fraser.stlouisfed.orgEDITORIAL COMMITTEE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph...

FEDERAL RESERVE

B U LLETINApril 19 £9

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I A L C O M M I T T E EElliott Thurston Woodlief Thomas Winfield W. Riefler

Ralph A. Young Susan S. Burr

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for opinions expressed, except in official state-ments and signed articles.

Contents

Expansion in Instalment Credit 347

Member Bank Term Lending to Business, 1955-57 353

Proposed Revision of Reserve Requirements 369

Ownership of Demand Deposits 378

Current Events and Announcements 381

Law Department 382

National Summary of Business Conditions 384

Financial and Business Statistics, U. S. (Contents on p. 387) 389

International Financial Statistics (Contents on p. 445) 446

Board of Governors and Staff 463

Open Market Committee and Staff; Federal Advisory Council 464

Federal Reserve Banks and Branches 464

Federal Reserve Board Publications 466

Index to Statistical Tables 468

Map of Federal Reserve System Inside back cover

Volume 4£ Number 4

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Expansion in Instalment Credit

INSTALMENT CREDIT resumed expansionlate last year, and new borrowing has risenabove former highs in recent months. Theoutstanding amount increased at a season-ally adjusted rate of $360 million in Januaryand February of this year, somewhat lessthan the record rate in 1955 but more thanin any month since early 1956.

Most types of instalment credit began torise in the spring of 1958 but the total, helddown by lagging automobile demand, didnot turn up until the last quarter of the year.Since October, automobile credit has ac-counted for about one-half of the increasein the total.

Renewed growth in instalment credit hasprovided additional funds for consumerspending and has contributed to the revivalof business activity. Although credit salesof some types of goods, such as new auto-mobiles, have lagged behind cash sales,total borrowing by consumers has increasedat a faster rate than total consumption ex-penditures. Demand for funds by consumershas added to other pressures in credit mar-kets and has contributed to the increase ininterest rates.

RECESSION EXPERIENCE

Instalment credit responded slowly to thebusiness downturn in 1957. Extensions ofsuch credit, the most sensitive indicator ofchanges in the flow of credit, remained athigh levels throughout the second hah* of1957. Industrial production and personalincome, two common measures of generalbusiness activity, turned down late in thethird quarter.

CONSUMER INSTALMENT CREDIT

_ EXTENDED

NET CHANGE IN OUTSTANDINGS

1.01.0

NOTE.—Adjusted for seasonal variation. Latest data shown,February.

After extensions of credit began todecline, they fell more rapidly than eitherindustrial production or personal income.Percentagewise, the decrease was somewhatsmaller than that in industrial productionbut considerably larger than that in personalincome. Extensions of automobile credit,which dropped 25 per cent from the Octo-ber 1957 high to the March 1958 low, ac-counted for most of the decline in the total.

The slower rate at which consumers in-curred new obligations helped to check thegrowth of repayments, which remained atthe pre-recession rate throughout 1958. Withthe decline in income, there was a small in-crease in the ratio of repayments to dispos-able personal income.

347


348 FEDERAL RESERVE BULLETIN • APRIL 1959

SELECTED BUSINESS INDEXES19*7 - 49 = 100

INSTALMENT CREDIT EXTENDED

PERSONAL INCOME

INDUSTRIAL PRODUCTION

250

200

ISO

1001958 '59

NOTE.—Adjusted for seasonal variation. Latest data shown,February.

All types of instalment credit reflected thebusiness recession, but the extent and timingof the impact on different sectors varied.Outstanding paper for consumer goodsother than automobiles declined in the lastquarter of 1957 and the first quarter of 1958,but the net change for the period as a wholewas small. Automobile credit did not turndown until January 1958, when it begana decline that lasted without interruptionthrough October. Personal loans continuedto rise throughout the recession but at asomewhat reduced rate.

Delinquencies on all types of instalmentloans rose in the first quarter of 1958 andrepossessions of both new and used carsbecame more numerous. Repossessionsreached a record postwar rate, but the de-mand for used cars was strong enough toprevent large losses to lenders. Liberalpolicies in deferring payments or rewritingloans kept down the number of defaults and

adjusted the burden of debt repayments formany borrowers.

FORCES FOR EXPANSION

Improvement in general economic condi-tions by the summer of 1958 created an en-vironment favorable to renewed expansionof instalment credit. Better incomes andexpectations strengthened the willingnessand ability of consumers to use credit as wellas their demand for goods purchased oncredit. Competition among lenders andbetter collection experience encouraged theexpansion of credit operations. On the otherhand, relatively large pockets of unemploy-ment and rising costs of funds to lenderswere unfavorable factors.

Extensions of instalment credit turned upearly in the second quarter of 1958 aboutthe time of the upturn in general businessactivity. They regained pre-recession levelsby December and rose to new highs in theearly months of this year.

Financial positions of consumers im-proved as economic activity recovered. Dis-posable personal income resumed its upwardtrend in the second quarter of 1958 and,with consumer prices changing little, thepurchasing power of consumers increased.Repayments on consumer instalment debtcontinued steady and their ratio to dispos-able personal income declined from 13.3per cent in the first quarter of 1958 to 12.9per cent in the first two months of this year.Although some consumers were forced bythe recession to reduce their liquid assetholdings, in general consumers were in afavorable position to expand their creditbuying.

Early this year consumers viewed theirfinancial situations and prospects more fa-vorably than a year earlier. Forty per centof the spending units reporting in the Survey


EXPANSION IN INSTALMENT CREDIT 349

of Consumer Finances indicated that theywere earning more, and 42 per cent indi-cated that they expected their incomes toincrease over the coming year. Their plansto buy durable goods were only moderatelylarger than in early 1958. The propor-tion of consumers planning to buy newcars was somewhat above the low levelof early last year but below levels in thethree preceding years. The proportion plan-ning to buy used cars, on the other hand,was above that of most recent years althoughsomewhat below the high of last year.

Following the brief and rather sharp risein collection problems during the recession,collection experience improved. Delin-quencies on most types of instalment loansat commercial banks have been fewer thana year earlier and repossessions of new andused cars have declined from their recessionhighs. Lenders have been encouraged bytheir recent experience and by the generalbusiness outlook to expand and broadentheir financing operations.

AUTOMOBILE CREDIT

Automobile credit has accounted for mostof the recent fluctuations in total instalmentcredit outstanding. In 1958, the prolongeddecline in automobile paper was responsiblefor most of the reduction and for the delayedupturn in the total. Since October, it hasaccounted for a substantial part of the in-crease.

New borrowing for automobile purchasesreturned to the pre-recession high of morethan $1,400 million a month in December1958 and continued at that rate in the earlymonths of 1959. Repayments remained atthe reduced level of $l,250-$l,300 milliona month and the expansion in outstandingcredit resumed at a seasonally adjusted rateof $175 million a month.

NEW AUTONOMIES1947-49 = 100

CREDIT SALES

300

200

rhousonds ot dollors

AVERAGE CONTRACT

1956 1958

NOTE.—Three-month moving averages. Latest data shown,January.

Despite the rise in sales of new cars afterthe introduction of the 1959 models, growthin credit sales has lagged behind the expan-sion in cash sales, as the chart shows. Thenumber of new cars sold on credit in thefirst four months after the introduction ofnew models was smaller than in the compar-able period a year earlier, but cash saleswere 25 per cent higher.

Maximum maturities and minimum down-payments on new car contracts have notchanged materially since 1957. Most lend-ers allow up to 36 months to pay on then-new car contracts and make loans up to theamount of the dealer cost of the collateral.The proportion of long-term contracts, afterrising steadily through the third quarter of1958, has leveled off in recent months. Itis estimated that about 60 per cent of allnew car contracts are now written with 36-month maturities.

The size of instalment notes on new cars



has shown little change over the past year.New car contracts averaged $2,640 in Janu-ary and February as compared with $2,610in the same months last year. Higher retailprices and the somewhat larger financingcharges associated with longer average ma-turities have been offset in part by an in-crease in the proportion of lower priced carspurchased.

Continued strength in credit sales con-tributed to the stability of used car salesthroughout 1958 and the early months ofthis year. The proportion of used cars soldon credit has risen steadily. Maximum ma-turities of 30 months in contracts for usedcars of recent model have become commonin the last few years, and there appears tohave been a proportionate lengthening ofmaturities in contracts for cars of oldermodel.

OTHER CONSUMER GOODS CREDIT

Instalment credit outstanding for the pur-chase of consumer goods other than auto-mobiles decreased in the latter part of 1957,after allowance for the usual seasonal influ-ences. Such credit began to rise again inthe spring of 1958 and in recent months itsrate of growth has accelerated.

Consumers have been spending about thesame proportion of their income on goodsother than automobiles as before the reces-sion and they have been buying about thesame proportion on credit. They have usedabout $1 billion of new credit a monthsince August 1958 while repayments, whichchanged little during the recession, haveaveraged about $950 million a month.

Credit for the purchase of major appli-ances and furniture continues to account forthe greater part of all instalment credit forgoods other than automobiles. Neverthe-less, an increasing proportion represents

credit for purchases of items such as housetrailers and pleasure craft, bought on com-paratively long terms, and credit for pur-chases of nondurable goods and small dur-able goods on revolving credit and similarplans.

The revolving credit plan, used verywidely by department stores, permits pur-chase, on a line of credit, of items hereto-fore seldom offered on an instalment basis.It is estimated that the amount of revolvingcredit outstanding has at least doubled sinceearly 1957, and that about $500 million, ora third, of all instalment credit at departmentstores is now in this form.

Repair and modernization loans outstand-ing have resumed a gradual upward courseafter a brief decline in early 1958. Newcredit is being extended at a slightly higherrate than at any time since the middle of1957. The trend toward longer averagematurities, which began when the maximummaturity on loans insured by the FederalHousing Administration was lengthened tofive years, has continued.

PERSONAL LOANS

Personal loans have expanded without pausesince World War II, but at a variable rate.The expansion slowed during the recessionbut has accelerated in recent months, as thechart shows. These loans amount to about afourth of total instalment credit outstanding.

Growth in personal loans reflects in-creased experience with, and confidence in,the unsecured loan on the part of lenders,and the use of this type of loan by consumersfor a wider variety of expenditures. Per-sonal loans have long been used for consoli-dation of debt, for medical and dental pay-ments and for emergencies. While thesepurposes still predominate, such loans arenow used more often than they used to befor purchasing consumer goods and services.


EXPANSION IN INSTALMENT CREDIT 351

CHANGES IN INSTIMENT CKDITtiticTie COMMNOIISMill.om ol dollors

AUTOMOBILE PAPER

III II. .1"1III"!1

II -OTHER CONSUMER GO(

. • • I I I !

" I 1

JOS PAPES

. . l . l l l l l

1

||PERSONAL LOANS

Illlllllllll l l . l l l l l l l l l i l l

1

200

200

200

200

1957 1958 •59

NOTE.—Adjusted for seasonal variation.

Greater interest in personal loam on thepart of commercial banks and the growthin the number of credit unions have ex-panded the sources of these loans. Specialcredit plans have also furthered the Use Ofthe personal loan. Among these are cheekcredit plans that extend the features of re-volving credit to the personal loan field, andthe arrangements of travel agencies and air-lines to finance travel.

FINANCING OF INSTALMENT CREDIT

Commercial banks financed most of therecent growth in instalment credit as well asthe peak seasonal demands at the end of1958 through direct participation in con-sumer lending, purchases of paper, or loansto other holders of consumer paper. Onbalance, sales finance companies returnedfunds to the credit markets during most of1958 but, as their needs increase with sea-sonal requirements this spring, their de-mands are likely to add to other pressureson available supplies of funds.

Costs of borrowing to finance instalment

lending operations are higher than they werein early 1958 but lower than they were in1957. The rate on 3- to 6-month directlyplaced paper of large finance companies hasbeen 3*/4 to 3% per cent in recent weeks,compared with 1% per cent in the secondquarter of 1958 and a high of 3% per centin 1957. Bank rates on loans to financecompanies and other borrowing rates havealso increased.

The earnings experience of lenders in1958 was mixed. Operating costs and lossescharged to bad debt reserves were largerthan in 1957 but these higher costs wereoffset in part by the lower interest rates onmoney borrowed. Many lenders specializ-ing in automobile financing, where volumedeclined, reported reduced earnings. Pros-pects for better earnings this year have beenenhanced by the rise in loan volume and theimprovement in collection experience.

Retail stores and automobile dealers orig-inate a large proportion of all instalmentcredit but they sell most of it to commercialbanks or sales finance companies. At theend of 1958 banks held 38 per cent of allinstalment credit and finance companies 26per cent, as the table on page 352 shows.Distribution of holdings has changed littlein recent years except for declines in theproportions held by retail outlets and salesfinance companies.

Recent changes in the relative importanceof sales finance companies reflect two partlyoffsetting tendencies. The proportion ofautomobile credit held by these companieshas declined from a temporary high of 51per cent at the end of 1955 to 45 per centin recent months as commercial banks andother financial institutions, primarily creditunions, have expanded their share of thismarket. On tile other hand, the proportion



H O L D E R S O F I N S T A L M E N T P A P E R

[End-of-year figures]

Type of holder

Total

Financial institutions:Commercial banksSales finance companies..Consumer finance com-

paniesCredit unionsOther

Retail outlets

Amount(in mil-lions ofdollars)

1958

33,865

12,7308,740

3,3812,6641,428

4,922

Percentagedistribution

1958

100

3826

1084

14

1956

100

3729

1064

15

1954

100

3726

964

18

of credit for other consumer goods held bythe sales finance industry has increased from

12 per cent in 1954 to about 18 per cent in1958 as financial subsidiaries have beenformed by manufacturers and retailers tohandle their paper.

Small commercial banks have expandedtheir operations in the automobile creditmarket more than medium-size and largebanks. Small banks reported the largestrelative gains in purchased paper and theyalso expanded their share of the direct loanmarket. In the sales finance industry, smalland medium-size companies reported slightlymore growth from 1955 to date in the newand used car fields than the average for thethree largest companies. Growth in auto-mobile credit operations has been less rapidamong all sizes of sales finance companiesthan among small banks.


Member Bank Term Lending toBusiness, 1955S7

MEMBER BANK LOANS to business in Oc-tober 1957 included $15.4 billion with ma-turities of more than one year, or term loans.The outstanding amount of such loans in-creased by 48 per cent in the two years end-ing October 1957 and from 34 to 38 percent of total business loans.

Growth in term loans in this period wasshared by all major industry groups of bor-rowers. A large part of the dollar amountof growth, however, occurred in certaingroups—metal fabricators, manufacturers ofpetroleum-rubber products, and publicutilities—in which expenditures for fixedcapital were relatively heavy during the eco-nomic expansion of 1955-57. A large partof the increase in number of loans and thegreatest relative increases occurred in trade,construction, and real estate—industrygroups dominated by smaller firms, many ofwhich were growing rapidly. These charac-teristics of term loan expansion by industryrepresent to some extent a continuation ofearlier postwar trends.

Nearly three-fourths of the number ofterm loans outstanding in October 1957 hadintermediate maturities, mostly one-threeyears, and the number of loans with suchmaturities grew from 1955 to 1957 in mostindustry and borrower-size groups. Suchmaturities included a substantial number ofinstalment-type loans to small business onwhich effective rates of interest are higherthan those on other term loans. Many of

these are used to purchase equipment, whichis the security for the loan. A substantialproportion of the dollar amount of termloans represented maturities of five-ten years.Most of the borrowing in this maturity rangewas by large businesses.

The largest banks held more than halfof the outstanding amount of term loans,but banks with deposits of less than $100million held more than half of the number.Banks of all sizes expanded term lendingto smaller borrowers in the two years endingOctober 1957.

This article summarizes the findings con-cerning characteristics of term lending ofmember banks to business from surveysconducted by the Board of Governors ofthe Federal Reserve System in cooperationwith the Federal Reserve Banks in Octoberof 1955 and 1957 and includes some his-torical perspective from a similar survey inNovember 1946.1 Additional findings con-cerning term loans appeared in the article"Member Bank Lending to Small Business1955-57" in the Federal Reserve BULLETIN

for April 1958, pages 393-411.

CHARACTERISTICS OF BORROWERS

The $15.4 billion of member bank termloans outstanding in October 1957 and the

NOTE.—This article was prepared by Carl T. Arlt,Jr., formerly of the Board's Division of Research andStatistics.

1See Duncan McC. Holthausen, "Term Lendingto Business by Commercial Banks in 1946," FederalReserve BULLETIN, May 1947, pp. 498-517. For otherarticles covering the 1955 Survey see James B. Eckert,"Business Loans of Member Banks," Federal ReserveBULLETIN, April 1956, pp. 327-40; and Caroline H.Cagle, "Credit Lines and Minimum Balance Require-ments," Federal Reserve BULLETIN, June 1956, pp.573-79.

353



$5 billion increase in such loans over thetwo preceding years were distributed widelyamong borrowers in different industries andof different size. The importance of suchloans among businesses is revealed not onlyby the distribution of their number andamount but also by their growth in recentyears as compared with short-term credit.

Business. The volume of term loans out-standing in 1957 was dominated by largeloans to borrowers ;n industries with tra-ditionally heavy fixed capital requirements.Three groups—metals and metal products;petroleum, coal, chemicals, and rubber; andtransportation and other public utilities-accounted for about one-half of the amountof loans outstanding but for less than 15per cent of the number. The average loanranged from $236,000 for petroleum-rubberto about $90,000 each for public utilitiesand metal fabricators. The number of loans,

on the other hand, was concentrated amongcompanies whose needs are mostly for work-ing capital and are generally rather small.Retail trade and services accounted for halfof the number but only 17 per cent of thevolume on the Survey date, as shown inTable 1. The average loan for each of thesegroups was about $10,000.

Nearly half of the growth in term loansbetween the 1955 and 1957 Survey dateswas concentrated among the same threegroups—metals, petroleum-rubber, and pub-lic utilities—that accounted for such a largeproportion of all loans outstanding in Oc-tober 1957. Much of the increased use ofterm loan credit by these three groups wasundoubtedly related to their needs for fi-nancing large programs for plant expansionand modernization. Despite the increaseduse of term credit, its importance relative tototal business loans declined for metal fab-

TABLE 1

BUSINESS CLASSIFICATION OF TERM LOAN BORROWERS AT MEMBER BANKS

1955 and 1957

Businessof borrower

AH businesses . . . .

Manufacturing and mining:Food, liquor, and tobacco...Textiles, apparel, and leather.Metals and metal products..Petroleum, coal, chemicals,

and rubber •All other

Trade:Retail tradeWholesale tradeCommodity dealers

Other:Sales financeTransportation, communica-

tion, and other pub. util...Construction....

ServiceAll other nonfinancial

Amount of loans

Millions ofdollars

Oct. 5,1955

10,457

419262

1,193

1,913733

1,07542555

131

1,943339736807424

Oct. 16,1957

15,421

485314

1,905

2,7631,067

1,38760088

266

2,839596

1,3071,194

611

Percent-age

increase,1955-57

47.5

15.619.659.6

44.445.5

29.141.258.6

103.2

46.176.177.647.944.0

Percent-age dis-

tribution,1957

100.0

3.12.0

12.4

17.96.9

9.03.90.6

1.7

18.43.98.57.74.0

Term loans aspercentage of

total loans

1955

33.9

22.415.136.8

73.538.7

31.217.87.5

4.6

68.520.030.345.831.8

1957

38.0

20.318.634.5

73.738.2

30.220.110.8

8.6

68.130.143.952.838.1

Number of loans

Thousands

Oct. 5,1955

364.9

10.73.8

15.8

8.219.0

102.217.21.4

1.0

23.023.225.383.430.7

Oct. 16,1957

479.1

11.34.7

22.0

11.722.6

135.326.22.3

1.1

30.035.538.3

105.832.3

Percent-age

increase,1955-57

31.3

5.623.738.8

41.519.1

32.452.259.3

11.4

30.553.251.126.95.3

Percent-age dis-

tribution,1957

100.0

2.41.04.6

2.44.7

28.25.50.5

0.2

6.37.48.0

22.16.7

Term loans aspercentage of

total loans

1955

30.8

32.813.529.9

33.428.8

27.619.417.4

8.4

56.924.637.439.334.9

1957

37.4

37.919.137.5

39.033.4

34.226.022.2

9.7

61.232.946.846.138.7

NOTE.—Details may not add to totals because of rounding.


TERM LENDING TO BUSINESS 355

ricators and public utilities and rose onlyslightly for petroleum-rubber companies.

The rate of growth in term loans in thesethree groups was matched or exceeded bythat in some other industries, but theamounts involved in the latter were typi-cally smaller. Term loans of constructionand real estate industries increased by morethan 75 per cent during the two years, andthe proportion of their total bank creditrepresented by term loans increased sharply.For these groups fixed capital requirementsare relatively small compared with those ofmetal fabricators, petroleum-rubber manu-facturers, and public utilities.

These differential rates of growth appearto have continued from earlier postwaryears. In the 1946-55 period term loangrowth in the manufacturing and miningsector and in public utilities was less thanthat in the construction, service, and realestate groups. Similarly, the emphasis onterm loans relative to total borrowings in-creased markedly for the latter groups,while declining or remaining constant forthe former. Term loan patterns in the

1946-55 period were governed mainly bythe sharp expansion in demand for con-struction—both business and residential—and for consumer services as living stand-ards rose. In the 1955-57 period they wereinfluenced less by industry growth rates thanby changes in the structure of borrowingwithin industries.

Size. Borrowers in the two smallest sizeclasses (assets of less than $250,000) heldless than one-fifth of the amount of termloans outstanding on the 1957 Survey date,while borrowers in the two largest classes(assets of $5 million or more) held morethan one-half of the total. In terms ofnumber of loans, however, the two smallestclasses held four-fifths of the total, and thetwo largest classes only 2 per cent.

The volume of term loans outstandingrose substantially between 1955 and 1957for borrowers in most size groups, as shownin Table 2. When borrowers are classifiedinto broad groups—as smaller (assets of lessthan $5 million) or larger (assets of $5million or more)—Survey data show thatthe rate of term-loan growth was almost the

TABLE 2

TERM LOANS OUTSTANDING AT MEMBER BANKS, OCTOBER 16, 1957, BY BUSINESS AND SIZE OF BORROWER

Business of borrower

All businesses

Manufacturing and miningTrade2

Other:Sales financeTransportation, communication, and

other public utilities . . .ConstructionReal estateService .All other nonfinancial

Amount (in millions of dollars)

Allbor-

rowers l

15,421

6,5332,075

266

2,839596

1,3071 194

611

Size of borrower (total assets,in thousands of dollars)

Lessthan 50

673

76237

1

453947

18643

50-250

1,945

315640

14

8312428938397

250-5,000

3,817

1,301741

56

389282513341193

5,000-100,000

4,644

2,625271

110

99979

214156191

100,000andover

3,551

2,002118

85

1,19723227035

Percentage increase, or decrease (—), 1955-57

Allbor-

rowers 1

47.5

44.533.4

103.2

46.176.177.647.944.0

Size of borrower (total assets,in thousands of dollars)

Lessthan 50

15.9

- 7 . 919.1

- 3 1 . 0

50.74.0

12.220.720.1

50-250

44.3

21.462.3

40.6

27.550.138.753.622.8

250-5,000

51.1

39.759.0

81.7

24.0107.876.355.340.9

5,000-100,000

43.3

31.129.3

406.0

59.831.0

118.759.949.9

100,000andover

50.6

77.3- 4 9 . 0

28.3

42.0206.3

- 3 3 . 4101.4150.9

1 Includes a small amount of loans for borrowers whose size wasnot ascertained.

2 Includes commodity dealers.NOTE.—Details may not add to totals because of rounding.



TABLE 3

DISTRIBUTION OF MEMBER BANK TERM LOANS TO BORROWERS CLASSIFIED BY CORPORATE STATUS, 1955 AND 1957

WITHIN BUSINESS-OF-BORROWER GROUPS

[In per cent]

Business of borrower All termloans

Amount

1955

Incor-porated

Unincor-porated

1957

Incor-porated

Unincor-porated

Number

1955

Incor-porated

Unincor-porated

1957

Incor-porated

Unincor-porated

All businesses

Manufacturing and miningWholesale trade 1Retail tradeOther:

Sales financeTransportation, communication,

and other public utilitiesConstructionReal estateServiceAll other nonfinancial

1 Includes commodity dealers.

100.0

100.0100.0100.0

100.0

100.0100.0100.0100.0100.0

79.1

88.678.755.8

92.7

92.364.263.449.867.4

20.9

11.421.344.2

7.3

7.735.836.650.232.6

80.7

91.471.951.2

98.3

95.967.067.250.566.2

19.3

8.628.148.8

1.7

4.133.032.849.533.8

25.7

43.543.516.0

59.4

42.430.030.616.617.3

74.3

56.556.584.0

40.6

57.670.069.483.482.7

29.8

49.045.119.5

71.1

41.434.143.118.321.1

70.2

51.054.980.5

28.9

58.665.956.981.778.9


same, 45 per cent and 46 per cent, respec-tively.

The substantial growth in term loans tosmaller borrowers probably reflects in parttheir limited access to other sources of inter-mediate- or long-term credit. Large com-panies on the other hand normally haveaccess to nonbank sources, through thesecurities markets or directly from insurancecompanies or other financial institutions.Large borrowers continued to obtain thebulk of their funds from nonbank sourcesduring the two-year period, but they alsosought substantial amounts of bank credit.A large proportion of this credit was short-term, which could be funded into long-term securities when interest rates becamemore favorable. At the same time, how-ever, they increased their term loans frombanks just as rapidly as smaller borrowersdid during the period.

Between 1946 and 1955 term loans ex-panded about 200 per cent for smallerborrowers compared with only 87 per centfor larger concerns. The sharper growth in

loans to smaller borrowers was consistentwith the rapid expansion during the intervalin industry groups where relatively small-scale business is predominant. Smaller bor-rowers accounted for 34 per cent of all termloans outstanding in 1946, but by 1955their share had risen to 44 per cent.2 At thesame time the proportion of term loans tototal loans for this group increased from 21to 27 per cent, while the proportion forlarger borrowers declined.

Organizational form. In both 1955 and1957 four-fifths of the dollar amount andmore than one-fourth of the number ofmember bank term loans outstanding wereto enterprises that were incorporated. Loansto such enterprises predominated in all in-dustry groups of borrowers except retailtrade and services, as shown in Table 3.

2 Since the same dollar limits were used to deter-mine asset size groups for summarizing the 1946,1955, and 1957 Survey data, with no allowance forthe considerable rise in prices and general growth ofbusiness assets over this period, term loan growth forsmaller asset sizes is relatively understated.



In these two groups the dollar volume ofloans was about equally divided betweenincorporated and unincorporated business,but unincorporated business accounted formore than 80 per cent of the number. Smallbusinesses, usually unincorporated, are pre-dominant in these two industries.

The proportion of term loans outstandingto incorporated business rose moderatelyfrom 1955 to 1957 in all industry groupsexcept trade and all other nonfinancialbusiness. This trend reflected the relativelylarge volume of lending to larger businesses,most of which are incorporated. The de-clines for wholesale and retail trade wereconsistent with the declining share of termloans to larger firms in those industry groupsbetween the two Survey dates. This con-trasts with changes in the 1946-55 periodwhen the proportion of term loans to in-corporated borrowers in these two industrygroups rose sharply, reflecting in part thegrowth of chain-store merchandising.

LOAN CHARACTERISTICS

Provisions of term loans to business, cover-ing such features as maturity, repayment

method, interest rate, and security, are toa large degree interrelated and generallyreflect borrower characteristics. In someinstances they are influenced also by thepurposes for which credit is extended.

Maturity. In both 1955 and 1957 aboutthree-fourths of the number of member bankterm loans outstanding were intermediate-term, that is, had original maturities of one-five years, as shown in Table 4. The dollarvolume of loans in 1957 showed someconcentration—40 per cent—in the five-tenyear maturity group. The share for thesematurities was smaller than it had beentwo years earlier, while the share for loanswith intermediate maturities had increased.Nevertheless, the average maturity of mem-ber bank portfolios on both Survey dateswas estimated to be slightly more than fiveyears. The increasing proportion of inter-mediate maturities and the declining pro-portion of five-ten year maturities between1955 and 1957 apparently continued atrend in process since 1946.

The proportion of term loans with five-ten year maturities declined from 1955 to1957 in most industry groups. For some

TABLE 4

MATURITIES OF TERM LOANS OUTSTANDING AT MEMBER BANKS, SURVEY DATES 1

Original maturity(in years)

All term maturities

Intermediate-term, total.1 22-33-44 5

Long-term, total5 10Over 10

Amount

Millions of dollars

1946

4,558

1,834647315217654

2,7252,312

413

1955

10,457

4,8831,422

995728

1,738

5,5744,698

876

1957

15,421

7,7172,4021,8611,1762,278

7,7046,1551,549

Percentageincrease

1946-55

129

166120216235166

105103112

1955-57

47

5869876231

383177


1946

100.0

40.214.26.94.8

14.3

59.850.79.1

1955

100.0

46.713.69.57.0

16.6

53.344.9

8.4

1957

100.0

50.015.612.17.6

14.8

50.039.910.0

Number

Thousands

1946

144

10958231117

3529

6

1955

365

268136782331

978314

1957

479

3521681083145

12710126

Percentageincrease

1946-55

153

14513623411677

175182142

1955-57

31

3123393446

312290


1946

100.0

75.740.016.17.5

12.0

24.320.4

3.9

1955

100.0

73.537.321.36.48.5

26.522.8

3.7

1957

100.0

73.635.022.66.69.4

26.421.1

5.3

i Nov. 20, 1946; Oct. 5, 1955; and Oct. 16, 1957. NOTE.—Details may not add to totals because of rounding.



groups the proportion dropped sharply—from 53 to 46 per cent of the dollar totalfor metals and from 52 to 45 per cent forpetroleum. At all size classes of banks,growth in intermediate-term maturities wasmore rapid than that in five-ten year matur-ities, as shown in Appendix Table 2. Be-tween 1946 and 1955, on the other hand,small banks expanded their five-ten yearloans more rapidly than those with inter-mediate maturities, while larger banks ex-panded intermediate maturities more rapidlythan loans of five-ten years.

While loans in all maturity groupingsexpanded from 1955 to 1957, the sharpest

growth was in loans with maturities of one-three years and in those of more than tenyears. For each of these groups the amountoutstanding increased by about 70 per centor more. The number of loans with maturi-ties of more than ten years—only about 5per cent of all term loans—is too small,however, to permit any conclusion as tochanges over the period in either borrow-ing or lending policies.

For borrowers in all size groups thegrowth was sharpest in loans of one-threeyear maturities, as shown in Table 5. Never-theless, the rate of growth in these maturitieswas less sharp for borrowers in the two

TABLE 5

MATURITIES OF MEMBER BANK TERM LOANS TO BORROWERS CLASSIFIED BY SIZE, OCTOBER 16, 1957

Originalmaturity(in years)

All maturities

1 22-33-44_55-10Over 10

All maturities

1 22 33-44_55 10Over 10

All maturities . • .

1-22 33_44-55 10Over 10

Amount

Allbor-

rowers !

Size of borrower(total assets, in thousands of dollars)

Lessthan 50

50-250

250-5,000

5,000-100,000

100,000and over

Millions of dollars

15,421

2,4021,8611,1762,2786,1551,549

673

1641344173

19665

1,945

338257102249759241

3,817

744580355619

1,222298

4,644

558458358749

2,161361

3,551

499378269492

1,538375

Number

Allbor-

rowers 1

Size of borrower(total assets, in thousands of dollars)

Lessthan 50

50-250

250-5,000

5,000-100,000

100,000and over

Thousands

479.1

167.8108.231.544.9

101.025.6

209.5

88.955.712.815.129.7

7.3

168.6

50.733.010.218.145.411.3

64.5

16.813.35.47.9

17.53.5

6.5

1.30.80.81.12.10.3

2.5

0.30.20.10.41.20.3


47.5

68.987.161.631.031.076.8

100.0

15.612.17.6

14.839.910.0

15.9

21.730.413.68.8

- 1 . 356.1

100.0

24.419.96.1

10.829.1

9.7

44.3

54.167.9

5.643.325.1

143.2

100.0

17.413.25.3

12.839.012.4

51.1

73.078.143.930.038.877.4

43.3

79.7130.483.922.326.863.6

50.6

97.4121.4101.538.133.528.3

31.3

23.238.934.245.721.789.8

26.0

19.152.032.534.22.7

42.6

Percentage distribution within size-of-borrowei

100.0

19.515.29.3

16.232.07.8

100.0

12.09.97.7

16.146.5

7.8

100.0

14.010.77.6

13.943.310.6

100.0

35.022.6

6.69.4

21.15.3

100.0

42.426.6

6.17.2

14.23.5

52.7

51.286.145.061.527.0

118.0

r group

100.0

30.119.56.0

10.726.9

6.7

62.0

56.692.356.641.852.3

117.2

100.0

26.120.7

8.312.227.2

5.5

49.2

139.689.9

119.317.613.063.1

100.0

20.412.712.817.631.74.8

- 9 . 4

7.837.6

- 1 . 62.8

- 6 . 3-47.7

100.0

10.68.45.6

14.649.211.5

1 Includes a small amount of loans for borrowers whose size wasnot ascertained.




smallest groups (assets of less than$250,000), who normally borrow in thisrange, than for large borrowers (assets of$5 million or more), who normally borrowmore heavily in maturities of more than fiveyears.

The shifting by large borrowers fromlong- to intermediate-term maturities mayhave reflected in part the high cost of long-term funds from nonbank sources and theexpectation that bank loans with shortermaturities could be funded later into long-term debt in the capital market at lowerinterest rates. It may also have reflected anincreasing reluctance by large banks with

heavy term loan commitments and limitedreserves to lend on long maturities.

Repayment method and interest rates. Mostterm loans provide for repayment of theprincipal in instalments over the life ofthe loan rather than in a lump sum atmaturity. In the 1955 Survey, which pro-vided more detail on method of repaymentthan the 1957 Survey, instalment loans ac-counted for 80 per cent of the amount andnearly 95 per cent of the number of allterm loans to business, as Table 6 shows.

Effective interest rates on instalmentloans vary widely from one loan to another,depending in part on the method of calcu-

TABLE 6

REPAYMENT METHOD RELATED TO MATURITY OF MEMBER BANK TERM LOANS, 1955 AND 1957

Repayment method

1955

Allmatu-rities

Original maturity (in years)

Intermediate-term

1-2 2-3 3-4 4-5

Long-term

5-10 Over10

1957

Allmatu-rities


Intermediate-term

1-2 2-3 3-4 4-5

Long-term

5-10 Over10

Amount

In millions of dollars:All repayment methodsInstalment repayment, with interest

on:Original amountOutstanding amount

Single repayment

Percentage distribution within matur-ity groups:

All repayment methodsInstalment repayment, with interest


Single repayment

Number

In thousands:All repayment methodsInstalment repayment, with interest


Single repayment

Percentage distribution within matu-rity groups:

All repayment methodsInstalment repayment, with interest


Single repayment

10,457

8487,6072,002

100.0

8.172.719.1

364.9

144.9198.521.5

100.0

39.754.45.9

1,422

251500670

100.0

17.735.247.1

136.2

91.332.212.8

100.0

67.023.69.4

995

154527313

100.0

15.553.031.5

77.9

40.533.63.7

100.0

52.43.24.8

728

75507146

100.0

10.369.720.1

23.4

9.213.01.2

100.0

39.455.35.3

1,738

1081,410

220

100.0

6.281.12.7

30.8

1.927.0

1.9

100.0

6.387.66.1

4,698

1993,925

573

100.0

4.283.612.2

83.0

1.679.9

1.5

100.0

1.996.3

1.8

876

6073779

100.0

6.884.19.1

13.5

0.312.80.3

100.0

2.695.0

2.4

15,421

868• 14,553

100.0

5.694.4

479.1

189.3289.8

100.0

39.560.5

2,402

2652,137

100.0

11.089.0

167.8

101.166.7

100.0

60.339.7

1,861

2851,576

100.0

15.384.7

108.2

64.743.4

100.0

59.840.2

1,176

1471,029

100.0

12.587.5

31.5

14.916.6

100.0

47.452.6

2,278

672,210

100.0

3.097.0

44.9

6.238.7

100.0

13.986.1

6,155

756,080

100.0

1.298.

101.0

2.099.1

100.0

1.998.1

1,549

291,520

100.0

1.998.1

25.6

0.325.3

100.0

1.298.8




lating interest. This charge is calculatedby applying a stated rate of interest to oneof two bases: the original amount of theloan or the outstanding amount. Whenbased on the outstanding amount, the in-terest charge declines as the loan is repaid.When based on the original amount, thecharge does not decline even though theprincipal is being repaid, and the borrowerin effect pays a rate much higher than theone stated on his note. Stated rates oftenare subject to ceilings, some of which areestablished by law. The effective interestrate is often about twice the stated rate ona loan.

Data for the volume of instalment loanswith interest calculated on the outstandingamount are available only for 1955. Ac-cording to these data this method was usedto compute charges for more than half ofthe total number of term loans and fornearly three-fourths of the amount. Most ofthe long maturities and some of the inter-mediate maturities—especially in the four-five year range—were of this type.

Information on the volume of loans forwhich interest is calculated on the originalamount is available for both Surveys. Ineach, nearly two-fifths of the number butless than one-tenth of the volume fell in thiscategory. For the most part these wereloans of intermediate maturities to smallborrowers. Among very small borrowers(assets of less than $50,000), two-thirds ofthe number of one-three year loans andmore than half of the amount had interestcalculated on the original amount of theloan.

In October 1957 the effective interest rateon outstanding instalment loans with interestbased on the original amount of the loanaveraged 8.7 per cent compared with 4.5per cent for all other term loans, as shown

TABLE 7

AVERAGE INTEREST RATES ON INSTALMENT AND OTHERMEMBER BANK TERM LOANS CLASSIFIED BY SIZE

OF BORROWER, OCTOBER 16, 1957

Size of borrower(total assets, in

thousands of dollars)

All borrowers *

Less than 5050-250250 5 0005,000 and over

All borrowers *

Less than 5050 250250-5 000.5 000 and over

Averageinterest

rate(in

per cent)

Amount outstanding

Averageloan (in

thousandsof dollars)

Total(in

millionsof dollars)

Instalment repayment, with intereston original amount of loan

8.74

9.969.558.255.51

4.6

1.94.8

16.9162.8

868

205246246137

Other repayment methods2

4.52

5.465 245.024.05

50.2

4.714.571.5

989.2

14,553

4681,7003,5708,059

1 Includes a small amount of loans to borrowers whose size wasnot ascertained.

2 Represents repayments in a lump sum and repayments on instal-ment with interest calculated on outstanding balance.

in Table 7. Borrowers with assets of lessthan $250,000 paid roughly 10 per cent onthese loans, nearly twice as much as on termloans repaid by other methods. Largerborrowers also paid higher rates on theseinstalment loans, but the differentials wereconsiderably narrower. This suggests thatbanks adjusted stated rates on loans to largeborrowers to provide effective rates notmuch different from prevailing rates onloans repaid by other methods.

The system of basing interest computa-tions on original amounts of instalmentloans, thereby obtaining a higher effectiverate, reflects in part an attempt to coverthe higher costs of extending this type ofcredit. Instalment loans of this type aremuch smaller, on the average, than otherinstalment loans and they require a higherpercentage of income on the principal tocover both the relatively fixed expense ofmaking the loan and the current administra-



tive costs. The latter costs are oftengreater than those on other term loans be-cause they involve frequent repayments.

The bulk of all term loans with interest onoriginal amount in 1955, and presumably in1957, were secured by equipment, includingautomobiles and trucks. Such security ofteninvolves greater administrative cost andgreater risk of loss than other forms of col-lateral. Effective interest rates on instalmentloans with interest on original amount ap-pear adequate, however, to make these loansprofitable to banks. This probably ac-counts in part for the rapid growth in suchloans, particularly those of one-three years

to small borrowers, between 1955 and1957, a period of restricted credit availa-bility and rising interest rates.

Security. Information on type of col-lateral for member bank term loans was ob-tained in the 1955 Survey but not in the1957 Survey. The data for 1955 indicatethat about 60 per cent of the volume and90 per cent of the number of term loanswere secured by collateral or backed bysome form of repayment guarantee. Inthe previous Survey, in 1946, only 40 percent of the total amount had been thussecured.

The secured proportion increased as the

TABLE 8

TYPE OF SECURITY PLEDGED FOR MEMBER BANK TERM LOANS, OCTOBER 5, 1955

WITHIN SIZE-OF-BORROWER GROUPS

Type of securityAllbor-

rowers 1

Size of borrower (total assets, in thousands of dollars)

Lessthan 50

50-250

250-1,000

1,000-5,000

5,000-25,000

25,000-100,000

100,000and over

All term loans.

UnsecuredSecured, total

Endorsed or comakerAssignment of claimsOther securityInventoriesEquipmentPlant and other real estateU. S. Government securitiesOther bondsStocksLife insurance and savings accounts.

Unsecured.Secured....

Endorsed or comakerAssignment of claimsOther securityInventoriesEquipmentPlant and other real estateU. S. Government securitiesOther bondsStocksLife insurance and savings accounts.

10,457

4,2666,191489

1,05532985

1,5482,337

203923752

40.859.2

7.917.05.31.4

25.037.70.30.63.80.8


581

36544511984

156298(2)

(2)35

1,348

721,276

605520172158842(2)1211

1,212

1221,090

741034312252582211112

1,314

341973842265322250289113314

1,679

827852732951099

2049345563

1,563

1,01854561184226

1184321495

Percentage distribution of all term loans

Percentage distribution of all secured term loans

2,358

1,8265325298283

27126818225

693.2.8

5.94.

37

1090.0.0

2674.0.0

49.50.

37

65.34.

19

77.522.5

9.33.61.40.828.654.70.1(?)0.51.0

4.74.31.51.316.869.30.1(?)0 9o!9

6.89.44.01.1

23.153.40.2

1 0i!i

8.623.25.42.225.729.70.20.13.41.4

8.634.612.81.1

24.010.90.50.66.60.3

11.233.84.01.1

21.77.90.42.517.4

9.818.55.30.650.94.91.43.34.21.0

1 Includes loans of borrowers whose size was not ascertained.2 Less than $500,000.

3 Less than 0.05 of one per cent.NOTE.—Details may not add to totals because of rounding.



size of borrower declined. In 1955 it rangedfrom 23 per cent for the largest borrowersto 94 per cent for the smallest, as shown inTable 8. These proportions were substan-tially higher for all sizes of borrowers thanin 1946.

Bank practices with respect to grantingunsecured loans changed little from 1955to 1957, although this was a period of mone-tary restraint. In a few categories of loanswhere increases in the proportion of securedloans to the total did occur—such as loansto the largest borrowers or those with thelongest maturities—the increases are explain-able in large measure by the rapid growthwithin these groups of types of loans thatare usually made on a secured basis. Forexample, the increased proportion of se-cured loans for borrowers in larger assetsize groups reflects the more rapid growthof term loans in industries where securedloans predominate, such as real estate, con-struction, and service firms.

Plant, other real estate, and equipmentwere the collateral for more than three-fifthsof all secured term loans outstanding in1955. For borrowers with assets of less than$250,000, these three forms accounted fora much larger proportion of the total. As-signment of claims, such as accounts receiv-able or liens on revenue, was the next mostimportant type of security. This type, usedmainly by large firms, accounted for lessthan one-fifth of the total. Most of theloans secured by assignment of claims wereto petroleum-rubber producers.

Loans secured by bonds and stocks wererelatively insignificant for all sizes of bor-rowers in 1955 whereas in 1946 they hadaccounted for 16 per cent of the securedterm loans for all borrowers and as muchas 35 per cent for borrowers with assets ofmore than $5 million. This decline re-

flected primarily the drop in business hold-ings of U. S. Government securities from theabnormally high levels prevailing at theend of World War II.

Small borrowers obtain most of theirterm loan credit from smaller banks. Atthese banks, secured loans were backed al-most entirely by plant, other real estate, andequipment—the only collateral that mostsmall businesses can furnish. Such col-lateral was used also for a substantial partof all term loans at large banks, as shownin Appendix Table 4. Another big seg-ment at large banks, however, was backedby assignment of claims, which often in-volved complex administrative arrange-ments. Some loans at large banks weresecured by types of collateral, such as cor-porate stock, that are generally availableonly to larger borrowers.

Equipment security was most importantin loans with maturities of one-four years,while real estate security was important onlyin loans with long-term maturities. Theemphasis on real estate security increasedsomewhat from 1955 to 1957, particularlyfor loans with maturities of more than tenyears in which the proportion of loans withsuch collateral rose from 30 to 40 per cent.

LENDING BANKS

Member bank accommodations of busi-nesses of different size with term loans de-pend in part on the size of the bank and inpart on participation arrangements wherebythe credit is extended by more than onebank.

Size of bank. Banks with deposits of $1billion or more held more than half of thedollar volume of term loans outstandingin 1957, as shown in Table 9. Smallerbanks, with deposits of less than $100 mil-lion, held more than half of the number but



TABLE 9

SIZE OF TERM LOAN BORROWERS RELATED TO SIZE OF LENDING BANKS, OCTOBER 16, 1957

Size of borrower(total assets, in

thousands of dollars)

All borrowers *

Less than 5050-250250-1,0001,000-5,0005,000-25,00025,000-100,000100,000 and over . . .

Amount of loans(in millions of dollars)

Allbanks

15,421

6731,9451,7962,0212,3132,3323,551

Size of bank (total deposits,in millions of dollars)

Lessthan

10

585

199305

5310211

10-100

2,069

221820622226

541822

100-1,000

4,414

150541805

1,053748436493

1,000andover

8,354

103280316732

1,5091,8773,036

Percentage increase, ordecrease ( - ) , 1955-57

Allbanks

47.5

15.944.348.253.837.749.250.6


Lessthan

10

43.2

27.451.074.3

194.652.2

- 3 9 . 3

10-100

43.7

9.145.358.144.036.141.5

4.5

100-1,000

39.3

2.331.651.646.734.650.812.2

1,000andover

53.6

37.063.422.967.839.448.960.1

Percentage distribution withinsize-of-borrower groups

Allbanks

100.0

100.0100.0100.0100.0100.0100.0100.0


Lessthan

10

3.8

29.615.73.00.50.1

8

10-100

13.4

32.842.134.611.22.30.80.6

100-1,000

28.6

22.327.844.852.132.418.713.9

1,000andover

54.2

15.314.417.636.265.280.585.5

1 Includes loans for borrowers whose size was not ascertained.2 Less than 0.05 of one per cent.

less than one-fifth of the dollar amount.More than three-fourths of all term loans

at banks in the largest size group representedcredit to larger borrowers (assets of morethan $5 million). This concentration ofborrowing of course reflects the fact thatonly banks with large resources are pre-pared to meet such credit needs. Althoughbanks in the two largest size groups repre-sented almost the sole source of term loansto the larger borrowers, they were alsoan important source of term credit to smallborrowers (assets of less than $250,000).Four-fifths of the term credit provided bybanks in the smallest size group (deposits ofless than $10 million) went to firms withassets of less than $250,000.

The industrial classification of term loanborrowers among banks in various sizegroups, shown in Appendix Table 6, alsopoints to a close relationship between sizeof bank and size of borrower. In 1957the metals, petroleum-rubber, and publicutilities groups—each of which is heavilyweighted by large corporate organizations-accounted for more than 60 per cent of theterm loan volume of banks with total de-


posits of $1 billion or more, while industrygroups made up of characteristically smallfirms—such as retail trade and service—obtained a similar proportion of the termcredit extended by the smallest banks (de-posits of less than $10 million).

The largest banks had the most rapidgrowth—54 per cent—in term loans from1955 to 1957. The smallest banks, how-ever, had the sharpest increase in the pro-portion of term loans to total loans. Thisreflects in part the increasing reliance ofsmaller borrowers, who account for mostof the borrowing at such banks, on thelonger maturities.

A noteworthy feature of term loan ex-pansion from 1955 to 1957, as well as from1946 to 1955, was that growth for smallerborrowers (assets of less than $250,000)was sharper at the largest banks than atsmaller banks. As a result, by 1957 banksin the largest size group (total deposits of$1 billion and over) accounted for 15 percent of the term credit outstanding to thesmallest borrowers as compared with 13per cent in 1955. Banks classified in thelargest size class in the 1946 Survey (total



deposits of $500 million and over) ac-counted for 3 per cent of all term credit tothis borrower group. The rapid growth ofbranch banking over this period probablypermitted large banks to extend their activi-ties beyond the financial centers into areaswhere the typical borrower is a small busi-ness. Also contributing in recent years hasbeen the development by large banks ofsmall business loan departments and/or in-stalment credit departments to facilitate thegranting of small loans.

Participation arrangements. The size ofa bank making a term loan is related to theamount of credit extended. If the size ofthe loan requested exceeds that which thebank is willing or able to make, the bankmay arrange to have other banks providesome of the credit.

Data on extent of participation by severalbanks in term lending operations, availablefor 1955 but not for 1957, indicate thatnearly one-third of the dollar volume in1955 involved participation by two or morebanks. This was about the same proportionas in 1946. Most participations are ar-ranged to meet the demands of large bor-rowers and may reflect a desire on the partof banks to spread their risks as well as adesire to meet demands for credit in excessof their legal loan limits. The proportionof loans arranged on a participation basisrises as the size of loan increases. It be-comes significant—that is, in excess of 10per cent—for loans of $100,000 or more.

Most participations are arranged by thelargest banks. Among such banks pool ar-rangements are the predominant form ofparticipation, as Table 10 shows. Smallbanks, on the other hand, use participating

arrangements very little, probably becausemost of their loans are not large enough towarrant them. The participating loansthey do make are generally of the "over-line" type, in which the initiating bankusually offers another bank the portion of aloan that exceeds either the legal loan limitof the initiating bank or the line of creditthat it wishes to extend.

Nearly two-fifths of all long maturitieswere arranged on a participation basis in1955 as compared with only one-fourth ofall intermediate maturities. For loans inthe long maturity group, the proportionof participations ranged from about 5per cent at small banks to 50 per cent atthe largest banks.

TABLE 10

MEMBER BANK PARTICIPATION IN TERM LOANSOCTOBER 5, 1955, BY SIZE OF BANK

Size of bank(total deposits,

in millionsof dollars)

All member banks..

Less than 1010-100100-1,0001,000 and over. . . .

All member banks..

Less than 1010-100100-1,0001,000 and over. . . .

Amount of term loans (in millions of dollars)

Total

10,457

4081,4403,1705,439

Nopartici-pation

7,158

3861,2932,3613,119

Participations, by type

Excess or over-line,originated by:

Report-ing bank

446

1262

171200

Anotherbank

591

650

326208

Pool

2,263

435

3121,912

Participation loans as a percentageof all term loans in maturity group i

All maturities

31.5

5.410.225.542.7

1-5 years

25.1

5.511.423.432.5

Over 5 years

37.2

5.48 9

27.850.1

i Percentages based on amounts of loans.NOTE.—Details may not add to totals because of rounding.



APPENDIX TABLE 1

CORPORATE STATUS OF TERM LOAN BORROWERS AT MEMBER BANKS, 1957, BY BUSINESS OF BORROWER

Business of borrower

All businesses

Manufacturing and miningWholesale trade1

Retail tradeOther:

Sales finance....Transportation, communication, and other

public utilitiesConstruction...Real estateService..All other nonfinancial

Incorporated

Amount of loans

Millionsof

dollars

12 444

5,968495710

262

2,723400879603405

Percent-age in-

crease, ordecrease

(-),1955-57

50 4

48.930 818.3

115.5

51.984.188 450.041.5

Number of loans

Thou-sands

142 6

35.412.826.4

0.8

12.512.116 519.36.8

Percent-age in-

crease, ordecrease

(-),1955-57

52.2

41.358.461.3

33.4

27.774.1

113.039.628.5

Unincorp orated

Amount of loans

Millionsof

dollars

2,978

565193677

4

115197428591206

Percent-age in-

crease, ordecrease

1955-57

36.3

10.188.842.7

- 5 3 . 2

- 2 3 . 362.059.045.849.1

Number of loans

Thou-sands

336.4

36.915.6

108.9

0.3

17.623.421.886.525.5

Percent-age in-

crease, ordecrease/ \1955-57

24.0

13.448.526.9

- 2 0 . 8

32.644.323.924.40.4

1 Includes commodity dealers. NOTE.—Details may not add to totals because of rounding.

APPENDIX TABLE 2

TERM LOANS OF MEMBER BANKS, OCTOBER 16, 1957

B Y SIZE OF BANK AND MATURITY

Size of bank(total deposits, in

millions of dollars)

All banks

Less than 1010-100100 1 0001,000 and over

All banks

Less than 1010-100100-1 000.1,000 and over

All banks

Less than 1010-100100-1 000.1,000 and over

Amount outstanding

Alltermloans


1-2 2-5 5-10 Over 10

In millions of dollars

15,421

5852,0694,4148,354

2,402

136375848

1,044

5,315

191714

1,6512,758

6,155

204754

1,5443,652

1,549

54225371899

Number of loans

Alltermloans


1-2 2-5

In thousands

479.1

100.2160.5127.091.4

167.8

38.456.144.528.8

184.6

34.657.050.442.5

5-10 Over 10

101.0

22.537.725.115.7

25.6

4.79.77.04.3

Percentage increase, 1955-57

47.5

43.243.739.353.6

100.0

100 0100.0100.0100.0

68.9

68.845.283.168.3

15.6

23.218.119.212.5

53.6

46.348.042.663.3

]

34.5

32.734.537.433.0

31.0

21.129.217.938.6

76.8

87.896.155.182.2

31.3

35.634.523.932.1

23.2

40.927.114.211.4

39.7

40.749 A35.232.6

'ercentage distribution within size-of-bank classes

39.9

35.036.535.043.7

10.0

9.210.98.4

10.8

100.0

100.0100.0100.0100.0

35.0

38.335.035.031.6

38.5

34.535.539.746.6

21.7

17.021.911.352.6

89.8

66.659.986.8

375.4

21.1

22.523.519.717.2

5.3

4.66.05.54.7




APPENDIX TABLE 3

BUSINESS OF BORROWER RELATED TO MATURITY OF MEMBER BANK TERM LOANS, OCTOBER 16, 1957

Business of borrower All termloans


1-2 2-3 3-4 4-5 5-10 Over 10


All businesses

Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals, and rubberAll other


Other:Sales financeTransportation, communication, and other public utilitiesConstructionReal estateServiceAll other nonfinancial

All businesses




All businesses




15,421

485314

1,9052,7631,067

1,38760088

2662,839

5961,3071,194

611

2,402

5837

240280116

2459911

91483236219179109

1,861

4429

24528687

1618823

2439015913213655

1,176

3816

148243103

77727

7619244536740

2,278

13792

301408165

1979313

3340244

1561627,S

6,155

189119884

1,254541

53622133

391,065

79416512266

1,549

181986

29255

171272

330734

33213867


47.5

15.619.659.644.445.5

29.141.258.6

103.246.176.177.647.944.0

100.0

100.0100.0100.0100.0100.0

100.0100.0100.0

100.0100.0100.0100.0100.0100.0

68.9

-14.543.3

142.366.150.2

57.158.0

-23.5

195.571.071.369.572.163.1

87.1

102.5- 0 . 6208.158.154.1

39.895.2

241.1

-31.8122.4181.0150.142.927.3

Percentage distribution >

15.6

12.111.912.610.110.9

17.616.512.1

34.117.039.616.715.017.8

12.1

9.19.3

12.910.48.2

11.614.626.2

9.113.726.710.111.49.1

61.6

121.134.080.993.6

136.8

18.8225.395.9

78.015.81.5

98.119.575.5

31.0

46.10.2

19.343.68.1

49.8- 8 . 657.4

373.231.625.656.049.113.6

31.0

- 6 . 819.239.725.851.5

0.429.243.5

156.442.341.231.337.954.4

vithin business-of-borrower group

7.6

7.85.27.88.89.7

5.512.08.2

28.46.87.44.05.66.5

14.8

28.329.515.814.815.5

14.215.614.3

12.514.17.3

11.913.612.2

39.9

39.138.046.445.450.7

38.736.837.4

14.737.513.331.842.943.5

76.8

20.9708.281.985.817.8

132.821.1

621.2

15.2257.0199.690.824.6

10.0

3.76.14.5

10.65.1

12.34.51.8

1.210.85.7

25.411.511.0




APPENDIX TABLE 4

TYPE OF SECURITY PLEDGED FOR MEMBER BANK TERM LOANS, OCTOBER 5, 1955WITHIN SIZE-OF-BANK GROUPS

Type of security

All term loans

UnsecuredSecured.

Endorsed or comakerAssignment of claims . . . .Other securityInventoriesEquipment . . . . .Plant and other real estateU. S. Government securitiesOther bonds. . . . . .StocksLife insurance and savings accounts

UnsecuredSecured

Endorsed or comakerAssignment of claimsOther securityInventoriesEquipmentPlant and other real estateU. S. Government securitiesOther bondsStocksLife insurance and savings accounts. .

Allbanks

Size of bank(total deposits, in millions of dollars)

Less than10

10-100

100-500

500-1,000

1,000and over


10,457

4,2666,191

4891,055

32985

1,5482,337

2039

23752

408

28380

191034

67269

10)

4

1,440

1331,307

62922215

230853

22

1515

1,966

4861,480

992437923

369604

56

3814

1,204

467737

58139358

246213

32

258

5,439

3,1522,287

25057119036

638397

928

15611

Percentage distribution of all term loans

40.859.2

7.917.05.31.4

25.037 70.30.63 80.8

6.993.1

Percentage (

5.12.60.91.0

17.570 80.2

0 81.2

9.290.8

listribution

4.87.01.71.1

17.665 30.20.11 l1.2

24.775.3

of all secure<

6.716.45.31.5

24.940.80.30.42 60.9

38.861.2

i term loans

7.918.84.81.1

33.328.90.40.33 41.1

57.942.1

10.925.0

8.31.6

27.917.40.41.26 80.5

i Less than $500,000. 2 Less than 0.05 of one per cent. NOTE.—Details may not add to totals because of rounding.

APPENDIX TABLE 5

DISTRIBUTION OF MEMBER BANK TERM LOANS BY FEDERAL RESERVE DISTRICT, OCTOBER 16, 1957

Federal Reserve districtAmount

(in millionsof dollars)

Number(in

thousands)

Percentage increase,1955-57

Amount Number

Percentage distribution

Amount Number

Percentage of allloans in district

Amount Number

All districts...

BostonNew York. . . .Philadelphia..Cleveland

Richmond....AtlantaChicagoSt. Louis

Minneapolis..Kansas City..DallasSan Francisco

15,421

5856,445

6481,104

327445

2,110327

219454630

2,128

479.1

30.097.730.235.5

26.033.654.315.0

18.223.326.488.9

47.5

36.153.399.830.4

24.849.342.044.6

12.649.115.559.4

31.3

39.629.559.623.6

39.358.918.510.3

6.734.424.535.6

100.03.8

41.84.27.2

2.12.9

13.72.1

1.42.94.1

13.8

100.06.3

20.46.37.4

5.47.0

11.33.1

3.84.95.5

18.6

38.0

27.645.034.640.1

23.124.238.327.3

30.134.529.739.3

37.4

30.741.633.640.4

32.932.240.131.8

40.934.227.645.4




APPENDIX TABLE 6

BUSINESS OF TERM LOAN BORROWERS RELATED TO SIZE OF LENDING MEMBER BANK, OCTOBER 16, 1957

Business of borrowerAll

banks

Size of bank(total deposits, in millions of dollars)

Less than10

10-100

100-500

500-1,000

1,000and over

Amount of loans (in millions of dollars)

All businesses

Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals and rubber.All other


Other:Sales financeTransportation, communications, and other public utilities.ConstructionReal estateServiceAll other nonfinancial

All businesses

Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals and rubber.All other

15,421

485314

1,9052,7631,067

1,387600

2662,839

5961,3071,194

611


Other:Sales financeTransportation, communications, and other public utilitie;ConstructionReal estateServiceAll other nonfinancial

47.5

15.619.659.644.445.5

29.141.258.6

103.246.176.177.647.944.0

585

146

171833

188316

3313636

14027

2,069

6830

14788

126

406144

11

12130144300351113

2,688 1,726

7959

334252178

32318214

30323158368245143

5334

227253148

1343929

5333578

14611582


43.2

24.381.718.873.462.5

48.247.224.7

18.785.140.641.337.011.2

43.7

56.155.738.013.054.7

47.262.66.2

41.733.654.848.642.924.3

36.8

7.38.7

64.67.2

24.0

36.660.9

266.6

139.24.1

93.462.051.830.4

43.3

-26.0-9.950.333.244.1

33.7-12.1399.2

30.041.3

190.648.9

116.0137.1

8,354

272184

1,1792,152583

33620329

1682,020

181458344246

53.6

23.425.164.253.851.0

0.229.3-9.0

151.357.578.4148.840.149.2



Proposed Revisionof Reserve Requirements

THE BOARD OF GOVERNORS favors enact-ment of the proposal before your Com-mittee, H.R. 5237, to amend Section 19 ofthe Federal Reserve Act by making threechanges in the present law respecting thereserve requirements of member banks.

