Federal Reserve Bulletin, 1960-03
FEDERAL RESERVE B U LLETIN March i960 • * • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 i ii i: Gold and Dollar Transfers in 1959 257 '; Proposed Legislation on Bank Mergers 263 || 1 Law Department 265 |; Current Events and Announcements 269 || National Summary of Business Conditions 270 || Financial and Business Statistics, U. S. (Contents on p. 273) 274 ! International Financial Statistics (Contents on p. 333) 334 Board of Governors and Staff 351 I; Open Market Committee and Staff; Federal Advisory Council 352 !| Federal Reserve Banks and Branches 352 Federal Reserve Board Publications 354 ; Index to Statistical Tables 356 Map of Federal Reserve System Insideback cover | Volume 46 * Number 3 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
GOLD AND DOLLAR HOLDINGS of foreign pared with 1958, and the net inflow of countries and international institutions rose foreign capital greater. $5.9 billion in 1959. The United States Gold purchases by foreign countries in paid $ 1.4 billion to the International Mone- 1959 were less than half as large as in 1958, tary Fund as increase in its quota, and other while their dollar holdings rose almost three transfers to the rest of the world amounted times as much as in that year. The change to $3.7 billion. Foreign countries also pur- was due in part to a difference in regional chased an estimated $850 million of gold gains in holdings; countries that customarily from new production and other sources. convert reserve gains into gold had smaller increases than in 1958. Also, the relaxation of foreign exchange controls provided an FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS opportunity for European businesses and in- Billions of dollars dividuals to increase their dollar holdings. Working balances increased as trade expanded, and high interest rates attracted private investment into U. S. Government DOUAB ACCtPlANUS securities. AND MlSC SHOI! HIM HOLDINGS UNITED STATES BALANCE OF PAYMENTS DEPOSITS IN BANKS IN THt U S The United States had a payments deficit on current account (goods and services, military expenditures, and remittances and pensions) of $900 million in 1959. It was the first annual deficit since 1953. In 1956-58, 1955 1956 1957 195» 1959 the United States had surpluses ranging from $1.5 to $5 billion. NOTE.—End-of-ycar data. Includes international institutions. Imports of goods and services increased. U. S. transfers, even excluding the pay- A sharp rise in merchandise imports after ment to the Fund, exceeded the previous mid-195 8 accompanied the recovery and record high of 1958. They reached a peak renewed expansion of economic activity in annual rate of more than $4 billion in mid- this country. The largest gains were in 1959, but declined thereafter. The U. S. manufactured consumer goods (especially balance of international payments was in automobiles), raw materials, and steel. deficit on current account in 1959, while Steel imports were increased both by the in the preceding year the United States prospect of the strike in this country and by had a current surplus. The net outflow of the strike itself. After mid-195 9 merchan- U. S. capital, however, was smaller, com- dise imports leveled off. 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 FEDERAL RESERVE BULLETIN • MARCH 1960 The average level of exports during their foreign subsidiaries from foreign 1959, on the other hand, changed little from minority stockholders. 1958. After falling from late 1958 through In contrast, other forms of U. S. capital the spring of 1959, merchandise exports outpayments declined. U. S. investors (exclusive of shipments of military supplies bought smaller amounts of newly issued foreign and international securities than in under grants) rose during the remainder 1958. New issues of Canadian local govof the year, as renewed expansion of deernments remained large, but the Internamand in other industrial countries gained tional Bank for Reconstruction and Develmomentum. opment, for the first time since 1955, offered Private capital. The net outflow of private no new issues in the United States. The net U. S. capital in 1959 was one-fourth smaller increase in outstanding commercial bank than in 1958. Direct investment accounted credit to foreigners was only one-third the for more than half of the net outflow. It average increase of the preceding three was especially heavy in the second quarter, years. Long-term loans to Latin American when U. S. companies purchased stock of countries accounted for most of the 1959 credit expansion. Foreign investment in U. S. corporate UNITED STATES BALANCE OF PAYMENTS securities rose, in contrast to a small decline [In billions of dollars] in 1958. Most of the rise was in holdings 1954-55 of corporate stocks by European investors, Component average 1958 1959? and foreign purchases of corporate bonds remained small. Foreigners continued to in- Goods and services: crease their direct investments in the United Exports of merchandise *. 13.5 16.2 16.2 States. Exports of services 5.4 7.0 7.1 Total 19.0 23.2 23.3 Government loans and grants. Net disburse- Imports of merchandise. 10.9 12.9 15.3 ments on U. S. Government loans and net Imports of services 2.... 6.7 8.7 8.9 Total 17.6 21.6 24.3 Government grants fell one-fourth, owing to sharply increased loan repayments. Mainly Balance 1.4 1.5 -0.9 as a result of an advance repayment by the Net outflows of U. S. capital and Government United Kingdom, repayments to the Exportgrants: Import Bank exceeded disbursements. Ger- Private capital 1.4 2.8 2.1 many made an advance repayment on its Government loans 3 0.1 1.0 60.4 Government grants 4.... 1.8 1.6 1.6 debt to the United States arising out of postwar economic aid. Foreign long-term capital and unrecorded receipts 5 0.6 0.5 1.3 FOREIGN GOLD AND DOLLAR HOLDINGS Net transfer of gold and dollars to foreigners 1.3 3.4 63.7 One-half of the increase in foreign gold and dollar holdings accrued to international in- * Preliminary. 2 1 I E n x c c lu lu d d e e s s m m il i i l t i a ta r r y y e t x r p an en sf d e i r t s u re u s n d a e b r r o g a r d a , n t r s e . mittances, and pensions. stitutions, and most of the remainder to in- 3 4 I E n x c c l l u u d d e e s s c m ha il n it g a e r s y in g r s a h n o ts r . t-term claims. dustrial countries, mainly in Continental 5 Direct and other long-term investments (other than U. S. Government securities), and unrecorded receipts appearing in balance of pay- West Europe. Many nonindustrial countries ments as "errors and omissions." 6 Excludes payment to the IMF of increase in U. S. quota. also increased their holdings, however, and NOTE.—Data from U. S. Department of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD AND DOLLAR TRANSFERS IN 1959 259 some of them improved their reserve positions further by repaying previous drawings FOREIGN AND INTERNATIONAL HOLDINGS from the International Monetary Fund. In OOID RESERVES AND DOLLARS Billions of dollars 1958, many of these countries suffered FOREIGN COUNTRIES losses. Foreign countries. Continental West Euro- CONTINENTAL pean countries increased their holdings by WEST EUROPE $2 billion. Italian holdings rose $900 million; at the end of 1959 they were almost equal to Italian imports for the year, a ratio higher than that for any other major foreign —^•»•""^ ALL OTHER " '. country except Switzerland. French holdings also rose greatly, even though France repaid $200 million to the International Monetary Fund. UNITED KINGDOM ^0 — x Holdings of the United Kingdom fell JAPAN_ _ _ _ __ slightly as a result of large repayments to 1 1 *""""* ' 7 i the Fund and the Export-Import Bank. The INTERNATIONAL INSTITUTIONS rest of the Sterling Area showed slight gains in gold and dollars, and in addition increased : ^_ its sterling reserves. Among Latin American countries, Ven- : ! i i ezuela lost almost one-fourth of its re- 1955 1957 1959 serves, but the aggregate for other countries NOTE.—End-of-quarter data. rose. Asian countries increased their holdings, owing mainly to a large gain for compared with a high of $1 billion in 1957. Japan. Repayments of $600 million were a high for International Monetary Fund. Resources of any one year. the International Monetary Fund rose by the International lending institutions. Foreign equivalent of $5 billion in 1959, reflecting countries in 1959 joined with the United a general 50 per cent increase in quotas, States in increasing the funds available to with higher increases for some countries. nonindustrial countries through international One-fourth of the increase in quotas was institutions. paid in gold. The authorized capital of the Interna- At the end of 1959, the Fund held $5 tional Bank for Reconstruction and Develbillion in gold and U. S. dollars. It also opment was doubled. In 1959 the Bank held the equivalent of $4.1 billion in Belincreased its borrowing in capital markets gian francs, Canadian dollars, French francs, outside the United States, mainly in Ger- German marks, Netherlands guilders, and pounds sterling, which are the currencies many, Switzerland, and the United Kingdrawn in the past. dom. It authorized new loans of $600 Drawings by member countries on the million, the second largest total in the Bank's Fund in 1959 totaled only $200 million, history. Disbursements, amounting to $500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 FEDERAL RESERVE BULLETIN • MARCH 1960 million, were down from 1958 but above States did so without reducing their official previous years. dollar holdings. The Executive Directors of the Bank ap- Purchases of gold by foreigners tend to proved the Articles of Agreement of its reduce U. S. commercial bank reserves since proposed affiliate, the International Develthey involve transfers of foreign-held dolopment Association. If the Articles are lar balances from the commercial banks ratified by the member countries, the Assoto Federal Reserve Banks. In the first half ciation will come into existence in late 1960. of 1959, such purchases were permitted to The Association will finance projects in exert a restraining influence on commercial less developed areas on easier terms than bank reserves; thereafter, the reserve drain are available from the Bank. from continued gold outflow and seasonal The European Investment Bank and the Overseas Development Fund of the Euro- factors was largely offset by Federal Repean Economic Community began opera- serve purchases of U. S. Government setions. Also, the charter of the Inter- curities. American Development Bank was ratified. DOLLAR TRANSFERS GOLD MOVEMENTS Foreign countries increased their dollar holdings $2.1 billion. Growth in private Official gold holdings of foreign countries (excluding the Soviet Bloc and Mainland TRANSFERS OF GOLD AND DOLLARS China) rose $800 million in 1959, com- TO FOREIGNERS, 1959 x pared with an increase of $3 billion in the [Net transfers from, or to (—), the United States, previous year. Reduced world demand for in billions of dollars] monetary gold reflected smaller reserve Jan.- Apr.- July- Oct.gains by some countries that customarily Type of transfer Year Mar. June Sept. Dec. hold reserves in gold, and losses by a few such countries. Total ... 3.5 0.7 1.2 1.3 0.4 Foreign countries made net gold pur- Gold 0.7 0.1 0.4 0.2 0.1 chases of $1 billion from the United States Dollar holdings.... 2.8 0.6 0.8 1.1 0.3 and acquired an estimated $850 million Deposits at: Federal Reserve from new production and other sources; Banks 0.1 (2) (2) 0.1 -0.1 Commercial however, they transferred more than $1 banks -0.6 0.2 -0.2 -0.3 -0.3 billion to the International Monetary Fund, U. S. Govt. sec: mainly to meet increased quota subscrip- Short-term 3 2.1 0.1 0.8 0.8 0.3 Bonds and notes. 0.7 0.1 0.1 0.3 0.2 tions. The gold holdings of the Fund in- Other 3 0.3 0.2 (2) (2) 0.1 creased $1.1 billion; the U. S. gold subscrip- Other 4 0.3 0.1 0.1 0.1 (2) tion was nearly offset by net sales of gold 1 Includes international institutions. Excludes payment in June of by the Fund to this country. $1,375 million to the IMF as increase in U. S. quota, of which $344 million was in gold and $1,031 million in "special U. S. notes. Data The United Kingdom, France, Japan, and differ from the total for 1959 shown in last line of table on p. 258 mainly through exclusion of changes in liabilities of nonfinancial Austria made the largest gold purchases businesses and of some U. S. Government agencies. 1 Less than $50 million. from the United States. As in past years, 3 Short-term securities exclude special U. S. nonnegotiable, noninterest-bearing notes (IMF series), which are shown as "other" securities. most countries buying gold from the United 4 Represents mainly bankers' acceptances and short-term commercial paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD AND DOLLAR TRANSFERS IN 1959 261 holdings accounted for almost two-thirds of international institutions. They need dolof the total expansion. Dollar holdings of lar funds to carry on their operations and international institutions increased $1.8 bil- do not transfer their assets from one money lion. This total includes $1 billion of special market to another in response to interest notes which the United States transferred rate differentials. to the International Monetary Fund as the Foreign official institutions hold dollars dollar portion of its quota increase. as part of their monetary reserves. Most Foreigners hold dollars mainly in the countries also have reserves in the form of form of bank deposits and U. S. Govern- gold. Some countries hold their reserves alment securities, but the composition of most exclusively in gold (for example, Belholdings changes with fluctuations in rela- gium, Netherlands, the United Kingdom, tive yields on different types of assets. and Switzerland). Some other countries After yields on Treasury bills rose above have in recent years been increasing the rates paid on time deposits in the second proportion of gold in their reserves (for quarter of 1959, some foreign holdings example, Austria, Germany, Italy, and were shifted. Bank deposits declined, while Japan). Changes in the proportion of gold foreign holdings of short-term U. S. Govern- and dollars in official reserves have not ment obligations and of other short-term reflected the influence of variations in yields assets, mainly bankers' acceptances and on dollar assets. commercial paper, increased. In contrast, Foreign private holdings. These holdings all of the growth in foreign dollar holdings serve in large part as working balances in 1958 was in deposits in commercial of banks and other enterprises engaged in banks. international finance and trade. They may Foreign holdings of U. S. Government also represent short-term investment by enbonds and notes increased appreciably for terprises of funds not required for immethe first time since 1955. Purchases were diate working purposes, or of funds later to concentrated in the last half of the year, be invested at long term. When movements when yields on Treasury notes and some of funds have not been restricted, private bond issues were close to 5 per cent. short-term investments have on occasion been transferred from one international DOLLAR HOLDINGS AND INTEREST RATES money market to another in response to interest rate differentials. The relaxation Foreign dollar holdings totaled $21 billion at of foreign exchange controls of most major the end of 1959. Two-thirds of this amount foreign countries in 1958 and 1959 inwas held by foreign official and international institutions; the remainder was pri- creased the opportunities for such transfers. vate holdings. Different categories of for- Withdrawals of foreign private funds eign dollar holdings are affected differently from the United States have generally taken by relative changes in interest rates in in- the form of sales of dollars to a foreign ternational money markets. central bank. If the central bank holds its reserve gains in the form of dollar assets, International and foreign official holdings. The International Monetary Fund and the the net effect is the substitution of a foreign International Bank for Reconstruction and official holder for a foreign private holder Development hold most of the dollar assets of dollars. In this case the movement of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 FEDERAL RESERVE BULLETIN • MARCH 1960 of security flotations in the U. S. market, F0IEI6N PIIVATE DOLLAR HOLDINGS short-term investments, and balances held Billions of dollars in connection with foreign exchange transactions. Some Canadian funds were transferred to European money markets in 1955, when yields on Treasury bills in European - 5 markets were above those in Canada or the United States. No large transfers in re- - 4 sponse to interest rate differentials have been reported since that time. European holdings account for about three-fifths of the private holdings of foreign countries other than Canada. Since 1952, they have risen relatively more than - 1 U. S. exports to Europe. These holdings include not only working balances but also 1951 1953 1955 1957 1959 short-term investments of liquid funds. Holdings of countries in Latin America, NOTE.—Represents short-term dollar holdings and estimated holdings of U. S. Government bonds and notes. Data for Asia, and Africa, on the other hand, pre- Canada derived by subtracting official holdings of U. S. dollars (as reported by Bank of Canada) from total Canadian holdings. sumably are mainly working balances. Their rise has been in line with growth in private funds does not result in a gold U. S. exports to these areas, after allowtransaction. On the other hand, if the for- ance for exports financed by U. S. Governeign central bank holds its reserve gains ment grants. Prior to 1958, foreign private primarily in gold, the movement of private dollar holdings, apart from Canadian holdfunds may cause a foreign purchase of gold ings, fluctuated little in response to interfrom the United States. The policy of the est rate differentials. foreign country to which the private funds Since early 1958, when U. S. interest move is therefore important in determin- rates began to rise, both absolutely and ing whether foreign gold purchases will in relation to rates in Europe, foreign priaccompany the movement. vate dollar holdings have risen almost $1 Transfers of Canadian short-term funds billion. The increase was mainly in Eurofrom the United States may instead lead to pean holdings. It showed the effect of the shifts in the exchange rate for the Canadian abolition or relaxation of exchange restricdollar, since the Bank of Canada changes tions by major European countries and the its reserve holdings little, and permits the accompanying growth in working balances, exchange rate to fluctuate. A change in the as well as the attraction of higher yields on rate tends to induce adjustments in Canada's dollar investments. While the rise was large balance of payments. in terms of European private holdings, it Canadian private holdings represent, in was equal to only 5 per cent of total U. S. addition to working balances, the proceeds short-term dollar liabilities to foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Proposed Legislation on Bank Mergers IN RECENT YEARS a substantial number Board of Governors, if the absorbing bank of banks have been absorbed by other banks. is a State member bank, and by the Federal In an average year of the past decade, about Deposit Insurance Corporation, if the ab- 150 banks have ceased to exist as separate sorbing bank is a nonmember insured bank. institutions. To put it another way, in the Before approving or disapproving a proten years 1950 through 1959, over 1,500 posed merger, the supervisory authority banks—more than ten per cent of all banks would be required to consider the banks' in the country—have been absorbed by financial history, condition, and prospects; others. Most of the banks thus taken over the character of their management; the conhave been relatively small institutions, but venience and needs of the communities insome large banks, also, have merged with volved; and whether the effect of the merger other already large institutions. "may be to lessen competition unduly or to Under provisions of the Federal Deposit tend unduly to create a monopoly." Insurance Act and the statutes governing The Board believes that the number of national banks, many amalgamations of bank mergers in recent years has been suffibanks require the approval of either the ciently great to give cause for concern, and Comptroller of the Currency, the Federal that there is a clear need for legislation to Deposit Insurance Corporation, or the prevent bank mergers that would so lessen Board of Governors of the Federal Reserve competition as to be incompatible with the System. A substantial number, however, public interest. On the basis of its study, may and do take place without being sub- over the years, of many suggested apject to any requirement of approval by Fed- proaches to this problem, the Board has eral supervisory agencies, including both concluded that the procedure prescribed by absorptions effected through exchange of S. 1062 would be a sound and effective prostock and absorptions through purchase of cedure, and accordingly the Board endorses assets and assumption of liabilities. this bill. The main objective of the bill S. 1062 In a few relatively minor respects, which is to provide that no bank subject to Federal do not affect the main purpose and benefits Government supervision (which comprises of the measure, the Board believes that more than 95 per cent of all banks in the S. 1062 might be amended to advantage. country) may be taken over by another un- In the first place, in its present form the bill less the transaction has first been approved would permit the supervisory agency, in by the Comptroller of the Currency, if the emergency cases, to act on proposed mergabsorbing bank is a national bank, by the ers without obtaining the views of the Attorney General or—in less pressing emergencies—to obtain his views upon quite NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal short notice. The Board recommends that Reserve System, before the House Banking and Cur- the bill be amended to include similar prorency Committee, February 16, 1960. 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 FEDERAL RESERVE BULLETIN • MARCH 1960 visions with respect to obtaining the views clude in its Reports to the Congress "a sumof the other supervisory agencies in emer- mary of the substance of the report made gency situations. by the Attorney General" to the agency The bill would require each of the super- with respect to each proposed merger which visory agencies to submit to the Congress it thereafter approved. The Board questions special semiannual reports with respect to the advisability of having the views of one mergers approved by it during the preceding agency on such involved matters summasix months. It does not appear that special rized by a different agency; it would seem reports on this subject at such frequent in- preferable to require the supervisory agentervals are necessary to apprise Congress cies to include in their Annual Reports adequately of developments in this field. either "a summary by the Attorney General Accordingly, it is recommended that, in lieu of the substance of his report" or the entire of the provision mentioned, the supervisory report of the Attorney General on each agencies be instructed to include, in their case. Annual Reports to the Congress, informa- In closing, I should like to emphasize tion with respect to bank mergers approved again that the Board is strongly in accord during the preceding year. with the aims of S. 1062, and the general The last clause of the bill would require approach of that bill to the bank merger each of the bank supervisory agencies to in- problem. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Amendment to Regulation U and the remainder (say 10 per cent) has not been credited against the purchase price, the 90 per cent of the The Board of Governors of the Federal Reserve payment which has been applied against the purchase price does not constitute a deposit balance, but the re- System, effective March 8, 1960, amended paramaining 10 per cent of the payment does constitute a graph (b) (1) of § 221.3 of Regulation U, entitled deposit unless and until it is paid over to the dealer or Loans by Banks for the Purpose of Purchasing or applied against his indebtedness. "4. Whenever the payments received on any paper Carrying Registered Stocks, so as to restore the purchased aggregate an amount in excess of the purlanguage of this paragraph as it stood before June chase price plus interest or discount, any such excess 15, 1959, in order to avoid administrative prob- which is not paid over to the dealer or credited against his indebtedness likewise constitutes a deposit against lems arising under the provisions that had been in which reserves must be maintained." effect since that date. However, the Board is concerned with evasive extensions of bank credit for There apparently is doubt among some member the purpose of carrying registered stocks and ex- banks as to the situations in which these various pects banks to be alert in detecting and preventing conclusions are applicable. In the interests of attempts to circumvent the basic purposes of the clarification, the Board wishes to point out and Regulation. The amended paragraph as published differentiate typical circumstances in which each in 25 Federal Register 2098 on March 12, 1960, of the above conclusions would be controlling. reads as follows: Conclusion No. 1 would be controlling in a situation where the borrower is credited with the (b)(l) No loan, however it may be secured, need be treated as a loan for the purpose of "carrying" a stock full face amount or outstanding balance of the registered on a national securities exchange unless the paper but a certain percentage thereof is desigloan is as described in subparagraph (2) of this paranated as a reserve account and cannot be withgraph or the purpose of the loan is to enable the borrower to reduce or retire indebtedness which was orig- drawn by the dealer. In such a case the entire inally incurred to purchase such a stock, or, if he be amount credited to the dealer's account, including a broker or a dealer, to carry such stocks for customthe percentage of the purchase price withheld, ers. constitutes a deposit against which reserves are "Differential" or "Dealer Reserve" Accounts as required. The fact that no repayments on the Deposits Against which Reserves are Required paper have been received and held in the account is not material in determining whether the account The Board has recently received several inis a deposit. The determining factor is that the quiries as to whether certain differential or reserve reserve is created out of the proceeds of the full accounts set up for instalment paper are deposits purchase price of the paper. against which reserves are required. In 1942 Fed- By contrast, the differential account under Coneral Reserve BULLETIN 302, the Board stated four clusion No. 2 is created from the uncollected difconclusions for determining whether so-called ference between the purchase price of the paper "dealer reserve" or "differential" accounts are deand the face amount or outstanding balance posits against which reserves are required: thereof. In this case, the differential account "1. If the purchase price of the paper is credited to would merely be a memorandum of this "uncolthe dealer's account, the resulting credit obviously is a deposit against which reserves must be maintained. lected difference" and constitute a potential "2. The uncollected difference between the purchase margin of safety for the purchaser of the paper. price and the face amount of the paper is in practical Under these circumstances, the differential aceffect a potential margin of security and does not concount would not constitute a deposit against which stitute a deposit against which reserves must be maintained. reserves are required. "3. Where, however, an instalment payment has Conclusion No. 3 applies to those situations been received and a portion of such payment (say 90 per cent) has been credited against the purchase price where collections are received in a differential 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
266 FEDERAL RESERVE BULLETIN • MARCH 1960 account. Obviously, any portion of such collec- nors, pursuant to Section 3 (a) (2) of the Bank tions which is credited against the purchase price Holding Company Act of 1956 (12 USC 1843) does not constitute a deposit. However, any por- and Section 4(a)(2) of the Board's Regulation Y tion of such collections which is carried in the (12 CFR 222.4(a)(2)), an application on bedifferential account and is not applied against the half of First Wisconsin Bankshares Corporation purchase price or otherwise paid over to the dealer, (formerly Wisconsin Bankshares Corporation), constitutes a deposit against which reserves are whose principal office is in Milwaukee, Wisconrequired. In some instances, the entire amount sin, for the Board's prior approval of the acquiof the collections when received is held in the dif- sition of 2,950 of the 3,000 voting shares of a ferential account for a period of time. Periodi- proposed bank, the Mayfair National Bank, Waucally, a portion of the collection is offset against watosa, Wisconsin; a Notice of Tentative Decithe purchase price. Until the collections are sion referring to a Tentative Statement on said either paid over to the customer or applied against applications having been published in the Fedhis indebtedness, they constitute deposits against eral Register on December 5, 1959 (24 F.R. which reserves are required. 9801); said Notice having provided interested persons an opportunity, before issuance of the Conclusion No. 4 also applies to those situa- Board's Order, to file objections to and comtions where collections are received on instalments upon the facts stated and the reasons inment or similar paper. It is emphasized in this dicated in the Tentative Statement; and the time conclusion that all payments received on paper in for filing such objections and comments having excess of the purchase price plus interest, discount, and the like, which are not applied against the expired, and comments and objections having borrower's indebtedness or otherwise paid over to been duly considered; him, are deposits against which reserves are re- IT IS HEREBY ORDERED, for the reasons set forth quired. This would be true regardless of how in the Board's Statement of this date, that said this excess is held by the bank, whether in a application be and hereby is granted, and the acdifferential account or otherwise. quisition by First Wisconsin Bankshares Corporation of 2,950 voting shares of the proposed bank, Order Under Section 3 of Bank Holding the Mayfair National Bank, Wauwatosa, Wiscon- Company Act sin, is hereby approved, provided that such ac- The Board of Governors of the Federal Re- quisition is completed within three months from serve System on March 2, 1960, issued an Order the date hereof. with respect to an application by a holding com- Dated at Washington, D. C, this 2nd day of pany, pursuant to Section 3 (a) (2) of the Bank March, 1960. Holding Company Act of 1956, for approval of the acquisition of voting shares of a bank. The By order of the Board of Governors. Board's Order and accompanying Statements read Voting for this action: Chairman Martin, and Goveras follows: nors Balderston, Szymczak, Mills, Robertson, Shepardson, and King. (Signed) MERRITT SHERMAN, FIRST WISCONSIN BANKSHARES Secretary. CORPORATION (SEAL) In the Matter of the Application of First Wisconsin Bankshares Corporation (formerly Wisconsin STATEMENT Bankshares Corporation) for prior approval of ac- First Wisconsin Bankshares Corporation (forquisition of voting shares of Mayfair National merly Wisconsin Bankshares Corporation), Mil- Bank, Wauwatosa, Wisconsin. waukee, Wisconsin ("Bankshares"), a bank holding company, has applied, pursuant to Section ORDER APPROVING APPLICATION UNDER 3(a) (2) of the Bank Holding Company Act of BANK HOLDING COMPANY ACT 1956 ("the Act"), for the Board's prior approval There having come before the Board of Gover- of Bankshares' acquisition of 2,950 of the 3,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 267 voting shares to be issued by Mayfair National service area of the bank would include part of Bank of Wauwatosa, Wauwatosa, Wisconsin Wauwatosa and would extend into Waukesha ("Mayfair"), a proposed new bank. County to the west and slightly into the resi- Views and recommendations of the Comptroller dential portion of Milwaukee to the east. The of the Currency. Since Mayfair would be a na- population of this area has more than doubled tional bank, notice of the application was given, within the past decade, and is estimated to exas required by Section 3(b) of the Act, to the ceed 60,000 at present. There are no banking United States Comptroller of the Currency. In offices in the primary service area, but there are his reply, the Comptroller commented on the ap- two banks in the business section of Wauwatosa, plication from the point of view of each of the a little more than two miles from the proposed factors enumerated in Section 3(c) of the Act site of Mayfair. (see following paragraph) and recommended that The financial history, condition, prospects, and the Board approve the application. management of the holding company are satisfac- Statutory factors. Section 3(c) of the Act re- tory. The prospects and proposed management of quires the Board to take into consideration the Mayfair also are satisfactory; since the bank has following five factors: (1) the financial history not yet been established, financial history and and condition of the holding company and bank condition are not relevant factors with respect concerned; (2) their prospects; (3) the character to it. of their management; (4) the convenience, needs, First Wisconsin National Bank, Bankshares' and welfare of the communities and the area principal subsidiary, is unquestionably the domiconcerned; and (5) whether or not the effect nant banking institution in the major urban area of the acquisition would be to expand the size centered about the city of Milwaukee. Together or extent of the bank holding company system with the small Southgate National Bank (Bankinvolved beyond limits consistent with adequate shares' other subsidiary in that area), it has aland sound banking, the public interest, and the most 33 per cent of the banking offices and over preservation of competition in the field of bank- 43 per cent of the deposits held by all banks in ing. Milwaukee County. In these circumstances, any Discussion. Bankshares is a bank holding com- expansion in the size or extent of the holding pany, as defined in Section 2(a)(l) of the Act. company system—even the relatively small ex- It owns a large majority of the stock of six com- pansion that would result from the establishment mercial banks in Wisconsin, with aggregate de- of Mayfair—necessarily raises the question posits in the neighborhood of $880 million at the whether the acquisition would be "consistent end of 1958. By far the largest of these sub- with ... the public interest and the preservation sidiary banks is the First Wisconsin National of competition in the field of banking," which Bank of Milwaukee, the largest bank in Wis- is one of the factors enumerated in Section 3(c) consin, with deposits in excess of $700 million. of the Act. In Milwaukee County (in which Milwaukee and However, the decisive factor in this situation, Wauwatosa are situated) Bankshares' banks in the Board's judgment, relates to "the convenmaintain fourteen offices, thirteen being offices ience, needs, and welfare of the communities and of First Wisconsin National Bank. The remainthe area concerned." As previously indicated, the ing banks in the group, located in Eau Claire, area that would be served by Mayfair has been Fond du Lac, Madison, and Oshkosh, compete growing in population at a rapid rate, and furonly to a negligible extent, if at all, in the Milther growth must be anticipated. Despite the waukee area. increase in population of the area by tens of Mayfair National Bank is to be located in the thousands, as well as the substantial increase in Mayfair Shopping Center, a large new center in business activity in the area, no additional bankthe community of Wauwatosa, which is chiefly ing offices have been established in Wauwatosa a residential suburb of Milwaukee, located to since 1920. The numerous business interests in the west of that city and extending to the western the large Mayfair Shopping Center and elsewhere boundary of Milwaukee County. The primary in the area, as well as the residents of the area Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 FEDERAL RESERVE BULLETIN • MARCH 1960 and others who would be drawn to the shopping consideration that the proposed acquisition will center, are entitled to the very considerable con- increase, in small measure, the extent to which venience that would result from the establishment banking offices and bank deposits in Milwaukee of the proposed bank. County will be concentrated in the Bankshares In view of the continuing growth of the area holding company group. involved, it does not appear to the Board that the In connection with Notice of the Tentative Deestablishment of the proposed new bank would cision in this matter, the Board observed that, have a materially adverse effect on the soundness in view of Bankshares' dominant position in Milor prospects of the two existing banks in Wauwaukee and its vicinity, the public interest might watosa. These are substantial institutions with be better served if banking facilities could be furtotal deposits in excess of $16 million in one nished to the area around the Mayfair Shopping case and $28 million in the other (including the Center by an institution that would not be a deposits of a branch situated about 2Vi miles part of that holding company group, but that, alfrom the proposed site of Mayfair). It also though the shopping center had been planned for seems quite clear that no other bank could be many years and had been in operation for some materially affected by the establishment of Maytime, it did not appear that any other groups or fair, although some business that currently goes individuals had evinced interest in establishing to offices within a four-mile radius of the site of banking facilities in the neighborhood. Apparthe new bank inevitably would be drawn to Mayently misconstruing this observation as an invifair, which would be more conveniently situated tation to encourage potential competitors even for some present customers of existing banks. at this late date, another bank holding company The situation regarding this application is simand a group of individuals each expressed interest ilar, in many respects, to that involved in the apin establishing a bank in or near the Mayfair plication by Bankshares to establish a new bank Shopping Center. The Board has carefully conin the Southgate Shopping Center, which was apsidered these representations. In view of the cirproved by the Board on October 9, 1957 (1958 cumstances, however, it is believed that to deny Federal Reserve BULLETIN 10). As pointed out Bankshares' application because of these recent in a later decision, in that case indications of interest would tend to discourage ".. . the Board granted its approval for a large holding initiative in providing needed banking facilities. company to establish a new bank in a shopping center The Board has concluded that such an outcome because, considering all the relevant circumstances, including the population and prospects of the area con- would not be in the public interest. cerned and the existing banking facilities, the probable service to the area was deemed by the Board to out- Conclusion, Viewing the relevant facts in the weigh adverse consideration with respect to the fifth light of the general purposes of the Act and the factor." (Statement re First Eastern Heights State factors enumerated in Section 3(c), and after due Bank of Saint Paul, 1958 Federal Reserve BULLETIN 1063.) consideration of comments received, it is the In the present case, also, it seems clear that the judgment of the Board that the proposed acquiconvenience, needs, and welfare of the area con- sition would be consistent with the statutory obcerned would be served by establishment of the jectives and the public interest and that the apnew bank to a degree that outweighs the adverse plication should be approved. IT IS SO ORDERED. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Current Events and Announcements APPOINTMENT OF DEPUTY CHAIRMAN III of the study deals with specialized and techni- On February 25, 1960, the Board of Governors cal subjects suggested by the informal consultaannounced the appointment of Mr. Atherton tion with market participants and observers and Bean, of Minneapolis, as Deputy Chairman of the by the findings of the factual record of 1958. Federal Reserve Bank of Minneapolis for 1960. Parts II and III may be obtained by writing to Mr. Bean is President, International Milling Com- the Division of Administrative Services, Board of pany, Minneapolis, and was appointed a director Governors of the Federal Reserve System, Washof the Minneapolis Reserve Bank on February 8. ington 25, D. C. The price is $1.00 per copy for As Deputy Chairman he succeeds Dr. O. B. Jes- each part. There is a special price of $2.50 for ness, Agricultural Economist, St. Paul, Minnesota, the set of three books, when all are ordered at who became Chairman of the Minneapolis Re- one time. Part I has been available since July serve Bank at the beginning of this year. 1959. APPOINTMENT OF DIRECTOR ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN On March 17, 1960, the Board of Governors an- THE FEDERAL RESERVE SYSTEM nounced the appointment of Mr. Paul De Koning, The following banks were admitted to memberof Portland, Oregon, as a director of the Portland ship in the Federal Reserve System during the Branch of the Federal Reserve Bank of San Franperiod January 16, 1960 to February 15, 1960: cisco for the unexpired portion of a term ending Arkansas December 31, 1961. Mr. De Koning is President Lake Village Bank of Lake Village and General Manager of Jantzen, Inc., Portland. As a director of the Portland Branch he succeeds Missouri Mr. Warren W. Braley, Partner, Braley and High Ridge High Ridge Bank Graham Buick, Portland, who resigned recently. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, PUBLICATION OF ANNUAL REPORT OR QUARTERLY The Forty-Sixth Annual Report of the Board of Governors of the Federal Reserve System, cov- Latest BULLETIN Reference ering operations for the calendar year 1959, is Annually Issue Page available for distribution. Copies may be obtained Earnings and expenses: upon request from the Board's Division of Ad- Federal Reserve Banks Feb. 1960 220-21 Member banks: ministrative Services, Washington 25, D. C. Calendar year June 1959 650-58 First half of year Oct. 1959 1320 Insured commercial banks June 1959 659 PARTS II AND III OF TREASURY-FEDERAL RESERVE Banks and branches, number of, by class STUDY and State Apr. 1959 442-43 Parts II and III of the joint study of the function- Operating ratios, member banks July 1959 794-96 ing of the Government securities market by the Stock Exchange firms, detailed debit and credit balances Sept. 1959 1208 United States Treasury Department and the Fed- Banking and monetary statistics, 1959.. Feb. 1960 224-31 eral Reserve System are now available for distri- Bank holding companies, Dec. 31, 1958: bution. Part II is a factual and analytical report List of June 1959 660 Banking offices and deposits of group on the performance of the Government securi- banks Aug. 1959 1064 ties market in 1958, with special reference to the Semiannually build-up in market speculation prior to midyear Banking offices: Analysis of changes in number of.... Feb. 1960 222 and its liquidation during ensuing months of de- On, and not on, Federal Reserve Par List, number of Feb. 1960 223 clining securities prices and rising interest rates. The report is based on a group of special statisti- Quarterly Flow of funds Jan. 1960 86-93 cal surveys covering major lenders to, or partici- Principal assets and liabilities of Federal pants in, the Government securities market. Part business-type activities Mar. 1960 332 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication March 16 Most measures of business activity remained at variation, declined in February from the very advanced levels in February and unemployment advanced January rate and production schedules declined. Housing starts decreased further but a for March indicate an additional cutback. Outrecent survey of business plans indicated a con- put of appliances and apparel was further reduced tinuing rise in expenditures for plant and equip- in February, but over-all production of consumer ment through the year, to a total 14 per cent more staples was maintained. In business equipment inthan in 1959. Food prices advanced, but the dustries, production of farm machinery was curaverage of industrial commodity prices remained tailed while output of other types of equipment stable. Meanwhile, bank loans increased more than changed little. the usual amount for February, but total bank Output of nonferrous metals increased rapidly credit and the seasonally adjusted money supply after settlement of the remaining work stoppages decreased. From mid-February to mid-March, affecting the copper industry. On the other hand, prices of fixed income securities rose and yields steel mill operations eased from 96 per cent of declined further, while common stock prices de- capacity in January to 94 per cent in February— creased over this period. and to a scheduled rate of 91 per cent in mid- March. In February also, output of coal and stone INDUSTRIAL PRODUCTION and earth minerals was reduced by inclement weather. Production of most other materials was The Board's seasonally adjusted index of indusmaintained. trial production in February was 110 per cent of the 1957 average—1 per cent below the revised CONSTRUCTION January figure and 8 per cent above the level of Private nonfarm housing starts declined fura year ago. Output of both business equipment ther in February to a seasonally adjusted annual and materials was maintained at peak rates. Pro- rate of 1.1 million units. Meanwhile, the value duction of consumer goods declined from the rec- of new construction put in place rose for the ord high reached in January, however, as retail third straight month, and the seasonally adjusted sales remained below earlier levels of output. annual rate of $55.6 billion was close to last May's Auto assemblies, after allowance for seasonal all-time high. The February increase was led by gains in nonresidential building, with commercial INDUSTRIAL PRODUCTION activity reaching a new high. 1957 = 100 EMPLOYMENT Seasonally adjusted employment in nonfarm 1/ - establishments rose in February to a new high. Employment reached new highs in trade, the service industries, and State and local governments, while it was little changed among manufacturing industries. The average length of the factory workweek declined, however, reducing average NONDURABLE MANUFACTURES/ weekly earnings. Unemployment declined substantially, with the seasonally adjusted rate falling to 4.8 per cent of the civilian labor force from \ I DURABLE 5.2 per cent in January. ^/MANUFACTURES i 1 1 1 .1 DISTRIBUTION Seasonally adjusted retail sales, after a sizable Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for February. upward revision of the January figures, changed 270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 271 little in February. In the first two months of the in total bank credit. The seasonally adjusted year, sales were 3 per cent above a year earlier. money supply declined further, and at the month's Production of consumer goods was up consider- end was about Vi per cent below the level of a ably more than this, however, and inventories year earlier. At the same time, the seasonally were being accumulated. Auto sales increased adjusted rate of turnover of bank deposits infurther in February and were well above a year creased and was considerably above a year ago. earlier, but retail sales of appliances were indicated Member bank borrowings from the Federal Reto be down substantially from the advanced levels serve averaged $745 million and excess reserves in late 1959. $435 million during the four weeks ending March 9. Over the period, required reserves declined in COMMODITY PRICES association with a decrease in total deposits of Industrial commodity prices were stable in member banks. Banks gained reserves through an February and early March. Prices of some basic increase in float. Reserves were absorbed, meanmaterials declined; steel scrap prices fell in re- while, by Federal Reserve sales of U. S. Governsponse to an earlier than expected easing in the ment securities, increases in Treasury deposits at supply of steel mill products, and copper declined the Reserve Banks, and changes in some other in some markets after settlement of the remaining factors. strikes in the domestic industry. Prices of fabri- SECURITY MARKETS cated materials and finished industrial products for the most part were unchanged. Meanwhile, Yields on corporate and State and local bonds average wholesale prices of farm products and declined slightly further from mid-February to foods rose, reflecting primarily increases in live- mid-March. Yields on most maturities of Treasstock and meats in response to sharply lower ury securities rose in mid-February, but then demarketings of hogs. clined sharply to new lows for the year. The yields on 3-month Treasury bills, for example, in- BANK CREDIT AND RESERVES creased to nearly 4.20 per cent in the third week Total loans at all commercial banks increased of February and then fell to 3.45 per cent in the $1 billion in February, considerably more than second week of March. Common stock prices deusual for this month. Bank holdings of U. S. Gov- clined further in this period and on March 15 ernment securities were reduced sharply, how- were nearly one-tenth below the level at the end ever, resulting in a decline of more than $1 billion of 1959. RETAIL TRADE 1947 - 49 = 100 DEPARTMENT STORES STOCKS /V ~ FOODS __ TOTAL LESS AUTOMOTIVE GROUP — 120 _ 1 ! 1956 1958 1960 1956 1958 1960 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures; shown: January for consumer prices, and February for wholelatest shown for stocks is January, for other series, February. sale prices. 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 274 Reserve Bank discount rates; margin requirements; reserve requirements. 278 Federal Reserve Banks 279 Bank debits; currency in circulation 282 All banks: consolidated statement of monetary system; deposits and currency. 284 All banks, by classes 285 Commercial banks, by classes. . . 288 Weekly reporting member banks. . 290 Business loans.... 293 Interest rates 294 Security prices; stock market credit; open market paper. . 295 Savings institutions. . 296 Business finance. . 298 Security issues. . 300 Federal finance 301 Federal business-type activities. . 306 Real estate credit 307 Short- and intermediate-term consumer credit. . 310 Industrial production. . 314 Selected indexes on business activity. 320 Construction 320 Employment and earnings. 322 Department stores. 324 Foreign trade . . .. 325 Wholesale and consumer prices. . 326 National product and income series. . 328 Flow of funds, saving, and investment. 330 Principal assets and liabilities of Federal business-type activities. 332 Tables not published each month—list, with latest BULLETIN references 269 Index to statistical tables. . 356 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. 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 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 Treas- reserves, ireserves Period T U o . t S al . G B o o v o u t u . t g - s h e t cu u r c H r e h n it p e a d i l u e s e d s e r r - c v D o a a a n u n d is c d n - - e ts s Float Total i s G to o c ld k r s c o e t u i a u n n u r n r g y c t - - d y - 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 a d h s s - - T u r w e ry a it s h - F. F e i o R g r n . - Ba O nk th s er c O F o a . t u c h R n - e t . r s Total 2 F W . i R th . A a ll i b o n l w e right agree- Banks cash 3 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 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 All 448 1,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec. . 24 765 24 498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 195g—June 24 749 24 698 51 142 91625,851 21,490 5,203 31,039 701 442 281 350 1 132 18 600 18 600 Dec. . 26,312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959 Jan 25,776 25,723 53 574 1,170 27,564 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 I 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 1,009 27,937 20,030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 Julv 26,422 26,354 68 969 1,023 28,441 19,674 5,283 32,042 411 490 269 344 1,170 18,671 18,671 Aue ... . 26 588 26,548 40 1,008 89128,509 19,596 5,281 31,994 399 546 260 337 239 18,613 18 613 Sept 26,674 26,628 46 904 1,088 28,687 19,514 5,278 32,019 394 543 301 381 1,246 18,593 18,593 Oct 26 517 26 479 38 909 1,115 28,563 19,498 5,293 31 974 391 512 302 388 175 18 610 18 610 Nov 26 732 26 628 104 886 1,094 28,741 19,581 5,303 32,206 413 485 317 379 204 18,621 18 621 Dec 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,774 397 524 361 348 ,195 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 1,343 28,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 1,098 27,276 19,429 5,323 31,580 445 515 214 406 921 ^18,203 17,947 *>256 Week ending: 1959 Jan 7.. 26 184 26 090 94 644 1,401 28,275 20,534 5,234 32,008 701 446 279 356 I \n 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 1,121 18,901 18,901 21 25 580 25 580 457 1,288 27,368 20,515 5,234 31,385 712 401 357 373 I 118 18,769 18,769 28 25,471 25,471 507 1,074 27,094 20,515 5,235 31,150 714 404 298 343 1,118 18,817 18,817 Feb 4 25 673 25 592 81 433 94627 092 20 476 5 235 31,120 723 442 278 344 1 146 18 749 18 749 11 25,657 25,621 36 553 88727,136 20,476 5,236 31,193 727 364 304 333 1,185 18,742 18,742 18 25 529 25 523 6 583 96027,112 20,475 5,238 31,205 741 398 313 391 I 214 18 562 18 562 25 25,399 25,394 474 1,050 26,965 20,474 5,239 31,111 724 443 308 448 1,255 18,389 18,389 Mar. 4 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 1,214 18,375 18,375 11. ... 25 366 25 331 35 722 84926,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 18,421 18 25,471 25,419 52 543 1,000 27,048 20,442 5,244 31,287 in 437 290 340 1,214 18,439 18,439 25... 25 510 25 461 49 619 96127,123 20,442 5,246 31,231 714 456 295 339 1 218 18 558 18 558 Apr. 1 25 494 25,462 32 629 99827,151 20,442 5,247 31,229 709 523 364 512 1 181 18.323 18 323 8 25,722 25,484 238 690 91427,357 20,442 5,250 31,280 709 524 296 348 1,180 18,711 18,711 15.. 25 789 25 545 244 721 81627,357 20 440 5,253 31,365 712 471 279 343 1 181 18 698 18 698 22 25 544 25,511 33 767 1.130 27,472 20,409 5,254 31,332 705 456 286 362 1 178 18 817 18 817 29 25,608 25,608 673 90027,212 20,330 5,257 31,244 705 560 271 333 1,136 18,551 18,551 May 6 25,808 25,706 102 693 89327,424 20,262 5,259 31,368 711 542 256 360 1 136 18 571 18 571 13 26 010 25 940 70 726 79527 563 20 251 5 262 31 505 710 521 269 383 1 139 18 550 18 550 20 25,935 25,926 9 870 1,155 27,989 20,197 5,264 31,515 710 504 280 367 1,245 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 275 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 T U o . t S a . l 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 u e e s e d e s e r r - - c v D o a a a n n u 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 a d h s s - - Tr u w e r a i y t s h - r F es F . e e o i R r g r v . n - e B s, a O nk th s er c O F o a . t u c h R n - e t . r s Total 2 re B s F W e a . r n i v R t k h e . s s A c a a l b l s o h l w e 3 ment Averages of daily figures Week ending: 1959 June 3 25,90: 25,905 866 85327,650 20,188 5,272 31,645 701 548 297 376 1,219 18,324 18,324 10 25,939 25,939 996 77427,736 20,141 5,275 31,803 716 476 260 364 1,218 18,314 18,314 17 25,944 25,944 993 1,02927,994 20,136 5,280 31,876 715 436 259 361 1,226 18,537 18,537 24 25,970 25,936 34 894 28147 20,017 5,280 31,807 626 515 283 349 1,238 18,627 18,627 July !6,045 26,018 27 938 1,032 28,042 19,712 5,283 31,852 407 552 296 353 1,190 18,386 18,386 •6,300 26,255 45 1,044 948 28,319 19,704 5,283 32,105 412 516 278 360 1,183 18,452 18,452 15. 16,494 26,383 111 1,019 922 28,462 19,695 283 32,194 419 394 269 338 1,185 18,640 18,640 22. 16.449 26,390 59 929 1,299 28,705 19,669 283 32,036 412 460 255 334 1,183 18,976 18,976 29. •6,459 26,408 51 890 998 28,374 19,636 284 31,883 403 559 271 340 1,137 18,702 18,702 Aug. 5. 26,549 26,440 109 1,034 790 28,399 19,626 ,281 31,922 403 503 277 340 ,166 18,696 18,696 12. 26,605 26,597 8 1,073 77128,473 19,619 ,282 32,071 401 475 257 343 ,203 18,622 18,622 19. 26.531 26,525 6 945 1,06528,562 19,601 ,282 32,051 397 638 256 349 ,246 18,509 18,509 26. 26,573 26,518 55 941 950 28,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,586 Sept. 2 26,691 26,650 966 83628,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 1,060 1,01728,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 23 26.63-" 26,637 860 1,49929,016 19,513 5,278 31,984 390 632 298 420 ,264 18,819 18,819 30 26,563 26,563 722 1,09828,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7... 26,591 26,563 1,007 1,00528,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14... 26,637 26,563 1,051 95628,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 824 1,41728,664 19,488 32,026 391 518 294 344 ,193 18,679 18,679 28 26,385 26,364 796 1,14928,353 19,486 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4. 26,686 26,544 142 834 897 28,443 19,585 31,924 404 471 293 397 ,127 18,711 18,711 11. 26,763 26,574 189 916 947 28,651 19,585 32,105 414 458 313 396 ,128 18,724 18,724 18. 26,702 26,593 109 864 1,16528,758 19,583 32,235 414 478 304 362 ,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 ,297 18,563 18,563 Dec. 2. 26,871 26,843 28 875 ,08628,867 19,568 5,306 32,446 410 547 347 355 1,241 18,451 18,396 55 9. 27,194 27,130 64 916 ,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 ,169 29,365 19,478 5,311 32,798 396 528 341 342 1,181 18,87f 18,567 305 23. 27,007 26,970 3' 985 ,81829,883 19,467 5,312 32,924 387 523 365 331 1,195 19,274 18,937 337 30. 26,829 26,787 4! 933 ,78829,629 19,456 5,313 32,893 393 537 387 333 1,195 18,997 18,660 337 1960 Jan. 6 26,642 26,607 1,018 ,58629,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 56 915 ,26928,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20 25,622 25,620 918 ,51328,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27 25,450 25,450 776 ,10327,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 Feb. 25,44' 25,44! 811 ,10827,406 19,445 5,319 31,565 436 510 239 333 834 18,537 18,252 285 25,389 25,355 853 85327,135 19,433 5,321 31,599 443 417 203 344 834 18,268 18,049 219 25,355 25,300 974 ,16727,535 19,432 5,323 31,631 451 591 224 522 896 18,250 17,974 276 25,25' 25,253 620 ,32427,235 19,423 5,325 31,56: 44: 529 206 439 1,008 18,061 17,793 268 Wednesday 1960 Jan. 6 26,631 26,607 1,28; 1,47 29,456 19,456 5,314 32,402 410 650 335 346 840 19,553 19,243 310 2 2 1 0 7 3 2 2 2 6 5 5 , , , 5 4 2 1 3 2 1 6 0 2 2 2 5 6 5 , , , 5 1 4 1 6 3 1 5 6 4 7 45 7 9 : 3 9 1 1 , , 1 2 8 8 1 9 0 4 5 2 2 2 6 7 7 , , , 8 9 5 2 4 4 4 2 0 1 1 1 9 9 9 , , , 4 4 4 5 5 5 5 5 4 5 5 5 , , , 3 3 3 1 1 1 7 5 7 3 3 31 2 1 , , , 5 0 7 3 7 6 8 0 4 4 4 43 1 1 3 8 6 4 4 6 9 1 7 3 1 0 2 2 2 9 2 1 1 8 5 3 3 3 2 3 4 8 4 0 8 8 8 3 3 3 6 9 5 1 1 1 8 8 7 , , , 5 9 5 2 8 9 5 5 4 1 1 1 8 7 8 , , , 2 6 2 7 1 6 9 0 9 3 3 3 1 1 1 5 6 5 Feb. 3 25,449 25,415 803 81327,104 19,444 5,319 31,545 434 472 219 344 83: 18,306 18,021 285 10 25,374 25,340 626 83226,87' 19,433 5,321 31,627 448 420 215 33' 833 17,963 17,744 219 17 25,366 25,300 743 1,04 27,18' 19,432 5,323 31,548 456 464 212 338 1,008 18,192 17,916 276 24 25,178 25,178 433 92626,572 19,421 5,326 31,536 450 544 210 310 1,008 17,530 17,262 268 P Preliminary. tables on Federal Reserve Banks. (Industrial loan program discontinued i Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent 2 See note 3. 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—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 c v e e - e s s s 3 F r i o n . a w R g t s . - se F r r r v e e - e e s3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w R g t s . - se F r r r v e e - e e s3 s T h e e r o r e l v t d - a e * l s s q e u R r r i v e e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w R g t s . - se F r r r v e e - e e s3 Banks* Banks 4 Banks 4 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 l! 63 -62 1933—June 52,160 1,797 363 184 179 861 792 69 69 211 133 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. 1,141 601 540! n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 j 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 1,024 1,011 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 1,164 85 -83 1956—Dec C19,535 18,883 *652 688 «-36 4,448 4,392 57 147 -91 \149 1,138 12' 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 1,127! 85 -77 1958—June.... 18,600 17,974 626 142 484 4,214 4,186 28 21 7 ,113 1,099 2 12 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 1,070! 39 -31 1959—Feb 18,577 18,117 460 508 -48 3,968 3,953 15 43 -28 ,052 1,051 27 -26 Mar 18,429 17,968 461 601 -140 3,994 3,965 30 13 16 ,029 1,027 124 -122 Apr 18,664 18,247 417 676 -259 4,008 4,001 7 96 -89 ,041 1,036 69 -64 May 18,580 18,132 448 767 -319 3,979 3,955 24 75 -51 ,037 1,033 44 -41 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 1,006 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 4 157 -154 ,028 1,028 47 -47 Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 1,033 1,029 40 -35 Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 1,025 1,022 46 -44 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 1,020 1,018 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 1,029 1,026 64 -61 Dec 6 18,932 18,450 482 906 -424 6 3,920 3,930 -10 99 -109 6 1,038 1,038 104 -104 I960—Jan 18,878 18,334 545 905 -360 3,907 3,884 23 111 1,046 1,041 94 -90 Feb ^18,203 17758 ^445 816 *-371 3,753 3,744 9 59 -50 996 993! 129 -126 Week ending: 1959—Feb. 4. 18,749 18,345 404 415 -11 4,067 4,040 27 27 ,071 ,067 7 -3 11. 18,742 18,189 553 535 18 3,995 3,967 28 50 -22 ,05f ,050 11 -10 18. 18,562 18,120 44: 565 c 123 3,941 3,943 -3 110 -113 ,044 ,046 64 -66 25. 18,389 17,979 410 456 -46 3,919 3,909 10 -10 ,046 ,044 17 -16 Sept. 2. 18,566 18,165 401 965 -564 3,887 3,876 11 203 -19: ,034 ,031 36 -33 9. 18,640 18,082 558 1,057 -499 3,846 3,839 7 149 -14: ,010 ,006 58 -54 16. 18,653 18,170 483 1,059 -576 3,886 3,876 10 266 -256 ,021 ,016 62 -58 23. 18,819 18,297 522 859 -337 3,870 3,870 -1 297 -298 ,030 ,032 41 -43 30. 18,394 18,174 220 721 -501 3,868 3,867 1 170 -169 ,038 ,031 25 -17 Oct. 7. 18,636 18,153 483 1,006 -523 3,882 3,866 16 305 -289 1,029 ,026 103 -100 14. 18,501 18,012 489 1,048 -559 3,812 3,783 29 300 -271 1,005 ,004 96 -94 21. 18,679 18,173 506 819 -313 3,850 3,853 -4 223 -227 1,014 ,015 61 -62 28. 18,568 18,266 30: 790 -488 3,891 3,881 10 125 -115 1,026 ,020| 87 -82 Nov. 4. 18,711 18,311 400 826 -426 3,911 3,90: 177 -169 1,038 ,037 56 -55 11. 18,724 18,202 52: 908 -386 3,765 3,783 286 -304 1,030 ,026 70 -66 18. 18,647 18,190 45' 856 -399 3,794 3,768 281 -255 1,03" ,026 86 -81 25. 18,563 18,130 433 82 -389 3,786 3,758 116 1,028 ,024 34 -30 Dec. 2. 618,451 18,085 366 870 -504 6 3,773 3,769 78 -74 6 1,017 ,019 60 -62 9. 18,797 18,282 51 911 -396 3,876 3,874 4 — 2 ',032 ,030 69 -67 16. 18,872 18,429 443 956 -513 3,949 3,938 109 -98 ,035 ,031 84 -81 23. 19,274 18,635 639 980 -341 4,005 3,988 20: -186 ,053 ,049 143 -139 30. 18,997 18,533 464 928 -464 3,953 3,944 86 -76 ,054 ,049 156 -151 >H I960—Jan. 6. 19,141 r18,620 ••521 1,013 '-492 4,018 4,012 221 -215 ,061 ,064 153 -156 13. 19,029 r18,472 '557 911 r-35. 3,915 11 -91 ,049 ,041 80 -72 20. 18,963 18,368 595 914 -31' 3,861 80 — 7' ,046 1,044 128 -126 27. 18,476 18,074 402 773 -371 3,837 49 -3: ,026 1,023 29 -26 Feb. 3. 18,537 18,056 481 808 -327 3,858 3,854 6' -63 ,031 1,031 71 -70 10. 18,268 17,836 432 850 -418 3,773 3,753 79 -59 ,007 1,003 137 -133 17. 18,250 17,742 508 973 -465 3,723 3,722 118 -116 993 9971 190 -195 24. 18,061 17,636 425 620 -195 3,740 3,720 15 6 977 9691 104 -95 For notes sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 277 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re h T s e e o l r t d v a i e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g r . n r s R k o . a s w t 4 - res F e r r e v e es3 re h T s e o e l r t d v a i e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g r . n r s R o k . a w s t 4 - res F e r r e v e es3 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 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953_Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 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—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_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 6 7,954 7,912 41 490 -449 6 6,020 5,569 450 213 237 1960—Jan 7,909 7,840 69 508 -439 6,014 5,568 449 192 257 7,544 7,503 42 423 -381 ^5,910 »5,518 ^392 205 nsi Feb Week ending: 7,868 7,820 49 211 -162 5,742 5,418 324 197 127 1959—Feb. 4 7,825 7,755 69 289 -220 5,871 5,417 454 185 269 11 7,788 7,737 50 223 -173 5,790 5,394 396 168 228 18 7,692 7,657 36 247 -211 5,732 5,369 363 192 171 25 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 6 7,807 7,760 47 490 -443 6 5,854 5,537 317 242 75 9 7,861 7,813 48 587 -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 -399 5,939 5,578 361 199 162 I960—Jan. 6 8,000 7,973 C26 525 -499 6,063 r5,571 '492 114 '378 13 7,992 7,927 65 482 -417 6,073 r5,615 r458 232 r226 20 7,917 7,866 51 565 -514 6,139 5,600 539 141 398 27 7,775 7,715 60 459 -399 5,837 5,516 321 236 85 Feb. 3 7,703 7,665 38 441 -403 5,945 5,506 439 230 209 10 7,631 7,588 43 418 -375 5,856 5,492 364 216 148 17 7,510 7,468 41 491 -450 6,025 5,555 470 174 296 24 7,498 7,434 64 289 -225 5,846 5,513 332 213 119 c Corrected. n.a. Not available. *> Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Weekly 6 Beginning with December 1959, total reserves held include allowable averages for country banks prior to Jan. 6, 1960, and monthly averages cash (for definition see the BULLETIN for December 1959, p. 1482). See for all classes of banks beginning with January 1960 are estimated. also note 1. 3 Weekly averages for all member and for country banks prior to Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 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 Feb. 29 beginning: rate Feb. 29 beginning: rate Feb. 29 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 * 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 14 Aug. 9... 3 -3ft 3 For extensions of credit by brokers and 19... lA 23... 3ft dealers on listed securities 50 70 90 Aug. 13... l^A—lft ft Nov. 15... 3 —3ft 3 50 70 90 23... 11A lA Dec. 2... 3 3 Regulation U: For loans by banks on stocks 50 70 90 1950 1958 Aug. 21... lft—l^A WA Jan. 22... 2*4-3 3 25... WA WA 24... 2*4-3 2*4 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 214-3 2^4 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-2*4 2*A percentage of its market value at the time of extension; margin require- Jan. 16... WA-2 2 21... 214 2J4 ments are the difference between the market value (100%) and the maxi- 23... 2 Apr. 18... 1*4^4 l*A mum loan value. May 9... 1954 Aug. 15... 1*4-2 !*/ Feb. 5... WA-2 w< Sept. 12... 134~2 24 Apr. 1 1 1 5 6 4 . . . . . . . . . lft- W W A A Z 1 Y ^ f /A t N Oc o t v . . 2 2 7 3 4 . . . . . . . . . 2 2 -2ft 2 2 2ft MAXIMUM INTEREST [P R e A r T ce E n S t p P e A r Y an A n B u L m E ] ON TIME DEPOSITS May 21... lft lft 1959 1955 Mar. 6... 3 Nov. 1, Feb. 1, Jan. 1, Effec- Apr. 14... lft-WA lft Mar. 16... 3 1933- 1935- 1936- tive May 1 2 5. . . . . . lft- W W A A 1 W 3 A 4 J M u a n y e 2 1 9 2 . .. . . . 3 3 73H 3 3 f f t t Type of deposit Ja 1 n 9 . 3 3 5 1, De 1 c 9 . 3 3 5 1, De 1 c 9 . 5 3 6 1, Ja 1 n 9 . 5 7 1, Aug. 4... WA-2VA 134 Sept. 11... 3 ft—4 4 1 5 2 . . . . . . 2 W A-2 -2 VA 14 1 2 2 Sept. 18... 4 4 Savings deposits 3 2ft 2ft 3 Sept. 1 9 3. . . . . . 2 V - A 214 In 1 ef 9 f 6 e 0 ct Postal savings deposits 3 2ft 2ft 3 Nov. 18... Feb. 29... 4 23... 2ft 2ft 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 2ft 1956 In 90 days to 6 months.... 3 2ft Apr. 13... 2ft,—3 2*4 In less than 90 days 3 2ft 1 20... 2*4-3 2*4 Aug. 24... 2*4-3 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 1941-47, see the 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 279 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS AND CASH OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits i 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 r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 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 Four weeks ending Jan. 27, 1960 Gross demand: In effect Dec. 31,1945.. 20 20 14 6 6 Total 125,804 24,498 6,271 49,871 45,164 Interbank 13,838 4,316 1,164 6,847 1,511 1948—Feb. 27 22 U. S. Government. 3,641 111 221 1,325 1,317 June 11 24 Other 108,325 19,404 4,886 41,699 42,335 Sept. 16,24*.... 26 22 16 Net demand2 105,697 20,431 5,383 41,138 38,745 1949_May 1,5* 24 21 15 Time 53,738 4 341 1,479 21,648 26,269 June 30, July 1*. 20 14 6 6 Demand balances due Aug. 1,11*.... g» 13 5 from domestic banks. 6,883 95 107 2,189 4,492 Aug. 16,18*.... 12 5 Currency and coin: Aug. 25 Total 2,398 158 34 738 1,468 Sept. 1 18V4 Allowable as reserves. 314 1 98 215 1951—Jan. 11,16*.... 23 18 13 6 6 Jan. 25,Feb. 1*. 24 19 14 1953—July 1,9* 22 20 13 Four weeks ending Feb. 24, 1960 1954—June 16,24*.... 21 19 5 5 July 29, Aug. 1* 20 18 12 Gross demand: Total 120,305 23,439 5,938 47,052 43,875 1958—Feb. 27, Mar. 1* 19V4 {?* UH Interbank 12,544 4,035 1,086 6,081 1,342 A M p a r r . . 2 1 0 7 , Apr. 1* 19 U O . t h S e . r Government. 10 3 4 , , 5 1 7 9 0 0 18,7 6 3 7 2 2 4,6 2 3 2 0 2 39 1 , ,3 6 3 40 1 41 1 , , 1 3 8 4 9 5 Apr. 24 8* 16% Net demand2 102,200 19,727 5,152 39,265 38,056 Time 53,503 4,229 1,455 21,204 26,615 In effect Mar. 1, I960.. 18 16i/i 11 5 5 Demand balances due from domestic banks. 6,242 75 101 2,018 4,048 Present legal require- Currency and coin: ments : Total 2,201 138 29 682 1,352 Minimum 210 10 7 3 3 Allowable as reserves. 262 81 180 Maximum 2 22 222 14 6 6 1 At opening of business. * First-of-month or midmonth dates record changes at country banks, 2 Demand deposits subject to reserve requirements, i.e., gross demand and other dates (usually Thurs.) record changes at central reserve or deposits minus cash items reported as in process of collection and demand reserve city banks. balances due from domestic 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 i [In thousands of dollars] Wednesday End of month 1960 1960 1959 Feb. 24 Feb. 17 Feb.10 Feb. 3 Jan. 27 February January February Discounts and advances—total.... 432,542 743,079 626,070 803,347 452,397 738,734 862,027 631,934 Within 15 days 427,961 738,896 619,507 795,080 445,639 731,843 835,913 604,664 16 days to 90 days 4,534 4,132 6,493 8,189 6,708 6,843 26,032 27,270 91 days to 1 year 47 51 70 78 50 48 82 Acceptances—total 35,910 37,606 38,606 39,603 40,586 34,786 42,061 38,896 Within 15 days 16,437 12,791 9,388 10,101 10,016 13,837 8,943 13,017 16 days to 90 days 19,473 24,815 29,218 29,502 30,570 20,949 33,118 25,879 U. S. Government securities—total 25,178,403 25,365,927 25,374,177 25,448,767 25,435,607 25,208,60325,463,607 25,349,762 Within 15 days 266,736 455,810 5,964,693 5,960,283 466,100 216,260 5,879,833 122,960 16 days to 90 days 725,870 703,920 713,840 784,840 6,232,363 828,731 859,130 1,052,640 91 days to 1 year 14,191,72814,212,128 10,701,575 10,709,575 10,743,075 14,169,543 10,730,575 18,822,826 Over 1 year to 5 years 8,544,212 8,544,212 6,523,912 6,523,912 6,523,912 8,544,212 6,523,912 3,881,179 Over 5 years to 10 years 657,084 657,084 677,384 677,384 677,384 657,084 677,384 206,495 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 thin 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Feb. 24 Feb. 17 Feb. 10 Feb. 3 Jan. 27 February January February Assets Gold certificate account 18,168,64218,170,64318,170,64318,180,64318,190,64218,168,64318,180,64418,967,891 Redemption fund for F. R. notes.. 965,332 963,379 967,194 970,366 973,860 965,331 973,859 925,507 Total gold certificate reserves. 19,133,974 19,134,02219,137,83719,151,00919,164,50219,133,974 19,154,50319,893,398 F. R. notes of other Banks 585,302 595,443 608,391 669,470 709,041 579,473 691,286 528,826 Other cash 485,207 494,604 495,738 509,972 497,483 491,124 510,241 471,729 Discounts and advances: F F o o r r n m o e n m m b e e m r b b e a r n k b s anks, etc 432,542 743,079 624 2 , , 0 0 7 0 0 0 800 3 , , 3 0 4 0 7 0 449 3 , , 3 0 9 0 7 0 738,734 859 3 , , 0 0 2 0 7 0 61 1 3 8 , , 6 3 3 0 4 0 Industrial loans 333 Acceptances— H Bo el u d g h u t n d o e u r t r r ig ep h u t rchase agreement. ""37^606 38,606 39,603 40,586 "34J86 42,061 3 2 6 , , 0 8 9 03 3 U. S. Government securities: Bought outright: Bills 1,177,341 1,298,565 1,339,115 1,413,705 1,434,545 1,148,041 ,462,545 ,293,700 Certificates—Special Other 8,506,993 8,506,99310,506,99310,506,99310,506,993 8,506,99310,506,99318,649,726 Notes 13,010,29813,010,29811,010,29811,010,29811,010,29813,010,29811,010,298 ,867,565 Bonds 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 483,771 Total bought outright 25,178,403 25,299,627 25,340,177 25 414,767 25,435,607 25,149,103 25,463,607 25,294,762 Held under repurchase agreement. 66,300 34,000 34,000 59,500 55,000 Total U. S. Government securities. 25,178,403 25,365,927 25,374,177 25,448,767 25,435,607 25,208,603 25,463,607 25,349,762 Total loans and securities 25,646,85525,146,612 26,038,853 26,291,717 25,928,590 25:982,123 26,367,695 26,020,925 Due from foreign banks 15 15 15 15 15 15 15 15 Cash items in process of collection. 5,548,086 6,573,234 ,991,335 ,217,133 5,461,681 960,277 5,,090,816 ,104,849 Bank premises 101,545 101,596 100,690 100,700 100,845 101,262 100,669 94,442 Other assets 169,119 149,052 374,945 355,764 336,668 183,146 347,093 111,602 Total assets. 51,670,103 53,194,578 51,747,804 52,295,780 52,198,825 51,431,394 52,262,318 52,225,786 Liabilities Federal Reserve notes 27,443,28227,472,806 27,562,556 27,546,910 27,571,105 27,433,335 27,598,56827,022,142 Deposits: Member bank reserves 17,261 17,915,557 17,744, 18,020,991 17,609,857 17754,41218 395,938 ,540,324 U. S. Treasurer—general account. 544 464,366 420; 471 523 610,961 453,209 566,827 491,934 Foreign 209 211,956 214; 219,188 228,091 190,747 248,734 310,452 Other 309; 338,286 337; 344,055 339,659 326,474 324,433 334,232 Total deposits. 18,325,676 18,930,16518,716,977 19,055,757 18,788,568 18,724,842 19,535,932 19,676,942 Deferred availability cash items 4,622. 5,532,698 4,159, 4,404, 4,566,397 3,981,016 3,845,610 ,105,350 Other liabilities and accrued dividends. 32; 31,642 26; 24, 26,432 32,115 25,476 26,399 Total liabilities 50,423,78551,967,31150,465,37151,031,38150,952,502 50,171,308 51,005,586 50,830,833 Capital Accounts Capital paid in. 393,170 392,749 390,864 390,249 389,798 393,541 390,028 372,893 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 78,340 59,710 116,761 99,342 81,717 91,737 91,896 153,650 Total liabilities and capital accounts. 51,670,10353,194,578 51,747,804 52,295,780 52,198,825 51,431,394 52,262,318 52,225,786 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.8 41.2 41.4 41.1 41.3 41.5 40.6 42.6 Contingent liability on acceptances purchased for foreign correspondents 126,206 129,499 128,952 125,417 123,598 118,941 124,199 62,188 U. S. Government securities held in custody for foreign account 4,603,125 4,536,950 4,467,556 4,466,306 4,472,291 4,587,672 4,443,6661 3,856,984 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 28,691,194 28,747,044 28,839,296 28,935,231 29,042,506 28,630,79228,986,744 28,207,005 Collateral held against notes outstanding: Gold certificate account 10,585,000 10,585,000 10,625,000 10,625,000 10,650,000 10,585,000 10,650,000 10,875,000 Eligible paper 92,340 101,619 108,629 137,384 83,788 147,452 174,683 171,984 U. S. Government securities , 19,295,000 19,395,000 19,395,000 19,510,000 19,510,000 19,270,000 19,510,000 18,715,000 Total collateral. 