Federal Reserve Bulletin, 1960-04

FEDERAL RESERVE April i960 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Ralph A. Young Woodlief Thomas Charles Molony Guy E. Noyes Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Consumer Instalment Credit Expansion 359 Proposed Legislation on Finance Charges 365 Ownership of Demand Deposits 367 Current Events and Announcements 370 Law Department 371 National Summary of Business Conditions 373 Financial and Business Statistics, U. S. (Contents on p. 375) 376 International Financial Statistics (Contents on p. 443) 444 Board of Governors and Staff 460 Open Market Committee and Staff; Federal Advisory Council 461 Federal Reserve Banks and Branches 461 Federal Reserve Board Publications 463 Index to Statistical Tables 465 Map of Federal Reserve System Inside back cover Volume 46 Number 4 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Instalment Credit Expansion EXPANSION OF instalment credit reached automobiles. Meanwhile, debt repayments a high in the summer of 1959, and then continued to rise. For 1959 as a whole, the moderated in the fourth quarter. In early increase in outstanding short- and interme- 1960 expansion increased, but at a slower diate-term consumer credit totaled $6.5 bilrate than in mid-1959. lion, of which $5.4 billion was instalment, A sharp rise in outstanding instalment and about $1 billion noninstalment, credit. credit from late 1958 through the summer In early 1960 outstanding credit inof 1959 accompanied improving economic creased at a rate above that of late 1959. conditions and rising consumer expendi- Automobile purchases rose but remained tures, particularly for automobiles and below earlier industry expectations, in part because of unusually bad weather. They picked up in late March and early April. CHANGE IN INSTALMENT CREDIT Loan delinquencies and automobile re- Billions of dollars possessions, which had declined as income and employment rose from recession levels, increased somewhat after mid-1959, and in early 1960 were above year-earlier levels. Banks financed much of the 1959 expansion in consumer credit by lending to consumers directly and to consumer-lending businesses such as finance companies and retailers. With total bank credit expansion under restraint, banks obtained funds to lend mainly by reducing their holdings 1955 1957 1959 '60 of U. S. Government securities. NOTE.—Monthly change in outstanding, adjusted for seasonal variation. Data for Alaska and Hawaii introduced in January and August 1959, respectively. Latest figures shown, February. COMPARISON OF 1959 AND 1955 household durable goods. Expansion was stimulated to some extent by widespread The $5.4 billion expansion in instalment promotion of new types of credit plans by credit outstanding in 1959 was about equal financial institutions and retail outlets. to the record in 1955. The growth rate was Beginning last autumn instalment credit only about 16 per cent in 1959, however, increased more slowly as retail sales compared with 23 per cent in 1955. showed little change. In late 1959 growth Despite similar dollar expansions in these in seasonally adjusted credit extensions was years, underlying developments in instalinterrupted by general uncertainty induced ment credit differed considerably. All major by the steel strike and by shortages of new types of consumer credit increased at about 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN • APRIL 1960 ANNUAL INCREASE IN OUTSTANDING Average maturities on automobile con- INSTALMENT CREDIT tracts lengthened much less in 1959 than in 1955, when 36-month contracts on new cars Billions Per cent of dollars first became widely available. On other Type of credit or holder types of credit, lengthening of maturities was 19591 1955 19591 1955 apparently greater in 1959. All types 5.4 5.4 16 23 NEW CREDIT PLANS AND FACILITIES Type of credit Automobile paper 2.4 3.7 17 37 Consumer credit was actively promoted by Other consumer goods paper 1.3 .9 15 13 both financial institutions and retailers in Repair and modernization loans 4 .1 15 5 1959 and early 1960. New credit plans Personal loans 1.4 .8 16 14 were adopted and in some instances terms Type of holder on conventional plans were eased. Financial institutions,, total. 4.7 5.0 16 26 A number of banks throughout the coun- Commercial banks 2.1 1.8 17 21 Sales finance companies. 1.4 2.3 16 37 try introduced charge-account or check- Credit unions 6 .3 21 25 credit plans in early 1959. These plans Consumer finance com- 18 panies 4 .4 11 spread rapidly through midyear and were Other 3 .2 16 18 heavily promoted at the time of introduc- Retail outlets, total. 7 A 13 9 tion. Department stores and mail-order firms 4 .3 22 22 Many retail outlets, particularly depart- Other 2 .1 8 4 ment stores and mail-order houses, offered 1 Includes introduction of data for Alaska and Hawaii, amounting new revolving credit plans and liberalized old to $22 and $136 million, respectively. NOTE.—Details may not add to totals because of rounding. plans. Some chains that had traditionally operated on a cash basis began to offer the same rate in 1959, whereas in 1955 aucredit. Late in the year the subsidiary of tomobile credit increased almost three times a large consumer finance company extended as fast as other credit, as the table shows. its charge-account financing activities across Credit expansion on new cars accounted for the nation. Credit-card services were widely a smaller proportion of automobile credit promoted. in 1959 than in 1955. A major automobile manufacturer and In 1959 new car sales increased less than several retail chains organized sales finance in 1955. Moreover, credit extended on new subsidiaries in late 1959 and early 1960 to cars rose at about the same rate as sales in facilitate the financing of retail receivables 1959. In 1955, on the other hand, it grew originated by the parent company or by considerably faster as both the proportion of units financed and the average size of con- dealers. Such subsidiaries are able to raise tract rose appreciably. The opposite oc- funds through direct placement of commercurred with extensions of other types of cial paper as well as to borrow on favorcredit, which expanded at a faster rate in able terms from banks and in the long-term 1959 than consumer expenditures for goods market. Since some of these subsidiaries other than autos, and at about the same rate were organized relatively recently, they have as such expenditures in 1955. as yet exerted little influence on the market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT EXPANSION 361 TYPES OF INSTALMENT CREDIT NEW AUTOMOBILES Outstanding instalment credit reached an CREDIT AND CASH SALES annual growth rate of $6 billion during the second and third quarters of 1959 as 20 40 60 credit extensions, which reflect current financing activities, rose more rapidly than Percentage increase repayments. The repayments lag was en- 1958 to 1959 TOTAL hanced by some lengthening of maturities on 1954 to 1955 automobile and other contracts. In February 1960 extensions were 28 per cent, and repayments were about 9 per cent, above CREDIT the lows in March 1958. Automobile paper. Extensions of automobile credit began to expand in October 1958 as consumer expenditures on automo- CASH biles recovered from the lowest levels in five years. The increase was rapid through December 1958, as the chart on the following page shows, and then slower until the NOTE.—Percentage change in number of cars sold. introduction of new-model automobiles in October 1959. Meanwhile repayments Credit contracts written on new cars in were gradually increasing. early 1960 averaged $2,600, slightly smaller In the last two months of the year, than a year earlier. In other recent years strike-induced shortages of new cars cur- average new car contracts had increased. tailed expenditures, and in December exten- Last year, for the first time in several years, sions of automobile credit declined to about new-model automobiles were introduced the level of repayments. Expansion in out- without an increase in list prices. A shift standing credit resumed with the upturn in by consumers to lower priced lines more sales in 1960. than offset the effects of a small increase Sales of new domestic and imported au- in the proportion of the price financed and tomobiles in 1959 were 30 per cent higher some increase in finance charges accomthan in 1958, and sales of used cars, which panying longer maturities. had declined only moderately in 1958, were On used cars the average contract was about 10 per cent higher. Credit sales of somewhat larger in early 1960 than a year new cars increased at about the same rate earlier. The factors tending to increase conas cash sales during the recent expansion, tracts were higher prices, larger finance and this contrasts with 1954-55, as the chart charges accompanying longer maturities, shows. New car financing accounted for and lower downpayments. about 70 per cent of the increase in auto- The maximum maturity on automobile mobile credit extensions in 1959 compared contracts remained at 36 months, but use with about 90 per cent of the increase in of this maturity continued to increase. In 1955. early 1960 the proportion of new-car credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN • APRIL 1960 sales with 36-month contracts was somewhat accounted for an estimated $1 billion, or more than 60 per cent, about 10 percent- more than 40 per cent, of all instalment age points higher than a year earlier. There credit at department stores and mail-order were also increases in the proportions of houses. The growth probably reflects some late-model used cars sold with 30- and 36- shift from conventional 30-day charge acmonth contracts and of older-model used counts, which typically are used mainly for cars with 24-month contracts. the purchase of soft goods. Much of the credit granted under bank charge-account Other consumer goods paper. Extensions of credit in connection with the purchase of plans also is repaid on a revolving credit consumer goods other than automobiles, basis. which had increased during most of 1958, Personal loans. Unlike loans made dirose more rapidly during the first half of rectly in connection with purchases, per- 1959. Since then they have shown little sonal loans continued to expand throughout change. Repayments increased gradually the 1957-58 recession, and reached a record throughout the period. In early 1960 out- $1.7 billion annual growth rate in the third standing credit of this type was increasing quarter of 1959. As consumer outlays for at a slower rate than in mid-1959. services have grown, there has been an increase in credit financing of services, in- A large proportion of the credit advanced cluding such items as travel and school tuiin 1959 for the purchase of consumer goods tion. The availability of new credit plans other than automobiles took the form of rehas facilitated the use of personal loans for volving credit. At the year-end such credit purchasing a wide variety of nondurable as well as durable goods. CREDIT EXTENSIONS AND REPAYMENTS Repair and modernization loans. Home Billions of dollars 4.4 repair and modernization loans, which ac- TOTAL INSTALMENT CREDIT count for a small part of total outstanding EXTENDED i 4X1 instalment credit, have grown relatively rapidly in recent years. The increase re- 3.4 flects in part a steady lengthening of average maturities. 3.2 POSITION OF BORROWERS 1.6 Repayments of consumer short- and inter- 1.2 mediate-term instalment debt have risen faster than disposable personal income in 2.8 the past decade. They tend in general to 2.4 show a more stable relationship to personal income than do credit extensions, which are 2.0 relatively sensitive to cyclical and short-run 1958 1959 developments. Over the past two years the ratio of re- NOTE.-—Monthly, adjusted tor seasonal variation. Latest payments to disposable personal income has figures shown, February. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT EXPANSION 363 fluctuated around 13 per cent as income linquency and repossession rates have rehas risen at about the same rate as repay- mained moderate. Both the proportion of ments. Since early 1959 repayments have loans with payments in arrears and the prorisen more rapidly than income, and may portion of automobiles that were repossessed continue to do so as they reflect the recent increased somewhat during the 1957-58 revolume of credit extensions. Repayments cession, and then declined from mid-1958 were about 9 per cent of disposable income to mid-1959 as income and employment exboth at the beginning of the decade and at panded. For some types of loans these rates the outset of World War II. reached the lowest levels of recent years. During the steel strike delinquencies and repossessions increased, and some loans were INSTALMENT CREDIT AND INCOME refinanced that would otherwise have been Per cent reflected in the delinquency statistics. In early 1960 delinquency and repossession rates declined from the seasonal peaks reached at the year-end, but were still above a year earlier. Ratio - Repayments POSITION OF LENDERS to Disposable Personal Income Demands for funds to finance consumer credit expansion competed with other credit demands in 1959, and contributed to the tightening of credit markets. The combined credit demands of the Federal Government, 1951 1953 1955 1957 1959 businesses, and consumers resulted in a rec- NOTE.—Quarterly ratio of instalment credit repayments to ord increase in short- and intermediate-term Department of Commerce estimates of disposable personal income, both series seasonally adjusted. Latest figure shown, debt in 1959. During the year, as indicated average for January-February 1960. earlier, total bank credit expansion was un- The gradual increase in the ratio of re- der restraint. payments to disposable personal income re- Notwithstanding the growing pressures on flects use of instalment credit for an in- bank reserve positions, banks extended a creasing variety and quantity of purchases, considerable volume of credit to consumincluding nondurable goods and services. ers, as the table on page 360 shows. Banks More families have debt, and many with increased their share of outstanding personal debt owe larger amounts. According to the loans during the first half of the year. Hold- Survey of Consumer Finances, the increase ings of automobile paper increased slightly in short- and intermediate-term debt has more at banks than at sales finance combeen widely distributed among income and panies. Moreover, commercial banks supage groups. plied a substantial share of the funds loaned Although consumers have used a grow- by finance companies and retail outlets. ing proportion of their income for repay- By late 1959 bank promotion of consumer ment of instalment debt in recent years, de- credit had slackened, and some banks ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 CONSUMER INSTALMENT CREDIT EXPANSION peared reluctant to expand existing credit finance companies appear to reflect mainly lines to retailers and finance companies. seasonal influences. At sales finance companies, instalment Credit unions continued to increase their credit increased about as much relatively in share of the consumer credit market in 1959 1959 as at banks. The share of these com- as in other recent years. The increase repanies in automobile financing was smaller flected the continued inflow of funds, proin 1959 than in 1955, when it increased motional campaigns, and relatively favorsharply. Their share of other consumer able lending rates to members. goods paper continued the steady growth Despite generally higher interest rates in of recent years, largely as a result of inshort-term credit markets during 1959, creasing activity of the sales finance subsidcharges on consumer credit apparently rose iaries of mail-order houses. only slightly on the average. Credit costs Sales finance companies raised the major to lenders are only a part of the cost of part of their funds in 1959 in the short-term making consumer loans, and charges on conmarket. They borrowed directly from banks sumer loans have typically changed only and sold commercial paper, despite increases slightly in response to cyclical changes in in the bank prime rate and in rates on dimarket rates of interest. Some financial inrectly placed finance company paper. stitutions, including several New York City Finance companies increased their borrowing in the long-term market in the first banks, made moderate upward adjustments quarter of 1960. They also borrowed in in finance charges to consumers. Other the commercial paper market, partly to fi- financial institutions, some of which were nance expansion of automobile dealer in- operating at legal maxima, and most reventories. Recent changes in bank loans to tailers operated with unchanged rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Legislation on Finance Charges You HAVE ASKED ME to comment on S. transactions, carried out by over 50,000 2755, a bill to require disclosure of finance financial institutions and hundreds of thoucharges in connection with extensions of sands of retail outlets. credit. First, I should like to say that the As was indicated to your Committee in protection of borrowers by regulating the our written response, the Board's most imtrade practices of those who extend credit to mediate concern is with the provisions of the them is a commendable social and economic bill which would place responsibility for its objective. As the Committee knows, this has administration in the Federal Reserve Sysbeen recognized in the passage of legislation tem. We feel that the administration of such in many States which requires lenders and legislation would not constitute an approvendors to set forth the charges which are priate activity for the Federal Reserve Sysmade in connection with instalment sales and tem. consumer loans. It would require the Federal Reserve to The bill before you goes further than most police the trade practices of hundreds of State laws in several respects. It covers a thousands of credit granters over which it broader area than is generally encompassed now has no supervisory authority. The major by State legislation and it also requires that activities of most of these are far removed the finance charges be translated into a from basic Federal Reserve responsibilities, simple rate of interest. Its objective, as and their operations entail practices and stated by the Chairman of this Subcommit- problems with which the Federal Reserve is tee, is "to require lenders and vendors to tell totally unfamiliar. As the Chairman of this the truth about interest rates and finance Subcommittee has pointed out, it is not the charges." purpose of this bill to control credit. It is Before proceeding, I should like to em- not intended that the regulatory requirephasize that I am not personally an expert ments would be varied from time to time to on finance charges in the consumer credit encourage or discourage the volume of field. Nor is regulation of lenders' and ven- credit extended. Accordingly, the reasoning dors' trade practices a current responsibility that in the past has prompted the Congress of the Federal Reserve System. I am sure to assign responsibility for stock market, that there are numerous technical problems consumer instalment, and real estate credit involved in applying the requirements of the regulations to the System would not seem bill to the wide variety of credit transactions to apply in this case. The fact that adaptait comprehends. Even if business loans were tion to changing economic conditions is not exempted, the proposed regulation would involved also suggests that a possible alternaapply to hundreds of millions of individual tive solution might be to recast the bill as a criminal statute, not designed for adminis- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal tration by a regulatory authority, and to Reserve System, before the Subcommittee on Produc- be enforced by regular law enforcement tion and Stabilization of the Senate Banking and Curagencies. rency Committee, April 5, 1960. 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN • APRIL 1960 As you know, the major responsibilities tion. Also, some light might be shed on how of the Federal Reserve relate to the supply, best to deal with the large number of cash availability, and cost of credit and money. loan transactions between individuals. The System is interested in movements of Another problem is to define finance consumer credit primarily as they affect charges, which are of many kinds, and which changes in the total volume of credit. It has may or may not be graduated with the also the responsibility of supervising memamount or maturity of the credit involved. ber banks to ensure sound banking prac- Many of the instalment transactions that tices; this is closely related to its responsiwould be covered include not only financing, bilities in the monetary area. Our principal but also the provision of insurance and other objection to giving the Federal Reserve reservices for which a fee is customarily sponsibility for administering this legislacharged. The way in which States have tion is that it does not pertain to the control coped with separating the total cost of the of credit. Full disclosure between parties to transaction into cash price, finance charges, credit transactions is, in the final analysis, a and charges for other services would be illuquestion of trade practice and the prevenminating. States have undoubtedly faced tion of fraud. A whole body of legal the difficulties that would be encountered if precedent and regulatory procedure, with the requirements led some credit granters to which we are unfamiliar, is involved. It is attempt to conceal finance charges in the alien to our existing activities. cash price of the goods or in the costs of I am not aware of the extent to which additional services provided. your Committee has had an opportunity to The conversion of charges into simple instudy the experience of the States which have terest rates presents problems going beyond had disclosure laws in force. It would seem the experience of the various States, but that their experience might be of some assistwhich seem to us to require further considance in determining the most effective aperation. Very detailed and complex instrucproach to regulation in this area, particularly tions would be needed to assure uniformity with respect to problems of administration among credit granters. Examples of the kind and enforcement. Certainly, their experiof problems that would have to be treated ence is more directly relevant than any inexplicitly are the handling of such charges cidental experience gained by the Federal as commitment fees and required insurance Reserve in conjunction with either its past and provisions for prepayment and late payor present responsibilities. ment penalties. Leasing arrangements, In its present form the bill seems to us which are becoming increasingly common in to raise a number of difficult problems of many durable goods areas, would be exceedadministration and enforcement. It may be ingly difficult if not impossible to handle. worthwhile to investigate how States operating under similar laws have overcome these As I remarked at the outset, men of good problems. For example, there is the ques- will wish the consumers not to be deceived tion of identifying which lenders and ven- by lenders or vendors and thus fail to redors should be subject to the terms of the ceive the value they thought they had barbill. Many vendors that do not normally gained for. Caveat emptor can scarcely charge for credit granted may, on occasion, operate in the absence of knowledge by the levy penalties for late payments and thus be potential buyer and debtor as to how much subject to the terms of the proposed legisla- he is really paying. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ownership of Demand Deposits DEMAND DEPOSITS of individuals, partner- accounts of individuals increased $600 milships, and corporations at insured commer- lion, or 2 per cent, while demand balances of cial banks rose an estimated $2.2 billion, or farmers declined $500 million, or 11 per 2 per cent, in the year ending January 27, cent. 1960. According to the Federal Reserve As in the past several years the number of System's most recent Survey of Demand De- demand deposit accounts held by individposit Ownership, demand deposits of non- uals, partnerships, and corporations rose furfinancial businesses increased by the same ther. The 2.7 million increase in the current dollar amount as the total, but the relative year was nearly one-fourth larger than in the increase was 4 per cent. Personal demand two previous years combined. OWNERSHIP GROUPS NOTE.—This article was prepared by Edward P. Snyder of the Board's Division of Research and Statis- Holdings of nonfinancial businesses account tics. For results of the January 1959 Survey see the for about one-half of total demand deposits Federal Reserve BULLETIN for April 1959. TABLE 1 DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS JANUARY 27, 1960 [Estimates for insured commercial banks] Number Amount Increase, or Increase, or Jan. 27, 1960 decrease ( —), Jan. 27, 1960 decrease (—), Type of holder from Jan. 28, 1959 from Jan. 28, 1959 Percent- Billions Percent- Billions Millions age dis- Millions Per cent of age dis- of Per cent dollars tribution dollars All holders 57.1 100.0 2.7 5.0 109.5 100.0 2.2 2.0 Domestic business... 6.1 10.6 0.3 5.6 64.5 58.9 2.2 3.5 Corporate. 2.1 3.8 0.3 15.0 49.5 45.2 2.0 4.3 Noncorporate 3.9 6.9 0) 1.0 15.0 13.7 0.1 0.9 Financial business 0.4 0.8 0) 1.2 9.6 8.7 -0.1 -0.6 Corporate 0.2 0.4 8.3 7.7 7.0 0.1 0.8 Noncorporate 0.2 0.4 8 -5.9 1.9 1.7 -0.1 -6.0 Nonf N i C n o o a r n n p c c o i o a r r a l p t b o e u r s a i t n e ess 5 3 1 . . . 6 7 9 9 6 3 . . . 9 5 4 0 0 0. . . 1 3 3 1 5 5 1 . . . 9 4 9 5 4 1 1 4 3 . . . 8 9 1 5 3 1 0 8 1 . . . 1 2 9 0 2 2 . . . 3 0 2 4 4 2 . . . 2 9 0 Nonprofit organizations 2.9 5.1 0.1 3.6 5.2 4.8 0.2 4.9 Farm operators 3.0 5.3 -0.1 -4.6 4.4 4.0 -0.5 -10.9 Individuals—personal 44.9 78.7 2.4 5.7 32.3 29.5 0.6 2.0 All other 0.1 0.2 0) 3.8 3.2 2.9 -0.3 -8.2 Trust departments of banks (3) 0.1 (2) -1.7 2.2 2.0 -0.3 -10.9 Foreigners 0.1 0.1 0) 7.3 1.0 0.9 -2.0 1 Increase of less than 50,000 accounts. NOTE.—Corporate farming enterprises are classified as corporate 2 Decrease of less than 50,000 accounts. nonfinancial business. Details may not add to totals because of 3 Less than 50,000 accounts. rounding. 4 Decrease of less than $50 million. 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN • APRIL 1960 of individuals, partnerships, and corpora- January 27, I960, two-fifths as much as tions. The 4 per cent increase in the balances the exceptionally large growth of the precedof these businesses in the 12 months ending ing 12 months. The past year's increase ac- January 27, 1960, appears to have reflected companied a continued growth in disposable a continued growth in need for cash. How- personal income, but its pace was slower ever, the increase in their balances was evi- than that in income. The slower growth in dently less than the increase in their use of deposits probably reflects continued prefercash. In January 1960 demand deposits at ence by individuals, as well as other holder 337 centers outside New York City and six groups, for interest-bearing types of liquid other leading centers were turning over 6 per assets when interest rates are relatively high. cent faster than they were a year earlier, and Balances of farm operators declined industrial production was up 10 per cent. nearly 11 per cent this year to the lowest Nonfinancial businesses also expanded their levels reported since the Survey was underholdings of liquid assets during the year, as taken on the new basis in January 1957. interest rates moved upward. A large part The decline more than offset last year's inof these assets were invested in short-term crease and appears to reflect the sharp reduc- U. S. Government securities.1 tion in net farm income during the year. Personal deposits of individuals, which ac- Increased production expenses and a decline count for about 30 per cent of the total, in- in prices received by farmers more than creased by $600 million in the year ending offset the gains in income from larger output. The relatively large decline in deposits of ^ee also article "Money and Bank Credit in 1959" trust departments of banks this year offset in the BULLETIN for February 1960, pp. 119-25. TABLE 2 DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 27, 1960 BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER Number (in millions) Amount (in billions of dollars) Type of holder Type of holder Federal Reserve district ho A ld l e l rs F b n i c n u e ia s a s i l s n - - f N b n i c n u e o i a a s s n n i l s - - - F o a p t a o r e m r r s - In u s p d a o l e i n s v r — a - i l d- ot A he ll r i ho A ld l e l rs F b n i c u n e ia s a s i l s n - - f N b i n c n u e o i a a s s n n i l s - - - F op a e rm r- In u s p d a o l e i n s v r — a - id l - ot A he ll r1 All districts. 57.1 0.4 5.6 3.0 44.9 3.1 109.5 9.6 54.9 4.4 32.3 8.4 Boston 2.7 (2) 0.4 () 2.2 0.1 6.1 0.6 3.5 f\ 1.5 0.5 New York.. 5.8 0.1 0.8 0.1 4.6 0.3 21.2 1.9 12.6 4.3 2.3 Philadelphia. 2.9 0.3 0.1 2.3 0.2 6.5 0.7 3.2 1.9 0.6 0.1 Cleveland.. 4.3 0.4 0.1 3.5 0.3 8.7 0.8 4.5 0.1 2.6 0.7 Richmond. 5.2 0.4 0.3 4.1 0.3 6.7 0.6 2.9 0.3 2.1 0.8 Atlanta 5.6 0.5 0.2 4.5 0.3 8.1 0.8 3.8 0.3 2.7 0.5 Chicago.... 7.5 0.1 0.8 0.6 5.7 0.4 16.9 1.4 9.0 0.8 4.5 1.2 St. Louis 4.2 0.3 0.5 3.2 0.2 5.0 0.3 1.9 0.5 2.0 0.3 Minneapolis. 2.5 0.2 0.4 1.7 0.2 2.9 0.2 1.1 0.5 1.0 0.2 Kansas City... 4.4 0.4 0.4 3.3 0.3 7.2 0.6 3.2 0.7 2.4 0.3 Dallas 4.3 0.4 0.3 3.4 0.2 7.8 0.7 3.2 0.6 3.0 0.3 San Francisco. 7.7 0.8 0.2 6.4 0.3 12.5 1.2 6.0 0.5 4.2 0.7 1 Nonprofit organizations, trust departments of banks, and for- 3 Less than $50 million. eigners. 2 Less than 50,000 accounts. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS 369 a part of the increase reported a year ear- crease in the number of accounts of nonprofit lier. As indicated at that time, there are few organizations. The number of accounts of of these accounts and changes in their bal- other ownership groups changed very little ances do not affect the total importantly. during the year. Deposit balances held by trust departments Except in the case of corporate businesses, are influenced by interest rates, the condition the relative change in number of accounts of the stock market and capital markets gen- held by each of the more important ownererally, and other financial factors. De- ship groups was roughly proportional to the posits of foreign holders, which may also be change in total deposits held by the group. influenced by these factors, changed little. Multiple-account holding by corporate busi- Deposits of financial businesses, too, were ness firms is common and the decision to almost unchanged in the year ending January open an account may be related to many 27, 1960. A small reduction for noncorpo- factors including the desire to establish a rate firms more than offset a slight increase credit line at a particular bank and internal for corporations. The degree of change cash-management practices. Thus, shortin their holdings during this period reflects their sensitivity to trends in interest rates. TABLE 3 After the reduction in their demand deposits OWNERSHIP OF DEMAND DEPOSITS RELATED last year, a development attributed in part to TO SIZE OF BANK, JANUARY 27, 1960 their purchases of long-term Treasury bonds [Percentage distribution within size group] offered in late January 1959, financial busi- Size of bank (total deposits, in nesses appear to have kept new funds in- millions of dollars) vested as interest rates moved upward. Type of holder The rise in balances of nonprofit organiza- U d 2 e n r - 1 5 0 0 - 2 5 5 0- 0 2 1 5 ,0 0 0 - 0 1 a , n 00 d 0 tions in the current year was about in line Number of accounts with the usual expectation for this holder group. The rise this year more than offset a All holders. 100.0100.0100.0100.0 slight decline in these balances in the year Domestic business. 8.2 9.3 10.7 12.6 13.9 12.6 Corporate 1.7 2.5 3.9 5.6 6.4 5.4 ending January 28, 1959. Noncorporate 6.4 6.8 6.8 7.0 7.4 7.3 Financial. .. . 0.6 0.7 0.8 0.9 1.2 0.9 Nonfinancial. 7.6 8.6 10.0 11.8 12.7 11.8 NUMBER OF ACCOUNTS Nonprofit organizations. 7.6 5.7 4.4 4.2 4.1 3.0 Farm operators 14.7 7.3 2.1 1.0 1.2 1.0 Individuals—personal... 69.3 77.6 82.6 82.0 80.5 82.6 Another* 0.1 0.1 0.2 0.1 0.3 0.9 Continued growth in the number of personal accounts of individuals and an increase Amount of deposits in the number of accounts of corporate busi- All holders 100.0100.0 100.0 100.0 100.0 100.0 ness firms accounted for the over-all in- Domestic business. 30.5 40.2 52.3 66.5 69.5 71.4 crease in the number of accounts of individ- Corporate.... 13.6 22.5 34.4 54.1 58.1 62.2 Noncorporate. 16.9 17.6 17.9 12.4 11.4 9.3 uals, partnerships, and corporations in the Financial.... 3.4 5.0 8.0 10.1 12.3 9.2 year ending January 27, 1960. A small de- Nonfinancial. 27.1 35.2 44.3 56.4 57.2 62.2 cline in the number of accounts of farm Nonprofit organizations. 5.1 5.2 4.8 5.5 4.1 4.2 Farm operators 20.7 10.5 1.8 0.8 1.0 0.7 operators, possibly associated with a con- Individuals—personal... 43.3 43.1 38.0 24.5 22.0 18.7 Allotheri 0.4 1.0 3.0 2.7 3.4 5.0 tinued reduction in the number of independ- 1 Trust departments of banks and foreigners. ent farm operators, was offset by a small in- NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN • APRIL 1960 term changes in the number of accounts held Survey results. Additional computations of by these firms are probably not very sig- sampling errors for the estimates of deposit nificant. holdings and of changes in deposit holdings of the various combinations of ownership OTHER CLASSIFICATIONS groups, such as all nonfinancial business, Data on the ownership of demand deposits will be made later this year in order to proby Federal Reserve districts are shown in vide measures of reliability for all Survey Table 2. District comparisons should be statistics. made with care since the statistics not only reflect regional differences but also are af- TABLE 4 fected by sampling errors. ESTIMATED SAMPLING ERRORS FOR SURVEY Table 3 shows the distribution of deposits OF DEMAND DEPOSIT OWNERSHIP by ownership groups within bank-size Standard deviations classes. A similar table, based on the 1957 (in millions of dollars) Survey, was published in the BULLETIN for Type of holder Deposits Change in : May 1957, page 514. Comparison of the outstanding Jan. d e 2 p 8 o , s 1 i 9 ts 5 , 9?to data for the two Surveys indicates that no Jan. 28, 1959 Jan. 27, 1960 important changes have occurred in this Financial business: Corporate 450 400 over-all distribution. Noncorporate 175 200 Nonfinancial business: Corporate 2,000 1,125 Noncorporate 350 375 STATISTICAL NOTE Nonprofit organizations 250 225 Farm operators 175 175 Estimates of sampling errors for various Individuals—personal 550 575 Trust departments of banks 275 275 Survey statistics are shown in Table 4. These Foreign holders 50 50 estimates are based on the 1959 and 1960 NOTE.—All estimates rounded to nearest $25 million. Current Events and Announcements ELECTION OF DIRECTOR the Board of The Fafnir Bearing Company, New The Federal Reserve Bank of Boston on March 30 Britain, Connecticut, who recently resigned. announced the election of Mr. William R. Robbins ADMISSION OF STATE BANK TO MEMBERSHIP IN THE as a Class B director of the Bank to serve for the FEDERAL RESERVE SYSTEM remainder of a term expiring December 31, 1960. The following bank was admitted to Membership Mr. Robbins is Vice President and Controller of in the Federal Reserve System during the period the United Aircraft Corporation, East Hartford, February 16, 1960 to March 15, 1960: Connecticut. As a director of the Boston Bank, New Jersey he succeeds Mr. Stanley M. Cooper, Chairman of Millburn . . Millburn-Short Hills Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Time of Receipt of Savings Deposit for until Monday, the 12th. Although a deposit may Grace Period Purposes possibly have been made on the 11th, the bank Section 3(d) of Regulation Q provides that a might reasonably assume that the deposit was made member bank may pay interest on a savings de- within the 10 calendar days. posit received during the first 10 calendar days of As to the fourth situation, items received for any calendar month at the applicable maximum collection on or before the 10th calendar day may rate prescribed by the Regulation from the first be included although final credit is not given until day of such calendar month until such deposit is after the 10th day. withdrawn or ceases to constitute a savings de- In situations five, six, and seven, if the deposit posit, whichever shall first occur. The opinion is delivered to the bank, branch, or any office of the Board of Governors has been requested as thereof by the 10th calendar day, interest may be to whether deposits received under the following credited from the 1st day of the month regardless circumstances will be eligible to receive interest of when the item is processed and credit is given. from the first of the month: Director Serving Member Bank and 1. Mail deposits postmarked the 10th or ear- Closed-end Investment Company lier— Being Organized 2. Deposits received in the "drop box" located In rulings published in the 1941 Federal Reserve in the bank lobby and opened the morning of the BULLETIN at page 399 and the 1951 Federal Re- 11th— serve BULLETIN at page 645, the Board expressed 3. Deposits received in the night depository and the opinion that Section 32 of the Banking Act of opened the morning of the 11th— 1933 is applicable to a director of a member bank 4. Collections outstanding until the 11th or a serving as a director of an open-end investment subsequent date— company, because the more or less continued proc- 5. Auto bank deposits not received in the sav- ess of redemption of the stock issued by such comings department until the morning of the 11th— pany makes the issuance and sale of its stock essential to the maintenance of the company's size 6. Transfers from branches received at the and to the continuance of operations, with the re- Main Office on the 1 lth— sult that the issuance and sale of its stock consti- 7. Inter-department credits held over until the tutes one of the primary activities of such a com- 11th due to late hour business. pany. The Board also stated that if the company As to the first situation, it is the Board's opinion had ceased to issue or offer any of its stock for that the postmark does not determine when the sale, the company would not be engaged in the deposit is delivered to the bank; that is, received issuance or distribution of its stock and therefore by it. The customer adopts the post office as his the prohibitions of Section 32 would not be appliagent and, therefore, must rely upon such agent cable. Subsequently, the Board expressed the making the deposit within the first 10 calendar opinion that Section 32 would not be applicable days. in the case of a close-end investment company. In the second and third situations, deposit in The Board has recently stated that it believed the drop box or night depository during the first that a closed-end company which was in process 10 calendar days amounts to receipt by the bank of organization and was actively engaged in issuand the day the bank opens the drop box or night ing and selling its shares was in the same position depository does not change this. An extreme relative to Section 32 as an open-end company, situation would be when the 10th day is Saturday and that the section would be applicable while this and the drop box or night depository is not opened activity continued. 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN • APRIL 1960 Reporting Securities Credit Extended by December 15, 1959, bring them within the scope of Lender Other Than Bank or Broker the above definition must return the filled-in form to the Federal Reserve Bank in their district on or be- The Board of Governors, effective March 15, fore May 15, 1960. Persons who were not extending credit on or before December 15, 1959, for the said 1960, extended to May 15, 1960, the time within purpose, but whose activities at any time or from which the filing of information on Form FR 728 time to time thereafter bring them within the scope is required of all lenders, other than banks or of the above definition, must file filled-inf orms within 90 days after the first extension of credit for such brokers, who, on December 15, 1959, were mak- purpose. ing any loans for purchasing or carrying stocks registered on a national securities exchange. No- 2. (a) The amendment is issued pursuant to the tice of the requirement to file this Form was pub- Securities Exchange Act of 1934, particularly Seclished in 24 Federal Register 10331 and appeared tion 17(b) thereof. The purpose of this action is in the January 1960 Federal Reserve BULLETIN to extend to May 15, 1960, the time allowed for filing Form FR 728, which must be filed by all at page 13. The extension of time was effected persons other than banks and creditors as defined by publication of the following item in 25 Federal above who are engaged in the business of extend- Register 3154: ing credit and who, in the ordinary course of business, extend credit for the purpose of purchasing TITLE 12—BANKS AND BANKING or carrying securities registered on a national se- CHAPTER II—FEDERAL RESERVE SYSTEM curities exchange. Form FR 728 was adopted to [REG. U] implement § 221.3(j) as amended June 15, 1959 (24F.R. 3867). Part 221—Loans by Banks for the Purpose of Purchasing or Carrying Registered Stock (b) The notice, public participation, and deferred effective date procedures described in Sec- Form to be Used in Reporting Securities Credit tion 4 of the Administrative Procedure Act are not Extended by Lender Other Than a Bank or Broker followed in connection with this amendment for the reasons and good cause found as stated in 1. Effective March 15, 1960, § 221.51 is amended § 262.2(e) of the Board's Rules of Procedure to read as follows: (Part 262), and especially because in connection § 221.51 Form to be used in reporting securities with this amendment such procedures are unneccredit extended by lender other than a bank or broker. Pursuant to authority conferred on the Board of Gov- essary as they would serve no useful purpose. The ernors of the Federal Reserve System by the Securi- reporting requirement contained herein has been ties Exchange Act of 1934 (15 U.S.C. Chapter 2B; approved by the Bureau of the Budget in accord- 48 Stat. 881) and in accordance with § 221.3(j), the Board has, effective December 15, 1959, adopted ance with the Federal Reports Act of 1942. Form FR 728,1 to be used by persons (other than (Sec. 23, 48 Stat. 901; 15 U.S.C. 78w. Inbanks, as defined in § 221.3 (k), and creditors, as defined in § 220.2(b) (Reg. T)) who are engaged in terprets or applies Sec. 17(b), 48 Stat. 897; 15 the business of extending credit and who, in the ordi- U.S.C. 78q.) nary course of business, extend credit for the purpose of purchasing or carrying securities registered on a national exchange. Persons whose activities as of [SEAL] 1 Filed as part of the original document. Copies available upon request to the Board of Governors of the Federal Re- (Signed) MERRITT SHERMAN, serve System, Washington 25, D. C, or to any Federal Reserve Bank. Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 15 Industrial production and retail sales in March indicate little change in assemblies from the March remained close to the February high levels while rate. Output of apparel, furniture, and some apemployment declined and unemployment in- pliances also was reduced further in March, while creased. Inclement weather early in the month production of consumer staples was maintained. limited some activities. In late March and early Steel mill operations slipped further to 92 per April, there was a marked pickup in auto and cent of capacity in March, and dropped to a scheddepartment store sales. Total bank credit declined uled rate of 80 per cent in mid-April. While further in March, but on a seasonally adjusted output of construction materials and mineral fuels basis the money supply increased. Yields on fixed also declined in March, production of nonferrous income securities generally continued to decline metals recovered somewhat further. Over-all until late March when yields on Treasury securi- production of nondurable materials was mainties turned up and then rose sharply in mid-April. tained. CONSTRUCTION INDUSTRIAL PRODUCTION Private nonfarm housing starts were unchanged The Board's seasonally adjusted index of indus- in March at a seasonally adjusted annual rate of trial production in March was 109 per cent of the 1.1 million units. The seasonally adjusted value 1957 average—1 per cent below the February of new construction put in place, after rising for figure and 2 per cent below the January high. three months, declined in March to an annual rate Production curtailments in March, as in February, of $52.9 billion. Nearly every type of construcwere primarily among consumer goods. Activity tion activity registered some decrease. in business equipment lines was maintained at peak rates, and output of materials was sub- EMPLOYMENT stantially unchanged from the February level. After reaching a new high in February, season- Among consumer goods, seasonally adjusted ally adjusted employment in nonfarm establishauto assemblies declined further in March to a ments declined 214,000 in March. Bad weather level 15 per cent below the January high but 10 was an important influence in reducing employper cent above a year earlier. Schedules for April ment in construction and trade. In manufacturing industries, employment declined slightly and INDUSTRIAL PRODUCTION average weekly hours and weekly earnings de- 1957 =100 creased further. Government employment rose considerably, mainly because of hiring of Census enumerators. Unemployment rose substantially, with the seasonally adjusted rate increasing to 5.4 per cent of the civilian labor force from 4.8 per cent in February. DISTRIBUTION Retail sales in March remained at about the January-February level. In late March and early April, department store and auto sales rose considerably as the weather became more favorable. In some lines, sales-production relationships improved and the rate of inventory accumulation Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for March. slowed considerably. 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN • APRIL 1960 COMMODITY PRICES $440 million during the four weeks ending April 13. Over the period, required reserves declined, Industrial commodity prices on the average despite a mid-March increase associated with changed little in March and early April. While credit and deposit expansion around the tax date. price declines occurred for some materials, prices Reserves were absorbed primarily by an outflow of other materials advanced. Prices of finished of currency, a decline in float, and a reduction in products for the most part were stable. Mean- Federal Reserve System holdings of U. S. Governwhile, average prices of farm products and foods ment securities. rose further, mainly reflecting increases in some fresh foods, and the combined index of wholesale SECURITY MARKETS prices advanced to about the year-ago level. Yields on fixed income securities generally declined further in the second half of March, BANK CREDIT AND RESERVES reaching new lows for the year. Yields on corporate and State and local government bonds have Commercial bank credit continued to decline been relatively stable since then. Yields on Treasin March as a further reduction in bank holdings ury securities rose sharply in the second week of of U. S. Government securities exceeded a rise in April, and at mid-month the market yield on 3loans. While the expansion in total loans was month Treasury bills was 3.56 per cent compared moderate, loans to business rose substantially. On with its low of 2.68 per cent on March 25. On a seasonally adjusted basis, the money supply in- March 31, the Treasury announced the terms of creased $400 million after having declined more its $2.5 billion financing for April, which included than $1 billion in the first two months of the year. a 2-year note at 4 per cent and a AVk per cent The seasonally adjusted rate of turnover of bank bond due in 25 years and callable in 15 years. deposits declined somewhat following a sharp rise Common stock prices have increased somewhat in February. since mid-March. Trading volume has remained Member bank borrowings from the Federal Remoderate. serve averaged $640 million and excess reserves INTEREST RATES RETAIL TRADE 194T - 49 = 100 RETAIL SALES DEPARTMENT STORES STOCCKKSS //V\ — 1956 1958 Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest figlatest shown for stocks is February, for other series, March. ures shown are for week ending April 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, Jind related items. 316 Reserve Bank discount rates; margin requirements; reserve requirements . 380 Federal Reserve Banks 381 Bank debits* currency in circulation . . . 384 All banks: consolidated statement of monetary system; deposits and currency 386 All banks, by classes 387 Commercial banks, by classes.... 390 Weekly reporting member banks. . 392 Business loans 395 Interest rates 396 Security prices; stock market credit; open market paper. 397 Savings institutions 398 Business finance 400 Security issues 402 Federal finance 403 Federal business-type activities . 408 Real estate credit 409 Short- and intermediate-term consumer credit 412 Industrial production 416 Selected indexes on business activity. 422 Construction 422 Employment and earnings. 424 Department stores 426 Foreign trade 427 Wholesale and consumer prices.... 428 National product and income series. . . . 430 Flow of funds, saving, and investment 432 Number of banks and branches in operation on December 31, 1959. 440 Index to statistical tables. 