Federal Reserve Bulletin June 1959currencyclubofchestercounty.net/Federal Reserve...

FEDERAL RESERVE

June

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

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 statementsand signed articles.

Contents

Public Debt Management 581

Member Bank Earnings, 1958 586

Law Department 590

Current Events and Announcements 591

National Summary of Business Conditions 593

Financial and Business Statistics, U. S. (Contents on p. 595) 597

International Financial Statistics (Contents on p. 661) 662

Board of Governors and Staff 678

Open Market Committee and Staff; Federal Advisory Council 679

Federal Reserve Banks and Branches 679

Federal Reserve Board Publications 681

Index to Statistical Tables 685

Map of Federal Reserve System Inside back cover

Volume 4$; Number 6

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Public Debt Management

AT THE OUTSET, I should like to statethat the Board of Governors of the FederalReserve System agrees that the debt man-agement proposals transmitted to you bythe President are necessary and desirableand we urge their favorable consideration.

There are only a few points that I wouldlike to make, but before turning to them,I think it is important that you should un-derstand that I come before you in con-nection with these proposals not as spokes-man for the Administration, but as Chair-man of the Board of Governors.

We are living today in a country of un-precedented wealth. It is wealthy, in part,because of abundant natural resources; and,in part, because of the energy and initiativeof our people. An even more important dis-tinction between the United States and mostother countries is the size and quality of theaccumulated stock of capital goods in thehands of producers and consumers. Dueto past saving, we enjoy the benefits whichflow from a reservoir of housing and durablegoods in the hands of consumers, of publicfacilities, such as highways, school build-ings, and waterways, and of industrial plantand equipment. The society in which welive has been popularly characterized asaffluent, and despite our proper concern forcertain depressed areas—both economic andgeographic—I am sure that we can all agreewith this characterization.

NOTE.—Statement of William McChesney Martin,Jr., Chairman, Board of Governors of the FederalReserve System, before the Ways and Means Com-mittee of the House of Representatives, June 11, 1959.

One consequence of affluence is expo-sure to instability in the pace of general ac-tivity and also in interest rates which risein periods of boom and decline in periods ofrecession. In a very primitive economy,where everyone must work as hard as he canto eke out a bare living, additions to stock ofcapital are largely made by diverting effortdirectly to production of capital goods. Suchborrowing and lending as does take place iseffected at interest rates which we wouldregard as fantastically high. In this type ofeconomy, there is little threat of instabilityexcept from natural causes. A drought oran unusually good season may produce rela-tive poverty or plenty. But the range of eco-nomic fluctuation will tend to be fairlysmall.

The greater the accumulation of wealththe greater are the possibilities for eco-nomic fluctuation. These may stem fromshifts in the peoples' preferences among thewide range of expenditure opportunitiesopen to them, from changing attitudes to-ward saving and investment, from over-speculation which undermines the solvencyof financial institutions, or, perhaps on someoccasions, simply from the arrival at a pointwhere even a high rate of technical inno-vation fails to induce investment decisionsadequate to sustain capital expansion.

It is not surprising that, in a free andwealthy economy, we are unable to counter-balance perfectly, through changes in pub-lic policy, the wide shifts that can take place.We always have had, and, I think, always

581

582 FEDERAL RESERVE BULLETIN • JUNE 1959

will have, changes in the pace of our eco-nomic progress. We can and should workto reduce these fluctuations and strive forthe goal of stable growth. At the same time,however, we must recognize that it is highlyunlikely that we shall ever achieve perfec-tion.

Fluctuations in our economy expressthemselves in various ways, and we attemptto gauge them by various statistical meas-ures. If we look at the movements in anyof the broad measures of economic activityand compare them with fluctuations in in-terest rates, the conclusion is inescapablethat interest rates tend generally to moveupward in periods of prosperity and down-ward in times of recession or arrestedgrowth. Hence, concerned as we may beabout the impact of rising interest rates onthe burden of the public debt or on neces-sitous borrowers, we must recognize thatrising interest rates are, in fact, a symptomof broad prosperity and rapid economicgrowth.

Since the stabilization of monetary sys-tems in key countries after World War II,interest rates have been higher in most otherindustrial countries than in the United States.This has been a period of great economicgrowth, very active demands for credit, fur-ther monetary expansion, and continuing,though perhaps abating, inflationary pres-sures. This past year's rise in interest ratelevels here, accompanying economic recov-ery, has been in contrast to some decline ininterest rate levels in Western Europeancountries, where a modest recession camesomewhat later than in the United Statesand Canada.

In the United States, the rise in interestrates has affected all types and maturities ofdebt instruments. Yields on long-term se-curities have generally risen by about 2 per-

centage points since the low point reachedshortly after the end of the war. Yields nowrange from 4 to AV2 per cent on U. S. Gov-ernment securities of long- and medium-term, over AVi per cent on many outstand-ing Aaa corporate bonds, and average over5 per cent on outstanding Baa corporatebonds. New issues necessarily have to beoffered to investors at higher rates.

Despite their recent upward movement,interest rates in the United States are stillat levels comparable with those prevailingduring much of our history. Long-termrate movements since last summer have beenwithin the range of the period from theearly part of this century through 1930.The level is still substantially lower thanduring most of the nineteenth century.From an historical viewpoint, the presentlevel of rates can hardly be regarded as "outof line" for a period of wide prosperity andgrowth.

In comparing present rate levels withthose of past periods, one of the importantthings sometimes overlooked is the effectof our necessarily high tax structure on theeffective rate of interest. For example, ifboth the borrower and lender are subject tothe 52 per cent tax on corporate profits, theborrowers' net cost and the lenders' netreturn is a little less than half of the ex-pressed rate. Thus, a market rate of say, 4per cent, implies for both parties a net rateof a little less than 2 per cent. On its owntaxable bonds, the Federal Government,through the income tax, recaptures a sub-stantial share of the interest it pays. Whenwe look at interest rates in long-term per-spective, we must bear in mind that netyields after taxes are lower today than acomparison of market rates would suggest,because of the fact that taxes are higher.

Aggressive demands for financing, which.

PUBLIC DEBT MANAGEMENT 583

as I have said, are characteristic of pros-perous times, represent efforts to attractresources away from current consumption inreturn for the payment of interest. In a freeeconomy, no matter how affluent, it followsthat, when borrowers attempt to attract alarger share of the total product for theirpurposes, they will have to pay for doing it.

The presence of strong demands on thecredit markets from borrowers of all kindsdoes create a difficult financial problem.Recently credit demands have been press-ing on the banking system, and the bankshave been accommodating a growing vol-ume of loans. As borrowers have soughtaccommodation, banks have raised theirprime rate from 4 to AVi per cent. Thisis the interest rate that banks charge top-quality customers on short-term loans.

More recently, the discount rate of theFederal Reserve Banks has been raisedfrom 3 to 3Yi per cent. The discount rateis the interest rate that is charged by a Fed-eral Reserve Bank when a member bankborrows money from it. This money isoften called high-powered money. It ishigh-powered because it is credited directlyto the reserve account of a member bank,and, unless used to finance a payment ofcurrency into public circulation or an out-flow of gold or some other developmentwhich drains the member bank reserve base,it forms the basis for a multiple expansionof bank credit and money.

For some months, we have been havingrapid expansion of bank credit and money,based largely on borrowed reserve funds.The seasonally adjusted money supply—demand deposits at banks plus currency incirculation—has increased by more than $2billion in the last four months, an annualrate of growth of about 5 per cent. In theface of developing high-level prosperity and

the potential threat of inflationary boom, theFederal Reserve should not be in the posi-tion of encouraging an undue expansionof bank credit and money. Hence, the ap-propriate discount rate under present cir-cumstances is one that does not encouragemember bank borrowing and is generallyabove current rates on short-term marketobligations, such as bills.

It is sometimes asserted that the FederalReserve System should step in and halt theupward trend of interest rates resulting fromactive demands for loans by supplying suf-ficient Federal Reserve credit in one formor another to keep interest rates from rising.This cannot be done without promoting in-flation—indeed without converting the Fed-eral Reserve System into an engine of in-flation.

When such a program was adopted duringand following the war, it did succeed for atime in actually pegging interest rates onGovernment obligations. But, at the sametime it promoted and facilitated the danger-ous bank credit and monetary expansionthat developed under the harness of directprice, wage, and material controls. Thesuppressed inflation that resulted, we arenow well aware, burst forth eventually ina very rapid depreciation of the dollar andeven threatened to destroy our free econ-omy.

This experience is very recent and theeffects are widely and well remembered. Itis now very doubtful whether the FederalReserve System could, in fact, peg interestrates on Government obligations under to-day's conditions even if we accepted theinflationary costs, which would be high andwould eventually lead to severe collapse.It is certain that the Federal Reserve couldnot extend interest rate stability to allmarkets.


The trouble is that the world has learnedfrom wartime inflationary experience. Itnow knows that inflation follows any effortto keep interest rates low through moneycreation as the night follows the day. Anyattempt on the part of the Federal Reserveto peg rates today would be shortly followedby an acceleration of the outflow of gold inresponse to demands from abroad, by fur-ther diversion of savings from investment inbonds and other fixed interest obligationsinto stocks and other equities, and by amounting of demands for borrowed funds inorder to speculate in equities and to beatthe higher prices and costs anticipated inthe future.

Those familiar with the investment mar-kets will confirm to you that such develop-ments would inevitably follow a FederalReserve attempt to peg interest rates. Asimply tremendous volume of bank reserveswould have to be thrown into the marketthrough Federal Reserve open market pur-chases in the attempt to stem the upwardpressure on interest rates. As these reservesenhanced inflationary pressures even fur-ther, the rush from money and fixed obli-gations into gold and physical property, aswell as the mounting demands for credit toreap speculative profits and to hedge againstfuture inflation, would overwhelm even themost heroic efforts to hold interest ratesdown. Ultimately, if the gold reserve re-quirements to which the Federal Reserveis now subject were eliminated, the Systemmight acquire a large proportion of publiclyheld Government debt of over $200 billionin this way. True, the interest rate on Gov-ernment obligations might be said in somedistorted sense to have been stabilized bysuch an operation. Interest rates generally,however, would spiral upward as they al-ways have in every major inflation.

People who save will be unwilling to lendtheir money at low interest rates even whenthey expect the depreciation in the value oftheir dollars to be limited. This is under-standable. Take, for example, a corporatefinancial institution subject to a 52 per centtax. The after-tax income from a bondyielding 4V4 per cent interest would amountto just a little over 2 per cent with the dollarstable in value. If this potential investorhad reason to fear that the value of the dollarwould depreciate even 1 per cent a year, hewould anticipate a very low real return. Ifthe investor had reason to expect a price riseof just over 2 per cent a year, he would fore-see a negative real return. Investors arealert today to this way of figuring interestreturns.

It might be added that to suggest hold-ing interest rates down by supplying thebanking system with reserves through Fed-eral Reserve open market purchases of Gov-ernment securities, on the one hand, andtaking them away with higher reserve re-quirement increases, on the other, repre-sents a fundamental misunderstanding ofhow the credit system functions. Obviously,if the net effects on the credit base are, infact, offsetting, they make no net additionto the total supply of bank credit, nor dothey reduce the demands of borrowers. Ifthey are not fully offsetting, the net resultis inflationary. We are all acutely awareof the gigantic size of the publicly held debtthat is outstanding and available to providea basis for such monetary inflation. Thereis no magic formula by which we can eatour cake and have it too.

If the Federal Government should substi-tute artificially created money for savingsin an effort to prevent interest rates fromrising, it would have a reverse effect. Itwould worsen the very situation that the ac-

PUBLIC DEBT MANAGEMENT 585

tion was intended to relieve. If you reallywant to encourage rising interest rates, youhave only to follow the prescription of thosewho argue that interest rates on Governmentor any other obligations can be pegged byinflating the money supply.

In connection with this discussion, itshould be re-emphasized that the FederalReserve System does not "like" high ratesof interest. We are anxious, always, thatinterest levels be as low as is consistent withsustained high levels of economic activity,with a steady rise in our national well-being,and with reasonable stability for value forthe dollar. We cannot, moreover, put in-terest rates where we would whatever our"likes." Federal Reserve policies can, ofcourse, influence interest rates to some ex-tent through their influence on the rate atwhich the banking system can add to thecredit and money supply. The effectivenessof Federal Reserve policies is always sub-ject to the reaction of borrowers and saversas expressed through the market.

In an economy in which people are alertand sensitive to price changes, the only wayto bring about a lower level of interest ratesis to increase the flow of real savings or todecrease the amount of borrowing. Oneimportant way to do this is to reduce sub-stantially the deficit at which the Govern-ment is operating. This will not only relieveimmediately some of the demand pressuresthat are pushing interest rates up in creditmarkets, it will also reassure savers as to thefuture value of the money they put in bondsand savings institutions and thus increasethe flow of savings into interest bearingobligations.

The proposals before you do not relate tothe levels of rates that will prevail in themarket, but rather to whether or not the

Government will be able to use savingsbonds and marketable bonds effectively asparts of its program of debt management.The forthright management of the publicdebt is an essential part of any program toencourage saving and lower interest rates.We should not force the Treasury to resortto undesirable expedients in order to com-ply with arbitrary ceilings on either the sizeof the debt or the rate of interest it pays.

International levels of interest ratesamong industrial countries are now moreclosely aligned than in earlier postwar years.This realignment, together with removal ofmost restrictions on the movement of capi-tal, reflects progress towards a closer rela-tionship among international money mar-kets, which is the financial counterpart ofprogress toward sustained growth in outputand trade in the free world generally. Italso signifies a state of affairs in which capi-tal demands are becoming international inscope and in which they will converge rap-idly on the market that is cheapest and mostreadily prepared to accommodate them.Under these circumstances, interest rates inthis country must increasingly reflect world-wide as well as domestic conditions.

We need to remember that today thedollar is the anchor of international financialstability. That anchor must be solid. Re-alistic financial policies of Government areessential to that end as well as to the endof a wealthy and strong domestic economy.At this juncture of world development, theleast evidence of an irresponsible attitudeon the part of the United States toward itsfinancial obligations or of its unwillingnessto face squarely the issues that confront itin meeting greater demand pressures on re-sources and prices, would have very seriousrepercussions throughout the free world.

Member Bank Earnings, 1958

FOR THE YEAR 1958 member banks re-ported $2,510 million of net current earn-ings before income taxes, $39 million lessthan in 1957.x The decline reflected a largerincrease in operating expenses than in cur-rent earnings. Net profits nevertheless were$288 million higher than the year before,for nonoperating transactions resulted in a

NOTE.—This article was prepared by Theodore A.Veenstra, Jr., of the Board's Division of Bank Opera-tions.

xNet current earnings are gross current operatingearnings less gross current operating expenses, beforeadjustments for losses, profits on sales of securities,recoveries, and transfers to and from valuation re-serves, and before taxes on net income.

net addition of $96 million contrasted witha net reduction of $485 million in 1957.Larger provisions for Federal and State in-come taxes offset part of the gain for 1958.

Larger profits on sales of securities in1958 were the major factor in the shift froma loss to a gain on nonoperating transac-tions. In other postwar years member banksreported net gains from these transactionsonly in 1946 and 1954.

Net profits rose at a faster rate than totalcapital accounts in 1958. As a result theratio of net profits to average total capitalaccounts increased from 8.3 per cent in1957 to 9.7 per cent in 1958. Declarations

MEMBER BANK EARNINGS, 1947-58

[Dollar amounts in millions]

Item 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

EarningsOn U. S. Government securities....On other securitiesOn loansService charges on deposit accounts.Other earnings

ExpensesSalaries and wagesInterest on time depositsTaxes other than incomeOther expenses

Net current earnings before income taxes.

Profits on securitiesRecoveries 1Losses and charge-offs2

Net increase in valuation reserves . . . .

Profits before income taxesTaxes on net income

Net profitsCash dividends declared4.

$2,579921149

1,044119346

1,65079723688

529

929

90142251

910257

653281

$2,828855158

1,308141367

1,79587625090

579

1,033

55135195173

854234

621294

$2,986859169

1,427158373

1,88992626196

605

1,097

6491

166125

961275

686313

$3,265865190

1,634172403

2,0201,000

271109640

1,245

8293

149121

1,150369

781346

$3,669832211

2,003187436

2,2321,125

306115686

1,437

5287

202128

1,247491

756371

$4,120929235

2,306198452

2,5011,244

365118775

1,619

2984

22668

1,437608

829390

$4,5901,011

2522,632

219477

2,7821,371

425125860

1,809

3586

33240

1,558692

865419

Ratio of net profits to average totalcapital accounts (per cent)

Number of banks at end of year

7 .9 7.2 7 .6

6,923 6,918 6,892

8.3

6,873

7 .6 7.9 7 .8

6,840 6,798 6,743

$4,8261,066

2732,711

252523

2,9991,463

494140902

1,828

375117254165

1,900804

1,096456

9.3

6.660

$5,3431,118

2963,083

274572

3,2651,571

543149

1,002

2,077

51113426139

1,676691

985501

$6,0781,101

3083,725

310634

3,6801,735

650157

1,138

2,398

28124577229

1,744718

1,027547

$6,7711,168

3394,208

354702

4,2221,877

927172

1.246

2,549

57102468177

2,063895

1,169604

7.9 7.7

6,543 6.462 6,393

$7,1271,266

4114.326

389734

4,6171,9811.123

1853271

2,510

612142315342

2,6061,148

1,457646

9.7

6,312

1 Beginning with 1948, includes recoveries credited either to un-divided profits or to valuation reserves; see note 3.

2 Beginning with 1948, includes losses charged either to undividedprofits or to valuation reserves; see note 3.

3 Not reported separately; transfers to these reserves were includedwith losses, and transfers from these reserves were included with re-coveries.

4 Includes interest on capital notes and debentures.

586

MEMBER BANK EARNINGS, 1958 587

of cash dividends by member banks were$42 million higher than in 1957. Averagetotal capital accounts represented the sameproportion of average total assets in 1958 asin 1957, 7.9 per cent.

A summary of factors contributing to theincrease in net profits of member banks in1958 appears in the accompanying table.

FACTORS IN HIGHER N E T PROFITS

[In millions of dollars]

Item

Increase in net profits

Factors increasing net profits, total.

Increase in operating earningsOn loansOn U. S. Government securities.On other securitiesMiscellaneous current earnings. .

Nonoperating transactionsIncrease in profits on sales of securitiesDecrease in net losses on securities 2

Smaller net increase in valuation reserves on loans.Increase in miscellaneous recoveriesDecrease in net losses on loans2

Factors decreasing net profits, total.

Increase in operating expenses

Nonoperating transactionsChange from net decrease to net increase in valua-

tion reserves on securitiesIncrease in miscellaneous losses

Increase in provision for taxes on net income

Changefrom 19571

+288

+ 1,160356118987267

8045541913414

11

-872

395

223

19924

254

1 Details may not add to totals because of rounding.2 Includes recoveries credited and losses charged either to undivided

profits or to valuation reserves.

EARNING ASSETS AND EARNINGS

Earning assets of member banks rose $12.5billion during 1958 to a total of $155 bil-lion at the year-end. Loans accounted for$3.1 billion of this growth, U. S. Govern-ment securities for $7.2 billion, and othersecurities for $2.2 billion. The increases inthese items from the end of 1957 to the endof 1958 were larger than those in averageholdings over the year as a whole.

Commercial and industrial loans, thelargest loan category, declined for the firsttime in recent years, but real estate loanswere $1.8 billion larger than at the end of

1957 and other loan categories were alsolarger. Most of the expansion in memberbank holdings of Government securities wasin Treasury notes and certificates, and al-most all of the increase in other securitieswas in State and local government issues.

All items of current operating earnings in-creased, as in most other recent years, butthe over-all increase of 5 per cent was thesmallest since 1954. Earnings on loans ac-counted for $ 118 million of the growth for1958. The average rate of return on loansrose from 5.32 to 5.35 per cent, and theaverage amount of loans held expanded $1.8billion.

Earnings on U. S. Government securitieswere $98 million larger than in 1957. Thisgrowth was due to the increase of $5.5 bil-lion in average holdings during the year.Although member banks expanded theirportfolios of U. S. Government securities,their holdings of the lower yielding, short-term issues—bills, notes, and certificates—expanded more than holdings of longer termissues. As a result of this and of the gen-eral decline in yields on Government securi-ties during 1958, the average rate of returnon Government security portfolios declinedto 2.45 per cent from 2.53 per cent in 1957.An increase of $72 million in earnings onother securities reflected a higher averagerate of return and larger average holdings.

The major sources of member bank earn-ings have changed since 1947, as the tableon the preceding page shows. Earnings onloans have increased from 40 to 61 per centof total earnings, while earnings on U. S.Government securities have declined from36 to 18 per cent of the total.

EXPENSES

All categories of member bank expensescontinued to rise in 1958, and for the year


CHANGES IN MEMBER BANK LOANS AND INVESTMENTS

1958


Item

Total loans and investments

Loans *Commercial and industrialAgriculturalFor purchasing and carry-

ing securitiesReal estateOther loans to individualsAll other

U. S. Government securitiesTreasury bills, notes, and

certificatesBonds2

Other securitiesState and local government. . .Other

AmountDec. 31,

1958

$154,865

84,06137,4443,052

4,32920,01317,0283,920

54,299

21,90432,396

16,50413,4053,100

Change fromDec. 31, 1957

Amount Percentage

+$12,512

+ 3,112425

+ 580

4721,781

253605

+ 7,220

,862,358

,181,170

11

-f 8.8

+ 3.8- 1.1+23.4

+ 12.2+ 9.8+ 1.5+ 18.2

+15.3

+ 36.5+ 4.4

+15.2+ 19.3+ .3

1 Totals are net (after deduction of valuation reserves); individualloan items are gross and do not add to totals.

2 Includes small amount of guaranteed obligations.

as a whole current operating expenses to-taled $4,617 million, 9 per cent more thanin 1957. Interest payments on time de-posits continued to expand at a sharp rateand in 1958, as in 1957, these payments ac-counted for about half of the increase in allcurrent operating expenses.

The accelerated growth in interest pay-ments during 1957-58 reflected a rapid rateof expansion in average time deposits out-standing—by $6.5 billion in 1958 and $3.4billion in 1957 compared with $1.2 billionin 1956—as well as further advances in theaverage rate of interest paid. By 1958 thisaverage rate was 2.20 per cent comparedwith 2.08 in 1957 and 1.58 in 1956. Totalinterest expense on time deposits was 73 percent larger in 1958 than in 1956. The in-crease in this expense for the two years com-bined absorbed 45 per cent of the totalgrowth in gross current operating earningsduring the period.

Salaries and wages accounted for $104million of the increase in operating expensesduring 1958. Both the number and the

average compensation of officers and em-ployees continued to expand.

PROFITS, RECOVERIES, LOSSES, ANDTRANSFERS TO VALUATION RESERVES

Profits and recoveries on loans and securitiesexceeded losses, charge-offs, and net trans-fers to valuation reserves in 1958 for thefirst time since 1954; the last gain previousto that year had been in 1946. These non-operating transactions added $96 million tomember bank profits during 1958; additionsof $346 million from transactions in securi-ties were offset to the extent of $200 millionby transactions in loans and $49 million bytransactions in all other assets. In 1957these nonoperating transactions had reducednet profits by $485 million.

Valuation reserves on loans were in-creased by $153 million in 1958, and thoseon securities by $189 million. For loansthe increase represented a continuation ofthe upward trend of the last decade, but itwas the smallest rise since 1954. Valua-tion reserves on securities, on the otherhand, have declined in most of the last 10years, and the current increase was the firstsince 1954.

INCOME TAXES

Provision for taxes on net income increased$254 million in 1958. This was 44 percent of profits before income taxes, com-pared with 43 per cent in 1957.

CASH DIVIDENDS

Cash dividends declared in 1958 totaled$646 million, $42 million more than in1957; they represented only 44 per cent ofnet profits compared with 52 per cent inthe earlier year. The ratio of cash dividendsto average total capital accounts was 4.3per cent, the same as in 1957. Retained


earnings increased $246 million to $811million and accounted for 89 per cent ofthe increase in total capital accounts, com-pared with 63 and 55 per cent in 1957 and1956, respectively.

EARNINGS AND PROFITS BYCLASS OF BANK

Net profits increased by an average of 25per cent for all member banks, with in-creases ranging from 21 per cent at reservecity banks to 34 per cent at central reservecity banks in Chicago. The sharp increasefor the Chicago banks occurred despite adecline in their gross current operating earn-ings. For banks in all other reserve classi-fications such earnings rose in 1958.

Earnings on U. S. Government and other

securities increased for member banks in allreserve classes. Earnings on loans increasedat reserve city and country banks, but de-clined at central reserve city banks. Cur-rent operating expenses rose for all classesof member banks.

Nonoperating transactions increased netprofits at all reserve classifications of banksexcept country banks, where the effect ofsuch transactions was to reduce net profits by$2 million. The ratio of net profits to aver-age total capital accounts, and the amountsof cash dividends and retained earnings, in-creased at all classes of member banks.

Summary data by class of bank are shownin the accompanying table. Detailed figureson earnings and related items appear onpages 650-58 of this BULLETIN.

MEMBER BANK EARNINGS, BY CLASS OF BANK, 1958 AND 1957


Total

1958 1957

Central reserve city banks

New York

1958 1957

Chicago

1958 1957

Reservecity banks

1958 1957

Countrybanks

1958 1957

Earnings ,On U. S. Government securities.On other securitiesOn loansAll other

ExpensesSalaries and wagesInterest on time depositsAll other


Profits on securitiesRecoveries 1Losses and charge-offs2Net increase in valuation reserves.

Profits before income taxes.Taxes on net income

Net profitsCash dividends declared 3.

Ratios (per cent):Net current earnings before income taxes to

Average total capital accountsAverage total assets

Net profits to—Average total capital accounts.Average total assets

$7,1271,266411

4,3261,123

4,6171,9811,1231,512

2,510

612142315342

2,6061,148

1,457646

16.61.32

9.70.77

$6,7711,168

3394,2081,056

4,2221,877

9271,418

2,549

57102468177

2,063895

1,169604

18.11.42

8.30.65

$1,16417061

699234

636300110227

528

92192539

576276

300160

16.41.55

9.30.88

$1,13613747

727225

592293

80220

544

11139729

442209

233152

18.21.70

7.80.73

$2725817

15740

142682549

130

488

2125

14069

7126

18.41.51

9.90.82

$2744615

17241

136652349

137

74

2530

9341

5324

20.61.65

7.90.64

$2,835478151

1,759447

1,823111474572

1,012

28045

113171

1,053490

563258

18.11.35

10.10.75

$2,664426128

1,694415

1,666731398537

998

2437

16643

849385464242

19.21.42

8.90.66

$2,856560183

1,712401

2,016836515664

840

19270

157108

837313

524202

15.01.16

9.40.72

$2,697558149

1,615374

1,827788427613

870

1549

18074

679260

419186

16.51.26

8.00.61

1 Includes recoveries credited either to undivided profits or tovaluation reserves.

2 Includes losses charged either to undivided profits or to valuationreserves.


Law DepartmentAdministrative interpretations, new regulations, and similar material

Investment of Common Trust Funds in InvestmentTrust Shares

The Board of Governors has been requested toexpress an opinion whether the investment by acommon trust fund in shares of an investmenttrust would be contrary to the provisions of Sec-tion 17 of Regulation F.

In defining common trust funds, and indicatingthe purposes of their authorization and the limita-tions on their use, Section 17 makes it clear thatsuch funds are authorized as investment trusts fora special and restricted fiduciary purpose, underthe exclusive management of the bank maintainingsuch funds. Having in mind the special purposeand use of common trust funds, the Board is im-pressed with the administrative inconsistency ofinvesting any portion of such funds in investmenttrust shares. Furthermore, it is specifically pro-vided in subsection 8, Section 17(c), that a bankadministering a common trust fund "shall have theexclusive management thereof" and that such bank"shall not pay a fee, commission, or compensationout of the common trust fund for management."

In the opinion of the Board, the use of invest-ment trust shares for common trust fund invest-ment would involve a delegation of investmentmanagement and payment of compensation forinvestment management services which would beboth inconsistent with the stated purposes and usesof such funds and in violation of the quoted pro-visions of the Regulation. This opinion, of course,only concerns itself with the investment of thefunds of a common trust fund in investment trustshares and is not intended to express any view asto the propriety of such an investment for indi-vidually invested trusts.

Transactions in Restricted Accounts underAmended Withdrawal Rules of Regulation T

Amendments to Regulation T, effective June 15,1959, deal with withdrawals of collateral from a"restricted account," i.e., a general account inwhich the adjusted debit balance exceeds the maxi-mum loan value of the securities. In that connec-

tion, an inquiry has been received regarding theapplication of the amended regulation to a pur-chase of unregistered nonexempted securities insuch a "restricted account."

Unregistered nonexempted securities have noloan value under the regulation, are not subjectto the restrictions of the withdrawal rules, andare not referred to in those rules. Purchase ofan unregistered security without a deposit of asum equal to the cost would amount to a with-drawal of the cost of the security.

This supersedes that portion of the interpreta-tion at page 938 of the 1949 Federal ReserveBULLETIN dealing with a similar question.

The 1949 interpretation also dealt with twoother points. One was the treatment of certaintransactions as short sales. That portion of theinterpretation was superseded by the June 15,1959 amendments to the regulation. The otherpoint was that the "good faith loan value" speci-fied for an exempted security means the amountwhich the broker would customarily lend on thesecurity, and that the figure cannot be arbitrarilyreduced merely for the purpose of permitting alater substitution of registered securities for ex-empted securities. That principle continues toapply and is of increased significance under theamendments.

Purchase-and-Sale Substitution on Same Dayunder Amended Regulation U

Amendments to Regulation U, effective June 15y

1959, deal, among other things, with changes incollateral for a "restricted loan," i.e., a bank loanthat exceeds the maximum loan value of the col-lateral therefor. In connection with those amend-ments an inquiry has been received as to whetherthe bank may permit a substitution of collateralfor such a loan under the amended regulation ina case in which the excess of the loan over themaximum loan value is not thereby increased andthe substitution occurs in the form of a purchaseand sale of collateral, both the purchase and saleorders being executed on the same day.

590

CURRENT EVENTS AND ANNOUNCEMENTS 591

The bank may permit such a purchase-and-salesubstitution under the amended Regulation Uwithout additional collateral or reduction in theloan if it reasonably ascertains, and has evidencethereof in its records, that the purchase and saleorders were executed on the same day. The con-trolling events which must occur on the same dayare the executions of the purchase order and sale

order, and not the bank's receipt or release ofstock certificates. It may be noted that the resultis substantially similar to that under the June 15,1959 amendments to Regulation T. Substitutionsthat do not involve a same-day purchase and saleare subject to the withdrawal limitations underboth regulations.

Current Events and Announcements

INCREASE IN FEDERAL RESERVE DISCOUNT RATES

Within the past few weeks, the Board of Governorsof the Federal Reserve System has approved actionby the directors of the 12 Federal Reserve Banksincreasing the discount rate at those Banks to2>Vi per cent. The effective dates at the severalbanks were as follows:

New YorkChicagoSt. LouisMinneapolisDallasBostonAtlantaPhiladelphiaKansas CitySan FranciscoClevelandRichmond

MayMayMayMayMayJuneJuneJuneJuneJuneJuneJune

29, 195929, 195929, 195929, 195929, 1959

2, 19592, 19595, 19595, 1959

11, 195912, 195912, 1959

The rate previously in effect at all 12 ReserveBanks was 3 per cent.

ELECTION OF DIRECTOR

The Federal Reserve Bank of San Francisco onJune 16 announced the election of Mr. JosephRosenblatt as a Class B director of the Bank toserve for the remainder of a term expiring Decem-ber 31. 1960. Mr. Rosenblatt, who is president ofthe Eimco Corporation, Salt Lake City, Utah, hasbeen serving as a director of the Salt Lake CityBranch of the Federal Reserve Bank of San Fran-cisco since January 15, 1953, and has resignedfrom that directorship in order to accept the

Class B directorship at the head office. As a di-rector of the San Francisco Bank, he succeedsMr. Reese H. Taylor, Chairman of the Board ofthe Union Oil Company of California, LosAngeles, California, who recently resigned.

APPOINTMENT OF BRANCH DIRECTOR

On May 8, 1959, the Federal Reserve Bank ofAtlanta appointed Mr. A. L. Ellis, a director of itsJacksonville Branch, for the unexpired portion ofa term ending December 31, 1961. Mr. Ellisis Chairman of the Board of the First NationalBank in Tarpon Springs, Tarpon Springs, Florida.As a director of the Jacksonville Branch, he suc-ceeds Mr. J. N. Greening, Vice Chairman, TheFirst National Bank of Bradenton, Bradenton,Florida, who died recently.

RESIGNATION OF BRANCH DIRECTOR

Mr. Anthony Haswell, who had served as a direc-tor of the Cincinnati Branch of the Federal Re-serve Bank of Cleveland since January 1, 1954,resigned effective May 31, 1959. Mr. Haswell ispresident of The Dayton Malleable Iron Company,Dayton, Ohio.

STUDY OF THE FEDERAL FUNDS MARKET

The Federal Funds Market, a Study by a FederalReserve System Committee, is now available fordistribution by the Board of Governors of theFederal Reserve System. This pamphlet gives across-section view of an important segment of theshort-term money market by presenting informa-tion about the structure of the Federal funds


market, the volume of operations in the market,and the use of the market by banks and others.The study is based primarily on data collected bya special survey in November 1956, and on in-formation obtained from interviews with officialsof banks and other institutions that are active inthe Federal funds market.

The special committee that conducted the studyincluded the following members of the staffs of theFederal Reserve Banks and the Board of Gov-ernors: Clay J. Anderson, John J. Balles, NormanN. Bowsher, Harry Brandt, D. R. Cawthorne,Gerald M. Conkling, J. Dewey Daane, Lewis N.Dembitz, Douglas R. Hellweg, Peter M. Keir,Bertram F. Levin, Spencer S. Marsh, Jr., Sey-mour H. Miller, Dorothy M. Nichols, and ParkerB. Willis. Mr. Anderson acted as chairman of thecommittee, and Mr. Keir as secretary.

The price of this pamphlet of 111 pages is $1.00per single copy, and 85 cents each for 10 or morecopies in single shipment. Orders should be ad-dressed to the Division of Administrative Services,Board of Governors of the Federal Reserve Sys-tem, Washington 25, D. C.

REVISED EDITION OF TECHNICAL STUDY

A revised edition of George Garvy's The Devel-opment of Bank Debits and Clearings and TheirUse in Economic Analysis, first published in Janu-ary 1952, is now ready for distribution under thetitle Debits and Clearings Statistics and Their Use.A new edition of the earlier pamphlet was neces-sitated by a revision of debits statistics by the Fed-eral Reserve System which incorporated most ofthe suggestions made in the first edition.

The last chapter of the first edition and the de-scriptive material on current debits and velocitystatistics in Chapters III and VII have been re-written, and less extensive changes have been madein other chapters. Most of the statistical andanalytical material has been continued through1958. The discussion of the use of measures ofvelocity in monetary theory and analysis has notbeen brought up to date, however, and a separatestudy on this subject is in preparation at the Fed-eral Reserve Bank of New York.

The price of the revised pamphlet of 144 pagesis $1.00 for a single copy, and 85 cents each for10 or more copies in single shipment. Ordersshould be addressed to the Division of Adminis-trative Services, Board of Governors of the Fed-eral Reserve System, Washington 25, D. C.

ADMISSION OF STATE BANKS TO MEMBERSHIP INTHE FEDERAL RESERVE SYSTEM

The following banks were admitted to member-ship in the Federal Reserve System during theperiod April 16, 1959 to May 15, 1959:

ColoradoWestminster First State Bank of Westminster

New YorkStar Lake. United Bank

DATA FOR SUPPLEMENT TO CHART BOOK

Data for the period August 31, 1958-March 31,1959, are now available in mimeographed formfor the September 1958 edition of the historicalsupplement to the Federal Reserve Chart Book onFinancial and Business Statistics. Copies may beobtained upon request from the Division of Ad-ministrative Services, Board of Governors of theFederal Reserve System, Washington 25, D. C.

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 year June 1959 650-58First half of year Nov. 1958 1346

Insured commercial banks June 1959 659Banks 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.. j j g j ^ ^59 212-18Summary flow-of-funds accounts ,

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

List of, Dec. 31, 1958 June 1959 660Banking offices and deposits of group

banks, Dec. 31, 1957 Oct. 1958 1224

National Summary of Business ConditionsReleased for publication June 15

Expansion in industrial activity continued inMay, employment increased further, and the de-crease in unemployment was again considerablylarger than seasonal. Consumer incomes andbuying attained new highs, and business plans forplant and equipment outlays in 1959 were revisedupward. Commercial bank loans and the season-ally adjusted money supply continued to increase.Security yields tended upward in May and earlyJune. Wholesale prices of industrial commoditiesgenerally changed little.

INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of indus-trial production rose in May to 152 per cent ofthe 1947-49 average, 2 points above the revisedApril figure and 6 points or 4 per cent above thepre-recession peak in early 1957. Activity in thedurable goods industries advanced to a new high.Production of nondurable goods, which had sur-passed earlier highs by mid-1958, continued toexpand and output of minerals increased.

The gain in output of durable goods industrieswas broadly based as output of finished productsand materials expanded. Production of farmmachinery, motor trucks, and industrial and com-mercial equipment showed further gains. Output

INDUSTRIAL PRODUCTION1947-49-100

TOTAL

/Of"

• y\/ J

J •' •' MINERALS

-

. . . 1 1 !1955 195

V

V! [

7

f16-0

?^0

T20

140

120

l!G0

80

I? 59

DURABLE MANUFACTURES

/>A\

X NONDURABLEy \ / MANUFACTURES

:

1955 1957

j-i

-i/ |

/-.i/ J

/-j—!H

1959

180

160

140

120

100

80

Federal Reserve indexes, seasonally adjusted,ures; latest shown are for May.

Monthly fig-

of household durable goods and autos also rose.Production of building materials and most non-ferrous metals continued to increase. Steel milloperations, maintained at 93 per cent of capacityin May, rose one additional percentage point inearly June.

Activity in the nondurable goods industries inMay was about one-tenth above the highs of 1957.Output of apparel and leather products, and ofsuch industrial materials and supplies as textiles,chemicals, and paper rose further. Activity inthe rubber industry remained at reduced levels,however, as work stoppages continued. Outputof mineral fuels and metal ores increased.

CONSTRUCTION

Private nonfarm housing starts in May, whilesomewhat below the March-April level, were at ahigh seasonally adjusted annual rate of 1,340,000units. Total new construction put in placechanged little in May at a level slightly below therecord high of March. Commercial buildingactivity rose sharply further, to a new high, butprivate residential, utility, and total public con-struction continued to decline. Private industrialbuilding remained at a reduced level.

EMPLOYMENT

Seasonally adjusted nonfarm employment in-creased 230,000 further in May and, at 52.1million, was 2 million above a year earlier. Gainswere widespread among durable goods manufac-turing industries, which accounted for one-half ofthe total increase. With the average workweek atfactories up about seasonally, average weeklyearnings increased to $90.32, 10 per cent aboveMay 1958. Unemployment again declined sub-stantially; the seasonally adjusted rate was 4.9 percent of the civilian labor force compared with5.3 per cent in April and 5.8 per cent in March.

DISTRIBUTION

Seasonally adjusted retail sales have increasedcontinuously this year, and in May were 2 per

593


cent higher than in April and 10 per cent abovea year earlier. Sales at durable goods outlets re-mained at advanced levels in May while sales atdepartment stores and a number of other groupsrose substantially. The number of new autos soldwas at the highest rate for this time of year since1955.

COMMODITY PRICES

Average wholesale prices of industrial com-modities were unchanged in May and early Juneat a level 2Vi per cent higher than a year earlier.Prices of textiles rose further, steel scrap turnedup, and nonferrous metals changed little, whileprices of hides, rubber, lumber, and some othersensitive materials declined somewhat followingsubstantial increases.

Wholesale prices of farm products and foodsdeclined slightly. Supplies of foods have beenlarger than a year ago and, although consumerdemands have increased, food prices averageabout 5 per cent lower than in the spring of 1958.

BANK CREDIT AND RESERVES

Total commercial bank credit changed little in

May. Sharp expansion in loans continued butbanks reduced their holdings of U. S. Governmentsecurities. The seasonally adjusted money supply—demand deposit and currency holdings of busi-nesses and individuals—increased $300 millionfurther.

Member bank borrowings from the FederalReserve averaged $835 million and excess reserves$440 million during the four weeks ending June10. Over this period, reserves were absorbed bycurrency and gold outflows and by reductions inFederal Reserve holdings of U. S. Governmentsecurities. Reserves were supplied mainly by adecrease in required reserves.

SECURITY MARKETS

Yields on long-term Treasury and State andlocal government securities have remained rela-tively stable since mid-May, but those on corporatebonds and on short- and intermediate-term Treas-ury issues have increased further. At the end ofMay, Federal Reserve Bank discount rates wereraised one-half percentage point to 2>Vi per cent.In early June, common stock prices declinedappreciably and then partially recovered.

NEW CONSTRUCTION ACTIVITYBillions of dollars, annual rates

1 1 11955 1957 1959

1 11955 1957 1959

Department of Commerce data. Private business includesindustrial, commercial, and public utility construction. Monthlyfigures; latest shown are for May.

Bureau of Labor Statistics indexes. Monthly figures, latestshown: April for consumer prices, and May for wholesaleprices.

Financial and Business Statistics

* United States *Member bank reserves, Reserve Bank credit, and related items 597Reserve Bank discount rates; reserve requirements; margin requirements. 600Federal Reserve Banks 601Bank debits; currency in circulation. . . . 604All banks: consolidated statement of monetary system; deposits and currency 606All banks, by classes. 607Commercial banks, by classes. 610Weekly reporting member banks 612

Commercial loans; commercial paper and bankers' acceptances 614Interest rates. 615Security prices; stock market credit. 616Savings institutions. . . . . 617Federal business-type activities 618Federal finance. . 620Security issues. 624Business finance. 625Real estate credit 627Short- and intermediate-term consumer credit 630

Selected indexes on business activity. 634Production 635Employment and earnings. 642Department stores 644Foreign trade. 645Wholesale and consumer prices. . . 646National product and income series. 648

Member bank earnings, 1958. 650Bank holding companies, December 31, 1958. 660Tables published in BULLETIN, annually or semiannually—list with references 592

Index to statistical tables 685

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.

595

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSW e e k l y a v e r a g e s of d a i l y f i g u r e s B i l l i o n s of d o l l a r s

25

20

15

2

0

35

30

25

20

MEMBER BANKRESERVE BALANCES

REQUIRED RESERVES

EXCESS RESERVES

CURRENCY IN CIRCULATION

RESERVE B A N K CREDIT

-GOLD STOCK-

L ^

TREASURY CASH AND DEPOSITS

L MAkiuruDEn r»rnr\ciTCNONMEMBER DEPOSITS

U.S. GOVERNMENT SECURITIES

DISCOUNTS AND ADVANCES

FEDERAL RESERVE FLOAT

1953 1954 1955 1956 1957 1958

Latest averages shown are for week ending May 27. See p. 597.

596

1959

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS


Weekending

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBoughtout-right

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

Float Total 1

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

For-eign Other

OtherF. R.

ac-counts

Member bankreserves

TotalRe-

quired2Ex-

cess2

Averages ofdaily figures

1958Apr. 2

9162330

May 7.14.21.28.

June 4.11.18.25.

July 2.9.

16.23.30.

A*. 6.

20.27.

Sept. 3.10.17.24.

Oct. 1.

1 5 . . . .2 2 . . . .2 9 . . . .

Nov. 5.12.19.26.

Dec. 3.10.17.24.31.

1959Jan. 7 . . . .

1 4 . . . .2 1 . . . .2 8 . . . .

Feb. 4 .11.18.25.

Mar. 4 .11.18.25.

Apr. 1.8.

15.22.29.

May 6 . . . .1 3 . . . .2 0 . . . .2 7 . . . .

23,62523,62823,63323,71223,626

23,79923,93123,87624,053

24,19424,39724,68225,002

25,42225,45625,26225,15725,035

25,24025,64625,40625,257

25,35325,23325,00124,893

24,94025,14325,49825,24225,300

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

25,49425,72225,78925,54425,608

25,*26,01025,93525,905

23,62523,62823,61123,70423,612

23,79923,93123,87624,053

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

25,59225,62125,52325,394

25,29425,33125,41925,461

25,46225,48425,54525,51125,608

25,70625,94025,92625,905

6101111

20

145

794619156

110329284196

94105

813665

61355249

3223824433

102709

14490199112125

118123104119

13518417599

9714311585108

112229216271

461514563433

401434472369456

403470453430

580415519631808

644730457507

433553583474

548722543619

776 24,586879 24,638829 24,701990 24,854777 24,566

808 24,763760 24,854994 25,016780 24,994

869 25,240815 25,440036 25,939024 26,170

815 26,380947 26,589979 26,398

1,045 26,328823 26,005

828 26,212774 26,685

1,008 26,665857 26,417

792 26,638883 26,661049 26,644203 26,558

904 26,27526,51926,92527,04626,767

911922

1,401977

796 26,694934 27,100,188 27,087,199 27,399

,087 27,844,112 27,847,439,944,618

,401,011

28,31128,88928,910

28,27527,708

,288 27,368,074 27,094

946 27,092887 27,136960 27,112

1,050 26,965

951 26,892849 26,976

1,000 27,048961 27,123

629690721767i 1,130 27673 900

998 27,15127,357

816 27,357,472

27,212

693 893726 795870 1.155675 i 940

27,42427,56327,98927,548

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

20,67920,65220,68020,616

20,60920,59320,57620,53620,526

20,53420,52620,51520,515

20,47620,47620,47520,474

20,47920,44820,44220,442

20,44220,44220,44020,40920,330

20,26220,25120,19720,188

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

5,2475,2505,2535,2545,257

5,2595,2625,2645,268

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

31,22931,28031,36531,33231,244

31.36831,50531.51531,473

724729731721732

738741732722

709709698698

687677686692697

696699696688

691694694683

690691689681681

681687692686

693696693684692

701704712714

723727741724

721716727714

709709712705705

711710710708

523479457417601

533470459437

411424459440

446489497465543

662504528486

539 i4781304508

448447386464512|

325371475455

465376428540521

446390401404

44 2

364398443

534454437456

523524471456!560|

|5421521504543

277269319242235

287294309276

238267331280

268265358293300

291300259234

305330397308

261299327308270

283297316243

222232263239332

279297357298

278304313308

298311290295

364296279286271

256269280281

368493381376397

386386381391

484370359229

405377371340333

350329301320

324319282320

387343412332321

391375341337

401328335328333

356345373343

344333391448

339336340339

512348343362333

360383367363

1,1091,106 181,1041,1021,051

18,52618,30018,36918,65418,249

1,0491,0461,0431,023

18,27618,19018,24818,194

1,0571,139 181,1461,144

18,14718,27418,61918,983

1,1051,0971,0951,0911,041

1,1481,1661,2331,212

1,1751,153',156,162

,123,119,121,117,080

,078,078,074,063

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

18,74018,62918,844

172 19,16019,167

,103,191,161

1,165

1,1221,1211,1181,118

1,1461,1851,2141,255

1,2141,2121,2141,218

,181,180,181,178,136

,136,139(245,244

19,13118,90118,76918,817

18,74918,74218,56218,389

18,37518,42118,43918,558

18,32318,71118,69818,81718,551

18,57118,55018,82918,393

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

17,95717,86818,05118,100

17,85518,30218,25418,30718,183

18,21318,096

^18,209^18,038

696627615599595

629662703681

573587635669

655758569788638

558687621573

547606637593

460565486566522

408619440406

508469470612656

543561535393

404553442410

418553388458

468409444510368

358454^620^355

P Preliminary. For other notes see following page.

597

598 BANK RESERVES AND RELATED ITEMS

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued[In millions of dollars]

Periodor

date

Averages ofdaily figures

1958

May

JulyAugSeptOctNovDec

1959

JanFebMarAprMay

Midyear oryear-end

1929 June1933—June1939 Dec . . . .1941—Dec1945—Dec1947 Dec1950 Dec1955 Dec . . .1956 Dec1957 June

Dec . . . .

End of month

1958

MayJuneJulyAugSentOctNovDec

1959

JanFebMarAprMay

Wednesday

1959

Mar 41118 . . . .25

Apr 18152229

May 613 . .2027

U.S.

