Federal Reserve Bulletin, 1958-09
FEDERAL RESERVE BULLETIN September BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Rieflcr Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Interest Rates in Leading Countries 1019 1958 Survey of Consumer Finances: The Financial Position of Consumers 1027 Credit Extended by Banks to Real Estate Mortgage Lenders 1058 Law Department 1059 Current Events and Announcements 1065 National Summary of Business Conditions 1067 Financial and Business Statistics, U. S. (Contents on p. 1069) 1071 International Financial Statistics (Contents on p. 1125) 1126 Board of Governors and Staff 1141 Open Market Committee and Staff; Federal Advisory Council 1142 Federal Reserve Banks and Branches 1142 Federal Reserve Board Publications 1149 Index to Statistical Tables 1151 Map of Federal Reserve System Inside back cover Volume 44 Number 9 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECLINES IN INTEREST RATES during accelerated by the expectation of continuing much of the past 12 months followed world- inflation. Vigorous anti-inflationary actions wide increases over a period of two years. In by monetary authorities, including the inmost industrial countries the declines con- crease in the Federal Reserve discount rate tinued through the summer of 1958, but in in August 1957 and the sharp increase in the United States rates began to rise after the Bank of England rate in the following midyear. The general levels of interest rates month, contributed to a change in the in early September, although lower than market attitude toward further inflation and the peaks reached in 1957, were higher in thus to the later downturn in market rates most industrial countries than they had of interest. been at the start of the 1955-57 economic Changes in the direction of monetary expansion. policy have involved adjustments in central Interest rate movements in leading coun- bank discount rates in most countries and, tries have reflected adjustments of credit in some instances, changes in open market markets to fluctuations in economic activity, operations and in reserve requirements. to the impact of inflationary pressures, to Short-term market rates, as usual, have foreign exchange positions, and to monetary moved over a wider range than mediumand debt management policies. Differences and long-term rates. As conditions in among leading countries in the timing and money and capital markets have eased, extent of these factors have changed the public and corporate borrowers have been international relationships of interest rates able to fund short-term debt or to finance and influenced the flow of funds from one projects that had been postponed during country to another. the economic expansion. Abatement of inflationary pressures in the United States and Canada shortly after BUSINESS FLUCTUATIONS AND INTEREST RATES the downturn in economic activity permitted prompt relaxation of restrictive Industrial production in the United States financial policies and adoption of expan- turned down sharply toward the end of 1957 sionary measures. In other countries the but was recovering rapidly by mid-195 8. danger of further inflation delayed the re- The decline was earlier and less prolaxation of policies. European countries nounced in Canada, and recovery was well that sustained large foreign exchange losses under way by late spring. Output in most in the summer of 1957 continued their re- other industrial countries, although it had strictive monetary policies until exchange declined only moderately from the peak positions were substantially improved. levels attained in 1957, gave little indication In the last phase of the economic expan- of renewed expansion by mid-195 8. sion of 1955-57 the rise in interest rates was In the United States, seasonally adjusted 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1020 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 industrial production fell 13 per cent be- rates and resumed their usual position below tween the late summer of 1957 and the long-term rates. The differential between spring of 1958, but by August it had re- short- and long-term rates had nearly discovered more than one-half of the decline. appeared in the latter part of the economic In Canada, the production index fell 7 per expansion, and in a few cases short-term cent from February to December 1957 and rates had risen above long-term rates. had recovered almost one-half of this loss by Strong demand for long-term credit mid-1958. helped to retard, and in some cases to halt, In Germany and France, the largest in- the decline in long-term interest rates. In dustrial countries of Continental Western many countries, demand was sustained by Europe, industrial output continued to rise government and other institutional borrowuntil the first quarter of 1958. It has re- ing to fund short-term debt, and by financmained near its early 1958 high in Germany ing of public and private construction but has fallen off slightly in France. In the projects that had been postponed owing to United Kingdom, production began to de- congested capital markets. Offerings of cline gradually in mid-1957 and was down municipal and corporate bonds reached 5 per cent by mid-1958. In Belgium and record postwar volumes in the United the Netherlands, the industrial production States and Germany during the first half of index began to decline in early 1957, but 1958 and were the largest since 1955 in in the Netherlands it rose slightly during the United Kingdom. the first half of 1958. With the end of rapid economic expan- THE UNITED STATES sion, inventories and expenditures for capi- Market interest rates in the United States tal goods declined, or at least leveled off. declined sharply from the fall of 1957 to Imports of raw and semifinished materials the spring of 1958, reflecting changes in were reduced in most industrial countries, economic conditions and in Federal Reand imports of capital goods were also curserve credit policies. Short-term rates detailed in some places. Prices of raw mateclined throughout the period. Long-term rials went down, and the value of imports rates had almost leveled off by mid-January by Canada, the United Kingdom, and many but bond yields fell slightly further from Continental European countries declined proportionately more than industrial pro- then until late April. The Federal Reserve duction. Banks reduced their discount rates from The decline in economic activity, and 316, per cent to 1% per cent in four steps especially the reduction of inventories and between November 1957 and April 1958. imports, curtailed the demand for credit. Heavy selling of United States Govern- With imports reduced, the balance of pay- ment securities in the market during June ments of industrial countries other than the initiated a reversal in the trend of interest United States improved, contributing to rates. Improved prospects for economic bank liquidity and thus to the decline in recovery and consequently for greater credit interest rates. demand were reflected in a sharp change in Short-term interest rates generally de- expectations with respect to the future clined more than medium- and long-term course of inflationary developments and of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES IN LEADING COUNTRIES 1021 monetary policy. The impact of the impending large Federal budget deficit on a UNITED STATES INTIMST • ATIS business situation characterized by ex- P»r cent panding activity was also a matter of concern. LONG - TERM 2GOVT^. ,A*/a To some extent the decline in Treasury bond prices resulted from, and was ac- V DISCOUNT celerated by, selling of large holdings that ^^ v / •*« 1 A had been acquired, mainly in exchange for maturing issues, by temporary holders who \^v S*J TREASURY BILLS had anticipated a continuation of the price V rise. Some of these holdings had been ac- ! | 1 ! quired with borrowed funds on thin margins, and selling was forced by disappearance of the margins. In late June and early July the Treasury mitigated the impact of these sales by repurchasing $600 million of newly issued bonds. \ In mid-July the situation was complicated p"—* TREASURY BILLS \\ by the emerging crisis in the Middle East, : cDIS—COUNT LRAT^E K y)| and by the announcement of a major Canadian Government refunding operation involving sharply higher coupon rates. At the same time, the United States Treasury an- I | I 1 nounced two large financing operations. One was the refinancing of $16 billion of 1953= 100 maturing securities, of which $10 billion ft CANADA ^^ were held by the public, and the other was - no a cash offering to raise $3 billion or more of new money. These developments has- V UNITED STATES V tened the decline in Government security prices. In view of the disturbed atmosphere, the Federal Open Market Committee on July I 1 «o 18 decided to operate in medium- and long- 1954 19S6 1958 term as well as in short-term Government securities. From July 18 to July 23 the NOTE.—United States: Long-term government, monthly averages of daily yields on fully taxable, marketable bonds maturing or callable in 10 years or more; Treasury bills, System Account purchased $1.2 billion of monthly average market yields on 90-day issues. Canada: Long-term government, yields on theoretical 20-year Govern- "rights" and "when issued" new securities ment of Canada bonds, based on end-of-month quotations; Treasury bills, average rate on last 3-month issue in month. as well as $65 million of other bonds and For discount rates in 1956-58, see p. 1026. Industrial production seasonally adjusted. Federal Reserve notes. Thereafter, no further System action index for United States; Bank of Canada index, converted to 1953 = 100, for Canada. was taken outside the short-term area. Latest figures: August, except U. S. discount rate, Sept. 12; and long-term rates and production for Canada, June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1022 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 During the last week of July, System sales program became apparent. Bond yields of bills, together with other factors absorb- moved approximately in line with correing reserves, more than offset the large vol- sponding yields in the United States and reume of reserves supplied to the market as mained until the summer of 1958 about onea result of this unusual intervention, and half of one per cent higher than in the in August free reserves were further reduced United States. as evidence mounted that economic activity Net purchases of Canadian securities by was recovering rapidly. On August 14 the investors in the United States were only one- Board of Governors approved an increase fourth smaller in the first half of 1958 than in the discount rate of the Federal Reserve in the record first half of 1957. In July Bank of San Francisco from 13A per cent and August, bond yields rose less in Canada to 2 per cent. By September 19 ten other than in the United States, and the flow of Federal Reserve Banks had similarly raised funds from the United States to Canada their discount rates. slackened. Yields of long-term Government securi- In July 1958 the Canadian Government ties rose between mid-June and mid-Sepannounced a unique experiment in recontember from 3.15 to 3.75 per cent, close structing its outstanding debt. It offered to to the peak level reached in the fall of convert bonds totaling $6.4 billion and rep- 1957. Yields of medium-term Government resenting 40 per cent of the entire Governsecurities increased from 2.17 to 3.56 per ment debt into new securities with coupon cent, compared with a 1957 high of about rates up to AVi per cent and maturities up 4 per cent. Treasury bill rates rose from to 25 years, and to give cash bonuses with 0.84 to 2.60 per cent, for the most part after such exchanges. The operation was aimed early August. Despite this rapid advance, at lengthening the maturity of the public the bill rate in mid-September was still onedebt, stabilizing bond yields at higher levels fourth below the peak level of late 1957. than before, and making Government securities more attractive to nonbank inves- CANADA tors. By early September, $5.2 billion had Most Canadian rates began to decline in been converted into the new issues. The September 1957. The Treasury bill rate offer remained open until September 15. fell from 4 per cent in August 1957 to an average of VA per cent in August 1958. THE UNITED KINGDOM The discount rate of the Bank of Canada, set weekly since November 1956 at one- Long-term interest rates in the United Kingfourth of one per cent above the bill tender dom rose sharply in the spring and summer rate, declined with the bill rate. The bill of 1957. Prospects of further inflation arisrate has recently been lower in Canada ing from large wage and price increases led than in the United States for the first time investors to switch from bonds into equities. in three years. The country's gold and dollar reserves were The decline in long-term rates ended in depleted by a heavy speculative run on ster- December 1957, when prospects of large ling that developed in connection with wide- Treasury borrowing connected with Can- spread expectations of a change in relationada's adoption of an anticyclical spending ships among European exchange rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES IN LEADING COUNTRIES 1023 reduced by stages to AV2 per cent, the level UNITED KINGDOM INTEREST RATES prevailing in the year ended February 1956. Other short-term rates declined correspond- DISCOUNT KATE ingly. Long-term bond yields, however, declined only 0.6 percentage point from 2V3 PER CENT November 1957 to August 1958, as the CONSOIS Government pursued a vigorous policy of funding the public debt by means of bond sales in the open market. GERMANY 2 Interest rates in Germany began to decline 1 as early as September 1956, when the cen- INDUSTRIAL PRODUCTION tral bank first lowered its discount rate from 120 5XA to 5 per cent in order to stem the in- 110 flow of short-term foreign funds. The discount rate was further reduced in 1957 and 100 1958 until it reached 3 per cent in June 1954 1956 195S 1958. Apparently the reductions were designed primarily to narrow the differential NOTE.—Bank of England data for monthly average yields, between interest rates in Germany and other based on daily figures for consols and weekly tenders for 3-month Treasury bills. Industrial production seasonally ad- Western European countries. Other central justed, from Central Statistical Office. Latest figures: August except for production, July. bank measures, especially open market operations in the first three quarters of 1957, In September the British authorities continued to restrain expansion of bank adopted a series of drastic monetary and liquidity. fiscal measures to stop inflation and speculation. These included an increase from The attempt to lower the general level of 5 to 7 per cent in the Bank of England rate, interest rates was supported by growing conan intensification of direct credit controls, fidence that inflationary forces would be and a downward revision in Government kept under control. From 1956 to midplans for capital investment. 1958, average yields of medium-term Treas- After these moves, cost and price in- ury bonds fell from a peak of 634 to 3Vi creases slowed down and the attitude toward per cent and yields of long-term industrial inflation changed. Gold and foreign ex- bonds from a peak exceeding 6V4 to 5VA change reserves increased sharply and con- per cent. Bank lending rates changed little tinuously from their September low. While during this period, and remained above short-term interest rates moved up sharply bond yields. with Bank rate, long-term rates rose little The domestic capital market revived as further. bank liquidity and savings increased and Restoration of financial stability and the interest rates declined. The amount of rebuilding of reserves permitted some re- bonds sold to the public in the first six laxation of monetary restraints in 1958. months of 1958 nearly equaled that of any Between March and August, Bank rate was 12-month period since World War II. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1024 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 FRANCE AND THE LOW COUNTRIES GERMANY INTIIIST lATIf The economic upswing in France continued INDUSTIIAl BONDS until early 1958 and brought mounting inflationary pressures that were reflected for the most part in balance-of-payments deficits. The discount rate of the Bank of France, which had been 3 per cent since December 1954, was gradually raised to 5 per cent between April and August 1957. Penalty rates on discounts above specified FRANCE ceilings were also sharply increased begin- INTIRIST RATIf ning in April 1957 and were not lowered until July 1958. By that time a stabilization program had helped to reduce the budget deficit and to slow down the expansion of private credit, and the balance of payments had improved. Reflecting the tightening of credit and fiscal policies, the French discount rate in September 1958 was higher than that of any other financial center in North America or Europe. The same appeared to be true of market rates. In Belgium and the Netherlands, production turned down in the first half of 1957 but restrictive monetary policies were maintained through the fall. They were not relaxed significantly until early 1958, after foreign exchange positions had improved. — 140 Central bank discount rates were progressively reduced from AVi to 3Vi per cent be- — 120 tween March and August in Belgium and from 5 to 2>V2 per cent between January and June in the Netherlands. Market rates 1*54 195* in both countries had begun to decline in the second half of 1957. NOTE.—Germany: Industrial bonds, German Federal Bank data for average yields on 8 per cent issues, adjusted to exclude capital yield tax from nominal interest; Treasury bills, rate on latest 60- to 90-day issue in month. France: INTERNATIONAL RELATIONSHIPS Long-term government, average yield based on end-of-month data for 13 bonds of various maturities, from Institut National de la Statistique et des Etudes Economiques. Day-to- Although interest rates in leading countries day money, end of month; beginning January 1957, rate on private securities. have followed a similar pattern of movement Industrial production seasonally adjusted; index for Germany, from Federal Statistical Office (with seasonal adjust- in recent years, the international relationment and conversion to 1953 = 100 by Federal Reserve); for France, from Organization for European Economic Cooperation. ships of rates have changed. Rates in Ger- Latest figures: For Germany, July, and for France, June, except for discount rates (both countries) and short-term for many have fallen below the level of French Germany, August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES IN LEADING COUNTRIES 1025 INTEREST RATES IY COUNTRIES GOVERNMENT SECURITIES Pet cent SHORT - TERM LONG - TERM 10 UNITED STATES 1956 1958 1954 1956 1958 NOTE.—Data on short-term series for France and long- issues. For details concerning all series see subscripts to term series for Germany represent yields on nongovernment charts on pp. 1021, 1023, and 1024. rates and are little higher than rates in the rate in the United Kingdom and in the Low United Kingdom. Germany appears to be Countries, and to lower it in Germany, were changing from a capital importing to a capi- all directed in part toward arresting and tal exporting country. reversing a speculative flow of funds into Flexibility in market interest rates has Germany. The fact that rates in the United helped to encourage stabilizing international States, with few exceptions, have remained flows of capital and to moderate domestic lower than rates in other financial centers business fluctuations. In late summer 1957, has facilitated the flow of dollars to the rest central bank actions to raise the discount of the world. For table of central bank discount rates, see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1026 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 CENTRAL BANK DISCOUNT RATES, SELECTED COUNTRIES, 1956-58 [Per cent] United Month United Canada2 King- Belgium Den- France Ger- Nether- Sweden Japan effective States * mark many lands dom In effect Jan. 1, 1956 2.50 2.75 4.50 3.00 5.50 3.00 3.50 2.50 3.75 7.30 1956 Jan Feb 5 50 3 00 Mar 4.50 Apr 2.75 3.00 May * 5 50 June July Aug 3.00 3.25 3.25 Sept 5.00 i Oct 3 50 3 75 i Nov 3.77 4 66 Dec 3.92 3.50 1957_jan 3.95 4.50 Feb 4.01 5.00 Mar 3 95 7.67 Apr - 4.00 4.00 May ... 4.01 8.40 June 4 06 July 4 05 4.50 4.25 5.00 Aug 3.50 4.28 5 00 5 00 Sept 4.05 7.00 4 00 Oct 4.05 Nov 3.00 3.83 Dec 3.87 i 1958—Jan ! 2.75 3.50 3.50 4.50 Feb i 3 11 Mar 1 2.25 2.52 6.00 4.25 4.66 Apr 1 7S 1.83 5 00 May 1.79 5.50 4.50 June \ 1.97 5.00 4.00 3.00 3.50 7.67 July 1 12 3.75 Aug 2.00 1.74 4.50 3.50 4.50 In effect mid-September, 1958 2.00 2.19 4.50 3.50 4.50 5.00 3.00 3.50 4.50 7.30 1 Rate is that of the Federal Reserve Bank of New York, except NOTE.—Rates- shown represent those at which the central bank for August 1958, where it represents four other Reserve Banks. (Federal Reserve Banks in the United States) either discounts or 2 Beginning with Nov. 1, 1956, Canada's discount rate has been makes advances against eligible paper and/or government securities set weekly at one-quarter of 1 per cent above the tender rate on for commercial banks or brokers. Treasury bills; end-of-month rate shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
195$ Survey of Consumer Finances The Financial Position of Consumers CONSUMER INCOME, financial assets, and standing did not turn downward until early debt have all grown rapidly and more or less in 1958, when extensions of new instalment steadily since World War II. In the latter credit dropped below repayments for the first part of 1957, however, the trends to ever- time since 1954. Residential mortgage debt higher levels of income and assets were continued to grow in 1957 and the first half temporarily interrupted—as they had been of 1958, although at a slower rate than in the two previous postwar recessions—and earlier. the expansion in debt abated somewhat. Underlying these summary statistics for Personal income turned downward in the consumer sector as a whole is a wide September 1957, according to seasonally diversity in income, asset, and debt positions adjusted estimates of the Department of among individual consumer units. The find- Commerce. The decline, which followed a ings of the Board's Survey of Consumer long series of increases dating back to the Finances, conducted in January and Febrecovery from the recession of 1953-54, ruary of each year, provide some measure lasted until February 1958. More recently of these variations. This article, based personal income has been rising again and largely on data from the 1958 and previous since July has been above the pre-recession Surveys, will first discuss consumer financial peak. Despite the downturn during 1957 positions in the recent period and will then personal income for the year as a whole was highlight developments over the past dec- 5 per cent above 1956. With consumer ade.1 prices in 1957 averaging about 3 per cent MONEY INCOME higher than in 1956, "real" income of con- In 1957, according to Survey results, onesumers—current dollar income adjusted for half of all consumer spending units had price changes—rose only moderately. Total financial asset holdings of consumers at the end of 1957 were about 4 per xThis is the third and final article presenting the results of the 1958 Survey of Consumer Finances concent less than at the previous year-end. All ducted by the Board of Governors of the Federal of the reduction was due to a decline in Reserve System in cooperation with the Survey Research Center of the University of Michigan. Preprices of corporate stocks in the last half of liminary findings were published in the Federal Re- 1957; the value of other financial assets serve BULLETIN for March, and an analysis of consumer purchases of durable goods appeared in the continued to rise. By early September of July BULLETIN. The present article was prepared by 1958 stock prices had recovered their earlier Arthur L. Broida of the Consumer Credit and Finances Section of the Board's Division of Research and Stalosses. tistics. The appendix was prepared by Dorothy On the liability side of the ledger, short- Projector of the same Section. Work at the Survey Research Center was under the supervision of James and intermediate-term consumer debt out- N. Morgan and Charles Lininger. 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1028 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 money incomes of more than $4,350.2 The ported an increase than had done so in the corresponding median income in 1956 was preceding Survey, but only among farmers $4,250.3 These figures are totals for spend- and retired people did the number of units ing units, including any income of wives or with a decline exceed the number with an other members. The wife had some income increase. in about four-tenths of the units in which a Characteristics of spending units. The level wife was present, or in slightly less than of income of a spending unit is related to three-tenths of all units. A third member personal characteristics of its members. had income in nearly one-tenth of all units, This becomes clear when spending units are including some in which both the husband distributed among income quintiles—that is, and wife worked. successive fifths of the population ranked by More spending units reported an income income—and the proportions of units in increase from 1956 to 1957 than reported each quintile with various characteristics are a decline. About 45 per cent of the units examined. Such distributions, based on interviewed said that their income in 1957 1957 incomes, are shown in Chart 1. was at least 5 per cent higher than in the As indicated in the top panel of the chart, preceding year; 24 per cent reported a de- the lowest income quintile and to a lesser cline of the same degree; and 31 per cent extent the second include many units in said their income was substantially un- which the head is at the beginning or the changed. end of his working career. More than half The general pattern of more units report- of the units in the lowest quintile in 1957 ing increases than declines is consistent with were headed by persons who were less than previous years, but the numerical margin be- 25 years of age or more than 64. Units with tween the two groups was smaller than in heads within the 25-64 year age range bemost years (see Supplementary Table 6). came increasingly numerous at each higher In most occupational groups fewer units re- income level until they constituted 95 per cent of the top quintile. 2 A spending unit, as defined in the Survey, consists Similarly, there are marked differences of all related persons living together who pool their among income groups with respect to mariincomes. Husband and wife and children under 18 living at home are always considered to be members tal status. About half of the units in the of the same spending unit. Other related persons in lowest quintile consisted of single persons; the household are separate spending units if they earn more than $15 a week and do not pool their incomes. two-fifths were married couples with both In early 1958 there were an estimated 56.9 million husband and wife present; and one-tenth fell spending units in the country. 3 Average (mean) incomes found in the Surveys in the "other" group—mainly widowed or were $5,140 for 1956 and $5,160 for 1957, an in- divorced persons with dependents. In the crease between the two years of less than one-half of top quintile, husband-wife units represented 1 per cent. When combined with the estimated increase of about 1.5 per cent in the number of spending about 90 per cent of all units. units, this implies an increase in aggregate income of The proportion of units headed by women about 2 per cent, or substantially less than the 5 per cent indicated in the Department of Commerce data falls steadily across the income scale, from on personal income cited earlier. The two sets of 40 per cent in the lowest quintile to 3 per data differ conceptually in various ways, as discussed in the appendix, but the conceptual differences ap- cent in the top. Nonwhite units, which made parently do not account for the different percentages up about one-eighth of all units in the 1958 of change. It is likely that most of the explanation lies in sampling variability in the Survey. Survey, constituted about one-quarter of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1029 those in the lowest quintile and progres- Chart 1 sively smaller proportions at higher levels. CHARACTERISTICS OF SPENDING UNITS, 1958 Many spending units attained a higher in- PERCENTAGE DISTRIBUTION come status because the wife or some other All Spending INCOME QUINTILE member worked to supplement the earnings Units Lowest 2nd 3rd 4th Highest of the head. Only about one-fifth of the AGE OF HEAD UNDER 25 nioo units in the lowest quintile had two or more income receivers, in contrast with more than half in the top group. This difference is re- 25-64 lated, of course, to the high proportion of single-member units among those with low 65 AND OVER incomes. But even if only multi-member MARITAL STATUS units are considered, the proportion with SINGLE two or more income receivers was largest in the top quintile. MARRIED, DOTH For about half of the spending units in ADULTS PRESENT the lowest quintile the head was retired or OTHER unemployed at the time of interview in early SEX OF HEAD 1958. The retired group alone accounted for about one-third of all units at this income level. This finding, of course, is re- MALE lated to the distribution by age and also to that by sex of the spending-unit head.4 FEMALE Heads of other units in the lowest quintile RACE were employed at the time of interview, but often in activities with relatively low money incomes, such as unskilled labor, service WHITE work, and farming. In many cases their money incomes were probably supple- NONWHITE mented by income in kind, such as meals NUMBER OF INCOME RECEIVERS and lodging provided servants, and food TWO OR MORE grown and consumed on farms. 4 The retired group includes not only spending units whose heads reported that they were retired, but also units headed by nonworking widows and other women over 54 years of age, many of whom gave their occu- OCCUPATION OF HEAD pation as "housewife." .-.v.v. UNSKILLED WORKERS NOTE TO CHART 1.—Quintiles represent successive fifths of the •'•"'"'-"" AND FARMERS population ranked by money income before taxes in the calendar year 1957. The lowest quintile consists of spending units with incomes of less than $1,890. Income ranges for the OTHER EMPLOYED other quintiles are: second, $l,890-$3,599; third, $3,600-$5,139; PERSONS fourth, $5,140-$7,189; and highest, $7,190 and over. Data for number of income receivers are for 1957; other data, for early 1958. Unskilled workers and farmers: unskilled and service workers, farm operators, protective service workers, RETIRED and some miscellaneous categories. Other employed persons: UNEMPLOYED those in groups classified as professional and semiprofessional, managerial, clerical and sales, skilled and semiskilled, and Lowest 2nd 4th Highest self-employed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1030 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 Some units with low incomes in 1957 had Wages and salaries generally were the undoubtedly suffered only temporary re- main type of income, accounting for about verses, such as unemployment or illness for 75 per cent of total money income for all part of the year or business losses. One- spending units together. About 13 per cent third of the units in the lowest quintile in of the total consisted of self-employment in- 1957 reported that their incomes had de- come, including profits from unincorporated clined from 1956. This was a larger pro- business and farm operations and earnings portion than that reported by units in any of self-employed professional workers and other income group. craftsmen. A smaller amount was accounted Types of income. According to Survey re- for by property income—rent, interest, sults, spending units in the top fifth of the dividends, and royalties.5 The remainder income scale in 1957—those with money was transfer payments, that is, pensions, anincomes of $7,190 or more—had an aver- nuities, retirement pay, unemployment comage (mean) income of $11,590. At the pensation, alimony, and the like; and misother extreme, units in the lowest quintile— cellaneous types, such as income from those making less than $1,890—had an roomers and boarders and the proceeds of average income of $1,080. The average part-time farming. amounts received and the importance of Some of the differences in spending-unit different types of income are shown in characteristics at various income levels are Chart 2. reflected in the types of income received. For example, transfer payments accounted for nearly two-fifths of total income in the Chart 2 lowest quintile, which, as noted earlier, in- TYPES OF MONEY INCOME, 1957 cludes many retired and unemployed people MEANS, THOUSANDS OF DOLLARS and widowed or divorced persons with dependents. About half of the units in this group received some transfer payments (see Supplementary Table 5). Relative to total income, transfer payments decreased steadily in importance as income rose. Self-employment and ownership of prop- /SELF-EMPLOYMENT erty accounted for one-fourth of total in- PROPERTY come in the top quintile, a larger proportion -TRANSFER AND OTHER than in any other group. Relatively, income from these sources was more important in WAGES AND SALARIES - 2 the lowest quintile than in the middle groups, mainly because of self-employment Lowest 2nd 3rd 4th Highest of farmers and property income of retired INCOME QUINTILE persons, but the average amounts received NOTE.—Income represents income before taxes for the in the lowest quintile were small. calendar year. Self-employment income refers to income of professional men and artisans, farm income of farmers, and income from unincorporated businesses; property income, to interest, dividends, royalties, and rent (except for payments by roomers); and transfer and other income, to pensions, an- 5 As noted in the appendix, the amount of property nuities, social security and veterans' benefits, alimony, etc., and payments by roomers and farm income of nonfarmers. income is apparently understated in the Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1031 Wage and salary income was of the great- that holdings of these financial assets were est relative importance in the third and four times total liabilities. In addition, confourth quintiles, where it accounted for more sumers had large sums invested in unincorthan four-fifths of total income. In contrast, porated businesses, in homes, farms, and it accounted for less than half of the total in other real estate, in pension plans and rethe lowest quintile. tirement programs, and in automobiles and other goods. Thus, their total assets were ASSETS AND DEBTS considerably greater than four times their At the end of 1957, according to Federal liabilities. Reserve estimates, consumers had $630 bil- No picture of consumer financial posilion in financial assets and had liabilities tions is complete, however, without informatotaling $155 billion. Roughly two-thirds tion on how aggregate assets and debts are of the liabilities were mortgages, and most distributed among the 57 million spending of the remainder was personal debt—that is, units in the country. Data from the 1958 short- and intermediate-term consumer Survey are useful in this connection, alcredit.6 though their contribution is limited by the About two-fifths of consumer financial fact that only selected financial assets were assets were in the form of corporate stock. covered—the "liquid" assets mentioned About one-fifth was almost equally divided above with the exception of currency.7 Inbetween credit market instruments—Fed- formation from previous Surveys on coneral Government obligations (other than sumer holdings of corporate stock is used United States savings bonds), State and to fill out the picture. local government obligations, corporate Financial assets. In early 1958 threebonds, and mortgages—and policy holders' quarters of all spending units reported holdsavings through life insurance. The remain- ing some liquid assets, about the same proing two-fifths were "liquid" assets: cur- portion as in the previous year. Many held rency, checking accounts, savings accounts only moderate amounts; less than half of all in banks, postal savings, shares in savings units reported $500 or more, and only about and loan associations and credit unions, and one-tenth reported $5,000 or more. United States savings bonds. Presumably most of the units without A balance sheet for the consumer sector liquid assets of the types covered held some as a whole at the end of 1957 would show currency, and many probably had equities in life insurance policies. The frequency 6 The estimates of aggregate consumer financial as- with which this group owned tangible assets, sets and liabilities presented in this article are taken such as homes and automobiles, was lower from the flow-of-funds accounts, which are compiled in the Board's Division of Research and Statistics from various sources and are based mainly on business and 7 For the sake of brevity, the term "liquid assets" government records rather than reports of consumers. is used in the Survey to refer to the total of checking The consumer assets in these accounts include hold- accounts, savings accounts in banks, postal savings, ings of personal trust funds. For approximate com- shares in savings and loan associations and credit parability with Survey data the asset figures given in- unions, and United States savings bonds. Questions clude currency and demand deposits of the farm busi- about currency holdings have been omitted since the ness sector. The liability figures are for the consumer early Surveys because of unfavorable experience with sector alone. The conceptual and statistical relations accuracy of response. Problems of response error are between the flow-of-funds estimates and Survey data important also with respect to the liquid asset and are discussed in the appendix. debt items covered, as discussed in the appendix. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1032 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 About one-fifth of the units in this group Chart 3 FINANCIAL ASSETS reported liquid assets of $5,000 or more as PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP compared with one-tenth for the whole population. However, large holdings were re- All Spending INCOME QUINTILE Units Lowest 2nd 3rd 4th Highest ported about as often in the two lowest LIQUID ASSETS, EARLY 1958 groups as in the third and fourth quintiles. 1OO NOME The amount of liquid assets held tends to increase with age (see lower panel of Chart UNDER $500 6, page 1034), and many of the larger hold- 5500 - $4,999 ings at lower income levels were those of $5,000 AND OVER CORPORATE STOCK, EARLY 1957 older people. Ownership of corporate stock is more highly concentrated at upper income levels NONE 50 UNDER $500 $500 - $4,999 $5,000 AND OVER Chart 4 All Spending Lowest 2nd 3rd 4th Highest TYPES OF LIQUID ASSETS, EARLY 1958 Units NOTE.—For definition of liquid assets, see Supplementary PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP Table 8, note 1. Corporate stock includes only stock sold to the general public. Ail Spending INCOME QUINTILE Units Lowest 2nd 3rd 4th Highest CHECKING ACCOUNTS than in the rest of the population, but it was 100 not negligible: one-third of all units without NONE liquid assets reported that they owned their homes, and one-half that they owned cars. 50 In the Survey taken in early 1957 about UNDER $500 HP one-tenth of all units reported that they -$500- $4,999 -$5,000 AND OVER yyyyyyy/yy^^/y// vyyyytf/ 0 owned some corporate stock, and about SAVINGS ACCOUNTS 1100 one-third of these reported substantial holdings, $5,000 or more. Marketable bonds NONE —Federal, State and local, and corporate— 50 were reported by only 2 per cent of all units. UNDER $500 m• m. Relation to income. Since liquid assets $500-$4,999 are accumulated to a large extent out of $5,000 AND OVER . 0 UNITED STATES SAVINGS BONDS income, it is not surprising that holdings are 100 most common at higher income levels. As indicated in the top panel of Chart 3, prac- NONE tically all units in the highest quintile re- 50 ported some holdings in early 1958. The UNDER $500 proportion with liquid assets declined stead- -$500 -$4,999 $5,000 AND OVER ily to less than half in the lowest quintile. Lowest 2nd 3rd 4th Highest Holdings of substantial size were most numerous in the highest income quintile. NOTE.—For definition of savings accounts, see Supplementary Table 7, note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1033 than liquid assets are, as indicated by the owing personal debt. As indicated in the top 1957 Survey data shown in the bottom panel panel of Chart 5, these two groups partly of Chart 3. Only about 5 per cent of the overlapped; two-tenths of all units reported units in the three lowest quintiles reported owing debt of both types. stock ownership, compared with 29 per cent Units in the two highest income quintiles in the top group. Nearly half of the holders owe the bulk of mortgage debt, as the in the highest quintile reported owning stock middle panel of the chart indicates. About valued at $5,000 or more. half of the units at these levels owed on Types of liquid assets. In early 1958 about half of all spending units reported Chart 5 having checking accounts, about half owned DEBT STATUS, EARLY 1958 savings accounts or shares, and more than PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP one-quarter United States savings bonds. All Spending INCOME QUINTILE Each type was held more frequently at Units Lowest 2nd 3rd 4th Highest higher than at lower income levels, as in- TYPE OF DEBT dicated in Chart 4. At all income levels NONE large holdings were more commonly in the form of savings accounts or shares than in i MORTGAGE m checking accounts or savings bonds (see iB88 MORTGAGE AND PERSONAL Supplementary Table 7). Each liquid asset type tended to be held PERSONAL least frequently by units in which the ! head was under 25 years of age. For AMOUNT OF MORTGAGE DEBT older people the differences in frequency of 100 holdings were not great, although the various asset types were somewhat more NONE common in the 45-54 age group than in 50 other groups (see Supplementary Table 9). There was a marked tendency, however, for the frequency of large holdings—par- UNDER $5,000 $5,000 • $9,999 ticularly of savings accounts or shares—to iiO.OOO AND OVER . BMMB 0 increase with age. One-half of the savings AMOUNT OF PERSONAL DEBT 100 deposit holders who were 65 or older had $2,400 or more in this form, compared with NONE a median of $720 for all holders. Mortgage and personal debt. About two- UNDER $200 • W//// 50 in IH thirds of all spending units had some debt $200 • $499 l§§l§l§l§l§§l!&l in early 1958, according to Survey results. $500 -$999 M ||||||s This was about the same proportion as in $1,000 AND OVER Illll the previous year. All Spending Lowest 2nd 3rd 4th Highest Slightly less than three-tenths of the units Units had mortgage debt and six-tenths reported NOTE.—For definition of personal debt, see Supplementary Table 11, note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1034 FEDERAL RESERVE BULLETIN SEPTEMBER 1958 mortgages in early 1958, and the amounts Chart 6 involved were often substantial. In contrast, FINANCIAL POSITION BY AGE, EARLY 1958 such debt was much less common in the 100 three lower income quintiles, and where it PERCENTAGE OF ALL SPENDING UNITS IN GROUP SPENDING UNITS WITH existed the amounts tended to be smaller. 80 The concentration of mortgage debt at LIQUID ASSETS higher income levels is related to differences 60 PERSONAL DEBT among income groups both in the frequency of home ownership and in age composition. 40 Many units at the lower end of the income scale do not maintain separate residences; 20 they live with relatives—often parents or 0 children—or with unrelated persons as roomers or servants. About one-fifth of the MEDIANS, THOUSANDS OF DOLLARS 12 units in the two lowest quintiles live with 10 other units, whereas only a negligible proportion of those in the top group do. MORTGAGE DEBT OF DEBTORS Among those who maintain residences, the proportion who own homes rather than rent rises from about half in the two lowest quintiles to three-fourths in the highest. Much of the remaining variation in mortgage debt can be explained by age differences among income groups. Such debt is most common among those between the 65 & ages of 35 and 44, where about 44 per cent OVER AGE OF HEAD OF SPENDING UNIT of all spending units own mortgaged houses NOTE.—For definition of liquid assets, see Supplementary Table 8, note 1; of personal debt, see Supplementary Table (see top panel of Chart 6). The frequency 11, note 1. falls off rapidly in moving to either older or younger age groups. As noted earlier, make larger downpayments, by using their most of the relatively old and relatively typically larger savings or proceeds from young are in the lower income quintiles. the sale of a previously owned house. Among those who do have mortgage debt, Personal debt is of various types—instalthe median amount of debt outstanding is ment debt incurred to purchase cars and highest for the very young and drops steadily other durable goods or to make additions through each older age group, as indicated and repairs to homes, cash loans of both the instalment and single-payment variety, debt in the bottom panel of Chart 6. Young to doctors and hospitals, and other borrowowners often have bought homes very reings.8 While personal debt is less than half cently, and hence have had only a short period to reduce the debt. Many older people who have recently bought homes have in- 8 To some extent Survey data on personal debt differ conceptually from the flow-of-funds data cited earlier, curred smaller debt because they could as discussed in the appendix. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1035 as important as mortgage debt in terms of Chart 7 LIQUID ASSETS OF DEBTORS AND NONDEBTORS amount outstanding, it is twice as important EARLY 1958 in terms of number of debtors. PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP Many units in each income group owe All Spending INCOME QUINTILE personal debt. The proportion ranged in Units Lowes! 2nd 3rd 4th Highest early 19,58 from somewhat over four-tenths HOLDINGS OF DEBTORS 100 in the lowest quintile to about seven-tenths NONE in the next to highest, and then down some- UNDER 5500 what in the highest quintile. The larger amounts of personal debt— $500 • $4,999 $1,000 and over—were reported most fre- $5,000 AND OVER HOLDINGS OF NONDEBTORS quently by units in the upper income groups, NONE as shown in the bottom panel of Chart 5. UNDER $500 This is partly because new car purchases 50 are most common in these groups.9 On the II $500 • $4,999 average, the amount of debt incurred is sub- $5,000 AND OVER stantially larger on a credit purchase of a All Spending Lowest 2nd 4th Highest Units new car than a used one, mainly because NOTE.—Debtors refer to spending units with either personal new car prices are higher. Debt incurred in or mortgage debt. For definition of liquid assets, see Supplementary Table 8, note 1. purchases of used cars and other goods, and amounts, than nondebtors. In the lowest personal debt arising from other sources, quintile, for example, only about one-quargenerally involve smaller amounts than new ter of the debtors held assets, compared with car purchases and are spread more widely more than half of the nondebtors. In the throughout the population. top quintile asset holdings were reported by Liquid assets of debtors and nondebtors. practically all units—debtors and non- Spending units with debt—about two-thirds debtors alike—but as in the other quintiles of all units in early 1958—reported holding those with large holdings were mostly in the some liquid assets almost as often as debtnondebtor group. free units. As indicated in Chart 7, how- The frequency with which both liquid ever, only about one-third of the debtors assets and personal debt (i.e., excluding had as much as $500 in assets, whereas mortgages) occur in the same spending unit about three-fifths of the debt-free units had is indicated in Chart 8. In the lowest quinassets of $500 or more. tile only 12 per cent of the units reported The differences between asset positions of both; as higher income groups are considthe two groups are more clearly revealed ered the proportion increases steadily, to 60 when the comparisons are made by income per cent in the top quintile. In moving quintile. In all except the highest quintile, from low to high income groups there is a debtors held assets less often, and in smaller steady decline in the proportion of spending units with neither personal debt nor liquid 9 For a discussion of purchases of new cars and assets, and also in the proportion with some other durable goods, see the Federal Reserve BULLE- TIN for July 1958, pp. 760-68. debt but no assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1036 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 Chart 8 sumers have borrowed heavily to purchase PERSONAL DEBT - LIQUID ASSET RELATION, 1958 homes and durable goods, with the fre- PERCENTAGE DISTRIBUTION OF SPENDING UNITS IN GROUP quency and average amount of debt rising sharply. Nevertheless, at the end of 1957 NO DEBT - NO ASSETS consumers' aggregate financial assets exceeded their liabilities by about $475 billion, according to flow-of-funds estimates; at the NO DEBT - SOME ASSETS end of 1948 the excess was about $315 billion. From 1948 to 1957 personal income rose by two-thirds. Part of this gain was dissi- 8 SOME DEBT - SOME ASSETS pated in higher prices, for consumer prices on the average were one-sixth higher in 1957 than in 1948. Furthermore, income SOME DEBT - NO ASSETS in 1957 was shared by a population onesixth larger than that of 1948. But after ad- All Spending Lowest 2nd 3rd 4th Highest Units INCOME QUINTILE justment for both price change and popula- NOTE.—For definition of personal debt, see Supplementary Table 11, note 1; of liquid assets, see Supplementary Table tion increase, there was still a growth of 8, note 1. Data are for early 1958. about one-fifth in "real" income per capita. The rather sharp separation between From the end of 1948 to the end of 1957 debtors and liquid asset holders in the lowest the dollar amount of liquid assets held by quintile can be accounted for largely in consumers increased about 40 per cent. terms of the characteristics of spending units Their total financial assets increased subheavily represented in this group. Many of stantially more—nearly 75 per cent— the asset holders are older people, who tend largely because of higher market prices of to owe personal debt rather infrequently. corporate stocks. But the biggest increase of The debtors, on the other hand, include all occurred in outstanding debt: total liabilmany engaged in unskilled labor and other ities of consumers were more than three relatively low-paying activities; such persons times as large at the end of 1957 as they hold liquid assets less often than other units. had been at the end of 1948. Accompanying and accounting in good measure for the POSTWAR CHANGES IN FINANCIAL POSITION growth in liabilities was an increase in During World War II consumer incomes physical assets—homes, automobiles, and after taxes were high and opportunities for other durable goods. spending, particularly for durable goods, Postwar changes in the distribution of inwere limited. As a result, consumers entered come, assets, and debts among consumers the postwar period with a much larger vol- are discussed in this section mainly in terms ume of liquid assets and a smaller amount of of Survey data for three years: 1949, 1953, debt than they had before the war. and 1958. Each Survey was made early in Over the past decade the income and asset the year indicated. The income data relate position of consumers, viewed as a group, to the year preceding the date of the Survey has improved considerably further, as in- but other data refer to the situation at the dicated in Chart 9. At the same time con- time of interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1037 Chart 9 than $3,000 was substantially reduced. Not AGGREGATE FINANCIAL MEASURES all of the gain in income was "real," of Billions of dollars Ratio scale course, because consumer prices also rose. 400 But even after adjustment for changes in PERSONAL INCOME prices there was a considerable upward 300 movement among spending units in the in- 200 come scale.10 J L I I 1 I I I I 1 Increases in incomes over this period to a 700 FINANCIAL ASSETS*. large extent reflected higher wage rates and 500 salary scales. Also a factor, however, is the greater frequency with which wives and CREDIT AND- EQUITY^,' other spending-unit members have been par- ASSETS / ticipating in the labor force. By 1957 about 200 one-third of all spending units had two or more income receivers, compared with LIABILITIES: 100 about one-fifth in 1948. Much of this increase is probably associated in one way or 60 another with the spread of personal debt in the population. In some cases wives have 40 gone to work to help repay debt; in others, SHORT- AND units have incurred debt on the basis of the INTERMEDIATE • TERM 20 wife's earnings. The income distributions in the different years are also affected by shifts in relative J I J L importance of occupational categories. 1948 1950 1952 • 1954 1956 1958 Since 1949, for example, there has been NOTE.—Personal income, U. S. Department of Commerce. Other data, Federal Reserve (largely from Flow-of-Funds and a growth in the proportion of spending-unit Savings Section). Liabilities are for consumer sector only, whereas assets include currency and demand deposits of farm heads engaged in professional and technical sector. Total financial assets include the following categories not included in components: credit balances with brokers fields, and a decline in the proportion of and security dealers, policy holders' savings through life insurance, and miscellaneous deposits. Credit and equity assets: Federal obligations (other than savings bonds), State farm operators. Partly offsetting these and local government obligations, corporate securities, and mortgages. Liquid assets: currency, demand deposits, time and changes has been the increasing importance savings deposits, shares in sayings and loan associations and credit unions, and U. S. savings bonds. Total liabilities in- of retired people. clude the following categories not included in components: security loans and debit balances at brokers, and loans on Asset distribution. Since the inception of life insurance policies. the Survey of Consumer Finances in 1946 the proportion of spending units reporting Income distribution. The rise in incomes liquid asset holdings has been relatively over the postwar period is reflected in larger stable, despite continued growth in aggreproportions of spending units at higher dolgate holdings as shown by flow-of-funds lar levels. As the top panel of Chart 10 indicates, the proportion of spending units 10 For a detailed discussion of postwar changes in with incomes of at least $7,500 was more income distributions based on Department of Comthan three times greater in 1957 than in merce data, see Selma F. Goldsmith, "Size Distribution of Personal Income," Survey of Current Business, 1948, while the proportion receiving less April 1958, pp. 10-19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1038 FEDERAL RESERVE BULLETIN SEPTEMBER 1958 estimates.11 In both early 1946 and early Chart 10 INCOME AND ASSETS, SELECTED YEARS 1947, 76 per cent of all spending units inter- PERCENTAGE DISTRIBUTION OF SPENDING UNITS viewed reported having some assets in the form of savings accounts or shares, checking INCOME 1OO accounts, or savings bonds. The corres- UNIER $3,000 ponding proportions in early 1957 and 1958 were 76 and 74 per cent, respectively. $3,101 -• $4,999 50 During the intervening years the figure $5,000- $7,499 tended to be somewhat lower, varying from $7,500 AND OVER 69 to 74 per cent. 1957 1952 1948 Similarly, the proportion reporting hold- LIQUID ASSETS 100 ings of less than $500 has fluctuated some- NONE what but in most years has been around 30 UHBER $500 per cent. The proportion with $5,000 or 50 more has been in the range of 8 to 10 per $500 - $4,999 cent in all years since 1946, when it was 6 $5,000 AND OVER per cent. The year-to-year changes in most 1958 1953 1949 of these percentages are within the limits of CORPORATE STOCK 100 sampling variability. Distributions of holdings by size in the three selected years are NONE 50 shown in the second panel of Chart 10. Ownership of corporate stock may have UNDER $500 become somewhat more widespread during $500 -$4,999 $5,000 AND the period. As the third panel of the chart 1953 1949 HOMES indicates, about 11 per Cent of all spending 100 OTHER units reported owning shares of publicly RENTS traded stock in 1957, compared with about 8 per cent in both 1949 and 1953.12 The increase in ownership is most apparent with- OWNS 1958 1953 1949 11 Aggregate consumer holdings of liquid assets, as AUTOMOBILES 100 estimated from the Surveys beginning with 1949, are NONE compared with the flow-of-funds aggregates in the appendix. Throughout this period Survey totals are less than flow-of-funds totals and they show a somewhat smaller net growth. As noted in the appendix, ONE part of the difference results from the inclusion of personal trust holdings in the flow-of-funds data. All of the growth in the Survey aggregate is a result of TWO OR MORE the increase in number of spending units; mean hold- 1958 1953 1949 ings per unit were nearly the same in 1958 as in 1949. 12 This comparison is affected not only by sampling NOTE.—Income represents money income before taxes for the calendar year. Asset data are for early in the year variability, as are all Survey data, but also by differindicated. For definition of liquid assets, see Supplementary ences from year to year in phraseology of questions Table 8, note 1. Corporate stock includes only stock sold to the general public. Data on homes are for nonfarm about ownership of corporate stock. Probably the spending units only; "other" refers to units living with most important of these was the specific reference to relatives and others, as well as those receiving housing as part of compensation. mutual funds in the 1957 questionnaire. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1039 in the highest income quintile, where about debt from 1949 to 1958. Along with the 29 per cent reported stock holdings in early growth in population, the number of non- 1957 in contrast with 21 and 19 per cent farm spending units increased from about in 1949 and 1953, respectively. Of course, 46 million to about 54 million. As a result incomes in the highest quintile as well as in of population growth and the higher homeothers rose over the period, as part of the ownership rates noted earlier, the number general movement up the income scale. of nonfarm homes owned rose nearly 40 per Ownership of physical assets such as cent. And finally, a larger proportion of homes and automobiles also has become homes were mortgaged: 56 per cent in 1958 more common, with an associated increase in contrast with 45 per cent in 1949. Thus, in mortgage and personal debt. The proporthe number of mortgaged homes rose more tion of nonfarm spending units owning than 70 per cent over the period from 1949 their homes rose from 44 per cent in 1949 to 1958. to 51 per cent in 1958. Renters have been The average balance outstanding on nona relatively stable proportion of the populafarm home mortgages also rose about 70 tion, but over the period there was a decline per cent, or from about $3,700 in 1949 to in the proportion of units that shared living $6,380 in 1958. This increase was subquarters with relatives or others. stantially greater than the rise in the market Growth of automobile ownership has value of the encumbered homes. The averbeen one of the most marked developments age value of mortgaged homes, as estimated of the postwar period. In 1949 only about by respondents in the 1958 Survey, was half of all spending units owned a car, inabout 40 per cent above the corresponding cluding about 3 per cent who had more than average in the 1949 Survey. one car. By early 1958 about 70 per cent of all units owned at least one car, and mul- Chart 11 ti-car owners had risen to 10 per cent of DEBT STATUS, SELECTED YEARS the total. Moreover, the average age of the PERCENTAGE DISTRIBUTION OF SPENDING UNITS cars owned declined. In 1949 the major- AMOUNT OF MORTGAGE DEBT ity of cars were still of prewar vintage, 1100 whereas in 1958 nearly one-quarter were less than three years old, and nearly one- NONE half were less than five years old. 50 Debt distribution. The large increase in UNDER $5,000 consumer debt in the postwar period has re- $5,000 - $9,999 $10,000 AND OVER . 0 sulted from growth in both the number of AMOUNT OF PERSONAL DEBT 1100 spending units with debt and in the average NONE amount owed by debtors. The frequency with which any kind of debt was reported— UNDER $200 50 mortgage, personal, or both—rose from $200 - $499 about 40 per cent in 1949 to 60 per cent in $500 - $999 1953, and to 66 per cent in 1958. $1,000 AND OVER Mortgage debt. Several factors contrib- 1958 1953 1949 uted to the marked expansion in mortgage NOTE.—Data are for early in the year indicated. For definition of personal debt, see Supplementary Table 11, note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1040 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 For all spending units, as indicated in the debts of larger amounts, occurred in all intop panel of Chart 11, the frequency of come quintiles.13 mortgage debt rose from 17 per cent in 1949 Liquid assets of debtors and nondebtors. to 29 per cent in 1958. The increase af- As noted earlier, there has been relatively fected all income quintiles except the lowest, little change in successive Surveys in the prowhere in both years only 6 per cent of the portion of spending units reporting liquid units owed mortgage debt. assets, whereas those reporting debt rose from 40 per cent of all spending units in Personal debt. The volume of short- and 1949 to 66 per cent in 1958. Survey data intermediate-term consumer credit outstandindicate some increase in the frequency with ing at the end of World War II was low even which the growing number of debtors have by standards of the late 1930's. Consumer also reported liquid asset holdings, particcredit had contracted during the war period, ularly of medium-sized or small amounts. mainly as a result of the unavailability of The data also suggest that, as nondebtors durable goods and of Government regulahave declined in number, the proportion tion of minimum downpayments and maxiwith substantial holdings of liquid assets has mum maturities on credit extended to purincreased somewhat. chase such goods. As durable goods be- As shown in Chart 12, about 67 per cent came available again after the war, consumer credit began to expand and by early Chart 12 1949 the volume outstanding was already LIQUID ASSETS OF DEBTORS AND NONDEBTORS SELECTED YEARS more than half again as large as in the last PERCENTAGE DISTRIBUTION OF SPENDING UNITS prewar year. As with mortgage debt, the rapid rise in HOLDINGS OF DEBTORS 100 personal debt after 1949 reflected growth in NONE both the number of debtors and their average indebtedness. Credit was used with in- UNDER $500 50 creasing frequency in the growing volume of durable goods purchases. The amount of $500 - $4,999 credit extended in individual purchases, par- $5,000 AND OVER HOLDINGS OF NONDEBTORS ticularly of automobiles, moved upward NONE steadily as percentage downpayments de- UNDER $500 clined in the face of increased prices. The lengthening of maturities on automobile in- $500-$4,999 stalment contracts swelled amounts of credit outstanding still further. $5,000 AND OVER 1958 1953 1949 About 33 per cent of the spending units NOTE.—For definition of liquid assets, see Supplementary interviewed in early 1949 reported owing Table 8, note 1. Debtors refer to spending units with either personal or mortgage debt. Data are for early in the year personal debt, as shown in the bottom panel indicated. of Chart 11. By early 1953 the proportion 13 Various aspects of consumer credit, including growth in the volume outstanding in the postwar had risen to 54 per cent, and by early 1958 period, are analyzed in the comprehensive study by to 59 per cent. Substantial growth in the the Board of Governors of the Federal Reserve System, Consumer Instalment Credit (U. S. Government frequency of debt, and in the frequency of Printing Office, Washington, D. C, 1957). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1041 of all debtors reported some liquid assets in ever, the proportion with substantial holdboth 1949 and 1953. In 1958 the propor- ings rose from about 13 per cent in 1949 to tion was somewhat larger—73 per cent. The around 20 per cent in 1953 and 1958. In proportion of debtors with liquid assets of general the data indicate that, in the earlier $5,000 or more was consistently small. years as well as in 1958, debtors held some Among the debt-free, about three-fourths liquid assets almost as often as nondebtors reported liquid assets in each year. How- but had substantial holdings much less often. TECHNICAL APPENDIX Findings of the Survey of Consumer Fi- sample is so designed that, for many statisnances are subject to various types of errors tics, the range of error attributable to the arising mainly from three sources: sampling fact that the findings are based on a sample variability; failure to obtain interviews at and not on reports from all spending units some of the dwellings selected for the sample; can be computed.2 For example, according and inaccuracies in the information supplied by some respondents as a result of incom- TABLE 1 plete knowledge, lapse of memory, or other APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS reasons. The chances are 95 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number For most Survey findings the errors arising of percentage points shown below. from sampling variability can be quantified Number of interviews Reported with reasonable accuracy. Approximate percentage 3,0001 1,000 700 500 300 100 sampling errors for percentages based on Survey data are given in the first section of 50 3 4 5 6 8 14 30 or 70. 2 4 5 6 7 13 this appendix and some limitations attaching 20 or 80 2 4 4 5 6 11 10 or 90 2 3 3 4 5 8 to sampling errors of certain means and 5 or 95 1 2 3 4 aggregates estimated from the Survey are 1 Approximate size of sample, 1952-58. discussed briefly. to the 1958 Survey, 21 per cent of all spend- The effects of other errors are more diffiing units had incomes of less than $2,000 cult to evaluate. One approach is to comin 1957. This percentage is based on the pare Survey findings with data from other full sample of more than 3,000 cases. As sources. Such comparisons for aggregate may be seen in Table 1 relating to sampling income, assets, and debts are presented in errors of percentages, the approximate sama later section. pling error of this finding is 2 percentage SAMPLING VARIABILITY Survey findings are based on information age of the Survey universe. For a description of these from a sample of spending units.1 The changes, see Leslie Kish and Irene Hess, "On Noncoverage of Sample Dwellings," Journal of the Ameri- 1 For a detailed discussion of sampling and other can Statistical Association, June 1958, pp. 509-24. procedures and of factors affecting the reliability of 2 A discussion of the factors affecting sampling Survey data see "Methods of the Survey of Consumer errors in the Survey of Consumer Finances is avail- Finances," Federal Reserve BULLETIN, July 1950, able on request from the Division of Research and pp. 795-809. Changes in sampling procedures intro- Statistics, Board of Governors of the Federal Reserve duced in the 1956 Survey resulted in improved cover- System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1042 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 points. Thus, if the entire population of number of interviews on which particular spending units had been interviewed, the percentages are based. Many proportions, chances are 95 in 100 that the proportion such as the percentages of units holding reporting incomes of less than $2,000 would liquid assets or owning automobiles, are lie in the range of 21 per cent plus or minus based on the full sample—3,117 interviews 2 per cent, or between 19 and 23 per cent. in 1958.3 Others, however, are based on In order to determine the approximate fewer interviews. For example, the estisampling error for a Survey finding from mated proportion of units in the youngest Tables 1 and 2, it is necessary to know the age group owning liquid assets is based on interviews with the 265 spending units TABLE 2 headed by persons who were less than 25 SAMPLING ERRORS OF DIFFERENCES1 years of age. The number of cases in vari- Differences required for significance (95 per cent probability) in ous spending-unit and family-unit groupings comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same Survey. of the 1958 Survey sample are shown in Tables 3 and 4. Size of sample or group Size of sample In order to increase the precision of ceror group 200 300 500 700 1,000 3,0002 tain Survey estimates, spending units at higher economic levels are sampled at a For percentages from about 35 per cent to 65 per cent higher rate than those at lower levels.4 In 200 14 other words, units at higher economic levels 300 13 11 500 12 10 9 are "oversampled." For this reason the 700 11 10 8 8 3 1 , 0 0 0 0 0 0 2 1 1 0 1 9 8 7 8 7 6 5 6 4 distribution of number of interviews is not representative of the population as a whole. For percentages around 20 per cent and 80 per cent The representativeness of Survey results is maintained by assigning weights to individ- 200 11 5 3 0 0 0 0 . . 1 9 0 9 8 7 ual interviews to compensate for the differ- 700 9 8 7 6 1 000 9 7 6 6 5 ent rates at which their groups were sampled. 3,0002 8 7 5 5 4 3 Thus the interviews from "oversampled" For percentages around 10 per cent and dwellings are given proportionately smaller 90 per cent weights so that in the final results they will 300 g 7 500 7 6 5 account for their proper proportion of the 700 7 6 5 4 1 000 6 6 5 4 4 3,0002 6 5 4 4 3 2 3 The number of interviews has been about 3,000 For percentages around 5 per cent and in all years except 1948-51 when it was about 3,500. 95 per cent 4 The interviewer is instructed to indicate, from a preliminary examination of the dwelling's exterior, his 5 3 0 0 0 0 6 5 4 5 4 judgment as to the economic level of the occupant. 700 5 4 4 3 Largely on this basis dwelling units are classified into 1 000 5 4 3 3 3 3 000 2 4 4 3 3 2 2 three economic levels, high, medium, and low. In all Surveys to date medium-group dwellings have been 1 The sampling error does not measure the actual error that is sampled at twice the rate for the low group. Dwellinvolved in specific Survey measurements. It shows that—except ings in the high group have been sampled at four for nonsampling errors, errors in reporting, in interpretation, etc.— differences larger than those found in the table will arise by chance times the low-group rate in all years except 1950-52 in only 5 cases in 100. when they were sampled at six times the low rate. 2 Approximate size of annual Survey sample, 1952-58. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1043 TABLE 3 TABLE 4 SAMPLE SIZE FOR INCOME GROUPINGS OF NONFARM SAMPLE SIZE FOR SPECIFIED GROUPS FAMILIES—1958 SURVEY1 1958 SURVEY [Number of family units] [Number of spending units] Group characteristic Number Income grouping Total 3,117 Income:1 All incomes 2 Under $1,000.... 209 Under $1,000.... $1,000-$ 1,999.... 358 $1,000-$ 1,999... $2,000-$2,999.... 307 $2,000-$2,999. .. $3,OOO-$3,999.... 358 $3,000-$3,999. .. $4,000-$4,999.... 374 $4,000-$4,999... $5,000-$5,999.... 371 $5,000-$5,999. .. $6,000-$7,499.... 432 $6,000-$7,499. .. $7,500-$9,999.... 368 $7,500-$9,999... $10,000 and over. 340 $10,000 and over Income quintile:1 Lowest 525 1 In the 1958 Survey data were also collected from 134 farm Second 560 families. Third 604 2 Money income before taxes for calendar year 1957. In- Fourth 664 come was estimated for about 2 per cent of the cases shown Highest 764 on the basis of other information reported in the interview. Occupation of head: Professional and semiprofessional . 341 Managerial 191 TABLE 5 Self-employed businessman 220 Clerical and sales 384 DISTRIBUTION OF SPENDING UNITS BY INCOME Skilled 412 [Per cent] Semiskilled 384 Unskilled and service 314 Farm operator 143 Money income before Miscellaneous 145 taxes in 1957 Unweighted Weighted Unemployed , 218 Retired 348 Not ascertained 17 Under $1,000 7 8 $l,000-$l,999 11 13 Age of head: $2,000-$2,999 10 11 18-24 265 $3,000-$3,999 11 13 25-34 642 $4,000-$4,999 12 12 35-44 723 $5,000-$5,999 12 12 45-54 587 $6,000-$7,499 14 13 55-64 414 $7,500-$9,999 12 10 65 or over 423 $10,000 and over 11 8 Not ascertained. 63 Marital status:2 All spending units 100 100 Single: Age 18-44 330 Age 45 or over 422 total.5 Figures on distribution of income Married: A Ag g e e 1 1 8 8 - - 4 4 4 4 , , n ch o i l c d h r i e l n d r u en n d u e n r d 1 e 8 r 18 1,0 2 1 0 6 3 shown in Table 5 are illustrative. Age 45 or over, children under 18. .. . 343 Age 45 or over, no children under 18. 604 As Tables 3 and 5 indicate, 340 of the Other 129 Not ascertained 70 3,117 spending units interviewed, or 11 per Region: 3 cent, reported that they had income of $10,- North East 830 North Central. 910 000 or more in 1957. According to the South 887 West 490 Purchasers of selected goods: 5 Some adjustments are also introduced in the Houses (nonfarm) 145 New cars , 274 weights to take account of the fact that the response Used cars 448 rate is greater among certain types of spending units. Television sets 324 Washing machines 260 It might also be noted that inaccuracies in inter- Refrigerators 194 viewers' ratings of dwelling units reduce the gains in Furniture 565 over-all precision resulting from the oversampling procedure, but because of the compensatory weight- 1 Money income before taxes for calendar year 1957. Income was estimated for about 2 per cent of the cases shown ing, do not bias the sample results. For discussions on the basis of other information reported in the interview. of oversampling and nonresponse weighting, see 2 For definition of marital status, see Supplementary Table "Methods of the Survey of Consumer Finances," 2, note 1. 3 As defined by U. S. Bureau of the Census. Federal Reserve BULLETIN, July 1950, pp. 795-809. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1044 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 weighted distribution an estimated 8 per COMPARISONS OF AGGREGATES cent of all spending units in the population Survey aggregates are obtained by multiplyhad income of this amount. ing mean amounts for spending units in the Sampling errors of means can also be Survey sample by an estimate of the total estimated from Survey data although in some number of spending units in the population. cases such estimates have only limited ap- Non-Survey aggregates with which they may plicability. For example, a relatively few be compared are derived for the most part spending units in the population, many of from records of governments, corporations, and financial institutions. whom have high incomes, own a large proportion of total liquid assets. In technical Evaluating Survey aggregates by comparterms, the distribution of liquid assets is ing them with other aggregates has the obvious limitation that the other data are also highly skewed. Although spending units subject to error arising from sampling at higher economic levels are sampled at a variability, inadequate reporting, and other greater rate than the rest of the population, deficiencies. Furthermore, in many cases the chances of including in a sample of only rough adjustments can be made 3,000 a person with very large holdings of for differences in concept and coverage beliquid assets are nevertheless small. Theretween the two sets of data. At best, comfore, the mean amount of liquid asset holdparisons can indicate only the net effect of ings based on reports of spending units in all types of error, including sampling error, the sample is likely to understate the mean and not the relative importance of each. for the whole population. Nevertheless, such comparisons suggest the Since the sampling variability of mean probable direction and approximate magniliquid assets is estimated from information tude of errors in some Survey data.6 reported in the sample, and since very large As suggested earlier, given errors in agholders are not likely to be included in the gregates do not necessarily imply errors of sample, the estimate will not adequately recorresponding importance in medians, perflect the element of variability contributed centage distributions, and other statistics. by extreme cases, which may be very im- The unique contribution of the Survey is in portant. Other examples of variables with providing information on population dishighly skewed distributions are the value of tributions rather than aggregate data, and a corporate stock holdings and amounts of set of completed questionnaires that fails to some kinds of debt, such as security loans. yield reliable aggregate estimates may never- Although the distribution of a variable theless yield serviceable distribution statismay be skewed, it does not necessarily follow tics. By the same token, of course, what that the Survey cannot yield useful informa- appears to be reasonable accuracy in Survey tion about that distribution. Since spending aggregates does not necessarily assure acunits with large holdings of liquid assets or curacy in distributions. corporate stocks are relatively few in num- Income. According to Survey estimates, ber, their under-representation does not pro- consumers' aggregate money income before duce serious error in calculating medians or 6 The nature and causes of errors in reports of indiin distributing spending units by size of hold- vidual consumer units have been investigated by variing below a reasonable upper limit. ous groups both here and abroad and further work along these lines is currently in process. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1045 taxes in 1957 totaled $294 billion. The insurance whereas such contributions are Department of Commerce estimate of per- deducted in deriving personal income (both sonal income for that year is $348 billion.7 series include social security benefits). The A substantial part of this difference is at- personal income series on proprietors' and tributable to differences in universe and rental income incorporates an inventory types of income covered.8 valuation adjustment to exclude inventory The Survey consumer universe consists profits and losses; Survey data may reflect of the population living in private house- such profits and losses. holds. The personal sector as defined by Some items of income covered in the Surthe Department of Commerce is more com- vey are not included in personal income beprehensive, including the transient, institu- cause the personal sector is, generally speaktional, and military population omitted from ing, on a consolidated basis. Alimony paythe Survey, and also nonprofit organizations, ments, regular contributions from one conprivate trust funds, and private pension, sumer unit to another, and income distribhealth, and welfare funds. uted by personal trust funds and private pen- Because of this wider universe, personal sion plans are some examples. income includes certain elements not covered Approximate adjustment of personal inin Survey income. The most important are: come for these conceptual differences repay of military personnel living on military duces the spread between the two 1957 reservations; employer contributions re- income estimates from $54 billion to $24 ceived by private pension plans; and prop- billion. The Survey aggregate for 1957 is erty income of private pension plans, per- 92 per cent of the adjusted personal income sonal trusts, and nonprofit organizations. total. For most years this proportion is be- The two aggregates differ also because tween 87 and 92 per cent, but for a few Survey data are confined to money income years it is higher. For 1953 and 1956, for whereas certain types of nonmoney income, example, Survey coverage is 94 and 95 per such as wages in kind, food and fuel pro- cent, respectively.9 These variations in covduced and consumed by farm families, im- erage mean that Survey aggregate income puted net rental income from owner-oc- may not always show the same movement as cupied dwellings, and imputed interest on personal income. The increase in Survey inbank deposits are included in personal in- come from 1956 to 1957, for example, is come. Survey income is gross of the re- smaller than that shown by the personal inspondent's personal contribution to social come series. The remaining discrepancy between per- 7 For a detailed discussion of the concept and method of deriving personal income, see U. S. Depart- sonal income and Survey income, after adment of Commerce, National Income, 1954 (a supple- justment for conceptual differences, is probment to the Survey of Current Business). 8 For a detailed discussion of conceptual and statis- ably attributable mainly to some downward tical differences, see papers by Selma F. Goldsmith, "Appraisal of Basic Data Available for Constructing Income Size Distributions," Studies in Income and 9 The increase in coverage from 1952 to 1953 was Wealth, XIII (National Bureau of Economic Re- substantial—from 89 to 94 per cent. It may have search, New York, 1951) and—for more recent statis- been caused partly by improved methods of obtaintical information—"The Relation of Census Income ing income figures for spending-unit members other Distribution Statistics to Other Income Data," Studies than the head. However, coverage dropped back to in Income and Wealth, XXIII (National Bureau of 91 per cent for 1954 and 1955, although these meth- Economic Research, New York, 1958). ods were continued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1046 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 bias for certain types of income covered by flow-of-funds accounts yield estimates that the Survey. Limited data on types of in- relate to personal activities of consumers. come suggest that property income in partic- However, comparisons are affected by differular is seriously understated. As is brought ences in universe and in types of assets and out later, the assets that give rise to this kind debts covered. of income are also seriously understated by The comprehensive structure of the flowthe Survey and some of the explanations for of-funds system provides periodic measures that condition are relevant for property in- of all types of financial assets and debts for come.10 all sectors of the economy within the limita- Even though Survey income aggregates tions of available data. The consumer seccorrespond reasonably closely with the ad- tor of the flow-of-funds accounts is broader justed Commerce series on personal income, in scope than the Survey universe, covering it does not necessarily follow that such the transient, institutional, and military pop- Survey measures as (1) the distribution of ulation omitted from the Survey and all perspending units by size of income or (2) the sonal trusts. Moreover the Survey covers shares of income received by various groups only selected assets and debts on a regular are free of error. For example, findings of basis—liquid assets, mortgage debt, and perthe 1950 Census Quality Check suggest that sonal debt.13 In some years the Survey has the Survey may underrepresent low income ascertained the value of corporate stock families.11 On the other hand, high income holdings. units undoubtedly receive most of the "miss- For the assets covered, the Survey data ing" property income so that the share of include some amount of business assets not income received by this group is probably recorded in the flow-of-funds consumer understated by the Survey. sector. Thus the Survey covers all liquid Financial assets and debts. The Survey assets of farm operators; in the flow-of-funds provides estimates of aggregate financial accounts currency and demand deposits assets and debts comparable in many re- held for farm business purposes are recorded spects to certain measures contained in the in the appropriate business sector. Also, flow-of-funds structure of national accounts where owners of unincorporated busiprepared by the Board's Division of Research nesses commingle the liquid assets of their and Statistics.12 Both the Survey and the businesses with their personal holdings, the Survey does not attempt a separation but 10 Understatements of aggregate consumer property income and liquid asset holdings have also been found includes the "mixed" holdings with personal in British surveys. See "The 1955 Savings Survey," holdings. In the flow-of-funds accounts also Bulletin of the Oxford University Institute of Statisany savings accounts or United States Govtics, May 1958, pp. 119-29. 31M. G. Sirken, E. S. Maynes, and J. A. Frechtling, ernment securities held for both business and "The Survey of Consumer Finances and the Census Quality Check," Studies in Income and Wealth, XXIII been substantial statistical and conceptual revisions of (National Bureau of Economic Research, New York, the flow-of-funds accounts. Data in this article reflect 1958). these revisions although they have not yet been pub- 12 For detailed descriptions, see Board of Governors lished elsewhere. of the Federal Reserve System, Flow of Funds in the 13 Liquid assets are defined for Survey purposes as United States, 1939-1953 (Washington, D. C, 1955) U. S. savings bonds; checking accounts in banks; savand "Summary Flow-of-Funds Accounts, 1950-55," ings accounts in banks and the postal savings system; Federal Reserve BULLETIN, April 1957, pp. 372-75. and shares in savings and loan associations and credit Since publication of the foregoing sources, there have unions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1047 personal use are grouped with consumer TABLE 6 holdings, since for statistical reasons no SELECTED ASSETS OF CONSUMERS1 holdings of these assets are allocated to the [In billions of dollars] noncorporate business sector. However, Flow of flow-of-funds estimates of demand deposits Survey Funds 2 Excess of Type of asset (early (end of Flow of are based on the Board's Survey of Demand 1958) 1957) Funds Deposit Ownership, which probably reports Total selected assets 109 226 117 such "mixed" accounts mainly as business U. S. Government bonds3.. 27 65 38 accounts.14 C Sa h v e i c n k g i s n g a c a c c o c u o n u t n s ts 2 6 2 0 4 1 2 3 9 2 6 1 9 0 Liquid assets. The accompanying chart 1 Survey designations for assets are used in this table. The corpresents a comparison of Survey and flow-of- responding flow-of-funds categories are: Federal obligations, demand deposits, and a combination of time deposits and shares in savings funds data for selected assets, consisting of and loan associations and credit unions. 2 Consumer sector includes personal trusts. liquid assets as defined in the Survey plus 3 Includes savings bonds and marketable securities. 4 Estimates for the consumer and farm business sectors. marketable United States Government bonds. The flow-of-funds data include de- ponent was also well below the correspondmand deposit holdings of the farm business ing flow-of-funds estimate. sector. Over the period covered Survey Some of the reasons for the $117 billion estimates are roughly half the flow-of-funds difference between flow-of-funds and Survey estimates. The dollar amount of discrep- estimates have already been suggested. In ancy has increased as asset holdings have summary there are four major factors that grown. may cause differences between the two sets of data. (1) The flow-of-funds consumer CONSUMER HOLDINGS OF SELECTED ASSETS sector account includes assets of personal Estimates, billions of dollars Ratio scale trusts but it is unlikely that any sizable amount of trust assets is reported in the Sur- 300 vey. (2) The flow-of-funds accounts are FLOW OF FUNDS 200 subject to errors resulting from inadequacies in the underlying data. (3) The distribution of liquid assets is highly skewed, and the SURVEY 100 mean amount of liquid assets based on reports of spending units in the Survey sample J L 50 is likely to understate the mean, and there- 1948 1950 1952 1954 1956 1958 fore the estimated aggregate, for the whole NOTE.—Flow-of-funds figures are for end of years 1948-57, population. (4) Survey data are subject to inclusive; Survey figures for early in years 1949-58, inclusive. For composition of series, see Table 6. reporting error. The Survey aggregate for these selected The inclusion of assets of personal trust assets was $109 billion in early 1958 com- funds in the flow-of-funds consumer accounts pared with a flow-of-funds figure of $226 affects comparisons of all three types of liqbillion at the end of 1957. As Table 6 uid assets, but particularly of United States shows, the Survey aggregate for each com- Government bonds. Unfortunately, little is known about assets of personal trusts. Data 14 For a description of this survey, see "Ownership for personal trusts administered by banks are of Demand Deposits," Federal Reserve BULLETIN, fragmentary and the estimates based on these May 1957, pp. 511-16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1048 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 data are not wholly satisfactory, particularly errors in them are reflected in the estimates for security holdings. There are virtually for the consumer sector. Such errors would no data for trusts administered by law firms not necessarily help to explain the discrepand other nonbank institutions. ancies since they may either narrow or For personal trusts administered by banks broaden the differences between Survey and two sets of estimates for the period 1952-54 flow-of-funds aggregates. In any case, show widely different amounts for holdings errors of this type in flow-of-funds data are of United States Government securities. One unlikely to account for more than a small series shows $29 billion at the end of 1954; share of the differences. the other $7 billion.15 The flow-of-funds Flow-of-funds estimates of consumer deestimate of United States Government secu- mand deposits are based on information rities for the consumer sector was $60 provided by banks in the Survey of Demand billion, so that an adjustment to remove Deposit Ownership. The results of these bank-administered trusts would yield either surveys are subject to both sampling and $31 billion or $53 billion, depending on reporting error, and also errors of classificawhich estimate was used. Thus the Survey tion. Banks are not always able to distinaggregate of $26 billion might be as little guish between consumer and other deposits, as $5 billion or as much as $27 billion less such as those of noncorporate businesses. than the flow-of-funds estimate adjusted for Any business accounts reported as consumer this particular difference. accounts would explain some of the differ- Flow-of-funds estimates of United States ences between the two sets of data. Government bonds, savings accounts in Other possible errors in flow-of-funds banks, and savings and loan shares held by estimates of consumer demand deposits rethe consumer sector may involve errors be- sult from the necessity for adjusting data cause of the indirect method of derivation. reported by banks to the holder-record basis Consumer holdings of these assets are resi- used in the flow-of-funds accounts. The duals derived by deducting estimated hold- procedure is to estimate the total amount of ings of nonconsumer sectors from totals for "float" in the economic system—checks the whole economy. Reliable data are avail- clearing through the banking system, checks able for the whole economy and for some in the mail, and checks held undeposited— sectors such as government, corporate busi- and then the part of total float applicable to ness, insurance companies, and banks. How- each sector of the economy. The estimates ever, for some other sectors, such as non- are highly approximate. Here again, errors corporate businesses and nonprofit institu- may narrow or broaden the difference betions, the data are less adequate and any tween the two sets of data. Another source of difference in consumer 15 The first series was published by the Board of Gov- demand deposits is connected with deposits ernors of the Federal Reserve System as part of the of businessmen in which their personal and broader series on selected liquid asset holdings of individuals and businesses (see Federal Reserve BULLE- business assets are commingled. Banks are TIN, July 1955, pp. 749-50). The published Federal instructed to report such accounts under Reserve figure has been adjusted to exclude holdings of private pension funds. "business," while in the Survey they are The second series was prepared by Raymond W. grouped with personal holdings. However, Goldsmith and Eli Shapiro and will be published in a forthcoming article in the Journal of Finance. the differences between the two sets of data Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1049 would be widened if they were put on the several billion dollars above the flow-ofsame basis in this respect.16 funds estimate. On the whole it seems clear that differ- The problem of large holders undoubtedly ences between flow-of-funds and Survey data accounts for an important part of the discan be explained only in part by conceptual crepancy between Survey and flow-of-funds differences and errors of estimate in the aggregates. But there is also evidence that former, and that Survey aggregates involve the number of bank accounts and of savings substantial understatements. Because com- and loan shares is substantially underreparability with flow-of-funds aggregates ported. This suggests that some of the disvaries among types of assets, it is difficult to crepancy between flow-of-funds and Survey judge from these comparisons whether Sur- estimates is attributable to inadequate revey data yield more reliable aggregates for porting by the spending units who constitute some types of assets than for others. the Survey sample. One possibly important source of under- According to the Survey of Demand Destatement in Survey aggregates is the highly posit Ownership, individuals and farm opskewed distribution of assets noted earlier. erators owned 45 million checking accounts The chance inclusion of a very large holder in early 1958 whereas the Survey of Conwould have a sizable effect on the sample sumer Finances estimate is only 33 million. mean and on the aggregate based on that The Federal Home Loan Bank Board estimean. For example, in the 1957 Survey of mates that there were 22 million savings and Demand Deposit Ownership, four accounts loan shares at the end of 1957 whereas the totaling $8 million were reported as owned Survey estimate for early 1958 is only 8 by individuals—an average of $2 million million. per account. If the sample of the 1957 Underreporting of the number of accounts Survey of Consumer Finances had included probably stems from several sources. In one respondent with a checking account of some cases spending units owning liquid as- $2 million, the Survey aggregates for check- sets may fail to report any. In other cases ing accounts and for total liquid assets the head of the spending unit may report his would have been increased by about $16 own assets, but forget those of other membillion.17 Since the Survey aggregate for bers of the unit, for example, children's acchecking accounts in early 1957 was about counts. Or the head of the spending unit $11 billion less than the flow-of-funds may report his principal accounts, but fail to estimate, this single report of $2 million report inactive or secondary accounts. On would have placed the Survey estimate the whole, however, it is likely that accounts not reported are substantially smaller than those that are reported. 16 The Survey estimate of "mixed" personal-business The large and persistent discrepancy beliquid assets in early 1958 was about $5 billion, and probably consisted largely of checking accounts. tween Survey and flow-of-funds aggregates 17 The estimate of $16 billion is based on the as- does not necessarily invalidate certain imsumption that the dwelling of the hypothetical checkportant uses of Survey data on liquid assets. ing-account holder is included in the high economic group sampled at four times the rate for the low If most of the discrepancy were attributable group. If his dwelling is assumed to be in the medium to a relatively few large holders, the effects group, his weight would be doubled and the Survey aggregate increased by $32 billion. on such estimates as the proportion of spend- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1050 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 ing units with liquid assets, the median questionnaire specifically excluded. But any amount held, and the distribution of spend- reasonable allowances for these factors ing units by size of holding would be negli- would still leave a wide divergence between gible. However, some part of the discrep- the estimates. ancy apparently is attributable to inadequate Clearly the Survey is not a reliable source reporting, and this has more serious implica- of information for aggregate holdings of cortions for the statistics of the types mentioned. porate stock or for holdings by various Thus, the Survey finding that about three- groups. The findings are more reliable on quarters of all spending units own some the proportion of spending units owning liquid assets probably should be viewed as a stock and the distribution of units by size of minimum estimate. holding below a reasonable upper limit. Corporate stock. The problems of esti- Debt. Total indebtedness of consumers, mating means and aggregates for consumer as estimated in the flow-of-funds accounts, holdings of corporate stock are similar to amounted to $155 billion at the end of 1957. those for liquid assets but they are greater This compares with a Survey estimate of in intensity because the degree of concentra- $124 billion for early 1958. These figures tion of stock holdings is substantially greater. differ somewhat in coverage as indicated in The chance inclusion of a single large holder Table 7, which summarizes Survey and flowcan have tremendous impact on the esti- of-funds estimates for the various debt commated aggregate of consumer holdings. For ponents. example, one respondent in the 1953 Survey The Survey estimate of mortgage debt on reported owning about $1 million in corpo- owner-occupied nonfarm dwellings is very rate stock. His case alone raised the esti- close to the flow-of-funds estimate based on mated aggregate from $37 billion to $53 billion. TABLE 7 Aggregate stock holdings of consumers CONSUMER DEBT OUTSTANDING estimated from Survey data are consistently [In billions of dollars] far less than the flow-of-funds estimates. Survey Flow of Funds The flow-of-funds estimate for the end of Coverage, and type of debt (early 1958) (end of 1957) 1956 is $295 billion whereas the Survey esti- Total outstanding. 124 155 mate for early 1957 is only $75 billion. The Covered by both series, total 121 150 flow-of-funds figures are developed from Se- Home mortgages (nonfarm).... 98 101 Nonmortgage 23 49 Instalment 19 34 curities and Exchange Commission data for Noninstalment 5 75 Single-payment loans 4 the market value of stock listed on registered Security loans * 5 Policy loans2 4 exchanges, and estimates for unlisted stock, Medical debt 1 including that not publicly traded. Flow of Funds only, total 6 Charge accounts 5 Two conceptual differences between Sur- Service credit (excluding medical) vey and flow-of-funds estimates explain part Survey only, nonmortgage debt to individuals of the difference. The flow-of-funds data 1 Includes debit balances at brokers as well as loans owed to banks. include holdings of personal trusts, for 2 On insurance policies. NOTE.—Both series exclude business debt of owners of unincorwhich, as noted earlier, information is scant; porated businesses and farm debt of farmers. The sum of instalment credit, single-payment loans, medical debt, charge accounts, and and they also include stock not publicly service credit is equivalent to the monthly Federal Reserve series on short- and intermediate-term consumer credit. The category traded, which the language of the Survey "medical debt" is part of the published Federal Reserve series on service credit and Survey data are used for benchmark purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1051 lender data. The two series are in broad other recent years—that is, the Survey agagreement in other years also. While the gregate represents roughly 60 per cent of flow-of-funds data on mortgage debt involve the flow-of-funds series based on lender data. some degree of approximation, the close An earlier discussion of sources of the disagreement of the two estimates is generally crepancy in this type of debt concluded that reassuring as to the adequacy of Survey data. inaccurate reporting in the Survey is pos- It is also reassuring to know that other Sur- sibly a major factor.18 vey statistics in the housing and mortgage Reporting error in the Survey may also area, such as the proportion of nonfarm account for some of the discrepancy between dwellings occupied by owners and the pro- the two estimates of noninstalment debt. portion of owner-occupied dwellings that However, some types of noninstalment debt, are mortgaged, are in general agreement particularly single-payment loans and sewith findings of the 1950 Housing Census. curity loans, are probably highly concen- The Survey estimates of nonmortgage trated and the sampling problems associated debt, on the other hand, are substantially with this kind of distribution may be more less than the flow-of-funds estimates. The important than reporting error. understatement of instalment credit in early 18 See Federal Reserve BULLETIN, July 1956, pp. 1958 is of the same order of magnitude as in 696-701. SUPPLEMENTARY TABLE 1 INCOME DISTRIBUTION OF SPENDING UNITS AND FAMILY UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES 1 [Per cent] Spending units2 Family units3 Money income Distribution of units Total money income Distribution of units Total money income before taxes 1957 1956 1955 1957 1956 1955 1957 1956 1955 1957 1956 1955 Under $1 000 . . 8 9 11 1 1 1 7 8 11 1 1 $l,000-$l,999 13 12 12 4 3 4 12 11 11 3 3 $2 000-$2,999 11 12 13 5 6 7 9 10 11 4 5 6 $3 000-S3 999 13 12 14 9 8 10 11 11 13 7 7 9 $4,000-54,999 12 14 14 11 12 13 12 13 13 9 10 11 $5 000-55 999 12 12 11 12 13 13 12 13 12 12 } 28 $6,000-57,499 13 12 11 16 15 15 14 12 16 15 $7 5OO-$9 999 10 9 8 17 15 14 12 11 18 16 J 15 $10,000 and over 8 8 6 25 27 23 11 11 8 30 31 27 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Median income4 $4,350 $4,250 $3,960 $4,850 $4,700 $4,260 Mean income 5 $5,160 $5,140 $4,650 $5,650 $5,640 $5,060 1 Income data for each year are based on interviews early in the are related by blood, marriage, or adoption. Single-person families following year. are included. 2 A spending unit includes all persons living in the same dwelling 4 Median income is that of the middle spending unit or family and related by blood, marriage, or adoption, who pool their incomes unit in a ranking of all units by size of money income before taxes. to meet major expenses. Single-person spending units are included. 5 Mean income is obtained by dividing aggregate money income 3 A family unit includes all persons living in the same dwelling who before taxes by number of spending units or family units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1052 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 SUPPLEMENTARY TABLE 2 INCOME OF SPENDING UNITS WITHIN SPECIFIED GROUPS, 1957 [Per cent] 1957 money income before taxes All Group characteristic income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $6,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $5,999 $7,499 $9,999 and over All spending units 100 8 13 11 13 12 12 13 10 8 Age of head of spending unit: 18 24 100 13 21 20 19 11 7 4 3 1 25-34 100 3 7 9 13 14 16 16 13 7 35-44 100 3 6 6 13 13 15 18 15 10 45 54 . .. 100 5 6 9 12 13 12 15 14 14 55-64 100 10 19 13 9 11 11 10 9 7 65 and over 100 25 33 15 9 6 4 3 1 3 Marital status:l Single: Age 18 44 100 10 20 19 19 13 9 4 4 2 Age 45 and over 100 26 27 15 10 9 4 4 2 3 Married, both adults present: Age 18 44 no children under 18 100 3 5 12 14 8 14 16 15 12 Age 18 44 children under 18 100 3 5 6 13 15 16 19 15 9 Age 45 and over, no children under 18.. 100 7 16 13 10 11 12 11 11 11 Age 45 and over, children under 18 100 4 7 7 13 13 13 17 14 13 Other 4 100 14 28 20 11 8 6 5 4 Region: 2 N N o or r t t h h E C a e s n t tral .. . 110000 4 7 1 1 1 3 191 1125 1142 1143 1153 1 1 1 0 7 9 South 100 14 17 12 11 11 7 9 9 8 West 100 5 9 10 14 12 15 17 13 6 i Single spending units include unmarried, widowed, separated, as either single or married. Age refers to head of spending unit. and divorced persons without children. "Other" includes spending 2 As denned by U. S. Bureau of the Census. units with various combinations of adults and children not classified NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 3 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS 1 [Per cent] Money income P p a r r o o n f f d e e s s s s s e i i m o o n n i a - a l l Managerial bu e s m in S p e e lo s lf s y - m ed an a C n l d e r s i a c l a e l s an S s d k k i i s l l l e l e e m d d i- U s n e a s r k n v i d i l c l e ed op F e a r r a m tor before taxes 1957 1956 1957 1956 1957 1956 1957 1956 1957 1956 1957 1956 1957 1956 Under $1,000 1 (2) 1 1 3 2 2 3 1 2 11 12 18 16 $l,000-$l,999 1 5 4 8 7 4 6 23 16 26 23 $2,000-$2,999 2 3 9 7 11 12 7 10 18 19 16 25 $ $ $ $ $ 4 6 5 3 7 , , , , , 0 0 0 0 5 0 0 0 0 0 0 0 0 0 0 - - - - - $ $ $ $ $ 4 5 7 3 9 , , , , , 9 9 4 9 9 9 9 9 9 9 9 9 9 9 9 2 1 1 1 2 6 3 3 7 1 1 1 1 1 0 8 6 3 7 2 1 1 7 6 6 5 8 2 2 1 1 6 1 1 0 5 1 1 1 9 8 2 7 0 1 1 9 9 8 0 8 1 1 1 1 1 7 4 4 4 3 1 1 1 1 1 6 7 2 2 5 2 1 1 1 1 1 4 8 9 3 2 1 1 1 0 9 3 9 7 2 1 0 9 5 3 1 2 1 1 1 5 2 2 2 1 1 4 6 3 2 0 1 7 4 5 3 2 $10,000 and over 25 20 25 23 27 33 7 6 4 4 2 4 4 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median income $7,000 $6,250 $7,520 $7,000 $6,380 $7,500 $4,710 $4,600 3$5,210 3$4,940 $2,850 $3,000 $2,350 $2,320 Mean income $8,150 $7,770 $9,190 $8,790$10,270$10,750 $5,340 $5,190 3$5,460 3$5,O3O $3,210 $3,250 $3,160 $3,350 1 Income data for each year are based on interviews early in the $5,350 in 1956; that of semiskilled workers was $4,800 and $4,400, following year. Occupation refers to head of spending unit. respectively. Mean income of skilled was $5,960 in 1957 and $5,640 2 No cases reported or less than one-half of 1 per cent. in 1956; that of semiskilled was $4,980 and $4,480, respectively. 3 The median income of skilled workers was $5,800 in 1957 and NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1053 SUPPLEMENTARY TABLE 4 DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES, BY INCOME TENTHS 1 Percentage of total moneyincome Mean income within tenth Lowest income within tenth Income tenth 1957 1956 1955 1954 1957 1956 1955 1954 1957 1956 1955 1954 Lowest tenth . 1 1 1 1 $650 $660 $470 $540 Second 3 3 3 1,510 1,450 1,260 1,370 $1,140 $1,050 $900 $1,000 Third 4 5 4 5 2,300 2,310 2,070 2,110 1,890 1,900 1,650 1,760 Fourth 6 6 6 6 3,180 3,130 2,830 2,810 2,760 2,740 2,470 2,500 Fifth 8 8 8 8 3,950 3 920 3,590 3,430 3 600 3 520 3 240 3 120 Sixth 9 9 9 9 4,760 4,660 4,260 4,020 4,350 4,270 3,960 3,700 Seventh . 11 10 11 11 5,560 5,370 5,010 4,740 5,140 5,000 4,640 4,350 Eighth 13 12 13 r12 6,570 6,330 5,910 5,490 6 010 5 850 5,380 5,060 Ninth 16 15 16 15 8,010 7,850 7,330 6,770 7,190 7,000 6,500 6,000 Highest tenth ... 29 31 29 15,160 15,760 13,830 12,950 9,050 9,050 8,440 7,720 r Revised. according to money income before taxes. i Income data for each year are based on interviews early in the 2 Data not available. following year. Tenths were obtained by ranking spending units NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 5 RECIPIENTS OF SELECTED TYPES OF INCOME WITHIN INCOME QUINTILES, 1957 [Percentage of spending units] Wages Self- Interest Income quintile1 and employment Business Farm and Rent6 Transfer salaries income 2 income3 income4 dividends5 payments 7 All spending units 82 18 26 Lowest 57 3 10 7 48 Second 77 2 7 14 9 33 Third 91 10 5 4 14 6 18 Fourth 94 10 5 2 20 9 20 Highest 89 12 11 2 34 13 13 1 Quintiles were obtained by ranking spending units according to 4 Excludes farm income of nonfarmers money income before taxes. 5 Interest, dividends, and royalties. 2 Income of professional men and artisans; excludes business 6 Excludes payments by roomers. income. 7 Pensions, annuities, social security and veterans' benefits, ali- 3 Income from unincorporated businesses. mony, etc. SUPPLEMENTARY TABLE 6 INCOME-CHANGE GROUPINGS OF INDIVIDUAL SPENDING UNITS [Percentage distribution] Change in income1 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 Increase 45 48 46 42 48 52 54 50 42 52 49 No change 31 32 34 34 31 29 29 30 31 28 31 Decrease . . 24 20 20 23 21 19 17 19 27 20 20 All cases2 100 100 100 100 100 100 100 100 100 100 100 i A change of 5 per cent or more from the previous year in money 2 Excludes cases for which information was not reported. income before taxes is defined as an increase or decrease, depending NOTE.—Details may not add to totals because of rounding. on the direction of change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1054 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 SUPPLEMENTARY TABLE 7 LIQUID ASSETS WITHIN INCOME GROUPS, EARLY 1958 [Percentage distribution of spending units] 1957 money income before taxes All Ty o p f e h a o n ld d i n s g ize sp u en n d it i s ng Under $1,000- $2,000- $3,000- $4,000- $5,000- $6,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $5,999 $7,499 $9,999 and over Total liquid assets: Zero 26 62 50 37 32 25 16 10 2 1 $1-$199 17 12 14 14 20 22 24 21 15 4 $200-$499 14 6 12 13 12 20 16 17 16 9 $500-$999 11 4 6 12 10 7 11 16 15 15 $l,000-$l,999 10 5 3 7 9 10 12 14 19 17 $2,000-$4,999 12 7 8 9 11 13 12 12 21 21 $5,000-$9,999 5 2 5 4 3 1 6 6 8 15 $10,000 and over 4 1 2 5 3 4 3 4 4 19 All cases 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds: Zero 72 88 86 80 78 71 69 61 59 48 $1-$199 10 5 6 5 10 12 12 14 13 15 $200-$499 6 1 2 5 4 5 6 10 9 8 $500-$999 5 1 3 3 3 5 6 6 8 9 $l,000-$l,999 3 2 2 2 2 3 3 4 6 6 $2,000 and over 4 3 2 5 4 3 4 4 4 14 All cases 100 100 100 100 100 100 100 100 100 100 Savings accounts:1 Zero 50 81 69 64 55 48 37 34 28 29 $1-$199 13 5 6 9 10 17 19 19 15 10 $200-$499 10 3 7 7 9 12 13 13 12 9 $500-$999 7 2 4 8 5 5 8 9 12 9 $1,000-51,999 8 3 3 3 9 7 8 12 12 10 $2,000 and over. 14 5 11 10 11 12 14 13 22 32 All cases 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 47 76 69 60 61 51 40 30 16 8 $1-$199 22 12 13 13 17 25 30 37 35 14 $200-$499 14 4 7 13 10 13 15 18 25 20 $500-$999 8 5 7 7 8 5 7 7 11 21 $l,000-$l,999 4 2 2 4 2 4 4 3 7 14 $2,000 and over 5 1 2 3 2 2 4 4 5 23 All cases 100 100 100 100 100 100 100 100 100 100 1 Includes savings accounts in banks, postal savings, and shares in NOTE.—Details may not add to totals because of rounding. savings and loan associations and credit unions. SUPPLEMENTARY TABLE 8 LIQUID ASSET HOLDINGS OF SPENDING UNITS AND FAMILY UNITS 1 [Per cent] ]distribution of spending units Distribution of family units Amount 1958 1957 1956 1953 1949 1958 1957 1956 1953 1949 Zero . 26 24 28 29 29 25 23 28 28 28 $1 $199 17 17 15 16 16 16 17 14 14 15 $200 $499 14 14 12 12 13 14 13 12 12 12 $500 $999 11 12 12 11 11 11 12 11 11 11 $1 000-$l 999 10 11 11 12 11 11 11 11 12 11 $2 000 $4 999 12 13 12 11 12 13 13 13 12 13 $5 000-$9 999 5 5 6 5 5 6 6 6 6 6 $10,000 and over 4 4 4 4 3 5 5 5 5 4 All cases . 100 100 100 100 100 100 100 100 100 100 1 Liquid assets, according to the Survey definition, are U. S. savings spending units early in 1957. Data are as of date of interview early bonds, checking accounts, savings accounts in banks, postal savings, in Survey year. For definition of spending unit and family unit, and shares in savings and loan associations and credit unions; cur- see Supplementary Table 1, notes 2 and 3. rency is excluded. Data prior to 1957 also include marketable U. S. NOTE.—Details may not add to totals because of rounding. Government bonds, which were held by about 1 per cent of all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1055 SUPPLEMENTARY TABLE 9 LIQUID ASSETS WITHIN AGE GROUPS, EARLY 1958 [Percentage distribution of spending units] Age of head of spending unit All Type and size of holding spending units i 18-24 25-34 35-44 45-54 55-64 65 and over Total liquid assets: Zero 26 37 26 22 21 28 27 $1—$199 17 27 25 18 11 11 10 $200-$499 . . . . . . 14 21 16 15 13 11 7 $500-$999 11 7 10 13 13 8 10 $1 000-$ 1 999 10 4 10 14 14 8 7 $2 000-$4 999 12 4 9 10 16 16 20 $5 000 $9 999 5 2 5 6 10 9 $10,000 and over 4 3 6 7 11 All cases 100 100 100 100 100 100 100 U. S. savings bonds: Zero 72 80 73 72 64 69 73 $1—$199 10 12 14 10 10 8 6 $200-$499 6 3 5 7 8 6 3 $500-$999 5 3 4 6 5 4 6 $1 000-$l 999 . . 3 1 1 2 7 4 4 $2,000 and over 4 2 2 6 10 8 All cases 100 100 100 100 100 100 100 Savings accounts: 3 Zero . . . .. 50 59 49 45 45 53 52 $1_$199 13 16 19 15 11 7 4 $200-$499 10 14 10 11 9 7 5 $500-$999 7 6 8 6 8 4 7 $l,000-$l,999 8 3 4 11 10 8 7 $2,000 and over 14 2 8 12 17 21 26 All cases 100 100 100 100 100 100 100 Checking accounts: Zero . 47 70 47 41 38 47 49 $1-$199 22 21 30 29 18 16 11 $200-$499 . 14 7 12 15 19 13 12 $500-$999 8 2 6 8 10 12 14 $1 000-$ 1 999 4 3 4 8 6 4 $2,000 and over 5 2 3 7 6 9 All cases .. 100 100 100 100 100 100 100 1 Includes cases in which age of head of spending unit was not 3 Includes savings accounts in banks, postal savings, and shares in ascertained. savings and loan associations and credit unions. 2 No cases reported or less than one-half of 1 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
1056 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 SUPPLEMENTARY TABLE 10 LIQUID ASSET COMPOSITION WITHIN INCOME QUINTILES AND AGE GROUPS, EARLY 1958 [Percentage distribution of spending units] Checking Checking Checking Savings account, All No Some Checking Savings Savings account account account savings Income and age cases l a i s q s u e i t d s l a i s q s u e i t d s ac o c n o l u y nt ac o c n o ly u 1 nt b o o n n l d y s sa a v n in d gs sa a v n in d gs sa a v n in d gs ac a c n o d unt, account bonds bonds savings bonds All spending units2.. 100 26 74 16 13 16 15 Income quintile: Lowest 100 57 43 14 11 6 4 Second 100 35 65 17 18 9 7 Third 100 24 76 16 16 17 11 Fourth 100 13 87 16 13 22 21 Highest 100 2 98 18 7 28 31 Age of head of spend ing unit: 18-24 100 37 63 15 21 6 25-34 100 26 74 17 14 16 15 35-44 100 22 78 16 12 21 17 45-54 100 21 79 16 9 18 20 55-64 100 28 72 16 11 14 15 65 and over 100 27 73 17 14 14 13 1 Includes savings accounts in banks, postal savings, and shares in 3 No cases reported or less than one-half of 1 per cent. sav 2 in In g c s lu an d d es lo c a a n se s a s i s n o c w ia h t i i c o h n s a g a e n d o f c r h e e d a i d t u w n a i s o n n s o . t ascertained. NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 11 PERSONAL DEBT OF SPENDING UNITS WITHIN INCOME AND AGE GROUPS, EARLY 1958 [Percentage distribution of spending units] Amount of personal debt1 All No Some Income and age cases debt debt $100- $200- $500- $1,000 $l-$99 $199 $499 $999 and over All spending units2 100 41 59 10 13 13 15 1957 money income before taxes: Under $1,000 100 60 40 16 10 9 4 1 $l,000-$l,999 100 53 47 14 5 15 6 6 $2,000-$2,999 100 49 51 13 7 17 8 6 $3,000-$3,999 100 42 58 8 8 16 14 11 $4,000-$4,999 100 31 69 10 9 15 19 16 $5,000-$5,999 100 33 67 8 7 10 20 22 $6,000-57,499 100 26 74 7 9 14 15 28 $7,500-$9,999 100 34 66 8 7 13 18 20 $10,000 and over 100 47 53 5 4 7 10 27 Age of head of spending unit: 18-24 100 38 62 12 14 12 16 25-34 100 23 77 9 15 20 23 35-44 100 33 67 6 15 16 22 45-54 100 42 58 11 15 12 14 55-64 100 55 45 11 13 9 5 65 and over 100 73 27 13 4 5 1 1 Includes all short- and intermediate-term consumer debt other 2 Includes cases in which age of head was not ascertained. than charge accounts; excludes mortgage and business debt. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE FINANCIAL POSITION OF CONSUMERS 1057 SUPPLEMENTARY TABLE 12 PERSONAL DEBT OF SPENDING UNITS AND FAMILY UNITS1 Distribution of spending units Distribution of family units Amount 1958 1957 1956 1955 1954 1953 1958 1957 1956 1955 Zero 41 42 46 45 46 48 38 39 44 42 $l-$99 10 9 9 9 9 11 10 9 9 9 $100-$199 7 6 7 8 8 8 8 6 7 8 $200-$499 13 12 14 15 13 14 13 13 14 15 $500-$999 . 13 11 11 12 12 10 14 12 12 13 $1,000 and over 15 16 13 11 12 9 17 17 14 13 Not ascertained 4 (2) (2) 4 All cases 100 100 100 100 100 100 100 100 100 100 1 For definitions of personal debt and of spending unit and 2 Estimated, if not determined in interview. family unit, see Supplementary Tables 11 (note 1) and 1 (notes 2 NOTE.—Details may not add to totals because of rounding. and 3), respectively. SUPPLEMENTARY TABLE 13 TYPES OF DEBT WITHIN AGE GROUPS, EARLY 1958 [Percentage distribution of spending units] Personal debt only* Mortgage debt and: A sp ge e n o d f i n h g e a u d n i o t f c A as l e l s d N e o bt S d o e m bt e Mo d o r n e tg b ly t age I m ns e t n al t - s N ta o lm ni e n n - t m s n t I e a n o n l s n m t t i a a e n l n n - - d t I m n d s e e t b n a t t l- s N ta d o l e m n b i e t n n - t a s n I t d a m n d l s e m n e t b n o a e t l t n n - i t n- All spending units2 . . . 100 34 66 7 17 8 12 10 2 9 18-24 100 38 62 34 15 2 2 25-34 100 18 82 5 20 10 20 14 2 11 35_44 100 23 77 10 15 5 13 16 3 15 45-54 100 31 69 11 16 8 11 11 3 9 55-64 100 46 54 8 16 9 6 7 2 5 65 and over 100 68 32 5 7 11 5 2 1 1 1 For definition of personal debt see Supplementary Table 11, 3 No cases reported or less than one-half of 1 per cent. not 2 e I n 1 c . ludes cases in which age of head was not ascertained. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Credit Extended by Banks to Real Estate Mortgage Lenders Credit extended to real estate mortgage lenders the increase since February. As in previous surby weekly reporting member banks as of August veys these loans were largely to real estate mort- 13, 1958 amounted to $1,209 million, $199 mil- gage companies. lion more than reported at the previous survey on The foregoing information was obtained by a February 12, 1958. Commitments to extend addispecial survey of all types of credit extended by tional credit to these lenders declined $10 million to $663 million. commercial banks to real estate mortgage lenders. Loans to real estate mortgage lenders secured by Results of earlier surveys have been published in the pledge of real estate mortgage loans amounted the March 1958 and earlier Federal Reserve BULto $906 million and accounted for $178 million of LETINS. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, AUGUST 13, 1958 AND SELECTED PRIOR DATES [In millions of dollars] Increase Outstanding on (or decrease —) Item Feb. 12, Aug. 14, Aug. 13, Feb. 12, Aug. 14, Aug. 10, to 1957 to 1958 1958 1957 1955 Aug. 13, Aug. 13, 1958 1958 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total 176 181 201 338 -5 -25 Insurance companies 22 39 33 235 -17 -12 Mortgage companies 92 84 88 90 8 3 Other 1 63 59 79 12 5 -16 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total 906 728 775 982 178 131 4 4 3 11 i 1 Mortgage companies . . .. 852 673 715 911 179 138 Otheri 50 50 57 59 _7 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers, total 127 100 114 88 26 13 Insurance companies 14 6 11 4 7 3 Mortgage companies 53 37 38 24 16 15 Other i 60 57 65 60 3 -5 Total loans to real estate mortgage lenders 1,209 1,009 1,089 1,408 199 120 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total 663 673 746 1,295 -10 -82 Insurance companies . . . 22 18 66 183 3 —44 Mortgage companies 495 541 562 894 -46 -68 Other i. 147 114 118 219 33 29 1 Savings and loan associations, mutual savings banks, builders commitments at Aug. 14, 1957 were not asked to report at Feb. 12, and other organizations (other than banks) that make or hold sub- 1958, but figures for the latter date include their previously reported stantial amounts of real estate loans. figures for comparative purposes. Details may not add to totals NOTE.—Banks reporting less than $1 million of these loans and because of rounding. 1058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Small Business Investment Act Reserve Bank to act as depository or fiscal agent for any small business investment company: By Act of Congress approved August 21, 1958 (Public Law 85-699), Congress enacted the "Small Sec. 308. (b) Each small business investment company may make use, wherever practicable, of the Business Investment Act of 1958" to provide for advisory services of the Federal Reserve System and the establishment of small business investment of the Department of Commerce which are available companies to make equity capital and long-term for and useful to industrial and commercial businesses, and may provide consulting and advisory services on credit more readily available for small business a fee basis and have on its staff persons competent to concerns. provide such services. Any Federal Reserve Bank is authorized to act as a depository or fiscal agent for Under this Act, Section 13b of the Federal Reany company organized under this act. Such comserve Act, which authorizes Federal Reserve Banks panies may invest funds not reasonably needed for to make loans to and commitments for industrial their current operations in direct obligations of, or obligations guaranteed as to principal and interest by, or commercial businesses, is repealed effective one the United States. year after the date of enactment of the Act, and In addition, this Act contains the following proadvances made by the Secretary of the Treasury under such Section 13b, to enable Federal Reserve vision which authorizes national banks and State Banks to make such loans and commitments, shall member banks to purchase shares of stock in small be repaid to the United States within 60 days after business investment companies: the enactment of the Act. The text of these Sec. 302. (b) Shares of stock in small business inamendments is as follows: vestment companies shall be eligible for purchase by national banks, and shall be eligible for purchase by other member banks of the Federal Reserve System Sec. 601. Effective one year after the date of enand nonmember insured banks to the extent permitted actment of this Act, Section 13b of the Federal Reunder applicable State law; except that in no event serve Act (12 U. S. C. 352a) is hereby repealed; but shall any such bank hold shares in small business such repeal shall not affect the power of any Federal investment companies in an amount aggregating more Reserve Bank to carry out, or protect its interest unthan 1 per cent of its capital and surplus. der, any agreement theretofore made or transaction entered into in carrying on operations under that section. Participations Between Banks Under Section 6(a) of the Bank Holding Company Act Sec. 602. (a) Within sixty days after the enactment of this Act, each Federal Reserve Bank shall pay to The Board's Statement in the matter of General the United States the aggregate amount which the Secretary of the Treasury has heretofore paid to such Contract Corporation, which appears in the Fedbank under the provisions of Section 13b of the Fed- eral Reserve BULLETIN for March 1958, at p. 260, eral Reserve Act; and such payment shall constitute a full discharge of any obligation or liability of the expressed the view, among other things, that the Federal Reserve Bank to the United States or to the nonrecourse purchase of instalment paper consti- Secretary of the Treasury arising out of Subsection (e) tutes a "discount" within the meaning of Section of said Section 13b or out of any agreement thereunder. 6(a)(4) of the Bank Holding Company Act of (b) The amounts repaid to the United States pur- 1956, which forbids a bank "to make any loan, suant to Subsection (a) of this Section shall be discount or extension of credit to a bank holding covered into a special fund in the Treasury which company of which it is a subsidiary or to any shall be available for grants under Section 7(d) of the Small Business Act. Any remaining balance of other subsidiary of such bank holding company." funds set aside in the Treasury for payments under In the course of that Statement the Board also Section 13b of the Federal Reserve Act shall be said (p. 269): covered into the Treasury as miscellanous receipts. "It may be noted, however, that when one bank This Act also contains the following provision seeks participation by another bank to aid in meeting authorizing small business investment companies the credit needs of a borrower, there would seem to be no conflict with Section 6 if the second bank joined to make use of the advisory services of the Fedat the outset in making its portion of the loan, since eral Reserve System, and authorizing any Federal this would not involve the second bank in either a 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1060 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 direct loan to the first bank or a purchase of paper the participating bank; the agreement covered a from it. This would seem to permit at least a partial specific loan or line of credit and a specific borsolution of the problems involved in participations." rower, and it did not relate to a mere block of The Board has been asked further questions as unidentified paper. to when a bank may be considered to have "joined The first of the four factual situations was the at the outset in making its portion of the loan" clearest and simplest case. In this situation, in adwithin the meaning of the principle quoted above. dition to the existence of the participation loan This principle must be read in the light of a agreement as mentioned above, the participating specific exemption appearing in the last sentence of bank had on deposit with the bank originating the Section 6(a) of the Bank Holding Company Act loan a sum sufficient to cover the participating which provides that: bank's portion of the loan, and had instructed the "Non-interest-bearing deposits to the credit of a originating bank to debit the account of the parbank shall not be deemed to be a loan or advance ticipating bank to the extent of the latter's parto the bank of deposit, nor shall the giving of immediate credit to a bank upon uncollected items re- ticipation in the loan. The Board expressed the ceived in the ordinary course of business be deemed view that in this situation in which the participating to be a loan or advance to the depositing bank." bank has the funds on deposit at the originating This specific exemption must, in turn, be con- bank, the transaction is exempted as a "joining at sidered against the background of the following the outset" even though there may be an interval statement by the Committee on Banking and Cur- of time during the day, in accordance with usual rency of the House of Representatives appearing banking practices, between the advancing of the in a report on the Bank Holding Company Act funds to the borrower and the actual debiting of (H. R. Rep. No. 609, 84th Cong., 1st Sess., 25 the participating bank's account. (1955)): The second factual situation was similar to the "Routine banking transactions between subsidiary first one but differed from it in that funds suffibanks are not treated as extensions of credit and do cient to cover the participating bank's portion of not fall within the prohibitions of this Section." the loan were not physically on hand at the origi- It is clear from both the exemption and this nating bank at the time of the laying out of funds statement in the House Committee Report, that to the borrower, but, instead, prior to that time the exemption refers only to interbank transactions were wire transferred by the participating bank to and does not encompass transactions between bank the credit of the originating bank at a Federal Reand nonbank affiliates of the same bank holding serve Bank or some other correspondent of the company. The unique ability of banks to main- originating bank. This situation was considered tain deposit accounts, coupled with the Section by the Board to be exempt as a "joining" at the 6(a) exemption relating to such accounts, dis- outset" in view of the similarity between funds tinguishes bank subsidiaries from nonbank sub- actually on deposit with the originating bank and sidiaries, and makes it possible, at least in some funds transferred to its credit at a correspondent. circumstances, for both an originating bank and a In the third factual situation, while there was a participating bank to "join at the outset" in making specific participation loan agreement as in the a loan, even though, the originating bank may other situations, the participating bank did not handle all the arrangements with, and disburse- have a deposit with the originating bank and also ments to, the borrower. did not transfer funds to the account of the Four different factual situations have been con- originating bank at the latter's correspondence. sidered by the Board from the point of view of Instead, the originating bank had a deposit with whether they constitute a "joining at the outset" in the participating bank. The originating bank also the light of the above quotation from the General had instructions from the participating bank that Contract Corporation case and the exemption set when the former made funds available to the forth in the last paragraph of Section 6(a) of the borrower, the originating bank would: (1) con- Act. In each of the four factual situations, there currently or immediately thereafter make an apwas in existence prior to or concurrent with the propriate entry, in the amount of the participating laying out of funds to the borrower a participation bank's portion of the loan, to the originating loan agreement between the originating bank and bank's record of its deposit account with the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1061 participating bank; (2) promptly forward to the practice there are material variations from the participating bank, in the manner usually followed factual situations summarized above, the matter in the ordinary course of business, evidence of would, of course, need to be considered in the that bookkeeping entry together with a certifi- light of those circumstances. cate of participation in the loan; and (3) advise Order Under Section 3 of Bank Holding the participating bank by telephone or telegraph Company Act of the two preceding steps. The participating bank, upon receipt of that advice, would credit The Board of Governors of the Federal Rethe account of the originating bank with the serve System, on August 5, 1958, issued an Order amount of the participating bank's participation. denying an application by a bank holding com- In view of the fact that this establishment by the pany for approval of the acquisition of voting participating bank of a credit to the account of shares of a bank. There is printed below a copy the originating bank would be similar to the trans- of the Board's Order, the statement of the majorfer of funds to the originating bank's account at ity members of the Board who voted for denial, a correspondent bank in the second situation, the and the statement of the members who dissented Board reached the conclusion that this third factual from this action: situation similarly qualified for exemption as a FIRST BANK STOCK CORPORATION "joining at the outset." In the Matter of the Application of First Bank The fourth factual situation was the same as the Stock Corporation for Approval of Acquisition of third except that step (3) mentioned above, Voting Shares of First Eastern Heights State Bank namely, advice by telephone or telegraph from of Saint Paul, St. Paul, Minnesota. the originating bank to the participating bank, was omitted. As much as a day or so could, there- ORDER fore, elapse before the participating bank would The above matter having come before the Board receive the documents referred to in step (2) and on the application of First Bank Stock Corporaactually make the entry on its own books to show tion, Minneapolis, Minnesota, dated December 30, the credit to the account of the originating bank. 1957, filed pursuant to the provisions of Section This fourth situation presented a closer and more 3 (a) (2) of the Bank Holding Company Act of doubtful question than the other three. However, 1956, for prior approval of the acquisition of considering all the circumstances, including the 1,190 of the 1,250 voting shares proposed to be purposes and legislative history of the last para- issued by a proposed new bank, First Eastern graph of Section 6(a), the Board expressed the Heights State Bank of Saint Paul, St. Paul, Minneopinion that this fourth situation should also be sota, and it appearing after due consideration considered to be exempt as a "joining at the out- thereof pursuant to the requirements of the Bank set." Holding Company Act of 1956 that such application should be denied, In connection with each of the four factual situations described above, questions have also been IT IS ORDERED, That the said application of First raised as to whether the originating bank may Bank Stock Corporation under Section 3 (a) (2) of handle the receipt of repayments by the borrower the Bank Holding Company Act of 1956 for the and may transfer the participating bank's portion Board's prior approval of the acquisition by First of such repayments to the participating bank by Bank Stock Corporation of 1,190 of the 1,250 crediting a deposit account of the latter at the shares of First Eastern Heights State Bank of Saint originating bank. The Board expressed the opinion Paul, is hereby denied. that these activities are clearly permitted by the This 5th day of August, 1958. exemption in the last paragraph of Section 6(a). By order of the Board of Governors. Questions involving participation loans between Voting for this action: Chairman Martin, and Governors Szymczak, Robertson and Shepardson; voting affiliates of the same bank holding company necesagainst this action: Vice Chairman Balderston and sarily depend on the particular circumstances in- Governors Vardaman and Mills. volved, and the views outlined above were based (SEAL) on the Board's understanding of the factual in- (Signed) KENNETH A. KENYON, formation in the respective situations. If in actual Assistant Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1062 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 STATEMENT provided Eastern is not activated by November 25, 1958. Pursuant to Section 3 (a) (2) of the Bank Hold- At present there are no banks within approxiing Company Act of 1956, First Bank Stock Cormately three and one half miles of the proposed poration of Minneapolis, Minnesota ("Bank location of Eastern. Beyond this distance, there stock"), a bank holding company, has asked the are seven banks in the eastern part of St. Paul and Board for prior approval of the acquisition of adjacent suburban areas, with deposits of indi- 1,190 of the 1,250 voting shares proposed to be viduals, partnerships, and corporations ("IPC deissued by First Eastern Heights State Bank, St. posits") totaling about $40 million. The two Paul, Minnesota ("Eastern"). largest, with IPC deposits of nearly $23 million Factual background. Bank Stock controls a (57% of the total) are subsidiaries of Bank Stock, total of 91 commercial banking offices, of which and the next largest, with IPC deposits of over $9 51 are in Minnesota, 14 in North Dakota, 10 in million, is a subsidiary of Northwest Bancorpora- South Dakota, 14 in Montana, and 2 in Wiscontion, the other major bank holding company opersin. The deposits of these banks at the end of ating in Minnesota and neighboring States. The 1957, the date as of which all deposit figures will remaining four banks of the area, which are not be shown in this statement unless otherwise indiaffiliated with any holding company, have aggrecated, totaled $1,563 million, of which $748 milgate IPC deposits of only about $8 million. lion were held by Bank Stock's two largest sub- Bank Stock controls 5 of the 20 commercial sidiaries, First National Bank of Minneapolis and banks in the City of St. Paul and 62% of their First National Bank of St. Paul. $468 million of IPC deposits. In the greater1 St. Eastern is a proposed new bank to be established Paul area, Bank Stock controls 6 of the 35 comby Bank Stock in the Sun Ray Shopping Center, mercial banks and 55% of their $534 million of located at the eastern boundary of the City of St. IPC deposits. It also held 55% of total deposits Paul, about four and one-half miles from the in that area, that percentage having declined from downtown financial district. It would start with a 67% in 1930. In Ramsey and Hennepin Councapital structure of $250,000. Anticipated deties, which contain the Twin Cities of Minneapolis posits at the end of the first year of operation are and St. Paul, Bank Stock controls 18 of the 69 about $1,000,000, and Bank Stock expects Eastern commercial banking offices and 46% of their to have about $6,000,000 of deposits within ten $1,380 million of IPC deposits; if the one savings years. bank in Minneapolis is included in the total, Bank The Sun Ray Shopping Center is in an area Stock's subsidiaries' percentage of the $1,654 milwhose future growth, both business and residenlion of IPC deposits in the two counties is reduced tial, appears virtually certain. In addition to housto 39%. ing construction in the area, Minnesota Mining Statutory provision. Section 3(c) of the Bank and Manufacturing Company is developing a re- Holding Company Act (12 U. S. C. 1842(c)) prosearch center directly east of the Shopping Center, vides : and it plans also to locate accounting, engineering, "In determining whether or not to approve any and administrative offices there. In December acquisition . . . under this section, the Board shall 1957, 800 were employed at the new development, take into consideration the following factors: (1) the financial history and condition of the company or and it is expected that this figure will rise to 12,000 companies and the banks concerned; (2) their prosin about ten years. It is estimated that more than pects; (3) the character of their management; (4) the 17,000 persons live in what Bank Stock describes convenience, needs, and welfare of the communities and the area concerned; and (5) whether or not the as Eastern's primary service area, and in ten years effect of such acquisition . . . would be to expand the a population of 50,000 is expected. size or extent of the bank holding company system involved beyond limits consistent with adequate and The Minnesota Department of Commerce, sound banking, the public interest, and the preservawhich governs the chartering of both State banks tion of competition in the field of banking." and State savings and loan associations in Minne- Discussion. With respect to the first three sota, issued an order in April 1958 permitting the factors enumerated in Section 3(c), it appears that establishment of a State savings and loan associa- the condition and prospects of Bank Stock are tion in the vicinity of Sun Ray Shopping Center, good and its management competent, and it ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1063 pears that Eastern's prospects also would be favor- bank holding companies when the adverse feaable and its management competent. As pointed tures were considered to outweigh favorable asout in the Board's Statement in the matter of First pects. Examples are found in the case of North- New York Corporation, these circumstances are western State Bank, Rochester, Minnesota, 44 Fed. consistent with approval of an application under Res. BULLETIN 11 (1958), where the absence of Section 3(a), but they do not provide substantial a strong need for the banking facility was an imaffirmative support for such approval. portant consideration, and the case of Capitol With respect to the fourth factor ("the con- National Bank of Milwaukee, Milwaukee, Wisconvenience, needs, and welfare of the communities sin, 44 Fed. Res. BULLETIN 15 (1958), where and the area concerned"), it appears that there is probably adverse effects upon an independent bank not a strong need for the proposed additional bank- moving to the area were significant. ing facility, but the convenience—and to that ex- As illustrated by the three cases just mentioned, tent the welfare—of residents and businesses in each case must be decided on the basis of its the area would be served if a bank were established particular facts, and the weight to be accorded the in the proposed location. Furthermore, as stated various aspects must depend on the factual cirabove, the population of the area is expected to cumstances. triple within ten years, and the contribution of In the City of St. Paul and in the greater St. the proposed bank to the area presumably would Paul area, Bank Stock's subsidiaries hold iriore increase as the population grows. deposits, as well as more IPC deposits, than all The fifth factor prescribed by Section 3(c) re- other banks combined. Bank Stock points out that lates to whether the effect of the proposed acquisi- this preponderance is chiefly due to its large subtion "would be to expand the size or extent of the sidiary, First National Bank of St. Paul; at the bank holding company system involved beyond end of 1957 that bank held about 48% of the delimits consistent with adequate and sound bank- posits and 46% of the IPC deposits in the greater ing, the public interest, and the preservation of St. Paul area. However, this does not alter the competition in the field of banking." Accord- fact that First National and Eastern would be subingly, we are obliged to consider the size and ex- sidiaries of the same holding company. Neither tent of the Bank Stock holding company system, can the influence of First National in the vicinity and the proposed acquisition, in the light of these of Eastern be disregarded. First National's criteria. We must also weigh the relationship to strength is doubtless felt in greater measure in each other of the considerations bearing upon the the downtown section of St. Paul than in the outfourth and fifth factors. lying areas, but it is by no means limited to the When a proposed extension of banking services former. by a bank holding company system would serve Moreover, as previously noted, while there are the convenience of and otherwise benefit an area, no banks within about 3Vi miles of Eastern's proand the prospective benefits are not outweighed by posed location, beyond that distance in the eastern unfavorable considerations, it is appropriate to part of St. Paul and adjacent areas there are seven authorize the holding company to provide these banks, of which the two largest are Bank Stock advantages. Thus, in the case of Southgate Na- subsidiaries. Those two had about $23 million tional Bank of Milwaukee, Milwaukee, Wisconsin, (57%) of the $40 million IPC deposits of the 44 Fed. Res. BULLETIN 10 (1958), the Board seven banks. The four banks of the area which granted its approval for a large holding company are not affiliated with any holding company had, to establish a new bank in a shopping center be- all told, only about $8 million of IPC deposits. cause, considering all the relevant circumstances, One of the smallest of these four is Hillcrest including the population and prospects of the area State Bank, established less than three years ago, concerned and the existing banking facilities, the and located in another shopping center approxiprobable service to the area was deemed by the mately 3.6 miles north of the proposed site of Board to outweigh adverse considerations with Eastern. Although the depressed tracks and rightrespect to the fifth factor. of-way of a railroad, with very few street crossings On the other hand, the Board has found it in the area, run between the location of Hillcrest necessary to deny applications for expansion by State Bank and the proposed location of Eastern, it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1064 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 appears that the two banks would to some degree proval to establish a new bank in a shopping serve overlapping areas. It is unlikely that the center. It was the Board's judgment in that case continued existence or soundness of Hillcrest or that the establishment of the new bank would any other institution would be seriously endan- serve the "convenience, needs, and welfare" of the gered by Eastern, particularly in view of pros- community and would not unduly "expand the pective growth in the general area. However, on size or extent of the bank holding company." Acthe basis of all the relevant facts we conclude that cordingly, we believe that approval should be Bank Stock's establishment of Eastern probably granted here as it was there and, as indicated bewould have adverse effects on the growth and low, we are unable to agree with the decision of competitive strength of Hillcrest. the majority of the Board to deny the application. Bank Stock points out that it has not followed The elements of the fourth factor—"convenian expansionistic program in the St. Paul area, ence, needs, and welfare"—should be appraised that its percentage of deposits in the greater St. with reference to their extent both at present and Paul area has declined since 1930, and that the de- in the proximate or visible future. Currently, the posits of Eastern would not add a substantial per- need is not strong. However, Minnesota Mining centage to the total deposits of Bank Stock's sub- and Manufacturing Company has already brought sidiaries in the St. Paul area. While these facts to approximately 1,000 employees into the area and some degree tend to moderate unfavorable as- within ten years, plans to bring in a total of 12,000. pects of the present application in relation to the Within a decade the population of the area to be fifth factor, it must be remembered that Bank served by the proposed bank is expected to triple. Stock still has more deposits than all other banks The question at issue with respect to the fourth combined in the greater St. Paul area, and that factor is whether the "convenience, needs, and the relatively small percentage which Eastern welfare" of this growing suburban population must would add to Bank Stock's deposits in the area is go unserved until an independent bank, of which partly a reflection of Bank Stock's present large there is no current prospect, would be organized. size. Furthermore, as previously noted, of the Since existing banks are ZXA miles or more from seven banks in the area adjoining what Bank Stock the proposed Sun Ray location, and strong indiconsiders the primary area of Eastern, the two cations point to an increase in the banking needs largest, holding 57% of the IPC deposits, are of the area in the proximate and predictable fu- Bank Stock subsidiaries. ture, consideration of the fourth factor provides a As indicated above, difficult questions of de- substantial basis for approval. gree are presented in weighing opposing consider- Does, then, the fifth or competitive factor overations such as those involved in the present case. balance the fourth? Would the "size or extent" of Circumstances can change, and each application Bank Stock's operations be expanded "beyond must be evaluated in the light of the situation at limits consistent with adequate and sound banking, the time. Considering all relevant aspects of the the public interest, and the preservation of compresent matter, the Board concludes that con- petition in the field of banking"? One must apsiderations unfavorable to the application out- proach this factor by seeking to interpret the inweigh those favorable to it, and that the applica- tent of the statute as passed. It clearly did not tion therefore should be denied. IT IS SO ORDERED. impose a death sentence upon existing holding companies, nor does the Act indicate an intent to DISSENTING STATEMENT OF VICE CHAIRMAN "freeze" them at precisely their present "size or BALDERSTON AND GOVERNORS VARDAMAN extent." The central question, therefore, is AND MILLS whether the proposal would change the "size or We are convinced that the present case is es- extent" in such fashion as to be detrimental to sentially the same in principle as the case of South- the public interest. gate National Bank of Milwaukee, Milwaukee, The size of Bank Stock in an absolute sense is Wisconsin, 44 Fed. Res. BULLETIN 10 (1958) in large. Its deposits are also large relative to the which a holding company controlling a substan- total deposits of both the greater St. Paul area tial percentage of the total commercial bank de- and of the east side of St. Paul and adjacent subposits in the same city received the Board's ap- urban communities. However, its magnitude, both Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1065 absolute and relative, must be analyzed as to its Stock's relative control of the deposits of the nature and the direction in which it is moving. Of greater St. Paul area has shrunk from 67% to the 55% of the deposits of the greater St. Paul 55%. In that period it has acquired only one area controlled by Bank Stock, First National bank in the area—an existing bank that it bought Bank of St. Paul contributes 48%; and, while in 1956. To argue that it must now in the future figures are not available, ordinarily the largest content itself with such growth as it may achieve bank in a city does more out-of-town business than in its present locations, be they good or bad, is to the other banks. bar it from adapting itself to the ebb and flow of It is not size per se that is the heart of the business and of population. To rule adversely problem in this case but whether the starting of a would in reality be a "freeze" of Bank Stock's new bank in Sun Ray would increase the extent banking structure, despite the evidence that indeof Bank Stock's activities contrary to the public pendent banks can start and survive in the region interest. The proposed location is not remote from in which Bank Stock operates. There are 29 present Bank Stock banks; Bank Stock is not leapcommercial banks in the area not affiliated with frogging into distant territory but is seeking to Bank Stock, and since 1944 five new banks have adjust itself to the centrifugal forces that are been chartered. The record and behavior of the causing population growth in the outlying areas of past ought not to be ignored in ruling upon the great cities. Not to be permitted to increase the application of the statute to the instant case. If the current extent of its banking service would be intent of the statute is neither to kill holding comtantamount to "freezing" the size of Bank Stock panies nor to "freeze" them into their existing except for such growth as its banks can accommolds, the fifth factor in this case does not warrant plish in their present locations. ignoring the community's need for additional Does the expansion policy of Bank Stock then justify such a freeze? Its record of the past 28 banking facilities in the proximate and foreseeyears does not so indicate. Since 1930, Bank able future. We would approve the application. Current Events and Announcements FEDERAL RESERVE MEETINGS Dallas Aug. 22, 1958 Atlanta Aug. 26, 1958 A meeting of the Presidents of the Federal Reserve Kansas City Aug. 29, 1958 Banks was held in Washington on September 8, Chicago . Sept. 5, 1958 1958, and on September 9 the Presidents met with Minneapolis Sept. 5, 1958 the Board of Governors. New York Sept. 12, 1958 A meeting of the Federal Open Market Com- Cleveland Sept. 12, 1958 mittee was held in Washington on September 9. Richmond Sept. 12, 1958 The Federal Advisory Council held a meeting St. Louis Sept. 12, 1958 in Washington on September 15, and met with the Philadelphia Sept. 19, 1958 Board of Governors on September 16. Increase of the discount rate of the Federal Reserve Bank of San Francisco from 1% to 2 per INCREASES IN FEDERAL RESERVE DISCOUNT RATES cent, effective August 15, 1958, was announced in Since mid-August 1958 the Board of Governors of the August BULLETIN. the Federal Reserve System has approved actions by the directors of ten Federal Reserve Banks raising the discount rates of these banks from 13A RESIGNATION OF BRANCH DIRECTOR to 2 per cent. The effective dates of the new rate Effective August 18, 1958, the Board of Goverat the several banks were as follows: nors accepted the resignation of Mr. Ben Moreell, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1066 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 formerly Chairman of the Board of Jones & 1958, published in the Federal Reserve BULLETIN Laughlin Steel Corporation, Pittsburgh, Pennsyl- for May 1958, pp. 532-534, have been revised to vania, as a director of the Pittsburgh Branch of the correct an error in the processing of the data and Federal Reserve Bank of Cleveland. Admiral to incorporate data collected from a supplemental Moreell had served the Branch as a director since sample of banks. New figures for trust depart- January 1, 1957. ments of banks and for foreigners, the two categories affected by the revisions, are shown in the DEATH OF DIRECTOR table in the opposite column. The revised data Mr. William J. Fischer, who had served as a direplace the data in the last two lines of Table 1 rector of the New Orleans Branch of the Federal on page 533 of the May BULLETIN. Reserve Bank of Atlanta since January 1, 1956, died on September 4, 1958. Mr. Fischer was HISTORICAL SUPPLEMENT TO MONTHLY CHART Chairman of the Progressive Bank and Trust BOOK ON FINANCIAL AND BUSINESS STATISTICS Company, New Orleans, Louisiana. The 1958 edition of the historical supplement to the monthly Federal Reserve Chart Book on OWNERSHIP OF DEMAND DEPOSITS Financial and Business Statistics will be available Results of the Federal Reserve System's Survey of for distribution early in October, on the terms in- Demand Deposit Ownership as of January 29, dicated on page 1149. Charts will include the latest data available on September 2, 1958. DEMAND DEPOSITS: TRUST DEPARTMENTS OF BANKS AND FOREIGNERS TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY [Revised estimates for insured commercial banks] Latest BULLETIN Reference Trust Item departments Foreigners Semiannually Issue Page of banks Banking offices: Analysis of changes in number of.... Aug. 1958 988 On, and not on, Federal Reserve Par Number of accounts (millions): List, number of Aug. 1958 989 Jan. 29, 1958 0) 0.1 Jan. 30, 1957 0) 0.1 Annually Absolute change Earnings and expenses: Federal Reserve Banks Feb. 1958 200-01 Percentage change -6.0 +14.3 Member banks June 1958 710-18 Insured commercial banks June 1958 719 Amount of deposits (billions of dollars): Banks and branches, number of, by class Jan. 29, 1958 $1.8 $1.0 and State Apr. 1958 492-93 Jan. 30, 1957 2.1 1.2 Operating ratios, member banks June 1958 720-22 Stock Exchange firms, detailed debit and Absolute change -0.3 -0.2 credit balances Mar. 1957 336 Percentage change -15.4 -17.5 Banking and monetary statistics, 1957.. {]Jb y f9\\ ^04-10 Summary flow-of-funds accounts, 1 Less than 50,000. 1954-56 Oct. 1957 1190-94 2 Decrease less than 50,000. Bank holding companies, Dec. 31, 1957 Feb. 1958 211 3 Increase less than 50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication September 12 Rapid recovery in economic activity continued of capacity, showed more than the usual seasonal in August. Industrial and construction activity, rise from July, and in the second week of Septemnonfarm employment, and consumer buying rose ber operations were scheduled at a 65 per cent further. From early August to early September, rate. Coal and crude oil production rose more prices of industrial commodities generally changed than 5 per cent in August, and output of most little. Total commercial bank credit declined; other major materials for manufacturing and conmember bank borrowings from the Reserve Banks struction uses was considerably higher than last increased; and market interest rates in all maturity spring when inventories were being liquidated ranges rose sharply further. rapidly. Auto assemblies were sharply reduced in August by model-changeovers. Recovery in INDUSTRIAL PRODUCTION output of appliances, apparel, and most other con- The Board's seasonally adjusted index of in- sumer goods was indicated to have continued. dustrial production rose 2 per cent in August to CONSTRUCTION 137 per cent of the 1947-49 average. Indexes for July and June were revised upward one point, to Total new construction activity increased fur- 134 and 132, respectively. Thus, by August in- ther in August, to a seasonally adjusted annual dustrial production had recovered more than one- rate of $49.4 billion, owing mainly to a larger half the decline from August 1957 to the April volume of private residential building. Public low. Increases in activity since early spring have utility construction activity was unchanged, combeen widespread, and have included advances in mercial decreased slightly, and industrial conindustries producing capital equipment. The rise tinued its year-long decline. in equipment industries is in contrast to continued EMPLOYMENT declines after the total index had reached its low in the two earlier postwar recessions. Nonfarm employment continued to advance slowly in August, reflecting mainly increases in In August, output of both durable and nonretail trade, government, and manufacturing. At durable manufactures and of minerals rose fur- 50.5 million, seasonally adjusted employment was ther, and utility output of electricity advanced to about 500,000 above the April low. The number a new high. Steel ingot production, at 61 per cent of persons unemployed declined to 4.7 million in August. After seasonal adjustment, the rate of I 1 N 9 D 47 U - S 49 T - R 10 IA 0 L PRODUCTION unemployment—which has changed little since 160 April—was 7.6 per cent of the civilian labor force. TOTAL - - / *J \ ~ 140 DISTRIBUTION DURABLE MANUFACTURES Seasonally adjusted retail sales rose 1 per cent El , L , - 120 further in August, with expansion in most lines other than automotive, and were close to the record high of the summer of 1957. Sales at de- 140 partment stores increased to a level 3 per cent MINERALS ^ /V NONDURABLE A^' above the previous high reached a year ago. At 120 J MANUFACTURES the end of July, department store stocks were 4 per cent below a year earlier. _ — 100 AGRICULTURE MM.,.,. „ , | mi,|lmlllw AHJ i n i' (i 1 i i: 11 M . n 111. n r 11 n 111111 M r i M 1 9 , 5 11 8 1,111,11 yj Crop prospects improved sharply further during Federal Reserve indexes, seasonally adjusted, Monthly fig- August, and the total harvest will exceed by a wide ures, latest shown are for August. 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1068 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 margin that of any earlier year. As of September estate loans increased. The decline in holdings of 1, output was officially forecast at 9 per cent above U. S. Government securities followed an increase the large 1957 harvest, and 16 per cent above the of $2.2 billion in the first week of August. 1947-49 average. Commercial meat production Member bank borrowings from the Federal Reexpanded in August, as marketings of hogs in- serve averaged $365 million over the four weeks creased, and approached the relatively high year- ending September 10, $230 million more than in ago level. the previous four weeks, and excess reserves aver- COMMODITY PRICES aged $625 million, or $40 million less. Between mid-August and mid-September, a substantially The wholesale commodity price index was about larger volume of bank reserves was absorbed by stable from early August to early September. reductions in Federal Reserve holdings of U. S. Prices of hogs declined as supplies increased. Government securities and by currency and gold Meat prices also decreased, but eggs advanced outflows than was supplied, largely through desharply. Among industrial commodities, prices clines in required reserves. generally changed little, following a period of increases for a number of materials. SECURITY MARKETS BANK CREDIT AND RESERVES Short-term interest rates rose very sharply from mid-August to early September; the Treasury bill Total credit at city banks declined over $1 billion during the four weeks ending September 3 yield increased to nearly 2.35 per cent. Yields on as reductions in holdings of U. S. Government U. S. Government, corporate, and State and local securities were offset only in part by increases in government bonds also rose sharply further, and loans and in holdings of other securities. While yields on long-term issues were at or close to the security loans declined further, business and real 1957 highs. Meanwhile, common stock prices reached a new high for this year. RETAIL TRADE 1947-49-100 INTEREST RATES TOTAL RETAIL SALES Per cent 160 150 .140 130 J J 1 1 1 1 I M I 1 1 1 1 1 1 MII I1M 1 MIM 1 1 1 1 1 I1I 1M 1 II 1 II 1 II M II 1 1 11.210 !_ DEPARTMENT STORES 170 160 STOCK? t A W - "150 /\/v . 140 ^y v -—"Ty^M SALES MI.MMI lllll.n ML Federal Reserve indexes, seasonally adjusted: retail sales based on Department of Commerce data. Monthly figures; Weekly average market yields for long-term U. S. Governlatest shown for department store stocks is July, for other ment 2Vi per cent bonds and for longest Treasury bills; latest series, August. shown are for week ending September 15. 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 1071 Reserve Bank discount rates; reserve requirements; margin requirements. . 1074 Federal Reserve Banks 1075 Bank debits; currency in circulation 1078 All banks: consolidated statement of monetary system; deposits and currency. . 1080 All banks, by classes 1081 Commercial banks, by classes 1084 Weekly reporting member banks 1086 Commercial loans; commercial paper and bankers' acceptances 1088 Interest rates 1089 Security prices; stock market credit 1090 Savings institutions 1091 Federal business-type activities... 1092 Federal finance 1094 Security issues.... 1098 Business finance. . . . 1099 Real estate credit 1101 Short- and intermediate-term consumer credit. ... 1104 Selected indexes on business activity 1108 Production 1109 Employment and earnings. . 1116 Department stores. . 1118 Foreign trade 1119 Wholesale and consumer prices 1120 National product and income series. . 1122 Tables published in BULLETIN, annually or semiannually—list, with references. . 1066 Index to statistical tables 1151 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating for gold stock, currency in circulation, Federal to financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication,' indexes are compiled by the Board on the basis Banking and Monetary Statistics. 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS i I NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT - 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending August 27. See p. 1071. 1070 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] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r u c H r e n h i p t e d a i u l e s e d r s e r - c v D o a a a n n u i d s d c n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n r g y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es . F e e o i R r g r v . - n e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R e i e r r - e v d es 2 c E e x s - s2 agreement Averages of daily figures 1957 July 3 23,098 23,031 67 1,068 1,19825,387 22,623 5,107 31,150 763 546 420 296 ,07718,865 18,521 344 10 23,443 23,260 183 1,213 1,11125,792 22,623 5,108 31,313 765 431 339 290 ,07719,308 18,732 576 17 23,319 23,252 67 1,062 1,23625,641 22,625 5,108 31,184 770 455 413 279 ,07319,200 18,636 564 24 23,342 23,235 107 739 1,35125,456 22,625 5,108 30,999 774 507 385 267 ,07019,189 18,568 621 31 23,360 23,084 276 553 99824,932 22,626 5,110 30,910 770 494 370 278 96118,885 18,493 392 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 ,11618,868 18,331 537 23,047 23,047 1,161 87425,102 22,627 5,114 31,069 764 475 363 273 ,11318,786 18,195 591 21 23,034 23,034 931 1,22725,211 22,625 5,116 31,055 762 513 343 270 ,20318,806 18,254 552 28. 23,220 23,215 915 97725,133 22,626 5,118 30,998 764 475 339 268 ,20318,831 18,397 434 23,511 23,463 832 85825,228 22,626 5,118 31,149 759 485 340 281 ,19718,760 18,346 414 23,399 23,367 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 ,19418,876 18,301 575 18. 23,303 23,286 950 1,44225,719 22,627 5,121 31,184 755 510 429 287 ,19619,108 18,484 624 25. 23,178 23,173 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 ,18918,963 18,416 547 Oct. 2. 23,346 23,294 52 942 1,00025,304 22,634 5,125 31,039 776 493 356 253 ,11219,034 18,685 349 9. 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 ,11219,189 18,625 564 16. 23,371 23,281 90 992 1,07125,451 22,658 5,128 31,191 776 506 333 252 ,11019,068 18,574 494 23. 23,267 23,222 45 605 1,51725,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 30. 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 ,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 ,05618,963 18,509 454 13. 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 ,05718,911 18,354 557 20. 23,288 23,282 6 752 1,43025,489 22,757 5,137 31,336 801 503 315 386 ,05418,987 18,459 528 27. 23,318 23,167 151 777 1,20925,325 22,762 5,139 31,431 794 469 301 294 ,03018,907 18,461 446 Dec. 4. 23,732 23,480 252 626 1,005 25,387 22,763 5,141 31,668 770 305 291 191 ,04119,023 18,580 443 11. 23,886 23,574 312 676 1,02025,617 22,766 5,142 31,827 769 318 318 186 ,08019,027 18,600 427 18. 23,907 23,600 307 751 1,525 26,218 22,770 5,143 31,973 768 339 334 183 ,05019,483 18,873 610 25. 23,950 23,617 333 786 1,89426,687 22,770 5,145 32,089 764 483 359 179 ,06119,666 19,014 652 1958 Jan. 1.... 24,344 23,735 609 661 1,55026,623 22,774 5,147 31,962 773 458 397 201 1,045 19,707 19,042 665 8.... 24,011 23,645 366 707 1,32826,100 22,781 5,146 31,553 768 529 337 186 996 19,658 18,982 676 15.... 23,720 23,581 139 580 1,03925,390 22,781 5,147 31,207 771 503 306 190 994 19,348 18,769 579 22.... 23,315 23,266 49 359 1,23024,949 22,782 5,149 30,878 781 511 275 227 992 19,216 18,624 592 29.... 23,372 23,335 37 295 91924,632 22,783 5,151 30,625 789 521 275 275 992 19,089 18,509 580 Feb. 5. 23,364 23,321 43 189 80324,397 22,783 5,157 30,581 777 378 265 294 046 18,997 18,498 499 12. 23,422 23,292 130 286 79324,543 22,784 5,159 30,675 734 296 284 325 ,11819,054 18,483 571 19. 23,373 23,285 88 361 1,05424,830 22,785 5,161 30,642 685 501 337 293 ,19519,122 18,427 695 26. 23,380 23,380 153 95224,527 22,714 5,165 30,542 695 508 284 276 ,19318,909 18,426 483 Mar. 5. 23,256 23,251 118 89224,309 22,686 5,169 30,563 701 486 270 320 ,15118,674 18,084 590 12. 23,466 23,432 131 81624,456 22,615 5,174 30,641 712 479 273 293 ,14818,699 18,096 603 19. 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 150 18,930 18,332 598 26. 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 ,14318,725 18,037 688 Apr. 2. 23,625 23,625 144 77624,586 22,394 5,184 30,637 724 523 277 368 ,10918,526 17,830 696 9. 23,628 23,628 90 87924,638 22,294 5,187 30,744 729 479 269 493 ,106 18J3OO 17,673 627 16. 23,633 23,611 199 82924,701 22,199 5,192 30,733 731 457 319 381 ,104 18,369 17,754 615 23. 23,712 23,704 112 99024,854 22,081 5,193 30,617 721 417 242 376 ,10218,654 18,055 599 30. 23,626 23,612 125 77724,566 22,024 5,194 30,520 732 601 235 397 ,05118,249 17,654 595 23,799 23,799 118 80824,763 21,967 5,197 30,659 738 533 287 386 ,04918,276 17,647 629 23,931 23,931 123 76024,854 21,886 5,199 30,812, 741 470 294 386 ,04618,190 17,528 662 21... 23,876 23,876 104 99425,016 21,779 5,200 30,822 732 459 309 381 ,04318,248 17,545 703 28... 24,053 24,053 119 78024,994 21,661 5,201 30,813 722 437 276 391 ,02318,194 17,513 681 June 4. 24,194 24,194 135 86925,240 21,594 5,201 30,989 709 411 238 484 ,05718,147 17,574 573 11. 24,397 24,391 6 184 81525,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18. 24,682 24,581 101 175 1,03625,939 21,540 5,204 31,070 698 459 331 359 ,14618,619 17,984 635 25. 25,002 24,891 111 99 1,02426,170 21,374 5,204 30,975 698 440 280 229 144 18,983 18,314 669 July 2... 25,422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9... 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,09718,809 18,051 758 16... 25,262 25,262 11 97926,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,949 569 2 30 3 . . . . . . 2 2 5 5, , 0 1 3 5 5 7 2 2 5 5 , ,0 1 3 5 5 7 1 8 0 5 8 1,0 8 4 2 5 3 2 2 6 6 , , 3 00 2 5 8 2 2 1 1 , ,2 2 8 5 0 2 5 5, , 2 2 0 0 6 3 3 3 1 1 , , 2 0 1 8 7 6 6 69 9 7 2 4 5 6 4 5 3 2 3 9 0 3 0 3 33 4 3 0 , ,0 0 4 9 1 11 18 8 , , 4 7 6 1 2 2 1 1 7 7 , , 8 9 2 2 4 4 7 6 8 3 8 8 25,240 25,240 11 82826,212 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 25,646 25,626 20 229 77426,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 20 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 ,23318,648*>18,009 27 25,257 25,25^ 271 85~26,417 21,086 5,211 31,249 688 486 234 320 212 18,526^17,928 Preliminary. For other notes see following page. 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1072 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- Cur- reserves, reserves U. S. Govt. securities ury rency Treas- with F. R. Banks P d e o a ri r t o e d Total B r o o ig u u h t g - t ht r u a c H e g n h p e r d a u e l s e d e r e r - - c v D o a a a n u n i d s c d n - - e ts s Float Total s G to o c ld k r s c o e t i a u n n u n r g c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o ig r n - Other c O F o . a t u c h - n R e t r . s Total qu R i e r - ed2 c E es x s - 2 ment Averages of daily figures 1957 Aug 23,146 23,129 17 1,010 989 25,166 22,626 5,115 31,035 764 490 349 273 ,16318,834 18,300 534 Sept 23,325 23,302 23 994 1,14725,489 22,627 5,121 31,143 763 547 378 271 ,18018,956 18,434 522 Oct 23,348 23,252 96 818 1,14325,326 22,660 5,129 31,109 780 495 338 258 ,09719,040 18,573 467 N De o c v 2 2 3 3 , , 4 9 1 8 7 2 2 23 3 , , 6 2 1 7 5 6 3 1 6 4 7 1 7 8 1 1 6 0 1 1, , 4 1' 4 2" 3 6' 2 2 6 5 , , 1 3 8 7 6 3 2 22 2 , , 7 7 6 4 9 3 5 5 , , 1 1 3 4 7 4 3 3 1 1 , , 3 9 3 3 5 2 7 7 9 6 3 8 4 3 6 8 4 5 3 34 2 5 2 3 1 3 8 7 6 , ,0 0 6 4 3 4 1 1 9 8 , ,9 4 5 2 8 0 1 18 8 , , 8 4 4 4 3 7 5 5 1 7 1 7 1958 Jan 23,608 23,458 150 454 1,118 25,229 22,782 5,148 31,059 777 512 297 224 99319,296 18,723 573 Feb 23,378 23,313 65 242 907 24,568 22,759 5,161 30,608 717 421 294 299 ,15019,000 18,434 566 Mar 23,486 23,465 21 139 893 24,559 22,548 5,177 30,589 750 457 265 350 ,14218,730 18,097 633 Apr 23,649 23,638 11 130 864 24,682 22,166 5,191 30,654 728 494 267 410 092.18,394 17,772 622 May 23,939 23,939 119 24,939 21,801 5,200 30,798 731 466 286 401 ,03618,223 17,557 666 June 24,749 24,698 "51 142 916 25,851 21,490 5,203 31,039 701 442 281 350 ,13218,600 17,974 626 July 25,218 25,218 109 942 26,310 21,285 5,203 31,264 687 498 302 358 ,08118,609 17,953 656 Aug 25,410 25,406 252 858 26,554 21,112 5,210 31,268 695 541 274 324 ,19418,580 Midyear or year-end 1929—June 216 148 68 1,037 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June 1,998 1,998 164 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 ~255,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 535 233,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1954—Dec 24,932 24,888 44 143 808 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—Dec 24,785 24,391 394 108 ,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—June 23,758 23,712 46 232 ,210 25,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 Dec 24,915 24,610 305 50 ,665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 End of month 1957 Aug 23,539 23,475 64 986 865 25,418 22,626 5,118 31,133 752 477 342 285 1,198 18,975 18,305 670 S O e c p t. t 2 23 3 , , 3 3 3 1 8 2 2 2 3 3, , 2 3 1 1 8 2 'iio 7 3 8 9 9 6 0 89 6 8 2 2 2 5 4 , , 2 6 0 2 6 2 2 2 2 2, , 6 6 9 3 1 5 5 5 , , 1 1 2 3 5 5 3 3 1 1, , 0 0 7 9 3 0 7 7 7 8 3 4 4 5 2 5 9 2 3 37 3 8 7 2 2 6 5 1 6 1 1 , , 1 0 1 5 1 6 1 1 8 8 , , 3 9 9 1 9 7 1 18 8 , , 5 6 4 9 1 4 -2 3 9 7 5 6 Nov 23,733 23,448 285 819 942 25,515 22,763 5,139 31,661 761 243 283 196 1,00019,274 18,578 696 Dec 24,238 23,719 519 55 424 25,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 1958 Jan 23,331 23,331 217 76324,352 22,784 5,158 30,576 771 469 249 279 99018,958 18,543 415 Feb 23,240 23,240 122 924 24,330 22,686 5,169 30,554 695 516 265 336 ,15118,667 18,186 481 Mar 23,628 23,628 137 765 24,570 22,394 5,183 30,666 722 474 266 378 ,10818,532 17,857 675 Apr 23,681 23,681 156 797 24,672 21,996 5,196 30,565 734 594 257 411 ,05018,254 17,686 568 May 24,162 24,162 144 965 25,313 21,594 5,201 30,994 703 382 234 624 99418,176 17,543 633 June 25,438 25,438 41 758 26,283 21,356 5,203 31,172 692 410 269 420 ,09618,784 18,158 626 July 24,480 24,480 94 868 25,477 21,210 5,207 31,171 685 617 288 329 ,03917,764 17,801 -37 25,346 25,346 555 805 26,739^21,011 '5,212*>31,363 P692 540 313 332 ,18418,538*>17,835 *>703 Aug Wednesday 1958 24,267 24,267 142 836 25,286 21,594 5,201 30,988 716 416 272 365 1,140 18,184 17,654 530 June 4 24,517 24,509 173 83325,565 21,594 5,204 31,048 708 356 259 377 1,138 18,478 17,796 682 11 24,786 24,664 122 154 984 25,967 21,456 5,204 30,996 703 334 289 182 1,158 18,964 18,279 685 18 25,000 24,956 44 128 796 25,967 21,356 5,204 30,973 700 524 268 385 1,110 18,568 18,264 304 25 July 2 25,458 25,458 80 888 26,470 21,306 5,202 31,358 675 468 256 387 1,09718,737 18,232 505 9 25,440 25,440 129 844 26,455 21,307 5,202 31,378 690 643 264 380 1,096 1188,513 18,031 482 16 25,315 25,315 113 1,05226,521 21,283 5,202 31,280 693 418 358 353 1,09318,811 17,978 833 23 25,223 25,223 74 885588 26,193 21,259 5,205 31,108 698 512 295 319 1,08918,634 17,886 748 30 24,916 24,916 126 73725,814 21,209 5,207 31,099 699 561 287 333 1,04018,211 17,809 402 25,358 25,358 266 68426,341 21,160 5,209 31,220 702 461 287 325 1,166 18,549 17,721 828 Au8i!::::: 25,519 25,519 182 76526,500 21,146 5,210 31,270 701 483 327 322 1,165 18,587 18,073 514 20 25,313 25,313 240 87526,460 21,086 5,210 31,248 689 448 253 309 1,232 18,578^17,982 *>596 27 25,217 25,217 189 67626,114 21,086 5,211 31,246 692 475 256 320 1,184 18,240^17,920 * Preliminary. dates in subsequent tables on Federal Reserve Banks. i Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 1073 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1957_july 19,129 4,294 1,131 7,906 5,799 1957—July 534 66 455 Aug 18,834 4,170 1,123 7,790 5,750 Aug 534 69 444 Sept 18,956 4,211 1,122 7,800 5,823 Sept 522 51 457 Oct 19,040 4,231 1,116 7,836 5,857 Oct 467 39 428 Nov 18,958 4,162 1,101 7,849 5,847 Nov 512 16 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 34 86 449 1958—Jan 19,296 4,251 1,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4,204 1,114 7,871 5,811 Feb 567 22 5 98 442 Mar 18,730 4,272 1,098 7,701 5,659 Mar 633 44 11 98 479 18,394 4,122 1,052 7,651 5,569 Apr 623 15 3 79 526 MPay!!l'.'.'.'/.'.'.'. 18,223 4,030 1,054 7,614 5,525 May 666 53 8 131 474 June 18,600 4,214 1,113 7,721 5,552 June 626 28 14 102 481 July 18,609 4,132 1,088 7,772 5,617 July 656 32 5 104 515 Week ending: Week ending: 1958—July 16 569 27 7 86 449 18,518 4,110 1,093 7,776 5,539 23 789 48 11 133 596 1958—July 16 18,712 4,117 1,083 801 5,711 30 638 54 12 182 390 18,462 4,085 1,083 813 5,481 30'.'.'.'.'.'.'.'. 18,296 3,946 1,079 696 5,575 Aus-if:::::::: 5 6 5 8 8 6 -2 4 3 2 -2 8 7 8 4 8 4 5 9 6 5 2 Aug. 6 18,760 4,081 1,119 861 5,698 20 *640 -11 3 68 *580 13 18,648 3,990 1,103 842 5,713 27 P597 27 56 "510 20 18,526 3,987 1,092 7,804 5,642 27 Borrowings at Federal Required reserves:2 Reserve Banks: 1957—July 18,595 4,288 1,124 7,840 5,344 1957—July 917 186 34 519 177 Aug 18,300 4,152 1,121 7,722 5,306 Aug 1,005 308 28 468 201 Sept 18,434 4,203 1,117 7,749 5,366 Sept 988 263 120 485 121 Oct 18,573 4,231 1,116 7,797 5,429 Oct 811 141 115 428 127 Nov 18,447 4,147 1,100 7,786 5,414 Nov 804 96 123 405 181 Dec 18,843 4,303 1,127 7,956 5,457 Dec 710 139 85 314 172 1958—Jan 18,723 4,216 1,121 7,928 5,458 1958—Jan 451 80 29 222 119 Feb 18,434 4,182 1,109 7,773 5,369 Feb 242 46 11 96 89 Mar 18,097 4,228 1,087 7,603 5,179 Mar 138 2 29 36 71 Apr 17,772 4,107 1,049 7,572 5,043 Apr 130 18 9 35 67 May 17,557 3,977 1,046 7,482 5,051 May 119 2 1 42 74 June 17,974 4,186 1,099 7,619 5,070 June 142 21 2 45 74 July 17,953 4,101 1,084 7,667 5,101 July 109 16 1 49 44 Week ending: Week ending: 17,949 4,083 1,086 690 5,090 1958—July 16 115 64 42 1958—July 16 17,924 4,069 1,072 668 5,115 85 50 35 17,824 4,031 1,071 631 5,091 30.'.'.'.'.'.'.'. 108 40 66 30'.'.'.'.'.'.'.'. 17,738 3,969 1,081 7,608 5,080 Aug-.?:::::::: 112 45 48 Aug. 6 18,073 4,039 1,111 7,787 5,136 229 115 93 13 *>18,009 4,001 1,100 7,774 5134 20 216 99 80 20 *>17,928 3,960 1,088 7,748 27 270 91 116 27 Free reserves:2 4 July 1957 1957_july 383 -181 -28 -452 278 Deposits: Aug 471 -289 -26 -400 244 Sept 467 -254 -115 -433 335 Gross demand deposits: Oct 344 -141 -115 -389 301 Total 116,304 23,340 6,062 45,593 41,309 Nov 293 -80 -123 -342 251 Interbank 12,973 4,232 1,178 6,193 1,370 Dec 133 -105 -77 -228 277 Other 103,331 19,108 4,884 39,400 39,938 Net demand deposits3 99,728 20,527 5,287 38,502 35,412 1958—Jan 122 -46 -25 -144 337 Time deposits 45,057 3,650 1,331 18,185 21,891 Feb 324 -25 -6 1 353 Demand balances due Mar 495 42 -18 62 408 from domestic banks. . 6,421 56 103 1,981 4,281 Apr 493 "j -7 44 459 May 547 51 7 89 399 June 484 7 12 57 408 July 1958 July 546 16 4 56 471 Week ending: Gross demand deposits: 1958—July 16 454 18 7 22 407 Total 119,654 24,432 6,382 47,365 41,475 23 704 48 11 83 561 Interbank 14,003 4,442 1,324 6,843 1,393 30 530 52 12 142 324 Other 105,651 19,990 5,058 40,521 40,082 Net demand deposits3... 102,141 21,312 5,622 40,002 35,206 Aug. 6 446 -41 -3 43 447 Time deposits 52,644 5,291 1,438 21,342 24,572 13 457 26 3 -41 469 Demand balances due 20 -47 2 -31 "500 from domestic banks... 7,107 82 131 2,205 4,690 27 -33 1 -35 Preliminary. banks and of country banks are estimates. 1 i AAvveerraaggeess ooif ddaaiillyy cclloossiinngg ffiigguurreess tfoorr rreesseerrvveess aanndd bboorrrroowwiinnggss aanndd ootf 33 DDeemmaanndd ddeeppoossiittss ssuubbjjeecctt ttoo rreesseerrvvee rreeqquuiirreemmeennttss,, ii..ee..,, ggrroossss ddeemmaanndd dbaaisleyd oopne ndienpgo fsiigtsu raets ofpoer nointgh eor f ibteumsisn, eisnsa.smuch as reserves required are dbeaplaonscitess mdiuneu sfr ocams hd iotemmess triecp boartnekds .as in process of collection and demand 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1074 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b s y co G un o t v s e o rn f m an e d nt Other secured advances t o b io b a n n li s k g s o a t t s i h o e e c n r u s r t e h o d a f n t b h y m e e d U m ir . e b S c e t . r Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13andl3a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Apr. 22,1958 Apr. 22, 1958 Mar. 11, 1958 New York... Apr. 18,1958 Apr. 18, 1958 Mar. 7, 1958 Philadelphia.. Apr. 18,1958 Apr. 18, 1958 Apr. 18,1958 Cleveland Apr. 25,1958 Apr. 25, 1958 Apr. 25,1958 Richmond.. . Apr. 25,1958 Apr. 25, 1958 Apr. 25,1958 Atlanta Aug. 26,1958 Aug. 26, 1958 Aug. 26,1958 Chicago Apr. 18,1958 Apr. 18, 1958 Jan. 24,1958 St. Louis Apr. 18,1958 Apr. 18, 1958 Apr. 18,1958 Minneapolis.. Apr. 18,1958 Apr. 18, 1958 Mar. 21, 1958 Kansas City.. Aug. 29,1958 Aug. 29, 1958 Aug. 29,1958 Dallas Aug. 22,1958 Aug. 22, 1958 Mar. 14,1958 San Francisco Aug. 15,1958 Aug. 15, 1958 Aug. 15,1958 * Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930— J M D M F u e e a n a b c y r e . . . 2 2 1 4 0 4 2 7 I* 1 1 1 1 9 9 9 9 5 4 5 5 0 8 3 4 — — — — A A J J F a a e u u n n b g g . . . . . 2 1 1 1 5 1 3 2 6 Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 1931—May 8 8 Apr. 16 banks Oct. 9 1955—Apr. 15 Oct. 16 Aug. 5 1932—Feb. 26 3% Sept. 9 1917—June 21 13 10 7 June 24 Nov. 18 1933—Mar. 3 1956-Apr. 13 1936—Aug. 16 19% 15 10% f f A M p a r y . 2 7 6 1957_A A u u g g . . 2 2 3 4 1937— M M a a y r. 1 1 2 2 2 6 y4 S* \f 1934_F O e c b t. . 2 2 0 1958— N Ja o n v . . 2 1 4 5 1938—Apr. 16 22y4 12 1937_Aug. 27 Mar. 7 l941_Nov. 1 26 17% 6 6 1 1 9 9 4 4 2 6 — _A O p ct r . . 2 3 5 0 *% In effec A t p S r e . p 1 t. 8 1, 1958 1942— S A e u p g t . . 2 1 0 4 2 2 4 2 20 14 Oct. 3 20 * Under Sees. 13 and 13a, as described in table above. 1948—Feb. 27 22 • Preferential rate for advances secured by Govt. securities maturing June 11 24 or callable in 1 year or less in effect during the period Oct. 30, 1942- Sept, 16, 24*.... 26 22 16 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1949—May 1,5* 24 21 15 advances secured by eligible paper. June 30, July 1*. 20 14 6 6 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and Aug. 1, 11* g* 13 5 1957 this rate was the same as the discount rate except in the following Aug. 16, 18*.... 12 5 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Aug. 25 8* 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Sept. 1 1957—Aug. 22, 3.50. 1951—-Jan. 11, 16*.... 23 19 13 6 6 MARGIN REQUIREMENTS i Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 [Per cent of market value] 1954—June 16,24*.... 21 5 5 July 29, Aug. 1». 20 18 12 Apr. 23, Jan. 16, Effec- 1958—Feb. 27, Mar. 1* 19% V* Prescribed in accordance with 1955- 1958- tive Mar. 20, Apr. 1* 19 Securities Exchange Act of 1934 Jan. 15, Aug. 4, Aug. 5, Apr. 17 18% 1958 1958 1958 Apr. 24 18 16% In effect Sept. 1, 1958.. 18 16% 11 5 5 Regulation T: For extensions of credit by brokers and Present legal requiredealers on listed securities 70 50 70 ments: For short sales 70 50 70 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 70 50 70 1 Demand deposits subject to reserve requirements which, beginning i Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and Series E bond accounts during the period Apr. 13 ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. * First-of-month or midmonth dates are changes at country banks, and other 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 1075 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 Aug. 27 Aug. 20 Aug. 13 Aug. 6 July 30 Aug. July Aug. Assets Gold certificate account 19,630,89119,630,89319,691,89219,708,89319,758,89219,555,89219,758,894 21100,392 Redemption fund for F. R. notes.. 868,402 871,167 861,984 860,089 862,162 868,402 862,160 838,306 Total gold certificate reserves. 20,499,293 20,502,060 20,553,876 20,568,982 20,621,054 20,424,294 20,621,054 21,938,698 F. R. notes of other Banks 353,970 337,749 342,955 346,875 375,887 329,677 363,072 382,814 Other cash 374,177 374,741 368,782 367,845 375,587 374,475 379,007 398,413 Discounts and advances: For member banks 189,367 240,174 181,819 266,367 126,420 554,588 94,200 985,986 For nonmember banks, etc Industrial loans 341 341 342 342 342 341 342 619 Acceptances—Bought outright 31,080 32,074 32,590 32,680 34,193 32,547 34,029 25,357 Held under repurchase agreement. 1,740 U. S. Government securities: Bought outright: Bills 1,215,960 1,311,610 1,518,310 1,356,710 2,005,560 1,345,060 1,569,260 739,673 Certificates—Special Other 21,507,291 21,507,29121,507,291 507,291 19,946,105 507,291 19,946 19,933,612 Notes 10,000 10,000 10,000 10,000 10,000 10,000 10 Bonds 2,483,771 2,483,771 2,483,771 483,771 2,954,607 483,771 2,954 2,801,750 Total bought outright , 25,217,022 25,312,672 25,519,372 25,357,772 24,916,272 25,346,122 24,479,972 23,475,035 Held under repurchase agreement. 63,900 Total U. S. Government securities. 25,217,022 25,312,672 25,519,372 25,357,772 24,916,272 25,346,122 24,479,972 23,538,935 Total loans and securities 25,437,810 25,585,26125,734,12325,657,16125,077,22725,933,598 24,608,543 24,552,637 Due from foreign banks. 15 15 15 15 15 15 15 22 Uncollected cash items.. 4,495,400 5,133,916 5,158,769 4,428,028 4,628,586 4,,194,129 4,626,824 4,185,445 Bank premises 89,919 90,056 89,879 89,763 89,679 89,858 89,723 81,175 Other assets 118,099 106,829 165,060 152,870 270,341 124,509 271,744 86,333 Total assets. 51,368,683 52,130,627 52,413,459 51,611,539 51,438,376 51,470,555 50,959,982 51,625,537 Liabilities Federal Reserve notes 26,867,569 26,855,290 26,881,378 26,836,687 26,754,240 26,960,980 26,802,387 26,860,818 Deposits: Member bank reserves 18,239, 18,578,07718,587,35118,549,24418211,059 :, 537,52177,764 18974,701 U. S. Treasurer—general account. 475; 448,326 482,911 461,100 561,237 540,136 617; 477,354 Foreign 255i 252,809 326,924 286,709 287,290 313,238 288! 341,920 Other 319; 308,515 321,749 324,968 332,826 332,022 329; 284,988 Total deposits. 19,290,323 19,587,727 19,718,935 19,622,021 19,392,412 19,722,923 18,998,504 20,078,963 Deferred availability cash items 3,818, 4,258,974 4,393,366 3,744,111 3,891,669 ,388,779 3,758. 3,,320,427 Other liabilities and accrued dividends. 16 14,836 15,777 14,115 15,886 17,352 14; 19,186 Total liabilities 49,993,800 50,716,827 51,009,456 50,216,934 50,054,207 50,090,034 49,574,059 50,279,394 Capital Accounts Capital paid in 355,757 355,693 354,983 354,851 354,759 355,913 354,771 338,138 Surplus (Section 7) 809,198 809,198 809,198 809,198 809,198 809,198 809,198 747,593 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 182,385 221,366 212,279 203,013 192,669 187,867 194,411 232,869 Total liabilities and capital accounts. 51,368,683 52,130,627 52,413,459 51,611,539 51,438,376 51,470,555 50,959,982 51,625,537 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.4 44.1 44.1 44.3 44.7 43.8 45.0 46.7 Contingent liability on acceptances purchased for foreign correspondents 93,213 98,154 106,052 107,257 108,405 90,807 107,978 67,705 Industrial loan commitments 1,036 1,036 1,041 986 986 1,036 986 1,815 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 189,367 240,174 181,819 266,367 126,420 554,588 94,200 985,986 Within 15 days 186,762 237,254 179,589 264,867 123,949 550,783 91,904 962,674 16 days to 90 days............... 2,605 2,920 2,230 1,500 2,471 3,805 2,296 23,155 91 days to 1 year 157 Industrial loans—total 341 341 342 342 342 341 342 619 Within 15 days 170 170 170 170 161 179 170 61 16 days to 90 days 29 29 20 20 29 20 20 70 91 days to 1 year 63 63 68 68 68 63 68 317 Over 1 year to 5 years 79 79 84 84 84 79 84 171 Acceptances—total 31,080 32,074 32,590 32,680 34,193 32,547 34,029 27,097 Within 15 days 9,787 11,693 11,534 13,049 13,298 9,296 12,612 5,630 16 days to 90 days 21,293 20,381 21,056 19,631 20,895 23,251 21,417 21,467 U. S. Government securities—total. 25,217,022 25 312,672 25,519,372 25,357,772 24,916,272 25346,122 24479,972 23,538,935 Within 15 days 355,010 576,660 464,800 226,500 "960,397 151,710 '612,597 135,160 16 days to 90 days 860,950 734,950 ,053,510 1,130,210 097,546 1,193,350 009,046 654,913 91 days to 1 year 507,29121,507,29121,507,29121,507,29113,364,558 21,507,29113,364,558 ,959,605 Over 1 year to 5 years 023,614 ,023,614 023,614 023,614 ,023,614 023,614 ,023,614 680,635 Over 5 years to 10 years 83,910 83,910 83,910 83,910 83,910 83,910 83,910 750,375 Over 10 years 386,247 ,386,247 386,247 386,247 ,386,247 386,247 386,247 ,358,247 1 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
1076 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificate account , 917,874 5,149,282 1,028,129 ,589,608 ,130,898 867,3613,500,471 758,262 464,084 838,796 826,755 2,484,372 Redemption fund for F. R. notes , 52,444 176,320 56,947 78,604 73,994 48,526 160,704 42,540 21,250 42,181 28,366 86,526 Total gold certificate reserves. 970,318 5,325,6021,085,076 1,668,212 1,204,892 915,8873,661,175 800,802 485,334 880,977 855,1212,570,898 F. R. notes of other Banks... 34,726 60,401 42,015 15,222 26,501 53,199 21,303 9,657 16,318 8,238 17,733 24,364 Other cash 29,051 78,222 21,925 38,717 20,109 30,256 59,353 20,954 7,706 11,034 16,747 40,401 Discounts and advances: Secured by U. S. Govt. securities 43,075 209,140 29,940 70,005 39,540 26,050 64,075 34,600 10,358 24,705 1,100 2,000 Other Industrial loans 327 14 Acceptances: Bought outright 32,547 Held under repurchase agreement U. S. Govt. securities: Bought outright ,380,046 6,391,4811,456,996 2,243,7651,649,830 1,289,687 4,427,461 [,033,970 533,206 1,081,848 992,833 2,864,999 Held under repurchase agreement Total loans and securities.... 1,423,448 6,633,1681,486,936 2,313,7701,689,3701,315,737 4,491,5361,068,570 543,578 [,106,553 993,933 2,866,999 Due from foreign banks 1 14 1 1 1 1 2 1 1 1 1 Uncollected cash items 283,955 796,551 255,102 384,252 341,293 330,205 670,882 164,983 115,814 206,336 243,854 400,902 Bank premises 4,733 10,479 4,335 9,981 6,706 8,603 8,651 6,882 5,230 4,876 7,646 11,736 Other assets 6,624 30,077 6,881 11,229 7,947 6,520 23,232 4,920 2,621 5,746 4,955 13,757 Total assets. 2,752,85612,934,504 2,902,2714,441,384 3,296,819 2,660,408 8,936,134 2,076,769 ,176,6012,223,7612,139,990 5,929,058 Liabilities F. R. notes ,582,141 6,354,1671,669,626 2,488,523 2,080,6731,316,038 5,214,0961,190,385 555,701 ,076,103 745,866 2,687,661 Deposits: Member bank reserves. 773,351 5,170,368 873,5291,434,633 798,347 947,277 2,875,608 659,069 454,139 879,8631,050,467 2,620,876 U. S. Treasurer—general account 39,691 83,921 29,879 47,720 42,034 43,639 64,153 31,862 25,179 35,244 44,085 52,729 F O o th re e i r gn , 17,043 2 3 6 9 6 8 , , 7 5 1 5 1 6 2 9 0, , 6 6 3 2 1 2 26 1 , , 6 40 1 3 1 1 2 5 , , 4 2 3 4 9 9 13 1, , 4 4 8 5 5 5 42,7 8 5 4 7 2 11,063 7,176 11,661 1 2 5 , , 1 5 2 4 6 8 4 3 4 3 , , 0 4 1 8 4 8 689 1,836 240 615 Total deposits 830,774 5,619,556 933,6611,510,367 858,0691,005,856 2,983,360 703,830 486,734 927,3831,112,226 2,751,107 Deferred availability cash items , 258,865 578,164 203,468 317,473 283,931 272,456 535,348 128,671 98,866 164,490 210,673 336,374 Other liabilities and accrued dividends 1,201 3,965 789 2,150 818 851 2,698 614 741 706 623 2,196 Total liabilities 2,672,98112,555,852 2,807,544 4,318,5133,223,4912,595,2018,735,502 2,023,5001,142,0422,168,682 2,069,388 5,777,338 Capital Accounts Capital paid in 17,912 103,667 21,665 33,412 16,118 17,993 48,839 12,061 8,205 14,516 20,112 41,413 Surplus (Sec. 7) 47,013 223,963 55,923 71,550 41,236 36,192 121,504 31,586 19,697 30,533 40,871 89,130 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 11,939 43,703 12,650 16,903 12,625 10,260 28,860 9,101 5,584 8,893 8,312 19,037 Total liabilities and capital accounts 2,752,85612,934,504 2,902,2714,441,384 3,296,819 2,660,4088,936,134 2,076,7691,176,6012,223,7612,139,990 5,929,058 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.2 44.5 41.7 41.7 41.0 39.4 44.7 42.3 46.6 44.0 46.0 47.3 Contingent liability on acceptances purchased for foreign correspondents. 5,313 423,889 6,431 8,295 4,753 4,194 13,328 3,448 2,237 3,635 4,846 10,438 Industrial loan commitments, 96 940 T 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $66,918,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $214,682,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1077 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 Aug. 27 Aug. 20 Aug. 13 Aug. 6 July 30 Aug. July Aug. F. R. notes outstanding (issued to Bank). 27,815,048 27,753,912 27,748,208 27,691,87527,685,853 27,827,273 27,681,938 27,779,876 Collateral held against notes outstanding: Gold certificate account 11,593,000 11,593,000 11,593,000 11,593,000 11,593,000 11,593,00011,593,000 11,978,000 Eligible paper 30,820 28,765 25,565 15,495 28,761 89,245 13,011 189,265 U. S. Government securities 17,520,000 17,520,000 17,420,000 17,420,000 17,420,000 17,520,000 17,420,000 16,995,000 Total collateral 29,143,820 29,141,76529,038,565 29,028,49529,041,761 29,202,245 29,026,01129,162,265 EACH FEDERAL RESERVE BANK ON AUGUST 31, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,643,907 6,564,082 1,723,643 2,550,983 2 143,310 ,379,0315,304,029 1,239,271569,667 1,107,738 793,913 2,807,699 Collateral held: Gold certificate acct.. 700,000 3,270,000 640,000 1,000,000 775,000 425,000 2,300,000 430,000 170,000 300,000 283,000 1,300,000 Eligible paper 29,940 34,600 24,705 U. S. Govt. securities. ;i5o*666 3 o*6661,200,000i ^ 6o6 * 666 ', 666] ooo\ 2366\666 900,0"0""0 425 ^ 666 820,000 525^666 i ^ 7o6 i 666 Total collateral.... 1,850,000 6,870,0001,869,940 2,600,000 2,175,000 425,000 5,500,000 1,364,600 595,000 1,144,705 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n o t o h r f N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r e o o t o t v m e n u e d - o n d ^ t t) ( s a t L a m o n o u o d a t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) o ( i s n a p P t f t u a m g a a o f n t t r i i u o i i n d t o o n i t u a i c - n n s n n n i t s s g - c i t - ) - 3 y E m e n o a d r n o t o h r f N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g a e r e t r i a d o n n - a u o a A b n v n u a o d t a d t m e m s r i d e e l r t i r e a a o o t b n a n i w u g o g l t d n e s u e n r i t e r a n a t s e o r l g - - 1952.... 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953.... 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954.... 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955.... 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956.... 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 1957 July 3,784 836,636 155 608 1,795 812 July 1,496 2,878 412 307 123 Aug.. . . 3,784 837,410 80 628 1,815 816 Aug 1,497 2,880 390 292 146 Sept 3,785 838,714 760 620 1,323 684 Sept 1,498 2,882 395 295 138 Oct 3,786 840,504 586 1,165 1,169 Oct 1,498 2,888 398 300 124 Nov 3,786 840,814 581 1,130 1,126 Nov 1,500 2,906 394 298 127 Dec 3,786 841,290 524 1,109 1,122 Dec 1,503 2,912 395 300 135 1958 1958 Jan.. 3,786 841,691 535 1,058 1,087 Jan 1,506 2,923 380 290 156 Feb.. 3,786 842,232 506 1,063 1,063 Feb 1,511 2,935 372 286 164 Mar. 3,786 842,472 502 1,001 965 Mar 1,512 2,936 367 282 139 Apr.. 3,786 842,723 503 998 964 Apr 1,514 2,937 343 265 157 May. 3,786 843,078 489 991 944 May 1,516 2,952 326 252 168 June. 3,787 843,321 75 343 991 799 June 1,522 3,029 330 254 177 July. 3,787 843,321 75 342 986 798 July 1,523 3,033 306 235 194 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1078 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect Aug. 31. Per cent per annum] [In effect Aug. 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On loans2 commit- Portion Re- commitments ibr which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 I 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia. . Cleveland.... Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta Chicago 31^6 St. Louis Interest rate Minneapolis.. 4-6 Kansas City.. Commitment rate. Dallas San Francisco i Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum is made on undisbursed portion. 7 Charge of V4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers* centers2 City centers1 centers2 City centers * centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1957 May 197,257 71,780 42,128 83,349 47.1 30.5 23.2 48.3 31.0 23.7 June 193,349 74,512 39,942 78,895 51.4 30.4 23.1 47.6 29 8 23 1 July 200,559 74,509 41,711 84,339 49.5 30.6 23.6 50.8 31.2 24.0 Aug 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 Sept 189,294 70,953 39,095 79,245 52.2 31.4 24.1 50.9 31.7 23 7 Oct 204,168 77,431 41,761 84,976 49.9 29.6 22.7 51.4 30.5 22.7 Nov 189,246 71,667 39,012 78,567 51.2 30.5 23.5 51.7 30.0 22.3 Dec 220 376 88,584 43,692 88,100 58.9 32.2 24.7 52.1 30 8 23 4 1958 Jan '212,924 84,355 41,992 r86,577 54.6 30.0 23.3 54.3 30 6 23 1 Feb 181,743 72,803 36,188 r12,152 55.4 30.1 22.8 56.8 30.9 22 9 Mar '203,885 84,409 40,363 r19,\\2 56.2 31.3 22.2 54.8 28.6 22.3 Apr '204,140 85,510 39,354 '79,276 56.6 30.2 22.1 57.5 29.3 22.8 May '195,130 77,315 38,645 '79,170 51.2 28.2 22.0 52.5 28.6 22 4 June r219,480 95,473 41,228 '82,780 65.7 31.4 23.8 60.8 30.8 23.8 July 206,524 82,214 40,701 83,609 54.8 29.6 22.9 56.2 30.2 23.2 ' Revised. 2 Prior to April 1955, 338 centers. i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. 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 1079 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2 327 4 220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2 049 5 998 8 529 8 438 2 422 5 043 368 588 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5 447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2 098 6 450 9,665 9,136 2 720 5 612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 14 1957_july 30,933 21,987 2,050 1,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 3 8 Aug 31,133 22,155 2,060 1,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 8 Sept . . 31,073 22,088 2,069 1,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct 31,090 22,086 2,083 1,330 77 2,089 6,533 9,975 9,003 2,695 5,632 279 385 4 9 Nov 31,661 22,582 2,099 1,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 8 Dec . .. 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 Jan . 30,576 21,527 2,061 1,293 78 2,044 6,331 9,721 9,049 2,711 5,668 277 381 3 9 Feb 30,554 21,544 2,057 1,285 77 2,044 6,355 9,724 9,011 2,692 5,651 276 380 3 8 Mar 30,666 21,652 2,066 1,293 78 2,047 6,377 9,792 9,014 2,689 5,656 277 381 3 8 30,565 21,565 2,075 1,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 9 May 30,994 21,977 2,090 1,349 81 2,081 6,465 9,910 9,018 2,690 5,662 275 378 3 8 June 31,172 22,138 2,101 1,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 3 9 July 31,171 22,134 2,108 1,376 81 2,064 6,450 10,056 9,037 2,705 5,671 274 376 3 8 I Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and 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] Held in the Treasury Currency in circulation* Held by Kind of currency T s J o t u a t 1 l a n y 9 l d 5 3 i o 8 n 1 u g , t- A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s a B F g a a . e n n n R d k t . s s Ju 1 ly 95 3 8 1, Ju 1 n 9 e 5 3 8 0, Ju 1 ly 95 3 7 1, certificates agents Gold 21,210 20,653 2557 Gold certificates 20,653 17,805 2,816 32 32 32 Federal Reserve notes 27,682 73 1,243 26,366 26,342 26,225 Treasury currency—total 5,207 12,423 55 379 4,773 4,798 4,676 Standard silver dollars 488 192 19 7 270 268 255 Silver bullion 2 231 2,231 Silver certificates and Treasury notes of 1890 250 2,173 2,201 2,114 S M u i b n s o i r d i c a o ry in silver coin 1 5 4 1 5 1 1 2 6 5" 7 1 6 5 1,3 4 4 8 9 9 1,3 4 4 8 6 7 1,3 4 1 7 9 6 United States notes 347 3 29 314 317 318 Federal Reserve Bank notes 120 119 120 131 National Bank notes 60 (4) (4) 59 59 61 Total—July 31, 1958 I 23,076 685 17,805 4,437 31,171 June 30 1958 23,220 692 17,951 4,243 31,172 July 31 1957 24,386 759 19,131 4,601 30,933 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates, in table on p. 1072. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See NOTE for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1080 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM * [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c ts y c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 1957—July 31. 22,600 5,100 222,700 112,200 89,000 64,100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28. 22,600 5,100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229,000 21,900 Sept. 25. 22,600 5,100 223,600 113,400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Oct. 30. 22,700 5,100 225,200 113,000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Nov. 27. 22.800 5,100 224,800 113,000 89,400 64,500 23.600 ,400 22,400 252,700 231,000 21,700 Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—Jan. 29* 22,800 5,200 225,600 112,500 89,900 65,200 23,400 ,300 23,100 253,500 231,800 21,800 Feb. 26* 22,700 5,200 226,700 112,700 90,500 65,800 23,400 ,300 23,500 254,600 232,500 22,100 Mar. 26* 22,500 5,200 230,000 113,900 91,900 67,100 23,500 ,300 24,300 257,700 235,500 22,200 Apr. 30* 22,000 5,200 234,400 114,400 95,300 70,300 23,700 ,300 24,800 261,600 239,200 22,500 May 28* 21,600 5,200 234,900 113,900 96,000 70,700 24,100 ,300 25,000 261,700 238,900 22,800 June 25* 21,400 5,200 240.400 116,400 98,400 72,100 25,000 ,200 25,600 266,900 244,300 22,700 July 30* 21,200 5,200 238,500 115,200 97,900 71,700 24,900 ,300 25,500 265,000 242,200 22,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series' For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A a n t R k . s Total Total m T b C e i a o m r n c m k e ia s - l dep s b M a o a v s n u i i k t n t u s s g a 2 s 3 l S S P a y o v s s i t n t e a g m l s p m o D d s a e i e n - t - s d * b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a d e s t e n - e i - - t d d s b r C o s e a i u n n u d c t k r e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939_Dec. 30.. 1,217 2,409 846 634 63,254 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ',890 109,914 28,285 133,200 105,800 27,400 1 1 9 9 5 5 7 6 — — J D u e n c e . 3 6 1 . . . . 3 3, , 2 3 4 0 7 6 7 7 7 9 5 2 4 3 , , 0 62 3 5 8 4 4 4 7 1 3 2 21 2 9 1 , , 4 9 3 5 9 0 8 85 2 , , 7 2 1 2 5 4 5 5 3 0 , , 6 5 0 7 5 7 3 3 0 0 , ,6 0 4 0 7 0 , , 6 4 4 6 7 3 1 1 1 0 1 5 , , 3 7 9 0 1 6 2 2 8 8 , , 3 0 3 1 5 8 13C45),400 106,700 27 ( , s 7 ) 00 1957_July 31., 3,300 800 3,700 500 221,000 86,700 54,400 30,900 ,400106,600 27,800 136,000 108,000 28,000 Aug. 28., 3,200 800 4,400 500 220,000 87,100 54,700 31,000 ,400105,100 27,800 134,700 106,800 27,900 Sept. 25., 3,300 800 3,900 600 220,900 87,700 55,100 31,200 ,400105,500 27,800 133,900 106,200 27,700 Oct. 30., 3,300 800 3,500 500 223,000 88,100 55,500 31,300 400 107,200 27,800 134,200 106,500 27,700 Nov. 27., 3,200 800 3,300 400 223,300 87,600 55.000 31,300 300 107,200 28,500 134,000 105,900 28,100 Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 325 110,254 28,301 133,200 105,100 28,100 1958—Jan. 29* 3,300 800 2,400 500 224,800 89,800 56,600 31,900 ,300107,600 27,300 132,200 104,700 27,500 Feb. 26* 3,700 700 3,800 400 223,900 90,900 57,600 32,100 ,300105,600 27,400 133,100 105,500 27,600 Mar. 26*, 3,900 700 5,800 600 224,500 92,500 58,800 32,400 ,300104,600 27,400 134,000 106,400 27,600 Apr. 30*, 4,000 700 5,400 600 228,400 93,600 59,900 32,500 200 107,200 27,600 135,000 107,200 27,800 May 28*. 4,000 700 5,700 400 228,100 94,600 60,700 32,700 200 105,800 27,800 135,500 107,600 27,900 June 25*, 4,000 700 9,700 500 229,400 95,900 61,700 33,000 200 105,700 27,800 135,400 107,400 28,000 July 30*. 4,000 700 4,300 600 232,700 96,700 62,400 33,100 200 108,200 27,800 137,600 109,600 28,000 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 1081 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i - d i - a t e a l s l TotaP b In a t n e k r * - Dema O nd ther Time c c T a o a o p u c t i - n t a a t l s l N ba b u o n e m f r ks counts 3 U.S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 314.... 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 1956—Dec. 31 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—June 6 197,465111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14.144 July 31 198,553300 111122,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390116,690 85,610 20,000 14,135 Sept. 25 199,820114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580115,160 86,610 20,210 14,128 Oct. 30 201,4'"5"0 11"3,970 64,990 22,490 42,590 248,660 222,030 14,710 3,180 117,100 87,040 20,450 14,113 Nov. 27 200,910 114,060 64,460 22,390 43,600 249,150 222,380 14,550 3,040118,190 86,600 20,540 14,102 Dec. 31 203,849115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903123,993 88,102 20,428 14,090 1958—Jan. 29*.... 201,780113,400 65,240 23,140 41,950 248,540 222,430 14,830 2,150 116,680 88,770 20,560 14,081 Feb. 26* 202,880113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500115,040 89,920 20,700 14,076 Mar. 26*.... 205,990114,610 67,120 24,260 42,220 253,130 226,810 15,560 5,560 114,210 91,480 20,830 14,078 Apr. 30* 210,290115,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180 118,190 92,670 20,910 14,071 May 28* 210,4"40 114',790 70,670 24,980 42,000 257,240 230,280 15,980 5,420115,260 93,620 21,040 14,065 June 25* 214,860 117,150 72,130 25,580 43,270 262,960 236,330 16,130 9,460115,790 94,950 21,140 14,056 July 30*.... 212,980115,790 71,730 25,460 42,750 260,760 234,030 16,560 3,990117,700 95,780 21,310 14,040 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1956—Dec. 31 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733125,282 50,908 16,302 13.640 1957—June 6 164,515 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318114,633 53,937 16,837 13,619 July 31 165,380 92,340 56,280 16,760 42,040 211,310 189,710 14,950 3,390116,660 54,710 16,970 13,610 Sept. 25 166,320 93,400 55,870 17,050 41,260 211,590 188,930 14,800 3,580 115,130 55,420 17,140 13,603 Oct. 30 167,900 92,970 57,310 17,620 41,790 213,840 190,740 14,710 3,180117,070 55,780 17,380 13,588 Nov. 27 167,270 92,940 56,910 17,420 42,800 214,220 191,050 14,550 3,040 118,160 55,300 17,440 13,578 Dec. 31 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,8 123.967 56,440 17,368 13,568 1958—Jan. 29*.... 167,650 92,02G 57,700 17,930 41,070 213,050 190,470 14,830 2,150 116,650 56,840 17,470 13,561 Feb. 26* 168,580 92,090 58,260 18,230 41,340 214,320 191,480 15,130 3,500 115,010 57,840 17,580 13,556 Mar. 26* 171,410 92,980 59,550 18,880 41,290 217,090 194,400 15,560 5,560 114,180 59,100 17,710 13,558 Apr. 30* 175,560 93,450 62,830 19,280 42,850 222,870 199,850 16,320 5,180 118,160 60,190 17,810 13,551 May 28* 175,440 92,800 63,240 19,400 41,120 220,840 197,590 15,980 5,420115,230 60,960 17,920 13,545 June 25* 179,660 94,920 64,740 20,000 42,350 226,290 203,340 16,130 9,460115,760 61,990 18,010 13,536 July 30* 177,560 93,400 64,330 19,830 41,890 223,940 200,950 16,560 3,990117,670 62,730 18,150 13,521 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8.464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1956—Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292106,850 40,909 13,655 6,462 1957—June 6 137,808 78,448 45,829 13,531 35.270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 July 31 138,573 79,621 45,490 13,462 37;137 179,151 160,652 14,236 3,090 99,425 43,901 14,210 6,430 Sept. 25 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27 139,882 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681100,648 44,366 14,584 6,406 Dec. 31 142,353 80,950 47,079 14,324 42,746 188,828 170,637 16,328 3,472105,547 45,290 14,554 6,393 1958—Jan. 29* 140,122 79,160 46,599 14,363 36,151 180,150 160,793 14,237 1,855 99,109 45,592 14,630 6,390 Feb. 26* 141,130 79,225 47,280 14,625 36,457 181,522 161,908 14,550 3,163 97,759 46,436 14,721 6,382 Mar. 26* 143,874 80,089 48,572 15,213 36,395 184,191 164,745 14,977 5,097 97,141 47,530 14,828 6,380 Apr. 30* 147,485 80,423 51,505 15,557 37,834 189,304 169,551 15,720 4,818100,584 48,429 14,918 6,372 May 28* 147,272 79,713 51,916 15,643 36,210 187,301 167,367 15,402 4,891 98,000 49,074 15,009 6,364 J J u ul n y e 2 3 5 0 * * 1 1 5 4 1 9 , , 3 2 8 8 6 0 8 8 1 0 , , 7 17 0 9 7 5 5 3 3 , , 4 0 7 2 0 8 1 1 6 6 , , 2 0 0 7 9 3 3 3 7 6 , , 3 8 8 6 5 4 1 1 9 9 2 0 , , 5 1 8 3 4 2 1 1 7 7 2 0 , ,4 9 2 1 5 4 1 1 5 5, , 9 5 2 0 1 8 8 3 , ,6 8 "2 3 '6 2 1 9 "0 8 0, , 2 5 6 5 2 0 5 5 0 0, , 6 0 1 2 6 4 1 1 5 5 , , 0 2 9 0 9 8 6 6 , , 3 3 5 4 7 6 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_ J j u u l n y e 3 6 1 3 3 3 2 , , 1 9 5 5 0 0 2 2 0 0 , , 4 6 8 2 7 0 7 7 , , 9 8 0 6 6 0 4 4 , , 5 6 5 7 7 0 8 8 0 3 0 9 3 34 4 , , 4 2 3 5 0 4 3 3 0 0 , , 6 9 7 3 8 0 (5) 3 30 0 , , 9 6 0 4 0 7 3 3, , 0 0 3 4 0 2 5 5 2 2 5 5 S O e c p t. t . 2 3 5 0 3 3 3 3 , , 5 5 0 5 0 0 2 2 0 1 , , 8 0 6 0 0 0 7 7, , 6 8 8 5 0 0 4 4 , , 7 8 9 7 0 0 7 8 8 0 0 0 3 3 4 4 , , 7 8 8 2 0 0 3 3 1 1 , , 2 2 9 2 0 0 8 3 3 1 1 , , 1 2 9 6 0 0 3 3 , , 0 0 7 7 0 0 5 5 2 2 5 5 Nov. 27 33,640 21,120 550 4,970 800 34,930 31,330 31,300 3,100 524 Dec. 31 33,782 21,216 552 5,013 890 35,168 31,695 31,662 3,059 522 1958—-Jan. 29* 34,130 21,380 540 5,210 880 35,490 31,960 (5) 31,930 3,090 520 Feb. 26*.... 34,300 21,490 510 5,300 950 35,740 32,110 32,080 3,120 520 Mar. 26* 34,580 21,630 7; 570 5,380 930 36,040 32,410 32,380 3,120 520 Apr. 30* 34,730 21,770 7,480 5,480 880 36,130 32,510 32,480 3,100 520 May 28* 35,000 21,990 7,430 5,580 880 36,400 32,690 32,660 3,120 520 June 25* 35,200 22,230 7,390 5,580 920 36,670 32,990 32,960 3,130 520 July 30* 35,420 22,390 7,400 5,630 860 36,820 33,080 33,050 3,160 519 v Preliminary. available. Comparability of figures for classes of banks is affected some- 1 All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and uondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1082 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i S v g . t a . - O se t c h u e - r a C ss a e s t h s2 c b a i a l p i n t i d i t e a s l Total2 b In a t n e k r- 2 Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions rities ac- Time counts 3 U.S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,987 747 19,940 2,475 2,873 18 1957—June 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 5,033 688 17,836 2,765 2,907 18 July 31 23,182 16,006 5,476 1,700 7,470 31,685 26,981 5,233 726 18,320 2,702 3,061 18 Sept. 25 23,258 16,216 5,254 1,788 6,984 31,403 26,182 5,108 535 17,778 2,761 3,054 18 Oct. 30 23,385 16,115 5,415 1,855 7,539 32,103 27,030 5,119 500 18,648 2,763 3,127 18 Nov. 27 23,054 15,887 5,423 1,744 7,700 31,921 26,935 5,148 443 18,591 2,753 3,133 18 Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 5,781 737 19,959 2,893 3,136 18 1958_jan. 29* 23,181 15,501 5,690 1,990 7,134 31,612 26,600 5,328 266 18,081 2,925 3,152 18 Feb. 26* 23,964 15,934 5,934 2,096 7,327 32,622 27,412 5,623 602 18,089 3,098 3,166 18 Mar. 26* 25,006 16,367 6,414 2,225 7,656 33,959 28,965 5,842 1,381 18,454 3,288 3,161 18 Apr. 30* 25,891 16,360 7,252 2,279 7,973 35,177 30,120 6,202 1,537 19,045 3,336 3,200 18 May 28* 25,540 15,833 7,569 2,138 7,023 33,777 28,796 6,062 1,128 18,219 3,387 3,210 18 June 25* 27,177 16,608 8,195 2,374 7,661 36,055 31,086 6,015 2,984 18,550 3,537 3,221 18 July 30* 25,803 15,550 7,905 2,348 7,185 34,240 29,180 6,144 939 18,539 3,558 3,235 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 ,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 ~,171 8,695 7,943 1,372 184 5,069 1,319 660 14 1957—June 6 6,266 3,789 1,884 593 ,821 8,147 7,284 1,184 97 4,691 1,312 665 14 July 31 6,234 3,862 1,825 547 ,947 8,239 7,462 1,279 196 4,676 1,311 671 14 Sept. 25 6,261 3,937 1,783 541 ,939 8,257 7,319 1,251 186 4,573 1,309 670 14 Oct. 30 6,273 3,829 1,888 556 ,969 8,310 7,264 1,183 148 4,624 1,309 679 14 Nov. 27 6,275 3,781 1,927 567 ,938 8,285 7,320 1,145 151 4,708 1,316 685 14 Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,347 195 4,904 1,345 689 14 1958—Jan. 29* 6,211 3,600 2,050 561 ,862 8,137 7,291 1,170 86 4,695 1,340 688 14 Feb. 26* 6,261 3,487 2,201 573 ,927 8,256 7,374 1,211 203 4,612 1,348 693 14 Mar.26* 6,492 3,481 2,404 607 ,808 8,374 7,390 1,272 351 4,418 1,349 700 14 Apr. 30* 6,647 3,592 2,434 621 ,873 8,600 7,665 1,320 302 4,671 1,372 705 14 May 28* 6,484 3,417 2,434 633 ,985 8,553 7,692 1,317 292 4,708 1,375 709 14 June 25* 6,846 3,492 2,702 652 2,029 8,951 8,082 1,333 678 4,669 1,402 708 14 July 30* 6,576 3,329 2,611 636 1,938 8,589 7,759 1,384 229 4,751 1,395 714 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1956—Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 1957—June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36.874 17,642 5,182 282 July 31 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 5,199 282 Sept. 25 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 1,274 37,103 18,085 5,260 281 Oct. 30 54,109 32,261 16,755 5,093 14,899 70,389 62,963 6,367 918 37,483 18,195 5,298 281 Nov. 27 54,201 32,510 16,669 5,022 15,500 71,106 63,556 6,203 1,017 38,159 18,177 5,338 280 Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,542 1,358 39,960 18,623 5,370 278 1958—Jan. 29* 54,294 32,076 17,156 5,062 14,715 70,471 63,244 6,364 610 37,591 18,679 5,394 278 Feb. 26* 54,626 31,815 17,672 5,139 14,934 71,012 63,710 6,392 1,349 36,924 19,045 5,428 278 Mar. 26* 55,711 32,072 18,210 5,429 14,629 71,802 64,626 6,536 1,960 36,646 19,484 5,469 278 Apr. 30* 57,243 32,012 19,627 5,604 15,356 74,086 66,642 6,794 1,886 38,028 19,934 5,506 278 May 28* 57,687 32,042 19,869 5,776 15,030 74,174 66,492 6,759 1,884 37,465 20,384 5,573 281 June 25* 59,120 32,666 20,488 5,966 15,286 75,840 68,344 6,853 3,283 37,462 20,746 5,627 280 July 30* 58,639 32,336 20,367 5,936 15,207 75,340 67,887 7,054 1,349 38,477 21,007 5,645 279 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1956—Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 5,046 6,141 1957—June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 5,304 6,131 July 31 55,372 27,649 21,391 6,332 12,641 69,063 62,984 1,351 904 38,758 21,971 5,279 6,116 Sept. 25 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5,357 6,108 Oct. 30 56,708 27,950 22,100 6,658 12,528 70,307 63,972 1,339 1,211 38,949 22,473 5,435 6,098 Nov. 27 56,352 27,919 21,804 6,629 12,724 70,128 63,725 1,345 1,070 39,190 22,120 5,428 6,094 Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,658 1,181 40,724 22,429 5,359 6,083 1958—Jan. 29* 56,436 27,983 21,703 6,750 12,440 69,930 63,658 1,375 893 38,742 22,648 5,396 6,080 Feb. 26* 56,279 27,989 21,473 6,817 12,269 69,632 63,412 1,324 1,009 38,134 22,945 5,434 6,072 Mar. 26* 56,665 28,169 21,544 6,952 12,302 70,056 63,764 1,327 1,405 37,623 23,409 5,498 6,070 Apr. 30* 57,704 28,459 22,192 7,053 12,632 71,441 65,124 1,404 1,093 38,840 23,787 5,507 6,062 May 28* 57,561 28,421 22,044 7,096 12,172 70,797 64,387 1,264 1,587 37,608 23,928 5,517 6,051 June 25* 58,243 28,941 22,085 7,217 12,409 71,738 65,402 1,307 1,887 37,869 24,339 5,543 6,045 July 30* 58,262 28,964 22,145 7,153 12,534 71,963 65,599 1,339 1,109 38,495 24,656 5,614 6,035 * Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. Because preliminary data are rounded to the At that time a net of 115 noninsured nonmember commercial banks nearest $10 million no amount is shown except on call dates. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. 8 banks with total loans and investments of $34 million were transferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 1083 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v ga t . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t t i d i a t - e a l s l Total* b In a t n e k r- 2 Dema O nd ther c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s tions ac- Time counts3 U.S. Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1955—Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 1957—June 6 163,025 90,571 55,973 16,481 39,713 206,567 184,860 14,095 3,310 113,812 53,643 16,525 13,189 Dec. 31 168,595 93,430 57,580 17,585 48,127 220,865 199,876 16,753 3,859 123,127 56,137 17,051 13,142 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1955—Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4,651 1957—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 1,782 61,737 29,506 8,722 4,647 Dec. 31 91,201 50,350 31,234 9,617 26,786 120,153 109,091 9,475 2,166 66,546 30,904 9,070 4,620 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1955—Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 1,851 1956—Dec 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 7,012 1,218 39,416 13,098 5,205 1,811 1957—June 6 49,898 30,034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,853 1,306 39,001 14,386 5,483 1,773 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1955—Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 1957—June 6 25,243 12,134 10,156 2,953 4,446 30,088 27,292 359 378 16,200 10,355 2,469 6,748 Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 425 388 17,580 10,873 2,500 6,753 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1955—Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 310 16 936 300 313 444 1957—June 6 1,490 457 669 364 282 1,825 1,448 326 8 821 294 312 429 Dec. 31 1,473 468 660 345 301 1,831 1,449 268 39 840 303 317 425 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 692 427 18,420 11,176 2,817 7,178 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 22,857 2,130 223 1957—June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 23,549 2,240 234 Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 24,991 2,308 239 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3M 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 802 291 Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1084 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total2 C c o m m c p p k i l i p o i n u n a e e a e a e m g d - r r r - t l n - , - - - A c t g u a u r r l l i - - - b p o d L a T e e r s r u e n o e o r r o r a s s d c c k a c l a u - n - h r r s a r i t s o y T i e i f i t e n r o n h o s s g r g - l R o t e a a e s t n - a e l s O l u v o i d t t a i a n h o i d l - n - e s - s r O lo t a h n e s r Total Total U B . S ill . s G C o o d c n e v e f a e r e e d t t b i s r e i - n t f s n D s - i - m - ir e e N n c o t t te o s blig B a o t n io d n s s G t u a e n a e - d r- S p O t s d s a i i t g i o u c o i o a b o n a v l b a t n f l n i d - e i - l i t s - s - - s O s ri e t t h c i e e u r s - All commercial banks:3 1947_Dec. 31... 16,28438,05718,1671,660 830 1,220 9,393 5,7231,063 78,226 69,2212,193 7,789 6,034 53,191 5,,276 3,729 1956—Dec. 31... 65,12390,30238,720',1612,589 :1,69122,509 18,850 3,3.4 .3. 74, 58,5525,924 1,99711,823 38,796 12,9013,368 1957—June 6... 64,51591,02839,020 4,0772,2741,634 22j 530 19,508 3623 73,487 56,6424,761 3,66510,070 38,137 13,314 ,531 Dec. 31... 70,06893,89940,,526 4,0662,6011,620 23,110 20,217 3,533 76,169 58,2395,405 4,81310,608 37,406 13,915 4,014 1958—Mar. 4«.. 70,04092,67038,,580 4,2002,7401,660 23,110 19,700 4,470 77 58,7905,120 3,65010,500 39,510 14,360 4,220 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,159 12,797 4,102 3,6513,333 1945—Dec. 31.... :21,80925,765 9,461 11, 3"1'4 3,164 3,606 4,677 2,3611_,,1_8 196,043 8888,9122,455 19,07116,045 5-1,321 22 3,8733,258 1947 Dec. 31.... 14,27437,58318.012 1', 610" 823 1,190 9,266 5,6541,028 76.69167,9412,124 7.552 5,918 52,334 14 5,1293.621 1956—Dec. 31.... 63,60189,83138J5714,1012,565 1,669 22,394 18,765 3J325 73,770 5577,8375,763 1,981 11, ,358 1312,6753; 258 1957—June 6.... 63,02590,57138,,870 4,0272,251 1,613 22,427 19,42133,,599 72,454 4,658 3,610 9,967 37,730 813,095 3",386 Dec. 31.... 68,59593,43040',,380 4,0152,569 1,601 23,003 20,122 3, 64 57^5805,290 4,758 10,493 37,031 713,,688 3,897 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,500 119 ,,539 971 3,00711,729 3,832 3,0902,871 1945—Dec. 31....107,18322,775 8,949 885555 3,133 3,378 3,455 1,900 1,10484,408 7788,,338 275 16,98514,271 4"4',792 16 3,2542,815 1947—Dec. 31.... 97,84632,62816,962 1,046 8111,065 7,130 4,662 952 65,218 57,9141,987 5,816 4,815 45,286 10 4,119999 33,105 1956—Dec. 31....138,76878,03436,296 2^78 2:,4471,. 473 17,81115,765 3,147 60J34 47,5754,383 1,469 9,493 32,218 1210,4942,665 1957—June 6....137,80878,44836,500 2,4532,132 1,416 17,76816,229 3,399 59,360 45,8293,439 2,798 7,952 31,632 810,7"6"8* 2,763 Dec. 31....142,35380,95037, :,4722,448 1,409 18,23116, ,316 403 47,0793,948 3,534 8,560 31,031 711,235 3,089 1958—Mar. 4....'42,57179,78435,936 2,6152,586 1,457 18,259 16,270 4-,25162,'787 47,8673,700 2,396 8,504 33,262 511,6413,279 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,453 1,172 80 287 29818,809 177,;574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20.393 7,179 5,361 545 267 111 564 330 133..221144 11,9721,002 640 558 9,771 638 604 1956—Dec. 31.... 23,80915,98711,266 1,409 402 617 1,5581,049 7; 822 6,057 724 194 976 4,160 1,406 358 1957—June 6.... 23,29315,89511,344 1,152 389 567 1,5161,245 7,398 5,738 685 219 781 4,052 1,311 349 Dec. 31.... 23,82816,10211,651 1,280 387 565 1,513 1,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—Mar. 4.... 24,66416,20811,252 1,433 396 559 1,459 1,460 8,457 6,295 733 168 1,037 4,357 1,645 516 Chicago:* 1941—Dec. 31.... 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.... 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.... 5,088 1,801 1.418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1956—Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957—June 6 6,266 3,789 2,859 172 96 135 430 184 2,477 1,884 75 74 223 1,513 460 133 Dec. 31.... 6,446 3,852 2,903 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 1958—Mar. 4.... 6,359 3,492 2,676 153 92 150 345 174 2,867 2,266 265 68 324 1,609 451 150 Reserve city banks: 1941—Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.... 40,108 8,514 3,661 205 427 1,503 1,459 855 40431,559944 2199,552 ,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 366 2-2,591 20,196 373 2,358 1,90115,560 3 1,342 1,053 1956—Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 1,289 22,13217,3681,185 441 3,74211,995 4 3,820 944 1957_j DUn e e c . 3 6 1 . . . . . . . . 5 5 3 5, , 2 1 5 3 9 73 3 1 2 , , 4 8 3 0 5 5 1 1 4 5 , , 9 7 1 0 9 2 4 4 9 9 5 4 4 6 9 0 6 3 6 67 7 3 2 7 7 , , 4 6 8 6 1 7 6 6 , ,8 6 9 3 3 0 1 1, ,3 37 0 0 0 2 2 1 2 , , .7 4 0 5 2 4 : 1 1 7 6 , , 3 7 5 9 2 7 1, 7 00 5 9 8 1 1, , 2 1 8 7 5 9 3 3 , , 0 2 3 9 8 7 1 1 1 1 , , 8 7 1 6 9 0 2 3 4 3 , , 0 88 2 8 7 1 1 , , 0 0 1 7 7 5 1958—Mar. 4.... 55,22632,05414,639 504 705 712 7,645 6,6271', 826 23,1—7I2 17 942 950 775 3,42612,790 1 4,104 1,125 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363 29;407 26,999 630 5,102 4,544 166,713 9 1,342 ,067 1947—Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1956—Dec. 31.... 54,57126,491 7,080 ,972 334 261 9,407 7,256 63128,008800 22,0372,362 792 4,45814,420 4 4,827 1,215 1957_june 6.... 55,11227,330 7,378 1,949 312 259 9,586 7,653 669 27,78221,4091,920 1,326 3,910 "14,248 4 5,109 1,265 Dec. 31.... 56,82028,191 7,613 1,970 365 252 9,856 7,944 713 22881 6"29 21,8152,226 1,909 3,857 13,819 4 5,365 1,449 1958—Mar. 4.... 56,32128,030 7,3-6"9 "2,102 295 256 9,906 7,840 79128,292 21,3631,752 1,385 3,71814,506 4 5,440 1,488 Nonmember commercial banks:3 1947—Dec. 31.... 18,454 5,43: 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31.... 26,38112,279 2,,442244 1,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 1957_june 6.... 26,73312,591 2,519 1,625 143 219 4,773 3,278 22414,14110,8251,323 867 2,119 6,515 2,548 f769 Dec. 31.... 27,74112,961 2,657 1,594 153 211 4,891 3,442 21714,78011,1721,457 1,279 2,049 6,385 2,682 T926 • Estimated. cluded in member banks but are not included in all insured commercial 1 All commercial banks in the United States. These figures exclude banks or all commercial banks. Comparability of figures for classes of data for banks in U. S. possessions except for one bank in Alaska and banks is affected somewhat by changes in Federal Reserve membership, one in the Virgin Islands that became members on Apr. 15, 1954, and insurance status, and the reserve classifications of cities and individual May 31, 1957, respectively. During 1941 three mutual savings banks banks, and by mergers, etc. became members of the Federal Reserve System; these banks are in- For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS 1085 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Jve- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n e v v t e - k h e r e s s al C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 j p u m o s a d a t s d e e n i - - d t d s ^ m D e I s o n d t - t e i e c p r s o b s a i ] n t F e s k i o g r n - G U o .S v . t. p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f t n e r c f c r s d i t d k . - * i s - , p a v n s a p i I t d h i d r n o o t u i d r n p c n a a i e o s s - l - , r s r - - , I b n a t n er k - P G U S o i a n o a . s n g S v v t d a s . - t l . v S p s i a i u t s o c a n i b l a o t i d d e l t n - i s s - p a v n s a p I i t h d i r d n o o t i u d r n c p n a a i o e s s - l - r , r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s All commercial banks: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1956—Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—June 6.... 18,500 2,737 9,761 105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,8931,446 16,837 Dec. 31.... 18,972 3,335 12,342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 7717,368 1958—Mar. 4«... 18,570 2,650 10,830105,930 12,130 1,570 3,630 10,630 3,110 102,670 2,140 280 3,180 54,7601,170 17,660 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1956—Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 5615,988 1957—June 6.... 18,500 2,717 9,515 104,904 11,127 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,6601,430 16,525 Dec. 31.... 18,972 3,311 12,079109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 6617,052 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8.464 1956—Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 4813,655 1957_june 6.... 18,501 2,065 5,931 88,912 10,799 1,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,8831,374 14,058 Dec. 31.... 18,973 2,536 7,806 92,191 13,356 1,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 5714,554 1958—Mar. 4.... 18,569 2,015 6,690 88,779 11,703 [,532 3,231 8,430 2,831 87,729 2,004 242 2,558 43,9361,144 14,795 New York City:* 1941 Dec. 31 5 105 93 141 10 761 3 595 607 866 319 450 11,282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "l95 2^120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1956—Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957—June 6.... 4,080 143 45 15,450 2,775 1,249 688 261 914 16,660 1,009 36 67 2,662 326 2,907 Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—Mar. 4.... 4,230 127 55 15,483 2,979 1,224 792 370 1,226 17,012 1,523 23 161 2,959 470 3,161 Chicago:* 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945 Dec. 31.... 942 36 200 3 153 292 20 1 552 237 66 3 160 719 377 1947—Dec. 31 1,070 30 175 3,737 ,196 21 ' 72 285 63 3,853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957—June 6.... 1,089 28 95 4,087 1,133 35 97 459 80 4,152 16 4 10 1,298 101 665 Dec. 31.... 1,071 39 148 4,084 1,293 40 195 333 77 4,493 15 3 10 1,332 4 689 1958—Mar. 4.... 1,144 32 99 3,945 1,167 36 192 357 73 4,161 38 3 10 1,339 158 695 Reserve city banks: 1941_Dec. 31 4,060 425 2,590 11,117 4 302 54 491 1 144 286 11 127 104 20 243 4,542 1 967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1956—Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3,092 1,036 36,519 294 114 935 15,748 21 5,076 1957—June 6.... 7,701 653 1,825 32,549 5,648 266 1,051 2,911 787 33,177 314 120 1,089 16,432 681 5,182 Dec. 31.... 7,763 790 2,585 33,583 6,962 279 1,358 3,111 943 35,906 301 113 1,175 17,335 21 5,370 1958—Mar. 4.... 7,523 628 2,046 32,251 6,200 256 1,278 2,989 721 33,418 423 85 1,340 17,740 423 5,433 Country banks: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1956—Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4,538 1,183 35,473 22 146 847 19,324 21 5,046 1957—June 6.... 5,631 1,241 3,966 36,827 1,243 18 1,097 4,740 835 32,635 30 142 962 20,491 267 5,304 Dec. 31.... 5,576 1,549 4,964 38,676 1,621 18 1,181 4,669 1,027 35,029 18 135 928 21,366 30 5,359 1958—Mar. 4... 5,672 1,228 4,491 37,100 1,358 17 969 4,714 811 33,138 19 130 1,047 21,897 93 5,506 Nonmember commercial banks: 3 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1956 Dec 31 774 4 690 18 085 521 45 440 2,238 310 15 885 171 29 546 9,449 27 2 649 1957—June 6 672 3 831 16 801 448 50 385 2*232 236 14 553 187 30 584 10,035 72 2,781 Dec. 31 799 4,536 18,075 511 43 427 2,282 289 15,849 138 27 603 10,546 21 2,818 2 Beginning June 30, 1948, figures for various loan items are shown 4 Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30,1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1086 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e a n e n t n d a s t s t l s - j i L m u n a s o a v e t n d a e e n d - n s d t t s s - i j L us a o t d a e - n d s 1 C i m n t a c r o d n i i e a a m u d r l l - s - - A t c u g u r l r a - i l - G a T U n o o . d S v b t . d . r e o O a k l t e e h r r e s s rG U T o . o v S t . o . t O he th rs er e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s l o ig b a - - ties t l i o i o g b n a - s - c t u ie n s - Total— Leading Cities 1957 Aug •. 87,570 86,316 53,79731,558 426 1,689 1,132 8,68211,36824,921 1,501 1,628 3,647 18,145 7,598 1,254 1958 July 95,723 94,254 52,736 29,403 524 2,496 1,400 8,930 11,163 32,2272,024 1,648 6,927 21,628 9,291 ,469 96,420 94,859 51,926 29,216 560 1,861 1,245 9,028 11,19833,509 1,770 4,578 7,011 20,150 9,424 ,561 Aug 1958 96,756 95,262 53,513 29,861 510 2,819 1,433 8,89011,18232,5752,294 1,650 6,868 21,763 9,174 ,494 July 2 96,141 94,522 52,94129,611 514 2,510 1,427 8,901 11,,159 32,3372,093 1,633 6,896 21,715 9,244 ,619 9 95,547 94,153 52,696 2"9,425 520 2,405 1,417 8,942 "1 1,16632,1541,923 1,619 6,930 21,682 9,303 ,394 16 95,319 93,825 52,378 29,119 532 2,438 1,377 8,950 11,14232,066 1,888 1,672 6,953 21,553 9,381 ,494 23 94,855 93,512 52,156 29,001 544 2,308 1,344 8,970 11,168 32,0021,923 1,663 6,988 21,428 9,354 ,343 30 Aug. 6 97,090 95,466 51,920 29,056 541 2,075 1,275 8,96711,187 34,1722,149 4,687 7,015 20,321 9,374 ,624 13 96,533 94,890 51,,826 29,121 556 1,894 1,240 9,019 11,178 33,6651,830 4,631 7,050 20,154 9,399 ,643 20 96,098 94,756 52,04529,358 574 1,809 1,232 9,059 11,19533,297 1,651 4,540 7,005 20,101 9,414 ,342 95,961 94,327 51,91629,331 570 1,665 1,234 9,067 11,23232,9021,451 4,453 6,974 20,024 9,509 ,634 27 New York City 1957 23,064 22,446 15,53911,789 115 874 373 555 2,144 5,179 341 199 735 3,904 1,728 618 Aug 1958 26,261 25,427 15,14710,764 518 1,066 352 548 2,173 7,971 958 310 1,720 4,983 2,309 834 July 25,930 25,208 14,55210,607 247 936 345 554 2,191 8,248 633 1,239 1,708 4,668 2,408 722 Aug 1958 July 2 26,901 26,093 15,65111,064 695 ,093 358 536 2,181 8,194 1,144 302 1,736 5,012 2,248 808 9 26,348 25,534 15,25310,867 4951,110 354 541 2,166 7,990 962 309 1,745 4,974 2,291 814 16 26,189 25,357 15,08810,769 439 1,072 352 552 2,175 7,958 948 292 1,752 4,966 2,311 832 23 26,103 25,246 14,98210,607 519 1,052 347 557 2,168 7,913 912 323 1,683 4,995 2,351 857 30 25,764 24,907 14,762 1'0-,514 4421,005 347 556 2,176 7,802 825 325 1,682 4,970 2,343 857 26,338 25,658 14,68510,596 377 958 343 540 2,184 8,604 904 1,306 1,691 4,703 2,369 680 Au8i!:::::::: 26,018 25,303 14,57810,578 285 958 346 552 2,190 8,330 671 1,261 1,721 4,677 2,395 715 20 25,740 25,069 14,53310,662 186 928 343 561 2,185 8,124 517 1,229 1,715 4,663 2,412 671 27 25,625 24,802 14,41310,593 139 899 346 565 2,205 7,933 437 1,162 1,706 4,628 2,456 823 Outside New York City 1957 Aug 64,506 63,870 38,25819,769 425 700 750 8,127 9,22419,742 1,160 1,429 2,912 14,241 5,870 636 1958 July 69,462 68,827 37,58918,639 523 912 961 8,382 8,99024,256 1,066 1,338 5,207 16,645 6,982 635 70,490 69,651 37,37418,609 559 678 867 8,474 9,00725,2611,137 3,339 5,303 15,482 7,016 839 Aug 1958 69,855 69,169 37,86218,797 509 1,031 989 8,354 9,00124,381 ,150 1,348 5,132 16,751 6,926 686 July 2 69,793 68,988 37,68818,744 513 905 991 8,360 8,99324,347 ,131 1,324 5,151 16,741 6,953 805 9 69,358 68,796 37,60818,656 519 894 975 8,390 8,99124,196 975 1,327 5,178 16,716 6,992 562 16 69,216 68,579 37,39618,512 531 867 937 8,393 8,97424,153 976 1,349 5,270 16,558 7,030 637 23 69,091 68,605 37,39418,487 543 861 915 8,414 8,99224,2001,098 1,338 5,306 16,458 7,011 486 30 Aug. 6 70,752 69,808 37,23518,460 540 740 884 8,427 9,003 25,5681,245 3,381 5,324 15,618 7,005 944 13 70,515 69,587 37,24818,543 555 651 864 8,467 8,98825,335 1,159 3,370 5,329 15,477 7,004 928 20 70.358 69,687 37,512 1188,696 573 695 860 8,498 9,01025,173 1,134 3,311 5,290 15,438 7,002 671 27 70,336 69,525 37,50318,738 569 627 861 8,502 9,02724.969 1,014 3,291 5,268 15,396 7,053 811 i Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 1087 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex em ce a p n t d i n d te e r p b o a s n it k s, e T xc im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings Month or date s B F w e R . a r e i v n t R - h e k . s s C va i a n u s l h t b m a w B a d n e o n i a c s t - l e k h t - i s s c j p m u D o d a s a e t e d s n e - - i - t d d s 1 s p I p u n c v h a n o a a o e i n i d r d r l p r r d s a t i - - - s - - , - , S p s d s a i t i o u c i a o n b v l a t n d i - e i l t - s - s c C h c o f a e e e e i f t n e c c f r r d i d . t s k - i ' s - , G U o .S v . t. s p I p u c n v a h n o a a o e n i i d r d r l p r r d s a t i - - - s - - , - , S p s d s a i t i o u c i a o n b v l a t n i d - e i l t s - - s G P U S i a o n . o a n S s g v v d . t s t - a . l m D t e o D i s c - - eman F ei d o g r n - Time F B F. r a o n R m k . s F ot r h o e m rs c C o i a a t u c a p - n - l ts tions tions Total- Leading Cities 1957 Aug 13,031 991 2,355 54,808 57,399 3,916 1,909 2,126 21,279 1,131 186 10,436 1,733 1,209 557 816 9,419 1958 July 13,208 993 2,768 55,629 58,267 4,221 2,399 4,185 24,282 1,910 167 11,738 1,589 2,168 63 ^782 9,979 13,069 981 2,49855,628 58,074 4,127 1,944 4,129 24,472 1,841 16811,568 1,614 2,110 154 97210,033 Aug 1958 13,318 968 2,962 54,560 57,176 4,426 2,474 6,372 24,168 1,956 17112,061 1,530 2,206 52 783 9,976 July 9 2 1 13 3 , , 3 1 7 2 0 2 1,0 9 0 8 3 4 2 2, , 7 7 8 2 0 2 5 5 5 4 , , 6 8 5 4 4 4 5 5 9 7 , , 3 3 7 5 6 2 4 4 , , 2 0 7 5 7 4 2 2 , , 1 2 4 2 4 2 4 4 , , 6 03 4 1 12 2 4 4 , , 1 3 9 2 9 2 1 1 , , 9 8 4 8 3 2 1 1 6 6 6 6 1 1 2 1 , , 1 8 2 9 3 9 1 1 , , 6 4 5 8 5 6 2,127 I 1 W 7 0 i 8 0 1,0 6 4 7 9 7 9 9 , , 9 9 9 5 0 9 16 13,224 990 2,662 5566,i440 58,910 4,124 3,006 3,185 ~2'4,347 1,883 16811,389 1,647 2,132 28 805 9,969 23 13,007 1,022 2,71356,64758,520 4,222 2,149 2,695 24,;376 ir~ 16811,222 1,627 2,131 58 597 9,998 30 Aue-it:::::::::: 1 1 3 3 , , 1 1 0 5 3 6 1, 9 01 0 0 6 2 2 , , 5 5 7 7 3 5 5 5 5 5 , ,7 5 6 8 3 4 5 5 8 7 , , 8 6 7 5 0 0 4 4 , , 0 27 5 1 1 2 1 , , 1 94 5 8 7 4 4 , , 3 0 5 7 3 6 2 2 4 4, ,4 4 6 7 1 8 1 1 , , 8 8 6 7 8 6 1 16 6 9 8 1 1 1 1 , , 8 9 5 5 9 6 1 1 , , 6 6 4 0 3 8 2 2 , , 0 11 9 9 8 2 1 1 0 5 1 1, 9 07 8 7 5 1 1 0 0 , ,0 0 2 3 6 2 20 13,096 969 2,500 55,323 57,838 4,061 1,881 4,: ,460 1,825 16811,426 1,592 2,105 192 83710,027 12,921 1,040 2,343 55,844 57,936 4,124 1,795 3,734 24,487 1,797 16811,030 1,612 2,120 109 98910,046 27 New York City 1957 4,039 139 4315,13116,536 245 964 598 2,508 74 35 2,768 1,425 901 112 406 3,030 Aug 1958 4,08! 143 15,33816,896 294 1,349 1,583 3,235 251 3,291 1,270 1,728 1 349 3,206 July 3,982 140 4815,17516,542 296 957 1,454 3,245 214 3,021 1,258 1,679 51 472 3,223 Aug 1958 4,212 155 44 15,05916,693 284 ,325 2,498 3,216 271 3,432 1,230 1,752 380 3,204 4,100 149 15,01916,566 293 ,123 1,752 3,209 273 3,361 1,191 1,783 562 3,206 July 2 3,947 137 15,31616,951 330 ,162 1,554 3,248 238 3,228 1,335 1,698 222 3,205 9 4,087 136 15,62117,159 325 ,969 1,176 3,244 236 3,286 1,317 1,705 309 3,209 16 4,063 14: 15,67517,110 236 ,167 934 3,259 238 3,146 1,279 1,702 7 274 3,206 23 30 4,100 139 15,21716,428 275 1,159 1,654 3,249 229 3,108 1,288 1,689 120 553 3,225 Aug-.!::::::::::: 3,976 143 15,13316,620 298 954 1,510 3,246 227 3,088 1,249 1,675 3 543 3,226 2 2 0 7 3 3, , 8 9 9 5 8 4 1 1 4 3 3 4 1 1 5 5 , , 0 2 8 7 1 1 1 1 6 6 , , 4 6 4 7 8 4 2 3 9 1 9 3 9 8 0 1 0 5 1 1 , , 2 45 0 0 0 3 3 , , 2 2 3 4 5 8 2 1 0 9 7 5 2 2, , 9 9 2 6 5 4 1 1 , , 2 2 4 5 2 6 1 1, , 6 6 8 7 1 2 7 1 1 1 4 3 2 6 5 5 3 3 , , 2 2 1 2 9 1 Outside New York City 1957 Aug 8,99: 85: 2,31239,67740,863 3,671 945 1,528 18,771 1,057 151 7,668 308 308 445 410 6,389 1958 July 9,126 850 2,716 40,29141,371 3,927 1,050 2,602 21,047 ,659 140 8,447 319 440 62 433 6,773 9,087 841 2,450 40,45341,53f 3,831 98"' 2,675 21,227 ,62" 141 8,547 356 431 103 500 6,810 Aug 1958 9,106 813 2,918 39,50140,483 4,14! 1,149 3,874 20,95: ,685 144 8,629 300 454 52 403 6,772 July 2 9,022 854 2,67: 39,82540,786 3,984 1,021 2,889 20,990 ,670 140 8,762 295 459 100 487 6,784 9 9,423 84' 2,72340,338 4422,425 3,724 1,060 2,47721,074 ,644 140 8,671 320 429 78 455 6,754 16 9,137 85- 2,608 4400,81941,751 3,799 1,037 2,009 2211,103 ,647 140 8,103 330 427 28 496 6,760 23 8,944 880 2,65940,972 4'1,410 3,986 98" 1,76121,117 ,650 140 8,076 348 429 51 323 6,792 30 Aug- if::::::::::: 9 9 , , 0 1 0 8 3 0 7 8 6 6 7 7 2 2 , , 5 5 2 2 7 7 4 4 0 0, , 4 5 5 4 1 6 4 4 1 2, , 2 2 5 2 0 2 3 3, , 7 9 5 9 3 6 9 9 9 9 8 4 2 2 , , 6 5 9 6 9 6 2 2 1 1 , , 2 2 3 1 : : , ,6 6 4 4 1 7 1 14 4 1 0 8 8 , , 7 8 5 6 1 8 3 3 5 5 ; 9 4 4 3 2 0 3 9 9 5 8 4 5 3 3 2 4 6 6 , ,8 8 0 0 6 1 20 9,142 835 2,444 4400,24241,390 3,762 981 902 21,225 ,618 14: 8,462 350 433 121 41: 6,808 27 9,023 89' 2,30140,57341,262 3,811 980 534 21,239 ,602 144 8,105 356 439 98 624 6,825 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1088 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l and Period* t l o F i b q a o a n u o c d o d c r , o , T a l p e e a p x a n t t a h i d r l e e e r s l, , M m p u a r c e e n o t t t s d d a a 3 l - l s ch P l c e e a e m o u n t a r m d i o l c , , - al, Other ( T w re s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r u o i i i a l n o b r i n c t n t l i s a l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w i e n a i e n p n g a e d o l g k l ' r e l l t — y rubber banks* 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—Jan.-June -658 84 146 -140 157 -165 -283 -853 -177 56 69 -1,765 -1,945 1958—June 6 136 31 57 11 ^ 58 73 30 78 474 538 July -116 -22 -358 -85 -11 -14 20 -115 -126 10 29 -788 -855 Aug1 . 104 15 -85 24 -6 15 99 48 -7 27 56 291 330 Week ending: June 4 5 -9 -23 2 4 -9 -15 -15 -56 8 -1 -110 -119 11 -19 6 3 -23 20 8 -11 -10 48 1 29 52 106 18 20 6 160 44 23 19 12 112 90 11 47 542 574 25 -6 3 -3 9 10 -6 10 -29 -10 9 3 -10 -23 July 2 -31 4 -130 -71 9 -6 -10 274 -29 -12 -4 5 9 -23 3 -68 -2 -4 -5 6 -147 -16 26 -230 -250 16 -33 -2 -23 2 5 13 1 -123 3 1 -2 -158 -186 23 -29 -16 -64 -12 -10 -10 -4 -79 -78 2 2 -298 -306 30 -11 -73 -1 -11 -5 26 -40 -5 8 15 -98 -118 AUS- ?3 2 1 4 1 2 8 - -1 8 2 3 5 8 -4 -10 5 2 5 1 6 -2 6 1 8 -32 7 -4 19 5 2 6 4 8 1 4 6 5 5 5 20 34 5 19 20 2 16 20 60 33 -1 3 210 237 27 35 -8 -8 -4 4 2 -59 -14 14 -5 -44 -27 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Total Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1 966 564 1 402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1 510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957—July 2,781 459 2,322 1,000 154 112 42 19 70 757 231 507 35 59 169 Aue 2,835 501 2,334 J 117 220 152 68 27 68 913 243 524 66 212 182 Sept 2,558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 225 181 Oct 2,654 516 2 138 1,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 ,224 221 151 70 20 67 916 268 459 64 222 211 Dec 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958 Jan 3,345 654 2,691 ,422 416 307 109 41 127 838 273 461 65 386 237 Feb 3,628 776 2,852 ,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 ,529 422 318 104 39 132 936 263 432 139 471 224 Apr 3,658 919 2,739 ,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 1,352 396 292 104 45 113 798 282 375 121 325 248 July 3,627 966 2,661 ,353 426 328 98 34 108 785 269 380 141 313 251 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES 1089 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) m w o Y e n e e t a h k r , , or m m 4 p P c - o a e r o t p i r n m o m c e t i e h r - e a , - s l 1 p d n p c p l i a a o a a r l n y p e c m n c c e , e y t - e r d - a a P b d c n e a r a c 9 i r c n e y m s 0 e k p ' s s e 1 t - , - M 3-m ar o - n se th c R u b r a i i t l t e l i s es 9 ( i m t s - a t s o x o u n a e 1 t b s h 2 l 3 e - )2 3 is y - s t e u o a e r s 5 4 - Area and period lo A a l n l s 1 1 - 0 1 10 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r 3- to 6- ket on new Annual averages, months1 yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 1955 average.. 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1957 1956 average.. 3.31 3.06 2.64 2.62 2.658 2.83 3.12 1957 average.. 3.81 3.55 3.45 3.23 3.267 3.53 3.62 Quarterly:1 19 large cities: 1957—Aug.... 3.98 3.63 3.78 3.37 3.404 3.93 3.91 1957—Sept 4.83 5.67 5.29 5.01 4.69 Sept... 4.00 3.82 3.83 3.53 3.578 4.02 3.93 Dec 4.85 5.66 5.29 5.01 4.71 Oct.... 4.10 3.88 3.75 3.58 3.591 3.94 3.99 1958 Mar. ... 4.49 5.55 5.10 4.75 4.29 Nov.... 4.07 3.79 3.50 3.29 3.337 3.52 3.63 June 4.17 5.45 4.88 4.40 3.95 Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 New York City: 1957—Sept 4.69 5.54 5.24 4.93 4.60 1958—Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 Dec 4.71 5.50 5.23 4.94 4.62 Feb.... 2.63 2.18 2.30 1.54 1.562 1.93 2.67 1958—Mar 4.29 5.42 5.02 4.60 4.17 Mar.... 2.33 1.86 1.80 1.30 1.354 1.77 2.50 June 3.88 5.18 4.72 4.13 3.74 Apr.... 1.90 1.59 1.52 1.13 1.126 1.35 2.33 7 Northern & Eastern May... 1.71 1.38 1.30 .91 1.046 1.21 2.25 cities: June... 1.54 .38 .13 .83 .881 .98 2.25 1957—Sept 4.85 5.69 5.31 5.01 4.73 July.... 1.50 .31 .13 .91 .962 1.34 2.54 Dec 4.86 5.67 5.33 5.02 4.74 Aug.... 1.96 .52 .65 1.69 1.686 2.14 3.11 1958—Mar 4.49 5.60 5.08 4.72 4.33 June.. ... 4.17 5.48 4.85 4.39 3.99 Week ending: 11 Southern & Western Aug. 2 1.50 .13 .94 .984 1.49 2.65 cities: 9 1.50 .15 1.20 1.165 1.68 2.86 1957—Sept 5.01 5.72 5.31 5.05 4.81 16 1.68 .58 1.58 1.524 1.97 3.03 Dec 5.05 5.73 5.31 5.04 4.87 23 2.14 .88 1.91 1.895 2.39 3.19 1958 Mar 4.77 5.60 5.17 4.87 4.49 30 2.63 2.13 2.23 2.162 2.62 3.44 June 4.58 5.56 4.99 4.57 4.31 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds 3 Stocks* G U o .S v . t. S g ta o t v e t . a b n o d n l d o s c 3 al By selected By Dividends/ Earnings/ Year, month, or week bonds ratings groups price ratio price ratio t G er o m ng )2 - TotaH Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1955 average 2.84 2.57 2.18 3.14 3.25 3.06 3.53 3.19 3.34 3.22 4.01 4.08 7.78 1956 average 3.08 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4.25 4.09 7.17 1957 average . .... 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.21 1957—Aug 3.63 3.84 3.37 4.43 4.37 4.10 4.82 4.29 4.49 4.33 4.83 4.17 Sent 3 66 3.89 3.43 4.49 4.44 4.12 4.93 4.31 4.56 4 45 4.79 4.31 7.91 Oct 3.73 3.74 3.31 4.38 4.46 4.10 4.99 4.32 4.57 4.48 4.80 4.54 Nov 3 57 3.67 3.24 4.35 4.49 4.08 5.09 4.34 4.65 4.49 4.78 4.67 Dec 3.30 3.33 2.92 4.00 4.31 3.81 5.03 4.11 4.53 4.29 4.49 4.64 8.21 1958 Jan 3.24 3.17 2.75 3.81 4.06 3.60 4.83 3.91 4.30 3.99 4.36 4.48 Feb 3 26 3.15 2.72 3.79 4.01 3.59 4.66 3.86 4 29 3.87 4.38 4.47 Mar 3.25 3.23 2.79 3.88 4.04 3.63 4.68 3.86 4.30 3.95 4.42 4.37 7.34 Apr 3 12 3.16 2.70 3.78 4.02 3.60 4.67 3.83 4.32 3.90 4.37 4.33 May 3 14 3.12 2.69 3.71 4 00 3 57 4.62 3 80 4 30 3 89 4 31 4 19 June.. 3.19 3.15 2.74 3.78 3.98 3.57 4.55 3 77 4 28 3 88 4 28 4.08 6 37 July 3.36 r3.23 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 4.36 3.98 Aug 3.60 3.50 3.07 4.07 4.17 3.85 4.67 3.94 4.42 4.16 4.45 3.78 Week ending: Aug 2 .. 3.44 3.25 2.84 3.83 4.06 3.71 4.56 3.84 4.34 4.01 4.42 3.87 9 3 53 3.34 2.91 3.92 4.11 3.77 4.60 3.87 4.38 4.07 4.42 3.79 16 3 61 3 47 3 04 4 03 4 16 3 83 4 66 3 92 4 41 4 14 4 39 3 77 23 . . 3.62 3.55 3.12 4.10 4.20 3.89 4.71 3.96 4.44 4.20 4.48 3.80 30 3.67 3.66 3.22 4.21 4.25 3.94 4.74 4.01 4.47 4.27 4.49 3.76 r Revised 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. rately. Because of a limited number of suitable issues, the number of and corporate bonds. Yields of State and local govt. general obligations corporate bonds in some groups has varied somewhat. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Standard and Poor's Corporation. Preferred stock ratio is based on figures. Figures for common stocks are as of the end of the period, 8 median yields in a sample of noncallable issues—12 industrial and 2 except for annual averages. public utility. For common stocks, the dividend/price and the earnings/ 2 Series is based on bonds maturing or callable in 10 years or more. price ratios are now computed for the 500 stocks in the price index, but 3 Moody's Investors Service. State and local govt. bonds include gen- figures prior to mid-1957 are based on the 90 stocks formerly included in eral obligations only. the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1090 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o ar r , w m e o ek nth, t ( G e U l r o o m . n S v g ) t . - . 2 g n ( r i h M c a i i d g u p e h - a ) - l 3g ( C r h r p a a i o o d g t r e - h e - ) - 3 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N r g a d o b u n l - e - T p t r o i a o r n n ta s - - P u l i u i t t c i y b l - - - T n s a a r e i f n a c n r i- e d v d c - e e , , M in i g n- s s t h i h a n ( a o o n i r g n f d u e 4 s s - ) Number of issues 15 17 500 425 25 50 265 170 72 21 29 14 1955 average 102.40 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1957—Aug.. 91.10 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 Sept.. 90.70 101.3 98.1 43.98 47.52 27.17 31.09 328 419 386 450 263 153 277 334 1,844 Oct.. 89.77 102.9 98.2 41.24 44.43 24.78 30.39 306 388 357 417 241 149 266 297 2,782 Nov., 91.90 103.4 98.3 40.35 43.41 22.63 30.68 302 382 350 411 228 149 262 284 2,538 Dec. 95.63 107.5 102.7 40.33 43.29 21.39 31.79 298 376 336 413 215 152 258 274 2,594 1958_Jan.. 96.48 110.0 105.9 41.12 43.98 22.69 33.30 305 382 347 414 230 158 270 272 2,267 Feb.. 96.20 109.2 105.7 41.26 44.01 23.00 34.12 304 378 346 408 231 160 278 267 2,010 Mar.. 96.34 107.9 105.1 42.11 44.97 22.60 34.57 311 388 352 422 231 162 283 283 2,223 Apr.. 98.23 110.0 105.3 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 May. 97.94 111.1 105.6 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 June. 97.17 110.8 105.5 44.75 47.62 25.54 37.31 331 412 362 450 259 171 305 319 2,696 July., 94.78 108.0 104.2 45.98 48.96 26.86 37.82 339 424 376 459 269 173 312 331 3,159 Aug.. 91.51 103.7 102.0 47.70 51.00 28.43 37.50 352 442 399 473 283 174 325 341 2,970 Week ending: Aug. 2. 93.71 106.9 103.6 47.18 50.35 28.04 37.76 350 440 399 469 282 175 317 340 3,752 9. 92.42 105.2 103.1 47.79 51.08 28.47 37.76 354 446 402 479 286 174 320 346 3,705 16. 91.31 104.5 103.0 47.83 51.14 28.40 37.60 350 440 397 471 279 173 323 341 2,924 23. 91.26 103.4 101.5 47.44 50.73 28.20 37.25 352 442 400 472 284 174 332 341 2,454 30. 90.54 101.7 100.5 47.79 51.12 28.68 37.30 352 442 400 473 282 174 331 337 2,716 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s m da o y n o th f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h l i - e a s n N N ew e t Y d o e r b k i t f S i b r t m o a c l s a k 1 n c E e x s c h w a i n th ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e r y a o l i e n th r g s e ) s r s e f o c ( u r t r h p i a t u i n e r s - 2 Money borrowed Cus n t e o t mer U. S. Govt. free o ( b c c l o i o g l l . a . t 3 5 i o ) + ns U S ob e . c l S i u g . r a e G t d i o o v b n t y s . S s e e c o c u u t r h r e e i d t r i e b s y U ob . l S ig . a G ti o o v n t s . se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v n t s . se o cu O th r n i e t r ies ba c l r a e n d c it es 1953—Dec. 2,445 31 1,665 780 1,074 713 1954_Dec. 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Dec. 4,030 34 2,791 32 1,239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 1,161 46 2,132 880 1957_July. 4,004 32 2,885 23 1,119 59 2,079 829 Aug. 3,929 30 2,833 24 1,096 58 2,035 816 Sept. 3,882 35 2,789 21 1,093 63 2,046 838 Oct.. 3,643 39 2,568 31 1,075 72 1,708 879 Nov. 3,577 42 2,517 33 1,060 56 1,641 876 Dec. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Jan. 3,554 126 2,487 58 1,067 188 1,552 937 Feb. 3,679 102 2,580 79 1,099 199 1,647 939 Mar. 3,863 111 2,665 86 1,198 206 1,784 954 Apr. 3,980 134 2,735 70 1,245 230 1,822 985 May 4,069 141 2,856 75 1,213 244 1,808 979 June 4,226 240 2,929 84 1,297 '468 rl,93O 1,047 July. 4,251 149 3,020 113 1,231 306 1,903 1,080 r Revised. 2 Figures are for last Wednesday of month for weekly reporting member 1 Ledger balances of member firms of the New York Stock Exchange banks, which account for about 70 per cent of all loans for this purpose carrying margin accounts, as reported to the Exchange. Customers' debit Column 5 includes some loans for purchasing or carrying U. S. Govt. and free credit balances exclude balances maintained with the reporting securities (such loans are reported separately only by New York and firm by other member firms of national securities exchanges and balances Chicago banks). On June 30, 1956, reporting banks outside New York of the reporting firm and of general partners of the reporting firm. Bal- and Chicago held $51 million of such loans. On the same date insured ances are net for each customer—i. e., all accounts of one customer are commercial banks not reporting weekly held loans of $28 million for consolidated. Money borrowed includes borrowings from banks and purchasing and carrying U. S. Govt. securities and of $384 million for from other lenders except member firms of national securities exchanges. other securities. Noninsured banks had $33 million of such loans, Data are as of the end of the month, except money borrowed, which is as probably mostly for purchasing or carrying other securities. of the last Wednesday of the month beginning June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SAVINGS INSTITUTIONS 1091 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets United State and gages estate loans assets Total States local Foreign 2 Total Bonds Stocks (U. S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 ,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 ,738 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,525 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 End of month:4 1953—Dec... 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec... 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec... 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957_june. . . 98,239 10,824 7,270 2,290 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July. . . 99,005 10,906 7,306 2,323 1,277 42,567 39,374 2,993 34,356 3,004 3,703 4,469 Aug 99,374 10,880 7,268 2,333 ',279 42,742 39,724 3,018 34,547 3,032 3,731 4,442 Sept.. .. 99,812 10,833 7,224 2,340 ,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct 100,224 10,856 7,233 2,352 ,271 43,170 40,149 3,021 34,859 3,085 3,802 4,452 Nov.... 100,597 10,782 7,135 2,362 ,285 43,368 40,340 3,028 34,986 3,113 3,833 4,515 Dec.. . . 101,043 10,600 6,950 2,375 ,275 43,644 40,637 3,007 35,230 3,134 3,863 4,572 1958—Jan.... 101,672 10,819 7,113 2,418 ,288 43,859 40,862 2,997 35,410 3,156 3,896 4,532 Feb.. .. 102,000 10,852 7,124 2,426 ,302 43,961 40,957 3,004 35,529 3,187 3,927 4,544 Mar.... 102,385 10,754 7,002 2,448 ,304 44,256 41,179 3,077 35,663 3,214 3,962 4,536 Apr.. . . 102,717 10,792 7,009 2,460 ,323 44,467 41,383 3,084 35,773 3,244 3,996 4,445 May... 103,150 10,766 6,936 2,487 ,343 44,633 41,538 3,095 35,884 3,265 4,022 4,580 June.. . 103,634 10,847 6,979 2,521 ,347 44,837 41,705 3,132 35,983 3,305 4,049 4,613 * Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS * [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U. S. Borrowings Re a se n r d ves Total 2 g M ag o e r s t- 3 o G t b io o li n v g s t a . - Cash Other4 S c a a v p i i n ta g l s FHLB Other un p d r i o v f i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1956 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1957 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 1957—June 45,736 37,886 3,139 2,061 2,610 39,798 1,077 103 3,136 July 45,750 38,280 3,180 1,741 2,510 39,730 1,037 109 Aug 46,188 38,743 3,203 1,635 2,569 39,982 1,070 115 Sept 46,639 39,106 3,229 1,643 2,624 40,306 1,117 115 Oct 47,127 39,532 3,219 1,622 2,718 40,673 1,129 121 Nov 47,600 39,835 3,238 1,705 2,787 41,072 1,141 117 Dec 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 1958—Jan 48,423 340,369 3,215 2,023 2,816 41,491 904 100 Feb 48,845 40,623 3,195 2,198 2,829 42,875 788 89 Mar 49,406 40,967 3,192 2,407 2,840 43,366 694 94 Apr 50,068 41,367 3,229 2,524 2,948 43,729 813 87 May 50,762 41,908 3,244 2,562 3,048 44,250 801 67 June 51,573 42,498 3,326 2,742 3,007 45,195 928 107 n.a. Not available. 3 Beginning January 1958, no deduction is made for mortgage pledged 1 Figures are for all savings and loan associations in the United States. shares. These have declined consistently in recent years and amounted D tio a n ta s b a e n g d i nn an in n g u a 1 l 95 re 0 p a o r r e ts ba o s f e d n o o n n i n m su o re n d th ly a ss r o e c p i o a r t t i s o n o s f . in D su a r t e a d p a r s io so r ci t a o - to 4 $ 3 In 4 c m lu i d ll e i s o n o t a h t e r t h l e o a e n n s d , s o t f o c 1 k 9 5 i 7 n . the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office buildings 2 Includes gross mortgages with no deduction for mortgage pledged and fixtures. shares. NOTE.—Data for 1957 and 1958 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1092 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1957 1958 19512 19522 19532 1954 1955 1956 2* Loans, by purpose and agency: To aid agriculture, total.. 4,161 5,070 6,811 6,929 6,715 6,752 7,261 6,827 6,466 6,681 7,605 Banks for cooperatives 425 424 377 367 375 457 423 384 430 454 428 Federal intermediate credit banks... 633 673 590 638 689 734 3845 997 997 935 1,040 Farmers Home Administration 539 596 648 701 681 724 823 866 880 832 906 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 2,732 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 1 (4) (4) (4) (4) (4) (4) To aid home owners, total 2,142 2,603 2,930 2,907 3,205 3,680 4,076 4,381 4,680 4,769 4,917 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 4,096 O V t e h te e r r a a n g s e A nc d i m es inistration > 292 362 / \ 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 770 1 820 1 To industry, total 589 598 588 431 678 619 629 640 652 674 645 Treasury Department... 174 353 306 209 209 211 254 251 224 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 413 79 f I 2 1 6 1 1 2 2 1 1 9 9 1 2 1 2 9 8 2 2 21 1 9 0 2 1 1 8 6 2 2 2 1 0 7 6 2 21 0 9 3 To financing institutions 814 864 952 870 1,419 1,233 966 1,084 1,124 1,270 701 To aid States, territories, etc., total 744 1,020 645 272 245 246 272 243 276 264 275 Public Housing Administration 589 894 500 112 90 106 120 94 186 105 107 Other agencies 155 126 145 160 155 140 153 149 90 159 167 Foreign, total 6,110 7,736 8,043 8,001 7,988 8,223 8,237 8,300 8,316 8,754 8,965 Export-Import Bank 2,296 2,496 2,833 2,806 2,702 2,701 2,678 2,667 2,656 3,040 3,111 Treasury Department* 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 1,515 1,537 1,624 1,767 1,995 2,035 2,084 2,139 2,195 2,338 Other agencies 64 58 53 1 57 54 52 51 49 46 All other purposes, total 35 75 119 166 256 213 240 338 306 344 393 Housing and Home Finance Agency. 5 29 127 209 156 184 275 246 283 331 Other agencies 69 90 39 47 57 56 60 60 62 62 Less: Reserves for losses -173 -140 -203 -228 -268 -309 -327 -695 -501 -367 -354 Total loans receivable (net). 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 23,147 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 3,739 3,923 3,881 3,762 3,804 4,523 Federal home loan banks 249 311 387 641 745 1,018 1,095 1,017 881 896 1,456 Federal Savings and Loan Insurance Corp.. 200 208 217 228 241 256 265 274 264 274 283 Federal Housing Administration 285 316 319 327 381 458 479 482 504 471 533 Federal Deposit Insurance Corporation.... 1,353 1,437 1,526 1,624 1,720 1,825 1,898 1,914 1,917 1,937 2,013 Other agencies 140 148 152 147 149 181 186 194 195 226 238 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities7 257 223 219 197 179 284 344 340 340 333 368 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,303 21,450 21,514 21,628 21,206 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,362 3,153 3,090 3,025 2,636 Defense Department 11,004 11,094 11,105 11,157 11,136 10,866 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 288 303 428 550 609 6, 2 5 0 1 1 7 6,6 19 5 3 4 7,0 17 2 1 2 7,0 1 9 7 2 5 7,2 1 8 8 2 5 7,5 1 2 7 8 5 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 10,020 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 4,568 Panama Canal Company 298 415 363 421 421 398 396 401 599 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 1,789 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 144 114 106 88 77 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 274 Bonneville Power Administration 311 317 327 328 342 345 General Services Administration 1,298 1,226 1,332 1,341 1,308 1,327 Post Office Department 590 590 599 599 599 599 Other agencies 728 345 350 360 300 613 704 616 408 608 644 Bonds, notes, & debentures payable (not guar.), total.. 1,369 1,330 1,182 1,068 2,379 2,711 2,975 3,497 3,647 4,662 4,749 Banks for cooperatives 170 181 150 156 185 257 231 190 237 247 224 Federal intermediate credit banks 674 704 619 640 665 721 803 953 959 902 992 Federal home loan banks 525 445 414 272 958 963 720 733 765 825 468 Federal National Mortgage Association 570 770 1,220 1,620 1,687 2,688 3,065 NOTE.—-Statistics beginning Mar. 31, 1956, reflect the expanded cover- 3 Effective Jan. 1, 1957, the production credit corporations were merged age and the new classification of agencies now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. The revised statement includes a larger number of agencies, and Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations their activities are classified according to the type of fund they represent. of the banks are classified as trust revolving transactions. Funds are combined in the table above, but are shown separately in the * Less than $500,000. table on the following page. Classifications by supervisory authorities 5 Figures represent largely the Treasury loan to the United Kingdom, are those in existence currently. Where current Treasury compilations and through 1952 are based in part on information not shown in Treasury do not provide a detailed breakdown of loans, these items have been compilation. classified by Federal Reserve on basis of information about the type of 6 Figure derived by Federal Reserve. lending activity involved. 7 Includes investment of the Agricultural marketing revolving fund in • Totals reflect exclusion of agencies reporting other than quarterly. the banks for cooperatives; Treasury compilations prior to 1956 classified 1 Figures for trust revolving funds include interagency items. For all this item as an interagency asset. types of funds combined, loans by purpose and agency are shown on a 8 Includes $1,000 million due under the agreement with Germany gross basis; total loans and all other assets, on a net basis, i.e., after signed Feb. 27, 1953, and lend-lease and surplus property balances due reserve for losses. the United States in the principal amount of $1,966 million. 2 Coverage changed from preceding period (see also NOTE). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUSINESS-TYPE ACTIVITIES 1093 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items 1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s Pub I m l n ic v e e n s O t t s - ther L e s tu a t q a r r n u u n e d i c d s p - , , - Other G B tu a o u r n e n a d s r d - s d p , e a n b y o e a t n b e - l s e , l O i i a t t i b h e i e s l r - G i U n e o t . s e v S t r t . - . o v in P w a e t t r s n e e i t l r e - y - d s r d i e t e c i b e u t s - s ri e t c ie u s - ment a U n b t . e y S e . d Other All activities 1954 Dec 31 . ... 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,183 35,610 508 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956—Dec. 31 * 69,653 4,99620,65721,375 3,739 3,669 9,985 5,232 67 2,711 3,65962,516 699 1957—Mar. 31 69,895 4,441 21,35321,303 3,923 3,729 9,875 5 272 68 2 975 3 71362 364 775 June 30* 69,059 3,981 20,98021,450 3,881 3,725 9,979 5,063 57 3 497 3'32561 144 1 037 Sept. 30 70,175 4,69221,32021,514 3,762 3,725 9,974 5,186 60 3,647 2,63462,778 1,056 Dec. 31 71,139 4,29122,39521,628 3,804 3,718 9,962 5,340 49 4 662 2 91662 391 1 121 1958—Mar 31 72,242 4,15823,14721,206 4,523 3,753 10,020 5,436 49 4,749 3,47262,789 1,183 Classification by type of fund and activity, March 31, 1958 Public Enterprise Funds—Total 20,228 1,119 9,634 3,756 861 143 3,284 1,432 49 1,600 1,516 17,064 Farm Credit Administration: Federal Farm Mortgage Corporation . . . 8 1 8 8 Agricultural Marketing Act, revolving fund 186 44 142 186 Agriculture Department: Commodity Credit Corporation 5,618 18 2,403 2,636 155 406 876 4,742 Disaster loans etc revolving fund 126 37 85 4 125 All other. 54 37 16 1 50 Housing and Home Finance Agency: Public Housing Administration . . 187 59 106 (4) 16 6 36 151 Federal Housing Administration 855 21 533 (4) 1 300 48 138 669 Federal National Mortgage Association 2 395 2 2 377 (4) 15 1 600 51 744 Office of the Administrator 826 141 406 220 5 820 Federal Savings and Loan Insurance Corporation... 296 1 283 12 16 281 Small Business Administration 325 112 207 (4) 6 2 323 Export-Import Bank 3,139 1 3,111 1 26 53 3,086 2,070 91 (4>46 1,789 145 35 2 036 Panama Canal Company .. 464 35 8 396 25 18 447 Veterans Administration 842 112 678 4 45 2 2 12 830 1,293 64 1,036 "TO- 127 65 24 1 268 Treasury Department . . . . .. 226 6 214 5 226 Post Office Department—postal fund 873 233 13 599 27 213 660 263 60 11 6 138 48 14 249 All other 182 43 21 6 112 TO 18 163 (4) Intragovernmental Funds—Total 13,053 1,693 10,994 CO 222 144 51212,542 Defense Department: Army... 8,483 978 7,343 105 58 135 8 348 3,375 419 2,918 38 230 3,145 Air Force . 858 209 605 44 94 764 All other 337 87 128 117 4 52 285 Certain Other Activities—Total 31,006 1,066 9,683 6,455 7 3,563 6,514 3,719 22030,785 General Services Administration 8,317 418 81 6,442 1,189 187 16 8,301 Agriculture Department: Farmers Home Administration 812 119 669 (4) 2 23 17 795 Rural Electrification Administration 2,908 49 2,724 135 2 2,907 Interior Department 445 42 7 366 31 6 439 International Coooeration Administration 2,395 39 2,338 18 2,395 Treasury Department . 10 174 3 479 3 563 83 131 10 174 Commerce Department—maritime activities 5,114 245 249 3 (4) 4,568 48 142 4,971 452 88 2 274 87 11 442 All other 389 65 144 6 115 58 27 362 (4) Certain Deposit Funds—Total 4,781 62 1,122 3,512 47 39 692 1,148 2,103 838 493 15 425 43 (4) 10 224 3 223 42 Federal Deposit Insurance Corporation ... 2,036 3 2,013 19 156 1,880 2,252 44 1,456 47 9 468 988 796 Certain Trust Revolving Funds—Total 3,174 219 2,708 (4) 144 (4) 103 2,457 76 296 9345 Federal National Mortgage Association ... 1 706 55 1 641 (4) 10 1 466 46 156 938 Federal intermediate credit banks 1,168 10 1,040 100 18 992 19 140 917 Office of Alien Prooertv 214 149 65 1 9213 All other . ... 86 5 44 (4) 10 10 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1,749 5,130 419 206 8,417 Veterans Administration (June 30 1957). . .. 1,902 355 "*iO7 2 1,340 98 137 1,765 Agriculture—other activity (June 30 1957) 1,418 448 6 879 86 21 1,397 Health Education & Welfare Dept. (June 30, 1957).. 1,055 790 2 i 260 3 157 898 Interior Department (June 30 1957) 3,752 287 4 8 2,891 562 376 3,375 Treasury Department (June 30, 1957) 3,197 278 44 765 2,110 774 2,423 All other (June 30 1957) 1,684 428 206 85 549 416 21 1,663 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
1094 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, PaLyments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( —) of borrowing Excess of rects. Period from, In- Less: Equals: Equals: Plus: Equals : or crease, Net Net Plus: Less: Total Budget Trust Less: Total payts. or de- cash Budget Trust Intra- rects. ex- fund Adjust- payts. to(-), crease Net Other borrowreceipts fund Govt. from pendi- ex- ments 3 to the the (-), in inv. by non- ing or receipts trans.1 the tures pendi- public public debt Govt. cash rep ay t. public2 tures (direct agen. & debt 4 & agen.)tr. funds Cal year—1955 ... 63,358 10,625 2,511 71,448 66,129 9,334 3,272 72,188 -739 3,493 2,476 566 458 1956 70,994 12,398 3,023 80,334 67,216 10,339 2,747 74,809 5,525 -3,560 2,481 -136 -5,910 1957 72,284 15,368 3,079 84,521 71,692 14 794 3,155 83,328 1,191 467 1,573 64 -1,168 Fiscal year—1955 60,390 9,536 2,061 67,836 64,570 I$,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956 ., 68,165 11,685 2,739 77,088 66,540 c),436 3,358 72,617 4,471 -578 3,166 623 -4,366 1957 71,029 14,369 3,242 82,107 69,433 i:>,961 2,386 80,008 2,099 -1,053 2,339 -292 -3,100 1958^.... 69,083 16,326 3,495 81,856 71,897 K5,081 4,647 83,328 -1,473 6,226 657 -200 5,769 Semiannually: 1956—Jan.-June 42,925 6,229 1,450 47,691 33,415 c5,040 2,262 36,191 11,499 -7,596 1,835 254 -9,689 July-Dec 28,069 6,169 1,573 32,643 33,801 5,302 485 38,618 -5,974 4,036 646 -390 3,779 1957—Jan.-June 42,960 8,200 1,669 49,464 35,632 7,659 1,901 41,390 8,073 -5,089 1,693 98 -6,879 July-Dec 29,325 7,167 1,410 35,057 36,060 7,133 1,254 41,938 -6,882 5,556 -120 -34 5,711 1958—Jan.-June*3... 39,758 9,159 2,085 46,799 35,837 I$,948 3,393 41,390 5,409 670 111 -166 58 Monthly: 1957_j A ul u y e 3 5, , 1 0 2 5 8 7 1 7 8 7 58 8 1 1 1 1 3 5 6 3, , 8 7 0 8 1 6 6 5 , , 3 9 4 3 7 0 , , 0 2 7 2 5 0 — 4 1 0 8 8 0 7 7 ,1 1 6 8 0 5 -3 — ,3 5 3 9 99 1 1, 9 4 9 6 2 2 -3 6 8 4 2 6 40 2,3 7 7 7 3 6 Sept 7,225 972 126 8,066 5,667 ,086 -2 6,754 1,311 634 -310 -69 1,014 Oct 3,131 938 167 3,896 6,501 ,387 386 7,501 -3,605 476 9 -32 500 Nov 4,827 ,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec 5,956 ,184 703 6,433 5,809 1,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 1,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb 6,299 ,684 217 7,759 5,528 1,317 105 6,740 1,020 145 305 -52 -107 Mar 9,501 ,127 135 10,485 5,749 1,564 803 6,509 3,976 -2,168 14 -67 -2,114 Apr 3,496 .331 194 4,626 6,122 1,479 786 6,814 -2,188 2,380 -181 -125 2,686 May 4,925 144 6,908 5,846 1,363 187 7,021 -114 591 618 68 -96 June23 10,751 2^066 1,168 11,647 6,581 1,574 226 7,929 3,718 -140 141 -6 -275 July? 2,946 ,111 268 3,787 6,613 ,786 484 7,915 -4,128 -835 -338 70 -567 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period Trust Net Net Increase, Deposits in— Net fund market inv. (-) or Budget accumu- Recon- issuance in Fed. decrease Held Treas- Other surplus, lation, ciliation (+)of sec. by (-), in outside urer's Balance F. R. Treas- net or or to Treas. Govt. Govt. gross Treasury account Banks ury assets deficit deficit cash agency agency direct (avail- Tax and (-) (-) obliga- & trust public able Loan tions5 funds 5 debt funds) Accts. Fiscal year—1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 1,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958? -2,813 246 728 577 -197 5,816 197 4,159 9,749 410 8,218 1,121 Semiannually: 1956—Jan.-June 9,510 1,191 217 313 -1,400 -8,017 -189 2,002 6,546 522 4,633 1,391 July-Dec -5,732 866 -482 -7 -698 3,877 -55 -2,119 4,427 441 2,924 1,062 1957—Jan.-June 7,328 543 -36 1,092 -1,602 -6,101 60 1,163 5,590 498 4,082 1,010 July-Dec -6,735 33 159 1,008 20 4,370 -160 -984 4,606 481 3,084 1,041 1958—Jan.- June? 3,922 213 569 -431 -217 1,446 357 5,143 9,749 410 8,218 1,121 Monthly: 1957_july -3,290 -362 384 19 324 1,942 131 -1,115 4,475 504 2,833 1,138 Aug -802 703 -288 87 -694 1,376 -40 423 4,898 477 3,331 1,090 Sept 1,559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 1,088 Oct -3,370 -449 282 745 36 -345 -72 -3,028 4,307 552 2,572 1,183 Nov -979 474 382 -23 -8 679 -33 558 4,865 243 3,583 1,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 1,041 1958—Jan -1,225 -831 600 225 541 -343 68 -1,101 3,505 469 1,767 1,269 Feb 771 367 -314 142 -171 124 30 888 4,394 516 2,837 1,041 Mar 3,753 -437 444 101 64 -2,055 187 1,682 6,076 474 4,596 1,006 Apr -2,626 -148 711 -144 278 2,433 94 412 6,487 594 4,558 1,335 May -920 768 -17 -34 -597 595 152 -357 6,130 395 4,730 1,005 June33 4,170 493 -856 -719 -333 691 -174 3,619 9,749 410 8,218 1,121 July -3,667 -675 225 -31 330 -877 -65 -4,630 5,119 617 3,262 1,240 c Corrected. p Preliminary. bonds and Treasury bills, (3) Budget expenditures involving issuance of 1 Consists primarily of interest payments by Treasury to trust accounts Federal securities, (4) cash transactions between International Monetary and to Treasury by Govt. agencies, transfers to trust accounts representing Fund and the Treasury, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. * Primarily adjustments 2, 3, and 4, described in note 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consists primarily of (1) intra-Governmental transactions as de- included in the corresponding columns above. scribed in note 1, (2) net accruals over payments of interest on savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 1095 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period Net Transfers to— Total Individual Ex- Em- Other To- Mfrs.' Budget Re- Budget cise ploy- re- Liquor bacco and rere- funds re- taxes ment ceipts tailers' ceipts Old- High- R. R. of ceipts Corpo- taxes2 age way re- re- With- ration trust trust tire- ceipts held Other fund! fund ment acct. wmmmmam Fiscal year—1954... 64,655 4 537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955... 60,390 5 040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956... 68,165 6 337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957... 71,029 6 634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958^.. 69,083 7 733 2,116 575 4,523 84,030 27,041 11,527 20,533 10,814 8,644 5,471 n.a. n.a. n.a. Semiannually: 1956—Jan.-June. . 42,925 3 410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 361 1,397 821 1,888 July-Dec.. . 28,069 2 559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 267 1,648 817 1,876 1957—Jan.-June. . 42,960 4 075 836 304 3,454 51,630 13,708 9,298 15,978 5,313 4,705 628 1,325 857 2,222 July-Dec... 29,325 3 135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 625 1,574 848 2,226 1958—Jan.- June*3. 39,758 4 598 965 270 3,868 49,459 13,281 8,653 14,260 5,219 5,199 2,846 n.a. n.a. n.a. Monthly: 1957_ A Ju u l g y. . . . 5 3 , , 1 0 2 5 8 7 9 3 1 4 9 6 2 1 1 7 9 4 8 1 4 9 1 1 3 2 8 4 6 3 , , 4 7 7 3 5 4 3 1 , ,0 6 4 7 7 8 2 1 6 2 9 8 5 3 4 5 1 5 9 9 6 5 5 5 1,0 3 0 6 3 6 5 3 5 4 6 6 2 2 4 4 1 4 1 1 4 5 6 7 1,124 Sept.. 7,225 486 207 54 137 8,109 2,163 1,823 2,304 922 540 357 260 146 Oct.. 3,131 332 183 30 120 3,796 1,333 204 429 1,088 363 379 323 159 Nov.. 4,827 671 203 69 76 5,845 3,415 97 367 840 740 386 285 133 1,102 Dec. 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 1958—Jan... 4,786 313 151 19 -25 5,243 981 2,053 486 892 385 446 197 154 Feb.. 6,299 955 190 78 235 7,756 3,953 788 406 864 1,302 443 201 130 1,129 Mar.. 9,501 632 150 43 855 11,182 2,000 658 6,538 860 680 446 225 137 Apr.. 3,496 703 145 17 1,678 6,039 792 2,792 476 785 722 472 218 147 May. 4,925 1 221 168 70 950 7,334 3,614 640 449 922 1,293 416 256 157 n.a. June. 10,751 774 161 43 176 11,905 1,941 1,723 5,906 894 818 623 n.a. n.a. July.. 2,946 338 177 17 147 3,624 1,195 258 479 926 355 411 n.a. n.a. n.a. Budget expenditures 3 Major national security Vet- Period Intl. erans' Labor Nat- Com- Gen- Total affairs Inter- serv- and ural merce eral Defense Mutual Atomic and est ices and welfare re- and govern- Total 4 Dept., security, energy finance bene- sources housing ment military program fits Fiscal year—1954 67,772 47,872 40,335 4,596 1,895 765 6,470 4,256 2,485 ,315 814 ,239 1955 64,570 42,089 35,533 3,755 1,857 719 6,438 4,457 2,552 ,202 1,502 ,201 1956 66,540 41,825 35,791 3,795 1,651 662 6,846 4,756 2,776 ,104 2,028 ,629 1957 69,433 44,414 38,440 3,495 1,990 832 7,308 4,793 2,966 ,296 1,453 ,789 1958^ 71,897 44,968 39,015 3,052 2,275 1,234 7,694 5,026 3,381 ,543 2,085 ,353 Semiannually: 1956—Jan.-June 33,415 21,190 17,873 2,197 854 664 3,497 2,426 1,428 2,138 490 891 689 July-Dec 33,801 21,145 18,547 1,464 930 382 3,587 2,291 1,421 2,183 736 879 ,181 1957—Jan.-June 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.- June? 35,837 22,804 19,645 1,581 1,195 458 3,782 2,626 1,745 1,969 693 1,082 692 Monthly : 1957_ J j u u l n y e 6 6 , , 2 3 7 4 9 7 4 3 , , 1 6 1 2 4 8 3 3, , 1 2 0 6 8 6 5 31 6 1 9 1 17 9 0 2 2 7 1 7 2 6 6 6 4 5 7 4 3 0 7 8 7 2 3 7 1 7 7 6 3 6 7 4 6 1 12 0 9 6 2 1 4 0 1 7 1 1 2 0 0 4 Aug 5,930 3,989 3,545 215 190 96 635 382 272 215 161 108 100 Sept 5,667 3,589 3,148 226 169 53 638 362 239 386 138 269 104 Oct 6,501 3,700 3,222 240 190 360 647 421 358 529 158 222 115 Nov 5,806 3,506 3,035 254 183 104 646 432 226 404 147 196 119 Dec 5,809 3,752 3,312 225 178 86 681 426 224 453 117 -33 103 1958—Jan 6,011 3,765 146 298 211 91 697 433 360 223 112 229 100 Feb 5,528 3,590 183 163 173 98 612 429 222 249 100 133 99 Mar. 5,749 3,672 061 342 195 96 624 432 235 347 90 149 102 Apr 6,122 3,730 216 272 200 16 619 465 317 427 108 298 135 May 5,846 3,712 195 271 201 68 603 436 291 235 121 252 132 J 6,581 4,335 3,844 235 215 89 627 431 320 488 162 21 124 p Preliminary. n.a. Not available. pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts 1 Includes transfers to Federal disability insurance trust fund. and expenditures. 2 Represents the sum of taxes for old-age insurance, railroad retire- 4 Includes stockpiling and defense production expansion not shown ment, and unemployment insurance. separately. 3 For more details, see the 1959 Budget document, pp. 890-96 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1096 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t s t a c s 2 l t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l i e g n i 4 k B - on s d t B s r r i a e c n - te k d b v C o i e b o n r l n t d e i - - s Totals b S i o n a n g v d s - s n s i T a o n a n a g t v e d x s - s S i p ss e u c e ia s l 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2 5 7 0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256 9 225 3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 §2.1 5.4 29.0 1951 Dec . 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Dec. .. . 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Aug 274.0 273.8 225.3 160.2 28.2 34.1 17.1 80.8 10.1 55.0 54.0 46.7 Sept 274.5 274.4 226.5 161.8 26.7 35.0 19.3 80.8 9.9 54.8 53.8 46.2 Oct 274.2 274.1 226.3 162.2 26.7 34.7 19.4 81.5 9.7 54.4 53.5 46.1 Nov 274.9 274.7 227.1 163.4 26 7 34.7 20.6 81.5 9.6 54.1 53 2 46.0 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Jan 274.7 274.6 227.3 164.6 27.3 34.6 20.7 82.1 9.5 53.2 52.3 45.5 Feb 274.8 274.7 227.0 164.5 26.1 31.5 20.5 86.4 9.3 53.2 52 3 46.0 Mar 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 Apr 275.2 275.1 228.0 166 0 22.4 31.1 24.7 87.7 9.0 53.0 52 2 45.4 May 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 June.. 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 July 275.6 275.5 228.0 166.4 22.4 32.9 20.5 90.6 O Q 52.8 51 9 45.9 Aug 278.6 278.5 230.6 169.2 22.4 38.5 20.7 87.7 8.6 52.8 51.9 46.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $428 million on Aug. 31, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,737 million on July 31, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and m En o d n t o h f in ( s a g in e n t c c g i t e e u l u u s e r a ) d i d r - - - S is p s t e u r c u e ia s s t l fun P i d s u s s b u * l e i s c Total F R B e e a d s n e e r k r v a s e l m b C a e o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l I p c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c a v a d t t e ' l s S b a o v n i I n d n g s d s ivi s d e u O c a u t l h r s i e ti r es i M t n o v i r e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.0 15.1 50.2 15.6 15.6 1956—June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 17.1 15.7 50.3 17.4 16.3 Dec 276.7 45.6 8.4 222.7 24.9 59.3 8.0 12.8 18.2 16.1 50.1 17.2 16.1 1957_j J U u n ly e 2 2 7 7 0 2 . . 6 6 4 4 6 6 . . 8 3 8 8 . . 7 8 2 2 1 1 5 7 . . 1 4 2 2 3 3 . . 0 4 5 5 6 5 . . 8 8 7 7 . . 9 9 1 12 2 . . 3 3 1 1 5 6 . . 4 0 1 1 6 6 . . 9 9 4 4 8 9 . . 9 1 1 1 8 9 . . 7 0 1 1 6 6 . . 0 2 Aug 274.0 46.7 9.1 218.2 23.5 56.6 7.9 12.2 16.5 17.1 48.8 19.6 15.9 Sept 274.5 46.2 9.2 219.1 23.3 58.3 7.9 12.2 15.7 17.2 48.6 19.9 15.9 Oct 274.2 46.1 9.4 218.7 23.3 58.1 7.8 12.2 15.9 17.2 48.4 19.4 16.3 Nov 274.9 46.0 9.3 219.5 23.7 58.2 7.6 12.1 16.5 17.3 48.3 19.3 16.5 Dec 275.0 45.8 9.4 219.8 24.2 59.1 7.6 12.0 16.5 17.0 48.2 18.6 16.5 1958—Jan 274.7 45.5 9.6 219.6 23.3 58.6 7.6 12.0 17.3 17.3 48.2 18.9 16.2 Feb 274.8 46.0 9.4 219.4 23.2 59.3 7.6 11.9 17.2 17.3 48.2 18.8 15.9 Mar 272.7 45.8 9.5 217.4 23.6 59.3 7.6 11.8 15.4 17.3 48.1 18.9 15.4 Apr 275.2 45.4 9.7 220.0 23.7 63.0 7.6 11.8 14.5 17.1 48.1 18.6 15.7 May 275.7 46.1 9.7 220.0 24.2 63.3 7.5 11.7 14.5 17.0 48.1 18.5 15.4 June 276.4 46.2 9.7 220.5 25.4 64.6 7.4 11.7 12.9 16.9 48.0 18.4 15.2 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $284 million on Dec. 31, 1957. 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 1097 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 31, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Treasury notes Treasury bonds Treasury bonds—Cont. Sept. 4,1958 1,800 Oct. 1,1958 121 Sept. 15, 1956-593. 1,612 Aug. 15, 1966 3 1,484 Sept. 11 ,1958 1,700 Feb. 15, 1959 5,102 Mar. 15, 1957-593. 267 Mar. 15, 1966-71...2% 2,950 Sept. 18, 1958 1,701 Apr. 1,1959 119 Dec. 15, 1958 2,368 June 15, 1967-72... 2 Vi 1,846 Sept. 25, 1958 1,700 Oct. 1,1959 99 June 15, 1959-62.. 5,268 Sept. 15, 1967-72...2Vi 2,716 Oct. 2,1958 1,700 Apr. 1,1960 198 Dec. 15,1959-62.. 3,456 Dec. 15, 1967-72... 2% 3,731 Oct. 9, 1958 1,700 May 15, 1960 2,406 Nov. 15, 1960 3,806 Oct. 1,1969 4 657 Oct. 16, 1958 1,699 Oct. 1,1960 278 Dec. 15, 1960-65*. 1,485 Nov. 15, 1974 3% 654 Oct. 23, 1958 1,700 Apr. 1,1961 144 Sept. 15, 1961 2,239 June 15, 1978-83... 3 VA 1,604 N O o ct v . . 3 6 0 , , 1 1 9 9 5 5 8 8 1 1 , , 7 7 0 0 0 0 A O u ct g . . 1 1 , , 1 1 9 9 6 6 1 1 % 2,6 3 0 3 9 2 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 3 1 1 6 1 , , 7 1 5 7 5 7 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 3V V4 i 1 1 , , 1 7 3 2 5 7 Nov. 13, 1958 1,699 Feb. 15, 1962 1% 647 June 15, 1962-67.. 2,113 Feb. 15, 1995 3 2 742 Nov. 20, 1958 1,800 Apr. 1,1962 \Vi 551 Dec. 15, 1963-68.. 2,821 Nov. 28, 1958 1,800 Aug. 15, 1962 4 2,000 Feb. 15, 1964 3,854 Oct. 1,1962 \Vi 590 June 15, 1964-69.. 3,745 Panama Canal Loan.... 3 50 Certificates Nov. 15,1962 3*4 1,143 Dec. 15, 1964-69.. 3,820 Dec. 1,1958 3% 9,833 Feb. 15, 1963 2% 3,971 Feb. 15, 1965 6,896 Convertible bonds F M M e a a b y r . . 2 1 1 4 4 5 , , , 1 1 1 9 9 9 5 5 5 9 9 9 * 2 W W V A 2 i 9 3 1 , , , 7 5 8 7 6 1 0 7 6 Apr. 1,1963 \y2 355 Mar. 15, 1965-70.. 4,702 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 r ie 8 s 0 B ... 2y4 8,618 Aug. 1,1959 IY& 13,501 * Tax anticipation series. i Direct public issues. 3 Called for redemption on Sept. 15, 1958. 2 Sold on discount basis. See table on Money Market Rates, p. 1089. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES * [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le s e t 2 - v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1 19 9 5 5 6 5 — _ J ju u n n e e 3 3 0 0 1 1 6 6 6 6 , , 0 88 5 2 0 2 1 0 9 , , 8 5 0 1 8 4 1 1 6 3 , , 3 8 0 3 3 6 4 3 0 5, , 9 72 5 9 2 8 8 1 1 , , 1 8 2 9 8 0 1 1 1 1 , , 6 0 7 9 6 8 1 15 5 4 5 , , 9 2 5 0 3 6 4 5 9 8 , , 7 7 0 1 3 4 3 3 1 8 , , 9 1 9 8 7 8 3 3 3 1 , , 6 3 8 1 7 2 3 3 3 2 , , 6 9 2 3 8 0 1957—June 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 Dec. 31 173,718 26,857 34,554 20,664 82,117 9,527 164,191 74,368 46,513 11,272 32,038 1958—May 31 174,943 22,405 31,122 24,765 87,697 8,954 165,989 75,538 41,028 15,692 33,731 June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 U. S. Govt. agencies and trust funds: 1955—June 30 7,162 40 8 119 3,556 3,439 3,723 74 199 506 2,944 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957—June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 Dec. 31 9,260 130 657 1,617 3,933 2,923 6,337 1,236 1,782 260 3.059 1958—May 31 9,487 335 512 1,605 4,190 2,845 6,642 1,430 1,627 420 3,165 June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 Dec. 31 24,238 1,220 20,104 87 2,827 24,238 21,427 1,397 57 1,358 1958—May 31 24,162 1,426 19,946 2,789 24,162 21,733 1,014 57 1,358 June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 Commercial banks: 1955—June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—-June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 Dec. 31 51,712 4,332 4,046 9,672 33,529 133 51,579 13,066 26,526 7,364 4.623 1958—May 31 56,192 3,522 2,841 12,682 37,016 130 56,062 16,419 24,347 10,265 5,031 June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 Mutual savings banks: 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 ,082 601 4,040 Dec. 31 7,209 122 167 438 5,470 1,012 6,197 453 ,227 476 4.041 1958—May 31 7,144 106 128 556 5,416 938 6,206 424 ,135 581 4,067 June 30 7,110 89 132 465 5,493 931 6,179 303 ,106 675 4,094 Insurance companies: 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 ,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 ,192 1,802 5,285 1957__june 30 10,936 326 136 648 7,277 2,549 8,387 955 ,775 1,022 4,634 Dec. 31 10,801 291 248 683 7,231 2,347 8,454 938 ,074 718 4.724 1958—May 31 10,571 329 111 728 7,195 2,207 8,364 966 ,747 789 4; 862 June 30 10,580 254 112 614 7,398 2,202 8,378 651 ,650 1,004 5,074 Other investors: 1955—June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 1956—June 30 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29,233 10,443 7,612 14,013 1957—June 30 67,329 19,661 5,527 11,113 27,602 3,426 63,904 35,850 10,936 3,464 13,654 Dec. 31 70,499 20,762 9,331 8,167 29,127 3,112 67,387 37,249 13,508 2,397 14.233 1958—May 31 67,387 16,687 7,583 9,193 31,090 2,834 64,553 34,565 11,159 3,580 15,249 June 30 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29,489 11,243 6,054 15,872 1 Direct public issues. panies included in the survey accounts for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1098 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Grossproceeds, all issuers2 Propo al s l e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 a F e c g e r y e a d 4 n l - - S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f i u o e c r l b n e y - d d s p v l P a a t r c e i e l - y d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 p l M p a c o o u e n u i s l r e s s e - - - - s m e b d t R i t o a e e r c e e f n b n . - - k t 8 t , m s r t i e i o t r e c i e f e n u - s t - 1950 19,893 9,687 30 3,532 78? 6,361 4,920 2,360 2,560 631 811 6,261 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 789 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 18? 10,240 7,420 4,119 3,301 635 2,18S 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30 571 9,601 572 6,958 5S7 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1957—June. 2,349 362 60 388 44 1,495 1,013 633 380 66 416 1,467 1,453 1,373 79 15 July.. 1,982 400 516 38 1,028 775 459 316 21 231 1,011 1,003 941 61 8 Aug 1 944 392 595 10 947 840 540 299 31 76 932 924 916 8 9 Sept.. 3,975 2,262 215 437 37 1,023 907 587 320 19 97 1,007 973 952 21 34 Oct 2 705 894 683 1 113 944 608 336 68 101 1 099 1 090 1 060 30 9 Nov.. 3,022 1,374 100 639 65 844 671 485 186 24 150 828 789 764 25 39 Dec. 2,681 925 640 2 1,114 761 185 576 11 343 1,097 1,076 1,023 53 21 1958—Jan... 3,473 511 1,163 782 701 816 744 505 239 28 44 805 723 711 11 82 Feb.. 2,487 407 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar.. 3,959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,608 1,561 1,525 35 47 Apr.. '6,963 4,269 '"523 798 141 '1,232 '1,101 '921 '180 41 "90 '1,213 '1,141 '1,037 '104 '72 May. '2,160 368 877 202 '714 '594 391 '203 36 84 '699 '600 '532 '68 '99 June. 3,050 1,411 554 122 963 866 370 497 58 38 948 881 709 172 67 Proposed uses of netproceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate if ear or miscellaneous and financial month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital io secu- capital io secu- capital io secu- capital i o secu- capital io secu- capital io securities rities rities rities rities rities J950 1,026 149 474 63 610 196 1,927 682 314 81 639 100 1951 . 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2 539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 •1,384 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1957—June.. 623 5 35 2 50 8 431 136 178 July 248 5 69 3 45 244 (9) 54 343 Aug 243 51 5 31 (9) 251 124 3 224 1 Sept.. 320 4 38 (9) 80 417 (9) 65 (9) 53 30 Oct 129 2 51 (9) 49 6 333 369 (9) 159 Nov 220 C9) 38 (9) 54 287 Q 92 98 30 Dec 572 8 60 12 138 173 (9) 41 92 1958—Jan.. . 147 7 28 (9) 82 24 321 1 34 50 109 1 Feb 171 3 26 48 366 35 205 2 Mar. 196 41 47 63 5 409 797 49 (9) Apr... '620 '12 '62 1 '86 '293 22 '40 37 '40 r(9) May '163 '26 '24 '5 '23 '303 '37 '11 30 '74 June.. 267 49 29 106 390 16 12 78 2 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities ©f more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments. International Bank for Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 10 Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 1099 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterlj' totals Industry 1956 1957 1958 1952 1953 1954 1955 1956 1957 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 54,51763,34358,11069,876 71,925 76,032 19,194 19,78619,438 18,056 18,752 16,718 16,796 Profits before taxes 7 308 8 375 7 24410 250 9,290 9,559 2,483 2,752 2,575 2 042 2,190 '1,622 1,624 Profits after taxes . 3,192 3,649 3,825 5,231 4,880 5,109 1,362 1,432 1,339 1,107 1,232 '852 864 Dividends 2,073 2,154 2,384 2,827 2,980 3,113 848 750 757 757 849 '755 747 Nondurable goods industries (94 corps.):l. . Sales 19,26620,69420,62023,106 24,784 26,278 6,464 6,636 6,524 6,558 6,560 '6,133 6,203 Profits before taxes 2 1 8 3 5 9 3 2 3 1 ,5 0 2 2 6 8 2 1 ,5 7 8 5 1 3 3 1 , ,9 4 1 1 8 3 3 1 ,9 4 7 5 9 7 2 3 , , 0 4 1 3 9 8 5 8 2 6 1 7 9 5 4 51 7 8 50 7 3 3 4 8 9 4 1 1 4 1 1 1 4 1 r r 6 37 4 7 8 6 3 2 59 5 Dividends ... 946 972 1,064 1,202 1,248 1,323 358 314 318 319 371 '326 325 Durable goods industries (106 corps.):2 Sales 35,25142,64937,49046,770 47,141 49,754 12,730 13,15012,91411,498 12,192 '10,585 10,593 Profits before taxes 4 455 5 346 4 491 6 836 5 833 6,120 1 616 1 804 1,702 1 201 1 413 974 1,000 Profits after taxes 1 800 2,123 2,244 3,313 2,901 3,090 841 881 836 616 758 475 504 Dividends 1,127 1,182 1,320 1,625 1,731 1,791 489 436 439 438 478 429 422 Selected industries: Foods and kindred products (28 corps.) : Sales 5 042 5,411 5 476 5,833 6 299 6,620 1,641 1 618 1,642 1,669 1,691 '1,616 1,663 453 465 462 499 557 600 145 135 154 158 153 140 152 Profits after taxes 203 212 224 244 273 295 74 65 75 77 79 67 74 154 154 156 160 166 174 50 39 40 41 54 41 41 Chemicals and allied products (26 corps.): Sales 5 965 6 373 6 182 7,222 7,729 8,203 2,001 2 045 2,047 2,065 2,047 1,858 1,903 1,259 1,308 1,153 1,535 1,488 1,556 377 395 394 397 369 281 284 Profits after taxes 486 520 593 782 769 798 201 197 202 201 197 144 146 396 417 499 597 602 639 181 150 152 150 187 r156 154 Petroleum refining (14 corps.): Sales 5 411 5,883 6 015 6 556 7,185 7,814 1,909 2 048 1,941 1,920 1,906 1,801 1,774 Profits before taxes 728 841 751 854 917 867 228 299 219 193 156 '146 113 Profits after taxes . . . . 524 603 567 624 689 711 186 230 172 164 144 r125 103 Dividends 283 290 294 317 346 374 93 91 91 95 97 95 95 Primary metals and products (39 corps.): Sales 11 56413,75011,522 14,952 16,062 16,073 4,340 4,272 4,270 3,856 3,675 3,047 3,133 1,147 1,817 1,357 2,377 2,370 2,313 702 676 652 512 473 '302 370 Profits after taxes 564 790 705 1,195 1,232 1,193 378 342 327 264 260 157 190 369 377 407 522 606 651 188 157 157 158 179 147 146 Machinery (27 corps.): Sales 7 077 8,005 7 745 8,477 9,798 10,914 2,746 2,624 2,750 2,669 2,871 2,454 2,621 Profits before taxes 971 1,011 914 912 942 1,175 245 293 305 270 306 227 259 Profits after taxes 375 402 465 465 458 577 123 141 148 135 152 '111 127 Dividends 199 237 263 281 321 329 87 79 81 82 86 83 81 Automobiles and equipment (15 corps.): Sales 13,03816,61114,13718,826 16,336 17,480 4,215 4,993 4,522 3,689 4,277 3,853 3,543 Profits before taxes 1 982 2 078 1 789 3 023 1,984 2,110 513 711 603 291 506 346 271 Profits after taxes 709 758 863 1,394 942 1,059 262 336 292 151 279 161 137 469 469 536 693 656 670 166 166 166 164 173 164 160 Public Utility Railroad: Operating revenue 10 58110 664 9 37110,106 10,551 10,491 2,722 2,574 2,660 2,675 2,582 2,239 2,294 Profits before taxes . 1 438 1 436 908 1,341 1,268 1,056 375 247 264 286 259 59 135 Profits after taxes 825 903 682 927 876 734 267 161 183 191 199 31 93 Dividends 338 412 379 448 462 435 153 122 110 82 121 96 79 Electric power: 6,549 7,136 7,588 8,360 9,049 9,644 2,303 2,540 2,312 2,335 2,457 '2,707 2,390 Profits before taxes 1 740 1 895 2 049 2,304 2,462 2,557 594 731 596 600 630 768 615 Profits after taxes 947 1 030 1 134 1 244 1 326 1,403 334 393 327 326 357 421 349 Dividends 725 780 868 942 1,022 1,077 270 269 270 265 273 281 287 Telephone: Operating revenue 4,137 4,525 4,902 5,425 5,966 6,467 1,552 1,560 1,611 1,623 1,673 1,672 1,715 Profits before taxes 787 925 1 050 1,282 1,430 1,562 380 387 388 387 400 402 454 Profits after taxes 384 452 525 638 715 788 190 195 195 195 203 200 226 Dividends 355 412 448 496 552 613 147 148 150 155 160 164 166 r Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing); Electric power. Figures are for Class A and B electric utilities (which pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 90& account for about 95 per cent of all electric power operations) and are of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1100 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a ar r te o r r P b t e r a o f x o f e i r s t e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.6 17.9 22.8 9.2 13.6 1951 42.2 22.4 19.7 9.0 10.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952, 36.7 19.5 17.2 9.0 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954, 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 45.5 22.4 23.1 12.0 11.0 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.4 21.6 21.8 12.4 9.4 1956 13,033 4,968 8,065 7,934 3,181 4,752 5,099 1,787 3,313 1957 14,289 3,159 11,129 9,691 2,236 7,455 4,598 923 3,675 1956—2 44.8 22.1 22.7 12.0 10.7 3 44.3 21.8 22.4 12.2 10.2 1957—1 3,666 783 2,884 2,377 553 1,824 1,289 230 1,059 4 46.7 23.0 23.7 11.8 11.9 2 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 3 3,474 802 2,672 2,554 554 2,000 920 248 672 1957—1 46.1 23.0 23.1 12.5 10.6 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 2 43.5 21.7 21.8 12.6 9.2 3 44.2 22.0 22.1 12.7 9.4 1958—1 3,566 784 2,782 2,799 537 2,262 767 247 520 4 39.9 19.9 20.0 12.0 8.0 1958—1 31.7 16.1 15.5 12.5 3.0 i Reflects cash transactions only. As contrasted with data shown on p. 1098, new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1098. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w ca o N p rk e it i t a n l g Total Cash s G U ec o . u S v r t . i . - Not r e e s c e a i n va d b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties G U o . v S t . . 2 Other G U o . v S t. . 2 Other bilities 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1 3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1Q54 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.5 34.6 23.0 2.3 87.1 72.8 4.7 121.5 2.3 73.5 19.3 26.5 1956 .. . 109.1 235.9 35.1 18.2 2.6 94.5 80.4 5.1 126.8 2.4 78.0 17.9 28.6 1957—1 111.0 235.2 32.3 17.7 2.5 94.9 82.3 5.5 124.2 2.5 77.0 15.4 29.4 2 112.1 234.9 33.0 15.4 2 5 96.1 82.4 5.4 122 8 2 6 77.3 13 1 29.7 3 112.9 239.5 33.7 15.7 2.4 98.7 83.2 5.7 126.6 2.6 78.3 14.8 31.0 4 113.5 239.9 35.0 16.5 2.8 97.5 82.2 5.9 126.5 2.3 77.6 16.0 30.6 1958—1 114.8 232.8 32.6 15.4 2.7 94.6 81.4 6.2 118.0 2.1 73.2 12.8 29.9 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i i c n n n i t n u g g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 1950 20 6 7.5 .7 J-1 )1 3 3 1.1 5.7 1957 1 8 3 3 8 7 J 5 2 6 1951 25.6 10.9 .9 1.5 .5 3.7 1.3 5.9 2 9 6 4 5 g [ 5 2.7 1952 26.5 11.6 1.0 L.4 .5 3.9 1.5 5.6 3 9.4 4 3 .8 1.7 2.5 1953 28.3 11.9 1.0 6 " 4.6 1.7 6.3 4 9.7 4.6 .8 1.8 2.6 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1955 28 7 11 4 1.0 .9 L.6 4 3 2 0 7 5 1958 1 7 3 3 1 7 I 2 2 3 1956 35.1 15.0 1.2 1 ?, 7 4.9 2.7 8.4 2r 7.8 3.2 .6 .5 2.5 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 3«r .. 8.2 3 4 .5 1.9 2.4 19584*- 31.0 12.0 .9 .8 1.5 6.3 9 5 44 7.7 3.3 .5 1.7 2.2 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. * Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1101 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and E o n r d q o u f a r y t e e a r r h A e o r l l d s l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e h n t s r e o - a d l l de v o r I i a d t s n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t t a o l 4- t F f u a i i n c t m n i i s o a a t i i l n l n y - s - ho O h u e o t s r h l e s d e s r - c T o o m ta m l erc t F i u i a i n c t n l i i s a o a t p l i n n - r s - ope O h r e t o t i r h l e d s e s - * r h A e o r l l s d l - t F u in i c t n i i s a o a ti l n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.-2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8 0 6 7 2 6 4 1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2 8 4 4 1953 .... 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8 3 3 3 5 0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23 9 11 7 9 9 3 9 6 0 195JP 156.4 119.9 4.7 31.8 145.9 107.6 90.2 17.4 38.3 25.6 12.7 10.5 4.0 6.5 1956—Dec 144.5 111.2 3.6 29.7 134.6 99.0 %83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957—Mar.p 147.2 113.0 4.0 30.2 137.1 101.0 84.9 16.2 36.1 24.2 11.9 10.1 3 9 6 2 150.3 115.3 4.2 30.7 139.9 103.3 86.8 16.5 36.6 24.6 12.1 10.3 4.0 6.4 Septv 153.5 117 7 4.5 31.3 143.0 105.6 88.6 17.0 37 4 25 1 12 4 10 4 4 0 6 4 Dec.2* 156.4 119.9 4.7 31.8 145.9 107.6 90.2 17.4 38.3 25.6 12.7 10 5 4 0 6 5 1958—Mar.p 158.7 121.6 4.9 32.2 148.1 109.2 91.5 17.6 38.9 26.0 12.9 10 6 4 1 6 6 Junep 162.2 124.6 4.6 33.0 151.3 111.5 93.9 17.6 39.9 26.6 13.2 10.9 4.1 6.7 * Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS 1 [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 . . 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3 912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957P 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1956—Dec 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 Mar 22,670 16,880 4,770 3,810 8,300 4,440 1,350 20,105 18,035 4,455 7,330 6,250 2,010 60 June 22,760 16,890 4,730 3,720 8,440 4,500 1,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec . ... 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958—Mar.p 23,410 17,140 4,820 3,490 8,830 4,880 1,390 21,565 19,370 4,785 7,920 6,665 2,137 58 Junep .... 23,990 17,500 4,965 3,435 9,100 5,060 1,430 22,170 19,940 4,955 8,135 6,850 2,172 58 * Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1102 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6 442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4 466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 . 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11 864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2 481 1957 5,230 4,822 687 831 3,304 408 35,236 32,652 6,751 7,721 18,180 2,584 1957 Julv 432 404 53 64 287 28 34,356 31,794 6,671 7,702 17,421 2,562 AUK 435 412 50 58 304 23 34,547 31,978 6,677 7 725 17 576 2 569 Sept 408 383 82 43 258 25 34,697 32,122 6,690 7,736 17,696 2,575 Oct 435 404 67 51 286 31 34,859 32 274 6 706 7 753 17 815 2 585 Nov 362 335 60 38 237 27 34,986 32,396 6,720 7,758 17,918 2,590 Dec . . . 528 493 96 27 370 35 35,230 32,640 6,766 7,750 18,124 2,590 1958 Jan 525 482 122 41 319 43 35,410 32,816 6,818 7 748 18 250 2 594 Feb 227 236 49 18 169 41 35,529 32,926 6,849 7,737 18,340 2,603 Mar 390 344 93 22 229 46 35,663 33,049 6,896 7,720 18,433 2,614 Apr 400 358 93 26 239 42 35,773 33,142 6,939 7,716 18 487 2,631 May 380 348 97 16 235 32 35,884 33,241 6,985 7,696 18,560 2,643 June 366 339 95 20 224 27 35,983 33.330 7,027 7 674 18 629 2 653 July 428 398 103 16 279 30 36,183 33,519 7,076 7,651 18,792 2,664 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e TotaP F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s l o y - n- W se a a d it s j h o u o n s u t a - t l in S lo g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed i ment2 assns. panies banks banks 1941 1 379 437 581 4 578 1945 1,913 181 1,358 5,376 1941 . . . 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1950 5 237 1,767 2,246 13,657 848 2,973 9,836 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 . 16,179 5,060 ] £1R 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 ,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 ,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 ,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 ,768 4,239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 . 28,484 10,452 ,932 5,617 1,858 1957 10,402 3 562 4,708 40,119 1,643 7,013 31,463 1956 27,088 9,532 ,799 5,458 1,824 1957 . 24,244 9,217 472 4,264 1,429 1957 1957 June 925 415 37,886 1,530 6,889 29,467 July 969 318 462 38,280 1,545 6,904 29,831 June 2,027 2,028 795 119 363 125 Aug 1 001 331 470 38 743 1,560 6,920 30,263 July 2,008 2,211 852 130 390 142 Sept 891 292 423 39,106 1,573 6,933 30,600 Aug 2,026 2,208 883 132 378 137 Oct 980 341 443 39,532 1,591 6,946 30,995 Sent . . .. 2,013 2,026 796 124 354 121 Nov 768 250 358 39,835 1,597 6,963 31,275 Oct 2,003 2,226 855 132 395 131 Dec 734 248 324 40,119 1,643 7,013 31,463 Nov 1,995 1,877 686 117 333 117 Dec 1,954 1,851 666 125 325 113 1958 1958 Jan 723 308 40,369 1,651 7,048 31,670 Feb 704 233 289 40,623 1,685 7,015 31,923 Jan 1,976 1,782 628 111 322 98 M^ar 819 281 318 40,967 1,715 7,005 32,247 Feb 1,959 1,701 638 101 304 87 Apr 920 316 354 41,367 1,749 6,982 32,636 Mar 1,971 1,866 705 108 345 94 May 1,019 346 406 41,908 1,789 6,978 33,141 Apr 1,993 2,022 787 106 385 103 June 1,107 379 461 42,498 1,837 6,993 33,668 May 2,087 2,151 845 113 418 120 June 2,275 910 110 429 140 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 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 1103 GOVERNMENT-UISfDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Year or month Total p e N r r m t o e i w e p o H s - r o tg m a p i g e e s E r e r t t o i s x i n e p - g s - g m P t a y r g o o p e r j e s t - - ^ p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - TotaP p e N r r m t o e i w e p o H s - r o tg m a p i g e e s E r r e t t o i s x i n e p - g s - q y E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m ri - t e t n en t V - A- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1950 4,343 1,637 856 1,157 694 3,072 1,865 1 202 1945 . 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1950.. . 45.2 18.9 8.6 10.3 26.3 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1 566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1956 99.0 43.9 15.5 28.4 55.1 1957_july 333 67 124 76 65 268 206 62 1957*, 107.6 47.2 16.5 30.7 60.4 Aug 340 63 122 67 88 251 193 58 Sept 273 57 116 14 85 295 228 66 1956—Sept 96.6 42.5 15.2 27.3 54.1 Oct 422 87 145 79 111 280 229 50 Dec 99.0 43.9 15.5 28.4 55.1 Nov 329 86 145 33 65 213 182 30 Dec 332 97 152 12 71 176 155 20 1957—Mar.*.... 101.0 45.1 15.7 29.4 55.9 June*.... 103.3 45.9 15.9 30.0 57.4 1958 Jan 418 120 186 56 55 160 142 18 Sept.* 105.6 46.5 16.1 30.4 59.1 Feb 386 115 164 43 64 142 129 13 Dec* 107.6 47.2 16.5 30.7 60.4 Mar 435 127 192 62 53 123 110 13 Apr 423 119 186 57 61 85 72 13 1958—Mar.*.... 109.2 47.7 17.1 30.6 61.5 May 431 110 201 55 65 73 57 15 June*.... 111.5 48.3 17.7 30.6 63.2 June 551 126 217 128 81 97 71 27 July 524 132 236 98 58 127 83 43 * Preliminary. NOTE.—For total debt outstanding figures for first i Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 1 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 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. Sources.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s or month Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g - 2 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 1,265 731 534 1957 July 3,654 J 112 2 541 83 626 1957—July. 131 171 1,040 638 402 Aug • • • •. 3,718 1,132 2,586 78 680 Aug. 83 50 1,072 663 409 Sept 3,783 1,152 2,631 82 712 Sept. 96 49 1,119 688 431 Oct 3,849 I 170 2 679 79 726 Oct.. 83 70 1,131 686 445 Nov . . . 3,909 1,197 2,712 75 717 Nov. 74 62 1,143 689 454 Dec 3,974 [,237 2,737 80 764 Dec. 196 74 1,265 731 534 1958 Jan 4,038 1,283 2,755 77 786 1958—Jan.. 58 417 906 527 379 Feb 4,071 1,319 2,752 56 9 761 Feb.. 41 158 790 451 339 Mar 4,073 1,346 2,726 45 29 745 Mar. 53 146 696 394 302 Apr 4,019 1,345 2,674 38 75 842 Apr., 212 93 815 304 511 May 3,928 1,342 2,586 33 109 1,001 May, 56 68 803 288 515 3,753 1.309 2,444 22 176 1,142 June 178 50 929 372 557 July 3,703 1,300 2,403 17 51 1,308 July. 108 137 901 392 509 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities or more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1104 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r r s i er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14,703 6.074 4,799 1,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4 011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2.187 4,124 1,927 1954 32,292 23,568 9,809 6,751 1.616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 1,689 6,163 9,712 3,002 4,579 2,131 1956 42,097 31,827 14,459 8,510 1,895 6,963 10,270 3,253 4,735 2,282 1957 44,776 34,105 15,496 8,687 1,984 7,938 10,671 3,502 4,760 2,409 1957 July 42,668 32,968 15,329 8,189 1,921 7,529 9,700 3,406 3,886 2,408 43,101 33,303 15,490 8,229 1,954 7,630 9,798 3,458 3,925 2,415 Sept 43,270 33,415 15,556 8,228 1,969 7,662 9,855 3,493 3 942 2,420 Oct 43,274 33,504 15,579 8,236 1,988 7,701 9,770 3,405 3,991 2,374 Nov 43,530 33,596 15,542 8,300 1,996 7,758 9,934 3,458 4,135 2,341 Dec 44,776 34,105 15,496 8,687 1,984 7,938 10,671 3,502 4,760 2,409 1958 Jan 43,966 33,737 15,326 8,499 1,963 7,949 10,229 3,514 4,264 2,451 Feb 43,043 33,302 15,122 8,277 7,967 9,741 3,542 3,710 2,489 Mar 42,562 32,983 14,889 8,192 1,915 7,987 9,579 3,542 3 528 2 509 42,665 32,932 14,788 8,134 1,914 8,096 9,733 3,501 3,694 2,538 May 43,027 32,957 14,713 8 176 1,933 8,135 10,070 3,616 3 956 2 498 June . .. . . 43,122 33,054 14,691 8,203 1,942 8,218 10,068 3,645 3 949 2 474 July 43,026 33,133 14,673 8,220 1,952 8,288 9,893 3,531 3,901 2,461 i Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947, of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, and December 1957, pp. 1420-22. in part for business. A detailed description of the methods used to derive the estimates may * Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k i s a - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a c C n u n o a m o i m n e n e c s - - r e l Other i Total D s m t e o p e re a n s r t 2 t- F st t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4 503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1 082 1953 23 005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1 269 1957 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 [,393 1,146 374 529 1,288 1957 July 32,968 28,726 12,508 9,476 2,284 3,209 1,249 4,242 1,144 1,072 361 525 1 140 33,303 29,014 12,607 9,565 2,344 3,234 [,264 4,289 1,161 1,083 360 530 1,155 Sept 33 415 29,128 12,656 9,598 2,377 3,231 [,266 4,287 1,167 1,077 363 533 1 147 Oct 33,504 29,241 12,749 9,585 2,415 3,229 1,263 4,263 1,134 1,080 365 533 1 151 Nov 33,596 29,239 12,717 9,564 2,439 3,248 1,271 4,357 1,199 1,092 365 531 1,170 Dec 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 1,393 1,146 374 529 1,288 1958 Jan . . .. 33,737 29,125 12,611 9,464 2,446 3,320 [,284 4,612 1,381 1,108 367 522 1,234 Feb 33,302 28,864 12,415 9,405 2,451 3,306 1,287 4,438 1,326 1,079 363 514 1 156 Mar 32,983 28,621 12,310 9,284 2,461 3,286 1.280 4,362 1,343 1,045 359 504 1 111 Apr 32,932 28,701 12,421 9,200 2,506 3,290 1,284 4,231 1,241 1.033 354 498 1,105 May 32,957 28,674 12,442 9,129 2,531 3,273 1,299 4,283 1,278 1^034 353 494 1 124 June 33,054 28,750 12,494 9,105 2,565 3,279 1,307 4,304 1,310 1,035 351 492 1 116 July 33,133 28,897 12,581 9,121 2,606 3,288 1,301 4,236 1,241 1,035 350 491 1,119 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 1105 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year i T n o st t a a l l - Aut p o a m pe o r bile s O c u t o m h n e e - r r R m a e o n p d d a - ir s P o e n r a - l E o n r d m of o n y t e h ar i T m n o s e t t a n a l t l - m A o u b to il - e s O c u t o m h n e e - r r m R o a e n d p d e a r ir n- s P o e n r a - l or month c m re e d n i t t Pur- Direct g p o a o p d er s er t n io iz n a- loans credit paper g p o a o p d er s iz lo a a ti n o s n loans chased loans 1939 , 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1.317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,707 3,651 2,075 2,394 ,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,714 4,054 2,335 2,435 ,527 2,363 1957—July. 9,476 7,466 ,369 22 619 1957—July 12,508 3,976 2,310 2,456 ,480 2,286 Aug. 9,565 7,532 ,384 22 627 Aug ... . 12 607 4 026 2,330 2,434 ,503 2,314 Sept. 9,598 7,557 ,389 22 630 Sect 12,656 4,050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 ,390 23 635 Oct. 12,749 4,082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 ,388 21 645 Nov 12,717 4 067 2,333 2,448 1,537 2,332 Dec. 9,573 7,470 ,413 20 670 Dec 12,714 4 054 2,335 2,435 1,527 2,363 1958—Jan.. 9,464 7,363 ,404 20 677 1958—Jan 12,611 4,016 2,330 2,378 1,508 2,379 Feb. 9,405 7,237 ,464 20 684 Feb 12,415 3,966 2,312 2,272 1,484 2,381 Mar. 9,284 7,080 ,492 19 693 Mar .... 12 310 3,906 2,305 2,236 1,467 2,396 Apr. 9,200 6,968 ,515 20 697 Apr 12,421 3,893 2,321 2,281 1,465 2,461 May 9,129 6,888 ,520 20 701 May 12,442 3,889 2,325 2,262 1,477 2,489 June 9,105 6,844 ,532 20 709 June .. . 12 494 3,892 2,335 2,253 1,485 2,529 July. 9,121 6,795 ,592 21 713 JUly 12,581 3,905 2,339 2,273 1,494 2,570 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m R iz l o o a e a d n a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar c i T m n n r o e s o e t d t n n a a i - t l l t - C m m ( o s e m i e r n - n - g t le lo -p a a n y s - ) p D a a e r c ( - t- c c h o a u r n g t e s) S c e r r e v d i i c t e cial Other ment Other banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 J52 275 1,370 597 1950 2,296 360 200 121 1,615 1945 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4,510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,406 761 537 326 3,782 1953 8,238 1,899 288 772 3,352 1,927 1956 6,277 948 648 403 4,278 1954 8,724 2,096 312 793 3,515 2,008 1957 7,088 1,108 638 437 4,905 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1957 July 6,742 1.052 647 419 4,624 1957 10,671 3,095 407 876 3,884 2,409 Au$j 6,842 ,072 652 429 4,689 Sept 6,874 1,082 648 433 4,711 1957—July. 9,700 2,996 410 533 3,353 2,408 Oct . .. 6,907 I 093 645 434 4 735 Aug. 9,798 3,002 456 535 3,390 2,415 Nov 6,958 1,101 638 438 4,781 Sept. 9,855 3,023 470 588 3,354 2,420 Dec 7,088 1,108 638 437 4,905 Oct.. 9,770 3,022 383 612 3,379 2,374 Nov. 9,934 3,028 430 658 3,477 2,341 1958—Jan 7,050 LO95 627 435 4,893 Dec.. 10,671 3,095 407 876 3,884 2,409 Feb 7 044 I 093 617 432 4 902 Mar 7,027 [,094 606 429 4,898 1958—Jan.. 10,229 3,054 460 725 3,53% 2,451 Apr 7,080 1,108 605 429 4 938 Feb.. 9,741 3,057 485 601 3,109 2,489 May 7,103 1,117 605 436 4,945 Mar. 9,579 3,054 488 573 2,955 2,509 7,151 1,128 606 437 4,980 Apr.. 9,733 3,067 434 580 3,114 2,538 July 7,195 I 143 610 437 5,005 May, 10,070 3,103 513 584 3,372 2,498 June. 10,068 3,172 473 575 3,374 2,474 July. 9,893 3,140 391 533 3,368 2,461 NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer * Includes mail-order houses. instalment loans. 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1106 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,530 7 150 835 5 043 1951 23 576 8,956 7 485 841 6,294 1952 29 514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9 227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,063 15,563 11,590 1,568 11,342 1957 42,411 16,681 11,599 1,518 12,613 1957 July 3,599 3,837 1.381 1,563 999 995 130 143 1.089 1,136 3,591 3,704 1,355 1,467 1,027 1,022 137 150 1,072 1,065 Sept 3,546 3,388 1,392 1,364 973 927 127 138 1,054 959 Oct 3,541 3,545 1,435 1,404 912 976 126 141 1,068 1,024 Nov 3,559 3,439 1,404 1,250 964 1,020 120 123 1,071 1,046 Dec 3,615 4,069 1,423 1,305 959 1,333 118 112 1,115 1,319 1958—Jan 3,504 3,108 1,346 1,190 940 799 131 102 1,087 1,017 Feb 3,235 2,754 1,179 1,020 900 717 116 91 1,040 926 Mar 3,193 3,164 1,077 1,104 981 902 115 105 1,020 1,053 Apr 3,278 3,345 1,161 1,222 914 874 125 124 1,078 1,125 May 3,252 3,386 1,113 1,212 994 1,008 126 136 [,019 1,030 June 3,265 3,484 10Q 1,266 957 969 129 139 1,070 1,110 July 3,342 3,494 1,169 1,291 969 963 125 136 ,079 1,104 Repayments 1950 18,445 7,011 6,057 717 4,660 1951 22,985 9,058 7,404 772 5,751 1952 25,405 10,003 7 892 917 6,593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,194 14,576 10,714 1,362 10,542 1957 40,133 15,644 11,422 1,429 11,638 1957 juiy 3,382 3,477 1.317 1,361 964 971 125 127 976 1,018 3,343 3,369 ,276 1,306 976 982 117 117 974 964 Sept 3,418 3,276 ,318 1,298 990 928 124 123 986 927 Oct 3,358 3,456 ,317 1,381 945 968 118 122 978 985 Nov 3,394 3,347 ,292 1,287 981 956 113 115 1,008 989 Dec 3,498 3,560 ,368 1,351 978 946 124 124 1,028 1,139 1958 Jan 3,421 3,476 ,368 1,360 925 987 120 123 1,008 1,006 Feb 3,401 3,189 ,317 1,224 966 939 125 118 993 908 Mar 3,373 3,483 ,300 1,337 952 987 123 126 998 1,033 Apr 3,401 3,396 ,338 1,323 921 932 126 125 1,016 1,016 May 3,352 3,361 ,296 1,287 941 966 118 117 997 991 3,392 3,387 .278 1,288 963 942 132 130 1,019 1,027 July 3,374 3,415 1,292 1,309 945 946 125 126 1,012 1,034 Change in outstanding credit1 1950 +3,113 + 1,519 + 1,093 + 118 + 383 1951 +591 -102 + 81 +69 + 543 1952 +4,109 + 1,761 + 1,294 + 300 +754 1953 + 3,602 +2,102 +605 +225 +670 1954 +563 -26 — 28 +6 +611 1955 +5,390 +3,663 + 883 +73 +771 1956 +2,869 +987 +876 +206 +800 1957 +2,278 + 1,037 + 177 +89 +975 1957 A ju U iy E + +2 2 4 1 8 7 + + 3 3 3 6 5 0 + + 6 7 4 9 + + 2 1 0 6 2 1 + + 3 5 5 1 + + 4 2 0 4 + + 2 5 0 + + 3 1 3 6 + + 1 9 1 8 3 + + 1 1 1 0 8 1 Sept + 128 + 112 +74 +66 -17 -1 +3 + 15 +68 +32 Oct + 183 +89 + 118 +23 -33 +8 +8 + 19 +90 +39 Nov + 165 +92 + 112 -37 -17 +64 +7 +8 +63 +57 Dec + 117 +509 +55 -46 -19 +387 -6 -12 +87 + 180 1958 Jan +83 -368 -22 -170 + 15 -188 + 11 -21 +79 + 11 Feb -166 -435 -138 -204 -66 -222 —9 -27 +47 + 18 Mar -180 -319 -223 -233 +29 -85 -8 -21 +22 +20 Apr -123 -51 -177 -101 -58 -1 -1 +62 + 109 May -100 +25 -183 -75 +53 +42 +8 + 19 +22 +39 June -127 +97 -169 -22 -6 +27 +9 + 51 +83 July -32 +79 -123 -18 + 24 + 17 0 + 10 + 67 +70 i Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-56, in the BULLETIN for incurred under the instalment contract. Renewals and refinancing of December 1957, pp. 1420-22. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 1107 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks Sa c l o e m s f p i a n n a i n e c s e Oth in e s r t i f t i u n t a io n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,135 5,098 3,826 4,499 1951 23,576 8 358 5,467 4 788 4 963 1952 29,514 11,123 6,982 5,659 5,750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 40,063 14,387 9,600 9,474 6,602 1957 42,411 15,188 10,200 10,453 6,570 1957 Julyi 3,599 3,837 J.2Q1 J 1R2 890 1,022 905 946 513 487 Aug 3,591 3,704 1,284 ,320 819 903 907 906 581 575 Sept 3,546 3,388 1,289 1,239 834 829 869 797 554 523 Oct i 3,541 3,545 1,325 ,302 856 860 871 850 489 533 Nov 3,559 3,439 1,252 1,150 835 779 893 877 579 633 Dec 3,615 4,069 1,252 1,228 873 865 902 1,069 588 907 1958 Jan 1 3,504 3,108 1,247 1,174 828 720 875 793 554 421 Feb. i 3,235 2,754 1,146 1,008 769 642 819 730 501 374 Marl 3,193 3,164 1,109 1,132 742 724 805 828 537 480 Apr 1... 3,278 3,345 1,204 1,286 769 759 848 871 457 429 May 3,252 3,386 1,153 .228 715 743 813 828 571 587 June 3,265 3,484 1,171 1,277 688 776 845 879 561 552 July 3,342 3,494 1,252 1,312 757 851 859 881 474 450 Repayments 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5,524 4,385 4,691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 1956 37,194 13,320 8,943 8,603 6,328 1957 40,133 14,252 9,727 9,642 6,512 1957 Julyl 3,382 3,477 1.189 1.242 831 846 817 844 545 545 AUR 3,343 3,369 1,196 1,221 797 814 819 806 531 528 Sept 3,418 3,276 1,228 1,190 808 796 815 765 567 525 Oct 1 3,358 3,456 1,200 1,226 820 873 810 817 528 540 Nov 3,394 3,347 1,208 1,182 795 800 838 826 553 539 Dec 3,498 3,560 1,232 1,231 848 856 843 939 575 534 1958—Jan. * 3,421 3,476 1,216 1,237 844 829 837 831 524 579 Feb i 3,401 3,189 1,232 1,147 820 758 799 736 550 548 Mar i 3,373 3,483 1,198 1.219 813 845 818 845 544 574 Apr. i 3,401 3,396 1,203 i;215 862 843 819 818 517 520 May 3,352 3,361 1,201 1,207 830 814 806 805 515 535 June 3,392 3,387 1,220 1,225 793 800 824 831 555 531 July 3,374 3,415 1,195 1,225 837 835 824 837 518 518 Change in outstanding credit2 1950 +3,113 + 1,359 +767 +422 +565 1951 +591 —27 — 57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 +692 +220 1954 + 563 -202 +217 +472 +76 1955 +5 390 + 1 805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 +235 1957 +2,278 + 1,007 +473 +811 -13 1957 July l +217 +360 + 147 + 185 +59 + 176 +88 + 102 -77 -103 Aug ... . . +248 + 335 +88 +99 +22 + 89 +88 + 100 +50 +47 Sept + 128 + 112 +61 +49 +26 +33 + 54 +32 -13 Oct i + 183 +89 + 142 +93 + 36 -13 +61 +33 -56 -24 Nov + 165 +92 +44 -32 +40 -21 +55 +51 +26 +94 Dec + 117 +509 +20 -3 +25 +9 +59 +130 + 13 +373 1958 Jan i +83 -368 -9 -103 -16 -109 +38 -38 +70 -118 Feb. i -166 -435 -143 -196 +6 -59 +20 -6 -49 -174 Mar.i -180 -319 -107 -105 -71 -121 -13 -17 + 11 -76 Apr i -123 -51 +41 + 111 -93 -84 +29 +53 -100 -131 May -100 +25 -48 +21 -115 -71 +7 +23 +56 +52 June -127 +97 -49 +52 -105 -24 +21 +48 +6 +21 July -32 +79 +57 + 87 -80 + 16 + 35 +44 -44 -68 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit o D f e c t e h m e b B e U r L L 1 E 95 T 7 IN , p f p or . 1 O 42 c 0 to -2 b 2 e . r 1956; for 1955-56, in the BULLETIN for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1108 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise notec1. The terms f'adjusted" and"unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p du h s y t s r i i c a a l l p v r o o lu d m uc e t ) i * on aw C a o r c n d o s e n t d t r r u a ( c v c t a t i s o lu n e)1 Employment and payrolls2 Depart- Wholeor Y m ea o r nth Total Tot M al an r u D a f b a u c l - e ture N r s d a o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N p m t a c e u l g o m u o e r r n n l y a - i - - - - l t pr E o M m d m a u p e n c n l u t o i t f y o a n - c tu w r o i r n P r k g o a e l y r ls - s F i l n c o r a e a g r i d s g - * - ht v s ( m s r a a t e l l o e t e u r n a s e e i t * ) l p s C u ri m o c n e e - s r 2 m p c s r o o a i m c d le e i - s t s y 2 Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 .... 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58 5 58.4 25 7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62 0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61 3 58.8 23.5 69 29 58.7 52 0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101 8 99.2 1950 112 113 116 111 105 159 185 142 102 3 99 6 HI 7 97 107 102 8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 124 125 136 114 114 183 183 183 110 4 106 3 136 6 95 114 113 5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 125 127 137 116 111 215 232 204 110 7 101.8 137.7 86 118 114 8 110 3 1955 139 140 155 126 122 261 280 248 114 4 105 6 152 9 95 128 114 5 110 7 1956 143 144 159 129 129 199 199 199 118 3 106.7 161.4 97 135 116.2 114.3 1957 143 145 160 130 128 101 101 101 119.2 104.4 162.7 90 136 120.2 117.6 1957 Aug 145 145 147 163 132 129 106 119 97 119.9 104.4 105.3 164.6 92 144 121.0 118 4 Sept 144 146 146 160 131 129 96 107 89 119.4 103.3 105.0 164.7 87 136 121.1 118.0 Oct. 142 146 143 156 130 127 98 108 92 118.9 102.8 104.3 162.6 86 129 121.1 117 8 Nov 139 142 141 154 128 123 89 86 91 118.3 101.8 102.6 160.7 85 133 121.6 118.1 Dec 135 134 137 146 127 123 75 70 78 117.8 100.3 100.6 157.3 83 138 121.6 118.5 1958 Jan 133 132 135 142 127 121 78 72 82 117.1 98.0 97.2 149 9 82 130 122 3 118 9 Feb 130 131 131 137 125 118 74 67 78 115.6 95.5 95.1 144.9 77 124 122.5 119.0 Mar 128 129 129 135 124 112 102 99 105 114.8 93.5 93.3 143.6 75 131 123.3 119.7 Apr 126 127 128 131 125 109 109 115 104 114.4 92.5 91.4 139 6 72 130 123 5 119 3 May 128 127 130 134 126 109 128 124 130 114.6 92.3 90.9 140.9 73 134 123.6 119.5 June 132 132 134 139 129 112 144 126 156 115.0 92.8 »"92.3144.9 77 133 123.7 119.2 July 134 126 137 141 132 115 136 144 130 115.3 93.2 91.9 145.0 70 123.9 119.2 Aug ^136 H44 *93.5 2-94.4^149.0 79 148 119.1 •Estimated. * Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, * Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. 1 Indexes beginning 1956 are based on data for 48 States from F. W. n N e o l n i a n g r th ic e u l a tu rm ra e l d e m fo p rc lo e y s. m e T nt h c e o c v o e n r s s u e m m e p r lo p y r e ic e e s i o n n d l e y x a i n s d t h ex e c r lu ev d i e s s e d p e s r e s r o ie n s - , Dodge Corporation, 1956-57= 100. Figures for earlier years are three- reflecting, beginning January 1953, the inclusion of some new series and month moving averages, based on data for 37 States east of the Rocky revised weights; prior to January 1953, indexes are based on the "interim Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, adjusted" and "old" indexes converted to the base 1947-49= 100. 268; Residential, 271; and all other, 266. A description of the old index, including seasonal adjustments, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1109 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 00.00 143 143 145 145 144 142 139 135 133 130 128 126 128 132 134 MANUFACTURES—TOTAL 90.02 144 145 147 147 146 143 141 137 135 131 129 128 130 134 137 Durable Manufactures—Total 45.17 159 160 162 163 160 156 154 146 142 137 135 131 r134 139 141 Primary metals 6.70 138 131 134 136 131 128 121 107 100 95 91 86 91 103 102 Metal fabricating 28.52 172 176 179 178 176 172 170 163 159 153 150 146 r148 151 154 Fabricated metal products 5.73 135 139 141 140 139 137 141 135 129 124 122 118 120 125 129 Machinery 13.68 171 168 173 172 170 164 163 156 151 144 141 137 137 141 144 Nonelectrical machinery 9.04 153 150 152 151 150 148 143 137 130 127 126 122 122 125 126 Electrical machinery 4.64 207 204 215 215 209 197 203 194 192 177 170 166 167 171 181 Transportation equipment 7.54 199 213 216 216 212 208 203 194 191 185 183 178 182 185 185 Autos, trucks, and parts 4.80 125 128 128 131 129 126 125 113 107 99 93 86 93 '95 96 Other transportation equipment 2.74 310 344 351 345 340 334 322 315 318 '313 316 316 314 '320 318 Instruments and related products 1.29 166 172 173 174 173 170 170 168 166 163 160 159 158 160 162 Clay, glass, and lumber products 5.91 140 133 133 136 134 131 128 124 125 120 120 120 124 129 135 Stone, clay, and glass products 2.82 158 155 155 159 159 155 151 148 142 134 133 135 139 145 152 Lumber and products 3.09 123 114 113 116 112 109 107 103 110 108 109 105 110 114 119 Furniture and misc. manufactures 4.04 135 132 133 135 135 132 129 125 123 120 121 121 122 126 129 Furniture and fixtures 1.64 122. 120 122 123 122 120 118 116 114 111 111 110 113 116 119 Miscellaneous manufactures 2.40 144 140 141 143 143 140 136 131 129 127 128 129 129 132 136 Nondurable Manufactures—Total.... 44.95 129 130 131 132 151 130 128 127 127 125 124 125 126 129 132 Textiles and apparel 11.87 108 105 107 106 106 104 101 97 97 97 95 98 99 102 108 T A e p x p t a il r e e l m a i n ll d p a ro ll d ie u d c t p s roducts 6 5 . . 3 5 2 5 1 1 0 1 4 2 1 9 1 9 1 1 1 0 1 1 3 1 1 0 1 1 2 1 1 0 1 1 2 1 9 1 8 0 1 9 0 5 7 1 9 0 1 4 1 9 0 2 3 1 9 0 1 3 r 9 91 9 1 9 0 2 6 1 9 0 2 6 1 9 1 5 0 1 1 0 1 1 6 Rubber and leather products 3.20 117 118 119 122 120 117 116 108 108 r105 106 102 104 111 114 Rubber products 1.47 133 135 136 141 138 135 131 117 116 114 116 112 113 125 125 Leather and products 1.73 104 104 105 106 104 103 103 100 100 98 98 94 97 100 Paper and printing.. 8.93 145 148 146 149 149 149 149 146 146 144 142 143 143 146 149 Paper and allied products 3.46 159 158 156 163 161 161 162 152 155 153 149 152 153 157 164 Printing and publishing 5.47 136 141 140 141 142 142 141 142 140 139 138 137 137 138 139 Newsprint consumption 1.85 132 131 129 129 131 130 129 131 126 124 124 123 124 125 126 Job printing and periodicals 3.62 138 146 146 146 147 148 148 148 147 146 145 145 144 145 146 Chemical and petroleum products 9.34 167 172 174 175 174 173 171 169 168 164 163 164 165 168 173 Chemicals and allied products 6.84 177 184 185 186 185 185 184 181 182 177 176 178 178 181 184 Industrial chemicals 2.54 196 203 205 206 207 206 201 196 195 187 184 182 182 187 Petroleum and coal products 2.50 141 141 142 143 141 139 135 137 131 129 127 127 129 131 Foods, beverages, and tobacco 11.51 112 112 113 112 113 HI 110 113 114 r114 113 113 114 116 116 Food and beverage manufactures 10.73 113 112 113 113 113 112 110 114 114 114 113 113 114 116 116 Food manufactures 8.49 113 112 114 112 112 111 110 113 113 112 112 115 114 116 116 To B ba ev c e c r o a g m e a s nufactures 2. . 2 7 4 8 1 1 1 0 2 7 1 11 1 1 3 1 1 0 1 9 4 1 11 1 1 3 1 1 1 1 3 4 1 11 1 0 2 1 1 1 0 0 7 1 1 0 1 6 8 117 1 1 2 1 0 2 1 1 1 1 4 2 1 11 0 7 8 1 11 1 5 4 1 1 1 1 6 6 iii' 112 MINERALS—TOTAL 9.98 129 128 128 129 129 127 123 123 118 112 109 109 115 121 Mineral fuels 8.35 129 128 127 128 129 128 123 122 '120 118 111 108 109 112 115 Coal 2.68 85 83 84 84 82 80 77 71 69 70 70 63 62 66 65 Anthracite .36 55 49 40 50 48 45 43 40 43 43 41 40 41 45 38 Bituminous coal 2.32 90 88 90 89 88 85 82 76 73 74 74 67 65 '69 69 Crude oil and natural gas 5.67 150 150 148 149 151 150 145 146 144 141 130 130 131 135 139 Crude oil 4.12 137 138 134 134 136 136 132 131 130 128 116 117 118 122 127 Natural gas and gas liquids .70 190 198 197 198 196 199 198 193 191 194 196 *>196 *>198 Metal, stone, and earth minerals 1.63 127 129 132 133 129 125 120 125 127 119 119 113 107 r112 111 Metal mining .82 114 116 122 121 115 107 100 110 110 106 100 88 73 '80 11 Stone and earth minerals .81 141 142 143 146 144 143 140 141 144 133 138 139 142 145 146 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1110 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1957 195S Industry portion 1956 1957 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL...100.00 143 143 135 145 146 146 142 134 132 131 129 127 127 132 126 MANUFACTURES TOTAL 90.02 144 145 137 147 148 148 144 135 134 133 131 129 129 133 127 Durable Manufactures—Total..... ... ..... 45.17 159 160 151 160 160 159 156 147 143 139 138 133 133 139 132 6.70 138 131 118 128 128 129 121 106 102 99 95 89 93 106 90 Ferrous metals 5.03 135 130 118 127 126 126 118 102 95 91 89 81 87 100 85 3.51 142 140 130 135 136 135 126 108 99 94 92 83 91 105 92 Pig iron .37 131 137 136 137 139 132 121 107 98 91 90 80 83 93 87 Steel 3.05 143 139 128 134 134 134 126 107 99 93 91 82 91 105 92 2.62 139 138 129 133 134 132 125 107 96 92 90 83 91 108 94 Alloy steel .43 167 143 123 137 132 143 132 108 111 100 95 77 86 91 81 Ferrous castings and forgings 1.52 119 108 90 106 105 106 99 87 85 85 83 78 78 87 70 1.29 117 107 90 107 104 105 99 87 84 83 83 79 79 88 72 .23 126 113 89 103 110 107 98 88 92 92 86 74 r70 81 58 Nonfcrrous metals .* ... 1.67 144 136 117 132 134 138 129 117 121 '122 114 112 112 124 102 .38 164 164 157 160 153 156 159 161 160 '157 149 146 141 134 127 .09 133 129 114 122 120 126 125 128 134 128 122 124 112 105 90 Copper refining .06 132 135 126 126 120 128 131 134 134 140 128 122 114 '110 108 Lead .04 115 114 104 107 116 115 112 112 106 116 96 94 105 102 86 Zinc .10 123 123 118 115 110 1L3 114 120 114 106 101 101 99 '95 90 .09 280 275 279 282 263 263 274 275 275 273 271 261 256 241 240 Secondary nonferrous metals .13 118 111 86 106 114 117 112 99 98 93 88 94 83 ^88 1.16 140 129 107 125 130 134 121 104 110 113 106 102 105 '125 97 Copper mill shapes .63 115 104 73 105 109 110 98 80 88 92 83 77 84 110 74 .20 215 198 214 192 200 199 167 159 167 174 170 189 187 '213 198 .33 146 136 109 125 131 140 138 118 120 117 111 99 98 101 83 Metal Fabricating 28.52 172 176 167 174 174 173 174 166 161 156 154 148 146 149 144 5.73 135 139 134 141 145 Ul 139 133 127 124 122 118 119 125 122 Structural metal parts .... 2.68 141 152 149 153 156 156 156 154 146 138 135 131 132 138 137 Stampings and misc. metal products 2.12 125 124 118 121 122 124 125 120 111 105 103 99 98 101 100 .30 151 146 163 205 195 146 112 110 116 126 139 120 137 160 171 Furnaces gas ranges and heaters • • .63 110 99 81 105 122 115 99 76 80 94 97 97 96 110 13.68 171 168 158 167 173 170 165 157 153 148 146 139 135 138 133 Nonelectrical machinery .... 9.04 153 150 146 143 149 145 140 138 133 131 132 126 124 125 120 Farm and industrial machinery 8.13 147 146 144 141 143 140 136 135 130 '126 124 121 118 117 115 1.02 86 84 82 80 82 82 78 80 80 81 83 84 81 '80 81 Industrial and commercial machinery.... 7.11 156 155 152 150 152 148 144 143 137 132 130 126 123 123 120 .68 197 182 179 175 175 164 154 153 144 133 128 119 115 '114 111 Laundrv and refrigeration aDDliances .69 168 151 129 119 159 149 138 120 120 144 158 131 137 159 4.64 207 204 183 213 220 220 215 194 192 181 174 165 159 162 157 3.23 198 201 195 196 201 196 198 197 190 183 179 172 168 '168 166 Radio and television sets .74 224 205 143 256 269 282 260 176 187 159 139 125 112 123 115 7.54 199 213 205 209 194 198 213 203 196 191 189 r182 181 183 175 Autos trucks and parts . 4.80 125 128 114 123 100 110 139 124 113 108 101 92 94 '94 84 1.50 138 146 134 148 84 88 171 151 132 122 106 89 99 100 87 Trucks .66 112 104 103 103 85 93 99 95 91 92 '95 90 96 92 76 Light trucks .22 92 100 96 97 69 95 118 99 83 85 83 79 78 79 68 Medium trucks .19 58 50 52 48 29 46 47 40 26 29 26 26 26 29 23 .14 218 194 208 195 184 161 157 183 216 210 226 213 239 211 163 .07 167 137 109 146 136 122 116 101 '95 '102 r104 103 rlll '114 106 n Auto and truck parts 2.58 121 123 106 113 114 127 131 116 108 104 100 Other transportation equipment 2.74 310 344 344 341 340 334 322 322 r322 '316 320 316 311 '317 312 Aircraft and parts 1.30 548 608 609 606 597 592 569 571 570 562 566 561 553 '568 561 .81 118 129 131 128 126 124 121 125 ••125 '124 128 127 r131 '131 129 Railroad equipment . .53 63 77 73 69 83 74 71 61 64 56 58 51 39 32 28 Railroad cars .35 54 80 71 84 85 76 72 59 66 56 59 49 34 24 19 Instruments and related products .. 1.29 166 172 168 172 174 172 172 170 166 163 161 160 157 159 157 Clay, Glass, and Lumber Products 5.91 140 133 127 143 141 139 128 117 117 117 118 120 125 r134 128 2.82 158 155 150 163 162 161 152 145 136 130 131 135 141 148 147 Glass and pottery products 1.09 140 141 132 142 141 144 140 135 130 128 124 118 118 123 122 ' .60 164 161 149 156 163 165 165 161 150 '143 137 130 126 '130 133 Flat and other glass .47 165 164 151 159 167 170 170 166 153 144 137 129 127 '132 135 Glass containers .26 132 136 137 154 138 143 128 117 128 132 134 126 133 144 139 .23 87 92 78 91 90 92 90 86 79 85 82 77 '78 81 Cement . .32 157 148 119 185 187 177 152 132 109 92 105 146 172 183 175 Structural clay products .35 137 128 134 137 135 134 126 117 105 99 102 112 r116 121 Brick .12 134 114 122 129 124 126 113 95 84 77 87 115 r121 123 .20 142 140 145 145 144 143 138 133 121 115 114 111 114 121 124 Concrete and plaster products • .48 194 188 198 201 198 193 182 172 165 '155 163 170 183 '195 200 .58 173 174 173 175 175 173 166 165 157 151 151 147 147 '153 150 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1111 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 averages 100] Annual 1947-49 average 1957 1958 pro- Industry portion 1956 1957 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 105 125 121 119 106 92 100 105 106 105 111 121 110 Lumber and products 2.05 107 96 88 106 103 98 89 75 81 87 89 88 93 100 88 Millwork and plywood .60 189 187 168 209 205 207 178 155 181 189 182 183 190 209 196 Millwork .39 121 112 101 144 132 124 100 80 76 95 95 91 99 120 101 Softwood plywood ... • • * • 12 301 312 277 314 327 344 307 280 358 346 328 Wood containers .29 91 84 83 83 83 82 78 77 74 69 73 73 77 79 77 Furniture and Misc. Manufacturing,... 4.04 135 132 125 136 141 139 134 128 120 121 121 118 118 123 121 Furniture and fixtures • 1.64 111 120 116 114 126 125 111 120 113 111 111 108 108 113 113 Household furniture 1.10 121 120 115 124 126 127 123 122 114 113 113 108 108 115 Fixtures and office furniture .54 122 120 118 124 125 122 116 116 111 109 109 106 108 112 109 2.40 144 140 131 144 150 148 143 134 125 127 127 125 125 130 126 Nondurable Manufactures—Total. 44.85 129 130 122 134 135 137 131 123 125 126 125 125 124 128 123 Textiles and Apparel. • 11.87 108 105 91 108 104 108 102 92 99 103 101 100 99 100 92 Textile mill products 6.32 104 99 86 101 101 103 98 89 93 95 94 94 93 94 86 Cotton and synthetic fabrics 3.72 108 105 86 105 107 106 107 97 102 103 103 96 98 99 86 2.30 102 95 75 98 97 97 97 84 94 94 93 86 89 88 72 Synthetic fabrics .97 118 119 110 113 121 122 121 116 110 107 109 104 99 105 107 .45 98 94 64 94 94 86 97 90 82 102 102 89 104 104 78 Wool textiles .97 86 75 67 82 79 71 65 55 55 61 64 67 71 82 67 Wool apparel yarns .16 88 78 71 86 79 66 66 61 59 69 71 68 77 81 71 Wool fabrics .75 86 75 67 81 80 74 65 54 55 60 63 67 70 83 67 Knit goods 1 15 108 104 96 110 110 109 104 92 94 98 98 98 101 103 98 .65 100 93 76 95 95 98 93 78 90 94 91 90 91 86 80 Full-fashioned hosiery .45 102 89 69 88 87 88 88 74 87 91 88 87 87 79 72 .20 96 102 92 114 116 121 107 86 99 103 99 98 100 103 97 .50 119 118 123 128 129 125 118 111 99 104 107 107 115 125 121 48 Woven carpets . ... .31 83 71 46 68 75 59 59 61 62 70 69 62 48 50 5.55 112 111 96 116 109 112 107 96 106 113 109 108 105 106 99 Men's outerwear 1.78 110 102 74 no 100 99 98 90 94 100 104 95 104 101 77 Men's suits and coats .73 95 86 55 98 78 72 73 72 69 74 71 74 83 81 52 .50 93 87 54 93 76 73 77 76 73 78 73 72 77 73 47 Men's outercoats 13 78 61 48 93 68 53 41 40 35 41 45 64 89 91 59 Shirts and work clothing .99 118 112 83 117 113 116 113 100 110 116 125 107 117 113 91 Women's outerwear 1 85 112 112 101 118 109 108 102 80 105 129 114 117 106 109 107 .76 128 128 130 148 133 134 123 85 122 156 137 96 94 123 138 1.92 113 117 113 120 122 123 121 117 112 114 113 106 106 112 112 3.20 117 118 101 123 121 123 116 104 112 113 112 104 101 110 97 1.47 133 135 111 135 139 145 135 114 123 120 118 115 111 111 103 Tires and tubes .70 121 123 109 120 124 179 119 106 106 112 108 103 102 117 96 Auto tires . .. . .. .. . 40 123 134 122 131 135 139 124 113 111 118 115 112 113 131 105 .30 119 107 91 105 110 117 112 97 99 104 98 91 88 99 85 Miscellaneous rubber products .77 144 147 114 150 153 160 150 122 140 127 128 125 121 127 108 1.73 104 104 92 112 105 104 99 94 101 108 107 95 92 99 Leather 44 91 89 74 92 87 90 88 80 83 88 82 79 r81 84 Cattlehide leathers .29 99 98 82 103 97 101 98 89 92 97 89 85 88 90 Skin leathers .15 76 72 58 72 69 71 68 63 67 72 69 65 68 71 90 Miscellaneous leather products .39 97 94 92 ioo 98 98 98 95 87 '92 90 82 82 90 8.93 145 148 136 147 151 156 152 141 143 145 146 146 144 146 138 Pulo and Daoer 3 1 . . 4 7 6 6 1 1 5 5 9 7 1 1 5 5 8 4 1 1 3 3 9 2 116557 1 1 6 5 3 3 1 1 7 6 0 3 1 1 6 5 3 6 1 1 4 3 0 7 1 1 5 5 3 1 1 1 5 5 8 6 1 1 5 5 5 2 1 1 5 5 6 2 1 1 5 4 3 7 ' 1 1 5 5 9 3 1 1 4 3 6 8 .51 179 176 152 181 172 187 183 153 177 177 173 171 166 171 156 Paper and board 1.25 148 145 124 147 146 154 145 131 141 147 144 145 139 r146 130 Printing paper .22 140 133 121 132 125 135 132 123 132 135 131 137 134 '138 120 .14 145 139 107 139 145 143 138 131 135 145 148 145 138 r146 119 .20 136 127 102 127 124 135 129 114 123 126 123 124 113 '120 109 Miscellaneous paper .18 170 179 160 175 171 185 172 167 181 183 176 184 170 '175 157 .41 155 153 128 158 160 166 157 134 145 155 151 146 145 r154 138 Building paper and board .10 131 124 118 134 134 141 120 101 114 120 115 126 131 '133 130 Converted paper products 1.70 162 163 147 173 173 177 171 142 155 160 158 160 159 165 154 Shipping containers .51 159 157 141 172 170 168 167 132 143 149 148 146 151 156 146 .11 170 179 163 175 178 204 182 171 190 192 185 201 183 '191 176 f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1112 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 134 136 144 146 145 142 136 137 140 140 139 137 132 Newsprint consumption 1.85 132 131 112 116 133 140 140 129 116 121 129 131 132 125 110 Job printing and periodicals 3.62 138 146 144 146 150 150 148 149 146 145 147 145 143 143 144 Chemical and Petroleum Products. 9.34 167 172 165 171 174 176 173 171 170 167 165 165 r164 164 164 Chemicals and allied products 6.84 177 184 VIA 181 185 190 187 183 183 180 179 180 177 177 173 Industrial chemicals 2.54 196 203 195 200 205 208 203 198 197 190 188 186 184 184 Basic inorganic chemicals .57 189 202 189 196 203 209 205 198 203 199 202 202 193 185 Industrial organic chemicals 1.97 197 204 196 202 205 207 203 198 195 188 183 181 181 183 185 Plastics materials .24 256 272 240 269 283 299 276 259 270 269 '263 262 261 266 Synthetic rubber .11 236 245 209 241 252 274 282 268 265 233 216 196 197 197 i99* Synthetic fibers .59 181 199 191 198 202 206 201 194 184 172 164 159 160 164 173 Miscellaneous organic chemicals. 1.03 189 186 188 184 184 179 178 179 176 174 173 174 172 174 180 Vegetable and animal oils. .64 132 130 107 113 120 150 149 136 141 136 126 124 117 110 108 Vegetable oils .48 124 121 95 100 110 148 147 132 136 130 122 118 110 99 98 Grease and tallow .16 158 154 142 153 151 159 156 147 156 154 135 139 138 145 138 Soap and allied products. .71 111 112 80 115 115 126 110 105 111 107 108 101 97 106 Paints .66 124 121 126 125 122 119 115 114 113 111 HI 111 112 118 119 Fertilizers .23 129 132 104 108 119 122 115 115 124 126 161 189 174 118 102 Petroleum and coal products. 2.50 141 141 139 144 144 139 136 138 134 130 125 124 127 131 Petroleum refining 1.97 150 150 146 152 152 145 147 153 148 144 137 134 136 141 3*146 Gasoline 1.04 159 162 161 168 170 162 160 165 159 155 149 148 152 162 Automotive gasoline.. .98 153 157 155 163 166 157 156 161 156 151 145 144 149 157 Aviation gasoline.... .06 254 249 260 265 233 242 233 236 212 223 212 223 202 237 Fuel oil .56 147 147 141 144 142 137 139 150 146 140 132 125 128 126 '131 Distillate fuel oil. .30 193 194 185 191 188 181 184 200 195 182 175 166 173 171 Residual fuel oil. .26 95 93 89 89 90 86 87 93 89 91 83 78 75 75 Kerosene .10 111 98 82 82 90 87 106 117 118 125 110 89 74 76 Lubricating oil. .17 119 113 111 112 108 107 109 105 100 101 95 100 103 104 Coke .26 102 105 106 106 106 103 95 85 79 75 72 66 65 68 109 Asphalt roofing and siding. .15 104 94 107 122 119 121 81 54 59 57 77 107 132 137 Foods, Beverages, and Tobacco. 11.51 112 112 115 122 128 124 113 106 104 104 104 106 110 118 Food and beverage manufactures 10.73 113 112 116 122 128 125 113 107 104 104 104 106 110 119 119 Food manufactures 8.49 113 112 114 123 131 126 116 109 106 103 102 104 106 114 116 Meat products 1.48 133 128 116 118 130 140 133 131 134 121 120 123 115 121 115 Beef. .46 151 148 150 150 154 156 140 136 149 134 129 131 133 144 141 Pork .83 119 110 91 94 109 124 122 122 118 107 109 111 99 102 94 Dairy products .69 110 111 134 120 101 91 85 88 92 97 106 119 137 146 133 Butter .14 107 109 113 97 87 88 87 97 104 112 121 120 135 138 Natural cheese .07 117 119 137 119 105 100 92 98 101 105 117 133 157 162 136 Concentrated milk. .19 101 102 114 97 78 77 73 80 84 87 99 116 143 142 117 Ice cream .28 112 111 151 141 117 96 84 82 84 89 96 111 122 142 148 Canned and frozen foods. 1.13 133 126 163 213 230 158 109 99 87 85 82 91 98 122 158 Grain-mill products 1.16 101 100 98 105 108 105 98 97 100 101 101 98 99 106 105 Wheat flour .46 84 87 78 88 94 92 89 86 90 92 93 84 84 87 85 Cereals and feeds .70 113 108 111 117 117 114 104 104 106 107 107 106 109 118 118 Bakery products. 1.64 98 100 104 103 102 101 101 101 98 98 98 98 100 103 104 Sugar .27 122 122 74 80 117 262 279 233 129 65 54 68 83 82 Cane sugar .11 116 112 122 123 125 108 97 93 100 104 106 114 112 125 Beet sugar .13 121 125 27 38 105 390 431 350 149 26 23 53 41 Confectionery .71 107 112 81 103 155 147 132 99 113 124 109 104 92 95 86 Miscellaneous food preparations. 1.41 105 108 113 113 113 112 110 108 107 109 108 108 114 119 120 Beverages 2.24 112 113 122 120 118 121 105 99 93 104 110 110 122 138 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 105 102 108 117 100 89 99 106 101 112 125 Beer and ale 1.02 101 101 127 111 97 88 73 81 89 94 102 102 116 136 Liquor distilling.. .17 78 83 34 47 109 140 99 88 85 95 94 85 74 58 Liquor bottling... .37 119 111 84 101 125 158 151 101 83 105 113 99 114 124 Tobacco manufactures. .78 107 111 102 120 118 119 110 87 112 112 112 112 118 125 109 Cigarettes .46 111 116 114 126 123 122 111 90 118 116 117 119 126 134 119 Cigars , .17 104 106 81 115 116 121 116 86 105 111 109 104 109 113 92 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1113 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-^49 average= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 123 130 130 129 123 122 120 118 111 109 110 115 109 MINERALS—TOTAL 8.35 129 128 119 126 127 127 124 125 r123 121 r112 109 109 107 Mineral Fuels 2.68 85 83 65 86 86 87 80 74 73 70 67 60 61 '72 46 Coal .36 55 49 32 52 52 49 46 42 48 44 36 36 37 47 30 Anthracite 2.32 90 88 71 92 91 93 86 79 77 74 71 64 65 »75 49 Cr B O O ud i i i t C N l l e u a a r a m o N N u n n t i i u d d d l a a n e r t t a o a g g u u n u o l a a r r d s i s a s a g l l l n a e c w s g g a x o e a t a t a a l u r s s l l n a r d a l c d i l t r q i i g o u g ll a n i a i s d n s s g liquids 4 4 5 . . . . . . . 8 1 6 8 3 7 3 2 2 7 5 4 0 6 1 1 1 1 1 1 1 5 4 9 8 3 8 9 0 5 9 0 7 2 0 2 1 1 1 1 1 1 1 5 7 3 9 4 8 2 0 1 8 8 6 4 1 1 1 1 1 1 1 4 8 3 7 3 6 9 5 1 9 9 2 7 6 1 1 1 1 1 1 1 4 3 3 7 8 9 8 5 8 0 9 5 4 6 1 1 1 1 1 1 1 4 4 8 8 8 9 3 7 0 8 5 0 6 2 2 1 1 1 1 1 1 0 4 3 7 4 8 9 3 6 1 7 0 2 3 1 2 2 1 1 1 1 4 0 2 4 3 8 6 4 4 1 1 1 9 0 2 2 1 1 1 1 1 2 0 4 3 8 7 4 8 6 9 3 6 7 3 1 1 2 2 1 1 1 4 4 0 3 8 3 7 7 3 8 3 4 2 2 r 2 2 1 1 1 1 1 3 1 4 4 5 8 3 7 0 2 5 9 3 0 1 1 2 2 1 1 1 3 3 3 0 4 8 2 4 2 0 4 3 0 0 1 1 1 1 1 3 2 3 7 3 2 1 6 3 1 1 1 1 1 1 3 4 6 2 1 1 0 8 9 9 » r 1 1 1 1 1 1 8 3 2 6 5 3 5 4 2 7 0 1 1 1 1 2 3 3 5 6 3 Metal, Stone, and Earth Minerals. 1.63 127 129 143 147 145 138 117 110 106 103 103 10$ 115 '125 119 Metal mining .82 114 116 137 139 137 124 92 82 83 85 79 81 86 100 88 Iron ore .33 104 114 181 182 172 143 65 42 43 43 39 39 69 108 Nonferrous metal mining .49 120 117 108 110 113 110 110 109 111 113 106 109 98 94 "77* Copper mining .24 136 133 121 124 132 125 131 131 129 131 129 125 112 105 86 Lead mining .09 88 85 80 82 79 83 71 70 76 78 56 78 71 72 62 Zinc mining .06 87 84 80 79 70 74 68 67 72 71 69 77 67 r67 55 Stone and earth minerals .81 141 142 149 155 153 152 143 138 130 121 128 136 144 150 151 » Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1957 1958 Series portion 1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July ELECTRICITY AND GAS—TOTAL 100.00 218 233 236 238 238 237 238 237 238 239 238 ,235 3>237 ,240 .244 Residential 41.34 241 261 264 268 269 269 273 273 275 278 282 Nonresidential 58.66 201 213 217 217 216 214 214 212 212 211 207 Electricity 76.18 218 233 237 238 237 234 236 235 236 238 238 235 237 242 p?46 Residential 27.48 250 273 277 281 280 277 282 282 285 290 295 291 290 296 Industrial . . . .. 23.68 206 213 217 217 215 213 210 207 205 202 196 197 199 203 23.49 186 193 198 198 196 194 191 188 186 183 177 178 180 184 Atomic energy . .19 2697 2676 2560 2530 2580 2610 2580 2580 2590 2590 2610 2590 2590 2580 Commercial and other 25.02 194 208 213 212 210 208 209 209 212 215 214 209 214 220 Gas 23.82 218 232 233 237 240 245 246 246 244 242 240 *>236 Residential 13 86 223 236 238 242 247 254 255 255 256 256 257 Industrial 6.16 218 230 230 235 237 239 240 238 231 225 219 Commercial and other 3.80 197 218 219 221 222 224 224 223 221 218 214 9 Preliminary. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics. NOTE.—For description and back figures see BULLETIN for October Revised indexes for the first five months of 1957 may be obtained from 1956, pp. 1055-69. the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1114 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1957 1958 Product portion 1956 1957 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL 100.00 131 130 132 135 134 129 128 119 113 110 104 97 105 111 114 69.72 140 138 141 145 142 137 136 125 117 111 103 94 104 111 116 Autos 32.10 138 146 147 154 150 143 142 127 117 107 92 81 96 99 99 36.13 144 132 138 139 137 134 134 124 118 117 114 107 113 123 m 15.32 117 114 116 115 114 111 112 112 110 106 106 104 106 109 116 11.31 121 120 121 123 122 120 120 119 116 113 113 111 114 116 121 4.01 15.60 143 127 124 127 129 129 132 115 106 115 115 102 112 125 Major appliance? .... 11 88 151 133 130 136 137 138 141 119 110 117 118 101 113 128 2.60 103 89 77 86 85 85 92 87 86 81 80 82 79 79 Refrigeration appliances 4.98 150 140 140 140 138 141 148 125 111 129 122 106 121 140 2.51 216 180 177 195 203 203 196 152 142 142 159 116 140 157 174 3.72 118 104 106 96 101 101 104 103 93 110 107 105 110 116 Radio and television sets 5.21 224 205 245 247 232 212 203 188 181 151 133 131 138 155 191 3.42 70 75 72 75 82 80 78 66 66 55 44 46 42 51 64 Television sets 1.79 519 453 575 575 517 465 441 419 401 335 302 293 320 355 435 30.28 111 111 111 112 114 112 110 107 105 107 108 106 105 111 111 Auto parts and tires .. 14 00 105 110 110 110 110 Misc. home and personal goods 16.28 116 114 112 115 118 113 112 109 105 104 105 103 104 106 110 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 131 130 116 132 119 119 141 124 117 116 111 101 103 109 100 69.72 140 138 121 139 118 119 153 132 123 120 114 100 103 109 97 Autos 32.10 138 146 134 148 84 88 171 151 132 122 106 89 99 100 87 36.13 144 132 110 133 150 148 138 118 117 121 122 110 108 119 108 Furniture and floor coverings 15.32 117 114 105 116 119 118 115 114 108 108 108 104 101 105 105 Household furniture 11.31 121 120 115 124 126 127 123 122 114 113 113 108 108 113 115 4.01 Appliances and heaters 15.60 143 127 105 109 Hi 133 121 102 103 121 131 112 115 132 11.88 151 133 108 109 144 136 126 109 111 128 140 116 118 135 Ranges 2 60 103 89 59 77 93 90 89 79 86 91 93 86 75 84 Refrigeration appliances 4.98 150 140 130 102 133 119 112 106 113 137 152 135 139 165 2.51 216 180 126 164 229 229 206 156 140 161 175 120 133 141 124 Heating apparatus 3.72 118 104 94 109 134 121 104 80 78 99 103 101 106 123 5.21 224 205 143 256 268 282 259 176 187 159 139 125 112 122 114 3.42 70 75 40 62 81 101 108 76 66 56 47 44 41 39 40 Television sets 1.79 519 453 339 627 625 627 547 365 417 355 314 279 246 281 257 30.28 111 111 106 116 121 120 114 106 102 105 105 103 102 108 106 Auto parts and tires 14.00 105 109 114 120 118 16.28 116 114 104 117 121 122 120 110 101 104 104 100 100 103 102 r Revised. Individual indexes without seasonal adjustment for woven carpets, i Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] :Private Public Year or month Total Business Other Total d R en e t s i i a - l Total Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig a h y - s C e ti r o o v n n a - - ot A h l e l r trial mercial utility tial 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 900 5,793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6.035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2.399 3 218 4,543 3 755 11.961 1 313 4 050 701 5,897 1956 46,292 33,287 17,677 11,828 3,084 3,631 5,113 3 782 13 005 1 395 4 655 826 6,129 1957 48,492 34,138 17.019 12.895 3,557 3,564 5,774 4 224 14.354 1,322 5 215 971 6,846 1957 July 3,934 2,811 ,383 1,085 300 292 493 343 1,123 108 391 80 544 4,034 2,854 1,412 1,084 301 296 487 358 1,180 120 393 91 576 Sept 4,078 2,870 1,432 1,080 290 298 492 358 [,208 114 410 91 593 Oct 4,166 2,912 1,461 1,093 283 306 504 358 1,254 111 451 93 599 Nov 4,137 2,917 1,472 1,086 281 305 500 359 [,220 104 443 85 588 Dec 4,211 2,895 1,461 1,072 272 304 496 362 1,316 110 538 74 594 1958 Jan 4,156 2,863 1,445 1,058 269 288 501 360 1,293 107 510 79 597 Feb 4,079 2,834 1,441 1,030 252 281 497 363 1,245 96 500 77 572 Mar 4,053 2,792 1,397 1,033 240 288 505 362 1,261 95 500 78 588 Apr 3,960 2,734 1,350 1,019 222 294 503 365 1,226 88 463 82 593 May 3,929 2,716 1,334 1,011 210 302 499 371 1,213 90 450 77 596 3,969 2,743 1,368 .000 195 311 494 375 776 86 453 85 602 JulyP 4,058 2,804 I 431 993 187 308 498 380 1,254 94 460 86 614 Aug.p 4,120 2,856 ,506 971 179 294 498 379 1,264 102 459 90 613 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION 1115 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F or a i c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1956 31,612 10,666 20,946 12,862 2,381 3,140 2,883 2,804 7,542 1957 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2.922 7,841 1957 July 2,901 1,002 1,898 1,287 165 298 220 277 653 Aug 2,818 802 2,016 1,284 181 324 265 239 526 Sept 2,550 816 J.734 1,151 135 232 242 257 533 Oct 2,614 787 ,827 1,165 167 248 265 230 538 Nov 2,371 867 ,504 930 147 264 244 223 562 Dec 1,982 734 ,249 759 137 204 190 167 525 1958—Jan 2,066 758 ,308 777 107 247 214 191 530 Feb 1,953 769 ,185 727 102 205 224 220 475 Mar 2,721 1,027 694 1,071 131 285 268 283 684 Apr 2,885 1,053 l',832 1,244 129 293 235 300 683 May 3,399 1,463 1,936 1,343 146 265 286 427 932 June 3,820 1,720 2,100 1 364 80 235 264 397 1,479 July 3 607 1,557 150 282 264 381 974 NOTE.—This series for 48 States replaces the old series for 37 States. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month tr d i i c s t - s Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1957—May 3,398 192 403 171 278 175 317 568 157 136 147 224 632 June 3,223 138 401 146 276 218 272 465 112 140 217 157 683 July 2,901 170 346 141 261 189 294 430 127 114 179 163 486 1958—May 3,399 182 361 141 288 233 316 492 190 184 178 208 628 June 3,820 166 562 149 312 262 419 454 174 153 243 288 639 July 3,607 176 398 127 342 311 335 453 140 122 246 293 665 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a n e p d T a u r j s i o a u v o l s t a n a t r t e a l e a d l t ly e) Total p M a o r e l e i t t a r a o s n - p m N a o r e l o e i t t r a n a o s - n - Total fam 1- il P y rivat f e am 2- ily f M am ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en i 1950 . 1 396 1 022 374 1 352 1 151 42 159 44 686 486 200 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1 127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1 329 976 353 1 310 1 190 33 87 20 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 1,042 700 342 993 840 33 120 49 313 185 128 1957—Aug 1,056 100 68 32 97 82 3 12 3 31 20 12 Sept . . 1,012 92 62 30 90 77 3 10 2 30 19 12 Oct 1,020 97 62 35 88 74 3 11 9 31 21 10 Nov 1,009 78 53 26 76 64 3 9 3 25 19 6 Dec 1,000 63 43 20 63 51 3 9 1 20 15 5 1958 Jan . . 1,020 68 45 23 63 50 2 10 5 19 15 4 Feb. 915 66 44 22 61 49 2 10 5 14 12 3 Mar 918 81 55 27 77 62 3 12 4 20 17 3 Apr . 983 99 67 32 94 77 4 14 5 29 24 5 May . 1,039 109 74 35 101 84 4 17 7 33 27 6 June PI,090 *>115 77 38 P105 n.a. n.a. n.a. ni 39 30 8 July *l,160 Pill 76 35 P107 n.a. n.a. n.a. H 42 33 11 Aug ^1,170 76 33 P109 n.a. n.a. n.a. P10 45 32 13 P Preliminary. n.a. Not available. figures are based on filed office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1116 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employed i Not in the Year or month institutional labor labor force population force Unem- Total In nonagricul- In ployed Total tural industries agriculture 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 1957 Aug 120,713 71,833 68 994 66,385 59,562 6,823 2,609 48,880 Sept 120,842 71,044 68,225 65,674 59,156 6,518 2,552 49,797 Oct 120,983 71,299 68,513 66,005 59,168 6,837 2,508 49,684 Nov 121,109 70 790 68 061 64,873 59,057 5,817 3,188 50,318 Dec 121,221 70,458 67,770 64,396 59,012 5,385 3,374 50,763 1958 Jan 121,325 69,379 66,732 62,238 57,240 4,998 4,494 51,947 Feb 121,432 69,804 67,160 61,988 57,158 4,830 5,173 51,627 Mar 121,555 70,158 67,510 62,311 57,239 5,072 5,198 51,397 Apr 121,656 70 681 68 027 62,907 57,349 5,558 5,120 50,975 May 121,776 71,603 68,965 64,061 57,789 6,272 4,904 50,173 June. 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 July 121,993 73,104 70,473 65,179 58,461 6,718 5,294 48,889 122,092 72,703 70,067 65,367 58,746 6,621 4,699 49,389 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual but not at work), are classified as unemployed, and a small group in school data are averages of monthly figures. and waiting to start new jobs (previously included as employed) are classified as not in the labor force. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6 026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2 634 4 185 10,281 1 967 5,411 6 609 1953 49,681 17,238 852 2,622 4 221 10 527 2 038 5 538 6 645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6 914 1956 51,766 16,903 807 2,929 4 161 11,221 2 308 6,160 7 277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 SEASONALLY ADJUSTED 1957 Aug 52,457 16,826 820 2,805 4,179 11,402 2,359 6,372 7,694 Sept 52,224 16,678 814 2,782 4,170 11,349 2,366 6,380 7,685 Oct 52,015 16,604 802 2,763 4,141 11,315 2,373 6,343 7,674 Nov 51,758 16,455 789 2,710 4 104 11,290 2 372 6 367 7 671 Dec 51,516 16,252 784 2,679 4,070 11,237 2,365 6,382 7,747 1958—Jan 51,223 15,965 766 2,652 4 045 11,305 2,368 6 368 7 754 Feb 50,575 15,648 747 2,455 3,990 11,235 2,367 6,367 7,766 Mar 50,219 15,389 733 2,573 3,930 11,116 2,360 6,330 7 788 Apr 50,054 15,243 723 2,624 3,890 11,050 2,356 6,352 7,816 May 50,147 15,202 718 2,698 3,877 11,087 2,370 6,360 7,835 June 50,315 15,275 713 2,698 3,888 11,105 2,367 6,392 7,877 JUly 50,431 15,319 711 2,699 3,878 11,123 2,363 6,438 7,900 Aug 50,529 15,354 705 2,699 3,874 11,171 2,374 6,417 7,935 WITHOUT SEASONAL ADJUSTMENT 1957 Aug 52,477 16,949 828 3,057 4,210 11,236 2,394 6,404 7,399 Sent 52,692 16,903 818 3,018 4,201 11,349 2,366 6,412 7,625 Oct 52,570 16,783 802 2,956 4,152 11,387 2,361 6,406 7,723 Nov 52,316 16,561 793 2,805 4,114 11,557 2,360 6,367 7,759 Dec 52,610 16,302 788 2,612 4,094 12,076 2,353 6,318 8,067 1958—Jan 50,477 15,865 766 2,387 3,985 11,140 2,344 6,241 7,749 Feb 49,777 15,593 747 2,173 3,944 10,948 2,343 6,240 7,789 Mar 49,690 15,355 733 2,316 3 910 10 939 2 348 6 267 7 822 Apr 49,726 15,104 716 2,493 3,883 10,940 2,356 6,384 7,850 May 49,949 15,023 711 2,685 3,874 10,961 2,370 6,455 7,870 June 50,413 15,206 717 2,806 3,904 11,035 2,391 6,488 7,866 July 50,202 15,172 707 2,888 3,908 10,986 2,410 6,470 7,661 50,541 15,489 712 2,942 3,904 11,008 2,410 6,449 7,627 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for July and August 1958 are preliminary. Back data may be obtained month. Proprietors, self-employed persons, domestic servants, unpaid from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT AND EARNINGS 1117 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1957 1958 1957 1958 Aug. June July Aug. Aug. June July Aug. Total 12,913 11,484 11,532 11,562 13,020 11,415 11,373 11,681 Durable goods 7,534 6,344 6,383 6,393 7,489 6,350 6,281 6,355 Ordnance and accessories 77 68 68 69 77 68 68 69 Lumber and wood products 588 558 568 561 612 578 579 583 Furniture and fixtures 324 296 298 304 319 287 286 299 Stone, clay, and glass products 458 415 427 429 463 417 423 433 Primary metal industries 1,085 859 861 870 1,080 859 852 866 Fabricated metal products 894 111 788 788 885 113 764 780 Machinery except electrical 1,247 1,004 1,008 1,022 1,216 1,014 993 996 Electrical machinery 878 723 736 753 860 716 710 738 Transportation equipment 1,352 1,084 1,063 1,021 1,352 1,084 1,063 1,021 Instruments and related products 229 200 200 206 226 199 196 203 Miscellaneous manufacturing industries. 402 360 366 370 400 355 348 368 Nondurable goods 5,379 5,140 5,149 5,169 5,531 5,065 5,092 5,326 Food and kindred products 1,058 1,055 1,035 1,046 1,194 1,039 1,085 1,188 Tobacco manufactures 84 80 80 81 93 70 70 89 Textile-mill products 921 840 856 869 912 840 830 860 Apparel and other finished textiles 1,061 1,035 1,039 1,023 1,082 994 992 1,043 Paper and allied products 455 433 432 437 457 433 428 439 Printing, publishing and allied industries 553 541 544 547 547 541 539 542 Chemicals and allied products 546 508 509 512 538 500 499 504 Products of petroleum and coal 167 156 155 155 170 158 158 158 Rubber products 206 176 180 182 204 176 175 180 Leather and leather products 328 316 319 317 335 314 316 323 NOTB.—Data covering production and related workers only (full- and preliminary. Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics, nearest the 15th of the month. Figures for July and August 1958 are HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1957 1958 1957 1958 1957 1958 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 82.80 83.10 83.50 83.53 40.0 39.2 39.2 39.4 2.07 2.12 2.13 2.12 Durable goods 89.06 89.89 89.83 90.52 40.3 39.6 39.4 39.7 2.21 2.27 2.28 2.28 Ordnance and accessories 93.83 100.94 101.18 99.94 40.1 40.7 40.8 40.3 2.34 2.48 2.48 2.48 Lumber and wood products 75.62 76.14 74.82 77.90 41.1 40.5 39.8 41.0 1.84 1.88 1.88 1.90 Furniture and fixtures 71.63 69.06 69.06 70.13 40.7 38.8 38.8 39.4 1.76 1.78 1.78 1.78 Stone, clay, and glass products 84.05 84.63 84.40 85.46 40.8 40.3 40.0 40.5 2.06 2.10 2.11 2.11 Primary metal industries 99.82 99.96 102.53 102.38 39.3 38.3 38.4 38.2 2.54 2.61 2.67 2.68 Fabricated metal products 89.98 90.80 91.20 92.06 40.9 40.0 40.0 40.2 2.20 2.27 2.28 2.29 Machinery except electrical 93.15 94.25 93.77 94.01 40.5 39.6 39.4 39.5 2.30 2.38 2.38 2.38 Electrical machinery 82.81 85.14 84.50 85.36 40.2 39.6 39.3 39.7 2.06 2.15 2.15 2.15 Transportation equipment 97.04 99.50 99.79 100.69 40.1 39.8 39.6 39.8 2.42 2.50 2.52 2.53 Instruments and related products 84.00 87.16 87.34 87.52 40.0 39.8 39.7 39.6 2.10 2.19 2.20 2.21 Miscellaneous manufacturing industries. 72.00 73.08 72.13 72.31 40.0 39.5 39.2 39.3 1.80 1.85 1.84 1.84 Nondurable goods 74.26 75.08 75.47 75.46 39.5 38.7 38.9 39.1 1.88 1.94 1.94 1.93 Food and kindred products 77.71 81.81 82.00 80.38 40.9 40.7 41.0 40.8 1.90 2.01 2.00 1.97 Tobacco manufactures 56.83 66.30 66.13 61.99 38.4 39.7 39.6 38.5 1.48 1.67 1.67 1.61 Textile-mill products 58.65 57.98 57.75 58.89 39.1 38.4 38.5 39.0 1.50 1.51 1.50 1.51 Apparel and other finished textiles 55.20 52.50 53.40 54.96 36.8 35.0 35.6 36.4 1.50 1.50 1.50 1.51 Paper and allied products 87.55 88.20 88.62 89.46 42.5 41.8 41.8 42.0 2.06 2.11 2.12 2.13 Printing, publishing and allied industries.. 96.89 97.38 97.38 98.54 38.6 37.6 37.6 37.9 2.51 2.59 2.59 2.60 Chemicals and allied products 92.25 94.94 94.83 94.60 41.0 41.1 40.7 40.6 2.25 2.31 2.33 2.33 Products of petroleum and coal 109.21 111.93 113.16 110.70 40.6 41.0 41.0 40.4 2.69 2.73 2.76 2.74 Rubber products 92.84 91.10 92.12 92.59 40.9 39.1 39.2 39.4 2.27 2.33 2.35 2.35 Leather and leather products 58.67 57.46 57.82 57.56 38.1 36.6 37.3 36.9 1.54 1.57 1.55 1.56 NOTE.—Data are for production and related workers. Figures for July and August 1958 are preliminary. Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1118 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t te e s d Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES i 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953... . 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 136 122 124 132 129 148 169 128 138 128 142 160 141 SEASONALLY ADJUSTED 1957 July 138 125 126 131 132 147 173 131 139 130 146 169 141 144 130 135 138 139 158 179 139 147 138 147 170 144 Sept 136 114 122 128 134 144 172 130 145 130 147 163 141 Oct 129 116 119 129 121 141 159 121 126 119 136 152 134 Nov 133 118 124 128 129 142 166 125 135 125 139 161 139 Dec 138 128 128 133 133 148 174 130 141 132 142 156 139 1958 Jan 130 116 125 126 125 146 157 121 132 126 138 156 132 Feb 124 111 115 114 117 134 147 115 125 121 135 143 135 Mar 131 114 127 126 119 138 158 124 134 132 144 153 137 Apr 130 114 121 135 121 147 155 118 130 120 136 151 142 May 134 117 124 129 124 146 164 124 136 126 148 161 142 June 133 115 124 129 122 146 176 119 133 123 141 162 143 July ^140 130 133 141 132 153 ^174 130 139 129 162 140 WITHOUT SEASONAL ADJUSTMENT 1957—July 111 90 92 96 107 118 143 104 114 104 128 151 125 127 102 104 110 123 133 161 124 132 130 141 158 139 Sept 139 122 126 134 134 150 165 136 143 139 149 157 141 Oct 134 117 126 132 125 148 167 127 138 138 142 158 135 Nov 162 144 158 171 159 178 193 153 163 145 161 183 162 Dec 241 232 226 236 233 272 301 221 238 220 246 270 247 1958—Jan 100 91 100 95 97 103 122 92 100 92 103 123 105 Feb 95 84 91 86 90 96 121 86 96 90 99 112 104 Mar 116 100 113 118 108 126 150 107 117 109 121 137 115 Apr 123 109 114 125 113 136 153 112 123 117 131 143 130 May 130 117 120 128 120 144 158 122 137 121 145 159 135 June 126 115 120 121 115 135 153 117 124 119 136 147 135 July 93 97 103 107 123 P144 103 114 103 144 124 STOCKS i no 1950 110 112 106 108 109 123 108 108 106 114 114 112 1951 131 129 127 132 132 129 145 125 130 121 137 135 137 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 137 154 136 178 203 143 149 146 160 174 158 SEASONALLY ADJUSTED 1957_july 155 139 140 154 136 183 204 149 153 141 160 178 159 Aug 153 136 138 157 137 180 203 145 149 145 158 176 159 Sept 154 138 138 159 139 181 201 144 151 145 159 173 162 Oct 155 138 138 156 139 174 208 147 151 148 163 176 163 Nov 154 137 138 158 138 175 206 141 151 150 165 179 162 Dec 150 136 138 154 134 171 207 140 141 143 158 169 152 1958—Jan 147 133 137 154 133 167 202 135 143 138 153 170 152 Feb 146 134 135 151 130 166 199 135 142 138 151 163 151 Mar 142 129 133 149 126 163 193 131 140 132 148 160 149 143 131 134 149 124 167 190 131 141 129 145 163 151 May 144 133 133 152 128 169 191 133 140 133 146 164 152 June 148 135 136 157 126 173 191 138 149 136 152 168 156 July 140 135 153 129 171 P192 142 146 136 2*149 163 WITHOUT SEASONAL ADJUSTMENT 1957_july 144 125 126 138 125 167 190 143 142 134 152 169 154 Aug 150 132 134 151 131 175 199 139 148 142 156 176 160 Sept 160 144 145 167 144 187 209 150 158 151 164 184 168 Oct 172 156 155 180 154 198 227 161 169 164 177 193 183 Nov 174 161 159 182 156 198 233 161 169 170 183 197 182 Dec 135 127 127 139 122 156 180 124 127 132 144 157 139 1958—Jan 132 119 122 136 117 149 184 123 127 127 137 149 137 Feb 139 126 127 145 125 159 197 127 138 132 145 158 142 Mar 147 131 137 153 130 173 202 132 146 136 153 168 150 Apr 149 136 139 160 130 175 200 139 149 132 153 169 154 146 135 136 155 131 170 193 137 140 132 148 163 151 June 140 126 127 146 120 160 180 134 138 128 146 156 150 July ^138 126 122 138 119 156 »178 136 136 129 ^142 155 * Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i 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 1119 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o ( s e r O t n d i a n d u e n g r t d - s o - f i m c ( e t o R f i o p o n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S st o p t i a o n u l n u c g t d k s - - s ce R ip e- ts month) orders Annual average: 1949 361 925 373 358 358 2.7 1-1 3.8 1-0 1950 376 1,012 495 391 401 2.8 1.4 4.2 l.l 1951 391 1,202 460 390 379 3.2 1.3 4.4 0 1952 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 l.l 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4 0 0 1955 437 1,195 446 444 449 2.9 l.l 4.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1957 458 1,338 460 460 457 3.1 1.1 4.2 Month: 1957_july 356 1,242 r601 r341 r419 3.5 1.7 5.2 AUK. 432 1,300 569 487 456 3.0 1.3 4.3 Sept 438 1,400 567 538 536 3.2 1.3 4.5 Oct 481 1,518 529 599 561 3.2 l.l 4.3 Nov 554 1,562 427 598 496 2.8 ).8 3.6 Dec 839 1,229 307 506 386 1.5 ().4 1.8 1958—Jan 366 1,203 383 340 416 3.3 1.0 4.3 ( Feb 309 1,259 398 365 380 4.1 1.3 5.4 Mar 416 1.299 350 456 408 3.1 ().8 4.0 Apr 416 i;344 310 461 421 3.2 ().7 4.0 May 441 1,308 319 405 414 3.0 ().7 3.7 June 402 1,230 481 324 486 3.1 1.2 4.3 July*7 365 1,214 563 349 431 3.3 I 5 4.9 ooo o ? ? l.l ) 6 > 9 1.2 1 1 0.9 0.8 1.0 * Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1957, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r ip ts m e e x n c t l s u 2 ding Merchandise imports 3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1.284 1.680 1.511 1.202 1.583 1,402 1,073 1,115 1,095 Feb 1,363 1,611 1,345 1,273 1,490 1,245 1,051 993 962 Mar 1,583 S, 151 1,557 1,479 it, 021 1,442 1,102 1,133 1,072 Apr 1,512 1,864 1,531 1,400 1,780 1,409 991 1,119 1,057 May 1,717 ,813 1,638 1,522 1,711 1,507 1,095 1,106 1,063 June 1,697 ,786 1,408 1,492 1,652 1,309 1,034 984 1,037 July 1,640 ,692 4fQ 1,289 ,505 1,290 1,052 ,146 Aug 1,536 ,677 5 1,378 .536 1,055 ,043 Sept . . . . . 1,534 ,540 1,427 1*437 995 .009 Oct I 671 674 I 561 1 600 1,121 1 ^ 148 Nov .545 ,683 1,425 1,596 987 1,043 Dec 2 007 659 R8S 1 543 1,059 1,141 June—July 10,796 12,597 10,409 9,657 11,742 9,604 7,398 7,596 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1120 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i e o c n r e o v d s d - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1957-—July 120.8 117.4 125.5 135.2 112.3 135.9 104.1 127.9 106.5 135.8 138.4 124.7 112.4 126.6 Aug 121.0 117.9 125.7 135.4 113.3 135.7 103.9 128.0 106.6 135.9 138.6 124.9 112.6 126.7 Sept 121.1 117.0 126.3 135.7 113.7 136.8 104.8 128.3 107.3 135.9 139.0 125.1 113.3 126.7 Oct 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 Nov. 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129.4 107.9 140.0 140.3 126.7 114.4 126.8 Dec. 121.6 116.1 127.0 136.7 114.3 138.3 104.9 129.6 107.6 138.9 140.8 127.0 114.6 126.8 1958—-Jan 122.3 118.2 127.1 136.8 115.7 138.4 104.2 129.7 106.9 138.7 141.7 127.8 116.6 127.0 Feb 122.5 118.7 127.3 137.0 115.9 137.2 104.9 129.9 106.8 138.5 141.9 128.0 116.6 127.0 Mar 123.3 120.8 127.5 137.1 115.9 136.7 103.9 130,7 106.8 138.7 142.3 128.3 117.0 127.2 Apr. 123.5 121.6 127.7 137.3 116.0 134.2 104.0 130.9 106.7 138.3 142.7 128.5 117.0 127.2 May 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Tota1 p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i n c i o d t n h t d d e s s e s - , r ,p l F t o i m e a i g u w n r n h a i e g d a e - t l - l , r s ,C p a i u a l h c r l n c o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d r d s d - - p p P a u a a l r u l c n o p i l e t d d p e s d - , r,M m p u a r e e n c o t t t d a d a s l - l s p c M m u a t e h r i n c o r v i o a y t d n d e - s - - - h F o d h t b o a u t u u o n l h u r r r e l d e s n a e d s e r - i- -e s N t r m t m t a u a r o l l i r u e l s n n a i - c — c - l - - b b e m o b T a a r t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - s - 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96 6 1951 114.8 113.4 111.4 115.9 110.6 120 3 106.7 110 n 148 0 123.9 119 122.8 119 0 114 1 113.6 108.1 104 9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.o 113.6 110.6 108 1953 110.1 97.0 104 6 114.0 97.3 98 5 109.5 105 7 125 0 120 2 116 1 126 9 123 0 114 2 118 2 115.7 97 g 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115. 120.9 120.6 102 5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92 0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151 2 146.1 122.2 134.6 126.1 89 6 1957 July 118. 92.8 107.2 125.7 95.4 100.6 116.4 109.5 144.9 119 3 129 5 152 4 145 8 122 2 135.2 127.7 88.8 Aug... * 118.4 93.0 106.8 126.0 95.4 100.3 116.3 109.8 146.9 118 6 129 9 153 2 146 2 122.4 135.3 127.7 90.1 Sept 118.0 91.0 106.5 126.0 95.4 100.0 116.1 110.2 146.5 117.8 130 1 152 2 146.9 122.3 135.2 127.7 89.4 Oct 117.8 91.5 105.5 125.8 95.1 100.1 115.8 110.4 146.2 117.3 130 9 150 8 147.7 122.6 135.3 127.7 87.7 Nov 118.1 91.9 106.5 125.9 95.0 100 0 115.7 110.3 144.7 116.9 130 9 150 4 149.2 122.7 135.4 127.8 86.8 Dec 118.r 92.6 107.4 126.1 94.9 99.5 116.2 110.6 145.7 116.3 131.0 150 5 149.4 123.5 135.7 128.0 87.2 1958 Jan 118.9 93.7 109.5 126.1 94.6 99 5 116.1 110.8 145.1 116.3 130 8 150 0 149.4 123.8 136.4 128.1 88.3 Feb 119.0 96.1 109.9 125.7 94.1 99 6 113.6 110.6 144.6 115.8 130 8 150 1 149.3 123 6 136.5 128.1 89.3 Mar. 119.7 100.5 110.7 125.7 94.0 99 5 112.4 110.7 144.6 115 5 130 5 149 8 149.2 123 5 135.3 128.0 94.3 Apr 119.3 97.7 111.5 125.5 93.7 99.7 111.0 111.0 144.5 115 7 130 148 6 149.4 123 4 135.4 128.0 97.8 May 119. 98.5 112.9 125. 93.5 99 9 110.3 110.8 143.8 115 9 130 148 6 149.4 123 2 135.7 128.0 96.2 June M19 2 95.6H13.5 125 3 93.3 100 3 110.7 '110.7 144.2 r116 4 130 '148 8 149.5 ••123C 135.5 128.0 93.7 July 119 2 95.0 112 ' 125 7 93.3 100 4 111.9 110.4 144.7 116 8 131 0 148 8 149.5 123 135.6 128.0 97.2 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 1121 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] I 1957 1958 1957 1958 Subgroup Subgroup July May June July July May June July Farm Products: Pulp',, PPiaper, and Allied Products {Cont.): Fresh and dried produce 108.0 123.4 '103.0 105.4 Grains 82.7 84.2 81.3 79.8 Paperboard 136.2 136.0 136.0 136.0 Livestock and poultry 86.5 99.8 98.8 97.1 Converted paper and paperboard... 126.1 128.0 127.9 127.9 Plant and animal fibers 105.0 101.6 101.9 101.8 Building paper and board 141.7 144.1 144.1 143.8 Fluid milk , 93.1 90.5 90.2 91.9 Eggs , 76.2 75.7 74.9 76.1 Metals and Metal Products: Hay and seeds , 82.4 79.7 79.3 76.2 Other farm products 142.9 142.0 141.4 139.9 Iron and steel 170.3 166.2 166.7 167.0 Nonferrous metals 134.1 123.9 124.8 125.0 Processed Foods: Metal containers 152.8 155.7 155.7 155.7 Hardware 164.5 170.7 171.7 171.7 Cereal and bakery products 117.7 117.9 '118.5 117.5 Plumbing equipment 129.1 123.7 123.8 120.9 Meats, poultry, and fish , 99.2 112.8 114.1 112.1 Heating equipment 122.8 121.1 121.3 121.4 Dairy products and ice cream 108.2 110.8 111.1 111.6 Fabricated structural metal products 134.5 134.1 133.7 133.1 Canned, frozen fruits, and vegetables, 102.3 108.2 110.3 111.6 Fabricated nonstructural metal Sugar and confectionery 114.3 116.1 117.1 117.1 products 145.3 145.9 145.0 145.0 Packaged beverage materials 183.7 168.4 168.4 165.2 Other processed foods 94.8 96.9 96.9 97.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 132.3 138.4 138.3 138.4 Cotton products. 90.5 88.3 87.6 87.4 Construction machinery and equip- Wool products 111.3 100.5 101.3 101.1 ment 157.9 165.5 165.5 165.5 Synthetic textiles 81.9 80.3 80.4 80.1 Metal working machinery 166.1 169.6 169.4 169.7 Silk products 121.5 116.1 109.9 116.2 General purpose machinery and Apparel 99.5 99.1 99.1 99.2 equipment 157.4 159.8 160.3 160.4 Other textile products 75.8 75.4 73.6 74.8 Miscellaneous machinery 144.5 147.6 147.7 147.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 149.5 152.3 152.6 152.6 Motor vehicles 134.7 139.0 139.0 139.0 Hides and skins 62.1 55.4 57.0 58.1 Leather 92.2 91.1 91.8 91.5 Furniture and Other Household Dura- Footwear 121.0 122.0 122.0 122.0 bles: Other leather products 98.5 '97.3 97.3 97.3 Household furniture 122.8 122.8 122.5 122.6 Fuel, Power, and Lighting Materials: Commercial furniture 153.6 154.2 154.2 154.2 Floor covering 132.5 128.9 '128.3 127.3 Coal 124.0 119.7 120.3 121.1 Household appliances 104.9 104.9 104.9 104.8 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs .... 94.8 94.3 '93.7 95.0 Gas fuels (Jan. 1958= 100) n.a. 98.3 97.4 98.5 Other household durable goods 147.9 155.1 r155.2 155.3 Electric power (Jan. 1958= 100) n.a. 100.0 100.1 100.1 Petroleum and products 126.4 114.7 115.3 117.1 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Concrete ingredients. 136.4 139.0 138.9 139.0 Industrial chemicals 123.5 123.9 123.5 123.1 Concrete products. 126.4 128.4 128.5 128.5 Prepared paint 128.1 128.4 128.2 128.2 Structural ccllaayy piroducts 155.1 155.6 155.6 155.6 Paint materials 99.9 103.9 103.4 103.4 Gypsum products 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics.. 93.4 94.3 '94.5 94.5 Prepared asphalt roofing.... 125.8 108.6 105.8 105.8 Fats and oils, inedible 61.0 61.5 61.9 62.5 Other nonmetallic minerals. 128.3 131.2 131.2 131.2 Mixed fertilizers 108.3 111.4 111.4 111.6 Fertilizer materials 106.3 110.3 110.3 108.0 Tobacco Manufactures and Bottled Other chemicals and products 105.4 107.2 r107.4 107.0 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 105.1 106.0 106.0 106.0 Crude rubber 145.0 127.7 129.4 133.0 Other tobacco products. 143.8 139.7 139.7 139.7 Tires and tubes 149.0 152.1 152.1 152.1 Alcoholic beverages 119.6 120.3 120.3 120.3 Other rubber products 140.0 143.0 143.0 142.7 Nonalcoholic beverages. 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 120.0 116.7 116.8 116.7 Toys, sporting goods, small arms. 117.5 119.1 119.1 119.1 Millwork 128.3 127.1 127.1 127.3 Manufactured animal feeds 66.0 78.0 73.3 79.7 Plywood 96.9 92.2 94.9 98.3 Notions and accessories. 97.4 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 106.8 107.3 107.8 107.8 Pulp, Paper, and Allied Products: Other miscellaneous 128.8 132.4 '132.6 132.3 Woodpulp 118.0 121.2 121.2 121.2 Wastepaper 68.0 71.8 71.8 86.1 Paper 142.8 141.8 141.8 141.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1122 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 2 3 4 1 2 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0 8.6 7.2 9.0 19.1 26.5 28.8 32.0 34.7 37.7 37.5 38.1 38.5 38.9 39.3 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 30.2 30.2 32.9 35.6 37.6 37.8 37.9 37.7 38.0 38.3 Business transfer payments .6 .7 .5 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 .3 .9 -.7 1.3 .9 1.0 -.9 .7 1.5 .7 .7 -1.7 Plus: Subsidies less current surplus of government ent©rprisesT tT.,TT t..T_tTT. — .1 .0 .1 .2 -.4 -.2 .0 1.0 1.3 1 4 1.3 1 2 1.6 1.5 Equals: National income 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 42.0 43.1 38.8 31.3 .2 .3 2.8 6.9 8.7 9.7 11.0 12.3 14.2 14.1 14.3 14.2 14.2 Excess of wage accruals over disburse- .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .8 .8 .9 1.5 2.6 14.3 12.9 15.0 16.0 17.1 19.9 19.9 20.0 21.3 22.5 24.6 i i\ 6.2 5.8 2.1 4.5 9.2 9.2 9.8 11.2 12.0 12.4 12.6 12.7 12.0 12.5 12.4 Business transfer payments .6 .7 .5 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 85.8 47.2 96.3 228.5 288.3 289.8 310.2 330.5 347.9 348.4 351.8 349.7 347.3 349.8 Less: Personal tax and related payments 2.6 1.5 3.3 20.8 35.8 32.9 35.7 40.1 42, 42.7 43.1 43.0 42.3 42.3 Federal 1.3 .5 2.0 18.2 32.4 29.2 31.5 35.2 37.4 37.3 31.1 37.5 36.6 36.5 State and local 1.4 1.0 1.3 2.6 3.4 3.8 4.2 4.8 5.4 5.3 5.4 5.5 5.7 5.8 83.1 45.7 93.0 207.7 252.5 256.9 274.4 290.5 305.1 305.7 308.7 306.8 305.0 307.5 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3 4.2 -.6 11.1 12.6 19.8 18.9 17.5 21.1 20.7 23.2 20.4 19.6 18.8 19.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 National income 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6 Compensation of employees 51.1 29.5 64. 3 154.2 208.8 207.6 223.9 241.8 254.6 254.9 257.3 254.8 250.9 250.7 Wages and salaries1 50,4 29.0 62.1 146.4 198.0 196.3 210.9 227.3 238.1 238.4 240.5 238.0 234.4 234.2 Private 45.5 23.9 51.9 124.1 164.2 161.9 174.9 189.3 198.0 198.6 199.9 197.4 192.7 191.8 Military 1.9 5.0 10.3 10.0 9.8 9.7 9.6 9.7 9.8 9.5 9.4 9.6 Government civilian 4^6 4*.9 8.3 17.3 23.5 24.4 26.2 28.4 30.5 30.2 30.8 31. 32.3 32.8 Supplements to wages and salaries. .7 .5 2.7 7.8 10.8 11.3 13.0 1*4.5 16.5 16.4 16.8 16.8 16.5 16.4 Proprietors' and rental income2 20.2 7.6 20.9 46.6 51.3 51.3 52.8 53.3 54.8 54.7 55.5 55.0 55.3 56.2 Business and professional... 8.8 3.2 10.9 23.5 27.4 27.8 30.4 30.8 31.4 31.4 31.7 31.3 30.6 30.7 Farm 6.0 2.4 6.5 14.0 13.3 12.7 11.8 11.6 11.6 11.6 11.8 11.5 12.6 13.4 Rental income of persons... 5.4 2.0 3.5 9.0 10.5 10.9 10.7 10.9 11.8 11.7 12.0 12.2 12.1 12.1 Corporate profits and inventory valuation a d justment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 42.0 43.1 38.8 31.3 Corporate profits before tax , 9.6 .2 17.0 40.6 38.3 34.1 44.9 45.5 43.4 43.5 44.2 39.9 31.7 Corporate profits tax liability 1.4 .5 7.6 17.9 20.2 17.2 21.8 22.4 21.6 21.7 22.0 19.9 16.1 Corporate profits after tax , 8.3 9.4 22.8 18.1 16.8 23.0 23.1 21.8 21.8 22.1 20.0 15.5 Inventory valuation adjustment , .5 -2.5 -5.0 -1.0 -.3 -1.7 -2.6 -1.5 -1.5 -1.1 -1.1 -.3 .5 Net interest. 6.4 5.0 4.5 5.5 8.2 9.1 10.4 11.3 12.6 12.5 12.8 12.9 13.0 13.1 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 1123 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 2 3 4 1 2 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3 Durable goods 9.2 3.5 9.7 30.4 32.9 32.4 39.6 38.4 39.9 39 5 40 4 39 6 36 3 35.6 Nondurable goods 37.7 22.3 43.2 99.8 118.0 119.3 124.8 131.4 138.0 137.1 140.5 138.8 139.8 141.4 Services 32.1 20.7 29.0 64.9 81.8 86.3 92.5 99.6 106.5 105.9 107.4 108.7 110.1 111.3 16.2 1.4 18.1 50.0 50.3 48.9 63.8 68.2 65.3 67.0 66.7 61.5 49.6 49.2 8.7 1.4 6.6 24.2 27.6 29.7 34.9 35.7 36 5 36.1 36 6 37 1 36.3 34.9 3.6 .5 3.5 14.1 13 8 15 4 18 7 17 7 17 0 16 5 16 9 17 6 17 1 16 2 Other 5.1 1.0 3.1 10.1 13.8 14.3 16.2 18.1 19 5 19 6 19 7 19 6 19 2 18 7 Producers* durable equipment 5.9 1.6 6.9 18.9 22.3 20.8 23.1 27.0 27.9 28.1 28.0 26.7 22.9 22.3 Change in business inventories 1.7 -1.6 4.5 6.8 .4 -1.6 5.8 5.4 1.0 2.9 2.2 -2.3 -9.5 -8.0 1.8 -1.4 4.0 6.0 1.1 -2.1 5.5 5.9 .2 2.0 1.3 -3.1 -9.3 -7.8 1.1 -.4 1.4 4.2 1.9 .8 .2 -2.2 -2.0 .4 3.5 3.6 .5 .5 Gerernment purchases of goods and 24.8 77.1 80.3 87.5 88 3 Federal, 81..35 28..00 16.9 4221..18 8594..54 7486..96 46.8 47.1 5807..81 51.5 5807..90 50.5 5809. 95 9510..99 Other } ,.3 2.0 / I 13 3 . . 8 2 1 3 8 . . 9 5 5 8 1 . . 4 5 4 6 3 . . 2 0 4 5 1 . . 9 3 4 5 2 . . 0 5 4 4 6 . . 8 5 4 4 7 . . 5 4 4 4 6 .9 5 4 5 6 .0 0 4 5 5 .6 7 4 6 6 . . 2 0 Less: Government sales^ .0 .0 .0 3 4 4 4 4 5 4 5 5 4 4 State and local 7.2 6.0 7.8 19.7 24.9 27.7 30.3 33.1 36.3 36.0 36.1 37.8 38.6 39.1 1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month* in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d t d m r i u i i n t e c - y - s - D i u n i tr s t d i i t e u v r s i e s b - - S in e tr d r i v e u i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c e a i o n e n m t t d o al e rs 3 ' i i n n s p a t c o e e n o n r r d m a e - l s e t m T p r f e e a a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e r a r n * i - l - s i a n g N t c u r o o i r c m n a u l - e l * - 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88 0 1952 273.1 184.9 80.5 48.7 22.6 32.9 5.3 52.4 21.1 13.2 3.8 254.3 1953 288.3 198.1 88.1 51.8 24.3 33.9 6.0 51.3 22.6 14.3 3 9 271 5 1954 289.8 196.3 84.1 52.3 25.5 34.4 6.2 51.3 24.4 16.2 4.6 273.8 1955 310.2 210.9 91.4 55.8 27.8 36.0 7.1 52.8 27.0 17.5 5.2 295.0 1956 330.5 227.3 98.7 60.1 30.5 38.0 7.9 53.3 29.1 18.6 5.7 315.4 1957 347.9 238.1 102.2 63.3 32.6 40.1 8.9 54.8 31.1 21.5 6.6 332.7 1957_Aug 352.1 240.8 103.1 64.2 32.9 40.6 9.1 55.6 31.8 21.5 6.7 336.6 Sept 351.4 240.2 102.4 64.2 32.9 40.7 9.1 55.4 31.8 21.5 6.6 336.1 Oct 350.6 238.6 101.5 63.5 32.9 40.7 9.2 55.1 31.8 22.6 6.6 335.7 Nov 350.2 238.0 101.0 63.6 32.9 40 5 9.2 54.8 31.8 23 0 6 6 335 2 Dec 348.4 237.3 99.8 63.7 33.2 40.6 9.2 55.2 30.0 23.3 6.6 333.0 1958 Jan 348.2 235.1 97.9 63.5 33.1 40.7 9.1 55.1 31.8 23 9 6 7 332 5 Feb 346.4 233.2 95.6 63.4 33.2 41.0 9.0 55.3 31.8 23.8 6.7 330.1 Mar 347.1 232.6 95.3 62.9 33.3 41.1 8.9 55.7 31.7 24.8 6.6 330 5 Apr 348.1 232.0 95.0 62.4 33.4 41.2 8.9 56.1 31.7 26.1 6.6 331.0 May 349.9 233.1 95.6 62.6 33.4 41.5 8.9 56.5 31.7 26.4 6.7 332.4 June 352.0 235.8 96.6 63.3 33.6 42.4 8.9 56.2 31.8 26.0 6.7 335.1 July 358.8 242.2 97.1 63.5 33.7 48.0 9.0 56.3 31.8 26.5 7.0 342.0 Augp 355.6 238.4 97.4 63.6 33.8 43.6 9.1 56.4 31.9 26.7 6.8 338.9 » Preliminary. well as consumer bad debts and other business transfers. i Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January * Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the ' Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. « Represents personal income exclusive of net income of unincorporated * Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
* International * International capital transactions of the United States. . 1126 Gold production. . . 1130 Net gold purchases and gold stock of the United States. . 1131 Reported gold reserves of central banks and governments. 1132 Estimated foreign gold reserves and dollar holdings. . 1133 International Bank and Monetary Fund. . 1134 Central banks. . 1134 Money rates in foreign countries. . 1139 Foreign exchange rates. . 1140 Index to statistical tables. . 1151 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and foreign central banks. Figures ments and official statistical bulletins. Back figon international capital transactions of the ures for 1941 and prior years, together with de- United States are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1126 INTL CAPITAL TRANSACTIONS OF THE U. S, TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- l - Official France m R F a e e n p d y . . , Italy S l w a er n i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e Canada Am La er ti i n ca Asia o A th l e l r tutions2 and Official of private 1954—Dec. 31.... 1.770 11,149 6,770 715 1.373 579 672 640 1.642 5,621 1.536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 ,454 785 757 550 1,519 6,147 ,032 2,000 2,181 360 1956—Dec. 31.... 1,452 13,487 8,045 626 1,835 930 836 1,012 1,627 6,865 ,516 2,346 2,415 346 1957-July 31.... 1,545 13,265 7,808 514 1,559 979 778 1,008 1,725 6,563 ,659 2,673 1,986 384 Aug. 31.... 1,635 13,267 7,627 450 1,577 [,009 769 944 1,754 6,502 ,724 2,683 1,981 377 Sept. 30.... 1,512 13,332 7,647 411 1,664 1,030 802 807 1,855 6,570 ,650 2,723 2,015 373 Oct. 31.... 1,517 13,753 7,934 398 1,573 1,056 857 1,161 1,948 6,993 ,739 2,672 1,979 370 Nov. 30.... 1,538 13,608 '7,817 352 1,567 1,021 '868 1,199 1.972 '6,979 ,735 2,593 1,946 356 Dec. 31.... 1,517 '13,637 '7,913 354 1,557 1,079 '967 1,275 l',910 '7,142 1,623 '2,575 '1,946 351 1958—Jan. 31.... 1,619 '13,719 '8,017 '334 r1,515 1,084 '945 1,330 2,035 '7,243 1,597 '2,536 '1,962 382 Feb. 28.... 1,471 '13,840 '8,118 316 1,494 1,078 '923 1,244 2,242 '7,297 1,662 '2,515 2,011 355 Mar. 31.... 1,377 13,805 8,016 319 1,508 1,066 904 1,260 2,280 7,338 1,626 2,474 2,002 365 Apr. 30*... 1,373 13,661 7,916 317 1,549 1,129 895 1,017 2,211 7,118 1,662 2,551 1,987 343 May 31*... 1,514 13,690 7,920 250 1,596 1,134 845 1,061 2,183 7,069 1,789 2,487 2,033 312 June 30*\.. 1,447 13,813 7,917 301 1,465 1,071 833 1,060 2,230 6,959 2,001 2,499 2,067 288 July 31*>... 1,459 13,917 8,087 310 1,588 1,053 812 1,098 2,273 7,134 1,962 2,403 2,134 285 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n r - k l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u e r y - Y sl u a g v o ia - o A th l e l r 1954—Dec. 31 1.642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955 Dec 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—Dec. 31 1,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957_-july 31 1,725 315 120 97 61 156 98 85 115 25 278 12 9 351 Aug 31 . 1,754 328 123 101 55 143 115 87 116 24 272 16 11 362 Sept. 30 1,855 337 132 102 62 139 172 94 124 24 273 12 12 371 Oct. 31 1,948 345 137 97 68 144 186 97 129 30 260 19 9 425 Nov. 30 1,972 347 131 100 66 146 218 95 127 26 270 16 11 418 Dec. 31 1.910 349 130 112 64 154 203 93 142 24 260 18 11 348 1958—Jan. 31 2,035 355 130 126 64 154 239 117 137 22 265 16 7 403 Feb. 28 2,242 353 133 124 65 157 350 122 144 24 266 12 7 485 Mar. 31 2,280 355 110 131 61 154 323 107 155 28 258 13 7 576 Apr 30» 2,211 353 118 142 59 142 295 108 157 27 257 12 5 534 May 31" 2,183 354 114 143 50 131 292 104 153 34 251 15 9 534 June 301* 2,230 363 109 114 47 122 293 108 154 31 254 12 6 618 July 31p 2,273 377 100 127 51 116 285 101 161 28 268 11 9 639 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o a e b c n - n - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n r d e r d - d s i i e - t s s l a p P i R c m u a e b n o a - - - f , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 64 433 69 109 84 25 73 455 111 1957—July 31 2,673 142 27 127 73 213 274 94 67 352 74 129 73 46 60 788 133 Aug. 31 2,683 135 28 133 78 195 285 67 65 393 71 132 72 39 56 798 136 Sept. 30 2,723 147 28 133 77 186 280 59 60 371 75 129 61 34 60 896 129 Oct. 31 2,672 160 24 145 76 202 236 57 60 367 75 140 64 26 55 858 126 Nov. 30 2,593 151 24 149 76 175 235 58 62 360 72 133 62 22 55 835 124 Dec. 31 '2,575 137 26 132 75 153 235 54 65 '386 73 136 60 27 55 835 124 1958—Jan. 31 '2,536 138 23 120 78 150 240 52 68 '397 71 123 56 32 72 780 136 Feb. 28 '2,515 137 25 118 72 146 239 49 69 '382 69 141 66 33 85 749 135 Mar. 31 2,474 144 23 116 77 135 235 48 66 378 66 144 62 31 86 709 152 Apr. 30P 2,551 139 22 120 78 125 266 50 62 379 66 137 62 37 81 770 155 May 31P 2,487 137 22 139 77 119 261 49 64 361 67 135 74 36 76 712 156 June 30* 2,499 140 23 125 86 125 281 53 64 332 62 134 73 33 77 740 150 July 31» 2,403 147 21 126 74 129 277 54 59 322 67 138 74 30 79 664 142 * Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 1127 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e a b c - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - aC g B o i e n a l n g - o Egypt* A U S f n o o r i u i f o c t a n h Other of 1954—Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—July 31 1,986 65 79 139 31 46 605 106 206 79 167 463 384 80 42 57 51 153 Aug. 31 1,981 66 78 167 30 41 586 106 217 78 170 443 377 78 41 53 49 156 Sept. 30 2,015 72 82 179 49 53 570 106 215 76 163 450 373 81 39 54 47 152 Oct. 31 1,979 72 88 190 43 47 564 110 195 83 162 425 370 85 41 50 45 149 Nov. 30 1,946 71 89 187 42 46 555 112 174 85 159 426 356 84 42 45 39 146 Dec. 31 rl,946 70 82 151 55 52 '586 117 175 86 157 417 351 85 39 40 38 149 1958—Jan. 31 rl,962 65 78 138 55 49 '600 118 184 87 156 '432 382 82 41 42 59 157 Feb. 28 2,011 66 77 132 44 50 655 121 189 88 159 430 355 80 39 41 36 158 Mar. 31 2,002 68 79 89 52 48 704 121 188 92 157 404 365 82 46 42 38 156 Apr. 30P.... 1,987 66 75 86 47 52 732 122 169 92 145 403 343 77 54 41 21 150 May 31*\... 2,033 65 76 88 43 51 772 116 180 91 146 403 312 77 35 29 27 144 June 30^ 2,067 64 84 84 64 48 803 117 164 88 148 403 288 75 34 18 24 137 July 31*... 2,134 68 80 89 55 51 858 119 168 91 145 411 285 86 35 16 22 126 Table Id. Supplementary Areas and Countries' End of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont.): Albania . . . .2 4 3 1 British dependencies 9 8 9 8 8.8 8 0 British dependencies .6 .4 .4 .3 Burma 29.7 19.1 7.0 n.a. Bulgaria .6 .7 .2 n.a. Cambodia .2 13.1 17.2 20.0 Czechoslovakia 6 .7 .7 .5 .7 Ceylon 18.8 32.9 41.2 34.2 Eastern Germany 1.2 1.3 1.2 n.a. China Mainland6 35.7 36.2 35.5 36.3 Estonia 1.9 1.8 1.9 1.7 10.0 14.7 16.9 19.6 1.0 1.0 .8 .7 Jordan .8 1.2 2.0 1.6 Iceland 8.9 4.8 3.1 2.9 Kuwait 10.7 3.5 5.3 5.9 Ireland, Republic of 14.3 13.7 9.1 n.a. Laos . . . . .. .1 23.1 37.3 n.a. 1.0 1.0 .6 .5 16.5 18.0 22.3 28.2 Lithuania . . .5 3 4 5 Pakistan 3 8 5.7 20.2 12 8 Luxembourg 4.5 3.1 13.2 16.4 Portuguese dependencies 1.8 2.0 2.7 3.1 Monaco . 5.3 5 6 4 3 5 4 Ryukyu Islands 26 9 34 0 30 6 n a Poland 6 2.1 2.5 3.3 3.2 Saudi Arabia 61.5 79.5 97.4 n.a. Trieste 2.2 1.4 1.4 1.2 Syria* 21.5 13.1 17.1 3.5 U.S.S.R.6 1.8 .7 .8 .7 Viet-Nam 8.1 62.3 50.1 n.a. Other Latin America: AH other: British dependencies 19.0 16.6 24.1 24.0 1.4 2.4 3.8 2.3 Costa Rica 15 3 17.6 14.6 16 4 Ethiopia and Eritrea 18.0 23.7 24.2 35.1 Ecuador .. . . . .. 21.2 14.9 18.0 22.7 French dependencies 8.7 8.0 10.5 10.7 French West Indies and French Guiana... .4 .6 1.0 .8 5.6 13.1 23.7 n.a. Haiti 12.7 12.1 8.9 11.2 Libya 1.7 9.9 3.7 6.7 Honduras 17 3 9 7 10 2 12 6 M^orocco • 10.3 12.8 11.8 12.7 7.6 14.8 13.6 32.2 Paraguay 3.6 3.6 4.0 5.1 Tangier. 35.7 33.5 22.4 19.2 New Zealand 2.3 1.9 2.2 1.9 Other Asia: 8.3 5.3 2.8 4.4 5.1 4.1 5.3 4.7 Spanish dependencies .5 .7 .3 .7 .6 .5 1.7 n.a. n.a. n.a. n.a. Tunisia .4 .7 n.a. •5 * Preliminary. rRevised n.a. Not available. * Part of United Arab Republic since February 1958. 1 Short-term liabilities reported in these statistics represent principally 5 These data are based on reports by banks in the Second (New York) deposits and U. S. Govt. obligations maturing in not more than one year Federal Reserve District and include funds held in an account with the from their date of issue, held by banking institutions in the United States; U. S. Treasury. They represent a partial breakdown of the amounts small amounts of bankers' acceptances and commercial paper and of shown in the "other" categories in tables la-lc. liabilities payable in foreign currencies are also included. 6 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, NOTE.—Statistics on international capital transactions of the United International Monetary Fund, and United Nations and other international States are based on reports by banks, bankers, brokers, and dealers. organizations. Excludes Bank for International Settlements, reported Beginning with the BULLETIN for June 1954 (as explained on p. 591 of under Other Europe. that issue), tables reflect changes in reporting forms and instructions made 3 Represents funds held with banks and bankers in the United States as of Mar. 31, 1954, as well as changes in content, selection, and arrange- (and in accounts with the U. S. Treasury) by foreign central banks and by ment of material published. For discontinued tables and data reported foreign central governments and their agencies (including official pur- under previous instructions, see BULLETIN for May 1954, pp. 540-45. chasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1128 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Ger- Switz- United Latin Date Total France many, Italy er- King- Other Total Can- Amer- Asia All Fed. land dom Europe Europe ada ica other Rep. of 1954—Dec. 31. 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31. 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Dec. 31. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957—June 30. '2,203 82 159 60 28 159 '688 125 893 451 46 July 31. '2,137 96 150 59 31 123 192 '650 125 895 421 46 Aug. 31. '2,158 113 149 55 33 115 196 '661 120 930 396 52 Sept. 30., '2,154 113 150 54 32 110 '212 '671 111 931 389 52 Oct. 31. '2,250 106 138 54 35 124 '207 '665 177 953 407 48 Nov. 30. '2,201 108 136 54 37 111 '213 '659 147 959 387 49 Dec. 31. 2,229 114 140 58 34 109 '223 '680 154 '960 386 50 1958—-Jan. 31. '2,266 101 136 53 31 110 '240 '671 '152 '998 400 45 Feb. 28., '2,249 98 126 53 30 107 238 651 154 '994 406 44 Mar. 31., 2,303 104 130 55 27 95 269 680 186 1,010 383 44 Apr. 30». 2,419 92 134 49 30 95 278 678 220 1,009 461 50 May 31*>. 2,510 93 138 45 27 93 290 686 229 1,056 465 73 June 30*>. 2,490 84 123 48 36 105 273 671 261 1,028 451 79 Table 2a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All Date Europe tria gium mark land Greece er- way tugal Spain den key slavia other lands 1954—Dec. 31 109 (2) 20 10 3 3 16 2 (2) 4 4 41 1 5 1955—Dec. 31 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1956—Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 1957__june 30 '199 5 25 8 3 4 '24 16 2 12 14 75 1 9 July 31 '192 4 23 7 4 6 '31 17 12 13 63 2 9 Aug. 31 '196 6 25 7 4 6 '25 17 19 9 68 2 9 Sept. 30 '212 7 25 6 3 7 '28 18 24 9 72 11 Oct. 31 '207 7 24 9 4 7 '26 16 10 9 81 2 13 Nov. 30 '213 6 25 9 5 6 '29 19 10 11 77 2 11 Dec. 31 '223 6 33 11 4 6 '29 23 2 11 10 76 (2) 10 1958—Jan. 31 '240 7 36 9 4 5 '33 23 2 22 11 77 1 9 Feb. 28 238 9 35 9 3 6 32 25 2 26 11 71 1 8 Mar. 31 269 9 33 8 6 7 39 27 2 39 13 75 11 Apr. 30^ 278 8 33 6 5 7 35 29 2 45 17 81 10 May 31P 290 5 35 7 5 9 46 24 2 49 18 81 1 9 June 30p 273 8 24 8 4 7 41 26 2 47 16 78 1 9 Table 2b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- I l W n a a e d n n r e i d d - s e s t s a p P R m u a e b n a - - - , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r lic Suri- lic of nam 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957—June 30 893 48 5 77 35 123 93 8 7 208 3 12 32 8 18 159 56 July 31 895 47 4 94 33 98 91 14 8 212 2 13 36 8 24 158 53 Aug. 31 930 35 5 115 40 91 91 17 8 243 3 13 34 30 151 49 Sept. 30 931 29 5 123 28 101 85 13 8 240 3 16 33 6 39 152 50 Oct. 31 953 27 5 111 38 124 82 16 8 238 4 16 34 8 38 154 52 Nov. 30 959 28 4 96 40 119 106 18 9 221 3 17 35 9 40 159 54 Dec. 31 '960 28 3 100 33 107 113 15 8 '231 2 18 '31 8 42 '170 51 1958—Jan. 31 '998 26 3 110 43 107 130 13 9 '224 2 19 31 9 52 166 53 Feb. 28 '994 27 3 141 41 91 126 12 9 '223 2 20 30 7 53 158 52 Mar. 31 1,010 26 3 168 40 89 116 12 9 224 3 24 35 6 47 157 51 Apr. 30? 1,009 24 3 184 42 84 99 10 9 245 3 21 37 6 44 150 48 May 31P 1,056 22 3 202 50 83 123 11 9 257 3 19 38 6 37 144 50 June 30^ 1,028 37 3 189 54 78 105 7 8 253 3 24 33 7 39 136 52 P Preliminary. ' Revised. (excluded from these statistics) amounted to $1,218 million on June 30, 1 Short-term claims reported in these statistics represent principally the 1958. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Part of United Arab Republic since February 1958. maturity of more than one year reported by U. S. banking institutions * Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 1129 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o Egypt3 U S n o o i u f o t n h Other Africa 1954—Dec. 31 143 3 5 16 11 50 7 5 6 39 37 14 6 6 10 1955—Dec. 31 233 3 5 18 10 103 19 6 8 60 43 11 5 8 17 1956—Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 6 8 17 1957 June 30 % 451 7 11 22 24 258 30 5 12 81 46 12 5 11 17 July 31 421 7 11 24 22 248 28 6 11 63 46 12 6 12 15 Aug. 31 396 9 9 24 24 216 40 6 12 58 52 11 6 12 21 Sept. 30 389 9 9 24 23 188 51 6 ,8 71 52 11 5 11 14 Oct. 31 407 7 8 24 26 174 51 6 11 100 48 11 4 12 20 Nov. 30 387 8 7 24 25 150 56 6 12 100 49 10 5 14 19 Dec. 31 386 7 6 22 24 r146 53 6 14 110 50 13 5 12 19* 1958—Jan. 31 400 8 7 23 22 152 54 6 13 115 45 13 5 9 17 Feb. 28 406 7 7 26 21 148 58 6 13 122 44 13 6 7 16 Mar. 31 383 8 7 28 21 139 53 6 12 108 44 13 6 12 12 Apr. 30^ 461 8 8 40 19 214 42 6 12 114 50 13 6 2 14 16 May 31^ 465 7 6 29 19 224 45 5 16 114 73 13 8 2 36 14 June 30^ 451 8 6 29 18 230 32 6 17 106 79 14 9 38 17 TABLE 3. PURCHASES AND .SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES4 [In millions of dollars] U. S. Govt. bonds& notes U. S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u - o r > r - 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 rl,392 r-693 593 622 —29 1957_june 57 31 26 170 135 35 45 43 2 76 90 — 14 July 29 122 -93 161 153 8 130 191 -61 69 60 9 18 175 -157 135 119 16 23 36 -13 46 44 2 Sept 16 10 6 92 103 -11 49 80 -31 41 46 -6 Oct 35 19 17 107 143 -36 123 106 18 44 43 Nov 38 30 7 111 94 17 38 r97 r-58 36 28 8 Dec 73 42 31 101 101 (2) 38 60 -22 30 26 4 1958 Jan r114 113 93 r104 39 179 -140 28 51 — 23 Feb 246 133 113 98 100 -2 54 143 -89 122 202 — 8Q» Mar 65 52 13 129 128 1 39 87 -48 22 40 — 18 Apr.p 72 95 -23 105 124 -20 52 143 -91 22 34 — 12 47 83 -35 117 124 -7 79 361 -283 20 39 June2* . 249 311 -63 136 153 -17 147 189 -42 25 42 -17 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (-). In millions of dollars] Year or month n t a I u i n n t t i t i s o o e t n i r n - - a s l f c o T t o r r o e i u e t i n a g s l - n France F R m l e G e ic d a p e n e u o r r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th li e i r 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 1955 —21 706 —2 9 -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 234 8 33 161 -124 34 4 1957 -157 299 10 3 1 98 79 101 291 -8 8 5 4 1957__June 1 61 2 1 5 50 -6 51 5 4 -1 (2) July -85 7 -78 13 -59 -27 1 (2) I 1 s2 17 -1 -2 15 -17 2 ScDt 1 -6 (2) (2) -5 4 -2 -5 1 «\ Oct 1 -21 — 1 1 () -21 2 11 -8 -13 1 — 2 Nov (2) 24 8 11 -2 2 12 7 3 1 Dec 29 (2) 3 15 23 40 1 -12 (2) 2 1958 J F a e n b 1 ( 3 2) 5 - - 1 2 0 3 - - 3 5 ( 2 ) ( 2 ) - - 5 7 3 3 4 -28 3 - - 4 2 - - 2 9 2 3 1 ( (2 2) ). ( ( 2 2 ) ) Mar P> 13 1 () -1 9 22 33 -15 -4 (2) A M p a r y * P * 2 -4 4 8 4 -1 2 ( 2 ) - - 1 1 0 2 2 5 -2 -1 -8 1 -1 -9 6 - - 2 2 1 8 (2 1 ) 8 (2) 88 -167 5 -5 3 -23 -26 -15 -60 -105 (2) Preliminary. r Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1130 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENT Si BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m ati e n r- Asia o A th ll er Date Deposits U. S. Govt. Misceltutions tries ica securities 2 laneous 3 1954 -164 — 137 _9 — 133 33 — 34 7 1956—Dec. 31 322 3,856 139 1955 -27 —4 -46 74 24 -49 — 7 1 1 9 9 5 5 6 7 — — 3 3 8 3 4 r — — 4 33 7 8 8 231 8 r — — 5 4 5 4 2 7 1 1 7 5 — — 4 4 0 5 — 1 1 3 6 1957— S A e u p g t. . 3 3 0 1 3 33 4 7 2 3 3, , 4 5 2 2 1 3 2 27 8 8 0 Oct. 31 378 3,774 349 1957—June... -1 -11 -12 -11 2 -3 14 Nov. 30 283 3,787 344 July.... -101 49 117 -70 2 -1 Dec. 31 356 3,729 353 Aug -6 -5 15 -21 2 -2 1 N S O e c o p t v t . . . . . . . . - - 7 5 7 3 2 -3 9 9 6 -9 86 9 -3 1 r 0 \ 3 2 A 1 - - — 5 1 4 0 0 ) ) i 1958— F M Ja e a n b r . . . 3 2 3 1 8 1 2 2 2 6 6 4 5 6 9 3 3 3 , , , 3 7 5 1 5 5 5 5 2 4 4 4 0 2 2 5 1 8 Dec.. .. 0) -18 6 -14 -3 -7 A M p a r y . 3 31 0 2 23 5 4 7 3 3 , , 0 0 3 6 7 8 4 4 0 2 5 2 1958—Jan -135 -27 -6 -6 4 -5 -15 June 30 269 2,974 491 F M e a b r . . . . . . . . -1 -4 3 -1 -6 5 3 7 - - 6 2 4 3 - - 9 3 3 6 C 2 1) - - 3 3 0) 2 J A u u ly g . 3 3 1 1 2 3 8 1 8 3 3 3 , , 1 3 6 4 7 4 5 5 4 2 1 3 A J M u p n a e r y . * ? ? * . . . . . . -1 - - 1 9 5 1 3 6 -1 -9 4 3 1 6 4 -5 8 2 1 -1 - -4 8 2 0 6 3 4 2 3 - - 3 4 2 -25 ^ 1 Aug-i6 2 3 0 .-.:::::.::::: 2 2 3 8 5 2 7 3 7 3 3 3, , , 3 3 2 1 7 2 2 2 6 5 5 5 3 3 3 7 1 5 27 256 3,389 526 P Preliminary. rRevised. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at botton of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for,May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa 1North and South America Other month Total U.S.S.R.) A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 1 Brazil Chile Co b l i o a m- Au li s a tra- India 1950 864.5 r781.7 408.2 n 9 24.1 12.0 80.1 155.4 14.3 8.0 4.6 6.7 13.3 30 4 6.7 1 1 9 9 5 5 1 2 8 8 4 6 0 8 . . 0 0 ' r 7 78 6 5 3 . . 7 1 4 4 0 1 3 3 . . 1 7 1r1.0 4 2 2 2 3 . . 9 8 1 12 2 . . 9 3 6 6 6 7 . . 3 4 1 1 5 5 6 3 . . 5 7 1 1 3 6 . . 8 1 8 8 . . 8 9 4 4 . . 8 9 6 6 . . 1 2 1 1 5 4 . . 1 8 3 3 1 4 . . 3 3 7 8 . . 9 9 1953 864.5 '780.5 417.9 rr.5 25.4 13.0 69.0 142 A 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 913.5 '830.4 462.4 is1.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 959.0 r877.7 510.7 1*4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13 3 36 7 7.4 1956 . ... 994.0 r914.8 556.2 uL8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.7 r956.2 596.2 \fI 8 27.7 13.1 63.0 154.7 12.5 6.9 4.2 3.6 11.4 37 9 6.3 1957 June... r79.3 50.1 .6 2.2 .9 4.9 12.6 1.3 .6 .3 .2 .7 3.4 .5 July r82.0 51.4 s 2.3 1.2 5.8 12.8 .7 .6 .4 .2 9 3 7 .5 Aug .... '81.3 51.1 .5 2.4 1.1 5.8 12.6 .9 .6 .4 .5 .8 3.0 .5 Sept 2 r79.8 50.3 6 2.4 1.2 5.7 13.1 .6 .3 .2 .9 3 1 .5 Oct . 2r82.3 50.9 .6 2.4 1.1 6.5 13.9 .6 .3 .4 .8 3.1 .5 Nov 2r79.0 49.8 6 2.4 1.0 5.1 13.1 .6 .3 .2 1 1 3 2 .5 Dec 2'78.0 49.0 ] .6 2.4 .9 5.5 12.9 .5 .3 .2 .9 3.3 .5 1958 Jan . 49 6 ] 2 5 1 4 4.4 13 2 6 .4 1 5 3 2 5 Feb 47.5 i.5 2.5 .9 4.4 12.5 .5 .3 1.0 2.9 .5 Mar .. . 50.1 1 6 2 5 .9 4.3 13.7 .5 .4 .9 3 0 Apr 50.3 6 2.4 1.2 4.5 13.4 .6 .3 1.0 M!ay . . 51 6 2 4 1 0 4.6 13.3 .6 .4 1 i June.... 50.7 2.5 1.4 4.9 13.3 .6 .3 r Revised. Production reported monthly: reports from individual countries except 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Mexico. Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U. S. GOLD 1131 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1957 1958 Area and country Apr- July- Oct- Jan.- Apr, 1950 1951 1952 1953 1954 1955 1956 1957 June Sept. Dec. Mar. June Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 -14.2 -143.6 France -84.8 -20.0 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands -100.0 -65.0 ""5.6 '"-62*9 Portugal. -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 -20.0 Sweden -22.9 -32.0 -20.0 -15.0 "*i5.'2 Switzerland -38.0 -15.0 "'2215 -65.0 -15.5 -8.0 "-5.0 * * — 135Ii Bank for Intl. Settlements -65.3 -30.4 -94.3 -20.0 -15.1 -74.4 Other -16.4 -29.7 -17.3 -17.5 2.6 4.0 3.0 339.3 1.0 331.3 4-187.3 Total -380.2 -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 6.0 31.3 -76.2 -623.2 Sterling Area: United Kingdom -1,020.0 469.9 440.0 -480.0 -50.0 100.3 -300.0 -450.0 Union of South Africa 13.1 52.1 11.5 Other 3.5 3.6 -.3 -.5 -.5 -.1 Total -1,003.4 525.6 451.2 -480.5 -50.5 — 1 100.3 -300.0 -450.0 Canada -100.0 -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 10.1 15.0 40.2 Colombia 17.5 -22.8 -3.5 28.1 Mexico -118.2 -60.2 87.7 -28.1 80.3 -64.8 22.2 14.9 -15.0 -5.0 11.0 29.1 3.1 3.1 .9 30 0 200 0 Other 21.0 -54.7 -2.4 -.3 17.2 3.0 -.7 2.4 2.8 3.3 -.1 -.4 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 12.9 15.0 46.6 -.1 -.4 Asia -38.9 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 -.5 4.0 14.9 -.6 -.4 All other -30.6 -76.0 -.4 1.0 14.1 — .2 -.1 -.5 Total foreign countries.. -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 18.4 18.9 92.8 -377.4 -1,074.1 200.0 600.0 300.0 5-7.1 Grand total -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 318.4 18.9 92.8 -377.4 -1,081.2 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, 4 Includes sale of $168.8 million of gold to Italy. $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 2 Less than $50,000. 5 Figures represent purchase of gold from, or sale to (—), International 3 Includes purchase of $31.5 million of gold from Spain. Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Net Ear- Gold stock Net Ear- (end of year) Increase gold marked Domes- (end of month) Increase gold marked Domesin total import, gold: de- tic gold in total import, gold: de- tic gold Year gold or crease, produc- Month gold or crease, produc- Treas- stock export or in- tion Treas- stock export or in- tion ury Total 1 (-) crease ury Total 1 crease (-) (-) 1945 20,065 20,083 -547.8 -106.3 — 356.7 32.0 1957—Aug 22,626 22,735 -.5 28.6 — 11.4 5.8 1946 20,529 20,706 623.1 311.5 465.4 51.2 Sept 22,635 22,759 24.1 18.9 —9.0 5.7 1947 22,754 22,868 22,162.11,866.3 210.0 75.8 Oct 22,691 22,835 75.4 42.8 36.9 6.5 1948 24,244 24.399 1,530.41,680.4 -159.2 70.9 Nov 22,763 22,837 2.4 34.3 — 31.2 5.1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Dec 22,781 22,857 20.2 18.8 2.0 5.5 1950 22,706 22,820 -1,743.3 — 371.3-1,352.4 80.1 1958—Jan 22,784 22,860 2.3 45.0 -37.3 4.4 1951 22,695 22,873 52.7 -549.0 617 6 66 3 Feb 22,686 22,736 -123 7 38.9 — 167.6 4 4 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Mar 22,394 22,487 —248.7 6.0 —252.0 4 3 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Apr 21,996 22,042 -445.1 26.0 -471.5 4.5 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 May 21,594 21,674 -367.8 17.9 —355.2 4.6 1955 21,690 21,753 —40.9 97.3 -132.4 65.7 June..... 21,356 21,412 -262.4 3 4 -285 0 4.9 1956 21,949 22,058 305.9 106.1 318.5 65.3 July 21,210 21,275 -136.5 18.0 -164.3 (3) 1957 22,781 22,857 798.8 104.3 600.1 63.0 Aug ^21,011^21,082 P-193.3 (3) 4-196.7 (3) v Preliminary. 3 Not yet available. 1 See note 2 on following page. * Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $7,952.2 million on Aug. 31,1958. scription to the International Monetary Fund. 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
1132 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f w t o o r ta ld l 1 Treasury Total 2 A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - 1952—Dec 35,985 23,187 23,252 287 112 52 706 317 896 42 76 214 31 1953—Dec 36,415 22,030 22,091 '372 117 52 776 321 QQfi 42 86 186 31 1954—Dec 37,075 21,713 21,793 '372 138 62 778 322 1,080 42 86 186 31 1955 Dec . . . 37,740 21,690 21,753 '372 144 71 929 323 1,141 44 86 136 31 1956—Dec 38,245 21,949 22,058 224 107 71 928 324 1,113 46 57 136 31 1957__july 22,627 22,735 181 116 84 846 324 1,120 43 58 136 31 22,626 22,735 181 116 87 882 324 1,135 40 58 136 31 Sept 38,825 22,635 22,759 166 116 87 874 324 1,136 40 58 136 31 Oct 22,691 22,835 127 119 83 876 324 1,136 40 60 136 31 Nov 22,763 22,837 126 123 103 875 324 1,127 40 61 136 31 Dec 38,975 22,781 22,857 126 126 103 913 324 1,115 40 62 136 31 1958 Jan 22,784 22,860 126 103 946 324 [ 116 40 63 136 31 Feb 22 686 22 736 126 103 967 324 I 086 40 64 136 31 Mar ^39,125 22,394 22,487 126 103 998 324 1,096 40 136 31 Apr 21,996 22,042 126 103 1,028 324 1,101 40 136 31 May 21 594 21 674 103 1 099 324 I 089 40 136 31 June z>39 350 21 356 21,412 103 1 143 325 I 086 40 136 31 July 21,210 21,275 107 1,182 1,096 40 31 Ger- E m n o d n t o h f Egypt3 l F a i n n d - France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n iof 1952—Dec 174 26 573 140 27 247 235 138 346 144 544 50 38 1953—Dec 174 26 576 328 27 247 145 137 346 158 737 52 38 1954—Dec 174 31 576 626 27 247 81 138 346 62 796 45 38 1955 Dec 174 35 861 920 27 247 81 138 352 142 865 45 48 1956—Dec 188 35 861 1,494 27 247 45 138 338 167 844 50 49 1957 July 188 35 575 2,124 27 247 40 138 390 164 793 45 49 188 35 575 2,261 27 247 41 138 422 163 747 45 49 Sept. . . 188 35 575 2,399 27 247 41 138 428 182 700 45 49 Oct 188 35 575 2,548 27 247 41 138 443 182 700 45 49 Nov 188 35 575 2,557 27 247 41 138 453 181 700 46 49 Dec 188 35 575 2,542 27 247 39 138 452 180 744 45 49 1958 Jan 188 35 575 2,501 27 247 39 138 457 159 792 45 49 Feb 188 35 575 2,489 27 247 39 138 462 159 828 45 49 Mar . ... 174 35 575 2,460 27 247 39 138 462 158 847 43 49 Apr 174 35 575 2,492 247 38 138 417 156 862 43 49 May 174 35 575 2 499 247 38 138 881 43 49 June 174 35 575 2,575 247 38 138 910 43 49 July 174 35 589 2,581 247 38 138 920 43 49 E m n o d n t o h f Peru Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 d - U gu r a u y - V zu e e n l e a - M I t n a o r t n y l. e- B S a I e n n t k t t l l e . f - or Fund ments 1952 Dec 46 286 29 170 184 1.411 113 143 1,846 207 373 1.692 196 1953—Dec 36 361 29 176 218 ,459 113 143 2,518 227 373 11,702 193 1954 Dec 35 429 29 199 265 ,513 113 144 2,762 227 403 1,740 196 1955 Dec 35 428 28 212 276 1,597 112 144 2,120 216 403 ,808 217 1956—Dec 35 448 28 224 266 1,676 112 144 2,133 186 603 ,692 179 1957 juiy 35 461 31 226 233 1,674 112 144 2,367 183 719 ,148 165 35 466 31 226 241 1,694 112 144 2,142 183 719 ,157 184 Sept . ... 35 467 31 215 235 1,725 112 144 1,850 183 719 ,167 138 Oct 28 464 31 215 226 1,733 112 144 2,093 183 719 1,177 130 Nov 28 469 31 218 227 ,718 112 144 2,185 183 719 1,180 143 Dec 28 461 31 217 219 1,718 112 144 2,273 180 719 1,180 165 1958—Jan 28 454 31 206 215 ,727 112 144 2,404 180 719 1,180 171 Feb 20 454 31 212 209 ,733 112 144 2,539 180 719 1,182 162 Mar 20 454 31 193 203 ,720 112 144 2,770 180 719 1,186 182 Apr 20 454 31 179 203 1,770 112 144 2,914 180 719 1,238 212 May 20 474 31 161 203 1,836 112 144 3,039 180 720 1,241 254 June . 20 474 31 159 204 1.857 112 144 3,076 180 720 .242 200 July 474 31 167 204 1,907 144 3,084 167 P Preliminary. ' Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Excludes U.S.S.R. and other Eastern European countries. "United States Money, Outstanding and in Circulation, by Kinds." Represents reported gold holdings of central banks and governments 3 Part of United Arab Republic since February 1958. and international institutions, unpublished holdings of various central 4 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund ar« not included). tion Account based on figures shown below under United Kingdom, 5 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are State and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND DOLLAR HOLDINGS 1133 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1956 June 30, 1957 Sept. 30, 1957 Dec. 31, 1957 Mar. 31, 1958 June 30, 1958? Area and Country Gold& U. S. Gold & U. S. Gold & U. S. Gold& U.S. Gold& U. S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term I bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 367 382 424 452 458 466 7 Belgium-Luxembourg (and Belgian Congo). 1,227 1,133 1,165 1,182 1,259 1,394 7 Denmark 96 92 133 143 162 145 6 Finland 88 94 97 99 96 82 5 France (and dependencies)x 1,505 2996 1,004 946 911 893 16 Germany (Federal Republic of) 3,329 3,719 4,063 4,099 3,968 4,040 10 Greece 187 177 152 167 167 135 Italy 1,268 1,323 1,458 1,531 1,528 1,674 Netherlands (and Netherlands West Indies and Surinam) 1,071 1,004 971 12 1,044 14 1,260 14 1,289 13 Norway 117 133 139 81 138 105 150 95 151 86 Portugal (and dependencies) 628 622 636 (3) 651 (3) 658 678 Spain (and dependencies) 160 142 140 114 118 120 Sweden 483 0) 499 () 508 (3) 479 5 461 458 4 Switzerland 2,512 131 2,442 132 2,527 134 r2,685 1s28 2,624 118 2,690 83 T O u th rk e e r* y 9 1 3 6 3 4 ( 1 3 2 ) 1, 1 2 5 0 8 4 8 156 ( 12 3) 8 1 6 6 3 2 9 1 7 5 8 7 ( 6 3) 1,1 1 2 56 9 Total 14,135 298 14,120 298 14,462 294 14,755 319 14,955 296 15,500 248 Sterling Area: United Kingdom 2,812 203 2,894 264 2,507 180 2,875 205 3,460 241 3,810 226 United Kingdom dependencies 103 96 4 109 104 4 102 4 99 4 Australia 191 191 197 211 5208 5201 () India 323 323 329 329 326 331 Union of South Africa 277 294 262 1 255 1 231 183 Other 228 226 227 30 224 34 230 229 37 Total 3,934 223 4,024 299 3,631 216 3,998 245 4,557 284 4,853 269 Canada 2,629 367 2,712 457 2,786 443 2,738 457 2,722 441 3,087 341 Latin America: Argentina 370 () 345 313 () 263 270 266 () Brazil 549 467 457 456 440 450 Chile 137 1 131 1 117 1 115 117 126 1 Colombia 210 (3) 263 (3) 244 (3) 215 () 5199 () 5189 (3) Cuba 347 167 393 167 416 1167 371 154 371 1146 417 98 P M G a u e n a x a t i e m c m o a a , l R a epublic of 6 1 9 0 0 1 0 9 (3 1 ) 5 1 9 0 3 7 4 5 ( 4 3) 5 1 5 8 2 3 7 9 1' 1 5 9 3 6 2 6 6 5 1 9 3 4 3 6 4 15 1 4 9 8 3 1 8 4 ( 1 3) Peru 119 (3) 110 1 96 88 82 93 Uruguay 259 248 (3) 243 235 266 257 Venezuela 1,058 3 1,450 2 1,615 1,554 1,428 1,460 Other 274 12 345 11 293 13 277 300 301 12 13 Total 4,123 190 4,488 188 4,563 189 r4,368 176 4,246 168 4,272 120 Asia: Indonesia 231 168 220 190 128 () 122 Iran 158 173 187 193 190 1 202 Japan 1,145 754 698 '714 833 932 Philippines 294 243 235 181 196 175 Thailand 260 279 275 269 269 260 Other 707 766 768 777 773 1 764 7 Total 2,795 17 2,383 16 2,383 16 '2,324 16 2,389 15 2,455 15 All other: Egypte 238 246 242 228 216 192 Other 129 175 166 162 170 151 Total 367 421 7 408 7 390 7 386 343 Total foreign countries i 27,983 1,103 28,148 1,265 28,233 1,165 ••28,573 1,220 29,255 1,212 30,510 1,001 International institutions 3,144 391 2,720 366 2,679 222 r2,697 222 2,563 356 2,689 446 Grand total7 31,127 1,494 30,868 1,631 30,912 1,387 r31,270 1,442 31,818 1,568 33,199 1,447 v Preliminary. r Revised. 6 Part of United Arab Republic since February 1958. 1 Excludes gold holdings of French Exchange Stabilization Fund. 7 Excludes gold reserves of the U. S. S. R. and other Eastern European 2 Does not include $286 million of gold loaned by Bank of France to countries. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on a 5 Includes latest reported figures for gold reserves as follows: Australia survey of selected U. S. banks and on monthly reports of security transac- (Dec. 31, 1957); Colombia (Feb. 28); and Mexico (Apr. 30). tions. For back figures see BULLETIN for March 1956, pp. 304-05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1134 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. Inimillions of dollars] 1957 1958 1957 1958 Item Item Apr . July Oct. Jan. Apr. June Sept. Dec. Mar. June Gold 1,439 1,148 1,177 1,180 1,238 Dollar deposits and U. S. securities. 484 524\ 601I 683 917 Investments8 200 200 200 200 200 Other currencies and securities 1... 873 85S 8i:\ 161 752 Currencies: United States1... 977 992 811 769 696 Effective loans2 2,437 2,54S 2,60(> 2,795 2,829 Otheri 5,489 5,777 5,948 5,992 6,060 Other assets3 72 ItJ it 90 93 Unpaid member subscriptions 817 818 874 874 898 Other assets 5 6 8 IBRD bonds outstanding 1,034 1,141 1,26S> 1,405 1,658 670 61ti 62() 699 675 Member subscriptions 8,932 8,941 9,016 9,016 9,088 Other liabilities 19 2C) 2] 24 27 Accumulated net income -6 -2 3 289 30: 31S) 335 350 Reserves and liabilities 2 2 2 4 m Capital 1,854 1,86'i 1,86"1 1,872 1,881 Quota Cumulative net drawings on the Fund Loans by country, July 31, 1958 Country io Paid 1957 1958 Outstanding Total in Area and member country* gold June May June Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 75 others5 Belgium 225 56 50 50 50 Brazil 150 38 38 75 113 Chile 50 9 12 37 37 Continental W. Europe, total.. 1,282 1,083 210 873 102 Colombia 50 13 25 35 35 Belgium and Luxembourg... 173 131 15 116 31 France 525 108 263 328 394 267 267 21 247 13 India... 400 28 200 200 200 Italy 121 2 119 20 Indonesia 110 16 55 55 55 Netherlands 236 236 147 90 30 Japan 250 63 125 125 Other 368 328 27 301 8 Netherlands 275 69 64 64 Un. of S.Africa... 100 25 25 36 1,268 923 101 822 110 United Arab Rep.. 60 10 30 30 30 Australia • 318 303 20 283 32 United Kingdom.. 1,300 236 562 562 550 India 422 283 27 256 29 United States 2,750 688 11-1,611 H-1 ,991 H-2,046 Pakistan P6 62 11 51 4 Union of S Africa 160 150 31 118 22 United Kingdom 193 95 5 90 24 Notes to tables on international institutions: Other 49 30 7 24 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, Latin America total 798 611 78 533 24 repayments, the net amount outstanding on loans sold or agreed to be Brazil 182 167 20 147 sold to others, and exchange adjustment. 111 95 22 73 2 3 Excludes uncalled portions of capital subscriptions. 186 147 11 136 10 4 Loans to dependencies are included with member. Other 318 203 25 178 12 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $292 million in loans; not yet effective. Asia (excl. Sterling area), total. 415 202 8 194 15 7 Includes $232 million not guaranteed by the Bank. J T a h p a a i n land 1 1 0 8 7 5 4 8 1 0 4 4 7 3 7 6 2 7 9 * T U r . a S ns . f T er r r e e a d s u t r o y G bi e ll n s e p ra u l r c R h e a s s e e r d v e w . ith proceeds of sales of gold. Other 123 81 81 6 i ° Countries shown are those with cumulative net drawings of $25 million or more on the latest date. Africa (excl. Sterling area).... 63 10 1 9 1 11 Represents sales of U. S. dollars by the Fund to member countriei for local currencies, less repurchases of such currencies with dollars. Total 63,826 2,830 399 2,431 7253 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r t o m f e is n s t ue Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r io cu n l a 1 - Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 1957_Aug. 28 .4 2,025.0 2.4 29.9 17.6 253.5 1,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 1,967.5 216.8 13.0 73.1 18.5 Oct. 30 .4 2,000.0 2.5 33.4 13.7 288.7 1,967.0 234.6 10.1 75.7 17.8 Nov. 27 .4 2,050.0 2.4 48.9 19.8 260.3 2,001.4 226.9 10.1 76.4 18.0 Dec. 25 .4 2,150.0 2.4 22.4 21.0 263.6 2,128.0 199.5 9.8 81.9 18.1 1958—Jan. 29 .4 2,000.0 2.4 43.2 25.3 239.4 1,957.2 205.1 12.2 74.6 18.3 Feb. 26 .4 2,000.0 2.4 38.2 27.9 258.3 1,962.1 224.0 11.4 73.0 18.5 Mar. 26 .4 2,000.0 2.4 57.6 16.6 253.2 1,992.7 214.6 17.2 79.5 18.5 Apr. 30 .4 2,050.0 2.4 39.9 29.1 249.8 2,010.4 200.4 9.9 73.1 17.8 May 28 .4 2,050.0 2.4 16.5 28.7 264.9 2,033.9 209.9 12.9 71.6 18.0 June 25 .4 2,050.0 2.4 12.1 12.9 306.6 2,038.3 230.5 13.3 72.1 18.1 July 30 , , . .4 2,150.0 2.3 21.5 11.1 276.6 2,128.9 204.6 16.5 72.1 18.3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS 1135 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date S U d S t o e a n t l a r n i l l t t a d i e e n r s d s g D S o c t i h m e a r o l i m r n g t i - o o v n t a s n e d cu O p r r i t t h o i e e v r s in- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i . i o ts n Other li c a O a b a p t i n h l i i d t e t a i r e l s 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31, 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31. 57.4 ,283.8 ,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—Dec. 31, 60.8 ,025.0 ,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957_Aug. 31 62.4 ,251.8 ,208.4 203.9 ,815.5 542.8 64.0 33.3 270.9 Sept. 30, 55.3 ,208.4 ,204.2 110.9 ,819.1 480.8 66.9 28.7 183.3 Oct. 31 56.6 ,297.5 ,192.1 163.5 ,824.0 623.7 40.1 25.8 196.0 Nov. 30 56.2 ,321.5 ,152.0 252.8 ,828.0 543.4 64.3 30.7 316.1 Dec. 31 63.5 ,246.2 ,217.5 131.5 ,903.7 517.6 35.4 31.2 170.8 1958—Jan. 31 63.0 ,265.5 ,105.0 182.2 ,776.5 533.8 57.3 23.3 224.8 Feb. 28, 63.2 ,293.0 ,103.2 198.1 ,783.7 555.2 46.1 26.8 245.6 Mar. 31 61.2 ,373.9 ,074.3 157.6 1,809.7 579.5 53.8 24.6 199.3 Apr. 30 51.3 ,329.7 ,144.1 117.3 1,832.0 554.2 60.4 25.1 170.6 May 31 58.0 ,002.4 ,472.7 202.3 1,843.5 540.7 65.5 27.1 258.5 June 30 50.4 ,496.1 ,087.4 150.7 1,876.1 609.8 60.8 30.6 207.3 July 31, 49.5 ,501.9 ,123.6 120.7 1,902.9 619.9 61.3 26.7 185.0 Bank of France (billions of francs) Assets Liabilities Date Gold Fo e r x e - ign Domestic bills A G d ov v e a r n n c m es e t n o t Other ci N rc o u t l e a- Deposits O li i a t t i b h e i e s l r change m O a p r e k n et Special Other Current Other tion G m ov en er t n- Other* ca a p n it d al 1953—Dec. 31, 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30, 201.3 57.3 236.8 48.9 ,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29, 301.2 200.2 226.7 45.2 ,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—Dec. 27, 301.2 49.6 289.2 30.5 ,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957_Aug. 29, 201.2 11.9 307.2 6.2 ,931.4 175.0 789.8 271.1 3,219.7 376.6 97.4 Sept. 26, 201.2 11.9 322.7 18.3 ,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31, 201.2 12.0 315.2 44.0 ,914.9 175.0 829.8 341.1 3,292.5 417.0 123.6 Nov. 28, 201.2 12.0 282.0 44.6 ,893.9 175.0 820.1 296.2 3,139.9 467.1 118.0 Dec. 26. 201.2 11.9 290.2 52.3 ,951.2 175.0 796.4 295.0 3,174.9 475.3 122.9 1958—Jan. 30, 201.2 11.9 260.3 53.4 ,868.9 175.0 949.4 268.8 3,191.7 469.0 128.1 Feb. 27. 201.2 11.8 290.2 50.6 ,827.7 175.0 948.9 259.7 3,197.9 455.5 111.8 Mar. 27. 201.2 11.8 287.8 34.8 ,932.3 175.0 899.9 253.2 3,192.1 478.5 125.5 Apr. 30. 201.2 11.9 322.6 27.1 ,881.2 175.0 946.4 305.0 3,295.5 470.8 104.1 May 29, 201.2 11.9 310.7 22.7 2,011.6 175.0 929.8 270.3 3,286.3 550.2 96.7 June 26, 201.2 11.8 289.3 16.2 1,975.7 175.0 948.9 264.3 3,266.9 492.9 122.7 July 31. 5247.6 14.2 248.2 8.4 2,030.6 175.0 966.1 6319.2 3,438.0 460.1 111.1 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July Central Bank of the Argentine Republic Commonwealth Bank of Australia (millions of pesos): 7 (millions of pounds): Gold and foreign exchange (net)... -1,214 -1,006 Gold and foreign exchange 419 433 446 471 Net claim on Intl. Fund 8 -675 -675 Checks and bills of other banks.. 3 4 3 Advances to Government 2,175 2,375 Securities (incl. Govt. and Treas- Government securities 63,485 63,297 ury bills) 491 467 452 465 Loans and discounts 6,243 6,220 Other assets 30 40 45 47 Other assets 4,000 3,670 Note circulation 390 388 385 383 Currency in circulation 53,486 52,796 Deposits of Trading Banks: Deposits—Government 335 444 Special 265 275 290 340 Banks 13,599 11,736 Other 31 27 25 32 Other 340 339 Other liabilities and capital 257 253 247 231 Other liabilities and capital 6,253 8,566 Notes to central bank table on this and opposite page: 7 Under the banking reform, effective Dec. 2, 1957, the Central Bank 1 Notes issued, less amounts held in banking department. has been reorganized. The balance sheet has been substantially modified, 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control and figures are not comparable with those shown previously. Board in return for short-term Govt. securities (see BULLETIN for July 8 This figure represents the amount of the country's subscription to 1940, pp. 677-78). the Fund less the bank's local currency liability to the Fund. 3 Includes Economic Cooperation Administration. NOTE.—All figures, including gold and foreign exchange, are compiled 4 Less than 50 million francs. from official reports of individual banks and are as of the last report date 5 On July 31, 1958, gold reserves were revalued on the basis of 420 of the month. For details relating to individual items, see BULLETIN for francs per U. S. dollar. April 1955, p. 443. 6 Includes 120.1 billion francs of gold loaned to Stabilization Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1136 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July Austrian National Bank (millions of National Bank of Cuba (millions of schillings): pesos): Gold 2,745 2,655 2,654 2,169 Gold 136 136 136 Foreign exchange (net) 11,561 10,815 10,352 9,793 Foreign exchange (net) 139 101 188 Loans and discounts 5,896 6,010 5,887 6,286 Foreign exchange (Stabilization Claim against Government 1,345 1,345 1,342 1,343 Fund) 117 141 201 Other assets 850 852 849 612 Net claim on Intl. Fund1 13 13 13 Note circulation 16,042 15,686 15,174 14,773 Loans and discounts 76 95 45 Deposits—Banks 2,390 2,077 1,925 1,731 Credits to Government 220 196 119 Other 878 943 993 988 Other assets 66 73 76 Blocked 1,101 1,059 1,091 902 Note circulation 485 501 446 Other liabilities and capital 1,984 1,912 1,902 1,807 Deposits 243 216 300 National Bank of Belgium (millions of Other liabilities and capital 38 38 33 francs): National Bank of Czechoslovakiai2 Gold 59,107 57,133 54,971 42,298 Natioi Bank of Denmark (millions Foreign claims and balances (net). 9,818 10,456 10,975 9,305 of kroner): Loans and discounts 6,664 5,343 6,997 15,140 Gold 68 68 68 68 Consolidated Govt. debt 34,243 34,243 34,243 34,456 Foreign exchange 1,110 1,062 1,062 820 Govt. securities 8,105 6,805 6,280 9,525 Loans and discounts 107 152 176 145 Other assets 6,128 6,131 6,033 5,802 Securities 373 335 323 493 Note circulation , 117,394 112I989 1122,140 110,801 Govt. compensation account 2,953 2,954 2,978 3,023 Deposits—Demand 1,540 2,161 2,468 1,154 Other assets 853 674 886 755 ECA 19 19 19 20 Note circulation 2,327 2,367 2,304 2,151 Other liabilities and capital...... 5,111 4,940 4,871 4,551 Deposits—Government 1,255 1,263 1,380 1,519 Central Bank of Bolivia—Monetary Other 1,245 1,338 1,533 1,382 dept. (millions of bolivianos): (Mar.)* Other liabilities and capital 637 277 277 252 Gold at home and abroad 7,045 239 Centrraal Bank of the Dominican Re- Foreign exchange (net) -52,781 28,176 public (thousands of pesos): Gold contribution to Intl. Fund. • 21,375 475 Gold 11,432 11,432 11,432 11,405 Loans and discounts 362,275 287,803 Foreign exchange (net) 10,275 11,494 10,211 15,758 Govt. securities 7,872 7,920 Net claim on Intl. Fund1 2,500 2,500 2,500 2,500 Other assets 44,910 22,497 Loans and discounts 10,115 10,118 10,118 2,973 Note circulation 195,229 175,982 Govt. securities 7,300 7,300 7,300 7,830 Deposits 18,428 16,523 Other assets 29,611 28,995 28,323 22,682 Other liabilities and capital 177,039 161,605 Note circulation 53,979 55,415 54,345 48,120 Central Bank of Ceylon (millions of Demand deposits 13,163 12,254 11,497 11,558 rupees): Other liabilities and capital 4,093 4,171 4,042 3,472 Foreign exchange , 509 493 497 598 Centtrraall ]Bank of Ecuador (millions of Advances to Govt 47 58 68 31 sucres): Govt. securities 125 119 108 34 Gold 325 325 325 325 Other assets 46 42 24 11 Foreign exchange (net) -85 -98 -71 46 Currency in circulation 517 516 508 459 Net claim on Intl. Fund * 38 38 38 -37 Deposits—Government , 2 7 5 7 Credits—Government 474 502 495 530 Banks 79 81 80 97 Other 382 340 313 302 Other liabilities and capital 129 108 104 112 Other assets 314 281 264 246 Central Bank of Chile (millions of Note circulation 736 695 686 714 pesos): Demand deposits—Private banks. 216 210 190 234 Gold 5,447 4,265 4,263 4,254 Other 185 169 179 171 Foreign exchange (net) 339 398 551 1,081 Other liabilities and capital 310 313 309 293 Net claim on Intl. Fund1 -2,952-2,732 -2,732 19 Natiioonal Bank of Egypt (millions of Discounts for member banks 18,288 19,959 22,134 13,099 pounds): Loans to Government 40,650 39,079 39,078 26,077 Gold...., 61 61 61 66 Other loans and discounts 61,038 68,302 66,462 51,738 Foreign assets3 65 66 70 99 Other assets 44,055 37,676 36,731 22,811 Egyptian Govt. securities 187 187 185 167 Note circulation 90,394 90,090 87,486 69,329 Clearing and other accounts (net). -39 -37 -38 -26 Deposits—Bank 12,075 8,559 9,382 7,428 Loans and discounts 38 40 37 22 Other 6,566 6,786 2,977 2,355 Other assets 3 2 4 2 Other liabilities and capital 57,831 61,511 66,643 40,033 Note circulation 183 191 185 188 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 14 18 23 8 lions of pesos): Other 96 89 91 114 Gold and foreign exchange 301 266 256 409 Other liabilities and capital 20 19 19 20 Net claim on Intl. Fund * 52 52 52 52 Centtrraall !Reserve Bank of El Salvador Loans and discounts 1,858 1,838 1,773 (thousands of colones): Govt. loans and securities 641 631 635 699 Gold 78,508 78,526 78,663 Other assets 351 338 337 606 Foreign exchange (net) 29,828 34,571 70,563 Note circulation 1,059 1,045 988 931 Net claim on Intl. Fund1 4,689 4,689 1,562 Deposits 1,344 1,278 1,233 ,274 Loans and discounts 79,713 85,921 65,296 Other liabilities and capital 801 801 832 460 Govt. debt and securities 2,544 3,979 12,145 Central Bank of Costa Rica (millions Other assets 9,484 9,387 7,462 of colones): Note circulation 93,607 97,052 100,806 Gold 12 12 12 12 Deposits 98,235 107,106 123,042 Foreign exchange 103 111 105 Other liabilities and capital 12,924 12,914 11,844 Net claim on Intl. Fund* 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 110 105 112 98 Gold 7,866 7,850 7,850 7,849 Securities 13 13 14 16 Foreign assets and liabilities (net), 45,855 41,238 37,882 15,241 Other assets 32 34 35 22 Loans and discounts 28,571 35,699 31,014 37,679 Note circulation 164 167 171 153 Securities—Government , 8,125 8,125 8,125 16,250 Demand deposits 54 56 51 53 Other , 1,643 1,665 1,614 1,510 Other liabilities and capital 60 58 61 37 Other assets , 15,523 16,121 17,029 13,656 Note circulation , 56,824 59,332 59,038 53,471 Deposits , 14,471 15,757 9,311 5,132 Other liabilities and capital , 36,288 35,609 35,165 33,582 r Revised. * Latest month available. 3 Beginning Mar. 27, 1958, includes gold in Banking Department, 1 This figure represents the amount of the country's subscription to the previously combinled with gold in Issue Department. FULtn d less the bank's local currency.„ l.i ab..ility to the Fund. NNOOTTEE—.—AAlll l ffleigwures, including gold and foreign exchange, are compiled 2 For the last available reports for Czechoslovakia and Hungary (March from official reports of individual banks and are as of the last report date and February 1950, respectively), see BULLETIN for September 1950, of the month pp. 1262-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS 1137 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July German Federal Bank4 (millions of Bank of Israel (millions of pounds): German marks): Gold 6 6 6 9 Gold 10,766 10,695 10,423 8,887 Foreign exchange 160 167 170 102 Foreign exchange 14,406 13,843 13,872 12,571 Clearing accounts (net) -9 -6 -3 -2 Loans and discounts 922 1,586 946 1,962 Loans and discounts 22 22 42 24 Loans to Government 2,248 2,676 2,229 4,229 Advances to Government 115 116 85 65 Other assets 1,578 1,623 1,475 1,029 Other Govt. accounts 99 98 97 120 Note circulation 17,111 16,974 16,738 15,545 Govt. securities 148 148 148 150 Deposits—Government , 4,311 4,801 3,960 5,781 Other assets 11 10 8 12 Banks 5,786 5,989 5,455 4,861 Notes and coin in circulation. 267 261 258 241 Other , 176 419 437 187 Deposits—Government 44 43 42 35 Other liabilities and capital , 2,538 2,240 2,355 2,304 Other 211 227 224 179 Bank of Greece (millions of drachmae) Other liabilities and capital 30 30 29 27 Gold and foreign exchange (net)., 5,432 5,771 6,150 Bank of Italy (billions of lire): Loans and discounts , 193 190 158 Gold 5 4 4 4 Advances—Government , 4,799 4,651 8,003 Foreign exchange 71 71 70 71 Other , 6,238 6,135 5,000 Advances to Treasury , 567 567 567 567 Other assets 2,471 2,370 2,260 Loans and discounts , 429 427 413 440 Note circulation 6,946 7,074 6,012 Govt. securities , 394 393 395 418 Deposits—Government , 1,244 1,051 1,104 Other assets 1,620 1,467 1,429 1,111 Reconstruction and Note circulation , 1,839 1,774 1,768 1,712 relief accts 3,693 3,688 7,113 Deposits—Government 16 13 11 4 Other 6,034 6,156 5,647 Demand 133 152 128 147 Other liabilities and capital 1,216 1,149 1,695 Other 888 788 796 576 Bank of Guatemala (thousands of Other liabilities and capital 210 201 174 173 quetzales): Bank of Japan (billions of yen): Gold 27,270 27,270 27,271 27,263 Bullion ) ) Foreign exchange (net) 33,528 36,999 39,584 42,142 Loans and discounts 495 553 499 484 Gold contribution to Intl. Fund., 1,250 1,250 1,250 1,250 Govt. securities 275 216 253 243 Rediscounts and advances , 20,525 17,501 19,062 7,750 Other assets 183 185 183 137 Other assets 46,321 46,485 37,938 40,107 Note circulation 689 701 660 664 Circulation—Notes 58,950 59,953 59,293 57,314 Deposits—Government 51 39 52 44 Coin 4,465 4,456 4,469 4,168 Other 69 67 73 68 Deposits—Government 11,540 9,416 9,988 8,948 Other liabilities 145 147 150 Banks , 21,647 22,375 24,163 22,033 Bank of Mexico (millions of pesos): Other liabilities and capital 32,292 33,305 27,192 26,049 Monetary reserve? 1,862 1,794 National Bank of Hungary 2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,356 4,675 4,217 rupees): Bills and discounts 1,187 1,002 1,061 Issue department: Other assets 821 749 853 Gold at home and abroad 1,178 1,178 1,178 1,178 Note circulation 5,349 5,342 5,140 Foreign securities , 1,847 1,997 2,097 4,005 Demand liabilities 2,100 2,209 2,037 Indian Govt. securities 11,296 11,676 11,576 8,868 Other liabilities and capital 776 763 748 Rupee coin 1,351 1,313 1,306 1,302 Netherlands Bank (millions of Note circulation 15,418 15,771 15,878 14,988 guilders): Banking department: Gold 3,480 3,442 3,332 3,020 Notes of issue department 253 392 279 364 Silver (including subsidiary coin). , 18 17 16 9 Balances abroad 125 180 327 197 Foreign assets (net) 1,212 1,267 1,272 641 Bills discounted 24 7 7 31 Loans and discounts 32 101 32 200 Loans to Government 148 267 541 262 Govt. debt and securities , 322 170 137 732 Other assets 4,308 3,730 3,213 3,548 Other assets 275 292 315 369 Deposits 3,499 2,842 2,701 3,090 Note circulation 4,275 4,205 4,139 4,166 Other liabilities and capital 1,360 1,734 1,666 1,313 Deposits—Go vernment 293 247 Bank Indonesia (millions of rupiahs): ECA 17 Gold and foreign exchange (net).. 1,085 1,127 1,277 448 Other 857 594 525 575 Loans and discounts 1,670 1,447 1,468 826 Other liabilities and capital 207 197 192 214 Advances to Government 23,256 22,497 21,864 15,787 Reserve Bank of New Zealand (thou- Other assets 1,016 1,007 952 685 sands of pounds): Note circulation 15,849 15,554 15,179 11,396 Gold 6,163 6,162 6,162 6,162 Deposits—ECA 73 77 77 282 Foreign exchange reserve 31,112 23,424 23,964 57,478 Other 4,957 5,110 5,167 4,221 Loans and discounts 50,143 43,993 44,634 32,151 Other liabilities and capital 6,148 5,337 5,138 1,847 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 32,195 44,069 44,043 26,398 Gold 5,536 5,536 5,536 4,533 Investments 36,377 36,377 36,377 38,124 Foreign exchange 962 962 962 Other assets 1,438 1,678 1,875 1,502 Gold contribution to Intl. Fund. . 663 663 663 663 Note circulation 73,533 73,882 74,370 72,030 Govt.-secured debt 7,923 7,923 7,923 7,923 Demand deposits 75,489 73,652 71,473 80,679 Govt. loans and discounts 12,962 14,142 12,948 12,312 Other liabilities and capital 8,405 8,168 11,214 9,107 Other loans and discounts 9,528 9,075 8,991 6,560 Bank of Norway (millions of kroner): Other assetss 19,291 15,901 15,905 15,930 Gold 192 192 192 205 Note circulation 13,079 12,784 12,584 11,249 Foreign assets (net) 202 174 240 220 Deposits—Government 8,050 6,508 6,607 7,127 Clearing accounts (net) 16 -19 -14 10 Banks 2,545 2,567 2,160 1,659 Loans and discounts 97 93 99 85 Other 23,762 21,558 20,460 17,153 Securities 215 210 221 114 Special Account—Profits of reval- Occupation account (net) 5,440 5,440 5,440 5,546 uation 6,190 6,190 7,110 7,110 Other assets 216 200 192 86 Other liabilities and capital 3,238 4,595 4,006 3,624 Note circulation 3,292 3,285 3,164 3,287 Central Bank of Ireland (thousands of Deposits—Government 1,517 1,565 1,746 1,482 pounds): Banks 411 318 335 465 Gold 2,646 2,646 2,646 2,646 FOA 26 Sterling funds... 72,739 72,456 72,867 70,767 Other liabilities and capital 1,157 1,122 1,124 1,008 Note circulation. 75,385 75,102 75,513 73,413 4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central .0275557 to .0117316 grams of fine gold per rial. Bank were merged with the Bank of German States (Bank deutscher 6 Holdings in each month were 448 million yen. Lander) and the latter became the German Federal Bank (Deutsche 7 Includes gold, silver, and foreign exchange forming required reserve Bundesbank). (25 per cent) against notes and other demand liabilities. 5 Includes (1) gold and foreign exchange in banking department and For other notes see opposite page. (2) in May 1957, the profit resulting from revaluation of gold from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1138 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 449 449 448 513 Issue department: Foreign assets 1,320 1,260 1,241 1,300 Gold at home and abroad 117 117 116 115 Net claim on Intl. Fundi 129 129 129 129 Foreign exchange—Approved.. 524 627 660 739 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office 2. 3,773 4,597 4,586 4,616 Pakistan Govt. securities 2,166 2,192 2,190 1,820 Other domestic bills and advances. 54 382 246 15 India currency 430 430 430 430 Other assets 84: 875 841 932 Rupee coin 50 42 43 58 Note circulation 5,359 5,513 5,358 5,246 Notes in circulation 3,232 3,373 3,347 3,071 Demand deposits—Government.. 126 136 107 241 Banking department: Other 71 56 45 279 Notes of issue department 112 92 149 149 Other liabilities and capital 1,012 1,988 1,981 1,739 Bills discounted 17 40 1 Swiss National Bank (millions of Loans to Government 46 110 139 francs): Other assets 1,064 1,021 1,041 1,143 Gold 8,251 8,034 7,943 7,095 Deposits 1,069 1,077 1,149 1,120 Foreign exchange 539 572 506 527 Other liabilities and capital.... 169 187 181 172 Loans and discounts 140 142 143 176 Central Bank of Paraguay (millions of Other assets 90 86 86 98 guaranies): Note circulation 5,544 5,569 5,494 5,531 Gold 10 10 10 Sight liabilities 3,236 3,025 2,948 2,135 • Foreign exchange (net) 447 431 460 Other liabilities and capital 240 239 235 229 Net claim on Intl. Fund i 113 113 113 Central Bank of the Republic of Turkey Loans and discounts 1,601 1,598 1,677 (millions of pounds): Govt. loans and securities 732 679 662 Gold 403 403 403 402 Other assets 527 552 492 Foreign exchange and foreign Note and coin issue 1,333 1,349 1,224 clearings 306 331 367 486 Deposits—Government 357 312 545 Loans and discounts 5,779 5,637 5,391 4,405 Other 323 315 257 Securities 33 33 32 33 Other liabilities and capital 1,416 1,406 1,387 Other assets 274 262 252 265 Central Reserve Bank of Peru (millions Note circulation 3,827 3,728 3,355 2,801 of soles): Deposits—Gold 156 156 156 155 Gold and foreign exchange. 129 83 109 673 Other 1,960 1,957 2,096 1,916 Net claim on Intl. Fund* 67 67 67 67 Other liabilities and capital 852 825 838 719 Loans and discounts to banks.... 1,393 1,320 1,364 953 Bank of the Republic of Uruguay (mil- Loans to Government 2,004 2,029 1,812 1,619 lions of pesos): Other assets 106 138 169 127 Gold 273 278 Note circulation 2,838 2,661 2,765 2,549 Silver 9 Deposits 591 667 437 667 Advances to State and Govt. Other liabilities and capital 271 309 319 224 bodies 319 264 Central Bank of the Philippines Other loans and discounts 695 615 (millions of pesos): Other assets 975 797 Gold 23 22 20 52 Note circulation 651 559 Foreign exchange 148 157 188 237 Deposits—Government 199 203 Loans 230 217 131 137 Other 396 371 Domestic securities 827 842 826 524 Other liabilities and capital 1,026 829 Other assets 169 168 169 164 Central Bank of Venezuela (millions Circulation—Notes 701 710 736 681 of bolivares): Coin 88 87 87 86 Gold 1,999 1,999 1,999 2,099 Demand deposits 441 448 346 222 Foreign exchange (net) 1,567 1,738 1,651 2,020 Other liabilities and capital 166 161 166 124 Other assets 150 138 107 203 Bank of Portugal (millions of escudos): Note circulation 1,440 1,468 1,468 1,295 Gold 6,016 6,040 5,942 Deposits 820 824 915 499 Foreign exchange (net) 14,007 13,913 13,566 Other liabilities and capital 1,455 1,582 1,374 2,527 Loans and discounts 1,275 1,456 1"6~09 National Bank of Federal People's Re- Advances to Government 1,365 1,362 1,370 public of Yugoslavia (billions of Other assets 1,317 1,304 1,918 dinars): Note circulation 12,035 11,917 11,496 Gold 4 4 4 6 Demand deposits—Government.. 2,050 2,119 2,140 Gold contribution to Intl. Fund.. 2 2 2 2 ECA 21 21 18 Foreign assets 24 23 23 37 Other 7,389 7,556 7,675 Loans (short-term) 875 879 892 774 Other liabilities and capital 2,485 2,462 3,076 Govt. debt (net) 95 83 68 86 Sooth African Reserve Bank (millions Other assets 19 17 15 52 of pounds): Notes and coin in circulation 125 122 119 101 Gold 59 56 57 Demand deposits 444 439 452 353 Foreign bills 20 20 15 Foreign liabilities 78 81 79 87 Other bills and loans 76 65 63 Long-term liabilities (net) 304 303 309 297 Other assets 57 67 65 Other liabilities and capital 67 65 46 119 Note circulation 118 116 116 114 Bank for International Settlements Deposits 63 64 54 55 (millions of Swiss gold francs): Other liabilities and capital 31 28 32 15 Gold in bars 510 613 776 504 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 60 54 52 48 Gold 618 618 618 Rediscountable bills and accept- Silver 313 313 323 ances (at cost) 488 405 291 508 Govt. loans and securities 17,216 16,603 16,365 Time funds at interest 551 581 452 410 Other loans and discounts 60,750 58,884 56,959 Sundry bills and investments 854 796 718 649 Other assets 73,412 64,900 66,551 Funds invested in Germany 297 297 297 297 Note circulation 64,905 64,699 60,280 Other assets 1 1 1 Deposits—Government 5,902 3,041 2,245 Demand deposits—Gold 783 840 762 780 Other 12,132 11,727 17,282 Other 1,429 1,353 1,272 ,099 Other liabilities and capital 69,370 61,851 61,009 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 319 326 324 308 i This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 Includes small amount of nongovernment bonds. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES 1139 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS * [Per cent per annum] Central banks with new rates since June 1957 Month effective g B iu e m l- m De a n- rk France m G a e n r- y Italy N la e e n r t - d h s - Spain S d w e e- n U K d n i o n i m t g e - d C ad a a n 2 - Japan3 P p h in il e ip s - A t r in g a e n 3 - Cuba' In effect June 30, 1957 3.50 5.5 4.0 4.5 4.0 3.75 4.25 4.0 5.0 4.06 8.40 1.5 3.5 4.5 1957_july 4.50 4.25 5.00 5.0 4.05 Aug 5.0 5.00 4.28 Sept 4.0 7.0 4.05 4 5 Oct 4.05 Nov 3 83 Dec 3.87 6.0 5.5 1958—Jan 3.5 4.50 3.50 Feb 3.11 Mar 4.25 4 00 6 0 2 52 5.0 1.62 May 4.5 5 5 1 79 June . . . .. 4 00 3.0 3.5 3.50 5 0 1 97 7 67 July 3.75 1.12 Aug 3.50 4.5 4 5 1 74 In effect August 31, 1958 3.50 4.5 5.0 3.0 3.5 3.50 5.00 4.5 4.5 1.74 7.67 4.5 6.0 5.5 Other selected central banks—rates in effect on August 31, 1958 A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e Europe: Asia: Latin America: Latin America— Austria 5.0 Nov. 1955 3.0 Feb. 1948 Chile3 6.0 Feb. 1957 Cont.: Greece 10.0 May 1956 Ceylon 2.5 June 1954 Costa Rica3... 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 Norway 3.5 Feb. 1955 India* 4.0 May 1957 El Salvador3.. 4.0 Apr. 1957 All other: Portugal 2.5 Jan. 1944 Indonesia 3.... 3.0 Apr. 1946 Mexico 4.5 June 1942 New Zealand.. 7.0 Oct. 1955 Switzerland... 2.5 May 1957 Pakistan 3.0 July 1948 Peru3 6.0 Nov. 1947 South Africa.. 4.5 Sept. 1955 Turkey 6.0 June 1956 Thailand 7.0 Feb. 1945 1 Rates shown represent mainly those at which the Central bank either for loans secured by national public securities; Indonesia—various rates discounts or makes advances against eligible commercial paper and/or depending on type of paper, collateral, commodity involved, etc.; Chile— government securities for commercial banks or brokers. For countries rates in excess of 6 per cent are applied to rediscounts in excess of 50 per with more than one rate applicable to such discounts or advances, the cent of the rediscounting bank's capital and reserves, rates of 4 and 2 rate shown is the one at which the largest proportion of central bank per cent apply to certain types of agricultural paper; Costa Rica—5 credit operations is understood to be transacted. In certain cases other per cent for paper related to commercial transactions (rate shown is for rates for these countries are given in note 3. agricultural and industrial paper); El Salvador—3 per cent for agricultural 2 Since Nov. 1, 1956, the discount rate is set each week at VA per cent and industrial paper and 2 per cent for special cases; and Peru—4 per above the latest average tender rate for Treasury bills. cent for industrial paper and mining paper, and 3 per cent for most 3 Discounts or advances at other rates include: Japan—commercial agricultural paper. bank borrowings from the Central bank in excess of individual bank 4 Since May 16, 1957, this rate applies to advances against commercial quotas are charged penalty rates exceeding the basic rate shown; Argentina paper as well as against government securities and other eligible paper. —3 and 5 per cent for certain rural and industrial paper, depending on type^of transaction; Cuba—4.5 per cent for sugar loans and 4 per cent OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month 3 T m r b e o a i n l s l u t s h r s y i D m a o d y n a - e y t y o 2 - 3 B a a m a c n n c o k e c n p e e t s r t h - s s ' 3 T r m b ea i o l s n l u s t r h y s D m a d o y a n - y t e o y - a B d ll a e o n p o w k o n a s e i n r t s c s ' e D m a o d y n a - e y t y o - 3 3 T r m b ea o il s n l u s t r h y s D m a d o y a n - y t e o y - 3 L m u o p o a n t n o t s hs d P is r r c i a v o t a u e t n e t 1955 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 1.50 1956—Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4V4—6% 1.50 1957__july 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 3.08 5%-8 2.50 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 5^-8 2.50 Sent 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 2.50 Oct 3.84 3.57 6.81 6.60 5.53 5.00 4.94 4.87 3.75 5i£_8 2.50 Nov 3.66 3.52 6.78 6.54 5.63 5.00 4.87 4.66 3.35 534 _8 2.50 Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 4.64 3.33 5^-8 2.50 1958 Jan 3.54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 5^4—8 2.50 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 51/8 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 5^-8 2.50 May 1.56 1.55 5.24 5.02 4.53 3.85 10.04 2.97 2.39 2.50 June .. . 1.75 1.72 4.65 4.45 3.95 3.30 7.51 2.90 2.34 51/_71A 2.50 July 1.31 1.18 4.31 4.15 3.62 3.00 2.84 2.49 SVi'm 2.50 1 Based on average yield of weekly tenders during the month. 3 Beginning January 1957, rate shown is on private securities. Previous 2 Based on weekly averages of daily closing rates. figures are averages of rates on government and private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1140 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month P (p re e f s e o r ) - (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D r e o a n r n k - e) Basic ential Free 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20.903 14.492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21.017 1955 20.000 13.333 7.183 222.41 3.8580 1.9905 101.401 20.894 1956 15.556 22.835 222.16 3.8580 2.0030 101.600 20.946 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 1957—Aug. 5.556 2.303 221.73 3.8536 1.9865 105.470 20.862 Sept. 5.556 2.216 221.92 3.8536 1.9874 104.241 20.867 Oct.. 5.556 2.487 223.09 3.8536 1.9929 103.636 20.928 Nov. 5.556 2.595 223.32 3.8536 1.9983 103.921 20.935 Dec. 5.556 2.707 223.57 3.8536 1.9991 102.304 20.969 1958—Jan.. 5.556 2.696 224.16 3.8536 1.9986 101.535 21.045 Feb., 5.556 2.656 224.36 3.8536 2.0024 101.934 21.078 Mar. 5.556 2.610 224.33 3.8536 2.0041 102.312 21.072 5.556 2.444 224.47 3.8536 2.0047 103.011 21.088 May 5.556 2.377 224.36 3.8536 2.0050 103.396 21.085 June 5.556 2.376 223.99 3.8536 2.0050 103.960 21.066 July. 5.556 2.352 223.42 3.8536 2.0049 104.162 20.996 Aug. 5.556 2.221 223.51 3.8536 2.0050 103.645 21.020 Year or month ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c n ) h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o 1952., .4354 .2856 23.838 20.922 279.68 32.601 11.588 1953., .4354 .2856 21.049 281.27 32.595 11.607 1954., .4354 .2856 23.838 21.020 280.87 32.641 9.052 1955., .4354 .2856 23.765 20.894 279.13 32.624 8.006 1956., .4354 .2855 23.786 20.934 279.57 .2779 32.582 8.006 1957., 3.3995 4.2856 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957_Aug.. .4354 4.2857 4.2376 23.800 20.844 278.27 .2779 32.431 8.006 Sept.. 3.3674 .2858 .2375 23.800 20.858 278.51 .2779 32.448 8.006 Oct.. .3118 .2858 .2375 23.800 20.940 279.98 .2779 32.556 8.006 Nov.. .3118 .2858 .2375 23.800 20.951 280.26 .2779 32.580 8.006 Dec. .3118 .2858 .2376 23.799 20.975 280.58 .2779 32.644 8.006 1958—Jan... .3118 .2858 .2376 23.795 21.050 281.32 .2779 32.769 8.006 Feb.. .3118 .2858 .2375 23.795 21.099 281.57 .2779 32.818 8.006 Mar.. .3118 .2858 .2376 23.793 21.086 281.54 .2779 32.811 8.006 .3118 .2858 .2376 23.808 21.101 281.71 .2779 32.830 8.006 May! .3118 .2858 .2376 23.858 21.092 281.57 .2779 32.821 8.006 June. .3118 5.2858 .2376 23.853 21.062 281.11 .2779 32.775 8.006 July.. .3118 .2379 23.856 21.000 280.40 .2779 32.688 8.006 Aug.. .3118 .2382 23.861 21.019 280.51 .2779 32.701 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) ( U K p d n o i o i n u m t n g e - d d) 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 , 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 , 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 26.113 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 26.170 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1957_Aug. 26.103 275.52 14.008 49.695 3.4900 277.23 19.329 23.335 278.27 Sept. 26.102 275.75 14.008 49.695 3.4900 211 Al 19.328 23.335 278.51 Oct.. 26.287 277.21 14.008 49.695 3.4900 278.94 19.328 23.335 279.98 Nov. 26.363 277.49 14.008 49.695 3.4900 279.21 19.328 23.335 280.26 Dec.. 26.367 277.80 14.008 49.695 3.4900 279.53 19.328 23.335 280.58 1958—Jan.. 26.373 278.54 14.008 49.695 3.4900 280.27 62.3810 19.328 23.334 281.32 Feb.. 26.367 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 Mar. 26.378 278.75 14.008 49.695 3.4900 280.49 2.3810 19.328 23.335 281.54 Apr.. 26.388 278.92 14.008 49.695 3.4900 280.65 2.3810 19.328 23.335 281.71 May. 26.388 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 June. 26.380 278.33 14.008 49.695 3.4900 280.06 2.3810 19.328 23.335 281.11 July. 26.391 277.62 14.008 49.695 3.4900 279.35 2.3810 19.328 23.335 280.40 Aug., 26.409 277.73 14.008 49.695 3.4900 279.46 2.3810 19.328 23.335 280.51 1 Official rate. The basic and preferential rates were discontinued and 4 On Aug. 12, 1957, the French authorities established an effective rate the new official rate of 18 pesos per U. S. dollar became effective Oct. of 420 francs per U. S. dollar applicable to most foreign exchange transac- 28, 1955. tions. Since Oct. 28, 1957, this rate has applied to all foreign exchange 2 New free market rate became effective Oct. 28, 1955. transactions. The official rate of 350 francs per U. S. dollar was changed 3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230 to 420 francs on June 23, 1958. to 320 markkaa per U. S. dollar. 5 Based on quotations through June 20, 1958. 6 Based on quotations beginning Jan. 2, 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON 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 SECRETARY DIVISION OF BANK OPERATIONS MERRITT SHERMAN, Assistant Secretary ROBERT F. LEONARD, Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Associate Director CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director DAVID B. HEXTER, Assistant General Counsel FRED A. NELSON, Assistant Director G. HOWLAND CHASE, Assistant General Counsel GLENN M. GOODMAN, Assistant Director THOMAS J. O'CONNELL, Assistant General HENRY BENNER, Assistant Director Counsel JAMES C. SMITH, Assistant Director LLOYD M. SCHAEFFER, Chief Federal Reserve DIVISION OF RESEARCH AND STATISTICS Examiner RALPH A. YOUNG, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director GUY E. NOYES, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser SUSAN S. BURR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser J. J. CONNELL, Controller ROBERT L. SAMMONS, Associate Adviser SAMPSON H. BASS, Assistant Controller 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1142 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON HUGH LEACH CHAS. N. SHEPARDSON W. D. FULTON H. N. MANGELS M. S. SZYMCZAK WATROUS H. IRONS A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary L. MERLE HOSTETLER, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary H. V. ROELSE, Associate Economist HOWARD H. HACKLEY, General Counsel CHARLS E. WALKER, Associate Economist FREDERIC SOLOMON, Assistant General Counsel O. P. WHEELER, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist J. DEWEY DAANE, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO, ADRIAN M. MASSIE, NEW YORK Vice President CASIMIR A. SlENKIEWICZ, PHILADELPHIA WlLLIAM A. McDONNELL, ST. LOUIS FRANK R. DENTON, CLEVELAND, GORDON MURRAY, MINNEAPOLIS President R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Cyrus M. Higley Howard C. Sheperd Clarence Francis Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1143 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby Robert V. Roosa I. B. Smith, in charge John Exter Robert G. Rouse of Buffalo Branch M. A. Harris Walter H. Rozell, Jr. T. G. Tiebout H. H. Kimball V. Willis H. V. Roelse R. B. Wiltse BUFFALO BRANCH—BOARD OF DIRECTORS Vernon Alexander Daniel M. Dalrymple John W. Remington Leland B. Bryan Raymond E. Olson E. Perry Spink Ralph F. Peo, Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS Henderson Supplee, Jr., Chairman and Federal Reserve Agent Lester V. Chandler, Deputy Chairman William B. Brosius Walter E. Hoadley, Jr. R. Russell Pippin Bayard L. England Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes Karl R. Bopp, President Robert N. Hilkert, First Vice President Vice Presidents W. N. Catanach Murdoch K. Goodwin J. V. Vergari David P. Eastburn E. C. Hill Richard G. Wilgus P. M. Poorman District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman Aubrey J. Brown King E. Fauver George P. MacNichol, Jr John A. Byerly Joseph B. Hall Paul A. Warner Charles Z. Hardwick W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen L. Merle Hostetler Martin Morrison Roger R. Clouse R. G. Johnson, in charge of H. E. J. Smith Clyde Harrell Cincinnati Branch Paul C. Stetzelberger J. W. Kossin, in charge of Pittsburgh Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Roger Drackett W. Bay Irvine William A. Mitchell Anthony Haswell, Chairman Ivan Jett Thomas M. Wolfe Franklin A. McCracken PITTSBURGH BRANCH—BOARD OF DIRECTORS Lawrence O. Hotchkiss Sumner E. Nichols John C. Warner, Frank C. Irvine (Vacancy) Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1144 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman D. W. Colvard Joseph E. Healy Denver L. Morgan Robert Gage L. Vinton Hershey W. A. L. Sibley Robert O. Huffman Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas I. Storrs J. Dewey Daane Upton S. Martin C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman J. N. Shumate Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTOR? George H. Aull Charles D. Parker G. G. Watts William H. Grier, Chairman Ernest Patton T. Henry Wilson I. W. Stewart District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents J. E. Denmark J. E. McCorvey L. B. Raisty H. C. Frazer, in charge of R. E. Moody, Jr., in charge Earle L. Rauber Birmingham Branch of Nashville Branch S. P. Schuessler T. A. Lanford, in charge of Harold T. Patterson M. L. Shaw, in charge Jacksonville Branch of New Orleans John L. Liles, Jr. Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Robert M. Cleckler R. J. Murphy John E. Urquhart, Chairmc E. W. McLeod John C. Persons Adolph Weil, Sr. Selden Sheffield JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith, Chairman W. E. Ellis C. B. McLeod McGregor Smith J. Wayne Reitz Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1145 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued NASHVILLE BRANCH—BOARD OF DIRECTORS Jo H. Anderson P. D. Houston, Jr. Frank B. Ward, Chairman Stewart Campbell V. S. Johnson, Jr. C. L. Wilson W. N. Krauth NEW ORLEANS BRANCH—BOARD OF DIRECTORS Frank A. Godchaux, III G. H. King, Jr., Chairman H. A. Pharr J. Spencer Jones D. U. Maddox E. E. Wild (Vacancy) District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent J. Stuart Russell, Deputy Chairman Robert P. Briggs William J. Grede G. F. Langenohl Walter J. Cummings William A. Hanley Nugent R. Oberwortmanu Vivian W. Johnson Carl E. Allen, President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes H. J. Helmer H. J. Newman W. R. Diercks C. T. Laibly A. L. Olson A. M. Gustavson George W. Mitchell R. A. Swaney, in charge Paul C. Hodge of Detroit Branch DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah, Chairman Ira A. Moore Ernest W. Potter William A. Mayberry C. V. Patterson J. Thomas Smith Raymond T. Perring District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS Pierre B. McBride, Chairman and Federal Reserve Agent J. H. Longwell, Deputy Chairman S. J. Beauchamp, Jr. Kenton R. Cravens Leo J. Wieck H. Lee Cooper J. E. Etherton Jesse D. Wooten Harold O. McCutchan Delos C. Johns, President Guy S. Freutel, First Vice President Vice Presidents Fred Burton, in charge of Donald L. Henry, in charge Geo. E. Kroner Little Rock Branch of Louisville Branch Dale M. Lewis Darryl R. Francis, in charge Homer Jones H. H. Weigel of Memphis Branch J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS R. H. Alexander T. Winfred Bell, Chairman J. V. Satterfield, Jr. Donald Barger J. W. Bellamy, Jr. Waldo E. Tiller E. C. Benton Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1146 FEDERAL RESERVE BULLETIN * SEPTEMBER 1958 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks, Chairman Magnus J. Kreisle Merle E. Robertson Philip Davidson W. Scott Mclntosh John G. Russell J. D. Monin, Jr. MEMPHIS BRANCH—BOARD OF DIRECTORS John E. Brown S. L. Kopald, Jr. John D. Williams J. H. Harris Simpson Russell John K. Wilson Frank Lee Wesson, Chairman District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Ray C. Lange Harold N. Thomson Thomas G. Harrison John A. Moorhead John H. Warden Harold C. Refling Frederick L. Deming, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge C. W. Groth H. G. McConnell of Helena Branch M. B. Holmgren M. H. Strothman, Jr. A. W. Johnson HELENA BRANCH—BOARD OF DIRECTORS J. Willard Johnson Geo. N. Lund Carl McFarland, Chairman O. M. Jorgenson John M. Otten District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Cecil Puckett, in charge George H. Clay of Oklahoma City Branch of Denver Branch P. A. Debus, in charge E. U. Sherman of Omaha Branch Clarence W. Tow Joseph S. Handford D. W. Woolley DENVER BRANCH—BOARD OF DIRECTORS Stewart Cosgriff Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman R. Otis McClintock C. L. Priddy Phil H. Lowery C. P. Stuart Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1147 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford John M. Griffith J. B. Thomas Lamar Fleming, Jr. D. A. Hulcy Sam D. Young J. Edd McLaughlin Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents Howard Carrithers, in charge W. E. Eagle, in charge of L. G. Pondrom of El Paso Branch San Antonio Branch Morgan H. Rice J. L. Cook, in charge of T. A. Hardin Harry A. Shuford Houston Branch G. R. Murff C. E. Walker T. W. Plant EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Floyd Childress D. F. Stahmann John P. Butler William R. Mathews E. J. Workman, Thomas C. Patterson Chairman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan S. Marcus Greer L. R. Bryan, Jr. A. E. Cudlipp Tyrus R. Timm John C. Flanagan, Chairman SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres E. C. Breedlove Alex R. Thomas, J. W. Beretta Burton Dunn Chairman Donald D. James Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard N. Loyall McLaren Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of John A. O'Kane Los Angeles Branch Seattle Branch J. A. Randall, in charge of O. P. Wheeler A. B. Merritt Portland Branch Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1148 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone, Joe D. Paxton Robert J. Cannon Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., Chairman J. H. McNally C. B. Stephenson SALT LAKE CITY BRANCH—BOARD OF DIRECTORS George S. Eccles Oscar Hiller Joseph Rosenblatt, Chairman Russell S. Hanson Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS Henry N. Anderson Lyman J. Bunting, Joshua Green, Jr. James Brennan Chairman S. B. Lafromboise 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 Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 747-750 of the June 1958 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND Reserve Bulletin, single copies 60 cents each or FUNCTIONS. April 1954. 208 pages. in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- FEDERAL RESERVE BULLETIN. Monthly. Sub- taining provisions of certain other statutes afscription price in the United States and its pos- fecting the Federal Reserve System. 385 pages. sessions, Bolivia, Canada, Chile, Colombia, $1.00. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Mexico, Nicaragua, Panama, Paraguay, Peru, A new accounting record designed to picture El Salvador, Uruguay, and Venezuela is $6.00 the flow of funds through the major sectors of per annum or 60 cents per copy; elsewhere the national economy. December 1955. 390 $7.00 per annum or 70 cents per copy. Group pages. $2.75. subscriptions in the United States for 10 or more copies to one address, 50 cents per copy A STATISTICAL STUDY OF REGULATION V LOANS. per month, or $5.00 for 12 months. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual BANKING AND MONETARY STATISTICS. Statistics of subscription includes one issue of Historical banking, monetary, and other financial develop- Supplement. Subscription price in the United ments. November 1943. 979 pages. $1.50. States and the countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more of a particular DURE—Board of Governors of the Federal Reissue for single shipment; elsewhere $7.00 per serve System. 1946. 31 pages. annum or 70 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF HISTORICAL SUPPLEMENT TO FEDERAL RESERVE THE FEDERAL RESERVE SYSTEM. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- ADMINISTRATIVE INTERPRETATIONS OF REGULAcludes one issue of Supplement. In the United TION F—SECTION 17—COMMON TRUST FUNDS. States and countries listed above under Federal 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1150 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 REPRINTS SURVEY OF FINANCE COMPANIES, MID-1955. (From Federal Reserve Bulletin unless preceded April 1957. 17 pages. by an asterisk) WINNING THE BATTLE AGAINST INFLATION. Au- THE MONETARY SYSTEM OF THE UNITED STATES. gust 1957. 12 pages. February 1953. 16 pages. WORLD PAYMENTS STRESSES IN 1956-57. October INFLUENCE OF CREDIT AND MONETARY MEASURES 1957. 8 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. BANKING AND MONETARY STATISTICS, 1957. Selected series of banking and monetary statistics •DETAILED DESCRIPTION OF SOURCES AND METHfor 1957 only. February and May 1958. 12 ODS USED IN REVISION OF SHORT- AND INTERpages. (Similar reprints of 1954, 1955, and MEDIATE-TERM CONSUMER CREDIT STATISTICS. 1956 data are available from earlier BULLE- April 1953. 25 pages. TINS.) DEPARTMENT STORE SALES AND STOCKS, BY BANK CREDIT AND MONEY IN 1957. February MAJOR DEPARTMENTS (Revised Indexes). No- 1958. 9 pages. (Also, similar reprint from vember 1953. 65 pages. July 1957 BULLETIN.) FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December SEASONAL FACTORS AFFECTING BANK RESERVES. 1953. 90 pages. February 1958. 12 pages. NEW INDEXES OF OUTPUT OF CONSUMER DUR- INTERNATIONAL GOLD AND DOLLAR FLOWS. March 1958. 7 pages. ABLE GOODS. May 1954. 15 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- DEPOSITS ADJUSTED AND CURRENCY OUTSIDE NARY FINDINGS. March 1958. 4 pages. Pur- BANKS. March 1955. 4 pages. chases of Durable Goods. July 1958. 16 pages. The Financial Position of Consumers. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- September 1958. 31 pages. (Similar Surveys COUNTS, ANNUAL ESTIMATES, 1939-54. Octoare available for earlier years from 1952, 1953, ber 1955. 40 pages. 1954, 1955, 1956, and 1957 BULLETINS.) SURVEY OF BANK LOANS FOR COMMERCIAL AND MEMBER BANK LENDING TO SMALL BUSINESS, INDUSTRIAL PURPOSES. Business Loans of 1955-57. April 1958. 19 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. REVISED WEEKLY INDEX OF DEPARTMENT STORE June 1956. 7 pages. (Reprints on a similar SALES. April 1958. 10 pages. Survey are available from March, May, June, GROWTH AND STRUCTURE OF TIME DEPOSITS. July, and August 1947 BULLETINS.) April 1958. 5 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 June 1956. 9 pages. pages. (Also, similar reprint from May 1957 REVISION OF CONSUMER CREDIT STATISTICS. Oc- BULLETIN.) tober 1956. 24 pages. (Also, similar reprint SURVEY OF COMMON TRUST FUNDS, 1957. May from April 1953 BULLETIN.) 1958. 5 pages. (Also, similar reprints from INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- August 1956 and June 1957 BULLETINS.) tober 1956. 15 pages. THE BATTLE AGAINST RECESSION. May 1958. 8 AGRICULTURAL LOAN SURVEY. November 1956 pages. and January, February, and March 1957 BUL- MONEY AND CREDIT IN THE RECESSION. July 1958. LETINS. 52 pages. 7 pages. UNITED STATES BANKING ORGANIZATION ABROAD. THE BALANCE SHEET OF AGRICULTURE, 1958. December 1956. 16 pages. August 1958. 9 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. INTEREST RATES IN LEADING COUNTRIES. Sep- April 1957. 20 pages. tember 1958. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 1088, 1089 Demand deposits—Continued Agricultural loans of commercial banks, 1084, 1086 Banks, by classes, 1081, 1087 Agriculture, Govt. agency loans, 1092, 1093 Type of holder, at commercial banks, 1085 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 1119 Banks and the monetary system, consoli- Sales and stocks, 1108, 1118 dated, 1080 Deposits (See also specific types of deposits): Corporate, current, 1100 Adjusted, and currency, 1080 Domestic banks, by classes, 1081, 1084, 1086 Banks, by classes, 1081, 1085, 1087 Federal business-type activities, by fund or Federal Reserve Banks, 1075, 1076, 1130 activity, 1092, 1093 Postal savings, 1080 Federal Reserve Banks, 1075, 1076 Turnover of, 1078 Foreign central banks, 1134 Deposits, reserves, and borrowings, by class Automobiles: of member bank, 1073 Consumer instalment credit, 1104, 1105, 1106 Discount rates, 1074, 1139 Production index, 1110, 1114 Discounts and advances by Federal Reserve Banks, 1071, 1075 Bankers' balances, 1085, 1087 Dividends, corporate, 1099, 1100 (See also Foreign liabilities and claims reported Dollar assets, foreign, 1130, 1131 by banks) Dwelling units started, 1115 Banks and the monetary system, consolidated statement, 1080 Earnings and hours, manufacturing indus- Bonds (See also U. S. Govt. securities): tries, 1108, 1117 New issues, 1098, 1100 Employment, 1108, 1116, 1117 Prices and yields, 1089, 1090 Export-Import Bank, loans, etc., 1092, 1093 Brokers and dealers in securities, bank loans to, 1084, 1086 Farm mortgage loans, 1092, 1101, 1102 Business expenditures on new plant and equip- Federal business-type activities, assets and ment, 1100 liabilities, by fund or activity, 1092, 1093 Business indexes, 1108 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 1092, 1093 Fedefal finance: Capital accounts: Cash transactions, 1094 Banks, by classes, 1081, 1085, 1087 Receipts and expenditures, 1095 Federal Reserve Banks, 1075, 1076 Treasurer's balance, 1094 Carloadings, 1108 Federal home loan banks, loans, etc., 1092, 1093, 1103 Central banks, foreign, 1132, 1134, 1139 Federal Housing Administration, Coins, circulation of, 1079 loans, etc., 1092, 1093, 1101, 1102, 1103 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 1081, 1084 loans, etc., 1092, 1093, 1103 Consumer loans held, by type, 1105 Federal Reserve Banks: Number, by classes, 1081 Condition statement, 1075, 1076 Real estate mortgages held, by type, 1101 U. S. Govt. securities held by, 1071, 1075, 1076, Commercial and industrial loans: 1096, 1097 Commercial banks, 1084 Federal Reserve credit, 1071, 1075, 1076 Weekly reporting member banks, 1086, 1088 Federal Reserve notes, 1075, 1076, 1077, 1079 Commercial paper, 1088, 1089 Finance company paper, 1088, 1089 Commodity Credit Corporation, Foreign central banks, 1132, 1134, 1139 loans, etc., 1092, 1093 Foreign deposits in U. S. banks, 1071, 1075, 1076, Condition statements (See Assets and liabilities) 1080, 1085, 1087 Construction, 1108, 1114, 1115 Foreign exchange rates, 1140 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 1104, 1105, 1106, 1107 banks, 1126, 1128, 1130 Major parts, 1104, 1106 Foreign trade, 1119 Noninstalment credit, by holder, 1105 Consumer durable goods output indexes, 1114 Gold: Consumer price indexes, 1108, 1120 Earmarked, 1131 Consumption expenditures, 1122, 1123 Net purchases by U. S., 1131 Corporate sales, profits, taxes, and Production, 1130, 1131 dividends, 1099, 1100 Reserves of central banks and governments, 1132 Corporate security issues, 1098, 1100 Reserves of foreign countries and international Corporate security prices and yields, 1089, 1090 institutions, 1133 Cost of living (See Consumer price indexes) Stock, 1071, 1080, 1131 Currency in circulation, 1071, 1079 Gold certificates, 1075, 1076, 1077, 1079 Customer credit, stock market, 1090 Govt. debt (See U. S. Govt. securities) Gross national product, 1122, 1123 Debits to deposit accounts, 1078 Demand deposits: Home owners, Govt. agency loans, 1092, 1093 Adjusted, banks and the monetary system, 1080 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 1085 tries, 1108, 1117 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1152 FEDERAL RESERVE BULLETIN • SEPTEMBER 1958 Industrial advances by Federal Reserve Real estate loans: Banks, 1075, 1076, 1077, 1078 Commercial banks, 1084, 1086, 1101 Industrial production indexes, 1108, 1109, 1114 Type of mortgage holder, 1101, 1102, 1103 Instalment loans, 1104, 1105, 1106, 1107 Type of property mortgaged, 1101, 1102, 1103 Insurance companies, 1091, 1096, 1097, 1102 Regulation V, loan guarantees, 1077, 1078 Insured commercial banks, 1083, 1084 Reserve requirements, member banks, 1074 Interbank deposits, 1081, 1085, 1087 Reserves: Interest rates: Commercial banks, 1085 Bond yields, 1089 Federal Reserve Banks, 1075, 1076 Business loans by banks, 1089 Foreign central banks and governments, 1132 Federal Reserve rates, 1074, 1078 Foreign countries and international institu- Foreign countries, 1139 tions, 1133 Open market, 1089, 1139 Member banks, 1071, 1073, 1075, 1076, Regulation V loans, 1078 1085, 1087 Stock yields, 1089 Residential mortgage loans, 1101, 1102, 1103 International capital transactions of the U. S., 1126 Sales finance companies, consumer International financial institutions, 1131, 1132, loans of, 1104, 1105, 1107 1133, 1134 Savings, 1122 Inventories, 1123 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 1091 Banks, by classes, 1081, 1084, 1086 Savings and loan associations, 1091, 1102 Federal Reserve Banks, 1075, 1076 Securities, international transactions, 1129, 1130 Govt. agencies, etc., 1092, 1093 Security issues, 1098, 1100 Life insurance companies, 1091 Silver coin and silver certificates, 1079 Savings and loan associations, 1091 State member banks, 1083 State and municipal securities: New issues, 1098 Labor force, 1116 Prices and yields, 1089, 1090 Loans (See also specific types of loans): States and political subdivisions: Banks, by classes, 1081, 1084, 1086 Deposits of, 1085, 1087 Federal Reserve Banks, 1071, 1073, 1075, Holdings of U. S. Govt. securities, 1096 1076, 1077, 1078 Ownership of obligations of, 1084, 1091 Govt. agencies, etc., 1092, 1093 Stock market credit, 1090 Insurance companies, 1091, 1102 Stocks: Savings and loan associations, 1091, 1102 New issues, 1098 Loans insured or guaranteed, 1077, 1101, 1102, 1103 Prices and yields, 1089, 1090 Tax receipts, Federal, 1095 Manufacturers, production indexes, 1108, 1109, 1114 Time deposits, 1073, 1080, 1081, 1085, 1087 Margin requirements, 1074 Treasurer's account balance, 1094 Member banks: Treasury cash, 1071, 1080 Assets and liabilities, by classes, 1081, 1084 Treasury currency, 1071, 1079, 1080 Borrowings at Federal Reserve Banks, 1071, 1073 Treasury deposits, 1071, 1075, 1076, 1094 Deposits and reserves, by classes, 1073 Number, by classes, 1081 Unemployment, 1116 Reserve requirements, by classes, 1074 U. S. Govt. balances: Reserves and related items, 1071 Commercial bank holdings, by classes, 1085, 1087 Weekly reporting series, 1086 Consolidated monetary statement, 1080 Minerals, production indexes, 1108, 1109 Treasury deposits at Federal Reserve Money rates (See Interest rates) Banks, 1071, 1075, 1076, 1094 Mortgages (See Real estate loans) U. S. Govt. Securities: Mutual savings banks. 1080, 1081, 1083, 1096, Bank holdings, 1080, 1081, 1084, 1086, 1097, 1101 1096, 1097 Federal Reserve Bank holdings, 1071, 1075, 1076, 1096, 1097 National banks, 1083 Foreign and international holdings, 1133 National income, 1122 International transactions, 1129 National security expenditures, 1095, 1123 New issues, gross proceeds, 1098 Nonmember banks, 1075, 1083, 1084 Outstanding, by type of security, 1096, 1097 Ownership of, 1096, 1097 Payrolls, manufacturing, index, 1108 Prices and yields, 1089, 1090 Personal income, 1123 United States notes, outstanding and in circula- Postal Savings System, 1080 tion, 1079 Prices: Utility output index, 1113 Consumer, 1108, 1120 Security, 1090 Veterans Administration, loans, etc., 1092, 1093, Wholesale commodity, 1108, 1120 1101, 1102, 1103 Production, 1108, 1109, 1113, 1114 Profits, corporate, 1099, 1100 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
(g THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1958, August 31). Federal Reserve Bulletin, 1958-09. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195809
@misc{wtfs_bulletin_195809,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1958-09},
year = {1958},
month = {Aug},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_195809},
note = {Retrieved via When the Fed Speaks corpus}
}