465 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, 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 bankand the consumer credit estimates are derived ing and monetary tables, together ^tvith descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Period T U o , t S al . G B o o v o u t u . t g - s h e t cu u r c H r e h n i p t e a d i u l e s e d e r s r - c v D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r c y a t - - d y s- - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - T u r w e ry a it s h - r F es . F e e i o R g rv r n . - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total 2 res F W e . r i v R th e . s A a ll b o l w e right agree- Banks cash 3 ment Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 .956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22.759 ,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 ,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 ,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,26227,299 23,276 ,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186| ,063 19,420 19,420 1958—June 24,749 24.698 51 142 916 2255,851 21,490 5,203 31,039 701 442 281 3501 ,132 18,600 18,600 Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959 Feb 25,532 25,503 29 526 96127,059 20,475 5,238 31,158 729 417 303 378 ,211 18,577 18.577 Mar 25,446 25,400 46 620 954 27,055 20,448 5,244 31,227 717 477 312 3771 ,208 18,429 18,429 April 25,661 25,538 123 694 93727,323 20,403 5,253 31,304 708 505 283 347 168 18.664 18,664 May 25,920 25,882 38 784 93527,669 20.217 5,265 31,490 708 532 274 369 ,197 18,580 18,580 June 25,963 25,949 14 938 1,009 27,937 20,030 5,278 31,813 632 495 277 359 ,219 18,451 18,451 July 26,422 26,354 68 969 1,02328,441 19.674 32,042 411 490 269 344 ,170 18,671 18,671 Aug 26,588 26,548 40 1,008 89128,509 19,596 31,994 399 546 260 337| ,239 18,613 18,613 Sept 26,674 26.628 46 904 1,08828,687 19,514 32,019 394 543 301 381 ,246 18.593 18,593 Oct 26,517 26.479 38 909 1,11528,563 19,498 31,974 391 512 302 388 ,175 18,610 18,610 Nov 26,732 26,628 104 886 1,09428,741 19,581 -32,207 413 485 317 379 204 18,621 18,621 Dec 27,036 26,993 43 911 1,4 2'6" '29,435 19,482 5,311 =32,775 *396 524 361 348 ,195 18,932 18,628 304 1960 Jan 25,934 25,914 909 1,343 28,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 818 1,09827,276 19,429 5,323 31,580 445 515 214 4061 921 18,213 17,947 266 25,310 25,261 637 1,066 "2"7,048 19,410 5,336 31,627 442 481 197 307 970 8,027 17,770 ^'257 Mar Week ending: 1959 25,673 25,592 81 433 946 27,092 20,476 5,235 31,120 723 442 278 344 1,146 18.749 18,749 Feb. 4 25.657 25,621 36 553 887 27,136 20,476 5,236 31,193 727 364 304 333 1,185 18,742 18,742 11 25;529 25,523 6 583 960 27,112 20,475 5,238 31,205 741 398 313 391 1,214 18,562 18,562 18 25,399 25,394 5 474 1,050 26,965 20,474 5,239 31,111 724 443 308 448 1,255 18,389 18,389 25 Mar. 4 25,355 25,294 61 548 951 26.892 20,479 5,241 31.129 721 534 298 339 1,214 18,375 18,375 11 25,366 25,331 35 722 849 26,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 18,421 18 25,471 25,419 52 543 1,000 27,048 20,442 5,244 31,287 727 437 290 340 1,214 18,439 18.439 25 25,510 25,461 49 619 961 27,123 20,442 5,246 31,231 714 456 295 339 1.218 18,558 18,558 Apr. 1 25,494 25,462 32 629 998 27,151 20,442 5,247 31,229 709 523 364 512 1,181 18,323 18,323 8 25,722 25,484 238 690 914 27,357 20,442 5,250 31,280 709 524 296 348 1,180 18,711 18,711 15 25,789 25,545 244 721 816 27,357 20,440 5,253 31,365 712 471 279 343 1.181 18.698 18,698 22 25,544 25,511 33 767 1,130 27,472 20,409 5,254 31,332 705 456 286 362 1,178 18,817 18,817 29 25,608 25,608 673 900 27,212 20,330 5,257 31,244 705 560 271 333 1,136 18,551 18,551 May 6 25,808 25,706 102 693 893 27,424 20,262 5,259 31,368 711 542 256 360 1,136 18,571 18,571 13 26,010 25,940 70 726 79527,563 20,251 5,262 31,505 710 521 269 383 1,139 18,550 18,550 20 25,935 25,926 9 870 1,15527,989 20,197 5,264 31,515 710 504 280 367 1,245 18,829 18,829 27 25,905 25,905 675 940 27,548 20,188 5,268 31,473 708 543 281 363 1,244 18,393 18,393 June 3 25,905 25,905 866 85327,650 20,188 5,272 31,645 701 548 297 376 1,219 18,324 18,324 10 25,939 25,939 996 11A 2211136 20,141 5,275 31,803 716 476 260 364 1,218 18,314 18,314 17 25,944 25,944 993 1,02927,994 20,136 5,280 31,876 715 436 259 361 1,226 18,537 18,537 24 25,970 25,936 34 894 1,2"5"6" "28,147 20,017 5,280 31,807 626 515 283 349 1,238 18,627 18,627 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BAiNK RESERVES AND RELATED ITEMS 377 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [Tn millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a r r i t o e d T U o . t S al . G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e n h g i p t e a d r i l u e e s e d e s e r r - - c v D o a a a n u n i d s c d n - - e ts s Float Total* s G to o c ld k T r s c o e t u i r a u n n u e r n r g c y t a - - d y s - - r c C t e u c i i n u o n i l c r a n r - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es . F e e i o R r g r v . n - e B s, a O nk th s er c O F o a . t u c h R - n e t r . s Total 2 re B s F W e a . r n i v R t k h e . s s A c a a ll b s o h l w e 3 ment Averages of daily figures Week ending: 1959 July 1. 26,045 26,018 27 938 1,03228,042 19,712 5,283 31,852 407 552 296 353 ,190 18,386 18,386 8. 26,300 26,255 45 1,044 94828,319 19,704 5,283 32.105 412 516 278 360 ,183 18,452 18.452 15. 26,494 26,383 111 1,019 92228.462 19,695 5,283 32,194 419 394 269 338 ,185 18,640 18,640 22. 26,449 26,390 59 929 1,29928,705 19,669 5,283 32,036 412 460 255 334 ,183 18,976 18,976 29. 26,459 26,408 51 890 99828,374 19,636 5,284 31,883 403 559 271 340 ,137 18,702 18,702 Aug. 26,549 26,440 109 1,034 79028,399 19,626 5,281 31,922 403 503 277 340 ,166 18.696 18,696 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 ,203 18.622 18,622 19. 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 ,246 18.509 18,509 26. 26,573 26,518 55 941 95028,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,586 Sept. 2 26,691 26,650 41 966 83628,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 91 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 94 1,060 1,01728.834 19.522 32,197 395 421 331 373 ,260 18.653 18.653 23 26,637 26,637 860 1,49929.016 19;513 31,984 390 632 298 420 ,264 18,819 18.819 30 26,563 26,563 722 1,09828,403 19,493 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7. 26,591 26.563 1,007 1,00528,623 19.491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14. 26,637 26,563 1,051 95628,667 19,489 5,290 32;096 387 474 326 464 ,197 18,501 18,501 21. 26.402 26,402 824 1,41728.664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28. 26,385 26,364 796 1,14928,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4. 26,686 26,544 142 834 89728,443 19,585 5,299 31,924 404 471 293 397 ,127 18.711 18,711 11. 26,763 26,574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18. 26,702 26,593 109 864 1,16528,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25. 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 .297 18,563 18,563 Dec. 2. 26,871 26,843 28 875 ,08628,867 19,568 32,446 410 547 347 355 ,241 18,451 18,396 55 9. 27,194 27,130 64 916 ,00329,153 19,505 32,601 405 487 362 338 ,244 18,797 18.529 268 16. 27,176 27,142 34 961 ,16929,365 19,478 32,798 396 528 341 342 ,181 18,872 18.567 305 23. 27,007 26,970 37 985 ,81829,883 19,467 32,924 387 523 365 331 ,195 19,274 18,937 337 30. 26,829 26,787 42 933 ,78829,629 19,456 5,313 32,893 393 537 387 333 ,195 18,997 18,660 337 I960 6... 26,642 26,607 1,018 ,58629,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13... 26,395 26,339 915 ,26928,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20... 25,622 25,620 918 ,51328,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27... 25,450 25,450 776 ,10327,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 3 25,44' 25,442 811 ,10827,406 19,445 5,319 31,565 436 510 239 333 834 18,537 18,252 285 10 25,389 25,355 853 85327,135 19,433 5,321 31,599 443 417 203 344 834 18,268 18,049 219 17 25,355 25,300 974 ,16727,535 19,432 5,323 31,631 451 591 224 522 896 18,250 17,974 276 24 25,253 25,253 620 ,32427,235 19,423 5,325 31,562 445 529 206 439 1,008 18,061 17,793 268 Mar. 2. 25,21 25,154 58 794 ,06127,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,800 305 25,270 25,235 35 595 ,17427,075 19,412 5,333 31,613 435 542 200 293 1,007 17,941 17,731 210 16 25,444 25,313 131 726 99427,197 19,409 5,335 31,726 448 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 587 1,24527,189 19,409 5,337 31,671 450 451 180 305 944 18,189 17,934 255 30 25,239 25,234 5 608 89826,778 19,408 5,340 31,534 439 479 203 327 945^17,893 17,600 Wednesday 1960 Feb. 3. 25,449 25,415 80: 81327,104 19,444 5,319 31,545 434 472 219 344 832 18.306 18,021 285 10. 25,374 25,340 626 83!26,871 19,433 5,321 31,627 448 420 215 337 833 17,963 17,744 219 17. 25,366 25,300 743 1,04127,187 19,432 5,323 31,548 456 464 212 338 1,008 18,19f 17,916 276 24. 25,178 25,178 433 92626,572 19,421 5,326 31,536 450 544 210 310 1,008 17,530 17,262 268 Mar. 2 25,218 25,184 34 674 86926,796 19,420 31,520 437 451 231 293 1,004 17,916 17,611 305 2 3 1 3 0 6 . . . .. . . . . . . . 2 2 2 ~! 5 5 5 5 , , , , 2 1 4 2 6 0 8 2 6 7 0 f 2 2 2 2 5 5 5 5 , , , , 2 1 3 2 2 0 6 6 5 7 0 4 " 'i * i 2 o 7 3 3 8 4 3 8 6 : 5 5 2 1, 9 8 8 1 1 1 2 7 1 5 3 5 2 2 2 2 6 7 6 6 , , , , 8 9 4 0 1 5 1 7 8 6 2 2 1 1 1 1 9 9 9 9 , , , , 4 4 4 4 0 0 0 0 8 9 9 9 5,340 3 3 3 3 1 1 1 1 , , , , 6 5 5 6 8 6 5 6 9 9 8 2 4 4 4 4 4 6 5 3 1 0 0 6 4 5 2 5 5 1 6 6 1 1 7 4 2 2 2 2 0 2 0 0 1 3 0 6 2 3 3 3 9 0 0 1 1 7 6 6 1, 9 9 9 0 4 4 4 0 5 3 5 6 ^1 1 1 1 8 7 7 8 , , , , 5 2 0 4 9 4 0 7 1 1 9 3 1 1 1 1 7 7 7 7 , , , , 3 9 7 2 8 8 1 1 1 1 6 8 *> 2 2 2 2 1 5 6 9 0 5 0 3 « Corrected. tables on Federal Reserve Banks. (Industrial loan program discontinued v Preliminary. Aug. 21, 1959.) * Includes industrial loans and acceptances, when held. For holdings 2 See note 3. of such items on Wednesday and end-of-month dates, see subsequent 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Period Bor- Bor- Bors T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e - e s d 2s E e x r r v e c - e e s s s 3 F r i o n . a w R g t s . - se F r r r e v e - e e s3 s T h e e r o r e l v t d - a e * l s s q e u R r r i e v e r - - e e s d 2 s E e x r re c v - e e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t d - a e * l s s q e u R r r i e v e r - - e e s d 2 s E e x r re c v - e e s s s 3 F r i o n . a w R g t s . - se F r r r e v e - e e s3 Banks4 Banks 4 Banks4 1929—June. 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June. 52,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec.. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. ,141 601 540 n.a. n.a. 1941—Dec.. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. ,143 848 295 n.a. n.a. 1945_Dec.. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec.. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 1,011 13 6 7 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1,191 8 5 3 1951—Dec. 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 1,353 3 64 -61 1952—Dec.. 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 1,409 -4 232 -236 1953—Dec.. 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 1 37 -36 1954_Dec. 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 -1 15 -16 1955—Dec.. 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 1,164 2 85 -83 1956—Dec. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 1,138 12 97 -86 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 1,127 8 85 -77 1958—June. 18,600 17,974 626 142 484 4,214 4,186 28 21 7 ,113 1,099 14 2 12 Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 103 ,077 1,070 7 39 -31 1959—Feb 18,577 18,117 460 508 -48 3,968 3,953 15 43 -28 ,052 1,051 1 27 -26 Mar 18,429 17,968 461 601 -140 3,994 3,965 30 13 16 ,029 1,027 2 124 -122 Apr 18,664 18,247 417 676 -259 4,008 4,001 7 96 -89 ,041 1,036 5 69 -64 May 18,580 18,132 448 767 -319 3,979 3,955 24 75 -51 ,037 1,033 4 44 -41 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 1,006 3 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 4 157 -154 ,028 1,028 47 -47 Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 ,033 1,029 40 -35 Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 ,025 1,022 46 -44 Oct 18,610 18,164 446 905 -45« 3,867 3,851 15 225 -209 ,020 1,018 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 ,029 1,026 64 -61 Dec 6 18,932 18,450 482 906 -424 6 3,920 3,930 -10 99 -109 ,038 1,038 104 -104 1960—Jan... 18,878 18,334 905 c —361 3,90' 3,884 23 111 -88 1,046 1,041 94 -90 Feb.. 18,213 17,758 455 816 -361 3,753 3,744 9 59 -50 996 993 129 -126 Mar.. P18,027 P17,611 ^416 635 P-219 3,766 3,755 10 1 970 157 -151 Week ending: 1959__Mar. 4. 18,375 17,957 418 529 -111 3,959 3,943 16 1,054 1,051 37 -35 11. 18,421 17,868 553 703 -150 3,966 3,924 42 40 1,025 1,023 64 -62 18. 18,439 18,051 388 525 -137 3,996 4,000 -4 -58 1,034 ',033 106 -104 25. 18,558 18,100 458 600 -142 4,017 4,001 16 16 1,028 ,026 207 -205 Oct. 7. 18,636 18,153 483 1,006 -523 3, 3,866 16 305 -289 1,029 ,026 103 -100 14. 18,501 18,012 489 1,048 -559 3,812 3,783 29 300 -271 1,005 ,004 96 -94 21. 18,679 18,173 506 819 -313 3,850 3,853 -4 223 -227 1,014 ,015 -1 61 -62 28. 18,568 18,266 302 790 -488 3,891 3,881 10 125 -115 1,926 ,020 -82 Nov. 4. 18,711 18,311 400 826 -426 3,911 3,902 8 17 -169 1,038 ,037 56 -55 11. 18,724 18,202 522 908 -386 3,765 3,783 -18 286 -304 1,030 ,026 70 -66 18. 18,647 18,190 457 856 -399 3,794 3,768 26 281 -255 1,032 ,026 86 -81 25. 18,563 18,130 433 822 -389 3,786 3,758 29 116 1,028 ,024 3. -30 Dec 2. 6 18,451 18,085 366 870 -504 6 3,773 3,769 78 -74 6 1,017 ,019 60 -62 9. 18,797 18,282 515 911 -396 3,876 3,874 4 1,032 ,030 69 -67 16. 18,872 18,429 443 956 -513 3,949 3,938 109 -98 1,035 ,031 84 -81 23. 19,27< 18,635 639 980 -34 4,005 3,988 202 -186 1,053 ,049 14: -139 30. 18,99' 18,533 464 928 -464 3,953 3,944 86 -76 1,054 ,049 156 -151 I960—Jan. 6. 19,14 18,620 52 1,013 -492 4,011 4,012 221 -215 1,06 ,064 153 -156 13. 19,029 18,472 55' 9V -35- 3,91: 3,889 117 -91 1,049 ,041 80 -72 20. 18,963 18,368 595 91 -31! 3,86 3,858 80 -T 1,046 ,044 128 -126 27. 18,476 18,07- 402 773 -37 3,83' 3,820 49 -32 1,026 ,023 29 -26 Feb. 18,537 18,056 48 -327 3,858 3,85. 6 -63 1,03 1,03 7 -70 18,268 17,836 432 850 -418 3,773 3,753 79 -5' 1,007 1,003 13 -133 18,250 17,742 508 973 -465 3,723 3,722 118 -116 993 99- 190 -195 18,06' 17,636 425 620 -19: 3,740 3,720 977 969 104 -95 1 Mar. 18,10: 17.664 44 79 -35: 3,75 3,749 -25 98 98 17,94 17,576 365 595 -23C 3,73: 3,73' 27 97( 97C 4 -40 18,10? 17,598 510 726 -21< 3,77' 3,76 97: 96( 133 -130 18,18S 17,737 452 587 -13. 3,80: 3,77' 22 98 978 259 -257 P1789: ^17,535 60: p-244 3,74i 3,743 96< 963 199 -197 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 379 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a i l es R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in o F a g . r n r s k R o s w a . t 4 - res F e r r e v e es3 re T h s e o e l r t d v a i l es R re e s q er u v i e re s d 2 re E s x e c rv es e s s3 B B in o F a g r . n r s k o R s a w . 4 t - res F e r r e v e es 3 1929—June.... 761 749 12 409 -397 632 610 22 327 -305 1933—June.... 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 C4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5^307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957_Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—June..., 7,721 7,619 102 45 57 5,552 5,070 481 74 408 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Feb 7,777 7,723 55 250 -195 5,780 5,390 390 188 202 Mar 7,702 7,653 49 277 -228 5,704 5,323 381 187 194 Apr 7,825 7,791 34 317 -284 5,790 5,418 372 194 178 May... 7,792 7,728 64 424 -360 ,772 5,415 357 224 133 June 7,744 7,705 39 574 -536 ,765 5,406 359 259 101 July... 7,838 7.809 29 510 -482 5,824 5,458 366 242 124 Aug.... 7,836 7,779 57 477 -420 5,855 5,467 388 242 145 Sept.... 7,825 7,783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov.... 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec... 6 7,954 7,912 41 490 -449 6 6,020 5,569 450 213 237 1960—Jan 7,909 7,840 69 508 -439 6,014 5,568 449 192 257 Feb.... 7; 544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar.... 7,429 7,391 37 289 -252 ^5,857 *>5,494 181 P182 Week ending: 1959—Mar. 4 7,679 7,631 48 273 -225 5,684 5,332 352 205 147 11 7,661 7,596 64 426 -362 5,770 5,325 445 211 234 18 7,728 7,693 35 201 -166 5,681 5,325 356 164 192 25 7,774 7,730 44 250 -206 5,738 5,343 395 143 252 Oct. 7 7,796 7,748 48 417 -369 5,929 5,513 416 181 235 14 7,782 7,715 68 418 -350 5,902 5,510 392 234 158 21 7,786 7,755 31 370 -339 6,029 5,550 479 165 314 28 7,844 7,820 24 364 -340 5,807 5,545 262 214 48 *Nov. 4 7,866 7,828 38 379 -341 5,896 5,544 352 214 138 11 7,900 7,821 80 377 -297 6,028 5,572 456 175 281 18 7,864 7,830 34 347 -313 5,957 5,566 391 142 249 25 7,826 7,775 51 461 -410 5,924 5,573 351 211 140 Dec. 2 6 7,807 7,760 47 490 -443 6 5,854 5,537 317 242 75 9 7,861 7,813 48 587 -539 6,030 5,565 465 251 214 16 7,957 7,907 50 545 -495 5,932 5,553 379 218 161 23 8,050 7,998 52 422 -370 6,165 5,600 565 213 352 30 8,050 7,962 87 487 -399 5,939 5,578 361 199 162 1960—Jan. 6 8,000 7,973 26 525 -499 6,063 5,571 492 114 378 13 7,992 7,927 65 482 -417 6,073 5,615 458 232 226 20 7,917 7,866 51 565 -514 6,139 5,600 539 141 398 27 7,775 7,715 60 459 -399 5,837 5,516 321 236 85 Feb. 3 7,703 7,665 38 441 -403 5,945 5,506 439 230 209 10 7,631 7,588 43 418 -375 5,856 5,492 364 216 148 17 7,510 7,468 41 491 -450 6,025 5,555 470 174 296 24 7,498 7,434 64 289 -225 5,846 5,513 332 213 119 Mar. 2 7,452 7,426 25 469 -443 5,922 5,508 414 209 205 9 7,414 7,381 33 323 -290 5,825 5,494 331 226 105 16 7,417 7,370 47 389 -342 5,942 5,497 444 182 262 23 7,533 7,460 73 187 -114 5,872 5,523 350 134 216 30 7,396 7,359 36 232 -196 P5,185 ^5,470 171 c Corrected. n.a. Not available. P Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Weekly 6 Beginning with December 1959, total reserves held include allowable averages for country banks prior to Jan. 6, 1960, and monthly averages cash (for definition see the BULLETIN for December 1959, p. 1482). See for all classes of banks beginning with January 1960 are estimated. also note 1. 3 Weekly averages for all member and for country banks prior to Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning: rate Mar. 31 beginning: rate Mar. 31 beginning: rate Boston Sept. 14, 1959 Sept.14, 1959 Sept. 14, 1959 New York. . . Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 Philadelphia.. Sept. 18, 1959 Sept.18, 1959 Sept. 18, 1959 Cleveland.... Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 Richmond.. . Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 Atlanta Sept. 14, 1959 Sept.14, 1959 Sept. 14, 1959 Chicago Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 St. Louis Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 Minneapolis.. Sept. 14, 1959 Sept.14,1959 Sept. 14, 1959 Kansas City.. Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 Dallas Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 San Francisco Sept. 11, 1959 Sept.11, 1959 Sept. 11, 1959 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES» MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Jan. 16, Aug. 5, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16 Banks N. Y. Banks N. Y. 1958 1958 1958 1948 1957 Regulation T: Jan. 12. .. 1 -1% 1*4 Aug. 9... 3 -3*4 3 For extensions of credit by brokers and 19... 1 *4 23... 3*4 dealers on listed securities 50 70 90 Aug. 13. .. i8 Nov. 15... 3 —3*4 3 50 70 90 23... 1*4 Dec. 2... 3 3 Regulation U: For loans by banks on stocks 50 70 90 1950 lv \t A 1958 Aug. 21... 1% Jan. 22... 2%-3 3 25... 1% 24... 2%-3 2% 1 Regulations T and U limit the amount of credit that may be extinded Mar. 7... 2*4-3 2*4 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-234 2*4 percentage of its market value at the time of extension; margin require*- Jan. 16... 2 21... 2 % ments are the difference between the market value (100%) and the maxi- 23. .. 2 Apr. 18... 1321/2i mum loan value. May 9... 1% 1954 Aug. 15... 1% Feb. 5... 1%—2 1% Sept. 12... 1%— 2 2 15... 1% 1% 23... 2 2 MAXIMUM INTEREST RATES PAYABLE ON TTME DEPOSITS Apr. 14. .. 1*4-13/4 1% Oct. 24... 2 -2*4 2 16... 1 *4-l 3/4 1*4 Nov. 7... 2*4 2*4 [Per cent per annum] May 21... 1*4 1*4 1955 Mar. 6... 21/2-3 3 Nov. 1, Feb. 1, Jan. 1, Effec- Apr. 14. .. 1*4-1% 1*4 Mar. 16... 3 3 1933- 1935- 1936- tive May 1 2 5. . . . . . 1% 1 l3 / % 4 J M u a n y e 2 1 9 2 . . . . . . 3 3* -3 4 *4 IB Type of deposit Ja 1 n 9 . 3 3 5 1, De 1 c 9 . 3 3 5 1, De 1 c 9 . 5 3 6 1, Ja 1 n 9 . 5 7 1, Aug. 4... 1%—2*4 1% Sept. 11... 5... 1%—2*4 2 Sept. 18... 4 4 12... 2 -2*4 2 Savings deposits 3 2*4 2*4 3 Sept. 9... 2 -2*4 2V4 1960 Nov. 1 1 3 8 . . . . . . 2i2*2i 2 2 V *4 4 I M n a e r f . fe 3 c 1 t ... Postal savings deposits 3 2*4 2*4 3 23... 2*i 2 Ot I h n e r 6 t i m m o e n d th e s p o o s r i t m s o p r a e yable: 3 18 1* 1956 In 90 days to 6 months.... 3 Apr. 13... 2*4-3 2% In less than 90 days 3 1 20... 23/4-3 2% 2*4 Aug. 24... 2%-3 31... 3 3 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any 1 Under Sees. 13 and 13a (as described in table above). For data for event exceed the maximum rate payable by State banks or trust companies 1941-47, see the BULLETIN for January 1959, p. 76. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by NOTE.—The rate charged by the Federal Reserve Bank of New York insured nonmember commercial banks, as established by the F.D.I.C., on repurchase contracts against U. S. Govt. securities was the same as have been the same as those in effect for member banks. its discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 381 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS AND CASH OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits* Time deposits Central reserve All city banks Reserve Coun- Central Type of deposit member city try Ef o fe f c c ti h v a e n g d e ate C re e s n e t r r v a e l Re c s i e ty rve Co tr u y n- re a s n er d ve Co tr u y n- banks Y N o e r w k c C a h g i o - banks banks city banks banks reserve banks banks city banks Four weeks ending Feb. 24, 1960 Gross demand: In effect Dec. 31, 1945.. 20 20 14 Total 120,304 23,439 5,938 47,052 43,875 Interbank 12,544 4,035 1,086 6,081 1,342 1948—Feb. 27 22 U. S. Government. 3,570 672 222 1,331 1,345 June 11 24 Other 104,190 18,732 4,630 39,640 41,189 Sept. 16,24*.... 26 22 16 7*4 Net demand2 102,200 19,727 5,152 39,265 38,056 1949_May 1,5* 24 21 15 Time 53,503 4,229 1,455 21,204 26,615 June 30, July 1*. 20 14 6 Demand balances due Aug. 1,11*.... 19Vi 13 from domestic banks. 6,242 75 101 2,018 4,048 A A u u g g . . 2 1 5 6, 18*.... g* 19 12 Cu T rr o e t n a c l y and coin: 2,201 138 29 682 1,352 Sept* 1 8* Allowable as reserves, 262 1 81 180 1951—Jan. 11, 16*.... 23 13 Jan. 25, Feb. 1*. 24 19 14 1953—July 1,9* 22 20 13 Four weeks ending Mar. 23, 1960 1954_june 16,24*.... 21 19 July 29, Aug. 1* 20 18 12 Gross demand: Total 118,815 23,248 5,794 46,317 43,456 1958—Feb. 27, Mar. 1* 8* 11* Interbank 12,382 3,927 1,074 6,080 1,301 Mar. 20, Apr. 1 * U. S. Government. 3,757 689 202 1,444 1,422 A A p p r r . . 2 1 4 7 1 1 8 8 Vi Net d O e t m he a r nd2 1 1 0 0 1 2 , , 0 6 0 7 1 6 1 1 9 8 , , 6 6 7 3 7 2 4 5 , , 5 0 1 1 7 4 3 3 8 8 , , 7 5 9 8 3 2 4 3 0 7 , , 7 72 3 7 4 Time 53,670 4,250 1,439 20,867 27,115 In effect Apr. 1, 1960... 18 I61/2 Demand balances due from domestic banks. 6,249 72 97 2,080 4,000 Present legal require- Currency and coin: ments: Total 2,172 135 27 665 1,345 Minimum 210 10 7 Allowable as reserves. 256 1 77 178 Maximum 2 22 222 14 r Revised. * First-of-month or midmonth dates record changes at country banks, 1 At opening of business. and other dates (usually Thurs.) record changes at central reserve or 2 Demand deposits subject to reserve requirements, i.e., gross demand reserve city banks. deposits minus cash items reported as in process of collection and demand 1 Demand deposits subject to reserve requirements which, beginning balances due from domestic banks. Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Prior to July 28,1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 26 per cent, respectively, and the maximum for reserve city banks was 20 per cent. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS * [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. 2 March February March Discounts and advances—total... 834,605 361,887 385,052 745,374 673,878 755,725 738,734 326,682 Within 15 days 804,695 356,451 379,057 738,032 666,962 725,515 731,843 300,947 16 days to 90 days 9,840 5,376 5,935 7,263 6,767 30,150 6,843 25,637 91 days to 1 year 20,070 60 60 79 149 60 48 98 Acceptances—total 31,701 31,698 32,391 32,394 34,902 33,296 34,786 30,234 Within 15 days 10,174 8,113 7,818 10,004 14,011 11,059 13,837 8,081 16 days to 90 days 21,527 23,585 24.573 22,390 20,891 22,237 20,949 22,153 U. S. Government securities—total 25,266,479 25,107,17925,479,879 25,225,27925,217,90325,264,479 25,208,60325,497,062 Within 15 days 76,736 160,196 356,996 162,160 194,160 174,100 216,260 163,500 16 days to 90 days 911,231 729,371 903,271 864,007 854,131 789,231 828,731 1,149,000 91 days to 1 year 14,284,44314,223,54314,225,54314,205,04314,175,54314,307,07914,169,54318,833,226 Over 1 year to 5 years 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 3,881,179 Over 5 years to 10 years 1,178,574 1,178,574 1,178,574 657,084 657,084 1,178,574 657,084 206,495 Over 10 years 271,283 271,283 271,283 792,773 792,773 271,283 792,773 1,263,662 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. 2 March February March Assets Gold certificate account 18,158,64218,158,64318,158,64418,158,642 18,168,64218,158,64218,168,64318,939,891 Redemption fund for F. R. notes.. 953,993 958,519 958,519 962,4681 965,149 953,992 965,331 920,587 Total gold certificate reserves. 19,112,635 19,117,16219,117,16319,121,11019,133,79119,112,63419,133,97419,860,478 F. R. notes of other Banks 483,852 495,298 473,143 494,222 570,401 471,576 579,473 427,588 Other cash 460,131 451,909 446,910 465,043 495,059 458,765 491,124 427,053 Discounts and advances: For member banks 814,605 735,725 738,734 309,082 For nonmember banks, etc 20,000 361,887 385,052 745,374 673,878 20,000 17,600 Industrial loans 5 Acceptances— H Bo e u ld g h u t n d o e u r t r r ig ep h u t rchase agreement. 31,701 "3 i * 698 '*32*39i "32^394 "'34^902 33,296 30,234 U. S. Government securities: Bought outright: Bills 1,263,417 1,106,117 1,359,417 1,224,217, 1,183,341 1,263,417 1,148,041 1,496,000 Certificates—Special Other ,506 8,506,993 506,993 ,506,993 8,506,993 8,506,993 8,506,99318649,726 Notes 13,010 13,010,298 010,29813,010,29813,010,29813,010,29813,010,298 867,565 Bonds 2,483 2,483,771 483,771 2,483,771 2,483,771 2,483,771 2,483,771 483,771 Total bought outright 25,264,479 25,107,179 25.360,479 25,225,279 25,184,40325,264,47925,149,103 25.497,062 Held under repurchase agreement. 2,000 119,400 . 33,500 59,500 Total U. S. Government securities. 25,266,479 25,107,179 25,479,879 25,225,279 25,217,903 25,264,479 25,208,603 25,497,062 Total loans and securities 26,132,78525,500,764 25,897,322 26,003,047 25,926,683 26,053,50025,982,123 25,853,983 Due from foreign banks 15 15 15 15 15 15 15 15 Cash items in process of collection. 5,147 518 5,727,033 6,620,232 ,763,471 ,581,088 5,112,492 4,960,277 4,665,830 Bank premises 102480 102,697 102,246 101,315 101,296 102,371 101,262 94,932 Other assets 262 132 242,599 222,310 210,725 190,628 265,207 183,146 161,512 Total assets. 51,701,548 51,637,477 52,879,34151,158,948 51,998,96151,576,560 51,431,394 51,491,391 Liabilities Federal Reserve notes 27,302,390 27,335,848 27,440,976 27,440,356 27,405,543 27,341,214 27,433,33526,965,377 Deposits: Member bank reserves 17,716. 17,218,430 17.981,294 17,380 71017,610,646 17,773,354 17,754,412 18,191,815 U. S. Treasurer—general account 5io; 467,056 250,817 564050 670 548 453 398,276 Foreign 222. 205,702 200,614 199979 230;813 184! 190, 307,555 Other 315; 306 197 290,871 307 417 293 281 354; 326; 387,759 Total deposits. 18,765,738 18,197,385 18,723,596 18,452,156 18,585,410 18,861,001 18,724,842 19,285,405 Deferred availability cash items 4,324, 4,815,738 ,445,201 3,948. 4,711,633 4,062,809 3,981,016 3,804,029 Other liabilities and accrued dividends. 35; 33,421 33,995 33: 30,951 35,289 32,115 27,135 Total liabilities 50,427,827 50,382,39251,643,768 49,874,382 50,733,53750,300,313 50,171,308 50,081,946 Capital Accounts Capital paid in. 395,340 395,138 394,544 394,063 393,678 395,358 393,541 374,545 Surplus 774,808 774,S"" 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 103,573 85,139 66,221 115,695 96,938 106,081 91,737 166,490 Total liabilities and capital accounts. 51,701,548 51,637,477 52,879,34151,158,948 51,998,96151,576,560 51,431,394 51,491,391 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.5 42.0 41.4 41.7 41.6 41.4 41.5 42.9 Contingent liability on acceptances purchased for foreign correspondents 146,560 126,500 110,535 111,622 117,469 153,223 118,941 59,908 U. S. Government securities held in custody for foreign account 4,737,178 4,753,280 4,757,362 4,673,842 4,592,292 4,727,978 4,587,672 3,592,890 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 28,438,40228,490,594 28,517,456 28,567,01028,616,300 28,409,89428,630,792 28,012,937 Collateral held against notes outstanding: Gold certificate account 10,585,00010,585,00010,585,00010,585,00010,585,00010,585,00010,585,00010,755,000 Eligible paper 168,846 57,306 60,561 143,577 136,232 142,361 147,452 87,526 U. S. Government securities 19,245,00019,270,00019,270,00019,270,00019,270,00019,245,00019,270,00018,685,000 Total collateral. 29,998,846 29,912,306 29,915,56129,998,577 29,991,232 29,972,36130,002,452 29,527,526 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1960 [In thousands of dollars] San Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Assets Gold certificate account 852,610 5,137,8711,074,898 ,547,314 990,395 908,3762,846,479 704,380 347,726 686,705 644,8682,417,020 Redemption fund for F. R. notes 58,019 206,313 58,282 85,142 76,745 62,071 179,396 45,454 22,744 44,511 32,539 82,776 Total gold certificate reserves. 910,629 5,344,1841,133,1801,632,4561,067,140 970,447 3,025,875 749,834 370,470 731,216 677,4072,499,796 F. R. notes of other Banks... 33,471 112,636 21,617 32,220 30,781 96,669 25,403 13,888 12,638 16,561 31,906 43,786 Other cash 32,042 76,068 24,888 41,016 30,027 35,478 82,362 25,101 12,528 16,695 19,666 62,894 Discounts and advances: Secured by U. S. Govt. securities 24,079 27,635 18,860 10,010 37,653 58,080 328,810 36,425 65,275 87,076 8,396 12,300 Other 1,060 5,700 1,180 1,880 900 13,540 2,774 660 8,460 955 1,557 2,460 Acceptances: Bought outright 33,296 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,369,714 6,357,8571,440,7322,187,3481,619,1501,331,539 4,372,0691,027,506 575,4491,089,0251,008,406 2,885,684 Held under repurchase agreement Total loans and securities 1,394,853 6,424,488 1,460,77: 2,199,238 1,657,703 1,403,1594,703,653 1,064,591 649,1841,177,056 1,018,359 2,900,444 Due from foreign banks 1 1 4 1 1 1 1 2 1 1 Cash items in process of collection 327,636 990,550 311,800 458,726 364,803 416,01 883,550 202,986 142,225 240,491 226,406 547,307 Bank premises 4,224 9,74: 3,969 9,112 6,527 10,200 17,693 6,924 4,985 4,594 12,416 11,99a Other assets 14,313 15,120 16,90' 14,638 44,984 10,699 6.018 12,257 10,685 30,396 65,651 23,539 Total assets. 2,717,169 13,023,3232,971,3474,396,3083,173,884 2,946,604 8,783,522 2,074,023 ,198,0482,198,871 1,996,846 6,096,615 Liabilities F. R. notes 1,564,924 6,420,5711,760,289 2,495,93'2,049,526 ,537,9905,175,9551,194,809 597,6121,093,290 777,306 2,673,005 Deposits: Member bank reserves.... 741,501 5,016,437 854,981 1,373,919 716,841 937,8502,676,085 623,599 422,673 836,377 902,237 2,670,854 U. S. Treasurer—general account 38,87! 128,508 27,718 32,646 33,221 38,842 60,489 43,488 28,150 22,090 43,963 50,761 O Fo th re e i r gn 8,477 3 2 9 6 6 0 , , 3 6 0 2 0 1 1 2 0 , , 0 2 3 0 1 7 16 1, , 8 2 9 6 6 2 7 3 , , 7 3 8 0 5 5 8 1 , ,1 9 2 9 5 6 23,874 5,709 3,979 7,093 10 1, , 2 0 4 3 4 4 4 2 5 1 , , 9 2 6 7 5 9 45" 1,059 279 314 613 Total deposits 789,30: 5,501,866 894,9371,424,723 761,152 986,813 2,761,507 673,075 455,116 866,173 957,478 2,788,859 Deferred availability cash items 297,336 731,385 239,58- 354,642 302,106 352,769 659,748 161,527 114,733 184,877 188,731 475,371 Other liabilities and accrued dividends 1,838 8,297 1,79' 3,460 1,953 1,916 6,059 1,305 1,184 1,367 1,304 4,809 Total liabilities 2,653,40012,662,1192,896,60' 4,278,7623,114,7372,879,488 8,603,269 2,030,7161,168,6452,145,7071,924,8195,942,044 Capital Accounts Capital paid in 19,506 112,980 23,214 36,590 17,641 20,786 54,698 13,295 9,168 16,350 22,936 48,194 Surplus 38,332 220,905 45,638 72,530 34,566 40,306 107,334 25,86" 17,580 31,720 44,645 95,390 Other capital accounts. 5,931 27,319 5,888 8,426 6,940 6,024 18,221 4,150 2,655 5,094 4,446 10,987 Total liabilities and capital accounts 2,717,16913,023,3232,971,3474,396,3083,173,884 2,946,604 8,783,52: 2,074,0231,198,0482,198,8711,996,846 6,096,615 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.7 44.8 42.' 41.6 38.0 38.4 38.1 40.1 35.2 37.3 39.0 45.8 Contingent liability on acceptances purchased for foreign correspondents.... 7,183 48,404 8,649 13,780 6,597 7,623 20,231 4,838 3,37: 6,011 8,503 18,032 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,639,535 6,747,6501,818,060 2,567,168 2,109,9031,601,0125,291,7541,241,957 607,2031,121,189 ;28,188 2,836,275 Collateral held against notes outstanding: Gold certificate account.... 530,000 2,900,000 700,000 920,000 675,000 500,0001,900,000 430,000 180,000 300,000 250,000 1,300,000 Eligible paper 18,860 36,425 87,076 U. S. Govt. securities 1 ,'250,666 4,000,666 1,200,000 ,750,666i,465,6661,200,000 3,700,000 935,000 450,666 870,000 '625,666 ,'8oo,666 Total collateral. 1,780,000 6,900,0001,918,860 2,670,000 2,140,0001,700,000 5,600,0001,401,425 630,0001,257,076 875,000 3,100,000' 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $104,819,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $123,695,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 BANK DEBITS LOANS GUARANTEED UNDER REGULATION FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Amounts in millions of dollars] [In effect Mar. 31] au L th o o a r n iz s ed out L st o a a n n d s ing A a d m di o ti u o n n t al Fees I n P s a t y it a u b t l i e o n to o G n u G a u ra a n ra te n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing End of to date available to year or borrowers month under guar- Guarantee fee Percentage of Num- Total Portion antee agree- Percentage of (percentage of any commitment ber Amount amount gu te a e ra d n- out m st e a n n t d s ing loan guaranteed in b t y er e b s o t r r p o a w ya er b ) le fe b e o r c r h o a w rg e e r d 1954 1,367 2,500 472 368 273 70 or less 10 10 1955 1,411 2,575 294 226 170 75 15 15 1956 1,468 2,761 389 289 125 80 20 20 1957 1,503 2,912 395 300 135 85 25 25 1958 1,543 3,105 310 236 168 90 30 30 95 35 35 1959 Over 95 40-50 40-50 Feb 1,549 3,118 329 250 141 Mar 1,550 3,120 335 254 128 Maximum Rates Financing Institution May Charge Borrower 1,552 3,128 314 241 142 [Per cent per annum] May 1,557 3,169 313 240 151 June 1,557 3,170 317 240 137 July 1,557 3,170 323 244 129 Interest rate Aug 1,558 3,174 330 249 121 Sept 1,560 3,174 342 257 101 Commitment rate. Oct ,561 3,179 340 253 107 Nov ,562 3,179 342 255 105 i Schedule of fees and rates established by the Board of Governors on Dec ,563 3,189 340 256 98 loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1960 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regula- Jan 1,565 3,192 333 250 103 tion V of the Board of Governors. Feb ,565 3,195 341 256 95 i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover except interbank and of demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month re c p e A n or t l e t l i r n s g New Yor L k eading centers 6 others1 3 r c e 3 e p 7 n o t o r e t t r i h s n e 2 g r New L Y e o a r d k ing cen 6 t e o r t s hers1 3 r c e 3 e p 7 n o t c) r e t r t h i s n ^ e g r Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 1959 Mar 223,367 79,534 84,710 44 957 47,485 90,361 91,172 52.4 54.6 31.8 34.3 24.0 24.0 Apr 225,362 85 877 88 049 46 346 45 955 92 894 91,358 56.6 56.4 33.1 33.3 24.7 24 0 May. 216,003 84,030 80,725 44,646 92 143 90,631 54.2 32.6 32.5 24.5 24.5 June 228,601 79,479 86,598 44,746 46,429 93,032 95,574 53.1 56.9 32.1 32.8 24.6 25.1 July 235,637 86,792 89,600 46,694 48,422 93,516 97,615 57.3 57.2 33.1 32.9 24.7 24.9 AUK 208,130 85,207 75,233 43 265 93 109 89,633 51.3 33.1 31.3 24.7 24.1 " Sept 215,843 86,633 81,067 ^ ^ 240 43,259 92,017 91,516 57.6 55.4 32.1 31.7 24.6 24.7 Oct 230,245 89 356 89,519 45 486 46 083 92 216 94,642 60.1 59.2 32.8 32.5 24.7 24.8 Nov 217,139 91,522 82,273 46,257 43,810 95,067 91,055 60.1 58.0 33.6 32.7 25.3 25.4 Dec 261,121 89,244 104,976 46,278 51,763 93,696 104,382 60.1 67.0 33.2 35.3 24.9 26.4 I960—Jan 230,100 84,646 88,529 46,218 46,305 94,335 95,266 55.7 57.8 33.0 32.9 25.1 25.3 Feb '221,965 90,786 85,058 49,752 45,626 '98,866 '91,282 58.5 56.3 35.7 33.4 26.4 25.0 Mar 245,695 88,721 96,593 46,730 50,410 95,600 98,693 57.9 60.3 »25.8 P Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. = without seasonal description and revised monthly figures, see the BULLETIN for Jan. 1960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared by 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Federal Reserve Bank of New York, together with unadjusted data Angeles. were published in the BULLETIN for May 1959, p. 554. 2 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 385 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 .... 31 158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 Feb 31 129 21,975 2,144 ,406 80 2 062 6,378 9,904 9,155 2 714 5,791 271 367 3 8 Mar 31,250 22,111 2,164 ,414 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 3 8 Apr 31,349 22,209 2,175 ,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 3 8 May 31,638 22,479 2,193 1,447 81 2,112 6,534 10,112 9,158 2,721 5,796 269 361 3 8 June .... 31 914 22,731 2,215 ,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 8 July 31,898 22,721 2,224 ,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 8 Aug 31,973 22,784 2,241 ,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 8 Sept 31,848 22,672 2,259 ,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 7 Oct 31,905 22,752 2,269 ,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 5 Nov . 32 489 23,277 2,294 ,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 Jan. . .. 31 569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb. 31,552 22,440 2,275 ,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 5 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Total out- H F el . d R b . y Kind of currency s F t e a 1 b n 9 . d 6 i 2 0 n 9 g , A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s a B g a a n e n n d k t s s Fe 1 b 9 . 6 2 0 9, Ja 1 n 9 . 6 3 0 1, Fe 1 b 9 . 5 2 9 8, certificates agents Gold 19,421 19,165 2 256 Gold certificates 19,165 16,318 2,816 31 31 31 Federal Reserve notes .... 28,631 93 1,777 26,761 26,799 26,400 Treasury currency—total 5,329 3 2,383 78 491 4,760 4,740 4,699 Standard silver dollars 488 132 50 8 298 297 278 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890.. .. 3 2,383 365 2,018 2,009 2,079 Subsidiary silver coin 1,534 19 74 1,440 1,436 1,365 IVfinor coin . ... 549 3 9 536 535 501 United States notes 347 5 33 308 302 304 Federal Reserve Bank notes. .... 104 (4) 1 103 104 113 National Bank notes... 56 (4) (4) 56 56 58 Total Feb. 29, 1960 (5) 21,548 427 16,318 5,084 31,552 Jan. 31, 1960 (5) 21,570 437 16,339 5,405 31,569 Feb 28 1959 (5) 22,334 718 17,078 5,001 "* 3 i i i 29 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates, in table on p. 377. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of * Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See NOTE for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t o c e u r i a u n n u e r n g r a c y t d - - y s - - Total Lo n a e n t s, Tot U al . S. G m o C v a e o r n e c m r d i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t d t t i a - s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C c m o a a n a u p n i c e n s i d - t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,2S6 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,899 20,670 244,135 224,943 19,193 1956—Dec. 31 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957__Dec. 31 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—June 23 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 Dec. 31 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ,219 26,273 274,850 252,022 22,829 1959—Mar. 25 20,400 5,200 244,900 121,400 97,200 70,600 25,500 ,100 26,300 270,600 246,700 23,900 Apr. 29. 20,300 5,300 247,900 123,500 97,800 71,000 25,600 ,200 26,600 273,500 249,800 23,700 May 27. 20,200 5,300 248,300 124,800 97,100 70,000 25,900 ,200 26,400 273,700 249,400 24,300 June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 ,200 26,300 273,600 249,400 24,200 July 29 19,600 5,300 250,700 128,400 96,000 68,400 26,500 ,100 26,300 275,700 251,400 24,200 Aug. 26. 19,600 5,300 251,200 129,800 95,200 67,600 26,500 ,100 26,200 276,100 251,100 25,000 Sept. 30 19,500 5,300 252,100 131,600 94,100 66,500 26,600 ,100 26,500 276,900 252,100 24,800 Oct. 28 19,500 5,300 251,800 131,500 94,000 66,600 26,400 ,100 26,200 276,600 251,700 24,900 Nov. 25 19,600 5,300 251,400 132,300 93,100 65,400 26,700 ,100 25,900 276,300 251,100 25,200 Dec. 31 19,456 5,311 255,435 135,867 93,497 65,801 26,648 ,048 26,071 280,202 256,020 24,186 I960—Jan. 27 19,500 300 250,200 133,000 91,300 64,800 25,400 ,000 25,800 274,900 250,500 24,400 Feb. 24 19,400 300 248,300 133,400 89,200 63,000 25,200 ,000 25,700 273,000 248.000 25,000 Mar. 30 19,400 300 247,600 134,600 87,300 61,100 25,300 ,000 25,700 272,400 247;300 25,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency | Seasonally adjusted series * For- Date p b e o d n a i s g e e n i - n t t k s, T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C i e a o m r n m c k e i a s - d l e M p s b a o a u v s n t i i k n u ts s g a 2 3 l s S S P y a o v s s t i e t n a m g l s p m o D d a s e e i n - - t d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m o u r n o e s t a d s n a t n e i l c t d d s y j p m u D o d a s a d s e e t n - i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 186 14,411 4,761 1939—Dec, 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 ,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 ,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 ,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 ,923 92,272 25,398 114,600 90,000 24,600 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,500 106,100 27,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,500 107,100 27,400 1957—Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325110,254 28,301 133,600 105,80027,800 1958—June 23.. 3,953 700 9,471 524 229,483 95,524 61,473 32,837 214 106,169 27,790 135,300 107,500 "2,7800 Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 134 115,507 28,740 138,800 110,700 28,100 1959—Mar. 25.. 3,900 700 3,900 500 237,600 99,500 64,100 34,300 ,100110,300 27,900 140,300 112,100 28,200 Apr. 29.. 3,700 700 4,600 500 240,300 99,900 64,500 34,300 ,100112,500 27,900 140,400 112,200 28,200 May 27.. 3,700 700 5,200 500 239,300100,400 65.000 34,400 ,100110,700 28,100 140,600 112,400 28,200 June 24.. 3,600 400 4,700 500 240,100101,000 65,400 34,600 ,100110,700 28,300 140,900 112,600 28,300 July 29.. 3,400 400 5,000 600 242,000100,900 65,300 34,500 ,000112,700 28,400 141,200 112,900 28,300 Aug. 26.. 3,300 400 6,000 500 240,800 101,200 65,600 34,600 ,000111,100 28,500 140,900 112,600 28,300 Sept. 30.. 3,300 400 6,400 700 241,400101,500 65,700 34,800 ,000111,400 28,500 140,800 112,400 28,400 Oct. 28r. 3,100 400 5,500 500 242,200101,100 65,500 34,600 ,000112,700 28,300 140,400 112,00028,400 Nov. 25 r. 3,000 400 4,700 400 242,600 100,300 64,800 34,600 ,000113,100 29,100 140,100 111,800 '2 8,300 Dec. 31.. 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Jan. 27 r. 2,800 400 3,800 600 242,900(01,000 65,200 34,900 900114,000 27,900 140,000 ,700 28,300 Feb. 24r. 2,600 500 4,800 500 239,600 1"0,1200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30?. 2,700 400 4,700 500 239,000 102,200 66,000 35,300 900108,800 28,100 139,500 100 28,400 P Preliminary. r Revised. shown on page 135, footnote 3, of that BULLETIN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, -0.9 to -0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal 4 Demand deposits other than interbank and U. S. Govt., less cash Savings System and the Exchange Stabilization Fund with the U. S. items reported as in process of collection. Treasury are netted against capital and miscellaneous accounts, net, 5 Seasonally adjusted series begin in 1946 and are available only for last instead of against U. S. Govt. deposits and Treasury cash. Total deposits Wednesday of the month. For description of series and for back data and currency shown in the monthly Chart Book excludes foreign bank desee the BULLETIN for February 1960, pp. 133-36. Special adjustment posits, net, and Treasury cash. Except on call dates, figures are roundedi in seasonal factor for demand deposits adjusted for March 30, 1960, to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 387 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io l o . i n S v g t s a . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a l u p o i n i a c t t n i - - d i t a e t a l s s l 3 Total 2 m D I a n e n - t d erb T an im k2 e U. D S e . ma O n t d her Time r B in o o w g r s - - c c T a o a o p u c t i n - t a a t l s l b N a b u o n e f m r ks - Govt. Other All banks: 1941—Dec. 31 . 61 126 26,615 25,511 8,999 27,344 81,816 10,982 44,355 26,479 23 8,41414,826 1945__Dec. 31 ..... 40 227 30,362 01,288 ,415 65,612 14.065 105,935 45.61? 22710,54214,553 1947—Dec. 314 34924 43,002 81,19910,723 38,388 161.865 2,793 240 1,346 94,381 3.105 6611,94814,714 1956—Dec. 31 97 063110,079 66,52320,46149,641250;770 227,546 6.133 1,462 3,736 125,30880 908 7819,24914,167 1957_Dec. 31 203 849 15,115 65,792 943 49318 233,020 5,636 1,386 3,903 123,99388.102 80 20,42814,090 1958—June 23 215 179 17,808 71.611 760 44423 237,204 3,789 2,497 9,209 117,11394,5^6 1,13721,359 14,055 Dec. 31 221485 21.571 73,641 273 49911276.430 250,057 5,799 2,374 4,253 130,13297,498 8121,70514,020 1959—Mar. 25 219 690122,850 70,580 260 42240266, 238,150 3,030 2,340 3,590120,48098,710 2,050 21 14,012 June 24 223 200128,690 68,170 340 42,730 270990 241,230 2,870 2,030 4,420 121,600100,310 2,710 22 13,997 Aug. 26 225 780131,970 67,570 240 42150 273 242,550 2,900 1,910 5,720121,490100,530 2,770 22 14,004 Sept. 30 225 530132,610 66,470 450 44630 275',500 246,3203,700 1,780 6,140 123,860100,840 1,41022,84013,996 Oct. 28 ' 225 870133,050 66,580 240 44030 244,850 3,150 1,710 5,190 124,350100,450 2,480 22, 13,995 Nov. 25 r 225 810134,520 65,36025,930 44,870 244,830 3,200 1,610 4,400 125,96099,660 2,860 22, 13,993 Dec. 31 227,831135,958 65,80126,07150,296 254,885 5,650 1,443 5,054131,622101,116 624 22; 13,991 I960—Jan. 29 ' 225,530134,860 64,840 25,830 43 243,550 2,920 1,390 3,540125, 100,380 2,340 23 13,997 Feb. 24; 224!410135,710 63,000 25700 43 241,760 2,710 1,290 4,480 ,720 100,560 2,820 23; 13,999 Mar. 30* 223,770137,010 61,06025,700 42,530271 239,630 2,680 1,270 4,410 ,720 101,550 3,290 23, 13,999 All commercial banks: 1941__Dec. 31... 50,746 21,714 21,808 26,551 79,104 71, 283 10,982 44,349 15,952 23 14,278 1945—Dec. 31... 124,019 26,083 90,606 34,8061601312 1501227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 3H.. 116,284 38,057 69,221 006 37502155,377144,103 12,792 240 1,343 94,36735,360 6510,05914,181 1956—Dec. 31... 165,123 90,302 58,552 269 48720217,460197,515 16,133 1,460 3,733 125,28250,908 7516,30213,640 1957—Dec. 31... 170,068 93,899 58,239 930 48428 222,696 201,32615,636 1,385 3,898 123,96756,440 7717,36813,568 1958—June 23... 179,905 95,571 64,194 140 43.507 227,847204,33513,789 2,495 9,205 117,086 61,759 1,13618,17813.535 Dec. 31... 185,165 98,214 66,376 ,575 48;990238,651216,01715,799 2,372 4,250 130,10463,493 7318,486 13,501 1959—Mar. 25... 182,940 99,190 63,160 ,590 41.380228,710203,85013,030 2,340 3,590 450 64,440 2,05018,73013,494 June 24... 185,920104.450 ;;9 30232;380 206;63012,870 2,030 4,420 570 65,740 2,71019,03013,479 S A e u p g t . . 2 30 6 . . . . . . 1 1 8 8 7 8 , , 7 1 9 9 0 01 1 0 0 7 7 ^ , 3 8 7 3 0 0 6 5 0 9 , , 2 2 9 3 0 0 5 7 3 3 0 0 4 4 1 3 , , 4 9 3 1 0 0 2 2 3 3 6 4 ', 1 5 7 0 0 0 2 2 0 1 7 1 ; ; 9 4 1 8 0 01 1 3 2 , , 7 9 0 0 0 0 1 1 , , 7 91 8 0 0 6 5 , , 1 7 4 2 0 01 1 2 2 1 3 , , 4 8 6 3 0 0 6 6 5 6 , , 9 0 2 3 0 0 2 1 , ,4 7 1 7 0 01 1 9 9 , , 3 4 4 4 0 0 1 1 3 3 , . 4 4 8 7 6 8 N Oc o t v . . 2 2 5 8 r ' . . . . 1 1 8 8 8 8 , ,2 3 8 8 0 01 10 0 9 8 , , 4 1 7 6 0 0 5 5 9 8 ; ,4 6 8 2 0 0 2 2 0 06 3 0 3 0 0 4 4 3 4 , 1 3 5 3 0 0 2 23 3 7 6,4 2 4 1 0 0 2 2 1 1 O 03 , ,2 1 0 5 0 0 1 1, , 6 7 1 1 0 0 4 5 , , 4 1 0 9 0 0 1 1 2 2 4 5 , , 3 9 2 3 0 0 6 65 5 , , 0 8 7 3 0 0 2 2, , 8 4 6 8 0 01 1 9 9 , , 5 59 0 0 0 1 1 3 3 , , 4 4 7 7 6 8 Dec. 31 . . . 190,270110,832 58,93720,50149 467 244;686219,903 ,649 1,441 5,050131,59366,169 61519,55613,474 1960—Jan. 27'. . 187,780109,550 57,980 20,''-2"5 0 -4'24!70 235;280208,650 1.920 1,390 3,540125,29065,510 2,34019,65013,480 Feb. 24'. . 186,540110,250 56,170 20,120 42780234,300206,810 12,710 1,290 4,480 122,69065,640 2,82019,73013,482 Mar. 30?. . 185,680111,390 54; 160 20,130 41J80232,590 204,350 680 1,270 4,410 119,690 66,300 3,29019,86013,482 All member banks: 1941—Dec. 31 521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 _,709 13612,347 4 5,886 6,619 1945__Dec. 31 183 22,775 78,338 6,070 29,845138,304129,67013,576 64 22179 640 24,210 208 7,589 6,884 1947__Dec. 31... 846 32,628 57,914 7,30432,845132,060122,52812,353 50 176 609 28,340 54 8,464 6,923 1956—Dec. 31 768 78,034 47,57513;159 42,906184,874167,90615,567 1,289 3,292 850 40,909 4813,655 6,462 1957—Dec. 31 353 80,950 47,07914324 42746188,828170,63715,082 1,246 3,472 547 45,290 5714,554 6,393 1958—June 23 589 82.146 53,16516,27738;489194,003173,90413,274 2,266 8,658 812 49,893 1,07815,181 6,357 Dec. 31..., 865 84,061 54,29916,504 43,188202.017182,81615,227 2,187 3,822110,44851,132 5415,460 6.312 1959—Mar. 25 813 84,882 51,39216,53936,382193,065171,78512,582 2,155 3,203 988 51,857 1,949 15,642 6,289 June 24 007 89,301 49,164 542 37 196,18:174,07312,357 1,889 3.943 992 52.892 2,619 15,875 6.279 Aug. 26 537 91,757 48,370 410 36; 197,076174,56812,356 1,767 5,095 552 52,798 2,685 16,090 6,263 Sept. 30 938 92,063 47,307 568 38. 198,984177,71313,181 1,634 5,522104,49252,884 1,358 16,169 6,249 Oct. 28 328 92,328 47,571 38; 198,793176,36812,590 1,564 4,628104,90152,685 2,387 16,209 6,248 Nov. 25 142 93,525 46,436 ,181 ,026199,373176,19512,638 1,462 3,870106,18352,042 2,780 16,280 6,240 Dec. 31 879 94,779 46,813 ,28' 509 205,726184,70615,048 1,338 4,504110,989 52,827 58116,264 6,233 I960—Jan. 27 509 93,567 45,87516,067 ,279174,44012,412 1,288 3,077105,44552,218 2,275 16,327 6,224 Feb. 24r .... 405 94,111 44,31415,98037 ,501172,82712,240 1,187 3,967103,15252,281 2,759 16,387 6,223 Mar. 3Q*> 762 95,086 42,68615,99036,770195,09: 170,71512,207 1,165 3,904100,64152,798 3,216 16,495 6,223 All mutual saving;s banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957—Dec. 31 33,782 21,216 7,55" 5,013 890 35,168 31,695 26 3311,662 3,059 522 1958—June 23 35,274 22,237 7,41' 5,620 916 36,678 32.869 2632,837 3,181 520 Dec. 31 36.320 23.357 7.265 5,698 921 37,779 34,040 29 34.006 3,219 519 1959—Mar.25 36,750 23,660 7,420 5,670 860 38,170 34,300 3034,270 3,250 518 June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 (5) 3034,570 3,330 518 A Se u p g t . . 2 30 6...... 3 3 7 7 , , 5 7 9 4 0 0 2 2 4 4 , , 6 7 0 8 0 0 7 7 , , 2 2 8 4 0 0 5 5 , , 7 7 1 2 0 0 7 7 2 2 0 0 3 3 8 9 , , 8 0 4 0 0 0 3 3 4 4 , , 6 8 4 4 0 0 8 3 3 0 0 3 3 4 4, , 8 6 1 1 0 0 3 3 , , 3 4 6 0 0 0 5 5 1 1 8 8 Oct. 28 37,490 24,890 6,960 5,640 700 38,720 34,650 3034,620 3,370 517 D N e o c v . .2 31 5 3 3 7 7 , , 5 5 6 3 1 0 2 2 5 5 , , 1 0 2 5 6 0 6 6 , , 8 8 6 8 4 0 5 5 , , 5 6 7 0 0 0 8 7 2 2 9 0 3 3 8 8 , , 9 7 4 8 3 0 3 3 4 4 , , 9 6 8 2 3 0 (5) 2 3 9 03 34 4 , , 9 5 4 9 8 0 3 3 , , 3 4 5 0 9 0 5 5 1 1 7 7 1960—Jan. 27 37,750 25,310 6,860 5,580 690 38,990 34,900 3034,870 3,390 517 Feb. 24 37,870 25,460 6,830 5,580 710 39,130 34,950 3034,920 3,420 517 Mar. 30^ 38,090 25,620 6,900 5,570 750 39,400 35,280 3035,250 3,400 517 P Preliminary. r Revised. mutual savings banks that became members in 1941 (these banks are 1 All banks in the United States. Beginning with January 1959, excluded from all commercial banks). all banks in Alaska with total deposits of $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) two (three prior to 1960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i v g S t a . . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c b T a i a l l p o i n i a t t i d t i a - e a l s l Total2 D In e t - erbank2 Dema O n t d her r B i o o ng w r - s - c c T a o o p u t i n a t t a l s l b N a b u o n e m f k r s tions co a u c n - ts3 mand Time U. S. Other Time Govt. Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—June 23 27,149 16.764 8,035 2,350 8,272 36,664 31,469 4,345 1,774 2,946 18,898 3,506 483 3,214 18 Dec. 31 25.966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3282 18 1959—Mar. 25 25,594 16,147 6,997 2,450 7,066 33,808 28,627 4,079 1,773 691 18,479 3,605 513 3,277 18 June 24 25,488 16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480 775 18.570 3,582 805 3,292 17 Aug. 26 25,636 17,206 6,087 2,343 6,815 33,594 27,859 3,897 1,363 1,054 18,043 3,502 1,000 3,334 17 Sept. 30 25,194 17,244 5,570 2,380 7,690 34,101 29,141 4,315 1,256 1,208 18,795 3,567 244 3,342 16 Oct. 28 - 25,061 17,404 5,395 2,262 7,800 34,024 28,545 3,848 1,205 1,114 18,930 3,448 770 3,340 16 Nov. 25 25,020 17,990 4,958 2,072 7,834 34,054 28,252 3,892 1,100 692 19,183 3,385 968 3,337 16 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—Jan. 27 24,713 17,614 4,981 2,118 7,374 33,440 27,801 3,971 933 547 19,032 3,318 637 3,360 16 Feb. 24 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 16 Mar. 30*> 24,342 17,862 4,283 2,197 7,776 33,609 27,431 3,906 889 794 18,397 3,445 951 3,384 16 Chicago: 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 1,319 660 14 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 1,345 4 689 14 1958—June 23 6,942 3,594 2,694 654 1,914 8,929 8,022 1,249 705 4,626 1,403 80 708 14 Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 1,438 3 733 14 1959—Mar. 25 6,759 3,551 2,576 632 ,745 8,583 7,438 1,135 223 4,655 1,395 296 728 14 June 24 6,516 3,687 2,137 692 ,842 8,440 7,423 1,123 259 4,586 1,424 164 740 14 Aug. 26 6,677 3,954 2,067 656 ,815 8,567 7,530 1,105 285 4,685 1,427 182 749 14 Sept. 30 6,727 4,011 2,052 664 ,992 8,805 7,681 1,204 347 4,678 1,426 253 753 14 Oct. 28 6,701 3,944 2,092 665 ,877 8,662 7,556 1,126 228 4,749 1,427 235 751 14 Nov. 25 6,606 3,908 2,015 683 ,879 8,564 7,578 1,115 213 4,785 1,440 108 754 14 Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 1960—Jan. 27 6,673 4,072 1,928 673 ,869 8,629 7,550 1,061 166 4,849 1,450 208 755 13 Feb. 24 6,634 4,165 1,812 657 ,882 8,599 7,288 1,099 213 4,535 1,417 431 747 11 Mar. 30? 6,630 4,135 1,866 629 ,604 8,329 6,978 1,219 233 4,103 1,399 467 752 11 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1967 35 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13.449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1956—Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—June 23 59,273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38,0~0~"3 20,706 350 5,617 280 Dec. 31 60.558 34.003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5.760 274 1959—Mar. 25 59,524 34,720 18,946 5,85815,381 76,360 68,272 6,122 316 1,226 39,233 21,375 839 5,'845 273 June 24 60,617 36,616 18,224 5,777 15,762 77,887 69,448 5,994 341 1,600 39,72121,792 1,140 5,945 273 Aug. 26 61,143 37,780 17,665 5,69815,441 78,068 69,679 6,093 342 2,081 39,5"5"4 "2'1,609 972 6,004 271 Sept. 30 60,647 37,733 17,169 5,745 16,298 78,511 70,496 6,377 318 2,282 39,914 21,605 555 6,044 270 Oct. 28 60,879 37,757 17,416 5,70615,930 78,391 69,942 6,295 299 1,746 40,07321,529 901 6,053 270 Nov. 25 60,790 38,171 16,954 5,66516,463 78,852 69,951 6,273 303 1,528 40,5—90 "2'1,257 1,175 6,083 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,668 21,555 238 6,106 265 I960—Jan. 27 60,334 38,282 16,490 5,56215,624 77,625 69,116 6,029 297 1,135 40,426 21,229 943 6,120 267 Feb. 24 r 58,848 38,116 15,340 5,39215,600 76,065 67,435 5,877 256 1,661 38,956 20,685 1,004 6,082 233 Mar. 30P 58,445 38,392 14,690 5,36315,044 75,183 66,202 5,831 228 1,474 37,994 20,675 1,298 6,115 228 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,597 1,160 41,1"9"4 '2"0,317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 1,181 40,724 22,429 30 5,359 6,083 1958—June 23 « 58,225 28,937 22,000 7,288 12,860 72,255 65,741 1,282 1,857 38,286 24,277 164 5,641 6.045 Dec. 31 61.511 30,257 23,606 7.648 14,031 76,767 70,277 1,578 36 1,175 42,349 25,137 37 5.685 6.006 1959—Mar. 25 60,936 30,464 22,873 7,599 12,190 74,314 67,448 1,246 1,063 39,62125,482 301 5,792 5,984 June 24 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 1,309 40,11526,094 510 5,898 5,975 Aug. 26 63,081 32,817 22,551 7,713 12,476 76,847 69,500 1,261 1,675 40,227700 2266,260 531 6,003 5,961 Sept. 30 63,370 33,075 22,516 7,779 12,854 77,567 70,395 1,285 -. 1,685 41,10526,286 306 6,030 5,949 Oct. 28 63,687 33,223 22,668 7,796 12,707 77,716 70,325 1,321 34 1,540 41,14926,281 481 6,065 5,948 Nov. 25 63,726 33,456 22,509 7,761 12,850 77,903 70,414 1,358 34 1,437 41,625 "2-5,960 529 6,106 5.940 Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 24 1,508 42,832 26,356 71 6,035 5,938 I960—Jan. 27 63,789 33,599 22,476 7,714 12,465 77,585 69,973 1,351 34 1,229 41,138 26,221 487 6092 5,928 Feb. 24 64,463 34,220 22,466 7,777 12,543 78,284 70,561 1,255 24 1,429 40,975 26,878 472 6 177 5,963 Mar. 30*> 64,345 34,697 21,847 7,801 12,346 77,971 70,104 1,251 24 1,403 40,147 27,279 500 6,244 5,968 < Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 389 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s: c c b T o a i a l a l u p o i i n c a t i t n - d i - t a e t a l s s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f k r - s Govt. Other AH insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 76,820 69,411 10,654 762 41,29815,699 10 6,84413,,426 1945_Dec. 31 21,809 25,765 88,912 7,131 157,544147,775 13,883 ,740 80,276 29,876 215 8,67113,297 1947—Dec. 31 14,274 37,583 67,941 750 36926 152,733141,85112,615 54 ,325 92,97534,882 61 9,7341133',,398 1956—Dec. 31 63,601 89,831 57,837 ,933 48352 215,514195,95315,981 1,301 717124,346 50,608 5615,98813,195 1957—Dec. 31 68,595 93,430 57,580 17,585 48127 220,865199,87615,489 1,264 3,859123,127 56,137 6617,05113,142 1958—Dec. 31 83,596 97,730 65,669 20, 198 48689 236,724:214,48515,653 2,209 4,241129,:214 63,168 6718,115413,101 1959—June 10 84,632 102,902 61,396 20,334 42623 231,876 220066,14913,338 2,013 2,766 1221744 65,2882,76: 18.776213.086 Dec. 31 88,790 110,299 58,34820, 143 49158 242828 218,47415,500 1,358 5,037130,720 65,858 60: 19,220613,107 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22024 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 27,006 117 107,161 9,322 522 2,074 67,434 2"7",810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,61726,786120 109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—Dec. 31 99,277 52,627 35,71410,936 26; 128 116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—June 10 99,98! 55,816 33,15211,014 23 126; 112.659 7,818 705 1,526 66,433 36,177 1,42010.041 4.559 Dec. 31 102,615 59,962 31,76110,892 27 132 119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 State member banks: 1941— Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 767 1,218 39,41613,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,568 16,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—June 10 55.307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 38,23716,622 ,266 5,879 1,721 Dec. 31 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31.. 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 2,336 6,737 1957—Dec. 31.. 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 9 2,500 6,753 1958—Dec. 31.. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 13 2,696 6,793 1959__june 10.. 29.371 14,484 11,183 3,704 4,770 34.642 31.365 392 361 18,074 12,516 76 2,846 6.810 Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 Noninsured nonmember commercial banks: 1941—Dec. 31.... 1,457 455 761 241 763 2,283 1,87: 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,45: 181 1,905 365 279 714 1947—Dec. 3H... 2,009 474 1,280 255 576 2.643 2,251 177 185 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959_ D ju e n c e . 1 3 0 1.... 1 1 , , 5 4 1 8 8 0 5 5 3 0 4 4 5 6 8 3 9 9 3 3 5 7 8 5 2 3 7 0 1 9 1 1 . , 8 8 5 5 0 8 1 1 , , 4 42 4 9 4 1 1 4 5 3 0 1 8 2 3 2 8 87 3 3 0 3 31 4 1 2 3 3 3 5 8 0 3 3 8 6 3 6 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32.613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,442200 11,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—June 10 30,889 14,988 11,821 4,079 5,041 36.491 32,810 536 144 368 18,90312,858 3.183 7.193 Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,605 13,370 34 3,294 7,244 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10.846 3,081 7,160 606 429 11,424 10,363 10,351 1.034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 K252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25.282 22,886 23 22",857 2,130 223 1957—Dec. 31 26,535 17,19- 5,404 3,937 719 27,671 25,022 26 24,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 75: 30,189 27,277 28 27,243 2,473 241 1959—June 10 30,150 20,106 5,324 4,721 630 31.228 28.041 27 28011 2 608 ?51 Dec. 31 30,580 20,94! 5,016 4,62: 686 31,743 28,577 28 28,544 2,654 268 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 64: 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 314 5,95" 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 18: 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7,341 4,177 2.050 1,113 169 7,589 6,763 6,762 746 278 1959_ D ju e n c e . 1 3 0 1 7 6 , . 0 9 7 8 1 1 4 4, , 1 0 8 4 4 3 2 1 , ,8 0 4 2 8 5 1, 9 0 4 0 9 3 1 14 5 3 0 7 7 , , 2 2 0 9 0 8 6 6 , , 4 4 6 0 1 5 6 6 , , 4 4 6 0 0 4 7 70 0 5 7 2 24 6 9 7 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments c b o c C m a a l n l a m l k s d s e a a r o n c t f e i d al i m T l n o a v o e n a e n t d n a s t s t l s - Total 2 C c o m m c i l i o p n u n i e a m a e g - r d r l n - - - - A c tu a u g r l l r - - i- p o b L T s r u r e o o o r c c a c - a u n h r r s r a i y t s f i i i e o n n s r g g in f s i L n ti a o t t n u o a c t n i i s o a n l s l R o t e a e a s t a n - e l s O lo v i d t t a i n o h i d n - - e - s r O lo th a e n r s U. S. Govern C m er e - nt obligations S p O t a i i t g o c o o a b n a l a n t f d l i - e l i t s - - s O s r e i t t h c ie e u s r p p k e a e r - t k d a e n e r a d s l- ot T h o ers ba T n o ks o T th o ers uals Total Bills c t a if t i e - s Notes Bonds s d s i u i o v b n i - - s ers Total: 3 1947_Dec. 31... 16,28438,057 8,167 1,660 830 ,220 115 9,393 5,723 94769,2212,193 7,789 6,03453,205 5,2763,729 1958—Dec. 31... 85,16598,214 40,425 44,9732,832 ,829 719 25,25520,698 3,437 6666,3766,294 7,399 13,396 3399,28716,505 4,070 1959—June 10... .86,151103,406 41,6135,0982,333 ,903 1,852 26,66922,382 3,56762,0355,149 4,722 14,03738,12716,984 3,725 June 10*c 86,151103,406 3:~7 ,1'5"8 5,0982,333 ,903 1,850 5,56926,66922,382 2,455 Dec. 31... 90,270110,832 40,17"4 5,0183,018 ,850 819 7,11828,06024,166 2,78458,9376,300 2,42014,856 35,36016,958 3,543 All insured: 1941_Dec. 31... 49,29021,259 9,214 1,450 614 662 40 4,773 4,5505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31... 21,80925,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,13288,9122,45519,07116,04551,342 3,8733,258 1947_Dec. 31... 14,274 3377,583 8,012 1,610 823 ,190 114 9,266 5,654 91467,9412,124 7,552 5,918 552:,347 5, 12'9 3,621 1958—Dec. 31... 83,59697,730 40;289 44,913 2,797 ,810 713 25,14820,589 3,42065,6696,159 7,36213,24038,90816,2663,932 1959_ J j u un n e e 1 1 0 0 . * . . . , 8 8 4 4 , , 6 6 3 3 2 2 1 .0 0 2 2 , , 9 9 0 0 2 2 4 3 1 7, , 0 4 1 5 3 9 5 , , 0 0 4 4 6 62 2 , , 3 3 1 1 2 2 , , 8 8 8 8 4 4 1 1 , , 8 8 4 4 7 6 5,553 2 2 6 6 , , 5 5 5 5 0 0 2 2 2 2 , , 2 2 6 6 4 4 2 3, , 5 4 4 4 9 4 61,3965,025 4,69013,92837,75416,7433,591 Dec. 31... 88,790 10,299 400,2"2" 4,9732,982 ,827 813 7,10527,94824,032 2,767 58,3486,189 2,404 14,729 35,02716,7213,422 Member, total: 1941—Dec. 31... 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,0902,871 1945_Dec. 31... 07,18322,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,3382,27516,98514,27144,807 3,2542,815 1947_Dec. 31... 97,84632,62816,9621,046 8111,065 113 7,130 4,662 83957,9141,987 5,816 4,815 4455,295 4,1993,105 1958—Dec. 31... 54,86584,06137 '"3,0522,7301,599 710 20,01317,028 3,21154,299 4,644 6,14311,11732,39613,4053,100 1959—June 10.., .55,28988,43138;4693,1322,2601,669 1,821 21,18018,397 3,2"7"6" 50,225 3,854 3,68811,410 3"1',27313,820 2',813 June 10*. 55,28988,43134,172 3,132 2,260 1,669 1,820 5,27721,18018,397 2,298 Dec. 31... .578,7—9 94,77936,826 3,116 2,885 ,587 811 6,80122,18519,877 2,603 46,813 4,612 1,81211,60428,78513,6772,610 New York City:'' 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 6-38 604 1958_Dec. 31.. 25,96616,16510,928 1,652 38: 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—June 10.. 25,64816,51410,731 1,556 409 967 746 1,625 85: 6,745 ,165 350 1,717 3,513 1,978 411 June 10*. 25,64816,514 9,523 ,556 409 966 1,344 746 1,625 717 Dec. 31.. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 Chicago:4 1941—Dec. 31.. 2,760 954 732 48 5: 22 95 1,430 256 153 1,022 182 193 1945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 161 357 210 2,562 232 361 522 1,446 491 140 1959—June 10.. 6,581 3,643 2,678 146 107 181 386 203 2,235 178 205 439 1,414 139 June 10*. 6,581 3,643 2,308 146 10' 418 181 386 155 Dec. 31.. 6~~ 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 l,45r 855 38 29,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 1 3,14' 1,969 35120,196 373 2,358 1,90115,563 1,342 ,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,8641,047 1959—June 10.. 60,81236,31516,410 753 404 860 715 8,986 7,513 1,35818,663 870 1,512 4,23012,051 4,8"" 949 June 10*. 60,81236,31514,285 753 404 860 714 2,635 8,986 7,513 848 Dec. 31.. 61,62138,68615,25f 76: 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,37 110 481 3,787 1,222 1,028 1945_Dec. 31.. 35,002 5,596 1,484 648 4: 471 4 1,881 707 35926,999 630 5,102 4,54416,722 1,342 1,067 1947_Dec. 31.. 36,32410,199 3,096 818 23 227 3,827 1,979 22422,857 480 2,583 2,10817,687 2,006 1,262 1958—Dec. 31.. 61,51130,257 8,080 ,368 294 268 6 10,806 8,239 77923,6062,475 2,306 4,49514,330 6,1811,467 1959—June 10.. 62,24831,960 8,650 ,36! 15- 293 11,267 8,872 864 2"2,581 1,642 1,622 5,02314,295 6,39" ,315 D Ju e n c e . 1 31 0 . * . .6 6 2 4 , , 2 0 4 8 8 2 3 33 1 , , 7 9 6 6 6 0 8 8 , , 0 4 5 9 7 8 2 2 , , 3 3 6 2 ! 1 2 15 9 - 8 2 2 9 8 3 4 101 1, 8 0 7 5 9 6 1 11 1 , , 8 2 1 6 6 7 9 8 , , 4 8 9 7 1 2 " 5 64 7 3 8 22,5352,381 863 5,75113,540 6,45: 1,330 Nonmember:3 1947_Dec. 31.. 18,45- 5,432 1,205 61- 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32 14,165 2,981 1,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959_ D ju e n c e . 1 3 0 1 . . . . 3 3 0 2 , , 8 4 8 1 ' 91 1 6 4 , , 0 9 6 8 8 8 3 33 , ,1 3 14 4 444 8 1 1, ,9 9 6 0 7 2 1 7 3 3 3 2 26 3 3 4 31 5 5 , " 5 " 0 " 2 4 3 , , 2 9 8 8 9 5 2 1 9 8 1 1 2 1 , , 1 8 3 2 . 11 1, , 6 2 8 9 9 5 1, 6 0 0 3 8 4 2 3, ,6 2 2 5 9 4 6 6 , , 5 8 8 6 4 4 3 3 , , 2 1 8 6 3 6 9 9 3 1 4 3 e Estimated. the Federal Reserve System; these banks are included in member banks * For a discussion of revision in loan schedule, see the BULLETIN for but are not included in all insured or total banks. Comparability of January 1960, p. 12. figures for classes of banks is affected somewhat by changes in Federal 1 All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. territories and possessions except for member cities and individual banks, and by mergers, etc. banks. During 1941 three mutual savings banks became members of For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 391 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES! [In millions of dollars] Demand deposits Time deposits c b o c C a m a l n l a m l k s d s e a r a o c n te f i d al F B s s w e e R R e a r d r i n v e e t e v h - e k - r e s s al C va i a n u s l h t b m a a w B d n e n a i c o s k t l e - t h - s i s c 5 ju m p D s o d a a t s d e e e n i - - - d t d s 6 m D e I s n d o t t e - i e c p r 5 o I b ! s a i n F t e s k i o g r n - G U o . v S t . . p v s S o i u a t s l a b i n i t o t d d i e c n i s - a s l c C c h o a f e e e i f e n t e f r r c c d i d t s . - k i ' - s, p a v n s a p i I t d h d i r n o o t u i d r n p c n a a i e o s s - l - r , s r - - , I b n a t n e k r- p G U s i a o n a o n . s g v S v t d s a - t . . l v S s p i a u i t s o c a n i b l o a t d i d e l t n - s i s - p a v n a s p i I t h d r i d n o o t u i d n r c p n a a i o e s s - l - r r , s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s Total:3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959—June 10... 18,084 3,118 10,371112,353 11,934 1,547 2,774 10.485 3,407 109,681 2,135 322 3,747 61,5621,77019,100 Dec. 31... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 All insured: 1941—Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 ,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959_ D j e u c ne . 1 0 3 . 1 . . . .. 1 1 8 7 , , 0 9 8 3 4 1 2 3 , , 9 0 9 9 0 6 1 1 0 1 , , 9 1 6 4" 9 0" 1 "1 1 "1 4 1, , 5 5 3 6 7 3 1 1 1 3 , , 8 8 2 2 1 5 1 1, , 6 5 7 1 5 7 2 5 , , 7 0 6 3 6 7 1 1 0 1 , , 3 3 9 7 0 2 3 3 , , 3 8 7 6 6 6 1 1 0 1 8 5 , , 9 4 7 8 9 2 2 1 , , 0 3 1 5 3 8 2 3 8 2 5 2 3 3 , ,0 6 9 7 5 4 6 62 1 , , 4 2 7 9 8 2 1, 6 7 0 6 2 2 1 1 9 8 , . 2 7 0 6 6 2 Member, total: 1941—Dec. 31... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 5,886 1945—Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—June 10... 18,086 2,351 6,375 93,722 11,446 1,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49, f" 1,68615,919 Dec. 31... 17,932 2,22f 7,53: 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 New York City:* 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1958—Dec. 31... 4,454 161 9 16,170 3.519 1,267 968 329 1,540 18,835 1,739 100 3,345 3,282 1959—June 10... 4,090 148 66 16,010 2,888 1,148 479 295 1.259 17.657 1,564 140 3,423 809 3,300 Dec. 31... 3,908 151 138 15,494 3,462 1,303 1,02' 310 1,536 18,573 988 65 3,359 232 3,361 Chicago:* 1941_Dec. 31... 1,021 298 2,215 1,027 127 233 34 2,152 | 288 1945—Dec. 31... 942 200 3,153 1,292 1,552 237 66 3,160 7191 377 1947—Dec. 31... 1,070 175 3,73 1,196 72 285 63 3,853 902)) 426 1958—Dec. 31... 1.058 185 4,271 1,314 249 302 88 4,746 1,442233 733 1959_june 10... 998 105 3,947 1,119 120 235 77 4.345 1,387 272 743 Dec. 31... 920 142 4,171 1,187 272 329 105 4,636 1,449 40 762 Reserve city: 1941_Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 49, 2,17- 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,28: 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31... 7,472 768 2,670 35,505 7.217 289 1,429 3,153 1,05: 38,054 377 124 1,471 19,480 14 5,760 1959—June 10... 7,350 750 2,110 34,625 6,159 291 858 2,959 830 36,201 361 12: 1,466 20,1361,141 5,930 Dec. 31... 7,532 681 2,38 35,095 7,16: 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 5: 219 12,224 11 2,525 1947_Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23| 2,934 1958—Dec. 31... 5,44' 1,476 5,030 40,272 1,565 1,175 4,819 1,03: 36,498 13: 1,250 23,755! 37! 5,685 1959—June 10... 5.64' 1,423 4,093 39,140 1,281 19 950 4,718 944 35,150 140 1,320 24,6201 463 5,946 Dec. 31... 5,573 1,35 4,870 40,51 1,578 1,508 4,972 857 37,003 13: 1,077 25,146| 71 6,035 Nonmember:3 1947—Dec. 31. 544 3,94' 13,595 385 167 1,295 180 12,284 190 172 6,858 1,596 1956—Dec. 31. 4,690 18,085 521 440 2,238 310 15,885 171 546 9,449 2,649 1958_Dec. 31. 808 4,633 19,300 528 428 2,325 331 16,999 185 747 11,613 3,027 1959—June 10. 767 3,996 18.632 487 368 2,279 297 16.328 144 810 12,0241 3,183 Dec. 31. 790 4,706 20.146 555 545 2.544 369 17,692 103 783 12,560 3,294 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31, 1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e n e - s t d t s - 1 j L u a s o t d a e - n d s 1 in m t a c r d n i i e a u a d r l l s - - A t c u g u r r l a - i l - G U t l i o i o o g . b S n v a - . s - t. O c t s u t i e h e r - s i e - r G U t l i o i o o g . b S v n a - . - s t. O c t s u t i e h e r - s e i- r F ei o g r n - c m m D o t e i e o m s c - r - - - n s c s P a a o o a f n e n i n l m - e r d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r V se t a r i r e o l v - u n e a s cial panies etc. Total— Leading Cities 1960 Jan. 6 104,998 103,914 67,156 30,171 918 333 1,964 160 ,167 759 1,084 4,288 1,754 12,630 14,446 1,434 13 105,126 103,996 66,769 30,131 901 330 1,830 159 ,176 757 1,130 4,156 1,744 12,640 14,380 1,435 20 103,906 102,834 66,228 29,976 897 277 1,724 151 ,164 752 1,072 3,906 1,776 12,635 14,404 1,434 27 103,589 102,276 65,923 29,862 897 255 1,662 154 ,167 761 1,313 3,790 1,736 12,626 14,452 1,439 Feb. 3 103,273 102,177 66,036 29,957 901 355 ,583 157 ,149 753 1,096 3,783 1,721 12,615 14,503 ,441 10 102,931 101,699 65,918 30,063 903 312 ,492 149 ,151 769 1,232 3,713 1,708 12,610 14,490 ,442 17 103,013 101,597 66,189 30,278 897 247 ,466 141 ,145 764 ',416 3,821 1,707 12,645 14,522 ,444 24 102,759 101,375 66,210 30,178 899 296 ,515 146 ,145 761 ,384 3,840 1,705 12,637 14,533 ,445 Mar. 2 102,726 101,572 66,532 30,320 896 254 ,515 149 ,140 751 ,154 4,095 1,694 12,605 14,559 ,446 9 102,191 100,986 66,206 30,331 888 219 ,492 136 ,130 754 ,205 3,909 1,674 12,587 14,535 ,449 16 103,452 102,153 67,273 31,076 890 275 ,447 140 ,128 769 ,299 4,217 1,660 12,585 14,537 ,451 23 102,767 101,510 67,000 31,054 893 167 ,390 135 1,125 759 ,257 4,185 1,646 12,576 14,524 ,454 102,446 101,040 66,890 31,026 904 144 ,335 136 1,130 758 ,406 4,067 1,691 12,586 14,573 ,460 30 New York City 1960 24,997 24,620 17,680 10,405 117 1,394 354 473 377 1,352 374 948 2,625 411 Jan. 6 24,960 24,584 17,422 10,335 130 1,262 357 470 376 1,311 367 948 2,606 411 13 24,636 24,160 17,130 10,295 132 1,154 346 462 476 1,158 394 938 2,618 411 20 24,771 24,101 17,050 10,258 115 1,121 345 471 670 1,151 386 939 2,632 411 27 Feb. 3 24,565 24,053 17,073 10,285 201 1,019 341 471 512 1,164 394 939 2,629 412 10 24,477 23,797 16,901 10,300 174 905 339 480 680 1,131 397 933 2,612 412 17 24,576 23,848 17,000 10,382 112 867 337 479 728 1,214 401 948 2,631 412 24 24,526 23,859 17,059 10,333 172 878 336 487 667 1,253 403 942 2,627 412 Mar. 2 24,589 24,072 17,231 10,399 128 895 333 480 517 1,432 401 932 2,601 412 9. 24,270 23,691 16,980 10,369 119 864 330 477 579 1,280 397 925 2,590 412 16 24,998 24,451 17,593 10,714 194 844 327 485 547 1,470 389 912 2,628 415 23 24,574 23,907 17,356 10,688 86 779 326 478 667 1,462 387 910 2,614 415 30 24,399 23,721 17,270 10,638 82 755 330 475 678 1,380 386 913 2,635 414 Outside New York City 1960 Jan. 6 80,001 79,294 49,476 19,766 909 216 570 120 813 286 707 2,936 1,380 11,682 11,821 ,023 13 80,166 79,412 49,347 19,796 893 200 568 120 819 287 754 2,845 1,377 11,692 11,774 ,024 20 79,270 78,674 49,098 19,681 888 145 570 116 818 290 596 2,748 1,382 11,697 11,786 ,023 27 78,818 78,175 48,873 19,604 887 140 541 121 822 290 643 2,639 1,350 11,687 11,820 ,028 Feb. 3 78,708 78,124 48,963 19,672 891 154 564 125 808 282 584 2,619 ,327 11,676 11,874 ,029 10 78,454 77,902 49,017 19,763 893 138 587 117 812 289 552 2,582 ,311 11,677 11,878 ,030 17 78,437 77,749 49,189 19,896 887 135 599 110 808 285 688 2,607 ,306 11,697 11,891 ,032 24 78,233 77,516 49,151 19,845 889 124 637 116 809 274 717 2,587 ,302 11,695 11,906 ,033 Mar. 2 78,137 77,500 49,301 19,921 885 126 620 118 807 271 637 2,663 ,293 11,673 11,958 ,034 9 77,921 77,295 49,226 19,962 877 100 628 106 800 277 626 2,629 ,277 11,662 11,945 ,037 16 78,454 77,702 49,680 20,362 879 81 603 106 801 284 752 2,747 ,271 11,673 11,909 ,036 23 78,193 77,603 49,644 20,366 882 81 611 105 799 281 590 2,723 ,259 11,666 11,910 ,039 30 78,047 77,319 49,620 20,338 893 62 580 107 800 283 728 2,687 ,305 11,673 11,938 ,046 1 Exclusive of loans to domestic commerical banks and deduction of NOTE.—For description of changes in the series, beginning July 1, 1959, valuation reserves; individual loan items are shown gross. see the BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 393 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday Total Bills c C t a i e f t i e r - - s Wi N th o - t m es a t 1 a u n r t d o in b g o : n A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l k e e h - s s s - b a e w B f a n i o n g a c i r t l k e n - h - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v R e t k h - e . s s a o s t s h e e t r s a c l c i a c a a t p i o b n e i u i d t s l a n i l - ts 5 years 5 years Total— Leading Cities 1960 Jan. 6 27,018 2,037 994 1,882 15,594 6,511 9,740 18,498 2,892 96 ,267 14,243 3,208 138,294 13 27,406 2,691 995 1,832 15,396 6,492 9,821 17,807 2,945 94 ,343 13,425 3,238 137,928 20 26,904 2,425 983 1,759 15,263 6,474 9,702 17,556 2,847 96 ,237 13,376 3,325 135,926 27 26,679 2,267 1,052 1,708 15,166 6,486 9,674 16,869 2,674 100 ,267 12,828 3,419 133,970 Feb. 3 26,444 2,001 1,203 1,718 15,032 6,490 9,697 17,025 2,648 96 ,140 13,141 3,484 134,250 10 26,117 ',753 1,188 1,702 14,981 6,493 9,664 16,898 2,644 90 ,212 12,952 3,544 133,093 17 25,713 ,630 490 1,644 16,675 5,274 9,695 17,070 2,783 90 ,165 13,032 3,442 134,935 24 25,525 ,572 475 1,596 16,779 5,103 9,640 16,745 2,752 84 ,260 12,649 3,427 133,752 Mar. 2 25,35: ,617 464 1,582 16,673 5,016 9,688 16,844 2,774 94 ,114 12,862 3,457 133,558 9 25,068 ,486 425 1,579 16,584 4,994 9,712 16,644 2,584 92 ,149 12,819 3,446 131,573 16 25,10^ ,598 411 1,531 16,654 4,913 9,773 17,323 2,932 90 ,147 13,154 3,394 135,699 23 24,843 ,388 423 1,506 16,705 4,821 9,667 16,826 2,839 93 ,191 12,703 3,398 132,813 24,495 ,069 431 1,525 16,695 4,775 9,655 17,103 2,696 87 ,216 13,104 3,587 132,877 30 New York City 1960 6 4,790 516 195 174 2,637 1,268 2,150 4,198 66 193 3,895 ,239 34,090 Jan. 13 4,979 760 203 157 2,596 1,263 2,183 4,290 79 180 3,990 ,260 34,017 20 4,885 728 222 157 2,534 1,244 2,145 4,177 69 166 3,899 ,312 33,797 27 4,924 799 227 123 2,530 1,245 2,127 4,008 54 167 3,741 ,357 33,508 Feb. 4,841 659 280 125 2,542 1,235 2,139 4,047 56 155 3,794 ,391 33,352 4,758 597 282 145 2,501 1,233 2,138 4,115 56 174 3,845 ,458 33,177 4,647 558 99 152 2,936 902 2,201 3,972 69 153 3,711 ,436 33,670 4,635 584 108 153 2,918 872 2,165 3,823 58 162 3,569 ,423 33,609 Mar. 4,605 599 113 159 2,859 875 2,236 3,981 57 150 3,732 ,401 33,279 4,454 476 85 166 2,854 873 2,257 4,133 49 153 3,r~ ,390 32,889 4,557 579 85 165 2,853 875 2,301 3,957 61 151 3,705 ,335 33,908 4,353 393 77 158 2,847 878 2,198 4,024 62 147 3,774 ,360 33,319 4,241 220 98 178 2,862 883 2,210 4,432 181 157 4,054 ,482 33,659 Outside New York City 1960 Jan. 6 22,228 1,521 799 1,708 12,957 5,243 7,590 14,300 2,826 1,074 10,348 1,969 104,204 13 22,427 1,931 792 ,675 12,800 5,229 7,638 13,517 2,866 1,163 9,435 1,978 103,911 20 22,019 1,697 761 ,602 12,729 5,230 7,557 13,379 2,778 1,071 9,477 2,013 102,129 27 21,755 1,468 825 ,585 12,636 5,241 7,547 12,861 2,620 1,100 9,087 2,062 100,462 Feb. 3 21,603 1,342 923 ,593 12,490 5,255 7,558 12,978 2,592 985 9,347 2,093 100,898 10 21,359 1,156 906 ,557 12,480 5,260 7,526 12,783 2,588 1,038 9,107 2,086 99,916 17 21,066 1,072 391 ,49! 13,739 4,372 7,494 13,098 2,714 1,012 9,321 2,006 101,265 24 20,890 988 367 ,44: 13,861 4,231 7,475 12,922 2,694 1,098 9,080 2,004 100,143 Mar. 2 20,74' 1,018 351 ,423 13,814 4,141 7,452 12,863 2,717 964 9,130 2,056 100,279 9 20,61- 1,010 340 ,413 13,730 4,121 7,455 12,511 2,535 996 8,931 2,056 98,684 16 20,550 1,019 326 ,366 13,801 4,038 7,472 13,366 2,871 996 9,449 2,059 101,791 23 20,490 995 346 ,348 13,858 3,943 7,469 12,802 2,777 1,044 8,929 2,038 99,494 30 20,254 849 333 ,347 13,833 3,892 7,445 12,671 2,515 1,059 9,050 2,105 99,218 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n s - - d d it 1 s Dom In e t s e - rban F k or- G U o .S vt . . S p s a i t o u c a n l a b t d i e l t - - s C c o a f e e i f n e r f r d i d t s - i ' - p v s a I id h n a rt n u i d n p d a i e s - l , s r- , I b n a t n e k r- p G u o a o . n s v t d s a t. l . S p s a i t o u c a n l a b t d i e l t - - s p v a s i I d a h r n t n u i d n p d a i e s - l , r s - , B F F a . r o n R m k . s o F t r h o e m rs l O i i a t t i b h e i e s l r - C c a o a p u c i n - ta ts l tic eign divi- checks, corpo- sav- divi- corposions etc. rations ings sions rations Total- Leading Cities 1960 Jan. 6 61,967 12,170 1,490 2,414 4,821 2,623 66,113 1.309 142 1,461 28,762 1,148 1,300 3,227 11,314 13 62,435 11,607 1,441 2,841 4,596 2,229 67,367 ,293 140 1,466 28,630 350 1,360 3,300 11,308 20 62,273 11,005 1,436 1 986 4,774 2,423 66,215 1,233 141 1,458 28,537 621 1 382 3 426 11 289 27 62,122 10,221 1,377 2,088 4,599 2,104 65,512 ,222 147 1,510 28,486 241 1,676 3,473 11,314 Feb 3 60,616 10 760 1,345 2 607 4,921 2,436 63,727 1,198 145 1.518 28,483 635 1 573 3 546 11 356 10 60,597 10 681 1,347 1 888 4,752 2,075 63,490 ,177 147 ,517 28,484 432 2,082 3 660 11 361 17 59,395 10,568 1,365 3,089 4,653 2,280 63,872 1,142 14S ,545 28,469 588 2,082 3,773 11 364 24 59,744 10,120 1,383 2,886 4,677 2,609 63,279 1,131 146 ,534 28,447 236 2,200 3,743 11,361 Mar 2 59,536 10,331 1,330 2,954 4,920 2,309 62,838 1,122 144 ,521 28,481 552 1,888 3,769 11,399 9 59,586 10 330 1,400 1 709 4,648 2,118 62,112 1,129 143 ,518 28,566 528 2 164 3 809 11 399 16 60,247 10,881 1,388 2 898 4,358 2,307 65,112 ,133 142 ,528 28,619 277 1,945 3,728 11'383 23 59,164 10,390 1,378 3,105 4,650 2,171 62,165 ,131 143 ,544 28,705 238 1,999 3,815 11,379 30 59,072 10,054 1,407 2,856 4,823 2,100 61,890 .136 142 .550 28 ..731 665 2,228 3,864 11,431 New York City 1960 jan 6 13 1 1 5 5 , , 5 4 6 4 1 7 3 3 , , 2 0 2 2 0 7 1 1 , , 1 1 7 3 7 4 7 8 1 50 1 2 3 5 0 3 6 1 1, , 1 2 0 9 9 6 1 1 7 7 , , 5 7 0 0 1 6 9 96 7 2 5 2 2 4 4 7 6 0 9 3 3 , , 2 2 5 5 4 5 7 6 1 8 7 6 1 ,5 5 7 3 2 7. 3 3 3 3 3 3 8 9 20 15,527 3,100 1,128 541 371 1,299 17,529 906 24 62 3,223 40 658 ,575 3,341 27 15,806 2,908 1,062 540 282 1,100 17,796 898 25 60 3,223 639 ,632 3,343 Feb 3 15,269 2,963 1,051 761 312 1,321 16,985 884 24 60 3,230 22 700 ,673 3 366 10 15,098 2,971 1,037 513 282 1,095 16,848 879 24 60 3,224 52 1,056 1,768 3,368 17 . 15,013 2,956 1,054 782 292 1,238 17,169 856 24 60 3,216 888 ,765 3,370 24 14,972 2,937 1,072 672 289 1,546 16,974 849 24 60 3,206 853 ,763 3,364 Mar 2 15 277 2 782 1 020 744 328 1 255 17 002 854 2^ 59 3 203 883 756 3 368 9 15,113 2,790 1,083 475 308 1,174 16,727 858 74 60 3,252 i3 987 ,772 3,366 16 15 517 2,967 1,060 729 262 1,218 17,655 862 24 60 3,271 10 726 708 3 356 23 14 841 3 008 1 056 922 283 1 192 16 727 872 24 61 ^ 314 752 750 3 358 30 15 154 2 829 1 077 802 391 1,140 16,969 875 24 64 3 326 963 SI? 3 367 Outside New York City 1960 Jan. 6 46,520 8,950 313 1,703 4,515 1,327 48,612 334 118 1.392 25,507 1,148 614 1,695 7,976 13 . . 46,874 8,580 307 1 991 4,343 1,120 49,661 331 116 1,396 25,376 350 643 1,728 7,969 20 46,746 7,905 308 1,445 4,403 1,124 48,686 327 117 1,396 25,314 581 724 1,851 7,948 27 46,316 7,313 315 1 548 4,317 1,004 47,716 324 122 ,450 25,263 241 1,037 1,841 7,971 Feb 3 45,347 7,797 294 t 846 4,609 1,115 46,742 314 121 1,458 25,253 613 873 1,873 7,990 10 45,499 7,710 310 1,375 4,470 980 46,642 298 123 1,457 25,260 380 1,026 1,892 7,993 17 . . 44,382 7,612 311 2,307 4,361 1,042 46,703 286 121 ,485 25,253 588 1,194 2,008 7,994 24 44,772 7,183 311 2,214 4,388 1,063 46,305 282 122 ,474 25,241 236 1,347 1,980 7,997 Mar 2 . . 44 259 7 549 310 2 210 4,592 1,054 45,836 268 119 ,462 25,278 552 1,005 2,013 8 031 9 44,473 7,540 317 1,234 4,340 944 45,385 271 119 1,458 25,314 515 1.177 2,037 8,033 16 44,730 7 914 328 2 169 4,096 1,089 47,457 271 118 ,468 25,348 267 1 219 2 020 8 027 23 .... 44,323 7,382 322 2,183 4,367 979 45,438 259 119 ,483 25,391 238 1 247 2,065 8 021 30 43,918 7,225 330 2,054 4,432 960 44,921 261 118 ,486 25,405 665 1,265 2,032 8,064 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of changes in the series, beginning July 1, 1959' items reported as in process of collection. see the BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 395 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUS TRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period2 t l o F iq b a o u a n o c o d d c r , o , a T l p e e a a p x n t a t h d i r l e e e r l s , , M m p u a r e c e n o t t t d a s d a 3 l - l s ch r P l c e u e a e m o u b t n a r b m i d o l c e , , - a r l, Other ( T w re s a r h a t n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r u o i i i a n l o r b i n c t n t l i l a s i ) e . c - - s s C t tr i o o u n n c - - bu o ty s A t o h i p n l f e l e e r s ss c c h l N f a a ie n s e d s t g i e - s ch r w b e a i a e a n i p n a n e n n d o l g k g d l k ' r e l l s t y — - 1958 Jan -June4 -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec 4 522 -232 -454 -14 -121 162 410 234 50 362 920 723 1959 Jan -July 1 -519 218 864 -162 188 284 -364 -141 106 145 620 762 July 8-Dec 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,983 1960 Jan -137 15 84 4 -20 -103 -113 -24 -40 -72 -405 -603 Feb -109 137 259 -37 63 93 -120 -50 27 27 290 316 Mar -101 101 444 -13 121 181 -185 37 31 84 702 848 Week ending: I960 Jan 6 . .. -62 -11 -36 -39 -16 -15 -3 -30 6 -206 -294 13 -11 13 31 36 10 -22 -32 7 -16 -48 -32 -40 20 -32 8 24 3 -6 -56 -27 -19 6 -6 -103 -155 27 -33 5 65 4 -8 -25 -38 -10 -23 -64 -114 Feb 3 -26 34 59 -26 2 35 -3 -9 11 25 101 95 10 -31 38 64 2 35 22 -56 9 6 7 94 106 17 30 44 100 -9 23 23 -42 12 3 10 193 215 24 -82 21 37 -4 3 15 -19 -62 7 -15 -99 -100 Mar 2 14 22 76 -18 -4 50 -41 -17 -8 14 88 142 Q — 75 20 44 -6 31 10 -25 -36 4 10 — 22 11 16 30 69 239 40 73 94 -42 95 31 48 675 745 2^ — 27 51 -20 11 24 -22 -25 -3 -21 -33 -22 30 -43 -8 35 -9 9 3 -56 21 7 34 -6 -28 1 Data for a sample of about 210 banks reporting changes in their NOTE.—Beginning with the week ended July 8, 1959, changes in comlarger loans; these banks hold about 95 per cent of total commercial mercial and industrial loans exclude loans to sales finance companies and industrial loans of all weekly reporting member banks and about and certain other nonbank financial concerns (for description of revisions, 75 per cent of those of all commercial banks. see the BULLETIN for August 1959, p. 885.) Figures for earlier periods in the 2 Figures for periods other than weekly are based on weekly changes. last two columns have been adjusted only to exclude loans to sales finance 3 Includes machinery and transportation equipment. companies. Thus, these data are not strictly comparable with current * January-June includes 25 weeks; July-December, 27 weeks. figures. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Per cent per annum] Size of loan Size of loan Area (thousands of dollars) Area (thousands of dollars) and All and All period loans period loans 1— 10- 100- 200 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont): 2 19 large cities: New York City: 1959—Mar 4.29 5.30 4.93 4.56 4.18 1951 3.1 4.7 4.0 3.4 2.9 June 4.71 5.55 5.24 4.97 4.61 1952 3.5 4.9 4.2 3.7 3.3 Sept 5.15 5.79 5.60 5.36 5.07 1953 3.7 5.0 4.4 3.9 3.5 Sept.3 5.14 5.79 5.61 5.36 5.06 1954 3.6 5.0 4.3 3.9 3.4 Dec.3 5.19 5.82 5.61 5.41 5.12 1960—Mar 5.18 5.81 5.63 5.41 5.10 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 7 Northern and Eastern 1957 4.6 5.5 5.1 4.8 4.5 cities: 1958 4.3 5.5 5.0 4.6 4.1 1959—Mar , 4.49 5.54 5.06 4.71 4.35 1959 5.0 5.8 5.5 5.2 4.9 June , 4.90 5.67 5.33 5.06 4.78 Sept 5.27 5.88 5.69 5.42 5.17 Quarterly:2 Sept.3..., 5.28 5.89 5.70 5.42 5.17 19 large cities: Dec.3 5.39 5.95 5.77 5.50 5.30 1960—Mar 5.34 5.95 5.73 5.47 5.24 1959—Mar.. 4.51 5.53 5.09 4.74 4.32 June.. 4.87 5.68 5.33 5.06 4.72 11 Southern and Sept.. 5.27 5.91 5.65 5.43 5.15 Western cities: Sept. 3, 5.27 5.92 5.66 5.44 5.15 1959—Mar 4.84 5.62 5.20 4.87 4.60 Dec. 3. 5.36 5.99 5.74 5.54 5.24 June 5.07 5.74 5.37 5.13 4.87 1960—Mar... 5.34 6.01 5.75 5.50 5.21 Sept 5.44 5.97 5.65 5.50 5.29 Sept.3. . . 5.46 5.99 5.68 5.51 5.30 Dec.3.... 5.56 6.08 5.81 5.64 5.38 5.57 6.12 5.83 5.57 5.40 I960—Mar 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2*4 per cent Jan. 1-Jan. 7, 1951. Changes 2 Based on figures for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): s fi c n h 3 a e n C d c u o i l a v e l e r o i a n f g s e t t i h t o e u f t i c o S a n u ll s r . v r e e y p o r r e t v i o s f e d c o in n d a i c ti c o o n r d t a o n c e e x c w lu it d h e c l h o a a n n g s e s t o i n n t o h n e b l a o n a k n 4 M 1 ; 9 a 5 1 r 1 . 9 — 5 1 7 7 J — , a 3 n A ; . u 1 8 g 9 , . 5 2 5 6 y — 2 , ; 4 A i O / u 2 c g ; t . . 1 4 9 1 , 5 7 3 8 , 1 — 2 4 % ; J O a ; n c D . t . e 2 1 c 2 . 4 , , 1 4 3 9 ; * , / A 2 3 ; ; p 1 r 1 9 . 9 5 2 5 6 1 3 — , — 3 A A V p 2 p r ; . r . S 1 2 3 e 7 p , , 3 t . 3 % V 1 ; 1 4 A ; , 4 1 u ; 9 g 5 . a 4 2 n — d 1, 1959—May 18, 4V2; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance Year, month, or week m 4 m p - c o a e o n t p r o m c t e h i r - 6 a s , l - * c m d 3 o p i p - o m r l a a e t n p o p c c t e e t a h l 6 r d n y s - y 2 , 9 b a 0 a a P c n n r c d i c k e m a e e p y s e r t s , - s 3 ' on R is s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l d k 1 s ) e 2 t -mont O h th is e s r u s es 3 is - y s t u e o a e r s 5 6 - 1957 average.. 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 average.. 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average.. 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1959—Mar.... 3.35 3.22 2.852 2.80 3.159 3.13 3.56 3.88 Apr.. . . 3.42 3.36 2.98 2.960 2.95 3.277 3.27 3.66 4.03 May... 3.56 3.44 3.17 2.851 2.84 .368 3.32 3.92 4.16 June. . . 3.83 3.66 3.31 3.247 3.21 3.531 3.52 3.97 4.33 July... 3.98 3.81 3.45 3.243 3.20 3.885 3.82 4.30 4.40 Aug... . 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept.... 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4.65 4.69 Nov.... 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec.... 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 1960—Jan 4.91 5.02 4.78 4.436 4.35 4.840 4.74 4.95 4.93 4.87 Feb.... 4.66 4.50 4.44 3.954 3.96 4.321 4.30 4.45 4.58 4.66 Mar.... 4.49 4.16 3.96 3.439 3.31 3.693 3.61 3.68 3.93 4.24 Week ending: 1960—Mar. 5 4.85 4.61 4.38 4.278 3.92 4.458 4.27 4.31 4.55 4.58 12 4.70 4.49 4.18 3.641 3.60 4.024 3.87 3.97 4.14 4.35 19 4.53 4.19 3.93 3.451 3.41 3.619 3.57 3.56 .84 4.17 26 4.25 3.86 3.73 3.033 2.84 3.176 3.17 3.27 .47 4.02 Apr. 2 4.13 3.58 3.63 2.792 2.88 3.187 3.21 3.32 3.69 4.11 1 Average of daily offering rates of dealers. Corrected rates for week 4 Except for new bill issues, yields are averages computed from daily ending: Feb. 13, 4.56; and Feb. 20, 4.58. closing bid prices. 2 Average of daily rates, published by finance companies, for varying 5 Consists of certificates of indebtedness and selected note and bond maturities in the 90-179 day range. issues. 3 Average of daily prevailing rates. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds 3 Stocks 5 State By selected By Dividend / Earnings / Year, month, or week United and local- ratings groups price ratio price ratio States Total4 (longterm)2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1957 average .. 3 47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 r8.43 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 '5.23 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 1959—Mar 3 92 3.44 3.06 3.93 4.40 4.13 4.85 4.28 4.51 4.43 4.48 3.25 r5.61 Apr 4 01 3 53 3 12 4.02 4.47 4.23 4.86 4.35 4.56 4.49 4.51 3.26 May 4.08 3.70 3.29 4.20 4.60 4.37 4.96 4.46 4.67 4.67 4.68 3.21 June 4 09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4.77 4.79 3.23 r5.81 July 4.11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 3.11 Aug 4 10 3 84 3.44 4.36 4.71 4.43 5.09 4.56 4.80 A.11 4.70 3.14 Sept 4 26 3.95 3.60 4.42 4.82 4.52 5.18 4.68 4.88 4.89 4.80 3.26 r6.03 Oct 4 11 3.90 3.57 4.38 4.87 4.57 5.28 4.70 4.96 4.95 4.81 3.26 Nov 4 12 3 81 3 44 4.30 4 85 4.56 5.26 4 69 4 99 4.86 4.81 3.24 Dec 4 27 3 84 3.43 4.37 4.87 4.58 5.28 4.70 5.05 4.86 4.85 3.18 1960 Jan 4 37 3 92 3 49 4.43 4.91 4.61 5.34 4.74 5.08 4.92 4.87 3.27 Feb 4 22 3 84 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4.89 4.82 3.40 Mar 4 08 3.77 3.34 4.29 4.81 4.49 5.25 4.64 4.99 4.79 4.76 3.43 Week ending: 1960—Mar 5 4 22 3.84 3.40 4.35 4.86 4.54 5.31 4.70 5.02 4.85 4.81 3.40 12 4 11 3 80 3 37 4.31 4 83 4 51 5.28 4 67 5 01 4.83 4.78 3.51 19 4 05 3 78 3.35 4.29 4.80 4.48 5.26 4.64 4.98 4.78 4.77 3.44 26 ... 4 00 3.74 3.32 4.26 4.78 4.46 5.22 4.60 4.98 4.75 4.72 3.41 Apr 2 4.07 3.70 3.28 4.22 4.75 4.45 5.18 4.59 4.95 4.71 4.72 3.41 r Revised. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividend /price ratios for preferred and 5 Standard and Poor's Corporation. Preferred stock ratio is based on common stocks, on Wednesday figures. Earnings/price ratios for common 8 median yields in a sample of noncallable issues—12 industrial and 2 stocks are as of end of period. public utility. For common stocks, the ratios beginning with July 1957 2 Series is based on bonds maturing or callable in 10 years or more. are based on the 500 stocks in the price index; prior to mid-1957, on the 3 Moody's Investors Service. State and local govt. bonds include gen- 90 stocks formerly included in the daily price index. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 397 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, IS>39= 100) trad- Year, month, Cor- ing4 or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thou- (long- (high- (high- In- Pub- Trans- Pub- fi- sands term) 2 grade)3 grade) 3 Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares] ity Total rable du- ity servrable ice Number of issues 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1957 average 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1958 average 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1959 average 85.49 100.7 95.0 57.40 61.45 35.09 44.15 420 522 495 536 347 216 418 322 3,242 1959—Mar 87.37 103.4 98.2 56.15 59.79 35.47 45.06 414 508 475 530 353 221 405 348 3,926 Apr 86.21 102.2 97.0 57.10 60.92 35.94 45.12 419 514 481 536 360 226 405 340 3,449 May .. . 85.31 100.4 95.0 57.96 62.09 36.07 44.30 425 527 495 547 358 221 409 334 3 379 85.16 99.4 94.© 57.46 61.75 36.02 42.58 419 521 496 534 357 213 418 326 2,925 July ... . 85.00 99.4 93.8 59.74 64.23 36.86 44.21 434 543 522 551 364 218 429 321 3,222 Aug 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Sept 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Oct . 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 I960—Jan 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 318 499 526 323 219 434 292 3,197 Feb 83.60 100.4 92.8 55.78 59.60 32.54 44.38 405 494 474 502 312 224 420 279 3,027 Mar 85.32 101.9 93.9 55.02 58.71 31.01 44.60 396 478 458 487 295 226 425 268 2,857 Week ending: 1960 Mar 5 83.66 100.5 93.2 55.42 59.16 31.46 44.75 394 476 456 485 293 225 420 267 3,248 12 84.97 101.7 93.9 53.92 57.52 30.35 43.90 391 472 453 480 294 224 417 266 3,196 19 85.68 102.1 93.9 54.81 58.52 31.16 44.24 396 479 459 488 295 226 427 269 2,590 26 86.35 102.5 94.1 55.61 59.39 31.27 44.90 403 486 465 497 298 231 434 270 2,719 Apr. 2 85.48 102.5 94.3 55.61 59.32 30.99 45.35 398 479 459 489 291 230 432 265 2,442 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credits Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month l other than firms 2 chasing and carrying securities 3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1955—Dec. 4,030 34 2,791 32 1.239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 1,161 46 2.132 880 1957—Dec. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Feb. 4,569 157 3,253 65 1,316 223 1,963 ,196 Mar. 4,636 153 3,305 55 1,331 218 1,977 ,257 Apr. 4,764 166 3,401 55 1,363 252 2,156 ,205 May 4,758 163 3,385 58 1,373 252 2,159 ,188 June 4,734 158 3,388 58 :1,346 237 2,246 ,094 July. 4,648 153 3,374 164 1,274 228 2,205 ,079 Aug. 4,528 154 3,269 166 1,259 217 2,199 ,035 Sept. 4,443 156 3,250 162 ,193 231 2.149 ,039 Oct.. 4,401 168 3,210 158 ,191 227 2.178 967 Nov. 4,460 165 3,273 158 ,187 236 2.256 974 Dec, 4,454 150 3,280 164 ,174 221 2,362 996 I960—Jan.. 4,365 134 3,198 154 ,167 190 2,233 1.001 Feb.. 4,274 138 3,129 146 ,145 202 2,194 981 1 Data for cols. 4-7 are for last Wednesday of month. 2 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed P di la re c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from exdealers 1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 15-5 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—Feb.. 3,322 897 2,425 1,161 309 232 77 39 62 751 275 339 112 183 252 Mar. 3,267 883 2,384 1,054 271 227 44 30 60 692 278 329 111 82 253 Apr., 3,334 822 2,512 1,029 269 208 60 30 56 673 292 348 78 48 263 May, 3,555 791 2,764 1,038 242 193 49 28 79 689 286 350 103 43 256 June, 3,401 729 2,672 983 213 175 38 26 76 668 256 327 111 33 256 July. 3,552 759 2,793 957 198 160 38 25 74 661 259 334 85 26 253 Aug. 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 Sept. 3,334 763 2,571 954 205 158 47 20 67 662 316 301 45 46 246 Oct. 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 Nov. 3,664 784 2,880 1,029 232 187 44 34 71 693 355 283 46 119 226 Dec. 3,118 627 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 1960—Jan.. 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 Feb., 4,085 718 3,367 1,240 218 170 48 35 119 350 336 193 131 229 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total, 2,731; placed directly, 1,891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l Co r a a n r t p d e o- a C s a se sh ts O as t s h e e ts r a s l s T u i s a a t r o e i b n p e t t i d s l s a l u — i l - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s M co o m rt m g i a t g m e e l n o t a s n 2 govt. other! accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1952 11.231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 24,754 359 6,857 730 4,844 837 553 38,934 34,967 604 3,363 65,248 1,170 1959 Jan. 3 23,107 212 7,324 728 4,931 803 533 37,639 33,861 570 3,208 89,819 1,628 Feb 23,232 239 7,364 724 4,937 821 538 37,855 33,974 641 3,240 85,696 1,596 Mar . . 23 407 256 7 426 763 4,908 866 559 38 185 34,287 629 3,269 82,783 1,564 Apr 23,562 242 7,382 729 4,967 752 541 38,175 34,293 630 3,252 86,488 1,620 May 23,723 278 7,395 739 4,947 760 550 38,392 34,413 699 3,280 85,913 1,581 23,879 318 7,301 747 4,965 803 547 38,560 34,624 643 3,293 91,397 1,572 July 24,058 304 7,288 751 4,918 724 549 38,592 34,570 710 3,312 86,894 1,503 24,214 339 7,276 750 4,931 727 547 38,784 34,650 798 3,336 79,862 1,460 Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 1,439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 L245 Dec 24,754 359 6,857 730 4,844 837 553 38,934 34,967 604 3,363 65,248 1,170 I960—Jan 24,928 333 6,862 715 4,833 698 565 38,934 34,909 660 3,365 62,285 1,099 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN; the latter are for call dates and are based on reports filed * Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 399 LIFE INSURANCE COMPANIES i [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets U St n a i t t e e s d jSta lo te c a a l n d| |Foreign: Total Bonds Stocks gages estate loans assets (U.S.) | End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1952... 73,375 12.905 10,252 1.153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953... 78,533 12.537 9,829 1.298 1,410 34.438 31,865 2,573 23.322 2,020 2,914 3.302 1954... 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955... 90,432 11,829 8.576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956... 96,011 11.067 7.555 j 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957... 101.309 10,690 7,029 2,376 1,285 44.057 40,666 ,391 35,236 3,119 3,869 4,338 1958... 107,580 11.234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1957—Dec 101,309 10,691 7,028 2,377 1,286 43,750 40.737 3,013 35,271 3,120 3,872 4,605 1958—Dec 107,580 11,242 7,182 2,691 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959_jan 108,145 11,620 7,485 2,744 1,391 46,602 43,237 3,365 37,211 3,393 4,225 5,094 Feb 108,583 11,596 7,414 2,774 1,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar 108,945 11,479 7,229 2,840 1,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 Apr 109,430 11,568 7,251 2,889 1,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 May 109,928 11,644 7,235 2,968 1,441 47,545 44,086 3,459 37,737 3,493 4,346 163 June 110,424 11,679 7,246 2,991 1,442 47,800 44,314 3,486 37,894 3,522 4,380 149 July 111,152 11,807 7,259 3,085 1,463 48,024 44,477 3,547 38,108 3,583 4,389 241 Aug 111,646 11,938 7,354 3,115 1,469 48,096 44,539 3,557 38,282 3,603 4,423 304 Sept 111,846 11,772 7,169 3,130 1,473 48,224 44,658 566 38,493 624 4,464 5,269 Oct 112,405 11,770 7,147 3,138 1,485 48,444 44,853 591 38,744 631 4,511 5,305 Nov 112,904 11,668 7,016 3,154 1,498 48,662 45,032 630 38,984 673 4,555 5,362 Dec 113,626 11,536 6,848 3,177 1,511 48,908 45,206 702 39,299 670 4,605 5,608 1960—Jan. 114,202 11,731 7,011 3,197 1,523 49,047 45,330 3,717 39,573 4,651 5,512 ^Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Mortgage E o n r d m of o n y t e h ar g M ag o e r s t- 2 o G U b o l . i S v g t . a . - Cash Other 3 a li s a T T s b e o o i t l t t s i a a t — i l l es 2 S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1952 18,396 1,787 1,289 1,108 22,660 19,195 1,658 944 863 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 cl,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2.063 «1,789 37,656 32,142 2,557 ,546 1,411 833 1956 35,729 2,782 2;il9 2,199 42,875 37,148 2,950 ,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 ,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 ,444 1,161 713 ,475 1959 53,087 4,471 2,189 3,725 63,472 54,548 4,387 ,384 1,282 871 ,283 1959—Jan.. 46,029 4,116 2,287 3,053 55,485 48,410 3,856 ,263 1,124 832 ,513 Feb.. 46,456 4,213 2,261 3,133 56,063 48,818 3,866 ,207 ,166 ,006 ,628 Mar. 47,049 4,289 2,259 3,231 56,828 49,347 3,868 ,202 ,281 ,130 ,753 Apr. 47,754 4,394 2,077 3,382 57,607 49,767 3,872 ,299 ,378 .291 ,920 May 48,508 4,417 2,103 3,560 58,588 50,371 3,883 ,362 ,475 ,497 ,975 June 49,348 4,413 2,348 3,570 59,679 51,461 4,093 ,675 ,589 861 ,979 July. 50,131 4,517 1,916 3,462 60,026 51,651 4,099 ,706 ,597 973 ,951 Aug. 50,858 4,534 1,873 3,484 60,749 52,045 4,111 ,824 ,585 ,184 ,862 Sept. 51,528 4,527 1,820 3,549 61,424 52,489 4,116 ,972 ,539 ,308 ,779 Oct.. 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2,108 ,476 ,479 ,626 Nov. 52,608 4,500 1,817 3,777 62,702 53,371 4,133 2,165 ,374 ,659 ,470 Dec. 53,087 4,471 2,189 3,725 63,472 54,548 4,387 2,384 1,282 871 ,283 I960—Jan.. 53,410 4,647 1,898 3,609 63,564 54,985 4,400 1,935 1,181 1,063 1,316 e Corrected. n.a. Not available. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not on a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January NOTE.—Data for 1959 are preliminary. 1958, no deduction is made for mortgage pledged shares. These have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b ta ef x o e r s e c ta o x m es e t a a f x te e r s d d e i n v d i- s tr p i r b o u f t it e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1951. 42.2 22.4 19.7 9.0 10.7 1952 36.7 19 5 17.2 9.0 8.3 1952.. .. 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1953. 38.3 20.2 18.1 9.2 8.9 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1954 34.1 17.2 16.8 9.8 7.0 1954 11 694 5 629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955 44.9 21.8 23.0 11.2 11.8 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1956 44.7 21.2 23.5 12.1 11.4 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1957 43.3 21.1 22.2 12.5 9.7 1957 14 350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1958 37.1 18.2 18.9 12.4 6.5 1958r 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1959 12,751 4,607 8,144 7,150 2,891 4,259 5,601 1,716 3,886 1957_3 44.0 21.4 22.5 12.8 9.7 4 39.4 19.2 20.2 12.2 8.0 1958—4 r 3,590 1,324 2,265 2,184 781 1,403 1,405 543 862 1958—1 32.0 15.7 16.3 12.7 3.6 1959—1... 