Federal Reserve Bulletin, 1960-02
FEDERAL RESERVE February i960 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 Ralph A. Young Woodlief Thomas Charles Molony Guy E. Noyes 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 1 Money and Bank Credit in 1959 119 1 Monetary Policy and Economic Growth 126 Revised Series for Seasonally Adjusted Money Supply 133 | !' Directors of Federal Reserve Banks and Branches 137 j I Law Department 151 i ; Current Events and Announcements 158 Is National Summary of Business Conditions 159 : Financial and Business Statistics, U. S. (Contents on p. 161) 162 ; International Financial Statistics (Contents on p. 233) 234 ; Board of Governors and Staff 250 : Open Market Committee and Staff; Federal Advisory Council 251 Federal Reserve Banks and Branches 251 j: Federal Reserve Board Publications 253 I Index to Statistical Tables 255 ij Map of Federal Reserve System Inside back cover : \ / rf^w 1 -• i -B^fc^k v"k A f *jkr ^. 1 I 1 -»%^ r"V y-v -mm /^ Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular 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
Money and Bank Credit in 1959 f'.- „- BANK CREDIT and monetary developments in 1959 reflected renewed expansion of economic activity in the first half of the year, interrupted by the steel strike in the second half. Loans outstanding at commercial banks increased by a record amount in the first half and, despite the steel strike, by a near-record amount in the second half. In responding to strong loan demands of business and consumers in 1959, commercial banks reduced their holdings of U. S. Government securities more heavily than in any year since 1946. The securities sold by banks, together with the large increase in outstanding securities, mortgages, and other debt instruments, were absorbed by nonbank lenders and investors, who were attracted in part by higher interest rates. As recovery and expansion proceeded rapidly in the latter part of 1958 and early NOTE.—Based on data for December 31 of each year except 1959, monetary policy shifted away from 1959 (December 30, preliminary). Interbank loans excluded. Changes for 1959 exclude increases resulting from addition ease and toward restraint needed for a of banks in Alaska and Hawaii and from the absorption of one large mutual savings bank by a commercial bank. These balanced and sustainable economic ad- changes increased total loans and investments about $1 billion; total loans, $600 million; and U. S. Government securities, vance. The Federal Reserve limited the $300 million. Total loans and investments include other securities, not shown separately. volume of bank reserves supplied through open market operations, and the Reserve sure and loan demands strong, banks dis- Banks on three occasions raised the dis- posed of U. S. Government securities despite count rates charged on advances to member the heavy volume of new security offerings banks, in line with rising short-term market by the Treasury. As a result, total commerrates of interest. Member banks increased cial bank credit showed the smallest annual their borrowings at the Reserve Banks in increase in more than a decade. the first half of the year, as reserve avail- With bank credit expansion limited, ability was restricted, but in the last half monetary growth was small in 1959. The reserves to meet seasonal needs and a gold active money supply—demand deposits and outflow were supplied mainly through open currency held by the public—increased market operations, and member bank bor- about 1 per cent, following a 4 per cent rise rowings showed little further change. in 1958. The expansion in economic activ- With their reserve positions under pres- ity during the year was accompanied by a 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
120 FEDERAL RESERVE BULLETIN - FEBRUARY 1960 large increase in business and consumer Business loans. Loans to businesses, the holdings of liquid assets, particularly short- largest and one of the more volatile groups term U. S. Government securities, which of loans at commercial banks, increased an serve as close substitutes for demand de- estimated $3.8 billion in 1959, about oneposits, and by an activation of existing de- fourth less than in 1955. Business borrowmand deposits. Velocity of money use as ing in the first half of the year was about represented by the rate of demand deposit the same as in the comparable period of turnover rose 5 per cent over the year. 1955, but in the last half, which included the steel strike, it was about $1.5 billion Interest rates continued to advance in less than in the last half of 1955. Loans to 1959, following a sharp rise in the last half sales finance companies and certain other of 1958. At the year-end, some yields were types of financial businesses—formerly higher than at any time since the 1920's. classified as business loans—are now in- In early 1960, most market rates advanced cluded in loans to nonbank financial infurther, but then receded to levels below stitutions under the revised reporting procethose prevailing at the end of the year. dures instituted in mid-1959. Business long-term financing in capital BANK LOANS AND INVESTMENTS markets was moderate in 1959. Although Total credit at commercial banks increased outlays for plant and equipment and for in- $3.4 billion in 1959, exclusive of the $1 ventories increased, funds available to busibillion increase due to the addition of banks nesses from current operations rose sharply in Alaska and Hawaii and other major bank as output and profits expanded and deprestructure changes. Loan expansion of $ 11.7 ciation allowances continued to grow. As billion was about the same as hi 1955, a a result, corporations were able to make comparable year in the previous economic large additions to their holdings of Governupswing, and considerably larger than in ment securities. They added little to their any other year. The reduction in bank hold- cash holdings. ings of U. S. Government securities was the The increase in bank loans to metals comlargest since 1946. panies in 1959 was greater than to any other IUSINES5 LOANS — CUMULATIVE CKANOI FIOM DICUMII IMJ Billiom of dollar! 1.S ALL OTHER PUBLIC UTILITIES MANUf ACTUREtS 1.0 J + 0 .5 i . . i . , i l . . l . , I , . I . . I . . I L0 NOTE.—Monthly changes in large loans at a sample of more series. All changes cumulative from last Wednesday of Dethan 200 large banks in the weekly reporting member bank cember 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY AND BANK CREDIT IN 1959 121 industry group, but increases for trade Consumer loans at commercial banks exconcerns, commodity dealers, and public panded by a record amount in 1959, as oututilities also were substantial. In the first standing consumer instalment credit rose quarter, the usual loan repayments by food rapidly. Bank loans to sales finance comprocessors and commodity dealers as well as panies increased more than in any other repayments by public utilities and certain year on record except 1955. Accompanyother businesses more than offset a substan- ing the rise in automobile sales, consumer tial growth in loans to metals fabricating and business receivables of sales finance companies and textile and apparel manufac- companies increased about $1.8 billion, and turers. Loan growth in the second quarter an appreciable part of this was financed was large, particularly to metals companies. through borrowing from banks. Heavy borrowing by these companies in the Bank investments. To finance loan growth first half of the year was associated with a with availability of reserves under restraint, rapid build-up of steel inventories in antici- commercial banks reduced their U. S. Govpation of a strike at midyear. The rise in ernment security holdings heavily in 1959. bank debt of metals companies, however, The $8 billion decline in those securities was less than that in the first half of 1956, was equal to the increase in 1958, when when a work stoppage was also anticipated. reserves had been more readily available After midyear, metals companies repaid under a monetary policy aimed at counterloans as inventories were liquidated during ing economic recession and fostering rethe strike period, but only moderately covery. Holdings of other securities, which in relation to inventory liquidation. After had increased in every postwar year except production was resumed, outstanding loans 1956, declined somewhat in 1959. A small to this industry group turned upward again. rise in holdings of State and local government securities was more than offset by a In most other major industry groups, outreduction in other issues, particularly Fedstanding loans rose during the third and eral agency securities. fourth quarters. Public utilities, which had repaid bank debt in early 1959, increased The large decline in commercial bank it in record volume in the second half of the holdings of Government securities occurred year, and reduced their new borrowing in during a year when the Treasury was issuing capital markets. Seasonal borrowing by a record volume of new securities for cash. food processors and commodity dealers also Gross cash borrowing of almost $26 billion was unusually large in the last half of the was required in 1959 to finance the $8 bilyear. lion deficit and to redeem large amounts of Other loans. Construction outlays were savings bonds, tax anticipation securities, at a record level in 1959 and total real estate and other maturing issues not exchanged for mortgage debt rose more than in any pre- new offerings in refundings. In addition, vious year. Mortgage loans at commercial Federal agencies increased their outstanding banks increased $2.5 billion, about the same securities by $2.2 billion in 1959, mainly in as in 1955. Although the rate of expan- short and intermediate maturities. Also, sion slackened in the second half of 1959, the Treasury refinanced a heavy volume of growth was larger than in the same period maturing securities. of many other recent years. The Treasury was unable to issue bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
122 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 during most of 1959 as market yields on rose slightly at the year-end. The increase these issues approached and then exceeded for the year, apart from changes due to inthe AXA per cent statutory ceiling on Treas- clusion of banks in Alaska and Hawaii and ury bond coupon rates. Nearly all offerings other technical factors, was about one per had maturities of less than five years, which cent. are not subject to a rate limitation. Money supply growth thus far in the cur- Commercial banks participated actively rent economic upswing has been somewhat during the year in Treasury flotations for slower than in the comparable period of the new money, initially subscribing for a large 1954-57 expansion. In the 20 months from portion of most new issues. At other times, the cyclical low in April 1958, the active they sold Treasury securities in large vol- money supply seasonally adjusted rose 4 per ume. At the end of 1959, the ratio of bank cent, compared with AV2 per cent in the 20 holdings of Government securities to total months following the cyclical low in August deposits was the lowest since before World 1954. The rise in economic activity has War II. Businesses, consumers, and for- been fully as great in the recent as in the eign investors, however, increased their hold- early upswing period. Average wholesale ings of Government securities sharply over prices, however, have been stable recently, the year. Commercial banks, by selling compared with a rise in the 20 months after Government securities, gathered savings August 1954. from the public, which they in turn used to Deposits of the United States Governexpand loans to businesses and consumers. ment at commercial banks, not included in This process helped to finance expanding the active money supply, rose $400 million economic activity with little net expansion in 1959, about as much as in 1958. In in bank credit or creation of new money. other recent years, these deposits have shown little change or declined. DEPOSITS AND CURRENCY Time deposits at commercial banks rose considerably less in 1959 than in most re- Total deposits at commercial banks incent years, reflecting in part shifts out of creased $2.5 billion in 1959, following a time certificates of deposit by corporations, postwar record increase of $12.7 billion in State and local governments, and foreign 1958. The small growth of deposits, howinvestors, and smaller additions to savings ever, was accompanied by a substantial exdeposits by consumers in response to higher pansion in public holdings of other liquid yields on alternative forms of financial savfinancial claims, particularly short-term U. S. ings, including U. S. Government securities. Government securities, and by a significant All of the net increase of $1.5 billion in rise in demand deposit turnover. commercial bank time deposits in 1959 oc- The active money supply—demand de- curred in the first half of the year. posits and currency in the hands of the pub- The 1959 growth in mutual savings bank lic—had increased 4 per cent in 1958 and deposits was only about half that in 1958 continued to rise, on a seasonally adjusted and the smallest since 1951. On the other basis, into the summer of 1959. It declined hand, shares of savings and loan associaduring the steel strike, as economic activity tions, which generally pay higher rates on and current monetary needs lessened, and savings than commercial and mutual sav- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY AND BANK CREDIT IN 1959 123 ings banks, expanded more than in any other year. TURNOVER, AND RILL RATE Annual rote* The small growth in commercial bank deposits in 1959 was accompanied by a record peacetime increase of $11 billion in nonbank investor holdings of U. S. Government securities maturing within one year. Such short-term claims on the Treasury are highly liquid forms of investment and to a significant degree are regarded by their holders as close substitutes for bank deposits. More than one-third of the 1959 SiIIioni of dollar• 140 increase in holdings of short-term securities MONEY SUPPLY was accounted for by the passage of time, - 130 as securities moved closer to maturity and 1954 WSi I960 into the short-term category. The other $7 NOTE.—Three-month moving averages based on the folbillion reflected net acquisitions in 1959 of lowing: Treasury bill rate, averages of daily market yields on three-month bills. Deposit turnover, seasonally adjusted annual short-term issues in securities markets or rates of turnover of demand deposits except interbank and U. S. Government deposits at 337 reporting centers outside in Treasury financings. New York and six other financial centers. Money supply, seasonally adjusted data for demand deposits adjusted and currency outside banks for last Wednesday of month, partly estimated. Demand deposits are for all banks in the United States and exclude U. 5. Government and interbank deposits DEPOSIT TURNOVER and cash items in process of collection. Currency excludes bank vault cash. Latest month shown, December. As interest yields on short-term Treasury securities and other substitutes for cash rose ginning in July, in part because of a tempoin 1959, the holding of noninterest-bearing rary decline in the money supply and a large assets such as demand deposits became in- increase in nonbank holdings of money subcreasingly disadvantageous. Businesses and stitutes, particularly short-term Government individuals had an increased incentive to in- securities. vest idle cash balances and to carry smaller During the current upswing, the increase balances in relation to the volume of their in turnover outside financial centers has check payments. The volume of deposits been somewhat less than in the previous grew more slowly than spending and the one. In the 20 months after the recession rate of turnover of demand deposits, a low in April 1958, the turnover rate rose measure of the velocity of money, rose 9 per cent compared with 14 per cent in the further. At banks outside financial centers, comparable period of the 1954-57 expanthe turnover rate increased 5 per cent during sion. Moreover, in relation to the advance the year. in short-term interest rates, which encour- Over three-fourths of this rise occurred ages more intensive use of cash, the recent in the January-April period, when economic increase in turnover has been moderate, as expansion was rapid. From April through shown in the chart. Though rising some- October, deposit turnover remained stable what more slowly than earlier, the turnover and then increased moderately. It did not rate in 1959 continued the broad upswing decline during the slowdown in economic from the unusually low levels at the end of activity accompanying the steel strike be- World War II resulting from the large war- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
124 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 time creation of money and restraints on needs and the gold outflow were supplied its use. Since that time, the turnover rate mainly through Federal Reserve open marhas almost doubled. ket operations. In addition to restricting the availability FEDERAL RESERVE POLICY AND BANK RESERVES of bank reserves in 1959, the Federal Reserve Banks raised the discount rates they As economic activity rebounded from the charge member banks on borrowed reserve 1957-58 downturn, Federal Reserve policy funds to keep these rates in line with market gradually tended to reduce the availability rates on short-term liquid paper. Discount of new reserves. In the second half of 1958, rates were raised in March, late May and with credit demands rising, member banks early June, and September, each time by increased their borrowings at Federal Reone-half percentage point. At the end of serve Banks to more than $500 million at the year, the rate at all Reserve Banks was the year-end, when they were about equal 4 per cent. to excess reserves. Credit demands con- In the first half of 1959, the usual reductinued strong in the first half of 1959 and tions in currency in circulation and in Remember bank borrowings rose to more than serve Bank float were nearly offsetting in $900 million in June, which was about their effects on member bank reserves. Re- $500 million larger than excess reserves. serves were absorbed by a decrease in gold Over the remainder of the year and in early stock of about $500 million (exclusive of 1960, there was no further increase in bora $344 million payment in gold to the Inrowings, but excess reserves rose somewhat. ternational Monetary Fund in connection In this period, reserves to cover seasonal with the increase in the U. S. subscription to the Fund) and a decrease in Federal Reserve holdings of U. S. Government securities of about $400 million. Although required reserves declined about $450 million, member banks found it necessary to reduce their excess reserves and to borrow increasingly at the Reserve Banks. In the second half of the year, reserves were absorbed by a continued, though reduced, gold outflow and by the seasonal increase in currency in circulation. Reserves were supplied through Federal Reserve open market purchases of $800 million, an increase in float, and as a result of an amendment to the Board's Regulation D, effective in early December, which authorized member banks holding large amounts of vault cash in relation to deposits to count a portion of that cash as reserves. This NOTE.—Monthly averages of daily figures for member banks. amendment was issued under legislation Net reserve position indicates excess reserves minus borrowings. Latest figures shown, January 1960 (excess reserves and net enacted by the Congress in 1959. For the reserve position preliminary). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY AND BANK CREDIT IN 1959 125 month of December, when increased reserves are needed to meet seasonal drains, •KTEtEST uns the vault cash authorization provided about $300 million of reserve funds. For the year as a whole, total reserves u. S. GOVT. BONDS A declined. The absorption of reserves by - tOMG - Ttm Bf 1 the gold outflow and a net rise in currency cL in circulation was offset only in part by open market operations, the vault cash provision, /^ ^ RATE and the increase in member bank borrow- 1* y TREASUIV BILLS \V J ings. Although member bank deposits subject 1 1 1 1 i i to reserve requirements rose over the year, the volume of required reserves changed CORPORATE Aaa . little. The deposit increase was largely in ftANK - PRIME RATE time deposits, which have low reserve re- r-C^ ^/ quirements, and also there was a net shift in deposits away from central reserve city _".— STATE AND LOCAL banks and toward country banks, whose re- GOVT. Aaa serve requirements on demand deposits are 1 i ! 1 ] ! lower. 1954 W5t 1960 NOTE.—Market yields, weekly averages of daily figures. INTEREST RATES Treasury bills, market yieldi on 90-day bills. Long-term U. S. Government, yielda on bonds maturing or callable in 10 years or more. The prune rate is that charged on bank loans to busi- Market rates of interest on nearly all types ness borrowers with the highest credit standing. Yields on corporate and State and local government bonds, from Moody's of debt rose substantially in 1959, con- Investors Service. Latest figures shown, week ending Feb. 5, 1960. tinuing the broad advance that began with the upturn in economic activity in 1958. the year. At that time yields on 90-day Increases generally occurred in periods of Treasury bills were about 4.5 per cent and high cash demands, particularly in months those on 1-5 year issues about 5 per cent, of Treasury cash financing and in months compared with about 4.3 per cent on longwhen businesses were liquidating large term Treasury bonds. Although shortamounts of short-term Government secu- term rates usually rise faster than long-term rities to make tax payments. These rate in- in an economic upswing, an accentuating creases frequently were followed by tempo- factor in 1959 was the concentration of rary declines. At the end of the year, yields Treasury borrowing in securities with maon most types of debt were much higher turities of five years or less because of the than their previous postwar peaks in 1957. statutory interest ceiling on bonds. After a brief further rise in early 1960, most Interest rates on bank loans to business market rates receded to levels below those rose during the year, along with the entire prevailing at the end of 1959. structure of market rates. The prime loan Yields on short- and intermediate-term rate—the rate charged businesses with the Treasury issues advanced much faster than highest credit standing—was raised from 4 those on long-term issues and exceeded to AVi per cent in May and to 5 per cent in them by an appreciable margin late in September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Monetary Policy and Economic Growth IT SEEMS TO ME that perhaps the most severe inflationary consequences has been helpful contribution I can provide to your accomplished chiefly by the sound and Committee's annual review of the Presi- democratic process of letting those who dent's economic report is to make some would borrow provide those who would supplementary comments on financial and save with an inducement to risk volunmonetary developments over the last year. tarily the loan of their savings. The role Our financial environment changes con- of the banking system, which obviously stantly, as this Committee knows well, but is influenced greatly by Federal Reserve some of the changes that took place last policy and operations, has been held to that year were dramatic indeed. of an intermediary between borrowers and During 1959, credit expanded by $60 savers. billion in all—one-third more than the pre- Let me illustrate the working of this vious peacetime record. Mortgage debt, process by referring briefly to the events of most of it for housing, increased by a record 1959 as they are reflected in the Federal $19 billion. Consumer credit outstanding Reserve's flow-of-funds accounts, a body of rose about $6.5 billion, equaling the pre- quarterly published data developed in part vious record of 1955. New borrowing by as an outgrowth of investigations set in mo- State and local governments continued in tion by one of your subcommittees into the near-record volume, and new borrowing by need for improved statistical information. the Federal Government exceeded all peace- The commercial banks, it is true, did extime records. At the end of the year public pand their loans in 1959 by almost $12 and private debt was at the highest level in billion—thereby equaling the previous history. record of 1955. The important thing for The American economy and the Amerithe economy, however, is that the banks can people would be in a very different and raised the funds for this lending in large a vastly worse position today if this enorpart by selling Government securities they mous expansion of credit had been financed owned to the nonbank public. by the large-scale creation of additional Thus, the banks performed an interfunds by the banking system and a conmediary service by obtaining funds from sequent rapid and inflationary increase in savers, to whom they transferred investment the money supply. securities, and by passing the funds on to Fortunately, that danger was averted— others who had a need to borrow. This in 1959 at least. To date, the task of supflow of funds from savers to banks to borplying this huge demand for credit without rowers did much to assure that the need for credit was met without a dangerous increase NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal in the money supply. It did, however, bring Reserve System, before the Joint Economic Commitabout an increase in the turnover or rate of tee February 2, 1960. 126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONETARY POLICY AND ECONOMIC GROWTH 127 use of the existing money supply and, by terest rates, in turn, operated to induce the so doing, produced much the same eco- savings and investment necessary to supply nomic and financial effect as would have borrowing demands. In summary, the dibeen produced by a modest increase in the rect effect of the greatly enlarged credit money supply without the accompaniment demand was to bid up interest rates generof a faster rate of use. ally and to cause some changes in the rela- The activity last year of the nonbank tionship of interest rates among the different public—meaning for the most part con- credit markets; the resultant effect was to sumers and business concerns—in supply- draw more funds into the credit market and ing borrowers with funds through the proc- to shift some funds from accustomed uses. ess of investment was truly extraordinary, Let me add something here to what I said and it did not stop with the purchase of about the banking system's service in 1959 Government securities sold by the banking as an intermediary between the saving pubsystem. The upswing in this activity shows lic and the borrowing public. On the one up strikingly in the flow-of-funds data that hand, the saving public, besides purchasing I mentioned earlier. There, it appears that a large volume of securities as I described, consumer and business investors increased increased their time deposits by about $1.5 the net amount of their purchases made di- billion. On the other hand, the borrowing rectly in securities markets from about $4 public increased the amount of their loans billion in 1958 to almost $20 billion in obtained from commercial banks by nearly 1959—a jump of 400 per cent in a single $12 billion. To raise funds to meet the year. heavy demands on them for loans, the com- The efficient and economically healthy mercial banks sold about $8 billion of their flow of funds from savers to borrowers, di- Government security holdings in the open rectly and through intermediaries, did not market, while the nonbank public, as stated come about without a price. The price was, earlier, was increasing their purchases in of course, a rise in interest rates. These that market. Thus the banks, in effect, drew rates, representing a penalty to those who out of the market, from individuals and coruse someone else's money and a reward to porations not engaged in lending, the funds those who save and risk their funds in loans to meet the specialized credit demands of and investments, rose in some instances to borrowers—as, for instance, many small the highest levels in three decades. What business concerns—who could not themhappened is readily apparent: the pressure selves have raised funds in the market beof demand for funds arising from a com- cause their needs were unsuitable for genbination of forces—a large Federal budget eral market participation. deficit, high residential construction ac- The vital role that the Federal securities tivity, rising expenditures for consumer dur- market plays as a clearing house for credit ables and for inventories and to some extent flows is apparent in the circumstances defixed capital, plus the continued high level scribed. In 1959, this role was much larger of expenditures by State and local govern- than in other recent years. Federal net borments on community facilities—converged rowing of $11 billion and bank sales of to bring about a competition to borrow that Governments of nearly $8 billion required drove interest rates upward; the rise in in- absorption of around $ 19 billion in Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
128 FEDERAL RESERVE BULLETIN FEBRUARY 1960 securities by other investors. This, taking prospective, would unquestionably tend to into consideration that the Treasury was increase borrowing and discourage saving having to raise new funds while shifts were and in all likelihood rates would increase. taking place in Government security owner- In the longer run, the way that monetary ship, goes a long way toward explaining the policy can contribute to a lower level of rise in both long- and short-term rates that interest rates is through its role in maintainwe experienced during the year. It is also ing a stable value for the dollar. It is only illuminating evidence of the responsiveness in an environment of confidence in such of nonbank investors to attractive interest stability that savings will accumulate and yields. credit will flow in an orderly way and in The relation of Federal Reserve policy expanding volume. Efforts to maintain an to changes in interest rates is often misun- artificial level of interest rates, either too derstood. Federal Reserve operations to re- high or too low, can only lead to cumulative lease or absorb bank reserves unquestion- financial disequilibrium, first distorting and ably influence short-term and also long- then disrupting healthy economic growth. term interest rates, but the extent of this Whether monetary policy as administered influence is easily exaggerated. Monetary by the Federal Reserve System has been, at policy is effective only so long as it works particular times, too easy or too tight is a in general consonance with the economic matter of judgment. At one time or anrealities underlying the situation. These other, we have no doubt erred in some derealities include the basic demands for gree in each direction. But the System has funds, whether to meet seasonal needs, consistently endeavored to cultivate conother short-run needs, or for capital forma- fidence in the stability of the dollar—by tion, and the basic supply of funds through combatting deflationary tendencies in pesaving. Federal Reserve actions cannot for riods of slack and inflationary pressures in long enforce rates of interest on the market periods when resources were being intenthat are either above or below the rates that sively utilized. maintain a balance between saving and in- I want to emphasize again that the Fedvestment. eral Reserve System wants low and not high Changes in the rate of monetary growth interest rates; it wants as low a level of incan represent only a very small part of the terest rates as is consonant with sufficient total flow of funds through credit markets. savings to finance the investment necessary If the rate of monetary growth were raised for desirable and rapid economic growth. with the specific objective of adding to the We cannot say that a steadily swelling supply of funds in an attempt to keep in- stream of savings and investment is the only terest rates down, the additional dollars in essential for satisfactory growth, but, especially in a country where the natural rethe spending stream would certainly work sources are already highly developed, it is to raise average prices. The process of a vital element. monetary inflation is widely understood by both savers and borrowers. Such action would generate expectations of further in- RECORD OF ECONOMIC GROWTH flation on the part of both groups. The The subject of economic growth has reincentives of the market place, present and ceived exhaustive study by your Committee Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONETARY POLICY AND ECONOMIC GROWTH 129 during the past year. It is an important sub- which is measured by gross national prodject because only growth can produce the uct. However, in an advanced economy, substance with which to achieve our indi- in which industrial activity is a dynamic vidual and national aspirations. At the central element, growth in the physical volsame time, economic growth is a confusing ume of industrial output merits special subject because it means so many different study in its own right because of its central things to different people. Some seek role as a force shaping total growth. growth primarily as a requisite of effective When I appeared before this Committee defense against potential enemies. Others last summer, I noted some preliminary findwant it as a means of improving civilian ings of the recent revision of the Board's inliving standards. Still others regard growth dex of industrial production, principally the as a way of assuring employment of a grow- greater industrial growth shown by the ing labor force. Transcending and including newly revised index. Since then, the final all of these, perhaps, is the idea that eco- results of the new index have been pubnomic growth is needed to express the lished, thus supplementing the tools for vitality of our economic and political way analyzing past and future changes in the inof life. dustrial sectors of our economy. As economic abundance in the United Industrial production is the output of real States expands and is more widely shared, goods produced by our factories, mines, and agreement on appropriate economic goals electric and gas utilities. Our revised index becomes more urgent. These goals can shows that, since 1947, industrial output never be blueprinted exactly—as has been has grown 4.1 per cent per year, as combrought out so clearly in the hearings be- pared with 1.7 per cent for population. fore this Committee. They are not solely This is a growth in real industrial outmaterialistic and they are not all subject to put per capita of over 2 per cent per year. expression in statistical terms. They in- In other words, we are producing 31 per clude, for example, the improved quality of cent more industrial product for each man, our educational system and of our health woman, and child in America than we were services—not just additional school rooms at the beginning of the period. Output per or hospital beds. Despite difficulties in industrial worker has increased even more measuring true growth precisely with the rapidly—at the rate of 3.7 per cent per antools now at hand, we have made some num over the same period. progress and now know much more about The revised index of industrial producthe nature of growth than was known some tion also introduces a new grouping of total years ago. output. Output measures for finished goods Early in its existence, the Board recog- have been grouped into the broad market nized that measurement of physical output categories for consumer goods and equipwas essential for proper formulation of ment, and the measures for output of matemonetary policy, and undertook a special rials have also been grouped together. responsibility for the statistical measure- Briefly, this new grouping suggests that over ment of industrial output and its change and postwar years, civilian production, and pargrowth. This, it is true, is only part of our ticularly the production of consumer goods, nation's total output of goods and services, has expanded almost without any evident Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
130 FEDERAL RESERVE BULLETIN FEBRUARY 1960 slackening in pace at an annual rate of 4. Greater mobility of resources; and 3.7 per cent. Moreover, the cyclical inter- 5. Sufficient flexibility of individual ruptions in the output of civilian goods, prices. especially consumer goods, have been rela- Although there have been three postwar tively small. It is mainly in the production recessions, demands for labor and for the of equipment, including defense goods, that products of business have been reasonably output has shown greater fluctuation about well sustained over this period. During its expanding trend. each of these recessions, stability of consumption helped to stimulate early revival. CONDITIONS REQUIRED FOR CONTINUED This stability in final demand encouraged GROWTH entrepreneurs to maintain capital expendi- While industrial growth, as measured by tures at surprisingly high levels even during the production index, reflects physical voltemporary recessions. Such expenditures ume of output, many measures of growth fluctuated moderately considering their long are expressed in terms of current dollars. history of instability. We must constantly guard against mis- How much further the process of ecotaking increases in dollar magnitudes for nomic stabilization can be carried remains real economic growth. It is sometimes sugan uncertain issue. All men of good sense gested, when the rate of expansion slows want to see our economic resources used down because the economy is operating fully and all men of good will want to have close to capacity, that a more rapid expanemployment opportunities available for sion of bank credit and money would stimuthose willing and able to work. Satisfactory late greater aggregate output. In fact, such economic growth and reasonable price an attempt would only lead to a bidding up stability are not only compatible goals, in of costs and prices as various sectors commy view, but they are necessarily interdepete for limited resources. It is true that this pendent. At the same time we all recognize would increase temporarily the gross nathat some fluctuations in prices and employtional product measured in current dollars, ment are probably unavoidable and that, but it would not involve any real growth. in the present state of the economic arts, it Quite aside from its other evils, inflation is hard to see how complete stability could brings about misapplications of resources be achieved without stifling some developthat actually reduce the true value of curments in our economy potentially favorable rent production. There must be sustained to growth. confidence in a stable dollar for such ad- Advancing technology and improvement verse developments to be avoided. of skills depend on educational processes Sound growth depends on a number of and the general cultural environment. Our factors besides confidence in a stable dollar. national pride has been pricked by dis- In my own view, the following are the chief covery that other nations have beaten us in supplementary factors: some aspects of technological development. 1. Balanced and sustained demands for This evidence is found not only in military labor and for the products of business; hardware but also in the mounting com- 2. Improvement in technology and skills; petitiveness of the rest of the world. Prod- 3. Adequate capital formation based on ucts from abroad are increasingly penevoluntary savings; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONETARY POLICY AND ECONOMIC GROWTH 131 trating our markets. This challenge, how- sary adjustments in a growing economy, ever, may well provide the stimulus for new prices of both end products and the factors achievements on our part. of production must move freely in response If we are to maintain our competitive to shifting demand and supply conditions. position in the world, we must also make Imperfections in the price mechanism must regular additions to our productive capital be rooted out wherever they may exist, if and to our efficiency. Adequate capital for- our free enterprise economy is to realize its mation depends both on the drive of busi- full potential. ness to make the capital investment and the availability of adequate funds from volun- PROSPECTS FOR 1960 tary saving. In early 1960 the economy continues to Mobility of resources must receive conshow a sharp pickup from the period of tinuous attention. Near the top of succeshesitation caused by the steel strike. Ecosive postwar peaks in activity, unemploynomic activity is vigorous and prices are ment has tended to be somewhat higher. reasonably stable. Nevertheless, it is pos- In part, this may be due to structural imsible we may encounter a renewed spiral in balances growing out of the problem of the upward movement of prices, or, pertransferring the labor force from industries haps, find that the underlying strength in made obsolete by growth to areas of higher the situation is not so great as most oblabor demand. Such imbalance may also servers now feel. In these circumstances, stem from the problems of adapting workers all of us are faced with a particularly sensito the technological and sociological detive problem of maintaining prosperity by mands of the service industries, which are endeavoring to prevent either a renewal of the more rapidly growing sources of urban inflationary pressures or development of deemployment. flationary tendencies. Flexibility in the shifting of resources, of I sincerely hope that our part in this task great importance for maximum growth, is as monetary authorities can be aided by a extraordinarily difficult to achieve. One of healthy budget surplus of an amount at the effects of growing productivity is to releast as large as the one outlined in the duce the amount of resources required in President's Budget Message. Experience particular industries, especially those in since 1957 suggests that a surplus of this which end-product consumption, such as size is a minimum condition of reasonable consumption of food, grows at a slow, fiscal health. The relatively brief decline steady rate. The process of moving rein economic activity that occurred in 1957sources aggravates our cyclical difficulties 58 resulted in a deficit of over $12 billion and creates a problem of structural unemin fiscal 1959. If a level of economic acployment. Steps to lessen the economic tivity as high as marked 1959, and which loss to the nation and the hardships for inis projected in the budget estimate for 1960, dividuals resulting from shifts in the pattern results in a barely balanced budget in 1960 of production are an important public reand a budget surplus of no more than $4.2 sponsibility. billion in fiscal 1961, the average result of If we are to be able to continue to rely the full period is a net deficit. on the price mechanism to effect the neces- Such an outcome would hardly represent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
132 FEDERAL RESERVE BULLETIN FEBRUARY 1960 symmetrical economic policy. It would petitive markets and the correction of any therefore appear that larger budget sur- institutional imperfections which exist in pluses are needed in times of prosperity if the working of the price mechanism. While we are to avoid having to make regular and such imperfections cannot be corrected persistent increases in the public debt. The simply by a sound monetary and fiscal polrelatively favorable outlook for balance be- icy, they surely cannot be corrected by an tween saving and investment in the period unsound financial policy. ahead, with the accompanying prospect of "Nor does a sound general monetary polless pressure on the rate of interest, depends icy necessarily, in itself, accomplish the opin large part on the improved fiscal position timum distribution of loanable funds among of the Federal Government. various sectors of the economy. It is not only I doubt that anyone could be more aware the right but the duty of Government to asof the real limitations of monetary policy sure that socially necessary programs are than are the members of the Federal Re- adequately financed. But, again, this objecserve Board. It is, however, the area of re- tive can never be well served by unsound sponsibility which has been given to us and general monetary or fiscal policies. If, as a in the discharge of that responsibility it has matter of public policy, the financing of seemed to us that the most constructive school construction, for example, should contribution monetary policy can make to have an overriding priority in the allocation the vigorous, healthy growth of the econof resources, this can be accomplished in a omy in the present circumstances is to mainnumber of ways, but we can be sure that it tain confidence in the value of money, and would not be accomplished by the general thus encourage people to save and invest expansion of bank credit and money." in the basic capital improvements that add In conclusion, I should like to add a word to our nation's productive strength. about what monetary policy can and cannot It is relevant to here refer to some statedo. It cannot effectively peg interest rates. ments that I made in the closing portion of It cannot prevent monopoly. It cannot asa letter to Chairman Douglas on Decemsure that the financial needs of all socially ber 9: desirable activities are met without inter- "My interest in a monetary policy directed vention by Government. It cannot be relied toward a dollar of stable value is not based upon to cover Federal deficits. Alone, it on the feeling that price stability is a more certainly cannot assure either stability or important national objective than either growth. maximum sustainable growth or a high level What a correct monetary policy can do of employment, but rather on the reasoned is to foster confidence in the dollar, so that conclusion that the objective of price stabilour people can and will save and invest in ity is an essential prerequisite to their the future with reasonable assurance that achievement. their plans will not be frustrated by irre- "I want to emphasize that I am most concerned with the preservation of freely com- sponsible changes in the value of money. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revised Series for Seasonally Adjusted Money Supply SEASONAL ADJUSTMENT FACTORS for de- Demand deposits adjusted. Seasonal movemand deposits adjusted and currency out- ments in demand deposits adjusted have side banks, which together constitute the changed substantially in the postwar period. active private money supply, have been re- A major influence has been the provision for vised back to the beginning of 1946, the speeding up Federal corporate income tax period covered by the seasonally adjusted payments, which began in 1951 and which series. Since 1955, when the seasonal fac- will be completed in 1960. Another factor tors were first published, the pattern of has been the shift from March 15 to April seasonal movements has undergone con- 15 in the date for final settlement by individsiderable change. As additional data for uals of their Federal income tax payments. the series have become available, it has The months in which variations in the been possible to improve the measurement date of the last Wednesday appear to affect of seasonal movements. significantly the level of demand deposits The revised seasonal factors were derived adjusted are March, June, October, and Deby the method generally used in compiling cember. The special adjustments for these seasonally adjusted monthly data published months, expressed as percentage point by the Board. A feature of the revised changes in the seasonal factors, are shown factors is that a special adjustment is made in a note to the table on page 135. for those months in which the seasonal In March adjustments are provided when movement is greatly affected by the date on the last Wednesday falls on the 30th or the which the last Wednesday falls. Since the 31st of the month. These adjustments are series relate to a single day each month, necessary in large part because of the propnamely the last Wednesday, the reporting erty tax assessment date, April 1, in Cook date can vary by as much as seven days County, Illinois, when many individuals and relative to the end of the month. Seasonal businesses in the area reduce their bank dechanges in the last few days of the month posits temporarily and put their funds in are often large. other assets, particularly short-term U. S. The accompanying tables show revised Government securities. seasonally adjusted data, together with the Adjustments for December cover Wedunadjusted figures, beginning with January nesdays affected by large withdrawals of de- 1946 for the total private money supply and posits in currency over the Christmas holithe two component series. For the com- day and by the sharp year-end rise in deponent series the seasonal factors used in posits, reflecting in part window dressing adjusting the data are also included. by businesses for statement purposes. Small adjustments are made for June to NOTE.—This article was prepared by Caroline H. reflect currency outflow and for October Cagle and Edward R. Fry of the Board's Division of Research and Statistics. to reflect the usual substantial expansion in 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
134 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 bank credit in the last few days of the rency movements are made for months in month. which the last Wednesday is a holiday, e.g., Currency outside banks. Currency outside December 25, Thanksgiving, or Memorial banks also tends to vary with the date on Day, or is the day preceding a holiday. In which the last Wednesday falls. The revised November, currency outflow is much larger series includes special adjustments for five than normal when the last Wednesday is the months in which these variations are large, day before Thanksgiving. At that time namely, May, June, October, November, and December. Christmas savings are being withdrawn and Most of these special adjustments for cur- holiday demands for currency are large. DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION * [Figures as of last Wednesday of month] • Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jnadjusted series (in billionsof dollars] 19462 102.9 102.5 101.1 103.7 104.9 106.0 106.7 107.2 107.9 108.9 109.7 110.0 1947 . .108.6 106 8 106 5 107.4 107.6 108.5 109.0 109.4 110 4 111.6 112.4 113.6 1948 112.4 110.3 107.1 108.1 108.2 108.3 108.8 109.4 109.6 110.8 111.1 111.5 1949 110.6 108.5 106.2 107.3 107.5 107.2 108.0 108.5 108.0 109.2 110.1 111.7 1950 110 9 109 2 107 8 108 9 109.7 110.0 110.9 111.9 112 5 113.8 115.2 118.2 1951 116.2 115 2 113 4 114.1 114.4 114.5 115.8 116.7 117.4 120.7 122.1 124.4 1952 123.5 121.3 120.5 121.0 121.3 121.8 121.9 122.1 123.0 125.3 126.8 129.0 1953 127.3 125.2 124.3 125.0 124.5 124.3 124.6 124.8 125.2 127.7 128.1 131.1 1954 129.2 126 5 123.6 125.3 125.5 125.2 126.8 126.3 128.1 130.0 131.5 134.1 1955 133.8 131.3 129.1 131.2 130.1 130.3 131.0 131.2 132.1 133.4 134.8 137.7 1956 136.0 132.8 131.6 133.1 131.6 132.5 132.6 132.0 132.8 135.1 136.3 139.3 1957 136.9 134 4 132 6 134 7 132.7 133.4 134.4 132.9 133.3 135.0 135 7 138.0 1958 134.9 133.0 132.0 134.8 133.6 133.5 136.0 135.5 136.0 139.0 140.7 144.2 1959 141.4 139.0 138.2 140.4 138.8 139.0 141.1 139.6 ^139.9 P141.0 ^142.2 ^144.9 I960 P141.7 Adjusted series (inbillions of dollars) 19462 101.9 103.1 102.8 105.0 106.1 106.8 107.3 107.3 107.7 107.9 107.9 107.6 1947 107.5 107.5 108.3 108.8 108.9 109.3 109.6 109.6 110.2 110.2 110.3 110.5 1948 110.8 110.6 110.5 109.5 109.5 109.6 109.4 109.6 109.4 109.9 109.3 109.0 1949 109 0 108 8 108 8 108 7 108 8 108.5 108.8 108.7 108.3 108.3 108.5 108.4 1950 109.1 109.2 109.4 110.3 111.0 111.3 111.8 112.6 112.8 113.1 113.6 114.6 1951 114 2 115 2 115 1 115 6 115 6 115 9 116.8 117.4 117.8 119.1 120.4 120 2 1952 . 121,1 121.3 121.9 122.0 122.9 123.3 123.0 123.5 123.9 124.1 125.0 124.1 1953 124.9 125 2 125 7 126.0 126 1 125.8 125.7 126.2 126.1 126.9 126.3 126.6 1954 126.5 126.5 126.7 126.3 127.1 126.9 127.9 127.7 129.0 129.2 129.6 130.0 1955 131.1 131.3 131.5 131.7 132.1 132.1 132.0 132.6 133.2 132.8 133.1 133.5 1956 133.2 132.9 133.5 133.6 133.3 134.2 133.2 133.4 133.9 133.6 134.5 134.5 1957 134.8 134.7 134.5 134.6 134.2 135.1 135.0 134.3 134.3 133.8 133.6 133.6 1958 133.1 133.6 134.0 134.8 135.3 135.3 136.1 136.7 136.9 137.9 138.6 138.8 1959 139.5 139.6 140.3 140.4 140.6 140.9 141.2 140.9 P140.8 P140.4 P140.1 ^140.0 1960 p]19 8 P Preliminary. and currency outside banks shown separately in the following tables; i Figures in this table are the total of demand deposits adjusted dat 2 a E a s r t e im p a a t r e t s ly a e s s o ti f m e a n t d e d o . f month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED SERIES FOR MONEY SUPPLY 135 DEMAND DEPOSITS ADJUSTED—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION 1 [Figures as of last Wednesday of month] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Unadjusted series (in billions of dollars) 19462. 76.8 76.4 75.0 77.5 78.6 79.5 80.3 80.6 81.4 82.4 83.0 83.3 1947.., 82.5 80.6 80.4 81.3 81.5 82.5 83.0 83.3 84.1 85.4 85.9 87.1 1948.., 86.6 84.6 81.5 82.7 82.8 82.7 83.3 83.8 83.9 85.1 85.2 85.8 1949.. 85.4 83.4 81.1 82.4 82.5 82.2 83.1 83.4 83.1 84.3 85.0 86.7 1950.. 86.4 84.5 83.2 84.3 85.0 85.4 86.5 87.4 88.0 89.2 90.3 93.2 1951 91.6 90.6 89.0 89.5 89.5 89.5 90.7 91.4 92.0 95.0 96.3 98.1 1952 97.9 95.7 94.8 95.1 95.3 95.8 95.7 95.8 96.4 98.6 99.4 101.5 1953 100.5 98.3 97.4 98.0 97.5 97.2 97.4 97.5 97.7 100.3 100.2 103.3 1954 102.3 99.6 96.7 98.6 98.7 98.1 100.0 99.4 101.2 103.1 104.0 106.7 1955 107.0 104.5 102.4 104.5 103.3 103.2 103.9 103.9 104.9 106.1 106.9 109.8 1956. 108.9 105.6 104.4 106.1 104.2 105.0 105.2 104.5 105.4 107.4 108.3 110.8 1957. 109.5 107.0 105.2 107.3 104.8 105.6 106.6 105.1 105.5 107.2 107.2 109.1 1958. 107.6 105.6 104.6 107.2 105.8 105.7 108.1 107.5 108.1 111.0 111.9 115.5 1959. 113.8 111.3 110.3 112.5 110.7 110.7 112.7 111.1 "111.4 "112.7 "113.1 "116.1 1960. "113.7 Seasonal factors (per cent) 1946.... 101.5 99.3 98.0 98.6 98.6 99.3 99.4 99.7 100.1 101.1 101.9 102.5 1947.... 101.5 99.3 98.0 98.6 98.6 99.3 99.4 99.7 100.1 3101.4 101.9 3103.2 1948.... 102.0 99.8 396.2 98.6 98.6 398.3 99.4 99.7 100.1 101.0 101.5 102.5 1949.... 102.0 99.8 397.1 98.6 98.6 398.4 99.0 99.7 99.5 101.0 101.5 103.5 1950.... 102.3 100.1 98.3 98.6 98.6 98.6 99.0 99.2 99.5 100.8 101.5 103.5 1951.... 102.3 100.1 98.3 98.6 98.6 98.6 99.0 99.2 99.5 3101.4 101.5 103.5 1952.... 102.6 100.1 98.8 99.2 98.6 98.6 99.0 98.6 99.0 3101.1 101.2 3104.5 1953.... 102.6 100.1 98.8 99.2 98.6 98.6 99.0 98.6 99.0 100.8 101.2 3104.0 1954.... 102.8 100.1 397.1 99.2 98.6 398.1 99.0 98.6 99.0 100.8 101.2 103.5 1955.... 102.8 100.1 397.9 99.7 98.3 398.2 99.0 98.6 99.0 100.6 101.2 103.5 1956.... 102.8 100.1 98.4 99.7 98.3 98.4 99.4 98.6 99.0 3101.2 101.2 103.5 1957.... 102.1 99.9 98.4 100.3 98.5 98.4 99.4 98.6 99.1 3101.0 101.2 3103.1 1958.... 102.1 99.7 98.4 100.3 98.5 98.3 99.8 98.7 99.1 3100.9 101.2 3104.3 1959.... 102.1 99.7 98.4 100.3 98.5 98.3 99.8 98.7 99.1 100.6 101.2 3103.8 I960.... 102.1 99.7 397.5 100.3 98.5 398.1 99.8 98.7 99.1 100.6 101.2 103.3 Adjusted series (in billions of dollars) 19462. 75.7 76.9 76.5 78.6 79.7 80.1 80.8 80.8 81.3 81.5 81.5 81.3 1947.. 81.3 81.2 82.0 82.5 82.7 83.1 83.5 83.6 84.0 84.2 84.3 84.4 1948.. 84.9 84.8 84.7 83.9 84.0 84.1 83.8 84.1 83.8 84.3 83.9 83.7 1949.. 83.7 83.6 83.5 83.6 83.7 83.5 83.9 83.7 83.5 83.5 83.7 83.8 1950.. 84.5 84.4 84.6 85.5 86.2 86.6 87.4 88.4 88.5 89.0 90.0 1951. 89.5 90.5 90.5 90.8 90.8 90.8 91.6 92.1 92.5 93.7 94.9 94.8 1952. 95.4 95.6 96.0 95.9 96.7 97.2 96.7 97.2 97.4 97.5 98.2 97.1 1953. 98.0 98.2 98.6 98.8 98.9 98.6 98.4 98.9 98.7 99.5 99.0 99.3 1954. 99.5 99.5 99.6 99.4 100.1 100.0 101.0 100.8 102.2 102.3 102.8 103.1 1955. 104.1 104.4 104.6 104.8 105.1 105.1 104.9 105.4 106.0 105.5 105.6 106.1 1956. 105.9 105.5 106.1 106.4 106.0 106.7 105.8 106.0 106.5 106.1 107.0 107.1 1957. 107.2 107.1 106.9 107.0 106.4 107.3 107.2 106.6 106.5 106.1 105.9 105.8 1958. 105.4 105.9 106.3 106.9 107.4 107.5 108.3 108.9 109.1 110.0 110.6 110.7 1959. 111.5 111.6 112.1 112.2 112.4 112.6 112.9 112.6 P\12A '112.0 "111.8 "111.8 1960. 111.4 " Preliminary. the seasonal factor for the month (as shown in the middle tier of this 1 Total demand deposits other than interbank and U. S. Govern- table) has been adjusted as indicated (in percentage points): ment, less cash items reported as in process of collection; partly estimated. 1952-60 1947-51 1952-60 1947-51 2 Estimates as of end of month. Mar. 30.... .. -0.9 -1.1 Oct. 29 +0.3 +0.3 3 The seasonal movements in some months are strongly affected 31.... .. -1.7 -2.0 30 +0.4 +0.4 by the date on which the last Wednesday falls. When the last June 29.... .. -0.2 -0.2 31 +0.6 +0.6 Wednesday falls on any of the dates shown in the following tabulation, 30.... .. -0.3 -0.3 Dec. 25 -0.4 -0.4 30 +0.5 +0.5 31 + 1.0 +0.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
136 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 CURRENCY OUTSIDE BANKS—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION1 [Figures as of last Wednesday of month] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Unadjusted series (in billions of dollars) 19462 26 1 26 1 26 1 26.2 26.3 26.5 26.4 26.6 26 5 26 5 26 7 26 7 1947 26.1 26.2 26.1 26.1 26.1 26.0 26.0 26.1 26.3 26.2 26.5 26.5 1948 25.8 25.7 25.6 25.4 25.4 25.6 25.5 25.6 25.7 25.7 25.9 25.7 1949 25.2 25.1 25.1 24.9 25.0 25.0 24.9 25.1 24.9 24.9 25.1 25.0 1950 24.5 24.7 24.6 24.6 24.7 24.6 24.4 24.5 24.5 24.6 24.9 25.0 1951 24.6 24.6 24.4 24.6 24.9 25.0 25.1 25.3 25.4 25.7 25.8 26.3 1952 25.6 25.6 25.7 25.9 26.0 26.0 26.2 26.3 26.6 26.7 27.4 27.5 1953 26.8 26.9 26.9 27.0 27.0 27.1 27.2 27.3 27.5 27.4 27.9 27.8 1954 26.9 26.9 26.9 26.7 26.8 27.1 26.8 26.9 26.9 26.9 27.5 27.4 1955 26.8 26.8 26.7 26.7 26.8 27.1 27.1 27.3 27.2 27.3 27.9 27.9 1956 27.1 27.2 27.2 27.0 27.4 27.5 27.4 27.5 27.4 27.7 28.0 28.5 1957 27.4 27.4 27.4 27.4 27.9 27.8 27.8 27.8 27.8 27.8 28.5 28.9 1958.... 27 3 27 4 27 4 27.6 27.8 27.8 27 9 28 0 27 9 28 0 28 8 28 7 1959 27.6 27.7 27.9 27.9 28.1 28.3 28.4 28.5 ?28.5 ?28.3 P29A ?28.8 1960 *>28.0 Seasonal factc)rs (per cent) 1946 99.5 99.5 99.3 99.3 99.5 99.4 99.7 100.2 100.5 100.4 101.1 101.6 1947 99.5 99.5 99.3 99.3 99.5 99.4 99.7 100.2 100.5 3100.8 3101.8 101.6 1948 . . 99 5 99.5 99.3 99.3 99.5 3100.5 99 7 100 2 100.5 100 4 3101.8 101.6 1949 99.5 99.5 99.3 99.3 99.5 3100.1 99.8 100.2 100.4 100.4 101.1 101.6 1950 99.5 99.5 99.3 99.3 99.5 99.6 99.8 100.1 100.4 100.1 101.3 101.6 1951 99.5 99.5 99.3 99.3 3100.3 99.6 99.8 100.1 100.4 3101.2 101.3 3103.5 1952 99 5 99 5 99 3 99.3 99.3 99.6 99 8 100 1 100.2 3100 5 3102.3 102.0 1953 99.5 99.5 99.3 99.3 99.3 99.6 99.8 100.1 100.2 100.1 3102.3 102.0 1954 99 5 99 5 99 3 99 1 99.3 3100 7 99 8 100 1 100 2 100 1 3102 5 102 0 1955.. . . . 99 2 99 5 99.3 99.1 99.3 3100.3 100.0 100.3 100.1 100.1 101.5 102.0 1956 99 2 99 2 99 2 99.1 3100.4 100.0 100 0 100 3 100 1 3100.9 101.8 3103.9 1957 99.2 99.2 99.2 99.1 3100.4 100.0 100.0 100.3 100.1 3100.5 3102.8 3103.9 1958 98 6 98 8 99 0 99.1 99.7 100.0 100 2 100 6 100 2 3100 2 3102.8 102.2 1959 98.6 98.8 99.0 99.1 99.7 100.0 100.2 100.6 100.2 99.8 3102.8 102.2 1960 98.6 98.8 99.0 99.1 99.7 3100.7 100.2 100.6 100.2 99.8 101.8 102.2 Adjusted series (inbillions of dollars) 19462.... 26.2 26.2 26.3 26.4 26.4 26.7 26.5 26.5 26.4 26.4 26.4 26.3 1947 26.2 26.3 26.3 26.3 26.2 26.2 26.1 26.0 26.2 26.0 26.0 26.1 1948 25.9 25.8 25.8 25.6 25.5 25.5 25.6 25.5 25.6 25.6 25.4 25.3 1949 25.3 25.2 25.3 25.1 25.1 25.0 24.9 25.0 24.8 24.8 24.8 24.6 1950 24 6 24 8 24.8 24.8 24.8 24.7 24.4 24.5 24.4 24.6 24.6 24.6 1951 24.7 24.7 24.6 24.8 24.8 25.1 25.2 25.3 25.3 25.4 25.5 25.4 1952 ... 25.7 25.7 25.9 26.1 26.2 26.1 26.3 26.3 26.5 26.6 26.8 27.0 1953 26 9 27 0 27 1 27 2 27 2 27.2 27.3 27.3 27.4 27.4 27.3 27.3 1954 ... 27.0 27.0 27.1 26.9 27.0 26.9 26.9 26.9 26.8 26.9 26.8 26.9 1955 27 0 26 9 26 9 26 9 27.0 27.0 27.1 27.2 27.2 27.3 27.5 27.4 1956 ... 27.3 27.4 27.4 27.2 27.3 27.5 27.4 27.4 27.4 27.5 27.5 27.4 1957 27 6 27 6 27 6 27 6 27 8 27.8 27.8 27.7 27.8 27.7 21.1 27.8 1958 . . . 27.7 27.7 27.7 27.9 27.9 27.8 27.8 27.8 27.8 27.9 28.0 28.1 1959 28 0 28 0 28 2 28 2 • 28.2 28.3 28.3 28.3 ^28.4 P28.4 2>28.3 P28.2 1960 ^28.4 I p Preliminary. seasonal factor for the month (as shown in the middle tier of this 1 Total currency outstanding less holdings of the Treasury and table) has been adjusted as indicated (in percentage points): the Federal Reserve Banks and holdings of vault cash at all banks; partly estimated. 1952-60 1947-51 1952-60 1947-51 2 3 E T s h t e i m s a e t a e s s o n a a s l of m e o n v d e m of e n m ts o n in th . some months are strongly affected May 2 3 9 0 . . . . . . . . . . . . + + 1 1 . . 1 1 + + 0 0 . . 8 8 Nov. 2 2 4 5 + + 1 1 . . 0 0 + + 0 0 . . 7 7 by the date on which the last Wednesday falls. When the last Wednes- June 29.... .. +0.7 +0.7 26 + 1.0 +0.7 day falls on any of the dates shown in the following tabulation, the 30.... .. +1.1 + 1.1 27 + 1.0 +0.7 Oct. 29.... .. +0.4 +0.4 Dec. 25 + 1.9 + 1.9 30.... .. +0.7 +0.7 26 + 1.9 + 1.9 31.... .. +1.1 + 1.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Biddeford, Maine. i960 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1961 WILLIAM D. IRELAND President, Second Bank-State Street Trust Company, Boston, Mass. 1962 Class B: (Vacancy) 1960 President and Treasurer, The Morley Company, Portsmouth, EUGENE B. WHITTEMORE N. H. 1961 President, Norton Company, Worcester, Mass. 1962 MILTON P. HIGGINS Class C.- ROBERT C. SPRAGUE * Chairman and Treasurer, Sprague Electric Company, North Adams, Mass. I960 ERWIN D. CANHAM Editor, The Christian Science Monitor, Boston, Mass. 1961 NILS Y. WESSELL 2 President, Tufts University, Medford, Mass. 1962 1 Chairman. 1 Deputy Chairman. 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
138 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Class A: Dec. 31 President and Trust Officer, The Chenango County National CYRUS M. HIGLEY Bank and Trust Company of Norwich, Norwich, N. Y. 1960 Chairman of the Board, Morgan Guaranty Trust Company HENRY C. ALEXANDER of New York, New York, N. Y. 1961 Chairman of the Board, Peoples Trust Company of Bergen CESAR J. BERTHEAU County, Hackensack, N. J. 1962 Class B: AUGUSTUS C. LONG Chairman of the Board, Texaco Inc., New York, N. Y. 1960 (Vacancy) 1961 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1962 Class C: FORREST F. HILL 2 Vice President, The Ford Foundation, New York, N. Y. 1960 JAMES DECAMP WISE Chairman of the Board, Bigelow-Sanford Carpet Company, Inc., New York, N. Y. 1961 PHILIP D. REED X Formerly Chairman of Board, General Electric Company, New York, N. Y. 1962 BUFFALO BRANCH Appointed by Federal Reserve Bank: E. PERRY SPINK President, Liberty Bank of Buffalo, Buffalo, N. Y. 1960 JOHN W. REMINGTON President, Lincoln Rochester Trust Company, Rochester, N. Y. 1961 DENTON A. FULLER President, The Citizens National Bank of Wellsville, Wellsville, N. Y. 1961 HOWARD N. DONOVAN President, Bank of Jamestown, Jamestown, N. Y. 1962 Appointed by Board of Governors: THOMAS E. LAMONT Farmer, Albion, N. Y. 1960 WHITWORTH FERGUSON X President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1961 RAYMOND E. OLSON President, Taylor Instrument Companies, Rochester, N. Y. 1962 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: WILLIAM B. BROSIUS President, National Bank of Chester County and Trust Company, West Chester, Pa. 1960 O. ALBERT JOHNSON President, The First National Bank of Eldred, Eldred, Pa. 1961 FREDERIC A. POTTS President, The Philadelphia National Bank, Philadelphia, Pa. 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 139 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class B: Dec. 31 BAYARD L. ENGLAND Chairman, Atlantic City Electric Company, Atlantic City, N. J. 1960 FRANK R. PALMER Chairman, The Carpenter Steel Company, Reading, Pa. 1961 R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours & Company, Wilmington, Del. 1962 Class C: WALTER E. HOADLEY, JR.- Treasurer, Armstrong Cork Company, Lancaster, Pa. 1960 HENDERSON SUPPLEE, JR.1 President, The Atlantic Refining Company, Philadelphia, Pa. 1961 DAVID C. BEVAN Vice President, Finance, The Pennsylvania Railroad Company, Philadelphia, Pa. 1962 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1960 RAY H. ADKINS President, The National Bank of Dover, Dover, Ohio 1961 FRANCIS H. BEAM Chairman of the Board, The National City Bank of Cleveland, Cleveland, Ohio 1962 Class B: JOSEPH B. HALL President, The Kroger Co., Cincinnati, Ohio 1960 CHARLES Z. HARDWICK Executive Vice President, The Ohio Oil Company, Findlay, Ohio 1961 W. CORDES SNYDER, JR. Chairman of the Board and President, Blaw-Knox Company, Pittsburgh, Pa. 1962 Class C: AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexington, Ky. 1960 ARTHUR B. VAN BUSKIRK1 Vice President and Governor, T. Mellon and Sons, Pittsburgh, Pa. 1961 JOSEPH H. THOMPSON 2 President, The M. A. Hanna Company, Cleveland, Ohio 1962 CINCINNATI BRANCH Appointed by Federal Reserve Bank: ROGER DRACKETT President, The Drackett Company, Cincinnati, Ohio 1960 THOMAS M. WOLFE President, The Athens National Bank, Athens, Ohio 1960 FRANK J. VAN LAHR President, The Provident Bank, Cincinnati, Ohio 1961 LEROY M. MILES President, First National Bank and Trust Company of Lexington, Lexington, Ky. 1962 Appointed by Board of Governors: W. BAY IRVINE X President, Marietta College, Marietta, Ohio 1960 IVAN JETT Farmer, Georgetown, Ky. 1961 HOWARD E. WHITAKER Chairman of the Board, Mead Corporation, Dayton, Ohio 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
140 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 LAWRENCE O. HOTCHKISS President, The First National Bank of Mercer, Mercer, Pa. 1960 IRVING W. WILSON Chairman of the Board, Aluminum Company of America, Pittsburgh, Pa. 1960 A. BRUCE BOWDEN Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1961 SAMUEL R. EVANS President, Windber Trust Company, Windber, Pa. 1962 Appointed by Board, of Governors: JOHN C. WARNER J President, Carnegie Institute of Technology, Pittsburgh, Pa. 1960 WILLIAM A. STEELE President, Wheeling Steel Corporation, Wheeling, W. Va. 1961 JOHN T. RYAN, JR. President, Mine Safety Appliances Company, Pittsburgh, Pa. 1962 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: DENVER L. MORGAN Executive Vice President, The Charleston National Bank, Charleston, W. Va. 1960 A. SCOTT OFFUTT President, Anacostia National Bank of Washington, Washington, D. C. 1961 H. H. COOLEY President, The Round Hill National Bank, Round Hill, Va. 1962 Class B.- ROBERT O. HUFFMAN President, Drexel Furniture Company, Drexel, N. C. 1960 L. VINTON HERSHEY President, Hagerstown Shoe Company, Hagerstown, Md. 1961 R. E. SALVATI President, Island Creek Coal Company, Huntington, W. Va. 1962 Class C: D. W. COLVARD 2 Dean of Agriculture, North Carolina State College of Agriculture and Engineering, Raleigh, N. C. 1960 EDWIN HYDE President, Miller & Rhoads, Inc., Richmond, Va. 1961 ALONZO G. DECKER, JR.1 Executive Vice President, The Black & Decker Manufacturing Company, Towson, Md. 1962 BALTIMORE BRANCH Appointed by Federal Reserve Bank: J. N. SHUMATE President, The Farmers National Bank of Annapolis, Annapolis, Md. 1960 HARVEY E. EMMART Senior Vice President and Cashier, Fidelity-Baltimore National Bank, Baltimore, Md. 1961 JOHN W. STOUT President, The Parkersburg National Bank, Parkersburg, W. Va. 1961 JAMES W. MCELROY President, First National Bank of Baltimore, Baltimore, Md. 1962 1 Chairman. 9 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 141 BALTIMORE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 CLARENCE R. ZARFOSS Vice President, Western Maryland Railway Company, Baltimore, Md. 1960 J. T. MENZIES, JR. President, The Crosse & Blackwell Company, Baltimore, Md. 1961 GORDON M. CAIRNS X Dean of Agriculture, University of Maryland, College Park, Md. 1962 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: ERNEST PATTON Chairman of the Board, The Peoples National Bank of Greenville, Greenville, S. C. 1960 I. W. STEWART Chairman of the Board, American Commercial Bank, Charlotte, N. C. 1961 G. G. WATTS President, The Merchants & Planters National Bank, Gaffney, S. C. 1961 CHARLES D. PARKER Vice Chairman of the Board and First Executive Vice President, First Union National Bank of North Carolina, Asheville, N. C. 1962 Appointed by Board of Governors: GEORGE H. AULL X Agricultural Economist, Clemson College, Clemson, S. C. 1960 CLARENCE P. STREET Secretary and General Manager, McDevitt & Street Company, Charlotte, N. C. 1961 J. C. COWAN, JR. Vice Chairman, Burlington Industries, Inc., Greensboro, N. C. 1962 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: W. C. BOWMAN Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala. 1960 WILLIAM C. CARTER Chairman and President, Gulf National Bank, Gulfport, Miss. 1961 M. M. KIMBREL Executive Vice President, First National Bank, Thomson, Ga. 1962 Class B: POLLARD TURMAN President, J. M. Tull Metal & Supply Company, Inc., Atlanta, Ga. 1960 DONALD COMER Chairman of the Board, Avondale Mills, Birmingham, Ala. 1961 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1962 Class C.- HENRY G. CHALKLEY, JR.2 President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1960 WALTER M. MITCHELL 1 Vice President, The Draper Corporation, Atlanta, Ga. 1961 J. M. CHEATHAM President, Dundee Mills, Griffin, Ga. 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
142 FEDERAL RESERVE BULLETIN * FEBRUARY 1960 BIRMINGHAM BRANCH Term expires Appointed by Federal Reserve Bank: Dec, 31 FRANK A. PLUMMER President, Birmingham Trust National Bank, Birmingham, Ala. 1960 GEORGE W. HULME Senior Vice President, First National Bank, Alexander City, Ala. 1961 MARSHALL DUGGER Vice President and Cashier, First National Bank, Tuscumbia, Ala. 1961 R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1962 Appointed by Board of Governors: SELDEN SHEFFIELD1 Cattleman, Greensboro, Ala. 1960 JOHN E. URQUHART Chairman, Woodward Iron Company, Woodward, Ala. 1961 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Ala. 1962 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: C. B. MCLEOD President, Bank of Crestview, Crestview, Fla. 1960 ROGER L. MAIN Chairman and President, Florida National Bank of Jacksonville, Jacksonville, Fla. 1961 A. L. ELLIS Chairman of the Board, First National Bank in Tarpon Springs, Tarpon Springs, Fla. 1961 LEONARD A. USINA President, Peoples National Bank of Miami Shores, Miami Shores, Fla. 1962 Appointed by Board of Governors: J. WAYNE REITZ1 President, University of Florida, Gainesville, Fla. 1960 JOHN M. FOX President, Minute Maid Corporation, Orlando, Fla. 1961 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1962 NASHVILLE BRANCH Appointed by Federal Reserve Bank: P. D. HOUSTON. JR. Vice Chairman of the Board, First American National Bank, Nashville, Tenn. 1960 C. A. WHELCHEL President, First Farmers and Merchants National Bank of Columbia, Columbia, Tenn. 1961 W. E. NEWELL President, The First National Bank, Kingsport, Tenn. 1961 D. L. EARNEST President, The Blount National Bank of Maryville, Maryville, Tenn. 1962 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 143 NASHVILLE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 W. N. KRAUTH 1 President and General Manager, Colonial Baking Company of Nashville, Nashville, Tenn. 1960 V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1961 ANDREW D. HOLT President, University of Tennessee, Knoxville, Tenn. 1962 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: D. U. MADDOX President, The Commercial National Bank and Trust Company of Laurel, Laurel, Miss. 1960 W. P. MCMULLAN Chairman of the Board, Deposit Guaranty Bank and Trust Company, Jackson, Miss. 1961 WALLACE M. DAVIS President, The Hibernia National Bank in New Orleans, New Orleans, La. 1961 FRANK A. GALLAUGHER Executive Vice President, Jeff Davis Bank & Trust Company, Jennings, La. 1962 Appointed by Board of Governors: FRANK A. GODCHAUX, III Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, La. 1960 GERALD L. ANDRUS1 President, New Orleans Public Service Inc., New Orleans, La. 1961 J. O. EMMERICH Editor, State Times, Jackson, Miss. 1962 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: WALTER J. CUMMINGS Chairman of the Executive Committee, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111. 1960 JOHN H. CROCKER Chairman of the Board and President, The Citizens National Bank of Decatur, Decatur, 111. 1961 VIVIAN W. JOHNSON President, First National Bank, Cedar Falls, Iowa 1962 Class B: G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1960 WILLIAM J. GREDE President, J. I. Case Co., Racine, Wis. 1961 WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1962 Class C.- BERT R. PRALL * Chairman of the Board, H. L. Green Company, New York, N. Y. (Residence: Winnetka, 111.) 1960 ROBERT P. BRIGGS 2 Executive Vice President, Consumers Power Company, Jackson, Mich. 1961 JAMES H. HILTON President, Iowa State University of Science and Technology, Ames, Iowa 1962 Chairman. a Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
144 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 DETROIT BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of Detroit, Detroit, Mich. 1960 ERNEST W. POTTER President, Citizens Commercial & Savings Bank, Flint, Mich. 1960 DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Detroit, Mich. 1961 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1962 Appointed by Board of Governors: JOHN A. HANNAH X President, Michigan State University, East Lansing, Mich. 1960 C. V. PATTERSON Director, The Upjohn Company, Kalamazoo, Mich. 1961 J. THOMAS SMITH President, Dura Corporation, Oak Park, Mich. 1962 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: H. LEE COOPER President, Ohio Valley National Bank of Henderson, Henderson, Ky. 1960 ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, Steeleville, 111. 1961 KENTON R. CRAVENS President, Mercantile Trust Company, St. Louis, Mo. 1962 Class B: LEO J. WIECK Vice President and Treasurer, The May Department Stores Co., St. Louis, Mo. 1960 S. J. BEAUCHAMP, JR. President, Terminal Warehouse Co., Little Rock, Ark. 1961 HAROLD O. MCCUTCHAN Executive Vice President, Mead Johnson & Company, Evansville, Ind. 1962 Class C.- JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1960 J. H. LONGWELL 2 Director, Division of Agricultural Sciences, University of Missouri, Columbia, Mo. 1961 PIERRE B. MCBRIDE X President, Porcelain Metals Corporation, Louisville, Ky. 1962 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: J. W. BELLAMY, JR. President, National Bank of Commerce of Pine Bluff, Pine Bluff, Ark. 1960 E. C. BENTON President, Fordyce Bank and Trust Company, Fordyce, Ark. 1960 J. V. SATTERFIELD, JR. Chairman of the Board and President, The First National Bank in Little Rock, Little Rock, Ark. 1961 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, De Witt, Ark. 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 145 LITTLE ROCK BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 (Vacancy) 1960 WALDO E. TILLER1 President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1961 T. WINFRED BELL President, Bush-Caldwell Company, Little Rock, Ark. 1962 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: W. SCOTT MCINTOSH President, State Bank of Hardinsburg, Hardinsburg, Ind. 1960 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Paducah, Ky. 1960 JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Mitchell, Ind. 1961 MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Louisville, Ky. 1962 Appointed by Board of Governors: PHILIP DAVIDSON President, University of Louisville, Louisville, Ky. 1960 J. D. MONIN, JR.1 Farmer, Oakland, Ky. 1961 WILLIAM H. HARRISON President, T. P. Taylor & Co., Louisville, Ky. 1962 MEMPHIS BRANCH Appointed by Federal Reserve Bank: JOHN E. BROWN President, Union Planters National Bank of Memphis, Memphis, Tenn. 1960 SIMPSON RUSSELL President, The National Bank of Commerce of Jackson, Jackson, Tenn. 1960 J. H. HARRIS Chairman of the Board, The First National Bank of Wynne, Wynne, Ark 1961 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Corinth, Miss. 1962 Appointed by Board of Governors: S. L. KOPALD, JR.1 Executive Vice President, HumKo Division, National Dairy Products Corporation, Memphis, Tenn. 1960 FRANK LEE WESSON President, Wesson Farms, Inc., Victoria, Ark. 1961 CLAY LYLE Dean and Director, Division of Agriculture, Mississippi State University, State College, Miss. 1962 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
146 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Term expires Class A: Dec. 31 HAROLD C. REFLING Cashier, First National Bank in Bottineau, Bottineau, N. D. 1960 JOHN A. MOORHEAD President, Northwestern National Bank of Minneapolis, Minneapolis, Minn. 1961 HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1962 Class B.- RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1960 T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Hopkins, Minn. 1961 J. E. CORETTE President and General Manager, The Montana Power Company, Butte, Mont. 1962 Class C: O. B. JESNESS 1 Agricultural Economist, St. Paul, Minn. 1960 JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1961 ATHERTON BEAN President, International Milling Company, Minneapolis, Minn. 1962 HELENA BRANCH Appointed by Federal Reserve Bank: ROY G. MONROE President, The First State Bank of Malta, Malta, Mont. 1960 President, Ronan State Bank, Ronan, Mont. 1960 HARALD E. OLSSON O. M. JORGENSON Chairman, Security Trust and Savings Bank, Billings, Mont. 1961 Appointed by Board of Governors: JOHN D. STEPHENSON 1 Partner, Jardine, Stephenson, Blewett, & Weaver, Attorneys, Great Falls, Mont. 1960 JOHN M. OTTEN Farmer and rancher, Lewistown, Mont. 1961 District 10--FEDERAL RESERVE BANK OF KANSAS CITY Class A: Chairman of the Board, The Colorado National Bank of Denver, HAROLD KOUNTZE Denver, Colo. 1960 President and Chairman of the Board, The First National Bank W. S. KENNEDY of Junction City, Junction City, Kans. 1961 President, The First National Bank of Centralia, Centralia, BURTON L. LOHMULLER Kans. 1962 Class B: MAX A. MILLER Livestock rancher, Omaha, Neb. 1960 E. M. DODDS Refrigeration Consultant, Kansas City, Mo. 1961 K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1962 L Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 147 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term expires Class C: Dec. 31 JOE W. SEACREST2 President, State Journal Company, Lincoln, Neb. 1960 RAYMOND W. HALL ] Hillix, Hall, Hasburgh, Brown & Hoffhaus, Attorneys, Kansas City, Mo. 1961 OLIVER S. WILLHAM President, Oklahoma State University, Stillwater, Okla. 1962 DENVER BRANCH Appointed by Federal Reserve Bank: J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colorado, Fort Morgan, Colo. 1960 CALE W. CARSON President, First National Bank in Albuquerque, Albuquerque, N. Mex. 1960 STEWART COSGRIFF Chairman of the Board, Denver United States National Bank, Denver, Colo. 1961 Appointed by Board of Governors: RAY REYNOLDS Cattle feeder and farmer, Longmont, Colo. I960 ROBERT T. PERSON1 President, Public Service Company of Colorado, Denver, Colo. 1961 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Hobart, Okla. 1960 C. L. PRIDDY President, The National Bank of McAlester, McAlester, Okla. 1960 C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1961 Appointed by Board of Governors: DON H. DENNIS Rancher, Grady, Okla. 1960 JAMES E. ALLISON1 President, Warren Petroleum Corporation, Tulsa, Okla. 1961 OMAHA BRANCH Appointed by Federal Reserve Bank: JOHN F. DAVIS President, First National Bank, Omaha, Neb. 1960 R. E. BARTON President, The Wyoming National Bank of Casper, Casper, Wyo. 1961 C. WHEATON BATTEY President, The Continental National Bank of Lincoln, Lincoln, Neb. 1961 Appointed by Board of Governors: HOMER A. SCOTT Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1960 JAMES L. PAXTON, JR.1 President, Paxton-Mitchell Company, Omaha, Neb. 1961 1 Chairman. - Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
148 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 District 11—FEDERAL RESERVE BANK OF DALLAS Term expires Class A: Dec. 31 SAM D. YOUNG President, El Paso National Bank, El Paso, Tex. 1960 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1961 JOHN M. GRIFFITH President, The City National Bank of Taylor, Taylor, Tex. 1962 Class B: D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1960 H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1961 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1962 Class C.- ROBERT J. SMITH1 President, Pioneer Hydrotex Industries, Inc., Dallas, Tex. 1960 LAMAR FLEMING, JR.2 Chairman of the Board, Anderson, Clayton & Co., Inc., Houston, Tex. 1961 ROBERT O. ANDERSON President, Hondo Oil & Gas Company, Roswell, N. Mex. 1962 EL PASO BRANCH Appointed by Federal Reserve Bank: JOHN P. BUTLER President, The First National Bank of Midland, Midland, Tex. 1960 FLOYD CHILDRESS Vice President, The First National Bank of Roswell, Roswell, N. Mex. 1960 JOSEPH F. IRVIN President, Southwest National Bank of El Paso, El Paso, Tex. 1961 CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1962 Appointed by Board of Governors: WILLIAM R. MATHEWS1 Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1960 DYSART E. HOLCOMB Director of Research, El Paso Natural Gas Company, El Paso, Tex. 1961 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1962 HOUSTON BRANCH Appointed by Federal Reserve Bank: W. B. CALLAN President, The Victoria National Bank, Victoria, Tex. 1960 MARVIN K. COLLIE President, The National Bank of Commerce of Houston, Houston, Tex. 1960 J. W. MCLEAN President, Texas National Bank of Houston, Houston, Tex. 1961 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1962 Appointed by Board of Governors: JOHN C. FLANAGAN X Vice President and General Manager, Texas Distribution Divison, United Gas Corporation, Houston, Tex. 1960 TYRUS R. TIMM Head, Department of Agricultural Economics and Sociology, A. & M. College of Texas, College Station, Tex. 1961 A. E. CUDLIPP Vice President and Director, Lufkin Foundry and Machine Company, Lufkin, Tex. 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 149 SAN ANTONIO BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 J. W. BERETTA Director, First National Bank of San Antonio, San Antonio, Tex. 1960 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1960 BURTON DUNN Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Tex. 1961 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1962 Appointed by Board of Governors: ALEX R. THOMAS1 Vice President, Geo. C. Vaughan & Sons, San Antonio, Tex. 1960 HAROLD VAGTBORG Chairman of the Board, Southwest Research Center, San Antonio, Tex. 1961 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1962 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Willows, Calif. 1960 JOHN A. SCHOONOVER Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1961 M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif. 1962 Class B: JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1960 WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1961 N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1962 Class C.- PHILIP I. WELK Wheat grower, Vancouver, Wash. 1960 Y. FRANK FREEMAN 2 Vice President, Paramount Pictures Corporation, Hollywood, Calif. 1961 F. B. WHITMAN * President, The Western Pacific Railroad Company, San Francisco, Calif. 1962 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: ROBERT S. BEASLEY President, The Beverly Hills National Bank & Trust Company, Beverly Hills, Calif. 1960 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1960 JOE D. PAXTON Chairman of the Advisory Board, Santa Barbara Main Office, Crocker-Anglo National Bank, Santa Barbara, Calif. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
150 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 LOS ANGELES BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 JOHN D. FREDERICKS X President and Chief Executive Officer, Pacific Clay Products, Los Angeles, Calif. 1960 ROBERT J. CANNON President, Cannon Electric Company, Los Angeles, Calif. 1961 PORTLAND BRANCH Appointed by Federal Reserve Bank: D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1960 J. H. MCNALLY President, The First National Bank of Bonners Ferry, Bonners Ferry, Idaho 1960 C. B. STEPHENSON President, The First National Bank of Oregon, Portland, Portland, Ore. 1961 Appointed by Board of Governors: RAYMOND R. RETER1 Reter Fruit Company, Medford, Ore. 1960 (Vacancy) 1961 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: RUSSELL S. HANSON Executive Vice President, The First National Bank of Logan, Logan, Utah 1960 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1960 OSCAR HILLER President, Butte County Bank, Arco, Idaho 1961 Appointed by Board of Governors: THOMAS B. ROWLAND Rowland Bros. Dairy, Pocatello, Idaho 1960 HOWARD W. PRICE * Executive Vice President and General Manager, The Salt Lake Hardware Co., Salt Lake City, Utah 1961 SEATTLE BRANCH Appointed by Federal Reserve Bank: S. B. LAFROMBOISE President, The First National Bank of Enumclaw, Enumclaw, Wash. 1960 JAMES BRENNAN ' President, First National Bank in Spokane, Spokane, Wash. 1960 JOSHUA GREEN, JR. President, Peoples National Bank of Washington, Seattle, Wash. 1961 Appointed by Board of Governors: LYMAN J. BUNTING President, Rainier Fruit Company, Yakima, Wash. 1960 HENRY N. ANDERSON 1 President, Twin Harbors Lumber Company, Aberdeen, Wash. 1961 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Classification of Central Reserve and Reserve nors. However, the Department of Justice has Cities certain statutory responsibilities under the antitrust laws with respect to banks. Accordingly, pur- The following item was published in 25 Fed- suant to a request from the Department of Justice, eral Register 1396 of February 17, 1960, giving and solely for the purpose of facilitating performpublic notice that the triennial review of central ance of its responsibilities under the antitrust laws, reserve and reserve cities for classification for the Board has agreed to inform it of the receipt by reserve purposes has been suspended until further the Board of applications under Section 3(a) of notice: the Bank Holding Company Act. TITLE 12—BANKS AND BANKING Eligibility of Merchant Marine Bonds as Security CHAPTER II—FEDERAL RESERVE SYSTEM for Loans by Federal Reserve Banks SUBCHAPTER A BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM The question has recently been asked whether Part 204. Reserves of Member Banks United States Government Insured Merchant Marine Bonds are eligible as security for loans by Classification of Central Reserve and Reserve Federal Reserve Banks to member banks. The Cities eighth paragraph of Section 13 of the Federal Re- In view of the recent changes in the provisions serve Act (12 U.S.C. 347), provides that "any of law with respect to bank reserves (Section 19 Federal Reserve Bank may make advances for of the Federal Reserve Act; 12 U.S.C. 462), the periods not exceeding ninety days to its member Board of Governors of the Federal Reserve Sys- banks on their promissory notes secured by such tem has suspended until further notice subpara- notes, drafts, bills of exchange, or bankers' acgraph (4) of paragraph (b) of § 204.51 Classifica- ceptances as are eligible for rediscount or for purtion of central reserve and. reserve cities, which chase by Federal Reserve Banks." contemplates a triennial review. The Board has concluded, in the light of the language of the quoted provision, its legislative Dated at Washington, D. C, this 10th day of history, and the language and scope of other pro- February 1960. visions of the Federal Reserve Act, that the words (Signed) MERRITT SHERMAN, "notes, drafts, bills of exchange, or bankers' ac- Secretary. ceptances" refer only to obligations arising out of (SEAL) commercial or agricultural transactions. Since Mer- Advice to Justice Department of Bank Holding chant Marine Bonds are not of this character, they Company Applications are not eligible as security for advances by Federal Reserve Banks to member banks under the provi- Under Section 8(c) of the Rules of Organizasions of Section 13 of the Federal Reserve Act. tion of the Board of Governors, applications for Board approval pursuant to Section 3 (a) of the Merchant Marine Bonds are, of course, eligible Bank Holding Company Act of 1956 constitute as security for advances by Federal Reserve Banks unpublished information which ordinarily is not to member banks pursuant to Section 10(b) of the disclosed. Section 7(b) of the Rules of Organiza- Federal Reserve Act (12 U.S.C. 347b), which tion provides that the Board may make such in- authorizes advances to member banks on "notes formation available to agencies of the United States having maturities of not more than four months for use where necessary in the performance of their and which are secured to the satisfaction of [the] official duties. Federal Reserve Bank." However, the statute pro- Administration of the Bank Holding Company vides that the interest rate on Section 10(b) ad- Act is, of course, vested in the Board of Gover- vances shall be not less than one-half of one per 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
152 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 cent "higher than the highest discount rate in tions 5(b) and 7(a) of the Board's Regulation effect at such Federal Reserve Bank on the date of Y (12 CFR 222.5(b) and 222.7(a)); the Hearsuch note." ing Examiner having filed on January 11, 1960, his Report and Recommended Decision wherein Order under Section 4 of Bank Holding he recommended that the requests with respect Company Act to the first three corporations named above related The Board of Governors of the Federal Reserve to hearing docket numbers BHC 51, 52, and 53 System, on February 10, 1960, issued an Order be denied, and that the request with respect to with respect to requests by a bank holding com- First American Insurance Agency be approved; pany for determinations under Section 4(c)(6) the time for filing with the Board exceptions and of the Bank Holding Company Act of 1956, for brief to the recommended decision of the Hearthe exemption of certain subsidiary companies. ing Examiner having expired without any excep- The Board's Order and accompanying Report and tions or brief having been filed; the Board having Recommended Decision read as follows: given due consideration to all relevant aspects of the matter; and all such steps having been taken UNION BOND AND MORTGAGE COMPANY in accordance with the Board's Rules of Practice In the Matter of the Requests of Union Bond & for Formal Hearings (12 CFR 263): Mortgage Company for Determinations under Sections 4(c)(l) and 4(c)(6) of the Bank Holding IT IS HEREBY ORDERED, for the reasons set forth in the Hearing Examiner's Report and Recom- Company Act with respect to "Forks Building mended Decision of January 11, 1960, and on the Corporation, Peninsula Investment Company, Inc., basis of the record made at the hearing in this Citizens Building Corporation and. First American matter, that: Insurance Agency." Docket Nos. BHC-51, BHC- 52, BHC-53, BHC-54. 1. The activities of Forks Building Corporation, Peninsula Investment Company, Inc., and Citi- ORDER zens Building Corporation are not determined to Union Bond & Mortgage Company, Port be so closely related to the business of banking Angeles, Washington, a bank holding company or of managing or controlling banks as to be a within the meaning of Section 2(a) of the Bank proper incident thereto and as to make it unneces- Holding Company Act of 1956 (12 U.S.C. sary for the prohibitions of Section 4 of the Bank § 1843), has filed requests for determinations by Holding Company Act of 1956 to apply in order the Board of Governors of the Federal Reserve to carry out the purposes of that Act, and there- System that the corporations hereinafter named fore, Applicant's requests with respect to Forks and their activities are of the kind described in Building Corporation, Peninsula Investment Com- Section 4(c)(6) of the Act and Section 5(b) of pany, Inc., and Citizens Building Corporation shall the Board's Regulation Y (12 CFR 222.5(b)), be, and hereby are, denied; and so as to make it unnecessary for the prohibitions 2. The activities of First American Insurance of Section 4 of the Act with respect to retention Agency are determined to be so closely related to of shares in nonbanking organizations to apply in the business of banking or of managing or controlorder to carry out the purposes of the Act. The ling banks as to be a proper incident thereto and corporations with respect to which the requests as to make it unnecessary for the prohibitions were filed, with the hearing docket number of of Section 4 of the Bank Holding Company Act each are: of 1956 to apply in order to carry out the purposes of that Act, and, therefore, Applicant's request Forks Building Corporation (BHC-51) with respect to First American Insurance Agency Peninsula Investment Company, Inc. shall be, and hereby is, granted; provided that this (BHC-52) determination shall be subject to revocation by the Citizens Building Corporation (BHC-53) Board if the facts upon which they are based First American Insurance Agency (BHC-54) should substantially change in such a manner as A hearing having been held pursuant to Section to make the reasons for such determination no- 4(c)(6) of the Act and in accordance with Sec- longer applicable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 153 Dated at Washington, D. C, this 10th day of direct or indirect ownership or control of any voting February, 1960. shares of any company which is not a bank, or "(2) after two years from the date of enactment of this Act or from the date as of which it becomes a By order of the Board of Governors: bank holding company, whichever is later, retain direct or indirect ownership or control of any voting shares Voting for this action: Chairman Martin, and Govof any company which is not a bank or a bank holdernors Balderston, Szymczak, Mills, Robertson, Sheping company or engage in any business other than ardson, and King that of banking or of managing or controlling banks or of furnishing services to or performing services (Signed) MERRITT SHERMAN, for any bank of which it owns or controls 25 per Secretary. centum or more of the voting shares. (SEAL) "(c) The prohibitions in this section shall not REPORT AND RECOMMENDED DECISION apply— STATEMENT OF THE CASE * * * ** Union Bond & Mortgage Company, a duly regis- "(6) to shares of any company all the activities of tered bank holding company, herein called the Appli- which are of a financial, fiduciary, or insurance nature cant, having filed with the Board of Governors of the and which the Board after due notice and hearing, Federal Reserve System, herein called the Board, and on the basis of the record made at such hearing, under date of July 7, 1959, request for exemption from by order has determined to be so closely related to the prohibitions of Section 4 of the Bank Holding the business of banking or of managing or controlling Company Act of 1956, pursuant to Section 4(c)(6) banks as to be a proper incident thereto and as to of said Act, with respect to four subisidiary companies make it unnecessary for the prohibitions of this sechereafter described, the Board duly provided for a tion to apply in order to carry out the purposes of hearing thereon in keeping with the requirements of this Act; . . . ." the statute. Pursuant to appropriate notice the hearing 2. Pursuant to Section 4(c)(6) the Applicant apwas held in Seattle, Washington, on October 15, 1959, plied to the Board seeking a determination that all before a duly designated Hearing Examiner. The the activities of the four captioned subsidiaries, here- Applicant and the Board—the latter in a nonadversary after described, are of a financial, fiduciary, or incapacity—were represented at the hearing by counsel, surance nature, and so closely related to the business and were afforded full opportunity to be heard, to of banking or of managing or controlling banks as examine witnesses, to introduce evidence, and to file to be a proper incident thereto and as to make it proposed findings of fact, conclusions of law, and unnecessary for the prohibitions of Section 4 of the briefs. Act to apply in order to carry out the purposes of the statute. An order correcting inaccuracies in the transcript 3. The Applicant, Union Bond & Mortgage Comof record was entered on December 1, 1959, and pany, a Washington corporation, with its principal one closing the hearing on December 14, 1959. office and place of business in Port Angeles, Washing- Thereafter, on December 23, 1959, an order was enton, is a bank holding company within the meaning tered to receive exhibits in the record, filed by the of Section 2(a) of the Act, and has duly registered Applicant subsequent to the closing of the hearing, as such with the Board. The Applicant controls four it having been agreed by counsel for the Board and banks, to wit: for the Applicant, during the course of the hearing, that such exhibits be filed subsequent thereto and First National Bank in Port Angeles, Washington prior to this Report. On December 29, 1959, the First American National Bank in Port Townsend, Applicant filed its proposed findings of fact and con- Washington clusions of law, along with its brief, and on the same Forks State Bank in Forks, Washington date counsel for the Board advised of their satisfaction Bank of Sequim in Sequim, Washington with the same, and their decision not to file a state- It also controls the four captioned corporations, ment or a brief as provided for in Rule V(b) of the namely: Forks Building Corporation; Peninsula In- Board's Rules of Procedure. To the extent consistent vestment Company, Inc.; Citizens Building Corporawith the findings made below, the proposed findings tion; and First American Insurance Agency, Inc., the of fact submitted by the Applicant are accepted. control of Citizens Building Corporation being in- Upon the entire record in the case, giving con- direct, as its control is vested in Peninsula Investment sideration to the contentions of all parties of record, Company, which is in turn controlled by the Appliand their counsel, the brief filed by the Applicant, and cant. from my own observation of the oral testimony and the exhibits offered, I make the following II. Findings with Respect to Forks Building Corporation, The Peninsula Investment FINDINGS OF FACT Company, and Citizens Building I. Introduction Corporation 1. The particular sections of the Act here pertinent 1. Forks Building Corporation: The Applicant exerare as follows: cises management supervision of the Forks State "Sec. 4. (a) Except as otherwise provided in this Bank for which it is paid a management fee. These Act, no bank holding company shall— management responsibilities include the matter of se- " (1) after the date of enactment of this Act acquire curing a competent local manager of the bank. Forks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
154 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 is an isolated community. There is a shortage of suit- surance business was carried on by the First American able dwelling houses there, and it is deemed neces- National Bank, in Port Townsend, and was an intesary to obtain living quarters for the bank manager grated part or department of the same from the formain order to secure his services since he is reluctant tion of the bank in 1928 or 1929. From the beginning, to incur the obligation involved in purchasing a home, the same type of insurance business has always been and one to rent is difficult to find. The Forks Build- carried on. A law in the State of Washington proing Corporation was formed for the express purpose hibits the operation of an insurance department as of acquiring a dwelling house and making it avail- a part of a bank in towns where the population is able to the manager on a rental basis. He is now rent- over 5,000 people, and by 1952 Port Townsend had ing the dwelling house belonging to the Corporation. increased to over such figure. It was for this reason 2. Peninsula Investment Company, Inc.: This Cor- that the insurance agency was incorporated. Since poration was originally organized as the First National that time the population of Port Townsend has de- Bank Stockholders' Fund, the principal activity of clined, and now it is again below 5,000 people. which was to purchase and take over from the First 3. The stock in the Agency is owned by the share- National Bank in Port Angeles its criticized assets. holders of the First American National Bank on a The Fund was subsequently incorporated as the pro rata basis of equal stock in the Agency to shares Peninsula Investment Company, Tnc. It purchased the in the bank. There are 1,000 shares of capital stock stock of the Citizens Building Corporation from the outstanding in the Agency, and of this the Applicant bank, along with other criticized assets. It also owns owns its pro rata number, 318 shares, or 31.8 per cent. certain notes receivable which amount to approxi- Benjamin N. Phillips, president and majority sharemately 23 per cent of its assets. holder of the Applicant, owns directly 170 shares, or 3. Citizens Building Corporation: This Corpora- 17 per cent of the stock in said Agency, and thus the tion is in the nature of a community project. It con- Applicant and its president own 488 snares, or 48.8 structed and is now operating a hotel, known as the per cent of the total stock in the Agency. The remain- Olympus Hotel, which adjoins the main office of the ing outstanding stock belongs to the remaining stock- First National Bank of Port Angeles whose banking holders of the bank. premises were likewise constructed by Citizens Build- 4. The Applicant exercises management supervision ing Corporation. One important purpose in construct- over the First American National Bank for which it is ing the hotel was to improve the street on which the paid a management fee, and the activities of the bank had made a substantial investment in its banking Agency constitute an important part of such superquarters. vision and management. Citizens Building Corporation has an investment in 5. When the Agency was incorporated, the insura downtown parking association organized to develop ance business as had been carried on by the bank a merchants' off-street parking lot. This parking lot from its formation did not change in mode, manner is contiguous to a drive-in branch of the First National or place of doing business. The insurance business has Bank. always been, and is yet, conducted in the bank, by 4. No evidence was offered at the hearing to support bank personnel, and the same office equipment has the Applicant's contentions, made in the application, remained in use. The business of the Agency does that activities of these three subsidiary corporations not require the services of a full-time employee, and (Forks Building Corporation, Peninsula Investment the assistant secretary of the bank, who previously Company, Inc., and Citizens Building Corporation) handled the insurance for the bank, now continues were of either a financial, fiduciary, or insurance handling it for the Agency. The same desk is used nature, from which the Board can determine the same along the rail in the bank on the officers' platform. to be so closely related to the business of banking, or The assistant secretary of the bank devotes part of her managing or controlling banks as to be a proper time to insurance business, and part to bank work, incident thereto. On the other hand, the Applicant at the latter consisting mainly of opening new accounts the beginning of the hearing confessed that its evi- and handling general counter work. The kinds of indence, if offered, would not support such contentions, surance written and relationship of insurance written and stipulated in the record that the facts pertaining to bank customers remains identical. to said subsidiary corporations do not warrant a 6. The Forks State Bank, and the Bank of Sequim determination that the retention of the stock of either are both affiliated subsidiaries of the Applicant. They entitles the Applicant to exemption from the prohibi- are each State banks, and each of them has an intions of Section 4 of the Act. It is therefore found surance department that has operated for many years. as a fact, with respect to each of the three said cor- Because of its experience through connections with porations, that the Applicant is not entitled to exemp- these banks, the Applicant conducted a survey of a tion from the prohibitions of Section 4 of the Act. number of small independent banks around the Puget Sound area of the State of Washington, by sending III. First American Insurance Agency a questionnaire to each of the members of the Puget Sound Independent Bankers Association to ascertain 1. The First American Insurance Agency (herein the status of each member bank with reference to called Agency) was incorporated May 23, 1952. Its insurance departments, or the affiliation of such a only function is to exclusively engage in the conduct department with its related bank. The banks conof an insurance agency, writing fire insurance on trolled by the Applicant were not included in the buildings and other commercial property, and on list of those to whom the questionnaire was directed. dwellings; fire insurance, physical damage, public and The questionnaire went to 19 of the 20 banks in the personal liability policies on automobiles; and various Association, and 15 responses covering 16 banks (one types of bonds, some marine and other miscellaneous included two banks) were received. All but two of types of insurance, and creditor's life insurance com- the banks reported that they had a related insurance monly used in connection with loan transactions. agency; two reported that they owned and conducted 2. Prior to the incorporation of the Agency, an in- their own insurance business; two reported that a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 155 related insurance business was conducted by a cor- Total premiums earned on poration in which the stock was owned by stockholders policies written for bank of their bank; and 10 banks reported that a related customers during above insurance agency business is conducted by officers or 9-month period on propcontrolling stockholders of the bank. The answers to erties securing bank loans 46.3% $10,428.26 the questionnaires also contained comments indicat- Total premiums earned on ing that a related bank insurance department or policies written for bank agency is deemed essential. The questionnaire was customers during above not sent to banks located in the larger cities such as 9-month period when no Seattle, Tacoma, and Everett, as these banks are pro- loans were involved 51.0% 11,512.60 hibited by law from having an insurance department, Total premiums earned on and only those banks comparable in operation to the policies written for nonones affiliated with the Applicant, and in towns of bank customers during similar size, were included. above 9-month period 2.7% 620.60 7. For the year ending December 31, 1958, the 100.0% $22,561.46 total premium volume of business written by the Agency was $25,209.55, and types of insurance and The above percentages of insurance written for the aggregate amount of premiums are as follows: bank customers and nonbank customers, and the percentages of premiums from policies on property se- Automobile Physical Damage $ 9,917.36 curing bank loans, are a fair representation of the Automobile Liability 7,521.04 same figures for any normal year of operation for the Commercial Buildings—including Agency since it was incorporated, and for the insurequipment—Fire 997.54 ance department of the bank prior thereto. Dwelling Fire, including contents 4,956.37 8. Although it will accept insurance policies written Personal Property Floater Policies 188.50 by other agencies as collateral in connection with Comprehensive Personal Liability, loans, and on property that is pledged as collateral, Garage Liability, Plate Glass, Misc. the decision of where to obtain the insurance being Liability and Bonds 707.93 a matter for the bank customer to choose, yet the Marine Insurance 673.81 operation of this agency is a distinct service to this Life Insurance 247.00 bank. It makes readily available insurance policies $25,209.55 in connection with loans, and this is important because the bank here involved is located in a small Total premiums in 1958 and isolated town. When other insurance companies derived from policies on are involved, it is difficult to get proper endorsements properties securing bank on policies such as "loss payable" clauses, when a loans, fire, automobile, loan is in the process of being closed. With other marine and life—approx. 49.57% $12,495.52 agencies there are delays which necessitate follow-up Percentage of total pre- efforts, and require files to be left open, and on occamiums written in 1958 sion bank examiners catch transactions where insuron policies issued to ance coverage has not been completed. Such situaother customers of the tions do not occur in regard to the involved bank, bank, including deposi- because this Agency is available right at the bank tors— 46.47% 11,715.53 for use at any time, and information regarding insurance is immediately available at all times. As to Percentage of total prethe business the Agency does which is not connected miums on policies writwith bank loans, the same is valuable for good relaten for nonbank custotionships with customers of the bank. In this area mers— 998.50 of the State of Washington, in the typical small town, 100.00 $25,209.55 it is customary for patrons of a bank to look to it for their insurance service. For these reasons, the For the nine-month period, January 1, 1959- operation of this Agency is a proper incident to the September 30, 1959, inclusive, the total premium operation of the First American National Bank in volume amounted to $22,561.46, and the division Port Townsend. of the same is as follows: 9. The investment in the Agency represents about Automobile Physical Damage $ 6,264.23 one-half of one per cent of the total assets of the Automobile Liability 4,810.69 Applicant. Dwelling, including contents 3,416.10 10. There is no statutory provision or expressed Commercial Building Fire, including policy against the operation of an insurance agency equipment 4,440.05 on banking premises in this area of the State of Stock 70.39 Washington, nor is there any against the same when Personal Property Floaters 20.00 it is operated for the benefit of a related bank, such Equipment Floaters 50.92 as the First American National Bank in Port Towns- Comprehensive Personal—General, end, and those banks which are members of the Garage, Misc. Liability, Plate Independent Bankers Association referred to above. Glass, and Bonds 943.75 No objection has been raised to this practice by any Marine Insurance 303.83 authority, although it has been long established. Life Insurance 106.05 Creditor's Life—Insured Bank DISCUSSION OF ISSUES Loans 2,135.45 There is no need to discuss the purposes of, or $22,561.46 the activities of, Forks Building Corporation, Penin- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
156 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 sula Investment Company, Inc., and Citizens Building "However, Section 4 was clearly not intended to Corporation. No issue arises with respect to these, remove all potential sources of evil in the banking and the findings of fact, in keeping with the record, field; it was directed at those that may be said to show clearly that these subsidiary corporations do not arise from or be accentuated by, the operation of come within the purport of the provisions of Section bank holding companies. Accordingly, it is important 4(c)(6). It is clear the Applicant is not entitled to to determine whether a particular type of relationship exemption from the prohibitions of Section 4 of the is peculiar to banks in holding company groups, or, Act regarding its shares in these said corporations. on the other hand, is prevalent among both holding The only remaining matter left for determination, company and nonholding company banks. If the latter and hence for discussion, is that with regard to the circumstance prevails, it suggests that any 'potential Applicant's retention of the shares of stock of First evils' that may be inherent in the relationship are American Insurance Agency, Inc. We are concerned not of the kind against which Section 4 of the Holding with whether pursuant to the provisions of Section Company Act was directed." 4(c)(6) of the Act, the Applicant is exempt from the This interpretation is pertinent to the case at hand prohibitions of Section 4, and thus can retain its because none of the methods and practices can be shares. Pertinent sections of the Bank Holding Com- called evil or undesirable. The same activities are pany Act have been previously quoted herein, and carried on by most of the nonholding company banks Section 4 thereof requires bank holding companies in the area where the Applicant, and this insurance to divest themselves of their nonbanking interests, agency, operate. but under Section 4(c)(6) provides exceptions. The Examination of cases dealing with the insurance issues for determination arise upon the application of activities before the Board brings to light the imthe facts herein to the provisions of Section 4(c)(6), portant factors that are relied on by the Board to and such issues are as follows: determine whether or not the prohibitions of Section 4 should apply to the given situation, and outstanding 1. Are all the activities of First American Insurance among the same are the following, put in question Agency, Inc. of a financial, fiduciary or insurance form: nature? (1) Is it the general practice in the area for such 2. If so, are they so closely related to the business banks to have a related insurance agency? (2) Has of banking or of managing or controlling the First the practice been in existence for some time? (3) American National Bank as to be (a) a proper in- What is the physical relationship of the insurance cident thereto, and (b) as to make it unnecessary for agency to the bank; that is, does it operate out of the prohibitions of Section 4 of the Act to apply in the banking quarters? (4) Do bank employees also order to carry out the purposes of the Act? operate the insurance agency? (5) Are the operations The first issue requires no discussion and suffice it of the insurance agencies intimately related to the to say that the uncontradicted testimony in the case, operation of the bank? (6) Is a substantial part of and the entire record before the Board, points to the the business of the agency done with bank customers? certainty that all of the activities of the Agency are (7) Is the maintenance of the agency deemed of of an insurance nature. Insurance is its sole business. benefit to the bank's operation? (8) Are the bank The second issue: The Board has set forth two customers required to obtain their insurance needs general requirements to be met when applying the through the agency, or do they do so voluntarily? exemption with regard to insurance companies. They (9) Have the banking authorities in the area perare mitted the practice to continue without objection? A. The requirement of "proper incident." The (10) Is the relationship between insurance agency Board has stated that Section 4(c)(6) only intends and bank peculiar to banks in holding company groups to exempt those "nonbanking businesses that 'usually' in the area, or is it prevalent also among nonholding or 'naturally' 'depend upon' or 'appertain to' the busi- company banks in the area? ness of banking or of managing or controlling banks." In this case the evidence strongly supports a favor- B. The Board has found a primary "purpose of able answer to the Applicant upon all these questions. this Act" to be the removal of potential sources of It is shown that most banks located in the area, in evil. This purpose has provided a helpful guide in towns similar to Port Townsend, have either their own applying the requirements of Section 4(c)(6). The agencies or related agencies owned by stockholders, Board has found that if "a nonbanking business is and that such has been the case for many years—in a 'proper incident' to banking or to managing or con- Port Townsend, at the bank of concern herein, since trolling banks, that is, if it properly and 'naturally 1928 or 1929. The involved Agency is located rieht appertains' thereto, it is less likely to cause a bank to in the bank, operated by bank employees who divide be influenced by the 'unnatural' or extraneous con- their time between insurance and banking matters. siderations or temptations that are 'potential sources In 1958 the premiums on policies written by the of evil' . . . ." (Transamerica Corp., F. R. BULLETIN, Agency were 96.04 per cent of the total for bank cus- September 1957, p. 1014, 1016.) tomers, and 49.5 per cent of the total was on property There is nothing in this case to indicate that there used as collateral for bank loans. For a nine-month is any practice that is a potential source of evil, period in 1959 (January 1 through September 30), although the Board has stated that the sources of evil these percentages were 97.3 and 46.3, respectively, to which Section 4 is addressed are evils peculiar to and the evidence reveals that such figures are fair banks in holding company groups. If a practice is examples of normal years. It is clear that the Agency common among both nonholding company banks and benefits the bank and its customers by being readily holding company banks, it would appear to be outside available to prevent delays and to provide full insurthe scope of this language. The Board takes this posi- ance services in connection with loans, and for necestion in its decision in First Bank Stock Corporation, sary endorsements. The testimony shows that the bank F. R. BULLETIN, August 1959, at page 932, when will accept insurance provided from other agencies, it said: and that no effort is made to require bank customers to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 157 obtain their insurance from this agency. There are to the business of banking—the business of the First no laws against this practice and no banking authori- American National Bank—and managing and conties have objected to operation of such a business in trolling the same, as to be a proper incident thereto, connection with the bank, and the practice is preva- and as to make it unnecessary for the prohibitions lent in the area amongst nonholding company banks. of Section 4 to apply in order to carry out the pur- In other cases before the Board, it did not always poses of the Act. find that every one of the above questions could be Upon the foregoing findings of fact, the entire answered favorably in a given case, yet where most record in the case, giving consideration to the brief questions could be answered favorably it has found filed by counsel for the Applicant, and in keeping with the prohibitions of Section 4 of the Act did not apply. my own opinion as revealed in the foregoing discus- The case at hand therefore presents a more compelling sion of the issues, I arrive at the following reason for relief from the prohibitions of Section 4. Dealing with the important question of a substan- CONCLUSIONS OF LAW tial part of insurance business being done with bank customers, a case in point is that of Bank Shares, In- 1. The activities of (1) Forks Building Corporacorporated, F. R. BULLETIN, August 1959, page 954. tion, (2) Peninsula Investment Company, Inc., and In this case the Hearing Examiner concluded that the (3) Citizens Building Corporation are not within the companies involved (four agencies) did not establish purport of the provisions of Section 4(c)(6) of the substantial connection with bank transactions to war- Bank Holding Company Act of 1956, and the Applirant an exemption. The percentages were, respectively, cant is not entitled to an exemption from the pro- 16.1, 21.8, 44.1, and 61.6. The Board said at page hibitions of Section 4 of said Act. The application 957, in the BULLETIN referred to above, that: for such should be denied. "The Hearing Examiner concluded in his Report 2. The activities of First American Insurance (p. 962) that the percentages listed above do not Agency, Inc. are all of an insurance nature, and they establish a substantial connection with bank trans- are so closely related to the business of banking— actions sufficient to warrant an exemption. State- the business of the First American National Bank— ments made by the Hearing Examiner seem to suggest and the managing and controlling of said bank as to that a substantial portion of an organization's activi- be a proper incident thereto and as to make it unties must be directly connected with bank transactions necessary for the prohibitions of Section 4 of the in order to justify an exception and that anything less Bank Holding Company Act of 1956 to apply in order than a majority should not be considered 'substan- to carry out the purposes of said Act. The application tial'. (Hearing Examiner's Report, pp. 961 and 962). with respect to this Agency should be granted. It is the Board's view that Section 4(c)(6) does not I therefore make the following make it necessary as a prerequisite to an exemption that a majority of a company's activities be directly RECOMMENDATIONS connected with bank transactions. At the same time, the Board believes that there must be some direct and That the Board of Governors of the Federal Reserve significant connection between a company's activities System— and the business conducted by the related subsidiary 1. Enter an order determining the issues in this banks in order to justify a conclusion that the requi- proceeding in accordance with the findings of fact and site close relationship exists. What constitutes such a conclusions of law made above. connection must, it is believed, depend upon all the 2. Deny the request of the Applicant, Union Bond facts of a particular case. Mere percentages alone & Mortgage Company, for a determination that the should not be given controlling weight. They must shares of stock of Forks Building Corporation (BHCbe considered along with other pertinent factors 51), Peninsula Investment Company, Inc. (BHC-52), suggesting a close relationship." and Citizens Building Corporation (BHC-53) are When the facts of this case are all considered, we exempt from the application of the prohibitions of find that the percentages of this Agency's business in- Section 4 of the Bank Holding Company Act of 1956, dicate clearly that a substantial portion is directly in- and require that Applicant divest itself of all such cident to the business of banking, and that the same shares. is proper in every respect. Not only this, but every 3. Grant the application of the Applicant, Union other factor points toward a proper incident of Bond & Mortgage Company, in the case of the First banking, closely related to the operation of the bank American Insurance Agency, Inc. (BHC-54), and involved. determine that the shares of such Agency are exempt Careful consideration of all facts and circumstances from the application of the prohibitions of Section 4 herein, in the light of the rulings of the Board in the of the Bank Holding Company Act of 1956. cases referred to above, and in other cases not cited but which have been perused, leads to the conclusion Dated at Washington, D. C, this 11th day of that both the above issues should be answered favor- January, 1960. ably to the Applicant, that is, that all the activities of (Signed) EDWARD H. MCMAHAN, First American Insurance Agency, Inc. are of an insurance nature, and that they are so closely related Hearing Examiner. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Current Events and Announcements REAPPOINTMENT OF G. H. KING, JR., RESIGNATION OF DIRECTOR AS A MEMBER OF THE BOARD Mr. Warren W. Braley, who had served as a Mr. G. H. King, Jr., of Mississippi, whose service director of the Portland Branch of the Federal as a member of the Board of Governors, under Reserve Bank of San Francisco since September 8, appointment for the term ending January 31, 1960, 1955, resigned effective February 3, 1960. Mr. began, on March 25, 1959, was nominated by the Braley is a Partner of Braley and Graham Buick, President on January 18, 1960, for the term of 14 Portland, Oregon. years from February 1, 1960. The nomination ERRATA was confirmed without objection by the Senate on Two figures for insured nonmember commercial February 8, 1960, and Mr. King took the oath of banks in the table on page 12 of the BULLETIN for office on February 12, 1960. Mr. King's tenure January 1960 were incorrect. The figure for loans was continuous, as under the terms of the Federal to nonbank financial institutions (new series) Reserve Act a member of the Board serves until should be $276 million instead of $2,276 million, his successor is appointed and has qualified. and the figure for commercial and industrial loans (old series) should be $2,991 million instead of APPOINTMENT OF DIRECTORS $2,99 million. On January 13, 1960, the Board of Governors TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, announced the appointment of Mr. David C. OR QUARTERLY Bevan, of Philadelphia, Pennsylvania, as a director of the Federal Reserve Bank of Philadelphia Latest BULLETIN Reference for the unexpired portion of a term ending Decem- Annually Issue Page ber 31, 1962. Mr. Bevan is Vice President, Fi- Earnings and expenses: Federal Reserve Banks Feb. 1960 220-21 nance, of The Pennsylvania Railroad Company in Member banks: Philadelphia. As a director of the Philadelphia Calendar year June 1959 650-58 First half of year Oct. 1959 1320 Reserve Bank, he succeeds Lester V. Chandler, Insured commercial banks June 1959 659 Banks and branches, number of, by class Professor of Economics, Princeton University, and State Apr. 1959 442-43 Operating ratios, member banks July 1959 794-96 Princeton, New Jersey, whose term had expired. Stock Exchange firms, detailed debit and credit balances Sept. 1959 1208 On February 11, 1960, the Board of Governors Banking and monetary statistics, 1959.. Feb. 1960 224-31 Bank holding companies, Dec. 31, 1958: announced the appointment of Mr. Atherton Bean, List of June 1959 660 Banking offices and deposits of group of Minneapolis, Minnesota, as a director of the banks Aug. 1959 1064 Federal Reserve Bank of Minneapolis for the un- Semiannually expired portion of a term ending December 31, Banking offices: Analysis of changes in number of.... Feb. 1960 222 1962. Mr. Bean is President of the International On, and not on, Federal Reserve Par List, number of Feb. 1960 223 Milling Company of Minneapolis. As a director Quarterly of the Minneapolis Reserve Bank, he succeeds Mr. Flow of funds Jan. 1960 86-93 Leslie N. Perrin, Director, General Mills, Inc., Principal assets and liabilities of Federal business-type activities Aug. 1959 1063 Minneapolis, whose term had expired. 158 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication February 16 Industrial production and construction activ- further. Activity in business equipment indusity continued to expand in January, incomes rose tries rose to a new high as output of trucks, farm further, and retail sales increased from the re- equipment, and industrial and commercial equipduced December level. The money supply de- ment expanded further. clined slightly in January. From early January Steel ingot production was around 95 per cent to early February, common stock prices fell and of rated capacity in January, and also in early interest rates generally declined. The average February, and the rapid recovery in shipments of level of wholesale commodity prices continued steel mill products continued; output of other to change little. metal materials and parts advanced further. Overall producion of nondurable materials was INDUSTRIAL PRODUCTION maintained at record rates. The Board's seasonally adjusted index of industrial production rose nearly 3 per cent in CONSTRUCTION January, following an increase of 6 per cent in Total new construction put in place increased December. At 169 per cent of the 1947-49 further in January and, at a seasonally adjusted average, the preliminary January level was about annual rate of nearly $54.9 billion, was within 12 per cent above both a year ago and the 1957 3 per cent of the record high reached last May. average. Output of final products advanced fur- As in December, gains were recorded in every ther to a new high. Following the marked re- major type of construction activity. Private noncovery in December, production of materials also farm housing starts declined, however, to a seacontinued upward and regained the peak reached sonally adjusted annual rate of 1.2 million units. before the steel strike. Auto production reached new record levels in EMPLOYMENT January and was 34 per cent above the 1957 Seasonally adjusted employment in nonfarm average. In early February auto assemblies deestablishments rose moderately in January, mainly clined moderately. Output of apparel and housereflecting substantial gains in the automobile hold goods remained at advanced rates in Januindustry and in wholesale and retail trade. The ary and production of consumer staples increased average factory workweek also rose on a seasonally adjusted basis and an increase in over- INDUSTRIAL PRODUCTION 1957 =100 time hours worked contributed to a rise in hourly earnings. Average weekly earnings reached a new high—6 per cent above a year earlier. Unemployment increased seasonally to 4.1 million and the seasonally adjusted rate remained at 5.2 per cent of the civilian labor force. DISTRIBUTION Seasonally adjusted retail sales rose 2 per cent in January and, while 3 per cent below the high of last October, were 2 per cent above a year earlier. Auto deliveries rose appreciably, after nearly two months of limited supplies and reduced deliveries, and sales of most other goods changed little. Dealer stocks of new autos also ure F s e , de la ra te l st R e s s h e o r w ve n in ar d e e x f e o s r , s J e a a n s u o a n r a y ll . y adjusted. Monthly fig- increased substantially. 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
160 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 COMMODITY PRICES declined slightly and at the end of January was about one-half per cent above the level a year Average wholesale commodity prices remained ago. stable from early January to early February. Member bank borrowings from the Federal Price increases were reported for tires and various Reserve averaged $840 million and excess retypes of farm equipment, but prices of rubber, serves $460 million over the four weeks ending wool, and a few other basic materials declined February 10. Reserves were supplied to banks somewhat. Prices of most other industrial comthrough continued currency inflow, and were abmodities changed little. Among farm products, sorbed through reduction in Federal Reserve holdprices of livestock strengthened, although the volings of U.S. Government securities and a deume of supplies remained large. crease in float. Required reserves declined. BANK CREDIT AND RESERVES SECURITY MARKETS Total commercial bank credit, which had increased $2.8 billion in December, declined about Common stock prices declined sharply further $3.5 billion in January. Loans declined $2.5 bil- from early January to mid-February. Yields on lion reflecting largely seasonal repayments by all maturities of Treasury securities declined subbusinesses, security dealers, and nonbank finan- stantially and yields on other bonds declined cial institutions. Increases in bank holdings of moderately. The yield on three-month Treasury U.S. Government securities early in the month, bills dropped from a peak of 4.68 per cent in early when the Treasury issued new securities for cash, January to a low of 3.55 per cent in early Febwere more than offset by reductions later in the ruary, and then recovered to around 4.00 per month. The seasonally adjusted money supply cent at midmonth. 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. 162 Reserve Bank discount rates; margin requirements; reserve requirements 166 Federal Reserve Banks . . 167 Bank debits; currency in circulation. . 170 All banks: consolidated statement of monetary system; deposits and currency. 172 All banks, by classes. 173 Commercial banks, by classes. . 176 Weekly reporting member banks. 178 Business loans 181 Interest rates . 182 Security prices; stock market credit; open market paper 183 Savings institutions 184 Business finance 186 Security issues 188 Federal finance. 189 Federal business-type activities 194 Real estate credit. . 195 Short- and intermediate-term consumer credit. 198 Industrial production 202 Selected indexes on business activity. 208 Construction . . . . 208 Employment and earnings 210 Department stores 212 Foreign trade 213 Wholesale and consumer prices 214 National product and income series 216 Flow of Funds, saving, and investment 218 Earnings and expenses of Federal Reserve Banks during 1959 220 Changes in number of banking offices in the United States 222 Banking offices on Federal Reserve par list and not on par list 223 Banking and monetary statistics, 1959 224 Tables not published each month—list, with latest BULLETIN references 158 Index to statistical tables. 255 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, members banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
162 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Period T U o . t S al . G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e h n g i p t e a d r i l u e e s e d e e s r r - - c v D o a a a n n u i d s c d n - - e ts s Float Total s G to o c ld k T s r 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 r n a e r l g s y d a h s s - - T u r w e ry a it s h - r F es . F e e i o R g rv r 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 re B s F W e . a r n i v R t k h e . s s A c a l a i b l n o s l h w e ment Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224.744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122;858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 739 17,391 17,391 1955_Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 998 19,535 19,535 1957—June.... 22,989 22,917 72 1,009 1,17025,189 22,621 5,106 30,902 782 490 393 1,077 18,982 18,982 Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 1,063 19,420 19,420 1958—June.... 24,749 24,698 51 142 91625,851 21,490 5,203 31,039 701 442 281 1,132 18,600 18,600 1958 Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899]. .. 1959 Jan 25,776 25,723 53 574 1,17027,564 20,518 5,234 31,521 709 415 306 353 1,120 18,893 18,893 Feb 25,532 25,503 29 526 96127,059 20,475 5,238 31,158 729 417 303 378 1,211 18,577 18,577 Mar 25,446 25,400 46 620 95427,055 20,448 5,244 31,227 717 477 312 377 1,208 18,429 18,429 April 25,661 25,538 123 694 93727,323 20,403 5,253 31,304 708 505 283 347 1,168 18,664 18,664 May 25,920 25,882 38 784 93527,669 20,217 5,265 31,490 708 532 274 369 1,197 18,580 18,580 June 25,963 25,949 14 938 1,00927,937 20,030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 July 26,422 26,354 68 969 1,02328,441 19,674 5,283 32,042 411 490 269 344 1,170 18,671 18,671 Aug 26,588 26,548 40 1,008 89128,509 19,596 5,281 31,994 399 546 260 337 1,239 18,613 18,613 Sept 26,674 26,628 46 904 1,08828,687 19,514 5,278 32,019 394 543 301 381 1,246 18,593 18,593 Oct 26,517 26,479 38 909 1,11528,563 19,498 5,293 31,974 391 512 302 388 1,175 18,610 18,610 Nov 26,732 26,628 104 886 1,09428,741 19,581 5,303 32,206 413 485 317 379 1,204 18,621 18,621 Dec 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,774 397 524 361 348 1,195 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 1,34328,236 19,454 5,315 32,008 419 534 270 368 8383*18,863 18,568 ^295 Week ending: 1958 Dec. 3 26,143 26,033 110 580 1,087 27,844 20,609 5,228 32,057 693 465 222 401 1,103 18,740 18,740 10 26,282 26,250 32 415 1,112 27,847 20,593 5,229 32,218 696 376 232 328 1,191 18,629 18,629 17 26,315 26,223 92 519 1,439 28,311 20,576 5,229 32,394 693 428 263 335 1,161 18,844 18,844 24 26,272 26,188 84 631 1,94428,889 20,536 5,231 32,533 684 540 239 328 1,172 19,160 19,160 31 26,437 26,241 196 1,618 28,910 20,526 5,232 32,458 692 521 332 333 1,165 19,167 19,167J 1959 I Jan. 7 26,184 26,090 94 644 1,401 28,275 20,534 5,234 32,008 701 446 279 356 ,122 19,131 19,131 14 25,922 25,817 105 730 1,011 27,708 20,526 5,234 31,710 704 390 297 345 ,121 18,901 18,901 21 25,580 25,580 457 1,288 27,368 20,515 5,234 31,385 712 401 357 373 ,118 18.769 18,769 28 25,471 25,471 507 1,07427,094 20,515 5,235 31,150 714 404 298 343 ,118 18;817 18,817 Feb. 4 25,673 25,592 81 433 94627,092 20,476 5,235 31,120 723 442 278 344 ,146 18,749 18,749 11 25,657 25,621 36 553 88727,136 20,476 5,236 31,193 727 364 304 333 ,185 18,742 18,742 18 25,529 25,523 6 583 96027,112 20,475 5,238 31,205 741 398 313 391 ,214 18,562 18,562 25 25,399 25,394 5 474 1,05026,965 20,474 5,239 31,111 724 443 308 448 ,255 18,389 18,389 Mar. 4 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 ,214 18,375 18,375 11 25,366 25,331 35 722 84926,976 20,448 5,242 31,215 716 454 311 336 ,212 18,421 18,421 18 25,471 25,419 52 543 1,00027,048 20,442 5,244 31,287 727 437 290 340 ,214 18,439 18,439 25 25,510 25,461 49 619 96127,123 20,442 5,246 31,231 714 456 295 339 ,218 18,558 18,558 Apr- J::::: 25,494 25,462 32 629 99827,151 20,442 5,247 31,229 709 523 364 512 ,181 18,323 18,323 25,722 25,484 238 690 91427,357 20,442 5,250 31,280 709 524 296 348 ,180 18,711 18,711 15 25,789 25,545 244 721 81627,357 20,440 5,253 31,365 712 471 279 343 .181 18,698 18,698 22 25,544 25,511 33 767 1,13027,472 20,409 5,254 31,332 705 456 286 362 .178 18,817 18,817 29 25,608 25,608 673 90027,212 20,330 5,257 31,244 705 560 271 333 ,136 18,551 18,551 May 6 25,808 25,706 102 693 89327,424 20,262 5,259 31,368 711 542 256 360 ,136 18,571 18,571 13 26,010 25,940 70 726 79527,563 20,251 5,262 31,505 710 521 269 383 ,139 18,550 18,550 20 25,935 25,926 9 870 1,15527,989 20,197 5,264 31,515 710 504 280 367 ,245 18,829 18,829 27 25,905 25,905 675 94027,548 20,188 5,268 31,473 708 543 281 363 1,244 18,393 18,393 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 163 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 P d e o a ri r t o e d U. S. G B o r o v o ig u t u . h t g - s t h e t cu u r c a H r e n h i g t p e a d r i l e e u s e d s e e r r - - c v D o a a a n u n d is c d n - - e ts s Float Total 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 g r y c t a - - d y s- r c C t e u c i i n u o n i l c r a r n - y - - T h c i u o r n 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 i o R r g r v . n - e B s, a O nk th s er c O F o a . t u h c R n - e t r . s Total re B s F W e a . r n i v R t k h e . s s A c a l a b lo s l h e wment Averages of daily figures Week ending: 1959 June 3 25.905 25,905 866 85327,650 20,188 5,272 31,645 701 548 297 376 ,219 18,324 18,324 10 25.939 25,939 996 77427,736 20,141 5,275 31,803 716 476 260 364 ,218 18,314 18,314 17 25,944 25,944 993 1,02927,994 20,136 5,280 31,876 715 436 259 361 ,226 18,537 18,537 24 25,970 25,936 34 894 1,2"5"6" "28,147 20,017 5,280 31,807 626 515 283 349 ,238 18,627 18,627 July 1 26,045 26,018 27 938 1,03228,042 19,712 31,852 407 552 296 353 ,190 18,386 18,386 8 26,300 26,255 45 1,044 94828,319 19,704 32,105 412 516 278 360 ,183 18,452 18,452 15 26,494 26,383 111 1,019 922 2288,462 19,695 32,194 419 394 269 338 1,185 18,640 18,640 22 26,449 26,390 59 929 1,299 28,705 19,669 32,036 412 460 255 334 1,183 18,976 18,976 29 26,459 26,408 51 890 99828,374 19,636 5,284 31,883 403 559 271 340 1,137 18,702 18,702 Aug. 5 26,549 26,440 109 1,034 79028,399 19,626 5,281 31,922 403 503 277 340 1,166 18,696 18,696 12 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 1,203 18,622 18,622 19 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 1,246 18,509 18,509 26 26,573 26,518 55 941 95028,485 19,600 5,283 31,951 395 564 257 321 1,294 18,586 18,586 Sept. 2 26,691 26,650 966 83628,515 19,525 5,276 31,935 400 561 260 333 1,260 18,566 18,566 9 26,754 26,663 1,059 881199 28,656 19,523 32,107 401 430 275 341 1,259 18,640 18,640 16 26,737 26,643 1,060 1,01728,834 19,522 32,197 395 421 331 373 1,260 18,653 18,653 23 26,637 26,637 860 1,49929,016 19,513 31,984 390 632 298 420 1,264 18,819 18,819 30 26,563 26,563 722 1,098 28,403 19,493 5,287 31,811 388 681 310 403 1,196 18,394 18,394 Oct. 7 26.591 26,563 28 1,007 005 28,623 19,491 5,289 31,933 387 533 300 420 1,194 18,636 18,636 14 26,637 26,563 1,051 95628,667 19,489 5,290 32,096 387 474 326 464 1,197 18,501 18,501 21 26,402 26,402 824 1,41728,664 19,488 5,293 32,026 391 518 294 344 1,193 18,679 18,679 26,385 26,364 796 1 1' 4•9- 28,353 19,486 5,297 31,873 396 530 297 335 1,136 18,568 18,568 Nov. 4 26,686 26.544 142 834 897 28,443 19,585 5,299 31,924 404 471 293 397 1,127 18,711 18,711 11 26.763 26,574 189 916 947 28,651 19,585 5,301 32,105 414 458 313 396 1,128 18,724 18,724 18 26.70: 26,593 109 864 1,16528,758 19,583 5,303 32,235 414 478 304 362 1,204 18,647 18,647 25 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 1,297 18,563 18,563 Dec. 2 26,871 26,843 28 875 1,086 28,867 19,568 5,306 32,446 410 547 347 355 1,241 18,451 18,396 55 9 27,194"27,130 64 916 1,00329,153 19,505 5,310 32,601 405 487 362 338 1,244 18,797 18,529 268 16 27,176 27,142 34 961 1 169" 29,365 19,478 5,311 32,798 396 528 341 342 1,181 18,872 18,567 305 23 27.007 26,970 37 985 29,883 19,467 5,312 32,924 387 523 365 331 1,195 19,274 18,937 337 30 26,829 26,787 42 933 1,78829,62r 19,456 5,313 32,893 393 537 387 333 1,195 18,997 18,660 337 1960 Jan. 6 :6,64: 26,607 35 1,018 1,58629,318 19,456 5,313 32,524: 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 915 111,,222666999 28,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20 25.62f 25,620 918 1,51328,098 19,455 5,316 31,910 424 494 231 326 836 18,648 27.... 25.450 25,450 776 1,10327,370 19,454 5,315 31,650 424 519 217 332 836P18'455 18,161 P294 Wednesday 1959 Dec. 2 27.072 27,044 621 995 28,726 19,565 5,309 32,481 409 601 318 343 1,24: 18,39' 18,206 191 1 9 6 2 2 7 7 . . 2 1 0 6 : 4 2 27 7 , , 1 1 4 5 1 3 5 5 8 3 0 2 1,4 8 7 2 1 4 2 2 8 9, , 2 6 4 4 1 8 1 1 9 9 , , 5 4 0 7 4 7 5 5, , 3 3 1 1 1 0 3 3 2 2 , , 7 8 2 1 1 2 4 3 1 9 1 4 4 5 2 6 7 0 3 3 4 7 0 0 3 32 4 1 7 1 1 , , 1 2 9 4 4 4 1 18 8 , , 7 2 1 3 6 9 1 1 7 8 , , 9 3 7 7 1 9 2 33 6 7 8 23 26.87 26,872 470 1,72529,14 19,467 5,313 33,021 385 510 392 334 1,19! 18,423 18,086 337 30 26,778 26,748 30 371 1 5~0~9~ 28,733 19,456 5,314 32,694 409 518 383 343 1,196 18,297 17,960 337 1960 Jan. 6 26.631 26,607 1,285 1,47529,456 19,456 5,314 32,402 410 650 335 346 840 19,553 19,243 310 13 .220 26,165 499 1,18027,942 19,455 5,315 32,070 416 493 291 334 839 18,585 18,269 316 20 25.511 25,511 773 214 27,540 19,455 5,317 31,764 418 470 215 328 836^18,573 18,279 P294 27 25.436 25,436 452 89526,824 19,454 5,317 31,538 433 611 228 340 835P17.904 17,610 c Corrected. P Preliminary. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
164 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] Central reserve city banks All member banks New York Chicago Period Bor- Bor- Bors h T e e r o r e l v t d - a e * l s s q e u R r r v i e e r e - e - s d 2 s E e x r r v c e e e - s s s 2 F r i o n . a w g t R s - . se F r r v r e e e - e s 2 s h T e e r o r e l v t d - a e * l s q se u R r r i e v e r - - e e d s E se x r r c e v e - e s s s F r i o n . a w g t R s - . s F e r r r e v e - e e s s h T e e r o r l e v d t - a e > l s q se S r r v e e d s | | F r i o . n a w g t R s - . s F e r r r e v e - e e s Banks Banks Banks 1929—June.... 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June.... 32,160 1,797 363 184 179 861 792 69 69 211 133i 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3 5.008 5.623 3,012 2,611 n.a. n.a. .141 601! 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5; 142 4,153 989 n.a. n.a. ,143 848J 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1.157 4,118 4,070 48 192 -144 939 924! 14 14 1947—Dec 17,261 16,275 986 224 '762 4.404 4,299 105 38 67 .024 ,011 13 "*6 7 1950—Dec 17,391 16,364 1,027 142 885 4:742 4,616 125 58 67 ,199 ,191 8 5 3 1955—Dec 19,240 18,646 594 839 -245 4; 432 4,397 35 196 -162 ,166 ,164; 2 85 -83 1956—Dec 19,534 18,883| 651 688 c-31 4.448 4,392 57 147 -91 ,149 ,138| 12 97 -86 1957—June 18,982 18,485 497 1,005 -508 4,335 4,320 15 200 -185 ,121 ,123! -2 46 -48 Dec 19,420 18,843! 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127; 85 -77 1958—June.... 18,600 17,974 626 142 484 4,214 4,186 28 21 7 ,113 ,099! 2 12 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 ,070; 39 -31 1959—Jan 18,893 18,396 497 557 c-60 4,031 4,018 12 77 -65 ,066 065 1 54 -53 Feb 18,577 18,117 460 508 c-48 3,968 3,953 !5 43 -28 ,052 051 1 27 -26 Mar 18,429 17,968 461 601 -140 3,994 3,965 30 13 16 ,029 027 2 124 -122 Apr 18,664 18,247 417 676 c-259 4,008 4,001 7 96 -89 ,041 036 5 69 -64 May 18,580 18,132 448 767 c-319 3,979 3,955 24 75 -51 ,037 033 4 44 -41 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 006 3 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 4 157 -154 ,028 028 47 -47 Aug 18,613 18,141 472 1,007 -535 3.889 3,866 23 248 -225 ,033 ,029 4 40 -35 Sept 18,593 18,183 410 903 -493 3; 848 3,866 -18 209 -227 ,025 ,022 I 46 -44 Oct 18,610 18,164 446 905 -459 3.867 3,851 15 225 -209 ,020 ,018 84 -82 Nov 18,621 18,176 445 878 -433 3; 808 3,785 23 207 -184 ,029 026 3 64 -61 418,932 18,450 482 906 -424 43,920 3,930 -10 99 -109 .038 038 104 -104 Dec i "18,863"18,352 "511 905 "-394 "3,907 "3,884 "23 ,046 ,041j 94 "-90 I960—Jan Week ending: 18,696 18,296 400 1,034 -634 3.987 3,983 4! 197 -193 1,052 ,047 * -26 Aug. i5. 18,622 18,080 542 1,073 -531 3,864 3,841 23 278 -255 1,025 ,023 s -45 19. 18,509 18,078 431 945 -514 3.828 3,839 -11 260 -271 1,020 ,021; -51 26. 18,586 18,149 437 940 -503 3; 866 3,841 25 232 -207 1,034 ,026' -28 Sept. 2. 18,566 18,165 401 965 -564 3,887 3,876 203 -192 1,034 ,03d 3 36 -33 9. 18,640 18,082 558 1,057 -499 3,846 3,839 149 -142 1,010 ,006! 4 58 -54 16. 18,653 18,170 483 1,059 -576 3,886 3,876 266 -256 \021 ,016' 4 62 -58 23. 18,819 18,297 522 859 -337 3,870 3,870 297 -298 ,030 ,032 -2 41 -43 30. 18,394 18,174 220 721 -501 3,868 3,867 170 -169 ,038 ,031 8 25 -17 Oct. 7. 18,636 18,153 483 1,006 -523 3,882 3,866 305 -289 ,029 ,026; 103 -100 14. 18,501 18,012 489 1,048 -559 3,812 3,783 29 300 -271 ,005 ,004! 96 -94 21. 18,679 18,173 506 819 -313 3,850 3,853 223 -227 ,014 ,015; 61 -62 28. 18,568 18,266 302 790 -488 3..891 3,881 "lO 125 -115 ,026 ,020 87 -82 I Nov. 4. 18,711 18,3111 400 826 -426 3,911 3,902 177 -169 ,038 ,037i 56 -55 11. 18,724 18,202 522 908 -386 3,765 3,783 286 -304 ,030 ,026! 70 -66 18. 18,647 18,1901 457 856 -399 3,794 3,768 281 -255 ,032 ,0261 86 -81 25. 18,563 18,130 433 822 -389 3,786 3,758 116 -87 ,028 ,024i 34 -30 Dec. 2. 418,451 18,085 366 870 -504 43,773 3,769 4 78 -74 ,017 ,019 60 -62 9. 18,797 18,282 515 911 -396 3,876 3,874 4 -2 ,032 ,030! 69 -67 16. 18,872 18,429 443 956 -513 3,949 3,938 11 109 -98 ,035 ,031i 84 -81 23. 19,274 18,635 639 980 -341 4.005 3,988 16 202 -186 ,053 ,049! 143 -139 30. 18,997 18,533| 464 928 -464 3,953 3,944 9 86 -76 ,054 ,049; 156 -151 1960—Jan. 6. 19,141 18,635 506 1.013 -507 4.018 4,012 6 221 -215 ,061 ,064! -3 153 -156 13. 19,029 18,457 572 911 -339 3.915 3,889 26 117 -91 ,049 ,041 80 -72 20. "18,942"18,368 "574 914 -340 3,861 3,858 3 80 -77 ,046 1,044 128 -126 27. *18455"18,127 "328 773 -445 3.837 3,820 17 49 -32 ,026 1,023 29 -26 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 165 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES- Continued [Averages of daily figures. * In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d a v i l es R re e s q e u r i v r e e s d r E es x e c r e v s e s s B i B n o F a g . r r s n R o k a w . s t - re F se r r e v e es re T h s e o e l r t d v a * l es R re e s q er u v i e re s d 2 re E s x er c v e e ss s 2 B i B o n F g a r . r s n R o k a w . s t - res F e r r e v e es 2 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933 June 648 528 120 58 62 441 344 96 126 — 30 1939 Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941 Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1 011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 C4,761 4,099 663 29 634 1955 -Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957 June 7,774 7,729 45 531 -486 5,751 5,314 438 228 210 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958 June . . 7,721 7,619 102 45 57 5,552 5,070 481 74 408 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 Jan 7,929 7,873 56 279 -223 5,868 5,440 428 147 281 Feb 7,777 7,723 55 250 -195 5,780 5,390 390 188 202 Mar 7,702 7,653 49 277 -228 5,704 5,323 381 187 194 Apr 7,825 7,791 34 317 -284 5 790 5,418 372 194 178 May 7,792 7,728 64 424 -360 5,772 5,415 357 224 133 June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 July 7,838 7,809 29 510 -482 5,824 5,458 366 242 124 Aug 7.836 7,779 57 477 -420 5,855 5,467 388 242 145 Sept 7; 825 7,783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec 4 7,954 7,912 41 490 -449 4 6,020 5,569 450 213 237 I960—Jan ^7,907 508 i> -443 ^6,003 ^5,584 Ml 8 192 Week ending: 1959 Aug 5 7 852 7,806 46 557 -511 5.805 5,460 345 250 95 7,801 7,753 48 497 -449 5,463 469 252 217 19 7 791 7 750 41 435 -394 5'871 5 468 403 201 202 26 7,845 7,803 42 439 -397 5,841 5,479 362 233 129 Sept 2 7,841 7,796 45 438 -393 5,804 5,462 342 288 54 9 7,828 7,748 80 556 -476 5,957 5,489 468 294 174 16 7 834 7,789 45 513 -468 5,912 5,489 423 218 205 23 7,876 7,827 49 376 -327 6,044 5,568 476 145 331 30 7,832 7,768 65 331 -266 5,656 5,508 148 195 -47 Oct 7 . . 7,796 7,748 48 All -369 5,929 5,513 416 181 235 14 7,782 7,715 68 418 -350 5,902 5,510 392 234 158 21 7,786 7,755 31 370 -339 6,029 5,550 479 165 314 28 7,844 7,820 24 364 -340 5,807 5,545 262 214 48 Nov 4 7 866 7,828 38 379 -341 5 896 5 544 352 214 138 11 7,900 7,821 80 377 -297 6,028 5,572 456 175 281 18 7,864 7,830 34 347 -313 5,957 5,566 391 142 249 25 7,826 7,775 51 461 -410 5,924 5,573 351 211 140 Dec 2 4 7,807 7,760 47 490 -443 4 5,854 5.537 317 242 75 9 7,861 7,813 587 6,030 5,565 465 251 214 16 7,957 7,907 50 545 -495 5,932 5,553 379 218 161 23 8,050 7,998 52 422 -370 6,165 5.600 565 213 352 30 8,050 7,962 87 487 -399 5,939 5.: 578 361 199 162 I960 Jan 6 8,000 7 973 27 525 — 498 6 063 5 586 All 114 363 13 7,992 7,927 65 482 -All 6,073 5,600 473 232 !' n24n1 2 2 0 7 7 7 , , 9 7 1 7 7 5 7 7, , 7 8 1 6 5 6 6 5 0 1 4 5 5 6 9 5 - -3 5 9 1 9 4 ^ ^ 6 5 , , 1 8 1 1 8 6 * "5 5 , , 6 56 0 9 0 * P > 2 5 4 1 7 8 2 1 3 4 6 1 n\ i c Corrected. n.a. Not available. p Preliminary. 2 Weekly figures are estimates. 1 Averages based on figures for opening or closing of business as 3 This total excludes, and that in the preceding table includes, $51 follows: For total reserves held—closing figures through November 1959; million in balances of unlicensed banks. beginning December 1959, closing figures for balances with Reserve 4 Beginning December 1959, total reserves held include allowable cash. Banks and opening figures for allowable cash. For borrowings, closing See also note 1 and for definition of allowable cash see BULLETIN for figures. For required reserves, opening figures inasmuch as requirements December 1959, p. 1482. are based on deposits at opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
166 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan.31 beginning: Jan. 31 beginning: rate Jan. 31 beginning: rate Boston Sept.14, 1959 Sept. 14, 1959 Sept. 14,1959 New York. . . Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 Philadelphia.. Sept.18, 1959 Sept. 18, 1959 Sept. 18,1959 Cleveland Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 Richmond. . . Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 Atlanta Sept.14, 1959 Sept. 14, 1959 Sept. 14,1959 Chicago Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 St. Louis Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 Minneapolis.. Sept.14, 1959 Sept. 14, 1959 Sept. 14,1959 Kansas City.. Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 Dallas Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 San Francisco Sept.11, 1959 Sept. 11, 1959 Sept. 11,1959 1 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 DISCOUNT RATES 1 MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Jan. 16, Aug. 5, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, Banks N. Y. Banks N. Y. 1958 1958 1958 1948 1957 Regulation T: Jan. 12... 1 -WA U4 Aug. 9... 3 -W2 3 For extensions of credit by brokers and Aug. 1 1 3 9 ! '.'. WA-WI 11 /14/A Nov. 1 23 5!!! 3 -31/2 3 For short sales 5 5 0 0 7 7 0 0 9 9 0 0 23... 11/2 iB Dec. 2... 3 3 Regulation U: For loans by banks on stocks 50 70 90 1950 1958 Aug. 21... 1 i£_i ^ 134 Jan. 22... 234-3 3 25. .. 134 134 24... 234-3 234 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 214-3 18 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-234 percentage of its market value at the time of extension; margin require* Jan. 16... l34-2 2 21... ?8 ments are the difference between the market value (100%) and the maxi- 23. .. 2 A M p a r y . 1 9 8 . . . . . . 13/1341/4 134 mum loan value. 1954 Aug. 15... l34-2 134 Feb. 5... l34-2 134 Sept. 12.. . l34-2 15. .. 134 23... 2 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 14. .. 11/2_1 3fa 134 Oct. 24... 2 -21/2 2 16... 11/2-134 11/2 Nov. 7... 21/2 21/2 [Per cent per annum] May 21... m 1955 Mar. 6... 21/2-3 3 Nov. 1, Feb. 1, Jan. 1, Effec- Apr. 14. .. 11/2-134 lJ/2 Mar. 16. .. 3 3 1933- 1935- 1936- tive 15. .. 11A-WA 134 May 29... 3 -31/2 3% Type of deposit Jan. 31, Dec. 31, Dec. 31, Jan. 1, May 2... WA 134 June 12... 31/2 1935 1935 1956 1957 Aug. 4... WA-2VA 134 Sept. 11... 3V2-4 4 1 5 2 ... WA-2VA 2 2 Sept. 18... 4 4 Savings deposits 3 21/2 3 Sept. 9'. '.! 2 -2ij 214 1960 13... 214 214 In effect Postal savings deposits 3 21/2 2i/i 3 Nov. 18... 214-21/2 21/2 Jan. 31... 23... 21/2 21/2 Ot I h n e r 6 t i m m o e n d th e s p o o s r i t m s o p r a e yable: 3 21/2 fA k 1956 In 90 days to 6 months.... 3 Apr. 1 2 3 0. . . . . . 2 21 34 /2 - - 3 3 2 2 3 3 4 4 In less than 90 days 3 2 2 1 1 / / 2 2 1 Aug. 24... 234-3 31... 3 3 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any 1 Under Sees. 13 and 13a (as described in table above). For data for event exceed the maximum rate payable by State banks or trust companies 1 941-47, see BULLETIN for January 1959, p. 76. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by NOTE.—The rate charged by the Federal Reserve Bank of New York insured nonmember commercial banks, as established by the F.D.I.C., on repurchase contracts against U. S. Govt. securities was the same as have been the same as those in effect for member banks. its discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4,1.85; Sept. 1-2, 2.10; Sept. 8,2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE REQUIREMENTS 167 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.1 In millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Ef o fe f c c ti h v a e n g d e ate C re e c s n i e t t r y r v a e l Re c s i e ty rve Co tr u y n- C r r e e e a s s n n e e t r r d r v v a e e l Co tr u y n- Type of deposit m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks banks banks city banks banks December 1958 In effect Dec. 31,1945.. 20 20 14 Gross demand: ! Total 123,855 24,088 6,353 49,249 44,165 1948_Feb. 27 22 Interbank 13,705 4,127 1,218 6,896 1,464 June 11 24 Other 110,150 19,961 5,135 42,353 42,701 Sept. 16,24*.... 26 22 16 7* 71/2 Net demand2 105,668 20,853 5,542 41,349 37,925 1949_May 1,5* 24 21 15 Time 52,747 5,139 1,447 21,214 24,947 June 30, July 1*. 20 14 6 6 Demand balances due A A u u g g . . 16 1 , , 1 1 1 8 * * . . . . . . . . 2 23 3i/2 1 19 9% 1 1 3 2 5 from domestic banks. 6,872 85 ,05 2,141 4,540 A Se u p g t . . 25 1 2 22 2i/2 I 1 8 8 1/2 December 1959 1951—Jan. 11, 16*.... 23 19 13 Jan. 25,Feb. 1*. 24 20 14 1 1953—July 1,9* 22 19 13 Gross demand: 1954—June 16,24*.... 21 Total 125,422 24,489 6,202 49,762 44,968 July 29, Aug. 1 * 20 18 12 Interbank 13,433 4,151 I,123 6,712 1,446 ..a Other 111,989 20,338 5,079 43.050 43,520 1958_Feb. 27, Mar. 171/2 Net demand 2 106,088 20,583 5,366 41!383 38,756 Mar. 20, Apr. 1* 19 17 Time. 53,698 4,464 1,471 21,650 26,113 Apr. 17 Demand balances due Apr. 24 18 16i/2 from domestic banks. 6,707 90 105 2.128 4,385 In effect Feb. 1, I960.. 18 I61/2 1 At opening of business. Present legal require- 2 Demand deposits subject to reserve requirements, i.e., gross demand ments : deposits minus cash items reported as in process of collection and demand Minimum 2 10 10 7 balances due from domestic banks. Maximum 2 22 222 14 * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thurs.) are at central reserve or reserve city banks. 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Prior to July 28, 1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 26 per cent, respectively, and the maximum for reserve city banks was 20 per cent. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS 1 [In thousands of dollars] Wednesday End of month 1960 1959 1960 Jan. 27 Jan. 20 Jan. 13 Jan. 6 Dec. 30 Jan. Jan. I Discounts and advances--total. 452,397 773,169 499,054 1,285,104 371,180 862,027 457,726 462,062 Within 15 days 445,639 768,183 493,716 1,276,663 360,353 835,913 449,149! 436,518 16 days to 90 days... . 6,708 4,936 5,327 8,428 10,814 26,032 8,564| 25,544 91 days to 1 year 50 50 11 13 13 82 13! Acceptances—total. . 40,586 41,838 43,509 65,714 74,677 42,061 75,341 40,357 Within 15 days... . 10,016 7,841 9,272 32,512 39,452 8,943 39,335| 12,938 16 days to 90 days. 30,570 33,997 34,237 33,202 35.225 33,118 36,006 27,419 U. S. Government securities—total. 15,435,607 25,511,20726,219,52726,630,827 26,778,127 ,463,607 16,648,32725,714,862 Within 15 days 466,100 369,150 674,790 775,330 478,180 ,879,833 675,130 5,928,433 16 days to 90 days 6,232,363 6,381,913 6,704,203 6,964,663 7,364,113 859,130 7,053,363 1,172,160 91 days to 1 year 10,743,07510,766,07510,846,46510,896,76510,941,76510,730,57510,925,765 13,262,933 Over 1 year to 5 years 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 3,881,179 Over 5 years to 10 years 677,384 677,384 677,384 677.384 677,384 677,384 677,384 206,495 Over 10 years 792,773 792,773 792,773 792,773 792,773 792,773 792,773 1,263,662 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
168 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1959 1960 1959 Jan. 27 Jan. 20 Jan. 13 Jan. 6 Dec. 30 Jan. Dec. Jan. Assets Gold certificate account 18,190,64218,190,64318,180,64418,185,64318,185,64318,180,64418,185,64218,957,895 Redemption fund for F. R. notes.. 973,860 974,028 978,326 978,085 978,084 973,859 978,083 934,414 Total gold certificate reserves.. 19,164,502 19,164,67119,158,97019,163,72819,163,72719,154,50319,163,72519,892,309 F. R. notes of other Banks 709,041 697,136 631,908 560,570 481,996 691,286 524,450 643,107 Other cash 497,483 470,233 433,896 383,399 335,934 510,241 359,396 492,451 Discounts and advances: For member banks 449.397 770,169 495,054 1,281,104 366,180 859,027 452,726 443,762 For nonmember banks, etc 3;000 3,000 4,000 4,000 5,000 3,000 5,000 18,300 Industrial loans 335 Acceptances—Bought outright 40,586 41,838 43,509 43^516 43,504 42,061 44,168 40,357 Held under repurchase agreement. 22,204 31,173 31,173 U. S. Government securities: Bought outright: Bills 1,434,545 1,510,145 2,163,965 2,605,765 2,747,065 1,462,545 2,605,765 1,609,550 Certificates—Special Other 10,506. 10,506,99310.506 10,506,99310,506,99310,506. 10,506. 649,726 Notes 11,010. ,010,29811,010; 11,010,29811,010,298n,oio; 11,010. 867,565 Bonds 2.483! 483,771 2,483! 2,483,771 2,483,771 2,483; 2,483; 483,771 Total bought outright 25,435,607125,511,207 26,165. 26,606,827 26,748,12725,463,60726,606.827 25,610,612 Held under repurchase agreement. 54; 24,000 30,000 411500 104,250 Total U. S. Government securities. 25,435,607125..511,207 26,219,527 26,630,827 26,778,12725,463,60726,648,327 25,714,862 Total loans and securities 25 ..928.590|26; 326,21426,762,090|27,981,645 27,223,984 26,367,69527,181,39426,217,616 Due from foreign banks 15! 15 15 15 15 15 15 Cash items in process of collection. 5.461.681 ,275,191 6,017, 6,062,921 6,417,813 5,090816 6,437,306 ,681,274 Bank premises 100.845 101,071 99; 9"9 ,591 99,917 100669 99,575 94,088 Other assets 336:668 317,411 298; 278,,434 259,916 347093 261,740 202,344 Total assets. 52,198,825 53,351,942 53,402,932 54,530,303 53,983,302 52,262,318 54,027,60152,223,204 Liabilities Federal Reserve notes 27,571,105 27,743,447 27,941,042 28,150,22128,314,38527,598,56828,261,967 27,163,197 Deposits: Member bank reserves 17,609,85718,279,083 18,268,576 19242,92217,960,096 18,395,93818,173,97018,877,539 U. S. Treasurer—general account. 610,961 470,362 493,107 649,871 518,497 566,827 503,778 446,650 Foreign 228.091 215,364 290,799 334,758 382,933 248,734 344,788 274,417 Other 339,659 327,932 334,437 346,095 342,604 324,433 693,735 344,854 Total deposits. 18,788,56819,292,741 19,386,919 20,573,64619,204,130 19,535,932 19,716,27119,943,460 Deferred availability cash items 4,566,397 5,061,437 4,837,821 ,588,345 4,909,180 3,845,610 ,847,216 3,701,961 Other liabilities and accrued dividends 1 26,432 26,389 28,107 28,138 45,564 25,476 28,620 25,187 Total liabilities 50,952,50252,124,014 52,193,889 53,340,350 52,473,259 51,005,586 52,854,074 50,833,805 Capital Accounts Capital paid in. 389,798 389,085 388,220 387,720 387,317 390,028 387,404 368,675 Surplus 774.808 774,808 774,808 774,808 868,410 774,808 774,808 868,410 Other capital accounts. 81.717 64,035 46,015 27,425 254,316 91,896 11,316 152,314 Total liabilities and capital accounts . 52,198,825 53,351,942 53,402,932 54,530,303 53,983,302 52,262,318 54,027,601 52,223,204 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.31 40.7 40.3 40.6 39.9 Contingent liability on acceptances purchased for foreign correspondents 123,598 121,505 82,298 124,199 82,006 U. S. Government securities held in custody for foreign account2 4,472,291 4,501,056 4,643,220 4,443,666 4,476,770 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 29,042,50629,205,414 29,338,68329,413,097 29,466,992 28,986,744 29,447,692 28,491,449 Collateral held against notes outstanding: Gold certificate account 10,650,000 10,650,000 10,650.000 10.650,000 10,650,000 10,650,000 10,650,000 10,925,000 Eligible paper 83,788 158,778 88,003 244,768 81,953 174,683 99,778 106,474 U. S. Government securities 19,510,000 19,510,000 19.530,000 19,530,000 19,530,000 19,510,000 19,530,000 18,715,000 Total collateral. 30,243,788 30,318,778 30,268,00330,424,768 30,261,953 30,334,68330,279,778 29,746,474 1 No accrued dividends at end-of-December. 2 Figures for this item inadvertently published in millions of dollars in the BULLETIN for January 1960, p. 36. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 169 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1960 [In thousands of dollars] New Phila- Cleve- Rich- St. Minne- Kansas San Item Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran- Gold certificate account 844,358 4,935,2911,010,6391,502,978 980,820 912,6793,148,492 692,652 397,039 719,252 671,438|2,365,006 Redemption fund for F. R. notes 59,138 211,125 60,140 86,945 81,996 63,957 181,518 46,031 23,221 44,981 30,891 83,916 Total gold certificate reserves 903,496 5,146,4161,070,7791,589,9231,062,816 976,636 3,330,010 738,683 420,260 764,233 702,329 2,448,922 F. R. notes of other Banks.. 56,809 143,519 40,131 53,711 80,976 92,304 53,622 22,359 23,234 21,697 46,154 56,770 Other cash 33,525 96,415 29,277 48,677 35,100 35,637 88,016 27,794 13,793 19,558 18,116 64,333 Discounts and advances: Secured by U. S. Govt. securities 16,910 147,385 29,145 25,350 48,930 117,2421 103,793 65,975 28,570 91,468 i 76,250 95,000 Other 209 855 177 282 335 156! 610 2,499 69 123 10,325 369 Acceptances: Bought outright 42,061 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,380,509 6,407,9681,452,088 2,204,5881,631,9121,342,03414,406,5281,035,605 579,9841,097,609 1,016,354 2,908,428 Held under repurchase agreement Total loans and securities 1,397,628 6,598,26? 1,481,410 2,230,2201,681,1771,459,432 4,510,9311,104,079 608,6231,189,200; 1,102,92913,003,797 I Due from foreign banks 1 14 1 1 1 I! 2 Cash items in process of collection 325,066 1,033,831 320,108 464,754 367,610 394,494 843,726 219,326i 135,694 247,334 240,164! 498,709 O Ba th n e k r p a r s e s m et i s ses 1 4 8 , , 2 6 9 4 3 1 9,818 1 4 9 , , 0 6 1 1 4 0 3 9 0 , , 2 4 4 79 2 6,605 1 1 9 0 , ,0 0 4 0 9 7 5 1 9 6 , , 2 2 1 4 6 0 1 6 4 , ,0 9 4 9 3 7 1 i 5 7, , 8 0 8 3 9 3 1 4 5 , , 6 8 2 5 2 0 1 13 1 , , 9 6 6 4 1 0 3 1 9 2, , 1 7 1 4 6 0 86,487 22,170 Total assets. 2,739,45913,114,759 2,965,330 4,427,0073,256,455 2,987,560 8,901,763 2,133,281 1,214,526 2,262,4952,135,294 6,124,389 Liabilities F. R. notes 1,575,79' 6,461,671 1,763,574 2,520,282 2,081,7401,560,997 5,223,6191,214,688 599,940 ,103,573 796,699|2,695,988 Deposits: Member bank reserves 771,39: 5,159,039 855,0701,407,721 763,210 977,85712,782,044 661,503 444,684 867,2371,004,41812,701,760 U. S. Treasurer—general account 22,65: 77,301 21,730 46,340 60,711 43,316! 63,687 38,809 28,868 40,723 45,189 77,501 O Fo th re e i r gn 10,92' 3 2 6 8 1 9 , , 1 2 1 8 4 9 1 3 3 , , 7 15 2 7 8 20 1 , , 9 20 6 1 2 1 3 0 , , 0 0 6 3 8 5 11,5 88 9 6 6 | ! 30 1 , ,0 7 4 7 6 4 7 1 , , 3 69 5 0 9 5,129 9 1 , , 1 2 4 3 3 5 12 1 , ,5 9 0 3 1 4 4 2 8 7 , , 2 4 9 2 1 9 44: 230 Total deposits 805,41 5,586,743 893,6851,476,224 837,0241,033,6552,877,551 709,361 478.911 918,3381,064,042 2,854,981 Deferred availability cash items 294,213 705,953 232,825 311,121 278,121 325,686 618,952 165,684 106,161 187,780 202,808 416,306 Other liabilities and accrued dividends 1,247 5,892 1,262 2,710 1,311 1,342 4,225 912 1,017 1,022 3,647 Total liabilities 2,676,67412,760,2592,891,346 4,310,337 3,198,1962,921,680 8,724,3472,090,645 1,186,029 2,210,7132,064,438 5,970,922 Capital Accounts Capital paid in 19,215 110,919 22,911 36,460 17,482 20,418 54,212 13,080 8,967 16,089 22,534 47,741 Surplus 38,332 220,905 45,638 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95,390 Other capital accounts. 5,238 22,676 5,435 7,680 6,211 5,156 15,870 3,694 1,950 3,973 3,677 10,336 Total liabilities and capital accounts 2,739,45913,114,7592,965,330 4,427,007 3,256,4552,987,560 8,901,763 2,133,2811,214,5262,262,4952,135,294 6,124,389 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 37.9 42.7 40.3 39.8 37.6 41.1 38.4 39.0 37.8! 37.7 44.1 Contingent liability on acceptances purchased for foreign correspondents.... 6,02: 4 36,325 7,251 11,553 5,530 6,3911 16.960 4,056 2,827 5,O39| 7,1281 15,117 i I Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,686,812 6,855,8861,834,732 2,613,826 2,169,2661,640,6475,409,450 1,282,048 614,834 1,134,042 850,653|2,894,548 Collateral held against notes outstanding: Gold certificate account 530,000 2,900,000 700,000 920,000 700,000 500,0001,900,000 430,000 180,000 300,000 290,0001,300,000 Eligible paper 16,845 66,370 91,468 U. S. Govt. securities 1,'250,666 4,200,000 1,200,000 ,750,666i'530,6661,200,000 3,700,000 935,000 450,666 870,000 625,666i,'800,666 Total collateral 1,780,000 7,100,0001,916,845 2,670,000 2,230,0001,700,000 5,600,0001,431,370 630,0001,261,468 915,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $87,874,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $159,445,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V» FEES AND RATES ON LOANS GUARANTEED [Amounts in millions of dollars] UNDER REGULATION V* [In effect Jan. 31] End of au t L t o h o o d a r a n i t z s e ed out L st o a a n n d s ing a A v a d a m i d l i a o t l i u b o n e n t a t l o Fees I n P s a t y it a u b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing year or borrowers month Num- Total Portion a u n n t d e e e r a g g u re a e r- - Percentage of ( G p u er a c r e a n n t t a e g e e fe o e f an P y e r c c o e m nt m ag i e tm o e f nt ber Amount amount guaran- ments loan guaranteed interest payable fee charged teed outstanding by borrower) borrower 1953 1,294 2,358 805 666 364 70 or less 10 10 1954 1,367 2,500 472 368 273 75 15 15 1955 1,411 2,575 294 226 170 80 20 20 1956 1,468 2,761 389 289 125 85 ... 25 25 1957 1,503 2,912 395 300 135 90 30 30 1958 1,543 3,105 310 236 168 95 35 35 Over 95 40-50 40-50 1959 Jan 1,548 3,116 324 246 147 Maximum Rates Financing Institution May Charge Borrower Feb 1,549 3,118 329 250 141 [Per cent per annum] Mar 1,550 3,120 335 254 128 Apr 1,552 3,128 314 241 142 J M u a n y e 1 1, , 5 5 5 5 7 7 3 3 , , 1 1 6 7 9 0 3 31 1 7 3 2 2 4 4 0 0 1 1 3 5 7 1 Interest rate July 1,557 3,170 323 244 129 Commitment rate. Vi Aug 1,558 3,174 330 249 121 Sept 1,560 3,174 342 257 101 1 Schedule of fees and rates established by the Board of Governors on Oct 1,561 3,179 340 253 107 loans made by private financing institutions and guaranteed by Govern- Nov 1,562 3,179 342 255 105 ment procurement agencies, pursuant to the Defense Production Act Dec 1,563 3,189 340 256 98 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regula- 1 Loans made by private financing institutions and guaranteed by Gov- tion V of the Board of Governors. ernment procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover except interbank and of demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month re c p e A o n r t ll e ti r n s g New Yor L k eading centers 6 others1 3 r c e 3 e 7 p n o t o r e t t r i h s n e 2 g r New L Y e o a r d k ing cen 6 te o r t s hers1 3 r c e 3 e p 7 n o t cn r e t r h i s n e 2 g r Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1952 1 642 853 597,815 349,904 695 133 34 4 24 A 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 4? 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 00? 49 5 30.4 23.0 1958 2 439 754 958 721 C487,432 C993,600 53 6 30 0 22 9 1959 '2,679,167 '1,023,605 '545,258 '1,110,304 56 4 32.5 24.5 1959—Jan 221.953 81,052 86,507 43,358 44,505 87,831 90,941 53 6 55 5 31 2 31.1 23.6 23.8 195^764 81,245 74,346 44,270 39,635 90 881 81 783 51 5 31 5 29.6 24.2 23.0 Mar 223,367 79,534 84,710 44,957 47,485 90,361 91,172 52 4 54 6 31 8 34.3 24.0 24.0 Apr 225,362 85,877 88,049 46,346 45,955 92,894 91,358 56 6 56 4 33 1 33.3 24.7 24.0 May 216,003 84 030 80,725 45,156 44,646 92,143 90,631 56 2 54 2 32 6 32.5 24.5 24.5 June 228,601 79,479 86,598 44,746 46,429 93,032 95,574 53 1 56 9 32.1 32.8 24.6 25.1 July 235,637 86,792 89,600 46,694 48,422 93,516 97,615 57 3 57 2 33.1 32.9 24.7 24.9 Aim 208,130 85 707 75,233 45,899 43,265 93,109 89,633 56 3 51 3 33.1 31.3 24.7 24.1 Sept 215,843 86,633 81,067 44,240 43,259 92,017 91,516 57 6 55 4 32 1 31.7 24.6 24.7 Oct 230,245 89,356 89,519 45,486 46,083 92,216 94,642 60 1 59 2 32 8 32.5 24.7 24.8 Nov 217,139 91,522 82,273 46,257 43,810 95,067 91,055 60 1 58 0 33 6 32.7 25.3 25.4 Dec 261,121 89,244 104,976 46,278 51,763 93,696 104,382 60 1 67 0 33 2 35.3 24.9 26.4 1960 Jan 230,100 84,646 88,529 46,218 46,305 94,335 95,266 55.7 57 8 P32 9 *>24.9 P25.1 c Corrected. p Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. = without seasonal description and revised monthly figures, see BULLETIN for Jan. 1960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared by 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Federal Reserve Bank of New York, together with unadjusted data Angeles. were published in the BULLETIN for May 1959, p. 554. 2 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENCY 171 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 culation1 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 1,433 262 556 24 46 1945 28,515 20,683 1,274 ,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 ,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 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1953 30,781 21,636 1,812 ,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 ,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 ,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 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Dec 32,193 22,856 2,182 ,494 83 2,186 6,624 110,288 9,337 2,792 5,886 275 373 1959—Jan 31,125 21,926 2,139 ,408 80 2,064 6,340 9,894 9,199 2,733 5,814 272 368 Feb 31,129 21,975 2,144 ,406 80 2,062 6,378 9,904 9,155 2,714 5,791 271 367 Mar 31,250 22,111 2,164 ,414 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 Apr 31,349 22,209 2,175 ,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 May 31,638 22,479 2,193 ,447 81 2,112 6,534 10,112 9,158 2,721 5,796 269 361 June 31,914 22,731 2,215 ,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 July 31,898 22,721 2,224 .436 82 2,104 6,562 110,312 9,178 2,742 5,804 266 355 Aug 31,973 22,784 2,241 ,444 83 2,111 6,572 110,333 9,189 2,741 5,820 264 352 Sept 31.848 22,672 2,259 ,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 Oct 31,905 22,752 2,269 ,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 Nov 32,489 23,277 2,294 .488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 Dec 32,591 23,264 2,304 ,511 85 2,216 6,672 10.476 9.326 2,803 5,913 261 341 1 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 i Total out- Held by Kind of currency s D ta e 1 c n 9 . d 5 3 i 9 n 1 g , A g s a o s g l s i d a l e v i c a n e u n r s 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 R n d k . t s s De 1 c 9 . 5 3 9 !, No 1 v 9 . 5 3 9 0, De 1 c 9 . 5 3 8 1, certificates agents Gold 19,456 19,194 2 261 Gold certificates 19,194 16,348 2,816 31 31 31 Federal Reserve notes.. . 29,448 91 1,710 27,647 27,566 27,318 Treasury currency—total 5,311 ' "UAQ6 39 359 4,913 4,893 4,844 Standard silver dollars 488 155 27 8 298 295 278 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890.. . . 32,406 271 2,136 2,178 Subsidiary silver coin 1 S17 3 45 1,468 1,' 465 1,399 Minor coin 546 6 538 535 505 United States notes 347 6 29 312 319 311 Federal Reserve Bank notes 106 1 105 106 115 National Bank notes 57 56 57 58 Total—Dec. 31, 1959 21,601 391 16,348 4,885 32 591 Nov. 30, 1959 (5) 21 688 401 16.462 4,471 i \"> AQQ Dec. 31, 1958 22,404 683 17,135 4 815 32,193 receipt); (3) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (4) as security for gold certificates—gold day dates, in table on p. 163. 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. 55 BBeeccaauussee ssoommee ooff tthhee ttyyppeess ooff ccuurrrreennccyy sshhoowwnn aarree hheelldd aass ccoollllaatteerraall oorr 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. ttiioonn.. GGoolldd cceerrttiiffiiccaatteess ddeeppoossiitteedd wwiitthh FFeeddeerraall RReesseerrvvee aaggeennttss aass ccoollllaatt-- 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
172 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Treas- net— Date Gold s r t o c e u i a u n u n r n r g t c y d - - y - Total Lo n a e n t s, Tot U a . l S. G m o C a v e o n r e m c r d i n a - m l e i j j n R t F e e o d s b e e l r r i v a g e l ation O s ther O s r e i t t c h i u e e s - r c l T a i i a n a p t o n i b e i e t t d t a i s a l l - l, c d u e T r a p o r n o e t d s a n i l c ts y C co m a a n a u p n i c e n s - i d t c t t a . s l , 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 ,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 ,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 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—Dec. 31 22,781 5,146 229,470 115,157 91,370 65,792 i24,238 ,340 22,943 257,397 236,372 21,023 1958—June 23 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 Dec. 31 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ,219 26,273 274,850 252,022 22,829 1959—Jan. 28 20,500 5,200 247,300 119,800 101,500 74,900 25,400 ,200 26,000 273,100 249,600 23,500 Feb. 25 20,500 5,200 245,300 119,800 99,400 72,900 25,300 ,200 26,100 271,000 247,100 23,900 Mar. 25 20,400 5,200 244,900 121,400 97,200 70,600 25,500 ,100 26,300 270,600 246,700 23,900 Apr. 29 20,300 5,300 247,900 123,500 97,800 71,000 25,600 ,200 26,600 273,500 249,800 23,700 May 27 20,200 5,300 248,300 124,800 97,100 70,000 i 25,900 ,200 26,400 273,700 249,400 24,300 June 24 19,800 5,300 248,500 126,900 95,200 68,200 25,900 ,200 26,300 273,600 249,400 24,200 July 29 19,600 300 250,700 128,400 96,000 68,400 I 26,500 ,100 26,300 275,700 251,400 24,200 Aug. 26 19,600 300 251,200 129,800 95,200 67,600 26,500 ,100 26,200 276,100 251,100 25,000 Sept. 30* 19,500 300 252,100 131,600 94,100 66,500 26,600 ,100 26,500 276,900 252,100 24,800 Oct. 28* 19,500 300 251,800 131,500 94,000 66,500 26,400 ,100 26,200 276,500 251,700 24,900 Nov. 25*. 19,600 300 251.300 132,300 93,000 65,200 26,700 1,100 25,900 276,200 250.900 25.200 Dec. 30* 19,500 5,300 254,800 135.500 93,300 65,500 26.800 1,000 26,000 279,500 255,200 24,300 1960—Jan. 27*» 19,500 5,300 249,900 133.000 ! 91,100 64,600 25,400 1,000 25,800 274,700 250,300 24,400 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o d n a i s g e e n i - n t t k s, T h c i u r n o a e r l s g a d y h s s - - m sa b c e v a a o A r i n n m n c t d i k g a - s s l B F a A n R t ks . Total Total T b C i a o m n m k e - s d e i s p b M a o a v u s n i i n t k t u s g s a 2 3 s l | j ; S S P y a o s v t s e i t n m a g l sp m o D d a s e e i n - - t d s4 b r C o s e a i u n u n d t c r k e - y - s c a d d u d e e T r a j m p o r u n o e t s a d s a n t n i e l c t d d s y j p m u D a o d s a d e s e t n - - i - e t d d s b r C o s e a i u n u n d t c r k e - y - s 1929—June 29.. 365 2041 381 36! 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 351 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec, 30.. 1,217 2,409 8461 6341 63,253 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 5 110,500 84,400 26,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 5 114,600 90,000 24,600 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 10099,914 28,285 5 133,500 106,100 27,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647111,391 28,335 5 134,500 107,100 27,400 1957—Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325110,254 28,301 5 133,600 105,800 27,800 I958__june 23.. 3,953 700 9.471 524 229,483 95,524 61,473 32,837 1,214106,169 27,790 5 135.300 107,500 27,800 Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134115,507 28,740 5 138,800 110,700 28,100 1959—Jan. 28.. 3,800 700 4,800 500 239,800 98,400 63,400 33,800! 1,100 113,800 27,600 5 139,500 111,500 288,000 Feb. 25.. 3,700 700 4,500 500 237,700 98,700 63,700 34,000 1,100 111,300 27,700 5 139,600 111 600 288,000 Mar. 25.. 3,900 700 3,900 500 237,600 99,500 64,100 34,300 1,100 110,300 27,900 5 140,300 112;100 288,200 Apr. 29. 3,700 700 4,600 500 240,300 99,900 64,500 34,300 1,100 1"1-2,500 27,900 5140,400 112;200 288,200 May 27. 3,700 700 5,200 500 239 300 100,400 65.000 34,400 1,100 110,700 28,100 5140,600 112400 288,200 June 24. 3,600 400 4,700 500 240 100 101,000 65,400 34,600 1,100 110,700 28,300 5140,900 112;600 288,300 July 29. 3,400 400 5,000 600 242000 100,900 65,300 34,500 1,000 111122,700 28,400 5 141,200 112900 288,300 Aug. 26. 3,300 400 6,000 500 240 800 101,200 65,600 34,600 1,000 111,100 28,500 5 140,900 112600 288,300 Sept. 30* 3,300 400 6,400 700 241 400 101,500 65,700 34,800 1,000 111,400 28,500 5 140,800 112400 288,400 Oct. 28* 3,100 400 5,500 500 242,200101,100 65,500 34,600 1,000 1U122,700 28,300 5 140,400 112000 288,400 Nov. 25* 3,000 400 4,700 400 242,400100,300 64,700 34,600 1,000 113,100 29.100 5140,100 111 800 288,300 Dec. 30* 3,200 400 5,000 500i 246,100101,200 65,400 34,900I 900116,100 28;800 5 140,000 111 800 28,200 1960—Jan. 27*\ 2,800 400 3,800 600 242,600101,000 65,000 35,100 900 113,700 28,000 5 139,800 111,400 28,400 P Preliminary. * Revised preliminary figures. 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, 4 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 1946 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. Seasonal adjustment factors for com- to nearest $100 million and may not add to the totals. ponent series have been revised. For description of revision and for back data see pp. 173-75 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 173 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 te ank Total Loans o G U t b io l o . 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 c b T o a i a l a l u p o i n i c a t i n t - d i t a - e t a l s s l 3 TotaP m D I a n e n t - e d rba T n i k m 2 e U.S D . ema O n t d her Time r B i o n o w g r s - - c T a o p t i a ta l l N ba b u o n e m f r ks - Govt. Other All banks: 1941— Dec. 31 61,126 26,615 999 27344 90,908 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362 577 35,415177,332 14,065 105,935 45,613 22710,542 14,553 1947_Dec. 3H... 134,924 43,002 81,199 10,72338,388 175,091161,86512,'793 240 1,346 94,381 53,105 66 11,94814,714 1956—Dec. 31 197,063 110.079 66,52320,46149,641250;770 227546 16; 133 1,462 3,736125,308 80,908 7819,24914,167 1957—Dec. 31 203,849 115,115 65,792 22,943 49318257 864 23302015,636 1,386 3,903123,99388,102 80 20 14,090 1958—June 23 215,179 117,808 71,611 ,760 44!423264^525237,204 789 2,497 9,209117,11394,596 1,137 21 14,055 Dec. 31 221,485 121.571 73,641 ,273 49911276430 250; 799 2,374 4,253 130,13297,498 8121,70514,020 1959—Jan. 28 221,920 121,030 ,850 26,,'040 43200 270, 100 241 110 2,410 4,490 124,240 97,580 1,770 21 14,030 June 24 223,200 128,690 , 170 263,40 42730 270990 241 121870 2,030 4,420121' ,600 100,310 2.710 22, 13,997 Aug. 26 225,780131,970 ,570 26,240 42150 273010 242; 900 1,910 5,720121,,490 100,530 2,770 22,700 14,004 Sept. 30* 225,530132,610 ,470 26,,450 44630 275500 246! 700 1,780 6,140 123,860100,840 1,410 22,840 13,996 Oct. 28* 225,820133,050 ,530 26,2:40 44030 275,110 244 150 1,710 5,190 124, 320 100,450 2,460 22, 13,995 Nov. 25* 225,690134,520 ...2 4.0. 2 5,,93044840 275,840 244 200 1,610 4,390 125,870 99,610 2,860 22 13,993 Dec. 30* 228.600137.160 65,460 25,980 47020 281,070 250 410 1,520 4,740 129,580li 2,100 23 13,991 1960—Jan. 21 P. 134,830 64,63025,820 43 190 274^040 243,330 940 1,430 3,550 125,050 100,360 2,360 23 13,999 All commercial banks: 1941—Dec. 31 ,746 21,714 21,808 7,225 26,551 79,104 71 10,982 44,349 15,952 23 14,278 1945—Dec. 31 ,019 26,083 90,606 ,33134,806160,312150 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31*... ,284 38,057 69,221 9,006 37502155,377144,103 792 240 1,343 94,36735,360 6510,05914,181 1956—Dec. 31 ,123 90,302 58,552 ,269 48720 217,460197,515 133 1,460 3,733125,28250,908 7516,30213,640 1957—Dec. 31 ,068 93,899 58,239 930 48 696 201 636 1,385 3,898123,96756,440 7717,36813,568 1958—June 23 ,905 95,571 64,194 20140 43, ,847 204, 789 2,495 9,205117;086 61,759 1,13618,17813.535 Dec. 31 ,165 98,214 66,376 20575 48;990 238,651216,017 15,799 2,372 4,250 130 104 63,493 7318,48613,501 1959—Jan. 28 ,620 97,710 67,530 20380 42,400 232:,470 207 96013,110 2,410 4,490 124210 63,740 1,770 18,57013,512 June 24 ,920104,450 60,860 20610 41,930 232,380 206,63012,870 2,030 4,420 121 570 65,740 2,710 19,03013,479 Aug. 26 ,190107,370 60,290 20530 41,430 234,170 207,91012900 1,910 5,720121460 65,920 2,770 19,34013,486 Sept. 30* ,790107,830 59,230 20730 43,910 236,500 211,48013700 1,780 6,140 123830 66,030 1,410 19,44013,478 Oct. 28* ,330108,160 59,570 20600 43;330 236,390 210,17013 150 1,710 5,190 124290 65,830 2,460 19,50013,478 Nov. 25* ,160109,470 58,360 20330 44;120 237,0,.6.0. 210,060 1,610 4,390 125,840 65,020 2,860 19,59013,476 Dec. 30* ,980112,000 58,600 20380 46,190 242,080 215,87014^10 1,520 4,740 129,550 65,650 2,100 19,70013,474 1960-Jan. 21* 440109.520 57,74020,180 42,430 234,910208,25012,940 1,430 3,550125020 65,310 2,360 19,67013,482 All member banks: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,71710,385 140 709 37,13612,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 ,070 29,845138,304129,67013,576 64 22 179 69,640 24;210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32,845 132,060122,52812,353 50 176 80',60928,340 54 8.464 6,923 1956—Dec. 31 138,768 78,034 47.575 159 421,906184,874167,90615,567 1,289 3,292106,850 40,909 4813,655 6,462 1957—Dec. 31 142,353 80,950 47,079 324 421,,774466 188:828170,63715,082 1,246 3,472105,54745,290 5714,554 6,393 1958—June 23 151,589 82.146 53,16516,27738,489194,003173,90413,274 2,266 8,658 99,81249.893 1,078 15,181 6,357 Dec. 31 154.865 84,061 54,299 504 43 188 202.017182,81615,227 2,187 3.822 110,44851,132 54 1155,460 6,312 1959—Jan. 28 155,054 83,588 55,136 330 37; 196,333175,36412,619 2,224 3,979 220 51,322 1,684 15,509 6,302 June 24 155.007 89,301 49,164 542 37, 196,182174,07312,357 1,889 943 992 52.892 2,619 15,875 6.279 Aug. 26 156,537 91,757 48,370 410 36, 197,076174,56812,356 1,767 ,095 552 52,798 2,685 16,090 6,263 Sept. 30* 155,938 92,063 47,307 568 38, 198,984177,71313,181 1,634 5,522 492 52,884 1,358 16,169 6,249 Oct. 28*. 156,328 92,328 47,571 429 38; 198,793176,36812,590 1,564 4,628104,90152,685 2,387 16,209 6,248 Nov. 25* 156,142 93,525 46,436 39; 199,373176,19512,638 1,462 3,870106,18352,042 2,780 16,280 6,240 Dec. 30* 158,776 95,850 46,677 249 40784 203,884181,48113,878 1,375 4,214109418 52,596 2,063 16,365 6,233 1960—Jan. 27^ 155.496 93,552 45,882 062 37 361197,308174,53312,413 1,288 3,098105502 52,232 2,271 16,355 6,226 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1.774 793 11,804 10,533 6 10.527 1,241 548 1945—Dec. 31 16,208 4,279 10.682 1.246 609 17,020 15,385 14 15.371 1,592 542 1947—Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 17,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4.192 920 33,311 30,032 2 3 30,001 2,947 527 1957—Dec. 31 33.782 21,216 7.552 5,013 890 35,168 31,695 1 4 26 31,662 3,059 522 1958—June 23 35,274 22,237 7,417 5,620 916 36.678 32.869 2 ^ 32.837 3.181 520 Dec. 31 36.320 23.357 7.265 5,698 921 37.779 34.040 2 3 34.006 3,219 519 1959_ J ja u n n . e 2 2 8 4 3 3 7 6 , . 2 3 8 0 0 0 2 2 3 4 ; , 3 2 2 4 0 0 7 7, . 3 3 1 2 0 0 5 5 , , 7 6 3 6 0 0 8 8 0 0 0 0 3 3 7 8 , , 6 6 3 1 0 0 3 34 3 , , 6 8 0 7 0 0 3 3 3 4 , , 8 5 4 7 0 0 3 3, , 2 3 1 3 0 0 5 5 1 1 8 8 Aug. 26. 37,590 24,600 7,280 5,710 720 38,840 34,640 34,610 3,360 518 Sept. 30* 37,740 24,780 7,240 5,720 720 39,000 34,840 34,810 () 3,400 518 Oct. 28* 37,490 24,890 6,960 5,640 700 38,720 34,650 30 34,620 3,370 517 Nov. 25* 37,530 25,050 6,880 5,600 720 38,780 34,620 30 34,590 (5) 3,400 517 Dec. 30* 37,620 25,160 6.860 5.600 830 38,990 34,960 30 34,930 (5) 3,390 517 I960—Jan. 27* 37,840 25,310 6,890 5.640 760 39,130 35,080 30 35,050 3,390 517 p Preliminary. * Revised preliminary figures. banks that became members in 1941 (these banks are excluded from all 1 All banks in the United States. Beginning with January 1959, commerical banks). all banks in Alaska with total deposits of $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) three mutual savings For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
174 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o . l S i 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 c b T o a i a l a l u p o i n i c a t i t n - d i t - a e t a l s s l 3 Total2 m D I a n e n - te d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t - i n a ta t l s l N ba b u o n e m f r ks - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—June 23 27,149 16.764 8,035 2,350 8,272 36,664 31,469 4,345 1,774 2,946 18,898 3,506 483 3,214 18 Dec. 31 25.966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Jan. 28 25,959 16,011 7,650 2,298 7,314 34,447 29,191 3,897 1,764 925 19.130 3,475 "543 3,272 18 June 24 25,488 16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480 775 18.570 3,582 805 3.292 17 Aug. 26 25,636 17,206 6,087 2,343 6,815 33,594 27,859 3,897 1.363 1,054 18,043 3,502 1,000 3,334 17 Sept. 30* 25,194 17,244 5,570 2,380 7,690 34,101 29,141 4,315 1,256 1,208 18,795 3,567 244 3,342 16 Oct. 28* 25,061 17,404 5,395 2,262 7,800 34,024 28,545 3,848 1,205 1,114 18,930 3,448 770 3,340 16 Nov. 25* 25,020 17,990 4,958 2,072 7,834 34,054 28,252 3,892 1,100 692 19,183 3,385 968 3,337 16 Dec. 30* 25,955 18,809 4,964 2,182 8,436 35,656 30,016 4,476 1,009 956 20,155 3,420 728 3,346 16 I960—Jan. 27^ 24,713 17,614 4,981 2,118 7,374 33,440 27,801 3,971 933 547 19,032 3,318 637 3,360 18 Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 7 184 5,069 1,319 4 660 14 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 15 195 4,904 1,345 4 689 14 1958—June 23 6,942 3,594 2.694 654 1,914 8,929 8,022 1,249 39 705 4,626 1,403 80 708 14 Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 34 249 5.136 1,438 3 733 14 1959—Jan. 28 6,651 3,433 2,611 607 1,881 8,617 7,695 1,138 34 201 4,913 1,409 68 726 14 June 24 6,516 3,687 2,137 692 1,842 8,440 7.423 1,123 31 259 4,586 1,424 164 740 14 Aug. 26 6,677 3,954 2,067 656 1,815 8,567 7,530 1,105 28 285 4,685 1,427 182 749 14 Sept. 30* 6,727 4,011 2,052 664 1,992 8,805 7,681 1,204 26 347 4,678 1,426 253 753 14 Oct. 28* 6,701 3,944 2,092 665 1,877 8,662 7,556 1,126 26 228 4,749 1,427 235 751 14 Nov. 25* 6,606 3,908 2,015 683 1,879 8,564 7,578 1,115 25 213 4,785 1,440 108 754 14 Dec. 30* 6,805 4,138 1,976 691 1,999 8,883 7,873 1,173 23 252 4,968 1,457 138 756 14 I960—Jan. 27^ 6,673 4,072 1,928 673 1,867 8,627 7,548 1,061 24 165 4,f'" 1,450 208 755 14 Reserve city member banks: 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 1133,066 49,659 46,467 5,627 22 405 28,"9"90 1'1,423 1 2,844 353 1956—Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,584 294 1,201 40, 647 16,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 1"7,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958_June 23 59,273 32,851 20,436 5,986 15,443 76,155 68,672 6,397 416 3,150 38, 00~"3 -2,0706 350 5.617 280 Dec. 31 60,558 34,003 20,645 5.910 17,701 79,781 72,647 7,506 377 1,429 42, 259 21.075 14 5.760 274 1959_ J ja u n n . e 2 2 8 4 6 6 0 0 , , 6 6 9 1 8 7 3 3 4 6 , . 0 6 8 1 3 6 2 1 0 8 , , 7 2 7 2 6 4 5 5 ; , 7 8 7 3 7 91 1 5 5 , , 6 7 2 6 6 2 7 7 7 7 , , 8 8 4 8 5 7 6 6 9 9 , ,4 8 4 0 8 0 6 5 , , 2 9 3 9 2 4 3 34 8 1 2 1 1 , , 4 6 3 0 9 0 4 3 0 9 , ,7 45 2 2 1 2 2 1 1, , 7 2 9 9 2 5 1, 8 14 3 0 2 5 5 , ,9 7 4 8 5 2 2 2 7 7 3 3 Aug. 26 61,143 37,780 17,665 5,69815,441 78,068 69,679 6,093 342 2,081 39,"5-54 2"1\609 972 6,004 271 Sept. 30* 60,647 37,733 17,169 5,74516,298 78,511 70,496 6,377 318 2,282 39,914 21,605 555 6,044 270 Oct. 28* 60,879 37,757 17,416 5,70615,930 78,391 69,942 6,295 299 1,746 40,07321,529 901 6,053 270 Nov. 25* 60,790 38,171 16,954 5,66516,463 78,852 69,951 6,273 303 1,528 40,559900 -2'1,257 1,175 6,083 270 Dec. 30* 61,779 38.968 17,175 5,63617,201 80,609 72,140 6.802 309 1,572 41,95321,504 913 6,122 265 I960—Jan. 27 ^ 60,336 38,282 16,490 5,56415,613 77,615 69,108 6,028 297 1,132 40. 4"2"•2 -2' 1229 940 6,121 265 Country member banks: 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 1,160 41,194 2"0 317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 ',181 40,724 22 429 30 5,359 6,083 1958—June 23 58,225 28,937 22,000 7.288 12.860 72,255 65,741 1,282 ,857 38,286 24 277 164 5,641 6.045 Dec. 31 61.511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,349 25 137 37 5.685 6.006 1959—Jan. 28 61,746 30,061 24,099 7.586 12,515 75,424 68,678 1,352 ,414 40,72525;143 241 5,729 5,997 June 24 62,386 32,317 22,377 7,692 12,363 75,986 68,787 1,232 ,309 40,115_2.6,094 510 5,898 5,975 Aug. 26 63,081 32,817 22,551 7,713 12,476 76,847 69,500 1,261 ,675 40,270 2266,260 531 6,003 5,961 Sept. 30* 63,370 33,075 22,516 7,779 12,854 77,567 70,395 1,285 ,685 41,10526,286' 306 6,030 5,949 Oct. 28* 63,687 33,223 22,668 7,796 12,707 77,716 70,325 1,321 ,540 41,149 26,2811 481 6,065 5,948 N De o c. v . 2 3 5 0 * * 6 6 3 4 , , 7 2 2 3 6 7 3 3 3 3 , ,9 4 3 5 5 6 2 2 2 2 , , 5 5 0 6 9 2 7 7 , , 7 7 6 4 1 0 1 1 2 3 , ,1 8 4 5 8 0 7 7 7 8 , , 9 7 0 3 3 6 7 7 0 1 , , 4 4 1 5 4 2 1 1 , , 3 4 5 2 8 7 , , 4 4 3 3 7 4 4 4 1 2 , , , ,3 6 3 2 4 5 2 2 2 5 6 , 1 9 2 6 1 0 5 ! 5 2 2 8 9 4 6 6, , 1 1 4 0 1 6 5 5 . , 9 9 4 3 0 8 I960—Jan. 27*> 63,774 33,584 22,483 7,707 12,507 77,626 70,076 1,353 ,254 41,200 26,235 486 6.119 5,929 * 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 175 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—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 t b i l o o . i n v g S 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 c b T o a i a l a l u p o i n i c a t i n t - d i t - a e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e f m k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,98425,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292157,544147,775 13,883 23,740 80,276 2299,876 215 8,671113,297 1947_Dec. 31 114,274 37,583 67,941 8; 750 36; 926152,733141,85112,615 54 1,325 92,97534,882 61 9,7341133;,398 1956—Dec. 31 163,601 89,831 57,83715,933 352 215 195,95315,981 1,301 3,717124,346 "5"0,608 5615,98813,195 1957—Dec. 31 168,595 93,430 57,58017,585 127 220; 199,87615,489 1,264 3,859123,127 56,137 13,142 1958—June 23 178,330 95,105 63,48919,735 243 225;945 202;81913,632 2,288 9,162116,308 61,429 1,12517;85713,121 Dec. 31 183,596 97,730 65,669 20,198 689 236;724 214;485 2,209 4,241129,214 63,168 6718,15413,101 1959—June 10 184,632 102,902 61,396 20,334 42,623 231,876 206,149 2,013 2,766122,744 65,288 2,76218,76213,086 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43, 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20 114 90; 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22;024 88;182 82,023 8,375 795 53,541 1"9-,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8;8OO 27,006 117345107,161 9,322 2,074 67,434 27810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 26.786120,153109,091 8,958 2,166 66,546 30; 38 9,070 4,620 1958—June 23 95,898 50,744 34,49810,656 23;964122,100110,065 7,849 4,751 62,886 33,754 492 9,451 4,599 Dec. 31 99,277 52,627 35,714 1100,936 26.781128,397116,714 9,035 2,292 69,80834,812 43 9,643 4,578 1959—June 10 99,982 55,816 33,15211,01423;835126,255112,659 7,818 1,526 66,43336,177 1,42010,041 4,559 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 1 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 7,986 130 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 767 1,218 39,416 13,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—June 23 55,691 31,403 18,667 5,621 14,525 71,904 63,839 5,425 1,441 3,907 36,926 1166,140 586 5,730 1,758 Dec. 31 55,588 31,435 18,585 5,568 16,407 73,620 66,102 6,192 1,420 1,530 40,64016.320 10 5,817 1,734 1959—June 10 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 38,23716,622 1,2665,879 1,721 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 6 959 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 7 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 7 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 9 2,336 6,737 1957_Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 1"0,873 9 2,500 6,753 1958—June 23 26,768 12,972 10,335 3,460 4,756 31,971 28,942 359 504 16,496 11,562 47 2,679 6,768 Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 13 2,696 6,793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,07412,516 76 2.846 6,810 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 2,251 177 185 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957_Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—June 23 1,575 466 704 405 264 1,902 1,516 157 207 778 330 321 413 Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 1,518 504 639 375 271 1,850 1,444 143 122 830 342 338 383 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. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 261 1956—Dec. 31 26,381 12,279 10,989 3,113 32,613 29,635 566 171 440 18,43310,024 2,649 181 1957—Dec. 31 27,741 12,961 11,172 3,608 33,897 30,715 554 138 427 18,42011,176 2,817 178 1958—June 23 28,343 13,438 11,040 3,865 33,873 30,458 515 229 548 17,2"7"4' 11,892 3,000 181 Dec. 31 30,327 14,165 12,088 4,074 36,664 33,227 572 185 428 19,65512,387 3,028 192 1959—June 10 30, r~ 14,988 11,821 4,079 36,491 32,810 536 144 368 18,90312,858 3,183 7,193 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 1 21 12 1'-2,192 1.252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 2 3 2322,857 2.130 223 1957_Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 3 26 24,991 2,308 239 1958—June 23 27,869 18,132 5,234 4,503 745 29,021 26,082 2 2 26 26,052 2.433 239 Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 2 3 2827,243 2,473 241 1959—June 10 30,150 20,106 5,324 4,721 630 31,228 28,041 2 2 27 28,011 2,608 251 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947_Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 1 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 1 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 1 6,671 751 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 1 6,785 748 281 Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 1 6,762 746 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 1 6,460 707 267 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30,1947, see the BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES' [In millions of dollars] Loans2 Investments Loans for j Loans Com- purchasing | to Total m ci e a r l - , or carrying financial Other U. S. Government obligations Cla c s a s l a l o n d f d a b te ank i m l n o a v e a n e n n d s t s t s - Total 2 c o m i p p k l i p n u n a e e a e g d - r r t - n - - A c tu g u a r l r l - - i- b k d a T s r e e n e o o r a d c - s l u - rit o e i T t e r h o s s - ba i T n n o s k t s itu o ti t o h T n e o r s s l R o t e a a e s t - n a e l s l u o v i d t a i a n o i d - l n - s - s O lo t a h n e s r Total Bills C o d c e e f a e r d t b t i e i - n t f s - i - - Notes Bonds O s ri e t t c h ie u e s - r ers i ness All commercial banks: 3 1947_Dec. 31.. 116,284 38,05718,167 1,660 830 1,220 9,393 5,723 1,06369,221 ?, 1973,789 6,034 533,205 9,006 1958—Dec. 31.. 185,165 98,21440,425 4,973 2,8321,829 25,25520,698 4,156 6"6,376 6,294 7,39913,396 39},,228877 2100,575 1959__june 10.. 186,151103,40641,613 5,098 2,333 ,903 26,669 22,382 5,419 62,035 5,149 4,72214,037 338,12720,710 June 10*e 186,151103,40637,158 5,098 ,903 1,850 5,56926,669 22,382 2,455 Oct. 6e. 187,760108,25038,710 5,240 2,310 ,850 1,940 6,360 27,600:23,5602,740 58,650 4,880 2,85014,08036,840 20,860 All insured commercial banks: 1941_Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4 545 21,046 988 3,15916,899 6,984 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,18188,912 2,45519,071 ; 51,342 7,131 1947—Dec. 31.. 114,274 37,58318,012 1,610 ~~ ,190 9,2_6_6_ 5,654 1,0"2"8" 67,941 2,124 7,552 5,918 52,347 8,750 1958—Dec. 31.. 183,596 97,73040,289 4,913 ,810 25," 14'"8 20,589 A,134 65,669 6,159 7,36213,240 38,908 20,198 1959—June 10.. 184,63"102,90241,459 5,046 2J312 ,884 26,550 22,264 396 61,396 5,025 4,69013,928 37,754 20,334 June 10*. 184,63 102,90237,013 5,046 2,312 ,884 1,846 5,55326,550 22,264 2^444 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 19,539 971 3,00715,561 5,961 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 3,455 1,900 1,104 7788,338 2,27516,98514,27144,807 6,070 1947_Dec. 31.. 97,846 32,62816,962 1,046 811 ,065 7,130 4,662 95257,914 1,987 5,816 4,815 4455,295 7,304 1958—Dec. 31.. 154,865 84,06137,444 3,052 21,730 ,599 20,01317,028 3,92054,299 4,644 6,143 11,11732,396 166,504 1959_june 10.. 155,289 88,43138,469 3, ; 1,669 21,18018,397 5,0"9'8" 50,225 3,854 3,68811,410 3"1,273 16,633 June 10*. 155,289 88,43134,172 3,132 2,260 1,669 1,820 5,277 21,18018,397 2,298 Oct. 6.. 155,942 92,47135,565 3,177 22,222299 1,593 1,905 6,043 21,82419,359 2,583 46,796 3,574 1,82011,448 29,954 16,674 New York City:* 1941_Dec. 31.. 12,896 4,072 2,807 412 169 123 554 7,265 311 1,623 5,331 1,559 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 29817,574 477 3,433 3,32510,339 1,235 1947_Dec. 31.. 20,393 7,179 5,361 545 267 564 33011,972 1,002 640 558 9,772 1,242 1958—Dec. 31.. 25,966 16,16510,928 1,652 382 641 1,502 1,424 7,486 643 1,106 1,602 4,135 2,315 1959—June 10.. 25,648 16,51410,731 1,556 409 746 1,625 1,819 6,745 1,165 350 1,717 3,513 2,389 June 10*. 25,648 16,514 9,523 1,556 409 966 1,344 746 1,625 717 Oct. 6.. 25,315 17,50210,105 1,442 416 912 1,639 853 1,705 821 5,418 580 133 1,388 3,316 2,395 Ch 1 ic 9 a 4 g 1 o — :4 Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256! i 153 1,022 376 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 385 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 248 2,274 397 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 220 2,562 232 522 1,446 631 1959—J J O u u ct n n . e e 1 1 0 0 6 * . . . . . 6 6 6 , , , 5 5 6 8 8 8 1 1 9 3 3 3 , , , 6 6 9 4 4 7 3 3 8 2 2 2, , , 5 6 3 0 7 0 9 8 8 1 1 13 4 4 1 6 6 1 1 1 0 0 1 7 7 4 4 5 1 3 8 8 1 1 18 8 8 0 1 1 i 4 3 3 1 8 8 2 6 6 J 2 1 1 4 5 4 1 5 9 2 2, ,2 0 3 3 5 7 1 12 7 5 8 124 4 4 3 5 9 0 1 1 , , 4 33 1 8 4 7 6 0 7 3 5 Reserve city banks: 1941_Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 6,467 295 751 5,421 1,776 1945_Dec. 31.. 40,108 8,514 3,661 205 427 ,503 1,459 8551 404 29,552 1,034 6,982 5,65315,883 2,042 1947_Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 20,196 373 2,358 1,901 15,563 2,396 1958—Dec. 31.. 60,558 34,00315,808 669 518 851 8,405 6,930 492 20,645 1,293 2,370 4,49712,484 5,910 1959—June 10. . 60,812 36,31516,410 753 404 860 8,986 7,513 2,0"7"3" 18,663 870 1,512 4,23012,051 5,834 J O u c n t e . 10 6 * .. . 6 60 0 , , 6 8 2 1 - 2 3 3 7 6, , 3 8 1 9 5 0 1 1 4 4 , , 2 7 8 6 5 8 7 78 5 5 3 4 42 0 8 4 7 8 8 6 2 0 7 75 1 3 4 2 2 , , 6 9 3 4 5 4 9 8 , , 2 9 1 8 2 6 7 7 , , 5 9 1 4 3 6 9 8 6 4 7 8 16,954 823 . i ! 6 • 89 4,07011,372 5,780 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,530 4,377 110 481 3,787 2,250 1945_Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 26,999 630 5,102 4,54416,722 2,408 1947_Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 22,857 480 2,583 2,10817,687 3,268 1958—Dec. 31.. 61,511 30,257 8,080 2,368 294 268 10,806 8,239 784 23,606 2,475 2,306 4,49514,330 7,648 1959_j J U u n n e e 1 10 0 * .. . 6 6 2 2 , , 2 2 4 4 8 8 3 3 1 1 , , 9 9 6 6 0 0 8 8, , 0 6 5 5 7 0 2 2 , , 3 3 6 6 2 2 1 1 5 5 4 4 2 2 9 9 3 3 101 8791 1 1 1 , , 2 2 6 6 7 7 8 8 , , 8 8 7 7 2 2 9 5 6 7 5 8 22,581 1,642 1,622 5,02314,295 7,707 Oct. 6.. 63,314 33,101 8,183 2,377 228 282 197 92211,579 9,296 646 22,388 2,046 874 5,541 13,928 7,824 Nonmember commercial banks:3 1947—Dec. 31.. 18,45. 5,432 1,205 614 20 156 2,266 1,061 11,318 206 1,973 1,219 7,920 1,703 1958—Dec. 31.. 30,327 14,165 2,981 1,921 102 230 5,256 3,671 23512,088 1,651 1,255 2,280 6,901 4,074 1959—June 10.. 30,889 14,988 3,144 1,967 73 234 5,502 3,985 32111,821 l,295j 1,034 2,629 6,864 4,079 « Estimated. the Federal Reserve System; these banks are included in member banks * For a discussion of revision in loan schedule, see the BULLETIN for but are not included in all insured commercial banks or all commercial January 1960, p. 12. banks. Comparability of figures for classes of banks is affected somewhat l All commercial banks in the United States. These figures exclude by changes in Federal Reserve membership, insurance status, and the data for banks in U. S. territories and possessions except for member reserve classifications of cities and individual banks, and by mergers, etc. banks. During 1941 three mutual savings banks became members of For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS 177 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i n v e e v e t - - k e h r e s s al C va i a n u s l h t b m a a w B d n e n o a c i s k t l e - t h - s i s c 5 j p u m D o a s d a t d s e e e n i - - - t d d s 6 m D e I s n o d t - t e i e c p r s o b s a i n F t e s i k o g r n - G U o . v S t . . p v s S o i u a t l s a i b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e n t r e f r c c s d i t d . - * k i- s, a p v n s a p i I t d h d i r n o o t u i d r n c p n a a i o e s s - l - r , r s - - , I b n a t n e k r- p G U s i a o n a o n . s g v S v t d s - a . t. l v S s p 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 t i h d i d r n o o t u i d r n c p n a a i o e s s - l - r s r , - - , r B i o n o w g r s - - c C o a t a u a c p n l - 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 84,987 240 866 34,383 65110,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959—June 10.... 18,084 3,118 10,371112,353 11,934 1,547 2,774 10,485 3,407 109,681 2,135 322 3,747 61,5"6'"22,77019.100 Oct. 6«... 18,290 2,930 10,830111,980 12,620 1,510 4,810 10,570 3,600 109,800 1,740 290 3,300 62,4002,45019,570 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 1m03l 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 54 826 33,946 61! 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—June 10.... 18,084 3,096 10,140111,537 11,821 1,517 2,766 10,390 3,376 108,979 2,013 322 3,674 61,292 2:,762!18,762 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208! 7,589 1 1 9 9 4 5 7 8 — — D D e e c c . . 3 3 1 1.... 1 1 7 8 , , 7 4 9 2 7 8 2 1 , , 4 67 4 2 1 6 7 , , 2 9 7 7 0 7 7 9 3 6 , , 5 2 2 1 8 8 1 1 0 3 , , 9 6 7 1 8 4 1 1 , , 6 37 1 5 3 3 1 , ,1 8 7 2 6 2 5 8 , , 5 6 0 0 4 3 2 3 . , 4 7 0 1 1 2 7 98 2 , , 1 7 3 0 3 4 2,18 5 7 0 3 1 0 0 0 5 2, 6 8 9 2 3 9 2 4 7 8 , , 5 0 4 0 2 4 5 5 4 4 ! 1 8 5 < . 4 4 6 6 4 0 1959—June 10.... 18,086 2,351 6,375 93,722 11,446 1,499 2,406 8.207 3,110 93,353 1.990 297 2,937 49,565 2,68615,919 Oct. 6.... 18,291 2,201 6,700 92,728 12,091 1,458 4,298 8,218 3,288 92,892 1,597 265 2,473 50,0942,385| 16,256 New York City:* 1941—Dec. 31.... 5,105 93 141 10,761 607 866 319 450 11,28: 6 29 778!. 648 1945—Dec. 31.... 4,015 111 78 15,065 ,105 6,940 237 1,338 15,712 17 20 1,206! ! 120 1947__Dec. 31.... 4,639 151 70 16,653 ,217 267 290 1,105 17,646 12 14 195! 2.259 1958—Dec. 31.... 4,454 161 92 16,170 ,267 968 329 1,540 18,835 1,739 100 3^345 30! 282 1959—June 10.... 4,090 148 66 16,010 .148 479 295 1.259 17.657 1,564 140 3,423 809|! 300 Oct. 6..., 3,779 140 56 15,081 ,133 931 305 1,399 16,898 1,231 110 3,398 897i 3,349 Chicago:4 1941_Dec. 31.... 1,021 298 2,215 ,027 12' 233 34 2,15: 476 288 l945_Dec. 31.... 942 200 3,153 ,29: 1,55; 237 66 3,160 719 377 1947_Dec. 31... 1,070 175 3,737 ,196 7: 285 63 3,853 902 426 1958—Dec. 31... 1,058 185 4,271 ,314 249 302 88 4,746 1,423 31 733 1959—June 10... 998 105 3,94" .119 120 235 77 4,345 1,387 272^ 743 Oct. 6... 1,04 103 3,926 ,15: 251 350 4,179 1,408 261; 754 Reserve city banks 1941—Dec. 31... 4,060 425 2,590 11,117 4,30: 54 491 1,144 286 11,12' 104 20! 2431 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 5,49' 131 405 2,282 705 26,003 2: 45| 332 11,045 1! 2,844 1958—Dec. 31... 7,472 768 2,670 35,505 7,21 289 1,429 3,153 1,052 38,054 37' 124 1,471 19,480 14 5,760 1959—June 10... 7,350 750 2,110 34,625 6,159 291 858 2,959 830 36.201 361 122 1,466 20,1361,141| 5,930 Oct. 6... 7,635 702 2,064 33,887 6,547 268 1,709 2,72: 833 35,992 310 95 1,196 20,249 876i 6,052 Country banks: 1941_Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 23" 8,500 31 146 6,082 4 1,982 1945—Dec. 31... 4,52^ 796 4,665 23,595 ,199 5,465 2,004 435 21,797 52 219 12,224 11! 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 ,049 432 2,647 528 25,203 45 337 14,177 23| 2,934 1958—Dec. 31... 5,444 1,476 5,030 40,272 ,565 1,175 4,819 1,03: 36,498 132 1,250 23,755 37j 5,685 1959—June 10... 5,647 1,423 4,093 39,140 ,281 950 4,718 944 35,150 140 1,320 24,620 463! 5,946 Oct. 6... 5,837 1,327 4,477 39,83 ,373 1,40' 4,841 970 35,823 137 1,155 25,039 352! 6,101 Nonmember commercial banks:3 1947—Dec. 31... 544 3,947 13,595 385 167 1,295 180 12.284 190 172 6,858 12 1,596 1956—Dec. 31... 77- 4,690 18,085 521 440 2,238 310 15, 171 546 9,449j 27i 2,649 1958—Dec. 31... 808 4,633 19,300 528 428 2,325 331 16,999 185 747 11,613 20 3,027 1959—June 10... 767 3,996 18,632 487 368 2,279 297 16,328 144 810 12,024 84i 3,183 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31, 1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 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
178 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loan> For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e e n - s d t t s - i j L us a o t d a e - n d s l in m t a c r d n i i e a u a d r l l s - - A t c u g u r r l a - i l - G U t l i o i o o . g b n v a S - s - t . . O c t s u t i e h e r - s i e - r G U t l i o i o o g . b n v S a - s - t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - n s c s P a o a o a f n e n n l i m e r - d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r V se t a r i r o e l v u - n e a s panies etc. Total— Leading Cities 1959 Nov 4 105,230 103,879 65,890 29,687 937 573 1,702 160 1.195 717 1,351 3,782 1,671 12,506 14 321 11 104,343 103,146 65,703 29,727 942 397 1,701 152 ,193 743 1,197 3,687 1,669 12,540 14,312 1,360 18 104,345 103 251 65,961 29,912 937 383 1 776 154 ,188 734 1,094 3,722 1,679 12,562 14 274 360 25 104,202 102,841 65,884 29,901 919 313 1,774 158 ,187 750 1,361 3,708 1,678 12,578 14 279 1,361 Dec 2 105,707 104,253 66,335 30,015 913 424 1 764 151 ,178 777 1,454 3,808 1,723 12,574 14 372 1,164 9 105,475 103,980 66,178 30,034 917 261 1,713 145 ,187 797 1,495 3,814 1,702 12,596 14,375 1,363 16 106,643 105 330 67,684 30,423 919 607 1 974 145 ,187 784 1,313 4 221 1,699 12 651 14 434 I 360 23 106,546 104,954 67,627 30,490 917 410 1 967 153 ,192 789 1,592 4,275 1,705 12,652 14 439 1,362 30 106,627 105,363 68,069 30,465 930 452 2,127 164 ,174 809 1,264 4,441 1,746 12,652 14,472 1,363 1960 Jan 6 104,998 103,914 67,156 30,171 918 333 1 964 160 ,167 759 1,084 4,288 1,754 12,630 14 446 1,434 13 105,126 103,996 66,769 30,131 901 330 1,830 159 176 757 1,130 4,156 1,744 12,640 14,380 1,435 20 103,906 102 834 66,228 29,976 897 277 1 724 151 1,164 752 1,072 3,906 1,776 12,635 14 404 I 434 27 103,589 102,276 65,923 29,862 897 255 1,662 154 1,167 761 1,313 3,790 1,736 12,626 14 452 .439 New York City 1959 Nov 4 25,493 25,134 17,516 10,290 2 367 1,197 36 386 472 359 1,359 325 879 2,597 394 11 25,010 24,528 17,285 10,272 2 222 1,195 35 385 472 482 1,295 325 892 2,584 394 18 24,961 24,600 17,482 10,346 3 276 1,273 37 383 462 361 1,317 332 902 2,545 394 25 25,087 24,405 17,421 10,354 3 209 1,267 35 380 479 682 1,280 335 915 2,558 394 Dec 2 25,643 24,880 17,691 10,440 4 275 1,250 32 379 509 763 1,293 337 918 2,650 396 9 25,415 24,753 17,503 10,438 4 171 1,200 30 380 503 662 1,270 339 930 2,632 394 16 26,088 25,597 18,265 10,596 4 386 1,406 31 379 492 491 1,416 330 961 2,658 394 23 25,838 25,087 18,046 10,590 4 243 1,360 36 368 500 751 1,423 335 952 2,628 393 30 25,996 25,453 18,354 10,630 9 257 1,506 44 356 500 543 1,506 374 955 2,609 392 1960 jan 6 13 2 2 4 4 , , 9 9 9 6 7 0 2 2 4 4 , , 6 5 2 8 0 4 1 1 7 7 , , 6 4 8 2 0 2 1 1 0 0 , , 4 3 0 3 5 5 9 8 1 1 1 3 7 0 1 1 , , 3 2 9 6 4 2 4 3 0 9 3 35 5 7 4 4 4 7 7 3 0 3 3 7 7 7 6 1 1, , 3 3 1 5 1 2 3 3 6 7 7 4 9 9 4 4 8 8 2 2, , 6 6 0 2 6 5 4 4 1 1 1 1 20 24,636 24,160 17,130 10,295 9 132 1,154 35 346 462 476 1,158 394 938 2,618 411 27 24,771 24,101 17,050 10,258 10 115 1,121 33 345 471 670 1,151 386 939 2,632 411 Outside New York City 1959 Nov 4 79,737 78,745 48,374 19,397 935 206 505 124 809 245 992 2,423 1,346 11,627 11,724 967 11 79,333 78,618 48,418 19,455 940 175 506 117 808 271 715 2,392 1,344 11,648 11 728 966 18 79,384 78,651 48,479 19,566 934 107 503 117 805 272 733 2,405 1,347 11,660 11,729 966 25 79,115 78,436 48,463 19,547 916 104 507 123 807 271 679 2,428 1,343 11,663 11,721 967 Dec 2 80,064 79,373 48,644 19,575 909 149 514 119 799 268 691 2,515 1,386 11,656 11,722 968 9 80,060 79,227 48,675 19,596 913 90 513 115 807 294 833 2,544 1,363 11,666 11,743 969 16 .. 80,555 79,733 49,419 19,827 915 221 568 114 808 292 822 2,805 1,369 11,690 11,776 966 23 . .. 80,708 79,867 49,581 19,900 913 167 607 117 824 289 841 2,852 1,370 11,700 11,811 969 30 80,631 79,910 49,715 19,835 921 195 621 120 818 309 721 2,935 1,372 11,697 11,863 971 1960 80,001 79,294 49,476 19,766 909 216 570 120 813 286 707 2,936 1,380 11,682 11,821 1.023 13 80 166 79,412 49,347 19,796 893 200 568 120 819 287 754 2,845 1,377 11,692 11 774 074 20 79,270 78,674 49,098 19,681 888 145 570 116 818 290 596 2,748 1,382 11,697 11,786 1,023 27 78,818 78,175 48,873 19,604 887 140 541 121 822 290 643 2,639 1,350 11,687 11,820 ,028 1 Exclusive of loans to domestic commerical banks and deduction of NOTE.—For description of changes in the series, beginning July 1, 1959, valuation reserves; individual loan items are shown gross. ee BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 179 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday rotal Bills e o d c C d t f a e i n e f t b i i e e r n - t - s s - - s W i i N n th o - t m es 5 a a t 1 y u n e r d t a i o n r b s g o : n A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t l e k e h - s s s - b a w e B f n a i o n c a g i r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n e v t R - k h e . s s a o s t s h e e t r s a c l c i a a c a t p i n b o e i d i u s t l a n i- l ts 1 year Total— Leading Cities 1959 Nov. 4. 28,056 1,894 1,253 1,535 16,782 6,592 9,933 17,376 2,825 86 1,147 13,318 3,126 137,500 11. 27,693 1,612 1,276 1,504 16,696 6,605 9,750 17,113 2,882 94 1,228 12,909 3,152 134,846 18 27, 542 ,582 1,140 1,720 16,498 6,602 9,748 17,579 2,877 102 1,214 13,386 3,078 136,399 25 27,232 1,482 1,109 1,670 16,352 6,619 9,725 17,192 2,672 96 1,202 13,222 3,163 135,908 Dec. 2.. 28, 164 2,489 1,123 1,736 16,177 6,639 9,754 17,291 2,766 95 1,234 13,196 3,245 137,110 9.. 27,995 2,369 1,139 1,764 16,110 6,613 9,807 17,227 2,658 92 1,342 13,135 3,205 135,951 16.. 27, 783 2,300 1,113 1,791 15,969 6,610 9,863 17,967 3,061 93 1,350 13,463 3,158 140,333 23.. 27 496 2,148 1,107 1,837 15,874 6,530 9,831 17,710 3,037 94 1,314 13,265 3,226 139,350 30.. 27 468 2,243 1,084 1,867 15,774 6,500 9,826 17,790 3,039 122 1,389 13,240 3,266 139,859 1960 Jan. 6 27 018 2,037 994 1,882 15,594 6,511 9,740 18,498 2,892 96 1,267 14,243 3,208 138,294 13 27 406 2,691 995 1,832 15,396 6,492 9,821 17,807 2,945 94 1,343 13,425 3,238 137,928 20 26 904 2,425 983 1,759 15,263 6,474 9,702 17,556 2,847 96 1,237 13,376 3,325 135,926 27 26 679 2,267 1,05: 1,708 15,166 6,486 9,674 16,869 2,674 100 1,267 12,828 3,419 133,970 New York City I 1959 Nov. 4 5 386 571 229 173 3,080 1,333 2,23: 3,944 163 3,648 1,132 35,056 11 5 156 395 247 156 3,032 1,326 2,087 3,690 167 3,424 1,149 32,995 18 5 026 389 221 139 2,953 1,324 2,092 3,881 154 3,594 1,133 33,517 25 4 900 386 219 126 2,833 1,336 2,084 3,799 165 3,528 1,198 34,128 Dec. 2 5 083 588 218 156 2,793 1,328 2,106 3,933 173 3,630 1,237 34,215 9 5 088 615 221 153 2,774 1,325 2,16: 4,161 212 3,844 1,201 34,052 16 5 132 705 197 152 2,749 1,329 2,200 4,035 210 3,708 1,156 35,650 23 4 868 531 185 165 2,713 1,274 2,173 3,951 189 3,644 1,247 34,863 30 4 905 596 209 166 2,662 1,272 2,194 4,046 194 3,701 1,256 35,687 1960 Jan. 6 4 790 516 195 174 2,63 1,268 2,150 4,198 193 3, 1,239 34,090 13 4,979 760 203 157 2,596 1,263 2,183 4,290 180 3,990 1,260 34,017 20 4,885 728 222 157 2,534 1,244 2,145 4,177 166 3,899 1,312 33,797 27 4,924 799 227 123 2,530 1,245 2,127 4,008 167 3,741 1,357 33,508 Outside New York City 1959 Nov. 4 22,670 ,323 1,024 1,362 13,702 5,259 7,701 13,432 2,732 984 9,670 1,994 102,444 11 22,537 1,217 1,029 1,348 13,664 5,279 7,663 13,423 2,833 1,061 9,485 2,003 101,851 18 22,516 1,193 919 1,581 13,545 5,278 7,656 13,698 2,800 1,060 9,792 1,945 102,882 25 22,332 1,096 890 1,544 13,519 5,283 7,641 13,393 2,611 1,03^ 9,694 1,965 101,780 Dec. 2 23,081 1,901 905 1,580 13,384 5,311 7,648 13,358 2,682 1,06 9,56( 2,008 102,895 9 22,907 1,754 918 1,611 13,336 5,288 7,645 13,066 2,601 1,130 9,29 2,004 101,899 16 22,651 1,595 916 1,639 13,220 5,281 7,663 13,932 2,994 1,140 9,75! 2,002 104,683 23 22,628 1,617 922 1,672 13,161 5,256 7,658 13,759 2,968 1,125 9,62 1,^79 104,487 30 22,563 1,647 875 1,701 13,112 5,228 7,632 13,744 2,960 1,195 9,53! 2,010 104,172 1960 Jan. 6 22,228 1,521 799 1,708 12,957 5,243 7,590 14,300 2,826 1,074 10,341 1,969 104,204 13 22,427 1,931 792 1,675 12,800 5,229 7,638 13,517 2,866 1,163 9,43: 1,978! 103,911 20 22,019 1,697 761 1,602 12,729 5,230 7,557 13,379 2,778 1,07 9,47' 2,013 102,129 27 21,755 1,468 825 1,585 12,636 5,241 7,547 12,86' 2,620 l,10C 9,08' 2,062| 100,462 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n s - - d d i t i s ! j | | | Do t m I ic n e t s e - rban F e k i o g r n - G U o .S vt . . S p s d s a i i t o u c i o a n v l a b t n d i i e l t - s - - s c C c h o a e f e e i f e t n e f r c r c d i d t s . - k i ' - s, p v r c I s a a i n o d h a r t r d t i n u i n o p p i d a - e n o s l , r s s - - , I b n a t n e k r- p G U s i a o n o a . n s g v v d t S s a - t. l . S p s d s a i t i o u i c o a n v l a b t n d i i e l t - s - - s p v r c s a a i I o d h a r n t r t i n u i d n o p p d a i e n o s - l , r s s - - , B F F a . r o n R m k . s o F t r h o e m rs O li i a t t i h b e i e s l r - C co a a u p c n - it t a s l Total— Leading Cities 1959 Nov. 4 60,615 11,672 1,356 3,422 4,834 2,989 64,560 ,483 144 1,398 28,947 487 1,768 3,177 11,263 11 60,837 11,442 1,378 2,545 4,502 2,472 64,101 ,475 144 1,373 28,782 352 1,723 3,282 11,275 18 60,790 11,401 1,346 3,019 4,667 2,585 64,935 ,425 142 1,300 28,666 583 1,749 3,318 11,263 25 61,260 10,520 1,327 2,754 4,755 2,869 64,987 ,396 144 1,313 28,690 428 2,002 3,475 11,248 Dec. 2 61,017 11,088 1,429 3,838 4,782 2,476 64,626 ,377 146 1,309 28,704 438 2,064 3,551 11,282 9 61,837 11,038 1,495 2,571 4,606 2,353 64,922 ,340 144 1,313 28,736 393 2,226 3,554 11,260 16 63,446 11,550 1,533 158 4,673 3,145 68,193 ,304 143 1,336 28,751 391 1,499 3,431 11,226 23 62,482 11,296 1,535 581 4,664 2,776 66,910 ,333 144 1,406 28,851 291 1,879 3,442 11,242 30 63.204 11.434 1,603 3,139 4,814 2,925 67,641 ,309 144 1,420 28,969 246 1,593 3,320 11,302 1960 Jan. 6 61,967 12,170 1,490 2,414 4,821 2,623 66,113 ,309 142 1,461 28,762 1,148 1,300 3,227 11,314 13 62,435 11.607 1,441 2,841 4.596 2,229 67,367 ,293 140 1,466 28,630 350 1,360 3,300 11,308 20 62,273 11,005 1,436 1,986 4,774 2,423 66,215 ,233 141 1,458 28,537 621 1,382 3,426 11,289 62.122 10.221 1,377 2,088 4,599 2,104 65,512 ,222 147 1,510 28,486 241 1,676 3,473 11,314 27 New York City 1959 15,058 3,159 ,031 1,057 465 ,822 17,258 1,155 25 111 3,287 107 927 1,312 3,340 Nov. 4 15,156 2,862 ,055 731 314 ,157 16,831 1,151 24 104 3,239 29 787 1,370 3,341 11 15,053 3,038 ,033 773 298 ,248 17,049 1,099 24 76 3,245 68 859 1,371 336 18 15,275 2,864 ,028 698 304 ,651 17,364 1,065 24 76 3,276 6 970 1,486 316 25 Dec. 2 15,277 2.934 ,123 1,191 313 ,159 17,207 1,047 24 78 3,296 68 892 1,566 317 9 15,576 2,900 ,192 811 321 ,198 17,332 1,005 24 73 3,303 3 1,030 1,550 310 16 16,258 3,045 ,226 916 295 ,753 18,581 970 24 73 3,308 673 1,477 309 23 15,591 3,022 ,227 1,093 277 ,378 17,763 992 24 71 3,326 814 1,558 318 30 15.862 3.188 ,287 961 289 ,476 18,486 974 24 71 3,319 729 1,555 3,328 1960 Jan. 6 15,447 3.220 ,177 711 306 ,296 17,501 975 69 3,255 686 1,532 3,338 13 15,561 3,027 ,134 850 253 ,109 17,706 962 70 3,254 717 1,572 3,339 20 15,527 3.100 ,128 541 371 ,299 17,529 906 62 3,223 40 658 1,575 3,341 27 15,806 2.908 .062 540 282 ,100 17.796 60 3,223 639 1,632 3,343 Outside New York City 1959 Nov. 4 45.557 8,513 325 2,365 4,369 ,167 47,302 328 119 ,287 25,660 380 841 1,865 7,923 11 45,681 8,580 323 1,814 4,188 ,315 47,270 324 120 ,269 25,543 323 936 1,912 7,934 18 45,737 8,363 313 2,246 4,369 ,337 47,886 326 118 ,224 25,421 515 890 1,947 7,927 25 45,985 7,656 299 2,056 4,451 ,218 47,623 331 120 ,237 25,414 422 1,032 1,989 7,932 Dec. 2 45.740 8,154 306 2,647 4,469 ,317 47,419 330 122 ,231 25,408 370 1,172 1,985 7,965 9 46,261 8,138 303 1,760 4,285 ,155 47,590 335 120 ,240 25,433 390 1,196 2,004 7,950 16. ... 47,188 8,505 307 2,242 4,378 ,392 49,612 334 119 ,263 25,443 391 826 1,954 7,917 23 46.891 8,274 308 2,488 4,387 ,398 49,147 341 120 ,335 25,525 291 1,065 1,884 7,924 30.... 47.342 8,246 316 2,178 4,525 ,449 49,155 335 120 ,349 25,650 246 864 1,765 7,974 1960 Jan. 6 46,520 8.950 313 1,703 4,515 ,327 48,612 334 118 ,392 25,507 1,148 614 1,695 7,976 13 46,874 8,580 307 1,991 4,343 ,120 49,661 331 116 ,396 25,376 350 643 1,728 7,969 20 46,746 7.905 308 1,445 4,403 ,124 48,686 327 117 ,396 25,314 581 724 1,851 7,948 27 46,316 7.313 315 1,548 4,317 ,004 47,716 324 122 ,450 25,263 241 1,037 1,841 7,971 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of changes in the series, beginning July 1, 1959, items reported as in process of collection. see BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS LOANS OF BANKS 181 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY! [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'l Period2 l F iq a o n u o o d d r , , a T p e a p x n a t d i r l e e l s , , M m p a r e e n o t t d a d a l - l s ch P l c e e e m o u t a r m i l o c , , a - l, Other ! ( T w r s e a r h a t n a a o l d d e i l l e e ) - m d C e o o a m d le i - t r y s u P p t ( t t r o i u i i a n l o r b i n c n t t l i l a s i ) e . - c - s s C t t i r o o u n n - c- bu o t s y A t i h p n l e e e l s r s s ch cl a N f a i n s e e g s t d i e - s ch r w e a i a e n p n a n e d o l g k l d r ' e l l t y — tobacco leather ucts 3 and ing rubber banks 1958—Jan.-June* -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec.4 522 -232 -454 -14 -121 162 410 234 50 362 920 723 1959_jan.-July 1 -519 218 864 -162 188 284 -364 -141 106 145 620 762 July 8-Dec 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,983 1959_Nov 63 -71 53 61 -33 173 181 15 -16 40 464 385 Dec..... 223 -9 97 69 6 -307 162 162 27 102 532 564 -137 84 -20 -103 -113 -24 -40 -72 -405 -603 1960—Jan... Week ending: 17 -16 12 -4 -12 79 65 48 -9 11 192 171 1959_Nov. 4.. -15 12 11 42 53 -35 -4 11 68 40 11.... ... 74 -17 18 31 -5 42 34 -6 11 17 199 185 18 -14 -32 10 23 -16 10 30 7 -14 1 5 -11 25 Dec. 2 75 -19 -42 12 37 43 1 9 119 114 9 -19 -5 30 4 3 A 20 -2 27 27 19 16. 171 27 86 -9 4 -12 73 -14 20 29 374 389 23 -17 -9 35 28 6 -115 30 57 11 37 63 67 30.. 12 -3 -13 34 -6 -153 26 56 -3 — 51 -25 I960—Jan. 6.. -62 -11 -36 -39 -16 -1 -15 — 3 -30 6 -206 -294 13 13 31 36 10 -22 -32 7 -16 -48 -32 -40 20 -32 24 3 -6 -56 -27 -19 6 -6 -103 -155 27 -33 65 4 -25 -38 -10 -23 -64 -114 1 Data for a sample of about 210 banks reporting changes in their NOTE.—Beginning with the week ended July 8, 1959, changes in comlarger loans; these banks hold about 95 per cent of total commercial mercial and industrial loans exclude loans to sales finance companies and industrial loans of all weekly reporting member banks and about and certain other nonbank financial concerns (for description of revisions, 75 per cent of those of all commercial banks. see BULLETIN for August 1959, p. 885.) Figures for earlier periods in the 2 Figures for periods other than weekly are based on weekly changes. last two columns have been adjusted only to exclude loans to sales finance 3 Includes machinery and transportation equipment. companies. Thus, these data are not strictly comparable with current 4 January-June includes 25 weeks; July-December, 27 weeks. figures. BANK RATES ON SHORT-TERM BUSINESS LOANS» [Per cent per annum] Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.): 2 19 large cities: New York City: 1958—Dec 4.29 5.38 4.94 4.52 4.18 1951. 3.1 4.7 4.0 3.4 2.9 1959—Mar 4.29 5.30 4.93 4.56 4 18 1952 3.5 4.9 4.2 3.7 3.3 June 4.71 5.55 5.24 4.97 4.61 1953 3.7 5.0 4.4 3.9 3.5 Sept 5.15 5.79 5.60 5.36 5 07 1954 3.6 5.0 4.3 3.9 3.4 Sept 3 . . 5.14 5.79 5.61 5.36 5.06 Dec. 3 5.19 5.82 5.61 5.41 5.12 1955.. 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 7 Northern and Eastern 1957 4.6 5.5 5.1 4.8 4.5 cities: 1958 4.3 5.5 5.0 4.6 4.1 1958— Dec ... . 4.50 5.53 5.05 4.66 4.36 1959 5.0 5.8 5.5 5.2 4.9 1959 Mar 4.49 5.54 5.06 4.71 4 35 June 4.90 5.67 5 33 5 06 4 78 Quarterly:2 Sept 5.27 5.88 5 69 5.42 5.17 19 large cities. Sept 3 5.28 5.89 5.70 5.42 5.17 Dec. 3 5.39 5.95 5.77 5.50 5 30 1958—Dec.... 4.50 5.49 5.06 4.68 4.33 1959 Mar 4.51 5.53 5.09 4.74 4.32 11 Southern and June . .. ... 4.87 5.68 5.33 5.06 4.72 Western cities: Sept 5.27 5.91 5.65 5.43 5.15 1958—Dec 4.79 5.53 5.12 4.79 4.59 Sept.:-1 5.27 5.92 5.66 5.44 5.15 1959_Mar 4.84 5.62 5.20 4.87 4.60 Dec. * 5.36 5.99 5.74 5.54 5.24 June 5.07 5.74 5.37 5.13 4.87 Sept 5.44 5.97 5.65 5.50 5.29 Sept 3 5.46 5.99 5.68 5.51 5.30 Dec. 3 5.56 6.08 5.81 5.64 5.38 2 1 B Fo as r e d d e o sc n r i f p ig ti u o r n e s s e fo e r B f U ir L s L t E 1 T 5 IN d a fo y r s M of a m rc o h n t 1 h 9 . 49, pp. 228-37. the N re O a T ft E e . r — o B c a c n u k r re p d ri m on e t r h a e te f o w l a lo s w 2 i l n /4 g p d e a r te c s e n ( t n e J w an . l e 1 ve -J ls a n sh . o 7 w , 1 n 9 , 5 in 1 . p C er h c an en g t e ) s : 3 Coverage of Survey revised in accordance with changes in the loan 1951—Jan. 8, 2^; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3V4; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17,3; 1955—Aug. 4, 3yA\ Oct. 14, 3V2; 1956—Apr. 13, 3% ; Aug. 21, financial institutions. 4; 1957—Aua. 6, 4V? ; 1958—Jan. 22, 4; Apr. 21. 3V£; Sept. 11, 4; and l959_May 18, 4V£; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 INTEREST RATES MONEY MARKET RATES [Per cent per annum] Lr. S. Government Securities (taxable)4 Prime Finance com- company Prime Year, month, or week m 4 m p - o a e n t p r o c t e h i r 6 a s , l - l m d 3 p p i - o r l a a e t n p o c c t e e t h l 6 r d y s - 2 , 9 b a 0 a a c n n c d c k e a e e p y s r t s , s - ' 3 o i n R s s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et o i n R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l d k 1 s ) e 2 t -mont O h t h is e s r u s es 3 is - y s u t e o a e r s 5 * - 1957 average 3.81 3.55 3.45 3.267 3.23 3.53 3 62 1958 average 2.46 2.12 2.04 1.839 1.78 2 09 2 90 1959 average .. 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1959 Jan 3.30 3.05 2.75 2.837 2.82 3.097 3.09 3.26 3.86 Feb 3.26 3.00 2.75 2.712 2.70 3.166 3.12 3 38 3 85 Mar 3.35 3 22 2 88 2 852 2 80 3 159 3 13 3 56 3 88 Apr 3.42 3.36 2.98 2.960 2.95 3.277 3.27 3.66 4.03 May 3.56 3.44 3.17 2.851 2.84 3.368 3.32 3 92 4 16 June 3.83 3 66 3 31 3 247 3.21 3 531 3 52 3 97 4 33 JUly 3.98 3.81 3.45 3.243 3.20 3.885 3.82 4 30 4 40 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4 65 4 69 Nov 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 I960—Jan 4.91 5.02 4.78 4.436 4.35 4.840 4.74 4.95 4.93 4.87 Week ending: 1960 Jan 9 2 44..8888 44 .9838 44 .6540 44. 650126 44..5490 45 .099492 45 .0971 55. 1052 55. 1010 44. 9979 16 5.00 5.13 4.88 4.590 4.53 4.989 4.81 4.96 5.00 4.91 23 4.98 5.13 4.85 4.436 4.27 4.665 4.60 4 92 4 87 4 81 30 4.80 4.90 4.78 4.116 4.01 4.608 4.49 4.76 4.75 4.80 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS * [Per cent per annum] Government bonds Corporate bonds- Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - Total4 term)2 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 - 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1957 averase . 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 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 5.14 1959 averase ... 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4 69 3 23 1959 Jan 3.90 3.60 3.19 4.11 4.41 4.12 4.87 4.28 4.53 4.43 4.54 3.24 Feb 3.92 3.57 3.16 4.08 4.43 4.14 4.89 4.31 4.51 4.46 4.52 3 32 Mar 3.92 3.44 3.06 3.93 4.40 4.13 4.85 4.28 4.51 4.43 4.48 3.25 5.47 Apr 4 01 3.53 3.12 4.02 4.47 4.23 4.86 4.35 4.56 4.49 4 51 3 26 May 4 08 3.70 3.29 4.20 4.60 4.37 4.96 4.46 4.67 4.67 4.68 3 21 June 4.09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4.77 4.79 3 23 5 70 July 4.11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 3.11 Aug 4 10 3.84 3.44 4.36 4.71 4.43 5.09 4.56 4 80 4.77 4 70 3 14 Sept . . 4.26 3.95 3.60 4.42 4.82 4.52 5.18 4.68 4.88 4.89 4 80 3 26 5 89 Oct ... 4.11 3.90 3.57 4.38 4.87 4.57 5.28 4.70 4.96 4.95 4.81 3.26 Nov 4.12 3.81 3.44 4.30 4.85 4.56 5.26 4.69 4.99 4.86 4.81 3.24 Dec 4.27 3.84 3.43 4.37 4.87 4.58 5.28 4.70 5.05 4.86 4.85 3.18 I960—Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5.08 4.92 4.87 3.27 Week ending: I960—Jan. 2 4.37 3.90 3.49 4.43 4.90 4.61 5.32 4.72 5.09 4.89 4.90 3.16 9 4.42 3.95 3.53 4.46 4.90 4.61 5.32 4.73 5.09 4.90 4 87 3 15 16 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5.08 4.92 4.88 3.26 23 4 35 3 90 3.47 4.41 4.92 4.61 5.35 4 74 5 08 4 93 4 85 3 31 30 4.36 3.90 3.47 4.41 4.92 4.61 5.36 4.74 5.09 4.93 4.88 3.34 1 Monthly and weekly yields are averages of daily figures for U. S. * Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend /price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures.E arnings /price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios beginning with July 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 500 stocks in the price index; prior to mid-1957, on the: eral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS 183 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- Year, month, Cor- ing4 or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thou- (long- (high- (high- In- Pub- Trans- Pub- fi- sands term)2 grade) 3 grade) 3 Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares) ity Total rable du- ity servrable ice Number of issues 15 17 500 425 25 50 265 170 98 72 21 29 31 14 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 1958 average 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1959 average 85.49 100.7 95.0 57.40 61.45 35.09 44.15 420 522 495 536 347 216 418 322 3,242 1959—Jan 87.54 101.8 98.1 55.82 59.30 35.53 43.96 410 508 474 529 350 213 394 348 3,964 Feb 87.38 102.2 98.0 54.77 58.33 35.20 43.71 404 496 466 514 350 215 400 345 3 463 Mar 87.37 103.4 98.2 56.15 59.79 35.47 45.06 414 508 475 530 353 221 405 348 3,926 Apr 86.21 102.2 97.0 57.10 60.92 35.94 45.12 419 514 481 536 360 226 405 340 3,449 May 85.31 100.4 95.0 57.96 62.09 36.07 44.30 425 527 495 547 358 221 409 334 3 379 June 85.16 99.4 94.0 57.46 61.75 36.02 42.58 419 521 496 534 357 213 418 326 2,925 July 85.00 99.4 93.8 59.74 64.23 36.86 44.21 434 543 522 551 364 218 429 321 3 222 Aug 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Sept . . . 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2 739 Oct 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 1960—Jan 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 318 499 526 323 219 434 292 3,197 Week ending: Jan 2 81.83 98.4 92.1 59.49 64.05 33.61 44.54 435 545 524 554 330 218 447 303 3,336 9 81.33 97.4 92.0 59.92 64.50 34.41 44.76 432 539 522 544 329 220 446 300 3,605 16 81.91 98.0 92.0 58.41 62.69 33.81 44.57 424 524 505 531 328 321 441 295 3 536 23 82.07 98.8 92.0 57.36 61.49 33.48 44.34 417 515 496 522 321 220 434 287 2,844 30 81.95 98.9 91.9 56.42 60.37 33.00 44.31 403 496 474 506 314 216 415 285 2,801 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 5^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total— Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of monthl other than firms2 chasing and carrying securities 3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1955—Dec 4,030 34 2,791 32 ,239 51 2,246 894 1956 Dec 3,984 33 2 823 41 161 46 2 132 880 1957 Dec 3,576 68 2,482 60 ,094 125 1,706 896 1958 Dec . . 4,537 146 3,285 63 ,252 234 2,071 1,159 1959 Jan 4,597 155 3 297 62 I 300 230 1 990 1 226 Feb 4,569 157 3,253 65 ,316 223 1,963 ,196 Mar 4,636 153 3,305 55 ,331 218 1 977 257 Apr 4,764 166 3,401 55 ,363 252 2,156 ,205 M^ay . . .. 4 758 163 3 385 58 373 252 2 159 188 June 4,734 158 3,388 58 346 237 2 246 094 July 4,648 153 3,374 164 ,274 228 2,205 ,079 Aug 4,528 154 3,269 166 ,259 217 2,199 ,035 Sept 4,443 156 3,250 162 193 231 2 149 039 Oct 4,401 168 3,210 158 ,191 227 2,178 967 Nov 4,460 165 3,273 158 187 236 2,256 974 Dec 4,454 150 3,280 164 ,174 221 2,362 996 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. 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184 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: E o n r d m of o n y t e h ar Placed Acceptingbanks B F. an R k . s Im- Ex- G sh o i o p d p s e c sto b r e e t d w i e n e n or Placed direct- i otai ports ports Dollar points in: Total through ly Others into from exdealers * (finance To- Own Bills For- United United change paper) 2 tal bills bought Own eign States States United Foreign corr. States countries 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 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—Jan 3,076 875 2,201 1,133 276 226 51 40 60 756 251 346 118 168 250 Feb 3,322 897 2,425 1,161 309 232 77 39 62 751 275 339 112 183 252 Mar 3,267 883 2,384 1,054 271 227 44 30 60 692 278 329 111 82 253 Apr 3,334 822 2,512 1,029 269 208 60 30 56 673 292 348 78 48 263 May 3,555 791 2,764 1,038 242 193 49 28 79 689 286 350 103 43 256 June 3,401 729 2,672 983 213 175 38 26 76 668 256 327 111 33 256 July 3,552 759 2,793 957 198 160 38 25 74 661 259 334 85 26 253 Aug 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 Sept 3,334 763 2,571 954 205 158 47 20 67 662 316 301 45 46 246 Oct 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 Nov 3,664 784 2,880 1.029 232 187 44 34 71 693 355 283 46 119 226 Dec 3,118 627 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 * As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total, 2,731; placed directly, 1,891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s M co o m rt m ga it j ments2 govt. other i accts. Number Amount 1941 4,787 89 3,592 1,186 829 689 11 772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1951 9,747 129 9,827 140 2 490 883 288 23 504 20,900 154 2 450 n a n.a. 1952 11,231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20 971 253 7 583 685 4 344 889 490 35 215 31 683 427 3 105 n.a n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1958 Nov . . 22,876 280 7,298 734 4,951 825 555 37,519 33,617 634 3,268 94,736 1,684 Dec 23,038 320 7,270 729 4 971 921 535 37 784 34 031 526 3 227 89 912 1,664 1959 Jan 3 . .. 23,107 212 7,324 728 4,931 803 533 37,639 33,861 570 3,208 89,819 1,628 Feb 23,232 239 7,364 724 4 937 821 538 37 855 33 974 641 3 240 85 696 1,596 Mar 23,407 256 7,426 763 4,908 866 559 38,185 34,287 629 3,269 82,783 1,564 Apr . . 23,562 242 7,382 729 4,967 752 541 38,175 34,293 630 3,252 86,488 1,620 May 23,723 278 7,395 739 4,947 760 550 38,392 34,413 699 3,280 85,913 1,581 June 23,879 318 7,301 747 4 965 803 547 38 560 34 624 643 3,293 91 397 1,572 July 24,058 304 7,288 751 4,918 724 549 38,592 34,570 710 3,312 86,894 1,503 Aus 24,214 339 7,276 750 4,931 727 547 38,784 34,650 798 3,336 79,862 1,460 Sept 24,374 356 7,244 758 4 929 725 561 38,947 34 847 730 3 370 77 316 1 439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 1,245 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN; the latter are for call dates and are based on reports filed 2 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SAVINGS INSTITUTIONS 185 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets U S n ta i t t e e s d St ( a l U o te c .S a a . l n ) d Foreign 2 Total Bonds Stocks gages estate loans assets 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 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1952 73,375 12,905 10,252 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 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month: 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—Dec 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Nov.. 106,667 11,344 7,324 2,679 1,341 46,099 42,874 3,225 36,801 3,429 4,164 4,830 Dec 107,580 11,242 7,182 2,691 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Jan.. 108,145 11,620 7,485 2,744 1,391 46,602 43,237 3,365 37,211 3,393 4,225 5,094 Feb.. 108,583 11,596 7,414 2,774 1,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar.. 108,945 11,479 7,229 2,840 1,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 Apr.. 109,430 11,568 7,251 2,889 1,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 May. 109,928 11,644 7,235 2,968 1,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June. 110,424 11,679 7,246 2,991 1,442 47,800 44,314 3,486 37,894 3,522 4,380 5,149 July. 111,152 11,807 7,259 3,085 1,463 48,024 44,477 3,547 38,108 3,583 4,389 5,241 Aug.. 111,646 11,938 7,354 3,115 1,469 48,096 44,539 3,557 38,282 3,603 4,423 5,304 Sept.. 111,846 11,772 7,169 3,130 1,473 48,224 44,658 3,566 38,493 3,624 4,464 5,269 Oct.. . 112,405 11,770 7,147 3,138 1,485 48,444 44,853 3,591 38,744 3,631 4,511 5,305 Nov.. 112,904 11,668 7,016 3,154 1,498 48.662 45,032 3,630 38,984 3,673 4,555 5,362 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e rt s - 2 o G U b o l . i S v g . t a . - a C s a se sh ts Other 3 a li s a T s b e o i t l t s i a t — i l es 2 S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n c s e s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941 4 578 107 344 775 6,049 4 682 475 256 6 n a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1951 15 564 1 603 1 066 899 19,222 16,107 1,453 894 768 n.a. 1952 18,396 1,787 1,289 1,108 22,660 19,195 1,658 944 863 n.a. 1953 21 962 1,920 1 479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,541 31,633 27,252 2,187 9*50 1,244 n.a. 1955 31 408 2,338 2,063 1,847 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40 007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 . .. 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 ,475 1958—Nov 45,099 3,782 2,250 3.161 54,292 46,904 (6) 1,232 1,164 (6) ,537 Dec 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1.444 1,161 713 ,475 1959—Jan 46,029 4,116 2,287 3,053 55,485 48,410 3,856 1,263 1,124 832 ,513 Feb... ... 46 456 4,213 2,261 3,133 56,063 48,818 3,866 1,207 1,166 1.006 ,628 Mar 47,049 4,289 2,259 3,231 56,828 49,347 3,868 1,202 1,281 ,130 1,753 Apr 47,754 4,394 2,077 3,382 57,607 49,767 3,872 1,299 1,378 ,291 1,920 May..... 48,508 4,417 2,103 3,560 58,588 50,371 3,883 1,362 1,475 ,497 1,975 June..... 49,348 4,413 2,348 3,570 59,679 51,461 4,093 1,675 1,589 861 1,979 Julv 50,131 4,517 1,916 3,462 60,026 51,651 4,099 1,706 1,597 973 1,951 Aug . 50 858 4,534 1 873 3,484 60,749 52,045 4,111 1,824 1,585 ,184 1,862 Sept 51,528 4,527 1,820 3,549 61,424 52,489 4,116 1,972 1,539 ,308 1,779 Oct 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2.108 1,476 ,479 1,626 Nov 52,608 4,500 1,817 3,777 62,702 53,371 4,133 2,165 1,374 .659 .470 n.a. Not available. declined consistently in recent years and amounted to $42 million at the Da 1 t a F i b g e u g re in s n a i r n e g fo w r it a h ll s 1 a 9 v 5 i 1 n gs a r a e n d b a l s o e a d n a o s n s o m cia o t n io th n l s y in r e t p h o e rt U s ni o t f e d in S s t u a r t e e d s. end 3 I o n f c 1 lu 9 d 5 e 7 s . other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings i n t t o o e m 2 1 d 9 P s e 5 r d 1 i w o u i r a c l l r t t e i o o n b n o 1 a s t 9 se 5 a f d 8 o d r d e m n m o t t o i r o r t e g r t l t o a y g g t a a e o g l s n e a a a s p r n s e l e n e t n d u s e g a t l e w d o r h e f i p c s m h h o a r o t r i r s e n t . s g c . l a u g d e B e e p g g l i e r n o d n s g i s e n d g m s o w h r a i t t g r h e a s g . J e a s n A u w s a i s r t e h y t and 4 6 5 C N N fi o o o x n t t t u s a a r is e v t b s a s . a i l l o a a f b n l c F e e H - s s L e h p B e a e r t a a d t i e v te l a y m n . c . es and other borrowing. 1958, no deduction is made for mortgage pledged shares. These have NOTF.—Data for 1959 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b ta ef x o e r s e c ta o x m es e t a a f x te e r s d d e i n v d i- s tr p i r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1951 42.2 22.4 19.7 9.0 10.7 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 44 7 21.2 23.5 12.1 11.4 1955.. . 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.3 21.1 22.2 12.5 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 37.1 18.2 18.9 12.4 6.5 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1958 14,710 5,113 9,597 9,694 3,705 5,989 5,016 1,408 3,608 1957_3 44.0 21.4 22.5 12.8 9.7 4 39.4 19.2 20.2 12.2 8.0 1958—3 3,575 1,367 2,208 2,294 1,028 1,266 1,281 339 942 4 3,519 1,313 2,207 2,148 762 1,386 1,371 550 821 1958—1 32.0 15.7 16.3 12.7 3.6 2 33.6 16.5 17.1 12.6 4.5 1959—1 3,054 1,165 1,890 1,592 688 903 1,462 476 986 3 38.3 18.8 19.5 12.6 6.9 2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 4 44.6 21.9 22.7 12.0 10.7 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 1959—1 46.5 22.6 23.8 12.8 11.0 2 52.6 25.6 27.0 13.0 14.0 1 Reflects cash transactions only. As contrasted with data shown on p. 188, new issues 3 46.4 22.6 23.8 13.4 10.4 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 188. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange 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 c o a 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 v d ab 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 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 1954 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 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.7 242.0 34.7 17.2 2.8 98.3 82.3 6.7 130.2 2.3 81.2 15.7 31.1 1958—3 117.1 237.8 35.2 15.0 2.7 100.5 77.3 7.2 120.7 1.8 76.4 11.4 31.1 4 119.8 243.7 37.1 18.2 2.8 101.0 77.6 7.0 123.8 1.7 77.9 13.3 30.9 1959—1 122.4 247.1 34.3 19.5 2.8 102.6 80.0 7.8 124.7 1.7 78.4 12.8 31.8 2 125.4 254.8 35.6 20.0 2.7 106.4 81.8 8.3 129.3 1 7 81.1 13.7 32.8 3 126.9 258.9 35.3 21.3 2.7 109.2 82.1 8.4 132.0 1.7 82.6 14.6 33.1 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total M fa i c a n t n u g u r- - M in i g n- T R r a a i n l s - portation 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 Other2 Quarter Total fa m a i c n n i t n u 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 r3 road Other ing 1951 25.6 10.9 .9 1.5 L.5 3.7 1.3 5.9 1958—3 7.4 2.9 .5 1.6 2.4 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 4 8.0 3.2 .6 1.7 2.5 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 1954 26 8 11 o 1 o 9 I 5 4 2 1 7 6 5 1959 1 6 9 2 7 6 1 2 2 5 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 2 . 8.3 3.3 .8 f.5 2.8 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 3 8.3 3.3 .8 1.5 2.7 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 9.1 3.8 .8 1.6 2.9 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 19594 32.6 12.1 1.0 .9 2.0 5.7 1C.9 1960—H 7.8 3.3 .7 1.2 2.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 187 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1954 1955 1956 1957 1958 Manufacturing Total (180 corps.): Sales 88,338 006108,307114,834105,251 25,542 25,620 25,367 28,722 29,555 32,452 26,928 Profits before taxes 10,640 803 13,418 13,349 10,524 2,308 2,249 2,436 3,531 3,899 4,643 2,487 Profits after taxes 5,549 564 7,094 7,177 5,737 1,243 1,194 1,287 2,013 2,016 2,499 1,085 Dividends 3,222 847 4,068 4,192 4,078 1,038 1,011 987 1,042 1,033 1,029 1,049 Nondurable goods industries (79 corps.):l Sales 33,653 462 40,053 42,309 41,820 10,012 10,113 10,626 11,069 11,085 11,450 11,435 Profits before taxes 4,214 013 5,146 5,010 4,421 987 947 1,191 1,297 1,376 1,482 1,396 Profits after taxes 2,326 814 2,943 2,944 2,572 574 541 679 778 769 808 750 Dividends 1,426 588 1,683 1,776 1,785 452 440 430 463 459 445 447 Durable goods industries (101 corps.):2 Sales 54,685 544 68,254 72,525 63,430 15,530 15,506 14,741 17,653 18,470 21,001 15,493 Profits before taxes 6,427 790 8,272 8,339 6,102 1,321 1,303 1,245 2,234 2,523 3,161 1,091 Profits after taxes 3,223 750 4,151 4,233 3,165 669 652 608 1,235 1,247 1,692 335 Dividends 1,796 259 2,385 2,416 2,293 586 572 557 578 575 585 601 Selected industries: Foods and kindred products (25 corps.): Sales 8,886 9,236 9,984 10,592 11,085 2,632 2,760 2,828 2,865 2,786 2,947 2,986 Profits before taxes 816 868 955 1,024 1,151 250 283 310 308 287 322 340 Profits after taxes 388 414 460 497 555 119 138 149 149 136 153 163 Dividends 258 260 277 289 312 80 72 72 85 78 79 Chemicals and allied products (21 corps.): Sales 8,294 9,584 10,199 10,669 10,393 2,422 2,533 2,679 2,760 2,770 3,054 2,964 Profits before taxes 1,525 1,866 1,804 1,823 1,541 329 339 398 475 493 595 553 Profits after taxes 725 955 942 948 831 174 179 208 271 254 302 283 Dividends 582 690 698 737 717 182 178 172 185 180 177 179 Petroleum refining (16 corps.): Sales 10,590 11,515 12,454 13,463 12,790 3,194 2,982 3,210 3,404 3,447 3,228 3,302 Profits before taxes 1,128 1,344 1,444 1,325 941 247 146 274 274 360 300 258 Profits after taxes 851 979 1,068 1,075 788 199 136 219 234 263 220 184 Dividends 413 438 481 512 516 130 130 127 129 133 128 128 Primary metals and products (35 corps.): Sales 16,378 20,744 22,365 22,468 19,100 4,382 4,644 4,881 5,193 5,621 7,110 3,644 Profits before taxes 1,935 3,267 3,331 2,977 2,205 391 481 562 771 821 1,183 -84 Profits after taxes 1,015 1,652 1,727 1,540 1,163 205 255 294 409 416 695 -213 Dividends 582 730 880 873 801 203 201 194 203 201 204 206 Machinery (25 corps.): Sales 11,288 12,480 13,908 15,115 14,654 3,485 3,669 3,703 3,796 3,853 4,189 4,129 Profits before taxes 1,191 1,253 1,209 1,457 1,470 304 344 395 426 422 504 502 Profits after taxes 604 637 607 729 741 151 174 204 212 212 254 246 Dividends 345 368 403 416 422 111 102 104 104 113 106 121 Automobiles and equipment (14 corps.): Sales 18,227 24,624 21,217 23,453 18,483 5,003 4,472 3,329 5,679 6,259 6,585 4,625 Profits before taxes 2,276 4,011 2,473 2,701 1,330 396 234 -15 715 1,012 1,117 356 Profits after taxes 1,089 1,841 1,186 1,354 706 202 101 -44 446 491 570 155 Dividends 629 872 791 805 758 198 194 183 183 184 196 195 Public Utility Railroad: Operating revenue 9,371 10,106 10,551 10,491 9,564 2,244 2,299 2,466 2,555 2,390 2,636| 2,365 Profits before taxes 908 1,341 1,268 1,058 844 62 144 272 366 167 310 128 Profits after taxes 682 927 876 737 602 33 102 195 271 100 207! 87 Dividends 379 448 462 438 410 96 79 77 157 120 83! 78 Electric Power: Operating revenue 7,588 8,360 9,049 9,644 10,205 2,704 2,410 2,469 2,623 2,936 2,655 2,699 Profits before taxes 2,049 2,304 2,462 2,557 2,721 768 615 650 688 853 682 713 Profits after taxes 1,134 1,244 1,326 1,413 1,517 421 349 357 390 469 385 392 Dividends 868 942 1,022 1,077 1,134 281 287 276 290 303 302 301 Telephone: Operating revenue 4,902 5,425 5,966 6,467 6,939 1,672 1,715 1,745 1,807 1,825 1,891 1,909 Profits before taxes 1,050 1,282 1,430 1,562 1,860 402 454 494 510 522 551 537 Profits after taxes 525 638 715 788 921 200 226 244 251 258 272 268 Dividends 448 496 552 613 674 164 166 171 173 178 183 190 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Data are obtained primarily t T h e e l e L gr o a n p g h L C i o ne m s p a a n nd y ) G an e d n e f r o al r d tw ep o a r a t f m fil e ia n t t e s d o t f e l A ep m h e o r n ic e a c n o m Te p l a e n p i h e o s n , e w h a i n c d h from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o r o a f t e n e i t s s p u r e o r c s e 6 eds, 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 n 4 l - - S n m a p t i n a c a u d t i l - e - Other 5 Total Total o B P f l f i u o e c r l n b 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 e e w y" l M p c a o u e n u i l r e s s - - - - m e b d t R i t o a e e r c e f e b n n . - - k t t 8 , m s r t i e i o t r e c i e e n f u - s t - 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 27,209 12,577 459 4,401 237 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 6,969 289 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 5,977 182 10,240 7,420 4,119 3,301 635 2,185 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 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1958—Nov.. 1,452 324 459 127 542 420 236 184 12 110 533 518 460 58 15 Dec.. 370 448 80 1,000 746 266 480 51 204 983 920 820 100 63 1959—Jan... 5,780 3,971 199 639 85 885 724 405 319 36 126 869 840 794 46 29 Feb.. 2,132 420 881 62 770 481 187 294 55 234 754 745 600 145 9 Mar.. 1,921 443 637 11 656 457 195 262 47 151 640 631 539 92 9 Apr.. 4,511 2,583 940 60 928 619 310 309 92 217 908 899 832 66 9 May. 1,787 338 569 51 829 624 380 244 38 167 809 791 764 27 17 June. 2,275 323 995 47 910 614 270 343 43 254 890 874 814 60 15 July.. 1,452 350 457 93 552 433 173 260 26 93 538 531 480 51 7 Aug.. 1,688 309 98 523 5 753 623 414 209 13 117 737 718 6771 42 19 Sept.. 1,749 300 150 520 44 736 592 219 372 24 120 721 709 665 44 12 Oct.. . 4,054 2,574 587 34 860 578 330 249 52 230 836 826 734 91 10 Nov.. 1.636 332 458 42 805 597 396 201 39 168 785 778 714 64 Proposed use of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or 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 i secu- capital10! secu- capital * secu- capital i o secu- capital i o secu- capital i o securities rities rities rities rities rities 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 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1958—Nov. 120 9 74 25 126 2 89 84 4 Dec. 226 11 53 151 263 14 103 124 34 1959—Jan.. 148 17 61 80 295 34 221 Feb.. 123 5 105 154 188 62 113 Mar. 92 6 46 51 331 9 102 Apr., 277 7 78 75 314 16 139 May. 248 10 56 38 338 6 105 June, 221 6 127 96 313 22 95 July. 146 3 59 34 170 8 114 Aug. 126 15 45 97 192 36 223 Sept. 205 6 42 142 109 56 156 Oct.. 111 5 81 38 338 126 131 Nov. 123 3 55 20 162 258 158 1 Estimates of new issues maturing in more than one year sold for cash 6 Estimated net proceeds are equal to estimated gross proceeds less cost in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. * Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debt are included under the uses for which the bank 5 Represents foreign governments, International Bank of Reconstruc- debt was incurred. tion and Development, and domestic eleemosynary and other nonprofit • Less than $500,000. organizations. Jo Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY ISSUES; FEDERAL FINANCE 189 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 Use of proceeds 2 Total Period Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A H P u i u i t o t n y b h u g l o 3 s ic r - - l F G o e a o a d n v l e s t r . 4 - State S d a s p i u t t a s o a e t n t h r t c r d u y i i o a c - r t l - Others a d e m r e o e li d u v * n - t Total c E a d ti u o - n R br a o i n d a d d ge s s W s o u e a t t a w t i h n i e t l e e d e s i r r - r , , h R d i t o n e i e u a n g s l - s i 7 - - V a a e n t i s d e ' r- O p p o t u h s r e e - s r ity 1951 .. 3,278 2,220 710 328 n.a. 668 722 1,889 n.a. 3,188 582 580 640 t*1 42 983 1952 4,410 2,633 1,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1,024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 J.205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 8 7,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1958—Nov 476 297 125 47 7 29 140 307 434 474 162 15 131 47 120 Dec 439 387 39 12 191 27 221 556 435 253 47 44 3 89 I959_jan 649 300 323 20 6 53 306 291 354 636 158 26 339 23 20 71 Feb 880 490 264 103 23 142 255 483 562 856 161 91 123 124 357 Mar 646 446 185 1 14 185 139 321 905 645 196 49 141 12 50 197 Apr 940 494 431 15 186 397 357 617 931 263 166 334 10 33 124 May.... 595 368 93 105 29 50 147 398 902 592 190 25 188 121 68 June.... 986 523 423 40 271 355 361 611 981 217 130 313 29 ' " 100 192 July.... 567 224 192 150 150 62 355 963 566 155 159 50 145 58 Aug 517 391 119 (9) 6 177 83 257 530 516 153 59 86 4 120 94 Sept 515 397 112 5 133 93 289 401 468 168 43 82 1 32 141 Oct 590 354 128 102 7 30 125 435 502 590 165 28 135 102 160 Nov.. . . 500 358 70 73 106 58 336 601 497 145 37 103 126 87 n.a. Not available. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by a contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. • Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. i Feb. 4, 1960.. ,400 July 7, 1960 400 Apr. 1,1962 iy2 551 June 15, 1964-69...2^ \ 3,740 Feb. 11, I960.. 1,600 July 14, 1960 400 Aug. 15,1962 4 317 Dec. 15, 1964-69... 2% 3,814 Feb. 18, I960.. ,601 July 15, 1960 2,001 Oct. 1,1962 U/i 590 Feb. 15, 1965 2% 6,896 Feb. 25, I960.. ,600 July 21, 1960 400 Nov. 15, 1962 3% 1,143 Mar. 15, 1965-70... 2V4 4,694 Mar. 3, 1960.. ,501 July 28, 1960 400 Feb. 15, 1963 2% 3,971 Aug. 15, 1966 3 1,484 Mar. 10, I960.. ,601 Oct. 17, 1960 2,007 Apr. 1,1963 1V4 533 Mar. 15, 1966-71... 2^ 2,942 Mar. 17, I960.. ,600 Jan. 15, 1961 1,504 May 15, 1963 4 1,743 June 15, 1967-72... 2 V2 1.820 Mar. 22, 1960*. i^,004 Oct. 1,1963 1% 506 Sept. 15, 1967-72...2V4 2,716 Mar. 24, I960.. ,602 Certificates Nov. 15, 1963 4% 3,011 Dec. 15, 1967-72... 2V2 3,664 Mar. 31, I960.. ,501 Feb. 15, 1960 3% 11,363 Apr. 1,1964 1% 457 Oct. 1, 1969 4 1,276 Apr. 7, 1960.. ,605 May 15, 1960 4 1,269 May 15,1964 4% 4,930 Nov. 15, 1974 3% 654 Apr. 14, 1960.. ,602 Nov. 15, 1960 4% 7,037 Aug. 15, 1964 5 2,316 Feb. 15, 1980 4 884 Apr. 15, I960.. \2.003 Oct. 1,1964 11/2 216 June 15, 1978-83... 3 V* 1,602 Apr. 21, I960.. ,401 Treasury notes May 15, 1985 3*4 I 1,135 Apr. 28, 1960.. ,400 Apr. 1,1960 IVi 198 Treasury bonds Feb. 15, 1990 3% ! 1.727 May 5,1960.. 400 May 15,1960 314 2,738 June 15, 1959-62... 214 5,265 Feb. 15, 1995 3 j 2,736 May 12, I960.. 400 May 15,1960 3fc 2,406 Dec. 15, 1959-62... 2VA 3,454 May 19, I960.. 403 Aug. 15, 1960 AVA 9,561 Nov. 15, 1960 iy% 3,806 Panama Canal Loan 3 ] 50 May 26, I960.. 400 Oct. 1,1960 IV2 278 Dec. 15, 1960-65 3.. 2% 1,485 J J J u u u n n n e e e 16 2 9 , , , 1 1 I 9 9 9 6 6 6 0 0 0 . . . . . . 4 5 5 0 0 0 0 1 0 A A M p u a r g y . . 1 1 5 1 , , , 1 1 1 9 9 9 6 6 6 1 1 1 ,, ,l 3 i/ y £ 4 8 4 2 , , 0 1 1 7 3 4 8 6 4 J N S u e o n p v e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 1 1 2 -67... 2 2 2 V V *4 4 2 1 2 2 1 , , , 1 2 1 1 3 7 0 9 7 Co A I n n p v v e r e r . s t t i m b 1 l e e , n b 1 t o 9 S n 7 e d 5 r s - ie 8 s 0 . B .. 2% I i 7,030 June 22, 1960*. 4,018 Oct. 1,1961 \Vi 332 Aug. 15, 1963 2V2 6,755 June 23, I960.. 500 Feb. 15,1962 3% 647 Dec. 15, 1963-68... 2^ 2,817 June 30, I960.. 500 Feb. 15, 1962 4 1,435 Feb. 15, 1964 3 3,854 * Tax anticipation series 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 182. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s 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 el a ig n i k - Bond B s r a e n - k b v C i o 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 i T a n n a g d x s S i p ss e u c e ia s l ble 4 stricted notes 1941_Dec 64.3 57. 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec 278.7 278. 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 20.0 1947_Dec 257.0 256. 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 29.0 1951—Dec 259.5 259. 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 35.9 1952—Dec 267.4 267. 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 57.9 39.2 1953— Dec 275.2 275. 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 41.2 1954_Dec 278.8 278. 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 42.6 1955—Dec 280.8 280. 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276. 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274, 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282, 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Jan 285.9 285.8 239.9 179.8 30.3 36.4 28.9 84.2 8.2 51.0 43.9 Feb 285.2 285.1 239.4 179.3 31.8 38.0 25.3 84.2 8.1 51.0 43.9 Mar 282.2 282.0 236.1 176.3 32.2 34.4 25.4 84.2 8.0 51.0 43.9 Apr 285.5 285.4 240.2 180.7 34.2 34.4 27.2 84.9 7.8 50.8 43.3 May 286.4 286.3 240.3 181.0 35.0 33.8 27.3 84.9 7.7 50.7 44.2 June 284.8 2.84.7 237.1 178.0 32.0 33.8 27.3 84.9 7.7 50.5 44.8 July 288.8 288.7 241.8 183.1 37.0 33.8 27.3 84.8 7.6 50.2 44.1 Aug 290.5 290.4 242.9 184.5 38.6 20.3 40.7 84.8 7.6 50.0 44.7 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 49.7 44.4 Oct 291.4 291.3 244.9 187.4 39.1 20.3 43.1 84.8 7.3 49.4 43.6 Nov 290.7 290.6 244.2 187.0 39.1 19.7 43.3 84.8 7.2 49.3 43.6 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.2 43.5 I960—Jan 291.2 291.1 245.5 189*. 9 41.2 19.7 44.2 84.8 7.0 48.6 47.9 42.6 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $410 million on Jan. 31, 1960) 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 $10,168 million on Dec. 31, 1959. 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. E m n o d n t o h f in ( s a i g n e d n t i c c e t e g e u l b s u u e r ) t d i a d - r - - S is p a s t e r u g c u e e i s a n s t l c i f e u s n P i a s d u s n s b u d 1 l e i s c Total R F 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 c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I 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 o n r - s g S l a o o t n c v a d a t t e ' l s S b a o v n i I n d n g s d s ivid se u O c a u l t s h ri e ti r es i M t n o v r is e 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 16.0 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 15.9 21.5 12.7 49.4 15.4 13.2 1954_Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 222.7 24.9 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957—Dec 275.0 45.8 9.4 219.8 24.2 59.5 7.6 12.5 17.2 17.0 48.2 16.9 16.5 1958—June 276.4 46.2 9.7 220.5 25.4 65.3 7.4 12.2 13.9 16.9 48.0 16.1 15.2 1958—Nov 283.2 45.1 9.7 228.4 26.2 68.0 7.3 12.7 18.0 16.7 47.8 15.6 16.0 Dec 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.7 18.2 16.7 47.7 15.8 16.5 1959—Jan 285.9 43.9 9.6 232.4 25.7 68.2 7.3 13.0 19.8 17.0 47.7 16.9 16.7 Feb 285.2 43.9 9.8 231.6 25.3 66.3 7.4 12.8 20.2 16.9 47.6 17.7 17.3 Mar 282.2 43.9 9.8 228.4 25.5 63.2 7.4 12.6 19.5 16.8 47.5 18.7 17.2 Apr 285.5 43.3 9.8 232.4 25.7 64.7 7.4 12.6 20.9 16.9 47.3 19.2 17.8 May 286.4 44.2 10.0 232.2 25.9 63.2 7.4 12.6 21.4 16.8 47.2 19.5 18.2 June 284.8 44.8 9.9 230.2 26.0 61.3 7.3 12.5 20.0 15.7 47.0 19.7 19.4 July 288.8 44.1 10.0 234.7 26.5 61.8 7.3 12.6 21.8 17.0 46.9 20.4 20.4 Aug 290.5 44.7 9.9 235.9 26.7 60.8 7.3 12.7 22.8 17.2 46.7 21.0 20.6 Sept 288.4 44.4 9.8 234.2 26.6 60.0 7.3 12.6 21.3 17.3 46.5 21.8 21.0 Oct 291 A 43.6 10.0 237.8 26.6 60.4 7.0 12.6 22.9 17.4 46.3 22.8 21.7 Nov 290.7 43.6 10.2 236.9 26.9 59.0 6.9 12.5 23.2 17.4 46.2 22.9 21.9 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 $293 million on Dec. 31, 1958, and to about NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. $108 million on Nov. 30, 1959. Starting with September 1959, banks in agencies and trust funds; Treasury Department estimates for other groups. Alaska and Hawaii are being gradually redassified as continental U. S. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 191 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a b n rk l d e e s t 2 - v b C e o r o t n i n b d - l s e Total W 1 i y th ea in r 1-5 5-10 Over 10 All holders: 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 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 1958—June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 Dec. 31 183,896 29,748 36,364 26,072 83,402 8,309 175,586 72,616 52,318 18,652 31,999 1959—June 30 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 Oct. 31 194,715 39,130 20,343 43,141 84,820 7,282 187,433 75,836 63,379 19,811 28,407 Nov. 30 194,166 39,134 19,669 43,341 84,813 7,210 186,957 77,947 60,798 19,811 28,401 U. S Govt. agencies and trust funds: 1955—June 30 7,162 40 119 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 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 Dec. 31 9,379 78 492 1,338 4,711 2,759 6,620 721 1,696 1,179 3,025 1959—June 30 9,681 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Oct. 31 9,777 149 345 1,638 5,026 2,619 7,158 897 1,850 1,623 2,787 Nov. 30 9,999 310 373 1,687 5,027 2,602 7,397 1,112 1,873 1,625 2,787 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 ',358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 ,358 Dec. 31 26,347 2,284 18,704 2,875 2,484 26,347 20,995 3,881 206 ,264 1959_june 30 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 ,060 Oct. 31 26,631 2,601 10,521 11,026 2,484 26,631 18,637 6,524 410 ,060 Nov. 30 26,922 2,894 10,509 11,011 2,508 26,922 18,928 6,524 410 1,060 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 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 Dec. 31 59,048 5,194 6,686 12,285 34,753 130 58,918 14,380 29,696 10,433 4,409 1959—June 30 53,513 3,563 3.883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Oct. 31 52,396 4,545 2,158 13,256 32,329 108 52,288 9,691 30,606 8,546 3,445 Nov. 30 51,085 3,705 2,101 13,200 31,973 106 50,979 10,004 29,018 8,518 3,438 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 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 ,106 675 4,094 Dec. 31 6,942 139 115 538 5,268 882 6,060 300 ,229 958 3,573 1959_jUne 30 7,079 175 209 684 5,228 783 6,296 480 ,360 1,700 2,756 Oct. 31 6,792 136 146 893 4,950 667 6,125 436 ,392 1,676 2,620 Nov. 30 6,712 143 154 860 4,902 653 6,059 423 ,371 1,667 2,598 Insurance companies: 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 ',802 5,285 1957_june 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 ,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 ,004 5,074 Dec. 31 10,984 726 231 731 7,255 2,042 8,943 1,158 1,976 ,156 4,653 1959—June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 ,678 4,164 Oct. 31 11,142 550 289 1,016 7,429 1,857 9,285 1,148 2,274 ,780 4,082 Nov. 30 11,043 508 221 1,012 7,468 1,833 9,210 1,119 2,219 ,787 4,085 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 1958—June 30 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29,489 11,243 6,054 15,872 Dec. 31 71,195 21,326 10,137 8,304 28,931 2,497 68,698 35,062 13,841 4,719 15,076 1959—June 30 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14,977 Oct. 31 SI,911 31,150 6,884 15,312 32,601 2,030 85,947 45,027 20,732 5,775 14.413 Nov. 30 88,405 31,573 6,312 15,571 32,934 2,015 86,390 46,361 19,793 5,804 14,433 1 Direct public issues. panies included in the survey account for more than 90 per cent of total 2 Includes minor amounts of Panama Canal and postal savings bonds. holdings by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. NOTE.—Commercial banks, mutual savings banks, and insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 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, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e t t s re T P f c u r l e u u n i s d s p : t ts ac I t G L r n t e a i o t o s n r v s n a s t : s - - . ! E p T r f q u e r t o u b o h c a t l m t e a i s l c l s . 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a o u b y t a t h l t a l i s e s l c . : t p p o f u r a t o o h y b ( r m e l t - i s ) c . , & ( c ( c o - d r d r r I e a ) e i e n r , a g d a b e - s e s e i c t e n e n - t , .) t a i r G n g . N v e o f n . e u v . t b n t & . L y ds ess: O d n c e a t o h b s n h e t - * r b E r i o e n q c N r p g a u r a e s a o o y h t l w s t r . : - Cal. year—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 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959".. 73,282 18,830 4,520 87,541 80,321 20,242 5,015 95,548 -8,007 10,112 -544 2,081 8,580 Fiscal year—1956.. 68,165 11,685 2,739 77,088 66,540 9,436 3,358 72,617 4,471 -578 3,166 623 -4,366 1957.. 71,029 14,369 3,242 82,107 69,433 12,961 2,386 80,008 2,099 -1,053 2,339 -292 -3,100 1958.. 69.117 16,329 3,493 81,893 71,936 16,069 4,592 83,413 -1,520 6,216 657 -200 5,760 1959.. 68.270 17,084 3,650 81,660 80,697 18,597 4,491 94,804 -13,144 9,656 -1,181 2,160 8,678 Semiannually: 1958—Jan.-June. 39,792 9,162 2,083 46,836 35,876 8,936 3,338 41,475 5,362 660 777 -166 49 July-Dec.. 28,902 7,635 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 ,494 653 7,713 1959—Jan.-June. 39.368 9,449 2,023 46,768 40,791 9,676 3,205 47,265 -495 2,783 313 1,507 965 July-Dec, * 33.914 9,381 2,497 40,774 39,530 10,568 1,813 48,285 -7,510 7,329 -856 574 7,615 Monthly: 1958—Dec 6,180 1,171 556 6,791 7,080 1,419 -24 8,522 -1,732 -166 -363 145 1959—Jan 4,528 759 236 5,049 6,776 1,883 1,074 7,585 -2,536 2,801 -846 101 3,546 Feb 6,576 1,637 212 7,998 6,331 1,462 -232 8,025 -28 -434 128 64 -627 Mar 8,426 1,322 162 9,581 6,461 1,451 789 7,124 2,457 -3,016 93 145 -3,253 4,258 1,302 171 5,384 6,427 1,905 328 8,005 -2,621 3,491 -665 69 4,086 May'.'.'/.'. 5,425 2,479 189 7,708 6,164 1,426 -288 7,879 -171 1,248 1,148 84 15 June. 10.154 1,950 ,052 11,048 8,631 1,548 1,533 8,646 2,403 -1,307 454 1,042 -2,803 July 3,246 1,214 486 3,973 6,557 2,174 561 8,171 -4,198 4,339 -505 239 4,606 Aug 5,679 2,444 217 7,903 6,305 1,528 -664 8,498 -594 1,943 573 31 1,339 Sept 8,486 1,236 230 9,488 6,357 1,735 383 7,709 1,779 -1,866 -399 -9 -1,457 Oct 3,023 1,009 348 3,678 6,868 1,886 861 7,894 -4,216 3,077 -683 105 3,656 Nov 5,897 2,004 316 7,579 6,598 1,496 -134 8,228 -649 -423 242 97 -763 Dec." 7,582 1,474 904 8,148 6,844 1,748 812 7,780 368 259 -84 111 232 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 s B d u N u e r o p f d e i r l c g t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i ( m s o a G + s g b N a u e o ) l r a i e n , v k g n t c t e a o c y . t - e f in i & s a n G v e g N c . e o t F . r n e v ( u e b t c t - d s y y . ) t . , I d n ( p e d g - c c u i r r ) o r r b o e , e e r a s l c a i i s s n c s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a a . v D b n a l R e k e i p l . s - osi T ts T a L x u r i o e n r a a y a : n s n - d O as n t s h e e e t t r s tions 5 funds 5 debt funds) Accts. Fiscal year—1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 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...... -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 . -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 Semiannually: 1958—Jan.-June 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 1,121 July-Dec -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3.468 1,135 1959—Jan.-June . -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3J744 1,071 July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 Monthly: 1958—Dec -900 -248 -601 -28 239 -138 -113 -1,564 4,961 358 3,468 1,135 1959—Jan -2,248 -1,124 462 -4 1,047 2,879 54 957 5,918 447 4,054 1,417 Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 1,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 1,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 1,586 May -739 1,053 -432 -980 950 -67 -81 5,888 567 4,117 1,204 June 1.524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 1,071 July... .. -3,311 -960 35 -1 670 3,976 -77 486 5,837 522 4,364 951 Aug.......... -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 898 Nov -701 507 -537 56 -67 -664 1 -1,408 4,968 582 3,559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 c Corrected. n.a. Not available. * Preliminary. r Revised. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 193 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 1otal Income and Budget receipts profit taxes Period B c u N e r d i e e p - g t t e s t Old T - ran H sf i e g r h s - to R : . R. fu u o n _ f ds B c T u e r o i d e p t - g a t e s l t Individual Corpo- ta c E x i x s e e - s t p m a E x lo e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o- co a ta M n il d e f r r r s s e . * f t u a r n u g d s e t * f t w r u u n a s y d t m tir e e n - t ce r i e p - ts W he i l t d h- Other ration acct. Fiscal year—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., 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959. 68,270 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 =5,464 3,002 1,807 4,315 Semiannually: 1958—Jan.-June 39,792 4,598 965 270 3,778 49,403 13,281 8,654 14,260 5,219 5,199 2,789 1,372 886 2,090 July-Dec. 28,902 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 1959—Jan.-June 39,368 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 1,402 876 2,352 July-Dec. 33,914 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 n.a. n.a. Monthly: 1958—Dec 6,180 397 164 44 64 6,848 2,139 373 2,419 853 441 623 222 136 1959—Jan 4,528 267 172 14 -26 4,956 948 1,996 424 847 321 420 201 155 Feb 6,576 949 182 71 374 8,152 4,356 846 362 906 1,281 401 209 141 1,194 Mar 8,426 799 152 43 1,301 10,722 2,213 725 5,459 927 857 540 245 150 Apr 4,258 540 148 16 1,412 6,375 969 3,033 477 852 558 486 243 159 May 5,425 1,417 214 70 1,030 8,155 4,196 617 410 1,020 1,488 424 276 156 1,157 June. 10,154 649 191 46 208 11,247 2,552 1,689 4,786 842 696 682 228 114 July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 243 150 Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 1,271 Sept , 8,486 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 n.a. Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 n.a. Dec 7,582 476 233 7 8,350 2,371 362 3,180 1,031 527 879 n.a. n.a. 51 Budget expenditures* Major national security Agri- Vet- culture Period Total Total* M de i f l e it n a s r e y M as il s i i t s a t r - y A en t e o r m gy ic f a i I n f a n f a n a t n d i L r c s e In e t s e t r- ic e b s e r e e f s a i r n t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - a d - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t - nsources Fiscal year—1956. 66,540 40,641 35,791 2,611 1,651 r1,843 6,846 4,756 2,821 r4,867 •"1,105 2,030 1,630 1957. 69,433 43,270 38,439 2,352 1,990 rl,973 7,308 4,793 3,022 r4,525 1,297 1,455 1,790 1958. 71,936 44,142 39,062 2,187 2,268 r2,231 7,689 5,026 3,447 4,389 1,544 2,109 ••1,359 1959. 80,697 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 Semiannually: 1957_July-Dec. 36,060 21,724 19,370 1,031 1,080 1,216 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.-June 35,876 22,418 19,692 1,156 1,188 1,015 3,777 2,626 1,811 1,738 r694 1,106 '698 July-Dec. 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2.580 2,158 3,922 896 1,438 765 1959—Jan.-June 40,791 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 Monthly: 1958—Nov 6,237 3,589 3,169 189 211 175 614 441 343 574 151 238 109 Dec 7,080 4,212 3,758 221 211 198 652 440 310 781 141 224 123 jan 6,776 3,693 3,298 163 213 212 680 445 432 798 106 310 97 Feb 6,331 3,596 3,218 143 203 176 636 440 -52 610 114 320 500 Mar 6,461 3,864 3,434 195 217 184 657 441 326 394 106 343 147 Apr 6,427 3,898 3,465 209 211 162 656 361 482 351 125 242 150 May 6,164 3,642 3,253 165 214 167 658 433 355 273 122 389 129 June.... 8,631 4,487 3,946 320 214 1,673 698 474 720 181 200 379 -182 July 6,557 3,772 3,435 95 224 159 735 406 330 506 143 388 131 Aug 6,305 3,710 3,375 90 208 144 734 400 352 346 150 346 114 Sept 6,357 3,783 3,412 122 205 136 725 428 364 403 176 178 143 Oct 6,868 3,980 3,622 135 204 -85 740 405 405 675 173 446 166 Nov 6,598 3,643 3,275 148 212 173 747 424 317 495 165 467 130 3 Consists primarily of (1) intra-Governmental transactions as de- • Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings i Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary « The 1961 Budget Document shows certain revisions in fiscal year data. Fund and the Treasury, (5) reconciliation items to Treasury cash, and For more details, see the 1961 Budget Document and the Treasury Bulle- (6) net operating transactions of Govt. sponsored enterprises. tin, Budget Receipts and Expenditures, Table 4. 4 Primarily adjustments 2, 3, and 4, described in note 3. 9 Includes stockpiling and defense production expansion not shown 5 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 FEDERAL BUSINESS-TYPE ACnVITTES 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 1958 1959 1952 1953 1954 1955 1956 1957 Loans, by purpose and agency: To aid agriculture, total 5,070 6,811 6,929 6,715 6,752 6,681 7,605 6,931 7,402 8,672 9,630 Banks for cooperatives 424 377 367 375 457 454 428 410 473 511 518 Federal intermediate credit banks2. 673 590 638 689 734 935 1,040 1,228 1,247 1,169 1,313 Farmers Home Administration.... 596 648 701 681 724 832 906 903 900 819 935 Rural Electification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,732 2,774 2,820 2,874 2,919 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 2,499 1,600 1,962 3,298 3,944 Other agencies 31 23 18 1 (3) (3) 0) (3) (3) (3) (3) To aid home owners, total 2,603 2,930 2,907 3,205 3,680 4,769 4,917 4,628 4,607 4,860 5,352 Federal National Mortgage Association. 2,242 2,462 2,461 2,641 3,072 3,998 4,096 3,776 3,716 3,924 4,362 Veterans Administration 362 ' 300 383 480 464 770 820 851 890 936 989 Other agencies k 168 63 84 145 1 1 1 1 1 To industry, total 598 588 431 678 619 674 645 654 658 680 695 Treasury Department... 174 353 306 209 251 224 222 221 216 2*12 O Co th m er m a e g rc e e n c D ie e s partment. \ 598 1 413 79 ' 2 1 6 1 1 2 2 1 1 9 9 1 2 20 1 6 7 2 2 1 0 9 3 2 1 4 9 1 1 2 1 4 9 7 0 2 1 7 8 8 7 3 1 0 8 1 2 To financing institutions 864 952 870 1,419 1,233 1,270 701 931 1,010 1,298 1,087 To aid States, territories, etc., total 1,020 645 272 245 246 264 275 271 294 293 291 Public Housing Administration 894 500 112 90 106 105 107 91 106 106 91 Other agencies 126 145 160 155 140 159 167 180 188 187 200 Foreign, total 7,736 8,043 8,001 7,988 8,223 8,754 8,965 9,022 9,271 9,510 9,712 Export-Import Bank 2,496 2,833 2,806 2,702 2,701 3,040 3,111 3,094 3,239 3,362 3,439 Treasury Department4 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,419 3,419 International Cooperation Administration. 51,515 1,537 1,624 1,767 1,995 2,195 2,338 2,412 2,514 2,682 2,782 Other agencies 58 53 1 57 49 46 45 47 46 73 All other purposes, total 75 119 166 256 213 344 393 449 489 548 562 Housing and Home Finance Agency. 5 29 127 209 156 283 331 383 423 458 497 Other agencies 69 90 39 47 57 62 62 65 66 89 66 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -354 -486 -450 -368 -353 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 23,147 22,383 23,280 25,493 26,977 n vestments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,523 4,467 4,365 4,198 4,533 Federal home loan banks 311 387 641 745 1,018 896 1,456 1,366 1,250 995 1,202 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 283 293 278 288 296 Federal Housing Administration 316 319 327 381 458 471 533 536 559 567 586 Federal Deposit Insurance Corporation 1,437 1,526 1,624 1,720 1,825 1,937 2,013 2,030 2,034 2,049 2,139 Other agencies 148 152 147 149 181 226 238 242 245 300 310 Investment in international institutions 3,385 3,385 3,385 3,385 3,420 3,420 3,420 3,420 3,420 3,420 3,420 Other securities* 223 219 197 179 249 298 333 3,696 3,703 3,703 3,702 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 21,206 21,540 20,743 26,810 20,504 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 2,636 3,310 3,013 3,036 2,906 Defense Department 11,004 11,136 10,866 10,344 9,730 9,681 9,421 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. 303 428 550 609 \ ?6 , 2 5 0 1 1 7 7,2 1 8 8 2 5 7,5 1 2 7 8 5 7,7 1 0 8 0 6 7,8 1 0 91 9 7,9 1 1 7 9 4 7,9 1 8 91 7 Land, structures, and equipment, total 3,213 8,062 8,046 7,822 9,985 9,962 10,020 10,459 10,422 10,670 10,753 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,568 4,589 4,550 4,721 4,736 Panama Canal Company 415 363 421 421 398 398 396 396 398 396 402 Tennessee Valley Authority ,251 1,475 1,739 1,829 1,762 1,801 1,789 1,803 1,790 1,777 1,802 Housing and Home Finance Agency ,202 1,040 728 450 236 88 77 32 26 25 20 Nat. Aeronautics and Space Administration.... 276 283 274 280 282 285 289 Bonneville Power Administration 311 342 345 349 371 372 373 General Services Administration 1,298 1,308 1,327 1,341 1,319 1,322 1,237 Post Office Department 590 599 599 637 637 637 637 Other agencies 345 350 360 300 613 608 644 1,033 1,050 1,134 1,257 Bonds, notes, & debentures payable (not guar.), total.. 1,330 ,182 1,068 2,379 2,711 4,662 4,749 3,812 3,981 4,038 4,212 Banks for cooperatives 181 150 156 185 257 247 224 207 260 303 310 Federal intermediate credit banks 704 619 640 665 721 902 992 1,181 1,211 1,124 1,256 Federal home loan banks 445 414 272 958 963 825 468 455 612 714 699 Federal National Mortgage Association 570 770 2.688 3,065 1,968 1,898 1,898 1,947 1 Figures except for trust revolving funds (for details see p. 1063 of the the banks for cooperatives; Treasury compilations prior to 1956 classified BULLETIN for August 1959) exclude interagency items. this item as an interagency asset. 2 Effective Jan. 1,1957, the production credit corporations were merged NOTE.—Coverage has changed in some of the periods shown. Bein the Federal intermediate credit banks, pursuant to the Farm Credit ginning with 1956, changes reflect the expanded coverage and the new Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations classification of activities by type of fund now reported in the Treasury of the banks are classified as trust revolving transactions. Bulletin. Classifications by supervisory authorities are those in existence 3 4 L Fi e g s u s r t e h s a n re p $ r 5 e 0 s 0 e , n 0 t 0 0 la . rgely the Treasury loan to the United Kingdom, c ta u i r le re d n t b ly re . ak W do h w e n re o c f u r l r o e a n n t s , T t r h e e a s s e u r i y te m co s m h p a i v la e t i b o » n e s n d c o l a n ss o i t f ie p d r o b v y id e F e a d e d r e a - l and through 1952 are based in part on information not shown in Treasury Reserve on basis of information about the type of lending activity involved. com 5 F pi i l g a u ti r o e n d . erived by Federal Reserve. For the most recent quarterly data by type of fund and activity, see 6 Includes investment of the Agricultural Marketing revolving fund in BULLETIN for August 1959, p. 1063. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 195 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]^onfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- holders* tutions Federal viduals Total cial hold- Total cial hold- tutions agen- and insti- ers insti- ers cies others tutions tutions 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 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 113.7 85.7 2.8 25.2 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 3.1 27.5 120.9 88.2 73.8 14.4 32.6 21.8 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 1957 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 4.8 35 6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.2 4 2 7.0 1959? 191.0 145.6 6.7 38.8 178.9 131.2 109.4 21.8 47.6 31.7 15.9 12.2 4.5 7.7 1958 June 162.8 124.5 4.6 33.7 151.9 111.5 93.3 18.2 40.4 27.1 13.3 10.9 4.1 6.8 Sent 167.1 127.9 4.6 34.6 156.0 114.5 95.9 18.6 41.5 27.8 13.7 11.1 4.2 6.9 Dec 171.9 131.5 4.8 35.6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.2 4.2 7.0 1959 Mar P 175.9 134.3 5.3 36.3 164.4 120.5 100.7 19.8 43.9 29.3 14.6 11.5 4.3 7.2 June** 181.4 138.4 5.8 37.1 169.5 124.3 103.9 20.5 45.2 30.1 15.0 11.8 4.4 7.4 Sept p 186.5 142.3 6.3 38.0 174.5 128.1 106.9 21.2 46.4 30.9 15.5 12.1 4.5 7.6 Dec v 191.0 145.6 6.7 38.8 178.9 131.2 109.4 21.8 47.6 31.7 15.9 12.2 4.5 7.7 » Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts held by HOLC, in 1941 and 1945; by FNMA in other periods by savings and loan associations. shown). Other Federal agencies (amounts small and separate data not 2 Derived figures, which include debt held by Federal land banks and readily available 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» [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured 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 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 1957 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 25,523 18,591 5,476 3,335 9,780 5,461 1 471 23,263 20 935 5 501 8 361 7 073 2 275 53 1959? .28,200 20,430 6,200 3,100 11,130 6,180 1,590 24,990 22,457 6,335 8,635 7,487 2,480 53 1958—June 23,960 17,460 4,970 3,405 9,085 5,060 1,440 22,165 19,927 5,047 8,160 6,720 2,181 57 Sept 24,700 18,049 5,205 3,355 9,489 5,190 1,461 22,746 20,460 5,280 8,276 6,904 2,231 55 Dec 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 Mar.* <26,130 19,020 5,660 3,305 10,055 5,605 1,505 423,638 21,257 5,684 8,435 7,138 2,328 53 June3* 27,060 19,615 5,885 3,230 10,500 5,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept.? 27,630 20,015 6,040 3,165 10,810 6,025 1,590 24,610 22,120 6,152 8,585 7,383 2,436 54 Dec p 28,200 20,430 6,200 3,100 11,130 6,180 1,590 24,990 22,457 6,335 8,635 7,487 2,480 53 * Preliminary. estimates based in part on data from National Association of Mutua 1 Represents all banks in the United States and possessions. Savings Banks. 2 Includes loans held by nondeposit trust companies, but excludes 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 holdings of trust departments of commercial banks. March and Septem- million, and those of mutual savings banks declined by that amount, ber figures are Federal Reserve estimates based on data from Member as a result of the absorption of a mutual savings bank by a commercial Bank Call Report and from weekly reporting member banks. bank. 3 Figures for 1941 and 1945, except for the grand total, are estimates Source.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 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 Farm Total Farm FHA- VA- FHA- VA- Total insured guar- Other Total insured guar- Other anteed anteed 1941 6 442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 ne 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 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1958—Nov 424 392 118 7 267 32 36,801 34,136 7,352 7,489 19,295 2,665 Dec 669 618 157 12 449 51 37,092 34,425 7,452 7,451 19,522 2,667 1959_jan 508 466 139 11 316 42 37,211 34,510 7,528 7,429 19,553 2,701 Feb 420 364 141 9 214 56 37,350 34,635 7,623 7,392 19,620 2,715 Mar 473 410 130 10 270 63 37,486 34,753 7,693 7,347 19,713 2,733 Apr 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 May 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 June 469 428 116 17 295 41 37,894 35,094 7,877 7,258 19,959 2,800 July 535 501 124 11 366 34 38,108 35,335 7,945 7,220 20,170 2,773 Aug 470 438 118 9 311 32 38,282 35,496 8,005 7,181 20,310 2,786 Sept 517 488 134 21 333 29 38,493 35,698 8,082 7,153 20,463 2,795 Oct 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20,628 2,808 Nov 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 NOTE.—jCertain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31, 1959. Source.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals, Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Year or month New Home FHA- VA- Con- Year or Total i con- pur- Total 2 in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured anteed tional 2 ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings 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 1952 (5,617 2,105 2,955 18,396 904 3,394 14,098 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952... 18,018 6,452 1,420 3,600 1,137 1954. 3,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 ^?7 1955 1 412 4,041 5,241 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 4,239 L.501 1956. . 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10.402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958. i:2,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1958 27,388 10,516 dm 5,204 640 1958 1958 Nov 1,053 345 469 45,099 2,152 7,050 35,897 Dec 1,136 376 488 45,627 2,206 7,077 36,344 Nov 2,652 2,432 932 128 474 154 Dec 2,629 2,629 983 143 508 165 1959 1959 Jan 1,013 317 442 46,029 2,273 7,092 36,664 Feb . . 1,012 326 429 46,456 2,328 7,110 37,018 Jan 2,677 2,352 870 121 454 123 Mar 1,257 439 515 47,049 2,388 7,100 37,561 Feb 2,631 2,245 865 106 426 113 Apr 1,359 480 562 47,754 2,461 7,111 38,182 Mar 2,683 2,586 1,059 116 492 112 May 1,434 522 601 48,508 2,528 7,119 38,861 Apr.... 2,683 2,776 1,148 115 553 124 June 1,555 554 674 49,348 2,605 7,119 39,624 May 2,757 2,768 1,151 112 534 140 July 1,529 520 695 50,131 2,685 7,125 40,321 2,780 2,974 1,261 120 543 168 >?1 472 662 50,858 2,760 7,136 40,962 July 2,787 3,100 1,286 138 561 187 Sent .. 1,374 450 645 51,528 2,818 7,138 41,572 Aug 2,769 2,871 1,203 137 505 167 Oct 1,329 465 590 52,149 2,883 7,159 42,107 Sept 2,650 2,834 1,184 136 481 173 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Oct 2,639 2,799 1,152 146 463 168 Nov 2,442 953 137 409 152 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 197 GOVERNMENT-UNDERWRITTEN 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 Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t e o i w e p s - p i e s E r r t t i o x i n p e - g s - g m t a y g o p e r e s t- i p l m o r i o a m e n v n - e s t 2 - TotaP p e N r r t e o i w e p s - p i e s E r r t t o i 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 FHA- VA- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18 6 4 3 4 1 2 14 3 1952 3,113 969 974 322 848 2,719 1,823 890 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 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107 6 47 2 16 5 30 7 60 4 1958 117.7 50.1 19.7 30.4 67.6 1958—Dec 624 190 320 24 89 257 174 82 1959? 131 2 53 9 30 1 77 3 1959 Jan 700 217 369 37 77 276 194 81 1958—June 111.5 48.3 17.7 30.6 63.2 A F M e p a b r r 6 6 5 3 4 9 9 3 8 2 1 1 1 9 9 1 6 6 2 3 3 9 1 1 4 9 1 8 3 3 0 3 7 6 5 8 9 4 1 2 2 2 3 3 6 1 8 0 2 1 1 0 7 7 1 4 9 6 5 5 4 2 9 D Se e p c t 1 11 1 7 4 . . 7 5 4 5 9 0 . . 1 1 1 19 8 . . 7 6 3 3 0 0 . . 5 4 6 6 5 7 . . 4 6 May 652 186 291 86 88 211 161 50 1959—Mar.P.... 120.5 51.3 20.9 30.4 69.2 June 680 208 312 68 92 221 165 56 J A S u e U p l R y t 6 6 6 9 5 6 4 6 0 2 2 2 1 2 1 5 6 4 2 2 3 8 8 1 8 4 0 7 6 5 1 7 2 9 9 8 9 4 9 2 2 2 2 2 0 7 1 2 1 1 15 6 5 7 8 0 5 5 6 9 2 3 J S D u e e n p c e t ? . * * 1 1 1 2 3 2 1 4 8 . . . 2 3 1 5 5 53 3 2 . . . 9 1 1 2 2 2 2 1 3 . . . 9 8 8 3 3 3 0 0 0 . . . 3 1 2 7 7 7 2 7 5 . . . 2 3 0 Oct 649 237 286 35 90 238 167 70 Nov 583 223 225 50 85 220 158 61 * Preliminary. Dec 540 233 218 11 78 241 177 64 NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. Sources.—Federal Home Loan Bank Board, Federal 3 Includes a small amount of alteration and repair loans, not shown separately; only such Housing Administration, Veterans Administration, and loans in amounts of more than $1,000 need be secured. Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d d ) ing Members' 1End 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 - a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A a e r e - - d c P ha u s r e - s Sales bu u d r n i s s - ed Total S te h r o m rt 1 - L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1951. 1,850 204 1,646 677 111 239 1952 586 528 864 565 299 420 1952 2,242 320 1,922 538 56 323 1953 . . 728 640 952 634 317 558 1953. 2,462 621 1,841 542 ??1 638 1954 734 818 867 612 255 802 1954. 2,434 802 1,632 614 575 476 1955 1 251 702 I 417 991 426 698 1955. 2,615 901 1,714 411 6?, 76 1956 745 934 1,228 798 430 683 1956. 3,047 978 2,069 609 5 360 1957 1 116 1 079 ,265 731 534 653 1957. 3,974 1,237 2,737 c1,096 C3 764 1958 1,364 1,331 1,298 685 613 819 1958. 3,901 1,483 2,418 623 48? 1,541 1959 2 067 1,231 2,134 1,192 942 589 1959. 5,531 2,546 2,985 1,907 5 568 1959__jan 98 251 1,146 599 547 729 1958- 3,901 1,483 2,418 134 1 1,541 Feb 50 94 1,101 559 542 720 Mar 83 96 1,087 531 556 736 1959 Tan 4,032 1,564 2,468 150 1,432 Apr 157 62 1,183 570 612 695 Feb 4,188 1,664 2,523 176 1,291 May.... 116 53 1,246 596 650 692 Mar 4,340 1,740 2,600 175 1 1,182 June.... 351 60 [,537 750 786 776 Apr 4,508 1,831 2 677 193 1 063 July.... 235 214 1,557 807 750 613 May 4,641 1,900 2,740 154 1 982 Aug.... 171 63 1,665 892 773 587 4,793 2,000 2,794 177 1 875 Sept 200 70 1,795 1,042 753 570 July 4,948 2,104 2,844 178 788 Oct 199 78 1,916 1,080 835 524 AUK 5,085 2,198 2,887 165 1 714 Nov 129 82 1,963 1,109 854 506 Sept 5,216 2,288 2,928 155 672 Dec 281 109 2; 134 1,192 942 589 Oct 5 335 2 383 2 953 143 611 Nov 5,441 2,471 2,970 127 573 I960—Jan 136 531 1,740 1,042 697 499 Dec 5,531 2,546 2,985 129 568 1 Secured or unsecured loans maturing in one year or less. c Corrected. 2 Secured loans, amortized quarterly, having maturities of more than i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's one year but not more than ten years. new charter, under which it maintains three separate programs: secondary Source.—Federal Home Loan Bank Board. market, special assistance, and management and liquidation. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 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 1 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 r o 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 e s 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 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32,464 23,568 9,809 6 751 1 616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8 580 I 895 6 963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,586 34,080 14,237 8 923 2 350 8 570 11,506 3,646 5 060 2 800 19593 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1959 Jan 3 45,094 34,029 14,271 8,833 2,330 8,595 11,065 3,599 4,619 2,847 Feb 44,748 34,025 14,339 8,727 2,324 8,635 10,723 3,697 4,098 2,928 Mar 44,925 34,234 14 494 8 691 2 338 8 711 10,691 3,755 4 004 2 932 Apr 45,708 34,762 14,810 8 755 2,364 8,833 10,946 3,812 4,160 2,974 May 46,603 35,357 15,128 8,887 2,419 8,923 11,246 3,925 4,359 2,962 47,522 36,135 15,566 9 040 2 467 9 062 11,387 3,991 4,446 2,950 July 48,047 36,757 15,923 9,134 2,517 9,183 11,290 3,954 4,407 2,929 Aug. 3 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sept . 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9,687 2,683 9,684 11,656 4,117 4,614 2,925 Dec 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, 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 1947-58, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- A detailed description of the methods used to derive the estimates may tions; holdings of retail outlets are included in other consumer goods be obtained from Division of Research and Statistics. paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. 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 n a i l t t - Total m b C e a o r n m c k ia s - 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 o m i m n n e e c s - - r e ^ Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o 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 t i o 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 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 QK4 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 1-956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 1,882 1,128 292 506 1 175 19594 39,482 33,838 14,922 10,145 3,232 3,764 ,775 5,644 2,298 1,167 295 588 1,296 1959 Jan 4 34,029 29,178 12,908 8,733 2,647 3,380 1,510 4,851 1,805 1,095 288 508 1,155 Feb 34,025 29,238 12,938 8,724 2,671 3,377 1,528 4,787 J 807 1,079 283 509 1,109 Mar 34,234 29,499 13,086 8,780 2,710 3,378 1,545 4,735 ,781 I 045 282 513 1 114 Apr 34,762 30,010 13,374 8,921 2,766 3,387 1,562 4,752 1,781 1,043 282 524 1,122 May 35,357 30,540 13,645 9,089 2,815 3,394 1,597 4,817 1,807 1,044 283 535 1,148 June 36,135 31,245 13,963 9,350 2,895 3,424 1,613 4,890 1,839 052 283 551 1,165 July 36,757 31,861 14,230 9,592 2,946 3,463 1,630 4,896 1,826 1 055 284 565 I 166 Aug 4 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 1,868 1,072 288 578 1,164 Sept 37,962 32,954 14,664 9,949 3,093 3,542 1,706 5,008 1,907 1,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 1,717 5 103 .967 1 089 286 593 I 168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 1,744 5,204 2,045 1,107 290 592 1,170 Dec 39,482 33,838 14.922 10,145 3,232 3,764 I 775 5,644 2,298 1,167 295 588 [ 296 * 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. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 199 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] E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i o a n p o iz n d d n a a s - ir - s l P o o e a n r n a - s l 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 i o l r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti e n d a o r s i n n r - l s o P o a e n n r a - s l 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 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 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 ,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 L,58O 2,351 1958 8,740 6,404 1,567 19 750 1958 12 780 4 014 2,170 2,269 1,715 2,612 19591 10,145 7,328 1,883 35 899 19591 14,922 4,798 2,511 2,553 ,941 3,119 1959—Jan... 8,733 6,391 1,566 19 757 1959—Jan.* 12,908 4,043 2,195 2,319 1,706 2,645 Feb.. 8,724 6,394 1,548 19 763 Feb .. 12,938 4,075 2,218 2,290 1,695 2,660 Mar.. 8,780 6,429 1,561 21 769 Mar 13,086 4,133 2,262 2,288 1,700 2,703 8,921 6,543 1,582 20 776 Apr 13,374 4,241 2,324 2,310 1,720 2,779 May! 9,089 6,679 1,605 22 783 May 13,645 4,340 2,376 2,347 1,754 2,828 June. 9,350 6,884 1,647 23 796 June... 13,963 4,475 2,425 2,383 1,788 2,892 July.. 9,592 7,063 1,695 25 809 July 14,230 4,580 2,465 2,424 1,825 2,936 Aug.i 9,806 7,240 1,723 26 817 Aug. i 14,497 4,682 2,495 2,472 1,855 2,993 Sept.. 9,949 7,328 1,761 30 830 Sept... 14,664 4,746 2,500 2,494 [,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct 14 817 4 816 2 517 2 512 I 912 3 060 Nov.. 10,117 7,388 1,830 34 865 Nov 14,853 4,825 2,519 2,513 ,928 3,068 Dec.. 10,145 7,328 1,883 35 899 Dec .. 14,922 4,798 2,511 2,553 1,941 3,119 i Includes data for Hawaii, beginning with August 1959. i Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts Total Auto- O co th n e - r R a e n p d air Per- Total loans 1939 E o n r d m of o n y t e h ar i c m n r s 7 e e t 8 d n a 9 i l t t - m pa o p b 8 e i 1 l r e s g p u o a m o p 2 d e 4 e r s r m iz l o o a d a ti 1 n e o 5 s r n n- s lo o 6 a n 6 n a 9 s l E o n r d m of o n y t e h ar c m n r o e e d n n i - t t b C m c a o i n e a m r k l - s - t f O u i i n c t n t i i s h a o a t n e l i n - r - s st m p D o a e r e r e n - t s - t * o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1953 4,038 538 370 247 2,883 1941 3,087 693 152 275 1 370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1,927 1957. 7,099 1,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7,577 1,143 610 616 5,208 1955 9,924 2,635 367 862 3,717 216 2,127 19591 8,771 1,365 751 728 5,927 1956 10,614 2,843 410 893 3,842 260 2,366 1957 11,103 2,937 427 876 3 953 317 2 593 1959—Jan.i 7,537 1,134 605 605 5,193 1958 11,506 3,156 490 907 3,808 345 2,800 Feb 7,576 1,143 611 610 5,212 19593 12,564 3,542 634 960 3,985 406 3,037 Mar 7,633 1,157 620 617 5,239 Apr.. . 7,715 1,178 635 624 5,278 1959_JanA... 11,065 3,135 464 757 3,504 358 2,847 May 7,806 1,198 653 643 5,312 Feb 10,723 3,182 515 637 3,112 349 2,928 June.. 7,932 1,231 671 656 5,374 Mar 10,691 3,208 547 608 3,047 349 2,932 July 8,039 1,250 684 667 5,438 10,946 3,291 521 601 3,208 351 2,974 Aug. i 8,237 1,293 702 688 5,554 May'.'.'.'. 11,246 3,337 588 609 3,405 345 2,962 Sept 8,341 1,310 713 701 5,617 June.... 11,387 3,417 574 599 3,494 353 2,950 Oct 8,430 1,327 724 708 5,671 July 11,290 3,407 547 558 3,467 382 2,929 Nov . 8,549 1,345 732 721 5,751 Aug3.... 11,331 3,431 603 562 3,408 395 2,932 Dec 8,771 1,365 751 728 5,927 Sept 11,388 3,455 629 606 3,383 401 2,914 Oct 11,451 3,466 584 647 3,491 387 2,876 Nov 11,656 3,472 645 717 3,506 391 2,925 i Includes data for Alaska and Hawaii, beginning with January and Dec 12,564 3,542 634 960 3,985 406 3,037 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and hom»instalment loans. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 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 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 ,388 10,272 1956 40,175 15,563 11,702 ,568 11,342 1957 42,545 16,545 11,747 ,660 12,593 1958 40,818 14,316 11,638 ,890 12,974 19591 48,476 18,001 13,512 > 087 14,876 1958 Dec 3,757 4,393 1,431 1,378 1,000 1,433 162 159 1,164 1,423 1959_jan.i 3,866 3,369 1,448 1.254 1,102 925 156 120 1.160 1,070 Feb 3,857 3,290 1,468 ,266 1,066 860 158 126 ,165 1 038 Mar 3,809 3,830 1,435 ,491 1,075 99S 168 157 ,131 ,187 Apr 3,989 4,073 1,527 ,598 1,146 ,090 176 173 ,140 ,212 May 4,112 4,092 1,533 ,580 1,160 ,128 190 198 ,229 ,186 4,032 4,454 1,509 ,780 1 130 ,173 178 195 ,215 ,306 July 4,159 4,315 1,557 ,720 1,154 ,109 183 197 ,265 ,289 4,132 4,193 1,538 ,627 1,138 ,123 185 199 ,271 ,244 Sept 4,172 4,061 1,521 ,515 1,138 ,123 175 191 ,338 ,232 Oct 4,219 4,185 1,622 ,564 1,124 ,198 174 190 .299 .233 Nov 4,083 3,928 1,466 ,313 1,133 ,172 171 175 1^313 1J268 Dec 4,046 4,686 1,377 ,293 1,146 ,616 173 166 1,350 1,611 Repayments 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 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 1,466 11,653 1958 40,921 15,488 11,497 1,629 12,307 19591 43,239 15,715 12,225 1 718 13,561 1958 Dec 3,442 3,635 1,270 1,305 962 962 141 143 1,069 1,225 1959 Jan * 3,460 3,447 J.259 1.211 980 1,023 140 141 1,081 1,052 Feb 3,510 3,294 1,290 1,198 991 966 139 132 1,090 998 Mar 3,455 3,621 1,276 1,336 984 1,031 138 143 1.057 1.111 Apr 3,540 3,545 1,296 1,282 1 013 1,026 149 147 1,082 1,090 May 3,628 3,497 1,318 1,262 1,014 996 149 143 1,147 1,096 3,542 3,676 1,289 1,342 992 1,020 145 147 1,116 1,167 July 3,636 3,693 1,334 1,363 1,011 1,015 146 147 1,145 1,168 3,635 3,578 1.325 1,318 1,012 993 152 151 1,146 1,116 Sept 3,660 3,609 l',315 1,333 1,045 1,022 147 147 1,153 1,107 Oct 3,697 3,726 1,341 1,375 1,048 1,054 147 150 1,161 1,147 Nov 3,700 3,626 1,311 1,303 1,069 1,019 142 145 1,178 1,159 Dec 3,776 3,927 1,361 1,372 1,066 1,060 144 145 1,205 1,350 Change in outstanding credit 2 1953 +3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5 390 +3 663 +883 +73 +771 1956 -1-2,939 +987 +946 +206 +800 1957 +2,286 +950 +202 + 194 +940 1958 -103 -1,172 + 141 +261 +667 19591 ... +5 402 +2 353 +1,320 + 354 + 1,375 1958—Dec +315 +758 + 161 +73 +38 +471 +21 + 16 +95 + 198 1959 Jan.* +433 -51 +200 +34 + 130 -90 + 17 -20 +86 +25 Feb +347 -4 + 178 +68 +75 -106 + 19 -6 +75 +40 Mar + 354 +209 + 159 + 155 +91 -36 +30 + 14 +74 +76 Apr +449 +528 +231 +316 + 133 +64 +27 +26 +58 + 122 May +484 +595 +215 +318 + 146 + 132 +41 +55 +82 +90 June +490 +778 +220 +438 + 138 + 153 + 33 +48 +99 + 139 July +523 +622 +223 +357 + 143 +94 +37 +50 + 120 + 121 +635 +753 +269 +365 + 151 + 155 +37 +52 + 178 + 181 Sept .... +512 +452 +206 + 182 +93 + 101 +28 +44 + 185 + 125 Oct + 522 +459 +281 + 189 +76 + 144 +27 +40 + 138 +86 Nov + 383 + 302 + 155 + 10 +64 + 153 +29 + 30 + 135 + 109 Dec +270 +759 + 16 -79 +80 + 556 +29 +21 + 145 +261 * Monthly data for 1959 revised to bring annual totals into agreement the BULLETIN for October 1956; for 1955-58, in the BULLETINS for with totals for unadjusted data. December 1957, pp. 1420-22, and November 1959, p. 1418. i Extensions and repayments include current data for Alaska and A discussion of the composition and characteristics of the data and Hawaii beginning with January and August 1959, respectively. The a description of the methods used to derive the estimates are shown differences between extensions and repayments do not equal the changes in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment in outstanding credit for these two months or for the year 1959 because credit extended and repaid are based on information from accounting the differences do not reflect the effect of the introduction of outstanding records of retail outlets and financial institutions and often include charges balances for these two States. incurred under the instalment contract. Renewals and refinancing of * Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other credit extended, except as indicated in note 1. transactions may increase the amount of both credit extended and credit Nora.—Monthly figures for 1940-54 are shown on pp. 1043-48 of repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 201 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 S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u i t n i a o 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 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 19561 40,175 14,463 9,600 9,474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 40,818 14,860 8,907 10.488 6,563 195912 48,476 17,522 11,007 12,035 7,912 1958_Dec 3,757 4,393 1,333 1,360 827 855 949 1,163 648 1,015 1959 Jan.2 3,866 3,369 1.432 1.323 885 753 909 808 640 485 Feb i 3,857 3,290 1,394 ,225 869 723 936 834 658 508 Mar 3,809 3,830 1,374 ,430 888 883 912 950 635 567 Apr 3,989 4,073 1,447 ,559 945 933 929 955 668 626 May 4,112 4,092 ,496 ,518 944 940 1.012 981 660 653 June 4,032 4,454 1,428 ,623 918 1,074 ,002 1,069 684 688 July 4,159 4,315 [,535 ,612 948 1,061 1,018 1,041 658 601 Aug 2 4,132 4,193 1,521 ,530 917 988 1,031 1,021 663 654 Sent 4,172 4,061 1,510 1,473 941 950 1,069 996 652 642 Oct 4,219 4,185 ,521 1.482 992 973 1,053 1,014 653 716 Nov 4,083 3,928 1,440 1,322 900 843 1,068 1,052 675 711 Dec 4,046 4,686 1,424 1,425 860 886 1,096 1,314 666 1,061 Repayments 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 19561 37,236 13,362 8,943 8,603 6,328 19571 40,259 14,360 9,727 9,673 6,499 19581 40,921 14,647 9,774 10,010 6,490 195912 43,239 15,406 9,623 10,917 7,293 1958—Dec 3,442 3,635 1,192 1,240 783 823 871 998 596 574 1959 Jan 2 3,460 3,447 1,218 1.209 789 760 876 855 577 623 Feb. i 3,510 3,294 1,256 1,171 793 732 863 795 598 596 Mar 3,455 3,621 1,236 1,282 781 827 852 893 586 619 Apr 3,540 3,545 1,257 1,271 808 792 876 873 599 609 May 3,628 3,497 1,287 1,247 819 772 924 890 598 588 June 3,542 3,676 1,250 ,305 787 813 905 943 600 615 July 3,636 3,693 1.311 ,345 807 819 923 934 595 595 Aug 2 3,635 3,578 1,310 ,299 793 795 920 892 612 592 Sent 3,660 3,609 1,312 1,306 804 807 930 892 614 604 Oct 3,697 3,726 1,326 1,329 816 851 935 925 620 621 Nov 3,700 3,626 1,312 1,286 794 797 943 933 651 610 Dec 3,776 3,927 1,331 1,356 832 858 970 1,092 643 621 Change in outstanding credit3 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1 1 9 9 5 5 6 7 1 1 + + 2 2 , , 9 2 3 8 9 6 + + 1 1 , , 0 1 6 7 6 6 ++465773 + + 8 8 7 2 1 2 +-27355 19581 -103 -63 -833 +478 +315 195912 + 5,402 + 2,142 + 1,405 + 1,194 +661 1958 Dec +315 +758 + 141 + 120 +44 + 32 +78 + 165 + 52 +44) 1959 Jan.2 +433 -51 + 228 + 128 +96 -7 +40 -40 +69 -132 Feb i + 347 A + 114 + 30 +76 -9 +73 + 39 +84 -64 Mar + 354 +209 + 138 + 148 + 107 +56 +60 +57 +49 -52 Apr . ... +449 +528 + 190 +288 + 137 + 141 + 53 +82 +69 + 17 May +484 +595 +209 +271 + 125 + 168 +88 +91 +62 +65 June +490 +778 + 178 +318 + 131 +261 +97 + 126 +84 +73 July +523 +622 +224 +267 + 141 +242 +95 + 107 +63 +6 Aug 2 +635 +753 + 247 +267 + 145 +214 + 180 + 198 +63 +74 Sent + 512 +452 + 198 + 167 + 137 + 143 + 139 + 104 + 38 + 38 Oct .. . + 522 +459 + 195 + 153 + 176 + 122 + 118 +89 +33 +95 Nov + 383 + 302 + 128 + 36 + 106 +46 + 125 + 119 +24 + 101 Dec +270 +759 +93 +69 +28 +28 + 126 + 222 +23 +440 * Monthly data for 1959 revised to bring annual totals into agreement NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of with totals for unadjusted data. the BULLETIN for October 1956; for 1955-58, in the BULLETINS for 1 Data on extensions and repayments have been adjusted to avoid December 1957, pp. 1421-22, and November 1959, p.1419. duplications resulting from large transfers of other consumer goods paper. A discussion of the composition and characteristics of the data and As a result, the differences between extensions and repayments for some a description of the methods used to derive the estimates are shown types of holders do not equal the changes in outstanding credit. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment 2 Extensions and repayments include current data for Alaska and credit extended and repaid are based on information from accounting Hawaii beginning with January and August 1959, respectively. The records of retail outlets and financial institutions and often include charges differences between extensions and repayments do not equal the changes incurred under the instalment contract. Renewals and refinancing of in outstanding credit for these two months or for the year 1959 because loans, repurchases and resales of instalment paper, and certain other transthe differences do not reflect the effect of the introduction of outstanding actions may increase the amount of both credit extended and credit balances for these two States. repaid without adding to the amount of credit outstanding. 3 Obtained by subtracting instalment credit repaid from instalment credit extended, except as indicated in notes 1 and 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Seasonally adjusted] Annual average 1958 1959 Grouping 1958 1959*Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. INDUSTRY GROUPINGS Total index. 141 159 151 152 155 157 162 166 166 163 157 157 155 '155 165 Manufacturing, total. 139 158 149 150 153 156 161 165 166 163 156 156 154 154 764 Durable 141 165 155 156 160 165 171 177 179 171 159 157 155 '155 172 Nondurable 141 155 147 148 150 151 155 156 156 159 158 159 r157 157 158 Mining 120 125 129 128 126 126 129 131 129 123 120 119 120 '126 129 Utilities 244 268 253 259 259 261 262 266 271 271 269 273 272 '270 277 Durable Manufactures Primary and fabricated metals. 110 125 123 125 132 139 144 153 151 122 93 92 87 747 Primary metals 99 114 115 117 130 139 145 155 150 103 58 57 55 '98 139 Iron and steel 94 108 111 115 129 140 146 155 148 89 37 37 37 r91 142 Fabricated metal products.... 125 142 135 136 136 138 142 149 152 151 145 144 135 130 144 Structural metal parts 138 149 145 146 146 148 154 159 163 162 150 149 138 136 150 Machinery and related products. .. 166 197 182 184 186 190 196 203 206 209 205 204 202 186 207 Machinery 140 169 149 151 154 157 163 170 175 177 175 177 175 171 178 Nonelectrical machinery 117 141 121 124 128 132 138 143 148 149 146 148 147 ••145 147 Electrical machinery 175 212 195 196 197 198 204 213 217 223 222 224 221 213 228 Transportation equipment 197 228 224 224 224 231 238 244 244 247 237 230 229 '184 218 Motor vehicles and parts 112 146 138 142 142 151 158 163 165 167 155 151 152 '92 138 Aircraft and other equipment.. 376 389 400 389 389 389 395 401 397 400 400 386 378 '378 376 Instruments and related products. 175 209 190 191 192 195 197 204 212 215 215 218 220 '220 223 Ordnance and accessories Clay, glass, and lumber 124 143 133 133 133 138 144 147 147 757 747 144 143 r142 Clay, glass, and stone products. 137 159 143 143 145 152 160 162 167 170 166 162 ••161 159 160 Lumber and products 110 124 122 123 120 123 127 131 123 129 125 124 ••123 ••123 127 Furniture and miscellaneous. 126 147 755 139 139 140 144 148 750 755 750 149 750 '750 752 Furniture and fixtures 137 164 151 156 156 157 161 166 167 171 167 165 166 168 172 Misc. manufactures 116 133 121 125 125 127 131 134 135 138 136 136 136 '135 135 Nondurable Manufactures Textile, apparel, and leather products. 117 136 126 129 129 737 137 759 140 142 759 757 136 755 139 Textile mill products 109 126 116 120 121 123 127 129 132 135 130 127 124 124 125 Apparel products 129 152 139 142 143 145 152 155 156 156 154 154 156 159 161 Leather and products 109 119 118 117 115 114 120 127 121 124 120 117 117 116 Paper and printing 142 154 145 750 149 153 754 755 156 757 755 757 755 755 Paper and products 155 170 165 161 167 164 173 172 169 175 174 175 175 167 174 Printing and publishing 133 143 132 137 138 139 141 142 142 145 146 148 146 '147 148 Newspapers 126 135 120 129 131 131 136 135 132 139 140 138 137 137 140 Chemical, petroleum, and rubber products. 188 215 203 201 205 209 270 272 279 223 227 223 275 '275 279 Chemicals and products 210 240 222 223 227 230 238 241 244 245 246 250 245 246 248 Industrial chemicals 247 298 272 269 275 282 290 296 306 310 310 315 '307 309 315 Petroleum products 148 158 155 155 154 163 157 158 162 163 160 159 159 '158 152 Rubber and plastics products 166 199 195 189 197 196 182 183 205 223 210 209 201 198 203 Foods, beverages, and tobacco. 123 128 125 124 126 725 130 750 727 727 750 750 725 750 Foods and beverages 123 128 125 125 127 126 130 131 128 127 131 130 128 129 131 Food manufactures 125 131 127 126 129 129 132 133 131 129 131 131 129 132 133 Beverages 112 118 114 115 114 112 121 120 112 114 126 125 119 116 Tobacco products 121 127 132 123 128 122 135 126 117 134 130 126 130 127 Mining Coal, oil, and gas 117 122 125 123 727 720 725 725 124 720 779 720 727 '724 125 Coal 68 67 78 73 72 67 69 73 68 58 59 61 63 '71 11 Crude oil and natural gas. 140 147 147 146 144 145 148 150 150 148 146 146 147 '149 148 Oil and gas extraction.. 138 145 144 143 142 143 147 148 147 146 143 144 145 '146 144 Crude oil 129 135 134 134 133 134 138 139 139 135 133 134 135 '136 134 Gas and gas liquids.. 196 209 208 203 202 205 207 209 213 217 214 212 '215 215 Oil and gas drilling.... 152 159 169 163 153 151 152 155 161 162 163 161 159 164 170 Metal, stone, and earth minerals 142 146 152 158 757 759 163 164 750 145 725 775 720 '742 752 Metal mining 114 106 129 140 139 139 136 140 130 100 66 53 57 94 110 Stone and earth minerals 171 188 176 176 175 179 190 189 190 192 193 189 188 '192 196 Utilities Electric. 244 271 254 259 258 261 262 267 273 275 274 279 279 '274 281 Gas.... 244 262 252 262 264 265 265 266 266 261 256 256 255 261 269 SUMMARY MARKET GROUPINGS Final products, total 145 162 153 154 155 157 161 164 164 166 166 165 165 162 166 Consumer goods 140 155 148 150 150 151 156 157 157 159 158 158 158 154 159 Equipment, including defense. 165 188 174 175 176 179 184 190 193 196 194 194 194 '192 194 Materials 138 156 149 150 154 158 163 167 167 160 148 149 146 '151 164 * Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 203 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Without seasonal adjustment] Annual average 1958 1959 Grouping 1958 1959*Dec. Jan. Feb, Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. INDUSTRY GROUPINGS Total index. 141 159 149 152 157 160 163 165 167 154 155 159 160 157 162 Manufacturing, total. 139 158 147 150 155 159 163 164 167 153 154 158 159 156 767 Durable 141 165 155 157 163 169 173 177 180 161 151 157 159 '157 173 Nondurable 141 155 140 146 151 152 155 155 156 149 162 163 164 159 151 Mining 120 125 127 127 126 125 128 132 131 119 120 120 122 126 127 Utilities 244 268 Durable Manufactures Primary and fabricated metals. 110 125 121 126 136 144 148 152 154 111 90 93 89 '772 739 Pri I m ro a n r y a n m d e t s a te ls el 9 9 9 4 1 1 1 0 4 8 1 1 0 1 8 2 1 1 2 1 1 7 1 1 3 3 7 4 1 1 4 4 8 7 1 1 5 5 1 1 1 1 5 5 5 4 1 1 5 5 6 4 7 8 7 8 5 3 4 5 5 3 6 7 3 5 9 6 ' r9 9 9 2 1 1 3 3 5 8 Fabricated metal products 125 142 135 134 134 137 142 146 151 145 146 151 139 133 144 Structural metal parts 138 149 150 145 145 148 153 157 162 156 148 150 141 140 155 Machinery and related products 166 797 186 187 191 196 199 202 205 197 189 198 205 189 205 Machinery 140 169 150 152 159 162 165 169 174 164 168 178 179 '173 179 Nonelectrical machinery 117 141 122 126 132 137 142 146 149 142 139 145 145 143 148 Electrical machinery 175 212 195 195 202 202 201 206 214 198 213 233 234 '222 228 Transportation equipment 197 228 236 233 233 240 244 244 243 238 204 210 231 '192 231 Motor vehicles and parts 112 146 153 151 151 160 163 164 164 158 113 125 155 '103 154 Aircraft and other equipment 376 389 402 398 398 398 400 395 395 393 391 382 376 '376 378 Instruments and related products 175 209 192 191 194 197 200 203 211 209 211 218 221 '222 225 Ordnance and accessories Clay, glass, and lumber 124 143 124 122 126 134 143 750 154 747 756 753 752 142 134 Clay, glass, and stone products. 137 159 139 134 138 149 159 165 171 168 171 169 168 '160 155 Lumber and products 110 124 106 108 113 116 125 135 136 123 139 136 135 '122 110 Furniture and miscellaneous. 126 147 137 135 138 140 140 143 147 145 753 757 755 '755 154 Furniture and fixtures 137 164 154 153 155 157 157 159 164 164 170 171 174 '171 175 Misc. manufactures 116 133 122 120 123 125 126 129 133 128 139 144 145 '142 137 Nondurable Manufactures Textile, apparel, and leather products. . 117 136 115 131 139 136 142 140 737 723 143 736 142 739 726 Textile mill products 109 126 109 121 125 125 132 130 128 118 132 127 131 128 117 Apparel products 129 152 123 146 157 152 160 157 152 134 161 152 162 159 141 Leather and products 109 119 108 118 128 124 121 119 118 110 126 119 118 113 Paper and printing 142 154 139 144 150 755 757 755 753 145 755 760 765 759 753 Paper and products 155 170 149 160 171 169 178 173 172 158 176 176 186 170 157 Printing and publishing 133 143 133 133 136 142 144 144 141 137 141 150 152 152 150 Newspapers 126 135 119 119 127 136 145 144 133 121 125 139 148 149 138 Chemical, petroleum, and rubber products. 188 215 199 204 210 214 273 272 277 207 218 224 222 275 275 Chemicals and products 210 240 219 224 231 236 244 243 243 231 242 251 '249 246 244 Industrial chemicals 247 298 272 275 284 289 296 298 302 292 298 312 '310 '310 315 Petroleum products 148 158 155 155 155 162 152 155 162 161 165 163 158 '156 156 Rubber and plastics products 166 199 186 198 208 206 187 179 199 187 203 212 211 203 194 Foods, beverages, and tobacco. 123 128 118 117 119 118 723 726 730 72P 141 142 739 737 723 Foods and beverages 123 128 119 116 118 118 123 125 130 130 141 143 138 131 125 Food manufactures 125 131 124 121 122 120 123 125 129 130 143 147 143 137 130 Beverages 112 118 100 94 100 110 123 129 137 130 134 126 120 106 Tobacco products 121 127 106 123 130 122 130 130 127 122 139 131 139 127 Mining Coal, oil, and gas. 117 127 126 125 723 723 124 723 773 118 779 727 r124 726 Coal 68 67 76 72 73 68 67 71 71 46 62 64 '68 '74 75 Crude oil and natural gas 140 147 150 151 149 148 149 149 147 143 143 144 145 '147 150 Oil and gas extraction 138 145 147 149 149 148 149 147 145 139 139 141 143 '145 147 Crude oil 129 135 137 139 138 138 139 139 136 130 130 132 133 '134 136 Gas and gas liquids 196 209 218 215 220 214 207 202 200 199 202 203 '209 221 Oil and gas drilling 152 159 165 162 152 146 148 155 160 164 168 166 161 162 i66 Metal, stone, and earth minerals. 142 146 136 135 137 141 757 177 750 156 739 729 725 '735 737 Metal mining 114 106 103 110 114 114 129 161 161 115 76 62 63 86 88 Stone and earth minerals 171 188 170 160 159 168 186 193 198 200 205 201 198 '193 189 Utilities Electric 244 271 259 276 269 265 257 254 264 273 280 284 267 '265 286 Gas 244 262 SUMMARY MARKET GROUPINGS Final products, total 145 162 150 154 158 159 161 162 165 159 165 168 170 162 162 Consumer goods 140 155 144 149 153 153 154 154 157 150 159 161 165 '154 153 Equipment, including defense. 165 188 175 177 180 183 187 191 195 191 190 193 192 189 195 Materials 138 156 147 150 156 160 164 167 168 150 147 150 150 153 162 Preliminary. Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] p 1 r 9 o 5 - 7 A av n e n ra u g a e l 1958 1959 Grouping portion 1958 1959 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index. 100.00 93 105 100 100 102 104 107 109 110 108 103 103 102 '102 109 Manufacturing, total. 86.49 92 105 99 100 102 104 707 110 110 108 104 104 102 102 709 Durable 49.66 87 102 95 96 98 101 105 109 110 105 '98 97 95 '95 106 Nondurable 36.83 100 110 105 105 107 107 110 111 111 113 113 113 111 111 113 Mining 8.55 91 95 98 97 96 95 98 99 98 94 91 90 91 '96 98 Utilities 4.96 105 115 109 111 111 112 112 114 116 116 115 117 117 '116 119 Durable Manufactures Primary and fabricated metals. 13.15 96 94 95 101 106 110 117 115 93 71 70 66 r84 705 Pri I m ro a n r y a n m d e t s a te ls el 7 6 . .2 7 1 3 9 8 0 6 9 8 0 9 9 9 2 2 1 1 0 0 3 2 1 1 0 1 9 2 1 11 1 7 3 1 12 2 4 2 1 1 1 1 9 8 7 8 1 1 4 2 6 9 4 3 5 0 4 3 3 0 m 1 1 0 1 9 4 Fabricated metal products.... 5.42 104 99 99 99 101 104 109 112 111 106 106 99 '73 105 Structural metal parts 2.91 100 97 97 98 99 103 106 109 108 100 99 92 '95 100 91 Machinery and related products... 28.98 102 94 95 96 98 101 105 106 108 106 105 104 96 104 Machinery 15.31 103 91 92 94 96 100 104 107 108 107 108 107 '104 109 Nonelectrical machinery 8.92 99 85 87 90 93 97 101 104 105 103 104 103 '102 104 Electrical machinery 6.39 108 99 99 100 100 103 107 110 113 113 113 112 108 115 Transportation equipment 10.76 98 96 96 96 99 102 104 105 106 102 98 98 '79 93 Motor vehicles and parts 5.04 100 94 97 97 103 108 111 113 114 106 103 104 '63 94 Aircraft and other equipment.. 5.50 94 96 94 94 94 95 97 96 96 96 93 91 '91 91 Instruments and related products. 1.66 112 102 103 103 105 106 110 114 115 116 117 118 119 120 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 111 103 703 104 772 114 114 775 114 772 777 '777 772 Clay, glass, and stone products. 2.92 95 110 99 99 101 111 112 116 118 115 112 111 110 111 Lumber and products 1.65 100 113 111 111 109 115 118 112 117 113 112 111 '112 115 Furniture and miscellaneous. 2.96 96 112 102 705 705 770 113 114 775 114 113 114 775 Furniture and fixtures 1.48 96 115 106 109 109 112 116 117 120 116 115 116 '118 120 Misc. manufactures 1.48 95 109 99 102 102 107 109 110 113 111 111 111 '111 111 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 707 709 70P 777 775 118 779 720 777 775 775 '775 775 Textile mill products 2.78 98 113 104 108 108 111 114 115 119 121 117 114 111 111 112 Apparel products 3.44 101 120 109 112 112 114 120 122 122 122 121 121 122 125 126 Leather and products 1.10 97 106 105 104 103 101 107 113 107 110 107 104 104 104 Paper and printing 7.93 99 108 707 702 705 704 707 705 707 709 770 777 770 709 77/ Paper and products 3.27 101 111 107 105 109 107 112 112 110 114 113 114 114 109 113 Printing and publishing. 4.66 98 105 97 101 102 102 104 104 104 106 107 108 107 108 109 Newspapers 1.53 96 103 92 99 100 100 104 103 101 106 107 106 105 104 107 Chemical, petroleum, and rubber products. 10.94 99 113 705 705 705 770 770 777 775 777 775 777 775 Chemicals and products 7.10 100 114 106 106 108 110 113 115 116 117 117 119 '117 117 118 Industrial chemicals 3.61 98 118 108 107 109 112 115 117 122 123 123 125 '122 '122 125 Petroleum products 1.93 99 105 103 103 102 108 104 105 108 108 107 106 106 '105 101 Rubber and plastics products 1.91 95 114 112 108 113 112 104 105 117 128 120 120 115 113 116 Foods, beverages, and tobacco 10.64 102 107 104 103 705 104 705 705 705 705 705 705 705 707 705 Foods and beverages 9.87 102 106 103 103 105 104 107 108 106 105 108 108 106 107 108 Food manufactures 8.31 102 106 103 103 105 105 107 108 106 105 107 107 105 107 108 Beverages 1.56 102 107 103 104 104 102 110 109 102 103 114 113 108 105 Tobacco products .77 106 112 116 108 112 107 119 110 102 117 114 111 114 111 Mining Coal, oil, and gas 7.05 92 98 96 95 94 96 98 97 94 94 94 r97 Coal 1.30 83 95 89 87 82 84 89 83 71 74 '76 '87 I 93 Crude oil and natural gas 5.75 94 99 98 96 97 99 100 100 99 98 98 '100 I 99 Oil and gas extraction 4.98 94 99 98 97 98 101 102 101 100 99 99 '100 99 Crude oil 4.33 93 98 98 97 97 100 101 101 98 97 98 '99 97 Oi G l a a n s d a n g d a s g d a r s i l l l i i q n u g ids . . 6 7 5 7 1 8 0 9 0 1 9 0 9 5 1 9 0 6 3 1 8 0 9 2 104 1 8 0 9 5 1 9 0 1 6 1 9 0 4 8 1 9 1 5 0 1 9 0 4 7 '1 9 0 3 9 1 9 0 6 9 '99* Metal, stone, and earth minerals. 1.50 91 98 707 707 702 104 705 702 93 76 77 '97 97 Metal mining .70 83 93 102 101 101 99 102 94 73 39 '42 68 79 Stone and earth minerals .80 98 101 101 101 103 109 109 109 111 109 108 '110 113 Utilities Electric. 3.76 104 116 110 117 118 119 119 '777 720 Gas.... 1.20 105 113 114 115 113 110 110 113 116 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 205 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Annual p 1 r 9 o 5 - 7 average 1958 1959 Grouping portion 1958 \959P Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index. 100.00 105 100 100 102 104 107 109 110 108 103 103 102 '102 109 Final products, total 46.75 707 101 102 102 103 106 108 705 709 709 709 709 r706 709 Consumer goods 31.13 110 105 106 107 107 111 111 111 112 112 112 112 109 113 Equipment, including defense 15.62 100 92 92 93 95 97 100 102 103 102 103 103 101 103 Materials 53.25 103 98 99 101 104 108 110 110 106 98 99 97 100 108 Consumer Goods Automotive products 3.35 83 103 105 104 101 106 108 770 775 776 705 705 72 99 Autos 2.03 71 96 102 99 93 102 108 110 112 113 97 89 98 48 87 Auto parts and allied products.. . 1.32 100 113 109 112 112 112 108 109 115 119 118 114 117 110 117 Home goods and apparel 9.60 98 116 107 109 109 110 775 777 775 720 775 779 779 -720 725 Home goods 4.40 96 115 108 108 108 107 112 116 117 120 120 120 121 121 126 Appliances, TV, and radios 1.75 94 114 109 104 106 103 110 115 115 119 121 124 124 "127 135 Appliances 1.26 99 119 118 109 111 107 115 121 118 121 130 130 129 138 146 TV and home radios .49 83 102 84 93 95 92 96 100 108 112 97 111 113 98 108 Furniture and rugs 1.18 98 119 110 113 114 114 117 121 121 123 120 118 120 120 123 Misc. home goods 1.47 97 114 106 107 106 107 111 112 115 117 118 118 118 114 116 Apparel, incl. knit goods and shoes. 5.20 100 116 107 109 110 113 118 118 119 120 117 117 118 119 120 Consumer staples 18.18 102 108 104 105 106 705 709 709 705 705 770 777 709 770 770 Processed foods 8.11 102 106 102 103 105 104 107 108 107 106 107 107 104 107 107 Beverages and tobacco 2.32 103 108 108 105 106 104 113 109 102 108 114 112 110 107 iii Drugs, soap, and toiletries 2.73 102 111 105 106 108 108 111 110 111 111 112 115 114 115 Newspapers, magazines, and books. 1.44 99 106 96 103 102 103 104 104 105 106 108 110 108 109 Consumer fuel and lighting 3.45 105 113 107 111 110 111 110 111 112 113 113 114 114 114 110 Fuel oil and gasoline 1.19 98 104 103 105 104 107 105 103 105 104 105 101 100 105 Residential utilities 2.26 108 117 110 115 113 113 113 114 115 117 118 121 122 119 iO4 Electricity 1.57 108 119 111 115 113 113 113 \15 116 119 120 124 126 121 Gas 69 107 114 Equipment Business equipment 12.16 99 97 93 96 700 702 104 703 705 703 702 103 Industrial equipment 7.29 97 88 90 92 97 100 101 102 101 101 102 104 Commercial equipment 2.46 104 96 97 100 102 105 107 108 109 111 112 113 Freight and passenger equipment.... 1.83 95 95 95 97 99 97 101 96 92 91 r87 90 Farm equipment .58 100 116 108 112 119 128 132 132 109 129 112 106 105 Defense equipment 3.46 Materials Durable goods materials. . . 27.81 700 96 99 104 705 772 772 705 59 97 r92 706 Consumer durable 3.67 101 93 95 102 107 113 117 111 102 104 95 r74 104 Equipment 8.10 103 96 98 100 102 106 109 106 102 101 103 102 105 Construction 9.05 107 100 101 106 111 114 113 113 107 105 102 101 107 Metal materials n.e.c 6.99 Nondurable materials 25.44 97 707 702 705 104 104 705 705 709 709 707 707 706 108 770 Business supplies 8.87 98 107 102 102 105 104 107 107 107 110 110 110 107 109 111 Containers 2.91 101 109 104 105 109 108 111 110 108 111 111 110 107 113 General business supplies 5.96 97 107 101 101 102 102 106 106 106 109 109 110 107 110 111 Nondurable materials n.e.c 7.05 98 115 106 107 108 110 116 116 118 122 118 117 117 117 119 Business fuel and power 9.52 94 100 100 100 100 101 103 103 99 97 98 101 103 M No in n e re ra s l i d f e u n e t l i s al utilities 6 2 . . 2 7 9 0 1 9 0 2 2 1 9 1 6 3 1 9 0 8 7 1 9 0 7 8 1 9 0 5 9 1 9 1 5 1 1 9 1 7 2 1 9 1 9 4 1 9 1 7 7 1 9 1 4 6 1 9 1 3 3 1 9 1 3 4 1 ' 1 9 2 5 1 r 1 97 3 98 Electricity 2.19 102 114 107 107 108 110 111 113 117 117 114 116 114 114 General industrial .99 98 110 105 104 107 109 109 111 117 116 109 109 106 106 Atomic energy .08 97 97 95 96 97 97 96 96 97 97 97 97 97 97 Commercial and other 1 .12 105 118 110 111 111 112 115 117 118 118 120 123 122 122 Gas .51 102 112 109 111 112 114 115 116 117 112 106 106 Industrial • • • .33 Commercial and other. .-....••.... .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 l!0 107 106 105 107 110 113 115 118 113 100 Apparel and staples 23.38 102 110 104 106 107 107 111 111 110 111 112 112 111 112 112 P Preliminary. r Revised. BULLETIN. Figures for individual series and subtotals without seasonal NOTE.—Published groupings include some series and subtotals not adjustment for the period since December 1958 are available on request shown separately. For summary description and historical data, see from the Division of Administrative Services, Board of Governors of the BULLETIN for December 1959, pp. 1451-74. Availability of detailed Federal Reserve System, Washington 25, D. C. descriptive and historical data will be announced in a forthcoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957« 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 A av n e n ra u g a e l 1958 1959 Grouping portion 1958 1959* Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index 100.00 93 105 98 100 103 105 107 109 110 102 102 105 105 r103 107 Manufacturing, total 86.49 92 105 97 100 103 106 108 109 HI 102 103 105 106 104 707 Durable 49.66 87 102 96 97 100 104 106 109 111 99 93 97 98 97 107 Nondurable 36.83 100 110 100 104 107 108 110 110 111 106 115 116 117 113 107 Mining 8.55 91 95 97 96 96 95 97 100 100 90 92 91 92 '96 97 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals 13.15 96 93 96 104 110 113 116 117 85 69 71 68 '86 706 Pr I im ro a n r y a n m d e t s a te ls el 7 6. . 2 7 1 3 9 8 0 6 8 8 8 7 9 9 5 4 1 1 0 0 7 8 1 1 1 1 7 6 1 1 2 1 1 9 1 1 2 2 1 3 1 1 2 2 3 2 6 6 9 1 4 2 2 8 4 3 4 0 4 3 4 1 ns 1 1 1 0 1 6 Fabricated metal products 5.42 104 99 98 98 101 104 107 111 106 107 110 102 '73 105 Structural metal parts 2.91 100 100 97 97 99 102 105 108 104 99 100 94 '97 104 '93 Machinery and related products 28.98 102 96 97 99 101 103 104 106 102 98 102 106 98 706 Machinery 15.31 103 91 93 97 99 101 103 106 100 102 109 109 106 109 Nonelectrical machinery 8.92 99 86 89 93 97 100 103 105 100 98 102 102 r100 105 Electrical machinery 6.39 108 99 99 102 102 102 105 108 101 108 118 119 113 116 Transportation equipment 10.76 98 101 100 100 103 104 104 104 102 87 90 99 '82 99 Motor vehicles and parts 5.04 100 104 103 103 110 111 112 112 108 77 85 106 70 106 Ins A tr i u rc m ra e f n t ts a n a d n d o t r h e e la r te e d q u p ip ro m d e u n c t ts 5 1 . .6 5 6 0 1 9 1 4 2 1 9 0 7 3 1 9 0 6 3 1 9 0 6 4 1 9 0 6 6 1 9 0 6 7 1 9 0 5 9 1 9 1 5 3 1 9 1 5 2 1 9 1 4 4 1 9 1 2 7 1 9 1 1 9 ' r 1 9 1 1 9 1 9 2 1 1 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 HI 96 95 98 104 112 777 720 115 121 119 P77P 705 Clay, glass, and stone products 2.92 95 110 96 93 96 103 111 114 119 117 119 117 116 111 107 Lumber and products 1.65 100 113 96 98 103 105 113 122 123 112 126 123 122 '111 100 Furniture and miscellaneous 2.96 96 112 104 103 105 106 707 108 772 770 77<5 119 120 r775 777 Furniture and fixtures 1.48 96 115 108 107 109 110 110 111 115 115 119 120 122 119 123 Misc. manufactures 1.48 95 109 100 98 101 102 104 106 109 105 114 118 119 116 112 Nondurable Manufactures Textile, apparel, and leather products.. . . 7.32 99 115 97 111 118 115 727 118 116 104 121 775 120 777 706 Textile mill products 2.78 98 113 97 109 113 112 119 117 115 106 118 114 118 115 105 Apparel products 3.44 101 120 97 115 123 120 126 123 119 105 127 119 127 125 111 Leather and products 1.10 97 106 96 105 114 110 108 106 105 98 112 106 105 101 Paper and printing 7.93 99 108 97 100 105 707 770 705 707 707 108 772 775 777 707 Paper and products 3.27 101 111 97 104 111 110 116 112 112 103 115 115 121 102 Printing and publishing 4.66 98 105 98 98 100 104 106 106 104 100 104 110 111 112 110 Newspapers 1.53 96 103 91 91 97 110 102 92 96 107 113 114 106 Chemical, petroleum, and rubber products 10.94 99 113 105 107 110 113 772 777 114 70P 775 775 777 115 775 Chemicals and products 7.10 100 114 104 107 110 112 116 116 116 110 115 119 119 117 116 Industrial chemicals 3.61 98 118 108 109 113 115 117 118 120 116 118 124 123 123 125 Petroleum products 1.93 99 105 103 103 103 108 101 103 108 107 110 109 105 104 104 Rubber and plastics products 1.91 95 114 107 113 119 118 107 103 114 107 117 121 121 116 Foods, beverages, and tobacco 10.64 102 107 98 97 99 98 702 705 705 707 /77 775 775 705 Foods and beverages 9.87 102 106 99 96 98 98 101 104 108 107 117 119 115 109 104 Food manufactures 8.31 102 106 100 98 99 97 100 101 105 105 116 119 116 105 Beverages 1.56 102 107 91 85 91 100 111 117 124 118 121 114 109 96 Tobacco products .77 106 112 93 108 114 107 114 112 108 122 115 122 111 Mining Coal, oil, and gas 7.05 92 96 99 99 98 96 96 97 96 88 92 93 95 r97 99 Coal 1.30 83 82 92 88 89 83 82 86 86 55 75 78 83 '90 91 Crude oil and natural gas 5.75 94 99 100 101 100 99 100 100 99 96 96 97 97 '99 101 Oil and gas extraction 4.98 94 99 101 102 102 101 102 101 99 95 95 97 98 99 101 Crude oil 4.33 93 98 99 101 100 100 101 101 99 95 94 96 96 97 99 Gas and gas liquids .65 100 106 111 109 111 109 105 102 101 101 102 103 106 112 Oil and gas drilling .77 89 94 97 95 89 86 87 91 94 96 99 97 94 95 97* Metal, stone, and earth minerals 1.50 91 94 87 86 88 90 101 774 775 700 89 52 82 Metal mining .70 83 77 75 80 83 82 93 117 116 83 55 45 '46 62 64 Stone and earth minerals 98 108 98 92 92 97 107 111 114 115 118 116 114 109 Utilities Electric 3.76 104 116 110 118 115 113 108 113 116 120 121 114 113 122 Gas 1.20 105 113 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 207 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1958 1959 Grouping portion 1958 1959* Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index 100.00 93 105 98 100 103 105 107 109 110 102 102 105 105 '103 107 Final products, total 46.75 95 107 99 101 104 104 106 107 108 705 109 110 112 106 107 Consumer goods .... 31.13 99 110 102 105 108 108 109 109 111 107 113 114 117 '109 109 Ma E t q e u r i i p a m ls e nt, including defense. . .... ... 5 1 3 5 . . 2 6 5 2 8 9 7 1 1 10 0 3 0 9 9 7 2 9 9 4 9 1 9 0 5 3 1 9 0 7 6 1 9 0 9 9 1 1 0 1 1 0 103 1 9 0 9 1 1 9 0 7 0 1 9 0 9 2 1 9 0 9 1 1 10 0 1 0 1 10 0 7 3 Consumer Goods 0 Automotive products 3.35 83 103 111 110 109 115 114 114 116 110 77 80 777 T76 70J Autos 2.03 71 96 114 110 107 117 118 117 114 109 51 53 105 55 98 Auto parts and allied products 1.32 100 113 106 112 113 107 109 118 113 118 121 120 107 Home goods and apparel 9.60 98 116 100 108 116 115 117 116 116 105 120 122 125 720 /72 Home goods . . . 4.40 96 115 104 103 112 113 112 112 115 105 116 127 129 rl21 118 Appliances, TV, and radios... 1.75 94 114 98 99 116 115 113 113 116 95 108 130 131 M19 116 Appliances 1.26 99 119 105 101 124 128 126 126 126 103 108 127 121 '117 121 TV and home radios .... .49 83 102 80 93 95 83 78 80 91 73 110 139 157 125 102 Furniture and rugs 1.18 98 119 112 112 116 117 116 114 116 115 122 123 126 '123 126 Misc. home goods ... 1.47 97 114 103 101 104 106 109 110 113 109 120 126 129 121 114 Apparel, incl. knit goods and shoes. 5.20 100 116 97 111 119 116 120 118 117 105 124 117 122 118 107 Consumer staples 18.18 102 108 102 103 104 103 105 105 108 107 115 777 114 '770 70* Processed foods.... 8.11 102 106 100 98 98 97 99 101 105 106 116 120 115 10^ Beverages and tobacco 2.32 103 108 92 93 98 102 112 116 120 114 122 115 113 101 Drugs, soap, and toiletries 2.73 102 111 105 107 108 109 111 109 110 104 114 118 117 116 112 Newspapers, magazines, and books 1.44 99 106 97 102 102 104 104 103 104 103 109 113 110 '109 110 Consumer fuel and lighting 3.45 105 113 112 121 117 114 109 106 107 109 113 114 108 111 120 Fuel oil and gasoline 1.19 98 104 107 108 105 105 100 101 104 103 106 103 99 M04 108 Residential utilities 2.26 108 117 Electricity 1 .57 108 119 117 133 127 121 113 105 106 112 117 121 113 115 Gas .69 107 114 Equipment Business equipment 12.16 85 99 89 91 93 95 98 101 104 101 700 702 102 100 104 Industrial equipment 7.29 82 97 87 88 88 90 92 97 101 100 101 102 102 '100 104 Commercial equipment 2.46 88 104 96 96 97 98 100 101 104 103 106 110 112 '113 115 Freight and passenger equipment 1.83 89 95 93 94 98 100 103 103 102 99 93 87 88 '84 87 Farm equipment .58 100 116 84 98 120 129 138 136 133 116 95 112 111 94 101 Defense equipment.... 3.46 Materials Durable goods materials... 27.81 86 100 95 96 101 106 109 112 114 97 88 91 90 r94 106 Consumer durable 3.67 11 101 98 99 101 106 106 108 110 97 87 101 100 '83 112 Equipment 8.10 86 103 97 98 100 103 104 106 108 101 98 101 102 '102 108 Construction . .. 9.05 95 107 96 94 97 103 110 114 118 110 111 110 107 '102 103 Metal materials n.e.c. . . ... 6-99 Nondurable materials . ... 25.44 97 107 100 103 105 705 109 108 108 101 707 70P 70P 109 108 Business supplies 8.87 98 107 96 100 104 106 111 109 108 101 110 113 113 '110 106 Containers 2.91 101 109 89 99 106 107 114 113 114 105 118 117 113 M03 97 General business supplies 5.96 97 107 100 100 102 105 109 107 105 100 105 111 112 M13 110 Nondurable materials n.e.c 7.05 98 115 104 109 112 113 117 117 116 109 116 117 120 120 117 Business fuel and power 9.52 94 100 101 101 102 101 101 102 102 95 98 98 98 101 104 Mineral fuels.... 6.29 92 96 99 99 99 98 98 98 96 87 91 93 95 97 99 Nonresidential utilities 2 70 102 113 Electricity 2.19 102 114 105 107 106 108 108 111 117 119 121 121 115 112 General industrial 99 98 110 105 105 104 108 109 112 117 112 110 110 109 108 Atomic energv .08 97 97 95 96 97 97 96 96 97 97 97 97 97 97 Commercial and other 1.12 105 118 107 110 108 108 107 110 119 128 133 133 122 116 Gas .51 102 112 Industrial • • • • 33 Commercial and other • 18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 107 106 111 114 113 113 115 107 99 107 121 '101 Apparel and staples 23.38 102 110 101 105 107 106 108 108 110 107 117 117 115 112 108 * Preliminary. r Revised. BULLETIN. Figures for individual series and subtotals without seasonal NOTE.—Published groupings include some series and subtotals not adjustment for the period since December 1958 are available on request shown separately. For summary description and historical data, see from the Division of Administrative Services, Board of Governors of the BULLETIN for December 1959, pp. 1451-74. Availability of detailed Federal Reserve System, Washington 25, D. C. descriptive and historical data will be announced in a forthcoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947^49 =100, unless otherwise indicated] Industrial production C c o o n n s t t r r a u c c t t s i o * n fa M ctu a r n i u n - g 3 Prices Nonag- Ma g j r o o r u i p n i d n u g s s try Major market groupings r t e i u c m r u a - l l - F c r a e r i - ght D m s e t p o e a n re r t t- Y m e o a n r t o h r Total M f t i u a a n c r n g - - u- M in i g n- U it t i i e l s - To F ta i l nal g s C p o u o r o m n o d - e d s r uc E m ts q e u n ip t - M ria a l t s e- R d t e e ia n s l - i- o A th ll er t p o l t o a y l - 2 p m E l m o en y - t - P ro a l y l - s l i o n a g d s - v ( s r a a e l l t u e a e s il ) s C u o m n e - r m W c s o o h a d m l o i e l t - e y s Adj. Adj. Adi. Adj. Adj. •rVdj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93 8 97.2 88 99 101 8 99 2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108 2 106 4 129 8 101 112 111 0 114 8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106 3 136 6 95 114 113 5 111 6 1953 138 139 117 166 138 124 182 137 178 201 113 6 151 4 96 118 114 4 110 1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101 8 137.7 86 118 114 8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 •99 *98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119 2 104 4 162 7 90 135 120 2 117 6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 '148.7 78 136 123.5 119.2 1959 P159 P158 P125 *>268 *>162 *155 ?188 ?156 132 101 P118.8 P98.9^167.2 81 P144 1958 Dec 151 149 129 253 153 148 174 149 90 82 116.2 96.1 160.4 82 143 123.7 119.2 1959 Jan 152 150 128 259 154 150 175 150 94 81 116.8 96.5 158.2 84 138 123.8 119.5 Feb . 155 153 126 259 155 150 176 154 99 77 117 0 96 8 160 4 84 140 123 7 119 5 Mar 157 156 126 261 157 151 179 158 142 113 117.6 98.2 165.1 85 138 123.7 119.6 Apr 162 161 129 262 161 156 184 163 169 122 118.6 99.5 167.0 87 141 123.9 120.0 May. 166 165 131 266 164 157 190 167 154 117 119.2 100.9 169.6 89 144 124.0 119.9 June 166 166 129 271 164 157 193 167 162 119 119.8 101.9 174.4 87 144 124.5 119.7 July 163 163 123 271 166 159 196 160 156 123 120.2 102.0 170.2 73 150 124.9 119.5 Aug 157 156 120 269 166 158 194 148 143 96 118.9 97.4 164.9 72 149 124.8 119.1 Sept 157 156 119 273 165 158 194 149 135 100 119.2 98.3 169.1 72 143 125.2 119.7 Oct 155 154 120 272 165 158 194 146 139 102 118.9 97.3 165.9 74 144 125.5 119.2 Nov r155 154 r126 r270 162 154 r192 M51 101 80 M19.4 r98 4 r166 8 81 145 125 6 118 9 Dec 165 164 129 277 166 159 194 164 91 77 120.4 100.5 175.3 91 P149 125.5 118.9 I960—Jan ^169 P169 *>128 *>279 P171 ^165 P197 *>167 P120.7P101.1^175.4 90 e147 119.3 e Estimated. p Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armed forces. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment, payrolls, and prices are compiled three-month moving averages, based on value data for 37 States east of by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS, 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 B>' type of construction Year or month Total N on residential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1958 35,090 13,427 21,663 14,696 1 400 1 197 2 908 3 444 9 446 1959 32,269 11,068 25,201 1958—Dec 2,282 887 1,395 981 88 227 206 226 553 1959 Jan 2,319 800 1,519 1 022 105 282 171 261 479 Feb 2,307 800 1,507 ,073 139 198 177 190 530 Mar 3,340 869 2,471 ,541 128 286 217 283 886 Apr 3,778 1,207 2,571 ,831 189 328 270 400 760 May 3,542 1,094 2,447 ,677 176 326 227 342 793 June 3,659 1,167 2,492 ,762 151 292 251 361 842 July 3,657 1,186 2,470 ,690 194 354 265 378 776 /Vug ... 3,084 850 2,234 ,551 133 311 231 285 571 Sept 3,058 840 2,218 ,466 165 346 241 255 586 Oct 3,135 914 2,220 ,515 209 331 233 230 616 Nov 2,373 701 1,672 092 183 225 208 185 480 Dec 2,224 711 1,513 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after not comparable with monthly data for earlier years because of a change original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSTRUCTION 209 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 Total d R en e t s i i a - l Total Indu B s u - sine C s o s m- Public O n d re o t e h s n n i e - - - r Total M ta i r l y i- H w ig a h y - s C t e i r o o v n n a - - o A th l e l r trial mercial utility tial 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 3,574 9,253 887 2,353 912 5,101 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 ,387 2,679 900 5,815 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 ,290 3,015 892 6,039 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 ,003 3,680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 701 5,875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 ,360 4,395 826 6,131 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 ,287 4,892 97J 6,867 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 ,402 5,500 1,019 7,491 1959^ 54,256 38,281 22,322 11,195 2,008 3,914 5,273 4,764 15,975 ,432 5,800 1,121 7,622 1959—Jan... 4,557 3,065 1,793 900 160 304 436 372 1,492 127 600 95 670 Feb.. 4,609 3,097 1,812 910 160 308 442 375 1,512 125 613 93 681 Mar.. 4,659 3,158 1,867 915 156 305 454 376 1,501 133 596 98 674 4,667 3,243 1,952 915 153 311 451 376 1,424 143 517 99 665 M*ay'. 4,713 3,296 1,981 936 157 334 445 379 1,417 144 513 101 659 June. 4,705 3,287 1,939 954 163 344 447 394 1,418 139 511 112 656 July.. 4,671 3,301 1,924 970 170 351 449 407 1,370 113 514 90 653 Aug.. 4,566 3,260 1,875 966 175 347 444 419 1,306 113 475 86 632 Sept.. 4,427 3,196 1,855 933 168 329 436 408 1,231 102 443 88 598 Oct.. 4,313 3,129 1,811 910 169 318 423 408 1,184 95 418 91 580 NOV.P 4,221 3,085 1,748 921 180 317 424 416 1,134 105 381 77 571 Dec. P 4,328 3,144 1,760 955 196 331 428 429 1,184 110 381 95 598 I960—Jan. P. 4,572 3,262 1,841 989 203 345 441 432 1,310 112 483 103 612 Preliminary. * Beginning with June 1959, data are from Bureau of Census. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] Total Non- Private Government-underwritten * Year or month a ( n s a e n p d a u r j s i u a o v l s n a t r e t a e a d ll t y e) Total p M a o r e l e i t t a r a o s n - p m a o e r l e i t t r a a o s n - Total family fam 2- ily M fam ul i t l i y - Public Total FHA VA 1951 1,091 in 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 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 .193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 "1,379 946 432 Pi,343 n.a. n.a. n.a. P36 r458 '349 109 1959 Jan ,364 87 62 25 84 64 3 17 3 27 20 7 Feb ,403 95 62 33 94 75 3 15 26 20 6 Mar 403 121 81 40 118 93 5 20 3 40 30 10 Apr ,434 142 97 45 137 109 5 24 5 46 35 11 J M un ay e ... , ,3 3 6 7 8 0 1 1 3 3 7 7 9 9 3 4 4 4 4 3 1 13 3 1 4 1 11 0 0 7 5 5 2 1 1 6 4 6 47 r3 3 6 6 1 1 1 0 J S O A u e u c l p y t Z t 1 , , , . 3 1 3 3 7 8 4 2 5 0 0 3 1 1 1 1 2 2 0 2 9 9 6 0 8 8 7 8 8 3 5 6 4 4 3 3 1 3 8 0 1 1 1 1 2 2 0 1 7 5 2 7 1 1 9 8 0 0 5 3 5 4 4 4 4 4 1 1 1 1 8 7 5 8 4 2 3 3 r ' r r 4 4 4 3 475 5 2 7 r r 2 3 3 3 8 2 4 5 1 1 1 9 1 0 0 Nov 1,210 93 66 27 91 73 4 16 2 31 23 8 Dec P1,33O ^84 59 24 P83 n.a. n.a. n.a. p[ 26 20 6 I960 Jan Pl,210 P76 53 23 P75 n.a. n.a. n.a. p\ 16 * Preliminary. n.a. Not available. tration represent units started under commitments of FHA or VA to inr Revised. sure or guarantee the mortgages. VA figures after June 1950 and all FHA * Beginning June 1959 data are from the Bureau of the Census. figures are based on filed office reports of first compliance inspections; * Data from Federal Housing Administration and Veterans' Adminis- earlier VA figures are estimates based on loans-closed information. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed1 Unemploy- Year or month institutional labor Not in the ment population force Total In nonagri- In U pl n o e y m ed - labor force (per r a c t e e nt)* Total cultural industries agriculture 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47 732 2.5 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 5.0 1955 117,388 68,896 65,848 63,193 56,464 6,730 2 654 48 492 4 0 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48 348 3.8 19573 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959—Jan 122,724 70,027 67,430 62,706 58,013 4,693 4,724 52,697 6.0 Feb 122,832 70,062 67,471 62,722 58,030 4,692 4,749 52,770 6.1 Mar . 122,945 70,768 68,189 63,828 58,625 5,203 4,362 52,177 5.8 A.pr 123,059 71,210 68,639 65,012 59,163 5,848 3 627 51 849 5 3 May 123,180 71,955 69,405 66,016 59,608 6,408 3,389 51 225 4.9 June . ... 123,296 73,862 71,324 67,342 60 111 7,231 3 982 49 435 4 9 July 123,422 73,875 71,338 67,594 60,769 6,825 3,744 49 547 5 1 Aug 123,549 73,204 70,667 67,241 60,884 6,357 3,426 50,345 5.5 Sept 123,659 72,109 69,577 66,347 60,105 6,242 3,230 51,550 5.6 Oct 123,785 72,629 70,103 66,831 60,707 6,124 3 272 51 155 6 0 Nov 123,908 71,839 69,310 65,640 60,040 5,601 3,670 52,068 5.6 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.2 1960—Jan.^ 124,606 70,689 68,168 64,020 59,409 4,61 1 4,149 53,917 5.2 1 Includes self-employed, unpaid family, and domestic service workers. 4 Data for January 1960 include Alaska and Hawaii. Figures for 2 Per cent of civilian labor force. Monthly data are seasonally population increased by about 500,000 and total labor force by nearly adjusted. 300,000, most of which was in nonagricultural employment. 3 Beginning with 1957 persons waiting to start new wage and salary jobs NOTE.—Information relating to persons 14 years of age and over is and those on temporary layoff, previously considered as employed (with obtained through interviews of households on a sample basis. Monthly a job but not at work), are classified as unemployed, and a small group in data relate to the calendar week that contains the 12th day; annual data school and waiting to start new jobs (previously included as employed) are averages of monthly figures. are classified as not in the labor force. EMPLOYMENT IN NON AGRICULTURAL 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 i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 . .. 49,681 17.238 852 2,622 4,221 10.527 2.038 5,538 6 645 1954 48.431 15 995 111 2,593 4,009 10,520 2.122 5,664 6.751 1955 50,056 16 563 111 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 1958 50.543 15.468 721 2.648 3,903 11.141 2.374 6.395 7 89^ 1959 51,971 16,167 676 2,765 3,903 11,384 2,425 6 524 8 127 SEASONALLY ADJUSTED 1959 Jan 51,086 15.764 704 2,650 3.894 11,216 2,387 6.443 8.028 Feb 51,194 15.819 693 2.626 3.880 11.279 2.395 6.462 8 040 Mar 51,456 16 006 688 2 719 3 885 11 263 2 398 6 441 8 056 Apr 51,887 16.182 701 2,829 3,886 11,333 2,403 6,479 8,074 May 52,125 16 372 708 2,787 3,917 11,363 2 413 6 486 8 079 June 52,407 16.527 709 2,799 3,928 11,425 2,418 6,525 8,076 July 52,558 16,580 714 2,800 3,920 11,465 2,426 6,570 8 083 Aug 52,023 16.037 633 2,814 3,893 11,529 2,437 6 549 8 131 Sent 52,154 16,141 617 2,116 3,899 11,464 2,452 6 584 8 221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8 217 Nov 52,253 16.174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,654 16,438 664 2,783 3,914 11,482 2,450 6,611 8,312 1960 Jan 52.800 16,504 657 2,730 3,930 11,596 2 455 6 609 8 319 WITHOUT SEASONAL ADJUSTMENT 1959—Jan 50,310 15,674 704 2,343 3,836 11,052 2,363 6.314 8,024 Feb 50,315 15,771 693 2,256 3,835 10.990 2,371 6,333 8 066 Mar . ... 50,878 15,969 688 2,417 3,865 11,083 2 386 6 377 8 093 Apr 51,430 16,034 694 2,662 3,879 11,136 2,403 6 511 8 111 May 51,982 16,187 701 2,834 3,914 11,234 2,413 6,583 8 116 June . 52,580 16,455 713 2,986 3,944 11,352 2,442 6 623 8 065 July 52,343 16,410 710 3,035 3,949 11,324 2,475 6 603 7 837 Aug 52,066 16,169 639 3,107 3,922 11,360 2,474 6,582 7,813 Sept . 52,648 16,367 620 3,043 3,927 11,464 2,452 6 617 8 158 Oct 52,569 16,197 621 2,961 3,910 11,551 2,441 6 614 8 274 Nov 52,793 16 280 660 2,856 1,912 11,723 2 438 6 593 8 331 Dec 53,739 16,488 667 2,683 3,937 12,341 2,438 6 545 8 640 1960 Jan 52,005 16,413 657 2,413 3,871 11,427 2,430 6,477 8,317 NOTB.—Data include all full- and part-time employees who worked averages for 1959 and figures for December 1959 and January 1960 are during, or received pay for, the pay period ending nearest the 15th of the preliminary. Back data may be obtained from the Bureau of Labor month. Proprietors, self-employed persons, domestic servants, unpaid Statistics. family workers, and members of the armed forces are excluded. Annual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT AND EARNINGS 211 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1959 1960 1959 1960 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total. 11,941 12,169 12,431 12,499 11,855 12,274 12,482 12,414 Durable goods 6,754 6,873 7,148 7,235 6,739 6,922 7,186 7,221 Ordnance and accessories 73 73 74 74 73 73 74 74 Lumber and wood products 579 590 593 594 547 599 581 561 Furniture and fixtures 308 319 322 321 313 327 328 326 Stone, clay, and glass products 422 452 452 454 411 457 452 443 Primary metal industries 947 975 1,034 1,039 952 975 1,039 1,044 Fabricated metal products 812 792 835 845 820 800 843 853 Machinery except electrical 1,047 1,147 1,157 1,166 1,057 1,136 1.163 1,178 Electrical machinery 783 869 875 875 791 882 893 884 Transportation equipment 1,216 1,026 1.185 1,250 1.216 1.026 1 ,185 1,250 Instruments and related products 208 231 230 230 209 232 232 231 Miscellaneous manufacturing industries. 359 399 391 387 350 415 395 377 Nondurable goods 5,187 5,296 5,283 5,264 5,116 5,352 5,296 5,193 Food and kindred products 1.036 1,011 1.025 1,025 950 1,032 990 938 Tobacco manufactures 77 75 75 72 79 82 80 73 Textile-mill products 852 8t>7 854 856 856 876 867 860 Apparel and other finished textiles 1,041 1 ,101 1.089 1,075 1 .051 1.107 1.105 1,086 Paper and allied products 442 448 447 445 440 452 449 443 Printing, publishing and allied industries 544 564 564 562 544 570 572 562 Chemicals and allied products 512 536 537 535 515 539 540 538 Products of petroleum and coal 157 155 156 159 154 154 154 156 Rubber products 197 206 205 205 199 209 209 207 Leather and leather products 329 333 331 330 329 331 331 330 NOTE.—Data covering production and related workers only (full- and 1960 are preliminary. Back data may be obtained from the Bureau of part-time) who worked during, or received pay for, the pay period ending Labor Statistics. nearest the 15th of the month. Figures for December 1959 and January 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 1959 1960 1959 1960 1959 1960 Jan. Nov. Jan. Jan. Nov. Dec. Jan. Jan. Dec. Jan. Total 87.38 88.98 91.94 92.52 39.9 39.9 40.5 40.4 2.19 2.23 2.27 2.29 Durable goods 94.94 95.44 99.87 100.94 40.4 40.1 41.1 41.2 2.35 2.38 2.43 2.45 Ordnance and accessories 105.00 106.97 109.36 108.05 41.5 41.3 41.9 41.4 2.53 2.59 2.61 2.61 Lumber and wood products 74.84 80.60 79.79 78.01 39.6 40.1 40.3 39.6 1.89 2.01 1.98 1.97 Furniture and fixtures 72.54 75.21 77.52 76.59 40.3 41.1 41.9 41.4 1 .80 1.83 I .85 1.85 Stone, clay, and glass products 86.83 91.39 91.62 91.30 40.2 40.8 40.9 40.4 2.16 2.24 2.24 2.26 Primary metal industries 110.80 107.86 116.57 116.00 40.0 38.8 40.9 40.7 2.77 2.78 2.85 2.85 Fabricated metal products 93.96 94.64 99.77 100.84 40.5 40.1 41.4 41.5 2.32 2.36 2.41 2.43 Machinery except electrical 99.31 102.82 105.92 105.41 40.7 40.8 41.7 41.5 2.44 2.52 2.54 2.54 Electrical machinery 88.88 90.72 93.07 92.84 40.4 40.5 41.0 40.9 2.20 2.24 2.27 2.27 Transportation equipment 106.63 104.66 111.38 118.13 40.7 39.2 40.8 42.8 2.62 2.67 2.73 2.76 Instruments and related products 91.17 94.71 96.00 95.76 40.7 41.0 41.2 41.1 2.24 2.31 2.33 2.33 Miscellaneous manufacturing industries.. 75.79 77.16 78.57 77.79 40.1 40.4 40.5 40.1 1 .89 1.91 1 .94 1.94 Nondurable goods 77.81 80.39 81.19 80.57 39.3 39.6 39.8 39.3 1.98 2.03 2.04 2.05 Food and kindred products 84.65 87.74 89.19 88.91 40.5 41.0 41.1 40.6 2.09 2.14 2.17 2.19 Tobacco manufactures 63.63 64.56 67.15 65.36 38.8 38.2 39.5 38.0 1.64 1.69 1.70 1.72 Textile-mill products 60.89 64.40 65.03 64.48 39.8 40.5 40.9 40.3 1.53 1.59 1.59 1.60 Apparel and other finished textiles 55.08 56.15 55.69 55.59 36.0 36.7 36.4 36.1 1.53 1.53 1.53 1.54 Paper and allied products 91.58 95.22 95.00 94.30 42.4 42.7 42.6 42.1 2.16 2.23 2.23 2.24 Printing, publishing and allied industries. 99.94 103.79 106.59 105.49 38.0 38.3 38.9 38.5 2.63 2.71 2.74 2.74 Chemicals and allied products 97.00 101.75 102.41 101.84 41.1 41.7 41.8 41.4 2.36 2.44 2.45 2.46 Products of petroleum and coal 113.70 118.90 116.47 116.11 40.9 41.0 40.3 39.9 2.78 2.90 2.89 2.91 Rubber products 100.28 97.66 101.59 100.44 41.1 39.7 40.8 40.5 2.44 2.46 2.49 2.48 Leather and leather products 62.56 60.43 60.91 60.91 39.1 37.3 37.6 37.6 1.60 1.62 1.62 1.62 NOTE.—Data are for production and related workers. Figures for December 1959 and January 1960 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
212 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 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 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 149 '169 125 137 128 146 159 '143 1959P 144 126 131 139 136 156 181 134 144 134 155 172 156 SEASONALLY ADJUSTED 1958—Dec 143 132 133 '140 139 156 r178 134 '143 136 151 160 148 1959_jan 138 119 129 134 123 160 173 124 138 127 150 168 150 Feb 140 120 127 134 133 159 168 129 141 133 155 162 155 Mar 138 116 123 129 128 146 167 129 144 141 156 166 155 Apr 141 120 126 142 132 156 175 130 138 127 150 169 153 May 144 124 130 139 136 158 182 135 148 131 158 173 154 June 144 118 128 140 135 157 186 133 140 139 154 176 161 July 150 133 138 148 142 161 190 140 146 134 154 174 161 Aug 149 132 133 135 143 161 196 139 154 139 163 189 162 Sept 143 124 129 137 135 149 180 132 146 137 154 167 154 Oct 144 130 133 141 135 158 178 135 '148 130 155 170 153 Nov 145 mi 133 140 138 153 187 134 149 128 154 182 156 Dec 138 142 144 158 138 137 168 158 ^138 WITHOUT SEASONAL ADJUSTMENT 1958—Dec 251 240 235 '250 244 286 '307 228 250 227 261 '276 '263 1959—Jan 106 94 104 101 96 113 135 94 105 93 112 133 119 Feb 107 90 100 102 103 114 138 96 109 99 113 126 119 Mar 125 103 112 124 117 138 167 114 128 119 134 151 132 Apr 130 114 116 128 123 139 165 123 129 122 141 157 138 May 141 124 126 138 132 156 175 134 149 127 154 172 146 June 137 118 125 132 127 146 162 130 130 135 147 160 151 July 121 95 100 108 115 129 157 111 120 107 135 155 143 Aug 132 103 102 112 126 138 177 124 138 131 156 176 157 Sept 145 132 132 140 135 156 173 138 144 146 155 160 154 Oct 150 131 141 144 139 166 186 142 151 150 161 177 154 Nov 176 154 '170 183 170 190 217 164 177 147 179 208 180 Dec ^260 245 255 252 290 ^324 234 P250 229 291 281 STOCKS i 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 152 138 138 154 136 178 203 143 149 146 160 174 158 1958 148 136 136 '152 129 '172 197 139 140 137 153 165 155 156 142 141 159 134 179 210 148 144 143 157 178 167 1959P SEASONALLY ADJUSTED 150 139 '139 '154 128 '176 205 140 134 137 160 163 157 1958—Dec 152 137 141 155 139 177 200 141 144 136 159 168 160 1959_jan 150 139 138 153 127 172 198 141 138 142 155 168 161 Feb 148 136 137 153 127 171 195 138 138 139 151 169 163 Mar 151 138 138 155 127 175 201 142 141 138 152 174 166 Apr 151 138 136 156 128 172 200 140 143 140 154 175 167 May 156 142 141 164 131 183 202 149 147 141 157 181 170 June 159 147 142 163 138 184 212 152 151 143 158 180 170 July 160 147 145 162 136 186 217 159 147 148 157 182 165 Aug 161 148 144 161 139 188 222 157 147 146 159 182 170 Sept 158 145 144 159 139 180 225 151 145 147 160 185 162 Oct 160 145 145 160 142 183 223 149 142 r149 164 188 175 Nov 145 145 163 138 ^182 ^228 154 146 144 I 60 ^183 p174 Dec WITHOUT SEASONAL ADJUSTMENT '135 130 '129 '138 117 '161 178 123 121 127 146 152 '144 1958—Dec 136 124 126 137 123 158 182 129 128 126 143 148 144 1959—Jan 143 131 130 147 122 166 196 133 134 136 149 163 151 Feb 153 138 141 158 131 182 204 139 143 143 157 178 165 Mar 158 144 143 166 133 184 211 150 149 140 159 181 169 Apr 153 141 140 159 132 173 202 145 143 139 156 174 166 May 148 134 132 152 125 169 192 145 136 133 151 169 163 June 148 132 129 147 127 167 197 146 140 136 150 171 165 July 156 143 142 156 130 181 212 152 145 145 155 182 166 Aug 168 154 151 169 145 194 230 163 154 152 164 192 176 Sept 177 164 162 183 156 205 245 167 163 163 174 203 182 Oct 182 170 167 '185 160 207 252 170 162 '168 182 207 196 Nov ^146 135 134 147 126 ^198 136 132 134 P146 *>17O '160 Dec » 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 with 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior are as of the end of the month or averages of monthly data. to 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 213 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t a o f o o l 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 - o s - f l m c ( e t R o f i o o p 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 p o 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: 1951 391 1.202 460 390 379 3.2 1-1 4 4 ! n 1952 397 1,097 435 397 401 2.9 .2 4.1 0 1953 406 1,163 421 408 401 3.0 .1 4.1 1.0 1954 409 1,140 388 410 412 3.0 .0 4 0 I 0 1955 437 1,195 446 444 449 2.9 .1 4.0 o 1956 454 1,286 470 459 458 3.0 L.I 4.1 o 1957 459 1,338 461 461 458 3.1 I 4.1 o 1958 462 L ,323 r437 r462 r464 3.0 0 4 1 I 0 1959? . 485 1,385 509 491 495 3.0 1 4.1 Month: 1958—Dec "912 ,233 r333 r578 r449 1.4 0.4 1.7 ().6 1959 Jan 379 1,217 412 365 445 3.2 1.1 4.3 I 0 Feb 342 1,278 449 403 440 3.7 1.3 5.0 ? Mar 434 1,360 422 516 489 3.1 1.0 4.1 ? Apr 431 1,404 388 475 441 3.3 0 9 4 2 May 453 1,365 418 414 444 3.0 0.9 3.9 ) 9 June 446 1,299 603 380 565 2.9 1.4 4.3 () 9 July 389 1,304 664 394 455 3.4 1.7 5 1 I o Aug. 427 1,380 631 503 470 3.2 1.5 4.7 I 2 Sept 472 1,483 627 575 571 3.1 1.3 4.5 ? Oct 531 1,578 604 626 603 3.0 1 1 4 1 I 2 Nov 578 1,639 521 639 556 2.8 0.9 3.7 Decv . 937 1,309 373 607 459 1.4 0.4 1.8 ().6 '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 1958, 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 BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. LETTN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports * Me m rc i h li a t n ar d y is -a e i e d x s p h o i r p t m s e e x n c t l s u 2 ding Merchandise imports 3 Period 1957 1958 r 1959 r 1957 1958' 1959 r 1957 1958 r 1959 r Jan 1.681 1,505 1,400 1.584 1.397 1,286 1,115 1,096 1,154 Fob ,616 1,346 1,280 1,495 1,246 1,183 993 956 1 118 Mar >,154 1,555 1,456 J,024 1,440 1,375 1,133 1,072 1,295 Apr ,866 1,530 1,479 1,783 1,408 1,343 1,119 1,057 1,221 May ,817 1,638 1,551 ,715 1,507 1,411 1,106 1,061 1 264 June. . ,790 1,408 1,423 1,656 1,309 1,347 986 1,031 1,369 j ulv . ,697 1,418 1,468 ,510 1,289 1,353 1,148 ,049 1 248 AUK. ,681 1,401 1,397 L,540 1,287 1,300 1,043 950 1,189 Soot .« ,544 1,363 1,479 1,441 1.242 1,399 1,007 ,073 1 392 Oct ,680 1,607 1,482 [,606 l',426 1,398 1,148 1,150 1,202 Nov .688 1,599 1,479 1,601 1,410 1,376 1,043 1,086 1,282 Dec 1,636 1,524 1,675 1.541 1,389 1,569 1,142 1.254 1,478 Jan.-Dec 20,850 17,893 17,566 19,495 16,350 16,339 12,982 12,834 15,212 r Revised. Data for most months of 1958 and 1959 have been revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 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 o r 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 o e c n o r e v d d s - 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 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 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1958—Dec 123.7 118.7 128.2 138.7 118.2 137.0 103.6 132.8 107.5 144.3 147.3 129.0 116.9 127.3 1959_jan 123.8 119.0 128.2 138.8 118.2 138.9 103.2 133.1 106.7 144.1 147.6 129.4 117.0 127.3 Feb . . . 123.7 118.2 128.5 139.0 118.5 140.0 103.8 133.1 106.7 144.3 148.6 129.8 117.1 127.4 Mar 123.7 117.7 128.7 139.1 118.5 140.3 103.8 133.7 107.0 144.9 149.2 129.7 117.3 127.3 Apr 123.9 117.6 128.7 139.3 118.2 138.7 103.8 133.8 107.0 145.3 149.6 130.0 117.7 128.2 May.. . . . 124.0 117.7 128.8 139.3 118.7 135.3 103.7 133.8 107.3 145.4 150.2 130.7 117.8 128.4 June 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 145.9 150.6 131.1 118.1 129.2 July 124.9 119.4 129.0 139.6 119.5 134.0 104.0 134.3 107.5 146.3 151.0 131.3 119.1 130.8 AUK 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 Sept 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132.5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132.7 120.0 131.6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 NOTE.—Revised index, reflecting, beginning with 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 o ie m d l s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p r l x t d e - d e s - l - l H s p e u k a a r i c n o i t d 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 a p i u a l h c r l c n o a e ie t d l m d s s d - - p R u a b r u n c o e b t d d r s - - p w L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l e t d d e p s d - r , , M m p u a r e e c n o t t t d d a a s l - l s p c M u m a t e r h i c n o r v o i a t y d n d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d e s n a e d s e r - i- -e s N t r t m t m a u a r o l l i r u e l s n a n i - c — c - l - - b e b m b o a T r a e a t n f c o t r v g d l c - s e - e o . d s n c M e e o l i l s u a - s - 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108. 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 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 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 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. 122.2 134.6 126. 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1958 Dec 119.2 90.6 108.8 127.2 93.3 103.6 112.9 110.0 145.6 119.8 131.3 153.0 151.5 122.8 136.9 128.6 100.9 1959 Jan 119.5 91.5 108.7 127.5 93.3 104.1 113.9 110.2 146.0 120.5 131.5 152.9 151.8 123.3 137.2 128.6 100.8 Feb 119.5 91.1 107.6 127.8 93.7 105.4 114.8 109.9 146.1 122.5 131.7 153.4 152.0 123.3 137.5 128.9 98.5 Mar 119.6 90.8 107.2 128.1 93.9 108.5 115.0 109.8 146.7 124.2 132.0 153.6 152.2 123.5 137.7 132.1 97.0 120.0 92.4 107.2 128.3 94.1 117.8 114.0 110.0 147.5 126.3 132.2 152.8 152.1 123.4 138.3 132.2 98.8 May'.'.'.'.'.'.'.'. 119.9 90.8 107.7 128.4 94.5 118.5 113.4 110.0 148.8 128.2 132.0 153.0 152.5 123.5 138.4 132.2 95.2 June 119.7 89.8 108.1 128.2 94.9 118.9 111.2 110.0 147.3 128.9 132.3 153.3 153.0 123.6 137.4 132.2 91.0 July 119.5 88.4 107.5 128.4 95.3 119.3 111.1 109.9 146.4 128.3 132.4 152.7 153.6 123.8 137.5 134.5 92.9 Aug 119.1 87. 105.8 128.4 95.7 119.7 112.2 109.7 141.0 128.5 132.3 152.8 153.8 123.5 137.4 134.5 92.0 Sept 119.7 88.9 107.8 128.4 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 131.8 88.6 Oct 119.1 86.5 106.4 128.4 95.9 116.2 111.4 110.0 142.3 126.2 132.5 154.5 153.7 123.3 137.5 131.7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 r111.7 111.2 110.0 145.1 124.3 132.3 155.8 '153.6 123.3 137.7 131.7 93.7 Dec 118.9 85.8 104.7 128.6 96.7 112.2 111.7 110.0 142.7 124.7 132.4 155.3 153.7 123.2 137.8 131.7 94.2 rRevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 215 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce 99.2 102.2 103.2 107.9 Grains 76.1 75.7 76.5 76.1 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry 87.6 78.5 75.3 76.0 Converted paper and paperboard... 127.8 127.4 127.4 127.5 Plant and animal fibers 99.6 94.7 94.7 95.7 Building paper and board 143.7 147.6 147.6 147.6 Fluid milk 96.2 97.3 '98.2 97.9 Eggs 77.7 69.0 63.4 62.8 Metals and Metal Products: Hay and seeds 75.0 75.4 76.3 76.3 Other farm products 136.4 131.5 131.7 127.5 Iron and steel 171.7 173.1 173.6 172.6 Nonferrous metals 133.2 137.2 141.1 140.7 Processed Foods: Metal containers 159.8 152.9 152.9 152.9 Hardware 172.6 173.1 173.2 173.2 Cereal and bakery products 117.4 120.4 120.4 120.4 Plumbing equipment 124.8 131.0 132.4 133.2 Meats, poultry, and fish 101.4 95.1 90.8 90.5 Heating equipment 121.8 121.5 121 121.6 Dairy products and ice cream 113.5 116.7 117.7 118.1 Fabricated structural metal products 133.9 134.5 135. 135.2 Canned, frozen fruits, and vegetables. 113.0 107.4 106.4 104.5 Fabricated nonstructural metal Sugar and confectionery 117.0 117.4 116.7 115.6 products 145.0 146.7 147.2 146.5 Packaged beverage materials 157.9 145.2 145.2 145.2 Other processed foods 96.8 96.8 98.3 100.0 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 142.9 143.4 143.3 143.5 Cotton products 88.6 93.0 94.0 95.0 Construction machinery and equip- Wool products 97.5 104.1 103.7 104.1 ment 170.1 172.5 172.9 172.9 Synthetic textiles 79.4 81.0 '81.4 81.3 Metal working machinery 170.6 176.6 176.8 176.7 Silk products 105.1 114.2 117.4 121.7 General purpose machinery and Apparel 99.3 100.6 r100.9 100.9 equipment 162.3 167.0 167.5 167.8 Other textile products. 75.9 78.5 78.4 79.4 Miscellaneous machinery 148.4 149.7 149.7 149.8 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.4 155.9 156.0 156.0 Motor vehicles 143. 1 141.9 141.6 141.6 Hides and skins 66.6 87.5 67.2 73.8 Leather 99.2 112.2 103.8 103.5 Furniture and Other Household Dura- Footwear 123.1 133.5 '133.8 133.9 bles: Other leather products. 98.2 111.3 '109.3 107.8 Household furniture 123.9 ! 124.4 124.3 124.2 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.5 155.5 155.0 Floor covering 126.1 129.3 129.3 129.0 Coal 123.7 123.6 124.0 124.1 Household appliances 103.8 103.9 104.1 103.9 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs.... 92.5 92.1 91.8 91.8 Gas fuels (Jan. 1958- 100) 107.8 111.1 113.8 115.7 Other household durable goods 155.5 156.6 156.6 156.6 Electric power (Jan. 1958= 100) 100.7 100.7 100.7 101.2 Petroleum and products 117.2 114.5 113.9 114.3 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.2 135.3 135.3 135.3 Concrete ingredients 139.2 140.4 140.4 140.4 Industrial chemicals 123.7 123.9 123.9 124.0 Concrete products 128.4 130.3 130.3 130.5 Prepared paint 128.2 128.3 128.3 128.3 Structural clay products 158.8 160.4 160.6 160.7 Paint materials 102.8 102.6 102.9 103.1 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. 93.2 93.8 93.8 93.7 Prepared asphalt roofing 118.5 110.8 113.6 113.6 Fats and oils, inedible 61.5 54.5 52.2 50.8 Other nonmetallic minerals 131.4 132.5 132.5 132.5 Mixed fertilizers 109.4 109.4 109.5 109.8 Fertilizer materials 105.3 106.3 106.6 107.0 Tobacco Manufactures and Bottled Other chemicals and products 106.2 106.8 106.8 106.8 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 137.8 159.6 173.6 160.5 Other tobacco products 139.7 153.7 153.7 153.7 Tires and tubes 152.8 133.3 133.3 133.3 Alcoholic beverages 121.7 120.7 120.7 120.7 Other rubber products. 141.7 143.0 143.6 143.6 Nonalcoholic beverages 148.9 171.1 171.1 171.1 Lumber and Wood Products : Miscellaneous: Lumber.. 120.1 127.9 125.8 125.8 Toys, sporting goods, small arms 118.6 117.7 117.7 118.0 Millwork. 130.5 138.7 138.1 137.9 Manufactured animal feeds 86.4 70.3 73.7 74.0 Plywood.. 99.1 96.5 94.5 96.9 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 107.9 108.3 108.3 109.5 Pulp, Paper, and Allied Products: Other miscellaneous 132.4 132.0 131.9 132.0 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 95.8 115.0 109.8 109.8 Paper 142.1 144.3 144.3 144.3 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rate Annual totals by quarters [tern 1958 1959 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product. 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 457.1 -470.4 484.8 478.6 483.5 Personal consumption expenditures. 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 299.1 303.9 311.2 313.3 317.0 Durable goods 9.2 3.5 9.7 30.4 39.6 38.5 40.3 37.6 43.0 39.8 41.3 44.1 43.6 42.8 Nondurable goods 37.7 22.3 43.2 99.8 124.8 131.4 137.7 141.9 147.9 143.6 145.3 147.7 148.0 150.1 Services 32.1 20.7 29.0 64.9 92.5 100.0 106.7 113.4 120.7 115.7 117.4 119.4 121.6 124.1 Gross private domestic investment. 16.2 1.4 18.1 50.0 63.8 67.4 66.6 54.9 71.1 61.3 '70.0 T7.7 67.0 69.7 New construction1 8.7 1.4 6.6 24.2 34.9 35.5 36.1 35.8 40.2 37.3 39.7 41.0 41.0 39.2 Residential, nonfarm 3.6 .5 3.5 14.1 18.7 17.7 17.0 18.0 22.2 19.9 21.9 23.1 22.6 21.3 Other 5.1 1.0 3.1 10.1 16.2 17.8 19.0 17.7 18.0 17.8 17.9 18.3 17.9 Producers' durable equipment.. 5.9 1.6 6.9 18.9 23. 27.2 28.5 22.9 26.1 23.9 26.0 27.0 27.5 Change in business inventories. 1.7 -1.6 4.5 6.8 5.8 4.7 2.0 -3. 4.8 r6.3 10.7 -1.0 3.0 Nonfarm only 1. -1.4 4.0 6.0 5.5 5.1 1.2 -4.9 3.9 5.4 9.8 -1. 2.3 Net exports of goods and services. 2.8 2.2 21.1 .6 1.1 2.9 4.9 1.2 .2 -.9 -1.8 .0 -.6 Exports 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.6 22.8 22.7 21.5 22.1 24.1 23.4 Imports 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.3 23.6 22.5 22.4 23.9 24.1 24.1 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.6 79.0 86.2 92.6 97.6 96.5 97.4 97.7 98.4 97.4 Fede O N ra t a l h t e io r nal defense3 > 1 1 . . 3 3 2 2 . . 0 0 1 1 6 3 . . 9 8 1 1 5 9 4 . . . 3 2 3 4 3 5 6 9 . . . 3 6 1 4 4 5 5 0 . . . 7 7 4 4 4 9 5 4 . . . 4 5 3 4 52 8 4 . . . 2 5 4 53 5 8 . . . 5 1 8 5 4 4 9 5 . . . 2 4 3 4 5 5 8 5 . . . 3 8 5 5 4 8 6 3 . . . 0 2 9 4 53 8 5 . . . 6 9 1 4 5 7 2 5 . . . 7 8 3 Less: Government sales4 .0 .0 .1 .4 .3 .4 .5 .5 .6 .3 .3 .4 .4 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.5 44. 42.2 43.6 43.8 44.8 44.7 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.3 399.0 425.8 410.8 M20.7r432.1 424.3 426.0 r Revised. 4 Consists of sales abroad and domestic sales of surplus consumption 1 Includes expenditures for crude petroleum and natural gas drilling. goods and materials. 2 Net exports of goods and services and net foreign investment have NOTE.—For explanation of series see U. S. Income and Output (a supplebeen equated, since foreign net transfers by government were negligible ment to the Survey of Current Business for 1959) and the July 1959 issue dur 3 i T ng h i t s h e c a p t e e r g i o od ry 19 co 2 r 9 r - e 4 s 5 p . onds closely to the major national security of the Survey of Current Business. classification in the Budget of the United States t CGovernment for the fiscal year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rate* Item 1958 1959 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 380.4 389.4 403.9 398.2 Compensation of employees 51.1 29.5 64.8 154.2 223.9 242.5 255.5 256.8 277.4 262.9 269.9 278.9 279.3 281.6 Wages and salaries1 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.4 257.8 245.1 250.9 259.4 259.5 261.5 G P M r o i i l v v i a e ta t r e r n y ment civilian 45. . 5 3 23 . . 3 9 51 1. . 9 9 12 5 4 . . 0 1 17 9 4 . . 8 9 18 9 9 . . 7 6 19 9 8 . . 6 4 19 9 6 . . 7 2 21 9 2 . . 8 1 20 9 0 . . 9 8 20 9 6 . . 8 2 21 9 4 . . 8 0 21 9 3 . . 8 5 21 9 4 . . 8 8 36.9 Supplements to wages and salaries 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.9 34.4 34.8 35.6 36.3 20.0 Proprietors' income2 .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 17.8 19.0 19.6 19.8 46.7 Business and professional 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.6 46.3 47.4 46.9 46.6 45.1 35.1 Farm 6 8. . 8 0 2 3 . . 4 2 1 6 0 . . 5 9 2 1 3 4 . . 5 0 3 1 0 1 . . 4 8 3 1 2 1 . . 1 6 3 1 2 1 . . 7 8 3 1 2 4 . . 4 2 3 1 4 1 . . 5 8 3 1 3 4 . . 2 1 3 1 3 3 . . 7 2 3 12 4 . .5 3 1 4 0 . . 8 3 11.6 Rental income of persons 5.4 2.0 3.5 9.0 10.7 10.9 11.5 11.8 12.0 11.9 12.0 12.0 12.0 12.0 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 43.5 45.5 51.0 46.0 Profits before tax 9.6 .2 17.0 40.6 44.9 44.7 43.3 37.1 44.6 46.5 52.6 46.4 Profits tax liability. 1.4 .5 7.6 17.9 21.8 21.2 21.1 18.2 21.9 22.6 25.6 22.6 Profits after tax 8.3 9.4 22.8 23.0 23.5 22.2 18.9 22.7 23.8 27.0 23.8 -.4 Inventory valuation adjustment .5 -2.5 -5.0 -1.7 -2.7 -1.5 -.4 -.9 -1.6 -.3 -2.1 Net interest 6.4 4.5 5.5 10.4 11.7 13.3 14.3 15.6 14.7 15.1 15.4 15.8 16.1 5.0 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 217 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 1958 1959 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product. 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 457.1 '470.4 484.8 478.6 483.5 Less: Capital consumption allowances..... 8.6 7.2 9.0 19.1 32.0 34.4 36.9 37.9 40.2 38.5 39.3 39.9 40.5 41.2 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 32.9 35.7 38.1 39.0 42.0 39.9 40.7 41.7 42.3 43.1 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8 1 1 . . 5 0 1.6 1. . 7 5 1.7 -2 1 . . 3 7 1.7 1 '. . 2 7 1.7 1.7 1.7 Plus: Su e b r s n i m di e e n s t l e e n ss t e c rp u r r i r s e e n s t surplus of gov- j .0 .1 -.7 .0 -2.4 1.1 -2.1 .7 -2.4 .8 -1.7 '-3.6 .6 Equals: National income 87.8 40.2 104.7 .2 330.2 .9 366.5 1.0 398.5 1.0 389.4 .7 .6 241.9 350.8 366.2 380.4 403.9 398.2 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 43.5 45.5 51.0 46.0 Contributions for social insurance .2 .3 2.8 6.9 11.0 12.6 14.6 15.1 "lY.9 15.5 17.5 17.9 18.1 18.2 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments 2.6 14.3 16.0 17.2 20.0 24.4 25.1 25.1 24.7 24.8 24.8 26.0 Net interest paid by government 1.0 1.3 4.8 5.4 5.7 6.2 6.2 6.8 6.1 6.3 6.6 7.0 7.4 Dividends 5.8 2.1 4.5 9. 11.2 12.1 12.5 12.4 13.2 12.0 12.8 13.0 13.4 13.6 Business transfer payments .6 .8 1 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 Equals: Personal income 85.8 47.2 96.3 228.5 310.2 332.9 350.6 359.0 380.2 366.3 371.8 381.1 381.0 386.8 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 35.7 40.0 42.7 42.6 45.5 43.4 44.4 45.8 45.9 46.1 Federal e 2.0 18.2 31.5 35.2 37.4 36.7 39. 37.4 38.2 39.5 39.5 39.7 State and local IA i!o 1.3 2.6 4. 4.8 5.4 5.8 6.3 6.0 6.2 6.3 6.4 6.4 Equals: Disposable personal income 83.1 45.7 93.0 207.7 274. 292.9 307.9 316.5 334.6 322.9 327.4 335.3 335.1 340.8 Less: Personal consumption expenditures... 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 299.1 303.9 311.2 313.3 317.0 Equals: Personal saving 4. — .6 11.1 12.6 17.5 23.0 23.1 23.5 23.1 23.7 23.5 24.1 21.9 23.7 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 273.« 286.9 292.9 295. 308.7 300.4 304.3 310.7 308.9 312.0 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1958 1959 Item' 1958 1959 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec? Total personal income. 359.0 380.1 366.9 369.0 371.0 375.4 379.0 381.3 383.8 383.4 380.0 380.9 382.3 386.9 390.7 Wage and salary disbursements 239.4 257.8 247.0 248.7 250.1 254.0 257.3 259.8 261.7 261.5 258.8 259.2 259.2 261.1 264.2 Commodity-producing industries. 97.8 107.3 102.2 102.8 103.5 106.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.5 109.9 Manufacturing only 76.7 84.6 80.6 80.9 81.7 83.8 85.4 86.7 87.7 86.9 84.0 84.4 83.6 84.2 86.6 Distributive industries 63.8 67.6 64.7 65.6 66.0 66.6 66.9 67.5 68.0 68.4 68.3 68.3 68.5 68.6 68.8 Service industries 34.6 37.2 35.6 35.6 36.0 36.4 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.3 38.5 Government 43.2 45.7 44.4 44.6 44.7 44.8 45.0 45.4 45.6 45.9 46.0 46.2 46.4 46.7 47.1 Other labor income 9.3 10.0 9.4 9.6 9.7 9.8 9.9 9.9 10.0 10. 10. 10.2 10.2 10.3 10.3 Proprietors1 income: Business and professional. 32.4 34.5 33.4 33.5 33.7 34.0 34.3 34.5 34.7 34.9 34.9 34.8 35.0 35.1 35.1 Farm 14.2 11.8 14.2 13.5 13.2 12.9 12.2 12.0 12. 11.4 10.0 9.6 10.2 11.4 12.5 Rental income It. 12.0 11.9 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 Dividends 12.4 13. 10.8 12.7 12.8 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.5 Personal interest income. 20.4 22.4 21.0 21.1 21.3 21.6 21.8 22.0 22.2 22.4 22.7 23.0 23.3 23.5 23.8 Transfer payments2 26.1 26.8 26.3 26.1 26.4 26.6 26.9 26.4 26.4 26.3 26.5 27.0 27.2 28. o! 27.7 Less: Personal contributions for social insurance 7.0 7.1 8 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.4 8.5 Nonagricultural income 3 341.1 364.4 348.8 351.6 353.8 358.5 362. 365.3 367.8 368.2 366.3 367.5 368.1 371.5 374.2 Agricultural income 17.9 15.7 18.1 17.4 17.2 16.9 16.3 16.0 16.0 15.2 13.7 13.4 14.2 15.4 16.5 » Preliminary. r Revised. enterprises, farm wages, agricultural net interest, and net dividends paid * Monthly data are seasonally adjusted totals at annual rates. by corporations. * Mainly social insurance benefits and veterans' payments. NOTE.—For description of series see U. S. Income and Output, a supple- 3Persenal income exclusive of net income of unincorporated farm ment to the Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1954 1955 1956 1957 1958 A Net national saving1 23.7 39.4 41.4 37.5 18.9 11.4 4.7 6.7 2.8 5.4 4.0 10.7 10.4 9.7 A C B C Fa o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u f s it iness2 22.6 26.6 29.3 27. 0 9 25.5 8.4 5 3 . . 4 1 -1 6 . . 1 7 4.5 - 8 .8 .1 6 3 . .1 2 - 8 .3 .8 -2 8 . . 1 0 -1 8 . . 5 8 |B C D Corporate nonfinancial business.. 2.7 12.4 5.8 5.4 2.7 2.4 -3.1 -K3 3.3 3.8 1.3 3.9 4.0 D E Federal Government* -2.2 .4 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.7 .5 1.3 -2.0 E F State and local governments J. . .. -2.6 -3.2 -2.7 -3.3 -4.6 -1.3 A -1.1 -1.5 -1.6 -.7 -1.6 -1.3 F G Financial sectors 3.1 3.3 3.2 3.9 3.4 .1 1.0 .4 1.7 .2 1.1 1.6 G H Capital consumption 3 57.1 62.3 67.4 72.7 74.9 18.4 18.7 18.1 18.5 18.9 19.4 19.1 19.4 19.7 H I Consumer and nonprofit 31.5 33.9 36.9 40.0 41.6 10. 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 I J Consumer durable goods 28.3 30.4 33.0 35.8 37.0 9.0 9.1 9.2 9.2 9.3 9.3 9.4 9.5 9.6 J K Owner-occupied homes 2.8 3.1 3.4 3.7 4.0 .9 .9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 K L Plant and equip, (nonprofit).... .5 .5 e .5 .6 .1 .1 .1 .2 .2 .2 L M Farm business 3.6 3.7 3 7 3.9 4.0 1.0 1.0 1.0 1.0 1.0 1.0 M N Noncorp. nonfinan. business 6.7 7.0 7!5 8.1 8.0 2.0 2.1 2.0 2.0 2.0 2.1 2.1 2.1 2.2 N 0 Corporate nonfinancial business.. 15.2 17.6 19.3 20.7 21.4 5.3 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 O P Gross national saving * 80.8 101.8 108.9 110.2 93.8 29.7 23.4 24.8 21.3 24.3 23.4 29.9 29.8 29.4 P Q Consumer and nonprofit 54.2 60.5 66.2 67.9 67.2 18.5 15.6 17.0 14.9 18.6 16.6 19.4 18.7 19.6 Q R Farm and noncorp. business 10.4 10.7 11.3 11.9 12.0 2.9 6.1 1. 1.8 2.2 6.1 2.7 1.1 1.7 R S Corporate nonfinancial business.. 18.0 30.1 25.1 26.1 24.1 9.0 7.9 1.8 3.9 8.7 9.7 6.8 9.5 9.7 S T Federal Government1 -2.2 .4 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 .5 1.3 -2.0 T U State and local governments *. . .. -2.6 -3.2 -2.7 -3.3 -4.6 -1.1 -1.3 -.4 -1.5 -1 -.7 -1.6 -1.3 U V Financial sectors 3.1 3.3 3.2 3.9 3.4 1.9 .1 1.0 1.7 .2 1.1 1.6 V W Gross national investment] 81.0 103.8 108.0 111.1 92.9 28.2 27.6 21.7 21.6 23.0 26.6 26.1 29.7 27.2 w X Consumer durable goods 32.4 39.6 38.5 40.3 37.6 9.7 11.3 8.3 9. 11.4 9.4| 11.1 10.3 X Y Other gross private domestic fixed investment 50.5 t58.4 62.7 64.6 58.7 16.9 16.7 13.1 14.7 15.8 14.1 17.3 18.0 Z Consumer and nonprofit 15.5 19.3 18.9 18.2 18.2 4.6 4.9 4.4 4.0 4.6 5.2 5.2 4.9 5.9 a Nonfarm residen. constr.*... . 12.9 16.6 75.7 14.9 14.7 3. 4.0 3.6 5.7 3.6 4.3 4.3 4.1 4.9 b Plant and equip, (nonprofit)... 2.6 2.7 2.8 3.3 3.4 .9 .9 .8 .8 .9 .9 .9 .9 1.0 c Farm business 4.2 4.2 3.8 4.0 4.6 1.1 .8 1.0 1.3 1.2 1.0 1.2 1.5 1.5 d Noncorp. nonfinan. business4.. 8.5 10.1 10.1 9.7 9.2 2.6 2.3 1.7 2.5 2.5 2.4 2. 3.2 3.0 e Corp. nonfinan. business* 21.8 f24.1 29.1 32.0 26 8.4 8.4 5.8 6.7 6.6 7.0 5.4 7.4 7.5 f Financial sectors .5 .7 .7 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories' -1.6 5.8 4.7 2.0 -3.8 -1.1 -2.4! -.6 3.1 1.7 -j I h Farm business .5 .3 -.4 .8 1.1 .2 .3 2 .2 .2 .1 j Noncorp. nonfinan. business... 2 .6 .2 * -.1 -.8 .6 -.3 -.5 .9 .1 j Corp. nonfinan. business -X.9 4.9 4.9 1.2 -4.8 -.5 -1.0 -2.4 -1.1 ._ 4 2.0 1.5 -.6 k Net financial investment* -i * 2.1 4.2 .4 .7 .3 .2 1 -.4 -.4 -.7 1 Consumer and nonprofit 8^8 5.4 12.6 11.3 '12.5 4. 1.8 4.8 -.6 5l5 2 4.4 1.4 3.5 m Net acquis. offinan. assets... 20.6 25.8 27.5 25.7 r24.6 6.9 5.4 5.2 3.2 7.4 8.7 7.2 7 A 8.4 n Net increase in liabilities 11.8 20.4 75.0 11.8 12.1 3.6 .4 3.9 1.9 5.9 2.8 6.0 4.8 o Farm and noncorp. business... -2.7 -4.4 -2.5 -2.5 -2.8 -12.73 3.6 -1.9 -1.9 -1.9 3.0 -1.7 -3.9 -2.8 p Net acquis. offinan. assets. .. .5 .6 .4 .7 1.5 1 .5 -.2 .5 .3 .8 -.3 .3 .1 q Net increase in liabilities 3.2 5.0 2.9 3.2 4.3 1.4 -3.1 1.7 2.5 2.2 -2.1 1.4 4.2 2.9 r Corp. nonfinan. business -3.4 -2.9 -12.2 -6.9 A .3 -.3 -4.3 A 2.6 2.0! -1.8 .1 A s Net acquis. offinan. assets. .. 4.5 16.8 4.2 2.8 7 4 3.6 1.5 -6.2 1.4 6.8 5.4\ 5.3 3.4 t Net increase in liabilities 7.9 19.6 16.4 9.7 7.0 3.3 1.9 -1.9 1.3 4.3 3.4\ 4.6 3.2 u Federal Government -2.2 A 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.61 1.3 -2.0 v Net acquis. offinan. assets. .. .2 .9 7.5 3.2 1.5 2.2 -2.1 1.4 3.9 -4.4 ,7\ 4.2 2.7 w Net increase in liabilities..... 2.4 .5 -4.3 -.4 9.8 3.7 2.8 -2.2 2.6 1.0 8.4 2.8 4.7 x State and local governments. . . -1.7 -2.6 -2.2 -3.0 '4.9 -1.6 -.6 -1.2 -.7 -2.7 T.I -1.7| -1.4 -1.6 y Net acquis. offinan. assets. . . 3.7 2.2 2.6 3.5 r3.0 .2 1.0 1.2 7.5 -.8 .6 .8 z Net increase in liabilities 5.4 4.8 4.8 6.5 7.9 1.8 1.6 2.4 2.2 1.9 1.4 I. 2 0 2.4 aa Financial sectors 3.9 3.6 2.5 2.6 3.4 1.5 -A .5 1.2 2.2 1.6 1.1 1.9 aa bb Net acquis. offinan. assets. . . 27.5 26.9 22.4 23.7 35.3 7.0 9.0 2.7 16.1 7.5 IS'.O -.2 10.4 7.9 bb cc Net increase in liabilities 23.6 23.3 19.9 21.1 31.8 5.5 9.4 2.2 14.9 -.8 15.5 -7.7 9.4 5.9 cc dd Financial trans, discrep -3.1 .5 -2.0 -.8 1.5 -A .7 -1.7 A A dd ee Discrepancy (P — W)? -.2 -2.0 .8 -.9 .9 1.5 -4.2 3.1 1.3 -3.2| 3.8 2.2 ee I * Less than $50 million. * Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U. S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of BULLETIN for because of discrepancies. See p. 857 of BULLETIN for August 1959. August 1959. NOTE.—Discriptions of sectors and of transaction categories are given 4 For consumers, 1- to 4-family dwellings completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds/saving tables, see includes work in process on 1- to 4-family dwellings and other private BULLETIN for January 1960. Notes to table on opposite page. held by other sectors included in Federal obligations category. p Preliminary. 3 Mainly time deposits of State and local governments, corporate 1 Demand deposit liabilities of banking system are net of F. R. float businesses, and savings institutions. and cash items in process of collection as reported by commercial banks. 4 Assets in these categories shown as consumer holdings. Sum of sector holdings (partly on holder-record basis) differs from liability 5 Marketable issues maturing within one year and, prior to 1956, total mainly because of mail float (checks in transit from drawers to savings notes. drawees). For further discussion, see p. 853 of BULLETIN for August 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 219 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1957 1958 1959 1954 1955 1956 1957 1958 I. Demand deposits and currency A Net increase in commercial bkg. system liability i 4.5 2.3 1.7 5.8 1.4 3.1 -5.2 6.4 -3.4 8.0 -7.2 2.5 2.2 A B Net increase in assets, by sector.... 6.1 .8 1.8 6.3 2.3 1.4 -3.2 5.7 -2.4 6.3 -5.5 2.1 1.9 B C Federal Government .3 -.6 -.2 .1 1.5 -2.7 1.5 3.6 -5.0 -.5 1.0 1.5 C D Other domestic sectors 5.7 1.5 1.7 6.2 .8 4.0 -4.4 1.8 2.7 6 -4.9 .9 .3 D E Consumer and nonprofit 2.5 -.8 1.0 2.5 1.0 1.3 -1.3 -.8 2.4 2.2 -1.3 -.8 .6 E F Farm and noncorporate bus... .4 .3 .1 .5 1.3 .1 .1 .3 .3 .3 .3 .1 .1 F G Corporate nonfinancial bus— 2.0 1.0 .1 -.2 1.8 .7 1.3 -3.1 1.3 1.0 2.5 -2.9 \'.5 -.2 G H State and local government... .4 .4 .2 .2 .2 -.7 .6 -.3 .6 -.7 .6 -.4 .2 H I Financial sectors .5 .6 .2 .3 .4 -.3 -.1 .3 -!i .4 -.4 -.4 I J Rest of the world .1 * .2 .2 * -.3 .2 .3 -.1 .1 J K Discrepancy (A—B) -1.6 1.5 -1.1 -.5 1.7 -1.9 .7 -1.0 1.6 -1.7 .3 K II. Fixed-value redeemable claims A Net increase, by type 10.9 8.4 8.9 10.1 16.0 1.4 2.8 5.5 5.0 2.5 3.1 2.4 3.0 1.0 A B Time deposits 5.5 2.9 3.6 6.8 10.1 1.3 1.4 4.3 3.3 1.6 .9 1. 1.3 .2 B C Savings shares 4.8 5.3 5.4 5.2 6.5 .6 1.8 1.3 1.8 1.0 2.3 1.4 2.2 1.3 C D U.S. savings bonds2 .6 .3 -1.9 -.5 -.5 -.4 2 -.2 -.2 -.5 -.5 D E Net increase in liab., by sector 11.0 8.4 9.0 10.1 16.1 1.4 2.9 5.5 5.0 2.5 3.1 2.4 3.0 1.0 F Federal Government .4 2 -2.2 -.7 -.6 -.5 -.1 -.2 -.2 -.2 -.2 -.6 -.6 H G S C a o v m in m gs e r i c n ia st l it b u a t n io k n in s g 6 3 . . 8 8 7 1 . . 1 3 2 7 A .3 5 6 . . 5 9 8 8. . 8 0 1. .9 0 2 1 . . 3 0 2 3 . . 0 6 2 2 . . 8 4 1 1 . . 1 5 2. . 8 5 1. . 7 9 2 1 . . 5 0 1.5 * I Net increase in assets, by sector 10.9 8.4 8.9 10.1 16.0 1.4 2.8 5.5 5.0 2.5 3.1 2.4 3.0 1.0 J Consumer and nonprofit 9.6 8.7 9.0 9.8 13.6 1.4 2.8 3.3 3.7 3.0 3.6 2.3 3.5 2.0 K L O Re th st e r o d f o t m he e s w ti o c r l s d e c ( t t o im rs e 3 deposits) . . 8 6 - - . . 1 1 -.1 .1 .4 1 . . 9 3 .1 1 1. . 0 2 1.2 • - - . . 4 1 -.6 2 - - . . 7 3 -A III. Saving through life insurance and pension funds A Net increase, by type 7.6 8.4 9.3 9.0 10.3 2.1 2.3 2.6 2.2 2.6 2.8 2.7 3.1 2.3 A B Life insurance 3.1 3.2 3.8 2.8 3.4 .7 .7 .8 .7 .9 1.0 .8 .9 .7 F C Pension funds 4.5 5.1 5.6 6.2 6.9 1.4 1.6 1.8 1.5 1.7 1.8 1.9 2.1 1.6 C D Net increase in liab., by sector4 7.6 8.4 9.3 9.0 10.3 2.1 2.3 2.6 2.2 2.6 2.8 2.7 Vl 2.3 D E Federal Government .6 1.0 .6 1.0 .1 .1 .2 .4 .3 .1 .2 .4 .3 E F State and local government Kl 1.2 1.4 1.6 1.9 .4 .4 .4 .5 .5 .5 .5 .5 .5 F G Life insurance companies 4.5 4.6 4.8 4.3 4.8 1.1 1.2 1. 1.0 1.3 1.4 1.2 1.4 .9 G H Private noninsured pension plans 1.8 2.0 2.1 2.6 2.6 .5 .6 .9 .4 .6 .8 .7 .5 H IV. Credit and equity market instruments A Net increase, by type 28.4 43.8 30.6 36.7 45.4 12.7 11.8 3.0 13.7 5.9 22.7 7.0 18.3 18.0 A B Federal obligations 1.6 .8 -5.4 1.3 9.1 4.9 2.0 -2.0 2.6 .9 7.7 1.9 5.3 B C Short-term directs -11.8 -7.1 7.4 5.5 -1.2 1.0 2.2 -1.9 -4.3 1.2 3.8 -4.6 4.7 .7 C D Other 13.4 7.9 -12.8 -4.2 10.3 3.9 -.1 6.9 -.3 3.9 4.6 -2.8 4.6 D E State and local obligations 4.5 3.5 3.2 4.7 5.7 1.3 1.9 1.6 1.3 .8 1.3 1.4 1.8 E F Corporate and foreign bonds.... 3.7 4.0 5.0 7.5 6.9 2.0 2.4 1.5 1.4 .6 1.1 1.1 1.1 F G Corporate stock 2.6 3.0 3.8 4.0 4.2 .7 .9 .8 1.4 1.0 1.2 1.1 .7 G H 1- to 4-family mortgages 9.6 12.6 10 8.6 10.4 2.4 .9 1.7 2.4 3.1 2.8 4.0 3.7 H I Other mortgages 2.9 3.6 3.8 3.5 4.2 .9 .0 .8 1.1 1.0 .2 1.2 1.5 1.5 1 J K C Se o c n u s r u it m y e c r r e c d re it dit 2 1 . . 2 0 6. . 4 9 - 3 .7 .4 - 2 .4 .7 1. . 4 3 -.3 .7 .6 * -2.3 * 2. .6 -2. . 1 1 . . 9 4 - - . . 9 2 - 2 .4 .5 1.7 c K J L M B O a th n e k r l l o o a a n n s s n.e.c .2 8 1 . . 0 1 5. . 9 9 2 2 . . 3 6 1 1. . 8 4 -.2 .3 1. . 4 1 -1 1 . . 7 4 -.2 .7 - - . . 3 3 2. . 8 9 '.9 3 1 . . 9 3 - 2 . * 2 .9 M L N Funds raised, by sector 28.2 44.0 30.9 36.6 45.2 12.7 11.9 2.8 13.6 6.1 22.7 7.0 18.3 18.2 N 0 Consumer and nonprofit 11.7 20.3 14.9 11.7 12.0 2.7 3.6 .4 3.9 1.9 5.9 2.8 6.0 4.8 O P Q N Fa o r n m co b rp u o si r n a e t s e s nonfinancial bus.. 2. . 0 8 4 1 . . 0 2 3. . 4 9 2 1 . . 6 1 4 1 . . 2 4 . . 6 1 2 -.8 .4 . . 9 9 . . 2 2 - 3 .1 .9 -.4 .7 3 1. . 1 2 2. . 0 3 Q P R Corporate nonfinancial business. 5.7 9.0 11.4 11.3 8.5 2.5 l'.5 2.6 2.0 2.4 1.5 1.8 3.3 2.7 R S Federal Government 1.5 -.1 -5.4 1.0 9.3 4.8 1 -2.0 2.2 1.1 7.9 -.2 1.7 5.2 S T State and local government 4.2 3.5 3.3 4.9 5.9 1.3 2.3 2.0 1.7 1.4 .8 1.3 1.5 1.9 T U Financial sectors 1.9 5.8 1.3 2.6 1.5 .5 1.1 -.4 1.5 -1.7 2.1 .8 1.4 .9 U V Rest of the world .4 .3 1.0 1.4 2.4 .1 1. . 1 6 .5 .6 .5 .7 .2 .2 .2 V W Funds advanced, by sector 28.4 43.8 30.6 36.7 45.4 12.7 11.8 3.0 13.7 5.9 22.7 7.0 18.3 18.0 w X Consumer and nonprofit 8.0 7.9 9.7 3.6 3.5 .2 1.9 -.6 1.4 4.8 3.0 4.8 X e f Y b c Z a d C C F S F t a e o o a C M d r r m t m e p e o o S m r o m n a a e a r e n l c e m a n r u t d G t d c a e e r i r r i o l a n t n o c y v i l o i c e o e a a b s a n n r l u a l c n f b i t n o g m n h a k r o a o n e p i v n r n n k . e i c g t r s t b i i n a e u s m l s s y i b e n s u n t e s t e s i s m ne . s . s . . . . . -2 1 - 9 2 7 0 • . . . 9 . 3 9 2 2 4 3 | 1 -7 5 . 1 0 . . . 0 2 4 - -3 3 4 4 2 . 1 5 . . . . . 9 . . 8 5 3 3 3 - 2 4 5 1 j . 8 . . i . . 3 3 1 8 2 2 1 1 1 2 2 0 1 1 4 7 . . . . . . . . 4 0 7 2 2 2 9 0 2 2 3 . . . . . . . 7 8 1 9 3 5 3 * 2 3 1 1 . . . . . . . . 6 7 8 6 4 9 4 9 - - - 1 - - 1 1 . . . . . 5 6 5 . 8 . 2 2 9 * - 1 2 9 6 1 0 . . . 3 . . . . . 5 0 8 2 3 2 8 - - 1 1 ' .6 . . . . . 2 0 1 5 3 4 4 8 6 1 1 . . . . . . . . 2 7 0 6 4 5 9 6 - - - 4 - 4 5 . . 3 . . 9 ' 3 2 . . 6 A 5 -/ 4 4 . 1 1 . . . . . . . 7 7 2 0 2 4 6 2 3 1 l 1 . . . . . . l 7 1 2 2 5 • Y Z b d a c e f g Loans6 3.0 12.1 8.0 3.8 4.5 .2 1.1 -1.7 2.5 -1.2 4.9 5.4 3.8 g h Savings institutions 6.7 8.1 7.3 7.2 9.1 2.0 1.3 1.7 2.3 2.8 2.3 2.5 3.2 3.0 h 1 Insurance sector 8.1 8.1 7.9 8.3 8.8 2.0 2.0 2.3 1.7 2.3 2.5 2.3 2.4 2.0 i Finance n.e.c 2.5 5.3 1.6 2.3 1.8 .3 .8 .1 1.7 -2.1 2.1 .8 .4 k Rest of the world .6 1.0 1.3 .6 — 1 .4 -.5 -.6 .3 .9 1.3 * Less than $50 million. sector transactions appear in other flow of funds/saving tables in BULLETIN NOTE.—Data for excluded categories—trade credit, proprietors' net for January 1960. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $27,727,975 $1,100,020 $6,123,532 $1,492,831 $2,051,006 $1,559,502 $3,154,478 Acceptances ' 075,451 1,075,451 U. S. Government securities. 857,027,803 46,405,883 217,110,107 48,848,408 74,376,718 54,981,403 44,762,291 All other 394,887 22,316 62,675 17,098 28,230 18,329 75,653 Total current earnings. 886,226,116 47,528,219 224,371,765 50,358,337 76,455,954 56,559,234 47,992,422 Current Expenses Salaries: Officers 6,330,587 371,085 1,134,763 386,549 544,501 526,231 506,975 Employees 82,700,989 5,075,485 18,751,092 4,329,373 7,251,732 5,419,367 5,277,927 Directors' and other fees 525,206 22,763 62,463 29,218 47,972 35,151 64,841 Retirement contributions 10,242,106 613,936 2,209,005 540,891 901,131 694,178 684,691 Traveling expenses 1,813,271 102,753 300,278 85,908 165,067 154,440 139,747 Postage and expressage 18,254,889 1,536,002 2,671,911 929,962 1,408,547 1,798.195 1,561,536 Telephone and telegraph 1,471,241 76,753 310,298 66,759 116,077 108,311 156,744 Printing, stationery, and supplies.. 6,604,851 493,523 1,291,090 334,887 474,184 432,893 522,662 Insurance 1,593,582 96,418 267,948 72,525 146,556 140,174 137,431 Taxes on real estate 4,219,629 652,740 775,780 141,126 352,257 181,477 243,506 Depreciation (building) 5,453,240 414,858 478,325 268,149 894,687 527,338 390,920 Light, heat, power, and water 1,672,307 108,070 245,112 100,183 173,708 157,401 111,962 Repairs and alterations 1,107,327 72,314 213,903 59,124 129,178 151,418 51,826 Rent. 194,081 5,516 7,059 5,361 16,376 2,506 2,384 Furniture and equipment: Purchases 1,840,005 138,137 231,784 142,323 158,706 103,932 289,568 Rentals 5,932,257 458,897 772,941 360,634 431,785 401,127 425,796 All other 1,861,954 88,242 352,839 68,931 369,736 89,598 117,796 Interbank expenses 41,844 -512,116 49,853 69,063 -8,880 39,430 Subtotal 151,817,523 10,369,335 29,564,476 7,971,756 13,651,262 10,914,858 10,725,742 Federal Reserve currency 6,384,083 406,681 1,034,845 342,799 385,901 500,821 678,761 Assessment for expenses of Board of Governors. 6,470,600 357,900 1,809,000 427,100 583,000 321,400 304,800 Total. 164,672,206 11,133,916 32,408,320 8,741,656 14,620,162 11,737,079 11,709,302 Less reimbursement for certain fiscal agency and other expenses 19,969,500 1,051,471 3,400,581 965,663 1,873,578 1,092,912 1,486,985 Net expenses 144,702,706 10,082,446 29,007,740 7,775,992 12,746,585 10,644,167 10,222,318 Profit and Loss Current net earnings 741,523,410 37,445,773 195,364,026 42,582,344 63,709,370 45,915,067 37,770,104 Additions to current net earnings: Profits on sales of U. S. Government securities (net) 189,930 10,414 47,981 11,277 16,502 11,746 9,766 Transferred from reserves for contingencies (net) 97,658,503 6,786,590 20,968,889 7,207,970 9,083,117 6,500,112 5,573,662 All other 851,294 3,063 953 3,008 4,506 266 1,289 Total additions 98,699,727 6,800,067 21,017,823 7,222,255 9,104,125 6,512,123 5,584,717 Deductions from current net earnings 452,473 113,088 288,283 2,677 178 1,385 416 Net additions 98,247,253 6,686,980 20,729,540 7,219,578 9,103,947 6,510,738 5,584,301 Net earnings before payments to U. S. Treasury 839,770,663 44,132,753 216,093,566 49,801,923 72,813,317 52,425,805 43,354,406 Dividends paid 22,721,687 1,121,379 6,546,841 1,349,401 2,150,830 1,016,950 1,163,437 Paid U.S. Treasury (interest on F. R. notes) 910,649,768 54,795,062 227,544,018 62,421,267 74,774,987 61,688,735 41,359,271 TTrraannssffeerrrreedd ttoo ssuurrpplluis -93,600,791 -11,783,688 -17,997,293 -13,968,746 -4,112,500 -10,279,880 831,697 Surplus, January 1. . 868,408,591 50,115,888 238,901,893 59,606,846 76,642,500 44,845,980 39,474,103 Surplus, December 31. 774,807,800 38,332,200 220,904,600 45,638,100 72,530,000 34,566,100 40,305,800 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 221 FEDERAL RESERVE BANKS DURING 1959 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Item Current Earnings $4,913,984 $759,478 $1,105,828 $2,893,655 $1,281,935 $1,291,725 Discounts and advances Acceptances 148,276,884 34,803,214 19,181,826 36,792,290 34,008,358 97,480,423 U. S. Government securities 49,873 14,996 27,908 33,821 16,252 27,734 All other 153,240,741 35,577,689 20,315,562 39,719,766 35,306,545 98,799,882 Total current earnings Current Expenses Salaries: 622,651 472,544 334,250 487,394 406,721 536,923 Officers 12,483,214 4,644,333 2,635,708 4,321,201 3,817,818 8,693,739 Employees 43,624 31,969 35,770 67,661 37,289 46,485 Directors' and other fees 1,534,729 585,563 323,909 575,648 511,683 1,066,742 Retirement contributions 210,654 104,753 96,025 116,835 113,608 223,203 Traveling expenses 2,481,289 984,791 640,432 1,102,283 935,756 2,204,185 Postage and expressage 170,240 83,578 54,272 86,083 96,883 145,243 Telephone and telegraph 1,015,098 425,109 202,972 400,429 335,274 676,730 Printing, stationery, and supplies 200,260 108,963 78,646 105,534 82,337 156,790 Insurance 587,764 168,300 298,277 192,684 166,493 459,225 Taxes on real estate 623,994 342,624 324,352 168,473 265,706 753,814 Depreciation (building) 219,148 126,470 86,614 129,828 89,118 124,693 Light, heat, power, and water 40,007 123,717 105,750 61,463 20,723 77,904 Repairs and alterations 95,302 1,594 111 78 55,853 1,941 Rent Furniture and equipment: 125,393 133,861 174,625 73,036 72,702 195,938 Purchases 1,035,771 318,938 198,425 388,681 319,902 819,360 Rentals 274,230 82,261 86,285 108,314 98,689 125,033 All other 112,997 29,761 18,767 31,721 40,921 86,639 Interbank expenses 21,876,365 8,769,130 5,695,191 8,417,345 7,467,476 16,394,587 Subtotal 1,341,334 325,944 191,963 277,935 325,910 571,190 Federal Reserve currency 955,200 241,500 153,000 251,100 337,600 729,000 Assessment for expenses of Board of Governors 24,172,900 9,336,573 6.040,154 8,946,380 8,130,986 17,694,777 Total Less reimbursement for certain fiscal agency and 3,457,458 1,230,950 630,258 1,500,846 1,130,417 2,148,381 other expenses 20,715,442 8,105,623 5,409,896 7,445,534 7,000,569 15,546,396 Net expenses Profit and Loss 132,525,299 27,472,066 14,905,666 32,274,232 28,305,976 83.253,486 Current net earnings Additions to current net earnings: Profits on sales of U. S. Government secu- 33,137 7,864 4,325 8,191 7,509 21,216 rities (net) Transferred from reserves for contingencies 12,966,576 5,691,670 3,964,289 5,206,431 5,002,666 8,706,533 (net) 27,654 3,044 1,071 2,946 857 802,638 All other 13,027,366 5,702,578 3,969,685 5,217,568 5,011,032 9,530,388 Total additions 449 989 1,420 38,589 4,409 592 Deductions from current net earnings 13,026,917 5,701,588 3,968,264 5,178,979 5,006,624 9,529,796 Net additions 145,552,216 33,173,654 18,873,930 37,453,211 33,312,599 92,783,282 Net earnings before payments to U. S. Treasury 3,110,883 760,610 518,245 928,427 1,307,562 2,747,120 Dividends paid 167,266,066 40,296,779 21,560,985 37,739,576 30,796,437 90,406,584 Paid U. S. Treasury (interest on F. R. notes) -24,824,734 -7,883,735 -3,205,300 -1,214,792 1,208,601 -370,423 Transferred to surplus 132,158,534 33,746,035 20,785,000 32,934,892 43,436,299 95,760,623 Surplus, January 1 107,333,800 25,862,300 17,579,700 31,720,100 44,644,900 95,390,200 Surplus, December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercial and stock savings banks and nondeposit trust companies Mutualsavings All Type of office and type of change banks Member banks Nonmember banks Total Total ti N on a- al me S m ta b te er 2 Total su In re - d in N s o ur n e - d su I r n e - d2 in N su o r n e - d Banks (head office) Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1 .343 68 511 Dec 31 1941 . 14,825 14 277 6,619 5 117 ,502 7,661 6 810 851 52 496 Dec. 31, 19473... . 14,714 14,181 6,923 5,005 ,918 7,261 6,478 783 194 339 Dec 31 1951 14,618 14,089 6,840 4,939 ,901 7,252 6,602 650 202 327 Dec 31 1956 . 14,167 13 640 6,462 4 651 811 7,181 6 737 444 223 304 Dec. 31, 1957 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec 31 1958 14,020 13,501 6,312 4,578 1.734 7.192 6.793 399 241 278 Dec 31 1959 13,991 13.474 6,233 4,542 691 7,244 6.878 366 268 249 Branches and additional offices Dec. 31 1934.. . 3,133 3,007 2,224 1,243 981 783 4783 4 126 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec 31 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31 1951.. 5,383 5,153 3,837 2,370 1,467 1,316 1 275 41 165 65 Dec. 31, 1956 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec 31 1957 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec 31 1958 . . 9,286 8 861 6,924 4 534 2 390 1,937 1 898 39 305 120 Dec. 31, 1959.. . 10.099 9 652 7,492 4,973 2,519 2,160 2 118 42 318 129 Changes, Jan. 1-Dec. 31, 1959 Banks: New bankss + 117 + 117 + 27 + 23 +4 +90 +75 + 15 •5 Consolidations and absorptions: Banks converted into branches -148 -148 -91 -64 -27 -57 -56 -1 Other -20 -18 -10 -7 -3 -8 -5 -3 -1 -1 Voluntary liquidations6 -3 -3 i -1 -2 2 Conversions: National into State 2, -2 +2 +2 State into national + 1 +7 -6 -1 -1 Federal Reserve membership:? Admissions of national banks in Alaska... +6 +6 +6 +6 A Ad d m m i i s s s s i i o on n s o o f f n S a t t a io te n a b l a b n a k n s k in Hawaii.... + 1 + 1 + + 5 1 + 1 +5 -5 -3 -2 Withdrawals of State banks -15 -15 + 15 + 15 Federal Deposit insurance:8 + 50 -50 +28 -28 Other: Alaska + 11 + 11 + 11 +6 + 5 Hawaii + 10 + 10 + 10 -j-5 -j-5 Net increase or decrease -29 -27 -79 -36 -43 +52 + 85 -33 +27 -29 Number of banks Dec 31 1959 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Branches and additional offices except banking facilities: 9 De novo branches +617 +584 +438 + 297 + 141 + 146 + 142 +4 + 14 + 19 Banks converted into branches + 148 + 148 + 115 +75 +40 + 33 + 32 + 1 Discontinued -59 -48 -38 -26 -12 -10 -9 -11 Interclass branch changes National to State member -11 + 11 National to nonmember — 8 -8 + 8 +6 +2 State member to national +55 -55 5 -5 + 5 + 5 Nonmember to national +6 +6 -6 -6 Nonmember to State member + 10 + 10 -10 -10 Noninsured to insured + 4 -4 + 10 -10 Other: Alaska + 18 + 18 + 15 + 15 + 3 + 3 Hawaii +73 +73 +25 +25 +48 +47 + 1 Net increase or decrease +797 + 775 + 558 +428 + 130 +217 +214 + 3 + 13 +9 Number of branches and additional offices, Dec. 31, 1959 9,835 9,388 7,259 4,769 2.490 2,129 2.087 42 318 129 Banking facilities:9 Established + 14 + 14 + 10 + 10 +4 +4 D In i t s e c r o c n la t s in s u c e h d ange -9 -9 -7 -1 "- + 2 1 -2 -2 Other: Alaska +6 +6 +6 +6 Hawaii +5 +5 + 1 + 1 +4 +4 Net increase or decrease + 16 + 16 + 10 + 11 i + 6 +6 Number of facilities Dec 31 1959 264 264 233 204 29 31 31 1 One national bank in Alaska with no branches and one in the Virgin 5 Exclusive of new banks organized to succeed operating banks. Islands with one branch have been included in this series since 1954 and 6 Exclusive of liquidations incident to succession, conversion, and 1957, respectively. Other banks in territories and possessions are excluded. absorption of banks. 2 State member bank and insured mutual savings bank figures both 7 Exclusive of conversions of State member banks into national banks include, since 1941, three member mutual savings banks not included that are shown separately under conversions. in the total for commercial banks. State member bank figures also in- 8 Exclusive of insured nonmember banks converted into national banks clude, since 1954, one noninsured trust company without deposits. or admitted to Federal Reserve membership, and vice versa. 3 Series revised as of June 30, 1947. The revision resulted in a net 9 Banking facilities (other than branches) that are provided at military addition of 115 banks and 9 branches. and other Government establishments through arrangements made by 4 Separate figures not available. the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE PAR LIST 223 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST » Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks an B d r a o n ff c ic h e e s s Banks a B nd r an o c ff h ic e e s s Banks a B n r d a n o c f h fi e ce s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h i e ce s s Total, including Puerto Rico and Virgin Islands:2 Dec. 31, 1958 13,441 9,042 11,722 8,709 6,306 6,937 5,416 1,772 1,719 333 Dec. 31, 1959 13,385 9,757 11,695 9,425 6,227 7,509 5,468 1,916 1,690 332 Districts, Dec. 31, 1959: Boston 415 714 415 714 276 570 139 144 New York 2 602 1,786 602 1,786 507 1,558 95 228 Philadelphia 651 635 651 635 499 511 152 124 Cleveland 938 897 938 897 572 111 366 120 Richmond 948 1,131 797 975 447 631 350 344 151 156 Atlanta 1,337 492 780 446 403 368 377 78 557 46 Chicago 2,464 1,060 2,464 1,060 1,005 639 1,459 421 St. Louis 1,474 306 1,184 230 488 152 696 78 290 76 Minneapolis 1,298 129 701 87 477 39 224 48 597 42 Kansas City 1,774 78 1,768 78 755 57 1,013 21 6 Dallas 1,117 136 1,036 125 633 91 403 34 81 11 San Francisco 367 2,393 359 2,392 165 2,116 194 276 8 1 State or area, Dec. 31, 1959: Alabama 237 78 153 77 92 73 61 4 84 Alaska 18 23 10 22 7 21 3 1 8 Arizona 8 146 8 146 4 121 4 25 Arkansas 236 41 129 21 75 17 54 4 ioi 20 California 110 1,552 110 1,552 60 ,391 50 161 Colorado 161 7 161 7 95 6 66 1 Connecticut 68 185 68 185 34 144 34 41 Delaware 20 53 20 53 5 24 15 29 District of Columbia 12 64 12 64 9 58 3 6 Florida 284 14 241 13 117 11 124 2 43 Georgia 413 87 136 85 65 71 71 14 277 Hawaii 6 77 6 77 26 5 51 Idaho 32 81 32 81 18 75 14 6 Illinois 952 4 951 4 524 4 427 Indiana 449 276 449 276 226 185 223 91 Iowa 671 172 671 172 169 11 502 161 Kansas 593 18 591 18 215 13 376 5 Kentucky 358 132 358 132 108 91 250 41 Louisiana 187 162 79 134 53 106 26 28 28 Maine 53 121 53 121 34 83 19 38 Maryland 140 226 140 226 63 134 77 92 Massachusetts 167 354 167 354 124 295 43 59 Michigan 383 533 383 533 219 438 164 95 Minnesota 686 6 288 6 209 6 79 398 Mississippi 193 132 54 64 35 38 19 26 139 68 Missouri 619 9 564 9 174 7 390 2 55 Montana 115 1 115 1 86 1 29 Nebraska 420 2 420 2 140 2 280 Nevada 7 36 7 36 5 32 2 4 New Hampshire 74 3 74 3 52 2 22 1 New Jersey 255 398 255 398 217 357 38 41 New Mexico 52 49 52 49 35 27 17 22 New York 412 1,297 412 1,297 361 ,229 51 68 North Carolina 183 452 102 303 43 164 59 139 81 149 North Dakota 156 27 58 8 40 2 18 6 98 19 Ohio 588 598 588 598 373 519 215 79 Oklahoma 387 18 381 18 223 16 158 2 Oregon 52 179 52 179 17 158 35 21 Pennsylvania 716 740 716 740 548 636 168 104 Rhode Island 9 90 9 90 5 68 4 22 South Carolina 145 134 77 127 31 96 46 31 7 South Dakota 173 54 72 31 60 24 12 7 101 23 Tennessee 295 196 217 183 83 137 134 46 78 13 T V V U e i e t r x a r g a h m i s n o i n a t 9 3 8 4 5 0 8 9 6 9 2 2 7 5 3 8 0 5 3 9 3 4 5 5 0 9 4 6 8 2 7 5 2 3 0 5 8 3 5 2 7 2 0 3 7 0 0 2 1 2 6 7 1 8 1 9 8 3 1 2 7 2 0 9 7 4 8 '"9 7 1 * 6 5 34 Washington 87 268 87 268 34 261 53 7 West Virginia 183 182 112 70 Wisconsin 554 152 554 152 158 "24' 396 128 Wyoming 53 1 53 1 39 14 Puerto Rico 2 10 118 10 118 13 10 105 Virgin Islands2 1 5 5 5 1 Comprises all commercial banking offices in the United States, no checks are drawn and three mutual savings member banks. Puerto Rico, and the Virgin Islands on which checks are drawn, including 2 Puerto Rico and the Virgin Islands assigned to the New York District 264 banking facilities. Number of banks and branches differs from that for purposes of Regulation J, "Check Clearing and Collection." Member in the preceding table because this table includes banks in Puerto Rico branches in Puerto Rico and all except one in the Virgin Islands are and the Virgin Islands, but excludes banks and trust companies on which branches of New York banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
224 BANK RESERVES AND RELATED ITEMS, 1959 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 Tn millions of dollars] Central reserve city banks New York Chicago Period Bor- Bor- Bor- T r o e t - al qu R i e re - d Ex r c e e - ss r i o n w gs - F r r e e - e T r o e t - al qu R i e re - d Ex r c e e - ss r i o n w gs - F r r e e - e T r o e t - al qu R i e r - ed Ex r c e- ess r i o n w gs - F r r e e - e s h e e r l v d e i s ser r v e- es2 serves2 F. a R t . serves2 s h e e r l v d e i s se r r e v - es serves F. a R t . serves s h e e r l v d e i s se r r e v - es serves F. a R t . serves Banks Banks Banks Jan . ... 18,893 18,396 497 557 -60 4,031 4 018 12 77 -65 1 066 1 065 1 54 -53 Feb 18,577 18,117 460 508 -48 3,968 3,953 15 43 -28 ,052 1,051 1 27 -26 Mar 18 429 17,968 461 601 — 140 3,994 3,965 30 13 16 029 1 027 2 124 -122 Apr 18,664 18,247 417 676 -259 4^008 4^001 7 96 -89 ,041 1 036 5 69 -64 May 18,580 18,132 448 767 -319 3 979 3,955 24 75 -51 ,037 1,033 4 44 -41 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 1,006 3 66 -63 J V A u * u l * g v J 1 1 8 8 , , 6 6 7 1 1 3 1 1 8 8 , , 2 1 7 4 1 1 4 4 0 7 0 2 1,0 9 0 5 7 7 - - 5 5 5 3 7 5 3 3 , 9 8 8 8 1 9 3 3 , 9 8 7 6 7 6 2 4 3 2 1 4 5 8 7 - - 2 1 2 5 5 4 1 1 , , 0 0 2 3 8 3 1 1 ,0 0 2 2 9 8 4 4 40 7 - - 4 3 7 5 Sept 18,593 18,183 410 903 -493 3,848 3,866 — 18 209 -227 1,025 1,022 3 46 -44 Oct . ... 18,610 18,164 446 905 — 459 3,867 3,851 15 225 -209 I 020 1 018 2 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 1,029 1,026 3 64 -61 Dec 3 18,932 18,450 482 906 -424 3 3,920 3,930 — 10 99 -109 3 1.038 1,038 104 -104 Week ending: Jan. 7 19,131 18,588 543 626 -83 4,131 4,131 140 -140 1,088 1,089 -2 92 -94 14 18,901 18,340 561 713 -152 3,982 3,971 11 112 -101 1,062 1,056 6 86 -80 21 18,769 18,234 535 438 97 3,951 3,941 10 47 -37 1,054 1,050 4 52 -48 28.... 18,817 18,424 393 489 -96 4,013 4,022 o 43 -52 1,065 1,062 3 9 -6 Feb. 4 18,749 18,345 404 415 -11 4 067 4,040 27 27 1,071 1,067 4 7 3 11 18,742 18,189 553 535 18 3,995 3,967 28 50 -22 1,052 1,050 1 11 -10 18.... 18,562 18,120 442 565 c-123 3,941 3,943 3 110 -113 1,044 1,046 -2 64 -66 25 18,389 17,979 410 456 -46 3,919 3,909 10 10 1,046 1,044 17 -16 Mar. 4 18,375 17,957 418 529 -111 3,959 3,943 16 14 2 1,054 1,051 2 37 -35 11 18,421 17,868 553 703 -150 3,966 3,924 42 2 40 1,025 1,023 64 -62 18 18,439 18,051 388 525 -137 3,996 4,000 —4 54 -58 1,034 1,033 106 -104 25 18,558 18,100 458 600 -142 4,017 4,001 16 16 1,028 1,026 207 -205 Apr. 1.... 18,323 17,855 468 612 — 144 4 007 3 936 71 71 1,007 1,004 146 -143 8 18,711 18,302 409 672 -263 4,065 4,059 6 68 -62 1,046 1,043 162 -159 15 18,698 18,254 444 703 -259 3,996 3,994 112 -110 1,038 1,039 -1 61 -62 22.... 18,817 18,307 510 749 -239 3,997 3,982 15 195 -180 1,040 1,036 4 46 -42 29 18,551 18,183 368 656 -288 3,995 3,977 18 37 -19 1,037 1,035 23 -21 May 6 18,571 18,213 358 675 -317 4,008 4,010 -1 52 -53 1,049 1,045 35 -32 13.... 18,550 18,096 454 709 -255 3,925 3,908 17 49 -32 1,034 1,032 47 -45 20.... 18,829 18,227 602 853 -251 4,023 3,992 31 118 -87 1,044 1,038 < 78 -73 27 18,393 18,063 330 658 -328 3,938 3,931 56 -49 1,027 1,025 2 17 -15 June 3 18,324 18,021 303 849 -546 3,949 3,938 11 56 -45 1,017 1,014 3 41 -38 10 18,314 17,886 428 979 -551 3,862 3,855 4 995 993 75 -73 17 18,537 18,081 456 976 -520 3,949 3,938 12 21 -9 1,010 1,009 89 -88 24 18,627 18,170 457 876 -419 3,953 3,954 -1 45 -46 1,015 1,011 4 61 -57 July 1 18,386 18,069 317 921 -604 3,983 3,965 18 30 -12 1,014 1,012 2 41 -39 8.... 18,452 18,017 435 1,027 -592 3,894 3,883 11 117 -106 1,000 997 2 74 -71 15 18,640 18,229 411 1,002 -591 3,936 3,950 -14 145 -159 1,023 1,024 -1 46 -47 22... 18,976 18,488 488 912 -424 4,079 4,055 2f 217 -192 1,052 1,046 6 37 -31 29... 18,702 18,353 349 890 -541 4,013 4,009 150 -146 1,046 1,041 4 38 -33 Aug. 5 18,696 18,296 400 1,034 -634 3,987 3,983 l 197 -193 1,052 1,047 4 30 -26 12.... 18,622 18,080 542 1,073 -531 3,864 3,841 23 278 -255 1,025 1,023 1 46 -45 19... 18,509 18,078 431 945 -514 3,828 3,839 -11 260 -271 1,020 1,021 49 -51 26... 18,586 18,149 437 940 -503 3,866 3,841 25 232 -207 1,034 1,026 I 36 -28 Sept. 2... 18,566 18,165 401 965 -564 3,887 3,876 11 203 -192 1,034 1,031 3 36 -33 9... 18,640 18,082 558 1,057 -499 3,846 3,839 149 -142 1,010 1,006 i 58 -54 16... 18,653 18,170 483 1,059 -576 3.886 3,876 10 266 -256 1,021 1,016 i 62 -58 23... 18,819 18,297 522 859 -337 3,870 3,870 ] 297 -298 1,030 1,032 41 -43 30... 18,394 18,174 220 721 -501 3,868 3,867 170 -169 1,038 1,031 8 25 -17 Oct. 7... 18,636 18,153 483 1,006 -523 3,882 3,866 16 305 -289 1,029 1,026 3 103 -100 14... 18,501 18,012 489 1,048 -559 3,812 3,783 2< 300 -271 1,005 1,004 96 -94 21... 18,679 18,173 506 819 -313 3,850 3,853 223 -227 1,014 1,015 _ ] 61 -62 28... 18,568 18,266 302 790 -488 3,891 3,881 10 125 -115 1,026 1,020 5 87 -82 Nov. 4... 18,711 18,311 400 826 -426 3,911 3,902 8 111 -169 1,038 1,037 j 56 -55 11... 18,724 18,202 522 908 -386 3,765 3,783 \\ 286 -304 1,030 1,026 t 70 -66 18... 18,647 18,190 457 856 -399 3,794 3,768 26 281 -255 1,032 1,026 * 86 -81 25... 18,563 18,130 433 822 -389 3,786 3,758 29 116 -87 1,028 1,024 4 34 -30 Dec. 2... 3 18,451 18,085 366 870 c-504 3 3,773 3,769 i 78 -74 3 1,017 1,019 ^ 60 -62 9... 18,797 18,282 515 911 «-396 3,876 3,874 \ i — 2 cl,032 1,030 69 -67 16... 18,872 18,429 443 956 -513 3,949 3,938 l; 109 -98 1,035 1,031 '. 84 -81 23... 19,274 18,635 639 980 -341 4,005 3,988 K 202 -186 1,053 1,049 143 -139 30... 18,997 18,533 464 928 -464 3,953 3,944 ( 86 rr 1,054 1,049 5 156 -151 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS, 1959 225 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. 1 In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a i l es R re e s q e u r i v r e e s d r E es x e c r e v s e s s B i B n F o g a . r r n s R o k a w . s t - re F se r r e v e es re T h s e o e l r t d v a i l es R re e s q e u rv ir e e s d 2 re E s x er c v e e ss s 2 B i B n F o a g . r r n s R o k a w . s t - res F e r r e v e es2 Jan 7,929 7,873 56 279 -223 5,440 428 147 281 Feb 7,777 7,723 55 250 -195 5,780 5,390 390 188 202 Mar 7,702 7,653 49 277 -228 5,704 5,323 381 187 194 Apr 7,825 7,791 34 317 -284 5,790 5,418 372 194 178 May 7,792 7,728 64 424 -360 5,772 5,415 357 224 133 June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 July 7883388 7,809 29 510 -482 5,824 5,458 366 242 124 Aug 836 7,779 57 477 -420 5,855 5,467 388 242 145 Sept ,825 7,783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec 7,954 7,912 41 490 -449 3 6,020 5,569 450 213 237 Week ending: Jan. 7 8,001 7,936 65 323 -258 5,911 5,432 479 71 408 14 7,922 7,867 54 339 -285 5,935 5,446 489 176 313 21 7,873 7,816 57 227 -170 5,890 5,427 463 112 351 28 7,917 7,885 33 239 -206 5,821 5,455 366 198 168 Feb. 4 7,868 7,820 49 211 -162 5,742 5,418 324 197 127 11 7,825 7,755 69 289 -220 5,871 5,417 454 185 269 18 7,788 7,737 50 223 -173 5,790 5,394 396 168 228 25 7,692 7,657 36 247 -211 5,732 5,369 363 192 171 Mar. 4 7,679 7,631 48 273 -225 5,684 5,332 352 205 147 11 7,661 7,596 64 426 -362 5,770 5,325 445 211 234 18 7,728 7,693 35 201 -166 5,681 5,325 356 164 192 25 7,774 7,730 44 250 -206 5,738 5,343 395 143 252 Apr. 1 7,660 7,609 50 242 -192 5,649 5,306 343 224 119 8 7,848 7,800 49 303 -254 5,752 5,400 352 139 213 15 7,856 7,818 38 314 -276 5,809 5,403 406 216 190 22 7,867 7,824 43 335 -292 5,912 5,465 447 173 274 29 7,808 7,753 55 347 -292 5,711 5,418 293 249 44 May 6 7,781 7,745 37 379 -342 5,733 5,413 320 209 111 7,784 7,732 51 382 -331 5,808 5,424 384 231 153 20.'! '.'.'.'.'.'.'.'.'.'.'. 7,824 7,764 59 458 -399 5,938 5,433 505 199 306 27 7,735 7,702 33 343 -310 5,692 5,405 287 242 45 June 3 7,721 7,679 42 509 -467 5,638 5,390 248 243 5 10 7,688 7,646 42 643 -601 5,769 5,392 377 257 120 17 7,769 7,732 37 596 -559 5,809 5,402 407 270 137 24 7,793 7,754 39 557 -518 5,866 5,451 415 213 202 July 1 7,766 7,709 57 551 -494 5,623 5,383 240 299 -59 8 7,723 7,686 37 583 -546 5,835 5,451 384 253 131 15 7,865 7,832 34 525 -491 5,814 5,423 391 286 105 22 7,926 7,893 32 489 -457 5,919 5,494 425 169 256 29 7,867 7,830 38 442 -404 5,776 5,473 303 260 43 Aug. 5 7,852 7,806 46 557 -511 5,805 5,460 345 250 95 12 7,801 7,753 48 497 -449 5,932 5,463 469 252 217 19 7,791 750 41 435 -394 5,871 5,468 403 201 202 26 7,845 803 42 439 -397 5,841 5,479 362 233 129 Sept. 2 7,841 7,796 45 438 -393 5,804 5,462 342 288 54 9 7,828 7,748 80 556 -476 5,957 5,489 468 294 174 16 7,834 7,789 45 513 -468 5,912 5,489 423 218 205 23 7,876 7,827 49 376 -327 6,044 5,568 476 145 331 30 7,832 7,768 65 331 -266 5,656 5,508 148 195 -47 Oct. 7 7,796 7,748 48 417 -369 5,929 5,513 416 181 235 14 7,782 7,715 68 418 -350 5,902 5,510 392 234 158 21 7,786 7,755 31 370 -339 6,029 5,550 479 165 314 28 7,844 7,820 24 364 -340 5,807 5,545 262 214 48 Nov. 4 7,866 7,828 38 379 -341 5,896 5,544 352 214 138 11 7,900 7,821 80 377 -297 6,028 5,572 456 175 281 18 7,864 7,830 34 347 -313 5,957 5,566 391 142 249 25 7,826 7,775 51 461 -410 5,924 5,573 351 211 140 Dec. 2 3 7,807 7,760 47 490 -443 3 5,854 5,537 317 242 75 9 7,861 7,813 C48 587 -539 6,030 5,565 465 251 214 16 7,957 7,907 50 545 -495 5,932 5,553 379 218 161 23 8,050 7,998 52 422 -370 6,165 5,600 565 213 352 30 8,050 7,962 87 487 -400 5,939 5,578 361 199 162 c Corrected. 2 Weekly figures are estimates. 1 Averages based on figures for opening or closing of business as 3 Beginning December 1959, total reserves held include allowable cash. follows: For total reserves held—closing figures through November 1959; See also note 1 and for definition of allowable cash see the BULLETIN for beginning December 1959, closing figures for balances with Reserve December 1959, p. 1482. Banks and opening figures for allowable cash. For borrowings, closing figures. For required reserves, opening figures inasmuch as requirements are based on deposits at opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
226 WEEKLY REPORTING MEMBER BANKS, 1959 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions Wednesday i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a s o a v e n t d a e e n d - n s d t t s s - i j L u o s a t d a e - n d s 1 i C n m t a c r o d i n i e a m u a d r l l s - - - A t c u u g r l r a - i l - G U t l a T i o i o o . g n b o v n a d - S - s t b . . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U t l i o i T o o . g b v n a o - S - s t . . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - ank c m m D s c o t e i i o e m a s c - r - l - - n s c s P i a a o o a n f N n e n n l i m s e r - d c a o t - s - e i l n tu b t a O io n t k n h s er e R st e a a t l e l o o A t a h l n e l s r V s t e a r i r e o l v - u n e a s panies etc. New coverage—old loan classification 2 Jan. 7 104,693 103,108 58,849 31,078 819 2,400 1,313 ,585 11,426 13,118 1,305 14 103,870 102,337 58,379 30,925 826 2,074 1,334 ,533 11,475 13,053 1,308 21 104,817 103,282 58,352 30,700 820 2,226 1,339 ,535 11,496 13,078 1,307 28 104,617 102,870 58,156 30,549 822 2,146 1,362 ,747 11,505 13,077 1,305 Feb. 4 104,278 102,573 57,983 30,447 815 2,046 1,353 ,705 11,530 13,099 1,307 11 103,641 102,002 57,920 30,449 814 1,928 1,358 ,639 11,567 13,111 1,307 18 103,368 101,773 58,031 30,542 809 1,902 1,362 ,595 11,583 13,141 !,3O8 25 103,476 101,566 58,123 30,543 811 1,939 1,381 ,910 11,599 13,162 1,312 Mar. 4 103,174 101,479 58,189 30,601 811 1,938 ,370 ,695 11,586 13,197 1,314 11 103,668 101,964 58,551 30,976 808 1,883 ,370 ,704 11,618 13,212 1,316 18 103,905 102,446 59,337 31,508 818 2,004 ,384 ,459 11,645 13,297 1,319 25 103,070 101,342 59,219 31,491 827 1,852 ,386 ,728 11,672 13,309 1,318 Apr. 1 105,244 103,274 59,800 31,473 833 2,309 ,430 ,970 11,694 13,378 1,317 8 104,482 102,962 59,511 31,305 839 2,125 ,409 ,520 11,728 13,423 1,318 15 104,959 103,332 60,066 31,557 855 2,288 ,422 ,627 11,774 13,489 1,319 22 104,215 102,732 60,074 31,517 850 2,235 1,430 1,483 11,795 13,565 1,318 29 104,332 102,500 60,178 31,524 861 2,226 1,418 1,832 11,820 13,647 1,318 May 6 103,654 102,117 60,359 31,660 862 2,239 1,412 11,537 11,851 13,656 1.321 13 104,927 103,223 60,768 31,880 868 2,269 1,421 ',704 11,918 13,735 1', 323 20 104,538 102696 60,890 31,964 870 2,200 1,425 ,842 11,950 13,803 1,322 27 104,238 102,449 60,876 31,957 878 2,075 1,431 ,789 11,971 13,889 1,325 June 3 104,133 102,287 60,954 31,923 870 2,149 1,426 ,846 11,985 13,930 1,329 10 104,340 102,553 61,362 32,160 884 2,160 1,425 ,787 12,042 14,019 1,328 17 104,384 103,070 62,352 32,930 901 2,202 1,405 ,314 12,098 14,146 1,330 24 103,968 102,366 62,220 32,904 896 2,017 1,404 ,602 12,136 14,195 1,332 New coverage—new loan classification 2 July 1. 104,995 103,476 63,351 28,482 883 293 ,894 157 1,253 596 ,519 3,832 462 12,198 13,640 1,339 8. 105,457 104,383 63,232 28,395 886 428 ,773 165 1,243 593 ,074 3,749 454 12,217 13^671 1,342 15. 106,643 105,457 63,774 28,499 895 614 ,758 165 \256 609 ,186 3,850 485 12,259 13,730 1,346 22. 105,865 104,671 63,797 28,585 896 455 ,736 165 ,271 618 ,194 3,873 502 12,262 13,781 1,347 29. 105,502 104,187 63,820 28,585 907 401 ,705 164 ,274 610 ,315 3,911 ,528 12,277 13,812 1,354 Aug. y 105,123 103,737 64,040 28,688 912 354 ,704 167 ,277 598 ,386 4,004 ,542 12,264 13,889 1,359 104,879 103,398 64,209 28,759 916 321 ,752 166 ,264 599 ,481 3,994 ,565 12,302 13,932 1,361 19. 105,233 104,037 64,596 28,912 929 402 ,766 167 ,264 619 ,196 4,060 ,565 12,327 13,945 1,360 26. 105,261 103,888 64,617 28,978 927 406 ,697 166 ,259 613 ,373 4,041 ,528 12,353 14,011 1,362 Sept. 2. 104,862 103,757 64,624 28,992 913 339 ,686 165 ,273 639 1,105 4,034 ,543 12,345 14,056 1,361 9. 105,010 103,554 64,483 29,007 918 334 ,604 158 ,251 651 1,456 3,920 ,556 12,385 14,060 1,361 16. 105,594 104,149 65,099 29,348 924 333 ,609 161 ,240 647 1,445 4,080 ,569 12,438 14,110 1,360 23. 104,602 103,399 64,909 29,376 929 296 ,586 162 ,222 644 1,203 3,903 ,572 12,465 14,113 1,359 30. 104,311 103,583 65,354 29,481 944 401 ,660 162 ,193 677 728 3,947 ,603 12,456 14,190 1,360 Oct. 7. 104,199 103,038 65,219 29,511 936 311 ,740 160 ,195 677 1,161 3,820 ,591 12,462 14,176 1,360 14. 104,082 102,802 65,269 29,706 941 284 ,627 159 ,180 671 1,280 3,743 ,609 12,494 14,216 1,361 21. 104,652 103,928 65,434 29,550 928 512 ,712 173 ,190 686 724 3,705 ,624 12,513 14,201 1,360 28. 104,333 103,388 65,244 29,516 936 433 ,682 158 ,191 673 945 3,620 ,651 12,527 14,215 1,358 Nov. 4. 105,230 103,879 65,890 29,687 937 573 ,702 160 ,195 717 1,351 3,782 ,671 12,506 14,321 1,361 11. 104,343 103,146 65,703 29,727 942 397 ,701 152 ,193 743 1,197 3,687 ,669 12,540 14,312 1,360 18, 104,345 103,251 65,961 29,912 937 383 ,776 154 ,188 734 1,094 3,722 ,679 12,562 14,274 1,360 25. 104,20" 102,841 65,884 29,901 919 313 ,774 158 ,187 750 1,361 3,708 ,678 12,578 14,279 1,361 Dec. 2. 105,707 104,253 66,335 30,015 913 424 ,764 151 1,178 777 ,454 3,808 ,723 12,574 14,372 1,364 9, 105,475 103,980 66,178 30,034 917 261 ,713 145 1,187 797 ,495 3,814 ,702 12,596 14,375 1,363 16, 106,643 105,330 67,684 30,423 919 607 ,974 145 1,187 784 ,313 4,221 ,699 12,651 14,434 1,360 23, 106,546 104,954 67,627 30,490 917 410 ,967 153 1,192 789 ,592 4,275 ,705 12,652 14,439 1,362 30. 106,627 105,363 68,069 30,465 930 452 2,127 164 1,174 809 ,264 4,441 ,746 12,652 14,472 1,363 1 Exclusive of loans to (a) banks on the old loan classification basis shown gross. and (b) domestic commercial banks on the new loan classification basis, 2 See "Note" at end of table. and after deduction of valuation reserves; individual loan items are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS, 1959 227 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [Tn millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— Wednesday Total Bills e o d c C d t f a e i n e f t b i i e e r n - t - s s - - s W 1 i y i N n t e h o a - r t m es 5 a a t 1 y u n e r t d a i o n r b s g o : 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l e k e h - s s s - b a w e B f a n o i n a i c g r t l e k n h - - s s Cu c a r o r n e i d n ncy| B s F w e R a . r i n e v R t - k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i b o n e t i i d u s a t l a n i l - l ts Jan. 7. 34,078 2,258 4.210 27,610 10,181 18,119 2,883 87 ,203, 13,946 2,944 135,873 14 33,801 2,218 4,051 27,532 10,157 18,044 2,974 85 ,256 13,729 2,961 136,176 21... 34,862 2.248 3.925 28,689 10,068 17,991 2,847 83 ,158 13,903 2,992 136,064 28 34,701 2.193 3.817 28,691 10,013 17,661 2,748 81 ,189 13,643 3,020 134,667 Feb. 4 34,529 2,192 3,864: 28,473 10,061 17,524 2,740 84 ,064 13,636 3,055 134,270 11 34,138 2,049 3:742! 28,347 9,944 17,347 2,773 77 ,153 13,344 3,075 134,169 18 . 33,758 2.451 3.991 27,316 9,984 17,698 2,848 77 ,136 13,637 2,962 134,395 25 33,412 2,351 3,808 27,253 10,031 17,563 2,797 78 ,204 13,484 2,949 133,957 i Mar. 4. 33,199 7.355! 3.75i| 27,093 10,091 17,169 2,794| 77 ,049 13,249 2,980 133,329 11 33,178 2.450! 3,716 27,012 10,235 17,218 2,805 72 ,148 13,193 2,939 133,698 18 32,852 2.326 3,598 26,928 10,257 18,127 2,889 85 ,122 14,031 2,876 135,285 2S.. 31,905 2J89 2,904| 26,812 10,218 17,278 2,691 75 ,148 13,364 2,933 132,347 Apr. 1 33,123 2,676 2,854 27,593 10,351 17,780 3,412, 78 ,080 13,210 3,006 136,700 8 32,980 2,652 2,856 27,472 10,471 17,631 2,690 74 ,096 13,771 2,937 134,385 15 32,687 2.502 2,816 27,369 10,579 18,250 3,117' 78 ,120 13,935 2,934 138,048 ?2 32,229 2,249 2,730 27,250 10,429 17,765 2,734 75 ,147 13,8091 2,899 135,193 29 31,877 2,160] 2,673 27,044 10,445 17,544 2,779 70 ,177 13,518 2,990 134,681 May 6 31,484 1,987 2.630J 26,867 10,274 17,476 2,668 71 ,065 13,672 2,990 133,782 13 32,250 3,024 2.585 26,641 10,205 17,619 2,784 78 ,177| 13,580 3,013 136,535 20 31,549 2,590 2,458 26,501 10,257 17,182 2,847 901 ,143 13,102 2,973 134,603 27 31,277 2,408 2,435 26,434 10,296 17,231 2,705 77 ,195 13,254 2,980 134,089 June -{ 31,095 2,3601 2.372 26,363 10,238 17,048 2,702 82 ,098 13,166 3,032 134,017 10 30,994 2,345' 2,342 26,307 10,197 17,319 2,749 90 ,172 13,308 3,074 134,692 17 30,598 2.164 2.262 26,172 10,120 17,961 2,968 90 ,169 13,734| 2,978 136,629 24 30,061 1,722 2.211 26,128 10,085 17,316 2,712 72 ,201 13,331 3,025 133,981 July 1 29,980 1,747 2.157 1,692 17,696 6,688 10,145 17,165 2,981 72 ,125 12,987 3,142 136,868 8 30,966 2,850 2,099 1,694 17,618 6,705 10,185 17,299 2,630| 76 ,151 13,442] 3,064 135,675 15 31,502 3,514 2,055 1,650 17,608 6,675 10,181 17,705 2,903' 80 ,174 13,548 3,079 139,704 22 30,702 3.0271 2,020 1,519 17,466 6,670| 10,172 17,710 2,738 73 ,178 13,721 3,028 136,773 29 30,242 2,753 1,850 1,502 17,482 6,655 10,125 17,209 2,622 82 ,211 13,294 3,064 135,132 Aug. 5 29,646 2,345 ,166 1,546 17,885 6,704| 10,051 17,030 2,658 84 ,067 13,221 3,160 134,896 12 29,196 2.068 ,143 1,509 17,798 6,678 9,993 17,047 2,738 88 ,204 13,017 3,169 135,578 19.......... 29,451 2,460 ,096 1,800 17,421 6,674 9,990 17,094 2,727 90 .158 13,119 3,036 135,386 26 29,270 2,378 ,095 1,762 17,382 6,653 10,001 17,065 2,614 101 ,195 13,155 2,971 134,505 Sept. 2 29,057 ?, 297 ,093 1,703 17,344|6,620 10,076| 17,047 2,721 81 ,123 13,1221 3,046 134,705 9 28,947 2,239I ,097 1,686 17,309 6,616 10,124 16,954 2,844 84 ,203 12,823 3,064 134,955 16 28,894 2,312! ,087 1,637 17,229 6,629 10,156 17,652 3,080 108 ,195 13,269 3,025 138,218 23.......... 28,361 2,042 ,040 1,586 17,074 6,619 10,129 17,275 2,761 94, ,229 13,191 3,035 134,936 30 28,121 1,990 ,033 1,568 16,916 6,614 10,108 17,181 2,943 92] ,155 12,991 3,143 135,803 Oct. 7 27,668 1,652 ,072 1,575 16,764 6,605 10,151 16,988 2,651 85, ,134 13,118 3,138 134,219 14 27,446 1,478 ,075 1,537 16,726 6,630 10,087 17,322 3,011 90 ,253 12,968 3,165 136,853 21... 28,486 2,309 ,084 1,492 16,950 6,651 10,008 17,675 2,791 95 ,206 13,583 3,077 136,244 28... 28,194 2,096 ,H6| 1,481 16,870 6,631 9,950 17,582 2,661 105 ,250 13,566 3,108 135,341 Nov. 4.... 28,056 1,8941 .253 1,535 16,782 6,592 9,933 17,376 2,825 86| ,147 13,318 3,126 137,500 11 27,693 1,612! .276 1,504 16,696 6,605 9,750 17,113 2,882 94 ,228 12,909 3,152 134,846 18 27,542 1,582 .140 1,720 16,498 6,602 9,748 17,579 2,877 102 1,214 13,3861 3,078 136,399 25... 27,232 1,482 ,109J 1,670 16,352 6,619 9,725 17,192 2,672 96| 1,202 13,222 3,163 135,908 Dec. 2 28,164 2,489 ,123, 1,736 16,177 6,639 9,754| 17,291 2,766 95 1,234 13,196 3,245 137,110 9.... 27,995 2,369 ,139| 1,764 16,110 6,613 9,807 17,227 2,658 92 1,342 13,135 3,205 135,951 16 27,783 2; 300 ,113 1,791 15,969 6,610 9,863 17,967 3,061 93, 1,350 13,463 3,158 140,333 23 27,496 2,148 ,107 1,837 15,874 6,530 9,831 17,710 3,037 94 1,314 13,265 3,226 139,350 30..... 27,468 2,2431 ,0841 1,867 15,774 6,500 9,826 17,790 3,039 122 1,389 13,240 3,266 139,859 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 WEEKLY REPORTING MEMBER BANKS, 1959 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n - s - d d i t ! s Do t m I ic n e t s e - rban F e k i o g r n - G U o .S v . t. S p s d s a i t i o u c i a o n v l b a t n i d i e - l t - s - s c C h c o a f e e e e i f t n e c f r c r d i t d s k . - i ' s - , p v r c s a a i I o d h a r n t r i t n u i d p o n p d a i o n e s - l , s r - s - , I b n a t n e k r- P G U i s a o n a o . n s g v v d t S s - a t . . l S p s d s a i i t o u c i o a n v l b a t n i d i e - l t - s - s p v r c s a a i I o d h a r n t r i t n u i d p o n p d a i o n e s - l , s r - s - , B F F a . r o n R m k . s o F t r h o e m rs l O i i a t t i b h e i e s l r - c Ca o a p u c i n - t t a s l Jan. 7 62,903 12,019 1,520 1,451 4,632 2,869 65,519 2,161 189 1,780 28,067 669 1,118 3,078 10,801 14 62,886 11.965 1,454 930 4,530 2,516 67,141 2,167 188 1,779 28,094 383 1,126 3,120 10,783 21 63,383 10,977 1,442 2,539 4,619 2,627 66,401 2,195 184 1,778 28,105 308 947 3,186 10,756 28 62,791 10,453 1,403 2,904 4,719 2,273 65,168 2,183 184 1,786 28,101 319 1,181 3,197 10,796 Feb. 4 61,733 11,006 1,403 2,995 4,734 2,365 64,047 2,173 179 1,772 28,129 272 1,145 3,212 10,838 11 61,718 10,796 ',466 2,536 4,488 2,517 64,819 2,056 179 1,782 28,100 186 1,177 3,239 10,828 18 60,880 10,701 ,450 3,164 4,679 2,524 64,044 2,048 179 1,789 28,150 353 1,152 3,344 10,818 25 61,268 10,262 ,421 2,861 4,583 2,358 64,296 2,059 178 1,800 28,150 372 1,456 3,331 10,830 Mar. 4 60,399 10,891 ,551 2,295 4,609 2,470 63,326 2,073 179 ,788 28,226 410 1,293 3,351 10,867 11 61,868 10,871 ,592 1,451 4,422 2,275 65,044 2,048 180 ,782 28,318 350 1,229 3,275 10,861 18 61,233 10,927 ,649 3,047 4,408 2,531 64,671 2,013 180 ,809 28,334 893 1,027 2,956 10,840 25 60,847 10,299 ,585 2,425 4,476 2,046 63,391 2,102 182 ,751 28,354 453 1,331 3,104 10,848 Apr. 1 60,057 11,349 ,562 5,099 4,833 2,769 63,125 2,080 180 ,786 28,371 239 1,361 3,042 10,904 8 60,903 10,989 ,524 3,517 4,459 2,401 63,378 2,110 179 ,757 28,399 657 1,082 3,013 10,920 15 62,009 11,689 ,489 2,732 4,828 2,621 66,465 2,129 180 ,745 28,333 764 1,112 3,048 10,913 22 62,080 10,447 ,418 2,483 4,817 2,539 65,038 2,165 179 ,769 28,339 856 1,148 3,091 10,904 29 62,016 10,291 ,381 2,934 5,124 2,458 64,249 2,118 179 ,798 28,411 371 1,338 3,092 10,937 May 6 60,431 10,768 ,406 3,052 4,974 2,255 62,864 2,117 179 ,810 28,435 734 1,096 3,123 10,969 60,410 10,798 ,428 4,482 4,651 2,110 64,625 2,083 178 ,821 28,444 495 1,302 3,179 10,939 20'.'.'.'.'.'.'.60,454 10,470 ,519 3,973 4,736 2,102 63,526 2,032 178 ,819 28,495 231 1,332 3,229 10,961 27 60,938 10,053 ,515 3,347 4,871 2,081 63,626 1,990 179 ,825 28,563 352 1,488 3,226 10,973 June 3 60,240 10,592 ,466 2,806 4,761 2,502 62,781 2,000 176 ,840 28,628 578 1,666 3,233 10,988 10 61,598 10,714 ,461 1,645 4,576 2,421 64,560 1,941 177 ,830 28,677 741 1,728 3,240 10,981 17 61,426 11,001 ,516 2,758 4,299 2,631 65,802 1,922 177 ,811 28,703 995 1,036 3,016 10,962 24 60,781 10,147 ,514 2,957 4,582 2,299 63,572 1,832 177 ,781 28,823 715 1,580 3,030 10,972 July 1 60,835 10,841 ,523 3,056 4,864 3,064 64,473 ,825 178 1,767 29,022 461 1,789 2,949 11,056 8 60,498 11,060 ,540 3,809 4,523 2,547 63,283 ,801 177 1,752 28,984 879 1,350 2,905 11,065 15 61,199 11,272 ,532 4,669 4,539 2,621 66,316 ,794 178 1,742 28,962 635 1,441 2,958 11,045 22 61,973 10,473 1,457 3,874 4,570 2,523 65,050 ,797 177 1,721 28,939 561 1,659 2,939 11,033 29 62,214 9,998 1,431 3,310 4,699 2,333 64,539 ,770 178 1,652 28,924 425 1,826 2,972 11,075 Aug!i::::::: 61,218 10,769 1,448 2,906 4,837 2,219 63,745 ,744 174 1,644 28,941 463 1,849 3,045 11,112 61,047 10,977 1,416 2,397 4,576 2,104 64,850 ,705 176 1,631 28,940 410 2,173 3,096 11,127 19 60,030 10,695 1,441 4,293 4,540 2,185 63,328 ,694 175 1,617 28,931 382 1,866 3,097 11,142 26 60,786 10,239 1,403 3,856 4,573 2,232 63,189 ,701 175 1,594 28,926 326 2,037 3,110 11,144 Sept. 2 60,216 10,842 1,506 3,672 4,606 2,346 63,014 ,616 173 1,569 28,965 434 1,663 3,129 11,170 9 60,634 11,324 1,463 2,560 4,456 2,254 63,851 ,615 174 1,553 29,006 298 2,080 3,157 11,164 16 61,143 11,841 1,454 3,141 4,365 2,315 66,410 ,594 175 1,520 28,988 313 1,884 3,089 11,129 23 60,242 10,527 1,427 3,819 4,450 2,238 63,578 1,578 172 ,516 29,040 606 1,733 3,123 11,129 30 60,180 10,998 1,450 4,279 4,631 2,533 64,184 1,567 169 ,508 29,063 173 936 3,112 11,200 Oct. 7 60,061 11,256 1,409 2,793 4,364 2,247 63,344 1,547 149 ,475 29,006 466 1,752 3,200 11,211 14 60.837 11,839 1,422 1,719 4,217 2,433 66,471 1,520 148 ,467 28.980 277 1,897 3,274 11,189 21 60:815 10,906 1,437 3,885 4,220 2,485 64,950 1,519 145 ,436 28;991 715 1,196 3,178 11,181 28 61;239 10,462 1,370 3,477 4,346 2,471 64,740 1,498 144 ,425 28,963 1,344 3,190 11,212 Nov. 4 60,615 11,672 1,356 3,422 4,834 2,989 64,560 1,483 144 ,398 28,947 487 1,768 3,177 11,263 11 60,837 11,442 1,378 2,545 4,502 2,472 64,101 1,475 144 ,373 28,782 352 1,723 3,282 11,275 18 60,790 11,401 1,346 3,019 4,667 2,585 64,935 1,425 142 ,300 28,666 583 1,749 3,318 11,263 25 61,260 10,520 1,327 2,754 4,755 2,869 64,987 1,396 144 ,313 28,690 428 2,002 3,475 11,248 Dec. 2 61,017 11,088 1,429 3,838 4,782 2,476 64,626 1,377 146 1,309 28,704 438 2,064 3,551 11,282 9 61,837 11,038 1,495 2,571 4,606 2,353 64,922 1,340 144 1,313 28,736 393 2,226 3,554 11,260 16 63,446 11,550 1,533 3,158 4,673 3,145 68,193 1,304 143 1,336 28,751 391 1,499 3,431 11,226 23 62,482 11,296 1,535 3,581 4,664 2,776 66,910 1,333 144 1,406 28,851 291 1,879 3,442 11,242 30 63,204 11,434 1,603 3,139 4,814 2,925 67,641 1,309 144 1,420 28,969 246 1,593 3,320 11,302 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revised coverage and of changes in loan items reported as in process of collection. classification beginning July 1, 1959, see the BULLETIN for August, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL LOANS, 1959 229 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 Period 2 t l o F i b q a o a n u o c d o d c r , o , T a l e p e x p a a t a n t i r d h l e e e l s r , , M m p u e r e c t t o t a s d a l - l 3 s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e 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 u P p t ( t t r o i u i i a l n o b r i n c t n t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o t s A t y o i l h p f n e e l e r s ss c c h l N f a a i e n s e s t g d i e - s c r h w e a i a e i n p n a n n e g d o l g k d l e ' r l l — t y - • rubber banks Jan -151 -12 61 -71 -14 -94 -60 -109 -23 -112 -584 -855 Feb -70 84 183 4 20 34 -104 -128 9 -9 23 95 Mar -46 57 249 -10 88 152 -13 27 18 24 546 681 Apr -128 12 43 -29 16 125 -51 -208 17 20 -182 -109 May -6 34 133 -9 45 43 -80 82 29 74 345 451 June4 -117 44 195 -47 32 23 -57 195 55 148 472 C497 July4 -60 50 21 6 73 6 44 47 -2 -129 55 103 Aug 115 85 -8 22 31 36 86 19 10 -15 381 393 Sept 276 -6 -157 101 -26 40 103 268 -9 23 613 503 Oct 82 -107 -153 -12 -25 203 163 -31 -52 68 35 Nov 63 -71 53 61 -33 173 181 15 -16 40 464 385 Dec 223 -9 97 69 6 -307 162 162 27 102 532 564 Week ending: Jan. 7 -39 -24 -26 -43 -6 -36 -28 -7 -7 -60 -276 -413 14 -46 13 31 -14 -2 -28 -15 2 2 -6 -66 -108 21 -34 -6 37 -10 -6 -20 -22 -58 -15 -26 -159 -211 28 -32 5 18 -3 -11 6 -42 3 -20 -82 -122 Feb. 4 -27 22 21 -3 -7 7 -21 -22 1 -6 -49 -24 11 -25 26 60 13 11 17 -51 -50 11 22 33 60 18 -1 29 82 2 12 18 -15 -54 -2 -12 59 70 25 -18 7 21 7 5 6 -18 -2 -12 -19 -11 Mar. 4 -28 18 -37 -20 33 12 6 1 14 6 -12 U -16 27 114 3 32 42 -21 -5 7 20 202 286 18 42 14 128 14 34 47 8 37 14 -11 328 366 25 -45 — 2 45 -7 14 31 -12 -10 -4 1 11 41 Apr. 1 -22 3 60 -6 7 -1 -6 -131 1 4 -90 -120 8 -59 -1 -34 9 5 20 -11 -28 -3 -15 -118 -112 15 -19 8 14 15 8 80 -20 25 4 29 143 197 22 -15 ry -18 -32 -2 1 -5 -17 10 -18 -95 -80 29 -13 21 -13 26 -9 -57 4 20 -22 6 May 6 2 27 -10 9 12 24 -6 11 -12 17 74 111 13 14 14 69 11 35 9 -14 15 29 13 197 223 20 3 5 42 -8 11 21 -36 20 29 87 112 27 -25 -12 31 -22 -14 -12 -24 35 12 16 -13 5 June 3 -32 2 -1 -29 -1 17 -13 -35 16 -1 -80 -84 10 -26 21 34 -5 5 3 -14 46 15 39 120 131 17 36 19 115 12 35 16 -3 116 20 91 456 508 24 -36 1 27 -5 4 10 -18 52 2 5 42 53 July 1 -60 5 20 -20 -12 -23 -9 16 1 15 -67 July ii::::::::::::::: -52 3 2 1 5 8 3 6 1 -10 9 -4 8 -1 1 5 6 1 5 2 1 1 7 2 -1 1 4 2 - - 5 6 8 8 -10 5 7 8 - 1 8 0 7 4 22 -22 10 -16 3 67 -4 21 55 2 -5 110 86 29 11 -2 1 5 2 9 5 -38 -1 3 __5 -15 26 -8 12 29 28 2 94 103 Aug-i2::::::::::::::: 38 30 -23 -2 4 -22 14 54 71 19 26 23 39 16 8 60 -36 7 157 151 26 66 6 -16 -1 5 -6 49 2 -24 76 66 Sept. 2 19 19 -61 17 -5 7 13 -4 5 14 9 17 — 23 11 8 21 11 6 -5 54 15 16 114 I 23 -30 34 29 39 14 103 -2 38 362 341 23 14 -29 -13 16 Q -5 34 52 -2 6 65 28 30 111 -18 -30 23 -53 4 28 89 7 -18 128 105 Oct. 7 -16 -14 -20 5 38 45 -22 11 21 30 14 74 -13 -28 12 5 65 47 13 11 -11 175 195 21 -8 -43 -70 -17 -14 66 28 -45 -7 -27 -136 -156 28 32 -38 -36 -13 -9 34 43 23 -4 -25 8 -34 Nov. 4 17 -16 ,2 ! -4 -12 79 65 48 -9 11 192 171 11 -15 H 12 11 42 53 -35 4 11 68 40 18 74 -17 18 31 c 42 34 -6 11 17 199 185 25 -14 32 10 23 -16 10 30 -14 1 5 -11 Dec. 2 75 -19 -42 12 37 43 1 9 119 114 9 -19 -5 30 4 -28 -4 20 -2 27 27 19 16 171 27 86 -9 -12 73 | -14 20 29 374 389 23 -17 -9 35 28 -115 30 I 57 11 37 63 67 30 12 -3 -13 34 -6 -153 26 I 56 -3 -51 -25 c Corrected. NOTE.—Beginning with the week ended July 8, 1959, changes in com- 1 Data for a sample of about 210 banks reporting changes in their mercial and industrial loans exclude loans to sale finance companies larger loans; these banks hold about 95 per cent of total commercial and certain other nonbank financial concerns (for description of revision, and industrial loans of all weekly reporting member banks and about see BULLETIN for August 1959, p. 885). Figures for earlier periods in 75 per cent of those of all commercial banks. the last column are based on the old coverage and in the last two columns 2 Monthly figures are based on weekly changes during month. have been adjusted only to exclude loans to sales finance companies. 3 Includes machinery and transportation equipment. Thus these data are not strictly comparable with figures after July 1, 1959, 4 June figures include changes for week ended July 1; July figures, nor with commercial and industrial loan figures (new coverage basis) changes for July 8-29. shown in the previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
230 INTEREST RATES, 1959 MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance com- company Prime mercial paper bankers' 3-month bills 6-month bills 9- to 12-month issues Month or week paper, placed accept- 3- to 5- 4- to 6- directly, ances, year months 1 m 3- on to th 6 s - 2 90 days3 on R a n t e e w Market on R a n t e e w Market (m B a i r ll k s et Others issues 6 issue yield issue yield yield) Jan 3.30 3.05 2.75 2.837 2.82 3.097 3.09 3.26 3.86 Feb 3.26 3.00 2.75 2.712 2.70 3.166 3.12 3.38 3.85 Mar 3.35 3.22 2.88 2.852 2.80 3.159 3.13 3.56 3.88 Apr 3.42 3.36 2.98 2.960 2.95 3.277 3.27 3.66 4.03 May 3.56 3.44 3.17 2.851 2.84 3.368 3.32 3.92 4.16 June 3.83 3.66 3.31 3.247 3.21 3.531 3.52 3.97 4.33 July 3.98 3.81 3.45 3.243 3.20 3.885 3.82 4.30 4.40 Aug 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4.65 4.69 Nov 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 Week ending: Jan. 3 3.31 3.00 2.75 2.690 2.67 2.920 2.92 3.04 3.70 10 3.25 3.00 2.75 2.678 2.72 2.959 2.98 3.00 3.73 17 3.25 3.00 2.75 2.808 2.86 3.034 3.05 3.27 3.87 24 3.33 3.10 2.75 3.035 2.97 3.233 3.23 3.47 3.95 31 3.38 3.13 2.75 2.975 2.77 3.337 3.14 3.38 3.92 Feb. 7 3.30 3.00 2.75 2.721 2.70 3.107 3.12 3.44 3.94 14 3.25 3.00 2.75 2.810 2.72 3.326 3.20 3.40 3.92 21 3.25 3.00 2.75 2.726 2.63 3.253 3.07 3.33 3.77 28 3.25 3.00 2.75 2.589 2.76 2.978 3.13 3.34 3.77 Mar. 7 3.28 3.00 2.80 2.816 2.84 3.111 3.14 3.51 3.78 14 3.38 3.25 2.98 3.062 2.85 3.375 3.15 3.63 3.88 21 3.38 3.31 2.88 2.763 2.77 3.058 3.09 3.59 3.89 28 3.38 3.31 2.88 2.766 2.76 3.093 3.11 3.53 3.94 Apr. 4 3.38 3.31 2.88 2.841 2.84 3.236 3.20 3.50 3.96 11 3.38 3.31 2.88 2.948 2.96 3,249 3.25 3.52 3.99 18 3.38 3.31 2.98 3.075 3.09 3.351 3.36 3.70 4.04 25 3.48 3.41 3.05 3.105 2.98 3.361 3.33 3.78 4.09 May 2 3.50 3.44 3.13 2.831 2.81 3.189 3.17 3.80 4.08 9 3.50 3.44 3.13 2.935 2.83 3.316 3.29 3.86 4.10 16 3.50 3.44 3.13 2.722 2.76 3.408 3.35 3.93 4.18 23 3.63 3.44 3.20 2.869 2.85 3.376 3.32 3.97 4.17 30 3.63 3.44 3.25 2.878 2.92 3.373 3.36 3.93 4.18 June 6 3.75 3.44 3.25 149 3.15 3.489 3.47 3.99 4.28 13 3.81 3.51 3.25 283 3.27 3.565 3.51 3.97 4.31 20 3.88 3.81 3.35 276 3.24 3.486 3.47 3.88 4.33 27 3.88 3.81 3.38 281 3.22 3.585 3.59 3.98 4.36 July 4 3.88 3.81 3.164 3.16 3.703 3.68 4.13 4.40 11 3.98 3.81 3.266 3.28 3.964 3.89 4.38 4.42 18 4.00 3.81 3.401 3.37 4.029 3.90 4.33 4.38 25 4.00 3.81 3.337 3.15 3.869 3.81 4.35 4.32 4.41 Aug. 1 3.99 3.81 3.50 3.047 3.01 3.860 3.76 4.23 4.25 4.40 8 3.89 3.81 3.50 3.043 3.00 3.737 3.68 19 4.14 4.37 15 3.88 3.81 3.50 3.150 3.17 3.690 3.66 19 4.14 4.31 22 3.98 3.81 3.59 3.417 3.50 3.782 3.84 4.34 4.34 4.44 29 4.10 3.99 3.63 3.824 3.73 4.152 4.18 4.44 4.59 4.63 Sept-.I:::::::::::: 4.38 4.31 3.83 3.889 3.95 4.468 4.48 4.64 4.69 4.71 4.50 4.38 3.94 3.979 4.02 4.473 4.55 4.72 4.73 4.73 19 4.70 4.58 4.10 4.166 4.13 4.796 4.82 4.95 4.91 4.86 26 4.75 4.63 4.18 3.958 3.98 4.766 4.77 4.83 4.78 4.79 Oct. 3 4.75 4.73 4.25 4.194 4.10 4.895 4.80 4.95 4.88 4.82 10 4.75 4.88 4.25 4.007 4.02 4.678 4.59 4.69 4.75 4.76 17 4.75 4.81 4.25 4.262 4.24 4.666 4.65 4.82 4.77 4.72 24 4.75 4.63 4.25 4.099 3.99 4.490 4.45 4.66 4.53 4.58 31 4.68 4.43 4.25 4.022 4.00 4.499 4.37 4.54 4.47 4.65 Nov. 7 4.63 4.38 4.25 4.137 4.03 4.437 4.42 4.42 4.62 4.70 14 4.63 4.38 4.25 4.089 4.04 4.534 4.50 4.43 4.62 4.71 21 4.65 4.38 4.25 4.332 4.20 4.744 4.57 4.55 4.73 4.75 28 4.75 4.38 4.25 4.279 4.24 4.625 4.62 4.66 4.80 4.78 Dec. 5 4.88 4.63 4.33 4.501 4.50 4.891 4.86 4.98 4.93 4.90 12 4.88 4.80 4.50 4.638 4.48 4.969 4.81 4.97 4.99 4.92 19 4.88 4.88 4.50 4.535 4.49 4.834 4.77 4.96 4.98 4.95 26 |4.88 4.88 4.50 4.670 4.57 4.940 4.90 5.01 5.00 5.00 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note issues. 3 Average of daily prevailing rates. <> Consists of selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES, 1959 231 BOND AND STOCK YIELDS 1 [Per cent per annum] Corporate bonds3 Stocks 5 G U o . v S t . . S g ta o t v e t . a n b d o n l d oc s3 al By selected By Dividends/ Earnings/ Month or week bonds ratings groups price ratio price ratio (longterm) 2 TotaH TotaH Aaa Baa Aaa Baa In tr d i u al s- Rail- 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 5-7 20 5 120 30 30 40 40 40 14 500 500 Jan 90 3.60 3.19 4.11 4.41 4.12 4.87 4.28 4.53 4.43 4.54 3.24 Feb 92 3.57 3.16 4.08 4.43 4.14 4.89 4.31 4.51 4.46 4.52 3.32 Mar 92 3.44 3.06 3.93 4.40 4.13 4.85 4.28 4.51 4.43 4.48 3.25 5.47 Apr .01 3.53 3.12 4.02 4.47 4.23 4.86 4.35 4.56 4.49 4.51 3.26 May 08 3.70 3.29 4.70 4.60 4.37 4.96 4.46 4.67 4.67 4.68 3.21 June 09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4.77 4.79 3.23 5.70 July 11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 .11 Aug 10 3.84 3.44 4.36 4.71 4.43 5.09 4.56 4.80 4.77 4.70 3.14 Sept 26 3.95 3.60 4 42 4.82 4.52 5.18 4.68 4.88 4.89 4.80 3.26 *5.*89" Oct 11 3.90 3.57 4.3.9 4.87 4.57 5.28 4.70 4.96 4.95 4.81 3.26 Nov 12 3.81 3.44 4.30 4.85 4.56 5.26 4.69 4.99 4.86 4.81 3.24 Dec 27 384 3.43 4.37 4.87 4.58 5.28 4.70 5.05 4.86 4.85 3.18 Week ending: Jan. 3 3.83 357 3 12 4.10 4.40 4.10 4.87 4.25 4.54 4.40 4.62 3.24 10 3.84 360 3.19 4.12 4.40 4.09 4.85 4.26 4.53 4.41 4.59 3.26 17 3.89 358 3.19 4.08 4.41 4.11 4.86 4.27 4.53 4.42 4.52 3.21 24 3.96 359 3.19 4.10 4.41 4.12 4.88 4.28 4.51 4.45 4.52 3.19 31 3.94 362 320 4.13 4.44 4.16 4.90 4.30 4.55 4.46 4.52 3.29 Feb. 7 93 362 320 4.13 4.43 4.90 4.30 4.54 4.47 4.52 3.30 14 .92 360 3 18 4.11 4.44 4.90 4.31 4.53 4.47 4.53 3.35 21 91 355 3 13 4.05 4.42 4.14 4.89 4.32 4.50 4.46 4.50 3.34 28 90 351 3 11 4.03 4.41 4.13 4.89 4.31 4.47 4.44 4.51 3.30 Mar. 7 87 344 306 3.95 4.40 4.11 4.87 4.29 4.48 4.43 4.45 3.23 14 92 344 306 3.93 4.40 4.13 4.87 4.29 4.50 4.42 4.49 3.23 21 92 344 306 3.92 4.41 4.13 4.85 4.28 4.52 4.42 4.49 3.22 28 94 344 306 3,.92 4.41 4.14 4.83 4.27 4.52 4.43 4.49 3.30 Apr. 4 3.95 347 307 3,.97 4.42 4.17 4.84 4.30 4.53 4.44 4.49 3.31 11 3.97 349 309 3.98 4.43 4.20 4.84 4.31 4.54 4.45 4.48 3.30 18 4.01 351 309 3,.9R 4.45 4.22 4.83 4.33 4.54 4.46 4.52 3.26 25 4.05 358 314 4,.06 4.49 4.26 4.88 4.39 4.58 4.51 4.54 3.22 May 2 4.05 361 3 18 4..09 4.52 4.30 4.91 4.41 4.59 4.57 4.54 3.22 9 4.05 365 323 4.,12 4.55 4.33 4.93 4.42 4.62 4.62 4.60 3.23 16 4.09 371 330 4.,19 4.58 4.36 4.94 4.44 4.65 4.66 4.65 3.21 23 4.11 372 331 4,20 4.63 4.39 4.97 4.48 4.70 4.70 4.72 3.20 30 4.08 3.73 331 A.,20 4.66 4.42 5.01 4.52 4.72 4.74 4.74 3.19 June 6 4.10 373 331 4.,20 4.68 4.44 5.03 4.53 4.75 4.76 4.75 3.19 13 4.09 376 3.32 4.,23 4.69 4.47 5.03 4.55 4.76 4.76 4.80 3.25 20 4.09 382 339 4.29 4.70 4.46 5.04 4.57 4.76 4.76 4.81 3.25 27 4.10 3.88 345 4.,38 4.70 4.47 5.04 4.57 4.76 4.78 4.81 3.24 4.12 396 354 4.46 4.71 4.48 5.05 4.57 4.79 4.78 4.80 3.15 July ,!:::::::::::::::: 4.13 394 352 4.45 4.72 4.48 5.07 4.57 4.79 4.79 4.77 3.10 18 4.08 393 351 4.45 4.72 4.47 5.09 4.59 4.79 4.79 4.73 3.12 25 4.10 3.89 3.48 4.39 4.72 4.46 5.09 4.58 4.79 4.79 4.73 3.12 Aug. 1 4.10 389 348 4.39 4.72 4.45 5.07 4.57 4.80 4.77 4.74 3.07 8 4.08 3.84 344 4.37 4.70 4.43 5.08 4.55 4.80 4.77 4.75 3.08 15 4.06 3.84 343 4.37 4.70 4.42 5.09 4.54 4.80 4.76 4.70 3.14 22 4.08 3.83 3.43 4.35 4.70 4.42 5.09 4.55 4.80 4.76 4.69 3.20 29 4.15 3.83 3.44 4.35 4.73 4.44 5.11 4.58 4.82 4.79 4.65 3.15 Sept. 5 4.24 3.90 352 4.38 4.77 4.47 5.13 4.63 I 4.83 4.83 4.72 3.16 12 4.25 3.94 3.59 4.41 4.78 4.49 5.15 4.65 4.85 4.85 4.73 3.25 19 4.30 3.97 3.63 4.44 4.81 4.52 5.18 4.69 I 4.86 4.89 4.82 3.28 26 4.27 3.98 3.65 4.44 4.85 4.54 5.22 4.71 4.93 4.92 4.87 3.33 Oct. 3 4.21 3.97 3.64 4.44 4.87 4.57 4.70 4.95 4.96 4.85 3.26 10 4.14 3.94 3.61 4.41 4. 4.57 4.70 4.97 4.96 4.82 3.25 17 4.13 3.92 3.58 4.40 4. 4.56 4.69 4.97 4.96 4.80 3.26 24 4.06 3.86 3.53 4.34 4. 4.56 4.70 4.96 4.93 4.82 3.28 31 4.09 3.83 3.49 4.31 4. 4.56 4.70 4.95 4.91 4.79 3.23 Nov. 7 4.09 3.83 3.48 4.31 4 4.57 5.27 4.69 4.98 4.89 4.82 3.24 14 4.10 3.83 3.47 4.31 4 4.57 5.27 4.69 4.98 4.88 4.79 3.23 21 4.13 3.78 3.41 4.28 4 4.57 5.27 4.70 5.01 4.86 4.83 3.26 28 4.15 3.78 3.38 4.29 4.84 4.55 5.26 4.69 5.00 4.83 4.80 3.23 Dec. 5 4.21 3.80 3.38 4.33 4.85 4.55 5.25 4.69 5.01 4.83 4.79 3.17 12 4.22 3.79 3.38 4.33 4.85 4.56 5.25 4.68 5.02 4.84 4.81 3.15 19 4.25 3.81 3.40 4.35 4.88 4.59 5.27 4.71 5.05 4.87 4.86 3.21 26 4.32 3.89 3.49 4.42 4.89 4.59 5.30 4.71 5.08 4.89 4.89 3.21 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks on Wednesday figures. Earning/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. 3 Moody's Investors Service. State and local govt. bonds include general obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * International capital transactions of the United States. 234 Net gold purchases and gold stock of the United States 242 Estimated foreign gold reserves and dollar holdings 243 Reported gold reserves of central banks and governments. 244 Gold production 245 International Bank and Monetary Fund. 246 United States balance of payments. 247 Money rates in foreign countries. 247 Foreign exchange rates. 249 Index to statistical tables 255 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 the balance of payments of the ments and official statistical bulletins. Back fig- United States. The figures on international cap- ures for 1941 and prior years, together with de ital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics, 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date G to ra ta n l d t t i e i n I o r n s n n t - a a i- - l Foreign countries m R G F a e e e n d p r y - . . , Italy 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 ro ta p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions2 Total Official of 1955—Dec. 31 13,601 1,881 11,720 6,953 1,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957 Dec. 31 15,158 1,517 13,641 7,917 1,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—Dec. 31 16,159 1,544 14,615 8,665 ,755 1,121 873 3,960 7,708 2,019 2,403 2,205 279 1959—Jan. 31 16,228 1,538 14,691 8,532 ,693 1,159 1,076 3,784 7,711 2,081 2,381 2,235 282 Feb. 28 16,617 L,54l 15,076 8,757 L,697 1,170 1,131 3,920 7,918 2,142 2,382 2,339 295 Mar. 31 16,655 1,676 14.980 8,623 ,385 1,231 1,123 4,005 7,744 2,087 2,522 2,337 290 Apr. 30 '16,803 1,668 '15,135 8,438 ,299 1,245 ,228 4,083 r7,855 2,171 2,463 2,357 290 May 31 '17,153 1,719 '15,434 8,802 r1,409 1,298 1,094 4,183 '7,984 2,094 2,661 2,391 304 June 30 '18,428 2,756 '15,673 8,967 r ,467 1,409 1,084 4,279 '8,238 2,122 '2,551 2,439 322 July 31 '18,724 2,780 '15,944 9,141 r ,446 1,476 1,091 4,402 '8,415 2,231 '2,439 2,532 327 Aug. 31 '18,812 2,720 '16,092 9,175 1,409 1,570 1,093 4,503 '8,575 2,135 '2,515 2,526 340 Sept. 30 '19,197 2,991 '16,206 9,226 r ,436 1,578 1,056 4,611 '8,681 2,245 2,364 2,560 355 Oct. 31 19,014 3,049 15,965 9,096 1,544 1,543 874 4,454 8,415 2,253 2,300 2,627 369 Nov. 30* 19,300 3,160 16,140 9,074 ,706 1,523 957 4,300 8,486 2,328 2,300 2,658 369 Dec. 31* 19,325 3,158 16,167 9,133 1,993 1,369 955 4,124 8,441 2,195 2,406 2,749 376 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France 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 1955 Dec 31 3,357 261 108 60 49 1,081 176 164 82 132 1956 Dec 31 3,089 296 117 65 53 626 177 134 67 137 1957 Dec. 31 3,231 349 130 112 64 354 154 203 93 142 1958—Dec. 31 3,960 411 115 169 69 532 126 339 130 163 1959 Jan 31 . 3,784 408 109 142 74 518 129 356 112 148 Feb. 28 3,920 410 105 129 76 637 132 345 114 157 Mar. 31 4,005 417 117 138 75 644 138 347 108 175 Apr 30 4,083 410 151 130 74 649 145 361 104 171 May 31 4.183 409 124 110 73 855 156 363 108 162 June 30 4,279 390 118 110 71 981 154 356 113 151 July 31 4,402 390 122 119 72 1,054 164 397 109 153 Aug 31 . ... 4,503 391 119 98 76 1,139 165 423 102 155 Sept. 30 4,611 394 129 113 71 1,157 161 435 103 151 Oct 31 4,454 386 125 113 79 1,095 172 426 101 142 Nov. 30* 4,300 364 132 122 81 903 192 428 98 Dec. 31* 4,124 331 138 137 77 652 186 485 95 coco 00 00 Spain S d w en e- S l w a e n r i - t d z- T k u ey r- Y sl u av g i o a - ot A h l e l rs 104 153 757 9 13 209 43 217 836 20 17 282 24 260 967 18 11 349 36 303 852 20 9 685 31 280 786 18 g 666 32 280 796 20 6 682 30 294 846 20 6 650 29 321 853 25 7 651 33 322 857 22 6 582 35 350 878 21 7 544 32 351 868 27 6 538 59 343 869 29 7 528 67 330 905 32 6 557 71 241 889 28 6 582 79 243 902 34 5 578 86 213 966 31 6 583 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r 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 d e r r d d - i s i e s - t s l a p P i R c m u a e b n o a - - - , f Peru g U u r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1955—Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Dec. 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—Dec. 31 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959__ F j e an b . . 3 2 1 8 2 2 , , 3 3 8 8 1 2 1 1 4 8 9 9 2 2 2 0 1 1 6 6 6 4 9 8 5 5 1 1 9 7 8 8 2 26 8 7 1 4 3 0 8 3 3 3 1 4 4 3 0 3 3 8 9 9 3 7 7 2 6 1 1 5 4 5 7 7 7 2 2 9 8 2 9 4 4 1 6 0 4 1 1 5 4 2 3 Mar. 31 2,522 180 20 178 95 189 263 41 33 43 401 74 156 74 96 508 170 Apr. 30 2,463 180 20 151 92 199 257 49 38 43 412 79 157 81 84 443 178 May 31 2,661 211 22 176 102 210 250 46 39 44 445 78 150 82 85 549 172 June 30 '2,551 206 22 154 130 '204 242 44 38 42 406 78 147 77 89 500 170 July 31 '2,439 222 23 154 121 '206 227 43 33 39 402 80 159 77 77 407 169 Aug. 31 '2,515 245 20 163 144 '212 206 40 29 36 416 79 155 81 85 428 175 Sept. 30 2,364 268 20 169 171 197 202 37 25 35 400 85 157 88 71 278 161 Oct. 31 2,300 291 23 150 141 203 191 39 22 35 396 83 151 96 70 254 154 Nov. 30* 2,300 310 22 140 139 215 168 41 27 36 420 85 143 88 68 251 148 Dec. 31* 2,406 337 24 151 185 217 164 37 28 37 442 86 129 82 62 277 148 » 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. 235 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Date Ko- Union Hong Indo- rea, Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan ive- ip- wan land Other Total tralia gian Egypt« South Other pub- pines Congo Africa lic of 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—Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—Dec. 31 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Jan. 31 2,235 61 78 108 53 54 957 144 156 98 134 391 282 82 31 17 31 121 Feb. 28 2,339 57 86 112 51 60 1,020 147 169 96 139 402 295 80 31 17 37 129 Mar. 31 2,337 62 90 119 55 62 998 147 173 94 138 400 290 83 33 16 28 130 Apr. 30 2,357 57 91 108 54 65 1,028 146 164 91 133 418 290 83 33 15 28 132 May 31 2,391 58 94 81 51 70 1,068 142 175 92 133 427 304 83 33 16 33 139 June 30 2,439 57 99 77 39 86 1,101 145 168 90 134 443 322 91 35 16 36 144 July 31 2,532 56 113 88 27 86 1,131 147 163 90 133 497 327 84 39 16 48 140 Aug. 31 2,526 57 103 92 28 94 1,106 148 182 90 126 501 340 85 31 16 53 155 Sept. 30 2,560 58 119 108 27 78 1,141 150 180 87 127 484 355 109 29 16 43 159 Oct. 31 2,627 59 122 116 21 80 1,169 152 176 91 129 511 369 112 29 17 48 163 Nov. 30^ 2,658 61 115 126 24 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Dec. 31^.... 2,749 59 114 139 47 87 1,260 148 172 94 136 494 376 114 31 20 49 162 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1955 1956 1957 1958 1955 1956 1957 1958 Other Europe: Other Asia (Cont.): Albania .4 .1 Burma. 19.1 7.0 6.7 n.a. British dependencies .4 .3 Cambodia 13.1 17.2 20.0 24.9 Bulgaria .7 .6 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia8 .7 .7 .6 China Mainland8. 36.2 35.5 36.3 36.0 Eastern Germany 1.3 3.1 1.4 Iraq 14.7 16.9 19.6 18.0 Estonia 1. 1.9 1.7 1.7 Jordan. 1.2 2.0 1.6 2.8 Hungary 1.0 .8 .7 .9 Kuwait 3.5 5.3 5.9 10.3 Iceland 4.8 3.1 2.9 3.5 Laos 23.1 37.3 33.1 n.a. Ireland, Republic of 13.7 9.1 9.0 n.a. Lebanon 18.0 22.3 28.2 37.9 Latvia 1.0 .6 .5 .6 Malaya, Fed. of 1.6 1.4 1.6 n.a. Lithuania .3 .4 .5 .7 Pakistan 5.7 20.2 12.8 5.6 Luxembourg 3.1 13.2 16.4 16.1 Portuguese dependencies. 2.0 2.7 3.1 3.1 Monaco 5.6 4.3 5.4 5.9 Ryukyu Islands 34.0 30.6 32.7 15.2 Poland?' 2.5 3.3 3.2 4.9 Saudi Arabia 79.5 97.4 94.8 60.2 Rumania 8 8.1 .9 .8 .9 Syria <> 13.1 17.1 3.5 4.7 Trieste 1.4 1.4 1.2 .5 Viet-Nam 62.3 50.1 58.5 48.8 U. S. S. R.8 .7 .7 2.2 All other: Other Latin America: British dependencies 2.4 3.8 2.3 1.8 British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 23.7 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 8.0 10.5 10.7 6.5 Ecuador 14.9 18.0 22.7 17.4 Liberia 13.1 23.7 23.0 13.0 French West Indies and French Guiana. .6 1.0 .8 .5 Libya 9.9 3.7 10.7 6.4 Haiti 12.1 8.9 11.2 7.7 Morocco: Honduras 9.7 10.2 12.6 6.3 Morocco (excl. Tangier) 14.8 13.6 32.2 25.4 Nicaragua 12.8 11.8 12.7 11.3 Tangier 33..5 22.4 19.2 18.1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 1.9 2.2 1.9 6.9 Portuguese dependencies 5.3 2.8 4.4 4.0 Other Asia: Somalia .2 .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .7 .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan n.a. .4 1.7 5.2 British dependencies. 8.2 7.4 8.0 4.3 Tunisia .7 .5 .8 .3 n.a. Not available. * Preliminary. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories in than one year; such liabilities amounted to $13 million on Dec. 31, 1959. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to 4 Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial 6 Part of the United Arab Republic since February 1958. firms. 7 Except where noted, these data are based on reports by banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 INTT CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Date, or area Total in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates* certificates Total amounts outstanding 1955 Dec 31 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956 Dec. 31. 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 31 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Dec 31 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Jan 31 16,228 13,716 6,802 5,826 1,088 2,461 1,946 326 189 52 Feb. 28 16,617 14,056 6,797 6,173 1,085 2,499 1,932 371 197 62 Mar. 31 16,655 14,115 6,936 6,079 1,099 2,488 1,970 311 205 54 Apr 30 16,803 14 196 6 864 r6,242 1,090 2,537 1,966 338 234 69 May 31 17,153 14,569 6,775 r6,633 1,161 2,523 1,975 305 243 62 June 30 18,428 15,794 6,694 '7,940 1,160 '2,557 1,999 314 244 77 July 31 18,724 '16 082 6,497 '8,409 1,175 '2,576 '2,026 301 249 67 Aug. 31 18,812 16,131 6,374 '8,546 1,211 '2,615 '2,045 303 267 66 Sept 30 19,197 16,549 6,560 '8,768 1,220 2,578 1,963 331 283 71 Oct 31 19,014 16,450 6,132 9,046 1,271 2,496 1,913 310 273 68 Nov 30^ 19,300 16,805 6,331 9,181 1,293 2,429 1,857 291 281 65 Dec 31p 19,325 16,843 6,342 9,240 1,261 2,405 1,835 299 271 77 Area and country detail, October 31, 1959 Europe: 386 384 297 78 9 2 2 (3) 125 79 41 12 27 45 38 1 6 Denmark 113 102 28 72 2 11 9 1 1 (3) Finland 79 77 9 62 6 2 1 (3) 1,095 1,031 225 774 32 63 55 4 Germany, Fed. Rep. of. ... 1,544 1,519 215 1,094 210 22 17 5 1 3 Greece 172 157 19 138 (3) 14 13 1 Italy 1,543 1,508 135 1,220 153 35 27 7 1 Netherlands 426 398 126 213 60 27 20 5 2 (31 101 60 41 18 1 41 40 1 1 (3) Portusal 142 98 91 8 44 42 1 (3) Spain 71 52 51 1 19 17 (3) 1 241 230 59 117 55 10 10 (3) (3) Switzerland 889 731 241 172 317 155 81 21 52 4 Turkey 28 26 26 2 2 United Kingdom .. 874 508 226 240 41 331 125 137 69 35 6 6 6 1 Other Europe 582 555 78 375 102 24 15 4 4 3 Total 8,415 7,521 1,914 4,585 1,022 847 516 187 144 47 2,253 1,906 1,345 538 23 332 207 83 42 15 Latin America: 291 218 218 72 71 1 Bolivia. 23 7 7 (3) 16 16 (3) (3) 150 49 42 (3) 7 102 92 2 7 (3) 141 91 91 (3) 50 49 (3) (3) (3) 203 121 118 3 83 82 (3) 1 (3) Cuba 191 87 52 33 1 104 96 1 6 (3) Dominican Reoublic 39 7 7 32 31 F1 Salvador ... 22 6 5 16 15 (3) Guatemala 35 18 7 5 7 17 17 (3) 396 254 253 141 127 2 1 Neth. W. Indies and Suri- 83 41 16 17 8 43 13 7 22 151 25 24 1 126 92 5 29 Peru 96 49 49 1 46 44 1 1 C3) 70 28 26 2 42 30 4 8 (3) 254 85 84 1 169 163 2 3 1 Other Latin America 154 84 59 16 9 69 66 2 1 1 Total 2,300 1,171 1,057 71 42 1,127 1,005 38 83 3 P Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,065 million on Dec. 31, 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INFL CAPITAL TRANSACTIONS OF THE U. S. 237 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total Payable in foreign country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other l certificates certificates Area and country detail, October 31, 1959—Continued Asia: w Hong Kong 59 33 29 5 26 25 (2) (2) (2) India .. 122 103 43 58 2 18 18 Indonesia 116 114 63 50 1 2 2 Iran 21 18 9 9 3 3 (2) Israel.. . 80 76 22 39 14 5 5 Japan 1,169 1,154 596 506 52 15 15 (2) (2) 152 149 128 21 1 3 3 Philippines 176 156 126 a20 11 20 20 (2) (2) (2) Taiwan 91 84 82 2 7 7 (2) (2) Thailand 129 126 27 6 3 3 (2) Other Asia 511 467 288 142 36 44 43 1 1 Total . ... 2,627 2,481 1,413 930 138 144 142 1 1 2 All other: Australia 112 107 33 68 6 4 3 (2) 1 (2) Belgian Congo 29 28 15 7 6 1 1 Egypt 3 17 16 15 1 (2) Union of South Africa.... 48 45 30 12 3 3 3 Other 163 125 97 11 16 37 35 (2) 2 1 Total 369 322 191 99 32 46 43 1 3 1 Total foreign countries. 15,965 13,400 5,920 6,222 1,258 2,496 1,913 309 273 68 International institutions.... 3,049 3,049 212 2,824 14 Grand total 19,014 16,450 6,132 9,046 1,271 2,496 1,913 310 273 68 1 Represents principally bankers' acceptances and commercial paper. 3 Part of the United Arab Republic since February 1958. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France R m G F e a e p e n d . r y - . o , f Italy S l z a w e n r i d - t- 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 r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1955 Dec 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1056 Dec 31 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec. 31 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 Dec. 31 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Jan 31 2,432 102 68 31 38 107 297 644 241 1,072 407 68 Feb. 28 2,379 100 68 29 35 102 288 622 218 1,054 422 63 Mar 31 2,419 102 60 36 39 88 264 589 246 1,068 454 61 Apr 30 2,399 103 58 33 45 94 255 588 242 1,027 481 61 May 31 2,427 99 52 34 39 105 236 565 236 1,064 502 61 June 30 2,441 94 54 37 34 105 220 544 229 1,082 520 65 July 31 2,384 91 52 31 36 122 234 566 245 1,000 510 64 Aug 31 2,356 89 45 34 34 142 222 567 241 965 518 66 Sept. 30 2,392 81 44 33 39 151 239 586 272 968 511 54 Oct 31 2,394 65 41 29 36 150 230 551 311 976 503 52 Nov. 30p 2,467 60 48 28 37 174 225 573 282 1,030 528 54 Dec 31* 2,638 57 54 30 37 140 233 552 273 1,171 586 56 v Preliminary. foreigners; drafts drawn against foreigners that are being collected by i Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
238 BNTFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - 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 Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l e l r 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 (2) 7 1957 Dec. 31 211 6 25 11 4 6 29 23 2 8 10 76 10 1958_Dec. 31 315 7 65 14 6 7 56 22 2 30 24 72 (2 1 ) 9 1959_ F ja e n b . 3 2 1 8 2 2 8 97 8 6 5 6 6 6 4 1 1 5 6 6 6 6 5 5 5 8 9 2 1 0 8 2 2 2 26 5 1 1 8 6 6 6 4 0 1 1 1 9 0 Mar. 31 264 5 63 12 5 6 52 15 2 27 16 50 1 9 Apr. 30 255 5 62 10 5 7 40 14 3 29 14 51 1 14 May 31 236 5 51 9 6 8 34 11 2 28 15 51 2 16 June 30 220 6 50 8 5 7 31 10 2 26 10 49 2 13 July 31 234 6 53 9 5 7 32 8 2 25 12 57 3 14 Aug 31 222 5 48 9 5 7 24 10 2 11 13 70 4 15 Sept. 30 239 6 50 10 7 7 22 10 2 11 19 75 3 17 Oct 31 230 5 50 11 8 7 23 9 1 9 15 72 3 17 Nov 30* 225 5 51 14 8 7 25 9 2 8 16 62 2 17 Dec 31* 233 4 56 18 8 5 38 7 2 8 19 47 3 18 Table 3b. Latin America Neth- Do- er- Date A L m i a c t e a i r n - 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 R c l u i a i e c n b n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d s i i e s t - s l a P p i R c m u a e n b o a - - - f , Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1955—Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957—Dec. 31 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec. 31 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959_jan. 31 1,072 38 4 176 51 49 151 20 6 12 269 4 22 28 50 140 52 Feb. 28 1,054 38 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar. 31 1,068 38 3 172 50 49 149 25 5 9 263 4 25 34 45 144 53 Apr. 30 1,027 40 3 136 52 50 149 25 5 10 263 4 27 38 33 139 54 May 31 1,064 43 3 156 58 50 140 23 5 10 278 3 28 37 34 143 52 June 30 1,082 45 3 167 65 53 130 27 6 10 279 3 22 31 38 151 51 July 31 1,000 44 3 151 40 53 119 29 6 9 271 3 21 34 27 139 49 Aug. 31 965 44 3 134 36 55 92 28 7 11 269 3 24 34 39 136 50 Sept. 30 968 48 3 125 42 55 91 30 9 10 267 3 22 32 40 142 49 Oct. 31 976 51 3 112 46 58 91 29 14 13 265 3 23 34 39 146 49 Nov. 30* 1,030 52 3 113 47 58 101 31 16 10 275 4 17 34 45 173 53 Dec. 31* 1,171 63 3 118 59 69 103 29 15 10 292 4 18 36 47 247 59 Table 3c. Asia and All Other Asia Date Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - 1955—Dec. 31 233 3 5 18 10 103 19 6 1956 Dec 31 337 4 6 20 16 170 16 6 1957 Dec. 31 386 7 6 22 24 146 53 6 1958—Dec. 31 435 6 4 27 23 179 67 6 1959 Jan. 31 407 6 4 29 25 168 38 7 Feb. 28 422 5 5 28 22 175 42 8 Mar 31 454 6 5 34 19 204 34 8 Apr. 30 481 8 6 34 18 224 29 9 May 31 502 8 5 32 16 242 29 10 June 30 . . 520 7 5 35 16 260 24 July 31 510 8 6 31 17 256 18 Aug. 31 518 9 5 29 15 269 18 Sept. 30 511 9 6 30 13 262 17 Oct. 31 503 9 7 29 12 262 11 Nov. 30* 528 10 6 29 9 275 20 Dec. 31* 586 10 6 29 14 324 24 ONOOOC All other T la h n a d i- Other Total t A ra u l s ia - C g B o i e a n l n g - o Egypt3 U So n o u i f o t n h Other Africa 8 60 43 11 5 8 17 9 91 43 11 6 2 8 17 14 110 50 13 5 12 19 13 111 69 13 4 3 23 27 14 116 68 12 3 2 24 27 13 124 63 12 3 2 24 22 14 130 61 11 4 1 21 24 17 137 61 11 4 2 19 24 17 142 61 12 3 2 19 25 20 143 65 15 3 2 20 26 12 153 64 14 3 1 20 25 13 151 66 16 3 1 21 25 8 12 155 54 18 3 2 14 18 8 12 154 52 19 3 2 12 17 g 14 157 54 18 3 2 13 18 9 15 155 56 18 3 2 14 19 Preliminary, 2 Less than $500,000. i See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 239 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D an a d te , c o o r u n a t r r e y a t t e o rm ta — l1 Total Loans to: C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1955—Dec. 31. 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 31. 839 1,946 1,796 582 330 440 444 150 131 19 1957_Dec. 31. ,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec. 31. ,362 2,542 2,344 840 428 421 656 198 181 16 1959_ F ja e n. b . 3 2 1 8 . . , , 3 3 5 6 9 3 2 2 , , 4 3 3 7 2 9 2 2 , , 2 2 8 2 1 7 7 7 8 4 0 4 4 4 1 1 6 2 4 41 1 3 7 6 65 6 8 7 1 15 5 1 2 1 13 3 8 6 1 1 5 3 Mar. 31. ,361 2,419 2,258 746 424 428 660 161 146 15 Apr. 30. ,379 2,399 2,247 738 434 427 648 152 136 16 May 31. ,402 2,427 2,264 731 424 434 674 164 149 15 June 30. ,440 2,441 2,280 743 413 455 669 161 144 17 July 31. ,482 2,384 2,204 717 413 437 637 180 153 27 Aug. 31. ,501 2,356 2,178 708 421 442 607 178 152 26 Sept. 30. ,507 2,392 2,193 743 424 453 573 199 163 36 Oct. 31. ,516 2,394 2,168 728 439 458 543 226 192 34 Nov. 30* ,497 2,467 2,266 805 453 475 533 201 171 30 Dec. 3 1P ,526 2,638 2,402 840 464 516 582 236 203 32 Area and country detail, October 31, 1959 Europe: Austria 21 5 5 Belgium 22 50 49 36 Denmark 11 11 3 Finland 3 8 8 1 7 France 20 65 64 9 50 Germany, Fed. Rep. of. 10 41 34 19 Greece 7 7 7 4 Italy 48 29 27 8 Netherlands 11 23 19 10 Norway 149 9 4 Portugal 2 1 1 1 Spain 7 9 9 1 Sweden 33 15 14 () 5 Switzerland 7 36 28 12 4 Turkey 72 72 68 3 United Kingdom 72 150 40 21 16 111 87 24 Yugoslavia (2) 3 3 2 ..... .... Other Europe 10 18 17 5 Total 422 551 413 171 43 103 96 138 112 26 Canada 99 311 236 9 203 7 17 75 70 4 Latin America: Argentina 65 51 47 16 18 4 4 Bolivia 3 3 3 3 () 8 Brazil 112 112 45 17 30 ••(2)' Chile 50 46 46 13 11 12 8 Colombia 18 58 58 6 11 25 21 Cuba 93 91 91 46 9 5 22 14 (2) Dominican Republic... 29 29 8 6 3 11 El Salvador () 14 14 6 1 4 3 Guatemala 13 13 3 2 6 2 Mexico 144 265 262 116 51 27 68 Netherlands W. Ind; and Surinam 3 Panama, Rep. of 28 23 23 16 3 3 Peru 13 34 34 4 17 10 Uruguay 1 39 39 22 3 2 12 Venezuela 34 146 145 13 40 48 44 Other Latin America... 60 49 49 5 11 26 Total 767 976 967 304 183 233 247 p Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
240 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total i Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detail, October 31, 1959—Continued Asia: Hong Kong India Indonesia Iran . .. Israel Japan . Korea Reo of Philippines Taiwan Thailand Other Asia Total All other: Australia Belgian Congo Egypt3 Union of South Africa Other Total . International institutions.... Grand total oto 9 8 5 2 2 8 7 6 2 3 1 (2) 42 (2) (2) 1 29 29 2 (2) 27 (2) (2) (2) 6 12 12 2 2 7 15 262 262 72 1 32 157 (2) p> 1 7 11 11 (2) 2 1 (2) (2) (2) 8 8 6 (2) 2 10 12 12 6 2 4 2 152 152 137 1 12 1 (2) (2) (2) 98 503 502 240 5 84 11A 1 1 (2) 26 19 17 1 8 8 2 1 2 3 3 3 C2) 2 2 1 (2) 18 12 11 (2) 3 8 (2) 1 1 84 17 16 3 11 131 52 49 3 6 31 9 3 1 2 1,516 2,394 2,168 728 439 458 543 226 192 34 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESi [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities 2 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 N c sa h e l a e t s 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 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 1,392 -693 593 622 -29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959? 1,197 528 669 2,593 2,158 435 944 1,454 -510 566 803 -237 1958—Dec... 58 53 5 206 203 3 104 231 -127 38 73 -35 1959—Jan... 127 23 104 213 195 18 134 186 -52 45 135 -90 Feb... 78 86 -7 186 164 22 99 185 -86 41 73 -32 Mar... 37 18 19 231 224 7 63 89 -26 45 84 -39 Apr... 60 19 41 226 196 30 49 74 -25 51 76 -25 May.. 39 23 16 240 203 37 111 169 -57 47 83 -36 June.. 24 23 1 222 181 41 45 45 (3) 49 56 -6 July.. 63 40 23 229 190 39 60 163 -102 48 53 -5 Aug... 259 25 234 190 145 45 27 27 (3) 44 50 — 6 Sept... 106 40 66 177 134 44 157 208 -52 44 44 (3) Oct... 163 77 86 191 151 40 52 75 -23 58 35 23 Nov.? 166 99 68 234 175 59 53 93 -40 41 51 -10 Dec*. 75 55 20 254 200 54 94 141 -47 53 63 -10 * Preliminary. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S 241 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 Year or month Total 2 1956 291 1957 194 1958 -39 1959? 435 1958 Dec 3 1959 Jan 18 Feb 22 Mar 7 Apr May July Aug Sept Oct Nov." cnen^ [Net sales, (-). In millions of dollars] Type of security Country Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- 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- ot A he ll r 2 256 35 23 23 <•» 147 87 7 280 -53 38 27 143 51 14 8 35 101 77 20 255 -99 23 15 -56 17 -3 2 -8 19 -1 10 -86 23 14 363 73 5 40 31 254 15 35 379 -30 40 46 -3 6 4 -4 14 -7 2 3 -6 3 3 (3 19 -2 1 1 -1 17 -6 13 2 3 2 15 7 2 2 -1 7 2 2 15 2 2 5 -1 20 -12 1 8 2 3 25 5 (3) (M3) 1 27 -2 4 31 --86 2 4 36 1 4 21 4 5 33 -3 3 4 36 5 -1 21 4 4 31 2 2 5 39 34 6 1 4 2 19 -1 2 27 1 4 7 45 35 10 1 11 5 18 7 1 42 -1 4 1 44 26 18 1 2 5 35 -4 2 40 -5 6 3 40 30 10 1 5 26 -1 4 34 -4 5 4 59 48 11 I? 11 8 23 11 5 58 2 3 1 54 58 -4 6 5 20 13 4 46 5 9 -6 p Preliminary. 2 Includes transactions of international institutions. 1 Includes small amount of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous 3 1956 -33 -478 8 -447 17 -40 -16 1957 -384 -338 231 -552 15 -45 13 1958—Dec. 31 272 3,695 480 1958 -558 -805 -72 — 543 5 -45 -150 1959? -157 -590 -50 -439 11 -97 -15 1959—Jan. 31 274 3,681 510 Feb. 28 310 3,857 509 1958—Dec... -96 -66 -9 -14 -6 -8 -31 Mar. 31 307 3,593 509 Apr. 30 266 3,559 504 1959—Jan -44 -99 -37 -59 5 -9 1 May 31 291 3,750 524 Feb. 6 -124 -14 -64 -3 -41 -2 June 30 294 3,900 528 Mar. -5 -60 -22 -24 -9 -8 3 July 31 278 4,131 525 Apr. -8 -42 -28 -2 -3 Q -1 Aug. 31 252 4,286 520 May -50 -43 18 -61 3 -4 2 Sept. 30 312 4,346 548 June o 2 5 0) 3 -7 2 Oct. 31 284 4,409 547 July. 0) -107 ~4 -100 1 -4 -1 Nov. 30 332 4,396 556 Aug. 0) -6 -4 -1 0) -2 1 Dec. 31 345 4,477 570 Sept. -34 -17 42 -42 1 3 -21 Oct.. . . -7 7 24 -21 3 1 C1) I960—Jan. 31 249 4,444 593 Nov.*\. -6 -44 -13 -29 4 -6 0) Dec.p.. G) -57 -16 -36 5 -11 2 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark Preliminary, at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1958 1959 1951 1952 1953 1954 1955 1956 1957 1958 July- Oct.- Jan.- Apr.- July- Sept. Dec. Mar. June Sept. Continental Western Europe: -6.2 -84.2 —25 9 — 58 3 -39.3 -43.4 i_183 1-5.8 1-94.8 3.4 3.4 -329.4 — 113 4 — 58 3 — 38 5 -20.0 -33.8 -65.6 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -io!o Italy — 348 8 123 8 *56 3 Netherlands -4.5 -100.0 -65.0 25.0 -260.9 -46.4 -109.7 -29.9 Portugal -34.9 -5.0 -59.9 -54.9 -5.0 -20.0 —10 0 -32.0 -20.0 -15.0 15.2 -15.0 22.5 -65.0 -15.5 -8.0 -215.2 -75.1 Bank for Int'l Settlements -30.4 -94.3 -20.0 -178.3 -60.7 -28.0 -7.0 -25.0 Other -29.7 -17.3 -17.5 8.8 ""4.6 *3 39 .'3 38.4 -2.3 3 29.2 -1.3 -5.2 —is! i Total -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 -1,428.3 -447.5 -281.4 -38.2 -118.0 — 124.0 Sterling Area: 469.9 440.0 -480.0 -50.0 100.3 -900.0 -50.0 -100.0 -200.0 -150.0 Union of South Africa 52.1 11.5 Other 3.6 -.3 -.5 c -.i Total 525.6 451.2 -480.5 -50.5 -.1 100.3 -900.0 -50.0 -100.0 -200.0 -150.0 Canada -10.0 7.2 14.6 5.2 Latin America: Ar&entina -49.9 -20.0 -84.8 115.3 75.4 67.2 12.0 55.2 M^exico -60.2 87.7 -28.1 80.3 -20.0 -10.0 Venezuela -.9 -30.0 -200.0 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 1.8 -.3 2.6 -.5 -.5 -2.3 Total -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 69.0 11.7 57.8 -.5 -20.5 -12.3 Asia -53.7 -6.7 -5.7 -9.9 -4.9 2 18.0 4-27.1 -2.7 4-23.4 4-45.1 4-50.1 4-62.0 All other -76.0 -.4 1.0 14.1 -.2 -.7 -.1 1 1 1 Total foreign countries. . 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 -2,287.1 -488.5 -347.1 -83.3 -388.7 -348.5 200.0 600.0 —7.1 -8.8 5-343.8 189.1 Grand total 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 -2,294.2 -488.5 -347.1 -92.6 -732.5 -159.3 1 Includes sales of gold to Belgian Congo as follows (in millions): 1951, 4 Includes sales of gold to Japan as follows (in millions): 1958, $30.1; $8.0; 1952, $2.0; and 1953, $9.9. and 1959, Jan.-Mar., $49.9; Apr.-June, $45.0; July-Sept., $62.5. 2 Less than $50,000. 5 Figures represent purchase of gold from, or sale to ( —), International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund; includes payment of $343.8 million in June 1959 as $31.5; and 1958, $31.7. increase in United States gold subscription. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Total Net Ear- Gold stock Total Net Ear- (end of year) gold gold marked Domes- (end of month) gold gold marked Domesstock: import, gold: de- tic gold stock: import, gold: de- tic gold Year increase, or crease, produc- Month increase, or crease, produc- T u re r a y s- Total 1 c o r ( r - e ) d as e e - export c o r ( r - e ) a in se - tion T u re r a y s- Total 1 c o ( r r ~ e d a ) s e e - ex (- p ) ort c o r ( r e - ) a in se - tion 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1959_Jan 20,476 20,527 -55.5 10.3 -65 6 4.2 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Feb 20 479 20 520 —6 7 9 9 — 13 0 4 1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Mar 20,442 20,486 -33.6 18.3 -48.0 3.8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Apr 20,305 20,358 -128.6 3.2 -127 5 3 8 1951 22,695 22,873 52.7 -549.0 617.6 66.3 May 20,188 20,227 -130.3 9.6 -136.5 4.1 1952 23,187 23,252 379.8 684.1 -304.8 67.4 June 19,705 19,746 3-481.9 15.4 -491.7 4.6 July 19,626 19,672 -73.5 25.5 -98.1 5.3 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Aug 19,524 19,568 -103.9 75.8 -176.3 4 2 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Sept 19,491 19,579 10.4 54.6 -35.2 3.8 I955 21,690 21,753 -40.9 97.3 -132.4 65.7 Oct 19,585 19 647 68 4 23.6 51 9 3 5 1956 21,949 22,058 305.9 106.1 318.5 65.3 Nov 19,566 19,617 -30.1 47.5 — 71 4 3 4 1957 22,781 22,857 798.8 104.3 600.1 63.0 Dec 19,456 19,507 -110.3 (4) -112.0 3 7 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 61.6 1959 19,456 19,507 -1,075.5 (4) -1,323.6 48.6 1960—Jan 2*19,444^19,494 p-12.8 (4) 5-11.6 (4) *> Preliminary. 3 Includes payment of $343.8 million as increase in United States l Includes gold in Exchange Stabilization Fund. Gold in active portion gold subscription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 4 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 5 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement, and international accounts amounted to $9,872.8 million on Jan. 31, 1960. "Circulation Statement of United States Money.*' Gold under earmark is not included in the gold stock of the United States. * Net after payment of $687.5 million as United States gold subscription to the International Monetary Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND DOLLAR HOLDINGS Z43 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1957 Sept. 30, 1958 Dec. 3I, 1958 Mar. 31, 1959 June 30, 1959 Sept. 30, 1959^ Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 452 8 554 7 605 7 629 7 646 7 685 7 Belgium-Luxembourg (and Belgian Congo).. 1,184 8 1,471 6 1,522 6 1,489 6 1,510 7 1,484 7 Denmark 143 6 193 6 200 6 169 43 141 44 144 54 Finland 99 5 98 5 104 1 113 1 109 1 109 France (and dependencies) 1 .... 946 9 1,019 11 1,134 12 1,246 12 1,583 32 22,045 32 4,099 14 4,330 13 4,394 13 4,063 15 '4,171 16 4,057 16 Greece 167 125 139 151 167 174 Italy 1,531 1,934 2,207 2,421 2 720 3 054 n\ Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,389 13 1,497 15 1,614 17 1,627 22 1,711 26 Norway 138 105 144 97 173 120 151 125 156 133 133 136 Portugal (and dependencies) 651 694 707 728 711 723 1 Spain (and dependencies) 126 134 3 94 88 92 123 3 Sweden 479 5 496 3 507 10 498 31 555 31 521 68 Switzerland 2,685 128 2,733 88 2,777 76 2,781 80 2,787 82 2,805 90 Turkey . . ... 162 154 164 164 165 176 Other* 851 12 1,165 6 1,370 1,341 16 1,423 16 1,113 15 Total 14,757 319 16,633 259 17,594 274 17,646 358 '18,563 396 19,057 456 Sterling Area: United Kingdom 2,875 205 3,851 216 3,723 194 3,923 184 3,909 201 3,956 264 United Kingdom dependencies . 104 4 100 4 109 4 110 4 105 4 106 4 Australia 211 228 241 246 226 244 India 329 j 320 1 324 (3) 337 (3) 346 ($} 366 Union of South Africa. . . .. 255 1 216 1 241 221 j 237 268 1 Other 228 34 233 41 251 43 250 49 199 55 199 57 Total 4,002 245 4,948 263 4,889 242 5,087 238 5,022 261 5,139 326 Canada .. 2,723 457 3,022 346 3,097 341 3,159 344 3,195 342 3,284 450 La A tin rg e A n m tin e a rica: 263 245 210 237 263 PJ 325 Brazil 456 1 458 1 463 1 504 480 495 1 Chile . .. . . . . 115 124 1 140 135 P) 170 212 Colombia 215 207 241 (3) 262 (3) r278 266 Cuba 371 154 409 86 366 86 339 86 317 82 277 82 Guatemala .. . 92 75 69 70 67 59 Mexico 566 3 517 3 561 4 543 3 566 4 565 4 Panama Republic of 136 148 1 146 2 156 2 147 2 157 <-) Peru . . • 88 92 96 93 96 107 Uruguay 235 1 260 2 262 P) 276 0) 269 251 Venezuela 1,554 2 1,233 2 1,213 1,227 1,219 997 a Other 277 13 272 12 250 11 292 13 302 13 268 13 Total 4,368 176 4,040 108 4,017 106 4,134 107 '4,174 104 3,979 105 Asia: Indonesia . . . 190 129 145 156 1 118 1 149 1 Iran 193 181 (3) 184 (3) 195 179 (3) 167 Japan 714 1,018 j 1,094 1 1,232 1 1,380 2 1 420 2 Philippines . . ... 181 5 191 3 186 3 180 3 178 3 187 5 Thailand 269 252 1 245 1 250 1 246 1 239 Other ... 111 8 723 7 778 7 818 7 931 7 1,013 12 Total 2,324 16 2,494 12 2,632 12 2,831 13 3,032 14 3,175 21 All other: Egypt5 . . 228 192 190 190 190 190 Other 162 7 136 8 140 8 149 10 '171 10 176 11 Total 390 7 328 8 330 8 339 10 '361 10 366 11 Total foreign countries <> . 28,564 1,220 31,465 996 32,559 983 33,196 1,070 '34,347 1,127 35,000 1,369 International institutions. 2,697 222 2,790 462 2,876 495 3,027 523 '4,665 523 5,043 605 Grand total * 31,261 1,442 34,255 1,458 35,435 1,478 36,223 1,593 '39,012 1,650 40,043 1,974 v Preliminary. r Revised. 5 Part of the United Arab Republic since February 1958. 1 Excludes gold holdings of French Exchange Stabilization Fund. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Includes repayment to Bank of France of $286 million in gold loaned countries, and China Mainland. by Bank to French Exchange Stabilization Fund in June 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 (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
244 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u i s a - C g B o i e n a l n g - o g B iu el m - Brazil Canada Chile lo C m o b - ia 1953—Dec 36,425 1,702 22,091 12,630 372 117 52 101 776 321 986 42 86 1954_Dec 37,075 1,740 21,793 13,540 372 138 62 115 778 322 1,073 42 86 1955 Dec 37,730 1,808 21,753 14,170 372 144 71 116 929 323 1,134 44 86 1956—Dec 38,235 1,692 22,058 14,485 224 107 71 122 925 324 1,103 46 57 1957—Dec 38,960 1,180 22,857 14,925 126 126 103 81 915 324 1,100 40 62 1958—Dec 39,860 1,332 20,582 17,945 60 162 194 83 1,270 325 1,078 40 72 1959 Jan 1,332 20,527 60 164 200 78 1,248 325 1,076 40 72 Feb 1,349 20,520 60 160 208 69 1,225 326 1,082 40 72 Mar 40,055 1,352 20,486 18,215 57 163 212 69 1,246 326 1,072 40 73 Apr 1,353 20,358 57 166 222 65 1,265 326 1,071 40 73 May 1,522 20,227 57 169 222 63 1,289 326 1,074 40 74 June 40,330 1,910 19,746 18,675 57 135 256 63 1,270 326 1,073 40 74 July 1,923 19,672 57 280 53 1,281 326 1,061 40 74 Aug 2,025 19,568 57 291 53 1,276 326 1,053 41 75 Sept 40,425 2,052 19,579 57 291 48 1,254 326 1,039 41 69 Oct 2,210 19,647 57 291 42 1,187 326 967 42 70 Nov 2,389 19,617 291 42 1,156 327 960 41 70 Dec 2,407 19,507 292 1,134 327 960 41 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - Re ic l p i a c u n b- E d c o u r a- Egypt* E v l a d S o a r l- l F a i n n d - France 3 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia of 1953—Dec 186 31 12 23 174 29 26 576 328 11 27 247 145 1954—Dec 186 31 12 23 174 29 31 576 626 11 27 247 81 1955 Dec 136 31 12 23 174 28 35 861 920 11 27 247 81 1956-Dec 136 31 11 22 188 28 35 861 1,494 10 27 247 45 1957 Dec 136 31 11 22 188 31 35 575 2,542 13 27 247 39 1958 Dec 80 31 11 22 174 31 35 589 2,639 27 247 37 1959 Jan 76 31 11 22 174 31 35 589 2,678 27 247 37 Feb 76 31 11 22 174 31 38 589 2,678 27 247 37 Mar 76 31 11 22 174 31 38 589 2,678 27 247 37 Apr 76 31 11 20 174 31 38 589 2,678 27 247 36 May 76 31 11 20 174 31 38 589 2,684 25 247 41 June 75 31 11 20 174 31 38 589 2,704 25 247 41 July 75 31 12 20 174 31 38 589 2,721 24 247 41 Aug 75 31 12 20 174 31 38 589 2,721 24 247 41 Sept 75 31 12 20 174 30 38 875 2,621 24 247 41 Oct 75 31 12 20 174 30 38 875 2,626 247 33 Nov 31 12 20 174 30 38 875 2,626 247 33 Dec 31 10 20 174 30 38 875 2,637 247 33 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b- n M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1953 Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954—Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955 Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957 Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Dec 141 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959—Jan 141 34 18 1,119 91 143 ,125 33 43 49 19 11 498 Feb 141 34 18 1,155 95 143 ,145 33 43 49 19 7 498 Mar 140 34 18 1,190 102 142 ,164 33 43 49 19 7 501 Apr 140 34 18 1,222 102 142 ,164 33 43 49 19 9 502 140 34 18 1,263 102 142 ,164 33 43 50 19 9 507 June 140 34 18 1,311 102 160 ,164 33 43 50 19 10 512 July 140 73 18 1,381 102 158 ,164 33 30 50 19 6 513 Aug 140 84 18 1,433 102 156 ,162 33 30 50 19 6 525 Sept 140 84 18 1,476 102 165 ,162 33 30 50 19 7 525 Oct 140 84 18 102 ,126 33 30 50 19 8 530 Nov 140 84 18 102 ,132 33 30 50 8 546 Dec 140 18 102 33 30 50 9 548 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND PRODUCTION 245 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f A So fr u ic th a Sweden Sw la i n tz d er- Syria* T la h n a d i- Turkey U K d n o i i n m t g e 4 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l 'l e- m p P e e a a n y n t - s ments Union 1953 Dec 176 218 1,459 14 113 143 2,518 227 373 13 193 153 1954—Dec 199 265 1,513 17 113 144 2 762 227 403 14 196 153 1955 Dec 212 276 1,597 19 112 144 2,120 216 403 16 217 244 1956 Dec 224 266 1,676 19 112 144 2,133 186 603 17 179 268 1957_Dec 217 219 1,718 24 112 144 2,273 180 719 13 165 254 1958 Dec 211 204 1,925 24 112 144 3,069 180 719 17 339 126 1959 Jan 212 204 1 993 24 112 144 3 111 180 719 17 312 Feb 211 204 1 993 24 112 144 3 156 180 719 17 351 Mar 193 204 1 935 24 112 144 3 139 180 719 17 378 Apr 190 204 1 931 24 112 144 3 251 180 719 15 533 May 197 204 1,912 24 112 144 3,119 180 719 10 479 June . 201 205 1 909 24 112 144 3 172 180 719 10 486 July 217 205 1 925 24 112 144 3 220 180 719 10 436 Aug 204 191 1,919 19 112 144 3,248 180 719 10 434 Seot 225 191 1 900 19 112 144 3 284 180 719 10 427 Oct 231 191 1,868 112 133 3,024 180 719 10 367 Nov 230 191 1 816 112 133 2 974 180 654 10 383 Dec 238 191 1,934 133 2,736 654 381 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Part of the United Arab Republic since February 1958. Mainland. 3 Represents holdings of Bank of France (holdings of Frenich Exchange Represents reported gold holdings of central banks and governments Stabilization Fund are not included). and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Year or production Africa North and South America Other rnonth (excl. U.S.S.R.) Total 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- t A ra u l s ia - India 1951 840.0 763 1 403 1 17 0 22.9 12.3 66.3 153 7 13.8 8 8 4.8 6 1 t 31 3 7 9 1952 868.0 785 7 413.7 17 4 23.8 12.9 67.4 156.5 16.1 8 9 4.9 6 14.8 34.3 8.9 1953. 864.5 780 417.9 17 5 25.4 13.0 69.0 142.4 16.9 9 1 4.0 4 6 1* 3 37.7 7.8 1954 910.0 830 4 462 4 18 8 27.5 12.8 65.1 152.8 13.5 8 ? 4.2 4 4 I1 39.1 8 4 1955. 955.5 877 7 510.7 18 4 23.8 13.0 65.7 159.1 13.4 8 1 3.9 4 3 11 3 36.7 7.4 1956 994.0 914 8 556 2 18 8 21.9 13.1 65.3 153.4 12.3 7 6 4.3 3 3 1* 3 36 1 7 3 1957. 1,036.0 956 596.2 18 8 27.7 13.1 63.0 155.2 12.1 6 9 4.2 3 6 11 4 37.9 6.3 1958. 1,064.0 984 0 618.0 19 4 29.2 12.8 61.6 158.8 11 6 7 ?, 3.9 3 9 r 0 38.6 6.0 1958- Nov 83.6 53.3 1.7 2.5 1.0 5.5 12.9 1.1 .6 .3 .2 :.0 3.1 .5 83.6 53.1 .7 2.2 .7 5.9 13.2 5 .6 .3 .3 .0 3.6 .5 1959 Tan 83 4 54.1 16 2.6 1.2 4.2 13.2 9 5 .3 3 3 2 8 .4 Feb 81.2 52.8 1.5 2.6 .9 4.1 12.5 1.0 .8 .3 .1 3.0 .5 Mar 2 846 55.9 17 2.6 1.0 3.8 13.2 1.0 6 .3 *7 3.3 .5 Apr . 2 86.3 57.9 1.6 2.6 .8 3.8 13.2 1.2 .5 .3 .0 2.9 .5 May 58 7 1 2 6 4 1 13 3 7 3 o 2 9 5 June . 59 5 1 8 2 6 1.0 4.6 12.5 7 .3 3 3.5 .5 July 60 8 1 2 7 g 5 3 13 2 6 .4 4 3 2 5 AUK 60 7 1 4 2.7 1.4 4.2 12.2 6 .3 1 ? 3.0 .5 Sept 60 9 2 0 2 8 7 3 8 12 7 .3 3 3 Oct . 61 3 1 7 2.8 3.5 13.9 6 .4 Nov 60 3 2.7 .9 3.4 13.6 6 4 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of the U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Production reported monthly: reports from individual countries except Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
246 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1958 1959 1958 1959 Item Item Oct. Jan. Apr. July Oct. Dec. Mar. June Sept. Dec. Gold 1,307 1,332 1,352 1,371 2,210 Dollar deposits and U. S. securities. 943 937 966 1,039 1,023 Investments9 , 200 200 200 200 500 Other currencies and securities1 693 636 657 624 666 Currencies: i Effective loans2 3,275 3,408 3,387 3,548 3,531 United States 717 780 951 998 2,028 Other assets 3 101 92 93 104 138 Other 6,025 5,958 5,807 5,839 8,283 Gold and currency in separate IBRD bonds outstanding 1,792 1,840 1,905 1,963 1,990 accounts: 1 ° Undisbursed loans 910 893 839 960 893 Gold 1 551 Other liabilities 24 28 28 31 28 Currency 4 1,542 Reserves 382 401 420 440 462 Unpaid member subscriptions 958 979 944 854 680 Capital* 1,904 1,911 1,911 1,920 1,985 Other assets 9 9 9 11 105 Member subscriptions 9,193 9,228 9,228 9,228 13,644 Loans by country, Dec. 31, 1959 Mem a b c e c r o u su n b t1 s ° criptions in separate 5 2,093 Reserves and liabilities 23 30 35 42 162 Outstanding Area and member country* Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to others* Country Paid 1958 1959 Total in Continental Western Europe, gold total 1,537 1,228 258 970 200 Dec. Nov. Dec. Austria 100 65 64 5 Belgium and Luxembourg.. 173 158 136 35 Denmark 60 46 5 40 3 Argentina 280 70 75 118 148 Finland 102 68 16 52 8 Bolivia 23 6 9 12 11 France 352 271 28 243 30 Brazil 150 38 113 92 92 Italy 298 195 6 189 33 Burma 15 1 12 12 8 Netherlands 236 236 161 75 75 Chile 75 15 42 42 42 Norway 95 68 3 66 9 Turkey 61 59 7 52 Colombia 75 19 30 15 15 Yugoslavia 61 61 10 51 Cuba 50 13 25 25 25 El Salvador 11 3 6 6 Sterling area, total 1,500 1,244 155 1,089 112 France 788 174 394' 181 181 Australia 318 318 40 277 26 Haiti 11 3 4 5 5 C I P U n a e n d k y i i i o l a s o n t n an of S. Africa 5 1 1 9 2 5 9 2 4 1 7 4 1 4 9 9 1 7 3 3 4 ( 4 3 1 6 9 8 ) 7 4 1 0 7 4 1 9 6 4 3 3 2 2 9 1 1 I H I n n o d d n o ia d n u es ra ia s 6 1 0 6 0 5 7 2 2 8 9 20 5 0 5 2 4 0 4 6 0 2 4 0 4 6 0 United Kingdom 193 160 9 151 23 Iran 35 9 17 5 5 Other 25 1 17 Paraguay 9 2 6 5 5 Latin America, total 958 711 131 580 14 Peru 28 4 10 15 Brazil 267 189 32 158 Philippines 50 13 15 9 9 C C Ec h o u i l l o a e m do b r ia 1 1 4 3 0 5 1 6 1 5 0 1 1 4 8 3 9 3 1 4 7 1 2 1 7 () S T S u p u a d rk i a n e n y 1 8 0 1 6 0 5 2 1 2 2 0 " 3 5 9 " 5 3 0 6 6 5 3 0 6 6 El Salvador 32 24 3 21 1 Mexico 186 162 18 144 Union of South Nicaragua 23 21 7 15 Africa 150 38 36 13 Peru 47 42 7 35 United Arab Re- Uruguay 71 59 9 51 2 public—Egypt.. 60 10 30 27 27 Other 50 41 12 29 2 2 U U n n i i t t e e d d S K t i a n t g e d s o . m ... . 4 1 , , 1 95 2 0 5 1,0 3 3 9 1 9 12-1 ,9 5 1 4 6 5 -1,6 3 3 3 5 2 12-1,6 3 1 2 9 4 Asia (excluding Sterling area), Yugoslavia 66 9 23 23 23 total 644 374 31 342 26 Iran 152 87 10 77 12 Japan 298 203 7 196 11 1 Currencies include demand obligations held in lieu of deposits. Lebanon 27 7 7 2 Represents principal of authorized loans, less loans not yet effective, Malaya 36 1 repayments, the net amount outstanding on loans sold or agreed to be Philippines 19 15 15 sold to others, and exchange adjustment. Thailand 107 54 46 3 Excludes uncalled portions of capital subscriptions. Other 6 6 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Africa (excluding Sterling 6 Less than $500,000. area), total 119 35 11ncludes $275 million in loans not yet effective. Ethiopia , 24 15 8 Includes $336 million not guaranteed by the Bank. Sudan 39 20 9 U. S. Treasury bills purchased with proceeds from sale of gold. United Arab Republic 57 10 Paid by members pending increases in quotas becoming effective. 11 Includes subscriptions due from members on increases in quotas Total 7 4,759 3,591 577 3,014 8 356 consented to but not yet effective. 12 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U. S. BALANCE OF PAYMENTS 247 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 1958 1959 Item Exports of goods and services, total1. 5,753 6,563 6,743 7,010 6,326 6,654 5,566 5,920 5,571 6,142 5,381 5,798 5,883 Merchandise 4,112 4,887 5,108 5,158 4,462 4,662 4,054 4,191 3,806 4,176 3,798 4,061 4,032 Services2 » 1,641 1,676 1,635 1,852 1,864 1,992 1,512 1,729 1,765 1,966 1,583 1,737 1,851 Imports of goods and services, total... 5,113 4,849 5,092 5,318 5,361 5,152 4,904 5,250 5,372 5,425 5,422 5,992 6,162 Merchandise 3,156 3,220 3,297 3,344 3,265 3,385 3,139 3,166 3,124 3,517 3,604 3,885 3,852 Services 1,263 948 915 1,124 1,381 1,047 936 1,176 1,407 1,070 1,017 1,286 1,545 Military expenditures 694 681 850 715 720 829 908 841 838 801 821 765 Balance on goods and services1 640 1,714 1,651 1,692 965 1,502 662 670 199 717 -41 -194 -279 Unilateral transfers (net) 3 -544 -645 -576 -662 -499 -581 -562 -599 -541 -616 -619 -575 -529 Private remittances and pensions... -164 -184 -184 -174 -164 -180 -178 -170 -173 -186 -186 -185 -198 Government nonmilitary grants.... -380 -461 -392 -488 -335 -401 -384 -429 -368 -430 -433 -390 -331 U.S. long- and short-term capital (net) 3 -987 -1,179 -1,070 -1,563 -544 -956 -888 -1,247 -783 ^892 -472 -1,020 -652 Private, total -806 -1,077 -813 -1,364 -410 -588 -642 -1,025 -451 -726 -383 -752 -431 Direct investment -524 -694 -402 -993 -339 -324 -155 -411 -156 -372 -267 -450 -291 Portfolio and short-term investment -282 -383 -411 -371 -71 -264 -487 -614 -295 -354 -116 -302 -140 Government -181 -102 -257 -199 -134 -368 -246 -222 -332 -166 -89 4-268 -221 Foreign capital and gold (net). 647 -195 -381 316 -269 227 585 1,069 907 878 915 4 1,432 1,332 Increase in foreign short-term assets and Government securities 668 -283 -199 514 -260 275 202 9 450 479 744 4 845 1,031 Increase in other foreign assets.... 143 115 166 127 18 50 13 -15 -26 52 75 190 134 Gold sales by United States -164 -27 -348 -325 -27 -98 370 1,075 483 347 96 4 397 167 Errors and omissions 244 305 376 217 347 -192 203 107 218 -87 217 357 128 * Preliminary. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w k o n e s a r i n t s c s * e D m a o d y n a - y e t y o 3 - T 6 r d b e 0 a i a y l - s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Jan 3.34 2.07 3.28 3.12 2.73 2.00 4.39 2.25 2.38 2.04 1.58 2.50 Feb 3.70 2.96 3.23 3.09 2.73 2.00 4.23 2.25 2.94 1.75 1.26 2.50 Mar 4.16 4.00 3.41 3.30 2.67 2.00 4.36 2.25 2.44 1.68 1.42 2.25 Apr 4.57 4.41 3.40 3.25 2.69 2.00 4.13 2.00 2.31 1.61 1.50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 1.63 1.34 2.00 June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 1.82 1.46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 1.79 1.48 2.00 Aug 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 1.63 1.15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 1.66 1.31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 1.50 2.00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 1.50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 3.75 3.56 2.52 1.50 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Jan. 31, 1959 Rate Country 1959 1960 Ja a n s . o 3 f 1, Per Month 1960 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Arcentina2 6.0 Dec. 1957 6.0 5 0 Nov. 1955 4.5 4.5 Belgium 3.25 Jan. 1959 4 0 4.0 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 3.53 Jan. 1959 4.32 4.55 5.01 5.15 5.36 5.72 5.58 5.85 5.27 5.11 5.37 4.85 4.85 Ceylon . 2.5 June 1954 42 5 2.5 Chile2 6 0 Feb. 1957 6.0 Colombia2 4.0 July 1933 4.0 Costa Rica2 .... 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 Denmark 4.5 Aug. 1958 5.0 5.5 5.5 10.0 May 1948 10.0 Eaypt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 5.5 5.5 Pin land 2 6.5 Apr. 1956 6.0 6.0 France • •••••••••• 4.5 Oct. 1958 4.25 4.0 4.0 2.75 Jan. 1959 3.0 4 0 4.0 10.0 May 1956 10.0 Honduras $ • • •••• 2.0 Jan. 1953 2.0 Iceland • 7.0 Apr. 1952 7.0 India6 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 Iran ...... 4.0 Aug. 1948 4.0 4.25 Nov. 1958 4.75 4.75 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan2 7.3 Sept. 1958 6.94 7.3 7.3 4.5 June 1942 4.5 Netherlands 2.75 Jan. 1959 3.5 3.5 New Zealand 7.0 Oct. 1955 6.0 6.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 6.0 Nov. 1947 9.5 9.5 Philippine Republic2 4.5 Sept. 1957 6.5 6.5 Portucal 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 4.0 5.0 July 1957 6.25 6.25 Sweden 4.5 May 1958 5.0 5.0 2.5 May 1957 2.0 2.0 Thailand . 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 4.0 Nov. 1958 5.0 5.0 Venezuela 2 2.0 May 1947 4 5 4.5 1 Rates shown represent mainly those at which the central bank either Finland—rates ranging up to 7.25 per cent for longer term paper (rate discounts or makes advances against eligible commercial paper and/or shown is for 3 months commercial paper); government securities for commercial banks or brokers. For countries Indonesia—various rates depending on type of paper, collateral, comwith more than one rate applicable to such discounts or advances, the modity involved, etc.; rate shown is the one at which the largest proportion of central bank Japan—penalty rates (exceeding the basic rate shown) for borrowings credit operations is understood to be transacted. In certain cases other from the Central bank in excess of an individual bank's quota; rates for these countries are given in note 2. Peru—8 per cent for agricultural, industrial and mining paper; 2 Discounts or advances at other rates include: Philippine Republic--4.5 per cent for crop loan paper and 5 per cent for Argentina—3 and 5 per cent for certain rural and industrial paper, de- export packing credit paper; and pending on type of transaction; Venezuela—4 percent for rediscounts of certain agricultural paper and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural for advances against government bonds or gold and 5 per cent on adpaper; vances against securities of Venezuelan companies. Chile—rates of more than 6 per cent for rediscounts in excess of 50 per 3 Since Nov. 1, 1956, the discount rate has been set each week at cent of the rediscounting bank's capital and reserves, and 2 and 4 per % of one per cent above the latest average tender rate for Treasury bills; cent for certain types of agricultural paper; end-of-month rate shown. Colombia—3 per cent for agricultural paper and for loans on products 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, in bonded warehouses; and lowered again to 2.5 per cent on Dec. 24, 1959. Costa Rica—5 per cent for paper related to commercial transactions 5 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 6 Since May 16, 1957, this rate applies to advances against commercial Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by paper as well as against government securities and other eligible paper. national public securities; El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 per cent for special cases; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES 249 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 (peso) (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 (f e r 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 ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 8536 2.0044 103.03 21.049 .3118 1959. i 1.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—Jan... 1.5187 223.62 3.8444 2.0003 103.40 21.046 .3115 Feb.., 1.5242 223.85 3.8481 2.0004 102.58 21.063 .3114 Mar.. 1.4703 224.12 3.8484 1.9997 103.12 21.074 .3114 Apr.. 1.3680 224.42 .8487 2.0037 103.77 21.089 .3114 May. 1.1774 224.27 .8488 2.0057 103.84 21.081 .3114 June. 1.1091 224.11 .8510 2.0027 104.28 21.072 .3120 July.. 1.1851 224.04 .8506 2.0031 104.46 21.062 .3120 Aug.. 1.1922 223.86 .8502 2.0013 104.75 21.060 .3116 Sept.. 1.2037 223.40 .8525 1.9989 105.08 21.037 .3113 Oct.. . 1.2213 223.61 .8526 1.9993 105.51 21.048 .3113 Nov.. 1.2084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec. 1.2003 222.98 3.8523 1.9996 105.12 20.995 .3113 I960—Jan. 1.2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Year or month 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 ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 1954. 23.838 21.020 280.87 32.641 9.0515 26.381 1955. 23.765 20.894 279.13 32.624 8.0056 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.0056 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.0056 26.170 1958. 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 1959. .2038 23.926 21.031 280.88 3.1610 .2778 32.857 8.0056 26.492 1959_jan... .2037 23.930 21.041 280.65 .2779 32.838 8.0056 26.514 Feb... .2037 23.928 21.059 280.93 .2779 32.892 8.0056 26.500 Mar.. .2039 23.914 21.073 281.27 3.1610 .2779 32.917 8.0056 26.488 Apr... .2039 23.913 21.101 281.65 .1610 .2779 32.975 8.0056 26.501 May.. .2039 23.911 21.087 281.45 .1610 .2779 32.951 8.0056 26.488 June.. .2039 23.931 21.049 281.25 .1611 .2779 32.870 8.0056 26.504 July.. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.0056 26.515 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.0056 26.463 Sept.. .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.0056 26.459 Oct... .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 26.493 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32.798 8.0056 26.471 Dec... .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 1960—Jan... 20.366 23.975 20.935 279.98 .1610 .2775 32.776 8.0056 26.502 Year or month 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 h p i i u n li b e p l - ic (e P s o g c r a u 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 ro ed n e a n ) z ( S f e r r w a la n i n t c - d ) U K d n i o i n m t g ed - (peso) (pound) 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 278.10 14.028 49.721 3.4967 279.83 5 2.0579 19.324 23.142 280.88 1959—Jan.. 277.87 14.012 49.695 3.4917 279.60 2.3810 19.326 23.190 280.65 Feb., 278.15 14.018 49.695 3.4974 279.88 2.3810 19.327 23.184 280.93 Mar. 278.49 14.029 49.695 3.4980 280.22 2.3810 19.325 23.133 281.27 Apr. 278.86 14.048 49.695 3.5026 280.60 2.3810 19.330 23.134 281.65 May 278.67 14.041 49.695 3.5019 280.40 2.3810 19.326 23.133 281.45 June, 278.47 14.052 49.695 3.5004 280.20 2.3810 19.327 23.194 281.25 July. 278.38 14.050 49.695 3.5001 280.12 5 2.0679 19.330 23.204 281.17 Aug. 278.17 14.038 49.713 3.4990 279.90 1.6600 19.327 23.178 280.95 Sept. 277.59 14.011 49.770 3.4947 279.32 1.6607 19.325 23.121 280.37 Oct.. 277.85 14.023 49.770 3.4958 279.58 1.6607 19.325 23.048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 1.6607 19.308 23.040 280.27 Dec, 277.07 13.994 49.770 3.4861 278.80 1.6607 19.303 23.127 279.84 1960—Jan.. 277.20 13.985 49.770 3.4844 278.93 1.6607 19.302 23.112 279.98 1 Effective Jan. 12, 1959, the Argentine Government established a was further devalued to 493.706 francs per U. S. dollar. single exchange rate for the peso in place of the former official and free 3 Based on quotations beginning with Mar. 2, 1959. rates. 4 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 5 Effective July 20, 1959, the par value for the Spanish peseta was set was extended to all foreign exchange transactions on Oct. 28, 1957, and at 60 pesetas per U. S. dollar. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 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 J. L. ROBERTSON CHAS. N. SHEPARDSON A. L. MILLS, JR. G. H. KING, JR. WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATTONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel GLENN M. GOODMAN, Assistant Director DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner DIVISION OF RESEARCH AND STATISTICS GUY E. NO YES, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION ALBERT R. KOCH, Adviser EDWIN J. JOHNSON, Director ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Associate Adviser SUSAN S. BURR, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant Director ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 251 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN J. A. ERICKSON J. L. ROBERTSON C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON FREDERICK L. DEMING G. H. KING, JR. M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary GEORGE W. MITCHELL, Associate Economist MERRITT SHERMAN, Assistant Secretary GUY E. NOYES, Associate Economist KENNETH A. KENYON, Assistant Secretary FRANKLIN L. PARSONS, Associate Economist HOWARD H. HACKLEY, General Counsel ROBERT V. ROOSA, Associate Economist WOODLIEF THOMAS, Economist PARKER B. WILLIS, Associate Economist HOMER JONES, Associate Economist ROBERT G. ROUSE, Manager, System ARTHUR W. MARGET, Associate Economist Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA, GORDON MURRAY, MINNEAPOLIS Vice President R. OTIS MCCLINTOCK, KANSAS CITY REUBEN B. HAYS, CLEVELAND I. F. BETTS, DALLAS JOHN S. ALFRIEND, RICHMOND JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK PHILIP D. REED FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY, JR. CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR CHICAGO BERT R. PRALL ROBERT P. BRIGGS ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS O. B. JESNESS KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston J. A. Erickson D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner George H. Ellis New York Alfred Hayes Harold A. Bilby Herbert H. Kimball H. L. Sanford William F. Treiber Charles A. Coombs Robert V. Roosa Todd G. Tiebout Howard D. Crosse Robert G. Rouse Marcus A. Harris Walter H. Rozell, Jr. Philadelphia , Karl R. Bopp Joseph R. Campbell Murdoch K. Goodwin James V. Vergari Robert N. Hilkert Wallace M. Catanach Philip M. Poorman Richard G. Wilgus David P. Eastburn Cleveland W. D. Fulton Dwight L. Allen Clyde Harrell Martin Morrison Donald S. Thompson Roger R. Clouse W. Braddock Hickman Paul C. Stetzelberger E. A. Fink L. Merle Hostetler Richmond Hugh Leach N. L. Armistead Aubrey N. Heflin Joseph M. Nowlan Edward A. Wayne J. Dewey Daane Upton S. Martin James M. Slay Atlanta Malcolm Bryan J. E. Denmark J. E. McCorvey Earle L. Rauber Harold T. Patterson John L. Liles, Jr. L. B. Raisty S. P. Schuessler Chicago Carl E. Allen Ernest T, Baughman Paul C. Hodge George W. Mitchell C. J. Scanlon W. R. Diercks Robert C. Holland H. J. Newman A. M. Gustavson L. H. Jones Harry S. Schultz Hugh J. Helmer C. T. Laibly St. Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa Minneapolis Frederick L. Deming C. W. Groth A. W. Johnson M. H. Strothman, Jr. A. W. Mills M. B. Holmgren H. G. McConnell Kansas City H. G. Leedy John T. Boysen Joseph S. Handford E. U. Sherman Henry O. Koppang George H. Clay L. F. Mills Clarence W. Tow C. A. Cravens Dallas Watrous H. Irons James L. Cauthen James A. Parker L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice G. R. Murff San Francisco... H. N. Mangels J. L. Barbonchielli A. B. Merritt R. H. Morrill Eliot J. Swan R. S. Einzig E. R. Millard John A. O'Kane H. E. Hemmings Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver Cecil Puckett Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte Thomas I. Storrs Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis E. Francis DeVos Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative 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 1565-68 of the December 1959 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL FUNDS MARKET—A Study by a FUNCTIONS. April 1954. 208 pages. Federal Reserve System Committee. May 1959. Ill pages. $1.00 per copy; in quanti- ANNUAL REPORT OF THE BOARD OF GOVERNORS ties of 10 or more for single shipment, 85 OF THE FEDERAL RESERVE SYSTEM. cents each. FEDERAL RESERVE BULLETIN. Monthly. Sub- DEBITS AND CLEARINGS STATISTICS AND THEIR scription price in the United States and its pos- USE (rev. ed.). May 1959. 144 pages. $1.00 sessions, Bolivia, Canada, Chile, Colombia, per copy; in quantities of 10 or more for single Costa Rica, Cuba, Dominican Republic, Ecuashipment, 85 cents each. dor, Guatemala, Haiti, Republic of Honduras, ALL-BANK STATISTICS, 1896-1955. Revised statis- Mexico, Nicaragua, Panama, Paraguay, Peru, tics for all banks in the United States, by class El Salvador, Uruguay, and Venezuela is $6.00 of bank, together with descriptive and explanaper annum or 60 cents per copy; elsewhere tory material. Part I, U. S. Summary. Part II, $7.00 per annum or 70 cents per copy. Group Summaries by States and other areas. April subscriptions in the United States for 10 or 1959. 1,229 pages. $4.00. more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- FEDERAL RESERVE CHART BOOK ON FINANCIAL taining provisions of certain other statutes af- AND BUSINESS STATISTICS. Monthly. Annual fecting the Reserve System. 385 pages. $1.00. subscription includes one issue of Historical FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Supplement. Subscription price in the United A new accounting record designed to picture States and the countries listed above is $6.00 the flow of funds through the major sectors of per annum; 60 cents per copy, or 50 cents each the national economy. December 1955. 390 for 10 or more of same issue for single shippages. $2.75. ment; elsewhere $7.00 per annum or 70 cents A STATISTICAL STUDY OF REGULATION V LOANS. each. September 1950. 74 pages. 25 cents per copy; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE in quantities of 10 or more copies for single CHART BOOK. Issued annually in September. shipment, 15 cents each. Annual subscription to monthly chart book in- BANKING AND MONETARY STATISTICS. Statistics of cludes one issue of Supplement. In the United banking, monetary, and other financial develop- States and countries listed above under Federal ments. November 1943. 979 pages. $1.50. Reserve Bulletin, single copies 60 cents each or RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more for single shipment DURE—Board of Governors of the Federal Re- 50 cents each; elsewhere 70 cents each. serve System. 1946. 31 pages. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- REGULATIONS OF THE BOARD OF GOVERNORS OF ERNMENT SECURITIES MARKET. Part I. July THE FEDERAL RESERVE SYSTEM. 1959. 108 pages. Parts II and III will be ADMINISTRATIVE INTERPRETATIONS OF REGULAissued later. Individual books $1.00 each; set TION F—SECTION 17—COMMON TRUST FUNDS. of 3 books $2.50. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. 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. 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 REPRINTS GOLD AND DOLLAR FLOWS IN 1958. March 1959. (From Federal Reserve Bulletin unless preceded 6 pages. by an asterisk) OWNERSHIP OF DEMAND DEPOSITS. April 1959. THE MONETARY SYSTEM OF THE UNITED STATES. 3 pages. February 1953. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES MEMBER BANK TERM LENDING TO BUSINESS, ON ECONOMIC STABILITY. March 1953. 16 1955-57. April 1959. 16 pages. pages. *PART I, ALL-BANK STATISTICS, 1896-1955. Re- FEDERAL FINANCIAL MEASURES FOR ECONOMIC print of the U. S. Summary containing a de- STABILITY. May 1953. 7 pages. scription of revised statistics for all banks in the United States, by class of bank, together with * DETAILED DESCRIPTION OF SOURCES AND METHrevised statistics. April 1959. 100 pages. ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS. SURVEY OF COMMON TRUST FUNDS, 1958. May April 1953. 25 pages. 1959. 6 pages. (Also, similar reprints from August 1956, June 1957, and May 1958 BUL- DEPARTMENT STORE SALES AND STOCKS, BY LETINS.) MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. 1959 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1959. 4 pages. The Fi- FEDERAL RESERVE MONTHLY INDEX OF INDUSnancial Position of Consumers. July 1959. 24 TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. pages. Housing of Nonfarm Families. September 1959. 17 pages. (Similar Surveys are SEASONAL ADJUSTMENT FACTORS FOR DEMAND available for earlier years from 1952, 1953. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE 1955, 1956, 1957, and 1958 BULLETINS.) BANKS. March 1955. 4 pages. INTEREST RATES IN LEADING COUNTRIES. July A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1959. 6 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 SURVEY OF BANK LOANS FOR COMMERCIAL AND pages. INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit THE GOVERMENT SECURITIES MARKET. August Lines and Minimum Balance Requirements. 1959. 22 pages. June 1956. 7 pages. SECURITY PLEDGED ON BUSINESS LOANS AT MEM- REVISION OF CONSUMER CREDIT STATISTICS. Oc- BER BANKS. September 1959. 16 pages. tober 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) THE U. S. BALANCE OF PAYMENTS, 1958-59. October 1959. 7 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- REVISED INDUSTRIAL PRODUCTION INDEX. De- LETINS. 52 pages. cember 1959. 24 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. CAPITAL MARKETS and MONEY AND BANK CREDIT April 1957. 20 pages. IN 1959. Combined reprint. January and Feb- SURVEY OF FINANCE COMPANIES, MID-1955. ruary 1960. 14 pages. April 1957. 17 pages. MONETARY POLICY AND ECONOMIC GROWTH. REVISION OF MONTHLY DEPARTMENT STORE IN- February 1959. 7 pages. DEXES. December 1957. 30 pages. BANKING AND MONETARY STATISTICS, 1959. Se- REVISED WEEKLY INDEX OF DEPARTMENT STORE lected series of banking and monetary statistics SALES. April 1958. 10 pages. for 1959 only. February 1960. 9 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- (Similar reprint of 1958 data, February and CURITIES. November 1958. 15 pages. May 1959 BULLETINS.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 182, 184, 230 Demand deposits—Continued Agricultural loans of commercial banks, 176, 178, 226 Turnover of, 170 Agriculture, Govt. agency loans, 194 Type of holder, at commercial banks, 177 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 213 Banks and the monetary system, consoli- Sales and stocks, 208, 212 dated, 172 Deposits (See also specific types of deposits): Corporate, current, 186 Adjusted, and currency, 172 Banks, by classes, 173, 176, 178, 184, 226 Banks, by classes, 167, 173, 177, 180, 184, 228 Federal business-type activities, Federal Reserve Banks, 168, 241 by fund or activity, 194 Postal savings, 170, 172 Federal Reserve Banks, 168 Discount rates, 166, 248 Automobiles: Discounts and advances by Federal Reserve Consumer instalment credit, 198, 199, 200 Banks, 162, 167, 168 Production index, 202, 205 Dividends, corporate, 186, 187 Dollar assets, foreign, 241, 243 Bankers' balances, 177, 179, 227 Dwelling units started, 209 (See also Foreign liabilities and claims reported by banks) Earnings and expenses, Federal Reserve Banks, 220 Banking and monetary statistics for 1959, 224 Earnings and hours, manufacturing indus- Banking offices: tries, 208, 211 Changes in number, 222 Employment, 208, 210, 211 On, and not on, Par list, number, 223 Export-Import Bank, loans, etc., 194 Banks and the monetary system, consolidated statement, 172 Farm mortgage loans, 194, 195, 196 Bonds (See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 186, 188, 189 by fund or activity, 194 Prices and yields, 182, 183, 231 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank loans to, 176, assets, etc., 194 1/8, 226 Federal finance: Business expenditures on new plant and equip- Cash transactions, 192 ment, 186 Receipts and expenditures, 193 Business indexes, 208 Treasurer's balance, 192 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 194, 197 Federal Housing Administration, loans, etc., 194, Capital accounts: 195, 196, 197 Banks, by classes, 173, 177, 180, 228 Federal National Mortgage Association, Federal Reserve Banks, 168 loans, etc., 194, 197 Carloadings, 208 Federal Reserve Banks: Central banks, foreign, 244, 248 Condition statement, 168 Coins, circulation of, 171 Earnings and expenses, 220 Commercial banks: U. S. Govt. securities held by, 162, 167, 168, Assets and liabilities, 173, 176 190, 191 Consumer loans held, by type, 199 Federal Reserve credit, 162, 167, 168, 225 Number, by classes, 173 Federal Reserve notes, 168, 171 Real estate mortgages held, by type, 195 Finance company paper, 182, 184, 230 Commercial and industrial loans: Financial institutions, loans to, 178, 226 Commercial banks, 176 Flow of funds, saving and financial flows, 218 Weekly reporting member banks, 178, 181, 229 Foreign central banks, 244, 248 Commercial paper, 182, 184, 230 Foreign deposits in U. S. banks, 162, 168, 172, 177, Commodity Credit Corporation, loans, etc., 194 180, 228 Condition statements (See Assets and liabilities) Foreign exchange rates, 249 Construction, 208, 209 Foreign liabilities and claims reported by Consumer credit: banks, 234, 236, 239, 241 Instalment credit, 198, 199, 200, 201 Foreign trade, 213 Major parts, 198, 200 Noninstalment credit, by holder, 199 Gold: Consumer price indexes, 208, 214 Earmarked, 242 Consumption expenditures, 216, 217 Net purchases by U. S., 242 Corporate sales, profits, taxes, and dividends, 186, 187 Production, 242, 245 Corporate security issues, 186, 188 Reserves of central banks and governments, 244 Corporate security prices and yields, 182, 183, 231 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 243 Currency in circulation, 163, 171 Stock, 162, 172, 242 Customer credit, stock market, 183 Gold certificates, 168, 171 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 170 Gross national product, 216, 217 Demand deposits: Adjusted, banks and the monetary system, 172 Home owners, Govt. agency loans, 194 Adjusted, commercial banks, by classes, 177 Hours and earnings, manufacturing indus- Banks, by classes, 173, 180, 228 tries, 208, 211 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
256 FEDERAL RESERVE BULLETIN • FEBRUARY 1960 Industrial production index, 202, 208 Regulation V, loan guarantees, 170 Instalment loans, 198, 199, 200, 201 Reserve requirements, member banks, 167 Insurance companies, 185, 190, 191, 196 Reserves: Insured commercial banks, 175, 176, 222 Commercial banks, 177 Interbank deposits, 167, 173, 177, 180, 228 Federal Reserve Banks, 168 Interest rates: Foreign central banks and governments, 244 Bond yields, 182, 231 Foreign countries and international institu- Business loans by banks, 181 tions, 243 Federal Reserve Bank discount rates, 166 Member banks, 162, 168, 177, 179, 224, 227 Foreign countries, 247, 248 Residential mortgage loans, 195, 196, 197 Open market, 182, 230, 247 Regulation V loans, 170 Sales finance companies, consumer loans of, 198, Stock yields, 182, 231 199, 201 Time deposits, maximum rates, 166 Saving: International capital transactions of the U. S., 234 Flow-of-funds series, 218 International financial institutions, 242, 243, 244, 246 National income series, 217 Inventories, 216 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 184, 185 Banks, by classes, 173, 176, 179, 184, 227 Savings and loan associations, 185, 196 Federal Reserve Banks, 167, 168 Securities, international transactions, 240, 241 Govt. agencies, etc., 194 Security issues, 186, 188, 189 Life insurance companies, 185 Silver coin and silver certificates, 171 Savings and loan associations, 185 State member banks, 175, 222 State and municipal securities: Labor force, 210 New1 issues, 188, 189 Loans (See also specific types of loans): Prices and yields, 182, 183, 231 Banks, by classes, 173, 176, 178, 184, 226 States and political subdivisions: Federal Reserve Banks, 162, 167, 168, 225 Deposits of, 177, 180, 228 Govt. agencies, etc., 194 Holdings of U. S. Govt. securities, 190 Insurance companies, 185, 196 Ownership of obligations of, 176, 184, 185 Savings and loan associations, 185, 196 Stock market credit, 183 Loans insured or guaranteed, 170, 195, 196, 197 Stocks: New issues, 188 Manufacturers, production index, 202, 208 Prices and yields, 182, 183, 231 Margin requirements, 166 Member banks: Tax receipts, Federal, 193 Assets and liabilities, by classes, 173, 176 Time deposits, 166, 167, 172, 173, 177, 180, 228 Banking offices, changes in number, 222 Treasurer's account balance, 192 Borrowings at Federal Reserve Banks, 162, 168, Treasury cash, 162, 171, 172 180, 225, 228 Treasury currency, 162, 171, 172 Deposits, by classes, 167 Treasury deposits, 162, 168, 192 Number, by classes, 174 Reserve requirements, by classes, 167 Unemployment, 210 Reserves and related items, 162, 224 U. S. balance of payments, 247 Weekly reporting series, 178, 226 U. S. Govt. balances: Mining, production index, 202, 208 Commercial bank holdings, by classes, 177, 180 Money rates (See Interest rates) Consolidated monetary statement, 172 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 172, 173, 175, 184, 190, 191, Banks, 162, 168, 192 195, 222 U. S. Govt. securities: Bank holdings, 172, 173, 176, 179, 184, 190, National banks, 175, 222 191, 227 National income, 216, 217 Federal Reserve Bank holdings, 162, 167, 168, National security expenditures, 193, 216 190, 191 Nonmember banks, 168, 175, 176, 177, 222 Foreign and international holdings, 168, 243 International transactions, 240, 241 Par List, banking offices on, and not on, number, 223 New issues, gross proceeds, 188 Payrolls, manufacturing, index, 208 Outstanding, by type of security, 189, 190, 191 Personal income, 217 Ownership of, 190, 191 Postal Savings System, 166, 172 Prices and yields, 182, 183, 230, 231 Prices: United States notes, outstanding and in circula- Consumer, 208, 214 tion, 171 Security, 183 Utilities, production index, 202, 208 Wholesale commodity, 208, 214 Production, 202, 208 Vault cash, 162, 177 Profits, corporate, 186, 187 Real estate loans: Veterans Administration, loans, etc., 194, 195, 196, 197 Banks, by classes, 176, 178, 184, 195, 226 Type of mortgage holder, 195, 196, 197 Weekly reporting member banks, 178, 226 Type of property mortgaged, 195, 196, 197 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES g THE FEDERAL RESERVE SYSTEM g) tfr 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 (1960, January 31). Federal Reserve Bulletin, 1960-02. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196002
@misc{wtfs_bulletin_196002,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1960-02},
year = {1960},
month = {Jan},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196002},
note = {Retrieved via When the Fed Speaks corpus}
}