29,972,340 30,081,619 30,128,629 30,272,384 30,243,788 30,002,452 30,334,683 29,761,984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 281 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 29, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificate account 875,428 4,832,2941,041,0221,579,394 968,198 938,494 3,132,730 674,248 379,061 649,083 682,178 2,416,513 Redemption fund for F. R. notes 58,618 208,870 59,243 86,054 79,427 63,007 180,545 45,761 22,958 44,754 32,706 83,388 Total gold certificate reserves. 934,046 5,041,1641,100,2651,665,4481,047,625 ,001,5013,313,275 720,009 402,019 693,837 714,884 2,499,901 F. R. notes of other Banks.., 42,858 133,325 32,100 41,472 58,727 96,802 36,483 14,482 16,548 16,565 33,843 56,268 Other cash 32,227 90,728 27,661 44,925 35,449 33,348 86,102 27,777 11,774 19,440 14,985 66,708 Discounts and advances: Secured by U. S. Govt. securities 21,495 86,525 20,635 66,345 40,357 76,549 89,160 25,775 65,053 101,042 88,295 34,600 Other 31 200 10,900 86 135 11,551 Acceptances: Bought outright 34,786 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,363,459 6,328,8221,434,153 2,177,3591,611,7561,325,458 4,352,103 ,022,814 572,8211,084,0521,003,8012,872,505 Held under repurchase agreement 59,500 Total loans and securities 1,384,985 6,509,6331,454,7882,243,7041,652,3131,412,907 4,441,3491,048,589 637,8741,185,2291,103,6472,907,105 Due from foreign banks 1 14 1 1 1 2 1 1 2 Cash items in process of collection 393,447 997,576 327,892 410,566 338,068 454,787 779,609 207,475 122,780 227,593 210,034 490,450 B O a th n e k r p a r s e s m et i s ses 4 9 , , 2 7 5 0 9 4 9,777 1 3 0 , , 9 4 9 8 1 7 1 9 6 , , 1 2 7 5 5 2 1 6 1 , , 5 6 6 6 0 4 1 1 0 0 , , 1 3 1 0 5 5 3 1 0 6 , , 7 7 3 6 1 7 6 7 , , 9 3 6 9 1 7 4 5 , , 1 0 6 0 3 5 4 8 , , 6 8 0 3 8 2 1 7 1 , , 4 9 4 9 3 2 2 1 1 2 , , 0 0 3 5 9 2 45,129 Total assets. 2,801,52712,827,336 2,957,185 4,431,5433,150,4073,019,766 8,704,318 2,032,6901,200,163 2,156,1052,096,829 6,053,525 Liabilities F. R. notes ,567,811 6,427,4961,759,0812,505,773 2,060,0131,553,906 5,198,2751,202,973 597,0161,097,394 785,950 2,677,647 Deposits: Member bank reserves 756,157 4,914,660 804,1111,347,977 734,705 946,107 2,750,019 616,928 403,151 809,4281,037,1312,634,038 U. S. Treasurer—general account 24,822 42,991 17,777 30,142 46,506 16,474 45,400 26,509 34,283 50,626 42,713 74,966 Foreign 9,163 3 57,042 11,033 17,578 8,415 9,724 25,806 6,171 4,301 7,667 10,846 23,001 Other 272,811 1,241 2,491 932 1,738 886 42,742 358 1,659 202 419 995 Total deposits 790,500 5,287,504 834,5801,396,938 792,117 973,2372,822,963 649,810 442,154 868,7161,091,576 2,774,747 Deferred availability cash items 378,713 748,972 287,750 408,958 238,139 424,665 499,908 136,004 131,003 136,408 146,859 443,637 Other liabilities and accrued dividends 1,646 7,845 1,903 3,189 1,697 1,678 5,348 1,147 1,118 1,300 1,210 4,034 Total liabilities 2,738,67012,471,817 2,883,314 4,314,858 3,091,966 2,953,486 8,526,4941,989,9341,171,2912,103,818 2,025,595 5,900,065 Capital Accounts Capital paid in 19,452 112,609 23,011 36,530 17,589 20,626 54,513 13,225 9,048 16,335 22,711 47,892 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. 5,073 22,005 5,222 7,625 6,286 5,348 15,977 3,669 2,244 4,232 3,878 10,178 Total liabilities and capital accounts 2,801,52712,827,336 2,957,185 4,431,5433,150,407 3,019,766 8,704,3182,032,6901,200,163 2,156,10: 2,096,829 6,053,525 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 39.6 43.0 42.4 42.7 36.7 39.6 41.3 38.9 38.7 35.3 38.1 45.8 Contingent liability on acceptances purchased for foreign correspondents 6,159 4 29,066 7,416 11,816 5,656 6,536 17,347 4,148 2,891 5,154 7,291 15,461 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,672,333 6,779,2531,813,3032,585,688 2,134,3761,621,7815,344,124[,258,023 609,5401,126,793 839,1322,846,446 Collateral held against notes outstanding: Gold certificate account 530,000 2,900,000 700,000 920,000 675,000 500,000 1,900,000 430,000 180,000 300,000 250,0001,300,000 Eligible paper 20,635 25,775 101,042 U. S. Govt. securities 1,250,666 4,000,000 1,200,000I ,'750,666i,490,666i,*2OO,666 3,700,000 935,000 450,666 870,000 625,6661,800,666 Total collateral 1,780,000 6,900,0001,920,6352,670,000 2,165,0001,700,000 5,600,000 ,390,775 630,0001,271,042 875,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. * After deducting $89,875,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $133,705,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Amounts in millions of dollars] [In effect Feb. 29] 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 b i u o l n e n t a to l Fees I P ns a t y it a u b t l i e o n to o G n u G a u ra a n ra te 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 End of borrowers y m ea o r n t o h r N b u e m r - Amount a T m o o t u a n l t g P u o t a e r r e ti a d o n n - a u o n n u t d t m e s e e t r e a a n n g g t d s u r i e a n e r g - - lo P a e n r c g e u n a t r a a g n e te o e f d in ( G b p t y e u e r r a b e c r s o e a t n r n r p t t a o e a g w e y e a e f r b e o ) e l f e an P y f e e b r c e c o o e r c m n r h o t m a a w r g i g e t e m e r d o e f nt 1954 1,367 2,500 472 368 273 70 or less 10 10 1955 1,411 2,575 294 226 170 75 15 15 1956 1,468 2,761 389 289 125 80 20 20 1957 1,503 2,912 395 300 135 85 25 25 1958 1,543 3,105 310 236 168 90 30 30 95 35 35 1959 Over 95 40-50 40-50 Jan 1,548 3,116 324 246 147 Feb 1,549 3,118 329 250 141 Maximum Rates Financing Institution May Charge Borrower Mar 1,550 3,120 335 254 128 [Per cent per annum] 1,552 3,128 314 241 142 May!'.!!!!!! 1,557 3,169 313 240 151 June 1,557 3,170 317 240 137 Interest rate July 1,557 3,170 323 244 129 Aug 1,558 3,174 330 249 121 Commitment rate. Sept 1,560 3,174 342 257 101 Oct 1,561 3,179 340 253 107 1 Schedule of fees and rates established by the Board of Governors on Nov 1,562 3,179 342 255 105 loans made by private financing institutions and guaranteed by Govern- Dec 1,563 3,189 340 256 98 ment procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing 1960 agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. Jan 1,565 3,192 333 250 103 i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] 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 rep A or l t l ing Leading centers 3 re 3 p 7 o o rt t i h n e g r .,eading centers 337 <>ther centers New York 6 others i centers2 New York 6 others i r c e e p n o t r e t r i s n 2 g 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 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19 2 1955 2,043,548 766,890 431,651 845,007 42 7 27 3 20 4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,432 993,600 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 Feb 195,764 81,245 74,346 44,270 39,635 90,881 81,783 53.5 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 Aug 208,130 85,207 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 I960 Jan 230,100 84,646 88,529 46,218 46,305 94,335 95,266 55.7 57 8 33.0 32 9 25 1 25 3 Feb 221,939 90,786 85,058 49,752 45,626 98,838 91,255 58.5 56.3 ns.6 *>26.3 P Preliminary. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. = without seasonal description and revised monthly figures, see the 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 283 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 ,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 32 193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 Jan . 31 125 21 926 2,139 1,408 80 2,064 6,340 9,894 9,199 2,733 5,814 272 368 3 8 Feb . . . 31 129 21,975 2,144 1,406 80 2,062 6,378 9,904 9,155 2,714 5,791 271 367 3 g Mar 31,250 22,111 2,164 1,414 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 3 8 Apr 31,349 22,209 2,175 1,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 3 8 May 31,638 22,479 2,193 1,447 81 2,112 6,534 10,112 9,158 2,721 5,796 269 361 3 8 June 31,914 22,731 2,215 1,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 8 July 31,898 22,721 2,224 1,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 8 Aug 31,973 22,784 2,241 1,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 8 Sept 31,848 22,672 2,259 1,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 7 Oct 31 905 22 752 2,269 I 474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 5 Nov 32 489 23,277 2,294 1,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960—Jan 31,569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 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 Held by Total out- Kind of currency s J t a a 1 n n 9 . d 6 3 i 0 n 1 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d k r . s a B F g a a . e n n R n d k t . s s Ja 1 n 9 . 6 3 0 1, De 1 c 9 . 5 3 9 1, Ja 1 n 9 . 5 3 9 1, certificates agents Gold 19,444 19,185 2 258 Gold certificates 19 185 16,339 2,816 31 31 Federal Reserve notes 28,987 108 2,079 26,799 27,647 26,424 Treasury currency—total 5,320 3 2,385 70 510 4,740 4,913 4,670 Standard silver dollars 488 133 49 9 297 298 278 Silver bullion 2 251 2 251 Silver certificates and Treasury notes of 1890... . 3 2,385 376 2,009 2,136 2,057 Subsidiary silver coin 1 525 11 77 1,436 1,468 1 362 Minor coin 548 4 9 535 538 500 United States notes 347 6 38 302 312 301 Federal Reserve Bank notes 105 1 104 105 114 National Bank notes 57 56 56 58 Total Jan 31, 1960 21,570 437 16,339 5,405 31,569 Dec 31 1959 21,601 391 16,348 4,885 32,591 Jan M 1959 (!) 22,326 721 17,077 5,279 * *3i"125* * 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates, in table on p. 275. 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 • Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See NOTE for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount i u n s ed g , o ld in c c l e u r d t e if s i c c a r te e s d . i ts F w e i d t e h r a t l h e R T es r e e r a v s e u re B r a n o k f t n h o e te U s ni a t n e d d S n t a a t t i e o s n a p l ay b a a b n l k e in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM» [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net— Date c u u r r y - U. S. Government obligations l T i i a t o i b t e a i s l l - Total Ca a p n i d tal Gold s r t o e i a n u n n g t c d - y - Total Lo n a e n t s, Total m C a e o r n m c d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h i u e e s - r ca a n p n e it d t al, c d u e r a p r n o e d s n i c ts y co m n a u i c e n s - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933-June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 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 1,723 20,461 250,757 230,510 20,246 1957—Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 1,340 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__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 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 5,300 250,700 128,400 96,000 68,400 26,500 ,100 26,300 275,700 251,400 24,200 Aug. 26. 19,600 5,300 251,200 129,800 95,200 67,600 26,500 1,100 26,200 276,100 251,100 25,000 Sept. 30* 19,500 5,300 252,100 131,600 94,100 66,500 26,600 1,100 26,500 276,900 252,100 24,800 Oct. 28* 19,500 5,300 251,800 131,500 94,000 66,500 26,400 1,100 26,200 276,500 251,700 24,900 Nov. 25* 19,600 5,300 251,300 132,300 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 5,300 249,900 133,100 91,100 64,600 25,400 1,000 25,800 274,700 250,000 24,600 Feb. 24* 19,400 5,300 248,000 133,700 88,600 62,400 25,200 1,000 25,600 272,700 247,500 25,200 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d 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 g s a d y h s s - - m s b a c e a a v o A r n i n m c n t d k i g a - s s l B F a A . n R t ks . Total Total m T b C e i a o m r n m c k e ia - s d l e M s b p a a o u v n s t i i n k u ts g s a 2 s l 3 S S P y a o s v s t i t e n a m g l s p 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 c t r k e - y - s c a d d u d T e e 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 s e t e n i e - - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—Juno 29.. 365 204 381 36 54.790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec 30.. 1,217 2,409 846 634 63,253 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 26,476 110,500 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 25,398 114,600 90,000 24,600 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 1[0099,914 28,285 133,500 106,100 27,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647111,391 28,335 134,500 107,100 27,400 1957—Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325 110,254 28,301 133,600 105,800 27,800 1958—June 23.. 3,953 700 9,471 524 229,483 95,524 61,473 32,837 1,214 110066,169 27,790 135,300 107,500 27,800 Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134 115,507 28,740 138,800 110,700 28,100 1959—Feb. 25.. 3,700 700 4,500 500 237,700 98,700 63,700 34,000 1,,100 111,300 27,700 139,600 111,600 288,000 Mar. 25.. 3,900 700 3,900 500 237 600 99,500 64,100 34,300 1,,100 110,300 27,900 140,300 112,100 288,200 Apr. 29., 3,700 700 4,600 500 24.0.;.3.0.0. 99,900 64,500 34,300 1,100 112,500 27,900 140,400 112,200 288,200 May 27., 3,700 700 5,200 500 239,300 100,400 65.000 34,400 1,100110,700 28,100 140,600 112,400 288,200 June 24., 3,600 400 4,700 500 101,000 65,400 34,600 1,100110,700 28,300 140,900 112,600 288,300 July 29., 3,400 400 5,000 600 100,900 65,300 34,500 1,000 111122,700 28,400 141,200 112,900 288,300 Aug. 26. 3,300 400 6,000 500 240;800 101,200 65,600 34,600 1,000111,100 28,500 140,900 112,600 288,300 Sept. 30* 3,300 400 6,400 700 241 101,500 65,700 34,800 1,000111,400 28,500 140,800 112,400 288,400 Oct. 28* 3,100 400 5,500 500 242;200 101,100 65,500 34,600 1,000 111122,700 28,300 140,400 112,000 288,400 D N e o c v . . 2 3 5 0 * * 3 3 , , 0 2 0 0 0 0 4 4 0 0 0 0 4 5 , , 7 0 0 0 0 0 4 5 0 0 0 0 2 24 4 6 2 ', 100 1 1 0 0 1 0 , , 2 3 0 0 0 0 6 6 4 5 , , 7 4 0 0 0 0 3 3 4 4 , ,9 6 0 0 0 0 1,0 9 0 0 0 0 1 1 1 1 3 6 , , 1 1 0 0 0 0 2 2 9 8 , , 1 8 0 0 0 0 1 1 4 4 0 0 , , 1 0 0 0 0 0 1 1 1 1 1 1 , , 8 8 0 0 0 0 2 2 8 8 8 8, , 2 3 0 0 0 0 I960—Jan. 27* 2,800 400 3,800 600 242,400100,800 65,000 34,900 900113,600 28,000 139,700 111,300 28,400 Feb. 24*. 2,600 500 4,800 500 239,100 101,000 65,200 34,900 900110,100 28,000 138,700 110,400 28,300 * Preliminary. * Revised preliminary figures. NOTE.—For description of statement and back figures, see the 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 des 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 the BULLETIN for February 1960, pp. 133-36. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 285 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i l o o . i n g S v a s t . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a u l p o i n i c a t t n i d - i t a - e t a l s s l 3 Total2 m D I a n e n t - e d rba T n im k2 e U. D S. ema O n t d her Time r B in o o w g r s - - c c T a o a o p u c t i n - t a a t l s l b N a b u o n e f m r ks - Govt. Other Allbanki: 1941—Dec. 31 61,126 26,615 25 511 999 27 90,908 81 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362101288 577 35 177,332 165 14,065 105,935 45,613 542 14,553 1947—Dec. 31* 134,924 43,002 81i199 10,723 38,388175,091 161,86512,793 240 1,346 94,38153,105 948 14,714 1956—Dec. 31 197,063110,079 66 523 20,46149,641250,770 227! 16,133 1,462 3,736 125 308 80,908 7819,24914,167 1957—Dec. 31 203,849 115,115 65,792 22;943 49,318 257 864 233! 15,636 1,386 3,903 123993 88,102 80 20>,-,42814,090 1958—June 23 215,179 117,808 71.61125 760 44.423 264 525 237, 13,789 2,497 9,209117 113 94,596 1,137 21,359 14,055 Dec. 31 221,485 121,571 73,64126 273 49 911276430 250, 15,799 2,374 4,253 130 132 97,498 8121,70514,020 1959—Feb. 25 220,340 121,370 72.880 26090 43 560 268750 239, 12,850 2,290 4,150 122520 97,930 2,210 21 86014,022 June 24 223,200 128,690 68;170 26 340 42730 270990 241; 12,870 2,030 4,420 121,600 100,310 2,710 22,360 13,997 Aug. 26 225,780131,970 67,570 26240 42!150 273010 242, 12,900 1,910 5,720121,490 100,530 2,770 22,700 14,004 Sept. 30* 225,530 132,610 66,470 26 450 44!630 275500 246, 13,700 1,780 6,140 123,"86"0 100,840 1,410 22,840 13,996 Oct. 28* 225,820 133,050 66,530 26240 44 030 275 110 244, 1,710 5,190 320 100,450 2,460 22,87013,995 Nov. 25* 225,690 134,520 65,240 25930 44 840 275840 244, 1,610 4,390 870 99,610 2,860 22,99013,993 Dec. 30* 228,600137,160 65,460 25980 47!020 281070 250, 1,520 4,740 129,580100,580 2,100 23,09013,991 1960—Jan. 27* 225,280 134,900 64 620 25760 43070 273920 243 12,940 1,430 3,550 990 100,190 2,340 23.02013,997 Feb. 24P 224,120 136,070 62;410 25;640 43^20 273^50 241;280 12,730 1,330 4,480 380 100,360 2,820 23,12013,999 All commercial banks: 1941—Dec. 31 746 21,714 21,808 225 26,551 79,104 283 10,982 44,349 15,952 23 17314,278 1945—Dec. 31 ,019 26,083 90,606 33134,806160,312 227 14,065 105,921 30,241 219 8,99550014,011 1947—Dec. 31 + ,284 38,057 69,221 ,006 37502155,377144,10312 240 1,343 367 35,360 6510,05914,181 1956—Dec. 31 123 90,302 58,552 ,269 48720 217460 197! 1,460 3,733 282 50,908 7516,302 13,640 1957—Dec. 31 068 93,899 58,239 ,930 48428 222!696 201; 1,385 3,898 967 56,440 7717,36813,568 1958—June 23 905 95,571 64,194 20,140 43507 227;847 204,33513^89 2,495 9,205 086 61,759 1,13618,17813.535 Dec. 31 165 98,214 66,376 20,575 48!990 238,651216,017 2,372 4,250 130 104 63,493 7318,48613,501 1959—Feb. 25 840 97,890 65,520 20,430 42!740 230.900 205 2,290 4,150122490 63,980 2,21018,620 13,504 June 24 920104,450 60,860 20,610 41930 232,380 206, 2,030 4,420 121 570 65,740 2,71019,03013,479 Aug. 26 190 107,370 60,290 20,530 41!430 234,170 207, 1,910 5,720 121,460 65,920 2,770 19 13,486 Sept. 30* 790 107,830 59,230 20,730 43!910 236,500 211, 1,780 6,140 123830 66,030 1,410 19 13,478 Oct. 28* 330108,160 59,570 20,600 43!330 236,390 210, 1,710 5,190 290 65,830 2,460 19 13,478 Nov. 25* 160109,470 58,360 20,330 44,120 237,060 210, 1,610 4,390 840 65,020 2,860 19 13,476 Dec. 30* 980112,000 58,600 20,380 46!190 242.080 215 1,520 4,740 550 65,650 2,1001^9,70013.474 I960—Jan. 27* 530109,590 57,760 20,18042. 380 2.3 4.,9.3 0. 208 1,430 3,550 124960 65,320 2,34019,63013,480 Feb. 24P 250110,610 55,580 20,060 42,710 233,920 206,330 1,330 4,480 122350 65,440 2,82019,70013,482 AU member banks: 1941—Dec. 31 43,521 18,021 19,539 96123,123 68,121 61,71710,385 140 ,709 136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 070 29, 138,304129,67013,576 64 22,179 640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32, 132,060122,52812,353 50 ,176 609 28,340 54 8,464 6,923 1956—Dec. 31 138,768 78,034 47,575 159 42;906 184,874 167,90615,567 1,289 ,292 850 40,909 4813,655 6,462 1957—Dec. 31 142,353 80,950 47,079 324 42,746 188,828170,63715,082 1,246 3,472 547 45,290 5714,554 6,393 1958—June 23 151,589 82.146 53,165 277 38,489194,00311733,90413,274 2,266 8,658 812 49.893 1,07815,181 6,357 Dec. 31..., 154.865 84,061 54,299 504 43,188 202 182!81615,227 2,187 3.822 448 51,132 5415,460 6,312 1959_Feb. 25 153,504 83,728 53,403 373 37, 014 173,45912,394 2,102 3,716 749 51,498 2,08315,556 6,295 June 24 155,007 89,301 49,164 542 37, 182 174,,07312,357 1,889 3,943 992 52.892 2,61915,875 6.279 Aug. 26 156,537 91,757 48,370 410 36, 076 174,56812,356 1,767 5,095 552 52,798 2,68516,090 6,263 Sept. 30* 155,938 92,063 47,307 568 38 198,984177,71313,181 1,634 5,522 492 52,884 1,35816,169 6,249 Oct. 28* 156,328 92,328 47,57116,42938,314 198,793176,36812,590 1,564 4,628 104,90152,685 2,38716,209 6,248 Nov. 25* 156,142 93,525 46,43616,18139,026199,373176,19512,638 1,462 3,870 106; 183 52;042 2,78016,280 6,240 Dec. 30* 158,776 95,850 46,67716249 40,784 203,884 181,48113,878 1,375 ,214109,,418 52,596 2,06316,365 6,233 1960—Jan. 27* 155,509 93,567 45,87516067 37,332197,279174,44012,412 1,288 ,077 105,,445 52,218 2,27516,327 6,224 Feb. 24P 154,405 94,471 43,954 37,689196,501172,82712,240 1,187 ,967103,1152 52,281 2,75916,387 6,223 AU mutual sayings 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. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 1417,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 25 3300,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 26 31,662 3,059 522 1958—June 23 35,274 22,237 7,417 5,620 916 36,678 32.869 ,837 3,181 520 1959— D F e eb c. . 3 2 1 5 3 3 6 6 . , 3 5 2 0 0 0 2 23 3 , t3 4 5 8 7 0 7 7 . , 2 3 6 6 5 0 5 5 , , 6 6 9 6 8 0 9 8 2 2 1 0 3 3 7 7 , , 7 8 7 5 9 0 3 3 4 3 , , 0 9 4 8 0 0 8 8 8 29 34, , 0 9 0 5 6 0 8 3 3 , , 2 2 1 4 9 0 5 5 1 1 9 8 June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 30 34,570 3,330 518 Aug. 26 37,590 24,600 7,280 5,710 720 38,840 34,640 8 8 8 ,610 8 3,360 518 Sept. 30* 37,740 24,780 7,240 5,720 720 39,000 34,840 30 34,810 3,400 518 1960— O N D Ja e c o n c t v . . . . 2 2 3 2 5 0 8 7 * * * * 3 3 3 3 7 7 7 7 , , , , 4 5 7 6 9 3 5 2 0 0 0 0 2 2 2 2 4 5 5 5 , , , , 8 0 1 3 9 5 6 1 0 0 0 0 6 6 6 6 , , , , 8 8 8 9 8 6 6 60 0 0 0 5 5 5 5 , , , , 6 6 6 5 0 0 4 8 0 0 0 0 7 7 6 8 0 2 9 3 0 0 0 0 3 3 3 3 8 8 8 8 , , , , 7 7 9 9 2 8 9 9 0 0 0 0 3 3 3 3 4 4 4 4 , , , , 6 6 9 9 2 5 6 0 0 0 0 0 8 (5) 8 (5) 3 3 3 0 0 0 3 3 3 4 4 4 , , , , 6 5 9 8 2 9 3 7 0 0 0 0 ( ( 5 5 ) ) 3 3 3 3 , , , , 4 3 3 3 0 7 9 9 0 0 0 0 5 5 5 5 1 1 1 1 7 7 7 7 Feb. 24P 37,870 25,460 6,830 5,580 710, 39,130 34,950 30 34,920 3,420 517 v Preliminary. * Revised preliminary figures. mutual savings banks that became members in 1941 (these banks are 1A11 banks in the United States. Beginning with January 1959, excluded from all commercial 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 classification* 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) two (three prior to 1960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 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 t a e nk Total Loans o G U t b io l o . i n v g S t s a . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a u l p o i i n c a n t t i i d t - a - t e a s l s l 3 Total2 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 p o u c t i n t - a a t l s l b N a 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_Feb. 25 25,549 15,864 7,361 2,324 7,624 34,353 28,900 3,964 1,689 815 18,946 3,486 723 3,281 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 16 Feb. 24? 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 16 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 1,364 184 5,069 1,319 4 660 14 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 1,345 4 689 14 1958—June 23 6,942 3,594 2.694 654 1,914 8,929 8,022 1,249 705 4,626 1,403 80 708 14 Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 1,438 3 733 14 1959_Feb. 25 6,637 3,440 2,572 625 1,952 8,667 7,726 1,163 233 4,900 1,397 79 725 14 June 24 6,516 3,687 2,137 692 1,842 8,440 7.423 1,123 259 4,586 1,424 164 740 14 Aug. 26 6,677 3,954 2,067 656 1,815 8,567 7,530 1,105 285 4,685 1,427 182 749 14 Sept. 30* 6,727 4,011 2,052 664 1,992 8,805 7,681 1,204 347 4,678 1,426 253 753 14 Oct. 28* 6,701 3,944 2,092 665 1,877 8,662 7,556 1,126 228 4,749 1,427 235 751 14 Nov. 25* 6,606 3,908 2,015 683 1,879 8,564 7,578 1,115 213 4,785 1,440 108 754 14 Dec. 30* 6,805 4,138 1,976 691 1,999 8,883 7,873 1,173 252 4,968 1,457 138 756 14 1960—Jan. 27* 6,673 4,072 1,928 673 1,869 8,629 7,550 1,061 166 4,849 1,450 208 755 13 Feb. 24? 6,634 4,165 1,812 657 1,882 8,599 7,288 1,099 213 4,535 1,417 431 747 11 Reserve city member banks:6 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 13,066 49,659 46,467 5,627 22 405 28,990 11,423 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 17,540 74,196 67,483 7,241 301 1,358 39,960 18,623 21 5,370 278 1958—June 23 59,273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38,003 20,706 350 5,617 280 Dec. 31 60,558 34,003 20,645 5,910 1177,701 79,781 72.647 7,506 377 1,429 42,259 21,075 14 5.760 274 1959—Feb. 25 60,033 34,279 19,928 5,82615,672 77,155 68,876 6,011 336 1,479 39,708 21,342 932 5; 802 272 June 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 1,600 39,72121,792 1,140 5,945 273 Aug. 26 61,143 37,780 17,665 5,698 15,441 78,068 69,679 6,093 342 2,081 39,554 2"1,609 972 6,004 271 Sept. 30* 60,647 37,733 17,169 5,745 16,298 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 40,590 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 41,953 21,504 913 6,122 265 I960—Jan. 27* 60,334 38,282 16,490 5,56215,624 77,625 69,116 6,029 297 1,135 40,426 21,229 943 6,120 267 Feb. 24P 58,848 38,476 14,980 5,39215,600 76,065 67,435 5,877 256 1,661 38,956 20,685 1,004 6,082 233 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6.258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 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 ,160 41,19420,317 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 40,72422,429 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 38,2"8"6 "2 4,277 164 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—Feb. 25 61,285 30,145 23,542 7,598 12,433 74,839 67,957 1,256 ,189 40,195 25,273 349 5,748 5,991 June 24 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 ,309 40,11526,094 510 5,898 5,975 Aug. 26 63,081 32,817 22,551 7,713 12,476 76,847 69,500 1,261 ,675 40,227700 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 1122,707 77,716 70,325 1,321 ,540 41,114499 "2 6,281 481 6,065 5,948 Nov. 25* 63,726 33,456 22,509 7,761 12,850 77,903 70,414 1,358 ,437 41,62525,960 529 6,106 5,940 Dec. 30* 64,237 33,935 22,562 7,74013,148 78,736 71,452 1,427 ,434 42,3"4"2 "2'6,215 284 6,141 5,938 1960—Jan. 27* 63,789 33,599 22,476 7,71412,465 77,585 69,973 1,351 ,229 41,138 26,221 487 6,092 5,928 Feb. 24? 64,463 34,220 22,466 7,77712,543 78,284 70,561 1,255 ,429 40,975 26 472; 6,1775,963 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 287 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 t a e nk Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i n i c a t n t i d i - t a - e t a l s s l 3 Total2 m D In a 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 b b a u o n e m f r ks - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 411 10,654 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134;292 157,544 775 1J> 23,740 801,,227766 "29,876 215 8,671113,297 1947—Dec. 31 114,274 37,583 67,941 ,750 36926 152:,733141,851 ,615 1,325 92,975 34,882 61 9,7341133;,398 1956—Dec. 31 163,601 89,831 57,83715,,!933 48352 215^14 195^53 ,981 1,301 3,717124,346 50,608 5615,98813,195 1957—Dec. 31 168,595 93,430 57; 580 17,585 48127 220i,865199,876 ,489 1,264 3,859123,127 56,137 / 13,142 1958—June 23 178,330 95,105 6"3 ,4—8 9 ",735 43243 225;945 202; 13,632 2,288 9,162116,308 61,429 12517,85713,121 Dec. 31 183,596 97,730 65,669 198 48 689 236;724 214; 15,653 2,209 4,241129,214 63,168 15413,101 1959—June 10 184,632102,902 61', 396 20; 334 42; 623 231',876 206J14913,338 2,013 2,766122,744 65,288 76218J6213,086 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614, ,433 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 ,220 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 ,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 27 ,345107,161 9,322 522 2,074 67,434 "2"7,810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 26 __.,_1_5_3 109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—June 23 95,898 50,744 34,49810,656 23 122,100 110,065 7,849 825 4,751 62,886 33,754 492 9,451 4,599 Dec. 31 99,277 52,627 35,71410,936 26 128 116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—June 10 99,982 55,816 33,15211,014 23 126; 112,659 7,818 705 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 2,12510,822 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 4,35915,900 67,530 60,744 6,245 767 1,218 39,416 1!33,O98 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 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 5,62114,525 71,904 63,839 5,425 1,441 3,907 36,926 1"6,140 586 5,730 1,758 Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,640 16,320 10 5,817 1,734 1959—June 10 55,307 32,616 17,072 5,619 '1 4,021 71,010 62,152 5,127 1,285 880 38,23716,622 ,266 5,879 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 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 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 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 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 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 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 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. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 515 229 548 17,227744 11,892 3,000 7,181 Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—June 10 30,889 14,988 11,821 4,079 5,041 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 2 12 "1,2192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 2 3 23 22,857 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 28 27,243 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 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957_Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 6,785 748 281 Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959_june 10 7,071 4,043 2,025 1,003 150 7,298 6,461 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
288 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments co b c C m a a l n l a m l k s d s e a a r o n c t f e i d al i m T l n o a v o e a n e n t n d a s t s t l s - Total 2 C c o m c i l i o p n u i n e a m e g d - r l n - - - A c tu u g r l r - - i- o p L s r u e o r c c c a a u h n r r r s a i y t s f i i i e o n n s r g g in f s i L n ti a o t t n u o a c t n i i s o a n l s R t e a e s t a - e l O lo d i t t a n h o i n - - e s r O lo th a e n r s U. S. Government obligations S p O t a i g t o o o a b n a l f n t l i d - e i t s - - s O s ri e t t h c ie e u s r mar- al loans vid- Cer- ical p k a e - t ot T h o ers ba T n o ks o T th o ers uals Total Bills c t a if t i e - s Notes Bonds d su iv b i - per sions Total-.3 1947_Dec. 31.. 116,28438,05718,1671,660 830 ,220 9,393 5,,723 1,06369,2212,193 7,789 6,034 53,205 5,2763,729 1958—Dec. 31.. 185,16598,21440,425 4;973 2,832 ,829 25,255 2"01,,6i98 4,156 6666,3766,294 7,39913,39639,287 16,5054,070 1959—June 10.. 186,151 41,613 5.098 2,3331,903 26,669 221,,382 5,419 62,0355,149 4,722 1' 4',03738,127J16, 9—84 "3,725 June 10 *e 186,151103,40637,158 5,098 2,333',903 ,850 5,569 26i669 22,382 2,455 All insured: I 1941_Dec. 31.. 49,29021,259 9,2141,450 662 4,773 4,545 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31.. 121,80925,765 9,4611,3143. 3,606 4,677 2,361 1,18188,9122,45519,07116,04551,342 3,8733,258 1947—Dec. 31.. 114,27437,58318,012 ,610 1,190 9,266 5,654 028 67,9412,124 7,552 5,91852,347 5,1293,621 1958—Dec. 31.. 183,59697,73040,289 4;913 2. 1,810 25,148 20",589 4,134 65,6696,159 7,36213,240 3388,90816,226666 33,932 1959—June 10.. 184,632102,90241,459 , ; 1,884 26, ,264 5,396 61,3965,025 4,69013,92837,75416,7433,591 June 10*. 184,632102,90237,013 5,046 2, 1,884 1,846 5,55326,550 22,264 2,444 Member, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 3,494 3,692 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 8553,1333,378 3,455 1,900 1,104 78,3382,27516,98514,27144,807 3,254 2,815 1 1 1 9 9 9 5 5 4 8 9 7 — — _D D Ju e e n c c e . . 3 3 1 1 1 0 . . . . . . . 1 1 9 5 5 7 5 4 , , , 8 2 8 4 8 6 6 9 58 3 8 4 8 2 , , , 4 0 6 3 6 2 1 1 8 3 3 1 8 7 6 , , , 4 4 9 6 4 6 9 4 2 3 3, , ' 1 0 0 3 4 5 2 6 2 2 2 , , 2 7 8 3 6 1 0 0 1 1 1 1 , , , 6 0 5 6 6 9 5 9 9 2 2 0 1 7 , , , 0 1 1 1 3 8 3 0 0 1 1 4 7 8 , , , 6 0 3 6 2 9 8 2 7 3 5, , 9 0 9 5 9 2 2 8 0 5 5 5 7 4 0 , , , 9 2 2 2 9 1 5 9 4 4 3 1 , , , 6 8 9 4 8 5 4 7 4 6 5 3 , , , 1 8 6 4 1 8 3 6 8 1 1 4 1 1 , , , 8 1 4 1 1 1 5 7 0 3 44 3 " 5 1 5 2 ' , , , 2 2 3 9 7 9 5 3 61 1 4 3 3 , , ,8 4 1 0 2 9 — 5 0 9 3 '2 3 , , , 8 1 1 1 0 0 3 5 0 June 10*. 155,28988,43134,,172 3132 2,2601,669 1,820 5,277 21,180 18,397 2,298 Dec. 31.. 157,87994,77936,,826 3116 2,8851,587 811 6,801 2"2" ,1'"8"519,877 2,603 46,8134,612 1,812 11,604 28,785 13,6772,610 New York City:* 1941—Dec. 31..12,896 4,072 2,807 412 169 123 554 7,265 311 1,623 5,331 729 830 1945—Dec. 31..26,143 7,334 3,044 2,4531,172 80 287 29817,574 477 3,433 3,32510,339! 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 111 564 33011,9721,002 640 558 9,772| 638 604 1958—Dec. 31..25,96616,16510,928 1,652 382 641 1,502 1,424 7,486 643 1,106 1,602 4,135 1,869 446 1959—June 10.. 25,64816,51410,731 1,556 409 746 1,625 1,819 6,745 ,165 350 1,717 3,513 1,978 411 June 10*.25,64816,514 9,523 1,556 409 966 1,344 746 1,625 717 Dec. 31.. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 Chicago:* 1941_Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 220 2,562 232 361 522 1,446 491 140 1959—June 10.. 6,581 3,643 2,678 146 107 181 386 241 2,235 178 205 439 1,414 564 139 June 10*. 6,581 3,643 2,308 146 107 418 181 386 155 Dec. 31... 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 Reserve city: 1941_Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 404 29,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 3,147 1,969 366 20,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 8,405 6,930 1,492 20,6451,293 2,370 4,49712,484 4,8641,047 1959_june 10.. 60,81236,31516,410 753 404 860 8,986 7,513 2,07318,663 870 1,512 4,23012,051 4,885 949 June 10*. 60,81236,31514,285 753 404 860 714 2,635 8,986 7,513 848 Dec. 31.. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 Country: 1941—Dec. 31...12,518 5,890 1,676 659 20 183 1,823 1,530 4,377 110 481 3,787 1,222 ,028 1945_Dec. 31...35,002 5,596 1,484 648 42 471 1,881 707 363 26,999 630 5,102 4,54416,722 1,342 ,067 1947_Dec. 31...36,32410,199 3,096 818 23 227 3,827 1,979 ,857 480 2,583 2,10817,687 2,006 ,262 1958—Dec. 31...61,51130,257 8,080 2,368 294 268 10,806 8,239 784 23,6062,475 2,306 4,49514,330 6,181 ,467 1959—June 10.. 62,24831,960 8,650 2,362 154 293 11,267 8,872 965 22,5811,642 1,622 5,02314,295 6,392 ,315 June 10*. 62,24831,960 8,057 2,362 154 293 101 87911,267 8,872 578 Dec. 31... 64,08233,766 8,498 2,321 298 284 11 1,056 11,816 9,491 64322,5352,381 863 5,75113.540 6,452 ,330 Nonmember:3 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 11111,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31... 30,32714,165 2,981 1,921 102 230 5,256 3,671 23512,0881,651 1,255 2,280 6,901 3,102 971 1959—June 10... 30,88914,988 3,1441,967 73 234 5,502 3,985 32111,8211,295 1,034 2,629 6,8641 3,166 913 e 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 or total banks. Comparability of January 1960, p. 12. figures for classes of banks is affected somewhat by changes in Federal 1 All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. territories and possessions except for member 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 289 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- Dec b o c C a m a n l l a m l k s d s e a r a o n c t f e i d al F s B s w e e R e a d r r i n v e e t v - h k e r e s a s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 ju p m s o d a a t d e s e n - i - d t d s « m D e ][ s o d n t - e i t c e p r o 5 b s a i ] n < t F e s k i o g r n - G U o .S v . t. p v s S o i u a t s l a b n i i t o t d d i e n c i s - a s l c C c h o a f e e e i f e n t e f r c r c i d t s d . - k i ' - s, p a v n s a p i I t d h i d r n o o t u i d r n c p n a a i o e s s - l - , r s r - - , I b n a t n e k r- p G U s i a o n a o . n s g S v v t d s . - a t. l v S p s i a u i t s o c a n i b l a o t d i d e l t n - s i s - p a v n s a p I i t h d i r d n o o t i u d n r c p n a a i o e s s - l - r , r s - - ,r B i o n o w g r s - - c C o a t a u a c p n l - i t - s Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2 581 84,987 240 111 866 34,383 6510,059 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 61,5622,77019,100 AH insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 S,823 673 ,762 3,677 1077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 74,722 12.,566 1,24823,740 5,098 2 585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2 559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 U^,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 61,2922,76218,762 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 c• ,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12-,333 1,24322,179 4,240 2 450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 1C),978 1,375 1,176 5,504 2 401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 i: ,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—June 10.... 18,086 2,351 6,375 93,722 li ,446 1,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49,5652,68615,919 Dec. 31.... 17,932 2,222 7,532 95,274 I:5,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 New York Citv:* 1941—Dec. 31 5,105 93 141 10,761 *1,595 607 866 319 450 11,282 6 29 778 • 1,648 1945—Dec. 31.... 4,015 111 78 15,065 I$,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206"i95 2,120 1947—Dec. 31.... 4,639 151 70 16,653 i1,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 1,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 ... 3,282 1959—June 10.... 4,090 148 66 16,010 >,888 1.148 479 295 1,259 17,657 1,564 27 140 3,423 809 3,300 Dec. 31.... 3,908 151 138 15,494 :?,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 Chicago:4 1941—Dec. 31 1 021 43 298 2,215 027 8 127 233 34 2,152 476 288 1945—Dec. 31 '942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947 Dec. 31 1 070 30 175 3 737 196 21 72 285 63 3 853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 '314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—June 10.... 998 29 105 3,947 ,119 41 120 235 77 4,345 31 8 12 1,387 272 743 Dec. 31.... 920 33 142 4,171 ,187 43 272 329 105 4,636 23 8 12 1,449 40 762 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 i1,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 (5,307 110 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 >,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—June 10.... 7,350 750 2,110 34,625 5,159 291 858 2,959 830 36,201 361 122 1,466 20,1361,141 5,930 Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 1 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 ,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—June 10.... 5,647 1,423 4,093 39,140 1,281 19 950 4,718 944 35,150 34 140 1,320 24,620 463 5,946 Dec. 31 5,573 1 357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 Nonmember:3 1947 Dec 31 544 3,947 13,595 385 55 167 1 295 180 12,284 190 6 172 6 858 12 1,596 1956 Dec 31 774 4,690 18,085 521 45 440 2,238 310 15,885 171 29 546 9,449 27 2649 1958 Dec 31 808 4 19*300 528 43 42? 2'325 331 16999 185 27 747 11*61^ 20 3027 1959—June 10.... 767 3'996 18,632 487 48 368 2,279 297 16,328 144 25 810 12,024 84 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 <s Demand deposits other than interbank and U. S. Govt., less cash Hems 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
290 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans 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 a s v e t d e n e - s t d t s - 1 j L us a o t d a e - n d s i in m t a c r d n i e i a u a d r l s l - - A t c u g u r r l a - i l - G U t l i o i o o . g b v n 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 v n a S - - 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 e i e o m a c s r - l - - - n s c s P a o a o a f e n n n l i m r e 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 Dec. 2 105,707 104,253 66,335 30,015 913 424 1,764 151 1,178 777 1,454 3,808 1,723 12,574 14,372 1,364 9 105,475 103,980 66,178 30,034 917 261 1,713 145 1,187 797 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 1,187 784 1,313 4,221 1,699 12,651 14,434 1,360 23 106,546 104,954 67,627 30,490 917 410 1,967 153 1,192 789 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 1,174 809 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 1,167 759 1,084 4,288 1,754 12,630 14,446 1,434 13 105,126 103,996 66,769 30,131 901 330 ',830 159 1,176 757 1,130 4,156 1,744 12,640 14,380 1,435 20 103,906 102,834 66,228 29,976 897 277 ,724 151 1,164 752 1.072 3,906 1,776 12,635 14,404 1,434 27 103,589 102,276 65,923 29,862 897 255 ,662 154 1,167 761 1,313 3,790 1,736 12,626 14,452 1,439 Feb. 3 103,273 102,177 66,036 29,957 901 355 ,583 157 1,149 753 1,096 3,783 1,' 12,615 14,503 1,441 10 102,931 101,699 65,918 30,063 903 312 ,492 149 1,151 769 1,232 3,713 1,708 12,610 14,490 1,442 17 103,013 101,597 66,189 30,278 897 247 ,466 141 1,145 764 1,416 3,821 1,707 12,645 14,522 1,444 102,759 101,375 66,210 30,178 899 296 ,515 146 1,145 761 1,384 3,840 1,705 12,637 14,533 1,445 24 New York City 1959 25,643 24,880 17,691 10,440 275 1,250 379 509 763 1,293 337 918 2,650 396 Dec. 2 25,415 24,753 17,503 10,438 171 1,200 380 503 662 1,270 339 930 2,632 394 9 26,088 25,597 18,265 10,596 386 1,406 379 492 491 1,416 330 961 2,658 394 i6!i;!!.!!.. 25,838 25,087 18,046 10,590 243 1,360 368 500 751 1,423 335 952 2,628 393 23 25,996 25,-'" 18,354 10,630 257 1,506 356 500 543 1,506 374 955 2,609 392 30 1960 Jan. 6 24,997 24, ( 17,680 10,405 117 1,394 354 473 377 1,352 374 948 2,625 411 13 24,960 24,584 17,422 10,335 130 1,262 357 470 376 1,311 36' 948 2,606 411 20 24,636 24,160 17,130 10,295 132 1,154 346 462 1,158 394 938 2,618 411 27 24,771 24,101 17,050 10,258 115 1,121 345 471 670 1,151 386 939 2,63f 411 Feb. 3 24,565 24,053 17,073 10,285 201 1,019 341 471 1,164 394 939 412 10 24,477 23,797 16,901 10,300 174 905 339 480 680 1,131 397 933 2,612 412 17 24,576 23,848 17,000 10,38' 112 86' 337 479 728 1,214 401 948 2,631 412 24 24,526 23,859 17,059 10,33: 172 878 336 487 667 1,253 403 942 2,627 412 Outside New York City 1959 Dec. 2 80,064 79,373 48,644 19,575 909 149 514 119 799 268 691 2,515 1,386 11,656 968 9 80,060 79,227 48,675 19,596 913 90 513 115 807 294 833 2,544 ,363 11,666 11,743 969 16 80,555 79,733 49,419 19,827 915 221 568 114 808 29 822 2,805 ,369 11,690 11,776 966 23 80,708 79,867 49,581 19,900 913 16 60' 117 824 289 841 2,852 ,370 11,700 11,811 969 30 80,631 79,910 49,715 19,835 921 195 621 120 818 309 721 2,935 ,37' 11,697 11,863 971 1960 Jan. 6 80,001 79,294 49,476 19,766 909 216 570 120 813 286 707 2,936 ,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 ,377 11,692 11,774 1,024 20 79,270 78,674 49,098 19,681 888 145 570 116 818 290 596 2,748 ,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 ,350 11,687 11,820 1,028 Feb. 3 78,708 78, 48,963 19,672 891 154 564 125 808 282 58- 2,619 1,327 11,676 11,87- 1,029 10 78,454 77,902 49,017 19,763 893 138 587 117 812 289 552 2,582 1,311 11,677 11,878 1,030 17 78,437 77,749 49,189 19,896 887 13 599 110 808 285 688 2,607 1,306 11,697 11,891 1,032 24 78,233 77,516 49,151 19,845 889 124 637 116 809 27^ 71 2,587 1,302 11,695 11,906 1,033 i 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. see the BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 291 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 Cer- Not m es a t a u n r d i n b g o : nds O s ri e t t c h ie u e s - r Total d a o w B n m i a c t l e e h - s s- a w B f n o a c i r t l e h - - s Cu a r n re d ncy s F w e R . r i v R e t - h e . s a o s t s h e e t r s c li a a a t p i b n e i i d t s l a i- l Total Bills c t a if t i e - s W 1 y i i n t e h a - r 5 years 5 A y f e te a r rs ba t n ic ks b e a i n g k n s Banks accounts Total- Leading Cities 1959 Dec. 2 28,164 2,489 1,123 ,736 16,177 6,639 9,754 17,291 2,766 95 ,234 13,196 3,245 137,110 9 27,995 2,369 1,139 ,764 16,110 6,613 9,807 17,227 2,658 92 ,342 13,135 3,205 135,951 16 27,783 2,300 1,113 ,791 15,969 6,610 9,863 17,967 3,061 93 ,350 13,463 3,158 140,333 23 27,496 2,148 1,107 ,837 15,874 6,530 9,831 17,710 3,037 94 ,314 13,265 3,226 139,350 30 27,468 2,243 1,084 ,867 15,774 6,500 9,826 17,790 3,039 122 ,389 13,240 3,266 139,859 1960 Jan. 6 27,018 2,037 994 ,882 15,594 6,511 9,740 18,498 2,892 96 ,267 14,243 3,208 138,294 13 27,406 2,691 995 ,832 15,396 6,492 9,821 17,807 2,945 94 ,343 13,425 3,238 137,928 20 26,904 2,425 983 ,759 15,263 6,474 9,702 17,556 2,847 96 ,237 13,376 3,325 135,926 27 26,679 2,267 1,052 ,708 15,166 6,486 9,674 16,869 2,674 100 ,267 12,828 3,419 133,970 Feb. 3 26,444 2,001 1,203 ,718 15,032 6,490 9,697 17,025 2,648 96 ,140 13,141 3,484 134,250 10 26,117 1,753 1,188 ,702 14,981 6,493 9,664 16,898 2,644 90 ,212 12,952 3,544 133,093 17 25,713 1,630 490 1,644 16,675 5,274 9,695 17,070 2,783 90 ,165 13,032 3,442 134,935 25,525 1,572 475 1,596 16,779 5,103 9,640 16,745 2,752 84 1,260 12,649 3,427 133,752 24 New York City 1959 5,083 588 218 156 2,793 ,328 2,106 3,933 173 3,630 1,237 34,215 Dec. 2 5,088 615 221 153 2,774 ,325 2,162 4,161 212 3,844 1,201 34,052 9 5,132 705 197 152 2,749 ,329 2,200 4,035 210 3,708 1,156 35,650 16 4,868 531 185 165 2,713 ,274 2,173 3,951 189 3,644 1,247 34,863 23 4,905 596 209 166 2,662 ,272 2,194 4,046 194 3,701 1,256 35,687 30 1960 Jan. 6 4,790 516 195 174 2,637 ,268 2,150 4,198 193 3,895 1,239 34,090 13 4,979 760 203 157 2,596 ,263 2,183 4,290 180 3,990 1,260 34,017 20 4,885 728 222 157 2,534 ,244 2,145 4,177 166 1,312 33,797 27 4,924 799 227 123 2,530 ,245 2,127 4,008 167 1,357 33,508 Feb. 3 4,841 659 280 125 2,542 ,235 2,139 4,047 155 1,391 33,352 10 4,758 597 282 145 2,501 ,233 2,138 4,115 174 1,458 33,177 17 4,647 558 99 152 2,936 902 2,201 3,972 153 1,436 33,670 24 4,63: 584 108 153 2,918 872 2,165 3,823 162 3,569 1,423 33,609 Outside New York City 1959 Dec. 2 23,081 ,901 905 1,580 13,384 5,311 7,648 13,358 2,682 ,061 9,566 2,008 102,895 9 22,907 ,754 918 1,611 13,336 5,288 7,645 13,066 2,601 ,130 9,291 2,004 101,899 16 22,651 ,595 916 1,639 13,220 5,281 7,663 13,932 2,994 ,140 9,755 2,002 104,683 23 22,628 ,617 922 1,672 13,161 5,256 7,658 13,759 2,968 ,125 9,621 1,979 104,487 30 22,563 ,647 875 1,701 13,112 5,228 7,632 13,744 2,960 ,195 9,539 2,010 104,172 1960 Jan. 6 22,228 ,521 799 1,708 12,957 5,243 7,590 14,300 2,826 ,074 10,348 1,969 104,204 13 22,427 ,931 792 1,675 12,800 5,229 7,638 13,517 2,866 ,163 9,435 1,978 103,911 20 22,019 ,697 761 1,602 12,729 5,230 7,557 13,379 2,778 ,071 9,477 2,013 102,129 27 21,755 ,468 825 1,585 12,636 5,241 7,547 12,861 2,620 ,100 9,087 2,062 100,462 Feb. 3 21,603 ,342 923 1,593 12,490 5,255 7,558 12,978 2,592 985 9,347 2,093 100,898 10 21,359 ,156 906 1,557 12,480 5,260 7,526 12,783 2,588 ,038 9,107 2,086 99,916 17 21,066 ,072 391 1,492 13,739 4,372 7,494 13,098 2,714 ,012 9,321 2,006 101,265 24 20,890 988 367 1,443 13,861 4,231 7,475 12,922 2,694 ,098 9,080 2,004 100,143 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
292 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Other Capital Wednesday d ju m ep s a a t o d e n s - d d i t i 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 c h o e f a e e i f e t n e f r c r c i d d t s . - k i ' - s, p v I r c s a i n a o d h a r t d r i t u n i i o p n p a d - n o e s l , s r - s - , I b n a t n e k r- p U G s i a o n a . o n s g v v t d 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 t i n u i d n o p p d a i n e 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 li i a ti b e i s l- co a u c n - ts Total- Leading Cities 1959 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 1960 Jan 6 61,967 12,170 1,490 2,414 4,821 2,623 66,113 1,309 142 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 1,293 140 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 1,233 141 1,458 28,537 621 1,382 3,426 11,289 27 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 Feb. 3 60,616 10 760 1,345 2,607 4,921 2,436 63,727 1,198 145 1,518 28,483 635 1,573 3,546 11 356 10 60,597 10,681 1,347 1,888 4,752 2,075 63,490 1,177 147 1,517 28,484 432 2,082 3,660 11,361 17 59,395 10 568 1,365 3,089 4,653 2,280 63,872 I 142 145 1,545 28 469 588 2 082 3 773 11 364 24 59,744 10 120 1,383 2,886 4,677 2,609 63,279 1,131 146 1,534 28,447 236 2,200 3,743 11 361 New York City 1959 Dec. 2 15,277 2,934 1,123 1,191 313 1.159 17,207 ,047 24 78 3,296 68 892 1,566 3,317 9 . 15,576 2,900 1,192 811 321 ,198 17,332 1,005 24 73 3,303 3 1,030 1,550 3,310 16 16,258 3 045 1,226 916 295 ,753 18,581 970 24 73 3,308 673 1,477 3,309 23 15,591 3,022 1,227 1,093 277 ,378 17,763 992 24 71 3,326 814 1,558 3,318 30 15,862 3,188 1,287 961 289 .476 18,486 974 24 71 3,319 729 1,555 3,328 1960 Jan 6. 15,447 3,220 1,177 711 306 1,296 17,501 975 24 69 3,255 686 1,532 3,338 13 15,561 3,027 1,134 850 253 1,109 17,706 962 24 70 3,254 717 1,572 3,339 20 15,527 3,100 1,128 541 371 1,299 17,529 906 24 62 3,223 40 658 1,575 3,341 27 . 15,806 2,908 1,062 540 282 1,100 17,796 898 25 60 3,223 639 1,632 3,343 Feb. 3 15,269 2,963 1,051 761 312 1,321 16,985 884 24 60 3,230 22 700 1,673 3 366 10. 15,098 2 971 1 037 513 282 1 095 16 848 879 24 60 3,224 52 1,056 1,768 3,368 17 15,013 2,956 1,054 782 292 1,238 17,169 856 24 60 3,216 888 1,765 3,370 24 14,972 2,937 1,072 672 289 1,546 16,974 849 24 60 3,206 853 1,763 3,364 Outside New York City 1959 Dec. 2 45,740 8,154 306 2,647 4,469 1.317 47,419 330 122 1,231 25,40b 370 1,172 1,985 7,965 9 46,261 8,138 303 1,760 4,285 ,155 47,590 335 120 1,240 25,433 390 1,196 2,004 7,950 16 47,188 8,505 307 2,242 4,378 1,392 49,612 334 119 1,263 25,443 391 826 1,954 7,917 23 46,891 8,274 308 2,488 4,387 1,398 49,147 341 120 1,335 25,525 291 1,065 1,884 7,924 30 47,342 8,246 316 2,178 4,525 ,449 49,155 335 120 1,349 25,650 246 864 1,765 7,974 1960 Jan. 6 46,520 8,950 313 1,703 4,515 1,327 48,612 334 118 1,392 25,507 1,148 614 1,695 7,976 13 46,874 8,580 307 1,991 4,343 1,120 49,661 331 116 1,396 25,376 350 643 1 728 7,969 20 46,746 7,905 308 1,445 4,403 1,124 48,686 327 117 1,396 25,314 581 724 1,851 7,948 27... 46,316 7,313 315 1,548 4,317 1,004 47,716 324 122 1,450 25,263 241 1,037 1,841 7,971 Feb. 3 45,347 7,797 294 1,846 4,609 1,115 46,742 314 121 1,458 25,253 613 873 1,873 7,990 10 . 45,499 7,710 310 1,375 4,470 980 46,642 298 123 1,457 25,260 380 1,026 1,892 7,993 17 44,382 7,612 311 2,307 4,361 1,042 46,703 286 121 1,485 25,253 588 1,194 2,008 7,994 24 44,772 7,183 311 2,214 4,388 1,063 46,305 282 122 1,474 25,241 236 1,347 1,980 7,997 i 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 the BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS LOANS OF BANKS 293 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY» [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'l Period3 Food, Textiles, Metals P le e u tr m o , - ( T w s r h a a o l d e le e - m C o o d m it - y u P ( t i u i n l b i c t l i l i e . c s s C tr o u n c - - o ty A th p l e e l r s ch N an e g t es cha i a n n a n d l g l d ' e l — liq a u n o d r, ap a p n a d rel, m a e n t a al che c m oa i l c , al, Other re a t n a d il) dealers p tr o a r n ta s- - tion bus o in f ess ci f a ie s d si- r w e e p e o k r l t y tobacco leather prod- and tion) ing ucts 3 rubber banks 1958—Jan.-J une*.. -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec.«.. 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—Dec 223 -9 97 69 6 -307 162 162 27 102 532 564 1960—Jan -137 15 84 4 -20 -103 -113 -24 -40 -72 -405 -603 Feb -109 137 259 -37 63 93 -120 -50 27 27 290 316 Week ending: 1959—Dec. 2.... 75 -19 -42 12 2 37 43 1 9 119 114 9.... -19 -5 30 4 3 -28 -4 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.... -11 13 31 36 10 -22 -32 7 -16 -48 -32 -40 20.... -32 8 24 3 -6 -56 -27 -19 6 -6 -103 -155 27.... -33 5 65 4 -8 -25 -38 -10 -23 -64 -114 Feb. 3.... -26 34 59 -26 2 35 _3 -9 11 25 101 95 10.... -31 38 64 2 35 22 -56 9 6 7 94 106 17.... 30 44 100 -9 23 23 -42 12 3 10 193 215 24.... -82 21 37 -4 3 15 -19 -62 7 -15 -99 -100 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 the 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 pe 9* r 1 i / o 1 d loans I- 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. 3 5.27 5.92 5.66 5.44 5.15 1959—Mar 4.84 5.62 5.20 4.87 4.60 Dec.3 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 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2*4 per cent Jan. 1-Jan. 7,1951. Changes 2 Based on figures for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 3 Coverage of Survey revised in accordance with changes in the loan 1951—Jan. 8, 2V£; 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, 3*4; Oct. 14, 3^; 1956—Apr. 13, 3*4; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3%; Sept. 11, 4; and 1959—May 18, 4ft; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 INTEREST RATES MONEY MARKET RATES [Per cent per annum] I.r. S. Government securities (taxable]4 Prime Finance com- company Prime mercial paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week placed acceptpaper, directly, ances, 3- to 5m ^ o t n o t e h - s1 m 3- o t n o t h 6 s - 2 90 days3 on R a n t e e w M y a ie r l k d et on R a n t e e w M y a ie r l k d et (m B a i r ll k s et Others is y s e u a e r s* issue issue yield) 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—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.ii 4.32 4.45 Scot 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 Feb 4.66 4.50 4.44 3.954 3.96 4.321 4.30 4.45 4.58 4.66 Week ending: I960—Jan. 30 4.80 4.90 4.78 4 116 4.01 4.608 4 49 4.76 4.75 4.80 Feb 6 4.75 4.75 4.63 4.039 3.94 4.501 4.42 4.56 4.61 4.69 13 4.58 4.38 4.38 3.563 3.67 4.094 4.08 4.41 4.41 4.61 20 4.53 4.35 4.38 4.045 4.04 4.294 4 30 4 41 4.63 4.64 27 4.75 4.50 4.38 4.168 4.14 4.396 4.34 4.39 4.63 4.70 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. « Consists of selected note and bond issues. BOND AND STOCK YIELDS» [Per cent per annum] Government bonds <Corporate bonds 3 Stocks s State By selected By Dividend/ Earnings/ Year, month, or week United and local 3 ratings groups price ratio price ratio States TotaH (longterm)2 Total* 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 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.21 1958 average 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 average 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—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 Aue 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 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4.89 4.82 3.40 Week ending: I960—Jan. 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 Feb. 6 4.29 3.88 3.43 4.40 4.92 4.60 5.36 4.73 5.08 4.93 4 85 3.36 13 . . .. 4.20 3.83 3.38 4.35 4.90 4.57 5.36 4.72 5.07 4.91 4.81 3.41 20 4.16 3.81 3.38 4.31 4.87 4.54 5.33 4.70 5.04 4.86 4.80 3.44 27 4.22 3.82 3.39 4.32 4.86 4.54 5.31 4.70 5.02 4.85 4.81 3.40 * 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- Oovt 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. Earnings /price ratios for common s 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 295 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange CommissiorI 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 avera.se 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 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 I960 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 Feb 83.60 100.4 92.8 55.78 59.60 32.54 44.38 405 494 474 502 312 224 420 279 3,027 Week ending: I960—Jan. 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 Feb 6 82.82 99.9 92.2 56.27 60.18 32.75 44.41 406 498 477 507 312 220 418 283 2,814 13 83.81 100.7 92.8 55.46 59.23 32.69 44.24 402 490 471 498 313 221 415 281 2,697 20 84.31 100.7 93.1 55.39 59.15 32.39 44.33 408 496 476 506 313 227 420 278 3,458 27 83.60 100.4 93.2 55.94 59.78 32.59 44.48 405 492 474 499 309 228 427 273 3,172 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer 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 month i other than firms 2 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 1,239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 1,161 46 2,132 880 1957—Dec. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Jan.. 4,597 155 3,297 62 1,300 230 1,990 1,226 Feb., 4,569 157 3,253 65 1,316 223 1,963 1,196 Mar. 4,636 153 3,305 55 1,331 218 1,977 1,257 Apr. 4,764 166 3,401 55 1,363 252 2,156 1,205 May 4,758 163 3,385 58 1,373 252 2,159 1,188 June 4,734 158 3,388 58 1,346 237 2,246 1,094 July. 4,648 153 3,374 164 1,274 228 2,205 1,079 Aug. 4,528 154 3,269 166 1,259 217 2,199 1,035 Sept. 4,443 156 3,250 162 1,193 231 2,149 1,039 Oct.. 4,401 168 3,210 158 1,191 227 2,178 967 Nov. 4,460 165 3,273 158 1,187 236 2,256 974 Dec. 4,454 150 3,280 164 1,174 221 2,362 996 1960—Jan.. 4,365 134 3,198 154 1,167 190 2,233 1,001 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 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 Trttnl Accepting banks B F. a n R k . s Im- Ex- G sh o i o p d p s e d st o b r e e t d w i e n e n or Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers! ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 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 ,194 302 238 64 49 68 775 254 349 83 244 263 1959 Jan 3,076 875 2,201 ,133 276 226 51 40 60 756 251 346 118 168 250 Feb 3,322 897 2.425 ,161 309 232 77 39 62 751 275 339 112 183 252 Mar 3,267 883 2,384 ,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 ,038 242 193 49 28 79 689 286 350 103 43 256 June •• 3,401 729 2,672 Qitt 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 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 Sent 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 I960—Jan 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 1 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 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 a s l s T u i s a a t r o i e b n p e t t i d l s 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 g i a t g m e e l n o ts a n 2 govt. other 1 accts. Number Amount 1941 4,787 89 3,592 1 '86 829 689 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. 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 ,664 1959 24,754 359 6,857 730 4,844 837 553 38,934 34,967 604 3,363 65,248 ,170 1958 Dec 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 ,664 1959 Jan. 3 23,107 212 7,324 728 4,931 803 533 37,639 33,861 570 3,208 89,819 ,628 Feb 23,232 239 7,364 724 4,937 821 538 37,855 33,974 641 3,240 85,696 ,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 ,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 Aue 24,214 339 7,276 750 4,931 727 547 38,784 34,650 798 3,336 79,862 ,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 73,699 294 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 ?45 Dec 24,754 359 6,857 730 4,844 837 553 38,934 34,967 604 3,363 65,248 1,170 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 297 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 2 Total Bonds Stocks gages estate loans assets (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 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 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1956 Dec . . .. 95,844 10,989 7,519 2,234 ,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 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec 107,580 11,242 7,182 2,691 ,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 ,391 46,602 43,237 3,365 37,211 3,393 4,225 5,094 Feb 108,583 11,596 7,414 2,11 A ,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar 108,945 11,479 7,229 2,840 ,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 Apr 109,430 11,568 7,251 2,889 ,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 May 109,928 11,644 7,235 2,968 ,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June . 110,424 11,679 7,246 2,991 ,442 47,800 44,314 3,486 37,894 3,522 4,380 5,149 July 111,152 11,807 7,259 3,085 ,463 48,024 44,477 3,547 38,108 3,583 4,389 5,241 Aug 111,646 11,938 7,354 3,115 ,469 48,096 44,539 3,557 38,282 3,603 4,423 5,304 Sept 111,846 11,772 7,169 3,130 .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 Dec 113,626 11,536 6,848 3,177 1,511 48,908 45,206 3,702 39,299 3,670 4,605 5,608 1 Figures are for all life insurance companies in the United States. * 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 * [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 s s e h ts Other3 a li s a T s b e o i t l s t i a — ti l e 2 s 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 n ts i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 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 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,847 37,656 32,142 2,557 ,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 ,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 ,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 ,444 ,161 713 1,475 1959 53,087 4,471 2,189 3,725 63,472 54,548 4,387 ,384 ,282 871 1,283 1958—Dec. 45,627 3,819 2,585 3,108 55,139 47,976 3,845 ,444 ,161 713 1,475 1959—Jan.. 46,029 4,116 2,287 3,053 55,485 48,410 3,856 ,263 ,124 832 1,513 Feb.. 46,456 4,213 2,261 3,133 56,063 48,818 3,866 ,207 ,166 1,006 1,628 Mar. 47,049 4,289 2,259 3,231 56,828 49,347 3,868 ,202 ,281 1,130 1,753 Apr.. 47,754 4,394 2,077 3,382 57,607 49,767 3,872 ,299 ,378 1,291 1,920 May 48,508 4,417 2,103 3,560 58,588 50,371 3,883 ,362 ,475 1,497 1,975 June 49,348 4,413 2,348 3,570 59,679 51,461 4,093 ,675 ,589 861 1,979 July. 50,131 4,517 1,916 3,462 60,026 51,651 4,099 ,706 597 973 1,951 Aug. 50,858 4,534 1,873 3,484 60,749 52,045 4,111 ,824 ,585 1,184 1,862 Sept. 51,528 4,527 1,820 3,549 61,424 52,489 4,116 ,972 539 1,308 1,779 Oct.. 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2,108 ,476 1,479 1,626 Nov. 52,608 4,500 1,817 3,777 62,702 53,371 4,133 2,165 374 1,659 1,470 Dec. 53,087 4,471 2,189 3,725 63,472 54,548 4,387 2,384 ,282 871 1,283 n.a. Not available. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes 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 to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January 6 Not available separately. 1958, no deduction is made for mortgage pledged shares. These have NOTE.—Data for 1959 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [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 t e a f 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 f t it 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 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 i Reflects cash transactions only. As contrasted with data shown on p. 300, 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. 300. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter w c o ap rk it i a n l g Total Cash s G U ec o . u S v r . t i- receivable I t n o v ri e e n s - Other Total payable inc t li a o a x m - e Other ties U.S. Other U.S. Other bilities Govt. 2 Govt. 2 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] Transportation Manu- Total Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a j s l r u n l e a y s n a t t s u e e a o ) a d d n l - - 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1958—4 8.0 3.2 .6 1.7 2.5 30.0 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1959—1 6.9 2.7 .6 1.2 2.5 30.6 1955 28.7 11.4 L.O .9 1.6 4.3 2.0 7.5 2 8.3 3.3 .8 1.5 2.8 32.5 1956 35.1 15.0 L.2 1.2 1.7 4.9 2.7 8.4 3 8.3 3.3 .8 1.5 2.7 33.4 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 4 9.0 3.8 .8 1.5 2.9 33.6 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 I960—H r... 7.9 3.3 .8 1.2 2.7 35.3 19604 37.0 15.1 L.O 1.0 2.1 6.1 11.7 24.... 9.5 4.0 .9 1.5 3.0 36.9 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 299 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1954 1955 1956 1957 1958 1 2 3 4 1 2 3 Manufacturing Total (180 corps.): Sales 88,338 105,006108,307114,834105,251 25,542 25,620 25,367 28,722 29,555 32,452 26,928 Profits before taxes 10,640 14,803 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 7,564 7,094 7,177 5,737 1,243 1,194 1,287 2,013 2,016 2,499 1,085 Dividends 3,222 3,847 4,068 4,192 4,078 1,038 1,011 987 1,042 1,033 1,029 1,049 Nondurable goods industries (79 corps.):1 Sales 33,653 37,462 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 5,013 5,146 5,010 4,421 987 947 1,191 1,297 1,376 1,482 1,396 Profits after taxes 2 326 2,814 2 943 2,944 2,572 574 541 679 778 769 808 750 Dividends 1,426 1,588 1,683 1,776 1,785 452 440 430 463 459 445 447 Durable goods industries (101 corps.):2 Sales 54 685 67,544 68,254 72,525 63,430 15,530 15,506 14,741 17,653 18,470 21 001 15 493 6,427 9,790 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 4,750 4,151 4,233 3,165 669 652 608 1,235 1,247 1,692 335 Dividends 1,796 2,259 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 1,151 250 283 310 308 287 322 340 388 414 460 497 555 119 138 149 149 136 153 163 Dividends 258 260 277 289 312 80 72 72 88 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 725 955 942 948 831 174 179 208 271 254 302 283 582 690 698 737 717 182 178 172 185 180 177 179 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 1,191 1,253 1 209 1 457 1,470 304 344 395 426 422 504 502 604 637 607 729 741 151 174 204 212 212 254 246 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 -44 446 491 570 155 629 872 791 805 758 198 194 183 183 184 196 195 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: 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 1,134 1,244 1,326 1,413 1,517 421 349 357 390 469 385 392 868 942 1,022 1,077 1,134 281 287 276 290 303 302 301 Telephone: 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 1,860 402 454 494 510 522 551 537 525 638 715 788 921 200 226 244 251 258 272 268 448 496 552 613 674 164 166 171 173 178 183 190 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 the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which 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
300 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o a f te n i e s t s u p e ro rs c 6 eeds, Noncorporate Corporate New capital Year or Remonth State Bonds m tir e e n - t Total G U o . v S t . .3 a F e c g e r y e a d 4 n l - - n m p ic a u l i - - (DtherS Total Total P li u cl b y - v P at r e i l - y f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r s ri e o t c i f e u s offered placed 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 7,4^0 4 119 3,301 635 2,185 10 049 8 821 7 q57 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 11784 663 214 1958 34.44T 12,063 2,321 7,449 1,052 11,558 q 6,332 3,320 571 1,334 tl 372 10 823 q 907 915 549 1959 31,134 12,322 707 7,681 621 9,803 7'253 3,556 3,697 535 2,015 9,588 9,427 8 654 774 160 1958—Dec... 1,899 370 448 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... 1,132 420 881 62 770 481 187 294 55 234 754 745 600 145 9 Mar.. ,921 443 175 637 11 656 457 195 262 47 151 640 631 539 92 9 Apr . t1,511 2,583 940 60 928 619 310 309 92 217 908 899 66 9 May.. ,787 338 569 51 829 624 380 244 38 167 809 791 764 27 17 June.. i,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 13 117 737 718 677 42 19 Sept.. 1,749 300 150 520 44 736 592 219 372 24 120 721 709 665 44 12 Oct... n1,122 2,574 587 '39 ^23 '644 330 '314 '48 '231 '899 '887 '799 '89 '11 Nov.. r ,735 332 458 '52 '893 '659 396 '263 '61 '173 '873 '865 '803 '62 8 Dec... 1,982 380 86 476 72 969 783 277 506 52 134 950 936 886 50 14 Proposed use of net proceeds, major groups of corporate issuers Commercial and Real estate Manufacturing miscellaneous Transportation Public utility Communication and financial Year or imonth Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,712 261 512 24 758 ??5 ?,539 88 747 6 448 60 1953 2,128 90 502 40 553 ,905 67 871 3 1,536 24 1954 . 2 044 190 831 93 501 270 1>,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 ,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 70 1474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294 118 1,014 47 1959 . 1,966 87 838 31 960 14 3,178 12 709 1,777 17 1958—Dec... 226 11 53 2 151 263 14 103 124 34 1959 Jan. 148 17 61 6 80 2 295 2 34 221 2 Feb... 123 5 105 154 3 188 62 113 Mar . 92 6 46 51 1 331 9 102 A M p a r y ... 2 24 7 8 7 1 7 0 7 5 8 6 2 1 7 3 5 8 ( C 9 O ) 3 3 3 1 8 4 4 16 6 1 1 3 0 9 5 June.. 221 6 127 8 96 (9) 313 22 95 July. 146 3 59 34 170 8 114 i Aug... 126 15 45 2 97 1 192 36 223 ' Sept... 205 6 42 2 142 2 109 1 56 156 Oct. '97 '4 '85 '4 '101 '1 '341 '127 '137 3 Nov... '1 '63 '2 '17 '241 '262 '167 n Dec... 167 7 70 2 74 2 346 72 207 3 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. injthe United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost * Gross proceeds are derived by multiplying principal amounts or num- of flotation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 3 Represents foreign governments, International Bank of Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY ISSUES; FEDERAL FINANCE 301 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 P H u i u i t o t n y b h u g l o 3 s ic r - - F l G o e a o a d n v l e s t r . 4 - State S d a s p u i t t a s o a e t n t h r t c r d u y i o i a c - r t l - Others a d e m r e e o li d u v * n - t Total c E at d i u on - R br a o i n d a d d ge s s W s o u e a t a w t h n i t l e e d e i r r - r , , h R d i t o n e e i u a g n s l s i 7 - - - V a a e n t id e s r ' - O p p o t u h s r e e - s r ity ties 1952 4,410 2,633 ,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 ,024 1953 5,558 3,495 ,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 ,119 1954 6,969 3,380 {,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 ,333 1955 5,976 3,770 ,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 ,414 1956 5,446 3,577 ,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,464 1957 8 7,150 4,795 ,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 ,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 ,657 1959 7,880 4,766 > 397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 683 1958—Dec 439 387 39 12 191 27 221 556 435 253 47 44 3 89 1959—Jan '651 '301 '324 20 6 53 '307 '292 354 '638 '159 26 339 23 20 71 Feb '882 '492 264 103 23 142 255 '484 -563 '858 '162 91 123 124 357 Mar '647 '447 185 1 14 185 139 '323 '907 '646 196 49 '142 12 50 '198 Apr 940 '495 431 15 186 397 357 '618 931 '264 166 334 10 33 124 May.... '596 '369 93 105 29 50 147 '399 '904 '593 '191 25 188 121 68 June '1,010 '545 '426 40 271 '359 '381 '613 '1,006 '225 '134 '321 29 100 '197 July.... 567 224 192 150 150 62 355 '985 '567 155 159 50 145 58 Aug.. . . '515 '392 '117 6 177 '80 '258 '538 '514 '151 59 86 4 iio 94 S O e c p t t '5 5 9 1 4 5 ' ' 3 3 9 5 8 7 1 1 1 2 2 8 1 ( 0 ? 2 7 5 1 3 3 0 3 1 9 2 3 5 ' ' 2 4 9 3 0 9 4 5 0 0 1 2 '5 4 9 6 3 8 '1 1 6 6 8 8 4 2 3 8 1 8 3 2 5 102 1 32 1 14 6 1 0 Nov.. .. '517 '371 '73 73 106 '59 '351 '603 '513 '153 37 '106 126 '91 Dec 445 376 54 15 125 72 249 426 444 245 16 55 4 124 n.a. Not available. r Revised. 3 Consists of municipalities, counties, townships, school districts and, * Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. « 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. * 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. * Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, FEBRUARY 29, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amouni Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Mar. 3, I960.. 1,501 July 28, 1960 400 Apr. 1,1962 IYL 551 Feb. 15,1964 3 3,854 Mar. 10, I960., 1,601 Aug. 4, 1960 400 Aug. 15, 1962 4 159 June 15, 1964-69... 2^ 3,739 Mar. 17, I960.. 1,600 Aug. 11, 1960 396 Oct. 1,1962 UA 590 Dec. 15, 1964-69... 2^ 3,814 M M a a r r . . 2 2 2 4 , , 1 1 9 9 6 6 0 0 * . 4 1 , ,6 0 0 0 2 4 A A u u g g . . 2 1 5 8 , , 1 1 9 9 6 6 0 0 4 40 0 1 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 2 3 2 3 % y4 3 1 , , 9 1 7 4 1 3 F M e a b r . . 1 1 5 5 , , 1 19 9 6 6 5 5 -70.. .2 2 * % /i 4 6 , , 6 8 9 9 4 6 Mar. 31, I960., 1,501 Oct. 17, 1960 2,007 Apr. 1,1963 lVi 533 Aug. 15, 1966 3 1,484 Apr. 7,1960.. 1,605 Jan. 15, 1961 1,504 May 15, 1963 4 1,743 Mar. 15, 1966-71... 2 V£ 2,941 Apr. 14, I960., 1,602 Oct. 1,1963 IVi 506 June 15, 1967-72... 2^ 1,817 Apr. 15,1960. 2,003 Certificates Nov. 15, 1963 4% 3,011 Sept. 15, 1967-72... 2 Vi 2,716 Apr. 21, I960., 1,401 May 15, 1960 4 1,269 Apr. 1,1964 1% 457 Dec. 15, 1967-72...2Vi 3,660 A M p a r y . 2 5 8 , , 1 1 9 9 6 6 0 0 . ., 1 1 , , 4 4 0 0 0 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 1 0 4 4 V % 4 7 6 , , 0 93 3 9 7 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 4% 5 4 2 , , 9 31 3 6 3 N O o ct v . . 1 1 5 , ,1 1 9 9 7 6 4 9 3% 4 1,2 6 7 5 6 4 M M a a y y 1 1 9 2 , , 1 1 9 9 6 6 0 0 . ., 1 1 , , 6 6 0 0 3 6 Treasury notes O No ct v . . 15 1 , , 1 1 9 9 6 6 4 4 4 li % /2 4,1 2 9 8 5 0 J F u e n b e . 1 1 5 5 , , 1 1 9 9 8 7 0 8 -83... 3 V 4 A 1,6 8 0 8 1 4 J J M u u a n n y e e 2 9 6 2 , , , 1 1 I 9 9 9 6 6 6 0 0 0 . . . , , . 1,6 4 5 0 0 0 4 1 0 A M M p a a r y y . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 0 0 0 3 3 l V M *£ 4 2 2 , ,7 4 3 0 5 8 6 7 Tr J e u as n u e r y 1 5 b , o n 1 d 9 s 59-62... 2 V4 5,265 M F Fe e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 8 0 5 5 3 3 V V 3 4 i 2 1 1 , , , 7 7 1 2 3 3 7 5 2 June 16, 1960.. 500 Aug. 15, 1960 4y4 9,561 Dec. 15, 1959-62... 2V4 3,453 June 22, 1960* 4,018 Oct. 1,1960 IVi 278 Nov. 15, 1960 2Vs 3,806 Panama Canal Loan... .3 50 June 23,1960.. 500 Apr. 1, 1961 UA 144 Dec. 15, 1960-65 3.. 2% 1,485 J J u u n ly e 3 7 0 , , 1 I9 9 6 6 0 0 . . . . 4 5 0 0 0 0 A M u a g y . 1 1 5, , 1 1 9 9 6 6 1 1 3% 4 4 2 , , 0 1 7 3 8 6 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 i y / 4 i 1 2 1 , , 2 1 3 7 9 7 Co I n n v v e e r s t t i m bl e e n b t o S n e d r s ies B J Ju u l l y y 1 1 5 4 , , I 1 9 9 6 6 0 0 . . . . 2,0 4 0 0 1 0 O Fe c b t. . 15 1 , , 1 1 9 9 6 6 1 2 3% m 3 64 3 7 2 J A u u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... 2 2 V ^ i 2 6 , , 1 7 1 5 0 5 Apr. 1, 1975-80... 2V4 6,862 July 21, I960.. 400 Feb. 15, 1962 4 1,435 Dec. 15, 1963-68... 2 Vi 2.817 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 294. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 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 a t s i l d d T g i e r o r o b e t s a t c s 2 l t Total Bonds v C i e b o r l n t e i - - Sav- T an a d x S i p ss e u c e ia s l Total Bills C c e a r t t e if s i- Notes B e b l a l ig e n i 4 k - st B r r i a e c n - te k d bonds Totals b i o n n g d s s n s i o n a t g v e s - s 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954_Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec. 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Feb 285.2 285.1 239.4 179.3 31.8 38.0 25.3 84.2 8.1 51.9 51.0 43.9 Mar 282.2 282.0 236.1 176.3 32.2 34.4 25.4 84.2 8.0 51.9 51.0 43.9 Apr 285.5 285.4 240.2 180.7 34.2 34.4 27.2 84.9 7.8 51.7 50.8 43.3 May 286.4 286.3 240.3 181.0 35.0 33.8 27.3 84.9 7.7 51.5 50.7 44.2 June 284.8 284.7 237.1 178.0 32.0 33.8 27.3 84.9 7.7 51.4 50.5 44.8 July 288.8 288.7 241.8 183.1 37.0 33.8 27.3 84.8 7.6 51.1 50.2 44.1 Aug 290.5 290.4 242.9 184.5 38.6 20.3 40.7 84.8 7.6 50.8 50.0 44.7 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 50.6 49.7 44.4 Oct 291.4 291.3 244.9 187.4 39.1 20.3 43.1 84.8 7.3 50.2 49.4 43.6 Nov 290.7 290.6 244.2 187.0 39.1 19.7 43.3 84.8 7.2 50.0 49.3 43.6 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—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 Feb 290.7 290.6 244.8 189.4 41.2 15.2 48.2 84.8 6.9 48.5 47.8 42.8 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 Feb. 29, 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 $10,566 million on Jan. 31, 1960. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g n e n ti c c t e g e u l s u u e r ) d a i d - r - - S is p s t e r u c u e i s a s t l fun P is d u s s b u 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 n o 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 d s s ivid se u O c a u l t s h ri e ti r es i M t n o v i r s 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 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 20.4 290.5 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 291.4 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 Dec 290.9 43.5 10.2 237.3 2o.6 59.8 6.9 12.3 23.1 17.5 45.9 23.3 21.8 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 Dec. 31, 1959. Starting with September 1959, banks in agencies and trust funds; Treasury Department estimates for other groups. Alaska and Hawaii are being gradually reclassified as continental U. S. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 303 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES * [On basis of Treasury Survey data. Par value in millions of dollars) Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b e C o r o t n i n d b - s le Total W 1 i y th ea in r 1-5 y 5 e - a 1 r 0 s O y v e e a r r s 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 Nov. 30 194,166 39,134 19,669 43,341 84,813 7,210 186,957 77,947 60,798 19,811 28,401 Dec. 31 195,346 39,643 19,669 44,152 84,804 7,077 188,269 78,456 61,609 23,625 24,579 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 ,210 295 2,848 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 ,565 913 3,267 Dec. 31 9,379 78 492 1,338 4,711 2,759 6,620 721 ,696 1,179 3,025 1959—June 30 9,681 86 537 1,389 4,988 2,680 7,001 930 ,679 1,448 2,944 Nov. 30 9,999 310 373 1,687 5,027 2,602 7,397 1,112 ,873 1,625 2,787 Dec. 31 9,982 260 363 1,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 ,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 ,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 Nov. 30 26,922 2,894 10,509 11,011 2,508 26,922 18,928 6,524 410 ,060 Dec. 31 26,648 2,626 10,508 11,016 2,498 26,648 18,654 6,524 677 793 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 Nov. 30 51,085 3,705 2,101 13,200 31,973 106 50,979 10,004 29,018 8,518 3,438 Dec. 31 51,945 5,011 2,094 13,172 31,564 104 51,841 11,198 28,778 9,235 2,629 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 1,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 Dec. 31 6,942 139 115 538 5,268 882 6,060 300 1,229 958 3,573 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Nov. 30 6,712 143 154 860 4,902 653 6,059 423 1,371 1,667 2,598 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,987 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 1,802 5,285 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 Dec. 31 10,984 726 231 731 7,255 2,042 8,943 1,158 1,976 1,156 4,653 1959—June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 1,678 4,164 Nov. 30 11,043 508 221 1,012 7,468 1,833 9,210 1,119 2,219 1,787 4,085 Dec. 31 10,933 416 231 1,074 7,454 1,758 9,175 1,023 2,279 2,422 3,450 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 Nov. 30 88,405 31,573 6,312 15,571 32,934 2,015 86,390 46,361 19,793 5,804 14,433 Dec. 31 89,066 31,140 6,315 16,302 33,325 1,985 87,082 46,057 20,717 7,154 13,153 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
304 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 from In- Less: r B ec u N e d e i g p t e ts t re T P f c u r l e u n u 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 - - . i E p T r f u q e r t b u o o h c l a t m t e i a s l c s l . : 2 B p t u e u e n d x re d g - s i e - t p T P t f e u u e l r 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 o q u a o u y b t t a h l t a l i s e l s c . : t p p o u a t o h b y ( r e l t - i s ) c . , c ( c o d r d r r e i e e r a d a b e s s e t c e e - t , a i G n g N v e o n . e v . t b t & . y O n ca t o h s n h e - r b E T i o n q c N r g u a r e s T a o o h t l w s r : - & agen.) tr. funds debt* Cal vear 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 4,509 87,552 80,321 20,244 5,009 95,560 -8,006 10,112 -543 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 j 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 -1,494 653 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 2,486 40,784 39,530 10,568 1,804 48,295 -7,511 7,329 -856 574 7,615 Monthly: 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 6J461 1,451 789 7,124 2,457 -3,016 93 145 -3,253 Apr 4,258 1,302 171 5,384 6,•?7 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 1,052 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 AUE 5,679 2,444 217 7,903 305 1,528 -664 8,498 -594 1,943 573 31 1,339 Sect 8,486 1,236 230 9,488 357 1,735 383 7,709 1,779 -1,866 -399 -9 -1,457 Oct 3,023 1,009 348 3,678 g'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 1,474 889 8,163 844 [.748 797 7,795 368 259 -84 111 233 I960 Jan *> .. 4,909 828 284 5,453 6,199 1,974 1,414 6,759 -1,306 229 -472 148 553 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions 1Financing transactions inc., or dec. (—) States (end of period) Period Net Trust m N ar e k t et inv N . e ( t -), Incr o e r ase, Deposits in: s B d u u e r o p f d i r l g c u i e t s t , a l c d a c e t o u f i i r o m c n it u , - t c o R i l c e T i a a c r s t o e h io n a n - s. i ( s a o G + s g b u e o ) l a i n , v g n c t o a c . y - f e i s & a n G e g c e o t F . r n v e u b c t d s y y . t . d p e d g c u i r r r o b e e ' l s c a i s c t se T o r H u e t a e s s l i d u d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a a . v b n a R l k e il . s - T T a L r u x o e r a a y a n s n - d O as n t s h e e t e 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 1959— J J u a l n y . - - D Ju e n c e -1 -1 1 , , 4 0 2 0 3 4 -1 - ,2 22 8 5 6 -2 2 3 0 2 3 -1 1 2 9 1 2 1, - 1 3 4 2 4 6 1 , ,7 5 8 7 4 9 -1 1 3 0 1 8 -4,7 3 8 8 8 9 4 5 , , 9 3 6 5 1 0 5 3 3 5 5 8 3 3 S ,7 4 4 6 4 8 1 1, , 0 1 7 3 1 5 July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 Monthly: 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 1 -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 -626 916 -641 -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 10? -12 209 -10 615 5,583 504 4,216 863 1960 Jan -1,29C -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 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 305 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r i d e p e - g t t e s t f t O u a r n u g ld d s e T - t * ran H t f s w u r f i e u g a n r s h y d s t - to R m : a t r i c . r e e c e - n R t - . t . c fu e R r o i n e e p f - d - t s s B c T u e r o i d e p t - g a t e s l t W he I i n t ld h d - ivid O u t a h l er C ra o t r io p n o- t c a E i x x s e e - s t p m a E l x m o e e n y - s - t 7 O ce r t i e h p - e t r s Liquor b T a o c - co a t M a n i d l f e r r r s s e . ' - 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 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 1,703 984 n.a. Monthly: 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 4,258 540 148 16 1,412 6,375 969 3,033 477 852 558 486 243 159 MAy'.Y... 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 Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 1,058 Dec 7,582 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 1960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 n.a. Budget expenditures* Major national security Agri- Vet- culture Period Total Total* M de i f li e t n a s r e y M a a s il n s i i t c s a e 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 i d L r c s e In e t s e t r- ic e b s e r e f e s a i r n t n a v s e n s - - ' d w L a a e n l b f d a o r 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 a e 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 e r e n e a n r - l t nsources Fiscal year—1956. 66,540 40,641 35,791 2,611 1,651 1,843 6,846 4,756 2,821 4,867 1,105 2,030 1,630 1957. 69,433 43,270 38,439 2,352 1,990 1,973 7,308 4,793 3,022 4,525 1,297 1,455 1,790 1958. 71,936 44,142 39,062 2,187 2,268 2,231 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: 1958—Jan.-June 35,876 22,418 19,692 1,156 1,188 1,015 3,777 2,626 1,811 1,738 694 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 July-Dec. 39,530 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 Monthly: 1958—Dec 7,080 4,212 3,758 221 211 198 652 440 310 781 141 224 123 1959—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 '317 610 114 320 '131 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 '351 181 200 379 '187 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 Dec 6,844 4,231 3,856 125 237 123 813 430 318 536 134 125 149 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 7 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 8 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. * Primarily adjustments 2, 3, and 4, described in note 3. »Includes stockpiling and defense production expansion not shows 3 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
306 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 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 6,931 7,402 8,672 9,630 8,490 Banks for cooperatives 424 377 367 375 457 454 410 473 511 518 526 Federal intermediate credit banks 2.. 673 590 638 689 734 935 1,228 1,247 1,169 1,313 1,547 Farmers Home Administration 596 648 701 681 724 832 903 900 819 935 963 Rural Electification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,774 2,820 2,874 2,919 2,973 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 1,600 1,962 3,298 3,944 2,480 Other agencies 31 23 18 1 (3) (3) (3) (3) (3) To aid home owners, total 2,603 2,930 2,907 3,205 3,680 4,769 4,628 4,607 4,860 5,352 5,873 Federal National Mortgage Association. 2,242 2,462 2,461 2,641 3,072 3,998 3,776 3,716 3,924 4,362 4,815 Veterans Administration 362 ' 300 383 480 464 770 851 890 936 989 1,056 Other agencies t 168 63 84 145 1 1 1 1 1 1 To industry, total 598 588 431 678 619 674 654 658 680 €95 717 Treasury Department... 174 353 306 209 251 222 221 216 in 201 C O o th m e m r a e g rc e e n c D ie e s partment. \ 598 \ 413 79 i > 2 1 6 1 1 2 2 1 1 9 9 1 2 2 1 0 7 6 2 1 4 9 1 1 2 1 4 9 7 0 2 1 7 8 8 7 182 3 1 4 7 2 4 301 To financing institutions 864 952 870 1,419 1,233 1,270 931 1,010 1,298 1,087 1,539 To aid States, territories, etc., total 1,020 645 272 245 246 264 271 294 293 291 293 Public Housing Administration 894 500 112 90 106 105 91 106 106 91 89 Other agencies 126 145 160 155 140 159 180 188 187 200 204 Foreign, total 7,736 8,043 8,001 7,988 8,223 8,754 9,022 9,271 9,510 9,712 9,904 Export-Import Bank 2,496 2,833 2,806 2,702 2,701 3,040 3,094 3,239 3,362 3,439 3,504 Treasury Department* 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,419 3,419 3,425 International Cooperation Administration. 1,515 1,537 1,624 1,767 1,995 2,195 2,412 2,514 2,682 2,782 2,874 Other agencies 58 53 1 57 49 45 47 46 73 101 All other purposes, total 75 119 166 256 213 344 449 489 548 562 627 Housing and Home Finance Agency. 5 29 127 209 156 283 383 423 458 497 563 Other agencies 90 39 47 57 62 65 66 89 66 64 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -486 -450 -368 -353 -654 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 22,383 23,280 25,493 26,977 26,788 Investments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,467 4,365 4,198 4,533 4,442 Federal home loan banks 311 387 641 745 1,018 896 1,366 1,250 995 1,202 1,064 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 293 278 288 296 310 Federal Housing Administration 316 319 327 381 458 471 536 559 567 586 590 Federal Deposit Insurance Corporation.... 1,437 1,526 1,624 1,720 1,825 1,937 2,030 2,034 2,049 2,139 2,154 Other agencies 148 152 147 149 181 226 242 245 300 310 324 Investment in international institutions 3,385 3,355 3,385 3,385 3,420 3,420 3,420 3,420 3,420 3,420 4,795 Other securities6 223 219 197 179 249 298 r311 r283 r283 r282 331 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 21,540 20,743 20,810 20,504 20,821 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 3,310 3,013 3,036 2,906 3,614 Defense Department 11,004 11,136 10,344 9,730 9,681 9,421 8,751 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. 303 428 550 609 I 6 , 2 5 0 1 1 7 7,2 1 8 85 2 7,7 1 0 86 0 7,8 1 0 91 9 7,9 1 1 7 9 4 7,9 1 8 9 7 1 8,2 1 7 7 8 8 Land, structures, and equipment, total •.••:••• 3,213 8,062 8,046 7,822 9,985 9,962 10,459 10,422 10,670 10,753 8,869 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,589 4,550 4,721 4,736 2,856 Panama Canal Company 415 363 421 421 398 398 396 398 396 402 409 Tennessee Valley Authority 1,251 1,475 1,739 1,829 1,762 1,801 1,803 1,790 1,777 1,802 1,878 Housing and Home Finance Agency 1,202 1,040 728 450 236 88 32 26 25 20 9 Nat. Aeronautics and Space Administration 276 283 280 282 285 289 304 Bonneville Power Administration 311 342 349 371 372 373 357 General Services Administration 1,298 1,308 1,341 1,319 1,322 1,237 1,241 Post Office Department 590 599 637 637 637 637 640 Other agencies 345 350 360 300 613 608 1,033 1,050 1,134 1,257 1,175 Bonds, notes, & debentures payable (not guar.), total... 1,330 1,182 1,068 2,379 2,711 4,662 3,812 3,981 4,038 4,212 4,882 Banks for cooperatives 181 150 156 185 257 247 207 260 303 310 314 Federal intermediate credit banks 704 619 640 665 721 902 1,181 1,211 1,124 1,256 1,488 Federal home loan banks 445 414 272 958 963 825 455 612 714 699 992 Federal National Mortgage Association 570 770 2,688 1,968 1,898 1,898 1,947 2,087 r Revised. 5 Figure derived by Federal Reserve. 1 Figures exclude interagency items, Prior to 1956, data for trust 6 Includes investment of the Agricultural Marketing revolving fund in revolving funds included such items. the banks for cooperatives; Treasury compilations prior to 1956 classified 2 Effective Jan. 1,1957, the production credit corporations were merged this item as an interagency asset. in the Federal intermediate credit banks, pursuant to the Farm Credit NOTE.—Coverage has changed in some of the periods shown. Be- Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations ginning with 1956, changes reflect the expanded coverage and the new of the banks are classified as trust revolving transactions. classification of activities by type of fund now reported in the Treasury 3 Less than $500,000. Bulletin. Classifications by supervisory authorities are those in existence 4 Figures represent largely the Treasury loan to the United Kingdom, currently. Where current Treasury compilations do not provide a deand through 1952 are based in part on information not shown in Treasury tailed breakdown of loans, these items have been classified by Federal compilation. Reserve on basis of information about the type of lending activity involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 307 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties 1Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties* 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 .9 13.7 18.6 12.2 6.4 12.2 11995512 9812..43 5 66 9 . . 9 5 22..40 2202..81 7 8 5 4 . . 6 2 5518..75 4461..81 1101..77 2235..97 1 1 7 5. . 9 2 8 8. . 4 0 7 6. .3 7 2 2 . . 6 8 4 4 .1 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 28.9 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 Sept 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.* 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 2 181.4 138.4 5.8 37.1 169.5 124.3 103.9 20.5 45.2 30.1 15.0 11.8 4.4 7.4 Septp 186.6 142.3 6.3 38.0 174.5 128.1 106.9 21.2 46.4 30.9 15.5 12.1 4.4 7.6 Dec » 191.0 145.6 6.7 38.8 178.9 131.3 109.4 21.9 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 sayings 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 holdings 2 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 ,08? 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 6,180 590 24,990 22,457 6,335 8,635 7,487 2 480 53 195$$ June 23,960 17,460 4,970 3,405 9,085 5,060 [,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 ,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 [,505 423,638 21,257 5 684 8 435 7 138 2 328 53 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 p . 27,630 20,015 6,040 3,165 10,810 6,025 i',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 v Preliminary. estimates based in part on data from National Association of Mutual 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
308 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 4 466 776 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 1959 5,970 5,468 1,549 201 3,718 502 39,299 36,475 8,318 7,115 21 042 2,824 1958 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 2 779 469 428 116 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 Dec 667 619 153 36 430 48 39,299 36,475 8,318 7,115 21,042 2,824 NOTE.—^Certain 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- Total2 in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured anteed tional ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings justed 1 ment* assns. panies banks banks 1941. I 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 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 }?,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 . . 19,747 7,365 1,480 3,680 1,327 1955 1 .412 4,041 5,241 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 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 1959. 1.5,463 5,296 6,766 53,087 2,986 7,187 42,914 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 521 5,832 1,780 1959 1958 Jan ,011 442 46,029 7,092 36,664 Feb... 1,012 326 429 46,456 2,328 7,110 37,018 Dec 2,629 2,629 983 143 508 165 Mar 1,257 439 515 47,049 2,388 7,100 37,561 Apr 1,359 480 562 47,754 2,461 7,111 38,182 1959 May 1,434 522 601 48,508 7,119 38,861 June 1,555 554 674 49,348 2,605 7,119 39,624 Jan 2,677 2,352 870 121 454 123 July 1,529 520 695 50,131 2,685 7,125 40,321 Feb 2,631 2,245 865 106 426 113 472 662 50,858 2,760 7,136 40,962 Mar 2,683 2,586 1,059 116 492 112 Sept... 1^174 450 645 51,528 7,138 41,572 2,683 2,776 1,148 115 553 124 Oct 1,329 465 590 52,149 2*883 7,159 42,107 May!!!!!!!!! 2,757 2,768 1,151 112 534 140 Nov 1,086 373 486 52,608 2,939 7,172 42,497 2,780 2,974 1,261 120 543 168 Dec 1,094 377 465 53,087 2,986 7,187 42,914 July 2,787 3,100 1,286 138 561 187 Aug 2,769 2,871 1,203 137 505 167 1960 Sept 2,650 2,834 1,184 136 481 173 Oct 2,639 2,799 1.152 146 463 168 Jan 881 292 386 53,410 3,031 7,191 43,188 Nov . . 2,589 2,442 953 137 409 152 Dec 2,487 963 138 410 152 * 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 309 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 mortgages Proj- Prop- mortgages Government- Year or month erty underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e t s - 1 p l m o r i o a m e n v n - e s t 2 - Totaia p e N r r t o e 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 u e 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 1959 Jan 700 217 369 37 77 276 194 81 1959? 131 3 53 9 23.8 30 1 77 4 Fcb 598 196 311 37 54 238 174 64 Mar 643 211 319 33 81 260 201 59 1958—June 111.5 48.3 17.7 30.6 63.2 Apr 639 196 294 80 69 231 179 52 Sept 114.5 49.1 18.6 30.5 65.4 May 652 186 291 86 88 211 161 50 Dec 117.7 50.1 19.7 30.4 67.6 June 680 208 312 68 92 221 165 56 July 694 214 310 71 99 227 168 59 1959—Mar.*.... 120.5 51.3 20.9 30.4 69.2 AUK 660 215 288 67 89 202 150 52 June*.... 124.3 52.1 21.8 30.3 72.2 Sent 656 226 284 52 94 221 157 63 Sept.* 128.1 53.1 22.9 30.2 75.0 Oct 649 237 286 35 90 238 167 70 Dec* 131.3 53.9 23.8 30.1 77.4 Nov 583 223 225 50 85 220 158 61 Dec 540 233 218 11 78 241 177 64 » Preliminary. I960 Jan 514 221 196 19 78 195 148 47 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 Mortgage Advances outstanding transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month Total FH in A - - g V u A ar - - u d n is - Total S te h r o m rt 1 - L te o rm ng 2 - deposits sured anteed c P ha u s r e - s Sales bursed 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 1,841 542 221 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 525 476 1955 1,251 702 1,417 991 426 698 1955 2,615 901 1,714 411 62 76 1956 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1,116 1,079 1,265 731 534 653 1957 3,974 1,237 2,737 1,096 3 764 1958 1,364 1,331 1,298 685 613 819 1958 3,901 1,483 2,418 623 482 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—Feb 50 94 1,101 559 542 720 1959—Jan 4,032 1,564 2,468 150 1,432 Mar.. 83 96 1,087 531 556 736 Feb 4,188 1,664 2,523 176 1,291 Apr... 157 62 1,183 570 612 695 Mar 4,340 1,740 2,600 175 1 1,182 May.. 116 53 1,246 596 650 692 Apr 4,508 1,831 2,677 193 1,063 June.. 351 60 1,537 750 786 776 May . . 4,641 1,900 2,740 154 1 982 July.. 235 214 1,557 807 750 613 June 4,793 2,000 2,794 177 1 875 Aug.. 171 63 ,665 892 773 587 July 4,948 2,104 2,844 178 788 Sept.. 200 70 ,795 1,042 753 570 AuK 5,085 2,198 2,887 165 1 714 Oct... 199 78 1,916 1,080 835 524 Sept 5,216 2,288 2,928 155 672 Nov.. 129 82 1,963 1,109 854 506 Oct 5,335 2,383 2,953 143 611 Dec... 281 109 2,134 1,192 942 589 Nov 5,441 2,471 2,970 127 573 Dec 5,531 2,546 2,985 129 568 I960 Jan 136 531 740 1 042 697 499 Feb 58 169 1,628 963 665 488 1960—Jan 5,508 2,621 2,887 126 115 600 1 Secured or unsecured loans maturing in one year or less. * Operations beginning with Nov. lf 1954, are on the basis of FNMA's 2 Secured loans, amortized quarterly, having maturities of more than new charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Source.—Federal Home Loan Bank Board. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
310 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] In.stalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e i o r l - e i co p g O n a o s t p o h u e d e m r r s i er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1 414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 1,895 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 June 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 I960—Jan 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 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 C c a n u o n a m o m i n n e e c - - s r e 1 Other i Total D s m t e o p e r a e n s r t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o i r l - e s' 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 in 4,042 1.064 1,004 377 527 J.070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 ,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 1^56 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 1,408 I 187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 1,393 ,210 361 478 ,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 ,525 4,983 1,882 ,128 292 506 ,175 1959* 39,482 33,838 14,922 10,145 3,232 3,764 ,775 5,644 1,298 1,167 295 588 ,296 1959—Jan.* 34,029 29,178 12,908 8,733 2,647 3,380 ,510 4,851 1,805 1,095 288 508 1,155 Feb 34,025 29,238 12,938 8,724 2,671 3,377 ,528 4,787 1,807 11,079 283 509 I 109 Mar 34,234 29,499 13,086 8,780 2,710 3,378 ,545 4,735 1,781 1,045 282 513 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 36,135 31,245 13,963 9,350 2,895 3,424 1,613 4,890 1,839 1,052 283 551 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 1,166 AUK.4 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 1,868 L 072 288 578 L 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 1 Qfi7 1,089 286 593 1,168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 1,744 5,204 2^045 I 107 290 592 I 170 Dec 39,482 33,838 14.922 10,145 3,232 3,764 1,775 5,644 2,298 I 167 295 588 I 296 I960—Jan 39,358 34,003 15,066 10,168 3,225 3,777 1,767 5,355 2,109 1,132 289 587 1,238 * 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. * Includes mail-order houses. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 311 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 O g p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i a p o n o i n z d a d n a i s - r - s l P o o a e 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 s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a t o m p o h n d e e e - r r s r m R iz lo o a e a d a n p ti e n a d o r s i n n r - s l P o o e a n r n 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 1,303 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 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 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 1,941 3,119 1959_Jan... 8,733 6,391 1,566 19 757 1959 Jan i . .. 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 1,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 Nov.. 10,117 7,388 1,830 34 865 Nov 14,853 4,825 2,519 2,513 1,928 3,068 Dec.. 10,145 7,328 1,883 35 899 Dec 14,922 4,798 2,511 2,553 1,941 3,119 I960—Jan... 10,168 7,305 1,922 36 905 I960—Jan 15,066 4,793 2,522 2,689 1,932 3,130 1 Includes data for Hawaii, beginning with August 1959. * Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONTNSTALMENT 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 1939 E o n r d m of o n y t e h ar i c T m n r 7 s o e e t 8 t d n a a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s g p O c u o a o t m o p h n 2 d e e e 4 - r s r r m i R z l o o a a e d a n p t 1 i n e a d o 5 r s i n r n s l P o o 6 a e n 6 n r a 9 - s l E o n r d m of o n y t e h ar _ c T m r n o e o e d t n n a i - t t l b C m c a o i n e a m k r l - l s - oa t n O f u i s i n c t n t i i s h a o a t e n l i n - r - s s m p t 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 t 2 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_jan.3.... 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 Apr... 10,946 3,291 521 601 3,208 351 2,974 Aug. 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 1960—Jan.. 8,769 1,361 750 723 5,935 Nov... 11,656 3,472 645 717 3,506 391 2,925 Dec... 12,564 3,542 634 960 3,985 406 3,037 i Includes data for Alaska and Hawaii, beginning with January and 1960—Jan 11,998 3,499 593 825 3,577 414 3,090 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and * 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
312 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 rn ep 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 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,818 14,316 11,638 1,890 12,974 19591 48,476 18,001 13,512 2,087 14,876 1959 Jan * 3,866 3,369 1 448 1,254 1,102 925 156 120 1.160 1.070 Feb 3,857 3,290 1,468 1 266 1 066 860 158 126 1,165 1,038 Mar 3,809 3,830 1,435 1,491 1 (Y7S QQS 168 157 1,131 1,187 Apr 3,989 4,073 1,527 1 598 1146 1 090 176 173 1,140 1,212 May 4,112 4,092 1,533 1,580 1 160 1,128 190 198 1,229 1,186 4,032 4,454 1,509 1,780 1,130 1,173 178 195 1,215 1,306 July 4,159 4,315 1,557 1 720 1 154 1 109 183 197 1,265 1,289 Aug. 1 4,132 4,193 1,538 1,627 1 138 1,123 185 199 1,271 1,244 Sept 4,172 4,061 1,521 1,515 1,138 1,123 175 191 1,338 1,232 Oct 4,219 4,185 1,622 1 564 1 124 1 198 174 190 1,299 1,233 Nov 4,083 3,928 1,466 1 313 1 133 1 172 171 175 1.313 1,268 Dec 4,046 4,686 1 177 1,293 1 14£ 1 £1£ 173 166 1,350 611 1960 Jan 4,217 3,534 1,535 1,278 1,208 976 165 124 1,309 1,156 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 I9591 43,239 15,715 12,225 1,738 13,561 1959 Jan. 1 3,460 3,447 1.259 1.231 980 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 I 336 Q84 1,031 138 143 L057 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 ,318 1,262 1,014 996 149 143 1,147 1,096 3,542 3,676 1,289 1,342 992 [,020 145 147 1,116 1.167 July 3,636 3,693 1,334 1,363 1,011 1,015 146 147 ,145 ,168 Aug l 3,635 3,578 ,325 1,318 ,012 993 152 151 1,146 ,116 Sept 3,660 3,609 1,315 1,333 .045 [,022 147 147 ,153 ,107 Oct 3,697 3,726 1,341 1,375 1^048 1,054 147 150 1,161 ,147 Nov 3,700 3,626 ,311 I 303 1 069 1,019 142 145 ,178 ,159 Dec 3,776 3,927 .361 1.372 1,066 .060 144 145 .205 .350 I960—Jan 3,824 3,658 1,386 1,300 1,089 1,090 141 137 1,208 1,131 Change in outstanding credit2 1953 +3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5,390 +3,663 +883 +73 +771 1956 . . +2,939 +987 +946 +206 + 800 1957 +2 286 +950 +202 + 194 +940 1958 -103 -1,172 + 141 +261 -4-667 19591 +5,402 +2,353 + 1,320 +354 + 1,375 1959 Jan 1 +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 +490 +778 +220 +438 + 138 + 153 + 33 +48 +99 + 139 July +523 +622 +223 +357 + 143 +94 +37 +50 + 120 + 121 Aug. 1 +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 I960 Jan + 393 -124 + 149 -22 + 119 -114 + 24 -13 + 101 +25 1 Extensions and repayments include current data for Alaska and December 1957, pp. 1420-22, and November 1959, p. 1418. Hawaii beginning with January and August 1959, respectively. The A discussion of the composition and characteristics of the data and differences between extensions and repayments do not equal the changes a description of the methods used to derive the estimates are shown in outstanding credit for these two months or for the year 1959 because in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment the differences do not reflect the effect of the introduction of outstanding credit extended and repaid are based on information from accounting balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTB.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-58, in the BULLETINS for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 313 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 st r i t f u i t n io a n n s cial Retail outlets Year or month Adjusted U ju n s a te 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 I9571 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 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 1,496 1,518 944 940 ,012 981 660 653 June 4,032 4,454 1,428 ,623 918 1,074 ,002 ,069 684 688 July 4,159 4,315 1,535 1,612 948 1,061 1,018 1,041 658 601 Aug.2 4,132 4,193 [,521 1,530 917 988 ,031 1,021 663 654 Sept 4,172 4,061 ,510 ,473 941 950 ,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 Ii322 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 1960 Jan 1 4,217 3,534 1,519 1,346 985 802 1,063 912 650 474 Repayments 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5^5 I955 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 1959 Jan.2 3,460 3,447 1.218 1.209 789 760 876 855 577 623 Feb 1 3,510 3,294 ,256 ,171 793 732 863 795 598 596 Mar 3,455 3,621 1,236 ,282 781 827 852 893 586 619 Apr 3,540 3,545 ,257 ,271 808 792 876 873 599 609 May 3,628 3,497 ,287 ,247 819 772 924 890 598 588 3,542 3,676 1,250 1,305 787 813 905 943 600 613 July 3,636 3,693 ,311 ,345 807 819 923 934 595 595 Aug2 3,635 3,578 ,310 ,299 793 795 920 892 612 592 Sept 3,660 3,609 1,312 1,306 804 807 930 892 614 604 Oct 3,697 3,726 ,326 ,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 1960 Jan 1 3,824 3,658 1,389 1,323 844 779 970 914 621 642 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 19561 + + 2 2 , , 9 2 3 8 9 6 + + 1 1 , , 1 0 7 6 6 6 + + 6 4 5 7 7 3 + + 8 8 7 2 1 2 +3? 19581 -103 -63 -833 +478 +315 195912 + 5,402 +2,142 + 1,405 + 1,194 +661 1959 Jan 2 +433 -51 +228 + 128 +96 -7 +40 -40 +69 -132 Feb. 1 + 347 -4 + 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 Sept +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 1960 Jan 1 + 393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 1 Data on extensions and repayments have been adjusted to avoid NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of duplications resulting from large transfers of other consumer goods paper. the BULLETIN for October 1956; for 1955-58, in the BULLETINS for As a result, the differences between extensions and repayments for some December 1957, pp. 1421-22, and November 1959, p.1419. types of holders do not equal the changes in outstanding credit. A discussion of the composition and characteristics of the data and 2 Extensions and repayments include current data for Alaska and a description of the methods used to derive the estimates are shown Hawaii beginning with January and August 1959, respectively. The in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment differences between extensions and repayments do not equal the changes credit extended and repaid are based on information from accounting in outstanding credit for these two months or for the year 1959 because records of retail outlets and financial institutions and often include charges the differences do not reflect the effect of the introduction of outstanding incurred under the instalment contract. Renewals and refinancing of balances for these two States. loans, repurchases and resales of instalment paper, and certain other trans- 3 Obtained by subtracting instalment credit repaid from instalment actions may increase the amount of both credit extended and credit credit extended, except as indicated in notes 1 and 2. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
314 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959* Jan. Feb Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. INDUSTRY GROUPINGS Total index. 141 159 152 155 157 162 166 166 163 157 157 155 '156 165 168 M M Ut a i D N i n l n i u o i u t n i r n f e g a a d s b c u t l u r e a r b in l g e y total. 2 1 1 1 1 4 4 4 2 3 4 1 1 0 9 2 1 1 1 1 6 6 2 5 5 8 5 5 5 8 2 1 1 1 1 5 2 5 4 5 9 8 6 8 0 2 1 1 1 1 5 2 6 5 5 9 6 0 0 3 2 1 1 1 1 6 5 6 2 5 1 1 5 6 6 2 1 1 1 1 6 7 5 2 6 2 1 5 9 1 2 1 1 1 1 6 3 7 5 6 6 1 7 6 5 2 1 1 1 1 7 7 2 5 6 1 9 9 6 6 2 1 1 1 1 7 7 2 6 5 1 1 3 3 9 2 1 1 1 1 6 5 5 2 5 9 9 6 0 8 2 1 1 1 1 7 1 5 5 5 3 9 6 9 7 2 1 1 1 1 7 5 2 5 5 2 5 0 4 7 ' 2 1 1 1 1 7 5 2 5 5 0 4 6 7 6 n 1 ' 1 1 2 i 3 5 6 7 A 0 8 4 5 2 1 1 1 1 8 8 5 6 2 0 1 9 8 8 Durable Manufactures Primary and fabricated metals. 110 125 125 132 139 144 153 151 122 93 92 87 '113 r145 149 F P a ri I S b m r t r o r i a n u c r a c y a t t e u n m d r d a e m l t s a t m e e ls t e e a l t l a l p r p o a d r u ts cts 1 1 9 9 2 3 9 4 5 8 1 1 1 1 4 0 4 1 9 8 2 4 1 1 1 1 1 3 4 1 5 6 6 7 1 1 1 1 2 3 4 3 9 6 6 0 1 1 1 1 3 3 4 4 8 9 8 0 1 1 1 1 4 5 4 4 5 4 2 6 1 1 1 1 5 5 4 5 5 9 9 5 1 1 1 1 6 5 4 5 3 0 8 2 1 1 1 8 5 0 6 9 1 3 2 1 1 5 3 4 5 8 7 5 0 1 1 5 3 4 4 7 7 9 4 1 1 5 3 3 3 5 7 5 8 ' 1 1 1 r9 0 3 3 5 1 6 0 ' 1 1 1 1 4 4 4 4 3 9 9 5 1 1 1 15 5 4 4 1 5 8 9 Machinery and related products. .. 166 197 184 186 190 196 203 206 209 205 204 202 186 r200 212 Machinery 140 169 151 154 157 163 170 175 111 175 177 175 171 nn 180 Nonelectrical machinery 117 141 124 128 132 138 143 148 149 146 148 147 145 149 Electrical machinery 175 212 196 197 198 204 213 217 223 222 224 221 213 147 231 Transportation equipment 197 228 224 224 231 238 244 244 247 237 230 229 184 '227 251 Motor vehicles and parts 112 146 142 142 151 158 163 165 167 155 151 152 92 '217 186 Aircraft and other equipment.. 376 389 389 389 389 395 401 397 400 400 386 378 378 137 365 Instruments and related products. 175 209 191 192 195 197 204 212 215 215 218 220 220 '375 220 Ordnance and accessories 223 Clay, glass, and lumber 124 143 133 133 138 144 147 147 151 147 144 143 142 144 144 Clay, glass, and stone products. 137 159 143 145 152 160 162 167 170 166 162 161 159 160 159 Lumber and products 110 124 123 120 123 127 131 123 129 125 124 123 123 127 128 Furniture and miscellaneous. 126 147 139 139 140 144 148 150 153 150 149 150 150 152 153 Furniture and fixtures 137 164 156 156 157 161 166 167 171 167 165 166 168 172 174 Misc. manufactures 116 133 125 125 127 131 134 135 138 136 136 136 135 136 136 Nondurable Manufactures Textile, apparel, and leather products. 117 136 129 129 131 137 139 140 142 139 137 136 138 139 138 Textile mill products 109 126 120 121 123 121 129 132 135 130 127 124 124 125 125 Apparel products 129 152 142 143 145 152 155 156 156 154 154 156 159 160 158 Leather and products 109 119 117 115 114 120 127 121 124 120 117 117 116 118 Paper and printing 142 154 147 150 149 153 154 153 156 157 158 157 155 158 158 Paper and products. 155 170 161 167 164 173 172 169 175 174 175 175 167 174 Printing and publishing. 133 143 137 138 139 141 142 142 145 146 148 146 147 148 148* Newspapers , 126 135 129 131 131 136 135 132 139 140 138 137 137 140 Chemical, petroleum, and rubber products. 188 215 205 209 210 212 219 223 221 223 218 218 219 221 Chemicals and products 210 240 223 227 230 238 241 244 245 246 250 245 246 248 251 Industrial chemicals 247 298 269 275 282 290 296 306 310 310 315 307 309 '313 Petroleum products 148 158 155 154 163 157 158 162 163 160 159 159 158 153 Rubber and plastics products 166 199 189 197 196 182 183 205 223 210 209 201 198 203 205 Foods, beverages, and tobacco. 123 128 124 126 125 130 130 127 127 130 130 128 129 131 Foods and beverages 123 128 125 127 126 130 131 128 127 131 130 128 129 130 131 Food manufactures 125 131 126 129 129 132 133 131 129 131 131 129 132 133 133 Beverages 112 118 115 114 112 121 120 112 114 126 125 119 116 114 Tobacco products 121 127 123 128 122 135 126 117 134 130 126 130 127 130 Mining Coal, oil, and gas 117 122 123 121 120 123 125 124 120 119 120 121 124 r126 124 Coal 68 67 73 72 67 69 73 68 58 59 61 63 71 '78 75 Crude oil and natural gas. 140 147 146 144 145 148 150 150 148 146 146 147 149 149 146 Oil and gas extraction.. 138 145 143 142 143 147 148 147 146 143 144 145 146 146 143 Crude oil 129 135 134 133 134 138 139 139 135 133 134 135 136 135 133 Gas and gas liquids.. 196 209 203 202 205 207 209 213 217 214 212 215 215 217 Oil and gas drilling.... 152 159 163 153 151 152 155 161 162 163 161 159 164 170 164 Metal, stone, and earth minerals. 142 146 158 157 159 163 164 160 145 128 118 120 142 152 152 Metal mining 114 106 140 139 139 136 140 130 100 66 53 57 94 109 118 Stone and earth minerals 171 188 176 175 179 190 189 190 192 193 189 188 192 196 188 Utilities Electric. 244 271 259 258 261 262 267 273 275 274 279 279 274 282 Gas 244 262 262 264 265 265 266 266 261 256 256 255 261 269 SUMMARY MARKET GROUPINGS Final products, total 145 162 154 155 157 161 164 164 166 166 165 165 161 166 170 Consumer goods 140 155 150 150 151 156 157 157 159 158 158 158 154 158 164 Equipment, including defense. 165 188 175 176 179 184 190 193 196 194 194 194 192 194 195 Materials 138 156 150 154 158 163 167 167 160 148 149 146 152 165 167 9 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 315 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Without seasonal adjustment] Annual average 1959 1960 Grouping 1958 1959* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. INDUSTRY GROUPINGS Total index. 141 159 152 157 160 163 165 167 154 155 159 160 157 162 168 Manufacturing, total. 139 158 150 155 159 163 164 167 153 154 158 159 156 161 167 Durable 141 165 157 163 169 173 111 180 161 151 157 159 i58 174 181 Nondurable 141 155 146 151 152 155 155 156 149 162 163 164 159 151 156 Mining 120 125 127 126 125 128 132 131 119 120 120 122 126 129 127 Utilities 244 268 Durable Manufactures Primary and fabricated metals. 110 125 126 136 144 148 152 154 111 90 93 89 '114 r142 149 Primary metals 99 114 121 137 148 151 155 156 88 54 56 56 102 142 151 Iron and steel 94 108 117 134 147 151 154 154 77 35 37 39 r96 145 155 Fabricated metal products 125 142 134 134 137 142 146 151 145 146 151 139 133 143 146 Structural metal parts 138 149 145 145 148 153 157 162 156 148 150 141 140 154 155 Machinery and related products 166 197 187 191 196 199 202 205 197 189 198 205 189 "204 216 Machinery 140 169 152 159 162 165 169 174 164 168 178 179 173 178 181 Nonelectrical machinery 117 141 126 132 137 142 146 149 142 139 145 145 143 148 151 Electrical machinery 175 212 195 202 202 201 206 214 198 213 233 234 222 '226 228 Transportation equipment 197 228 233 233 240 244 244 243 238 204 210 231 192 '230 262 Motor vehicles and parts 112 146 151 151 160 163 164 164 158 113 125 155 103 154 199 Aircraft and other equipment 376 389 398 398 398 400 395 395 393 391 382 376 376 r377 372 Instruments and related products 175 209 191 194 197 200 203 211 209 211 218 221 222 225 220 Ordnance and accessories Clay, glass, and lumber 124 143 122 126 134 143 150 154 147 156 153 152 142 r135 132 Clay, glass, and stone products. 137 159 134 138 149 159 165 171 168 171 169 168 160 155 149 Lumber and products 110 124 108 113 116 125 135 136 123 139 136 135 122 111 112 Furniture and miscellaneous. 126 147 135 138 140 140 143 147 145 153 157 158 155 154 149 Furniture and fixtures 137 164 153 155 157 157 159 164 164 170 171 174 171 175 171 Misc. manufactures 116 133 120 123 125 126 129 133 128 139 144 145 142 137 131 Nondurable Manufactures Textile, apparel, and leather products. 117 136 131 139 136 142 140 137 123 143 136 142 139 126 140 Textile mill products 109 126 121 125 125 132 130 128 118 132 127 131 128 117 127 Apparel products 129 152 146 157 152 160 157 152 134 161 152 162 159 140 160 Leather and products 109 119 118 128 124 121 119 118 110 126 119 118 113 108 Paper and printing , 142 154 144 150 153 157 155 753 145 155 160 165 159 '152 154 Paper and products 155 170 160 171 169 178 173 172 158 176 176 186 170 157 Printing and publishing. 133 143 133 136 142 144 144 141 137 141 150 152 152 149 Newspapers 126 135 119 127 136 145 144 133 121 125 139 148 149 138 128 Chemical, petroleum, and rubber products. 188 215 204 210 214 213 212 217 207 218 224 222 218 '216 223 Chemicals and products 210 240 224 231 236 244 243 243 231 242 251 249 246 244 250 Industrial chemicals , 247 298 275 284 289 296 298 302 292 298 312 310 310 r313 Petroleum products 148 158 155 155 162 152 155 162 161 165 163 158 156 157 Rubber and plastics products , 166 199 198 208 206 187 179 199 187 203 212 211 203 194 215 Foods, beverages, and tobacco. 119 118 123 126 130 129 141 142 139 131 123 123 Foods and beverages 123 128 116 118 118 123 125 130 130 141 143 138 131 124 122 Food manufactures 125 131 121 122 120 123 125 129 130 143 147 143 137 130 128 Beverages 112 118 94 100 110 123 129 137 130 134 126 120 106 101 Tobacco products 121 127 123 130 122 130 130 127 122 139 131 139 127 106 Mining Coal, oil, and gas 122 126 125 123 123 124 123 113 118 119 121 124 r128 127 Coal 68 61 72 73 68 67 71 71 46 62 64 68 74 H6 74 Crude oil and natural gas. 140 147 151 149 148 149 149 147 143 143 144 145 147 152 151 Oil and gas extraction.. 138 145 149 149 148 149 147 145 139 139 141 143 145 149 149 Crude oil 129 135 139 138 138 139 139 136 130 130 132 133 134 138 137 Gas and gas liquids.. 196 209 215 220 214 207 202 200 199 202 203 209 221 228 Oil and gas drilling 152 159 162 152 146 148 155 160 164 168 166 161 162 166 i63 Metal, stone, and earth minerals. 142 146 135 137 141 157 177 180 156 139 129 128 138 137 131 Metal mining 114 106 110 114 114 129 161 161 115 76 62 63 86 '87 93 Stone and earth minerals 171 188 160 159 168 186 193 198 200 205 201 198 193 189 171 Utilities Electric. 244 271 276 269 265 257 254 264 273 280 284 267 265 r283 301 Gas 244 262 SUMMARY MARKET GROUPINGS Final products, total 145 162 154 158 159 161 162 165 159 165 168 170 162 162 169 Consumer goods 140 155 149 153 153 154 154 157 150 159 161 165 154 153 162 Equipment, including defense. 165 188 177 180 183 187 191 195 191 190 193 192 189 194 197 Materials 138 156 150 156 160 164 167 168 150 147 150 150 154 163 167 Preliminary. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
316 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] p 19 ro 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959P Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index. 100.00 93 105 100 102 104 107 109 110 108 103 103 102 '103 109 111 Manufacturing, total. 86.49 92 105 100 102 104 707 770 770 705 704 104 702 702 70P 772 Durable 49.66 87 102 96 98 101 105 109 110 105 98 97 95 '96 '107 111 Nondurable 36.83 100 110 105 107 107 110 111 111 113 113 113 111 111 nn 113 Mining 8.55 91 95 97 96 95 98 99 98 94 91 90 91 96 97 Utilities 4.96 105 115 111 111 112 112 114 116 116 115 117 117 116 r118 120 Durable Manufactures Primary and fabricated metals. 73.75 96 95 707 106 770 777 775 93 77 70 66 mo 773 Primary metals 7.73 90 92 102 109 113 122 118 81 46 45 43 r79 114 117 Iron and steel 6.21 86 92 103 112 117 124 119 71 29 30 30 '76 119 121 Fabricated metal products 5.42 104 99 99 101 104 109 112 111 106 106 99 95 105 108 Structural metal parts 2.91 100 97 98 99 103 106 109 108 100 99 92 91 100 104 Machinery and related products..., 28.98 702 95 96 707 705 705 108 106 705 704 96 '103 770 Machinery , 15.31 103 92 94 96 100 104 107 108 107 108 107 104 '108 110 Nonelectrical machinery , 8.92 99 87 90 93 97 101 104 105 103 104 103 102 '103 105 Electrical machinery 6.39 108 99 100 100 103 107 110 113 113 113 112 108 115 117 Transportation equipment 10.76 98 96 96 99 102 104 105 106 102 98 98 79 93 107 Motor vehicles and parts 5.04 100 97 97 103 108 111 113 114 106 103 104 63 94 127 Aircraft and other equipment... 5.50 94 94 94 94 95 97 96 96 96 93 91 91 '90 88 Instruments and related products. 1.66 112 103 103 105 106 110 114 115 116 117 118 119 120 118 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 777 703 704 70S 772 774 774 118 774 772 777 777 '773 772 Clay, glass, and stone products. 2.92 95 110 99 101 106 111 112 116 118 115 112 111 110 111 110 Lumber and products 1.65 100 113 111 109 112 115 118 112 117 113 112 111 112 115 116 Furniture and miscellaneous. 2.96 96 772 705 705 707 770 773 774 775 774 773 774 774 775 777 Furniture and fixtures 1.48 96 115 109 109 110 112 116 117 120 116 115 116 118 120 122 Misc. manufactures 1.48 95 109 102 102 104 107 109 110 113 111 111 111 111 111 111 Nondurable Manufactures Textile, apparel, and leather products.... 7.32 99 775 709 709 777 775 118 779 720 777 775 775 775 775 777 Textile mill products 2.78 98 113 108 108 111 114 115 119 121 117 114 111 111 112 112 Apparel products 3.44 101 120 112 112 114 120 122 122 122 121 121 122 125 126 124 Leather and products 1.10 97 106 104 103 101 107 113 107 110 107 104 104 104 105 Paper and printing 7.93 99 108 702 705 704 707 108 707 709 770 777 770 709 777 777 Paper and products 3.27 101 111 105 109 107 112 112 110 114 113 114 114 109 113 Printing and publishing 4.66 98 105 101 102 102 104 104 104 106 107 108 107 108 109 Newspapers 1.53 96 103 99 100 100 104 103 101 106 107 106 105 104 107 106 Chemical, petroleum, and rubber products 70.95 99 775 705 705 770 770 777 775 777 775 777 774 774 775 775 Chemicals and products 7.10 100 114 106 108 110 113 115 116 117 117 119 117 117 118 119 Pe I tr n o d l u e s u t m ri a p l r c o h d e u m ct i s cals 3 1 . .9 6 3 1 9 9 8 9 1 1 0 1 5 8 1 1 0 0 3 7 1 1 0 0 2 9 1 1 0 1 8 2 1 1 1 0 5 4 1 1 0 1 5 7 1 10 2 8 2 1 12 0 3 8 1 1 2 0 3 7 1 1 2 0 5 6 1 10 2 6 2 r 1 1 0 2 5 3 ' ' 1 1 2 0 4 2 ioi' Rubber and plastics products 1.91 95 114 108 113 112 104 105 117 128 120 120 115 113 116 117 Foods, beverages, and tobacco 10.64 702 707 703 705 704 108 108 705 705 705 705 705 707 705 709 Foods and beverages 9.87 102 106 103 105 104 107 108 106 105 108 108 106 107 '107 108 Food manufactures 8.31 102 106 103 105 105 107 108 106 105 107 107 105 107 108 108 Beverages 1.56 102 107 104 104 102 110 109 102 103 114 113 108 105 104 Tobacco products .77 106 112 108 112 107 119 110 102 117 114 111 114 111 114 Mining Coal, oil, and gas 7.05 92 96 96 95 94 96 98 97 94 93 94 94 97 r99 97 Coal 1.30 83 82 89 87 82 84 89 83 71 72 74 76 87 '94 91 Crude oil and natural gas 5.75 94 99 98 96 97 99 100 100 99 98 98 ' 98 100 100 98 Oil and gas extraction 4.98 94 99 98 97 98 101 102 101 100 98 99 | 99 100 r100 98 Crude oil 4.33 93 98 98 97 97 100 101 101 98 97 97 98 99 '98 97 Gas and gas liquids .65 100 106 103 102 104 105 106 108 110 109 107 109 109 110 Oil and gas drilling .77 89 94 96 89 89 91 94 95 95 94 | 93 96 99 '96' Metal, stone, and earth minerals 7.50 91 94 707 707 702 704 705 702 93 82 76 77 97 97 95 Metal mining .70 83 11 102 101 101 99 102 94 73 48 39 42 68 79 86 Stone and earth minerals , .80 98 108 101 101 103 109 109 109 111 111 109 108 110 113 108 Utilities Electric , 3.76 104 116 111 110 111 112 114 117 118 117 119 119 117 '119 121 Gas 1.20 105 113 113 114 114 114 115 115 113 110 110 110 113 116 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 317 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p p 1 r 9 o o 5 r - - 7 A av n e n ra u g a e l 1959 1960 tion 1958 1959? Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Total index. 100.00 105 100 102 104 107 109 110 108 103 103 102 r103 109 Ill Final products, total 46.75 107 102 102 103 106 108 108 109 109 109 109 106 109 772 Consumer goods 31.13 110 106 107 107 111 111 111 112 112 112 112 109 112 116 Equipment, including defense. 15.62 100 92 93 95 97 100 102 103 102 103 103 101 102 103 Materials 53.25 103 99 101 104 108 110 110 106 99 97 100 109 110 Consumer Goods Automotive products 3.35 83 103 104 101 106 108 110 113 116 105 98 105 727 Autos 2.03 71 96 99 93 102 108 110 112 113 97 89 98 134 Auto parts and allied products 1.32 100 113 112 112 112 108 109 115 119 118 114 117 116 Home goods and apparel 9.60 116 109 109 110 115 117 118 720 118 119 119 122 727 Home goods 4.40 96 115 108 108 107 112 116 117 120 120 120 121 124 124 Appliances, TV, and radios 1.75 94 114 104 106 103 110 115 115 119 121 124 124 133 130 Appliances 1.26 99 119 109 111 107 115 121 118 121 130 130 129 143 140 TV and home radios .49 83 102 93 95 92 96 100 108 112 97 111 113 108 106 Furniture and rugs 1.18 98 119 113 114 114 117 121 121 123 120 118 120 122 122 Misc. home goods 1.47 97 114 107 106 107 111 112 115 117 118 118 118 116 118 Apparel, incl. knit goods and shoes. 5.20 100 116 109 110 113 118 118 119 120 117 117 118 120 118 Consumer staples 18.18 102 108 105 106 106 109 109 108 108 110 111 109 709 777 Processed foods 8.11 102 106 103 105 104 107 108 107 106 107 107 104 107 109 Beverages and tobacco 2.32 103 108 105 106 104 113 109 102 108 114 112 110 107 Drugs, soap, and toiletries 2.73 102 111 106 108 108 111 110 111 111 112 115 114 113 Newspapers, magazines, and books. 1.44 99 106 103 102 103 104 104 105 106 108 110 108 109 110 Consumer fuel and lighting 3.45 105 113 111 110 111 110 111 112 113 113 114 114 114 Fuel oil and gasoline 1.19 98 104 105 104 107 105 103 105 104 105 101 100 103 103* Residential utilities 2.26 108 117 115 113 113 113 114 115 117 118 121 122 120 Electricity 1.57 108 119 115 113 113 113 115 116 119 120 124 126 121 Gas .69 107 114 Equipment Business equipment 12.16 99 91 93 96 700 702 104 705 705 705 705 705 Industrial equipment 7.29 97 88 90 92 97 100 101 102 101 101 104 104 Commercial equipment 2.46 104 96 97 100 102 105 107 108 109 111 113 114 Freight and passenger equipment. 1.83 89 95 95 95 97 99 97 101 96 92 91 90 98 Farm equipment .58 100 116 108 112 119 128 132 132 109 129 112 105 Defense equipment. 3.46 Materials Durable goods materials. 27.57 700 96 99 104 772 772 705 89 707 770 Consumer durable 3.67 101 93 95 102 107 113 117 111 102 104 95 107 120 Equipment 8.10 103 96 98 100 102 106 109 106 102 101 103 105 108 Construction 9.05 107 100 101 106 111 114 113 113 107 105 102 107 109 Metal materials n.e.c 6.99 Nondurable materials 25.44 97 707 705 704 104 108 70S 709 709 707 707 705 r777 770 Business supplies 8.87 98 107 102 105 104 107 107 107 110 110 110 109 112 110 Containers 2.91 101 109 105 109 108 111 110 108 111 111 110 107 113 110 General business supplies . . 5.96 97 107 101 102 102 106 106 106 109 109 no 110 111 111 Nondurable materials n.e.c.. . 7.05 98 115 107 108 110 116 116 118 122 118 117 119 119 117 Business fuel and power 9.52 94 100 100 100 99 101 103 103 99 97 98 101 104 103 Mineral fuels 6.29 92 96 97 95 95 97 99 97 94 93 93 97 r99 97 Nonresidential utilities 2.70 102 113 108 109 111 112 114 117 116 113 114 113 117 Electricity 2.19 102 114 107 108 110 111 113 117 117 114 116 114 117 General industrial .99 98 110 104 107 109 109 111 117 116 109 109 106 114 Atomic energy .08 97 97 96 97 97 96 96 97 97 97 97 97 97 Commercial and other. 1.12 105 118 111 111 112 115 117 118 118 120 123 122 121 Gas .51 102 112 111 112 114 115 116 117 112 106 106 Industrial 33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 106 105 107 110 113 115 118 113 111 125 Apparel and staples 23.38 102 110 106 107 107 111 111 110 111 112 112 113 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 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
318 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] Annual p 19 ro 5 - 7 average 1959 1960 Grouping portion 1958 1959* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index 100.00 93 105 100 103 105 107 109 110 102 102 105 105 104 107 Ill Manufacturing total 86.49 92 105 100 103 106 108 109 HI 102 103 105 106 104 707 777 Durable 49.66 87 102 97 100 104 106 109 111 99 93 97 98 97 107 112 36.83 100 110 104 107 108 110 110 111 106 115 116 117 113 107 111 Mining 8.55 91 95 96 96 95 97 100 100 90 92 91 92 96 r98 96 Utilities 4.96 105 115 Durable Manufactures P P r r i i m m a a r r y y m an e d t a fa ls bricated metals IS 7 . . 1 7 5 3 7 8 8 4 9 9 0 6 9 9 5 6 1 10 0 8 4 1 11 1 6 0 1 11 1 9 3 1 12 1 1 6 1 1 1 2 7 2 8 6 5 9 4 6 2 9 4 7 4 1 4 6 4 8 ' r 8 8 0 7 n r70n9 1 11 1 9 4 6.21 75 86 94 107 117 121 123 123 61 28 30 31 r77 ii6 124 Fabricated metal products 5.42 92 104 98 98 101 104 107 111 106 107 110 102 97 105 107 Structural metal parts 2.91 93 100 97 97 99 102 105 108 104 99 100 94 93 103 103 Machinery and related products , 28.98 86 102 97 99 101 103 104 106 102 98 102 106 98 106 772 Machinery 15.31 85 103 93 97 99 101 103 106 100 102 109 109 105 109 110 8.92 83 99 89 93 97 100 103 105 100 98 102 102 100 104 106 Electrical machinery 6.39 89 108 99 102 102 102 105 108 101 108 118 119 113 115 116 Transportation equipment 10.76 84 98 100 100 103 104 104 104 102 87 90 99 82 r98 112 M^otor vehicles and parts . 5.04 77 100 103 103 110 111 112 112 108 77 85 106 70 105 136 Aircraft and other equipment 5.50 91 94 96 96 96 96 95 95 95 94 92 91 91 91 90 Instruments and related products 1.66 94 112 103 104 106 107 109 113 112 114 117 119 119 121 118 1.25 4.57 97 111 95 98 104 112 117 120 115 121 119 119 111 705 103 Clay glass and stone products. . 2.92 95 110 93 96 103 111 114 119 117 119 117 116 111 108 104 Lumber and products 1.65 100 113 98 103 105 113 122 123 112 126 123 122 111 100 102 2.96 96 112 103 705 106 107 108 112 110 116 119 120 118 777 775 Furniture and fixtures 1.48 96 115 107 109 110 110 111 115 115 119 120 122 119 122 120 Misc. manufactures 1.48 95 109 98 101 102 104 106 109 105 114 118 119 116 112 107 Nondurable Manufactures Textile apparel and leather products 7.32 99 115 111 118 115 121 118 116 104 121 115 120 117 705 779 Textile mill products 2.78 98 113 109 113 112 119 117 115 106 118 114 118 115 105 114 Apparel products 3.44 101 120 115 123 120 126 123 119 105 127 119 127 125 110 126 Leather and products . . 1.10 97 106 105 114 110 108 106 105 98 112 106 105 101 96 7.93 99 108 100 105 107 110 108 107 101 108 112 115 111 707 705 Paper and products . 3.27 101 111 104 111 110 116 112 112 103 115 115 121 111 102 Printing and publishing 4.66 98 105 98 100 104 106 106 104 100 104 110 111 112 110 106 Newspapers 1.53 96 103 91 97 104 111 110 102 92 96 107 113 114 106 98 Chemical petroleum and rubber products 10.94 99 113 107 no 113 112 HI 114 109 115 118 117 775 113 777 7.10 100 114 107 110 112 116 116 116 110 115 119 119 117 116 119 Industrial chemicals 3.61 98 118 109 113 115 117 118 120 116 118 124 123 123 124 Petroleum products 1.93 99 105 103 103 108 101 103 108 107 110 109 105 104 104 102 Rubber and plastics products 1.91 95 114 113 119 118 107 103 114 107 117 121 121 116 111 123 Foods beverazes and tobacco 10.64 102 107 97 99 98 102 105 108 107 117 118 115 709 '702 702 Foods and beverages 9.87 102 106 96 98 98 101 104 108 107 117 119 115 109 103 101 8.31 102 106 98 99 97 100 101 105 105 116 119 116 111 105 104 Beverages 1.56 102 107 85 91 100 111 117 124 118 121 114 109 96 91 Tobacco products .77 106 112 108 114 107 114 114 112 108 122 115 122 111 93 Mining Coal oil and gas . . 7.05 92 96 99 98 96 96 97 96 88 92 93 95 97 r700 99 Coal 1.30 83 82 88 89 83 82 86 86 55 75 78 83 90 r92 89 Crude oil and natural gas .. 5.75 94 99 101 100 99 100 100 99 96 96 97 97 99 102 101 Oil and gas extraction 4.98 94 99 102 102 101 102 101 99 95 95 97 98 99 102 102 Crude oil 4.33 93 98 101 100 100 101 101 99 95 94 96 96 97 100 100 Gas and gas liquids . . .65 100 106 109 111 109 105 102 101 101 102 103 106 112 115 Oil and gas drilling .77 89 94 95 89 86 87 91 94 96 99 97 94 95 97 96 Metal stone and earth minerals 1.50 91 94 86 88 90 101 114 115 100 89 82 82 88 88 84 Metal mining .70 83 77 80 83 82 93 117 116 83 55 45 46 62 r63 67 .80 98 108 92 92 97 107 111 114 115 118 116 114 111 109 98 Utilities Electric. . . .. . 3.76 104 116 118 115 113 110 108 113 116 120 121 114 113 121 128 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 319 MARKET GROUPINGS 1957- 100 [Without seasonal adjustment] Annual p 19 ro 5 - 7 average 1959 1960 Grouping portion 1958 1959* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index 00.00 93 105 100 103 105 107 109 110 102 102 105 105 104 107 Ill 46.75 95 707 707 104 704 705 707 108 705 70P 770 772 705 r705 777 Consumer goods 31.13 99 110 105 108 108 109 109 111 107 113 114 117 109 108 115 15.62 87 100 94 95 97 99 101 103 101 100 102 101 100 103 104 Materials 53.25 91 103 99 103 106 109 110 111 99 97 99 99 102 108 110 Consumer Goods Automotive products 3.35 83 705 770 70P 775 114 114 775 770 77 80 777 76 705 755 Autos 2.03 71 96 110 107 117 118 117 114 109 51 53 105 55 98 149 Auto parts and allied products 1.32 100 113 111 112 113 107 109 118 113 118 121 120 107 111 116 Home goods and apparel 9.60 98 775 70S 775 775 777 775 775 705 720 722 725 772 775 4.40 96 115 103 112 113 112 112 115 105 116 127 129 120 117 115 1.75 94 114 99 116 115 113 113 116 95 108 130 131 119 114 116 Appliances 1.26 99 119 101 124 128 126 126 126 103 108 127 121 118 120 TV and home radios .49 83 102 93 95 83 78 80 91 73 110 139 157 125 102 106 1.18 98 119 112 116 117 116 114 116 115 122 123 126 123 125 121 Misc. home goods 1.47 97 114 101 104 106 109 110 113 109 120 126 129 121 113 110 5.20 100 116 111 119 116 120 118 117 105 124 117 122 118 107 120 Consumer staples 18.18 702 108 705 104 705 705 705 705 707 775 777 774 770 r107 109 8.11 102 106 98 98 97 99 101 105 106 116 120 115 111 105 103 2.32 103 108 93 98 102 11?, 116 120 114 122 115 113 101 92 Drugs soap and toiletries 2.73 102 111 107 108 109 Ill 109 110 104 114 118 117 116 113 115 Newspapers magazines, and books 1.44 99 106 102 102 104 104 103 104 103 109 113 110 109 109 109 3.45 105 113 121 117 114 109 106 107 109 113 114 108 111 119 1.19 98 104 108 105 105 100 101 104 103 106 103 99 104 107 107 Residential utilities 2.26 108 117 Electricity 1.57 108 119 133 127 121 113 105 106 112 117 121 113 115 129 Gas . . .. .69 107 114 Equipment Business equipment 12.16 85 99 91 93 95 98 707 104 707 700 702 702 700 104 705 7.29 82 97 88 88 90 92 97 101 100 101 102 102 100 105 104 Commercial equipment . . 2.46 88 104 96 97 98 100 101 104 103 106 110 112 113 115 115 Freight and passenger equipment 1.83 89 95 94 98 100 103 103 102 99 93 87 88 84 87 97 .58 100 116 98 120 129 138 136 133 116 95 112 111 94 101 3.46 Materials Durable goods materials 27.81 86 700 96 707 705 709 772 114 97 88 97 90 94 r707 110 3.67 77 101 99 101 106 106 108 110 97 87 101 100 r85 115 127 Equipment 8.10 86 103 98 100 104 106 108 101 98 101 102 102 108 110 9.05 95 107 94 97 103 no 114 118 110 111 110 107 102 104 103 Metal materials n.e.c 6*99 25.44 97 107 705 705 705 709 108 705 707 707 709 709 709 705 770 Business supplies 8.87 98 107 100 104 106 111 109 108 101 110 m 110 106 107 Containers 2.91 101 109 99 106 107 114 113 114 105 118 117 113 103 97 104 5.96 97 107 100 102 105 109 107 105 100 105 111 112 113 110 109 Nondurable materials n.e c 7.05 98 115 109 112 113 117 117 116 109 116 117 120 120 116 122 Business fuel and power 9.52 94 100 101 102 101 101 102 102 95 98 98 98 101 105 105 Mineral fuels 6.29 92 96 99 99 98 98 98 96 87 91 93 95 97 100 99 Nonresidential utilities 2 70 102 113 Electricity 2.19 102 114 107 106 108 108 111 117 119 121 iii 115 112 115 General industrial .99 98 110 105 104 108 109 112 117 112 110 110 109 108 114 .08 97 97 96 97 97 96 96 97 97 97 97 97 97 97 Commercial and other 1.12 105 118 110 108 108 107 110 119 128 133 133 122 116 118 Gas .51 102 112 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 106 111 114 113 113 115 107 99 107 121 101 111 124 Apparel and staples 23.38 102 110 105 107 106 108 108 110 107 117 117 115 112 107 111 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 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
320 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 1 n fa M ctu a r n i u n - g3 Prices Major market groupings Nonag- Depart- Y m e o a n r th or Total M f t i u a a n c M n r g - - u a - g j r o o r M u in i p i n g n i d n - u gs st U r it y i t e il s - To F ta i l nal g s C o u p o o m r n o d e - d s r uc E m t q s e u n ip t - M ria a l t s e- R d t e e ia s n l i - - o A th l e l r m t r p t o i e u e l c t m o n r a u a y t l l - — l 2 - - p m E lo e m n y - t - P ro a l y ls - F l c i o r n e a a g i r d g - s - ht v ( m s s r a t a e l o e l t u e a n r e e s i t ) l 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 - Adj. Adj. Adj. Adj. Adj. Adj. 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 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 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 f QCQ 132 101 118.8 98.9 167.3 81 144 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... '156 154 126 270 '161 154 192 '152 101 80 119.4 98.4 166.8 81 145 125.6 118.9 Dec... 165 164 '130 '275 166 '158 194 '165 91 77 120.4 '100.4 r175.4 91 148 125.5 118.9 1960—Jan.... 168 168 128 280 170 164 195 167 85 79 120.9 101.4 175.5 90 125.4 119.3 Feb *>28 3 *168 p167 *>121 0P101 3P173.4 86 e140 119.4 • Estimated. » Preliminary. T 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 tor 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] B ow y n ty er p s e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- public tories mercial tional Other utilities 1958. 35,090 13,427 21,663 14,696 1,400 3,197 2,908 3,444 9,446 1959. 36,269 11,068 25,201 17,150 1,881 3,496 2,666 3,344 7,732 1959—Jan... 2,319 800 1,519 ,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 Aug.. 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 1,513 993 139 240 208 203 441 1960—Jan... 2,193 927 123 286 203 189 465 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 321 VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor.* Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Business Other Total d R en e t s i i a - l Total In tr d i u al s- m C er o c m ia - l P u u ti b li l t i y c n d r t e o i e a s n n i l - - - Total M ta i r l y i- H w i a g y h- s C e ti r o o v n n a - - o A th l e l r 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 3,574 9,253 R87 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 1,003 3,680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 701 5,875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 826 6,131 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 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 1959P 54,258 38,281 22,322 11,195 2,008 3,914 5,273 4,764 15 977 433 5,800 1,121 7,623 1959—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 Apr 4,667 3,243 1,952 915 153 311 451 376 1,424 143 517 99 665 May 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 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 sa 598 D O No c e t v cp 4 4 4 , , , 2 3 3 2 3 1 1 1 3 3 3 3 , , , 1 0 1 2 8 4 9 4 5 1 1 1 , , , 8 7 7 1 4 6 1 8 0 9 9 9 2 5 1 1 5 0 1 1 1 8 6 9 0 9 6 3 3 3 1 3 1 7 1 8 4 4 42 2 2 8 3 4 4 4 4 0 2 1 8 9 6 1 1 1, , , 1 1 1 8 8 3 7 4 4 1 1 9 1 0 5 1 5 4 3 3 1 8 8 8 1 1 9 7 9 1 7 5 5 5 6 7 0 8 1 0 0 I960—Jan.P 4,535 3,248 1,841 993 203 345 445 414 1,287 107 483 90 607 Feb v 4,635 3,312 1,855 1,047 220 371 456 410 I 323 115 481 91 636 Preliminary. • Beginning with June 1959, data are from Bureau of Census. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] Year or month (s a e p d a T r j s i o u o v t s n a a t t a e l e d lly Total p M a o r e li e t t r a a o s n - p m N o e l o i t t n r a o - n - 1- Private 2- Multi- Public Government-underwritten * annual rate) areas Total family family family Total FHA VA 1951. 1,091 777 315 ,020 892 40 71 412 264 149 1952. 1,127 795 332 ,069 939 46 84 59 421 280 141 1953. 1,104 804 300 ,068 933 42 94 36 409 252 157 1954. 1,220 897 324 ,202 1,077 34 90 19 583 276 307 1955. 1,329 976 353 ,310 1,190 33 87 19 670 277 393 1956. 1,118 780 338 ,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 ,142 933 39 170 68 439 337 102 1959. 1,379 946 432 ,343 1,079 50 216 36 458 349 109 1959—Feb.. 1,403 95 62 33 94 75 3 15 1 26 20 6 Mar.. 1,403 121 81 40 118 93 5 20 3 40 30 10 Apr.. 1,434 142 97 45 137 109 5 24 5 46 35 11 May. 1,370 137 94 43 134 107 5 21 4 47 36 10 June. 1,368 137 93 44 131 c107 C4 c20 6 47 36 11 July.. 1,375 129 88 41 127 105 4 18 2 45 34 11 Aug.. 1,340 129 86 43 125 104 4 17 4 45 35 10 Sept.. 1,323 120 83 38 117 95 4 18 3 42 32 10 Oct... 1,180 106 75 30 102 83 4 15 3 37 28 9 Nov.. 1,210 93 66 27 91 73 4 16 31 23 8 Dec.. 1,330 4 59 24 83 64 3 16 1 26 20 6 I960—Jan.. Pl.210 53 23 *>75 n.a. n.a. n.a. 20 16 4 Feb.. Pi,115 54 23 n.a. n.a. n.a. 22 17 5 c Corrected. » Preliminary. n.a. Not available. 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; 1 Data from Federal Housing Administration and Veterans' Adminis- earlier VA figures are estimates based on loans-closed information. tration represent units started under commitments of FHA or VA to in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
322 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment In thousands of persons unless otherwise indicated] Civilian labor force Year or month i p n T o s o t p t i a t u u l l t a n i t o o i n o n n a l T l f a o o b r t c o a e r l Total Employed1 Unem- l N ab o o t r i n f o t r h c e e U (p n e e m r r m a e c t p n e e n l t o t y )2 - Total In c u n l o t n u a ra g l ri- In ployed industries agriculture 19533 115,095 67,362 63,815 61,945 55,390 6,555 1,870 47,732 2.9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62 944 56 225 6 718 2 904 48 492 4.4 1956... 118,734 70,387 67,530 64,708 58 135 6,572 2,822 48 348 4.2 1957 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 Feb 122,832 70,062 67,471 62,722 58,030 4,692 4,749 52,770 5.9 Mar 122,945 70,768 68,189 63 828 58 625 5 203 4 362 52 177 5.7 Apr 123,059 71,210 68,639 65,012 59,163 5,848 3,627 51,849 5.1 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 5.1 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 5.4 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 5.9 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.5 I960—Jan * 124,606 70,689 68,168 64 020 59 409 4 611 4 149 53 917 5.2 Feb 124,716 70,970 68,449 64,520 59,901 4,619 3,931 53,746 4.8 1 Includes self-employed, unpaid family, and domestic service workers. Figures for population increased by about 500,000 and total labor force 2 Per cent of civilian labor force. Monthly data are seasonally by nearly 300,000, most of which was in nonagricultural employment. adjusted. NOTE.—Information relating to persons 14 years of age and over is 3 Data for 1953-56 adjusted to reflect changes in the definition of obtained through interviews of households on a sample basis. Monthly em 4 p B lo e y g m in e n n i t n g a nd w i u t n h em Ja p n lo u y ar m y e n 1 t 9 a 6 d 0 o , p d te a d ta i n i n J c a l n u u d a e r y A 1 l 9 a 5 sk 7 a . and Hawaii. d ar a e ta a v re e l r a a t g e e s to o t f h m e o c n a t le h n ly d a fi r g u w r e e e s k . that contains the 12th day; annual data EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C ns o t 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 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2 759 4 062 10,846 2,219 5 916 6 914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2 808 4 151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,973 16,166 676 2,767 3,903 11,385 2,425 6,525 8 127 SEASONALLY ADJUSTED 1959 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 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 8,131 Sept 52,154 16,141 617 2,776 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 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 1960 Jan 52,881 16,561 656 2,768 3,941 11,610 2,456 6,601 8,288 Feb 52,928 16,552 661 2,767 3,927 11,649 2,465 6,615 8,292 WITHOUT SEASONAL ADJUSTMENT 1959—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 Aus 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 3,912 11,723 2,438 6,593 8.331 Dec 53,756 16,484 668 2,699 3,940 12,345 2,438 6,547 8,635 1960 Jan 52,078 16,467 656 2,447 3,882 11,440 2,431 6,469 8,286 Feb 52,012 16,499 661 2,377 3,881 11,351 2,440 6,483 8,320 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for January and February 1960 are preliminary. Back data may be month. Proprietors, self-employed persons, domestic servants, unpaid obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT AND EARNINGS 323 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 11,979 12,417 12,538 12,529 11,937 12,466 12,452 12,480 Durable goods 6,783 7,137 7,250 7,249 6,794 7,173 7,237 7,261 Ordnance and accessories 72 74 74 74 72 74 74 74 Lumber and wood products 562 596 596 583 537 584 563 557 Furniture and fixtures 309 322 323 323 315 328 328 329 Stone, clay, and glass products 419 452 455 453 413 452 444 446 Primary metal industries 974 1,034 1,042 1,051 979 1,039 1,047 1,056 Fabricated metal products 809 833 846 850 817 841 854 858 Machinery except electrical 1,074 1,160 1,168 1,171 1,090 1,166 1,180 1,189 Electrical machinery 788 875 882 881 796 892 891 890 Transportation equipment 1,203 1,172 1,248 1,252 1,203 1,172 1,248 1,252 Instruments and related products 213 230 229 231 213 232 230 231 Miscellaneous manufacturing industries. 360 389 387 380 360 393 377 380 Nondurable goods 5,196 5,280 5,288 5,280 5,143 5,293 5,215 5,219 Food and kindred products 1,043 1,024 1,044 1,043 943 990 954 938 Tobacco manufactures 80 76 76 82 76 81 78 78 Textile-mill products 851 854 854 850 860 867 858 858 Apparel and other finished textiles 1,042 1,087 1,080 1,071 1,078 1,103 1,091 1,108 Paper and allied products 442 449 448 447 440 451 446 445 Printing, publishing and allied industries 548 563 562 567 545 571 562 564 Chemicals and allied products 515 534 533 535 518 537 536 538 Products of petroleum and coal 152 157 157 155 150 155 154 153 Rubber products 198 204 206 208 199 208 208 209 Leather and leather products 325 332 328 322 333 332 328 330 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 January and February 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 88.00 92.16 92.29 90.97 40.0 40.6 40.3 39.9 2.20 2.27 2.29 2.28 Durable goods 95.11 99.87 100.86 99.23 40.3 41.1 41.0 40.5 2.36 2.43 2.46 2.45 Ordnance and accessories 103.57 109.10 107.42 109.03 41.1 41.8 41.0 41.3 2.52 2.61 2.62 2.64 Lumber and wood products 74.26 80.40 77.62 76.44 39.5 40.2 39.4 39.2 1.88 2.00 1.97 1.95 Furniture and fixtures 72.32 77.33 74.93 74.93 40.4 41.8 40.5 40.5 1.79 1.85 1.85 1.85 Stone, clay, and glass products 87.67 92.25 90.90 91.08 40.4 41.0 40.4 40.3 2.17 2.25 2.25 2.26 Primary metal industries 112.72 117.14 117.67 115.54 40.4 41.1 41.0 40.4 2.79 2.85 2.87 2.86 Fabricated metal products 94.13 99.77 100.53 98.66 40.4 41.4 41.2 40.6 2.33 2.41 2.44 2.43 Machinery except electrical 100.61 105.92 105.57 104.55 40.9 41.7 41.4 41.0 2.46 2.54 2.55 2.55 Electrical machinery 88.84 93.07 92.80 91.66 40.2 41.0 40.7 40.2 2.21 2.27 2.28 2.28 Transportation equipment 105.59 110.70 115.92 111.79 40.3 40.7 42.0 41.1 2.62 2.72 2.76 2.72 Instruments and related products 91.13 96.23 94.19 94.13 40.5 41.3 40.6 40.4 2.25 2.33 2.32 2.33 Miscellaneous manufacturing industries... 75.39 IS.76 77.60 77.61 40.1 40.6 40.0 39.8 1.88 1.94 1.94 1.95 Nondurable goods 78.01 81.19 80.77 79.95 39.4 39.8 39.4 39.0 1.98 2.04 2.05 2.05 Food and kindred products 83.60 88.78 88.51 86.15 40.0 41.1 40.6 39.7 2.09 2.16 2.18 2.17 Tobacco manufactures 63.53 67.49 65.70 62.73 38.5 39.7 38.2 36.9 1.65 1.70 1.72 1.70 Textile-mill products 61.66 64.87 64.48 64.16 40.3 40.8 40.3 40.1 1.53 1.59 1.60 1.60 Apparel and other finished textiles 56.15 55.85 55.59 55.75 36.7 36.5 36.1 36.2 1.53 1.53 1.54 1.54 Paper and allied products 92.01 95.22 95.20 94.08 42.4 42.7 42.5 42.0 2.17 2.23 2.24 2.24 Printing, publishing and allied industries.. 100.44 106.86 104.94 104.12 37.9 39.0 38.3 38.0 2.65 2.74 2.74 2.74 Chemicals and allied products 97.64 102.66 102.09 102.51 41.2 41.9 41.5 41.5 2.37 2.45 2.46 2.47 Products of petroleum and coal 114.86 117.74 116.69 116.11 40.3 40.6 40.1 39.9 2.85 2.90 2.91 2.91 Rubber products 101.09 101.59 102.16 100.50 41.6 40.8 40.7 40.2 2.43 2.49 2.51 2.50 Leather and leather products 62.08 61.07 61.40 60.80 38.8 37.7 37.9 37.3 1.60 1.62 1.62 1.63 NOTE.—Data are for production and related workers. Figures for January and February 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
324 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - 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 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959 Jan 138 119 129 136 124 159 174 124 141 127 150 167 150 Feb 140 120 127 134 133 159 168 129 141 133 155 162 155 138 116 123 129 128 146 167 129 144 141 156 166 155 Apr 141 120 126 142 132 156 175 130 138 127 150 169 153 May 144 124 130 139 136 158 182 135 148 131 158 173 154 144 118 128 140 135 157 186 133 140 139 154 176 161 July 150 133 138 148 142 161 190 140 146 134 154 174 161 149 132 133 135 143 161 196 139 154 139 163 189 162 Sept 143 124 129 137 135 149 180 132 146 137 154 167 154 Oct 144 130 133 141 135 158 178 135 148 130 156 170 153 Nov 145 127 133 140 138 153 187 134 149 128 155 182 156 Dec 148 138 138 140 144 158 188 137 143 138 154 168 158 I960 Jan 126 135 146 139 134 P149 172 153 WITHOUT SEASONAL ADJUSTMENT 1959 Jan 106 94 103 101 96 113 136 94 105 93 112 132 120 Feb 107 90 100 102 103 114 138 96 109 99 113 126 119 Mar 125 103 112 117 138 167 114 128 119 134 151 132 Apr 130 114 116 128 123 139 165 123 129 122 141 157 138 May 141 124 126 138 132 156 175 134 149 127 154 172 146 137 118 125 132 127 146 162 130 130 135 147 160 151 July 121 95 100 108 115 129 157 111 120 107 135 155 143 132 103 102 112 126 138 177 124 138 131 156 176 157 Sept 145 132 132 140 135 156 173 138 144 146 155 160 154 Oct 150 131 141 \AA 139 166 186 142 151 150 162 177 154 Nov 176 154 170 ID'S 170 190 217 164 177 147 179 208 180 Dec 260 251 245 r257 252 290 325 r233 250 r230 267 291 281 1960 Jan 99 108 108 105 P139 102 Pill 136 122 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 1T7 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 1959 156 142 142 159 134 179 210 148 144 143 157 178 167 SEASONALLY ADJUSTED 1959 Jan 152 137 142 156 139 177 200 141 144 136 159 167 161 Feb 150 139 138 153 127 172 198 141 138 142 155 168 161 Mar 148 136 137 153 127 171 195 138 138 139 151 169 163 Apr 151 138 138 155 127 175 201 142 141 138 152 174 166 May 151 138 136 156 128 172 200 140 143 140 154 175 167 156 142 141 164 131 183 202 149 147 141 157 181 170 July 159 147 142 163 138 184 212 152 151 143 158 180 170 160 147 145 162 136 186 217 159 147 148 157 182 165 Sept . 161 148 144 161 139 188 222 157 147 146 159 182 170 O N c o t v 1 1 5 6 8 0 1 1 4 4 5 5 1 1 4 4 4 5 1 f 6 CQ 0 1 1 3 4 9 2 1 18 80 3 2 2 2 2 5 3 1 1 5 4 1 9 1 1 4 4 5 2 1 1 4 47 9 1 1 6 60 4 1 18 85 8 1 17 62 5 Dec 161 145 145 166 138 182 227 154 146 146 160 183 174 I960 Jan 149 166 Pill P146 P149 ^148 WITHOUT SEASONAL ADJUSTMENT 1959_jan 137 124 127 138 123 158 182 129 128 126 143 147 145 Feb 143 131 130 147 122 166 196 133 134 136 149 163 151 Mar 153 138 141 158 131 182 204 139 143 143 157 178 165 Apr 158 144 143 166 133 184 211 150 149 140 159 181 169 May 153 141 140 159 132 173 202 145 143 139 156 174 166 148 134 132 152 125 169 192 145 136 133 151 169 163 July 148 132 129 147 127 167 197 146 140 136 150 171 165 156 143 142 156 130 181 212 152 145 145 155 182 166 Sept 168 154 151 169 145 194 230 163 154 152 164 192 176 Oct 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 182 170 167 185 160 207 252 170 162 168 182 207 196 Dec 146 135 134 149 126 166 197 136 132 136 146 170 160 I960—Jan 127 132 146 pin *>205 P\56 9 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 the BULLETIN for December 1957, pp. 1323-52. Figures are as of the end of the month or averages of monthly data. prior 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 325 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 t e r t a s h l i ) S m t ( o o e o c n n f k t d h s ) 1 o ( s e r O t n i d a n d u n e g t r d - o s - f ! m c ( e t o R f i o o n p e t r t a t - h s l 2 ) o m ( r N t o d f o o n e 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 J.202 460 390 379 3.2 1-3 4 4 1952 397 1,097 435 397 401 2.9 1.2 4 1.0 1953 406 1,163 All 408 401 3.0 l.l 4. 1.0 1954 409 1,140 388 410 All 3.0 11.0 4 ( 1,0 1955 437 1,195 446 444 449 2.9 l.l 4 ( 1.0 1956 454 1,286 470 459 458 3.0 I l 4 I 0 1957 459 1,338 461 461 458 3.1 l.l 4 1.0 1958 462 I 323 437 462 464 3.0 1.0 4 1.0 1959 485 1,385 510 492 496 3.0 l.l 4. l.l Month: 1959 Jan '380 [,222 r416 '368 '451 3.2 l.l 4.3 1.0 Feb 342 1,278 449 403 440 3.7 L.3 5.0 .2 Mar 434 1,360 422 516 489 3.1 .0 4.1 Apr 431 I 404 388 475 441 3.3 4.2 l.l May 453 1,365 418 414 444 3.0 3.9 ( 446 1,299 603 380 565 2.9 [4 4.3 () 9 July 389 ,304 664 394 455 3.4 .7 5.1 1.0 Aug 427 1,380 631 503 470 3.2 .5 4.7 1.2 Sept 472 1,483 627 575 571 3.1 .3 4.5 I 2 Oct 531 I 578 604 626 603 3.0 1.1 4.1 1.2 Nov 578 1,639 521 639 556 2.8 0 9 3 7 1 Dec 940 1,310 372 611 462 1.4 0.4 1 8 0 7 1960 Jan P 385 1,303 460 378 466 3.4 1.2 4.6 1.0 v 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 1959, sales and receipts for the month. •ales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports! Me m rc i h li a t n ar d y is -a e i e d x p sh o i r p ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1.505 1,400 1,560 1.397 1,286 1 483 1,096 1,154 1 137 Feb . 1,346 1,280 I 246 1,183 956 1 118 Mar 1,555 1,456 1,440 1,375 1,072 1,295 A nr 1,530 1,479 1,408 1,343 1,057 1,221 May! 1,638 1,551 1,507 1,411 1,061 1,264 1,408 1,423 1,309 1,347 1,031 1,369 JJUu1l1yA ... - T - T T 1,418 1,468 1,289 1,353 1,049 1,248 A lie 1,401 1,397 1,287 1,300 950 1,189 Sept • .. 1,363 1,479 I 242 1 399 1 073 1,392 Oct 1,607 1,482 1,426 1,398 1,150 1,202 Nov . . 1,599 1,479 I 410 1 376 1,086 1,282 Dec . . [.524 1,675 .389 1,569 1,254 1,478 Jan.-Dec 17,893 17,566 16,350 16,339 12,834 15,212 1 * Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption pirn 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
326 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 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 F M e a b r 1 1 2 2 3 3 . . 7 7 1 1 1 1 7 8 . . 7 2 1 1 2 2 8 8 . . 7 5 1 13 3 9 9 . . 1 0 1 1 1 1 8 8 . . 5 5 1 1 4 4 0 0. . 0 3 1 1 0 0 3 3 . . 8 8 1 13 3 3 3 . . 7 1 1 1 0 0 7 6 . . 0 7 1 1 4 4 4 4 . . 9 3 1 1 4 4 9 8 . . 2 6 1 12 2 9 9 . . 7 8 1 1 1 1 7 7. . 1 3 in A Apr 123.9 117.6 128.7 139.3 118.2 138.7 103.8 133.8 107.0 145.3 149.6 130.0 117.7 127.3 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 112288..24 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 I960 Jan 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 148.1 153.5 132.7 120.3 131.8 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 i o e m l d s l i - - p F 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 t a r a i e c n o p l r x t e d d - e s - l - l H s p e u k a a r i n c o i t d n h t d d e s s e s - , r ,p F l t o i m e a i g u w n r n h i e a g d a e t l - l r - , s , C p a i u a l h c r l c n o a i e e t l d d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p p a P u a a l r u l n c o p i l e t d d e p s d r - , ,M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c o r v i o a y t n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d e n s a e d s e r - i- - e s N t r m t m a t a u r o l l i r u e l s n n a i - c — c - l - - b b e m b o a T a r e a t n f c o t r v g c d l - s e e - o . d s c M el i l s a - - 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 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 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 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 1959 Jan 119.5 91.5 108.7 127.5 93.3 104.1 113.9 110.2 145.2 120.5 131.5 152.9 151.8 123.3 137.2 128.6 100.8 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. 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. 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. 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 87.1 105.8 128.4 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. 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. 132.5 154.5 153. 123.3 137.5 131.7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 111.7 111. 110.0 144.9 124.3 132.3 155.8 153.6 123.3 137.7 131.7 93.7 118.9 r85.9 104.7 128.6 96.7 112.3 111.7 110.0 142.5 124.8 132.4 155. 153. 123. 137.8 131. 94.2 Dec 1960 119.3 86.5 105.5 128.8 96.7 112.6 111.9 109.9 143.5 125.0 132.4 155.6 153.8 123.3 138.3 131.8 95.8 Jan r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 327 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Jan. Nov. Dec. Jan. Jan. Nov. Dec, Jan. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 102.5 103.2 107.9 105.4 Grains 76.1 76.5 76.1 77.2 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry , 90.3 75.3 76.0 78.5 Converted paper and paperboard... 127.7 127.4 127.5 127.6 Plant and animal fibers 99.4 94.7 95.7 95.9 Building paper and board 143.9 147.6 147.6 147.6 Fluid milk , 95.7 98.2 '98.1 98.7 Eggs 72.5 63.4 62.8 56.9 Metals and Metal Products: Hay and seeds 76.4 76.3 76.3 77.4 Other farm products 134.5 131.7 127.5 127.4 Iron and steel 172.0 173.6 172.2 172.4 Nonferrous metals 133.2 141.1 140.7 142.2 Processed Foods: Metal containers 156.3 152.9 152.9 152.9 Hardware 172.8 173.2 173.2 173.4 Cereal and bakery products 117.5 120.4 120.4 120.4 Plumbing equipment 124.9 132.4 133.2 134.0 Meats, poultry, and fish 103.3 90.8 90.5 92.6 Heating equipment 121.8 121.5 121.6 121,3 Dairy products and ice cream 113.0 117.7 118.1 118.5 Fabricated structural metal products 134.0 135.4 135.4 135.3 Canned, frozen fruits, and vegetables 110.8 106.4 104.6 104.5 Fabricated nonstructural metal Sugar and confectionery 115.3 116.7 115.6 113.3 products 145.3 147.2 146.5 146.5 Packaged beverage materials 154.0 145.2 145.2 145.2 Other processed foods 96.2 98.3 100.0 103.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 142.9 143.3 144.0 144.3 Cotton products 94.0 95.0 95.9 Construction machinery and equip- Wool products 103.7 r104.2 103.9 ment 170.7 172.9 172.9 173.6 Synthetic textiles 81.4 81.3 80.0 Metal working machinery 171.2 177.5 177.6 177.7 Silk products 117.4 121.7 122.0 General purpose machinery and Apparel 100.9 100.9 100.9 equipment 163.0 167.5 167.9 167.8 Other textile products 76.7 78.4 79.4 79.3 Miscellaneous machinery 148.6 149.7 149.8 149.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.6 156.1 155.7 155.9 Motor vehicles 143.1 141.6 141.6 141.6 Hides and skins 68.7 67.2 73.8 73.7 Leather 99.3 103.8 103.5 105.5 Furniture and Other Household Dura- Footwear 123.2 133.8 134.1 134.2 bles: Other leather products 99.2 109.3 107.8 107.3 Household furniture 124.1 124.3 124.2 124.2 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.5 155.0 155.8 Floor covering 126.1 129.3 129.0 130.1 Coal 125.3 124.0 124.1 124.1 Household appliances 105.0 104.1 103.8 103.1 Coke 163.1 170.4 170.4 170.4 Television, radios, phonographs.... 93.2 91.8 '91.9 91.9 Gas fuels (Jan. 1958= 100) 112.7 113.8 115.7 116.8 Other household durable goods 155.5 156.6 156.6 157.8 Electric power (Jan. 1958= 100) 100.7 100.7 101.2 101.3 Petroleum and products 118.2 113.9 114.3 114.4 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.2 135.3 135.3 135.3 Concrete ingredients 140.2 140.4 140.4 141.9 Industrial chemicals , 124.0 123.9 124.0 124.1 Concrete products 128.6 130.3 130.4 130.7 Prepared paint 128.2 128.3 128.3 128.3 Structural clay products 159.3 160.6 160.7 161.2 Paint materials 102.5 102.9 103.1 103.0 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics.., 93.0 93.8 93.7 93.8 Prepared asphalt roofing 118.5 113.6 113.6 113.6 Fats and oils, inedible 59.9 52.2 50.8 49.2 Other nonmetallic minerals 131.4 132.5 132.5 132.8 Mixed fertilizers 110.2 109.5 109.8 109.9 Fertilizer materials 107.6 106.6 107.0 108.3 Tobacco Manufactures and Bottled Other chemicals and products 106.7 106.8 106.8 106.5 Beverages: Rubber and Products : Cigarettes 134.8 134.8 134.8 134.8 Cigars , 106.6 106.6 106.6 106.6 Crude rubber 138.9 173.6 160.5 162.8 Other tobacco products. 139.7 153.7 153.7 155.7 Tires and tubes 151.9 133.3 133.3 133.3 Alcoholic beverages 121.7 120.7 120.7 120.8 Other rubber products 141.6 143.0 143.0 144.4 Nonalcoholic beverages. 148.9 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber 121.0 125.8 125.9 126.0 Toys, sporting goods, small arms... 117.8 117.7 118.0 117.6 Millwork 130.2 138.1 137.9 137.8 Manufactured animal feeds 86.2 73.7 74.0 76.5 Plywood 99.7 94.5 r97.2 98.5 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 108.1 108.3 109.5 110.5 Pulp, Paper, and Allied Products: Other miscellaneous 132.6 131.9 131.9 132.0 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 101.0 109.8 109.8 108.0 Paper 142.1 144.3 144.3 144.5 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
328 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1958 1959 1929 1933 1941 1950 1955 1956 1957 1958 1959 4 1 2 3 4 Gross national Droduct • • • .«••••••• 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 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 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 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 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 nrivafe domestic invoRtmoot 16.2 1.4 18.1 50.0 63.8 67.4 66.6 54.9 71.1 61.3 70.0 77.7 67.0 69.7 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 M.I 17.0 18.0 22.2 19.9 21.9 23.1 22.6 21.3 5.1 1.0 3.1 10.1 16.2 17 8 19 0 17 7 18 0 17 4 17 8 17.9 18 3 17.9 5.9 1.6 6.9 18.9 23.1 27.2 28.5 22.9 26.1 23.2 23.9 26.0 27.0 27.5 1.7 -1.6 4.5 6.8 5.8 4.7 2.0 -3.8 4.8 .8 6.3 10.7 -1.0 3.0 1.8 -1.4 4.0 6.0 5.5 5.1 1.2 -4.9 3.9 -.1 5.4 9.8 -1.8 2.3 Net exports of goods and services......... 2.8 2.2 21.1 .6 1.1 2 9 4 9 1 2 g 2 _ 9 — 1 8 0 — 6 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 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 1.3 2.0 16.9 19.3 45.3 45.7 49.4 52.2 53.5 54.2 53.8 53.9 53.6 52.7 National defense 3 } ..3 2.0 j 13.8 14.3 39.1 40.4 44.3 44.5 45.8 45.3 45.8 46.2 45.9 45.3 Other \ 3.2 5.2 6.6 5.7 5.5 8.1 8.1 9 4 8.3 8.0 8.1 7.8 Less * Government sales ^ » .0 .0 .0 .1 4 3 4 5 2 4 3 3 4 4 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.5 44.1 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 M26.0 410.8 420.7 432.1 424.3 '426.8 r Revised. * 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 , . -, -. , 1n™ A* - - - - ment to the Survey of Current Business for 1959) and the July 1959 issue during the apteergioordy 1929-45. . .. of the Survey of Current Business cla3ss iTfihciast iocnat eingo trhye cBourdrgesept oonf dtsh e cUlonseitleyd tSot attehse Gmovaejornr mneantti ofonra lt hsee cfuisrciatyl survey oj current Business. year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1958 1959 iQAI 1QCA 1QCC 1QCO 1QCQ 4 1 2 3 4 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 51.1 29.5 64.8 154.2 223.9 242.5 255.5 256.8 in. A 262 9 269 9 278 9 279 3 281 6 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 Private 45.5 23.9 51.9 124.1 174.9 189.6 198.4 196.2 212.1 200.8 206.2 214.0 213.5 214.8 Military .3 .3 1.9 5.0 9.8 9.7 9.6 9.7 9.8 9.9 9.8 9.8 9.8 9.8 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 36.9 .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19 6 17 8 19.0 19 6 19 8 20 0 Proprietors' income^ 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 46 7 8.8 3.2 10.9 23.5 30.4 32.1 32.7 32.4 34.5 33.2 33.7 34.5 34.8 35.1 Farm 6.0 2.4 6.5 14.0 11.8 11.6 11.8 14 2 11 8 14 1 13 2 12 1 10 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 -.4 9.4 22.8 23.0 23.5 22.2 18.9 22.7 23.8 27.0 23.8 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -2.7 -1.5 -.4 -1.1 -.9 -1.6 2 Net interest 6.4 5.0 4.5 5.5 10.4 11.7 13.3 14.3 15.6 14.7 15.1 15.4 15.8 16.1 1 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL PRODUCT AND INCOME 329 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 4 1 2 3 4 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 Business transfer payments . .. .6 .7 .5 .8 1.5 1.6 1.7 1.7 1 7 1 7 1 7 1.7 1.7 1.7 Statistical discrepancy .3 .9 .4 -.7 1.0 -2.4 .5 -2.1 -2.3 — 2.4 2 -1.7 -3.6 Plus: Subsidies less current surplus of government enterprises • » -.1 .0 .1 .2 .0 .9 1.1 1.0 .7 1.0 .8 .7 .6 .6 Equals: 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 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 "IY.9 15.5 17.5 17.9 18.1 '"n.2 Excess of wage accruals over disburse- .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 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 1.2 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 9.2 11.2 12.1 12.5 12.4 13.2 12.0 12.8 13.0 13.4 13.6 Business transfer payments .6 .7 .5 .8 1.5 1.6 1.7 1.7 1.7 1.7 1 7 1.7 1.7 1.7 Equals: Personal income.. S5.8 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 20.5 35.7 40.0 42.7 42.6 45.5 43.4 44.4 45.8 45.9 46 A Federal 1.3 .5 2.0 18.2 31.5 35.2 37.4 36.7 39.2 37.4 38.2 39.5 39.5 39.7 State and local 1.4 1.0 1.3 2.6 4.2 4.8 5.4 5.8 6.3 6.0 6.2 6.3 6.4 6.4 S3.1 45.7 93.0 207.7 274.4 292.9 307.9 316.5 334.6 322.9 327.4 335.3 335.1 340.8 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 saying 4.2 -.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 134.9 102.1 175.1 231.0 273.4 286.9 292.9 295.2 309.0 300.4 304.3 310.7 308.9 312.9 PERSONAL INCOME [Department of Commerce estimates. In billions of doflars] 1959 1960 Item* 1958 1959 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.? Total personal income. 359.0 '380.2 371.0 375.4 379.0 381.3 383.8 383.4 380.0 380.9 '382.6 r387.0 392.1 392.8 393.0 Wage and salary disbursements 239.4 257. 250.1 254.0 257.3 259.8 261.7 261.5 255.5 259.2 259.2 261.1 265.4 268.1 255.5 Commodity-producing industries.. 97.8 107. 103.5 106.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7 Manufacturing only 76.7 84. 57.7 83.8 55.4 55.7 57.7 86.9 84.0 84.4 83.6 84.2 57.6" 89.3 89.0 Distributive industries 63.8 67. 66.0 66.6 66.9 67.5 68.0 68.4 68.3 68.3 68.5 68.6 68.8 69.5 70.1 Service industries 34.6 37. 36.0 36.4 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.1 Government 43.2 45. 44.7 44.8 45.0 45.4 45.6 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.0 Other labor income 9.3 10.0 9.7 9.8 9.9 9.9 10.0 10.1 10.1 10.2 10.2 10.3 10.3 10.4 10.4 Proprietors' income: Business and professional. 32.4 34.5 33.7 34.0 34.3 34.5 34.7 34.9 34.9 34.8 35.0 35. 35.2 35.4 35.3 Farm 14.2 11.8 13.2 12.9 12.2 12.0 12.1 11.4 10.0 9.6 '10.5 '11.6 12.6 11.6 11.0 Rental income 11.8 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.1 12.2 Dividends 12.4 13.2 12.8 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.5 13.6 13.6 Personal interest income. 20.4 22.4 21.3 21.6 21.8 22.0 22.2 22.4 22.7 23.0 23.3 23.5 23.8 24.1 24.3 Transfer payments3 26.1 26.8 26.4 26.6 26.9 26.4 26.4 26.3 26.5 27.0 27.2 28.0 27.7 27.2 27.1 Less: Personal contributions for social insurance 7.0 8.3 8.1 8.2 8.3 8.3 8.4 8.4 8.4 8.4 8.4 8.4 8.5 9.7 9.7 Nonagricultural income 3. 341.1 364.4 353.8 358.5 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 377.9 Agricultural income 17.9 15.8 17.2 16.9 16.3 16.0 16.0 15.2 13.7 13.4 '14.5 '15.5 16.7 15.7 15.1 » Preliminary. r Revised. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. by corporations. 2 Mainly social insurance benefits and veterans' payments. NOTE.—For description of series see U. S. Income and Output, a supple- 3 Personal 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
330 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 savingl 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 D C B C C Fa o o r n r m p su o a m ra n e t d e r n n a o o n n d n c fi n o n o r a p n n . p c r b i o a u f l i s t b in u e si s n s e 2. s . s . . 22 2 . . 6 * 7 2 1 6 2 . . 6 4 * 29 5 . . 3 * 8 27 5 . . 9 * 4 2 2 5 . .5 74c - 8 3 .2 . . 4 7 5 2 3 . . . 4 4 1 - - 3 1 6 . . 1 . 1 7 - - 1 1 4 . . 3 5 - 8 3 .8 . . 1 3 6 3 3 . . . 2 1 8 - 8 1 .3 . . 8 3 -2 8 3 . . . 0 9 -1 4 8 . . . 5 0 8 E Federal Government i -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 F State and local governments*... -2.6 -3.2 -2.7 -3.3 -4.6 -1.1 -1.3 -.4 -1 -1.5 -1.6 -.7 -1.6 -1.3 G Financial sectors 3.1 3.3 3.2 3.9 3.4 1.9 .1 1.0 .4 1.7 .2 1.1 1.6 H Capital consumption3 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 I Consumer and nonprofit 31.5 33.9 36.9 40.0 41.6 10.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 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 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 L Plant and equip, (nonprofit)... .5 .5 .5 .5 .6 .1 .1 .1 .1 .1 .1 .2 .2 .2 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 1.0 1.0 1.0 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 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 P Gross national saving1 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 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 R Farm and noncorp. business 10.4 10.7 11.3 11.9 12.0 2.9 6.1 1.8 1.8 2.2 6.1 2.7 1. 1.7 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 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 U State and local governments1... -2.6 -3.2 -2.7 -3.3 -4.6 -1.1 -1.3 -.4 -1.1 -1.5 -1.6 -.7 -1.6 -1.3 V Financial sectors 3.1 3.3 3.2 3.9 3.4 1.9 .1 1.0 .4 1.7 .2 1.1 1.6 W Gross national investment i 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 X Consumer durable goods 32.4 39.6 38.5 40.3 37.6 9.7 11.3 8.3 9.1 8.8 11.4 9.4 11.1 10.3 Y Other gross private domestic fixed investment 50.5 58.4 62.7 64.6 58.7 16.9 16.7 13.1 14.7 15.1 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 16.1 14.9 14.7 3.8 4.0 3.6 3.1 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. business*, 8.5 10.1 10.1 9.7 9.2 2.6 2.3 1.7 2.5 2.5 2.4 2.1 3.2 3.0 e Corp. nonfinan. business*.... 21.8 24.1 29.1 32.0 26.1 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 5 -1.6 5.8 4.7 2.0 -3.8 -1.1 -2.4 -.8 3. 1.7 -.5 h Farm business .5 .3 -.4 .8 1.1 .2 .3 .2 .2 .2 .2 1 Noncorp. nonfinan. business.. -.2 .6 .2 * -.1 -.8 .6 -.3 .1 -.5 .9 j Corp. nonfinan. business -1.9 4.9 4.9 1.2 -4.8 -.5 -1.0 -2.4 -1.1 -.4 2.0 1.5 -.6 j k Net financial investment* -.3 « 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 1.8 4.8 -.6 5.5 2.8 4.4 1.4 3.5 m Net acquis. offinan. assets.. 20.6 25.8 27.6 23.1 24.6 6.9 5.4 5.2 3.2 7.4 8.7 7.2 7.4 8.4 n Net increase in liabilities 11.8 20.4 15.0 11.8 12.1 2.7 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 -1.3 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 .8 -.5 .3 .7 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 .1 2.6 2.0 -1.8 .7 .1 t S N N e e t t i a n c c q r u e i a s s . e o i f n fi n li a a n b . i li a ti s e s s ets. . 4 7 . . 5 9 1 1 6 9 . . 8 6 1 4 6. . 4 2 2 9 . . 8 7 7 7 . . 0 4 3 3 . . 6 3 1 7 . . 9 5 - - 6 1 . . 2 9 1 1 . . 4 3 6 4 . . 8 3 5 3 . . 4 4 * 4 5 . . 6 3 3 3 . . 2 4 1.8 u Federal Government -2.2 A 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 1.3 -2.0 v Net acquis. offinan. assets. . .2 .9 1.5 3.2 7.5 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 -.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 -.3 -1.7 -1.4 -1.6 y Net acquis. offinan. assets.. 3.7 2.2 2.6 3.5 3.0 .2 1.0 1.2 1.5 -.8 1.0 .2 .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 1.8 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 -.5 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 75.7 7.5 75.0 -.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 75.5 -7.7 9.4 5.9 cc dd Financial trans, discrep -3.1 .5 -2.0 -.8 -.8 1.5 -1.2 .8 -A .7 -1.7 A .1 dd ee Discrepancy (P-W) 7 -.2 -2.0 .8 -.9 .9 1.5 -4.2 3.1 -.2 1.3 -3.2 3.8 .1 2.2 ee • Less than $50 million. P 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 the 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 the BULLETIN because of discrepancies. See p. 857 of the BULLETIN for August 1959. for 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 the 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 the BULLETIN for January 1960. Notes to table on opposite page. 2 Consumer-held only; includes net interest accruals. Savings bonds *> Preliminary. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories shown as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 331 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 3 4 1 2 3 4 1 2 3* I. Demand deposits and currency A Net increase in commercial bkg. system liability 1 4.5 2.3 1.7 -J 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 19 B 2 1 1 5 2 7 3 6 5 0 1.0 1.5 C 5 7 1 5 1 7 * 6.2 .8 4.0 -4.4 1.8 2.7 6.1 -4.9 .9 .3 D E Consumer and nonprofit 2.5 -.£ 1.0 -.8 2.5 1.0 1.3 -1.3 -.8 2.4 2.2 -1.3 -.8 .6 E F Farm and noncorporate bus 4 c 1.3 .1 .1 3 3 .3 .3 .1 .1 F G Corporate nonfinancial bus 2.0 1.0 2 1.8 .7 1.3 3 | 1 3 1.0 2.5 1 5 — 2 G H State and local government.... .4 .4 2 .2 .2 -.7 .6 -.3 .6 -.7 .6 -.4 1 2 H I Financial sectors. .. c .6 2 .3 .4 .8 .3 -.3 .4 -.4 -.4 I J K Di R sc e r s e t p o an f c t y h e ( A w — orl B d ) — 1 6 1.5 * •\ -1.1 .2 * -.8 * 1.7 •k -\.9 . . 7 2 -1 -. . 1 0 1. . 6 3 1 . . 2 4 . . 1 3 K J II. Fixed-value redeemable claims 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 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 US savings bonds2 .6 .3 -.1 -1.9 — .5 — .5 — .4 — 1 -.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 E .4 3 -2.2 -.7 -.6 1 — .2 -.2 -.2 -.2 -.6 -.6 F G Commercial banking .. 3 8 1.3 2.1 5.5 8.0 1.0 3.6 1.1 .5 .9 1.0 * G H Savings institutions 6 8 7.1 7 3 6.9 8.8 .9 2.'3 2.0 2.*4 1.5 2.8 1.7 2.5 1.5 H 1 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 I J K L . C R O o e th s n t e s r u o m f d o e t m h r e e a s n w t d i o c r n l s d o e n c ( p t t o i r m o rs f e i 3 t deposits). 9. . . 6 6 8 - 8 .1 .7 - 9 .1 .0 9. , 8 4 * 1 1 3 . . . 3 9 6 1.4 ** 2. . 8 1 * 3 1 1 . . . 2 3 0 3 1. . 2 7 * — - 3 .1 . 0 4 - 3 .6 .6 * 2. . 3 1 * — 3. 5 2 A — - 2 .3 . 0 7 L K J III. Saving through life insurance and pension funds 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 3.1 3.2 3.8 2.8 3.4 .7 .7 .8 .7 .9 1.0 .8 9 7 B 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 3.1 2.3 O E Federal Government .1 .6 1 0 6 1.0 .1 .1 2 4 3 .1 .2 3 E F State and local government 1.1 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 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 .8 .7 .5 H IV. Credit and equity market instruments A Net increase by tvDe 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 direct s -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 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 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 1.8 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 l.l 1.2 1.1 .7 G H 1-to 4-family mortgages 9.6 12.6 10.8 8.6 10.4 2.4 1.9 1.7 2.4 3.1 ?.2 2.8 4.0 3.7 H I Other mortgages 2.9 3.6 3.8 3.5 4.2 .9 1.0 .8 1.1 1.0 1.2 1.2 1.5 1.5 I J Consumer credit 1.0 6.4 3.4 2.7 .3 .7 -2.3 .6 1.9 -.9 2.5 1.7 J 2.2 .9 -.7 -.4 1.4 -.3 * 2.1 -2*.l 4 -.2 -.4 -.5 K L Bank loans n.e c .2 8.0 5.9 2.3 1.4 2 -1.7 .7 -.3 2.8 -.4 3.9 2.9 L * 1.1 .9 2.6 1.8 l!4 1.4 -.2 -.3 .9 .9 1.3 — 2 M 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 O 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 Farm business .8 1.2 9 1 1 1 4 .1 — .2 4 9 .2 .7 1 1 3 P Q Noncorporate nonfinancial bus... 2.0 4.0 3.4 2.6 4.2 .6 1.5 -.8 .9 .2 3.9 -.4 3.2 2.0 Q R Corporate nonfinancial business.. 5.7 9.0 11.4 11.3 8.5 2.5 1.8 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 2.3 -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 1.1 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 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 .6 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 8.0 7.9 9.7 3.6 3.5 .2 1.9 -.6 .8 1.4 4.8 3.0 4.8 X e f £ d Y Z c f b b k t S C F R S C F a e t a o e o v a C M d r s i r m t n m t e p e o g L o S m r o o m s a o a n e a r f i e o l n c e m a n n n r t u d t G t s d c h s a e e r t ^ i e i o r r l i a n t o t y n c v u i l w o i c o e t e a a b . i a n s n o r l o u l a c n f r n . b t n i l o g m s h n d a k r o . o a . n e p i v n r n n k . i e c g t t s b r i i n a e u s l m s y s i s b e n t n u e e m t s s . s i . n . .. ess.. - 1 2 - - 6 3 8 2 2 9 7 0 . . . 9 4 . . . . 3 , . . . . . 7 1 0 5 3 9 2 2 6 1 -7 1 - 8 8 5 4 . 5 5 2 1 1 1 . 0 3 . . . . . . . . . . . 1 1 3 0 0 8 0 4 9 1 2 - -3 5 4 7 7 4 2 8 1 1 1 . . . . . . . . . . . 9 5 . . 0 9 3 5 6 3 8 3 1 3 3 - - 1 7 2 3 2 4 5 8 2 1 . . 8 . . . . . . . . . . 2 . 8 3 2 3 3 1 8 3 3 6 2 1 1 1 - 9 2 4 8 0 2 1 1 4 1 7 .1 . . . . . . . . . . . . 5 1 4 8 2 8 7 0 2 9 2 0 2 2 2 2 3 . . . . . . . . . . . . 7 8 0 0 1 1 3 3 5 3 2 9 * 2 2 3 1 1 1 1 . . . . . . . . . . . . . 6 1 3 0 7 6 8 8 4 4 9 4 9 - - -1 - - - - 1 1 2 . 1 1 . . . . 7 . . 6 5 5 5 . . . 8 2 . . 3 2 7 1 9 - 1 2 - 2 9 6 2 1 1 0 1 . . 6 . 3 . . . . . . . . . . 3 0 5 5 7 7 8 8 3 2 2 - -1 2 - - - 2 2 . 1 I . . . . 2 2 4 6 1 . . . . . . . I 8 3 0 8 5 3 * 4 2 2 2 8 6 4 1 1 . . . . . . . . . . . . . 2 5 3 1 0 9 6 4 7 5 9 3 6 - - -4 5 - 4 - 2 2 . 1 . . . . 3 4 9 2 . 3 . . . . . . 0 5 3 5 8 1 6 • -1 4 4 2 5 3 . 1 1 2 . . . . . . . . . . . . 7 2 0 4 7 2 4 2 8 4 6 9 -1 2 3 . 3 2 3 1 1 1 1 1 . . . . . . . . 3 . 0 1 8 2 1 0 2 7 5 * Y Z d h k g a e c b f i * Less than $50 million. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN 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
332 FEDERAL BUSINESS-TYPE ACTIVITIES PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m t s h 1 an Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u a t q a r r n e u u n e d n i c d s p t - , , - Other a B t G u n a o b r t u n e n y e d a s e d r d s - d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - G i U n e o t . s e S v t r t . - . o v in P w a e t t r s n e e i t - r l e y - d rities U.S. All activities 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Dec. 31' 69,863 5,139 20,657 2•11,375 3,739 3,669 9,985 5,299 2,711 3,658 6"2,509 918 1957_Dec. 31 r 71,124 4,29122; 388 21,628 3,804 3,718 9,962 5,332 4,662 2,914 62,377 1,121 1958—June 30' 72,667 4,793 22,382 21,540 4,467 3,73110,459 5,295 3,812 4,149 63,455 1,204 Sept. 30r 73,748 5,870 23,267 20,743 4,365 3,70310,422 5,377 3,981 3,642 64,841 1,229 Dec. 31 r 76,475 6,110 25,483 20,810 4,198 3,70310,670 5,500 4,038 3,909 67,180 1,298 1959—Mar. 31 r 77,442 5,644 26,977 20,504 4,533 3,70210,753 5,329 4,212 3,642 68,157 1,374 June 30 76,795 5,29126,78820,821 4,442 5,127 8,869 5,458 4,882 3,758 66,710 1,397 Classification of agencies reporting quarterly, by type of fund and activity, June 30, 1959 Public Enterprise Funds—Total 24,935 2,29611,096 5,076 966 183 3,876 1,443 48 797 1,852 22,238 Farm Credit Administration: Federal Farm Mortgage Corporation 6 6 6 Agricultural Marketing Act, revolving fund 186 'i35 186 Agricultural Department: Commodity Credit Corporation 6,161 33 2,073 3,614 140 301 752 5,409 Disaster loans, etc., revolving fund 123 65 54 4 123 All other 83 43 33 7 76 Housing and Home Finance Agency: Public Housing Administration 138 43 3 44 94 Federal Housing Administration 995 41 590 362 47 131 817 Federal National Mortgage Association 3,259 4 3,239 16 797 47 2,415 Office of the Administrator 982 104 670 206 6 976 Federal Savings and Loan Insurance Corporation... 324 1 iio 12 18 305 Small Business Administration 530 190 335 5 2 528 Export-Import Bank 3,544 1 3,504 () () 38 4 3,540 Tennessee Valley Authority 2,128 74 39 1,878 137 35 2,093 Panama Canal Company 458 25 8 409 15 17 441 Veterans Administration 1,088 188 825 4 66 2 2 44 1,044 General Services Administration 1,549 24 1,379 92 53 30 1,519 Treasury Department 194 6 6 194 Post Office Department—postal fund 981 292 19 640 29 249 732 Interior Department 344 56 6 162 107 12 332 All other 1,862 1,053 6 46 544 133 454 1,407 Intragovernmental Funds—Total 10,798 1,574 8,895 244 85 613 10,185 Defense Department: Army 6,537 738 5,651 113 35 201 6,336 Navy 3,096 411 2,662 22 247 2,849 Air Force 779 319 438 22 85 694 All other 386 106 144 131 81 306 Certain Other Activities—Total 31,997 1,099 10,552 6,850 4,938 4,748 3,803 274 31,723 General Services Administration 8,852 437 6,836 (2) 1,130 369 42 8,810 Agricultural Department: Farmers Home Administration 795 22 746 25 789 Rural Electrification Administration 3,116 6 2,964 146 3,115 Veterans Administration 305 5 232 62 6 7 299 Nat. Aeronautics and Space Administration 671 251 304 112 15 656 Interior Department 449 33 378 32 9 440 International Cooperation Administration 2,909 16 2,874 19 13 2,897 Treasury Department 11,163 3,439 4,938 32,786 11,163 Commerce Department—maritime activities 3,358 *282 207 2,811 55 161 3,197 All other 397 47 12 62 252 21 359 Certain Deposit Funds—Total 7,144 110 3,607 3,365 56 2,794 964 2,376 1,010 Banks for cooperatives 587 13 522 43 8 314 3 210 60 Federal Deposit Insurance Corporation 2,172 4 (2) 2,154 14 145 2,027 Federal home loan banks 2,698 81 1,537 1,064 11 992 793 913 Federal intermediate credit banks4 1,686 11 1,547 104 23 1,488 22 139 37 Certain Trust Revolving Funds—Total 1,921 213 1,532 103 1,290 55 189 5387 Federal National Mortgage Association 1,574 53 1,510 1,290 40 196 548 Office of Alien Property 206 148 5205 All other 141 12 22 103 14 5134 r Revised. 5 Figure represents total trust interest. 1 Prior to 1956, figures for trust revolving funds include interagency NOTE.—Coverage has changed in some of the years shown. Beitems. ginning 1956, changes reflect the expanded coverage and the new classi- 2 Less than $500,000. fication of agencies now reported in the Treasury Bulletin. The revised 3 Includes $827 million due under the agreement with Germany signed statement includes a larger number of agencies, and their activities are Feb. 27, 1953, and lend-lease and surplus property balances due the classified according to the type of fund they represent. United States in the principal amount of $1,743 million. Historical data for loans by purpose and agency and for other selected 4 Prior to Jan. 1, 1959 was classified as a trust revolving fund. assets and liabilities by agency are shown on p. 306. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * International capital transactions of the United States. 334 Net gold purchases and gold stock of the United States 342 Estimated foreign gold reserves and dollar holdings 343 Reported gold reserves of central banks and governments. 344 Gold production 345 International Bank and Monetary Fund. 346 United States balance of payments. 347 Money rates in foreign countries. 347 Foreign exchange rates. 349 Index to statistical tables 356 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 deital 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. 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
334 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] In- Ger- Date G to ra ta n l d t t i e i n o r s n n t a a i- - l Foreign countries m R F a e e n d p 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 n e - r tutions 2 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 ,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 ,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 1,755 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 1,693 ]1,159 1,076 3,784 7,711 2,081 2,381 2,235 282 Feb. 28 16,617 1,541 15,076 8,757 1,697 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 1.385 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 1,299 1,245 1,228 4,083 7,855 2,171 2,463 2,357 290 May 31 17,153 1,719 15,434 8,802 1,409 1,298 1,094 4,183 7,984 2,094 2,661 2,391 304 June 30 18,428 1,756 15,673 8,967 1,467 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 1,446 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 1,436 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 19,303 3,160 16,144 9,082 1,706 1,523 955 4,300 8,484 2,330 2,302 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 1960—Jan. 31? 19,340 3,138 16,202 8,889 1,899 1,358 993 4,049 8,299 2,318 2,393 2,803 391 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 De a n rk - 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 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 I955 Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956 Dec. 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957—Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—Dec. 31 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 19«9 jan 31 .... 3,784 408 109 142 74 518 129 356 112 148 31 280 786 18 8 666 Feb. 28 3,920 410 105 129 76 637 132 345 114 157 32 280 796 20 6 682 Mar. 31 4,005 417 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Apr. 30 4,083 410 151 130 74 649 145 361 104 171 29 321 853 25 7 651 May 31 .... 4,183 409 124 110 73 855 156 363 108 162 33 322 857 22 6 582 June 30 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 7 544 July 31 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aug. 31 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept. 30 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct. 31 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 6 582 Nov. 30 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 5 578 Dec. 31?.... 4,124 331 138 137 77 652 186 485 95 138 86 213 966 31 6 583 1960—Jan. 31*.... 4,049 308 152 120 83 664 188 494 95 128 93 151 973 30 10 559 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 r e r d d - i s i e s - t s l a p P i R c m u a e b n a o - - - , f Peru U gu r a u y - V zu e e n l e a - O A 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—Jan. 31 2,381 149 22 164 95 178 281 40 31 40 393 72 147 72 92 464 143 Feb. 28 2,382 189 20 166 85 198 267 38 33 43 389 76 155 72 89 410 152 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 2,302 310 22 141 139 215 168 41 27 36 420 85 144 88 68 251 148 Dec. 31* 2,406 337 24 151 185 217 164 37 28 37 442 86 129 82 62 277 148 I960—Jan. 31* 2,393 360 25 152 170 222 163 36 31 44 425 85 131 83 62 250 155 * Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ITSTTL CAPITAL TRANSACTIONS OF THE U, S. 335 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and AH Other Asia All other Ko- Date rea, Union Hong Indo- •p _, Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan K.e- ip- wan land Other Total tralia gian Egypt6 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... ? 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 1960—Jan. 31*\... 2,803 60 113 146 46 93 1,293 149 174 94 142 493 391 110 33 25 62 162 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 Burma 7.0 6.7 5.9 n.a. British dependencies .3 .4 .8 Cambodia , 17.2 20.0 24.9 19.7 Bulgaria .6 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia8 .7 .6 .7 China Mainland8 35.5 36.3 36.0 35.8 Eastern Germany 3.1 1.4 1.5 Iraq 16.9 19.6 18.0 n.a. Estonia 1.9 1.7 1.7 n.a. Jordan 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a. Ireland, Republic of 9.1 9.0 10.0 5.4 Lebanon 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .5 .7 .6 Pakistan 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland? 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania8 .9 .9 .9 Syria 6. 17.1 3.5 4.7 5.0 Trieste 1.4 1.2 .5 n.a. Viet-Nam. 50.1 58.5 48.8 68.3 U. S. S. R.8 .7 2.2 2.6 All other: Other Latin America: British dependencies 3.8 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.5 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.7 23.0 13.0 20.3 French West Indies and French Guiana. 1.0 .8 .5 .5 Libya , 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier) 13.6 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 2.2 1.9 6.9 6.8 Portuguese dependencies 2.8 4.4 4.0 2.9 Other Asia: Somalia .9 1.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n.a. British dependencies. 7.4 8.0 4.3 5.7 Tunisia .5 .3 8.4 n.a. Not available. p 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 $17 million on Jan. 31, 1960. 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 * 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
336 TSTL 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 Payable Date, or area Total in foreign and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other2 Total Deposits T bi r l e ls a s a u n r d y Other2 certificates1 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 6,242 1,090 2,537 1,966 338 234 69 May 31 17,153 14,569 6,775 6,633 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 [.211 2,615 2,045 303 267 66 Sept. 30 19,197 16,549 6,560 8,768 f,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 19,303 16,805 6,331 9,181 1,292 2,433 1,857 290 286 65 Dec. 31*> 19,325 16,843 6,342 9,240 1,261 2,405 1.835 299 271 77 I960—Jan. 31» 19,340 16,926 6,149 9,253 1,524 2,358 1,766 297 295 56 Area and country detail, November 30, 1959 Europe: Austria 364 362 262 89 11 2 2 (3) Belsium 132 86 48 12 26 46 40 1 6 p\ Denmark 122 113 29 82 2 9 7 1 1 (3) Finland 81 80 10 65 5 1 France 903 848 243 567 38 55 49 4 3 Germany, Fed. Rep. of 1,706 1,681 245 1,227 209 22 17 5 1 3 Greece 192 178 20 158 (3) 13 12 1 Italy 1,523 1,491 122 1,218 151 32 25 6 i (3) Netherlands 429 400 118 218 65 27 19 5 4 1 Norway 97 57 46 9 1 40 39 1 Portusal 138 92 86 7 46 44 (3) 1 (3) 79 61 60 1 18 18 (3) (3) 243 234 70 117 47 9 9 Switzerland 902 738 241 174 322 160 80 22 57 Xurkey 34 32 32 2 2 United Kingdom 955 618 345 219 54 300 117 111 72 37 Yugoslavia 5 5 5 Other Europe 578 556 65 389 8 8 4 4 (3) Total 8,484 7,630 2,048 4,542 1,040 807 494 161 152 47 2,330 1,978 1,462 489 27 339 206 89 44 13 Latin America: Argentina 310 236 235 1 74 73 1 (3) Bolivia 22 7 7 (3) 16 15 (3) (3) Brazil 141 35 29 (3) 5 106 95 2 8 i Chile 139 90 89 50 49 (3) Colombia 215 135 131 3 80 79 j Cuba 168 65 54 9 2 103 94 1 8 D El o S m a i l n v i a c d a o n r Republic 4 2 1 7 1 7 1 7 7 1 2 3 1 3 6 3 1 3 5 (3) Guatemala 36 19 8 4 7 17 16 420 280 269 11 1 139 125 12 2 (3) Neth. W. Indies and Surinam 85 41 12 19 10 44 13 9 22 Panama Rep. of 144 24 24 (3) 1 119 85 5 29 Peru 88 43 43 (3) 46 44 1 1 (3) Urusuav ..• 68 28 26 40 28 4 8 Venezuela . .......... 251 97 96 1 153 149 2 2 Other Latin America 148 78 60 $ 7 69 67 1 Total 2,302 1,196 1,098 56 42 1,104 981 38 85 2 v Preliminary. ^ Represents principally bankers* acceptances and commercial paper. 1 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 $2,095 million on Jan. 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 337 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 1 Total Deposits T bi r l e ls a s a u n r d y Other 1 certificates certificates Area and country detail, November 30, 1959—Continued Asia: Hong Kong 61 34 27 6 27 27 (2) 2 India 115 102 36 64 2 13 13 (2) 1 Indonesia 126 124 70 54 1 2 2 Iran 24 20 10 1 9 4 4 Israel 81 78 23 39 15 4 4 J K a o p r a e n a Rep of 1,2 1 1 4 5 8 1,2 1 0 4 1 6 6 1 2 1 2 4 52 3 5 1 53 1 1 3 4 1 3 4 (2) (2) T Ph ai i w lip a p n ines 1 9 7 2 9 1 8 5 5 9 1 8 3 1 2 20 4 7 2 7 0 2 7 0 (2) (2) (2) Thailand 133 130 29 95 6 3 3 Other Asia 483 443 256 154 33 40 39 (2) 1 (2) Total . 2,658 2,520 1,401 983 137 136 134 1 1 All other: Australia 114 110 34 69 6 4 3 (2) 1 (2) Belgian Congo 26 25 13 2 10 1 1 Egypt3 ... ... 18 17 15 1 1 Union of South Africa.... 51 46 32 12 3 4 4 Other 161 123 94 13 15 37 34 1 3 1 Total 369 320 189 97 34 47 43 1 4 2 Total foreign countries. 16,144 13,645 6,197 6,166 1,282 2,433 1,857 290 286 65 International institutions.... 3,160 3,160 133 3,016 11 Grand total 19,303 16,805 6,331 9,181 1,292 2,433 1,857 290 286 65 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 i [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 1956 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. 30 2,482 60 48 28 37 174 225 573 282 1,045 528 54 Dec. 31 P 2,638 57 54 30 37 140 233 552 273 1,171 586 56 1960 Jan 31? 2,703 46 51 41 51 131 229 548 255 1,235 610 55 * Preliminary. foreigners; drafts drawn against foreigners that are being collected by * 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
338 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Other Aus- Bel- Den- Date Europe tria gium mark 1955—Dec. 31 158 2 16 13 1956—Dec. 31 216 7 28 12 1957_Dec. 31 211 6 25 11 1958—Dec 31 315 7 65 14 1959—Jan 31 297 6 66 15 Feb. 28 288 5 64 16 Mar. 31 264 5 63 12 Apr 30 255 5 62 10 May 31 236 5 51 9 June 30 220 6 50 8 July 31 234 6 53 9 Aug. 31 222 5 48 9 Sept. 30 239 6 50 10 Oct 31 230 5 50 11 Nov. 30 225 5 51 14 Dec 31p 233 4 56 I960—Jan. 31» 229 4 56 00 00 Fin- land 3 4 4 6 6 6 5 5 6 5 5 5 7 8 8 00 00 Neth- Greece er- Nor- Por- Spain Swe- Tur- Yugo- All lands way tugal den key slavia other 4 11 9 2 5 7 78 2 7 4 21 23 2 8 13 oo (2) 7 6 29 23 2 8 10 76 (2) 10 7 56 22 2 30 24 72 1 9 6 58 20 2 26 18 64 1 10 5 59 18 2 25 16 60 1 9 6 52 15 2 27 16 50 1 9 7 40 14 3 29 14 51 1 14 8 34 11 2 28 15 51 2 16 7 31 10 2 26 10 49 2 13 7 32 8 2 25 12 57 3 14 7 24 10 2 11 13 70 4 15 7 22 10 2 11 19 75 3 17 7 23 9 1 9 15 72 3 17 7 25 9 2 8 16 62 2 17 5 38 7 2 8 19 47 3 18 3 33 8 2 7 17 50 7 16 Table 3b. Latin America Neth- 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 D i 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 r e r d - d i s 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 n r 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 ... I 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 .... I 082 45 3 167 65 53 130 27 6 10 279 3 22 31 38 151 51 July 31 .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 1 045 63 3 113 47 61 101 31 16 10 275 4 17 34 45 174 52 Dec. 31*> 1,171 63 3 118 59 69 103 29 15 10 292 4 18 36 47 247 59 I960—Jan. 31*> 1,235 64 3 139 58 71 91 29 10 12 288 3 18 35 47 314 54 Table 3c. Asia and All Other Asia All other Date Total H Ko o n n g g India Iran Israel Japan p P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o Egypt3 U S n o o i u f o t n h Other Africa 1955 Dec 31 233 3 5 18 10 103 19 6 8 60 43 11 5 1 8 17 1956 Dec 31 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957—Dec. 31 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958—Dec. 31 435 6 4 27 23 179 67 6 13 111 69 13 4 3 23 27 1959—Jan. 31 407 6 4 29 25 168 38 7 14 116 68 12 3 2 24 27 Feb 28 422 5 5 28 22 175 42 8 13 124 63 12 3 2 24 22 Mar. 31 454 6 5 34 19 204 34 8 14 130 61 11 4 1 21 24 Apr. 30 481 8 6 34 18 224 29 9 17 137 61 11 4 2 19 24 May 31 502 8 5 32 16 242 29 10 17 142 61 12 3 2 19 25 June 30 520 7 5 35 16 260 24 9 20 143 65 15 3 2 20 26 July 31 510 8 6 31 17 256 18 8 12 153 64 14 3 1 20 25 Aug 31 518 9 5 29 15 269 18 8 13 151 66 16 3 1 21 25 Sept 30 511 9 6 30 13 262 17 8 12 155 54 18 3 2 14 18 Oct 31 503 9 7 29 12 262 11 8 12 154 52 19 3 2 12 17 Nov 30 528 10 6 29 9 275 20 8 14 157 54 18 3 2 13 18 Dec 31*> 586 10 6 29 14 324 24 9 15 155 56 18 3 2 14 19 1960 Jan. 31* 610 11 6 30 14 349 24 8 14 154 55 18 3 2 12 20 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
INFL CAPITAL TRANSACTIONS OF THE U. S. 339 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 at d e , c o o r u n a t r r e y a t t e o rm tal — i Loans to: Total Total Banks and C t o o io u ll n t e - s c- Other Total De w p i o th sits 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—Jan. 31. ,359 2,432 2,281 780 416 417 667 151 136 15 Feb. 28. ,363 2,379 2,227 744 412 413 658 152 138 13 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 2,482 2,270 805 456 475 533 212 182 30 Dec. 3 1P ,526 2,638 2,402 840 464 516 582 236 203 32 1960—Jan. 31* 1,501 2,703 2,474 864 431 504 676 229 195 34 Area and country detail, November 30, 1959 Europe: Austria 20 5 5 Belgium 22 51 50 36 Denmark 1 14 14 Finland 3 8 8 (2) 7 France 20 60 59 43 Germany, Fed. Rep. of... 10 48 40 14 21 1 Greece 6 7 7 3 4 Italy 46 28 27 6 10 Netherlands 10 25 21 2 12 Norway 138 9 2 4 1 Portugal 2 2 Spain 7 7 Sweden 33 16 15 () 7 6 Switzerland 3 37 29 14 10 4 Turkey 62 62 59 3 United Kingdom 68 174 49 27 18 125 102 22 Yugoslavia (2) 2 1 8 Other Europe 10 17 17 '(2)' Total 400 573 422 178 44 112 150 126 24 Canada 95 282 239 13 208 6 12 43 40 3 Latin America: Argentina 65 63 52 19 17 11 Bolivia 3 3 () 3 C B C C r h u o a i l b z l o a e i m l bia 26 7 5 1 5 1 0 7 1 1 4 0 6 1 7 1 1 3 1 1 4 6 0 1 7 1 1 3 5 5 1 7 6 2 1 2 1 9 6 4 2 2 2 1 1 5 4 8 1 2 1 1 1 1 9 3 5 ' *(2)' Dominican Republic 31 31 6 4 14 El Salvador 16 16 1 4 4 Guatemala 10 10 7 2 6 2 Mexico 140 275 273 58 28 68 Netherlands W. Indies 119 and Surinam 1 Panama, Rep. of 37 17 17 () 10 4 3 Peru 12 34 34 4 17 11 Uruguay 1 45 45 22 3 2 17 Venezuela , 34 174 172 37 42 50 43 Other Latin America , 60 52 51 5 11 27 9 Total 757 1,045 1,029 344 192 240 252 16 14 » Preliminary. i Less than $500,000. i 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
340 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 n - d 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, November 30, 1959—Continued Asia: Hone KOQE 2 10 10 6 2 2 i 8 (2) 12 6 6 1 3 (2) Indonesia 52 (2) (2) Iran 9 5 29 9 2 9 9 1 1 (2) 1 2 2 8 ( 2 ) 2 (> Japan 16 275 275 84 1 32 158 Korea Reo of 1 1 1 7 20 20 17 2 c2) ( 2 ) (2) T T O a h t i h a w e il r a a n n A d sia 1 2 0 15 14 8 6 15 14 8 5 14 6 9 0 (2) 2 ( 1 2 3 2 ) 2 3 1 G) ( 2 > (2) Total 114 528 527 265 5 85 172 i All other: 26 18 17 8 8 i i 1 2 3 3 (2) 3 (2> Egypt3 . 2 2 (2) (2) (2) Union of South Africa.... 19 13 13 3 9 Other 84 18 18 3 3 12 1 1 Xotal 131 54 52 4 6 32 9 2 i 1 International institutions.... Grand total 1,497 2,482 2,270 805 456 475 533 212 182 30 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 securities2 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 1959P 1,197 528 669 2,593 2,158 435 944 1,454 -510 566 803 -237 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 49 56 -6 July 63 40 23 229 190 39 60 163 48 53 —5 259 25 234 190 145 45 27 27 44 50 -6 Sept 106 40 66 177 134 44 157 208 22 44 44 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 v 75 55 20 254 200 54 94 141 -47 53 63 -10 1960 Jan P 104 40 63 229 152 77 57 59 -1 56 45 11 * 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
EVTL CAPITAL TRANSACTIONS OF THE U. S. 341 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total* 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 1956 291 256 35 23 23 -7 147 87 7 280 —53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959* 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959—Jan 18 19 -2 1 1 -1 17 -6 1 13 (3) 3 2 Feb 22 15 7 2 2 -1 7 2 2 15 4 2 1 Mar 7 2 5 (3) (3) — 1 20 -12 1 8 -6 2 3 Apr 30 25 5 (3) lf 1 27 -2 4 31 —8 2 4 May 37 36 1 (3) 4 21 4 5 33 -3 3 4 June 41 36 5 2 1 -1 21 4 4 31 2 2 5 July 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 Sent 44 26 18 1 2 5 35 -4 2 40 -5 6 3 Oct 40 30 10 -1 1 5 26 -1 4 34 -4 5 4 Nov 59 48 11 <? 11 8 23 11 5 58 -2 3 1 Dec v 54 58 -4 6 5 20 13 4 46 -6 5 9 I960 Jan v 77 72 5 9 3 28 13 17 71 2 7 2 P Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts 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] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al f c o T o r o e u i t n g a - n l Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits Assets in custody 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—Feb. 28 310 3,857 509 Mar. 31 307 3,593 509 1959—Jan -44 -99 -37 -59 5 -9 Apr. 30 266 3,559 504 Feb.. 6 -124 -14 -64 _3 -41 2 May 31 291 3,750 524 Mar.. <j -60 -22 -24 -9 -8 3 June 30 294 3,900 528 Apr.. -8 -42 -28 2 -3 g -1 July 31 278 4,131 525 May. -50 -43 18 -61 3 -4 2 Aug. 31 252 4,286 520 June. -8 2 5 C1) 3 -7 2 Sept. 30 312 4,346 548 July.. C1) -107 -4 -100 1 -4 -1 Oct. 31 284 4,409 547 Aug.. 0) -6 -4 — 1 0) -2 1 Nov. 30 332 4,396 556 Sept.. -34 -17 42 -42 1 3 -21 Dec. 31 345 4,477 570 Oct.. -7 7 24 -21 3 1 C1) Nov.. -6 -44 -13 -29 4 -6 0) I960—Jan. 31 249 4,444 593 Dec.p 0) -57 -16 -36 5 -11 Feb. 29 191 4,707 466 i960—Jan.*... 29 -20 -17 2 0) -6 1 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark p 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
342 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 1958 1959 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 O D c e t c . . - J M an ar .- . A Ju p n r e .- S Ju e l p y t - . O D c e t c . . - Continental Western Europe: -6 -84 -83 -58 -39 -43 Belsium 1— 6 1-95 3 3 — 329 — 39 — 58 — 39 -68 -34 -266 — 66 — 200 Germany (Fed. Rep. of) -10 -130 -226 -10 I N P t o a e r l t y t h u e g r a la l nds — - 1 5 00 - - 6 60 5 -55 -5 25 — — - 2 3 2 4 6 0 9 1 — -1 0 30 -110 -30 -10 Sweden — 20 — 15 15 Switzerland 23 -65 -16 -8 -215 20 20 Bank for Int'l Settlements -94 -20 -178 -32 -28 -7 -25 Other -17 -18 9 4 3 339 38 -38 329 -1 -5 -15 -17 Total -116 -546 -328 -79 -20 68-1,428 -477 -281 -38 -118 -124 -197 Sterling Area: United Kingdom 440 -480 -50 100 -900 -350 -100 -200 -150 Other 11 -1 -1 (2) Total 451 -481 -51 (2) 100 — 900 -350 -100 -200 -150 Canada 7 15 5 Latin America: Argentina -20 -85 115 75 67 55 Mexico 88 -28 80 -30 -20 -10 Venezuela . -30 -200 65 65 Other -io -19 12 14 56 6 2 -4 3 (2) (2) -2 -1 Total 58 -132 62 14 -28 81 69 31 58 (2) -20 -12 64 Asia -7 -6 -10 -5 18 4-27 4-176 4-23 4-45 4-50 4-62 -19 All other 1 14 -1 (2) Total foreign countries... 394-1,164 -327 -68 80 172 -2,287 -969 -347 -84 -389 -348 -148 International institutions 5 200 600 -73 -9 5-344 189 91 Grand total 394-1,164 -327 -68 280 772-2,294 -1,041 -347 -93 -732 -159 -57 1 Includes sales of gold to Belgian Congo as follows (in millions): 1952, 4 Includes sales of gold to Japan as follows (in millions): 1958, $30; $2; and 1953, $10. and 1959, $157 (Jan.-Mar., $50; Apr.-June, $45; and July-Sept., $62). 2 Less than $500,000. 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 $344 million in June 1959 as $31; and 1958, $32. increase in United States gold subscription. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) 1 in s o c T c g t r ( r o r o e - o e d ) c a t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E r l ( a r e d e - r a a ) a : k i r s n s d - e e e - d e , - D p ti r c o t o i m g d o o n u e l c s d - - Month T (e r u n G e r d a y o s l o - d f s m T to o o c n t k a th l ) 1 in c o s T c g r t ( r r o o e o - e d a t c l ) a a d s e k s l e - : e, i e m g x ( N o - o p p ) e r l o o d t r r t t, g m c o c o r E r l ( a r e d e r a - a a k : i ) r s n s e - d e e - d , e- D p ti r c o t o i m g o d o n u e l c s d - - 1947 22,754 22,868 2 2,162.11,866.3 210.0 75.8 1959—Feb . 20,479 20,520 -6.7 9.9 -13.0 4.1 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Mar . 20,442 20,486 -33.6 18.3 -48.0 3.8 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Apr . 20,305 20,358 -128.6 3.2 -127.5 3.8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 May . 20,188 20,227 -130.3 9.6 -136.5 4.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 June.... . 19,705 19,746 3-481.9 15.4 -491.7 4.6 1952 23,187 23,252 379.8 684.1 -304.8 67.4 July . 19,626 19,672 -73.5 25.5 -98.1 5.3 Aug . 19,524 19,568 -103.9 75.8 -176.3 4.2 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Sept . 19,491 19,579 10.4 54.6 -35.2 3.8 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Oct . 19,585 19,647 68.4 23.6 51.9 3.5 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Nov . 19,566 19,617 -30.1 47.5 -71.4 3 4 1956 21,949 22,058 305.9 106.1 318.5 65.3 Dec . 19,456 19,507 -110.3 8.9 -112.0 3.7 1957 22,781 22,857 798.8 104.3 600.1 63.0 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 61.6 I960—Jan . 19,444 19,494 -12.9 2.3 -11.6 (4) 1959 19,456 19,507 -1,075.5 302.5 -1,323.6 48.6 Feb *>19,421*19,471 P-22.9 (4) 5-21.3 (4) * Preliminary. 3 Includes payment of $343.8 million as increase in United States 1 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 $9,894.1 million on Feb. 29, 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 343 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31,1957 Dec. 31,1958 Mar. 3I, 1959 June 30, 1959 Sept. 30, 1959 Dec. 31, 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 8 605 7 629 7 646 7 685 7 623 7 Belgium-Luxembourg (and Belgian Congo).. 1,184 8 1,522 6 1,489 6 1,510 7 1,484 7 1,361 7 Denmark 143 6 200 6 169 43 141 44 144 54 168 64 Finland 99 5 104 1 113 1 109 1 109 1 115 France (and dependencies) 1. . 946 9 1,134 12 1,246 12 1,583 32 2 2,045 32 1,539 35 Germany (Federal Republic of) 4,099 14 4,394 13 4,063 15 4,171 16 4,057 16 4,630 16 Greece 167 139 151 167 174 199 Italy 1,531 2,207 2,421 2,720 3,054 3,118 p\ Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,497 15 1,614 17 1,627 22 1,711 26 1,732 29 Norway 138 105 173 120 151 125 156 133 133 136 125 141 Portugal (and dependencies) 651 707 728 711 723 I 731 1 Spain (and dependencies) .. 126 3 94 88 92 123 3 141 3 Sweden 479 5 507 10 498 31 555 31 521 68 404 101 2,685 128 2,777 76 2,781 80 2,787 82 2 805 90 2,900 88 Turkey 162 8 164 164 165 8 176 8 164 Other4 851 1,370 3 1,341 16 1,423 1,113 1,491 17 Total 14,757 319 17.594 274 17,646 358 18,563 396 19,057 456 19,441 510 Sterling Area: United Kingdom 2,875 205 3,723 194 3,923 184 3,909 201 3 956 264 3 455 323 United Kingdom dependencies 104 4 109 4 110 4 105 4 106 4 115 4 A In u d s i t a ralia 2 3 1 2 1 9 2 3 4 2 1 4 P) 2 3 4 3 6 7 /•3\ 2 3 2 4 6 6 (3) 2 3 5 6 2 6 2 36 6 1 8 «\ Union of South Africa 255 1 241 1 221 J 237 1 268 1 287 1 Other 228 34 251 43 250 49 199 55 199 57 211 59 Total 4,002 245 4,889 242 5,087 238 5,022 261 5,147 326 4,697 387 Canada 2,723 457 3,097 341 3,159 344 3,195 342 3,284 450 3,155 452 Latin America: Argentina 263 210 237 263 325 393 Brazil 456 1 463 1 504 1 480 495 1 478 1 Chile 115 1 140 135 170 212 226 Colombia 215 241 262 (3) 278 266 288 p\ Cuba 371 154 366 339 86 317 277 82 214 82 92 69 70 67 59 61 566 2 561 4 543 2 566 4 565 4 607 2 Panama Republic of 136 1 146 2 156 2 147 2 157 2 129 3 Peru 88 96 8 93 96 107 101 1 U Ve ru n g ez u u a e y la 1,5 2 5 3 4 5 2 1 1,2 2 1 6 3 2 1,2 2 2 7 7 6 (2 1,2 2 1 6 9 9 (3> 9 2 9 5 7 1 (3) 2 93 4 1 2 3 Other 277 13 250 11 292 13 302 13 268 13 240 12 Total 4,368 176 4,017 106 4,134 107 4,174 104 3,979 105 3,910 105 Asia: Indonesia . . . .. 190 145 156 1 118 1 149 1 172 Iran 193 184 195 179 167 187 Japan 714 2 1,094 1,232 1,380 2 1 420 2 1 539 2 Philippines . ... 181 5 186 3 180 3 178 3 187 5 181 3 Thailand 269 245 1 250 1 246 1 239 1 248 1 Other 111 8 778 7 818 7 931 7 1,013 12 1,027 16 Total 2,324 16 2,632 12 2,831 13 3,032 14 3,175 21 3,354 23 All other: Egypt5 . . .. 228 190 190 190 190 194 8 Other 162 7 140 149 10 171 10 176 170 Total 390 7 330 8 339 10 361 10 366 11 364 10 Total foreign countries 6 . .. 28,564 1,220 32,559 983 33,196 1,070 34,347 1,127 35,008 1,369 34,921 1,487 International institutions . 2,697 222 2,876 495 3,027 523 4,665 523 5,043 605 5,565 660 Grand total6 31,261 1,442 35,435 1,478 36,223 1,593 39,012 1,650 40,051 1,974 40,486 2,147 p Preliminary. 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
344 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 ia s- C g B o i n e a l g n - o g B iu e m l- Brazil Canada Chile lo C m o b - ia 1953 Dec 36,425 1,702 22,091 12,630 372 117 52 101 ne 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 J AUu ly s 2 1 , ,9 0 2 2 3 5 1 19 9 , , 5 6 6 7 8 2 5 5 7 7 1 1 3 4 8 1 2 29 8 1 0 5 5 3 3 1 1 , , 2 2 8 7 1 6 3 3 2 2 6 6 1 1 , , 0 0 6 5 1 3 4 4 0 1 7 7 4 5 Sept '40,430 2,052 19,579 r18,800 57 143 291 48 1,254 326 L,O39 41 69 Oct 2,210 19,647 57 146 291 42 1,187 326 Qfi7 42 70 Nov 2,389 19,617 57 150 291 42 1,156 327 960 41 70 Dec 40,670 2,407 19,507 18,755 154 292 42 1,134 327 960 41 71 1960 Jan 2,416 19,494 292 1,143 326 952 40 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c l p i a c u n b- E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France3 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 1951 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 60 31 12 20 174 30 38 875 2,626 247 33 Dec 50 31 10 20 174 30 38 875 2,637 247 33 1960 Jan 31 10 20 174 30 38 875 2,638 247 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 1,125 33 43 49 19 11 498 Feb 141 34 18 1,155 95 143 1,145 33 43 49 19 7 498 Mar 140 34 18 1,190 102 142 1,164 33 43 49 19 7 501 Apr 140 34 18 1,222 102 142 1,164 33 43 49 19 9 502 May 140 34 18 1,263 102 142 1,164 33 43 50 19 9 507 June 140 34 18 1,311 102 160 1,164 33 43 50 19 10 512 July 140 73 18 1,381 102 158 1,164 33 30 50 19 6 513 Aug 140 84 18 1,433 102 156 1,162 33 30 50 19 6 525 Sept 140 84 18 1,476 102 165 1,162 33 30 50 19 7 525 Oct 140 84 18 1,583 102 165 1,126 33 30 50 19 8 530 Nov 140 84 18 1,635 102 1,132 33 30 50 8 546 Dec 140 18 1,749 102 1,132 33 30 50 9 548 1960—Jan 140 18 102 1,132 33 30 52 10 r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND PRODUCTION 345 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 * - 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 t o t t r l 'l e- m p P e e a a n y n t - s ments Union 1953 Dec 176 218 ,459 14 113 143 2,518 227 373 13 193 153 1954—Dec 199 265 ,513 17 113 144 2,762 227 403 14 196 153 1955 Dec 212 276 ,597 19 112 144 2,120 216 403 16 217 244 1956—Dec 224 266 ,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 219 ,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 I 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 I 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 I 925 24 112 144 3 220 180 719 10 436 Aug 204 191 1,919 19 112 144 3,248 180 719 10 434 Sept 225 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 191 L 868 19 112 133 3 024 180 719 10 367 Nov. .. . 230 191 1,816 112 133 2,974 180 654 10 383 Dec 238 191 .934 133 2,736 180 654 16 381 I960—Jan 248 191 1,826 133 2,685 10 445 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 French Exchange Represents reported gold holdings of central banks and governments Stabilization Fund are not included). and international institutions, unpublished holdings of various central 4 Beginning with December 1958, represents Exchange Equalization banks and governments, estimated holdings of British Exchange Equaliza- Account gold and convertible currency reserves, as reported by British tion Account based on figures shown for United Kingdom, and esti- Government; prior to that time represents reserves of gold and United mated official holdings of countries from which no reports are received. States and Canadian dollars. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa ]^orth and South America Other month (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 - * 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 15.1 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 6.2 14.8 34.3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 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 13.3 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 36.1 7.3 1957 1,036.0 956.3 596.2 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 7.2 3.9 3.9 13.0 38.6 6.0 1958 Dec 83.6 53.1 1.7 2.2 .7 5.9 13.2 .5 .6 .3 .3 1.0 3.6 .5 1959 Jan 83.4 54.1 1.6 2.6 1.2 4.2 13.2 .9 .5 .3 .3 1.3 2.8 .4 Feb 81.2 52.8 1.5 2.6 .9 4.1 12.5 1.0 .8 .3 .1 1.1 3.0 .5 Mar 85.0 55.9 1.7 2.6 1.0 3.8 13.2 1.0 .6 .3 .4 .7 3.3 .5 Apr 86.6 57.9 1.6 2.6 .8 3.8 13.2 1.2 .5 .3 .3 1.0 2.9 .5 May 58.7 1.6 2.6 1.3 4.1 13.3 .7 .3 1.0 2.9 .5 59 5 1 8 2 6 1 0 4 6 12 5 .7 3 1 3 3 5 5 July 60 8 1.6 2.7 .8 5.3 13.2 .6 .4 1.4 3 2 .5 60 7 1 4 2 7 1.4 4 2 12.2 .6 3 1 2 T, 0 5 Sept 60.9 2.0 2.8 .7 3.8 12.7 .5 .3 3.3 .5 Oct .. 61.3 1.7 2.8 1.1 3.5 13.9 .6 .4 1 ^ 3.3 .5 Nov 60 3 1 7 2.7 .9 3.4 13.6 .6 .4 Dec 59 3 .8 3.7 13.2 .6 .4 i Gold exports, representing about 90 per cent of total production. Bureau of Metal Statistics. For the United States, annual figures ar« 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. Ghana, Belgian Congo and Brazil, data for which are from American Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
346 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] flEnd-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 Ioans2 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 separate IBRD bonds outstanding 1,792 1,840 1,905 1,963 1,990 accounts: io Undisbursed loans 910 893 839 960 893 Gold 1 551 Other liabilities 24j 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 H105 Member subscriptions , 9,193 9,228 9,228 9,228 13,644 Loans by country, Jan. 31, 1960 Member subscriptions in separate account i° 2,093 Reserves and liabilities , 23 30 35 42 H162 Outstanding Area and member country4 Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to others* Country Paid 1959 1960 Total in Continental Western Europe, gold total 1,537 1,233 260 973 202 Jan. Dec. Jan. Austria 100 65 1 64 5 Belgium and Luxembourg.. 173 161 22 139 35 Denmark 60 46 5 40 4 Argentina. 280 70 148 148 Finland 102 70 16 53 8 Bolivia 23 6 9 11 11 France 352 272 28 244 30 Brazil 150 38 113 92 92 Italy 298 195 7 188 32 Burma 15 1 12 8 8 Netherlands 236 236 161 75 75 Chile 75 15 42 42 42 Norway 95 68 3 66 11 Turkey 61 59 7 52 Colombia 75 19 30 15 15 Yugoslavia 61 61 10 51 C D u o b m a inican Rep... 5 1 0 5 1 4 3 25 25 2 2 5 Sterling area, total 1,500 1,252 159 1,093 111 El Salvador 11 3 6 6 Australia 318 318 42 276 26 France 788 174 394 181 181 Ceylon 24 14 1 13 1 India 592 452 38 414 32 Haiti 11 3 4 5 5 Pakistan 151 94 18 76 2 Honduras. 8 2 4 4 Union of S. Africa 197 193 50 143 28 India 600 78 200 200 200 United Kingdom 193 162 10 153 23 Indonesia.. 165 29 55 46 46 Other 25 19 1 18 Iran 70 18 17 5 5 Latin America, total 976 716 133 583 15 Paraguay 9 2 6 5 5 Brazil 267 191 32 158 Philippines 50 13 15 9 9 Chile. 106 51 9 42 Spain 100 10 50 50 Colombia 148 105 33 72 Sudan 15 2 6 6 Ecuador 45 19 1 18 Turkey 86 22 36 36 El Salvador 32 24 3 20 Mexico 186 162 19 143 United Arab Re- Nicaragua 23 21 7 15 public—Egypt.. 60 10 30 27 27 Peru 47 42 8 34 United Kingdom. , 1,950 399 545 324 310 Uruguay 71 59 9 51 United States 4,125 1,031 12-1,928 12-1,619 12-1,607 Other 50 41 12 29 Yugoslavia 66 9 23 23 23 Asia (excluding Sterling area), total 644 378 346 29 1 Currencies include demand obligations held in lieu of deposits. Iran 152 88 78 12 2 Represents principal of authorized loans, less loans not yet effective, Japan 298 205 198 14 repayments, the net amount outstanding on loans sold or agreed to be Lebanon 27 7 7 sold to others, and exchange adjustment. Malaya 36 2 2 3 Excludes uncalled portions of capital subscriptions. Philippines 19 15 15 * Loans to dependencies are included with member. T O h th a e il r and 10 6 7 5 6 5 47 5 Includes also effective loans agreed to be sold but not yet disbursed. « Less than $500,000. Africa (excluding Sterling 7 Includes $243 million in loans not yet effective. area), total 119 35 8 Includes $341 million not guaranteed by the Bank. Ethiopia 24 15 9 U. S. Treasury bills purchased with proceeds from sale of gold. Sudan 39 20 10 Paid by members pending increases in quotas becoming effective. United Arab Republic 57 11 Includes subscriptions due from members on increases in quotas Total 7 4,776 3,615 585 3,029 '360 con 1 s 2 e R nt e e p d r e t s o e n b t u s t s n a o le t s y o et f U ef . f e S ct . i v d e o . llars 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 347 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 4-1,020 -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 p 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] Switzer- Canada United Kingdom France Germany Netherlands land Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c c o k e e n p e s t t r , 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 o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l - y 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 i c 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 L64 $.33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 1.26 ].50 2.50 1959—Jan 3.34 2.07 3.28 3.12 2.73 2.00 4.39 2.25 2.38 1.04 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 L.68 .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 L.63 .34 2.00 June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 L.82 L46 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 4.07 3.75 3.56 2.52 1.50 2.00 I960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.75 3.69 2.53 1.50 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 3 B R a a s t e e d s h o o n w w n e e is k l o y n a p v r e i r v a a g t e e s s o e f c u d r a i i t l i y es c . losing rates. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
348 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 Feb. 28, 1959 Rate Country 1959 1960 as of Feb. 29, Per Month 1960 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 6.0 Dec. 1957 6.0 5.0 Nov. 1955 4.5 4.5 Belgium 3.25 Jan. 1959 4.0 4.0 Brazil ^ 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 4.32 Feb. 1959 4.55 5.01 5.15 5.36 5.72 5.58 5.85 5.27 5.11 5.37 4.85 4.86 4.86 Ceylon 2.5 June 1954 42.5 2.5 Chile2 6.0 Feb. 1957 6.0 foi otnbi a 2 4.0 July 1933 4.0 Costa Rica.2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6 0 6.0 Denmark 4.5 Aug. 1958 5.0 5.5 5.5 10.0 May 1948 10.0 Ppvnt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 5.5 5.5 Finland^ ••••••» 6.5 Apr. 1956 6.0 6.0 4.25 Feb. 1959 4.0 4.0 2.75 Jan. 1959 3.0 4.0 4.0 10.0 May 1956 10.0 2.0 Jan. 1953 2.0 7.0 Apr. 1952 11 0 11.0 India*5 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 4.0 Aug. 1948 4.0 T 1 ' k * * 4.25 Nov. 1958 4 75 4.75 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 6.94 Feb. 1959 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 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 .. • . 6.0 Nov. 1947 9.5 9.5 6 5 Feb 1959 6.5 Portufial 2.0 Jan. 1944 2.0 Slonfh 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 0 Feb 1959 2.0 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 4.0 Nov. 1958 5.0 5.0 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 VA 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 • 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—5.5 per cent for sugar loans and 5 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 349 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 3.8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 3.8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 3.8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.SI 3.8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 3.8536 2.0044 103.03 21.049 .3118 1959. 1.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—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 3.8487 2.0037 103.77 21.089 .3114 May. 1.1774 224.27 3.8488 2.0057 103.84 21.081 .3114 June. 1.1091 224.11 3.8510 2.0027 104.28 21.072 .3120 July.. 1.1851 224.04 3.8506 2.0031 104.46 21.062 .3120 Aug.. 1.1922 223.86 3.8502 2.0013 104.75 21.060 .3116 Sept.. 1.2037 223.40 3.8525 1.9989 105.08 21.037 .3113 Oct.. 1.2213 223.61 3.8526 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 1960—Jan.. 1.2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb.. 1.2032 223.37 3.8419 2.0048 105.07 21.031 .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 l a 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—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 Feb... 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 26.512 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 p h p e i i u n l s i b o 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 r e o d n e a n ) z (f e S r r w a la n i n t c - d ) ( U K p d n o i o i n u m t g n ed - d) 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—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 I960—Jan.. 277.20 13.985 49.770 3.4844 278.93 1.6607 19.302 23.112 279.98 Feb., 277.55 13.990 49.770 3.4898 279.28 1.6625 19.311 23.054 280.33 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 ^Euffwec-utiyvce jJuuilyy *2.0v,, L1?9J5?9, , mthe 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 EXAMINATIONS 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. NOYES, 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 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
352 FEDERAL RESERVE BULLETIN • MARCH 1960 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary L. MERLE HOSTETLER, Associate Economist KENNETH A. KENYON, Assistant Secretary ARTHUR W. MARGET, Associate Economist HOWARD H. HACKLEY, General Counsel ^ _ - _ „ DAVID B. HEXTER, Assistant General Counsel GuY R NoYES' Associate Economist WOODLIEF THOMAS, Economist ROBERT V. ROOSA, Associate Economist HARRY BRANDT, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA, ^^ MINNEAPOLIS GoRDON Vice President REUBEN B. HAYS, CLEVELAND R- OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND I- F- BETTS, DALLAS JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE 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 ATHERTON BEAN KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 353 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 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 ANNUAL REPORT OF THE BOARD OF GOVERNORS 1959. Ill pages. $1.00 per copy; in quanti- OF THE FEDERAL RESERVE SYSTEM. ties of 10 or more for single shipment, 85 FEDERAL RESERVE BULLETIN. Monthly. Sub- cents each. scription price in the United States and its pos- DEBITS AND CLEARINGS STATISTICS AND THEIR sessions, Bolivia, Canada, Chile, Colombia, USE (rev. ed.). May 1959. 144 pages. $1.00 Costa Rica, Cuba, Dominican Republic, Ecua- per copy; in quantities of 10 or more for single dor, Guatemala, Haiti, Republic of Honduras, shipment, 85 cents each. Mexico, Nicaragua, Panama, Paraguay, Peru, ALL-BANK STATISTICS, 1896-1955. Revised statis- El Salvador, Uruguay, and Venezuela is $6.00 tics for all banks in the United States, by class per annum or 60 cents per copy; elsewhere of bank, together with descriptive and explana- $7.00 per annum or 70 cents per copy. Group tory material. Part I, U. S. Summary. Part II, subscriptions in the United States for 10 or Summaries by States and other areas. April more copies to one address, 50 cents per copy 1959. 1,229 pages. $4.00. per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended through FEDERAL RESERVE CHART BOOK ON FINANCIAL December 31, 1956, with an Appendix con- AND BUSINESS STATISTICS. Monthly. Annual taining provisions of certain other statutes afsubscription includes one issue of Historical fecting the Reserve System. 385 pages. $1.00. Supplement. Subscription price in the United FLOW OF FUNDS IN THE UNITED STATES, 1939-53. States and the countries listed above is $6.00 A new accounting record designed to picture per annum; 60 cents per copy, or 50 cents each the flow of funds through the major sectors of for 10 or more of same issue for single ship- the national economy. December 1955. 390 ment; elsewhere $7.00 per annum or 70 cents pages. $2.75. each. A STATISTICAL STUDY OF REGULATION V LOANS. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE September 1950. 74 pages. 25 cents per copy; CHART BOOK. Issued annually in September. in quantities of 10 or more copies for single Annual subscription to monthly chart book in- shipment, 15 cents each. cludes one issue of Supplement. In the United BANKING AND MONETARY STATISTICS. Statistics of States and countries listed above under Federal banking, monetary, and other financial develop- Reserve Bulletin, single copies 60 cents each or ments. November 1943. 979 pages. $1.50. in quantities of 10 or more for single shipment RULES OF ORGANIZATION AND RULES OF PROCE- 50 cents each; elsewhere 70 cents each. DURE—Board of Governors of the Federal Re- TREASURY-FEDERAL RESERVE STUDY OF THE GOV- serve System. 1946. 31 pages. ERNMENT SECURITIES MARKET. Part I. July REGULATIONS OF THE BOARD OF GOVERNORS OF 1958. 108 pages. Part II. February 1960. THE FEDERAL RESERVE SYSTEM. 159 pages. Part III. February 1960. 112 ADMINISTRATIVE INTERPRETATIONS OF REGULApages. Individual books $1.00 each; set of 3 TION F—SECTION 17—COMMON TRUST FUNDS. 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. 354 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS 355 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.) REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- CAPITAL MARKETS and MONEY AND BANK CREDIT LETINS. 52 pages. IN 1959. Combined reprint. January and Feb- SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. ruary 1960. 14 pages. April 1957. 20 pages. MONETARY POLICY AND ECONOMIC GROWTH. SURVEY OF FINANCE COMPANIES, MID-1955. February 1960. 7 pages. April 1957. 17 pages. BANKING AND MONETARY STATISTICS, 1959. Se- REVISION OF MONTHLY DEPARTMENT STORE IN- lected series of banking and monetary statistics DEXES. December 1957. 30 pages. for 1959 only. February 1960. 9 pages. (Similar reprint of 1958 data, February and REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1958. 10 pages. May 1959 BULLETINS.) OPEN MARKET OPERATIONS IN LONG-TERM SE- GOLD AND DOLLAR TRANSFERS IN 1959. March CURITIES. November 1958. 15 pages. 1960. 6 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 294, 296 Department stores: Agricultural loans of commercial banks, 288, 290 Merchandising data, 325 Agriculture, Govt. agency loans, 306, 332 Sales and stocks, 320, 324 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 284 Banks and the monetary system, consoli- Banks, by classes, 279, 285, 289, 292, 296 dated, 284 Federal Reserve Banks, 280, 341 Corporate, current, 298 Postal savings, 282, 284 Banks, by classes, 285, 288, 290, 296 Discount rates, 278, 348 Federal business-type activities, Discounts and advances by Federal Reserve by fund or activity, 306, 332 Banks, 274, 279, 280 Federal Reserve Banks, 280 Dividends, corporate, 298, 299 Automobiles: Dollar assets, foreign, 341, 343 Consumer instalment credit, 310, 311, 312 Dwelling units started, 321 Production index, 314, 317 Earnings and hours, manufacturing indus- Bankers' balances, 289, 291 tries, 320, 323 Employment, 320, 322, 323 (See also Foreign liabilities and claims reported Export-Import Bank, loans, etc., 306, 332 by banks) Banks and the monetary system, consolidated state- Farm mortgage loans, 306, 307, 308, 332 ment, 284 Federal business-type activities, assets and liabilities, Bonds (See also U. S. Govt. securities): by fund or activity, 306, 332 New issues, 298, 300, 301 Federal Deposit Insurance Corporation, Prices and yields, 294, 295 assets, etc., 306, 332 Brokers and dealers in securities, bank Federal finance: loans to, 288, 290 Cash transactions, 304 Business expenditures on new plant and equip- Receipts and expenditures, 305 ment, 298 Treasurer's balance, 304 Business indexes, 320 Federal home loan banks, loans, etc., 306, 309, 332 Business loans (See Commercial and industrial loans) Federal Housing Administration, loans, etc., 306, 307, 308,309,332 Capital accounts: Federal National Mortgage Association, Banks, by classes, 285, 289, 292 loans, etc., 306, 309, 332 Federal Reserve Banks, 280 Federal Reserve Banks: Carloadings, 320 Condition statement, 280 Central banks, foreign, 344, 348 U. S. Govt. securities held by, 274, 279, 280, Coins, circulation of, 283 302, 303 Commercial banks: Federal Reserve credit, 274, 279, 280 Assets and liabilities, 285, 288 Federal Reserve notes, 280, 283 Consumer loans held, by type, 311 Finance company paper, 294, 296 Number, by classes, 285 Financial institutions, loans to, 290 Real estate mortgages held, by type, 307 Flow of funds, saving and financial flows, 330 Commercial and industrial loans: Foreign central banks, 344, 348 Commercial banks, 288 Foreign deposits in U. S. banks, 274, 280, 284, Weekly reporting member banks, 290, 293 289, 292 Commercial paper, 294, 296 Foreign exchange rates, 349 Commodity Credit Corporation, loans, etc., 306, 332 Foreign liabilities and claims reported by Condition statements (See Assets and liabilities) banks, 334, 336, 339, 341 Construction, 320, 321 Foreign trade, 325 Consumer credit: Instalment credit, 310, 311, 312, 313 Gold: Major parts, 310, 312 Earmarked, 342 Noninstalment credit, by holder, 311 Net purchases by U. S., 342 Consumer price indexes, 320, 326 Production, 342, 345 Consumption expenditures, 328, 329 Reserves of central banks and governments, 344 Corporate sales, profits, taxes, and dividends, 298, 299 Reserves of foreign countries and international Corporate security issues, 298, 300 institutions, 343 Corporate security prices and yields, 294, 295 Stock, 274, 284, 342 Cost of living (See Consumer price indexes) Gold certificates, 280, 283 Currency in circulation, 275, 283 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 295 Gross national product, 328, 329 Debits to deposit accounts, 282 Home owners, Govt. agency loans, 306, 332 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 284 tries, 320, 323 Adjusted, commercial banks, by classes, 289 Banks, by classes, 285, 292 Industrial production index, 314, 320 Turnover of, 282 Instalment loans, 310, 311, 312, 313 Type of holder, at commercial banks, 289 Insurance companies, 297, 302, 303, 308 356 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES 357 Insured commercial banks, 287, 288 Reserves: Interbank deposits, 279, 285, 289, 292 Commercial banks, 289 Interest rates: Federal Reserve Banks, 280 Bond yields, 294 Foreign central banks and governments, 344 Business loans by banks, 293 Foreign countries and international institu- Federal Reserve Bank discount rates, 278 tions, 343 Foreign countries, 347, 348 Member banks, 274, 280, 289, 291 Open market, 294, 347 Residential mortgage loans, 307, 308, 309 Regulation V loans, 282 Stock yields, 294 Sales finance companies, consumer loans of, 310, Time deposits, maximum rates, 278 311, 313 International capital transactions of the U. S., 334 Saving: International financial institutions, 342, 343, 344, 346 Flow-of-funds series, 330 Inventories, 328 National income series, 329 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 285, 288, 291, 296 Savings institutions, principal assets, 296, 297 Federal Reserve Banks, 279, 280 Savings and loan associations, 297, 308 Govt. agencies, etc., 306, 332 Securities, international transactions, 340, 341 Life insurance companies, 297 Security issues, 298, 300, 301 Savings and loan associations, 297 Silver coin and silver certificates, 283 State member banks, 287 Labor force, 322 State and municipal securities: Loans (See also specific types of loans): New issues, 300, 301 Banks, by classes, 285, 288, 290, 296 Prices and yields, 294, 295 Federal Reserve Banks, 274, 279, 280 States and political subdivisions: Govt. agencies, etc., 306, 332 Deposits of, 289, 292 Insurance companies, 297, 308 Holdings of U. S. Govt. securities, 302 Savings and loan associations, 297, 308 Ownership of obligations of, 288, 296, 297 Loans insured or guaranteed, 282, 307, 308, 309 Stock market credit, 295 Stocks: New issues, 300 Manufacturers, production index, 314, 320 Prices and yields, 294, 295 Margin requirements, 278 Member banks: Assets and liabilities, by classes, 285, 288 Tax receipts, Federal, 305 Borrowings at Federal Reserve Banks, 274, Time deposits, 278, 279, 284, 285, 289, 292 280, 292 Treasurer's account balance, 304 Deposits, by classes, 279 Treasury cash, 274, 283, 284 Number, by classes, 286 Treasury currency, 274, 283, 284 Reserve requirements, by classes, 279 Treasury deposits, 274, 280, 304 Reserves and related items, 274 Weekly reporting series, 290 Unemployment, 322 Mining, production index, 314, 320 U. S. balance of payments, 347 Money rates (See Interest rates) U. S. Govt. balances: Mortgages (See Real estate loans) Commercial bank holdings, by classes, 289, 292 Mutual savings banks, 284, 285, 287, 296, 302, Consolidated monetary statement, 284 303, 307 Treasury deposits at Federal Reserve Banks, 274, 280, 304 National banks, 287 U. S. Govt. securities: National income, 328, 329 Bank holdings, 284, 285, 288, 291, 296, 302, 303 National security expenditures, 305, 328 Federal Reserve Bank holdings, 274. 279, 280, Nonmember banks, 280, 287, 288, 289 302, 303 Foreign and international holdings, 280, 343 International transactions, 340, 341 Payrolls, manufacturing, index, 320 New issues, gross proceeds, 300 Personal income, 329 Outstanding, by type of security, 301, 302, 303 Postal Savings System, 278, 284 Ownership of, 302, 303 Prices: Prices and yields, 294, 295 Consumer, 320, 326 United States notes, outstanding and in circula- Security, 295 tion, 283 Wholesale commodity, 320, 326 Utilities, production index, 314, 320 Production, 314, 320 Profits, corporate, 298, 299 Vault cash, 274, 289 Veterans Administration, loans, etc., 306, 307, 308, Real estate loans: 309, 332 Banks, by classes, 288, 290, 296, 307 Type of mortgage holder, 307, 308, 309 Type of property mortgaged, 307, 308, 309 Weekly reporting member banks, 290 Regulation V, loan guarantees, 282 Reserve requirements, member banks, 279 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 J (o THE FEDERAL RESERVE SYSTEM 1 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, February 29). Federal Reserve Bulletin, 1960-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196003
@misc{wtfs_bulletin_196003,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1960-03},
year = {1960},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196003},
note = {Retrieved via When the Fed Speaks corpus}
}