3,054 1,165 1,890 1,592 688 903 1,462 476 986 2... 33.6 16.5 17.1 12.6 4.5 2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 3 38.3 18.8 19.5 12.6 6.9 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 4 44.6 21.9 22.7 12.0 10.7 4. . 3,499 1,051 2,448 2,093 687 1,406 1,405 363 1,042 1959—1 46.5 22 6 23.8 12.8 11.0 2 52.6 25.6 27.0 13.0 14.0 r Revised. 3 .. 46.4 22.6 23.8 13.4 10.4 1 Reflects cash transactions only. As contrasted with data shown on p. 402, new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements Annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 402. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it i t a n l g Total Cash s G U ec o . u S v r . t i- Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d bl e accts. F in e c t l d i a o a e x m - ra e l Other ties G U o . v S t . .2 Other G U o . v S t. . 2 Other bilities 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957r. 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958—3'" 116.9 240.4 35.4 16.3 2.7 101.7 77.2 7.2 123.5 1.8 79.4 11.1 31.2 4r 119.7 246.4 37.3 19.6 2.8 102.1 77.5 7.0 12o.7 1.7 81.0 13.0 31.0 J959_lr 122.2 249.8 34.5 21.0 2.8 103.8 80.0 7.8 127.6 1.7 81.5 12.6 31.9 2r . 125.3 257.6 35.8 21.5 2.7 107.7 81.7 8.3 132.4 1.7 84.3 13.5 32.9 3r 126.9 262.1 35.5 22.9 2.7 110.6 82.1 8.4 135.2 1.7 85.8 14.4 33.3 4 . . 128.8 268.3 37.2 23.5 2.9 112.7 83.6 8.3 139.5 1.7 89.4 15.4 32.9 r Revised. 2 Receivables from, and payables to, the U. S. Government exclude 1 Excludes banks and insurance companies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Year Total f M a i c a n t n u g u r- - M in i g n- T R r r o a a a i n d l s - por O ta t t h io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total M fa m a i i c a n n n i t n n u g g d u r - - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a s j l T r u n l e a y o s a n t t t s u e e a a o ) a d d l n l - - 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 1958—4 8.0 3.2 .6 1.7 2.5 30.0 1953 28.3 11.9 .0 1.3 .6 4.6 1.7 6.3 1954 26.8 11.0 LO .9 1.5 4.2 1.7 6.5 1959—1 6.9 2.7 .6 1.2 2.5 30.6 1955 28.7 11.4 L.O .9 1.6 4.3 2.0 7.5 2 8.3 3.3 .8 1.5 2.8 32.5 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 3 8.3 3.3 .8 1.5 2.7 33.4 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 4 9.0 3.8 .8 1.5 2.9 33.6 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 I960— 14.... 7.9 3.3 .8 1.2 2.7 35.3 I960* 37.0 15.1 1.0 1.0 2.1 6.1 11.7 24.... 9.5 4.0 .9 1.5 3.0 36.9 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 401 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1955 1956 1957 1958 1959 2 3 4 1 2 3 4 Manufacturing Total (180 corps.): Sales 105,006108,307114,834105,251 115,925 25,620 25,367 28,722 29,555 32,452 r26,872 27,046 Profits before taxes 14,803 13,418 13,349 10,524 14,009 2 249 2 436 3,531 3,899 4,643 r2,440 3 027 Profits after taxes 7,564 7,094 7,177 5,737 7,257 1,194 1,287 2,013 2,016 2,499 1,099 1,643 Dividends . . .. 3,847 4,068 4,192 4,078 4,367 1,011 987 1,042 1,033 1,029 1,051 1,253 Nondurable goods industries (79 corps.) :* Sales 37,462 40,053 42,309 41,820 45,769 10,113 10,626 11,069 11,085 11,450 11,414 11,820 Profits before taxes 5,013 5 146 5 010 4,421 5,604 947 1 191 1 297 1,376 1,482 1 391 1 354 Profits after taxes 2,814 2 943 2,944 2,572 3,131 541 679 778 769 808 r780 775 Dividends 1,588 1,683 1,776 1,785 1,925 440 430 463 459 445 r448 573 Durable goods industries (101 corps.):2 Sales 67,544 68,254 72,525 63,430 70,156 15,506 14,741 17,653 18,470 21,001 15,458 15,226 9,790 8.272 8,339 6,102 8,405 1,303 1,245 2,234 2,523 3,161 1,049 1,673 Profits after taxes 4 750 4 151 4 233 3,165 4,126 652 608 1 235 1,247 1,692 869 Dividends 2,259 2 385 2 416 2,293 2,442 572 557 578 575 585 r603 680 Selected industries: Foods and kindred products (25 corps.): Sales 9 236 9 984 10 592 11,085 11,989 2 760 2 828 2 865 2,786 2,947 2 986 3 270 Profits before taxes 868 955 1 024 1,151 1,273 283 310 308 287 322 140 324 Profits after taxes . . 414 460 497 555 604 138 149 149 136 153 162 154 Dividends 260 277 289 312 343 72 72 88 85 78 79 100 Chemicals and allied products (21 corps.): Sales. 9,584 10,199 10,669 10,393 11,593 2,533 2,679 2,760 2,770 3,054 2,964 2,804 Profits before taxes 1,866 1 804 1 8?3 1,541 2,133 339 398 475 493 595 r<550 495 955 942 948 831 1,107 179 208 271 254 302 r282 269 Dividends .. 690 698 737 717 808 178 172 185 180 177 179 273 Petroleum refining (16 corps.): Sales 11,515 12,454 13,463 12,790 13,413 2,982 3,210 3,404 3,447 3,228 r3,281 3,458 Profits before taxes 1,344 1,444 1,325 941 1,194 146 274 274 360 300 274 979 1 068 1 075 788 913 136 219 234 263 220 r215 215 Dividends .. . 438 481 512 516 523 130 127 129 133 128 128 134 Primary metals and products (35 corps.): Sales 20,744 22,365 22,468 19,100 20,978 4,644 4,881 5,193 5,621 7,110 3,644 4,603 Profits before taxes 3,267 3 331 2 977 2.205 2,329 481 562 771 821 1,183 r-88 413 1,652 1 727 1 540 1,163 1,127 255 294 409 416 695 r-215 231 Dividends . 730 880 873 801 830 201 194 203 201 204 '204 221 Machinery (25 corps.): Sales 12.480 13,908 15 115 14,654 16,472 3,669 3,703 3,796 3,853 4,189 r4,100 4,331 Pfofits before taxes • 1,253 1,209 1.457 1,470 1,853 344 395 426 422 504 '462 465 637 607 729 741 933 174 204 212 212 254 r231 236 Dividends 368 403 416 422 458 102 104 104 113 106 123 117 Automobiles and equipment (14 corps.): Sales 24,624 21 217 23,453 18,483 20,593 4,472 3,329 5,679 6,259 6,585 r4,624 3,124 Profits before taxes . ... 4,011 2,473 2,701 1,330 2,985 234 -15 715 1,012 1,117 356 501 Profits after taxes 1,841 1 186 1 354 706 1,470 101 -44 446 491 570 155 253 Dividends 872 791 805 758 810 194 183 183 184 196 197 233 Public Utility Railroad: Operating revenue 10,106 10,551 10,491 9,564 9,826 2,299 2,466 2,555 f2,388 r2,633 f2,368 2,437 Profits before taxes 1,341 1,268 1,058 844 848 144 272 366 167 310 127 243 Profits after taxes 927 876 737 602 578 102 195 271 '99 207 186 448 462 438 410 403 79 77 157 116 r82 78 127 Electric Power: Operating revenue. 8,360 9,049 9,644 10,205 11,117 2,410 2,469 2,623 2,936 2,655 r2,688 2,840 Profits before taxes . 2,304 2,462 2,557 2,721 2,987 615 650 688 853 682 713 739 Profits after taxes 1,244 1,326 1,413 1,517 1,668 349 357 390 469 385 392 422 Dividends 942 1,022 1,077 1,134 1,212 287 276 290 303 302 301 306 Telephone: Operating revenue 5,425 5,966 6,467 6,939 7,572 1,715 1,745 1,807 1,825 1,891 1,909 1,947 Profits before taxes • 1,282 1,430 1,562 1,860 2,153 454 494 510 522 551 537 543 Profits after taxes 638 715 788 921 1,073 226 244 251 258 272 268 275 496 552 613 674 743 166 171 173 178 183 190 192 r Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and 2 Includes 27 companies in groups not shown separately. Telegraph Company) and for two affiliated telephone companies, which VOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o a f te n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth tire- State Bonds ment Total G U o . v S t . . 3 a F e g e r e a d n 4 l - - n m a p i n c a u d i l - - Others Total Total P li u cl b y - v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey' O p p o t u h s r e e - s r s r e i o t c i f e u s offered placed 1952. 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953. 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954. 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955. 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956. 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957. 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958. 34,443 12,063 ,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959. 31,134 12,322 707 7,681 621 9,803 7,253 3,556 3,697 535 2,015 9,588 9,427 8,654 774 160 1959_Jan.. 5,780 3,971 199 639 85 885 724 405 319 36 126 869 840 794 46 29 Feb.. 2,132 420 881 62 770 481 187 294 55 234 754 745 600 145 9 Mar. 1,921 443 175 637 11 656 457 195 262 47 151 640 631 539 92 9 Apr.. 4,511 2,583 940 60 928 619 310 309 92 217 908 899 832 66 9 May. 1,787 338 569 51 829 624 380 244 38 167 809 791 764 27 17 June. 2,275 323 995 47 910 614 270 343 43 254 890 874 814 60 15 July. 1,452 350 457 93 552 433 173 260 26 93 538 531 480 51 7 Aug. 1,688 309 98 523 5 753 623 414 209 13 117 737 718 677 42 19 Sept. 1,749 300 150 520 44 736 592 219 372 24 120 721 709 665 44 12 Oct.. 4,122 2,574 587 39 923 644 330 314 48 231 899 887 799 89 11 Nov. 1,735 332 458 52 893 659 396 263 61 173 873 865 803 62 8 Dec. 1,982 380 86 476 72 969 783 277 506 52 134 950 936 886 50 14 1960—Jan.. 1,979 420 182 696 672 549 323 225 26 98 657 596 567 30 61 Proposed use of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capitals secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,712 261 512 24 758 225 2,539 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,966 87 838 31 960 14 3,178 12 709 1,777 17 1959_jan.. 148 17 61 80 2 295 34 221 Feb.. 123 5 105 154 3 188 62 113 Mar. 92 6 46 51 1 331 9 102 Apr.. 277 7 78 75 314 16 139 May. 248 10 56 38 338 6 105 June. 221 6 127 96 313 22 95 July. 146 3 59 34 170 8 114 Aug. 126 15 45 97 192 36 223 Sept. 205 6 42 142 109 56 156 Oct.. 97 4 85 101 341 127 137 3 Nov. 115 1 63 17 241 262 167 1 Dec. 167 7 70 74 346 72 207 3 1960—Jan.. 86 25 151 32 223 52 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc, and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 403 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer2 Use of proceeds 2 Total Period Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g l 3 o s ic - r- F l G o e a o a d n l v e s t r . 4 - State S d a s i u p t t a s o a e t n t h r c t r d y u i o i c a - r t l - Other-15 a d m e e r o e li u d v 6 n - t Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t t a i w n h i e t l d e e s i e - r r r , h R d i t o n e e i u a g s n l s 7 i - - - V a a e n i t d e s' r- O p p o t u s h r e e - s r ity 1952 4,410 2,633 1,463 305 9 718 1,305 2.387 n.a. 4.096 969 938 642 424 100 1,024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5; 477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 . . .. 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 87,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1959 7,880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1,683 1959—Jan 651 301 324 20 6 53 307 292 354 638 159 26 339 23 20 71 Feb 882 492 264 103 23 142 255 484 563 858 162 91 123 124 357 Mar 647 447 185 1 14 185 139 323 907 646 196 49 142 12 50 198 Apr 940 495 431 15 186 397 357 618 931 264 166 334 10 124 May.... 596 369 93 105 29 50 147 399 904 593 191 25 188 121 33 68 June.... 1,010 545 426 40 271 359 381 613 1,006 225 134 321 29 197 July.... 567 224 192 150 150 62 355 985 567 155 159 50 145 100 58 Aug.. . . 515 392 117 00 6 177 80 258 538 514 151 59 86 4 94 Sept 515 398 112 c 133 93 290 401 468 168 43 82 1 120 141 Oct 594 357 128 102 30 125 439 502 593 168 28 135 102 32 160 Nov 517 371 73 73 106 59 351 603 513 153 37 106 126 91 Dec '455 '380 '59 15 125 '75 '25 5 '431 '45 3 '252 Iff »-57 4 '126 I960—Jan 733 442 244 47 176 156 400 468 728 213 31 105 39 50 289 n.a. Net available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by a contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 7, 1960 ,605 Sept. 1, 1960 400 Feb. 15, 1962 4 1,435 Aug. 15, 1963 21/2 6,755 Apr. 14, 1960 .602 Sept. 8,1960 400 Apr. 1,1962 11/2 551 Dec. 15, 1963-68... 21/2 2,816 Apr. 15, 1960 2,003 Sept. 15, 1960 400 Aug. 15, 1962 4 158 Feb. 15, 1964 3 3,854 A A p p r r . . 2 2 1 8 , , 1 1 9 9 6 6 0 0 ' , , 4 40 0 0 1 S S e e p pt t . . 2 2 2 9 , , 1 1 9 9 6 6 0 0 4 4 0 0 0 0 N O o ct v . . 1 1 5, , 1 1 9 9 6 6 2 2 3 iy 324 1,1 5 4 9 3 0 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . . . . . 2 2 1 1 / / 2 2 3 3 , , 7 8 3 1 9 3 M M M a a a y y y 1 1 5 2 9 , , , 1 1 1 9 9 9 6 6 6 0 0 0 , , , 4 6 6 0 0 0 0 6 3 J O a c n t . . 1 1 5 7 , , 1 1 9 9 6 6 1 0 2 1 , , 0 50 0 4 7 A F M e p a b r y . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2 11 5 / / 2 4 8 3 1 , , 9 7 5 7 4 3 1 3 3 A F M e u a b g r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 5 6 5 -70.. . 2 2 % y 32 4 6 1 , , , 8 6 48 9 9 4 6 3 J M u a n y e 2 2 6 , , 1 1 9 9 6 6 0 0 , ,5 6 0 0 1 4 Ce M rti a f y ic a 1 te 5 s , 1960 4 1,269 N O o ct v . . 15 1 , , 1 1 9 9 6 6 3 3 4 i % y2 3,0 5 1 0 1 6 J M un a e r. 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2 V 1/22 2 1 , ,8 9 1 4 2 0 June 9, 1960 ,700 Nov. 15, 1960 434 7,037 Apr. 1,1964 11/2 457 Sept. 15, 1967-72... 21/2 2,716 June 16, 1960 ,700 Feb. 15, 1961 4% 6,931 May 15, 1964 4% 4,933 Dec. 15, 1967-72... 21/2 3,653 June 22, 1960* 4,018 Aug. 15, 1964 5 2,316 Oct. 1,1969 4 1,276 June 23, 1960 ,700 Treasury notes Oct. 1,1964 11/2 359 Nov. 15, 1974 3% 654 June 30, 1960 ,600 Apr. 1,1960 lVi 57 Nov. 15, 1964 4% 4,203 Feb. 15, 1980 4 884 July 7, 1960 400 May 15, 1960 314 2,738 June 15, 1978-83... 3Vi 1,601 J J u u l l y y 1 14 5 , , 1 1 9 9 6 6 0 0 2,0 4 0 0 1 0 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 0 0 3 43 V 4 2 2 9, , 5 4 6 0 1 6 Tr J e u as n u e r y 1 b 5 o , n 1 d 9 s 59-62...2*4 5,264 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 3 V V 4 i 1 1 , , 7 1 2 3 7 5 J J A u u u l l y y g . 2 2 4 8 1 , , , 1 1 1 9 9 9 6 6 6 0 0 0 4 4 4 0 0 0 0 0 0 A O M p c a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 1 0 1 3 l i i y % / 2 2 4, 2 0 1 7 7 4 8 8 4 D N D e e o c e v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 5 0 0 9 - - 6 6 5 2 3 . . . . . 2 2 2 1 1 % / 4 s 3 3 1 , , ,4 4 8 8 5 0 5 3 6 Pa F na e m b. a 1 C 5 a , n 1 a 9 l 9 L 5 oan.... 3 3 2,73 5 0 0 A A A u u u g g g . . . 2 1 1 5 8 1, , , 1 1 1 9 9 9 6 6 6 0 0 0 4 4 3 0 0 9 1 0 6 A O Fe u c b t g . . . 1 1 5 1 , , , 1 1 1 9 9 9 6 6 6 1 1 2 I 3 V % 4 2 2,1 3 6 3 4 3 6 7 2 N J S u e o n p v e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 1 1 2 -67... 2 2 2 V 1 % / ? 2 . 1 2 2 1 , , , 1 2 1 1 3 7 0 9 7 Co I A n n v p v e r e . r s t t i 1 m bl , e e 1 n b 9 t o 7 S n 5 e d - r s i 8 e 0 s . B ... 2% 6,645 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 396. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total Total E m n o d n t o h f d g e ro b s t s i d d g i e r r o b e s t c 2 s t Total Bonds v C i e b o r l n t e i - - Sav- T an a d x S i p ss e u c e ia s l Total Bills C c e a r t t e if s i- Notes Bank Bank bonds Totals b i o n n g d s s s in a g v s e b l l i e g i 4 - str r i e c - ted notes 1941 Dec 64.3 57.9 50.5 41 6 2 0 6 0 33 6 8.9 6.1 2.5 7 0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142 7 18.1 29 1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154 6 19.5 26 4 31 4 63 9 13 4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19 0 35.3 80 9 10.8 57.4 56.3 45.6 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Mar 282.2 282.0 236.1 176.3 32.2 34 4 25.4 84 2 8.0 51.9 51.0 43.9 Apr 285.5 285.4 240.2 180.7 34.2 34.4 27.2 84.9 7.8 51.7 50.8 43.3 May 286.4 286.3 240.3 181.0 35.0 33.8 27.3 84.9 7.7 51.5 50.7 44.2 June 284.8 284.7 237.1 178 0 32.0 33 8 27.3 84.9 7.7 51.4 50.5 44.8 July 288.8 288.7 241.8 183.1 37.0 33.8 27.3 84.8 7.6 51.1 50.2 44.1 Aug 290.5 290.4 242 9 184 5 38 6 20 3 40 7 84 8 7.6 50.8 50.0 44.7 Sept 288.4 288.3 241.1 J83.1 37.1 20.3 40.8 84.8 7.5 50.6 49.7 44.4 Oct 291.4 291 3 244 9 187 4 39 1 20 3 43 1 84 8 7.3 50.2 49.4 43.6 Nov 290.7 290.6 244.2 187.0 39.1 19 7 43.3 84.8 7.2 50.0 49.3 43.6 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960- Jan 291.2 291.1 245.5 189.9 41.2 19.7 44.2 84.8 7.0 48.6 47.9 42.6 Feb 290 7 290 6 244 8 189 4 41 2 15 2 48 2 84 8 6 9 48 5 47 8 42 8 Mar 287.0 286.8 240.5 185.4 37.2 15.2 48.3 84.8 6.6 48.4 47.8 43.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $409 million on Mar. 31, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $10,393 million on Feb. 29, 1960. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n i g n c g lu u d a - r- trust funds1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misc. a se n ti c t e e u s e r ) i d - S i p ss e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r i p o o n - s g lo o c v a t' l s S b a o v n in d g s s se O cu th ri e ti r es tors3 1941—Dec 64.3 7 0 2 6 54.7 2 3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945 Dec 278 7 20 0 7 0 251 6 24 3 90 8 10 7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257 0 29.0 5 4 222.6 22 6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951 Dec 259 5 35 9 6 4 217 2 23 8 61 6 9 8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.0 19 9 11.1 49.2 16.0 11.7 1953 Dec 275 2 41.2 7 1 226 9 25 9 63 7 9 2 15.9 21.5 12.7 49.4 15.4 13.2 l954_Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955 Dec 280 8 43.9 7 8 229.1 24.8 62 0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 222.7 24.9 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957 Dec . 275 0 45 8 9 4 219 8 24 2 59 5 7 6 12.5 17.2 17.0 48.2 16.9 16.5 1958—June 276.4 46.2 9.7 220.5 25.4 65.3 7.4 12.2 13.9 16.9 48.0 16.1 15.2 Dec.. 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.7 18.2 16.7 47.7 15.8 16.5 1959_jan .... 285.9 43.9 9.6 232.4 25.7 68.2 7.3 13.0 19.8 17.0 47.7 16.9 16.7 Feb 285.2 43.9 9.8 231.6 25.3 66.3 7.4 12.8 20.2 16.9 47.6 17.7 17.3 Mar 282 2 43 9 9 8 228.4 25 5 63 2 7.4 12.6 19.5 16.8 47.5 18.7 17.2 Apr 285.5 43.3 9.8 232.4 25.7 64.7 7.4 12.6 20.9 16.9 47.3 19.2 17.8 May 286.4 44.2 10.0 232.2 25.9 63.2 7.4 12.6 21.4 16.8 47.2 19.5 18.2 June 284.8 44.8 9 9 230.2 26 0 61 3 7.3 12.5 20.0 C16.7 47.0 19.7 19.4 July 288.8 44.1 10.0 234.7 26.5 61.8 7.3 12.6 21.8 17.0 46.9 20.4 20.4 AUK 290 5 44 7 9 9 235 9 26 7 60 8 7 3 12.7 22.8 17.2 46.7 21.0 20.6 Sept 288.4 44.4 9 8 234.2 26.6 60 0 7.3 12.6 21.3 17.3 46.5 21.8 21.0 Oct 291.4 43.6 10.0 237.8 26.6 60.4 7.0 12.6 22.9 17.4 46.3 22.8 21.7 Nov 290 7 43 6 10 2 236 9 26 9 59 0 6 9 12 5 23 2 17.4 46.2 22.9 21.9 Dec . . 290.9 43.5 10.2 237.3 2o.6 59.8 6.9 12.3 23.1 17.5 45.9 23.3 21.8 1960 Jan 291.2 42.6 10.6 238.0 25.5 58.6 6.9 12.5 25.1 17.6 45.8 24.1 22.0 c Corrected. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $293 million on Dec. 31, 1958, and to about agencies and trust funds; Treasury Department estimates for other groups. $85 million on Jan. 31, 1960. Starting with September 1959, banks in Alaska and Hawaii are being gradually reclassified as continental U. S. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 405 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s2 t- v b C e o r o t n i n b d - l s e Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1 19 9 5 5 6 5 — _ J ju u n n e e 3 3 0 0 . . 1 1 6 6 6 6 , , 8 0 8 5 2 0 2 1 0 9 , , 8 5 0 1 8 4 1 1 3 6 , ,3 8 0 3 3 6 4 3 0 5 , , 7 9 2 5 9 2 8 8 1 1 , , 1 8 2 9 8 0 1 1 1 1 , , 6 0 7 9 6 8 1 1 5 5 5 4, , 9 2 5 0 3 6 4 5 9 8 , , 7 7 0 1 3 4 3 3 8 1 , , 1 9 8 9 8 7 3 3 1 3 , , 3 6 1 8 2 7 3 3 2 3, , 6 9 2 3 8 0 1957—June 30. 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 1958_j D Un ec e . 3 3 0 1 . . 1 1 7 8 5 3 , , 5 8 7 9 3 6 2 2 2 9 , , 4 7 0 4 6 8 3 3 2 6 , , 9 3 2 6 0 4 2 2 0 6 , , 4 0 1 7 6 2 9 8 0 3 , , 9 4 3 0 2 2 8 8, , 3 8 0 9 9 8 1 1 6 7 6 5 , , 6 5 7 8 5 6 7 6 2 7 , , 6 7 1 8 6 2 4 5 1 2 , , 0 3 7 1 1 8 2 1 2 8 , , 9 6 6 5 1 2 3 3 4 1, , 9 8 9 6 9 0 1959—June 30. 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 Dec. 31. 195,346 39,643 19,669 44,152 84,804 7,077 188,269 78,456 61,609 23,625 24,579 1960—Jan. 31. 196,886 41,156 19,669 44,235 84,796 7,030 189,856 79,969 61,691 23,623 24,573 U. S Govt. agencies and trust funds: 1955—June 30 7,162 40 8 119 3,556 3,439 3,723 74 199 506 2,944 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957_june 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 Dec. 31 9,379 78 492 1,338 4,711 2,759 6,620 721 1,696 1,179 3,025 1959—June 30... 9,681 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Dec. 31 9,982 260 363 1,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 1960—Jan. 31. 10,380 526 366 1,719 5,080 2,689 7,691 1,315 1,923 1,886 2,567 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 1957__june 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 Dec. 31 26,347 2,284 18,704 2,875 2,484 26,347 20,995 3,881 206 1,264 1959—June 30 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 1,060 Dec. 31 26,648 2,626 10,508 11,016 2,498 26,648 18,654 6,524 677 793 I960—Jan. 31. 25,464 1,463 10,507 11,010 2,484 25,464 17,470 6,524 677 793 Commercial banks: 1955—June 30.. 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—June 30.. 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1 1 9 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 . . . . 4 5 8 7 , ,5 7 0 3 9 4 2 3 , , 8 7 5 9 3 6 2 3 , , 9 33 1 1 3 1 8 1 , , 9 5 8 3 4 2 3 3 3 8 , , 8 7 3 2 9 0 1 1 3 4 0 4 4 5 8 7, , 3 5 7 9 9 0 1 1 3 2 , , 4 2 3 6 1 8 2 2 4 3 , , 4 5 9 0 4 0 1 8 4 , , 6 2 0 5 0 9 4 5 , ,1 2 9 2 5 2 Dec. 31. . 59,048 5,194 6,686 12,285 34,753 130 58,918 14,380 29,696 10,433 4,409 1959—June 30.. 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Dec. 31. . 51,945 5,011 2,094 13,172 31,564 104 51,841 11,198 28,778 9,235 2,629 I960—Jan. 31. 50,916 4,793 2,112 12,704 31,203 103 50,812 10,783 28,200 9,199 2,631 Mutual savings banks: 1955—June 30..... 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 7 7 , ,1 3 1 9 0 7 1 8 6 9 3 1 1 1 3 4 2 4 3 6 6 5 7 5 5 , , 6 4 5 9 5 3 1, 9 0 3 9 1 8 6 6, , 1 2 7 9 9 9 5 3 7 0 6 3 1 1 , ,1 0 0 8 6 2 6 6 0 7 1 5 4 4, , 0 0 9 4 4 0 Dec. 31 6,942 139 115 538 5,268 882 6,060 300 1,229 958 3,573 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,7561 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,9871 I960—Jan. 31. 6,791 287 229 883 4,818 574 6,217 654 1,384 2,232 1,947 Insurance companies: 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5,285 1957__jUne 30.... 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 Dec. 31 10,984 726 231 731 7,255 2,042 8,943 1,158 1,976 1,156 4,653 1959—June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 1,678 4,164 Dec. 31. . . . 10,933 416 231 1,074 7,454 1,758 9,175 1,023 2,279 2,422 3,450 I960—Jan. 31. 11,106 627 246 1,071 7,467 1,696 9,410 1,246 2,291 2,431 3,441 Other investors: 1 1 9 9 5 5 6 5 — __ J jU u n n e e 3 3 0 0 . . 6 5 4 9 , , 9 2 4 6 7 0 1 1 5 7 , , 1 0 5 7 3 4 3 3 , , 9 9 7 1 3 9 1 13 2 , , 3 5 7 0 1 2 2 26 3 , , 8 9 9 2 6 7 3 3 , , 7 6 0 4 6 6 6 5 1 5 , , 3 5 0 5 1 4 2 29 4 , , 2 0 3 6 3 2 1 10 0 , , 4 6 4 3 3 3 7 7, , 6 6 1 2 2 6 1 1 4 3 , ,2 0 3 1 3 3 1957—June 30. 67,329 19,661 5,527 11,113 27,602 3,426 63,904 35,850 10,936 3,464 13,654 1958—June 30. 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29,489 11,243 6.054 15,872 Dec. 31 . 71,195 21.326 10,137 8,304 28,931 2,497 68,698 35,062 13,841 4,719 15,076 1959_june 30. 78,444 25,659 10,216 9,147 31,252 2,171 76.273 39,724 16,503 5,069 14,977 Dec. 31. 89,066 31,140 6,315 16,302 33,325 1,985 87,082 46,057 20,717 7,154 13,153 I960—Jan. 31.... 92,230 33,461 6,210 16,847 33,745 1,968 90,263 48,530 21,368 7,198 13,193 1 Direct public issues. panies included in the survey account for more than 90 per cent of total 2 Includes minor amounts of Panama Canal and postal savings bonds. holdings by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. NOTE.—Commercial banks, mutual savings banks, and insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r b e u c N d e e g ip t e t t s re T P f c u r l e u n u i s d s p : t ts ac I t G L r n t e a i o t o s n r v s n a s t : s - - . i E p T r f u q e r t o u b o h c a t l m e t a i s l c s l . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a u o b y t a t h l t a l i s s e l c . : t p p o f u r a t o o h b y ( r m e l - t i s ) c . , & ( c ( c o d - r d r r I e ) a e i e n r a g a d , b e - s i s e e c t n e e n - t , .) t a i r G n g . N v e o f n . e u v . t b n t & . y L d e s ss: O d n c e a t o h b s n e h t - * r b E r i o e n q c N p r g a u r a s e a o y h o t l w s t r . : - Cal. year—1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959 73,282 18,830 4,509 87,552 80,321 20,244 5,009 95,560 -8,006 10,112 -543 2,081 8,580 Fiscal year—1956 68,145 11,685 2,739 77,088 66,540 9,436 3,358 72,617 4.471 -578 3,166 623 -4,366 1957 71,029 14,369 3,242 82,107 69,433 12,961 2,386 80,008 2,099 -1,053 2,339 -292 -3,100 1958 69,117 16,329 3,493 81,893 71,936 16,069 4,592 83,413 -1,520 6,216 657 -200 5.760 1959 68,270 17,084 3,650 81,660 80,697 18,597 4,491 94,804 -13,144 9,656 -1,181 2,160 8,678 Semiannually: 1958—Jan.-June.... 39,792 9,162 2,083 46,836 35,876 8,936 3,338 41,475 5,362 660 777 -166 49 July-Dec 28,902 7,635 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 -1,494 653 7,713 1959—Jan.-June 39,368 9,449 2,023 46,768 40,791 9,676 3,205 47,265 -495 2,783 313 1,507 965 July-Dec 33,914 9,381 2,486 40,784 39,530 10,568 1,804 48,295 -7,511 7,329 -856 574 7,615 Monthly: 1959—Feb 6,576 1,637 212 7,998 6,331 1,462 -232 8,025 -28 -434 128 64 -627 Mar 8,426 1,322 162 9,581 6,461 1,451 789 7,124 2,457 -3,016 93 145 -3,253 Apr 4,258 1,302 171 5,384 6,427 1,905 328 8,005 -2,621 3,491 -665 69 4,086 May 5,425 2,479 189 7,708 6,164 1,426 -288 7,879 -171 1,248 1,148 84 15 June 10,154 1,950 1,052 11,048 8,631 1,548 1,533 8,646 2,403 -1,307 454 1,042 -2,803 July 3,246 1,214 486 3,973 6,557 2,174 561 8,171 -4,198 4,339 -505 239 4,606 Aug 5,679 2,444 217 7,903 6,305 1,528 -664 8,498 -594 1,943 573 31 1,339 Sept 8,486 1,236 230 9,488 6,357 1,735 383 7,709 1,779 -1,866 -399 -9 -1,457 Oct 3,023 1,009 348 3,678 6,868 1,886 861 7,894 -4,216 3,077 -683 105 3,656 Nov 5,897 2,004 316 7,579 6,598 1,496 -134 8,228 -649 -423 242 97 -763 Dec 7,582 1,474 889 8,163 6,844 1,748 797 7,795 368 259 -84 111 233 1960—Jan 4,909 828 272 5,461 6,199 1,974 1,406 6,767 -1,306 229 -472 147 554 Feb 7,265 2,329 359 9,231 6,170 1,613 -615 8,075 1,156 -686 32 26 -744 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period s b d u u N e r d o p f e i r g l c t u e it s t , a l c T a f c u t r o u i n u o r m d s n t u , - t c o R i l c e T i a a c r s t o e i h n o a - n s. i ( m s a G + s g N a u e ) o r a e n , k v n t c e o t c y . t e f in i s a n G v e g N c . e o F . n e v ( e c t b - t d y . y ) . , I d n ( e d g - c c i r r ) o r r o e e , e r a s i c a n s s s t e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance B ( F a a . D v n a R e k i p l . s - osit T s T a r u i x e n r a y : a s n - d O as n t s h e e e t t r s deficit obliga- & trust public able Loan ( tions 5 funds 5 debt funds) Accts. Fiscal year—1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 Semiannually: 1958—Jan.-June 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 1,121 July-Dec -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3.468 1,135 1959—Jan.-June -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3; 744 1,071 July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 Monthly: 1959—Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 1,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 1,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 1,586 May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 1,204 June 1,524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 1,071 July -3,311 -960 35 -1 670 3,976 -77 486 5,837 522 4,364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 898 Nov -701 507 -537 56 -67 -664 -1,408 4,968 582 3,559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 I960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 c Corrected. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 407 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r d i e e p - g t t e s t Old T - ran H sf i e g r h s - to R : . R. fu R o n e f d - s B c T u e r o d i e p t - g a t e l s t Individual Corpo- ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' f t u a r n u g d s e t * t f w r u u n a s d y t m t r ir e e e - n - t ce r i e p - ts W he i l t d h- Other ration acct. Fiscal year—1956.. 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957.. 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958.. 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959.. 68,270 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 Semiannually: 1958—Jan.-June 39,792 4,598 965 270 3,778 49,403 13,281 8,654 14,260 5,219 5,199 2,789 1,372 886 2,090 July-Dec.. 28,902 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 1959—Jan.-June. 39,368 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 1,402 876 2,352 July-Dec.. 33,914 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 Monthly: 1959—Feb. 6,576 949 182 71 374 8,152 4,356 846 362 906 1,281 401 209 141 Mar 8,426 799 152 43 1,301 10,722 2,213 725 5,459 927 857 540 245 150 1,194 Apr 4,258 540 148 16 1,412 6,375 969 3,033 477 852 558 486 243 159 May 5,425 1,417 214 70 1,030 8,155 4,196 617 410 1,020 1,488 424 276 !56 1,157 June 10,154 649 191 46 208 11,247 2,552 1,689 4,786 842 696 682 228 114 July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 243 150 Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 1,271 Sept 8,486 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 cl,137 Dec 7,582 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 I960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,265 1,243 264 84 432 9,289 4,835 483 954 1,611 522 n.a. Budget expenditures * Major national security Agri- Vet- culture Period Total Total* M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n d i l r c . s e In e t s e t r- ic e b s e r e e f s a i r n t n v a s e s n - - ' d w L a a e n b lf d o a r re t a c a u r g u n e r r l - a d - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiical year—1956.. 66,540 40,641 35,791 2,611 1,651 1,843 6,846 4,756 2,82? 4,867 1,105 2,030 1,630 1957.. 69,433 43,270 38,439 2,352 1,990 1,973 7,308 4,793 3,022 4,525 1,297 1,455 1,790 1958.. 71,936 44.142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959.. 80,697 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 Sttniannually: 1958—Jan.-June. 35,876 22,418 19,692 1,156 ,188 1,015 3,777 2,626 1,811 1,738 694 1,106 698 July-Dec.. 39,906 23,246 20,619 1,145 ,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June. 40,791 23,180 20,614 1,195 ,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec.. 39,530 23,119 20,975 715 ,290 650 4,494 2,493 2,086 2,961 941 1,950 833 Monthly: 1959_jan 6,776 3,693 3,298 163 213 212 680 445 432 798 106 310 97 Feb 6,331 3,596 3,218 143 203 176 636 440 317 610 114 320 131 Mar 6,461 3,864 3,434 195 217 184 657 441 326 394 106 343 147 Apr. 6,427 3,898 3,465 209 211 162 656 361 482 351 125 242 150 May 6,164 3,642 3,253 165 214 167 658 433 355 273 122 389 129 June 8,631 4,487 3,946 320 214 1,673 698 474 351 181 200 379 187 July 6,557 3,772 3,435 95 224 159 735 406 330 506 143 388 131 Aug 6,305 3,710 3,375 90 208 144 734 400 352 346 150 346 114 Sept 6,357 3,783 3,412 122 205 136 725 428 364 403 176 178 143 Oct 6,868 3,980 3,622 135 204 -85 740 405 405 675 173 446 166 Nov 6,598 3,643 3,275 148 212 173 747 424 317 495 165 467 130 Dec 6,844 4,231 3,856 125 237 123 813 430 318 536 134 125 149 I960—Jan 6,199 3,523 3,160 136 210 157 831 419 393 470 105 195 127 3 Consists primarily of (1) intra-Governmental transactions as de- 6 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 7 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary « The 1961 Budget Document shows certain revisions in fiscal year data. Fund and the Treasury, (5) reconciliation items to Treasury cash, and For more details, see the 1961 Budget Document and the Treasury Bulle- (6) aet operating transactions of Govt. sponsored enterprises. tin, Budget Receipts and Expenditures, Table 4. 4 Primarily adjustments 2, 3, and 4, described in note 3. 9 Includes stockpiling and defense production expansion not shown 5 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1958 1959 1952 1953 1954 1955 1956 1957 Loans, by purpose and agency: To B a a i n d k a s g f r o ic r u c lt o u o r p e e t r t a o t t i a v l es 5, A 0 T 7 A 0 6, 3 8 7 1 7 1 6, 3 9 6 2 7 9 6, 3 7 7 1 5 5 6, 4 7 5 5 7 2 6, 4 6 5 8 4 1 6, 4 9 1 3 0 1 7t4 47 0 3 2 8, 5 6 1 7 1 2 9,6 5 3 1 0 8 8,4 5 9 2 0 6 Federal intermediate credit banks 2.. 673 590 638 689 734 935 1,228 1,247 1,169 1,313 1,547 Farmers Home Administration 596 648 701 681 724 832 903 900 819 935 963 Rural Electification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,774 2,820 2,874 2,919 2,973 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 1,600 1,962 3,298 3,944 2,480 Other agencies 31 23 18 1 (3) (3) (3) (3) (3) C3) (3) To aid home owners, total , 2,603 2,930 2,907 3,205 3,680 4,769 4,628 4,607 4,860 5,352 5,873 Federal National Mortgage Association. 2,242 2,462 2,461 2,641 3,072 3,998 3,776 3,716 3,924 4,362 4,815 Veterans Administration , 362 300 383 480 464 770 851 890 936 989 1,056 Other agencies k 168 63 84 145 1 1 1 1 1 To industry, total 598 588 431 678 619 674 654 555 680 695 717 T C O r o t e h m a e s m r u a r e y g rc e e n D c e D ie p e s a p r a t r m tm en e t n . t .. . 598 \ 4 17 1 4 3 3 7 5 9 3 I f 2 1 3 6 1 0 1 6 2 2 2 1 0 1 9 9 9 1 2 2 2 5 0 1 1 6 7 2 2 1 4 2 9 1 2 1 2 2 1 2 4 9 1 7 0 2 2 1 7 1 8 8 6 7 i 1 n 82 2 3 1 0 4 7 1 2 4 301 To financing institutions 864 952 870 1,419 1,233 1,270 931 1,010 1,298 1,087 1,539 To aid States, territories, etc., total. 1,020 645 272 245 246 264 271 294 293 291 293 Public Housing Administration.. 894 500 112 90 106 105 91 106 106 91 89 Other agencies 126 145 160 155 140 159 180 188 187 200 204 Foreign, total 7,736 8,043 8,001 7,988 8,223 8,754 9,022 9,271 9,510 9,712 9,904 Export-Import Bank , 2,496 2,833 2,806 2,702 2,701 3,040 3,094 3,239 3,362 3,439 3,504 Treasury Department4 , 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,419 3,419 3,425 International Cooperation Administration. 51,515 1,537 1,624 1,767 1,995 2,195 2,412 2,514 2,682 2,782 2,874 Other agencies 58 53 1 57 49 45 47 46 73 101 All other purposes, total 75 119 166 256 213 344 449 489 548 562 627 Housing and Home Finance Agency. 5 29 127 209 156 283 383 423 458 497 563 Other agencies 69 90 39 47 57 62 65 66 89 66 64 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -486 -450 -368 -553 •654 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 22,383 23,280 25,493 26,977 26,788 Investments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,467 4,365 4,198 4,533 4,442 Federal home loan banks 311 387 641 745 1,018 896 1,366 1,250 995 1,202 1,064 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 293 278 288 296 310 Federal Housing Administration 316 319 327 381 458 471 536 559 567 586 590 Federal Deposit Insurance Corporation.... 1,437 1,526 1,624 1,720 1,825 1,937 2,030 2,034 2,049 2,139 2,154 Other agencies 148 152 147 149 181 226 242 245 300 310 324 Investment in international institutions 3,385 3,385 3,385 3,385 3,420 3,420 3,420 3,420 3,420 3,420 4,795 Other securities* 223 219 197 179 249 298 311 283 283 282 331 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 21,540 20,743 29,81« 20,504 20,821 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 3,310 3,013 3,036 2,906 3,614 Defense Department 11,004 11,136 10,344 9,730 9,681 9,421 8,751 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 303 428 550 609 1 6 , 2 5 0 1 1 7 7,2 1 8 8 2 5 7,7 1 0 8 0 6 7,8 1 0 9 9 1 7,9 1 1 7 9 4 7,9 1 8 91 7 8,2 1 7 7 8 8 Land, structures, and equipment, total 3,213 8,062 8,046 7,822 9,985 9,962 10,459 10,422 10,670 10,753 8,869 Commerce Dept. (primarily maritime activities) 4,834 4,798 4,822 4,502 4,535 4,589 4,550 4,721 4,736 2,856 Panama Canal Company 415 363 421 421 398 398 396 398 396 402 409 Tennessee Valley Authority 1,251 1,475 1,739 1,829 1,762 1,801 1,803 1,790 1,777 1,802 1,878 Housing and Home Finance Agency 1,202 1,040 728 450 236 88 32 26 25 20 9 Nat. Aeronautics and Space Administration 276 283 280 282 285 289 304 Bonneville Power Administration 311 342 349 371 372 373 357 General Services Administration 1,298 1,308 1,341 1,319 1,322 1,237 1,241 Post Office Department 590 599 637 637 637 637 640 Other agencies 345 350 360 300 613 608 1,033 1,050 1,134 1,257 1,175 Bonds, notes, & debentures payable (not guar.), total... 1,330 1,182 1,068 2,379 2,711 4,662 3,812 3,981 4,038 4,212 4,882 Banks for cooperatives 181 150 156 185 257 247 207 260 303 310 314 Federal intermediate credit banks 704 619 640 665 721 902 1,181 1,211 1,124 1,256 1,488 Federal home loan banks 445 414 272 958 963 825 455 612 714 699 992 Federal National Mortgage Association 570 770 2,688 1,968 1,898 1,898 1,947 2,087 1 Figures exclude interagency items. Prior to 1956, data for trust 6 Includes investment of the Agricultural Marketing revolving fund in revolving funds included such items. the banks for cooperatives; Treasury compilations prior to 1956 classified 2 Effective Jan. 1, 1957, the production credit corporations were merged this item as an interagency asset. in the Federal intermediate credit banks, pursuant to the Farm Credit NOTE.—Coverage has changed in some of the periods shown. Be- Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations ginning with 1956, changes reflect the expanded coverage and the new of the banks are classified as trust revolving transactions. classification of activities by type of fund now reported in the Treasury 4 3 L Fi e g s u s r t e h s a n re p $ r 5 e 0 s 0 e , n 0 t 0 0 la . rgely the Treasury loan to the United Kingdom, B cu u r l r le e t n in tl . y . C W las h s e if r i e c a c ti u o r n r s e n b t y T s r u e p a e s r u v r i y s o c ry o m a p u i t l h a o ti r o it n i s e s d a o r e n t o h t o s p e r o i v n i d e e x is a t e d n e c - e and through 1952 are based in part on information not shown in Treasury tailed breakdown of loans, these items have been classified by Federal com 5 p F i i l g a u ti r o e n d . erived by Federal Reserve. Reserve on basis of information about the type of lending activity involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

409 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- holders 2 tutions Federal viduals Total cial hold- Total cial hold- tutions agen- and insti- ers insti- ers cies others tutions tutions 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 1 1 9 95 5 1 2 9 8 1 2 . . 4 3 6 5 6 9 . . 9 5 2 2 . . 0 4 2 2 0 2 . . 8 1 7854..62 5 5 1 8 . . 7 5 4 4 1 6 . . 1 8 1 11 0 . . 7 7 2 2 3 5 . . 9 7 1 1 7 5. . 9 2 8 8. . 4 0 6 7 . . 7 3 2 2 . . 6 8 4 4 . . 1 4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3 0 4.8 1954 113.7 85.7 2.8 25.2 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 3.1 27.5 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 3.6 5.4 1956 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 4.8 35.6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.2 4.2 7.0 1959P 191.0 145.6 6.7 38.8 178.9 131.3 109.4 21.9 47.6 31.7 15.9 12.2 4.5 7.7 1958—June 162.8 124.5 4.6 33.7 151.9 111.5 93.3 18.2 40.4 27.1 13.3 10.9 4.1 6.8 Sept 167.1 127.9 4.6 34.6 156.0 114.5 95.9 18.6 41.5 27.8 13.7 11.1 4.2 6.9 Dec 171.9 131.5 4.8 35.6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.2 4.2 7.0 1959 Mar » 175.9 134.3 5.3 36.3 164.4 120.5 100.7 19.8 43.9 29.3 14.6 11.5 4.3 7.2 June1* 181.4 138.4 5.8 37.1 169.5 124.3 103.9 20.5 45.2 30.1 15.0 11.8 4.4 7.4 Sept.* 186.6 142.3 6.3 38.0 174.5 128.1 106.9 21.2 46 4 30 9 15.5 12 1 4 4 7 6 Dec p... 191.0 145.6 6.7 38.8 178.9 131.3 109.4 21.9 47.6 31.7 15.9 12.2 4.5 7.7 P Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts held by HOLC, in 1941 and 1945; by FNMA in other periods by savings and loan associations. shown). Other Federal agencies (amounts small and separate data not 2 Derived figures, which include debt held by Federal land banks and readily available currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1.004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 ,08? 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336C19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959P 28,200 20,430 6,200 3,100 11,130 6,180 1,590 24,990 22,457 6,335 8,635 7,487 2,480 53 1958—June 23,960 17,460 4,970 3,405 9,085 5,060 [,440 22,165 19,927 5,047 8,160 6,720 2,181 57 Sept 24,700 18,049 5,205 3,355 9,489 5,190 ,461 22,746 20,460 5,280 8,276 6,904 2,231 55 Dec 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959—Mar." •26,130 19,020 5,660 3,305 10,055 5,605 1,505423,638 21,257 5,684 8,435 7,138 2,328 53 Junep 27,060 19,615 5,885 3,230 10,500 5,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sect v 27,630 20,015 6,040 3,165 10,810 6,025 1,590 24,610 22,120 6,152 8,585 7,383 2,436 54 Dec.P 28,200 20,430 6,200 3,100 11,130 6,180 1,590 24,990 22,457 6,335 8,635 7,487 2,480 53 c Corrected. * Preliminary. estimates based in part on data from National Association of Mutual 1 Represents all banks in the United States and possessions. Savings Banks. 2 Includes loans held by nondeposit trust companies, but excludes 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 holdings of trust departments of commercial banks. March and Septem- million, and those of mutual savings banks declined by that amount, ber figures are Federal Reserve estimates based on data from Member as a result of the absorption of a mutual savings bank by a commercial Bank Call Report and from weekly reporting member banks. bank. 3 Figures for 1941 and 1945, except for the grand total, are estimates Source.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Farm Total Farm FHA- VA- FHA- VA- Total insured guar- Other Total insured guar- Other anteed anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1952. 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953. 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954. 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955. 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957. 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958. 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959. 5,970 5,468 1,549 201 3,718 502 39,299 36,475 8,318 7,115 21,042 2,824 1959—Feb.. 420 364 141 9 214 56 37,350 34,635 7,623 7,392 19,620 2,715 Mar.. 473 410 130 10 270 63 37,486 34,753 7,693 7,347 19,713 2,733 Apr.. 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 May. 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 June. 469 428 116 17 295 41 37,894 35,094 7,877 7,258 19,959 2,800 July.. 535 501 124 11 366 34 38,108 35,335 7,945 7,220 20,170 2,773 Aug.. 470 438 118 9 311 32 38,282 35,496 8,005 7,181 20,310 2,786 Sept.. 517 488 134 21 333 29 38,493 35,698 8,082 7,153 20,463 2,795 Oct.. 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20,628 2,808 Nov.. 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 Dec. 667 619 153 36 430 48 39,299 36,475 8,318 7,115 21,042 2,824 I960—Jan.. , 582 530 139 305 52 39,573 36.753 8,411 7,162 21,180 2,820 Feb.. 445 405 117 28 260 40 39,769 36,933 8,484 7,150 21,299 2,836 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31, 1959. Source.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals, Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Year or month New Home FHA- VA- Con- Year or Total* con- pur- Total 2 in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured anteed tional2 ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings justed ! ment 2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 1.327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 A,121 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 53,087 2,986 7,187 42,914 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1,523 5,832 .780 1959 1959 Feb 1,012 326 429 46,456 2,328 7,110 37,018 Mar 1,257 439 515 47,049 2,388 7,100 37,561 Jan 2,677 2,352 870 121 454 123 Apr 1,359 480 562 47,754 2,461 7,111 38,182 Feb... 2,631 2,245 106 426 113 May 1,434 522 601 48,508 2,528 7,119 38,861 Mar , 2,683 2,586 ,059 116 492 112 June 1,555 554 674 49,348 2,605 7,119 39,624 Apr 2,683 2,776 ,148 115 553 124 July 1,529 520 695 50,131 2,685 7,125 40,321 May 2,757 2,768 ,151 112 534 140 Aug 1,421 472 662 50,858 2,760 7,136 40,962 June 2,780 2,974 ,261 120 543 168 Sept 1,374 450 645 51,528 2,818 7,138 41,572 July 2,787 3,100 ,286 138 561 187 Oct 1,329 465 590 52,149 2,883 7,159 42,107 Aug 2,769 2,871 ,203 137 505 167 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Seot 2,650 2,834 ,184 136 481 173 Dec 1,094 377 465 53,087 2,986 7,187 42,914 Oct 2,639 2,799 152 146 463 168 2,589 2,442 953 137 409 152 1960 Dec 2,485 2,487 963 138 410 152 Jan.? 885 296 386 53,410 3,031 7,191 43,188 1960 989 345 413 53,809 3,065 7,196 43,548 Jan 2,079 777 107 343 115 p Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 411 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON [In millions of dollars] NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a e y g o c p e t r e - s t- 1 p l m o r e i a o m r e t n v n y - s e t 2 - TotaP p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total unde F r H w A ri - tten VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18 6 4 3 4 1 2 14 3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3 882 1,259 1,030 259 ,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13 2 28.8 1954 3066 1,035 907 232 891 4,257 2,686 1,566 1952 58 5 25 4 10 8 14 6 33 1 1955 3 1,269 1,816 76 646 7,156 4,582 2,564 1953 66 1 28 1 12 0 16 1 38 0 1 1 1 1 9 9 9 9 5 5 5 5 8 7 6 9 7 6 3 3 , , , , 6 3 7 4 9 4 1 6 4 9 5 1 2 1 1 , , , 5 8 1 6 6 8 3 6 0 3 3 6 2 3 1 1 , , , , 8 3 5 5 7 8 0 0 1 5 5 7 9 5 6 1 2 9 2 3 9 5 8 0 9 6 8 8 9 6 6 9 7 9 8 2 2 5 3 , , , 7 7 8 8 6 6 6 8 5 1 8 7 2 2 3 1 , , , , 8 3 0 9 1 5 9 1 1 1 0 0 1, 7 8 5 9 6 4 3 4 3 9 0 8 1 1 1 1 9 9 9 9 5 5 5 5 5 7 4 6 1 7 9 8 0 5 9 8 7 .6 0 7 2 4 4 3 3 3 7 2 8 . . 2 9 9 1 1 1 1 1 2 5 6 4 . . 5 3 8 5 2 2 3 1 8 0 4 9 .6 4 7 3 4 4 6 55 3 0 9 . . . 4 6 3 1 19*i8 117 7 50 1 19 7 30 4 67 6 1959—Feb 598 196 311 37 54 238 174 64 1959P 131 3 53 8 23 8 30 0 77 5 Mar 643 211 319 33 81 260 201 59 Apr 639 196 294 69 231 179 52 1958—June 111.5 48.3 17.7 30.6 63.2 J J M u u l a n y y e 6 6 6 8 5 9 0 2 4 2 2 1 0 1 8 8 4 6 2 3 3 9 1 1 1 2 0 71 9 9 8 2 9 8 2 2 2 1 2 2 1 1 7 1 1 1 6 6 6 1 5 8 5 5 5 6 0 9 S D e e p c t 1 11 1 7 4 . . 7 5 4 5 9 0 . . 1 1 1 19 8 . . 7 6 3 3 0 0 . . 4 5 6 6 5 7 . . 4 6 Aug 660 215 288 67 89 202 150 52 1959—Mar.*.... 120.5 51.3 20.9 30.4 69.2 D N S O e e c o p c t v t 6 6 5 5 4 5 8 4 9 6 3 0 2 2 2 2 3 2 3 2 3 3 7 6 2 2 2 2 2 8 1 8 5 6 8 4 5 3 5 1 2 5 0 1 9 9 7 8 4 0 8 5 2 2 2 2 2 4 3 2 1 1 8 0 1 1 1 1 5 5 6 7 7 8 7 7 7 6 6 6 0 3 1 4 J D S u e e n p c e t. . * P P > . . . . . . . . 1 1 1 3 2 2 8 1 4 . . . 1 3 3 5 5 5 2 3 3 . . . 1 1 8 2 2 2 2 1 3 . . . 9 8 8 3 3 3 0 0 0 . . . 3 0 2 7 7 7 2 7 5 . . . 5 2 0 I960—Jan 514 221 196 19 78 195 148 47 * Preliminary. Feb 464 198 170 28 170 133 36 NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. Sources.—Federal Home Loan Bank Board, Federal 3 Includes a small amount of alteration and repair loans, not shown separately; only such Housing Administration, Veterans Administration, and loans in amounts of more than $1,000 need be secured. Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY» FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members* End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month FHA- VA- d u i n s - - Total S te h r o m rt 1 - L te o r n m g 2 - deposits Total su in re - d a g n u te a e r- d c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 46 1951. 1,850 204 1,646 677 111 239 1952 586 528 864 565 299 420 1952. 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 558 1953. 2,462 621 1,841 542 221 638 1954 734 818 867 612 255 802 1954. 2,434 802 1,632 614 525 476 1955 1,251 702 417 991 426 698 1955. 2,615 901 1,714 411 62 76 1956 745 934 I 228 798 430 683 1956. 3,047 978 2,069 609 5 360 1957 1,116 1,079 1,265 731 534 653 1957. 3,974 1,237 2,137 1,096 764 1958 1 364 1 331 1,298 685 613 819 1958. 3,901 1,483 2,418 623 482 1,541 1959 2,067 1,231 >,134 1,192 942 589 1959. 5,531 2,546 2,985 1,907 5 568 1959—Mar 83 96 ,087 531 556 736 19S9--Feb 4,188 1,664 2,523 176 1,291 157 62 1,183 570 612 695 Mar 4,340 1,740 2,600 175 1 1 182 May 116 53 ,246 596 650 692 Apr 4,508 1,831 2,677 193 1 063 June 351 60 ,537 750 786 776 M^ay 4,641 1,900 2,740 154 1 982 July 235 214 ,557 807 750 613 4,793 2,000 2,794 177 1 875 Aug 171 63 .665 892 773 587 July 4,948 2,104 2,844 178 788 Sept 200 70 ,795 1,042 753 570 5,085 2,198 2,887 165 1 714 Oct 199 78 1,916 1,080 835 524 Sept 5,216 2,288 2,928 155 672 Nov 129 82 1,963 1,109 854 506 Oct 5,335 2,383 2.953 143 611 Dec 281 109 2,134 1,192 942 589 5,441 2,471 2,970 127 573 Tier. 5,531 2,546 2,985 129 568 I960 Jan 136 531 1,740 1 042 697 499 Feb 58 169 1.628 963 665 488 1960—Tan 5,508 2,621 2,887 126 115 600 Mar 88 196 1,520 858 662 533 Feb 5,577 2,713 2,864 144 49 601 1 Secured or unsecured loans maturing in one year or less. 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 2 Secured loans, amortized quarterly, having maturities of more than new charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Source.—Federal Home Loan Bank Board. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o u h e d m e r r s i er e a r n R l n d o i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 84S 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 19593 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1959—Feb 44,748 34,025 14,339 8,727 2,324 8,635 10,723 3,697 4,098 2,928 Mar 44,925 34,234 14,494 8,691 2,338 8,711 10,691 3,755 4,004 2,932 Apr 45,708 34,762 14,810 8,755 2,364 8,833 10,946 3,812 4,160 2,974 May 46,603 35,357 15,128 8,887 2,419 8,923 11,246 3,925 4,359 2,962 June 47,522 36,135 15,566 9,040 2,467 9,062 11,387 3,991 4,446 2,950 July 48,047 36,757 15,923 9,134 2,517 9,183 11,290 3,954 4,407 2,929 Aug. 3 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sept 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9,687 2,683 9,684 11,656 4,117 4,614 2,925 Dec 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 I960 Jan 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 Feb 51,021 39,408 16,677 9,997 2,695 10,039 11,613 4,151 4,305 3,157 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-58, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business, pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- A detailed description of the methods used to derive the estimates may tions; holdings of retail outlets are included in other consumer goods be obtained from Division of Research and Statistics. paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n it s p f s i C c a u n o n a m o m i n n e e c - - s r e 1 Other 1 Total D st m e o p r e a e n r s t t 2 - F st t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s d l e e i e s - - d m A ea o u l b e to r il s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1 726 1,797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1953 23,005 18,963 8,998 5,927 1,124 2,137 in 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1.511 1,044 365 487 1,101 14)56 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 1,882 1,128 292 506 1,175 I9594 39,482 33,838 14,922 10,145 3,232 3,764 1,775 5,644 2,298 1,167 295 588 1,296 1959_Feb 34,025 29,238 12,938 8,724 2,671 3,377 1,528 4,787 1,807 1,079 283 509 1,109 Mar 34,234 29,499 13,086 8,780 2,710 3,378 1,545 4,735 1,781 ,045 282 513 1,114 Apr 34,762 30,010 13,374 8,921 2,766 3,387 1,562 4,752 1,781 1,043 282 524 1,122 May 35,357 30,540 13,645 9,089 2,815 3,394 1,597 4,817 1,807 1,044 283 535 1,148 36,135 31,245 13,963 9,350 2,895 3,424 1,613 4,890 1,839 1,052 283 551 1,165 July 36,757 31,861 14,230 9,592 2,946 3,463 1,630 4,896 1,826 1,055 284 565 1,166 Aug.4 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 1,868 1,072 288 578 [,164 Sept 37,962 32,954 14,664 9,949 3,093 3,542 1,706 5,008 1,907 1,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 1,717 5,103 1.967 1,089 286 593 1,168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 1,744 5,204 2,045 1,107 290 592 1,170 Dec 39,482 33,838 14.922 10,145 3,232 3,764 1,775 5,644 2,298 1,167 295 588 1,296 I960 Jan 39,358 34,003 15,066 10,168 3,225 3,777 1,767 5,355 2,109 1,132 289 587 1,238 Feb 39,408 34,246 15,134 10,276 3,259 3,795 1,782 5,162 2,002 I 111 285 590 [ 174 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 413 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g p O c u o a o t m o p h n d e e e - r s r r e R l m r t o a e n i o n a p o iz n d d n a a s - ir - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r s o e e t d t n a a i l t l t - m A pa o u p b t e i o l r - e s g p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d a n p ti e n d a o r s i n n r - l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 All 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1.317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12,780 4,014 2,170 2,269 ,715 2,612 19591 10,145 7,328 ,883 35 899 I9591 14,922 4,798 2,511 2,553 1,941 3,119 1959—Feb.. 8,724 6,394 ,548 19 763 1959—Feb 12,938 4,075 2,218 2,290 1,695 2,660 Mar. 8,780 6,429 ,561 21 769 Mar 13 086 4,133 2,262 2,288 1,700 2,703 Apr. 8,921 6,543 ,582 20 776 Apr 13,374 4,241 2,324 2,310 1,720 2,779 May. 9,089 6,679 ,605 22 783 May 13,645 4,340 2,376 2,347 1,754 2,828 June 9,350 6,884 ,647 23 796 June 13 963 4,475 2,425 2,383 1,788 2,892 July. 9,592 7,063 ,695 25 809 July 14,230 4,580 2,465 2,424 1,825 2,936 Aug. 9,806 7,240 ,723 26 817 AUK 1 14,497 4,682 2,495 2,472 1,855 2,993 Sept. 9,949 7,328 ,761 30 830 Sent 14,664 4,746 2,500 2,494 1,882 3,042 Oct.. 10,071 7,406 ,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 Nov. 10,117 7,388 ,830 34 865 Nov .. 