Total

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

25,77625,53225 44625,66125,920

2161,9982,4842,254

24.26222 55920 77824,78524,91523,03524,238

24,16225,43824,48025,34624 98625,44326 22926,347

25,71525 35025,49725 70325 905

25,32225,35425 49725 474

25,47825,72625,80125,56325,623

25,94026,08525,90525,905

R.eserve Bank credit outstanding

Govt. securities

Boughtout-right

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

25,72325,50325,40025,53825,882

1481,9982,4842,254

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

24,16225,43824,48025,34624 98625,37326,06926,252

25,61125 29525,49725,62325 905

25,28925,33925 41925,452

25,47825,49325,58825,56325,623

25,82925,97725,90525,905

Heldunderrepur-chaseagree-ment

si4

368896

532946

12338

68

53394305

41519

7016095

10455

80

33157822

'""233213

111108

Dis-countsandad-

vances

119142109252476425488564

574526620694784

1,037164

73

2498567

10850

55855

1444194

555255407717

64

462632327500984

535506986589

357775918

1,014534

863652376554

Float

841916942858990

1,0351,0391,496

1,170961954937935

524

9194

578535

1,3681,5851,6651,1991,424

965758868805860788

1,0261,296

979999862943860

897712993746

853730823778801

763764933721

Total i

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

27,56427,05927,05527,32327,669

1,4002,2202,5932,361

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

25,31326,28325,47726,73926,13026,67528,00627,755

27,19727,02026,71627,17627.777

26,78926,60727,50926,841

26,71927,26227,57127,38426,987

27,59527,53027,24227,206

Goldstock

21,80121,49021,28521,11220 94020,75020,64820,563

20,51820,47520,44820,40320,217

4,0374,031

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

21,59421,35621,21021,01120,87420,69020,60920,534

20,47620,47920,44220,305

P20 188

20,47920,44320,44220,442

20,44220,44120,43120,33120,330

20,25520,24420,18820,188

Treas-urycur-

rencyout-

stand-ing

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

5,2345,2385,2445,2535,264

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

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

5,2355,2415,2475,257

P5 270

5,2415,2435,2455,246

5,2475,2525,2535,2555,257

5,2605,2635,2675,269

Cur-rency

incir-

cula-tion

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

31,52131,15831,22731,30431,489

4,4595,4347,598

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

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

31,12531,12931,25031,349

*>31 628

31,12831,23031,24131,173

31,21131,31131,35531,24631,276

31,41431,48231,45431,511

Treas-ury

cashhold-ings

731701687694691685688691

709729717708709

204264

2,4092,2152,2871 3361 293

767775758761

703692685684684674694683

721718689711

*>701

720722730714

715713708710710

723717709706

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

466442498541445449410470

415417477505532

3635

634867977870668394441498481

382410617540371363424358

447492398539567

659390423517

534397499496466

542504468525

For-eign

286281302274325299276262

306303312283274

615

397774862392895402322449356

234269288313258288226272

274310308266291

290304269340

297288257247274

263255296289

Other

401350358324325352369337

353378377347369

21151256586446569565554426308246

624420329332395335430391

345334388341369

346342345372

380344343333335

391387385353

OtherF. R.ac-

counts

1,0361 1321,0811,1941 1511,1081,0681,174

1,1201,2111 2081 1681,197

374346251291495563714925901

1,075QQR

9941,0961,0391,1841,1221,0791,0381,122

1,1181,2151,1801,136

219

1,2121,2121 2181,219

1,1791 1801,1801,1781,136

1,1371,1391,2621,219

Me

Total

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

18,89318,57718 42918 66418,580

2,3562,292

11,65312,45015,91517 89917 68119.00519;05918,37619,034

18,17618,78417,76418,53818 14718,46218,99418,504

18,87818 54018,19218 39618 459

18,15318,09318 97018 194

18,09218,72218,91318,76018,378

18,64018,55318,12318,062

mber bankreserves

Re-quired2

17,55717,97417,95317,94617 85417,95518,03418,383

18,39618,11717 96818,247

2.3331,8176,4449,365

14,45716 40016 50918,90319,08918,54319,091

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

18,35517,97217,81518 201

*>17 952

17 91817,97818 18517 920

17,87218,28918,32118,24518,202

18,18818,296

^18,175^18,038

Ex-cess3

666626656634571521506516

497460461411

23475

5,2093,0851,4581 4991,172

102- 3 0

-167- 5 7

633626

- 3 7678362453777

- 7 0

523568377195

^507

235115785274

220433592515176

452257

P-52P24

* Preliminary.* 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 599

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

[Averages of daily figures.l 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-

berbanks

Central reservecity banks

NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Total reserves held:

1958—AprMayJuneJulyAugSeptOctNovDec

1959—JanFebMarApr

Week ending:

1959—Apr. 2229

M a y , $ : : : : : : : :2027

Required reserves:2


1959—JanFebMarApr

Week ending:

1959_Apr. 2229

May 6

20'.'.'.'.'.'.'.27

Deposits:

Gross demand deposits:Total

InterbankOther

Net demand deposits3 . .Time depositsDemand balances due

from domestic banks. .

Gross demand deposits:Total

InterbankOther

Net demand deposits3 . .Time depositsDemand balances due

from domestic banks. .

18,39418,22318,60018,60918,58018,42518.47618,54018,899

18,89318.57718,42918,664

18,81718,551

18,57118,55018,82918,393

17,77217,55717,97417,95317,94617,85417.95518,03418,383

18,39618,11717.96818,247

18,30718,183

18,21318,096

^18,209^18,038

116,69313,464103,22999,93550,237

6,832

4,1224,0304.2144,1324,0143,9513,9353,8834,033

4,0313.9683.9944,008

3,9973,995

4,0083,9254,0233,938

4,1073.9774,1864,1013,9873,9233,9093,8664,010

4,0183.9533.9654,001

3,9823,977

4,0103,9083,9923,931

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

,066,052,029,041

,040,037

,049,034,044,027

1,0491,0461,099

,084,094,058,055,055,070

,065,051,027,036

,036,035

,045,032,038,025

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

7,9297,7777,7027,825

7,8677,808

7,7817,7847,8247,735

7,5727,4827,6197,6677,7317,6677.7007,7507,883

7.8737,7237.6537,791

7,8247,753

7,7457,7327,7647,702

April 1958

23,8174,184

19,63320,6885,000

86

April 1959

5,5695,5255,5525,6175,651679

5,7245,7845,849

5,8685,7805.7045,790

5,9125,711

5,7335,8085,9385,692

5,0435,0515.0705,1015,1345,2055,291364419

440390323418

5,4655,418

5,4135,424

"5'380

514

,948,284,663

5,2511,411

104

456393820

2

,694,544,150,898,186

,062

41,2341,451

39,78335,09823,640

4,580

1221310910454

6

,061,001,060,274,287

,490

24420205

,192,073,119,756,303

103

6

451

,149,205,944,361,425

100

48,3116,379

41,93240,62021,776

2,084

43,4081,344

42,06437,53725,783

4,203

Excess reserves:2


1959—JanFebMarApr

Week ending:

1959—Apr. 2229

May 6132027

Borrowings atFederal Reserve Banks


1959_j a nFebMarApr

Week ending:

1959—Apr. 2229

May 6

20'.'.'.'.'.'.'.'.,27

Free reserves:2 4


1959—JanFebMarApr

Week ending:

1959_Apr. 2229

May 6132027

623666626656635571521506516

497460461417

510368

358454^620"355

130119142109252476425486557

557508601676

749656

675709853658

493547484546383959620

-41

-59-47-140-258

239288

317255

155328322627271723

1215307

1822116481063560103

77431396

19537

524911856

-351716

— 22-79-8-43-80

-65-2816

-89

91213891639

542712469

-7 !

, 1 !•'-si-121-31 I

-53 !-26 j-122 j-64 !

791311021048965556957

56554934

42

3252

4355

37515933

447293

320384"523"312

35424549

266253258254

279250277317

4623

35477817

335347

379382458343

44895756

-22-201-198-189-198

-223-195-228-284

-180-19

-53-32-87-49

-42-21

-32-45-73-15

-292-292

-342-331-399-310

526474481515516474433420430

428390381372

677474449096

128152162

147188187194

173249

209231199242

45939940847142637830526826S

281202194178

27444

111153

P Preliminary.1 Averages of daily dosing 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.

600 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 onMay 31

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onMay 31


Previousrate

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

(last par. Sec. 13)

Rate onMay 31


Previousrate

BostonNew York. . .Philadelphia..ClevelandRichmond. . .AtlantaChicagoSt LouisMinneapolis..Kansas City..DallasSan Francisco

b33331/2

18

Mar. 10,May 29,Mar. 6,Mar. 13,Mar. 13,Mar. 16,May 29,May 29,May 29,Mar. 13,May 29,Mar. 12,

195919591959195919591959195919591959195919591959

f32%2%

3%

3%

5 *443%43%

Mar. 10,May 29,Mar. 6,Mar. 13,Mar. 13,Mar. 16,May 29,May 29,May 29,Mar. 13,May 29,Mar. 12,

195919591959195919591959195919591959195919591959

f333%

¥

Mar. 10,May 29,Sept. 19,Oct. 30,Mar. 13,Oct. 28,Mar. 6,May 29,Mar. 16,Mar. 13,Oct. 24,Mar. 12,

195919591958195819591958195919591959195919581959

43%444%444

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. 13. . .

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

3 1 . . .1957

Aug. 9 . . .2 3 . . .

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

1958Jan. 2 2 . . .

Mar. 1'.'.'.1 3 . . .2 1 . . .

Range(or level)—

all F. R.Banks

2%-3

2^—33

3 - 3 %

3 —3%3

2^-3

2V4-3214-234

F. R.Bank

ofN. Y.

2%2%33

33%33

303A*•/A

21/A2VA

Dateeffective

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

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

1959Mar. 6 . . .Mar. 16 . . .May 2 9 . . .

In effectMay 3 1 . . .

Range(or level)—

all F. R.Banks

WA-2VAWA

WA-2WA-2

2 - 2 %2%

2%-3

3 - 3 %

3 —3%

F. R.Bank

ofN. Y.

WAWAWA2222%

333y2

3%

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

1917_jUne 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 June 1, 1959 . .

Present legal require-ments :

MinimumMaximum

Net demand deposits!

Centralreserve

citybanks

13

19%22Y42622Y4

26242220

22242624

§*22%222324222120

g *IS*18

1326

Reservecity

banks

10

15

17%

20

22212019%1918%18192019

18

J7K

16%

16%

1020

Coun-try

banks

7

10%

$

12

14

1615141312

131413

12

11

714

Time deposits

Centralreserve

andreserve

citybanks

f6

65

6

5

5

36

Coun-try

banks

3

65

6

7 *

6

5

6

5

5

36

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

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).

FEDERAL RESERVE BANKS 601

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

Wednesday

1959

May 27 May 20 May 13 May 6 April 29

End of month

1959

May April

1958

May

AssetsGold certificate accountRedemption fund for F. R. notes.

18,691,894913,050

18,691,893916,317

18,754,892907,851

18,754,892907,852

Total gold certificate reserves

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

19,604,944

346,793364,043

536,53217,000

226,891

19,608,210 19,662,743

352,987364,797

359,47917,000

227,776

344,576363,767

634,74017,600

428,983

19,662,744

352.014378,788

845.07317^600

428.984

18.829,892'910,544

18,691,892913,052

18,804,895910,543

20,173,393831,263

19,740,436

388.900394;063

516,16817,600

428,984

19,604,944

312,086367,966

967,36417,000

227,863

19,715,438

373.687395,952

21,004,656

322,490338,995

481.975 143,79817.600!

4j 49030,442| 41,685

1,903,500 1,903,500 1,976,300 1,827..600: 1,621,900 l,9O3,5COj 1,621,900 1,426,360

18.649,7262', 867,5652,483,771

18,649.2,867;2,483;

,649,726,867,565,483,771

18,649.726! 18,649,7262,867,5652,483,771

Total bought outrightHeld under repurchase agreement.

25,904,562 25,904,562 25, 977,362 25,828,662107,600 111,800

Total U. S. Government securities. . .

Total loans and securities

25,904,562 25,904,562 26,084,962

26,484,987 26,308,819

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

Total assets.

155.097,919

95,737142,095

52,136,533

5,898.95.129;

26,766,289

15.836.60795;648241,618

2,867;5652,483,771

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

25,622,962 25,904,562 25

25,940,462 25,622,962 25,904,562 25,702,962

26,832.123126,185,718

155,355.334

95,243214,932

154,997,103

95.168228.480

52,759,321

26,916,791

154,753,708

95,632148,899

26,232,983 24,347,695

53,311,263 52,546,435152,374,641 52,200,041 52,345,979)50,916,993

LiabilitiesFederal Reserve notesDeposits:

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

27,074,914 27,034,264

18,061,65524,819288,592353,377

18,122,793468,247295,511384,892

27,063,280

18,552,780503,621255,018387,356

27,O163378;26,921,659 27,155,56O26

1818,639,588 18.541,608263,047390,899

Total deposits.

Deferred availability cash itemsOther liabilities and accrued dividends.

19,228,440

4,376,70638,419

19,271,443

4,966,20538,029

19,698,775

5,072,60539,019

378,235465,859273,515334,964

18,458.567;291.369,

19,835,142 19,452,573 19,686,826

4,233.777! 4.35,182

Total liabilities

Capital Accounts

50,718,479 51,309,941

Capital paid in.SurplusOther capital accounts.

378,229868,410171,415

377,854868,410203,116

51,873,679

377,646868,410191,528

51,120.479 50,960.341

377.560868,410179.986

Total liabilities and capital accounts. .

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

52,136,533

77.071360

52,759,321 53,311,263

554,08632,023

3,89339

377.401868,410168,489

378,296868,410178,069

52,546.435152.374,641 52,200,041

42.3

73,136360

42.0

67.472360

42.0!

58.292|3601

42.6

56.212360

41.9

78,757360

649,726867,565483,771

155,315,785

19,946,105

2,789,257

,622,962 24,161,72280,000

24,161,722

154,504,579

95[\50\ 87,532216,969 311,031

983,368 26,569,628

18,395,501539,113265,999340,905

19,541,518

4,372,78932,186

50,775,266 50,929,861

377,469868,410170,239

,175,998381,935233,623624,425

19,415,981

3,539,30020,597

49,545,506

351,1541836,741183,592

52,345,979 50,916,993

42.4

56,068360

119,144991

Maturity Distribution of Loans and U. S. Government Securities2

-total.Discounts and advance:Within 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 days 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

553,532524,83128,507

1942

26,8917,775

19,116,904,562 25304,960

,235,073013,193881,179206,495263,662

376,479351,70424,667

1082

652,340628,085

24,146109

413

27,1168,056

19,720904,562 26407,010144,023002,193881,179206,495263,662

28,9837,84021,143084,962 25596,350134,783

11,002,4933,881,179206,495

1,263,662

862,673838,423,24.1361

114i4|1 .

533,768509,59024.049

1294

10

28,9849,32419,660

940,462622,740127,593838.793881,179206.495263.662

25

28,9849,24819,736

,622,962 25416;290969.310.886,0261881.179206^495.263,662

984,364942,74341,435

1862

27,8637,55620,307904,562 25114,960426,073

11,012,1933,881,179206,495

1,263,662

499,575476,04523,402

1284ji

30,4429,82320,619702,962124422,290933,310

18,996,026,881,179206,495,263,662

143,798139,8913,900

74901441747795

41.68516,16825,517

,161,7:2153,810,854,097,725,344,013,61456.610

,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.

602 FEDERAL RESERVE BANKS

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 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

836,760

55,173

5,157,475

187,879

1,012,659

58,422

1,609,881

84,027

936,514

84,056

Total gold certificate reserves

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

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

securities.Other

Industrial loansAcceptances:

Bought outrightHeld under repurchase

agreementU. S. Govt. securities:

Bought outrightHeld under repurchase

agreement

891,933

27,96729,019

41,4351,546

5,345,354

73,780

1,071,081

17,65371*33O| 17,697

1,693,908

17,07933,521

1,020,570

34,94223,488

108,7254,760

1,404,416

27,863

6,518,935

.1.Total loans and securities. . .

Due from foreign b a n k s . . . .Uncollected cash itemsBank premisesOther assets

1,447,397

1353,948

4,5328,211

69,0551,122

64,7451 123,806l,53O| 850

1,477,234 2,242,765

Total assets . . . . 2,763,008

Liabilities

F. R. notesDeposits:

Member bank reserves....U. S. Treasurer—general

accountForeignOther

Total deposits

1,565,998

754,459

25,33815,125

383

Deferred availability cashitems

Other liabilities and accrueddividends

795,305

319,521

2,166

Total liabilities

Capital Accounts

Capital paid inSurplusOther capital accounts.

2,682,990

18,51350,11611,389

Total liabilities and capitalaccounts

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..

2,763,008

37.:

4,240

6,660,283 1,547,411 2,309,040

14889,30910,18236,150

1301,698! 461,351

1,660,172

4,1378,291

9'326|13,292

13,086,392 2,967,969 4,537,518

1,784,828

1354,359

7,0019,449

876,889 3,328,937

54,299 168,462

725,499 404,390

43,473 23,050

681,829

42,543

664,236 2,456,823

29,072 82,596

931,188

54,36031,072

103,515799

3,497,399

18,93157,173

107,0952,777

768,972 427,440

9,41222,369

21,390629

1,365,274 4,482,836 1,053,538

1,469,588 4,592,708

1385,268

9,7848,853

2791,90612,81124,914

1,075,557

1190,010

6,9306,254

3,234,638 2,890,114

6,323,386

5,159,210

102,885393,236317,525

1,720,427 2,492,26712,019,006

789,444857,460

28,89718,1501,199

5,672,856 905,706

691,065

9,725

12,697,032

109,528238,90240,930

44.6

423,245

245,753

2,076

2,873,962 4,409,135 3,160,827 2,821,417

22,36659,60712,034

13,086,392 2,967,969 4,537,518

40.8

5,089

1,468,843

42,69024,750

993

42,46213,7502,253

1,537,276 847,909

375,538' 291,899

4,054; 2,013

35,90976,64315,831

42.0

6,939I

20 s

16,87044,84612,095

3,234,638

35.6

3,855

1,467,320

966,311

42,73712,9251,120

8,995,844

5,193,228

2,843,122

61,01740,700

781

2,079,505

1,023,093 2,945,620

329,061

1,943

639,432

6,645

19,31439,4749,909

8,784,925

51,892132,15926,868

2,890,114

37.4

3,624

43.0

11,411

1,198,320

635,282

30,33510,175

358676,150

148,468

1,424

2,024,362

12,66133,7468,736

8,995,844 2,079,505

41.0

2,853

11,66611,813

50,1391,003

2

724,372

5,64212,694

127,439663

693,308

17,98315,054

72,428884

2,539,419

22,67142,736

76,1251,904

590,028 1,116,616 1,033,955 2,958,793

641,172

()136,9315,1823,382

1,244,718

1223,1954,7297,213

1,107,267

1219,863

8,5626,013

3,036,822

1445,87012,45616,877

,237,586 2,222,564 2,068,051 6,116,852

607,038

440,647

34,6216,600

317

1,099,680

848,149

26,49610,725

631

766,433 2,702,457

996,917 2,699,035

35,26814,3001,009

94,58530,80042,811

482,185

112,220

1,098

886,001

178,183

1,626

1,047,494 2,867,231

179,279

1,564

383,319

4,808

1,202,541

8,61820,7855,642

2,165,490

15,43732,9358,702

1,994,770 5,957,815

21,79643,436

8,049

45,39295,76117,884

1,237,586 2,222,564 2,068,051

39.2

1,850

36.5

3,007

340

38.2

4,009

6,116,852

45.6

8,635

1 After deducting $11,000 participations of other Federal Reserve Banks.2 Less than $500.3 After deducting $198,000,000 participations of other Federal Reserve

Banks.

4 After deducting $55,512,000 participations of other Federal ReserveBanks.

FEDERAL RESERVE BANKS 603

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS

[In thousands of dollars]

FEDERAL RESERVE BANKS COMBINED

Item

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

Gold certificate accountEligible paperU. S. Government securities

Total collateral

May

77

10

18

29

986

775154685

564

27

527

000704

,000

,204

May 20

78

10

18

29

07R

74,685

,484

971

000931

,000

,931

Wednesday

1959

May 13

28 002 294

10 725,000134,336

18,685,000

29,544,336

77

10

18

29

May 6

Q54

775143

,685

,553

045

000,641,000

,641

April 29

77

10

18

29

964

755178

,685

,568

715

000,561,000

,561

78

10

18

29

End of month

1959

May

010

,7?5717

,685

,627

65?

,000884

;ooo,884

?7

10

18

29

April

,934,014

,755,000141,271

,685,000

,581,271

77

P

17

29

1958

May

,480,

00834

,095,

,137,

578

000097000

092

EACH FEDERAL RESERVE BANK ON MAY 31, 1959

Item BostonNewYork

Phila-delphia

Cleve-land


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

1,639,883 6:

580,000 2

531,663

920,000

1,761,464

640,00069,055

2,557,678 2

920,000

:, 092,148

670,000

1,525,857

475,000

5,275,026

2,000,000

1,150,000 4,000,000 1,200,000 1,750,000 1,500,000 1,100,000 3,500,000

1,245,168 620,038

M),000

935',000 425 i666

1,124,351 810,763

000 290,000300,127,439850,000 575,000

2,826,613

1,300,000

1,700,000

1,730,000 6,920,000 1,909,055 2,670,000 2,170,000 1,575,000 5,500,000 1,386,390 625,000 1,277,439 865,000 3,000,000

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

LOANS GUARANTEED UNDER REGULATION V1

[Amounts in millions of dollars]

End ofyear ormonth

19531954195519561957

1958

AprMayJuneJulyAugSeptOctNovDec

1959

Jan .FebMarApr

Applicationsapprovedto date

Num-ber

3,7653,7713,7783,7823,786

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

3,7873,7873,7873,787

Amount

803,429818,224826,853832,550841,290

842,723843,078843,321843,321843,321843,321843,321843,321843,321

843,321843,321843,321843,321

provedbut not

com-pleted !

(amount)

1,951520305

75""75

Loansout-

standing 2(amount)

1,900719702794524

503489343342340339338337335

334333332330

Commit-mentsout-

standing(amount)

3,5691,1482,2932,3651,109

998991991986

1,0371,0321,0191,015

975

960360360360

Partici-pations

of financ-ing insti-tuitons

out-standing 3

(amount)

3,4691,0271,1031,1291,122

964944799798817816810807806

785384383383

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

JanFebMarApr

Loansauthorized

to date

Num-ber

1,2941,3671,4111,468[,503

1,5141,5161,5221,5231,5281,5311,5381,5401,543

1,5481,5491.5501,552

Amount

2,3582,5002,5752,7612,912

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

3,1163,1183,1203,128

Loansoutstanding

Totalamount

805472294389395

343326330306299298304303310

324329335314

Portionguaran-

teed

666368226289300

265252254235229228231231236

246250254241

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

364273170125135

157168177194199190184182168

147141128142

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.

604 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 months .In less than 90 days

Feb. 1,1935-

Dec. 31,1935

21/2

2%

21/2

18

Jan. 1,1936-

Dec. 31,1956

2fc

2*4

1*1

EffectiveJan. 1,

1957

3

3

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 May 31 j

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

Percentage ofloan guaranteed

70 or less75 . . .808590 . . .95Over 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 rate 6Commitment rate V2

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 MarAprMayJuneJulyAugSeptOctNovD e c

1959__JanFebMarA p rM!ay

Debits to demand deposits accounts,except interbank and

U. S. Government accounts

Total, allreporting

centers

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

203,870204,126195,116219,465206,524185,849195,205212,894183,092238,975

221,960195,770221,374r226,368215,964

NewYorkCity

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

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

86,50774,34684,71088,04980,725

6other

centers *

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

40,36339,35438,64541,22840,70137,94240,52043,59438,22448,690

44,50539,63547,48546,95544,646

337 otherreportingcenters2

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

79,09879 26279,15682,76583,60979,28783,79889,68080,06497,573

90,94881,78991 179

''91,36490,592

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

56.256.651.265.754.846.449.450.147.458.2

54.054.154 556.254.9

6other

centers 1

24.024 125.625.827.328.830.430.0

31.330.228.231.429.627.430.329.830.033.2

30.331.034.233.9

^32.8

adjustment


18.418 418.919.220.421.823.022.9

22.222.122.023.822.921.723.623.123.824.9

23.224.1

'24.023.9

^24.6

Seasonally adjusted 3

NewYorkCity

54.757.852.062.755.951.650.152.647.452.4

53.153.653.157.355.7

6other

centers *

29.029.328.230.730.029.430.731.629.432.2

31.031.431 632.9

*>32.8


22.522 722.123 522.922 723.323 722.623.8

23 224.224 224 6

P24.7

» 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.Seasonal adjustment factors have been revised for the period 1943 to date.For back figures on the revised basis, see BULLETIN for May 1959, p. 554.

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

CURRENCY 605

DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION

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

End of year ormonth

1939194119451947195019531954 . . . .195519561957

1958_Apr . . . . . . .MayJuneJuly .Aug . . .SeptOctNovDec

1959—JanFebM a rApr . .

Totalin cir-cula-tion1

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

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

31,12531,12931,25031,349

Coin and small denomination currency

Total

5,5538,120

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

21,56521,97722,13822,13422,29622,15422,26422,83222,856

21,92621,97522,11122,209

Coin

590751

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

2,0752,0902,1012,1082,1172,1272,1422,1632,182

2,1392,1442,1642,175

$12

11

559695

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

1,3051,3491,3681,376,398

1,417,426,457

1,494

,408,406,414,429

$2

36447365647271757880

818181818080808083

80808080

$5

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

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

2,0642,0622,0752,083

$10

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

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

6,3406,3786,4106,452

$20

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

10,19410,187

9,7509,910

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

9,8949,9049,9689,989

Large denomination currency

Total

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

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

9,1999,1559,1399,140

$50

460724

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

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

2,7332,7142,7042,710

$100

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

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

5,8145,7915,7895,787

$500

191262454428368333321307292280

275275275274274274273273275

272271270269

$1,000

425556801782588486464438407384

379378377376376376371373373

368367366363

$5,000

202475443333

333333343

33

3

$10,000

32462417121115121413

989888899

8888

i 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 notes..Treasury currency—total

Standard silver dollarsSilver bullion . . . . . . .Silver certificates and Treasury notes of 1890....Subsidiarv silver coinMinor coinUnited States notesFederal Reserve Bank notesNational Bank notes

Total Aor 30 1959Mar 31 1959Apr 30 1958

Total out-standingApr. 30,

1959

20,30519,74727 9345,257

4882,251

32 4191,476

52534711358

(5)(5)( 5 )

Held in the Treasury

As securityagainst

gold andsilver

certificates

19,747

12,419

1692,251

22,16622 30923,838

Treasurycash

2558

9162

31

1875

(4)( 4 )

711689734

ForF. R.Banks

andagents

16,900

16,90017 04518,593

Held byF. R.Banks

andagents

2,8161,324

396

7

275711231

1(4)

4,5364,7184,733

Currency in circulation1

Apr. 30,1959

3126,5194,800

281

2,1441,387

50631111158

31,349

Mar. 31,1959

3126,4614,758

280

2,1141,380

50431011258

31,250

Apr. 30,1958

3225,8454,689

265

2,1191,328

48331312260

30,565

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. 598.

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.

606 ALL BANKS

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1

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

DateGold

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—May 28.June 23.July 30.Aug. 27.Sept. 24.Oct. 29.Nov. 26.Dec. 31.

1959—Jan. 28.Feb. 25.Mar. 25.Apr. 29*May 27?

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

21,60021,35621,20021,10020,90020,70020,60020,534

20,50020,50020,40020,30020,200

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

5,2005,2045,2005,2005,2005,2005,2005,234

200200200300

5,300

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

234,900240,451238,600241,100240,400243,300246,200249,082

247,300245,300244,900247,800248,000

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

114,000116,842115,400115,300115,900117,000118,200121,602

119,800119,800121,400123,500124,700

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

95,90097,84997,800100,00098,200100,100102,000101,207

101,50099,40097,20097,70096,900

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

70,60071,61171,60073,50072,10073,50075,00073,641

74,90072,90070,60070,90069,800

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

24,10025,00024,90025,20024,90025,40025,80026,347

25,40025,30025,50025,60025,900

26131

1,2041,2842,8673,3282,8881,8991,723,550,340

,300,238,300,300,200,200,200,219

,200,2001,1001,2001,200

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

25,00025,76025,50025,80026,30026,20026,00026,273

26,00026,10026,30026,60026,500

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

261,700267,011265,100267,400266,500269,200272,000274,850

273,100271,000270,600273,300273,500

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

238,900244,131241,900243,400242,600245,100248,200252,022

249,600247,100246,700249,700249,400

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

22,80022,88023,20024,10023,90024,10023,80022,829

23,50023,90023,90023,60024,100

Date

Details of Deposits and Currency

For-eignbank

de-posits,

net

U. S. Govt. balances

Treas-urycashhold-ings

Atcom-

mercialand

savingsbanks

AtF. R.

Banks

Deposits adjusted and currency

Total

Time deposits*

TotalCom-

mercialbanks

Mutualsavingsbanks 3

PostalSavingsSystem

De-mand

de-posits4

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—May 28.June 23July 30Aug. 27Sept. 24Oct. 29.Nov. 26.Dec. 31

1959_j a n . 28Feb. 25Mar. 25Apr. 29J

May 27

36550

1,2171,4982,1411,6822,5183,1673,3063,2473,270

4,0003,9534,0003,9003,8003,8003,7003,870

3,8003,7003,9003,7003.700

204264

2,4092,2152,2871,3361,293767775792761

700700700700700700700683

700700700700700

381852846

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

5,7009,4714,3005,8004,5003,7005,9004,558

4,8004,5003,900j4,600

3635634867977870668394441473481

400524600500500500500358

54,79040,82863,25376,336150,793170,008176,916216,577221,950219,439227,681

228,100229,483232,400232,500233,100236,400237,500242,553

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

94,60095,52496,50097,00097,20097,50096,80098,306

500 239,800500 237,700

5005,100| 500

98,40098,70099,50099,900

239^300 100,400

237,600240,300

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

60,70061,47362,30062,70062,70062,90062,10063,166

63,40063,70064,10064,50065,000

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

32,70032,83732,90033,10033,30033,40033,50034,006

33,80034,00034,30034,30034,400

149,186,278,313,932,416,923,890,647,463,325

,200,214,200,200,200,200,100,134

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

105,800106,169108,100107,500108.100111,000111,900115,507

,100 113,800,100:111,300,100|ll0,300i,100'112,500

l,100jll0,800

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

27,80027,79027,90028,00027,90028,00028,80028,740

27,60027,70027,90027,90028,100

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

133,200

135,500

137,600137,300136,700138,100138,800139,400

138,500139,100140,300140,700141,000

85,200 2589,800 24

105,800 27106,700 27

105,100 28

107,600 27

109,500 28109,200 28108,900 27110,200 27110,600 28111,300 28

110,700 27111,200 27112,200 28112,500 28112,700 28

,900.500,400700

,100

,900

,100,100,800,900,200,100

,800,900,100,200300

P Preliminary. * Revised preliminary figures.1 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).

2 Excludes 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.4 Demand deposits other than interbank and U. S. Govt., less cash

items reported as in process of collection.s 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 607

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1

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

Class of bankand date

Loans and investments

Total LoansU. S.Govt.obliga-tions

Othersecu-rities

Cashassets 2

Totalassets-Totallia-

bilitiesand

capitalac-

counts 3

Deposits

Total 2

Interbank2

De-mand Time

Other

Demand

U.S.Govt. Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

All banks:1939—Dec. 301941—Dec. 311945—Dec. 311947_Dec. 3H1950—Dec. 301956—Dec. 311957—Dec. 311958—May 28

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

1959—Jan. 28Feb. 25Mar. 25Apr. 29*Mar. 27?

All commercial banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 3H1950—Dec. 301956—Dec. 311957—Dec. 311958—May 28


1959—Jan. 28Feb. 25Mar. 25Apr. 29*May 27»

All member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956—Dec. 311957—Dec. 311958—May 28


1959—Jan. 28Feb. 25Mar. 25Apr. 29*May 27 J

All mutual savings banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 3H1950—Dec. 301956—Dec. 311957—Dec. 3 1 . . . . . . .1958—May 28


1959_ja n . 28Feb. 25Mar. 25Apr. 29*May 27?

884126227924021063849440179470690210485920340690500640

22.2630;36243,00260,386

110,079115,115114,890117,117,060117,960119,230121,571121,030121,370122,850124,990126,360

,302 23.1,999 27;

81,19972,894

8,57710,723

523 20;792 22;

14,741

70,570 2471,611 25

, 140 26,500 26

74,950 2673,641 26

850 26880 26

,580 26,920 26

69,810 26

461943 49;980 42;760 44;270 42;230 43030 45;,273 49;,040 43,090 43260 42590 43470 42,

35,41538,38841,08649,641 250

318 257000 257

177,332175,091191,317

161,865

423 264190 262020 265

770 227864 233.240 230;525 237;580 234;490 237;

175,296

911 276200 270560 268240 266340 270

,430 250;, 100 241,750 239,880 238920

546020280204420450,070057830740150

,793,577,133,636

13,53013,78914,01014,000

9,87410,98214,065

242,050690 270,380 241,060

,668,746,019,284,675,123,068,440,905,510,670,050,16:,620,840,940,630,590

17,23821,71426,08338,05752,24990,30293,89992,90095,57194,23094,97096,06098,214i97,710!97,890|99,190101,190102,380

16,31621,80890,60669,22162,02758,55258,239

7,114 22,47455126,

33,94143,521107,18397,846107,424138,768142,353147,272151,589150,684152,102153,854154,865155,054153,504152,813155,150155,107

10,21610,37916,20818,64121,34631.94033,78235,00035,27435,96036,02036,16036,32036,30036,50036,75036,87037,050

13,96218,02122,77532,62844,70578,03480,95079,71382,14680,79881,37582,225,84,061!83,58883,72884,88286,659'87,675,

63,14064,194 2064,720 2066,170 2067,660 2066,376 2067,530 2065,520 2063,160 2063,540 2062,460 20

14,328! 519,5391 578,338! 657,914 7

006 37399 40269 48;930 48;400 4i;14043;560 4i;

,530 42,330 44,575 48,380 42,430 42,590 41,900 42

34,806

720 217428 222120 220507 227

160,312155,377168,932

144,103155,265197,515

696 201,326460

840847 204;260 201'130 203

310 232,700 207

197,590

240462

1,4621,3862,4502,4972,4002,3402,3602,3742,4102,2902,3402,3602,230

32,51644,355105,935

1,3462,8093,7363,9035,4209,2094,2203,4405,6004,2534,4904,1503,5904,2804,820

9,87410,98214,065

94,381

25,85226,47945,61353,105

130,132

936 56,513308 80,908993 88,102260 93,620113 94,596460 96,330060 96,610610 95,910

97,498

330 225,160 228,

990400 232740 230380 228590 232

238,651,470 207,,900 205;710 203760 207

216,017

750 41,950 232,040 206,630

13,53013,78914,01014,00013,59015,79913,11012,85013,03012,83012,690

13;52,36547,57547,079 1451,916 '"53,16553,28554,166

07029;304 32;

10,355 35;159 42324 42

138,304132,060

,660

49,61;129;670122,528133,089

15,643

524 144906 184,874 167,906746

277 38;600 36;

36,210

55 [328,! 1654,299 16

16,561301 39,

55,13653,40351,39251,66950,760

504 43330 37373 37539 36822 37672 36;

4,9274,9014,2794,9448,13719,77721,21621,99022,23722,83022,99023,17023,35723,32023,48023,66023,80023,980

3,1013,70410,68211,97810,8687,9717,5527,4307,4177,4207,3307,2907,2657,3207,3607,4207,3807,350

2,1881,7741,2461,7182,3424,1925,013

5805,6205,7105,7005,7005,698

5,720

37,020140 196188 202

188,828187,301194190192

170,637167,367173,904,003

,784 170945 172851 1750171182

818793609886797920890880916860860820921800820860750740

196,333195,014193,065196,711196,047

11,85211,80417,02019,71422,38533,31135,16836,40036,67837,32037,36037,48037,77937,63037,85038,17038,16038,340

175,364173,459171,785175,323174,299

10,52410,53315,38517,76320,03130,03231,69532,69032,86933,37033,46033.50034,04033,87033,98034,30034,30034,430

9,25710,38513,57612,35313,10615.56715,08213,09013,27413,45813,45013,02615,22712,61912,39412,58212,37112,250

240462

1,4601,3852,4502,4952,4002,3402,3602,3722,4102,2902,3402,3602,230

154140

32,51344,349105,921

1,3432,8063,7333,8985,4209,2054,2203,440

600 1235;4;4.4;3,5904,2804,820

64 2250

3411,2891,2462,3122,2662,1742,1082,1302,1872,2242,1022,1552,175

743,709,179,176,523

3,2923,472891658.7823.782

3,0235.0033,8223,9793,7163,2033,863

2,046 4,346

240 97,580520 97,930480 98,710470 99,110640 99,680

)15,33115,95230,241

367 35,360917 36,503282 50,908967 56,440230 60,960086 61,759430 62,990030 63,180580 62,440104 63,493210 63,740490 63,980450 64,440440 64,840610 65,280

11,69912,347

640 24,210609 28,340783 29.336850 40,909547 45,290000 49,074812 49,893

,76450,852,764 50,956777 50,324

110,448105,220 51,322103,749

103,085

988 51,857688 52,226

3614

51,132

51,498

52,572

10,52110,52715.37117,745

19 20,00925 30,001

,66230 32,660

,837,340

30 33,43030 33,470

,00633,840

30 33,95030 34,27030 34,27030 34,400

14

26 32,30 33,

29 34,i30

2623

227669078

8,1948,414

10.54211,94813,83719,249

80 20,42821,0401,110

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

811,7702,210 212,050 212,090 222,260 22

21,359,660

,82021,70521,780

,860

15,03514,82614,55314,71414,65014.16714,09014,06514,05514,034

,710 14,028~~~ 14,033

14,02014,03014,022

,980)14,012110114,009230| 14,000

2623

21965

j,8857,1738,'950 H^

14,48414,278

10,059

7577

1,1101,1361,5601,4002,150

731,7702,2102,0502,0902,260

90 11,590 14 12116,30217,36817,9201818

14,484

14,181

13,64013,56813,545

178(13,535,41013,515,470|l3,509550 13,514486

18,57018,62018,730

13,50113,51213,50413,494

1870113^491,960 13,482

34

20854794857

1,0401,0781,5141,3172,055

541,6842,0831,9491,9442,098

5,5225,8867,5898,4649,69513,65514,55415,00915,18115,37515,43715.49815,46015,50915,55615,64215,77915,850

8'(5)

1,3091,2411,5921,8892,2472,9473,0593,1203,1813,250

i 3,240i 3,270

3,270

6,3626,6196,8846,9236,8736,4626,3936.3646; 3576,3396,3286.3246,3126,3026,2956.2896,2.916,292

551548542533529527522520520519519519519518518518518518

v Preliminary. * Revised preliminary figures.1 All banks in the United States. Beginning with January 1959,

includes figures for all banks in Alaska (previously one member bank hadbeen included).

All banks comprise all commercial banks and all mutual savings banks.All commercial banks comprise (1) all nonmember commercial and(2) all member banks. Member banks include (1) seven national banks inAlaska (one became a member on Apr. 15,' 1954, and six on Apr. 3, 1959);(2) one in the Virgin Islands (May 31, 1957); and (3) one in Hawaii(Apr. 13, 1959), and (4) a noninsured nondeposit trust company, butexclude 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.

608 ALL BANKS

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

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



Total LoansU.S.Govt.obliga-tions

Othersecu-rities

Cashassets2

Totalassets—Totallia-

bilitiesand

capitalac-

counts 3

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—Dec. 311958—May 28


1959—Jan. 28Feb. 25Mar. 25Apr. 29*May 21 P

Chicago:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956—Dec. 311957—Dec. 311958_May 28

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

1959—Jan. 28Feb. 25Mar. 25Apr. 29*May 27^

Reserve city member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956—Dec. 311957—Dec. 311958—May 28


1959_jan. 28Feb. 25Mar. 25Apr. 29*May 21 P

Country member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301956—Dec. 311957_Dec. 311958—May 28


1959—Jan 28Feb. 25Mar. 25Apr. 29*May 27"

9,33912,89626,14320,39320,61223,80923,82825,54027,14925,23025,44425,55225,96625,95925,54925,59425,88625,687

2,1052,7605,9315,0885,5696,4736.4466,4846,9426,5776,6146,7276,8306,6516,6376,7596,6026,630

12,27215,34740,10836,04040,68553,91555,25957,68759,27359,32759,47160,18160,55860,69860,03359,52460,43960,549

10,22412,51835,00236,32440,55854,57156,82057,56158,22559,55060,57361,39461,51161,74661,28560,93662,22362,241

3,2964,0727,3347,1799,72915,98716,10215,83316,76415,46415,60415,66616,16516,01115,86416,14716,30716,580

569954

1,3331,8012,0833,7723,8523,4173,5943,4053,4263,4183,6373,4333,4403,5513,5753,637

5,3297,1058,51413,44917,90631,78332,80532,04232,85132,83032,98433,39334,00334,08334,27934,72035,49035,807

4,7685,8905,59610,19914,98826,49128,19128,42128,93729,09929,36129,74830,25730,06130,14530,46431,28731,651

4,7727,265

17,57411,9728,9936,0575,8807,5698,0357,3507,4187,6947,4867,6507,3616,9976,9716,657

1,2031,4304,2132,8902,9112,1132,0322,4342,6942,5372,5472,6872,5622,6112,5722,5762,3442,288

5,1946,46729,55220,19619,08417,36817,35219,86920,43620,45520,50820,89120,64520,77619,92818,94619,10718,906

3,1594,37726,99922,85721,37722,03721,81522,04422,00022,94323,69324,05623,60624,09923,54222,87323,24722,909

1,2721,5591,2351,2421,8901,7651,8462,1382,3502,4162,4222.1922,3152,2982,3242,4502,6082,450

333376385397576588562633654636641622631607625632683705

6.7036,6376,4397,2617,9228,6298,9847,0238,2726,3096,8507,7639,2987,3147,6247,0667,5217,114

,446,566,489,739

2,0342,1712,083,985,914,869,887

2,067~,158,881,952,745,883,857

1,7491,7762,0422,3963,6954,7645,1025,7765,986 156,0415,9795,8975,910 175,8395,8265,8585,8425,836

6,7858,51811,28613,06613,99817,71617,54015,03015,44315,24715,44816,27617,70115.62615,67215,38115,70815,691

2,2972,2502,4083,2684,1936,0426,8147,096 127,2887,5077,5197,590 137,6487,586 127,5987,5997,6897,681

4,8486,40210,63210,77811,57114,39014,13912,17212,86012,76512,83513,03414,03112,51512,43312,19012,42112,316

16,41319,86232,88727,98228,95433,38133,97533,77736,66432,78233,46534,50136,39834,44734,35333,80834,53333,936

3,5954,3637,4596,8667,6498,6958,5958,5538,9298,5228,5838,8749,0718,6178,6678,5838,5758,575

19,68724,43051,89849,65955,36972,85474,19674,17476,15575,97676,38377,94079,78177,84577,15576,36077,77377,734

15,66619,46646,05947,55352,68969,94572,06270,79772,25573,50574,51475,53676,76775,42474,83974,31475,83075,802

14,50717,93230,12125,21625,64629,14929,37128,79631,46927,60828,38728,95831,67929,19128,90028,62729,41028,730

3,3304,0577,0466,4027,1097,9437,7927,6928,0227,6287,6937,8628,2147,6957,7267,4387,6167,583

17,74122,31349,08546,46751,43766,52467,48366,49268,67267,91868,47469,72312,64169,80068,87668,27269,50969,304

13,76217,41543,41844,44348,89764,28965,99164,38765,74166,87767,74768,71770,27768,67867,95767,44868,78868,682

4,2314,2024,6404,4534,3705,0224,8694,2684,3453,9934,1554.0054,7863,8973,9644,0793,9913,999

1,0351,3121,2171,2251,3641,3331,2741,2491,3021,2431,1691,3571,1381,1631,1351,1531,110

3.5654,3566,4185,6276,3917,5847,2416,3026,3976,7956,6576,4767,5066,2326,0116,1225,9695,918

572792

1,2071,0561,1211,5971,6401,2461,2821,3681,3951,3761,5781,3521,2561,2461,2581,223

76

1712

268965912

1,7941,7741,7101,6601,6771,7391,7641,6891,7731,7401,614

120104302257

294301457416382374378377382336316367362

74866

6,940267451747737

1,1282,946847584945968925815691889

1,009

80127

1,55272174184195292705247192402249201233223306303

435491

8,221405976.201;358,884,150,492,074,944,429,439,479,226

1,4571,677

154225

5,465432922,160,181,587,857,197,173,712,175,414,189,063,211,357

9,45912,05117,28719,04018,83619,94019,95918,21918,89817,55318,51818.95620,70419,13018,94618,47919,24318,553

736807

1,2361,4451,7222,4752,8933,3873,5063,5063,4703.3753,4823,4753,4863,6053,5473,555

1,8672,4193,4624,2014,6045,0694,9044,7084,6264,6424,8264,8595,1364,9134,9004,6554,7334,735

9,00412,55724,65528,99032,36640,64739, ~"37,38,38,39,40,42,25940,45239,70839,23340,24839,736

960 18465 20003 20243 21370 20184 20

495476719913

1,1031,3191,3451,3751,4031,3991,3961,4011,4381,4091,3971,3951,3931,402

4,6164,8069,76011,42311,64716,797,623,384,706,005,999

_J,74121,07521,29521,34221,37521,46821,611

7,15810,10924,23528,37831,97741,""40,37,60838,""39,40,40,77842,""40,40,19539,62140,46440,061

194 20724 22

286 24326 24050 25

349 25725 25

5,8526,25812,49414,56014,86520,31722,42923,928"',277

,941,091

24,807"",137

,14325,27325,48225,81826,004

1953070

264483385319736

543723513519530

44

21805542

1573

6879

29690

125

2121

509350947705910

14832932839909976

34

11239

2130

24616412625125237

241349301426467

,592,648,120,259,351,873,136,210,214,240,259,276,282,272,281,277,290,302

250288377426490660689709708714720724733726725728738739

1,8281,9672,5662,8443,3225,0765,3705,5735.6175,6755,7145,7295,7605,7825,8025,8455,9065,932

1,8511,9822,5252,9343,5325,0465,3595,5175,6415,7475,7445,7695,6855,7295,7485,7925,8455,877

363637372318181818181818181818181717

141312141314141414141414141414141414

346351359353336289278281280277277275274273272273273273

5,9666,2196,4766,5196,5016,1416,0836,0516,0456,0306,0196,0176,0065,9975,9915,9845,9875,988

« 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 $110 million was added, and$ 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 609

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-

counts 3

Deposits

Total 2

Interbank 2

De-mand Time

Other

Demand

U. S.Govt. Other

Time

Bor-Total Num-capital ber

ofcounts banks

All insured commercial banks:1941—Dec. 311945—Dec. 311947—Dec. 311956—Dec. 311957—Dec. 311958—June 23

Dec. 31

National member banks:1941—Dec. 311945—Dec. 311947_Dec. 311956—Dec. 311957—Dec. 311958—June 23

Dec. 31

State member banks:1941—Dec. 311945—Dec. 311947_Dec. 311956—Dec. 311957—Dec. 311958—June 23

Dec. 31

Insured nonmembercommercial banks:

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 1 . .1956—Dec. 3 1 . .1957—Dec. 3 1 . .1958—June 2 3 . .

Dec. 3 1 . .

Noninsured nonmembercommercial banks:1941—Dec. 311945—Dec. 311947—Dec. 31*1956—Dec. 311957—Dec. 311958—June 23

Dec. 31

Ail nonmember commercialbanks:

1941—Dec. 311945—Dec. 311947—Dec. 3H1956—Dec. 311957—Dec. 311958—June 23

Dec. 31

Insured mutual savings banks1941—Dec. 311945—Dec. 311947_Dec. 311956—Dec. 311957—Dec. 311958—June 23

Dec. 31

Noninsured mutual savingsbanks:

1941—Dec. 311945—Dec. 311947—Dec. 3141956—Dec. 311957—Dec. 311958—June 23

Dec. 31

49,290121,80914,27463,60168,59578,33083,596

27,57169,31265,28088,47791,20195,89899,27^

15,95037,87132,56650,29151,15255,69155,588

5,77614,63916,44424,85926,26826,76828,759

1,452,2112,0091,5211,4731,5751,568

7,23316,84918,45426,38:27,7428,34:30,32'

1,69:10,84612,68324,17026,53.27,86528,98C

8,685,365,95*37,77C7,2467,4047,341

21,25925,76537,58389,83193,43095,10597,730

11,72513,92521,42848,10950,35050,74452,627

6,2958,85011,20029,92430,60031,40331,435

3,2412,9924,95811.80812,49312.97213,682

455318474471468466484

3,6963,3105,43212.27912,9613,43814,165

6423,083,56015,54217,19418,13219,180

4,2591,1981,3844.2354,0224,1044,177

:5,788 76,820 69,41114,292 157,544 147,77516,926 152,733 141,851^8,352 215,514 195,953

580 17^585 48,127 220,865 199,876225,945 202,819236,724 214,485

21,04688,91267,94157,83757,58063,48965,

6,9847,1318,750

15,^~~933 48

19,735 43,243669 20,198 48,689

12,03951,25038,67431.56831,23434,49835,714

7.50027.08919,24016.00715,84618 66718,585

1,50910.58410.03910.27410,51210.33511,381

7611,6931,28071660704!707

3,8064,1375,1788,8009,617 2610,65610,936

4,97720,11422,02427,00626,78623,96426,781

2,1551,9332,1254,3594,7075,6215,568

1,0251,0631,4482,7773,2643.4603,696

24120025533634540537'

8,1459,73110,82215,90015,96014,52516,407

2,6684,4484,0835.4485,3834,7565,504

763514576369301264301

43,43390,22088,182117,345120,153122,100128,397

24,68848,08443,87967,53068,67671,90473,620

8,70819,25620,69130,66^32,06631,97134,73^

2,2832,7682,6431,9461,8311,9021,927

39,45884,93982,023107,161109,091110,065116,714

2,270 1,26612.277J 1,26211,318, 1,70310,9891 3,11311,172' 3,60811.040, 3,86512,088 4,074

62917.1608,1655.518 3,1105,4041 3,93"5,234 4,50:5,2151 4,58:

3,075 1,35:3,522 6413,813I 7602.453 1,0822,1482,1832,050

1,116'

3,4314,9624,6595,8175,6845,0205,805

1542967573971745752

642180211821717169

10,99222,02423,33432,61333,89733,87336,664

1,95811,42413,49925,28227,6729,0230,189

9,8465,5966,2158,0287,4977,65"7,58S

22,25944,73040,50560,74461,54563,83966,1Of

7,70:18,11919,34028,07329,26628,94231,696

1,8722,4522,2511,5621,4491,5161,532

9,57320,57121,59129,63530,71530,45833,227

1,78910,36312,20722,88625,02226,08221,IT

8,7445,0225,5567,1466,6726,7876,763

10,65413,883

2,6155,9815,4893,6325,653

541,3011,2642,2882,209

6,7869,229

8,3759,3228,9587.8499,035

35522517825767

1,76223,740

1,3253,7173,8599,1624,241

1,0884,013795

2,0742,1664,7512,292

41,29880,276 2992,975124,346123,127116,308129,214

5,69929,87634,88250,60856,13761,42963,168

10215615666 17

,12567

23,26245,47353,54167,43466,546 3062,886 3369,808

8,32216,22419,27827,810~~,904

,75434,812

3,7394,411

3,9786,2456,1245,4256,192

15767729

1,4411,420

262414407359426

129244

6218,166381

1,2181,3063,9071,530

531,560149425388504419

13,87424,16827,06839,41639,00136,92640,640

4,0257,9869,06213,09814,38616,14016,320

4,16210,63512,36617,49717,580 1016,496 1118,766

3,3605,6806,5589,724",873,562

12,063

177152147157146

329181

1815912120716:

,291,905

1,392936840778890

439566554515572

457425

190171138229185

5,50414.101167440427548428

13,75818,43318,42017,27419,655

1223323

253365478300303330325

3,6136,0457,03610,02411,17611,89212,387

1,78!

122326 2426 2628 27

10,35112,19222,857" ,991

,052,243

8,7385,0205,5537,1436,6716,7856,762

6,8448,6719,73415,98817,05117,85718,154

478451938

49243

113092918

58610

3,6404,6445,4098,4509,0709,4519,643

2,2462,9453,0555,2055,4835,7305,817

^9591,0831,2712,3362,5002,6792,696

329279325313317321332

1,2881,3621,5962,6492,8173,0003,028

1641,0341,25"2,1302,3082,4332,473

1,07755863781751748746

13,42613,29713,39813,19513,14213,12113,101

5,1175,0175,0054,6514,6204,5994,578

1,5021,8671,9181,8111,7731,7581,734

6,8106,4166,4786,7376,7536,7686,793

852714783444425413399

7,6627,1307,2617,1817,1787.1817,192

52192194223239239241

496350339304283281278

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

610 COMMERCIAL BANKS

LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1


Class of bankand

call date

Totalloansand

invest-ments

Loans 2

TotaP

Com-mer-cial,in-

clud-ing

openmar-ketpa-per

Agri-cul-tur-al

Loans forpurchasingor carryingsecurities

Tobrok-ersanddeal-ers

Tooth-ers

Reales-tate

loans

Otherloans

toin-di-

vid-uals

Otherloans

Investments

Total


Total

Direct

Bills

Certifi-catesof in-debt-ed-ness

Notes Bonds

Guar-an-teed

Obli-ga-

tionsof

Statesand

polit-icalsub-divi-sions

Othersecu-rities

All commercialbanks 3

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

Dec. 31..

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

Dec. 31 . .

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:4'1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..1956—Dec. 31..1957—Dec. 31..1958—June 23..

Dec. 31..

Chicago:*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. .

Dec. 31 . .

,284 38,0573 90,302

18,16738,720 4

1,660,161

116,165,123 .170,068 93,899 40,526 4,066 2179,905185,165

95,571 ,98,214 40,425 4,973 2

38,886 4,552

8302,589

,6013,699

,832

,220 9,393 5,723 1,063 78,226 69,2212,193,691 22,509 18,85013,343 74,821 58,552 5,924,620 23,110 20,217|3,533 76,169 58,239 5,405,925 23,693 20,091 4,562 84,334 64,194 4,502,829325,255 20,698 4,156 86,951 66,376 6,294

274 37

49,290121,809114,2'163,601168,595178,33095183,59697,730 40,289 4

21,25925,765'",58389,83193,"-

,105

9,2149,46118,01238,571

1,450

1,6104,101

430 40,380 4,01538,750 4,499

,913

6141,3143,164 3

823 "2,5652,5693,6772,797

662606190,669 22,,60123,

4,7734,6779,266,394

4,5452,3615,654

18,765

907(23.585 19,981

43,521 18,021107,183 22,77597,846 32,628

138,768 78,034142,35380,950151,589 82,146 36J25 2154,865 84,061

8,6718,949

16,96236,37,868 2^472 2[448

37,444

972855

,046,478

5943,133

811447

5983,378

,065,473

1,409

3,4943,455

1,18121,04688,912 2 -

.,._. . 67,9413,325 73,770 57,837

' " 57,5

28,031., „ . 96,0431,028 76,691

,4552,1245,763

,290_ . , ,. . 1463,4894.416810 25,148 20,589 4,134 85,866 65,669 6,159

003i20,122 3,513 75,164' - - ' - - ' 83,22.4.541

,580 5

3,6921,900

25,500

7,130 4,66217,811115,76518,231 16,775

12,89626,14320,39323,8091523,828 1627,1491625,966|l6

4,0727,3347,179",987

,102,764,165

2,7605,9315,0886,4736,4466,9426,830

9541,3331,8013,7723,8523,5943,637

7,1058,514

04013,44991531,783

2,8052,851

558 34,003

15,34740,1083653',5559,60,

2,8073,0445.36111,26611,65110,97810,928

732760

1,4182,7812,9032,6182,628

3,4563,6617,08815,17015,70214,78915,808

3,052

300205225489494611669

,574 1,706 18,712 16,544 4,336169,4432,730 1,599 20,013l7,028~ ™ °"A

12,51835,00236,3241054,57156,82058,22561,511

5,8905,596,199

26,49128,19128,93730,257

1,6761,4843,0967,0807, " "7,739 28,,080 2

659648818

1,972,970,154,368

18,454 5,43226,38112,27927,74112,96128,34313,43830,327,14,165

1,2052,4242,6572,7612,981

6141,6831,5941,7781,921

4122,453545

1,4091,2802,1641,652

4821173203200178266

427170501603881518

204223334365351294

20143153125102

1691,172267402387420382

5223387979710097

194,503484712673904851

183471227261252282

12380111617565557641

223646134143143161

1,5271,4593,1477,6547,6677,8418,405

1,8231,8813,8279,4079,85610.172

268 10,806

156218211219230

2,2664,7084,8914,9945,256

9712,275

,987,383

3,948-,--- . . 3,5743 920 70,804 54,299 4 644

1,104 84,408952 65,218

3,147 60,7343,316)61.403

554287564

1,5581,5131,4371,502

51149439425336357

95

1,855

1,9696,5126,8936,7416,930

512

7071,9797,2567,9448,0308,239

1,0613,0853,4423,5473,671

298330

1,0491,0531,5661,424

4026178180318220

19,53978,33857,91447,47,07953,165

575 4

8,82318,80913,2147 8227,72610,3859,802

1,8064,5983,2872,7012,5943,3483,193

8,243404 31,59436622,591

1,289 22,1321,370 22,4541,706 26,4221,492

530363

26,555

6,62829,407

111196217225235

7,26517,57411,9726,0575,8808,0357,486

1,4304,2132,8902,1132,0322,6942,562

6,46729,55220,19617,36817,35220,43620,645

311477

1,002724648

1,023643

25613313211265268232

2951,034373

1,1851,009874,293

4,37726,99922,857

28,080 22,03721,"22,000

110630480

2,362,226,409

31,254 23,606 2,475

229 26,125631 28,080713 28,629746784

29,288815 2

13.02114,10214,78014,90516,161

11,31810,98911,17211,04012,088

2061.5411,457927

1,651

7,7891,9974,8133,8837,399

19,0717,5521,9814,7583,8417,362

6,03411,82310,60812,348 4313,396 39

53,19138,79637,406",456,281

3,15916,045 515,918 5211,72210,49312,213 4313,240 38

12,797,321,334

38,35837,031

,013,902

16,9855,8161,4693,5342,9056,143

3.00714,2714,815 459,493

11,72944,79245,28632,218

81560 31,031480 36,201

32,39010,11,117

3,433640194214286

1,106

,46723542126145361

6,9822,358441

1,2851,0092,370

5,1022,583792

1,9091,4652,306

1,973528

1,279978

1,255

1,6233,325558976

1,0931,7291,602

153749248316313490522

7515,6531,9013,7423,2974,4104,497

4814,5442,1084,4583,8573,8524,495

1,2192,3302,0491,8682,280

3,65210,3379,7714,1603,9244,9964,135

9031,8642,2741,6431,5281,7911,446

4,24815,87815,56011,99511,76014,14212,482

2,92616,71317,68114,42013,81915,27214,327

7,9166,5886,3857,2666,901

,102221413756

,83:16101275

276 3,7293,3684,014

716 4,4244,070

5,12,90113,91515,71616,505

3,6513,8735,12912,67513, "-15,16,

129 3

688 3457 4266 3

3,3333,258,621

3,258-,897,278,932

,090 2,254 2

3,3,4,199 310,494 211,23512,786 3

,4056 13

,871,815,105,665

3,0893,4923,100

1,6791

119

,17353422!3

861964433

729606638

1,4061,4351,7481,869

182181213440408495491

9561,1261,3423,8204,0274,7674,864

830629604358411602446

193204185148154159140

820916,053944

1,0751,2181,047

1,028342 1,067

,2621,2151,449',513,467

1,2221," "2,0064,8275,3655,7756,181

1,0782,4092.6822,9323,102

625704926933971

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 611

RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1


Class of bankand

call date

All commercialbanks:3

1947_Dec. 3 1 . . . .1956-Dec. 3 1 . . . .1957—Dec. 3 1 . . . .1958—June 2 3 . . . .

Dec. 3 1 . . . .

Ail insured commer-cial banks:

1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947—Dec. 3 1 . . . .1956—Dec. 3 1 . . . .1957—Dec. 311958—June 2 3 . . . .

Dec. 3 1 . . . .

Member banks,total:

1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947—Dec. 3 1 . . . .1956—Dec. 3 1 . . . .1957—Dec. 3 1 . . . .1958—June 21

Dec. 3 1 . . . .

New York City:41941 Dec. 311945—Dec. 3 1 . . . .1947—Dec. 3 1 . . . .1956—Dec. 3 1 . . . .1957_Dec. 3 1 . . . .1958—June 2 3 . . . .

Dec. 3 1 . . . .

Chicago : 4

1941 Dec. 311945—Dec. 3 1 . . . .1947—Dec. 311956—Dec. 3 1 . . . .1957—Dec. 3 1 . . . .1958—June 23

Dec. 3 1 . . . .

Reserve city banks.1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947—Dec. 3 1 . . . .1956—Dec. 311957—Dec. 311958—June 2 3 . . . .

Dec. 3 1 . . . .

Country banks:1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1956—Dec. 3 1 . . . .1957—Dec. 3 1 . . . .1958—June 23 . . . .

Dec. 3 1 . . . .

Nonmember commer-cial banks:3

I947 Dec 311956 Dec 311957 Dec 311958 June 23

Dec. 31. ,

Re-

serveswith

FederalRe-

serveBanks

17,79618,70618,97218,56818,427

12,39615,81017,79618,70618,97218,56818,427

12,39615,81117,79718.70718,97318,57018,428

5 1054,0154,6394,3754,5644,4184,454

1,021942

1,0701,1581,0711,1831,058

4,0606,3267,0957,6497,7637,5767,472

2,2104,5274,9935,5265,5765,3925,444

Cashin

vault

2,2163,2613,3353,0173,249

1,3581,8292,1453,2373,3112,9973,227

1,0871,4381,6722,4872,5362,2772,441

93111151161158145161

43363037393136

425494562787790707768

526796929

1,5021,5491,3951,476

544774799740808

Bal-anceswithdo-

mesticbanks 5

10,21612,81312,34210,90412,609

8,57011,0759,736

12,49012,07910,68212,353

6,2467,1176,2708,1247,8066,9137,977

141787099

1107692

298200175174148128185

2,5902,1742,1252,6562,5852,2772,670

3,2164.6653,9005,1944.9644;4325,030

3,9474 6904'5363 9934,633

De-mand

de-posits

ad-justed 6

87,123111,405110,266106,178115,518

37,84574,72285,751

110,487109,439105,419114,645

33,75464,18473,52893,32092,19189,18696,218

10,76115,06516,65315,97415,84915,30516,170

2,2153,1533,7374,2724,0844,0894,271

11,11722,37225,71434,04633,58333,14535,505

9,66123,59527,42439,02838,67636,64840,272

13,59518 08518,07516,99219,300

Interbankdeposits

Do-mestic 5

11,36214,33813,86712,14114,142

9,82312,56611,23614,22613,75212,02214,025

9,71412,33310,97813,81813,35611,67613,614

3 5953,5353,2363,6223,4803,0843,519

1,0271,2921,1961,3181,2931,2111,314

4,3026,3075,4977,2986,9626,1157,217

7901,1991,0491,5801,6211,2671,565

385521511465528

For-eign

1,4301,7941,7691,6481,657

6731,2481,3791,7551,7361,6101,629

6711,2431,3751,7491,7261,5971,613

6071,1051,2171,4001,3891,2611,267

8202146403843

54110131286279282289

287

16181513

5545435043

Demand deposits

U.S.Govt.

1,3433,7333,8989,2054,250

1,76223,740

1,3253,7173,8599,1624,241

1,70922,179

1,1763,2923,4728,6583,822

8666,940

267747737

2,946968

1271 552

' 72184195705249

4918,221

4051,2011,3583,1501,429

2255,465

4321,1601,1811,8571,175

167440427548428

Statesand

politicalsubdi-visions

6,79910,44910,69310,89210,928

3,6775,0986,692

10,35010,59410,80010,841

3,0664,2405,5048,2118,4128,6288,603

319237290286299337329

233237285294333456302

1,1441,7632,2823,0923,1113,0653,153

1,3702,0042,6474,5384,6694,7694,819

1,2952 2382,2822,2652,325

Certi-fiedandoffi-cers'

checks,etc.

2,5813,7853,6203,7414,043

1,0772,5852,5593,7443,5973,7154,001

1,0092,4502,4013,4753,3313,4823,712

4501,3381,1051,1721,2841,6451,540

34666385777588

286611705

1,036943818

1,052

239435528

1,1831,027

9431,032

180310289260331

Indi-viduals,partner-ships,

and cor-pora-tions

84,987111,048109,653102,453115,132

36,54472,59383,723

110,252108,936101,793114,372

33,06162,95072,70495.16393;80487,70398,133

11 28215,71217,64618,48218,37716,91618,835

2,1523,1603,8534,6904,4934,0954,746

11,12722,28126,00336,51935,90634,11938,054

8,50021,79725,20335,47335,02932,57336,498

12,28415 88515,84914,74916,999

Inter-bank

2401,4601,3852,4952,372

1587054

1,3011,2642,2882,209

1406450

1,2891,2462.2662,187

61712

965912

1,7741,739

7153934

1043022

294301416377

30171722183836

190171138229185

Time deposits

U.S.Govt.and

Postalsav-ings

111330301286327

59103111330301286327

5099

105301275259300

101236242836

25347

203845

11411392

124

315245

146135135132

629272827

Statesand

polit-ical

subdi-visions

8662,3842,7734,1003,576

492496826

2,3292,7174,0323,512

418399693

1,8392,1703,2962,829

2920144456

249100

91210107

243160332935

1,1751,7051,471

146219337847928

1,3311,250

172546603805747

Indi-viduals,partner-ships,

and cor-pora-tions

34,38348,19353,36657,37259,590

15,14629,21133,94647,94953,12057,11059,329

11,87823,71227,54238,76942,84546,33948,004

7781,2061,4182,3952,8133.2293,345

476719902

1,3021,3321,3891,423

4,5429,563

11,04515,74817,33518,91019,480

6,08212,22414,17719,32421,36622,81123,755

6,8589,449

1054611 05911,613

Bor-row-ings

657577

1,13673

10215

615666

1,12567

4208

544857

1,07854

19530

22

483

44

803

2

T2121

35014

411232130

16437

1227215820

Capi-talac-

counts

10,05916,30217,36818,17818,486

6,8448,6719,734

15,98817,05217,85718,154

5,8867,5898,464

13,65514,55415,18115,460

1 6482', 1202,2592,8733,1363,2143,282

288377426660689708733

1,9672,5662,8445,0765,3705,6175,760

1,9822,5252,9345,0465,3595,6415,685

1,5962' 6492*8183 0003^027

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.

612 WEEKLY REPORTING MEMBER BANKS

LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Mon th or date

Total-Leading Cities

May.

AprMay

Apr.

May

New

May.

Apr..

Apr.

May

1958

1959

1959

18

152229

6132027

York City

1958

1959

1959

18

152229

6132027

OutsideNew York City

May

Apr.M ay

Apr.

May

1958

1959

1959

18

152229

61320 .27

Totalloansand

invest-

ments

93

9696

9796979696

95979696

2525

2625262525

25252525

68

7070

7170717070

70717070

400

809469

445647117366474

789042675373

387

944610

272891028729803

272,826,724,617

013

865859

,173,756,089,637,671

,517,216951

,756

Loansand

invest-ments

ad-justed1

9 1 ,

95 ,94,

95,95,95,94,94,

94,95,94,94,

24

2524

2525252524

24242424

67

7070

7069706969

69707070

915

159781

522168526917666

283384856604

488

149670

217198391037904

610977623470

427

010111

,305,970,135,880,762

,673407

,134

Loansad-

justed 1

52,

55 ,56,

55,55,55,55 ,55,

55,56,56,56,

15,

15,15,

1515,15,15,15,

15,15,15,15,

37,

40,40

4039404040

40404040

256

583332

483181724715814

989378501460

063

429552

454319483428462

521615578494

193

154780

029862241287352

468762

966

Com-mer-cialand

indus-trial

329,436

30,30,

30,30,30,30,30,

30,30,31,31,

10,

10,10,

1010101010

10101010

587961

589420670631624

763975061045

953

723754

780690731712702

737763760755

318.483

1920

1919191919

2020

20

864207

809,730,939,919,922

,026,212301

,290

Agri-cul-tural

473

596612

583589605598606

606612613619

1

1

11111

1111

472

595611

582588604597605

605611612618

Loans *

For purchasingor carrying securities

To brokersand dealers

U.S.Govt.

ob-liga-tions

Otherse-

curi-ties

2,225

2,2032,160

2,2752,0902,2552,2002,198

2,2052,2342,1632,038

386

307262

443271307256257

253296295203

969

1,2361,305

1,1051,1851,2791,2891,323

1,3351,3221,2811,283

870

660593

727634669655618

617616587552

To others

U.S.Govt.

ob-liga-tions

Otherse-

curi-ties

1,300

,379,377

,3881,369,377

1,387,375

,369,376,382

1.384

46

3839

3939393737

38384041

363

394401

383394397400397

398400402403

891

947937

966936941950941

933938940940

Realestateloans

8,

9,10,

9,9,99,9 ,

9,10,10,10

8

99

99999

9999

788

893041

834863902920947

975038066085

529

671705

649672677677680

692711708711

259

222336

,185,191,225,243,267

,283,327,358,374

Other

lo

311

1212,

12,12,121212,

12,121212

2

22

222

2

2222

39

99

99999

999

10

ctUS

.192

162421

051087153218301

309385456532

172

432460

427440425429438

441459466475

020

730,961

,624,647,728,789,863

,868

,990,057


Total

30,

29,29,

30,30,3029,29,

28,29.28;28,

7,

76,

77776

6666

23

2222

2323222222

22222222

739

986064

543380091640276

892675972718

281

114706

260273197000842

669988636533

458

872358

283,107,894,640,434

,223,687,336,185

Bills

2

1

1

11

1

111

1111

,891

,322,384

,552,521,378,128,032

,863,910,467,296

767

,016,055

,078122

,058925896

823,303,066,029

,124

,306,329

,474,399,320,203,136

,040,607,401,267

Cer-tifi-

catesof in-debt-ed-

ness

1,

2 ,2 ,

2,2,2,2 ,2 ,

2l\2,2,

1

21

22222

1

11

258

626374

690693655574516

472431305287

222

547419

594575572509483

488444380362

036

079955

096118083

,065,033

,984,987925

,925

Notes

7,

76.

7,7,

7 '7,

6,6,

6*.

1,

1,

1'l '11

j111

5

54

I555

5444

190

174769

306209166132057

927791708653

662

934783

939909930944949

890796751697

528

240986

367300236188108

037,995957

,956

Bonds 2'

20,

17,17..

17,17,17,17,17,

17,17,17,17,

4 ,

33

33

33

3333

15

1414

1414141414

14141414

1

400

864|537

995957892806671

630543492482

630

617449

649667637622514

468445439445

770

247088

346290

,255,184,157

,162,098,053,037

Othersecu-rities

8,

9,9 ,

9,9,9,9,9 ,

9,9,9,9,

2

2,2 :

2 ,22,2,2,

22,2,

6

66

67766

666

\6

920

590385

496607711562576

402331383426

144

606412

503606711609600

420374409443

776

984973

993001000953976

982,957974

,983

I

b

-oansto

anks

,485

,650,688

,9231,479,591

1,4491,808

1,5061,6581,8191,769

899

795940

1,055693637692899

662849

1,1011,147

586

855748

868786954757909

844809718622

1 Exclusive of loans to banks and after deduction of valuation reserves;individual loan items are shown gross.

2 Includes guaranteed obligations.

3 Figures revised; see BULLETIN for February 1959, p. 214, note 2.See also NOTE on opposite page.

WEEKLY REPORTING MEMBER BANKS 613

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-justed1

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

May

1959

AprMay

1959

Apr. 18

152229

May 61320

27

New York City

1958

May

1959

AprMay

1959

Apr. 18

152229

May 6

2(h Y.Y.....Y.27

OutsideNew York City

1958

May

1959

AprMay

1959

Apr. 18

152229

May 6

20.Y....Y.Y.'.27

12,907

13,00912,727

12,56813,13313,30613,15712,879

13,00812,90612,40612,588

3,975

4,019

3,824

3,7074,1844,1864,0593,959

4,0273,8863,5813,803

8,932

8,9908,903

8,8618,9499,1209,0988,920

8,9819,0208,8258,785

979

978998

938951976998

1,029

9221,032993

1,046

144

142146

138142143139148

140149136158

835

836

852

800809833859881

782883857

2,660 54,932 56,854

2,598 57,212 60,5052,407 56,336 59,696

3,0612,3532,7592,3812 , • " •

55,889 59,56,717!

,211-.. . 59,452759 57,793 62,489381 57,858 61,069434 57,804 60,292

2,327 56,231

2,2,360

._. . 58,905436 56,184 60,650506 56,222 59,562

56,710 59,666

49

140

57

492

15,162

15,80515,308

15,896

2,611

46 15,70015,67515,83515,919

15,21515,20215,29415,521

16,553

17,54116,997

17,78417,17717,75317,51617,477

16,75217,09316,90217,239

39,770 40,301

2,458 41,407 42,9642,350 41,028 42,699

2,569 39,993 41,4272,307 41,017 42,2752,7012,331

42,118 44,73642,023 43,553

2,379 41,885 42,815

2,279 41,016 42,2,389 40,982 432,448 40,928 42,2,283 41,189 42;

4,603

4,4014,382

4,4294,0484,4194,4034,714

4,5604,2224,2974,447

325

366356

307274405371475

443313344325

4,278

4,0354,026

4,1223,7744,0144,0324,239

4,1173,9093,9534,122

1,893

2,4552,040

2,6632,3002,5172,4422,356

2,1602,0142,0051,984

967

1,2981,005

1,4861,2271,2861,2161,273

1,094986961979

926

1,1571,035

1,1771,0731,2311,2261,083

1,0661,0281,0441,005

3,645 23,576

3,215 24,8253,574 24,920

4,926 243,377 242,604 242,3652,801

,840,855,783

24,78924,856

2,932 244,320 243,826 243,216 24

,879,882,929,988

1,271

1,0301,181

1,6111,115799747876

9561,5121,2361,020

2,374

2,1852,393

3,3152,2621,8051,6181,925

3,108

3,3523,338

3,3833,3663,3263,3233,361

3,3433,3293,3283,350

20,468

21,47321,582

21,45721,48921,45721,46621,495

1,9762,8082,590 212,196 21

21,53621,553~\601

,638

1,778

,503

,555

,519,490,477,500,529

,544,558,557,561

197

144143

150149143142135

129145146153

1,581

,359,412

,369,341,334,358,394

,415,413,411,408

142

177176

178176177176178

177175175177

24

118

150149

151149150149151

150148148150

10,987

10,77410,345

11,17610,80311,50010,27110,118

10,58410,61810,2969,883

3,047

2,9672,893

2,9292,8793,2872,8262,915

2,9472,9042,9172,804

7,940

7,8077,452

8,2477,9248,2137,4457,203

7,637,714

7,3797,079

1,527

,467,458

,556,517,482,408,373

,395,418,510,507

,228

,145,156

,190|,199,174,087,073

,103,121,209,193

299

322302

366318308321300

292297301314

2,234

2,1022,036

2,0612,0912,1122,1482,100

2,0982,0642,0131,971

1,733

,714,637

,715,701,709,746,701

,696,661,618,575

501

388399

346390403402399

402403395396

56

561429

236634752841344

679472212354

518169190

111

56

485400

231616583651344

568464212354

807

1,193

1,277

1,3421,0781,1051,1151,326

1,082

9,890

10,30010,345

10,29010,30310,29910,28810,322

10,35310,323

U296 10,34610,359

1,284

1,444

322

552469

275679672607528

508566270534

485

808

1,067399433508798

574718

1.026'910

3,184

3,261

3,275

3,2603,2623,2633,2633,259

3,2773,2773,2743,270

6,706

7,0397,070

7,0307,0417,0367,0257,063

7,0767,0467,0727,089

1 Demand deposits other than interbank and U. S. Govt., less cashitems 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.

614 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]

Period 2

1956—Jan.-JuneJuly-Dec

1957—Jan.-JuneJuly-Dec

1958—Jan.-June5July-Dec. 5

1959—MarAprMay

Week ending:1959—Mar. 4

111825

Apr. I8

152229

May 6132027

Manufacturing and mining

Food,liquor,

andtobacco

-302822

-456331

-658522

- 4 6-128

- 6

- 2 8- 1 6

42- 4 5

- 2 2- 5 9- 1 9- 1 5- 1 3

2143

- 2 5

Textiles,apparel,

andleather

238- 6

148-159

84-232

571234

182714

- 2

3- 1

82

27145

- 1 2

Metalsand

metalprod-ucts 3

1,362- 7 1

935-496

146-454

24943

133

- 3 711412845

60- 3 4

14- 1 8

21

- 1 0694231

Petro-leum,coal,

chemical,and

rubber

424428

291150

-140- 1 4

- 1 0- 2 9- 9

- 2 03

14- 7

- 69

15- 3 2- 1 3

911

- 8- 2 2

Other

36972

214-161

157-121

881645

8323414

758

- 2- 1

123511

- 1 4

Trade(whole-

saleand

retail)

171178

- 1- 8

6-1586162

15212543

33424731

- 12080

26

249

21- 1 2

Com-moditydealers

-386739

-539420

-283410

- 1 3- 5 1- 8 0

12- 2 1

8- 1 2

- 6- 1 1- 2 0

«- 9- 6

- 1 4- 3 6- 2 4

Salesfinancecom-

panies

-32298

366-108

-853294

235139

- 3 0

5887

169- 7 9

115- 5 7

5341

- 1 3

28- 1 1- 2 6- 2 1

Publicutilities(incl.trans-porta-tion)

365350

513183

-111234

27-208

82

6- 537

- 1 0

-131- 2 8

25- 1 7- 5 7

11152035

Con-struc-tion

54- 6 6

- 1 2- 4 9

5650

181729

17

14- 4

1- 3

4104

- 1 229

12

Allothertypes

ofbusiness

149176

- 5 458

69362

242074

1420

- 1 1

4- 1 5

29- 1 8

20

17132916

Netchangesclassi-

fied

2,1242,719

1,404161

6-1,75861,214

781- 4 3315

64289497

- 6 8

25-175

196- 5 4- 3 5

10218661

- 3 4

Comm'landind'l

change-all

weeklyreport-

ingbanks4

42,2432,459

1,249-296

6-1,93861,017

91630

421

46373535

- 3 8

- 5-169

250- 3 9

- 7

139212

86- 1 6

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.4 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—AprMayJuneJulyAugSeptOctNov . . .Dec

1959_j a nFebM a rApr

Commercial and inancecompany paper

Total

1,9661,9242,0202,1662,666

3,6583,7093,3733,6273,3713,1463,294

33,2032,744

3,0763,3223,2673,334

Placedthroughdealers i

564733510506551

919946965966981958961940840

875897883822

Placeddirect-

ly(financepaper) 2

1,4021,1911,5101,6602,115

2,7392,7632,4082,6612,3902,1882,333

32,2631,904

2,2012,4252 3842,512

Dollar acceptances

Tr»tal

574873642967

1,307

1,4791.441

,352,353,363,281,255,209,194

,133.161

1,0541,029

Held by:

Accepting banks

To-tal

172289175227287

459474396426416385347290302

276309271269

Ownbills

117203126155194

350372292328340319273234238

226232227208

Billsbought

5586497294

109102104987565735564

51774460

F. R.Banks

Ownacct.

286966

374245343328363449

40393030

For-eigncorr.

2419335076

1311191131089175717568

60626056

Others

378565405621878

852806798785824792802810775

756751692673

Based on:

Im-portsinto

UnitedStates

274285252261278

278296282269256236246251254

251275278292

Ex-portsfrom

UnitedStates

154182210329456

416396375380385355354348349

346339329348

Dollarex-

change

291717

246

1311301211411311361179483

118112111

78

Goods stored in orshipped between

points in:

UnitedStates

75300

63227296

416371325313337319296265244

1681838248

Foreigncountries

4389

100148232

239247248251254235242251263

250252253263

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 615

MONEY MARKET RATES


BANK RATES ON SHORT-TERM BUSINESS LOANS


Year,month, or

week

1956 average1957 average1958 average

1958—MayJuneJulyAugSeptOc t . . . . . . . .NovDec.

1959_j a nF e b . . . . . . .MarAprM a y . . . . . .

Week ending:May 2 . . .

9. . .16. . .2 3 . . .30. . .

Primecom-

mercialpaper,

4- to 6-months1

3.313.812.46

1.711.541.501.962.933.233.083.33

3.303.263.353.423.56

3.503.503.503.633.63

Fi-nancecom-panypaperplaceddirect-

ly,3- to 6-months1

3.063.552.12

1.381.381.311.522.472.872.752.94

3.053.003.223.363.44

3.443.443.443.443.44

Primebank-ers'

accept-ances,

90days1

2.643.452.04

1.301.131.131.652.392.752.752.75

2.752.752.882.983.17

3.133.133.133.203.25

U. S. Governmentsecurities (taxable)2

3-month bills

Mar-ket

yield

2.623.231.78

.91

.83

.911.692.442.632.672.77

2.822.702.802.952.84

2.812.832.762.852.92

Rateon newissues

2.6583.2671.839

1.046.881.962

1.6862.4842.7932.7562.814

2.8372.7122.8522.9602.851

2.8312.9352.7222.8692.878

9,-to 12-monthissues 3

2.833.532.09

1.21.98

1.342.142.842.832.923.24

3.263.383.563.663.92

3.803.863.933.973.93

3- to 5-year

issues4

3.123.622.90

2.252.252.543.113.573.633.603.65

3.863.853.884.034.16

4.084.104.184.174.18

1 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.

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

1 Based on figures for first 15 days of month.NOTE.—For description see BULLETIN for March

pp. 228-37.1949,

BOND AND STOCK YIELDS i


Year, month, or week

U.S.Govt.bonds(long-term) 2

State and localgovt. bonds 3

Total4

20

2.943.563.36

3.123.153.233.503.743.693.593.57

3.603.573.443.533.70

3.613.653.713.723.73

A a a

5

2.513.102.92

2.692.742.793.073.283.233.173.12

3.193.163.063.123.29

3.183.233.303.313.31

Baa

Corporate bonds 3

Total4

By selectedratings

A a a Baa

Bygroups

Indus-trial

Rail-road

Publicutility

Stocks 5

Dividend /price ratio

Pre-ferred

Com-mon

Earnings /price ratio

Com-mon

Number of issues...

1956 average1857 average1958 average..

1958—May...JuneJulyAugSept.OctNovDec. . .

1959—JanFebMarAprMay

Week ending:May 2

9162330

4-7

3.083.473.43

3.143.193.363.603.753.763.703.80

3.903.923.924.014.08

4.054.054.094.114.08

3.504.203.95

3.713.783.834.074.324.254.114.10

4.114.083.934.024.20

4.094.124.194.204.20

120

3.574.214.16

4.003.984.024.174.394.424.404.38

4.414.434.404.474.60

4.524.554.584.634.66

30

3.363.893.79

3.573.573.673.854.094.114.094.08

4.124.144.134.234.37

4.304.334.364.394.42

30

3.884.714.73

4.624.554.534.674.874.924.874.85

4.914.934.944.975.01

40

3.504.123.98

3.803.773.813.944.244.254.234.24

4.284.314.284.354.46

4.414.424.444.484.52

40

3.654.324.39

4.304.284.304.424.524.564.564.52

4.534.514.514.564.67

4.594.624.654.704.72

40

3.544.184.10

3.893.883.944.164.414.464.404.39

4.434.464.434.494.67

4.574.624.664.704.74

14

4.254.634.45

4.314.284.364.454.584.644.654.63

4.544.524.484.514.68

4.544.604.654.724.74

500

4.094.353.97

4.194.083.983.783.693.543.423.33

3.243.323.253.263.21

3.223.233.213.203.19

500

7.178.215.14

6.37

5.63

5.47

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.

616 SECURITY MARKETS

SECURITY PRICES^

Year, month,or week

Bond prices

U.S.Govt.(long-term) 2

Mu-nicipal(high-grade) 2

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-ing4

(inthou-sands

ofshares)

Number of issues.

1956 average.1957 average.1958 average.

1958—May..June.,July..Aug..Sept..Oct...Nov..Dec...

1959—Jan..Feb..,Mar..Apr..May.

Week ending:May 2

9162330

98.9193.2494.02

97.9497.1794.7891.5189.5189.3690.1388.90

87.5487.3887.3786.2185.31

85.6885.7085.1685.0285.28

15

116.3105.8106.4

111.1110.8108.0103.7100.6100.9102.3102.3

101.8102.2103.4102.2100.4

101.0100.5100.4100.4100.4

17

109.1101.3102.9

105.6105.5104.2102.098.998.698.998.7

98.198.098.297.095.0

96.195.795.195.094.3

500

46.6244.3846.24

43.7044.7545.9847.7048.9650.9552.5053.49

55.8254.7756.1557.1057.96

57.8057.4457.9458.2158.31

425

49.8047.6649.36

46.5147.6248.9651.0052.4054.5556.1157.09

59.3058.3359.7960.9262.09

61.8361.4762.0862.3662.53

25

33.6528.1127.05

24.7425.5426.8628.4329.5131.2333.0733.70

35.5335.2035.4735.9436.07

36.1935.7435.7336.2736.47

50

32.2532.1937.22

36.5737.3137.8237.5037.9739.1540.7542.05

43.9643.7145.0645.1244.30

44.6644.3544.3444.4444.05

265

345331341

323331339352360376388393

410404414419425

423420426428428

170

439422426

401412424442453474487490

508496508514527

523520530532532

98

410391385

353362376399413437448451

474466475481495

491486497501500

72

465451458

438450459473481499514516

529514530536547

543542550550550

21

327275270

249259269283292311327330

350350353360358

360352356362358

29

156156173

169171173174178183190199

213215221226221

224220220222222

31

306277314

301305312325337346362375

394400405405409

403404411412414

14

358342314

300319331341341344341339

348345348340334

328329333346334

2,2162,2222,965

2,5802,6963,1592,9703,4274,1344,1313,615

3,9643,4633,9263,4493,379

3,5553,7993,6233,1942,975

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) rrfunicipal 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 S^-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

firms i

Secured byU. S. Govt.obligations

Secured byother

securities

Bank loans to others (thanbrokers and dealers) for pur-

chasing and carrying securities 2

U. S. Govt.obligations

Other-securities

Broker and dealer credit1

Money borrowed

OnU. S. Govt.obligations

Onother

securities

Customer'snetfree

creditbalances

1955—Dec.1956—Dec.1957—Dec.

1958—Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1959—Jan..Feb..Mar.Apr.

4,0303,9843,576

3,9804,0694,2184,2524,1994,3084,3694,4234,492

4,5544,5274,5974,719

343368

134141248149140122123124146

155157153166

I

2,7912,8232,482

2,7352,8562,9213,0213,0133,1093,1883,2453,285

3,2973,2533,3053,399

324160

7075841134851595063

62655555

,239,161,094

,245,213,297,231,186

1,1991,1811,1781,207

1,2571,2741,2921,320

5146125

230244468306251210193210234

230223218252

2,2462,1321,706

1,8221,808,930,903,751,865,832,923,071

,990,963,977

2,156

894880896

985979

1,0471,0801,1031,1191,1401,1481,159

1,2261,1961,2571,205

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 617

LIFE INSURANCE COMPANIES 1

[Institute of Life Insurance data. In millions of dollars]

Date Totalassets

Government securities

TotalUnitedStates

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—Dec1957_Dec

1958—MarAprMay.JuneJu ly . . .AugSept . . . . . . .OctNovDec

1959—JanFeb...Mar

32,73144,797

68,27873,37578,53384,48690,43296,011101,309

95,844101,309

102,711103,058103,508104,008104,578105,054105,493106,053106,540107,419

108,145108,583108,945

9,47822,545

13,76012,90512,53712,26211,82911,06710,690

10,98910,691

10,86610,91010,88910,97611,16311,24411,26811,29911,35511,250

11,62011,59611,479

6,79620,583

11,00910,2529,8299,0708,5767,5557,029

7,5197,028

7,0957,1067,0367,0837,2587,3007,3077,3197,3447,205

7,4857,4147,229

1,995722

1,1701,1531,2981,8462,0382,2732,376

2,2342,377

2,4612,4742,5022,5372,5612,5972,6162,6412,6722,685

2,7442,7742,840

6871,240

1,5811,5001,4101,3461,2151,2391,285

1,2361,286

,310,330,351,356,344,347,345,339,339,360

,391,408,410

10,17411,059

28,11131,51534,43837,30039,54541,54344,057

40,97643,750

44,38644,60244,77444,98745,19845,35145,56145,87646,01546,411

46,60246,82947,093

9,57310,060

25,89029,06931,86534,03235,91238,04040,666

38,06740,737

41,28841,49741,65641,82842,03942,20042,37042,68942,81743,052

43,23743,44243,672

601999

2,2212,4462,5733,2683,6333,5033,391

2,9093,013

3,0983,1053,1183,159159

3,1513,1913,1873,1983,359

3,3653,3873,421

6,4426,636

19,31421,25123,32225,97629,44532,98935,236

32,99435,271

35,72735,84035,95636,06036,18336,32336,46236,64836,79437,097

37,21137,35037,486

1,878857

1,6311,9032,0202,2982,5812,8173,119

2,8293,120

3,1913,2223,2413,2803,3033,3553,3683,3883,4153,349

3,3933,4143,450

2,9191,962

2,5902,7132,9143,1273,2903,5193,869

3,5053,872

3,9754,0114,0384,0674,0914,1144,1384,1624,1834,204

4,2254,2534,284

1,8401,738

2,8723,0883,3023,5233,7434,0764,338

4,5514,605

4,5664,4734,6104,6384,6404,6674,6964,6804,7785,108

5,0945,1415,153

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.Govt.

obliga-tions

Cash Other4

Liabilities

Savingscapital

Borrowings

FHLBadvances Other

Reservesand

undividedprofits

19411945

19511952195319541955195619571958

1958—MarAprMay .June. .JulyAug.SeptOctNovDec

1959—JanFebMar

6,0498,747

19,22222,66026,73331,73637,71942,87548,13855,114

49,23149,88550,56451,36751,56352,17052,85553,59054,25155,114

55,46756,04556,810

4,5785,376

15,56418,39621,96226,19431,46135,72940,00745,599

40,82541,22341,75142,33342,86643,42343,99744,60245,06745,599

46,00946,43647,029

1072,420

1,6031,7871,9202,0212,3422,7823,1733,821

3,1973,2353,2483,3293,3693,4803,6273,7343,7843,821

4,1174,2144,293

344450

775356

1,0661,2891,4791,9802,0672,1192,1462,569

2,4092,5252,5632,7402,4432,3732,2952,1872,2312,569

8991,1081,2971,4711,7912,1992,7703,125

2,8002,9023,0022,9652,8852,8942,9363,0673,1693,125

2,2692,2432,244

3,0723,1523,244

4,8787,386

16,10719,19522,84627,33432,19237,14841,91247,926

43,21943,57544,08345,02045,08245,43545,87546,37646,85347,926

48,36048,76849,297

218190

801860947864

1,4121,2251,2631,297

694813801928899936,007,082,121,297

,145,100,084

38146

93848096146122116154

92866610898116130113115154

125113124

475644

1,4531,6581,9012,1912,5572,9503,3633,857

3,561

3,857

3,8643,8733,874

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.

618 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

End of year

1951 1952 1953 1954 1955 1956

End of quarter

1957 1958

Loans, by purpose and agency:To aid agriculture, total

Banks for cooperativesFederal intermediate credit banks2 . .Farmers Home AdministrationRural Electrification Administration.Commodity Credit CorporationOther agencies

To aid home owners, total ,Federal National Mortgage Association.Veterans Administration ,Other agencies ,

To industry, totalTreasury Department...Commerce Department.Other agencies

To financing institutions

To aid States, territories, etc., total.Public Housing Administration..Other agencies

Foreign, totalExport-Import BankTreasury Department4

International Cooperation Administration.Other agencies

4,161425633539

1,74278240

2,1421,850

> 292

589

589

814

744589155

6,1102,2963,750

All other purposes, totalHousing and Home Finance Agency.Other agencies

Less: Reserves for lossesTotal loans receivable (net).

Investments:U. S. Government securities, total

Federal home loan banksFederal Savings and Loan Insurance Corp..Federal Housing AdministrationFederal Deposit Insurance Corporation....Other agencies

Investment in international institutionsOther securities1

Inventories, totalCommodity Credit Corporation..Defense DepartmentGeneral Services Administration.Other agencies

64

35(3)34

-17314,422

2,226249200285

1,353140

3,385257

1,4611,174

5,070424673596

1,9201,426

31

2,6032,242

362

598

598

864

1,020894126

7,7362,4963,66751,515

58

755

69

-14017,826

2,421311208316

1,437148

3,385223

1,280978

6,811311590648

2,0963,076

23

2,9302,462' 300{ 168

588174

\ 413

952

645500145

8,0432,8333,6201,537

53

1192990

-20319,883

2,602387217319

1,526152

3,385219

2,5152,087

6,929367638701

2,2262,981

18

2,9072,46138363

431353

79

870

272112160

8,0012,8063,5701,624

1

16612739

-22819,348

2,967641228327

1,624147

3,385197

3,8523,302

6,715375689681

2,3482,621

3,2052 MX48084

678306

f 261{ 112

1,419

24590155

7,9882,7023,5191,767

25620947

-26820,238

3,236745241381

1,720149

3,385179

4,3563,747

Land, structures, and equipment, totalCommerce Dept. (primarily maritime activities).Panama Canal CompanyTennessee Valley AuthorityHousing and Home Finance AgencyNat. Advisory Committee for AeronauticsBonneville Power AdministrationGeneral Services AdministrationPost Office DepartmentOther agencies

288

3,358

303

3,213

2981,0481,284

4151,2511,202

428

8,0624,834

3631,4751,040

550

8,0464,798

4211,739

728

609

7,8224,822

4211,829

450

Bonds, notes, & debentures payable (not guar.), total. . .Banks for cooperativesFederal intermediate credit banksFederal home loan banksFederal National Mortgage Association

728

1,369170674525

345

1,330181704445

350

1,182150619414

360

1,068156640272

300

2,379185665958570

6,752457734724

2,4882,349(3)

3,6803,072

464145

619209219191

1,233

246106140

8,2232,7013,4701,995

57

21315657

-30920,657

3,7391,018256458

1.825181

63,4206249

21,3753,65111,004/6,517\ 201

9,9854,502

3981,762236276311

1,298590613

2,711257721963770

6,466430997880

2,6341,525(3)

4,6803,807691182

652254216182

1,124

27618690

8,3162,6563,4702,139

51

30624660

-50121,320

3,762881264504

1,917195

3,420305

21,5143,09011,1577,092

175

9,9744,520

5991,791

106281328

1,341599408

3,647237959765

1,687

6,681454935832

2,6881,778

(3)

4,7693,998770

1

674251217206

1,270

264105159

8,7543,0403,4702,195

49

344283

62

-36722,395

3,804896274471

1,937226

3,420298

21,6283,025

11,1367,282

185

9,9624,535

3981,801

88283342

1,308599608

4,662247902825

2,688

7,605428

1,040906

2,7322,499

(3)

4,9174,096

8201

645224203219

701

275107167

8,9653,1113,4702,338

46

39333162

-35423,147

4,5231,456

283533

2,013238

3,420333

21,2062,636

10,8667,528

175

10,0204,568

3961,789

77274345

1,327599644

4,749224992468

3,065

6,931410

1,228903

2,7741,600(3)

4,6283,776

8511

654222191241

931

27191

180

9,0223,0943,4702,412

45

44938365

-48622,383

4,4671,366

293536

2,030242

3,4203,696

21,5403,310

10,3447,700

186

10,459',589

396,803

32280349

,341637

,033

3,812207

1,181455

1,968

7,402473

1,247900

2,8201,962

(3)4,6073,716

8901

658221190247

1,010

294106188

9,2713,2393,4702,514

47

489423

66

-45023,280

4,3051,250

278559

2,034245

3,4203,703

20,7433,0139,7307,809

191

10,4224,550

3981,790

26282371

1,319637

1,050

3,981260

1,211612

1,898

1 Figures for trust revolving funds include interagency items. For alltypes 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 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.

3 Less than $500,000.4 Figures represent largely the Treasury loan to the United Kingdom,

and through 1952 are based in part on information not shown in Treasurycompilation.

5 Figure derived by Federal Reserve.6 Investment in international institutions adjusted to include, and

other securities to exclude, $35 million subscription to the InternationalFinance Corporation.

7 Includes investment of the Agricultural Marketing revolving fund inthe 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.

9 Figure represents total trust interest.For NOTE, see opposite page.

FEDERAL BUSINESS-TYPE ACTIVITIES 619

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 i tems 1

Total Cash

Loansre-

ceiv-able

In-ven-

tories

Invest-ments

Publicdebtsecu-rities

Othersecu-rities

Land,struc-tures, jand

equip-1ment

Other

Liabilities, other thaninteragency items 1

Bonds, notes,and deben-

tures payable

Guar-anteed

byU.S.

Other

Otherliabil-ities

U.S.Govt.inter-

est

Pri-vatelyownedinter-

est

All activities

1954—Dec. 311955—Dec. 311956—Dec. 31

1957—Sept. 30Dec. 31

1958—Mar. 31June 30Sept. 30

Classification of agencies reporting quarterly,by type of fund and activity, Sept. 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 CorporationSmall Business AdministrationExport-Import BankTennessee Valley AuthorityPanama Canal CompanyVeterans AdministrationGeneral Services AdministrationTreasury DepartmentPost Office Department—postal fundInterior DepartmentAll other

Intragovernmental Funds—TotalDefense Department:

ArmyNavyAir Force

Allother

Certain Other Activities—TotalGeneral Services AdministrationAgriculture Department:

Farmers Home AdministrationRural Electrification Administration

Veterans AdministrationNational Advisory Committee for AeronauticsInterior DepartmentInternational Cooperation AdministrationTreasury DepartmentCommerce Department—maritime activities ,All other

Certain Deposit Funds—TotalBanks for cooperatives ,Federal Deposit Insurance CorporationFederal home loan banks

Certain Trust Revolving Funds—TotalFederal National Mortgage AssociationFederal intermediate credit banksOffice of Alien PropertyAll other

41,40345,30469,653

70,17571,13972,24272.67773,772

21,660

6186

5,22012460

250908

2,397904288547

3,2702,099

465956

1,470217985334974

11,898

7,4843,207

841366

32,2858,836

8543,011

231600464

2,5740,1015,274

342

4,898536

2,0562,306

3,0301,3391,385

21492

1,3711,3384,996 20

19,34820,238" , 6 5 7

3,8524,356

21,375

,692,291

21,320 2122,395

444J58 23J47 214,793 225,870 23

,51421,62821,206

383 21.540280 20,743

1,951 9,275 4,327

2,9673,2363,739

3,7623,8044,5234.4674,365

888

3,4323,4143,669

3,7253,7183,7533,7313,703

137

8,0467,8229,985

9,9749,962

10,02010.45910,422

3,634

174540

133293

1491

284(3)8034179625

30692440

1,749758

104

2,382517

2493,239

717(3)206

1217

135|.

2,3874,9005,232

5,1865,3405,4365,3045,389

1,449 56

1,0682,3792,711

3,6474,6624,7493,8123,981

798

4,1832,703 393,659 62

35,610"",583,516

2,634 62,7782,916 62,3913,472 62,789

6 (3)

3,013

559

278

()4884

1,224

j71

1,675

93737327986

1,952810

9,880j

6,3912.820

9,98581

i5o;.

6,5356,522

134 69159| 2,8126 173

2225339

3,563(3)

1491 293.... 5

10

14

()1,790398299

436195

5014234

2425418

15417

2,5143,481232

1,480470

1,010

2,5411,2761,247

'"is

3,563

637150383

231

108

123

6,5561,205

282392

4,550126

3,32743

2,0341,250

144

ioo

331312

2241013291812428562673134

113

4915446

3,687218

2714052951220

S3,057

55798

45

5.14

389!209

10210206111

872260

612

2,3111,1001,211

4,1533,643

1,749

760

4112941

5146

1938173626

25010

349

609

14827010884

13635

9912

119870

572815

,5:

63,46064,864

19,058

6186

4,46112453

210724

1,558899274540

3,2512,061448920

1,444216735324624

11,289

7,3362,938733282

236 32,0498,817

8353,009

225588456

2,57410,1015,138

307

2,162226

1,937

306171135

508596699

1,0561,1211,1831,2041,229

87349

" 8 2 4

9356940924

9213978

For other notes, see opposite page.NOTE.—Coverage has changed in some of the periods shown. Be-

ginning 1956, changes reflect the expanded coverage and the new classi-fication of agencies now reported in the Treasury Bulletin. The revisedstatement includes a larger number of agencies, and their activities areclassified according to the type of fund they represent. Funds are com-bined in the table on the preceding page, but are shown separately in the

table above. Classifications by supervisory authorities are those inexistence currently. Where current Treasury compilations do not providea detailed breakdown of loans, these items have been classified by FederalReserve on basis of information about the type of lending activity involved.

Data for activities (mainly non-business-type) reporting on a fiscal-year basis, no longer included in these tables, are available in the TreasuryBulletin.

620 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. *

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*

Equals:Netcash

borrow-ing or

T-TCal. year—1956

19571958

Fiscal year—1955195619571958

Semiannually:1957—Jan.-June....

July-Dec1958—Jan.-June

July-Dec

Monthly:1958_Apr

MayJuneJulyAugSeptOctNovDec

1959—JanFebMarApr."

70,99472,28468,694

60,39068,16571,02969,117

42,96029,32539,79228,902

3,4964,925

10,7852,9464,8387,2082,7694,9626,180

4,5286,5768.4264,258

12,39815,36816,797

9,53611,68514,36916,329

8,2007,1679,1627,635

1,3312,1312,069',111,956885,025,486,171

759,637,322,302

3,0233,0793,710

2,0612,7393,2423,493

1,6691,4102,0831,627

194144

1,167271236155195214556

236212162159

80,33484,52181,728

67,83677,08882,10781,893

49,46435,05746,83634,892

4,6266,90811,6853,7846,5547,9363,5966,2316,791

5,0497,9989,5815,396

67,21671,69275,782

64,57066,54069,43371,936

35,63236,06035,87639,906

6,1225,8466,6216,6136,1986,6337,1446,2377,080

6,7766,3316,4616,427

10,33914,79417,856

8,5469,43612,96116,069

7,6597,1338,9368,921

,479,363,562,786,412,397,597,310,419

,883,462,451,905

2,7473,1554,622

2,5783,3582,3864,592

1,9011,2543,3371,285

78618716948716

-253713346-24

1,074-232789315

74,80983,32889,014

70,53872,61780,00883,413

41,39041,93841,47547,539

6,8147,0218,0157,9127,5948,2838,0287,2008,522

7,5858,0257,1248,017

5,5251,191

-7,287

-2,7024,4712,099

-1,520

8,073-6 ,882

5,362-12,649

-2,188-1143,670

-4 ,128-1 ,040

-348-4 ,432

-969- 1 , 7 3 2

-2 ,536- 2 8

2,457-2 ,621

-3,560467

7,533

3,986-578

-1,0536,216

-5,0895,556

6606,873

2,380591

- 1 5 0-8353,017

-1,6503,6402,867-166

2,801-434

-3,0163,491

2,4811,573-717

1,5333,1662,339

657

1,693-120

777-1,494

-181618140

- 3 3 7391

-338- 5 7 1-276-363

-84612893

-665

-13664

487

644623

-292-200

-5 ,910-1 ,168

7,762

1,809-4 ,366-3 ,100

5,760

98-34-166653

-12568-6705163183141145

-6,8795,711

497,713

2,686-96-285-5692,575

-1,3744,0273,003

51

10164

14570

3,546-627

-3,2534,086

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-tions 5

Netinv. ( - )in Fed.sec. byGovt.agency& trustfunds'

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.. .

Somiannually:1957—Jan.-June


July-Dec

Monthly:1958—Apr


1959—JanFebMarApr

-4 ,1801,6261,596

-2,819

7,328-6 ,735

3,916-11,004

-2 ,626-9204,164

-3 ,667-1 ,361

575-4 ,376-1 ,274

-900

-2 ,248245

1,965-2,169

9912,2501,409

262

54334

228-1,286

-147768508

-675543

-511- 5 7 2

177- 2 4 8

-1,124175

- 1 3 0-603

- 2 9309

-518670

- 3 6159511

-232

711-17

-914225

-195-284

511111

-601

462-477

507355

602173

1,085567

1,0901,007-440-121

- 1 4 4- 3 4

-729- 3 1

10- 3

- 3 2- 3 7- 2 8

- 4576

78

-1,362-2,617-2,300

-197

-1,60321

-2181,144

279-597-332

330-470

314519212239

1,04747

- 7 0491

3,115-1,623-2,224

5,816

-6,1014,3711,4456,579

2,433595691

-8773,009

-1,8103,5462,848-138

2,879-697

-3,0693,319

-312-213

5140

60-160300

-131

94152

-231-65288

-45016146

-113

54~l

45-60

-551331

-9564,159

1,163-9845,143

-4,788

412-3573,619

-4,6301,249

-1,269-5651,991

-1,564

957-644-8361,531

6,2166,5465,5909,749

5,5904,6069,7494,961

6,4876,1309,7495,1196,3685,0994,5346,5254,961

5,9185,2744,4385,969

380522498410

498481410358

594395410617540371363424358

447492398539

4,3654,6334,0828,218

4,0823,0848,2183,468

4,5584,7308,2183,2624,7693,5352,9164,8793,468

4,0543,4542,7873,844

,471,391,010,121

,010,041,121,135

,335,005,121,240,059,193,255,222,135

,417,328,253,586

» Preliminary. n.a. Not available.* 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 re-tirement funds.

2 Small adjustments to arrive at this total are not shown separately.For other notes, sec opposite page.

FEDERAL FINANCE 621

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 to -

Old-age

trustf d «

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

I Mfrs.'and re-tailers'

I

Fiscal year—1955..1956..1957..1958..

Semiannually:1957—Jan.-June.

July-Dec..1958—Jan.-June.

July-Dec..

Monthly:1958—Apr


1959_j a nFebMarApr

60,39068,16571,02969,117

42,96029,32539,79228,902

3,4964,925

10,7852,9464,8387,2082,7694,9626,180

4,5286,5768,4264,258

5,0406,3376,6347,733

4,0753,1354,5983,383

7031,221774338

1,032504365747397

267949799540

1,4792,116

8361,151965

1,112

145168161177206188180198164

172182152148

599634616575

304305270265

177043177244216844

14714316

3,4263,6843,9174,433

3,454655

3,778634

1,67895086147133175112464

-26374

1,3011,412

69,45478,82083,67583,974

51,63034,57149,40334,296

6,0397,334

11,8493,6246,2808,1193,4465,9796,848

4,9568,15210,7226,375

21,25424,01226,72827,041

13,70813,76013,28113,769

7923,6141,9411,1953,4762,0931,2253,6412,139

9484,3562,213969

10,39611,32212,30211,528

9,2982,8748,6542,827

2,792640

1,724258123

1,81516294373

1,996846725

3,033

18,26521,29921,53120,533

15,9786,27314,2606,174

476449

5,906479316

2,267374319

2,419

424362

5,459477

9,21110,00410,63810,814

5,3135,5955,2195,364

785922895926908912954811853

847906927852

6,2207,2967,5818,644

4,7053,4455,1993,653

7221,293818355

1,105549386816441

3211,281857558

4,1084,8874,8955,414

2,6282,6252,7892,509

472416565411352483344298623

420401540486

2,7432,9212,9732,946

1,3251,5741,3721,600

218256275252249265328284222

201 !209 !245 In.a. i

I

1,5711,6131,6741,734

857848886931

147157161154164160171147136

155141150n.a.

3,1773,7784,0984,316

2,2222,2262,0901,963

961

1,006

957

1,194

Budget expenditures 8

PeriodTotal

Major national security

Total 9 Militarydefense

Militaryassist-ance

Atomicenergy

Intl.affairs

andfinance

Inter-est

Vet-erans'serv-

ices andbene-fits

Laborand

welfare

Agri-culture

andagri-cul-turalre-

sources

Nat-uralre-

Com-merceand

housing

Gen-eral

govern-ment

1,1991,6271,7871,356

608661695765

Fiscal year—1955195619571958

Semiannually:1957—Jan.-June


July-Dec

Monthly:1958—Mar


1959—JanFebMar

64,57066,54069,43371,936

35,63236,06035,87639,906

5,7496,1225,8466,6216,6136,1986,6337,1446,2377,080

6,7766,3316,462

40,62640,64143,27044,142

22,67621,72422,41823,246

3,6083,6523,6534,3123,7523,6053,8634,2253,5894,212

3,6933,5963.864

35,53235,79138,43939,062

19,89219,37019,69220,619

3,0613,2163,1953,8913,1963,2053,4893,8023,1693,758

3,2983,2183,434

2,2922,6112,3522,187

1,4391,0311,1561,145

278194212173294122151168189221

163143195

1,8571,6511,9902,268

1,0601,0801,1881,269

195200201208222215189221211211

213203217

2,1811,8461,9762,234

1,0431,2161,0181,206

16094127286222233158220175198

212176184

6,4386,8467,3087,689

3,7213,9123,7773,686

624619603622648578586608614652

680636657

4,4574,7564,7935,026

2,5022,4002,6262,580

432465436431431404410454441440

445440441

2,5752,8213,0223,447

1,5451,6361,8112,158

235317291386356368345436343310

432-52326

4,3894,8684,5264,389

2,3992,6511,7383,922

1,2021,1041,2961,543

560850693896

1,5042,0301,4552,109

5741,0031,1061,438

347427235257630495769673574781

90108121162122151165166151141

798610394

106114106

14929825245 !298 j233 !212 I233 !238 |224 \

310 |320 J343 J

102135132127148127123135109123

97500147

3 Consists primarily of (1) intra-Governmental 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.

* 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.*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—s uch 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.

' Includes stockpiling and defense production expansion not shownseparately.

For other notes, see opposite page.

622 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—Dec1953 Dec1954_Dec1955 Dec .1956 Dec1957 Dec

1958 MayJuneJulyAu2SentOctNovDec

1959 JanFebMarApr.May

Totalgrossdebti

64.3278.7257.0259.5267.4275.2278.8280.8276.7275 0

275.7276.4275 6278.6276.8280 3283.2283.0

285.9285.2282.2285.5286.4

Totalgrossdirectdebt 2

57.9278.1256.9259.4267.4275.2278.8280.8276.6274 9

275.7276.3275 5278.5216.1280 2283.1282.9

285.8285.1282.0285.4286.3

Public issues 3

Total

50.5255.7225.3221.2226.1231.7233.2233.9228.6227 1

227.9228.5228 0230.6229.0233 2236.3236.0

239.9239.4236.1240.2240.3

Marketable

Total

41.6198.8165.8142.7148.6154.6157.8163.3160.4164 2

166.0166.7166 4169.2167.7172 2175.4175.6

179.8179.3176.3180.7181.0

Bills

2 . 017.015.118.121.719.519.522.325.226 9

22.422.422 422.422.725 929.129.7

30.331.832.234.235.0

Certifi-cates ofindebt-edness

38.221.229.116.726.428.515.719.034 6

31.132.932 938.538.538 538.536.4

36.438.034.434.433.8

Notes

6 .023.011.418.430.331.428.043.335.320 7

24.820.420 520.720.721 921.926.1

28.925.325.427.227.3

Bonds

Bankeligi-ble'*

33.668.468.441.058.963.976.181.980.982 187.790.990 687.785.885 885.883.4

84.284.284.284.984.9

Bankre-

stricted

52.249.636.021.013.45.7

Con-vert-ible

bonds

12.112.512.011.811.410.89 5

9.08.98 88.68.58 48.48.3

8.28.18.07.87.7

Nonmarketabie

Totals

8.956.959.566.465.065.163.659.257.453 4

53.052.952 852.852.852 752.652.1

51.951.951.951.751.5

Sav-ings

bonds

6.148.252.157.657.957.757.757.956.352 5

52.152.051 951.951.851 751.751.2

51.051.051.050.850.7

Taxandsav-ings

notes

2.58.25.47.55.86.04.5(*)

Specialissues

7 . 020.029.035.939.241.242.643.945.645 8

46.146.245 946.346.045 445.144.8

43.943.943.943.344.2

1 Includes some debt not subject to statutory debt limitation (amountingto $419 million on May 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 $9,804 million on April 30, 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 Dec . .1952—Dec1953 Dec . .1954—Dec1955—Dec1956 Dec . . . .1957—June

Dec

1958 MarApr . . .MayJuneJulyAueSept.OctN o vDec

1959 JanFebMar

Totalgrossdebt

(includ-ing guar-

anteedsecuri-

ties)

64 3278.7257.0259.5267.4275.2278.8280.8276.7270.6275.0

272.7275 2275.7276.4275.6278.6276.8280.3283 2283.0285 9285.2282.2

Held byU. S. Govt.agencies andtrust funds *

Specialissues

7 020.029.035.939.241.242.643.945.646 845.8

45.845 446 146.245.946 346.045.445 144.843 943 943.9

Publicissues

2 .67 .05 .46.46.77.17.07.88.48.79 . 4

9.59.79.79 .79.79.79 .69 .79 .79 . 69 69 .89 .8

Held by the public

Total

54.7251.6222.6217.2221.6226.9229.2229.1222.7215.1219.8

217.4220.0220.0220.5220.0222.6221.2225.3228.4228.6232.4231.6228.4

FederalReserveBanks

2 .324.322.623.824.725.924.924.824.923.024.2

23.623.724.225.424.525.325.025.426.226.325.725.325.5

Com-mercialbanks2

21.490.868.761.663.463.769.262.059.355.859.1

59.463 263.664.965.066.465.566.767.767.267 966.062.9

Mutualsavingsbanks

3 .710.712.09.89.59.28.88.58.07.97.6

7.67.67 .57 .47.47.57 .47 .47 .37 .37 .37 .47 . 4

Insur-ancecom-

panies

8 . 224.023.916.516.115.815.014.312.812.312.0

11.811.811.711.711.811.911.912.112.112.112 412.212.0

Othercorpo-rations

4 . 022.214.120.719.921.519.223.519.116.117.2

16.015.215.313.914.515.315.016.818.018.220 321.221.0

State

localgovt's

.76.57.39.6

11.112.714.415.116.116.917.0

17.317.117.016.917.017.017.017.217 217.317 717.817.9

Individuals

Savingsbonds

5 . 442.946.249.149.249.450.050.250.149 148.2

48.148 148.148.047.947 947.947.847 847.747 747 647.5

Othersecurities

8 . 221.219.415.516.015.513.715.116.318 017.9

18.117 717 517.116.816 316.216.216 016 116 616 717.0

Misc.inves-tors 3

.99.18 .4

10.611.713.213.915.616.116 016.5

15.415 715.415.215.014 915.315.816 016 516 717 317.2

1 Includes the Postal Savings System.2 Includes holdings by banks in territories and insular possessions,

which amounted to about $293 million on Dec. 31, 1958.

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 623

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 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

June 4,1959..June 11,1959..June 18,1959..June 22,1959*.June 25, 1959..July 2, 1959..July 9,1959..July 16, 1959..July 23, 1959..July 30, 1959..Aug. 6, 1959..Aug. 13,1959..Aug. 20, 1959..Aug. 27, 1959..Sept. 3,1959..Sept. 10, 1959..Sept. 17, 1959..Sept. 21, 1959*Sept. 24, 1959..Oct. 1,1959.,Oct. 8,1959.,Oct. 15, 1959.,Oct. 22,1959.,Oct. 29, 1959.,

1,5001,7011,7012,9971,7001,6001,6001,6001,4011,4021,4011,4011,4021,396

400400400

1,502400400400400400400

Treasury bills Cont.Nov. 5, 1959 ,Nov. 12, 1959Nov. 19, 1959Nov. 27, 1959Dec, 22, 1959*Jan. 15, 1960Apr, 15, 1960

CertificatesAug. 1,1959 iysNov. 15, 1959 3%Feb. 15, 1960 3V4May 15, 1960 4

Treasury notesAug. 1,1959 4Oct. 1,1959 \yiNov. 15, 1959 3%Apr. 1,1960 1%May 15,1960 3V4May 15,1960 3 Ôct. 1,1960 1%Apr. 1,1961 li/2May 15,1961 3%

400400400400

1,500250062,003

13,5007,711

11,3631S269

47399

1,184198

2,7382,406

278144

4,078

Treasury notes—Cont.Aug. 1,1961 4Oct. 1,1961 IV2Feb. 15,1962 3%Feb. 15, 1962 4Apr. 1,1962 V/iAug. 15, 1962 4Oct. 1,1962 U/tNov. 15, 1962 3%Feb. 15, 1963 2%Apr. 1,1963 \ViMay 15,1963 4Oct. 1,1963 1%Apr. 1,1964 \y2

Treasury BondsJune 15, 1959-62... 214Dec. 15, 1959-62... 2»4Nov. 15, 1960 2i/»Dec. 15, 1960-653.. 2yASept. 15, 1961 2Y4Nov. 15, 1961 2VtJune 15, 1962-67... 214Aug. 15,1963 2i/2Dec. 15, 1963-68... 2i/i

2,136332647

1,435551

2,000590

1,1433,971

5331,743

50690

5,2663,4553,8061,4852,23911,1772.1116,7552,819

Treasury bonds—Cont.Feb. 15, 1964 3June 15, 1964-69... 2ViDec. 15, 1964-69...2%Feb. 15, 1965 2%Mar. 15, 1965-70... 2&Aug. 15, 1966 3Mar. 15, 1966-71... 2 ^June 15, 1967-72...2ViSept. 15, 1967-72... 2i/iDec. 15, 1967-72...2i/iOct 1,1969 4Nov. 15, 1974 3%Feb. 15,1980 4June 15, 1978-83... 314May 15,1985 3V4Feb. 15, 1990 3ViFeb. 15,1995 3

Panama Canal Loan . . . . 3

Convertible bondsInvestment Series BApr. 1, 1975-80... 2%

3,8543,7423,8176,8964,6981,4842,9461,8302,7163,6951,276654884

1,6031,135lt7272,740

50

7,734

* Tax anticipation series.1 Direct public issues.

2 Sold on discount basis. For discounts on individual issues, see tableon Money Market Rates, p. 615. 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

All holders:1956—June 30 .1957—June 301958—June 30

Dec 31 . .1959—Feb. 28

Mar 31 . . .U. S. Govt. agencies and trust funds:

1956 June 301957 June 301958—June 30

Dec 31 .1959 Feb 28

Mar 31Federal Reserve Banks:

1956—June 301957—June 30 ,1958—June 30

Dec. 311959_Feb 28

Mar 31Commercial banks:

1956—June 301957 June 301958—June 30

Dec 311959_Feb. 28

Mar 31Mutual savings banks:

1956—June 30 .1957_june 30.1958—June 30

Dec 311959—Feb. 28

Mar 31Insurance companies:

1956—June 301957—June 30 ,1958 June 30

Dec. 311959 Feb 28

Mar 31 . . .Other investors:

1956—June 301957—June 301958—June 30

Dec. 311959—Feb 28

Mar 31

Marketable and convertible securities, by type

Total

66,05065,985

175,573183,896187,432184,277

8,2368,5549,4779,3799,6029,586

23 75823 03525 43826 34725,35025 497

49 67348,73457,50959,04857,996S^ 101

7,7357,3977,1106,9427,0987,149

11,70210,93610,58010 98411,12510,957

64,94767,32965,45971,19576,26175,986

Bills

20,80823,42022,40629,74831,83232,234

27313017378

205198

855287

2,7032,2841,3231 496

2,1812,8533,7965,1944,8153,699

10716389

139183233

318326254726669615

17,07419,66115,39221,32624,63825,993

Certifi-cates

16,30320,47332,92036,36437,95734,390

355416599492488466

10,94411,36719,94618,70418,67218 650

1,0042,9133,3316,6866,1764,819

37114132115176193

44136112231406323

3,9195,5278,799

10,13712,0409,939

Notes

35,95230,97320,41626,07225,29925,429

6881,2821,1691,3381,3141,273

9 1578,579

2,8752,8722 868

11 6208,984

11,53212,28512,68712,453

356367465538580602

760648614731669712

13,37111,1136,6368,3047,1767,523

Market-able

bonds*

81,89080 83990,93283,40284 22084,240

3,5753,6644,7034,7114,8644,927

2 8022 8022 7892 4842,4842 484

34 71233,83938 72034,75334 18934,007

6,0745,6555 4935,2685,3135,304

7 7897,2777,3987 2557,3697,320

26,89627,60231,82928,93130,00030,198

Con-vertiblebonds

11,09810 2808,8988,3098,1247,984

3,3453,0632,8332,7592,7312,722

155144130130128126

1,1611,098

931882845818

2,7912,5492,2022 0422,0131,986

3,6463,4262,8022 4972,4072,333

Marketable securities, by maturity class

Total

154,953155 705166,675175,586179 308176,293

4,8915,4916 [6446,6206,8716,864

23 75823 03525 43826,34725,35025 497

49 51748,59057 37958,91857,86854,977

6,5746,2996,1796,0606,2526,331

8,9118.3878,3788,9439,1138,971

61,30163,90462,65768,69873,85473,653

Within1 year

58,71471 03367,78272,61671,19168,025

9271,138

899721795711

20 24220*24623 01020 99519,99420 146

7 43312,26813 43114,38011 4118,935

247576303300382453

632955651

1,1581,109

988

29,23335,85029,48935,06237,50036,794

1-5years

31,99739,18441,07152,31860,50160,631

500,210,565,696,816.810

1 087681

1,0143,8813,8853 881

18,23423,50024,49429,69634,42234,028

54ft1,0821,1061,2291,3631,365

1,1921,7751,6501.9762,1692,198

10,44310,93611,24313,84116,84417,329

5-10years

31,31214,73222,96118,65214,79714,797

434295913

1,1791,1581,189

1 01475057

206206206

19,1328,600

14,25910,4337,6097,591

1,319601675958883883

1,8021,0221,0041,1561,0971,091

7,6123,4646,0544,7193,8433,836

Over 10years

32,93030 75634,86031,99932 81932,839

3,0302,8483.2673,0253,1023,134

1 4151,3581.3581,2641,2641 264

4,7194,2225,1954,4094,4264,423

4,4684,0404.0943.5733; 6243,630

5,2854.6345,0744,6534,7374,695

14,01313,65415,87215,07615,66715,694

1 Direct public issues.* 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.

624 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 4

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 Newmoney7

Mis-cel-

lane-ouspur-poses

Re-tire-ment

ofbankdebt,etc. s

Re-tire-ment

ofsecu-rities

1951.1952.1953.1954.1955.1956.1957.1958.

1958—Mar..Apr..May.June.July..Aug..Sept.Oct..Nov..Dec.

1959—Jan...Feb..Mar..

21,26526,92928,82429,76526,77222,40530,57134,435

3,9596,9632,1603,0492,4231,3402,1973,0761,4081,900

'5,780'2,1321,921

9,77812,57713,95712,5329,6285,5179,60112,063

1,8024,269

3681,411418369352

1,461324370

'3,971420443

110459106458746169572

2,321

523

164

*220

199

175

3,1894,1215,5586,9695,9775,4466,9587,449

524798877554631389647439459448

639881637

446237306289182334557

1,047

9141202122139236612779

'85'6211

7,7419,5348,8989,51610,24010,93912,88411,555

1,6231,232714963

1,196573

1,175890497

1,002

'885'770656

5,6917,6017,0837,4887,4208,0029,9579,684

1,4941,101594866907492

1,098652379751

'724'481457

2,3643,6453,8564,0034,1194,2256,1186,333

1,165921391370735209851287236266

'405187195

3,3263,9573,2283,4843,3013,7773,8393,351

330180203497172283246365143485

'319'294262

838564489816635636411551

69413658701223671250

'365547

1,2121,3691,3261,2132,1852,3012,5161,320

61908438

2197055170107201

'126234151

7,6079,3808,7559,36510,04910,74912,66111,373

1,6081,213699948

1,174563

1,159873489985

'869'754640

7,1208,7168,4957,4908,82110,38412,44710,790

1,5611,141600881

1,102538

1,144858478914

'840'745631

6,5318,1807,9606,7807,9579,66311,7849,936

1,5251,037532709

1,026518

1,038739424845

'794'600539

226 363537535709864721663854

351046817276201061195469

46'14592

486664260

1,8751,227364214583

47729967722515151172

'29'99

Year ormonth

Proposed uses of net proceeds, major groups of corporate issuers

Manufacturing

Newcapital 0

Retire-ment of

secu-rities

Commercial andmiscellaneous

Newcapital10

Retire-ment of

secu-rities

Transportation

Newcapital10

Retire-ment of

secu-rities

Public utility

Newcapital10

Retire-ment of

secu-rities

Communication

Newcapital 10

Retire-ment of

secu-rities

Real estateand financial

Newcapital^

Retire-ment of

secu-rities

19511952195319541955195619571958

1958—Mar.Apr..May,June,July.Aug.Sept.Oct..Nov.Dec..

1959—Jan..Feb..Mar.

2,8463,7122,1282,0442,3973,3364,1043,296

196620163267519122485255119233

'148'12392

2212619019053324349223

41122649241612103

20

'17'56

462512502831769682579882

476224295547389527053

'61'10546

5624409351512916

22411

'6r(9)

437758553501544694802777

6386231064926448118151

'80'15451

5322536

270338201439

2,3262,5392,9052,6752,2542,4743,8213,598

409293303390348281186311127262

'295'188331

8588679901741451139

22371646

214

600747871651

1,0451,3841,4411,294

79740111210113134589103

'34'62

563

6077214

117

3730

I

449448

1,536788

1,8121,8151,701944

4940747831492811455112

'221'113102

66602427356176749

()

11111535

2'11

' Revsed.1 Estimates of new issues maturing in more than one year sold for cash

in the United States.2 Gross proceeds are derived by multiplying principal amounts or num-

ber of units by offering price.3 Includes guaranteed issues.* 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 625

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS


Industry

Manufacturing

Total (200 corps.):Sales

Profits after taxes .Dividends

Nondurable goods industries (94 corps.): *SalesProfits before taxesProfits after taxesDividends .

Durable goods industries (106 corps.):2SalesProfits 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.):Sales

Profits after taxesDividends

Primary metals and products (39 corps.):Sales

Profits before taxesProfits after taxes .Dividends

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 revenue

Profits after taxesDividends

1953

63,3438,3753,6492,154

20,6943 0281,526

972

42,6495,3462,1231,182

5,411465212154

6 3731,308

520417

5 883841603290

13 7501,817

790377

8 0051 011

402237

16 6112 078

758469

10 6641 436

903All

7 1361 8951 030

780

4 525925452412

1954

58,1107 2443,8252,384

20,6202 7531,5811,064

37,4904,4912,2441,320

5,476462224156

6 1821,153

593499

6 015751567294

11 5221 357

705407

7 745914465263

14 1371 789

863536

9 371908682379

7 5882 0491 134

868

4 9021 050

525448

Annu

1955

69,87610 2505,2312,827

23,1063 4131,9181,202

46,7706,8363,3131,625

5,833499244160

7 2221,535

782597

6 556854624317

14 9522 3771 195

522

8 477912465281

18 8263 0231,394

693

10 1061 341

927448

8 3602 3041,244

942

5 4251,282

638496

al totals

1956

71,9259,2904,8802,980

24,7843,4571,9791,248

47,1415,8332,9011,731

6,299557273166

7,7291,488

769602

7,185917689346

16,0622,3701,232

606

9,798942458321

16,3361,984

942656

10,5511,268

876462

9,0492,4621,3261,022

5,9661,430

715552

1957

76,0329,5595,1093,113

26,2783,4382,0191,323

49,7546,1203,0901,791

6,620600295174

8,2031,556

798639

7,814867711374

16,0732,3131,193

651

10,9141,175

577329

17,4802,1101,059

670

10,4911,056

734435

9,6442,5571,4031,077

6,4671,562

788613

1958

68,6987,3584,0133,016

25,6452,9201,7281,316

43,0534,4372,2851,700

6,730624303179

7,8421,286

689627

7,462642546376

13,1221,621

835590

10,5201,172

590327

14,1721,171

615642

9,564844602410

10,1892,7011,5171,134

6,9391,860

921674

Quarterly totals

1957

2

19,4382 5751,339

757

6,524873503318

12,9141,702

836439

1,6421547540

2,047394202152

1,94121917291

4,270652327157

2,75030514881

4,522603292166

2,660264183110

2,312596327270

1,611388195150

3

18,0562,0421,107

757

6,558841491319

11,4981,201

616438

1,6691587741

2,065397201150

1,92019316495

3,856512264158

2,66927013582

3,689291151164

2,67528619182

2,335600326265

1,623387195155

4

18,7522,1901,232

849

6,560111474371

12,1921,413

758478

1,6911537954

2,047369197187

1,90615614497

3,675473260179

2,87130615286

4,277506279173

2,582259199121

2,457630357273

1,673400203160

1958

1

16,7181 622

852755

6,133648377326

10,585974475429

1,6161406741

1,858281144156

1,80114612595

3,047302157147

2,45422711183

3,853346161164

2,239593196

2,707768421281

1,672402200164

2

16,8311 625

872747

6,203619362325

10,6281,006

510422

1,6631517441

1 903281147154

1,77411110395

3,161371191146

2,62926313281

3,542271137160

2,2941359379

2,412615349287

1,715454226166

3

16,2481 637

893741

6,526770448322

9,722867445419

1,6991638044

1 994315163153

1 91319815792

3,236385200145

2 54329715581

2,5995324

159

2,46127219577

2,471650357276

1,745494244171

4

18,9012 4741,395

774

6,783883541343

12,1181,591

854431

1,7521698353

2 086409235164

1 97518716194

3 677562287153

2 89438419382

4 177500293159

2,555366271157

2,599667390290

1,807510251173

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 Research and Statistics.

626 BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

[Department of Commerce estimates. In billionsof dollars]

Year orquarter

19511952195319541955195619571958.. .

1956—4

1957 l . . . .23 .4

1958—1234

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

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

[Securities and Exchange Commission estimates. In millions of dollars]

Year orquarter

1951195219531954195519561957 . . .1958

1958—1234

1959—1

All types

Newissues

9,04810,6799,550

11,69412,47413,20114,35014,710

3,5664,0493,5753,519

3 ,,054

Retire-ments

2,7722,7512,4295,6295,5995,0383,6095,113

8521,5811,3671,313

1,165

Netchange

6,2777,9277,1216,0656,8758,162

10,7419,597

2,7152,4682,2082,207

1,890

Bonds and notes

Newissues

5,6827,3446,6517,8327,5717,9349,6389,694

2,7992,4532,2942,148

1,592

Retire-ments

2,1052,4031,8964,0333,3833,2032,5843,705

5971,3181,028

762

688

Netchange

3,5774,9404,7553,7994.1884,7317,0535,989

2,2021,1351,2661,386

903

Stocks

Newissues

3,3663,3352,8983,8624,9035,2674,7125,016

7681,5961,2811,371

1,462

Retire-ments

667348533

1,5962,2161,8361,0241,408

255264339550

476

Netchange

2,7002,9872,3662,2652,6873,4323,6883,608

5131,333

942821

986

NOTE.—Quarterly data are at seasonally adjustedannual rates.

i Reflects cash transactions only. As contrasted with data shown on p. 624, new issuesexclude 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. 624.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i

[Securities and Exchange Commission estimates. In billions of dollars]

End of yearor quarter

195119521953195419551956 . . . . . .

1957_34

1958—1.234

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.*

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

1 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

19511952.195319541955.19561957195819594'

Total

25.626.528.326.828.735.137.030.532.6

Manu-factur-

ing

10.911.611.911.011.415.016.011.412.4

Min-ing

.91.01.01.01.01.21.2

.91.0

Transportation

Rail-road

[.51.41.3.9.9

1.21.4.8.9

Other

1.51.51.61.51.61.71.81.52.0

Publicutili-ties

3.73.94.64.24.34.96.26.15.9

Com-muni-cations

1,31.51.71.72.02.73.02.6

10.

Others

5.95.66.36.57.58 47.47.2

4

Quarter

1958—1......234 . .

1959—i>..

34

Total

7.37.87.48 0

6 98.38.3

Manu-factur-

ingandmin-ing

3.13.22.93 2

2 73.33.4

Trans-porta-tion

.7

.6

.56

6.8.7

Publicutili-ties

!:i1.6I 7I 2

s1.6

Allother 3

2.32.52.42 5

2 "S2 72.6

r Revised.1 Corporate and noncorporate business, excluding agriculture.* Includes trade, service, finance, and construction.

3 Includes communications and other.* Anticipated by business.

REAL ESTATE CREDIT 627

MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]


All properties

Allhold-

ers

Finan-cial

insti-tutions

SelectedFederalagen-cies

Otherholders

Indi-viduals

andothers

Nonfarm

Allhold-

ers

1- to 4-family houses

Total

Finan-cial

insti-tutions

Otherhold-

ers

Multi-family andcommercial properties1

Total

Finan-cial

insti-tutions

Otherhold-

ers

Farm

Allhold-

ers

Finan-cial

insti-tutions

Otherholders*

19411945

19511952195319541955195619571958*

1957—Sept..Dec...

1958—Mar.*Junep.Sept.PDec. *\

1959—Mar.»

37.635.5

82.391.4101.3113.8130.0144.5156.6171.4

153.7156.6

159.1162.6166.7171.4

175.5

20.721.0

59.566.975.185.899.4

111.2119.7131.5

117.7119.7

121.5124.5127.9131.5

134.3

2.0.9

2.02.42.82.83.13.64.74.8

4.54.7

4.94.64.64.8

5.3

14.913.7

20.822.123.525.227.529.732.135.0

31.632.1

32.733.534.235.0

35.9

31.230.8

75.684.293.6

105.5120.9134.6146.1160.2

143.3146.1

148.5151.7155.7160.2

164.0

18.418.6

51.758.566.175.788.299.0

107.6117.8

105.7107.6

109.3111.6114.6117.8

120.6

11.212.241.146.853.662.573.883.489.998.9

88.589.9

91.293.596.298.9

101.0

7.26.4

10.711.712.513.214.415.617.718.9

17.217.7

18.118.118.418.9

19.6

12.912.2

23.925.727.529.832.735.638.542.4

37.538.5

39.240.141.042.4

43.4

8.17.4

15.917.218.520.021.923.925.828.4

25.225.8

26.226.927.528.4

29.0

4.84.7

8.08.49.09.8

10.811.712.714.0

12.412.7

12.913.213.514.0

14.4

6.44.8

6.77.37.88.39.19.9

10.511.2

10.410.5

10.610.911.111.2

11.5

1.51.3

2.62.83.03.33.63.94.04.2

4.04.0

4.14.14.24.2

4.3

4.93.44.14.44.85.05.46.06.57.0

6.46.5

6.66.76.97.0

7.2

v 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

19511952195319541955195619571958?

1957—SeptDec

1958 Mar.PJunep

Sept v

Dec p

1959 MarP

Total

4,9064,772

14,73215,86716,85018,57321,00422,71923,33725,523

23,10523,337

23,40023,96024,70025,523

26,130

Commercial bank holdings

Residential

Total

3,2923,395

11,27012,18812,92514,15215,88817,00417,14718,591

17,07017,147

17,12517,46018,05518,591

19,012

FHA-in-

sured

3,4213,6753,9124,1064,5604,8034,8235,476

4,7504,823

4,8254,9705,2055,476

5,660

VA-guar-anteed

2,9213,0123,0613,3503,7113,9023,5893,335

3,6603,589

3,4853,4053,3553,335

3,317

Con-ven-

tional

4,9295,5015,9516,6957,6178,3008,7359,780

8,6608,735

8,8159,0859,4959,780

10,035

2

Othernon-farm

1,048856

2,4582,6212,8433,2633,8194,3794,8235,461

4,6604,823

4,8805,0605,1845,461

5,633

Farm

566521

J.0041,0581,082[,1591,297,336,367

1,471

,3751,367

,395,440,461471

,485

Mutual savings bank holdings 3

Total

4,8124,208

9,91611,37912,94315,00717,45719,74521,16923,265

20,81221,169

21,56522,16522,74623,265

23,638

Residential

Total

3,8843,387

8,5959,883

11,33413,21115,56817,70319,01020,936

18,68719,010

19,37119,92720,46020,936

21,282

FHA-in-

sured

2,5673,1683,4893,8004,1504,4094,6695,501

4,5754,669

4,8105,0475,2805,501

5,674

VA-guar-

anteed

1,7262,2373,0534,2625,7737,1397,7908,360

7,6607,790

7,9378,1608,2768,360

8,423

Con-ven-

tional

4,3034,4774,7925,1495,6456,1556,5517,074

6,4526,551

6,6246 7206,9047,074

7,185

Othernon-farm

900797

1,2741,4441,5561,7401,8311,9842,1022,276

2,0682,102

2,1372,1812,2312,276

2,305

Farm

2824

4753535658595753

5757

57575553

51

» Preliminary.1 Represents all banks in the United States and possessions.2 Includes loans held by nondeposit 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.

628 REAL ESTATE CREDIT

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES


Year or month

19411945

19511952195319541955195619571958

1958 AprMay

July

SeptOctNovDec

1959_janFebMarApr

Loans acquired

Total

976

5,1343,9784,3455,3446,6236,7155,2305,248

402380368428437451516429642

508420473432

Nonfarm

Total

4,723'3,6063,9254,9316,1086,2014,8234,813

360348341398406421485397592

466364410385

FHA-insured

1,058864817672971842653

1,303

949695

103109125141121155

139141130120

VA-guar-anteed

1,294429455

1,3781,8391,652

831200

261620165798

12

119

1013

Other

2,3712 3132,6532,8813,2983,7073,3393,310

240236226279292289335268425

316214270252

Farm

411372420413515514407435

423227303130313250

42566347

Loans outstanding (end of period)

Total

6 4426 636

19,31421,25123,32225,97629,44532,98935,23637,097

35,84035,95636,06036,18336,32336,47236,64836,79437,097

37,21137,35037,48637,602

Nonfarm

Total

5 5295 860

17,78719 54621,43623,92827,17230,50832,65234,388

33,21333,31633,40933,51933,64533 78633,95534,09334,388

34,51034,63534,75334,851

FHA-insured

8151 394

5,2575,6816,0126,1166,3956,6276,7517,449

6,9486,9957,0387,0767,1237,2127,2827,3477,449

7,5287,6237,6937,758

VA-guar-

anteed

3,1313,3473,5604,6436,0747,3047,7217,455

7,7197,6997,6777,6517,6197,5617,5277,4927,455

7,4297,3927,3477,314

Other

4 7144 466

9,39910,51811,86413,16914,70316,57718,18019,484

18,54618,62218,69418,79218,90319 01319,14619,25419,484

19,55319,62019,71319,779

Farm

913776

1,5271,7051,8862,0482,2732,4812,5842,709

2,6272,6402,6512,6642,6782 6862,6932,7012,709

2,7012,7152,7332,751

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


1959

JanFebMarApr

Loans made

Total i

1,3791,913

6,6177,7678,969

11,43210,54510,40212,346

9201,0191,1071,1801,1801,2151,2901,0531,136

1,0131,0121,2571,359

Newcon-

struc-tion

437181

2,1052,4753,0764,0413,7713,5624,096

316346379374373401428345376

317326439480

Homepur-

chase

5811,358

2,9553,4883,8465,2414,7274,7085,251

354406461511538537570469488

442429515562

Loans outstanding (end of period)

Total2

4,5785,376

18,39621,96226,19431,46135,72940,00745,599

41,22341,75142,33342,86643,42343,99744,60245,06745,599

46,00946,43647,02947,733

FHA-in-

sured

9041,0481,1721,4051,4861,643£,210

[,7481,7891,8331,9011,940>,0071,084

>,'21O

>?77>,331>,392>,466

VA-guar-anteed

3,3943,9794,7215,8916,6437,0117,093

6,9846,9816,9957,0127,0347,0317,0537,0627,093

7,1097,1277,1177,126

Con-ven-

tional2

14,09816,93520,30124,16527,60031,35336,296

32,49132,98133,50533,95334,44934,95935,46535,85036,296

36,62336,97837,52038,141

1 Includes loans for other purposes (for repair, additions and alterations,refinancing, etc.) not shown separately.

2 Beginning 1958 includes shares pledged against mortgage loans.Source.—Federal Home Loan Bank Board.

Year ormonth

19411945 . . . .

1952195319541955195619571958

1958

Apr .May

July . .AugSeptOctNovDec

1959

JanFebMar.3Apr

Total

Season-allyad-

justed 1

1,9932,0872,1922,2912,4132,4882,5762,6522,629

2,677*>2,6332,685

Withoutseasonal

adjust-ment2

4,7325,650

18,01819,74722,97428,48427,08824,24427,388

2,0222,1512,2752,5432,5352,5962,8572,4322,629

2,3522,2452 5902,776

By type of lender(without seasonal adjustment)

Sav-ings &loan

assns.

1 4902,017

6,4527,3658 312

10,4529,5329,217

10,516

787845910986995

1,0221,086

932983

870865

1 0401,148

Insur-ancecom-

panies

404

[,4201,480[,7681,9321,7991,472

460

106113110125130136150128143

121106117115

Com-mer-cial

banks

1,1651,097

3,6003,6804 2395,6175,4584,2645,204

385418429491476493558474508

454426520553

Mutualsav-ings

banks

218217

1,1371,3271 5011,8581,8241,4291,640

103120140165169170175154165

123113120124

*> Preliminary.1 Three-month moving average, seasonally adjusted by Federal Re-

serve.2 Includes amounts for other lenders, not shown separately.3 Preliminary estimates subject to revision.Source.—Federal Home Loan Bank Board.

REAL ESTATE CREDIT 629

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE


Year or month

1945

195019511952195319541955195619571958


1959—JanFebMarApr

FHA-insured loans

Total

665

4,3433,2203,1133,8823,0663,8073,4613,7156,349

423431551524599756641559624

700598643639

Homemortgages

Newprop-erties

257

1,6371,216969

1,2591,0351,2691,133880

1,666

119110126132128160174165190

217196211196

Ex-istingprop-erties

217

856713974

1,030907

1,8161,5051,3712,885

186201217236243320327292320

369311319294

Proj-ect-type

mort-gages i

20

1,15758232225923276130595929

575512898170146583124

37373380

Prop-ertyim-

prove-ment

loans2

171

694708848

1,334891646692869868

6165815858130837189

77548169

VA-guaranteed loans

Total 3

192

3,0723,6142,7193,0644,2577,1565,8683,7611,865

857397

127156189239216257

276238260231

Homemortgages

Newprop-erties

1,8652,6671,8232,0442,6864,5823,9102,8901,311

7257718391107140135174

194174201179

Ex-istingprop-erties

1,202942890

1,0141,5662,5641,948863549

131527436482998182

81645952

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.

MORTGAGE DEBT OUTSTANDING ONNONFARM 1- TO 4-FAMILY PROPERTIES

[In billions of dollars]

End ofyear orquarter

1945.

19501951195219531954..195519561957. .1958*\.

1957—SeptDec

1958—Mar.*\ . .June p . .Sept.?. . .Dec.p. . .

1959—Mar.*>. . .

Total

18.6

45.251.758.566.175.788.299.0

107.6117.8

105.7107.6

109.3111.6114.6117.8

120.6

Government-underwritten

Total

4.3

18.922.925.428.132.138.943.947.250.1

46.547.2

47.748.349.150.1

51.3

FHA-in-

sured

4.1

8.69.7

10.812.012.814.315.516.519.7

16.116.5

17.117.718.619.7

20.9

VA-guar-

anteed

.2

10.313.214.616.119.324.628.430.730.4

30.430.7

30.630.630.530.4

30.4

Con-ven-

tional

14.3

26.328.833.138.043.649.355.160.467.7

59.260.4

61.663.365.567.7

69.3

v 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 *


FEDERAL HOME LOAN BANK LENDING


End of yearor month

195019511952195319541955195619571958

1958 AprMay

July

SeptOct . . . .NovDec

1959_janFebMar .Apr . . . .

Mortgage holdings

Total

1,3471,8502,2422,4622,4342,6153,0473,9743,901

4,0193,9283,7533,7033,6833,6933,7293,7913,901

4,0324,1884,3404,508

FHA-in-

sured

169204320621802901978

1,2371,483

1,3451,3421,3091,3001,2981,3201,3531,4051,483

1,564[ 664,740,831

VA-guar-

anteed

1,1771,6461,9221,8411,6321,7142,0692,7372,418

2,6742,5862,4442,4032,3852,3732,3762,3862,418

2,4682,5232,6002,677

Mortgagetransactions

(duringperiod)

Pur-chases

1,044677538542614411609

1,119623

3833221722375982

134

150176175193

Sales

46911156

221525

6252

482

751091765123

8111

1

Com-mit-

mentsun-dis-

bursed

485239323638476

76360764

1,541

8421,0011,1421,3081,5431,6741,6691,6401,541

1,4321,2911,1821,063

* 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—Apr.MayJuneJuly.Aug.SeptOct .Nov.Dec.

1959_jan..Feb..Mar.Apr.,

Ad-vances

278

675423586728734

1,251745

1,1161,364

21256

17810810011912686

229

5083

157

Repay-ments

213

292433528640818702934

1,0791,331

9368501376248524753

251949662

Advances outstanding(end of period)

Total

195

816806864952867

1,4171,2281,2651,298

815803929901939

1,0101,0831,1231,298

1,1461,1011,0871,183

Short-term1

176

547508565634612991798731685

304288372392427490545576685

599559531570

Long-term 2

19

269298299317255426430534613

511515557509512520538547613

547542556612

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.

630 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

193919411945

195119521953195419551956..19571958

1958 AorMayJuneJUly

SeptOctNovDec

1959 JanFebMarApr

Total

7,2229,1725,665

22,61727,40131,24332,29238,67042,09744,77445,065

42,61742,98543,07942,92343,12843,14443,16443,46445,065

44,41544,07144,20344,916

Instalment credit

Total

4,5036,0852,462

15,29419,40323,00523,56828,95831,82734,09533,865

32,88832,91033,00833,07433,16533,07933,05233,12633,865

33,76833,75133,94334,453

Auto-mobilepaper i

1,4972,458

455

5,9727,7339,8359,809

13,47214,45915,40914,131

14,69114,61314,59014,56714,51414,33214 16414,06614,131

14,15514,22314,37514,686

Otherconsumer

goodspaper1

1,6201,929

816

4,8806 1746,7796,7517,6348,5108,6929,007

8,1248,1588,1908,1978,2548,3128 4118,5289,007

8,8818 7678,7218,777

Repairand mod-ernization

loans2

298376182

1,0851,3851,6101,6161,6891,8952,0912,145

2,0172,0382,0482,0612,0912,1072,1282,1462,145

2,1252,1162,1272,149

Personalloans

1,0881,3221,009

3,3574,1114,7815,3926,1636,9637,9038,582

8,0568,1018,1808,2498,3068,3288,3498,3868,582

8,6078,6458,7208,841

Noninstalment credit

Total

2,7193,0873,203

7,3237,9988,2388,7249,712

10,27010,67911,200

9,72910,07510,0719,8499,963

10,06510,11210,33811,200

10,64710,32010,26010,463

Single-payment

loans

787845746

1,9342,1202,1872,4083,0023,2533,3653,543

3,3523,4763,4823,3733,4533,4953,4143,4993,543

3,4643,5633,6183,674

Chargeaccounts

1,4141,6451,612

3,6054,0114,1244,3084,5794,7354,8295,018

3,7724,0104,0123,9273,9564,0334,1914,2975,018

4,5044,0043,8833,997

Servicecredit

518597845

1,7841,8671,9272,0082,1312,2822,4852,639

2,6052,5892,5772,5492,5542,5372,5072,5422,639

2,6792,7532,7592,792

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

19511952195319541955195619571958

1958 AprMayJune .• . . . .JUlyAusSept . . . .OctNov.Dec

1959—JanFebMarApr

Totalinstal-mentcredit

4,5036,0852,462

15,29419,40323,00523,56828,95831,82734,09533,865

32,88832,91033,00833,07433,16533,07933,05233,12633,865

33,76833,75133,94334,453

Total

3,0654,4801,776

12,12415,58118,96319,45024,45027,08429,42728,943

28,72428,70328,77428,91728,98328,75828,66628,64828,943

29,01629,07029,32429,825

Financial institution

Com-mercialbanks

1,0791,726

745

5,7717,5248,9988,796

10,60111,70712,75312,730

12,44412,46712,52012,60612,65512,60712,61212,61712,730

12,85612,88413,02813,312

Salesfinancecom-panies

1,1971,797

300

3,6544,7115,9276,1448,4439,1009,5738,740

9,2009,1299,1059,1219,0838,8918,7778,7088,740

8,7338,7248,7808,921

Creditunions

132198102

635837

1,1241,3421,6782,0142,4292,664

2,4522,4782,5102,5452,5782,5912,6132,6282,664

2,6392,6612,7002,754

5

Con-sumerfinancecom-

panies1

1,5551,8662,1372,2572,6563,0563,3333,381

3,2923,2773,2833,2923,2943,2803,2743,2813,381

3,3743,3723,3713,379

Other1

657759629

509643111911

1,0721,2071,3391,428

1,3361,3521,3561,353j .*m1,3891,390,414

1,428

[,4141,4291,4451,459

Retail outlets

Total

1,4381,605

686

3,1703,8224,0424,1184,5084,7434,6684,922

4 1644,2074,2344,1574,1824,3214,3864,4784,922

4,7524,6814,6194,628

Depart-ment

stores2

354320131

924,107,064,242,511

1,4081,3931,702

1,2411,2781,3101,2411,2511,3931,4261,4741,702

1,6151,6111,5811,582

Furni-ture

stores

439496240

810943

1,004984

1,0441,1871,2101,220

1 0911,0921,0931,0931,1101,1101,1261 1491,220

1,1831,1661,1291,127

House-holdappli-ance

stores

183206

17

243301377377365377361360

342341339338340344346351360

356350348347

Auto-mobiledealers 3

12318828

290389527463487502478425

450446444443440433427424425

425427430439

Other

339395270

901,082,070,052101

,269,226

1,215

I 0401,0501,0481,042I 0411,0411,061I 080I 215

I 1731,127I 1311,133

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.

CONSUMER CREDIT 631

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT


INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT


]

1939.19411945.

1951.1952.1953.1954.19551956.1957.1958

Lnd of yearor month

1958 A n r

MayJuneJulyAuRSeptOctNovDec

1959 TanFebMarA p r


1,0791,726

745

5,7717,5248,9988,796

10,60111,70712,75312,730

12,44412,46712,52012,60612,65512,60712,61212,61712,730

12,85612,88413,02813,312

Automobilepaper

Pur-chased

237447

66

1,1351,6332,2152,2693,2433,6514,1303,938

3,9613,9543,9573,9673,9773,9483,9253,9173,938

3,9623,9934,0494,154

Direct

178338143

1,3111,6291,8671,6682,0622,0752,2252,191

2,2102,2142,2232,2282,2212,1982,1782,1692,191

2,2162,2392,2822,345

Othercon-

sumergoodspaper

166309114

1,3151,7512,0781,8802,0422,3942,4672,324

2,3062,2892,2812,3002,3042,2742,2872,2962,324

2,3722,3422,3402,361

Repairand

mod-erniza-

tionloans

1

111111111

1111

135161110

888,137,317,303,338,469,580,613

,518,531,540,551,570,583,603,614,613

,605,594,598,616

Per-sonalloans

363471312

1,1221,3741,5211,6761,9162,1182,3512,664

2,4492,4792,5192,5602,5832,6042,6192,6212,664

2,7012,7162,7592,836

End of yearor month

193919411945

19511952195319541955195619571958

1958—Apr.,MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1959—Jan..Feb..Mar.Apr.


1,1971,797

300

3,6544,7115,9276,1448,4439,1009,5738,740

9,2009,1299,1059,1219,0838,8918,7778,7088,740

8,7338,7248,7808.921

Auto-mobilepaper

8781,363

164

2,8633,6304,6884,8706,9197,2837,4706,404

6,9686,8886,8446,7956,7306,6016,4776,3956,404

6,3916,3946,4296,543

Othercon-

sumergoodspaper

11516724

452680816841

,034,277,413,567

,515,520,532,592,612,551,560,571,567

,566,548

1,5611,582

Repairand

modern-izationloans

Per-sonalloans

14820158

6360463125232019

202020212320191919

19 |1921 I20

566654

276341377402465567670750

697701709713718719721723750

757763769776

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 AprM a yJuneJulyAugSeptOctNovDec

1959—JanFebMarA p r


789957731

2,6993,3464,0384,5105,4066,2777,1017,473

7,0807,1077,1497,1907,2457,2607,2777,3237,473

7,4277,4627,5167,592

Auto-mobilepaper

8112254

373452538539761948

1,1061,173

1,1021,1111,1221,1341,1461,152L1571,1611,173

1,1611,170,185.205

Othercon-

sumergoodspaper

243620

233310370375537648622619

589588587591596599605607619

616623631645

Repairand

modern-izationloans

151414

134188247282326403491513

479487488489498504506513513

501503508513

Per-sonalloans

669785643

1,9592,3962,8833,3143,7824,2784,8825,168

4,9104,9214,9524,9765,0055,0055,0095,0425,168

5,1495,1665,1925,229

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 JanFebMarApr

Totalnon-

instal-mentcredit

2,7193,0873,203

7,3237,9988,2388,7249,712

10,27010,67911,200

9,72910,07510,0719,8499,963

10,06510,11210,33811,200

10,64710,32010,26010,463

Financialinstitutions(single-pay-ment loans)

Com-mer-cial

banks

625693674

1,6841,8441,8992,0962,6352,8432,9373,057

2,8962,9332,9982,9682,9802,9652,9772,9983,057

3,0303,0753,1003.181

Other

16215272

250276288312367410428486

456543484405473530437501486

434488518493

Retailoutlets(charge

accounts)

De-part-ment

stores1

236275290

698728772793862893876907

580584575533546600623669907

757637608601

Other

1,1781,3701,322

2,9073,2833,3523,5153,7173,8423,9534,111

3,1923,4263,4373,3943,4103,4333,5683,6284,111

3,7473,3673,2753,396

Servicecredit

518597845

1,7841,8671,9272,0082,1312,2822,4852,639

2,6052,5892,5772,5492,5542,5372,5072,5422,639

2,6792,7532,7592,792

1 Includes mail-order houses.

632 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

19511952195319541955195619571958

1958 AprMayJuneJuly

SeptOctNovDec

1959 JanFebMarApr

19511952195319541955195619571958

1958 AprMayJuneJulyAUKSeptOctNovDec

1959 JanFebMarApr

19511952195319541955195619571958

1958 Apr

JuneJulyAusSeptOct

Dec

1959 JanFebMarApr

Total

Adjusted Unad-justed

Automobile paper


Other consumergoods paper


Repair andmodernization loans


Personal loans


Extensions

3,2613,2463,2623,3283,4163,3263,4513,5943,720

3,7993,8163,7493,939

23,57629,51431,55831,05139,03940,06342,42640,497

3,3353,3713,4773,4833,3853,2973,4753,3384,350

3,3213,2473,7864,022

1,1431,0941,0951,1511,1421,0821,1991,2761,420

1,4371,4541,4141,502

8,95611,76412,98111,80716,74515,56316,54514,154

1,2111,1991,2571,2811,1931,1051,1731,0911,360

1,2481,2581,4761,580

923992968965

1,0181,0051,0051,0411,002

1,0471,0571,058.126

7,4859,1869,2279,117

10,63411,59011,62611,747

8761,000

973956976993

1,0751,0541,435

886839982

1,074

132134135135142142143142134

146141151158

.9411,2171,3441,2611,3881,5681,6621,620

131144146146151158159141131

111111141156

1.0631,0261,0641,0771,1141,0971,104L1351,164

1,1691,1641,1261,153

6,2947,3478,0068,866

10,27211,34212,59312,976

1.1171,0281,1011,1001,0651,0411,0681,0521,424

1,0761,0391,187

.212

Repayments

3,3903,3383,3913,3653,4033,3763,4183,4473,414

3,4123,4833,4313,516

22,98525,40527,95630,48833,64937,19440,15840,727

3,3873,3493,3793,4173,2943,3833,5023,2643,611

3,4183,2643,5943,512

1,3261,2841,2781,2751,2761,2461,2811,2431,262

1,2521,2811,2651,282

9,05810,00310,87911,83313,08214,57615,59515,432

1.3131,2771,2801,3041,2461,2871,3411,1891.295

1,2241,1901,3241,269

919940961948947949964

1,001953

956981983

1,006

7,4047,8928,6229,1459,751

10,71411,44411,432

931966941949919935976937956

1,012953

1,0281,018

135124138132124140134124129

130127126136

772917

1,1191,2551,3151,3621,4661,566

133123136133121142138123132

131120130134

1,010990

1,0141,0101,0561,0411,0391,079,070

1,074,094

1,057.092

5,7516,5937,3368,2559,501

10,54211,65312,297

1,010983

1,0221,0311,0081,0191,0471,0151,228

1,0511,0011,1121,091

Change in outstanding credit1

-129- 9 2

-129- 3 7+ 13- 5 0+ 33

+ 147+306

+387+333+318+423

+591+4,109+ 3,602

+ 563+ 5,390+2,869+2,268

-230

- 5 2+22+98+66+91- 8 6- 2 7+74

+739

- 9 7- 1 7

+ 192+ 510

-183-190-183-124-134-164- 8 2+33

+ 158

+ 185+ 173+ 149+220

-102+ 1,761+2,102

- 2 6+ 3,663

+987+950

-1,278

-102-78- 2 3- 2 3- 5 3

-182-168- 9 8+65

+24+68

+ 152+ 311

+4+52+7+ 17+71+ 56+41+40+49

+91+76+75

+ 120

+ 81+ 1,294

+ 605— 28

+ 883+ 876+ 182+ 315

- 5 5+ 34+ 32+7

+57+58+99

+ 117+479

-126-114- 4 6+56

- 3+ 10

- 3+ 3

+ 18+2+9

+ 18+5

+ 16+ 14+25+22

+69+ 300+225

+6+73

+206+ 196+54

- 2+21+ 10+ 13+30+ 16+21+ 18

- 1

-20- 9

+ 11+22

+53+36+50+67+58+56+65+56+94

+95+70+69+61

+543+754+670+611+771+800+940+679

+ 107+45+79+69+57+22+21+ 37

+ 196

+25+38+75

+ 121

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 Oc tober 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 633

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 Apr 1MayJune .July

Sept * .OctNovDec

1959 JanFeb iMar

19511952195319541955195619571958

1958 Anr iMayJuneJuly

Sept *OctNovDev

1959 JanFeb. iMarApr

19511952195319541955195619571958

1958 Apr.i

JuneJuly

Sept.iOctNovDec

1959 JanFeb. iMarApr.

Total


Commercial banks


Sales financecompanies


Other financialinstitutions


Retail outlets


Extensions

3,2613,2463,2623,3283,4163,3263,4513,5943,720

3,7993,8163,7493,939

23,57629,51431,55831,05139,03940,06342,42640,497

3,3353,3713,4773,4833,3853,2973,4753,3384,3503,3213,2473,7864,022

1,201,150,168,255,249,206,272,321

1,330

1,443,395,367

1,455

8,35811,12312,09911,26714,10914,38715,23414,645

1,285,227,278,320

1,235,209,261,160

1,357

1,333,227,426

1,555

766712685753714632732758827

883865883941

5,4676,9827,5607,26010,2009,600

10,2008,907

759743776851756656738687855

753723883933

834820841853889873885911935

903922900908

4,7885,6596,3756,9838,4499,474

10,49710,330

866827872875858831864857

1,143803824941939

460564568467564615562604628

570634599635

4,9635,7505,5245,5416,2816,6026,4956,615

425574551437536601612634995

432473536595

Repayments

3,3903,3383,3913,3653,4033,3763,4183,4473,414

3,4123,4833,4313,516

22,98525,40527,95630,48833,64937,19440,15840,727

3,3873,3493,3793,4173,2943,3833,5023,2643,6113,4183,2643,5943,512

1,2031.1971,220[,203[,2201,197[,230[,228[,196

1,210[,2621,2381,261

8,3859,370

10,62511,46912,30413,32014,25914,551

1,2141,2041,2251,2341,1861,2151,2561,1551,244

1,2071,1751,2821,271

860830801828806806800785782

789793781808

5,5245,9256,3447,0437,9018,9439,7279,774

843814800835794825852756823

760732827792

816802823821845837841855864

870857846865

4,3855,0125,6836,5117,5538,6039,6739,958

815800830834803816847811993

849789887863

511509547513532536547579572

543571566582

4,6915,0985,3045,4655,8916,3286,4996,444

515531524514511527547542551

602568598586

Change in outstanding credit2

-129- 9 2

-129- 3 7+ 13- 5 0+33

+ 147+306

+387+333+318+423

+591+4,109+3,602

+563+5,390+2,869+2,268

-230

- 5 2+22+98+66+91- 8 6- 2 7+74

+739- 9 7- 1 7

+ 192+510

+38- 4 7- 5 2+52+29- 3 3+42+93

+ 134+233+ 109+ 129+ 194

- 2 7+ 1,753+ 1,474

-202+ 1,805+ 1,106+ 1,046

-23

+ 111+23+53+86+49- 4 8+5+5

+ 113+ 126+28

+ 144+284

- 9 4-118-116

- 7 5- 9 2

-197- 6 8- 2 7+45+94+72

+ 102+ 133

- 5 7+ 1,057+ 1,216

+217+2,299

+657+473-833

- 8 4- 7 1- 2 4+ 16- 3 8

-192-114

- 6 9+32

- 7- 9

+56+ 141

+ 18+ 18+ 18+32+44+36+44+56+71+33+65+54+43

+403+647+692+472+896+871+824+372

+51+27+42+41+55+ 15+ 17+46

+ 150- 4 6+35+54+76

- 9 1+55+21- 4 6+32

+ 144+ 15+25+56+27+87+33+53

+272+652+220+76

+390je

+254

-130+43+27- 7 7+25

+ 139+65+92

+444-170- 7 1- 6 2+9

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.

634 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

1926. . . . .192719281929 . . .1930

19311932193319341935

19361937193819391940

19411942.19431944 . .1945

19461947194819491950 . . .

19511952195319541955. . . . . . . .19561957.1958

1958

MayJune .JulyAUKSeptOct . . .NovDec

1959

JanFebM a rAprMav

Industrial production(physical volume)*

Total

Ad-justed

128132134136137138141142

143145147150

*152

Unad-justed

39413139474449

5151535949

4031374047

5661485867

87106127125107

9010010497

112

120124134125139143143134

127131125136140143144140

142147149151

*152

Manufactures

Total

Ad-justed

38393039454348

5050525848

3930363946

5560465766

88110133130110

9010010397

113

121125136127140144145136

130134136138139140143144

145148150153

^155

Du-rable

Ad-justed

38422437474349

5249536045

3119243038

4955354963

91126162159123

8610110495

116

128136153137155159160141

134139141144145146151152

153157160164

?168

Non-du-

rable

Ad-justed

37363440444246

4850515651

4842484955

6164576669

8493

1039996

9599

10299

111

114114118116126129130130

126129132133133134135135

137139

r140142

2>143

Min-erals

Ad-justed

45534245625759

6364636859

5142485155

6371626876

8184879392

9110010694

105

115114116111122129128117

108112116120123122123124

124124

r123123

^126

Constructioncontracts

awarded (value) *

Total

Unad-justed

34343043455166

6969736349

3415141720

3032353944

6689372236

8284

102113159

171183192215261199101111

1281441361301211259886

8787

126142

Resi-den-tial

Unad-justed

26182741495775

7371765230

22877

13

2225273743

5449241016

878698

116185

170183178232280199101114

12412614413413514811291

9599

143170

Allother

Unad-justed

39453243424659

6768707062

4120182425

3536404044

74116453050

7983

105111142

172183201204248199101108

130156130128111109

8882

8278

114123

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

114.6115.0115.2115.6116.1115.6116.3116.2

^116.8117 .0r117.6118.6

*>119.1

Manufacturingproduction workers

Employ-ment

Ad-justed

92.392.893.193.294.893.496.096.1

96.596.898 299.5

vlOO.6

Unad-justed

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

90.992.391.894.196.594.896.996.5

95.896.5

J98 098.4

2J99.2

Pay-rolls

Unad-justed

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

140.9144 9144.8150.0155.7152.5158.4160.4

158 2160 4165 1167 0

^169.2

Freightcar-

load-ings*

Ad-justed

90988392

107105110

11511111211599

7959626769

8184677683

98104104106102

100108104

8897

10195968695979078

7377707980838382

8484858789

Depart-mentstoresales*(retailvalue)

Ad-justed

27323030343436

3737373835

3224242729

3235323537

4449566270

9098

10499

107

112114118118128135135136

134133140147135135137143

138140138

#140«145

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

123.6123 7123.9123.7123.7123.7123 9123.7

123 8123 8123 7123 9

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 3117.6119 2

119 5119 2119.2119 1119.1119.0119 2119.2

119 5119 5119 6120 0

e Estimated. Preliminary.* Average per working day.i Indexes beginning 1956 arc

)odgc Corporation, 1956-57=

r Revised.

> 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 635

INDUSTRIAL PRODUCTION

[Federal Reserve indexes, 1947-49 average= 100J

Industry947-49pro-por-tion

Annualaverage

1957 1958

1958

Apr. May June July Aug. Sept. Oct. Nov. Dec,

1959

Jan. Feb. Mar. Apr.

SEASONALLY ADJUSTED

INDUSTRIAL PRODUCTION—TOTAL.

MANUFACTURES^-TOTAL

Durable Manufactures—Total

Primary metals

Metal fabricatingFabricated metal products.Machinery

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 products.Apparel and allied products. .

Rubber and leather productsRubber productsLeather and products

Paper and printingPaper and allied productsPrinting and publishing

Newsprint consumption.Job printing and periodicals

Chemical and petroleum productsChemicals and allied products

Industrial chemicalsPetroleum and coal products

Foods, beverages, and tobaccoFood and beverage manufactures

Food manufactures.Beverages

Tobacco manufactures

MINERALS—TOTAL .

Mineral fuelsCoal „

AnthraciteBituminous coal

Crude oil and natural gas. ,Crude oilNatural gas and gas liquids

Metal, stone, and earth mineralsMetal miningStone and earth minerals.

00.00

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

143

145

160

131

176139168150204213128344172

133155114

132120140

130

10599111

118135104

148158141131146

172184203141

112112112113111

128

128834988150138198

129116142

134

136

141

104

75512814512717918799319164

129145115

127119133

130

10398110

113125102

147160139126146

770184195134

775115115116118

117

777684272141129197

77791143

126

128

131

E6

14611813712216617886316159

121135107

127110129

125

9892106

1.0211294

143152137123145

164178182127

113113115108117

109

108634067129117193

I7J88139

128

130

134

91

14812013712216718293314158

123139109

122113129

126

9992106

10411397

143153137124144

755178182129

774114114114115

108

108624165130118192

70773142

132

134

139

103

75712514112517118595320160

128145113

126116132

129

10295110

777125100

146157138125145

755181187131

775116116116116

112

112664569134122191

77280145

134

136

141

102

15412914412518118596318162

132152114

72P119135

132

107101115

114125104

148163138126145

777184193136

775116116114121

116

775653869141128200

11380146

136

138

144

109

75513214712618818696321162

755150120

130123134

133

108103114

775132103

750166140128147

174186196139

775116116115121

120

727684173146137198

77583144

137

139

145

113

155

14812918617882322166

755157118

752126137

133

109103116

779136104

750167140127146

174187204135

775115116114121

123

725704474149140198

77P90149

138

140

146

122

75513314713018018391321169

134149120

134127138

134

111104118

77P133108

755171142131148

775189209137

775115115115120

122

725693974148138202

72092148

141

143

151

123

755136150133183203119327173

757151125

134129137

135

110104117

725141113

752168142130149

777192212139

777116116119126

123

725723777147135203

124101148

142

144

152

123

755136152132190204123322175

755148125

757127134

135

110104116

725140108

750166139120150

750194214142

777117116121126

124

124734877148135205

725108142

143

145

153

125

755136154132199204124322176

755147127

755133137

137

'112106118

124142109

755167144129152

752196216143

775118117121121

124

725694573149137

P203

72P113145

145

148

157

138

755135158138198204123322179

757149126

755132137

139

nu108'120

725150109

755172145131152

184199222144

'720'119'119121130

124

725743779146135

725114143

147

150

160

146

770138159142192207128322181

143158129

138135141

140

115110121

729156106

'755173145130153

r188r2Q2226149

720119120117121

123

39'77144133

'752115148

150

153

164

149

775142163145198211132327182

749166133

143138146

142

119115124

725135

755175147135154

755203

^48*

720119120

B4*

123

727713876

^145

755113155

Preliminary r Revised. For other notes see end of table.

636 PRODUCTION

INDUSTRIAL PRODUCTION—Continued

[Federal Reserve indexes, 1947-49 average = 100]

Industry1947-4!

pro-por-tion

Annualaverage

1957 1958

1958

Apr. May June July Aug. Sept. Oct. Nov. Dec.

1959

Jan. Feb. Mar. Apr.

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 products. . . .Tin 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

9311694193110

155

128140108150106

145

12712179127119148

179177166

18799101908224203116

31957212839

34

164

129

14512513713913582155118113123

187157

127

129

133

89818380828377

787974

11214612412294101261

941027718999

148

1181319912097

139

12612184126119131

165172125

1819289907926213103

127

129

133

93879183919186

787970

11214111211410599256

831058418798

146

1191329813796

135

12411881123115137

159168112

1819499967826239111

131

133

138

1061001059310510891

878881

12413310511010295241

125110212101

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

1251391111109991

r263

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

9898101

13316313213597105317

98127103204129

168

134144124118107

156

13412880135116155

199192193

21113115411011428227145

147

150

160

144142156139156151191

112112111

r14916913615597108318

119145123'225140

172

135144123'125116

162

14213299137118194

202193200

21213314913312332308163

149

152

163

154154170152170164205

118'118115

15416714513887110318

129243

774

138146128128109

164

147137106142125200

196195173

'21513916313812431327170

3165611275149

160

121

13511813112912678

146112115111

170147

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

32158212920

15

171

143

15512212312014591193133136133

207169

32759113029

19

174

139

15312714114113086170127123132

199169

3295951283224

176

126

14512414414411680

139120110129

187171

32558713128

19

176

128

1411251421421267910911296126

182172

32658712835

26

179

134145133147148138

109115101

127

182175

'325'583132'36

27

183

140

15614316717113786

143121111130

192180

151

154

166

155156171155171165206

121122121

15316914314093

'108325

117263

176

142151130146111

165

149140107145130196

196198166

21714116414313036329185

32758113643

36

184

149166146166171149

177

210183

9 Preliminary. r Revised. For other notes see end of table.

PRODUCTION 637


[Federal Reserve indexes, 1947-49 average= 100]

Industry947-49pro-por-tion

Annualaverage

1957 1958

1958


1959

Jan. Feb. Mar. Apr.


—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 slippers!Miscellaneous leather products.

Paper and Printing.Paper and allied products

Pulp and paperWood pulpPaper and board

Printing paperFine paperCoarse paperMiscellaneous paperPaperboardBuilding paper and board.

Converted paper products.Shipping containersSanitary paper products.

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

1149618711231284

132

120120120

140

130

105

991059511994

757875

1049389102118

1159420211035676

127

119122114

133

130

103

981049111598

697269

1049284108120

107881929136073

118

108108106

125

125

100

94968610488

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

.48

.31

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

63

110100757366115

112129

117

113

125113120103136

102849168

62

10895747264107

11796

106

104

11510311291125

95798565

48

105104837789117

10694

106

101

11210211388121

92818868

50

106101817391113

109123

112

110

12211713199127

99849070

36

997752475991

107

138

112

971039610585108

92687261

61

1171109182104122

120153

121

117

12711011899142

108859465

70

113106787286123

112139

126

120

137117122109156

105839265

79

121108797673128

120150

129

125

143129131125156

1099110172

76

117107848462121

113138

128

125

145128131124160

1089310274

8.93

3.461.76.51

1.25.22.14.20.18.41.10

1.70.51.11

94

148

158154176145133139127179153124

163157179

94

147

160154175145133142125178154129

166157191

82

146

156152171145137145124184146126

160146201

82

144

153147166139134138113170145131

159151183

90

146

159153171146138146120175154133

165156191

92

137

145137156129121116109158136130

154146176

100

148

168159179151136143129176163141

177173185

100

152

169159180150131145129174164145

179175188

105

160

181171199160138151142195173145

192184213

107

155

170164188154132152139186166128

176168199

1098719310334177

135

132138122

137

130

103

1001068614187

626263

96756698124

1168922511041977

132

132137120

133

135

113

107119101135115

1249824312044875

136

134140120

137

140

120

113122103138119

12510123411842978

138

135141122

139

141

121

113122102r149108

79 85 84

10910190125120

1119987127126

1119483120132

75

10593677038109

90101

126

118

137128132122146

102859469

76

120119818737145

119151

125

129

150138149124161

110909775

91

128123828646151

141

175

130

r138158154167137161

12094102

87

130117818352142

138147

129

136

159155171133163

116889573

104

145

153148168140127145120175146115

158148187

99

150

166161187150138145129193157124

171160203

102

156

111171194162142160140200173137

183172213

103

159

176171195161145161135194

r\12143

182174202

133106

139

135140124

142

143

123

111131106154138

95

1169784129140

129139999592167

134114

126

125

13811112099163

163

183177202167151165141204176152

190179222

Preliminary. r Revised. For other notes see end of table.

638 PRODUCTION


[Federal Reserve indexes, 1947-49 average= 100]

Industry

WITHOUT SEASONAL ADJUSTMENT—Continued

Job printing and periodicals

Chemical and Petroleum Products

Industrial chemicalsBasic inorganic chemicalsIndustrial organic chemicals

Plastics materialsSynthetic rubberSynthetic fibers

Vegetable and animal oils

Grease and tallow

Soap and allied productsPaintsl

Fertilizers . . .»

P e t r o l e u m a n d c o a l D r o d u c t s . . . .Petroleum refining

Automotive gasoline

Fuel oilDistillate fuel oilResidual fuel oil

KeroseneLubricating oil

CokeAsphalt roofing and siding. . .

Foods, Beverages, and Tobacco

Food manufactures

BeefPork

Dairy productsButterNatural cheese

Ice cream

Canned and frozen foodsGrain-mill products . . . .

Wheat flourCereals and feeds

Bakery products

Beet sugar

Confectionery

BeveragesBottled soft drinksAlcoholic beverages . . .

Beer and ale

Liquor bottling

Cigarettes

1947-49pro-por-tion

5.471.853.62

9.34

6.842.54

.571.97

.24

.11

.591.03

.64

.48

.16

.7166

.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

1.64.27.11.13

.711.41

2.24.54

1.701.02

.17

.37

.78

.46

.17

Annualaverage

1957

141131146

172

184203202204272245199186

130121154

112

132

141150162157249

14719493

98113

10594

112

111112128148110

111109119102111

12610087

108

100122112125

112108

113

10310183

111

111116106

1958

139126146

170

184195198195284230180178

130124149

109

132

134145161156249

13618382

99104

76103

115

115115125139111

11010512199

112

13410390

112

101131115138

113115

116

10710391

115

118124114

1958

Apr.

140131145

165

180186202181262196159174

124118139

101

189

124134148144223

12516678

89100

66107

106

105104123131111

119118135116111

919884

106

9868

11423

104108

110

1011028599

112119104

May

139132143

164

177184193181261197160172

117110138

97

174

127136152149202

12817375

74103

65132

no11010611513399

137134157143122

989984

109

10083

11253

92114

122

11211674

114

118126109

June

137125143

165

177184185183266197164174

11099

145

106

118

131141162157237

12617175

76104

68137

119

119114121144102

146137165142142

12210687

118

10382

12541

95119

138

12513658

124

125134113

July

132110143

163

174183179184244199174175

10898

138

88

102

133146167162255

13117580

74105

66115

118

11911611514194

133111138117149

16310585

118

10474

12623

86119

128

1071273391

10911992

Aug.

136115147

170

182190182193276225178178

117107148

122

106

140149170163293

13318179

87109

72165

127

126127120141101

12191

11995

149

23610992

120

10272

13611

103120

122

10410747

116

130138122

Sept

142128149

174

187202196204316242189183

117108146

126

118

138148166159297

13818980

93102

78130

130

131134130147113

10379

10984

122

24211093

121

10210312579

154119

119

10899

116118

125129124

Oct.

147141149

179

195211210212336260199185

162161164

120

126

137147160154275

14019379

103108

85121

129

129130138150123

9380

10477

104

17510997

117

103293117439

140118

124

12490

172166

130132137

Nov.

146142149

180

195214219213328273200187

159155171

114

115

140151168161286

14019280

115106

9092

120

120121134134126

8988

1017094

12510497

110

101311114476

134118

113

11185

125154

128128140

Dec.

140119151

181

195217210219320262215192

149148151

104

119

144159173167275

153207

90

123112

9249

110

110112133134126

8792

1037684

10510188

109

101233107336

96116

104

9490

10992

103108102

1959

Jan.

139119150

184

198218209221332280211195

157156161

117

134

146160170165257

163226

91

137104

9458

108

107110139141130

92103102

8387

9210594

113

98112103114

121113

95

9185

10492

121123129

Feb.

142127150

187

202226223227

r35O292220196

157152174

120

142

145157162156268

16522992

137104

10280

HI

109110140132136

100106108

8899

9310290

111

9972

10440

128116

105

10088

107116

130127150

Mar.

148136154

189r205231229

'231366287222199

146144155

113

'172

148154166162232

153211

86

100111

107149

rU0

109108133132127

109

no11999109

r9710289

1 1 1

'9964

11316

103'115

113

109105107112

121121133

Apr .

151145154

190

207

235

289*^228

204

141133165

117

214

^143^1483>163

2=>137

107

114

1 1 3111136141127

121115134115117

1099985

108

99

108116

119'

129129140

Preliminary. r Revised. For other notes see end of table.

PRODUCTION 639


[Federal Reserve indexes, 1947-49 average^ 100]

Industry1947-49

pro-por-tion

Annualaverage

1957 1958

1958


1959

Jan. Feb. Mar. Apr.


—Continued

MINERALS—TOTAL

Mineral Fuels

CoalAnthraciteBituminous coal

Crude oil and natural gasOil and gas extraction

Crude oilNatural gas and gas liquids

Natural gas ,Natural gas liquids

Oil and gas well drillingMetal, Stone, and Earth Minerals.

Metal miningIron oreNonferrous metal mining ,

Copper miningLead mining . . . ,Zinc mining ,

Stone and earth minerals

9.98

8.35

2.68.36

2.325.674.824.12

.70

.34

.36

.85

1.63

.82

.33

.49

.24

.09

.06

.81

128

128

150146138198212184171

129

1161141171338584

142

117

117

684272

141139129197216179152

117

9173

1031216865

143

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

144143134196212181154

131

1071071071326261

156

123

124

754081

147r145134209230188159

121

9353

1191457365

151

124

127

765080

151149137219247193165

110

8138

1101356460

139

124

127

735076

152150138

*221

123

126

743979

150150138

122

123

34r 7 4

149149138

2*216

192163

108

8643

114139

6966

131

200152

111

9152

1181417175

130

196146

114

' 9150

118146'64r71

138

123

122

683473

^147P\47^137

148

127

104

no1191476573

151

* 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

FLECTRICITY AND GAS TOTALResidentialNonresidential

ElectricityResidential .Industrial

General industrial . . . .Atomic energy

Commercial and other

GasResidentialIndustrialCommercial and other

1947^9pro-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

Apr.

236279205

235291197178

2590209

238255222206

May

237278208

237290199180

2590214

238254225203

June

241282213

242296203184

2580220

239255227199

July

242281214

242294206187

2570220

239256229196

Aug.

245285217

247300210192

2550224

240257231196

Sept.

248288220

250304216197

2550224

242257233201

Oct.

250289223

251305217198

2560224

247257241222

Nov.

249285224

248298216198

2550224

251258245236

Dec.

252286228

252300221202

2540228

253258250238

1959

Jan.

P257

257313220202

2560230

*256

Feb.

*>258

257310224206

2590230

^259

Mar .

^260

260312228209

2580234

*>261

Apr .

^262

^262

^262

* Preliminary. r Revised.N O T E . — F o r 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.

640 PRODUCTION

OUTPUT OF CONSUMER DURABLE GOODS

[Federal Reserve indexes, 1947-49 average = 100]

Product

SEASONALLY ADJUSTED

CONSTJMER DURABLES TOTAL.

Furniture and floor coveringsHousehold furniture

Refrigeration arjDliancesLaundry appliances

Radio and television sets

Misc home and personal goods


CONSUMER DURABLES TOTAL

Furniture and floor coveringsHousehold furniture

Major appliances

Refrigeration aooliancesLaundry appliances

Radio and television sets

Television sets

Other Consumer Durables

Misc home End personal goods.

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

14018010420575

453

111

114

130

138146132114120

12713389

140180104205

75453

111

114

1958

113

114101127115122

12713188

14017011516661

365

110

109

113

114101127115122

12713188

14017011516661

365

110

109

1958

Apr.

97

9481

107104111

10210182

10611610513146

293

106

103

101

10089

110104108

11211686

13512010112544

279

103

100

May

105

10496

113106114

11211379

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

13714484

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

156162114156241136212

99429

117

122

Dec.

134

143143144127134

15616111818018713816265

346

114

113

137

147161138130138

13714610815318910816379

322

113

114

1959

Jan.

133

140139143132140

14014199

150188137

18173

r387

118

114

136

145154140130137

13113796

14518311219373

422

115

109

Feb.

132

138130148133140

150155103177186134

18572

r400

119

114

140

150149154135140

15816911518721212119973

440

117

114

Mar.

135

141142142

133141

139145101164169120

17967

r392

121

117

144

155163

151136141

15917311720518611617370

369

117

1 1 6

Apr.

136

145147145134143

14014599

15817612518971

415

115

118

141

154164148134140

15516710420118212016668

353

112

116

P Preliminary. r Revised. Individual indexes without seasonal adjustment for woven carpets,1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may beNOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics,

pp. 438-47.

VALUE OF NEW CONSTRUCTION ACTIVITY

[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]

Year or month

195019511952195319541955195619571958

1958 MayJuneJulyAugSeptOctNovDec

1959 JanF e bMar PApr p

May25

Total

29,95532,73934,75037,11839,60144,58146,29248,11548,980

3,8793,9293,9814,0414,1194,2794,3784,473

4,5394,5374,5444,4644,460

Total

22,95423,32023,84925,72427,67932,62033,28733,98833,947

2,6962,7252,7602,7992,8472,9443,0153,049

3,0953,1203,1063,0953,099

Resi-dential

14,10012,52912,84213,77715,37918,70517,67717,01917.884

1,3481,3861,4341,4961,5401,6231,6821,715

1,7871,8171,8111,8031,787

:3rivate

Business

Total

5,6807,2177,4608,4368,526

10,16011,82812,74511,558

978965948926923932941945

933930925925942

Indus-trial

1,0622,1172,3202,2292,0302,3993,0843,5572,443

210195187179172172175173

170167164159159

Com-mercial

1,2881,3711,1371,7912,2123,2183,6313,5643,561

302311308294291296302305

288287293305339

Publicutility

3,3303,7294,0034,4164,2844,5435,1135,6245,554

466459453453460464464467

475476468461444

Othernon-resi-den-tial

3,1743,5743,5473,5113,7743 7553,7824,2244,505

370374378377384389392389

375373370367370

Public

Total

7,0019,419

10 90111,39411,92211 96113 00514,12715,033

1,1831 2041 2211,2421 2721 3351 3631,424

1 4441,4171,4381 3691,361

Mili-tary

177887

1,3881,3071,030I 3131,395,322

1.235

908694

102112118120125

130129130130135

High-way

2,2722,5182 8203 1603,8704 0504 6554,9715,350

410426424432436470505538

559552557500491

Con-serva-tion

942912900892773701826971

1 004

8185848886888782

878687OO

87

Allother

3 6105 1025 7936 0356 2495 8976 1296 8637 444

602607619620638659651679

668650664651648

Preliminary.

PRODUCTION 641

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—AprMay

JulyAug ••••SeDtOctNov .Dec

1959 JanFebMarApr

Total

32,17335,090

2,8853,3993,8203,6073,4673,2163,3092,5942,282

2,3192,3073,3403,778

By type ofownership

Public

11,23813,427

1.0531,4631,7201,5501,2331,049L071

927887

800800869

1,207

Private

20,93521,663

1,8321,9362,1002,0582,2342,1672,2381,6671,395

1,5191,5072,4712,571

By type of construction

Resi-dential

building

13,03914,696

1,2441,3431,3641,5571,4511,4601,5951,206

981

1,0221,0731,541

Nonresidential building

Fac-tories

2,1681,400

12914680

1501421131359688

105139128

Com-mercial

3,2673,197

293265235282356303288238227

282198286

Educa-tional

2,9362,908

235286264264280240248198206

171177217

Other

2,9223,444

300427397381301237284243226

261190283

Publicworksand

publicutilities

7,8419,446

683932

1,479974937863759613553

479530886

NOTE.—Beginning in 1958, monthly data exceed annual total and arenot comparable with monthly data for earlier years because of a change

in policy of accounting for negative adjustments in monthly data afteroriginal 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

1958—FebMarApr

1959 FebMarApr

Alldis-

tricts

1,9532,7212,885

2,3073,3403,778

Federal Reserve district

Boston

72145136

100125233

NewYork

214291281

253342435

Phila-delphia

58111127

86164127

Cleve-land

143208268

143248308

Rich-mond

169218182

198231330

Atlanta

234291286

311516385

Chicago

210348403

231372544

St.Louis

110122130

124209189

Minne-apolis

5693

125

60103145

KansasCity

158167184

137204224

Dallas

140191212

203209214

SanFran-cisco

388537551

462615645

e Corrected.

PERMANENT NONFARM DWELLING UNITS STARTED

[Bureau of Labor Statistics estimates. In thousands of units]

Year or month

19511952195319541955195619571958

1958 MayJuneJulyAng,SeDtOctNovDec

1959 JanFebMar.AprMay

Totalprivate

(seasonallyadjusted

annual rate)

1.039

VpV

1,0571,1741,2281,2551,3031,4271,432

1,3641,4031,390I 3901,340

Total

1,0911,1271,1041,2201,3291,1181,0421,209

10911311312412111510991

8795

*120»137»134

Metro-politanareas

777795804897976780700827

7477818385797464

6262819693

Non-metro-politanareas

315332300324353338342382

3536324136363627

2533394141

Total

1,0201 0691,0681,2021,3101,094

9931,142

10110110911511111310790

8494

*117*133^131

Pri>

1-family

892939933

1,0771,190

981840933

8485889693948570

6475

n.a.n.a.n.a.

/ate

2-family

4046423433313339

43343443

33

n.a.n.a.n.a.

Multi-family

888494908782

120173

1414171514151816

1715

n.a.n.a.n.a.

Public

7159361919244968

71249

10222

31

n*>3

Government-underwritten*

Total

412421409583670463313429

3340434850544038

2928414647

FHA

264280252276277192185327

2731323535392929

2222313536

VA

149141157307393271128102

68

11131415119

76

101110

v Preliminary. n.a. Not available.i Data from Federal Housing Administration and Veterans' Administra-

tion represent units started under commitments of FHA or VA to in-

sure or guarantee the mortgages. VA figures after June 1950 and all FHAfigures are based on filed office reports of first compliance inspections;earlier VA figures are estimates based on loans-closed information.

642 EMPLOYMENT

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT[Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated]

Year or month

195119521953195419551956195731958

1958 May

July . . . .AueSeptOctNovDec

1959__janFebMarApr]VIay

Total non-institutionalpopulation

111,924113,119115,095116,220117,388118,734120,445121,950

121,776121,900121,993122,092122,219122,361122,486122,609122,724122,832122,945123,059123,180

Totallaborforce

65,83266,41067,36267,81868,89670,38770,74671 284

71,60373,04973,10472,70371,37571,74371,11270,70170,02770,06270,76871,21071,955

Civilian labor force

Total

62,88462,96663,81564,46865,84867,53067,94668,647

68,96570,41870,47370,06768,74069,11168,48568,08167,43067,47168,18968,63969,405

Employed1

Total

61,00561,29362,21361,23863 19364,97965,01163 966

64,06164,98165,17965,36764,62965,30664,65363,97362,70662,72263,82865,01266,016

In nonagri-cultural

industries

53,95154 48855,65154,73456 46458,39458,78958 122

57,78958,08158,46158,74658 43858,90258,95859 10258,01358,03058,62559,16359,608

Inagriculture

7,0546 8056,5626,5046 7306,5856,2225 844

6,2726,9006,7186,6216,1916,4045,6954 8714,6934,6925,2035,8486,408

Unem-ployed

1,8791 6731 6023 2302 6542 5512 9364 681

4,9045 4375,2944,6994 1113 8053,8334 1084 7244,7494 3623 6273,389

Not in thelabor force

46,09246 71047 73248 40248 49248*34849 69950 666

50,17348 85148,88949,38950 84450 61851,37451 90952 69752,77052 17751 84951,225

Unemploy-mentrate

(per cent) 2

3.02 72.55.04 03.84.36 8

7.26.87.37.67.27.15.96 16.06.15 85 34.9

1 Includes self-employed, unpaid family, and domestic service workers.2 Per cent of civilian labor force. Monthly data are seasonally

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

and waiting to start new jobs (previously included as employed) are clas-sified as not in the labor force.

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 Total Manufac-turing Mining Contract

construction

Transporta-tion andpublicutilities

Trade Finance ServiceFederal,

State andlocal

government

19511952195319541955.195619571958.....

SEASONALLY ADJUSTED

1958—MayJuneJulyAugSeptOctNov.Dec

1959—JanFeb . . . . . . .MarAprMay


1958—MayJune *JulyAugSept ,OctNovDec

1959—JanFebMar ., „,AprMay

47,34748,30349,68148,43150,05651,76652,16250,543

50,14750,31550,41150,57050,78050,58250,87750,844

r51,086'51,19451,45651,86952,100

49,94950,41350,17850,57651,23751,13651,43251,93550,31050,31550,87851,41451,956

16,10416,33417,23815,99516,56316,90316,78215,468

15,20215,27515,31215,33015,52915,35815,69315,70115,76415,81916,00616,17516,321

15,02315,20615,16115,46215,75515,53615,79515,74915,67415,77115,96916,02916,135

916885852777777807809721

718713709701707708708709704693688699705

711717705708711708712713704693688692698

2,6032,6342,6222,5932,7592,9292,8082,648

2,6982,6982,6932,7112,6982,6982,6902,550

%650r2,6262,7192,8232,793

2,6852,8062,8822,9552,9272,8872,7842,4862,3432,2562,4172,6562,840

4,1664,1854,2214,0094,0624,1614,1513,903

3,8773,8883,8773,8673,8583,8873,8753,8593,8943,8803,8853,8883,909

3,8743,9043,9073,8973,8863,8973,8853,8813,8363,8353,8653,8813,906

10,01210,28110,52710,52010,84611,22111,30211,141

11,08711,10511,12111,17511,15111,15411,11911,14311,21611,27911,26311,32811.344

10,96111,03510,98411,01111,15111,22511,38211,97611,05210,99011,08311,13111.215

1,8921,9672,0382,1222,2192,3082,3482,374

2,3702,3672,3632,3772,3922,3922,3862,3852,3872,3952,3982,4042.420

2,3702,3912,4102,4132,3922,3802,3742,3732.3632,3712.3862.4042,420

5,2645,4115,5385,6645,9166,1606,3366,395

6,3606,3926,4336,4206,4406,3996,4266,4486,4436,4626,4416,4766,488

6,4556,4886,4656,4526,4726,4636,4266,3846,3146,3336,3776,5086,585

6,3896,6096,6456,7516,9147,2777,6267,893

7,8357,8777,9037,9898,0057,9867,9808,0498,0288.0408; 0568,0768,120

7,8707,8667,6647,6787,9438,0408,0748,3738,0248,0668,0938,1138,157

r Revised.NOTE.—Data include all full- and part-time employees who worked

during, or received pay for, the pay period ending nearest the 15th of themonth. Proprietors, self-employed persons, domestic servants, unpaid

family workers, and members of the armed forces are excluded. Figuresfor April and May 1959 are preliminary. Back data may be obtainedfrom the Bureau of Labor Statistics.

EMPLOYMENT AND EARNINGS 643

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In thousands of persons]

Industry group

Seasonally adjusted

1958

M a y

1959

Mar. Apr. May

Without seasonal adjustment

1958I

May

1959

Mar. Apr. May

Total

Durable goodsOrdnance and accessoriesLumber and wood products.. . .Furniture 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

11,415

,28568539291405844760,019722,081201355

5,1301,042

81835

1,037436543513157173313

12,149

6.914' 73569313435

1,010821

1,097790

1,226214366

5,2351.049

81857

1.048443551519162202323

12,304

7,02673578319445

1,037839

1,112802

1,230215376

5,2781,047

81868

1,079446557531162181326

12,444 11,245

7,14173589323454

1,059853

1,136819

1,231218386

5,3031,043

80872

1,100447559537159172334

6,26968542284405840756

l}029715

1,081200348

4.976'97870831985432540510158172302

12,117

6,93773552316433

1,015829

1,113798

1,226216368

5,18094572866

1,085441551527160202331

12,167

7,02273564317445

1,037839

1,129802

1,230216372

5,14595870868

1,057442554536160178323

12,266

7,12173592315454

1,054849

1,147811

1,231217378

5,14597769868

1,045443556534160171322

NOTE.—Data covering production and related workers only (full- andpart-time) who worked during, or received pay for, the pay period endingnearest the 15th of the month. Figures for April and May 1959 are

preliminary.Statistics.

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 gfoup

Average weekly earnings(dollars per week)

1958

May

1959

Mar. Apr. May

Average hours worked(per week)

1958 1959

vlay

38.7

39.140.639.637.839.737.339.439.439.139.739.239.1

38.140.238.737.334.841.037.640.840.538.235.3

Mar.

40.2

40.841.340.740.441.040.940.841.340.340.740.540.0

39.540.238.140.436.542.738.341.341.242.038.0

Apr.

40.3

40.941.040.840.141.341.241.141.440.241.040.740.2

39.540.237.840.436.642.738.141.640.841.737.0

Average hourly earnings(dollars per hour)

1958

May

1959

Mar. Apr. May

T o t a l . . . . . .

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

82.04

88.3799.8874.4566.9182.9796.2388.6593.3883.6798.8585.4671.94

73.9180.8064.2455.9552.2086.1097.0193.43

110.1687.8655.42

89.24

97.10104.0877.7473.1290.20115.3495.88102.4289.06107.0491.5375.60

79.0084.4264.3963.4355.8592.66

102.6497.88

118.24103.7460.80

89.87

97.75103.7379.1572.5891.27116.6096.59103.0988.84107.8391.9876.38

79.0084.4265.0263.4355.6393.09

101.7398.18

117.91100.9159.57

90.32

98.23103.9880.7572.2292.35116.3197.47104.5089.28108.5091.9876.38

79.8085.8967.4764.1555.6393.73101.8498.77117.38n.a.59.25

40.5

41.141.141.239.941.641.141.341.840.441.140.740.2

39.740.939.040.636.642.838.041.540.9n.a.36.8 !

2.12

2.262.461.881.772.092.582.252.372.142.492.181.84

1.942.011.661.501.502.102.582.292.722.301.57

2.22

2.382.521.911.812.202.822.352.482.212.632.261.89

2.002.101.691.571.532.172.682.372.872.471.60

2.23

2.392.531.941.812.212.832.352.492.212.632.261.90

2.002.101.721.571.522.182.672.362.892.421.61

2.23

2.392.531.961.812.222.832.362.502.212.642.261.90

2.012.101.731.581.522.192.682.382.87n.a.1.61

n.a. Not available.NOTE.—Data are for production and related workers. Figures for

April and May 1959 are preliminary. Back data are available fromthe Bureau of Labor Statistics.

644 DEPARTMENT STORES

DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS

[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]

Year or month

SALES i19511952195319541955195619571958

SEASONALLY ADJUSTED

1958 AorMay

July

OctNov

1959 JanFebMarApr


1958 AprMay

July

SeptOct

Dec

1959 janFebMarApr

STOCKS i19511952195319541955195619571958

SEASONALLY ADJUSTED

1958 Apr

July

SentOctNovDec

1959 JanFebMarApr


1958 AprMay

July

SeptOctNovDec

1959 JanFebMar

UnitedStates

112114118118128135135136

130134133140147135135137143

138140138

2140

123130126112129137141166251

106107125

2130

131121131128136148152148

143144147148148150152153150

152150148

2151

r150146140139144157170173136

136143153


Boston

109110114117123126122122

114117115129137119125122132

119120116120

10911711593107127127149240

9490103114

129117124126132141138136

131133135140137141142142139

137139136138

136135126126133147161166130

124131138144

NewYork

107104105108113120124127

121124124133137125128125133

129127123126

11412012097105129135160235

104100112116

127115120117119130138136

134133136135135137142140141

141138137138

139136127122132144160161130

126130141143

Phil-adel-phia

112113117116125131132133

135129129141143129140135142

134134129142

125128121103115135143179251

101101124128

132120129127135148154154

149152157152153155157159157

155153153155

160155146137147163181183141

137147158166

Cleve-land

114115119112122128129127

121124122132140129126125139

123133128132

113120115107124129129154244

96103117123

132115125122124133136129

124128126131128132131130128

139127127127

130131120121123137147147117

123122131133

Rich-mond

115122127129140146148149

147146146153163145151149156

160159146

2156

136144135123139151158186286

113114138

2140

129127141138159175178171

167169173171172175176180172

177172171

2175

175170160156167181201205157

158166182

At-lanta

117127131135149164166167

r157164176174183167165170176

173168167

2175

r156158153144165160173197305

135138167

145143155152170195203197

190191191192192198202207205

200198195

2201

200193182179188206221234178

182196204

Chi-cago

110109114112122128128125

118124119131136124122125134

124129

r129130

112122117103121129129154228

9496114122

125112122120127138143139

131133138142144145146143140

141141138142

139137134136138151160163123

129133139150

St.Louis

111116120121132138138137

130136133139151144131133148

138141144138

123137124114136143144161250

105109128129

130120131125135148149140

141140144145143136136137134

144138138141

149140134135141143153153121

128134143149

Minne-apolis

107109110113117126128128

120126123129137126123130136

127133141127

117121119103130135142150227

9399

r119122

121113123124130142146137

129133136135137142141140137

136142139137

132132128129134148156159127

126136143141

KansasCity

117121123129140144142146

136148141147158147144149150

150154155

131145136130152149149173260

112112133

2140

137130146141152164160153

145146152149152155159165159

159155150150

153148146142151159173184144

143148156158

Dallas

120129132136149158159159

r150161162162172162159166160

168162166169

143159147144160156165190277

133126151157

135129143140153168174165

r164164168163163164170172163

168168169

2175

r170163156155163174187190152

148163178

2182

SanFran-cisco

112120122122132141140142

142142143140148140141149148

150155155153

130135135124144140142173262

119119

r132138

137131140135142156158155

152152156156152158159160157

160161163

2166

r155151150150153164178180148

144151165

2169

9 Preliminary. r Revised.i Figures for sales are the average per trading day, while those for stocks

are as of the end of the month or averages of monthly data.

NOTE.—For description of the series and for monthly indexes beginning1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to1947 may be obtained from the Division of Research and Statistics.

DEPARTMENT STORES; FOREIGN TRADE 645

DEPARTMENT STORE MERCHANDISING DATA

[Based on retail value figures]

Period

Annual average:

195019511952195319541955195619571958

Month:

1958—AprMayJuneJuly

SeptOctNovDec . . . .

1959—JanFebM a rApr p

Amounts (In millions of dollars)

Sales i(totalfor

month)

376391397406409437454459462

416441402366420451502538911

379342434431

Stocksi(end

ofmonth)

1,0121,2021,0971,1631,1401,1951,2861,3381,320

1,3461,3081,2301,2161,2761,3951,5161,5671,231

1,2171,2781,3601,404

Out-stand-

ingorders*(end ofmonth)

495460435421388446470461436

'316319481563534553545462332

412449423387

Re-ceipts 2(total

formonth)

391390397408410444459461461

'439405324352480570623589575

365403516475

Neworders 3

(totalfor

month)

401379401401412449458458463

'•398414486434451589615506445

445440489440

Ratios to sales4

Stocks

2 83 .22.93.03.02.93 03 .13.0

3.23.03.13.33.03.13.02.91.4

3.23 73.13.3

Out-stand-

ingorders

1 41.31.2l . l1.0l . ll . ll . l

0

r0.80.71.21.51.31.21.10.90.4

1.11 31.00.9

Stocksplusout-

stand-ing

orders

4 24 44.14.14 04.04 14 . 14.1

4.03.74.34.94 34.34.13 81.7

4.35 04.14.2

Re-ceipts

1 1I 01.01.01.01.01 01.01.0

l . l3.9).81.0[ l1.31.2[ l

1.0I 2.2

I l

p Preliminary. f 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

JanFebMar .AprM!ay .JuneJuly . . .AugSeptOctNovDec

Jan -Apr.. .

Merchandise exports i

1957

1,6811,6162,1541,8661,8171,7901,6971 6811,5441 6801,6881 636

7,317

1958

1-5051,3451,5531,5301,6381,4061,416I 3961,361I 5991,596

514

5,933

1959

1,4001,2801,4561,468

5,604

Merchandise exports excludingmilitary-aid shipments2

1957

1,5841,4952,0241,7831,7151,6561,5101 5401,4411 6061,6011 541

6,886

1958

1,3961,2451,4381,4081,5071,3081,2871 2831,2391 4181,4081 379

5,487

1959

1,2861,1841,3751,343

5,188

Merchandise imports3

1957

1 115993

1,1331,1191,106

9861,1481 0431,0071 1481,0431 142

4,360

1958

1 096956

1,0721,0571,0611,0311,049

9501,0741 1421,0891 253

4,181

1959

1,1541,1181,3011,221

4,794

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.

646 PRICES

CONSUMER PRICES

[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]

Year or month

1929193319411945

19511952195319541955195619571958

1958 AprMayJuneJulyA.UKSeptOctNovDec

1959 JanFebMarApr

Allitems

73.355.362.976.9

111.0113.5114.4114.8114.5116.2120.2123.5

123.5123.6123.7123.9123.7123.7123.7123.9123.7

123.8123.7123.7123.9

Foods

65.641.652.268.9

112.6114.6112.8112.6110.9111.7115.4120.3

121.6121.6121.6121.7120.7120.3119.7119.4118.7

119.0118.2117.7117.6

Housing

Total

112.4114.6117.7119.1120.0121.7125.6127.7

127.7127.8127.8127.7127.9127.9127.9128.0128.2

128.2128.5128.7128.7

Rent

117.483.688.490.9

113.1117.9124.1128.5130.3132.7135.2137.7

137.3137.5137.7137.8138.1138.2138.3138.4138.7

138.8139.0139.1139.3

Gasandelec-

tricity

103.1104.5106.6107.9110.7111.8113.0117.0

116.0116.5116.9117.0117.5118.0118.1118.1118.2

118.2118.5118.5118.2

Solidfuelsand

fuel oil

116.4118.7123.9123.5125.2130.7137.4134.9

134.2131.6131.7132.3133.6135.2135.6135.8137.0

138.9140.0140.3138.7

House-fur-

nish-ings

111.2108.5107.9106.1104.1103.0104.6103.9

104.0104.0104.1104.0103.3103.6103.4103.5103.6

103.2103.8103.8103.8

House-hold

opera-tion

109.0111.8115.3117.4119.1122.9127.5131.4

130.9130.9131.1131.2132.1132.2132.4132.6132.8

133.1133.1133.7133.8

Ap-parel

60.345.955.676.3

106.9105.8104.8104.3103.7105.5106.9107.0

106.7106.7106.7106.7106.6107.1107.3107.7107.5

106.7106.7107.0107.0

Trans-porta-tion

118.4126.2129.7128.0126.4128.7136.0140.5

138.3138.7138.9140.3141.0141.3142.7144.5144.3

144.1144.3144.9145.3

Med-icalcare

111.1117.3121.3125.2128.0132.6138.0144.4

142 7143.7143.9144.6145.0146.1146.7147.0147.3

147.6148.6149.2149.6

Per-sonalcare

110.5111.8112.8113.4115.3120.0124.4128.6

128 5128.5128.6128.9128.9128.7128.8129.1129.0

129.4129.8129.7130.0

Read-ingand

recrea-tion

106.5107.0108.0107.1106.6108.1112.2116.7

117 0116.6116.7116.6116.7116.6116 6117.0116.9

117 0117.1117.3117.7

Othergoodsandserv-ices

109.7115.4118.2120.1120.2122.0125.5127.2

127 2127.2127.2127.2127.1\21.1127.2127.2127.3

127.3127.4127.3128.2

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- *9= 100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES

[Bureau of Labor Statistics index. 1947-49= 100]

Year ormonth

19511952195319541955195619571958

1958AprMayJuneJulyAueSeptOctNovDec

1959JanFebMarApr

Allcom-modi-

ties

114.8111.6110.1110.3110.7114.3117.6119.2

119.3119.5119.2119.2119.1119.1119.0119.2119.2

119.5119.5119.6120.0

Farmprod-ucts

113.4107.097.095.689.688.490 994.9

97.798.595.695.093.293.192.392.190.6

91.591.1

r90.892.4

Proc-essedfoods

111.4108.8104.6105.3101.7101.7105.6110.9

111.5112.9113.5112.7111.3111.1110.0109.5108.8

108.7107.6107.2107.2

Other commodities

Total

115.9113.2114.0114.5117.0122.2125.6126.0

125.5125.3125.3125.6126.1126.2126.4126.8127.2

127.5127.8128.1128.3

Tex-tile

prod-uctsandap-

parel

110.699.897.395.295.395.395.493.5

93.793.593.393.393.393.393.293.193.3

93.393.7

'93.994.1

Hides,skins,and

leatherprod-ucts

120.397.298.594.293.899.399.4

100.6

99.799.9

100.3100.3100.5100.2101.4102.3103.6

104.1105.4108.5117.8

Fuelpower,

andlight-ingma-terials

106.7106.6109.5108.1107.9111.2117.2112.7

111.0110.3110.7111.9113.7114.1113.0112.6112.9

113.9114.8115.0114.2

Chem-icalsandalliedprod-ucts

110.0104.5105.7107.0106.6107.2109.5110.4

111.0110.8110.7110.4110.0109.9110.2110.2110.0

110.2109.9109.8110.0

Rub-berand

prod-ucts

148.0134.0125.0126.9143.8145.8145.2145.0

144.5143.8144.2144.7144.4145.2146.1146.6146.3

146.0146.1146.7147.5

Lum-berand

woodprod-ucts

123.9120.3120.2118.0123.6125.4119 0117.7

115.7115.9116.4116 8118.6120.4120.8120.0119.8

120.5122.5

r124.2126.1

Pulppaper,and

alliedprod-ucts

119.6116.5116.1116.3119.3127.2129 6131.0

130.5130.5130.5131 0131.0131.7131.9131.9131.3

131.5131.7132.0132.2

Metalsand

metalprod-ucts

122.8123.0126.9128.0136.6148.4151.2150.4

148.6148.6148.8148.8150.8151.3152.2153.0153.0

152.9153.4

153.6152.8

Ma-chin-eryandmo-tive

prod-ucts

119.0121.5123.0124.6128.4137.8146 1149.8

149 4149.4149.5149 5149.5149.4149.9151 2151.5

151.8152.0

r152.2152.1

Furni-tureand

otherhouse-holddura-bles

114.1112 0114.2115 4115.9119 1122 2123.2

123 4123.2123.0123 2123 0123.0123.0122 7122 8

123.3123 3

r123.5123.5

Non-me-tallicmin-

erals—struc-tural

113.6113 6118.2120 9124.2129.6134 6136.0

135 4135.7135.5135 3135 2136.7136.7136 7136 9

137.2137 5137 7138.3

To-baccomfrs.and

bottledbev-

erages

108.1110 6115.7120.6121.6122.3126 1128.2

128 0128.0128.0128 0128 0128 0128.8128 7128 6

128.6128 9132 1132.2

Mis-cella-neous

104.9108 397.8

102.592.091 089 694.2

97 896 293.797 295 6

192 591.293 2

100 9

100.898 597 098.8

r Revised.

PRICES 647

WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued

[Bureau of Labor Statistics index, 1947-49= 100]

Subgroup1958

Apr.

1959

Feb. Mar. Apr.Subgroup

1958

Apr.

1959

Feb. Mar. Apr,

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 vegetables,Sugar 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 tubesOther rubber products.

Lumber and Wood Products:

Lumber..Millwork.Plywood..

Pulp, Paper, and Allied Products:

129.285.794.5

101.491,777.179.9

142.3

118.4108.5111.4107.6114.3168.497.1

101.680.5

116.599.275.4

91.1121.797.6

119,8161.998.1

100.0115.8

124.3128.4104.094.162.2111.4110.3107 ..2

105.977.088.499.195.569.378.0134.8

117.7100.9113.0110.6113.8149.797.2

89.697.779.8

109.399.378.0

73.0101.0123.3100.8

126.2170.4112.0100.8119.5

123.7128.4101.493.058.9

109.8107.5106.5

Woodpulp..Wastepaper.Paper

131.2 139.4152.1 I 151.9143.0 | 143.6

115.9 123.1127.6 130.294.4 103.6

121.2 121.275.3 107.1

142.9 I 142.1

93.677.791.199.5

r93.570.578.4

133.8

119.099.6

113.0111.2112.9•148.4

95.7

90.2r97.8r80.1112.199.376.1

87.7103.6123.6103.4

124.6170.4113.1100.9119.9

123.6128.4101.392.860.3

110.0107.5106.1

142.4151.9143.6

125.5130.2104.0

121.2115.7142.1

114.279.791.9

101.091.754.579.5

133.5

118.9100.8112.0110.8112.1145.695.3

90.399.580.6

113.699.375.7

108.5120.4128.3109.5

119.3170.4111.3100.8119.4

123.9128.3101.492.860.4

109.6107.5106.3

146.9151.9143.4

126.6134.4106.6

121.2115.7143.3

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 roofing ,Other nonmetallic minerals

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small a r m s . . .Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment..Other miscellaneous

136.1127.2144.1

166.4124.1155.7169.0123.6120.8134.1

145.9

138.5

165.4170.7

159.4149.0

151.8139.0

122.8154.2128.5105.394.7

155.1

135.7138.9127.9155.5133.1107.2131.2

134.8106.6139.7120.1149.3

119.180.997.5

107.3132.4

136.2127.6144.2

172.5134.1156.3172.9126.0122.0134.0

145.8

143.0

171.4171.0

163.9149.0

152.5143.2

124.1155.0126.3104.893.2

156.0

135.2140.2129.0159.6133.1119.8131.7

134.8106.6148.3121.7148.9

117.982.297.5

108.1132.4

136.2127.6144.2

171.9136.1156.3173.0129.2121.9132.9

145.9

143.1

171.7172.1

163.3149.2

153.1143.2

124.1155.0127.2105.0r93.4156.0

135.2140.2129.3159.9133.1119.4132.7

134.8106.6150.9121.7171.1

117.279.697.5

108.2132.6

136.2127.5145.0

170.8134.8152.9173.0129.8121.9132.9

145.9

143.1

171.8172.4

162.8149.2

153.0143.2

123.9155.0127.8105.193.4

156.2

135.2140.2129.4160.0133.1126.4132.7

134.8106.6152.8121.7171.1

116.982.997.5

108.2132.6

p Revised.

648 NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING

[Department of Commerce estimates. In billions of dollars]

Item

Annual totals

IQ7Q

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

7.1.7.9

.0

40.2

- 2 . 0.3

.01.51.22.1

.7

47.2

7.5

.51.0

45.7

46.4

- . 6

1QA 11 JJ*H

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

1 o^n

284.6

19.1

23.7.8

- . 7

.2

241.9

35.76.9

.014.34.89.2

.8

228.5

20.8

18.22.6

207.7

195.0

12.6

1 QÂ

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

1 Q^*J

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

10S7lyj 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

1QCO

451.1

39.6

38.61.6

- 1 . 5

1.5

360.8

36.414.4

.024.36.2

12.31.6

354.4

42.8

37.05.8

311.6

290.6

21.0

Seasonally adjusted annual ratesby quarters

1

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

36.65.7

306.1

286.2

19.9

1958

2

430.4

39.3

38.31.6

- 1 . 2

1.5

353.9

32.514.2

.824.66.2

12.41.6

351.3

42.3

36.55.8

309.0

288.3

20.7

3

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

4

453.0

40.4

39.41.6

- . 3

1.6

373.5

44.014.6

.024.96.2

11.81.6

359.5

43.7

37.85.9

315.8

295.9

19.9

1959

1

467.0

41.0

40.41.6

1.4

* *16i4

.024.36.2

12.51.6

365.7

44.8

38.66.2

320.9

300.5

20.4

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

NATIONAL INCOME, BY DISTRIBUTIVE SHARES


Item

Annual totals

1929 1933 1941 1950 1954 1955 1956 1957 1958


1958 1959

National income

Compensation of employeesWages and salaries^

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 liabilityCorporate profits after tax

Inventory valuation adjustment

Net interest

87.8

51.150.445.5

.34.6

20.28.86.05.4

10.19.61.48.3

.5

6.4

40.2

29.529.023.9

.34.9

.5

7.63.22.42.0

- 2 . 0.2.5

- . 4- 2 . 1

5.0

104.7

64.862.151.9

1.98.32.7

20.910.96.53.5

14.517.07.69.4

- 2 . 5

4.5

241.9

154.2146.4124.1

5.017.37.8

46.623.514.09.0

35.740.617.922.8

- 5 . 0

5.5

301.8

207.6196.3161.910.024.411.3

51.327.812.710.9

33.734.117.216.8- . 3

9.1

330.2

223.9210.9174.9

9.826.213.0

52.830.411.810.7

43.144.921.823.0

- 1 . 7

10.4

349.4

241.8227.3189.3

9.728.414.5

53.330.811.610.9

42.945.522.423.1

- 2 . 6

11.3

364.0

254.6238.1198.0

9.630.516.5

54.831.411.611.8

41.943.421.621.8

- 1 . 5

12.6

360.8

253.8237.1194.3

9.833.116.7

57.431.014.212.2

36.436.718.718.0- . 2

13.2

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

57.730.714.912.1

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

373.5

258.4241.3197.610.033.717.1

57.931.813.712.3

44.045.223.022.2

- 1 . 2

13.3

265.5247.3203.1

9.934.318.2

58.332.413.412.5

13.6

1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment.

NATIONAL PRODUCT AND INCOME 649

GROSS NATIONAL PRODUCT OR EXPENDITURE


Item

Annual totals

1929 1933 1941 1950 1954 1955 1956 1957 1958


1958 1959

Gross national product

Personal consumption expendituresDurable goodsNondurable goodsServices

Gross private domestic investmentNew construction1

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

16.28.73.65.15.91.71.8

3.87.06.3

8.51.31.3.0

7.2

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

.06.0

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

• 3 i7.8

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 . 6- 2 . 1

1.017.516.5

75.347.541.2

6.7.3

27.7

397.5

256.939.6

124.892.5

63.834.918.716.223.1

5.85.5

1.119.418.3

75.645.339.16.6

.430.3

419.2

269.438.4

131.499.6

68.235.717.718.127.0

5.45.9

2.823.020.2

78.845.740.3

5.7.3

33.1

440.3

284.439.9

138.0106.5

65.336.517.019.527.9

1.0.2

4.926.021.0

85.749.444.3

5.5.4

36.3

437.7

290.636.8

141.9111.9

54.436.517.818.722.6

- 4 . 7- 5 . 8

1.422.320.9

91.251.7AAA

7.6.3

39.6

427.1

286.236.3

139.8110.

50.936.317.119.222.9

- 8 . 2- 9 . 3

1.721.920.2

88.349.743.7

6.3.3

38.6

430.4

288.335.6

141.4111.3

50.734.916.218.722.3

- 6 . 5- 7 .

1.722.420.8

89.750.744.1

6.9.3

39.1

439.8

291.536.1

142.9112.5

54.536.317.918.422.3

- 4 . 2- 5 . 4

1.722.821.2

92.052.244.5

8.0.3

39.9

453.0

295.938.9

143.3113.6

61.638.620.118.523.0

.0

.422.121.7

95.254.245.3

9.2.3

41.0

467.0

300.540.1

145.2115.1

70.240.021.718.324.5

5.75.0

- . 321.521.8

96.654.345.8

8.8.3

42.3

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 investment have

been 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 month i

192919331941

195319541955195619571958

1958 May

July

SeptOctNovDec

1959 JanFebMarAprMay?

Per-sonal

income

85.847.296.3

288.3289.8310.2330.5347.9354.4

351.4353.4360.1357.2358.7358.2360.7359.9

363.0365.4369.5373.2376.2

Wage and salary disbursements

Total

50.429.062.1

198.1196.3210.9227.3238.1237.1

233.1235.8242.2238.5239.4239.0242.0243.3

245.4246.9250.2253.4255.8

Com-modityproduc-ing in-dustries

21.59.8

27.5

88.184.191.498.7

102.297.3

95.696.697.197.798.497.7

100.3101.0

102.1102.7105.1107.5109.0

Distrib-utive

indus-tries

15.68.8

16.3

51.852.355.860.163.363.3

62.663.363.563.663.663.763.964.2

64.865.365.866.266.7

Serviceindus-tries

8.45.28.1

24.325.527.830.532.633.6

33.433.633.733.833.933.934.234.3

34.534.734.935.235.4

Gov-ern-ment

4.95.1

10.2

33.934.436.038.040.142.8

41.542.448.043.443.543.743.743.9

44.044.244.444.644.7

Otherlabor

income2

.6

.4

.7

6.06.27.17.98.99.1

8.98.99.09.19.29.29.39.3

9.49.59.59.69.6

Pro-prietors'

andrental

income3

20.27.6

20.9

51.351.352.853.354.857.4

58.057.657.657.757.958.057.857.9

58.158.358.958.959.2

Divi-dendsandper-

sonalinterestincome

13.28.3

10.3

22.624.427.029.131.131.7

31.731.831.831.931.931.931.930.2

32.132.332.632.933.2

Trans-fer-pay-

ments4

1.52.13.1

14.316.217.518.621.525.9

26.426.026.526.827.026.926.626.0

25.826.126.126.326.3

Lesspersonalcontri-butions

forsocialinsur-ance5

.1

.2

.8

3.94.65.25.76.66.7

6.76.77.06.86.86.86.86.8

7.77.77.87.97.9

Non-agricul-

turalincome6

77.743.688.0

271.5273.8295.0315.4332.7336.5

332.4335.1342.0339.2340.9340.3343.2342.4

345.8348.2352.1355.9359.0

» 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.

650 MEMBER BANK EARNINGS, 1958

EARNINGS OF ALL MEMBER BANKS, BY CLASSES


Item

All member banks l

1955 1956 1957 1958

Allnationalmemberbanks

AllState

memberbanks

Central reservecity member banks

New York Chicago

Reservecity

memberbanks

Countrymemberbanks

Year 1958

EarningsInterest and dividends on

securities:U .S . GovtOther

Interest and discount on loans.Other charges on loansService charges on deposits. . .Other charges, fees, etc.. . .Trust departmentOther current earnings. . . .

ExpensesSalaries—officersSalaries and wages—others.. .Directors' fees, etcInterest on time depositsInterest on borrowed money..Taxes other than incomeRecurring depreciationOther current expenses

Net current earnings before in-come taxes

Recoveries, transfers from re-serves, and profits

On securities:RecoveriesTransfers from reservesProfits on securities

On loans:RecoveriesTransfers from reserves.

All other

Losses, charge-offs, and transfersto reserves

On securities:Losses and charge-offsTransfers to reserves ,

On loans:Losses and charge-offsTransfers to reserves

All other

Profits before income taxes

Taxes on net incomeFederalState

Net profits

Cash dividends declaredOn preferred stock2

On common stock

Memoranda items:Recoveries credited to reserves

(not included in recoveriesabove):

On securitiesOn loans

Losses charged to reserves(not included in lossesabove):


LoansU. S. Govt. securitiesOther securitiesCash assetsOther assets

Total assets

Time depositsTotal depositsTotal capital accounts

Number of officersNumber of employees

Number of banks

5,342,589

1,118,106295,606

3,021,84361,362

274,024109,755266,992194,902

3,265,126511,736

1,059,66727,189543,12221,942148,98786,837865,647

2,077,463

212,508

18,31737,54750,668

20,74147,72837,508

613,959

195,49363,086

17,843265.63271;904

1,676,013

690,770655,36135,410

985,242

500,9411,730

499.211

2,719j33,589j

65,50275,669

6,078,173

1,100,589307,846

3,662,48062,685310,165121,585309,105203,719

3,679,898553,292

1,181,90629,161649,67943,793157,227102,854961,985

64,651,00053,453,00013,876,00036,047,0002,620,000

70,646,000

39,983,00054,464,00012,499,000

58,623342,181

6,543

2,398,275

225,807

12,57839,74527,526

14,30973,27958,370

879,830

276,57397,001

21,851407,54476,862

1,744,253

717,688677,20640,482

1,026,565

546,9311,592

545.339

3,18535,443

92,830108,536

74,279,00047,554,00013,421,00036,924,0002,883,000

41,200,000157,561,00013,270,000

61,325363,639

6,462

6,770,958

1,167,739339,451

4,136,11271,803354,187136,558340,234224,875

4,222,375592,380

1,284,88530,856

927,19947,875172,171117,071

1,049,938

2s548,583

169,938

8,19019,34557,162

14,03736,84834,357

655,063

206,90878,269

15,675280,88773,324

2,063,459

894,515848,67945,836

1,168,944

603,7671,485

602.282

2,09943.673

71.394

79,024,00046,081,00013,579,00037,435,0003,450,000

175,061,000 179,568,000 189,953,000

44,596,000160,753,00014,108,000

63,410378,317

6,393

7,126,594

1,266,176411,403

4,245,40480,902388,500139,686364,360230,163

4,616,925632,081

1,349,17032,485

1,123,41523,183185,234134,749

1,136,608

2,509,669

777,390

8,1554,261611,514

15,84839,67947,931

681,456

74,869253,282

15,109240,81397,383

2,605,603

1,148,4091,081,498

66,911

1,457,194

646,1781.566

644.612

8,91961,132

18,823109,169

4,523,156

836,524266,878

2,729,56150,307

268,67279,416141,425150,373

2,958,376411,521825,43422,062759,47812,830125,55390,556710,942

1,564,780

460,825

5,52633,078

352,977

11,20927,55430,481

449,479

54,525159,713

11,472157,27566,494

1,576,126

688,682657,03931,643

887,444

392,218169

392,049

6,87638,729

12,61076,455

80,819,00051,604,00015,721,00037,916,0003,893,000

51,054,000170,058,00015,086,000

()

(3)

(3

0)(3)

(3)

(3)

65,694381,086

45,113241,451

6,312 4,578

2,603,438

429,652144,525

1,515,84330,595119,82860,270

222,93579,790

1,658,549220,560523,73610,423

363,93710,35359,68144,193425,666

944,889

316,565

2,63121,183258,537

4,63912,12517.450

231,977

20,34493,569

3,63783.53830,889

1,029,477

459,727424,45935,268

569,750

253,9601,397

252.563

2.04322.403

6,21332,714

20,581139,635

1,734

lsl<Bf984

170,10961,343685,27013,65226,52429,109119,57958,398

636,48069,001230,867

1,667109,8828,30315,83013,584187,346

527,504

112,495

683,320

92,426

82612,1823,673

64,345

5,64026.666

18326,8025,054

575,654

275,892249,52026,372

299,762

160,21333

160.180

76514.046

2,57411.181

15.883,0007,128,0002,237,0007,571,0001,237,000

34,056,000

4,926,00028,995,0003,214,000

4,45752,108

18

271,987

58,12616,584154,8921,8862,5312,62428,4416,903

141,79418,28949,678

31024,6931,2596,3011,280

39,984

130,193

55,930

1,9264,84047,703

16412

1,285

46,427

4,66427,919

1,1678,2144,463

139,696

69,19569,195

70,501

26,14868

26,080

4.179

76010,131

3,505,000 322,455,000618,000

1,949,00075,000

1,418,000 207,708,000 67709,000

1,09211,686

14

2,835,084

478,429150,622

1,718,51940,175162,54351,366143,43389,997

1,822,987215,953561,2145,770

473,83910,02081,20445,310429,677

1,012,097

354,187

1,84937,491

279,720

2,22117,22815,678

313,435

27,208148,025

1,28298,47538,445

1,052,849

489,961463,01026,951

562,888

257,619283

257,336

5,61519,538

12,51933,501

,614,19,557,5,678,00015,575,0001,457,000

8,602,000 74,881,000 72,414,000

,609,,380,

5,580,000

19,868154,028

274

2,855,539

559,512182,854

1,686,72325,189196,90256,58772,90774,865

2,015,664328,838507,41124,738515,0013,60181,89974,575479,601

839,875

254,778

4,3148,610

191,665

12,63710,25727,295

257,249

37,35750,672

12,477107,32249,421

837,404

313,361299,77313,588

524,043

202,1981,182

201,016

2,53923,369

2.97054,356

000 28,817,000000 22,464,000

7,189,000000 12,822,000

1,123,000

000 24,101,000000 65,974,000

5,583,000

40,277163,264

6,006

For notes see following two pages.


EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago Minne-

apolisKansas

City Dallas SanFrancisco


securities:U. S. GovtOther

Interest and discount on loans.Other charges on loansService charges on deposits. . .Other charges, fees, etcTrust department..Other current earnings

ExpensesSalaries—officersSalaries and wages—others...Directors' fees, etcInterest on time depositsInterest on borrowed money..Taxes other than incomeRecurring depreciationOther current expenses




On loans:RecoveriesTransfers from reserves

All other


On securities:Losses and charge-offsTransfers to reserves


All other



Net profits

Cash dividends declaredOn preferred stock 2On common stock

Memoranda items:Recoveries credited to re-

serves (not included in re-coveries above):




LoansU. S. Govt. SecuritiesOther securitiesCash assetsOther assets

Total assets



Number of banks

351,143

50,96015,065

205,0822,052

22,4509,311

32,37513,848

226,17733,935

174,8481,958

33,0031,0129,0467,645

64,730

1,785,377

272,300106,262

1,063,55420,91072,98839,030

136,34973,984

1,094,170125,186353,329

5,593246,174

9,42830,38728,779

295,294

124,9661 691,207

43,259!

587j1,123!

30,2971

4717,9102,871

43,654

3,29515,434

796116,655!7,474!

124,571

61,90653,1868,720

179,162

1/759

130^005

4,07316,50318,632

138,099

14,39441,361

1,08360,24421,017

732,270

333,911301,667

32,244

62,665! 398,359

33,81933

33,786

1,485!3,566l

1625,737

3,810,000 22,525,000 4,261,0002,046,000

676,0001.621,000

172,000

1,526,000",353,000

762,000

3,54222,718

287

208,2671,205

207,062

2,697185965

4,54123,635

54,000 2,484,0003,975,0009,842,0001,492,000

10,816,000 2,827,000

4,306,000

10,34188,114

531

374,819

61,74824,246

228,5472,534

14,9935,307

28,6838,761

249,57334,53173,989

3,65155,375

80210,1388,589

62,498

125,246

4222,678 j

19,4041

669415

1,471

32,790

4,3334,814

56715,8947,182

117,515

45,76345,537

226

71,752

39,0394

39,035

565,852

112,43235,883

329,5174,667

26,5878,296

31,09417,376

361,66646,559

101,3942,855

92,0011,841

24,72111,53980,756

204,186

25,059j 92,563

2045,412

3239,999

76,769

1,0322,4312,009

84,723

4,73257,124

96215,1536,752

212,026

98,72198,721

918,0001,819,000

178,000

8,326,000 48,988,000 9,660,000 15,315,000 8,583,000

7,353,000 42,587,000 8,615,000 13,714,000 7,755,000901,000

4,06322,084

513

113,305

46,878

46,878

9553,247

3,6156,501

6,428,000 3,462,0004,602,000 2,491,000

641,000,837,000152,000

1,280,0002,785,000 1

220,000

1,326,000

4,76228,704

589

320,593

60,21716,451

192,5652,662

19,9308,049

12,8277,892

215,61234,67861,462

2,35847,535

6638,6307,909

52,377

104,981

28,889

128300

24,968

4291,3941,670

3,1247,948

6288,8386,219

4,690,000 2,187,000

681,000

4,00019,885

455

391,535

71,93822,868

232,4624,172

25,5469,537

11,38213,630

268,43939,35373,866

2,22158,204

1,17912,44310,20570,968

123,096

40,455

4631,531

33,414

7261,4562,865

26,757; 31,096

3,4687,895

80013,8125,121

107,1131 132,455

48,31247,132j

1,180

58,801

26,1012

26,0991

389|1,207!

2483,101

52,33251,494

838

80,123

25,16810

25,158

331,974

3667,790

2,963,000876,000

2,364,000192,000

4,32024,181

401

1,014,876

238,17163,480

568,1379,885

46,64715,97548,98523,596

657,93991,032

194,2774,585

160,1032,792

27,82816,650

160,672

356,937 j

237,012

51,64514,910

141,4141,253

10,6274,3226,9365,905

148,61826,26640,145

1,99427,042

5117,0914,346

41,223

88,394

156,532| 29,048

3,39512,055

130,5281

73213,24516,577

11412,074!

24,235

465741

1,419

124,589 i 26,847

16,005!55,102|

2,00831,909!19,565i

5,32812,082

8135,3773,247

197,315

37,07812,270

115,9681,674

12,7437,4955,1284,959

132,16923,15633,052

1,29031,100

4804,0923,725

35,274

65,146

22,346

2682,182

16,273

940842

1,841

11,369

2,9141,266

9174,7811,491

388,880! 90,5951 76,123

163,4581162,661!

7971

40,36339,613

750

29,52626,408

3,118

225,422 50,232 46,597

72,590!245!

72,345!

138|10,546|

2,378:21,732;

20,75033

20,717

2,3411,397

5203,514

2,510,0009 ,'804^000 2,057,000

3,947,000 11 011 000 2,672,000 2,024,000 3,162,000. . . . . . . . . , , ...__. ...» 507,000715,000095,000106,000

557,0005,659,000 1,505,000333,000 81,000

10,342,000 29,317,000 6,872,000 4,961,000 8,584,000

2,358,000 8,813,000 1,483,000 1,461,000 1,445,0009,422,000 26 710,000 6,222,000 4,513,000 7,812,000752,000 2 120 000 550,000 363,000 674,000

8,498 3,21454,631! 13,406

1,021 j 489

16,1659

16,156

11,322

282,090

2,83710,606

476

302,049

61,68218,198

177,9691,598

20,0834,6478,1179,755

189,61838,85551,000

2,14431,937

8345,8936,427

52,528

112,431

27,407

244736

21,636

1,936388

2,467

27,309

5,4695,014

2,2589,7034,865

112,529

44,46342,7831,680

68,066

22,379

' *22,379

4704,124

265,203

378,067

64,43721,374

236,8983,263

17,9955,7128,090

20,298

241,29243,02958,7912,247

43,766913

18,8929,814

63,840

136,775

19,610

357586

13,215

3,242573

1,637

29,947

3,7113,653

3,34014,1445,099

126,438

50,31550,278

37

76,123

34,315

' "34,3i5

2244,042

3978,327

1,441,000 2,507,000442,000981,000 2,095,00074,000

4,66016,343

750

4,288,000 13,229,0002,571,000741,000

2,714,000258,000

836,000

4,85018,429

631

1,207,956

183,56860,396

753,29126,23297,91122,00-534,39430,159

831,65295,501

233,0171,589

297,1752,728

26,07319,121

156,448

376,304

113,060

9712,80790,770

1,1333,7814,472

104,276

8,09641,539

93744,303

9,351

385,088

179,339162,018

17,321

205,749

100,70725

100,682

1668,239

6,33816,127

7,484,0002,390,0004,695,000

636,000

10,572,000 28,433,000

1,967,000 11,481,00015,741.000

l,814,'OOO9,612,000 25,741,000

10,60761,985

169

1 Includes figures for all banks that were members of the Federal ReserveSystem at the end of the year (including those becoming members duringthe year whose returns may cover operations for only part of the year);and in addition includes appropriate adjustments for member banks inoperation during part of the year but not at the end of the year. Datamay not add to totals because of rounding.

2 Includes interest on capital notes and debentures.3 Not available on the 13-month basis used for all member banks.

NOTE on following page.

For other notes see following page.

See


EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-delphia

Cleve-land


LouisMinne-apolis

KansasCity Dallas San

Francisco



Interest and discount on loan:Other charges on loansService charges on deposits..Other charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officers ,Salaries and wages—others.,Directors' fees, etcInterest on time depositsInterest on borrowed money.Taxes other than incomeRecurring depreciationOther current expenses



On securities:RecoveriesTransfers from reserves. . .Profits on securities

On loans:RecoveriesTransfers from reserves. . .

All other

125,210

16,6923,533

71,1661,0173,9475,321

16,8916,643

66,31310,10826,285

2373,615

4152,7351,833

21,085

58,897

23,963




All other

Profits before income t a x e s . . . .

Taxes on net income.FederalState

Net profits

Cash dividends declared.On preferred stock 2. .On common stock

76114,647

687,3611,126

21,380

3599,092

3579,6471,925

61,480

34,08828,772

5,316

27,392

14,676



On securities ,On loans


On securitiesO n loans

14,676

1,4232,111

31,507

82,232

10,9135,293

52,8751,2315,3951,3671,7413,417

57,8116,63917,326

35114,68:

2091,3911,431

15,782

24,421

11,532

5893,0447,250

802

567

11,046

1,3355,570

602,5471,534

24,907

10,4869,1791,307

14,421

8,164187

7,977

555504

1,1171,333

154,833

19,8998,704

94,4461,2526,0152,49118,3533,673

96,78012,20837,008

43310,98:

50'4,0972,756

28,789

58,053

10,698

22,6367,779

130

151

16,065

1,2583,828

7,7073,272

52,686

22,31922,319

331,100

61,02021,694189,7963,41513,7364,91126,27610,252

199,38021,70263,344

56848,2651,554

13,3745,061

45,51"

131,720

75,166

2369,07063,198

2131,471978

66,235

2,62351,369

198,1824,042

140,651

69,97369,973

138,403

25,9016,604

79,5641,0578,6274,2208,3664,064

90,41713,45530,226

63815,318

4554,1802,831

23,314

47,986

16,475

30,367

19,676

' 'l9,676

945

1042,224

70,678

30,723

' 30,723

6991,431

3,5352,170

19713,882

521,1421,202

16,202

1,3575,684

454,2244,892

48,259

24,01823,203

815

24,241

12,369

' 12,369

162,772

27,2238,36599,4512,5597,6913,7936,4347,256

108,17013,74:32,397

48421,095

7966,2563,20030,200

54,602

23,206

140820

19,612

1371,1921,305

13,874

1,1285,407

335,0442,262

63,934

27,45627,110

346

36,478

11,48910

11,479

250

52852

732

2873,175

310,706

76,32519,697

171,7633,42318,2335,11311,1754,977

207,35922,03770,604

82348,5041,2208,7324,96550,474

103,347

48,347

7476,21236,298

671,5593,464

39,461

4,61717,340

119,0118,482

112,233

47,07646,536

540

65,157

21,91581

21,834

23,091

1,2944,493

111,67'

21,0616,066

68,901568

4,1952,0255,8563,005

64,5699,119

20,542288

9,319407

3,0671,269

20,558

47,108

17,577

91,494

15,196

12505361

15,742

3,1309,244

11,9311,436

48,943

25,13124,589

542

23,812

11,379

11,379

2,286412

3881,244

61,683

8,3993,299

38,859520

2,6541,8994,2001,853

38,1334,93013,448

1875,576393782735

12,082

23,550

9,294

10600

7,009

95546

1,034

2,257

234616

93968346

30,587

13,09711,5621,535

17,490

6,222

6,222

108

228

144,330

26,8637,88588,59f

6496,5891,2556,7575,740

84,17112,29026,622

40112,921

5882,6292,846

25,874

60,159

15,520

86437

13,237

174229

1,357

13,207

3,5073,293

3304,6461,431

62,472

27,13926,1331,006

35,333

11,350

' Vl',350

4081,939

201,630

185,608 1,026,530

28,4648,614

119,0992,3733,9132,3936,47614,276

108,60313,93525,824

32823,308

83410,8644,219

29,291

155,66950,868

644,00722,11181,54816,57830,90824,841

701,28175,788197,588

1,032260,2542,642

23,09714,164

126,716

77,005

5,199

1914,118

36783

439

7,670

701937

175,062953

74,534

31,54431,544

42,990

20,586

' 20,586

224854

981,682

325,249

97,210

2912,02977,494

8263,1383,694

90,296

6,95935,645

31639,5067,870

332,163

157,634142,09015,544

174,529

89,0705

89,065

187,161

5,62112,963

LoansU. S. Govt. securities .Other securitiesCash assetsOther assets

Total assets.


Number of officersNumber of employees.

Number of banks

,467,000646,000171,000648,00080,000

,011,000

223,000,596,000303,000

938,000427,000198,000358,00036,000

1,958,000

635,0001,774,000146,000

,871,000776,000317,000929,00081,000

3,975,000

534,0003,521,000366,000

3,944,0002,523,000738,000

1,796,000126,000

9,128,000

1,573,000' ,089,000258,000929,00075,000

3,925,000

2,317,0008,103,000 3,549;000

808,000

732,000549,000286,000

1,738,0001,127,000299,000

1,122,00077,000

4,362,000

796,0003,944,000318,000

,426,000852,000216,000837,00039,000

3,336,000 13,109,000778,000

1,818,000115,000

9,155,000 3

2,962,0008,376,000 3,025^000609,000

742,000355,000 1121,000433,000 124,000

1,738,000',136,000306,000,209,00060,000

2,371,0001,172,000232,000

1,438,000169,000

11,468,0006,345,0002,043,0004,059,000574,000

,370,000

482,000,025,000271,000

1,675,000 4,450,000

256,000,494,000134,000

1,494,000 4,035,000587,000,035,000347,000

5,383,000 24,489,000

1,063,000 10,023,000

434,'0004,852;000 22,110,000

1,559,000

8827,241

5974,734

9619,883

1,56816,272

1,1859,270

1,23010,118

1,66319,637

7936,547

4333,770

1,1037,801

1,0877,543

8,36651,212

10 22 20 25 66 19 39 26 24

* Not including central reserve city banks.NOTE.—The figures of assets, deposits, and capital accounts are aver-

ages of the amounts reported for the call dates at the beginning, middle,and end of each year, plus the last-Wednesday-of-the-month figures forthe 10 intervening months. The number of officers, employees, and banksare as of the end of the year. Cash assets are comprised of cash, balances

with other banks (including reserves balances), and cash items in processof collection. Total capital accounts are comprised of the aggregatebook value of capital stock, capital notes and debentures, surplus, un-divided profits, reserves for contingencies, and other capital reserves.

For other notes see preceding page.


EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-delphia

Cleve-land


LouisMinne-apolis

KansasCity Dallas San

Francisco



Interest and discount on loansOther charges on loansService charges on deposits..Other charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—others..Directors' fees, etcInterest on time depositsInterest on borrowed money.Taxes other than incomeRecurring depreciationOther current expenses



On securities:RecoveriesTransfers from reserves. . .Profits on securities

On loans:RecoveriesTransfers from reserves. . .

All other


On securities:Losses and charge-offs....Transfers to reserves

On loans:Losses and charge-offs....Transfers to reserves

All other


Taxes on net income.FederalState

Net profits

Cash dividends declared.On preferred stock 2 . .On common stock....







Total assets.

Time depositsTotal depositsTotal capital accounts.

Number of officersNumber of employees.

Number of banks

225,933

34,26811,532133,9161,035

18,5033,99015,48-7,205

159,86423,82748,5631,721

29,388597

6,3115,812

43,645

66,069

19,296

587362

15,650

403549

1,745

22,27<

2,9366,342

4397,0085,549

63,091

27,81824,4143,404

35,273

19,14333

19,110

621,455

1594,230

539,161

91,27839,626

325,4096,027

41,06r8,55-15,02912,169

399,87949,546105,1363,575

121,610916

13,16613,76492,166

139,282

55,135

1,1021,826

30,329

3,1674,31914,392

62,708

7,4199,125

84030,89514,429

131,709

47,53342,9684,565

84,176

39,890985

38,905

1,3774,415

85011,121

219,986

41,84915,542

134,1011,2828,9782,81610,3305,088

152,79322,32336,9813,218

44,393295

6,0415,833

33,709

67,193

14,361

42042

11,625

539415

1,320

16,725

3,075986

5678,1873,910

64,829

23,44423,218

226

41,385

19,3634

19,359

201,558

1003,188

234,752

51,41214,189

139,7211,252

12,8513,3854,8187,12-

162,28624,85738,0502,287

43,736287

11,3476,478

35,244

72,466

17,397

92913,571

819960

1,031

18,488

2,1095,755

9436,9712,710

71,375

28,74828,748

42,627

16,155

'"l6,i55

2561,816

804,331

182,190

34,3169,847

113,0011,605

11,3033,8294,4613,828

125,19521,22331,2361,720

32,217208

4,4505,078

29,063

56,995

12,414

128103

11,086

37725:468

10,555

1,7672,264

5834,6141,327

58,854

24,29423,929

365

34,560

13,7322

13,730

389957

1962,249

228,763

44,71514,503

133,0111,613

17,8555,7444,9486,37-'

160,26925,61141,4691,737

37,109383

6,18'7,005

40,768

68,494

17,249

323711

13,80:

589264

1,560

17,222

2,3402,488

7678,7682,859

68,521

24,87624,384

492

43,645

13,679

13,679

331,242

794,615

432,183

103,72027,199

241,4824,576

25,8838,2389,36911,716

308,78650,70673,9953,452

86,906313

12,79510,40570,214

123,397

52,255

72:1,003

46,527

5011,6741,828

38,701

6,7249,843

83014,6846,620

136,951

47,18746,930

257

89,764

24,52796

24,431

1363,276

3247,108

125,335

30,58-8,844

72,513685

6,43:2,2971,0802,900

84,04917,14719,6031,706

17,723104

4,0243,077

20,665

41,286

11,471

105580

9,039

453236

1,058

11,105

2,1982,838

8123,4461,811

41,652

15,23215,024

208

26,420

9,37133

9,338

55985

1322,270

135,63:

28,6798,971

77,1091,154

10,0895,596928

3,106

94,03618,22619,6041,103

25,52487

3,3102,990

23,192

41,596

13,052

2581,5829,264

845296807

9,112

2,680650

8243,8131,145

45,536

16,42914,8461,583

29,107

9,9439

9,934

1,214

281,862

157,719

34,81910,31389,377

94913,4943,3921,3604,015

105,44726,56524,3781,743

19,016246

3,2643,581

26,654

52,272

11,887

158299

8,399

1,762159

1,110

14,102

1,9621,721

1,9285,0573,434

50,057

17,32416,650

674

32,733

11,029

11,029

622,185

63,573

192,459

35,97312,760

117,799890

14,0823,3191,6146,022

132,68929,09432,9671,919

20,45879

8,0285,59534,549

59,770

14,411

356395

9,097

2,875490

1,198

22,277

3,0102,716

3,3239,0824,146

51,904

18,77118,734

37

33,133

13,729

' 'l3*,729

3,188

2996,645

181,426

27,8999,528

109,2844,12116,3635,4273,4865,318

130,37119,71335,429

55736,921

862,9764,95729,732

51,055

15,850

68778

13,276

307643778

13,980

1,1375,944

6214,7971,481

52,925

21,70519,9281,777

31,220

11,63720

11,617

1481,078

7173,164

,343,000,401,000505,000974,00092,000

,315,000

,304,000,757,000459,000

5,703,0003,599,0001,540,0001,913,000218,000

2,974,000

5,255,0001,818,000946,000

1,390,000 2,484,000,708,000 2,080,000601,000890,00096,000

,685,000

,294,000,093,000535,000

2,66015,477

5,28731,272

3,10212,201

279 503 507

542,000988,00093,000

6,188,000

2,373,0005,611,000518,000

,889,000,402,000383,000908,00076,000

4,658,000

,456,000,206,000394,000

2,210,0001,836,000577,000

1,242,000115,000

5,980,000

1,561,0005,478,000434,000

4,170,0004,240,0001,114,0001,893,000143,000

1,560,000

4,434,0000,626,000802,000

,246,000,206,000341,000668,00042,000

,502,000

,001,000,198,000279,000

,281,000,086,000 1321,000548,00050,000

,424,000,370,000409,000885,00046,000

3,286,000 4,134,000

,204,0003,019,000229,000

858,0003,776,000328,000

1,917,0001,399,000508,000

1,276,00089,000

5,189,000

903,0004,760,000403,000

1,760,0001,139,000346,000636,00062,000

3,943,000

1,459,0003,631,000256,000

3,19412,432

2,81510,615

3,09014,063

5,74323,308

2,4216,859

2,4046,836

3,5578,542

3,76310,886

2,24110,773

567 435 376 941 470 467 711 605 145

For notes see preceding two pages.


EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK


Item Total i

Size group—total deposits (in thousands of dollars)

Less than2,000

2,000-5,000

5,000-10,000

10,000-25,000

25,000-50,000

50,000-100,000

100,000-500,000

500,000

EarningsInterest and dividends on securities:

U. S. GovtOther

Interest and discount on loans . . . . . . . .Other charges on loansService charges on depositsOther charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—othersDirectors' fees, etcInterest on time depositsInterest on borrowed moneyTaxes other than incomeRecurring depreciationOther current expenses


Recoveries, transfers from reserves, andprofits



All other

Losses, charge-offs, and transfers toreserves



All other •



Net profits


On common stock

Memoranda items:Recoveries credited to reserves (not

included in recoveries above):On securitiesOn loans

Lossed charged to reserves (not in-cluded in losses above):



Total assets



Number of banks

7,065,937

1,258,036408,750

4.227,06580,691386,094139,155338,153227,993

4,575,230625,993

1.334,54732,144

1.117,67423,141184,058133,976

1,123,697

2,490,707

772,092

7,92854,249

607,425

15,72139,45647,313

676,703

73,495252,494

14,439240,24396,03.^

2,586,096

1,139,209i;073,124

66,085

1,446,887

640,3561,561

638,795

8,91:60,92'

18,82:108,82'

52,273

12,1872,97831,797

1732,7551,497

39847

36,88412,0665,2621,0737,844

341,6981,0537,854

15,389

2,032

53

545

1,22120193

3,507

45318

1,5931,002441

13,914

3,7503,593

157

10,164

4,0121

4.011

450

1666

84,018,28554,179,79916,464,50043,113,5083,950,344

201,726,436

53,232,176182,602,06015,400,329

528,567489,865114,649307,04111,669

1,451,791

398,1071,299,054

147,886

65,389378,925

2,5692,506

6,284 936

270,677

61,70019,156161,345

99216,0326,117502

4,833

191,68647,73734,9805,136

48,273204

8,1136,970

40,273

78,991

12,229

41775

7,301

3,096418922

18,104

3,924889

4,0536,3172,921

73,116

20,94420,103

841

52,172

19,24319

19.224

242;566

424,445

399,303

85,30429,358236,3292,60327,6958,2022,3197,493

284,35355,95960,7425,45176,445

28811,97311,24262,253

114,950

26,134

562449

19,477

2,642878

2,126

30,954

6,4673,085

2,95312,8885,561

110,130

34,70833,46511,243

75,422

26,386j30i

26.356!

3194,014

1618,554

2,792,9372,522,766765,360

1,479,08783,29f

7,643,442

2,437,9146,943,542668,633

4,092,4463,555,5471,217,1142,079,960

143,366

11,088,433

3,855,03710,138,167

877,129

7,79913,347

7,63520,990

2,072 1,435

630,205

128,86142,636364,7774,92649,33013,56811,07715,030

452,43973,070111,9595,934

118,046588

17,77617,692

107,374

177,766

54,164

1,1241,988

42,424

1,8042,2234,601

49,826

8,9968,193

1,97020,9099,758

182,104

65,25162,8862,365

39,324126

39,198

2535,592

30812,095

6,398,2685,493,4421,807,4653,215,737265,819

17,180,731

5,970,05615,751,9641,265,388

8,49636,597

1,033

495,199

100,04031,731

285,4664,27936,4518,92112,99015,321

354,06751,48492,9813,203

91,753647

14,45813,33886,203

141,132

55,539

5202,97947,719

6531,2982,370

43,323

6,53510,445

96719,4115,965

153,348

58,08656,3311,755

116,853 95,262

30,37285

30.287

3983,412

3038,014

540,757

105,13432,338315,6245,29236,3579,243

20,41816,351

375,37651,741106,1602,59587,6781,01115,66813,13997,384

165,381

58,472

4383,485

48,954

4331,7713,391

55,242

7,74816,646

26121,9268,661

168,611

72,35869,9972,361

96,253

37,256157

37,099

1,1503,873

1,22811,521

1,672,015

290,45089,265

990,20819,11388,40329,215104,28161,080

1,098,195141,258342,5365,171

226,7095,394

48,27031,793

297,064

573,820

188,070

2,6649,349

141,544

3,9799,42521,109

169,796

20,92652,709

82960,77634,556

592,094

262,154250,86511,289

329,940

141,7111,143

140,568

6,22810,152

3,64723,243

3,005,508

474,360161,288

1,841,51943,313129,07162,392186,527107,038

1,782,230192,678579,927

3,581460,92614,97566,10238,749

425,292

1,223,278

375,452

2,15035,924

299,461

1,89323,42312,601

305,951

18,446160,509

1,81397,01428,169

1,292,779

621,958575,88446,074

670,821

342,052

53830,868

13,13240,289

5,263,9624,307,8051,329,8612,510,086

231,228

13,642,94:

5,943,9514,523,4071,373,0302,968,535

252,712

15,061,63!

19,751,12,656,3,560,36010,752,978

864,932

663 39,246,491243 20,630,724

6,296,66119,800,0842,097,326

47,586,176 88,071,286

4,557,8112,549,739

936,362

4,415,11313,828,8031,046,328

19,882,416 2043,495,024 783,408,879

,715,721,595,767

7,049,724

5,22529,222

5,01633,149

12,571100,002

16,078143,112

363 19' 199 49

1 Totals are for banks operating during the entire year, except threetrust companies having no deposits,


NOTE.—The figures for assets, deposits, capital accounts, number ofofficers and employees, and number of banks are as of the end of theyear. See note on second preceding page regarding the composition ofcash assets and total capital accounts.


EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES

[Computed from aggregate dollar amounts; ratios expressed as percentages]

Item

All member banks

1955 1956 1957 1958

Central reservecity member

banks

NewYork Chicago

Reservecity

memberbanks

Year 1958

Countrymemberbanks

Summary ratios:Percentage of total capital accounts:

Net current earnings before income taxesProfits before income taxesNet profitsCash dividends declared

Percentage of total assets:Total earningsNet current earnings before income taxesNet profits

Sources and disposition of earnings:Percentage of total earnings:

Interest and dividends on:U. S. Govt. securitiesOther securities

Earnings on loansService charges on deposit accountsOther current earnings

Total earnings

Salaries and wagesInterest on time depositsOther current expenses

Total expenses

Net current earnings before income taxes

Net losses including transfers (or recoveries and profits+).Taxes on net incomeNet profits

Rates of return on securities and loans:Return on securities:

Interest on U. S. Govt. securitiesInterest and dividends on other securitiesNet losses (or recoveries and profits+)1

Return on loans:Earnings on loansNet losses (or recoveries+)*

Distribution of assets:Percentage of total assets:

U. S. Govt. securitiesOther securitiesLoansCash assetsOther assets

Other ratios:Total capital accounts to:

Total assetsTotal assets less U. S. Govt. securities and cash assets.. . .Total deposits

Time to total depositsInterest on time deposits to time deposits

Number of banks

16.613.47.94.0

3.131.22.58

20.95.6

57.75.1

10.7

100.0

29.410.221.5

61.1

38.9

7.513.018.4

2.092.13

.28

4.77.06

31.38.1

37.921.11.6

7.315.48.1

25.91.36

6,543

18.113.17.74.1

3.471.37.59

18.114.68.34.3

3.771.42.65

16.617.39.74.3

3.751.32.77

16.417.99.35.0

3.421.55

18.15.1

61.35.1

10.4

100.0

28.510.721.3

60.5

39.5

10.811.816.9

17.35.0

62.15.2

10.4

100.0

27.713.721.0

62.4

37.6

7.113.217.3

17.85.8

60.75.4

10.3

100.0

27.815.821.2

64.8

35.2

+ 1.316.120.4

14.65.3

60.02.3

17.8

100.0

25.89.4

19.5

54.7

45.3

+4.123.725.7

2.312.29

.53

5.02.11

2.532.50

.35

5.32.07

2.452.62

+ .79

5.35.06

2.392.74

+ .91

4.40+ .02

27.27.7

42.421.11.6

25.77.6

44.020.81.9

27.28.3

42.520.02.0

20.96.6

46.622.23.7

7.614.68.4

26.11.58

7.914.7

27.72.08

7.915.08.9

30.02.20

9.416.611.1

17.02.23

6,462 6,393 6,312 18

18.419.79.93.7

3.161.51.82

21.46.1

57.6.9

14.0

100.0

25.09.1

18.0

52.1

47.9

+ 3.525.525.9

2.372.68

+ 1.44

4.47.20

28.57.2

40.722.7

.9

8.216.99.2

18.41.74

14

18.118.910.14.6

3.791.35.75

16.95.3

62.05.7

10.1

100.0

27.416.720.2

64.3

35.7

+ 1.417.219.9

2.452.65

+ .98

5.39.04

26.17.6

43.620.81.9

7.514.08.3

30.62.30

274

15.015.09.43.6

3.941.16.72

19.66.4

60.06.97.1

100.0

29.318.023.3

70.6

29.4

.110.918.4

2.492.54

+ .53

5.94.11

31.09.9

39.817.71.6

7.715.08.5

36.52.14

6,006

1 Net losses is the excess of (a) actual losses charged against netprofits plus losses charged against valuation reserves over (b) actualrecoveries and profits credited to net profits plus recoveries creditedto valuation reserves; net recoveries and profits is the reverse. Trans-fers to and from valuation reserves are excluded.

NOTE.—The ratios in this and the following three tables werecomputed from the dollar aggregates shown in preceding tables.Many of these ratios vary substantially from the average of indi-vidual bank ratios, which will be published in a subsequent issue ofthe BULLETIN, in which each bank's figures—regardless of size oramount—are weighted equally and in general have an equally im-portant influence on the result. In the ratios based on aggregates

presented here, the experience of those banks in each group whosefigures are largest have a much greater influence than that of themany banks with smaller figures. (For example, the 110 largestmember banks have total earnings which, combined, are larger thanthose of all the other member banks, numbering about 6,200.)Ratios based on aggregates show combined results for the bankingsystem as a whole, and, broadly speaking, are the more significantfor purposes of general analyses of credit and monetary problems,while averages of individual ratios are useful primarily to thoseinterested in studying the financial results of operations of indi-vidual banks.


EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-


Net current earnings before income taxes.Profits before income taxesNet profitsCash dividends declared

Percentage of total assets:Total earningsNet current earnings before income taxesNet profits



Earnings on loansService charges on deposit accounts....Other current earnings

Total earnings


Total expenses

Net current earnings before incometaxes

Net losses including transfers (or re-coveries and profits+)

Taxes on net incomeNet profits


Interest on U. S. Govt. securitiesInterest and dividends on other securitiesNet losses (or recoveries and profits+)*.

Return on loans:Earnings on loansNet losses 1




Total assetsTotal assets less U. S. Govt. securities

and cash assetsTotal deposits

Time to total depositsInterest on time deposits to time deposits . ..

Number of banks

16.416.38.24.4

4.221.50.75

16.117.09.34.8

3.641.41.81

13.913.08.04.3

3.1.30

.74

15.416.08.53.5

3.691.33.74

15.415.78.63.8

3.741.22.69

16.417.610.73.3

3.791.19.77

16.818.310.63.4

3.461.22

.77

16.116.59.13.8

3.451.29.73

17.921.012.84.5

3.981.31.94

16.716.710.13.3

3.521.31

.79

16.415.19.14.1

3.581.29.72

14.54.3

59.06.4

15.8

100.0

31.09.4

24.0

64.4

35.6

.117.617.9

15.25.9

60.84.1

14.0

100.0

26.813.820.7

61.3

38.7

+2.318.722.3

16.56.5

61.64.0

11.4

100.0

28.914.822.9

66.6

33.4

2.112.219.1

19.96.3

59.14.7

10.0

100.0

26.116.321.5

63.9

36.1

+ 1.417.520.0

18.85.1

60.96.29.0

100.0

30.014.822.5

67.3

32.7

+ .715.118.3

18.45.9

60.46.5

100.0

28.914.924.8

68.6

31.4

+ 2.413.320.5

23.56.2

57.04.68.7

100.0

28.115.820.9

64.8

35.2

+ 3.116.122.2

21.86.3

60.24.57.2

100.0

28.011.423.3

62.7

37.3

+ .917.021.2

18.86.2

59.66.58.9

100.0

28.515.822.7

67.0

33.0

+5.615.023.6

20.46.0

59.56.67.5

100.0

29.710.622.5

62.8

37.2

2+.014.722.5

17.05.7

63.54.89.0

100.0

26.911.625.3

63.8

36.2

2.813.320.1

2.492.23

+ 1.06

5.44.07

2.442.67

+ .76

4.81.01

2.492.64

+ .45

5.42.07

2.44 2.422.80 2.57

+.71

5.20.05

24.68.1

45.719.52.1

25.79.5

44.118.81.9

30.08.4

42.018.21.4

9 . 2

16.410.4

20.82.16

15.410.1

25.42.28

287 531

9 .3

16.810.5

32.1.96

8.7

16.79.7

34.21.96

513 589

5.64.06

2.432.61

+ .78

6.00.15

2.432.53

+ .94

5.25

2.512.68

5.34.09

2.572.78

+ .72

5.81.04

29.07.5

40.321.4

1.8

28.68.5

38.222.9

33.48.6

37.619.31.1

29.98.1

38.921.9

1.2

29.08.9

40.819.81.5

2.46 2.512.55 2.88

+ .52 +.29

.04

29.28.3

36.924.4

1.2

7.9

16.0

28.22.17

15.08.0

25.02.47

455 401 1,021

7.2

15.37.9

33.01.82

8.0

16.6

23.81.82

7.3

14.38.0

32.42.13

489 476

7 .9

16.98.6

18.52.21

5.60.10

24.37.0

40.625.72.4

7 .9

15.88.7

20.52.23

750 631

20.721.211.35.6

4.251.32.72

15.25.0

64.58.17.2

100.0

27.224.617.0

68.8

31.2

+ .714.917.0

2.452.53

+ .78

.06

26.38.4

46.516.52.3

6.4

11.27.0

44.62.59

169

1 Net losses is the excess of (a) actual losses charged against net profitsplus losses charged against valuation reserves over (b) actual recoveriesand profits credited to net profits plus recoveries credited to valuation

reserves; net recoveries and profits is the reverse. Transfers to and fromvaluation reserves are excluded.

2 Ratio of less than .05.


EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sasCity

DallasSan

Fran-cisco


Net current earnings before income taxes,Profits before income taxesNet profitsCash dividends declared

Percentage of total assets:Total earningsNet current earnings before income taxes.Net profits




Total earnings


Total expenses


Net losses including transfers (or re-coveries and profits-!-)


Rates of return on securities and loans:Return on securities :

Interest on U. S. Govt. securitiesInterest and dividends on other securitiesNet losses (or recoveries and profits+ )*.

Return on loans:Earnings on loansNet losses (or recoveries+)x






Time to total depositsInterests on time deposits to time deposits..,

Number of banks

19.420.39.04.8

4.161.96.91

16.717.19.95.6

4.201.25.74

15.914.48.35.4

3.901.46.76

16.317.48.73.8

3.631.44.77

16.816.98.54.3

3.531.22.62

17.220.111.53.6

3.731.25.84

17.018.410.73.6

3.391 .13

.71

17.418.1

4.2

3.311.40.71

17.622.813.14.6

3.681.411.04

17.318.010.23.3

3.241.35.79

17.717.29.94.7

3.451.43.80

20.921.311.25.7

4.191.33.71

13.32.8

57.73.2

23.0

100.0

29.12.9

21.0

53.0

47.0

+2.127.221.9

13.36.4

65.86.67.9

100.0

29.117.923.3

70.3

29.7

+ .612.817.5

12.95.6

61.83.9

15.8

100.0

31.87.1

23.6

62.5

37.5

3.514.419.6

18.46.6

58.44.1

12.5

100.0

25.714.619.9

60.2

39.8

+2.721.121.4

18.74.8

58.36.2

12.0

100.0

31.611.022.7

65.3

34.7

+ .217.417.5

16.75.1

62.74.7

10.8

100.0

28.313.025.2

66.5

33.5

+ 5.816.922.4

24.66.3

56.45.96.8

100.0

29.815.621.3

66.7

33.3

+2.915.221.0

18.95.4

62.23.89.7

100.0

26.68.3

22.9

57.8

42.2

+ 1.622.521.3

13.65.4

63.84.3

12.9

100.0

29.89.0

23.0

61.8

38.2

+ 11.421.228.4

18.65.5

61.84.69.5

100.0

27.08.9

22.4

58.3

41.7

+ 1.618.824.5

15.34.6

65.52.1

12.5

100.0

21.412.624.5

58.5

41.5

1.317.023.2

15.25.0

64.97.97.0

100.0

26.625.416.3

68.3

31.7

+ .715.417.0

2.582.07

+ 1.92

4.92+ .02

2.562.67

+ .95

5.77.09

2.562.75

+ .59

5.11.06

2.422.94

+ 1.78

4.90.01

2.382.56

+ .93

5.13.04

2.422.80

+ 1.29

5.87.13

2.452.53

+ .80

5.25.04

2.472.81

+ 1.31

4.87.06

2.372.73

+ 1.43

5.31.02

2.362.58

+ .71

5.13+ .01

I

2.43! 2.453.71 2.49

+ .25 +.77

5.12.02

21.45.7

48.721.52.7

21.810.147.918.31.9

19.58.0

47.123.32.1

27.68.1

43.219.71.4

27.76.6

40.123.71.9

25.86.9

39.825.71.8

34.08.5

36.419.81.3

25.36.5

42.324.81.1

21.27.2

44.325.9

1.4

25.56.9

39.127.21.3

21.84.3

44.126.7

3.1

10.117.611.7

8.61.62

7.5

12.48.2

35.82.31

9.2

16.110.4

15.22.06

8.9

16.810.0

28.62.08

7.3

15.08.1

20.62.09

7.3

15.0

20.22.65

6.6

14.47.3

35.41.64

8.0

16.19.0

15.91.93

8.0

15.19.0

17.2.18

7.8

16.58.6

14.52.20

15.78.9

21.92.19

10 22 20 25 66 19 39 26

5.81.05

25.98.3

46.816.62.4

6.4

11.17.1

45.32.60

24

• Not including central reserve city banks.1 Net losses is the excess of (a) actual losses charged against net profits

plus losses charged against valuation reserves over (b) actual recoveries

and profits credited to net profits plus recoveries credited to valuationreserves; net recoveries and profits is the reverse. Transfers to and fromvaluation reserves are excluded.


EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS[Computed from aggregate dollar amounts; ratios expressed as percentages]

Item


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-


Net current earnings before income taxesProfits before income taxesNet profitsCash dividends declared

Percentage of total assets:Total earningsNet current earnings before income taxes,Net profits




Total earnings


Total expenses


Net losses including transfers (or re-coveries and profits+)



Interest on U. S. Govt. securities ,Interest and dividends on other securities,Net losses (or recoveries and profits+)1.,

Return on loans:Earnings on loans ,Net losses* ,






Time to total depositsInterest on time deposits to time deposits...

Number of banks

14.413.77.74.2

4.251.24

.66

14.713.98.94.2

4.161.07

.65

12.612.17.73.6

3.871.18

.73

14.013.88.23.1

3.791.17

14.514.98.83.5

3.911.22.74

15.815.810.13.2

3.831.15

.73

15.417.111.23.1

3.741.07

.78

14.814.99.53.4

3.581.18

.75

18.219.912.74.3

4.131.27

.89

15.915.310.03.4

3.821.26

.79

14.812.98.23.4

3.711.15

.64

15.25.1

59.78.2

11.8

100.0

32.113.025.7

70.8

29.2

1.312.315.6

16.97.3

61.57.66.7

100.0

28.722.622.9

74.2

25.8

1.48.8

15.6

19.07.1

61.54.18.3

100.0

27.020.222.3

69.5

30.5

1.110.618.8

21.96.0

60.15.56.5

100.0

26.818.623.7

69.1

30.9

12^218.2

18.85.4

62.96.26.7

100.0

28.817.722.2

68.7

31.3

+ 1.013.319.0

19.56.3

58.97.87.5

100.0

29.316.224.5

70.0

30.0

2+.010.919.1

24.06.3

56.96.06.8

100.0

28.920.122.5

71.5

28.5

+3.110.920.7

24.47.1

58.45.15.0

100.0

29.314.123.6

67.0

33.0

+ .312.221.1

21.26.6

57.77.47.1

100.0

27.918.822.6

69.3

30.7

+2.912.121.5

22.16.5

57.38.55.6

100.0

32.312.122.5

66.9

33.1

1.411.020.7

18.76.6

61.77.35.7

100.0

32.210.626.1

68.9

31.1

4.19.8

17.2

2.452.28

.69

5.76.12

2.542.57

+ .48

5.81.08

2.452.59

+ .39

5.66.07

2.472.62

+ .45

5.68.11

2.452.57

+ .54

6.07.08

2.442.51

+ .49

6.09.16

2.452.44

+ .75

5.90.10

2.542.59

+ .44

5.87.13

2.642.79

+ .48

6.11.05

2.542.52

+ .37

6.34.11

2.572.51

+ .32

6.19.20

26.49.5

44.118.31.7

27.711.944.014.71.7

30.010.642.015.71.7

33.68.8

40.116.01.5

30.18.2

40.619.51.6

30.79.6

37.020.8

1.9

36.79.6

36.116.41.2

34.49.7

35.619.11.2

33.09.8

39.016.71.5

33.19.9

34.521.4

1.1

27.09.8

36.924.6

1.7

8.6

15.69.6

27.42.25

7.3

12.78.0

44.52.31

9.4

17.310.5

45.01.94

8.4

16.69.2

42.31.84

8.5

16.89.4

34.62.21

7.3

15.07.9

28.52.38

6.9

14.87.5

41.71.96

8.0

17.18.7

31.31.77

7.0

13.97.6

39.92.12

7.9

17.58.7

22.72.22

7.8

16.08.5

19.02.27

279 503 507 567 435 376 941 470 467 711 605

19.920.712.24.5

4.601.29.79

15.45.3

62.59.07.8

100.0

30.420.421.1

71.9

28.1

+ 1.011.917.2

2.452.75

+ .78

6.44.14

28.98.8

44.616.11.6

6.5

11.87.1

40.22.53

145

1 Net losses is the excess of (a) actual losses charged against net profitsplus losses charged against valuation reserves over (b) actual recoveriesand profits credited to net profits plus recoveries credited to valuation

reserves; net recoveries and profits is the reverse. Transfers to and fromvaluation reserves are excluded.2 Ratio of less than .05.

BANK EARNINGS, 1958 659

EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1955-58


ItemAll insured commercial banks *

1955 1956 1957 1958

Banks not members ofFederal Reserve System

1955 1956 1957 1958

EarningsInterest and dividends on securities:

U. S. GovtOther

Interest and discount on loans ,Other charges on loans ,Service charges on depositsOther charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—othersDirectors' fees, etcInterest on time depositsInterest on borrowed moneyTaxes other than incomeRecurring depreciationOther current expenses

Net current earnings before income taxes

Recoveries, transfers from reserves, and profits..On securities:

RecoveriesTransfers from reservesProfits on securities ,


All other

Losses, charge-offs, and transfers to reservesOn securities:

Losses and charge-offsTransfers to reserves


All other



Net profits


On common stock

Memoranda items:Recoveries credited to reserves (not included

in recoveries above):On securitiesOn loans

Losses charged to reserves (not included inlosses above):



Total assets



Number of banks

6,377,705

1,333,690351,041

3,625,52871,048339,975155,004281,841219,579

3,960,173666,152

1,229,75639,563678,23723,093176,840108,306

1,038,228

2,417,533

239,59820,58639,93057,085

27,37950,89943,722

707,155

221,23267,276

28,159303,60086,886

1,949,976

793,737753,88339,855

1,156,240

566,1242,581

563,543

3,14639,794

68,14088,417

7,231,921

1,342,842370,045

4,339,86673,562385,927168,497322,117229,068

4,457,198720,866

1,372,26242,614805,85745,392187,526128,085

1,154,600

2,774,724

250,17114,09041,00131,151

20,76277,60665,563

993,534

317,381101,830

32,018452,94089,369

2,031,360

814,636769,84344,793

1,216,725

616,8902,389

614,501

3,33242,717

95,505123,529

8,050,416

1,442,379412,497

4,879,67683,815

440,892186,815354,520249,828

5,119,182773,769

1,493,77845,396

1,141,71549,538205,903146,262

1,262,823

2,931,235

198,4139,29520,75164,368

21,18339,75743,063

757,432

237,48084,996

25,636321,87087,452

2,372,217

998,397947,99850,401

1,373,821

678,1012,234

675,867

2,64650,824

74,529117,937

8,500,949

1,544,023501,978

5,046,78294,674486,507191,408379,395256,183

5,612,723827,142

1,573,33048,271

1,380,57524,161221,571168,371

1,369,305

2,888,223

868,115

9,64657,145681,55422,43942,15855,176

783,213

93,657268,159

25,053282,227114,117

2,973,128

1,271,4591,198,890

72,570

1,701,667

725,8662,366

723,500

10,41069,073

19,741127,515

1,035,960

215,89555,504604.0899,69065,95145,26014,88624,685

695,736154,506170,16112,380135,5331,151

27,87221,473

172,661

340,225

27,0942,2702,3836,418

6,6403,1716,214

93,200

25,7414,190

10,31637,96814,984

274,118

102,97498,5284,446

171,146

65,214851

64,363

4276,205

2,63812,748

1,154,684

242,57762,275677,86210,88875,76246,92313,04325,356

778,055167,671190,43013,459156,6351,599

30,31825,238

192,710

376,630

24,3651,5121,2563,625

6,4534,3277,193

113,710

40,8104,829

10,16745,39612,511

287,283

96,95292,6414,311

190,332

69,979797

69,182

1477,274

2,67514,993

1,280,472

274,95273,124744,12012,01786,70550,26514,32924,965

897,652181,498208,97314,546

215,0341,663

33,75129,202212,987

382,821

28,480

1,1051,4067,207

7,1492,9098,707

102,380

30,5796,727

9,96240,98314,131

308,921

103,88699,3234,565

205,036

74,354749

73,605

5477,151

3,13517,326

1,375,467

278,14390,656802,02413,78098,00751,72915,09426,035

996,746195,174224,24415,793

257,762978

36,35633,633232,809

378,718

90,738

1,4892,88470,046

6,5952,4797,248

101,767

18,79314,877

9,94641,41416,737

367,692

123,059117,4015,659

244,631

79,708800

78,908

1,4917,941

91818,346

75,800,68863,808,04916,294,07543,510,7452,918,119

86,291,62858,257,14916,179,49845,728,6913,255,814

91,493,98957,238,57416,725,20645,474,3183,858,353

202,331,676 209,712,780 214,790,440

95,666,83562,355,81919,237,56146,766,0414,333,431

228,359,687

10,627,05410,137,4242,578,8324,916,121317,900

11,701,99910,103,4502,762,7585,111,725357,596

12,361,62110,422,5513,056,6865,169,492405,218

49,311,341184,734,232 19014,631,680

51,096,09090,786,52215,553,298

54,969,193,993,16,554,663

62,382,540484 206,196,015

17,723,575

28,577,331

9,267,15226,198,4342,149,634

30,037,528 31,415,568

434 279,701,782 1017,461,0762,312,174

,523,43128,640,5312,468,571

13,293,80810,852,5023,538,4565,294,095

460,770

33,439,631

11,737,02130,436,8302,661,655

84,931408,791

88,462433,563

91,597452,218

95,308457,023

26,32366,638

27,15369,949

28,20373,927

29,63075,964

13,237 13,218 13,165 13,124 6,698 6,760 6,776 6,816

1 Excludes three mutual savings banks and starting in 1955 a non-insured nondeposit trust company; these are State member banks of theFederal Reserve System and are included in member banks figures onpreceding pages.


NOTE.—The figures of assets, deposits, and capital accounts are averagesof the amounts reported for call dates at the beginning, middle, and endof each year. The number of officers, employees, and banks are as of theend of each year.

660 BANK HOLDING COMPANIES

BANK HOLDING COMPANIES, DECEMBER 31, 1958

[Registered pursuant to Section 5, Bank Holding Company Act of 1956]

Location ofprincipal office

CaliforniaLos Angeles

FloridaJacksonvilleJacksonvilleJacksonvilleSebring

GeorgiaAtlantaAtlantaSavannahSavannah

IndianaSouth BendSouth Bend

IowaDes Moines

KentuckyLouisville

MaineBangor

MassachusettsBostonBostonBoston

MinnesotaMinneapolisMinneapolisMinneapolisSt. Paul

MissouriKansas CityKansas CitySt. Louis

MontanaHavre

Holding company

Firstamerica Corporation

The Atlantic National Bank of JacksonvilleAtlantic Trust CompanyBarnett National Securities CorporationConsolidated Naval Stores Company

Trust Company of GeorgiaTrust Company of Georgia AssociatesCitizens and Southern Holding CompanyThe Citizens and Southern National Bank

St. Joseph Agency, Inc.St. Joseph Bank and Trust Company

Brenton Companies

Trustees, First National Bank of Louisville

Eastern Trust and Banking Company

Baystate CorporationThe National Shawmut Bank of BostonShawmut Association

Bank Shares IncorporatedFirst Bank Stock CorporationNorthwest BancorporationOtto Bremer Company

The Kemper Investment CompanyKeystone CorporationGeneral Bancshares Corporation

Montana Shares, Incorporated

Location ofprincipal office

New HampshireNashua

New YorkBuffaloNew YorkNew YorkNew YorkWarsaw

OhioColumbusSpringfield

TennesseeChattanoogaKnoxville

TexasChildressFort WorthHouston

UtahSalt Lake City

VirginiaArlingtonArlingtonRichmond

WashingtonPort AngelesSpokane

WisconsinMilwaukeeMilwaukee

CanadaMontrealToronto

JapanTokyo

Holding company

New Hampshire Bankshares, Inc.

Marine Midland CorporationEmpire Shares CorporationIllinois Shares CorporationSoutheastern Shares CorporationFinancial Institutions, Inc.

BancOhio CorporationThe Springfield Savings Society of Clark County

Hamilton National Associates, Inc.Tennessee Shares Corporation

Farmers and Mechanics Trust CompanyThe Fort Worth National BankC. B. Investment Corporation

First Security Corporation

The First Virginia CorporationOld Dominion BankDominion Securities, Incorporated

Union Bond & Mortgage CompanyOld National Corporation

The Marine CorporationWisconsin Bankshares Corporation

Bank of MontrealThe Canadian Bank of Commerce

The Bank of Tokyo, Ltd.

Financial Statistics

* International *

International capital transactions of the United States 662

Net gold purchases and gold stock of the United States. 670

Estimated foreign gold reserves and dollar holdings. 671

Reported gold reserves of central banks and governments 672

Gold production 673

International Bank and Monetary Fund. 674

United States balance of payments. 675

Money rates in foreign countries. 675

Foreign exchange rates. 677

Index to statistical tables 685

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.

661

662 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—Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1959—Jan. 31Feb. 28Mar. 31*Apr. 30*

GrandTotal

12,91913,60114,93915,158

15,06015,21515,27115,38415,67915,64815,94516,05216,159

16,23016,61916,63616,775

In-terna-tionalinsti-

tutions 2

1,7701,8811,4521,517

1,3731,5221,4541,4631,4371,4831,4361,4851,544

1,5381,5411,6731,666

Foreign countries

Total

11,14911,72013,48713,641

13,68613,69313,81713,92114,24214,16514,50814,56714,615

14,69315,07814,96315,110

Official

6,7706,9538,0457,917

7,9537,9477,9318,1018,4158,4118,6648,6378,663

8,5288,7528,6148,432

Ger-many,Fed.RT1,3731,4541,8351,557

1,5511,5981,4681,5901,675,733

1,7611,7551,755

[,6931,697[,3701,280

Italy

•

579785930

1,079

1,1291,1211,0711,0541,0931,0871,1521,1321,121

[,1591,1701,2311,239

UnitedKing-dom

640550

1,0121,275

1,021,056,060,098,006,076945977875

,078,133,125,230

OtherEurope

3,0303,3573,0893,231

3,4183,2693,3533,3923,6523,6643,7853,7923,960

3,7843,9204,0054,080

TotalEurope

5,6216,1476,8657,142

7,1197,0446,9517,1347,4277,5607,6437,6567,710

7,7137,9207,7317,829

Canada

1,5361,0321,5161,623

1,6621,7892,0011,9622,0521,9442,0602,0712,019

2,0812,1422,0872,170

LatinAmerica

1,9062,0002,3462,575

2,5582,5042,5062,4072,3902,2912,3942,4072,401

2,3812,3822,5192,464

Asia

1,8212,1812,4151,946

2,0042,0442,0722,1342,1072,0922,1262,1482,205

2,2352,3392,3372,357

AllOther

265360346355

343312288285266277286285279

282295290290

Table la. Other Europe

Date

1954 Dec 31. .1955—Dec. 311956—Dec. 311957—Dec. 31

1958—Apr. 30May 31June 30 . .July 31Aug 31Sept. 30Oct 31Nov. 30Dec. 31

1959 Jan 31Feb. 28Mar. 31*Apr 30*

OtherEurope

3,0303,3573,0893,231

3,4183,2693 3533,3923,6523,6643,7853 7923,960

3,7843,9204,0054,080

Aus-tria

273261296349

353354363377397418425413411

408410417410

Bel-gium

100108117130

118114109101157106108107115

109105117151

Den-mark

716065

112

142143114127149162162156169

142129138130

Fin-land

41495364

595047515963716469

74767572

France

7151,081

626354

322249298314357413468492532

518637644647

Greece

113176111154

142131122116109112117121126

129132138145

Neth-er-

lands

249164134203

295292293285350337330328339

356345347361

Nor-way

103826793

10810410810198

101108113130

112114108104

Por-tugal

91132137142

157153154161158157165165163

148157175171

Spain

711044324

273431284133283636

31323029

Swe-den

141153217260

257251254268281292281281303

280280294321

Switz-er-

land

672757836967

870822827807811799799786852

786796846853

Tur-key

89

2018

121512111110161620

18202025

Yugo-slavia

9131711

5969

1111999

8667

Allother 4

371209282349

550549617637664651699704685

666682650651

Table lb. Latin America

Date

1954—Dec. 311955—Dec. 311956—Dec. 311957—Dec. 31


1959—Jan. 31Feb. 28Mar. 31*Apr. 30*

LatinAmer-

ica

1,9062,0002,3462,575

2,5582,5042,5062,4072,3902,2912,3942,4072,401

2,3812,3822,5192,464

Argen-tina

160138146137

139137140147133131134141150

149189180180

Bo-livia

29262926

222223212121222122

22202020

Brazil

120143225132

120139125126159133130132138

164166178151

Chile

70959175

7877867478847473

100

95859592

Co-lom-bia

222131153153

125120125129144137170176169

178198186199

Cuba

237253211235

266271281278292274276280286

281267263256

Do-min-icanRe-

pub-lic

60656854

504953544948424240

40384150

ElSal-

vador

30242527

373633302625262326

31333338

Guate-mala

35456465

626464595448454342

40434343

Mex-ico

329414433386

379361332322351370383413418

393389401412

Neth-er-

landsWestIndiesand

Suri-nam

49476973

666762677372768179

72767378

Pan-ama,Re-

pub-lic of

7486

109136

143141140144139148147145146

147155156157

Peru

83928460

627473747572707377

72727481

Uru-guay

90657355

837778787580828382

92899684

Vene-zuela

194265455835

770712740664580514582542494

464410508443

OtherLatinAmer-

ica

124112111124

155156150142142136135139131

143152170180

Preliminary. For other notes see following page.

INT'L CAPITAL TRANSACTIONS OF THE U. S. 663

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

1958_Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1959—Jan. 31Feb. 28Mar. 31*Apr. 30*\. . .

Asia

Total

1,8212,1812,4151,946

2,0042,0442,0722,1342,1072,0922,1262,1482,205

2,2352,3392,3372,357

HongKong

61556670

666566686765646362

61576257

India

87737682

757681807673767577

78869091

Indo-nesia

100174186151

86888989809199

105108

108112119108

Iran

31372055

474364555143353843

53515554

Israel

41534552

525148514640455256

54606265

Japan

721893

1,017586

739780803858901889925925935

9571,020

9981,028

K o -rea,Re-

pub-licof

968899

117

122115117119123128129133145

144147147146

Phil-ip-

pines

257252272175

169180164168172177159158176

156169173164

Tai-wan

34396186

929188919293969999

98969491

Thai-land

123138148157

145146148145141140136133133

134139138134

Other

270380425417

412408403411357353361367371

391402400418

Total

265360346355

343312288285266277286285279

282295290290

Aus-tralia

48758485

777775867074777679

82808383

Allc

Bel-gian

Congo

44424439

543534353631313130

31313333

)ther

Egypts

47725040

412918161818202016

17171615

Unionof

SouthAfrica

33535338

202724221928303030

31372828

Other

94119114153

151144137126123126128127125

121129130132

Table Id. Supplementary Areas and Countries6

Area or country

End of year

1955 1956 1957 1958

Area or country

End of year

1955 1956 1957 1958

Other Europe:AlbaniaBritish dependenciesBulgariaCzechoslovakia 7Eastern GermanyEstoniaHungaryIcelandIreland, Republic ofLatviaLithuaniaLuxembourgMonacoPoland?Rumania7

TriesteU.S. S. R.7

.4

.4

.7

.71.311.04.8

13.71.0

.33.15.62.58.11.4

.7

.3

.4

.2

.51.21.9

.1

.3

.6

.73.1

7

3.19.1

.6

.413.24.33.3

.91.4

.72.99.0

.5

.516.45.43.2

n.a..4.3.6

1.41.7

Other Asia (Cont.):Burma.

1.2.7

.93.5n.a.

.6

.716.15.94.9

.9

.52.2

CambodiaCeylonChina Mainland7

IraqJordan.KuwaitLaosLebanonMalaya, Fed. ofPakistanPortuguese dependencies.Ryukyu IslandsSaudi ArabiaSyria 5Viet-Nam

Other Latin America:British dependenciesCosta RicaEcuadorFrench West Indies and French Guiana. .HaitiHondurasNicaraguaParaguay

Other Asia:AfghanistanBahrein IslandsBritish dependencies.

16.617.614.9

.612.19.7

12.83.6 I

4.1.5

8.2

24.114.618.0

1.08.9

10.211.84.0

5.31.77.4

24.016.422.7

.811.212.612.75.1

4.7.9

8.0

40.924.517.4

.57.76.3

11.33.4

n.a..9

4.3

All other:British dependenciesEthiopia and EritreaFrench dependenciesLiberiaLibyaMorocco:

Morocco (excl. Tangier).Tangier

New ZealandPortuguese dependencies...SomaliaSpanish dependenciesSudanTunisia

19.113.132.936.214.71.23.5

23.118.01.65.72.0

34.079.51 3 . 1

62.3

2.423.7

8.013.19.9

14.833.5

1.95.3

.2

.7n.a.

.7

7.017.241.235.516.92.05.3

37.322.3

1.420.2

2.730.697.417.150.1

3.824.210.523.7

3.7

13.622.42.22.8

.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

27.86.5

13.06.4

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 Apr. 30, 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.« 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 Aor 30May 31June 30July 31

Sept 30Oct 31]SIov 30Dec 31

1959 Jan 31Feb. 28Mar 31Âpr 30p

Europe:

Germany, Fed. Rep. of

Tt 1Netherlands

TTnited TCinsdom . .

Other Europe

Xotal

Latin America:

Bolivia • • •

ChileColombiaCuba

Dominican RepublicEl SalvadorOuatemala

Neth. W. Indies and Suri-

Panama Rer> of • . .

Urusuav

Other Latin America

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

Total amounts outstanding

12,91913,60114,93915,158

15,06015,21515,27115,38415,67915,64815,94516,05216,159

16,23016,61916,63616,775

11,07011,77712,86012,847

12,77612,96312,95913,12713,38913,31213,57613,60613,669

13,71614,05614,09514,169

5,4795,4515,9795,875

6,7926,9057,0927,1107,0926,7056,7116,7366,772

6,8026,7976,9346,863

4,9555,6705,9905,840

4,8204,9354,7314,9055,2095,5125 7675,7485,823

5,8266,1736,0626,221

637656891

1,132

1,1641,1231,1351,1121,0881,0951 0971,1221,075

1,0881,0851,0991,085

1,8051,7832,0302,252

2,1972,1652,2362,1892,2182,2572,2922,3802,430

2,4632,5012,4862,539

1.5201,5431,6531,766

1,8121,8241,9191,9321,8891,893I 8971,9291,951

1,9461,9321,9691.968

251184243278

217184184135210229242279306

328373313339

3456

134209

168157133122119135153172174

189197205232

43404959

878777697279776659

52625467

Area and country detail, February 28, 1959

41010512976

637

1,697132

1,170345114

15732

28079620

1,1336

682

7,920

2,142

18920

16685

198267

383343

389

76

1557289

410152

2,382

40861

11575

578

1,680121

1,14131875

11615

271645

18

6986

657

6,998

1,803

1295

6528

132139

91625

250

39

322847

25670

1,271

393457547

245

21383

12013957

1031463

31418

3485

182

2,464

1,257

1285

5728

13095

91314

228

21

322746

25551

1,140

42

3825

316

1,29438

73515716

179144

334

349

3,631

534

( i )

42

( i )5

19

10

0)

0)9

85

1114

33

16

174

286222

121

29187

1

161

126

903

12

f1)8

( l )23

0)73

8

0)

C1)10

45

24314

158

16H292639

4117

9147

2

4020)25

882

324

6016

1005666

128

291718

139

37

1234542

15478

1,107

23611

50

1310211936

4017

7992

1250)23

515

207

5915955665

121

291718

136

14

944338

15276

1,027

22

6

2

8521

118

227

1

274

79

ft( l )( l )

2

0)

G)

41

2

19

( l )41

2

1

m

1C1)

(1)

130

50

94

39

0)5115

n\

( 2

17

2614

0)61

1( l )

1

2

n\j

0)(1)(1)(1)

30)32

0)40

15

0)

lii

(V)

0)(1)0)

3

4

Preliminary. i Less than $500,000.

INTL CAPITAL TRANSACTIONS OF THE U. S. 665

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued


Area andcountry

Asia:Hone KoneIndiaIndonesia

Israel . •

Japan

Philippines •TaiwanThailandOther Asia

Total

All other:Australia • . . . .Belgian CongoEgypt 2Union of South AfricaOther

Total .

Total foreign countries.

International

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, February 28, 1959—Continued

5786

1125160

1,02014716996

139402

2,339

80311737

129

295

15,078

1,541

16,619

2964

1104756

1,00814515088

136362

2,194

7630163493

249

12,515

1,541

14,056

2661584725

5951431348867

285

1,529

3414162779

169

6,560

237

6,797

52

17

37617

G)6348

565

3910

62

57

4,872

1,302

6,173

32

0)14

3719

28

100

36

0)12

23

1,083

2

1,085

28222

44

122

1983

40

144

3113

36

44

2,501

C1)

2,501

28">2

244

122

1883

39

142

3113

33

41

1,932

1,932

0)

0)0)C1)

0)

0)

(v)

0)

0)373

373

w

( l )

G)

C1)1

G)3

3

197

197

C1)(i)

0)

0)

1

!

0)

62

1 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 1


Date

I954 Dec 311955 Dec 311956 Dec 311957 Dec 31

1958 ADr 30May 31June 30July 31Aug 31Sept 30Oct. 31Nov 30Dec. 30

1959 Jan 31Feb 28Mar 31PApr 30^

Total

1,3871,5491,9462,199

2,4092,4792,4462,4892,5622,5402,5772,4872,542

2,4322,3792,4192,393

France

141218

114

9293848684909396

102

102100102103

Ger-many,Fed.

Rep. of

7088

157140

1341401231171111091038877

68686058

Italy

20304356

454144434339363536

31293633

Switz-er-

land

16262934

302735313336383542

38353945

UnitedKing-dom

17310910498

848496

103126127115120124

107102

8894

OtherEurope

109158216211

274277263267312315316301315

297288264255

TotalEurope

402423568654

660663646647709716700675696

644622589588

Can-ada

76144157154

220229251271265256276232243

241218246230

LatinAmer-

ica

728706840956

1,0211,0501,0231,0331.0481,040,078,064

1,099

1,0721,054,069

1,028

Asia

143233337386

460465450463462450442438435

407422454486

Allother

37434350

487177767879817969

68636161

v 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 COUNTRIES1—Continued


Table 3a. Other Europe

Date

1954 Dec. 311955 Dec. 311956 Dec 311957—Dec. 31

1958 Aor 30May 31June 30July 31Aug. 31Sept 30Oct 31Nov. 30Dec 31

1959 Jan 31Feb. 28Mar 31*>Apr 30p

OtherEurope

109158216211

274277263267312315316301315

297288264255

Aus-tria

(2)276

858899987

6555

Bel-gium

20162825

252716186763646865

66646362

Den-mark

10131211

6787687

1014

15161210

Fin-land

3344

554433456

6655

Greece

3446

777888

1087

6567

Neth-er-

lands

16112129

424641444344495356

58595240

Nor-way

29

2323

292426252522202122

20181514

Por-tugal

(2)222

222222222

2223

Spain

450000

<N

4644445759553130

26252729

Swe-den

47

1310

171816161413131524

18161614

Tur-key

41788876

818178796772726972

64605051

Yugo-slavia

12

1111

(2)1

1

111

Allother

577

10

1099

119

101199

1099

14

Table 3b. Latin America

Date

1954 Dec 311955 Dec. 311956 Dec. 311957 Dec 31 . . .

1958 Aor 30May 31June 30 . . . .July 31Aug 31Sept. 30Oct 31Nov 30Dec. 31

1959 Jan. 31Feb 28Mar 31 p

Apr. 30?

LatinAmer-

ica

728706840956

1.021I 0501,023L,O331,0481,0401,0781,0641,099

1,0721,054I 0691,028

Argen-tina

67

1528

232237494848353440

38383840

Bo-livia

3443

333333333

4363

Brazil

2736972

100

184202189216200183165138148

176176169136

Chile

14141633

425054494847474752

51485052

Co-lom-bia

107143145103

828071545449505151

49484950

Cuba

719290

113

114123105105132127151155166

151150149153

Do-min-icanRe-pub-

lic

357

15

10117

111214191919

20232525

ElSal-

vador

108

118

66777

10101110

6655

Guate-mala

4578

9988899

1012

12119

10

Mex-ico

116154213231

243255252240243274290294293

269260263263

Neth-er-

landsWestIndiesandSuri-nam

1352

333332466

4344

Pan-ama,Re-pub-lic of

9171218

232125232624232323

22242523

Peru

16293531

373833303028313131

28303438

Uru-guay

7181542

433739424550545452

50434533

Vene-zuela

63105144170

152141136138134125138139142

140139144139

OtherLatin

Amer-ica

27344951

485054555549494953

52535354

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. 31..1955—Dec. 31..1956—Dec. 31..1957—Dec. 31.,

1958—Apr. 30..May 31..June 30..July 31..Aug. 31..Sept. 30..Oct. 31..Nov. 30..Dec. 31.

1959—Jan. 31.Feb. 28.Mar. 31*>Apr. 3QP

143233337386

460465450463462450442438435

407422454486

16182022

402929312927292727

29283434

11101624

191918181921222723

25221918

50103170146

214224229224222209196186179

168175204224

7191653

424532383941394167

38423429

914

121617161414141613

14131417

396091110

112114106119122121123120111

116124130141

37434350

487177767879817969

68636161

14111113

131314121213141313

12121111

812

143638394141372923

24242119

10171719

141417161717232927

27222324

p Preliminary.* See note 1 on preceding page.

2 Less than $500,000.3 Part of the United Arab Republic since February 1958.

INT'L CAPITAL TRANSACTIONS OF THE U. S. 667

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. 311955—Dec. 311956—Dec. 311957—Dec. 31


1959—Jan. 31Feb. 28.Mar. 31Apr. 30

Europe:AustriaBelgiumDenmarkFinlandFrance

Germany, Fed. Rep. of...GreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkey

United KingdomYugoslaviaOther Europe

Total

Canada

Latin America:ArgentinaBoliviaBrazilChileColombiaCuba

Dominican RepublicEl SalvadorGuatemalaMexicoNetherlands W. Indies

and Surinam

Panama, Rep. ofPeruUruguayVenezuelaOther Latin America

Total

441671839

1,167

1,2591,2421,257

1,2691,3251,3221,334',373

,362

,359,363,362,380

253313

20

101

2624

128

26

312

410

97

21

2598

2996

()1

106

2614'l

4751

659

Total amounts outstanding

1,3871,5491,9462,199

2,4092,4792,4462,4892,5622,5402,5772,4872,542

2,4322,3792,4192,393

1,1761,3851,7962,052

2,2382,3122,2742,3082,3842,3242,3472,2982,344

2,2812,2272,2582,241

449489582627

712777764776871862859806840

780744746739

142236330303

341348348363368375394418428

416412424423

301353440423

448455432430423406428420421

417413428432

283307444699

736732730740720680666654656

667658660648

211164150147

171166172181178217230189198

151152161152

Area and country detail, February 28, 1959

564166

100

685295918

225163560

10219

622

218

383

1764848150

23611

260

24304313953

,054

562166

99

625285618

224152560

301

524

174

373

1764848149

23611

258

24304313553

1,048

2471

101441

()1157

14(2)

169

16

211

39266

102

()98

1315146

336

(22365

()410

74

139

()199612

1

58

18443313

188

18410113

21433

13

96

6

112

22102115

337

24

3152

4625

211

25125

87

32(2)1058

185

13

()9631420

723

78

29

23439

314

7(2)(2)

(2)

110(2)72

98

44

173144131132

157153159166165204212174181

136138146136

68

93

41

38201915

141413151313181616

15131516

4

'(2V

year.

Preliminary. 'Revisedi Represents mainly loans with an original maturity of more than one

2 Less than $500,000.

668 INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued


Area andcountry

Asia:Hong KongIndia

Israel

Korea Reo ofPhilippines

Other Asia

Total

All other:AustraliaBelgian CongoEgypt3

Union of South Africa. . . .Other

Total

Grand Total

Long-term—total1

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, February 28, 1959—Continued

15

413

14

15

1322

89

162

1080

108

1,363

55

2822

1752

428

13121

422

1232

2422

63

2,379

54

2822

1752

428

13120

421

1132

2321

61

2,227

31

( 2 }

5

44(2)25

57

109

200

139

25

744

C2)

2

1

5

124

7

412

23

(2)28

2

2522

10

76

63

7

23

413

1

14

104

1623

140

5

1

6

658

(2)

( 2 )

(2)

2

1

152

(2)

(2)

( 2 )

1

1

1

(2)

1

138

(2)

(2)

( 2 )

(2)

1

1

13

i Represents mainly loansone year.

with an original maturity of more than 2 Less than $500,000.3 Part of the United Arab Republic since February 1958.

TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESi


Year or month

1955195619571958

1958 AprMayJuneJulyAugSeptOctNovDec

1959 JanFebMar.pApr p

U. S. Govt. bonds

Pur-chases

1,341883666

1,224

7943

2691625238801758

127783759

Sales

8121,018

7181,188

9592

3231476336315153

23861514

& notes

Net pur-chases,orsales ( - )

529-135

- 5 236

- 1 6- 4 8- 5 3

16- 1 1

349

- 3 45

104- 72245

U. S. corporate securities2

Pur-chases

1,8861,9071,6171,759

104115136168138154226192206

213181231226

Sales

1,7301,6151,4231,798

126118153163149153220182203

195164224196

Net pur-chases.orsales ( - )

156291194

- 3 9

- 2 1- 3

- 1 75

- 1 216

113

18177

30

Foreign bonds

Pur-chases

693607699889

5281

149693943

16356

104

134996349

Sales

509992

1,3921,915

1153681921498939

194129231

1861858974

Net pur-chases, orsales ( - )

184-385-693

-1,026

- 6 2—287- 4 3- 8 0- 5 0

4— 31- 7 3

- 1 2 7

- 5 2- 8 6- 2 6- 2 5

Foreign stocks

Pur-chases

664749593467

252425262749443738

45414551

Sales

878875622804

344842474381756773

135738476

Net pur-chases, orsales (-)

— 214- 1 2 6

—29- 3 3 6

- 9— 23- 1 7- 2 2— 16— 32— 31— 30—35

- 9 0- 3 2— 39- 2 5

P Preliminary.1 Includes transactions of international institutions.

2 Includes small amounts of U. S. municipal securities.

INTL CAPITAL TRANSACTIONS OF THE U. S. 669

TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,BY TYPE OF SECURITY AND BY COUNTRY 1

Year or month

1955195619571958

1958—AprMayJuneJuly . . . .AugSeptOct . . .NovDec

1959 JanFeb

Aor p

Total 2

156291194

r—39

- 2 1- 3

- 1 75

- 1 2

6113

18177

30

Type of

Stocks

128256143

- 5 6

- 1 4

- 214

- 1 6- 7

31

19152

25

security

Bonds

29355117

- 7

- 1 5Q

483

106

- 2255

[Net sales, ( - ) . In millions of dollars]

Country

Belgium

142314

- 3

2

-I1

2

France

923

82

24

2

Neth-er-

lands

- 2 1- 735

- 8

- 11

- 1

1

- 2- 4

- 1

Switz-er-

land

142147101

19

- 8

- 445

1314

177

2027

UnitedKing-dom

308777

- 1

- 3- 1

13

- 2- 1

1- 4- 7

- 62

- 1 2- 2

OtherEurope

107

201

2- 2- 9(3)

-}1

- 3

12

4

TotalEurope

183280255

10

- 1 33

- 3- 3- 4

4493

13158

31

Canada

- 8 0- 5 3- 9 9- 8 6

- 1 0- 9

- 1 0

- 3- 6- 7- 6- 6

- 6- 8

LatinAmer-

ica

27382323

1- 1- 5

8- 6

2663

3222

Allother2

26271514

"I1

23

2

34

p Preliminary. r Re vised1 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

Year ormonth

1955195619571958

1958—Apr....May...June...July....AugSept....Oct.. . .Nov....D e c . . .

1959—JanFeb. . . .Mar.P. .Apr.?..

[Net sales, ( - ) .

Inter-national

insti-tutions

— 27- 3 3

- 3 8 4— 558

- 1 7- 1 5 6

- 9 1- 1 7- 1 5

3- 1 1

- 6- 9 6

- 4 46

- 5o

Totalforeigncoun-tries

A

-478-338-805

- 5 5-154

31- 8 4- 5 1- 3 1- 5 0- 9 7- 6 6

- 9 9-124

- 6 0- 4 2

In millions of dollars]

Europe

- 4 68

231- 7 2

71

82- 2 6- 1 1

12- 3 2

- 3- 9

- 3 7- 1 4- 2 2- 2 8

Can-ada

74-447-552-543

- 4 9-130

- 4 4- 5 5- 3 0- 1 0- 1 0- 6 7- 1 4

- 5 9- 6 4- 2 4

2

LatinAmer-

ica

2417155

4421

- 82j

0)- 6

53

- 9- 3

Asia

- 4 9- 4 0- 4 5- 4 5

- 3- 4- 3- 4

i- 2- 3- 6- 8

- 9- 4 1

- 8- 8

Allother

- 7- 1 6

13-150

- 1 3- 2 5

^0)

1

- 3 3^

- 2 2- 3 1

1- 2

3- 1

* Preliminary.i Less than $500,000.

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD ATFEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTSi


Date

1957—Dec. 31

1958—May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1959—Jan. 31Feb. 28Mar. 31Apr. 30May 31

Deposits

356

234269288313258288226272

274310307266291

Assets in custody

U. S. Govt.securities 2

3,729

3,0372,9743,1673,3443,6093,7773,8223,695

3,6813,8573,5933,5593,750

Miscel-laneous 3

353

405491541523493481487480

510509509504524

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.

670 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:

Belgium

Germany (Fed. Rep. of)ItalyNetherlandsPortugal

SwitzerlandBank for Int'l SettlementsOther

Total

Sterling Area:United Kingdom

Other

Total

Canada

Latin America:ArgentinaMexico

Other

Total

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

469.952.1

3.6

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

1-5.8

- 1 0 . 0

-ioo.6- 5 . 022.5

- 1 7 . 3

-115.6

440.011.5- . 3

451.2

7.2

- 2 0 . 087.7

- 1 0 . 2

57.5

- 6 . 7

393.6

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

- 8 4 . 8- 2 8 . 1

- 1 8 . 8

-131 .8

- 5 . 7

-1 ,164 .3

-1 ,164 .3

1954

- 6 . 2

-225 .6

-54.*9- 1 5 . 0- 1 5 . 5- 2 0 . 0

8.8

-328 .3

- 5 0 . 0

- . 5

- 5 0 . 5

-3o!o12.2

62.5

- 9 . 9

- . 4

-326.6

-326 .6

1955

'-67.*5- 1 0 . 0

"-5.0

4 . 0

- 7 8 . 5

- . 1

- . 1

14.0

14.0

- 4 . 9

1.0

- 6 8 . 5

- 6 8 . 5

1956

3.4- 3 3 . 8

'"is'.i- 8 . 0

3 .0

-20 .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

771.6

1958

-84 .2-329.4

" - 3 4 8 ! 8-260.9-20 .0

-215.2-178.3

38.4

-1,428.3

-900.0

-900.0

67.2

1.8

69.0

4-27.1

- . 7

-2,287.1

- 7 . 1

-2,294.2

Quarterly totals

1958

Jan,Mar.

- 1 4 . 2

- 5 . 0- 1 5 . 1

- 7 6 . 2

-300 .0

-300 .0

- . 1

- . 1

- . 6

- . 5

-377.4

-377 .4

Apr ,June

-143 .6

—168!8- 6 2 . 9- 2 0 . 0

-135 .1- 7 4 . 4- 1 8 . 5

-623 .2

-450 .0

-450 .0

- . 4

- . 4

- . 4

- . 1

-1 ,074 .1

— 7 1

-1 ,081 .2

July-Sept.

25 9-113 .4

— ii i is-46.4

-75.1-60.7-2 .3

-447.5

-50.0

-50.0

12.0

2

11.7

- 2 . 7

-488.5

-488.5

Oct,Dec.

58 3-58 .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

1959

Jan ,Mar.

-29 .9

-7 .6- 1 . 3

- 3 8 . 2

c

- . 5

4-45.1

- . 1

-83 .8

- 8 . 8

-92 .6

i 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 sales of gold to Japan as follows (in millions): 1958. $30.1:and 1959, Jan,Mar., $49.9.

5 Figures represent purchase of gold from, or sale to (—), InternationalMonetary Fund.

ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES


Year

19461947194819491950

19511952195319541955195619571958

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

-40 .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—MayJuneJulyAugSeptOctNovDec

1959—JanFebMarAprMay

Gold stock(end of month)

Treas-ury

21,59421,35621,21021,01120,87420,69020,60920,534

20,47620,47920,44220,305

^20,188

Total 1

21,67421,41221,27521,08220,92920,74120,65320,582

20,52720,52020,48620 358

^20,228

Increasein total

goldstock

-367.8-262.4-136.5-193.1-153.2-188.4-88 .0-70 .7

-55 .5- 6 . 7

-33 .6-128 6

P - 1 3 0 . 2

Netgold

import,or

export

17.93 .4

18.03.7

71.25.4

11.712.2

10.39 9

18.33 2

Ear-marked

gold: de-crease,or in-crease

-355 2-285 0-164.3— 196 7-220 2-189.0

—96 9-79 3

— 65 6- 1 3 0- 4 8 0

— 127 54-136.5

Domes-tic goldproduc-

tion

4 64 96.15 46 26.75 55 9

4 24 13 8

P Preliminary.i 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 $8,928.3 million on May 31, 1959.Gold under earmark is not included in the gold stock of the United States.

GOLD RESERVES AND DOLLAR HOLDINGS 671

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONALINSTITUTIONS


Area and country

Continental Western Europe:AustriaBelgium-Luxembourg (and Belgian Congo)..DenmarkFinlandFrance (and dependencies) *

ItalyNetherlands (and Netherlands West Indies

and Surinam) . .NorwayPortucal (and dependencies^Spain (and dependencies)

SwitzerlandTurkeyOther 3

Total

Sterling Area:United KingdomUnited Kingdom dependenciesAustraliaIndiaUnion of South AfricaOther

Total

Canada

Latin America:

BrazilChile . . . •

CubaGuatemalaMexicoPanama ReDublic ofPeruUruguayVenezuelaOther

Total .

Asia:

IranJapan . .Philippines . . . . . .ThailandOther

Total

All other:Ecvot4

Other

Total

Total foreign countries5

International institutions

Grand total5.

Dec. 3

Gold&short-term

dollars

452'1,184

14399

9464,099

1671,531

1,044138651126479

2,685162851

'14,757

2 875104211329255228

4,002

2,738

26345611521537192

56613688

2351,554

277

4,368

190193714181269111

2 324

228162

390

'28,579

2 697

'31,276

1, 1957

U. S.Govt.bonds

& notes

88659

14

2

14105

5128

12

319

2054

134

245

457

1

154

<312

13

176

n\

25

8

16

7

7

1,220

222

1,442

Mar. 31, 1958

Gold&short-term

dollars

4581,259

16296

9113,971

1671,528

1,260150658130461

2,620157962

14,950

3,460102218326231230

4,567

2,722

27044011720037193

53614882

2661,428

300

4,251

128190833196269773

2 389

216171

387

29,266

2 563

31,829

U. S.Govt.bonds

& notes

7765

1015

2

1495

38

118

6

296

2414

j

137

284

441

11

146

2

12

12

168

n\

517

15

8

8

1,212

356

1,568

June 30, 1958

Gold&short-term

dollars

4661,390

14582

8904,043

1351,678

1,289151678132458

?,684156

J,131

'15,508

3,810101222328183230

4,874

3,087

265450126192417

9148514093

2581,460

304

4,281

127202932175260765

2,461

192152

344

'30,555

2,696

'33,251

U. S.Govt.bonds

& notes

7765

2612(2)

4

1389

34

88

5

269

220

135

261

345

11

86

1

212

108

f2)

517

14

7

7

1,004

446

1,450

Sept. 30, 1958

Gold &short-term

dollars

5541,471

19398

1,0194,330

1251,934

1,389144694134496

2,733154

1,165

16,633

3,851100228320216233

4,948

3,032

24545812420740975

51714892

2601,233

272

4,040

129181

1,018191252723

2,494

192136

328

31,475

2,790

34,265

U. S.Govt.bonds

& notes

7665

1113

1

1397

188

6

259

2164

11

41

263

346

11

86

31

(2)22

12

108

(2)

3

7

12

8

8

996

462

1,458

Dec. 3

Gold&short-term

dollars

6051,522

200104

1,1344,394

1392,207

1,497173707106507

2,777164

1,370

17,606

3,725109241324241251

4,891

3,097

20346314024136669

56114696

2621,213

248

4,008

145184

1,094186245778

2,632

190140

330

32,564

2,876

35,440

I, 1958

U.S .Govt.bonds

& notes

7661

1213

2

15120

1076

3

274

1944

(2)

143

242

341

g)86

42

(2)

«$

n106

(2)1317

12

8

8

983

495

1,478

Mar. 3

Gold&short-term

dollars

6291,489

169113

1,2464,048

1512,350

1,613151728100498

2,781164

1,403

17,633

3,925110245337221250

5,088

3,159

23350413525934370

54415693

2761,227

292

4,132

156195

1,226180250824

2,831

190147

337

33,180

3,025

36,205

, 1959*

U.S .Govt.bonds

& notes

76

43

1215

2

17128

^ 43180

16

361

1844

/ 2 \

149

238

344

1

(2)86

32

(2)2

13

107

1

1317

13

10

10

1,073

523

1,596

P Preliminary. r Revised.1 Excludes gold holdings of French Exchange Stabilization Fund.2 Less than $500,000.3 Includes Yugoslavia, Bank for International Settlements (including

European Payments Union account through December 1958 and Euro-pean Fund account thereafter), gold to be distributed by the TripartiteCommission for Restitution of Monetary Gold, and unpublished goldreserves of certain Western European countries.

4 Part of the United Arab Republic since February 1958.

5 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.

672 GOLD RESERVES

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End ofmonth

1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec

1958 AprMayJuneJulyAug . . . .SeptOctNovDec

1959 JanFebMarApr

End ofmonth

1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec

1958 AprMayJuneJulyAugSeptOctNovDec

1959 JanFebMarApr

End ofmonth

1952 Dec1953 Dec1954 Dec1955 Dec1956—Dec1957 Dec

1958 Apr .MayJuneJulyAu2SeptOct.NovDec

1959—JanFebMarApr

Esti-matedtotal

world i

36,00036,43537,08037,74038,24538,970

39,395

39,545

39,865

P40 060

Cuba

214186186136136136

13613613613613613513512080

Iran

138137138138138138

138138138138138138141141141

141141140

Int'lMone-

taryFund

1.6921,7021,740,808,692,180

1,2381,2411,242I 2421,2471,3071,3071 3311,332

332I 349

15?

Den-mark

313131313131

313131313131313131

31313131

Iraq

81420

252525252525253434

34

UnitedStates

23,25222,09121,79321,75322,05822,857

22,04221,67421,41221 27521,08220,92920,74120 65320,582

20 52720,52020 48620,358

Domin-ican

Repub-lic

121212121111

11U1111111111U11

11111111

Ire-land,

Repub-lic of

181818181818

181818181818181818

18181818

Esti-matedrest ofworld

11,05512,64013,54514,18014,49514,935

16,740

17,310

17,950

*>18 220

Ecua-dor

232323232222

222222222222222222

22222220

Italy

346346346352338452

417491607677754847907995

1,086

1,119

Argen-tina

287372372372224126

126126125125125114

74

Egypt2

174174174174188188

174174174174174174174174174

174174174174

Leb-anon

313563747791

919191919191919191

9195

102102

Aus-tralia

112117138144107126

140143147150153154157160162

El Sal-vador

292929282831

313131313131313131

31313131

Mex-ico

144158

62142167180

156154153150148147146144143

143

Aus-tria

5252627171

103

103103103107125136144155194

200208212222

Fin-land

262631353535

353535353535353535

35383838

Nether-lands

544737796865844744

862881910920944956999

1,0261,050

1,1251 1451,1641,164

Bel-gian

Congo

8010111511612281

858483828282838383

786969

France3

573576576861861575

575575575589589589589589589

589589589589

NewZealand

333333333333

333333333333333333

33333333

Bel-gium

r704776778929

r925r915

1,0281,099

r l ,1401 182

1 ,2121,2281,251I 2701,270

1 2481,2251 2461,265

Ger-many,

FederalRepublic

of

140328626920

1,4942,542

2,4922,4992,5752,5812,5872,5972,6332,6392,639

2,6782,6782,6782,678

Nor-way

505245455045

434343434343434343

43434343

Brazil

320321322323324324

324324325325325325325325325

325326326326

Greece

101111111013

Paki-stan

383838484949

494949494949494949

49494949

Canada

896QQ«S

,080,141,113,115

,101,089,086096088

1 *0881,0851 0891,078

I 0761 0821 0721,071

Gaute-mala

272727272727

272727272727272727

27272727

Peru

463635353528

202020202020191919

191919

Chile

424242444640

404040404040404040

40404040

India

247247247247247247

247247247247247247247247247

247247247247

Phil-ippines

999

1622

6

81011121314159

10

1177

Co-lombia

768686865762

656667686970707172

727273

Indo-nesia

23514581814539

383838383838383837

37373736

Portu-gal

286361429428448461

454474474474486486486486493

498498501502

p Preliminary. r Revised. For other notes see following page.

GOLD RESERVES AND PRODUCTION 673

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued


End ofmonth

1952 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957—Dec

1958—AprMayJuneJulyA.U2SeptOctNovDec

1959—JanFebMarApr

SouthAfrica

170176199212224217

179161159167180188201210211

212211193190

Sweden

184218265276266219

203203204204204204204204204

204204204204

Switzer-land

1,4111,4591,5131,5971,6761,718

1,7701,8361,8571,9071,9291,9341,9351,9241,925

1,9931,9931,9351,931

Syria 2

141417191924

242424242424242424

24

Thai-land

113113113112112112

112112112112112112112112112

112112

Turkey

143143144144144144

144144144144144144144144144

144144144144

UnitedKing-dom4

1,8462,5182,7622,1202,1332,273

2,9143,0393,0763,0843,0893,1203,1743,2153,069

3,1113,1563,1393,251

Uru-guay

207227227216186180

180180180180180180180180180

180180180180

Vene-zuela

373373403403603719

719720720719719719719719719

719719719719

Yugo-slavia

121314161713

141414141515151717

17171715

Bankfor

Int'lSettle-ments

196193196217179165

212254200167171187198238339

312351378533

Euro-peanPay-

mentsUnion

158153153244268254

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]

Year ormonth

1951 . .1952195319541955195619571958

1958 MarApr. .MayJune . . . .JulyAugSept.OctNovDec

1959 JanFeb . .Mar

Estimatedworld

production(excl.

U.S.S.R.

840.0868.0864.5913.5959.0994.0

1,036.7

Production reported monthly

Total

763.1785.7780.5830.4877.7914.8956.3

80 179.781.381.584.5

Africa

SouthAfrica

403.1413.7417.9462.4510.7556.2596.2618.0

50 150.351.650.652.452.653.054 053 353 1

54.152.855.9

Rho-desia

17.017.417.518.818.418.818.819.4

1.61.61.61.61.51.61.71 61 71.7

1.61.5

Ghana

22.923.825.427.523.821.927.729.2

2 .52 .42 . 42 .52 .52.52.52 .42 52 . 2

2 .62 .62 .6

BelgianCongo

12.312.913.012.813.013.113.112.8

.91 21.01.4

.91.2

.91.0

.7

1.2.9

1.0

UnitedStates

66.367.469.065.165.765.363.063.0

4 . 34 .54 . 64 . 96.15.46.26.75.55.9

4 . 24 .13.8

Can-ada

153.7156.5142.4152.8159.1153.4155.2158.8

13.713.413.313.413.212.813.114.012 913.2

r13.212.513.2

North and South

Mex-ico

13.816.116.913.513.412.312.1

1.4.9.9.9.7

1 01.21.1

Nica-ragua 1

8.88.99 .18.28.17 .66.97 .2

.5

.6

.6

.6

.7

.7

.6

.66

.6

.5

.8

.6

America

Brazil

4 . 84 . 94 . 04 . 23.94 . 34 . 23.9

.4

.3

.4

.3

.4

.3

.4

.33

.3

.3

.3

.3

Chile

6.16 .24 . 64 . 44 . 33 .33.6

.2

.2

.3

.3

.5

Colom-bia

15.114.815.313.213.315.31 4

n.oq01?3

.99300

31

Other

Aus-tralia

31.334.337.739.136 736.137.9

3 02 .93 23.33.73.03.53 33 1

India

7 98.97 88.47 47 . 36.36 0

5.54

.5

.5

.5

.5555

r Revised.i Gold exports, representing about 90 per cent of total production.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.

674 INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION ANDDEVELOPMENT

[End-of-month figures. In millions of dollars]

Item

Dollar deposits and U. S. securitiesOther currencies and securities 1.. .Effective loans*Other assets3

IBRD bonds outstandingUndisbursed loansOther liabilitiesReservesCapital3

1958

Mar.

683767

2,79590

1,40569924

3351,872

June

917752

2,82993

1,65867527

3501,881

Sept.

900747

2,99991

1,68775327

3661,904

Dec.

943693

3,275101

1,79291024

3821,904

1959

Mar.

937636

3,40892

1,84089328

4011,911

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, April 30, 1959

Prin-cipal

1,38491

17360

102267258236756161

1,41131825

53212618519332

90925574

1194632

18623626448

51775

254273619

107

632439

74,283

Dis-bursed

1,16260

1504059

267167236

635861

1,156318

13418

8216913521

66317547981323

15720405436

29775

1615

(6)1145

3,301

Re-paid

235

51523

3154

269

13131s153977

10725

828

12

14658

10

12

487

Outstanding

TotalSold

toothersS

28575

155

i38

2,814

92660131354424416583605352

1,024286133866713012814

5561503970122114314354726

106335411222262

1183213132626

18(6)

2(6)

81321

205

12

INTERNATIONAL MONETARY FUND

[End-of-month figures. In millions of dollars]

Item

GoldInvestments9

Currencies:!United StatesOther

Unpaid member subscriptionsOther assets

Member subscriptionsAccumulated net incomeReserves and liabilities

1958

Jan.

1,180200

7695,992

8748

9,01634

Apr.

1,238200

6966,060

898

9,088

July

1,242200

6646,119

873

9,088

Oct.

1,307200

7176,025

958

9

9,193('0)23

1959

Jan.

1,332200

7805,958

9799

9,228(10)30

Country

ArgentinaBoliviaBrazilBurmaChile

ColombiaCubaFranceHaitiHonduras

IndiaIndonesiaIranMexico ,Nicaragua ,

ParaguayPeruPhilippinesSudanTurkey

Union of SouthAfrica

United Arab Re-public

United Kingdom.United StatesYugoslavia

Quota

Total

150101501550

505052588

40011035908

825151043

100

601,3002,750

60

Paidm

gold

3833819

131310822

28169232

234

25

102366888

Cumulative net drawingson the Fund

1958

Mar.

758

751537

3525

32814

2005517

'is

20

30562

H-2,00323

1959

Feb.

91131242

3025

3944

2005517

612155

39

36

30545

-1,92623

Mar.

919

1131242

3025

39441

200551723

61221

539

36

30345

n - 1 , 7 5 723

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 $123 million in loans not yet effective.8 Includes $245 million not guaranteed by the Bank.9 U. S. Treasury bills purchased with proceeds from sale of gold,i ° Transferred to general reserve.11 Represents sales of U. S. dollars by the Fund to member countries

for local currencies, less repurchases of such currencies with dollars.

8266

U. S. BALANCE OF PAYMENTS 675

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) 3Private, total

Direct investmentPortfolio and short-term invest-

mentGovernment

Foreign capital and gold (net)Increase in foreign short-term assets

and Government securitiesIncrease in other foreign assets . . . .Gold 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

4,8553,254859742

492

-567-151-416

-550-417-288

-129-133

621

508125-12

5,9524,4121,540

5,0433,1721,041830

909

-616-157-459

-891-683-342

-341-208

445

391157

-103

153

5,6984,0961,602

5,0693,1541,262653

629

-517-158-359

-985-801-512

-289-184

661

678147

-164

212

6,5214,8591,662

4,8433,211947685

1,678

-632-171-461

-1,180-1,079-697

-382-101

-189

-275113-27

323

6,6985,0961,602

5,0273,298880849

1,671

-561-170-391

-1,095-840-402

-438-255

-377

-195166

-348

362

6,9445,1431,801

5,2893,3421,071876

1,655

-665-173-492

-1,557-1,363-993

-370-194

305

503127

-325

262

6,2524,4471,805

5,2993,2661,340693

953

-506-172-334

-551-410-339

-71-141

-256

-24718

-27

360

6,5824,6411,941

5,0923,3851,005702

1,490

-575-179-396

-971-598-338

-260-373

164

21250

-98

-108

5,5464,0531,493

4,8503,143878829

696

-547-168-379

-927-684-159

-525-243

608

21919

370

170

5,8854,1861,699

5,2113,1701,137

904

674

-596-170-426

-1,248-1,030

-419

-611-218

1,097

27- 5

1,075

73

5,5443,8041,740

5,3183,1171,357

844

226

-549-181-368

-795-467-157

- 3 1 0-328

898

441- 2 6483

220

6,1004,1641,936

5,3123,5141,010

788

788

-615-177-438

-917-743-400

-343-174

826

44435

347

- 8 2

9 Preliminary.1 Excluding military transfers under grants.

2 Including military transactions.3 Minus sign indicates net outflow.

OPEN MARKET RATES


Month

1956—Dec1957—Dec


1959—JanFebMarApr

Canada

Treasurybills

3 months l

3.613.65

1.651.561.751.311.292.022.483.003.46

3.343.704.164.57

Day-to-day

money 2

3.183.60

1.641.551.721.18

.67

.481.512.102.07

2.072.964.004.41

United Kingdom

Bankers'accept-ances

3 months

5.076.67

5.475.244.654.313.983.823.803.673.34

3.283.233.413.40

Treasurybills

3 months

4.946.43

5.285.024.454.153.813.653.653.463.16

3.123.093.303.25

Day-to-day

money

4.155.67

4.714.533.953.623.363.173.192.972.70

2.732.662.672.69

Bankers'allowance

ondeposits

3.505.00

4.003.853.303.002.702.502.502.322.00

2.002.002.002.00

France

Day-to-day

money 3

3.555.72

6.7810.047.516.856.976.465.505.266.07

4.394.234.36

Germany

Treasurybills

60-90days4

4.753.75

3.253.252.752.632.502.502.382.382.38

2.252.252.252.00

Day-to-day

money5

4.813.25

3.563.383.442.882.562.882.562.882.63

2.382.942.442.31

Netherlands

Treasurybills

3 months

3.484.64

3.182.972.902.882.622.622.832.402.26

2.041.751.681.61

Day-to-day

money

3.233.33

2.932.392.342.492.082.162.501.791.50

1.581.261.421.50

Switzer-land

Privatediscount

rate

1.502.50

2.502.502.502.502.502.502.502.502.50

2.502.502.252.00

1 Based on average yield of weekly tenders during month.2 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.

676 MONEY RATES

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1


Country

Argentina AustriaBelgiumBrazil2

Burma • . . . .

Canada3

CeylonChile2

Colombia2

Costa Rica2

Cuba2

DenmarkEcuador

El Salvador2

Finland2

France . . . .Germany

Honduras

IcelandIndia5

Iran . . .

Israel .ItalyJapan2

Netherlands . .

New ZealandNicaraguaNorway . • •PakistanPeru2

Philippine Republic2

PortugalSouth AfricaSpainSweden

SwitzerlandThailandTurkeyUnited KingdomVenezuela

Rate as ofMay 31, 1958

Percent

6.05.04.25

10.03.0

1.792.56.04.03.0

5.55.0

10.03.04.0

6.55.03.5

10.02.0

7.04.03.04.05.0

6.04.08.44.54.0

7.06.03.53.06.0

4.52.04.55.04.5

2.57.06 05.52.0

Montheffective

Dec. 1957Nov. 1955Mar. 1958Apr. 1958Feb. 1948

May 1958June 1954Feb. 1957July 1933Apr. 1939

Dec. 1957Apr. 1958May 1948Nov. 1952Apr. 1957

Apr. 1956Aug. 1957Jan. 1958May 1956Jan. 1953

Apr. 1952May 1957Apr. 1946Aug. 1948May 1958

Feb. 1955Apr. 1950May 1957June 1942Mar. 1958

Oct. 1955Apr. 1954Feb. 1955July 1948Nov. 1947

Sept. 1957Jan. 1944Sept. 1955July 1957May 1958

May 1957Feb. 1945June 1956May 1958May 1947

Changes during the last 12 months

1958

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

Apr.

4.5

5.01

4 6

May

5.15

Rateas of

May 31,1959

6.04.53.25

10.03.0

5.152.56.04.03.0

5.54.5

10.03.04.0

6.04.02.75

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 at14 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 677

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—May.June.July..Aug..Sept..Oct..Nov..Dec..

1959—Jan...Feb..Mar..Apr..May.

5.5565.55615.556

5.5565.5565.5565.5565.5565.5565.55615.556

7.1987.1987.1832.8352.50612.207

2.3772.3762.3522.2212.0251.6561.38611.518

21.51871.52421.47031.36801.1774

I

224.12223.80222.41222.16222.57223.88

224.36223.99223.42223.51223.37223.67223.55223.41

223.62223.85224.12224.42224.27

3.85803.85803.85803.85803.85393.8536

3.85363.85363.85363.85368536853685368536

3.84443.84813.84843.84873.8488

2.00091.99751.99052.00301.99062.0044

2.00502.00502.00492.00502.00562.00612.00562.0057

2.00032.00041.99972.00372.0057

101.650102.724101.401101.600104.291103.025

103.396103.960104.162103.645102.357103.005103.253103.660

103.402102.583103.117103.774103.838

21.04621.01720.89420.94620.91321.049

21.08521.06620.99621.02021.01621.04921.03921.032

21.04621.06321.07421.08921.081

.4354

.4354

.4354

.4354

.3995

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3118

.3115

.3114

.3114

.3114

.3114

Year or month France(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—May..June..July..Aug..Sept..Oct...Nov..Dec...

1959—Jan...Feb...Mar..Apr...May..

.23763.2374

.2376

.2376

.2379

.2382

.2381

.2381

.23813.2330

.2037

.2037

.2039

.2039

.2039

23.83823.76523.78623.79823.848

23.85823.85323.85623.86123.86723.89223.89723.907

23.93023.92823.91423.91323.911

21.04921.02020.89420.93420.91021.048

21.09221.06221.00021.01921.00321.02921.02621.015

21.04121.05921.07321.10121.087

281.27280.87279.13279.57279.32280.98

281.57281.11280.40280.51280.33280.70280.55280.38

280.65280.93281.27281.65281.45

4.1610.1610.1610

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

.2779

32.59532.64132.62432.58232.52732.767

32.82132.77532.68832.70132.67232.74432.82832.768

32.83832.89232.91732.97532.951

11.6079.0528.0068.0068.0068.006

8.0068.0068.0068.0068.0068.0068.0068.006

8.0068.0068.0068.0068.006

26.34026.38126.23026.11326.17026.418

26.38826.38026.39126.40926.43426.50826.50826.506

26.51426.50026.48826.50126.488

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—MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

1959—Jan..Feb.Mar.Apr.,May

278.48278.09276.36276.80276.56278.19

278.78278.33277.62277.73277.55277.93277.78277.60

277.87278.15278.49278.86278.67

14.01514.00814.00814.00814.00814.008

14.00814.00814.00814.00814.00814.00814.00814.009

14.01214.01814.02914.04814.041

49.67649.67749.67749.67649.69349.695

49.69549.69549.69549.69549.69549.69549.69549.695

49.69549.69549.69549.69549.695

3.48873.49003.49003.49003.49003.4900

3.49003.49003.49003.49003.49003.49003.49003.4900

3.49173.49743.49803.50263.5019

280.21279.82278.09278.52278.28279.93

280.52280.06279.35279.46279.28279.66279.51279.33

279.60279.88280.22280.60280.40

52.3810

2.38102.38102.38102.38102.38102.38102.38102.3810

2.38102.38102.38102.38102.3810

19.32319.33319.33319.33319.33119.328

19.32819.32819.32819.32819.32819.32819.32819.329

19.32619.32719.32519.33019.326

23.31623.32223.33123.33423.33023.328

23.33523.33523.33523.33523.33523.30023.30023.317

23.19023.18423.13323.13423.133

281.27280.87279.13279.57279.32280.98

281.57281.11280.40280.51280.33280.70280.55280.38

280.65280.93281.27281.65281.45

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, 1957,

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, Director

J. HERBERT FURTH, Associate AdviserA. 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

678

FEDERAL RESERVE BANKS AND BRANCHES 679

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 Branches

Chairmen 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


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. BilbyCharles A. CoombsMarcus A. HarrisHerbert H. Kimball

Joseph R. CampbellWallace M. CatanachDavid P. Eastburn

Dwight L. AllenJ. J. BallesRoger 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. Hardin

J. L. BarbonchielliH. E. Hemmings

George H. EllisBenjamin F. Groot

Robert V. RoosaRobert G. RouseWalter H. Rozell, Jr.

Murdoch K. GoodwinPhilip M. Poorman

E. A. FinkClyde 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

G. R. MurfTThomas W. Plant

E. R. MillardR. H. Morrill

Dana D. SawyerO. A. Schlaikjer

H. L. SanfordTodd 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

L. G. PondromMorgan H. Rice

John A. CTKaneO. P. Wheeler

A. B. Merritt

Vice Presidents in Charge of Branches of Federal Reserve Banks

Federal ReserveBank of

New YorkCleveland

Richmond

At lan ta . . . . . . . .

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. BarglebaugbJ. M. Leisner

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THE FEDERAL RESERVE SYSTEM—PURPOSES ANDFUNCTIONS. April 1954. 208 pages.

ANNUAL REPORT OF THE BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM.

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DEBITS AND CLEARINGS STATISTICS AND THEIRUSE (rev. ed.). May 1959. 144 pages. $1.00per copy; in quantities of 10 or more for singleshipment, 85 cents each.

ALL-BANK STATISTICS, 1896-1955. Revised statis-tics for all banks in the United States, by class ofbank, together with descriptive and explanatorymaterial. Part I, U. S. Summary. Part II, Sum-maries by States and other areas. April 1959.1,229 pages. $4.00.

THE FEDERAL RESERVE ACT, as amended throughDecember 31, 1956, with an Appendix con-taining provisions of certain other statutes af-fecting the 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.

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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. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Confer-ence on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV—FinancingNew Car Purchases, $.60. Requests and remittances for these six books should be directed to the Super-intendent of Documents, Government Printing Office, Washington 25, D. C.

681


PERIODIC RELEASES

WEEKLY

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANSBY INDUSTRY

CHANGES IN STATE BANK MEMBERSHIP

CONDITION OF WEEKLY REPORTING MEMBERBANKS IN CENTRAL RESERVE CITIES

CONDITION OF WEEKLY REPORTING MEMBERBANKS IN LEADING CITIES

WEEKLY AVERAGES OF MEMBER BANK RESERVES,RESERVE BANK CREDIT, AND RELATED ITEMSAND STATEMENT OF CONDITION OF THE FED-ERAL RESERVE BANKS

WEEKLY DEPARTMENT STORE SALES

WEEKLY DEPARTMENT STORE SALES—SELECTED

CITIES AND AREAS

WEEKLY FOREIGN EXCHANGE RATES

WEEKLY REVIEW OF PERIODICALS (Available onlyfor domestic distribution)

WEEKLY U. S. GOVERNMENT SECURITY YIELDS

AND PRICES

SEMIMONTHLY

DEPOSITS, RESERVES, AND BORROWINGS OF MEM-

BER BANKS

SELECTED LIST OF ADDITIONS TO THE RESEARCH

LIBRARY

MONTHLY

ASSETS AND LIABILITIES OF ALL BANKS IN THEUNITED STATES (Including Consolidated State-ment for Banks and the Monetary System)

ASSETS AND LIABILITIES OF ALL MEMBER BANKS,BY DISTRICTS

BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS

BUSINESS INDEXES

CONSUMER CREDIT (Short- and Intermediate-Term and Consumer Instalment Credit Ex-tended and Repaid)

CONSUMER CREDIT AT CONSUMER FINANCE COM-

PANIES

CONSUMER INSTALMENT CREDIT AT COMMERCIAL

BANKS

CONSUMER LOANS MADE UNDER EFFECTIVE STATE

SMALL LOAN LAWS

DEPARTMENT STORE CREDIT

DEPARTMENT STORE MERCHANDISING DATA

FEDERAL RESERVE PAR LIST (Also annual list.Both available at Federal Reserve Banks only)

INTERDISTRICT SETTLEMENT FUND

INDEX NUMBERS OF WHOLESALE PRICES

MONTHLY DEPARTMENT STORE SALES

MONTHLY DEPARTMENT STORE SALES AND

STOCKS, BY DEPARTMENTS

MONTHLY DEPARTMENT STORE STOCKS

MONTHLY FOREIGN EXCHANGE RATES

NATIONAL SUMMARY OF BUSINESS CONDITIONS

OPEN-MARKET MONEY RATES AND BOND PRICES

RETAIL FURNITURE REPORT

SALES FINANCE COMPANIES

STATE MEMBER BANKS OF THE FEDERAL RESERVE

SYSTEM AND NONMEMBER BANKS THAT MAIN-

TAIN CLEARING ACCOUNTS WITH FEDERAL RE-

SERVE BANKS (Also annual list)

U. S. GOVERNMENT SECURITY YIELDS AND PRICES

SEMIANNUAL-QUARTERLY

ALL BANKS IN THE UNITED STATES AND OTHER

AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY

STATE

BANK RATES ON SHORT-TERM BUSINESS LOANS

CREDIT EXTENDED BY BANKS TO REAL ESTATE

MORTGAGE LENDERS

MEMBER BANK CALL REPORT

MEMBER BANK EARNINGS

MEMBER BANK LOANS

SALES, PROFITS, AND DIVIDENDS OF LARGE COR-

PORATIONS

ANNUAL

BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS

DEPARTMENT STORE TRADE

BIENNIAL

DISTRIBUTION OF BANK DEPOSITS BY COUNTIES

AND STANDARD METROPOLITAN AREAS

FEDERAL RESERVE BOARD PUBLICATIONS 683

REPRINTS

(From Federal Reserve Bulletin unless precededby an asterisk)

* DETAILED DESCRIPTION OF SOURCES AND METH-ODS USED IN REVISION OF SHORT- AND INTER-MEDIATE-TERM CONSUMER CREDIT STATISTICS.April 1953. 25 pages.

THE HISTORY OF RESERVE REQUIREMENTS FORBANKS IN THE UNITED STATES. November1938. 20 pages.

HISTORICAL REVIEW OF OBJECTIVES OF FEDERALRESERVE POLICY. April 1940. 11 pages.

FEDERAL RESERVE BANK RESPONSIBILITIES. May

1953. 5 pages.

DEPARTMENT STORE SALES AND STOCKS, BY

MAJOR DEPARTMENTS (Revised Indexes). No-vember 1953. 65 pages.

ADJUSTMENT FOR SEASONAL VARIATION. Descrip-tion of method used by Board in adjustingeconomic data for seasonal variation. June1941. 11 pages.

NEW STATISTICS OF INTEREST RATES ON BUSINESS

LOANS. March 1949. 10 pages.

METHODS OF THE SURVEY OF CONSUMER FI-

NANCES. July 1950. 15 pages.

* THE TREASURY—CENTRAL BANK RELATIONSHIPIN FOREIGN COUNTRIES—PROCEDURES ANDTECHNIQUES. November 1950. April 1951.19 pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUS-

TRIAL PRODUCTION, 1953 Revision. December1953. 96 pages.

EXTENSIONS AND REPAYMENTS OF CONSUMER IN-

STALMENT CREDIT. January 1954. 14 pages.

NEW INDEXES OF OUTPUT OF CONSUMER DU-

RABLE GOODS. May 1954. 15 pages.

THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep-

tember 1954. 10 pages.

USE OF MONETARY INSTRUMENTS SINCE MID-

1952. December 1954. 8 pages.

REAL ESTATE LOANS OF REGISTRANTS UNDERREGULATION X. June 1952. 18 pages.

DIRECTLY PLACED FINANCE COMPANY PAPER.

December 1954. 8 pages.

REVISED SERIES ON DEPARTMENT STORE SALES,STOCKS, AND ORDERS. October 1952. 5 pages.

THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.

SEASONAL ADJUSTMENT FACTORS FOR DEMANDDEPOSITS ADJUSTED AND CURRENCY OUTSIDEBANKS. March 1955. 4 pages.

UNITED STATES BANKS AND FOREIGN TRADE FI-NANCING. April 1955. 11 pages.

INFLUENCE OF CREDIT AND MONETARY MEASURES

ON ECONOMIC STABILITY. March 1953. 16pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY. May 1953. 7 pages.

BANKERS' ACCEPTANCE FINANCING IN THE UNITEDSTATES. May 1955. 13 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. Octo-ber 1956. 15 pages.

AGRICULTURAL LOAN SURVEY. November 1956and January, February, and March 1957 BUL-LETINS. 52 pages.

UNITED STATES BANKING ORGANIZATION ABROAD.

December 1956. 16 pages.

SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55.April 1957. 20 pages.

SURVEY OF FINANCE COMPANIES, MID-1955.April 1957. 17 pages.

REVISION OF MONTHLY DEPARTMENT STORE IN-DEXES. December 1957. 30 pages.

SEASONAL FACTORS AFFECTING BANK RESERVES.February 1958. 12 pages.

1958 SURVEY OF CONSUMER FINANCES. March,July, and September 1958. 51 pages. (SimilarSurveys are available for earlier years from1952, 1953, 1955, 1956, and 1957 BULLETINS.)

MEMBER BANK LENDING TO SMALL BUSINESS,

1955-57. April 1958. 19 pages.

REVISED WEEKLY INDEX OF DEPARTMENT STORE

SALES. April 1958. 10 pages.

GROWTH AND STRUCTURE OF TIME DEPOSITS.

April 1958. 5 pages.

OWNERSHIP OF DEMAND DEPOSITS. May 1958.

3 pages.

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. 7pages.

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.

* PART I, ALL-BANK STATISTICS, 1896-1955. Re-print of the U. S. Summary containing a descrip-tion of revised statistics for all banks in theUnited States, by class of bank, together withrevised statistics. April 1959. 94 pages.

BANKING AND MONETARY STATISTICS, 1958. Se-

lected series of banking and monetary statisticsfor 1958 only. February and May 1959. 12pages. (Similar reprint of 1957 data, Februaryand May 1958 BULLETINS.)

SURVEY OF COMMON TRUST FUNDS, 1958. May

1959. 6 pages. (Also, similar reprints fromAugust 1956, June 1957, and May 1958 BUL-LETINS.)

PUBLIC DEBT MANAGEMENT. June 1959. 5 pages.

Index to Statistical Tables

Acceptances, bankers', 614, 615Agricultural loans of commercial banks, 610, 612Agriculture, Govt. agency loans, 618, 619Assets and liabilities (See also Foreign liabilities and

claims reported by banks):Banks and the monetary system, consolidated, 606Corporate, current, 626Domestic banks, by classes, 607, 610, 612Federal business-type activities, by fund or ac-

tivity, 618, 619Federal Reserve Banks, 601, 602

Automobiles:Consumer instalment credit, 630, 631, 632Production index, 636, 640

Bank holding companies registered as of Dec. 31,1958, list of, 660

Bankers' balances, 611, 613(See also Foreign liabilities and claims reported by

banks)Banks and the monetary system, consolidated state-

ment, 606Bonds (See also U. S. Govt. securities):

New issues, 624, 626Prices and yields, 615, 616

Brokers and dealers in securities, bankloans to, 610, 612

Business expenditures on new plant and equip-ment, 626

Business indexes, 634Business loans (See Commercial and industrial loans)

Capital accounts:Banks, by classes, 607, 611, 613Federal Reserve Banks, 601, 602

Carloadings, 634Central banks, foreign, 672, 676Coins, circulation of, 605Commercial banks:

Assets and liabilities, 607, 610Consumer loans held, by type, 631Number, by classes, 607Real estate mortgages held, by type, 627

Commercial and industrial loans:Commercial banks, 610Weekly reporting member banks, 612, 614

Commercial paper, 614, 615Commodity Credit Corporation, loans, etc., 618, 619Condition statements (See Assets and liabilities)Construction, 634, 640, 641Consumer credit:

Instalment credit, 630, 631, 632, 633Major parts, 630, 632Noninstalment credit, by holder, 631

Consumer durable goods output indexes, 640Consumer price indexes, 634, 646Consumption expenditures, 648, 649Corporate sales, profits, taxes, and dividends, 625, 626Corporate security issues, 624, 626Corporate security prices and yields, 615, 616Cost of living (See Consumer price indexes)Currency in circulation, 597, 605Customer credit, stock market, 616

Debits to deposit accounts, 604Demand deposits:

Adjusted, banks and the monetary system, 606Adjusted, commercial banks, by classes, 611Banks, by classes, 607, 613Type of holder, at commercial banks, 611

Department stores:Merchandising data, 645Sales and stocks, 634, 644

Deposits (See also specific types of deposits):Adjusted, and currency, 606Banks, by classes, 607, 611, 613Federal Reserve Banks, 601, 602, 669Postal savings, 604, 606Turnover of, 604

Deposits, reserves, and borrowings, by class of mem-ber bank, 599

Discount rates, 600, 676Discounts and advances by Federal Reserve

Banks, 597, 601Dividends, corporate, 625, 626Dollar assets, foreign, 669, 671Dwelling units started, 641

Earnings and expenses:Insured commercial banks, 659Member banks, 650

Earnings and hours, manufacturing industries, 634, 643Employment, 634, 642, 643Export-Import Bank, loans, etc., 618, 619

Farm mortgage loans, 618, 627, 628Federal business-type activities, assets and liabilities,

by fund or activity, 618, 619Federal Deposit Insurance Corporation,

assets, etc., 618, 619Federal finance:

Cash transactions, 620Receipts and expenditures, 621Treasurer's balance, 620

Federal home loan banks, loans, etc., 618, 619, 629Federal Housing Administration, loans, etc., 618, 619,

627, 628, 629Federal National Mortgage Association,

loans, etc., 618, 619, 629Federal Reserve Banks:

Condition statement, 601, 602U. S. Govt. securities held by, 597, 601. 602,

622, 623Federal Reserve credit, 597, 601, 602Federal Reserve notes, 601, 602, 603, 605Finance company paper, 614, 615Foreign central banks, 672. 676Foreign deposits in U. S. banks. 597, 601, 602, 606,

611,613Foreign exchange rates, 677Foreign liabilities and claims reported by banks, 662,

664, 667, 669Foreign trade, 645

Gold:Earmarked, 670Net purchases by U. S., 670Production, 670, 673Reserves of central banks and governments, 672Reserves of foreign countries and international

institutions, 671Stock, 597, 606, 670

Gold certificates, 601, 602, 603, 605Govt. debt (See U. S. Govt. securities)Gross national product, 648, 649

Home owners, Govt. agency loans, 618, 619Hours and earnings, manufacturing indus-

tries, 634, 643

685


Industrial advances by Federal Reserve Banks, 601,602, 603

Industrial production indexes, 634, 635, 640Instalment loans, 630, 631, 632, 633Insurance companies, 617, 622, 623, 628Insured commercial banks, 609, 610, 659Interbank deposits, 607, 611, 613Interest rates:

Bond yields, 615Business loans by banks, 615Federal Reserve rates, 600Foreign countries, 675, 676Open market, 615, 675Regulation V loans, 604Stock yields, 615Time deposits, maximum rates, 604

International capital transactions of the U. S., 662International financial institutions, 670, 671, 672, 674Inventories, 649Investments (See also specific types of investments):

Banks, by classes, 607, 610, 612Federal Reserve Banks, 601, 602Govt. agencies, etc., 618, 619Life insurance companies, 617Savings and loan associations, 617

Labor force, 642Loans (See also specific types of loans):

Banks, by classes, 607, 610, 612Federal Reserve Banks, 597, 599, 601, 602, 603Govt. agencies, etc., 618, 619Insurance companies, 617, 628Savings and loan associations, 617, 628

Loans insured or guaranteed, 603, 627, 628, 629

Manufacturers, production indexes, 634, 635, 640Margin requirements, 600Member banks:

Assets and liabilities, by classes, 607, 610Borrowings at Federal Reserve Banks, 597, 599Deposits and reserves, by classes, 599Earnings and expenses, 650Number, by classes, 607Reserve requirements, by classes, 600Reserves and related items, 597Weekly reporting series, 612

Minerals, production indexes, 634, 635Money rates (See Interest rates)Mortgages (See Real estate loans)Mutual savings banks, 606, 607, 609, 622, 623, 627

National banks, 609, 650National income, 648National security expenditures, 621, 649Nonmember banks, 601, 609, 610, 659

Payrolls, manufacturing, index, 634Personal income, 649Postal Savings System, 604, 606Prices:

Consumer, 634, 646Security, 616Wholesale commodity, 634, 646

Production, 634, 635, 639, 640Profits, corporate, 625, 626

Real estate loans:Commercial banks, 610, 612, 627Type of mortgage holder, 627, 628, 629Type of property mortgaged, 627, 628, 629

Regulation V, loan guarantees, 603, 604Reserve requirements, member banks, 600Reserves:

Commercial banks, 611Federal Reserve Banks, 601, 602Foreign central banks and governments, 672Foreign countries and international institu-

tions, 671Member banks, 597, 599, 601, 602, 611, 613

Residential mortgage loans, 627, 628, 629

Sales finance companies, consumer loans of, 630,631, 633

Savings, 648Savings deposits (See Time deposits)Savings institutions, principal assets, 617Savings and loan associations, 617, 628Securities, international transactions, 668, 669Security issues, 624, 626Silver coin and silver certificates, 605State member banks, 609, 650State and municipal securities:

New issues, 624Prices and yields, 615, 616

States and political subdivisions:Deposits of, 611, 613Holdings of U. S. Govt. securities, 622Ownership of obligations of, 610, 617

Stock market credit, 616Stocks:

New issues, 624Prices and yields, 615, 616

Tax receipts, Federal, 621Time deposits, 599, 604, 606, 607, 611, 613Treasurer's account balance, 620Treasury cash, 597, 606Treasury currency, 597, 605, 606Treasury deposits, 597, 601, 602, 620

Unemployment, 642U. S. balance of payments, 675U. S. Govt. balances:

Commercial bank holdings, by classes, 611, 613Consolidated monetary statement, 606Treasury deposits at Federal Reserve Banks, 597,

601, 602, 620U. S. Govt. securities:

Bank holdings, 606, 607, 610, 612, 622, 623Federal Reserve Bank holdings, 597, 601, 602,

622, 623Foreign and international holdings, 671International transactions, 668, 669New issues, gross proceeds, 624Outstanding, by type of security, 622, 623Ownership of, 622, 623Prices and yields, 615, 616

United States notes, outstanding and in circulation, 605Utility output index, 639

Veterans Administration, loans, etc., 618, 619, 627,628, 629

Yields (See Interest rates)

(p THE FEDERAL RESERVE SYSTEM ~~°)BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

J<m.3,J959-pram tyH.W. gaCvln,Gtrt

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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