This bill, it should be emphasized, is notdesigned to make any radical changes in theexisting system of reserve requirements thatwould have an important bearing on mone-tary policies. The application of its provi-sions would have to be effected in a mannerand be accompanied by other measures, soas not to negate policies directed towardprovision of an appropriate supply of bankcredit and money. In the judgment of theBoard, the basic characteristics of the ex-isting system of reserve requirements pro-vide a workable and effective medium forexecution of monetary policy. The amend-ments proposed are for the purpose of re-moving from the present law some structuralinequities and difficulties of administration.The amended law would provide a means ofeffecting gradually a better structure of re-serve requirements within the existingframework, adaptable to meeting over theforeseeable future the prospective monetaryand credit needs of a growing economy.

NOTE.—Statement of Vice Chairman C. CanbyBalderston of the Board of Governors of the FederalReserve System before Subcommittee No. 2 of theBanking and Currency Committee of the House ofRepresentatives, Apr. 7, 1959. Vice ChairmanBalderston presented a statement on the same subjectto the Senate Banking and Currency Committee onMar. 23, 1959.

The bill proposes three changes in exist-ing law that would authorize the Board to:

(1) Permit member banks to include intheir required reserves all or part of theirvault cash holdings in addition to balanceswith Federal Reserve Banks.

(2) Set the reserve requirements for de-mand deposits of central reserve city bankswithin a range of 10 to 20 per cent, insteadof the present authorized range of 13 to 26per cent.

(3) Permit individual member banks inany part of a reserve or central reserve cityto carry, where reasonable and appropriatein view of the character of business trans-acted by the individual banks concerned, re-serves at the lower requirement level pre-scribed for country or for reserve city banks.

The purposes and possible effects of theproposed changes may be summarizedbriefly.

VAULT CASH AS RESERVES

Present limitation of reserves to balancesheld at the Reserve Bank results in an in-equitable situation as between individualbanks, because many banks find it necessaryfor operating purposes to hold relativelylarger amounts of vault cash than do otherbanks. The counting of vault cash as re-serves would correct that inequity. Sincevault cash holdings and reserve balancesat the Reserve Banks both have the sameeffect in limiting the volume of credit a bankmay extend and are interchangeable, it is

369



logical and proper that both be counted asreserves. Doing so would also have col-lateral advantages: one would be to reducethe costs of transporting and handling cur-rency; another would be to facilitate theholding by member banks of larger stocksof currency that would be available overwidely dispersed areas for use in the eventof a national emergency.

In the original Federal Reserve Act mem-ber banks were permitted to hold some-what more than half of their required re-serves as cash in their own vaults. In 1917the total reserve requirements were reducedand member banks were required to holdthe full amount with Federal Reserve Banks.This was a wartime measure designed tomobilize the gold reserves of the country inthe Federal Reserve Banks. Under the GoldReserve Act of 1934, all of the country'sgold stock is held in the Treasury, whichissues gold certificates or gold-certificatecredits against most of it to Federal ReserveBanks, and the gold stock can be drawnupon only to cover international payments.Thus, there is now no possibility of banksdepleting the gold supply by withdrawalsto hold as reserves or for other domesticuses, and that reason for not counting banks'vault cash holdings as reserves no longer ex-ists. Taken by itself any withdrawal of cur-rency by a bank either to hold in its vault orto meet customers' demands results in adrain on member bank reserve balances,unless additional reserves are provided bysome means. Likewise a return flow of cur-rency adds to the availability of reserves.It is for this reason that reserves and vaultcash are said to be interchangeable.

Permitting vault cash to count as reserveswould release a corresponding amount ofreserves now held on deposit at the Reserve

Banks and thus add approximately $2 bil-lion at a single stroke to the available supplyof bank reserves. Unless other action weretaken to absorb some of the reserves re-leased, this would increase the lending po-tential of the banking system by more thana tenth. It would also distort existing dif-ferentials in reserve requirements as betweenclasses of banks. Any such change, there-fore, would have to be put into effect grad-ually, and most likely be offset by adjust-ments in the reserve requirement percent-ages, as well as by open market operations.When initiating the change, the Board couldpermit member banks to count as part oftheir required reserves either all of theirvault cash or only a specified portion thereof.

Vault cash holdings vary considerablyamong individual banks and also vary fromtime to time for any single bank. Inequitiesin the present system of reserve requirementsarise primarily from the differences amongbanks in the same class as to their holdingsof vault cash. About a fourth of the countrymember banks, for example, hold cashamounting to more than 5 per cent of theirnet demand deposits, or close to half of theirrequired reserves against such deposits,while another fourth show cash to demanddeposit ratios of less than 2Vi per cent. Afourth of the reserve city banks hold cashamounting to less than WA per cent of de-mand deposits, with a fourth showing ratiosof more than double that figure.

There are wide differences between thereserve classes in their vault cash holdings,but these average differences are more thanoffset by the differentials in the reserve re-quirement percentages established for eachclass. Vault cash holdings and reserve re-quirements of each class are shown in thetable.


PROPOSED REVISION OF RESERVE REQUIREMENTS 371

CASH IN VAULT OF MEMBER BANKS, BY CLASS OFBANK FIRST HALF OF FEBRUARY 1959

Class of bank

All member banks . . .

Central reserve citybanks:

New York.Chicago

Reserve city banks. . .

Country banks

Amount(In

millionsof

dollars)

2,039

13030

645

1,234

Percentage ratioof vault cash to:

Totalrequiredreserves1

11.2

3.32.9

8.3

22.8

Netdemanddeposits

2.0

.6

.6

1.6

3.3

Ratio of vaultcash 2 plusrequiredreservesto net

demanddeposits

18.618.6

18.1

14.3

1 Including requirements of 5 per cent against time deposits.2 Not including requirements against time deposits.

Of the $2 billion of vault cash held byall member banks in February, about three-fifths, or %\lA billion, was held by countrybanks, whose holdings constitute over 3 percent of their net demand deposits and nearlya fourth of their total required reserves.Vault cash holdings of reserve city banks asa group amounted to over XVi per cent ofdemand deposits and 8 per cent of requiredreserves, while the ratios for central reservecity banks as a group were very small. Theseaverage ratios vary somewhat from time totime, but the margins are broadly similar.

These margins of difference in vault cashholdings to some degree compensate fordifferences in reserve requirements. Whenvault cash holdings are added to requiredreserves, the amounts currently tied up bythe combination, expressed as ratios to netdemand deposits, show much smaller mar-gins of difference between classes thanthe reserve requirement percentages alonewould indicate. While reserve requirementson demand deposits alone are 11 per centfor country banks, 16.5 for reserve citybanks, and 18 for central reserve city banks,as of February 1959 the combined ratio was14.3 per cent for country banks on the

average, 18.1 per cent for reserve citybanks, and 18.6 per cent for central reservecity banks. In addition to these amounts,member banks have a reserve requirementof 5 per cent on time deposits at all classesof member banks.

If vault cash were permitted to be countedas reserves without any alteration of reserverequirement percentages, member bankscould reduce their required reserve balancesheld at the Reserve Banks and the marginsbetween classes in such balances neededwould be greater than those now in effect.The differences between country banks andreserve city banks in requirements againstnet demand deposits would be 5.5 per-centage points (16.5 minus 11), as com-pared with the present margin of less than4 points in effective requirements, as meas-ured by the combined total of required re-serve balances and average vault cash hold-ings (18.1 minus 14.3). The difference be-tween country banks and central reserve citybanks would be 7 points (18 minus 11) ascompared with a little over 4 points on theaverage at present (18.6 minus 14.3). Aspreviously stated, some realignment of re-quirements would be needed in effecting theshift to the new basis.

PERCENTAGE RANGE FOR CENTRALRESERVE CITY BANKS

By using its legal authority to change re-quirements for the three broad classifica-tions of member banks, the Board can re-duce any undue distinctions between classesof banks.1 The effect of counting vault cashas reserves, as pointed out, would be tolower the amount of reserves required to be

1 Under the present law requirements may vary as follows :

Minimum Maximum PresentAgainst net demand deposits:

Central reserve city banks 13 26 18Reserve city banks 10 20 16.5Country banks 7 14 11

Against time deposits—all banks . . . . 3 6 5



held at the Reserve Bank. The reductionwould be substantial for most countrybanks, which now have the lowest reserverequirements, and for some reserve citybanks, but negligible for most centralreserve city banks, which have the highestreserve requirements.

Partly because central reserve city bankswould obtain little benefit from countingvault cash as reserves, the Board is pro-posing that permissible requirements forcentral reserve city banks be lowered to the10 to 20 per cent range authorized for re-serve city banks. No changes are proposedin the permissible limits of the percentagerequirements against net demand depositsas now stated in the law for reserve city andcountry banks—10 to 20 per cent and 7 to14 per cent, respectively.

Another reason for lowering the range forcentral reserve city banks is that, in thejudgment of the Board, a maximum of 20per cent is believed to provide sufficient lee-way for any increases that may be needed inthe foreseeable future. With long-run growthin the economy, banks will need to expandcredit and the supply of money. Reservesrequired for this purpose may be providedby reducing requirements gradually in thecourse of time.

This amendment would retain threeclasses of banks in recognition of fundamen-tal differences in the character of demanddeposits held. The Board could retainhigher requirements for central reserve citybanks than for reserve city banks eventhough the amendment to the law wouldestablish an identical range of permissiblerequirements for central reserve city banksas for reserve city banks—by lowering from26 per cent to 20 per cent the maximumand from 13 per cent to 10 per cent the

minimum that could be required of anycentral reserve city bank against demanddeposits.

No change is recommended in the pro-vision of the law that permits the Board tochange reserve requirements within the per-missible limits for the different classes ofbanks. These limits permit a doubling ofrequirements above the statutory minimum,but the absolute range of variation wouldbe narrowed. Moreover, the Board wouldretain authority to reclassify cities, which, to-gether with the other amendment proposedwith respect to the classification of individ-ual banks, would make possible adjustmentsto remove or reduce any inequities betweenbanks or classes of banks.

It has been proposed that the central re-serve city classification be abolished and thatthere be authority for only two classes ofbanks—reserve city banks and others. Theprincipal reason advanced for this proposalis that the original basis for the establish-ment of central reserve cities is no longerapplicable. Under the National Bank Act,central reserve cities were required to holdlarger reserves because deposits with centralreserve city banks could be counted as re-serves by other banks; this has not been per-mitted since 1917. It is also stated that, al-though banks still maintain substantial bal-ances with central reserve city banks foroperating purposes, the dominance of NewYork and Chicago in this respect has greatlydiminished.

The Board, however, favors the retentionof the three classes for a number of funda-mental reasons. The proposal to abolish thecentral reserve city classification is muchmore sweeping than the provision in thepending bill to lower the maximum andminimum figures for central reserve city



banks to the same range as that permittedfor reserve city banks.

Practical objections to a mandatory re-quirement that reserve requirements bemade identical for all city banks relate tothe problem of absorbing the reserves re-leased and the shifts in established relation-ships among banks. The change wouldnecessitate either a reduction in central re-serve city requirements or an increase inthose for reserve cities. If requirements atcentral reserve city banks were lowered tothe level of reserve city banks, the effectwould have to be absorbed by raising re-quirements for country banks, if necessaryto maintain an appropriate total level of re-quired reserves. If the total level of requiredreserves were lowered, the additional re-serves would need to be absorbed by othermeans to avoid undue credit expansion. Inany event, there would be a realignment ofrequirements that would alter long-estab-lished relationships among banks; the pres-ent central reserve city banks would havelower requirements and country bankswould probably have higher requirementsrelative to the average for all member banksthan would be the case if the three-wayclassification were retained.

Retention of the central reserve city clas-sification is essential in order to make it pos-sible to deal with any undue concentrationof available reserves in money market cen-ters, such as has happened and might ariseagain in the future. Absorption of such apool of reserves through open market opera-tions or through a widespread increase inrequirements might be impossible withoutundue effects on other banks having rela-tively small amounts of reserves available.Such a situation developed in the 1930'swhen large amounts of both foreign and

domestic balances were concentrated inNew York, and New City banks held verylarge excess reserves. Authority to main-tain three classes of banks provides theFederal Reserve with more flexible powersto deal with such variations in the distribu-tion of reserves.

More fundamentally, the Board feels thatdifferentials in requirements among banksare desirable for purposes of effectuatingmonetary policy. There are fundamentaldifferences in the character of deposits heldby different banks and in their impact onthe economy. Since the principal functionof reserve requirements is to influence theimpact of the use of money on the economicsituation, such requirements should makeallowance not only for the quantity of moneyoutstanding but also for the rate of its use.

These differences are recognized in exist-ing law with respect to requirements againstdemand and time deposits and to thoseagainst demand deposits for the three dif-ferent classes of banks. They are sufficientlydistinct and important to justify three classesof banks rather than only two. Just as thereare significant differences between the largercity banks and the smaller country bankswhich make it appropriate to require differ-ent amounts of reserves, there are also dif-ferences between large banks concentratedin the leading financial centers and banks inother cities. Differences between large citybanks and banks located in small places arenumerous and clear. Likewise, New YorkCity and Chicago as banking centers standout in many respects from other cities. Thedifferences may not be as great as they werein the past but they are still striking.

As an illustration of these differences, ofthe ten largest banks, as measured by totaldeposits, all but two are in New York and



in Chicago, and those two are State-widebranch banks with a substantial volume ofdeposits at their country branches. Totaldeposits at all banking offices located with-in metropolitan areas amount to about $58billion for New York and nearly $13 billionfor Chicago. The next largest are LosAngeles with about $8 billion and San Fran-cisco and Philadelphia with less than $7billion each.

Interbank demand deposits, which are anindication of the ability of banks to attractfunds and which have been used in the pastas the principal standard of classification,total over $4 billion at central reserve citybanks in New York and $1.2 billion at suchbanks in Chicago. The largest total held inany other city is less than $500 million. Ofthe 11 banks holding the largest amount ofinterbank demand deposits, 10 are centralreserve city banks.

Still another reason for retaining threeclasses of banks is that large banks in finan-cial centers, which hold the bulk of the moreactive balances of businesses and investmentinstitutions and also balances of other banks,are in a better position to put available fundsto use actively and promptly in the centralmoney markets than are smaller banks orthose located elsewhere. Banks outside thefinancial centers, on the other hand, find itnecessary for operating purposes to carry aportion of their secondary reserve assets inthe form of balances with other banks, onwhich they receive no earnings and the carry-ing of which limits their lending capacity.Even reserve city banks maintain substan-tial amounts of balances with other banks,particularly in New York and Chicago. NewYork banks maintain only negligible bal-ances with other banks and, Chicago bankshave less than other cities in relation to

their balances due to banks. These twocities are central markets for money to anextent that is not true of other large cities.

Typical depositors in large city banks in-clude businesses, individuals, and institutionswhich have large amounts of funds and usethem much more actively than do most ofthe depositors in the smaller banks. Theyare in a better position than customers ofbanks located elsewhere to keep a portionof their liquid funds in short-term market-able assets and to keep their deposit balancessmall relative to the volume of their pay-ments. This is another way of saying thatlarge city banks hold greater amounts ofdeposits that have high expansionary or in-flationary potentials than do the smallerbanks.

A rough indication of the impact of bankdeposits on economic activity is provided byfigures of debits to deposit accounts. Asmeasured by the ratio of debits to depositsoutstanding, the average rate of turnover ofdemand deposits, other than interbank andU. S. Government deposits, for all banksin New York City exceeds 50 times a yearand even when allowance is made for op-erations of certain financial types of depositsthat have extraordinarily high rates of turn-over and are heavily concentrated in NewYork, the average is still over 30. The aver-age for all banks in Chicago is over 30 percent, and that for Chicago central reservecity banks alone is higher. Nearly all of thelarge central reserve city banks show ratesof turnover exceeding 30.

Of the large reserve city banks, only afew have turnover rates of over 30 times ayear and more than half have rates of lessthan 25. For most of the smaller reservecity banks the turnover rates are below 20.At banks in other places, annual rates of



turnover of demand deposits are generallyless than 20 even for the largest banks, andless than 15 for the bulk of the small banks.For time deposits the rate of withdrawals isonly about once every two years.

It is evident that there are sufficiently widedifferences in the character of banks and inthe impact of their deposits on the economyto provide a basis for differentials in reserverequirements on the existing pattern of threebroad classes. In no other city is there asmuch concentration of banks that may becharacterized as central reserve city banksor the elements of a central money market asthere is in New York and to a lesser extentin Chicago. Since banks under the pro-posed amendments would continue to beclassified by cities, the classification of citiesis necessarily based upon the extent of suchconcentration rather than upon a relativelyfew individual cases.

RELIEF FOR INDIVIDUAL BANKS

Because reserve classifications are made bycities, individual banks located in a city butdiffering in nature from the leading banksin the city are compelled to observe higherrequirements than banks of a similar naturelocated elsewhere. Under existing law, theBoard may permit such banks if located inoutlying districts to carry the lower reservesspecified for banks in one of the other classes.This provision now permits the Board toalleviate inequities which arise when bankslocated in such outlying districts are pre-dominantly engaged in business that issimilar to that of banks with a lower re-serve classification. It does not, however,permit the Board to bring equivalent reliefto such banks if they are located in the cen-tral or financial districts of reserve or centralreserve cities. While the number of such

cases is not large, they do represent cases ofunfairness that are not essential for policyreasons.

The amendment proposed would permitmore flexibility in exempting individualbanks than is possible under existing lawand thereby facilitate the elimination ofsome existing inequities. To accomplishthese purposes the pending bill would strikeout of the law the present relief provisosapplicable only to "outlying district" banks,and add a new paragraph which wouldauthorize the Board to permit member banksin any part of a reserve or central reservecity to carry reduced reserves. Instead ofbeing confined solely to the geographicaltest, the Board would be authorized to grantpermission for reduced reserves on such basisas it might deem reasonable and appropriatein view of the "character of business" trans-acted by the member bank involved. Deter-mination of character of business for thispurpose would take into consideration totalvolume of deposits, holdings of interbankdeposits, the distribution of other depositsamong different groups of owners, the turn-over of deposits, the requirements of otherbanks in the same area doing a similar typeof business, and other relevant factors.

As under present law, the amendmentwould make it possible for the Board to per-mit a member bank in a reserve city to carrythe lower reserves specified at the time forcountry banks rather than that fixed for re-serve city banks; and, similarly, a memberbank in a central reserve city could be per-mitted to carry the lower reserves specifiedat the time either for reserve city banks orcountry banks. The amendment would notauthorize the Board to permit any memberbank in such cities to carry reduced reservesequal to some percentage other than one pre-



scribed by the Board for one of the des-ignated classes of banks.

Again as under present law, the amend-ment would not authorize the Board to in-crease the percentages of reserves requiredto be maintained by individual memberbanks. The Board would, however, retainthe authority which it now has under thelaw to designate new reserve requirementsof all member banks in such cities, exceptsuch banks as may be specifically permittedto carry the lower requirements of anotherclass.

The proposed amendment would make itpossible for the Board to grant permissionfor reduced reserves upon the vote of amajority of a quorum, rather than only uponthe affirmative vote of five members of theBoard as required by the present law.

OTHER OBSERVATIONS

Before undertaking to answer whatever ques-tions you may have, I should like to make,in conclusion, a few general observations.

The Board has given consideration to thecareful and comprehensive study of the prob-lem of reserve requirements and the pro-posals for changes made by the EconomicPolicy Commission of the American Bank-ers Association, and also to other plans forfundamental revisions in the reserve require-ment structure. The Board has concluded,however, that far-reaching changes in thelaw are not necessary. In particular, theBoard opposes, for reasons already stated,the abolition of the three reserve classes ofbanks. It would also not favor a mandateto reduce reserve requirements to any pre-determined level by a given time. With theamendments proposed, along with otherprovisions of existing law, the Board wouldhave adequate authority to make any

changes in the structure and level of reserverequirements that are likely to be appro-priate under present or foreseeable condi-tions.

No change is recommended by the Boardin permissible requirements against time de-posits from the present range of 3 to 6 percent. It is recognized that savings depositsin banks do not need to have as high re-quirements as demand deposits, which com-prise the most active elements of the moneysupply, and the law correctly provides fordifferentials in such requirements. In theopinion of the Board, the present limits onrequirements against time deposits are aboutas low as would be warranted for sound andeffective operation of the banking system.

The principal function of reserve require-ments, it is now generally recognized, is toserve as an instrument for regulating theability of banks to expand credit and add tothe available supply of money. Under ex-isting law, Federal Reserve policies andactions may influence both the availablesupply of reserves and, within statutorylimits, the amount of reserves required to beheld.

The desirable ultimate level of reserverequirements need be no higher than essen-tial for purposes of monetary policy. Yetrequirements should not be so low as to raisequestions about liquidity or safety in theasset structure of banks. Nor should theybe so high as to hamper unduly the earningcapacity of banks and their ability to per-form essential functions. The precise levelof requirements that may be appropriate formonetary policy at any particular time inthe future must be predicated on economicand financial developments at home andabroad.

Any changes in the general level of re-



serve requirements must be made only grad-ually and in relatively small steps in orderto avoid undesirable disturbances to creditmarkets, conflicts with appropriate monetarypolicies, and undue upsets to long-estab-lished competitive relationships and bankingpractices. In order to provide for futurecontingencies, authority to vary require-ments over a fairly wide range needs to beretained.

Experience indicates that changes in re-serve requirements have more erratic effectsupon the credit situation than changes inthe availability of reserves effected by othermeans. Legislative authority with respect

to both the level and structure of reserve re-quirements for member banks, therefore,should be sufficiently flexible to enable ad-justments to be made in ways, in amounts,and at times that are consistent with theaims of monetary policy, with the interna-tional position of the country, and with themaintenance of a sound and effective bank-ing system. Existing law with the amend-ments proposed would permit moving grad-ually toward a more equitable and rationalstructure of reserve requirements with aminimum of interference with major policyobjectives.


Ownership of Demand Deposits

DEMAND DEPOSITS of individuals, partner-ships, and corporations at insured com-mercial banks rose by an estimated $4.4billion, or slightly more than 4 per cent, inthe year ending January 28, 1959. Thisgrowth contrasts with a 2 per cent declinein the year ending January 29, 1958, and islarger than the average rate of growth inrecent years. According to estimates basedon the Federal Reserve System's most recentSurvey of Demand Deposit Ownership, the

NOTE.—This article was prepared by Edward P.Snyder of the Board's Division of Research andStatistics.

increase in the past year was shared by allgroups of owners except financial busi-nesses and nonprofit organizations.

The number of accounts owned by indi-viduals, partnerships, and corporations alsorose in the recent 12-month period, but theincrease—estimated at about 600,000accounts or one per cent—was less thanhalf that in the previous year.

OWNERSHIP GROUPS

Demand deposit balances of most groupsrose in the year ending January 28, 1959,as shown in Table 1. For most groups the

TABLE 1

DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONSJANUARY 28, 1959

[Estimates for insured commercial banks]

Type of holder

Number

Jan. 28, 1959

MillionsPercent-age dis-

Increase, ordecrease (—),

from Jan. 29, 1958

Millions Per cent

Amount

Jan. 28, 1959

Billionsof

dollars

Percent-age dis-

tribution

Increase, ordecrease (—),

from Jan. 29, 1958

Billionsof

dollarsPer cent

All holders

Domestic business

CorporateNoncorporate

Financial businessCorporateNoncorporate

Nonfinancial businessCorporateNoncorporate

Nonprofit organizationsFarm operatorsIndividuals—personalAll other

Trust departments of banksForeigners

1 Decrease of less than $50 million.2 Decrease of less than 50,000 accounts.3 Less than 50,000 accounts.4 Increase of less than 50,000 accounts.

54.4

5.8

100.0

10.6

0.6

0.2

1.93.9

3.47.1

0.10.2

0.40.20.2

5.51.73.72.83.2

42.50.1(3)

0.1

0.80.40.4

9.83.06.7

5.25.9

78.10.20.10.1

-0.2-0.1-0.1

0.40.10.3

0.1-0.2

0.5

1.2

3.93.24.2

-33.6-28.3-38.1

8.99.68.7

3.5-4 .8

1.2-2.868.1

-23.2

107.3

62.3

100.0

58.1

4.4

1.847.514.8

44.213.8

1.20.6

9.67.62.0

52.739.912.8

5.04.9

31.73.52.41.0

9.07.11.9

49.3711.94.64.6

29.53.22.31.0

-0.5-0 .3-0 .2

2.31.50.9

0)0.31.50.70.70.1

4.3

3.0

2.54.4

-5.5-3.8

-10.44.63.87.2

-0.57.65.0

27.239.3

5.6

NOTE.—Corporate farming enterprises are classified as corporatenonfinancial business. Details may not add to totals because ofrounding.

378


OWNERSHIP OF DEMAND DEPOSITS 379

increases exceeded by a wide margin thedeclines that had occurred in the previousyear. Deposits of individuals, farmers,and noncorporate, nonfinancial businessesshowed somewhat larger increases thanthose of nonfinancial corporations. Differ-ences in rates of change in demand depositsamong ownership groups are generally notlarge enough to have any marked effectupon the percentage distribution of depositsamong those groups.

Nonfinancial businesses, which ownroughly one-half of all demand deposits ofindividuals, partnerships, and corporations,accounted for more than half of the $4.4billion rise in these deposits during the year.The expansion in their deposits undoubtedlyreflected needs for larger working balancesto meet the growth in business over theperiod. The percentage growth in accountsof noncorporate, nonfinancial businesseswas nearly twice that in corporate accounts.

The former tend to fluctuate more widely inresponse to changes in the level of economicactivity than the latter. The more moderateincrease in deposits of corporations may re-flect in part the fact that larger corporationshave increased their holdings of short-termmarketable paper.

Most of the remaining deposit growthover the year was in personal accounts ofindividuals, which rose $1.5 billion or 5per cent. Growth in disposable personalincome was the major factor in this growth.The number of accounts also expanded,but at a somewhat slower rate, and theaverage balance in personal accounts in-creased moderately over that for the pre-ceding Survey date.

Balances of farm operators rose nearly8 per cent in the year ending in January1959, in contrast with declines betweenmost of the other Survey dates in thisdecade. An expansion in cash farm income

TABLE 2

DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 28, 1959

BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER

Federal Reservedistrict

Amount (in billions of dollars)

Allholders

Type of holder

Finan-cial

busi-ness

Non-finan-cial

busi-ness

Farmoper-ators

Individ-uals—per-

sonal

Allother 1

Percentage increase, or decrease ( —),from Jan. 29, 1958

Allholders

Type of holder

Finan-cial

busi-ness

Non-finan-

cialbusi-ness

Farmoper-ators

Individ-uals—

per-sonal

Allother 1

All districts

BostonNew York. . .Philadelphia..

ClevelandRichmond. . .Atlanta

ChicagoSt. LouisMinneapolis..

Kansas City..DallasSan Francisco

107.3

5.620.76.3

8.56.28.0

16.84.93.0

7.38.1

11.9

9.6

0.52.10.6

0.70.60.8

1.60.30.2

0.60.60.9

52.7

3.112.32.8

4.42.73.8

8.41.71.1

3.13.36.0

4 . 9

()0.10.1

0.20.30.3

1.00.50.6

0.80.60.5

31.7

1.44.12.1

2.62.12.6

4.62.01.0

2.33.13.9

8.4

0.52.10.6

0.70.60.6

1.20.30.2

0.40.60.6

4.3

-4.5-0.410.9

3.85.85.5

3.79.50.6

2.712.68.2

-5.3

-14.5-12.6

29.0

14.043.1

-20.6

2.23.2

-21.1

-12.9-31.7

1.3

4.6

-1.42.7

-1.0

-0.64.0

10.0

3.012.9

-1.6

-3 .225.912.5

7.6

50.7-5.7

-19.0

-0.614.20.6

10.43.5

16.9

18.69.0

- 8 . 2

5.0

20.1- 6 . 519.0

7.82.54.2

2.67.81.8

8.46.36.8

9.3

- 4 1 . 810.140.5

11.4- 5 . 137.0

9.722.5

- 4 . 7

27.390.14.3

i Nonprofit organizations, trust departments of banks, andforeigners.

2 Less than $50 million.NOTE.—Details may not add to totals because of rounding.



during 1958, which reflected record farmoutput and increased Government paymentsfor crop support and related programs,probably was responsible. The number offarm-operator accounts, however, declinedfurther as the number of farm families con-tinued to decline.

Trust departments of banks showed thelargest increase for any ownership group—39 per cent. There are few of theseaccounts, and changes in their holdings areof limited significance.

Deposits of financial businesses and ofnonprofit organizations declined during theyear. Holdings of the former group fell onlyhalf as much as they had in the year endingin January 1958, but the reduction was stilllarge—$500 million. The cause of thedecline is not immediately apparent, but itmay have reflected in part the Treasury offer-ing of $835 million of 21-year bonds only afew days before the Survey. This issue wasdesigned to meet the investment needs ofinstitutional investors, particularly those ofthe savings type, and financial businessesmay have drawn down their deposits inorder to invest in these bonds.

The slight decline in accounts of non-profit organizations offset only in part thelarge increase that had occurred in theirholdings the previous year. The BostonFederal Reserve District alone accountedfor most of the changes in holdings of thisgroup in each year.

Sharp but unusual fluctuations in deposits,such as that noted above for financialbusinesses, make it desirable not to placeundue weight on Survey data for a singleyear or pair of years. In designing theSurvey, the last Wednesday in January wasselected as the Survey date to minimizedistortions resulting from intra-weekly fluc-tuations in deposit holdings. However, for

items that fluctuate as widely as demanddeposits, these difficulties cannot be entirelyeliminated in any one-day Survey.

OTHER DISTRIBUTIONS

Data on ownership of deposits in the variousFederal Reserve districts, shown in Table 2,show changes in total deposits of individuals,partnerships, and corporations over the yearranging from a decline of more than 4 percent in the Boston District to an increaseof nearly 13 per cent in the Dallas District.Changes in holdings of various ownershipgroups, particularly the less important ones,tended to show wide differences from districtto district. This is to be expected not onlybecause of regional differences in economicdevelopments but also because of samplingerrors and the problem of the significance

TABLE 3

SIZE OF DEMAND DEPOSIT ACCOUNTS WITHINOWNERSHIP GROUPS

[Percentage distribution]

Size of account(thousands of

dollars)

All accounts

Under 11-55-1010 2525-100100 and overUnclassified

All accounts

Under 11 55_1010-2525 100100 and over...Unclassified

Type of holder

Domesticbusiness

Farmoperators

Indi-vidual—personal

Allother *

Number of accounts

100.0

48.029.19.27.44.71.6

100,0

1.46.45.9

10.620.055.7

100.0

67.225.94.71.80.4(2)

100.0

68.211.21.50.70.2

3.S(21

)

Amount of deposits

100.0

12.237.721.116.610.22.2

j

100.0

19.031.213.713.511.36.0

35.2

100.0

79.913.72.41.60.80.2

41.5

100.0

5.910.25.78.5

12.123.3

434.4

1 Nonprofit organizations, trust departments of banks, andforeigners.

2 Less than 0.05 of one per cent.3 Special checking accounts of individuals.4 Accounts of trust departments of banks and foreigners.NOTE.—Details may not add to totals because of rounding.


CURRENT EVENTS AND ANNOUNCEMENTS 381

of data for a single day. The distribution ofdeposits among ownership groups withindistricts, however, is similar to the patternof other recent Surveys.

Distribution of deposits by size of accountwithin ownership groups is shown in Table3. A similar table was last shown in thesummary of the 1957 Survey published in

the BULLETIN for May 1957. Comparisonof the data for these two Surveys indicatesthat no significant changes have occurred inthe distribution. One-half of all businessdeposits continue to be in accounts of$100,000 and over, while about half of thedeposits of individuals are in accounts ofless than $5,000.

Current Events and AnnouncementsNEW MEMBER OF BOARD OF GOVERNORSASSUMES HIS DUTIES

Mr. G. H. King, Jr., who was confirmed by theSenate as a member of the Board of Governors onMarch 12, 1959, took the oath of office andassumed his duties on March 25. Prior to takingoffice, Mr. King resigned his position as a memberof the board of directors of the New OrleansBranch of the Federal Reserve Bank of Atlanta,which post he had held since January 1956.

APPOINTMENT OF BRANCH DIRECTOR

The Federal Reserve Bank of Kansas City hasappointed Mr. R. L. Kelsay a director of its Okla-homa City Branch for the unexpired portion of aterm ending December 31, 1960. Mr. Kelsay isChairman of the Board and President of The FirstNational Bank in Hobart, Hobart, Oklahoma. Hisservice as a director began March 13, 1959. Hesucceeds Mr. R. Otis McClintock, Chairman of theBoard, The First National Bank and Trust Com-pany of Tulsa, Tulsa, Oklahoma, who resignedrecently in order to serve as the member of theFederal Advisory Council for the Tenth District.

RESIGNATION OF DIRECTOR

Mr. Reese H. Taylor, who had served as a directorof the Federal Reserve Bank of San Franciscosince September 17, 1937, resigned effective April

8, 1959. Mr. Taylor is Chairman of the Board ofthe Union Oil Company of California, LosAngeles, California.

ADMISSION OF STATE BANK TO MEMBERSHIP INTHE FEDERAL RESERVE SYSTEM

The following State bank was admitted to member-ship in the Federal Reserve System during theperiod February 16, 1959 to March 15, 1959:

MontanaHelena. . Commerce Bank & Trust Company

TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY

Latest BULLETIN Reference

Semiannually Issue PageBanking offices:

Analysis of changes in number of Feb. 1959 210On, and not on, Federal Reserve Par

List, number of Feb. 1959 211

AnnuallyEarnings and expenses:

Federal Reserve Banks Feb. 1959 208-09Member banks:

Calendar y e a r . . . , June 1958 710-18First half of year Nov. 1958 1346

Insured commercial banks June 1958 719Banks and branches, number of, by class

and State Apr. 1959 442-43Operating ratios, member banks June 1958 720-22Stock Exchange firms, detailed debit and

credit balances Nov. 1958 1347Banking and monetary statistics, 1958.. Feb. 1959 212-18Summary flow-of-funds accounts ,

1954-56 Oct. 1957 1190-94Bank holding companies, Dec. 31,1957:

List of Feb. 1958 211Banking offices and deposits of group

banks Oct. 1958 1224


Law DepartmentAdministrative interpretations, new regulations, and similar material

Readjustment of Federal Reserve Districtsto Include Hawaii

The Act of Congress approved March 18, 1959(Public Law 86-3), which provides for the ad-mission of the State of Hawaii into the Union,also amended the next to last sentence of the firstparagraph of Section 2 of the Federal ReserveAct by inserting after the word "Alaska" thewords "or Hawaii" to read as follows:

When the State of Alaska or Hawaii is hereafteradmitted to the Union the Federal Reserve Districtsshall be readjusted by the Board of Governors of theFederal Reserve System in such manner as to includesuch State.

Pursuant to the succeeding sentence of this para-graph of Section 2, every national bank in Hawaii,upon commencing business or within 90 days afterthe admission of Hawaii to statehood, shall be-come a member bank of the Federal Reserve Sys-tem and shall thereupon be an insured bank underthe Federal Deposit Insurance Act.

Transfer of Assets to a Common Trust FundThe opinion of the Board of Governors has

been requested as to whether the transfer of assetsfrom individual fiduciary accounts to a commontrust fund, in exchange for participations therein,would be permitted under Section 17 of Regula-tion F.

The words contained in Regulation F in con-nection with the investment of individual accountsin a common trust fund are confined to "funds"or "moneys," terms connoting cash. Thus, it isclear that the direct exchange of assets, other thancash, for units of a common trust fund is notcontemplated by the Regulation. The only excep-tion to this is in the case of United States savingsbonds and certain nonmarketable Treasury bonds(1951 BULLETIN 510). It is stated that in prac-tice a bank would sell assets of individual truststo the common trust fund, ascertain the sale priceof the transaction, and then participate the ac-count to this amount, plus or minus a smallamount of cash to provide for the purchase ofwhole units. It remains, then, to determine if

inter-trust dealing may be employed by a bankto do indirectly what it cannot do directly.

The procedures through which it is proposedto accomplish the sale of securities to the commontrust fund and the concomitant purchase of unitstherein appear to be surrounded with a numberof sound administrative safeguards. The exerciseof investment discretion by the trust investmentcommittee, however, is not susceptible to the ap-plication of fixed procedures. The selection ofsecurities for a common trust must be decidedsolely upon investment considerations and theneeds of particular accounts participating therein.Other external factors should be excluded fromthe thinking of the trust investment committeein reaching its decisions. If the proposed practicewere permitted, it is believed that trust investmentcommittees of banks administering common trustfunds might tend to select the particular securitiesheld in individual fiduciary accounts for additionsto the fund primarily because of their availability.The effect on common trust fund portfolios ex-erted by such influence is believed undesirable.Moreover, any such transactions between differenttrusts impose upon the trustee the burden of beingable to justify the transaction as fair and not dis-advantageous to both the buying and selling ac-counts; and it is believed that the saving of bro-kerage commissions by transferring assets to thecommon trust fund is far outweighed by the possi-bility that the bank may be compelled to defendits actions.

It is the opinion of the Board, therefore, thatthe exchange of assets, other than for cash or thenonmarketable United States obligations notedabove, for units of the common trust fund, eitherdirectly or indirectly, is not in conformity withthe letter and the spirit of Section 17 of Regula-tion F.

Political Contributions and LoansRecently, it was brought to the attention of the

Board of Governors that a member bank hadmade a loan to a major political party in contra-vention of provisions of the Criminal Code ofthe United States. Under the statute, loans as

382


LAW DEPARTMENT 383

well as gifts made in connection with the electionof candidates for national office are prohibited,but the statute does not apply to loans or giftsmade by a member bank, which is not a nationalbank, in connection with the election of candi-dates for local office at a local election.

The applicable provisions of the criminal coderead as follows:

18 U.S.C. § 610 . CONTRIBUTIONS OR EXPENDITURES BYNATIONAL BANKS, CORPORATIONS, OR LABOR

ORGANIZATIONS

It is unlawful for any national bank, or any cor-poration organized by authority of any law of Con-gress, to make a contribution or expenditure in con-nection with any election to any political office, or inconnection with any primary election or politicalconvention or caucus held to select candidates forany political office, or for any corporation whatever,or any labor organization to make a contribution orexpenditure in connection with any election at whichPresidential and Vice Presidential electors or a Sen-ator or Representative in, or a Delegate or Residentcommissioner to Congress are to be voted for, or inconnection with any primary election or political con-vention or caucus held to select candidates for anyof the foregoing offices, or for any candidate, politicalcommittee, or other person to accept or receive anycontribution prohibited by this section.

Every corporation or labor organization whichmakes any contribution or expenditure in violation ofthis section shall be fined not more than $5,000; andevery officer or director of any corporation, or officerof any labor organization, who consents to any con-tribution or expenditure by the corporation or labororganization, as the case may be, and any person whoaccepts or receives any contribution, in violation ofthis section, shall be fined not more than $1,000 orimprisoned not more than one year, or both; and ifthe violation was willful, shall be fined not more than$10,000 or imprisoned not more than two years, orboth.

For the purposes of this section "labor organization"means any organization of any kind, or any agency or

employee representation committee or plan, in whichemployees participate and which exist for the purpose,in whole or in part, of dealing with employers con-cerning grievances, labor disputes, wages, rates ofpay, hours of employment, or conditions of work.June 25, 1948, c. 645, 62 Stat. 723, amended May24, 1949, c. 139 § 10, 63 Stat. 90.

18 U.S.C. § 591. DEFINITIONS

When used in Sections 597, 599, 602, 609 and 610of this title—

The term "election" includes a general or specialelection, but does not include a primary election orconvention of a political party;

The term "candidate" means an individual whosename is presented for election as Senator or Repre-sentative in, or Delegate or Resident Commissioner to,the Congress of the United States, whether or not suchindividual is elected;

The term "political committee" includes any com-mittee, association, or organization which acceptscontributions or makes expenditures for the purposeof influencing or attempting to influence the electionof candidates or presidential and vice presidentialelectors (1) in two or more States, or (2) whetheror not in more than one State if such committee,association, or organization (other than a duly or-ganized State or local committee of a political party)is a branch or subsidiary of a national committee,association, or organization;

The term "contribution" includes a gift, subscrip-tion, loan, advance, or deposit, of money, or any-thing of value, and includes a contract, promise, oragreement to make a contribution, whether or notlegally enforceable;

The term "expenditure" includes a payment, dis-tribution, loan, advance, deposit, or gift, of money,or anything of value, and includes a contract, prom-ise, or agreement to make an expenditure, whetheror not legally enforceable;

The term "person" or the term "whoever" includesan individual, partnership, committee, association, cor-poration, and any other organization or group ofpersons;

The term "State" includes Territory and possessionof the United States. June 25, 1948, c. 645, 62 Stat.719, amended May 24, 1949, c. 139 § 9, 63 Stat. 90.


National Summary of Business ConditionsReleased for publication April 15

Expansion in economic activity continued inMarch. Industrial production and prices, housingstarts, employment, income, retail sales, and bankloans to business advanced, and unemployment de-clined more than seasonally. From mid-March tomid-April, interest rates increased. Commonstock prices showed little net change at advancedlevels and trading volume was reduced.


The Board's seasonally adjusted index of indus-trial production rose in March to a record highof 147 per cent of the 1947-49 average, two pointsabove the revised February figure and four pointsabove January. Gains in output in both Februaryand March were widespread.

Total output of durable goods increased sub-stantially in March and was only 3 per cent belowthe previous high of December 1956. Steel milloperations rose seven percentage points to 92 percent of capacity, and since mid-March ingot pro-duction has been at 93 per cent. Output of con-struction materials also advanced in March. Over-all activity in producers' durable goods industriescontinued to increase as output of farm machineryand most other equipment rose further. Produc-tion of household durable goods apparently re-mained at near record levels. Auto assemblies

INDUSTRIAL PRODUCTION1947-49-100

Federal Reserve indexes, seasonally adjusted. Monthly fig-ures; latest shown are for March.

recovered from the reduced February rate andwere maintained in early April.

Total production of nondurable goods rose fur-ther in March to 6 per cent above the pre-recessionlevel in 1957. Output of paper, rubber, and chem-ical products and activity in the apparel and petro-leum refining industries were at record levels.Minerals output was maintained in March as adecline in crude oil was offset by increases in otherlines.

CONSTRUCTION

Private nonfarm housing starts rose 5 per centin March to a seasonally adjusted annual rate ofnearly 1.4 million units. Total new constructionput in place edged up to a record high as increasesin most types of public construction and in privatecommercial activity more than offset declines inprivate residential, public utility, and industrialactivity. The slight decrease in residential con-struction followed a substantial rise over the pre-ceding nine months.

EMPLOYMENT

Seasonally adjusted nonfarm employment rose245,000 in March to a level 1.3 million above theApril 1958 low but 1.1 million below August1957. Employment in durable goods manufac-turing industries increased further in March andconstruction employment recovered to the levelsof last autumn. Average weekly hours and hourlyearnings at factories also increased, and weeklyearnings reached $88.62—9 per cent higher thana year ago. Unemployment declined about 400,-000 to 4.4 million, and the seasonally adjustedrate declined to 5.8 per cent of the civilian laborforce from 6.1 per cent in February.

DISTRIBUTION

Seasonally adjusted retail sales increased 1 percent further in March and exceeded the previoushigh of last December. Sales at outlets for ap-parel and household goods generally advanced.The index of department store sales was 141 percent of the 1947-49 average compared with 139in February. Unit sales of new autos rose more

384


NATIONAL SUMMARY OF BUSINESS CONDITIONS 385

than seasonally in March and used car marketsremained strong.

COMMODITY PRICES

Wholesale prices of industrial commodities con-tinued to rise in March and early April. Reflect-ing mainly expanding business demands, sensitiveindustrial materials such as hides and leather, tex-tiles, rubber, and lumber advanced, and there wereincreases in prices of some finished industrial prod-ucts. Steel scrap prices declined, despite recordoutput of steel mill products, and lead prices werereduced. Prices of agricultural commoditieschanged relatively little.

BANK CREDIT AND RESERVES

Total loans and investments at city banks in-creased $1.7 billion over the four weeks endingApril 1. Loan expansion of $1.6 billion reflectedprincipally a substantial rise in business loansaround the mid-March tax date and an increasein security loans in connection with the April 1Treasury financing. Bank holdings of U. S. Gov-ernment securities declined slightly as sales andredemptions during March more than offset pur-chases of new Treasury securities on April 1.

Member bank borrowings from the Federal Re-serve averaged $600 million and excess reserves$460 million over the four weeks ending April 8.Borrowings were slightly higher than in the pre-vious four weeks while excess reserves were aboutunchanged. Over the four weeks ending April 8,reserves were absorbed mainly by an increase inrequired reserves associated with bank purchasesof new Treasury securities, a build-up in Treasurydeposits at the Reserve Banks, and a currencyoutflow. Reserves were supplied principally byFederal Reserve purchases of U. S. Governmentsecurities.

SECURITY MARKETS

Bond yields generally increased from mid-Marchto mid-April, with yields on high-grade corporatesecurities at new highs and those on Treasurybonds back to the January highs. The marketrate on 3-month Treasury bills rose to over 3 percent. On April 1, Treasury cash financing in-cluded a 4 per cent note in the amount of $1.7billion, an additional $600 million of the 4 per centbond of 1969, and $2.0 billion of a special Janu-ary bill.

PRICES1947-49=100

INTEREST RATES

1959 1955

Bureau of Labor Statistics indexes. Monthly figures, latestshown: February for consumer prices, and March for whole-sale prices.

Weekly average market yields for long-term U. S. Govern-ment IVi per cent bonds and for longest Treasury bills; latestshown are for week ending April 10.


Financial and Business Statistics

* United States *Member bank reserves, Reserve Bank credit, and related items. . . . 389Reserve Bank discount rates; reserve requirements; margin requirements. 392Federal Reserve Banks. 393Bank debits; currency in circulation 396All banks: consolidated statement of monetary system; deposits and currency. 398All banks, by classes. 399Commercial banks, by classes. 402Weekly reporting member banks 404

Commercial loans; commercial paper and bankers' acceptances. 406Interest rates. . 407Security prices; stock market credit. 408Savings institutions 409Federal business-type activities. 410Federal finance. 412Security issues. 416Business finance. 417Real estate credit. . . . . . . 419Short- and intermediate-term consumer credit. 422

Selected indexes on business activity. 426Production 427Employment and earnings. 434Department stores 436Foreign trade. 437Wholesale and consumer prices. 438National product and income series 440Number of banks and branches in operation on December 31, 1958. 442

Tables published in BULLETIN, annually or semiannually—list, with references. 381

Index to statistical tables. 468

Tables on the following pages include the prin- the basis of material collected by other agencies;cipal statistics of current significance relating figures for gold stock, currency in circulation,to financial and business developments in the Federal finance, and Federal credit agencies areUnited States. The data relating to Federal obtained from Treasury statements; the remain-Reserve Banks, member banks of the Federal ing data are obtained largely from other sources.Reserve System, and department store trade, Back figures for 1941 and prior years for bank-and the consumer credit estimates are derived ing and monetary tables, together with descrip-from regular reports made to the Board; pro- tive text, may be obtained from the Board'sduction indexes are compiled by the Board on publication, Banking and Monetary Statistics.

387


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSWeekly averages of dai ly figures Bill ions of dol lars

25

MEMBER BANKRESERVE BALANCES

20

15

2

0

35

30

25

20

EXCESS RESERVES*v*>*wvv

CURRENCY IN CIRCULATION

RESERVE BANK CREDIT

L ^

-GOLD STOCK.

TREASURY CASH AND DEPOSITS

LNONMEMBER DEPOSITS- 0

30

25

20

U.S. GOVERNMENT SECURITIES

DISCOUNTS AND ADVANCES

-

-FEDIERAL RESER^Ê FLOAT

1 J \ -

1953 1954 1955 1956 1957 1958Latest averages shown are for week ending March 25. See p. 389.

1959

388


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

[In millions of dollars]

Weekending

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBought

out-right

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

Float Total i

Goldstock

Treas-urycur-rencyout-

stand-ing

Cur-rency

incir-

cula-tion

Treas-urycashhold-ings

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

378296501508

486479257580

523479457417601

533470459437

411424459440

446489497465543

662504528486

539478304508

448447386464512

325371475455

465376428540521

446390401404

442364398443

534454437456

For-eign

265284337284

270273257258

277269319242235

287294309276

238267331280

268265358293300

291300259234

305330397308

261299327308270

283297316243

222232263239332

279297357298

278304313308

298311290295

OtherF. R.

ac-counts

Other

Member bankreserves

Total Re-quired2

Ex-cess 2

Averages ofdaily figures

1958Feb. 5

12.. ,19..26

Mar. 5.12.19.26.

Apr. 29

162330

July 2.9.

16.23.30.

::2 0 . .2 7 . .

Sept. 3 . .10..17..24. .

Oct. 1 . .8 . .

15..22. .29. .

Nov. 5.12.

23,36423,42223,37323,380

23,25623,46623,50023,552

23,62523,628

21 . . .28

June 41 1 . . .18. . .25 . . .

23,63323,71223,626

23,79923,93123,876

23,32123,29223,28523,380

23,25123,43223,48023,518

23,62523,628

24,053

24,19424,39724,68225,002

25,42225,45625,26225,15725,035

25,24025,64625,40625,257

25,35325,23325,00124,893

24,94025,143

23,61123,70423,612

23,79923,93123,876

Dec.

Jan.

Feb.

Mar.

26

310 .172431

19597142128

4111825

41118 . . . .25

25,49825,24225,300

25,45925,66025,41125,734

26,14326,28226,31526,27226,437

26,18425,92225,58025,471

25,67325,65725,52925,399

25,35525,36625,47125,510

24,053

24,19424,39124,58124,891

25,41925,45625,26225,15725,035

25,24025,62625,40625,257

25,35325,23325,00124,893

24,94025,14325,35325,24225,300

25,38025,61425,39225,578

26,03326,25026,22326,18826,241

26,09025,81725,58025,471

25,59:25,62125,52325,394

25,29425,33125,41925,461

43130

6101111

20

145

794619156

110329284196

94105

189286361153

118131126167

14490199112125

118123104119

13518417599

9714311585108

112229216271

461514563433

401434472369456

403470453430

580415519631808

64473045'507

433553583474

54872:543619

803 24,397793 24,543

1,054 24,830952 24,527

892 24,309816 24,456973 24,638983 24,742

776 24,586879 24,638

4,70124,854

777 24,566

829 24990

808760

24,76324,854

994 25,016780 24,994

869 25,24025,440

036 25,939,170024 26

815947

26,38026,589

979 26,39826,32826,005

1,045823

82811A 26

1,00885'

26,21226,68526,66526,417

792883

1,0491,203

26,63826,66126,64426,558

904 26,27526,51926,92527,046"',767

911922 26

1,401 27977 26

796934,188,199

26,69427,10027,08727,399

087 27,84427,84728,31128,88928,910

,11,439,944 28,618

,401,011,288,074

94688960

1,050

95184<

1,00096

28,27527,70827,36827,094

27,09227,13627,11226,965

26,89226,97627,04827,123

22,78322,78422,78522,714

22,68622,61522,54122,498

22,39422,29422,19922,08122,024

21,96721,88621,77921,661

21,59421,59421,54021,374

21,34921,30621,30021,28021,252

21,19521,15421,08621,086

21,01121,01220,93920,895

20,86620,83020,76420,72420,690

20,67920,65:20,68020,616

20,60920,59320,57620,53620,526

20,53420,52620,51520,515

20,47620,47620,47520,47

20,47920,44820,44220,442

5,1575,1595,1615,165

5,1695,1745,1785,180

5,1845,1875,1925,1935,194

5,1975,1995,2005,201

5,2015,2035,2045,204

5,2035,2025,2025,2035,206

5,2075,2105,2105,211

5,2115,2135,2155,216

5,2195,2195,2205,2205,221

5,2225,2255,2255,225

5,2285,2295,2295,2315,232

5,2345,2345,2345,235

5,2355,2365,2385,239

5,2415,2425,2445,246

30,58130,67530,64230,542

30,56330,64130,59230,524

30,63730,74430,73330,61730,520

30,65930,81230,82230,813

30,98931,05231,07030,975

31,16331,38531,37531,21731,086

31,17131,29131,29531,249

31,38131,43331,39331,285

31,21731,35231,49831,43531,299

31,42231,66031,75431,825

32,05732,21832,39432,53332,458

32,00831,71031,38531,150

31,12031,19331,20531,111

31,12931,21531,28731,231

777734685695

701712804790

724729731721732

738741732722

709709698698

687677686692697

696699696688

691694694683

690691689681681

68168769:686

69369669368469:

701704712714

723727741724

721716727714

294325293276

320293368400

368493381376397

386386381391

484370359229

405377371340333

350329301320

324319282320

387343412332321

391375341337

401328335328333

356345373343

344333391448

339336340339

046 18,997118195193

151148150 18;

19,0541912219,12218,909

18,67418,699

18,725

18,526106 18,300104 18,369102 18,654,051

,049,046,043,023

,057,139,146 ,,144 18,983

18,249

18,27618,19018,24818,194

18,14718,27418,619

,105,097,095,091,041

,148,166,233,212

,175,153,156,162

,123,119,121,117,080

,078,078,074,063

,103,191,161,172,165

18,85918,80918,51818,71218,462

18,29618,76018,64818,526

18,44618,47918,57218,404

18,23418,31818,47518,65218,515

18,41618,51018,34018,631

18,74018,62918,84419,16019,167

1,122 191,1211,1181,118

,13118,90118,76918,817

1,1461,1851,2141,255

1,2141,2121,2141,218

18,74918,74218,56218,389

18,37518,42118,43918,558

18,49818,48318,42718,426

18,08418,09618,33218,037

17,83017,67317,75418,05517,654

17,64717,52817,54517,513

17,57417,68717,98418,314

18,20418,05117,94917,92417,824

17,73818,07318,02717,953

17,89917,87317,93517,811

17,77417,75317,98918,08617,993

18,00817,89117,90018,225

18,23218,16018,37418,54818,511

18,58818,34018,23418,424

18,34518,18918,12017,979

17,95717,868

^18,046^18,088

499571695483

590603598688

696627615599595

629662703681

573587635669

655758569788638

558687621573

547606637593

460565486566522

408619440406

508469470612656

543561535393

404553442410

418553

^393M70

Preliminary. For other notes see following page.

389


390 BANK RESERVES AND RELATED ITEMS

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued


Periodor

date

Averages ofdaily figures

1958

MarApr

July

SeptOctNovDec

1959

JanFebMar

Midyear oryear-end

1929—June1933 June1939—Dec1941 Dec1945 Dec . . . .1947—Dec1950 Dec1955 Dec1956—Dec1957 June

Dec

End of month

1958

MarAprMayJuneJulyAugSeptOctNovDec

1959

JanFebMar

Wednesday

1959

Jan 7142128

Feb 4111825

Mar 4111825

Reserve Bank credit outstanding

U. S. Govt. securities

Total

23,48623,64923,93924,74925,21825,41025,05125,29625,65026 312

25,77625,53225,446

2161 9982,4842 254

24 26222,55920 77824 78524,91523 03524,238

23,62823.68124,16225,43824 48025,34624,98625,44326 22926,347

25,71525,35025 497

26,04125 90125,53225,438

25,66225 55825,47525,342

25,32225 35425,49725,474

Boughtout-right

23,46523,63823,93924,69825,21825,40625,05125,26025,56226,216

25,72325,50325,400

1481,9982,4842 254

24,26222,55920 72524,39124,61022,99423,719

23,62823,68124,16225,43824 48025,34624,98625,37326,06926,252

25,61125,29525,497

26,00425,81525,53225,438

25,59925,54325,47025,338

25,28925 33925,41925,452

Heldunderrepur-chaseagree-ment

2111

si4

368896

532946

68

5339430541

519

7016095

10455

3786

631554

33157822

Dis-counts

andad-

vances

139130119142109252476425488564

574526620

1,037164

73

2498567

10850

55855

1371561444194

55525540771764

462632327

782523424495

408356481561

535506986589

Float

893864841916942858990

1,0351,0391,496

1,170961954

524

9194

578535

1,3681,5851,6651,1991,424

765797965758868805860788

1,0261,296

979999862

1,122939

1,238806

916876

1,070778

897712993746

Total i

24,55924,68224,93925,85126,31026,55426,54826,78927,21128,412

27,56427,05927,055

1,4002,2202,5932,361

25,09123,18122,21626,50726,69924,81625,784

24,57024,67225,31326,28325,47726,73926,13026,67528,00627,755

27,19727,02026,716

27,98927,40827,23526,776

27,02426,82727,06726,718

26,78926,60727,50926,841

Goldstock

22,54822,16621,80121,49021,28521,11220,94020,75020,64820,563

20,51820,47520,448

4,0374,031

17,64422,73720,06522,75422,70621,69021,94922,62322,781

22,39421,99621,59421,35621,21021,01120,87420,69020,60920,534

20,47620,479

^20,442

20,53420,51520,51520,516

20,47620,47620,47520,474

20,47920,443

20,442

Treas-urycur-

rencyout-

stand-ing

5,1775,1915,2005,2035,2035,2105,2155,2205,2255,230

5,2345,2385,244

2,0192,2862,9633,2474,3394,5624,6365,0085,0665,1075,146

5,1835,1965,2015,2035,2075,2115,2195,2225,2285,234

5,2355,241

^5,247

5,2345,2345,2345,235

5,2365,2385,2385,239

5,2415,2435,2455,246

Cur-rency

incir-

cula-tion

30,58930,65430,79831,03931,26431,26831,34231,39031,73232,371

31,521'31,15831,226

4,4595,4347,598

11,16028,51528,86827,74131,15831,79031,08231,834

30,66630,56530,99431,17231,17131,37131,24531,38632,03632,193

31,12531,129

n1,226

31,84331,52431,23731,056

31,10031,24131,11631,102

31,12831,23031,24131,173


750728731701687694691685688691

709729718

204264

2,4092,2152,2871,3361 293

767775758761

722734703692685684684674694683

721718

702709714718

728741740720

720722730714

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

457494466442498541445449410470

415417477

3635

634867977870668394441498481

474594382410617540371363424358

447492398

567425345487

422427396455

659390423517

For-eign

265267286281302274325299276262

306303312

615

397774862392895402322449356

266257234269288313258288226272

274310308

275304333320

287307328323

290304269340

Other

350410401350358324325352369337

353378377

21151256586446569565554426308246

378411624420329332395335430391

345334388

333360348340

352330352342

346342345372

OtherF.R.ac-

counts

1.142,09?,036,n?,081,194,151,108,068.174

1,1201,2111,208

374346251291495563714925901

1,075998

1,1081,050

9941,096I 0391,184[,1221,0791,0381,122

1181,215.180

1,121

1,117

1,1851 1841 2551,255

1,212

Member bank

Total

18,73018,39418,22318,60018,60918,58018,42518,47618,54018 899

18,89318 57718,429

2,3562 292

11'65312 45015 91517'89917 68119 00519;05918 37619 034

18,53218,25418,17618,78417 76418^53818,14718,46218 99418,504

18,87818 54018 192

18 915

18,88918,489

18 66218 31118'59318 233

18 1ST1 212 18 0931 218 189701,219 185,194

reserves

Re-quired2

18 09717,77217,55717,97417 95317 94617,85417 95518 03418 383

18,39618 117

2,3331 8176 4449 365

1445716 40016 50918 90319,08918 54319 091

17,85717,68617,54318,15817 80117,86017,78518 00918 21718 574

18,35517 972

»17 803

18 48618 29818,19618,414

18 33518 20618*12717 944

17 91817 978

^18*173*>17,908

Ex-cess2

633622666626656634571521506516

497460

23475

5 2093 0851 4581 4991 172

102- 3 0167

—57

675568633626

— 37678362453777

—70

523568

P389

429415693

75

327105466289

235115

*>286

*> Preliminary. r Revised.i Includes industrial loans and acceptances; these items are not shown

separately in this table, but are given for end-of-month and Wednesday

dates in subsequent tables on Federal Reserve Banks.2 These figures are estimated.


BANK RESERVES AND RELATED ITEMS 391

RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES

[Averages of daily figures. * In millions of dollars]

Item and periodAll

mem-ber

banks

Central reservecity banks

NewYork

Chi-cago

Re-servecity

banks

Coun-try

banksItem and period

Allmem-ber

banks

Central reservecity banks

NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Total reserves held:

1958—FebMarAprMayJuneJulyAugSeptOctNovDec

1959—Jan

Feb

Week ending:

1959—Feb. 1825

Mar. 4111825

Required reserves:2

1958—FebMar

May'.'.'.'.'.'.'.'.'.'.'.JuneJulyAugSeptOctNovDec

1959—Jan

Feb

Week ending:

1959—Feb. 18

25

Week ending:

1959—Mar. 4111825

Deposits:

Gross demand deposits:Total

InterbankOther

Net demand deposits 3 . . .Time depositsDemand balances due

from domestic banks. .

Gross demand deposits:Total

InterbankOther

Net demand deposits 3 . .Time depositsDemand balances due

from domestic banks. .

19,00018,73018,39418,22318,60018,60918,58018,42518,47618,54018,899

18,89318,577

18,56218,389

18,37518,42118,43918,558

18,43418,09717,77217,55717,97417,95317,94617,85417,95518,03418,383

18,39618,117

18,12017,979

17,95717,868

^18,0462>18088

4,2044,2724,1224,0304,2144,1324,0143,9513,9353,8834,033

4,0313,968

3,9413,919

3,9593,9663,9964,017

4,1824,2284,1073,9774,1864,1013,9873,9233,9093,8664,010

4,0183,953

3,9433,909

3,9433,9244,0004,001

,114,098,052,054,113,088,097,064,061,054,077

,066,052

,044,046

,054,025,034,028

,109,087,049,046,099,084,094,058,055,055,070

1,0651,051

1,0461,044

1,0511,0231,0331,026

7,8717,7017,6517,6147,7217,7727,8207,7317,7557,8197,940

7,9297,777

7,7887,692

7,8737,723

7,7377,657

7,6317,5967,6937,730

February 1958

February 1959

5,8115,6595,5695,5255,5525,6175,6515,6795,7245,7845,849

5,8685,780

5,7905,732

7,6797,6617,7287,774

7,7737,6037,5727,4827,6197,6677,7317,6677,7007,7507,883

5,6845,7705,6815,738

5,3695,1795,0435,0515,0705,1015,1345,2055,2915,3645,419

5,4405,390

5,3945,369

5,3325,325

P5,320^5,331

114,27412,671101,60398,17647,945

6,285

22418194

,960,103,858,842,419

51

51451

,916,141,776,210,379

111

44,4946,06638,42837,89419,313

1,975

40,9031,362

39,54135,23022,834

4,148

121,37012,857108,513103,69353,602

6,379

24,0894,09719,99220,5195,192

73

6,2371,1535,0845,4391,434

104

47,7416,25941,48240,24021,660

2,059

43,3031,349

41,95437,49425,315

4,144

Excess reserves:2

1958—FebMar ,AprMayJuneJulyAugSeptOctNovDec

1959—Jan

Feb

Week ending:

1959_Feb. 18

25

Week ending:

1959—Mar. 4111825

Borrowings atFederal Reserve Banks

1958—FebMarAprMay ,June ,JulyAugSeptOctNovDec

1959—Jan

Feb

Week ending:

1959_Feb. 1825

Mar. 4111825

Free reserves:2 4


1959__jan

Feb

Week ending:

1959_Feb. 1825

Mar. 4111825

567633623666626656635571521506516

497460

442410

418553

242138130119142109252476425486557

557508

565456

529703525600

324495493547484546383959620

- 4 1

- 5 9- 4 7

-124- 4 6

-111-150

P - 1 3 0

2244155328322627271723

1215

- 310

1642

- 416

462

182

211648

1063560

103

7743

110

142

54

- 2 542

- 3517

16- 2 2- 7 9- 8

- 4 3- 8 0

- 6 5- 2 8

-11310

240

- 5 816

11299121389

1639

5427

6417

3764

106207

- 6- 1 8- 7

7124

2- 3

- 1 6- 3 1

- 5 3- 2 6

- 6 6- 1 6

- 3 5- 6 2

- 1 0 4-205

989879

1311021048965556957

5655

963635424549

111266253258254

279250

223247

273426201250

6244895756

- 2 2- 2 0 1-198-189-198

-223-195

-173-211

-225-362-166-206

442479526474481515516474433420430

428390

396363

352445

*>407

8971677474449096

128152162

147188

168192

205211164143

353408459399408471426378305268268

281202

228171

147234

P197*>264

* Preliminary.1 Averages of daily closing figures for reserves and borrowings and of

daily opening figures for other items, inasmuch as reserves required arebased on deposits at opening of business.

2 Weekly figures of required, excess, and free reserves of all member

banks and of country banks are estimates.3 Demand deposits subject to reserve requirements, i.e., gross demand

deposits minus cash items reported as in process of collection and demandbalances due from domestic banks.

4 Free reserves are excess reserves less borrowings.


392 DISCOUNT RATES

Federal Reserve Bank

FEDERAL RESERVE BANK DISCOUNT RATES

[Per cent per annum]

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of andadvances secured by eligible paper

(Sees. 13 and 13a)i

Rate onMar. 31

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onMar. 31

In effectbeginning-

Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onMar. 31

In effectbeginning—

Previousrate

BostonNew YorkPhiladelphia...ClevelandRichmond. . . .AtlantaChicagoSt. LouisMinneapolis...Kansas City.. .DallasSan Francisco.

Mar. 10,Mar. 6,MMaiMar. 13,MMai

MaiMaiMaiMai

6,.13,

Mar. 13,.16,.13,• 6,.12,

195919591959195919591959195919591959195919591959

21/2

2i/221/221/221/2

3J/2

31/231/2

MaiM;MaiMar.M.MaiMaiMMaiMaiMaiMar.

10,19596, 19596, 195913, 195913, 195916, 19596, 195913, 195916, 195913,19596, 195912, 1959

4V4

41/241/241/241/2

Mar. 10,Nov. 7,Sept. 19,Oct. 30,Mar. 13,Oct. 28,Mar. 6,Mar. 13,Mar. 16,Mar. 13,Oct. 24,Mar. 12,

195919581958195819591958195919591959195919581959

1 Rates shown also apply to advances secured by obligations of Federalintermediate credit banks maturing within 6 months.

NOTE.—Maximum maturities. Discounts for and advances to memberbanks: 90 days for discounts and advances under Sections 13 and 13a ofthe Federal Reserve Act except that discounts of certain bankers' accept-ances and of agricultural paper may have maturities not exceeding 6

months and 9 months, respectively, and advances secured by obligationsof Federal intermediate credit banks maturing within 6 months arelimited to maximum maturities of 15 days; 4 months for advances underSection 10(b). Advances to individuals, partnerships, or corporationsunder the last paragraph of Section 13: 90 days.

FEDERAL RESERVE BANK DISCOUNT RATES 1


MEMBER BANK RESERVE REQUIREMENTS

[Per cent of deposits]

Dateeffective

1956Apr. 1 3 . . .

2 0 . . .Aug. 2 4 . . .

3 1 . . .1957

Aug. 9 . . .2 3 . . .

Nov. 1 5 . . .Dec. 2 . . .

1958Jan. 2 2 . . .

2 4 . . .Mar. 7 . . .

13. . .21 . . .

Range(or level)—

all F. R.Banks

21/2-3234-32*4-3

3

3 -31/23i/2

3 -31/23

2*4-3234-321/&-3214-234

21/4

F. R.Bank

ofN. Y.

2342%33

331/233

3

18214214

Dateeffective

1958Apr. 1 8 . . .May 9 . . .Aug. 1 5 . . .Sept. 1 2 . . .

2 3 . . .Oct. 2 4 . . .Nov. 7 . . .

1959Mar. 6 . . .Mar. 1 6 . . .

In effectMar. 3 1 . . .

Range(or level)—

all F. R.Banks

134-2i4134

l34-2l34-2

22 -21/2

21/2

21/2-3

F. R.Bank

ofN. Y.

ig13422221/2

33

1 Under Sees. 13 and 13a (as described in table above). For data for1941-55, see BULLETIN for January 1959, p. 76.

NOTE.—The rate charged by the Federal Reserve Bank of New York onrepurchase contracts against U. S. Govt. securities was the same as its dis-count rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50.

MARGIN REQUIREMENTS 1

[Per cent of market value]

Prescribed in accordance withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers and

dealers on listed securitiesFor short sales

Regulation U:For loans by banks on stocks

Jan. 16,1958-

Aug, 4,1958

5050

50

Aug. 5,1958-

Oct, 15,1958

7070

70

Effec-tive

Oct. 16,1958

9090

90

1 Regulations T and U limit the amount of credit that may be extendedon a security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of extension; margin require-ments are the difference between the market value (100%) and the maxi-mum loan value.

Effective dateof change

1 9 1 7 _ j u n e 21

1936—Aug. 161937—Mar. 1

May 11938—Apr. 16

1941_Nov. 11942—Aug. 20

Sept. 14Oct. 3

1948—Feb. 27June 11Sept. 16 ,24*. . . .

1949_May 1,5*June 30, July 1*.Aug. 1 ,11* . . . .Aug. 16, 1 8 * . . . .Aug. 25Sept. 1

1951—Jan. 11, 16* . . . .Jan. 25, Feb. 1*.

1953—July 1,9*1954—June 16,24*. . . .

July 29, Aug. 1 *

1958_Feb. 27, Mar. 1 *Mar. 20, Apr. 1*Apr. 17Apr. 24

In effect Apr. 1, 1959. .

Present legal require-ments:

MinimumMaximum

Net demand depositsl

Centralreserve

citybanks

13

19%2234262234

26242220

22242624

§*2324222120

191/219I8I/218

18

1326

Reservecity

banks

10

15

2*17Vi

20

222120191/219I8I/218192019

18

171/217

I6I/2

I6I/2

1020

Coun-try

banks

7

IOI/212141412

14

1615141312

131413

12

Hi/211

11

714

Time deposits

Centralreserve

andreserve

citybanks

f6

VA65

6

5

5

36

Coun-try

banks

3

65

6

6

5

6

5

5

36

1 Demand deposits subject to reserve requirements which, beginningAug. 23, 1935, have been total demand deposits minus cash items inprocess of collection and demand balances due from domestic banks (alsominus war loan and Series E bond accounts during the period Apr. 13,1943-June 30, 1947).

* First-of-month or midmonth dates are changes at country banks, andother dates (usually Thurs.) are at central reserve or reserve city banks.


FEDERAL RESERVE BANKS 393

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS[In thousands of dollars]

Item

Wednesday

1959

March 25 March 18 March 11 March 4 Feb. 25

End of month

1959

March February

1958

March

AssetsGold certificate accountRedemption fund for F. R. notes..

Total gold certificate reserves.

18,939,894920,876

18,929,891923,732

18,932,892922,944

18,967,891925,507

18,967,891925,507

18,939,891920,587

18,967,891925,507

20,948,392855,732

F. R. notes of other BanksOther cashDiscounts and advances:

For member banksFor nonmember banks, etc

Industrial loansAcceptances—Bought outright

Held under repurchase agreement.U. S. Government securities:

Bought outright:BillsCertificates—Special

OtherNotesBonds

19,860,770

461,624424,793

571,53617,600

531,533

19,853,623

455,952428,642

967,45018,300

33232,689

19,855,836

483,054439,396

487,92518,300

33334,630

19,893,398

530,435463,440

516,34318,300

33334,631

1,451,000 1,418,200 1,337,500 1,287,700

19,893,398

548,170462,843

542,51918,300

33334,6322,094

1,336,950

19,860,478

427,588427,053

309,08217,600

530,234

1,496,000

19,893,398 21,804,124

528,826471,729

613,63418,300

33336,8032,093

1,293,700

444,632477,351

137,272

18,649,2,867!2,483!

18,649,7262,867,5652,483,771

18,649,726 18,649,7262,867,5652,483,771

2,867,5652,483,771

18,649,7262,867,5652,483,771

18,649,7262,867,5652,483,771

18,649,726",867,565,483,771

19

50239,392

892,560

946^05

2,789,257

Total bought outrightHeld under repurchase agreement.

25,452,22;

062 25.000

419,262 25,78,000

338,562 25,15,000

288,762 25,33,700

338,012 25,4,000 .

497,062 25,294,76255,000

23,627,922

Total U. S. Government securities

Total loans and securities

25,474,062 25,497,262 25,353,562 25,322,462 25,342,012 25,497,062 25,349,762 23,627,922

26,094,736 25,516,033 25,894,750 25,892,069 25,939,890 25,853,983 26,020,925

Due from foreign banks.Uncollected cash items..Bank premisesOther assets

5,12995151

156,675,446

94,796138,214

15,858,11294,679134,176

15,244,29694,462120,882

5,082,04994,536106,746

15,665,83094,932161,512

15,104,84994,442111,602

23,805,088

15,931,18385,632183,283

Total assets. 52,217,731 54,162,721 51,760,018 52,238,997 52,127,647 51,491,391 52,225,786 50,731,308

LiabilitiesFederal Reserve notesDeposits:

Member bank reservesU. S. Treasurer—general account.ForeignOther

26,946,424 27,022,250 27,043,331 27,016,029 27,014,174

18,194,277516,617340,221371,615

18,969422;268;344;

18,092,940390,065304,428342,415

18,152,871659,025290,005346,418

18,232,961455,316322,895341,978

26,965,377

18,191,815398,276307,555387,759

27,022,142

18,540,324491,934310,452334,232

26,537,003

18 531,887473,711266,252378,474

Total deposits. 19,422,730 20,006,161

Deferred availability cash itemsOther liabilities and accrued dividends.

4,383,34229,159

5,682,26;

19,129,848

4,146,18427,108

19,448,319

4,347,46225,428

19,353,150

,303,99526,884

19,285,405

3,804,02927,135

19,676,942

4,105,35026,399

19,650,324

3,166,62317,238

Total liabilities

Capital AccountsCapital paid in.SurplusOther capital accounts.

50,781,655

374,442868,410193,224

52,738,174

374,108868,410182,029

50,346,471

373,933868,410171,204

50,837,238

373,30:868,410160,047

50,698,203

372,604868,410188,430

50,081,946 50,830,833 49,371,188

374,545868,410166,490

372,893868,410153,650

349,8661836,741173,513

Total liabilities and capital accounts. 52,217,731 54,162,721

Ratio of gold certificate reserves to deposit and F. R.note liabilities combined (per cent)

Contingent liability on acceptances purchased forforeign correspondents

Industrial loan commitments

42.8

60,706360

42. :

60,305360

51,760,018

43.0

61,705360

52,238,997 52,127,647 51,491,391 52,225,786 50,731,308

42.8

62,129360

42.9

61,925360

42.9

59,908360

42.6

62,188360

47.2

131,7781,000

Maturity Distribution of Loans and U. S. Government Securities2

Discounts and advances—totalWithin 15 days16 days to 90 days91 days to 1 year

Industrial loans—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years

Acceptances—totalWithin 15 days16 to 90 days

U. S. Government securities—total.Within 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

31,53310,77420,759

,474,062 25251,800,033,700,837,226,881,179206,495,263,662

985,750979,7625,890

98332231143849

32,68911,18521,504

,497,262 25180,900108,300

18,856,7263,881,179206,495,263,662 1

333228114054

34,63110,22424,407322,462 25120,660027,640

333220194054

36,72612,51524,211342,012 25285,210882,640

,881,179206,495,263,663

30,2348,081

22,153497,062 25163,500149,000 1833,226 18881 179206,495263,662 1

631,934604,66427,270

333228114054

38,89613,01725,879

,349,762 23122,960,052,640,822,826 20.881,179| 1206,495!,263,662!

137,272134,4742,770

2850213717587103

39,3928,409

30,983,627,92238,550

854,010,285,201,035,30456,610

,358,247

1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000.2 Holdings under repurchase agreements are classified as maturing within

15 days in accordance with maximum maturity of the agreements.


394 FEDERAL RESERVE BANKS

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1959

[In thousands of dollars]

Item Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Gold certificate accountRedemption fund for F. R.

notes

862,354

56,291

5,384,355

192,502

991,784

58,128

1,643,910

85,715

986,106

79,287

942,610 3,081,214

55,637 170,325

723,428

43,963

469,066

22,735

756,552

42,972

704,503 2,394,009

29,413 83,619

Total gold certificate reserves.

F. R. notes of other Banks. . .Other cash

Discounts and advances:Secured by U. S. Govt.

securitiesOther

Industrial loansAcceptances:

Bought outrightHeld under repurchase

agreementU. S. Govt. securities:

Bought outrightHeld under repurchase

agreement

918,645

31,61133,384

15,250968

5,576,857

104,56481,639

27,8054,928

1,049,912

18,46520,349

16,1101,162

1,729,625

30,01441,795

6,2581,584

,065,393

44,20124,862

35,605880

998,247

83,93632,310

34,122827

3,251,539

29,02670,559

55,9452,766

767,391

12,38226,782

10,575651

491,801

13,41911,374

19,245422

5

799,524

5,59313,349

60,841686

733,916 2,477,628

18,09416,205

23,966915

36,28354,445

3,2001,971

30,234

1,388,264 6,429,543 1,465,673 2,257,127 1,659,655 ,297,367 4,453,827 1,040,127 536,382 1,088,291 998,746 2,882,060

Total loans and securities....

Due from foreign banksUncollected cash itemsBank premisesOther assets

Total assets.

1,404,482

329,1794,6018,885

6,492,510 1,482,945 2,264,969

14950,98510,24039,571

1338,247

4,1789,070

1396,615

9,39914,505

1,696,140

1346,160

6,94510,430

1,332,316 4,512,538

351,9139,4419,221

2828,54312,55527,312

1,051,353

1179,2996,9506,795

556,054 1,149,818 ,023,627 2,887,231

()116,1155,1873,383

1215,9704,7577,743

1192,3268,1496,438

1420,47812,53018,159

2,730,788 13,256,370 2,923,167 4,486,923 3,194,132 2,817,385 8,732,074 2,050,953 1,197,333 2,196,755 1,998,756 5,906,557

Liabilities

F. R. notesDeposits:

Member bank reservesU. S. Treasurer—general

accountForeignOther

1,559,691

764,063

13,39017,050

597

6,303,674

5,397,194

60,295384,355319,943

1,692,047 2,474,066 2,040,123

794,005

22,67320,4604,614

1,47'4,,273

31,55827,9002,941

773,984

32,31015,5003,728

1,434,108 5,152,152

961,780 2,654,834

35,56514,5701,144

32,29845,8802,533

1,194,423

613,023

20,62211,470

1,736

598,853

427,337

25,4177,440

531

1,087,312

813,619

37,15412,0901,793

762,927 2,666,001

929,405 2,588,298

29,72116,1201,829

57,27334,72046,370

Total deposits

Deferred availability cashitems

Other liabilities and accrueddividends

795,100

295,069

1,493

5,861,787

699,493

6,410

841,752

294,823

1,350

1,536,672

345,877

2,896

825,522

254,187

1,352

1,013,059 2,735,545

301,221

1,409

630,977

4,524

646,851

154,062

1,023

460,725

101,928

1,201

864,656

187,277

1,136

977,075

185,034

1,018

2,726,661

354,081

3,323

Total liabilities

Capital Accounts

Capital paid inSurplusOther capital accounts.

2,651,353

18,43950,11610,880

12,871,364 2,829,972 4,359,511 3,121,184 2,749,797 8,523,198

108,295238,90237,809

22,19759,60711,391

35,71976,64315,050

16,79044,84611,312

18,95139,4749,163

51,513132,15925,204

1,996,359

12,60433,7468,244

1,162,707 2,140,381 1,926,054 5,750,069

8,57820,7855,263

15,32832,9358,111

21,75343,4367,513

44,37895,76116,550

Total liabilities and capitalaccounts 2,730,788 13,256,370 2,923,167 4,486,923 3,194,132 2,817,385 8,732,074 2,050,953 1,197,333 2,196,755 1,998,756 5,906,755

Ratio of gold certificate re-serves to deposit and F. R.note liabilities combined(per cent)

Contingent liability on ac-ceptances purchased forforeign correspondents

Industrial loan commitments..

39.0

3,339

45.8

416,204

41.4

4,006

43.1

5,463

20

37.2

3,035

40.8

2,853

41.2

8,984

41.7

2,246

46.4

1,457

41.0

2,367

340

42.2

3,156

45.9

6,798

1 After deducting $11,000 participations of other Federal Reserve Banks.2 Less than $500.3 After deducting $223,200,000 participations of other Federal Reserve

Banks.

4 After deducting $43,704,000 participations of other Federal ReserveBanks.


FEDERAL RESERVE BANKS 395

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS

[In thousands of dollars]

FEDERAL RESERVE BANKS COMBINED

Wednesday

1959

March 25 March 18 March 11 March 4 Feb. 25

End of month

1959

March February

1958

March

F. R. notes outstanding (issued to Bank).Collateral held against notes outstanding:

Gold certificate accountEligible paperU.S . Government securities

Total collateral

28,111,581 28,166,551 28,172,214 28,199,306 28,218,699 28,012,937 28,207,005

10,755,000116,136

18,685,000 18

10,855,000114,898

,685,000

10,875,000101,403

10,875,000 10,875,000121,003

18,685i000 18,685,000 18,715,000132,805

10,755,00087,526

18,685,000

10,875,000171,984

18,715,000

27,617,786

12,093,00022,083

17,145,000

29,556,136 29,654,898 29,661,403 29,692,805 29,711,003 29,527,526 29,761,984 29,260,083

EACH FEDERAL RESERVE BANK ON MARCH 31, 1959

Item Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

F. R. notes outstanding(issued to Bank) . . . .

Collateral held:Gold certificate acct..Eligible paperU. S. Govt. securities.

Total collateral

1,647,200 6,579,886

580,000 2,920,000

1,760,752 2,543,310 2

920,000

1,150,000 4,000,000

640,00016,110

1,200,000

1,127,064 1

700,000

,501,

475,

720 5,267,379

000 2,000,000

1,750,000

1,238,081613,986

430,000 200,00010,575i

1,113,966 817,681

300,000 290,00060,841

2,801,912

,300,000

1,500,000 1,100,000 3,500,000 935,000 425,000 850,000 575,0001,700,000

1,730,000 6,920,000 1,856,110 2,670,000 2,200,000 1 ,575,000 5,500,000 1,375,575 625,000 1,210,841 865,000 3,000,000

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

LOANS GUARANTEED UNDER REGULATION

[Amounts in millions of dollars]

End ofyear ormonth

19531954195519561957

1958

FebMarAprMayJuneJulyAugSeptOctNovDec

1959

JanFeb

Applicationsapprovedto date

Num-ber

3,7653,7713,7783,7823,786

3,7863,7863,7863,7863,7873,7873,7873,7873,7873,7873,787

3,7873,787

Amount

803,429818,224826,853832,550841,290

842,232842,472842,723843,078843,321843,321843,321843,321843,321843,321843,321

843,321843,321

AP-provedbut notcom-

pleted 1(amount)

1,951520305

7575

Loansout-

standing 2

(amount)

1,900719702794524

506502503489343342340339338337335

334333

Commit-mentsout-

standing(amount)

3,5691,1482,2932,3651,109

1,0631,001

998991991986

1,0371,0321,0191,015

975

960360

Partici-pations

of financ-ing insti-

tutionsout-

standing 3

(amount)

3,4691,0271,1031,1291,122

1,063965964944799798817816810807806

785384

1 Includes applications approved conditionally by the Federal ReserveBanks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of conditionof Federal Reserve Banks.

3 Not covered by Federal Reserve Bank commitment to purchase ordiscount

NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of advances,and applications for loans and commitments withdrawn or expired.

End ofyear ormonth

19531954195519561957

1958


1959

JanFeb

Loansauthorized

to date

Num-ber

,294,367,411.468,503

,511,512,514

1,5161,5221,5231,5281,531,538

1,5401,543

,5481,549

Amount

2,3582,5002,5752.7612,912

2,9352,9362,9372,9523,0293,0333,0693,0713,0893,0903,105

3,1163,118

Loansoutstanding

Totalamount

805472294389395

372367343326330306299298304303310

324329

Portionguaran-

teed

666368226289300

286282265252254235229228231231236

246250

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

364273170125135

164139157168177194199190184182168

147141

1 Loans made by private financing institutions and guaranteed by Gov-ernment procurement agencies, pursuant to the Defense Production Actof 1950. Federal Reserve Banks act as fiscal agents of the guaranteeingagencies in these transactions, and the procedure is governed by Regula-tion V of the Board of Governors.

NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and additional amounts available to borrowersunder guarantee agreements outstanding represents amounts repaid,guarantees authorized but not completed, and authorizations expired orwithdrawn.


396 BANK DEBITS

MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS


Type of deposit

Savings deposits

Postal Savings deposits

Other time deposits payable:In 6 months or moreIn 90 days to 6 monthsIn less than 90 days

Feb. 1,1935-

Dec. 31,1935

2i/2

2i/2

21/22Vi

Jan. 1,1936-

Dec. 31,1956

21/2

2 %

21/2

1

EffectiveJan. 1,

1957

3

3

321/2

NOTE.—Maximum rates that may be paid by member banks as estab-lished by the Board of Governors under provisions of Regulation Q.Under this Regulation the rate payable by a member bank may not in anyevent exceed the maximum rate payable by State banks or trust companieson like deposits under the laws of the State in which the member bank islocated. Maximum rates that may be paid by insured nonmember banksas established by the F.D.I.C., effective Feb. 1, 1936, are the same asthose in effect for member banks.

FEES AND RATES ON LOANS GUARANTEEDUNDER REGULATION V*

[In effect Mar. 31]

Fees Payable to Guaranteeing Agency by FinancingInstitution on Guaranteed Portion of Loan

Percentage ofloan guaranteed

70 or less7580859095Over 95

Guarantee fee(percentage of

interest payableby borrower)

101520253035

40-50

Percentage ofany commitment

fee chargedborrower

101520253035

40-50

Maximum Rates Financing Institution May Charge Borrower[Per cent per annum]

Interest rateCommitment rate.

1 Schedule of fees and rates established by the Board of Governors onloans made by private financing institutions and guaranteed by Govern-ment procurement agencies, pursuant to the Defense Production Actof 1950. Federal Reserve Banks act as fiscal agents of the guaranteeingagencies in these transactions, and the procedure is governed by Regula-tion V of the Board of Governors.

BANK DEBITS AND DEPOSIT TURNOVER

[Debit in millions of dollars]

Year or month

19511952195319541955195619571958

1958 JanFebMarAprMay . . . .JuneJUlyAugSept .OctN o vDec

1959 JanFebMar

Debits to demand deposits accounts,except interbank and

U. S. Government accounts

Total, allreportingcenters

1,542,5541 642 8531,759,0691,887,3662,043,5482,200,6432,356,7682,439,754

212,908181,729203,870204,126195,116219,465206,524185,849195,205212,894183,092238,975

'221,960195,770223,419

NewYorkCity

544,367597 815632,801738,925766,890815,856888,455958,721

84,35572,80384,40985,51077,31595,47382,21468,62070,88779,62064,80492,711

86,50774,34684,710

6other

centers *

336,885349 904385,831390,066431,651462,859489,311487,443

41,99236,18840,36339,35438,64541,22840,70137,94240,52043,59438,22448,690

44,50539,63547,485

337 otherreportingcenters2

661,302695 133740,436758,375845,007921,928979,002993,590

86,56172 73879,09879 26279,15682,76583,60979,28783,79889,68080,06497,573

'90,94881,78991,224

Annual rate of turnover of demand deposits exceptinterbank and U. S. Government deposits

Without seasonal

NewYorkCity

31.934 436.742.342.745.849.553.6

54.655 456.256 651.265 754.846.449.450 147.458.2

54.054.154.5

6other

centersl

24 024 125.625.827.328.830.430.0

30.030.131.330.228.231.429.627.430.329 830.033.2

30.331.0

?34.2

adjustment


18.418 418.919.220.421.823.022.9

23.322.822.222.122.023.822.921.723.623.123.824.9

'23.224.1

*23.6

Seasonally adjusted3

NewYorkCity

54.356.854.857.552.560.856.253.648.251.647.951.5

53.755.553.2

6other

centers1

30.630.928.629.328.630.830.229.930.630 729.631.8

30.931.8

P31.2


23.122 922.322.822.423 823.223.123.323 122.623.6

1 3 . 024.2

»23.7

» Preliminary. r Revised.1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los

Angeles.2 Prior to April 1955, 338 centers.

3 These data are compiled by the Federal Reserve Bank of New York.

NOTE.—For description see BULLETIN for April 1953, pp. 355-57.


CURRENCY 397

DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION

[On basis of compilation by United States Treasury. In millions of dollars]

End of year ormonth

1939194119451947195019531954195519561957

1958 FebMar... .Apr

JuneJulyAug..SeptOctNovDec

1959_janFeb

Totalin cir-cula-tion l

7,59811,16028,51528,86827,74130,78130,50931,15831,79031,834

30 55430,66630,56530,99431,17231,17131,37131,24531,38632,03632,193

31,12531,129

Coin and small denomination currency

Total

5,5538,120

20,68320,02019,30521,63621,37422,02122,59822,626

21 54421^65221,56521,97722,13822,13422,29622,15422,26422,83222,856

21,92621,975

Coin

590751

1,2741,4041,5541,8121,8341 9272,0272,110

2 0572^0662,0752,0902,1012 1082,1172,1272,1422,1632,182

2,1392,144

$12

559695

1,0391,0481,1131,2491,2561,3121,3691,398

I 285

i3051,3491,3681,3761,3981,4171,4261,4571,494

1,4081,406

$2

36447365647271757880

7778818181818080808083

8080

$5

1,0191,3552,3132,1102,0492,1192,0982,1512,1962,188

2 0442,0472,0352,0812,0812,0642,0822,0722,0912,1542,186

2,0642,062

$10

1,7722,7316,7826,2755,9986,5656,4506,6176,7346,662

6 3556,3776,3196,4656,4896,4506,5026,4336,4776,6836,624

6,3406,378

$20

1,5762,5459,2019,1198,5299,8199,6659,940

10,19410,187

9 724917929,7509,910

10,01910 05610,11710,02510,04810,29410,288

9 8949,904

Large denomination currency

Total

2,0483,0447,8348,8508,4389,1469,1369 1369,1929,208

9 0119,0149,0009 0189,0339 0379,0759,0919,1229,2059,337

9,1999,155

$50

460724

2,3272,5482,4222,7322,7202,7362,7712,777

2 6922,6892,6822,6902,7012,7052,7112,7042,7072,7392,792

2,7332,714

$100

9191,4334,2205,0705,0435,5815,6125,6415,7045,752

5 6515^6565,6515,6625,6695,6715,7035,7265,7595,8085,886

5,8145,791

$500

191261454428368333321307292280

276277275275275274274274273273275

272271

$1,000

425556801782588486464438407384

380381379378377376376376371373373

368367

$5,000

202475443333

33333333343

33

$10,000

3246241712111512141388989888

99

88

1 Outside Treasury and Federal Reserve Banks. Prior to December1955 the totals shown as in circulation were less than totals of coin and

paper currency shown by denomination by amounts of unassorted cur-rency (not shown separately).

2 Paper currency only; $1 silver coins reported under coin.

KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION

[On basis of compilation by United States Treasury. In millions of dollars]

Kind of currency

GoldGold certificatesFederal Reserve notesTreasury currency—total

Standard silver dollars.Silver bullionSilver certificates and Treasury notes of 1890.. . .Subsidiary silver coinIVtinor coinUnited States notesFederal Reserve Bank notesNational Bank notes

Total Feb 28 1959Jan 31 1959Feb 28 1958

Total out-standingFeb. 28

1959

20,47919 92528,207

5,241

4882,248

32,4091 463

52134711558

i

Held in the Treasury

As securityagainst

gold andsilver

certificates

19,925

32,409

1622,248

22.33422', 32624,536

Treasurycash

2554

9470

40

1776

718721695

ForF. R.Banks

andagents

17,078

17,07817,07719,284

Held byF. R.Banks

andagents

2,8161,714

472

8

330821437

1

5,0015,2795,065

Currency in circulation i

Feb. 281959

3126.4004,699

278

2,0791,365

50130411358

31,129

Jan. 311959

3126,4244,670

278

2,0571,362

50030111458

31,125

Feb. 281958

3225,9484,574

262

2,0281,314

48130612460

"30354"

1 Outside Treasury and Federal Reserve Banks. Includes any papercurrency held outside the continental limits of the United States. Totalsfor other end-of-month dates are shown in table above; totals for Wednes-day dates, in table on p. 390.

2 Includes $156,039,431 held as reserve against United States notesand Treasury notes of 1890.

3 To avoid duplication, amount of silver dollars and bullion held assecurity against silver certificates and Treasury notes of 1890 outstandingis not included in total Treasury currency outstanding.

4 Less than $500,000.5 Because some of the types of currency shown are held as collateral or

reserves against other types, a grand total of all types has no specialsignificance and is not shown. See NOTE for explanation of duplications.

NOTE.—There are maintained in the Treasury—(1) as a reserve forUnited States notes and Treasury notes of 1890—$156,039,431 in goldbullion; (2) as security for Treasury notes of 1890—an equal dollar amountin standard silver dollars (these notes are being canceled and retired on

receipt); (3) as security for outstanding silver certificates—silver in bullionand standard silver dollars of a monetary value equal to the face amountof such silver certificates; and (4) as security for gold certificates—goldbullion of a value at the legal standard equal to the face amount ofsuch gold certificates. Federal Reserve notes are obligations of theUnited States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with FederalReserve agents of a like amount of gold certificates or of gold certificatesand such discounted or purchased paper as is eligible under the terms ofthe Federal Reserve Act, or of direct obligations of the United States.Each Federal Reserve Bank must maintain a reserve in gold certificates ofat least 25 per cent against its Federal Reserve notes in actual circula-tion. Gold certificates deposited with Federal Reserve agents as collat'eral, and those deposited with the Treasury of the United States as aredemption fund, are counted as reserve. Gold certificates, as hereinused, includes credits with the Treasurer of the United States payablein gold certificates. Federal Reserve Bank notes and national banknotes are in process of retirement.


398 ALL BANKS

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1

[Figures partly estimated except on call dates. In millions of dollars]

Date

Gold

Treas-urycur-

rencyout-

stand-ing

Bank credit

Total Loans,net

U. S. Government obligations

Total

Com-mercial

andsavingsbanks

FederalReserveBanks

Other

Othersecu-rities

Totalassets,n e t -Totalliabil-itiesand

capital,net

Liabilitiesand Capital

Totaldeposits

andcurrency

Capitaland

misc.ac-

counts,net

1929—June 29..1933—June 30..1939—Dec. 30..1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..1950—Dec. 30..1955—Dec. 31..1956—Dec. 31..1957—June 6..

Dec. 31..

1958—Mar. 26. .Apr. 30..May 28. .June 23 . .July 30*.Aug. 27*.Sept. 24*.Oct. 29P .Nov. 26*.Dec. 31*.

1959—Jan. 28*.Feb. 25*Mar. 25*.

4,0374,03117,64422,73720,06522,75422,70621,69021,94922,62022,781

22,50022,00021,60021,35621,20021,10020,90020,70020,60020,500

20,50020,50020,400

2,0192,2862,9633,2474,3394,5624,6365,0085,0665,1065,146

5,2005,2005,2005,2045,2005,2005,2005,2005,2005,200

5,2005,2005,200

58,64242,14854,56464,653167,381160,832171,667217,437223,742221,454229,470

230,000234,400234,900240,451238,600241,100240,400243,100245,700248,500

246,800244.800244,400

41,08221,95722,15726,60530,38743,02360,366100,031110,120110,938115,157

113,900114,400114,000116,842115,400115,300115,900116,900118,100121,500

119,600119,600121,200

5,74110,32823,10529,049128,417107,08696,56096,73693,16189,11491,370

91,90095,30095,90097,84997,800100,00098,20099,900101,600100,900

101,20099,10097,000

5,4998,19919,41725,511101,28881,19972,89470,05266,52364,54865.792

67,10070,30070,60071,61171,60073,50072,10073,30074,60073,500

74,60072,60070,300

2161,9982,4842,25424,26222,55920,77824,78524,91523,01624,238

23,50023,70024,10025,00024,90025,20024,90025,40025,80026,200

25,40025,30025,500

26131

1,2041,2842,8673,3282,8881,8991,7231,5501,340

1,3001,3001,3001,2381,3001,3001,2001,2001,2001,200

1,2001,2001,200

11,8199,8639,3028,9998,57710,72314,74120,67020,46121,40222,943

24,30024,80025,00025,76025,50025,80026,30026,20026,00026,100

26,00026,10026,300

64,69848,46575,17190,637191,785188,148199,009244,135250,757249,180257,397

257,700261,600261,700267,011265,100267,400266,500269,000271,500274,300

272,600270.500270,100

55,77642,02968,35982,811180,806175,348184,384224,943230,510227,576236.372

235,500239,200238,900244,131241,900243,400242,600244,900247,700250,500

248,800246,200245,900

8,9226,4366,8127,82610,97912,80014,62419,19320,24621,60521,023

22,20022,50022,80022,88023,20024,10023,90024,10023,80023,800

23,80024,20024,200

Date

Details of Deposits and Currency

For-eignbankde-

posits,net

U. S. Govt. balances


Atcom-

mercialand

savingsbanks

AtF. R.

Banks

Deposits adjusted and currency

Total

Time deposits2

TotalCom-

mercialbanks

Mutualsavingsbanks 3

PostalSavingsSystem

De-mand

de-posits 4

Cur-rencyout-side

banks

Seasonally adjusted series5

Totaldemanddepositsadjusted

andcurrency

De-mand

de-posits

ad-justed

Cur-rencyout-side

banks

1929—June 29..1933—June 30..1939—Dec. 30..1941_Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1950—Dec. 30..1955—Dec. 31. .1956—Dec. 31. .1957—June 6.,

Dec. 31. .

1958—Mar. 26.,Apr. 30..May 28..June 23..July 30*,Aug. 27*.Sept. 24*,Oct. 29*,Nov. 26*,Dec. 31*

1959—Jan. 28*,Feb. 25*Mar. 25*,

36550

1,2171,498141

1,6822,5183,1673,3063,2473,270

3,9004,0004,0003,9534,0003,9003,8003,8003,7003,900

3,8003,7004,000

204264

2,4092,2152,2871,3361,293767775792761

700700700700700700700700700700

700700700

381852846

1,89524,6081,4522,9894,0384,0383,6254,179

5,8005,4005,7009,4714,3005,8004,5003,7005,9004,500

4,8004,4003,800

3635634867977870668394441473481

600600400524600500500500500400

500500500

54,79040,82863,25476,336150,793170,008176,916216,577221,950219,439227,681

224,500228,400228,100229,483232,400232,500233,100236,200237,000241,000

239,000236,900236,900

28,61121,65627,05927,72948,45256,41159,24778,37882,22485,71589,126

92,50093,60094,60095,52496,50097,00097,20097,40096,70097,900

98,10098,50099,200

19,55710,84915,25815,88430,13535,24936,31448,35950,57753,60556,139

58,80059,90060,70061,47362,30062,70062,70062,90062,10062,900

63,30063,60064,000

8,9059,62110,52310,53215,38517,74620.00928,12930,00030,64731,662

32,40032,50032,70032,83732,90033,10033,30033,40033,50033,900

33,70033,80034,100

149,186,278,313

2,932,416

2,923,890,647,463,325

,300,200,200,214,200,200,200,200

22,54014,41129,79338,99275,85187,12192,272109,914111,391105,706110,254

104,600107,200105,800106,169108,100107,500108,100110,800

,100 111,600,100 114,500

,100113,200,100 110,700,100 109,700

3,6394,7616,4019,61526,49026,47625,39828,28528,33528,01828,301

27,40027,60027,80027,79027,90028,00027,90028,00028.80028,600

27,70027,80027,900

111,100114,300133,200134,400(5)

133,200

134,000135,000135,500

137,600137,300136,700137,900138,500138,300

138,000138,600139,700

85,89,105,106,(5)

200 25,900800 24.500800 27,400700 27,700

(5)105,100 28,100

106,400 27107,200 27107,600 27

109,108,110,110,110,

,600,800,900

500 28,100200 28,100900 27,800000 27,900300 28,200300 28,000

110,100 27110,600 28111,600 28

,900,000,100

* Preliminary. r Revised.i Represents all commercial and savings banks, Federal Reserve Banks,

Postal Savings System, and Treasury currency funds (the gold account,Treasury currency account, and Exchange Stabilization Fund).

2Excludes interbank time deposits; U. S. Treasurer's time deposits,open account; and deposits of Postal Savings System in banks.

3 Prior to June 30, 1947, includes a small amount of demand deposits.•Demand deposits other than interbank and U. S. Govt., less cash

items reported as in process of collection.5 Seasonally adjusted series begin in 1947 and are available only for

last Wednesday of the month. For back figures, see BULLETIN for July1957, pp. 828-29.

NOTE.—For description of statement and back figures, see BULLETINfor January 1948, pp. 24-32. The composition of a few items differsslightly from the description in the BULLETIN article; stock of FederalReserve Banks held by member banks is included in other securities andin capital and miscellaneous accounts, net, and balances of the PostalSavings System and the Exchange Stabilization Fund with the U. S.Treasury are netted against capital and miscellaneous accounts, net,instead of against U. S. Govt. deposits and Treasury cash. Total depositsand currency shown in the monthly Chart Book excludes foreign bank de-posits, net, and Treasury cash. Except on call dates, figures are roundedto nearest $100 million and may not add to the totals.


ALL BANKS 399

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*

[Figures partly estimated except on call dates. Amounts in millions of dollars]

Class of bankand date

Loans and investments

Total Loans

U. S.Govt.

obliga-tions

Othersecu-rities

Cashassets2

Totalassets—Totallia-

bilitiesand

capitalac-

counts3

Deposits

Total 2

Interbank 2

De-mand Time

Other

Demand

U.S.Govt Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

All banks:1939—Dec. 30 . .1941—Dec. 3 1 . .1945_Dec. 3 1 . .1947_Dec. 3H .1950—Dec. 30 . .1956—Dec. 3 1 . .1957—June 6 . .

Dec. 3 1 . .1958—Mar. 26*.

June 2 3 . .Sept. 24*.Oct. 29*.Nov. 26*.Dec. 31*.

1959_jan. 28*.Feb. 25* r.Mar. 25*.

AH commercial banks:1939—Dec. 3 0 . . .1941_Dec. 3 1 . . .1945_Dec. 31. . .1947—Dec. 3 H . .1950—Dec. 3 0 . . .1956—Dec. 3 1 . . .1957_june 6 . . .

Dec. 3 1 . . .1958—Mar. 26*. .

June 2 3 . . .Sept. 24*. .Oct. 29*. .Nov. 26*. .Dec. 3 1 * . .

1959—Jan. 28*. .Feb. 25* r .Mar. 25*. .

50,61,40,34,48,97,97,

203;205,215,215.217;219,220;221.219;219;

884126227924021063465849990179470460750910420820210

40,66850,746

124,019116,284126,675165,123164,515170,068171,410179,905179,510181,440183,590184,580185,120183,320182,460

22,16526,61530,36243,00260,386

110,079111,515115,115114,610117,808117,060117,920119,130121,340120,860121,190122,650

17,23821,71426,08338,05752,24990,30291,02893,89992,98095,57194,23094,93095,96097,98097,54097,71099,010

All member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301956—Dec. 311957—June 6

Dec. 311958—Mar. 26*

June 23Sept. 24Oct. 29*Nov. 26*Dec. 31*

1959—Jan. 28*Feb. 25*'Mar. 25*

All mutual savings banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 31*1950—Dec. 301956—Dec. 311957_june 6

Dec. 311958—Mar. 26*

June 23Sept. 24*Oct. 29*Nov. 26*Dec. 31*

1959—Jan. 28*Feb. 25*'Mar. 25*

33,94143,521

107,18397,846

107,424138,768137,808142.353143,874151,589150,684152,102153,854154,799155,054153,504152,831

10,21610,37916,20818,64121,34631,94032,95033,78234,58035,27435,96036,02036,16036,33036,30036,50036,750

13,96218,02122,77532,62844,70578,03478,44880,95080,08982,14680,79881,37582,22584,01083,58883,72884,884

4,9274,9014,2794,9448,137

19,77720,48721,21621,63022,23722,83022,99023,17023,36023,32023,48023,640

19,41725,51101,28881,19972,894

9,302,999 27!577 35;

23,292

10,72314,741

66,523 20,461

38,38841,086

64,54865,792 2267,120 24:71,61172,14073,31074,610 2673,450 2674,550

,402 40,943 49;260 42;

,760 44;,270 42;,230 43,010 45;120 48;

49,641

77,06890,908

177,332175,091191,317

6881

16561,

175,296

9,87410,98214,065

,793| 240

32,51644,355105,935

250,770 227,546834 242,318 257;

647864

253,130264,525

216233226

190 262,580

986020,810

237,204234420

.3,57716,1333

,86515,6361 2 6 0

020 265,:234

. . . 26,010 4372,570 26,060 43

260 237J20 240,670 248

040 269,390 241

130 269,890 274,

70,310

16,31621,80890,60669,22162,02758,55256,64258,23959,550

41026,250 42,140

268,030266,170

420220;610070050950340

13,789010000590660170890070

4621,4621,5571,3862,3002,4972,4002,3402,3602,4002,4502,3302,340

1,3462,8093,736 1253,320 1143,9035,5609,2094,2203,4105,5704,2104,4604,1303,540

114 22,225 26331006 37399 40;

34,806

216104

16,269 48,72016,84!1718 ,'880

930 48;39,995

6579,160,312155,377168,932217,460208,39:

428 222,696

64,194 20,140290

64,72065,98067,32066,18067,23065,21062,890

14,32819,53978,33857,91452,36547,57545,82947,07948,57253,16553,28554,16655,32854,37355,13653,40351,407

3,1013,704

10,68211,97810,8687,9717,9067,5527,5707,4177,4207,3307,2907,2707,3207,3607,420

20,56020,53020,310

43,50741,33042,16044,310

20,420 47,97020,35020,40020,560

42,24042,59041,270

217,090227,84'225,260227,900232,240236,940231,810230,230228,070

57,71871,283150,227144,103155,265197,515186,308201,326194,400204,335201,050203,760207,110214,170207,320205,110203,220

29,845304 32,845

135,52442,90635,270

340

138,'3O4 129J670

324 42,74636,39538,48936,19137,02039,140

416 42,575

2,1881,7741,2461,7182,3424,1924,5575,0135,3805,6205,7105,7005,7005,7005,6605,6605,690

37,33637,68136,412

818793609886797920839890930916860860820920800820870

132,060144,660184,874176,507188,828184,191194,003190,784192,945196,851201,272196,333195,014193,079

122,528133,089167,906157,593170,637164,745173,904170,031172,301175,260181,946175,364173,459171,788

12,79213,57716,13312,86515,63613,26013,78914,01014,00013,59015,66013,17012,89013,070

9,25710,38513,57612,35313,10615,56712,36715,08212,81413,27413,45813,45013,02615,08012,61912,39412,584

9,87410,98214,065

94,381101

25,85226,47945,61353,105

123,993

936 56,513308 80,908

88,102114,210 91,480117,113 94,596

,460 96,330,880 96,590,230 95,860,680 97,120,640 97,330,920 97,680

119,950

11,85211,80417,02019,71422,38533,31134,25435,16836,04036,67837,32037,36037,48037,73037,58037,80038,100

10,52410,53315,38517,76320,03130,03230,67831,69532,41032,86933,37033,46033,50033,90033,73033,84034,120

240462

1,4601,5561,3852,3002,4952,4002,3402,3602,4002,4502,3302,340

32,51344,349105,921

1,3432,806!3,7333,3183,898

94,367101,917125,282114,633123,',967 56,440

5,560 114,180 59,100~ ~ ,086 61,7599,2054,220 117,4303,4105,5704,2104,4604,1303,540

15414064 2250341

1,2891,3691,2462,1632,2662,1742,1082,1302,1752,2242,1022,155

743,709,179,176,523,292,932,472,097,658.782.023003824

3,9793.3;

98,440

15,33115,95230,24135,36036,50350,90853,937

117'

120,850123,200

62,99063,16062,390

128,650 63,250123,610121,890119,920

63,63063,87064,350

11,69912,34724,210

29,336106i850 40,909

2737

80; 609 28; 340

,489,136,640

,783

97,612 43,313105,547 45,290979999^764 50 [852

,141,81:

47,53049,893

102,764104,777109,829 51 ;O38

50,95650,324

105,220103,749

51,32251,498

102,027 51,843

3614

(5)

88(5)

(5)88

10,52110,52715,37117,74520,00930,00130,64731,66232,3803283726 32,837

30 33,3403343030 33,430

,33,47033,87033,70033,81034,090

262322766

88,10,54211,948

781,450

90 13,83719,24919,879

15,03514,82614,55314,71414,65014,16714,144

80 20,428 14,090900 20, —

1,1371,560 211,400 212,150 21

70 211.780 212,200 212,090 f

',83021,359

,660

14,07814,05514,034

,710 14,028,820 14,033,800 14,020,760 14,012850

2i;950

2623219659075

1,44677

9001,1361,560

14,02214,010

14,48414,278

6,

8^950 14^01110,059 14,18111,590 14,12116,30216,83717,36817,71018,178

13,64013.61913156813,55813,535

1,400 182,150 18

70 181,780 18

18,410 13,515470 13,509550 13,514

2,2002,090

570550

18,61018,690

34

208547948

1,374 1457 "

8551,0781,5141,3172,055

551,6842,0831,976

5,5225,8867,5898,4649,69513,65514,05814,55414,82815,18115,37515,43715,49815,52815,50915,55615,627

(5)

8(5)

1,3091,2411,5921,8892,2472,9473,0423,0593,1203,1813,2503,2403,2703,2303,2103,2403,260

13,50113,49413,50413,492

6,3626,6196,8846,9236,8736,4626,4456,3936,3806,3576,3396,3286,3246,3126,3026,2956,288

551548542533529527525522520520519519519519518518518

* Preliminary. r Revised.1A11 banks in the United States. Beginning with January 1959,

includes figures for all banks in Alaska (previously one member bank hadbeen included). Assets of the banks that were added totaled $185million on Dec. 31, 1958.

All banks comprise all commercial banks and all mutual savings banks.All commercial banks comprise all nonmember commercial banks andall member banks (including (1) one bank in Alaska and one in theVirgin Islands that became members on Apr. 15, 1954, and May 31,1957, respectively, and (2) a noninsured nondeposit trust company, butexcluding three mutual savings banks that became members in 1941).

Stock savings banks and nondeposit trust companies are included withcommercial banks. Number of banks includes a few noninsured banksfor which asset and liability data are not available. Comparability offigures for classes of banks is affected somewhat by changes in FederalReserve membership, insurance status, and the reserve classifications ofcities and individual banks, and by mergers, etc.

2 Beginning June 30, 1942, excludes reciprocal balances, which onDec. 31, 1942, aggregated $513 million at all member banks and $525million at all insured commercial banks.

3 Includes other assets and liabilities not shown separately.For other notes see following two pages.


400 ALL BANKS

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued

[Figures partly estimated except on call dates. Amounts in millions of dollars]



Total LoansU. S.Govt.obliga-tions

Othersecu-rities

Cashassets2

Totalassets—

Totallia-

bilitiesand

capitalac-

counts3

Deposits

Total 2

Interbank 2

De-mand Time

Other

Demand

U. S.Govt. Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

Central reserve citymember banks:

New York City:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956_Dec. 311957—June 6

Dec. 311958—Mar. 26


1959—Jan. 28*Feb. 25*Mar. 25*

Chicago:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301956—Dec. 311957—June 6

Dec. 311958_Mar. 26


1959—Jan. 28*Feb. 25*Mar. 25*

Reserve city member banks:1939—Dec. 301941_Dec. 311945—Dec. 311947_Dec. 311950—Dec. 301956—Dec. 311957—June 6

Dec. 311958—Mar. 26


1959—Jan. 28*Feb. 25* 'Mar. 25*

Country member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956—Dec. 311957—June 6

Dec. 311958—Mar. 26


1959—Jan. 28*Feb. 25* r

Mar. 25*

9,33912,89626,14320,39320,61223,80923,29323,82825,00627,14925,23025,44425,55225,96225,95925,54925,594

2,1052,7605,9315,0885,5696,4736,2666.4466,4926,9426,5776.6146,7276.8306.6516,6376,759

27234710804068591513259

,711,273,327,471181553698033526

224518

oo:324558571112820665,22.,550,57339445746285,952

3,2964,0727,3347,1799,72915,98715,89516,10216,36716,76415,46415,60415,66616,16316,01115,86416,147

569954

1,3331,8012,0833,7723,7893,8523,4813,5943,4053,4263,4183,6373,4333,4403,551

5,3297,1058,51413,44917,90631,78331,43532,80532,07232,85132,83032,98433,39333,99634,08334,27934,721

4,7685,8905,59610,19914,98826,49127,33028,19128,16928,93729,09929,36129,74830,21430,06130,14530,465

4,7727,26517,57411,9728,9936,0575,7385,8806,4148,0357,3507,4187,6947,4807,6507,3616,997

1,2031,4304,2132,8902,9112,1131,8842,0322,4042,6942,5372,5472,6872,5622,6112,5722,576

5,1946,46729,55220,19619,08417,36816,79717,35218,21020,43620,45520,50820,89120,68020,77619,92818,946

3,1594,37726,99922,85721,37722,03721,40921,81521,54422,00022,94323,69324,05623,65124,09923,54222,888

1,2721,5591,2351,2421,8901,7651,6601,8462,2252,3502,4162,4222,1922,3192,2982,3242,450

333376385397576588593562607654636641622631607625632

6,7036,6376,4397,2617,9228,6296,6928,9847,6568,2726,3096,8507,7639,3277,3147,6247,066

1,4461,5661,4891,7392,0342,1711,8212,0831,8081,9141,8691,8872,0672,1591,8811,9521,745

1,7491,7762,0422,396 133,6954,764 174,9055,1025,4295,9866,0415,9795,8975,8775,839 155,8265,859

6,7858,51811,28613,06613,99817,71614,53217,54014,62915,44315,24715,44816,27617,69215,62615,67215,388

2,2972,2502,4083,2684,1936,0426,3736,814 146,9527,2887,5077,5197,5907,5897,5867,5987,599

4,8486,40210,63210,77811,57114,39012,22414,13912,30212,86012,76512,83513,03413,39712,51512,43312,213

16,41319,86232,88727,98228,95433,38130,99333,97533,95936,66432,78233,46534,50136,44234,44734,35333,808

3,5954,3637,4596,8667,6498,6958,1478,5958,3748,9298,5228,5838,8749,0728,6178,6678,583

19,68724,43051,89849,65955,36972,85468,96574,19671,80276,15575,97676,38377,94079,77077,84577,15576,370

15,66619,46646,05947,55352,68969,94568,40472,06270,05672,25573,50574,51475,53675,98875,42474,83974,318

14,50717,93230,12125,21625,64629,14926,32229,37128,96531,46927,60828,38728,95831,69029,19128,90028,627

3,3304,0577,0466,4027,1097,9437,2847,7927,3908,0227,6287,6937,8628,2147,6957,7267,438

17,74122,31349,08546,46751,43766,52461,79667,48364,62668,67267,91868,47469,72372,63169,80068,87668,282

13,76217,41543,41844,44348,89764,28962,19265,99163,76465,74166,87767,74768,71769,41168,67867,95767,441

4,2314,2024,6404,4534,3705,0224,0254,8694,1724,3453,9934,1554,0054,7803,8973,9644,079

8881,0351,3121,2171,2251,3641,1681,3331,2271,2491,3021,2431,1691,3571,1381,1631,135

3,5654,3566,4185,6276,3917,5845,9147,2416,1066,3976,7956,6576,4767,4576,2326,0116,122

572792,207,056,121,597,260,640,309,282,368

1,3951,3761,4861,3521,2561,248

761712

268965

1,009912

1,6701,7741,7101,6601,6771,7221,7641,6891,773

120104302257

294314301430416382374378375382336316

74866

6,940267451747688737

1,3812,946847584945973925815691

80127

1,5527217418497195351705247192402249201233223

435491

8,221405976

1,2011,0511,3581,9603,1501,4921,0741,9441,4261,4391,4791,221

154225

5,465432922

1,1601,0971,1811,4051,8571,1971,1731,7121,1761,4141,1891,044

9,45912,05117,28719,04018,83619,94017,83619,95918,45418,89817,55318,51818,95620,71619,13018,94618,479

1,8672,4193,4624,2014,6045,0694,6914,9044,4184,6264,6424,8264,8595,1364,9134,9004,655

736807

1,2361,4451,7222,4752,7652,8933,2883,5063,5063,4703,3753,4993,4753,4863,605

495476719913

1,1031,3191,3121,3451,3491,4031,3991,3961,4011,4381,4091,3971,395

9,00412,55724,65528,99032,36640,64736,87439,96036,64638,00338,243 2139,370 2040,184 2042,300 2140,452 2139,70839,250

4,6164.8069,76011,42311,64716,79717,64218,62319,48420,706",005

,999,741,073,295

21,34221,373

7,15810,10924,23528,37831,97741,194 2038,211"\724 22

623 23286 24326 24

37,38,39,40,05040,77841,67740,72540,19539,643

5,8526,25812,49414,56014,86520,31721,594",429

,409,277,941

25,09124,80725,02825,14325,27325,470

19530702

3262

253483385319736

543723513

41014

1748055421573

6879296

2168121

25735094770591016

832932839

3411239212673017116412625125236241349328

1,5921,6482,1202,2592,3512,8732,9073,1363,1613,2143,2403,2593,2763,2853,2723,2813,277

250288377426490660665689700708714720724733726725728

1,8281,9672,5662,8443,3225,0765,1825,3705,4695.6175; 6755,7145,7295,7525,7825,8025,846

1,8511,9822,5252,9343,5325,0465,3045,3595,4985,6415,7475,7445,7695,7585,7295,7485,776

3636373723181818181818181818181818

1413121413141414141414141414141414

346351359353336289282278278280277277275274273272272

5,9666,2196,4766,5196,5016,1416,1316,0836,0706,0456,0306,0196,0176,0065,9975,9915,984

4 Beginning with Dec. 31, 1947, the all-bank series was revised as an-nounced in November 1947 by the Federal bank supervisory agencies.At that time a net of 115 noninsured nonmember commercial bankswith total loans and investments of about $110 million was added, and8 banks with total loans and investments of $34 million were transferred

from noninsured mutual savings to nonmember commercial banks5 Less than $5 million. Because preliminary data are rounded to the

nearest $10 million no amount is shown except on call dates.For other notes see preceding and opposite pages.


ALL BANKS 401

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued

[Amounts in millions of dollars]



Total Loans

U.S.Govt.

obliga-tions

Othersecu-rities

Cashassets2

Totalassets—Totallia-

bilitiesand

capitalac-

counts3

Deposits

Total 2

Interbank2

De-mand Time

Other

Demand

U.S.Govt.

OtherTime

Bor-row-ings

Totalcapital

Num-berof

banks

All insured commercial banks:1941—Dec. 311945—Dec. 311947_Dec. 311956—Dec. 311957—June 6

Dec. 311958—June 23

National member banks:1941—Dec. 311945—Dec. 311947—Dec. 311956—Dec. 3 1 . . . .1957—June 6

Dec. 311958—June 2 3 . . . .

State member banks:1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 1 . .1956—Dec. 3 1 . .1957—June 6 . .

Dec. 3 1 . .1958—June 23. .

Insured nonmembercommercial banks:

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 1 . .1956—Dec. 3 1 . .1957—June 6 . .

Dec. 31. .1958—June 23. .

Noninsured nonmembercommercial banks:

1941—Dec. 311945—Dec. 311947—Dec. 314.. .1956—Dec. 311957—June 6

Dec. 311958—June 23

All nonmember commercialbanks:

1941—Dec. 311945—Dec. 311947—Dec. 3141956—Dec. 311957—June 6

Dec. 311958—June 23

Insured mutual savings banks:1941—Dec. 311945—Dec. 311947—Dec. 311956—Dec. 311957—June 6

Dec. 311958—June 23

Noninsured mutual savingsbanks:

1941—Dec. 311945—Dec. 311947—Dec. 3H1956—Dec. 311957—June 6

Dec. 311958—June 23

49,29021,80914,27463,60163,02568,59578,330

27,57169,31265,28088,47787,91091,20195,898

15,95037,87132,56650,29149,89851,15255,691

5,77614,63916,44424,85925,24326,26826,768

1,4572,2112,0091,5211,4901,4731,575

7,23316,84918,45426,38126,73327,74128,343

1,69310,84612,68324,17025,18"26,53527,869

8,6875,3615,9577,7707,7657,2467,404

21,25925,76537,58389,83190,57193,43095,105

11,72513,92521,42848,10948,41550,35050,744

6,2958,85011,20029,92430,03430,60031,403

3,2412,9924,95811,80812,13412,49312,972

455318474471457468466

3,6963,3105,43212,27912,59112,96113,438

64:3,0813,56015,54216,228

21,04688,91267,94157,83755,973 ,57,580 17,585 4863,489

6,9847,1318,750 3615,933 4816,481

25,78834,292"",926,352

39,713 206"",127

76,820157,544 147152,733215,514206,567220,865

19,735 43,243 225,945 202

69,41147,775141,851195,953184,860199,876""",819

10,65413,883

12,61515,981|12,70715,48913,632

17,19418,13f

4,2591,1981,3844,2354,2594,0224,104

12,03951,25038,67431,56830,34531,23434,498

7,50027,08919,24016,00715,48315,84618,667

1,50910,58410,03910,27410,15610,51210,335

7611,6931,280714669660704

2,27012,27711,31810,98910,82511,17211,040

6297,1608,1655,5185,50"

3,806 144,137 205,178 228,8009,150 229,617 26i786 12010,656

,977,114,024

27,006~525

23,964

43,43390,22088,182117,345112,460120,153122,100

5,4045,234

3,0753,5223,8132,4532,4012,1482,183

2,1551,9332,1254,3594,3814,7075,621

1,0251,0631,4482,7772,9533,2643,460

241200255336364345405

1,2661,2621,7033,1133,3173,6083,865

421606958

3,1103,45f3,9374,50f

1,353641760

1,0821,1051,0761,116

8,1459,73110,82215,90012,74515,96014,525

2,6684,4484,0835,4484,4465,3834,756

763514576369282301264

3,4314,9624,6595,8174,7285,6845,020

151429675739672719745

64:18021118:16'171171

24,68848,08443,87967,53064,04768,67671,904

8,70819,25620,69130,66730,08832,06631,971

2,2832,7682,6431,9461,8251,8311,902

10,99222,02423,33432,61331,91333,89733,873

1,95811,42413,49925,28226,24127,67129,021

9,8465,5966,2158,0288,0137,4977,657

39,45884,93982,023107,161100,989109,091110,065

22,25944,73040,50560,74456,60561,54563,839

7,70218,11919,34028,07327,29229,26628,942

1,8722,4522,2511,5621,4481,4491,516

9,57320,57121,59129,63528,74030,71530,458

1,78910,36312,20722,88623,57825,02226,082

8,7445,0225,5567,1467,1006,6726,787

541,3011,3881,2642,288

1,76223,7401,3253,717 , . _.3,310 113,812 533,8599,162

41,29880,276 2992,975124,346 50

123,127 56116,308 61

15,69929,87634,882"\608,643,137,429

6,8448,6719,734

^_ 15,9881,430 16,525' "17,051

17,857

102156156

661,125

8,3759,3227,3978,9587,849

6,7869,229

35522566517825

3,7394,411

3,9786,2454,9706,1245,425

15767803729

1,441

262414340407359

129244

1,08814,013

7952,0741,7822,1664,751

6218,166381

1,2181,1501,3063,907

531,560149425378388504

23,26245,47353,54167,434 2761,737 2966,546 3062,886 33

8,32216,22419,278'",810

,506,904,754

13,87424,16827,06839,416 1335,87439,00136,926 16

4,0257,9869,0623,09813,80714,386",140

4,16210,63512,36617,49716,200 1017,58016,496

3,3605,6806,5589,7240,35510,87311,562

177152158147157

329181

185159168121207

1,2911,905

439566498554515

457425

1,392936821840778

253365478300294303330

19017118138229

5,50414,101167440385427548

1223232

3,6136,0457,03610,02410,649

420 11,176274 11,892

1,789

13,75818,43317,02118,'""17,

122326 2326 2426 26

10,35112,19222,857"",549

,991,052

8,7385,0205,5537,1437,0986,6716,785

4784519

81538

492

113092956018

586

3,6404,6445,4098,4508,7229,0709,451

2,2462,9453,0555,2055,3375,4835,730

9591,0831,2712,3362,4692,5002,679

329279325313312317321

1,2881,3621,5962,6492,7812,8173,000

1641,0341,2522,1302,2402,3082,433

1,077558637817

so:751748

13,42613,29713,39813,19513,18913,14213,121

5,1175,0175,0054,6514,6474,6204,599

1,5021,8671,9181,8111,7981,7731,758

6,8106,4166,4786,7376,7486,7536,768

852714783444429425413

7,6627,1307,2617,1817,1777,1787,181

52192194223234239239

496350339304291283281

For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETINfor July 1947, pp. 870-71.


402 COMMERCIAL BANKS

LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1


Class of bankand

call date

Totalloansand

invest-ments

Loans2

TotaP

-om-mer-cial,in-

clud-ing

openmar-ketpa-per

Agri-cul-tur-al

Loans forpurchasingor carryingsecurities

Tobrok-ersand

deal-ers

Tooth-ers

Reales-tate

loans

Otherloans

toin-di-

vid-uals

Otherloans

Investments

Total


Total

Direct

Bills

Certifi-catesofin-debt-ed-ness

Notes Bonds

Ouar-an-teed

Obli-ga-

tionsof

Statesand

polit-icalsub-divi-sions

Othersecu-rities

All commercialbanks31947—Dec. 31...1956—Dec. 31...1957—Dec. 31...1958—June 23...

All insured com-mercial banks:1941—Dec. 31 . . .1945—Dec. 31 . . .1947_Dec. 3 1 . . .1956—Dec. 31 . . .1957—Dec. 31 . . .1958—June 23. . .

Member banks,total:1941—Dec. 31..,1945—Dec. 31...1947—Dec. 31...1956—Dec. 31...1957—Dec. 31...1958—June 23...

Dec. 31...

New York City:*1941—Dec. 31...1945—Dec. 31...1947—Dec. 31...1956—Dec. 31...1957—Dec. 31...1958—June 23...

Dec. 31..

Chicago:4

1941_Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1956—Dec. 31 . .1957—Dec. 31 . .1958—June 23. .

Dec. 31 . .

Reserve citv banks:1941—Dec. 31.1945—Dec. 31.1947—Dec. 31.1956—Dec. 31.1957—Dec. 31.1958—June 23.

Dec. 31.

Country banks:1941—Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1956—Dec. 31 . .1957—Dec. 31 . .1958—June 23. .

Dec. 31 . .

Nonmember com-mercial banks:3

1947—Dec. 31 . .1956—Dec. 31 . .1957—Dec. 31 . .1958—June 23. .

16,284 38,05765,123,90,30270,068;93,899 40;79,905,95,571

830167 1,660720 4,161526|4 .~"886 4,552 3;699

2,589066 2,601

49,29021,259; 21,80905,76514,274B7,58363,60189,831[68,595^3,430 40;380 4

9,2149,4618,01238,571

78,33095,105

43,52118,02107,18322,77597,84632,62838,768178,03442,353'80,95051,58982,14654,865 84,061

38,750 4

8,6718,9496,962

5,723 1,06378,226. , , . . . 8,850 3,34374,8211 620 23,110 20,217 3,533,76,169

4,56284,334

1,2201,691

9,39322,509

1,925 23,693 20,091

614 6621,4501,314 3,164 3,6061,610 "~~ ~~4,101015,499

8232,5652,5693,677

4,7734,6779,266

1,669 22,39423,003

1,907 23,585

,190

4,2,3615,654

1 8 , " "20,19,981

972855

1,04636,2962,47837,8682,472

5943,133811

2,4472,448

5983,3781,0651,473

3,4943,4557,13017,811

l,409J18,231

12,89626,14320,39323,8091523,8281627,1491625,96616

2,7605,9315,0886,4736,4466,9426,830

36,125|2,774 3,5741,1,706 18,71237,444 3,052 2,730 1,599 20,013

4,0727,3347,179",987

,102,764,165

9541,3331,8013,7723,8523,59-3,63

15,34740,10836,04013,44953.915T

7,1058,514

31,78355,259 32,80559,273)32,85160,558 34,003

1410

12,51835,00236,32454,5712656,82058,22561,511

18,45426,38127,741

2,8073,0445,36111,26611,65110,97810,928

732760

1,4182,7812,9032,6182,628

3,4563,6617,08815,17015,70214,78915,808

5,89C5,59(",199,49

28,1928,93730,257

1,6761,4843,0967,0807,6137,739 28,080 2

5,43212,27912,96

28,34313,43

1,2052,4242,6572,761

4122,453545,409,280

2.164,652

4821173203200178266

300205225489494611669

659648818

1,972,970,154,368

6141,6831,5941,778

114427170501603881518

204223334365351294

20143153125

1691,1722674023874?0382

5223387979710097

1941,503484712673904851

183471227261252

12380111617565557641

223646134143143161

1,52'1,4593,1477,6547.66'7,8418,405

1,8231,8813,8279,4079,856

282 10.172268 10,806

156218211219

2,2664,7084,8914,994

59,221"8,5528,239

54,194

,193,924,405

4,502

545

765 3122 3

28,031f, 181 96,0431 02876,691- 325;73,770_, 51375,1644 54183,224

3,1,9004,66215,76516,77516,"17,

21,04688,91217,941!7,83717,580

63,489

9882,4552,124,763,290

4,416

692 25,500 19,539 971• 10484,408 78,338 2,275

'95265,218 57,914 1,9873,147i60,734 47,575 4,3833 31661,403 47,079 3,948

544 4'33669,443 53,165 3,574'92070,804 54,299 4,644028 3

554287564

1,5581,5131,4371,502

1,0491,0531,56610,3851,424

51149439425336357

95

8551,9696,5126,8936,7416,"

512

1,707

1,9797,2567,9448,0308,239

1,0613,0853,4423,547

8,82329818,80933013,214

4026178180318220

7,8227,726

9,802

1,8064,5983,2872,7012,5943,3483,193

7,26517,57411,9726,0575,8808,0357,486

1,4304,2132,8902,1132,0322,6942,562

311477,002724648,023643

2561331321126526823:

7,7891,9974,8133,883

9,0717,5521,9814,7583,841

6,9855,8161,4693,5342,9056,143

3,433640194214286

1,106

1,46723542126145361

6,0341,8230,6082,348

3,1918,79637,40643,456

3,1596,0455,9181,7220,4932,213 43

2,797; i32 i,2,33438,35837,03143,013

3,0074,2714,815 459,4938,56010,48011,117

1,72944,79245,28632,21831,03136,20132,390

8,243404 31,59436622,591

1,289 22,1321,37022,4541,70626,422

930 1,49226,555

530

6,46'29,55:20,19617,36817,35220,43620,645

2951,034373

1,1851,009874

1,293

6,9822,358441

1,2851,0092,370

6,628363 29,407229 26,12563128,080713 28,62974629,288784 31,254

11113,02196,14,102217|14,78022514,905

4,37726,99922,85722,03721,81522,00023,606 2

110630480

2,3622,2261,409",475

5,1022,583

7921,909

11,31810,98911,17211,040

2061,5411,45^

92'

,4652,306

1,973528

1,279978

1,6233,325

558976

1,0931,7291,602

153749248316313490522

7515,6531,9013,74f3,2974,4104,49^

4814,5442,1084,4583,8573,8524,495

1,2192,3302,0491,868

3,6520,3379,7714,1603,9244,9964,135

9031,8642,2741,6431,5281,7911,446

4,24815,87815,56011,99511,76014,14212,482

2,92616,71317,68114,42013,81915,27214,327

7,9166,5886,3857,266

4,10222141375

3,832161012

1,6791

5,2763,72912,9013,36813,9154,01415,7164,424

3,6513,3333,8733,2585,1293,621

12,675 3,25813,6883,89715,4574,278

3,0902,8712,815• 105

10;4942,66511,2353,08912,7863,49213,4053,100

119

1,173

8619

729606638

1,4061,4351,7481,869

182181213440408495491

9561,126

3,820

830629604358411602446

193204185148154159140

820916

1,3421,053944

4,0271,0754,7671,2184,8641,047

1,22211,34212,00614,82715,365'5,7756,181

1,0782,4092,6822,93:

,028,067,262,215,449,513

1,467

625704926933

1 All commercial banks in the United States. These figures excludedata for banks in U. S. possessions except for one bank in Alaska andone in the Virgin Islands that became members on Apr. 15, 1954, andMay 31, 1957, respectively. During 1941 three mutual savings banksbecame members of the Federal Reserve System; these banks are in-cluded in member banks but are not included in all insured commercial

banks or all commercial banks. Comparability of figures for classes ofbanks is affected somewhat by changes in Federal Reserve membership,insurance status, and the reserve classifications of cities and individualbanks, and by mergers, etc.

For other notes see opposite page.


COMMERCIAL BANKS 403

RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1


Class of bankand

call date

All commercialbanks: 3

1947_Dec.1956—Dec.1957—Dec.1958—June

3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .

All insured commer-cial banks:

1941—Dec.1945—Dec.1947_Dec.1956—Dec.1957—Dec.1958—June

Member bankstotal:

1941—Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June

Dec.

3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .

3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .3 1 . . . .

New York City:*1941 Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June

Dec.

Chicago:*1941 Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June

Dec.

313 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .31

31313 1 . . . .3 1 . . . .3 1 . . . .2 3 . . . .3 1 . . . .

Reserve city banks:1941—Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June

Dec.

313 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .233 1 . . . .

Country banks:1941—Dec.1945—Dec.1947—Dec.1956—Dec.1957—Dec.1958—June

Dec.

3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .312 3 . . . .3 1 . . . .

Nonmember commer-cial banks:3

1947—Dec.1956 Dec.1957—Dec.1958—June

31313123

Re-serveswith

FederalRe-

serveBanks

17181818

121517181818

12151718181818

5444444

1

4677777

2445555

,796,706,972,568

,396,810,796,706,972,568

,396,811,797,707,973,570,428

105,015,639,375,564,418,454

021942

,070,158,071,183,058

,060,326,095,649,763,576,472

,210,527.993,526,576,392,444

Cashin

vault

2333

112332

1112222

1111

,216,261,335,017

,358,829,145,237,311,997

,087,438,672,487,536,277,441

93111151161158145161

43363037393136

425494562787790707768

526796929

,502,549,395,476

544714799740

Bal-anceswithdo-

mesticbanks 5

10121210

8119

121210

6768767

2222222

34354

216813342904

570075736490079682

246117270124806913977

141787099

1107692

298200175174148128185

590,174125

,656,585,277,670

,216,665,900,194,964

4:4325

3443

,030

,947,690536

,993

D e -mand

de-posits

ad-justed6

87111110106

377485

110109105

33647393928996

10151615151516

2334444

11222534333335

9232739383640

13181816

,123,405,266,178

,845,722,751,487,439,419

,754,184,528,320,191,186,218

761,065,653,974,849,305,170

,215,153,737,272,084,089,271

,117,372,714,046,583,145,505

,661,595,424,028,676,648,272

,595,085075

,992

Interbankdeposits

Do-mestics

11 ,14,13,12,

9 ,12,1 1 ,14,13,12,

9 ,12,10,13 ,13,1 1 ,13,

3*',3 ,3 ,3 ,3 ,3 ,

*'

l |

1,

465 ,7 ,667,

1,11111

362338867141

823566236226752022

714333978818356676614

595535236622480084519

027292196318293211314

302307497298962115217

790199049580621267565

385521511465

For-eign

1,4301,7941,7691,648

6731,2481,3791,7551,7361,610

6711,2431,3751,7491,7261,5971,613

6071,1051,2171,4001,3891,2611,267

8202146403843

54110131286279282289

287

16181513

55454350

Demand deposits

U.S .Govt.

1339

123

1339

122

13383

6

2

1

8

1131

5

1111

,343,733,898,205

,762,740,325,717,859,162

,709,179,176,292,472,658,822

866,940267747737

,946968

127552

' 72184195705249

491,221405

,201,358,150,429

225,465432

,160,181,857,175

167440427548

Statesand

politicalsubdi-visions

6,10,1010,

356

101010

3458888

1123333

1224444

1222

799449693892

677098692350594800

066240504211412628603

319237290286299337329

233237285294333456302

144,763282092

,111,065,153

,370,004,647,538,669,769,819

,295,238'282]265

Certi-fiedandoffi-cers'

checks,etc.

2333

122333

1223333

111111

1

1

11

1

,581,785,620,741

,077,585,559,744,597,715

,009,450,401,475,331,482,712

450,338,105,172,284,645,540

34666385777588

286611705

,036943818

,052

239435528

,183,027943

,032

180310289260

Indi-viduals,partner-

ships,and cor-

pora-tions

84,111,109,102,

36,72 ,83

110108,101,

33627295938798

11151718181618

2334444

11222636353438

8212535353236

12151514

987048653453

544593723252936793

061950704163804703133

282712646482377916835

152160853690493095746

127281003519906119054

,500797

,203,473,029,573,498

,284885

'849,749

Inter-bank

112

112

1122

11

240,460,385,495

1587054

,301,264,288

1406450

,289,246,266,187

61712

965912

,774,739

7153934

1043022

294301416377

30171722183836

190171138229

Time deposits

U. S.Govt.and

postalsav-ings

111330301286

59103111330301286

5099

105301275259300

101236242836

25347

203845

11411392

124

315245

146135135132

6292728

Statesand

polit-ical

subdi-visions

8662,3842,7734,100

492496826

2,3292,7174,032

418399693

1,8392,1703,2962,829

2920144456

249100

91210107

243160332935

1,1751,7051,471

146219337847928

1,3311,250

172546603805

Indi-viduals,partner-

ships,and cor-

pora-tions

34485357

152933475357

11232738424648

112233

1111

49

1115171819

6121419212223

69

383193366372

146277946949120110

878712542769845339004

778206418395813229345

476719902

,302332

,389,423

542,563,045,748,335,910,480

,082,224,177,324,366,811,755

,858449

10*54611 ,059

Bor-row-ings

657577

1,136

10215

615666

1,125

4208

544857

1,07854

19530

22

483

44

803

21

2121

35014

411232130

16437

12272158

Cata

CO I

10,16,17,18,

6,8,9 ,

15,17,17,

5 ,7 ,8,

13,14,15,15,

1,22,2 ,3 ,3 ,3 ,

1225555,

1225555

1223

pi-alc-mts

059302368178

844671734988052857

886589464655554181460

648120259873136214282

288377426660689708733

967566844076370617760

982525934046359641685

596649818000

2 Beginning June 30, 1948, figures for various loan items are showngross (i.e., before deduction of valuation reserves); they do not add to thetotal and are not entirely comparable with prior figures. Total loanscontinue to be shown net.

3 Breakdowns of loan, investment, and deposit classifications are notavailable prior to 1947; summary figures for earlier dates appear in thepreceding table.

4 Central reserve city banks.5 Beginning June 30, 1942, excludes reciprocal bank balances, which on

Dec. 31, 1942, aggregated $513 million at all member banks and $525million at all insured commercial banks.

6 Demand deposits other than interbank and U. S. Govt., less cash itemsreported as in process of collection.

For other notes see opposite page.


404 WEEKLY REPORTING MEMBER BANKS

LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Month or date

Totalloansand

invest-ments

Loansand

invest-ments

ad-justed i

Loans *

Loansad-

justed1

Com-mer-cialand

indus-trial

Agri-cul-tural

U.S.Govt.

ob-liga-tions

For purchasingor carrying securities

To brokersand dealers

Other

curi-ties

U.S.Govt.

ob-liga-tions

To others

Otherse-

curi-ties

Realestateloans

Otherloans


Total Bills

Cer-tifi-

catesof in-debt-ed-ness

Notes Bonds2

Othersecu-rities

Loansto

banks

Total-Leading Cities

1958

Mar

1959

Feb

Mar

1959

Feb. 4111825

Mar. 41118

25

New York City

1958

Mar

1959

Feb

Mar

1959

Feb. 4111825

Mar. 4111825

OutsideNew York City

1958

Mar

1959

Feb

Mar

1959

Feb. 4111825

Mar. 4111825

91,137

95,96395,716

96,55895,92595,62995,740

95,45995,92396,16195,321

24,903

25,61125,689

25,93625,62325,43025,456

25,58125,87225,80125,503

66,234

70,35270,027

70,62270,30270,19970,284

69,87870,05170,36069,818

89,568

'94,27194,099

94,86394,29494,061'93,863

93,79094,24894,72893,631

24,129

24,69324,773

25,09024,75224,48524,447

24,54824,88325,15524,507

65,439

'69,57869,326

69,77369,54269,576'69,416

69,24269,36569,57369,124

52,942 330,144

-"53,736 29,62254,516 30,262

53,70153,648 2953,746 29

'53,846 29

29,567"",571,671,678

53,909 2954,24555,018 3054,893

,72430,09730,63230,594

15,653

14,92015,116

14,99514,90114,88414,902

14,89915,02715,35215,189

37,289

-•38,81639,400

38,70638,74738,862'38,944

39,01039,21839,66639,704

11,381

10,51110,729

10,53410,49610,51110,505

10,51310,64710,91310,841

318,763

19,11119,533

19,03319,07519,16019,173

19,21119,45019,71919,753

446

583578

587585581580

577574583576

445

582577

586584580579

576573582575

2,394

1,9231,883

2,0141,904,865,908

,904,847,968,816

391

272231

346250202291

267220258179

1,115

1,0601,063

1,0611,0721,0851,020

1,0321,0741,0831,064

591589

607582578597

605553627573

1,212

1,3221,338

1,3121,3161,3221,339

1,3311,3301,3441,347

53 347

377382

373375376382

378378388386

812

905916

900907903914

910911919924

8,720

9,7259,777

9,6859,7199,7389,757

9,7439,7669,7889,813

531

644648

635650647646

646649648651

8,189

9,0819,129

9,0509,0699,0919,111

9,0979,1179,1409,162

311,170 28,024 2,100

11,789 31,37911,913

2,13730,224 2,216

11,76311,78111,797 31

31,95431,55531,183

11,815 30,825

11,86311,86511,939 3011,985

30,62730,60830,29629,365

2,188

2,3862,394

2,3772,3942,3902,385

2,3912,3892,3962,402

6,272

7,4877,221

7,7807,6077,3307,231

7,2687,4077,3306,877

38,982 21,752

2,0681,9282,3242,229

2,2352,3332,2122,082

732

7631,011

730655834832

9581,1051,070909

1,368

'9,403 23,892 1,374,519 23,003 1,205

9,386 24,174 1,3389,387 23,9489,407 23,853

'9,430 23,594

9,9,9,9,583

472 23,359476 23,201

,96622,488

543 22

1,2731,4901,397

1,2771,2281,1421,173

1,153

3,6723,322

3,6853,5593,8143,629

3,5763,5393,4302,742

187

987822

1,037986

1,000927

882909895600

966

2,6852,500

2,6482,5732,8142,702

2,6942,6302,5352,142

4,912

7,4676,799

7,9647,9626,9786,964

6,8826,8456,7606,710

1,011

1,9671,766

2,1222,2021,7631,780

1,7611,7561,7651,784

3,901

5,5005,033

5,8425,7605,2155,184

5,1215,0894,9954,926

19,859

18,10317,887

18,23718,10618,06718,003

17,93417,89117,89417,831

4,342

3,7703,622

3,8913,7643,7333,692

3.6673; 6373,6003,584

15,517

14,33314,265

14,34614,34214,33414,311

14,26714,25414,29414,247

8,602

9,1569,359

9,2089,0919,1329,192

9,2549,3959,4149,373

2,204

2,2862,436

2,3152,2442,2712,314

2,3812,4492,4732,441

6,398

6,8706,923

6,8936,8476,8616,878

6,8736,9466,9416,932

1,569

1,6921,617

1,6951,6311,5681,877

1,6691,6751,4331,690

774

918916

846871945

1,009

1,033989646996

795

'774701

849760623

'868

636686787694

r Revised.1 Exclusive of loans to banks and after deduction of valuation reserves;

individual loan "terns are shown gross

2 Includes guaranteed obligations.3Figures revised; see BULLETIN for February 1959, p. 214, note 2.See also NOTE on opposite page.


WEEKLY REPORTING MEMBER BANKS 405

RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Month or date

Re-serveswithF. R.Banks

Cashin]

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed 1

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand


Certi-fiedandoffi-cers'

checks,etc.

U.S.Govt.

Time deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand


U.S.Govt.and

PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Borrowings

FromF. R.Banks

Fromothers

Cap-italac-

counts

Total—Leading Cities

1958

Mar

1959

Feb

Mar

1959

Feb. 4111825

Mar. 41118

25

New York City

1958

Mar

1959

Feb

Mar

1959

Feb. 4111825

Mar. 4111825

OutsideNew York City

1958

Mar

1959

Feb

Mar

1959

Feb. 4111825

Mar. 4111825

13,335

12,88812,835

12,99112,69213,00112,869

12,62012,55613,42612,737

4,319

3,8503,977

3,8493,7193,8683,964

3,7773,8284,3004,004

9,016

9,0388,858

9,1428,9739,1338,905

8,8438,7289,1268,733

955

992969

9201,009988

1,052

906998974999

138

148145

140156140155

140154142142

817

844824

78085384889

7668448385

2,503

2,4212,429

55,071 57,485

57,197 60,35956,879 60,149

2,3762,4032,4792,426 57;070 60

57,540 6057,510 6056,671

,106,874

60,098",358

2,4272,441

56,20657,665

59,37561,083

2,519 57,019 60,70259,4362,330 56,628

52

2,452

15,534

50 15,58815,709

15,71415,65715,45515,527

15,46216,13115,63415,610

17,081

17,32017,426

17,19017,42317,26417,401

17,12417,84817,48817,243

39,537 40,404

2,371 41,609 43,0392,377 41,170 42,723

2,331 41,826 42,91641,853 43,451

423 41,216 42,83442,957

2,356 412,2,375 41

,853,216,543

2,368 40,744 422,3912,464 4i;3852,285 "' "'"

,25141,534 43,23541,385 43,21441,018 42,19"

4,120

4,2084,070

4,3294,0774,2524,172

4,2024,0094,0004,068

330

297292

302271316300

308267291303

3,790

3,9113,778

4,0273,8063,9363,87."

3,8943,74f3,7093,765

2,167

2,3392,232

2,2602,4122,4262,261

2,3722,1752,4321,950

1,190

1,2981,130

1,2381,4681,2591,227

1,2811,0881,260

892

977

1,0411,102

1,022944

1,1671,034

1,0911,08^1,1721,058

3,005 22,775

2,758 24,6312,196 24,794

2,870 242,416 24

,630,598

3;024 24,6492,723 24,647

2,183 24,7251,353 24,8042,927 24,8142,320 24,834

1,056

877711

992791921806

725454972693

1,949

1,881

2,979

3,2913,372

3,3093,2773,2893,289

3,3273,3883,3703,403

19,796

21,340,485 21,422

878 21,321625 21,321103 21,360

21,358

1,1,2,1,917

1,458 21,398899 21,416955 21,444627 21,431

1,515

1,5341,530

1,5241,5301,5371,544

1,5331,5301,5561,501

175

133143

128134134134

132133153153

1,340

1,4011,387

1,3961,3961,4031,410

1,4011,3971,4031,348

137

177177

177176177177

177177176180

25

112

151150

0,725

10,51110,567

10,81710,61110,52410,091

10,71110,68510,74910,125

2,973

2,9072,913

2,9562,8852,9282,861

2,9272,8922,9722,863

7,75:

7,6047,654

151150151151

150150149153

'7,8617,7267,5967,230

7,7847,7937,7777,262

1,486

1,4281,588

1,3981,4591,4431,414

1,5451,5851,6441,579

1,189

1,1211,251

1,114',152,118,101

,237,260,291,216

297

307337

'284307325313

308325353363

2,050

2,0642,040

2,1532,0372,0282,039

2,0532,0291,9952,081

1,578

1,6851,688

1,750,665,660,667

,678,681,660,734

472

37935:

40337:36837:

375348335347

113

290521

••265186345365

404337902442

13

45

1807

100

28847;

'265186339365

400332722435

1,007

1,2211,206

•1,1271,1571,1461,453

1,2861,1961,0201,323

465

543516

510493442728

520412612518

542

678690

r617664704725

766784408805

9,746

10,22210,244

10,23210,22010,21110,224

10,25810,24810,23110,238

3,132

3,2613,250

3,2683,2683,2563,250

3,2553,2523,2483,245

6,614

6,9616,994

6,9646,9526,9556,974

7,0036,9966,9836,993

r Revised.1 Demand deposits other than interbank and U. S. Govt., less cash

items reported as in process of collection.

NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE-TIN for April 1953, p. 357, and for figures on the revised basis beginningJan. 2, 1952, see BULLETIN for May 1953, pp. 550-55.


406 COMMERCIAL LOANS; OPEN MARKET PAPER

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1

[Net decline, (—). In millions of dollars]

Period2

1956—Jan.-JuneJuly-Dec

1957—Jan.-JuneJuly-Dec

1958—Jan.-June 5July-Dec. 5

1959—JanFebMar

Week ending:1959—Jan. 7

142128

Feb. 4111825

Mar. 4111825

Manufacturing and mining

Food,liquor,

andtobacco

-302822

-456331

-658522

-151- 7 0- 4 6

- 3 9- 4 6- 3 4- 3 2

- 2 7- 2 5

- 1 8

- 2 8- 1 6

42- 4 5

Textiles,apparel,

andleather

238- 6

148-159

84-232

- 1 28457

- 2 413

- 65

2226297

182714

- 2

Metalsand

metalprod-ucts 3

1,362- 7 1

935-496

146-454

61183249

- 2 6313718

21608221

- 3 711412845

Petro-leum,coal,

chemical,and

rubber

424428

291150

-140- 1 4

- 7 14

- 1 0

- 4 3- 1 4- 1 0- 3

3132

- 7

- 2 03

14- 7

Other

36972

214-161

157-121

- 1 42088

- 6- 2— 6

- 711125

8323414

Trade(whole-

saleand

retail)

171178

- 1- 8

6-1586162

- 9 434

152

- 3 6- 2 8- 2 0- 1 1

- 717186

33424731

Com-moditydealers

-386739

-539420

-283410

- 6 0-104- 1 3

- 2 8- 1 5- 2 2

6

- 2 1- 5 1- 1 5- 1 8

12- 2 1

8- 1 2

Salesfinancecom-

panies

-32298

366-108

-853294

-264- 9 5235

-165-61- 2 0- 1 9

- 8 7- 5 6

3018

5887

169- 7 9

Publicutilities(incl.trans-porta-tion)

365350

513183

-177234

-109-128

27

- 7- 2

- 5 8- 4 2

- 2 2- 5 0- 5 4- 2

6- 537

- 1 0

Con-struc-tion

54- 6 6

- 1 2- 4 9

5650

- 2 39

18

- 72

- 1 5- 3

111

- 2

17

14- 4

Allothertypes

ofbusiness

149176

- 5 458

69362

-112- 924

- 6 0- 6

- 2 6- 2 0

- 622

- 1 2- 1 2

1420

- 1 11

Netchangesclassi-fied

2,1242,719

1,404161

6-1,75861,214

-848- 7 2781

-441-127-179-101

-136- 2 3

89- 1

64289497

- 6 8

Comm'landind'l

change—all

weeklyreport-

ingbanks*

42,2432,459

1,249-296

6-1,93861,017

-1.119

916

-578-169-231-141

-1114

1007

46373535

- 3 8

1 Data for a sample of about 210 banks reporting changes in theirlarger loans; these banks hold about 95 per cent of total commercialand industrial loans of all weekly reporting member banks and about75 per cent of those of all commercial banks.

2 Figures for periods other than weekly are based on weekly changes.

3 Includes machinery and transportation equipment.* Prior to week ending Jan. 11, 1956, included changes in agricultural

loans.5 January-June includes 25 weeks; July-December, 27 weeks.6 Figures revised; see BULLETIN for February 1959, p. 216, note 4.

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of yearor month

19531954195519561957

1958—FebMarAprMay

JulyAugSeptOctNovDec

1959__janFeb

Commercial and financecompany paper

Total

1 9661,9242,0202,1662,666

3,6283,4853,6583,7093,3733,6273,3713,1463,294

33,2032,744

3,0763,322

Placedthroughdealers i

564733510506551

776862919946965966981958961940840

875897

Placeddirect-

ly(financepaper) 2

1 4021,1911,5101,6602,115

2,8522,6232,7392,7632,4082,6612,3902,1882,333

32,2631,904

2,2012,425

Dollar acceptances

574873642967

1,307

[,5231,5291,4791,4411,3521,3531,363[,2811,2551,2091,194

[,1331,161

Held by:

Accepting banks

To-tal

172289175227287

497422459474396426416385347290302

276309

Ownbills

117203126155194

372318350372292328340319273234238

226232

Billsbought

5586497294

125104109102104987565735564

5177

F. R.Banks

Ownacct.

286966

4339374245343328363449

4039

For-eigncorr.

2419335076

1391321311191131089175717568

6062

Others

378565405621878

843936852806798785824792802810775

756751

Based on:

Im-portsinto

UnitedStates

274285252261278

261263278296282269256236246251254

251275

Ex-portsfrom

UnitedStates

154182210329456

447432416396375380385355354348349

346339

Dollarex-

change

2917172

46

1101391311301211411311361179483

118112

Goods stored in orshipped between

points in:

UnitedStates

7530063

227296

480471416371325313337319296265244

168183

Foreigncountries

4389

100148232

224224239247248251254235242251263

250252

1 As reported by dealers; includes finance company paper as well asother commercial paper sold in the open market.

2 As reported by finance companies that place their paper directly withinvestors.

3 Beginning with November 1958, series revised to include 270-daypaper. Figures on old basis for November and December, respectively,were (in millions of dollars): Total, 3,192 and 2,371; placed directly, 2,252and 1,891.


INTEREST RATES 407

MONEY MARKET RATES


BANK RATES ON SHORT-TERM BUSINESS LOANS


Year,month, or

week

1956 average1957 average1958 average

1958—MarAprMayJuneJulyAugSeptOctNovDec

1959—JanFebMar

Week ending:Feb. 2 8 . . .Mar. 7 . . .

14. . .2 1 . . .2 8 . . .

Primecom-

mercialpaper,4- toe-months *

3.313.812.46

2.331.901.711.541.501.962.933.233.083.33

3.303.263.35

3.253.283.383.383.38

Fi-nancecom-panypaper-placeddirect-

ly,3- to 6-months1

1

J.06J.551.12

.86

.59

.38

.38

.31

.521.471.871.751.94

5.055.00$.22

5.005.005.255.315.31

Primebank-ers'

accept-ances,

90daysi

2.643.452.04

1.801.521.301.131.131.652.392.752.752.75

2.752.752.88

2.752.802.98r\ nnZ. OO9 88Z.. oo

U. S. Governmentsecurities (taxable) 2

3-month bills

Mar-ket

yield

2.623.231.78

1.301.13

.91

.83

.911.692.442.632.672.77

2.822.702.80

2.762.842.852.772.76

Rateon newissues

2.6583.2671.839

1.3541.1261.046

.881

.9621.6862.4842.7932.7562.814

2.8372.7122.852

2.5892.8163.0622.7632.766

9-to 12-monthissues 3

2.833.532.09

1.771.351.21

.981.342.142.842.832.923.24

3.263.383.56

3.343.513.633.593.53

3-to 5-year

issues4

3.123.622.90

2.502.332.252.252.543.113.573.633.603.65

3.863.853.88

3.773.783.883.893.94

Area and period

Annual averages,19 large cities:

195619571958. . .

Quarterly:!19 large cities:

1958—JuneSeptDec

1959—MarNew York City:

1958—JuneSeptDec . .

1959—Mar7 Northern & Eastern

cities:1958—June

SeptDec

1959—Mar11 Southern & Western

cities:1958—June

SeptDec

1959 Mar

Allloans

4.24.64.3

4.174.214.504.51

3.884.004.294.29

4.174.214.504.49

4.584.544.794.84

Size of loan (thous. of dol.)

1-10

5.25.55.5

5.455.455.495.53

5.185.195.385.30

5.485.485.535.54

5.565.555.535.62

10-100

4.85.15.0

4.884.905.065.09

4.724.744.944.93

4.854.905.055.06

4.994.995.125.20

100-200

4.44.84.6

4.404.474.684.74

4.134.284.524.56

4.394.424.664.71

4.574.634.794.87

200andover

4.04.54.1

3.954.004.334.32

3.743.874.184.18

3.994.034.364.35

4.314.234.594.60

i Average of daily prevailing rates. 2 Except for new bill issues,yields are averages computed from daily closing bid prices.

3 Consists of certificates of indebtedness and selected note and bond issues.4 Consists of selected note and bond issues.

i Based on figures for first 15 days of month.NOTE.—For description see BULLETIN for March 1949,

pp. 228-37.

BOND AND STOCK YIELDS i


Year, month, or week

Number of issues

1957 average1958 average

1958 MarAprMayJuneJulyAucSentOctNovDec .

1959 JanFebMar

Week ending:Feb 28Mar 7

142128

U.S.Govt.bonds(long-term) 2

4-7

3.083.473.43

3.253.123.143.193.363.603.753.763.703.80

3.903 923.92

3.903.873.923.923.94

State and localgovt. bonds 3

Total4

20

2.943.563.36

3.233.163.123.153.233.503.743.693.593.57

3.603.573.44

3.513.443.443.443.44

Aaa

5

2.513.102.92

2.792.702.692.742.793.073.283.233.173.12

3.193 163.06

3.113.063.063.063.06

Baa

5

3.504.203.95

3.883.783.713.783.834.074.324.254.114.10

4.114 083.93

4.033.953.933.923.92

Total4

120

3.574.214.16

4.044.024.003.984.024.174.394.424.404.38

4.414 434.40

4.414.404.404.414.41

iCorporate bonds 3

By selectedratings

Aaa

30

3.363.893.79

3.633.603.573.573.673.854.094.114.094.08

4.124.144.13

4.134.114.134.134.14

Baa

30

3.884.714.73

4.684.674.624.554.534.674.874.924.874.85

4.874.894.85

4.894.874.874.854.83

Bygroups

Indus-trial

40

3.504.123.98

3.863.833.803.773.813.944.244.254.234.24

4.284.314.28

4.314.294.294.284.27

Rail-road

40

3.654.324.39

4.304.324.304.284.304.424.524.564.564.52

4.534 514.51

4.474.484.504.524.52

Publicutility

40

3.544.184.10

3.953.903.893.883.944.164.414.464.404.39

4.434 464.43

4.444.434.424.424.43

StocksS

Dividends /price ratio

Pre-ferred

14

4.254.634.45

4.424.374.314.284.364.454.584.644.654.63

4.544.524.48

4.514.454.494.494.49

Com-mon

500

4.094.353.97

4.374.334.194.083.983.783.693.543.423.33

3.243.323.25

3.303.233.233.223.30

Earnings /price ratio

Com-mon

500

7.178.21

7.34

6.37

5.63

1 Monthly and weekly yields are averages of daily figures for U. S.Govt. and corporate bonds. Yields of State and local govt. bonds arebased on Thursday figures; dividend/price ratios for preferred andcommon stocks, on Wednesday figures. Earnings/price ratios for commonstocks are as of end of period.

2 Series is based on bonds maturing or callable in 10 years or more.3 Moody's Investors Service. State and local govt. bonds include gen-

eral obligations only

4 Includes bonds rated Aa and A, data for which are not shown sepa-rately. Because of a limited number of suitable issues, the number ofcorporate bonds in some groups has varied somewhat.

5 Standard and Poor's Corporation. Preferred stock ratio is based on8 median yields in a sample of noncallable issues—12 industrial and 2public utility. For common stocks, the dividend/price and the earnings/price ratios are now computed for the 500 stocks in the price index, butfigures prior to mid-1957 are based on the 90 stocks formerly included inthe daily price index.


408 SECURITY MARKETS

SECURITY PRICES i

Year, month,or week

Bond prices

U.S.Govt.(long-term) 2

Mu-nicipal(high-grade) 3

Cor-po-rate

(high-grade)3

Common stock prices

Standard and Poor's series(index, 1941-43= 10)

TotalIn-dus-trial

Rail-road

Pub-lic

util-ity

Securities and Exchange Commission series(index, 1939= 100)

Total

Manufacturing

Total Du-rable

Non-du-

rable

Trans-porta-tion

Pub-lic

util-ity

Trade,fi-

nance,andserv-ice

Min-ing

Vol-umeof

trad-ing*(in

thou-sands

ofshares)

Number of issues.

1956 average.1957 average.1958 average.

1958—Mar..Apr..,May.June.July..Aug..Sept..Oct...Nov..Dec.

1959—Jan..,Feb..,Mar..

Week ending:Feb. 28Mar. 7

142128

98.9193.2494.02

96.3498.2397.9497.1794.7891.5189.5189.3690.1388.90

87.5487.3887.37

87.6187.9187.3087.3887.02

15

116.3105.8106.4

107.9110.0111.1110.8108.0103.7100.6100.9102.3102.3

101.8102.2103.4

103.1103.6103.4103.6103.1

17

109.1101.3102.9

105.1105.3105.6105.5104.2102.098.998.698.998.7

98.198.098.2

98.298.598.398.198.0

500

46.6244.3846.24

42.1142.3443.7044.7545.9847.7048.9650.9552.5053.49

55.8254.7756.15

55.3756.1956.4256.3455.87

425

49.8047.6649.36

44.9745.0946.5147.6248.9651.0052.4054.5556.1157.09

59.3058.3359.79

58.9659.8760.1059.9859.46

25

33.6528.1127.05

22.6023.2024.7425.5426.8628.4329.5131.2333.0733.70

35.5335.2035.47

35.5235.6335.7835.6335.02

50

32.2532.1937.22

34.5735.5436.5737.3137.8237.5037.9739.1540.7542.05

43.9643.7145.06

44.2244.8445.0945.3045.16

265

345331341

311312323331339352360376388393

410404414

407414417415410

170

439422426

388387401412424442453474487490

508496508

498509512509504

98

410391385

352340353362376399413437448451

474466475

471474481476469

72

465451458

422426438450459473481499514516

529514530

514531531530526

21

327275270

231233249259269283292311327330

350350353

352352358353348

29

156156173

162166169171173174178183190199

213215221

219219223222220

31

306277314

283286301305312325337346362375

394400405

405409410402399

14

358342314

283287300319331341341344341339

348345348

340348352346344

2,2162,2222,965

2,2232,3952,5802,6963,1592,9703,4274,1344,1313,615

3,9643,4633,926

4,0894,2044,2374,3233,217

i Monthly and weekly data for (1) U. S. Govt. bond prices, Standardand Poor's common stock indexes, and volume of trading are averagesof daily figures; (2) municipal and corporate bond prices are based onWednesday closing prices; and (3) the Securities and Exchange Commis-sion series on common stock prices are based on weekly closing prices.

2 Prices derived from average market yields in preceding table on basisof an assumed 3 per cent, 20-year bond.

3 Prices derived from average yields, as computed by Standard andPoor's Corporation, on basis of a 4 per cent, 20-year bond.

-* Average daily volume of trading in stocks on the New York StockExchange for a 5Vi-hour trading day.

STOCK MARKET CREDIT


End of month or lastWednesday of month

Customer credit

Tota l -securities

other thanU. S. Govt.obligations(col. 3 +

col. 5)

Net debit balances withNew York Stock Exchange

firms1

Secured byU. S. Govt.obligations

Secured byother

securities

Bank loans to others (thanbrokers and dealers) for pur-

chasing and carrying securities2

U. S. Govt.obligations

Othersecurities

Broker and dealer credit1

Money borrowed

OnU. S. Govt.obligations

Onother

securities

Customer'snetfree

creditbalances

1955—Dec.1956—Dec.,1957—Dec.

1958—Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec,

1959—Jan..Feb..

4,0303,9843,576

3,6793,8633,9804,0694,2184,2524,1994,3084,3694,4234,492

4,5544,527

343368

102111134141248149140122123124146

155157

2,7912,8232,482

2,5802,6652,7352,8562,9213,0213,0133,1093,1883,2453,285

3,2973,253

324160

79867075841134851595063

6265

,239,161,094

,099,198,245,213,297,231,186,199,181,178,207

,257,274

5146125

199206230244468306251210193210234

230223

2,2462,1321,706

1,6471,7841,8221,8081,9301,9031,7511,8651,8321,9232,071

1,9901,963

894880896

939954985979

1,0471,0801,1031,1191,1401,1481,159

1,2261,196

i Ledger balances of member firms of the New York Stock Exchangecarrying margin accounts, as reported to the Exchange. Customers' debitand free credit balances exclude balances maintained with the reportingfirm by other member firms of national securities exchanges and balancesof the reporting firm and of general partners of the reporting firm. Bal-ances are net for each customer—i.e., all accounts of one customer areconsolidated. Money borrowed includes borrowings from banks andfrom other lenders except member firms of national securities exchanges.Data are as of the end of the month, except money borrowed, which is asof the last Wednesday of the month beginning with June 1955.

2 Figures are for last Wednesday of month for weekly reporting memberbanks, which account for about 70 per cent of all loans for this purpose.Column 5 includes some loans for purchasing or carrying U. S. Govt.securities (such loans are reported separately only by New York andChicago banks). On June 30, 1956, reporting banks outside New Yorkand Chicago held $51 million of such loans. On the same date insuredcommercial banks not reporting weekly held loans of $28 million forpurchasing and carrying U. S. Govt. securities and of $384 million forother securities. Noninsured banks had $33 million of such loans,probably mostly for purchasing or carrying other securities.


SAVINGS INSTITUTIONS 409

LIFE INSURANCE COMPANIES 1

[Institute of Life Insurance data. In millions of dollars]

Date Totalassets

Government securities

Total UnitedStates

State andlocal

(U. S.)Foreign2

Business securities

Total Bonds Stocks

Mort-gages

Realestate

Policyloans

Otherassets

End of year: 319411945

1951195219531954195519561957

End of month:4

1956—Dec....1957—Dec....

1958—Jan...,Feb. . . .Mar...AprMay..,June.. .July. . ,Aug...,Sept...Oct. . . ,Nov...Dec...

1959—Jan....

32,73144,797

68,27873,37578,53384,48690,43296,011101,309

95,844101,309

101,961102,310102,711103,058103,508104,008104,578105,054105,493106,053106,540107,419

108,145

9,47822,545

13,76012,90512,53712,26211,82911,06710,690

10,98910,691

10,92410,96110,86610,91010,88910,97611,16311,24411,26811,29911,35511,250

11,620

6,79620,583

11,00910,2529,8299,0708,5767,5557,029

7,5197,028

7,1997,2147,0957,1067,0367,0837,2587,3007,3077,3197,3447,205

7,485

1,995722

1,1701,1531,2981,8462,0382,2732,376

2,2342,377

2,4282,4382,4612,4742,5022,5372,5612,5972,6162,6412,6722,685

2,744

6871,240

1,5811,5001,4101,3461,2151,2391,285

1,2361,286

1,2971,3091,3101,3301,3511,3561,3441,3471,3451,3391,3391,360

1,391

10,17411,059

28,11131,51534,43837,30039,54541,54344,057

40,97643,750

43,97444,08444,38644,60244,77444,98745,19845,35145,56145,87646,01546,411

46,602

9,57310,060

25,89029,06931,86534,03235,91238,04040,666

38,06740,737

40,96141,06141,28841,49741,65641,82842,03942,20042,37042,68942,81743,052

43,237

601

2,2212,4462,5733,2683,6333,5033,391

2,9093,013

3,0133,0233,0983,1053,1183,1593,1593,1513,1913,1873,1983,359

3,365

6,4426,636

19,31421,25123,32225,97629,44532,98935,236

32,99435,271

35,46235,58735,72735,84035,95636,06036,18336,32336,46236,64836,79437,097

37,211

1,878857

1,6311,9032,0202,2982,5812,8173,119

2,8293,120

3,1433,1683,1913,2223,2413,2803,3033,3553,3683,3883,4153,349

3,393

2,9191,962

2,5902,7132,9143,1273,2903,5193,869

3,5053,872

3,9053,9383,9754,0114,0384,0674,0914,1144,1384,1624,1834,204

4,225

1,8401,738

2,8723,0883,3023,5233,7434,0764,338

4,5514,605

4,5534,5724,5664,4734,6104,6384,6404,6674,6964,6804,7785,108

5,094

1 Figures are for all life insurance companies in the United States.2 Represents issues of foreign governments and their subdivisions

and bonds of the International Bank for Reconstruction and Develop-ment.

3 These represent annual statement asset values, with bonds carried onan amortized basis and stocks at end-of-year market value.

4 These represent book value of ledger assets. Adjustments for interestdue and accrued and for differences between market and book valuesare not made on each item separately, but are included in total, in "Otherassets."

SAVINGS AND LOAN ASSOCIATIONS i

[Federal Savings and Loan Insurance Corporation data. In millions of dollars]

End of year or month

Assets

Total 2 Mort-gages 3

U.S.Gqvt.

obliga-tions

Cash Other4

Liabilities

Savingscapital

Borrowings

FHLBadvances

Other

Reservesand

undividedprofits

19411945

19511952195319541955195619571958

1958—Jan..Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1959—Jan..

6,0498,747

19,22222,66026,73331,73637,71942,87548,13855,114

48,26948,67849,23149,88550,56451,36751,56352,17052,85553,59054,25155,114

55,467

4,5785,376

15,56418,39621,96226,19431,46135,72940,00745,599

40,24340,49040,82541,22341,75142,33342,86643,42343,99744,60245,06745,599

46,009

1072,420

1,6031,7871,9202,0212,3422,7823,1733,821

3,2173,1983,1973,2353,2483,3293,3693,4803,6273,7343,7843,821

4,117

344450

1,0661,2891,4791,9802,0672,1192,1462,569

2,0272,2002,4092,5252,5632,7402,4432,3732,2952,1872,2312,569

2,269

775356

8991,1081,2971,4711,7912,1992,7703,125

2,7822,7902,8002,9023,0022,9652,8852,8942,9363,0673,1693,125

3,072

4,8787,386

16,10719,19522,84627,33432,19237,14841,91247,926

42,36242,73543,21943,57544,08345,02045,08245,43545,87546,37646,85347,926

48,360

218190

801860947864

1,4121,2251,2631,297

904788694813801928899936

1,0071,0821,1211,297

1,145

38146

93848096146122116154

988792866610898116130113115154

125

475644

1,4531,6581,9012,1912,5572,9503,3633,857

3,561

3,857

3,864

1 Figures are for all savings and loan associations in the United States.Data beginning with 1950 are based on monthly reports of insuredassociations and annual reports of noninsured associations. Data priorto 1950 are based entirely on annual reports.

2 Includes gross mortgages with no deduction for mortgage pledgedshares.

3 Beginning with January 1958, no deduction is made for mortgagepledged shares. These have declined consistently in recent years andamounted to $42 million at the end of 1957.

4 Includes other loans, stock in the Federal home loan banks and otherinvestments, real estate owned and sold on contract, and office buildingsand fixtures.

NOTE.—Data for 1958 and 1959 are preliminary.


410 FEDERAL BUSINESS-TYPE ACTIVITIES

SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES

[Based on compilation by Treasury Department. In millions of dollars]

Asset or liability, and activity1

Loans, by purpose and agency:To aid agriculture, total

Federal intermediate credit banks 3

Rural Electrification AdministrationCommodity Credit Corporation

Federal National Mortgage AssociationVeterans AdministrationOther agencies

Treasury Department

Other agencies . . .

To financing institutions

To aid States, territories, etc., totalPublic Housing Administrat ion. . .

Export-Import Bank . . .Treasury Department 5

Other agencies . . .

z4// other purposes total . .Housing and Home Finance Agency

Total loans receivable (net)

Investments:U. S. Government securities, total

Federal home loan banksFederal Savings and Loan Insurance CorpFederal Housing AdministrationFederal Deposit Insurance Corporation

Investment in international institutions . . .Other securities'?

Inventories, totalCommodity Credit Corporation

General Services Administration.

Land, structures, and equipment, total. . . . .

Panama Canal CompanyTennessee Valley AuthorityHousing and Home Finance AgencyNat. Advisory Committee for Aeronautics

General Services Administration.Post Office Department . . .

Bonds, notes, & debentures payable (not guar.), to ta l . . .Banks for cooperativesFederal intermediate credit b a n k s . . . . . . .Federal home loan banksFederal National Mortgage Association

End of year

19512

4,161425633539

1,742782

40

2,1421,850

] 292

589

} 589

814

744589155

6,1102,2963,750

64

35(4)

34

- 7 7 514,422

2,226249200285

1,353140

3,385257

1,4611,174

} 288

3,358

2981,0481,284

728

1,369170674525

19522

5 070424673596

1 9201,426

31

2,6032,242

362

598

598

864

1,020894126

7,7362 4963,667

61,51558

755

69

-14017,826

2,421311208316

1,437148

3,385223

1,280978

303

3,213

4151,2511,202

345

1,330181704445

19532

6,811377590648

2,0963,076

23

2,9302,462

/ 300\ 168

588174

952

645500145

8,0432,8333,6201,537

53

1192990

-20319,883

2,602387217319

1,526152

3,385219

2,5152,087

428

8,0624,834

3631,4751,040

350

1,182150619414

1954

6,929367638701

2,2262,981

18

2,9072,461

38363

431353

79

870

272112160

8,0012,8063,5701,624

1

16612739

-22819,348

2,967641228327

1,624147

3,385197

3,8523,302

550

8,0464,798

4211,739

728

360

1,068156640272

1955

6,715375689681

2,3482,621

1

3,2052,641

48084

678306

/ 2611 1121,419

24590

155

7,9882,7023,5191,767

256209

47

-26820,238

3,236745241381

1,720149

3,385179

4,3563,747

609

7,8224,822

4211,829

450

300

2,379185665958570

1956

6,752457734724

2,4882,349

3,6803,072

464145

619209219191

1,233

246106140

8,2232 7013 4701,995

57

21315657

—30920,657

5 7391 018

'256458

1,825181

5 385284

21,3753,651

11 004/6,517\ 201

9 9854,502

3981,762

236276311

1 298590613

2,711257721963770

End of quarter

1957

2*

6,827384997866

2,5861,994

4,3813,629

521123

640211219210

1,084

24394

149

8,3002,6673,4702,084

52

338275

60

-69520,980

3,8811,017

274482

1,914194

3,385340

21,4503,153

11,1057,022

171

9,9794,506

4011,803

114281327

1,332599616

3,497190953733

1,620

3

6,466430997880

2,6341,525

4,6803,807

691182

652254216182

1,124

27618690

8,3162,6563,4702,139

51

306246

60

-50121,320

3,762881264504

1,917195

3,385340

21,5143,090

11,1577,092

175

9,9744,520

5991,791

106281328

1,341599408

3,647237959765

1,687

4

6,681454935832

2,6881,778

4,7693,998

7701

674251217206

1,270

264105159

8,7543,0403,4702,195

49

344283

62

-36722,395

3,704896274471

1,937226

3,385333

21,6283,025

11,1367,282

185

9,9624,535

3981,801

88283342

1,308599608

4,662247902825

2,688

1958

1

7,605428

1,040906

2,7322,499

4,9174,096

8201

645224203219

701

275107167

8,9653,1113,4702,338

46

393331

62

-35423,147

4,5231,456

283533

2,013238

3,385368

21,2062,636

10,8667,528

175

10,0204,568

3961,789

77274345

1,327599644

4,749224992468

3,065

2*

'6,931410

1,228c9O3

2,7741,600(4)

4,6283,776

851

654222191241

931

27191

180

9,0223,0943,4702,412

45

383

-48622,383

4,4671,366

293536

2,030242

3,3853,731

21,5403,310

10,3447,700

186

10,4594,589

3961,803

32280349

1,341637

1,033

3,812207

1,181455

1,968

c Corrected.NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover-

age and the new classification of agencies now reported in the TreasuryBulletin. The revised statement includes a larger number of agencies, andtheir activities are classified according to the type of fund they represent.Funds are combined in the table above, but are shown separately in thetable on the following page. Classifications by supervisory authoritiesare those in existence currently. Where current Treasury compilationsdo not provide a detailed breakdown of loans, these items have beenclassified by Federal Reserve on basis of information about the type oflending activity involved.

* Totals reflect exclusion of agencies reporting other than quarterly.1 Figures for trust revolving funds include interagency items. For all

types of funds combined, loans by purpose and agency are shown on agross basis; total loans and all other assets, on a net basis, i.e., afterreserve for losses.

2 Coverage changed from preceding period (see also NOTE).

3 Effective Jan. 1, 1957, the production credit corporations were mergedin the Federal intermediate credit banks, pursuant to the Farm CreditAct of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operationsof the banks are classified as trust revolving transactions.

4 Less than $500,000.5 Figures represent largely the Treasury loan to the United Kingdom,

and through 1952 are based in part on information not shown in Treasurycompilation.

6 Figure derived by Federal Reserve.7 Includes investment of the Agricultural Marketing revolving fund in

the banks for cooperatives; Treasury compilations prior to 1956 classifiedthis item as an interagency asset.

8 Includes $1,000 million due under the agreement with Germanysigned Feb. 27, 1953, and lend-lease and surplus property balances duethe United States in the principal amount of $1,875 million.


FEDERAL BUSINESS-TYPE ACTIVITIES 411

PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES

[Based on compilation by Treasury Department. In millions of dollars]

Date, and fund or activity

Assets, other than interagency items*

Total CashLoans

able

In-ven-

tories

Invest-ments

Publicdebt Other

Land,struc-tures,and Other

Liabilities, other thaninteragency items *

Bonds, notes,and deben-

tures payable

Guar-anteed

byU.S.

Other

Otherliabil-ities

U.S.Govt.inter-

Pri-vatelyownedinter-

est

All activities

1954—Dec. 31 . .1955—Dec. 31 . .1956—Dec. 31*.

1957—June 30*.Sept. 30. .Dec. 31. .

1958—Mar. 3 1 . .June 30*.

Classification of agencies reporting quarterly,by type of fund and activity, June 30, 1958

Public Enterprise Funds—TotalFarm Credit Administration:

Federal Farm Mortgage CorporationAgricultural Marketing Act, revolving fund

Agriculture Department:Commodity Credit CorporationDisaster loans, etc., revolving fundAll other

Housing and Home Finance Agency:Public Housing AdministrationFederal Housing AdministrationFederal National Mortgage AssociationOffice of the Administrator

Federal Savings and Loan Insurance Corporation..Small Business AdministrationExport-Import BankTennessee Valley AuthorityPanama Canal CompanyVeterans AdministrationGeneral Services AdministrationTreasury DepartmentPost Office Department—postal fundInterior DepartmentAll other

41,40345,30469,653

69,05'70,17571,13972,24272,677

20,924

186

5,17112f

19,34820,238

996 20,657

1,3711,3384 " '

3,9814,6924,2914,1584,793

1,645

144

20,98021,32022,39523,14722,383

8,651

3,8524,35621,375

21,45021,51421,62821,20621,540

4,55!

2,9673,2363,739

3,8813,7623,8044,5234,467

878

3,4323,4143,669

3,7253,7253,7183,7533,731

143

8,0467,8229,985

9,9799,9749,96210,02010,459

3,671

2,3874,9005,232

5,0635,1865,3405,4365,304

1,386 47

1,0682,3792,711

3,4973,6474,66f4,74!3,81:

804

4,1832,7033,659

35,61039,58362,516

,634 623,3252,6342,916 623,47:4,153

61,144"",778

,39162,78963,460

142

2,024 18,049

8186

1,353 3,310 152

Intragovernmental Funds—TotalDefense Department:

ArmyNavyAir Force.

All other

Certain Other Activities—TotalGeneral Services AdministrationAgriculture Department:

Farmers Home AdministrationRural Electrification Administration

Veterans AdministrationNational Advisory Committee for AeronauticsInterior DepartmentInternational Cooperation AdministrationTreasury DepartmentCommerce Department—maritime activitiesAll other

Certain Deposit Funds—TotalBanks for cooperativesFederal Deposit Insurance CorporationFederal home loan banks

Certain Trust Revolving Funds—Total.Federal National Mortgage AssociationFederal intermediate credit banks ,Office of Alien PropertyAllother

43

143878

2,412786306343

3,1302,070460903

1,372221

1,140268960

12,853

8,2043,431860359

30,9158,314

7362,921209438444

2,4810,1325,078163

4,915476

2,0462,394

3,0691,4041,35921491

30

403:174

103

663115:466

46043429

2,056

1,05257633098

759328

23184673261

"ioi26

8517265

248621315419

90

2,382469

536

2353,094

29320

695

()4984

,15:

48

()1,8033962

125

9,81781

6852,765

157

2,4123,480235

1,337407

929

2,5791,3331,228

1666

10,478

7,0082,830506133

6,5106,497

637141382

229

106

3,563(4)

122

6,5601,202

280370

3,5634,589

117

3,43943

2,0301,366

143

ioo

24

24

18

32957

330812

22310430152252

4972666120

91

3825244

3,699206

2513849

46804

36

83,0

806

40143554161

5839183543

39417

348

547

12124210481

4,36612535

103688

1,554781290341

3,0722,032442868

1,329221746250611

12,306

8,0843,189756278

222 30,69328

662207

455

2,3471,1651,181

14020

1,2713

1381,130

885024114

8,286

7282,919206426435

2,48110,1324,938

144

2,128220

1,907

284150134

508596699

1,0371,0561,1211,1831,204

85445

"809

93509399209213977

Classification of activities (mainly non-business-type)reporting on fiscal-year basis, June 30, 1958

Certain Other Activities—TotalInternational Cooperation AdministrationAtomic Energy CommissionVeterans AdministrationAgriculture DepartmentDefense Department—Corps of EngineersInterior DepartmentTreasury DepartmentDepartment of Health, Education and WelfareCommerce Dept. (mainly Civil Aeronautics Adm.). .All other

34,2861,6549,4581,8291,5278,7004,5183,1101,2621,415813

6,4531,5941,390

383493209332309978585180

2,8831

2,53522

83

422

81212 83

9,24725

5,1551,358

9406,6673,455

764275420188

5,5969

3788693

1,824723

1,9957

329151

1,7652

258115108403343754404054

321911842

1

,521,652,200,714,419,660,184,736822,375759

9 Figure represents total trust interest. For other notes, see opposite page.


412 FEDERAL FINANCE

SUMMARY OF FEDERAL FISCAL OPERATIONS

[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]

Period

Derivation of Federal Government cash transactions

Receipts from the public,other than debt

NetBudgetreceipts

Plus:Trustfund

receipts

Less:Intra-Govt.

trans.1

Equals:Totalrects.fromthe

public 2

Payments to the public,other than debt

Budgetex-

pendi-tures

Plus:Trustfundex-

pendi-tures

Less:Adjust-ments 3

Equals:Totalpayts.to thepublic

Excessof rects.

fromor

payts.to(-),

thepublic

Net Federal cash borrowing orrepayt. (—) of borrowing

In-crease,or de-crease(~),in

debt(direct& agen.)

Less:

Netinv. byGovt.

agen. &tr. funds

Othernon-cashdebt 4

Equals:Netcash

borrow-ing orrepayt.

()

Cal. year—195619571958

Fiscal year—1955195619571958

Semiannually:1957—Jan.-June

July-Dec1958—Jan.-June

July-Dec

Monthly:1958_Feb


1959_j a n

Feb.?

70,99472,28468,694

60,39068,16571,02969,117

12,39815,36816,797

9,53611,68514,36916,329

42,96029,32539,79228,902

6,2999,5013,4964,925

10,7852,9464,8387,2082,7694,9626,180

8,2007,1679,1627,635

1,6841,1271,3312,1312,0691,1111,956

8851,0251,4861,171

4,5286,576

7591,637

3,0233,0793,710

2,0612,7393,2423,493

1,6691,4102,0831,627

217135194144

1,167271236155195214556

236208

80,33484,52181,728

67,83677,08882,10781,893

49,46435,05746,83634,892

7,75910,4854,6266,90811,6853,7846,5547,9363,5966,2316,791

5,0498,002

67,21671,69275,782

64,57066,54069,43371,936

35,63236,06035,87639,906

5,5285,7496,1225,8466,6216,6136,1986,6337,1446,2377,080

6,7766,331

10,33914,79417,856

8,5469,43612,96116,069

7,6597,1338,9368,921

1,3171,5641,479\363

,562,786,412,397,597,310,419

,883,462

2,7473,1554,622

2,5783,3582,3864,592

1,9011,2543,3371,285

10580378618716948716

-253713346-24

1,074-236

74,80983,32889,014

70,53872,61780,00883,413

41,39041,93841,47547,539

6,7406,5096,8147,0218,0157,9127,5948,2838,0287,2008,522

7,5858,029

5,5251,191

-7,287

-2,7024,4712,099

-1,520

8,073-6,8825,362

-12,649

1,0203,976

-2,188-1143,670

-4,128-1,040-348

-4,43!-969

-1,73:

-2,536-28

-3,560467

7,533

3,986-578

-1,0536,216

-5,0895,556660

6,873

145-2,1682,380591

-150-8353,017

-1,6503,6402,867-166

2,801-434

2,4811,573-717

1,5333,1662,339657

1,693-120777

-1,494

30514

-181618140

-337391

-338-571-276-363

-846128

-13664

487

644623

-292-200

98-34-166653

-52-67-125

68- 6705163183141145

10164

-5,910-1,168

7,762

1,809-4,366-3,100

5,760

-6,8795,711

497,713

-107-2,114

2,686- 9 6

-285-5692,575

-1,3744,0273,003

51

3,546-626

Period

Effects of operations on Treasurer's account

Operating transactions

NetBudgetsurplus,

ordeficit

Trustfund

accumu-lation,

ordeficit

Recon-ciliationto Treas.

cash

Financing transactions

Netmarketissuance(+)ofGovt.agencyobliga-tions5

Netinv. ( - )in Fed.sec. byGovt.agency& trustfunds 5

Increase,or

decrease( - ) , ingrossdirectpublicdebt

Cash balances:inc., or dec. ( —)

Heldoutside

Treasury

Treas-urer's

account

Account of Treasurer of UnitedStates (end of period)

Balance

Deposits in—

F. R.Banks(avail-able

funds)

Treas-ury

Tax andLoanAccts.

Othernet

assets

Fiscal year—1955195619571958



July-Dec

Monthly:1958—Feb


1959—JanFeb

-4,1801,6261,596

-2,819

7,328-6,735

3,916-11,004

7713,753

-2,626-9204,164

-3,667-1,361

575-4,376- 1 , 2 7 4

-900

-2,248245

9912,2501,409

262

54334

228-1,286

367-437-147

768508

-675543

-511-572

177-248

-1,124175

- 2 9309

-518670

- 3 6159511

-232

-314444711

-17-914

225-195-284

511111

-601

462-477

602173

1,085567

1,0901,007-440-121

142101

-144- 3 4

-729- 3 1

10- 3

- 3 2-37-28

- 457

-1,362-2,617-2,300

-197

-1,60321

-2181,144

-17164

279-597-332

330-470

314519212239

1,04747

3,115-1,623-2,224

5,816

-6,1014,3711,4456,579

124-2,055

2,433595691

-8773,009

-1,8103,5462,848-138

2,879-697

-312-213

5140

60-160300

-131

3018794

152-231- 6 5288

-45016146

-113

54- 7

-551331

-9564,159

1,163-9845,143

-4,788

8881,682

412-3573,619

-4,6301,249

-1,269-5651,991

-1,564

957-644

6,2166,5465,5909,749

5,5904,6069,7494,961

4,3946,0766,4876,1309,7495,1196,3685,0994,5346,5254,961

5,9185,274

380522498410

498481410358

516474594395410617540371363424358

447492

4,3654,6334,0828,218

4,0823,0848,2183,468

2,8374,5964,5584,7308,2183,2624,7693,5352,9164,8793,468

4,0543,454

1,4711,3911,0101,121

,010,041,121,135

,041,006,335,005,121,240,059,193,255,222

1,135

1,4171,328

P Preliminary. n.a. Not available,i Consists primarily of interest payments by Treasury to trust accounts

and to Treasury by Govt. agencies, transfers to trust accounts representing

Budget expenditures, and payroll deductions for Federal employees ro-tirement funds.

2 Small adjustments to arrive at this total are not shown separately.For other notes, see opposite page.


FEDERAL FINANCE 413

DETAILS OF FEDERAL FISCAL OPERATIONS

[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]

Period

Budget receipts

NetBudget

re-ceipts

Adjustments from totalBudget receipts

Transfers t o -

Old-age

trustfund 6

High-waytrustfund

R. R.re-

tire-mentacct.

Re-funds

ofre-

ceipts

TotalBudget

re-ceipts

Income andprofit taxes

Individual

With-held Other

Corpo-ration

Ex-cise

taxes

Em-ploy-menttaxes7

Otherre-

ceipts

Selected excise taxes(Int. Rev. Serv. repts.)

Liquor To-bacco

Mfrs.'and re-tailers'

Fiscal year—19551956...1957...1958...



July-Dec

Monthly:1958—Feb


1959—JanFeb

60,39068,16571,02969,117

42,96029,32539,79228,902

6,2999,5013,4964,925

10,7852,9464,8387,2082,7694,9626,180

4,5286,576

5,0406,3376,6347,733

4,0753,1354,5983,383

955632703

1,221774338

1,032504365747397

267949

1,4792,116

8361,151965,112

190150145168161177206188180198164

172182

599634616575

304305270265

7843177043177244216844

1471

3,4263,6843,9174,433

3,454655

3,778634

235855

1,67895086147133175112464

-26374

69,45478,82083,67583,974

51,63034,57149,40334,296

7,75611,1826,0397,334

11,8493,6246,2808,1193,4465,9796,848

4,9568,152

21,25424,01226,72827,041

13,70813,76013,28113,769

3,9532,000

7923,6141,9411,1953,4762,0931,2253,6412,139

9484,356

10,39611,32212,30211,528

9,2982,8748,6542,827

788658

2,792640

1,724258123

1,81516294373

1,996846

18,26521,29921,53120,533

15,9786,27314,2606,174

4066,538476449

5,906479316

2,267374319

2,419

424362

9,21110,00410,63810,814

5,3135,5955,2195,364

864860785922895926908912954811853

847906

6,2207,2967,5818,644

4,7053,4455,1993,653

1,302680722

1,293818355

1,105549386816441

3211,281

4,1084,8874,8955,414

2,6282,6252,7892,509

443446472416565411352483344298623

420401

2,7432,9212,9732,946

1,3251,5741,3721,600

201225218256275252249265328284222

201n.a.

1,5711,6131,6741,734

857848886931

130137147157161154164160171147136

155n.a.

3,1773,7784,0984,316

2,2222,2262,0901,963

n.a.

961

1,006

957

n.a.n.a.

Budget expenditures 8

PeriodX t 1

64,57066,54069,43371,936

35,63236,06035,87639,906

6,0115,5285,7496,1225,8466,6216,6136,1986,6337,1446,2377,080

6,776

Major national security

Total*

40,62640,64143,27044,142

22,67621,72422,41823,246

3,6723,5213,6083,6523,6534,3123,7523,6053,8634,2253,5894,212

3,693

Militarydefense

35,53235,79138,43939,062

19,89219,37019,69220,619

3,1463,1833,0613,2163,1953,8913,1963,2053,4893,8023,1693,758

3,298

Militaryassist-ance

2,2922,6112,3522,187

1,4391,0311,1561,145

20594

278194212173294122151168189221

163

Atomicenergy

1,8571,6511,9902,268

1,0601,0801,1881,269

211173195200201208222215189221211211

213

Intl.affairs

andfinance

2,1811,8461,9762,234

1,0431,2161,0181,206

18416716094

127286222233158220175198

212

Inter-est

6,4386,8467,3087,689

3,7213,9123,7773,686

697612624619603622648578586608614652

680

Vet-erans'serv-

ices andbene-fits

4,4574,7564,7935,026

2,5022,4002,6262,580

433429432465436431431404410454441440

445

.LaDorandwelfare

2,5752,8213,0223,447

1,5451,6361,8112,158

360222235317291386356368345436343310

432

Agri-culture

andagri-cul-tural

re-sources

4,3894,8684,5264,389

2,3992,6511,7383,922

223249347427235257630495769673574781

798

Nat-uralre-

sources

1,2021,1041,2961,543

560850693896

11210090

108121162122151165166151141

106

Com-merceand

housing

1,5042,0301,4552,109

5741,0031,1061,438

229133149298252

45298233212233238224

310

Gen-eral

govern-ment

Fiscal year—1955.1956.1957.1958.


July-Dec.1958—Jan.-June

July-Dec.

Monthly:1958—Jan


1959—Jan

1,1991,6271,7871,356

608661695765

10099102135132127148127123135109123

97

3 Consists primarily of (1) intra-Govemmental transactions as de-scribed in note 1, (2) net accruals over payments of interest on savingsbonds and Treasury bills, (3) Budget expenditures involving issuance ofFederal securities, (4) cash transactions between International MonetaryFund and the Treasury, (5) reconciliation items to Treasury cash, and(6) net operating transactions of Govt. sponsored enterprises.

4 Primarily adjustments 2, 3, and 4, described in note 3.5 Excludes net transactions of Govt. sponsored enterprises, which are

included in the corresponding columns above.6 Includes transfers to Federal disability insurance trust fund.7 Represents the sum of taxes for old-age insurance, railroad retire-

ment, and unemployment insurance.

8 The 1960 Budget document showed certain revisions in fiscal year data.When the revisions were in classification of functions—such as the shiftof defense-support activities from military assistance and major nationalsecurity to international affairs—the revisions were made in monthly andsemiannual data. Other fiscal year revisions not available for monthlyand semiannual periods.

For more details, see the 1960 Budget document and the TreasuryBulletin, Table 4.

9 Includes stockpiling and defense production expansion not shownseparately.

For other notes, see opposite page.


414 FEDERAL FINANCE

UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY

[On basis of daily statements of United States Treasury. In billions of dollars]

End ofmonth

1941_Dec1945 Dec1947—Dec1951—Dec1952 Dec . . . .1953—Dec1954—Dec1955 Dec1956 Dec1957 Dec

1958 MarAprMayJuneJulyAugSeptOctNovDec

1959 JanFebMar

!!§64.3

278.7257.0259.5267.4275.2278.8280.8276 7275 0

272.7275.2275.7276.4275.6278 6276.8280.3283 2283.0

285.9285 2282.2

Totalgrossdirectdebt 2

57.9278.1256.9259.4267.4275.2278.8280.8276 6274 9

272.6275.1275.7276.3275.5278 5276.7280.2283 1282.9

285.8285.1282.0

Total

50.5255.7225.3221.2226.1231.7233.2233.9228 6227 1

225.1228.0227.9228.5228.0230 6229.0233.2236 3236.0

239.9239.4236.1

Public issues 3

Marketable

Total

41.6198.8165.8142.7148.6154.6157.8163.3160 4164 2

162.9166.0166.0166.7166.4169 2167.7172.2175 4175.6

179.8179.3176.3

Bills

2.017.015.118.121.719.519.522.325 226 9

23.022.422.422.422.422 422.725.929 129.7

30.331.832.2

Certifi-cates ofindebt-edness

38.221.229.116.726.428.515.719 034 6

31.531.131.132.932.938 538.538.538 536.4

36.438.034.4

Notes

6.023.011.418.430.331.428.043.335 320 7

20.724.724.820.420.520 720.721.921 926.1

28.925.325.4

Bonds

Bankeligi-ble*

33.668.468.441.058.963.976.181.980 982 1

87.787.787.790.990.687 785.885.885 883.4

84.284.284.2

Bankre-

stricted

52.249.636.021.013.45.7

Con-vert-ible

bonds

12.112.512.011.811.410 89 5

9.19.09.08.98.88 68.58.48 48.3

8.28.18.0

Nonmarketable

Totals

8.956.959.566.465.065.163.659.257 453 4

53.153.053.052.952.852 852.852.752 652.1

51.951.951.9

Sav-ings

bonds

6.148.252.157.657.957.757.757.956 352 5

52.352.252.152.051.951 951.851.751 751.2

51.051.051.0

Taxandsav-ings

notes

2.58.25.47.55.86.04.50s)

Specialissues

7.020.029.035.939.241.242.643.945 645 8

45.845.446.146.245.946 346.045.445 144.8

43.943.943.9

1 Includes some debt not subject to statutory debt limitation (amountingto $421 million on Mar. 31, 1959) and fully guaranteed securities, notshown separately.

2 Includes non-interest-bearing debt, not shown separately.3 Includes amounts held by Govt. agencies and trust funds, which

aggregated $9,780 million on Feb. 28, 1959.

4 Includes Treasury bonds and minor amounts of Panama Canal andPostal Savings bonds.

5 Includes Series A investment bonds, depositary bonds, armed forcesleave bonds, and adjusted service bonds, not shown separately.

6 Less than $50 million.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED

[Par value in billions of dollars]

End ofmonth

1941_Dec1945_Dec1947_Dec1951—Dec1952—Dec1953—Dec1954—Dec1955—Dec1956—Dec1957—June

Dec


1959—Jan

Totalgrossdebt

(includ-ing guar-

anteedsecuri-ties)

64.3278.7257.0259.5267.4275.2278.8280.8276.7270.6275.0

274.8272.7275.2275.7276.4275.6278.6276.8280.3283.2283.0285.9

Held byU. S. Govt.agencies andtrust funds *

Specialissues

7.020.029.035.939.241.242.643.945.646.845.8

46.045.845.446.146.245.946.346.045.445.144.843.9

Publicissues

2.67.05.46.46.77.17.07.88.48.79.4

9.49.59.79.79.79.79.79.69.79.79.69.6

Held by the public

Total

54.7251.6222.6217.2221.6226.9229.2229.1222.7215.1219.8

219.4217.4220.0220.0220.5220.0222.6221.2225.3228.4228.6232.4

FederalReserveBanks

2.324.322.623.824.725.924.924.824.923.024.2

23.223.623.724.225.424.525.325.025.426.226.325.7

Com-mercialbanks 2

21.490.868.761.663.463.769.262.059.355.859.1

59.459.463.263.664.965.066.465.566.767.767.267.9

Mutualsavingsbanks

3.710.712.09.89.59.28.88.58.07.97.6

7.67.67.67.57.47.47.57.47.47.37.37.3

Insur-ancecom-

panies

8.224.023.916.516.115.815.014.312.812.312.0

11.911.811.811.711.711.811.911.912.112.112.112.4

Othercorpo-rations

4.022.214.120.719.921.519.223.018.215.416.5

17.215.414.614.713.313.914.614.315.916.916.919.1

Stateandlocalgovt's

.76.57.39.6

11.112.714.415.116.116.917.0

17.317.317.117.016.917.017.017.017.217.217.317.7

Individuals

Savingsbonds

5.442.946.249.149.249.450.050.250.149.148.2

48.248.148.148.148.047.947.947.947.847.847.747.7

Othersecurities

8.221.219.415.516.015.513.715.617.218.718.6

18.618.718.318.117.717.417.016.917.117.117.418.0

Misc.inves-tors 3

.99.18.4

10.611.713.213.915.616.116.016.5

15.915.415.715.415.215.014.915.315.816.016.516.5

1 Includes the Postal Savings System.2 Includes holdings by banks in territories and insular possessions,

which amounted to about $284 million on Dec. 31, 1957.

3 Includes savings and loan associations, dealers and brokers, foreignaccounts, corporate pension funds, and nonprofit institutions.

NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.agencies and trust funds; Treasury Department estimates for other groups.


FEDERAL FINANCE 415

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19591

[On basis of daily statements of United States Treasury. In millions of dollars]

Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount

Treasury bills2

Apr. 2,1959Apr. 9, 1959Apr. 16,1959Apr. 23, 1959Apr. 30, 1959May 7,1959May 14, 1959May 15, 1959May 21, 1959May 28, 1959June 4,1959June 11, 1959June 18,1959June 22, 1959*June 25,1959July 2, 1959July 9, 1959July 16, 1959July 23, 1959July 30, 1959Aug. 6, 1959Aug. 13, 1959Aug. 20, 1959

1,6001,5991,6001,4011,3991,4001,4012,7351,4001,4001,5001,7011,7012,9971,700

400400401400400400400401

Treasury bills Cont.Aug. 27, 1959Sept. 3, 1959Sept. 10, 1959Sept. 17, 1959Sept. 21, 1959*Sept. 24, 1959

CertificatesMay 15, 1959 1%Aug. 1,1959 iy8Nov. 15, 1959 3V8Feb. 15, 1960 3%

Treasury notesApr. 1,1959 1%Oct. 1,1959 1%Nov. 15, 1959 3ViApr. 1,1960 lViMay 15, 1960 3V4May 15, 1960 3ViOct. 1.1960 \y2Apr. 1, 1961 \y2May 15, 1961 3%

395400400400

1,502400

1,81713,5007,71111,363

11999

1,184198

2,7382,406278144

4,078

Treasury notes—Cont.Aug. 1,1961 4Oct. 1,1961 \ViFeb. 15, 1962 3%Feb. 15, 1962 4Apr. 1,1962 li/2Aug. 15, 1962 4Oct. 1,1962 IV2Nov. 15, 1962 334Feb. 15,1963 25/8Apr. 1,1963 n/2Oct. 1,1963 IV2

Treasury BondsJune 15, 1959-62...214Dec. 15, 1959-62...214Nov. 15, 1960 2i/8Dec. 15, 1960-653.. 2y4Sept. 15, 1961 234Nov. 15, 1961 2V2June 15, 1962-67... 2%Aug. 15, 1963 21/2Dec. 15, 1963-68... 2i/2Feb. 15, 1964 3

2,609332647

1,435551

2,000590

1,1433,971

533375

5,2663,4553,8061,4852,239

11,1772.1126,7552,8203,854

Treasury bonds—Cont.June 15, 1964-69... 2ViDec. 15, 1964-69... 2i/iFeb. 15,1965 2%Mar. 15, 1965-70.. . 2 Âug. 15, 1966 3Mar. 15, 1966-71...2}£June 15, 1967-72... 2 ^Sept. 15, 1967-72...2i/2Dec. 15, 1967-72... 2 i/iOct. 1,1969 4Nov. 15, 1974 3%Feb. 15, 1980 4June 15, 1978-83... 3 y4May 15,1985 314Feb. 15, 1990 3i/2Feb. 15, 1995 3

Panama Canal L o a n . . . . 3

Convertible bondsInvestment Series BApr. 1, 1975-80... 2%

3,7433,8186,8964,6991,4842,9461,8352,7163,703657654863

1,6031,1351,7272,740

50

7,984

* Tax anticipation series.2 Sold on discount basis.

1 Direct public issues.See tables on Money Market Rates, p. 407.

3 Partially tax-exempt.

OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1

[On basis of Treasury Survey data. Par value in millions of dollars]

Type of holder and date

Marketable and convertible securities, by type

Total Bills Certifi-cates Notes

Market-able

bonds2

Con-vertiblebonds

Marketable securities, by maturity class

Total Within1 year

1-5years

5-10years

Over 10years

All holders:1956—June 301957—June 30

Deo. 311958—June 30

Dec. 311959—Jan. 31

U. S. Govt. agencies and trust funds:1956—June 301 9 5 7 _ j u n e 30

Dec. 311958—June 30

Dec. 311959—Jan. 31

Federal Reserve Banks:1956—June 301957—June 30

Dec. 311958—June 30

Dec. 311959—Jan. 31

Commercial banks:1956—June 301957_june 30

Dec. 311958—June 30

Dec. 311959—Jan. 31

Mutual savings banks:1956—June 301957_ju ne 30

Dec. 311958—June 30

Dec. 311959—Jan. 31

Insurance companies:1956—June 301957—June 30

Dec. 311958—June 30

Dec. 311959—Jan. 31

Other investors:1956—June 301957__jUne 30

Dec. 311958—June 30

Dec. 311959—Jan. 31

166,050165,985173,718175,573183,896188,005

8,2368,5549,2609,4779,3799,454

23,75823,03524,23825,43826,34725,715

49,67348,73451,71257,50959,04859,680

7,7357,3977,2097,1106,9427,068

11,70210,93610,80110,58010,98411,303

64,94767,32970,49965,45971,19574,784

20,80823,42026,85722,40629,74830,342

2731301301737891

855287

1,2202,7032,2841,661

2,1812,8534,3323,7965,1944,838

10716312289139156

318326291254726810

17,07419,66120,76215,39221,32622,785

16,30320,47334,55432,92036,36436,364

355416657599492441

10,94411,36720,10419,94618,70418,689

1,0042,9134,0463,3316,6866,068

37114167132115142

44136248112231292

3,9195,5279,3318,79910,13710,733

35,95230,97320,66420,41626,07228,918

6881,2821,6171,1691,3381,357

9,1578,579

87

'2^875'2,881

11,6208,9849,67211,53212,28514,183

356367438465538588

760648683614731814

13,37111,1138,1676,6368,3049,095

81,89080,83982,11790,93283,40284,191

3,5753,6643,9334,7034,7114,817

2,8022,8022,8272,7892,4842,484

34,71233,83933,52938,72034,75334,461

6,0745,6555,4705,4935,2685,315

7,7897,2777,2317,3987,2557,369

26,89627,60229,12731,82928,93129,745

11,09810,2809,5278,8988,3098,189

3,3453,0632,9232,8332,7592,748

155144133130130129

1,1611,0981,012931882867

2,7912,5492,3472,2022,0422,017

3,6463,4263,1122,8022,4972,427

154,953155,705164,191166,675175,586179,816

4,8915,4916,3376,6446,6206,707

23,75823,03524,23825,43826,34725,715

49,51748,59051,57957,37958,91859,551

61,30163,90467,38762,65768,69872,358

58,71471,03374,36867,78272,61673,210

9271,1381,236899721689

20,24220,24621,42723,01020,99520,363

7,43312,26813,06613,43114,38013,440

6,5746,2996,1976,1796,0606,201

8,9118,3878,4548,3788,9439,285

247576453303300361

632955938651

1,1581,320

29,23335,85037,24929,48935,06237,037

31,99739,18446,51341,07152,31855,164

5001,2101,7821,5651,6961,738

1,087681

1,3971,0143,8813,882

18,23423,50026,52624,49429,69631,316

5401,0821,2271,1061,2291,253

1,1921,7752,0741,6501,9762,053

10,44310,93613,50811,24313,84114,923

31,31214,73211,27222,96118,65218,652

434295260913

1,1791,193

1,0147505757206206

19,1328,6007,36414,25910,43310,327

1,319601476675958968

1,8021,022718

1,0041,1561,161

7,6123,4642,3976,0544,7194,797

32,93030,75632,03834.86031,'99932,789

3,0302,8483,0593.2673,0253,086

1,4151,3581,3581.3581,2641,264

4,7194,2224,6235.1954,4094,468

4,4684,0404,0414.0943,5733,618

5,2854,6344,7245,0744,6534,752

14,01313,65414,23315,87215,07615,601

1 Direct public issues.2 Includes minor amounts of Panama Canal and Postal Savings bonds.NOTE.—Commercial banks, mutual savings banks, and insurance com-

panies included in the survey account for over 90 per cent of total holdingsby these institutions. Data are complete for U. S. Govt. agencies andtrust funds and Federal Reserve Banks.


416 SECURITY ISSUES

NEW SECURITY ISSUES 1

[Securities and Exchange Commission estimates. In millions of dollars]

Year ormonth

Gross proceeds, all issuers2

Total

Noncorporate

U.S.Govt.3

Fed-eral

agen-cy*

Stateandmu-nici-pal

Others

Corporate

Total

Bonds

TotalPub-licly

offered

Pri-vatelyplaced

Pre-ferredstock

Com-monstock

Proposed uses of net proceeds,all corporate issuers6

Total

New capital

Total Newmoney 7

Mis-cel-

lane-ouspur-poses

Re-tire-ment

ofbankdebt,etc.8

Re-tire-ment

ofsecu-rities

19511952195319541955195619571958

1958—Jan..Feb..Mar..Apr..May.June.July.Aug..Sept.Oct..Nov..D e c .

1959—Jan...

21,26526,92928,82429,76526,77222,40530,57134,435

3,4732,4873,9596,9632,1603,0492,4231,3402,1973,0761,4081,900

5,695

9,77812,57713,95712,5329,6285,5179,60112,063

511407

1,8024,269368

1,411418369352

1,461324370

3,972

110459106458746169572

2,321

1,163251

523

164

'220

199

3,1894,1215,5586,9695,9775,4466,9587,449

782899524798877554631389647439459448

639

446237306289182334557

1,047

201559

141202122139236612779

81

7,7419,5348,8989,51610,24010,93912,88411,555

816875

1,6231,232714963

1,196573

1,175890497

1,002

805

5,6917,6017,0837,4887,4208,0029,9579,684

744607

1,4941,101594866907492

1,098652379751

646

2,3643,6453,8564,0034,1194,2256,1186,333

505398

1,165921391370735209851287236266

404

3,3263,9573,2283,4843,3013,7773,8393,351

239209330180203497172283246365143485

242

838564489816635636411551

288569413658701223671250

1,2121,3691,3261,2132,1852,3012,5161,320

4418261908438

2197055170107201

7,6079,3808,7559,36510,04910,74912,66111,373

805856

1,6081,213699948

1,174563

1,159873489985

34 125 789

7,1208,7168,4957,4908,82110,38412,44710,790

723851

1,5611,141600881

1,102538

1,144858478914

782

6,5318,1807,9606,7807,9579,66311,7849,936

711832

1,5251,037532709

1,026518

1,038739424845

736

226' 363537535709864721663854

111935

10468

1727620

1061195469

46

486664260

1,8751,227

364214583

825

47729967722515151172

Proposed uses of net proceeds, major groups of corporate issuers

Year ormonth

Manufacturing

Newcapital10

Retire-ment of

secu-rities

Commercial andmiscellaneous

Newcapital 10

Retire-ment of

secu-rities

Transportation

Newcapital1

Retire-ment of

secu-rities

Public utility

Newcapital10

Retire-ment of

secu-rities

Communication

Newcapital10

Retire-ment of

secu-rities

Real estateand financial

Newcapital10

Retire-ment of

secu-rities

19511952195319541955195619571958

1958—Jan..Feb.Mar.Apr.,MayJuneJuly.Aug.Sept.Oct.,Nov.Dec.

1959—Jan..

2,8463,7122,1282,0442,3973,3364,1043,296

147171196620163267519122485255119233

145

2212619019053324349223

73

41122649241612103

20

462512502831769682579882

2826476224295547389527053

45

5624409351512916

437758553501544694802777

82486386231064926448118151

67

5322536

270338201439

24

2,3262,5392,9052,6752,2542,4743,8213,598

321366409293303390348281186311127262

294

858867

9901741451139

22371646

214

600747871651

1,0451,3841,4411,294

3435

79740111210113134589103

26

563

6077214

117

50

3730

449448

1,536788

1,8121,8151,701944

1092054940747831492811455112

205

66602427356176749

12

21111535

1 Estimates of new issues maturing in more than one year sold for cashin the United States.

2 Gross proceeds are derived by multiplying principal amounts or num-ber of units by offering price.

3 Includes guaranteed issues.4 Issues not guaranteed.5 Represents foreign governments. International Bank for Reconstruc-

tion and Development, and domestic eleemosynary and other nonprofitorganizations.

6 Estimated net proceeds are equal to estimated gross proceeds less costof flotation, i.e., compensation to underwriters, agents, etc., and expenses.

7 Represents proceeds for plant and equipment and working capital.8 Represents proceeds for the retirement of mortgages and bank debt

with original maturities of more than one year. Proceeds for retirement ofshort-term bank debt are included under the uses for which the bankdebt was incurred.

9 Less than $500,000.10 Represents all issues other than those for retirement of securities.


BUSINESS FINANCE 417

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS


Industry

Annual totals

1953 1954 1955 1956 1957 1958

Quarterly totals

1957 1958

Manufacturing

Total (200 corps.):SalesProfits before taxesProfits after taxesDividends

Nondurable goods industries (94 corps.): *SalesProfits before taxesProfits after taxesDividends

Durable goods industries (106 corps.):2

SalesProfits before taxesProfits after taxesDividends

Selected industries:Foods and kindred products (28 corps.):

SalesProfits before taxesProfits after taxesDividends

Chemicals and allied products (26 corps.):SalesProfits before taxesProfits after taxesDividends

Petroleum refining (14 corps.):SalesProfits before taxesProfits after taxesDividends

Primary metals and products (39 corps.):SalesProfits before taxesProfits after taxesDividends

Machinery (27 corps.):SalesProfits before taxesProfits after taxesDividends

Automobiles and equipment (15 corps.):SalesProfits before taxesProfits after taxesDividends

Public Utility

Railroad:Operating revenueProfits before taxesProfits after taxesDividends

Electric power:Operating revenueProfits before taxesProfits after taxesDividends

Telephone:Operating revenueProfits before taxesProfits after taxesDividends

63,343 58,110 69,87610,2505,2312,827

375649154

7,2443,8252,384

694 20,620 23,106" ~ 3,413

1,9181,202

028526972

2,7531,5811,064

71,9259,2904,8802,980

24,7843,4571,9791,248

42,649 37,490 46

2,346,123,182

4,4912,2441,320

,7706,8363,3131,625

5,411465212154

6,3731,308520417

5,883841603290

13,7501,817790377

8,0051,011402237

16,6112,078758469

10,6641,436903412

7,1361,8951,030780

4,525925452412

5,476462224156

6,1821,153593499

6,015751567294

11,5221,357705407

7,745914465263

14,1371,789863536

9,371908682379

7,5882,0491,134868

4,90:1,050525448

5,833499244160

7,2221,535782597

6,556854624317

14,9522,3771,195522

8,477912465281

18,8263,0231,394693

10,1061,341927448

8,3602,3041,244942

5,4251,282638496

47521

6

,141,833,901,731

,299557273166

7,7291,488769602

7,185917689346

16,0622,3701,232606

9,798942458321

16,3361,984942656

10,5511,268876462

9,0492,4621,3261,022

5,9661,430715552

76,0329,5595,1093,113

68,6987,3584,0133,016

278 2526,3,4382,0191,323

,6452,9201,7281,316

49,754 436,1203,0901,791

,0534,4372,2851,700

6,620600295174

8,2031,556798639

7,814867711374

16,0732,3131,193651

10,9141,175577329

6,730624303179

7,8421,286689627

7,462642546376

13,1221,621835590

10,5201,172590327

17,480 142,1101,059670

,1721,171615642

19,4382,5751,339757

6,524873503318

12,9141,702836439

1,6421547540

2,047394202152

1,94121917291

4,270652327157

2,75030514881

4,522603292166

10,4911,056734435

9,6442,5571,4031,077

6,4671,562788613

9,56484460:410

10,1892,7011,51"1,134

6,93!1,8609216741

2,660264183110

2,312596327270

1,611388195150

18,0562,0421,107757

6,558841491319

11,4981,201616438

1,6691587741

2,065397201150

1,92019316495

3,856512264158

2,66927013582

3,689291151164

2,67528619182

2,335600326265

1,623387195155

18,7522,1901,232849

6,560777474371

12,1921,413758478

1,6911537954

2,047369197187

1,90615614497

3,675473260179

2,87130615286

4,277506279173

2,582259199121

2,457630357273

1,673400203160

16,7181,622852755

6,133648377326

10,585974475429

1,6161406741

1,858281144156

1,80114612595

3,047302157147

2,45422711183

3,853346161164

2,239593196

2,707768421281

1,672402200164

16,8311,625872747

6,203619362325

10,6281,006510422

1,6631517441

1,903281147154

1,77411110395

3,161371191146

2,62926313281

3,542271137160

2,2941359379

2,412615349287

1,715454226166

16,2481,637'893741

'6,526mo'448322

'9,722'867445419

'1,699'1638044

'1,994315'163153

'1,91319815792

'3,236385'200145

2,543'29715581

2,5995324159

'2,461'272'195'77

'2,471650357276

1,745494244171

18,9012,4741,395774

6,783883541343

12,1181,591854431

1,7521698353

2,086409235164

1,97518716194

3,677562287153

2,89438419382

4,177500293159

2,555366271157

2,599667390290

1,807510251173

' Revised.1 Includes 26 companies in groups not shown separately, as follows:

textile mill products (10); paper and allied products (15); miscellaneous (1).2 Includes 25 companies in groups not shown separately, as follows:

building materials (12); transportation equipment other than automobile(6); and miscellaneous (7).

NOTE.—Manufacturing corporations. Sales data are obtained fromthe Securities and Exchange Commission; other data from publishedcompany reports.

Railroads. Figures are for Class I line-haul railroads (which accountfor 95 per cent of all railroad operations) and are obtained from reportsof the Interstate Commerce Commission.

Electric power. Figures are for Class A and B electric utilities (whichaccount for about 95 per cent of all electric power operations) and areobtained from reports of the Federal Power Commission, except thatquarterly figures on operating revenue and profits before taxes are partly

estimated by the Federal Reserve to include affiliated nonelectric opera-tions.

Telephone. Revenues and profits are for telephone operations of theBell System Consolidated (including the 20 operating subsidiaries andthe Long Lines and General departments of American Telephone andTelegraph Company) and for two affiliated telephone companies, whichtogether represent about 85 per cent of all telephone operations. Divi-dends are for the 20 operating subsidiaries and the two affiliates. Dataare obtained from the Federal Communications Commission.

All series. Profits before taxes refer to income after all charges andbefore Federal income taxes and dividends. For detailed description ofseries (but not for figures), see pp. 662-66 of the BULLETIN for June 1949(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (publicutilities); and p. 908 of the BULLETIN for September 1944 (electric power).Revised data annually beginning with 1939 and quarterly beginning with1946 are available from the Division of Reserach and Statistics.


418 BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

[Department of Commerce estimates. In billionsof dollars]

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1

[Securities and Exchange Commission estimates. In millions of dollars]

Year orquarter

19511952195319541955195619571958

1956—4

1957—1234

1958—12341

Profitsbeforetaxes

42.236.738.334.144.945.543.436.7

46.7

46.143.544.239.9

31.732.037.945.2

In-cometaxes

22.419.520.217.221.822.421.618.7

23.0

23.021.722.019.9

16.116.319.323.0

Profitsaftertaxes

19.717.218.116.823.023.121.818.0

23.7

23.121.822.120.0

15.515.718.622.2

Cashdivi-

dends

9.09.09.29.8

11.212.012.412.3

11.8

12.512.612.712.0

12.512.412.511.8

Undis-tributedprofits

10.78.38.97.0

11.811.09.45.7

11.9

10.69.29.48.0

3.03.36.1

10.4

1 Preliminary estimates by Council of EconomicAdvisers.

NOTE.—Quarterly data are at seasonally adjustedannual rates.

Year orquarter

195119521953195419551956 r

1957 r

1958

1957—4'-

1958—1

34

All types

Newissues

9,04810,6799,550

11,69412,47413,20114,35014,710

3,440

3,5664,0493,5753,519

Retire-ments

2,7722,7512,4295,6295,5995,0383,6095,113

862

8521,5811,3671,313

Netchange

6,2777,9277,1216,0656,8758,162

10,7419.597

2,578

2,7152,4682,2082,207

Bonds and notes

Newissues

5,6827,3446,6517,8327,5717,9349,6389,694

2,408

2,7992,4532,2942,148

Retire-ments

2,1052,4031,8964,0333,3833,2032,5843,705

624

5971,3181,028

762

Netchange

3,5774,9404,7553,7994.1884,7317,0535,989

1,784

2,2021,1351,2661,386

Stocks

Newissues

3,3663,3352,8983,8624,9035,2674,7125,016

1,032

7681,5961,2811,371

Retire-ments

667348533

1,5962,2161,8361,0241,408

238

255264339550

Netchange

2,7002,9872,3662,2652,6873,4323,6883,608

794

5131,333

942821

r Revised.1 Reflects cash transactions only. As contrasted with data shown on p. 416, new issues

exclude foreign and include offerings of open-end investment companies, sales of securitiesheld by affiliated companies or RFC, special offerings to employees, and also new stockissues and cash proceeds connected with conversions of bonds into stocks. Retirementsinclude the same types of issues, and also securities retired with internal funds or withproceeds of issues for that purpose shown on p. 416.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i

[Securities and Exchange Commission estimates. In billions of dollars]

End of yearor quarter

19511952195319541955 r

1956r

1957 3 r

4r

1958 l r

2r

3 r

4

Networkingcapital

86.590.191.894.9

103 0107 4

111 3111.7

113 4115.0117 1119.8

Current assets

Total

179.1186.2190.6194.6224 0237 9

241.6242.0

234.9232.9237.8243.7

Cash

30.030.831.133.434.634.8

33.434.7

32.334.235.237.1

U.S.Govt.securi-

ties

20.719.921.519.223.519.1

16.417.2

16.013.915.018.2

Notes and accts.receivable

U.S.Govt. 2

2 . 72 . 82 . 62 . 42 . 32 . 6

2 . 42.8

2.72.62.72 . 8

Other

58.864.665.971.286.695.1

99.498.3

95.496.6

100.5101.0

Inven-tories

64.965.867.265.372.880.4

83.482.3

81.578.477.377.6

Other

2 . 12 . 42 . 43.14 . 25 .9

6 .66.7

7.07.17.27 .0

Current liabilities

Total

92.696.198.999.7

121.0130.5

130.3130.2

121.5117.9120.7123.8

Notes and accts.payable

U.S.Govt.2

1.32 . 32 . 22 . 42 32 . 4

2 . 62.3

2.11.91.81.7

Other

53.657.057.359.373.881.5

81.981.2

76 575.376 477.9

Federalincome

taxlia-

bilities

21.318.118.715.519 317.6

14 415.7

12 49.8

11 413.3

Other

16.518.720.722.525 729.0

31 431.1

30 430.831 130.9

r Revised.Excludes banks and insurance companies.

2 Receivables from, and payables to, the U. S. Government excludeamounts offset against each other on corporations' books.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i

[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

Year

1951195219531954195519561957195819594

Total

25.626.528.326.828 735.137.030.531.8

Manu-factur-

ing

10.911.611.911.011 415.016.011.412.3

Min-ing

.91.01.01.01 01.21.2

.9

.9

Transportation

Rail-road

1.51.41.3.9.9

1.21.4

.8

.8

Other

1.5

.6

.5

.6

.7

.8

.51.9

Publicutili-ties

3.73 .94.64.24 34.96.26.16.1

Com-muni-cations

1.31.51.71.72 02.73.02 . 6

9 .

Others

5.95 .66.36.57 58.47.47 . 2

8

Quarter

1957—4

1958—1234 . . .

1959_J4r24

Total

9 .7

7.37.87 48.0

7 . 08 .2

Manu-factur-

ingandmin-ing

4 6

3.13.22 93 .2

2 . 83 .4

Trans-porta-tion

8

.7

.65

. 6

.6

.7

Publicutili-ties

1 8

.25

.7

25

Allother 3

2 6

2.32 52 42 . 5

2 42 . 6

r Revised.1 Corporate and noncorporate business, excluding agriculture.2 Includes trade, service, finance, and construction.

3 Includes communications and other.4 Anticipated bv husiness.


REAL ESTATE CREDIT 419

MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]


19411945

19511952195319541955195619571958P

1957 JuneSeptDec

1958—Mar.pJunep;Sept p

All properties

Allhold-

ers

37.635.5

82.391.4

101.3113.8130.0144.5156.6171.2

150.4153.7156.6

159.1162.6166.7171.2

Finan-cial

insti-tutions

20.721.0

59 566.975.185 899.4

111 2119.7131.5

115.3117 7119 7

121 5124.5127.9131.5

Otherholders

SelectedFederalagen-cies

2.0.9

2 02 . 42.82 83 13 64 74 . 8

4.24 54 7

4 94.64.64.8

Indi-viduals

andothers

14.913.7

20 822.123.525 227.529 732.134.9

30.931 632.1

32 733.534.334.9

Allhold-

ers

31.230.8

75.684.293.6

105 5120.9134 6146.1160.1

140.1143 3146.1

148 5151.7155.7160.1

]

1- to 4-family 1

Total

18.418.6

51.758.566.175.788.299.0

107.6118.0

103.4105.7107.6

109.3111.7114.8118.0

Finan-cial

insti-tutions

11.212.2

41.146.853.662.573.883.489.999.1

86.688.589.9

91.293.696.399.1

^lonfarm

louses

Otherhold-

ers

7.26.4

10.711.712.513.214.415.617.719.0

16.717.217.7

18.118.118.419.0

Multi-family andcommercial properties1

Total

12.912.2

23.925.727.529.832.735.638.542.0

36.737.538.5

39.140.040.942.0

Finan-cial

insti-tutions

8.17.4

15.917.218.520.021.923.925.828.1

24.625.225.8

26.226.827.328.1

Otherhold-

ers

4.84.7

8.08 .49.09.8

10.811.712.713.9

12.112.412.7

12.913.213.613.9

Farm

Allhold-

ers

6.44.8

6.77 . 37.88.39.19 .9

10.511.2

10.310.410.5

10.610.911.111.2

Finan-cial

insti-tutions

1.51.3

2.62.83.03.33.63.94.04.3

4.04.04 . 0

4 .14.14.24.3

Otherholders2

4.93.4

4.14 . 44.85.05 .46 06 .56 .9

6.46.46.5

6.66.76.86.9

p Preliminary.1 Derived figures, which include negligible amount of farm loans held

by savings and loan associations.2 Derived figures, which include debt held by Federal land banks and

Farmers Home Administration.NOTE.—Figures for first three quarters of each year are Federal Reserve

estimates. Financial institutions represent commercial banks (includingnondeposit trust companies but not trust departments), mutual savingsbanks, life insurance companies, and savings and loan associations.

Federal agencies represent HOLC, FNMA, and VA (the bulk of theamounts through 1948 held by HOLC, since then by FNMA). OtherFederal agencies (amounts small and separate data not readily availablecurrently) are included with individuals and others.

Sources.—Federal Deposit Insurance Corporation, Federal Home LoanBank Board, Institute of Life Insurance, Departments of Agricultureand Commerce, Federal National Mortgage Association, Veterans Ad-ministration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS i



19411945

1951195219531954195519561957195gp

1957 JuneSeptDec

1958 MarJuneSept p

Dec p

Commercial bank holdings2

Total

4,9064,772

14,73215,86716,85018,57321,00422,71923,33725,510

22,76023,10523,337

23,40023,96024,69025,510

Residential

Total

3,2923,395

11,27012,18812,92514,15215,88817,00417,14718,610

16,89017,07017,147

17,12517,46018,05518,610

FHA-in-

sured

3,4213,6753,9124,1064,5604,8034,8235,490

4,7304,7504,823

4,8254,9705,2055,490

VA-guar-

anteed

2,9213,0123,0613,3503,7113,9023,5893,330

3,7203,6603,589

3,4853,4053,3553,330

Con-ven-

tional

4,9295,5015,9516,6957,6178,3008,7359,790

8,4408,6608,735

8,8159,0859,4959,790

Othernon-farm

1,048856

2,4582,6212,8433,2633,8194,3794,8235,400

4,5004,6604,823

4,8805,0605,1555,400

Farm

566521

1004,058

1,082,159,297,336,367

1,500

,3701,3751,367

,395440

,480,500

Mutual savings bank holdings 3

Total

4,8124,208

9,91611,37912,94315,00717,45719,74521,16923,250

20,47520,81221,169

21,56522,16522,74023,250

Residential

Total

3,8843,387

8 5959,883

11 33413,21115,56817,70319,01020,943

18,38418,68719,010

19,37219,92620,46520,943

FHA-in-

sured

2 5673,1683 4893,8004,1504,4094,6695,560

4,5004,5754,669

4,8105,0465,3135,560

VA-guar-

anteed

1 7262,2373 0534,2625,7737,1397,7908,564

7,5207,6607,790

7,9378,1608,3788,564

Con-ven-

tional

4 3034,4774 7925,1495 6456,1556 5516,819

6,3646,4526,551

6,6256,7206 7746,819

Othernon-farm

900797

1 2741,4441 5561,7401 8311,9842 1022,250

2,0332,068

c2,102

2,1352,1812 2182,250

Farm

2824

4753535658595757

585757

58585757

c Corrected. v Preliminary.1 Represents all banks in the United States and possessions.2 Includes loans held by rondeposit trust companies but excludes

holdings of trust departments of commercial banks. March and Septem-ber figures are Federal Reserve estimates based on data from MemberBank Call Report and from weekly reporting member banks.

3 Figures for 1941 and 1945, except for the grand total, are estimates

based on Federal Reserve preliminary tabulation of a revised series ofbanking statistics. March and September figures are Federal Reserveestimates based in part on data from National Association of MutualSavings Banks.

Sources.—All-bank series prepared by Federal Deposit InsuranceCorporation from data supplied by Federal and State bank supervisoryagencies, Comptroller of the Currency, and Federal Reserve.


420 REAL ESTATE CREDIT

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES


Year or month

19411945

19511952195319541955195619571958

1958 JanFebMarAprMayJuneJUlyAu2SeptOctNovDec

1959 Jan

Loans acquired

Total

976

5,1343,9784,3455,3446,6236,7155,2305,248

426379390402380368428437451516429642

508

Nonfarm

Total

4,7233,6063,9254 9316,1086,2014,8234,813

383338344360348341398406421485397592

466

FHA-insured

1,058864817672971842653

1,303

878592949695

103109125141121155

139

VA-guar-

anteed

1,294429455

1,3781,8391,652

831200

293022261620165798

12

11

Other

2,3712,3132,6532 8813,2983,7073,3393,310

267223230240236226279292289335268425

316

Farm

411372420413515514407435

434146423227303130313250

42

Loans outstanding (end of period)

Total

6,4426 636

19,31421,25123,32225,97629,44532,98935,23637,097

35,46235,58735,72735,84035,95636,06036,18336,32336,47236,64836,79437,097

37,211

Nonfarm

Total

5 5295 860

17,78719,54621,43623,92827,17230,50832,65234,388

32,87332,99033,11733,21333,31633,40933,51933,64533,78633,95534,09334,388

34,510

FHA-insured

8151 394

5,2575,6816,0126 1166,3956,6276,7517,449

6,8226,8586,9066 9486,9957,0387 0767,1237,2127 2827,3477,449

7,528

VA-guar-anteed

3,1313,3473,5604 6436,0747,3047,7217,455

7 7507,7397,7237 7197,6997,6777 6517,6197,5617 5277,4927,455

7,429

Other

4 7144 466

9,39910 51811,86413 16914,70316,57718,18019 484

18 30118,39318,48818 54618,62218,69418 79218 90319,01319 14619 25419,484

19,553

Farm

913776

1,5271,7051,8862 0482,2732,4812,5842 709

2 5892 5972,6102 6272 6402,6512 6642 6782,6862 6932 7012,709

2,701

NOTE.—For loans acquired, the monthly figures may not add to annualtotals, and for loans outstanding, the end-of-December figures may differfrom end-of-year figures, because monthly figures represent book value ofledger assets whereas year-end figures represent annual statement asset

values, and because data for year-end adjustments are more complete.Source.—Institute of Life Insurance; end-of-year figures are from

Life Insurance Fact Book, and end-of-month figures from the Tally ofLife Insurance Statistics and Life Insurance News Data.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS


NONFARM MORTGAGE RECORDING OF $20,000 OR LESS


Year ormonth

19411945

1952195319541955195619571958

1958

FebMarAprMayJuneJulyAugSeptOct . . . .NovDec

1959

Jan

Loans made

Total i

1,3791,913

6,6177,7678,969

11,43210,54510,40212,346

723704819920

1,0191,1071,1801,1801,2151,2901,0531,136

1,013

Newcon-

struc-tion

437181

2,1052,4753,0764,0413,7713,5624,096

245233281316346379374373401428345376

317

Homepur-chase

5811,358

2,9553,4883,8465,2414,7274,7085,251

308289318354406461511538537570469488

442

Loans outstanding (end of period)

Total 2

4,5785,376

18,39621,96226,19431,46135,72940,00745,599

40,24340,49040,82541,22341,75142,33342,86643,42343,99744,60245,06745,599

46,009

FHA-in-

sured

11111

904,048,172,405,486,643

.,210

,662,686,715,748,789,833,901,940

>,007> 0842,1552,210

2,277

VA-guar-anteed

3,3943,9794,7215,8916,6437,0117,093

7,0117,0117,0046,9846,9816,9957,0127,0347,0317,0537,0627,093

7,109

Con-ven-

tional2

14,09816,93520,30124,16527,60031,35336,296

31,57031,79332,10632,49132,98133,50533,95334,44934,95935,46535,85036,296

36,623

1 Includes loans for other purposes (for repair, additions and alterations,refinancing, etc.) not shown separately.

2 Beginning 1958 includes shares pledged agaist mortgage loans.Source.—Federal Home Loan Bank Board.

Year ormonth

19411945

1952 . .195319541955195619571958

1958

JanFebMarAprMayJuneJulyAugSeptOctNovDec

1959

Jan

Total

Season-allyad-

justed i

1,9761,9591,9711,9932,0872,1922,2912,4132,4882,5762,6522,629

Withoutseasonal

adjust-ment2

4,7325,650

18,01819,74722,97428,48427,08824,24427,388

1,7821,7011,8662,0222,1512,2752,5432,5352,5962,8572,4322,629

2,352

By type of lender(without seasonal adjustment)

Sav-ings &loan

assns.

1,4902,017

6,4527,3658,312

10,4529,5329,217

10,516

628638705787845910986995

1,0221,086

932983

870

Insur-ancecom-

panies

404250

1,4201,4801,7681,9321,7991,4721,460

111101108106113110125130136150128143

121

Com-mer-cial

banks

1,1651,097

3,6003,6804,2395,6175,4584,2645,204

322304345385418429491476493558474508

454

Mutualsav-ings

banks

218217

1,1371,3271,5011,8581,8241,4291,640

988794

103120140165169170175154165

123

1 Three-month moving average, seasonally adjusted by Federal Re-serve.

2 Includes amounts for other lenders, not shown separately.Source.—Federal Home Loan Bank Board.


REAL ESTATE CREDIT 421

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE


Year or month

1945

195019511952195319541955195619571958

1958—FebMarAprMayJuneJuly

Sent . . .OctNovDec

1959 Jan . . .Feb

FHA-insured loans

Total

665

4,3433,2203,1133,8823,0663,8073,4613,7156,349

386435423431551524599756641559624

700598

Homemortgages

Newprop-erties

257

1,6371,216

9691,2591,0351,2691,133

8801,666

115127119110126132128160174165190

217196

Ex-istingprop-erties

217

856713974

1,030907

1,8161,5051,3712,885

164192186201217236243320327292320

369311

Proj-

typemort-gages i

20

1,15758232225923276

130595929

43625755

12898

170146583124

3737

Prop-ertyim-

prove-ment

loans 2

171

694708848

1,334891646692869868

64536165815858

130837189

7754

VA-guaranteed loans

Total 3

192

3,0723,6142,7193,0644,2577,1565,8683,7611,865

142123857397

127156189239216257

276238

Homemortgages

Newprop-erties

1,8652,6671,8232,0442,6864,5823,9102,8901,311

1291107257718391

107140135174

194174

Ex-istingprop-erties

1,202942890

1,0141,5662,5641,948

863549

1313131527436482998182

8164

MORTGAGE DEBT OUTSTANDING ONNONFARM 1- TO 4-FAMILY PROPERTIES

[In billions of dollars]

1 Monthly figures do not reflect mortgage amendments included in annual totals.2 These loans are not ordinarily secured by mortgages.3 Includes a small amount of alteration and repair loans, not shown separately; only such

loans in amounts of more than $1,000 need be secured.NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed

loans, gross amount of loans closed. Figures do not take account of principal repaymentson previously insured or guaranteed loans. For VA-guaranteed loans, amounts by typeare derived from data on number and average amount of loans closed.

Sources.—Federal Housing Administration and Veterans Administration.

End ofyear orquarter

1945

1950 . .195119521953..195419551956 .19571958?

1957_JuneSeptDec

1958—Mar.*. . . .June* . . . .Sept.*'....Dec.?

Total

18.6

45.251.758.566.175.788.299.0

107.6118.0

103.4105.7107.6

109.3111.7114.8118.0

Government-underwritten

Total

4.3

18.922.925.428.132.138.943.947.250.2

45.946.547.2

47.748.349.250.1

FHA-in-

sured

4.1

8.69.7

10.812.012.814.315.516.519.7

15.916.116.5

17.117.718.619.7

VA-guar-

anteed

.2

10.313.214.616.119.324.628.430.730.5

30.030.430.7

30.630.630.630.4

Con-ven-

tional

14.3

26.328.833.138.043.649.355.160.467.8

57.559.260.4

61.663.465.667.9

9 Preliminary.NOTE.—For total debt outstanding, figures for first

three quarters of year are Federal Reserve estimates.For conventional, figures are derived.

Sources.—Federal Home Loan Bank Board, FederalHousing Administration, Veterans Administration, andFederal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i


FEDERAL HOME LOAN BANK LENDING


End of yearor month

195019511952195319541955195619571958

1958—FebMar . . .AprMayJuneJuly

SeptOctNovDec

1959 JanFeb

Mortgage holdings

Total

1,3471,8502,2422,4622,4342,6153,0473,9743,901

4,0714,0734,0193,9283,7533,7033,6833 6933,7293,7913,901

4 0324,188

FHA-in-

sured

169204320621802901978

1,2371,483

1.319,346,345

1,3421,309,300

1,2981,3201,3531,4051,483

I 564[,664

VA-guar-

anteed

1,1771,6461,9221,8411,6321,7142,0692,7372,418

2,7522,7262,6742,5862,4442,4032,3852,3732,3762,3862,418

2,4682,523

Mortgagetransactions

(duringperiod)

Pur-chases

1,044677538542614411609

1,119623

56453833221722375982

134

150176

Sales

46911156

2215256252

482

92975

10917651238

1

Com-mit-

mentsun-dis-

bursed

48523932363847676

360764

1,541

761745842

1,0011,1421,3081,5431,6741,6691,6401,541

1,4321,291

i Operations beginning Nov. 1, 1954, are on the basis of FNMA's newcharter, under which it maintains three separate programs: secondarymarket, special assistance, and management and liquidation.

Source.—Federal National Mortgage Association.

Year or month

1945

195019511952195319541955195619571958

1958—Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1959—Jan..Feb.

Ad-

278

675423586728734

1,251745

1,1161,364

41532125617810810011912686229

9850

Repay-ments

213

292433528640818702934

1,0791,331

1581469368501376248524753

25194

Advances outstanding(end of period)

Total

195

816806864952867

1,4171,2281,2651,298

790696815803929901939,010,083,123,298

,146,101

Short-term1

176

547508565634612991798731685

451394304288372392427490545576685

599559

Long-term2

19

269298299317255426430534613

339302511515557509512520538547613

547542

1 Secured or unsecured loans maturing in one year or less.2 Secured loans, amortized quarterly, having maturities of more than

one year but not more than ten years.Source.—Federal Home Loan Bank Board.


422 CONSUMER CREDIT

CONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]

End of year or month Total

7,2229,1725,665

22,61727,40131,24332.29238,67042,09744,77445,065

43,01742,50042,61742,98543,07942,92343,12843,14443,16443,46445,065

44,41544,071

Instalment credit

Total

4,5036,0852,462

15,29419,40323,00523,56828,95831,82734,09533,865

33,27832,94032,88832,91033,00833,07433,16533,07933,05233,12633,865

33,76833,751

Auto-mobilepaperl

1,4972,458

455

5,9727,7339,8359,809

13,47214,45915,40914,131

15,03014,79314,69114,61314,59014,56714,51414,33214,16414,06614,131

14,15514,223

Otherconsumer

goodspaper i

1,6201,929

816

4,8806,1746,7796,7517,6348.5108,6929,007

8,2778,1798,1248,1588,1908,1978,2548,3128,4118.5289,007

8,8818,767

Repairand mod-ernization

loans 2

298376182

1,0851,3851,6101,6161,6891,8952,0912,145

2,0412,0192,0172,0382,0482,0612,0912,1072,1282,1462,145

2,1252,116

Personalloans

1,0881,3221,009

3,3574,1114,7815,3926,1636,9637,9038,582

7,9307,9498,0568,1018,1808,2498,3068,3288,3498,3868,582

8,6078,645

Noninstalment credit

Total

2,7193,0873,203

7,3237,9988,2388,7249,712

10,27010,67911,200

9,7399,5609,729

10,07510,0719,8499,963

10,06510,11210,33811,200

10,64710,320

Single-payment

loans

787845746

1,9342.1202,1872.4083,0023,2533,3653,543

3,4043,3973,3523,4763,4823,3733,4533,4953,4143,4993,543

3,4643,563

Chargeaccounts

1,4141,6451,612

3,6054,0114,1244,3084,5794,7354.8295,018

3,7543,5793,7724,0104,0123,9273,9564,0334,1914,2975,018

4,5044,004

Servicecredit

518597845

1,7841,8671.9272,0082,1312,2822,4852,639

2,5812,5842,6052,5892,5772,5492,5542,5372,5072,5422,639

2,6792,753

193919411945

19511952195319541955195619571958

1958—Feb.,Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1959—Jan..Feb.

1 Represents all consumer instalment credit extended for the purposeof purchasing automobiles and other consumer goods, whether held byretail outlets or financial institutions. Includes credit on purchases byindividuals of automobiles or other consumer goods that may be usedin part for business.

2 Represents repair and modernization loans held by financial institu-tions; holdings of retail outlets are included in other consumer goodspaper.

NOTE.—Monthly figures for the period December 1939 through 1947,and a general description of the series are shown on pp. 336-54 of theBULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINSfor October 1956, pp. 1035-42, December 1957, pp. 1420-22, and Novem-ber 1958, pp. 1344-45. A detailed description of the methods used toderive the estimates may be obtained from Division of Research andStatistics.

INSTALMENT CREDIT, BY HOLDER

[Estimated amounts outstanding, in millions of dollars]

End of yearor month

193919411945

1951. . . .195219531954195519561957 . .1958

1958 FebMar

MayJune •JulyAugSeptOct .NovDec

1959_janFeb

Totalinstal-mentcredit

4 5036,0852 462

15,29419,40323,00523,56828,95831,82734,09533,865

33,27832,94032,88832,91033,00833,07433,16533,07933,05233,12633,865

33,76833,751

Financial institutions

Total

3,0654,4801,776

12,12415,58118,96319,45024,45027,08429,42728,943

28,90728,64628,72428,70328,77428,91728,98328,75828,66628,64828,943

29,01629,070

Com-mercialbanks

1 0791,726

745

5,7717,5248,9988,796

10,60111,70712,75312,730

12,45112,33312,44412,46712,52012,60612,65512,60712,61212,61712,730

12,85612,884

Salesfinancecom-

panies

1,1971,797

300

3,6544,7115,9276,1448,4439,1009,5738,740

9,4059,2849,2009,1299,1059,1219,0838,8918,7778,7088,740

8,7338,724

Creditunions

132198102

635837

1,1241,3421,6782,0142,4292,664

2,4042,4102,4522,4782,5102,5452,5782,5912,6132,6282,664

2,6392,661

Con-sumerfinancecom-

panies1

1 5551,8662,1372,2572,6563,0563,3333,381

3,3073,2873,2923,2773,2833,2923,2943,2803,2743 2813,381

3,3743,372

Other i

657759629

509643777911

1.0721,2071,3391,428

I 3401,3321,3361,3521,3561,3531,3731,3891,390[ 4141,428

1,414I 429

Retail outlets

Total

1 4381 605

686

3 1703,8224 0424,1184 5084,7434,6684,922

4 3714 2944,1644 2074,2344,1574 1824,3214,3864 4784 922

4,7524,681

Depart-ment

stores 2

354320131

0241,107[ 0641,242L 5111,4081,393,702

I 326[,3431,241I 2781,3101,241I 2511,3931,426

474702

1,6151,611

Furni-ture

stores

439496240

810943

1 004984

1,0441,1871,2101,220

1,1401,1031,0911 0921,0931,0931,1101,1101,1261 1491,220

1,1831,166

House-holdappli-ance

stores

183206

17

243301377377365377361360

351347342341339338340344346351360

356350

Auto-mobile

dealers 3

12318828

290389527463487502478425

464455450446444443440433427424425

425427

Other

339395270

9031,0821.0701,0521,1011,2691,2261,215

I 0901,0461,0401,0501,0481,042I 0411,0411,061

0801,215

1,173I 127

1 Consumer finance companies included with "other" financial institu-tions until September 1950.

2 Includes mail-order houses.

3 Represents automobile paper only; other instalment credit held byautomobile dealers is included with "other" retail outlets.


INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT


End of yearor month

193919411945

19511952195319541955195619571958


1959—JanFeb


1,0791,726

745

5,7717,5248,9988,79610,60111,70712,75312,730

12,45112,33312,44412,46712,52012,60612,65512,60712,61212,61712,730

12,85612,884

Automobilepaper

Pur-chased

237447

66

1,1351,6332,2152,2693,2433,6514,1303,938

4,0383,9743,9613,9543,9573,9673,9773,9483,9253,9173,938

3,9623,993

Direct

178338143

1,3111,6291,8671,6682,0622,0752,2252,191

2,2022,1952,2102,2142,2232,2282,2212,1982,1782,1692,191

2,2162,239

Othercon-

sumergoodspaper

166309114

1,3151,7512,0781,8802,0422,3942,4672,324

2,3042,2592,3062,2892,2812,3002,3042,2742,2872,2962,324

2,3722,342

Repairand

mod-erniza-

tionloans

135161110

8881,1371,3171,3031,3381,4691,5801,613

,537,520,518,531,540,551,570,583,603,614,613

,605,594

Per-sonalloans

363471312

1,1221,3741,5211,6761,9162,1182,3512,664

2,3702,3852,4492,4792,5192,5602,5832,6042,6192,6212,664

2,7012,716

CONSUMER CREDIT 423

INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT


End of yearor month

193919411945

19511952195319541955195619571958

1958—Feb..Mar.Apr.,May,June,July.Aug.Sept.Oct..Nov.Dec..

1959—Jan..Feb..


1,1971,797

300

3,6544,7115,9276,1448,4439,1009,5738,740

9,4059,2849,2009,1299,1059,1219,0838,8918,7778,7088,740

8,7338,724

Auto-mobilepaper

8781,363

164

2,8633,6304,6884,8706,9197,2837,4706,404

7,2377,0806,9686,8886,8446,7956,7306,6016,4776,3956,404

6,3916,394

Othercon-

sumergoodspaper

11516724

452680816841

1,0341,2271,4131,567

1,4641,492

,515,520,532,592,612,551,560,571,567

,566,548

Repairand

modern-izationloans

14820158

6360463125232019

2019202020212320191919

1919

Per-sonalloans

566654

276341377402465567670750

684693697701709713718719721723750

757763

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONSOTHER THAN COMMERCIAL BANKS AND SALES

FINANCE COMPANIES, BY TYPE OF CREDIT


NONINSTALMENT CREDIT, BY HOLDER


End of yearor month

193919411945

19511952195319541955195619571958

1958—FebMarAprMayJuneJulyAugSeptOctNov . . .Dec

1959_ja nFeb


789957731

2,6993,3464,0384,5105,4066,2777,1017,473

7,0517,0297,0807,1077,1497 1907,2457,2607,2777,3237,473

7,4277,462

Auto-mobilepaper

8112254

373452538539761948

1,1061,173

1,0891,0891,1021,1111,1221,1341,1461,1521,157,161

1,173

,161,170

Othercon-

sumergoodspaper

243620

233310370375537648622619

602589589588587591596599605607619

616623

Repairand

modern-izationloans

151414

134188247282326403491513

484480479487488489498504506513513

501503

Per-sonalloans

669785643

1,9592,3962,8833,3143,7824,2784,8825,168

4,8764,8714,9104,9214,9524,9765,0055,0055,0095,0425,168

5,1495,166

NOTE.—Institutions represented are consumer finance companies, creditunions, industrial loan companies, mutual savings banks, savings andloan associations, and other lending institutions holding consumerinstalment loans.

End of yearor month

193919411945

19511952195319541955195619571958


1959_j a nFeb .

Totalnon-

instal-mentcredit

2,7193,0873,203

7,3237,9988,2388,7249,712

10,27010,67911,200

9,7399,5609,729

10,07510,0719,8499,963

10,06510,11210,33811,200

10,64710,320

Financialinstitutions(single-pay-ment loans)

Com-mer-cial

banks

625693674

1,6841,8441,8992,0962,6352,8432,9373,057

2,8932,8812,8962,9332,9982,9682,9802,9652,9772,9983,057

3,0303,075

Other

16215272

250276288312367410428486

511516456543484405473530437501486

434488

Retailoutlets(charge

accounts)

De-part-ment

stores i

236275290

698728772793862893876907

601573580584575533546600623669907

757637

Other

1,1781,3701,322

2,9073,2833,3523,5153,7173,8423,9534,111

3,1533,0063,1923,4263,4373,3943,4103,4333,5683.6284,111

3,7473,367

Servicecredit

518597845

1,7841,8671,9272,0082,1312,2822,4852,639

2,5812.5842,6052,5892,5772,5492,5542.5372.5072,5422,639

2.6792,753

1 Includes mail-order houses.


424 CONSUMER CREDIT

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT

[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustmentof monthly figures for seasonal variation and differences in trading days]

Year or month

Total

Adjusted Unad-justed

Automobile paper


Other consumergoods paper


Repair andmodernization loans


Personal loans


1958—Feb..Mar..Apr..May.June.July..Aug..Sept..Oct..,Nov..Dec.

1959—Jan..Feb..

Extensions

19511952195319541955195619571958


1959—JanFeb

19511952195319541955195619571958

1958—Feb..Mar..Apr..May.June.July..Aug..Sept..Oct..,Nov..Dec.

1959_jan.. .Feb..

3,2213,1883,2613,2463,2623,3283,4163,3263,4513,5943,720

3,7993,816

23,57629,51431,55831,05139,03940,06342,42640,497

2,7423,1563,3353,3713,4773,4833,3853,2973,4753,3384,350

3,3213,247

1,1651,0621,1431,0941,0951,1511,1421,0821,1991,2761,420

1,4371,454

8,95611,76412,98111,80716,74515,56316,54514,154

1,0141,0941,2111,1991,2571,2811,1931,1051,1731,0911,360

1,2481,258

903985923992968965

1,0181,0051,0051,0411,002

1,0471,057

7,4859,1869,2279,11710,63411,59011,62611,747

714901876

1,000973956976993

1,0751,0541,435

839

122122132134135135142142143142134

146141

8411,2171,3441,2611,3881,5681,6621,620

95111131144146146151158159141131

111111

Repayments

3,3883,3843,3903,3383,3913,3653,4033,3763,4183,4473,414

3,4123,483

22,98525,40527,95630,48833,64937,19440,15840,727

3,1773,4943,3873,3493,3793,4173,2943,3833,5023,2643,611

3,4183,264

1,3111,2941,3261,2841,2781,2751,2761,246

,281,243,262

,252,281

9,05810,00310,87911,83313,08214,57615,59515,432

,219,331,313,277,280,304,246,287,341,189,295

,224,190

959963919940961948947949964,001953

956981

7,4047,8928,6229,1459,75110,71411,44411,432

932999931966941949919935976937956

1,012953

130130135124138132124140134124129

130127

772917,119,255,315,362,466,566

123133133123136133121142138123132

131120

Change in outstanding credit1

19511952195319541955195619571958

-167-196-129-92

-129-37+ 13-50+33

+ 147+306

+387+333

+591+4,109+ 3,602

+563+5,390+2,869+2,268

-230

-435-338-52+22+98+66+91-86-27+74

+739

-97-17

-146-232-183-190-183-124-134-164-82+33

+ 158

+ 185+ 173

-102+ 1,761+2,102

-26+3,663

+987+950

-1,278

-205-237-102-78-23-23-53

-182-168-98+65

+24+68

-56+22+4

+52+7

+ 17+71+56+41+40+49

+91+76

+81+ 1,294

+605-28

+883+876+ 182+315

-218-98-55+34+ 32+7

+ 57+ 58+99

+ 117+479

-126-114

- 3+ 10

+3+ 18+2+9

+ 18+5

+ 16+ 14

+69+300+225

+ 6+73

+206+ 196+54

-28-22- 2

+21+ 10+ 13+30+ 16+21+ 18

- 2 0

1,0311,0191,0631,0261,064J,077

,114,097,104,135,164

,169,164

988997

1,010990,014,010,056,041,039,079,070

,074,094

+43+22+53+36+50+67+58+56+65+56+94

+95+70

6,2947,3478,0068,866

10,27211,34212,59312,976

9191,0501,1171,0281,1011,1001,0651,0411,0681,0521,424

1,0761,039

5,7516,5937,3368,2559,50110,54211,65312,297

903,031,010983,022,031,008,019,047,015,228

,051,001

+543+754+670+611+771+ 800+940+679

+ 16+ 19

+ 107+45+79+69+57+22+21+37

+ 196

+25+38

i Obtained by subtracting instalment credit repaid from instalmentcredit extended.

NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 ofthe BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem-ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.

A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shown

in the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain othertransactions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.


CONSUMER CREDIT 425

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER

[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustmentof monthly figures for seasonal variation and differences in trading days]

Year or month

19511952195319541955195619571958

1958 Feb *Mar *Apr 1

July

Oct

Dec

1959 JanFeb i

19511952

195419551956

1958

1958 Feb 1

Apr iMayJuneJuly

Sept lOctNovDev

1959 JanFeb 1

1QC1

19521953

195519561957

1958 Feb *Mar iAnr l . . . .May

July

Sept l

OctNovDec

1959 JanFeb *

Tota


Commercial banks


Sales financecompanies


Other financialinstitutions


Retail

Adjusted

outlets

Unad-justed

Extensions

3,2213,1883,2613,2463,2623,3283,4163,3263,4513,5943,720

3,7993,816

23,57629,51431,55831,05139,03940,06342,42640,497

2,7423,1563,3353,3713,4773,4833,3853,2973,4753,3384,350

3,3213,247

1,1451,1071,2011,1501,1681,2551,2491,2061,2721,3211,330

1,4431,395

8,35811,12312,09911,26714,10914,38715,23414,645

1,009,133,285,227,278,320,235,209,261,160,357

,333,227

766738766712685753714632732758827

883865

5,4676,9827,5607,260

10,2009,600

10,2008,907

642724759743116851756656738687855

753723

813805834820841853889873885911935

903922

4,7885,6596,3756,9838,4499,474

10,49710,330

725825866827872875858831864857

1,143

803824

497538460564568467564615562604628

570634

4,9635,7505,5245,5416,2816,6026,4956,615

366474425574551437536601612634995

432473

Repayments

3,3883,3843,3903,3383,3913,3653,4033,3763,4183,4473,414

3,4123,483

22,98525,40527,95630,48833,64937,19440,15840,727

3,1773,4943,3873,3493,3793,4173,2943,3833,5023,2643,611

3,4183,264

1,2331,2111,2031,1971,2201,2031,2201,1971,2301,2281,196

1,2101,262

8,3859,370

10,62511,46912,30413,32014,25914,551

1,1481,2331,2141,204[,2251,2341,186[,2151,2561,155[,244

1,2071,175

819813860830801828806806800785782

789793

5,5245,9256,3447,0437,9018,9439,7279,774

758845843814800835794825852756823

760732

797821816802823821845837841855864

870857

4,3855,0125,6836,5117,5538,6039,6739,958

734847815800830834803816847811993

849789

539539511509547513532536547579572

543571

4 6915,0985 3045,4655,8916,3286 4996,444

537569515531524514511527547542551

602568

Change in outstanding credit2

-167-196-129

- 9 2-129

- 3 7+ 13- 5 0+ 33

+ 147+306

+ 387+333

+ 591+4,109+ 3,602

+ 563+ 5,390+2,869+2,268

230

-435-338- 5 2+22+98+66+91- 8 6- 2 7+74

+739

- 9 7- 1 7

-145-122+ 38- 4 7- 5 2+52+29- 3 3+42+93

+ 134

+233+ 109

- 2 7+ 1,753+ 1,474

-202+ 1,805+ 1,106+ 1,046

23

-196-118+ 111

+23+ 53+86+49- 4 8+ 5+ 5

+ 113

+ 126+28

+4- 7 5- 9 4

-118-116

- 7 5- 9 2

-197- 6 8- 2 7+45

+94+72

- 5 7+ 1,057+ 1,216

+217+2,299

+657+473-833

- 5 9-121- 8 4- 7 1- 2 4+ 16- 3 8

-192-114

- 6 9+32

- 7- 9

+ 16- 1 6+ 18+ 18+ 18+ 32+44+ 36+44+56+71

+ 33+65

+403+647+692+472+ 896+ 871+824+ 372

- 9- 2 2+ 51+27+42+41+ 55+ 15+ 17+46

+ 150

- 4 6+35

- 4 2+ 17- 9 1+55+21- 4 6+32

+ 144+ 15+25+56

+27+87

+272+ 652+220+76

+ 390+235

-75+254

-171- 7 7

-130+43+27- 7 7+25

+ 139+65+92

+444

-170- 7 1

1 Data on extensions and repayments have been adjusted to avoidduplications resulting from large transfers of other consumer goods paper.As a result, the differences between extensions and repayments for sometypes of holders do not equal the changes in outstanding credit.

2 Obtained by subtracting instalment credit repaid from instalmentcredit extended, except as indicated in note 1.

NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 ofthe BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem-ber 1957, pp. 1420-22, and November 1958, pp. 1344-45.

A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shownin the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain other trans-actions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.


426 BUSINESS ACTIVITY

SELECTED BUSINESS INDEXES

[1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Yearor month

1919192019211922 . . .192319241925

19261927192819291930

19311932193319341935

19361937193819391940

19411942194319441945

19461947194819491950

1951 .1952195319541955195619571958

1958

MarAprMayJuneJuly

SeptOctNovDec

1959

JanFeb

Industrial production(physical volume)*

Total

Ad-justed

128126128132134136137138141142

143145

P147

Unadjusted

39413139474449

5151535949

4031374047

5661485867

87106127125107

9010010497

112

120124134125139143143

129127127131125136140143144140

142147

M

Total

Ad-justed

38393039454348

5050525848

3930363946

5560465766

88110133130110

9010010397

113

121125136127140144145

*>136

129128130134136138139140143144

145148

nso

anufactures

Du-rable

Ad-justed

38422437474349

5249536045

3119243038

4955354963

91126162159123

8610110495

116

128136153137155159160

135131134139141144145146151152

153156

Non-du-

rable

Ad-justed

37363440444246

4850515651

4842484955

6164576669

8493

1039996

9599

10299

111

114114118116126129130

124125126129132133133134135135

137139

^140

Min-erals

Ad-justed

45534245625759

6364636859

5142485155

6371626876

8184879392

9110010694

105

115114116111122129128

112109108112116120123122123

r124

r124123

Constructcontrac

awarded (va

Total

Unadjusted

34343043455166

6969736349

3415141720

3032353944

6689372236

8284

102113159

171183192215261199101111

1021091281441361301211259886

8787

Resi-den-tial

Unad-justed

26

2741495775

7371765230

228

13

2225273743

5449241016

878698

116185

170183178232280199101114

9911512412614413413514811291

9599

ionslue)i

Allother

Unad-justed

39453243424659

6768707062

4120182425

3536404044

74116453050

7983

105

142

172183201204248199101108

1051041301561301281111098882

8278

Employment and payrolls2

Non-agri-cul-turalem-

ploy-ment

Ad-justed

61 361.955 258.564.363.565.2

67 567.967 971.066.6

60.353 453.658.861 3

65 870.266.169.373.3

82.890.996 395.091 5

94.499.4

101 699.0

102 3

108.2110.4113.6110 7114.4118.3119 2115.5

114 8114.4114.6115.0115 2115.6116.1115 6116.3116.2

r116.7116.9

nn A

Manufacturingproduction workers

Employ-ment

Ad-justed

91 592.592.392.893 193.294.893.496.096.1

96 597.0

Unadjusted

68 769.052 858.466.962.164.2

65.564.164 268.359.5

50.242 647.255.158.8

63 970.159.666.271.2

87.9103.9121 4118.1104.0

97.9103.4102 893 899.6

106 4106.3111.8101 8105.6106 7104 494.3

93 391.490 992.391 894 196.594 896 996.5

95 896 6

^97.7

Pay-rolls

Unadjusted

31 137.124 025.732.630.432.1

33.032.432 835 028.3

21.514 815.920.423.5

27 232.625.329 934.0

49.372.299 0

102.887.8

81.297.7

105 197 2

111.7

129 8136.6151.4137 7152.9161 4162 7148.8

143 6139.6140 9144.9144 8150 0155.7152 5158 4160.4

r158 2160.6

Freightcar-

load-ings*

Ad-justed

90988392

107105110

11511111211599

7959626769

8184677683

98104104106102

100108104

8897

10195968695979078

75727377707980838382

848485

Departmentstoresales*(retailvalue)

Ad-justed

27323030343436

3737373835

3224242729

3235323537

4449566270

9098

10499

107

112114118118128135135136

131130134133140147135135137143

138^139et41

Con-sumerprices2

Unad-justed

74 085.776 471 672.973.175.0

75 674.273 373.371.4

65.058 455.357.258.7

59 361.460.359 459.9

62.969.774 075 276.9

83.495 5

102 8101 8102.8

111 0113.5114 4114 8114 5116 2120 2

123 3123 5121 6123 7123 9123 7123 7123 7123 9123 7

123 8123 7

Whole-salecom-

modityprices2

Unad-justed

65 062.062 961.956.1

47.442 142.848.752.0

52 556.151.150 151.1

56 864.267 067.668.8

78.796 4

104 499 2

103.1

114 8111.6110 1110 3110 7114 3117 6

119 7119 3119 5119 2119 2119 1119 1119 0119 2119 2

119 5119 5119.6

e Estimated. * Preliminary. r Revised.• Average per working day.i Indexes beginning 1956 are based on data for 48 States from F. W.

Dodge Corporation, 1956-57= 100. Figures for earlier years are three-month moving averages, based on data for 37 States east of the RockyMountains, 1947-49= 100; the data for 1956 on this basis were: Total,268; Residential, 271; and all other, 266. A description of the old index,including seasonal adjustments, may be obtained from the Division ofResearch and Statistics.

2 The indexes of employment and payrolls, wholesale commodity prices,and consumer prices are compiled by the Bureau of Labor Statistics.Nonagricultural employment covers employees only and excludes person-nel in the armed forces. The consumer price index is the revised series,reflecting, beginning January 1953, the inclusion of some new series andrevised weights; prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes converted to the base 1947-49= 100.


PRODUCTION 427


[Federal Reserve indexes, 1947-49 average= 100]

Industry1947-49pro-por-tion

100.00

90.02

45.17

6.70

28.525.7313.689.044.647.544.802.741.29

5.912.823.09

4.041.642.40

44.85

11.876.325.55

3.201.471.73

8.933.465.471.853.62

9.346.842.542.50

11.5110.738.492.24.78

9.98

8.352.68.36

2.325.674.12.70

1.63.82.81

Annualaverage

1957

143

145

160

131

176139168150204213128344172

133155114

132120140

130

10599111

118135104

148158141131146

172184203141

112112112113111

128

128834988150138198

129116142

*1958

134

136

141

104

15512814512717918799319164

129145115

127119133

130

10398110

113125102

147160139126146

170184195134

115115115116118

117

117684272140129196

11791143

Feb.

130

131

137

95

75512414412717718599313163

120134108

120111127

125

9791103

10511498

144153139124146

164177187129

114114112120112

118

118704374141128194

119106133

Mar.

128

129

135

91

15012214112617018393316160

120133109

121111128

124

959299

10611698

142149138124145

163176184127

113113112114112

112

111704174130116196

119100138

Apr.

126

128

131

86

14611813712216617886316159

121135107

121110129

125

9892106

10211294

143152137123145

164178182127

113113115108117

109

108634067129117193

11388139

May

128

130

134

91

14812013712216718293314158

123139109

122113129

126

9992106

10411397

143153137124144

165178182129

114114114114115

108

108624165130118192

70773142

June

132

134

139

103

75712514112517118595320160

128145113

126116132

129

10295110

777125100

146157138125145

168181187131

116116116116116

112

112664569134122191

77280145

1958

July

134

136

141

102

75412914412518118596318162

132152114

129119135

132

107101115

114125104

148163138126145

777184193136

116116116114121

116

775653869141128200

77380146

Aug.

136

138

144

109

15613214712618818696321162

735150120

130123134

133

108103114

116132103

750166140128147

174186196139

775116116115121

120

121684173146137198

77383144

Sept.

137

139

145

113

75513514812918617882322166

735157118

732126137

133

109103116

779136104

750167140127146

174187204135

775115116114121

123

723704474149140198

77P90149

Oct.

138

140

146

122

75513314713018018391321169

134149120

134127138

134

111104118

779133108

753171142131148

775189209137

775115115115120

122

723693974148138

^200

72092148

Nov.

141

143

151

123

753136150133183203119327173

737151125

134129137

135

110104117

725141113

752168142130149

777192212139

777116116119126

123

723723777147135

*200

124101148

Dec.

142

144

152

123

755136152132190204123322175

735148125

73/127134

135

110104116

723140108

750166139120150

750194214142

777117116121126

124

rl24'7348'77148135

P199

725108142

1959

Jan. Feb.

SEASONALLY ADJUSTED

INDUSTRIAL PRODUCTION—TOTAL.

MANUFACTURES—TOTAL

Durable Manufactures—Total

Primary metals

Metal fabricatingFabricated metal productsMachinery

Nonelectrical machineryElectrical machinery

Transportation equipmentAutos, trucks, and partsOther transportation equipment

Instruments and related products

Clay, glass, and lumber productsStone, clay, and glass productsLumber and products

Furniture and misc. manufacturesFurniture and fixturesMiscellaneous manufactures

Nondurable Manufactures—Total. . . .

Textiles and apparelTextile mill productsApparel and allied products

Rubber and leather productsRubber productsLeather and products

Paper and printingPaper and allied productsPrinting and publishing

Newsprint consumptionJob printing and periodicals

Chemical and petroleum productsChemicals and allied products

Industrial chemicalsPetroleum and coal products

Foods, beverages, and tobaccoFood and beverage manufactures

Food manufacturesBeverages

Tobacco manufactures

MINERALS—TOTAL

Mineral fuelsCoal

AnthraciteBituminous coal

Crude oil and natural gasCrude oilNatural gas and gas liquids

Metal, stone, and earth mineralsMetal miningStone and earth minerals

143

145

153

125

166136154•"132199204124'322176

'735'147'124

735133137

137

111106'117r124'142109

753168'144129'152

182196216143

118'118'117121121

'124

'723'6945'73'148'137^198

'729113'145

145

148

156

138

755136158138199204123322178

737150124

735133137

139

112108118

729151

755172145131152

183197

2444'

720120120

123

722723777

^146

730117143

Preliminary r Revised. For other notes see end of table.


428 PRODUCTION

INDUSTRIAL PRODUCTION—Continued

[Federal Reserve indexes, 1947-49 average = 100]

Industry1947-49

pro-por-tion

Annualaverage

1957

1958 1959

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTION—TOTAL.

MANUFACTURES—TOTAL

Durable Manufactures—Total

Primary MetalsFerrous metals

Pig iron and steelPig ironSteel

Carbon steelAlloy steel

Ferrous castings and forgingsIron and steel castingsSteel forgings

Nonferrous metalsPrimary nonferrous metals

Copper smeltingCopper refiningLeadZincAluminum

Secondary nonferrous metalsNonferrous shapes and castings

Copper mill shapesAluminum mill shapesNonferrous castings

Metal Fabricating

Fabricated metal productsStructural metal partsStampings and misc. metal productsTin cansFurnaces, gas ranges, and heaters

Machinery

Nonelectrical machineryFarm and industrial machinery

Farm machineryIndustrial and commercial machinery..

Machine tools and pressesLaundry and refrigeration appliances

Electrical machineryElectrical apparatus and partsRadio and television sets

Transportation equipmentAutos, trucks, and parts

AutosTrucks

Light trucksMedium trucksHeavy trucksTruck trailers

Auto and truck parts

Other transportation equipmentAircraft and partsShipbuilding and repairRailroad equipment

Railroad cars

Instruments and related products

Clay, Glass and Lumber Products

Stone, clay, and glass productsGlass and pottery products

Flat glass and vitreous productsFlat and other glass

Glass containersHome glassware and pottery

CementStructural clay products

BrickClay, firebrick, pipe, and tile

Concrete and plaster productsMisc. stone and earth manufactures

100.00

90.02

45.17

6.705.033.51.37

3.052.62.43

1.521.29.23

1.67.38.09.06.04.10.09

.131.16.63.20.33

28.52

5.732.682.12.30.63

13.68

9.048.131.027.11.68.69

4.643.23.74

7.544.801.50.66.22.19.14.07

2.58

2.741.30.81.53

.35

1.29

5.91

2.821.09.60.47.26.23.32.35.12.20

.48

.58

143

145

160

131130140137139138143

108107113

136164129135114123275

111129104198136

176

13915212414699

168

15014684155182151

204201205

21312814610410050194137123

34460812977

80

172

133

15514116116413692148128114140

188174

134

136

141

1049910599105104106

858581

1211461201219997268

11694193110

155

128140108150106

145

12712179127119148

179177166

18799101908224203116

31957212839

34

164

12914512513813913582

155118113123

187157

131

133

139

999194919392100

858392

122157128140116106273

9311392174117

156

12413810512694

148

13112681132133144

181183159

191108122928529210102104

31656212456

56

163

117

13012814314413284929977115

155151

129

131

138

95899290919095

838386

11414912212896101271

8810683170111

154

11113510313997

146

13112483130128158

174179139

189101106958326226104100

32056612858

59

161

118

1311241371371348110510287114

163151

127

129

133

89818380828377

787974

11214612412294101261

941027718999

148

1181319912097

139

12612184126119131

165172125

1819289907926213103

31656112751

49

160

121

13511813112912678

146112115111

170

127

129

133

93879183919186

787970

11214111211410599256

831058418798

146

1191329813796

135

12411881123115137

159168112

1819499967826239111

131

133

138

1061001059310510891

878881

12413310511010295241

88125110212101

149

125138101160110

138

12511780123114159

162168123

18394100917929210113

125

127

132

90859287929481

707258

102126901088690240

74977419883

144

12313710017187

133

12011480119112131

158166115

1758487766823164106

136

138

140

1029810597105106101

808175

11512895998886

254

9011496190103

150

133143104232115

142

11911477119109123

186170214

1737753786116189120

140

141

146

111106114106114113118

878880

1251381111109991261

94124102207116

156

141148115208132

151

12811980124114170

195178223

1706937674912155131

143

145

149

123117129119129126144

909185

14015013811110190283

111141128219118

158

136144115161133

150

12711883124115163

194177221

1849271897512

221132

144

146

155

124120129124128127138

9910188

1371571441309393295

105133114202130

167

136144119130128

153

13112165129113179

197182212

21113216011212333

221135

140

141

152

119117127123127125135

939396

12616213014498105308

10211787

-203123

168

136148125104104

152

13312572133116163

190192163

21413416110012030173134

142

144

'154

127125136127136133157

'98'98101

'134'163'13213597105317

127103'204129

168

'135'144124

156

134'128'80'135116155

199'192193

'211131154'110'11428227145

31155313139

34

157

125

14111812612713378172116121114

183147

3165681303224

159

133

14812313013214481

183121123121

195153

31256112828

19

157

12614812313313513982

175122122125

200150

31757312730

22

160

142

15513114114614784186126126129

209157

32258312630

20

168

143

16013615416014284192132134134

209163

32158212820

15

171

143

15512212312014591193133136133

207169

32759113029

19

174

13915312714114113086

170127123132

199169

3295951283224

176

126

14512414414411680

139120110129

187171

325'58713128

19

176

127'141'126'142'142'126

10911296126

182172

147

149

159

143142156139156151191

111111110

14717013915597

^108318

123224

172

136144123

162

14213297137119194

203194200

21213314913212332308

32558612935

26

178

133145134149151138

109

126

182174

Preliminary. r Revised. For other notes see end of table.


PRODUCTION 429



Industry1947-49

pro-por-tion

Annualaverage

1957 H958

1958 1959

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb.


—Continued

Lumber and productsLumberMillwork and plywood.

MillworkSoftwood plywood...

Wood containers

Furniture and Misc. Manufactures.

Furniture and fixturesHousehold furnitureFixtures and office furniture.

Miscellaneous manufactures

Nondurable Manufactures—Total.

Textiles and Apparel

Textile mill productsCotton and synthetic fabrics.

Cotton consumptionSynthetic fabricsFabric finishing

Wool textilesWool apparel yarns.Wool fabrics

Knit goodsHosiery

Full-fashioned hosiery.Seamless hosiery

Knit garments

Floor coverings1.Woven carpets.

Apparel and allied products...Men's outerwear

Men's suits and coats . . . .Men's suitsMen's outercoats

Shirts and work clothing.

Women's outerwearWomen's suits and coats.

Misc. apparel and allied mfrs. . . .

Rubber and Leather Products.

Rubber productsTires and tubes

Auto tiresTruck and bus tires

Miscellaneous rubber products.

Leather and products. . .Leather

Cattlehide leathers.Skin leathers

Shoes and slippersl

Miscellaneous leather products.

Paper and Printing.Paper and allied products

Pulp and paperWood pulpPaper and board

Printing paperFine paperCoarse paperMiscellaneous paperPaperboardBuilding paper and board.

3.092.05.60.39.12.29

4.04

1.641.10

.54

2.40

44.85

11.87

6.323.722.30.97.45.97.16.75

1.15.65.45.20.50

.48

.31

1149618711231284

132

120120120

140

130

105

991059511994

757875

1049389102118

1159420211035676

127

119122114

133

130

103

981049111598

697269

1049284108120

105871899534669

121

112113109

127

126

103

951039410797

616960

989491103104

106891829532873

121

111113109

127

125

101

9410393109102

647163

98918899107

107881929136073

118

108108106

125

125

100

949686104

676867

98908798107

110931869933077

118

108108108

125

124

99

93988999106

717770

1019187100115

12010020112033479

123

113113112

130

128

100

9410088105107

828183

1038679103125

1068817610130177

121

113115108

126

123

92

86867210775

677167

98807297122

13010723514139077

131

124127119

135

135

110

10310794117104

768176

1149989123134

12710522013336480

138

130134123

143

137

107

10311196124109

757875

1139786123135

13110524013441680

141

132138120

147

142

115

10911298125101

757376

11610289132134

12610123413340378

139

132137120

144

138

112

10711899137115

717271

11510292127132

1098719310334177

135

132138122

137

130

103

1001068614187

626263

96756698124

113

89

"iio""77'

132132137120

133

135

113

107119101135115

79

10910190125120

5.551.78.73.50.13.99

1.85.76

1.92

3.20

1.47.70.40.30.77

1.73.44.29.15

.90

.39

71

111102868761112

112128

117

118

135123134107147

104899872

64

110100757366115

112129

117

113

125113120103136

102849168

70

113100747841116

129156

114

113

120112118104127

108889772

69

109104717345125

114137

113

112

11810811598128

107828969

62

10895747264107

11796

106

104

11510311291125

95798565

48

105104837789117

10694

106

101

11210211388121

92818868

50

106101817391113

109123

112

110

11111713199127

99849070

36

997752475991

107138

112

97

1039610585108

92687261

61

1171109182104122

120153

121

117

12711011899142

108859465

70

113106787286123

112139

126

120

137117122109156

105839265

79

121108797673128

120150

129

125

143129131125156

1099110172

76

117107848462121

113

138

128

125145128131124160

1089310274

75

10593677038109

90101

126

118

137128132122146

102859469

76

120119818737

145

119151

125

T129

150138149124161

110909775

Converted paper products.Shipping containersSanitary paper products.

8.93

3.461.76.511.25.22.14.20.18.41.10

1.70.51.11

94

148

158154176145133139127179153124

163157179

94

147

160154176145133142125178154129

166157191

92

145

158156177147135145126183155120

160149192

90

146

155152173144131148123176151115

158148185

82

146

156152171145137145124184146126

160146201

82

144

153147166139134138113170145131

159151183

90

146

159153171146138146120175154133

165156191

92

145137156129121116109158136130

154146176

100

148

168159179151136143129176163141

177173185

100

152

169159180150131145129174164145

179175188

105

160

181171199160138151142195173145

192184213

107

155

170164188154132152139186166128

176168199

104

145

153148168140127145120175146115

158148187

150

166162190150138145129193157124

171160203

122

98

iio'"75'

136134140121

137

140

120

111121103

?135119

1119987127127

91

128123828646151

141175

130

139

159154167137

156

111111195161141159141200173132

183172213

Preliminary. r Revised. For other notes see end of table.


430 PRODUCTION



Industry


—Continued

Printing and publishingNewsprint consumptionJob printing and periodicals

Chemical and Petroleum Products

Chemicals and allied productsIndustrial chemicals

Basic inorganic chemicalsIndustrial organic chemicals..

Plastics materialsSynthetic rubberSynthetic fibersMiscellaneous organic chemicals

Vegetable and animal oilsVegetable oilsGrease and tallow

Soap and allied productsPaints . . . . . . .Fertilizers

Petroleum and coal productsPetroleum refining

GasolineAutomotive gasolineAviation gasoline .

Fuel oilDistillate fuel oilResidual fuel oil

KeroseneLubricating oil

CokeAsphalt roofing and siding

Foods, Beverages, and Tobacco

Food and beverage manufacturesFood manufactures

Meat products . . .BeefPork

Dairy p r o d u c t s . . . . . . .Butter . . . . .Natural cheeseConcentrated milkIce cream

Canned and frozen foodsGrain-mill products

Wheat flourCereals and feeds

Bakery productsSugar

Cane sugarBeet sugar

ConfectioneryMiscellaneous food preparations. .

Beverages . . .Bottled soft drinks

Beer and aleLiquor distillingLiquor bottling

Xobacco manufacturesCigarettesCigars

1947_49pro-por-tion

5.471.853.62

9.34

6.842.54

.571.97

.24

.11

.591.03

.64

.48

.16

.71

.66

.23

2.501.971.04

.98

.06

.56

.30

.26

.10

.17

.26

.15

11.51

10.738.491.48

.46

.83

.69

.14

.07

.19

.28

1.131.16

.46

.70

1.6427

.11

.13

.711.41

2.24.54

1.701.02

.17

.37

.78

.46

.17

Annualaverage

1957

141131146

172

184203202204272245199186

130121154

112121132

141150162157249

14719493

98113

10594

112

112112128148110

111109119102111

12610087

108

100122112125

112108

113

10310183

111

111116106

*>1958

139126146

170

184195198195284230180179

131124149

109116132

134145161156251

13618381

99103

76103

115

115115125139111

11010512199

112

13410490

112

101131115138

113115

116

10710391

115

118124114

1958

Feb.

137121145

167

180190199188269233172174

136130154

107111126

130144155151223

14018291

125101

7557

104

104103121134107

971121088789

8510192

107

9865

10426

124109

104

999495

105

112116111

Mar.

140129147

165

179188202183263216164173

126122135

108111161

125137149145212

13217583

11095

7277

104

104102120129109

1061201199996

8210193

107

9854

1063

109108

110

10610294

113

112117109

Apr.

140131145

165

180186202181262196159174

124118139

101111189

124134148144223

12516678

89100

66107

106

105104123131111

119118135116111

919884

106

9868

11423

104108

110

1011028599

112119104

May

139132143

164

177184193181261197160172

117110138

97112174

127136152149202

12817375

74103

65132

110

11010611513399

137134157143122

989984

109

10083

11253

92114

122

11211674

114

118126109

June

137125143

165

177184185183266197164174

11099

145

106118118

131141162157237

12617175

76104

68137

119

119114121144102

146137165142142

12210687

118

10382

12541

95119

138

12513658

124

125134113

July

132110143

163

174183179184244199174175

10898

138

88119102

133146167162255

13117580

74105

66115

118

11911611514194

133111138117149

16310585

118

10474

12623

86119

128

1071273391

10911992

Aug.

136115147

170

182190182193276225178178

117107148

122120106

140149170163293

13318179

87109

72165

127

126127120141101

12191

11995

149

23610992

120

10272

13611

103120

122

10410747

116

130138122

Sept.

142128149

174

187202196204316242189183

117108146

126119118

138148166159297

13818980

93102

78130

130

131134130147113

10379

10984

122

24211093

121

10210312579

154119

119

10899

116118

125129124

Oct.

147141149

179

195211210212336260199185

162161164

120117126

137147160154275

14019379

103108

85121

129

129130138150123

9380

10477

104

17510997

117

103293117439

140118

124

12490

172166

130132137

Nov.

146142149

180

195214219213328273200187

159155171

114118115

140151168161286

14019280

115106

9092

120

120121134134126

8988

1017094

12510497

110

101311114476

134118

113

11185

125154

128128140

Dec.

140119151

181

195'217'210219320262215192

'149148

'151

'104119119

144159173167275

15320790

123112

9249

110

110112133134126

8792

1037684

10510188

109

101233107336

96116

104

9490

10992

103108102

1959

Jan.

139119

'150

184

'198218209

'220329280

'195

157156161

117'116134

146160170165257

16322691

137104

94

58

108

107'110139141130

921031028387

9210594

113

98r112'103'114

121'113

95

9185

10492

111123128

Feb.

143127151

186

201

225

292

198

157152174

117141

^145p164

,163

110

109110140132136

1001061088899

9310290

111

99

128116

88

Preliminary. r Revised. For other see notes end of table.


PRODUCTION 431


[Federal Reserve indexes, 1947-49 average= 100]

Industry1947-49

pro-por-tion

Annualaverage

1957 *1958

1958

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec

1959

Jan. Feb.


—Continued

MINERALS—TOTAL

Mineral Fuels

CoalAnthraciteBituminous coal

Crude oil and natural gasOil and gas extraction

Crude oilNatural gas and gas liquids

Natural gasNatural gas liquids

Oil and gas well drillingMetal, Stone, and Earth Minerals..

Metal miningIron oreNonferrous metal mining

Copper miningLead miningZinc mining

Stone and earth minerals

9.98

8.35

2.68.36

2.32

5.674.824.12

.70

.34

.36

.85

1.63

.82

.33

.49

.24

.09

.06

.81

128

128

150146138198212184171

129

1161141171338584

142

117

117

684272

140138129196

J79152

117

9173

1031216865

143

118

121

704474

145142130210237183159

103

8543

1131317871

121

111

112

673671

134132120204230180143

103

7939

1061295669

128

109

109

603664

132131121193213173136

108

8139

1091257877

136

109

108

613765

130129119182197168140

115

866998

1127167

144

115

113

724775

133130122182198167150

125

10010894

1057267

150

110

108

463048

137134126184197173151

121

9110978886254

151

120

119

704275

142141133186195178149

124

9611086

1005957

153

123

122

734777

145144136190201179150

132

1071181011235959

158

124

122

754380

144143134

P194

123

124

754081

147144134

*>206

1 2 4

"127

'7650

'80

150148137

»213

123

126

'7350

'76

152150138

181154

131

1071071071326261

156

188159

121

9353

1191457365

151

193165

110

8138

1101356460

139

192163

108

8643

114139

6966

131

123

125

723977

^150

152

112

93P521211457177

130

P Preliminary. r Revised.1 Publication suspended pending revision.NOTE.—A number of groups and subgroups include individual series

not published separately, and metal fabricating contains the ordnancegroup in addition to the groups shown. Certain types of combat materiel

are included in major group totals but not in individual indexes for autos,farm machinery, and some other products, as discussed in the BULLETINfor December 1953, pp. 1269-71.

For description and back figures, see BULLETIN for December 1953,pp. 1247-93 and pp. 1298-1328, respectively.

UTILITY OUTPUT OF ELECTRICITY AND GAS

[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]

Industry

ELECTRICITY AND GAS—TOTAL..ResidentialNonresidential

ElectricityResidentialIndustrial

General industrialAtomic energy

Commercial and other

GasResidentialIndustrial ' . . . .Commercial and other

1947_49pro-por-tion

100.0041 3458.66

76 1827.4823 6823.49

1925.02

23 8213.866 163.80

Annualaverage

1957

233261213

233273213193

'2670208

232236230218

1958

243282215

243295208189

2570219

243256231215

1958

Jan.

238275

'211

236285205186

2590212

'243256

'227221

Feb.

138279

'210

'237290202183

2590'213

'241257

'221218

Mar.

'239282208

238295

'1981792610

214

240256221214

Apr.

'236'279205

235291197178

2590209

'238'255'222206

May

'237'278208

237290199180

2590214

'238'254'225203

June

241'282'213

242296203184

2580220

'239'255'227

199

July

242'281214

'242294

'206'1872570

220

'239'256'229'196

Aug.

'245'285217

'247'300210192

2550224

'240'257'231'196

Sept.

'248'288220

'250'304216197

2550224

'242'257233

'201

Oct.

250289223

'251'305217198

2560224

247?V7241222

Nov.

249285224

'248'298216198

'2550224

251258245236

Dec.

252286228

252300221202

2540228

253258250238

1959

Jan.

*>257

257313220202

2560230

p256

Feb.

^261

P261

^259

j

» Preliminary. ' Revised.NOTE.—For description and back figures see BULLETIN for October

1956, pp. 1055-69.

Indexes without seasonal adjustment may be obtained from the Divisionof Research and Statistics.


432 PRODUCTION

OUTPUT OF CONSUMER DURABLE GOODS


Product

SEASONALLY ADJUSTED

CONSUMER DURABLES TOTAL . . .

Mâior household 200ds

Household furniture

Major appliancesRangesRefrigeration appliancesLaundry appliances

Heating apparatusRadio and television sets

Television sets

Ivlisc home and personal goods


CONSUMER DURABLES TOTAL

Furniture and floor coverinss . .Household furniture

Appliances and heaters

Ranges .Refriseration aooliancesLaundry appliances

Heating apparatusRadio and television sets

Radio setsTelevision sets

Other Consumer DurablesAuto parts and tiresMisc home and oersonal soods . . .

1947_49pro-por-tion

100.00

69.7232.1036.1315.3211.314.01

15.6011.882.604.982.513.725.213.421.79

30.2814.0016.28

100.00

69.7232.1036.1315.3211.314.01

15.6011.882.604.982.513.725.213.421.79

30.2814.0016.28

Annualaverage

1957

130

138146132114120

12713389

140180104205

75453

111

114

130

138146132114120

12713389

14018010420575

453

111

114

1958

113

114101127115122

127131

0 0

14017011516661

365

110

109

113

114101127115122

12713188

14017011516661

365

110

109

1958

Feb.

110

111107117106113

11511781

12914211015155

335

107

104

116

120122121108113

12112891

13716199

15956

355

105

104

Mar.

104

10392

114106113

11511880

12215910713344

302

108

105

111

114106122108113

13114093

15217510313947

314

105

104

Apr.

97

9481

107104111

10210182

10611610513146

293

106

103

101

10089

110104108

11211686

13512010112544

279

103

100

May

105

10496

113106114

iii11379

12114011013842

320

105

104

103

10399

108101108

11511875

13913310611241

246

102

100

June

111

11199

123109116

12512879

14015711615551

355

111

106

109

109100119105113

13213584

16514112312239

281

108

103

July

114

11699

133116121

12913381

14517411519164

435

111

111

100

9787

108105115

10911162

13412410211440

257

107

103

Aug.

115

11695

137117126

13213977

15218511220775

459

112

110

100

9453

130118127

11411068

111155128214

64500

115

112

Sept.

103

9956

138120129

i3714484

15520211319786

408

113

114

103

9637

150126134

15015092

149228149222

80493

119

118

Oct.

108

10567

141124130

14815798

17320812316665

359

114

114

116

11371

151131138

147148102138229145221

82485

123

123

Nov.

133

142139148127133

15916811418421513117475

363

113

114

143

155160153130137

15616211415624113621299

429

117

122

Dec.

134

143143

r144127134

156161118180187

13816265

346

114

113

137

147161138130138

137146108153189

r10816379

322

113

114

1959

Jan.

134

141139

145132140

143141

9915018814818773

406

118

114

136

146154

141130137

134137

9614518312519373

422

115

110

Feb.

133

139130150133140

153155

177186

P14719072

415

119

115

140

151149155135140

160169

187212

P13219973

440

117

115

P Preliminary. r Revised.1 Publication suspended pending revision.NOTE.—For a description of these indexes, see BULLETIN for May 1954,

pp. 438-47.

Individual indexes without seasonal adjustment for woven carpets,appliances, heating apparatus, radio sets, and television sets may beobtained from the Division of Research and Statistics.

VALUE OF NEW CONSTRUCTION ACTIVITY

[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]

Year or month

195019511952195319541955195619571958

1958 MarAprMayJuneJulyAugSeptOctNovDec

1959—Jan »Feb.?Mar *

Total

29,95532,73934,75037,11839,60144,58146,29248,11548,980

3,9663,8813,8793,9293,9814,0414,1194,2794,3784,473

4,5394,5374,544

Total

22,95423,32023,84925,72427,67932,62033,28733,98833,947

2,7572,6992,6962,7252,7602,7992,8472,9443,0153,049

3,0953,1203,106

Resi-dential

14,10012,52912,84213,77715,37918,70517,67717,01917,884

1.3971,3511,3481,3861,4341,4961,5401,6231,6821,715

1,7871,817

811

]*rivate

Business

Total

5,6807,2177,4608,4368,526

10,16011,82812,74511,558

999984978965948926923932941945

933930925

Indus-trial

1,062C2,1172,3202,2292,0302,3993,0843,5572,443

240222210195187179172172175173

170167164

Com-mercial

1,2881,3711,1371,7912,2123,2183,6313 5643,561

288294302311308294291296302305

288287293

Publicutility

3,3303,7294,0034 4164,2844,5435,1135 6245,554

471468466459453453460464464467

475476468

Othernon-resi-den-tial

3 1743,5743,5473 5113 7743,7553,7824 2244,505

361364370374378377384389392389

375373370

Public

Total

7 0019 419

10,90111 39411 92211 96113 00514 12715,033

1 2091 1891,183I 204I 2211,2421,272I 3351,3631,424

1,4441 4171 438

Mili-tary

177887

1,3881 3071 0301 3131 3951 3221,235

9588908694

102112118120125

130129130

High-way

2 2722 5182 8203 1603 8704'0504 6554 9715,350

443414410426424432436470505538

559552557

Con-serva-tion

942912900892773701826971

1,004

79838185848886888782

878687

Allother

3 6105 1025'7936 0356 2495 8976 1296 8637,444

592597602607619620638659651679

668650664


PRODUCTION 433

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION

[Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]

Year or month

19571958 . .

1958 FebMarAprMayJuneJulyAug . . .SentOctNov .Dec

1959—Jan . .Feb

Total

32,17335,090

1 9532,7212,8853 3993,8203,6073 4673,2163,3092 5942,282

2,3192,307

By type ofownership

Public

11,23813,427

7691,0271,0531,4631,7201,5501,2331,0491,071

927887

800800

Private

20,93521,663

1,1851,6941,8321,9362,1002,0582,2342,1672,2381 6671,395

1,5191,507

By type of construction

Resi-dential

building

13,03914,696

7271,0711,2441,3431,3641,5571,4511,4601,595.206981

1,022

Nonresidential building

Fac-tories

2,1681,400

10213112914680

1501421131359688

105

Com-mercial

3,2673,197

205285293265235282356303288238227

282

Educa-tional

2,9362,908

224268235286264264280240248198206

171

Other

2,9223,444

220283300427397381301237284243226

261

Publicworks

andpublicutilities

7,8419,446

475684683932

1,479974937863759613553

479

NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data afternot comparable with monthly data for earlier years because of a change original figures have been published.

CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS

[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]

Month

1957—Dec

1958—JanFebDec

1959—JanFeb

Alldis-

tricts

1,982

2,0661,9532,282

2,3192,307

Federal Reserve district

Boston

67

857296

87100

NewYork

213

329214302

276253

Phila-delphia

80

855899

9286

Cleve-land

204

154143162

159143

Rich-mond

113

183169138

214198

Atlanta

211

216234254

268311

Chicago

316

236210256

243231

St.Louis

68

99110117

106124

Minne-apolis

68

355661

5360

KansasCity

129

100158171

133137

Dallas

178

164140159

201203

SanFran-cisco

336

379388466

487462

PERMANENT NONFARM DWELLING UNITS STARTED

[Bureau of Labor Statistics estimates. In thousands of units]

Year or month

Totalprivate

(seasonallyadjusted

annual rate)

TotalMetro-politanareas

Non-metro-politanareas

Private

Total1-

family2-

familyM ulti-family

Public

Government-underwritten*

Total F H A VA

1951.1952.1953.1954.1955.1956.1957.1958.

1958_MarAprMayJuneJulyAugSeptOctNovDec

1959—JanFebMar

918983

1,0391,0571,1741,2281,2551,3031,4271,432

P1,350^1,320^1,390

1,0911,1271,1041,2201,3291,1181,0421,209

819910911311312412111510991

777795804897976780700827

55677477818385797464

616281

315332300324353338342382

27323536324136363627

252839

1,0201,0691,0681,2021,3101,094

9931,142

7794

10110110911511111310790

pin

892939933

1,0771,190

981840933

62778485889693948570

n.a.n.a.n.a.

4046423433313339

3443343443

n.a.n.a.n.a.

8494908782120173

12141714171514151816

n.a.n.a.n.a.

7159361919244968

457124910222

412421409583670463313429

20293340434850544038

29'2841

264280252276277192185327

17242731323535392929

22'2131

149141157307393271128102

356811131415119

10

P Preliminary. r Revised. n.a. Not available.1 Data from Federal Housing Administration and Veterans' Administra-

tion represent units started under commitments of FHA or VA to in-

e the mortgages. VA figures after June 1950 and all FHAi on filed office reports of first compliance inspections;

sure or guarantee tfigures are based on meu omce reports oi nrsi compliance inspeciearlier VA figures are estimates based on loans-closed information.


434 EMPLOYMENT

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

[Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated]

Year or month

1951.19521953.1954.19551956195731958

1958 MarAprMayJuneJulyAueSeptOctNovn«r

1959—JanFebMar

Total non-institutionalpopulation

111,924113,119115,095116,220117,388118,734120,445121,950

121,555121,656121,776121,900121,993122,092122,219122,361122,486122 609122,724122,832122,945

Totallaborforce

65,83266,41067,36267,81868,89670,38770 74671,284

70,15870,68171,60373,04973,10472,70371,37571,74371,11270 70170,02770,06270,768

Total

62,88462,96663,81564,46865,84867,53067,94668,647

67,51068,02768,96570,41870,47370,06768,74069,11168,48568,08167,43067,47168,189

Total

61,00561 29362,21361,23863,19364,97965 01163,966

62,31162,90764 06164,98165,17965,36764,62965 30664,65363 97362,70662,72263,828

Civilian labor force

Employed1

In nonagri-cultural

industries

53,95154,48855,65154,73456,46458,39458 78958,122

57,23957,34957 78958,08158,46158,74658,43858,90258,95859 10258,01358,03058,625

aIn

griculture

7,0546,8056,5626,5046,7306,5856,2225,844

5,0725,5586,2726,9006,7186,6216,1916,4045,6954 8714,6934,6925,203

Unem-ployed

1,8791,6731,6023,2302,6542,5512,9364,681

5,1985,1204,9045,4375,2944,6994,1113 8053,8334 1084,7244,7494,362

Not in the

46,09246,71047,73248,40248,49248,34849,69950,666

51,39750,97550,17348,85148,88949,38950,84450,61851,37451,90952,69752,77052,177

Unemploy-ment

(per cent)2

3 . 02 .72 .55 . 04 . 03 .84 . 36 .8

7.07.57.26.87.37.67.27.15.96.16 . 06.15 .8

1 Includes self-employed, unpaid family, and domestic service workers. and waiting to start new jobs (previously included as employed) are clas-2 Per cent of civilian labor force. Monthly data are seasonally sified as not in the labor force.

adjusted.3 Beginning 1957 persons waiting to start new wage and salary jobs and

those on temporary layoff, previously considered as employed (with a jobbut not at work), are classified as unemployed, and a small group in school

NOTE.—Information relating to persons 14 years of age and over isobtained through interviews of households on a sample basis. Monthlydata relate to the calendar week that contains the 12th day; annual dataare averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION

[Bureau of Labor Statistics. In thousands of persons]

Year or month

19511952195319541955195619571958

SEASONALLY ADJUSTED

1958 MarAprMayJuneJulyAUKSeptOctNovDec

1959_j a nFebMar . .


Feb1958 Mar

AprMayJuneJulyAufiSeptOctNovDec

1959 JanFebMar

Total

47,34748,30349,68148,43150,05651,76652,16250,543

50,21950,05450,14750,31550,41150,57050,78050,58250,87750,84451,03951,11351,357

49,77749,69049,72649,94950,41350,17850,57651,23751,13651,43251,93550,31050,30650,812

Manufac-turing

16,10416,33417,23815,99516,56316,90316,78215,468

15,38915,24315,20215,27515,31215,33015,52915,35815,69315,70115,76415,82515,963

15,59315,35515,10415,02315,20615,16115,46215,75515,53615,79515,74915,67415,77215,925

Mining

916885852111in807809721

733723718713709701707708708709704694687

747733716711717705708711708712713704694687

Contractconstruction

2,6032,6342,6222 5932,7592 9292,8082,648

2,5732,6242,6982,6982,6932,7112,6982,6982,6902,5502,6032,5442,689

2,1732,3162,4932,6852,8062,8822,9552,9272,8872,7842,4862,3432,2512,420

Transporta-tion andpublicutilities

4,1664,1854,2214 0094,0624 1614,1513,903

3,9303,8903,8773,8883,8773,8673,8583,8873,8753,8593,8943,8773,889

3,9443,9103,8833,8743,9043,9073,8973,8863,8973,8853 8813,8363,8323,869

Trade

10,01210,28110,52710,52010,84611,22111,30211,141

11,11611,05011,08711,10511,12111,17511,15111,15411,11911,14311,21611,27811,234

10,94810,93910,94010,96111,03510,98411,01111,15111,22511,38211 97611,05210,98911,055

Finance

1,8921,9672,0382,1222,2192,3082,3482,374

2,3602,3562,3702,3672,3632,3772,3922,3922,3862,3852,3872,3952,395

2,3432,3482,3562,3702,3912,4102,4132,3922,3802,3742 3732,3632,3712,383

Service

5,2645,4115,5385,6645,9166,1606,3366,395

6,3306,3526,3606,3926,4336,4206,4406,3996,4266,4486,4436,4626,438

6,2406,2676,3846,4556,4886,4656,4526,4726,4636,4266 3846,3146,3336,374

Federal,State and

localgovernment

6,3896,6096,6456 7516,9147 2777,6267,893

7,7887,8167,8357,8777 9037,9898,0057 9867,9808,0498,0288,0388,062

7,7897,8227,8507,8707,8667 6647,6787 9438 0408,0748 3738,0248,0648,099

NOTE.—Data include all full- and part-time employees who workedduring, or received pay for, the pay period ending nearest the 15 th of themonth. Proprietors, self-employed persons, domestic servants, unpaid

family workers, and members of the armed forces are excluded. Figuresfor February and March 1959 are preliminary. Back data may beobtained from the Bureau of Labor Statistics.


EMPLOYMENT AND EARNINGS 435

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In thousands of persons]

Industry group

Seasonally adjusted

1958

Mar.

1959

Jan. Feb. Mar.

Without seasonal adjustment

1958

Mar.

1959

Jan. Feb. Mar.

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industriesChemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

11,571

6,47868531287405881779

1,074742

1,153206352

5,0931,040

83836984438547511158184312

11,941

6,75473579308422947812

1.047783

1,216208359

5,1871,036

77852

1,041442544512157197329

11,993

6,79473571310419976808

1,072789

1,204212360

5,1991.045

81850

1,040442548517153198325

12,119

6,88973570314436

1,008822

1,093793

1,204210366

5,2301,053

80857

1,044444550520157201324

11,542

6,50268515290403885787

1,090749

1,153208354

5,04094274844

1,018436547519156184320

11,855

6,73973547313411952820

1,057791

1,216209350

5,11695079856

1,051440544515154199329

11,949

6,80573545316413981816

1.088797

1,204212360

5,14494477859

1,076440545520151199333

12,088

6,91373553317434

1,013830

1,109801

1,204212368

5,17594971866

1,081442550528155201332

NOTE.—Data covering production and related workers only (full- and are preliminary,part-time) who worked during, or received pay for, the pay period ending Statistics,nearest the 15th of the month. Figures for February and March 1959

Back data may be obtained from the Bureau of Labor

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In unit indicated]

Industry group

Average weekly earnings(dollars per week)

1958

Mar.

1959

Jan. Feb. Mar.

Average hours worked(per week)

1958

Mar.

1959

Jan. Feb. Mar.

Average hourly earnings(dollars per hour)

1958

Mar.

1959

Jan. Feb. Mar.

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries . .

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industries..Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

81.45

87.7599.7270.8068.3281.7295.3587.4293.2283.6797.3285.5072.13

73.5379.6058.9956.4051.7086.1197.0292.39

109.0787.0256.83

87.38

94.94105.0074.8472.5486.83

110.8093.9699.3188.88106.6391.1775.79

77.8184.6563.6360.8955.0891.5899.9497.00

113.70100.2862.56

88.00

95.11103.7374.2672.3287.89112.7294.13100.3788.44105.5991.1375.98

78.0183.3963.3661.6656.1592.23

100.7097.17

114.45101.7562.24

88.62

95.99105.1677.1472.9090.39

114.2495.41

101.0288.18

105.1890.9075.79

78.4184.2163.8862.8755.6992.01

102.2696.76

116.81102.1761.28

38.6

39.040.738.938.639.137.139.239.539.139.439.439.2

38.139.637.137.634.741.437.940.740.138.036.2

39.9

40.441.539.640.340.240.040.540.740.440.740.740.1

39.340.538.839.836.042.438.041.140.941.139.1

40.0

40.341.039.540.440.540.440.440.840.240.340.540.2

39.439.938.440.336.742.538.041.040.341.738.9

40.1

40.541.440.640.540.940.840.640.939.940.340.440.1

39.440.137.840.336.442.438.341.040.741.738.3

2.11

2.252.451.821.772.092.572.232.362.142.472.171.84

1.932.011.591.501.492.082.562.272.722.291.57

2.19

2.352.531.891.802.162.772.322.442.202.622.241.89

1.982.091.641.531.532.162.632.362.782.441.60

2.20

2.362.531.881.792.172.792.332.462.202.622.251.89

1.982.091.651.531.532.172.652.372.842.441.60

2.21

2.372.541.901.802.212.802.352.472.212.612.251.89

1.992.101.691.561.532.172.672.362.872.451.60

NOTE.—Data are for production and related workers. Figures forFebruary and March 1959 are preliminary. Back data are availablefrom the Bureau of Labor Statistics.


436 DEPARTMENT STORES

DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS

[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]

Year or month UnitedStates

Federal Reserve district

Boston NewYork

Phil-adel-phia

Cleve-land

Rich-mond

At-lanta

Chi- St.Louis

Minne- Kansasapolis City Dallas

SanFran-cisco

SALESi19511952195319541955195619571958

SEASONALLY ADJUSTED

1958—FebMarAprMayJune ,JulyAugSeptOctNovDec

1959_j a n

Feb



1959—JanFeb

STOCKS i19511952195319541955195619571958

SEASONALLY ADJUSTED


1959—Jan

Feb



1959—JanFeb

112114118118128135135136

124131130134133140147135135137143

138

95116123130126112129137141166251

106

131121131128136148152148

146142143144147148148150152153150

152

139147149146140139144157170173136

136

109110114117123126122122

111114114117115129137119125122132

119120

8410010911711593107127127149240

9490

129117124126132141138136

134129131133135140137141142142139

137

126131136135126126133147161166130

124

107104105108113120124127

115127121124124133137125128125133

129

127

9111311412012097105129135160235

104100

127115120117119130138136

135133134133136135135137142140141

r141^139

127137139136127122132144160161130

126

112113117116125131132133

114126135129129141143129140135142

134133

86118125128121103115135143179251

101101

132120129127135148154154

151149149152157152153155157159157

r155153

145153160155146137147163181183141

137147

114115119112122128129127

118119121124122132140129126125139

123133

r91

108113120115107124129129154244

96103

132115125122124133136129

130126124128126131128132131130128

139

125130130131120121123137147147117

123

115122127129140146148149

134138147146146153163145151149156

160159

96126136144135123139151158186286

113114

129127141138159175178171

'167163167169173171172175176180172

177

160173175170160156167181201205157

158H65

117127131135149164166167

149158155164176174183167165170176

173^167

122150153158153144165160173197305

135^137

145143155152170195203197

199193190191191192192198202207205

200P199

197202200193182179188206221234178

182P197

110109114112122128128125

115124118124119131136124122125134

124129

86107112122117103121129129154228

r94

97

125112122120127138143139

135131131133138142144145146143140

141

127132139137134136138151160163123

129

111116120121132138138137

125134130136133139151144131133148

138141

96117123137124114136143144161250

105109

130120131125135148149140

142140141140144145143136136137134

144

138146149140134135141143153153121

128

107109110113117126128128

121132120126123129137126123130136

127132

90109117121119103130135142150227

9399

121113123124130142146137

138132129133136135137142141140137

136

132136132132128129134148156159127

126

117121123129140144142146

135144136148141147158147144149150

150

99121131145136130152149149173260

112P112

137130146141152164160153

150148145146152149152155159165159

159P\60

144153153148146142151159173184144

143

^154

120129132136149158159159

143153151161162162172162159166160

168162

112137143159147144160156165190277

133126

135129143140153168174165

163160163164168163163164170172163

168

158168169163156155163174187190152

148

112120122122132141140142

135137142142143140148140141149148

150154

104115130135135124144140142173262

119118

137131140135142156158155

151149151152156156152158159160157

160

142150154151150150153164178180148

144P149

* Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginningi Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to

are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics.


DEPARTMENT STORES; FOREIGN TRADE 437

DEPARTMENT STORE MERCHANDISING DATA

[Based on retail value figures]

Period

Amounts (In millions of dollars)

Sales i(totalfor

month)

Stocksi(end

ofmonth)

Out-stand-

ingordersl

(end ofmonth)

Re-ceipts 2

(totalfor

month)

Neworders 3

(totalfor

month)

Ratios to sales4

StocksOut-

stand-ing

orders

1.41.31.2

i!o1.11.11.11.0

1.30 .80 .70 .71.21.51.31.21.10 .90 . 4

1.11.3

Stocksplusout-

stand-ing

orders

4 . 24 . 44 .14.14.04 . 04 . 14 .14 . 1

5 .44 . 04 . 03.74 . 34 . 94 . 34 . 34 . 13.81.7

4 . 35 .0

Re-ceipts

Annual average:

195019511952195319541955195619571958

Month:

1958—Feb..Mar.Apr..May.June.July.Aug..Sept.Oct..Nov.Dec.

1959—Jan.

376391397406409437454459462

309416416441402366420451502538911

379341

1,0121,2021,0971,163',140,195,286,338,320

,261,299,344,308,230,216,276,395,516,567,231

,217,276

495460435421388446470461436

398350310319481563534553545462332

412441

391390397408410444459461461

r371456461405324352480570623589575

365400

401379401401412449458458463

408421414486434451589615506445

445429

2.83.22.93.03.02.93.03.13.0

4.13.13.23.03.13.33.03.13.02.91.4

3.23.7

.2

.1

.10.90.8

.0

.1

.3

.2

.10.6

1.01.2

p Preliminary. r Revised.1 These figures are not estimates for all department stores in the United

States. They are the actual dollar amounts reported by a group of de-partment stores located in various cities throughout the country. In 1958,sales by these stores accounted for about 45 per cent of estimated totaldepartment store sales.

2 Derived from the reported figures on sales and stocks.

3 Derived from receipts and reported figures on outstanding orders.4 The first three ratios are of stocks and/or orders at the end of the

month to sales during the month. The final ratio is based on totals ofsales and receipts for the month.

NOTE.—For description and monthly figures for back years, see BUL-LETIN for October 1952, pp. 1098-1102.

MERCHANDISE EXPORTS AND IMPORTS

[Bureau of the Census. In millions of dollars]

Period

JanFebMarAprMayJune . . .JulyAugSeptOctNovDec

Jan -Feb

Merchandise exports *

1957

1,6811,6162,1541,8661,8171,7901,6971,6811,5441,6801 6881,636

3,297

1958

1,5051 3451,5531,5301,6381,4061,4161,3961,3611,5991 5961,514

2,850

1959

1,4001,280

2,680

Merchandise exports excludingmilitary-aid shipments 2

1957

1,5841 4952,0241,7831,7151,6561,5101,5401,4411,6061 6011,541

3,079

1958

1,3961,2451,4381,4081,5071,3081,2871,2831,2391,4181 4081,379

2,641

1959

1,2861,184

2,470

Merchandise imports3

1957

1,115993

1,1331,1191,106

9861,1481,0431,0071,1481 0431,142

2,108

1958

1,096956

1,0721,0571,0611,0311,049

9501,0741,1421 0891,253

2,052

1959

1,1541,118

2,272

1 Exports of domestic and foreign merchandise.2 Department of Defense shipments of grant-aid military equipment

and supplies under Mutual Security Program.

3 General imports including imports for immediate consumption plusentries into bonded warehouses.


438 PRICES

CONSUMER PRICES

[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]

Year or month All Foods

Housing

Total RentGasandelec-

tricity

Solidfuelsand

fuel oil

House-fur-

nish-ings

House-hold

opera-tion

Ap-parel

Trans-porta-

tion

Med-icalcare

Per-sonalcare

Read-ingand

recrea-tion

Othergoods

andserv-ices

1929193319411945

19501951195219531954195519561957

1958—FebMar

M*ay.''.'.'.'.'.JuneJulyAugSeptOctNovDec

1959—JanFeb

73.355.362.976.9

102.8111.0113.5114.4114.8114.5116.2120.2

122.5123.3123.5123.6123.7123.9123.7123.7123.7123.9123.7

123.8123.7

65.641.652.268.9

101.2112.6114.6112.8112.6110.9111.7115.4

118.7120.8121.6121.6121.6121.7120.7120.3119.7119.4118.7

119.0118.2

106.1112.4114.6117.7119.1120.0121.7125.6

127.3127.5127.7127.8127.8127.7127.9127.9127.9128.0128.2

128.2128.5

117.483.688.490.9

108.8113.1117.9124.1128.5130.3132.7135.2

137.0137.1137.3137.5137.7137.8138.1138.2138.3138.4138.7

138.8139.0

102.7103.1104.5106.6107.9110.7111.8113.0

115.9115.9116.0116.5116.9117.0117.5118.0118.1118.1118.2

118.2118.5

110.5116.4118.7123.9123.5125.2130.7137.4

137.2136.7134.2131.6131.7132.3133.6135.2135.6135.8137.0

138.9140.0

100.3111.2108.5107.9106.1104.1103.0104.6

104.9103.9104.0104.0104.1104.0103.3103.6103.4103.5103.6

103.2103.8

101.2109.0111.8115.3117.4119.1122.9127.5

129.9130.7130.9130.9131.1131.2132.1132.2132.4132.6132.8

133.1133.1

60.345.955.676.3

98.1106.9105.8104.8104.3103.7105.5106.9

106.8106.8106.7106.7106.7106.7106.6107.1107.3107.7107.5

106.7106.7

111.3118.4126.2129.7128.0126.4128.7136.0

138.5138.7138.3138.7138.9140.3141.0141.3142.7144.5144.3

144.1144.3

106.0111.1117.3121.3125.2128.0132.6138.0

141.9142.3142.7143.7143.9144.6145.0146.1146.7147.0147.3

147.6148.6

101.1110.5111.8112.8113.4115.3120.0124.4

128.0128.3128.5128.5128.6128.9128.9128.7128.8129.1129.0

129.4129.8

103.4106.5107.0108.0107.1106.6108.1112.2

116.6117.0117.0116.6116.7116.6116.7116.6116.6117.0116.9

117.0117.1

105.2109.7115.4118.2120.1120.2122.0125.5

127.0127.2127.2127.2127.2127.2127.1127.1127.2127.2127.3

127.3127.4

NOTE.—Revised index, reflecting, beginning January 1953, the in-clusion of new series (i.e. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes, converted to the base 1947-49= 100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES

[Bureau of Labor Statistics index. 1947-49= 100]

Year ormonth

19501951195219531954195519561957

1958FebMar

M^y" .'.*;.";JuneJulyAugSeptOctNovDec

1959JanFeb

Allcom-modi-ties

103.1114.8111.6110.110.3110.7114.3117.6

119.0119.7119.3119.5119.2119.2119.1119.1119.0119.2119.2

119.5119.5

Farmprod-ucts

97.5113.4107.097.095.689.688.490.9

96.1100.597.798.595.695.093.293.192.392.190.6

91.591.1

Proc-essedfoods

99.8111.4108.8104.6105.3101.7101.7105.6

109.9110.7111.5112.9113.5112.7111.3111.1110.0109.5108.8

108.7107.6

Other commodities

Total

105.0115.9113.2114.0114.5117.0122.2125.6

125125125125.3125.3125.6126.1126.2126.4126.8127.2

127.5127.7

Tex-tile

prod-uctsandap-

parel

99.2110.699.897.395.295.395.395.4

94.94.093.793.593.393.3

93.3

93.393.7

Hides,skins,and

leatherprod-ucts

104.6120.397.298.594.293.899.399.4

99.699.599.799.9

100.3100.3100.5100.2101.4102.3103.6

r104.1105.4

Fuel,power,

andlight-ingma-terials

103.0106.7106.6109.5108.1107.9111.2117.2

113.6112.4111.0110.3110.7111.9113.7114.1113.0112.6112.9

113.9114.8

Chem-icalsand

alliedprod-ucts

96.3110.0104.5105.7107.0106.6107.2109.5

110.6110.7111.0110.8110.7110.4110.0109.9110.2110.2110.0

Rub-berand

prod-ucts

120.5148.0134.0125.0126.9143.8145.8145.2

144.6144.6144.5143.8144.2144.7144.4145.2146.1146.6146.3

110.2 r146.0109.9 146.

Lum-berand

woodprod-ucts

113.9123.9120.3120.2118.0123.6125.4119.0

115.8115.5115.7115.9116.4116.8118.6120.4120.8120.0119.8

120.5122.1

Pulp,paper,and

alliedprod-ucts

100.9119.6116.5116.1116.3119.3127.2129.6

130.8130.5130.5130.5130.5131.0131.0131.7131.9131.9131.3

131.5

Metalsand

metalprod-ucts

110.3122.8123.0126.9128.0136.6148.4151.2

150.1149.8148.6148.6148.8148.8150.8151.3152.2153.0153.0

152.9

Ma-chin-eryandmo-tive

prod-ucts

108.6119.0121.5123.0124.6128.4137.8146.1

149.3149.2149.4149.4149.5149.5149.5149.4149.9151.2151.5

151.8

Furni-tureand

otherhouse-holddura-bles

105.3114.1112.0114.2115.4115.9119.1122.2

123.6123.5123.4123.2123.0123.2123.0123.0123.0122.7122.8

136.5135.3135.4135.7135.5135.3135.2136.7136.7136.7136.9

123.3 '137.2I J l . J i 1 J 4 . 7 1 J 1 . O 1Z.J . J i 1 J / . Z.

131. T 153.4 152.0! 123.41 137.5

Non-me-tallicmin-

erals— bottledstruc-tural

106.9113.6113.6118.2120.9124.2129.6134.6

128.1128.0128.0128.0128.0128.0128.0128.0128.8128.7128.6

128.6128.9

Mis-cella-neous

89.394.397.896.293.797.295.6

192.591.293.2

100.9

100.898.5

r Revised.


PRICES 439

WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued

[Bureau of Labor Statistics index, 1947-49= 100]

Subgroup1958

Feb.

127.079.991.1

102.898.074.279.0

142.2

118.1102.7114.2105.7114.2173.395.2

89.3103.881.2

117.599.274.2

51.290.6

122.098.5

126.2161.9101.5100.1118.9

123.6128.4104.793.662.9

111.6110.4106.9

131.2152.1143.3

116.2127.693.6

121.283.6

143.1

Dec.

99.276.187.699.696.277.775.0

136.4

117.4101.4

113.5113.0117.0157.9r96.8

88.697.579.4

105.199.375.9

66.699.2

123.198.2

123.7161.9107.8100.7117.2

123.7128.2102.893.261.5

109.4105.3106.2

137.8152.8

143.5

120.1130.599.1

121.295.8

142.1

Jan.

102.576.190.399 A95.772.576.4

134.5

117.5103.3

113.0110.8115.3

154.096.2

88.797.479.3

104.799.376.7

68.799.3

123.2r99.2

125.3163.1

112.7100.7118.2

124.0128.2

102.593.0

'59.9109.6107.6106.7

138.9151.9

143.4

121.0130.2

r99.7

121.2101.0142.1

1959

Feb.

105.977.088.499.195.569.378.0

134.8

117.7100.9113.0110.6113.8149.797.2

89.697.579.8

109.399.378.0

73.0101.0123.3100.7

126.2170.4112.1100.8119.5

123.7128.4101.493.158.9

109.5107.5106.5

139.4151.9143.6

122.7130.2102.8

121.2107.1142.1

Subgroup1958 1959

Feb. Dec. Jan Feb.

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggsHay and seedsOther farm products

Processed Foods:

Cereal and bakery productsMeats, poultry, and fishDairy products and ice creamCanned, frozen fruits, and vegetablesSugar and confectioneryPackaged beverage materialsOther processed foods

Textile Products and Apparel:

Cotton productsWool productsSynthetic textilesSilk productsApparelOther textile products

Hides, Skins, and Leather Products:

Hides and skinsLeatherFootwearOther leather products

Fuel, Power, and Lighting Materials:

CoalCokeGas fuels (Jan. 1958= 100)Electric power (Jan. 1958= 100)Petroleum and products

Chemicals and Allied Products:

Industrial chemicalsPrepared paintPaint materialsDrugs, Pharmaceuticals, cosmetics...Fats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and products:

Crude rubberTires and tubes ,Other rubber products

Lumber and Wood Products:

Lumber ,MillworkPlywood ,

Pulp, Paper, and Allied Products:

Woodpulp ,WastepaperPaper

r Revised.

Pulp, Paper, and Allied Products(Cont.):

PaperboardConverted paper and paperboard...Building paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated structural metal productsFabricated nonstructural metal

products

Machinery and Motive Products:

Agricultural machinery and equip-ment

Construction machinery and equip-ment

Metal working machineryGeneral purpose machinery and

equipmentMiscellaneous machineryElectrical machinery and equip-

mentMotor vehicles

Furniture and Other Household Dura-bles:

Household furnitureCommercial furnitureFloor coveringHousehold appliancesTelevision, radios, phonographsOther household durable goods

Nonmetallic Minerals—Structural

Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small armsManufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment..Other miscellaneous

136.3127.2141.7

167.6127.8152.8168.6125.9121.3134.7

146.7

138.3

165.6170.7

159.6148.8

151.3139.1

123.3154.2130.1105.394.7

155.0

135.7139.0127.8155.5127.1124.6131.1

134.8106.6144.3120.1149.3

119.565.797.5

107.3131.7

136.2127.8143.7

171.7133.2159.8172.6124.8121.8133.9

r145.0

142.7

170.3170.6

162.3148.4

152.4143.1

123.9155.0126.5103.892.5

155.5

135.2139.2128.4158.8133.1118.5131.4

134.8106.6139.7121.7148.9

118.686.497.5

107.9132.4

136.2127.7i43.9

172.0133.2156.3172.8124.9121.8134.0

145.3

142.9

170.9170.8

163.0148.6

152.6143.1

124.1155.0126.5105.0r93.2155.5

135.2140.2128.6159.3133.1118.5131.4

134.8106.6139.7121.7148.9

117.886.297.5

108.1132.6

136.2127.6144.2

172.5134.0156.3172.9126.0122.0134.0

145.8

143.0

171.3171.0

163.9149.0

152.6143.1

124.2155.0126.6105.093.2

156.0

135.2140.2128.9159.6133.1119.8131.7

134.8106.6148.3121.7148.9

117.982.297.5

108.1132.4


440 NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING

[Depar tment of Commerce estimates. In billions of dollars]

Item

Annual totals

1929 1933 1941 1950 1954 1955 1956 1957 1958

Seasonally adjusted annual ratesby quarters

1957 1958

Gross national product

Less: Capital consumption allowancesIndirect business tax and nontax lia-

bilityBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus of gov-ernment enterprises

Equals: National income

Less: Corporate profits and inventory valua-tion adjustment

Contributions for social insuranceExcess of wage accruals over disburse-

mentsPlus: Government transfer payments

Net interest paid by governmentDividendsBusiness transfer payments

Equals: Personal income

Less: Personal tax and related payments

Federal

State and local

Equals: Disposable personal income

Less: Personal consumption expenditures....

Equals: Personal saving

104.4

8.6

7.0.6.3

- . 1

87.8

10.1.2

.0

.91.05.8

.6

85.8

2.6

1.31.4

83.1

79.0

4.2

56.0

7.2

7..7.9

.0

40.2

- 2 . 0.3

.01.51.22.1

.7

47.2

7.5

.51.0

45.7

46.4

- . 6

125.8

9.0

11.3.5.4

.1

104.7

14.52.8

.02.61.34.5

.5

96.3

3.3

2.01.3

93.0

81.9

11.1

284.6

19.1

23.7.8

- . 7

.2

241.9

35.76.9

.014.34.89.2

228.5

20.8

18.22.6

207.7

195.0

12.6

363.1

28.8

30.21.3

.9

- . 2

301.8

33.79.7

.015.05.49.81.3

289.8

32.9

29.23.8

256.9

238.0

18.9

397.5

32.0

32.91.51.0

.0

330.2

43.111.0

.016.05.4

11.21.5

310.2

35.7

31.54.2

274.4

256.9

17.5

419.2

34.7

35.61.5

- . 9

1.0

349.4

42.912.3

.017.15.7

12.01.5

330.5

40.1

35.24.8

290.5

269.4

21.1

440.3

37.7

37.61.6

.7

1.3

364.0

41.914.2

.019.96.2

12.41.6

347.9

42.7

37.45.4

305.1

284.4

20.7

437.7

39.6

38.61.6

- 1 . 2

1.5

360.5

36.214.4

.024.36.2

12.31.6

354.4

42.8

37.05.8

311.6

290.6

21.0

438.9

38.5

37.71.6

.7

1.2

361.5

38.814.2

.021.36.2

12.01.6

349.7

43.0

37.55.5

306.8

287.2

19.6

427.1

38.9

38.01.6

- 1 . 5

1.6

351.7

31.314.2

.822.56.3

12.51.6

348.3

42.3

36.6

5.7

306.1

286.2

19.9

430.4

39.3

38.31.6

- 1 . 2

1.5

353.9

32.514.2

.824.6

6.212.41.6

351.3

42.3

36.55.8

309.0

288.3

20.7

439.8

39.7

38.61.6

- 3 . 0

1.5

364.3

38.014.7

- 1 . 525.2

6.212.51.6

358.6

43.5

37.65.9

315.1

291.5

23.6

453.0

40.4

39.41.6

1.6

14.6

.024.96.2

11.81.6

359.5

43.7

37.85.9

315.8

295.9

19.9

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

[Department of Commerce estimates. In billions of dollars]

Item

National income

Compensation of employeesWages and salariesl

PrivateMilitaryGovernment civilian

Supplements to wages and salaries.

Proprietors' and rental income2.Business and professionalFarmRental income of persons

Corporate profits and inventory valuationadjustment

Corporate profits before taxCorporate profits tax liability ,Corporate profits after tax

Inventory valuation adjustment

Net interest

Annual totals

1929

87.8

51.150.445.5

.34.6

.7

20.28.86.05.4

10.19.61.48.3

.5

6.4

1933

40.2

29.529.023.9

.34.9

.5

7.63.22.42.0

- 2 . 0.2.5

- . 4- 2 . 1

5.0

1941

104.7

64.862.151.9

1.98.32.7

20.910.96.53.5

14.577.07.69.4

- 2 . 5

4.5

1950

241.9

154.2146.4124.1

5.017.37.8

46.623.514.09.0

35.740.617.922.8

- 5 . 0

5.5

1954

301.8

207.6196.3161.910.024.411.3

51.327.812.710.9

33.734.117.216.8- . 3

9.1

1955

330.2

223.9210.9174.9

9.826.213.0

52.830.411.810.7

43.144.921.823.0

- 1 . 7

10.4

1956

349.4

241.8227.3189.3

9.728.414.5

53.330.811.610.9

42.945.522.423.1

- 2 . 6

11.3

1957

364.0

254.6238.1198.0

9.630.516.5

54.831.411.611.8

41.943.421.621.8

- 1 . 5

12.6

1958

360.5

253.8237.1194.3

9.833.116.7

57.431.014.212.2

36.236.418.617.9- . 2

13.2


1957

361.5

254.8238.0197.4

9.531.16.8

55.031.311.512.2

38.839.919.920.0

- 1 . 1

12.9

1958

351.7

250.9234.4192.7

9.432.316.5

56.430.613.712.1

31.331.716.115.5- . 3

13.0

353.9

250.7234.2191.8

9.632.816.4

57.730.714.912.

32.532.016.315.7

.5

13.1

364.3

255.3238.4195.010.033.416.9

57.731.114.412.2

38.037.919.318.6

.2

13.2

258.4241.3197.610.033.717.1

57.931.813.712.3

13.3

1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment.


NATIONAL PRODUCT AND INCOME 441

GROSS NATIONAL PRODUCT OR EXPENDITURE


Annual totals

1929 1933 1941 1950 1954 1955 1956 1957 1958


1957 1958

Gross national product

Personal consumption expendituresDurable goodsNondurable goodsServices

Gross private domestic investmentNew constructionl

Residential, nonfarmOther

Producers' durable equipmentChange in business inventories

Nonfarm only

Net exports of goods and services2

ExportsImports

Government purchases of goods and servicesFederal

National defense4

OtherLess: Government sales5

State and local

104.4

79.09.2

37.732.1

16.28.73.65.15.91.7

3.87.06.3

8.5

1.3

1.3

.07.2

56.0

46.43.5

22.320.7

1.41.4

.51.01.6

- 1 . 6- 1 . 4

3.22.42.3

8.02.02.0

.0.60

125.8

81.99.7

43.229.0

18.16.63.53.16.94.54.0

31.16.04.8

24.816.9

' 13.8

7 . 8

284.6

195.030.499.864.9

50.024.214.110.118.96.86.0

.613.112.5

39.019.314.35.2

.119.7

363.1

238.032.4

119.386.3

48.929.715.414.320.8

- 1 . 62

1.017.516.5

75.347.541.26.7

.327.7

397.5

256.939.6

124.892.5

63.834.918.716.223.15.85.5

1.119.418.3

76.545.339.16.6

.430.3

419.2

269.438.4

131.499.6

68.235.717.718.127.05.45.9

2.823.020.2

78.845.740.35.7

.333.1

440.3

284.439.9

138.0106.5

65.336.517.019.527.9

1.0.2

4.926.021.0

85.749.444.35.5

.436.3

437.7

290.636.8

141.9111.9

54.436.517.818.722.6

-4 .7- 5 . 8

1.422.320.9

9151.744.47.6

.339.6

438.9

287.239.6

138.8108.7

61.557.717.619.626.7

- 2 . 3-3 .1

3.324.921.6

86.949.143.95.7

.537.

427.1

286.236.4

139.8110.1

50.936.317.119.222.9

-8 .2- 9 . 3

1.721.920.2

88.349.743.76.3

.338.6

430.4

288.335.6

141.4111.3

50.734.916.218.722.3

-6 .5-7 .8

1.722.420.8

89.750.744.16.9

.339.1

439.8

291.536.1

142.9112.5

54.536.317.918.422.3

- 4 . 2- 5 . 4

1.722.821.2

92.052.244.58.0

.339.9

453.0

295.938.9

143.3113.6

61.638.620.118.523.0

.0- . 9

.422.121.7

95.254.245.39.3

241.0

1 Includes expenditures for crude petroleum and natural gas drilling.2 Series revised on basis of definitional changes in two components of

the gross national product estimates; for explanation see United States In-come and Output (a supplement to the Survey of Current Business for1959) and the December 1958 issue of the Survey of Current Business.

3 Net exports of goods and services and net foreign investments havebeen equated, since foreign net transfers by government were negligibleduring the period 1929-45.

4 This category corresponds closely to the major national securityclassification in the Budget of the United States Government for the fiscalyear ending June 30, 1960.

5 Consists of sales abroad and domestic sales of surplus consumptiongoods and materials.

PERSONAL INCOME


Year or month1

192919331941

195319541955195619571958

1958 Mar . .AprM ayJuneJulyAugSeptOctNovDec

1959 JanFebMar r

Per-sonal

income

85.847.296.3

288.3289.8310.2330.5347.9354.4

348.7349.7351.4353.4360.1357.2358.7358.2360.7359.9

363.0365.4368.6

Wage and salary disbursements

Total

50.429.062.1

198.1196.3210.9227.3238.1237.1

232.6232.0233.1235.8242.2238.5239.4239.0242.0243.3

245.4246.9249.6

Com-modityproduc-ing in-

dustries

21.59.8

27.5

88.184.191.498.7

102.297.3

95.395.095.696.697.197.798.497.7

100.3101.0

102.1102.7104.6

Distrib-utive

indus-tries

15.68.8

16.3

51.852.355.860.163.363.3

62.962.462.663.363.563.663.663.763.964.2

64 865.365.8

Serviceindus-tries

8 45.28 1

24.325 527.830 532.633.6

33.333.433.433 633.733.833 933.934.234 3

34 534.734.9

Gov-ern-ment

4 . 95.1

10.2

33.934 436.038.040.142.8

41.141.241.542.448.043.443 543.743.743 9

44 044.244.3

Otherlabor

income2

.6

.4

.7

6 .06 . 27.17.98.99.1

8.98.98.98.99.09.19.29 . 29.39.3

9 . 49.59.5

Pro-prietors'

andrental

income3

20.27.6

20.9

51.351.352.853.354.857.4

57.257.758.057.657.657.757.958.057.857.9

58.158.358.6

Divi-dendsandper-

sonalinterestincome

13.28.3

10.3

22.624.427.029.131.131.7

31.731.731.731.831.831.931.931.931.930.2

32.132.332.6

Trans-fer-pay-

ments4

1.52.13.1

14.316.217.518.621.525.9

24.826.126.426.026.526.827.026.926.626.0

25.826.126.1

Lesspersonacontri-butions

forsocialinsur-ance5

.2

.8

3.94 . 65.25.76.66.7

6.66.66.76.77.06.86.86 .86.86.8

7 .77.77.8

Non-agricul-

turalincome 6

77 743.688.0

271.5273.8295.0315.4332.7336.5

330.5331.0332.4335.1342.0339.2340.9340.3343.2342.4

345.8348.2351.2

v Preliminary.1 Monthly data are seasonally adjusted totals at annual rates.2 Represents compensation for injuries, employer contributions to

private pension and welfare funds, and other payments.3 Represents business and professional income, farm income, and

rental income of unincorporated enterprise; also a noncorporate inventoryvaluation adjustment.

4 Represents government social insurance benefits, direct relief, mus-tering-out pay, veterans' readjustment allowances and other payments, aswell as consumer bad debts and other business transfers.

5 Prior to 1952 includes employee contributions only; beginning January1952, includes also contributions to the old-age and survivors' insuranceprogram of the self-employed to whom coverage was extended under theSocial Security Act Amendments of 1950. Personal contributions arenot included in personal income.

6 Represents personal income exclusive of net income of unincorporatedfarm enterprise, farm wages, agricultural net interest, and net dividendspaid by agricultural corporations.


442 BANKS AND BRANCHES

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1958

State

All banks, by class of bank

Total

Commercial banks

Total

Memberbanks

Na-tional

Statemem-

ber

Nonmemberbanks

In-sured

Non-in-

sured

Mutual sav-ings banks

In-sured

Non-in-

sured

All banks maintaining branches or additional offices(except banking facilities), by class of bank i

Total

Commercial banks

Total

Memberbanks

Na-tional

Statemem-

ber

Nonmemberbanks

In-sured

Non-in-

sured

Mutual sav-ings banks

In-sured

Non-in-

sured

United States2

AlabamaArizonaArkansasCaliforniaColorado

ConnecticutDelawareDistrict of ColumbiaFloridaGeorgia

IdahoIllinoisIndianaIowaKansas

KentuckyLouisianaMaineMarylandMassachusetts

MichiganMinnesotaMississippiMissouriMontana

NebraskaNevadaNew HampshireNew JerseyNew Mexico

New YorkNorth CarolinaNorth DakotaOhioOklahoma

OregonPennsylvaniaRhode IslandSouth CarolinaSouth Dakota

TennesseeTexasUtahVermontVirginia

WashingtonWest VirginiaWisconsinWyomingAlaska2

Virgin Islands2

14,020

2398

237124181

1512913

280410

28946463670593

36018687149356

393687194613115

4236

10928353

561203155609387

5675017144172

2989714964312

9318355652

13,501

2398

237124181

802713

280410

28946459670593

36018655142170

393686194613115

4236

7526253

433203155606387

55743

9144172

2989714958

312

8918355252

1

1

4,578

693

554677

3075

10352

939512397

169

412953

107

75179277541

1233

5116727

2584338

228197

11485

42534

75458

732

131

25779725

1

31,734

241

202517

1124

1213

8129

31107143

20116

1223

150308

9844

1721

55

11842

15727

678

16

26

11713

171

1035

3 6514

6,793

1463

1574863

29174

160291

11416220460345

241133

147635

16646715642329

2441

143718

46155112220156

36167

2106112

2083712424

110

5268

38713

399 3241 278

65

2,187

185

2755

1

529

12

2,010

185

2755

1

338

12

739

1425

17

352 899

21

2021

1

1143

19 19

101

178

9912111

56623157

137

1112

622

99121

11

5662295278

1112

622

53115

4

2934102519

49

"47

22

128

153

12421

2229119

16410

17179113528

633

131295

22

52

11521

1549119

16210

17175

73528

633

131195

20

2107

3144

24

91 91

20 107 70

16

54

68

1 Banking facilities are shown separately; see note 4.2 Excludes banks in United States territories and possessions except

one national bank in Alaska, with no branches, that became a memberof the Federal Reserve System on Apr. 15, 1954 and one national bank inthe Virgin Islands, with one branch, that became a member of the FederalReserve System on May 31, 1957.

3 Figures for member (commercial) banks and those for mutual savings(noncommercial) banks both include one mutual savings bank in Indianaand two in Wisconsin. The all-bank total includes such banks onlyonce, and the total for commercial banks excludes them. State memberbank figures also include one noninsured trust company without deposits,which is not included with noninsured nonmember banks.

4 Banking facilities (other than branches) that are provided at militaryand other Government establishments through arrangements made by

the Treasury Department; they are operated by 179 banks, 80 of whichhave no other type of branch or additional office.

5 Each bank is reported once only—according to the widest area inwhich it operates branches or additional offices.

6 Includes one national bank in the Virgin Islands, with one branch,that became a member of the Federal Reserve System on May 31, 1957.

NOTE.—Each branch and additional office is located in the same Stateas its parent bank except that one national bank in New Jersey has abranch in Pennsylvania, one national bank in California has two branchesin Washington and one in Oregon, and one noninsured (unincorporated)bank in New York has one branch in Massachusetts and one in Penn-sylvania. In the table these branches are shown according to their ownlocation, rather than that of the parent bank.


BANKS AND BRANCHES 443

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1958—Continued

State

United States

AlabamaArizona

CaliforniaColorado

ConnecticutDelawareDistrict of Columbia..FloridaGeorgia

IdahoIllinoisIndianaIowaKansas

Kentucky

Mâine

Massachusetts .

MinnesotaMississippi

Montana

NebraskaNevadaNew HampshireNew JerseyNew Mexico

New YorkNorth CarolinaNorth DakotaOhioOklahoma

OregonPennsylvaniaRhode Island . . • .South CarolinaSouth Dakota

TennesseeTexasUtahVermont

^VashingtonWest VirginiaWisconsin . . . .Wyoming

Virgin Islands

All branches and additional offices (except banking facilites),by class of bank !

Total

9,038

5613734

1,4271

2014555

68

80

24416311

113152119228418

4916

1212

1313

38038

1,358407

27562

10

16570710512253

1773

6330

217

254

152

1

Commercial banks

Total

8,613

5613734

1,4271

1594355

68

80

24416311

113152116195320

4916

1212

1312

36038

1,220407

27548

10

16566383

12253

1773

6329

217

247

152

1

Memberbanks

Na-tional

4,341

50104

81 074

761

28

41

66

124

7

53833557

167

1746

17

1191

20719

38586

1264

8

143377478723

102

3716

106

224

16

1

Statemember

2,360

373

205

491816

17

8

375

23174162

103

233

132

8

119

76560

1218

419817

173

173

44

16

8

Distribution by location of branches with

Banks with branches orIn head office city.Outside head officeOutside head officeIn counties not cor

Branches and additionaIn head office city.Outside head office

In head officeIn contiguousIn noncontigu

Bankins facilities at mil

respect to head office

additional

Nonmemberbanks

In-sured

1,873

32123

1441

342211

10

6

83156

4

3752297449

83

91

41

3419

6625825662

1885183530

58

91067

7

128

Non-insured

39

5

4

2

2

1 \2

43

31

offices (except banking facilities) 5 6 . .

city but not beyond head offcounty but not beyond cont

itiguous to head office count)

offices (except banking facilit

city:county. .counties,ous count

itary and ather Gov(

ice count}guous coi

ies)

?rnment establishme

inties

tits4

Total

Mutualsavingsbanks

In-sured

305

31

33317

120

138

14

4422

i7

2,187657

1,12131594

9,0383,724

2,7081,2131,393

248

Non-insured

120

39

81

All branches and additional offices(except banking facilities),

by location1

Inheadofficecity

3,724

2928

2269

681255

52

5

129

11

689325

106237

2716

382

17

16223

862112

30710

29280

3334

1053

112

142

75

19

Member banks

National

7392583687043

4,3411,605

1,150519

1,067

193

St£ite

3521201644523

2,3601,331

594288147

30

Outside head office city

In headoffice

county

2,708

153827

157

9720

1

6

114120

42505051

172

150

53

4

21811

3447016

246

17259402323

57

151339

43

107

In con-tiguouscounties

1,213

443

4247

3313

6

13

i

43

36

3956

8

60

24

63

3

114106119

19167161319

7

61227

46

26

Nonmembercommercial banks

Insured

1,

89916153617725

873461

873364175

25

Non-insured

205843

3915

1284

In non-contig-uous

counties

1,393

828

754

3

9

56

35

151

10

6

14

38119

1001

165211

8

3139

90

1

Bank-ing,

facili-ties atGovt.estab-lish-

ments4

248

661

395

115

138

44

3

344

133

2

321

12175

145

35

826

620

51

17

6

1

Mutualsavings banks

Insured

107851012

305255

2426

Non-insured

7028357

12057

558

For notes see opposite page.


Financial Statistics

* International *

International capital transactions of the United States. 446

Net gold purchases and gold stock of the United States. 454

Estimated foreign gold reserves and dollar holdings. 455

Reported gold reserves of central banks and governments. 456

Gold production. 457

International Bank and Monetary Fund. 458

United States balance of payments 459

Money rates in foreign countries. 459

Foreign exchange rates 461

Index to statistical tables 468

Tables on the following pages include the prin- dealers in the United States in accordance withcipal available statistics of current significance the Treasury Regulation of November 12, 1934.relating to international capital transactions of Other data are compiled largely from regularlythe United States, foreign gold reserves and dol- published sources such as central bank state-lar holdings, and the balance of payments of the ments and official statistical bulletins. Back fig-United States. The figures on international cap- ures for 1941 and prior years, together with de-ital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board'sserve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics.

445


446 INT'L CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1

[Amounts outstanding, in millions of dollars]

Date

1954—Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31

1958_Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1959_j a n . 31?Feb. 28^

GrandTotal

12,91913,60114,93915,158

15,31015,18215,05915,21415,27015,38615,68115,64215,94616,05216,164

16,23816,606

In-terna-tionalinsti-

tutions 2

1,7701,8811,4521,517

1,4711,3771,3731,5221,4541,4631,4371,4831,4361,4851,544

1,5381,541

Foreign countries

Total

11,14911,72013,48713,641

13,84013,80513,68513,69213,81613,92314,24314,16014,51014,56714,620

14,70115,065

Official

6,7706,9538,0457,917

8,1208,0187,9537,9477,9318,1018,4158,4038,6648,6388,663

8,5248,746

Ger-many,Fed.Rep.

of

,373,454,835,557

,497,511,551

1,598,468

1,5901,6751,7331,7611,7551,755

1,6931,697

Italy

579785930

1,079

1,0781,0661,1291,1211,0711,0541,0931,0871,1521,1321,122

1,1561,166

UnitedKing-dom

640550

[,012,275

[,244,260

1,0211,0561,0601,0981,0061,076

945977875

1,0801,133

OtherEurope

3,0303,3573,0893,231

3,4783,5013,4233,2743,3583,3973,6593,6693,7853,7923,961

3,7873,922

TotalEurope

5,6216,1476,8657,142

7,2977,3387,1257,0496,9577,1397,4337,5657,6437,6567,712

7,7157,919

Canada

1,5361,0321,5161,623

1,6621,6261,6621,7892,0011,9622,0521,9442,0602,0712,011

2,0742,121

LatinAmerica

1,9062,0002,3462,575

2,5152,4742,5522,4972,4992,4032,3852,2882,3952,4072,401

2,3842,383

Asia

1,8212,1812,4151,946

2,0112,0022,0042,0442,0722,1342,1072,0852,1262,1482,216

2,2462,347

AllOther

265360346355

355365343312288285266277286285279

282295

Table la. Other Europe

Date

1954_Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31

1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30,,,Oct. 31Nov. 30Dec. 31

1959_j a n . 31PFeb. 28^

OtherEurope

3,0303,3573,0893,231

3,4783,5013,4233,2743,3583,3973,6593,6693,7853,7923,961

3,7873,922

Aus-tria

273261296349

353355353354363377397418425413411

408410

Bel-gium

100108117130

133110118114109101157106108107115

109105

Den-mark

716065

112

124131142143114127149162162156169

142129

Fin-land

41495364

6561595047515963716469

7476

France

7151,081

626354

316319322249298314357413468492532

517636

Greece

113176111154

157154142131122116109112117121126

129132

Neth-er-

lands

249164134203

350323295292293285350337330328339

356345

Nor-way

103826793

12210710810410810198

101108113130

113115

Por-tugal

91132137142

144155157153154161158157165165163

148157

Spain

711044324

2428273431284133283636

3132

Swe-den

141153217260

266258257251254268281292281281303

280280

Switz-er-

land

672757836967

923904875827832812817804799786853

789796

Tur-key

89

2018

1213121512111110161620

1820

Yugo-slavia

9131711

775969

1111999

86

Allother 4

371209282349

483574550549617637664651699704685

665682

Table lb. Latin America

Date

1954—Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31

1958—Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1959—Jan. 31*Feb. 28*

LatinAmer-

ica

1,9062,0002,3462,575

2,5152,4742,5522,4972,4992,4032,3852,2882,3952,4072,401

2,3842,383

Argen-tina

160138146137

137144139137140147133131134141150

149188

Bo-livia

29262926

2523222223212121222122

2320

Brazil

120143225132

118116120139125126159133130132138

164166

Chile

70959175

72777877867478847473

100

9685

Co-lom-bia

222131153153

146135125120125129144137170176169

178199

Cuba

237253211235

239235266271281278292274276280286

281267

Do-min-icanRe-

pub-lic

60656854

4948504953544948424240

4038

ElSal-

vador

30242527

3331373633302625262326

3133

Guate-mala

35456465

6966626464595448454342

4043

Mex-ico

329414433386

382378379361332322351370383413418

393389

Neth-er-

landsWestIndiesand

Suri-nam

49476973

6966666762677372768179

7276

Pan-ama,Re-pub-lic of

7486

109136

141144137135134138133143147145146

147156

Peru

83928460

6662627473747572707377

7272

Uru-guay

90657355

8586817677797682838382

9289

Vene-zuela

194265455835

749709770712740664580514582542494

464410

OtherLatinAmer-

ica

124112111124

135152155156150142142136135139131

144152



INT'L CAPITAL TRANSACTIONS OF THE U. S. 447

Table 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued


Table lc. Asia and All Other

Date

1954_Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31


1959—Jan. 31 P . . . .Feb. 2 8 P . . . .

Asia

Total

1,8212,1812,4151,946

2,0112,0022,0042,0442,0722,1342,1072,0852,1262,1482,216

2,2462,347

HongKong

61556670

6668666566686765646363

6258

India

87737682

7779757681807673767577

7886

Indo-nesia

100174186151

1328986888989809199

105108

108112

Iran

31372055

4452474364555143353843

5351

Israel

41534552

5048525148514640455256

5460

Japan

721893

1,017586

655704739780803858901882925925939

9621,021

Ko-rea,Re-

pub-licof

968899

117

121121122115117119123128129133145

144147

Phil-ip-

pines

257252272175

189188169180164168172177159158181

161173

Tai-wan

34396186

8892929188919293969999

9896

Thai-land

123138148157

159157145146148145141140136133134

135139

Other

270380425417

430404412408403411357353361367371

391403

All other

Total

265360346355

355365343312288285266277286285279

282295

Aus-tralia

48758485

8082777775867074777679

8381

Bel-gian

Congo

44424439

3946543534353631313130

3131

Egypts

47725040

4142412918161818202016

1717

Unionof

SouthAfrica

33535338

3638202724221928303030

3137

Other

94119114153

158156151144137126123126128127125

121129

Table Id. Supplementary Areas and Countries6

Area or country

Other Europe:AlbaniaBritish dependenciesBulgariaCzechoslovakia 7

Eastern GermanyEstoniaHungaryIcelandIreland, Republic ofLatviaLithuaniaLuxembourgMonacoPoland?Rumania7

TriesteU. S. S. R.7

Other Latin America:British dependenciesCosta RicaEcuadorFrench West Indies and French Guiana.HaitiHondurasNicaraguaParaguay

Other Asia:AfghanistanBahrein IslandsBritish dependencies.

End of year

1955 1956 1957 1958

.4

.4

.7

.71.31.1.04.8

13.71.0

.33.15.62.58.11.4

.7

16.617.614.9

.612.19.7

12.83.6

4.1.5

.3

.4

.2

.51.21.9

3.19.1

.6

.413.24.33.3

.91.4

24.114.618.01.08.9

10.211.84.0

5.31.77.4

. 1

. 3

.6

.73.11.7

.72.99.0

.5

.516.45.43.2

1.2.7

24.016.422.7

.811.212.612.75.1

4.7.9

8.0

n.a..4.3.6

1.41.7

Other Asia (Cont.):Burma.

.93.5n.a.

.6

.716.15.94.9

.52.2

40.924.517.4

.57.76.3

11.33.4

n.a..9

4.3

Area or country

CambodiaCeylonChina Mainland7

IraqJordan.KuwaitLaosLebanonMalaya, Fed. ofPakistanPortuguese dependencies.Ryukyu IslandsSaudi ArabiaSyria 5Viet-Nam

All other:British dependenciesEthiopia and EritreaFrench dependenciesLiberiaLibyaMorocco:

Morocco (excl. Tangier)Tangier

New ZealandPortuguese dependenciesSomaliaSpanish dependenciesSudanTunisia

End of year

1955 1956 1957 1958

19.113.132.936.214.71.23.5

23.118.01.65.72.0

34.079.51 3 . 162.3

7.017.241.235.516.92.05.3

37.322.31.4

20.22.7

30.697.417.150.1

3.824.210.523.7

3.7

13.622.4

2.22.8

.9

.3

.4

.5

6.720.034.236.319.61.65.9

33.128.2

1.612.83.1

32.794.8

3.558.5

2.335.110.723.010.7

32.219.21.94.41.3

.71.7

n.a.24.9n.a.

36.018.02.8

10.3n.a.

37.9n.a.5.63.1

15.260.24.7

48.8

1.827.8

6.513.06.4

25.418.16.94.0n.a.

.45.2

.3

p Preliminary. n.a. Not available.1 Short-term liabilities reported in these statistics represent principally

deposits and U. S. Government obligations maturing in not more thanone year from their date of issue; small amounts of bankers' acceptancesand commercial paper and of liabilities payable in foreign currenciesare also included. Banking liabilities to foreigners maturing in morethan one year (excluded from these statistics) amounted to $2 millionon Feb. 28, 1959.

2 Includes International Bank for Reconstruction and Development,International Monetary Fund, and United Nations and other inter-national organizations.

3 Represents liabilities to foreign central banks and foreign centralgovernments and their agencies (including official purchasing missions,trade and shipping missions, diplomatic and consular establishments, etc.)

4 Includes Banks for International Settlements.

5 Part of the United Arab Republic since February 1958.6 Except where noted, these data are based on reports by banks in

the Second (New York) Federal Reserve District. They represent apartial breakdown of the amounts shown in the "other" categories intables la- lc .

7 Based on reports by banks in all Federal Reserve districts.NOTE.—Statistics on international capital transactions of the United

States are based on reports by U. S. banks, bankers, brokers, and dealers,by branches or agencies of foreign banks, by certain domestic institutionsnot classified as banks that maintain deposit or custody accounts forforeigners, and by the U. S. Treasury. The term "foreigner" is used todesignate foreign governments, central banks, and other official institu-tions, as well as banks, organizations, and individuals domiciled abroadand the foreign subsidiaries and offices of U. S. banks and commercialfirms.



TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES


Date, or areaand country

1954 Dec 311955—Dec. 311956 Dec. 311957 Dec. 31

1958 Feb. 28Mar. 31Apr 30May 31June 30July 31Aug 31Sept 30Oct. 31Nov 30Dec 31

1959 Jan 31p

Feb 28*>

Europe:

Pin landFrance

Germany, Fed. Rep. o f . . . .GreeceItalyNetherlands

Portugal

SwedenSwitzerlandTurkey

United KingdomYugoslaviaOther Europe

Total Europe

Latin America:ArgentinaBolivia •

Chile

Cuba

Dominican RepublicEl SalvadorGuatemalaNfexicoNeth. W. Indies and Suri-

Panama, Rep. ofPeruUruguayVenezuelaOther Latin America

Total Latin America.

Total

Payable in dollars

To banks and official institutions

Total DepositsU.S.

Treasurybills and

certificatesOther

To all other foreigners

Total DepositsU.S.

Treasurybills and

certificatesOther

Payable inforeign

currencies

Total amounts outstanding

12,91913,60114,93915,158

15,31015,18215,05915,21415,27015,38615,68115,64215,94616,05216,164

16,23816,606

11,07011,77712,86012,847

13,06612,90712,77612,96312,95913,12713,38913,30513,57613,62713,664

13,73314,076

5,4795,4515,9795,875

6,3316,6416,7926,9057,0927,1107,0926,7056,7116,7366,774

6,8066,797

4,9555,6705,9905,840

5,4725,0564,8204,9354,7314,9055,2095,5055,7675,7695,817

5,8426,184

637656891

1,132

1,2631,2101,1641,1231,1351,1121,0881,0951,0971,1221,073

1,0851,095

1,8051,7832,0302,252

2,1962,2042,1962,1642,2352,1902,2192,2582,2932,3592,441

2,4532,468

1.5201,5431,6531,766

1,7361,8001,8121,8241,9191,9321,8891,8931,8971,9291,961

1,9601.943

251184243278

249213217184184135210230242258306

304344

3456

134209

211190167156132122120136154172174

189181

43404959

4971878777697279776659

5262

Area and country detail, December 31, 1958

411115169

69532

1,755126

1,122339130

16336

30385320

8759

685

7,712

2,011

15022

138100169286

402642

418

79

1467782

494131

2,401

40966

15568

472

1,734115

1,08831586

12418

292706

18

5139

660

6,850

1,667

927

4239

102144

181124

276

45

293243

33257

1,292

392528648

222

32781

12614167

1151877

42217

2377

172

2,607

1,094

917

3939

101101

179

16251

26

293242

33241

1,172

25516

225

1,22235

672158

18

186124

260

357

3,329

567

(V)' '

40

324

9

0)0)

8 "

84

1613154

25

185(i)

29016

1

91

30160

1

172

131

915

6

10)

40)

4

0)52

9

0)( l )

0)

36

34813

159

1911332344

391811

1442

334

828

332

5815966167

142

221518

141

35

1174539

16269

1,104

34012

53

1511251942

381710982

1280)22

535

228

5815916066

137

221518

132

15

924136

16067

1,025

31

4

3(i)

832

( i )

17

164

1

206

73

0)1

0)1

0)(1)

8

6

41

0)1

25

C1)61

3

1

11

0)(1)(1)

29

42

2

86

31

0)0)4

0)5

(!)

2

13

2133

0)

54

0)0)

1

2

( i )1

0)(1)(1)

30)

270)0)35

13

0)

0)(1)

0)

(1)

0)

5

6

Preliminary. i Less than $500,000.



TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued


Area andcountry

Asia:Hong KongIndiaIndonesiaIranIsrael . . . . .

Japan .Korea, Rep. ofPhilippinesTaiwan . .ThailandOther Asia

Total Asia

All other:AustraliaBelgian CongoEgypt2

Union of South AfricaOther

Total other countries..

International

Grand total .

Total

Payable in dollars

To banks and official institutions

Total DepositsU.S .

Treasurybills and

certificatesOther

To all other foreigners

Total DepositsU.S.

Treasurybills and

certificatesOther

Payablein foreigncurrencies

Area and country detail, December 31, 1958—Continued

6377

1084356

93914518199

134371

2,216

79301630

125

279

1,544

16,164

3661

1063953

92314315992

130330

2,072

7329152795

239

1,544

13,664

3358593932

5851421379252

262

1,491

3313152383

167

244

6,774

46

9

302

120)7046

486

3810

40)52

1,300

5,817

321

12

351

100)

822

95

36

0)12

21

1,073

2716243

17i

2164

40

142

4112

29

35

0)2,441

2716243

162

2164

39

141

3112

27

33

1,961

0)

0)

0)C1)0)

1

0)

0)

0)306

0)

C1)

C1)

0)

0)1

0)0)C1)0)

2

174

0)

C1)

1

J

2

0)1

4

59

i Less than $500,000. 2 Part of the United Arab Republic since February 1958.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i


Date

1954 Dec 311955 Dec 311956 Dec 311957 Dec 31

1958 Feb 28Mar. 31Apr 30May 31June 30July 31Aug 31Sept 30Oct 31Nov 30Dec 30

1959 Jan 31PFeb 28p

Total

1,3871,5491.9462,199

2,2222,2752,4102,4802,4482,4912,5632.5422.5772,4872,542

2,4232,379

France

141218

114

981049293848684909396

102

102100

Ger-many,Fed.

Rep. of

7088

157140

1261301341401231171111091038877

6868

Italy

20304356

5150454144434339363536

3129

Switz-er-

land

16262934

3027302735313336383542

3835

UnitedKing-dom

17310910498

9786848496

103126127115120124

107102

OtherEurope

109158216211

227258274111263267312315316301315

287288

TotalEurope

402423568654

628655660663646647709716700675696

634622

Can-ada

76144157154

154186220229251271265256276232243

241218

LatinAmer-

ica

728706840956

9901,0061,0231,0511 0241,034J 0491,041I 078[,0641,099

1.073055

Asia

143233337386

406383460465450463462450442438435

396422

Allother

37434350

4444487177767879817969

7963

P Preliminary.1 Short-term claims reported in these statistics represent principally

the following items payable on demand or with a contractual maturityof not more than one year: loans made to and acceptances made for

foreigners; drafts drawn against foreigners that are being collected bybanks and bankers on behalf of their customers in the United States;and foreign currency balances held abroad by banks and bankers and theircustomers in the United States.



TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued


Table 3a. Other Europe

Date

1954 Dec 311955 Dec 31IQ fi Dec 311957 Dec 31

19*>R Feb 28Mar 31Apr 30May 31 . . . .June 30July 31Aug 31 • •Sept 30Oct 31Nov 30Dec 31

1959 Jan 31p

Feb 28*>

OtherEurope

109158216211

227258274277263267312315316301315

287288

Aus-tria

(2)276

99858899987

65

Bel-gium

20162825

2725252716186763646865

6464

Den-mark

10131211

986787687

1014

1516

Fin-land

3344

36554433456

66

Greece

3446

67777888

1087

65

Neth-er-

lands

16112129

3239424641444344495356

5159

Nor-way

29

2323

2527292426252522202122

2018

Por-tugal

(2)

22

22222222222

22

Spain

4588

2336424644445759553130

2625

Swe-den

47

1310

1113171816161413131524

1616

Tur-key

41788876

7175818178796772726972

6460

Yugo-slavia

12

(2)

(2)

1(2)

1

11

(2)1

(2)

I1

Allother

577

10

8111099

119

101199

109

Table 3b. Latin America

Date

1954—Dec. 311955 Dec. 311956 Dec. 311957—Dec. 31


1959—Jan. 31*Feb. 28^

LatinAmer-

ica

728706840956

9901,0061,0231,0511,0241,0341,0491,0411,0781,0641,099

1,0731,055

Argen-tina

67

1528

2726232237494848353440

3839

Bo-livia

3443

33333333333

43

Brazil

2736972

100

141168184202189216200183165138148

176176

Chile

14141633

4140425054494847474752

5148

Co-lom-bia

107143145103

8785828071545449505151

4948

Cuba

719290

113

126116114123105105132127151155166

151150

Do-min-icanRe-pub-lic

357

15

121210117

111214191919

2023

ElSal-

vador

108

118

7666777

10101110

66

Guate-mala

4578

999988899

1012

1211

Mex-ico

116154213231

223224245257253241245276290294293

271260

Neth-er-

landsWestIndiesandSuri-nam

352

23333332466

43

Pan-ama,Re-pub-lic of

9171218

2024232125232624232323

2124

Peru

16293531

3035373833303028313131

2830

Uru-guay

7181542

5347433739424550545452

5043

Vene-zuela

63105144170

158157152141136138134125138139142

140139

OtherLatin

Amer-ica

27344951

5251485054555549494953

5253

Table 3c. Asia and All Other

Date

Asia

Total HongKong India Iran Israel Japan Phil-

ippinesTai- Thai-

land Other

All other

Total Aus-tralia

Bel-gian

Congo

Unionof

SouthAfrica

Other

1954_Dec. 311955_Dec. 311956—Dec. 311957—Dec. 31


1959—Jan. 31^Feb. 28*>

143233337386

406383460465450463462450442438435

396422

16182022

2628402929312927292727

2928

11101624

2121191918181921222723

2522

50103170146

148139214224229224222209196186179

168175

7191653

5853424532383941394167

3842

914

1312121617161414141613

1413

396091110

122108112114106119122121123120111

105124

37434350

4444487177767879817969

7963

14111113

1313131314121213141313

1212

12

712143638394141372923

2424

10171719

1612141417161717232927

3822

P Preliminary.1 See note 1 on preceding page.

2 Less than $500,000.3 Part of the United Arab Republic since February 1958.



TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES


Date, or areaand country

Long-term—total i

Short-term

Total

Payable in dollars

Total

Loans to:

Banks andofficialinstitu-tions

Others

Collec-tionsout-

standingOther

Payable in foreign currencies

TotalDeposits

withforeigners

Other

1954__Dec. 31..1955—Dec. 31..1956—Dec. 31..1957—Dec. 31..

1958—Feb. 28. .Mar. 3 1 . .Apr. 30..May 3 1 . .June 30..July 3 1 . .Aug. 3 1 . .Sept. 30..Oct. 3 1 . .Nov. 30..Dec. 3 1 . .

1959—Jan. 31 P.Feb. 28*.

Europe:Austria...Belgium..Denmark.Finland. .France.. .

Germany, Fed. Rep. of.,GreeceItalyNetherlandsNorwayPortugalSpainSweden. . . .Switzerland.Turkey

United Kingdom.YugoslaviaOther Europe

Total Europe.

Canada

Latin America:ArgentinaBoliviaBrazilChileColombiaCuba

Dominican RepublicEl SalvadorGuatemalaMexicoNetherlands W. Indies

and Surinam

Panama, Rep. ofPeruUruguayVenezuelaOther Latin America

Total Latin America.

441671839

1,167

,212,211,258,240,256,268,323,321,334,373,363

,373,363

2630

13

21

()2426

128

26

242

89

'ii'405

99

i3092

311

107

24132

5052

658

Total amounts outstanding

1,3871,5491,9462,199

2,2222,2752,4102,4802,4482,4912,5632,5422,5772,4872,542

2,4232,379

1,1761,3851,7962,052

2,0982,1192,2392,3142,2762,3102,3852,3252,3472,2982,344

2,2732,228

449489582627

603599712777764776871862859806840

780745

142236330303

329344343349349364370376394418428

408412

301353440423

432441448455432430423406428420421

417413

283307444699

734735736732730740720680666654656

667658

211164150147

125156171166172181178217230189198

150152

Area and country detail, December 31, 1958

765146

102

777365622

230244272

124

9

696

243

403

1485251166

191012

293

23315214253

,099

76414699

677355422

229193572

2919

571

181

403

1475251166

191012

291

23315213753

,092

2521

102104

()1821569

201

13

221

37266

106

53(2)115

16174

364

()

326

112

69

137

9923

11

59

18433716

208

20511133

1554

1414

104

6

11226102114

33725

4163

4625

218

4611586

35(2)11513

(2)

198

24

()6771522

333

92

30387

303

95

125

62

173144131132

110140157153159166165204212174181

135138

91

119

58

38201915

1516141413151313181616

1513

P Preliminary.1 Represents mainly loans with an original maturity of more than one

year.

2 Less than $500,000.



TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued


Area andcountry

Asia:Hong KongIndiaIndonesia .IranIsrael

JapanKorea Rep ofPhilippinesTaiwanThailand . . .Other Asia

Total Asia

All other:AustraliaBelgian CongoEgypt3

Union of South A f r i c a . . . .Other

Total other countries. .

International

Grand Total

Long-term—tota l l

Short-term

Total

Payable in dollars

Total

Loans to :

Banks andofficialinstitu-

tions

Others

Collec-tionsout-

standingOther

Payable in foreign currencies

TotalDeposits

withforeigners

Other

Area and country detail, December 31, 1958—Continued

16

514

13

16

1327

95

152

1278

106

1,363

64

2723

1791

676

13109

435

1343

2327

69

2,542

54

2723

1771

676

13109

434

1242

2326

67

2,344

31

16

63

4958

98

234

1

1313

29

840

1

1

4

(2)

7

i "25

7

428

23

(2)27

222

12

39

70

53

78

24

421

1

15

89

16121

124

6

(2)

7

656

(2)

1

(2)

(2)

2

1

C2)(22

2

198

8

(2)

( 2 )

(2)

1

(2)

'

181

(2)

1

(2)

(2)

1

1

!

16

1 Represents mainly loans with an original maturity of more than 2 Less than $500,000.one year. 3 Part of the United Arab Republic since February 1958.

TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i


Year or month

1955 . . . .195619571958

1958_FebMarAprMayJuneJulyAugSectOctNovDec

1959—Jan.*>Feb v

U. S. Govt. bonds

Pur-chases

1 341883666

1,224

246657943

2691625238801758

12778

Sales

8121,018

7181,188

133529592

3231476336315153

2381

& notes

Net pur-chases,orsales ( - )

529-135

- 5 236

11313

- 1 6- 4 8- 5 3

16- 1 1

349

- 3 45

104- 2

U. S. corporate securities2

Pur-chases

1,8861,9071,6171,759

98129104115136168138154227192206

213181

Sales

1 7301,6151,4231,798

100128126118153163149153220182203

195164

Net pur-chases, orsales ( —)

156291194

- 3 8

- 21

- 2 1- 3

- 1 75

- 1 217

113

1817

Foreign bonds

Pur-chases

693607699889

54395281

149693943

16356

104

13499

Sales

509992

1 3921,915

14387

1153681921498939

194129231

186183

Net pur-chases, orsales ( - )

184-385— 693

-1 ,026

- 8 9- 4 8— 62

- 2 8 7- 4 3— 80- 5 0

4— 31- 7 3

- 1 2 7

- 5 2- 8 4

Foreign stocks

Pur-chases

664749593467

12222252425262749443738

4541

Sales

878875622804

20240344842474381756773

13573

Net pur-chases, orsales (-)

— 214- 1 2 6

— 29— 336

— 80- 1 8

g- 2 3- 1 7— 22— 16- 3 2— 31— 30— 35

— 90- 3 2

Preliminary.1 Includes transactions of international institutions.

2 Includes small amounts of U. S. municipal securities.3 Less than $500,000.


INTL CAPITAL TRANSACTIONS OF THE U. S. 453

TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,BY TYPE OF SECURITY AND BY COUNTRY 1

[Net sales, (—). In millions of dollars]

Year or month

1955195619571958

1958—FebM a rAprMayJune . .JulyAugSept .OctNovDec

1959—Jan.*>Feb."

Tota l 2

156291194

- 3 8

- 21

- 2 1- 3

- 1 75

- 1 217

113

1817

Type of

Stocks

128256143

- 5 6

- 8- 1 4— 14

- 3- 214

- 1 6n

3

- 3

1915

security

Bonds

29355118

615

— 7

- 1 5- 9

484

106

- 22

Country

Belgium

142314

- 3

1

- 1

12

France

923

82

- 521

124

12

Neth-er-

lands

- 2 1- 735

- 8

- 41211

- 1

- 4

- 1- 1

Switz-er-

land

14214710119

- 22

- 8

- 445

1314

177

UnitedKing-dom

308777

33

- 3- 1

13

- 2

2- 4- 7

- 62

OtherEurope

107

201

10

12

- 2- 9

- 11

- 3

12

TotalEurope

183280255

11

38

- 1 33

- 3- 3- 4

4593

1315

Canada

- 8 0- 5 3- 9 9- 8 6

- 9- 1 1- 1 0- 9

- 1 0

- 6- 7- 6- 6

LatinAmer-

ica

27382323

341

- 1- 5

8- 6

2663

32

Allother2

26271514

i311

p\223

2

» Preliminary.1 Includes small amounts of U. S. municipal securities.

2 Includes transactions of international institutions.3 Less than $500,000.

TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERMFOREIGN SECURITIES, BY AREAS

[Net sales, ( —). In millions of dollars]

Year ormonth

1955195619571958

1958—Feb....Mar... .Apr... .May. . .June. . .July.. . .Aug....Sept....Oct.. . .Nov....Dec... .

1959—Jan.?'...Feb.?. .

Inter-national

insti-tutions

- 2 7- 3 3

— 384- 5 5 8

- 1 3A

- 1 7-156- 9 1- 1 7- 1 5

3- 1 1

- 6- 9 6

- 4 46

Totalforeigncoun-tries

— 4- 4 7 8— 338- 8 0 5

- 1 5 7- 6 3- 5 5

- 1 5 431

- 8 4- 5 1- 3 1- 5 0- 9 7- 6 6

- 9 9- 1 2 3

Europe

- 4 68

231- 7 2

- 6 4- 2 3

71

82- 2 6- 1 1

12- 3 2

- 3- 9

- 3 7- 1 3

Can-ada

74- 4 4 7— 552- 5 4 3

- 9 3- 3 6- 4 9

- 1 3 0- 4 4- 5 5- 3 0- 1 0- 1 0- 6 7- 1 4

- 5 9- 6 4

LatinAmer-

ica

241715

5

20)

4421

- 82

- 10)

- 6

5- 3

Asia

- 4 9- 4 0— 45- 4 5

- 3- 3- 3- 4

2- 4- 1- 2- 3- 6- 8

- 9- 4 1

Allother

<y

- 1 613

- 1 5 0

20)

- 1 3- 2 5- 50)

- 1- 3 3

- 5- 2 2- 3 1

1- 2

Preliminary,i Less than $500,000.

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD ATFEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1


Date

1957—Dec. 31

1958—Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1959__j a n . 31Feb. 28Mar. 31

Deposits

356

266257234269288313258288226272

274310307

Assets in custody

U. S. Govt.securities2

3,729

3,3153,0683,0372,9743,1673,3443,6093,7773,8223,695

3,6813,8573,593

Miscel-laneous 3

353

421422405491541523493481487480

510509509

1 Excludes assets held for international institutions, and earmarkedgold. See note 4 at bottom of next page. For total gold under earmarkat Federal Reserve Banks for foreign and international accounts.

2 U . S. Treasury bills, certificates of indebtedness, notes and bonds.3 Consists of bankers ' acceptances, commercial paper, and foreign and

international bonds.


454 U. S. GOLD

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES

[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]

Area and country

Continental Western Europe:

FranceGermany (Fed. Rep. of)Italy . . . .NetherlandsPortugalSweden .SwitzerlandBank for Int'l SettlementsOther .

Total

Sterling Area:United Kingdom

Other

Total

Canada . . . •

Latin America:ArgentinaMexico

Other .

Total

Asia

All other

Total foreign countries. .

Grand total

Annual totals

1951

1-18.3- 2 0 . 0

- 4 . 5- 3 4 . 9- 3 2 . 0- 1 5 . 0- 3 0 . 4- 2 9 . 7

-184 .8

469.952 13.6

525.6

- 1 0 . 0

- 4 9 . 9- 6 0 . 2

- . 9- 1 5 . 0

-126 .0

- 5 3 . 7

- 7 6 . 0

75.2

75.2

1952

i-5.8

-10.0

-100.0-5.0

22.5

-17.3

-115.6

440.011.5- . 3

451.2

7.2

-20.087.7

-io.i57.5

- 6 . 7

393.6

1953

1-94.8

-130 .0

- 6 5 . 0- 5 9 . 9- 2 0 . 0- 6 5 . 0- 9 4 . 3- 1 7 . 5

-546 .4

-480.0

- . 5

-480.5

-84 .8-28 .1

- 1 8 . 8

-131 .8

- 5 . 7

-1 ,164 .3

393.61-1,164.3

1954

- 6 . 2

-225 .6

- 5 4 . 9- 1 5 . 0- 1 5 . 5- 2 0 . 0

8.8

-328 .3

- 5 0 . 0

- . 5

- 5 0 . 5

80.3- 3 0 . 0

12.2

62.5

- 9 . 9

- . 4

-326 .6

1955

- 6 7 . 5- 1 0 . 0

-5.6

4.0

-78.5

- . 1

- . 1

14.0

14.0

-4.9

1.0

-68.5

— 326.6| - 6 8 . 5

1956

3.4- 3 3 . 8

- 8 . 0

3 .0

- 2 0 . 2

100.3

100.3

14.6

115.3

-200 .056.4

-28.3

- . 2

14.1

80.2

200.0

280.2

1957

3 .4

25.0

339.3

67.7

5 .2

75.4

5.5

80.9

18.0

- . 2

171.6

600.0

1958

- 8 4 . 2-329 .4

-260 .9- 2 0 . 0

-215 .2-178 .3

38.4

-1 ,428 .3

-900 .0

-900 .0

67.2

1.8

69.0

4-27.1

n

-2 ,287 .1

- 7 . 1

771.61-2,294.2

Quarterly totals

1957

Oct.-Dec.

331.3

31.3

40.2

6 .4

46.6

14.9

92.8

1958

Jan.-Mar.

- 1 4 . 2

- 4 1 . 9

- 5 . 0- 1 5 . 1

- 7 6 . 2

-300 .0

-300 .0

- . 1

- . 1

- . 6

- . 5

-377.4

92.8-377.4

Apr.-June

-143 .6

" - i 6 8 . 8-62.9-20.0

-135.1-74.4-18.5

-623.2

-450.0

-450.0

- . 4

- . 4

- . 4

-1,074.1

— 7 1

-1,081.2

July-Sept.

-25.9-113.4

-46^4

-75.1-60.7- 2 . 3

-447.5

-50.0

-50.0

12.0

- . 3

11.7

- 2 . 7

- . 1

-488.5

-488.5

Oct.-Dec.

-58.3-58.3

' "*6 ' 3-109.7

-28.0329.2

-281.4

-100.0

-100.0

55.2

2.6

57.8

4-23.4

- . 1

-347.1

-347.1

1 Includes sales of gold to Belgian Congo as follows (in millions): 1951,$8.0; 1952, $2.0; and 1953, $9.9.

2 Less than $50,000.3 Includes purchases of gold from Spain as follows (in millions): 1957,

$31.5; and 1958, $31.7.4 Includes sale of $30 million of gold to Japan.5 Figures represent purchase of gold from, or sale to ( —), International

Monetary Fund.

ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES


Year

19461947194819491950

19511952.195319541955195619571958

Gold Stock(end of year)

Treas-ury

20,52922,75424,24424,42722,706

22,69523,18722,03021,71321,69021,94922 78120,534

Total i

20,70622,86824,39924,56322,820

22,87323,25222,09121,79321,75322,05822 85720,582

Increasein total

goldstock

623.122,162.11,530.4

164.6-1 ,743 .3

52.7379.8

-1 ,161 .9-297 .2- 4 0 . 9305.9798.8

-2 ,275 .1

Netgold

import,or

export

311.51,866.31,680.4

686.5-371 .3

-549 .0684.1

2.016.197.3

106.1104.3259.6

Ear-marked

gold: de-crease,or in-crease

465.4210.0

-159.2-495.7

-1,352.4

617.6-304.8

-1,170.8-325.2-132.4

318.5600.1

-2,515.0

Domes-tic goldproduc-

tion

51.275.870.967.380.1

66.367.469.065.165.765.363.063.0

Month

1958—MarAprMayJuneJulyAugSeptOctNovDec

1959_janFebMar

Gold Stock(end of month)

Treas-ury

22,39421,99621,59421,35621,21021,01120,87420,69020,60920,534

20,47620,479

^20,442

Total i

22,48722,04221,67421,41221,27521,08220,92920,74120,65320,582

20,52720,520

^20,486

Increasein total

goldstock

-248.7-445.1-367.8-262.4-136.5-193.1-153.2-188.4-88.0-70.7

-55.5- 6 . 7

P - 3 3 . 7

Netgold

import,or

export

6 026.017.9

3.418.03.7

71 25 .4

11.712.2

10.39 9

Ear-marked

gold: de-crease,or in-crease

— 252 0-471.5-355.2-285.0-164.3-196.7— 220 2-189 0

-96 .9-79 .3

-65 .6— 13 0

4-48.0

Domes-tic goldproduc-

tion

4 34 54 . 64 . 96 15.46 26 75.55.9

4.2(3)

v Preliminary.1 Includes gold in Exchange Stabilization Fund. Gold in active portion

of this Fund is not included in regular statistics on gold stock (Treasurygold) used in the Federal Reserve statement "Member Bank Reserves,Reserve Bank Credit, and Related Items" or in the Treasury statement"United States Money, Outstanding and in Circulation, by Kinds."

2 Net after payment of $687.5 million in gold as United States gold sub-scription to the International Monetary Fund.

3 Not yet available.4 Gold held under earmark at the Federal Reserve Banks for foreign

and international accounts amounted to $8,664.3 million on Mar. 31,1959.Gold under earmark is not included in the gold stock of the United States.


GOLD RESERVES AND DOLLAR HOLDINGS 455

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONALINSTITUTIONS


Area and Country

Dec. 31, 1956

Gold&short-term

dollars

U. S.Govt.bonds

& notes

Dec. 31, 1957

Gold&short-term

dollars

U. S.Govt.bonds

& notes

Mar. 31, 1958

Gold&short-term

dollars

U. S.Govt.bonds

& notes

June 30, 1958

Gold&short-term

dollars

U. S.Govt.bonds

& notes

Sept. 30, 1958

Gold&short-term

dollars

U. S.Govt.bonds

& notes

Dec. 31, 1958*

Gold&short-term

dollars

U.S.Govt.bonds

& notes

Continental Western Europe:AustriaBelgium-Luxembourg (and Belgian Congo).DenmarkFinlandFrance (and dependencies) iGermany (Federal Republic of)GreeceItalyNetherlands (and Netherlands West Indies

and Surinam)NorwayPortugal (and dependencies)Spain (and dependencies)SwedenSwitzerlandTurkeyOther3

Total.

Sterling Area:United KingdomUnited Kingdom dependencies.AustraliaIndiaUnion of South AfricaOther

Total.

Canada

Latin America:ArgentinaBrazilChile.ColombiaCubaGuatemalaMexicoPanama, Republic of..PeruUruguayVenezuelaOther

Total.

Asia:Indonesia...IranJapanPhiliopines.Thailand. . .Other

Total.

All other:Egypt 5..Other.. .

Total

Total foreign countries6.

International institutions

Grand total6

3671,227

9688

1,5053,329

1871,268

1,071117628176483

2,512164917

14,135

:,812103191323277228

3,934

2,629

37054913721034791600109119259

1,058274

4,123

231158

1,145294260707

2,795

238129

367

27,983

3,144

31,127

987

()131(2)12

4521,18214399946

4,099167

1,531

1,044138651126479

2,685162851

14105(2)

5128

8

4581,25916296911

3,971167

1,528

1,260150658130461

2,624157963

1495(2)

8118

4661,393

14582890

4,043135

1,678

1,289151678132458

2,689156

1,132

7765

2612

1389(2)

488

5541,47119398

1,0194,330

1251,934

1,389144694134496

2,738154

1,165

1397

6051,522200104

1,1344,394

1392,208

1,497173707106507

2,778164

1,371

298

2034

(2)

114

14,755

2,875104211329255228

319

2054

14,955

3,460102218326231230

296

241

15,517

3,810101222328183230

269

2204(2)

135

16,638

3,851100228320216233

259

2164

17,609

3,725110241324241251

223

367

4,002

2,738

2634561152153719256613688

2351,554277

245

457

1(2)154

1

4,567

2,722

2704401172003719353614482

2661,428300

284

441

()146

1(2)212

4,874

3,087

2654501261924179148513493257

1,460304

261

345

()86(2)

4,948

3,032

2444581242074097551714392262

1,233272

263

346

1(2)86(2)

1(2)

212

4,892

3,089

20346314024136669

456214696262

1,213247

190 4,368

190193714181269777

176 4,247

128190833196269773

168 4,274

127202932175260765

108 4,036

129181

1,011191252723

108 4,008

145184

1,098191246777

17 2,324

228162

16 2,389

216170

15 2,461

192152

1,103

391

1,494

390

28,577

2,697

31,274

7

1,220

222

1,442

386

29,266

2,563

31,829

1,212

356

1,568

344

30,557

2,696

33,253

14

7

7

,004

446

,450

2,487

192136

12 2,641

190140

328

31,469

2,789

34,258

996

462

1,458

330

32,569

2,876

35,445

7661

1213

15120

31076

3

274

1944

41

240

341

()86( 22

2

11

106

14

983

495

,478

p Preliminary.1 Excludes gold holdings of French Exchange Stabilization Fund.2 Less than $500,000.3 Includes Yugoslavia, Bank for International Settlements (both for

its own and European Payments Union account), gold to be distributedby the Tripartite Commission for Restitution of Monetary Gold, andunpublished gold reserves of certain Western European countries.

4 Includes latest reported figure (Nov. 30) for gold reserves.5 Part of the United Arab Republic since February 1958.

6 Excludes gold reserves of the U. S. S. R., other Eastern Europeancountries, and China Mainland.

NOTE.—Gold and short-term dollars include reported and estimatedofficial gold reserves, and total dollar holdings as shown in Short-termLiabilities to Foreigners Reported by Banks in the United States byCountries (Tables 1 and la-Id of the preceding section). U. S. Govt.bonds and notes represent estimated holdings with original maturitiesof more than one year; these estimates are based on a survey of selectedU. S. banks and on monthly reports of security transactions.


456 GOLD RESERVES

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End ofmonth

1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec

1958 FebMarAprMayJuneJulyAugSentOctNovDec

1959 j a n

Feb

End ofmonth

1952 Dec1953 Dec1954—Dec1955 Dec1956 Dec1957 Dec

1958 FebMarAprMayJuneJulyAusSeptOctNovDec

1959 JanFeb

End ofmonth

1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec

1958 FebMarAprMayJune . .July

SeptOct.NovDec

1959 JanFeb

Esti-matedtotal

worldl

36,00036,43537,08037,74038,24538,970

39,135

39,395

39,545

^39,865

Cuba

214186186136136136

13613613613613613613613513512080

Iran

138137138138138138

138138138138138138138138141141141

141141

Int'lMone-

taryFund

1,6921,7021,7401,8081,6921,180

1.182,186

I 2381,2411,2421,2421,2471,307,307

1,331.332

1 332

Den-mark

313131313131

3131313131313131313131

3131

Iraq

81420

25252525252525252534

UnitedStates

23,25222,09121,79321,75322,05822,857

22,73622,48722,04221,67421,41221,27521,08220,92920,74120,65320,582

20 52720,520

Domin-ican

Repub-lic

121212121111

1111111111111111111111

1111

Ire-land,

Repub-lic of

181818181818

1818181818181818181818

1818

Esti-matedrest ofworld

11,05512,64013,54514,18014,49514,935

15,460

16,740

17,310

*>17,950

Ecua-dor

232323232222

2222222222222222222222

2222

Italy

346346346352338452

462462417491607677754847907995

1,086

Argen-tina

287372372372224126

126126126126125125125

Egypt 2

174174174174188188

188174174174174174174174174174174

174174

Leb-anon

313563747791

9191919191919191919191

9195

Aus-tralia

112117138144107126

133136

143147150153154157160162

El Sal-vador

292929282831

3131313131313131313131

3131

Mex-ico

14415862

142167180

159158156154153150148147146144

Aus-tria

5252627171

103

103103103103103107125136144155194

200208

Fin-land

262631353535

3535353535353535353535

3538

Nether-lands

544737796865844744

828847862881910920944956999

1,0261,050

1 1251,145

Bel-gian

Congo

8010111511612281

7886858483828282838383

78

France3

573576576861861575

575575575575575589589589589589589

589589

NewZealand

333333333333

3333333333333333333333

3333

Bel-gium

706776778929928913

967998

J.0281,0991,1431,1821,2131,2281,2511,2701,270

1 2481,225

Ger-many,

FederalRepublic

of

140328626920

1,4942,542

2,4892,4602,4922,4992,5752,5812,5872,5972 6332,6392,639

2,678

Nor-way

505245455045

4543434343434343434343

4343

Brazil

320321322323324324

324324324324325325325325325325325

325325

Greece

101111111013

1313

Paki-stan

383838484949

4949494949494949494949

4949

Canada

896996

1,0801.141

,113,115

,086,096101

,089,086096

,088,088085

,0891,078

I 0761,082

Gaute-mala

272727272727

2727272727272727272727

2727

Peru

463635353528

2020202020202020191919

1919

Chile

424242444640

4040404040404040404040

4040

India

247247247247247247

247247247247247247247247247247247

247247

Phil-ippines

999

1622

6

7gg

1011121314159

10

117

Co-lombia

768686865762

6465656667686970707172

72

Indo-nesia

23514581814539

3939383838383838383837

3737

Portu-gal

286361429428448461

454454454474474474486486486486493

498498



GOLD RESERVES AND PRODUCTION 457

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued


End ofmonth

1952—Dec . . .1953—Dec1954 Dec1955—Dec1956—Dec1957—Dec

1958—FebMarAprMayJuneJulyAugSentOctNovDec

1959 JanFeb

SouthAfrica

170176199212224217

212193179161159167180188201210211

212211

Sweden

184218265276266219

209203203203204204204204204204204

204204

Switzer-land

1,4111,4591,5131,5971,6761,718

1,7331,7201,7701,8361 .8571,907I 929,934

1,9351,9241,925

1,9931,993

Syria2

141417191924

24242424242424242424

Thai-land

113113113112112112

112112112112112112112112112112112

Turkey

143143144144144144

144144144144144144144144144144144

144144

UnitedKing-dom4

1,8462 5182,7622,1202 1332,273

2,5392,7702 9143,0393,0763 0843 0893,1203,1743,2153,069

3,1113,156

Uru-guay

207227227216186180

180180180180180180180180180180180

180

Vene-zuela

373373403403603719

719719719720720719719719719719719

719719

Yugo-slavia

121314161713

1214141414141515151717

1717

Bankfor

Int'lSettle-ments

196193196217179165

162182212254200167171187198238339

312351

Euro-peanPay-

mentsUnion

158153153244268254

126

126

126

126

P Preliminary.i Excludes U.S.S.R., other Eastern European countries, and China

Mainland.Represents reported gold holdings of central banks and governments

and international institutions, unpublished holdings of various centralbanks and governments, estimated holdings of British Exchange Equaliza-tion Account based on figures shown for United Kingdom, and esti-mated official holdings of countries from which no reports are received.

2 Part of the United Arab Republic since February 1958.3 Represents holdings of Bank of France (holdings of French Exchange

Stabilization Fund are not included).4 Beginning with December 1958, represents Exchange Equalization

Account gold and convertible currency reserves, as reported by BritishGovernment; prior to that time represents reserves of gold and UnitedStates and Canadian dollars.

GOLD PRODUCTION

[In millions of dollars at $35 per fine troy ounce]

Yn

1950.19511952.1953195419551956.1957

ear orno nth

1958 Tfln

1959-

Feb. . .

AprM a y . . . .JuneJulyAugSeptOctNovDec

Jan

Estimatedworld

production(excl.

U.S.S.R.)

864.5840.0868.0864.5913.5959.0994.0

1,036.7

Total

781.7763.1785.7780.5830.4877 7914.8955.8

80 075.9

279 9279.5281.1281.2

SouthAfrica

408403.413417462510556

?

17947

596.2

494750505150525253545353

54

6

13664600

1

1

Africa

Rho-desia

17.917.017.417.518.818 418.818.8

1 51.51 61.61.61.61.51.61.71 61 71 7

Ghana

24.122.923.825.427.523.821.927.7

2 . 52 .52 . 52.42.42.52.52.52.52.42 52 2

BelgianCongo

171?12131?1313

1

1

1

11

1

1

03

.908011

499

.2

.0

.49

.2

.1907

2

Production reported monthly

UnitedStates

80.166.367.469.065.165.765.363.0

4 . 44 . 44 . 34.54.64.96.15.46.26.75 55 9

4 2

Canada

155153.156.142.152.

]

47548

159.1153.154.

13.12.13 .13.13.13.13.12.13.14.1213

47

57434

8

0Q

1

ôrth and South America

Mex-ico

1413161613131?1?

111

8.195431

0

4

ON

ON

ON

Nica-ragua !

8889887

0891?16

6 .9

65S

.6

.6

.67

.7

.6666

5

Brazil

4 . 64 . 84.94.04 . 23 94 . 34 . 2

.4

.3

.4

.3

.4

.3

.4

.3

.4

.33

.3

Chile

6.76.16.24.64 . 44 . 33 .33 .6

.3

.2

Colom-bia

13

14

1313

11

11

11

3

.83

34

509

.0

\l3

.9

.93

Other

Aus-tralia

30313437

4337

39.1363637

23

719

90

2.93.23.33.733

3

051

India

67878776

79

.984433

555

.5

.4

.55

.5

.55

1 Gold exports, representing about 90 per cent of total production.2 Excluding Chile.Sources.—World production: estimates of the U. S. Bureau of Mines.

Production reported monthly: reports from individual countries except

Ghana, Belgian Congo and Brazil, data for which are from AmericanBureau of Metal Statistics. For the United States, annual figures arefrom the U. S. Bureau of the Mint and monthly figures are from AmericanBureau of Metal Statistics.


458 INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION ANDDEVELOPMENT

[End-of-month figures. In millions of dollars]

Item

Dollar deposits and U. S. securitiesOther currencies and securities1...Effective loans*Other assets3

IBRD bonds outstandingUndisbursed loansOther liabilitiesReservesCapital

1957

Dec.

602813

2,60675

1,26962021

3191,867

1958

Mar.

683767

2,79590

1,40569924

3351,872

June

917752

2,82993

1,65867527

3501,881

Sept.

900747

2,99991

1,687753

27366

1,904

Dec.

943693

3,275101

1,79291024

3821,904

Area and member country4

Continental Western Europe,total

AustriaBelgium and Luxembourg..DenmarkFinlandFranceItalyNetherlandsNorwayTurkeyYugoslavia

Sterling area, totalAustraliaCeylonIndiaPakistanUnion of S. AfricaUnited KingdomOther

Latin America, totalBrazilChileColumbiaEcuadorEl SalvadorMexicoNicaraguaPeruUruguayOther

Asia (excluding Sterling area),total

IranJapanLebanonMalayaPhilippinesThailand

Africa (excluding Sterlingarea), total

EthiopiaSudan

Total

Loans by country, Feb. 28, 1959

Prin-cipal

1,32792

1736065

267238236756161

1,38631825

50712618519332

909255

741194632

18623626448

51775

254273619

107

632439

74,201

Dis-bursed

1,14259

1454058

267158236

615861

1,095314

1337977

16512820

65017045981023

15620395336

27775

1473

(6)9

43

20119

3,185

Re-paid

228

185

1523

3150

15

12226

3153777

10225

826

464

Outstanding

TotalSold

toothers5

26675

1423

(6)9

37

2,721

91559127354324415586605352

973288123496212812113

5481463772102214115344526

106434421219292

1193513132426

19(6)12(6)(6)8

32

205

12

INTERNATIONAL MONETARY FUND

[End-of-month figures. In millions of dollars]

1959

Jan.

Item

GoldInvestments9

Currencies: iUnited StatesOther

Unpaid member subscriptionsOther assets

Member subscriptionsAccumulated net incomeReserves and liabilities

Jan.

1

5

9

,180200

769,9928748

,01634

1958

Apr.

1

6

9

,238200

696,0608988

,088

July

1,242200

6646,1198738

9,088(10)

18

Oct.

1,307200

7176,0259589

9,193(10)

23

1,332200

7805,958

9799

9,228

Country

ArgentinaBoliviaBrazilBurmaChile

ColombiaCubaDenmarkFranceHaiti

IndiaIndonesiaIranNicaragua

ParaguayPeruPhilippinesSudanTurkey

Union of SouthAfrica

United Arab Re-public

United Kingdom.United S ta tes . . . .Yugoslavia

Quota

Total

15010

1501550

505068

525

40011035

25151043

100

601,3002,750

60

Paidin

gold

383

3819

13136

1082

281692

234

25

10236688

Cumulative net drawingson the Fund

1958

Jan.

757

751531

252534

2631

2005525

30562

H-1,94323

Dec.

759

1131242

3025

9394

4

20055172

610155

39

36

30545

n-l,91623

1959

Jan.

91131242

30259

3944

20055172

610155

39

36

30545

n-l,92823

1 Currencies include demand obligations held in lieu of deposits.2 Represents principal of authorized loans, less loans not yet effective,

repayments, the net amount outstanding on loans sold or agreed to besold to others, and exchange adjustment.

3 Excludes uncalled portions of capital subscriptions.4 Loans to dependencies are included with member.5 Includes also effective loans agreed to be sold but not yet disbursed.6 Less than $500,000.7 Includes $55 million in loans not yet effective.8 Includes $247 million not guaranteed by the Bank.9 U. S. Treasury bills purchased with proceeds from sale of gold,i o Transferred to general reserve.11 Represents sales of U. S. dollars by the Fund to member countries

or local currencies, less repurchases of such currencies with dollars.

268


U. S. BALANCE OF PAYMENTS 459

UNITED STATES BALANCE OF PAYMENTS

[Department of Commerce estimates. Quarterly totals in millions of dollars]

1955 1956 1957 1958

Exports of goods and services, total1..MerchandiseServices*

Imports of goods and services, total...MerchandiseServicesMilitary expenditures

Balance on goods and services1

Unilateral transfers (net) 3Private remittances and pensions...Government nonmilitary grants.. . .

U. S. long- and short-term capital (net)3

Private, totalDirect investmentPortfolio and short-term invest-

mentGovernment

Foreign capital and gold (net)Increase in foreign short-term assets

and Government securitiesIncrease in other foreign assetsGold sales by United States

Errors and omissions

5,4623,8511,611

4,6523,119838695

810

-590-154-436

-567-549-272

-277-18

218

16858

129

5,3473,9541,393

4,8553,254

859742

492

-567-151-416

-550-417-288

-129-133

621

508125

- 1 2

5,9524,4121,540

5,0433,1721,041

830

909

-616-157-459

-891-683-342

-341-208

445

391157

-103

153

5,6984,0961,602

5,0693,1541,262

653

629

-517-158-359

-985-801-512

-289-184

661

678147

-164

212

6,5214,8591,662

4,8433,211

947685

1,678

-632-171-461

-1,180-1,079

-697

-382-101

-189

-275113

- 2 7

323

6,6985,0961,602

5,0273,298

880849

1,671

-561-170-391

-1,095-840-402

-438-255

- 3 7 7

-195166

-348

362

6,9445,1431,801

5,2893,3421,071

876

1,655

-665-173-492

-1,557-1,363

-993

-370-194

305

503127

-325

262

6,2524,4471,805

5,2993,2661,340

693

953

-506- 1 7 2- 3 3 4

-551-410-339

- 7 1-141

-256

-24718

- 2 7

360

6,5824,6411,941

5,0923,3851,005

702

1,490

-575-179-396

-971-598-338

-260

-373

164

21250

- 9 8-108

'5,5464,053

1,493

4,8503,143

878829

'696

-547-168-379

-927-684-159

-525-243

'608

'21919

370

170

'5,8854,186

1,699

5,2113,1701,137

904

'674

-596-170-426

-1,248-1,030

-419

-611

-218

1,097

'27- 5

1,07573

5,5443,8041,740

5,3183,1171,357

844

226

-549-181-368

-795-467-157

-310-328

898

441- 2 6483

220

6,1004,1641,936

5,3123,5141,010

788

788

-615-111-438

-917-743-400

-343-174

826

44435

347

- 8 2

v Preliminary. ' Revised.1 Excluding military transfers under grants.

2 Including military transactions.3 Minus sign indicates net outflow.

OPEN MARKET RATES


Month

1956—Dec1957 Dec


1959—JanFeb

Canada

Treasurybills

3 monthsl

3.613.65

2.992.441.651.561.751.311.292.022.483.003.46

3.343.70

Day-to-day

money2

3.183.60

3.052.611.641.551.721.18

.67

.481.512.10

'2.07

2.072.96

United Kingdom

Bankers'accept-ances

3 months

5.076.67

6.175.985.475.244.654.313.983.823.803.673.34

3.283.23

Treasurybills

3 months

4.946.43

6.025.785.285.024.454.153.813.653.653.463.16

3.123.09

Day-to-day

money

4.155.67

5.575.234.714.533.953.623.363.173.192.972.70

2.732.66

Bankers'allowance

ondeposits

3.505.00

5.004.654.003.853.303.002.702.502.502.322.00

2.002.00

France

Day-to-day

money3

3.555.72

5.255.966.78

10.047.516.856.976.465.505.266.07

4.39

Germany

Treasurybills

60-90days 4

4.753.75

3.253.253.253.252.752.632.502.502.382.382.38

2.252.25

Day-to-day

money5

4.813.25

3.633.443.563.383.442.882.562.882.562.882.63

2.382.94

Netherlands

Treasurybills

3 months

3.484.64

3.883.143.182.972.902.882.622.622.832.402.26

2.041.75

Day-to-day

money

3.233.33

3.262.772.932.392.342.492.082.162.501.791.50

1.581.26

Switzer-land

Privatediscount

rate

1.502.50

2.502.502.502.502.502.502.502.502.502.502.50

2.50

' Revised.1 Based on average yield of weekly tenders during month.2 B d kl f d i l l i t

sed on a g y y g2 Based on weekly averages of daily closing rates.3 Beginning January 1957, rate shown is on private securities. Previous

figures are averages of rates on government and private securities.4 Rate in effect at end of month.5 Based on average of lowest and highest quotation during month.


460 MONEY RATES

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1


Country

Argentina2

AustriaBelgiumBrazil2

Burma

Canada3

CeylonChile2

Colombia2 . . . .Costa Rica2

Cuba2

EcuadorEgyptEl Salvador2 .

Finland2

FranceGermanvGreece

IcelandIndia 5Indonesia2

IranIreland

IsraelItaly

^MexicoNetherlands

New ZealandNicaraguaNorwayPakistanPeru2

Philippine Republic2

PortugalSouth AfricaSpainSweden

Switzerland . . .ThailandTurkeyUnited KingdomVenezuela

Rate as ofMar. 31, 1958

Percent

6.05.04.256.03.0

2.522.56.04.03.0

5.55.5

10.03.04.0

6.55.03.5

10.02.0

7.04.03.04.05.5

6.04.08.44.54.0

7.06.03.53.06.0

4.52.04.55.05.0

2.57.06.06.02.0

Montheffective

Dec. 1957Nov. 1955Mar. 1958May 1955Feb. 1948

Mar. 1958June 1954Feb. 1957July 1933Apr. 1939

Dec. 1957May 1955May 1948Nov. 1952Apr. 1957

Apr. 1956Aug. 1957Jan. 1958May 1956Jan. 1953

Apr. 1952May 1957Apr. 1946Aug. 1948Mar. 1958

Feb. 1955Apr. 1950May 1957June 1942Mar. 1958

Oct. 1955Apr. 1954Feb. 1955July 1948Nov. 1947

Sept. 1957Jan. 1944Sept. 1955July 1957July 1957

May 1957Feb. 1945June 1956Mar. 1958May 1947

Changes during the last 12 months

1958

Apr.

10.0

1.62

5.0

May

1.79

5 0

4 5

5.5

June

4.0

1.97

3 0

3 57.67

3 5

5.0

July

3.75

1.12

Aug.

3.5

1.74

4.5

4.5

Sept.

2.52

4 5

7.3

Oct.

3.08

4.5

Nov.

3.13

4 25

3 0

4.0

Dec.

3.74

1959

Jan.

3 25

3.53

2 75

2 75

4 0

4 0

Feb.

4.32

4 25

6 94

6 5

2.0

Mar.

4.55

6.0

Rateas of

Mar. 31,1959

6.05.03.25

10.03.0

4.552.56.04.03.0

5.54.5

10.03.04.0

6.04.252.75

10.02.0

7.04.03.04.04.25

6.03.56.944.52.75

7.06.03.54.06.0

6.52.04.05.04.5

2.07.06.04.02.0

1 Rates shown represent mainly those at which the central bank eitherdiscounts or makes advances against eligible commercial paper and/orgovernment securities for commercial banks or brokers. For countrieswith more than one rate applicable to such discounts or advances, therate shown is the one at which the largest proportion of central bankcredit operations is understood to be transacted. In certain cases otherrates for these countries are given in note 2.

2 Discounts or advances at other rates include: Argentina—3 and 5per cent for certain rural and industrial paper, depending on type oftransaction; Brazil—8 per cent for secured paper and 4 per cent forcertain agricultural paper; Chile—rates of more than 6 per cent forrediscounts in excess of 50 per cent of the rediscounting bank's capitaland reserves, and 2 and 4 per cent for certain types of agricultural paper;Colombia—3 per cent for agricultural paper and for loans on productsin bonded warehouses; Costa Rica—5 per cent for paper related to com-mercial transactions (rate shown is for agricultural and industrial paper);Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by

national public securities; El Salvador—3 per cent for agricultural andindustrial paper and 2 per cent for special cases; Finland—rates rangingup to 7.25 per cent for longer term paper (rate shown is for 3 monthscommercial paper); Indonesia—various rates depending on type of paper,collateral, commodity involved, etc.; Japan—penalty rates (exceedingthe basic rate shown) for borrowings from the Central bank in excessof an individual bank's quota; Peru—4 per cent for industrial paper andmining paper, and 3 per cent for most agricultural paper; and PhilippineRepublic—4.5 per cent for crop loan paper and 5 per cent for exportpacking credit paper.

3 Since Nov. 1, 1956, the discount rate has been set each week atVA of one per cent above the latest average tender rate for Treasury bills;end-of-month rate shown.

4 Rate shown is for advances only.5 Since May 16, 1957, this rate applies to advances against commercial

paper as well as against government securities and other eligible paper.


FOREIGN EXCHANGE RATES 461

FOREIGN EXCHANGE RATES

[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

Argentina(peso)

Official Free

Aus-tralia

(pound)

Austria(schilling)

Belgium(franc)

Canada(dollar)

Ceylon(rupee)

Finland(markka)

1953.1954.1955.1956.1957.1958.

1958—Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..Dec..

1959—Jan...Feb..Mar..

5.5565.55615.556

5.5565.5565.5565.5565.5565.5565.5565.5565.556

15.556

7.1987.1987.1832.8352.506

12.207

2.6102.4442.3772.3762.3522.2212.0251.6561.386

U.518

21.51871.52421.4703

224.12223.80222.41222.76222.57223.88

224.33224.47224.36223.99223.42223.51223.37223.67223.55223.41

223.62223.85224.12

3.85803.85803.85803.85803.85393.8536

3.85363.85363.85363.85363.853685368536853685368536

3.84443.84813.8484

2.00091.99751.99052.00301.99062.0044

2.00412.00472.00502.00502.00492.00502.00562.00612.00562.0057

2.00032.00041.9997

101.650102.724101.401101.600104.291103.025

102.312103.011103.396103.960104.162103.645102.357103.005103.253103.660

103.402102.583103.117

21.04621.01720.89420.94620.91321.049

21.07221.08821.08521.06620.99621.02021.01621.04921.03921.032

21.04621.06321.074

.4354

.4354

.4354

.4354

.3995

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3115

.3114

.3114

Year or monthFrance(franc)

Germany(deutsche

mark)

India(rupee)

Ireland(pound)

Italy(lira)

Japan(yen)

Malay-sia

(dollar)

Mexico(peso)

Neth-erlands

(guilder)

1953.1954.1955.1956.1957.1958.

1958—Mar..Apr..May.June.July..Aug..Sept..Oct..Nov..Dec.

1959—Jan...Feb...Mar..

.23763.2374

.2376

.2376

.2376

.2376

.2379

.2382

.2381

.2381

.23813.2330

.2037

.2037

.2039

23.83823.76523.78623.79823.848

23.79323.80823.85823.85323.85623.86123.86723.89223.89723.907

23.93023.92823.914

21.04921.02020.89420.93420.91021.048

21.08621.10121.09221.06221.00021.01921.00321.02921.02621.015

21.04121.05921.073

281.27280.87279.13279.57279.32280.98

281.54281.71281.57281.11280.40280.51280.33280.70280.55280.38

280.65280.93281.27 4.1610

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

32.59532.64132.62432.58232.52732.767

32.81132.83032.82132.77532.68832.70132.67232.74432.82832.768

32.83832.89232.917

11.6079.0528.0068.0068.0068.006

8.0068.0068.0068.0068.0068.0068.0068.0068.0068.006

8.0068.0068.006

26.34026.38126.23026.11326.17026.418

26.37826.38826.38826.38026.39126.40926.43426.50826.50826.506

26.51426.50026.488

Year or monthNew

Zealand(pound)

Norway(krone)

Philip-pine

Republic(peso)

Portu-gal

(escudo)

SouthAfrica

(pound)

Spain(peseta)

Sweden(krona)

Swit-zerland(franc)

UnitedKing-dom

(pound)

195319541955195619571958

1958—Mar.

May!June.July.Aug.,Sept.Oct..Nov.Dec.

1959—Jan..Feb..Mar.

278.48278.09276.36276.80276.56278.19

278.75278.92278.78278.33277.62211.13277.55277.93211.IS277.60

211.81278.15278.49

14.01514.00814.00814.00814.00814.008

14.00814.00814.00814.00814.00814.00814.00814.00814.00814.009

14.01214.01814.029

49.67649.67749.67749.67649.69349.695

49.69549.69549.69549.69549.69549.69549.69549.69549.69549.695

49.69549.69549.695

3.48873.49003.49003.49003.49003.4900

3.49003.49003.49003.49003.49003.49003.49003.49003.49003.4900

3.49173.49743.4980

280.21279.82278.09278.52278.28279.93

280.49280.65280.52280.06279.35279.46279.28279.66279.51279.33

279.60279.88280.22

52.3810

2.38102.38102.38102.38102.38102.38102.38102.38102.38102.3810

2.38102.38102.3810

19.32319.33319.33319.33319.33119.328

19.32819.32819.32819.32819.32819.32819.32819.32819.32819.329

19.32619.32719.325

23.31623.32223.33123.33423.33023.328

23.33523.33523.33523.33523.33523.33523.33523.30023.30023.317

23.19023.18423.133

281.27280.87279.13279.57279.32280.98

281.54281.71281.57281.11280.40280.51280.33280.70280.55280.38

280.65280.93281.27

1 Based on quotations through Dec. 29, 1958.2 Effective Jan. 12, 1959, the Argentine Government established a

single exchange rate for the peso in place of the former official and freerates.

3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957i

was extended to all foreign exchange transactions on Oct. 28, 1957, andon June 23, 1958, became the official rate. On Dec. 29, 1958, the francwas further devalued to 493.706 francs per U. S. dollar.

4 Based on quotations beginning Mar. 2, 1959.5 Based on quotations beginning Jan. 2, 1958.


BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice ChairmanM. S. SZYMCZAK J. L. ROBERTSON CHAS. N. SHEPARDSON

A. L. MILLS, JR. G. H. KING, JR.

ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman

WOODLIEF THOMAS, Economic Adviser to the Board JEROME W. SHAY, Legislative Counsel

CHARLES MOLONY, Special Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryCLARKE L. FAUVER, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselFREDERIC SOLOMON, Assistant General CounselDAVID B. HEXTER, Assistant General CounselG. HOWLAND CHASE, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

Counsel

DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, DirectorFRANK R. GARFIELD, AdviserGUY E. NOYES, AdviserROLAND I. ROBINSON, AdviserSUSAN S. BURR, Associate AdviserALBERT R. KOCH, Associate AdviserKENNETH B. WILLIAMS, Associate AdviserLEWIS N. DEMBITZ, Research Associate

DIVISION OF INTERNATIONAL FINANCEARTHUR W. MARGET, DirectorJ. HERBERT FURTH, Associate AdivserA. B. HERSEY, Associate AdviserROBERT L. SAMMONS, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

ROBERT C. MASTERS, Director

C. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorGLENN M. GOODMAN, Assistant DirectorHENRY BENNER, Assistant DirectorJAMES C. SMITH, Assistant Director

LLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

OFFICE OF DEFENSE LOANS

GARDNER L. BOOTHE, II, Administrator

OFFICE OF THE CONTROLLER

J. J. CONNELL, ControllerSAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

463



Federal Open Market CommitteeW M . M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman

CARL E. ALLEN J. A. ERICKSON J. L. ROBERTSON

C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON

FREDERICK L. DEMING G. H. KING, JR. M. S. SZYMCZAK

A. L. MILLS, JR.

WINFIELD W. RIEFLER, Secretary HOMER JONES, Associate EconomistELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate EconomistMERRITT SHERMAN, Assistant Secretary GEORGE W. MITCHELL, Associate EconomistKENNETH A. KENYON, Assistant Secretary FRANKLIN L. PARSONS, Associate EconomistHOWARD H. HACKLEY, General Counsel ROBERT V. ROOSA, Associate EconomistFREDERIC SOLOMON, Assistant General Counsel PARKER B. WILLIS, Associate EconomistWOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist

ROBERT G. ROUSE, Manager, System Open Market Account

Federal Advisory CouncilLLOYD D. BRACE, BOSTON, Vice President HOMER J. LIVINGSTON, CHICAGO, PresidentJOHN J. MCCLOY, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS

CASIMIR A . SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS

REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY

JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS

JOHN A. SIBLEY, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO

HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary

Federal Reserve Banks and BranchesChairmen and Deputy Chairmen of Boards of Directors

FEDERAL RESERVE CHAIRMAN AND _ _BANK O F - FEDERAL RESERVE AGENT D E P U T Y CHAIRMAN

BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL

NEW YORK JOHN E. BIERWIRTH FORREST F. HILL

PHILADELPHIA HENDERSON SUPPLEE, JR. LESTER V. CHANDLER

CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON

RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD

ATLANTA WALTER M. MITCHELL HARLLEE BRANCH, JR.

CHICAGO BERT R. PRALL J. STUART RUSSELL

ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL

MINNEAPOLIS LESLIE N. PERRIN O. B. JESNESS

KANSAS CITY RAYMOND W. HALL JOE W. SEACREST

DALLAS ROBERT J. SMITH HAL BOGLE

SAN FRANCISCO A. H. BRAWNER Y. FRANK FREEMAN


FEDERAL RESERVE BANKS AND BRANCHES 465

Presidents and Vice Presidents

FederalReserveBank of

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco

PresidentFirst Vice President

J. A. EricksonE. O. Latham

Alfred HayesWilliam F. Treiber

Karl R. BoppRobert N. Hilkert

W. D. FultonDonald S. Thompson

Hugh LeachEdward A. Wayne

Malcolm BryanLewis M. Clark

Carl E. AllenE. C. Harris

Delos C. JohnsGuy S. Freutel

Frederick L. DemingA. W. Mills

H. G. LeedyHenry O. Koppang

Watrous H. IronsHarry A. Shuford

H. N. MangelsEliot J. Swan

Vice Presidents(Vice Presidents in charge of branches are

listed in lower section of this page)

D. Harry AngneyAnsgar R. Berge

Harold A. BilbyJohn ExterMarcus A. Harris

Joseph R. CampbellWallace M. CatanachDavid P. Eastburn

Dwight L. AllenRoger R. Clouse

N. L. ArmisteadJ. Dewey DaaneAubrey N. Heflin

J. E. DenmarkJohn L. Liles, Jr.J. E. McCorvey

Ernest T. BaughmanW. R. DiercksA. M. Gustavson

Homer JonesGeorge E. Kroner

C. W. GrothM. B. Holmgren

John T. BoysenGeorge H. Clay

James L. CauthenThomas A. HardinG. R. Murff

J. L. BarbonchielliH. E. HemmingsA. B. Merritt

George H. EllisBenjamin F. Groot

Herbert H. KimballRobert V. RoosaRobert G. Rouse

Murdoch K. GoodwinPhilip M. Poorman

Clyde HarrellL. Merle Hostetler

Upton S. MartinJoseph M. NowlanJames M. Slay

Harold T. PattersonL. B. Raisty

Hugh J. HelmerPaul C. HodgeRobert C. Holland

Dale M. LewisHoward H. Weigel

A. W. JohnsonH. G. McConnell

Joseph S. HandfordE. U. Sherman

Thomas W. PlantL. G. Pondrom

E. R. MillardR. H. Morrill

Dana D. SawyerO. A. Schlaikjer

Walter H. Rozell, Jr.Todd G. TieboutR. B. Wiltse

James V. VergariRichard G. Wilgus

Martin MorrisonPaul C. Stetzelberger

Thomas I. StorrsC. B. Strathy

Earle L. RauberS. P. Schuessler

C. T. LaiblyGeorge W. MitchellH. J. Newman

Joseph C. Wotawa

M. H. Strothman, Jr.

Clarence W. TowD. W. Woolley

Morgan H. RiceCharls E. Walker

John A. O'KaneO. P. Wheeler

Vice Presidents in Charge of Branches of Federal Reserve Banks

Federal ReserveBank of

New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

Vice Presidents

I. B. SmithR. G. JohnsonJ. W. KossinD. F. HagnerR. L. CherryH. C. FrazerT. A. LanfordR. E. Moody, Jr.M. L. ShawR. A. SwaneyFred BurtonDonald L. HenryDarryl R. Francis

Federal ReserveBank of

Minneapolis

Kansas City

Dallas

San Francisco...

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

Vice Presidents

Kyle K. Fossum

Cecil PuckettR. L. MathesP. A. Debus

Howard CarrithersJ. L. CookCarl H. Moore

W. F. VolbergJ. A. RandallE. R. BarglebaughJ. M. Leisner


Federal Reserve Board Publications

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Servicesy

Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,remittance should accompany order and be made payable to the order of the Board of Governors ofthe Federal Reserve System. A more complete list, including periodic releases and additional reprints,appeared on pages 1483-86 of the December 1958 Bulletin.

THE FEDERAL RESERVE SYSTEM—PURPOSES ANDFUNCTIONS. April 1954. 208 pages.

ANNUAL REPORT OF THE BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM.

FEDERAL RESERVE BULLETIN. Monthly. Sub-scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia,Costa Rica, Cuba, Dominican Republic, Ecua-dor, Guatemala, Haiti, Republic of Honduras,Mexico, Nicaragua, Panama, Paraguay, Peru,El Salvador, Uruguay, and Venezuela is $6.00per annum or 60 cents per copy; elsewhere$7.00 per annum or 70 cents per copy. Groupsubscriptions in the United States for 10 ormore copies to one address, 50 cents per copyper month, or $5.00 for 12 months.

FEDERAL RESERVE CHART BOOK ON FINANCIALAND BUSINESS STATISTICS. Monthly. Annualsubscription includes one issue of HistoricalSupplement. Subscription price in the UnitedStates and the countries listed above is $6.00per annum; 60 cents per copy, or 50 cents eachin quantities of 10 or more of a particularissue for single shipment; elsewhere $7.00 perannum or 70 cents each.

HISTORICAL SUPPLEMENT TO FEDERAL RESERVECHART BOOK. Issued annually in September.Annual subscription to monthly chart book in-cludes one issue of Supplement. In the UnitedStates and countries listed above under Federal

Reserve Bulletin, single copies 60 cents each orin quantities of 10 or more for single shipment50 cents each; elsewhere 70 cents each.

THE FEDERAL RESERVE ACT, as amended throughDecember 31, 1956, with an Appendix con-taining provisions of certain other statutes af-fecting the Federal Reserve System. 385 pages.$1.00.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.A new accounting record designed to picturethe flow of funds through the major sectors ofthe national economy. December 1955. 390pages. $2.75.

A STATISTICAL STUDY OF REGULATION V LOANS.September 1950. 74 pages. 25 cents per copy;in quantities of 10 or more copies for singleshipment, 15 cents each.

BANKING AND MONETARY STATISTICS. Statistics ofbanking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50.

RULES OF ORGANIZATION AND RULES OF PROCE-DURE—Board of Governors of the Federal Re-serve System. 1946. 31 pages.

REGULATIONS OF THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.

ADMINISTRATIVE INTERPRETATIONS OF REGULA-TION F—SECTION 17—COMMON TRUST FUNDS.9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study ofconsumer instalment credit, undertaken by the Board on request of the Council of Economic Advisersby direction of the President, are being distributed through the Superintendent of Documents.

Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60Part III—Views on Regulation, $1.00Part IV—Financing New Car Purchases, $.60

Requests and remittances for these six books should be directed to the Superintendent of Documents,Government Printing Office, Washington 25, D. C.

466


FEDERAL RESERVE BOARD PUBLICATIONS 467

REPRINTS(From Federal Reserve Bulletin unless preceded

by an asterisk)

THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.

INFLUENCE OF CREDIT AND MONETARY MEASURESON ECONOMIC STABILITY. March 1953. 16pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY. May 1953. 7 pages.

* DETAILED DESCRIPTION OF SOURCES AND METH-

ODS USED IN REVISION OF SHORT- AND INTER-

MEDIATE-TERM CONSUMER CREDIT STATISTICS.

April 1953. 25 pages.

DEPARTMENT STORE SALES AND STOCKS, BY

MAJOR DEPARTMENTS (Revised Indexes). No-vember 1953. 65 pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUS-

TRIAL PRODUCTION, 1953 Revision. December1953. 96 pages.

NEW INDEXES OF OUTPUT OF CONSUMER DUR-

ABLE GOODS. May 1954. 15 pages.

SEASONAL ADJUSTMENT FACTORS FOR DEMAND

DEPOSITS ADJUSTED AND CURRENCY OUTSIDE

BANKS. March 1955. 4 pages.

A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC-

COUNTS, ANNUAL ESTIMATES, 1939-54. Octo-ber 1955. 40 pages.

SURVEY OF BANK LOANS FOR COMMERCIAL ANDINDUSTRIAL PURPOSES. Business Loans ofMember Banks. April 1956. 14 pages. CreditLines and Minimum Balance Requirements.June 1956. 7 pages.

FINANCING OF LARGE CORPORATIONS, 1951-55.June 1956. 9 pages.

REVISION OF CONSUMER CREDIT STATISTICS. Oc-

tober 1956. 24 pages. (Also, similar reprintfrom April 1953 BULLETIN.)

INDEX OF ELECTRICITY AND GAS OUTPUT. Oc-

tober 1956. 15 pages.

AGRICULTURAL LOAN SURVEY. November 1956

and January, February, and March 1957 BUL-LETINS. 52 pages.

UNITED STATES BANKING ORGANIZATION ABROAD.

December 1956. 16 pages.

SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.


SURVEY OF FINANCE COMPANIES, MID-1955.


REVISION OF MONTHLY DEPARTMENT STORE IN-

DEXES. December 1957. 30 pages.

SEASONAL FACTORS AFFECTING BANK RESERVES.

February 1958. 12 pages.

1958 SURVEY OF CONSUMER FINANCES. March,July, and September 1958. 51 pages. (SimilarSurveys are available for earlier years from1952, 1953, 1955, 1956, and 1957 BULLETINS.)

MEMBER BANK LENDING TO SMALL BUSINESS,

1955-57. April 1958. 19 pages.

REVISED WEEKLY INDEX OF DEPARTMENT STORE

SALES. April 1958. 10 pages.

GROWTH AND STRUCTURE OF TIME DEPOSITS.


SURVEY OF COMMON TRUST FUNDS, 1957. May

1958. 5 pages. (Also, similar reprints fromAugust 1956 and June 1957 BULLETINS.)

MONEY AND CREDIT IN THE RECESSION. July 1958.7 pages.

INTEREST RATES IN LEADING COUNTRIES. Sep-

tember 1958. 8 pages.

THE 1957-58 RECESSION IN WORLD TRADE. Oc-tober 1958. 8 pages.

OPEN MARKET OPERATIONS IN LONG-TERM SE-

CURITIES. November 1958. 15 pages.

MONEY AND CREDIT IN 1958. February 1959. 7

pages.

BANKING AND MONETARY STATISTICS, 1958. Se-lected series of banking and monetary statisticsfor 1958 only. February 1959. 8 pages. (Sim-ilar reprint of 1957 data, February and May1958 BULLETINS.)

GOLD AND DOLLAR FLOWS IN 1958. March 1959.6 pages.

1959 SURVEY OF CONSUMER FINANCES. PRE-

LIMINARY FINDINGS. March 1959. 4 pages.

OWNERSHIP OF DEMAND DEPOSITS. April 1959.3 pages.

MEMBER BANK TERM LENDING TO BUSINESS,

1955-57, April 1959. 16 pages.


Index to Statistical Tables

Acceptances, bankers', 406, 407Agricultural loans of commercial banks, 402, 404Agriculture, Govt. agency loans, 410, 411Assets and liabilities (see also Foreign liabilities and

claims reported by banks):Banks and the monetary system, consoli-

dated, 398Corporate, current, 418Domestic banks, by classes, 399, 402, 404Federal business-type activities,

by fund or activity, 410, 411Federal Reserve Banks, 393, 394

Automobiles:Consumer instalment credit, 422, 423, 424Production index, 428, 432

Bankers' balances, 403, 405(See also Foreign liabilities and claims reported

by banks)Banks and branches, number, by class and State, 442Banks and the monetary system, consolidated state-

ment, 398Bonds (See also U. S. Govt. securities):

New issues, 416, 418Prices and yields, 407, 408

Brokers and dealers in securities, bankloans to, 402, 404

Business expenditures on new plant and equip-ment, 418

Business indexes, 426Business loans (See Commercial and industrial loans)

Capital accounts:Banks, by classes, 399, 403, 405Federal Reserve Banks, 393, 394

Carloadings, 426Central banks, foreign, 456, 460Coins, circulation of, 397Commercial banks:

Assets and liabilities, 399, 402Consumer loans held, by type, 423Number, by classes, 399, 442Real estate mortgages held, by type, 419

Commercial and industrial loans:Commercial banks, 402Weekly reporting member banks, 404, 406

Commercial paper, 406, 407Commodity Credit Corporation, loans, etc., 410, 411Condition statements (See Assets and liabilities)Construction, 426, 432, 433Consumer credit:

Instalment credit, 422, 423, 424, 425Major parts, 422, 424Noninstalment credit, by holder, 423

Consumer durable goods output indexes, 432Consumer price indexes, 426, 438Consumption expenditures, 440, 441Corporate sales, profits, taxes, and dividends, 417, 418Corporate security issues^ 416, 418Corporate security prices and yields, 407, 408Cost of living (See Consumer price indexes)Currency in circulation, 389, 397Customer credit, stock market, 408

Debits to deposit accounts, 396Demand deposits:

Adjusted, banks and the monetary system, 398Adjusted, commercial banks, by classes, 403Banks, by classes, 399, 405Type of holder, at commercial banks, 403

Department stores:Merchandising data, 437Sales and stocks, 426, 436

Deposits (See also specific types of deposits):Adjusted, and currency, 398Banks, by classes, 399, 403, 405Federal Reserve Banks, 393, 394, 453Postal savings, 396, 398Turnover of, 396

Deposits, reserves, and borrowings, by class of mem-ber bank, 391

Discount rates, 392, 460Discounts and advances by Federal Reserve

Banks, 389, 393Dividends, corporate, 417, 418Dollar assets, foreign, 453, 455Dwelling units started, 433

Earnings and hours, manufacturing indus-tries, 426, 435

Employment, 426, 434, 435Export-Import Bank, loans, etc., 410, 411

Farm mortgage loans, 410, 419, 420Federal business-type activities, assets and liabilities,

by fund or activity, 410, 411Federal Deposit Insurance Corporation,

assets, etc., 410, 411Federal finance:

Cash transactions, 412Receipts and expenditures, 413Treasurer's balance, 412

Federal home loan banks, loans, etc., 410, 411, 421Federal Housing Administration, loans, etc., 410, 411,

419, 420, 421Federal National Mortgage Association,

loans, etc., 410, 411, 421Federal Reserve Banks:

Condition statement, 393, 394U. S. Govt. securities held by, 389, 393, 394,

414, 415Federal Reserve credit, 389, 393, 394Federal Reserve notes, 393, 394, 395, 397Finance company paper, 406, 407Foreign central banks, 456, 460Foreign deposits in U. S. banks, 389, 393, 394, 398,

403, 405Foreign exchange rates, 461Foreign liabilities and claims reported by

banks, 446, 448, 451, 453Foreign trade, 437

Gold:Earmarked, 454Net purchases by U. S., 454Production, 454, 457Reserves of central banks and governments, 456Reserves of foreign countries and international

institutions, 455Stock, 389, 398, 454

Gold certificates, 393, 394, 395, 397Govt. debt (See U. S. Govt. securities)Gross national product, 440, 441

Home owners, Govt. agency loans, 410, 411Hours and earnings, manufacturing indus-

tries, 426, 435

Industrial advances by Federal Reserve Banks, 393,394, 395

468


INDEX TO STATISTICAL TABLES 469

Industrial production indexes, 426, 427, 432Instalment loans, 422, 423, 424, 425Insurance companies, 409, 414, 415, 420Insured commercial banks, 401, 402, 442Interbank deposits, 399, 403, 405Interest rates:

Bond yields, 407Business loans by banks, 407Federal Reserve rates, 392Foreign countries, 459, 460Open market, 407, 459Regulation V loans, 396Stock yields, 407Time deposits, maximum rates, 396

International capital transactions of the U. S., 446International financial institutions, 454, 455, 456, 458Inventories, 441Investments {See also specific types of investments):

Banks, by classes, 399, 402, 404Federal Reserve Banks, 393, 394Govt. agencies, etc., 410, 411Life insurance companies, 409Savings and loan associations, 409

Labor force, 434Loans {See also specific types of loans):

Banks, by classes, 399, 402, 404Federal Reserve Banks, 389, 391, 393, 394, 395Govt. agencies, etc., 410, 411Insurance companies, 409, 420Savings and loan associations, 409, 420

Loans insured or guaranteed, 395, 419, 420, 421

Manufacturers, production indexes, 426, 427, 432Margin requirements, 392Member banks:

Assets and liabilities, by classes, 399, 402Borrowings at Federal Reserve Banks, 389, 391Deposits and reserves, by classes, 391Number, by classes, 399, 442Reserve requirements, by classes, 392Reserves and related items, 389Weekly reporting series, 404

Minerals, production indexes, 426, 427Money rates {See Interest rates)Mortgages {See Real estate loans)Mutual savings banks, 398, 399, 401, 414, 415,

419, 442

National banks, 401, 442National income, 440National security expenditures, 413, 441Nonmember banks, 393, 401, 402, 442

Payrolls, manufacturing, index, 426Personal income, 441Postal Savings System, 396, 398Prices:

Consumer, 426, 438Security, 408Wholesale commodity, 426, 438

Production, 426, 427, 431, 432Profits, corporate, 417, 418

Real estate loans:Commercial banks, 402, 404, 419Type of mortgage holder, 419, 420, 421Type of property mortgaged, 419, 420, 421

Regulation V, loan guarantees, 395, 396Reserve requirements, member banks, 392Reserves:

Commercial banks, 403Federal Reserve Banks, 393, 394Foreign central banks and governments, 456Foreign countries and international institu-

tions, 455Member banks, 389, 391, 393, 394, 403, 405

Residential mortgage loans, 419, 420, 421

Sales finance companies, consumer loans of, 422,423, 425

Savings, 440Savings deposits {See Time deposits)Savings institutions, principal assets, 409Savings and loan associations, 409, 420Securities, international transactions, 452, 453Security issues, 416, 418Silver coin and silver certificates, 397State member banks, 401, 442State and municipal securities:

New issues, 416Prices and yields, 407, 408

States and political subdivisions:Deposits of, 403, 405Holdings of U. S. Govt. securities, 414Ownership of obligations of, 402, 409

Stock market credit, 408Stocks:

New issues, 416Prices and yields, 407, 408

Tax receipts, Federal, 413Time deposits, 391, 396, 398, 399, 403, 405Treasurer's account balance, 412Treasury cash, 389, 398Treasury currency, 389, 397, 398Treasury deposits, 389, 393, 394, 412

Unemployment, 434U. S. balance of payments, 459U. S. Govt. balances:

Commercial bank holdings, by classes, 403, 405Consolidated monetary statement, 398Treasury deposits at Federal Reserve

Banks, 389, 393, 394, 412U. S. Govt. securities:

Bank holdings, 398, 399, 402, 404, 414, 415Federal Reserve Bank holdings, 389, 393, 394,

414, 415Foreign and international holdings, 455International transactions, 452, 453New issues, gross proceeds, 416Outstanding, by type of security, 414, 415Ownership of, 414, 415Prices and yields, 407, 408

United States notes, outstanding and in circula-tion, 397

Utility output index, 431

Veterans Administration, loans, etc., 410, 411, 419,420, 421

Yields {See Interest rates)


•* (c THE FEDERAL RESERVE SYSTEM g)BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

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Legend• Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System

® Federal Reserve Bank Cities • Federal Reserve Branch Cities

Alaska was added to the Twelfth Federal Reserve District as of January 3, 1959, and became part

of the Seattle Branch Territory of that District.


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