14 853 4,825 2,519 2,513 I 928 3,068 Dec. 10,145 7,328 ,883 35 899 Dec 14,922 4,798 2,511 2,553 [.941 3,119 1960—Jan.. 10,168 7,305 1,922 36 905 I960 Jan 15,066 4,793 2,522 2,689 1,932 3,130 Feb.. 10,276 7,342 1,982 37 915 Feb 15,134 4,822 2,549 2,684 1,928 3,151 1 Includes data for Hawaii, beginning with August 1959. l Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts Total Auto- O co th n e - r R a e n p d air Per- Total loans 1939 E o n r d m of o n y t e h ar i c m n r s 7 e e t 8 d n a 9 i l t t - m pa o p b 8 e i 1 l r e s g p u o a m p o 2 e d e 4 r s r m iz l o o a d a ti 1 n e o 5 s r n n- s lo o 6 a n 6 n a 9 s l E o n r d m of o n y t e h ar i c m n n r s o e e t n d a n - i l t t - b C m c a o i n e a m r k l - s - t f O u i i n c t n t i i s h a o a t n e i l n - r - s s m t p D o a e r e r e n - t s - t ! o O r u e t t t h l a e e i t l r s C ca re r d d i s t 2 S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1953 4,038 538 370 247 2,883 1941 3,087 693 152 275 1,370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1,927 1957 7,099 ,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7,577 ,143 610 616 5,208 1955 9,924 2,635 367 862 3,717 216 2,127 I9591 8,771 ,365 751 728 5,927 1956 10,614 2,843 410 893 3,842 260 2,366 1957 11,103 2,937 427 876 3,953 317 2,593 1959_Feb 7,576 ,143 611 610 5,212 1958 11,506 3,156 490 907 3,808 345 2,800 Mar 7,633 ,157 620 617 5,239 19593 12,564 3,542 634 960 3,985 406 3,037 Apr 7 715 178 635 624 5 278 May 7,806 ,198 653 643 5,312 1959—Feb 10,723 3,182 515 637 3,112 349 2,928 June 7 932 231 671 656 5,374 Mar 10,691 3,208 547 608 3,047 349 2,932 July 8,039 ,250 684 667 5,438 Apr 10,946 3,291 521 601 3,208 351 2,974 Aug i 8 237 ,293 702 688 5,554 May... . 11,246 3,337 588 609 3,405 345 2,962 Sept 8,341 ,310 713 701 5,617 June.... 11,387 3,417 574 599 3,494 353 2,950 Oct 8,430 .327 724 708 5,671 July 11,290 3,407 547 558 3,467 382 2,929 Nov 8,549 1,345 732 721 5,751 Aug3... 11,331 3,431 603 562 3,408 395 2,932 Dec 8,771 1,365 751 728 5,927 Sept 11,388 3,455 629 606 3,383 401 2,914 Oct 11,451 3,466 584 647 3,491 387 2,876 I960 Jan 8,769 1,361 750 723 5,935 Nov 11,656 3,472 645 717 3,506 391 2,925 Feb 8,836 1,374 759 730 5,973 Dec 12,564 3,542 634 960 3,985 406 3,037 1960—Jan 11,998 3,499 593 825 3,577 414 3,090 1 Includes data for Alaska and Hawaii, beginning with January and Feb 11,613 3,496 655 686 3,204 415 3,157 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. hea 3 ti I n n g c - l o u i d l e s a c d co a u ta n t f s o . r Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti a o n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 388 10,272 1956 40,175 15,563 11,702 ,568 11,342 1957 42,545 16,545 11,747 ,660 12,593 1958 40,818 14,316 11,638 ,890 12,974 19591 48,476 18,001 13,512 2,087 14,876 1959—Feb.. 3,857 3,290 1,468 ,266 1,066 860 158 126 1,165 1,038 Mar.. 3,809 3,830 1,435 ,491 1,075 995 168 157 1,131 1,187 Apr.., 3,989 4,073 1,527 ,598 1,146 1,090 176 173 1,140 1,212 May.. 4,112 4,092 1,533 ,580 1,160 1,128 190 198 1,229 1,186 June. 4,032 4,454 1,509 ,780 1,130 1,173 178 195 1,215 \3O6 July.. 4,159 4,315 1,557 ,720 1,154 1,109 183 197 1,265 ,289 Aug1. 4,132 4,193 1,538 ,627 1,138 1,123 185 199 1,271 ,244 Sept., 4,172 4,061 1,521 ,515 1,138 1,123 175 191 1,338 ,232 Oct.. . 4,219 4,185 1,622 ,564 1,124 1,198 174 190 1,299 ,233 Nov.. 4,083 3,928 1,466 ,313 1,133 1,172 171 175 1,313 ,268 Dec. 4,046 4,686 1,377 ,293 1,146 1,616 173 166 1,350 ,611 1960—Jan.. 4,217 3,534 1,535 ,278 1,208 976 165 124 1,309 ,156 Feb., 4,115 3,723 1,560 ,427 1,094 934 175 146 1,286 ,216 Repayments 1953.. 27,956 10,879 8,622 1,119 7,336 1954.. 30,488 11,833 9,145 1,255 8,255 1955.. 33,649 13,082 9,751 1,315 9,501 1956.. 37,236 14,576 10,756 1,362 10,542 1957.. 40,259 15,595 11,545 1,466 11,653 1958.. 40,921 15,488 11,497 1,629 12,307 19591. 43,239 15,715 12,225 1,738 13,561 1959—Feb.. 3,510 3,294 ,290 1,198 991 966 139 132 1,090 998 Mar.. 3,455 3,621 ,276 1,336 984 ,031 138 143 1,057 1,111 Apr.. 3,540 3,545 ,296 1,282 1,013 ,026 149 147 ',082 1,090 May.. 3,628 3,497 ,318 1,262 1,014 996 149 143 ,147 1,096 June. 3,542 3,676 ,289 1,342 992 ,020 145 147 ,116 1,167 July.. 3,636 3,693 ,334 1,363 1,011 ,015 146 147 ,145 1,168 Aug.1 3,635 578 ,325 1,318 1,012 993 152 151 ,146 1,116 Sept.. 3,660 609 ,315 1,333 1,045 ,022 147 147 ,153 1,107 Oct.. , 3,697 3,726 ,341 1,375 1,048 ,054 147 150 ,161 1,147 Nov.. 3,700 626 ,311 1,303 1,069 ,019 142 145 ,178 1,159 Dec. 3,776 927 ,361 1,372 1,066 ,060 144 145 ,205 1,350 I960—Jan.. 3,824 3,658 ,386 1,300 1,089 ,090 141 137 ,208 1,131 Feb. 3,707 3,673 ,338 1,318 1,046 ,066 143 142 ,180 1,147 Change in outstanding credit2 1953 + 3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5,390 +3,663 + 883 +73 +771 1956 +2,939 +987 +946 +206 + 800 1957 +2,286 +950 +202 + 194 +940 1958 -103 -1,172 + 141 +261 +667 19591 +5,402 +2,353 + 1,320 +354 + 1,375 1959—Feb... + 347 -4 + 178 +68 +75 -106 + 19 -6 +75 +40 Mar... +354 +209 + 159 + 155 +91 -36 + 30 + 14 +74 +76 Apr... +449 + 528 +231 +316 + 133 +64 +27 +26 +58 + 122 May. . +484 +595 +215 +318 + 146 + 132 +41 +55 +82 +90 June.. +490 +778 +220 +438 + 138 + 153 + 33 +48 +99 + 139 July... +523 +622 +223 +357 + 143 +94 + 37 +50 + 120 + 121 Aug.l. +635 +753 +269 +365 + 151 + 155 + 37 +52 + 178 + 181 Sept... +512 +452 +206 + 182 +93 + 101 +28 +44 + 185 + 125 Oct.. . + 522 +459 +281 +189 +76 + 144 +27 +40 + 138 +86 Nov... +383 +302 + 155 + 10 +64 + 153 +29 +30 + 135 + 109 Dec... +270 +759 + 16 -79 +80 +556 +29 +21 + 145 +261 1960—Jan.. + 393 -124 + 149 -22 + 119 -114 +24 -13 + 101 +25 Feb., +408 +50 +222 + 109 +48 -132 +32 +4 + 106 +69 1 Extensions and repayments include current data for Alaska and December 1957, pp. 1420-22, and November 1959, p. 1418. Hawaii beginning with January and August 1959, respectively. The A discussion of the composition and characteristics of the data and differences between extensions and repayments do not equal the changes a description of the methods used to derive the estimates are shown in outstanding credit for these two months or for the year 1959 because in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment the differences do not reflect the effect of the introduction of outstanding credit extended and repaid are based on information from accounting balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-58, in the BULLETIN for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 415 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,099 7,560 6,375 5,524 1954.... 31,051 11,267 7,260 6,983 5,541 1955.... 39,039 14,109 10,200 8,449 6,281 19561... 40,175 14,463 9,600 9,474 6,638 19571... 42,545 15,355 10,200 10,495 6,495 19581... 40,818 14,860 8,907 10,488 6,563 195912.. 48,476 17,522 11,007 12,035 7,912 1959_Feb. i. 3,857 3,290 1,394 1,225 869 723 936 834 658 508 Mar... 3,809 3,830 1,374 ,430 888 883 912 950 635 567 Apr.. . 3,989 4,073 1,447 ,559 945 933 929 955 668 626 May.. 4,112 4,092 1,496 ,518 944 940 1,012 981 660 653 June.. 4,032 4,454 1,428 ,623 918 1,074 1,002 1,069 684 688 July. . 4,159 4,315 1,535 ,612 948 1,061 1,018 1,041 658 601 Aug.2. 4,132 4,193 1,521 ,530 917 988 1,031 1,021 663 654 Sept... 4,172 4,061 1,510 ,473 941 950 ',069 996 652 642 Oct.. . 4,219 4,185 1,521 ,482 992 973 ,053 1,014 653 716 Nov... 4,083 3,928 1,440 ,322 900 843 ,068 1,052 675 711 Dec... 4,046 4,686 1,424 ,425 860 ,096 1,314 666 1,061 1960—Jan. i 4,217 3,534 1,519 ,346 985 802 ,063 912 650 474 Feb. i 4,115 3,723 1,495 ,393 973 860 ,058 996 589 474 Repayments 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 19561 37,236 13,362 8,943 8,603 6,328 19571 40,259 14,360 9,727 9,673 6,499 19581 40,921 14,647 9,774 10,010 6,490 195912 43,239 15,406 9,623 10,917 7,293 1959_Feb. i. 3,510 3,294 1,256 1,171 793 732 863 795 598 596 Mar.. 3,455 3,621 1,236 1,282 781 827 852 893 586 619 Apr... 540 3,545 1,257 1,271 808 792 876 873 599 609 May.. 628 497 1,287 1,247 819 772 924 890 598 588 June.. 542 676 1,250 1,305 787 813 905 943 600 615 July .. 636 693 1,311 1,345 807 819 923 934 595 595 Aug. 2. 635 578 1,310 1,299 793 795 920 892 612 592 Sept... 660 609 1,312 1,306 804 807 930 892 614 604 Oct.. . 697 726 1,326 1,329 816 851 935 925 620 621 Nov... 700 3,626 1,312 1,286 794 797 943 933 651 610 Dec... 776 3,927 1,331 1,356 832 858 970 1,092 643 621 I960—Jan. i. 3,824 3,658 1,389 1,323 844 779 970 914 621 642 Feb.i. 3,707 3,673 1,340 1,325 792 953 929 606 627 Change in outstanding credit3 1953 +3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 + 896 + 390 19561 +2,939 + 1,176 +657 + 871 +235 19571 +2,286 + 1,066 +473 + 822 -75 19581 -103 -63 -833 +478 + 315 195912 + 5,402 +2,142 + 1,405 + 1,194 + 661 1959--Feb.i. +347 -4 + 114 + 30 +76 -9 +73 + 39 +84 -64 Mar... +354 +209 + 138 + 148 + 107 + 56 +60 +57 +49 -52 Apr... +449 +528 + 190 +288 + 137 + 141 +53 + 82 +69 + 17 May.. +484 +595 +209 +271 + 125 + 168 +88 +91 +62 +65 June.. +490 +778 + 178 + 318 + 131 +261 +97 + 126 + 84 +73 July.. + 523 +622 +224 +267 + 141 +242 +95 + 107 +63 +6 Aug. 2. +635 +753 +247 +267 + 145 +214 + 180 + 198 +63 +74 Sept... +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 + 38 +38 Oct.. . +522 +459 + 195 + 153 + 176 + 122 + 118 + 89 +33 +95 Nov... + 383 + 302 + 128 + 36 + 106 +46 + 125 + 119 +24 + 101 Dec... +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 I960—Jan. i. +393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 Feb.i. +408 +50 + 155 +68 +205 + 108 + 105 +67 -57 -193 1 Data on extensions and repayments have been adjusted to avoid NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of duplications resulting from large transfers of other consumer goods paper. the BULLETIN for October 1956; for 1955-58, in the BULLETINS for As a result, the differences between extensions and repayments for some December 1957, pp. 1421-22, and November 1959, p.1419. types of holders do not equal the changes in outstanding credit. A discussion of the composition and characteristics of the data and 2 Extensions and repayments include current data for Alaska and a description of the methods used to derive the estimates are shown Hawaii beginning with January and August 1959, respectively. The in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment differences between extensions and repayments do not equal the changes credit extended and repaid are based on information from accounting in outstanding credit for these two months or for the year 1959 because records of retail outlets and financial institutions and often include charges the differences do not reflect the effect of the introduction of outstanding incurred under the instalment contract. Renewals and refinancing of balances for these two States. loans, repurchases and resales of instalment paper, and certain other trans- 3 Obtained by subtracting instalment credit repaid from instalment actions may increase the amount of both credit extended and credit credit extended, except as indicated in notes 1 and 2. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. INDUSTRY GROUPINGS Total index. 141 159 155 157 162 166 166 163 157 156 155 156 165 168 166 Manufacturing, total. 139 158 153 156 161 165 166 163 156 156 154 154 164 168 166 Durable 141 165 160 165 171 111 179 171 159 157 155 '155 174 181 178 Nondurable 141 155 150 151 155 156 156 159 159 159 157 157 158 159 157 Mining 120 125 126 126 129 131 129 123 120 119 120 126 130 128 125 Utilities 244 268 259 261 262 266 271 271 269 273 r274 '273 r278 280 281 Durable Manufactures Primary and fabricated metals. 110 125 132 139 144 153 151 122 r94 92 87 113 145 r148 143 Primary metals 99 114 130 139 145 155 150 103 '60 '58 '56 101 145 '147 139 Iron and steel 94 108 129 140 146 155 148 89 '39 '38 '38 95 '148 149 141 Fabricated metal products.... 125 142 136 138 142 149 152 151 145 144 135 130 143 '149 149 Structural metal parts 138 149 146 148 154 159 163 162 150 149 138 136 149 156 155 Machinery and related products. .. 166 197 186 190 196 203 206 209 r204 r202 '201 186 200 212 211 Machinery 140 169 154 157 163 170 175 177 173 -175 174 '170 111 180 178 Nonelectrical machinery 117 141 128 132 138 143 148 149 146 148 147 145 147 148 148 Electrical machinery 175 212 197 198 204 213 217 223 r218 '219 '217 '210 227 r232 227 Transportation equipment 197 228 224 231 238 244 244 247 237 230 229 184 217 251 250 Motor vehicles and parts 112 146 142 151 158 163 165 167 155 151 152 92 137 187 185 Aircraft and other equipment.. 376 389 389 389 395 401 397 400 400 386 378 378 375 365 364 Instruments and related products. 175 209 192 195 197 204 212 215 215 218 220 220 223 220 218 Ordnance and accessories Clay', glass, and lumber 124 143 138 144 147 147 151 147 144 143 142 144 143 143 Clay, glass, and stone products. 137 159 152 160 162 167 170 165 162 161 159 160 159 159 Lumber and products 110 124 123 127 131 123 129 125 124 123 123 127 126 127 Furniture and miscellaneous. 126 147 140 144 148 150 153 150 149 150 150 152 153 151 Furniture and fixtures 137 164 157 161 166 167 171 167 165 166 168 172 173 170 Misc. manufactures 116 133 127 131 134 135 138 136 136 136 135 136 136 136 Nondurable Manufactures Textile, apparel, and leather products. 117 136 129 131 137 139 140 142 139 137 136 137 139 138 135 Textile mill products 109 126 121 123 127 129 132 135 130 127 123 124 124 124 124 Apparel products 129 152 143 145 152 155 156 156 154 154 156 159 160 157 155 Leather and products 109 119 115 114 120 127 121 124 120 117 117 116 118 119 Paper and printing 142 154 150 149 153 154 153 156 157 158 157 155 755 159 158 Paper and products 155 170 167 164 173 172 169 175 174 175 175 167 '173 176 173 Printing and publishing. 133 143 138 139 141 142 142 145 146 148 146 147 148 148 148 Newspapers 126 135 131 131 136 135 132 139 140 138 137 137 140 139 137 Chemical, petroleum, and rubber products. 188 215 205 209 210 212 219 223 221 223 218 218 219 '220 217 Chemicals and products 210 240 227 230 238 241 244 245 246 250 245 246 248 -250 246 Industrial chemicals 247 298 275 282 290 296 306 310 310 315 307 309 313 313 Petroleum products 148 158 154 163 157 158 162 163 161 159 159 158 153 153 "\52 Rubber and plastics products 166 199 197 196 182 183 205 223 210 209 201 198 203 205 Foods, beverages, and tobacco. 123 128 126 125 130 130 127 127 130 130 128 129 129 131 130 Foods and beverages 123 128 127 126 130 131 128 127 131 130 128 129 130 131 130 Food manufactures 125 131 129 129 132 133 131 129 131 131 129 132 133 134 132 Beverages 112 118 114 112 121 120 112 114 126 125 119 116 114 120 Tobacco products 121 127 128 122 135 126 117 134 130 126 130 127 131 129 Mining Coal, oil, and gas 117 122 121 120 123 125 124 120 119 120 121 124 •127 124 120 Coal 68 67 72 67 69 73 68 58 59 61 63 71 78 75 69 Crude oil and natural gas. 140 147 144 145 148 150 150 148 146 146 147 149 149 147 143 Oil and gas extraction.. 138 145 142 143 147 148 147 146 143 144 145 146 146 144 142 Crude oil 129 135 133 134 138 139 139 135 133 134 135 136 135 133 132 Gas and gas liquids.. 196 209 202 205 207 209 213 217 214 212 215 215 219 Oil and gas drilling 152 159 153 151 152 155 161 162 163 161 159 164 170 i64* *146* Metal, stone, and earth minerals. 142 146 157 159 163 164 160 145 128 118 120 142 152 153 155 Metal mining 114 106 139 139 136 140 130 100 66 53 57 94 111 '119 129 Stone and earth minerals 171 188 175 179 190 189 190 192 193 189 188 192 196 188 182 Utilities Electric. 244 271 258 261 262 267 273 275 274 279 279 274 278 '279 Gas 244 262 264 265 265 266 266 261 '259 259 263 "272 283 SUMMARY MARKET GROUPINGS Final products, total 145 162 155 157 161 164 164 166 165 168 170 161 166 170 168 Consumer goods 140 155 150 151 156 157 157 159 159 161 165 154 159 164 161 Equipment, including defense. 165 188 176 179 184 190 193 196 190 193 192 189 194 196 196 Materials 138 156 154 158 163 167 167 160 147 151 '150 154 165 167 165 P Preliminary. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 417 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Without seasonal adjustment] a A v n e n ra u g a e l 1959 1960 Grouping 1958 1959* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. INDUSTRY GROUPINGS Total index 141 159 157 160 163 165 167 154 '156 159 160 157 162 168 169 739 755 755 759 763 764 767 753 754 755 759 756 161 167 168 141 165 163 169 173 177 180 161 '152 157 159 158 174 181 181 Nondurable 141 155 151 152 155 155 156 149 162 163 164 159 151 156 158 120 125 126 125 128 132 131 119 120 120 122 126 129 127 125 Utilities 244 268 Durable Manufactures Primarv and fabricated metals 110 725 736 744 745 752 754 777 r94 '90 774 742 149 747 99 114 137 148 151 155 156 88 '55 56 '57 102 '141 '150 147 94 108 134 147 151 154 154 77 '37 '38 '40 96 145 '152 147 125 142 134 137 142 146 151 145 146 151 139 133 143 '147 147 Structural metal parts 138 149 145 148 153 157 162 156 148 150 141 140 154 '156 154 Machinery and related products 166 797 797 796 799 202 205 797 759 795 205 189 204 276 217 Machinery 140 169 159 162 165 169 174 164 168 178 179 173 178 181 183 Nonelectrical machinery 117 141 132 137 142 146 149 142 139 145 145 143 148 151 153 Electrical machinery 175 212 202 202 201 206 214 198 213 233 234 222 226 '229 232 Transportation equipment 197 228 233 240 244 244 243 238 '203 210 231 192 230 '263 260 Motor vehicles and parts 112 146 151 160 163 164 164 158 113 125 155 103 154 199 196 Aircraft and other equipment 376 389 398 398 400 395 395 393 391 382 376 376 377 '373 372 Instruments and related products . .. 175 209 194 197 200 203 211 209 '212 218 221 222 225 220 220 Clay glass and lumber 724 743 726 734 743 750 754 747 756 753 752 742 735 '737 736 Clay glass and stone products 137 159 138 149 159 165 171 168 171 169 168 160 155 149 151 Lumber and oroducts 110 124 113 116 125 135 136 123 139 136 135 122 111 '111 119 726 747 735 740 740 743 747 745 753 757 755 155 154 149 150 Furniture and fixtures 137 164 155 157 157 159 164 164 170 171 174 171 175 '170 170 116 133 123 125 126 129 133 128 139 144 145 142 137 131 134 Nondurable Manufactures Textile apparel and leather products 117 736 739 736 742 740 737 723 743 736 742 '735 '725 140 745 Textile mill products 109 126 125 125 132 130 128 118 132 127 131 '127 117 127 127 Anoarel oroducts 129 152 157 152 160 157 152 134 161 152 162 159 140 160 170 Leather and products 109 119 128 124 121 119 118 110 126 119 118 113 108 121 Paver and vrintins . 142 754 750 753 757 755 753 745 755 760 765 759 752 '755 755 Paper and products 155 170 171 169 178 173 172 158 176 176 186 170 '156 172 177 133 143 136 142 144 144 141 137 141 150 152 152 149 144 146 Newspapers . 126 135 127 136 145 144 133 121 125 139 148 149 138 128 133 Chemical petroleum and rubber products . 188 275 270 274 273 272 277 207 275 224 222 275 276 r222 222 Chemicals and products 210 240 231 236 244 243 243 231 242 251 249 246 244 '249 251 247 298 284 289 296 298 302 292 312 310 310 313 313 Petroleum products 148 158 155 162 152 155 162 161 165 163 158 156 157 153 154 Rubber and plastics products 166 199 208 206 187 179 199 187 203 212 211 203 194 215 212 Foods beverages and tobacco 723 725 779 775 723 726 730 729 747 742 739 131 123 723 1*>2 Foods and beverages. 123 128 118 118 123 125 130 130 141 143 138 131 124 '123 121 Food manufactures 125 131 122 120 123 125 129 130 143 147 143 137 130 128 125 Beverages . 112 118 100 110 123 129 137 130 134 126 120 106 101 98 Tobacco oroducts 121 127 130 122 130 130 127 122 139 131 139 127 106 129 Mining Coal oil and gas 117 722 725 723 723 724 723 773 775 779 727 124 128 127 124 Coal 68 67 73 68 67 71 71 46 62 64 68 74 76 74 70 Crude oil and natural gas 140 147 149 148 149 149 147 143 143 144 145 147 152 151 149 Oil and gas extraction . . 138 145 149 148 149 147 145 139 139 141 143 145 '150 149 149 Crude oil 129 135 138 138 139 139 136 130 130 132 133 134 138 137 137 Gas and gas liquids . . 196 209 220 214 207 202 200 199 202 203 209 221 '230 Oil and gas drilling 152 159 152 146 148 155 160 164 168 166 161 162 166 163 145 Metal stone and earth minerals 142 746 737 747 757 177 750 756 739 729 725 735 737 737 136 Metal minins 114 106 114 114 129 161 161 115 76 62 63 86 '89 '94 106 Stone and earth minerals 171 188 159 168 186 193 198 200 205 201 198 193 189 171 166 Utilities 244 271 269 265 257 254 264 273 280 284 267 265 283 '297 Gas 244 262 SUMMARY MARKET GROUPINGS 145 162 158 159 161 162 165 159 165 168 170 162 162 169 170 140 155 153 153 154 154 157 150 159 161 165 154 153 162 Equipment including defense 165 188 180 183 187 191 195 191 190 193 192 189 194 '198 198 Materials • • 138 156 156 160 164 167 168 150 147 '151 150 154 163 167 167 v Preliminary. 9 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] p 19 ro 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959*> Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index. 100.00 93 105 102 104 107 109 110 108 '104 103 102 103 109 111 110 ; Manufacturing, total. 86.49 92 105 102 104 107 110 110 108 104 104 102 102 109 112 770 Durable 49.66 87 102 98 101 105 109 110 105 98 97 '96 96 107 111 109 Nondurable 36.83 100 110 107 107 110 111 111 113 113 113 111 111 112 113 112 Mining 8.55 91 95 96 95 98 99 98 94 91 r91 91 96 99 97 95 Utilities 4.96 105 115 111 112 112 114 116 116 ••116 117 r118 '117 119 120 121 Durable Manufactures Primary and fabricated metals. 13.15 96 101 106 110 117 115 93 71 70 r67 86 110 113 709 Primary metals , 7.73 90 102 109 113 122 118 81 '47 45 '44 79 114 116 109 Iron and steel 6.21 86 103 112 117 124 119 71 '31 30 '31 76 119 119 113 Fabricated metal products 5.42 104 99 101 104 109 112 111 106 106 99 95 105 109 109 Structural metal parts 2.91 100 98 99 103 106 109 108 100 99 92 91 100 104 104 Machinery and related products 28.98 102 96 98 101 105 106 108 '705 104 96 103 110 109 Machinery 15.31 103 94 96 100 104 107 108 107 108 107 104 108 110 109 Nonelectrical machinery 8.92 99 90 93 97 101 104 105 103 104 103 102 103 104 104 Electrical machinery 6.39 108 100 100 103 107 110 113 113 113 112 108 115 118 115 Transportation equipment , 10.76 98 96 99 102 104 105 106 102 98 98 79 93 108 107 Motor vehicles and parts 5.04 100 97 103 108 111 113 114 106 103 104 63 94 128 126 Aircraft and other equipment... 5.50 94 94 94 95 97 96 96 96 93 91 91 90 88 88 Instruments and related products. 1.66 112 103 105 106 110 114 115 116 117 118 119 120 118 117 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 111 104 108 112 114 114 775 774 772 777 777 773 772 772 Clay, glass, and stone products. 2.92 95 110 101 106 111 112 116 118 115 112 111 110 111 110 110 Lumber and products 1.65 100 113 109 112 115 118 112 117 114 113 111 112 115 115 115 Furniture and miscellaneous. 2.96 96 112 106 107 110 113 114 116 114 773 114 114 776 '776 775 Furniture and fixtures 1.48 96 115 109 110 112 116 117 120 116 115 116 118 120 121 119 Misc. manufactures 1.48 95 109 102 104 107 109 110 113 111 111 111 111 111 112 111 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 109 111 116 118 119 120 777 776 775 776 ni7 '776 114 Textile mill products 2.78 98 113 108 111 114 115 119 121 117 114 111 111 in 112 111 Apparel products 3.44 101 120 112 114 120 122 122 122 121 121 122 125 126 124 122 Leather and products 1.10 97 106 103 101 107 113 107 110 107 105 104 104 105 106 Paper and printing 7.93 99 108 105 104 107 108 107 109 110 777 770 709 777 777 777 Paper and products 3.27 101 111 109 107 112 112 110 114 113 114 114 109 113 115 113 Printing and publishing. 4.66 98 105 102 102 104 104 104 106 107 108 107 108 109 109 109 Newspapers 1.53 96 103 100 100 104 103 101 106 107 106 105 104 107 106 105 Chemical, petroleum, and rubber products. 10.95 99 113 108 110 110 111 115 777 775 777 '775 114 775 776 114 Chemicals and products 7.10 100 114 108 110 113 115 116 117 117 119 117 117 118 119 117 Industrial chemicals 3.61 98 118 109 112 115 117 122 123 123 125 122 123 124 124 Petroleum products 1.93 99 105 102 108 104 105 108 108 107 106 106 105 102 102 'ioi* Rubber and plastics products 1.91 95 114 113 112 104 105 117 128 120 120 115 113 116 117 Foods, beverages, and tobacco. 10.64 102 707 105 104 108 108 705 106 705 705 706 707 705 709 705 Foods and beverages 9.87 102 106 105 104 107 108 106 105 108 108 106 107 107 109 108 Food manufactures 8.31 102 106 105 105 107 108 106 105 107 107 105 107 108 '109 108 Beverages 1.56 102 107 104 102 110 109 102 103 114 113 108 105 104 109 Tobacco products .77 106 112 112 107 119 110 102 117 114 111 114 111 115 114 Mining Coal, oil, and gas 7.05 92 96 95 94 96 98 97 94 93 94 94 97 99 97 94 Coal 1.30 83 82 87 82 84 89 83 71 72 74 76 87 94 91 84 Crude oil and natural gas. 5.75 94 99 96 97 99 100 100 99 98 98 '99 100 100 98 96 Oil and gas extraction. . 4.98 94 99 97 98 101 102 101 100 98 99 99 100 100 '99 98 Crude oil 4.33 93 98 97 97 100 101 101 98 97 97 98 99 98 97 96 Gas and gas liquids. . .65 100 106 102 104 105 106 108 110 109 107 109 109 111 Oil and gas drilling .77 89 94 89 89 91 94 95 95 94 93 96 99 '96'"'85* Metal, stone, and earth minerals. 1.50 91 94 101 102 104 105 102 93 82 76 77 91 '95 95 700 Metal mining .70 83 77 101 101 99 102 94 73 48 39 42 68 '80 '87 93 Stone and earth minerals .80 98 108 101 103 109 109 109 111 111 109 108 110 113 108 105 Utilities Electric. 3.76 104 116 110 111 112 114 117 118 117 119 119 117 119 119. Gas 1.20 105 113 114 114 114 115 115 113 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 419 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p p 19 r o o 5 r - - 7 a A v n e n ra u g a e l 1959 1960 tion 1958 1959* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index. 100.00 105 102 104 107 109 110 108 103 103 102 109 111 110 Final products, total 46.75 107 102 103 106 108 705 109 109 109 109 109 112 770 Consumer goods 31.13 110 107 107 111 111 111 112 112 112 112 112 116 114 Equipment, including defense. 15.62 100 93 95 97 100 102 103 103 103 103 102 103 103 Materials 53.25 103 101 104 108 110 110 106 98 99 97 109 110 109 Consumer Goods A Au u t t o o m s otive products 3 2. . 0 3 3 5 8 7 3 1 1 9 0 6 3 1 9 0 3 1 1 1 0 0 6 2 1 10 0 8 8 1n1o0 1 1 1 1 3 2 1 11 1 3 6 1 9 0 7 5 9 8 8 9 1 9 0 8 5 9 8 9 7 1 1 2 3 7 4 7 1 2 2 2 5 Auto parts and allied products. 1.32 100 113 112 112 108 109 115 119 118 114 117 117 '117 117 Home goods and apparel 9.50 98 116 109 110 115 117 118 120 118 119 119 122 121 776 Home goods 4.40 96 115 108 107 112 116 117 120 120 121 121 124 123 117 Appliances, TV, and radios 1.75 94 114 106 103 110 115 115 119 121 125 124 133 130 117 Appliances 1.26 99 119 111 107 115 121 118 121 130 130 129 143 139 122 TV and home radios .49 83 102 95 92 96 100 108 112 97 111 113 108 106 105 Furniture and rugs , 1.18 98 119 114 114 117 121 121 123 -121 r119 120 122 122 118 Misc. home goods 1.47 97 114 106 107 111 112 115 117 118 118 118 116 117 116 Apparel, incl. knit goods and shoes. 5.20 100 116 110 113 118 118 119 120 117 117 118 120 118 116 Consumer staples 18.18 102 108 106 106 109 109 108 108 110 777 109 •no HI 777 Processed foods 8.11 102 106 105 104 107 108 107 106 107 107 104 107 109 107 Beverages and tobacco 2.32 103 108 106 104 113 109 102 108 114 112 110 107 111 Drugs, soap, and toiletries 2.73 102 111 108 108 111 110 111 111 112 115 114 113 115 U4 Newspapers, magazines, and books. 1.44 99 106 102 103 104 104 105 106 108 110 108 109 110 110 Consumer fuel and lighting 3.45 105 113 110 111 110 111 112 113 113 114 115 116 116 ioi' Fuel oil and gasoline 1.19 98 104 104 107 105 103 105 104 105 101 100 103 103 Residential utilities 2.26 108 117 113 113 113 114 115 117 118 121 123 122 123 Electricity 1.57 108 119 113 113 113 115 116 119 120 124 126 121 122 Gas .69 107 114 Equipment Business equipment 12.16 91 93 96 100 702 104 703 705 703 703 705 705 Industrial equipment 7.29 88 90 92 97 100 101 102 101 101 104 104 104 Commercial equipment 2.46 96 97 100 102 105 107 108 109 111 113 114 114 Freight and passenger equipment. 1.83 95 95 97 99 97 101 96 92 91 90 100 97 Farm equipment .58 108 112 119 128 132 132 109 129 112 105 112 Defense equipment. 3.46 Materials Durable goods materials. 27.81 700 99 104 705 772 772 703 91 707 770 709 Consumer durable 3.61 101 95 102 107 113 117 111 103 105 95 107 121 120 Equipment 8.10 103 98 100 102 106 109 106 102 101 103 106 107 106 Construction 9.05 107 101 106 111 114 113 113 107 105 102 107 108 107 Metal materials n.e.c.... 6.99 Nondurable materials 25.44 97 707 704 104 705 705 709 709 707 707 r707 705 777 770 709 Business supplies 8.87 98 107 105 104 107 107 107 110 110 110 107 109 112 111 110 Containers 2.91 101 109 109 108 111 110 108 111 111 110 106 107 113 112 112 General business supplies. 5.96 97 107 102 102 106 106 106 109 109 110 107 110 111 111 109 Nondurable materials n.e.c.. 7.05 98 115 108 110 116 116 118 122 118 117 117 117 119 119 118 Business fuel and power 9.52 94 100 100 99 101 103 103 99 97 98 98 101 104 103 102 Mineral fuels 6.29 92 96 95 95 97 99 97 94 93 r94 95 97 99 97 95 Nonresidential utilities 2.70 102 113 109 111 112 114 117 116 113 114 113 114 117 117 Electricity 2.19 102 114 108 110 111 113 117 117 115 116 114 114 117 117 General industrial .99 98 110 107 109 109 111 117 116 109 109 106 106 114 114 Atomic energy .08 97 97 97 97 96 96 97 97 97 97 97 97 97 96 Commercial and other. 1.12 105 118 111 112 115 117 118 118 120 123 122 122 121 121 Gas .51 102 112 112 114 115 116 117 112 109 109 109 113 118 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 105 107 110 113 115 118 114 111 114 114 119 Apparel and staples 23.38 107 107 111 111 110 111 112 112 111 112 112 v Preliminary. r Revised. BULLETIN. Figures for individual series and subtotals without seasonal NOTE.—Published groupings include some series and subtotals not adjustment for the period since December 1958 are available on request shown separately. For summary description and historical data, see from the Division of Administrative Services, Board of Governors of the the BULLETIN for December 1959, pp. 1451-74. Availability of detailed Federal Reserve System, Washington 25, D. C. descriptive and historical data will be announced in a forthcoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] Annual 1957 average 1959 1960 pro- Grouping portion 1958 1959* Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Total index 100.00 93 105 103 105 107 109 110 102 '103 105 105 104 107 Ill Ill 86.49 92 105 103 106 108 109 111 102 103 105 106 104 107 111 112 Durable . 49.66 87 102 100 104 106 109 111 99 93 97 98 97 107 rlll 112 Nondurable 36.83 100 110 107 108 110 110 111 106 115 116 117 113 107 111 112 8.55 91 95 96 95 97 100 100 90 92 91 92 96 98 96 95 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals . . . 13.15 84 96 104 no 113 116 117 55 HO 71 68 87 109 114 112 Primary metals 7.73 78 90 108 116 119 121 122 69 '43 44 r45 80 111 '118 115 6.21 75 86 107 117 121 123 123 61 r29 30 r32 77 116 r\22 118 Fabricated metal products 5.42 92 104 98 101 104 107 111 106 107 110 102 97 105 107 108 Structural metal parts 2.91 93 100 97 99 102 105 108 104 99 100 94 93 103 '104 103 Machinery and related products 28.98 86 102 99 101 103 104 106 102 98 102 106 98 106 112 112 Machinery 15.31 85 103 97 99 101 103 106 100 102 109 109 105 109 110 112 Nonelectrical machinery 8.92 83 99 93 97 100 103 105 100 98 102 102 100 104 106 108 6.39 89 108 102 102 102 105 108 101 108 118 119 113 115 116 118 Transportation equipment 10.76 84 98 100 103 104 104 104 102 87 90 99 82 '98 112 111 Motor vehicles and parts 5.04 77 100 103 110 111 112 112 108 77 85 106 70 105 136 134 Aircraft and other eouipment 5.50 91 94 96 96 96 95 95 95 94 92 91 91 91 90 90 Instruments and related products 1.66 94 112 104 106 107 109 113 112 114 117 119 119 121 '119 118 Ordnance and accessories 1.25 4.57 97 HI 98 104 112 117 120 115 121 119 119 111 105 r102 106 Clay glass and stone products 2.92 95 110 96 103 111 114 119 117 119 117 116 111 108 '103 105 Lumber and products 1.65 100 113 103 105 113 122 123 112 126 123 122 111 100 '100 108 Furniture and miscellaneous 2.96 96 112 105 106 107 108 112 no 116 119 120 118 117 113 114 Furniture and fixtures 1.48 96 115 109 110 110 111 115 115 119 120 122 119 122 '119 119 Misc manufactures 1.48 95 109 101 102 104 106 109 105 114 118 119 116 112 107 110 Nondurable Manufactures Textile apparel and leather products • • ... 7.32 99 115 118 115 121 118 116 104 121 115 120 117 106 r118 123 Textile mill products 2.78 98 113 113 112 119 117 115 106 118 114 r117 '114 105 114 114 Aor>arel Droducts 3.44 101 120 123 120 126 123 119 105 127 119 127 125 110 126 134 Leather and products 1.10 97 106 114 110 108 106 105 98 112 106 105 101 96 107 Paper and printing . 7.93 99 108 105 107 110 108 107 101 108 112 115 111 rI06 1G8 111 Paper and products 3.27 101 111 111 110 116 112 112 103 115 115 121 111 102 111 115 Printing and publishing 4.66 98 105 100 104 106 106 104 100 104 110 111 112 110 106 107 Newspapers . 1.53 96 103 97 104 111 110 102 92 96 107 113 114 106 98 102 Chemical, petroleum, and rubber products 10.94 99 113 110 113 112 777 114 109 115 118 117 115 775 117 777 7.10 100 114 no 112 116 116 116 110 115 119 119 117 116 119 119 Industrial chemicals 3.61 98 118 113 115 117 118 120 116 '119 124 123 123 124 124 Petroleum products . 1.93 99 105 103 108 101 103 108 107 110 109 105 104 104 102 102 Rubber and plastics products 1.91 95 114 119 118 107 103 114 107 117 121 121 116 111 123 121 Foods beverages and tobacco 10.64 102 107 99 98 102 105 108 107 117 118 115 109 102 102 102 Foods and beverages . 9.87 102 106 98 98 101 104 108 107 117 119 115 109 103 101 100 Food manufactures 8.31 102 106 99 97 100 101 105 105 116 119 116 111 105 104 101 Beverages . 1.56 102 107 91 100 111 117 124 118 121 r115 109 96 91 89 Tobacco products .77 106 112 114 107 114 114 112 108 122 115 122 111 93 114 Mining Coal oil and xas 7.05 92 96 98 96 96 97 96 88 92 93 95 97 100 99 97 Coal 1.30 83 82 89 83 82 86 86 55 75 78 83 90 92 89 85 Crude oil and natural gas 5.75 94 99 100 99 100 100 99 96 96 97 97 99 102 101 100 4.98 94 99 102 101 102 101 99 95 95 97 98 99 102 102 102 Crude oil 4.33 93 98 100 100 101 101 99 95 94 96 96 97 100 100 100 .65 100 106 111 109 105 102 101 101 102 103 106 112 '117 Oil and gas drilling . ..... . . .77 89 94 89 86 87 91 94 96 99 97 94 95 97 96 85 Metal stone and earth minerals 1.50 91 94 88 90 101 114 115 100 89 r83 82 88 88 84 87 Metal mining .70 83 77 83 82 93 117 116 83 55 45 46 62 '64 '68 .80 98 108 92 97 107 111 114 115 118 116 114 111 109 98 96 Utilities Electric 3.76 104 116 115 113 110 108 113 116 120 121 114 113 121 '127 124 Gas 1.20 105 113 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 421 MARKET GROUPINGS 1957-= 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index . . . .. 100.00 93 105 103 105 107 109 110 102 103 105 105 104 107 Ill Ill 46.75 95 707 104 70* 706 707 705 705 709 770 772 706 706 111 772 Consumer goods 31.13 99 110 108 108 109 109 111 107 113 114 117 109 108 115 116 15.62 87 100 95 97 99 101 103 101 100 102 101 100 103 104 104 Materials 53.25 91 103 103 106 109 110 111 99 97 100 99 102 108 110 110 Consumer Goods Automotive products 3.35 83 705 709 775 77* 77* 776 770 77 50 777 76 705 756 133 Autos 2.03 71 96 107 117 118 117 114 109 51 53 105 55 98 149 143 Auto parts and allied products 1.32 100 113 112 113 107 109 118 113 118 121 120 107 111 116 118 Home goods and apparel 9.60 95 776 776 775 777 776 776 705 720 722 725 779 112 118 123 Home goods 4.40 96 115 112 113 112 112 115 105 116 127 129 120 117 115 121 Appliances TV and radios 1.75 94 114 116 115 113 113 116 95 108 130 131 119 114 116 128 Appliances. . 1.26 99 119 124 128 126 126 126 103 108 127 121 116 118 120 136 TV and home radios .49 83 102 95 83 78 80 91 73 110 139 157 125 102 106 106 Furniture and rugs 1.18 98 119 116 117 116 114 116 115 122 123 126 123 125 120 120 Misc. home goods 1.47 97 114 104 106 109 110 113 109 120 126 129 121 113 110 114 Apparel incl knit goods and shoes 5.20 100 116 119 116 120 118 117 105 124 117 122 118 107 120 125 Consumer staples 18.18 102 705 70* 705 705 705 705 707 775 777 77* 770 »705 109 108 Processed foods 8.11 102 106 98 97 99 101 105 106 116 120 115 111 105 103 101 2.32 103 108 98 102 112 116 120 114 12?. 115 113 101 92 97 Drugs soap and toiletries . . .. 2.73 102 111 108 109 111 109 110 104 114 118 117 116 113 115 114 Newspapers magazines, and books 1.44 99 106 102 104 104 103 104 103 109 113 110 109 109 109 110 Consumer fuel and lighting 3.45 105 113 117 114 109 106 107 109 in 114 109 112 120 126 Fuel oil and gasoline 1.19 98 104 105 105 100 101 104 103 106 103 99 104 107 107 104 Residential utilities 2.26 108 117 Electricity 1.57 108 119 127 121 113 105 106 112 117 121 113 115 129 141 Gas 69 107 114 Equipment Business equipment 12.16 55 99 93 95 98 707 70* 707 700 702 702 700 70* 106 106 Industrial equipment 7.29 82 97 88 90 92 97 101 100 101 102 102 100 105 104 103 Commercial equipment 2.46 88 104 97 98 100 101 104 103 106 110 112 113 115 115 115 Freight and passenger equipment. . 1.83 89 95 98 100 103 103 102 99 93 87 88 84 87 '99 100 Farm equipment .58 100 116 120 129 138 136 133 116 95 112 111 94 101 116 3.46 Materials Durable goods materials 27.81 86 700 707 706 709 772 77* 97 55 97 90 94 707 110 110 Consumer durable 3.67 11 101 101 106 106 108 110 97 87 101 101 85 115 128 128 Equipment 8.10 86 103 100 103 104 106 108 101 98 101 102 102 108 109 109 Construction 9.05 95 107 97 103 110 114 118 110 110 110 107 102 103 102 103 Metal materials n.e.c 6-99 Nondurable materials 25.44 97 107 705 706 709 705 705 707 707 709 709 709 705 110 111 Business supplies . 8.87 98 107 104 106 111 109 108 101 110 113 113 110 106 108 109 Containers. 2.91 101 109 106 107 114 113 114 105 119 118 114 103 97 106 110 5.96 97 107 102 105 109 107 105 100 105 111 112 113 110 109 109 Nondurable materials n.e.c 7.05 98 115 112 113 117 117 116 109 116 117 120 120 116 121 123 Business fuel and power 9 52 94 100 102 101 101 102 102 95 98 98 101 105 105 104 Mineral fuels 6.29 92 96 99 98 98 98 96 87 91 93 95 97 100 99 98 Nonresidential utilities . 2.70 102 113 Electricity 2.19 102 114 106 108 108 111 117 119 121 121 115 112 115 117 General industrial . .99 98 110 104 108 109 112 117 112 110 110 109 108 114 115 .08 97 97 97 97 96 96 97 97 97 97 97 97 97 96 Commercial and other 1.12 105 118 108 108 107 110 119 128 133 133 122 116 118 120 Gas .51 102 112 .33 Commercial and other • 18 Supplementary groups of consumer goods Automotive and home goods .... 7.75 90 110 111 114 113 113 115 107 99 107 121 101 111 124 126 Apparel and staples 23.38 102 110 107 106 108 108 110 107 117 117 116 112 108 112 112 p Preliminary. r Revised. BULLETIN. Figures for individual series and subtotals without seasonal NOTE.—Published groupings include some series and subtotals not adjustment for the period since December 1958 are available on request shown separately. For summary description and historical data, see from the Division of Administrative Services, Board of Governors of the the BULLETIN for December 1959, pp. 1451-74. Availability of detailed Federal Reserve System, Washington 25, D. C. descriptive and historical data will be announced in a forthcoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Industrial production C c o o n n s t t r r a u c c t t s i 1 on fa M ctu a r n in u g - 3 Prices Major market groupings Nonag- Depart- Major industry ricul- Freight ment groupings tural car- store Y m e o a n r t o h r Total Manu- Final products Mate- R d t e e ia n s l i - - ot A h l e l r m t p o e e l t m o n a y l - t — - 2 p m E l e o m n y - t - P ro a l y ls - l i o n a g d s - v ( s r a a e l t l u e a e s il ) s C u o m n e - r m W c s o o h a d m l o i e l t - y efac- Min- Util- Con- Equip- rials t i u n r g - ing ities Total g s o u o m d e s r ment Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 •99 •98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 *159 *158 *125 *268 *162 *155 »188 *156 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1959—Feb 155 153 126 259 155 150 176 154 99 77 117.0 96.8 160.4 84 141 123.7 119.5 Mar 157 156 126 261 157 151 179 158 142 113 117.6 98.2 165.1 85 138 123.7 119.6 Apr 162 161 129 262 161 156 184 163 169 122 118.6 99.5 167.0 87 141 123.9 120.0 May.... 166 165 131 266 164 157 190 167 154 117 119.2 100.9 169.6 89 144 124.0 119.9 June 166 166 129 271 164 157 193 167 162 119 119.8 101.9 174.4 87 144 124.5 119.7 July 163 163 123 271 166 159 196 160 156 123 120.2 102.0 170.2 73 150 124.9 119.5 Aug 157 156 120 269 165 159 190 147 143 96 118.9 97.4 164.9 72 149 124.8 119.1 Sept 156 156 119 273 168 161 193 151 135 100 119.2 98.3 169.1 72 143 125.2 119.7 Oct 155 154 120 r274 170 165 192 150 139 102 118.9 97.3 165.9 74 144 125.5 119.2 Nov , 156 154 126 '273 161 154 189 154 101 80 119.4 98.4 166.8 81 145 125.6 118.9 Dec . , 165 164 130 r278 166 159 194 165 91 77 120.4 100.4 175.4 91 148 125.5 118.9 1960—Jan , , 168 168 128 280 170 164 196 167 85 79 120.9 101.4 175.5 90 145 125.4 119.3 Feb 166 166 125 281 168 161 196 165 91 79 121.1 101.4 174.0 86 *140 125.6 119.3 Mar »165 *>165 P123 *>284 ^166 Pi 59 *>195 *>164 P120.6P100.9*172.4 83 142 120.0 • Estimated. * Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. • See note 1. 2 Employees only, excluding personnel in the armed forces. i Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), three-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totals 1959 1960 Type of ownership and type of construction 1958 1959 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total construction 35,090 36,269 2,307 3,340 3,778 3,542 3,659 3,657 3 084 3,058 3,135 2,373 2,224 2,193 2,240 By type of ownership: Public 13,427 11,068 800 869 1707 1,094 167 1186 850 840 914 701 711 727 702 21,663 25,201 1,507 2,471 7,571 2,447 7,497 7,470 7 734 7,718 2,220 1,67? 1,513 1,466 1,537 By type of construction: Residential 14,696 17,150 1,07^ 1,541 1 1,677 1,76? 1 690 1 1,466 1,515 1,097 993 927 Nonresidential 10,948 11,387 704 1,187 1,072 1J91 961 ,006 1,003 801 790 801 Public works and utilities 9,446 7,732 530 886 760 793 842 776 571 586 616 480 441 465 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after not comparable with monthly data for earlier years because of a change original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 423 VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor.* Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i B u al s u - sin m e C e s r o s c m ia - l P u u ti b li l t i y c O n r d t e t o e i h a s n n i e l - - - r Total M ta i r l y i- H w i a g y h- s C e ti r o o v n n a - - o A th l e l r 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 3,574 9,253 887 2,353 912 5,101 1952 34,670 23,889 12,842 7,500 2,320 1 137 4,043 3,547 10 781 I 387 2 679 900 5 815 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 892 6,039 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 701 5,875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 826 6,131 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 4,892 971 6,867 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1.402 5,500 1,019 7,491 1959 54,258 38,281 22,322 11,195 2,008 3,914 5,273 4,764 IS 977 1,433 5,800 1,121 7,623 1959 Mar 4,659 3,158 1,867 915 156 305 454 376 ,501 133 596 98 674 Apr 4,667 3,243 1,952 915 153 311 451 376 ,424 143 517 99 665 May 4,713 3,296 1,981 936 157 334 445 379 1,417 144 513 101 659 4,705 3,287 1,939 954 163 344 447 394 1,418 139 511 112 656 July 4,671 3,301 1,924 970 170 351 449 407 1,370 113 514 90 653 Aug 4,566 3,260 1,875 966 175 347 444 419 1,306 113 475 86 632 Sept 4,427 3,196 1,855 933 168 329 436 408 1,231 102 443 88 598 Oct 4,313 3,129 1,811 910 169 318 423 408 1,184 95 418 91 580 Nov 4,221 3,085 1,748 921 180 317 424 416 1,134 105 381 77 571 Dec 4,331 3,144 1,760 955 196 331 428 429 1,187 111 381 95 600 1960 Jan P 4,489 3,211 1,804 993 203 345 445 414 1,278 95 483 91 609 Feb P 4,538 3,230 1,784 1,036 218 363 455 410 1,308 93 481 104 630 Mar.33 4,406 3,129 1,715 1,004 215 344 445 410 1,277 91 482 95 609 9 Preliminary. * Beginning with June 1959, data are from Bureau of Census. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] p T ri o v t a a t l e Metro- Non- Pri\rate Government-underwritten * Year or month a ( n s a e n d a u j s a u o l s n t r a e a d ll t y e) Total p a o r l e it a a s n p m a o e r li e t t r a a o s n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1951 J.091 111 315 1 020 892 40 88 71 412 264 149 1952 ,127 795 332 1,069 939 46 84 59 421 280 141 1953 ,104 804 300 1,068 933 42 94 36 409 252 157 1954 L220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1 094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 [,209 827 382 1,142 933 39 170 68 439 337 102 1959 1.379 946 432 1,343 1,079 50 216 36 458 349 109 1959 Mar 1.403 121 81 40 118 93 5 20 3 40 30 10 Apr ,434 142 97 45 137 109 5 24 5 46 35 11 May 1,370 137 94 43 134 107 5 21 4 47 36 10 June . 1,368 137 93 44 131 107 4 20 6 47 36 11 July 1,375 129 88 41 127 105 4 18 2 45 34 11 AUK 1,340 129 86 43 125 104 4 17 4 45 35 10 Sept 1,323 120 83 38 117 95 4 18 3 42 32 10 Oct 1,180 106 75 30 102 83 4 15 3 37 28 9 Nov 1,210 93 66 27 91 73 4 16 2 31 23 8 Dec 1,330 84 59 24 83 64 3 16 1 26 20 6 1960 Jan 1,216 76 53 23 75 58 3 14 1 20 16 4 F M e a b r p p 1 1 , , 1 1 1 1 5 5 P P9 l 7 l 6 5 5 4 2 3 3 2 * P 7 9 4 4 n n . . a a . . n n . . a a . . n n . . a a . . P P 2 3 2 2 2 7 2 1 2 8 5 5 n.a. Not available. P Preliminary. sure or guarantee the mortgages. VA figures after June 1950 and all FHA • Beginning June 1959 data are from the Bureau of the Census. figures are based on filed office reports of first compliance inspections; 1 Data from Federal Housing Administration and Veterans' Adminis- earlier VA figures are estimates based on loans-closed information. tration represent units started under commitments of FHA or VA to in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed 1 Unemploy- Year or month institutional labor Not in the ment population force Total Total In c u n l o t n u a ra g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 industries agriculture I9533 115 095 67,362 63,815 61,945 55,390 6,555 1 870 47 732 2 9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4 2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 I959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959 Mar 122,945 70,768 68,189 63,828 58,625 5,203 4 362 52 177 5 7 Apr 123,059 71,210 68,639 65,012 59,163 5,848 3,627 51,849 5.1 May 123,180 71,955 69,405 66,016 59,608 6,408 3,389 51,225 4.9 June. .... 123,296 73,862 71,324 67,342 60,111 7,231 3,982 49 435 5 1 July 123,422 73,875 71,338 67,594 60,769 6,825 3,744 49,547 5.1 Aug 123,549 73,204 70,667 67,241 60,884 6,357 3,426 50,345 5.4 Sept 123,659 72,109 69,577 66,347 60,105 6,242 3,230 51,550 5 6 Oct 123,785 72,629 70,103 66,831 60,707 6,124 3,272 51,155 6.0 Nov. 123 908 71,839 69,310 65,640 60,040 5,601 3 670 52 068 5 9 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.5 I960—Jan 4 124,606 70,689 68,168 64,020 59,409 4,611 4 149 53 917 5 2 Feb 124,716 70,970 68,449 64,520 59,901 4,619 3,931 53,746 4.8 Mar 124,839 70,993 68,473 64,267 59,702 4,565 4,206 53,845 5.4 1 Includes self-employed, unpaid family, and domestic service workers. Figures for population increased by about 500,000 and total labor force 2 per cent of civilian labor force. Monthly data are seasonally by nearly 300,000, most of which was in nonagricultural employment. adjusted. NOTE.—Information relating to persons 14 years of age and over is 3 Data for 1953-56 adjusted to reflect changes in the definition of obtained through interviews of households on a sample basis. Monthly em 4 p B lo e y g m in e n n i t n g a nd w i u th n em Ja p n lo u y ar m y e n 1 t 9 a 6 d 0 o , p d te a d ta in i n J c a l n u u d a e r y A 1 l 9 a 5 sk 7 a . and Hawaii. d ar a e t a a v re e l r a a t g e e s to o f th m e o c n a t l h en ly d a f r i g w ur e e e s k . that contains the 12th day; annual data EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total 1 M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11;141 2,374 6,395 7,893 1959 r51,975 16,168 676 2,767 '3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959—Mar 51,456 16,006 2,719 3,885 11,263 2,398 6,441 ,056 Apr 51,887 16,182 701 2,829 3,886 11,333 2,403 6,479 ,074 May 52,125 16,372 708 2,787 3,917 11,363 2,413 6,486 ,079 June 52,407 16,527 709 2,799 3,928 11,425 2,418 6,525 ,076 July 52,558 16,580 714 2,800 3,920 11,465 2,426 6,570 ,083 Aug 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 ,131 Sept 52,154 16.141 617 2,776 3,899 11,464 2,452 6,584 :,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 !,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 1,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 1,307 1960—Jan 52,880 16,562 658 2,775 3,941 11,594 2,454 6,606 ,290 Feb 52,950 16,571 667 2,781 3,932 11,610 2,463 6,611 ,315 Mar 52,736 16,500 665 2,557 3,922 11,548 2,452 6,564 ,528 WITHOUT SEASONAL ADJUSTMENT 1959—Mar 50,878 15,969 688 2,417 3,865 11,083 2,386 6,377 8,093 Apr 51,430 16,034 694 2,662 3,879 11,136 2,403 6,511 8,111 May 51,982 16,187 701 2,834 3,914 11,234 2,413 6,583 8,116 June 52,580 16.455 713 2,986 3.944 11,352 2,442 6,623 8,065 July 52,343 16,410 710 3,035 3,949 11,324 2,475 6,603 7,837 Aug 52,066 16,169 639 3,107 3992222 11,360 2,474 6,582 7,813 Sept 52,648 16,367 620 3,043 927 11,464 2,452 6,617 8,158 Oct 52,569 16,197 621 2,961 910 11,551 2,441 6,614 8,274 Nov 52,793 16,280 660 856 3,912 11,723 2,438 6,593 8,331 Dec 53,756 16,484 668 699 3,940 12,345 2,438 6,547 8,635 I960—Jan 52,078 16,470 658 453 3,882 11,424 2,429 6,474 8,288 Feb 52,037 16,522 667 389 3,886 11,313 2,438 6,479 8,343 Mar 52,092 16,469 665 2,273 3,902 11,279 2,440 6,498 8,566 r Revised. month. Proprietors, self-employed persons, domestic servants, unpaid 1 Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for February and March 1960 are preliminary. Back data may be during, or received pay for, the pay period ending nearest the 15th of the obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 425 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1959 1960 1959 1960 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 12,149 12,536 12,543 12,476 12,117 12,449 12,503 12,448 Durable goods 6,914 7,244 7,260 7,192 6,937 7,230 7,275 7,218 Ordnance and accessories 73 74 74 74 73 74 74 74 Lumber and wood products 569 594 588 569 552 561 562 552 Furniture and fixtures 313 322 322 323 316 327 328 326 Stone, clay, and glass products 435 454 452 447 433 443 445 445 Primary metal industries 1,010 1,043 1,049 1,048 1,015 1,048 1,054 1,053 Fabricated metal products 821 849 855 850 829 857 864 858 Machinery except electrical 1,097 1,167 1,172 1,170 1,113 1,179 1,190 1,188 Electrical machinery 790 883 883 871 798 892 892 880 Transportation equipment 1,226 1,239 1,247 1,223 1,226 1,239 1,247 1,223 Instruments and related products 214 230 231 230 216 231 231 232 Miscellaneous manufacturing industries. 366 389 387 387 368 379 387 389 Nondurable goods 5,235 5,292 5,283 5,284 5,180 5,219 5,228 5,230 Food and kindred products 1,049 1,044 1,042 1,034 945 954 939 932 Tobacco manufactures 81 76 80 81 72 78 76 72 Textile-mill products 857 856 850 851 866 860 859 860 Apparel and other finished textiles 1,048 1,080 1,073 1,082 1,085 1,091 1,111 1,120 Paper and allied products 443 449 448 448 441 447 446 446 Printing, publishing and allied industries 551 562 569 569 551 562 566 569 Chemicals and allied products 519 533 536 535 527 536 539 543 Products of petroleum and coal 162 157 157 157 160 154 155 155 Rubber products 202 206 207 206 202 208 208 206 Leather and leather products 323 329 321 321 331 329 329 329 NOTE.—Data covering production and related workers only (full- and 1960 are preliminary. Back data may be obtained from the Bureau of part-time) who worked during, or received pay for, the pay period ending Labor Statistics. nearest the 15th of the month. Figures for February and March HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings 'dollars per week) (per week) dollars per hour] Industry group 1959 1960 1959 1960 1959 1960 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 89.24 92.29 91.14 90.68 40.2 40.3 39.8 39.6 2.22 2.29 2.29 2.29 Durable goods 97.10 100.86 98.98 98.49 40.8 41.0 40.4 40.2 2.38 2.46 2.45 2.45 Ordnance and accessories 104.08 108.21 108.09 108.09 41.3 41.3 41.1 41.1 2.52 2.62 2.63 2.63 Lumber and wood products 77.74 77.03 77.42 77.41 40.7 39.3 39.3 38.9 1.91 1.96 1.97 1.99 Furniture and fixtures 73.12 74.56 74.37 72.52 40.4 40.3 40.2 39.2 1.81 1.85 1.85 1.85 Stone, clay, and glass products 90.20 91.30 90.85 90.35 41.0 40.4 40.2 39.8 2.20 2.26 2.26 2.27 Primary metal industries 115.34 117.96 115.26 114.29 40.9 41.1 40.3 40.1 2.82 2.87 2.86 2.85 Fabricated metal products 95.88 100.94 98.42 98.01 40.8 41.2 40.5 40.5 2.35 2.45 2.43 2.42 Machinery except electrical 102.42 105.32 104.55 104.96 41.3 41.3 41.0 41.0 2.48 2.55 2.55 2.56 Electrical machinery 89.06 92.80 90.97 91.60 40.3 40.7 39.9 40.0 2 21 2.28 2.28 2.29 Transportation equipment 107.04 115.92 112.75 111.24 40.7 42.0 41.0 40.6 2.63 2.76 2.75 2.74 Instruments and related products 91.53 94.19 93.67 94.54 40.5 40.6 40.2 40.4 2.26 2.32 2.33 2.34 Miscellaneous manufacturing industries... 75.60 78.20 77.81 78.18 40.0 40.1 39.9 40.3 1.89 1.95 1.95 1.94 Nondurable goods 79.00 80.77 79.95 79.52 39.5 39.4 39.0 38.6 2.00 2.05 2.05 2.06 Food and kindred products 84.42 88.91 86.15 86.94 40.2 40.6 39.7 39.7 2.10 2.19 2.17 2.19 Tobacco manufactures 64.39 66.05 61.71 61.06 38.1 38.4 36.3 35.5 1.69 1.72 1.70 1.72 Textile-mill products 63.43 64.48 64.16 63.67 40.4 40.3 40.1 39.3 1.57 1.60 1.60 1.62 Apparel and other finished textiles 55.85 55.44 56.11 54.72 36.5 36.0 36.2 35.3 1.53 1.54 1.55 1.55 Paper and allied products 92.66 95.20 94.73 94.08 42.7 42.5 42.1 42.0 2.17 2.24 2.25 2.24 Printing, publishing and allied industries.. 102.64 104.56 104.12 104.94 38.3 38.3 38.0 38.3 2.68 2.73 2.74 2.74 Chemicals and allied products 97.88 101.60 101.60 101.11 41.3 41.3 41.3 41.1 2.37 2.46 2.46 2.46 Products of petroleum and coal 118.24 116.98 117.20 116.80 41.2 40.2 40.0 40.0 2.87 2.91 2.93 2.92 Rubber products 103.74 102.16 99.85 97.81 42.0 40.7 40.1 39.6 2.47 2.51 2.49 2.47 Leather and leather products 60.80 61.78 60.80 60.68 38.0 37.9 37.3 37.0 1.60 1.63 1.63 1.64 NOTE.—Data are for production and related workers. Figures for February and March 1960 are preliminary. Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 149 169 125 137 128 146 159 143 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959 Feb '141 120 127 '142 '137 159 168 129 '143 133 155 '163 155 Mar 138 116 123 129 128 146 167 129 144 141 156 166 155 141 120 126 142 132 156 175 130 138 127 150 169 153 May 144 124 130 139 136 158 182 135 148 131 158 173 154 144 118 128 140 135 157 186 133 140 139 154 176 161 July 150 133 138 148 142 161 190 140 146 134 154 174 161 149 132 133 135 143 161 196 139 154 139 163 189 162 Sept 143 124 129 137 135 149 180 132 146 137 154 167 154 Oct 144 130 133 141 135 158 178 135 148 130 156 170 153 Nov 145 127 133 140 138 153 187 134 149 128 155 182 156 Dec 148 138 138 140 144 158 188 137 143 138 154 168 158 1960 Jan 145 126 135 146 139 159 178 '132 150 133 153 '171 153 Feb 124 130 143 136 ^167 127 ^134 157 159 WITHOUT SEASONAL ADJUSTMENT 1959 Feb 107 90 100 102 '106 114 138 96 109 99 113 '127 119 Mar 125 103 112 124 117 138 167 114 128 119 134 151 132 Apr 130 114 116 128 123 139 165 123 129 122 141 157 138 May 141 124 126 138 132 156 175 134 149 127 154 172 146 137 118 125 132 127 146 162 130 130 135 147 160 151 July 121 95 100 108 115 129 157 111 120 107 135 155 143 Aug 132 103 102 112 126 138 177 124 138 131 156 176 157 Seot 145 132 132 140 135 156 173 138 144 146 155 160 154 Oct 150 131 141 144 139 166 186 142 151 150 162 177 154 Nov 176 154 170 183 170 190 217 164 177 147 179 208 180 Dec 260 251 245 257 252 290 325 233 250 230 '266 291 281 1960 Jan 111 99 108 108 105 112 139 '101 111 98 115 '135 '121 Feb 93 102 102 105 95 122 121 STOCKS i 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 149 146 160 174 158 1958 148 136 136 152 129 172 197 139 140 137 153 165 155 1959 156 142 142 159 134 179 210 148 144 143 157 178 167 SEASONALLY ADJUSTED 1959 Feb 150 139 138 '154 127 172 198 141 138 142 155 '169 '162 Mar 148 136 137 153 127 171 195 138 138 139 151 169 163 Apr 151 138 138 155 127 175 201 142 141 138 152 174 166 May 151 138 136 156 128 172 200 140 143 140 154 175 167 156 142 141 164 131 183 202 149 147 141 157 181 170 July 159 147 142 163 138 184 212 152 151 143 158 180 170 160 147 145 162 136 186 217 159 147 148 157 182 165 Sept 161 148 144 161 139 188 222 157 147 146 159 182 170 Oct 158 145 144 159 139 180 225 151 145 147 160 185 162 Nov 160 145 145 160 142 183 223 149 142 149 164 188 175 Dec . 161 145 145 166 138 182 227 154 146 146 160 183 174 I960—Jan 161 142 '148 '164 142 177 227 148 149 144 162 186 176 Feb . 142 ^141 *>226 P144 P\44 P144 WITHOUT SEASONAL ADJUSTMENT 1959—Feb 143 131 130 '148 122 166 196 133 134 136 149 '164 r152 Mar 153 138 141 158 131 182 204 139 143 143 157, 178 165 Apr 158 144 143 166 133 184 211 150 149 140 159 181 169 May 153 141 140 159 132 173 202 145 143 139 156 174 166 June 148 134 132 152 125 169 192 145 136 133 151 169 163 July 148 132 129 147 127 167 197 146 140 136 150 171 165 156 143 142 156 130 181 212 152 145 145 155 182 166 Sept 168 154 151 169 145 194 230 163 154 152 164 192 176 Oct 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 182 170 167 185 160 207 252 170 162 168 182 207 196 Dec 146 135 134 149 126 166 197 136 132 136 146 170 160 1960 Jan 144 '128 132 '144 125 158 207 135 132 132 146 163 158 Feb 134 155 »137 P148 9 Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning l Figures for sales are the average per trading day, while those for stocks with 1947, see the BULLETIN for December 1957, pp. 1323-52. Figures are as of the end of the month or averages of monthly data. prior to 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 427 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales • Out- Re- New Stocks Period Sales i Stocks i stand- ceipts2 orders 3 Out- plus (total (end ing (total (total Stocks stand- out- Refor of orders* for for ing stand- ceipts month) month) (end of month) month) orders ing month) orders Annual average: 1951 391 1,202 460 390 379 3.2 1 3 4 4 1 0 1952 397 1,097 435 397 401 2.9 .2 4.1 1.0 1953 406 1,163 421 408 401 3 0 4 1 1 0 1954 409 1,140 388 410 412 3.0 1.0 4 0 1 0 1955 437 1,195 446 444 449 2.9 4.0 1.0 1956 454 1,286 470 459 458 3 0 11 4 1 1 0 1957 459 1,338 461 461 458 3.1 l.l 4 1 1 0 1958 462 1,323 437 462 464 3.0 L.O 4.1 1.0 1959 485 1,385 510 492 496 3.0 .1 4 1 1 1 Month: 1959—Feb r344 rl,280 449 r402 r434 3.7 1 3 5 0 1 2 Mar • .... 434 1,360 422 516 489 3.1 1.0 4.1 1.2 Apr 431 1,404 388 475 441 3 3 0 9 4 2 1 l May 453 1,365 418 414 444 3.0 0.9 3 9 0 9 June . . 446 1,299 603 380 565 2.9 1.4 4.3 0.9 July 389 1,304 664 394 455 3 4 1 7 5 1 1 0 Aus . . .. 427 1,380 631 503 470 3.2 1.5 4.7 1.2 Sect 472 1,483 627 575 571 3.1 1.3 4.5 1.2 Oct 531 1,578 604 626 603 3.0 1.1 4 1 1 2 Nov . 578 1,639 521 639 556 2.8 0.9 3.7 Dec 940 1,310 372 611 462 1.4 0.4 1.8 0.7 I960 Jan 384 1,299 459 373 460 3 4 1 2 4 6 1 0 Feb.** 360 1,362 502 423 466 3.8 1.4 5.2 1.2 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the dep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s . reported figures on sales and stocks. BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports * military-aid shipments2 Merchandise imports 3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan ,505 1,400 1,562 1,397 1,286 rl,484 1,096 1,154 1,137 Feb ,346 1,280 1,576 1,246 1,183 1,497 956 1,118 1 288 555 1 456 1 440 I 375 072 I 295 Apr ,530 1,479 1,408 1,343 ' 057 I 221 638 1 551 1 507 I 411 061 I 264 June ,408 1,423 1,309 1,347 031 I 369 July . .. 418 1 468 1 289 I 353 049 I 248 Aug . . . ,401 1,397 1,287 1,300 950 I 189 Sept ... ,363 1,479 1 242 L 399 073 [ 392 Oct ,607 1,482 1,426 1,398 ,150 I 202 Nov ,599 1,479 1,410 1,376 ,086 1,282 Dec 524 1 675 1 389 9S4 d78 Jan -Feb 2,851 2,680 3,138 2,643 2,469 2,981 2,052 2,272 2,425 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-^9=100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p r e - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a c i i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 •. . 55.3 41.6 83.6 45 9 1941 62.9 52.2 88.4 55.6 1945 76.9 68 9 90.9 76 3 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117 3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117 4 104.3 128 0 125 2 113 4 107 1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146 3 150 8 131.2 118 6 129.7 1959 Feb 123.7 118.2 128.5 139.0 118.5 140.0 103.8 133 1 106 7 144 3 148 6 129.8 117 1 Ml A Mar 123.7 117.7 128.7 139.1 118.5 140.3 103.8 133.7 107.0 144.9 149.2 129.7 117.3 127.3 Apr 123.9 117.6 128.7 139.3 118.2 138.7 103.8 133.8 107.0 145.3 149.6 130.0 117.7 128.2 May 124.0 117.7 128.8 139.3 118.7 135.3 103.7 133 8 107.3 145.4 150.2 130.7 117.8 128.4 June 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 145.9 150.6 131.1 118.1 129.2 JUly 124.9 119.4 129.0 139.6 119.5 134.0 104.0 134 3 107 5 146 3 151 0 131.3 119.1 130.8 Aug 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 Sept . 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135 3 109.4 148.5 152 5 132.5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132.7 120.0 131.6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104 2 135 5 109 2 148 7 153 2 132 9 120.4 131.7 1960 Jan 125.4 117.6 130.7 140.9 123.2 139.0 104 0 135 9 107 9 148 1 153 5 132.7 120.3 131.8 Feb 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 147.9 154.7 132.6 120.6 131.8 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49=100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s e p u a k a r i c n o i t d n h t d d e s s e - s , r ,p t l F e o i m a i g r u w n n i h a e g a d e - t l l - r , s , C a p i u a l h r c l c n o a i e e t d d l m s s d - - p R u a b r u c n o e b t d d r s - - p w L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r l u c n o p i t e l d d e s p d - r, M m p u a r e e c n o t t t d d a a s l - l s p c m M u a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t o b a u u t u o n l h u r r e r l d s e a n e d s e r - i - - e s N t r t m t m a u a r o l l i r u e l s n a n i - c — c - l - - b b e m o b a T r a t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105 7 125 0 120 2 116 1 126 9 123 0 114 2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106 6 143 8 123 6 119 3 136 6 128 4 115 9 124 2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117 2 109 5 145 2 119 0 129 6 151 2 146 1 122 2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100 6 112 7 110 4 145 0 117 7 131 0 150 4 149 8 123 2 136 0 128 2 94 2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.8 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1959 Feb 119.5 91.1 107.6 127.8 93.7 105.4 114.8 109.9 r145.4 122.5 131.7 153.4 152 0 123.3 137.5 128.9 98.5 Mar 119.6 90.8 107.2 128.1 93.9 108.5 115 0 109 8 146 7 124 2 132 0 153 6 152 2 123 5 137 7 132 1 97 0 Apr 120.0 92.4 107.2 128.3 94.1 117.8 114.0 110 0 147 5 126 3 132 2 152 8 152 1 123 4 138.3 132.2 98.8 May 119.9 90.8 107.7 128.4 94.5 118.5 113.4 110.0 148.8 128.2 132.0 153.0 152.5 123.5 138.4 132.2 95.2 June 119.7 89.8 108.1 128.2 94.9 118 9 111 2 110 0 147 3 128 9 132 3 153 3 153 0 123 6 137 4 132 2 91 0 July 119.5 88.4 107.5 128.4 95.3 119.3 111 1 109 9 146 4 128 3 132 4 152 7 153 6 123 8 137 5 134 5 92.9 Aug 119.1 87.1 105.8 128.4 95.7 119.7 112.2 109.7 141.0 128.5 132.3 152.8 153.8 123.5 137.4 134.5 92.0 Sept 119.7 88.9 107.8 128.4 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 131.8 88.6 Oct 119.1 86.5 106.4 128.4 95.9 116.2 111 4 110 0 142 3 126 2 132 5 154 5 153 7 123 3 137 5 131 7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 111.7 111.2 110 0 144 9 124 3 132 3 155 8 153 6 123 3 137.7 131 7 93.7 Dec 118.9 85.9 104.7 128.6 96.7 112.3 111.7 110.0 142.5 124.8 132.4 155.2 153.7 123.2 137.8 131.7 94.2 1960 119.3 86.5 r105.6 128.8 r96.6 r112.7 111 9 109 9 143 5 r125 1 r133 7 r155 5 153 8r123 4 r138 4 r131 7 r95 3 Feb 119.4 87.0 105.7 128.8 96.5 112.0 112.0 110.0 145.1 124.7 133.2 155.4 154.1 123.5 138.1 131.7 93.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 429 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Feb. Jan. Feb. Feb. Dec, Jan. Feb. Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce 105.9 107.9 104.9 100.5 Grains 77.0 76.1 77.2 76.7 Papcrboard 136.2 135.9 135.9 135.9 Livestock and poultry 88.4 76.0 78.5 80.8 Converted paper and paperboard 127.6 127.5 130.0 130.0 Plant and animal fibers 99.1 95.7 95.9 96.1 Building paper and board 144.2 147.6 147.6 147.6 Fluid milk 95.5 '98.3 '99.3 98.7 Eggs 69.3 62.8 56.9 58.4 Metals and Metal Products: Hay and seeds 78.0 76.3 '77.5 77.1 Other farm products 134.8 127.5 127.4 128.9 Iron and steel 172.5 172.2 172.4 171.6 Nonferrous metals 134.1 140.7 142.2 142.1 Processed Foods: Metal containers 156.3 152.9 152.9 154.8 Hardware 172.9 173.2 173.4 173.4 Cereal and bakery products 117.7 120.4 '120.7 120.7 Plumbing equipment 126.0 133.2 134.0 133.9 Meats, poultry, and fish 100.9 90.5 '92.4 93.0 Heating equipment 122.0 121.6 120.9 120.3 Dairy products and ice cream 113.0 118.1 '118.8 118.4 Fabricated structural metal products. 134.0 135.4 135.4 135.6 Canned, frozen fruits, and vegetables 110.6 104.6 104.5 105.0 Fabricated nonstructural metal Sugar and confectionery 113.8 115.6 113.3 113.9 products 145.8 146.5 146.3 146.4 Packaged beverage materials 149.7 145.2 145.2 145.2 Other processed foods 97.2 100.0 103.9 101.6 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.0 144.0 144.3 145.5 Cotton products 89.6 95.0 95.9 95.8 Construction machinery and equip- Wool products 97.6 104.2 '104.0 103.2 ment 171.2 172.9 173.6 173.9 Synthetic textiles 79.8 81.3 '79.4 79.8 Metal working machinery 171.4 177.6 177.7 178.0 Silk products 109.3 121.7 122.0 119.5 General purpose machinery and Apparel 99.3 100.9 100.8 100.6 equipment 163.9 167.9 167.8 168.1 Other textile products 78.0 79.4 79.3 79.8 Miscellaneous machinery 149.0 149.8 149.7 149.8 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.5 155.7 156.0 156.5 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 73.0 73.8 '73.7 69.8 Leather 101.0 103.5 105.5 104.8 Furniture and Other Household Dura- Footwear 123.3 134.1 134.2 134.2 bles: Other leather products 100.8 107.8 108.0 107.2 Household furniture 124.1 124.2 124.7 125.0 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 '155.5 155.8 155.8 Floor covering 126.3 129.0 129.6 129.6 Coal 126.2 124.1 124.1 124.1 Household appliances 105.1 103.7 103.3 103.2 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 93.2 91.9 '91.7 91.7 Gas fuels (Jan. 1958= 100) 112.0 115.5 '116.6 115.3 Other household durable goods 156.0 156.6 157.8 158.1 Electric power (Jan. 1958= 100) 100.8 101.2 101.3 101.8 Petroleum and products 119.5 114.3 114.4 114.6 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.2 135.3 135.3 135.3 Concrete ingredients 140.2 140.4 142.0 142.0 Industrial chemicals 123.7 124.0 124.1 124.2 Concrete products 129.0 130.4 130.8 131.3 Prepared paint 128.4 128.3 128.3 128.3 Structural clay products 159.6 160.7 161.3 161.3 Paint materials 101.4 103.1 103.0 103.0 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics.. 93.0 93.7 93.8 94.0 Prepared asphalt roofing 119.8 113.6 113.6 106.3 Fats and oils, inedible , 58.9 50.8 49.2 49.4 Other nonmetallic minerals 131.7 132.5 132.8 133.7 Mixed fertilizers 109.8 109.8 109.9 109.9 Fertilizer materials 107.5 107.0 '108.8 108.8 Tobacco Manufactures and Bottled Other chemicals and products 106.5 106.8 106.5 106.5 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.5 Crude rubber , 139.4 160.5 162.8 160.7 Other tobacco products , 148.3 153.7 155.7 155.7 Tires and tubes 151.9 133.3 133.3 138.1 Alcoholic beverages , 121.7 120.7 120.5 120.6 Other rubber products 141.9 143.0 144.6 144.6 Nonalcoholic beverages 148.9 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber , 123.1 125.9 126.1 125.8 Toys, sporting goods, small arms 117.9 118.0 '117.7 117.8 Millwork , 130.2 137.9 137.8 137.7 Manufactured animal feeds , 82.2 74.0 r75.6 72.2 Plywood 103.6 97.2 '98.2 97.0 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.., 108.1 109.5 '110.6 110.6 Pulp, Paper, and Allied Products: Other miscellaneous , 132.4 131.9 '131.9 131.5 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 107.1 109.8 108.0 93.6 Paper 142.1 144.3 144.5 144.5 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product. 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 457.1 470.4 484.8 478.6 483.5 Personal consumption expenditures. 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 299.1 303.9 311.2 313.3 317.0 Durable goods 9.2 3.5 9.7 30.4 39.6 38.5 40.3 37.6 43.0 39.8 41.3 44.1 43.6 42.8 Nondurable goods 37.7 22.3 43.2 99.8 124.8 131.4 137.7 141.9 147.9 143.6 145.3 147.7 148.0 150.1 Services 32.1 20.7 29.0 64.9 92.5 100.0 106.7 113.4 120.7 115.7 117.4 119.4 121.6 124.1 Gross private domestic investment. 16.2 1.4 18.1 50.0 63.8 67.4 66.6 54.9 71.1 61.3 70.0 77.7 67.0 69.7 New Constructionl 8.7 1.4 6.6 24.2 34.9 35.5 36.1 35.8 40.2 37.3 39.7 41.0 41.0 39,2 Residential^ nonfarm 3.6 .5 3.5 14.1 18.7 17.7 17.0 18.0 22.2 19.9 21.9 23.1 22.6 21.3 Other 5.1 1.0 3.1 10.1 16.2 17.8 19.0 17.7 18.0 17.4 17.8 17.9 18.3 17.9 Producers' durable equipment.. 5.9 1.6 6.9 18.9 23.1 27.2 28.5 22.9 26.1 23 2 23.9 26.0 27.0 27.5 Change in business inventories. 1.7 -1.6 4.5 6.8 5.8 4.7 2.0 -3.8 4.8 8 6.3 10.7 -1.0 3.0 Nonfarm only 1.8 -1.4 4.0 6.0 5.5 5.1 1.2 -4.9 3.9 -.1 5.4 9.8 2.3 Net exports of goods and services. 2.8 2.2 21.1 .6 1.1 2.9 4.9 1.2 -.8 .2 -1.1 .0 -.6 Exports 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.6 22.8 22.7 2K5 22.1 24.1 23.4 Imports 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.3 23.6 22.5 22.4 23.9 24.1 24.1 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.6 79.0 86.2 92.6 97.6 96.5 97.4 97.7 98.4 97.4 Fe N de a r t a io l nal defense3 1.3 2.0 1 1 6 3 . . 9 8 1 1 9 4 . . 3 3 4 3 5 9 . . 3 1 4 4 5 0 . . 7 4 4 49 4 . . 4 3 5 4 2 4 . . 2 5 5 4 3 5 . . 5 8 , 5 4 4 5 . . 2 3 5 4 3 5 . . 8 8 5 4 3 6 . . 9 2 5 4 3 5 . . 6 9 4 52 5 . . 7 3 Other 2.0 5.2 6.6 5.7 5.5 8.1 8.1 9.4 8.3 8.0 8.1 7.8 Less: Government sales* .0 .0 .1 .4 .4 .5 .4 .6 .3 .4 .4 State and local 7.2 6.0 7.8 19.7 30.3 33! 36.8 40.5 44.1 42.2 4! 43.8 44.8 44.7 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.3 399.0 426.0 410.8 420.7, 432.1 424.3 426.8 I 1 Includes expenditures for crude petroleum and natural gas drilling. * Consists of sales abroad and domestic sales of surplus consumption 2 Net exports of goods and services and net foreign investment have goods and materials. been equated, since foreign net transfers by government were negligible NOTE.—For explanation of series see U. S. Income and Output (a suppleduring the period 1929-45. ment to the Survey of Current Business for 1959) and the July 1959 issue 3 This category corresponds closely to the major national security of the Survey of Current Business. classification in the Budget of the United States Government for the fiscal year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars} Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 380.4 389.4 403.9 398.2 Compensation of employees 51.1 29.5 64.8 154.2 223.9 242.5 255.5 256.8 277.4 262.9 269.9 278.9 279.3 281.6 Wages and salaries1 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.4 257.8 245.1 250.9 259.4 259.5 261.5 P M ri i v li a ta te ry 45.5 23.9 51.9 124.1 174.9 189.6 198.4 196.2 21 9 2 . . 8 200.8 206.2 214.0 213.5 21 9 4 . . 8 8 Government civilian .3 .3 1.9 5.0 9.8 9.7 9.6 9.7 35.9 9.9 9.8 9.8 9.8 36.9 Supplements to wages and salaries 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 19.6 34.4 34.8 35.6 36.3 20.0 Proprietors' income2 .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 46.3 17.8 19.0 19.6 19.8 46.7 Business and professional 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.6 34.5 47.4 46.9 46.6 45.1 35.1 Farm 8.8 3.2 10.9 23.5 30.4 32.1 32.7 32.4 11.8 33.2 33.7 34.5 34.8 11.6 Rental income of persons 6 5 . . 0 4 2 2 . . 4 0 3 6 . . 5 5 1 9 4 . . 0 0 1 11 0 . . 8 7 1 1 0 1 . . 9 6 1 1 1 1 . . 5 8 1 1 1 4 . . 8 2 12.0 1 1 1 4 . . 9 1 1 13 2 . . 2 0 1 1 2 2 . . 0 1 1 1 2 0 . . 0 3 12.0 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 43.5 45.5 51.0 46.0 Profits before tax. 9.6 .2 77.0 40.6 44.9 44.7 43.3 37.1 44.6 46.5 52.6 46.4 Profits tax liability 1.4 .5 7.6 17.9 21.8 21.2 21.1 18.2 21.9 22.6 25.6 22.6 Profits after tax 8.3 9.4 22.8 23.0 23.5 22.2 18.9 22.7 23.8 27.0 23.8 -.4 Inventory valuation adjustment .5 -2.5 -5.0 -1.7 -2.7 -1.5 -.4 -1.1 -.9 -1.6 -.3 -2.1 Net interest 6.4 4.5 5.5 10.4 11.7 13.3 14.3 15.6 14.7 15.1 15.4 15.8 16.1 5.0! * Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 431 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 1929 1933 1941 1950 1QCC 1956 1Q<7 1958 1959 lyj 1 4 1 2 3 4 Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 457.1 470.4 484.8 478.6 483.5 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 32.0 34.4 36.9 37.9 40.2 38.5 39.3 39.9 40.5 41.2 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 32.9 35.7 38.1 39.0 42.0 39.9 40.7 41.7 42.3 43.1 Business transfer payments .6 .7 .5 .8 1.5 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 Statistical discrepancy .3 .9 .4 -.7 1.0 -2,4 .5 -2.1 -2.3 -2.4 .2 -1.7 -3.6 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .0 .9 1.1 1.0 .7 1.0 .8 .7 .6 .6 Equals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 380.4 389.4 403.9 398.2 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 43.5 45.5 51.0 46.0 Contributions for social insurance .2 .3 2.8 6.9 11.0 12.6 14.6 15.1 "\Y.9 15.5 17.5 17.9 18.1 "V%.2 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 16.0 17.2 20.0 24.4 25.1 25.1 24.7 24.8 24.8 26.0 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 6.8 6.1 6.3 6.6 7.0 7.4 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.5 12.4 13.2 12.0 12.8 13.0 13.4 13.6 Business transfer payments .6 .7 .5 .8 1,5 1.6 1.7 1.7 1 7 1 7 1 7 1 7 1 7 1.7 Equals: Personal income 85.8 47.2 96.3 228.5 310.2 332.9 350.6 359.0 380.2 366.3 371.8 381.1 381.0 386.8 Less: Personal tax and nontax payments..... 2.6 1.5 5.3 20.8 35.7 40.0 42.7 42.6 45.5 43.4 44.4 45.8 45.9 46.1 Federal 1.3 .5 2.0 18.2 31.5 35.2 37.4 36.7 39.2 37.4 38.2 39.5 39.5 39.7 1.4 1.0 1.3 2.6 4.2 4.8 5.4 5.8 6.3 6.0 6.2 6.3 6.4 6.4 State and local 83.1 45.7 93.0 2&7.7 274.4 292.9 307.9 316.5 334.6 322.9 327.4 335.3 335.1 340.8 Equals: Disposable personal income.... 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 299.1 303.9 311.2 313.3 317.0 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.6 17.5 23.§ 23.1 23.5 23.1 23.7 23.5 24.1 21.9 23.7 Equals: Personal saying Addendum: Disposable personal income i constant (1954) dollars 134.9 102.1 175.1 231.0 273.4 286.9 292.9 295.2 309.0 300.4 304.3 310.7 308.9 312.9 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars) 1959 1960 Itemi 1958 1959 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.** Total personal income. 359.0 380.2 375.4 379.0 381.3 383.8 383.4 380.0 380.9 382.6 387.0 392.1 392.8 393.0' 393.5 Wage and salary disbursements 239.4 257.8 254.0 257.3 259.8 261.7 261.5 258.8 259.2 259.2 261.1 265.4 268.1 268.8 269.0 Commodity-producing industries.. 97.8 107.3 106.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7, 112.1 Manufacturing only 76.7 84.6 83.8 85.4 86.7 87.7 86.9 84.0 84.4 83.6 84.2 87.6 89.3 89.0 88.7 Distributive industries 63.8 67.6 66.6 66.9 67.5 68.0 68.4 68.3 68.3 68.5 68.6 68.8 69.5 69.7 69.8 Service industries 34.6 37.2 36.4 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.0 39.0 Government 43.2 45.7 44.8 45.0 45.4 45.6 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.4 48.1 Other labor income 9.3 10.0 9.8 9.9 9.9 10.0 10.1 10.1 10.2 10.2 10.3 10.3 10.4 10.4 10.4 Proprietors' income: Business and professional. 32.4 34.5 34.0 34.3 34.5 34.7 34.9 34.9 34.8 35.0 35. 35.2 35.4 35.4 35.4 Farm 14.2 11.8 12.9 12.2 12.0 12.1 11.4 10.0 9.6 10.5 11.6 12.6 11.6 10.7 10.3 Rental income 11.8 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.1 12.2 12.2 Dividends 12.4 13.2 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.51 13.6 13.6 13.6 Personal interest income. 20.4 22.4 21.6 21.8 22.0 22.2 22.4 22.7 23.0 23.3 23.5 23.8 24.1 24.3 24.6 Transfer payments2 26.1 26.8 26.6 26.9 26.4 26.4 26.3 26.5 27.0 27.2 28.0 27.7 27.2 27.3 27.7 Less: Persomal contributions for social insurance 7.0 8.3 8.2 8.3 8.3 8.4 8.4 8.4 8.4 8.4 8.4 8.5 9.7 9.7 9.7 IN on agricultural income3. 341.1 364.4 358.5 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 378.2 379.1 Agricultural income 17.9 15.8 16.9 16.3 16.0 16.0 15.2 13.7 13.4 14.5 15.5 16.7 15.7 14.8 14.4 I p Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. by corporations. 2 Mainly social insurance benefits and veterans' payments. NOTE.—For description of series see U. S. Income and Output, a supple- 3 Personal income exclusive of net income of unincorporated farm ment to the Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FOURTH QUARTER, 1959? to [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm i cor N po o r n a - te l Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci 3 al ins S t a it v u i t n i g o s ns4 Insurance 6 F n in .e a . n c c .6 e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a c D n re c is p y - - 7 s i N n a a v v n a e i t d n l s . g tment Transaction category U S U S U S U S U S U S U S U S U S U S U S U S U 2i8 16.3 1.7 6.3 9.0 -4.8 —1.7 .4 — .6 .7 .1 .3 37.8 -3.3 37.6 A B Capital consumption12 11.1 1.0 2 2 5 9 20.2 20.2 B C Net saving (A—B) 5 2 .7 4 1 3.2 -4.8 -1.7 .4 -.6 .7 1 3 7 6 7.4 C D Gross investment (E-i-J)2... . 31.0 1.7 6.3 5.0 -4.8 .3 -.3 -.6 .7 .1 .1 39.5 .5 39.9 D E Private capital expenditures (net of sales) * 3 18.5 1.3 3.0 8.1 .1 .1 30.0 30.0 E F Consumer durable goods. . 12 3 12 3 12.3 F G Nonfarm resident constr. i *. 5.3 o 2 5.7 5.7 G H Plant and equipment . . 1 0 1 0 2 3 7 3 1 .i 11 8 11.8 H I Change in inventories ^ .2 -.5 .5 .2 .2 I J Net financial invest. (K-L)... 3.5 .5 4.3 -3.1 .-4.8 .3 -A -.6 .6 .1 .1 -.5 .5 -.1 J K. Net acquis. of finan. assets ... 9.3 -.1 .4 3.9 — .9 1.3 3.4 3.1 3.9 1.9 .5 34.6 .4 K L Net increase in liab ^ 7 6.8 -.6 3.9 6.9 3.9 1.0 3.8 3.8 3.3 1.8 4 35.1 .5 L M Gold and Treas. currency18. * * 1 * * -.1 M N Dem. dep. and currency19.. 1.6 - 1 -.1 1.8 -1 3 6 q O 5 .2 — 1 _ i 3.2 3.8 .7 .1 N O Fixed-value redeem, claims.. 2 0 - 1 -.6 * -.2 2.4 — 3 1.5 1.5 .3 O P Q T Sa im vi e n g d s e p sh o a si r t e s s 2 2^ 0 .. . . 2 2 3 _ l -.2 * * 2. . 2 1 3 2.2 2 2.2 2 .3 Q P R U. S. savings bonds22.... - 6 - 6 — 6 — 6 R S] Saving through life insur.2 3.. 9 .9 9 9 s T Saving through pen. funds 2 4. 2.0 * .6 1.4 2.0 2.0 T U Credit and equity mkt. instr.. 4.2 6.8 -.2 .5 1.8 1.6 2.3 .5 4.2 .6 .5 3.4 * 1.6 .4 2.7 2.0 1.9 .7 * 17.7 17.7 -.7 U V W F S e ta d t e e r a a n l d o l b o l c i a g l a o t b i l o ig n a s t 2 i 5 o .. n . s . . 3 .1 8 6 4.2 .2 .4 — 3 * — 4 * -.1 .2 _ .1 1 .5 4. . 2 4 4.2 4 * -.5 W V X Corp and foreign bonds.. — 2 1 1 2 — l * 1.1 .4 .3 * .1 1.5 1.5 .1 X Y Corporate stock 1 .7 * .5 .5 .5 .1 * 1.2 1.2 -.1 Y Z 1- to 4-family mortgages.. .1 3.6 — 2 — 2 3 1 .4 i 7 5 .2 3.2 3.2 Z a b C O o th n e s r u m m e o r r t c g r a e g d e it s .3 * .1 .5 .4 i.2 .8 .1 .2 3 .3 2 3 .5 2 1. . 3 7 2 1 . . 7 3 b a c Security credit 2« 2 .27 .8 * .5 * * .8 .8 * c d Bank loans n.e.c.27 1 — .1 1 4 - 3 1 9 1 6 2 1 9 1 9 .2 d e Other loans28 2 — 2 .2 -.2 .2 * 1 2 * .3 .2 .2 -.1 * -.2 .5 .5 -.3 e f~ Trade credit — 3 —4 5 2 4 6 2 * .2 * -.2 f g] Proprietors' net invest, in noncorporate business *... -1 3 — .1 -1 2 -1 3 -1 3 h Misc financial trans 30 .3 * .1 * -.1 .1 .3 .4 .4 * * h i "I Sector discrepancies (A—D)31. -4.7 4.0 —1 8 7 .1 —1.7 -1.7 -2.3 i * Less than $50 million. » Preliminary. in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual of assets; financial sources of funds, net changes in liabilities. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. Descrip- ments apply to the first three quarters and to the annual totals for 1959. tions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," pp. Details may not add to totals because of rounding. 846-59 of BULLETIN for August 1959. For other notes see pp. 435 and 436. In Tables 3 and 4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 433 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1955 1956 1957 1958 A Net national saving2 39.4 41.4 37.5 18.9 36.5 4.7 6.7 2.8 5.4 4.0 10.3 9.8 9.0 7.4 B C C Fa o r n m su m an e d r n a o n n d c n o o rp n . p r b o u f s it iness 32.. 26.6 * 29.3 * 27.9 * 25.5 * 30.0 5 3. .4 -1 6 . . 1 7 -1 4 . . 1 5 - 8 .8 .1 6 3. .2 - 8 .7 .3 -2 7 . . 2 7 -1 8 . . 9 7 4 5 . . 8 2 D Corporate nonfinancial business. 12.4 5.8 5.4 2.7 11.7 2.4 -3.1 -1.3 3.3 3.8 1.2 3.9 3.4 3.2 E Federal Government2 .4 5.8 3.6 -8.2 -4.5 -5.0 3.5 1.3 -5.4 -7.7 .7 1.2 -1.6 -4.8 F State and local governments2. .. -3.2 -2.7 -3.3 -4.6 -5.0 -1.3 -.4 -1.1 -1.5 -1.6 -.5 -1.5 -1.3 -1.7 G Financial sectors 3.3 3.2 3.9 3.4 4.3 .1 1.0 .4 1.7 .2 1.4 .6 1.7 .6 H Capital consumption *2 62.3 67.4 72.7 74.9 78.4 18.7 18.1 18.5 18.9 19.4 19.1 19.4 19.7 20.2 I Consumer and nonprofit 33.9 36.9 40.0 41.6 43. 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 11.1 J Consumer durable goods 30.4 33.0 35.8 37.0 38.2 9.1 9.2 9.2 9.3 9.3 9.4 9.5 9.6 9.8 K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 .9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 L Plant and equip, (nonprofit)... .5 .5 .5 .6 .6 .1 .1 .1 .1 .2 .2 .2 .2 M Farm business 3.7 3.7 3.9 4.0 4.1 1.0 1.0 l!o 1.0 1.0 1.0 1.0 1.0 1.0 N Noncorp. nonfinan. business.... 7.0 7.5 8.1 8.0 8.5 2.1 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.2 0 Corporate nonfinancial business. 17.6 19.3 20.7 21.4 22.7 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 5.9 P Gross national saving2 101.8 108.9 110.2 93.8 114.9 23.4 24.8 21.3 24.3 23.4 29.4 29.2 28.8 27.6 Q Consumer and nonprofit 60.5 66.2 67.9 67.2 73.1 15.6 17.0 14.9 18.6 16.6 18.9 18.4 19.5 16.3 R Farm and noncorp. business.... 10.7 11.3 11.9 12.0 12.6 6.1 1.8 1.8 2.2 6.1 2.3 .9 1.3 8.1 S Corporate nonfinancial business. 30.1 25.1 26.1 24.1 34.4 7.9 1.8 3.9 8.7 9.7 6.7 9.5 9.2 9.0 T Federal Government2 .4 5.8 3.6 -8.2 -4.5 -5.0 3.5 1.3 -5.4 -7.6 .7 1 -1.6 -4.8 U State and local governments2.. . -3.2 -2.7 -3.3 -4.6 -5.0 -1.3 -.4 -1.1 -1.5 -1.6 -.5 -1 -1.3 -1.7 V Financial sectors 3.3 3.2 3.9 3.4 4.3 .1 1.0 .4 1.7 .2 1.4 1.7 .6 W Gross national investment2 103.8 108.0 111.1 92.9 112.5 27.6 21.7 21.6 23.0 26.6 26.1 29.8 26.8 29.9 X Consumer durable goods 39.6 38.5 40.3 37.6 43.0 11.3 8.3 9.1 8.8 11.4 9.4 11.1 10.3 12.3 Y Other gross private domestic fixed investment 58.4 62.7 64.6 58.7 66.5 16.7 13. 14.7 15.1 15.8 14.0 17.3 17.7 17.5 Z Consumer and nonprofit 19.3 18.9 18.2 18.2 22.2 4.9 4.4 4.0 4.6 5.2 5.2 4.9 5.9 6.2 a Nonfarm residen. constr.n.. 16.6 75.7 14.9 14.7 75.5 4.0 3.6 3.7 3.6 4.3 4.3 4.1 4.9 5.3 b Plant and equip, (nonprofit).. 2.7 2.8 3.3 3.4 3.7 .9 .8 .5 .9 .9 .9 .9 1.0 1.0 c Farm business 4.2 3.8 4.0 4.6 5.1 .8 1.0 1.3 1.2 1.0 1.2 1.5 1.4 1.0 d Noncorp. nonfinan. business14 10.1 10.1 9.7 9.2 10.7 2.3 1.7 2.5 2.5 2.4 2.1 3.2 2.9 2.5 e Corp. nonfinan. business *4... 24.1 29.1 32.0 26.1 27.5 8.4 5.8 6.7 6.6 7.0 5.3 7.4 7.3 7.5 f Financial sectors .7 .7 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories15 5.8 4.7 2.0 -3.8 4.8 -2.4 -.6 3.2 1.8 -.5 :! 8 h Farm business .3 A .8 1.1 .8 .2 .3 .2 .2 .2 .2 .2 .2 j 1 C N o o r n p c . o n r o p n . f n in o a n n f . i n b a u n s . in b e u s s s iness.. 4. . 9 6 4. ' 9 .2 1.2 -1]8 3. . 5 4 -'.5 -1. . 0 6 -2 -. . 3 4 -1.1 .1 - - . . 5 4 2. . 0 9 1. . 5 1 - - . . 1 6 -.5 i .5 j k Net financial investment *6 * 2.1 4.2 .4 -1.7 .1 .3 .2 -.1 -.4 -.4 -.8 .1 1 Consumer and nonprofit 5.4 12.6 11.3 12.5 12.3 1.8 4.8 -.6 5.5 2.8 4.0 2.1 3.7 2.5 m Net acquis. offinan. assets. . 25.8 27.6 23.7 24.6 33.7 5.4 5.2 3.2 7.4 5.7 7.0 5.7 5.5 9.3 n Net increase in liabilities.... 20.4 15.0 11.8 12.1 20.5 3.6 .4 3.9 1.9 5.9 3.0 6.0 5.0 6.8 p o Fa N rm et a a n c d q u n i o s. n c o o ff r i p n . a n b . u s a i s n s e e s t s s. . . . -4. . 4 6 -2. . 5 4 -2. . 5 7 -2 7 . . 8 5 - - 4 . . 2 5 3. . 6 5 -1.9 2 -1.9 .5 -1.9 .3 3. . 0 5 - - 2 . . 5 1 -4.1 .7 -3 - . . 1 2 4. . 9 3 q Net increase in liabilities.... 5.0 2.9 3.2 4.3 4. -3.7 1.7 2.5 2.2 -2.7 7.7 4.2 2.9 -4.5 r Corp. nonfinan. business -2.9 -12.2 -6.9 A -4.0 -.3 -4.3 .1 2.6 2.0 -1.7 .6 .3 -3.1 s Net acquis. offinan. assets. . 75.5 4.2 2.8 7.4 12.9 7.5 -6.2 1.4 6.8 5.4 .3 5.4 3.4 3.9 t Net increase in liabilities.... 79.5 16.4 9.7 7.0 16.8 1.9 -1.9 1.3 4.3 3.4 2.0 4.8 3.1 6.9 u Federal Government .4 5.8 3.6 -8.2 -4.5 -5.0 3.5 1.3 -5.4 -7.6 .7 1.2 -1.6 -4.8 v Net acquis. offinan. assets. . .9 7.5 3.2 7.5 6.5 -2.1 1.4 3.9 -4.4 .7 .2 4.1 3.0 -.9 w Net increase in liabilities .5 -4.3 - .4 9.8 11.0 2.8 -2.2 2.6 1.0 8.4 - .4 2.9 4.7 3.9 x State and local governments. . -2.6 -2.2 -3.0 4.9 -4.4 -.6 -1.2 -.7 -2.7 -.3 -1.7 -1.4 -1.5 x y Net acquis. offinan. assets. . 2.2 2.6 3.5 3.0 2.5 7.0 7.2 7.5 -.5 7.0 .2 .5 .5 1.2 y z Net increase in liabilities.... 4.8 4.8 6.5 7.9 7. 7.5 2.4 2.2 1.9 1.4 7.5 2.0 2.4 1.0 z aa Financial sectors 3.6 2.5 2.6 3.4 4.2 A .5 1.2 2.2 -.5 1.7 .9 1.9 -.3 aa bb Net acquis. offinan. assets. . 26.9 22.4 23.7 35.3 25.7 9.0 2.7 75.7 7.5 75.0 id 10.3 5.7 70.2 bb cc Net increase in liabilities.... 23.3 19.9 21.1 31.8 24.5 9.4 2.2 14.9 -.5 75.5 -7.7 9.5 5.7 70.5 cc dd Financial trans, discrep .5 -2.0 -.8 * -.9 1.5 -1.2 .7 -1.3 A -.4 .5 dd ee Discrepancy (P —W)31 -2.0 .8 o .9 2.4 -4.2 3.1 -.2 1.3 -3.2 3.4 -.6 2.0 -2.3 ee * Less than $50 million. NOTE.—Descriptions of sectors and of transaction categories are given v Preliminary. r Revised. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. For other notes see below and second page following. Notes to Tables 1-3 1 Net saving of, and consumer investment in, unincorporated business 9 For content of sector saving, see transactions in sector statements, discussed on p. 838 of BULLETIN for August 1959. See note 32, p. 1315. Table 4 on second page following and pp. 833 and 849 of the BULLETIN 2 For govt. sectors, saving is excess of all nonfinancial receipts over all for August 1959. nonfinancial outlays; investment, changes in financial assets and liabilities 10 Rest-of-world surplus on current transactions with United States. only. Govt. current outlays include, and govt. (and national) invest- 11 Discrepancy between total nonfinancial sources and uses of funds ment excludes, govt. purchases of tangible assets. (Line A minus line E in "all sectors" column). 3 Consolidated account for monetary authorities (Federal Reserve 12 Depreciation, accidental damage to fixed capital, and capital outlays System, ESF, and Treasury currency accounts) and commercial banks charged to current account. Annual data in Table 2 are from Dept. of in United States (excluding territories and possessions). Commerce national income accounts except for F. R. estimates of de- 4 Mutual savings banks, savings and loan assns., and credit unions. preciation on consumer durable goods. Depreciation on latter item 5 Life and nonlife insurance companies and private pension plans. and on farm assets at current cost; other depreciation, in general, at 6 Finance companies, open-end investment companies, security brokers original cost. Line H in Table 2 includes amounts for financial sectors and dealers, banks in U. S. territories and possessions, and U. S. agencies not shown separately. See discussion on p. 836 of BULLETIN for August of foreign banks. 1959. 7 For discussion, see p. 857 of BULLETIN for August 1959. 13 Transactions in land excluded from sector investment for statistical 8 Totals for domestic sectors; financial entries are net uses plus items reasons. Such transactions, when recorded as capital flows, affect in discrepancy column. For comparison with national saving and in- sector allocation of investment but not the national total. vestment in national income accounts of Dept. of Commerce, see p. 842 For other notes to Tables 1-3 see second page following. of BULLETIN for August 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Transa o c r t io se n c t c o a r tegory, Annual totals 1957 1958 1959 1955 1956 1957 1958 1959* 4 1 2 3 4 lr 2r 3 I. Demand deposits and currency A Net increase in commercial bkg. system liability ^ 2.3 1.7 -.8 5.8 1.1 3.1 -5.2 6.4 -3.4 8.0 -7.3 2.4 2.1 3.8 A B Net increase in assets, by sector .8 1.8 .3 6.3 2.0 1.4 -3.2 5.7 -2.4 6.3 -5.6 2.3 2.1 3.2 B C Federal Government -.6 -.2 .2 .1 .7 -2.7 1.5 3.6 -5.0 -.5 1.0 1.5 -1.3 C D Other domestic sectors 1.5 1.7 6.2 1.2 4.0 -4.4 1.8 2.7 6.1 -4.9 1.2 .5 4.5 D E Consumer and nonprofit -.8 1.0 - 8 2 5 1 l 1 3 -1 3 - 8 2.4 2.2 — 1 1 3 1.0 16 E F Farm and noncorporate bus.... .3 .1 .5 1.3 -.6 .1 .3 .3 .3 .3 -.2 -.2 -.2 -.2 F H G S C t o a r t p e o a r n a d te lo n c o a n l f in g a o n v c e ia r l n m bu e s nt.... 1. . 0 4 . . 1 2 -.2 .2 1.8 2 .2 5 1.3 6 - - 3 . . 3 1 1.3 6 1.0 2. . 5 6 -2.9 4 1. . 5 1 -.2 .2 1. . 8 6 H G I Financial sectors .6 2 3 4 8 3 — 3n 4 _ 3 * _ 3 6 I J Rest of the world * .2 .2 * .1 * -.3 .2 -.1 .3 -.1 .2 .1 -.1 J K Discrepancy (A — B) 1.5 -1.1 -.5 g 1.7 -1.9 .7 -1.0 1.6 -1.7 .1 * .7 K II. Fixed-value redeemable claims A Net increase by type 8.4 8.9 10.1 16.0 7.5 2.8 5.5 5.0 2.5 3.1 2.3 3.0 1.8 1.5 A B C D T S U a i S m v i e n s g d a s v e i p s n o h g s a s i r t e s b s onds22 2 5. . . 3 9 3 5 3 . . 4 6 — 6 5 1 . . 8 2 9 1 6 0 . . 5 1 2 7. . 2 2 — 1 1 . . 8 4 4 _ 4 1 . . 3 3 l 3 1 . . 3 8 i 1 1 . . 0 6 2 2. . 3 9 2 1 1 . . 4 1 — 2 1 . . 3 2 5 1.2 * - - 2 .2 .2 6 B D C c E Net increase in liab., by sector34... . 8.4 9.0 10.1 16.1 7.5 2.9 5.5 5.0 2.5 3.1 2.3 3.0 1.5 E F Federal Government * -.3 -2.2 -.7 -2.0 c -.1 -.2 -.2 2 -.6 -.6 F G Commercial banking 1.3 2.1 5.5 8.0 1.1 3.6 2.8 .5 .'6 .9 -!i -.2 G H Savings institutions 7.1 7.3 6.9 8.8 8.4 2^3 2.0 2.4 l.*5 2.8 2.0 2.6 1.4 2.4 H I Net increase in assets, by sector34... 8.4 8.9 10.1 16.0 7.5 2.8 5.5 5.0 2.5 3.1 2.3 3.0 .8 1.5 I J K C O o th n e s r u m do e m r e a s n t d ic n s o e n c p to ro rs f 3 it 5 8.7 i 9.0 1 9 4 8 1 1 3 6 3 — 9 1 5 0 2 8 1 3 1 3 2 3 1 . 7 2 — 3. 0 4 — 3. 6 6 2.3 — 3. 6 2 _ 1 .7 7 — 2. 0 2 K J L Rest of the world (time deposits). -.1 -.1 .9 -1.0 * 1.0 -.1 * .1 A -.3 -.3 L III. Saving through life insurance and pension funds A Net increase, bv type 8.4 9.3 9.0 10.3 10.9 2.3 2.6 2.2 2.6 2.8 2.7 3.0 2.4 2.9 A B Life insurance. 3.2 3.8 2 8 3 4 3 5 7 8 .7 .9 1.0 8 1 1 .8 .9 B C Pension funds 5.1 5.6 6.2 6.9 7.4 1.6 1.8 1.5 1.7 1.8 1.9 1.9 1.7 2.0 C D Net increase in liab., by sector34, 36. 8.4 9.3 9.0 10.3 10.9 2.3 2.6 2.2 2.6 2.8 2.7 3.0 2.4 2.9 D E Federal Government .6 1.0 .6 1.0 1.0 .1 .2 .4 .3 .1 .2 .4 .3 .1 E F State and local government 1.2 1.4 1 6 1 9 2 1 4 4 .5 .5 .5 .5 .5 .5 .6 F G H L Pr if i e v a i t n e s u n r o a n n i c n e s u c r o e m d p p a e n n i s e i s on plans . 4 2 . .0 6 4 2. . 1 8 4 2 . . 3 6 4 2 .6 8 4 2 . . 8 9 1. . 2 6 1. . 1 9 1. . 0 4 1. . 3 6 1. . 4 8 1. . 1 9 1. . 3 7 1. . 0 5 1. . 4 8 G H IV. Credit and equity market instruments A Net increase, by type 43.8 30.6 36.7 45.4 61.8 11.8 3.0 13.7 5.9 22.7 7.3 18.5 18.3 17.7 A B C Fe S de h r o a r l t - o te b r l m ig a d ti i o r n e s ct37 -7.1 .8 -5 7 . . 4 4 5 1 . . 5 3 -1 9 . . 2 1 1 5 1 . . 5 5 2 2. . 2 0 - -1 2 . . 9 0 -4 2 . . 3 6 1. . 2 9 7 3 . . 7 8 -4.6 * 4 1 . . 7 9 5. . 3 7 4 4 . . 2 7 B C D Other 7.9 -12.8 — 4.2 10 3 5 9 2 — .1 6.9 3.9 4.6 -2.8 4.6 -.5 D E State and local obligations .. 3 2 4 7 5 7 4 9 1 1 1 9 1 6 1 3 .8 1 3 1 4 1 8 .4 E F Corporate and foreign bonds 4.0 5.0 7.5 6.9 4.7 1.8 2.4 1.5 1.4 1.6 1.1 1.1 1.1 1.5 F H (j C 1- o r to p o 4 r - a f t a e m s il t y o c m k o . rtgages 1 3 2 . . 0 6 1 3 0 . . 8 8 4 8 .6 0 1 4 0 .4 2 1 4 3 .6 5 1.9 9 1.7 8 2 1 . . 4 4 3 1. . 0 1 3 1. . 1 2 2 1 . . 9 2 3 1 . . 8 3 3. . 7 8 3 1 . . 2 2 H G I Other mortgages 3.6 3.8 3.5 4 2 5 6 1.0 .8 1.1 1.0 1.2 1.2 1.6 1.5 1.3 I J Consumer credit 6.4 3.4 2.7 .3 6.3 1.6 -2.3 .6 .1 1.9 -.9 2.6 1.7 2.7 J K L M . B O Se a th c n u e k r r i l t l o y o a a c n n r s s e d n i e t e . .. 8 1 . . . 0 1 9 5^ .9 9 - 2 2 .4 . . 3 6 1 1 1 . . . 4 4 8 7 2 . . 9 9 * 1. . 4 1 -1 1 . . 7 4 - 2 .2 . . 1 7 - - - 2 . . . 3 3 1 2 1 . . . 8 4 9 - - 1 . . 4 2 .0 - 3 1 .2 . . 6 3 - 2 .4 . . 8 1 1. . . 9 8 5 M K L N Funds raised bv sector 3 4 44.0 30.9 36.6 45.2 61.9 11.9 2.8 13.6 6.1 22.7 7.3 18.5 18.3 17.7 N O Consumer and nonprofit 20.3 14.9 11.7 12.0 20.8 3.6 .4 3.9 1.9 5.9 3.0 6.0 5.0 6.8 O P Farm business 1.2 .9 1.1 1 4 1 9 .4 .9 .2 -.1 .7 1.1 .3 -.2 P Q Noncorporate nonfinancial bus.. . 4.0 3.4 2.6 4.2 6.2 1.5 -.8 .9 .2 3.9 -.3 3.0 1.8 1.8 Q S R C Fe o d rp er o a r l a t G e o n v o e n r f n in m a e n n c t ial business. . _ 9 .0 l — 11 5 .4 4 1 1 1 3 0 8 9 .3 5 1 1 0 0 .9 4 2 1 . 3 8 -2 2 . . 0 6 2 2 . . 0 2 2 1 .1 4 7 1 . . 9 5 - 1 .2 .9 3 1 . . 4 7 2 5 .2 8 24..32 RS T State and local government 3.5 3.3 4.9 5.9 5.1 1.1 2.0 1.7 1.4 .8 1.3 1.5 1.9 .5 T U Financial sectors . . . . 5 8 1 3 2 6 1 5 5 8 1 1 A 1 5 -1.7 2.1 .8 1.5 1.2 2.3 U V Rest of the world 3 1.0 1.4 2 4 .8 .6 .5 .6 .5 .7 2 .4 .3 * y W Funds advanced, by sector 43.8 30.6 36.7 45.4 61.8 11.8 3.0 13.7 5.9 22.7 7.3 18.5 18.3 17.7 W Y X C Fa o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u f s i i t ness 8. . 0 2 7.9 9. . 7 2 3. . 6 2 16 . . 4 7 . . 4 2 - 1 .5 .9 -.6 . 2 .8 * 1. . 4 5 - 4 .3 .5 3. . 2 3 4.8 * 4. . 2 5 X Y Z Corporate nonfinancial business. , 5.0 -3*.9 -1.2 1 .2 5.1 1.8 -1.8 2 3 1.1 4.2 1.2 1.0 1.3 1.6 Z a Federal Government 1.4 1.1 2.3 1.7 3.9 .9 * 3 .5 .9 .7 1.6 1.1 .5 a b State and local government 1.9 2.3 2.8 2.0 2.7 .4 .9 .3 .6 .6 .4 1.1 .6 b c Commercial banking system 4.8 4.8 4.3 17.0 5.2 3.6 -1.2 IO'.S -.6 8.0 -5.6 4.5 2.9 3.4 c d Monetary authorities 3 -.8 2.2 3 .9 -.6 1.8 -.4 1.4 -.9 .6 .5 .1 d e Commercial banks 5 0 4.5 5 1 14 9 4 9 2 7 c 9.0 _ 2 6.6 -4.7 4.0 2.4 3.3 e f Securities -7 0 -3.5 1 3 10 4 J C / 6 1.2 6 5 l'.O 1.7 -4.5 -1.3 -1.2 -.5 f g Loons3 8 12.1 8.0 3.8 4.5 12.5 1.1 -1.7 2.5 12 4.9 — .3 5.3 3.6 3.8 g h Savings institutions 8.1 7.3 7.2 9.1 10.6 1.3 1.7 2.3 2.8 2.3 2.8 3.2 3.0 1.6 h j i F In in su an ra c n e c n e .e s . e c ctor 8 5 . . 1 3 7 1 . . 9 6 8 2 . . 3 3 8 1 . . 8 8 9 4 . . 6 6 2. . 0 8 2. . 3 1 1 1 . . 7 7 -2 2 . . 1 3 2 2 . . 5 1 2 1 . . 4 0 2. . 5 9 2. . 0 8 2 2 . . 7 0 i j k Rest of the world 1 0 1.3 6 i 3 1 4 c — .6 .8 3 .1 1.0 1.3 .7 k * Less than $50 million. Preliminary. r Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 435 Notes to Tables 1-3 (cont.). 14 For consumers, 1- to 4-family dwellings completed and purchases of savings bonds, special notes issued to IMF, and currency items in public additions and alterations. Investment of nonfarm business sectors debt; includes Federal agency debt and accrued interest on Treasury bills includes work in process on 1- to 4-family dwellings and other private and on savings bonds (other than consumer-held). residential construction. 26 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 1 * Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 2 7 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. is For description, see p. 852 of BULLETIN for August 1959. 29 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of currency 3 2 Annual figures for farm sector are retained earnings of corporate and demand deposit liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 853 of BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 2« At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of BULLETIN for August 1959. 2 2 2 ! S C h o a n r s e u s m in e r s - a h v e i l n d g o s n a l n y d ; i l n o c a l n u d a e s s s o n c e i t a t i i n o t n e s r e a s n t d a c c c r r e u d a it l s u . ni S o a n v s i . ngs bonds me 3 3 n * t 3 , F D g o o a r l t d a s , e f T c o t r r o e r a e s x t u r c a r l y n u s d c a e u c d r t r io e c n n a c t s e y g i , n o a r s n i p e d e s c — m if i i t s c r c a . d i — n e s a t c r p r u p e m d ea i e t r n , t i p s n , r o T s p e a e r b i l e T e t s a o b r 1 l s e ' a s n n d e 1 t 4 a i . n n d v e 4 s . thel 2 d 3 b P y r i o v t a h te e r a n se d c t F o e r d s e i r n a c l l u G d o e v d e r in n m F e e n d t e r li a f l e o i b n l s i u g r a a t n io c n e s . ca E t s e t g im or a y t . ed as equal bus 3 i n 5 e M ss a e i s n , ly an d ti m sa e v in d g ep s o i s n i s ts ti tu o t f i o S n t s a . te and local governments, corporate to changes in reserves against life insurance policies and supplementary 3 6 Includes life insurance issued by fraternal orders not shown sepacontracts and in policy dividend accumulations. rately. Assets in these categories shown as consumer holdings. 24 Private pension plans and railroad and govt. employee retirement 3 7 Marketable issues maturing within one year and, prior to 1956, funds. Estimated as equal to changes in reserves of pension plans ad- savings notes. ministered by life insurance companies and in assets of other private 3 8 Excludes loans to domestic commercial banks. Consists of mortplans and of railroad and govt. employee retirement funds. gages, consumer credit, security credit, other loans, and bank loans, n.e.c. 2 5 Excludes Federal debt held by Federal agencies, consumer-held Gross of valuation reserves. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Category Annual totals 1957 1958 1959 1955 1956 1957 1958 1959^ 2r (A) Consumer and nonprofit organization sector A Current receipts 291.9 314.2 330.6 337.8 358.6 84.5 81.5 82.7 85.6 87.9 86.4 89.4 90.3 92.5 A B Income receipts1 273.4 293.5 306.8 309.3 329.4 78.1 74.6 75.5 78.5 80.7 79.0 82.1 83.1 85.2 B C Transfer receipts2 18.6 20.7 23.8 28.4 29.2 6.4 6.9 7.2 7.1 7.2 7.3 7.3 7.2 7.4 C D Income taxes and other deductions.. 38.3 42.9 46.2 46.0 50.1 9.4 12.1 12.5 11.6 9.8 12.4 13.8 12.4 11.4 D E Taxes less tax refunds3 33.1 37.0 39.4 38.9 41.5 8.1 10.1 10.5 9.9 8.4 10.1 11.5 10.5 9.5 E F Pension and OASI deductions4... 5.2 5.9 6.8 7.1 8.5 1.3 2.1 2.0 1.6 1.4 2.4 2.4 1.9 1.9 F G Cur. receipts after deduct. (A—D).. 253.6 271.2 284.4 291.7 308.6 75.1 69.4 70.2 74.1 78.0 74.0 75.6 77.8 81.2 G H Cur. expend, for goods and serv.5.. 198.3 211.2 222.6 232.1 243.6 60.9 54.4 56.9 57.4 63.4 57.1 59.5 60.0 67.0 H I Net life insurance premiums6... 2.8 2.7 2.8 2.5 2.5 .8 .6 .5 .7 .7 .6 .6 .6 .7 I J Current surplus (G—H—I) 52.5 57.3 59.0 57.1 62.4 13.3 14.5 12.7 16.0 13.9 16.3 15.5 17.2 13.5 J K Insurance and retirement credits7... 8.0 8.9 9.0 10.0 10.7 2.3 2.5 2.2 2.6 2.7 2.6 2.9 2.4 2.8 K L Capital consumption* 33.9 36.9 40.0 41.6 43.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 11.1 L M Net saving (J-fK-L) 26.6 29.3 27.9 25.5 30.0 5.4 6.7 4.5 8.1 6.2 8.3 7.7 8.7 5.2 M N Gross saving (L+M) 60.5 66.2 67.9 67.2 73.1 15.6 17.0 14.9 18.6 16.6 18.9 18.4 19.5 16.3 N 0 Gross investment (P+T) 64.3 70.0 69.7 68.3 77.5 18.0 17.5 12.4 18.9 19.4 18.5 18.1 19.8 21.0 O P Capital expend, {net of sales).. 58.9 57.4 58.5 55.8 65.2 16.2 12.7 13.1 13.4 16.6 14.5 16.0 16.2 18.5 P Q R C R o es n i s d u e m nt e i r a l d c u o r n ab st l r e u c g t o i o on ds 3 1 9 6 . . 6 6 3 1 8 6 . . 5 1 4 1 0 4 . . 3 9 3 1 7 4 . . 6 7 4 1 3 8 . . 0 5 1 4 1 . . 0 3 8 3 . . 3 6 9 3 . . 1 1 8 3 . . 8 6 1 4 1 . . 3 4 4 9. . 4 3 1 4 1 . . 1 1 1 4 0 . . 9 3 1 5 2 . . 3 3 g S Plant and equip, (nonprofit) 2.7 2.8 3.3 3.5 3.7 .9 .8 .8 .9 .9 .9 .9 1.0 1.0 S T Net financial investment (U—)). 5.4 12.6 11.3 12.5 12.3 1.8 4.8 -.6 5.5 2.8 4.0 2.1 3.7 2.5 T U Net acquis. offinan. assets9 25.8 27.6 23.1 24.6 33.1 5.4 5.2 3.2 7.4 8.7 7.0 8.1 8.6 9.3 U V Demand deposits and currency. -.8 1.0 -.8 2.5 1.1 1.3 -1.3 -.8 2.4 2.2 2 1.0 1.6 V W Fixed-value redeem, claims 8.7 9.0 9.8 13.6 9.5 2.9 3.3 3.7 3.0 3.6 23 3^6 1.7 2.0 w X Time deposits 3.3 3.7 6.5 7.7 4.0 1.4 2.1 2.0 2.1 1.5 1.0 1.6 1.0 .3 X Y Savings shares 5.2 5.3 5.2 6.5 7.3 1.8 1.3 1.8 1.0 2.3 1.4 2.4 1.2 2.2 Y Z U.S. savings bonds1 e.... .3 j -1.9 c -1.8 -.4 -.1 -.1 -.2 -.2 2 -.5 -.5 -.6 z a Saving through life insurance... 3.2 3.8 2.8 3.4 3.5 .7 .8 .7 .9 1.0 .8 1.1 .8 .9 b Saving through pension funds.. 5.1 5.6 6.2 6.9 7.4 1.6 1.8 1.5 1.7 1.8 1.9 1.9 1.7 2.0 c Cr. and equity mkt. instr.11.... 8.0 7.9 9.7 3.6 16.7 .2 2.0 -.6 .8 1.4 4.5 3.2 4.8 4.2 c d Federal obligations 2.2 1.2 2.5 -2.3 10.6 -1.0 -.3 -1.6 -.8 .5 3.1 1.4 2.4 3.8 d c State and local obligations... 2.1 1.7 2.3 1.5 2.6 .4 .7 -.2 .6 .4 .5 .7 1.2 .1 e g f C C o o r r p p o o r r a a t t e e s a t n o d c k foreign bonds. 1 1 . . 4 1 2 1 . . 2 2 1 1 . . 1 8 1. . 7 5 1. . 6 1 -.3 .5 . . 8 3 -.3 .8 .4 * ' # . 2 \ .5 * -.1 .7 . . 4 3 -.2 : i f f h Mortgages 1.4 1.6 2.1 1.8 2.0 .5 .3 .6 .5 .4 .4 .6 .6 1 Net invest, in noncorp. bus 1.6 .4 -4.5 -5.5 -5.2 -1.1 -1.4 -1.4 -1.4 -1.4 -1.3 -1.3 -1.3 -1.3 i j Net increase in liabilities 20.4 15.0 11.8 12.1 20.8 3.6 .4 3.9 1.9 5.9 3.0 6.0 5.0 6.8 k Mortgages12 12.4 11.1 8.8 10.1 13.6 2.1 2.3 2.1 2.5 3.2 3.3 3.3 3.4 3.6 1 Consumer credit 6.4 3.4 2.7 .3 6.3 1.6 -2.3 .6 .1 1.9 -.7 2.6 1.7 2.7 n m O Se t c h u e r r it 1 y ' credit . . 7 9 .6 * -.4 .8 . .9 7 1.0 * -.3 .2 . . 3 2 . . 2 9 -.9 .2 . . 5 2 # .2 1 -.1 .3 -.3 .2 . . 2 3 o Discrepancy (N—O) -3.8 -3.8 -1.8 -1.1 -4.3 -2.4 -.5 2.5 -.3 -2.8 .4 .3 -.3 -4.7 * Less than $50 million. 9 Preliminary. r Revised. For~other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1955 1956 1957 1958 1959* 4 1 2 3 4 3 4* (B) Farm business sector 8.7 8.5 8.7 11.0 8 6 2 7 2 5 2 1 3.1 3.3 2.1 1.6 2.1 2.8 A B Proprietors* income withdrawals14.. 8.7 8.5 8.7 11.0 8.6 2.1 2.9 2.7 2.7 2.7 2.5 2.2 1.8 2.1 B D C C N a e p t i s t a a v l i c n o g n ( s A um — p B ti ) o 1 n 5. * * * * * 1 .6 0 - 1 .3 .0 - 1 .5 .0 1. . 0 3 1. . 0 5 A - 1 .6 .0 1. . 0 3 1. . 0 7 D C E Current surplus = gross saving (C -f- D) 3 3. . 7 7 3 3. . 7 7 33..99 44..00 4 4. . 1 1 1.5 .7 .4 1.3 1.5 .6 .4 1.4 1.7 E F Gross investment (G-}-J) 3.7 3.7 3.9 4.0 4.1 1.5 .7 .4 1.3 1.5 .6 .4 1.4 1.7 F G Capital expenditures 4.5 3.4 4.7 5.6 6.0 1.0 1.3 1.6 1.5 1.2 1.4 1.7 1.6 1.2 G H Construction and equipment**... 4.2 3.8 4.0 4.6 5 1 8 1 0 1 3 1 2 1 0 1.2 1 5 1 4 1.0 H I Chanse in inventories .3 -.4 .8 1.1 .8 .2 .3 .2 .2 .2 .2 .2 .2 .2 I n Q 1 m r rr j •* n i ? .5 J K Net acquis. of financial assets11... * 2 2 4 — 4 * I 1 7 7 — 1 — 1 / — IK L Net increase in liabilities .8 -.5 .7 2.1 1 5 -.6 .8 1.2 .3 2 .8 1.2 .7 — .6 L M Credit market instruments 1.2 .9 1.1 1.4 1.9 — .2 A .9 .2 -.1 .7 1.1 .3 -.2 M N Mortgages 8 8 .6 7 1 0 1 2 2 1 .3 3 2 1 N O Bank loans n.e.c.18 .4 * .3 .6 .7 -.1 .4 * .1 .5 -.1 O P Other loans19 * .1 .2 .2 .3 -.1 .2 .2 * — .1 .2 .2 " * — .2 P Q Trade debt -.3 .2 .2 -.3 .2 .2 -.1 -.3 Q R Proprietors' net investment.... -A -1.4 -.5 .6 -.4 -.1 .2 .2 '.2 .2 -.1 -.1 -.1 -.1 R (C)Nincorporate nonfinancial business sector A Net income2 ° 36.1 37 8 38.2 37.5 39.8 12.0 8.4 8.7 8.3 12.1 9.4 8.3 7 8 14.2 A B Proprietors* income withdrawals21.. 36.1 37.8 38.2 37.5 39.8 9.5 9.1 9.3 9.4 9.6 9.7 9.9 10.0 10.1 B C Net saving (A —B)i 5 2.5 -.8 -.6 -1.1 2.5 -.3 -1.6 -2.2 4.1 C D Capital consumption 7.0 7.5 8 1 8.0 8 5 2.1 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.2 D E Current surplus = gross saving (C+D) 7.0 7.5 8.1 8.0 8.5 4.6 1.2 1.4 .9 4.6 1.7 .5 -.1 6.3 E F Gross investment iG-\-J) 7.0 7.5 8.1 8.0 8.5 4.6 1.2 1.4 .9 4.6 1.7 .5 i 6.3 F G Capital expenditures 10.7 10.3 9.7 9.1 11.1 1.5 2.4 2.2 2.6 1.9 3.0 3.3 2.8 2.0 G 10.1 10.1 9.7 9.2 10.7 2.3 1.7 2.5 2.5 2.4 2.1 3.2 2.9 2.5 H I Chance in inventories20 6 2 * * 4 — 8 6 — 3 1 — 5 9 1 - 5 I J Net financial investment (K—iV) -3.7 -2.8 -1.7 -1.1 -2.6 3.1 -1.2 -.8 -1.8 2.7 -1.3 -2.8 -2.8 4.3 J K Net acquis of financial assets.... .6 .6 .9 1.1 2 .6 - .3 .4 .2 .7 — .4 .2 — 1 .4 K L Demand deposits and currency 3 3 7 9 — 2 2 2 2 2 2 — 1 — 1 — 1 L M! Consumer credit . .2 .3 .2 .2 A A -.5 .2 • .5 -.3 .3 .5 M N Net increase in liabilities 4.2 3.4 2.5 2.2 2 8 -2.5 .9 1.3 2.0 -1.9 .9 3.0 2.7 -3.9 N O Credit market instruments 4.0 3.4 2.6 4.2 6.2 1.5 .9 .2 3.9 -.3 3.0 1.8 1.8 O P Mortgages 1.0 .8 .9 1.3 1.5 .2 -!l A .5 .4 * .6 .6 .2 P O Bank loans nee 2.1 2.2 1.2 2.8 4.1 1.0 -1.0 .7 -.1 3.2 2.0 1.3 1.4 Q R Other loans2 ^ 8 .4 .5 1 7 2 .3 2 - 2 3 -.6 3 — .1 .2 R S Trade debt2 4 -1.7 -1.8 4.0 4.1 1.3 -3.0 3.2 1.9 3.3 -4.3 2..42 1.2 2.2 -4.5 S T Proprietors' net investment.... 2.0 1.8 -4.1 -6.1 -4.8 -1.0 -1.5 -1.5 -1.5 -1.5 -1.2 -1.2 -1.2 -1.2 T (D) Corporate nonfinancial business sector A Profits20 . ... 38.3 36 8 36.1 31.0 39.8 8.3 6.1 7.1 8.3 9.5 9.1 11.2 9.8 9.7 A B Profits tax payments (net)2 5 17.1 21.6 21.1 18.8 17.8 3.1 6.8 6.2 2.8 2.9 5.4 4.8 3.9 3.8 B C Net dividend payments2* 8.8 9 4 9.6 9.5 10.2 2.8 2.3 2.3 2.2 2.8 2.5 2.4 2.5 2.8 C D Net saving (A—B — C) 12.4 5.8 5.4 2.7 11.7 2.4 -3.1 -1.3 3.3 3.8 1.2 3.9 3.4 3.2 D E Capital consumption . .. 17.6 19.3 20.7 21.4 22.7 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 5.9 E F Current surplus = gross saving (D -f E) 30.1 25.1 26.1 24.1 34.4 7.9 1.8 3.9 8.7 9.7 6.7 9.5 9.2 9.0 F G Gross investment (H+M) 26.2 21.8 26.3 21.6 27.1 7.6 .4 4.4 8.0 8.7 5.6 9.5 7.0 5.0 G H Capital expenditures •.. 29.0 34.0 33.2 21.2 31.1 7.9 4.7 4.4 5.5 6.6 7.3 8.9 6.8 8.1 H I Fixed investment 24.1 29.1 32.0 26.1 27.5 8.4 5.8 6.7 6.6 7.0 5.3 1A 7.3 7.5 I J Plant and equipment 23.1 28.4 30.9 24.4 25.7 8.2 5.9 6.2 5.8 6.5 5.3 6.5 6.6 7.3 J K Other 1 0 8 1 1 1.7 1 9 2 — 1 6 7 5 1 9 7 2 K L Change in inventories20 .. 4 9 4 9 1.2 -4.8 3.5 — 5 -1.0 -2 4 — 1.1 4 2.0 1 5 - 6 .5 L M Net financial investment (N-V) -2.9 -12.2 -6.9 .4 -4.0 -.3 -4.3 .1 2.6 2.0 -1.7 .6 .3 -3.1 M N Net acquis. of financial assets 16.8 4.2 2.8 7.4 12.9 1.5 -6.2 1.4 6.8 5.4 .3 5.4 3.4 3.9 N O Demand deposits and currency. 1.0 .1 - .2 1.8 .2 1.3 -3.1 1.3 1.0 2.5 -2.9 1.5 -.2 1.8 O P Credit market instruments2 7... 5.0 -3.9 -1.2 1.2 5.1 1.8 -1.8 -2.3 1.1 4.2 1.2 1.0 1.3 1.6 P Q Federal obligations 4.4 -4.3 -1.5 .7 3.9 .9 -1.3 -2.4 1.2 3.2 1.6 .5 1.3 .6 Q R Consumer credit .6 .3 * .4 .8 1.0 -1.0 .2 .1 1.2 -.9 .3 * 1.2 R S Other loans (finance paper).. * 1 .3 1 3 * 6 — 2 — 2 4 1 _ l — 2 S T Trade credit 10.2 6.2 2.1 2.6 6.8 -1.9 -2.1 1.4 4.5 -1.2 1.7 2.6 2.2 .2 T U Other financial assets28.... .6 1.8 1.9 1.7 .8 .3 .7 .9 .2 -.1 .3 .3 # .2 U V Net increase in liabilities2 9 19.6 16.4 9.7 7.0 16.8 1.9 -1.9 1.3 4.3 3.4 2.0 4.8 3.1 6.9 V W Credit and equity market instr.. 9.0 11.4 11.3 8.5 10.4 1.8 2.6 2.0 2.4 1.5 1.9 3.4 2.8 2.3 W X Corporate bonds 2.8 3.7 6.3 5.9 3.3 1.7 1.9 1.2 1.5 1.3 .6 .9 .6 1.1 X 2.0 2.3 2.4 2.3 2.4 .5 .3 .9 .6 .5 .6 .9 .3 .7 Y Z Mortgages 2.0 1.8 1.8 2.5 3.2 .6 .2 .7 .9 .8 .4 1.2 1.0 .6 Z & Bank loans nee 1.8 3.6 .2 -2.2 1.0 -1.1 -.2 -.6 -.2 -1.3 * .4 .9 -.3 a b Other loans30 .3 .1 .5 * .6 .2 .4 <j .1 .3 -.1 .2 b c Trade debt 10.5 4.8 -1.7 -1.5 6.4 * -4.5 -.7 1.9 1.9 .1 1.4 .3 4.6 c d Discrepancy (F—G) 3.9 3.2 -.1 2.5 7.3 .3 1.4 -.6 .7 1.0 1.1 * 2.1 4.0 d e Memo* Profits tax accruals25., 20.2 19.5 19.0 15.7 20.5 4.4 3.1 3.5 4.2 5.0 4.7 5.7 4.9 5.1 e • Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 437 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1955 1956 1957 1958 1959? (E) Federal Government sector A Tax receipts (net of refunds) 59.7 69.1 71.5 67.7 72.3 13.8 20.1 18.9 14.9 13.8 19.0 19.6 17.5 16.2 A B Individual income 30.0 34.1 36.1 34.6 38.6 7.4 9.5 8.9 8.7 7.6 9.7 10.7 9.7 8.6 B C Corporate profits 18.1 22.4 21.8 19.9 19.4 3.0 7.3 6.7 2.9 3.0 6.0 5.4 4.1 3.9 C D Other31 11.6 12.6 13.6 13.2 14.3 3.4 3.3 3.3 3.4 3.2 3.3 3.5 3.7 3.7 D Social insurance programs32 E Premiums received 7.5 8.0 9.5 10.4 11.3 1.8 2.5 3.4 2.5 2.0 2.6 3.5 3.0 2.2 F Benefits paid 6.5 7.2 9.3 12.4 12.9 2.5 3.1 3.3 3.1 2.9 3.3 3.1 3.1 3.3 Life insurance and retirement programs 3 3 G Premiums received 1 5 1.7 1.8 1.7 1 8 A .4 .4 A .4 .4 .4 .5 .5 G H Benefits paid 1.6 1.8 2.0 2.1 2.3 .5 .5 .6 .5 .5 .6 .6 .6 .6 H I Net grants and donations paid34. . 9.6 10.0 11.4 13.2 14.1 3.0 2.8 3.2 3.6 3.7 3.2 3.3 3.6 3.9 J Net interest paid35 4.8 5.3 5.7 5.4 6.4 1.5 1.5 1.4 1.3 1.3 1.5 1.5 1.7 1.8 K Other net purchases of goods and services3 6 45.3 47.6 50.2 53.8 53.2 13.5 11.5 12.6 14.4 15.3 12.7 13.3 13.3 13.9 L Construction expenditures 2 8 2.7 3.0 3.4 3.7 .8 .6 .8 1.0 1.0 .8 1.1 1.0 .8 M Other 42.5 44.9 47.2 50.4 49.5 12.7 10.9 11.8 13.5 14.2 11.8 12.2 12.3 13.1 M N Current surplus (A, E, and G, less F and H through K) 1.0 6.9 4.1 -7.2 -3.5 -4.9 3.7 1.7 -5.1 -7.5 .9 1.6 -1.3 -4.7 N O Credits imputed to consumers37... .6 1.0 .6 1.0 1.0 .1 .2 .4 .3 .1 .2 .4 .3 .1 O P Gross and net saving (N —O) .4 5.8 3.6 -8.2 -4.5 -5.0 3.5 1.3 -5.4 -7.6 .7 1.2 -1.6 -4.8 P Q Net finan. investment (R — X) . .4 5.8 3.6 -8.2 -4.5 -5.0 3.5 1.3 -5.4 -7.6 .7 1.2 -1.6 -4.8 Q R Net acquis. of finan. assets .9 1.5 3.2 1.5 6.5 -2.1 1.4 3.9 -4.4 .7 .2 4.1 3.0 - .9 R S Demand deposits and currency -.6 -.2 .2 .7 -2.7 1.5 3.6 -5.0 1.0 1.5 -1.3 S T U V W C O r t O M e h d e t o h r it r e f t m r g i n a l a a o g r n e a k c s n e i 3 a s t 8 3 l i * n a s s t s r e u t m s4 e ° nts 1. . . . 4 9 5 1 1. . . . 1 8 3 6 2 1 . . . . 3 4 9 6 - 1 .2 . \ 4 l 2 2 3 1 . . . . 0 2 7 9 -.3 . . . 9 3 6 .2 9 * - -. . 1 2 . . 3 5 . . 5 5 * -.1 . . . 6 9 3 * . . \ . 1 1 6 l 1 1 1 . . . . 6 5 0 6 1. . . . 1 5 4 6 -.1 . . 4 5 * W T U V X Net increase in liabilities .5 -4.3 - .4 9.8 11.0 2.8 -2.2 2.6 1.0 8.4 -.4 2.9 4.7 3.9 X Y Fixed-value redeemable claims. * 2 -2.2 -.7 -2.0 -.5 -A -.2 2 2 -.2 -.6 -.5 -.6 Z a P C o o s n t s a u l m sa e v r i - n h g e ld d e s p v o g s s i . t s bonds *' !3 — .2 - - 1 . . 3 9 - - . . 2 5 - — 1.8 2 — . A 1 -A * -'A -.2 - - ' . . 2 1 -.2 * _ - .5 1 -.5 • * b Consumer saving through life -.6 insurance and retir. funds .6 1.0 .6 1.0 1.0 A .2 A .3 .1 .2 .4 .3 .1 c Federal obligations4! 1.0 -5.1 1.4 9.0 11.5 2.1 -2.2 2.5 1.1 7.6 2.0 5.3 4.2 d Short-term direct^ -7.1 7.4 5.5 -1.2 5.5 2.2 -1.9 -4.3 1.2 3.8 -4.6 4.7 .7 4.7 e Other direct and guaranteed. 6.6 -13.0 -6.2 10.7 3.6 -1.1 -.3 7.7 A 3.7 4.4 -3.5 3.7 -1.1 f Nonguaranteed43 1.5 .6 2.1 -.5 2.4 1.0 .1 -.9 '.2 .1 .2 .8 .8 .6 h g O O t t h h e e r r l l o ia a b n i s l 4 i 4 ties45 -1.1 * -.3 .3 -.4 .3 . . 1 4 - 1 .6 .1 . . 2 9 -.3 .2 '. 2 2 -.3 A . . 3 5 - - . . 2 2 - 1 .3 .3 * .2 Memo: Assets of OASI fund , 1.1 .9 "-1 -.5 -1.7 4 -.2 .7 -.5 -.5 -.5 .2 -.7 (F) State and local government sector A Tax receipts4* 24.5 27.3 29.4 30.9 33.2 7.4 7.5 7.9 7.7 7.8 8.0 8.2 8.4 8.6 A B Net insurance and grants receipts47 .2 .4 .9 1.4 2.2 .2 .4 .3 .3 .4 .6 .2 .7 .7 C Net interest paid .5 .5 .6 .6 .7 .1 .2 .2 .2 .2 .2 .2 D Other net purchases of goods and services. 36 26.2 28.5 31.5 34.4 37.6 8.4 7.7 8.6 8.9 9.2 8.5 9.3 9.6 10.3 E Construction and land 10.0 11.1 12.1 13.1 13.8 3.1 2.4 3.3 3.9 3.5 2.7 3.4 4.1 3.6 I J H F G C C G u r r O O e o r d r s t t e s i h h t n e e s a t r r n i m s d b b u y y p r n p u e g g l t t e o u e n s v s d a e t v . ( r t a A o i e n l n g + c g t e B o o ( r H n v p — s e r — i u r s C n m e I m — s ) e e r D n s ) 4 t . . 8 . . . . . . . - - - 1 3 2 1 1 7 . . . . 2 0 6 . 2 8 - - - 1 2 1 1 1 9 . . . . 4 7 7 . 4 1 - - - 2 1 3 1 1 1 . . . . 7 3 9 . 6 2 - - - 2 4 2 2 1 3 . . . . 7 1 . 6 9 4 - - - 2 2 5 2 2 6 . . . . 9 0 3 . 1 1 - - 1 . 5 9 . ' 3 A . ^ S - 5 .4 ^ . . 1 4 8 c - - - 1 5 . . . 6 5 . 1 . 9 5 - - - 1 1 5 . . . 5 . 0 5 . 5 5 - - - 1 1 6 . . . 5 . 1 6 . 2 5 - - 6 . . 6 5 . . 3 5 * - - - 1 1 6 . . . 6 . 0 5 . 4 5 - - 1 6 . . 6 . 2 ' 1 . H 5 - - - 1 1 7 . . . 6 . 2 8 . 2 6 K. Net finan. investment (L, — S).. -2.6 -2.2 -5.0 -4.9 -4.4 -.6 -1.2 -.7 -2.7 -.3 -1.6 -1.4 -1.5 .2 K L M Ne D t e a m cq a u n i d s . d o e f p fi o n s a it n s . a a n s d se t c s urrency 2. A 2 2. . 6 2 5. . 5 2 3. . 0 2 2. . 8 5 1. . 0 6 - 1 .3 .2 1. . 5 6 - - . . 8 7 1. . 0 6 -A .2 .6 . . 9 2 1. . 2 6 M L N Time deposits - 1 * .4 .8 -.4 * .6 .7 — .4 - 1 — .5 * N O Credit market instruments.... 1.9 2.3 2.8 2.0 2.7 .4 .9 .2 .3 .6 .6 A 1.1 .6 O P Federal obligations .8 1.1 1.0 r-.3 .8 -.2 .3 A — 2 1 — A .6 .2 P Q State and local obligations.. .4 .5 .5 .5 .5 .1 .1 .2 .1 .1 .1 .2 .1 Q R Other^ .7 .7 1.3 1.8 1.4 .4 .4 A .4 .4 .4 'A .4 .4 R S Net increase in liabilities 4.8 4.8 6.5 7.9 7.2 1.6 2.4 2.2 1.9 1.4 1.8 2.0 2.4 S T State and local obligations.... 3.5 3.2 A.I 5.7 4.9 1.1 1.9 1.6 1.3 .8 1.3 1.4 1.8 A T U Short-term -.2 -.1 .4 .4 .3 -.1 .3 .1 .3 -.2 .2 * .6 -A U V W Co O n t s h u e m r er saving through 3.7 3.3 4.3 5.2 4.5 1.2 1.6 1.5 1.1 1.0 1.1 1.4 1.2 V retirement funds 1.2 1.4 1.6 1.9 2.1 .4 .4 .5 .5 .5 .5 .5 .5 .6 W X Other liabilitiesS o .1 .2 .3 .4 .3 * .1 .1 * .1 .1 .1 X Y Discrepancy (J-K) -.6 -.5 -.3 .3 -.6 -.8 .8 -.4 1.2 -1.3 [1.1 j .3 -1.8 Y * Less than $50 million. p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1955 1956 1957 1958 1959? 4 (G) Commercial banking and monetary authorities sector A Net operating surplus 2.5 3.0 3.5 3.5 4.1 .8 .9 .8 .9 .9 1.0 1.0 1.0 1.1 A B Profits tax & net div. pymts. 5 * 1.7 1.8 2.2 2.4 2.8 .4 .7 .7 .5 .5 .7 .8 .6 .7 B C Current surplus = gross saving (A-B)52 1.2 1.3 1.1 1.3 .4 .2 .1 .4 .4 .3 2 .4 .4 C D Gross investment (E-f-F) 1.4 13 1.1 1.3 2 1 -.1 -.1 .7 1.3 — 5 .8 .7 9 -.3 D E Capital expenditures .3 4 .4 .4 .4 .1 .1 .1 I .J .1 .1 E F Net financial invest. (G-W) .. 1.1 1 0 .7 .9 1 7 -.2 -.2 .6 1.2 -.4 F G Net acquis. of finan. assets**... 4.7 5.1 5.4 14.7 4.2 5.P -7.7 9.9 -7.7 7.7 -5.7 3.9 2.5 3.4 G O L I J K N H M C G r o F e l d e d M C i d t e o o O N S m r m n a h t o a e l h m o n r t e o r a k e g t r b r e r - u y l t c t d a i e i g i r i r a a r a a n m e l u t n s c i t b t o h t t d a e r o n i a e u n r r s n d k e m i d t c s * i t e e * 3 g n s 2 u ts a . r . . . . . . - - - 6 - 8 7 4 1 . . 9 . . 7 . . 5 1 . 8 1 5 * - - - 3 7 - 3 4 4 . . 3 . 2 . . 1 . 8 8 8 3 ? - - 2 4 1 . . 6 . . 2 . . . 3 9 2 8 5 7 - 1 1 2 2 6 7 7 0 . . . . . 3 . 2 . . 8 8 1 9 0 0 - - - - l 7 - 4 3 ' 5 . . \ . 5 8 . . 5 0 3 .3 2 I - 2 3 1 .1 . . . . . . . 1 0 6 9 8 4 1 - - - - 1 . . . . 1 4 5 2 . . . . 5 3 1 1 - 1 - 1 7 5 1 5 0 . . . . 3 . 1 . 2 8 0 8 9 A - - - . . . 5 6 4 . . . . . 2 6 2 3 1 8 3 1 7 0 . i . 6 9 0 4 7 * - - - - 4 - 5 5 - - 6 . . 1 9 . . 6 . . . 1 2 . 5 6 0 6 - - - - - 2 7 4 1 . . . . . 7 9 2 . . 3 5 . 5 0 6 -1 - - A 2 .3 ^ .5 9 9 2 o * - - - - - 2 2 3 . . . . 1 1 3 . . 4 . . 1 4 1 4 M N H K L J I P S R Q T S M S C C t e o o a o c n r t r u e p s t r g . u i a a t m a n y g n d e e l d r o s l a o f c o n c r r e a s e d l i i g o t n b l b ig o a n t d io s n . s . . . . - 2 2 .2 . . . . 3 4 1 6 - - 1 1 . . 4 8 . . . 3 7 2 - 1 1 .1 . . . . 1 0 6 1 - 2 2 .1 . . . . 6 1 4 1 - 2 2 .2 . . . . 5 5 4 2 . . . . . 4 2 1 1 3 - - . . 5 1 . . 6 1 * 1 1 . . ' . 2 3 . 3 6 1 - — 1. . ' . 7 . 5 1 1 1 1. ' . . * 0 . 2 2 i 8 . . . 2 4 3 A 1 1. . . 1 0 2 * * . . 7 5 2 * -.1 . . 6 3 T U V B O a th n e k r l l o o a a n n s s n 5* .e.c -1 8 . . 3 0 - 5 .2 .9 - 2 .3 .3 1. . 4 4 - 7 .6 .9 . .5 1 -1.7 .5 -.2 .7 -.3 * 2. . 8 2 - - ' . A 2 3.6 A - 2 .1 ^8 1. . 9 2 V U W Net increase in liabilities 3.6 4.1 4.7 73.7 2.6 4.1 -7.5 P.5 -2.3 8.3 -tf.5 3.3 2.0 3.8 W X Dem. dep. net & currency55 . . 2.3 1.7 -.8 5.8 1.1 3.1 -5.2 6.4 -3.4 8.0 -7.3 2.4 2.1 3.8 X Y Due to U.S. Govt.56 -.7 .1 .2 .2 .7 -2.3 1.2 3.8 -5.0 .1 -.9 1.0 1.9 -1.3 Y Z Due to rest of world .2 .2 * .1 * -.3 .2 -.1 .3 i .2 .1 -.1 Z a Due to others56 3.0 1.4 -1.1 5.6 .3 5.3 -6.1 2.4 1.7 7.6 -6^2 1.2 .1 5.2 a d e f b c Tim D D u u e D C e e d u e e t t m r o o p r a e o c o n n s o t i d c h n t y s e d s r u e s m po e s r i s ts, net55... - 2 1 1 .3 . . . . 6 3 7 4 - 2 2 1 .1 . . . 4 1 1 * -7 5 5 . . . 7 . 1 5 3 * 5 2 5 8 . . . . . 2 5 5 0 4 -1 - 3 1 . . 3 . . 9 . 1 0 6 4 1 1 . . . . 9 0 0 4 -5 - 3 2 . 1 . 3 7 . . . 2 6 4 2 2 1 1 . . . . , 0 8 5 3 4 - 7 1 1 .5 . . . 1 6 7 - 6 1 .5 . . . . 8 0 5 8 -5 -. . 8 4 . . . 6 5 1 - 1 .5 . . . . 4 7 5 9 - _ 1 .0 . '. 2 9 i - - 4 1 . . 5 2 . . . 2 0 3 d f b e c g Other liabilities5? .3 * * .4 .1 * .1 -.1 -.1 .2 * 4c .2 g h Discrepancy (C-D) -.6 -.1 .3 -.3 -.8 .5 .3 -.5 -1.0 .9 -.6 -.4 -.5 .7 (H) Nonbank financial sectors Current surpluses 8.7 8.5 9.4 9.5 10.5 1.5 2.7 1.7 3.1 2.0 3.0 2.4 2.7 2.4 Credits imputed to consumers59... 6.2 6.5 6.8 7.2 7.6 1.8 1.9 1.4 1.8 2.1 2.0 2.0 1.5 22..22 Gross saving (A—B)5* 2.5 2.0 2.6 2.3 2.9 -.3 .8 1.3 -.1 1.1 .4 1.3 .2 C D Gross investment (E-f-F) 2.8 1.9 2.3 2.8 2.9 .8 .7 1.1 1.1 .4 1.3 .2 D E Capital expend, (tnsur. sector) .4 .3 .4 .3 .4 .1 .1 .1 .1 .1 .1 .1 .1 E Net financial invest. (G — Z) ... 2.5 1.6 2.0 2.5 2.5 -.1 .7 .6 1.0 .1 1.0 .3 1.2 .1 F Net acquis. of finan. assets 22.2 17.3 18.3 20.6 24.5 5.1 4.5 6.3 2.5 7.3 5.8 6.5 5.4 6.9 G By subsector: H Mutual savings banks 2.0 2.0 1.8 2.6 1.4 A .9 .6 .6 .5 .1 A A H I S & L assns. & cr. unions.. 6.3 5.6 5.6 7.1 8.7 1.6 1.2 2.0 1.7 2.1 1.8 2.7 2.1 2.1 I J Life insurance companies... 5.2 5.2 4.9 5.2 5.3 1.3 1.2 1.1 1.3 1.5 1.2 1.4 1.1 1.6 J K Other insurance companies.. 1.2 .7 1.0 1.2 1.5 .3 .2 A .4 .2 .4 .5 .4 K L Noninsured pension funds.. 2.0 2. 2.6 2.6 2.9 .6 '.9 .4 .6 .8 .9 .7 .5 .8 L M Finance n.e.c 5.6 2.5 1.9 4.7 .9 .1 1.8 -2. 2.0 1.1 .9 .9 1.9 M By type: N Demand dep. and currency. .6 .2 .3 .4 -.1 .3 -.3 .4 -.3 -.3 .6 N O Cr. and equity mkt. instr.... 21.5 16.9 17.8 19.8 24.7 4.2 4.1 5.7 3.0 6.9 6.1 6.5 5.9 6.2 O P Federal obligations -.6 -1. -.3 1.0 .8 -.1 .1 .4 .8 .6 .2 .6 -.6 P Q State and local oblig .9 .9 1.1 1.4 .2 .5 .3 .2 .5 .4 .3 .3 Q R Corp. and foreign bonds.. 2.4 5.1 4.7 3.7 1.7 1.1 1.3 1.3 .9 .9 .4 1.5 R S Corporate stock 1.5 1.3 2.0 2.5 2.6 .4 .4 .7 .5 .9 .7 .4 .4 1.0 S T 1- to 4-family mortgages.. 10 2 8.4 6.2 8.5 9.8 1.4 1.5 2.2 2.4 2.4 2. 2.4 2.9 2.3 T V U C O o th n e s r u m m e o r r t c g r a e g d e i s t 3.3 7 1 1. . 6 8 1 1 . . 5 3 - 1 .4 .8 2 2. . 7 2 . . 5 1 -.3 .4 -.1 .4 -.1 .4 .5 * . . 5 2 . . 9 6 1. . 0 6 . . 6 6 U V w Security credit .5 * -.4 .6 * -.3 * .7 -.5 .4 .1 -.2 * W Y X Ot O he th r e f r in l a o n a c n i s a « l > assets «i 1. . 7 1 . . 4 2 1. . 4 2 .4 * - 1 .2 .6 . . 4 2 . . 4 4 -.2 .2 - - . . 6 2 .4 .7 -.1 .6 -.2 2 .4 * X Y Net Increase in liabilities 19.7 75.5 16.4 18.1 22.0 5.3 3.7 5.6 7.5 7.2 4.8 6\ 2 4.2 6.8 Dep. in mutual savings bks 1.8 1.8 1.7 2.3 1.2 .5 .7 .6 .5 .5 .5 .3 .2 .1 Savings shares 5.3 5.4 5.2 6.5 7.2 1.8 1.3 1.8 1.0 2.3 1.4 2.3 1.2 2.2 Saving through life insurance.. 3.3 3.6 2.7 3.4 3.4 .8 .7 .9 1.0 .7 r.o .7 .9 Saving through pension funds. 3. 3.3 4.1 4.1 4.4 1.2 .7 1.0 1.2 1.3 .8 1.4 Cr C . a o n rp d o e r q a u te it y b o m n k d t s . instr. «*... 5 1. . 4 9 1 1 . . 1 1 2. . 4 7 1. . 5 1 5 1 . . 6 0 1. . 0 1 -.4 .3 1.5 -1.7 2. . 1 1 . . 7 3 1.5 1. . 1 3 2. . 3 3 Corporate stock .9 1.1 1.2 1.6 1.8 .3 .4 .5 .5 !3 .4 S B e a c n u k r i l t o y a c n r s e d n i . t e.c — -.4 . / -.1 -.7 1.5 .3 * - - . . 9 2 - 1 .1 .1 - - 1. .4 . . 7 8 -.4 * -.1 .5 -.1 .3 .7 i Open market paper*3 .5 .1 .1 .6 -.2 -.3 .5 .2 -.1 -.1 i Mi F s H ce L ll B a n lo eo an u s s 6 t 4 o S & L assns.« * .8 . . 1 2 -.6 .1 . . 3 2 -.1 . . 1 3 -.2 .1 .4 . . 3 1 .3 k .3 -.1 1 Discrep. & unident. assets (C—D). -.4 -.3 -.4 -.4 m -.5 * Less than $50 million. * Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 139 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterlytotals Annual totals Category 1957 1958 1959 1955 1956 1957 1958 1959* 4 1 2 3 4 I' 2r 3 4. © Rest-of-world sector A Net purch. of goods and serv. (B — C) 1.6 3.4 5.3 1.8 -.5 1.4 .5 .5 .1 .6 -.1 .3 .4 .3 A B Purch. of goods and services*6... 19.5 23.2 26.3 22.8 22.9 6.5 5.4 5.8 5.5 6.0 5.3 5.7 5.8 6.2 B C Sales of goods and services 17.9 19.8 20.9 21.0 23.4 5.2 4.9 5.3 5.4 5.4 5.4 6.0 6.2 5.9 C D 2.1 1.9 1.9 1.9 2.0 .5 .4 5 .5 .5 4 .6 D E Current SUTDIUS CD—A). .4 -1.5 -3.5 .1 2.5 -.9 •* .1 .4 .7 .8 .8 .3 E F Net financial investment (G—N) -2.1 -4.2 -.4 1.7 -.7 -.3 .2 .1 .4 .« .1 F G Net acquis. offinan. assets 1 5 1.5 — .1 3.5 5.6 .2 .6 1 J 9 9 9 ? 1 5 G H Gold .1 -.3 -.8 2.3 1.0 -.1 A 1.1 .5 .3 .1 .7 .2 .1 H L I J T U O i . t m S h . e e r d d e c e m r p e . o d s i d t i e t m s p. a a rk nd et c in u s rr t e r. n 6 c 7 y . . . . . . . - 1 .1 .1 * -.1 . . . 8 2 5 . . . 2 2 4 -.1 .9 * * -1 2 . . 0 . . 8 1 3 .4 * — . ' 1 j - . . 2 24 • - - - . . . 1 1 1 8 . . 3 3 * - ' - .2 . . 1 1 . . . 2 4 1 9 1 . . .1 1 3 ? - - . . 1 3 .2 5 K L J I M Misc. financial assets 6 8 '7 4 — .1 .3 2.3 * .1 4 — 1 — l 7 1 1 M N Net increase in liabilities 1.5 3.6 4.1 3.8 3.9 1.0 .9 1.2 .8 .9 .5 2.4 .6 .4 N o * .4 .5 1.2 .7 * A 4 ? .3 1 O P Loans** .4 .6 ,9 1.1 .2 .6 .1 ? 4 A -.1 -> 1 -.1 P Q Miscellaneous7 o 1.2 2.6 2.8 1.4 3.0 .3 .4 .6 .2 .2 .3 2.0 .4 .3 Q p Discrepancy (E—F)'1 4 7 4 8 - 2 2 1 2 _ 1 2 4 1 p s Memo: Unilateral transfers in kind 72 2.8 3.0 2.9 2.9 2.1 .7 .8 .9 .6 .6 .6 .7 .5 .3 s * Less than $50 million. v Preliminary. r Revised. 39 Mainly loans to business sectors, to foreign and State and local 1 Payrolls; interest; dividends; and income withdrawals from unincor- governments, and to savings and loan associations (by FHLB). Excludes porated business. CCC-guaranteed loans other than those on tobacco. 2 Grant and donation receipts of consumers and nonprofit organiza- 40 Treasury currency assets, time deposits, trade credit, and mistions (net of transfers within the sector), social insurance benefits, and cellaneous (mainly foreign currency and deposits). benefits from private pension and government retirement funds. 41 See Table 1, note 25. 3 Federal, State, and local income and estate and gift taxes. 42 See Table 3, note 37. 4 Mainly employee contributions to OASI and to private pension and 4 3 Securities and notes issued by FNMA, Federal land banks, home government retirement funds. loans banks, intermediate credit banks, and banks for cooperatives. 5 Figures include net operating outlays of nonprofit organizations and 44 CCC-guaranteed bank loans and CCC certificates of interest. net transfer payments abroad. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 6 Net of dividends on and benefits from private life insurance and IMF notes, misc. deposits, and private equity in Govt. enterprises). individual annuity policies and Government life insurance. 46 Excludes employment taxes. 7 In connection with consumer saving through life insurance, private 47 Receipts of Federal Government grants; payments of direct relief pension funds, railroad retirement, and government employee retirement. and other transfers; and receipts and payments in connection with * For details, see Table 2, lines J-L. government employee retirement, unemployment insurance, workmen's 9 Includes misc. deposits with Federal Govt. not shown separately. compensation, and cash sickness compensation programs. 10 Includes net accruals of interest. 48 In connection with saving through govt. employee retirement funds. 1* Includes net free credit balances with brokers not shown separately. 49 Corporate bonds and mortgages. 12 Mainly consumer debt on 1- to 4-family properties. 50 Trade debt and loans from Federal Government. 13 For consumers, loans on insurance policies; for nonprofit organiza- 3* Includes payment to Treasury on F. R. notes outstanding. tions, bank loans, loans from government, and trade debt. 52 Met saving is less than line C by the amount of capital consumption, 14 Estimated as equal to seasonally adjusted net income of unincor- about $0.1 billion a year. porated farms. Figures include small amounts of dividends and profits 5 3 Includes misc. and Treasury currency assets not shown separately. taxes paid by corporate farms. 54 Open market paper, CCC-guaranteed loans, and CCC certificates o 1 s See Table 2, note 32. interest. 1 6 Includes farm residential construction, 5 5 Net of Federal Reserve float and cash items in process of collection l7 Mainly demand deposits and currency. as reported by commercial banks. 1* Excludes CCC-guaranteed loans. See p. 840 of BULLETIN for 5 6 Bank-record basis, net of bank float; differs from sector demand August 1959. deposits and currency assets (shown in Table 3 and in nonbank sector 19 Government loans; excludes CCC loans. accounts in Table 4) principally because of mail float. 2 ° After inventory valuation adjustment. 5 7 Mainly issues of corporate stock and balances due to foreign 21 Estimated as equal to seasonally adjusted business net income. branches. 22 Includes business residential construction. 5 8 Includes premiums on life insurance and private pension plans, less 23 Mainly REA and other loans from Federal Government and loans benefit payments and policy dividends. from finance companies. 5* In connection with consumer saving through life insurance and 24 Net of trade receivables. pension funds. 2 5 Federal, State, and local taxes on profits. 6 0 Mainly finance company loans to business and insurance policy loans. 26 Includes profits paid by U. S. branches to foreign parent corporations 61 Trade credit, time deposits, sayings shares, and miscellaneous assets. less profits paid by foreign branches to U. S. parent corporations. 62 Lines /, j, and most of i are liabilities of finance companies; line g, shares of open-end investment companies; and line h, liabilities of security 2 2 7 8 M In i c s l c u e d ll e a s n S eo ta u t s e f a in n a d n l c o ia c l a l a s o s b e l t i s g a (d ti i o re n c s t n in o v t e s s h t o m w e n n ts s e in p a f r o a r t e e i l g y n . branches bro 6 k 3 e P rs a r a t n o d f d " e o a t l h e e r r s . loans" category. and holdings of foreign cash), and time deposits. 64 Deposits of banks in U. S. possessions and agencies of foreign banks. 29 Includes direct investments from abroad not shown separately. 65 Consolidated; records only transactions with U. S. 3 0 Mainly commercial paper and loans from finance companies. 66 Excludes unilateral transfers in kind, shown in line 5". 31 Mainly excise taxes and customs receipts; also includes estate and 67 Corporate securities, security credit, and commercial paper. gift 3 2 ta O x A es S a I, n d d i p sa a b y i m lit e y n t i n to su T ra re n a c s e u , r a y n o d n u F n . e m R. p n lo o y te m s e o n u t t p st r a o n g d r i a n m g s . . Line E U. 6 S 8 . D no ir t e e c s, t a i n n d v e m st i m sc e e n ll t a s n , e u o n u i s d e d n e t p if o i s e i d t s. assets, IMF holdings of special includes Federal employment taxes and States deposits in unemployment 69 Security credit, bank loans n.e.c, and other loans (mainly from compensation trust funds; line F, Federal benefit payments to consumers U. S. Government). and State withdrawals from these trust funds. 70 Direct investments, foreign currency and deposits held by U. S. 33 Veterans' life insurance and Government employee and railroad re- domestic sectors, and other liabilities. tirement funds. Line G excludes Government contributions to these funds, 71 "Errors and omissions" in U. S. balance-of-payments statement. 3 4 Transfer payments (other than insurance benefits) to individuals, J2 Grants in the form of goods and services by U. S. Government and plus net cash unilateral transfers to foreign countries, grants-in-aid to private individuals and institutions. State and local governments, and subsidies to business. 3 5 Includes net accruals on savings bonds and Treasury bills. NOTE.—"Liabilities" covers equity as well as debt claims. 36 Purchases less sales for general govt. and govt. enterprises, including For descriptions of sectors, of capital expenditures, and of financial outlays for tangible capital and (for Federal Govt.) net disbursements to transaction categories, see notes to corresponding items in Tables 1-3, farmers in form of CCC direct and guaranteed loans. pp. 1313-15, and "Technical Notes," pp. 846-59 of BULLETIN for August 3 7 In connection with saving through Government life insurance and 1959. For discussion of saving and investment concepts, see p. 833 of Government employee and railroad retirement funds. BULLETIN for August 1959. 3 * Mainly on 1 - to 4-family and farm properties. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1959 All banks maintaining branches or additional offices All banks by class of bank (except banking facilities), by class of bank * Commercial banks Commercial banks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings banks Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m t r e - su In re - d N su i o n re n - d - su In re - d N su i o n re n - d - ti N on a- al m S b t e a e m t r e - su In re - d N su i o n re n - d - su In re - d N su i o n re n - d - United States2.. 13,99113,474 4,54231,691 6,878 366 3268 249 2,351 2,164 805 383 956 20 113 74 Alabama 237 237 69 23 145 21 21 15 3 3 Alaska 18 18 7 6 7 7 5 2 Arizona 9 9 3 1 4 5 5 2 1 1 Arkansas 236 236 55 20 156 32 32 8 3 21 California 115 115 37 23 50 58 58 17 16 23 Colorado 186 186 77 18 65 1 1 1 Connecticut 144 73 24 10 29 58 54 33 13 8 12 14 Delaware 22 20 3 2 14 9 7 2 4 Dist. of Col 12 12 5 4 3 11 11 2 Florida 293 293 106 11 171 Georgia 413 413 52 13 292 Hawaii 11 11 1 5 Idaho 32 32 10 ""8 14 Illinois 955 955 395 129 425 Indiana 454 450 124 3103 217 109 109 57 Iowa 672 672 98 71 463 129 129 118 Kansas 593 593 169 46 370 15 15 5 Kentucky 358 358 88 20 240 64 64 33 Louisiana 187 187 42 11 133 63 63 34 Maine 86 54 28 6 14 22 10 33 29 10 Maryland 147 140 52 11 76 57 52 25 Massachusetts. . 354 168 103 22 38 178 150 86 22 59 Michigan 383 383 74 145 162 121 121 54 Minnesota 688 687 179 30 468 2 2 Mississippi 193 193 27 156 66 66 49 Missouri 623 623 77 433 Montana 116 116 41 45 29 Nebraska 426 426 123 17 248 1 1 1 Nevada 7 7 3 2 2 5 5 2 New Hampshire 108 75 51 1 19 33 4 2 1 New Jersey 279 258 164 53 38 21 135 126 74 35 New Mexico. . . 52 52 27 8 17 24 24 13 New York 543 415 249 113 41 "128 224 156 79 68 North Carolina. 192 192 39 4 148 92 92 24 North Dakota.. 156 156 38 2 113 19 19 1 Ohio 590 588 222 151 214 175 174 82 Oklahoma 388 388 197 26 159 14 14 10 Oregon 54 53 11 6 34 19 19 2 Pennsylvania. . . 729 722 473 75 162 195 191 117 Rhode Island... 17 9 4 1 3 12 3 South Carolina. 145 145 25 6 107 39 39 15 South Dakota. . 173 173 34 26 113 28 28 4 Tennessee 297 297 75 8 207 66 66 27 Texas 990 990 466 111 390 8 Utah 49 49 7 13 26 13 Vermont 63 57 32 24 14 13 Virginia 309 309 130 70 109 101 101 Washington 91 87 25 9 51 23 21 West Virginia... 183 183 77 35 69 Wisconsin 559 555 98 3 62 392 91 91 82 Wyoming 53 53 25 14 14 Virgin Island2.. 1 1 1 Banking facilities are shown separately; see note 4. 5 Each bank is reported once only—according to the widest area in 2 Includes one national bank in the Virgin Islands, with one branch, which it operates branches or additional offices. that became a member of the Federal Reserve System in 1957. NOTE.—Each branch and additional office is located in the same'State 3 State member bank and insured mutual savings bank figures both as its parent bank except that one national bank in New Jersey has a include three member mutual savings banks not included in the total for branch in Pennsylvania, one national bank in California has two branches commercial banks. State member bank figures also include one nonin- in Washington and one in Oregon, and one noninsured (unincorporated) sured trust company without deposits, which is not included with bank in New York has one branch in Massachusetts and one in Pennnoninsured nonmember banks. sylvania. In the table these branches are shown according to their 4 Banking facilities (other than branches) that are provided at military own location, rather than that of the parent bank. and other Government establishments through arrangements made by the Treasury Department; they are operated by 190 banks, 74 of which have no other type of branch or additional office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 441 NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1959—Continued All branches and additional offices (except banking facilities), by class of bank * All branches and additional offices (except banking facilities), Bankby location1 ing facili- Commercial banks ties at Mutual Gov- State savings Outside head office city ern- Member Nonmember banks In Total Total ti N on a- a b l ank m s S em tat b e er su In re - d bank i s n N s o ur n e - d su In re - d in N su o r n e - d o h c f e f i i a t c y d e I c n o o f u h fi n e c t a e y d c I t o i n g u u c n o o ti u n e s - s c I c o n o u u n o n n t u o t i i s g n e - - s m e l s e i t s n a h t b - s - 4 United States 9,835 9,388 4,769 2,490 2,087 42 318 129 3,983 3,020 1,308 1,524 264 Alabama 71 71 62 4 5 34 24 5 8 7 Alaska 18 18 15 3 7 6 5 6 Arizona 145 145 109 7 24 5 32 39 44 30 6 Arkansas 40 40 12 4 24 2 33 4 1 1 California 1 515 1,515 1,140 211 160 4 278 176 259 802 41 Colorado 1 1 1 6 Connecticut 2^3 184 87 56 41 15 34 75 120 34 4 1 Delaware 55 52 24 26 2 3 12 21 17 5 1 District of Columbia.. 59 59 29 24 6 59 5 Florida 14 Georgia 79 79 46 19 14 63 1 6 9 8 Hawaii 73 73 25 47 1 20 19 34 5 Idaho 80 80 66 8 6 5 6 13 56 Illinois 4 Indiana 272 272 155 26 91 140 132 4 172 172 4 7 159 2 6 121 45 Kansas 15 15 8 2 5 15 3 Kentucky 129 129 63 25 41 73 53 3 3 159 159 85 18 56 99 51 6 3 3 M^aine . 125 119 39 41 29 10 5 1 28 49 43 5 4 246 213 63 64 81 5 33 109 56 65 16 13 Massachusetts 462 350 192 100 57 1 18 94 248 205 8 1 4 M M i ic n h n i e g s a o n ta 531 6 53 6 1 18 6 3 253 93 2 28 6 0 169 72 10 2 Mississippi 128 128 20 14 94 41 57 24 6 4 Missouri 7 7 1 4 2 7 2 Montana 1 1 1 1 Nevada 34 34 20 10 4 8 6 6 14 2 New Hampshire 4 2 1 1 2 4 1 New Jersey 411 391 219 131 41 20 173 237 1 7 New Mexico 45 45 25 20 27 13 4 1 4 New York 1 426 1 286 418 797 67 4 140 890 370 125 41 15 North Carolina 448 448 92 69 284 3 118 81 111 138 4 North Dakota 27 27 1 25 16 11 Ohio 598 595 286 231 78 3 315 273 10 3 Oklahoma 14 14 10 2 2 14 4 Oregon 179 179 153 5 21 33 21 21 104 Pennsylvania 779 732 435 194 101 2 47 307 287 184 1 8 Rhode Island 112 88 48 18 21 1 24 35 43 18 16 2 South Carolina 128 128 88 2 38 37 24 14 53 6 South Dakota 53 53 23 30 23 19 11 1 Tennessee 190 190 116 17 57 111 64 7 8 6 Texas 8 8 8 8 20 Utah 65 65 38 18 9 11 16 6 32 5 33 32 17 15 1 5 13 12 3 1 Virginia 237 237 113 51 73 151 45 28 13 18 Washington 269 262 238 17 7 7 80 49 47 93 6 West Virginia Wisconsin 152 152 16 8 128 19 107 26 Wyoming 1 Virgin Islands 1 1 1 1 Nonmember Mutual Member banks commercial banks savings banks Distribution by location of branches with respect to head office Total Non- Non- National State Insured insured Insured insured Banks with branches or additional offices (except banking facilities)2 5 2,351 805 383 956 20 113 74 In head office city 698 270 135 175 5 87 26 Outside head office city but not beyond head office county 1,214 410 177 568 7 13 39 Outside head office county but not beyond contiguous counties. 337 79 45 186 5 13 9 In counties not contiguous to head office county2 102 46 26 27 3 Branches and additional offices (except banking facilities) 9,835 4,769 2,490 2,087 42 318 129 In head office city 3,983 1,736 1,380 534 16 261 56 Outside head office city: In head office county 3,020 1,327 640 953 11 26 63 In contiguous counties 1,308 569 302 385 11 31 10 In noncontiguous counties2 1,524 1,137 168 215 4 Banking facilities at military and other Government establishments4... 264 204 29 31 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* International * International capital transactions of the United States. 444 Net gold purchases and gold stock of the United States. 452 Estimated foreign gold reserves and dollar holdings. 453 Reported gold reserves of central banks and governments. 454 Gold production 455 International Bank and Monetary Fund. 456 United States balance of payments. 457 Money rates in foreign countries. 457 Foreign exchange rates 459 Index to statistical tables 465 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and the balance of payments of the ments and official statistical bulletins. Back fig- United States. The figures on international cap- ures for 1941 and prior years, together with deital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Ger- Date G to ra ta n l d t t i e i n o r s n n t a a i- - l Foreign countries m R F a e e n d p y . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions2 Total Official of 1955—Dec. 31 13,601 1,881 11,720 6,953 [,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 ,012 3,089 6,865 1,516 2,346 2,415 346 1957—Dec. 31 15,158 1,517 13,641 7,917 1,557 1,079 ,275 3,231 7,142 1,623 2,575 1,946 355 1958—Dec. 31 16,159 1,544 14,615 8,665 [,755 ],121 873 3,960 7,708 2,019 2,403 2,205 279 1959—Feb. 28 16,617 1,541 15,076 8,757 1,697 ,170 ,131 3,920 7,918 2,142 2,382 2,339 295 Mar. 31 16,655 1,676 14,980 8,623 1,385 1,231 ,123 4,005 7,744 2,087 2,522 2,337 290 Apr. 30 16,803 1,668 15,135 8,438 1,299 1,245 ,228 4,083 7,855 2,171 2,463 2,357 290 May 31 17,153 1,719 15,434 8,802 1,409 1,298 ,094 4,183 7,984 2,094 2,661 2,391 304 June 30 18,428 42,756 15,673 8,967 1,467 1,409 ,084 4,279 8,238 2,122 2,551 2,439 322 July 31 18,724 2,780 15,944 9,141 1,446 1,476 ,091 4,402 8,415 2,231 2,439 2,532 327 Aug. 31 18,812 2,720 16,092 9,175 1,409 1,570 1,093 4,503 8,575 2,135 2,515 2,526 340 Sept. 30 19,197 2,991 16,206 9,226 1,436 1,578 1,056 4,611 8,681 2,245 2,364 2,560 355 Oct. 31 19,014 3,049 15,965 9,096 1,544 1,543 874 4,454 8,415 2,253 2,300 2,627 369 Nov. 30 19,303 3,160 16,144 9,082 1,706 1,523 955 4,300 8,484 2,330 2,302 2,658 369 Dec. 31 19,337 3,158 16,179 9,139 1,987 1,369 971 4,127 8,454 2,195 2,406 2,748 376 I960—Jan. 31* 19,340 3,138 16,202 8,889 1,899 1,358 993 4,049 8,299 2,318 2,393 2,803 391 Feb. 29? 19,439 3,285 16,154 8,865 1,908 1,245 1,143 4,036 8,331 2,270 2,377 2,779 397 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - S l w a e n r i - t d z- T k u ey r- Y sl u a g vi o a - ot A h l e l r^ 1955 Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956 nee 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957 Dec 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958 Dec. 31 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 1959-Feb. 28 3,920 410 105 129 76 637 132 345 114 157 32 280 796 20 6 682 Mar 31 4,005 417 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Apr 30 4 083 410 151 130 74 649 145 361 104 171 29 321 853 25 7 651 May 31 4,183 409 124 110 73 855 156 363 108 162 33 322 857 22 6 582 June 30 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 7 544 JUly 3] 4 402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aug. 31 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept 30 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct 31 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 6 582 Nov. 30 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 5 578 Dec 31 4,127 331 138 137 77 655 186 485 95 138 86 213 966 31 6 583 I960—Jan. 31v 4,049 308 152 120 83 664 188 494 95 128 93 151 973 30 10 559 Feb. 29*> 4,036 300 137 112 90 675 197 496 94 131 99 196 943 35 10 521 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p i D R c u l i i o a e b c n - - n - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d - d i s i e s - t s l a P p i R m c u a e b n a - o - - , f Peru U gu r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1955—Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Dec. 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—Dec. 31 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959_Feb. 28 2,382 189 20 166 85 198 267 38 33 43 389 76 155 72 89 410 152 Mar. 31 2,522 180 20 178 95 189 263 41 33 43 401 74 156 74 96 508 170 Apr. 30 2,463 180 20 151 92 199 257 49 38 43 412 79 157 81 84 443 178 May 31 2,661 211 22 176 102 210 250 46 39 44 445 78 150 82 85 549 172 June 30 2,551 206 22 154 130 204 242 44 38 42 406 78 147 77 89 500 170 July 31 2,439 222 23 154 121 206 227 43 33 39 402 80 159 77 77 407 169 Aug. 31 2,515 245 20 163 144 212 206 40 29 36 416 79 155 81 85 428 175 Sept. 30 2,364 268 20 169 171 197 202 37 25 35 400 85 157 88 71 278 161 Oct. 31 2,300 291 23 150 141 203 191 39 22 35 396 83 151 96 70 254 154 Nov. 30 2,302 310 22 141 139 215 168 41 27 36 420 85 144 88 68 251 148 Dec. 31 2,406 337 24 151 185 217 164 37 28 37 442 86 129 82 62 277 148 I960—Jan. 31* 2,393 360 25 152 170 222 163 36 31 44 425 85 131 83 62 250 155 Feb. 29» 2,377 380 23 164 159 232 151 35 35 52 421 83 125 70 68 209 171 p Preliminary. For other notes sec following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFL CAPITAL TRANSACTIONS OF THE U. S. 445 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Date Ko- Union Hong Indo- rea, Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan niv.e- ip- wan land Other Total tralia gian Egypt's South Other pub- pines Congo Africa lic of 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 l957_Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—Dec. 31 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Feb. 28 2,339 57 86 112 51 60 1,020 147 169 96 139 402 295 80 31 17 37 129 Mar. 31 2,337 62 90 119 55 62 998 147 173 94 138 400 290 83 33 16 28 130 Apr. 30 2,357 57 91 108 54 65 1,028 146 164 91 133 418 290 83 33 15 28 132 May 31 2,391 58 94 81 51 70 1,068 142 175 92 133 427 304 83 33 16 33 139 June 30 2,439 57 99 77 39 86 1,101 145 168 90 134 443 322 91 35 16 36 144 July 31 2,532 56 113 88 27 86 1,131 147 163 90 133 497 327 84 39 16 48 140 Aug. 31 2,526 57 103 92 28 94 1,106 148 182 90 126 501 340 85 31 16 53 155 Sept. 30 2,560 58 119 108 27 78 1,141 150 180 87 127 484 355 109 29 16 43 159 Oct. 31 2,627 59 122 116 21 80 1,169 152 176 91 129 511 369 112 29 17 48 163 Nov. 30 2,658 61 115 126 24 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Dec. 31 2,748 59 114 139 47 87 1,260 148 172 94 136 494 376 114 31 20 49 162 1960—Jan. 31*.... 2,803 60 113 146 46 93 ,293 149 174 94 142 493 391 110 33 25 62 162 Feb. 29».... 2,779 61 90 153 43 87 1,291 145 177 95 142 494 397 115 34 38 57 152 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .3 .1 Burma. 7.0 6.7 5.9 n.a. British dependencies .4 .3 Cambodia 17.2 20.0 24.9 19.7 Bulgaria .2 .6 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia 8 .5 .7 .7 China Mainlands 35.5 36.3 36.0 35.8 Eastern Germany 1.2 3.1 1.5 Iraq., 16.9 19.6 18.0 n.a. Estonia 1.9 1.7 1.7 n.a. Jordan 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait , 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a* Ireland, Republic of 9.1 9.0 10.0 5.4 Lebanon 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .5 .7 .6 Pakistan , 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland? 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania8 .9 .9 .9 Syria* 17.1 3.5 4.7 5.0 Trieste 1.4 1.2 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.8 .7 2.2 2.6 All other: Other Latin America: British dependencies 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.0 13.0 20.3 French West Indies and French Guiana. 1.0 .8 .5 .5 Libya 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier) 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 1.9 6.9 6.8 Portuguese dependencies 4.4 4.0 2.9 Other Asia: Somalia t.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan 1.7 5.2 n.a. British dependencies 7.4 8.0 4.3 5.7 Tunisia .3 8.4 n.a. Not available. *> Preliminary. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories in than one year; such liabilties amounted to $15 million on Feb. 29, 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. tates are based on reports by U S banks bankers brokers and dealers 3 Represents liabilities to foreign central banks and foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term foreigner is used to 4 Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial 6 Part of the United Arab Republic since February 1958. firms. 7 Except where noted, these data are based on reports by banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Date, or area Total in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other* certificates1 certificates Total amounts outstanding 1955 Dec 31 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956 Dec. 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 31 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Dec. 31 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Feb. 28 16,617 14,056 6,797 6,173 1,085 2,499 1,932 371 197 62 Mar. 31 16,655 14,115 6,936 6,079 1,099 2,488 1,970 311 205 54 Apr. 30 16,803 14,196 6,864 6,242 ,090 2,537 1,966 338 234 69 May 31 17,153 14,569 6,775 6,633 ,161 2,523 1,975 305 243 62 June 30 18,428 15,794 6,694 7,940 1,160 2,557 1,999 314 244 77 July 31 18,724 16,082 6,497 8,409 1,175 2,576 2,026 301 249 67 Aug. 31 18,812 16,131 6,374 8,546 1,211 2,615 2,045 303 267 66 Sept 30 19,197 16,549 6,560 8,768 1,220 2,578 1,963 331 283 71 Oct 31 19,014 16,450 6,132 9,046 1,271 2,496 1,913 310 273 68 Nov. 30 19,303 16,805 6,331 9,181 1,292 2,433 1,857 290 286 65 Dec 31 19,337 16,857 6,341 9,240 1,277 2,403 1,833 299 271 77 i960 Jan 31v 19.340 16.926 6,149 9,253 1,524 2,358 1,766 297 295 56 Feb. 29^ 19,439 17,100 6,065 9,427 1,608 2,283 1,750 228 305 56 Area and country detail, December 31, 1959 Europe: 331 329 188 129 12 2 1 (3) (3) Belgium 138 91 46 12 33 47 39 1 6 (3) 137 126 18 99 9 10 8 1 (3) Finland 77 76 7 64 5 1 France 655 599 237 324 38 56 51 3 3 (3) Germany, Fed. Rep. of 1,987 1,962 244 1,510 208 22 18 2 2 4 Greece 186 174 20 155 12 12 (3) Italy 1,369 1,338 147 1,049 142 31 24 6 1 (3) Netherlands 485 445 138 239 68 30 15 12 3 9 95 57 48 8 39 37 1 138 91 85 6 46 45 (3) 1 (3) Spain • 86 68 68 1 17 17 (3) (3) (3) Sweden *•••••••• 213 205 61 103 42 8 7 (3) (3) Switzerland . ... 966 792 335 171 286 169 91 22 56 5 Turkey 31 28 28 2 2 United TCinfidom 971 631 331 254 46 298 129 112 58 42 Other Europe 58 6 3 563 6 6 6 3 371 .3 1 1 9 11 1 4 4 (3) Total 8,454 7,583 2,072 4,486 1,024 811 509 166 136 60 Canada 2,195 1,844 1,302 497 44 341 207 95 38 10 Latin America: Argentina 337 264 264 1 72 69 4 24 9 9 (3) 15 15 (3) (3) Brazil 151 44 40 (3) 3 107 97 2 8 (3) Chile 185 135 135 (3) 49 48 (3) 1 (3) Colombia 217 155 144 0) 11 62 61 1 (3) Cuba 164 65 55 9 99 90 1 8 Dominican ReDublic .. 37 5 5 32 32 El Salvador 28 12 9 2 16 15 37 20 6 8 6 17 17 442 306 287 18 1 136 123 11 3 (3) Neth. W. Indies and Surijiam 86 40 11 21 8 46 13 10 23 Panama Rep of 129 25 24 105 69 6 29 Peru 82 36 35 47 44 1 2 (3) 62 27 25 (3) 2 35 27 7 Venezuela 277 113 113 (3) (3) 164 160 2 2 Other Latin America 148 80 61 13 5 67 64 1 2 Total 2,406 1,335 1,223 70 42 1,067 942 35 90 3 » Preliminary. 2 Represents principally bankers' acceptances and commercial paper. 1 Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,127 million on Feb. 29, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFL CAPITAL TRANSACTIONS OF THE U. S. 447 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total Payable in foreign country U. S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Are£i and country detail, December 31, 1959—Continued Asia: Hong Kong 59 32 25 7 27 26 (2) 1 (2) India 114 101 28 70 2 13 13 (2) 139 137 74 62 1 2 2 Iran 47 42 38 1 3 4 4 Israel 87 83 25 48 9 4 4 Japan • 1,260 1,245 629 564 53 15 14 w 1 (2) Korea Reo of 148 145 107 38 1 3 3 Taiwan 1 9 7 4 2 1 8 5 6 2 1 8 2 2 5 a18 9 4 1 8 9 1 7 9 ( ( 2 2 ) ) (2) (2) Thailand 136 133 29 5 3 3 (2) Other Asia 494 455 265 162 27 39 38 (2) 1 (2) Total 2,748 2,612 1,428 1,063 121 136 132 1 3 1 All other: 114 109 30 72 8 4 3 (2) 1 (2) Belgian Congo 31 30 13 2 16 1 1 Egypt 3 20 19 17 2 2 1 Union of South Africa.... 49 45 24 19 3 3 3 1 Other 162 122 93 15 13 39 35 1 3 2 Total 376 326 ill 109 40 47 42 1 4 3 Total foreign countries. 16,179 13,699 6,203 6,226 1,271 2,403 1,833 299 271 77 International institutions.... 3,158 3,158 138 3,014 6 Grand total 19,337 16,857 6,341 9,240 1,277 2,403 1,833 299 271 77 1 Represents principally bankers' acceptances and commercial paper. 3 Part of the United Arab Republic since February 1958. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Date Total France R m G F e a e p e n d . r y - . o , f Italy S l z a w e n r i d - t- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1955—Dec. 31. 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Dec. 31. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957—Dec. 31. 2.199 114 140 56 34 98 211 654 154 956 386 50 1958—Dec. 31. 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959—Feb. 28. 2,379 100 68 29 35 102 288 622 218 1,054 422 63 Mar. 31. 2.419 102 60 36 39 88 264 589 246 1,068 454 61 Apr. 30. 2,399 103 58 33 45 94 255 588 242 1,027 481 61 May 31. 2,427 99 52 34 39 105 236 565 236 1,064 502 61 June 30. 2,441 94 54 37 34 105 220 544 229 1,082 520 65 July 31. 2,384 91 52 31 36 122 234 566 245 1,000 510 64 Aug. 31. 2,356 89 45 34 34 142 222 567 241 965 518 66 Sept. 30. 2,392 81 44 33 39 151 239 586 272 968 511 54 Oct. 31. 2,394 65 41 29 36 150 230 551 311 976 503 52 Nov. 30. 2,482 60 48 28 37 174 225 573 282 l,C45 528 54 Dec. 31. 2,635 57 54 30 38 138 234 552 272 1,169 586 56 1960—Jan. 31 P. 2,703 46 51 41 51 131 229 548 255 1,235 610 55 Feb. 29P, 2,691 38 51 41 39 141 229 538 234 1,240 626 53 v Preliminary. foreigners; drafts drawn against foreigners thai are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e Aus- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - ot A h l e l r 1955—Dec. 31. 158 16 13 11 9 7 78 7 1956—Dec. 31. 216 28 12 21 23 13 88 7 1957—Dec. 31 211 25 11 29 23 10 76 10 1958_Dec. 31 315 65 14 56 22 30 24 72 9 1959—Feb. 28 288 64 16 59 18 25 16 60 9 Mar. 31 264 63 12 52 15 27 16 50 9 Apr. 30. 255 62 10 40 14 29 14 51 14 May 31 236 51 9 34 11 28 15 51 16 June 30 220 50 8 31 10 26 10 49 13 July 31. 234 53 9 32 8 25 12 57 14 Aug. 31. 222 48 9 24 10 11 13 70 15 Sept. 30 239 50 10 22 10 11 19 75 17 Oct. 31 230 50 11 23 9 9 15 72 17 Nov. 30. 225 51 14 25 9 16 62 17 Dec. 31. 234 56 18 38 7 19 47 18 I960—Jan. 31 229 56 18 33 17 50 16 Feb. 29 229 53 15 26 17 66 16 Table 3b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b a o - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e T n r nam 1955—Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957—Dec. 31 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 si 1958—Dec. 31 .099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959_Feb. 28 ,054 38 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar. 31 .068 38 3 172 50 49 149 25 5 9 263 4 25 14 45 144 53 Apr. 30 .027 40 3 136 52 50 149 25 5 10 263 4 27 38 33 139 54 May 31 .064 43 3 156 58 50 140 23 5 10 278 3 28 37 34 143 52 June 30 ,082 45 3 167 65 53 130 27 6 10 279 3 22 31 38 151 51 July 31 .000 44 3 151 40 53 119 29 6 9 271 3 21 34 27 139 49 Aug. 31 965 44 3 134 36 55 92 28 7 11 269 3 24 34 39 136 50 Sept. 30 968 48 3 125 42 55 91 30 9 10 267 3 22 32 40 142 49 Oct. 31 976 51 3 112 46 58 91 29 14 13 265 3 23 34 39 146 49 Nov. 30 .045 63 3 113 47 61 101 31 16 10 275 4 17 34 45 174 52 Dec. 31 ,169 63 3 118 59 68 103 29 15 10 291 4 18 36 47 247 59 I960—Jan. 31 P ,235 64 3 139 58 71 91 29 10 12 288 3 18 35 47 314 54 Feb. 29P ,240 64 3 150 57 70 83 27 5 13 257 5 19 38 46 346 56 Table 3c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C g B o i n e a l n g - o Egypt3 U S n o o i u f o t n h Other Africa 1955 Dec 31 233 3 5 18 10 103 19 6 8 60 43 11 5 1 g 17 1956 Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957_Dec. 31 186 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958 Dec 31 435 6 4 27 23 179 67 6 13 111 69 13 4 3 23 27 1959 Feb 28 422 5 5 28 22 175 42 8 13 124 63 12 3 2 24 22 Mar. 31 454 6 5 34 19 204 34 8 14 130 61 11 4 21 24 Apr. 30 481 8 6 34 18 224 29 9 17 137 61 11 4 2 19 24 May 31 502 8 5 32 16 242 29 10 17 142 61 12 3 2 19 25 June 10 520 7 5 35 16 260 24 9 20 143 65 15 3 2 20 26 July 31 510 8 6 31 17 256 18 8 12 153 64 14 3 1 20 25 Aug 31 518 9 5 29 15 269 18 8 13 151 66 16 3 1 21 25 Sept 10 9 6 30 13 262 17 8 12 155 54 18 3 2 14 18 Oct 11 503 9 7 29 12 262 11 8 12 154 52 19 3 2 12 17 Nov 30 528 10 6 29 9 275 20 8 14 157 54 18 T, 2 13 18 Dec 11 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 1960 Jan 31p 610 It 6 30 14 349 24 8 14 154 55 18 3 2 12 20 Feb 29? 626 12 6 30 17 372 18 9 12 148 53 16 3 2 11 21 Preliminary, 2 Less than $500,000. i See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 449 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D an a d te , c o o r u n a t r r e y a t t e o rm ta — l1 Total Total Ba i o n n f s f k i t c s it i L a u a l o n - d ans t O o: thers s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e e w p ig i o t n h s e it r s s Other tions Total amounts outstanding 1955—Dec. 31 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 31 839 1,946 1,796 582 330 440 444 150 131 19 1957—Dec. 31 ,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec. 31 ,362 2,542 2,344 840 428 421 656 198 181 16 1959__Feb. 28 ,363 2,379 2,227 744 412 413 658 152 138 13 Mar. 31 ,361 2,419 2,258 746 424 428 660 161 146 15 Apr. 30 ,379 2,399 2,247 738 434 427 648 152 136 16 May 31 ,402 2,427 2,264 731 424 434 674 164 149 15 June 30 ,440 2,441 2,280 743 413 455 669 161 144 17 July 31 ,482 2,384 2,204 717 413 437 637 180 153 27 Aug. 31 ,501 2,356 2,178 708 421 442 607 178 152 26 Sept. 30 ,507 2,392 2,193 743 424 453 573 199 163 36 Oct. 31 ,516 2,394 2,168 728 439 458 543 226 192 34 Nov. 30 ,497 2,482 2,270 805 456 475 533 212 182 30 Dec. 31 ,526 2,635 2,400 839 463 516 582 235 203 32 1960—Jan. 31 P ,501 2,703 2,474 864 431 504 676 229 195 34 Feb. 29^ ,493 2,691 2,481 835 416 526 704 210 175 36 Area and country detail, December 31, 1959 Europe: Austria 16 4 4 1 2 2 Belgium 22 56 55 38 9 Denmark 1 18 18 3 Finland 3 8 8 1 7 France 20 57 56 13 38 i Germany, Fed. Rep. of... 9 54 46 14 24 Greece 6 5 5 1 4 () Italy 35 30 29 5 13 1 Netherlands 10 38 26 17 13 13 Norway 138 7 6 4 1 1 Portugal 2 2 Spain 7 1 Sweden 33 19 17 () 7 8 Switzerland 3 38 34 15 10 6 Turkey 47 47 44 3 United Kingdom 50 138 27 16 111 89 22 Yugoslavia (2) 3 3 1 Other Europe 10 18 17 5 *(2)' Total 366 552 408 144 46 130 144 121 23 Canada 99 272 216 5 191 12 57 52 5 Latin America: Argentina 60 63 38 18 25 25 Bolivia 3 3 () (> 3 Brazil 263 118 118 51 24 17 26 Chile 48 59 59 20 14 12 13 Colombia 26 68 68 9 26 25 Cuba 71 103 102 6 28 22 Dominican Republic 29 29 6 5 12 El Salvador 15 15 1 4 3 Guatemala 10 10 2 6 2 Mexico 175 291 288 121 61 31 75 Netherlands W. Indies and Surinam 1 Panama, Rep. of 38 18 18 11 4 3 Peru 13 36 36 4 17 13 Uruguay 1 47 47 24 3 2 18 Venezuela 32 247 244 102 51 51 40 Other Latin America 61 59 59 5 15 28 11 Total 795 1,169 1,138 397 214 252 274 28 Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total1 Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other official Others standing foreigners institutions Area and country detail, December 31, ]959—Continued Asia: Hong Kong 2 10 10 7 2 2 I 8 l 11 6 5 1 3 2 I I n ra d n onesia .. 5 9 6 8 8 1 (2) ( 2 ) Israel 4 14 14 1 j 2 11 ( ) (2> 2 Japan 16 324 324 107 1 35 180 2 () K Ph o i r l e ip a p i R ne e s p of . .. .. 7 24 1 24 9 8 2 1 1 ( ) c2) 2 T T a h i a w il a a n nd 10 1 9 5 1 9 5 10 ( 2 ) 2 2 2 ( 2 ) Other Asia 2 153 153 134 3 15 1 (2> () Total 116 586 585 288 7 91 199 1 (2> All other: 25 18 16 1 8 8 2 i 1 Belgian Congo 21 3 3 3 Egypt^ 2 2 1 (2) Union of South Africa 20 12 12 11 Other 83 21 21 2 5 13 1 1 Total 150 56 53 4 5 35 9 3 i 2 International institutions.... Grand total 1,526 2,635 2,400 839 463 516 582 235 203 32 i Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESt [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities 2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales s c N a h l a e e t s s e p s ( u .o - r ) r - c P ha u s r e - s Sales c s N a h e l a e t s s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) r - c P ha u s r- es Sales c s N a h l a e e t s s e p s ( u .o - r } r - 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 — 29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 1,026 467 804 -336 1959 1,214 528 686 2,593 2,158 435 946 1,455 -510 566 803 — 237 1959—Feb 78 86 -7 186 164 22 99 185 -86 41 73 -32 Mar 37 18 19 231 224 7 63 89 -26 45 84 — 39 60 19 41 226 196 30 49 74 25 51 76 -25 May 39 23 16 240 203 37 111 169 57 47 83 — 36 24 23 1 222 181 41 45 45 49 56 -6 July 63 40 23 229 190 39 60 163 -102 48 53 -5 259 25 234 190 145 45 27 27 44 50 -6 Sept ... 106 40 66 177 134 44 157 208 — 52 44 44 Oct 163 77 86 191 151 40 52 75 -23 58 35 23 Nov 166 99 68 234 175 59 53 93 -40 41 — 10 Dec 92 55 37 254 200 54 95 142 -47 53 63 -10 1960 Jan *» 104 40 63 229 152 77 57 59 -1 56 45 11 Feb P . ... 119 88 32 194 149 46 77 238 -161 41 36 5 9 Preliminary. 2 Includes small amounts of U. S. municipal securities. l Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TNTL CAPITAL TRANSACTIONS OF THE U. S. 451 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, ( — ). In millions of dollars] Type of security Country Year or month Total2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- ot A h l e l r2 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959—Feb 22 15 7 2 2 -1 7 2 2 15 4 2 1 Mar 7 2 5 -1 20 -12 1 8 -6 2 3 A M p a r y 3 3 7 0 2 3 5 6 5 1 (13) 1 j 4 1 2 2 1 7 -2 4 4 5 3 3 1 3 - - 8 3 2 3 4 4 June 41 36 5 -1 21 4 4 31 2 2 5 July 39 34 6 2 19 2 27 1 4 7 Aug 45 35 10 5 18 7 1 42 -1 4 1 Sept 44 26 18 11 2 5 35 -4 2 40 -5 6 3 Oct 40 30 10 5 26 -1 4 34 -4 5 4 Nov 59 48 11 I? 11 8 23 11 5 58 -2 3 1 Dec . . 54 58 -4 6 5 20 13 4 46 -6 5 9 I960 Jan P 77 72 5 9 3 28 13 17 71 -2 7 2 Feb.*7 46 34 11 7 -6 34 -6 7 37 2 7 1 * Preliminary. 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Latin Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 1956 -33 -478 8 -447 17 -40 -16 1957 -384 -338 231 -552 15 -45 13 1958—Dec. 31 272 3,695 480 1958 -558 -805 -72 -543 5 -45 -150 1959 -157 -590 -50 -439 11 -97 -15 1959—Mar. 31 307 3,593 509 Apr. 30 266 3,559 504 1959—Feb.... 6 -124 -14 -64 -3 -41 -2 May 31 291 3,750 524 Mar.. -5 -60 -22 -24 9 -8 3 June 30 294 3,900 528 Apr.. -8 -42 -28 -2 -3 -8 — 1 July 31 278 4,131 525 May. -50 -43 18 -61 3 -4 2 Aug. 31 252 4.286 520 June. -8 2 5 C1) 3 -7 2 Sept. 30 312 4,346 548 July.. .8 -107 -4 -100 ( -4 -1 Oct. 31 284 4,409 547 Aug.. -6 -4 V -2 1 Nov. 30 332 4,396 556 Sept.. -17 42 -42 3 -21 Dec. 31 345 4,477 570 Oct.. -7 7 24 -21 3 1 C1) Nov.. -6 -44 -13 -29 4 -6 0) I960—Jan. 31 249 4,444 593 Dec. 0) -57 -16 -36 5 -11 2 Feb. 29 191 4,707 466 Mar. 31 184 4,728 615 I960—Jan.*. 29 -20 -17 2 0) -6 1 Feb.* -101 -56 9 -43 -20 -3 1 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark P Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1958 1959 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 O D c ec t. . - J M an ar .- . A Ju p n r. e - J S u e l p y t - . O D c e t c . . - Continental Western Europe: Austria -6 -84 -83 -58 -39 -43 Belgium 1—6 1-95 3 3 -329 -39 -58 — 39 France -68 -34 -266 -66 -200 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy -349 -56 Netherlands . ... -ioo -65 25 -261 -30 -110 -30 Portugal -60 -55 -5 -20 -10 -10 Sweden -5 -20 — 15 15 Switzerland 23 -65 -16 -8 -215 20 20 Bank for Int'l Settlements -94 -20 -178 -32 -28 -7 -25 Other -17 -18 9 4 3 339 38 -38 329 -1 -5 -15 -17 Total -116 -546 -328 -79 -20 68-1,428 -477 -281 -38 -118 -124 -197 Sterling Area: United Kingdom 440 -480 -50 100 -900 -350 -100 -200 -150 Other 11 -1 -1 (2) Total 451 -481 -51 (2) 100 -900 -350 -100 -200 -150 Canada 7 15 5 Latin America: Argentina — 20 — 85 115 75 67 55 M^exico 88 -28 80 -30 -20 -10 Venezuela -30 — 200 65 65 Other -10 -19 12 14 56 6 2 -4 3 (2) (2) -2 Total 58 -132 62 14 -28 81 69 31 58 -20 -12 64 Asia -7 -6 -10 -5 18 4-27 4-176 4-23 4-45 4-50 4-62 -19 All other 1 14 -1 (2) (2) Total foreign countries... 394 -1,164 -327 -68 80 172-2,287 -969 -347 -84 -389 -348 -148 International institutions 5 200 600 -7 -73 -9 5-344 189 91 Grand total 394 -1,164 -327 -68 280 772 -2,294 -1,041 -347 -93 -732 -159 -57 1 Includes sales of gold to Belgian Congo as follows (in millions): 1952, 4 Includes sales of gold to Japan as follows (in millions): 1958, $30; $2; and 1953, $10. and 1959, $157 (Jan.-Mar., $50; Apr.-Jime, $45; and July-Sept., $62). 2 Less than $500,000. 5 Figures represent purchase of gold from, or sale to ( —) International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund; includes payment of $344 million in June 1959 as $31; and 1958, $32. increase in United States gold subscription. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) i in s o c T c g t r r o r o e o e d c a t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a a i : k r n s s d - e e e - d e , - D p ti r c o t o i m g o d n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th l ) i in o c s T c g r t r r o o e o e d a c t l a a d s e k s l e - : e, i e m g x N o o p p r e l o o d t r r t t, g m c o c o r E l r a r e d e r a a : a k i r s n - s d e e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1947 22,754 22,868 2 2,162 1,866 210 76 1959—Mar 20,442 20 486 — 34 18 — 48 4 1948 24,244 24,399 1,530 1,680 -159 71 Apr 20,305 20,358 -129 3 -127 4 1949 24,427 24,563 165 686 -496 67 May 20,188 20,227 -130 10 -137 4 1950 22,706 22,820 -1,743 -371 -1,352 80 June 19,705 19 746 3—482 15 — 492 5 1951 22,695 22,873 53 -549 618 66 July 19,626 19,672 — 73 25 — 98 5 1952 23,187 23,252 380 684 -305 67 Aug 19,524 19,568 -104 76 -176 4 Sept 19,491 19,579 10 55 -35 4 1953 22,030 22,091 -1,162 2 -1,171 69 Oct 19,585 19,647 68 24 52 4 1954 21,713 21,793 -297 16 325 65 Nov 19,566 19,617 -30 48 -71 3 1955 21,690 21,753 -41 97 -132 66 Dec 19,456 19,507 -110 9 -112 4 1956 21,949 22,058 306 106 319 65 1957 22,781 22,857 799 104 600 63 I960 Jan 19,444 19,494 -13 2 -12 3 1958 20 534 20 582 -2,275 260 -2 515 62 Feb. .. 19 421P\9 471 — 23 4 — 21 3 1959 19,456 19,507 3-1,076 302 -1,324 49 Mar P19,408 ^19,457 P-14 5-13 p Preliminary. 3 Includes payment of $344 million as increase in United States gold 1 Includes gold in Exchange Stabilization Fund. Gold in active portion subscription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 4 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 5 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement, and international accounts amounted to $9,908 million on Mar. 31, 1960. "Circulation Statement of United States Money." Gold under earmark is not included in the gold stock of the United States. 2 Net after payment of $688 million as United States gold subscription to the International Monetary Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 453 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 Dec. 31, 1958 Mar. 31, 1959 June 30, 1959 Sept. 30, 1959 Dec. 31, 1959P Area and country Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. u. s. Gold & U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars &notes dollars & notes Continental Western Europe: Austria 452 8 605 7 629 7 646 7 685 7 623 7 Belgium-Luxembourg (and Belgian Congo).. 1,184 8 1,522 6 1,489 6 1,510 7 1,484 7 1,361 7 Denmark 143 6 200 6 169 43 141 44 144 54 168 64 Finland 99 5 104 1 113 1 109 1 109 1 115 1 France (and dependencies) '952 9 1,295 12 1,469 12 1,893 32 '2,091 32 1,957 35 Germany (Federal Republic of) 4,099 14 4,394 13 4,063 15 4,171 16 4,057 16 4,624 16 Greece 167 0) 143 158 179 187 0) 212 0)1 Italy . . 1,531 2,207 2 2,421 2,720 3,054 0) 3,118 0) Netherlands (and Netherlands West Indies and Surinam) . 1,044 14 1,497 15 1,614 17 1,627 22 1,711 26 1,732 Norway 138 105 173 120 151 125 156 133 133 136 125 141 Portugal (and dependencies) 651 707 728 711 723 1 731 j Spain (and dependencies) 126 94 88 92 123 3 141 Sweden 479 5 507 10 498 31 555 31 521 68 404 101 ' Switzerland 2,685 128 2,777 76 2,781 80 2,787 82 2,805 90 2,900 88 ' Turkey 162 0) 164 164 165 176 0) 164 8' Other2 '846 12 1,209 1,117 16 1,111 16 1,067 15 1,076 Total 14,758 319 17,598 274 17,652 358 18,573 396 19,070 456 19,451 510 Sterling Area: United Kingdom 2,875 205 3,723 194 3,923 184 3,909 201 3,956 264 3,471 323 United Kingdom dependencies 104 4 109 4 110 4 105 4 106 4 115 4 Australia 211 241 246 226 0) 252 0) 268 India 329 1 324 337 (i) 346 366 361 Union of South Africa . 255 1 241 221 J 237 1 268 287 Other 228 34 251 43 250 49 199 55 199 57 211 76 Total. 4,002 245 4,889 242 5,087 238 5,022 261 5,147 326 4,713 404 Canada 2,723 457 3,097 341 3,159 344 3,195 342 3,284 450 3,155 452 Latin America: Argentina 263 210 G) 237 0) 263 0) 325 0) 393 0) Brazil 456 463 504 480 495 478 Chile . 115 1 140 0) 135 0) 170 0) 212 0) 226 /^\ C C G u o u b l a o a t m em b a ia la 2 3 9 1 71 2 5 154 2 3 4 6 66 1 9 ( ( 8 1 1 6 i ) 2 3 6 7 39 2 0 ( 0 8 1 6 ) ) 2 3 7 6 17 8 7 ( 0 8 1 2 ) ) 2 27 6 5 7 6 9 0 0 82 ) ) 2 2 1 8 6 4 8 1 ( 0 8 l 2 ) ) Mexico 566 3 561 543 566 565 585 Panama Republic of 136 146 2 156 2 147 2 157 2 129 3 Peru 88 (i) 96 0) 93 (i) 96 (i) 107 (i) 110 1 Uruguay 235 262 0) 276 0) 269 251 0) 242 0) Venezuela 1,554 2 1,213 1,227 1,219 997 931 Other 277 13 250 11 292 13 302 13 268 13 252 12 Total 4,368 176 4,017 106 4,134 107 4,174 104 3,979 105 3,909 105 Asia: Indonesia . 190 (i) 145 156 118 1 149 1 172 1 Iran 193 184 (!) 195 n\ 179 167 0) 187 1 Japan .. • 714 1,094 1 1,232 1,380 1,420 2 1,539 Philippines 181 % 186 3 180 3 178 3 187 5 181 T O h th a e il r and 1 26 1 9 1 8 1 7 2 7 4 8 5 7 1 2 8 5 1 0 8 7 9 2 3 4 1 6 7 1 1,0 2 1 3 3 9 12 1 1,0 2 2 4 7 8 1 16 Total 2,324 16 2,632 12 2,831 13 3,032 14 3,175 21 3,354 23 All other: Egypt3 228 0) 190 C1) 190 C1) 190 0) 190 C1) 194 0) Other 162 140 8 149 10 171 10 176 11 170 10 Total 390 7 330 8 339 10 361 10 366 11 364 10 Total foreign countries4 '28,565 1,220 '"32,563 983 '33,202 1,070 '34,357 1,127 '35,021 1,369 34,946 1,504 International institutions 2,697 222 2,876 495 3,027 523 4,665 523 5,043 605 5,565 660 Grand total4 '31,262 1,442 '35,439 1,478 '36,229 1,593 '39,022 1,650 '40,064 1,974 40,511 2,164 P Preliminary. r Revised. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 3 Part of the United Arab Republic since February 1958. 4 Excludes gold reserves of the U. S. S. R., other Eastern European countries, and China Mainland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Infl Esti- E m n o d n t o h f w m t o o a r t t l a e d l d * M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- C g B o i n e a l g n - o g B iu e m l- Brazil Canada Chile lo C m o b - ia 1953—Dec 36,425 1,702 22,091 12,630 372 117 52 101 776 321 986 42 86 1954—Dec 37,075 1,740 21,793 13,540 372 138 62 115 778 322 1,073 42 86 1955—Dec 37,730 1,808 21,753 14,170 372 144 71 116 929 323 1,134 44 86 1956—Dec 38,235 1,692 22,058 14,485 224 107 71 122 925 324 1,103 46 57 1957—Dec 38,960 1,180 22,857 14,925 126 126 103 81 915 324 1,100 40 62 1958—Dec '39,865 1,332 20,582 '17,950 60 162 194 83 1,270 325 1,078 40 72 1959—Feb 1,349 20,520 60 160 208 69 1,225 326 1,082 40 72 Mar '40,060 1,352 20,486 '18,220 57 163 212 69 ,246 326 ,072 40 73 1,353 20,358 57 166 222 65 ,265 326 ,071 40 73 May 1,522 20,227 57 169 222 63 1,289 326 ,074 40 74 June '40,340 1,910 19,746 '18,685 57 135 256 63 1,270 326 1,073 40 74 July 1,923 19,672 57 138 280 53 1,281 326 1,061 40 74 A.Ug 2,025 19,568 57 141 291 53 ,276 326 1,053 41 75 Sept '40,445 2,052 19,579 '18,815 57 143 291 48 ,254 326 1,039 41 69 Oct 2,210 19,647 57 146 291 42 1,187 326 Q67 42 70 Nov 2,389 19,617 57 150 291 42 1,156 327 960 41 70 Dec '40,680 2,407 19,507 '18,765 56 154 292 42 1,134 327 960 41 71 I960—Jan 2,416 19,494 292 42 1,143 326 952 40 71 Feb 2,421 19,471 292 17S 326 952 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - Re ic l p i a c u n b- E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - Frances R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia of 1953—Dec 186 31 12 23 174 29 26 '617 328 11 27 247 145 1954—Dec 186 31 12 23 174 29 31 '708 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 '942 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 '924 1,494 10 27 247 45 1957 Dec 136 31 11 22 188 31 35 '581 2,542 13 27 247 39 1958 Dec 80 31 11 22 174 31 35 '750 2,639 17 27 247 37 1959 Feb 76 31 11 22 174 31 38 '740 2,678 18 27 247 37 Mar 76 31 11 22 174 31 38 '812 2,678 20 27 247 37 Apr 76 31 11 20 174 31 38 '718 2,678 21 27 247 36 May 76 31 11 20 174 31 38 '859 2,684 23 25 247 41 June 75 31 11 20 174 31 38 '899 2,704 25 25 247 41 July 75 31 12 20 174 31 38 '939 2,721 26 24 247 41 Aug 75 31 12 20 174 31 38 '930 2,721 26 24 247 41 Sept 75 31 12 20 174 30 38 '921 2,621 26 24 247 41 Oct 75 31 12 20 174 30 38 '1,055 2,626 26 24 247 33 Nov 60 31 12 20 174 30 38 '1,122 2,626 26 24 247 33 Dec 50 31 10 20 174 30 38 '1,290 2,637 26 247 33 I960 Jan 31 10 20 174 30 38 '1,285 2,638 247 33 Feb 31 10 20 174 30 38 1,298 2,652 247 33 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1953 Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954—Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955 Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957 Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Dec 141 34 18 1,086 91 143 1.050 33 43 49 19 10 493 1959_Feb 141 34 18 1,155 95 143 1,145 33 43 49 19 7 498 Mar 140 34 18 1,190 102 142 1,164 33 43 49 19 7 501 Apr 140 34 18 1,222 102 142 1,164 33 43 49 19 9 502 May 140 34 18 1,263 102 142 1,164 33 43 50 19 9 507 June 140 34 18 1,311 102 160 1,164 33 43 50 19 10 512 July 140 73 18 1,381 102 158 1,164 33 30 50 19 6 513 Aug 140 84 18 1,433 102 156 1,162 33 30 50 19 6 525 Sept 140 84 18 1,476 102 165 1,162 33 30 50 19 7 525 Oct 140 84 18 1,583 102 165 1,126 33 30 50 19 8 530 Nov 140 84 18 1,635 102 143 1.132 33 30 50 29 8 546 Dec 140 84 18 1,749 102 1,132 33 30 50 28 9 548 I960 Jan 140 18 102 1,132 33 30 52 28 10 548 Feb 131 18 102 1,141 30 52 28 11 r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 455 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f A So fr u ic th a Sweden Sw la i n tz d er- Syria2 T la h n a d i- Turkey U K d n o i i n m t g e 4 - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l 'l e- m p P e e a a n y n t - s ments Union 1953 Dec 176 218 1 459 14 113 143 2 518 227 373 13 193 153 1954—Dec 199 265 1,513 17 113 144 2,762 227 403 14 196 153 1955 Dec 212 276 1,597 19 112 144 2,120 216 403 16 217 244 1956—Dec 224 266 1,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 219 1,718 24 112 144 2,273 180 719 13 165 254 1958 Dec . 211 204 1,925 24 112 144 3,069 180 719 17 339 126 1959 Feb . ... 211 204 1,993 24 112 144 3,156 180 719 17 351 Mar 193 204 1,935 24 112 144 3,139 180 719 17 378 Apr 190 204 1,931 24 112 144 3,251 180 719 15 533 May 197 204 1,912 24 112 144 3,119 180 719 10 479 June 201 205 1,909 24 112 144 3,172 180 719 10 486 July 217 205 1 925 24 112 144 * 220 180 719 10 436 AUK 204 191 1,919 19 112 144 3,248 180 719 10 434 Sept 225 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 191 1,868 19 112 133 3,024 180 719 10 367 Nov 230 191 1 816 19 112 133 2 974 180 654 10 383 Dec 238 191 1,934 133 2,736 180 654 16 381 I960—Jan 248 191 1,826 133 2,685 180 654 10 445 Feb 244 171 1,807 133 2,722 654 10 513 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Part of the United Arab Republic since February 1958. Mainland. 3 Represents holdings of Bank of France and French Exchange Stabili- Represents reported gold holdings of central banks and governments zation Fund. and international institutions, unpublished holdings of various central 4 Beginning with December 1958, represents Exchange Equalization banks and governments, estimated holdings of British Exchange Equaliza- Account gold and convertible currency reserves, as reported by British tion Account based on figures shown for United Kingdom, and esti- Government; prior to that time represents reserves of gold and United mated official holdings of countries from which no reports are received. States and Canadian dollars. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Year or production Africa North and South America Other tnonth (excl. U.S.S.R.) Total A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - J Brazil Chile Co b l i o a m- t A ra u l s i - a India 1951. 840.0 763.1 403.1 17 0 22.9 1? 3 66.3 153 7 13 8 8 8 4.8 6.1 15 1 31.3 7.9 1952 868.0 785.7 413.7 17 4 23.8 1? 9 67.4 156 5 16. 8 9 4.9 6.2 14 8 34 3 8 9 1953. 864.5 780.5 417.9 17 25.4 13 0 69.0 14? 4 16.9 9 1 4.0 4.6 15 3 37.7 7.8 1954. 910.0 830.4 462.4 18 8 27.5 1? 8 65.1 15? 8 13 5 8 2 4.2 4.4 13 39.1 8.4 1955 955.5 877.7 510.7 18 4 23.8 13 0 65.7 159 1 13.4 8 1 3.9 4.3 n 3 36.7 7 4 1956. 994.0 914.8 556.2 18 8 21.9 13 1 65.3 153 4 1? 3 7 6 4.3 3.3 15 3 36.1 7.3 1957 1,036.0 956.3 596 2 18 8 27.7 13 1 63.0 155 12.1 6 9 4.2 3.6 11 4 37 9 6 3 1958. 1,064.0 984.0 618.0 19 4 29.2 12 8 61.€ 158.8 11.6 7 ? 3.9 3.9 13 0 38.6 6 0 1959 Tan 83.4 54.1 6 2.6 1.2 4.2 13 ? 9 5 .3 .3 1 2.8 .4 Feb 81.2 52.8 1.5 2.6 .9 4.1 125 1.0 .8 .3 .1 1.1 3.0 .5 Mar 85.0 55.9 1.7 2.6 .0 3.8 132 1.0 .6 .3 .4 .7 3.3 .5 Apr 86.6 57.9 16 2.6 8 3.8 13 1. 5 .3 .3 10 2.9 May 2 88.1 58.7 1.6 2.6 I.3 4.1 13 3 9 .7 .3 .2 1.0 2.9 .5 June.... 2 89.4 59.5 1 8 2.6 0 4.6 1? 5 9 7 .3 .2 1 3 3.5 .5 July . 2 91 4 60 8 t 6 2 7 8 5.3 13 0 9 6 .4 1 4 3 2 5 Aug 2 88.8 60.7 1.4 2.7 1.4 4.2 12.2 6 .6 .3 1.2 3.0 .5 S O e c n t t .... 2 2 9 8 1 9 .4 .5 6 6 0 1 . . 9 3 1.7 0 2 2 .8 8 1.1 7 3 3. . 5 8 1 13 2,7 9 1. 8 1 .6 5 . . 3 4 1.2 9 3 3 .3 3 .5 5 Nov 60.3 17 2.7 9 3.4 136 6 .4 1 3 4 59 3 1 6 2 7 R 3 7 13 6 4 I960—Tan 2.6 3.4 13 2 .5 .4 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures arc Sources.—World production: estimates of the U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Production reported monthly: reports from individual countries except Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1959 1960 1958 1959 Item Item Jan. Apr. July Oct. Jan. Dec. Mar. June Sept. Dec, Gold 1,332 1,352 1,371 2,210 2,416 Dollar deposits and U. S. securities. 943 937 966 1,039 1,023 Investments9 200 200 200 500 500 Other currencies and securities 1 693 636 657 624 666 Currencies: 1 Effective loans2 3,275 3,408 3,387 3,548 3,531 United States 780 951 998 2,028 2,141 Other assets^ 101 92 93 104 138 Other 5,958 5,807 5,839 8,283 8,349 Gold and currency in separate IBRD bonds outstanding 1,792 1,840 1,905 1,963 1,990 accounts:10 Undisbursed loans 910 893 839 960 893 Gold 1 551 Other liabilities 24 28 28 31 28 Currency 4 1,542 Reserves 382 401 420 440 462 Unpaid member subscriptions 979 944 854 680 640 Capital 1,904 1,911 1,911 1,920 1,985 Other assets 9 9 i 105 1159 Member subscriptions 9,228 9,228 9,228 13,644 13,999 Loans by country, Feb. 29, 1960 Member subscriptions in separate account i o 5 2,093 Reserves and liabilities 30 35 42 162 H106 Outstanding Area and member country* Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to others' Country Paid 1959 1960 Total in Continental Western Europe, gold total 1,537 1,249 262 987 232 Feb. Jan. Feb. Austria 100 65 1 64 5 Belgium and Luxembourg.. 173 162 22 140 35 Denmark 60 46 6 40 3 Argentina 280 70 148 155 Finland 102 71 17 54 8 Bolivia 23 6 9 11 10 France 352 273 28 245 32 Brazil 150 38 113 92 92 Italy 298 208 7 201 50 Burma 15 \ 12 8 8 Netherlands 236 236 161 75 75 Chile 75 15 42 42 42 Norway 95 68 3 66 22 Turkey.. 61 60 7 52 Colombia 75 19 30 15 15 Yugoslavia 61 61 10 50 Cuba 50 13 25 25 25 Dominican Rep... 15 4 2 5 Sterling area, total 1,500 1,261 161 1,099 111 El Salvador 11 3 6 6 Australia 318 318 42 276 26 France 788 174 394 181 181 Ceylon 24 14 1 13 1 India 592 455 39 416 32 Haiti 11 3 4 5 Pakistan 151 95 19 76 2 Honduras 11 3 4 Union of S. Africa 197 193 50 143 28 Iceland 11 3 3 United Kingdom 193 166 10 156 23 India 600 78 200 200 150 Other 25 20 1 19 Indonesia 165 29 55 46 46 Iran 70 18 17 5 5 Latin America, total 976 723 137 586 14 Brazil 267 192 33 159 Paraguay 9 2 6 5 5 Chile 106 52 9 42 Philippines 50 13 15 9 9 Colombia 148 107 34 73 Spain 100 10 50 50 Ecuador 45 21 2 19 Sudan 15 2 6 6 El Salvador 32 24 3 21 Turkey 86 22 36 36 Mexico 186 163 20 144 Nicaragua 23 21 7 15 United Arab Re- Peru 47 42 9 34 public—Egypt.. 60 10 30 27 27 Uruguay 71 60 10 50 United Kingdom. 1,950 399 545 310 296 Other 50 42 13 29 United States 4,125 1,031 12-1,926 12-1,607 12-1,548 Yugoslavia 66 9 23 23 23 Asia (excluding Sterling area), total 686 399 33 367 29 Iran 194 88 10 78 12 1 Currencies include demand obligations held in lieu of deposits. Japan 298 225 217 14 2 Represents principal of authorized loans, less loans not yet effective, Lebanon 27 7 7 repayments, the net amount outstanding on loans sold or agreed to be Malaya 36 2 2 i sold to others, and exchange adjustment. Philippines 19 15 15 1 3 Excludes uncalled portions of capital subscriptions. Thailand 107 56 47 1 4 Loans to dependencies are included with member. Other 6 6 5 Includes also effective loans agreed to be sold but not yet disbursed. Africa (excluding Sterling 6 Less than $500,000. area), total 119 54 7 Includes $220 million in loans not yet effective. Ethiopia 24 15 8 Includes $376 million not guaranteed by the Bank. Sudan 39 21 9 U. S. Treasury bills purchased with proceeds from sale of gold. United Arab Republic 57 17 i o Paid by members pending increases in quotas becoming effective. Total 74,818 3,686 595 3,091 8396 1! Includes subscriptions due from members on increases in quotas consented to but not yet effective. 12 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 457 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 1958 1959 Item Exports of goods and services, totall. 6,563 6,743 7,010 6,326 6,654 5,566 5,920 5,571 6,142 5,381 5,798! 5,876 6,282 Merchandise 4,887 5,108 5,158 4,462 4,662 4,054 4,191 3,806 4,176 3,798 4,0611 4,032 4,320 Services* 1,676 1,635 1,852 1,864 1,992 1,512 1,729 1,765 1,966 1,583 1,737 1,844 1,962 Imports of goods and services, total... 4,849 5,092 5,318 5,361 5,152 4,904 5,250 5,372 5,425 5,422 5,992 6,166 5,894 Merchandise 3,220 3,297 3,344 3,265 3,385 3,139 3,166 3,124 3,517 3,604 3,885 3,852 3,994 Services 948 915 1,124 1,381 1,047 936 1,176 1,407 1,070 1,017 1.286 1,541 1,161 Military expenditures 681 850 715 720 829 908 841 838 801 821 773 739 Balance on goods and services1 1,714 1,651 1,692 965 1,502 662 670 199 717 -41 -194 -290 388 Unilateral transfers (net) 3 -645 -576 -662 -499 -581 -562 -599 -541 -616 -619 -575 -534 -672 Private remittances and pensions... -184 -184 -174 -164 -180 -178 -170 -173 -186 -186 -185 -203 -203 Government nonmilitary grants.... -461 -392 -488 -335 -401 -384 -429 -368 -430 -433 -390 -331 -469 U.S. long- and short-term capital (net)3 -1,179 -1,070 -1,563 -544 -956 -1,247 -783 -892 -472 -1,020 -641 -366 Private, total -1,077 -813 -1,364 -410 -588 -642 -1,025 -451 -726 -383 -752 -405 -605 Direct investment -694 -402 -993 -339 -324 -155 -411 -156 -372 -267 -450 -229 -258 Portfolio and short-term investment -383 -411 -371 -71 -264 -487 -614 -295 -354 -116 -302 -176 -347 Government -102 -257 -199 -134 -368 -246 -222 -332 -166 -89 4-268 -236 239 Foreign capital and gold (net) -195 -381 316 -269 227 585 1,069 907 878 915 4 1,432 1,403 510 Increase in foreign short-term assets and Government securities -283 -199 514 -260 275 202 9 450 479 744 4 845 1,078 303 Increase in other foreign assets.... 115 166 127 18 50 13 -15 -26 52 75 190 158 135 Gold sales by United States -27 -348 -325 -27 -98 370 1,075 483 347 96 4 397 167 72 Errors and omissions 305 376 217 347 -192 203 107 218 -87 2171 357 62 140 » Preliminary. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o a il s n ls u t , h ry s' m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e m D o a d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry m Da o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5 72 3.75 3.25 i1.64 5. 33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 1.26 *.50 2.50 1959_Feb 3.70 2.96 3.23 3.09 2.73 2.00 4.23 2.25 2.94 1.75 .26 2.50 Mar 4.16 4.00 3.41 3.30 2.67 2.00 4 36 2.25 2.44 1.68 .42 2.25 Apr 4.57 4 41 3.40 3.25 2.69 2.00 4.13 2.00 2.31 1.61 .50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 .63 34 2.00 June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 1.82 46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 .79 .48 2.00 Aue 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 .63 15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 .66 .31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 50 2.00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 .50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 .50 2.00 1960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3 91 3.75 3.69 2.53 .50 2.00 Feb 4.69 4.14 4 69 4.55 3.78 3.00 4.11 3.88 3 94 2.48 .54 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS' [Per cent per annum] Rate as of Changes during the last 12 months Mar. 31, 1959 Rate Country 1959 1960 M a a s r . o f 31, Per Month 1960 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mai. Argentina ^ 6.0 Dec. 1957 6.0 5.0 Nov. 1955 4.5 5.0 5.0 Belgium 3.25 Jan. 1959 4.0 4.0 Brazil 2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 Canada' 4.55 Mar. 1959 5.01 5.15 5.36 5.72 5.58 5.85 5.27 5.11 5.37 4.85 4.86 3.26 3.26 2 5 June 1954 42.5 2.5 Chile 2 6 0 Feb. 1957 515.90 516.25 516 40 16.40 40 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6 0 6.0 4.5 Aug. 1958 5.0 5 5 5.5 10.0 May 1948 10.0 Ecypt 3.0 Nov. 1952 3.0 Fl Salvador2 4.0 Apr. 1957 5 5 5.5 Finland^ 6.0 Mar. 1959 6.0 4.25 Feb. 1959 4.0 4.0 2.75 Jan. 1959 3.0 4.0 4.0 10.0 May 1956 10.0 2.0 Jan. 1953 2.0 7.0 Apr. 1952 11 0 11.0 India7 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 4 0 Aug. 1948 4.0 T 1 H 4.25 Nov. 1958 4 75 4.75 Israel 6 0 Feb. 1955 6.0 Italy 3 5 June 1958 3.5 Japan2 6.94 Feb. 1959 7.3 7.3 4 5 June 1942 4.5 Netherlands 2.75 Jan. 1959 3.5 3.5 New Zealand 7 0 Oct. 1955 6.0 6.0 6.0 Apr. 1954 6.0 3 5 Feb 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 6 0 Nov 1947 9.5 9.5 Philippine Republic2 6.5 Feb. 1959 6.5 Portuoal 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 4.0 Spftin 5.0 July 1957 6.25 6.25 Sweden • 4.5 May 1958 5.0 5.0 2 0 Feb. 1959 2.0 Thailand. 7.0 Feb. 1945 7.0 6 0 June 1956 6.0 4 0 Nov. 1958 5 0 5.0 Venezuela 2 2.0 May 1947 4.5 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc. ; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which the largest proportion of central bank Peru—8 per cent for agricultural, industrial and mining paper; credit operations is understood to be transacted. In certain cases other Philippine Republic—^4.5 per cent for crop loan paper and 5 per cent for rates for these countries are given in note 2. export packing credit paper; and 2 Discounts or advances at other rates include: Venezuela—4 percent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de- for advances against government bonds or gold and 5 per cent on adpending on type of transaction; vances against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 3 Since Nov. 1, 1956, the discount rate has been set each week at paper; V4 of one per cent above the latest average tender rate for Treasury bills; Chile—rates of more than 6 per cent for rediscounts in excess of 50 per end-of-month rate shown. cent of the rediscounting bank's capital and reserves, and 2 and 4 per * The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, cent for certain types of agricultural paper; and lowered again to 2.5 per cent on Dec. 24, 1959. Colombia—3 per cent for agricultural paper and for loans on products 5 Since April 1, 1959, new rediscounts are granted at the average rate in bonded warehouses; charged by banks in the previous half year. Old rediscounts remain subject Costa Rica—5 per cent for paper related to commercial transactions to old rates provided their amount is reduced by one-eighth each month (rate shown is for agricultural and industrial paper); beginning May 1, 1959, but the rates are raised by 1.5 per cent for each Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by month in which the reduction does not occur. All rediscounts were repaid national public securities: by January 1960. El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 6 Rate shown is for advances only. ner cent for special cases: 7 Since May 16, 1957, this rate applies to advances against commercial Finland—rates ranging up to 7.25 per cent for longer term paper (rate paper as well as against government securities and other eligible paper. shown is for 3 months commercial paper); Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 459 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p t o r u al n i d a s) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 3.8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 3.8536 2.0044 103.03 21.049 .3118 1959. U.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—Mar.. 1.4703 224.12 3.8484 1.9997 103.12 21.074 .3114 Apr.. .3680 224.42 ,3.8487 2.0037 103.77 21.089 .3114 May. All 4 224.27 3.8488 2.0057 103.84 21.081 .3114 June. .1091 224.11 3.8510 2.0027 104.28 21.072 .3120 July.. .1851 224.04 3.8506 2.0031 104.46 21.062 .3120 Aug.. .1922 223.86 3.8502 2.0013 104.75 21.060 .3116 Sept.. .2037 223.40 3.8525 1.9989 105.08 21.037 .3113 Oct.. . .2213 223.61 3.8526 1.9993 105.51 21.048 .3113 Nov.. .2084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec. .2003 222.98 3.8523 1.9996 105.12 20.995 .3113 1960—Jan... .2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb.. .2032 223.37 3.8419 2.0048 105.07 21.031 .3113 Mar.. 1.2030 223.57 3.8418 2.0051 105.15 21.044 .3113 Year or month F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) c M o a ll la a y r) - M (p e e x s i o c ) o 1954.. 23.838 21.020 280.87 32.641 9.0515 1955.. 23.765 20.894 279.13 32.624 8.0056 1956.. 23.786 20.934 279.57 .2779 32.582 8.0056 1957.. .2376 23.798 20.910 279.32 .2779 32.527 8.0056 1958.. 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 1959.. .2038 23.926 21.031 280.88 3.1610 .2778 32.857 8.0056 1959_Mar.. .2039 23.914 21.073 281.27 3.1610 .2779 32.917 8.0056 Apr.. .2039 23.913 21.101 281.65 .1610 .2779 32.975 8.0056 May. .2039 23.911 21.087 281.45 .1610 .2779 32.951 8.0056 June. .2039 23.931 21.049 281.25 .1611 .2779 32.870 8.0056 July.. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.0056 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.0056 Sept.. .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.0056 Oct... .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32,798 8.0056 Dec. .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 1960—Jan.. 420.366 23.975 20.935 279.98 .1610 .2775 32.776 8.0056 Feb.. 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 Mar. 20.376 23.978 20.9b3 280.59 .1610 .2773 32.767 8.0056 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P e p h p i i u n li b e p l - ic (e P s o g c r a u t l d u o - ) ( A po fr u i n ca d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) (peso) 1954. 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 1955. 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 1956. 276.80 14.008 49.676 3.4900 278.52 19,333 23.334 1957. 276.56 14.008 49.693 3.4900 278.28 19,331 23.330 1958. 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 1959. 278.10 14.028 49.721 3.4967 279.83 52.0579 19.324 23.142 1959__Mar 278.49 14.029 49.695 3.4980 280.22 2.3810 19.325 23.133 Apr 278.86 14.048 49.695 3.5026 280.60 2.3810 19.330 23.134 May.... 278.67 14.041 49.695 3.5019 280.40 2.3810 19.326 23.133 June.... 278.47 14.052 49.695 .5004 280.20 2.3810 19.327 23.194 July.... 278.38 14.050 49.695 3.5001 280.12 52.0679 19.330 23.204 Aug.. . . 278.17 14.038 49.713 3.4990 279.90 .6600 19.327 23.178 Sept.. .. 277.59 14.011 49.770 3.4947 279.32 .6607 19.325 23.121 Oct 277.85 14.023 49.770 3.4958 279.58 .6607 19.325 23.048 Nov.. .. 277.49 14.008 49.770 3.4915 279.22 .6607 19.308 23.040 Dec 211.01 13.994 49.770 3.4861 278.80 .6607 19.303 23.127 1960—Jan.. 277.20 13.985 49.770 3.4844 278.93 .6607 19.302 23.112 Feb.. 277.55 13.990 49.770 3.4898 279.28 .6625 19.311 23.054 Mar., 277.81 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 1 Effective Jan. 12, 1959, the Argentine Government established a was further devalued to 493.706 francs per U. S. dollar. single exchange rate for the peso in place of the former official and free 3 Based on quotations beginning with Mar. 2, 1959. rates. 4 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 5 Effective July 20, 1959, the par value for the Spanish peseta was set was extended to all foreign exchange transactions on Oct. 28, 1957, and at 60 pesetas per U. S. dollar. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK J. L. ROBERTSON CHAS. N. SHEPARDSON A. L. MILLS, JR. G. H. KING, JR. WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel GLENN M. GOODMAN, Assistant Director DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION ALBERT R. KOCH, Adviser EDWIN J. JOHNSON, Director ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Associate Adviser SUSAN S. BURR, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant Director ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 460 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 461 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary L. MERLE HOSTETLER, Associate Economist KENNETH A. KENYON, Assistant Secretary ARTHUR W. MARGET, Associate Economist HOWARD H. HACKLEY, General Counsel _ ^ ^ T A _ DAVID B. HEXTER, Assistant General Counsel GuY R NoYES' Associate Economist WOODLIEF THOMAS, Economist ROBERT V. ROOSA, Associate Economist HARRY BRANDT, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA, ^^ MINNEAPOLIS Mu Vice President REUBEN B. HAYS, CLEVELAND R' OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND I- F- BETTS, DALLAS JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK PHILIP D. REED FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY, JR. CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR. CHICAGO BERT R. PRALL ROBERT P. BRIGGS ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS O. B. JESNESS ATHERTON BEAN KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN • APRIL 1960 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston J. A. Erickson D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner George H. Ellis New York Alfred Hayes Harold A. Bilby Herbert H. Kimball H. L. Sanford William F. Treiber Charles A. Coombs Robert V. Roosa Todd G. Tiebout Howard D. Crosse Robert G. Rouse Marcus A. Harris Walter H. Rozell, Jr. Philadelphia Karl R. Bopp Joseph R. Campbell Murdoch K. Goodwin James V. Vergari Robert N. Hilkert Wallace M. Catanach Philip M. Poorman Richard G. Wilgus David P. Eastburn Cleveland W. D. Fulton Dwight L. Allen Clyde Harrell Martin Morrison Donald S. Thompson Roger R. Clouse W. Braddock Hickman Paul C. Stetzelberger E. A. Fink L. Merle Hostetler Richmond Hugh Leach N. L. Armistead Aubrey N. Heflin Joseph M. Nowlan Edward A. Wayne J. Dewey Daane Upton S. Martin James M. Slay Atlanta Malcolm Bryan J. E. Denmark J. E. McCorvey Earle L. Rauber Harold T. Patterson John L. Liles, Jr. L. B. Raisty Chicago Carl E. Allen Ernest T. Baughman Paul C. Hodge George W. Mitchell C. J. Scanlon W. R. Diercks Robert C. Holland H. J. Newman A. M. Gustavson L. H. Jones Harry S. Schultz Hugh J. Helmer C. T. Laibly St. Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa Minneapolis Frederick L. Deming C. W. Groth A. W. Johnson M. H. Strothman, Jr A. W. Mills M. B. Holmgren H. G. McConnell Kansas City , , H. G. Leedy John T. Boysen Joseph S. Handford E. U. Sherman Henry O. Koppang George H. Clay L. F. Mills Clarence W. Tow C. A. Cravens Dallas Watrous H. Irons James L. Cauthen James A. Parker L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice G. R. Murff San Francisco H. N. Mangels J. L. Barbonchielli A. B. Merritt R. H. Morrill Eliot J. Swan R. S. Einzig E. R. Millard John A. O'Kane H. E. Hemmings Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Kansas City Denver Cecil Puckett Pittsburgh J. W. Kossin Richmond Baltimore D.F. Hagner Oklahoma City R. L. Mathes Charlotte Thomas I. Storrs Omaha P. A. Debus Atlanta Birmingham H. C. Frazer Jacksonville T. A. Lanford Dallas El Paso Howard Carrithers Nashville R. E. Moody, Jr. Houston J. L. Cook New Orleans M. L. Shaw San Antonio Carl H. Moore Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis E. Francis DeVos Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1565-68 of the December 1959 Bulletin, THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL FUNDS MARKET—A Study by a FUNCTIONS. April 1954. 208 pages. Federal Reserve System Committee. May ANNUAL REPORT OF THE BOARD OF GOVERNORS 1959. Ill pages. $1.00 per copy; in quanti- OF THE FEDERAL RESERVE SYSTEM. ties of 10 or more for single shipment, 85 FEDERAL RESERVE BULLETIN. Monthly. Sub- cents each. scription price in the United States and its pos- DEBITS AND CLEARINGS STATISTICS AND THEIR sessions, Bolivia, Canada, Chile, Colombia, USE (rev. ed.). May 1959. 144 pages. $1.00 Costa Rica, Cuba, Dominican Republic, Ecua- per copy; in quantities of 10 or more for single dor, Guatemala, Haiti, Republic of Honduras, shipment, 85 cents each. Mexico, Nicaragua, Panama, Paraguay, Peru, ALL-BANK STATISTICS, 1896-1955. Revised statis- El Salvador, Uruguay, and Venezuela is $6.00 tics for all banks in the United States, by class per annum or 60 cents per copy; elsewhere of bank, together with descriptive and explana- $7.00 per annum or 70 cents per copy. Group tory material. Part I, U. S. Summary. Part II, subscriptions in the United States for 10 or Summaries by States and other areas. April more copies to one address, 50 cents per copy 1959. 1,229 pages. $4.00. per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended through FEDERAL RESERVE CHART BOOK ON FINANCIAL December 31, 1956, with an Appendix con- AND BUSINESS STATISTICS. Monthly. Annual taining provisions of certain other statutes afsubscription includes one issue of Historical fecting the Reserve System. 385 pages. $1.00. Supplement. Subscription price in the United FLOW OF FUNDS IN THE UNITED STATES, 1939-53. States and the countries listed above is $6.00 A new accounting record designed to picture per annum; 60 cents per copy, or 50 cents each the flow of funds through the major sectors of for 10 or more of same issue for single ship- the national economy. December 1955. 390 ment; elsewhere $7.00 per annum or 70 cents pages. $2.75. each. A STATISTICAL STUDY OF REGULATION V LOANS. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE September 1950. 74 pages. 25 cents per copy; CHART BOOK. Issued annually in September. in quantities of 10 or more copies for single Annual subscription to monthly chart book in- shipment, 15 cents each. cludes one issue of Supplement. In the United BANKING AND MONETARY STATISTICS. Statistics of States and countries listed above under Federal banking, monetary, and other financial develop- Reserve Bulletin, single copies 60 cents each or ments. November 1943. 979 pages. $1.50. in quantities of 10 or more for single shipment RULES OF ORGANIZATION AND RULES OF PROCE- 50 cents each; elsewhere 70 cents each. DURE—Board of Governors of the Federal Re- TREASURY-FEDERAL RESERVE STUDY OF THE GOV- serve System. 1946. 31 pages. ERNMENT SECURITIES MARKET. Part I. July REGULATIONS OF THE BOARD OF GOVERNORS OF 1959. 108 pages. Part II. February 1960. THE FEDERAL RESERVE SYSTEM. 159 pages. Part III. February 1960. 112 ADMINISTRATIVE INTERPRETATIONS OF REGULApages. Individual books $1.00 each; set of 3 TION F—SECTION 17—COMMON TRUST FUNDS. books $2.50. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV— Financing New Car Purchases, $.60. Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN • APRIL 1960 REPRINTS GOLD AND DOLLAR FLOWS IN 1958. March 1959. (From Federal Reserve Bulletin unless preceded 6 pages. by an asterisk) OWNERSHIP OF DEMAND DEPOSITS. April 1959. THE MONETARY SYSTEM OF THE UNITED STATES. 3 pages. February 1953. 16 pages. MEMBER BANK TERM LENDING TO BUSINESS, INFLUENCE OF CREDIT AND MONETARY MEASURES 1955-57. April 1959. 16 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a de- FEDERAL FINANCIAL MEASURES FOR ECONOMIC scription of revised statistics for all banks in the STABILITY. May 1953. 7 pages. United States, by class of bank, together with •DETAILED DESCRIPTION OF SOURCES AND METH- revised statistics. April 1959. 100 pages. ODS USED IN REVISION OF SHORT- AND INTER- SURVEY OF COMMON TRUST FUNDS, 1958. May MEDIATE-TERM CONSUMER CREDIT STATISTICS. 1959. 6 pages. (Also, similar reprints from April 1953. 25 pages. August 1956, June 1957, and May 1958 BUL- DEPARTMENT STORE SALES AND STOCKS, BY LETINS.) MAJOR DEPARTMENTS (Revised Indexes). No- 1959 SURVEY OF CONSUMER FINANCES. Prelimivember 1953. 65 pages. nary Findings. March 1959. 4 pages. The Financial Position of Consumers. July 1959. 24 FEDERAL RESERVE MONTHLY INDEX OF INDUSpages. Housing of Nonfarm Families. Sep- TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. tember 1959. 17 pages. (Similar Surveys are available for earlier years from 1952, 1953, SEASONAL ADJUSTMENT FACTORS FOR DEMAND 1955, 1956, 1957, and 1958 BULLETINS.) DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. INTEREST RATES IN LEADING COUNTRIES. July 1959. 6 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- A QUARTERLY PRESENTATION OF FLOW OF FUNDS, ber 1955. 40 pages. SAVING, AND INVESTMENT. August 1959. 49 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of THE GOVERMENT SECURITIES MARKET. August Member Banks. April 1956. 14 pages. Credit 1959. 22 pages. Lines and Minimum Balance Requirements. SECURITY PLEDGED ON BUSINESS LOANS AT MEM- June 1956. 7 pages. BER BANKS. September 1959. 16 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- REVISED INDUSTRIAL PRODUCTION INDEX. Detober 1956. 24 pages. (Also, similar reprint cember 1959. 24 pages. from April 1953 BULLETIN.) CAPITAL MARKETS and MONEY AND BANK CREDIT AGRICULTURAL LOAN SURVEY. November 1956 IN 1959. Combined reprint. January and Feband January, February, and March 1957 BULruary 1960. 14 pages. LETINS. 52 pages. MONETARY POLICY AND ECONOMIC GROWTH. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. February 1960. 7 pages. April 1957. 20 pages. BANKING AND MONETARY STATISTICS, 1959. Se- SURVEY OF FINANCE COMPANIES, MID-1955. lected series of banking and monetary statistics April 1957. 17 pages. for 1959 only. February 1960. 9 pages. (Similar reprint of 1958 data, February and REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. May 1959 BULLETINS.) REVISED WEEKLY INDEX OF DEPARTMENT STORE GOLD AND DOLLAR TRANSFERS IN 1959. March SALES. April 1958. 10 pages. 1960. 6 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- OWNERSHIP OF DEMAND DEPOSITS. April 1960. CURITIES. November 1958. 15 pages. 4 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 396, 398 Department stores: Agricultural loans of commercial banks, 390, 392 Merchandising data, 427 Agriculture, Govt. agency loans, 408 Sales and stocks, 422, 426 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 386 Banks and the monetary system, consoli- Banks, by classes, 381, 387, 391, 394, 398 dated, 386 Federal Reserve Banks, 382, 451 Corporate, current, 400 Postal savings, 384, 386 Banks, by classes, 387, 390, 392, 398 Discount rates, 380, 458 Federal business-type activities, Discounts and advances by Federal Reserve by fund or activity, 408 Banks, 376, 381, 382 Federal Reserve Banks, 382 Dividends, corporate, 400, 401 Automobiles: Dollar assets, foreign, 451, 453 Consumer instalment credit, 412, 413, 414 Dwelling units started, 423 Production index, 416, 419 Earnings and hours, manufacturing indus- Bankers' balances, 391, 393 tries, 422, 425 Employment, 422, 424, 425 {See also Foreign liabilities and claims reported Export-Import Bank, loans, etc., 408 by banks) Banks and branches, number, by class and State, 440 Farm mortgage loans, 408, 409, 410 Banks and the monetary system, consolidated state- Federal business-type activities, assets and liabilities, ment, 386 by fund or activity, 408 Bonds {See also U. S. Govt. securities): Federal Deposit Insurance Corporation, New issues, 400, 402, 403 assets, etc., 408 Prices and yields, 396, 397 Federal finance: Brokers and dealers in securities, bank Cash transactions, 406 loans to, 390, 392 Receipts and expenditures, 407 Business expenditures on new plant and equip- Treasurer's balance, 406 ment, 400 Federal home loan banks, loans, etc., 408, 411 Business indexes, 422 Federal Housing Administration, loans, etc., 408, 409, Business loans {See Commercial and industrial loans) 410,411 Federal National Mortgage Association, Capital accounts: loans, etc., 408, 411 Banks, by classes, 387, 391, 394 Federal Reserve Banks: Federal Reserve Banks, 382 Condition statement, 382 Carloadings, 422 U. S. Govt. securities held by, 376, 381, 382, Central banks, foreign, 454, 458 404, 405 Coins, circulation of, 385 Federal Reserve credit, 376, 381, 382 Commercial banks: Federal Reserve notes, 382, 385 Assets and liabilities, 387, 390 Finance company paper, 396, 398 Consumer loans held, by type, 413 Financial institutions, loans to, 392 Number, by classes, 387, 440 Flow of funds, saving and financial flows, 432 Real estate mortgages held, by type, 409 Foreign central banks, 454, 458 Commercial and industrial loans: Foreign deposits in U. S. banks, 376, 382, 386, Commercial banks, 390 391, 394 Weekly reporting member banks, 392, 395 Foreign exchange rates, 459 Commercial paper, 396, 398 Foreign liabilities and claims reported by Commodity Credit Corporation, loans, etc., 408 banks, 444, 446, 449, 451 Condition statements {See Assets and liabilities) Foreign trade, 427 Construction, 422, 423 Consumer credit: Gold: Instalment credit, 412, 413, 414, 415 Earmarked, 452 Major parts, 412, 414 Net purchases by U. S., 452 Noninstalment credit, by holder, 413 Production, 452, 455 Consumer price indexes, 422, 428 Reserves of central banks and governments, 454 Consumption expenditures, 430, 431 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 400, 401 institutions, 453 Corporate security issues, 400, 402 Stock, 376, 386, 452 Corporate security prices and yields, 396, 397 Gold certificates, 382, 385 Cost of living {See Consumer price indexes) Govt. debt {See U. S. Govt. securities) Currency in circulation, 377, 385 Gross national product, 430, 431 Customer credit, stock market, 397 Home owners, Govt. agency loans, 408 Debits to deposit accounts, 384 Hours and earnings, manufacturing indus- Demand deposits: tries, 422, 425 Adjusted, banks and the monetary system, 386 Adjusted, commercial banks, by classes, 391 Industrial production index, 416, 422 Banks, by classes, 387, 394 Instalment loans, 412, 413, 414, 415 Turnover of, 384 Insurance companies, 399, 404, 405, 410 Type of holder, at commercial banks, 391 Insured commercial banks, 389, 390, 440 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN • APRIL 1960 Interbank deposits, 381, 387, 391, 394 Reserves: Interest rates: Commercial banks, 391 Bond yields, 396 Federal Reserve Banks, 382 Business loans by banks, 395 Foreign central banks and governments, 454 Federal Reserve Bank discount rates, 380 Foreign countries and international institu- Foreign countries, 457, 458 tions, 453 Open market, 396, 457 Member banks, 376, 382, 391, 393 Regulation V loans, 384 Residential mortgage loans, 409, 410, 411 Stock yields, 396 Time deposits, maximum rates, 380 Sales finance companies, consumer loans of, 412, International capital transactions of the U. S., 444 413, 415 International financial institutions, 452, 453, 454, 456 Saving: Inventories, 430 Flow-of-funds series, 432 Investments (See also specific types of investments): National income series, 431 Banks, by classes, 387, 390, 393, 398 Savings deposits (See Time deposits) Federal Reserve Banks, 381, 382 Savings institutions, principal assets, 398, 399 Govt. agencies, etc., 408 Savings and loan associations, 399, 410 Life insurance companies, 399 Securities, international transactions, 450, 451 Savings and loan associations, 399 Security issues, 400, 402, 403 Silver coin and silver certificates, 385 Labor force, 424 State member banks, 389, 440 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 387, 390, 392, 398 New issues, 402, 403 Federal Reserve Banks, 376, 381, 382 Prices and yields, 396, 397 Govt. agencies, etc., 408 States and political subdivisions: Insurance companies, 399, 410 Deposits of, 391, 394 Savings and loan associations, 399, 410 Holdings of U. S. Govt. securities, 404 Loans insured or guaranteed, 384, 409, 410, 411 Ownership of obligations of, 390, 398, 399 Stock market credit, 397 Stocks: Manufacturers, production index, 416, 422 New issues, 402 Margin requirements, 380 Prices and yields, 396, 397 Member banks: Assets and liabilities, by classes, 387, 390 Tax receipts, Federal, 407 Borrowings at Federal Reserve Banks, 376, Time deposits, 380, 381, 386, 387, 391, 394 382, 394 Treasurer's account balance, 406 Deposits, by classes, 381 Treasury cash, 376, 385, 386 Number, by classes, 388, 440 Treasury currency, 376, 385, 386 Reserve requirements, by classes, 381 Treasury deposits, 376, 382, 406 Reserves and related items, 376 Weekly reporting series, 392 Mining, production index, 416, 422 Unemployment, 424 Money rates (See Interest rates) U. S. balance of payments, 457 Mortgages (See Real estate loans) U. S. Govt. balances: Mutual savings banks, 386, 387, 389, 398, 404, 405, Commercial bank holdings, by classes, 391, 394 409, 440 Consolidated monetary statement, 386 Treasury deposits at Federal Reserve Banks, 376, 382, 406 National banks, 389, 440 U. S. Govt. securities: National income, 430, 431 Bank holdings, 386, 387, 390, 393, 398, 404, 405 National security expenditures, 407, 430 Federal Reserve Bank holdings, 376, 381, 382, Nonmember banks, 382, 389, 390, 391, 440 404, 405 Foreign and international holdings, 382, 453 International transactions, 450, 451 Payrolls, manufacturing, index, 422 New issues, gross proceeds, 402 Personal income, 431 Outstanding, by type of security, 403, 404, 405 Postal Savings System, 380, 386 Ownership of, 404, 405 Prices: Prices and yields, 396, 397 Consumer, 422, 428 United States notes, outstanding and in circula- Security, 397 tion, 385 Wholesale commodity, 422, 428 Utilities, production index, 416, 422 Production, 416, 422 Profits, corporate, 400, 401 Vault cash, 376,391 Veterans Administration, loans, etc., 408, 409, Real estate loans: 410, 411 Banks, by classes, 390, 392, 398, 409 Type of mortgage holder, 409, 410, 411 Type of property mortgaged, 409, 410, 411 Weekly reporting member banks, 392 Regulation V, loan guarantees, 384 Reserve requirements, member banks, 381 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 1959 (o THE FEDERAL RESERVE SYSTEM Q) c? HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis