAL INCOME
INDUSTRIAL PRODUCTION
250
200
ISO
1001958 '59
NOTE.—Adjusted for seasonal variation. Latest data shown,February.
All types of instalment credit reflected thebusiness recession, but the extent and timingof the impact on different sectors varied.Outstanding paper for consumer goodsother than automobiles declined in the lastquarter of 1957 and the first quarter of 1958,but the net change for the period as a wholewas small. Automobile credit did not turndown until January 1958, when it begana decline that lasted without interruptionthrough October. Personal loans continuedto rise throughout the recession but at asomewhat reduced rate.
Delinquencies on all types of instalmentloans rose in the first quarter of 1958 andrepossessions of both new and used carsbecame more numerous. Repossessionsreached a record postwar rate, but the de-mand for used cars was strong enough toprevent large losses to lenders. Liberalpolicies in deferring payments or rewritingloans kept down the number of defaults and
adjusted the burden of debt repayments formany borrowers.
FORCES FOR EXPANSION
Improvement in general economic condi-tions by the summer of 1958 created an en-vironment favorable to renewed expansionof instalment credit. Better incomes andexpectations strengthened the willingnessand ability of consumers to use credit as wellas their demand for goods purchased oncredit. Competition among lenders andbetter collection experience encouraged theexpansion of credit operations. On the otherhand, relatively large pockets of unemploy-ment and rising costs of funds to lenderswere unfavorable factors.
Extensions of instalment credit turned upearly in the second quarter of 1958 aboutthe time of the upturn in general businessactivity. They regained pre-recession levelsby December and rose to new highs in theearly months of this year.
Financial positions of consumers im-proved as economic activity recovered. Dis-posable personal income resumed its upwardtrend in the second quarter of 1958 and,with consumer prices changing little, thepurchasing power of consumers increased.Repayments on consumer instalment debtcontinued steady and their ratio to dispos-able personal income declined from 13.3per cent in the first quarter of 1958 to 12.9per cent in the first two months of this year.Although some consumers were forced bythe recession to reduce their liquid assetholdings, in general consumers were in afavorable position to expand their creditbuying.
Early this year consumers viewed theirfinancial situations and prospects more fa-vorably than a year earlier. Forty per centof the spending units reporting in the Survey
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPANSION IN INSTALMENT CREDIT 349
of Consumer Finances indicated that theywere earning more, and 42 per cent indi-cated that they expected their incomes toincrease over the coming year. Their plansto buy durable goods were only moderatelylarger than in early 1958. The propor-tion of consumers planning to buy newcars was somewhat above the low levelof early last year but below levels in thethree preceding years. The proportion plan-ning to buy used cars, on the other hand,was above that of most recent years althoughsomewhat below the high of last year.
Following the brief and rather sharp risein collection problems during the recession,collection experience improved. Delin-quencies on most types of instalment loansat commercial banks have been fewer thana year earlier and repossessions of new andused cars have declined from their recessionhighs. Lenders have been encouraged bytheir recent experience and by the generalbusiness outlook to expand and broadentheir financing operations.
AUTOMOBILE CREDIT
Automobile credit has accounted for mostof the recent fluctuations in total instalmentcredit outstanding. In 1958, the prolongeddecline in automobile paper was responsiblefor most of the reduction and for the delayedupturn in the total. Since October, it hasaccounted for a substantial part of the in-crease.
New borrowing for automobile purchasesreturned to the pre-recession high of morethan $1,400 million a month in December1958 and continued at that rate in the earlymonths of 1959. Repayments remained atthe reduced level of $l,250-$l,300 milliona month and the expansion in outstandingcredit resumed at a seasonally adjusted rateof $175 million a month.
NEW AUTONOMIES1947-49 = 100
CREDIT SALES
300
200
rhousonds ot dollors
AVERAGE CONTRACT
1956 1958
NOTE.—Three-month moving averages. Latest data shown,January.
Despite the rise in sales of new cars afterthe introduction of the 1959 models, growthin credit sales has lagged behind the expan-sion in cash sales, as the chart shows. Thenumber of new cars sold on credit in thefirst four months after the introduction ofnew models was smaller than in the compar-able period a year earlier, but cash saleswere 25 per cent higher.
Maximum maturities and minimum down-payments on new car contracts have notchanged materially since 1957. Most lend-ers allow up to 36 months to pay on then-new car contracts and make loans up to theamount of the dealer cost of the collateral.The proportion of long-term contracts, afterrising steadily through the third quarter of1958, has leveled off in recent months. Itis estimated that about 60 per cent of allnew car contracts are now written with 36-month maturities.
The size of instalment notes on new cars
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
350 FEDERAL RESERVE BULLETIN • APRIL 1959
has shown little change over the past year.New car contracts averaged $2,640 in Janu-ary and February as compared with $2,610in the same months last year. Higher retailprices and the somewhat larger financingcharges associated with longer average ma-turities have been offset in part by an in-crease in the proportion of lower priced carspurchased.
Continued strength in credit sales con-tributed to the stability of used car salesthroughout 1958 and the early months ofthis year. The proportion of used cars soldon credit has risen steadily. Maximum ma-turities of 30 months in contracts for usedcars of recent model have become commonin the last few years, and there appears tohave been a proportionate lengthening ofmaturities in contracts for cars of oldermodel.
OTHER CONSUMER GOODS CREDIT
Instalment credit outstanding for the pur-chase of consumer goods other than auto-mobiles decreased in the latter part of 1957,after allowance for the usual seasonal influ-ences. Such credit began to rise again inthe spring of 1958 and in recent months itsrate of growth has accelerated.
Consumers have been spending about thesame proportion of their income on goodsother than automobiles as before the reces-sion and they have been buying about thesame proportion on credit. They have usedabout $1 billion of new credit a monthsince August 1958 while repayments, whichchanged little during the recession, haveaveraged about $950 million a month.
Credit for the purchase of major appli-ances and furniture continues to account forthe greater part of all instalment credit forgoods other than automobiles. Neverthe-less, an increasing proportion represents
credit for purchases of items such as housetrailers and pleasure craft, bought on com-paratively long terms, and credit for pur-chases of nondurable goods and small dur-able goods on revolving credit and similarplans.
The revolving credit plan, used verywidely by department stores, permits pur-chase, on a line of credit, of items hereto-fore seldom offered on an instalment basis.It is estimated that the amount of revolvingcredit outstanding has at least doubled sinceearly 1957, and that about $500 million, ora third, of all instalment credit at departmentstores is now in this form.
Repair and modernization loans outstand-ing have resumed a gradual upward courseafter a brief decline in early 1958. Newcredit is being extended at a slightly higherrate than at any time since the middle of1957. The trend toward longer averagematurities, which began when the maximummaturity on loans insured by the FederalHousing Administration was lengthened tofive years, has continued.
PERSONAL LOANS
Personal loans have expanded without pausesince World War II, but at a variable rate.The expansion slowed during the recessionbut has accelerated in recent months, as thechart shows. These loans amount to about afourth of total instalment credit outstanding.
Growth in personal loans reflects in-creased experience with, and confidence in,the unsecured loan on the part of lenders,and the use of this type of loan by consumersfor a wider variety of expenditures. Per-sonal loans have long been used for consoli-dation of debt, for medical and dental pay-ments and for emergencies. While thesepurposes still predominate, such loans arenow used more often than they used to befor purchasing consumer goods and services.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPANSION IN INSTALMENT CREDIT 351
CHANGES IN INSTIMENT CKDITtiticTie COMMNOIISMill.om ol dollors
AUTOMOBILE PAPER
III II. .1"1III"!1
II -OTHER CONSUMER GO(
. • • I I I !
" I 1
JOS PAPES
. . l . l l l l l
1
||PERSONAL LOANS
Illlllllllll l l . l l l l l l l l l i l l
1
200
200
200
200
1957 1958 •59
NOTE.—Adjusted for seasonal variation.
Greater interest in personal loam on thepart of commercial banks and the growthin the number of credit unions have ex-panded the sources of these loans. Specialcredit plans have also furthered the Use Ofthe personal loan. Among these are cheekcredit plans that extend the features of re-volving credit to the personal loan field, andthe arrangements of travel agencies and air-lines to finance travel.
FINANCING OF INSTALMENT CREDIT
Commercial banks financed most of therecent growth in instalment credit as well asthe peak seasonal demands at the end of1958 through direct participation in con-sumer lending, purchases of paper, or loansto other holders of consumer paper. Onbalance, sales finance companies returnedfunds to the credit markets during most of1958 but, as their needs increase with sea-sonal requirements this spring, their de-mands are likely to add to other pressureson available supplies of funds.
Costs of borrowing to finance instalment
lending operations are higher than they werein early 1958 but lower than they were in1957. The rate on 3- to 6-month directlyplaced paper of large finance companies hasbeen 3*/4 to 3% per cent in recent weeks,compared with 1% per cent in the secondquarter of 1958 and a high of 3% per centin 1957. Bank rates on loans to financecompanies and other borrowing rates havealso increased.
The earnings experience of lenders in1958 was mixed. Operating costs and lossescharged to bad debt reserves were largerthan in 1957 but these higher costs wereoffset in part by the lower interest rates onmoney borrowed. Many lenders specializ-ing in automobile financing, where volumedeclined, reported reduced earnings. Pros-pects for better earnings this year have beenenhanced by the rise in loan volume and theimprovement in collection experience.
Retail stores and automobile dealers orig-inate a large proportion of all instalmentcredit but they sell most of it to commercialbanks or sales finance companies. At theend of 1958 banks held 38 per cent of allinstalment credit and finance companies 26per cent, as the table on page 352 shows.Distribution of holdings has changed littlein recent years except for declines in theproportions held by retail outlets and salesfinance companies.
Recent changes in the relative importanceof sales finance companies reflect two partlyoffsetting tendencies. The proportion ofautomobile credit held by these companieshas declined from a temporary high of 51per cent at the end of 1955 to 45 per centin recent months as commercial banks andother financial institutions, primarily creditunions, have expanded their share of thismarket. On tile other hand, the proportion
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
352 FEDERAL RESERVE BULLETIN • APRIL 1959
H O L D E R S O F I N S T A L M E N T P A P E R
[End-of-year figures]
Type of holder
Total
Financial institutions:Commercial banksSales finance companies..Consumer finance com-
paniesCredit unionsOther
Retail outlets
Amount(in mil-lions ofdollars)
1958
33,865
12,7308,740
3,3812,6641,428
4,922
Percentagedistribution
1958
100
3826
1084
14
1956
100
3729
1064
15
1954
100
3726
964
18
of credit for other consumer goods held bythe sales finance industry has increased from
12 per cent in 1954 to about 18 per cent in1958 as financial subsidiaries have beenformed by manufacturers and retailers tohandle their paper.
Small commercial banks have expandedtheir operations in the automobile creditmarket more than medium-size and largebanks. Small banks reported the largestrelative gains in purchased paper and theyalso expanded their share of the direct loanmarket. In the sales finance industry, smalland medium-size companies reported slightlymore growth from 1955 to date in the newand used car fields than the average for thethree largest companies. Growth in auto-mobile credit operations has been less rapidamong all sizes of sales finance companiesthan among small banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Member Bank Term Lending toBusiness, 1955S7
MEMBER BANK LOANS to business in Oc-tober 1957 included $15.4 billion with ma-turities of more than one year, or term loans.The outstanding amount of such loans in-creased by 48 per cent in the two years end-ing October 1957 and from 34 to 38 percent of total business loans.
Growth in term loans in this period wasshared by all major industry groups of bor-rowers. A large part of the dollar amountof growth, however, occurred in certaingroups—metal fabricators, manufacturers ofpetroleum-rubber products, and publicutilities—in which expenditures for fixedcapital were relatively heavy during the eco-nomic expansion of 1955-57. A large partof the increase in number of loans and thegreatest relative increases occurred in trade,construction, and real estate—industrygroups dominated by smaller firms, many ofwhich were growing rapidly. These charac-teristics of term loan expansion by industryrepresent to some extent a continuation ofearlier postwar trends.
Nearly three-fourths of the number ofterm loans outstanding in October 1957 hadintermediate maturities, mostly one-threeyears, and the number of loans with suchmaturities grew from 1955 to 1957 in mostindustry and borrower-size groups. Suchmaturities included a substantial number ofinstalment-type loans to small business onwhich effective rates of interest are higherthan those on other term loans. Many of
these are used to purchase equipment, whichis the security for the loan. A substantialproportion of the dollar amount of termloans represented maturities of five-ten years.Most of the borrowing in this maturity rangewas by large businesses.
The largest banks held more than halfof the outstanding amount of term loans,but banks with deposits of less than $100million held more than half of the number.Banks of all sizes expanded term lendingto smaller borrowers in the two years endingOctober 1957.
This article summarizes the findings con-cerning characteristics of term lending ofmember banks to business from surveysconducted by the Board of Governors ofthe Federal Reserve System in cooperationwith the Federal Reserve Banks in Octoberof 1955 and 1957 and includes some his-torical perspective from a similar survey inNovember 1946.1 Additional findings con-cerning term loans appeared in the article"Member Bank Lending to Small Business1955-57" in the Federal Reserve BULLETIN
for April 1958, pages 393-411.
CHARACTERISTICS OF BORROWERS
The $15.4 billion of member bank termloans outstanding in October 1957 and the
NOTE.—This article was prepared by Carl T. Arlt,Jr., formerly of the Board's Division of Research andStatistics.
1See Duncan McC. Holthausen, "Term Lendingto Business by Commercial Banks in 1946," FederalReserve BULLETIN, May 1947, pp. 498-517. For otherarticles covering the 1955 Survey see James B. Eckert,"Business Loans of Member Banks," Federal ReserveBULLETIN, April 1956, pp. 327-40; and Caroline H.Cagle, "Credit Lines and Minimum Balance Require-ments," Federal Reserve BULLETIN, June 1956, pp.573-79.
353
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
354 FEDERAL RESERVE BULLETIN • APRIL 1959
$5 billion increase in such loans over thetwo preceding years were distributed widelyamong borrowers in different industries andof different size. The importance of suchloans among businesses is revealed not onlyby the distribution of their number andamount but also by their growth in recentyears as compared with short-term credit.
Business. The volume of term loans out-standing in 1957 was dominated by largeloans to borrowers ;n industries with tra-ditionally heavy fixed capital requirements.Three groups—metals and metal products;petroleum, coal, chemicals, and rubber; andtransportation and other public utilities-accounted for about one-half of the amountof loans outstanding but for less than 15per cent of the number. The average loanranged from $236,000 for petroleum-rubberto about $90,000 each for public utilitiesand metal fabricators. The number of loans,
on the other hand, was concentrated amongcompanies whose needs are mostly for work-ing capital and are generally rather small.Retail trade and services accounted for halfof the number but only 17 per cent of thevolume on the Survey date, as shown inTable 1. The average loan for each of thesegroups was about $10,000.
Nearly half of the growth in term loansbetween the 1955 and 1957 Survey dateswas concentrated among the same threegroups—metals, petroleum-rubber, and pub-lic utilities—that accounted for such a largeproportion of all loans outstanding in Oc-tober 1957. Much of the increased use ofterm loan credit by these three groups wasundoubtedly related to their needs for fi-nancing large programs for plant expansionand modernization. Despite the increaseduse of term credit, its importance relative tototal business loans declined for metal fab-
TABLE 1
BUSINESS CLASSIFICATION OF TERM LOAN BORROWERS AT MEMBER BANKS
1955 and 1957
Businessof borrower
AH businesses . . . .
Manufacturing and mining:Food, liquor, and tobacco...Textiles, apparel, and leather.Metals and metal products..Petroleum, coal, chemicals,
and rubber •All other
Trade:Retail tradeWholesale tradeCommodity dealers
Other:Sales financeTransportation, communica-
tion, and other pub. util...Construction....
ServiceAll other nonfinancial
Amount of loans
Millions ofdollars
Oct. 5,1955
10,457
419262
1,193
1,913733
1,07542555
131
1,943339736807424
Oct. 16,1957
15,421
485314
1,905
2,7631,067
1,38760088
266
2,839596
1,3071,194
611
Percent-age
increase,1955-57
47.5
15.619.659.6
44.445.5
29.141.258.6
103.2
46.176.177.647.944.0
Percent-age dis-
tribution,1957
100.0
3.12.0
12.4
17.96.9
9.03.90.6
1.7
18.43.98.57.74.0
Term loans aspercentage of
total loans
1955
33.9
22.415.136.8
73.538.7
31.217.87.5
4.6
68.520.030.345.831.8
1957
38.0
20.318.634.5
73.738.2
30.220.110.8
8.6
68.130.143.952.838.1
Number of loans
Thousands
Oct. 5,1955
364.9
10.73.8
15.8
8.219.0
102.217.21.4
1.0
23.023.225.383.430.7
Oct. 16,1957
479.1
11.34.7
22.0
11.722.6
135.326.22.3
1.1
30.035.538.3
105.832.3
Percent-age
increase,1955-57
31.3
5.623.738.8
41.519.1
32.452.259.3
11.4
30.553.251.126.95.3
Percent-age dis-
tribution,1957
100.0
2.41.04.6
2.44.7
28.25.50.5
0.2
6.37.48.0
22.16.7
Term loans aspercentage of
total loans
1955
30.8
32.813.529.9
33.428.8
27.619.417.4
8.4
56.924.637.439.334.9
1957
37.4
37.919.137.5
39.033.4
34.226.022.2
9.7
61.232.946.846.138.7
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 355
ricators and public utilities and rose onlyslightly for petroleum-rubber companies.
The rate of growth in term loans in thesethree groups was matched or exceeded bythat in some other industries, but theamounts involved in the latter were typi-cally smaller. Term loans of constructionand real estate industries increased by morethan 75 per cent during the two years, andthe proportion of their total bank creditrepresented by term loans increased sharply.For these groups fixed capital requirementsare relatively small compared with those ofmetal fabricators, petroleum-rubber manu-facturers, and public utilities.
These differential rates of growth appearto have continued from earlier postwaryears. In the 1946-55 period term loangrowth in the manufacturing and miningsector and in public utilities was less thanthat in the construction, service, and realestate groups. Similarly, the emphasis onterm loans relative to total borrowings in-creased markedly for the latter groups,while declining or remaining constant forthe former. Term loan patterns in the
1946-55 period were governed mainly bythe sharp expansion in demand for con-struction—both business and residential—and for consumer services as living stand-ards rose. In the 1955-57 period they wereinfluenced less by industry growth rates thanby changes in the structure of borrowingwithin industries.
Size. Borrowers in the two smallest sizeclasses (assets of less than $250,000) heldless than one-fifth of the amount of termloans outstanding on the 1957 Survey date,while borrowers in the two largest classes(assets of $5 million or more) held morethan one-half of the total. In terms ofnumber of loans, however, the two smallestclasses held four-fifths of the total, and thetwo largest classes only 2 per cent.
The volume of term loans outstandingrose substantially between 1955 and 1957for borrowers in most size groups, as shownin Table 2. When borrowers are classifiedinto broad groups—as smaller (assets of lessthan $5 million) or larger (assets of $5million or more)—Survey data show thatthe rate of term-loan growth was almost the
TABLE 2
TERM LOANS OUTSTANDING AT MEMBER BANKS, OCTOBER 16, 1957, BY BUSINESS AND SIZE OF BORROWER
Business of borrower
All businesses
Manufacturing and miningTrade2
Other:Sales financeTransportation, communication, and
other public utilities . . .ConstructionReal estateService .All other nonfinancial
Amount (in millions of dollars)
Allbor-
rowers l
15,421
6,5332,075
266
2,839596
1,3071 194
611
Size of borrower (total assets,in thousands of dollars)
Lessthan 50
673
76237
1
453947
18643
50-250
1,945
315640
14
8312428938397
250-5,000
3,817
1,301741
56
389282513341193
5,000-100,000
4,644
2,625271
110
99979
214156191
100,000andover
3,551
2,002118
85
1,19723227035
Percentage increase, or decrease (—), 1955-57
Allbor-
rowers 1
47.5
44.533.4
103.2
46.176.177.647.944.0
Size of borrower (total assets,in thousands of dollars)
Lessthan 50
15.9
- 7 . 919.1
- 3 1 . 0
50.74.0
12.220.720.1
50-250
44.3
21.462.3
40.6
27.550.138.753.622.8
250-5,000
51.1
39.759.0
81.7
24.0107.876.355.340.9
5,000-100,000
43.3
31.129.3
406.0
59.831.0
118.759.949.9
100,000andover
50.6
77.3- 4 9 . 0
28.3
42.0206.3
- 3 3 . 4101.4150.9
1 Includes a small amount of loans for borrowers whose size wasnot ascertained.
2 Includes commodity dealers.NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
356 FEDERAL RESERVE BULLETIN • APRIL 1959
TABLE 3
DISTRIBUTION OF MEMBER BANK TERM LOANS TO BORROWERS CLASSIFIED BY CORPORATE STATUS, 1955 AND 1957
WITHIN BUSINESS-OF-BORROWER GROUPS
[In per cent]
Business of borrower All termloans
Amount
1955
Incor-porated
Unincor-porated
1957
Incor-porated
Unincor-porated
Number
1955
Incor-porated
Unincor-porated
1957
Incor-porated
Unincor-porated
All businesses
Manufacturing and miningWholesale trade 1Retail tradeOther:
Sales financeTransportation, communication,
and other public utilitiesConstructionReal estateServiceAll other nonfinancial
1 Includes commodity dealers.
100.0
100.0100.0100.0
100.0
100.0100.0100.0100.0100.0
79.1
88.678.755.8
92.7
92.364.263.449.867.4
20.9
11.421.344.2
7.3
7.735.836.650.232.6
80.7
91.471.951.2
98.3
95.967.067.250.566.2
19.3
8.628.148.8
1.7
4.133.032.849.533.8
25.7
43.543.516.0
59.4
42.430.030.616.617.3
74.3
56.556.584.0
40.6
57.670.069.483.482.7
29.8
49.045.119.5
71.1
41.434.143.118.321.1
70.2
51.054.980.5
28.9
58.665.956.981.778.9
NOTE.—Details may not add to totals because of rounding.
same, 45 per cent and 46 per cent, respec-tively.
The substantial growth in term loans tosmaller borrowers probably reflects in parttheir limited access to other sources of inter-mediate- or long-term credit. Large com-panies on the other hand normally haveaccess to nonbank sources, through thesecurities markets or directly from insurancecompanies or other financial institutions.Large borrowers continued to obtain thebulk of their funds from nonbank sourcesduring the two-year period, but they alsosought substantial amounts of bank credit.A large proportion of this credit was short-term, which could be funded into long-term securities when interest rates becamemore favorable. At the same time, how-ever, they increased their term loans frombanks just as rapidly as smaller borrowersdid during the period.
Between 1946 and 1955 term loans ex-panded about 200 per cent for smallerborrowers compared with only 87 per centfor larger concerns. The sharper growth in
loans to smaller borrowers was consistentwith the rapid expansion during the intervalin industry groups where relatively small-scale business is predominant. Smaller bor-rowers accounted for 34 per cent of all termloans outstanding in 1946, but by 1955their share had risen to 44 per cent.2 At thesame time the proportion of term loans tototal loans for this group increased from 21to 27 per cent, while the proportion forlarger borrowers declined.
Organizational form. In both 1955 and1957 four-fifths of the dollar amount andmore than one-fourth of the number ofmember bank term loans outstanding wereto enterprises that were incorporated. Loansto such enterprises predominated in all in-dustry groups of borrowers except retailtrade and services, as shown in Table 3.
2 Since the same dollar limits were used to deter-mine asset size groups for summarizing the 1946,1955, and 1957 Survey data, with no allowance forthe considerable rise in prices and general growth ofbusiness assets over this period, term loan growth forsmaller asset sizes is relatively understated.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 357
In these two groups the dollar volume ofloans was about equally divided betweenincorporated and unincorporated business,but unincorporated business accounted formore than 80 per cent of the number. Smallbusinesses, usually unincorporated, are pre-dominant in these two industries.
The proportion of term loans outstandingto incorporated business rose moderatelyfrom 1955 to 1957 in all industry groupsexcept trade and all other nonfinancialbusiness. This trend reflected the relativelylarge volume of lending to larger businesses,most of which are incorporated. The de-clines for wholesale and retail trade wereconsistent with the declining share of termloans to larger firms in those industry groupsbetween the two Survey dates. This con-trasts with changes in the 1946-55 periodwhen the proportion of term loans to in-corporated borrowers in these two industrygroups rose sharply, reflecting in part thegrowth of chain-store merchandising.
LOAN CHARACTERISTICS
Provisions of term loans to business, cover-ing such features as maturity, repayment
method, interest rate, and security, are toa large degree interrelated and generallyreflect borrower characteristics. In someinstances they are influenced also by thepurposes for which credit is extended.
Maturity. In both 1955 and 1957 aboutthree-fourths of the number of member bankterm loans outstanding were intermediate-term, that is, had original maturities of one-five years, as shown in Table 4. The dollarvolume of loans in 1957 showed someconcentration—40 per cent—in the five-tenyear maturity group. The share for thesematurities was smaller than it had beentwo years earlier, while the share for loanswith intermediate maturities had increased.Nevertheless, the average maturity of mem-ber bank portfolios on both Survey dateswas estimated to be slightly more than fiveyears. The increasing proportion of inter-mediate maturities and the declining pro-portion of five-ten year maturities between1955 and 1957 apparently continued atrend in process since 1946.
The proportion of term loans with five-ten year maturities declined from 1955 to1957 in most industry groups. For some
TABLE 4
MATURITIES OF TERM LOANS OUTSTANDING AT MEMBER BANKS, SURVEY DATES 1
Original maturity(in years)
All term maturities
Intermediate-term, total.1 22-33-44 5
Long-term, total5 10Over 10
Amount
Millions of dollars
1946
4,558
1,834647315217654
2,7252,312
413
1955
10,457
4,8831,422
995728
1,738
5,5744,698
876
1957
15,421
7,7172,4021,8611,1762,278
7,7046,1551,549
Percentageincrease
1946-55
129
166120216235166
105103112
1955-57
47
5869876231
383177
Percentagedistribution
1946
100.0
40.214.26.94.8
14.3
59.850.79.1
1955
100.0
46.713.69.57.0
16.6
53.344.9
8.4
1957
100.0
50.015.612.17.6
14.8
50.039.910.0
Number
Thousands
1946
144
10958231117
3529
6
1955
365
268136782331
978314
1957
479
3521681083145
12710126
Percentageincrease
1946-55
153
14513623411677
175182142
1955-57
31
3123393446
312290
Percentagedistribution
1946
100.0
75.740.016.17.5
12.0
24.320.4
3.9
1955
100.0
73.537.321.36.48.5
26.522.8
3.7
1957
100.0
73.635.022.66.69.4
26.421.1
5.3
i Nov. 20, 1946; Oct. 5, 1955; and Oct. 16, 1957. NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
358 FEDERAL RESERVE BULLETIN • APRIL 1959
groups the proportion dropped sharply—from 53 to 46 per cent of the dollar totalfor metals and from 52 to 45 per cent forpetroleum. At all size classes of banks,growth in intermediate-term maturities wasmore rapid than that in five-ten year matur-ities, as shown in Appendix Table 2. Be-tween 1946 and 1955, on the other hand,small banks expanded their five-ten yearloans more rapidly than those with inter-mediate maturities, while larger banks ex-panded intermediate maturities more rapidlythan loans of five-ten years.
While loans in all maturity groupingsexpanded from 1955 to 1957, the sharpest
growth was in loans with maturities of one-three years and in those of more than tenyears. For each of these groups the amountoutstanding increased by about 70 per centor more. The number of loans with maturi-ties of more than ten years—only about 5per cent of all term loans—is too small,however, to permit any conclusion as tochanges over the period in either borrow-ing or lending policies.
For borrowers in all size groups thegrowth was sharpest in loans of one-threeyear maturities, as shown in Table 5. Never-theless, the rate of growth in these maturitieswas less sharp for borrowers in the two
TABLE 5
MATURITIES OF MEMBER BANK TERM LOANS TO BORROWERS CLASSIFIED BY SIZE, OCTOBER 16, 1957
Originalmaturity(in years)
All maturities
1 22-33-44_55-10Over 10
All maturities
1 22 33-44_55 10Over 10
All maturities . • .
1-22 33_44-55 10Over 10
Amount
Allbor-
rowers !
Size of borrower(total assets, in thousands of dollars)
Lessthan 50
50-250
250-5,000
5,000-100,000
100,000and over
Millions of dollars
15,421
2,4021,8611,1762,2786,1551,549
673
1641344173
19665
1,945
338257102249759241
3,817
744580355619
1,222298
4,644
558458358749
2,161361
3,551
499378269492
1,538375
Number
Allbor-
rowers 1
Size of borrower(total assets, in thousands of dollars)
Lessthan 50
50-250
250-5,000
5,000-100,000
100,000and over
Thousands
479.1
167.8108.231.544.9
101.025.6
209.5
88.955.712.815.129.7
7.3
168.6
50.733.010.218.145.411.3
64.5
16.813.35.47.9
17.53.5
6.5
1.30.80.81.12.10.3
2.5
0.30.20.10.41.20.3
Percentage increase, or decrease (—), 1955-57
47.5
68.987.161.631.031.076.8
100.0
15.612.17.6
14.839.910.0
15.9
21.730.413.68.8
- 1 . 356.1
100.0
24.419.96.1
10.829.1
9.7
44.3
54.167.9
5.643.325.1
143.2
100.0
17.413.25.3
12.839.012.4
51.1
73.078.143.930.038.877.4
43.3
79.7130.483.922.326.863.6
50.6
97.4121.4101.538.133.528.3
31.3
23.238.934.245.721.789.8
26.0
19.152.032.534.22.7
42.6
Percentage distribution within size-of-borrowei
100.0
19.515.29.3
16.232.07.8
100.0
12.09.97.7
16.146.5
7.8
100.0
14.010.77.6
13.943.310.6
100.0
35.022.6
6.69.4
21.15.3
100.0
42.426.6
6.17.2
14.23.5
52.7
51.286.145.061.527.0
118.0
r group
100.0
30.119.56.0
10.726.9
6.7
62.0
56.692.356.641.852.3
117.2
100.0
26.120.7
8.312.227.2
5.5
49.2
139.689.9
119.317.613.063.1
100.0
20.412.712.817.631.74.8
- 9 . 4
7.837.6
- 1 . 62.8
- 6 . 3-47.7
100.0
10.68.45.6
14.649.211.5
1 Includes a small amount of loans for borrowers whose size wasnot ascertained.
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 359
smallest groups (assets of less than$250,000), who normally borrow in thisrange, than for large borrowers (assets of$5 million or more), who normally borrowmore heavily in maturities of more than fiveyears.
The shifting by large borrowers fromlong- to intermediate-term maturities mayhave reflected in part the high cost of long-term funds from nonbank sources and theexpectation that bank loans with shortermaturities could be funded later into long-term debt in the capital market at lowerinterest rates. It may also have reflected anincreasing reluctance by large banks with
heavy term loan commitments and limitedreserves to lend on long maturities.
Repayment method and interest rates. Mostterm loans provide for repayment of theprincipal in instalments over the life ofthe loan rather than in a lump sum atmaturity. In the 1955 Survey, which pro-vided more detail on method of repaymentthan the 1957 Survey, instalment loans ac-counted for 80 per cent of the amount andnearly 95 per cent of the number of allterm loans to business, as Table 6 shows.
Effective interest rates on instalmentloans vary widely from one loan to another,depending in part on the method of calcu-
TABLE 6
REPAYMENT METHOD RELATED TO MATURITY OF MEMBER BANK TERM LOANS, 1955 AND 1957
Repayment method
1955
Allmatu-rities
Original maturity (in years)
Intermediate-term
1-2 2-3 3-4 4-5
Long-term
5-10 Over10
1957
Allmatu-rities
Original maturity (in years)
Intermediate-term
1-2 2-3 3-4 4-5
Long-term
5-10 Over10
Amount
In millions of dollars:All repayment methodsInstalment repayment, with interest
on:Original amountOutstanding amount
Single repayment
Percentage distribution within matur-ity groups:
All repayment methodsInstalment repayment, with interest
on:Original amountOutstanding amount
Single repayment
Number
In thousands:All repayment methodsInstalment repayment, with interest
on:Original amountOutstanding amount
Single repayment
Percentage distribution within matu-rity groups:
All repayment methodsInstalment repayment, with interest
on:Original amountOutstanding amount
Single repayment
10,457
8487,6072,002
100.0
8.172.719.1
364.9
144.9198.521.5
100.0
39.754.45.9
1,422
251500670
100.0
17.735.247.1
136.2
91.332.212.8
100.0
67.023.69.4
995
154527313
100.0
15.553.031.5
77.9
40.533.63.7
100.0
52.43.24.8
728
75507146
100.0
10.369.720.1
23.4
9.213.01.2
100.0
39.455.35.3
1,738
1081,410
220
100.0
6.281.12.7
30.8
1.927.0
1.9
100.0
6.387.66.1
4,698
1993,925
573
100.0
4.283.612.2
83.0
1.679.9
1.5
100.0
1.996.3
1.8
876
6073779
100.0
6.884.19.1
13.5
0.312.80.3
100.0
2.695.0
2.4
15,421
868• 14,553
100.0
5.694.4
479.1
189.3289.8
100.0
39.560.5
2,402
2652,137
100.0
11.089.0
167.8
101.166.7
100.0
60.339.7
1,861
2851,576
100.0
15.384.7
108.2
64.743.4
100.0
59.840.2
1,176
1471,029
100.0
12.587.5
31.5
14.916.6
100.0
47.452.6
2,278
672,210
100.0
3.097.0
44.9
6.238.7
100.0
13.986.1
6,155
756,080
100.0
1.298.
101.0
2.099.1
100.0
1.998.1
1,549
291,520
100.0
1.998.1
25.6
0.325.3
100.0
1.298.8
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
360 FEDERAL RESERVE BULLETIN • APRIL 1959
lating interest. This charge is calculatedby applying a stated rate of interest to oneof two bases: the original amount of theloan or the outstanding amount. Whenbased on the outstanding amount, the in-terest charge declines as the loan is repaid.When based on the original amount, thecharge does not decline even though theprincipal is being repaid, and the borrowerin effect pays a rate much higher than theone stated on his note. Stated rates oftenare subject to ceilings, some of which areestablished by law. The effective interestrate is often about twice the stated rate ona loan.
Data for the volume of instalment loanswith interest calculated on the outstandingamount are available only for 1955. Ac-cording to these data this method was usedto compute charges for more than half ofthe total number of term loans and fornearly three-fourths of the amount. Most ofthe long maturities and some of the inter-mediate maturities—especially in the four-five year range—were of this type.
Information on the volume of loans forwhich interest is calculated on the originalamount is available for both Surveys. Ineach, nearly two-fifths of the number butless than one-tenth of the volume fell in thiscategory. For the most part these wereloans of intermediate maturities to smallborrowers. Among very small borrowers(assets of less than $50,000), two-thirds ofthe number of one-three year loans andmore than half of the amount had interestcalculated on the original amount of theloan.
In October 1957 the effective interest rateon outstanding instalment loans with interestbased on the original amount of the loanaveraged 8.7 per cent compared with 4.5per cent for all other term loans, as shown
TABLE 7
AVERAGE INTEREST RATES ON INSTALMENT AND OTHERMEMBER BANK TERM LOANS CLASSIFIED BY SIZE
OF BORROWER, OCTOBER 16, 1957
Size of borrower(total assets, in
thousands of dollars)
All borrowers *
Less than 5050-250250 5 0005,000 and over
All borrowers *
Less than 5050 250250-5 000.5 000 and over
Averageinterest
rate(in
per cent)
Amount outstanding
Averageloan (in
thousandsof dollars)
Total(in
millionsof dollars)
Instalment repayment, with intereston original amount of loan
8.74
9.969.558.255.51
4.6
1.94.8
16.9162.8
868
205246246137
Other repayment methods2
4.52
5.465 245.024.05
50.2
4.714.571.5
989.2
14,553
4681,7003,5708,059
1 Includes a small amount of loans to borrowers whose size wasnot ascertained.
2 Represents repayments in a lump sum and repayments on instal-ment with interest calculated on outstanding balance.
in Table 7. Borrowers with assets of lessthan $250,000 paid roughly 10 per cent onthese loans, nearly twice as much as on termloans repaid by other methods. Largerborrowers also paid higher rates on theseinstalment loans, but the differentials wereconsiderably narrower. This suggests thatbanks adjusted stated rates on loans to largeborrowers to provide effective rates notmuch different from prevailing rates onloans repaid by other methods.
The system of basing interest computa-tions on original amounts of instalmentloans, thereby obtaining a higher effectiverate, reflects in part an attempt to coverthe higher costs of extending this type ofcredit. Instalment loans of this type aremuch smaller, on the average, than otherinstalment loans and they require a higherpercentage of income on the principal tocover both the relatively fixed expense ofmaking the loan and the current administra-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 361
tive costs. The latter costs are oftengreater than those on other term loans be-cause they involve frequent repayments.
The bulk of all term loans with interest onoriginal amount in 1955, and presumably in1957, were secured by equipment, includingautomobiles and trucks. Such security ofteninvolves greater administrative cost andgreater risk of loss than other forms of col-lateral. Effective interest rates on instalmentloans with interest on original amount ap-pear adequate, however, to make these loansprofitable to banks. This probably ac-counts in part for the rapid growth in suchloans, particularly those of one-three years
to small borrowers, between 1955 and1957, a period of restricted credit availa-bility and rising interest rates.
Security. Information on type of col-lateral for member bank term loans was ob-tained in the 1955 Survey but not in the1957 Survey. The data for 1955 indicatethat about 60 per cent of the volume and90 per cent of the number of term loanswere secured by collateral or backed bysome form of repayment guarantee. Inthe previous Survey, in 1946, only 40 percent of the total amount had been thussecured.
The secured proportion increased as the
TABLE 8
TYPE OF SECURITY PLEDGED FOR MEMBER BANK TERM LOANS, OCTOBER 5, 1955
WITHIN SIZE-OF-BORROWER GROUPS
Type of securityAllbor-
rowers 1
Size of borrower (total assets, in thousands of dollars)
Lessthan 50
50-250
250-1,000
1,000-5,000
5,000-25,000
25,000-100,000
100,000and over
All term loans.
UnsecuredSecured, total
Endorsed or comakerAssignment of claimsOther securityInventoriesEquipmentPlant and other real estateU. S. Government securitiesOther bondsStocksLife insurance and savings accounts.
Unsecured.Secured....
Endorsed or comakerAssignment of claimsOther securityInventoriesEquipmentPlant and other real estateU. S. Government securitiesOther bondsStocksLife insurance and savings accounts.
10,457
4,2666,191489
1,05532985
1,5482,337
203923752
40.859.2
7.917.05.31.4
25.037.70.30.63.80.8
Amount (in millions of dollars)
581
36544511984
156298(2)
(2)35
1,348
721,276
605520172158842(2)1211
1,212
1221,090
741034312252582211112
1,314
341973842265322250289113314
1,679
827852732951099
2049345563
1,563
1,01854561184226
1184321495
Percentage distribution of all term loans
Percentage distribution of all secured term loans
2,358
1,8265325298283
27126818225
693.2.8
5.94.
37
1090.0.0
2674.0.0
49.50.
37
65.34.
19
77.522.5
9.33.61.40.828.654.70.1(?)0.51.0
4.74.31.51.316.869.30.1(?)0 9o!9
6.89.44.01.1
23.153.40.2
1 0i!i
8.623.25.42.225.729.70.20.13.41.4
8.634.612.81.1
24.010.90.50.66.60.3
11.233.84.01.1
21.77.90.42.517.4
9.818.55.30.650.94.91.43.34.21.0
1 Includes loans of borrowers whose size was not ascertained.2 Less than $500,000.
3 Less than 0.05 of one per cent.NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
362 FEDERAL RESERVE BULLETIN • APRIL 1959
size of borrower declined. In 1955 it rangedfrom 23 per cent for the largest borrowersto 94 per cent for the smallest, as shown inTable 8. These proportions were substan-tially higher for all sizes of borrowers thanin 1946.
Bank practices with respect to grantingunsecured loans changed little from 1955to 1957, although this was a period of mone-tary restraint. In a few categories of loanswhere increases in the proportion of securedloans to the total did occur—such as loansto the largest borrowers or those with thelongest maturities—the increases are explain-able in large measure by the rapid growthwithin these groups of types of loans thatare usually made on a secured basis. Forexample, the increased proportion of se-cured loans for borrowers in larger assetsize groups reflects the more rapid growthof term loans in industries where securedloans predominate, such as real estate, con-struction, and service firms.
Plant, other real estate, and equipmentwere the collateral for more than three-fifthsof all secured term loans outstanding in1955. For borrowers with assets of less than$250,000, these three forms accounted fora much larger proportion of the total. As-signment of claims, such as accounts receiv-able or liens on revenue, was the next mostimportant type of security. This type, usedmainly by large firms, accounted for lessthan one-fifth of the total. Most of theloans secured by assignment of claims wereto petroleum-rubber producers.
Loans secured by bonds and stocks wererelatively insignificant for all sizes of bor-rowers in 1955 whereas in 1946 they hadaccounted for 16 per cent of the securedterm loans for all borrowers and as muchas 35 per cent for borrowers with assets ofmore than $5 million. This decline re-
flected primarily the drop in business hold-ings of U. S. Government securities from theabnormally high levels prevailing at theend of World War II.
Small borrowers obtain most of theirterm loan credit from smaller banks. Atthese banks, secured loans were backed al-most entirely by plant, other real estate, andequipment—the only collateral that mostsmall businesses can furnish. Such col-lateral was used also for a substantial partof all term loans at large banks, as shownin Appendix Table 4. Another big seg-ment at large banks, however, was backedby assignment of claims, which often in-volved complex administrative arrange-ments. Some loans at large banks weresecured by types of collateral, such as cor-porate stock, that are generally availableonly to larger borrowers.
Equipment security was most importantin loans with maturities of one-four years,while real estate security was important onlyin loans with long-term maturities. Theemphasis on real estate security increasedsomewhat from 1955 to 1957, particularlyfor loans with maturities of more than tenyears in which the proportion of loans withsuch collateral rose from 30 to 40 per cent.
LENDING BANKS
Member bank accommodations of busi-nesses of different size with term loans de-pend in part on the size of the bank and inpart on participation arrangements wherebythe credit is extended by more than onebank.
Size of bank. Banks with deposits of $1billion or more held more than half of thedollar volume of term loans outstandingin 1957, as shown in Table 9. Smallerbanks, with deposits of less than $100 mil-lion, held more than half of the number but
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 363
TABLE 9
SIZE OF TERM LOAN BORROWERS RELATED TO SIZE OF LENDING BANKS, OCTOBER 16, 1957
Size of borrower(total assets, in
thousands of dollars)
All borrowers *
Less than 5050-250250-1,0001,000-5,0005,000-25,00025,000-100,000100,000 and over . . .
Amount of loans(in millions of dollars)
Allbanks
15,421
6731,9451,7962,0212,3132,3323,551
Size of bank (total deposits,in millions of dollars)
Lessthan
10
585
199305
5310211
10-100
2,069
221820622226
541822
100-1,000
4,414
150541805
1,053748436493
1,000andover
8,354
103280316732
1,5091,8773,036
Percentage increase, ordecrease ( - ) , 1955-57
Allbanks
47.5
15.944.348.253.837.749.250.6
Size of bank (total deposits,in millions of dollars)
Lessthan
10
43.2
27.451.074.3
194.652.2
- 3 9 . 3
10-100
43.7
9.145.358.144.036.141.5
4.5
100-1,000
39.3
2.331.651.646.734.650.812.2
1,000andover
53.6
37.063.422.967.839.448.960.1
Percentage distribution withinsize-of-borrower groups
Allbanks
100.0
100.0100.0100.0100.0100.0100.0100.0
Size of bank (total deposits,in millions of dollars)
Lessthan
10
3.8
29.615.73.00.50.1
8
10-100
13.4
32.842.134.611.22.30.80.6
100-1,000
28.6
22.327.844.852.132.418.713.9
1,000andover
54.2
15.314.417.636.265.280.585.5
1 Includes loans for borrowers whose size was not ascertained.2 Less than 0.05 of one per cent.
less than one-fifth of the dollar amount.More than three-fourths of all term loans
at banks in the largest size group representedcredit to larger borrowers (assets of morethan $5 million). This concentration ofborrowing of course reflects the fact thatonly banks with large resources are pre-pared to meet such credit needs. Althoughbanks in the two largest size groups repre-sented almost the sole source of term loansto the larger borrowers, they were alsoan important source of term credit to smallborrowers (assets of less than $250,000).Four-fifths of the term credit provided bybanks in the smallest size group (deposits ofless than $10 million) went to firms withassets of less than $250,000.
The industrial classification of term loanborrowers among banks in various sizegroups, shown in Appendix Table 6, alsopoints to a close relationship between sizeof bank and size of borrower. In 1957the metals, petroleum-rubber, and publicutilities groups—each of which is heavilyweighted by large corporate organizations-accounted for more than 60 per cent of theterm loan volume of banks with total de-
NOTE.—Details may not add to totals because of rounding.
posits of $1 billion or more, while industrygroups made up of characteristically smallfirms—such as retail trade and service—obtained a similar proportion of the termcredit extended by the smallest banks (de-posits of less than $10 million).
The largest banks had the most rapidgrowth—54 per cent—in term loans from1955 to 1957. The smallest banks, how-ever, had the sharpest increase in the pro-portion of term loans to total loans. Thisreflects in part the increasing reliance ofsmaller borrowers, who account for mostof the borrowing at such banks, on thelonger maturities.
A noteworthy feature of term loan ex-pansion from 1955 to 1957, as well as from1946 to 1955, was that growth for smallerborrowers (assets of less than $250,000)was sharper at the largest banks than atsmaller banks. As a result, by 1957 banksin the largest size group (total deposits of$1 billion and over) accounted for 15 percent of the term credit outstanding to thesmallest borrowers as compared with 13per cent in 1955. Banks classified in thelargest size class in the 1946 Survey (total
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
364 FEDERAL RESERVE BULLETIN • APRIL 1959
deposits of $500 million and over) ac-counted for 3 per cent of all term credit tothis borrower group. The rapid growth ofbranch banking over this period probablypermitted large banks to extend their activi-ties beyond the financial centers into areaswhere the typical borrower is a small busi-ness. Also contributing in recent years hasbeen the development by large banks ofsmall business loan departments and/or in-stalment credit departments to facilitate thegranting of small loans.
Participation arrangements. The size ofa bank making a term loan is related to theamount of credit extended. If the size ofthe loan requested exceeds that which thebank is willing or able to make, the bankmay arrange to have other banks providesome of the credit.
Data on extent of participation by severalbanks in term lending operations, availablefor 1955 but not for 1957, indicate thatnearly one-third of the dollar volume in1955 involved participation by two or morebanks. This was about the same proportionas in 1946. Most participations are ar-ranged to meet the demands of large bor-rowers and may reflect a desire on the partof banks to spread their risks as well as adesire to meet demands for credit in excessof their legal loan limits. The proportionof loans arranged on a participation basisrises as the size of loan increases. It be-comes significant—that is, in excess of 10per cent—for loans of $100,000 or more.
Most participations are arranged by thelargest banks. Among such banks pool ar-rangements are the predominant form ofparticipation, as Table 10 shows. Smallbanks, on the other hand, use participating
arrangements very little, probably becausemost of their loans are not large enough towarrant them. The participating loansthey do make are generally of the "over-line" type, in which the initiating bankusually offers another bank the portion of aloan that exceeds either the legal loan limitof the initiating bank or the line of creditthat it wishes to extend.
Nearly two-fifths of all long maturitieswere arranged on a participation basis in1955 as compared with only one-fourth ofall intermediate maturities. For loans inthe long maturity group, the proportionof participations ranged from about 5per cent at small banks to 50 per cent atthe largest banks.
TABLE 10
MEMBER BANK PARTICIPATION IN TERM LOANSOCTOBER 5, 1955, BY SIZE OF BANK
Size of bank(total deposits,
in millionsof dollars)
All member banks..
Less than 1010-100100-1,0001,000 and over. . . .
All member banks..
Less than 1010-100100-1,0001,000 and over. . . .
Amount of term loans (in millions of dollars)
Total
10,457
4081,4403,1705,439
Nopartici-pation
7,158
3861,2932,3613,119
Participations, by type
Excess or over-line,originated by:
Report-ing bank
446
1262
171200
Anotherbank
591
650
326208
Pool
2,263
435
3121,912
Participation loans as a percentageof all term loans in maturity group i
All maturities
31.5
5.410.225.542.7
1-5 years
25.1
5.511.423.432.5
Over 5 years
37.2
5.48 9
27.850.1
i Percentages based on amounts of loans.NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 365
APPENDIX TABLE 1
CORPORATE STATUS OF TERM LOAN BORROWERS AT MEMBER BANKS, 1957, BY BUSINESS OF BORROWER
Business of borrower
All businesses
Manufacturing and miningWholesale trade1
Retail tradeOther:
Sales finance....Transportation, communication, and other
public utilitiesConstruction...Real estateService..All other nonfinancial
Incorporated
Amount of loans
Millionsof
dollars
12 444
5,968495710
262
2,723400879603405
Percent-age in-
crease, ordecrease
(-),1955-57
50 4
48.930 818.3
115.5
51.984.188 450.041.5
Number of loans
Thou-sands
142 6
35.412.826.4
0.8
12.512.116 519.36.8
Percent-age in-
crease, ordecrease
(-),1955-57
52.2
41.358.461.3
33.4
27.774.1
113.039.628.5
Unincorp orated
Amount of loans
Millionsof
dollars
2,978
565193677
4
115197428591206
Percent-age in-
crease, ordecrease
1955-57
36.3
10.188.842.7
- 5 3 . 2
- 2 3 . 362.059.045.849.1
Number of loans
Thou-sands
336.4
36.915.6
108.9
0.3
17.623.421.886.525.5
Percent-age in-
crease, ordecrease/ \1955-57
24.0
13.448.526.9
- 2 0 . 8
32.644.323.924.40.4
1 Includes commodity dealers. NOTE.—Details may not add to totals because of rounding.
APPENDIX TABLE 2
TERM LOANS OF MEMBER BANKS, OCTOBER 16, 1957
B Y SIZE OF BANK AND MATURITY
Size of bank(total deposits, in
millions of dollars)
All banks
Less than 1010-100100 1 0001,000 and over
All banks
Less than 1010-100100-1 000.1,000 and over
All banks
Less than 1010-100100-1 000.1,000 and over
Amount outstanding
Alltermloans
Original maturity (in years)
1-2 2-5 5-10 Over 10
In millions of dollars
15,421
5852,0694,4148,354
2,402
136375848
1,044
5,315
191714
1,6512,758
6,155
204754
1,5443,652
1,549
54225371899
Number of loans
Alltermloans
Original maturity (in years)
1-2 2-5
In thousands
479.1
100.2160.5127.091.4
167.8
38.456.144.528.8
184.6
34.657.050.442.5
5-10 Over 10
101.0
22.537.725.115.7
25.6
4.79.77.04.3
Percentage increase, 1955-57
47.5
43.243.739.353.6
100.0
100 0100.0100.0100.0
68.9
68.845.283.168.3
15.6
23.218.119.212.5
53.6
46.348.042.663.3
]
34.5
32.734.537.433.0
31.0
21.129.217.938.6
76.8
87.896.155.182.2
31.3
35.634.523.932.1
23.2
40.927.114.211.4
39.7
40.749 A35.232.6
'ercentage distribution within size-of-bank classes
39.9
35.036.535.043.7
10.0
9.210.98.4
10.8
100.0
100.0100.0100.0100.0
35.0
38.335.035.031.6
38.5
34.535.539.746.6
21.7
17.021.911.352.6
89.8
66.659.986.8
375.4
21.1
22.523.519.717.2
5.3
4.66.05.54.7
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
366 FEDERAL RESERVE BULLETIN • APRIL 1959
APPENDIX TABLE 3
BUSINESS OF BORROWER RELATED TO MATURITY OF MEMBER BANK TERM LOANS, OCTOBER 16, 1957
Business of borrower All termloans
Original maturity (in years)
1-2 2-3 3-4 4-5 5-10 Over 10
Amount (in millions of dollars)
All businesses
Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals, and rubberAll other
Trade:Retail tradeWholesale tradeCommodity dealers
Other:Sales financeTransportation, communication, and other public utilitiesConstructionReal estateServiceAll other nonfinancial
All businesses
Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals, and rubberAll other
Trade:Retail tradeWholesale tradeCommodity dealers
Other:Sales financeTransportation, communication, and other public utilitiesConstructionReal estateServiceAll other nonfinancial
All businesses
Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals, and rubberAll other
Trade:Retail tradeWholesale tradeCommodity dealers
Other:Sales financeTransportation, communication, and other public utilitiesConstructionReal estateServiceAll other nonfinancial
15,421
485314
1,9052,7631,067
1,38760088
2662,839
5961,3071,194
611
2,402
5837
240280116
2459911
91483236219179109
1,861
4429
24528687
1618823
2439015913213655
1,176
3816
148243103
77727
7619244536740
2,278
13792
301408165
1979313
3340244
1561627,S
6,155
189119884
1,254541
53622133
391,065
79416512266
1,549
181986
29255
171272
330734
33213867
Percentage increase, or decrease (—), 1955-57
47.5
15.619.659.644.445.5
29.141.258.6
103.246.176.177.647.944.0
100.0
100.0100.0100.0100.0100.0
100.0100.0100.0
100.0100.0100.0100.0100.0100.0
68.9
-14.543.3
142.366.150.2
57.158.0
-23.5
195.571.071.369.572.163.1
87.1
102.5- 0 . 6208.158.154.1
39.895.2
241.1
-31.8122.4181.0150.142.927.3
Percentage distribution >
15.6
12.111.912.610.110.9
17.616.512.1
34.117.039.616.715.017.8
12.1
9.19.3
12.910.48.2
11.614.626.2
9.113.726.710.111.49.1
61.6
121.134.080.993.6
136.8
18.8225.395.9
78.015.81.5
98.119.575.5
31.0
46.10.2
19.343.68.1
49.8- 8 . 657.4
373.231.625.656.049.113.6
31.0
- 6 . 819.239.725.851.5
0.429.243.5
156.442.341.231.337.954.4
vithin business-of-borrower group
7.6
7.85.27.88.89.7
5.512.08.2
28.46.87.44.05.66.5
14.8
28.329.515.814.815.5
14.215.614.3
12.514.17.3
11.913.612.2
39.9
39.138.046.445.450.7
38.736.837.4
14.737.513.331.842.943.5
76.8
20.9708.281.985.817.8
132.821.1
621.2
15.2257.0199.690.824.6
10.0
3.76.14.5
10.65.1
12.34.51.8
1.210.85.7
25.411.511.0
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TERM LENDING TO BUSINESS 367
APPENDIX TABLE 4
TYPE OF SECURITY PLEDGED FOR MEMBER BANK TERM LOANS, OCTOBER 5, 1955WITHIN SIZE-OF-BANK GROUPS
Type of security
All term loans
UnsecuredSecured.
Endorsed or comakerAssignment of claims . . . .Other securityInventoriesEquipment . . . . .Plant and other real estateU. S. Government securitiesOther bonds. . . . . .StocksLife insurance and savings accounts
UnsecuredSecured
Endorsed or comakerAssignment of claimsOther securityInventoriesEquipmentPlant and other real estateU. S. Government securitiesOther bondsStocksLife insurance and savings accounts. .
Allbanks
Size of bank(total deposits, in millions of dollars)
Less than10
10-100
100-500
500-1,000
1,000and over
Amount (in millions of dollars)
10,457
4,2666,191
4891,055
32985
1,5482,337
2039
23752
408
28380
191034
67269
10)
4
1,440
1331,307
62922215
230853
22
1515
1,966
4861,480
992437923
369604
56
3814
1,204
467737
58139358
246213
32
258
5,439
3,1522,287
25057119036
638397
928
15611
Percentage distribution of all term loans
40.859.2
7.917.05.31.4
25.037 70.30.63 80.8
6.993.1
Percentage (
5.12.60.91.0
17.570 80.2
0 81.2
9.290.8
listribution
4.87.01.71.1
17.665 30.20.11 l1.2
24.775.3
of all secure<
6.716.45.31.5
24.940.80.30.42 60.9
38.861.2
i term loans
7.918.84.81.1
33.328.90.40.33 41.1
57.942.1
10.925.0
8.31.6
27.917.40.41.26 80.5
i Less than $500,000. 2 Less than 0.05 of one per cent. NOTE.—Details may not add to totals because of rounding.
APPENDIX TABLE 5
DISTRIBUTION OF MEMBER BANK TERM LOANS BY FEDERAL RESERVE DISTRICT, OCTOBER 16, 1957
Federal Reserve districtAmount
(in millionsof dollars)
Number(in
thousands)
Percentage increase,1955-57
Amount Number
Percentage distribution
Amount Number
Percentage of allloans in district
Amount Number
All districts...
BostonNew York. . . .Philadelphia..Cleveland
Richmond....AtlantaChicagoSt. Louis
Minneapolis..Kansas City..DallasSan Francisco
15,421
5856,445
6481,104
327445
2,110327
219454630
2,128
479.1
30.097.730.235.5
26.033.654.315.0
18.223.326.488.9
47.5
36.153.399.830.4
24.849.342.044.6
12.649.115.559.4
31.3
39.629.559.623.6
39.358.918.510.3
6.734.424.535.6
100.03.8
41.84.27.2
2.12.9
13.72.1
1.42.94.1
13.8
100.06.3
20.46.37.4
5.47.0
11.33.1
3.84.95.5
18.6
38.0
27.645.034.640.1
23.124.238.327.3
30.134.529.739.3
37.4
30.741.633.640.4
32.932.240.131.8
40.934.227.645.4
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
368 FEDERAL RESERVE BULLETIN • APRIL 1959
APPENDIX TABLE 6
BUSINESS OF TERM LOAN BORROWERS RELATED TO SIZE OF LENDING MEMBER BANK, OCTOBER 16, 1957
Business of borrowerAll
banks
Size of bank(total deposits, in millions of dollars)
Less than10
10-100
100-500
500-1,000
1,000and over
Amount of loans (in millions of dollars)
All businesses
Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals and rubber.All other
Trade:Retail tradeWholesale tradeCommodity dealers
Other:Sales financeTransportation, communications, and other public utilities.ConstructionReal estateServiceAll other nonfinancial
All businesses
Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals and rubber.All other
15,421
485314
1,9052,7631,067
1,387600
2662,839
5961,3071,194
611
Trade:Retail tradeWholesale tradeCommodity dealers
Other:Sales financeTransportation, communications, and other public utilitie;ConstructionReal estateServiceAll other nonfinancial
47.5
15.619.659.644.445.5
29.141.258.6
103.246.176.177.647.944.0
585
146
171833
188316
3313636
14027
2,069
6830
14788
126
406144
11
12130144300351113
2,688 1,726
7959
334252178
32318214
30323158368245143
5334
227253148
1343929
5333578
14611582
Percentage increase, or decrease (—), 1955-57
43.2
24.381.718.873.462.5
48.247.224.7
18.785.140.641.337.011.2
43.7
56.155.738.013.054.7
47.262.66.2
41.733.654.848.642.924.3
36.8
7.38.7
64.67.2
24.0
36.660.9
266.6
139.24.1
93.462.051.830.4
43.3
-26.0-9.950.333.244.1
33.7-12.1399.2
30.041.3
190.648.9
116.0137.1
8,354
272184
1,1792,152583
33620329
1682,020
181458344246
53.6
23.425.164.253.851.0
0.229.3-9.0
151.357.578.4148.840.149.2
NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Proposed Revisionof Reserve Requirements
THE BOARD OF GOVERNORS favors enact-ment of the proposal before your Com-mittee, H.R. 5237, to amend Section 19 ofthe Federal Reserve Act by making threechanges in the present law respecting thereserve requirements of member banks.
This bill, it should be emphasized, is notdesigned to make any radical changes in theexisting system of reserve requirements thatwould have an important bearing on mone-tary policies. The application of its provi-sions would have to be effected in a mannerand be accompanied by other measures, soas not to negate policies directed towardprovision of an appropriate supply of bankcredit and money. In the judgment of theBoard, the basic characteristics of the ex-isting system of reserve requirements pro-vide a workable and effective medium forexecution of monetary policy. The amend-ments proposed are for the purpose of re-moving from the present law some structuralinequities and difficulties of administration.The amended law would provide a means ofeffecting gradually a better structure of re-serve requirements within the existingframework, adaptable to meeting over theforeseeable future the prospective monetaryand credit needs of a growing economy.
NOTE.—Statement of Vice Chairman C. CanbyBalderston of the Board of Governors of the FederalReserve System before Subcommittee No. 2 of theBanking and Currency Committee of the House ofRepresentatives, Apr. 7, 1959. Vice ChairmanBalderston presented a statement on the same subjectto the Senate Banking and Currency Committee onMar. 23, 1959.
The bill proposes three changes in exist-ing law that would authorize the Board to:
(1) Permit member banks to include intheir required reserves all or part of theirvault cash holdings in addition to balanceswith Federal Reserve Banks.
(2) Set the reserve requirements for de-mand deposits of central reserve city bankswithin a range of 10 to 20 per cent, insteadof the present authorized range of 13 to 26per cent.
(3) Permit individual member banks inany part of a reserve or central reserve cityto carry, where reasonable and appropriatein view of the character of business trans-acted by the individual banks concerned, re-serves at the lower requirement level pre-scribed for country or for reserve city banks.
The purposes and possible effects of theproposed changes may be summarizedbriefly.
VAULT CASH AS RESERVES
Present limitation of reserves to balancesheld at the Reserve Bank results in an in-equitable situation as between individualbanks, because many banks find it necessaryfor operating purposes to hold relativelylarger amounts of vault cash than do otherbanks. The counting of vault cash as re-serves would correct that inequity. Sincevault cash holdings and reserve balancesat the Reserve Banks both have the sameeffect in limiting the volume of credit a bankmay extend and are interchangeable, it is
369
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
370 FEDERAL RESERVE BULLETIN • APRIL 1959
logical and proper that both be counted asreserves. Doing so would also have col-lateral advantages: one would be to reducethe costs of transporting and handling cur-rency; another would be to facilitate theholding by member banks of larger stocksof currency that would be available overwidely dispersed areas for use in the eventof a national emergency.
In the original Federal Reserve Act mem-ber banks were permitted to hold some-what more than half of their required re-serves as cash in their own vaults. In 1917the total reserve requirements were reducedand member banks were required to holdthe full amount with Federal Reserve Banks.This was a wartime measure designed tomobilize the gold reserves of the country inthe Federal Reserve Banks. Under the GoldReserve Act of 1934, all of the country'sgold stock is held in the Treasury, whichissues gold certificates or gold-certificatecredits against most of it to Federal ReserveBanks, and the gold stock can be drawnupon only to cover international payments.Thus, there is now no possibility of banksdepleting the gold supply by withdrawalsto hold as reserves or for other domesticuses, and that reason for not counting banks'vault cash holdings as reserves no longer ex-ists. Taken by itself any withdrawal of cur-rency by a bank either to hold in its vault orto meet customers' demands results in adrain on member bank reserve balances,unless additional reserves are provided bysome means. Likewise a return flow of cur-rency adds to the availability of reserves.It is for this reason that reserves and vaultcash are said to be interchangeable.
Permitting vault cash to count as reserveswould release a corresponding amount ofreserves now held on deposit at the Reserve
Banks and thus add approximately $2 bil-lion at a single stroke to the available supplyof bank reserves. Unless other action weretaken to absorb some of the reserves re-leased, this would increase the lending po-tential of the banking system by more thana tenth. It would also distort existing dif-ferentials in reserve requirements as betweenclasses of banks. Any such change, there-fore, would have to be put into effect grad-ually, and most likely be offset by adjust-ments in the reserve requirement percent-ages, as well as by open market operations.When initiating the change, the Board couldpermit member banks to count as part oftheir required reserves either all of theirvault cash or only a specified portion thereof.
Vault cash holdings vary considerablyamong individual banks and also vary fromtime to time for any single bank. Inequitiesin the present system of reserve requirementsarise primarily from the differences amongbanks in the same class as to their holdingsof vault cash. About a fourth of the countrymember banks, for example, hold cashamounting to more than 5 per cent of theirnet demand deposits, or close to half of theirrequired reserves against such deposits,while another fourth show cash to demanddeposit ratios of less than 2Vi per cent. Afourth of the reserve city banks hold cashamounting to less than WA per cent of de-mand deposits, with a fourth showing ratiosof more than double that figure.
There are wide differences between thereserve classes in their vault cash holdings,but these average differences are more thanoffset by the differentials in the reserve re-quirement percentages established for eachclass. Vault cash holdings and reserve re-quirements of each class are shown in thetable.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROPOSED REVISION OF RESERVE REQUIREMENTS 371
CASH IN VAULT OF MEMBER BANKS, BY CLASS OFBANK FIRST HALF OF FEBRUARY 1959
Class of bank
All member banks . . .
Central reserve citybanks:
New York.Chicago
Reserve city banks. . .
Country banks
Amount(In
millionsof
dollars)
2,039
13030
645
1,234
Percentage ratioof vault cash to:
Totalrequiredreserves1
11.2
3.32.9
8.3
22.8
Netdemanddeposits
2.0
.6
.6
1.6
3.3
Ratio of vaultcash 2 plusrequiredreservesto net
demanddeposits
18.618.6
18.1
14.3
1 Including requirements of 5 per cent against time deposits.2 Not including requirements against time deposits.
Of the $2 billion of vault cash held byall member banks in February, about three-fifths, or %\lA billion, was held by countrybanks, whose holdings constitute over 3 percent of their net demand deposits and nearlya fourth of their total required reserves.Vault cash holdings of reserve city banks asa group amounted to over XVi per cent ofdemand deposits and 8 per cent of requiredreserves, while the ratios for central reservecity banks as a group were very small. Theseaverage ratios vary somewhat from time totime, but the margins are broadly similar.
These margins of difference in vault cashholdings to some degree compensate fordifferences in reserve requirements. Whenvault cash holdings are added to requiredreserves, the amounts currently tied up bythe combination, expressed as ratios to netdemand deposits, show much smaller mar-gins of difference between classes thanthe reserve requirement percentages alonewould indicate. While reserve requirementson demand deposits alone are 11 per centfor country banks, 16.5 for reserve citybanks, and 18 for central reserve city banks,as of February 1959 the combined ratio was14.3 per cent for country banks on the
average, 18.1 per cent for reserve citybanks, and 18.6 per cent for central reservecity banks. In addition to these amounts,member banks have a reserve requirementof 5 per cent on time deposits at all classesof member banks.
If vault cash were permitted to be countedas reserves without any alteration of reserverequirement percentages, member bankscould reduce their required reserve balancesheld at the Reserve Banks and the marginsbetween classes in such balances neededwould be greater than those now in effect.The differences between country banks andreserve city banks in requirements againstnet demand deposits would be 5.5 per-centage points (16.5 minus 11), as com-pared with the present margin of less than4 points in effective requirements, as meas-ured by the combined total of required re-serve balances and average vault cash hold-ings (18.1 minus 14.3). The difference be-tween country banks and central reserve citybanks would be 7 points (18 minus 11) ascompared with a little over 4 points on theaverage at present (18.6 minus 14.3). Aspreviously stated, some realignment of re-quirements would be needed in effecting theshift to the new basis.
PERCENTAGE RANGE FOR CENTRALRESERVE CITY BANKS
By using its legal authority to change re-quirements for the three broad classifica-tions of member banks, the Board can re-duce any undue distinctions between classesof banks.1 The effect of counting vault cashas reserves, as pointed out, would be tolower the amount of reserves required to be
1 Under the present law requirements may vary as follows :
Minimum Maximum PresentAgainst net demand deposits:
Central reserve city banks 13 26 18Reserve city banks 10 20 16.5Country banks 7 14 11
Against time deposits—all banks . . . . 3 6 5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
372 FEDERAL RESERVE BULLETIN • APRIL 1959
held at the Reserve Bank. The reductionwould be substantial for most countrybanks, which now have the lowest reserverequirements, and for some reserve citybanks, but negligible for most centralreserve city banks, which have the highestreserve requirements.
Partly because central reserve city bankswould obtain little benefit from countingvault cash as reserves, the Board is pro-posing that permissible requirements forcentral reserve city banks be lowered to the10 to 20 per cent range authorized for re-serve city banks. No changes are proposedin the permissible limits of the percentagerequirements against net demand depositsas now stated in the law for reserve city andcountry banks—10 to 20 per cent and 7 to14 per cent, respectively.
Another reason for lowering the range forcentral reserve city banks is that, in thejudgment of the Board, a maximum of 20per cent is believed to provide sufficient lee-way for any increases that may be needed inthe foreseeable future. With long-run growthin the economy, banks will need to expandcredit and the supply of money. Reservesrequired for this purpose may be providedby reducing requirements gradually in thecourse of time.
This amendment would retain threeclasses of banks in recognition of fundamen-tal differences in the character of demanddeposits held. The Board could retainhigher requirements for central reserve citybanks than for reserve city banks eventhough the amendment to the law wouldestablish an identical range of permissiblerequirements for central reserve city banksas for reserve city banks—by lowering from26 per cent to 20 per cent the maximumand from 13 per cent to 10 per cent the
minimum that could be required of anycentral reserve city bank against demanddeposits.
No change is recommended in the pro-vision of the law that permits the Board tochange reserve requirements within the per-missible limits for the different classes ofbanks. These limits permit a doubling ofrequirements above the statutory minimum,but the absolute range of variation wouldbe narrowed. Moreover, the Board wouldretain authority to reclassify cities, which, to-gether with the other amendment proposedwith respect to the classification of individ-ual banks, would make possible adjustmentsto remove or reduce any inequities betweenbanks or classes of banks.
It has been proposed that the central re-serve city classification be abolished and thatthere be authority for only two classes ofbanks—reserve city banks and others. Theprincipal reason advanced for this proposalis that the original basis for the establish-ment of central reserve cities is no longerapplicable. Under the National Bank Act,central reserve cities were required to holdlarger reserves because deposits with centralreserve city banks could be counted as re-serves by other banks; this has not been per-mitted since 1917. It is also stated that, al-though banks still maintain substantial bal-ances with central reserve city banks foroperating purposes, the dominance of NewYork and Chicago in this respect has greatlydiminished.
The Board, however, favors the retentionof the three classes for a number of funda-mental reasons. The proposal to abolish thecentral reserve city classification is muchmore sweeping than the provision in thepending bill to lower the maximum andminimum figures for central reserve city
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROPOSED REVISION OF RESERVE REQUIREMENTS 373
banks to the same range as that permittedfor reserve city banks.
Practical objections to a mandatory re-quirement that reserve requirements bemade identical for all city banks relate tothe problem of absorbing the reserves re-leased and the shifts in established relation-ships among banks. The change wouldnecessitate either a reduction in central re-serve city requirements or an increase inthose for reserve cities. If requirements atcentral reserve city banks were lowered tothe level of reserve city banks, the effectwould have to be absorbed by raising re-quirements for country banks, if necessaryto maintain an appropriate total level of re-quired reserves. If the total level of requiredreserves were lowered, the additional re-serves would need to be absorbed by othermeans to avoid undue credit expansion. Inany event, there would be a realignment ofrequirements that would alter long-estab-lished relationships among banks; the pres-ent central reserve city banks would havelower requirements and country bankswould probably have higher requirementsrelative to the average for all member banksthan would be the case if the three-wayclassification were retained.
Retention of the central reserve city clas-sification is essential in order to make it pos-sible to deal with any undue concentrationof available reserves in money market cen-ters, such as has happened and might ariseagain in the future. Absorption of such apool of reserves through open market opera-tions or through a widespread increase inrequirements might be impossible withoutundue effects on other banks having rela-tively small amounts of reserves available.Such a situation developed in the 1930'swhen large amounts of both foreign and
domestic balances were concentrated inNew York, and New City banks held verylarge excess reserves. Authority to main-tain three classes of banks provides theFederal Reserve with more flexible powersto deal with such variations in the distribu-tion of reserves.
More fundamentally, the Board feels thatdifferentials in requirements among banksare desirable for purposes of effectuatingmonetary policy. There are fundamentaldifferences in the character of deposits heldby different banks and in their impact onthe economy. Since the principal functionof reserve requirements is to influence theimpact of the use of money on the economicsituation, such requirements should makeallowance not only for the quantity of moneyoutstanding but also for the rate of its use.
These differences are recognized in exist-ing law with respect to requirements againstdemand and time deposits and to thoseagainst demand deposits for the three dif-ferent classes of banks. They are sufficientlydistinct and important to justify three classesof banks rather than only two. Just as thereare significant differences between the largercity banks and the smaller country bankswhich make it appropriate to require differ-ent amounts of reserves, there are also dif-ferences between large banks concentratedin the leading financial centers and banks inother cities. Differences between large citybanks and banks located in small places arenumerous and clear. Likewise, New YorkCity and Chicago as banking centers standout in many respects from other cities. Thedifferences may not be as great as they werein the past but they are still striking.
As an illustration of these differences, ofthe ten largest banks, as measured by totaldeposits, all but two are in New York and
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
374 FEDERAL RESERVE BULLETIN • APRIL 1959
in Chicago, and those two are State-widebranch banks with a substantial volume ofdeposits at their country branches. Totaldeposits at all banking offices located with-in metropolitan areas amount to about $58billion for New York and nearly $13 billionfor Chicago. The next largest are LosAngeles with about $8 billion and San Fran-cisco and Philadelphia with less than $7billion each.
Interbank demand deposits, which are anindication of the ability of banks to attractfunds and which have been used in the pastas the principal standard of classification,total over $4 billion at central reserve citybanks in New York and $1.2 billion at suchbanks in Chicago. The largest total held inany other city is less than $500 million. Ofthe 11 banks holding the largest amount ofinterbank demand deposits, 10 are centralreserve city banks.
Still another reason for retaining threeclasses of banks is that large banks in finan-cial centers, which hold the bulk of the moreactive balances of businesses and investmentinstitutions and also balances of other banks,are in a better position to put available fundsto use actively and promptly in the centralmoney markets than are smaller banks orthose located elsewhere. Banks outside thefinancial centers, on the other hand, find itnecessary for operating purposes to carry aportion of their secondary reserve assets inthe form of balances with other banks, onwhich they receive no earnings and the carry-ing of which limits their lending capacity.Even reserve city banks maintain substan-tial amounts of balances with other banks,particularly in New York and Chicago. NewYork banks maintain only negligible bal-ances with other banks and, Chicago bankshave less than other cities in relation to
their balances due to banks. These twocities are central markets for money to anextent that is not true of other large cities.
Typical depositors in large city banks in-clude businesses, individuals, and institutionswhich have large amounts of funds and usethem much more actively than do most ofthe depositors in the smaller banks. Theyare in a better position than customers ofbanks located elsewhere to keep a portionof their liquid funds in short-term market-able assets and to keep their deposit balancessmall relative to the volume of their pay-ments. This is another way of saying thatlarge city banks hold greater amounts ofdeposits that have high expansionary or in-flationary potentials than do the smallerbanks.
A rough indication of the impact of bankdeposits on economic activity is provided byfigures of debits to deposit accounts. Asmeasured by the ratio of debits to depositsoutstanding, the average rate of turnover ofdemand deposits, other than interbank andU. S. Government deposits, for all banksin New York City exceeds 50 times a yearand even when allowance is made for op-erations of certain financial types of depositsthat have extraordinarily high rates of turn-over and are heavily concentrated in NewYork, the average is still over 30. The aver-age for all banks in Chicago is over 30 percent, and that for Chicago central reservecity banks alone is higher. Nearly all of thelarge central reserve city banks show ratesof turnover exceeding 30.
Of the large reserve city banks, only afew have turnover rates of over 30 times ayear and more than half have rates of lessthan 25. For most of the smaller reservecity banks the turnover rates are below 20.At banks in other places, annual rates of
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROPOSED REVISION OF RESERVE REQUIREMENTS 375
turnover of demand deposits are generallyless than 20 even for the largest banks, andless than 15 for the bulk of the small banks.For time deposits the rate of withdrawals isonly about once every two years.
It is evident that there are sufficiently widedifferences in the character of banks and inthe impact of their deposits on the economyto provide a basis for differentials in reserverequirements on the existing pattern of threebroad classes. In no other city is there asmuch concentration of banks that may becharacterized as central reserve city banksor the elements of a central money market asthere is in New York and to a lesser extentin Chicago. Since banks under the pro-posed amendments would continue to beclassified by cities, the classification of citiesis necessarily based upon the extent of suchconcentration rather than upon a relativelyfew individual cases.
RELIEF FOR INDIVIDUAL BANKS
Because reserve classifications are made bycities, individual banks located in a city butdiffering in nature from the leading banksin the city are compelled to observe higherrequirements than banks of a similar naturelocated elsewhere. Under existing law, theBoard may permit such banks if located inoutlying districts to carry the lower reservesspecified for banks in one of the other classes.This provision now permits the Board toalleviate inequities which arise when bankslocated in such outlying districts are pre-dominantly engaged in business that issimilar to that of banks with a lower re-serve classification. It does not, however,permit the Board to bring equivalent reliefto such banks if they are located in the cen-tral or financial districts of reserve or centralreserve cities. While the number of such
cases is not large, they do represent cases ofunfairness that are not essential for policyreasons.
The amendment proposed would permitmore flexibility in exempting individualbanks than is possible under existing lawand thereby facilitate the elimination ofsome existing inequities. To accomplishthese purposes the pending bill would strikeout of the law the present relief provisosapplicable only to "outlying district" banks,and add a new paragraph which wouldauthorize the Board to permit member banksin any part of a reserve or central reservecity to carry reduced reserves. Instead ofbeing confined solely to the geographicaltest, the Board would be authorized to grantpermission for reduced reserves on such basisas it might deem reasonable and appropriatein view of the "character of business" trans-acted by the member bank involved. Deter-mination of character of business for thispurpose would take into consideration totalvolume of deposits, holdings of interbankdeposits, the distribution of other depositsamong different groups of owners, the turn-over of deposits, the requirements of otherbanks in the same area doing a similar typeof business, and other relevant factors.
As under present law, the amendmentwould make it possible for the Board to per-mit a member bank in a reserve city to carrythe lower reserves specified at the time forcountry banks rather than that fixed for re-serve city banks; and, similarly, a memberbank in a central reserve city could be per-mitted to carry the lower reserves specifiedat the time either for reserve city banks orcountry banks. The amendment would notauthorize the Board to permit any memberbank in such cities to carry reduced reservesequal to some percentage other than one pre-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
376 FEDERAL RESERVE BULLETIN • APRIL 1959
scribed by the Board for one of the des-ignated classes of banks.
Again as under present law, the amend-ment would not authorize the Board to in-crease the percentages of reserves requiredto be maintained by individual memberbanks. The Board would, however, retainthe authority which it now has under thelaw to designate new reserve requirementsof all member banks in such cities, exceptsuch banks as may be specifically permittedto carry the lower requirements of anotherclass.
The proposed amendment would make itpossible for the Board to grant permissionfor reduced reserves upon the vote of amajority of a quorum, rather than only uponthe affirmative vote of five members of theBoard as required by the present law.
OTHER OBSERVATIONS
Before undertaking to answer whatever ques-tions you may have, I should like to make,in conclusion, a few general observations.
The Board has given consideration to thecareful and comprehensive study of the prob-lem of reserve requirements and the pro-posals for changes made by the EconomicPolicy Commission of the American Bank-ers Association, and also to other plans forfundamental revisions in the reserve require-ment structure. The Board has concluded,however, that far-reaching changes in thelaw are not necessary. In particular, theBoard opposes, for reasons already stated,the abolition of the three reserve classes ofbanks. It would also not favor a mandateto reduce reserve requirements to any pre-determined level by a given time. With theamendments proposed, along with otherprovisions of existing law, the Board wouldhave adequate authority to make any
changes in the structure and level of reserverequirements that are likely to be appro-priate under present or foreseeable condi-tions.
No change is recommended by the Boardin permissible requirements against time de-posits from the present range of 3 to 6 percent. It is recognized that savings depositsin banks do not need to have as high re-quirements as demand deposits, which com-prise the most active elements of the moneysupply, and the law correctly provides fordifferentials in such requirements. In theopinion of the Board, the present limits onrequirements against time deposits are aboutas low as would be warranted for sound andeffective operation of the banking system.
The principal function of reserve require-ments, it is now generally recognized, is toserve as an instrument for regulating theability of banks to expand credit and add tothe available supply of money. Under ex-isting law, Federal Reserve policies andactions may influence both the availablesupply of reserves and, within statutorylimits, the amount of reserves required to beheld.
The desirable ultimate level of reserverequirements need be no higher than essen-tial for purposes of monetary policy. Yetrequirements should not be so low as to raisequestions about liquidity or safety in theasset structure of banks. Nor should theybe so high as to hamper unduly the earningcapacity of banks and their ability to per-form essential functions. The precise levelof requirements that may be appropriate formonetary policy at any particular time inthe future must be predicated on economicand financial developments at home andabroad.
Any changes in the general level of re-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROPOSED REVISION OF RESERVE REQUIREMENTS 377
serve requirements must be made only grad-ually and in relatively small steps in orderto avoid undesirable disturbances to creditmarkets, conflicts with appropriate monetarypolicies, and undue upsets to long-estab-lished competitive relationships and bankingpractices. In order to provide for futurecontingencies, authority to vary require-ments over a fairly wide range needs to beretained.
Experience indicates that changes in re-serve requirements have more erratic effectsupon the credit situation than changes inthe availability of reserves effected by othermeans. Legislative authority with respect
to both the level and structure of reserve re-quirements for member banks, therefore,should be sufficiently flexible to enable ad-justments to be made in ways, in amounts,and at times that are consistent with theaims of monetary policy, with the interna-tional position of the country, and with themaintenance of a sound and effective bank-ing system. Existing law with the amend-ments proposed would permit moving grad-ually toward a more equitable and rationalstructure of reserve requirements with aminimum of interference with major policyobjectives.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Ownership of Demand Deposits
DEMAND DEPOSITS of individuals, partner-ships, and corporations at insured com-mercial banks rose by an estimated $4.4billion, or slightly more than 4 per cent, inthe year ending January 28, 1959. Thisgrowth contrasts with a 2 per cent declinein the year ending January 29, 1958, and islarger than the average rate of growth inrecent years. According to estimates basedon the Federal Reserve System's most recentSurvey of Demand Deposit Ownership, the
NOTE.—This article was prepared by Edward P.Snyder of the Board's Division of Research andStatistics.
increase in the past year was shared by allgroups of owners except financial busi-nesses and nonprofit organizations.
The number of accounts owned by indi-viduals, partnerships, and corporations alsorose in the recent 12-month period, but theincrease—estimated at about 600,000accounts or one per cent—was less thanhalf that in the previous year.
OWNERSHIP GROUPS
Demand deposit balances of most groupsrose in the year ending January 28, 1959,as shown in Table 1. For most groups the
TABLE 1
DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONSJANUARY 28, 1959
[Estimates for insured commercial banks]
Type of holder
Number
Jan. 28, 1959
MillionsPercent-age dis-
Increase, ordecrease (—),
from Jan. 29, 1958
Millions Per cent
Amount
Jan. 28, 1959
Billionsof
dollars
Percent-age dis-
tribution
Increase, ordecrease (—),
from Jan. 29, 1958
Billionsof
dollarsPer cent
All holders
Domestic business
CorporateNoncorporate
Financial businessCorporateNoncorporate
Nonfinancial businessCorporateNoncorporate
Nonprofit organizationsFarm operatorsIndividuals—personalAll other
Trust departments of banksForeigners
1 Decrease of less than $50 million.2 Decrease of less than 50,000 accounts.3 Less than 50,000 accounts.4 Increase of less than 50,000 accounts.
54.4
5.8
100.0
10.6
0.6
0.2
1.93.9
3.47.1
0.10.2
0.40.20.2
5.51.73.72.83.2
42.50.1(3)
0.1
0.80.40.4
9.83.06.7
5.25.9
78.10.20.10.1
-0.2-0.1-0.1
0.40.10.3
0.1-0.2
0.5
1.2
3.93.24.2
-33.6-28.3-38.1
8.99.68.7
3.5-4 .8
1.2-2.868.1
-23.2
107.3
62.3
100.0
58.1
4.4
1.847.514.8
44.213.8
1.20.6
9.67.62.0
52.739.912.8
5.04.9
31.73.52.41.0
9.07.11.9
49.3711.94.64.6
29.53.22.31.0
-0.5-0 .3-0 .2
2.31.50.9
0)0.31.50.70.70.1
4.3
3.0
2.54.4
-5.5-3.8
-10.44.63.87.2
-0.57.65.0
27.239.3
5.6
NOTE.—Corporate farming enterprises are classified as corporatenonfinancial business. Details may not add to totals because ofrounding.
378
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OWNERSHIP OF DEMAND DEPOSITS 379
increases exceeded by a wide margin thedeclines that had occurred in the previousyear. Deposits of individuals, farmers,and noncorporate, nonfinancial businessesshowed somewhat larger increases thanthose of nonfinancial corporations. Differ-ences in rates of change in demand depositsamong ownership groups are generally notlarge enough to have any marked effectupon the percentage distribution of depositsamong those groups.
Nonfinancial businesses, which ownroughly one-half of all demand deposits ofindividuals, partnerships, and corporations,accounted for more than half of the $4.4billion rise in these deposits during the year.The expansion in their deposits undoubtedlyreflected needs for larger working balancesto meet the growth in business over theperiod. The percentage growth in accountsof noncorporate, nonfinancial businesseswas nearly twice that in corporate accounts.
The former tend to fluctuate more widely inresponse to changes in the level of economicactivity than the latter. The more moderateincrease in deposits of corporations may re-flect in part the fact that larger corporationshave increased their holdings of short-termmarketable paper.
Most of the remaining deposit growthover the year was in personal accounts ofindividuals, which rose $1.5 billion or 5per cent. Growth in disposable personalincome was the major factor in this growth.The number of accounts also expanded,but at a somewhat slower rate, and theaverage balance in personal accounts in-creased moderately over that for the pre-ceding Survey date.
Balances of farm operators rose nearly8 per cent in the year ending in January1959, in contrast with declines betweenmost of the other Survey dates in thisdecade. An expansion in cash farm income
TABLE 2
DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 28, 1959
BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER
Federal Reservedistrict
Amount (in billions of dollars)
Allholders
Type of holder
Finan-cial
busi-ness
Non-finan-cial
busi-ness
Farmoper-ators
Individ-uals—per-
sonal
Allother 1
Percentage increase, or decrease ( —),from Jan. 29, 1958
Allholders
Type of holder
Finan-cial
busi-ness
Non-finan-
cialbusi-ness
Farmoper-ators
Individ-uals—
per-sonal
Allother 1
All districts
BostonNew York. . .Philadelphia..
ClevelandRichmond. . .Atlanta
ChicagoSt. LouisMinneapolis..
Kansas City..DallasSan Francisco
107.3
5.620.76.3
8.56.28.0
16.84.93.0
7.38.1
11.9
9.6
0.52.10.6
0.70.60.8
1.60.30.2
0.60.60.9
52.7
3.112.32.8
4.42.73.8
8.41.71.1
3.13.36.0
4 . 9
()0.10.1
0.20.30.3
1.00.50.6
0.80.60.5
31.7
1.44.12.1
2.62.12.6
4.62.01.0
2.33.13.9
8.4
0.52.10.6
0.70.60.6
1.20.30.2
0.40.60.6
4.3
-4.5-0.410.9
3.85.85.5
3.79.50.6
2.712.68.2
-5.3
-14.5-12.6
29.0
14.043.1
-20.6
2.23.2
-21.1
-12.9-31.7
1.3
4.6
-1.42.7
-1.0
-0.64.0
10.0
3.012.9
-1.6
-3 .225.912.5
7.6
50.7-5.7
-19.0
-0.614.20.6
10.43.5
16.9
18.69.0
- 8 . 2
5.0
20.1- 6 . 519.0
7.82.54.2
2.67.81.8
8.46.36.8
9.3
- 4 1 . 810.140.5
11.4- 5 . 137.0
9.722.5
- 4 . 7
27.390.14.3
i Nonprofit organizations, trust departments of banks, andforeigners.
2 Less than $50 million.NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
380 FEDERAL RESERVE BULLETIN • APRIL 1959
during 1958, which reflected record farmoutput and increased Government paymentsfor crop support and related programs,probably was responsible. The number offarm-operator accounts, however, declinedfurther as the number of farm families con-tinued to decline.
Trust departments of banks showed thelargest increase for any ownership group—39 per cent. There are few of theseaccounts, and changes in their holdings areof limited significance.
Deposits of financial businesses and ofnonprofit organizations declined during theyear. Holdings of the former group fell onlyhalf as much as they had in the year endingin January 1958, but the reduction was stilllarge—$500 million. The cause of thedecline is not immediately apparent, but itmay have reflected in part the Treasury offer-ing of $835 million of 21-year bonds only afew days before the Survey. This issue wasdesigned to meet the investment needs ofinstitutional investors, particularly those ofthe savings type, and financial businessesmay have drawn down their deposits inorder to invest in these bonds.
The slight decline in accounts of non-profit organizations offset only in part thelarge increase that had occurred in theirholdings the previous year. The BostonFederal Reserve District alone accountedfor most of the changes in holdings of thisgroup in each year.
Sharp but unusual fluctuations in deposits,such as that noted above for financialbusinesses, make it desirable not to placeundue weight on Survey data for a singleyear or pair of years. In designing theSurvey, the last Wednesday in January wasselected as the Survey date to minimizedistortions resulting from intra-weekly fluc-tuations in deposit holdings. However, for
items that fluctuate as widely as demanddeposits, these difficulties cannot be entirelyeliminated in any one-day Survey.
OTHER DISTRIBUTIONS
Data on ownership of deposits in the variousFederal Reserve districts, shown in Table 2,show changes in total deposits of individuals,partnerships, and corporations over the yearranging from a decline of more than 4 percent in the Boston District to an increaseof nearly 13 per cent in the Dallas District.Changes in holdings of various ownershipgroups, particularly the less important ones,tended to show wide differences from districtto district. This is to be expected not onlybecause of regional differences in economicdevelopments but also because of samplingerrors and the problem of the significance
TABLE 3
SIZE OF DEMAND DEPOSIT ACCOUNTS WITHINOWNERSHIP GROUPS
[Percentage distribution]
Size of account(thousands of
dollars)
All accounts
Under 11-55-1010 2525-100100 and overUnclassified
All accounts
Under 11 55_1010-2525 100100 and over...Unclassified
Type of holder
Domesticbusiness
Farmoperators
Indi-vidual—personal
Allother *
Number of accounts
100.0
48.029.19.27.44.71.6
100,0
1.46.45.9
10.620.055.7
100.0
67.225.94.71.80.4(2)
100.0
68.211.21.50.70.2
3.S(21
)
Amount of deposits
100.0
12.237.721.116.610.22.2
j
100.0
19.031.213.713.511.36.0
35.2
100.0
79.913.72.41.60.80.2
41.5
100.0
5.910.25.78.5
12.123.3
434.4
1 Nonprofit organizations, trust departments of banks, andforeigners.
2 Less than 0.05 of one per cent.3 Special checking accounts of individuals.4 Accounts of trust departments of banks and foreigners.NOTE.—Details may not add to totals because of rounding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS 381
of data for a single day. The distribution ofdeposits among ownership groups withindistricts, however, is similar to the patternof other recent Surveys.
Distribution of deposits by size of accountwithin ownership groups is shown in Table3. A similar table was last shown in thesummary of the 1957 Survey published in
the BULLETIN for May 1957. Comparisonof the data for these two Surveys indicatesthat no significant changes have occurred inthe distribution. One-half of all businessdeposits continue to be in accounts of$100,000 and over, while about half of thedeposits of individuals are in accounts ofless than $5,000.
Current Events and AnnouncementsNEW MEMBER OF BOARD OF GOVERNORSASSUMES HIS DUTIES
Mr. G. H. King, Jr., who was confirmed by theSenate as a member of the Board of Governors onMarch 12, 1959, took the oath of office andassumed his duties on March 25. Prior to takingoffice, Mr. King resigned his position as a memberof the board of directors of the New OrleansBranch of the Federal Reserve Bank of Atlanta,which post he had held since January 1956.
APPOINTMENT OF BRANCH DIRECTOR
The Federal Reserve Bank of Kansas City hasappointed Mr. R. L. Kelsay a director of its Okla-homa City Branch for the unexpired portion of aterm ending December 31, 1960. Mr. Kelsay isChairman of the Board and President of The FirstNational Bank in Hobart, Hobart, Oklahoma. Hisservice as a director began March 13, 1959. Hesucceeds Mr. R. Otis McClintock, Chairman of theBoard, The First National Bank and Trust Com-pany of Tulsa, Tulsa, Oklahoma, who resignedrecently in order to serve as the member of theFederal Advisory Council for the Tenth District.
RESIGNATION OF DIRECTOR
Mr. Reese H. Taylor, who had served as a directorof the Federal Reserve Bank of San Franciscosince September 17, 1937, resigned effective April
8, 1959. Mr. Taylor is Chairman of the Board ofthe Union Oil Company of California, LosAngeles, California.
ADMISSION OF STATE BANK TO MEMBERSHIP INTHE FEDERAL RESERVE SYSTEM
The following State bank was admitted to member-ship in the Federal Reserve System during theperiod February 16, 1959 to March 15, 1959:
MontanaHelena. . Commerce Bank & Trust Company
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually Issue PageBanking offices:
Analysis of changes in number of Feb. 1959 210On, and not on, Federal Reserve Par
List, number of Feb. 1959 211
AnnuallyEarnings and expenses:
Federal Reserve Banks Feb. 1959 208-09Member banks:
Calendar y e a r . . . , June 1958 710-18First half of year Nov. 1958 1346
Insured commercial banks June 1958 719Banks and branches, number of, by class
and State Apr. 1959 442-43Operating ratios, member banks June 1958 720-22Stock Exchange firms, detailed debit and
credit balances Nov. 1958 1347Banking and monetary statistics, 1958.. Feb. 1959 212-18Summary flow-of-funds accounts ,
1954-56 Oct. 1957 1190-94Bank holding companies, Dec. 31,1957:
List of Feb. 1958 211Banking offices and deposits of group
banks Oct. 1958 1224
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law DepartmentAdministrative interpretations, new regulations, and similar material
Readjustment of Federal Reserve Districtsto Include Hawaii
The Act of Congress approved March 18, 1959(Public Law 86-3), which provides for the ad-mission of the State of Hawaii into the Union,also amended the next to last sentence of the firstparagraph of Section 2 of the Federal ReserveAct by inserting after the word "Alaska" thewords "or Hawaii" to read as follows:
When the State of Alaska or Hawaii is hereafteradmitted to the Union the Federal Reserve Districtsshall be readjusted by the Board of Governors of theFederal Reserve System in such manner as to includesuch State.
Pursuant to the succeeding sentence of this para-graph of Section 2, every national bank in Hawaii,upon commencing business or within 90 days afterthe admission of Hawaii to statehood, shall be-come a member bank of the Federal Reserve Sys-tem and shall thereupon be an insured bank underthe Federal Deposit Insurance Act.
Transfer of Assets to a Common Trust FundThe opinion of the Board of Governors has
been requested as to whether the transfer of assetsfrom individual fiduciary accounts to a commontrust fund, in exchange for participations therein,would be permitted under Section 17 of Regula-tion F.
The words contained in Regulation F in con-nection with the investment of individual accountsin a common trust fund are confined to "funds"or "moneys," terms connoting cash. Thus, it isclear that the direct exchange of assets, other thancash, for units of a common trust fund is notcontemplated by the Regulation. The only excep-tion to this is in the case of United States savingsbonds and certain nonmarketable Treasury bonds(1951 BULLETIN 510). It is stated that in prac-tice a bank would sell assets of individual truststo the common trust fund, ascertain the sale priceof the transaction, and then participate the ac-count to this amount, plus or minus a smallamount of cash to provide for the purchase ofwhole units. It remains, then, to determine if
inter-trust dealing may be employed by a bankto do indirectly what it cannot do directly.
The procedures through which it is proposedto accomplish the sale of securities to the commontrust fund and the concomitant purchase of unitstherein appear to be surrounded with a numberof sound administrative safeguards. The exerciseof investment discretion by the trust investmentcommittee, however, is not susceptible to the ap-plication of fixed procedures. The selection ofsecurities for a common trust must be decidedsolely upon investment considerations and theneeds of particular accounts participating therein.Other external factors should be excluded fromthe thinking of the trust investment committeein reaching its decisions. If the proposed practicewere permitted, it is believed that trust investmentcommittees of banks administering common trustfunds might tend to select the particular securitiesheld in individual fiduciary accounts for additionsto the fund primarily because of their availability.The effect on common trust fund portfolios ex-erted by such influence is believed undesirable.Moreover, any such transactions between differenttrusts impose upon the trustee the burden of beingable to justify the transaction as fair and not dis-advantageous to both the buying and selling ac-counts; and it is believed that the saving of bro-kerage commissions by transferring assets to thecommon trust fund is far outweighed by the possi-bility that the bank may be compelled to defendits actions.
It is the opinion of the Board, therefore, thatthe exchange of assets, other than for cash or thenonmarketable United States obligations notedabove, for units of the common trust fund, eitherdirectly or indirectly, is not in conformity withthe letter and the spirit of Section 17 of Regula-tion F.
Political Contributions and LoansRecently, it was brought to the attention of the
Board of Governors that a member bank hadmade a loan to a major political party in contra-vention of provisions of the Criminal Code ofthe United States. Under the statute, loans as
382
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 383
well as gifts made in connection with the electionof candidates for national office are prohibited,but the statute does not apply to loans or giftsmade by a member bank, which is not a nationalbank, in connection with the election of candi-dates for local office at a local election.
The applicable provisions of the criminal coderead as follows:
18 U.S.C. § 610 . CONTRIBUTIONS OR EXPENDITURES BYNATIONAL BANKS, CORPORATIONS, OR LABOR
ORGANIZATIONS
It is unlawful for any national bank, or any cor-poration organized by authority of any law of Con-gress, to make a contribution or expenditure in con-nection with any election to any political office, or inconnection with any primary election or politicalconvention or caucus held to select candidates forany political office, or for any corporation whatever,or any labor organization to make a contribution orexpenditure in connection with any election at whichPresidential and Vice Presidential electors or a Sen-ator or Representative in, or a Delegate or Residentcommissioner to Congress are to be voted for, or inconnection with any primary election or political con-vention or caucus held to select candidates for anyof the foregoing offices, or for any candidate, politicalcommittee, or other person to accept or receive anycontribution prohibited by this section.
Every corporation or labor organization whichmakes any contribution or expenditure in violation ofthis section shall be fined not more than $5,000; andevery officer or director of any corporation, or officerof any labor organization, who consents to any con-tribution or expenditure by the corporation or labororganization, as the case may be, and any person whoaccepts or receives any contribution, in violation ofthis section, shall be fined not more than $1,000 orimprisoned not more than one year, or both; and ifthe violation was willful, shall be fined not more than$10,000 or imprisoned not more than two years, orboth.
For the purposes of this section "labor organization"means any organization of any kind, or any agency or
employee representation committee or plan, in whichemployees participate and which exist for the purpose,in whole or in part, of dealing with employers con-cerning grievances, labor disputes, wages, rates ofpay, hours of employment, or conditions of work.June 25, 1948, c. 645, 62 Stat. 723, amended May24, 1949, c. 139 § 10, 63 Stat. 90.
18 U.S.C. § 591. DEFINITIONS
When used in Sections 597, 599, 602, 609 and 610of this title—
The term "election" includes a general or specialelection, but does not include a primary election orconvention of a political party;
The term "candidate" means an individual whosename is presented for election as Senator or Repre-sentative in, or Delegate or Resident Commissioner to,the Congress of the United States, whether or not suchindividual is elected;
The term "political committee" includes any com-mittee, association, or organization which acceptscontributions or makes expenditures for the purposeof influencing or attempting to influence the electionof candidates or presidential and vice presidentialelectors (1) in two or more States, or (2) whetheror not in more than one State if such committee,association, or organization (other than a duly or-ganized State or local committee of a political party)is a branch or subsidiary of a national committee,association, or organization;
The term "contribution" includes a gift, subscrip-tion, loan, advance, or deposit, of money, or any-thing of value, and includes a contract, promise, oragreement to make a contribution, whether or notlegally enforceable;
The term "expenditure" includes a payment, dis-tribution, loan, advance, deposit, or gift, of money,or anything of value, and includes a contract, prom-ise, or agreement to make an expenditure, whetheror not legally enforceable;
The term "person" or the term "whoever" includesan individual, partnership, committee, association, cor-poration, and any other organization or group ofpersons;
The term "State" includes Territory and possessionof the United States. June 25, 1948, c. 645, 62 Stat.719, amended May 24, 1949, c. 139 § 9, 63 Stat. 90.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business ConditionsReleased for publication April 15
Expansion in economic activity continued inMarch. Industrial production and prices, housingstarts, employment, income, retail sales, and bankloans to business advanced, and unemployment de-clined more than seasonally. From mid-March tomid-April, interest rates increased. Commonstock prices showed little net change at advancedlevels and trading volume was reduced.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of indus-trial production rose in March to a record highof 147 per cent of the 1947-49 average, two pointsabove the revised February figure and four pointsabove January. Gains in output in both Februaryand March were widespread.
Total output of durable goods increased sub-stantially in March and was only 3 per cent belowthe previous high of December 1956. Steel milloperations rose seven percentage points to 92 percent of capacity, and since mid-March ingot pro-duction has been at 93 per cent. Output of con-struction materials also advanced in March. Over-all activity in producers' durable goods industriescontinued to increase as output of farm machineryand most other equipment rose further. Produc-tion of household durable goods apparently re-mained at near record levels. Auto assemblies
INDUSTRIAL PRODUCTION1947-49-100
Federal Reserve indexes, seasonally adjusted. Monthly fig-ures; latest shown are for March.
recovered from the reduced February rate andwere maintained in early April.
Total production of nondurable goods rose fur-ther in March to 6 per cent above the pre-recessionlevel in 1957. Output of paper, rubber, and chem-ical products and activity in the apparel and petro-leum refining industries were at record levels.Minerals output was maintained in March as adecline in crude oil was offset by increases in otherlines.
CONSTRUCTION
Private nonfarm housing starts rose 5 per centin March to a seasonally adjusted annual rate ofnearly 1.4 million units. Total new constructionput in place edged up to a record high as increasesin most types of public construction and in privatecommercial activity more than offset declines inprivate residential, public utility, and industrialactivity. The slight decrease in residential con-struction followed a substantial rise over the pre-ceding nine months.
EMPLOYMENT
Seasonally adjusted nonfarm employment rose245,000 in March to a level 1.3 million above theApril 1958 low but 1.1 million below August1957. Employment in durable goods manufac-turing industries increased further in March andconstruction employment recovered to the levelsof last autumn. Average weekly hours and hourlyearnings at factories also increased, and weeklyearnings reached $88.62—9 per cent higher thana year ago. Unemployment declined about 400,-000 to 4.4 million, and the seasonally adjustedrate declined to 5.8 per cent of the civilian laborforce from 6.1 per cent in February.
DISTRIBUTION
Seasonally adjusted retail sales increased 1 percent further in March and exceeded the previoushigh of last December. Sales at outlets for ap-parel and household goods generally advanced.The index of department store sales was 141 percent of the 1947-49 average compared with 139in February. Unit sales of new autos rose more
384
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 385
than seasonally in March and used car marketsremained strong.
COMMODITY PRICES
Wholesale prices of industrial commodities con-tinued to rise in March and early April. Reflect-ing mainly expanding business demands, sensitiveindustrial materials such as hides and leather, tex-tiles, rubber, and lumber advanced, and there wereincreases in prices of some finished industrial prod-ucts. Steel scrap prices declined, despite recordoutput of steel mill products, and lead prices werereduced. Prices of agricultural commoditieschanged relatively little.
BANK CREDIT AND RESERVES
Total loans and investments at city banks in-creased $1.7 billion over the four weeks endingApril 1. Loan expansion of $1.6 billion reflectedprincipally a substantial rise in business loansaround the mid-March tax date and an increasein security loans in connection with the April 1Treasury financing. Bank holdings of U. S. Gov-ernment securities declined slightly as sales andredemptions during March more than offset pur-chases of new Treasury securities on April 1.
Member bank borrowings from the Federal Re-serve averaged $600 million and excess reserves$460 million over the four weeks ending April 8.Borrowings were slightly higher than in the pre-vious four weeks while excess reserves were aboutunchanged. Over the four weeks ending April 8,reserves were absorbed mainly by an increase inrequired reserves associated with bank purchasesof new Treasury securities, a build-up in Treasurydeposits at the Reserve Banks, and a currencyoutflow. Reserves were supplied principally byFederal Reserve purchases of U. S. Governmentsecurities.
SECURITY MARKETS
Bond yields generally increased from mid-Marchto mid-April, with yields on high-grade corporatesecurities at new highs and those on Treasurybonds back to the January highs. The marketrate on 3-month Treasury bills rose to over 3 percent. On April 1, Treasury cash financing in-cluded a 4 per cent note in the amount of $1.7billion, an additional $600 million of the 4 per centbond of 1969, and $2.0 billion of a special Janu-ary bill.
PRICES1947-49=100
INTEREST RATES
1959 1955
Bureau of Labor Statistics indexes. Monthly figures, latestshown: February for consumer prices, and March for whole-sale prices.
Weekly average market yields for long-term U. S. Govern-ment IVi per cent bonds and for longest Treasury bills; latestshown are for week ending April 10.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial and Business Statistics
* United States *Member bank reserves, Reserve Bank credit, and related items. . . . 389Reserve Bank discount rates; reserve requirements; margin requirements. 392Federal Reserve Banks. 393Bank debits; currency in circulation 396All banks: consolidated statement of monetary system; deposits and currency. 398All banks, by classes. 399Commercial banks, by classes. 402Weekly reporting member banks 404
Commercial loans; commercial paper and bankers' acceptances. 406Interest rates. . 407Security prices; stock market credit. 408Savings institutions 409Federal business-type activities. 410Federal finance. 412Security issues. 416Business finance. 417Real estate credit. . . . . . . 419Short- and intermediate-term consumer credit. 422
Selected indexes on business activity. 426Production 427Employment and earnings. 434Department stores 436Foreign trade. 437Wholesale and consumer prices. 438National product and income series 440Number of banks and branches in operation on December 31, 1958. 442
Tables published in BULLETIN, annually or semiannually—list, with references. 381
Index to statistical tables. 468
Tables on the following pages include the prin- the basis of material collected by other agencies;cipal statistics of current significance relating figures for gold stock, currency in circulation,to financial and business developments in the Federal finance, and Federal credit agencies areUnited States. The data relating to Federal obtained from Treasury statements; the remain-Reserve Banks, member banks of the Federal ing data are obtained largely from other sources.Reserve System, and department store trade, Back figures for 1941 and prior years for bank-and the consumer credit estimates are derived ing and monetary tables, together with descrip-from regular reports made to the Board; pro- tive text, may be obtained from the Board'sduction indexes are compiled by the Board on publication, Banking and Monetary Statistics.
387
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSWeekly averages of dai ly figures Bill ions of dol lars
25
MEMBER BANKRESERVE BALANCES
20
15
2
0
35
30
25
20
EXCESS RESERVES*v*>*wvv
CURRENCY IN CIRCULATION
RESERVE BANK CREDIT
L ^
-GOLD STOCK.
TREASURY CASH AND DEPOSITS
LNONMEMBER DEPOSITS- 0
30
25
20
U.S. GOVERNMENT SECURITIES
DISCOUNTS AND ADVANCES
-
-FEDIERAL RESER^^E FLOAT
1 J \ -
1953 1954 1955 1956 1957 1958Latest averages shown are for week ending March 25. See p. 389.
1959
388
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Weekending
Reserve Bank credit outstanding
U. S. Govt. securities
TotalBought
out-right
Heldunderrepur-chaseagree-ment
Dis-counts
andad-
vances
Float Total i
Goldstock
Treas-urycur-rencyout-
stand-ing
Cur-rency
incir-
cula-tion
Treas-urycashhold-ings
Deposits, otherthan member bank
reserves,with F. R. Banks
Treas-ury
378296501508
486479257580
523479457417601
533470459437
411424459440
446489497465543
662504528486
539478304508
448447386464512
325371475455
465376428540521
446390401404
442364398443
534454437456
For-eign
265284337284
270273257258
277269319242235
287294309276
238267331280
268265358293300
291300259234
305330397308
261299327308270
283297316243
222232263239332
279297357298
278304313308
298311290295
OtherF. R.
ac-counts
Other
Member bankreserves
Total Re-quired2
Ex-cess 2
Averages ofdaily figures
1958Feb. 5
12.. ,19..26
Mar. 5.12.19.26.
Apr. 29
162330
July 2.9.
16.23.30.
::2 0 . .2 7 . .
Sept. 3 . .10..17..24. .
Oct. 1 . .8 . .
15..22. .29. .
Nov. 5.12.
23,36423,42223,37323,380
23,25623,46623,50023,552
23,62523,628
21 . . .28
June 41 1 . . .18. . .25 . . .
23,63323,71223,626
23,79923,93123,876
23,32123,29223,28523,380
23,25123,43223,48023,518
23,62523,628
24,053
24,19424,39724,68225,002
25,42225,45625,26225,15725,035
25,24025,64625,40625,257
25,35325,23325,00124,893
24,94025,143
23,61123,70423,612
23,79923,93123,876
Dec.
Jan.
Feb.
Mar.
26
310 .172431
19597142128
4111825
41118 . . . .25
25,49825,24225,300
25,45925,66025,41125,734
26,14326,28226,31526,27226,437
26,18425,92225,58025,471
25,67325,65725,52925,399
25,35525,36625,47125,510
24,053
24,19424,39124,58124,891
25,41925,45625,26225,15725,035
25,24025,62625,40625,257
25,35325,23325,00124,893
24,94025,14325,35325,24225,300
25,38025,61425,39225,578
26,03326,25026,22326,18826,241
26,09025,81725,58025,471
25,59:25,62125,52325,394
25,29425,33125,41925,461
43130
6101111
20
145
794619156
110329284196
94105
189286361153
118131126167
14490199112125
118123104119
13518417599
9714311585108
112229216271
461514563433
401434472369456
403470453430
580415519631808
64473045'507
433553583474
54872:543619
803 24,397793 24,543
1,054 24,830952 24,527
892 24,309816 24,456973 24,638983 24,742
776 24,586879 24,638
4,70124,854
777 24,566
829 24990
808760
24,76324,854
994 25,016780 24,994
869 25,24025,440
036 25,939,170024 26
815947
26,38026,589
979 26,39826,32826,005
1,045823
82811A 26
1,00885'
26,21226,68526,66526,417
792883
1,0491,203
26,63826,66126,64426,558
904 26,27526,51926,92527,046"',767
911922 26
1,401 27977 26
796934,188,199
26,69427,10027,08727,399
087 27,84427,84728,31128,88928,910
,11,439,944 28,618
,401,011,288,074
94688960
1,050
95184<
1,00096
28,27527,70827,36827,094
27,09227,13627,11226,965
26,89226,97627,04827,123
22,78322,78422,78522,714
22,68622,61522,54122,498
22,39422,29422,19922,08122,024
21,96721,88621,77921,661
21,59421,59421,54021,374
21,34921,30621,30021,28021,252
21,19521,15421,08621,086
21,01121,01220,93920,895
20,86620,83020,76420,72420,690
20,67920,65:20,68020,616
20,60920,59320,57620,53620,526
20,53420,52620,51520,515
20,47620,47620,47520,47
20,47920,44820,44220,442
5,1575,1595,1615,165
5,1695,1745,1785,180
5,1845,1875,1925,1935,194
5,1975,1995,2005,201
5,2015,2035,2045,204
5,2035,2025,2025,2035,206
5,2075,2105,2105,211
5,2115,2135,2155,216
5,2195,2195,2205,2205,221
5,2225,2255,2255,225
5,2285,2295,2295,2315,232
5,2345,2345,2345,235
5,2355,2365,2385,239
5,2415,2425,2445,246
30,58130,67530,64230,542
30,56330,64130,59230,524
30,63730,74430,73330,61730,520
30,65930,81230,82230,813
30,98931,05231,07030,975
31,16331,38531,37531,21731,086
31,17131,29131,29531,249
31,38131,43331,39331,285
31,21731,35231,49831,43531,299
31,42231,66031,75431,825
32,05732,21832,39432,53332,458
32,00831,71031,38531,150
31,12031,19331,20531,111
31,12931,21531,28731,231
777734685695
701712804790
724729731721732
738741732722
709709698698
687677686692697
696699696688
691694694683
690691689681681
68168769:686
69369669368469:
701704712714
723727741724
721716727714
294325293276
320293368400
368493381376397
386386381391
484370359229
405377371340333
350329301320
324319282320
387343412332321
391375341337
401328335328333
356345373343
344333391448
339336340339
046 18,997118195193
151148150 18;
19,0541912219,12218,909
18,67418,699
18,725
18,526106 18,300104 18,369102 18,654,051
,049,046,043,023
,057,139,146 ,,144 18,983
18,249
18,27618,19018,24818,194
18,14718,27418,619
,105,097,095,091,041
,148,166,233,212
,175,153,156,162
,123,119,121,117,080
,078,078,074,063
,103,191,161,172,165
18,85918,80918,51818,71218,462
18,29618,76018,64818,526
18,44618,47918,57218,404
18,23418,31818,47518,65218,515
18,41618,51018,34018,631
18,74018,62918,84419,16019,167
1,122 191,1211,1181,118
,13118,90118,76918,817
1,1461,1851,2141,255
1,2141,2121,2141,218
18,74918,74218,56218,389
18,37518,42118,43918,558
18,49818,48318,42718,426
18,08418,09618,33218,037
17,83017,67317,75418,05517,654
17,64717,52817,54517,513
17,57417,68717,98418,314
18,20418,05117,94917,92417,824
17,73818,07318,02717,953
17,89917,87317,93517,811
17,77417,75317,98918,08617,993
18,00817,89117,90018,225
18,23218,16018,37418,54818,511
18,58818,34018,23418,424
18,34518,18918,12017,979
17,95717,868
^18,046^18,088
499571695483
590603598688
696627615599595
629662703681
573587635669
655758569788638
558687621573
547606637593
460565486566522
408619440406
508469470612656
543561535393
404553442410
418553
^393M70
Preliminary. For other notes see following page.
389
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
390 BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Periodor
date
Averages ofdaily figures
1958
MarApr
July
SeptOctNovDec
1959
JanFebMar
Midyear oryear-end
1929—June1933 June1939—Dec1941 Dec1945 Dec . . . .1947—Dec1950 Dec1955 Dec1956—Dec1957 June
Dec
End of month
1958
MarAprMayJuneJulyAugSeptOctNovDec
1959
JanFebMar
Wednesday
1959
Jan 7142128
Feb 4111825
Mar 4111825
Reserve Bank credit outstanding
U. S. Govt. securities
Total
23,48623,64923,93924,74925,21825,41025,05125,29625,65026 312
25,77625,53225,446
2161 9982,4842 254
24 26222,55920 77824 78524,91523 03524,238
23,62823.68124,16225,43824 48025,34624,98625,44326 22926,347
25,71525,35025 497
26,04125 90125,53225,438
25,66225 55825,47525,342
25,32225 35425,49725,474
Boughtout-right
23,46523,63823,93924,69825,21825,40625,05125,26025,56226,216
25,72325,50325,400
1481,9982,4842 254
24,26222,55920 72524,39124,61022,99423,719
23,62823,68124,16225,43824 48025,34624,98625,37326,06926,252
25,61125,29525,497
26,00425,81525,53225,438
25,59925,54325,47025,338
25,28925 33925,41925,452
Heldunderrepur-chaseagree-ment
2111
si4
368896
532946
68
5339430541
519
7016095
10455
3786
631554
33157822
Dis-counts
andad-
vances
139130119142109252476425488564
574526620
1,037164
73
2498567
10850
55855
1371561444194
55525540771764
462632327
782523424495
408356481561
535506986589
Float
893864841916942858990
1,0351,0391,496
1,170961954
524
9194
578535
1,3681,5851,6651,1991,424
765797965758868805860788
1,0261,296
979999862
1,122939
1,238806
916876
1,070778
897712993746
Total i
24,55924,68224,93925,85126,31026,55426,54826,78927,21128,412
27,56427,05927,055
1,4002,2202,5932,361
25,09123,18122,21626,50726,69924,81625,784
24,57024,67225,31326,28325,47726,73926,13026,67528,00627,755
27,19727,02026,716
27,98927,40827,23526,776
27,02426,82727,06726,718
26,78926,60727,50926,841
Goldstock
22,54822,16621,80121,49021,28521,11220,94020,75020,64820,563
20,51820,47520,448
4,0374,031
17,64422,73720,06522,75422,70621,69021,94922,62322,781
22,39421,99621,59421,35621,21021,01120,87420,69020,60920,534
20,47620,479
^20,442
20,53420,51520,51520,516
20,47620,47620,47520,474
20,47920,443
20,442
Treas-urycur-
rencyout-
stand-ing
5,1775,1915,2005,2035,2035,2105,2155,2205,2255,230
5,2345,2385,244
2,0192,2862,9633,2474,3394,5624,6365,0085,0665,1075,146
5,1835,1965,2015,2035,2075,2115,2195,2225,2285,234
5,2355,241
^5,247
5,2345,2345,2345,235
5,2365,2385,2385,239
5,2415,2435,2455,246
Cur-rency
incir-
cula-tion
30,58930,65430,79831,03931,26431,26831,34231,39031,73232,371
31,521'31,15831,226
4,4595,4347,598
11,16028,51528,86827,74131,15831,79031,08231,834
30,66630,56530,99431,17231,17131,37131,24531,38632,03632,193
31,12531,129
n1,226
31,84331,52431,23731,056
31,10031,24131,11631,102
31,12831,23031,24131,173
Treas-urycashhold-ings
750728731701687694691685688691
709729718
204264
2,4092,2152,2871,3361 293
767775758761
722734703692685684684674694683
721718
702709714718
728741740720
720722730714
Deposits, otherthan member bank
reserves,with F. R. Banks
Treas-ury
457494466442498541445449410470
415417477
3635
634867977870668394441498481
474594382410617540371363424358
447492398
567425345487
422427396455
659390423517
For-eign
265267286281302274325299276262
306303312
615
397774862392895402322449356
266257234269288313258288226272
274310308
275304333320
287307328323
290304269340
Other
350410401350358324325352369337
353378377
21151256586446569565554426308246
378411624420329332395335430391
345334388
333360348340
352330352342
346342345372
OtherF.R.ac-
counts
1.142,09?,036,n?,081,194,151,108,068.174
1,1201,2111,208
374346251291495563714925901
1,075998
1,1081,050
9941,096I 0391,184[,1221,0791,0381,122
1181,215.180
1,121
1,117
1,1851 1841 2551,255
1,212
Member bank
Total
18,73018,39418,22318,60018,60918,58018,42518,47618,54018 899
18,89318 57718,429
2,3562 292
11'65312 45015 91517'89917 68119 00519;05918 37619 034
18,53218,25418,17618,78417 76418^53818,14718,46218 99418,504
18,87818 54018 192
18 915
18,88918,489
18 66218 31118'59318 233
18 1ST1 212 18 0931 218 189701,219 185,194
reserves
Re-quired2
18 09717,77217,55717,97417 95317 94617,85417 95518 03418 383
18,39618 117
2,3331 8176 4449 365
1445716 40016 50918 90319,08918 54319 091
17,85717,68617,54318,15817 80117,86017,78518 00918 21718 574
18,35517 972
»17 803
18 48618 29818,19618,414
18 33518 20618*12717 944
17 91817 978
^18*173*>17,908
Ex-cess2
633622666626656634571521506516
497460
23475
5 2093 0851 4581 4991 172
102- 3 0167
—57
675568633626
— 37678362453777
—70
523568
P389
429415693
75
327105466289
235115
*>286
*> Preliminary. r Revised.i Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.2 These figures are estimated.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 391
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. * In millions of dollars]
Item and periodAll
mem-ber
banks
Central reservecity banks
NewYork
Chi-cago
Re-servecity
banks
Coun-try
banksItem and period
Allmem-ber
banks
Central reservecity banks
NewYork
Chi-cago
Re-servecity
banks
Coun-try
banks
Total reserves held:
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—Jan
Feb
Week ending:
1959—Feb. 1825
Mar. 4111825
Required reserves:2
1958—FebMar
May'.'.'.'.'.'.'.'.'.'.'.JuneJulyAugSeptOctNovDec
1959—Jan
Feb
Week ending:
1959—Feb. 18
25
Week ending:
1959—Mar. 4111825
Deposits:
Gross demand deposits:Total
InterbankOther
Net demand deposits 3 . . .Time depositsDemand balances due
from domestic banks. .
Gross demand deposits:Total
InterbankOther
Net demand deposits 3 . .Time depositsDemand balances due
from domestic banks. .
19,00018,73018,39418,22318,60018,60918,58018,42518,47618,54018,899
18,89318,577
18,56218,389
18,37518,42118,43918,558
18,43418,09717,77217,55717,97417,95317,94617,85417,95518,03418,383
18,39618,117
18,12017,979
17,95717,868
^18,0462>18088
4,2044,2724,1224,0304,2144,1324,0143,9513,9353,8834,033
4,0313,968
3,9413,919
3,9593,9663,9964,017
4,1824,2284,1073,9774,1864,1013,9873,9233,9093,8664,010
4,0183,953
3,9433,909
3,9433,9244,0004,001
,114,098,052,054,113,088,097,064,061,054,077
,066,052
,044,046
,054,025,034,028
,109,087,049,046,099,084,094,058,055,055,070
1,0651,051
1,0461,044
1,0511,0231,0331,026
7,8717,7017,6517,6147,7217,7727,8207,7317,7557,8197,940
7,9297,777
7,7887,692
7,8737,723
7,7377,657
7,6317,5967,6937,730
February 1958
February 1959
5,8115,6595,5695,5255,5525,6175,6515,6795,7245,7845,849
5,8685,780
5,7905,732
7,6797,6617,7287,774
7,7737,6037,5727,4827,6197,6677,7317,6677,7007,7507,883
5,6845,7705,6815,738
5,3695,1795,0435,0515,0705,1015,1345,2055,2915,3645,419
5,4405,390
5,3945,369
5,3325,325
P5,320^5,331
114,27412,671101,60398,17647,945
6,285
22418194
,960,103,858,842,419
51
51451
,916,141,776,210,379
111
44,4946,06638,42837,89419,313
1,975
40,9031,362
39,54135,23022,834
4,148
121,37012,857108,513103,69353,602
6,379
24,0894,09719,99220,5195,192
73
6,2371,1535,0845,4391,434
104
47,7416,25941,48240,24021,660
2,059
43,3031,349
41,95437,49425,315
4,144
Excess reserves:2
1958—FebMar ,AprMayJuneJulyAugSeptOctNovDec
1959—Jan
Feb
Week ending:
1959_Feb. 18
25
Week ending:
1959—Mar. 4111825
Borrowings atFederal Reserve Banks
1958—FebMarAprMay ,June ,JulyAugSeptOctNovDec
1959—Jan
Feb
Week ending:
1959_Feb. 1825
Mar. 4111825
Free reserves:2 4
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959__jan
Feb
Week ending:
1959_Feb. 1825
Mar. 4111825
567633623666626656635571521506516
497460
442410
418553
242138130119142109252476425486557
557508
565456
529703525600
324495493547484546383959620
- 4 1
- 5 9- 4 7
-124- 4 6
-111-150
P - 1 3 0
2244155328322627271723
1215
- 310
1642
- 416
462
182
211648
1063560
103
7743
110
142
54
- 2 542
- 3517
16- 2 2- 7 9- 8
- 4 3- 8 0
- 6 5- 2 8
-11310
240
- 5 816
11299121389
1639
5427
6417
3764
106207
- 6- 1 8- 7
7124
2- 3
- 1 6- 3 1
- 5 3- 2 6
- 6 6- 1 6
- 3 5- 6 2
- 1 0 4-205
989879
1311021048965556957
5655
963635424549
111266253258254
279250
223247
273426201250
6244895756
- 2 2- 2 0 1-198-189-198
-223-195
-173-211
-225-362-166-206
442479526474481515516474433420430
428390
396363
352445
*>407
8971677474449096
128152162
147188
168192
205211164143
353408459399408471426378305268268
281202
228171
147234
P197*>264
* Preliminary.1 Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required arebased on deposits at opening of business.
2 Weekly figures of required, excess, and free reserves of all member
banks and of country banks are estimates.3 Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cash items reported as in process of collection and demandbalances due from domestic banks.
4 Free reserves are excess reserves less borrowings.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
392 DISCOUNT RATES
Federal Reserve Bank
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Governmentobligations and discounts of andadvances secured by eligible paper
(Sees. 13 and 13a)i
Rate onMar. 31
In effectbeginning—
Previousrate
Other secured advances[Sec. 10(b)]
Rate onMar. 31
In effectbeginning-
Previousrate
Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.
(last par. Sec. 13)
Rate onMar. 31
In effectbeginning—
Previousrate
BostonNew YorkPhiladelphia...ClevelandRichmond. . . .AtlantaChicagoSt. LouisMinneapolis...Kansas City.. .DallasSan Francisco.
Mar. 10,Mar. 6,MMaiMar. 13,MMai
MaiMaiMaiMai
6,.13,
Mar. 13,.16,.13,• 6,.12,
195919591959195919591959195919591959195919591959
21/2
2i/221/221/221/2
3J/2
31/231/2
MaiM;MaiMar.M.MaiMaiMMaiMaiMaiMar.
10,19596, 19596, 195913, 195913, 195916, 19596, 195913, 195916, 195913,19596, 195912, 1959
4V4
41/241/241/241/2
Mar. 10,Nov. 7,Sept. 19,Oct. 30,Mar. 13,Oct. 28,Mar. 6,Mar. 13,Mar. 16,Mar. 13,Oct. 24,Mar. 12,
195919581958195819591958195919591959195919581959
1 Rates shown also apply to advances secured by obligations of Federalintermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to memberbanks: 90 days for discounts and advances under Sections 13 and 13a ofthe Federal Reserve Act except that discounts of certain bankers' accept-ances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligationsof Federal intermediate credit banks maturing within 6 months arelimited to maximum maturities of 15 days; 4 months for advances underSection 10(b). Advances to individuals, partnerships, or corporationsunder the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES 1
[Per cent per annum]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Dateeffective
1956Apr. 1 3 . . .
2 0 . . .Aug. 2 4 . . .
3 1 . . .1957
Aug. 9 . . .2 3 . . .
Nov. 1 5 . . .Dec. 2 . . .
1958Jan. 2 2 . . .
2 4 . . .Mar. 7 . . .
13. . .21 . . .
Range(or level)—
all F. R.Banks
21/2-3234-32*4-3
3
3 -31/23i/2
3 -31/23
2*4-3234-321/&-3214-234
21/4
F. R.Bank
ofN. Y.
2342%33
331/233
3
18214214
Dateeffective
1958Apr. 1 8 . . .May 9 . . .Aug. 1 5 . . .Sept. 1 2 . . .
2 3 . . .Oct. 2 4 . . .Nov. 7 . . .
1959Mar. 6 . . .Mar. 1 6 . . .
In effectMar. 3 1 . . .
Range(or level)—
all F. R.Banks
134-2i4134
l34-2l34-2
22 -21/2
21/2
21/2-3
F. R.Bank
ofN. Y.
ig13422221/2
33
1 Under Sees. 13 and 13a (as described in table above). For data for1941-55, see BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York onrepurchase contracts against U. S. Govt. securities was the same as its dis-count rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Prescribed in accordance withSecurities Exchange Act of 1934
Regulation T:For extensions of credit by brokers and
dealers on listed securitiesFor short sales
Regulation U:For loans by banks on stocks
Jan. 16,1958-
Aug, 4,1958
5050
50
Aug. 5,1958-
Oct, 15,1958
7070
70
Effec-tive
Oct. 16,1958
9090
90
1 Regulations T and U limit the amount of credit that may be extendedon a security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of extension; margin require-ments are the difference between the market value (100%) and the maxi-mum loan value.
Effective dateof change
1 9 1 7 _ j u n e 21
1936—Aug. 161937—Mar. 1
May 11938—Apr. 16
1941_Nov. 11942—Aug. 20
Sept. 14Oct. 3
1948—Feb. 27June 11Sept. 16 ,24*. . . .
1949_May 1,5*June 30, July 1*.Aug. 1 ,11* . . . .Aug. 16, 1 8 * . . . .Aug. 25Sept. 1
1951—Jan. 11, 16* . . . .Jan. 25, Feb. 1*.
1953—July 1,9*1954—June 16,24*. . . .
July 29, Aug. 1 *
1958_Feb. 27, Mar. 1 *Mar. 20, Apr. 1*Apr. 17Apr. 24
In effect Apr. 1, 1959. .
Present legal require-ments:
MinimumMaximum
Net demand depositsl
Centralreserve
citybanks
13
19%2234262234
26242220
22242624
§*2324222120
191/219I8I/218
18
1326
Reservecity
banks
10
15
2*17Vi
20
222120191/219I8I/218192019
18
171/217
I6I/2
I6I/2
1020
Coun-try
banks
7
IOI/212141412
14
1615141312
131413
12
Hi/211
11
714
Time deposits
Centralreserve
andreserve
citybanks
f6
VA65
6
5
5
36
Coun-try
banks
3
65
6
6
5
6
5
5
36
1 Demand deposits subject to reserve requirements which, beginningAug. 23, 1935, have been total demand deposits minus cash items inprocess of collection and demand balances due from domestic banks (alsominus 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, andother dates (usually Thurs.) are at central reserve or reserve city banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 393
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS[In thousands of dollars]
Item
Wednesday
1959
March 25 March 18 March 11 March 4 Feb. 25
End of month
1959
March February
1958
March
AssetsGold certificate accountRedemption fund for F. R. notes..
Total gold certificate reserves.
18,939,894920,876
18,929,891923,732
18,932,892922,944
18,967,891925,507
18,967,891925,507
18,939,891920,587
18,967,891925,507
20,948,392855,732
F. R. notes of other BanksOther cashDiscounts and advances:
For member banksFor nonmember banks, etc
Industrial loansAcceptances—Bought outright
Held under repurchase agreement.U. S. Government securities:
Bought outright:BillsCertificates—Special
OtherNotesBonds
19,860,770
461,624424,793
571,53617,600
531,533
19,853,623
455,952428,642
967,45018,300
33232,689
19,855,836
483,054439,396
487,92518,300
33334,630
19,893,398
530,435463,440
516,34318,300
33334,631
1,451,000 1,418,200 1,337,500 1,287,700
19,893,398
548,170462,843
542,51918,300
33334,6322,094
1,336,950
19,860,478
427,588427,053
309,08217,600
530,234
1,496,000
19,893,398 21,804,124
528,826471,729
613,63418,300
33336,8032,093
1,293,700
444,632477,351
137,272
18,649,2,867!2,483!
18,649,7262,867,5652,483,771
18,649,726 18,649,7262,867,5652,483,771
2,867,5652,483,771
18,649,7262,867,5652,483,771
18,649,7262,867,5652,483,771
18,649,726",867,565,483,771
19
50239,392
892,560
946^05
2,789,257
Total bought outrightHeld under repurchase agreement.
25,452,22;
062 25.000
419,262 25,78,000
338,562 25,15,000
288,762 25,33,700
338,012 25,4,000 .
497,062 25,294,76255,000
23,627,922
Total U. S. Government securities
Total loans and securities
25,474,062 25,497,262 25,353,562 25,322,462 25,342,012 25,497,062 25,349,762 23,627,922
26,094,736 25,516,033 25,894,750 25,892,069 25,939,890 25,853,983 26,020,925
Due from foreign banks.Uncollected cash items..Bank premisesOther assets
5,12995151
156,675,446
94,796138,214
15,858,11294,679134,176
15,244,29694,462120,882
5,082,04994,536106,746
15,665,83094,932161,512
15,104,84994,442111,602
23,805,088
15,931,18385,632183,283
Total assets. 52,217,731 54,162,721 51,760,018 52,238,997 52,127,647 51,491,391 52,225,786 50,731,308
LiabilitiesFederal Reserve notesDeposits:
Member bank reservesU. S. Treasurer—general account.ForeignOther
26,946,424 27,022,250 27,043,331 27,016,029 27,014,174
18,194,277516,617340,221371,615
18,969422;268;344;
18,092,940390,065304,428342,415
18,152,871659,025290,005346,418
18,232,961455,316322,895341,978
26,965,377
18,191,815398,276307,555387,759
27,022,142
18,540,324491,934310,452334,232
26,537,003
18 531,887473,711266,252378,474
Total deposits. 19,422,730 20,006,161
Deferred availability cash itemsOther liabilities and accrued dividends.
4,383,34229,159
5,682,26;
19,129,848
4,146,18427,108
19,448,319
4,347,46225,428
19,353,150
,303,99526,884
19,285,405
3,804,02927,135
19,676,942
4,105,35026,399
19,650,324
3,166,62317,238
Total liabilities
Capital AccountsCapital paid in.SurplusOther capital accounts.
50,781,655
374,442868,410193,224
52,738,174
374,108868,410182,029
50,346,471
373,933868,410171,204
50,837,238
373,30:868,410160,047
50,698,203
372,604868,410188,430
50,081,946 50,830,833 49,371,188
374,545868,410166,490
372,893868,410153,650
349,8661836,741173,513
Total liabilities and capital accounts. 52,217,731 54,162,721
Ratio of gold certificate reserves to deposit and F. R.note liabilities combined (per cent)
Contingent liability on acceptances purchased forforeign correspondents
Industrial loan commitments
42.8
60,706360
42. :
60,305360
51,760,018
43.0
61,705360
52,238,997 52,127,647 51,491,391 52,225,786 50,731,308
42.8
62,129360
42.9
61,925360
42.9
59,908360
42.6
62,188360
47.2
131,7781,000
Maturity Distribution of Loans and U. S. Government Securities2
Discounts and advances—totalWithin 15 days16 days to 90 days91 days to 1 year
Industrial loans—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years
Acceptances—totalWithin 15 days16 to 90 days
U. S. Government securities—total.Within 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years
31,53310,77420,759
,474,062 25251,800,033,700,837,226,881,179206,495,263,662
985,750979,7625,890
98332231143849
32,68911,18521,504
,497,262 25180,900108,300
18,856,7263,881,179206,495,263,662 1
333228114054
34,63110,22424,407322,462 25120,660027,640
333220194054
36,72612,51524,211342,012 25285,210882,640
,881,179206,495,263,663
30,2348,081
22,153497,062 25163,500149,000 1833,226 18881 179206,495263,662 1
631,934604,66427,270
333228114054
38,89613,01725,879
,349,762 23122,960,052,640,822,826 20.881,179| 1206,495!,263,662!
137,272134,4742,770
2850213717587103
39,3928,409
30,983,627,92238,550
854,010,285,201,035,30456,610
,358,247
1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000.2 Holdings under repurchase agreements are classified as maturing within
15 days in accordance with maximum maturity of the agreements.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
394 FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1959
[In thousands of dollars]
Item Boston NewYork
Phila-delphia
Cleve-land
Rich-mond Atlanta Chicago St.
LouisMinne-apolis
KansasCity Dallas
SanFran-cisco
Gold certificate accountRedemption fund for F. R.
notes
862,354
56,291
5,384,355
192,502
991,784
58,128
1,643,910
85,715
986,106
79,287
942,610 3,081,214
55,637 170,325
723,428
43,963
469,066
22,735
756,552
42,972
704,503 2,394,009
29,413 83,619
Total gold certificate reserves.
F. R. notes of other Banks. . .Other cash
Discounts and advances:Secured by U. S. Govt.
securitiesOther
Industrial loansAcceptances:
Bought outrightHeld under repurchase
agreementU. S. Govt. securities:
Bought outrightHeld under repurchase
agreement
918,645
31,61133,384
15,250968
5,576,857
104,56481,639
27,8054,928
1,049,912
18,46520,349
16,1101,162
1,729,625
30,01441,795
6,2581,584
,065,393
44,20124,862
35,605880
998,247
83,93632,310
34,122827
3,251,539
29,02670,559
55,9452,766
767,391
12,38226,782
10,575651
491,801
13,41911,374
19,245422
5
799,524
5,59313,349
60,841686
733,916 2,477,628
18,09416,205
23,966915
36,28354,445
3,2001,971
30,234
1,388,264 6,429,543 1,465,673 2,257,127 1,659,655 ,297,367 4,453,827 1,040,127 536,382 1,088,291 998,746 2,882,060
Total loans and securities....
Due from foreign banksUncollected cash itemsBank premisesOther assets
Total assets.
1,404,482
329,1794,6018,885
6,492,510 1,482,945 2,264,969
14950,98510,24039,571
1338,247
4,1789,070
1396,615
9,39914,505
1,696,140
1346,160
6,94510,430
1,332,316 4,512,538
351,9139,4419,221
2828,54312,55527,312
1,051,353
1179,2996,9506,795
556,054 1,149,818 ,023,627 2,887,231
()116,1155,1873,383
1215,9704,7577,743
1192,3268,1496,438
1420,47812,53018,159
2,730,788 13,256,370 2,923,167 4,486,923 3,194,132 2,817,385 8,732,074 2,050,953 1,197,333 2,196,755 1,998,756 5,906,557
Liabilities
F. R. notesDeposits:
Member bank reservesU. S. Treasurer—general
accountForeignOther
1,559,691
764,063
13,39017,050
597
6,303,674
5,397,194
60,295384,355319,943
1,692,047 2,474,066 2,040,123
794,005
22,67320,4604,614
1,47'4,,273
31,55827,9002,941
773,984
32,31015,5003,728
1,434,108 5,152,152
961,780 2,654,834
35,56514,5701,144
32,29845,8802,533
1,194,423
613,023
20,62211,470
1,736
598,853
427,337
25,4177,440
531
1,087,312
813,619
37,15412,0901,793
762,927 2,666,001
929,405 2,588,298
29,72116,1201,829
57,27334,72046,370
Total deposits
Deferred availability cashitems
Other liabilities and accrueddividends
795,100
295,069
1,493
5,861,787
699,493
6,410
841,752
294,823
1,350
1,536,672
345,877
2,896
825,522
254,187
1,352
1,013,059 2,735,545
301,221
1,409
630,977
4,524
646,851
154,062
1,023
460,725
101,928
1,201
864,656
187,277
1,136
977,075
185,034
1,018
2,726,661
354,081
3,323
Total liabilities
Capital Accounts
Capital paid inSurplusOther capital accounts.
2,651,353
18,43950,11610,880
12,871,364 2,829,972 4,359,511 3,121,184 2,749,797 8,523,198
108,295238,90237,809
22,19759,60711,391
35,71976,64315,050
16,79044,84611,312
18,95139,4749,163
51,513132,15925,204
1,996,359
12,60433,7468,244
1,162,707 2,140,381 1,926,054 5,750,069
8,57820,7855,263
15,32832,9358,111
21,75343,4367,513
44,37895,76116,550
Total liabilities and capitalaccounts 2,730,788 13,256,370 2,923,167 4,486,923 3,194,132 2,817,385 8,732,074 2,050,953 1,197,333 2,196,755 1,998,756 5,906,755
Ratio of gold certificate re-serves to deposit and F. R.note liabilities combined(per cent)
Contingent liability on ac-ceptances purchased forforeign correspondents
Industrial loan commitments..
39.0
3,339
45.8
416,204
41.4
4,006
43.1
5,463
20
37.2
3,035
40.8
2,853
41.2
8,984
41.7
2,246
46.4
1,457
41.0
2,367
340
42.2
3,156
45.9
6,798
1 After deducting $11,000 participations of other Federal Reserve Banks.2 Less than $500.3 After deducting $223,200,000 participations of other Federal Reserve
Banks.
4 After deducting $43,704,000 participations of other Federal ReserveBanks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 395
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
1959
March 25 March 18 March 11 March 4 Feb. 25
End of month
1959
March February
1958
March
F. R. notes outstanding (issued to Bank).Collateral held against notes outstanding:
Gold certificate accountEligible paperU.S . Government securities
Total collateral
28,111,581 28,166,551 28,172,214 28,199,306 28,218,699 28,012,937 28,207,005
10,755,000116,136
18,685,000 18
10,855,000114,898
,685,000
10,875,000101,403
10,875,000 10,875,000121,003
18,685i000 18,685,000 18,715,000132,805
10,755,00087,526
18,685,000
10,875,000171,984
18,715,000
27,617,786
12,093,00022,083
17,145,000
29,556,136 29,654,898 29,661,403 29,692,805 29,711,003 29,527,526 29,761,984 29,260,083
EACH FEDERAL RESERVE BANK ON MARCH 31, 1959
Item Boston NewYork
Phila-delphia
Cleve-land
Rich-mond Atlanta Chicago St.
LouisMinne-apolis
KansasCity Dallas
SanFran-cisco
F. R. notes outstanding(issued to Bank) . . . .
Collateral held:Gold certificate acct..Eligible paperU. S. Govt. securities.
Total collateral
1,647,200 6,579,886
580,000 2,920,000
1,760,752 2,543,310 2
920,000
1,150,000 4,000,000
640,00016,110
1,200,000
1,127,064 1
700,000
,501,
475,
720 5,267,379
000 2,000,000
1,750,000
1,238,081613,986
430,000 200,00010,575i
1,113,966 817,681
300,000 290,00060,841
2,801,912
,300,000
1,500,000 1,100,000 3,500,000 935,000 425,000 850,000 575,0001,700,000
1,730,000 6,920,000 1,856,110 2,670,000 2,200,000 1 ,575,000 5,500,000 1,375,575 625,000 1,210,841 865,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
LOANS GUARANTEED UNDER REGULATION
[Amounts in millions of dollars]
End ofyear ormonth
19531954195519561957
1958
FebMarAprMayJuneJulyAugSeptOctNovDec
1959
JanFeb
Applicationsapprovedto date
Num-ber
3,7653,7713,7783,7823,786
3,7863,7863,7863,7863,7873,7873,7873,7873,7873,7873,787
3,7873,787
Amount
803,429818,224826,853832,550841,290
842,232842,472842,723843,078843,321843,321843,321843,321843,321843,321843,321
843,321843,321
AP-provedbut notcom-
pleted 1(amount)
1,951520305
7575
Loansout-
standing 2
(amount)
1,900719702794524
506502503489343342340339338337335
334333
Commit-mentsout-
standing(amount)
3,5691,1482,2932,3651,109
1,0631,001
998991991986
1,0371,0321,0191,015
975
960360
Partici-pations
of financ-ing insti-
tutionsout-
standing 3
(amount)
3,4691,0271,1031,1291,122
1,063965964944799798817816810807806
785384
1 Includes applications approved conditionally by the Federal ReserveBanks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of conditionof Federal Reserve Banks.
3 Not covered by Federal Reserve Bank commitment to purchase ordiscount
NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of advances,and applications for loans and commitments withdrawn or expired.
End ofyear ormonth
19531954195519561957
1958
FebMarAprMayJuneJulyAugSeptOctNovDec
1959
JanFeb
Loansauthorized
to date
Num-ber
,294,367,411.468,503
,511,512,514
1,5161,5221,5231,5281,531,538
1,5401,543
,5481,549
Amount
2,3582,5002,5752.7612,912
2,9352,9362,9372,9523,0293,0333,0693,0713,0893,0903,105
3,1163,118
Loansoutstanding
Totalamount
805472294389395
372367343326330306299298304303310
324329
Portionguaran-
teed
666368226289300
286282265252254235229228231231236
246250
Additionalamount
available toborrowers
under guar-antee agree-
mentsoutstanding
364273170125135
164139157168177194199190184182168
147141
1 Loans made by private financing institutions and guaranteed by Gov-ernment procurement agencies, pursuant to the Defense Production Actof 1950. Federal Reserve Banks act as fiscal agents of the guaranteeingagencies in these transactions, and the procedure is governed by Regula-tion V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and additional amounts available to borrowersunder guarantee agreements outstanding represents amounts repaid,guarantees authorized but not completed, and authorizations expired orwithdrawn.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
396 BANK DEBITS
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]
Type of deposit
Savings deposits
Postal Savings deposits
Other time deposits payable:In 6 months or moreIn 90 days to 6 monthsIn less than 90 days
Feb. 1,1935-
Dec. 31,1935
2i/2
2i/2
21/22Vi
Jan. 1,1936-
Dec. 31,1956
21/2
2 %
21/2
1
EffectiveJan. 1,
1957
3
3
321/2
NOTE.—Maximum rates that may be paid by member banks as estab-lished by the Board of Governors under provisions of Regulation Q.Under this Regulation the rate payable by a member bank may not in anyevent exceed the maximum rate payable by State banks or trust companieson like deposits under the laws of the State in which the member bank islocated. Maximum rates that may be paid by insured nonmember banksas established by the F.D.I.C., effective Feb. 1, 1936, are the same asthose in effect for member banks.
FEES AND RATES ON LOANS GUARANTEEDUNDER REGULATION V*
[In effect Mar. 31]
Fees Payable to Guaranteeing Agency by FinancingInstitution on Guaranteed Portion of Loan
Percentage ofloan guaranteed
70 or less7580859095Over 95
Guarantee fee(percentage of
interest payableby borrower)
101520253035
40-50
Percentage ofany commitment
fee chargedborrower
101520253035
40-50
Maximum Rates Financing Institution May Charge Borrower[Per cent per annum]
Interest rateCommitment rate.
1 Schedule of fees and rates established by the Board of Governors onloans made by private financing institutions and guaranteed by Govern-ment procurement agencies, pursuant to the Defense Production Actof 1950. Federal Reserve Banks act as fiscal agents of the guaranteeingagencies in these transactions, and the procedure is governed by Regula-tion V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debit in millions of dollars]
Year or month
19511952195319541955195619571958
1958 JanFebMarAprMay . . . .JuneJUlyAugSept .OctN o vDec
1959 JanFebMar
Debits to demand deposits accounts,except interbank and
U. S. Government accounts
Total, allreportingcenters
1,542,5541 642 8531,759,0691,887,3662,043,5482,200,6432,356,7682,439,754
212,908181,729203,870204,126195,116219,465206,524185,849195,205212,894183,092238,975
'221,960195,770223,419
NewYorkCity
544,367597 815632,801738,925766,890815,856888,455958,721
84,35572,80384,40985,51077,31595,47382,21468,62070,88779,62064,80492,711
86,50774,34684,710
6other
centers *
336,885349 904385,831390,066431,651462,859489,311487,443
41,99236,18840,36339,35438,64541,22840,70137,94240,52043,59438,22448,690
44,50539,63547,485
337 otherreportingcenters2
661,302695 133740,436758,375845,007921,928979,002993,590
86,56172 73879,09879 26279,15682,76583,60979,28783,79889,68080,06497,573
'90,94881,78991,224
Annual rate of turnover of demand deposits exceptinterbank and U. S. Government deposits
Without seasonal
NewYorkCity
31.934 436.742.342.745.849.553.6
54.655 456.256 651.265 754.846.449.450 147.458.2
54.054.154.5
6other
centersl
24 024 125.625.827.328.830.430.0
30.030.131.330.228.231.429.627.430.329 830.033.2
30.331.0
?34.2
adjustment
337 otherreportingcenters2
18.418 418.919.220.421.823.022.9
23.322.822.222.122.023.822.921.723.623.123.824.9
'23.224.1
*23.6
Seasonally adjusted3
NewYorkCity
54.356.854.857.552.560.856.253.648.251.647.951.5
53.755.553.2
6other
centers1
30.630.928.629.328.630.830.229.930.630 729.631.8
30.931.8
P31.2
337 otherreportingcenters2
23.122 922.322.822.423 823.223.123.323 122.623.6
1 3 . 024.2
»23.7
» Preliminary. r Revised.1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.2 Prior to April 1955, 338 centers.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-57.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENCY 397
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
End of year ormonth
1939194119451947195019531954195519561957
1958 FebMar... .Apr
JuneJulyAug..SeptOctNovDec
1959_janFeb
Totalin cir-cula-tion l
7,59811,16028,51528,86827,74130,78130,50931,15831,79031,834
30 55430,66630,56530,99431,17231,17131,37131,24531,38632,03632,193
31,12531,129
Coin and small denomination currency
Total
5,5538,120
20,68320,02019,30521,63621,37422,02122,59822,626
21 54421^65221,56521,97722,13822,13422,29622,15422,26422,83222,856
21,92621,975
Coin
590751
1,2741,4041,5541,8121,8341 9272,0272,110
2 0572^0662,0752,0902,1012 1082,1172,1272,1422,1632,182
2,1392,144
$12
559695
1,0391,0481,1131,2491,2561,3121,3691,398
I 285
i3051,3491,3681,3761,3981,4171,4261,4571,494
1,4081,406
$2
36447365647271757880
7778818181818080808083
8080
$5
1,0191,3552,3132,1102,0492,1192,0982,1512,1962,188
2 0442,0472,0352,0812,0812,0642,0822,0722,0912,1542,186
2,0642,062
$10
1,7722,7316,7826,2755,9986,5656,4506,6176,7346,662
6 3556,3776,3196,4656,4896,4506,5026,4336,4776,6836,624
6,3406,378
$20
1,5762,5459,2019,1198,5299,8199,6659,940
10,19410,187
9 724917929,7509,910
10,01910 05610,11710,02510,04810,29410,288
9 8949,904
Large denomination currency
Total
2,0483,0447,8348,8508,4389,1469,1369 1369,1929,208
9 0119,0149,0009 0189,0339 0379,0759,0919,1229,2059,337
9,1999,155
$50
460724
2,3272,5482,4222,7322,7202,7362,7712,777
2 6922,6892,6822,6902,7012,7052,7112,7042,7072,7392,792
2,7332,714
$100
9191,4334,2205,0705,0435,5815,6125,6415,7045,752
5 6515^6565,6515,6625,6695,6715,7035,7265,7595,8085,886
5,8145,791
$500
191261454428368333321307292280
276277275275275274274274273273275
272271
$1,000
425556801782588486464438407384
380381379378377376376376371373373
368367
$5,000
202475443333
33333333343
33
$10,000
3246241712111512141388989888
99
88
1 Outside Treasury and Federal Reserve Banks. Prior to December1955 the totals shown as in circulation were less than totals of coin and
paper currency shown by denomination by amounts of unassorted cur-rency (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]
Kind of currency
GoldGold certificatesFederal Reserve notesTreasury currency—total
Standard silver dollars.Silver bullionSilver certificates and Treasury notes of 1890.. . .Subsidiary silver coinIVtinor coinUnited States notesFederal Reserve Bank notesNational Bank notes
Total Feb 28 1959Jan 31 1959Feb 28 1958
Total out-standingFeb. 28
1959
20,47919 92528,207
5,241
4882,248
32,4091 463
52134711558
i
Held in the Treasury
As securityagainst
gold andsilver
certificates
19,925
32,409
1622,248
22.33422', 32624,536
Treasurycash
2554
9470
40
1776
718721695
ForF. R.Banks
andagents
17,078
17,07817,07719,284
Held byF. R.Banks
andagents
2,8161,714
472
8
330821437
1
5,0015,2795,065
Currency in circulation i
Feb. 281959
3126.4004,699
278
2,0791,365
50130411358
31,129
Jan. 311959
3126,4244,670
278
2,0571,362
50030111458
31,125
Feb. 281958
3225,9484,574
262
2,0281,314
48130612460
"30354"
1 Outside Treasury and Federal Reserve Banks. Includes any papercurrency held outside the continental limits of the United States. Totalsfor other end-of-month dates are shown in table above; totals for Wednes-day dates, in table on p. 390.
2 Includes $156,039,431 held as reserve against United States notesand Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held assecurity against silver certificates and Treasury notes of 1890 outstandingis 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 specialsignificance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve forUnited States notes and Treasury notes of 1890—$156,039,431 in goldbullion; (2) as security for Treasury notes of 1890—an equal dollar amountin standard silver dollars (these notes are being canceled and retired on
receipt); (3) as security for outstanding silver certificates—silver in bullionand standard silver dollars of a monetary value equal to the face amountof such silver certificates; and (4) as security for gold certificates—goldbullion of a value at the legal standard equal to the face amount ofsuch gold certificates. Federal Reserve notes are obligations of theUnited States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with FederalReserve agents of a like amount of gold certificates or of gold certificatesand such discounted or purchased paper as is eligible under the terms ofthe Federal Reserve Act, or of direct obligations of the United States.Each Federal Reserve Bank must maintain a reserve in gold certificates ofat least 25 per cent against its Federal Reserve notes in actual circula-tion. Gold certificates deposited with Federal Reserve agents as collat'eral, and those deposited with the Treasury of the United States as aredemption fund, are counted as reserve. Gold certificates, as hereinused, includes credits with the Treasurer of the United States payablein gold certificates. Federal Reserve Bank notes and national banknotes are in process of retirement.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
398 ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates. In millions of dollars]
Date
Gold
Treas-urycur-
rencyout-
stand-ing
Bank credit
Total Loans,net
U. S. Government obligations
Total
Com-mercial
andsavingsbanks
FederalReserveBanks
Other
Othersecu-rities
Totalassets,n e t -Totalliabil-itiesand
capital,net
Liabilitiesand Capital
Totaldeposits
andcurrency
Capitaland
misc.ac-
counts,net
1929—June 29..1933—June 30..1939—Dec. 30..1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..1950—Dec. 30..1955—Dec. 31..1956—Dec. 31..1957—June 6..
Dec. 31..
1958—Mar. 26. .Apr. 30..May 28. .June 23 . .July 30*.Aug. 27*.Sept. 24*.Oct. 29P .Nov. 26*.Dec. 31*.
1959—Jan. 28*.Feb. 25*Mar. 25*.
4,0374,03117,64422,73720,06522,75422,70621,69021,94922,62022,781
22,50022,00021,60021,35621,20021,10020,90020,70020,60020,500
20,50020,50020,400
2,0192,2862,9633,2474,3394,5624,6365,0085,0665,1065,146
5,2005,2005,2005,2045,2005,2005,2005,2005,2005,200
5,2005,2005,200
58,64242,14854,56464,653167,381160,832171,667217,437223,742221,454229,470
230,000234,400234,900240,451238,600241,100240,400243,100245,700248,500
246,800244.800244,400
41,08221,95722,15726,60530,38743,02360,366100,031110,120110,938115,157
113,900114,400114,000116,842115,400115,300115,900116,900118,100121,500
119,600119,600121,200
5,74110,32823,10529,049128,417107,08696,56096,73693,16189,11491,370
91,90095,30095,90097,84997,800100,00098,20099,900101,600100,900
101,20099,10097,000
5,4998,19919,41725,511101,28881,19972,89470,05266,52364,54865.792
67,10070,30070,60071,61171,60073,50072,10073,30074,60073,500
74,60072,60070,300
2161,9982,4842,25424,26222,55920,77824,78524,91523,01624,238
23,50023,70024,10025,00024,90025,20024,90025,40025,80026,200
25,40025,30025,500
26131
1,2041,2842,8673,3282,8881,8991,7231,5501,340
1,3001,3001,3001,2381,3001,3001,2001,2001,2001,200
1,2001,2001,200
11,8199,8639,3028,9998,57710,72314,74120,67020,46121,40222,943
24,30024,80025,00025,76025,50025,80026,30026,20026,00026,100
26,00026,10026,300
64,69848,46575,17190,637191,785188,148199,009244,135250,757249,180257,397
257,700261,600261,700267,011265,100267,400266,500269,000271,500274,300
272,600270.500270,100
55,77642,02968,35982,811180,806175,348184,384224,943230,510227,576236.372
235,500239,200238,900244,131241,900243,400242,600244,900247,700250,500
248,800246,200245,900
8,9226,4366,8127,82610,97912,80014,62419,19320,24621,60521,023
22,20022,50022,80022,88023,20024,10023,90024,10023,80023,800
23,80024,20024,200
Date
Details of Deposits and Currency
For-eignbankde-
posits,net
U. S. Govt. balances
Treas-urycashhold-ings
Atcom-
mercialand
savingsbanks
AtF. R.
Banks
Deposits adjusted and currency
Total
Time deposits2
TotalCom-
mercialbanks
Mutualsavingsbanks 3
PostalSavingsSystem
De-mand
de-posits 4
Cur-rencyout-side
banks
Seasonally adjusted series5
Totaldemanddepositsadjusted
andcurrency
De-mand
de-posits
ad-justed
Cur-rencyout-side
banks
1929—June 29..1933—June 30..1939—Dec. 30..1941_Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1950—Dec. 30..1955—Dec. 31. .1956—Dec. 31. .1957—June 6.,
Dec. 31. .
1958—Mar. 26.,Apr. 30..May 28..June 23..July 30*,Aug. 27*.Sept. 24*,Oct. 29*,Nov. 26*,Dec. 31*
1959—Jan. 28*,Feb. 25*Mar. 25*,
36550
1,2171,498141
1,6822,5183,1673,3063,2473,270
3,9004,0004,0003,9534,0003,9003,8003,8003,7003,900
3,8003,7004,000
204264
2,4092,2152,2871,3361,293767775792761
700700700700700700700700700700
700700700
381852846
1,89524,6081,4522,9894,0384,0383,6254,179
5,8005,4005,7009,4714,3005,8004,5003,7005,9004,500
4,8004,4003,800
3635634867977870668394441473481
600600400524600500500500500400
500500500
54,79040,82863,25476,336150,793170,008176,916216,577221,950219,439227,681
224,500228,400228,100229,483232,400232,500233,100236,200237,000241,000
239,000236,900236,900
28,61121,65627,05927,72948,45256,41159,24778,37882,22485,71589,126
92,50093,60094,60095,52496,50097,00097,20097,40096,70097,900
98,10098,50099,200
19,55710,84915,25815,88430,13535,24936,31448,35950,57753,60556,139
58,80059,90060,70061,47362,30062,70062,70062,90062,10062,900
63,30063,60064,000
8,9059,62110,52310,53215,38517,74620.00928,12930,00030,64731,662
32,40032,50032,70032,83732,90033,10033,30033,40033,50033,900
33,70033,80034,100
149,186,278,313
2,932,416
2,923,890,647,463,325
,300,200,200,214,200,200,200,200
22,54014,41129,79338,99275,85187,12192,272109,914111,391105,706110,254
104,600107,200105,800106,169108,100107,500108,100110,800
,100 111,600,100 114,500
,100113,200,100 110,700,100 109,700
3,6394,7616,4019,61526,49026,47625,39828,28528,33528,01828,301
27,40027,60027,80027,79027,90028,00027,90028,00028.80028,600
27,70027,80027,900
111,100114,300133,200134,400(5)
133,200
134,000135,000135,500
137,600137,300136,700137,900138,500138,300
138,000138,600139,700
85,89,105,106,(5)
200 25,900800 24.500800 27,400700 27,700
(5)105,100 28,100
106,400 27107,200 27107,600 27
109,108,110,110,110,
,600,800,900
500 28,100200 28,100900 27,800000 27,900300 28,200300 28,000
110,100 27110,600 28111,600 28
,900,000,100
* Preliminary. r Revised.i 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).
2Excludes 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 July1957, pp. 828-29.
NOTE.—For description of statement and back figures, see BULLETINfor January 1948, pp. 24-32. The composition of a few items differsslightly from the description in the BULLETIN article; stock of FederalReserve Banks held by member banks is included in other securities andin capital and miscellaneous accounts, net, and balances of the PostalSavings 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 depositsand currency shown in the monthly Chart Book excludes foreign bank de-posits, net, and Treasury cash. Except on call dates, figures are roundedto nearest $100 million and may not add to the totals.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 399
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Class of bankand date
Loans and investments
Total Loans
U. S.Govt.
obliga-tions
Othersecu-rities
Cashassets2
Totalassets—Totallia-
bilitiesand
capitalac-
counts3
Deposits
Total 2
Interbank 2
De-mand Time
Other
Demand
U.S.Govt Other
Time
Bor-row-ings
Totalcapital
ac-counts
Num-berof
banks
All banks:1939—Dec. 30 . .1941—Dec. 3 1 . .1945_Dec. 3 1 . .1947_Dec. 3H .1950—Dec. 30 . .1956—Dec. 3 1 . .1957—June 6 . .
Dec. 3 1 . .1958—Mar. 26*.
June 2 3 . .Sept. 24*.Oct. 29*.Nov. 26*.Dec. 31*.
1959_jan. 28*.Feb. 25* r.Mar. 25*.
AH commercial banks:1939—Dec. 3 0 . . .1941_Dec. 3 1 . . .1945_Dec. 31. . .1947—Dec. 3 H . .1950—Dec. 3 0 . . .1956—Dec. 3 1 . . .1957_june 6 . . .
Dec. 3 1 . . .1958—Mar. 26*. .
June 2 3 . . .Sept. 24*. .Oct. 29*. .Nov. 26*. .Dec. 3 1 * . .
1959—Jan. 28*. .Feb. 25* r .Mar. 25*. .
50,61,40,34,48,97,97,
203;205,215,215.217;219,220;221.219;219;
884126227924021063465849990179470460750910420820210
40,66850,746
124,019116,284126,675165,123164,515170,068171,410179,905179,510181,440183,590184,580185,120183,320182,460
22,16526,61530,36243,00260,386
110,079111,515115,115114,610117,808117,060117,920119,130121,340120,860121,190122,650
17,23821,71426,08338,05752,24990,30291,02893,89992,98095,57194,23094,93095,96097,98097,54097,71099,010
All member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301956—Dec. 311957—June 6
Dec. 311958—Mar. 26*
June 23Sept. 24Oct. 29*Nov. 26*Dec. 31*
1959—Jan. 28*Feb. 25*'Mar. 25*
All mutual savings banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 31*1950—Dec. 301956—Dec. 311957_june 6
Dec. 311958—Mar. 26*
June 23Sept. 24*Oct. 29*Nov. 26*Dec. 31*
1959—Jan. 28*Feb. 25*'Mar. 25*
33,94143,521
107,18397,846
107,424138,768137,808142.353143,874151,589150,684152,102153,854154,799155,054153,504152,831
10,21610,37916,20818,64121,34631,94032,95033,78234,58035,27435,96036,02036,16036,33036,30036,50036,750
13,96218,02122,77532,62844,70578,03478,44880,95080,08982,14680,79881,37582,22584,01083,58883,72884,884
4,9274,9014,2794,9448,137
19,77720,48721,21621,63022,23722,83022,99023,17023,36023,32023,48023,640
19,41725,51101,28881,19972,894
9,302,999 27!577 35;
23,292
10,72314,741
66,523 20,461
38,38841,086
64,54865,792 2267,120 24:71,61172,14073,31074,610 2673,450 2674,550
,402 40,943 49;260 42;
,760 44;,270 42;,230 43,010 45;120 48;
49,641
77,06890,908
177,332175,091191,317
6881
16561,
175,296
9,87410,98214,065
,793| 240
32,51644,355105,935
250,770 227,546834 242,318 257;
647864
253,130264,525
216233226
190 262,580
986020,810
237,204234420
.3,57716,1333
,86515,6361 2 6 0
020 265,:234
. . . 26,010 4372,570 26,060 43
260 237J20 240,670 248
040 269,390 241
130 269,890 274,
70,310
16,31621,80890,60669,22162,02758,55256,64258,23959,550
41026,250 42,140
268,030266,170
420220;610070050950340
13,789010000590660170890070
4621,4621,5571,3862,3002,4972,4002,3402,3602,4002,4502,3302,340
1,3462,8093,736 1253,320 1143,9035,5609,2094,2203,4105,5704,2104,4604,1303,540
114 22,225 26331006 37399 40;
34,806
216104
16,269 48,72016,84!1718 ,'880
930 48;39,995
6579,160,312155,377168,932217,460208,39:
428 222,696
64,194 20,140290
64,72065,98067,32066,18067,23065,21062,890
14,32819,53978,33857,91452,36547,57545,82947,07948,57253,16553,28554,16655,32854,37355,13653,40351,407
3,1013,704
10,68211,97810,8687,9717,9067,5527,5707,4177,4207,3307,2907,2707,3207,3607,420
20,56020,53020,310
43,50741,33042,16044,310
20,420 47,97020,35020,40020,560
42,24042,59041,270
217,090227,84'225,260227,900232,240236,940231,810230,230228,070
57,71871,283150,227144,103155,265197,515186,308201,326194,400204,335201,050203,760207,110214,170207,320205,110203,220
29,845304 32,845
135,52442,90635,270
340
138,'3O4 129J670
324 42,74636,39538,48936,19137,02039,140
416 42,575
2,1881,7741,2461,7182,3424,1924,5575,0135,3805,6205,7105,7005,7005,7005,6605,6605,690
37,33637,68136,412
818793609886797920839890930916860860820920800820870
132,060144,660184,874176,507188,828184,191194,003190,784192,945196,851201,272196,333195,014193,079
122,528133,089167,906157,593170,637164,745173,904170,031172,301175,260181,946175,364173,459171,788
12,79213,57716,13312,86515,63613,26013,78914,01014,00013,59015,66013,17012,89013,070
9,25710,38513,57612,35313,10615,56712,36715,08212,81413,27413,45813,45013,02615,08012,61912,39412,584
9,87410,98214,065
94,381101
25,85226,47945,61353,105
123,993
936 56,513308 80,908
88,102114,210 91,480117,113 94,596
,460 96,330,880 96,590,230 95,860,680 97,120,640 97,330,920 97,680
119,950
11,85211,80417,02019,71422,38533,31134,25435,16836,04036,67837,32037,36037,48037,73037,58037,80038,100
10,52410,53315,38517,76320,03130,03230,67831,69532,41032,86933,37033,46033,50033,90033,73033,84034,120
240462
1,4601,5561,3852,3002,4952,4002,3402,3602,4002,4502,3302,340
32,51344,349105,921
1,3432,806!3,7333,3183,898
94,367101,917125,282114,633123,',967 56,440
5,560 114,180 59,100~ ~ ,086 61,7599,2054,220 117,4303,4105,5704,2104,4604,1303,540
15414064 2250341
1,2891,3691,2462,1632,2662,1742,1082,1302,1752,2242,1022,155
743,709,179,176,523,292,932,472,097,658.782.023003824
3,9793.3;
98,440
15,33115,95230,24135,36036,50350,90853,937
117'
120,850123,200
62,99063,16062,390
128,650 63,250123,610121,890119,920
63,63063,87064,350
11,69912,34724,210
29,336106i850 40,909
2737
80; 609 28; 340
,489,136,640
,783
97,612 43,313105,547 45,290979999^764 50 [852
,141,81:
47,53049,893
102,764104,777109,829 51 ;O38
50,95650,324
105,220103,749
51,32251,498
102,027 51,843
3614
(5)
88(5)
(5)88
10,52110,52715,37117,74520,00930,00130,64731,66232,3803283726 32,837
30 33,3403343030 33,430
,33,47033,87033,70033,81034,090
262322766
88,10,54211,948
781,450
90 13,83719,24919,879
15,03514,82614,55314,71414,65014,16714,144
80 20,428 14,090900 20, —
1,1371,560 211,400 212,150 21
70 211.780 212,200 212,090 f
',83021,359
,660
14,07814,05514,034
,710 14,028,820 14,033,800 14,020,760 14,012850
2i;950
2623219659075
1,44677
9001,1361,560
14,02214,010
14,48414,278
6,
8^950 14^01110,059 14,18111,590 14,12116,30216,83717,36817,71018,178
13,64013.61913156813,55813,535
1,400 182,150 18
70 181,780 18
18,410 13,515470 13,509550 13,514
2,2002,090
570550
18,61018,690
34
208547948
1,374 1457 "
8551,0781,5141,3172,055
551,6842,0831,976
5,5225,8867,5898,4649,69513,65514,05814,55414,82815,18115,37515,43715,49815,52815,50915,55615,627
(5)
8(5)
1,3091,2411,5921,8892,2472,9473,0423,0593,1203,1813,2503,2403,2703,2303,2103,2403,260
13,50113,49413,50413,492
6,3626,6196,8846,9236,8736,4626,4456,3936,3806,3576,3396,3286,3246,3126,3026,2956,288
551548542533529527525522520520519519519519518518518
* Preliminary. r Revised.1A11 banks in the United States. Beginning with January 1959,
includes figures for all banks in Alaska (previously one member bank hadbeen included). Assets of the banks that were added totaled $185million on Dec. 31, 1958.
All banks comprise all commercial banks and all mutual savings banks.All commercial banks comprise all nonmember commercial banks andall member banks (including (1) one bank in Alaska and one in theVirgin Islands that became members on Apr. 15, 1954, and May 31,1957, respectively, and (2) a noninsured nondeposit trust company, butexcluding three mutual savings banks that became members in 1941).
Stock savings banks and nondeposit trust companies are included withcommercial banks. Number of banks includes a few noninsured banksfor which asset and liability data are not available. Comparability offigures for classes of banks is affected somewhat by changes in FederalReserve membership, insurance status, and the reserve classifications ofcities and individual banks, and by mergers, etc.
2 Beginning June 30, 1942, excludes reciprocal balances, which onDec. 31, 1942, aggregated $513 million at all member banks and $525million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.For other notes see following two pages.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
400 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]
Class of bankand date
Loans and investments
Total LoansU. S.Govt.obliga-tions
Othersecu-rities
Cashassets2
Totalassets—
Totallia-
bilitiesand
capitalac-
counts3
Deposits
Total 2
Interbank 2
De-mand Time
Other
Demand
U. S.Govt. Other
Time
Bor-row-ings
Totalcapital
ac-counts
Num-berof
banks
Central reserve citymember banks:
New York City:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956_Dec. 311957—June 6
Dec. 311958—Mar. 26
June 23Sept. 24Oct. 29*Nov. 26*Dec. 31*
1959—Jan. 28*Feb. 25*Mar. 25*
Chicago:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301956—Dec. 311957—June 6
Dec. 311958_Mar. 26
June 23Sept. 24Oct. 29*Nov. 26*Dec. 31*
1959—Jan. 28*Feb. 25*Mar. 25*
Reserve city member banks:1939—Dec. 301941_Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301956—Dec. 311957—June 6
Dec. 311958—Mar. 26
June 23Sept. 24Oct. 29*Nov. 26*Dec. 31*
1959—Jan. 28*Feb. 25* 'Mar. 25*
Country member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956—Dec. 311957—June 6
Dec. 311958—Mar. 26
June 23Sept. 24Oct. 29*Nov. 26*Dec. 31*
1959—Jan. 28*Feb. 25* r
Mar. 25*
9,33912,89626,14320,39320,61223,80923,29323,82825,00627,14925,23025,44425,55225,96225,95925,54925,594
2,1052,7605,9315,0885,5696,4736,2666.4466,4926,9426,5776.6146,7276.8306.6516,6376,759
27234710804068591513259
,711,273,327,471181553698033526
224518
oo:324558571112820665,22.,550,57339445746285,952
3,2964,0727,3347,1799,72915,98715,89516,10216,36716,76415,46415,60415,66616,16316,01115,86416,147
569954
1,3331,8012,0833,7723,7893,8523,4813,5943,4053,4263,4183,6373,4333,4403,551
5,3297,1058,51413,44917,90631,78331,43532,80532,07232,85132,83032,98433,39333,99634,08334,27934,721
4,7685,8905,59610,19914,98826,49127,33028,19128,16928,93729,09929,36129,74830,21430,06130,14530,465
4,7727,26517,57411,9728,9936,0575,7385,8806,4148,0357,3507,4187,6947,4807,6507,3616,997
1,2031,4304,2132,8902,9112,1131,8842,0322,4042,6942,5372,5472,6872,5622,6112,5722,576
5,1946,46729,55220,19619,08417,36816,79717,35218,21020,43620,45520,50820,89120,68020,77619,92818,946
3,1594,37726,99922,85721,37722,03721,40921,81521,54422,00022,94323,69324,05623,65124,09923,54222,888
1,2721,5591,2351,2421,8901,7651,6601,8462,2252,3502,4162,4222,1922,3192,2982,3242,450
333376385397576588593562607654636641622631607625632
6,7036,6376,4397,2617,9228,6296,6928,9847,6568,2726,3096,8507,7639,3277,3147,6247,066
1,4461,5661,4891,7392,0342,1711,8212,0831,8081,9141,8691,8872,0672,1591,8811,9521,745
1,7491,7762,0422,396 133,6954,764 174,9055,1025,4295,9866,0415,9795,8975,8775,839 155,8265,859
6,7858,51811,28613,06613,99817,71614,53217,54014,62915,44315,24715,44816,27617,69215,62615,67215,388
2,2972,2502,4083,2684,1936,0426,3736,814 146,9527,2887,5077,5197,5907,5897,5867,5987,599
4,8486,40210,63210,77811,57114,39012,22414,13912,30212,86012,76512,83513,03413,39712,51512,43312,213
16,41319,86232,88727,98228,95433,38130,99333,97533,95936,66432,78233,46534,50136,44234,44734,35333,808
3,5954,3637,4596,8667,6498,6958,1478,5958,3748,9298,5228,5838,8749,0728,6178,6678,583
19,68724,43051,89849,65955,36972,85468,96574,19671,80276,15575,97676,38377,94079,77077,84577,15576,370
15,66619,46646,05947,55352,68969,94568,40472,06270,05672,25573,50574,51475,53675,98875,42474,83974,318
14,50717,93230,12125,21625,64629,14926,32229,37128,96531,46927,60828,38728,95831,69029,19128,90028,627
3,3304,0577,0466,4027,1097,9437,2847,7927,3908,0227,6287,6937,8628,2147,6957,7267,438
17,74122,31349,08546,46751,43766,52461,79667,48364,62668,67267,91868,47469,72372,63169,80068,87668,282
13,76217,41543,41844,44348,89764,28962,19265,99163,76465,74166,87767,74768,71769,41168,67867,95767,441
4,2314,2024,6404,4534,3705,0224,0254,8694,1724,3453,9934,1554,0054,7803,8973,9644,079
8881,0351,3121,2171,2251,3641,1681,3331,2271,2491,3021,2431,1691,3571,1381,1631,135
3,5654,3566,4185,6276,3917,5845,9147,2416,1066,3976,7956,6576,4767,4576,2326,0116,122
572792,207,056,121,597,260,640,309,282,368
1,3951,3761,4861,3521,2561,248
761712
268965
1,009912
1,6701,7741,7101,6601,6771,7221,7641,6891,773
120104302257
294314301430416382374378375382336316
74866
6,940267451747688737
1,3812,946847584945973925815691
80127
1,5527217418497195351705247192402249201233223
435491
8,221405976
1,2011,0511,3581,9603,1501,4921,0741,9441,4261,4391,4791,221
154225
5,465432922
1,1601,0971,1811,4051,8571,1971,1731,7121,1761,4141,1891,044
9,45912,05117,28719,04018,83619,94017,83619,95918,45418,89817,55318,51818,95620,71619,13018,94618,479
1,8672,4193,4624,2014,6045,0694,6914,9044,4184,6264,6424,8264,8595,1364,9134,9004,655
736807
1,2361,4451,7222,4752,7652,8933,2883,5063,5063,4703,3753,4993,4753,4863,605
495476719913
1,1031,3191,3121,3451,3491,4031,3991,3961,4011,4381,4091,3971,395
9,00412,55724,65528,99032,36640,64736,87439,96036,64638,00338,243 2139,370 2040,184 2042,300 2140,452 2139,70839,250
4,6164.8069,76011,42311,64716,79717,64218,62319,48420,706",005
,999,741,073,295
21,34221,373
7,15810,10924,23528,37831,97741,194 2038,211"\724 22
623 23286 24326 24
37,38,39,40,05040,77841,67740,72540,19539,643
5,8526,25812,49414,56014,86520,31721,594",429
,409,277,941
25,09124,80725,02825,14325,27325,470
19530702
3262
253483385319736
543723513
41014
1748055421573
6879296
2168121
25735094770591016
832932839
3411239212673017116412625125236241349328
1,5921,6482,1202,2592,3512,8732,9073,1363,1613,2143,2403,2593,2763,2853,2723,2813,277
250288377426490660665689700708714720724733726725728
1,8281,9672,5662,8443,3225,0765,1825,3705,4695.6175; 6755,7145,7295,7525,7825,8025,846
1,8511,9822,5252,9343,5325,0465,3045,3595,4985,6415,7475,7445,7695,7585,7295,7485,776
3636373723181818181818181818181818
1413121413141414141414141414141414
346351359353336289282278278280277277275274273272272
5,9666,2196,4766,5196,5016,1416,1316,0836,0706,0456,0306,0196,0176,0065,9975,9915,984
4 Beginning with Dec. 31, 1947, the all-bank series was revised as an-nounced in November 1947 by the Federal bank supervisory agencies.At that time a net of 115 noninsured nonmember commercial bankswith total loans and investments of about $110 million was added, and8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks5 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 401
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Class of bankand date
Loans and investments
Total Loans
U.S.Govt.
obliga-tions
Othersecu-rities
Cashassets2
Totalassets—Totallia-
bilitiesand
capitalac-
counts3
Deposits
Total 2
Interbank2
De-mand Time
Other
Demand
U.S.Govt.
OtherTime
Bor-row-ings
Totalcapital
Num-berof
banks
All insured commercial banks:1941—Dec. 311945—Dec. 311947_Dec. 311956—Dec. 311957—June 6
Dec. 311958—June 23
National member banks:1941—Dec. 311945—Dec. 311947—Dec. 311956—Dec. 3 1 . . . .1957—June 6
Dec. 311958—June 2 3 . . . .
State member banks:1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 1 . .1956—Dec. 3 1 . .1957—June 6 . .
Dec. 3 1 . .1958—June 23. .
Insured nonmembercommercial banks:
1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 1 . .1956—Dec. 3 1 . .1957—June 6 . .
Dec. 31. .1958—June 23. .
Noninsured nonmembercommercial banks:
1941—Dec. 311945—Dec. 311947—Dec. 314.. .1956—Dec. 311957—June 6
Dec. 311958—June 23
All nonmember commercialbanks:
1941—Dec. 311945—Dec. 311947—Dec. 3141956—Dec. 311957—June 6
Dec. 311958—June 23
Insured mutual savings banks:1941—Dec. 311945—Dec. 311947—Dec. 311956—Dec. 311957—June 6
Dec. 311958—June 23
Noninsured mutual savingsbanks:
1941—Dec. 311945—Dec. 311947—Dec. 3H1956—Dec. 311957—June 6
Dec. 311958—June 23
49,29021,80914,27463,60163,02568,59578,330
27,57169,31265,28088,47787,91091,20195,898
15,95037,87132,56650,29149,89851,15255,691
5,77614,63916,44424,85925,24326,26826,768
1,4572,2112,0091,5211,4901,4731,575
7,23316,84918,45426,38126,73327,74128,343
1,69310,84612,68324,17025,18"26,53527,869
8,6875,3615,9577,7707,7657,2467,404
21,25925,76537,58389,83190,57193,43095,105
11,72513,92521,42848,10948,41550,35050,744
6,2958,85011,20029,92430,03430,60031,403
3,2412,9924,95811,80812,13412,49312,972
455318474471457468466
3,6963,3105,43212,27912,59112,96113,438
64:3,0813,56015,54216,228
21,04688,91267,94157,83755,973 ,57,580 17,585 4863,489
6,9847,1318,750 3615,933 4816,481
25,78834,292"",926,352
39,713 206"",127
76,820157,544 147152,733215,514206,567220,865
19,735 43,243 225,945 202
69,41147,775141,851195,953184,860199,876""",819
10,65413,883
12,61515,981|12,70715,48913,632
17,19418,13f
4,2591,1981,3844,2354,2594,0224,104
12,03951,25038,67431,56830,34531,23434,498
7,50027,08919,24016,00715,48315,84618,667
1,50910,58410,03910,27410,15610,51210,335
7611,6931,280714669660704
2,27012,27711,31810,98910,82511,17211,040
6297,1608,1655,5185,50"
3,806 144,137 205,178 228,8009,150 229,617 26i786 12010,656
,977,114,024
27,006~525
23,964
43,43390,22088,182117,345112,460120,153122,100
5,4045,234
3,0753,5223,8132,4532,4012,1482,183
2,1551,9332,1254,3594,3814,7075,621
1,0251,0631,4482,7772,9533,2643,460
241200255336364345405
1,2661,2621,7033,1133,3173,6083,865
421606958
3,1103,45f3,9374,50f
1,353641760
1,0821,1051,0761,116
8,1459,73110,82215,90012,74515,96014,525
2,6684,4484,0835,4484,4465,3834,756
763514576369282301264
3,4314,9624,6595,8174,7285,6845,020
151429675739672719745
64:18021118:16'171171
24,68848,08443,87967,53064,04768,67671,904
8,70819,25620,69130,66730,08832,06631,971
2,2832,7682,6431,9461,8251,8311,902
10,99222,02423,33432,61331,91333,89733,873
1,95811,42413,49925,28226,24127,67129,021
9,8465,5966,2158,0288,0137,4977,657
39,45884,93982,023107,161100,989109,091110,065
22,25944,73040,50560,74456,60561,54563,839
7,70218,11919,34028,07327,29229,26628,942
1,8722,4522,2511,5621,4481,4491,516
9,57320,57121,59129,63528,74030,71530,458
1,78910,36312,20722,88623,57825,02226,082
8,7445,0225,5567,1467,1006,6726,787
541,3011,3881,2642,288
1,76223,7401,3253,717 , . _.3,310 113,812 533,8599,162
41,29880,276 2992,975124,346 50
123,127 56116,308 61
15,69929,87634,882"\608,643,137,429
6,8448,6719,734
^_ 15,9881,430 16,525' "17,051
17,857
102156156
661,125
8,3759,3227,3978,9587,849
6,7869,229
35522566517825
3,7394,411
3,9786,2454,9706,1245,425
15767803729
1,441
262414340407359
129244
1,08814,013
7952,0741,7822,1664,751
6218,166381
1,2181,1501,3063,907
531,560149425378388504
23,26245,47353,54167,434 2761,737 2966,546 3062,886 33
8,32216,22419,278'",810
,506,904,754
13,87424,16827,06839,416 1335,87439,00136,926 16
4,0257,9869,0623,09813,80714,386",140
4,16210,63512,36617,49716,200 1017,58016,496
3,3605,6806,5589,7240,35510,87311,562
177152158147157
329181
185159168121207
1,2911,905
439566498554515
457425
1,392936821840778
253365478300294303330
19017118138229
5,50414,101167440385427548
1223232
3,6136,0457,03610,02410,649
420 11,176274 11,892
1,789
13,75818,43317,02118,'""17,
122326 2326 2426 26
10,35112,19222,857"",549
,991,052
8,7385,0205,5537,1437,0986,6716,785
4784519
81538
492
113092956018
586
3,6404,6445,4098,4508,7229,0709,451
2,2462,9453,0555,2055,3375,4835,730
9591,0831,2712,3362,4692,5002,679
329279325313312317321
1,2881,3621,5962,6492,7812,8173,000
1641,0341,2522,1302,2402,3082,433
1,077558637817
so:751748
13,42613,29713,39813,19513,18913,14213,121
5,1175,0175,0054,6514,6474,6204,599
1,5021,8671,9181,8111,7981,7731,758
6,8106,4166,4786,7376,7486,7536,768
852714783444429425413
7,6627,1307,2617,1817,1777,1787,181
52192194223234239239
496350339304291283281
For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETINfor July 1947, pp. 870-71.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
402 COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Class of bankand
call date
Totalloansand
invest-ments
Loans2
TotaP
-om-mer-cial,in-
clud-ing
openmar-ketpa-per
Agri-cul-tur-al
Loans forpurchasingor carryingsecurities
Tobrok-ersand
deal-ers
Tooth-ers
Reales-tate
loans
Otherloans
toin-di-
vid-uals
Otherloans
Investments
Total
U. S. Government obligations
Total
Direct
Bills
Certifi-catesofin-debt-ed-ness
Notes Bonds
Ouar-an-teed
Obli-ga-
tionsof
Statesand
polit-icalsub-divi-sions
Othersecu-rities
All commercialbanks31947—Dec. 31...1956—Dec. 31...1957—Dec. 31...1958—June 23...
All insured com-mercial banks:1941—Dec. 31 . . .1945—Dec. 31 . . .1947_Dec. 3 1 . . .1956—Dec. 31 . . .1957—Dec. 31 . . .1958—June 23. . .
Member banks,total:1941—Dec. 31..,1945—Dec. 31...1947—Dec. 31...1956—Dec. 31...1957—Dec. 31...1958—June 23...
Dec. 31...
New York City:*1941—Dec. 31...1945—Dec. 31...1947—Dec. 31...1956—Dec. 31...1957—Dec. 31...1958—June 23...
Dec. 31..
Chicago:4
1941_Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1956—Dec. 31 . .1957—Dec. 31 . .1958—June 23. .
Dec. 31 . .
Reserve citv banks:1941—Dec. 31.1945—Dec. 31.1947—Dec. 31.1956—Dec. 31.1957—Dec. 31.1958—June 23.
Dec. 31.
Country banks:1941—Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1956—Dec. 31 . .1957—Dec. 31 . .1958—June 23. .
Dec. 31 . .
Nonmember com-mercial banks:3
1947—Dec. 31 . .1956—Dec. 31 . .1957—Dec. 31 . .1958—June 23. .
16,284 38,05765,123,90,30270,068;93,899 40;79,905,95,571
830167 1,660720 4,161526|4 .~"886 4,552 3;699
2,589066 2,601
49,29021,259; 21,80905,76514,274B7,58363,60189,831[68,595^3,430 40;380 4
9,2149,4618,01238,571
78,33095,105
43,52118,02107,18322,77597,84632,62838,768178,03442,353'80,95051,58982,14654,865 84,061
38,750 4
8,6718,9496,962
5,723 1,06378,226. , , . . . 8,850 3,34374,8211 620 23,110 20,217 3,533,76,169
4,56284,334
1,2201,691
9,39322,509
1,925 23,693 20,091
614 6621,4501,314 3,164 3,6061,610 "~~ ~~4,101015,499
8232,5652,5693,677
4,7734,6779,266
1,669 22,39423,003
1,907 23,585
,190
4,2,3615,654
1 8 , " "20,19,981
972855
1,04636,2962,47837,8682,472
5943,133811
2,4472,448
5983,3781,0651,473
3,4943,4557,13017,811
l,409J18,231
12,89626,14320,39323,8091523,8281627,1491625,96616
2,7605,9315,0886,4736,4466,9426,830
36,125|2,774 3,5741,1,706 18,71237,444 3,052 2,730 1,599 20,013
4,0727,3347,179",987
,102,764,165
9541,3331,8013,7723,8523,59-3,63
15,34740,10836,04013,44953.915T
7,1058,514
31,78355,259 32,80559,273)32,85160,558 34,003
1410
12,51835,00236,32454,5712656,82058,22561,511
18,45426,38127,741
2,8073,0445,36111,26611,65110,97810,928
732760
1,4182,7812,9032,6182,628
3,4563,6617,08815,17015,70214,78915,808
5,89C5,59(",199,49
28,1928,93730,257
1,6761,4843,0967,0807,6137,739 28,080 2
5,43212,27912,96
28,34313,43
1,2052,4242,6572,761
4122,453545,409,280
2.164,652
4821173203200178266
300205225489494611669
659648818
1,972,970,154,368
6141,6831,5941,778
114427170501603881518
204223334365351294
20143153125
1691,1722674023874?0382
5223387979710097
1941,503484712673904851
183471227261252
12380111617565557641
223646134143143161
1,52'1,4593,1477,6547.66'7,8418,405
1,8231,8813,8279,4079,856
282 10.172268 10,806
156218211219
2,2664,7084,8914,994
59,221"8,5528,239
54,194
,193,924,405
4,502
545
765 3122 3
28,031f, 181 96,0431 02876,691- 325;73,770_, 51375,1644 54183,224
3,1,9004,66215,76516,77516,"17,
21,04688,91217,941!7,83717,580
63,489
9882,4552,124,763,290
4,416
692 25,500 19,539 971• 10484,408 78,338 2,275
'95265,218 57,914 1,9873,147i60,734 47,575 4,3833 31661,403 47,079 3,948
544 4'33669,443 53,165 3,574'92070,804 54,299 4,644028 3
554287564
1,5581,5131,4371,502
1,0491,0531,56610,3851,424
51149439425336357
95
8551,9696,5126,8936,7416,"
512
1,707
1,9797,2567,9448,0308,239
1,0613,0853,4423,547
8,82329818,80933013,214
4026178180318220
7,8227,726
9,802
1,8064,5983,2872,7012,5943,3483,193
7,26517,57411,9726,0575,8808,0357,486
1,4304,2132,8902,1132,0322,6942,562
311477,002724648,023643
2561331321126526823:
7,7891,9974,8133,883
9,0717,5521,9814,7583,841
6,9855,8161,4693,5342,9056,143
3,433640194214286
1,106
1,46723542126145361
6,0341,8230,6082,348
3,1918,79637,40643,456
3,1596,0455,9181,7220,4932,213 43
2,797; i32 i,2,33438,35837,03143,013
3,0074,2714,815 459,4938,56010,48011,117
1,72944,79245,28632,21831,03136,20132,390
8,243404 31,59436622,591
1,289 22,1321,37022,4541,70626,422
930 1,49226,555
530
6,46'29,55:20,19617,36817,35220,43620,645
2951,034373
1,1851,009874
1,293
6,9822,358441
1,2851,0092,370
6,628363 29,407229 26,12563128,080713 28,62974629,288784 31,254
11113,02196,14,102217|14,78022514,905
4,37726,99922,85722,03721,81522,00023,606 2
110630480
2,3622,2261,409",475
5,1022,583
7921,909
11,31810,98911,17211,040
2061,5411,45^
92'
,4652,306
1,973528
1,279978
1,6233,325
558976
1,0931,7291,602
153749248316313490522
7515,6531,9013,74f3,2974,4104,49^
4814,5442,1084,4583,8573,8524,495
1,2192,3302,0491,868
3,6520,3379,7714,1603,9244,9964,135
9031,8642,2741,6431,5281,7911,446
4,24815,87815,56011,99511,76014,14212,482
2,92616,71317,68114,42013,81915,27214,327
7,9166,5886,3857,266
4,10222141375
3,832161012
1,6791
5,2763,72912,9013,36813,9154,01415,7164,424
3,6513,3333,8733,2585,1293,621
12,675 3,25813,6883,89715,4574,278
3,0902,8712,815• 105
10;4942,66511,2353,08912,7863,49213,4053,100
119
1,173
8619
729606638
1,4061,4351,7481,869
182181213440408495491
9561,126
3,820
830629604358411602446
193204185148154159140
820916
1,3421,053944
4,0271,0754,7671,2184,8641,047
1,22211,34212,00614,82715,365'5,7756,181
1,0782,4092,6822,93:
,028,067,262,215,449,513
1,467
625704926933
1 All commercial banks in the United States. These figures excludedata for banks in U. S. possessions except for one bank in Alaska andone in the Virgin Islands that became members on Apr. 15, 1954, andMay 31, 1957, respectively. During 1941 three mutual savings banksbecame members of the Federal Reserve System; these banks are in-cluded in member banks but are not included in all insured commercial
banks or all commercial banks. Comparability of figures for classes ofbanks is affected somewhat by changes in Federal Reserve membership,insurance status, and the reserve classifications of cities and individualbanks, and by mergers, etc.
For other notes see opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS 403
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Class of bankand
call date
All commercialbanks: 3
1947_Dec.1956—Dec.1957—Dec.1958—June
3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .
All insured commer-cial banks:
1941—Dec.1945—Dec.1947_Dec.1956—Dec.1957—Dec.1958—June
Member bankstotal:
1941—Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June
Dec.
3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .
3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .3 1 . . . .
New York City:*1941 Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June
Dec.
Chicago:*1941 Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June
Dec.
313 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .31
31313 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .3 1 . . . .
Reserve city banks:1941—Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June
Dec.
313 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .233 1 . . . .
Country banks:1941—Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June
Dec.
3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .312 3 . . . .3 1 . . . .
Nonmember commer-cial banks:3
1947—Dec.1956 Dec.1957—Dec.1958—June
31313123
Re-serveswith
FederalRe-
serveBanks
17181818
121517181818
12151718181818
5444444
1
4677777
2445555
,796,706,972,568
,396,810,796,706,972,568
,396,811,797,707,973,570,428
105,015,639,375,564,418,454
021942
,070,158,071,183,058
,060,326,095,649,763,576,472
,210,527.993,526,576,392,444
Cashin
vault
2333
112332
1112222
1111
,216,261,335,017
,358,829,145,237,311,997
,087,438,672,487,536,277,441
93111151161158145161
43363037393136
425494562787790707768
526796929
,502,549,395,476
544714799740
Bal-anceswithdo-
mesticbanks 5
10121210
8119
121210
6768767
2222222
34354
216813342904
570075736490079682
246117270124806913977
141787099
1107692
298200175174148128185
590,174125
,656,585,277,670
,216,665,900,194,964
4:4325
3443
,030
,947,690536
,993
D e -mand
de-posits
ad-justed6
87111110106
377485
110109105
33647393928996
10151615151516
2334444
11222534333335
9232739383640
13181816
,123,405,266,178
,845,722,751,487,439,419
,754,184,528,320,191,186,218
761,065,653,974,849,305,170
,215,153,737,272,084,089,271
,117,372,714,046,583,145,505
,661,595,424,028,676,648,272
,595,085075
,992
Interbankdeposits
Do-mestics
11 ,14,13,12,
9 ,12,1 1 ,14,13,12,
9 ,12,10,13 ,13,1 1 ,13,
3*',3 ,3 ,3 ,3 ,3 ,
*'
l |
1,
465 ,7 ,667,
1,11111
362338867141
823566236226752022
714333978818356676614
595535236622480084519
027292196318293211314
302307497298962115217
790199049580621267565
385521511465
For-eign
1,4301,7941,7691,648
6731,2481,3791,7551,7361,610
6711,2431,3751,7491,7261,5971,613
6071,1051,2171,4001,3891,2611,267
8202146403843
54110131286279282289
287
16181513
55454350
Demand deposits
U.S .Govt.
1339
123
1339
122
13383
6
2
1
8
1131
5
1111
,343,733,898,205
,762,740,325,717,859,162
,709,179,176,292,472,658,822
866,940267747737
,946968
127552
' 72184195705249
491,221405
,201,358,150,429
225,465432
,160,181,857,175
167440427548
Statesand
politicalsubdi-visions
6,10,1010,
356
101010
3458888
1123333
1224444
1222
799449693892
677098692350594800
066240504211412628603
319237290286299337329
233237285294333456302
144,763282092
,111,065,153
,370,004,647,538,669,769,819
,295,238'282]265
Certi-fiedandoffi-cers'
checks,etc.
2333
122333
1223333
111111
1
1
11
1
,581,785,620,741
,077,585,559,744,597,715
,009,450,401,475,331,482,712
450,338,105,172,284,645,540
34666385777588
286611705
,036943818
,052
239435528
,183,027943
,032
180310289260
Indi-viduals,partner-
ships,and cor-
pora-tions
84,111,109,102,
36,72 ,83
110108,101,
33627295938798
11151718181618
2334444
11222636353438
8212535353236
12151514
987048653453
544593723252936793
061950704163804703133
282712646482377916835
152160853690493095746
127281003519906119054
,500797
,203,473,029,573,498
,284885
'849,749
Inter-bank
112
112
1122
11
240,460,385,495
1587054
,301,264,288
1406450
,289,246,266,187
61712
965912
,774,739
7153934
1043022
294301416377
30171722183836
190171138229
Time deposits
U. S.Govt.and
postalsav-ings
111330301286
59103111330301286
5099
105301275259300
101236242836
25347
203845
11411392
124
315245
146135135132
6292728
Statesand
polit-ical
subdi-visions
8662,3842,7734,100
492496826
2,3292,7174,032
418399693
1,8392,1703,2962,829
2920144456
249100
91210107
243160332935
1,1751,7051,471
146219337847928
1,3311,250
172546603805
Indi-viduals,partner-
ships,and cor-
pora-tions
34485357
152933475357
11232738424648
112233
1111
49
1115171819
6121419212223
69
383193366372
146277946949120110
878712542769845339004
778206418395813229345
476719902
,302332
,389,423
542,563,045,748,335,910,480
,082,224,177,324,366,811,755
,858449
10*54611 ,059
Bor-row-ings
657577
1,136
10215
615666
1,125
4208
544857
1,07854
19530
22
483
44
803
21
2121
35014
411232130
16437
12272158
Cata
CO I
10,16,17,18,
6,8,9 ,
15,17,17,
5 ,7 ,8,
13,14,15,15,
1,22,2 ,3 ,3 ,3 ,
1225555,
1225555
1223
pi-alc-mts
059302368178
844671734988052857
886589464655554181460
648120259873136214282
288377426660689708733
967566844076370617760
982525934046359641685
596649818000
2 Beginning June 30, 1948, figures for various loan items are showngross (i.e., before deduction of valuation reserves); they do not add to thetotal and are not entirely comparable with prior figures. Total loanscontinue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are notavailable prior to 1947; summary figures for earlier dates appear in thepreceding table.
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 $525million at all insured commercial banks.
6 Demand deposits other than interbank and U. S. Govt., less cash itemsreported as in process of collection.
For other notes see opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
404 WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Month or date
Totalloansand
invest-ments
Loansand
invest-ments
ad-justed i
Loans *
Loansad-
justed1
Com-mer-cialand
indus-trial
Agri-cul-tural
U.S.Govt.
ob-liga-tions
For purchasingor carrying securities
To brokersand dealers
Other
curi-ties
U.S.Govt.
ob-liga-tions
To others
Otherse-
curi-ties
Realestateloans
Otherloans
U. S. Government obligations
Total Bills
Cer-tifi-
catesof in-debt-ed-ness
Notes Bonds2
Othersecu-rities
Loansto
banks
Total-Leading Cities
1958
Mar
1959
Feb
Mar
1959
Feb. 4111825
Mar. 41118
25
New York City
1958
Mar
1959
Feb
Mar
1959
Feb. 4111825
Mar. 4111825
OutsideNew York City
1958
Mar
1959
Feb
Mar
1959
Feb. 4111825
Mar. 4111825
91,137
95,96395,716
96,55895,92595,62995,740
95,45995,92396,16195,321
24,903
25,61125,689
25,93625,62325,43025,456
25,58125,87225,80125,503
66,234
70,35270,027
70,62270,30270,19970,284
69,87870,05170,36069,818
89,568
'94,27194,099
94,86394,29494,061'93,863
93,79094,24894,72893,631
24,129
24,69324,773
25,09024,75224,48524,447
24,54824,88325,15524,507
65,439
'69,57869,326
69,77369,54269,576'69,416
69,24269,36569,57369,124
52,942 330,144
-"53,736 29,62254,516 30,262
53,70153,648 2953,746 29
'53,846 29
29,567"",571,671,678
53,909 2954,24555,018 3054,893
,72430,09730,63230,594
15,653
14,92015,116
14,99514,90114,88414,902
14,89915,02715,35215,189
37,289
-•38,81639,400
38,70638,74738,862'38,944
39,01039,21839,66639,704
11,381
10,51110,729
10,53410,49610,51110,505
10,51310,64710,91310,841
318,763
19,11119,533
19,03319,07519,16019,173
19,21119,45019,71919,753
446
583578
587585581580
577574583576
445
582577
586584580579
576573582575
2,394
1,9231,883
2,0141,904,865,908
,904,847,968,816
391
272231
346250202291
267220258179
1,115
1,0601,063
1,0611,0721,0851,020
1,0321,0741,0831,064
591589
607582578597
605553627573
1,212
1,3221,338
1,3121,3161,3221,339
1,3311,3301,3441,347
53 347
377382
373375376382
378378388386
812
905916
900907903914
910911919924
8,720
9,7259,777
9,6859,7199,7389,757
9,7439,7669,7889,813
531
644648
635650647646
646649648651
8,189
9,0819,129
9,0509,0699,0919,111
9,0979,1179,1409,162
311,170 28,024 2,100
11,789 31,37911,913
2,13730,224 2,216
11,76311,78111,797 31
31,95431,55531,183
11,815 30,825
11,86311,86511,939 3011,985
30,62730,60830,29629,365
2,188
2,3862,394
2,3772,3942,3902,385
2,3912,3892,3962,402
6,272
7,4877,221
7,7807,6077,3307,231
7,2687,4077,3306,877
38,982 21,752
2,0681,9282,3242,229
2,2352,3332,2122,082
732
7631,011
730655834832
9581,1051,070909
1,368
'9,403 23,892 1,374,519 23,003 1,205
9,386 24,174 1,3389,387 23,9489,407 23,853
'9,430 23,594
9,9,9,9,583
472 23,359476 23,201
,96622,488
543 22
1,2731,4901,397
1,2771,2281,1421,173
1,153
3,6723,322
3,6853,5593,8143,629
3,5763,5393,4302,742
187
987822
1,037986
1,000927
882909895600
966
2,6852,500
2,6482,5732,8142,702
2,6942,6302,5352,142
4,912
7,4676,799
7,9647,9626,9786,964
6,8826,8456,7606,710
1,011
1,9671,766
2,1222,2021,7631,780
1,7611,7561,7651,784
3,901
5,5005,033
5,8425,7605,2155,184
5,1215,0894,9954,926
19,859
18,10317,887
18,23718,10618,06718,003
17,93417,89117,89417,831
4,342
3,7703,622
3,8913,7643,7333,692
3.6673; 6373,6003,584
15,517
14,33314,265
14,34614,34214,33414,311
14,26714,25414,29414,247
8,602
9,1569,359
9,2089,0919,1329,192
9,2549,3959,4149,373
2,204
2,2862,436
2,3152,2442,2712,314
2,3812,4492,4732,441
6,398
6,8706,923
6,8936,8476,8616,878
6,8736,9466,9416,932
1,569
1,6921,617
1,6951,6311,5681,877
1,6691,6751,4331,690
774
918916
846871945
1,009
1,033989646996
795
'774701
849760623
'868
636686787694
r Revised.1 Exclusive of loans to banks and after deduction of valuation reserves;
individual loan "terns are shown gross
2 Includes guaranteed obligations.3Figures revised; see BULLETIN for February 1959, p. 214, note 2.See also NOTE on opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 405
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Month or date
Re-serveswithF. R.Banks
Cashin]
vault
Bal-anceswithdo-
mesticbanks
De-mand
de-posits
ad-justed 1
Demand deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-
pora-tions
Statesand
polit-icalsub-divi-sions
Certi-fiedandoffi-cers'
checks,etc.
U.S.Govt.
Time deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-
pora-tions
Statesand
polit-icalsub-divi-sions
U.S.Govt.and
PostalSav-ings
Interbankdeposits
Demand
Do-mes-tic
For-eign
Time
Borrowings
FromF. R.Banks
Fromothers
Cap-italac-
counts
Total—Leading Cities
1958
Mar
1959
Feb
Mar
1959
Feb. 4111825
Mar. 41118
25
New York City
1958
Mar
1959
Feb
Mar
1959
Feb. 4111825
Mar. 4111825
OutsideNew York City
1958
Mar
1959
Feb
Mar
1959
Feb. 4111825
Mar. 4111825
13,335
12,88812,835
12,99112,69213,00112,869
12,62012,55613,42612,737
4,319
3,8503,977
3,8493,7193,8683,964
3,7773,8284,3004,004
9,016
9,0388,858
9,1428,9739,1338,905
8,8438,7289,1268,733
955
992969
9201,009988
1,052
906998974999
138
148145
140156140155
140154142142
817
844824
78085384889
7668448385
2,503
2,4212,429
55,071 57,485
57,197 60,35956,879 60,149
2,3762,4032,4792,426 57;070 60
57,540 6057,510 6056,671
,106,874
60,098",358
2,4272,441
56,20657,665
59,37561,083
2,519 57,019 60,70259,4362,330 56,628
52
2,452
15,534
50 15,58815,709
15,71415,65715,45515,527
15,46216,13115,63415,610
17,081
17,32017,426
17,19017,42317,26417,401
17,12417,84817,48817,243
39,537 40,404
2,371 41,609 43,0392,377 41,170 42,723
2,331 41,826 42,91641,853 43,451
423 41,216 42,83442,957
2,356 412,2,375 41
,853,216,543
2,368 40,744 422,3912,464 4i;3852,285 "' "'"
,25141,534 43,23541,385 43,21441,018 42,19"
4,120
4,2084,070
4,3294,0774,2524,172
4,2024,0094,0004,068
330
297292
302271316300
308267291303
3,790
3,9113,778
4,0273,8063,9363,87."
3,8943,74f3,7093,765
2,167
2,3392,232
2,2602,4122,4262,261
2,3722,1752,4321,950
1,190
1,2981,130
1,2381,4681,2591,227
1,2811,0881,260
892
977
1,0411,102
1,022944
1,1671,034
1,0911,08^1,1721,058
3,005 22,775
2,758 24,6312,196 24,794
2,870 242,416 24
,630,598
3;024 24,6492,723 24,647
2,183 24,7251,353 24,8042,927 24,8142,320 24,834
1,056
877711
992791921806
725454972693
1,949
1,881
2,979
3,2913,372
3,3093,2773,2893,289
3,3273,3883,3703,403
19,796
21,340,485 21,422
878 21,321625 21,321103 21,360
21,358
1,1,2,1,917
1,458 21,398899 21,416955 21,444627 21,431
1,515
1,5341,530
1,5241,5301,5371,544
1,5331,5301,5561,501
175
133143
128134134134
132133153153
1,340
1,4011,387
1,3961,3961,4031,410
1,4011,3971,4031,348
137
177177
177176177177
177177176180
25
112
151150
0,725
10,51110,567
10,81710,61110,52410,091
10,71110,68510,74910,125
2,973
2,9072,913
2,9562,8852,9282,861
2,9272,8922,9722,863
7,75:
7,6047,654
151150151151
150150149153
'7,8617,7267,5967,230
7,7847,7937,7777,262
1,486
1,4281,588
1,3981,4591,4431,414
1,5451,5851,6441,579
1,189
1,1211,251
1,114',152,118,101
,237,260,291,216
297
307337
'284307325313
308325353363
2,050
2,0642,040
2,1532,0372,0282,039
2,0532,0291,9952,081
1,578
1,6851,688
1,750,665,660,667
,678,681,660,734
472
37935:
40337:36837:
375348335347
113
290521
••265186345365
404337902442
13
45
1807
100
28847;
'265186339365
400332722435
1,007
1,2211,206
•1,1271,1571,1461,453
1,2861,1961,0201,323
465
543516
510493442728
520412612518
542
678690
r617664704725
766784408805
9,746
10,22210,244
10,23210,22010,21110,224
10,25810,24810,23110,238
3,132
3,2613,250
3,2683,2683,2563,250
3,2553,2523,2483,245
6,614
6,9616,994
6,9646,9526,9556,974
7,0036,9966,9836,993
r Revised.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 BULLE-TIN for April 1953, p. 357, and for figures on the revised basis beginningJan. 2, 1952, see BULLETIN for May 1953, pp. 550-55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
406 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]
Period2
1956—Jan.-JuneJuly-Dec
1957—Jan.-JuneJuly-Dec
1958—Jan.-June 5July-Dec. 5
1959—JanFebMar
Week ending:1959—Jan. 7
142128
Feb. 4111825
Mar. 4111825
Manufacturing and mining
Food,liquor,
andtobacco
-302822
-456331
-658522
-151- 7 0- 4 6
- 3 9- 4 6- 3 4- 3 2
- 2 7- 2 5
- 1 8
- 2 8- 1 6
42- 4 5
Textiles,apparel,
andleather
238- 6
148-159
84-232
- 1 28457
- 2 413
- 65
2226297
182714
- 2
Metalsand
metalprod-ucts 3
1,362- 7 1
935-496
146-454
61183249
- 2 6313718
21608221
- 3 711412845
Petro-leum,coal,
chemical,and
rubber
424428
291150
-140- 1 4
- 7 14
- 1 0
- 4 3- 1 4- 1 0- 3
3132
- 7
- 2 03
14- 7
Other
36972
214-161
157-121
- 1 42088
- 6- 2— 6
- 711125
8323414
Trade(whole-
saleand
retail)
171178
- 1- 8
6-1586162
- 9 434
152
- 3 6- 2 8- 2 0- 1 1
- 717186
33424731
Com-moditydealers
-386739
-539420
-283410
- 6 0-104- 1 3
- 2 8- 1 5- 2 2
6
- 2 1- 5 1- 1 5- 1 8
12- 2 1
8- 1 2
Salesfinancecom-
panies
-32298
366-108
-853294
-264- 9 5235
-165-61- 2 0- 1 9
- 8 7- 5 6
3018
5887
169- 7 9
Publicutilities(incl.trans-porta-tion)
365350
513183
-177234
-109-128
27
- 7- 2
- 5 8- 4 2
- 2 2- 5 0- 5 4- 2
6- 537
- 1 0
Con-struc-tion
54- 6 6
- 1 2- 4 9
5650
- 2 39
18
- 72
- 1 5- 3
111
- 2
17
14- 4
Allothertypes
ofbusiness
149176
- 5 458
69362
-112- 924
- 6 0- 6
- 2 6- 2 0
- 622
- 1 2- 1 2
1420
- 1 11
Netchangesclassi-fied
2,1242,719
1,404161
6-1,75861,214
-848- 7 2781
-441-127-179-101
-136- 2 3
89- 1
64289497
- 6 8
Comm'landind'l
change—all
weeklyreport-
ingbanks*
42,2432,459
1,249-296
6-1,93861,017
-1.119
916
-578-169-231-141
-1114
1007
46373535
- 3 8
1 Data for a sample of about 210 banks reporting changes in theirlarger loans; these banks hold about 95 per cent of total commercialand industrial loans of all weekly reporting member banks and about75 per cent of those of all commercial banks.
2 Figures for periods other than weekly are based on weekly changes.
3 Includes machinery and transportation equipment.* Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.5 January-June includes 25 weeks; July-December, 27 weeks.6 Figures revised; see BULLETIN for February 1959, p. 216, note 4.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of yearor month
19531954195519561957
1958—FebMarAprMay
JulyAugSeptOctNovDec
1959__janFeb
Commercial and financecompany paper
Total
1 9661,9242,0202,1662,666
3,6283,4853,6583,7093,3733,6273,3713,1463,294
33,2032,744
3,0763,322
Placedthroughdealers i
564733510506551
776862919946965966981958961940840
875897
Placeddirect-
ly(financepaper) 2
1 4021,1911,5101,6602,115
2,8522,6232,7392,7632,4082,6612,3902,1882,333
32,2631,904
2,2012,425
Dollar acceptances
574873642967
1,307
[,5231,5291,4791,4411,3521,3531,363[,2811,2551,2091,194
[,1331,161
Held by:
Accepting banks
To-tal
172289175227287
497422459474396426416385347290302
276309
Ownbills
117203126155194
372318350372292328340319273234238
226232
Billsbought
5586497294
125104109102104987565735564
5177
F. R.Banks
Ownacct.
286966
4339374245343328363449
4039
For-eigncorr.
2419335076
1391321311191131089175717568
6062
Others
378565405621878
843936852806798785824792802810775
756751
Based on:
Im-portsinto
UnitedStates
274285252261278
261263278296282269256236246251254
251275
Ex-portsfrom
UnitedStates
154182210329456
447432416396375380385355354348349
346339
Dollarex-
change
2917172
46
1101391311301211411311361179483
118112
Goods stored in orshipped between
points in:
UnitedStates
7530063
227296
480471416371325313337319296265244
168183
Foreigncountries
4389
100148232
224224239247248251254235242251263
250252
1 As reported by dealers; includes finance company paper as well asother commercial paper sold in the open market.
2 As reported by finance companies that place their paper directly withinvestors.
3 Beginning with November 1958, series revised to include 270-daypaper. Figures on old basis for November and December, respectively,were (in millions of dollars): Total, 3,192 and 2,371; placed directly, 2,252and 1,891.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES 407
MONEY MARKET RATES
[Per cent per annum]
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
Year,month, or
week
1956 average1957 average1958 average
1958—MarAprMayJuneJulyAugSeptOctNovDec
1959—JanFebMar
Week ending:Feb. 2 8 . . .Mar. 7 . . .
14. . .2 1 . . .2 8 . . .
Primecom-
mercialpaper,4- toe-months *
3.313.812.46
2.331.901.711.541.501.962.933.233.083.33
3.303.263.35
3.253.283.383.383.38
Fi-nancecom-panypaper-placeddirect-
ly,3- to 6-months1
1
J.06J.551.12
.86
.59
.38
.38
.31
.521.471.871.751.94
5.055.00$.22
5.005.005.255.315.31
Primebank-ers'
accept-ances,
90daysi
2.643.452.04
1.801.521.301.131.131.652.392.752.752.75
2.752.752.88
2.752.802.98r\ nnZ. OO9 88Z.. oo
U. S. Governmentsecurities (taxable) 2
3-month bills
Mar-ket
yield
2.623.231.78
1.301.13
.91
.83
.911.692.442.632.672.77
2.822.702.80
2.762.842.852.772.76
Rateon newissues
2.6583.2671.839
1.3541.1261.046
.881
.9621.6862.4842.7932.7562.814
2.8372.7122.852
2.5892.8163.0622.7632.766
9-to 12-monthissues 3
2.833.532.09
1.771.351.21
.981.342.142.842.832.923.24
3.263.383.56
3.343.513.633.593.53
3-to 5-year
issues4
3.123.622.90
2.502.332.252.252.543.113.573.633.603.65
3.863.853.88
3.773.783.883.893.94
Area and period
Annual averages,19 large cities:
195619571958. . .
Quarterly:!19 large cities:
1958—JuneSeptDec
1959—MarNew York City:
1958—JuneSeptDec . .
1959—Mar7 Northern & Eastern
cities:1958—June
SeptDec
1959—Mar11 Southern & Western
cities:1958—June
SeptDec
1959 Mar
Allloans
4.24.64.3
4.174.214.504.51
3.884.004.294.29
4.174.214.504.49
4.584.544.794.84
Size of loan (thous. of dol.)
1-10
5.25.55.5
5.455.455.495.53
5.185.195.385.30
5.485.485.535.54
5.565.555.535.62
10-100
4.85.15.0
4.884.905.065.09
4.724.744.944.93
4.854.905.055.06
4.994.995.125.20
100-200
4.44.84.6
4.404.474.684.74
4.134.284.524.56
4.394.424.664.71
4.574.634.794.87
200andover
4.04.54.1
3.954.004.334.32
3.743.874.184.18
3.994.034.364.35
4.314.234.594.60
i 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.
i Based on figures for first 15 days of month.NOTE.—For description see BULLETIN for March 1949,
pp. 228-37.
BOND AND STOCK YIELDS i
[Per cent per annum]
Year, month, or week
Number of issues
1957 average1958 average
1958 MarAprMayJuneJulyAucSentOctNovDec .
1959 JanFebMar
Week ending:Feb 28Mar 7
142128
U.S.Govt.bonds(long-term) 2
4-7
3.083.473.43
3.253.123.143.193.363.603.753.763.703.80
3.903 923.92
3.903.873.923.923.94
State and localgovt. bonds 3
Total4
20
2.943.563.36
3.233.163.123.153.233.503.743.693.593.57
3.603.573.44
3.513.443.443.443.44
Aaa
5
2.513.102.92
2.792.702.692.742.793.073.283.233.173.12
3.193 163.06
3.113.063.063.063.06
Baa
5
3.504.203.95
3.883.783.713.783.834.074.324.254.114.10
4.114 083.93
4.033.953.933.923.92
Total4
120
3.574.214.16
4.044.024.003.984.024.174.394.424.404.38
4.414 434.40
4.414.404.404.414.41
iCorporate bonds 3
By selectedratings
Aaa
30
3.363.893.79
3.633.603.573.573.673.854.094.114.094.08
4.124.144.13
4.134.114.134.134.14
Baa
30
3.884.714.73
4.684.674.624.554.534.674.874.924.874.85
4.874.894.85
4.894.874.874.854.83
Bygroups
Indus-trial
40
3.504.123.98
3.863.833.803.773.813.944.244.254.234.24
4.284.314.28
4.314.294.294.284.27
Rail-road
40
3.654.324.39
4.304.324.304.284.304.424.524.564.564.52
4.534 514.51
4.474.484.504.524.52
Publicutility
40
3.544.184.10
3.953.903.893.883.944.164.414.464.404.39
4.434 464.43
4.444.434.424.424.43
StocksS
Dividends /price ratio
Pre-ferred
14
4.254.634.45
4.424.374.314.284.364.454.584.644.654.63
4.544.524.48
4.514.454.494.494.49
Com-mon
500
4.094.353.97
4.374.334.194.083.983.783.693.543.423.33
3.243.323.25
3.303.233.233.223.30
Earnings /price ratio
Com-mon
500
7.178.21
7.34
6.37
5.63
1 Monthly and weekly yields are averages of daily figures for U. S.Govt. and corporate bonds. Yields of State and local govt. bonds arebased on Thursday figures; dividend/price ratios for preferred andcommon stocks, on Wednesday figures. Earnings/price ratios for commonstocks are as of end of period.
2 Series is based on bonds maturing or callable in 10 years or more.3 Moody's Investors Service. State and local govt. bonds include gen-
eral obligations only
4 Includes bonds rated Aa and A, data for which are not shown sepa-rately. Because of a limited number of suitable issues, the number ofcorporate bonds in some groups has varied somewhat.
5 Standard and Poor's Corporation. Preferred stock ratio is based on8 median yields in a sample of noncallable issues—12 industrial and 2public utility. For common stocks, the dividend/price and the earnings/price ratios are now computed for the 500 stocks in the price index, butfigures prior to mid-1957 are based on the 90 stocks formerly included inthe daily price index.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
408 SECURITY MARKETS
SECURITY PRICES i
Year, month,or week
Bond prices
U.S.Govt.(long-term) 2
Mu-nicipal(high-grade) 3
Cor-po-rate
(high-grade)3
Common stock prices
Standard and Poor's series(index, 1941-43= 10)
TotalIn-dus-trial
Rail-road
Pub-lic
util-ity
Securities and Exchange Commission series(index, 1939= 100)
Total
Manufacturing
Total Du-rable
Non-du-
rable
Trans-porta-tion
Pub-lic
util-ity
Trade,fi-
nance,andserv-ice
Min-ing
Vol-umeof
trad-ing*(in
thou-sands
ofshares)
Number of issues.
1956 average.1957 average.1958 average.
1958—Mar..Apr..,May.June.July..Aug..Sept..Oct...Nov..Dec.
1959—Jan..,Feb..,Mar..
Week ending:Feb. 28Mar. 7
142128
98.9193.2494.02
96.3498.2397.9497.1794.7891.5189.5189.3690.1388.90
87.5487.3887.37
87.6187.9187.3087.3887.02
15
116.3105.8106.4
107.9110.0111.1110.8108.0103.7100.6100.9102.3102.3
101.8102.2103.4
103.1103.6103.4103.6103.1
17
109.1101.3102.9
105.1105.3105.6105.5104.2102.098.998.698.998.7
98.198.098.2
98.298.598.398.198.0
500
46.6244.3846.24
42.1142.3443.7044.7545.9847.7048.9650.9552.5053.49
55.8254.7756.15
55.3756.1956.4256.3455.87
425
49.8047.6649.36
44.9745.0946.5147.6248.9651.0052.4054.5556.1157.09
59.3058.3359.79
58.9659.8760.1059.9859.46
25
33.6528.1127.05
22.6023.2024.7425.5426.8628.4329.5131.2333.0733.70
35.5335.2035.47
35.5235.6335.7835.6335.02
50
32.2532.1937.22
34.5735.5436.5737.3137.8237.5037.9739.1540.7542.05
43.9643.7145.06
44.2244.8445.0945.3045.16
265
345331341
311312323331339352360376388393
410404414
407414417415410
170
439422426
388387401412424442453474487490
508496508
498509512509504
98
410391385
352340353362376399413437448451
474466475
471474481476469
72
465451458
422426438450459473481499514516
529514530
514531531530526
21
327275270
231233249259269283292311327330
350350353
352352358353348
29
156156173
162166169171173174178183190199
213215221
219219223222220
31
306277314
283286301305312325337346362375
394400405
405409410402399
14
358342314
283287300319331341341344341339
348345348
340348352346344
2,2162,2222,965
2,2232,3952,5802,6963,1592,9703,4274,1344,1313,615
3,9643,4633,926
4,0894,2044,2374,3233,217
i Monthly and weekly data for (1) U. S. Govt. bond prices, Standardand Poor's common stock indexes, and volume of trading are averagesof daily figures; (2) municipal and corporate bond prices are based onWednesday closing prices; and (3) the Securities and Exchange Commis-sion series on common stock prices are based on weekly closing prices.
2 Prices derived from average market yields in preceding table on basisof an assumed 3 per cent, 20-year bond.
3 Prices derived from average yields, as computed by Standard andPoor's Corporation, on basis of a 4 per cent, 20-year bond.
-* Average daily volume of trading in stocks on the New York StockExchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
End of month or lastWednesday of month
Customer credit
Tota l -securities
other thanU. S. Govt.obligations(col. 3 +
col. 5)
Net debit balances withNew York Stock Exchange
firms1
Secured byU. S. Govt.obligations
Secured byother
securities
Bank loans to others (thanbrokers and dealers) for pur-
chasing and carrying securities2
U. S. Govt.obligations
Othersecurities
Broker and dealer credit1
Money borrowed
OnU. S. Govt.obligations
Onother
securities
Customer'snetfree
creditbalances
1955—Dec.1956—Dec.,1957—Dec.
1958—Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec,
1959—Jan..Feb..
4,0303,9843,576
3,6793,8633,9804,0694,2184,2524,1994,3084,3694,4234,492
4,5544,527
343368
102111134141248149140122123124146
155157
2,7912,8232,482
2,5802,6652,7352,8562,9213,0213,0133,1093,1883,2453,285
3,2973,253
324160
79867075841134851595063
6265
,239,161,094
,099,198,245,213,297,231,186,199,181,178,207
,257,274
5146125
199206230244468306251210193210234
230223
2,2462,1321,706
1,6471,7841,8221,8081,9301,9031,7511,8651,8321,9232,071
1,9901,963
894880896
939954985979
1,0471,0801,1031,1191,1401,1481,159
1,2261,196
i Ledger balances of member firms of the New York Stock Exchangecarrying margin accounts, as reported to the Exchange. Customers' debitand free credit balances exclude balances maintained with the reportingfirm by other member firms of national securities exchanges and balancesof the reporting firm and of general partners of the reporting firm. Bal-ances are net for each customer—i.e., all accounts of one customer areconsolidated. Money borrowed includes borrowings from banks andfrom other lenders except member firms of national securities exchanges.Data are as of the end of the month, except money borrowed, which is asof the last Wednesday of the month beginning with June 1955.
2 Figures are for last Wednesday of month for weekly reporting memberbanks, 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 andChicago banks). On June 30, 1956, reporting banks outside New Yorkand Chicago held $51 million of such loans. On the same date insuredcommercial banks not reporting weekly held loans of $28 million forpurchasing and carrying U. S. Govt. securities and of $384 million forother securities. Noninsured banks had $33 million of such loans,probably mostly for purchasing or carrying other securities.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SAVINGS INSTITUTIONS 409
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Date Totalassets
Government securities
Total UnitedStates
State andlocal
(U. S.)Foreign2
Business securities
Total Bonds Stocks
Mort-gages
Realestate
Policyloans
Otherassets
End of year: 319411945
1951195219531954195519561957
End of month:4
1956—Dec....1957—Dec....
1958—Jan...,Feb. . . .Mar...AprMay..,June.. .July. . ,Aug...,Sept...Oct. . . ,Nov...Dec...
1959—Jan....
32,73144,797
68,27873,37578,53384,48690,43296,011101,309
95,844101,309
101,961102,310102,711103,058103,508104,008104,578105,054105,493106,053106,540107,419
108,145
9,47822,545
13,76012,90512,53712,26211,82911,06710,690
10,98910,691
10,92410,96110,86610,91010,88910,97611,16311,24411,26811,29911,35511,250
11,620
6,79620,583
11,00910,2529,8299,0708,5767,5557,029
7,5197,028
7,1997,2147,0957,1067,0367,0837,2587,3007,3077,3197,3447,205
7,485
1,995722
1,1701,1531,2981,8462,0382,2732,376
2,2342,377
2,4282,4382,4612,4742,5022,5372,5612,5972,6162,6412,6722,685
2,744
6871,240
1,5811,5001,4101,3461,2151,2391,285
1,2361,286
1,2971,3091,3101,3301,3511,3561,3441,3471,3451,3391,3391,360
1,391
10,17411,059
28,11131,51534,43837,30039,54541,54344,057
40,97643,750
43,97444,08444,38644,60244,77444,98745,19845,35145,56145,87646,01546,411
46,602
9,57310,060
25,89029,06931,86534,03235,91238,04040,666
38,06740,737
40,96141,06141,28841,49741,65641,82842,03942,20042,37042,68942,81743,052
43,237
601
2,2212,4462,5733,2683,6333,5033,391
2,9093,013
3,0133,0233,0983,1053,1183,1593,1593,1513,1913,1873,1983,359
3,365
6,4426,636
19,31421,25123,32225,97629,44532,98935,236
32,99435,271
35,46235,58735,72735,84035,95636,06036,18336,32336,46236,64836,79437,097
37,211
1,878857
1,6311,9032,0202,2982,5812,8173,119
2,8293,120
3,1433,1683,1913,2223,2413,2803,3033,3553,3683,3883,4153,349
3,393
2,9191,962
2,5902,7132,9143,1273,2903,5193,869
3,5053,872
3,9053,9383,9754,0114,0384,0674,0914,1144,1384,1624,1834,204
4,225
1,8401,738
2,8723,0883,3023,5233,7434,0764,338
4,5514,605
4,5534,5724,5664,4734,6104,6384,6404,6674,6964,6804,7785,108
5,094
1 Figures are for all life insurance companies in the United States.2 Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Develop-ment.
3 These represent annual statement asset values, with bonds carried onan amortized basis and stocks at end-of-year market value.
4 These represent book value of ledger assets. Adjustments for interestdue and accrued and for differences between market and book valuesare not made on each item separately, but are included in total, in "Otherassets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
End of year or month
Assets
Total 2 Mort-gages 3
U.S.Gqvt.
obliga-tions
Cash Other4
Liabilities
Savingscapital
Borrowings
FHLBadvances
Other
Reservesand
undividedprofits
19411945
19511952195319541955195619571958
1958—Jan..Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.
1959—Jan..
6,0498,747
19,22222,66026,73331,73637,71942,87548,13855,114
48,26948,67849,23149,88550,56451,36751,56352,17052,85553,59054,25155,114
55,467
4,5785,376
15,56418,39621,96226,19431,46135,72940,00745,599
40,24340,49040,82541,22341,75142,33342,86643,42343,99744,60245,06745,599
46,009
1072,420
1,6031,7871,9202,0212,3422,7823,1733,821
3,2173,1983,1973,2353,2483,3293,3693,4803,6273,7343,7843,821
4,117
344450
1,0661,2891,4791,9802,0672,1192,1462,569
2,0272,2002,4092,5252,5632,7402,4432,3732,2952,1872,2312,569
2,269
775356
8991,1081,2971,4711,7912,1992,7703,125
2,7822,7902,8002,9023,0022,9652,8852,8942,9363,0673,1693,125
3,072
4,8787,386
16,10719,19522,84627,33432,19237,14841,91247,926
42,36242,73543,21943,57544,08345,02045,08245,43545,87546,37646,85347,926
48,360
218190
801860947864
1,4121,2251,2631,297
904788694813801928899936
1,0071,0821,1211,297
1,145
38146
93848096146122116154
988792866610898116130113115154
125
475644
1,4531,6581,9012,1912,5572,9503,3633,857
3,561
3,857
3,864
1 Figures are for all savings and loan associations in the United States.Data beginning with 1950 are based on monthly reports of insuredassociations and annual reports of noninsured associations. Data priorto 1950 are based entirely on annual reports.
2 Includes gross mortgages with no deduction for mortgage pledgedshares.
3 Beginning with January 1958, no deduction is made for mortgagepledged shares. These have declined consistently in recent years andamounted to $42 million at the end of 1957.
4 Includes other loans, stock in the Federal home loan banks and otherinvestments, real estate owned and sold on contract, and office buildingsand fixtures.
NOTE.—Data for 1958 and 1959 are preliminary.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
410 FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
Asset or liability, and activity1
Loans, by purpose and agency:To aid agriculture, total
Federal intermediate credit banks 3
Rural Electrification AdministrationCommodity Credit Corporation
Federal National Mortgage AssociationVeterans AdministrationOther agencies
Treasury Department
Other agencies . . .
To financing institutions
To aid States, territories, etc., totalPublic Housing Administrat ion. . .
Export-Import Bank . . .Treasury Department 5
Other agencies . . .
z4// other purposes total . .Housing and Home Finance Agency
Total loans receivable (net)
Investments:U. S. Government securities, total
Federal home loan banksFederal Savings and Loan Insurance CorpFederal Housing AdministrationFederal Deposit Insurance Corporation
Investment in international institutions . . .Other securities'?
Inventories, totalCommodity Credit Corporation
General Services Administration.
Land, structures, and equipment, total. . . . .
Panama Canal CompanyTennessee Valley AuthorityHousing and Home Finance AgencyNat. Advisory Committee for Aeronautics
General Services Administration.Post Office Department . . .
Bonds, notes, & debentures payable (not guar.), to ta l . . .Banks for cooperativesFederal intermediate credit b a n k s . . . . . . .Federal home loan banksFederal National Mortgage Association
End of year
19512
4,161425633539
1,742782
40
2,1421,850
] 292
589
} 589
814
744589155
6,1102,2963,750
64
35(4)
34
- 7 7 514,422
2,226249200285
1,353140
3,385257
1,4611,174
} 288
3,358
2981,0481,284
728
1,369170674525
19522
5 070424673596
1 9201,426
31
2,6032,242
362
598
598
864
1,020894126
7,7362 4963,667
61,51558
755
69
-14017,826
2,421311208316
1,437148
3,385223
1,280978
303
3,213
4151,2511,202
345
1,330181704445
19532
6,811377590648
2,0963,076
23
2,9302,462
/ 300\ 168
588174
952
645500145
8,0432,8333,6201,537
53
1192990
-20319,883
2,602387217319
1,526152
3,385219
2,5152,087
428
8,0624,834
3631,4751,040
350
1,182150619414
1954
6,929367638701
2,2262,981
18
2,9072,461
38363
431353
79
870
272112160
8,0012,8063,5701,624
1
16612739
-22819,348
2,967641228327
1,624147
3,385197
3,8523,302
550
8,0464,798
4211,739
728
360
1,068156640272
1955
6,715375689681
2,3482,621
1
3,2052,641
48084
678306
/ 2611 1121,419
24590
155
7,9882,7023,5191,767
256209
47
-26820,238
3,236745241381
1,720149
3,385179
4,3563,747
609
7,8224,822
4211,829
450
300
2,379185665958570
1956
6,752457734724
2,4882,349
3,6803,072
464145
619209219191
1,233
246106140
8,2232 7013 4701,995
57
21315657
—30920,657
5 7391 018
'256458
1,825181
5 385284
21,3753,651
11 004/6,517\ 201
9 9854,502
3981,762
236276311
1 298590613
2,711257721963770
End of quarter
1957
2*
6,827384997866
2,5861,994
4,3813,629
521123
640211219210
1,084
24394
149
8,3002,6673,4702,084
52
338275
60
-69520,980
3,8811,017
274482
1,914194
3,385340
21,4503,153
11,1057,022
171
9,9794,506
4011,803
114281327
1,332599616
3,497190953733
1,620
3
6,466430997880
2,6341,525
4,6803,807
691182
652254216182
1,124
27618690
8,3162,6563,4702,139
51
306246
60
-50121,320
3,762881264504
1,917195
3,385340
21,5143,090
11,1577,092
175
9,9744,520
5991,791
106281328
1,341599408
3,647237959765
1,687
4
6,681454935832
2,6881,778
4,7693,998
7701
674251217206
1,270
264105159
8,7543,0403,4702,195
49
344283
62
-36722,395
3,704896274471
1,937226
3,385333
21,6283,025
11,1367,282
185
9,9624,535
3981,801
88283342
1,308599608
4,662247902825
2,688
1958
1
7,605428
1,040906
2,7322,499
4,9174,096
8201
645224203219
701
275107167
8,9653,1113,4702,338
46
393331
62
-35423,147
4,5231,456
283533
2,013238
3,385368
21,2062,636
10,8667,528
175
10,0204,568
3961,789
77274345
1,327599644
4,749224992468
3,065
2*
'6,931410
1,228c9O3
2,7741,600(4)
4,6283,776
851
654222191241
931
27191
180
9,0223,0943,4702,412
45
383
-48622,383
4,4671,366
293536
2,030242
3,3853,731
21,5403,310
10,3447,700
186
10,4594,589
3961,803
32280349
1,341637
1,033
3,812207
1,181455
1,968
c Corrected.NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover-
age and the new classification of agencies now reported in the TreasuryBulletin. The revised statement includes a larger number of agencies, andtheir activities are classified according to the type of fund they represent.Funds are combined in the table above, but are shown separately in thetable on the following page. Classifications by supervisory authoritiesare those in existence currently. Where current Treasury compilationsdo not provide a detailed breakdown of loans, these items have beenclassified by Federal Reserve on basis of information about the type oflending 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 agross basis; total loans and all other assets, on a net basis, i.e., afterreserve for losses.
2 Coverage changed from preceding period (see also NOTE).
3 Effective Jan. 1, 1957, the production credit corporations were mergedin the Federal intermediate credit banks, pursuant to the Farm CreditAct of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operationsof the banks are classified as trust revolving transactions.
4 Less than $500,000.5 Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasurycompilation.
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 classifiedthis item as an interagency asset.
8 Includes $1,000 million due under the agreement with Germanysigned Feb. 27, 1953, and lend-lease and surplus property balances duethe United States in the principal amount of $1,875 million.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUSINESS-TYPE ACTIVITIES 411
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
Date, and fund or activity
Assets, other than interagency items*
Total CashLoans
able
In-ven-
tories
Invest-ments
Publicdebt Other
Land,struc-tures,and Other
Liabilities, other thaninteragency items *
Bonds, notes,and deben-
tures payable
Guar-anteed
byU.S.
Other
Otherliabil-ities
U.S.Govt.inter-
Pri-vatelyownedinter-
est
All activities
1954—Dec. 31 . .1955—Dec. 31 . .1956—Dec. 31*.
1957—June 30*.Sept. 30. .Dec. 31. .
1958—Mar. 3 1 . .June 30*.
Classification of agencies reporting quarterly,by type of fund and activity, June 30, 1958
Public Enterprise Funds—TotalFarm Credit Administration:
Federal Farm Mortgage CorporationAgricultural Marketing Act, revolving fund
Agriculture Department:Commodity Credit CorporationDisaster loans, etc., revolving fundAll other
Housing and Home Finance Agency:Public Housing AdministrationFederal Housing AdministrationFederal National Mortgage AssociationOffice of the Administrator
Federal Savings and Loan Insurance Corporation..Small Business AdministrationExport-Import BankTennessee Valley AuthorityPanama Canal CompanyVeterans AdministrationGeneral Services AdministrationTreasury DepartmentPost Office Department—postal fundInterior DepartmentAll other
41,40345,30469,653
69,05'70,17571,13972,24272,677
20,924
186
5,17112f
19,34820,238
996 20,657
1,3711,3384 " '
3,9814,6924,2914,1584,793
1,645
144
20,98021,32022,39523,14722,383
8,651
3,8524,35621,375
21,45021,51421,62821,20621,540
4,55!
2,9673,2363,739
3,8813,7623,8044,5234,467
878
3,4323,4143,669
3,7253,7253,7183,7533,731
143
8,0467,8229,985
9,9799,9749,96210,02010,459
3,671
2,3874,9005,232
5,0635,1865,3405,4365,304
1,386 47
1,0682,3792,711
3,4973,6474,66f4,74!3,81:
804
4,1832,7033,659
35,61039,58362,516
,634 623,3252,6342,916 623,47:4,153
61,144"",778
,39162,78963,460
142
2,024 18,049
8186
1,353 3,310 152
Intragovernmental Funds—TotalDefense Department:
ArmyNavyAir Force.
All other
Certain Other Activities—TotalGeneral Services AdministrationAgriculture Department:
Farmers Home AdministrationRural Electrification Administration
Veterans AdministrationNational Advisory Committee for AeronauticsInterior DepartmentInternational Cooperation AdministrationTreasury DepartmentCommerce Department—maritime activitiesAll other
Certain Deposit Funds—TotalBanks for cooperativesFederal Deposit Insurance CorporationFederal home loan banks
Certain Trust Revolving Funds—Total.Federal National Mortgage AssociationFederal intermediate credit banks ,Office of Alien PropertyAllother
43
143878
2,412786306343
3,1302,070460903
1,372221
1,140268960
12,853
8,2043,431860359
30,9158,314
7362,921209438444
2,4810,1325,078163
4,915476
2,0462,394
3,0691,4041,35921491
30
403:174
103
663115:466
46043429
2,056
1,05257633098
759328
23184673261
"ioi26
8517265
248621315419
90
2,382469
536
2353,094
29320
695
()4984
,15:
48
()1,8033962
125
9,81781
6852,765
157
2,4123,480235
1,337407
929
2,5791,3331,228
1666
10,478
7,0082,830506133
6,5106,497
637141382
229
106
3,563(4)
122
6,5601,202
280370
3,5634,589
117
3,43943
2,0301,366
143
ioo
24
24
18
32957
330812
22310430152252
4972666120
91
3825244
3,699206
2513849
46804
36
83,0
806
40143554161
5839183543
39417
348
547
12124210481
4,36612535
103688
1,554781290341
3,0722,032442868
1,329221746250611
12,306
8,0843,189756278
222 30,69328
662207
455
2,3471,1651,181
14020
1,2713
1381,130
885024114
8,286
7282,919206426435
2,48110,1324,938
144
2,128220
1,907
284150134
508596699
1,0371,0561,1211,1831,204
85445
"809
93509399209213977
Classification of activities (mainly non-business-type)reporting on fiscal-year basis, June 30, 1958
Certain Other Activities—TotalInternational Cooperation AdministrationAtomic Energy CommissionVeterans AdministrationAgriculture DepartmentDefense Department—Corps of EngineersInterior DepartmentTreasury DepartmentDepartment of Health, Education and WelfareCommerce Dept. (mainly Civil Aeronautics Adm.). .All other
34,2861,6549,4581,8291,5278,7004,5183,1101,2621,415813
6,4531,5941,390
383493209332309978585180
2,8831
2,53522
83
422
81212 83
9,24725
5,1551,358
9406,6673,455
764275420188
5,5969
3788693
1,824723
1,9957
329151
1,7652
258115108403343754404054
321911842
1
,521,652,200,714,419,660,184,736822,375759
9 Figure represents total trust interest. For other notes, see opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
412 FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Period
Derivation of Federal Government cash transactions
Receipts from the public,other than debt
NetBudgetreceipts
Plus:Trustfund
receipts
Less:Intra-Govt.
trans.1
Equals:Totalrects.fromthe
public 2
Payments to the public,other than debt
Budgetex-
pendi-tures
Plus:Trustfundex-
pendi-tures
Less:Adjust-ments 3
Equals:Totalpayts.to thepublic
Excessof rects.
fromor
payts.to(-),
thepublic
Net Federal cash borrowing orrepayt. (—) of borrowing
In-crease,or de-crease(~),in
debt(direct& agen.)
Less:
Netinv. byGovt.
agen. &tr. funds
Othernon-cashdebt 4
Equals:Netcash
borrow-ing orrepayt.
()
Cal. year—195619571958
Fiscal year—1955195619571958
Semiannually:1957—Jan.-June
July-Dec1958—Jan.-June
July-Dec
Monthly:1958_Feb
MarAprMayJuneJulyAugSeptOctNovDec
1959_j a n
Feb.?
70,99472,28468,694
60,39068,16571,02969,117
12,39815,36816,797
9,53611,68514,36916,329
42,96029,32539,79228,902
6,2999,5013,4964,925
10,7852,9464,8387,2082,7694,9626,180
8,2007,1679,1627,635
1,6841,1271,3312,1312,0691,1111,956
8851,0251,4861,171
4,5286,576
7591,637
3,0233,0793,710
2,0612,7393,2423,493
1,6691,4102,0831,627
217135194144
1,167271236155195214556
236208
80,33484,52181,728
67,83677,08882,10781,893
49,46435,05746,83634,892
7,75910,4854,6266,90811,6853,7846,5547,9363,5966,2316,791
5,0498,002
67,21671,69275,782
64,57066,54069,43371,936
35,63236,06035,87639,906
5,5285,7496,1225,8466,6216,6136,1986,6337,1446,2377,080
6,7766,331
10,33914,79417,856
8,5469,43612,96116,069
7,6597,1338,9368,921
1,3171,5641,479\363
,562,786,412,397,597,310,419
,883,462
2,7473,1554,622
2,5783,3582,3864,592
1,9011,2543,3371,285
10580378618716948716
-253713346-24
1,074-236
74,80983,32889,014
70,53872,61780,00883,413
41,39041,93841,47547,539
6,7406,5096,8147,0218,0157,9127,5948,2838,0287,2008,522
7,5858,029
5,5251,191
-7,287
-2,7024,4712,099
-1,520
8,073-6,8825,362
-12,649
1,0203,976
-2,188-1143,670
-4,128-1,040-348
-4,43!-969
-1,73:
-2,536-28
-3,560467
7,533
3,986-578
-1,0536,216
-5,0895,556660
6,873
145-2,1682,380591
-150-8353,017
-1,6503,6402,867-166
2,801-434
2,4811,573-717
1,5333,1662,339657
1,693-120777
-1,494
30514
-181618140
-337391
-338-571-276-363
-846128
-13664
487
644623
-292-200
98-34-166653
-52-67-125
68- 6705163183141145
10164
-5,910-1,168
7,762
1,809-4,366-3,100
5,760
-6,8795,711
497,713
-107-2,114
2,686- 9 6
-285-5692,575
-1,3744,0273,003
51
3,546-626
Period
Effects of operations on Treasurer's account
Operating transactions
NetBudgetsurplus,
ordeficit
Trustfund
accumu-lation,
ordeficit
Recon-ciliationto Treas.
cash
Financing transactions
Netmarketissuance(+)ofGovt.agencyobliga-tions5
Netinv. ( - )in Fed.sec. byGovt.agency& trustfunds 5
Increase,or
decrease( - ) , ingrossdirectpublicdebt
Cash balances:inc., or dec. ( —)
Heldoutside
Treasury
Treas-urer's
account
Account of Treasurer of UnitedStates (end of period)
Balance
Deposits in—
F. R.Banks(avail-able
funds)
Treas-ury
Tax andLoanAccts.
Othernet
assets
Fiscal year—1955195619571958
Semiannually:1957—Jan.-June
July-Dec1958—Jan.-June
July-Dec
Monthly:1958—Feb
MarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
-4,1801,6261,596
-2,819
7,328-6,735
3,916-11,004
7713,753
-2,626-9204,164
-3,667-1,361
575-4,376- 1 , 2 7 4
-900
-2,248245
9912,2501,409
262
54334
228-1,286
367-437-147
768508
-675543
-511-572
177-248
-1,124175
- 2 9309
-518670
- 3 6159511
-232
-314444711
-17-914
225-195-284
511111
-601
462-477
602173
1,085567
1,0901,007-440-121
142101
-144- 3 4
-729- 3 1
10- 3
- 3 2-37-28
- 457
-1,362-2,617-2,300
-197
-1,60321
-2181,144
-17164
279-597-332
330-470
314519212239
1,04747
3,115-1,623-2,224
5,816
-6,1014,3711,4456,579
124-2,055
2,433595691
-8773,009
-1,8103,5462,848-138
2,879-697
-312-213
5140
60-160300
-131
3018794
152-231- 6 5288
-45016146
-113
54- 7
-551331
-9564,159
1,163-9845,143
-4,788
8881,682
412-3573,619
-4,6301,249
-1,269-5651,991
-1,564
957-644
6,2166,5465,5909,749
5,5904,6069,7494,961
4,3946,0766,4876,1309,7495,1196,3685,0994,5346,5254,961
5,9185,274
380522498410
498481410358
516474594395410617540371363424358
447492
4,3654,6334,0828,218
4,0823,0848,2183,468
2,8374,5964,5584,7308,2183,2624,7693,5352,9164,8793,468
4,0543,454
1,4711,3911,0101,121
,010,041,121,135
,041,006,335,005,121,240,059,193,255,222
1,135
1,4171,328
P Preliminary. n.a. Not available,i 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 ro-tirement funds.
2 Small adjustments to arrive at this total are not shown separately.For other notes, see opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 413
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]
Period
Budget receipts
NetBudget
re-ceipts
Adjustments from totalBudget receipts
Transfers t o -
Old-age
trustfund 6
High-waytrustfund
R. R.re-
tire-mentacct.
Re-funds
ofre-
ceipts
TotalBudget
re-ceipts
Income andprofit taxes
Individual
With-held Other
Corpo-ration
Ex-cise
taxes
Em-ploy-menttaxes7
Otherre-
ceipts
Selected excise taxes(Int. Rev. Serv. repts.)
Liquor To-bacco
Mfrs.'and re-tailers'
Fiscal year—19551956...1957...1958...
Semiannually:1957—Jan.-June
July-Dec1958—Jan.-June
July-Dec
Monthly:1958—Feb
MarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
60,39068,16571,02969,117
42,96029,32539,79228,902
6,2999,5013,4964,925
10,7852,9464,8387,2082,7694,9626,180
4,5286,576
5,0406,3376,6347,733
4,0753,1354,5983,383
955632703
1,221774338
1,032504365747397
267949
1,4792,116
8361,151965,112
190150145168161177206188180198164
172182
599634616575
304305270265
7843177043177244216844
1471
3,4263,6843,9174,433
3,454655
3,778634
235855
1,67895086147133175112464
-26374
69,45478,82083,67583,974
51,63034,57149,40334,296
7,75611,1826,0397,334
11,8493,6246,2808,1193,4465,9796,848
4,9568,152
21,25424,01226,72827,041
13,70813,76013,28113,769
3,9532,000
7923,6141,9411,1953,4762,0931,2253,6412,139
9484,356
10,39611,32212,30211,528
9,2982,8748,6542,827
788658
2,792640
1,724258123
1,81516294373
1,996846
18,26521,29921,53120,533
15,9786,27314,2606,174
4066,538476449
5,906479316
2,267374319
2,419
424362
9,21110,00410,63810,814
5,3135,5955,2195,364
864860785922895926908912954811853
847906
6,2207,2967,5818,644
4,7053,4455,1993,653
1,302680722
1,293818355
1,105549386816441
3211,281
4,1084,8874,8955,414
2,6282,6252,7892,509
443446472416565411352483344298623
420401
2,7432,9212,9732,946
1,3251,5741,3721,600
201225218256275252249265328284222
201n.a.
1,5711,6131,6741,734
857848886931
130137147157161154164160171147136
155n.a.
3,1773,7784,0984,316
2,2222,2262,0901,963
n.a.
961
1,006
957
n.a.n.a.
Budget expenditures 8
PeriodX t 1
64,57066,54069,43371,936
35,63236,06035,87639,906
6,0115,5285,7496,1225,8466,6216,6136,1986,6337,1446,2377,080
6,776
Major national security
Total*
40,62640,64143,27044,142
22,67621,72422,41823,246
3,6723,5213,6083,6523,6534,3123,7523,6053,8634,2253,5894,212
3,693
Militarydefense
35,53235,79138,43939,062
19,89219,37019,69220,619
3,1463,1833,0613,2163,1953,8913,1963,2053,4893,8023,1693,758
3,298
Militaryassist-ance
2,2922,6112,3522,187
1,4391,0311,1561,145
20594
278194212173294122151168189221
163
Atomicenergy
1,8571,6511,9902,268
1,0601,0801,1881,269
211173195200201208222215189221211211
213
Intl.affairs
andfinance
2,1811,8461,9762,234
1,0431,2161,0181,206
18416716094
127286222233158220175198
212
Inter-est
6,4386,8467,3087,689
3,7213,9123,7773,686
697612624619603622648578586608614652
680
Vet-erans'serv-
ices andbene-fits
4,4574,7564,7935,026
2,5022,4002,6262,580
433429432465436431431404410454441440
445
.LaDorandwelfare
2,5752,8213,0223,447
1,5451,6361,8112,158
360222235317291386356368345436343310
432
Agri-culture
andagri-cul-tural
re-sources
4,3894,8684,5264,389
2,3992,6511,7383,922
223249347427235257630495769673574781
798
Nat-uralre-
sources
1,2021,1041,2961,543
560850693896
11210090
108121162122151165166151141
106
Com-merceand
housing
1,5042,0301,4552,109
5741,0031,1061,438
229133149298252
45298233212233238224
310
Gen-eral
govern-ment
Fiscal year—1955.1956.1957.1958.
Semiannually:1957—Jan.-June
July-Dec.1958—Jan.-June
July-Dec.
Monthly:1958—Jan
FebMarAprMayJuneJulyAugSeptOctNovDec
1959—Jan
1,1991,6271,7871,356
608661695765
10099102135132127148127123135109123
97
3 Consists primarily of (1) intra-Govemmental transactions as de-scribed in note 1, (2) net accruals over payments of interest on savingsbonds and Treasury bills, (3) Budget expenditures involving issuance ofFederal securities, (4) cash transactions between International MonetaryFund and the Treasury, (5) reconciliation items to Treasury cash, and(6) net operating transactions of Govt. sponsored enterprises.
4 Primarily adjustments 2, 3, and 4, described in note 3.5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.6 Includes transfers to Federal disability insurance trust fund.7 Represents the sum of taxes for old-age insurance, railroad retire-
ment, and unemployment insurance.
8 The 1960 Budget document showed certain revisions in fiscal year data.When the revisions were in classification of functions—such as the shiftof defense-support activities from military assistance and major nationalsecurity to international affairs—the revisions were made in monthly andsemiannual data. Other fiscal year revisions not available for monthlyand semiannual periods.
For more details, see the 1960 Budget document and the TreasuryBulletin, Table 4.
9 Includes stockpiling and defense production expansion not shownseparately.
For other notes, see opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
414 FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
End ofmonth
1941_Dec1945 Dec1947—Dec1951—Dec1952 Dec . . . .1953—Dec1954—Dec1955 Dec1956 Dec1957 Dec
1958 MarAprMayJuneJulyAugSeptOctNovDec
1959 JanFebMar
!!§64.3
278.7257.0259.5267.4275.2278.8280.8276 7275 0
272.7275.2275.7276.4275.6278 6276.8280.3283 2283.0
285.9285 2282.2
Totalgrossdirectdebt 2
57.9278.1256.9259.4267.4275.2278.8280.8276 6274 9
272.6275.1275.7276.3275.5278 5276.7280.2283 1282.9
285.8285.1282.0
Total
50.5255.7225.3221.2226.1231.7233.2233.9228 6227 1
225.1228.0227.9228.5228.0230 6229.0233.2236 3236.0
239.9239.4236.1
Public issues 3
Marketable
Total
41.6198.8165.8142.7148.6154.6157.8163.3160 4164 2
162.9166.0166.0166.7166.4169 2167.7172.2175 4175.6
179.8179.3176.3
Bills
2.017.015.118.121.719.519.522.325 226 9
23.022.422.422.422.422 422.725.929 129.7
30.331.832.2
Certifi-cates ofindebt-edness
38.221.229.116.726.428.515.719 034 6
31.531.131.132.932.938 538.538.538 536.4
36.438.034.4
Notes
6.023.011.418.430.331.428.043.335 320 7
20.724.724.820.420.520 720.721.921 926.1
28.925.325.4
Bonds
Bankeligi-ble*
33.668.468.441.058.963.976.181.980 982 1
87.787.787.790.990.687 785.885.885 883.4
84.284.284.2
Bankre-
stricted
52.249.636.021.013.45.7
Con-vert-ible
bonds
12.112.512.011.811.410 89 5
9.19.09.08.98.88 68.58.48 48.3
8.28.18.0
Nonmarketable
Totals
8.956.959.566.465.065.163.659.257 453 4
53.153.053.052.952.852 852.852.752 652.1
51.951.951.9
Sav-ings
bonds
6.148.252.157.657.957.757.757.956 352 5
52.352.252.152.051.951 951.851.751 751.2
51.051.051.0
Taxandsav-ings
notes
2.58.25.47.55.86.04.50s)
Specialissues
7.020.029.035.939.241.242.643.945 645 8
45.845.446.146.245.946 346.045.445 144.8
43.943.943.9
1 Includes some debt not subject to statutory debt limitation (amountingto $421 million on Mar. 31, 1959) and fully guaranteed securities, notshown separately.
2 Includes non-interest-bearing debt, not shown separately.3 Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,780 million on Feb. 28, 1959.
4 Includes Treasury bonds and minor amounts of Panama Canal andPostal Savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forcesleave 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]
End ofmonth
1941_Dec1945_Dec1947_Dec1951—Dec1952—Dec1953—Dec1954—Dec1955—Dec1956—Dec1957—June
Dec
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—Jan
Totalgrossdebt
(includ-ing guar-
anteedsecuri-ties)
64.3278.7257.0259.5267.4275.2278.8280.8276.7270.6275.0
274.8272.7275.2275.7276.4275.6278.6276.8280.3283.2283.0285.9
Held byU. S. Govt.agencies andtrust funds *
Specialissues
7.020.029.035.939.241.242.643.945.646.845.8
46.045.845.446.146.245.946.346.045.445.144.843.9
Publicissues
2.67.05.46.46.77.17.07.88.48.79.4
9.49.59.79.79.79.79.79.69.79.79.69.6
Held by the public
Total
54.7251.6222.6217.2221.6226.9229.2229.1222.7215.1219.8
219.4217.4220.0220.0220.5220.0222.6221.2225.3228.4228.6232.4
FederalReserveBanks
2.324.322.623.824.725.924.924.824.923.024.2
23.223.623.724.225.424.525.325.025.426.226.325.7
Com-mercialbanks 2
21.490.868.761.663.463.769.262.059.355.859.1
59.459.463.263.664.965.066.465.566.767.767.267.9
Mutualsavingsbanks
3.710.712.09.89.59.28.88.58.07.97.6
7.67.67.67.57.47.47.57.47.47.37.37.3
Insur-ancecom-
panies
8.224.023.916.516.115.815.014.312.812.312.0
11.911.811.811.711.711.811.911.912.112.112.112.4
Othercorpo-rations
4.022.214.120.719.921.519.223.018.215.416.5
17.215.414.614.713.313.914.614.315.916.916.919.1
Stateandlocalgovt's
.76.57.39.6
11.112.714.415.116.116.917.0
17.317.317.117.016.917.017.017.017.217.217.317.7
Individuals
Savingsbonds
5.442.946.249.149.249.450.050.250.149.148.2
48.248.148.148.148.047.947.947.947.847.847.747.7
Othersecurities
8.221.219.415.516.015.513.715.617.218.718.6
18.618.718.318.117.717.417.016.917.117.117.418.0
Misc.inves-tors 3
.99.18.4
10.611.713.213.915.616.116.016.5
15.915.415.715.415.215.014.915.315.816.016.516.5
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.
3 Includes savings and loan associations, dealers and brokers, foreignaccounts, 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 415
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19591
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount
Treasury bills2
Apr. 2,1959Apr. 9, 1959Apr. 16,1959Apr. 23, 1959Apr. 30, 1959May 7,1959May 14, 1959May 15, 1959May 21, 1959May 28, 1959June 4,1959June 11, 1959June 18,1959June 22, 1959*June 25,1959July 2, 1959July 9, 1959July 16, 1959July 23, 1959July 30, 1959Aug. 6, 1959Aug. 13, 1959Aug. 20, 1959
1,6001,5991,6001,4011,3991,4001,4012,7351,4001,4001,5001,7011,7012,9971,700
400400401400400400400401
Treasury bills Cont.Aug. 27, 1959Sept. 3, 1959Sept. 10, 1959Sept. 17, 1959Sept. 21, 1959*Sept. 24, 1959
CertificatesMay 15, 1959 1%Aug. 1,1959 iy8Nov. 15, 1959 3V8Feb. 15, 1960 3%
Treasury notesApr. 1,1959 1%Oct. 1,1959 1%Nov. 15, 1959 3ViApr. 1,1960 lViMay 15, 1960 3V4May 15, 1960 3ViOct. 1.1960 \y2Apr. 1, 1961 \y2May 15, 1961 3%
395400400400
1,502400
1,81713,5007,71111,363
11999
1,184198
2,7382,406278144
4,078
Treasury notes—Cont.Aug. 1,1961 4Oct. 1,1961 \ViFeb. 15, 1962 3%Feb. 15, 1962 4Apr. 1,1962 li/2Aug. 15, 1962 4Oct. 1,1962 IV2Nov. 15, 1962 334Feb. 15,1963 25/8Apr. 1,1963 n/2Oct. 1,1963 IV2
Treasury BondsJune 15, 1959-62...214Dec. 15, 1959-62...214Nov. 15, 1960 2i/8Dec. 15, 1960-653.. 2y4Sept. 15, 1961 234Nov. 15, 1961 2V2June 15, 1962-67... 2%Aug. 15, 1963 21/2Dec. 15, 1963-68... 2i/2Feb. 15, 1964 3
2,609332647
1,435551
2,000590
1,1433,971
533375
5,2663,4553,8061,4852,239
11,1772.1126,7552,8203,854
Treasury bonds—Cont.June 15, 1964-69... 2ViDec. 15, 1964-69... 2i/iFeb. 15,1965 2%Mar. 15, 1965-70.. . 2 ^Aug. 15, 1966 3Mar. 15, 1966-71...2}£June 15, 1967-72... 2 ^Sept. 15, 1967-72...2i/2Dec. 15, 1967-72... 2 i/iOct. 1,1969 4Nov. 15, 1974 3%Feb. 15, 1980 4June 15, 1978-83... 3 y4May 15,1985 314Feb. 15, 1990 3i/2Feb. 15, 1995 3
Panama Canal L o a n . . . . 3
Convertible bondsInvestment Series BApr. 1, 1975-80... 2%
3,7433,8186,8964,6991,4842,9461,8352,7163,703657654863
1,6031,1351,7272,740
50
7,984
* Tax anticipation series.2 Sold on discount basis.
1 Direct public issues.See tables on Money Market Rates, p. 407.
3 Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Type of holder and date
Marketable and convertible securities, by type
Total Bills Certifi-cates Notes
Market-able
bonds2
Con-vertiblebonds
Marketable securities, by maturity class
Total Within1 year
1-5years
5-10years
Over 10years
All holders:1956—June 301957—June 30
Deo. 311958—June 30
Dec. 311959—Jan. 31
U. S. Govt. agencies and trust funds:1956—June 301 9 5 7 _ j u n e 30
Dec. 311958—June 30
Dec. 311959—Jan. 31
Federal Reserve Banks:1956—June 301957—June 30
Dec. 311958—June 30
Dec. 311959—Jan. 31
Commercial banks:1956—June 301957_june 30
Dec. 311958—June 30
Dec. 311959—Jan. 31
Mutual savings banks:1956—June 301957_ju ne 30
Dec. 311958—June 30
Dec. 311959—Jan. 31
Insurance companies:1956—June 301957—June 30
Dec. 311958—June 30
Dec. 311959—Jan. 31
Other investors:1956—June 301957__jUne 30
Dec. 311958—June 30
Dec. 311959—Jan. 31
166,050165,985173,718175,573183,896188,005
8,2368,5549,2609,4779,3799,454
23,75823,03524,23825,43826,34725,715
49,67348,73451,71257,50959,04859,680
7,7357,3977,2097,1106,9427,068
11,70210,93610,80110,58010,98411,303
64,94767,32970,49965,45971,19574,784
20,80823,42026,85722,40629,74830,342
2731301301737891
855287
1,2202,7032,2841,661
2,1812,8534,3323,7965,1944,838
10716312289139156
318326291254726810
17,07419,66120,76215,39221,32622,785
16,30320,47334,55432,92036,36436,364
355416657599492441
10,94411,36720,10419,94618,70418,689
1,0042,9134,0463,3316,6866,068
37114167132115142
44136248112231292
3,9195,5279,3318,79910,13710,733
35,95230,97320,66420,41626,07228,918
6881,2821,6171,1691,3381,357
9,1578,579
87
'2^875'2,881
11,6208,9849,67211,53212,28514,183
356367438465538588
760648683614731814
13,37111,1138,1676,6368,3049,095
81,89080,83982,11790,93283,40284,191
3,5753,6643,9334,7034,7114,817
2,8022,8022,8272,7892,4842,484
34,71233,83933,52938,72034,75334,461
6,0745,6555,4705,4935,2685,315
7,7897,2777,2317,3987,2557,369
26,89627,60229,12731,82928,93129,745
11,09810,2809,5278,8988,3098,189
3,3453,0632,9232,8332,7592,748
155144133130130129
1,1611,0981,012931882867
2,7912,5492,3472,2022,0422,017
3,6463,4263,1122,8022,4972,427
154,953155,705164,191166,675175,586179,816
4,8915,4916,3376,6446,6206,707
23,75823,03524,23825,43826,34725,715
49,51748,59051,57957,37958,91859,551
61,30163,90467,38762,65768,69872,358
58,71471,03374,36867,78272,61673,210
9271,1381,236899721689
20,24220,24621,42723,01020,99520,363
7,43312,26813,06613,43114,38013,440
6,5746,2996,1976,1796,0606,201
8,9118,3878,4548,3788,9439,285
247576453303300361
632955938651
1,1581,320
29,23335,85037,24929,48935,06237,037
31,99739,18446,51341,07152,31855,164
5001,2101,7821,5651,6961,738
1,087681
1,3971,0143,8813,882
18,23423,50026,52624,49429,69631,316
5401,0821,2271,1061,2291,253
1,1921,7752,0741,6501,9762,053
10,44310,93613,50811,24313,84114,923
31,31214,73211,27222,96118,65218,652
434295260913
1,1791,193
1,0147505757206206
19,1328,6007,36414,25910,43310,327
1,319601476675958968
1,8021,022718
1,0041,1561,161
7,6123,4642,3976,0544,7194,797
32,93030,75632,03834.86031,'99932,789
3,0302,8483,0593.2673,0253,086
1,4151,3581,3581.3581,2641,264
4,7194,2224,6235.1954,4094,468
4,4684,0404,0414.0943,5733,618
5,2854,6344,7245,0744,6534,752
14,01313,65414,23315,87215,07615,601
1 Direct public issues.2 Includes minor amounts of Panama Canal and Postal Savings bonds.NOTE.—Commercial banks, mutual savings banks, and insurance com-
panies included in the survey account for over 90 per cent of total holdingsby these institutions. Data are complete for U. S. Govt. agencies andtrust funds and Federal Reserve Banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
416 SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Year ormonth
Gross proceeds, all issuers2
Total
Noncorporate
U.S.Govt.3
Fed-eral
agen-cy*
Stateandmu-nici-pal
Others
Corporate
Total
Bonds
TotalPub-licly
offered
Pri-vatelyplaced
Pre-ferredstock
Com-monstock
Proposed uses of net proceeds,all corporate issuers6
Total
New capital
Total Newmoney 7
Mis-cel-
lane-ouspur-poses
Re-tire-ment
ofbankdebt,etc.8
Re-tire-ment
ofsecu-rities
19511952195319541955195619571958
1958—Jan..Feb..Mar..Apr..May.June.July.Aug..Sept.Oct..Nov..D e c .
1959—Jan...
21,26526,92928,82429,76526,77222,40530,57134,435
3,4732,4873,9596,9632,1603,0492,4231,3402,1973,0761,4081,900
5,695
9,77812,57713,95712,5329,6285,5179,60112,063
511407
1,8024,269368
1,411418369352
1,461324370
3,972
110459106458746169572
2,321
1,163251
523
164
'220
199
3,1894,1215,5586,9695,9775,4466,9587,449
782899524798877554631389647439459448
639
446237306289182334557
1,047
201559
141202122139236612779
81
7,7419,5348,8989,51610,24010,93912,88411,555
816875
1,6231,232714963
1,196573
1,175890497
1,002
805
5,6917,6017,0837,4887,4208,0029,9579,684
744607
1,4941,101594866907492
1,098652379751
646
2,3643,6453,8564,0034,1194,2256,1186,333
505398
1,165921391370735209851287236266
404
3,3263,9573,2283,4843,3013,7773,8393,351
239209330180203497172283246365143485
242
838564489816635636411551
288569413658701223671250
1,2121,3691,3261,2132,1852,3012,5161,320
4418261908438
2197055170107201
7,6079,3808,7559,36510,04910,74912,66111,373
805856
1,6081,213699948
1,174563
1,159873489985
34 125 789
7,1208,7168,4957,4908,82110,38412,44710,790
723851
1,5611,141600881
1,102538
1,144858478914
782
6,5318,1807,9606,7807,9579,66311,7849,936
711832
1,5251,037532709
1,026518
1,038739424845
736
226' 363537535709864721663854
111935
10468
1727620
1061195469
46
486664260
1,8751,227
364214583
825
47729967722515151172
Proposed uses of net proceeds, major groups of corporate issuers
Year ormonth
Manufacturing
Newcapital10
Retire-ment of
secu-rities
Commercial andmiscellaneous
Newcapital 10
Retire-ment of
secu-rities
Transportation
Newcapital1
Retire-ment of
secu-rities
Public utility
Newcapital10
Retire-ment of
secu-rities
Communication
Newcapital10
Retire-ment of
secu-rities
Real estateand financial
Newcapital10
Retire-ment of
secu-rities
19511952195319541955195619571958
1958—Jan..Feb.Mar.Apr.,MayJuneJuly.Aug.Sept.Oct.,Nov.Dec.
1959—Jan..
2,8463,7122,1282,0442,3973,3364,1043,296
147171196620163267519122485255119233
145
2212619019053324349223
73
41122649241612103
20
462512502831769682579882
2826476224295547389527053
45
5624409351512916
437758553501544694802777
82486386231064926448118151
67
5322536
270338201439
24
2,3262,5392,9052,6752,2542,4743,8213,598
321366409293303390348281186311127262
294
858867
9901741451139
22371646
214
600747871651
1,0451,3841,4411,294
3435
79740111210113134589103
26
563
6077214
117
50
3730
449448
1,536788
1,8121,8151,701944
1092054940747831492811455112
205
66602427356176749
12
21111535
1 Estimates of new issues maturing in more than one year sold for cashin the United States.
2 Gross proceeds are derived by multiplying principal amounts or num-ber of units by offering price.
3 Includes guaranteed issues.4 Issues not guaranteed.5 Represents foreign governments. International Bank for Reconstruc-
tion and Development, and domestic eleemosynary and other nonprofitorganizations.
6 Estimated net proceeds are equal to estimated gross proceeds less costof flotation, i.e., compensation to underwriters, agents, etc., and expenses.
7 Represents proceeds for plant and equipment and working capital.8 Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement ofshort-term bank debt are included under the uses for which the bankdebt was incurred.
9 Less than $500,000.10 Represents all issues other than those for retirement of securities.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 417
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Industry
Annual totals
1953 1954 1955 1956 1957 1958
Quarterly totals
1957 1958
Manufacturing
Total (200 corps.):SalesProfits before taxesProfits after taxesDividends
Nondurable goods industries (94 corps.): *SalesProfits before taxesProfits after taxesDividends
Durable goods industries (106 corps.):2
SalesProfits before taxesProfits after taxesDividends
Selected industries:Foods and kindred products (28 corps.):
SalesProfits before taxesProfits after taxesDividends
Chemicals and allied products (26 corps.):SalesProfits before taxesProfits after taxesDividends
Petroleum refining (14 corps.):SalesProfits before taxesProfits after taxesDividends
Primary metals and products (39 corps.):SalesProfits before taxesProfits after taxesDividends
Machinery (27 corps.):SalesProfits before taxesProfits after taxesDividends
Automobiles and equipment (15 corps.):SalesProfits before taxesProfits after taxesDividends
Public Utility
Railroad:Operating revenueProfits before taxesProfits after taxesDividends
Electric power:Operating revenueProfits before taxesProfits after taxesDividends
Telephone:Operating revenueProfits before taxesProfits after taxesDividends
63,343 58,110 69,87610,2505,2312,827
375649154
7,2443,8252,384
694 20,620 23,106" ~ 3,413
1,9181,202
028526972
2,7531,5811,064
71,9259,2904,8802,980
24,7843,4571,9791,248
42,649 37,490 46
2,346,123,182
4,4912,2441,320
,7706,8363,3131,625
5,411465212154
6,3731,308520417
5,883841603290
13,7501,817790377
8,0051,011402237
16,6112,078758469
10,6641,436903412
7,1361,8951,030780
4,525925452412
5,476462224156
6,1821,153593499
6,015751567294
11,5221,357705407
7,745914465263
14,1371,789863536
9,371908682379
7,5882,0491,134868
4,90:1,050525448
5,833499244160
7,2221,535782597
6,556854624317
14,9522,3771,195522
8,477912465281
18,8263,0231,394693
10,1061,341927448
8,3602,3041,244942
5,4251,282638496
47521
6
,141,833,901,731
,299557273166
7,7291,488769602
7,185917689346
16,0622,3701,232606
9,798942458321
16,3361,984942656
10,5511,268876462
9,0492,4621,3261,022
5,9661,430715552
76,0329,5595,1093,113
68,6987,3584,0133,016
278 2526,3,4382,0191,323
,6452,9201,7281,316
49,754 436,1203,0901,791
,0534,4372,2851,700
6,620600295174
8,2031,556798639
7,814867711374
16,0732,3131,193651
10,9141,175577329
6,730624303179
7,8421,286689627
7,462642546376
13,1221,621835590
10,5201,172590327
17,480 142,1101,059670
,1721,171615642
19,4382,5751,339757
6,524873503318
12,9141,702836439
1,6421547540
2,047394202152
1,94121917291
4,270652327157
2,75030514881
4,522603292166
10,4911,056734435
9,6442,5571,4031,077
6,4671,562788613
9,56484460:410
10,1892,7011,51"1,134
6,93!1,8609216741
2,660264183110
2,312596327270
1,611388195150
18,0562,0421,107757
6,558841491319
11,4981,201616438
1,6691587741
2,065397201150
1,92019316495
3,856512264158
2,66927013582
3,689291151164
2,67528619182
2,335600326265
1,623387195155
18,7522,1901,232849
6,560777474371
12,1921,413758478
1,6911537954
2,047369197187
1,90615614497
3,675473260179
2,87130615286
4,277506279173
2,582259199121
2,457630357273
1,673400203160
16,7181,622852755
6,133648377326
10,585974475429
1,6161406741
1,858281144156
1,80114612595
3,047302157147
2,45422711183
3,853346161164
2,239593196
2,707768421281
1,672402200164
16,8311,625872747
6,203619362325
10,6281,006510422
1,6631517441
1,903281147154
1,77411110395
3,161371191146
2,62926313281
3,542271137160
2,2941359379
2,412615349287
1,715454226166
16,2481,637'893741
'6,526mo'448322
'9,722'867445419
'1,699'1638044
'1,994315'163153
'1,91319815792
'3,236385'200145
2,543'29715581
2,5995324159
'2,461'272'195'77
'2,471650357276
1,745494244171
18,9012,4741,395774
6,783883541343
12,1181,591854431
1,7521698353
2,086409235164
1,97518716194
3,677562287153
2,89438419382
4,177500293159
2,555366271157
2,599667390290
1,807510251173
' Revised.1 Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).2 Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained fromthe Securities and Exchange Commission; other data from publishedcompany reports.
Railroads. Figures are for Class I line-haul railroads (which accountfor 95 per cent of all railroad operations) and are obtained from reportsof the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (whichaccount for about 95 per cent of all electric power operations) and areobtained from reports of the Federal Power Commission, except thatquarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric opera-tions.
Telephone. Revenues and profits are for telephone operations of theBell System Consolidated (including the 20 operating subsidiaries andthe Long Lines and General departments of American Telephone andTelegraph Company) and for two affiliated telephone companies, whichtogether represent about 85 per cent of all telephone operations. Divi-dends are for the 20 operating subsidiaries and the two affiliates. Dataare obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges andbefore Federal income taxes and dividends. For detailed description ofseries (but not for figures), see pp. 662-66 of the BULLETIN for June 1949(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (publicutilities); and p. 908 of the BULLETIN for September 1944 (electric power).Revised data annually beginning with 1939 and quarterly beginning with1946 are available from the Division of Reserach and Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
418 BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates. In billionsof dollars]
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Year orquarter
19511952195319541955195619571958
1956—4
1957—1234
1958—12341
Profitsbeforetaxes
42.236.738.334.144.945.543.436.7
46.7
46.143.544.239.9
31.732.037.945.2
In-cometaxes
22.419.520.217.221.822.421.618.7
23.0
23.021.722.019.9
16.116.319.323.0
Profitsaftertaxes
19.717.218.116.823.023.121.818.0
23.7
23.121.822.120.0
15.515.718.622.2
Cashdivi-
dends
9.09.09.29.8
11.212.012.412.3
11.8
12.512.612.712.0
12.512.412.511.8
Undis-tributedprofits
10.78.38.97.0
11.811.09.45.7
11.9
10.69.29.48.0
3.03.36.1
10.4
1 Preliminary estimates by Council of EconomicAdvisers.
NOTE.—Quarterly data are at seasonally adjustedannual rates.
Year orquarter
195119521953195419551956 r
1957 r
1958
1957—4'-
1958—1
34
All types
Newissues
9,04810,6799,550
11,69412,47413,20114,35014,710
3,440
3,5664,0493,5753,519
Retire-ments
2,7722,7512,4295,6295,5995,0383,6095,113
862
8521,5811,3671,313
Netchange
6,2777,9277,1216,0656,8758,162
10,7419.597
2,578
2,7152,4682,2082,207
Bonds and notes
Newissues
5,6827,3446,6517,8327,5717,9349,6389,694
2,408
2,7992,4532,2942,148
Retire-ments
2,1052,4031,8964,0333,3833,2032,5843,705
624
5971,3181,028
762
Netchange
3,5774,9404,7553,7994.1884,7317,0535,989
1,784
2,2021,1351,2661,386
Stocks
Newissues
3,3663,3352,8983,8624,9035,2674,7125,016
1,032
7681,5961,2811,371
Retire-ments
667348533
1,5962,2161,8361,0241,408
238
255264339550
Netchange
2,7002,9872,3662,2652,6873,4323,6883,608
794
5131,333
942821
r Revised.1 Reflects cash transactions only. As contrasted with data shown on p. 416, new issues
exclude foreign and include offerings of open-end investment companies, sales of securitiesheld by affiliated companies or RFC, special offerings to employees, and also new stockissues and cash proceeds connected with conversions of bonds into stocks. Retirementsinclude the same types of issues, and also securities retired with internal funds or withproceeds of issues for that purpose shown on p. 416.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
End of yearor quarter
19511952195319541955 r
1956r
1957 3 r
4r
1958 l r
2r
3 r
4
Networkingcapital
86.590.191.894.9
103 0107 4
111 3111.7
113 4115.0117 1119.8
Current assets
Total
179.1186.2190.6194.6224 0237 9
241.6242.0
234.9232.9237.8243.7
Cash
30.030.831.133.434.634.8
33.434.7
32.334.235.237.1
U.S.Govt.securi-
ties
20.719.921.519.223.519.1
16.417.2
16.013.915.018.2
Notes and accts.receivable
U.S.Govt. 2
2 . 72 . 82 . 62 . 42 . 32 . 6
2 . 42.8
2.72.62.72 . 8
Other
58.864.665.971.286.695.1
99.498.3
95.496.6
100.5101.0
Inven-tories
64.965.867.265.372.880.4
83.482.3
81.578.477.377.6
Other
2 . 12 . 42 . 43.14 . 25 .9
6 .66.7
7.07.17.27 .0
Current liabilities
Total
92.696.198.999.7
121.0130.5
130.3130.2
121.5117.9120.7123.8
Notes and accts.payable
U.S.Govt.2
1.32 . 32 . 22 . 42 32 . 4
2 . 62.3
2.11.91.81.7
Other
53.657.057.359.373.881.5
81.981.2
76 575.376 477.9
Federalincome
taxlia-
bilities
21.318.118.715.519 317.6
14 415.7
12 49.8
11 413.3
Other
16.518.720.722.525 729.0
31 431.1
30 430.831 130.9
r Revised.Excludes banks and insurance companies.
2 Receivables from, and payables to, the U. S. Government excludeamounts 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
1951195219531954195519561957195819594
Total
25.626.528.326.828 735.137.030.531.8
Manu-factur-
ing
10.911.611.911.011 415.016.011.412.3
Min-ing
.91.01.01.01 01.21.2
.9
.9
Transportation
Rail-road
1.51.41.3.9.9
1.21.4
.8
.8
Other
1.5
.6
.5
.6
.7
.8
.51.9
Publicutili-ties
3.73 .94.64.24 34.96.26.16.1
Com-muni-cations
1.31.51.71.72 02.73.02 . 6
9 .
Others
5.95 .66.36.57 58.47.47 . 2
8
Quarter
1957—4
1958—1234 . . .
1959_J4r24
Total
9 .7
7.37.87 48.0
7 . 08 .2
Manu-factur-
ingandmin-ing
4 6
3.13.22 93 .2
2 . 83 .4
Trans-porta-tion
8
.7
.65
. 6
.6
.7
Publicutili-ties
1 8
.25
.7
25
Allother 3
2 6
2.32 52 42 . 5
2 42 . 6
r Revised.1 Corporate and noncorporate business, excluding agriculture.2 Includes trade, service, finance, and construction.
3 Includes communications and other.4 Anticipated bv husiness.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 419
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
End of yearor quarter
19411945
19511952195319541955195619571958P
1957 JuneSeptDec
1958—Mar.pJunep;Sept p
All properties
Allhold-
ers
37.635.5
82.391.4
101.3113.8130.0144.5156.6171.2
150.4153.7156.6
159.1162.6166.7171.2
Finan-cial
insti-tutions
20.721.0
59 566.975.185 899.4
111 2119.7131.5
115.3117 7119 7
121 5124.5127.9131.5
Otherholders
SelectedFederalagen-cies
2.0.9
2 02 . 42.82 83 13 64 74 . 8
4.24 54 7
4 94.64.64.8
Indi-viduals
andothers
14.913.7
20 822.123.525 227.529 732.134.9
30.931 632.1
32 733.534.334.9
Allhold-
ers
31.230.8
75.684.293.6
105 5120.9134 6146.1160.1
140.1143 3146.1
148 5151.7155.7160.1
]
1- to 4-family 1
Total
18.418.6
51.758.566.175.788.299.0
107.6118.0
103.4105.7107.6
109.3111.7114.8118.0
Finan-cial
insti-tutions
11.212.2
41.146.853.662.573.883.489.999.1
86.688.589.9
91.293.696.399.1
^lonfarm
louses
Otherhold-
ers
7.26.4
10.711.712.513.214.415.617.719.0
16.717.217.7
18.118.118.419.0
Multi-family andcommercial properties1
Total
12.912.2
23.925.727.529.832.735.638.542.0
36.737.538.5
39.140.040.942.0
Finan-cial
insti-tutions
8.17.4
15.917.218.520.021.923.925.828.1
24.625.225.8
26.226.827.328.1
Otherhold-
ers
4.84.7
8.08 .49.09.8
10.811.712.713.9
12.112.412.7
12.913.213.613.9
Farm
Allhold-
ers
6.44.8
6.77 . 37.88.39.19 .9
10.511.2
10.310.410.5
10.610.911.111.2
Finan-cial
insti-tutions
1.51.3
2.62.83.03.33.63.94.04.3
4.04.04 . 0
4 .14.14.24.3
Otherholders2
4.93.4
4.14 . 44.85.05 .46 06 .56 .9
6.46.46.5
6.66.76.86.9
p Preliminary.1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (includingnondeposit trust companies but not trust departments), mutual savingsbanks, life insurance companies, and savings and loan associations.
Federal agencies represent HOLC, FNMA, and VA (the bulk of theamounts through 1948 held by HOLC, since then by FNMA). OtherFederal agencies (amounts small and separate data not readily availablecurrently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home LoanBank Board, Institute of Life Insurance, Departments of Agricultureand Commerce, Federal National Mortgage Association, Veterans Ad-ministration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
End of yearor quarter
19411945
1951195219531954195519561957195gp
1957 JuneSeptDec
1958 MarJuneSept p
Dec p
Commercial bank holdings2
Total
4,9064,772
14,73215,86716,85018,57321,00422,71923,33725,510
22,76023,10523,337
23,40023,96024,69025,510
Residential
Total
3,2923,395
11,27012,18812,92514,15215,88817,00417,14718,610
16,89017,07017,147
17,12517,46018,05518,610
FHA-in-
sured
3,4213,6753,9124,1064,5604,8034,8235,490
4,7304,7504,823
4,8254,9705,2055,490
VA-guar-
anteed
2,9213,0123,0613,3503,7113,9023,5893,330
3,7203,6603,589
3,4853,4053,3553,330
Con-ven-
tional
4,9295,5015,9516,6957,6178,3008,7359,790
8,4408,6608,735
8,8159,0859,4959,790
Othernon-farm
1,048856
2,4582,6212,8433,2633,8194,3794,8235,400
4,5004,6604,823
4,8805,0605,1555,400
Farm
566521
1004,058
1,082,159,297,336,367
1,500
,3701,3751,367
,395440
,480,500
Mutual savings bank holdings 3
Total
4,8124,208
9,91611,37912,94315,00717,45719,74521,16923,250
20,47520,81221,169
21,56522,16522,74023,250
Residential
Total
3,8843,387
8 5959,883
11 33413,21115,56817,70319,01020,943
18,38418,68719,010
19,37219,92620,46520,943
FHA-in-
sured
2 5673,1683 4893,8004,1504,4094,6695,560
4,5004,5754,669
4,8105,0465,3135,560
VA-guar-
anteed
1 7262,2373 0534,2625,7737,1397,7908,564
7,5207,6607,790
7,9378,1608,3788,564
Con-ven-
tional
4 3034,4774 7925,1495 6456,1556 5516,819
6,3646,4526,551
6,6256,7206 7746,819
Othernon-farm
900797
1 2741,4441 5561,7401 8311,9842 1022,250
2,0332,068
c2,102
2,1352,1812 2182,250
Farm
2824
4753535658595757
585757
58585757
c Corrected. v Preliminary.1 Represents all banks in the United States and possessions.2 Includes loans held by rondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and Septem-ber figures are Federal Reserve estimates based on data from MemberBank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series ofbanking statistics. March and September figures are Federal Reserveestimates based in part on data from National Association of MutualSavings Banks.
Sources.—All-bank series prepared by Federal Deposit InsuranceCorporation from data supplied by Federal and State bank supervisoryagencies, Comptroller of the Currency, and Federal Reserve.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
420 REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Year or month
19411945
19511952195319541955195619571958
1958 JanFebMarAprMayJuneJUlyAu2SeptOctNovDec
1959 Jan
Loans acquired
Total
976
5,1343,9784,3455,3446,6236,7155,2305,248
426379390402380368428437451516429642
508
Nonfarm
Total
4,7233,6063,9254 9316,1086,2014,8234,813
383338344360348341398406421485397592
466
FHA-insured
1,058864817672971842653
1,303
878592949695
103109125141121155
139
VA-guar-
anteed
1,294429455
1,3781,8391,652
831200
293022261620165798
12
11
Other
2,3712,3132,6532 8813,2983,7073,3393,310
267223230240236226279292289335268425
316
Farm
411372420413515514407435
434146423227303130313250
42
Loans outstanding (end of period)
Total
6,4426 636
19,31421,25123,32225,97629,44532,98935,23637,097
35,46235,58735,72735,84035,95636,06036,18336,32336,47236,64836,79437,097
37,211
Nonfarm
Total
5 5295 860
17,78719,54621,43623,92827,17230,50832,65234,388
32,87332,99033,11733,21333,31633,40933,51933,64533,78633,95534,09334,388
34,510
FHA-insured
8151 394
5,2575,6816,0126 1166,3956,6276,7517,449
6,8226,8586,9066 9486,9957,0387 0767,1237,2127 2827,3477,449
7,528
VA-guar-anteed
3,1313,3473,5604 6436,0747,3047,7217,455
7 7507,7397,7237 7197,6997,6777 6517,6197,5617 5277,4927,455
7,429
Other
4 7144 466
9,39910 51811,86413 16914,70316,57718,18019 484
18 30118,39318,48818 54618,62218,69418 79218 90319,01319 14619 25419,484
19,553
Farm
913776
1,5271,7051,8862 0482,2732,4812,5842 709
2 5892 5972,6102 6272 6402,6512 6642 6782,6862 6932 7012,709
2,701
NOTE.—For loans acquired, the monthly figures may not add to annualtotals, and for loans outstanding, the end-of-December figures may differfrom end-of-year figures, because monthly figures represent book value ofledger 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 ofLife Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
[In millions of dollars]
NONFARM MORTGAGE RECORDING OF $20,000 OR LESS
[In millions of dollars]
Year ormonth
19411945
1952195319541955195619571958
1958
FebMarAprMayJuneJulyAugSeptOct . . . .NovDec
1959
Jan
Loans made
Total i
1,3791,913
6,6177,7678,969
11,43210,54510,40212,346
723704819920
1,0191,1071,1801,1801,2151,2901,0531,136
1,013
Newcon-
struc-tion
437181
2,1052,4753,0764,0413,7713,5624,096
245233281316346379374373401428345376
317
Homepur-chase
5811,358
2,9553,4883,8465,2414,7274,7085,251
308289318354406461511538537570469488
442
Loans outstanding (end of period)
Total 2
4,5785,376
18,39621,96226,19431,46135,72940,00745,599
40,24340,49040,82541,22341,75142,33342,86643,42343,99744,60245,06745,599
46,009
FHA-in-
sured
11111
904,048,172,405,486,643
.,210
,662,686,715,748,789,833,901,940
>,007> 0842,1552,210
2,277
VA-guar-anteed
3,3943,9794,7215,8916,6437,0117,093
7,0117,0117,0046,9846,9816,9957,0127,0347,0317,0537,0627,093
7,109
Con-ven-
tional2
14,09816,93520,30124,16527,60031,35336,296
31,57031,79332,10632,49132,98133,50533,95334,44934,95935,46535,85036,296
36,623
1 Includes loans for other purposes (for repair, additions and alterations,refinancing, etc.) not shown separately.
2 Beginning 1958 includes shares pledged agaist mortgage loans.Source.—Federal Home Loan Bank Board.
Year ormonth
19411945
1952 . .195319541955195619571958
1958
JanFebMarAprMayJuneJulyAugSeptOctNovDec
1959
Jan
Total
Season-allyad-
justed i
1,9761,9591,9711,9932,0872,1922,2912,4132,4882,5762,6522,629
Withoutseasonal
adjust-ment2
4,7325,650
18,01819,74722,97428,48427,08824,24427,388
1,7821,7011,8662,0222,1512,2752,5432,5352,5962,8572,4322,629
2,352
By type of lender(without seasonal adjustment)
Sav-ings &loan
assns.
1,4902,017
6,4527,3658,312
10,4529,5329,217
10,516
628638705787845910986995
1,0221,086
932983
870
Insur-ancecom-
panies
404250
1,4201,4801,7681,9321,7991,4721,460
111101108106113110125130136150128143
121
Com-mer-cial
banks
1,1651,097
3,6003,6804,2395,6175,4584,2645,204
322304345385418429491476493558474508
454
Mutualsav-ings
banks
218217
1,1371,3271,5011,8581,8241,4291,640
988794
103120140165169170175154165
123
1 Three-month moving average, seasonally adjusted by Federal Re-serve.
2 Includes amounts for other lenders, not shown separately.Source.—Federal Home Loan Bank Board.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 421
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
Year or month
1945
195019511952195319541955195619571958
1958—FebMarAprMayJuneJuly
Sent . . .OctNovDec
1959 Jan . . .Feb
FHA-insured loans
Total
665
4,3433,2203,1133,8823,0663,8073,4613,7156,349
386435423431551524599756641559624
700598
Homemortgages
Newprop-erties
257
1,6371,216
9691,2591,0351,2691,133
8801,666
115127119110126132128160174165190
217196
Ex-istingprop-erties
217
856713974
1,030907
1,8161,5051,3712,885
164192186201217236243320327292320
369311
Proj-
typemort-gages i
20
1,15758232225923276
130595929
43625755
12898
170146583124
3737
Prop-ertyim-
prove-ment
loans 2
171
694708848
1,334891646692869868
64536165815858
130837189
7754
VA-guaranteed loans
Total 3
192
3,0723,6142,7193,0644,2577,1565,8683,7611,865
142123857397
127156189239216257
276238
Homemortgages
Newprop-erties
1,8652,6671,8232,0442,6864,5823,9102,8901,311
1291107257718391
107140135174
194174
Ex-istingprop-erties
1,202942890
1,0141,5662,5641,948
863549
1313131527436482998182
8164
MORTGAGE DEBT OUTSTANDING ONNONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
1 Monthly figures do not reflect mortgage amendments included in annual totals.2 These loans are not ordinarily secured by mortgages.3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repaymentson previously insured or guaranteed loans. For VA-guaranteed loans, amounts by typeare derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
End ofyear orquarter
1945
1950 . .195119521953..195419551956 .19571958?
1957_JuneSeptDec
1958—Mar.*. . . .June* . . . .Sept.*'....Dec.?
Total
18.6
45.251.758.566.175.788.299.0
107.6118.0
103.4105.7107.6
109.3111.7114.8118.0
Government-underwritten
Total
4.3
18.922.925.428.132.138.943.947.250.2
45.946.547.2
47.748.349.250.1
FHA-in-
sured
4.1
8.69.7
10.812.012.814.315.516.519.7
15.916.116.5
17.117.718.619.7
VA-guar-
anteed
.2
10.313.214.616.119.324.628.430.730.5
30.030.430.7
30.630.630.630.4
Con-ven-
tional
14.3
26.328.833.138.043.649.355.160.467.8
57.559.260.4
61.663.465.667.9
9 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, FederalHousing Administration, Veterans Administration, andFederal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
[In millions of dollars]
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
End of yearor month
195019511952195319541955195619571958
1958—FebMar . . .AprMayJuneJuly
SeptOctNovDec
1959 JanFeb
Mortgage holdings
Total
1,3471,8502,2422,4622,4342,6153,0473,9743,901
4,0714,0734,0193,9283,7533,7033,6833 6933,7293,7913,901
4 0324,188
FHA-in-
sured
169204320621802901978
1,2371,483
1.319,346,345
1,3421,309,300
1,2981,3201,3531,4051,483
I 564[,664
VA-guar-
anteed
1,1771,6461,9221,8411,6321,7142,0692,7372,418
2,7522,7262,6742,5862,4442,4032,3852,3732,3762,3862,418
2,4682,523
Mortgagetransactions
(duringperiod)
Pur-chases
1,044677538542614411609
1,119623
56453833221722375982
134
150176
Sales
46911156
2215256252
482
92975
10917651238
1
Com-mit-
mentsun-dis-
bursed
48523932363847676
360764
1,541
761745842
1,0011,1421,3081,5431,6741,6691,6401,541
1,4321,291
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's newcharter, under which it maintains three separate programs: secondarymarket, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Year or month
1945
195019511952195319541955195619571958
1958—Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.
1959—Jan..Feb.
Ad-
278
675423586728734
1,251745
1,1161,364
41532125617810810011912686229
9850
Repay-ments
213
292433528640818702934
1,0791,331
1581469368501376248524753
25194
Advances outstanding(end of period)
Total
195
816806864952867
1,4171,2281,2651,298
790696815803929901939,010,083,123,298
,146,101
Short-term1
176
547508565634612991798731685
451394304288372392427490545576685
599559
Long-term2
19
269298299317255426430534613
339302511515557509512520538547613
547542
1 Secured or unsecured loans maturing in one year or less.2 Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.Source.—Federal Home Loan Bank Board.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
422 CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
End of year or month Total
7,2229,1725,665
22,61727,40131,24332.29238,67042,09744,77445,065
43,01742,50042,61742,98543,07942,92343,12843,14443,16443,46445,065
44,41544,071
Instalment credit
Total
4,5036,0852,462
15,29419,40323,00523,56828,95831,82734,09533,865
33,27832,94032,88832,91033,00833,07433,16533,07933,05233,12633,865
33,76833,751
Auto-mobilepaperl
1,4972,458
455
5,9727,7339,8359,809
13,47214,45915,40914,131
15,03014,79314,69114,61314,59014,56714,51414,33214,16414,06614,131
14,15514,223
Otherconsumer
goodspaper i
1,6201,929
816
4,8806,1746,7796,7517,6348.5108,6929,007
8,2778,1798,1248,1588,1908,1978,2548,3128,4118.5289,007
8,8818,767
Repairand mod-ernization
loans 2
298376182
1,0851,3851,6101,6161,6891,8952,0912,145
2,0412,0192,0172,0382,0482,0612,0912,1072,1282,1462,145
2,1252,116
Personalloans
1,0881,3221,009
3,3574,1114,7815,3926,1636,9637,9038,582
7,9307,9498,0568,1018,1808,2498,3068,3288,3498,3868,582
8,6078,645
Noninstalment credit
Total
2,7193,0873,203
7,3237,9988,2388,7249,712
10,27010,67911,200
9,7399,5609,729
10,07510,0719,8499,963
10,06510,11210,33811,200
10,64710,320
Single-payment
loans
787845746
1,9342.1202,1872.4083,0023,2533,3653,543
3,4043,3973,3523,4763,4823,3733,4533,4953,4143,4993,543
3,4643,563
Chargeaccounts
1,4141,6451,612
3,6054,0114,1244,3084,5794,7354.8295,018
3,7543,5793,7724,0104,0123,9273,9564,0334,1914,2975,018
4,5044,004
Servicecredit
518597845
1,7841,8671.9272,0082,1312,2822,4852,639
2,5812,5842,6052,5892,5772,5492,5542,5372,5072,5422,639
2,6792,753
193919411945
19511952195319541955195619571958
1958—Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.
1959—Jan..Feb.
1 Represents all consumer instalment credit extended for the purposeof purchasing automobiles and other consumer goods, whether held byretail outlets or financial institutions. Includes credit on purchases byindividuals of automobiles or other consumer goods that may be usedin part for business.
2 Represents repair and modernization loans held by financial institu-tions; holdings of retail outlets are included in other consumer goodspaper.
NOTE.—Monthly figures for the period December 1939 through 1947,and a general description of the series are shown on pp. 336-54 of theBULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINSfor October 1956, pp. 1035-42, December 1957, pp. 1420-22, and Novem-ber 1958, pp. 1344-45. A detailed description of the methods used toderive the estimates may be obtained from Division of Research andStatistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
End of yearor month
193919411945
1951. . . .195219531954195519561957 . .1958
1958 FebMar
MayJune •JulyAugSeptOct .NovDec
1959_janFeb
Totalinstal-mentcredit
4 5036,0852 462
15,29419,40323,00523,56828,95831,82734,09533,865
33,27832,94032,88832,91033,00833,07433,16533,07933,05233,12633,865
33,76833,751
Financial institutions
Total
3,0654,4801,776
12,12415,58118,96319,45024,45027,08429,42728,943
28,90728,64628,72428,70328,77428,91728,98328,75828,66628,64828,943
29,01629,070
Com-mercialbanks
1 0791,726
745
5,7717,5248,9988,796
10,60111,70712,75312,730
12,45112,33312,44412,46712,52012,60612,65512,60712,61212,61712,730
12,85612,884
Salesfinancecom-
panies
1,1971,797
300
3,6544,7115,9276,1448,4439,1009,5738,740
9,4059,2849,2009,1299,1059,1219,0838,8918,7778,7088,740
8,7338,724
Creditunions
132198102
635837
1,1241,3421,6782,0142,4292,664
2,4042,4102,4522,4782,5102,5452,5782,5912,6132,6282,664
2,6392,661
Con-sumerfinancecom-
panies1
1 5551,8662,1372,2572,6563,0563,3333,381
3,3073,2873,2923,2773,2833,2923,2943,2803,2743 2813,381
3,3743,372
Other i
657759629
509643777911
1.0721,2071,3391,428
I 3401,3321,3361,3521,3561,3531,3731,3891,390[ 4141,428
1,414I 429
Retail outlets
Total
1 4381 605
686
3 1703,8224 0424,1184 5084,7434,6684,922
4 3714 2944,1644 2074,2344,1574 1824,3214,3864 4784 922
4,7524,681
Depart-ment
stores 2
354320131
0241,107[ 0641,242L 5111,4081,393,702
I 326[,3431,241I 2781,3101,241I 2511,3931,426
474702
1,6151,611
Furni-ture
stores
439496240
810943
1 004984
1,0441,1871,2101,220
1,1401,1031,0911 0921,0931,0931,1101,1101,1261 1491,220
1,1831,166
House-holdappli-ance
stores
183206
17
243301377377365377361360
351347342341339338340344346351360
356350
Auto-mobile
dealers 3
12318828
290389527463487502478425
464455450446444443440433427424425
425427
Other
339395270
9031,0821.0701,0521,1011,2691,2261,215
I 0901,0461,0401,0501,0481,042I 0411,0411,061
0801,215
1,173I 127
1 Consumer finance companies included with "other" financial institu-tions until September 1950.
2 Includes mail-order houses.
3 Represents automobile paper only; other instalment credit held byautomobile dealers is included with "other" retail outlets.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
End of yearor month
193919411945
19511952195319541955195619571958
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
Totalinstal-mentcredit
1,0791,726
745
5,7717,5248,9988,79610,60111,70712,75312,730
12,45112,33312,44412,46712,52012,60612,65512,60712,61212,61712,730
12,85612,884
Automobilepaper
Pur-chased
237447
66
1,1351,6332,2152,2693,2433,6514,1303,938
4,0383,9743,9613,9543,9573,9673,9773,9483,9253,9173,938
3,9623,993
Direct
178338143
1,3111,6291,8671,6682,0622,0752,2252,191
2,2022,1952,2102,2142,2232,2282,2212,1982,1782,1692,191
2,2162,239
Othercon-
sumergoodspaper
166309114
1,3151,7512,0781,8802,0422,3942,4672,324
2,3042,2592,3062,2892,2812,3002,3042,2742,2872,2962,324
2,3722,342
Repairand
mod-erniza-
tionloans
135161110
8881,1371,3171,3031,3381,4691,5801,613
,537,520,518,531,540,551,570,583,603,614,613
,605,594
Per-sonalloans
363471312
1,1221,3741,5211,6761,9162,1182,3512,664
2,3702,3852,4492,4792,5192,5602,5832,6042,6192,6212,664
2,7012,716
CONSUMER CREDIT 423
INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
End of yearor month
193919411945
19511952195319541955195619571958
1958—Feb..Mar.Apr.,May,June,July.Aug.Sept.Oct..Nov.Dec..
1959—Jan..Feb..
Totalinstal-mentcredit
1,1971,797
300
3,6544,7115,9276,1448,4439,1009,5738,740
9,4059,2849,2009,1299,1059,1219,0838,8918,7778,7088,740
8,7338,724
Auto-mobilepaper
8781,363
164
2,8633,6304,6884,8706,9197,2837,4706,404
7,2377,0806,9686,8886,8446,7956,7306,6016,4776,3956,404
6,3916,394
Othercon-
sumergoodspaper
11516724
452680816841
1,0341,2271,4131,567
1,4641,492
,515,520,532,592,612,551,560,571,567
,566,548
Repairand
modern-izationloans
14820158
6360463125232019
2019202020212320191919
1919
Per-sonalloans
566654
276341377402465567670750
684693697701709713718719721723750
757763
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONSOTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
End of yearor month
193919411945
19511952195319541955195619571958
1958—FebMarAprMayJuneJulyAugSeptOctNov . . .Dec
1959_ja nFeb
Totalinstal-mentcredit
789957731
2,6993,3464,0384,5105,4066,2777,1017,473
7,0517,0297,0807,1077,1497 1907,2457,2607,2777,3237,473
7,4277,462
Auto-mobilepaper
8112254
373452538539761948
1,1061,173
1,0891,0891,1021,1111,1221,1341,1461,1521,157,161
1,173
,161,170
Othercon-
sumergoodspaper
243620
233310370375537648622619
602589589588587591596599605607619
616623
Repairand
modern-izationloans
151414
134188247282326403491513
484480479487488489498504506513513
501503
Per-sonalloans
669785643
1,9592,3962,8833,3143,7824,2784,8825,168
4,8764,8714,9104,9214,9524,9765,0055,0055,0095,0425,168
5,1495,166
NOTE.—Institutions represented are consumer finance companies, creditunions, industrial loan companies, mutual savings banks, savings andloan associations, and other lending institutions holding consumerinstalment loans.
End of yearor month
193919411945
19511952195319541955195619571958
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959_j a nFeb .
Totalnon-
instal-mentcredit
2,7193,0873,203
7,3237,9988,2388,7249,712
10,27010,67911,200
9,7399,5609,729
10,07510,0719,8499,963
10,06510,11210,33811,200
10,64710,320
Financialinstitutions(single-pay-ment loans)
Com-mer-cial
banks
625693674
1,6841,8441,8992,0962,6352,8432,9373,057
2,8932,8812,8962,9332,9982,9682,9802,9652,9772,9983,057
3,0303,075
Other
16215272
250276288312367410428486
511516456543484405473530437501486
434488
Retailoutlets(charge
accounts)
De-part-ment
stores i
236275290
698728772793862893876907
601573580584575533546600623669907
757637
Other
1,1781,3701,322
2,9073,2833,3523,5153,7173,8423,9534,111
3,1533,0063,1923,4263,4373,3943,4103,4333,5683.6284,111
3,7473,367
Servicecredit
518597845
1,7841,8671,9272,0082,1312,2822,4852,639
2,5812.5842,6052,5892,5772,5492,5542.5372.5072,5422,639
2.6792,753
1 Includes mail-order houses.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
424 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 adjustmentof monthly figures for seasonal variation and differences in trading days]
Year or month
Total
Adjusted Unad-justed
Automobile paper
Adjusted Unad-justed
Other consumergoods paper
Adjusted Unad-justed
Repair andmodernization loans
Adjusted Unad-justed
Personal loans
Adjusted Unad-justed
1958—Feb..Mar..Apr..May.June.July..Aug..Sept..Oct..,Nov..Dec.
1959—Jan..Feb..
Extensions
19511952195319541955195619571958
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
19511952195319541955195619571958
1958—Feb..Mar..Apr..May.June.July..Aug..Sept..Oct..,Nov..Dec.
1959_jan.. .Feb..
3,2213,1883,2613,2463,2623,3283,4163,3263,4513,5943,720
3,7993,816
23,57629,51431,55831,05139,03940,06342,42640,497
2,7423,1563,3353,3713,4773,4833,3853,2973,4753,3384,350
3,3213,247
1,1651,0621,1431,0941,0951,1511,1421,0821,1991,2761,420
1,4371,454
8,95611,76412,98111,80716,74515,56316,54514,154
1,0141,0941,2111,1991,2571,2811,1931,1051,1731,0911,360
1,2481,258
903985923992968965
1,0181,0051,0051,0411,002
1,0471,057
7,4859,1869,2279,11710,63411,59011,62611,747
714901876
1,000973956976993
1,0751,0541,435
839
122122132134135135142142143142134
146141
8411,2171,3441,2611,3881,5681,6621,620
95111131144146146151158159141131
111111
Repayments
3,3883,3843,3903,3383,3913,3653,4033,3763,4183,4473,414
3,4123,483
22,98525,40527,95630,48833,64937,19440,15840,727
3,1773,4943,3873,3493,3793,4173,2943,3833,5023,2643,611
3,4183,264
1,3111,2941,3261,2841,2781,2751,2761,246
,281,243,262
,252,281
9,05810,00310,87911,83313,08214,57615,59515,432
,219,331,313,277,280,304,246,287,341,189,295
,224,190
959963919940961948947949964,001953
956981
7,4047,8928,6229,1459,75110,71411,44411,432
932999931966941949919935976937956
1,012953
130130135124138132124140134124129
130127
772917,119,255,315,362,466,566
123133133123136133121142138123132
131120
Change in outstanding credit1
19511952195319541955195619571958
-167-196-129-92
-129-37+ 13-50+33
+ 147+306
+387+333
+591+4,109+ 3,602
+563+5,390+2,869+2,268
-230
-435-338-52+22+98+66+91-86-27+74
+739
-97-17
-146-232-183-190-183-124-134-164-82+33
+ 158
+ 185+ 173
-102+ 1,761+2,102
-26+3,663
+987+950
-1,278
-205-237-102-78-23-23-53
-182-168-98+65
+24+68
-56+22+4
+52+7
+ 17+71+56+41+40+49
+91+76
+81+ 1,294
+605-28
+883+876+ 182+315
-218-98-55+34+ 32+7
+ 57+ 58+99
+ 117+479
-126-114
- 3+ 10
+3+ 18+2+9
+ 18+5
+ 16+ 14
+69+300+225
+ 6+73
+206+ 196+54
-28-22- 2
+21+ 10+ 13+30+ 16+21+ 18
- 2 0
1,0311,0191,0631,0261,064J,077
,114,097,104,135,164
,169,164
988997
1,010990,014,010,056,041,039,079,070
,074,094
+43+22+53+36+50+67+58+56+65+56+94
+95+70
6,2947,3478,0068,866
10,27211,34212,59312,976
9191,0501,1171,0281,1011,1001,0651,0411,0681,0521,424
1,0761,039
5,7516,5937,3368,2559,50110,54211,65312,297
903,031,010983,022,031,008,019,047,015,228
,051,001
+543+754+670+611+771+ 800+940+679
+ 16+ 19
+ 107+45+79+69+57+22+21+37
+ 196
+25+38
i Obtained by subtracting instalment credit repaid from instalmentcredit extended.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 ofthe BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem-ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.
A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain othertransactions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 425
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 adjustmentof monthly figures for seasonal variation and differences in trading days]
Year or month
19511952195319541955195619571958
1958 Feb *Mar *Apr 1
July
Oct
Dec
1959 JanFeb i
19511952
195419551956
1958
1958 Feb 1
Apr iMayJuneJuly
Sept lOctNovDev
1959 JanFeb 1
1QC1
19521953
195519561957
1958 Feb *Mar iAnr l . . . .May
July
Sept l
OctNovDec
1959 JanFeb *
Tota
Adjusted Unad-justed
Commercial banks
Adjusted Unad-justed
Sales financecompanies
Adjusted Unad-justed
Other financialinstitutions
Adjusted Unad-justed
Retail
Adjusted
outlets
Unad-justed
Extensions
3,2213,1883,2613,2463,2623,3283,4163,3263,4513,5943,720
3,7993,816
23,57629,51431,55831,05139,03940,06342,42640,497
2,7423,1563,3353,3713,4773,4833,3853,2973,4753,3384,350
3,3213,247
1,1451,1071,2011,1501,1681,2551,2491,2061,2721,3211,330
1,4431,395
8,35811,12312,09911,26714,10914,38715,23414,645
1,009,133,285,227,278,320,235,209,261,160,357
,333,227
766738766712685753714632732758827
883865
5,4676,9827,5607,260
10,2009,600
10,2008,907
642724759743116851756656738687855
753723
813805834820841853889873885911935
903922
4,7885,6596,3756,9838,4499,474
10,49710,330
725825866827872875858831864857
1,143
803824
497538460564568467564615562604628
570634
4,9635,7505,5245,5416,2816,6026,4956,615
366474425574551437536601612634995
432473
Repayments
3,3883,3843,3903,3383,3913,3653,4033,3763,4183,4473,414
3,4123,483
22,98525,40527,95630,48833,64937,19440,15840,727
3,1773,4943,3873,3493,3793,4173,2943,3833,5023,2643,611
3,4183,264
1,2331,2111,2031,1971,2201,2031,2201,1971,2301,2281,196
1,2101,262
8,3859,370
10,62511,46912,30413,32014,25914,551
1,1481,2331,2141,204[,2251,2341,186[,2151,2561,155[,244
1,2071,175
819813860830801828806806800785782
789793
5,5245,9256,3447,0437,9018,9439,7279,774
758845843814800835794825852756823
760732
797821816802823821845837841855864
870857
4,3855,0125,6836,5117,5538,6039,6739,958
734847815800830834803816847811993
849789
539539511509547513532536547579572
543571
4 6915,0985 3045,4655,8916,3286 4996,444
537569515531524514511527547542551
602568
Change in outstanding credit2
-167-196-129
- 9 2-129
- 3 7+ 13- 5 0+ 33
+ 147+306
+ 387+333
+ 591+4,109+ 3,602
+ 563+ 5,390+2,869+2,268
230
-435-338- 5 2+22+98+66+91- 8 6- 2 7+74
+739
- 9 7- 1 7
-145-122+ 38- 4 7- 5 2+52+29- 3 3+42+93
+ 134
+233+ 109
- 2 7+ 1,753+ 1,474
-202+ 1,805+ 1,106+ 1,046
23
-196-118+ 111
+23+ 53+86+49- 4 8+ 5+ 5
+ 113
+ 126+28
+4- 7 5- 9 4
-118-116
- 7 5- 9 2
-197- 6 8- 2 7+45
+94+72
- 5 7+ 1,057+ 1,216
+217+2,299
+657+473-833
- 5 9-121- 8 4- 7 1- 2 4+ 16- 3 8
-192-114
- 6 9+32
- 7- 9
+ 16- 1 6+ 18+ 18+ 18+ 32+44+ 36+44+56+71
+ 33+65
+403+647+692+472+ 896+ 871+824+ 372
- 9- 2 2+ 51+27+42+41+ 55+ 15+ 17+46
+ 150
- 4 6+35
- 4 2+ 17- 9 1+55+21- 4 6+32
+ 144+ 15+25+56
+27+87
+272+ 652+220+76
+ 390+235
-75+254
-171- 7 7
-130+43+27- 7 7+25
+ 139+65+92
+444
-170- 7 1
1 Data on extensions and repayments have been adjusted to avoidduplications resulting from large transfers of other consumer goods paper.As a result, the differences between extensions and repayments for sometypes of holders do not equal the changes in outstanding credit.
2 Obtained by subtracting instalment credit repaid from instalmentcredit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 ofthe BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem-ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.
A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shownin the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain other trans-actions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
426 BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Yearor month
1919192019211922 . . .192319241925
19261927192819291930
19311932193319341935
19361937193819391940
19411942194319441945
19461947194819491950
1951 .1952195319541955195619571958
1958
MarAprMayJuneJuly
SeptOctNovDec
1959
JanFeb
Industrial production(physical volume)*
Total
Ad-justed
128126128132134136137138141142
143145
P147
Unadjusted
39413139474449
5151535949
4031374047
5661485867
87106127125107
9010010497
112
120124134125139143143
129127127131125136140143144140
142147
M
Total
Ad-justed
38393039454348
5050525848
3930363946
5560465766
88110133130110
9010010397
113
121125136127140144145
*>136
129128130134136138139140143144
145148
nso
anufactures
Du-rable
Ad-justed
38422437474349
5249536045
3119243038
4955354963
91126162159123
8610110495
116
128136153137155159160
135131134139141144145146151152
153156
Non-du-
rable
Ad-justed
37363440444246
4850515651
4842484955
6164576669
8493
1039996
9599
10299
111
114114118116126129130
124125126129132133133134135135
137139
^140
Min-erals
Ad-justed
45534245625759
6364636859
5142485155
6371626876
8184879392
9110010694
105
115114116111122129128
112109108112116120123122123
r124
r124123
Constructcontrac
awarded (va
Total
Unadjusted
34343043455166
6969736349
3415141720
3032353944
6689372236
8284
102113159
171183192215261199101111
1021091281441361301211259886
8787
Resi-den-tial
Unad-justed
26
2741495775
7371765230
228
13
2225273743
5449241016
878698
116185
170183178232280199101114
9911512412614413413514811291
9599
ionslue)i
Allother
Unad-justed
39453243424659
6768707062
4120182425
3536404044
74116453050
7983
105
142
172183201204248199101108
1051041301561301281111098882
8278
Employment and payrolls2
Non-agri-cul-turalem-
ploy-ment
Ad-justed
61 361.955 258.564.363.565.2
67 567.967 971.066.6
60.353 453.658.861 3
65 870.266.169.373.3
82.890.996 395.091 5
94.499.4
101 699.0
102 3
108.2110.4113.6110 7114.4118.3119 2115.5
114 8114.4114.6115.0115 2115.6116.1115 6116.3116.2
r116.7116.9
nn A
Manufacturingproduction workers
Employ-ment
Ad-justed
91 592.592.392.893 193.294.893.496.096.1
96 597.0
Unadjusted
68 769.052 858.466.962.164.2
65.564.164 268.359.5
50.242 647.255.158.8
63 970.159.666.271.2
87.9103.9121 4118.1104.0
97.9103.4102 893 899.6
106 4106.3111.8101 8105.6106 7104 494.3
93 391.490 992.391 894 196.594 896 996.5
95 896 6
^97.7
Pay-rolls
Unadjusted
31 137.124 025.732.630.432.1
33.032.432 835 028.3
21.514 815.920.423.5
27 232.625.329 934.0
49.372.299 0
102.887.8
81.297.7
105 197 2
111.7
129 8136.6151.4137 7152.9161 4162 7148.8
143 6139.6140 9144.9144 8150 0155.7152 5158 4160.4
r158 2160.6
Freightcar-
load-ings*
Ad-justed
90988392
107105110
11511111211599
7959626769
8184677683
98104104106102
100108104
8897
10195968695979078
75727377707980838382
848485
Departmentstoresales*(retailvalue)
Ad-justed
27323030343436
3737373835
3224242729
3235323537
4449566270
9098
10499
107
112114118118128135135136
131130134133140147135135137143
138^139et41
Con-sumerprices2
Unad-justed
74 085.776 471 672.973.175.0
75 674.273 373.371.4
65.058 455.357.258.7
59 361.460.359 459.9
62.969.774 075 276.9
83.495 5
102 8101 8102.8
111 0113.5114 4114 8114 5116 2120 2
123 3123 5121 6123 7123 9123 7123 7123 7123 9123 7
123 8123 7
Whole-salecom-
modityprices2
Unad-justed
65 062.062 961.956.1
47.442 142.848.752.0
52 556.151.150 151.1
56 864.267 067.668.8
78.796 4
104 499 2
103.1
114 8111.6110 1110 3110 7114 3117 6
119 7119 3119 5119 2119 2119 1119 1119 0119 2119 2
119 5119 5119.6
e Estimated. * Preliminary. r Revised.• Average per working day.i Indexes beginning 1956 are based on data for 48 States from F. W.
Dodge Corporation, 1956-57= 100. Figures for earlier years are three-month moving averages, based on data for 37 States east of the RockyMountains, 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 ofResearch and Statistics.
2 The indexes of employment and payrolls, wholesale commodity prices,and consumer prices are compiled by the Bureau of Labor Statistics.Nonagricultural employment covers employees only and excludes person-nel in the armed forces. The consumer price index is the revised series,reflecting, beginning January 1953, the inclusion of some new series andrevised weights; prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes converted to the base 1947-49= 100.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 427
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry1947-49pro-por-tion
100.00
90.02
45.17
6.70
28.525.7313.689.044.647.544.802.741.29
5.912.823.09
4.041.642.40
44.85
11.876.325.55
3.201.471.73
8.933.465.471.853.62
9.346.842.542.50
11.5110.738.492.24.78
9.98
8.352.68.36
2.325.674.12.70
1.63.82.81
Annualaverage
1957
143
145
160
131
176139168150204213128344172
133155114
132120140
130
10599111
118135104
148158141131146
172184203141
112112112113111
128
128834988150138198
129116142
*1958
134
136
141
104
15512814512717918799319164
129145115
127119133
130
10398110
113125102
147160139126146
170184195134
115115115116118
117
117684272140129196
11791143
Feb.
130
131
137
95
75512414412717718599313163
120134108
120111127
125
9791103
10511498
144153139124146
164177187129
114114112120112
118
118704374141128194
119106133
Mar.
128
129
135
91
15012214112617018393316160
120133109
121111128
124
959299
10611698
142149138124145
163176184127
113113112114112
112
111704174130116196
119100138
Apr.
126
128
131
86
14611813712216617886316159
121135107
121110129
125
9892106
10211294
143152137123145
164178182127
113113115108117
109
108634067129117193
11388139
May
128
130
134
91
14812013712216718293314158
123139109
122113129
126
9992106
10411397
143153137124144
165178182129
114114114114115
108
108624165130118192
70773142
June
132
134
139
103
75712514112517118595320160
128145113
126116132
129
10295110
777125100
146157138125145
168181187131
116116116116116
112
112664569134122191
77280145
1958
July
134
136
141
102
75412914412518118596318162
132152114
129119135
132
107101115
114125104
148163138126145
777184193136
116116116114121
116
775653869141128200
77380146
Aug.
136
138
144
109
15613214712618818696321162
735150120
130123134
133
108103114
116132103
750166140128147
174186196139
775116116115121
120
121684173146137198
77383144
Sept.
137
139
145
113
75513514812918617882322166
735157118
732126137
133
109103116
779136104
750167140127146
174187204135
775115116114121
123
723704474149140198
77P90149
Oct.
138
140
146
122
75513314713018018391321169
134149120
134127138
134
111104118
779133108
753171142131148
775189209137
775115115115120
122
723693974148138
^200
72092148
Nov.
141
143
151
123
753136150133183203119327173
737151125
134129137
135
110104117
725141113
752168142130149
777192212139
777116116119126
123
723723777147135
*200
124101148
Dec.
142
144
152
123
755136152132190204123322175
735148125
73/127134
135
110104116
723140108
750166139120150
750194214142
777117116121126
124
rl24'7348'77148135
P199
725108142
1959
Jan. Feb.
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
MANUFACTURES—TOTAL
Durable Manufactures—Total
Primary metals
Metal fabricatingFabricated metal productsMachinery
Nonelectrical machineryElectrical machinery
Transportation equipmentAutos, trucks, and partsOther transportation equipment
Instruments and related products
Clay, glass, and lumber productsStone, clay, and glass productsLumber and products
Furniture and misc. manufacturesFurniture and fixturesMiscellaneous manufactures
Nondurable Manufactures—Total. . . .
Textiles and apparelTextile mill productsApparel and allied products
Rubber and leather productsRubber productsLeather and products
Paper and printingPaper and allied productsPrinting and publishing
Newsprint consumptionJob printing and periodicals
Chemical and petroleum productsChemicals and allied products
Industrial chemicalsPetroleum and coal products
Foods, beverages, and tobaccoFood and beverage manufactures
Food manufacturesBeverages
Tobacco manufactures
MINERALS—TOTAL
Mineral fuelsCoal
AnthraciteBituminous coal
Crude oil and natural gasCrude oilNatural gas and gas liquids
Metal, stone, and earth mineralsMetal miningStone and earth minerals
143
145
153
125
166136154•"132199204124'322176
'735'147'124
735133137
137
111106'117r124'142109
753168'144129'152
182196216143
118'118'117121121
'124
'723'6945'73'148'137^198
'729113'145
145
148
156
138
755136158138199204123322178
737150124
735133137
139
112108118
729151
755172145131152
183197
2444'
720120120
123
722723777
^146
730117143
Preliminary r Revised. For other notes see end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
428 PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry1947-49
pro-por-tion
Annualaverage
1957
1958 1959
Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL.
MANUFACTURES—TOTAL
Durable Manufactures—Total
Primary MetalsFerrous metals
Pig iron and steelPig ironSteel
Carbon steelAlloy steel
Ferrous castings and forgingsIron and steel castingsSteel forgings
Nonferrous metalsPrimary nonferrous metals
Copper smeltingCopper refiningLeadZincAluminum
Secondary nonferrous metalsNonferrous shapes and castings
Copper mill shapesAluminum mill shapesNonferrous castings
Metal Fabricating
Fabricated metal productsStructural metal partsStampings and misc. metal productsTin cansFurnaces, gas ranges, and heaters
Machinery
Nonelectrical machineryFarm and industrial machinery
Farm machineryIndustrial and commercial machinery..
Machine tools and pressesLaundry and refrigeration appliances
Electrical machineryElectrical apparatus and partsRadio and television sets
Transportation equipmentAutos, trucks, and parts
AutosTrucks
Light trucksMedium trucksHeavy trucksTruck trailers
Auto and truck parts
Other transportation equipmentAircraft and partsShipbuilding and repairRailroad equipment
Railroad cars
Instruments and related products
Clay, Glass and Lumber Products
Stone, clay, and glass productsGlass and pottery products
Flat glass and vitreous productsFlat and other glass
Glass containersHome glassware and pottery
CementStructural clay products
BrickClay, firebrick, pipe, and tile
Concrete and plaster productsMisc. stone and earth manufactures
100.00
90.02
45.17
6.705.033.51.37
3.052.62.43
1.521.29.23
1.67.38.09.06.04.10.09
.131.16.63.20.33
28.52
5.732.682.12.30.63
13.68
9.048.131.027.11.68.69
4.643.23.74
7.544.801.50.66.22.19.14.07
2.58
2.741.30.81.53
.35
1.29
5.91
2.821.09.60.47.26.23.32.35.12.20
.48
.58
143
145
160
131130140137139138143
108107113
136164129135114123275
111129104198136
176
13915212414699
168
15014684155182151
204201205
21312814610410050194137123
34460812977
80
172
133
15514116116413692148128114140
188174
134
136
141
1049910599105104106
858581
1211461201219997268
11694193110
155
128140108150106
145
12712179127119148
179177166
18799101908224203116
31957212839
34
164
12914512513813913582
155118113123
187157
131
133
139
999194919392100
858392
122157128140116106273
9311392174117
156
12413810512694
148
13112681132133144
181183159
191108122928529210102104
31656212456
56
163
117
13012814314413284929977115
155151
129
131
138
95899290919095
838386
11414912212896101271
8810683170111
154
11113510313997
146
13112483130128158
174179139
189101106958326226104100
32056612858
59
161
118
1311241371371348110510287114
163151
127
129
133
89818380828377
787974
11214612412294101261
941027718999
148
1181319912097
139
12612184126119131
165172125
1819289907926213103
31656112751
49
160
121
13511813112912678
146112115111
170
127
129
133
93879183919186
787970
11214111211410599256
831058418798
146
1191329813796
135
12411881123115137
159168112
1819499967826239111
131
133
138
1061001059310510891
878881
12413310511010295241
88125110212101
149
125138101160110
138
12511780123114159
162168123
18394100917929210113
125
127
132
90859287929481
707258
102126901088690240
74977419883
144
12313710017187
133
12011480119112131
158166115
1758487766823164106
136
138
140
1029810597105106101
808175
11512895998886
254
9011496190103
150
133143104232115
142
11911477119109123
186170214
1737753786116189120
140
141
146
111106114106114113118
878880
1251381111109991261
94124102207116
156
141148115208132
151
12811980124114170
195178223
1706937674912155131
143
145
149
123117129119129126144
909185
14015013811110190283
111141128219118
158
136144115161133
150
12711883124115163
194177221
1849271897512
221132
144
146
155
124120129124128127138
9910188
1371571441309393295
105133114202130
167
136144119130128
153
13112165129113179
197182212
21113216011212333
221135
140
141
152
119117127123127125135
939396
12616213014498105308
10211787
-203123
168
136148125104104
152
13312572133116163
190192163
21413416110012030173134
142
144
'154
127125136127136133157
'98'98101
'134'163'13213597105317
127103'204129
168
'135'144124
156
134'128'80'135116155
199'192193
'211131154'110'11428227145
31155313139
34
157
125
14111812612713378172116121114
183147
3165681303224
159
133
14812313013214481
183121123121
195153
31256112828
19
157
12614812313313513982
175122122125
200150
31757312730
22
160
142
15513114114614784186126126129
209157
32258312630
20
168
143
16013615416014284192132134134
209163
32158212820
15
171
143
15512212312014591193133136133
207169
32759113029
19
174
13915312714114113086
170127123132
199169
3295951283224
176
126
14512414414411680
139120110129
187171
325'58713128
19
176
127'141'126'142'142'126
10911296126
182172
147
149
159
143142156139156151191
111111110
14717013915597
^108318
123224
172
136144123
162
14213297137119194
203194200
21213314913212332308
32558612935
26
178
133145134149151138
109
126
182174
Preliminary. r Revised. For other notes see end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 429
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry1947-49
pro-por-tion
Annualaverage
1957 H958
1958 1959
Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber and productsLumberMillwork and plywood.
MillworkSoftwood plywood...
Wood containers
Furniture and Misc. Manufactures.
Furniture and fixturesHousehold furnitureFixtures and office furniture.
Miscellaneous manufactures
Nondurable Manufactures—Total.
Textiles and Apparel
Textile mill productsCotton and synthetic fabrics.
Cotton consumptionSynthetic fabricsFabric finishing
Wool textilesWool apparel yarns.Wool fabrics
Knit goodsHosiery
Full-fashioned hosiery.Seamless hosiery
Knit garments
Floor coverings1.Woven carpets.
Apparel and allied products...Men's outerwear
Men's suits and coats . . . .Men's suitsMen's outercoats
Shirts and work clothing.
Women's outerwearWomen's suits and coats.
Misc. apparel and allied mfrs. . . .
Rubber and Leather Products.
Rubber productsTires and tubes
Auto tiresTruck and bus tires
Miscellaneous rubber products.
Leather and products. . .Leather
Cattlehide leathers.Skin leathers
Shoes and slippersl
Miscellaneous leather products.
Paper and Printing.Paper and allied products
Pulp and paperWood pulpPaper and board
Printing paperFine paperCoarse paperMiscellaneous paperPaperboardBuilding paper and board.
3.092.05.60.39.12.29
4.04
1.641.10
.54
2.40
44.85
11.87
6.323.722.30.97.45.97.16.75
1.15.65.45.20.50
.48
.31
1149618711231284
132
120120120
140
130
105
991059511994
757875
1049389102118
1159420211035676
127
119122114
133
130
103
981049111598
697269
1049284108120
105871899534669
121
112113109
127
126
103
951039410797
616960
989491103104
106891829532873
121
111113109
127
125
101
9410393109102
647163
98918899107
107881929136073
118
108108106
125
125
100
949686104
676867
98908798107
110931869933077
118
108108108
125
124
99
93988999106
717770
1019187100115
12010020112033479
123
113113112
130
128
100
9410088105107
828183
1038679103125
1068817610130177
121
113115108
126
123
92
86867210775
677167
98807297122
13010723514139077
131
124127119
135
135
110
10310794117104
768176
1149989123134
12710522013336480
138
130134123
143
137
107
10311196124109
757875
1139786123135
13110524013441680
141
132138120
147
142
115
10911298125101
757376
11610289132134
12610123413340378
139
132137120
144
138
112
10711899137115
717271
11510292127132
1098719310334177
135
132138122
137
130
103
1001068614187
626263
96756698124
113
89
"iio""77'
132132137120
133
135
113
107119101135115
79
10910190125120
5.551.78.73.50.13.99
1.85.76
1.92
3.20
1.47.70.40.30.77
1.73.44.29.15
.90
.39
71
111102868761112
112128
117
118
135123134107147
104899872
64
110100757366115
112129
117
113
125113120103136
102849168
70
113100747841116
129156
114
113
120112118104127
108889772
69
109104717345125
114137
113
112
11810811598128
107828969
62
10895747264107
11796
106
104
11510311291125
95798565
48
105104837789117
10694
106
101
11210211388121
92818868
50
106101817391113
109123
112
110
11111713199127
99849070
36
997752475991
107138
112
97
1039610585108
92687261
61
1171109182104122
120153
121
117
12711011899142
108859465
70
113106787286123
112139
126
120
137117122109156
105839265
79
121108797673128
120150
129
125
143129131125156
1099110172
76
117107848462121
113
138
128
125145128131124160
1089310274
75
10593677038109
90101
126
118
137128132122146
102859469
76
120119818737
145
119151
125
T129
150138149124161
110909775
Converted paper products.Shipping containersSanitary paper products.
8.93
3.461.76.511.25.22.14.20.18.41.10
1.70.51.11
94
148
158154176145133139127179153124
163157179
94
147
160154176145133142125178154129
166157191
92
145
158156177147135145126183155120
160149192
90
146
155152173144131148123176151115
158148185
82
146
156152171145137145124184146126
160146201
82
144
153147166139134138113170145131
159151183
90
146
159153171146138146120175154133
165156191
92
145137156129121116109158136130
154146176
100
148
168159179151136143129176163141
177173185
100
152
169159180150131145129174164145
179175188
105
160
181171199160138151142195173145
192184213
107
155
170164188154132152139186166128
176168199
104
145
153148168140127145120175146115
158148187
150
166162190150138145129193157124
171160203
122
98
iio'"75'
136134140121
137
140
120
111121103
?135119
1119987127127
91
128123828646151
141175
130
139
159154167137
156
111111195161141159141200173132
183172213
Preliminary. r Revised. For other notes see end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
430 PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishingNewsprint consumptionJob printing and periodicals
Chemical and Petroleum Products
Chemicals and allied productsIndustrial chemicals
Basic inorganic chemicalsIndustrial organic chemicals..
Plastics materialsSynthetic rubberSynthetic fibersMiscellaneous organic chemicals
Vegetable and animal oilsVegetable oilsGrease and tallow
Soap and allied productsPaints . . . . . . .Fertilizers
Petroleum and coal productsPetroleum refining
GasolineAutomotive gasolineAviation gasoline .
Fuel oilDistillate fuel oilResidual fuel oil
KeroseneLubricating oil
CokeAsphalt roofing and siding
Foods, Beverages, and Tobacco
Food and beverage manufacturesFood manufactures
Meat products . . .BeefPork
Dairy p r o d u c t s . . . . . . .Butter . . . . .Natural cheeseConcentrated milkIce cream
Canned and frozen foodsGrain-mill products
Wheat flourCereals and feeds
Bakery productsSugar
Cane sugarBeet sugar
ConfectioneryMiscellaneous food preparations. .
Beverages . . .Bottled soft drinks
Beer and aleLiquor distillingLiquor bottling
Xobacco manufacturesCigarettesCigars
1947_49pro-por-tion
5.471.853.62
9.34
6.842.54
.571.97
.24
.11
.591.03
.64
.48
.16
.71
.66
.23
2.501.971.04
.98
.06
.56
.30
.26
.10
.17
.26
.15
11.51
10.738.491.48
.46
.83
.69
.14
.07
.19
.28
1.131.16
.46
.70
1.6427
.11
.13
.711.41
2.24.54
1.701.02
.17
.37
.78
.46
.17
Annualaverage
1957
141131146
172
184203202204272245199186
130121154
112121132
141150162157249
14719493
98113
10594
112
112112128148110
111109119102111
12610087
108
100122112125
112108
113
10310183
111
111116106
*>1958
139126146
170
184195198195284230180179
131124149
109116132
134145161156251
13618381
99103
76103
115
115115125139111
11010512199
112
13410490
112
101131115138
113115
116
10710391
115
118124114
1958
Feb.
137121145
167
180190199188269233172174
136130154
107111126
130144155151223
14018291
125101
7557
104
104103121134107
971121088789
8510192
107
9865
10426
124109
104
999495
105
112116111
Mar.
140129147
165
179188202183263216164173
126122135
108111161
125137149145212
13217583
11095
7277
104
104102120129109
1061201199996
8210193
107
9854
1063
109108
110
10610294
113
112117109
Apr.
140131145
165
180186202181262196159174
124118139
101111189
124134148144223
12516678
89100
66107
106
105104123131111
119118135116111
919884
106
9868
11423
104108
110
1011028599
112119104
May
139132143
164
177184193181261197160172
117110138
97112174
127136152149202
12817375
74103
65132
110
11010611513399
137134157143122
989984
109
10083
11253
92114
122
11211674
114
118126109
June
137125143
165
177184185183266197164174
11099
145
106118118
131141162157237
12617175
76104
68137
119
119114121144102
146137165142142
12210687
118
10382
12541
95119
138
12513658
124
125134113
July
132110143
163
174183179184244199174175
10898
138
88119102
133146167162255
13117580
74105
66115
118
11911611514194
133111138117149
16310585
118
10474
12623
86119
128
1071273391
10911992
Aug.
136115147
170
182190182193276225178178
117107148
122120106
140149170163293
13318179
87109
72165
127
126127120141101
12191
11995
149
23610992
120
10272
13611
103120
122
10410747
116
130138122
Sept.
142128149
174
187202196204316242189183
117108146
126119118
138148166159297
13818980
93102
78130
130
131134130147113
10379
10984
122
24211093
121
10210312579
154119
119
10899
116118
125129124
Oct.
147141149
179
195211210212336260199185
162161164
120117126
137147160154275
14019379
103108
85121
129
129130138150123
9380
10477
104
17510997
117
103293117439
140118
124
12490
172166
130132137
Nov.
146142149
180
195214219213328273200187
159155171
114118115
140151168161286
14019280
115106
9092
120
120121134134126
8988
1017094
12510497
110
101311114476
134118
113
11185
125154
128128140
Dec.
140119151
181
195'217'210219320262215192
'149148
'151
'104119119
144159173167275
15320790
123112
9249
110
110112133134126
8792
1037684
10510188
109
101233107336
96116
104
9490
10992
103108102
1959
Jan.
139119
'150
184
'198218209
'220329280
'195
157156161
117'116134
146160170165257
16322691
137104
94
58
108
107'110139141130
921031028387
9210594
113
98r112'103'114
121'113
95
9185
10492
111123128
Feb.
143127151
186
201
225
292
198
157152174
117141
^145p164
,163
110
109110140132136
1001061088899
9310290
111
99
128116
88
Preliminary. r Revised. For other see notes end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 431
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry1947-49
pro-por-tion
Annualaverage
1957 *1958
1958
Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec
1959
Jan. Feb.
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral Fuels
CoalAnthraciteBituminous coal
Crude oil and natural gasOil and gas extraction
Crude oilNatural gas and gas liquids
Natural gasNatural gas liquids
Oil and gas well drillingMetal, Stone, and Earth Minerals..
Metal miningIron oreNonferrous metal mining
Copper miningLead miningZinc mining
Stone and earth minerals
9.98
8.35
2.68.36
2.32
5.674.824.12
.70
.34
.36
.85
1.63
.82
.33
.49
.24
.09
.06
.81
128
128
150146138198212184171
129
1161141171338584
142
117
117
684272
140138129196
J79152
117
9173
1031216865
143
118
121
704474
145142130210237183159
103
8543
1131317871
121
111
112
673671
134132120204230180143
103
7939
1061295669
128
109
109
603664
132131121193213173136
108
8139
1091257877
136
109
108
613765
130129119182197168140
115
866998
1127167
144
115
113
724775
133130122182198167150
125
10010894
1057267
150
110
108
463048
137134126184197173151
121
9110978886254
151
120
119
704275
142141133186195178149
124
9611086
1005957
153
123
122
734777
145144136190201179150
132
1071181011235959
158
124
122
754380
144143134
P194
123
124
754081
147144134
*>206
1 2 4
"127
'7650
'80
150148137
»213
123
126
'7350
'76
152150138
181154
131
1071071071326261
156
188159
121
9353
1191457365
151
193165
110
8138
1101356460
139
192163
108
8643
114139
6966
131
123
125
723977
^150
152
112
93P521211457177
130
P Preliminary. r Revised.1 Publication suspended pending revision.NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnancegroup in addition to the groups shown. Certain types of combat materiel
are included in major group totals but not in individual indexes for autos,farm machinery, and some other products, as discussed in the BULLETINfor 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]
Industry
ELECTRICITY AND GAS—TOTAL..ResidentialNonresidential
ElectricityResidentialIndustrial
General industrialAtomic energy
Commercial and other
GasResidentialIndustrial ' . . . .Commercial and other
1947_49pro-por-tion
100.0041 3458.66
76 1827.4823 6823.49
1925.02
23 8213.866 163.80
Annualaverage
1957
233261213
233273213193
'2670208
232236230218
1958
243282215
243295208189
2570219
243256231215
1958
Jan.
238275
'211
236285205186
2590212
'243256
'227221
Feb.
138279
'210
'237290202183
2590'213
'241257
'221218
Mar.
'239282208
238295
'1981792610
214
240256221214
Apr.
'236'279205
235291197178
2590209
'238'255'222206
May
'237'278208
237290199180
2590214
'238'254'225203
June
241'282'213
242296203184
2580220
'239'255'227
199
July
242'281214
'242294
'206'1872570
220
'239'256'229'196
Aug.
'245'285217
'247'300210192
2550224
'240'257'231'196
Sept.
'248'288220
'250'304216197
2550224
'242'257233
'201
Oct.
250289223
'251'305217198
2560224
247?V7241222
Nov.
249285224
'248'298216198
'2550224
251258245236
Dec.
252286228
252300221202
2540228
253258250238
1959
Jan.
*>257
257313220202
2560230
p256
Feb.
^261
P261
^259
j
» Preliminary. ' Revised.NOTE.—For description and back figures see BULLETIN for October
1956, pp. 1055-69.
Indexes without seasonal adjustment may be obtained from the Divisionof Research and Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
432 PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
Product
SEASONALLY ADJUSTED
CONSUMER DURABLES TOTAL . . .
M^aior household 200ds
Household furniture
Major appliancesRangesRefrigeration appliancesLaundry appliances
Heating apparatusRadio and television sets
Television sets
Ivlisc home and personal goods
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES TOTAL
Furniture and floor coverinss . .Household furniture
Appliances and heaters
Ranges .Refriseration aooliancesLaundry appliances
Heating apparatusRadio and television sets
Radio setsTelevision sets
Other Consumer DurablesAuto parts and tiresMisc home and oersonal soods . . .
1947_49pro-por-tion
100.00
69.7232.1036.1315.3211.314.01
15.6011.882.604.982.513.725.213.421.79
30.2814.0016.28
100.00
69.7232.1036.1315.3211.314.01
15.6011.882.604.982.513.725.213.421.79
30.2814.0016.28
Annualaverage
1957
130
138146132114120
12713389
140180104205
75453
111
114
130
138146132114120
12713389
14018010420575
453
111
114
1958
113
114101127115122
127131
0 0
14017011516661
365
110
109
113
114101127115122
12713188
14017011516661
365
110
109
1958
Feb.
110
111107117106113
11511781
12914211015155
335
107
104
116
120122121108113
12112891
13716199
15956
355
105
104
Mar.
104
10392
114106113
11511880
12215910713344
302
108
105
111
114106122108113
13114093
15217510313947
314
105
104
Apr.
97
9481
107104111
10210182
10611610513146
293
106
103
101
10089
110104108
11211686
13512010112544
279
103
100
May
105
10496
113106114
iii11379
12114011013842
320
105
104
103
10399
108101108
11511875
13913310611241
246
102
100
June
111
11199
123109116
12512879
14015711615551
355
111
106
109
109100119105113
13213584
16514112312239
281
108
103
July
114
11699
133116121
12913381
14517411519164
435
111
111
100
9787
108105115
10911162
13412410211440
257
107
103
Aug.
115
11695
137117126
13213977
15218511220775
459
112
110
100
9453
130118127
11411068
111155128214
64500
115
112
Sept.
103
9956
138120129
i3714484
15520211319786
408
113
114
103
9637
150126134
15015092
149228149222
80493
119
118
Oct.
108
10567
141124130
14815798
17320812316665
359
114
114
116
11371
151131138
147148102138229145221
82485
123
123
Nov.
133
142139148127133
15916811418421513117475
363
113
114
143
155160153130137
15616211415624113621299
429
117
122
Dec.
134
143143
r144127134
156161118180187
13816265
346
114
113
137
147161138130138
137146108153189
r10816379
322
113
114
1959
Jan.
134
141139
145132140
143141
9915018814818773
406
118
114
136
146154
141130137
134137
9614518312519373
422
115
110
Feb.
133
139130150133140
153155
177186
P14719072
415
119
115
140
151149155135140
160169
187212
P13219973
440
117
115
P Preliminary. r Revised.1 Publication suspended pending revision.NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-47.
Individual indexes without seasonal adjustment for woven carpets,appliances, heating apparatus, radio sets, and television sets may beobtained 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]
Year or month
195019511952195319541955195619571958
1958 MarAprMayJuneJulyAugSeptOctNovDec
1959—Jan »Feb.?Mar *
Total
29,95532,73934,75037,11839,60144,58146,29248,11548,980
3,9663,8813,8793,9293,9814,0414,1194,2794,3784,473
4,5394,5374,544
Total
22,95423,32023,84925,72427,67932,62033,28733,98833,947
2,7572,6992,6962,7252,7602,7992,8472,9443,0153,049
3,0953,1203,106
Resi-dential
14,10012,52912,84213,77715,37918,70517,67717,01917,884
1.3971,3511,3481,3861,4341,4961,5401,6231,6821,715
1,7871,817
811
]*rivate
Business
Total
5,6807,2177,4608,4368,526
10,16011,82812,74511,558
999984978965948926923932941945
933930925
Indus-trial
1,062C2,1172,3202,2292,0302,3993,0843,5572,443
240222210195187179172172175173
170167164
Com-mercial
1,2881,3711,1371,7912,2123,2183,6313 5643,561
288294302311308294291296302305
288287293
Publicutility
3,3303,7294,0034 4164,2844,5435,1135 6245,554
471468466459453453460464464467
475476468
Othernon-resi-den-tial
3 1743,5743,5473 5113 7743,7553,7824 2244,505
361364370374378377384389392389
375373370
Public
Total
7 0019 419
10,90111 39411 92211 96113 00514 12715,033
1 2091 1891,183I 204I 2211,2421,272I 3351,3631,424
1,4441 4171 438
Mili-tary
177887
1,3881 3071 0301 3131 3951 3221,235
9588908694
102112118120125
130129130
High-way
2 2722 5182 8203 1603 8704'0504 6554 9715,350
443414410426424432436470505538
559552557
Con-serva-tion
942912900892773701826971
1,004
79838185848886888782
878687
Allother
3 6105 1025'7936 0356 2495 8976 1296 8637,444
592597602607619620638659651679
668650664
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 433
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]
Year or month
19571958 . .
1958 FebMarAprMayJuneJulyAug . . .SentOctNov .Dec
1959—Jan . .Feb
Total
32,17335,090
1 9532,7212,8853 3993,8203,6073 4673,2163,3092 5942,282
2,3192,307
By type ofownership
Public
11,23813,427
7691,0271,0531,4631,7201,5501,2331,0491,071
927887
800800
Private
20,93521,663
1,1851,6941,8321,9362,1002,0582,2342,1672,2381 6671,395
1,5191,507
By type of construction
Resi-dential
building
13,03914,696
7271,0711,2441,3431,3641,5571,4511,4601,595.206981
1,022
Nonresidential building
Fac-tories
2,1681,400
10213112914680
1501421131359688
105
Com-mercial
3,2673,197
205285293265235282356303288238227
282
Educa-tional
2,9362,908
224268235286264264280240248198206
171
Other
2,9223,444
220283300427397381301237284243226
261
Publicworks
andpublicutilities
7,8419,446
475684683932
1,479974937863759613553
479
NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data afternot comparable with monthly data for earlier years because of a change original figures have been published.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Month
1957—Dec
1958—JanFebDec
1959—JanFeb
Alldis-
tricts
1,982
2,0661,9532,282
2,3192,307
Federal Reserve district
Boston
67
857296
87100
NewYork
213
329214302
276253
Phila-delphia
80
855899
9286
Cleve-land
204
154143162
159143
Rich-mond
113
183169138
214198
Atlanta
211
216234254
268311
Chicago
316
236210256
243231
St.Louis
68
99110117
106124
Minne-apolis
68
355661
5360
KansasCity
129
100158171
133137
Dallas
178
164140159
201203
SanFran-cisco
336
379388466
487462
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
Totalprivate
(seasonallyadjusted
annual rate)
TotalMetro-politanareas
Non-metro-politanareas
Private
Total1-
family2-
familyM ulti-family
Public
Government-underwritten*
Total F H A VA
1951.1952.1953.1954.1955.1956.1957.1958.
1958_MarAprMayJuneJulyAugSeptOctNovDec
1959—JanFebMar
918983
1,0391,0571,1741,2281,2551,3031,4271,432
P1,350^1,320^1,390
1,0911,1271,1041,2201,3291,1181,0421,209
819910911311312412111510991
777795804897976780700827
55677477818385797464
616281
315332300324353338342382
27323536324136363627
252839
1,0201,0691,0681,2021,3101,094
9931,142
7794
10110110911511111310790
pin
892939933
1,0771,190
981840933
62778485889693948570
n.a.n.a.n.a.
4046423433313339
3443343443
n.a.n.a.n.a.
8494908782120173
12141714171514151816
n.a.n.a.n.a.
7159361919244968
457124910222
412421409583670463313429
20293340434850544038
29'2841
264280252276277192185327
17242731323535392929
22'2131
149141157307393271128102
356811131415119
10
P Preliminary. r Revised. n.a. Not available.1 Data from Federal Housing Administration and Veterans' Administra-
tion represent units started under commitments of FHA or VA to in-
e the mortgages. VA figures after June 1950 and all FHAi on filed office reports of first compliance inspections;
sure or guarantee tfigures are based on meu omce reports oi nrsi compliance inspeciearlier VA figures are estimates based on loans-closed information.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
434 EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated]
Year or month
1951.19521953.1954.19551956195731958
1958 MarAprMayJuneJulyAueSeptOctNovn«r
1959—JanFebMar
Total non-institutionalpopulation
111,924113,119115,095116,220117,388118,734120,445121,950
121,555121,656121,776121,900121,993122,092122,219122,361122,486122 609122,724122,832122,945
Totallaborforce
65,83266,41067,36267,81868,89670,38770 74671,284
70,15870,68171,60373,04973,10472,70371,37571,74371,11270 70170,02770,06270,768
Total
62,88462,96663,81564,46865,84867,53067,94668,647
67,51068,02768,96570,41870,47370,06768,74069,11168,48568,08167,43067,47168,189
Total
61,00561 29362,21361,23863,19364,97965 01163,966
62,31162,90764 06164,98165,17965,36764,62965 30664,65363 97362,70662,72263,828
Civilian labor force
Employed1
In nonagri-cultural
industries
53,95154,48855,65154,73456,46458,39458 78958,122
57,23957,34957 78958,08158,46158,74658,43858,90258,95859 10258,01358,03058,625
aIn
griculture
7,0546,8056,5626,5046,7306,5856,2225,844
5,0725,5586,2726,9006,7186,6216,1916,4045,6954 8714,6934,6925,203
Unem-ployed
1,8791,6731,6023,2302,6542,5512,9364,681
5,1985,1204,9045,4375,2944,6994,1113 8053,8334 1084,7244,7494,362
Not in the
46,09246,71047,73248,40248,49248,34849,69950,666
51,39750,97550,17348,85148,88949,38950,84450,61851,37451,90952,69752,77052,177
Unemploy-ment
(per cent)2
3 . 02 .72 .55 . 04 . 03 .84 . 36 .8
7.07.57.26.87.37.67.27.15.96.16 . 06.15 .8
1 Includes self-employed, unpaid family, and domestic service workers. and waiting to start new jobs (previously included as employed) are clas-2 Per cent of civilian labor force. Monthly data are seasonally sified as not in the labor force.
adjusted.3 Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a jobbut not at work), are classified as unemployed, and a small group in school
NOTE.—Information relating to persons 14 years of age and over isobtained through interviews of households on a sample basis. Monthlydata relate to the calendar week that contains the 12th day; annual dataare averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Year or month
19511952195319541955195619571958
SEASONALLY ADJUSTED
1958 MarAprMayJuneJulyAUKSeptOctNovDec
1959_j a nFebMar . .
WITHOUT SEASONAL ADJUSTMENT
Feb1958 Mar
AprMayJuneJulyAufiSeptOctNovDec
1959 JanFebMar
Total
47,34748,30349,68148,43150,05651,76652,16250,543
50,21950,05450,14750,31550,41150,57050,78050,58250,87750,84451,03951,11351,357
49,77749,69049,72649,94950,41350,17850,57651,23751,13651,43251,93550,31050,30650,812
Manufac-turing
16,10416,33417,23815,99516,56316,90316,78215,468
15,38915,24315,20215,27515,31215,33015,52915,35815,69315,70115,76415,82515,963
15,59315,35515,10415,02315,20615,16115,46215,75515,53615,79515,74915,67415,77215,925
Mining
916885852111in807809721
733723718713709701707708708709704694687
747733716711717705708711708712713704694687
Contractconstruction
2,6032,6342,6222 5932,7592 9292,8082,648
2,5732,6242,6982,6982,6932,7112,6982,6982,6902,5502,6032,5442,689
2,1732,3162,4932,6852,8062,8822,9552,9272,8872,7842,4862,3432,2512,420
Transporta-tion andpublicutilities
4,1664,1854,2214 0094,0624 1614,1513,903
3,9303,8903,8773,8883,8773,8673,8583,8873,8753,8593,8943,8773,889
3,9443,9103,8833,8743,9043,9073,8973,8863,8973,8853 8813,8363,8323,869
Trade
10,01210,28110,52710,52010,84611,22111,30211,141
11,11611,05011,08711,10511,12111,17511,15111,15411,11911,14311,21611,27811,234
10,94810,93910,94010,96111,03510,98411,01111,15111,22511,38211 97611,05210,98911,055
Finance
1,8921,9672,0382,1222,2192,3082,3482,374
2,3602,3562,3702,3672,3632,3772,3922,3922,3862,3852,3872,3952,395
2,3432,3482,3562,3702,3912,4102,4132,3922,3802,3742 3732,3632,3712,383
Service
5,2645,4115,5385,6645,9166,1606,3366,395
6,3306,3526,3606,3926,4336,4206,4406,3996,4266,4486,4436,4626,438
6,2406,2676,3846,4556,4886,4656,4526,4726,4636,4266 3846,3146,3336,374
Federal,State and
localgovernment
6,3896,6096,6456 7516,9147 2777,6267,893
7,7887,8167,8357,8777 9037,9898,0057 9867,9808,0498,0288,0388,062
7,7897,8227,8507,8707,8667 6647,6787 9438 0408,0748 3738,0248,0648,099
NOTE.—Data include all full- and part-time employees who workedduring, or received pay for, the pay period ending nearest the 15 th of themonth. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figuresfor February and March 1959 are preliminary. Back data may beobtained from the Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT AND EARNINGS 435
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Industry group
Seasonally adjusted
1958
Mar.
1959
Jan. Feb. Mar.
Without seasonal adjustment
1958
Mar.
1959
Jan. Feb. Mar.
Total
Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries
Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industriesChemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products
11,571
6,47868531287405881779
1,074742
1,153206352
5,0931,040
83836984438547511158184312
11,941
6,75473579308422947812
1.047783
1,216208359
5,1871,036
77852
1,041442544512157197329
11,993
6,79473571310419976808
1,072789
1,204212360
5,1991.045
81850
1,040442548517153198325
12,119
6,88973570314436
1,008822
1,093793
1,204210366
5,2301,053
80857
1,044444550520157201324
11,542
6,50268515290403885787
1,090749
1,153208354
5,04094274844
1,018436547519156184320
11,855
6,73973547313411952820
1,057791
1,216209350
5,11695079856
1,051440544515154199329
11,949
6,80573545316413981816
1.088797
1,204212360
5,14494477859
1,076440545520151199333
12,088
6,91373553317434
1,013830
1,109801
1,204212368
5,17594971866
1,081442550528155201332
NOTE.—Data covering production and related workers only (full- and are preliminary,part-time) who worked during, or received pay for, the pay period ending Statistics,nearest the 15th of the month. Figures for February and March 1959
Back data may be obtained from the Bureau of Labor
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Industry group
Average weekly earnings(dollars per week)
1958
Mar.
1959
Jan. Feb. Mar.
Average hours worked(per week)
1958
Mar.
1959
Jan. Feb. Mar.
Average hourly earnings(dollars per hour)
1958
Mar.
1959
Jan. Feb. Mar.
Total
Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries . .
Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industries..Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products
81.45
87.7599.7270.8068.3281.7295.3587.4293.2283.6797.3285.5072.13
73.5379.6058.9956.4051.7086.1197.0292.39
109.0787.0256.83
87.38
94.94105.0074.8472.5486.83
110.8093.9699.3188.88106.6391.1775.79
77.8184.6563.6360.8955.0891.5899.9497.00
113.70100.2862.56
88.00
95.11103.7374.2672.3287.89112.7294.13100.3788.44105.5991.1375.98
78.0183.3963.3661.6656.1592.23
100.7097.17
114.45101.7562.24
88.62
95.99105.1677.1472.9090.39
114.2495.41
101.0288.18
105.1890.9075.79
78.4184.2163.8862.8755.6992.01
102.2696.76
116.81102.1761.28
38.6
39.040.738.938.639.137.139.239.539.139.439.439.2
38.139.637.137.634.741.437.940.740.138.036.2
39.9
40.441.539.640.340.240.040.540.740.440.740.740.1
39.340.538.839.836.042.438.041.140.941.139.1
40.0
40.341.039.540.440.540.440.440.840.240.340.540.2
39.439.938.440.336.742.538.041.040.341.738.9
40.1
40.541.440.640.540.940.840.640.939.940.340.440.1
39.440.137.840.336.442.438.341.040.741.738.3
2.11
2.252.451.821.772.092.572.232.362.142.472.171.84
1.932.011.591.501.492.082.562.272.722.291.57
2.19
2.352.531.891.802.162.772.322.442.202.622.241.89
1.982.091.641.531.532.162.632.362.782.441.60
2.20
2.362.531.881.792.172.792.332.462.202.622.251.89
1.982.091.651.531.532.172.652.372.842.441.60
2.21
2.372.541.901.802.212.802.352.472.212.612.251.89
1.992.101.691.561.532.172.672.362.872.451.60
NOTE.—Data are for production and related workers. Figures forFebruary and March 1959 are preliminary. Back data are availablefrom the Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
436 DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Year or month UnitedStates
Federal Reserve district
Boston NewYork
Phil-adel-phia
Cleve-land
Rich-mond
At-lanta
Chi- St.Louis
Minne- Kansasapolis City Dallas
SanFran-cisco
SALESi19511952195319541955195619571958
SEASONALLY ADJUSTED
1958—FebMarAprMayJune ,JulyAugSeptOctNovDec
1959_j a n
Feb
WITHOUT SEASONAL ADJUSTMENT
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
STOCKS i19511952195319541955195619571958
SEASONALLY ADJUSTED
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—Jan
Feb
WITHOUT SEASONAL ADJUSTMENT
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
112114118118128135135136
124131130134133140147135135137143
138
95116123130126112129137141166251
106
131121131128136148152148
146142143144147148148150152153150
152
139147149146140139144157170173136
136
109110114117123126122122
111114114117115129137119125122132
119120
8410010911711593107127127149240
9490
129117124126132141138136
134129131133135140137141142142139
137
126131136135126126133147161166130
124
107104105108113120124127
115127121124124133137125128125133
129
127
9111311412012097105129135160235
104100
127115120117119130138136
135133134133136135135137142140141
r141^139
127137139136127122132144160161130
126
112113117116125131132133
114126135129129141143129140135142
134133
86118125128121103115135143179251
101101
132120129127135148154154
151149149152157152153155157159157
r155153
145153160155146137147163181183141
137147
114115119112122128129127
118119121124122132140129126125139
123133
r91
108113120115107124129129154244
96103
132115125122124133136129
130126124128126131128132131130128
139
125130130131120121123137147147117
123
115122127129140146148149
134138147146146153163145151149156
160159
96126136144135123139151158186286
113114
129127141138159175178171
'167163167169173171172175176180172
177
160173175170160156167181201205157
158H65
117127131135149164166167
149158155164176174183167165170176
173^167
122150153158153144165160173197305
135^137
145143155152170195203197
199193190191191192192198202207205
200P199
197202200193182179188206221234178
182P197
110109114112122128128125
115124118124119131136124122125134
124129
86107112122117103121129129154228
r94
97
125112122120127138143139
135131131133138142144145146143140
141
127132139137134136138151160163123
129
111116120121132138138137
125134130136133139151144131133148
138141
96117123137124114136143144161250
105109
130120131125135148149140
142140141140144145143136136137134
144
138146149140134135141143153153121
128
107109110113117126128128
121132120126123129137126123130136
127132
90109117121119103130135142150227
9399
121113123124130142146137
138132129133136135137142141140137
136
132136132132128129134148156159127
126
117121123129140144142146
135144136148141147158147144149150
150
99121131145136130152149149173260
112P112
137130146141152164160153
150148145146152149152155159165159
159P\60
144153153148146142151159173184144
143
^154
120129132136149158159159
143153151161162162172162159166160
168162
112137143159147144160156165190277
133126
135129143140153168174165
163160163164168163163164170172163
168
158168169163156155163174187190152
148
112120122122132141140142
135137142142143140148140141149148
150154
104115130135135124144140142173262
119118
137131140135142156158155
151149151152156156152158159160157
160
142150154151150150153164178180148
144P149
* Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginningi Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to
are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORES; FOREIGN TRADE 437
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Period
Amounts (In millions of dollars)
Sales i(totalfor
month)
Stocksi(end
ofmonth)
Out-stand-
ingordersl
(end ofmonth)
Re-ceipts 2
(totalfor
month)
Neworders 3
(totalfor
month)
Ratios to sales4
StocksOut-
stand-ing
orders
1.41.31.2
i!o1.11.11.11.0
1.30 .80 .70 .71.21.51.31.21.10 .90 . 4
1.11.3
Stocksplusout-
stand-ing
orders
4 . 24 . 44 .14.14.04 . 04 . 14 .14 . 1
5 .44 . 04 . 03.74 . 34 . 94 . 34 . 34 . 13.81.7
4 . 35 .0
Re-ceipts
Annual average:
195019511952195319541955195619571958
Month:
1958—Feb..Mar.Apr..May.June.July.Aug..Sept.Oct..Nov.Dec.
1959—Jan.
376391397406409437454459462
309416416441402366420451502538911
379341
1,0121,2021,0971,163',140,195,286,338,320
,261,299,344,308,230,216,276,395,516,567,231
,217,276
495460435421388446470461436
398350310319481563534553545462332
412441
391390397408410444459461461
r371456461405324352480570623589575
365400
401379401401412449458458463
408421414486434451589615506445
445429
2.83.22.93.03.02.93.03.13.0
4.13.13.23.03.13.33.03.13.02.91.4
3.23.7
.2
.1
.10.90.8
.0
.1
.3
.2
.10.6
1.01.2
p Preliminary. r 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 de-partment stores located in various cities throughout the country. In 1958,sales by these stores accounted for about 45 per cent of estimated totaldepartment store sales.
2 Derived from the reported figures on sales and stocks.
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 ofsales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BUL-LETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Period
JanFebMarAprMayJune . . .JulyAugSeptOctNovDec
Jan -Feb
Merchandise exports *
1957
1,6811,6162,1541,8661,8171,7901,6971,6811,5441,6801 6881,636
3,297
1958
1,5051 3451,5531,5301,6381,4061,4161,3961,3611,5991 5961,514
2,850
1959
1,4001,280
2,680
Merchandise exports excludingmilitary-aid shipments 2
1957
1,5841 4952,0241,7831,7151,6561,5101,5401,4411,6061 6011,541
3,079
1958
1,3961,2451,4381,4081,5071,3081,2871,2831,2391,4181 4081,379
2,641
1959
1,2861,184
2,470
Merchandise imports3
1957
1,115993
1,1331,1191,106
9861,1481,0431,0071,1481 0431,142
2,108
1958
1,096956
1,0721,0571,0611,0311,049
9501,0741,1421 0891,253
2,052
1959
1,1541,118
2,272
1 Exports of domestic and foreign merchandise.2 Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
3 General imports including imports for immediate consumption plusentries into bonded warehouses.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
438 PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]
Year or month All Foods
Housing
Total RentGasandelec-
tricity
Solidfuelsand
fuel oil
House-fur-
nish-ings
House-hold
opera-tion
Ap-parel
Trans-porta-
tion
Med-icalcare
Per-sonalcare
Read-ingand
recrea-tion
Othergoods
andserv-ices
1929193319411945
19501951195219531954195519561957
1958—FebMar
M*ay.''.'.'.'.'.JuneJulyAugSeptOctNovDec
1959—JanFeb
73.355.362.976.9
102.8111.0113.5114.4114.8114.5116.2120.2
122.5123.3123.5123.6123.7123.9123.7123.7123.7123.9123.7
123.8123.7
65.641.652.268.9
101.2112.6114.6112.8112.6110.9111.7115.4
118.7120.8121.6121.6121.6121.7120.7120.3119.7119.4118.7
119.0118.2
106.1112.4114.6117.7119.1120.0121.7125.6
127.3127.5127.7127.8127.8127.7127.9127.9127.9128.0128.2
128.2128.5
117.483.688.490.9
108.8113.1117.9124.1128.5130.3132.7135.2
137.0137.1137.3137.5137.7137.8138.1138.2138.3138.4138.7
138.8139.0
102.7103.1104.5106.6107.9110.7111.8113.0
115.9115.9116.0116.5116.9117.0117.5118.0118.1118.1118.2
118.2118.5
110.5116.4118.7123.9123.5125.2130.7137.4
137.2136.7134.2131.6131.7132.3133.6135.2135.6135.8137.0
138.9140.0
100.3111.2108.5107.9106.1104.1103.0104.6
104.9103.9104.0104.0104.1104.0103.3103.6103.4103.5103.6
103.2103.8
101.2109.0111.8115.3117.4119.1122.9127.5
129.9130.7130.9130.9131.1131.2132.1132.2132.4132.6132.8
133.1133.1
60.345.955.676.3
98.1106.9105.8104.8104.3103.7105.5106.9
106.8106.8106.7106.7106.7106.7106.6107.1107.3107.7107.5
106.7106.7
111.3118.4126.2129.7128.0126.4128.7136.0
138.5138.7138.3138.7138.9140.3141.0141.3142.7144.5144.3
144.1144.3
106.0111.1117.3121.3125.2128.0132.6138.0
141.9142.3142.7143.7143.9144.6145.0146.1146.7147.0147.3
147.6148.6
101.1110.5111.8112.8113.4115.3120.0124.4
128.0128.3128.5128.5128.6128.9128.9128.7128.8129.1129.0
129.4129.8
103.4106.5107.0108.0107.1106.6108.1112.2
116.6117.0117.0116.6116.7116.6116.7116.6116.6117.0116.9
117.0117.1
105.2109.7115.4118.2120.1120.2122.0125.5
127.0127.2127.2127.2127.2127.2127.1127.1127.2127.2127.3
127.3127.4
NOTE.—Revised index, reflecting, beginning January 1953, the in-clusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index. 1947-49= 100]
Year ormonth
19501951195219531954195519561957
1958FebMar
M^y" .'.*;.";JuneJulyAugSeptOctNovDec
1959JanFeb
Allcom-modi-ties
103.1114.8111.6110.110.3110.7114.3117.6
119.0119.7119.3119.5119.2119.2119.1119.1119.0119.2119.2
119.5119.5
Farmprod-ucts
97.5113.4107.097.095.689.688.490.9
96.1100.597.798.595.695.093.293.192.392.190.6
91.591.1
Proc-essedfoods
99.8111.4108.8104.6105.3101.7101.7105.6
109.9110.7111.5112.9113.5112.7111.3111.1110.0109.5108.8
108.7107.6
Other commodities
Total
105.0115.9113.2114.0114.5117.0122.2125.6
125125125125.3125.3125.6126.1126.2126.4126.8127.2
127.5127.7
Tex-tile
prod-uctsandap-
parel
99.2110.699.897.395.295.395.395.4
94.94.093.793.593.393.3
93.3
93.393.7
Hides,skins,and
leatherprod-ucts
104.6120.397.298.594.293.899.399.4
99.699.599.799.9
100.3100.3100.5100.2101.4102.3103.6
r104.1105.4
Fuel,power,
andlight-ingma-terials
103.0106.7106.6109.5108.1107.9111.2117.2
113.6112.4111.0110.3110.7111.9113.7114.1113.0112.6112.9
113.9114.8
Chem-icalsand
alliedprod-ucts
96.3110.0104.5105.7107.0106.6107.2109.5
110.6110.7111.0110.8110.7110.4110.0109.9110.2110.2110.0
Rub-berand
prod-ucts
120.5148.0134.0125.0126.9143.8145.8145.2
144.6144.6144.5143.8144.2144.7144.4145.2146.1146.6146.3
110.2 r146.0109.9 146.
Lum-berand
woodprod-ucts
113.9123.9120.3120.2118.0123.6125.4119.0
115.8115.5115.7115.9116.4116.8118.6120.4120.8120.0119.8
120.5122.1
Pulp,paper,and
alliedprod-ucts
100.9119.6116.5116.1116.3119.3127.2129.6
130.8130.5130.5130.5130.5131.0131.0131.7131.9131.9131.3
131.5
Metalsand
metalprod-ucts
110.3122.8123.0126.9128.0136.6148.4151.2
150.1149.8148.6148.6148.8148.8150.8151.3152.2153.0153.0
152.9
Ma-chin-eryandmo-tive
prod-ucts
108.6119.0121.5123.0124.6128.4137.8146.1
149.3149.2149.4149.4149.5149.5149.5149.4149.9151.2151.5
151.8
Furni-tureand
otherhouse-holddura-bles
105.3114.1112.0114.2115.4115.9119.1122.2
123.6123.5123.4123.2123.0123.2123.0123.0123.0122.7122.8
136.5135.3135.4135.7135.5135.3135.2136.7136.7136.7136.9
123.3 '137.2I J l . J i 1 J 4 . 7 1 J 1 . O 1Z.J . J i 1 J / . Z.
131. T 153.4 152.0! 123.41 137.5
Non-me-tallicmin-
erals— bottledstruc-tural
106.9113.6113.6118.2120.9124.2129.6134.6
128.1128.0128.0128.0128.0128.0128.0128.0128.8128.7128.6
128.6128.9
Mis-cella-neous
89.394.397.896.293.797.295.6
192.591.293.2
100.9
100.898.5
r Revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 439
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
Subgroup1958
Feb.
127.079.991.1
102.898.074.279.0
142.2
118.1102.7114.2105.7114.2173.395.2
89.3103.881.2
117.599.274.2
51.290.6
122.098.5
126.2161.9101.5100.1118.9
123.6128.4104.793.662.9
111.6110.4106.9
131.2152.1143.3
116.2127.693.6
121.283.6
143.1
Dec.
99.276.187.699.696.277.775.0
136.4
117.4101.4
113.5113.0117.0157.9r96.8
88.697.579.4
105.199.375.9
66.699.2
123.198.2
123.7161.9107.8100.7117.2
123.7128.2102.893.261.5
109.4105.3106.2
137.8152.8
143.5
120.1130.599.1
121.295.8
142.1
Jan.
102.576.190.399 A95.772.576.4
134.5
117.5103.3
113.0110.8115.3
154.096.2
88.797.479.3
104.799.376.7
68.799.3
123.2r99.2
125.3163.1
112.7100.7118.2
124.0128.2
102.593.0
'59.9109.6107.6106.7
138.9151.9
143.4
121.0130.2
r99.7
121.2101.0142.1
1959
Feb.
105.977.088.499.195.569.378.0
134.8
117.7100.9113.0110.6113.8149.797.2
89.697.579.8
109.399.378.0
73.0101.0123.3100.7
126.2170.4112.1100.8119.5
123.7128.4101.493.158.9
109.5107.5106.5
139.4151.9143.6
122.7130.2102.8
121.2107.1142.1
Subgroup1958 1959
Feb. Dec. Jan Feb.
Farm Products:
Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggsHay and seedsOther farm products
Processed Foods:
Cereal and bakery productsMeats, poultry, and fishDairy products and ice creamCanned, frozen fruits, and vegetablesSugar and confectioneryPackaged beverage materialsOther processed foods
Textile Products and Apparel:
Cotton productsWool productsSynthetic textilesSilk productsApparelOther textile products
Hides, Skins, and Leather Products:
Hides and skinsLeatherFootwearOther leather products
Fuel, Power, and Lighting Materials:
CoalCokeGas fuels (Jan. 1958= 100)Electric power (Jan. 1958= 100)Petroleum and products
Chemicals and Allied Products:
Industrial chemicalsPrepared paintPaint materialsDrugs, Pharmaceuticals, cosmetics...Fats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products
Rubber and products:
Crude rubberTires and tubes ,Other rubber products
Lumber and Wood Products:
Lumber ,MillworkPlywood ,
Pulp, Paper, and Allied Products:
Woodpulp ,WastepaperPaper
r Revised.
Pulp, Paper, and Allied Products(Cont.):
PaperboardConverted paper and paperboard...Building paper and board
Metals and Metal Products:
Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated structural metal productsFabricated nonstructural metal
products
Machinery and Motive Products:
Agricultural machinery and equip-ment
Construction machinery and equip-ment
Metal working machineryGeneral purpose machinery and
equipmentMiscellaneous machineryElectrical machinery and equip-
mentMotor vehicles
Furniture and Other Household Dura-bles:
Household furnitureCommercial furnitureFloor coveringHousehold appliancesTelevision, radios, phonographsOther household durable goods
Nonmetallic Minerals—Structural
Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals
Tobacco Manufactures and BottledBeverages:
CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages
Miscellaneous:
Toys, sporting goods, small armsManufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment..Other miscellaneous
136.3127.2141.7
167.6127.8152.8168.6125.9121.3134.7
146.7
138.3
165.6170.7
159.6148.8
151.3139.1
123.3154.2130.1105.394.7
155.0
135.7139.0127.8155.5127.1124.6131.1
134.8106.6144.3120.1149.3
119.565.797.5
107.3131.7
136.2127.8143.7
171.7133.2159.8172.6124.8121.8133.9
r145.0
142.7
170.3170.6
162.3148.4
152.4143.1
123.9155.0126.5103.892.5
155.5
135.2139.2128.4158.8133.1118.5131.4
134.8106.6139.7121.7148.9
118.686.497.5
107.9132.4
136.2127.7i43.9
172.0133.2156.3172.8124.9121.8134.0
145.3
142.9
170.9170.8
163.0148.6
152.6143.1
124.1155.0126.5105.0r93.2155.5
135.2140.2128.6159.3133.1118.5131.4
134.8106.6139.7121.7148.9
117.886.297.5
108.1132.6
136.2127.6144.2
172.5134.0156.3172.9126.0122.0134.0
145.8
143.0
171.3171.0
163.9149.0
152.6143.1
124.2155.0126.6105.093.2
156.0
135.2140.2128.9159.6133.1119.8131.7
134.8106.6148.3121.7148.9
117.982.297.5
108.1132.4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
440 NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Depar tment of Commerce estimates. In billions of dollars]
Item
Annual totals
1929 1933 1941 1950 1954 1955 1956 1957 1958
Seasonally adjusted annual ratesby quarters
1957 1958
Gross national product
Less: Capital consumption allowancesIndirect business tax and nontax lia-
bilityBusiness transfer paymentsStatistical discrepancy
Plus: Subsidies less current surplus of gov-ernment enterprises
Equals: National income
Less: Corporate profits and inventory valua-tion adjustment
Contributions for social insuranceExcess of wage accruals over disburse-
mentsPlus: Government transfer payments
Net interest paid by governmentDividendsBusiness transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures....
Equals: Personal saving
104.4
8.6
7.0.6.3
- . 1
87.8
10.1.2
.0
.91.05.8
.6
85.8
2.6
1.31.4
83.1
79.0
4.2
56.0
7.2
7..7.9
.0
40.2
- 2 . 0.3
.01.51.22.1
.7
47.2
7.5
.51.0
45.7
46.4
- . 6
125.8
9.0
11.3.5.4
.1
104.7
14.52.8
.02.61.34.5
.5
96.3
3.3
2.01.3
93.0
81.9
11.1
284.6
19.1
23.7.8
- . 7
.2
241.9
35.76.9
.014.34.89.2
228.5
20.8
18.22.6
207.7
195.0
12.6
363.1
28.8
30.21.3
.9
- . 2
301.8
33.79.7
.015.05.49.81.3
289.8
32.9
29.23.8
256.9
238.0
18.9
397.5
32.0
32.91.51.0
.0
330.2
43.111.0
.016.05.4
11.21.5
310.2
35.7
31.54.2
274.4
256.9
17.5
419.2
34.7
35.61.5
- . 9
1.0
349.4
42.912.3
.017.15.7
12.01.5
330.5
40.1
35.24.8
290.5
269.4
21.1
440.3
37.7
37.61.6
.7
1.3
364.0
41.914.2
.019.96.2
12.41.6
347.9
42.7
37.45.4
305.1
284.4
20.7
437.7
39.6
38.61.6
- 1 . 2
1.5
360.5
36.214.4
.024.36.2
12.31.6
354.4
42.8
37.05.8
311.6
290.6
21.0
438.9
38.5
37.71.6
.7
1.2
361.5
38.814.2
.021.36.2
12.01.6
349.7
43.0
37.55.5
306.8
287.2
19.6
427.1
38.9
38.01.6
- 1 . 5
1.6
351.7
31.314.2
.822.56.3
12.51.6
348.3
42.3
36.6
5.7
306.1
286.2
19.9
430.4
39.3
38.31.6
- 1 . 2
1.5
353.9
32.514.2
.824.6
6.212.41.6
351.3
42.3
36.55.8
309.0
288.3
20.7
439.8
39.7
38.61.6
- 3 . 0
1.5
364.3
38.014.7
- 1 . 525.2
6.212.51.6
358.6
43.5
37.65.9
315.1
291.5
23.6
453.0
40.4
39.41.6
1.6
14.6
.024.96.2
11.81.6
359.5
43.7
37.85.9
315.8
295.9
19.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Item
National income
Compensation of employeesWages and salariesl
PrivateMilitaryGovernment civilian
Supplements to wages and salaries.
Proprietors' and rental income2.Business and professionalFarmRental income of persons
Corporate profits and inventory valuationadjustment
Corporate profits before taxCorporate profits tax liability ,Corporate profits after tax
Inventory valuation adjustment
Net interest
Annual totals
1929
87.8
51.150.445.5
.34.6
.7
20.28.86.05.4
10.19.61.48.3
.5
6.4
1933
40.2
29.529.023.9
.34.9
.5
7.63.22.42.0
- 2 . 0.2.5
- . 4- 2 . 1
5.0
1941
104.7
64.862.151.9
1.98.32.7
20.910.96.53.5
14.577.07.69.4
- 2 . 5
4.5
1950
241.9
154.2146.4124.1
5.017.37.8
46.623.514.09.0
35.740.617.922.8
- 5 . 0
5.5
1954
301.8
207.6196.3161.910.024.411.3
51.327.812.710.9
33.734.117.216.8- . 3
9.1
1955
330.2
223.9210.9174.9
9.826.213.0
52.830.411.810.7
43.144.921.823.0
- 1 . 7
10.4
1956
349.4
241.8227.3189.3
9.728.414.5
53.330.811.610.9
42.945.522.423.1
- 2 . 6
11.3
1957
364.0
254.6238.1198.0
9.630.516.5
54.831.411.611.8
41.943.421.621.8
- 1 . 5
12.6
1958
360.5
253.8237.1194.3
9.833.116.7
57.431.014.212.2
36.236.418.617.9- . 2
13.2
Seasonally adjusted annual ratesby quarters
1957
361.5
254.8238.0197.4
9.531.16.8
55.031.311.512.2
38.839.919.920.0
- 1 . 1
12.9
1958
351.7
250.9234.4192.7
9.432.316.5
56.430.613.712.1
31.331.716.115.5- . 3
13.0
353.9
250.7234.2191.8
9.632.816.4
57.730.714.912.
32.532.016.315.7
.5
13.1
364.3
255.3238.4195.010.033.416.9
57.731.114.412.2
38.037.919.318.6
.2
13.2
258.4241.3197.610.033.717.1
57.931.813.712.3
13.3
1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL PRODUCT AND INCOME 441
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Annual totals
1929 1933 1941 1950 1954 1955 1956 1957 1958
Seasonally adjusted annual ratesby quarters
1957 1958
Gross national product
Personal consumption expendituresDurable goodsNondurable goodsServices
Gross private domestic investmentNew constructionl
Residential, nonfarmOther
Producers' durable equipmentChange in business inventories
Nonfarm only
Net exports of goods and services2
ExportsImports
Government purchases of goods and servicesFederal
National defense4
OtherLess: Government sales5
State and local
104.4
79.09.2
37.732.1
16.28.73.65.15.91.7
3.87.06.3
8.5
1.3
1.3
.07.2
56.0
46.43.5
22.320.7
1.41.4
.51.01.6
- 1 . 6- 1 . 4
3.22.42.3
8.02.02.0
.0.60
125.8
81.99.7
43.229.0
18.16.63.53.16.94.54.0
31.16.04.8
24.816.9
' 13.8
7 . 8
284.6
195.030.499.864.9
50.024.214.110.118.96.86.0
.613.112.5
39.019.314.35.2
.119.7
363.1
238.032.4
119.386.3
48.929.715.414.320.8
- 1 . 62
1.017.516.5
75.347.541.26.7
.327.7
397.5
256.939.6
124.892.5
63.834.918.716.223.15.85.5
1.119.418.3
76.545.339.16.6
.430.3
419.2
269.438.4
131.499.6
68.235.717.718.127.05.45.9
2.823.020.2
78.845.740.35.7
.333.1
440.3
284.439.9
138.0106.5
65.336.517.019.527.9
1.0.2
4.926.021.0
85.749.444.35.5
.436.3
437.7
290.636.8
141.9111.9
54.436.517.818.722.6
-4 .7- 5 . 8
1.422.320.9
9151.744.47.6
.339.6
438.9
287.239.6
138.8108.7
61.557.717.619.626.7
- 2 . 3-3 .1
3.324.921.6
86.949.143.95.7
.537.
427.1
286.236.4
139.8110.1
50.936.317.119.222.9
-8 .2- 9 . 3
1.721.920.2
88.349.743.76.3
.338.6
430.4
288.335.6
141.4111.3
50.734.916.218.722.3
-6 .5-7 .8
1.722.420.8
89.750.744.16.9
.339.1
439.8
291.536.1
142.9112.5
54.536.317.918.422.3
- 4 . 2- 5 . 4
1.722.821.2
92.052.244.58.0
.339.9
453.0
295.938.9
143.3113.6
61.638.620.118.523.0
.0- . 9
.422.121.7
95.254.245.39.3
241.0
1 Includes expenditures for crude petroleum and natural gas drilling.2 Series revised on basis of definitional changes in two components of
the gross national product estimates; for explanation see United States In-come and Output (a supplement to the Survey of Current Business for1959) and the December 1958 issue of the Survey of Current Business.
3 Net exports of goods and services and net foreign investments havebeen equated, since foreign net transfers by government were negligibleduring the period 1929-45.
4 This category corresponds closely to the major national securityclassification in the Budget of the United States Government for the fiscalyear ending June 30, 1960.
5 Consists of sales abroad and domestic sales of surplus consumptiongoods and materials.
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Year or month1
192919331941
195319541955195619571958
1958 Mar . .AprM ayJuneJulyAugSeptOctNovDec
1959 JanFebMar r
Per-sonal
income
85.847.296.3
288.3289.8310.2330.5347.9354.4
348.7349.7351.4353.4360.1357.2358.7358.2360.7359.9
363.0365.4368.6
Wage and salary disbursements
Total
50.429.062.1
198.1196.3210.9227.3238.1237.1
232.6232.0233.1235.8242.2238.5239.4239.0242.0243.3
245.4246.9249.6
Com-modityproduc-ing in-
dustries
21.59.8
27.5
88.184.191.498.7
102.297.3
95.395.095.696.697.197.798.497.7
100.3101.0
102.1102.7104.6
Distrib-utive
indus-tries
15.68.8
16.3
51.852.355.860.163.363.3
62.962.462.663.363.563.663.663.763.964.2
64 865.365.8
Serviceindus-tries
8 45.28 1
24.325 527.830 532.633.6
33.333.433.433 633.733.833 933.934.234 3
34 534.734.9
Gov-ern-ment
4 . 95.1
10.2
33.934 436.038.040.142.8
41.141.241.542.448.043.443 543.743.743 9
44 044.244.3
Otherlabor
income2
.6
.4
.7
6 .06 . 27.17.98.99.1
8.98.98.98.99.09.19.29 . 29.39.3
9 . 49.59.5
Pro-prietors'
andrental
income3
20.27.6
20.9
51.351.352.853.354.857.4
57.257.758.057.657.657.757.958.057.857.9
58.158.358.6
Divi-dendsandper-
sonalinterestincome
13.28.3
10.3
22.624.427.029.131.131.7
31.731.731.731.831.831.931.931.931.930.2
32.132.332.6
Trans-fer-pay-
ments4
1.52.13.1
14.316.217.518.621.525.9
24.826.126.426.026.526.827.026.926.626.0
25.826.126.1
Lesspersonacontri-butions
forsocialinsur-ance5
.2
.8
3.94 . 65.25.76.66.7
6.66.66.76.77.06.86.86 .86.86.8
7 .77.77.8
Non-agricul-
turalincome 6
77 743.688.0
271.5273.8295.0315.4332.7336.5
330.5331.0332.4335.1342.0339.2340.9340.3343.2342.4
345.8348.2351.2
v Preliminary.1 Monthly data are seasonally adjusted totals at annual rates.2 Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventoryvaluation adjustment.
4 Represents government social insurance benefits, direct relief, mus-tering-out pay, veterans' readjustment allowances and other payments, aswell as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January1952, includes also contributions to the old-age and survivors' insuranceprogram of the self-employed to whom coverage was extended under theSocial Security Act Amendments of 1950. Personal contributions arenot included in personal income.
6 Represents personal income exclusive of net income of unincorporatedfarm enterprise, farm wages, agricultural net interest, and net dividendspaid by agricultural corporations.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
442 BANKS AND BRANCHES
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1958
State
All banks, by class of bank
Total
Commercial banks
Total
Memberbanks
Na-tional
Statemem-
ber
Nonmemberbanks
In-sured
Non-in-
sured
Mutual sav-ings banks
In-sured
Non-in-
sured
All banks maintaining branches or additional offices(except banking facilities), by class of bank i
Total
Commercial banks
Total
Memberbanks
Na-tional
Statemem-
ber
Nonmemberbanks
In-sured
Non-in-
sured
Mutual sav-ings banks
In-sured
Non-in-
sured
United States2
AlabamaArizonaArkansasCaliforniaColorado
ConnecticutDelawareDistrict of ColumbiaFloridaGeorgia
IdahoIllinoisIndianaIowaKansas
KentuckyLouisianaMaineMarylandMassachusetts
MichiganMinnesotaMississippiMissouriMontana
NebraskaNevadaNew HampshireNew JerseyNew Mexico
New YorkNorth CarolinaNorth DakotaOhioOklahoma
OregonPennsylvaniaRhode IslandSouth CarolinaSouth Dakota
TennesseeTexasUtahVermontVirginia
WashingtonWest VirginiaWisconsinWyomingAlaska2
Virgin Islands2
14,020
2398
237124181
1512913
280410
28946463670593
36018687149356
393687194613115
4236
10928353
561203155609387
5675017144172
2989714964312
9318355652
13,501
2398
237124181
802713
280410
28946459670593
36018655142170
393686194613115
4236
7526253
433203155606387
55743
9144172
2989714958
312
8918355252
1
1
4,578
693
554677
3075
10352
939512397
169
412953
107
75179277541
1233
5116727
2584338
228197
11485
42534
75458
732
131
25779725
1
31,734
241
202517
1124
1213
8129
31107143
20116
1223
150308
9844
1721
55
11842
15727
678
16
26
11713
171
1035
3 6514
6,793
1463
1574863
29174
160291
11416220460345
241133
147635
16646715642329
2441
143718
46155112220156
36167
2106112
2083712424
110
5268
38713
399 3241 278
65
2,187
185
2755
1
529
12
2,010
185
2755
1
338
12
739
1425
17
352 899
21
2021
1
1143
19 19
101
178
9912111
56623157
137
1112
622
99121
11
5662295278
1112
622
53115
4
2934102519
49
"47
22
128
153
12421
2229119
16410
17179113528
633
131295
22
52
11521
1549119
16210
17175
73528
633
131195
20
2107
3144
24
91 91
20 107 70
16
54
68
1 Banking facilities are shown separately; see note 4.2 Excludes banks in United States territories and possessions except
one national bank in Alaska, with no branches, that became a memberof the Federal Reserve System on Apr. 15, 1954 and one national bank inthe Virgin Islands, with one branch, that became a member of the FederalReserve System on May 31, 1957.
3 Figures for member (commercial) banks and those for mutual savings(noncommercial) banks both include one mutual savings bank in Indianaand two in Wisconsin. The all-bank total includes such banks onlyonce, and the total for commercial banks excludes them. State memberbank figures also include one noninsured trust company without deposits,which is not included with noninsured nonmember banks.
4 Banking facilities (other than branches) that are provided at militaryand other Government establishments through arrangements made by
the Treasury Department; they are operated by 179 banks, 80 of whichhave no other type of branch or additional office.
5 Each bank is reported once only—according to the widest area inwhich it operates branches or additional offices.
6 Includes one national bank in the Virgin Islands, with one branch,that became a member of the Federal Reserve System on May 31, 1957.
NOTE.—Each branch and additional office is located in the same Stateas its parent bank except that one national bank in New Jersey has abranch in Pennsylvania, one national bank in California has two branchesin Washington and one in Oregon, and one noninsured (unincorporated)bank in New York has one branch in Massachusetts and one in Penn-sylvania. In the table these branches are shown according to their ownlocation, rather than that of the parent bank.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANKS AND BRANCHES 443
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1958—Continued
State
United States
AlabamaArizona
CaliforniaColorado
ConnecticutDelawareDistrict of Columbia..FloridaGeorgia
IdahoIllinoisIndianaIowaKansas
Kentucky
M^aine
Massachusetts .
MinnesotaMississippi
Montana
NebraskaNevadaNew HampshireNew JerseyNew Mexico
New YorkNorth CarolinaNorth DakotaOhioOklahoma
OregonPennsylvaniaRhode Island . . • .South CarolinaSouth Dakota
TennesseeTexasUtahVermont
^VashingtonWest VirginiaWisconsin . . . .Wyoming
Virgin Islands
All branches and additional offices (except banking facilites),by class of bank !
Total
9,038
5613734
1,4271
2014555
68
80
24416311
113152119228418
4916
1212
1313
38038
1,358407
27562
10
16570710512253
1773
6330
217
254
152
1
Commercial banks
Total
8,613
5613734
1,4271
1594355
68
80
24416311
113152116195320
4916
1212
1312
36038
1,220407
27548
10
16566383
12253
1773
6329
217
247
152
1
Memberbanks
Na-tional
4,341
50104
81 074
761
28
41
66
124
7
53833557
167
1746
17
1191
20719
38586
1264
8
143377478723
102
3716
106
224
16
1
Statemember
2,360
373
205
491816
17
8
375
23174162
103
233
132
8
119
76560
1218
419817
173
173
44
16
8
Distribution by location of branches with
Banks with branches orIn head office city.Outside head officeOutside head officeIn counties not cor
Branches and additionaIn head office city.Outside head office
In head officeIn contiguousIn noncontigu
Bankins facilities at mil
respect to head office
additional
Nonmemberbanks
In-sured
1,873
32123
1441
342211
10
6
83156
4
3752297449
83
91
41
3419
6625825662
1885183530
58
91067
7
128
Non-insured
39
5
4
2
2
1 \2
43
31
offices (except banking facilities) 5 6 . .
city but not beyond head offcounty but not beyond cont
itiguous to head office count)
offices (except banking facilit
city:county. .counties,ous count
itary and ather Gov(
ice count}guous coi
ies)
?rnment establishme
inties
tits4
Total
Mutualsavingsbanks
In-sured
305
31
33317
120
138
14
4422
i7
2,187657
1,12131594
9,0383,724
2,7081,2131,393
248
Non-insured
120
39
81
All branches and additional offices(except banking facilities),
by location1
Inheadofficecity
3,724
2928
2269
681255
52
5
129
11
689325
106237
2716
382
17
16223
862112
30710
29280
3334
1053
112
142
75
19
Member banks
National
7392583687043
4,3411,605
1,150519
1,067
193
St£ite
3521201644523
2,3601,331
594288147
30
Outside head office city
In headoffice
county
2,708
153827
157
9720
1
6
114120
42505051
172
150
53
4
21811
3447016
246
17259402323
57
151339
43
107
In con-tiguouscounties
1,213
443
4247
3313
6
13
i
43
36
3956
8
60
24
63
3
114106119
19167161319
7
61227
46
26
Nonmembercommercial banks
Insured
1,
89916153617725
873461
873364175
25
Non-insured
205843
3915
1284
In non-contig-uous
counties
1,393
828
754
3
9
56
35
151
10
6
14
38119
1001
165211
8
3139
90
1
Bank-ing,
facili-ties atGovt.estab-lish-
ments4
248
661
395
115
138
44
3
344
133
2
321
12175
145
35
826
620
51
17
6
1
Mutualsavings banks
Insured
107851012
305255
2426
Non-insured
7028357
12057
558
For notes see opposite page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics
* International *
International capital transactions of the United States. 446
Net gold purchases and gold stock of the United States. 454
Estimated foreign gold reserves and dollar holdings. 455
Reported gold reserves of central banks and governments. 456
Gold production. 457
International Bank and Monetary Fund. 458
United States balance of payments 459
Money rates in foreign countries. 459
Foreign exchange rates 461
Index to statistical tables 468
Tables on the following pages include the prin- dealers in the United States in accordance withcipal available statistics of current significance the Treasury Regulation of November 12, 1934.relating to international capital transactions of Other data are compiled largely from regularlythe United States, foreign gold reserves and dol- published sources such as central bank state-lar holdings, and the balance of payments of the ments and official statistical bulletins. Back fig-United States. The figures on international cap- ures for 1941 and prior years, together with de-ital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board'sserve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics.
445
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
446 INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
1954—Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31
1958_Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1959_j a n . 31?Feb. 28^
GrandTotal
12,91913,60114,93915,158
15,31015,18215,05915,21415,27015,38615,68115,64215,94616,05216,164
16,23816,606
In-terna-tionalinsti-
tutions 2
1,7701,8811,4521,517
1,4711,3771,3731,5221,4541,4631,4371,4831,4361,4851,544
1,5381,541
Foreign countries
Total
11,14911,72013,48713,641
13,84013,80513,68513,69213,81613,92314,24314,16014,51014,56714,620
14,70115,065
Official
6,7706,9538,0457,917
8,1208,0187,9537,9477,9318,1018,4158,4038,6648,6388,663
8,5248,746
Ger-many,Fed.Rep.
of
,373,454,835,557
,497,511,551
1,598,468
1,5901,6751,7331,7611,7551,755
1,6931,697
Italy
579785930
1,079
1,0781,0661,1291,1211,0711,0541,0931,0871,1521,1321,122
1,1561,166
UnitedKing-dom
640550
[,012,275
[,244,260
1,0211,0561,0601,0981,0061,076
945977875
1,0801,133
OtherEurope
3,0303,3573,0893,231
3,4783,5013,4233,2743,3583,3973,6593,6693,7853,7923,961
3,7873,922
TotalEurope
5,6216,1476,8657,142
7,2977,3387,1257,0496,9577,1397,4337,5657,6437,6567,712
7,7157,919
Canada
1,5361,0321,5161,623
1,6621,6261,6621,7892,0011,9622,0521,9442,0602,0712,011
2,0742,121
LatinAmerica
1,9062,0002,3462,575
2,5152,4742,5522,4972,4992,4032,3852,2882,3952,4072,401
2,3842,383
Asia
1,8212,1812,4151,946
2,0112,0022,0042,0442,0722,1342,1072,0852,1262,1482,216
2,2462,347
AllOther
265360346355
355365343312288285266277286285279
282295
Table la. Other Europe
Date
1954_Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31
1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30,,,Oct. 31Nov. 30Dec. 31
1959_j a n . 31PFeb. 28^
OtherEurope
3,0303,3573,0893,231
3,4783,5013,4233,2743,3583,3973,6593,6693,7853,7923,961
3,7873,922
Aus-tria
273261296349
353355353354363377397418425413411
408410
Bel-gium
100108117130
133110118114109101157106108107115
109105
Den-mark
716065
112
124131142143114127149162162156169
142129
Fin-land
41495364
6561595047515963716469
7476
France
7151,081
626354
316319322249298314357413468492532
517636
Greece
113176111154
157154142131122116109112117121126
129132
Neth-er-
lands
249164134203
350323295292293285350337330328339
356345
Nor-way
103826793
12210710810410810198
101108113130
113115
Por-tugal
91132137142
144155157153154161158157165165163
148157
Spain
711044324
2428273431284133283636
3132
Swe-den
141153217260
266258257251254268281292281281303
280280
Switz-er-
land
672757836967
923904875827832812817804799786853
789796
Tur-key
89
2018
1213121512111110161620
1820
Yugo-slavia
9131711
775969
1111999
86
Allother 4
371209282349
483574550549617637664651699704685
665682
Table lb. Latin America
Date
1954—Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31
1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1959—Jan. 31*Feb. 28*
LatinAmer-
ica
1,9062,0002,3462,575
2,5152,4742,5522,4972,4992,4032,3852,2882,3952,4072,401
2,3842,383
Argen-tina
160138146137
137144139137140147133131134141150
149188
Bo-livia
29262926
2523222223212121222122
2320
Brazil
120143225132
118116120139125126159133130132138
164166
Chile
70959175
72777877867478847473
100
9685
Co-lom-bia
222131153153
146135125120125129144137170176169
178199
Cuba
237253211235
239235266271281278292274276280286
281267
Do-min-icanRe-
pub-lic
60656854
4948504953544948424240
4038
ElSal-
vador
30242527
3331373633302625262326
3133
Guate-mala
35456465
6966626464595448454342
4043
Mex-ico
329414433386
382378379361332322351370383413418
393389
Neth-er-
landsWestIndiesand
Suri-nam
49476973
6966666762677372768179
7276
Pan-ama,Re-pub-lic of
7486
109136
141144137135134138133143147145146
147156
Peru
83928460
6662627473747572707377
7272
Uru-guay
90657355
8586817677797682838382
9289
Vene-zuela
194265455835
749709770712740664580514582542494
464410
OtherLatinAmer-
ica
124112111124
135152155156150142142136135139131
144152
Preliminary. For other notes see following page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 447
Table 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
Date
1954_Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31
1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1959—Jan. 31 P . . . .Feb. 2 8 P . . . .
Asia
Total
1,8212,1812,4151,946
2,0112,0022,0042,0442,0722,1342,1072,0852,1262,1482,216
2,2462,347
HongKong
61556670
6668666566686765646363
6258
India
87737682
7779757681807673767577
7886
Indo-nesia
100174186151
1328986888989809199
105108
108112
Iran
31372055
4452474364555143353843
5351
Israel
41534552
5048525148514640455256
5460
Japan
721893
1,017586
655704739780803858901882925925939
9621,021
Ko-rea,Re-
pub-licof
968899
117
121121122115117119123128129133145
144147
Phil-ip-
pines
257252272175
189188169180164168172177159158181
161173
Tai-wan
34396186
8892929188919293969999
9896
Thai-land
123138148157
159157145146148145141140136133134
135139
Other
270380425417
430404412408403411357353361367371
391403
All other
Total
265360346355
355365343312288285266277286285279
282295
Aus-tralia
48758485
8082777775867074777679
8381
Bel-gian
Congo
44424439
3946543534353631313130
3131
Egypts
47725040
4142412918161818202016
1717
Unionof
SouthAfrica
33535338
3638202724221928303030
3137
Other
94119114153
158156151144137126123126128127125
121129
Table Id. Supplementary Areas and Countries6
Area or country
Other Europe:AlbaniaBritish dependenciesBulgariaCzechoslovakia 7
Eastern GermanyEstoniaHungaryIcelandIreland, Republic ofLatviaLithuaniaLuxembourgMonacoPoland?Rumania7
TriesteU. S. S. R.7
Other Latin America:British dependenciesCosta RicaEcuadorFrench West Indies and French Guiana.HaitiHondurasNicaraguaParaguay
Other Asia:AfghanistanBahrein IslandsBritish dependencies.
End of year
1955 1956 1957 1958
.4
.4
.7
.71.31.1.04.8
13.71.0
.33.15.62.58.11.4
.7
16.617.614.9
.612.19.7
12.83.6
4.1.5
.3
.4
.2
.51.21.9
3.19.1
.6
.413.24.33.3
.91.4
24.114.618.01.08.9
10.211.84.0
5.31.77.4
. 1
. 3
.6
.73.11.7
.72.99.0
.5
.516.45.43.2
1.2.7
24.016.422.7
.811.212.612.75.1
4.7.9
8.0
n.a..4.3.6
1.41.7
Other Asia (Cont.):Burma.
.93.5n.a.
.6
.716.15.94.9
.52.2
40.924.517.4
.57.76.3
11.33.4
n.a..9
4.3
Area or country
CambodiaCeylonChina Mainland7
IraqJordan.KuwaitLaosLebanonMalaya, Fed. ofPakistanPortuguese dependencies.Ryukyu IslandsSaudi ArabiaSyria 5Viet-Nam
All other:British dependenciesEthiopia and EritreaFrench dependenciesLiberiaLibyaMorocco:
Morocco (excl. Tangier)Tangier
New ZealandPortuguese dependenciesSomaliaSpanish dependenciesSudanTunisia
End of year
1955 1956 1957 1958
19.113.132.936.214.71.23.5
23.118.01.65.72.0
34.079.51 3 . 162.3
7.017.241.235.516.92.05.3
37.322.31.4
20.22.7
30.697.417.150.1
3.824.210.523.7
3.7
13.622.4
2.22.8
.9
.3
.4
.5
6.720.034.236.319.61.65.9
33.128.2
1.612.83.1
32.794.8
3.558.5
2.335.110.723.010.7
32.219.21.94.41.3
.71.7
n.a.24.9n.a.
36.018.02.8
10.3n.a.
37.9n.a.5.63.1
15.260.24.7
48.8
1.827.8
6.513.06.4
25.418.16.94.0n.a.
.45.2
.3
p Preliminary. n.a. Not available.1 Short-term liabilities reported in these statistics represent principally
deposits and U. S. Government obligations maturing in not more thanone year from their date of issue; small amounts of bankers' acceptancesand commercial paper and of liabilities payable in foreign currenciesare also included. Banking liabilities to foreigners maturing in morethan one year (excluded from these statistics) amounted to $2 millionon Feb. 28, 1959.
2 Includes International Bank for Reconstruction and Development,International Monetary Fund, and United Nations and other inter-national organizations.
3 Represents liabilities to foreign central banks and foreign centralgovernments and their agencies (including official purchasing missions,trade and shipping missions, diplomatic and consular establishments, etc.)
4 Includes Banks for International Settlements.
5 Part of the United Arab Republic since February 1958.6 Except where noted, these data are based on reports by banks in
the Second (New York) Federal Reserve District. They represent apartial breakdown of the amounts shown in the "other" categories intables la- lc .
7 Based on reports by banks in all Federal Reserve districts.NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,by branches or agencies of foreign banks, by certain domestic institutionsnot classified as banks that maintain deposit or custody accounts forforeigners, and by the U. S. Treasury. The term "foreigner" is used todesignate foreign governments, central banks, and other official institu-tions, as well as banks, organizations, and individuals domiciled abroadand the foreign subsidiaries and offices of U. S. banks and commercialfirms.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
448 INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Date, or areaand country
1954 Dec 311955—Dec. 311956 Dec. 311957 Dec. 31
1958 Feb. 28Mar. 31Apr 30May 31June 30July 31Aug 31Sept 30Oct. 31Nov 30Dec 31
1959 Jan 31p
Feb 28*>
Europe:
Pin landFrance
Germany, Fed. Rep. o f . . . .GreeceItalyNetherlands
Portugal
SwedenSwitzerlandTurkey
United KingdomYugoslaviaOther Europe
Total Europe
Latin America:ArgentinaBolivia •
Chile
Cuba
Dominican RepublicEl SalvadorGuatemalaNfexicoNeth. W. Indies and Suri-
Panama, Rep. ofPeruUruguayVenezuelaOther Latin America
Total Latin America.
Total
Payable in dollars
To banks and official institutions
Total DepositsU.S.
Treasurybills and
certificatesOther
To all other foreigners
Total DepositsU.S.
Treasurybills and
certificatesOther
Payable inforeign
currencies
Total amounts outstanding
12,91913,60114,93915,158
15,31015,18215,05915,21415,27015,38615,68115,64215,94616,05216,164
16,23816,606
11,07011,77712,86012,847
13,06612,90712,77612,96312,95913,12713,38913,30513,57613,62713,664
13,73314,076
5,4795,4515,9795,875
6,3316,6416,7926,9057,0927,1107,0926,7056,7116,7366,774
6,8066,797
4,9555,6705,9905,840
5,4725,0564,8204,9354,7314,9055,2095,5055,7675,7695,817
5,8426,184
637656891
1,132
1,2631,2101,1641,1231,1351,1121,0881,0951,0971,1221,073
1,0851,095
1,8051,7832,0302,252
2,1962,2042,1962,1642,2352,1902,2192,2582,2932,3592,441
2,4532,468
1.5201,5431,6531,766
1,7361,8001,8121,8241,9191,9321,8891,8931,8971,9291,961
1,9601.943
251184243278
249213217184184135210230242258306
304344
3456
134209
211190167156132122120136154172174
189181
43404959
4971878777697279776659
5262
Area and country detail, December 31, 1958
411115169
69532
1,755126
1,122339130
16336
30385320
8759
685
7,712
2,011
15022
138100169286
402642
418
79
1467782
494131
2,401
40966
15568
472
1,734115
1,08831586
12418
292706
18
5139
660
6,850
1,667
927
4239
102144
181124
276
45
293243
33257
1,292
392528648
222
32781
12614167
1151877
42217
2377
172
2,607
1,094
917
3939
101101
179
16251
26
293242
33241
1,172
25516
225
1,22235
672158
18
186124
260
357
3,329
567
(V)' '
40
324
9
0)0)
8 "
84
1613154
25
185(i)
29016
1
91
30160
1
172
131
915
6
10)
40)
4
0)52
9
0)( l )
0)
36
34813
159
1911332344
391811
1442
334
828
332
5815966167
142
221518
141
35
1174539
16269
1,104
34012
53
1511251942
381710982
1280)22
535
228
5815916066
137
221518
132
15
924136
16067
1,025
31
4
3(i)
832
( i )
17
164
1
206
73
0)1
0)1
0)(1)
8
6
41
0)1
25
C1)61
3
1
11
0)(1)(1)
29
42
2
86
31
0)0)4
0)5
(!)
2
13
2133
0)
54
0)0)
1
2
( i )1
0)(1)(1)
30)
270)0)35
13
0)
0)(1)
0)
(1)
0)
5
6
Preliminary. i Less than $500,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 449
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Area andcountry
Asia:Hong KongIndiaIndonesiaIranIsrael . . . . .
Japan .Korea, Rep. ofPhilippinesTaiwan . .ThailandOther Asia
Total Asia
All other:AustraliaBelgian CongoEgypt2
Union of South AfricaOther
Total other countries..
International
Grand total .
Total
Payable in dollars
To banks and official institutions
Total DepositsU.S .
Treasurybills and
certificatesOther
To all other foreigners
Total DepositsU.S.
Treasurybills and
certificatesOther
Payablein foreigncurrencies
Area and country detail, December 31, 1958—Continued
6377
1084356
93914518199
134371
2,216
79301630
125
279
1,544
16,164
3661
1063953
92314315992
130330
2,072
7329152795
239
1,544
13,664
3358593932
5851421379252
262
1,491
3313152383
167
244
6,774
46
9
302
120)7046
486
3810
40)52
1,300
5,817
321
12
351
100)
822
95
36
0)12
21
1,073
2716243
17i
2164
40
142
4112
29
35
0)2,441
2716243
162
2164
39
141
3112
27
33
1,961
0)
0)
0)C1)0)
1
0)
0)
0)306
0)
C1)
C1)
0)
0)1
0)0)C1)0)
2
174
0)
C1)
1
J
2
0)1
4
59
i Less than $500,000. 2 Part of the United Arab Republic since February 1958.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i
[Amounts outstanding, in millions of dollars]
Date
1954 Dec 311955 Dec 311956 Dec 311957 Dec 31
1958 Feb 28Mar. 31Apr 30May 31June 30July 31Aug 31Sept 30Oct 31Nov 30Dec 30
1959 Jan 31PFeb 28p
Total
1,3871,5491.9462,199
2,2222,2752,4102,4802,4482,4912,5632.5422.5772,4872,542
2,4232,379
France
141218
114
981049293848684909396
102
102100
Ger-many,Fed.
Rep. of
7088
157140
1261301341401231171111091038877
6868
Italy
20304356
5150454144434339363536
3129
Switz-er-
land
16262934
3027302735313336383542
3835
UnitedKing-dom
17310910498
9786848496
103126127115120124
107102
OtherEurope
109158216211
227258274111263267312315316301315
287288
TotalEurope
402423568654
628655660663646647709716700675696
634622
Can-ada
76144157154
154186220229251271265256276232243
241218
LatinAmer-
ica
728706840956
9901,0061,0231,0511 0241,034J 0491,041I 078[,0641,099
1.073055
Asia
143233337386
406383460465450463462450442438435
396422
Allother
37434350
4444487177767879817969
7963
P Preliminary.1 Short-term claims reported in these statistics represent principally
the following items payable on demand or with a contractual maturityof not more than one year: loans made to and acceptances made for
foreigners; drafts drawn against foreigners that are being collected bybanks and bankers on behalf of their customers in the United States;and foreign currency balances held abroad by banks and bankers and theircustomers in the United States.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
450 INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued
[Amounts outstanding, in millions of dollars]
Table 3a. Other Europe
Date
1954 Dec 311955 Dec 31IQ fi Dec 311957 Dec 31
19*>R Feb 28Mar 31Apr 30May 31 . . . .June 30July 31Aug 31 • •Sept 30Oct 31Nov 30Dec 31
1959 Jan 31p
Feb 28*>
OtherEurope
109158216211
227258274277263267312315316301315
287288
Aus-tria
(2)276
99858899987
65
Bel-gium
20162825
2725252716186763646865
6464
Den-mark
10131211
986787687
1014
1516
Fin-land
3344
36554433456
66
Greece
3446
67777888
1087
65
Neth-er-
lands
16112129
3239424641444344495356
5159
Nor-way
29
2323
2527292426252522202122
2018
Por-tugal
(2)
22
22222222222
22
Spain
4588
2336424644445759553130
2625
Swe-den
47
1310
1113171816161413131524
1616
Tur-key
41788876
7175818178796772726972
6460
Yugo-slavia
12
(2)
(2)
1(2)
1
11
(2)1
(2)
I1
Allother
577
10
8111099
119
101199
109
Table 3b. Latin America
Date
1954—Dec. 311955 Dec. 311956 Dec. 311957—Dec. 31
1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1959—Jan. 31*Feb. 28^
LatinAmer-
ica
728706840956
9901,0061,0231,0511,0241,0341,0491,0411,0781,0641,099
1,0731,055
Argen-tina
67
1528
2726232237494848353440
3839
Bo-livia
3443
33333333333
43
Brazil
2736972
100
141168184202189216200183165138148
176176
Chile
14141633
4140425054494847474752
5148
Co-lom-bia
107143145103
8785828071545449505151
4948
Cuba
719290
113
126116114123105105132127151155166
151150
Do-min-icanRe-pub-lic
357
15
121210117
111214191919
2023
ElSal-
vador
108
118
7666777
10101110
66
Guate-mala
4578
999988899
1012
1211
Mex-ico
116154213231
223224245257253241245276290294293
271260
Neth-er-
landsWestIndiesandSuri-nam
352
23333332466
43
Pan-ama,Re-pub-lic of
9171218
2024232125232624232323
2124
Peru
16293531
3035373833303028313131
2830
Uru-guay
7181542
5347433739424550545452
5043
Vene-zuela
63105144170
158157152141136138134125138139142
140139
OtherLatin
Amer-ica
27344951
5251485054555549494953
5253
Table 3c. Asia and All Other
Date
Asia
Total HongKong India Iran Israel Japan Phil-
ippinesTai- Thai-
land Other
All other
Total Aus-tralia
Bel-gian
Congo
Unionof
SouthAfrica
Other
1954_Dec. 311955_Dec. 311956—Dec. 311957—Dec. 31
1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1959—Jan. 31^Feb. 28*>
143233337386
406383460465450463462450442438435
396422
16182022
2628402929312927292727
2928
11101624
2121191918181921222723
2522
50103170146
148139214224229224222209196186179
168175
7191653
5853424532383941394167
3842
914
1312121617161414141613
1413
396091110
122108112114106119122121123120111
105124
37434350
4444487177767879817969
7963
14111113
1313131314121213141313
1212
12
712143638394141372923
2424
10171719
1612141417161717232927
3822
P Preliminary.1 See note 1 on preceding page.
2 Less than $500,000.3 Part of the United Arab Republic since February 1958.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 451
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Date, or areaand country
Long-term—total i
Short-term
Total
Payable in dollars
Total
Loans to:
Banks andofficialinstitu-tions
Others
Collec-tionsout-
standingOther
Payable in foreign currencies
TotalDeposits
withforeigners
Other
1954__Dec. 31..1955—Dec. 31..1956—Dec. 31..1957—Dec. 31..
1958—Feb. 28. .Mar. 3 1 . .Apr. 30..May 3 1 . .June 30..July 3 1 . .Aug. 3 1 . .Sept. 30..Oct. 3 1 . .Nov. 30..Dec. 3 1 . .
1959—Jan. 31 P.Feb. 28*.
Europe:Austria...Belgium..Denmark.Finland. .France.. .
Germany, Fed. Rep. of.,GreeceItalyNetherlandsNorwayPortugalSpainSweden. . . .Switzerland.Turkey
United Kingdom.YugoslaviaOther Europe
Total Europe.
Canada
Latin America:ArgentinaBoliviaBrazilChileColombiaCuba
Dominican RepublicEl SalvadorGuatemalaMexicoNetherlands W. Indies
and Surinam
Panama, Rep. ofPeruUruguayVenezuelaOther Latin America
Total Latin America.
441671839
1,167
,212,211,258,240,256,268,323,321,334,373,363
,373,363
2630
13
21
()2426
128
26
242
89
'ii'405
99
i3092
311
107
24132
5052
658
Total amounts outstanding
1,3871,5491,9462,199
2,2222,2752,4102,4802,4482,4912,5632,5422,5772,4872,542
2,4232,379
1,1761,3851,7962,052
2,0982,1192,2392,3142,2762,3102,3852,3252,3472,2982,344
2,2732,228
449489582627
603599712777764776871862859806840
780745
142236330303
329344343349349364370376394418428
408412
301353440423
432441448455432430423406428420421
417413
283307444699
734735736732730740720680666654656
667658
211164150147
125156171166172181178217230189198
150152
Area and country detail, December 31, 1958
765146
102
777365622
230244272
124
9
696
243
403
1485251166
191012
293
23315214253
,099
76414699
677355422
229193572
2919
571
181
403
1475251166
191012
291
23315213753
,092
2521
102104
()1821569
201
13
221
37266
106
53(2)115
16174
364
()
326
112
69
137
9923
11
59
18433716
208
20511133
1554
1414
104
6
11226102114
33725
4163
4625
218
4611586
35(2)11513
(2)
198
24
()6771522
333
92
30387
303
95
125
62
173144131132
110140157153159166165204212174181
135138
91
119
58
38201915
1516141413151313181616
1513
P Preliminary.1 Represents mainly loans with an original maturity of more than one
year.
2 Less than $500,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
452 INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Area andcountry
Asia:Hong KongIndiaIndonesia .IranIsrael
JapanKorea Rep ofPhilippinesTaiwanThailand . . .Other Asia
Total Asia
All other:AustraliaBelgian CongoEgypt3
Union of South A f r i c a . . . .Other
Total other countries. .
International
Grand Total
Long-term—tota l l
Short-term
Total
Payable in dollars
Total
Loans to :
Banks andofficialinstitu-
tions
Others
Collec-tionsout-
standingOther
Payable in foreign currencies
TotalDeposits
withforeigners
Other
Area and country detail, December 31, 1958—Continued
16
514
13
16
1327
95
152
1278
106
1,363
64
2723
1791
676
13109
435
1343
2327
69
2,542
54
2723
1771
676
13109
434
1242
2326
67
2,344
31
16
63
4958
98
234
1
1313
29
840
1
1
4
(2)
7
i "25
7
428
23
(2)27
222
12
39
70
53
78
24
421
1
15
89
16121
124
6
(2)
7
656
(2)
1
(2)
(2)
2
1
C2)(22
2
198
8
(2)
( 2 )
(2)
1
(2)
'
181
(2)
1
(2)
(2)
1
1
!
16
1 Represents mainly loans with an original maturity of more than 2 Less than $500,000.one year. 3 Part of the United Arab Republic since February 1958.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i
[In millions of dollars]
Year or month
1955 . . . .195619571958
1958_FebMarAprMayJuneJulyAugSectOctNovDec
1959—Jan.*>Feb v
U. S. Govt. bonds
Pur-chases
1 341883666
1,224
246657943
2691625238801758
12778
Sales
8121,018
7181,188
133529592
3231476336315153
2381
& notes
Net pur-chases,orsales ( - )
529-135
- 5 236
11313
- 1 6- 4 8- 5 3
16- 1 1
349
- 3 45
104- 2
U. S. corporate securities2
Pur-chases
1,8861,9071,6171,759
98129104115136168138154227192206
213181
Sales
1 7301,6151,4231,798
100128126118153163149153220182203
195164
Net pur-chases, orsales ( —)
156291194
- 3 8
- 21
- 2 1- 3
- 1 75
- 1 217
113
1817
Foreign bonds
Pur-chases
693607699889
54395281
149693943
16356
104
13499
Sales
509992
1 3921,915
14387
1153681921498939
194129231
186183
Net pur-chases, orsales ( - )
184-385— 693
-1 ,026
- 8 9- 4 8— 62
- 2 8 7- 4 3— 80- 5 0
4— 31- 7 3
- 1 2 7
- 5 2- 8 4
Foreign stocks
Pur-chases
664749593467
12222252425262749443738
4541
Sales
878875622804
20240344842474381756773
13573
Net pur-chases, orsales (-)
— 214- 1 2 6
— 29— 336
— 80- 1 8
g- 2 3- 1 7— 22— 16- 3 2— 31— 30— 35
— 90- 3 2
Preliminary.1 Includes transactions of international institutions.
2 Includes small amounts of U. S. municipal securities.3 Less than $500,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 453
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, (—). In millions of dollars]
Year or month
1955195619571958
1958—FebM a rAprMayJune . .JulyAugSept .OctNovDec
1959—Jan.*>Feb."
Tota l 2
156291194
- 3 8
- 21
- 2 1- 3
- 1 75
- 1 217
113
1817
Type of
Stocks
128256143
- 5 6
- 8- 1 4— 14
- 3- 214
- 1 6n
3
- 3
1915
security
Bonds
29355118
615
— 7
- 1 5- 9
484
106
- 22
Country
Belgium
142314
- 3
1
- 1
12
France
923
82
- 521
124
12
Neth-er-
lands
- 2 1- 735
- 8
- 41211
- 1
- 4
- 1- 1
Switz-er-
land
14214710119
- 22
- 8
- 445
1314
177
UnitedKing-dom
308777
33
- 3- 1
13
- 2
2- 4- 7
- 62
OtherEurope
107
201
10
12
- 2- 9
- 11
- 3
12
TotalEurope
183280255
11
38
- 1 33
- 3- 3- 4
4593
1315
Canada
- 8 0- 5 3- 9 9- 8 6
- 9- 1 1- 1 0- 9
- 1 0
- 6- 7- 6- 6
LatinAmer-
ica
27382323
341
- 1- 5
8- 6
2663
32
Allother2
26271514
i311
p\223
2
» Preliminary.1 Includes small amounts of U. S. municipal securities.
2 Includes transactions of international institutions.3 Less than $500,000.
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERMFOREIGN SECURITIES, BY AREAS
[Net sales, ( —). In millions of dollars]
Year ormonth
1955195619571958
1958—Feb....Mar... .Apr... .May. . .June. . .July.. . .Aug....Sept....Oct.. . .Nov....Dec... .
1959—Jan.?'...Feb.?. .
Inter-national
insti-tutions
- 2 7- 3 3
— 384- 5 5 8
- 1 3A
- 1 7-156- 9 1- 1 7- 1 5
3- 1 1
- 6- 9 6
- 4 46
Totalforeigncoun-tries
— 4- 4 7 8— 338- 8 0 5
- 1 5 7- 6 3- 5 5
- 1 5 431
- 8 4- 5 1- 3 1- 5 0- 9 7- 6 6
- 9 9- 1 2 3
Europe
- 4 68
231- 7 2
- 6 4- 2 3
71
82- 2 6- 1 1
12- 3 2
- 3- 9
- 3 7- 1 3
Can-ada
74- 4 4 7— 552- 5 4 3
- 9 3- 3 6- 4 9
- 1 3 0- 4 4- 5 5- 3 0- 1 0- 1 0- 6 7- 1 4
- 5 9- 6 4
LatinAmer-
ica
241715
5
20)
4421
- 82
- 10)
- 6
5- 3
Asia
- 4 9- 4 0— 45- 4 5
- 3- 3- 3- 4
2- 4- 1- 2- 3- 6- 8
- 9- 4 1
Allother
<y
- 1 613
- 1 5 0
20)
- 1 3- 2 5- 50)
- 1- 3 3
- 5- 2 2- 3 1
1- 2
Preliminary,i Less than $500,000.
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD ATFEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1
[In millions of dollars]
Date
1957—Dec. 31
1958—Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1959__j a n . 31Feb. 28Mar. 31
Deposits
356
266257234269288313258288226272
274310307
Assets in custody
U. S. Govt.securities2
3,729
3,3153,0683,0372,9743,1673,3443,6093,7773,8223,695
3,6813,8573,593
Miscel-laneous 3
353
421422405491541523493481487480
510509509
1 Excludes assets held for international institutions, and earmarkedgold. See note 4 at bottom of next page. For total gold under earmarkat Federal Reserve Banks for foreign and international accounts.
2 U . S. Treasury bills, certificates of indebtedness, notes and bonds.3 Consists of bankers ' acceptances, commercial paper, and foreign and
international bonds.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
454 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]
Area and country
Continental Western Europe:
FranceGermany (Fed. Rep. of)Italy . . . .NetherlandsPortugalSweden .SwitzerlandBank for Int'l SettlementsOther .
Total
Sterling Area:United Kingdom
Other
Total
Canada . . . •
Latin America:ArgentinaMexico
Other .
Total
Asia
All other
Total foreign countries. .
Grand total
Annual totals
1951
1-18.3- 2 0 . 0
- 4 . 5- 3 4 . 9- 3 2 . 0- 1 5 . 0- 3 0 . 4- 2 9 . 7
-184 .8
469.952 13.6
525.6
- 1 0 . 0
- 4 9 . 9- 6 0 . 2
- . 9- 1 5 . 0
-126 .0
- 5 3 . 7
- 7 6 . 0
75.2
75.2
1952
i-5.8
-10.0
-100.0-5.0
22.5
-17.3
-115.6
440.011.5- . 3
451.2
7.2
-20.087.7
-io.i57.5
- 6 . 7
393.6
1953
1-94.8
-130 .0
- 6 5 . 0- 5 9 . 9- 2 0 . 0- 6 5 . 0- 9 4 . 3- 1 7 . 5
-546 .4
-480.0
- . 5
-480.5
-84 .8-28 .1
- 1 8 . 8
-131 .8
- 5 . 7
-1 ,164 .3
393.61-1,164.3
1954
- 6 . 2
-225 .6
- 5 4 . 9- 1 5 . 0- 1 5 . 5- 2 0 . 0
8.8
-328 .3
- 5 0 . 0
- . 5
- 5 0 . 5
80.3- 3 0 . 0
12.2
62.5
- 9 . 9
- . 4
-326 .6
1955
- 6 7 . 5- 1 0 . 0
-5.6
4.0
-78.5
- . 1
- . 1
14.0
14.0
-4.9
1.0
-68.5
— 326.6| - 6 8 . 5
1956
3.4- 3 3 . 8
- 8 . 0
3 .0
- 2 0 . 2
100.3
100.3
14.6
115.3
-200 .056.4
-28.3
- . 2
14.1
80.2
200.0
280.2
1957
3 .4
25.0
339.3
67.7
5 .2
75.4
5.5
80.9
18.0
- . 2
171.6
600.0
1958
- 8 4 . 2-329 .4
-260 .9- 2 0 . 0
-215 .2-178 .3
38.4
-1 ,428 .3
-900 .0
-900 .0
67.2
1.8
69.0
4-27.1
n
-2 ,287 .1
- 7 . 1
771.61-2,294.2
Quarterly totals
1957
Oct.-Dec.
331.3
31.3
40.2
6 .4
46.6
14.9
92.8
1958
Jan.-Mar.
- 1 4 . 2
- 4 1 . 9
- 5 . 0- 1 5 . 1
- 7 6 . 2
-300 .0
-300 .0
- . 1
- . 1
- . 6
- . 5
-377.4
92.8-377.4
Apr.-June
-143 .6
" - i 6 8 . 8-62.9-20.0
-135.1-74.4-18.5
-623.2
-450.0
-450.0
- . 4
- . 4
- . 4
-1,074.1
— 7 1
-1,081.2
July-Sept.
-25.9-113.4
-46^4
-75.1-60.7- 2 . 3
-447.5
-50.0
-50.0
12.0
- . 3
11.7
- 2 . 7
- . 1
-488.5
-488.5
Oct.-Dec.
-58.3-58.3
' "*6 ' 3-109.7
-28.0329.2
-281.4
-100.0
-100.0
55.2
2.6
57.8
4-23.4
- . 1
-347.1
-347.1
1 Includes sales of gold to Belgian Congo as follows (in millions): 1951,$8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.3 Includes purchases of gold from Spain as follows (in millions): 1957,
$31.5; and 1958, $31.7.4 Includes sale of $30 million of gold to Japan.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]
Year
19461947194819491950
19511952.195319541955195619571958
Gold Stock(end of year)
Treas-ury
20,52922,75424,24424,42722,706
22,69523,18722,03021,71321,69021,94922 78120,534
Total i
20,70622,86824,39924,56322,820
22,87323,25222,09121,79321,75322,05822 85720,582
Increasein total
goldstock
623.122,162.11,530.4
164.6-1 ,743 .3
52.7379.8
-1 ,161 .9-297 .2- 4 0 . 9305.9798.8
-2 ,275 .1
Netgold
import,or
export
311.51,866.31,680.4
686.5-371 .3
-549 .0684.1
2.016.197.3
106.1104.3259.6
Ear-marked
gold: de-crease,or in-crease
465.4210.0
-159.2-495.7
-1,352.4
617.6-304.8
-1,170.8-325.2-132.4
318.5600.1
-2,515.0
Domes-tic goldproduc-
tion
51.275.870.967.380.1
66.367.469.065.165.765.363.063.0
Month
1958—MarAprMayJuneJulyAugSeptOctNovDec
1959_janFebMar
Gold Stock(end of month)
Treas-ury
22,39421,99621,59421,35621,21021,01120,87420,69020,60920,534
20,47620,479
^20,442
Total i
22,48722,04221,67421,41221,27521,08220,92920,74120,65320,582
20,52720,520
^20,486
Increasein total
goldstock
-248.7-445.1-367.8-262.4-136.5-193.1-153.2-188.4-88.0-70.7
-55.5- 6 . 7
P - 3 3 . 7
Netgold
import,or
export
6 026.017.9
3.418.03.7
71 25 .4
11.712.2
10.39 9
Ear-marked
gold: de-crease,or in-crease
— 252 0-471.5-355.2-285.0-164.3-196.7— 220 2-189 0
-96 .9-79 .3
-65 .6— 13 0
4-48.0
Domes-tic goldproduc-
tion
4 34 54 . 64 . 96 15.46 26 75.55.9
4.2(3)
v Preliminary.1 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasurygold) 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."
2 Net after payment of $687.5 million in gold as United States gold sub-scription to the International Monetary Fund.
3 Not yet available.4 Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $8,664.3 million on Mar. 31,1959.Gold under earmark is not included in the gold stock of the United States.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND DOLLAR HOLDINGS 455
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONALINSTITUTIONS
[In millions of dollars]
Area and Country
Dec. 31, 1956
Gold&short-term
dollars
U. S.Govt.bonds
& notes
Dec. 31, 1957
Gold&short-term
dollars
U. S.Govt.bonds
& notes
Mar. 31, 1958
Gold&short-term
dollars
U. S.Govt.bonds
& notes
June 30, 1958
Gold&short-term
dollars
U. S.Govt.bonds
& notes
Sept. 30, 1958
Gold&short-term
dollars
U. S.Govt.bonds
& notes
Dec. 31, 1958*
Gold&short-term
dollars
U.S.Govt.bonds
& notes
Continental Western Europe:AustriaBelgium-Luxembourg (and Belgian Congo).DenmarkFinlandFrance (and dependencies) iGermany (Federal Republic of)GreeceItalyNetherlands (and Netherlands West Indies
and Surinam)NorwayPortugal (and dependencies)Spain (and dependencies)SwedenSwitzerlandTurkeyOther3
Total.
Sterling Area:United KingdomUnited Kingdom dependencies.AustraliaIndiaUnion of South AfricaOther
Total.
Canada
Latin America:ArgentinaBrazilChile.ColombiaCubaGuatemalaMexicoPanama, Republic of..PeruUruguayVenezuelaOther
Total.
Asia:Indonesia...IranJapanPhiliopines.Thailand. . .Other
Total.
All other:Egypt 5..Other.. .
Total
Total foreign countries6.
International institutions
Grand total6
3671,227
9688
1,5053,329
1871,268
1,071117628176483
2,512164917
14,135
:,812103191323277228
3,934
2,629
37054913721034791600109119259
1,058274
4,123
231158
1,145294260707
2,795
238129
367
27,983
3,144
31,127
987
()131(2)12
4521,18214399946
4,099167
1,531
1,044138651126479
2,685162851
14105(2)
5128
8
4581,25916296911
3,971167
1,528
1,260150658130461
2,624157963
1495(2)
8118
4661,393
14582890
4,043135
1,678
1,289151678132458
2,689156
1,132
7765
2612
1389(2)
488
5541,47119398
1,0194,330
1251,934
1,389144694134496
2,738154
1,165
1397
6051,522200104
1,1344,394
1392,208
1,497173707106507
2,778164
1,371
298
2034
(2)
114
14,755
2,875104211329255228
319
2054
14,955
3,460102218326231230
296
241
15,517
3,810101222328183230
269
2204(2)
135
16,638
3,851100228320216233
259
2164
17,609
3,725110241324241251
223
367
4,002
2,738
2634561152153719256613688
2351,554277
245
457
1(2)154
1
4,567
2,722
2704401172003719353614482
2661,428300
284
441
()146
1(2)212
4,874
3,087
2654501261924179148513493257
1,460304
261
345
()86(2)
4,948
3,032
2444581242074097551714392262
1,233272
263
346
1(2)86(2)
1(2)
212
4,892
3,089
20346314024136669
456214696262
1,213247
190 4,368
190193714181269777
176 4,247
128190833196269773
168 4,274
127202932175260765
108 4,036
129181
1,011191252723
108 4,008
145184
1,098191246777
17 2,324
228162
16 2,389
216170
15 2,461
192152
1,103
391
1,494
390
28,577
2,697
31,274
7
1,220
222
1,442
386
29,266
2,563
31,829
1,212
356
1,568
344
30,557
2,696
33,253
14
7
7
,004
446
,450
2,487
192136
12 2,641
190140
328
31,469
2,789
34,258
996
462
1,458
330
32,569
2,876
35,445
7661
1213
15120
31076
3
274
1944
41
240
341
()86( 22
2
11
106
14
983
495
,478
p Preliminary.1 Excludes gold holdings of French Exchange Stabilization Fund.2 Less than $500,000.3 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributedby the Tripartite Commission for Restitution of Monetary Gold, andunpublished gold reserves of certain Western European countries.
4 Includes latest reported figure (Nov. 30) for gold reserves.5 Part of the United Arab Republic since February 1958.
6 Excludes gold reserves of the U. S. S. R., other Eastern Europeancountries, and China Mainland.
NOTE.—Gold and short-term dollars include reported and estimatedofficial gold reserves, and total dollar holdings as shown in Short-termLiabilities to Foreigners Reported by Banks in the United States byCountries (Tables 1 and la-Id of the preceding section). U. S. Govt.bonds and notes represent estimated holdings with original maturitiesof more than one year; these estimates are based on a survey of selectedU. S. banks and on monthly reports of security transactions.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
456 GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End ofmonth
1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec
1958 FebMarAprMayJuneJulyAugSentOctNovDec
1959 j a n
Feb
End ofmonth
1952 Dec1953 Dec1954—Dec1955 Dec1956 Dec1957 Dec
1958 FebMarAprMayJuneJulyAusSeptOctNovDec
1959 JanFeb
End ofmonth
1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec
1958 FebMarAprMayJune . .July
SeptOct.NovDec
1959 JanFeb
Esti-matedtotal
worldl
36,00036,43537,08037,74038,24538,970
39,135
39,395
39,545
^39,865
Cuba
214186186136136136
13613613613613613613613513512080
Iran
138137138138138138
138138138138138138138138141141141
141141
Int'lMone-
taryFund
1,6921,7021,7401,8081,6921,180
1.182,186
I 2381,2411,2421,2421,2471,307,307
1,331.332
1 332
Den-mark
313131313131
3131313131313131313131
3131
Iraq
81420
25252525252525252534
UnitedStates
23,25222,09121,79321,75322,05822,857
22,73622,48722,04221,67421,41221,27521,08220,92920,74120,65320,582
20 52720,520
Domin-ican
Repub-lic
121212121111
1111111111111111111111
1111
Ire-land,
Repub-lic of
181818181818
1818181818181818181818
1818
Esti-matedrest ofworld
11,05512,64013,54514,18014,49514,935
15,460
16,740
17,310
*>17,950
Ecua-dor
232323232222
2222222222222222222222
2222
Italy
346346346352338452
462462417491607677754847907995
1,086
Argen-tina
287372372372224126
126126126126125125125
Egypt 2
174174174174188188
188174174174174174174174174174174
174174
Leb-anon
313563747791
9191919191919191919191
9195
Aus-tralia
112117138144107126
133136
143147150153154157160162
El Sal-vador
292929282831
3131313131313131313131
3131
Mex-ico
14415862
142167180
159158156154153150148147146144
Aus-tria
5252627171
103
103103103103103107125136144155194
200208
Fin-land
262631353535
3535353535353535353535
3538
Nether-lands
544737796865844744
828847862881910920944956999
1,0261,050
1 1251,145
Bel-gian
Congo
8010111511612281
7886858483828282838383
78
France3
573576576861861575
575575575575575589589589589589589
589589
NewZealand
333333333333
3333333333333333333333
3333
Bel-gium
706776778929928913
967998
J.0281,0991,1431,1821,2131,2281,2511,2701,270
1 2481,225
Ger-many,
FederalRepublic
of
140328626920
1,4942,542
2,4892,4602,4922,4992,5752,5812,5872,5972 6332,6392,639
2,678
Nor-way
505245455045
4543434343434343434343
4343
Brazil
320321322323324324
324324324324325325325325325325325
325325
Greece
101111111013
1313
Paki-stan
383838484949
4949494949494949494949
4949
Canada
896996
1,0801.141
,113,115
,086,096101
,089,086096
,088,088085
,0891,078
I 0761,082
Gaute-mala
272727272727
2727272727272727272727
2727
Peru
463635353528
2020202020202020191919
1919
Chile
424242444640
4040404040404040404040
4040
India
247247247247247247
247247247247247247247247247247247
247247
Phil-ippines
999
1622
6
7gg
1011121314159
10
117
Co-lombia
768686865762
6465656667686970707172
72
Indo-nesia
23514581814539
3939383838383838383837
3737
Portu-gal
286361429428448461
454454454474474474486486486486493
498498
Preliminary. For other notes see following page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND PRODUCTION 457
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
End ofmonth
1952—Dec . . .1953—Dec1954 Dec1955—Dec1956—Dec1957—Dec
1958—FebMarAprMayJuneJulyAugSentOctNovDec
1959 JanFeb
SouthAfrica
170176199212224217
212193179161159167180188201210211
212211
Sweden
184218265276266219
209203203203204204204204204204204
204204
Switzer-land
1,4111,4591,5131,5971,6761,718
1,7331,7201,7701,8361 .8571,907I 929,934
1,9351,9241,925
1,9931,993
Syria2
141417191924
24242424242424242424
Thai-land
113113113112112112
112112112112112112112112112112112
Turkey
143143144144144144
144144144144144144144144144144144
144144
UnitedKing-dom4
1,8462 5182,7622,1202 1332,273
2,5392,7702 9143,0393,0763 0843 0893,1203,1743,2153,069
3,1113,156
Uru-guay
207227227216186180
180180180180180180180180180180180
180
Vene-zuela
373373403403603719
719719719720720719719719719719719
719719
Yugo-slavia
121314161713
1214141414141515151717
1717
Bankfor
Int'lSettle-ments
196193196217179165
162182212254200167171187198238339
312351
Euro-peanPay-
mentsUnion
158153153244268254
126
126
126
126
P Preliminary.i Excludes U.S.S.R., other Eastern European countries, and China
Mainland.Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various centralbanks and governments, estimated holdings of British Exchange Equaliza-tion Account based on figures shown for United Kingdom, and esti-mated official holdings of countries from which no reports are received.
2 Part of the United Arab Republic since February 1958.3 Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).4 Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by BritishGovernment; prior to that time represents reserves of gold and UnitedStates and Canadian dollars.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Yn
1950.19511952.1953195419551956.1957
ear orno nth
1958 Tfln
1959-
Feb. . .
AprM a y . . . .JuneJulyAugSeptOctNovDec
Jan
Estimatedworld
production(excl.
U.S.S.R.)
864.5840.0868.0864.5913.5959.0994.0
1,036.7
Total
781.7763.1785.7780.5830.4877 7914.8955.8
80 075.9
279 9279.5281.1281.2
SouthAfrica
408403.413417462510556
?
17947
596.2
494750505150525253545353
54
6
13664600
1
1
Africa
Rho-desia
17.917.017.417.518.818 418.818.8
1 51.51 61.61.61.61.51.61.71 61 71 7
Ghana
24.122.923.825.427.523.821.927.7
2 . 52 .52 . 52.42.42.52.52.52.52.42 52 2
BelgianCongo
171?12131?1313
1
1
1
11
1
1
03
.908011
499
.2
.0
.49
.2
.1907
2
Production reported monthly
UnitedStates
80.166.367.469.065.165.765.363.0
4 . 44 . 44 . 34.54.64.96.15.46.26.75 55 9
4 2
Canada
155153.156.142.152.
]
47548
159.1153.154.
13.12.13 .13.13.13.13.12.13.14.1213
47
57434
8
0Q
1
^orth and South America
Mex-ico
1413161613131?1?
111
8.195431
0
4
ON
ON
ON
Nica-ragua !
8889887
0891?16
6 .9
65S
.6
.6
.67
.7
.6666
5
Brazil
4 . 64 . 84.94.04 . 23 94 . 34 . 2
.4
.3
.4
.3
.4
.3
.4
.3
.4
.33
.3
Chile
6.76.16.24.64 . 44 . 33 .33 .6
.3
.2
Colom-bia
13
14
1313
11
11
11
3
.83
34
509
.0
\l3
.9
.93
Other
Aus-tralia
30313437
4337
39.1363637
23
719
90
2.93.23.33.733
3
051
India
67878776
79
.984433
555
.5
.4
.55
.5
.55
1 Gold exports, representing about 90 per cent of total production.2 Excluding Chile.Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Ghana, Belgian Congo and Brazil, data for which are from AmericanBureau of Metal Statistics. For the United States, annual figures arefrom the U. S. Bureau of the Mint and monthly figures are from AmericanBureau of Metal Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
458 INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION ANDDEVELOPMENT
[End-of-month figures. In millions of dollars]
Item
Dollar deposits and U. S. securitiesOther currencies and securities1...Effective loans*Other assets3
IBRD bonds outstandingUndisbursed loansOther liabilitiesReservesCapital
1957
Dec.
602813
2,60675
1,26962021
3191,867
1958
Mar.
683767
2,79590
1,40569924
3351,872
June
917752
2,82993
1,65867527
3501,881
Sept.
900747
2,99991
1,687753
27366
1,904
Dec.
943693
3,275101
1,79291024
3821,904
Area and member country4
Continental Western Europe,total
AustriaBelgium and Luxembourg..DenmarkFinlandFranceItalyNetherlandsNorwayTurkeyYugoslavia
Sterling area, totalAustraliaCeylonIndiaPakistanUnion of S. AfricaUnited KingdomOther
Latin America, totalBrazilChileColumbiaEcuadorEl SalvadorMexicoNicaraguaPeruUruguayOther
Asia (excluding Sterling area),total
IranJapanLebanonMalayaPhilippinesThailand
Africa (excluding Sterlingarea), total
EthiopiaSudan
Total
Loans by country, Feb. 28, 1959
Prin-cipal
1,32792
1736065
267238236756161
1,38631825
50712618519332
909255
741194632
18623626448
51775
254273619
107
632439
74,201
Dis-bursed
1,14259
1454058
267158236
615861
1,095314
1337977
16512820
65017045981023
15620395336
27775
1473
(6)9
43
20119
3,185
Re-paid
228
185
1523
3150
15
12226
3153777
10225
826
464
Outstanding
TotalSold
toothers5
26675
1423
(6)9
37
2,721
91559127354324415586605352
973288123496212812113
5481463772102214115344526
106434421219292
1193513132426
19(6)12(6)(6)8
32
205
12
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1959
Jan.
Item
GoldInvestments9
Currencies: iUnited StatesOther
Unpaid member subscriptionsOther assets
Member subscriptionsAccumulated net incomeReserves and liabilities
Jan.
1
5
9
,180200
769,9928748
,01634
1958
Apr.
1
6
9
,238200
696,0608988
,088
July
1,242200
6646,1198738
9,088(10)
18
Oct.
1,307200
7176,0259589
9,193(10)
23
1,332200
7805,958
9799
9,228
Country
ArgentinaBoliviaBrazilBurmaChile
ColombiaCubaDenmarkFranceHaiti
IndiaIndonesiaIranNicaragua
ParaguayPeruPhilippinesSudanTurkey
Union of SouthAfrica
United Arab Re-public
United Kingdom.United S ta tes . . . .Yugoslavia
Quota
Total
15010
1501550
505068
525
40011035
25151043
100
601,3002,750
60
Paidin
gold
383
3819
13136
1082
281692
234
25
10236688
Cumulative net drawingson the Fund
1958
Jan.
757
751531
252534
2631
2005525
30562
H-1,94323
Dec.
759
1131242
3025
9394
4
20055172
610155
39
36
30545
n-l,91623
1959
Jan.
91131242
30259
3944
20055172
610155
39
36
30545
n-l,92823
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 besold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.4 Loans to dependencies are included with member.5 Includes also effective loans agreed to be sold but not yet disbursed.6 Less than $500,000.7 Includes $55 million in loans not yet effective.8 Includes $247 million not guaranteed by the Bank.9 U. S. Treasury bills purchased with proceeds from sale of gold,i o Transferred to general reserve.11 Represents sales of U. S. dollars by the Fund to member countries
or local currencies, less repurchases of such currencies with dollars.
268
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U. S. BALANCE OF PAYMENTS 459
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates. Quarterly totals in millions of dollars]
1955 1956 1957 1958
Exports of goods and services, total1..MerchandiseServices*
Imports of goods and services, total...MerchandiseServicesMilitary expenditures
Balance on goods and services1
Unilateral transfers (net) 3Private remittances and pensions...Government nonmilitary grants.. . .
U. S. long- and short-term capital (net)3
Private, totalDirect investmentPortfolio and short-term invest-
mentGovernment
Foreign capital and gold (net)Increase in foreign short-term assets
and Government securitiesIncrease in other foreign assetsGold sales by United States
Errors and omissions
5,4623,8511,611
4,6523,119838695
810
-590-154-436
-567-549-272
-277-18
218
16858
129
5,3473,9541,393
4,8553,254
859742
492
-567-151-416
-550-417-288
-129-133
621
508125
- 1 2
5,9524,4121,540
5,0433,1721,041
830
909
-616-157-459
-891-683-342
-341-208
445
391157
-103
153
5,6984,0961,602
5,0693,1541,262
653
629
-517-158-359
-985-801-512
-289-184
661
678147
-164
212
6,5214,8591,662
4,8433,211
947685
1,678
-632-171-461
-1,180-1,079
-697
-382-101
-189
-275113
- 2 7
323
6,6985,0961,602
5,0273,298
880849
1,671
-561-170-391
-1,095-840-402
-438-255
- 3 7 7
-195166
-348
362
6,9445,1431,801
5,2893,3421,071
876
1,655
-665-173-492
-1,557-1,363
-993
-370-194
305
503127
-325
262
6,2524,4471,805
5,2993,2661,340
693
953
-506- 1 7 2- 3 3 4
-551-410-339
- 7 1-141
-256
-24718
- 2 7
360
6,5824,6411,941
5,0923,3851,005
702
1,490
-575-179-396
-971-598-338
-260
-373
164
21250
- 9 8-108
'5,5464,053
1,493
4,8503,143
878829
'696
-547-168-379
-927-684-159
-525-243
'608
'21919
370
170
'5,8854,186
1,699
5,2113,1701,137
904
'674
-596-170-426
-1,248-1,030
-419
-611
-218
1,097
'27- 5
1,07573
5,5443,8041,740
5,3183,1171,357
844
226
-549-181-368
-795-467-157
-310-328
898
441- 2 6483
220
6,1004,1641,936
5,3123,5141,010
788
788
-615-111-438
-917-743-400
-343-174
826
44435
347
- 8 2
v Preliminary. ' Revised.1 Excluding military transfers under grants.
2 Including military transactions.3 Minus sign indicates net outflow.
OPEN MARKET RATES
[Per cent per annum]
Month
1956—Dec1957 Dec
1958—FebMarAprMayJuneJulyAugSeptOctNovDec
1959—JanFeb
Canada
Treasurybills
3 monthsl
3.613.65
2.992.441.651.561.751.311.292.022.483.003.46
3.343.70
Day-to-day
money2
3.183.60
3.052.611.641.551.721.18
.67
.481.512.10
'2.07
2.072.96
United Kingdom
Bankers'accept-ances
3 months
5.076.67
6.175.985.475.244.654.313.983.823.803.673.34
3.283.23
Treasurybills
3 months
4.946.43
6.025.785.285.024.454.153.813.653.653.463.16
3.123.09
Day-to-day
money
4.155.67
5.575.234.714.533.953.623.363.173.192.972.70
2.732.66
Bankers'allowance
ondeposits
3.505.00
5.004.654.003.853.303.002.702.502.502.322.00
2.002.00
France
Day-to-day
money3
3.555.72
5.255.966.78
10.047.516.856.976.465.505.266.07
4.39
Germany
Treasurybills
60-90days 4
4.753.75
3.253.253.253.252.752.632.502.502.382.382.38
2.252.25
Day-to-day
money5
4.813.25
3.633.443.563.383.442.882.562.882.562.882.63
2.382.94
Netherlands
Treasurybills
3 months
3.484.64
3.883.143.182.972.902.882.622.622.832.402.26
2.041.75
Day-to-day
money
3.233.33
3.262.772.932.392.342.492.082.162.501.791.50
1.581.26
Switzer-land
Privatediscount
rate
1.502.50
2.502.502.502.502.502.502.502.502.502.502.50
2.50
' Revised.1 Based on average yield of weekly tenders during month.2 B d kl f d i l l i t
sed on a g y y g2 Based on weekly averages of daily closing rates.3 Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.4 Rate in effect at end of month.5 Based on average of lowest and highest quotation during month.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
460 MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Country
Argentina2
AustriaBelgiumBrazil2
Burma
Canada3
CeylonChile2
Colombia2 . . . .Costa Rica2
Cuba2
EcuadorEgyptEl Salvador2 .
Finland2
FranceGermanvGreece
IcelandIndia 5Indonesia2
IranIreland
IsraelItaly
^MexicoNetherlands
New ZealandNicaraguaNorwayPakistanPeru2
Philippine Republic2
PortugalSouth AfricaSpainSweden
Switzerland . . .ThailandTurkeyUnited KingdomVenezuela
Rate as ofMar. 31, 1958
Percent
6.05.04.256.03.0
2.522.56.04.03.0
5.55.5
10.03.04.0
6.55.03.5
10.02.0
7.04.03.04.05.5
6.04.08.44.54.0
7.06.03.53.06.0
4.52.04.55.05.0
2.57.06.06.02.0
Montheffective
Dec. 1957Nov. 1955Mar. 1958May 1955Feb. 1948
Mar. 1958June 1954Feb. 1957July 1933Apr. 1939
Dec. 1957May 1955May 1948Nov. 1952Apr. 1957
Apr. 1956Aug. 1957Jan. 1958May 1956Jan. 1953
Apr. 1952May 1957Apr. 1946Aug. 1948Mar. 1958
Feb. 1955Apr. 1950May 1957June 1942Mar. 1958
Oct. 1955Apr. 1954Feb. 1955July 1948Nov. 1947
Sept. 1957Jan. 1944Sept. 1955July 1957July 1957
May 1957Feb. 1945June 1956Mar. 1958May 1947
Changes during the last 12 months
1958
Apr.
10.0
1.62
5.0
May
1.79
5 0
4 5
5.5
June
4.0
1.97
3 0
3 57.67
3 5
5.0
July
3.75
1.12
Aug.
3.5
1.74
4.5
4.5
Sept.
2.52
4 5
7.3
Oct.
3.08
4.5
Nov.
3.13
4 25
3 0
4.0
Dec.
3.74
1959
Jan.
3 25
3.53
2 75
2 75
4 0
4 0
Feb.
4.32
4 25
6 94
6 5
2.0
Mar.
4.55
6.0
Rateas of
Mar. 31,1959
6.05.03.25
10.03.0
4.552.56.04.03.0
5.54.5
10.03.04.0
6.04.252.75
10.02.0
7.04.03.04.04.25
6.03.56.944.52.75
7.06.03.54.06.0
6.52.04.05.04.5
2.07.06.04.02.0
1 Rates shown represent mainly those at which the central bank eitherdiscounts or makes advances against eligible commercial paper and/orgovernment securities for commercial banks or brokers. For countrieswith more than one rate applicable to such discounts or advances, therate shown is the one at which the largest proportion of central bankcredit operations is understood to be transacted. In certain cases otherrates for these countries are given in note 2.
2 Discounts or advances at other rates include: Argentina—3 and 5per cent for certain rural and industrial paper, depending on type oftransaction; Brazil—8 per cent for secured paper and 4 per cent forcertain agricultural paper; Chile—rates of more than 6 per cent forrediscounts in excess of 50 per cent of the rediscounting bank's capitaland reserves, and 2 and 4 per cent for certain types of agricultural paper;Colombia—3 per cent for agricultural paper and for loans on productsin bonded warehouses; Costa Rica—5 per cent for paper related to com-mercial transactions (rate shown is for agricultural and industrial paper);Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by
national public securities; El Salvador—3 per cent for agricultural andindustrial paper and 2 per cent for special cases; Finland—rates rangingup to 7.25 per cent for longer term paper (rate shown is for 3 monthscommercial paper); Indonesia—various rates depending on type of paper,collateral, commodity involved, etc.; Japan—penalty rates (exceedingthe basic rate shown) for borrowings from the Central bank in excessof an individual bank's quota; Peru—4 per cent for industrial paper andmining paper, and 3 per cent for most agricultural paper; and PhilippineRepublic—4.5 per cent for crop loan paper and 5 per cent for exportpacking credit paper.
3 Since Nov. 1, 1956, the discount rate has been set each week atVA of one per cent above the latest average tender rate for Treasury bills;end-of-month rate shown.
4 Rate shown is for advances only.5 Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES 461
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Year or month
Argentina(peso)
Official Free
Aus-tralia
(pound)
Austria(schilling)
Belgium(franc)
Canada(dollar)
Ceylon(rupee)
Finland(markka)
1953.1954.1955.1956.1957.1958.
1958—Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..Dec..
1959—Jan...Feb..Mar..
5.5565.55615.556
5.5565.5565.5565.5565.5565.5565.5565.5565.556
15.556
7.1987.1987.1832.8352.506
12.207
2.6102.4442.3772.3762.3522.2212.0251.6561.386
U.518
21.51871.52421.4703
224.12223.80222.41222.76222.57223.88
224.33224.47224.36223.99223.42223.51223.37223.67223.55223.41
223.62223.85224.12
3.85803.85803.85803.85803.85393.8536
3.85363.85363.85363.85363.853685368536853685368536
3.84443.84813.8484
2.00091.99751.99052.00301.99062.0044
2.00412.00472.00502.00502.00492.00502.00562.00612.00562.0057
2.00032.00041.9997
101.650102.724101.401101.600104.291103.025
102.312103.011103.396103.960104.162103.645102.357103.005103.253103.660
103.402102.583103.117
21.04621.01720.89420.94620.91321.049
21.07221.08821.08521.06620.99621.02021.01621.04921.03921.032
21.04621.06321.074
.4354
.4354
.4354
.4354
.3995
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3118
.3115
.3114
.3114
Year or monthFrance(franc)
Germany(deutsche
mark)
India(rupee)
Ireland(pound)
Italy(lira)
Japan(yen)
Malay-sia
(dollar)
Mexico(peso)
Neth-erlands
(guilder)
1953.1954.1955.1956.1957.1958.
1958—Mar..Apr..May.June.July..Aug..Sept..Oct..Nov..Dec.
1959—Jan...Feb...Mar..
.23763.2374
.2376
.2376
.2376
.2376
.2379
.2382
.2381
.2381
.23813.2330
.2037
.2037
.2039
23.83823.76523.78623.79823.848
23.79323.80823.85823.85323.85623.86123.86723.89223.89723.907
23.93023.92823.914
21.04921.02020.89420.93420.91021.048
21.08621.10121.09221.06221.00021.01921.00321.02921.02621.015
21.04121.05921.073
281.27280.87279.13279.57279.32280.98
281.54281.71281.57281.11280.40280.51280.33280.70280.55280.38
280.65280.93281.27 4.1610
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.59532.64132.62432.58232.52732.767
32.81132.83032.82132.77532.68832.70132.67232.74432.82832.768
32.83832.89232.917
11.6079.0528.0068.0068.0068.006
8.0068.0068.0068.0068.0068.0068.0068.0068.0068.006
8.0068.0068.006
26.34026.38126.23026.11326.17026.418
26.37826.38826.38826.38026.39126.40926.43426.50826.50826.506
26.51426.50026.488
Year or monthNew
Zealand(pound)
Norway(krone)
Philip-pine
Republic(peso)
Portu-gal
(escudo)
SouthAfrica
(pound)
Spain(peseta)
Sweden(krona)
Swit-zerland(franc)
UnitedKing-dom
(pound)
195319541955195619571958
1958—Mar.
May!June.July.Aug.,Sept.Oct..Nov.Dec.
1959—Jan..Feb..Mar.
278.48278.09276.36276.80276.56278.19
278.75278.92278.78278.33277.62211.13277.55277.93211.IS277.60
211.81278.15278.49
14.01514.00814.00814.00814.00814.008
14.00814.00814.00814.00814.00814.00814.00814.00814.00814.009
14.01214.01814.029
49.67649.67749.67749.67649.69349.695
49.69549.69549.69549.69549.69549.69549.69549.69549.69549.695
49.69549.69549.695
3.48873.49003.49003.49003.49003.4900
3.49003.49003.49003.49003.49003.49003.49003.49003.49003.4900
3.49173.49743.4980
280.21279.82278.09278.52278.28279.93
280.49280.65280.52280.06279.35279.46279.28279.66279.51279.33
279.60279.88280.22
52.3810
2.38102.38102.38102.38102.38102.38102.38102.38102.38102.3810
2.38102.38102.3810
19.32319.33319.33319.33319.33119.328
19.32819.32819.32819.32819.32819.32819.32819.32819.32819.329
19.32619.32719.325
23.31623.32223.33123.33423.33023.328
23.33523.33523.33523.33523.33523.33523.33523.30023.30023.317
23.19023.18423.133
281.27280.87279.13279.57279.32280.98
281.54281.71281.57281.11280.40280.51280.33280.70280.55280.38
280.65280.93281.27
1 Based on quotations through Dec. 29, 1958.2 Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and freerates.
3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957i
was extended to all foreign exchange transactions on Oct. 28, 1957, andon June 23, 1958, became the official rate. On Dec. 29, 1958, the francwas further devalued to 493.706 francs per U. S. dollar.
4 Based on quotations beginning Mar. 2, 1959.5 Based on quotations beginning Jan. 2, 1958.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORSof the Federal Reserve System
W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice ChairmanM. S. SZYMCZAK J. L. ROBERTSON CHAS. N. SHEPARDSON
A. L. MILLS, JR. G. H. KING, JR.
ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board JEROME W. SHAY, Legislative Counsel
CHARLES MOLONY, Special Assistant to the Board
OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryCLARKE L. FAUVER, Assistant Secretary
LEGAL DIVISIONHOWARD H. HACKLEY, General CounselFREDERIC SOLOMON, Assistant General CounselDAVID B. HEXTER, Assistant General CounselG. HOWLAND CHASE, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General
Counsel
DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, DirectorFRANK R. GARFIELD, AdviserGUY E. NOYES, AdviserROLAND I. ROBINSON, AdviserSUSAN S. BURR, Associate AdviserALBERT R. KOCH, Associate AdviserKENNETH B. WILLIAMS, Associate AdviserLEWIS N. DEMBITZ, Research Associate
DIVISION OF INTERNATIONAL FINANCEARTHUR W. MARGET, DirectorJ. HERBERT FURTH, Associate AdivserA. B. HERSEY, Associate AdviserROBERT L. SAMMONS, Associate Adviser
DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director
DIVISION OF EXAMINATIONS
ROBERT C. MASTERS, Director
C. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorGLENN M. GOODMAN, Assistant DirectorHENRY BENNER, Assistant DirectorJAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
J. J. CONNELL, ControllerSAMPSON H. BASS, Assistant Controller
OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator
463
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
464 FEDERAL RESERVE BULLETIN • APRIL 1959
Federal Open Market CommitteeW M . M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman
CARL E. ALLEN J. A. ERICKSON J. L. ROBERTSON
C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON
FREDERICK L. DEMING G. H. KING, JR. M. S. SZYMCZAK
A. L. MILLS, JR.
WINFIELD W. RIEFLER, Secretary HOMER JONES, Associate EconomistELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate EconomistMERRITT SHERMAN, Assistant Secretary GEORGE W. MITCHELL, Associate EconomistKENNETH A. KENYON, Assistant Secretary FRANKLIN L. PARSONS, Associate EconomistHOWARD H. HACKLEY, General Counsel ROBERT V. ROOSA, Associate EconomistFREDERIC SOLOMON, Assistant General Counsel PARKER B. WILLIS, Associate EconomistWOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager, System Open Market Account
Federal Advisory CouncilLLOYD D. BRACE, BOSTON, Vice President HOMER J. LIVINGSTON, CHICAGO, PresidentJOHN J. MCCLOY, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS
CASIMIR A . SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS
REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY
JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS
JOHN A. SIBLEY, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary
Federal Reserve Banks and BranchesChairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE CHAIRMAN AND _ _BANK O F - FEDERAL RESERVE AGENT D E P U T Y CHAIRMAN
BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL
NEW YORK JOHN E. BIERWIRTH FORREST F. HILL
PHILADELPHIA HENDERSON SUPPLEE, JR. LESTER V. CHANDLER
CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON
RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD
ATLANTA WALTER M. MITCHELL HARLLEE BRANCH, JR.
CHICAGO BERT R. PRALL J. STUART RUSSELL
ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL
MINNEAPOLIS LESLIE N. PERRIN O. B. JESNESS
KANSAS CITY RAYMOND W. HALL JOE W. SEACREST
DALLAS ROBERT J. SMITH HAL BOGLE
SAN FRANCISCO A. H. BRAWNER Y. FRANK FREEMAN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 465
Presidents and Vice Presidents
FederalReserveBank of
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
PresidentFirst Vice President
J. A. EricksonE. O. Latham
Alfred HayesWilliam F. Treiber
Karl R. BoppRobert N. Hilkert
W. D. FultonDonald S. Thompson
Hugh LeachEdward A. Wayne
Malcolm BryanLewis M. Clark
Carl E. AllenE. C. Harris
Delos C. JohnsGuy S. Freutel
Frederick L. DemingA. W. Mills
H. G. LeedyHenry O. Koppang
Watrous H. IronsHarry A. Shuford
H. N. MangelsEliot J. Swan
Vice Presidents(Vice Presidents in charge of branches are
listed in lower section of this page)
D. Harry AngneyAnsgar R. Berge
Harold A. BilbyJohn ExterMarcus A. Harris
Joseph R. CampbellWallace M. CatanachDavid P. Eastburn
Dwight L. AllenRoger R. Clouse
N. L. ArmisteadJ. Dewey DaaneAubrey N. Heflin
J. E. DenmarkJohn L. Liles, Jr.J. E. McCorvey
Ernest T. BaughmanW. R. DiercksA. M. Gustavson
Homer JonesGeorge E. Kroner
C. W. GrothM. B. Holmgren
John T. BoysenGeorge H. Clay
James L. CauthenThomas A. HardinG. R. Murff
J. L. BarbonchielliH. E. HemmingsA. B. Merritt
George H. EllisBenjamin F. Groot
Herbert H. KimballRobert V. RoosaRobert G. Rouse
Murdoch K. GoodwinPhilip M. Poorman
Clyde HarrellL. Merle Hostetler
Upton S. MartinJoseph M. NowlanJames M. Slay
Harold T. PattersonL. B. Raisty
Hugh J. HelmerPaul C. HodgeRobert C. Holland
Dale M. LewisHoward H. Weigel
A. W. JohnsonH. G. McConnell
Joseph S. HandfordE. U. Sherman
Thomas W. PlantL. G. Pondrom
E. R. MillardR. H. Morrill
Dana D. SawyerO. A. Schlaikjer
Walter H. Rozell, Jr.Todd G. TieboutR. B. Wiltse
James V. VergariRichard G. Wilgus
Martin MorrisonPaul C. Stetzelberger
Thomas I. StorrsC. B. Strathy
Earle L. RauberS. P. Schuessler
C. T. LaiblyGeorge W. MitchellH. J. Newman
Joseph C. Wotawa
M. H. Strothman, Jr.
Clarence W. TowD. W. Woolley
Morgan H. RiceCharls E. Walker
John A. O'KaneO. P. Wheeler
Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal ReserveBank of
New YorkCleveland
Richmond
Atlanta
ChicagoSt. Louis
Branch
BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis
Vice Presidents
I. B. SmithR. G. JohnsonJ. W. KossinD. F. HagnerR. L. CherryH. C. FrazerT. A. LanfordR. E. Moody, Jr.M. L. ShawR. A. SwaneyFred BurtonDonald L. HenryDarryl R. Francis
Federal ReserveBank of
Minneapolis
Kansas City
Dallas
San Francisco...
Branch
Helena
DenverOklahoma CityOmaha
El PasoHoustonSan Antonio
Los AngelesPortlandSalt Lake CitySeattle
Vice Presidents
Kyle K. Fossum
Cecil PuckettR. L. MathesP. A. Debus
Howard CarrithersJ. L. CookCarl H. Moore
W. F. VolbergJ. A. RandallE. R. BarglebaughJ. M. Leisner
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Servicesy
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 ofthe Federal Reserve System. A more complete list, including periodic releases and additional reprints,appeared on pages 1483-86 of the December 1958 Bulletin.
THE FEDERAL RESERVE SYSTEM—PURPOSES ANDFUNCTIONS. April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM.
FEDERAL RESERVE BULLETIN. Monthly. Sub-scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia,Costa Rica, Cuba, Dominican Republic, Ecua-dor, Guatemala, Haiti, Republic of Honduras,Mexico, Nicaragua, Panama, Paraguay, Peru,El Salvador, Uruguay, and Venezuela is $6.00per annum or 60 cents per copy; elsewhere$7.00 per annum or 70 cents per copy. Groupsubscriptions in the United States for 10 ormore copies to one address, 50 cents per copyper month, or $5.00 for 12 months.
FEDERAL RESERVE CHART BOOK ON FINANCIALAND BUSINESS STATISTICS. Monthly. Annualsubscription includes one issue of HistoricalSupplement. Subscription price in the UnitedStates and the countries listed above is $6.00per annum; 60 cents per copy, or 50 cents eachin quantities of 10 or more of a particularissue for single shipment; elsewhere $7.00 perannum or 70 cents each.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVECHART BOOK. Issued annually in September.Annual subscription to monthly chart book in-cludes one issue of Supplement. In the UnitedStates and countries listed above under Federal
Reserve Bulletin, single copies 60 cents each orin quantities of 10 or more for single shipment50 cents each; elsewhere 70 cents each.
THE FEDERAL RESERVE ACT, as amended throughDecember 31, 1956, with an Appendix con-taining provisions of certain other statutes af-fecting the Federal Reserve System. 385 pages.$1.00.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.A new accounting record designed to picturethe flow of funds through the major sectors ofthe national economy. December 1955. 390pages. $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 singleshipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics ofbanking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-DURE—Board of Governors of the Federal Re-serve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULA-TION F—SECTION 17—COMMON TRUST FUNDS.9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study ofconsumer instalment credit, undertaken by the Board on request of the Council of Economic Advisersby direction of the President, are being distributed through the Superintendent of Documents.
Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60Part III—Views on Regulation, $1.00Part 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.
466
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS 467
REPRINTS(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURESON ECONOMIC STABILITY. March 1953. 16pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pages.
* DETAILED DESCRIPTION OF SOURCES AND METH-
ODS USED IN REVISION OF SHORT- AND INTER-
MEDIATE-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. December1953. 96 pages.
NEW INDEXES OF OUTPUT OF CONSUMER DUR-
ABLE GOODS. May 1954. 15 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC-
COUNTS, ANNUAL ESTIMATES, 1939-54. Octo-ber 1955. 40 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL ANDINDUSTRIAL PURPOSES. Business Loans ofMember Banks. April 1956. 14 pages. CreditLines and Minimum Balance Requirements.June 1956. 7 pages.
FINANCING OF LARGE CORPORATIONS, 1951-55.June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS. Oc-
tober 1956. 24 pages. (Also, similar reprintfrom April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT. Oc-
tober 1956. 15 pages.
AGRICULTURAL LOAN SURVEY. November 1956
and January, February, and March 1957 BUL-LETINS. 52 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
April 1957. 20 pages.
SURVEY OF FINANCE COMPANIES, MID-1955.
April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES. December 1957. 30 pages.
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
1958 SURVEY OF CONSUMER FINANCES. March,July, and September 1958. 51 pages. (SimilarSurveys are available for earlier years from1952, 1953, 1955, 1956, and 1957 BULLETINS.)
MEMBER BANK LENDING TO SMALL BUSINESS,
1955-57. 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.
SURVEY OF COMMON TRUST FUNDS, 1957. May
1958. 5 pages. (Also, similar reprints fromAugust 1956 and June 1957 BULLETINS.)
MONEY AND CREDIT IN THE RECESSION. July 1958.7 pages.
INTEREST RATES IN LEADING COUNTRIES. Sep-
tember 1958. 8 pages.
THE 1957-58 RECESSION IN WORLD TRADE. Oc-tober 1958. 8 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SE-
CURITIES. November 1958. 15 pages.
MONEY AND CREDIT IN 1958. February 1959. 7
pages.
BANKING AND MONETARY STATISTICS, 1958. Se-lected series of banking and monetary statisticsfor 1958 only. February 1959. 8 pages. (Sim-ilar reprint of 1957 data, February and May1958 BULLETINS.)
GOLD AND DOLLAR FLOWS IN 1958. March 1959.6 pages.
1959 SURVEY OF CONSUMER FINANCES. PRE-
LIMINARY FINDINGS. March 1959. 4 pages.
OWNERSHIP OF DEMAND DEPOSITS. April 1959.3 pages.
MEMBER BANK TERM LENDING TO BUSINESS,
1955-57, April 1959. 16 pages.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables
Acceptances, bankers', 406, 407Agricultural loans of commercial banks, 402, 404Agriculture, Govt. agency loans, 410, 411Assets and liabilities (see also Foreign liabilities and
claims reported by banks):Banks and the monetary system, consoli-
dated, 398Corporate, current, 418Domestic banks, by classes, 399, 402, 404Federal business-type activities,
by fund or activity, 410, 411Federal Reserve Banks, 393, 394
Automobiles:Consumer instalment credit, 422, 423, 424Production index, 428, 432
Bankers' balances, 403, 405(See also Foreign liabilities and claims reported
by banks)Banks and branches, number, by class and State, 442Banks and the monetary system, consolidated state-
ment, 398Bonds (See also U. S. Govt. securities):
New issues, 416, 418Prices and yields, 407, 408
Brokers and dealers in securities, bankloans to, 402, 404
Business expenditures on new plant and equip-ment, 418
Business indexes, 426Business loans (See Commercial and industrial loans)
Capital accounts:Banks, by classes, 399, 403, 405Federal Reserve Banks, 393, 394
Carloadings, 426Central banks, foreign, 456, 460Coins, circulation of, 397Commercial banks:
Assets and liabilities, 399, 402Consumer loans held, by type, 423Number, by classes, 399, 442Real estate mortgages held, by type, 419
Commercial and industrial loans:Commercial banks, 402Weekly reporting member banks, 404, 406
Commercial paper, 406, 407Commodity Credit Corporation, loans, etc., 410, 411Condition statements (See Assets and liabilities)Construction, 426, 432, 433Consumer credit:
Instalment credit, 422, 423, 424, 425Major parts, 422, 424Noninstalment credit, by holder, 423
Consumer durable goods output indexes, 432Consumer price indexes, 426, 438Consumption expenditures, 440, 441Corporate sales, profits, taxes, and dividends, 417, 418Corporate security issues^ 416, 418Corporate security prices and yields, 407, 408Cost of living (See Consumer price indexes)Currency in circulation, 389, 397Customer credit, stock market, 408
Debits to deposit accounts, 396Demand deposits:
Adjusted, banks and the monetary system, 398Adjusted, commercial banks, by classes, 403Banks, by classes, 399, 405Type of holder, at commercial banks, 403
Department stores:Merchandising data, 437Sales and stocks, 426, 436
Deposits (See also specific types of deposits):Adjusted, and currency, 398Banks, by classes, 399, 403, 405Federal Reserve Banks, 393, 394, 453Postal savings, 396, 398Turnover of, 396
Deposits, reserves, and borrowings, by class of mem-ber bank, 391
Discount rates, 392, 460Discounts and advances by Federal Reserve
Banks, 389, 393Dividends, corporate, 417, 418Dollar assets, foreign, 453, 455Dwelling units started, 433
Earnings and hours, manufacturing indus-tries, 426, 435
Employment, 426, 434, 435Export-Import Bank, loans, etc., 410, 411
Farm mortgage loans, 410, 419, 420Federal business-type activities, assets and liabilities,
by fund or activity, 410, 411Federal Deposit Insurance Corporation,
assets, etc., 410, 411Federal finance:
Cash transactions, 412Receipts and expenditures, 413Treasurer's balance, 412
Federal home loan banks, loans, etc., 410, 411, 421Federal Housing Administration, loans, etc., 410, 411,
419, 420, 421Federal National Mortgage Association,
loans, etc., 410, 411, 421Federal Reserve Banks:
Condition statement, 393, 394U. S. Govt. securities held by, 389, 393, 394,
414, 415Federal Reserve credit, 389, 393, 394Federal Reserve notes, 393, 394, 395, 397Finance company paper, 406, 407Foreign central banks, 456, 460Foreign deposits in U. S. banks, 389, 393, 394, 398,
403, 405Foreign exchange rates, 461Foreign liabilities and claims reported by
banks, 446, 448, 451, 453Foreign trade, 437
Gold:Earmarked, 454Net purchases by U. S., 454Production, 454, 457Reserves of central banks and governments, 456Reserves of foreign countries and international
institutions, 455Stock, 389, 398, 454
Gold certificates, 393, 394, 395, 397Govt. debt (See U. S. Govt. securities)Gross national product, 440, 441
Home owners, Govt. agency loans, 410, 411Hours and earnings, manufacturing indus-
tries, 426, 435
Industrial advances by Federal Reserve Banks, 393,394, 395
468
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES 469
Industrial production indexes, 426, 427, 432Instalment loans, 422, 423, 424, 425Insurance companies, 409, 414, 415, 420Insured commercial banks, 401, 402, 442Interbank deposits, 399, 403, 405Interest rates:
Bond yields, 407Business loans by banks, 407Federal Reserve rates, 392Foreign countries, 459, 460Open market, 407, 459Regulation V loans, 396Stock yields, 407Time deposits, maximum rates, 396
International capital transactions of the U. S., 446International financial institutions, 454, 455, 456, 458Inventories, 441Investments {See also specific types of investments):
Banks, by classes, 399, 402, 404Federal Reserve Banks, 393, 394Govt. agencies, etc., 410, 411Life insurance companies, 409Savings and loan associations, 409
Labor force, 434Loans {See also specific types of loans):
Banks, by classes, 399, 402, 404Federal Reserve Banks, 389, 391, 393, 394, 395Govt. agencies, etc., 410, 411Insurance companies, 409, 420Savings and loan associations, 409, 420
Loans insured or guaranteed, 395, 419, 420, 421
Manufacturers, production indexes, 426, 427, 432Margin requirements, 392Member banks:
Assets and liabilities, by classes, 399, 402Borrowings at Federal Reserve Banks, 389, 391Deposits and reserves, by classes, 391Number, by classes, 399, 442Reserve requirements, by classes, 392Reserves and related items, 389Weekly reporting series, 404
Minerals, production indexes, 426, 427Money rates {See Interest rates)Mortgages {See Real estate loans)Mutual savings banks, 398, 399, 401, 414, 415,
419, 442
National banks, 401, 442National income, 440National security expenditures, 413, 441Nonmember banks, 393, 401, 402, 442
Payrolls, manufacturing, index, 426Personal income, 441Postal Savings System, 396, 398Prices:
Consumer, 426, 438Security, 408Wholesale commodity, 426, 438
Production, 426, 427, 431, 432Profits, corporate, 417, 418
Real estate loans:Commercial banks, 402, 404, 419Type of mortgage holder, 419, 420, 421Type of property mortgaged, 419, 420, 421
Regulation V, loan guarantees, 395, 396Reserve requirements, member banks, 392Reserves:
Commercial banks, 403Federal Reserve Banks, 393, 394Foreign central banks and governments, 456Foreign countries and international institu-
tions, 455Member banks, 389, 391, 393, 394, 403, 405
Residential mortgage loans, 419, 420, 421
Sales finance companies, consumer loans of, 422,423, 425
Savings, 440Savings deposits {See Time deposits)Savings institutions, principal assets, 409Savings and loan associations, 409, 420Securities, international transactions, 452, 453Security issues, 416, 418Silver coin and silver certificates, 397State member banks, 401, 442State and municipal securities:
New issues, 416Prices and yields, 407, 408
States and political subdivisions:Deposits of, 403, 405Holdings of U. S. Govt. securities, 414Ownership of obligations of, 402, 409
Stock market credit, 408Stocks:
New issues, 416Prices and yields, 407, 408
Tax receipts, Federal, 413Time deposits, 391, 396, 398, 399, 403, 405Treasurer's account balance, 412Treasury cash, 389, 398Treasury currency, 389, 397, 398Treasury deposits, 389, 393, 394, 412
Unemployment, 434U. S. balance of payments, 459U. S. Govt. balances:
Commercial bank holdings, by classes, 403, 405Consolidated monetary statement, 398Treasury deposits at Federal Reserve
Banks, 389, 393, 394, 412U. S. Govt. securities:
Bank holdings, 398, 399, 402, 404, 414, 415Federal Reserve Bank holdings, 389, 393, 394,
414, 415Foreign and international holdings, 455International transactions, 452, 453New issues, gross proceeds, 416Outstanding, by type of security, 414, 415Ownership of, 414, 415Prices and yields, 407, 408
United States notes, outstanding and in circula-tion, 397
Utility output index, 431
Veterans Administration, loans, etc., 410, 411, 419,420, 421
Yields {See Interest rates)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
•* (c THE FEDERAL RESERVE SYSTEM g)BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
Minneapolis^1]
Jan.3,/959'Dram h/HW. (jafvm, Cart
J\
Legend• Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities • Federal Reserve Branch Cities
Alaska was added to the Twelfth Federal Reserve District as of January 3, 1959, and became part
of the Seattle Branch Territory of that District.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis